Capri Holdings Ltd (CPRI) 2026 Q4 法說會逐字稿

Greetings. Welcome to Capri Holdings Limited's fourth-quarter fiscal 2026 financial results conference call. (Operator Instructions) Please note that this conference is being recorded.

各位好。歡迎參加 Capri Holdings Limited 2026 會計年度第四季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

At this time, I'll now turn the conference over to Jennifer Davis, Vice President of Investor Relations. Thank you, Jennifer. You may now begin.

此刻，我將把會議交給投資人關係副總裁 Jennifer Davis。謝謝你，Jennifer。你現在可以開始。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited's fourth-quarter and full-year fiscal 2026 conference call. With me this morning are John Idol, Capri's Chairman and Chief Executive Officer; Tyler Reddien, Capri's Chief Financial and Chief Operating Officer; and Raj Mehta, Michael Kors Chief Financial Officer and Capri former Interim Chief Financial Officer.

各位早安，感謝各位參加 Capri Holdings Limited 2026 會計年度第四季及全年財報電話會議。今天早上與我一同出席的有：Capri 董事長兼執行長 John Idol；Capri 財務長兼營運長 Tyler Reddien；以及 Michael Kors 財務長、並曾任 Capri 臨時財務長的 Raj Mehta。

Before we begin, let me remind you that certain statements made on today's call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that the statements made during this call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on today's call.

在開始之前，提醒各位，今天電話會議中的某些陳述可能構成前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與我們預期不同。這些風險與不確定性已在今日新聞稿及公司向 SEC 提交的文件中說明，相關文件可於公司網站查閱。投資人不應假設本次電話會議中的陳述在日後仍然有效，公司亦不承擔更新本次電話會議所討論任何資訊之義務。

Unless otherwise noted, all financial information on today's call will be presented on a non-GAAP basis. These non-GAAP measures exclude certain costs associated with impairment charges, store renovation plan costs, merger and divestiture transaction-related costs, Capri transformation costs, reserves related to a wholesale customer bankruptcy as well as restructuring and other charges.

除非另有說明，今天電話會議中的所有財務資訊將以非 GAAP 基礎呈現。這些非 GAAP 指標排除與減損費用、門市翻新計畫成本、併購與剝離交易相關成本、Capri 轉型成本、與批發客戶破產相關的準備金，以及重組與其他費用等特定成本。

To view the corresponding GAAP measures and related reconciliation, please review our latest earnings release posted to our website earlier today at capriholdings.com. Additionally, the company has classified the results of operations and cash flows of its Versace business as discontinued operations. Unless otherwise noted, all information on today's call relates only to continuing operations.

如欲查看對應的 GAAP 指標及相關調節，請查閱我們今日稍早已發布於 capriholdings.com 的最新財報新聞稿。此外，公司已將 Versace 業務的營運成果與現金流量分類為停業單位。除非另有說明，今天電話會議中的所有資訊僅與持續營運相關。

Now I would like to turn the call over to Mr. John Idol, Chairman and Chief Executive Officer. John?

現在我想把電話會議交給董事長兼執行長 John Idol 先生。John？

Thank you, Jennifer, and good morning, everyone. I would like to begin by welcoming Tyler Reddien to Capri Holdings. As Tyler joined following the end of our fourth quarter, Raj Mehta will review our fourth quarter results and guidance on today's call. Tyler will present and review our results on all future calls.

謝謝你，Jennifer，各位早安。首先，我想歡迎 Tyler Reddien 加入 Capri Holdings。由於 Tyler 是在我們第四季結束後才加入，今天電話會議將由 Raj Mehta 回顧第四季業績與指引。Tyler 將在未來所有電話會議中進行簡報並回顧我們的業績。

I will now turn it over to Tyler for a few opening remarks.

我現在把時間交給 Tyler，請他先做幾點開場說明。

Thank you, John, and good morning, everyone. I am thrilled to be here. Since joining Capri nearly two months ago, I've been impressed by the strength of our iconic luxury fashion brands. Both Michael Kors and Jimmy Choo have distinct positioning, supported by their deep heritage of strong global recognition.

謝謝你，John，各位早安。我很高興能在這裡。加入 Capri 近兩個月以來，我對我們標誌性的奢侈時尚品牌實力印象深刻。Michael Kors 與 Jimmy Choo 皆具備鮮明定位，並由其深厚傳承與強大的全球知名度所支撐。

I'm also impressed by the talent across the organization and their commitment to positioning the company for sustainable long-term success the disciplined execution of our strategic initiatives. I look forward to working closely with our teams around the world as we continue to drive sustainable growth and create long-term value for our shareholders.

我也對整個組織的人才與其投入感到印象深刻；大家致力於透過嚴謹執行我們的策略性計畫，讓公司在長期取得可持續的成功。我期待與全球團隊緊密合作，持續推動可持續成長，並為股東創造長期價值。

Now I will turn it back over to John.

現在我把時間交回給 John。

Thank you, Tyler. Looking at fiscal 2026. We were encouraged by the progress we made executing against the strategic initiatives introduced last year to unlock the full potential of our two iconic fashion luxury houses.

謝謝你，Tyler。回顧 2026 會計年度，我們對於去年提出、旨在釋放兩大標誌性奢侈時尚品牌全部潛力的策略性計畫之執行進展感到鼓舞。

Throughout the year, we took deliberate actions to strengthen product innovation, brand desirability, storytelling, and consumer engagement across Michael Kors and Jimmy Choo. These actions were designed to structurally enhance the quality and sustainability of future revenue and earnings growth, and we are seeing clear evidence of that progress.

在全年期間，我們採取審慎行動，強化 Michael Kors 與 Jimmy Choo 的產品創新、品牌吸引力、品牌敘事，以及消費者互動。這些行動旨在從結構上提升未來營收與獲利成長的品質與可持續性，而我們已看到明確的進展證據。

Compelling new fashion offerings drove higher full price sell-throughs and AURs. While more impactful brand storytelling supported deeper consumer engagement and attracted new customers to our brands. These early indicators reinforce our confidence in the trajectory of both Michael Kors and Jimmy Choo, and their potential to deliver sustainable long-term growth.

具吸引力的全新時尚產品帶動更高的正價銷售售罄率與平均單價（AUR）。同時，更具影響力的品牌敘事支持更深度的消費者互動，並吸引新客群加入我們的品牌。這些早期指標強化了我們對 Michael Kors 與 Jimmy Choo 發展軌跡的信心，以及其實現可持續長期成長的潛力。

Our fiscal 2026 results also reflected our decision to reset the foundation of the Michael Kors business. Actions taken to improve quality of sale by reducing promotional activity, third-party sales and off-price shipments as well as the impact of our store optimization program, reduced fiscal 2026 revenue by over $150 million, with this headwind expected to moderate as fiscal 2027 progresses. Importantly, these steps have strengthened the business and position Michael Kors for improved performance in fiscal 2027 and beyond.

我們 2026 會計年度的業績也反映了我們決定重塑 Michael Kors 業務基礎的作法。為提升銷售品質，我們降低促銷活動、第三方銷售與折扣通路出貨，並受到門市優化計畫影響，使 2026 會計年度營收減少超過 1.5 億美元；預期此逆風將隨 2027 會計年度推進而逐步緩和。重要的是，這些措施已強化業務體質，並使 Michael Kors 在 2027 會計年度及之後具備更佳表現的定位。

At Jimmy Choo, our strategic actions are driving tangible results as evidenced by our return growth in the back half of fiscal 2026. This momentum positions the business for a return to profitability in fiscal 2027. To further accelerate this trajectory, we will initiate a profit improvement program designed to optimize our cost base, creating the foundation for more substantial leverage and operating margin expansion in fiscal 2028 and beyond.

在 Jimmy Choo，我們的策略行動正帶來具體成果，從 2026 會計年度下半年營收重回成長即可見一斑。這股動能使該業務有望在 2027 會計年度重返獲利。為進一步加速此一軌跡，我們將啟動獲利改善計畫，旨在優化成本結構，為 2028 會計年度及之後更顯著的營運槓桿與營業利益率擴張奠定基礎。

Looking at fiscal 2027, we are focused on building upon the progress we made in fiscal 2026 to accelerate results and return our fashion luxury houses to growth through a set of clearly defined strategic priorities. First, strengthening brand desirability through compelling storytelling that deepens emotional connections and resonates with both new and existing customers.

展望 2027 會計年度，我們將聚焦在 2026 會計年度所取得的進展之上，加速成果，並透過一套明確界定的策略優先事項，讓我們的奢侈時尚品牌重回成長。第一，透過引人入勝的品牌敘事強化品牌吸引力，加深情感連結，並同時打動新舊客群。

Second, creating exciting luxury fashion that reflects each brand's heritage, while clearly leading with design and innovation. Third, delivering elevated and differentiated customer experiences, both online and in stores.

第二，打造令人興奮的奢侈時尚產品，既反映各品牌傳承，同時以設計與創新作為明確主軸。第三，提供更高端且差異化的顧客體驗，涵蓋線上與實體門市。

Fourth, leveraging data analytics across the consumer journey to gain deeper insights and drive more personalized interactions. Fifth, utilizing our increasing cash flow to support brand momentum, including investments in store renovations while continuing to return capital to shareholders through our share repurchase program.

第四，在消費者旅程中運用數據分析，以獲得更深入洞察並推動更個人化的互動。第五，運用我們日益增加的現金流支持品牌動能，包括投資門市翻新，同時透過股票回購計畫持續回饋股東。

Collectively, in fiscal 2027, these initiatives are expected to drive a low single-digit increase in revenue and gross margin expansion of approximately 200 basis points. Operating expenses are expected to increase modestly. As a result, operating income is expected to increase 60% year-over-year. Based on these assumptions, as well as $200 million in anticipated share repurchases, we expect to generate diluted earnings per share of approximately $2.15, representing a 40% increase over last year.

綜合而言，在 2027 會計年度，預期這些計畫將帶動營收低個位數成長，並使毛利率擴張約 200 個基點。營業費用預期將小幅增加。因此，營業利益預期將年增 60%。基於上述假設，以及預計 2 億美元的股票回購，我們預期稀釋後每股盈餘約為 2.15 美元，較去年成長 40%。

Now turning to our fourth-quarter results. The company revenue of $796 million declined approximately 4%, in line with our expectations. Gross margin expanded 490 basis points to 64.8%, inclusive of a $40 million refund receivable related to the recent Supreme Court decision regarding IEEPA tariffs.

接著看第四季業績。公司營收為 7.96 億美元，約下滑 4%，符合我們預期。毛利率擴張 490 個基點至 64.8%，其中包含一筆 4,000 萬美元的退款應收款，與近期最高法院就 IEEPA 關稅所作裁決相關。

We returned to profitability in the fourth quarter with earnings per share of $0.22, increasing significantly above last year. Additionally, we repurchased $79 million worth of shares, which was earlier than initially anticipated due to our confidence in Capri's future growth and value creation.

我們在第四季恢復獲利，每股盈餘為 0.22 美元，較去年大幅提升。此外，我們回購了 7,900 萬美元的股票；由於我們對 Capri 未來成長與價值創造充滿信心，因此回購時點較原先預期更早。

Looking at fourth-quarter performance by brand, starting with Michael Kors, revenue decreased 5% (sic - see slide 5, "5.5%") and year over year, primarily impacted by our quality of sale initiatives as we reduced promotional activity, third-party sales and off-price shipments.

按品牌來看第四季表現，先從 Michael Kors 開始，營收年減 5%（原文如此——請見投影片 5，「5.5%」），主要受我們提升銷售品質的措施影響，因我們降低促銷活動、第三方銷售與折扣通路出貨。

As our strategic initiatives continue to take hold, we are seeing clear evidence of progress across the business. Strong consumer response to our Jet Set storytelling and new fashion offerings are translating into higher full price sell-throughs and AURs. Store traffic trends also improved sequentially, and our consumer database continued to grow at a high single-digit rate, underscoring the strength and desirability of the Michael Kors brand.

隨著我們的策略性計畫持續發揮效果，我們在整體業務上看到明確的進展證據。消費者對我們 Jet Set 敘事與新時尚產品的強勁反應，正轉化為更高的正價銷售售罄率與平均單價（AUR）。門市來客趨勢亦較前一季改善，而我們的消費者資料庫持續以高個位數成長，凸顯 Michael Kors 品牌的實力與吸引力。

Turning to Michael Kors revenue by channel. In our own retail channel, we were pleased with the sequential improvement in trends relative to the third quarter, with sales down mid-single digits. We were particularly encouraged by trends in our full-price channel, where comparable store sales turned positive in the fourth quarter, reflecting the strong consumer reception to our new product introductions and modern Jet Set storytelling.

接著看 Michael Kors 按通路的營收。在自營零售通路方面，我們對相較第三季趨勢的逐季改善感到滿意，銷售下滑為中個位數。我們尤其受到正價通路趨勢的鼓舞，第四季同店銷售轉為正成長，反映消費者對我們新產品上市與更現代化 Jet Set 敘事的強勁接受度。

Importantly, comparable store sales were positive across all regions. AURs increased low double digits, driven by higher full price sell-throughs and reduced promotional activity. Store traffic also showed a meaningful sequential improvement in the quarter.

重要的是，各地區同店銷售皆為正成長。平均單價（AUR）上升低雙位數，主要由更高的正價銷售售罄率與降低促銷活動所帶動。本季門市來客亦呈現顯著的逐季改善。

In our outlet channel, year-over-year trends remained largely consistent with the third quarter. While actions to reduce promotional activity and third-party sales are creating near-term pressure on revenue, these deliberate steps are strengthening the long-term foundation of the brand.

在我們的暢貨中心（outlet）通路中，年對年趨勢大致與第三季一致。雖然為降低促銷活動與第三方銷售所採取的行動，正對短期營收造成壓力，但這些有意為之的措施正在強化品牌的長期基礎。

Additionally, while early introductions of more modern on-trend styles are beginning to resonate with consumers, we expect a more meaningful and sustained improvement in sales once a broader assortment is fully introduced in the fall season. Notably, outlet AURs turned positive during the fourth quarter, reflecting our quality of sale initiatives, select price increases and early flow of new product. We also saw a meaningful sequential improvement in store traffic trends in our outlet stores.

此外，儘管較早導入的更現代、符合潮流的款式已開始引起消費者共鳴，但我們預期在秋季更完整、更廣泛的商品組合全面導入後，銷售將出現更具意義且更持續的改善。值得注意的是，暢貨中心的平均單價（AUR）在第四季轉為正成長，反映我們的優質銷售（quality of sale）措施、部分價格上調以及新品的早期導入。我們也看到暢貨中心門市的來客數趨勢出現顯著的連續改善。

Now looking at total Michael Kors retail sales by region. Results improved sequentially in both Europe and Asia. In Europe, sales increased mid-single digits. And in Asia, sales returned to positive low single-digit growth. In the Americas, sales declined low double digits, similar to the prior quarter as results continued to reflect our quality of sales initiatives.

接著看按地區劃分的 Michael Kors 零售總銷售額。歐洲與亞洲的表現皆較前一季改善。在歐洲，銷售成長中個位數；在亞洲，銷售回到正成長、低個位數增幅。在美洲，銷售下滑低雙位數，與前一季相近，因結果持續反映我們的優質銷售措施。

Now turning to wholesale. Revenue declined mid-single digits, primarily reflecting a reduction in off-price sales. At point of sale, trends continued to improve sequentially with sales now approximately flat to prior year. Strong consumer response to our new styles, particularly in accessories, reinforced the positive momentum that is building across the business.

接著談批發（wholesale）。營收下滑中個位數，主要反映降價通路（off-price）銷售的減少。在銷售端（POS），趨勢持續較前一季改善，目前銷售約與去年同期持平。消費者對我們新款式（尤其是配件）的強勁反應，強化了全業務正在形成的正向動能。

Turning to brand awareness and consumer engagement. We continue to reinforce Michael Kors modern Jet Set lifestyle positioning through our brand vision of traveling the world in style. Our Hotel Stories franchise brought the excitement of travel and the discovery of new destinations to our consumers this spring.

接著談品牌知名度與消費者互動。我們持續透過「以風格環遊世界」的品牌願景，強化 Michael Kors 現代 Jet Set 生活風格的定位。今年春季，我們的 Hotel Stories 系列為消費者帶來旅行的興奮感與探索新目的地的體驗。

Our focused brand positioning and compelling storytelling are generating increased brand awareness and resonating with younger consumers. For spring, we traveled to Central Spain with Suki Waterhouse, Danny Ramirez and our global brand ambassador, JCT.

我們聚焦的品牌定位與引人入勝的敘事，正在提升品牌知名度，並與年輕消費者產生共鳴。春季我們與 Suki Waterhouse、Danny Ramirez 以及我們的全球品牌大使 JCT 一同前往西班牙中部。

The campaign imagery captured the laid-back glamor of the French Riviera and the joy of traveling the world in style. The season's fashion blends classic French elegance with modern ease, featuring fresh takes on the brand's iconic accessories groups: Hamilton, Laila, and Nolita.

本次形象廣告捕捉了法國蔚藍海岸的慵懶奢華氛圍，以及以風格環遊世界的喜悅。本季時尚將經典法式優雅與現代輕鬆感融合，並以品牌標誌性配件系列的全新演繹為亮點：Hamilton、Laila 與 Nolita。

Throughout the fourth quarter, we further amplified Hotel Stories through immersive experiences and local activations globally that reflect the brand's Jet Set spirit. To broaden the impact of our storytelling, we expanded our social media reach and continue to leverage influencers, connecting with consumers through authentic voices in fashion and strengthening brand desirability.

在第四季期間，我們透過全球沉浸式體驗與在地活動進一步放大 Hotel Stories，展現品牌的 Jet Set 精神。為擴大敘事影響力，我們擴展社群媒體觸及，並持續運用網紅（influencers），以時尚領域的真實聲音與消費者連結，強化品牌吸引力。

Michael Kors' status as a world-renowned fashion designer is reinforced by our iconic runway shows that serve as a powerful brand halo. In February, our Fall Winter 2026 Runway Show marked the 45th year anniversary of Michael Kors Collection. The show celebrated the spirit of New York at the iconic Metropolitan Opera House at Lincoln Center.

Michael Kors 作為世界知名時裝設計師的地位，透過我們具代表性的伸展台大秀得到強化，並形成強大的品牌光環效應。2 月，我們的 2026 秋冬時裝秀標誌著 Michael Kors Collection 45 週年。該秀在林肯中心的地標性大都會歌劇院舉行，致敬紐約精神。

The event drew a global audience of celebrities and influencers and generated 4.3 billion impressions. Collectively, these activities helped drive an 8% year-over-year increase in the Michael Kors global consumer database. Through our analytics capabilities, we are leveraging the strength of our extensive database to increase store traffic as well as create deeper and more personal connections with consumers.

該活動吸引全球名人與意見領袖關注，並創造 43 億次曝光（impressions）。綜合而言，這些活動推動 Michael Kors 全球消費者資料庫年對年成長 8%。透過我們的分析能力，我們正運用龐大資料庫的優勢來提升門市來客數，並與消費者建立更深、更個人化的連結。

Turning to product. Guided by Michael's creative vision, we are delivering exciting on-trend fashion with standout style. New product designs and our broader pricing architecture are driving stronger full price sell-throughs and higher AURs.

接著談產品。在 Michael 的創意願景引領下，我們提供令人興奮、符合潮流且風格突出的時尚產品。新產品設計與更完整的價格架構，正帶動更強勁的正價售罄率（sell-through）與更高的平均單價（AUR）。

In accessories, consumers responded positively to new introductions that celebrate our iconic brand codes and align with our broader strategic pricing architecture. Our core icons, Hamilton, Laila, and Nolita continued to perform well with smaller silhouettes introduced for spring, broadening consumer reach and engaging younger consumers.

在配件方面，消費者對新上市產品反應正面，這些新品彰顯我們的標誌性品牌元素，並與我們更廣泛的策略性價格架構一致。我們的核心經典系列 Hamilton、Laila 與 Nolita 持續表現良好；春季推出較小尺寸的輪廓，擴大消費者觸及並吸引更年輕的消費者。

In footwear, while trends remained challenging, we are beginning to see improvement with new casual styles such as the Keeley and Nolan sneakers and Jennings loafer that embody iconic Michael Kors branding elements and heritage design details. Looking at ready-to-wear, consumers responded to seasonal styles that captured Michael's effortless glamor. The spring assortment balanced trend right designs and timeless wardrobe staples.

在鞋履方面，儘管趨勢仍具挑戰，我們已開始看到改善，包含 Keeley 與 Nolan 休閒運動鞋，以及 Jennings 樂福鞋等新款式，體現 Michael Kors 的標誌性品牌元素與傳承設計細節。就成衣（ready-to-wear）而言，消費者對捕捉 Michael 隨性奢華風格的季節性款式反應良好。春季商品組合在貼合潮流的設計與經典衣櫥必備單品之間取得平衡。

Now I'd like to discuss the progress we are making with our store renovation program as our retail locations remain an important pillar of the brand's expression and a driver of our sales recovery. In March, we opened our new Beijing China World flagship store, featuring the world's first Michael Kors Jet Set lounge cafe concept; an immersive experience designed to deepen consumer engagement and increase store dwell time. We see meaningful opportunity to build on this innovation and expand our Jet Set lounges across flagship locations globally.

接下來我想談談我們門市翻新計畫的進展；由於零售據點仍是品牌呈現的重要支柱，也是推動銷售復甦的動力。3 月，我們開幕了全新的北京中國世界旗艦店，設有全球首個 Michael Kors Jet Set Lounge 咖啡館概念；這是一項沉浸式體驗，旨在加深消費者互動並延長店內停留時間。我們看到可觀的機會在此創新基礎上持續發展，並在全球旗艦據點擴展 Jet Set Lounge。

Across the broader fleet, our renovation program continues to advance with approximately 35 Michael Kors stores completed to date, and early results showing encouraging improvements in both traffic and sales. Looking ahead, we plan to renovate and open approximately 100 stores in fiscal 2027, while also renovating approximately 150 department store doors.

在更廣泛的門市網絡中，我們的翻新計畫持續推進，迄今約有 35 間 Michael Kors 門市完成翻新，初步結果顯示來客數與銷售皆有令人鼓舞的改善。展望未來，我們計畫在 2027 會計年度翻新並開設約 100 間門市，同時翻新約 150 個百貨專櫃據點（doors）。

As we look at fiscal 2027, we are increasingly confident and excited about the opportunities ahead. Michael Kors is leveraging its 45-year legacy as a global fashion luxury house, and we are reinvigorating that heritage with our modernized Jet Set storytelling that is resonating with both our core customers as well as new younger consumers.

展望 2027 會計年度，我們對前方機會愈發有信心且感到振奮。Michael Kors 正運用其作為全球時尚奢侈品牌 45 年的傳承，我們也透過現代化的 Jet Set 敘事重新喚起這份底蘊，並與核心客群及新一代年輕消費者產生共鳴。

Additionally, we are creating on-trend fashion that is resonating with our consumers. As a result, we are seeing growing momentum across the business. The continued execution of our strategic initiatives positions Michael Kors to return to revenue growth while driving both gross and operating margin expansion in fiscal 2027. Long term, we remain confident in our ability to achieve $4 billion in revenue and low 20% operating margins.

此外，我們正在打造符合潮流、能引起消費者共鳴的時尚產品。因此，我們看到整體業務動能持續增強。持續落實我們的策略性舉措，將使 Michael Kors 在 2027 會計年度重返營收成長，同時推動毛利率與營業利益率擴張。長期而言，我們仍有信心達成 40 億美元營收與約 20% 出頭的營業利益率。

Now turning to Jimmy Choo. Fourth-quarter revenue exceeded our expectations, increasing 5% (sic - see slide 10, "5.3%") year-over-year, driven by strong brand momentum and continued traction of our strategic initiatives. In our own retail channel, we were pleased with the sequential improvement in trends with sales increasing mid-single digits. Importantly, performance improved sequentially across all regions, including double-digit growth in the Americas, mid-single-digit growth in Europe and a mid-single-digit decline in Asia.

接著談 Jimmy Choo。第四季營收超出我們預期，年對年成長 5%（原文如此—請見投影片 10，「5.3%」），主要受惠於強勁的品牌動能與策略性舉措持續見效。在自營零售通路方面，我們對趨勢的連續改善感到滿意，銷售成長中個位數。重要的是，各地區表現皆較前一季改善，包括美洲雙位數成長、歐洲中個位數成長，以及亞洲中個位數下滑。

Turning to wholesale, revenue also grew mid-single digits. Trends at point of sale once again improved sequentially, led by double-digit increases in North American department stores.

接著談批發，營收亦成長中個位數。銷售端（POS）趨勢再次較前一季改善，主要由北美百貨通路的雙位數成長所帶動。

Turning to brand awareness and consumer engagement. Our storytelling continued to highlight the effortlessly alluring essence of Jimmy Choo. For spring, we launched Le Fleurs, which reinforced the brand's modern femininity positioning. The campaign showcased key spring styles, including a new silhouette of the Bar bag, the Faiz pump and the Sunny sneaker.

接著談品牌知名度與消費者互動。我們的敘事持續凸顯 Jimmy Choo 自然不費力卻迷人的品牌精髓。春季我們推出 Le Fleurs，強化品牌「現代女性氣質」的定位。該活動展示春季重點款式，包括 Bar 包款的新輪廓、Faiz 高跟鞋與 Sunny 運動鞋。

In late February, Jimmy Choo unveiled its rules of engagement bridal campaign starting Gabrielle, a fashion model and musician with strong resonance among Gen Z and millennial consumers. Timed with her own upcoming wedding, the campaign featured key iconic styles, such as the Bonbon handbag and the [Azia] and Faiz pumps. It drove strong engagement across digital and social platforms and helped attract new and younger customers to the brand.

2 月下旬，Jimmy Choo 發布其「rules of engagement」新娘系列形象廣告，由 Gabrielle 擔綱；她是時尚模特兒兼音樂人，對 Z 世代與千禧世代消費者具有高度共鳴。配合她即將到來的婚禮時程，該活動呈現多款經典代表作，例如 Bonbon 手袋，以及 [Azia] 與 Faiz 高跟鞋。此活動在數位與社群平台帶來強勁互動，並有助於吸引更年輕的新客群加入品牌。

The integration of compelling storytelling, global activations and client-telling initiatives further strengthened brand desirability, extended our reach and deepened consumer engagement. As a result, Jimmy Choo's global database increased 7% year-over-year.

引人入勝的敘事、全球活動與客戶溝通（client-telling）計畫的整合，進一步強化品牌吸引力、擴大觸及並加深消費者互動。因此，Jimmy Choo 的全球資料庫年對年成長 7%。

Turning to product. Jimmy Choo's product strategy remains focused on further developing accessories and expanding our casual footwear offerings to support sustainable long-term revenue growth and margin expansion. Within accessories, momentum was encouraging as we continue to expand the category with a focus on iconic styles, innovation and a broader pricing architecture.

接著談產品。Jimmy Choo 的產品策略仍聚焦於進一步發展配件品類，並擴大休閒鞋履供給，以支持可持續的長期營收成長與利潤率擴張。在配件方面，隨著我們持續擴展品類並聚焦經典款式、創新與更廣泛的價格架構，動能令人鼓舞。

The strength of our Bonbon and Cinch groups underscored the enduring appeal of our iconic styles. We have also seen highly encouraging consumer responses to our Bar and Curve groups, supported by our strategy to expand our pricing architecture to include bags positioned below $1,500.

Bonbon 與 Cinch 系列的強勁表現，凸顯我們經典款式的持久吸引力。我們也看到消費者對 Bar 與 Curve 系列的反應非常正面，並受惠於我們擴展價格架構的策略，納入定價低於 1,500 美元的包款。

Turning to footwear. We saw strength across both dress and casual. New dress styles such as the Faiz lace pump performed well alongside iconic franchises like Azia and [Sakura], underscoring our ability to balance seasonal updates with timeless design.

接著談到鞋履。我們在正裝與休閒兩大類別皆見到強勁表現。Faiz 繫帶高跟鞋等新款正裝鞋型表現亮眼，並與 Azia 與 [Sakura] 等經典系列相得益彰，凸顯我們能在季節性更新與經典永恆設計之間取得平衡的能力。

Our expanded casual footwear assortment continued to gain traction with strong performance from new spring styles, including our Elisa ballerina flat and Sunny sneaker. We see significant opportunity to further expand our casual footwear offerings, increasing purchase frequency among existing consumers while attracting new clients to the brand.

我們擴充的休閒鞋履品類持續獲得市場動能，新春季款式表現強勁，包括 Elisa 芭蕾平底鞋與 Sunny 運動鞋。我們看到進一步擴大休閒鞋履供給的重大機會，可在吸引新客戶加入品牌的同時，提高既有消費者的購買頻率。

Looking ahead, we are increasingly confident in Jimmy Choo's trajectory. The brand is strengthening its connection with consumers. Our marketing efforts complement a product strategy that upholds Jimmy Choo's heritage and glamor and occasion dressing, while expanding into casual footwear and accessories to broaden our reach, increased versatility and drive stronger frequency.

展望未來，我們對 Jimmy Choo 的發展軌跡愈發有信心。品牌與消費者之間的連結正在加深。我們的行銷投入與產品策略相輔相成：一方面延續 Jimmy Choo 的傳承、華麗風格與場合穿搭定位；另一方面擴展至休閒鞋履與配件，以擴大觸及、提升多元適用性並帶動更高的購買頻率。

These initiatives are clearly translating into growing momentum across the business. With strong brand momentum, disciplined execution and continued focus on our strategic initiatives, Jimmy Choo is well positioned to return to revenue growth and profitability in fiscal 2027. Long term, we are optimistic about our growth opportunities and confident that we can increase revenue to $800 million as well as expand operating margins to the low double-digit range.

這些舉措正明確轉化為全業務動能的提升。憑藉強勁的品牌動能、嚴謹的執行力以及對策略性舉措的持續聚焦，Jimmy Choo 已具備良好條件在 2027 會計年度重回營收成長與獲利。長期而言，我們對成長機會保持樂觀，並有信心將營收提升至 8 億美元，同時把營業利益率擴大至低雙位數區間。

In closing, we are encouraged by the early validation of our strategic initiatives and the meaningful progress we have made in strengthening the foundation of our two iconic luxury houses. The momentum we are seeing at Michael Kors and Jimmy Choo reinforces our confidence in the trajectory of our brands and the durability of our long-term growth potential.

最後，我們對策略性舉措獲得的早期驗證以及在強化兩大經典奢侈品牌根基方面所取得的實質進展感到振奮。我們在 Michael Kors 與 Jimmy Choo 看到的動能，進一步強化了我們對品牌發展軌跡的信心，以及對長期成長潛力韌性的信念。

A year ago, our priority was to stabilize the business and create a stronger foundation for growth. Today, we are building upon the improved trends resulting from the success of our strategic initiatives. In fiscal 2027, we expect to return to low single-digit revenue growth with earnings per share increasing approximately 40%. Looking beyond fiscal 2027, we are well positioned to accelerate growth, enhance profitability and deliver sustainable long-term value for our shareholders.

一年前，我們的首要任務是穩定業務並建立更強健的成長基礎。如今，我們正以策略性舉措成功所帶來的改善趨勢為基礎持續推進。2027 會計年度，我們預期將回到低個位數的營收成長，且每股盈餘預計提升約 40%。放眼 2027 會計年度之後，我們具備加速成長、提升獲利能力並為股東創造可持續長期價值的良好條件。

Lastly, I want to thank our approximately 11,000 employees around the world whose dedication, focus and talent continue to drive our progress. Now before turning the call over to Raj, I would like to thank him for serving as our Interim CFO over the past year, and for being a steady partner as we reposition Capri for future growth.

最後，我要感謝全球約 11,000 名員工，他們的投入、專注與才華持續推動我們的進展。在把電話會議交給 Raj 之前，我也要感謝他在過去一年擔任我們的臨時財務長（Interim CFO），並在我們為 Capri 重新定位以迎接未來成長的過程中，成為穩健可靠的合作夥伴。

Now Raj will take us through our fourth-quarter results and guidance in more detail.

接下來 Raj 將更詳細地帶我們回顧第四季業績與財測指引。

Thank you, John, and good morning, everyone. Looking at fiscal year 2026, Capri Holdings delivered several important accomplishments that strengthened our foundation for sustainable growth and profitability. First, we made meaningful progress in executing against our strategic initiatives. Second, we returned Capri to profitability.

謝謝你，John，各位早安。回顧 2026 會計年度，Capri Holdings 達成了數項重要成果，強化了我們可持續成長與獲利的基礎。第一，我們在落實策略性舉措方面取得了實質進展。第二，我們讓 Capri 重回獲利。

Third, we generated positive free cash flow while continuing to invest to support the long-term growth of our brands. Fourth, we successfully completed the sale of Versace, which strengthened our balance sheet and enhanced our financial flexibility to further advance our strategic priorities. Collectively, these accomplishments demonstrate our disciplined financial focus and position the company for future growth.

第三，我們在持續投資以支持品牌長期成長的同時，創造了正向自由現金流。第四，我們成功完成 Versace 的出售，強化了資產負債表並提升財務彈性，以進一步推進我們的策略優先事項。綜合而言，這些成果展現了我們嚴謹的財務紀律，並使公司具備迎接未來成長的良好條件。

Now turning to our fourth-quarter results. Total company revenue of $796 million decreased 3.7% versus prior year on a reported basis and 7% in constant currency. Looking at revenue by channel, total company retail sales declined low single digits, representing a sequential improvement relative to the third quarter. In wholesale channel, revenue also declined low single digits.

接著看第四季業績。公司總營收為 7.96 億美元，按報告基礎較去年同期下降 3.7%，按固定匯率下降 7%。按通路來看，公司整體零售銷售下滑低個位數，較第三季呈現環比改善。批發通路營收亦下滑低個位數。

Turning to revenue performance by geography, revenue increased 10% in EMEA and 5% in Asia. Revenue in the Americas decreased 12%, primarily impacted by our quality of sale initiatives at Michael Kors.

按地區來看，EMEA 營收成長 10%，亞洲成長 5%。美洲營收下降 12%，主要受到 Michael Kors「銷售品質」相關舉措的影響。

Looking at revenue performance by brand, at Michael Kors, revenue decreased 5.5% compared to prior year on a reported basis and 8.4% in constant currency. Global retail sales declined mid-single digits. Similar to prior quarters, store closures negatively impacted retail sales in the low single-digit range. Wholesale revenue also decreased mid-single digits.

按品牌來看，Michael Kors 的營收按報告基礎較去年同期下降 5.5%，按固定匯率下降 8.4%。全球零售銷售下滑中個位數。與前幾季相同，關店對零售銷售造成低個位數的負面影響。批發營收亦下降中個位數。

Looking at total Michael Kors revenue by geography, EMEA increased 11% and Asia increased 10%. Revenue in the Americas declined 14%, primarily driven by our quality of sale initiatives as we reduced promotional activity, third-party sales and off-price shipments.

按地區來看，Michael Kors 總營收在 EMEA 成長 11%，在亞洲成長 10%。美洲營收下降 14%，主要由我們的銷售品質舉措所致，包括降低促銷活動、第三方銷售以及折扣通路出貨。

At Jimmy Choo, revenue increased 5.3% compared to prior year on a reported basis and was flat in constant currency. Global retail sales trends improved sequentially, increasing mid-single digits. Wholesale revenue increased at a similar rate. Looking at total Jimmy Choo revenue by geography, revenue increased 11% in the Americas and 8% in EMEA, while revenue in Asia decreased 6%. Trends improved sequentially compared to the prior quarter.

Jimmy Choo 的營收按報告基礎較去年同期成長 5.3%，按固定匯率持平。全球零售銷售趨勢環比改善，成長中個位數。批發營收以相近幅度成長。按地區來看，Jimmy Choo 總營收在美洲成長 11%，在 EMEA 成長 8%，而亞洲下降 6%。相較前一季，趨勢環比改善。

Now looking at total company margin performance. Gross margin of 64.8% increased 490 basis points versus last year. We recorded a refund receivable for the $65 million of IEEPA tariffs we paid in fiscal 2026. Of this $65 million, $40 million was reflected as a reduction to cost of goods sold in the fourth quarter. The remaining $25 million was recorded as a reduction to inventory, which will flow through cost of goods sold in the first half of fiscal 2027.

接著看公司整體毛利率表現。毛利率為 64.8%，較去年提升 490 個基點。我們就 2026 會計年度已支付的 6,500 萬美元 IEEPA 關稅確認了一筆應收退稅款。在這 6,500 萬美元中，有 4,000 萬美元於第四季以降低銷貨成本的方式反映；其餘 2,500 萬美元則以降低存貨入帳，並將在 2027 會計年度上半年透過銷貨成本反映。

By brand, Michael Kors gross margin of 64.6% compared to 58.6% last year, including $38 million of tariff refunds. Excluding the impact of new tariffs, Michael Kors gross margin expanded approximately 150 basis points. This increase was primarily driven by higher AURs and full price sell-throughs as well as a reduction in promotional activity.

按品牌來看，Michael Kors 毛利率為 64.6%，去年為 58.6%，其中包含 3,800 萬美元的關稅退稅。若排除新增關稅的影響，Michael Kors 毛利率約擴張 150 個基點。此增幅主要來自更高的平均單價（AUR）、正價銷售滲透率提升，以及促銷活動減少。

Jimmy Choo gross margin of 65.7% compared to 66.2% last year, including $2 million of tariff refunds. Excluding the impact of new tariffs, Jimmy Choo gross margin contracted approximately 90 basis points primarily due to lower initial markups associated with our expanded pricing architecture.

Jimmy Choo 毛利率為 65.7%，去年為 66.2%，其中包含 200 萬美元的關稅退稅。若排除新增關稅的影響，Jimmy Choo 毛利率約收縮 90 個基點，主要因我們擴大定價架構所帶來的較低初始加價率。

Operating expenses were higher than anticipated, increasing $7 million versus prior year, primarily due to foreign currency exchange rates. Total company operating margin expanded 170 basis points. By brand, Michael Kors operating margin of 8.7%, expanded 410 basis points versus the prior year; and Jimmy Choo operating margin of negative 14.3% compared to negative 7.5% last year impacted by foreign currency and higher selling and administrative expenses. Net income was $27 million or $0.22 per diluted share versus a loss last year.

營業費用高於預期，較去年增加 700 萬美元，主要由外匯匯率所致。公司整體營業利益率擴張 170 個基點。按品牌來看，Michael Kors 營業利益率為 8.7%，較去年擴張 410 個基點；Jimmy Choo 營業利益率為負 14.3%，去年為負 7.5%，受到外匯以及較高的銷售與管理費用影響。淨利為 2,700 萬美元，稀釋後每股盈餘 0.22 美元，去年同期為虧損。

Now turning to our balance sheet and cash flows. We ended the quarter with cash of $135 million and debt of $357 million, resulting in net debt of $222 million. This compares to net debt of approximately $1.4 billion last year.

接著看資產負債表與現金流。我們在季末的現金為 1.35 億美元，負債為 3.57 億美元，淨負債為 2.22 億美元。相較之下，去年淨負債約為 14 億美元。

We repurchased $79 million worth of shares in the fourth quarter, earlier than initially anticipated due to our confidence in Capri's future growth and value creation. We have an additional $921 million of availability remaining under our share repurchase authorization. Our share repurchase program reflects our increasing free cash flow, the strength of our balance sheet and our commitment to returning capital to shareholders.

我們在第四季回購了 7,900 萬美元的股票，回購時點較原先預期更早，反映我們對 Capri 未來成長與價值創造的信心。在既有股票回購授權下，我們仍有 9.21 億美元的可用額度。我們的股票回購計畫反映了自由現金流的提升、資產負債表的強勁，以及我們回饋股東的承諾。

Capital expenditures for the year were $63 million and were primarily spent on store renovations as well as ongoing IT and digital investments. Inventory at quarter end was $581 million, a 17% decline year-over-year. As we move throughout fiscal 2027, we expect inventory to be down year-over-year in the first quarter then begin to throughout the year to support our revenue growth.

本年度資本支出為 6,300 萬美元，主要用於店舖翻新，以及持續的 IT 與數位投資。季末存貨為 5.81 億美元，年減 17%。隨著進入 2027 會計年度，我們預期第一季存貨將較去年同期下降，之後將在全年逐步增加，以支持營收成長。

Now turning to our fiscal 2027 guidance, we expect revenue to increase at a low single-digit rate to approximately $3.525 billion. Retail revenue is expected to grow mid-single digits, partially offset by a planned decline in our Michael Kors wholesale channel as we continue to reduce off-price shipments.

接著談 2027 會計年度財測指引，我們預期營收將以低個位數成長至約 35.25 億美元。零售營收預期成長中個位數，但將部分被 Michael Kors 批發通路的計畫性下滑所抵銷，因我們將持續降低折扣通路出貨。

By brand, we expect Michael Kors revenue of approximately $2.9 billion and Jimmy Choo revenue of approximately $625 million. For the year, we anticipate gross margin expansion of approximately 200 basis points. Our guidance now assumes an additional 10% tariff on products coming into the United States. Operating expense dollars are expected to increase modestly relative to fiscal 2026.

按品牌來看，我們預期 Michael Kors 營收約 29 億美元，Jimmy Choo 營收約 6.25 億美元。全年我們預期毛利率約擴張 200 個基點。我們的指引目前假設進口至美國的產品將額外加徵 10% 關稅。營業費用金額預期將較 2026 會計年度小幅增加。

We expect full-year operating income to be approximately $190 million, a 60% increase year-over-year. By brand, we anticipate Michael Kors operating margin in the low double-digit range and Jimmy Choo returning to profitability with operating margin in the low single-digit range.

我們預期全年營業利益約為1.90億美元，年增60%。按品牌來看，我們預期 Michael Kors 的營業利益率落在低雙位數區間，Jimmy Choo 將恢復獲利，營業利益率落在低個位數區間。

Turning to our expectations around certain non-operating items, we expect net interest and other income between $85 million and $90 million. We anticipate an effective tax rate in the low-teens range, though quarterly rate tax rates will fluctuate due to our valuation allowance position.

接著談到我們對某些營業外項目的預期，我們預期淨利息及其他收益介於8,500萬至9,000萬美元。我們預期有效稅率落在十幾%的低端區間，不過由於我們的估值備抵（valuation allowance）狀況，季度有效稅率將會波動。

Assuming share repurchases of $200 million during fiscal 2027, we anticipate weighted average shares outstanding of approximately 112 million. Based on these assumptions, we expect to generate diluted earnings per share of approximately $2.15, a 40% increase over last year.

假設在2027會計年度回購2億美元股票，我們預期加權平均流通在外股數約為1.12億股。基於這些假設，我們預期稀釋後每股盈餘約為2.15美元，較去年成長40%。

In terms of capital expenditures, we anticipate spending approximately $125 million in fiscal 2027, which includes investments in store renovations and new store openings as well as ongoing investments in IT and digital enhancements. Now turning to our capital allocation. Our first priority is to invest in our business. Our second priority is to return capital to shareholders through share repurchases while continuing to maintain a strong and flexible balance sheet.

就資本支出而言，我們預期在2027會計年度支出約1.25億美元，其中包括門市翻新與新店開設的投資，以及對IT與數位強化的持續投資。接著談到我們的資本配置。我們的第一優先是投資於業務。我們的第二優先是透過股票回購回饋股東，同時持續維持強健且具彈性的資產負債表。

Now I would like to provide some perspective on the cadence of our results between the first and second half of the year. In the first half, we expect revenue to decline in the low single-digit range. We anticipate retail sales to be roughly flat overall, with wholesale declining low double digits.

接下來我想就全年上、下半年業績節奏提供一些觀點。上半年，我們預期營收將以低個位數幅度下滑。我們預期零售銷售整體大致持平，而批發將下滑低雙位數。

Within retail, we anticipate continued comparable sales growth in our full-price channel at both Michael Kors and Jimmy Choo. However, the Michael Kors outlet channel will remain under pressure as we continue to execute our quality of sale initiatives through reductions in promotional activity and third-party sales.

在零售方面，我們預期 Michael Kors 與 Jimmy Choo 的正價通路可比銷售將持續成長。然而，Michael Kors 的暢貨中心（outlet）通路仍將承壓，因為我們持續透過降低促銷活動與第三方銷售來推進我們的銷售品質（quality of sale）計畫。

In addition, within our Michael Kors wholesale channel, we are taking deliberate actions to reduce off-price shipments. In the first half, we anticipate approximately 300 basis points of gross margin expansion, which incorporates the negative impact of current tariffs. Operating expenses are expected to increase modestly. Taken together, we anticipate first-half earnings per share of approximately $0.85, representing an increase of nearly 80% versus the prior year.

此外，在 Michael Kors 的批發通路中，我們正採取審慎行動以降低對折扣通路（off-price）的出貨。上半年，我們預期毛利率將擴張約300個基點，其中已納入現行關稅的負面影響。營業費用預期將小幅增加。綜合以上，我們預期上半年每股盈餘約為0.85美元，較去年同期增加近80%。

Turning to the second half, we expect revenue to increase at a mid-single-digit rate as our strategic initiatives gain greater traction. This acceleration will be driven by improving trends across both retail and wholesale, with retail increasing mid-single digits and the wholesale declining mid-single digits.

轉向下半年，我們預期隨著策略性計畫取得更大成效，營收將以中個位數速度成長。此加速將由零售與批發兩端趨勢改善所帶動，其中零售成長中個位數，而批發下滑中個位數。

Within retail, we expect sustained momentum in the Michael Kors and Jimmy Choo full-price channels. Importantly, we also anticipate a return to growth in the Michael Kors outlet channel as we begin to lap the impact of our quality of sale actions and benefit from a broader assortment of new products in the fall season. In addition, fiscal 2027 includes a 53rd week, which is expected to add approximately 1 point to revenue growth for the year.

在零售方面，我們預期 Michael Kors 與 Jimmy Choo 的正價通路動能將持續。重要的是，我們也預期 Michael Kors 的暢貨中心通路將重回成長，因為我們開始消化（lap）銷售品質行動的影響，並在秋季受惠於更廣泛的新產品組合。此外，2027會計年度包含第53週，預期將為全年營收成長貢獻約1個百分點。

Gross margin in the second half is expected to expand by approximately 100 basis points, reflecting an improvement of approximately 300 basis points excluding the impact of the tariff refund in fiscal 2026. Operating expenses are again expected to increase modestly. Based on these assumptions, we anticipate second-half earnings per share of approximately $1.25, representing a 20% increase versus prior year.

下半年毛利率預期將擴張約100個基點；若排除2026會計年度關稅退稅（tariff refund）的影響，改善幅度約為300個基點。營業費用同樣預期將小幅增加。基於這些假設，我們預期下半年每股盈餘約為1.25美元，較去年同期成長20%。

Now turning to first-quarter guidance. We expect total company revenue to be approximately $750 million. By brand, we anticipate Michael Kors revenue of approximately $585 million, reflecting continued positive comparable sales growth in our full-price channel, and a decline in the outlet channel, driven by our ongoing quality of sales initiatives.

接著提供第一季指引。我們預期公司整體營收約為7.50億美元。按品牌來看，我們預期 Michael Kors 營收約為5.85億美元，反映正價通路可比銷售持續正成長，以及在我們持續推動銷售品質計畫下，暢貨中心通路出現下滑。

In addition, within our wholesale channel, we are taking actions to reduce off-price shipments. Together, we estimate these actions as well as the impact of store closures will reduce first-quarter revenue by approximately $30 million. Finally, we estimate the conflict in the Middle East will negatively impact first-quarter revenue by approximately $7 million.

此外，在我們的批發通路中，我們正採取行動以降低對折扣通路（off-price）的出貨。綜合這些行動以及關店的影響，我們估計將使第一季營收減少約3,000萬美元。最後，我們估計中東衝突將對第一季營收造成約700萬美元的負面影響。

We anticipate Jimmy Choo revenue of approximately $165 million, reflecting continued growth across both our retail and wholesale channels, supported by strong product momentum and brand engagement. We expect first-quarter operating income of approximately $10 million. In terms of operating margin by brand, we anticipate Michael Kors operating margin in the high single-digit percent range and Jimmy Choo operating margin, the low single-digit percent range.

我們預期 Jimmy Choo 營收約為1.65億美元，反映零售與批發通路皆持續成長，並受強勁的產品動能與品牌互動所支撐。我們預期第一季營業利益約為1,000萬美元。就各品牌營業利益率而言，我們預期 Michael Kors 營業利益率落在高個位數百分比區間，Jimmy Choo 營業利益率落在低個位數百分比區間。

Turning to our expectations around certain non-operating items. We expect first-quarter net interest and other income of approximately $20 million. We anticipate an effective tax rate of approximately negative 50% and a weighted average shares outstanding of approximately 116 million. As a result, we expect to generate diluted earnings per share of approximately $0.40.

接著談到我們對某些營業外項目的預期。我們預期第一季淨利息及其他收益約為2,000萬美元。我們預期有效稅率約為負50%，加權平均流通在外股數約為1.16億股。因此，我們預期稀釋後每股盈餘約為0.40美元。

Looking ahead, based on the progress we are making against our strategic initiatives, we remain confident in our ability to return to growth in fiscal 2027. We are encouraged by early signs that validate the effectiveness of our strategic initiatives and reinforce our confidence in our ability to drive sustainable long-term growth.

展望未來，基於我們在策略性計畫上的推進進度，我們仍對在2027會計年度重返成長的能力充滿信心。我們也受到一些早期跡象的鼓舞，這些跡象驗證了我們策略性計畫的有效性，並強化我們推動可持續長期成長的信心。

Now we will open up the line for questions.

現在我們將開放提問。

(Operator Instructions) Matthew Boss, JPMorgan.

（接線員指示）Matthew Boss，摩根大通（JPMorgan）。

So John, maybe could you speak to the drivers of the embedded Michael Kors revenue improvement of FY27 to get to the 1% full-year growth just relative to the high single-digit decline guided for the first quarter? And then near term, could you elaborate on the progression of retail sales demand in Michael Kors that you're seeing entering the first quarter relative to the mid-single digit decline in the fourth quarter?

John，或許你能談談 FY27 中 Michael Kors 營收改善的內含驅動因素，如何達到全年1%的成長，相較於第一季指引為高個位數下滑？另外，就近期而言，你能否進一步說明你們在進入第一季時所看到的 Michael Kors 零售銷售需求走勢，相較於第四季中個位數下滑的變化？

Thank you, Matt. So first thing I'd like to say is that we are very optimistic about the future of Capri. And obviously, both of our fashion luxury brands, as you saw, we had a very strong quarter with Jimmy Choo with comps accelerating and positive. So we think that the storytelling that the product and our pricing architecture is having very strong residents with new and younger consumers.

謝謝你，Matt。首先我想說的是，我們對 Capri 的未來非常樂觀。顯然，我們兩個時尚奢侈品牌都表現不錯；如你所見，Jimmy Choo 本季非常強勁，可比銷售加速並轉為正成長。因此我們認為，產品的敘事以及我們的定價架構，正對新的、較年輕的消費者產生非常強的共鳴。

So we feel good about where we're going with Jimmy Choo. And we know we have work to do on the profitability of that business, but we also have confidence around some initiatives that we'll put in place at Jimmy Choo.

因此，我們對 Jimmy Choo 的發展方向感到樂觀。我們也知道在該業務的獲利能力上仍有工作要做，但我們同時對將在 Jimmy Choo 推出的若干計畫充滿信心。

Secondly, on Michael Kors, again, we're very optimistic. In particular, we can see what's happening with our storytelling about Michael Kors traveling the world in style and our Hotel Stories. Brand awareness is growing. Again, we're seeing our database grow. We're seeing consumers both existing and newer and younger consumers engage with the brand.

第二，關於 Michael Kors，我們同樣非常樂觀。特別是，我們可以看到我們圍繞 Michael Kors「以風格環遊世界」以及我們的「Hotel Stories」所做的品牌敘事正在發酵。品牌知名度正在提升。我們也看到會員/客戶資料庫持續成長，並看到既有消費者以及新的、較年輕的消費者與品牌互動。

We know engagement levels are rising. We see full-price comp store sales comping positive again, which is a great indicator of our initiatives driven through a lot of great new product that's been in our stores, and I know many of you on this call have been into the stores and seen that product. We also see our new store renovations taking hold and showing strong traffic and revenue gains. So we feel great about that program as we roll that out across the globe.

我們知道互動程度正在上升。我們看到正價門市的可比店銷售再次轉為正成長，這是我們各項計畫的良好指標，而這些計畫由許多已進入門市的優秀新品所帶動；我知道在這通電話上的許多人也去過門市並看過那些產品。我們也看到新門市翻新計畫開始奏效，並帶來強勁的來客數與營收提升。因此，當我們在全球推進這項計畫時，我們對此感到非常振奮。

So our full-price business gives us a lot of -- a lot to build on and to continue to drive. As we've talked about before, the area that we need to get going in a positive direction is our outlet channel. That channel, again, remains down at about the mid-single digits. But that has to be looked at under a light of a few things.

因此，我們的正價業務為我們提供了很多——很多可以持續累積並推動的基礎。正如我們先前談到的，我們需要讓暢貨中心通路朝正向發展。該通路目前仍約下滑在中個位數，但必須在幾個因素的脈絡下來看待。

Number one, we have been focused on a quality of sale initiative that has a number of components to it. The first is we have significantly reduced and almost eliminated our third-party sales through our outlet channel. I think we said in our prepared remarks that quality of sales, both in wholesale and in retail impacted us by about $150 million last year. So that's a very significant number, and that's all on the Michael Kors business.

第一，我們一直聚焦於銷售品質（quality of sale）計畫，其中包含多個面向。首先，我們已大幅降低，且幾乎消除透過暢貨中心通路的第三方銷售。我想我們在事先準備的發言中提到，去年銷售品質（無論在批發或零售）對我們的影響約為1.50億美元。這是一個非常可觀的數字，而且全部都發生在 Michael Kors 業務上。

Secondly, we have had a reduction in just the promotional activity in total in outlet, that's reducing the amount of promotions that we've had and the actual discounts themselves. And then the third issue, which is the one that we think is going to be most helpful for us is around new product introduction.

第二，我們也降低了暢貨中心整體的促銷活動，包含減少促銷的頻率以及實際折扣幅度。第三個議題——也是我們認為對我們最有幫助的一點——與新品導入有關。

And we saw some of that in the very, very tail end of Q3. And in Q4, we saw some more arriving. And as we said in our prepared remarks, we saw for the first time, quite some time, AURs and full-price selling actually accelerating in the outlet channel.

我們在第三季（Q3）非常、非常末段就看到其中一些跡象。而在第四季（Q4），我們看到更多開始出現。正如我們在事先準備的發言中所說，我們首次在相當長一段時間以來看到，outlet 通路的平均單價（AUR）與正價銷售實際上正在加速。

We have two more quarters worth of our quality of sales initiatives that we will be going up against. And just to give you an order of magnitude, it's about $75 million that will impact us in the first half of the year, about the same as what we saw in each first and second half of last year. And once we get past that, that will no longer be a headwind for us.

我們還有兩個季度的銷售品質提升（quality of sales）措施所帶來的比較基期需要面對。為了讓你掌握量級，大約有 7,500 萬美元會在上半年對我們造成影響，與去年上半年及下半年各自看到的影響幅度大致相同。一旦我們度過這段期間，這就不再會是我們的逆風。

And so when we get to this kind of October time period, and I think I've mentioned that to you all before, we'll have a number of things that will be really -- it would be very helpful for us. Number one, the third-party sales, we will lap that reduction.

因此當我們進入大約 10 月這個時間點——我想我之前也跟各位提過——會有幾件事情對我們非常有幫助。第一，第三方銷售（third-party sales）的下滑，我們將完成其比較基期（lap）。

Number two, we will lap almost all, not 100% of it, but we're doing some further promotional reduction in outlet. We'll be almost completely lapping that. And we'll have about 75% of the product turned over in our outlet stores to new and what we think will be more trend-right product for us.

第二，我們將完成幾乎全部（不是 100%，但我們仍在 outlet 進一步降低促銷）的比較基期。我們將幾乎完全完成這部分的比較基期。同時，我們 outlet 門市約有 75% 的商品會完成汰換，換成新的、且我們認為更符合趨勢（more trend-right）的商品。

So we think that we're on the right track. Clearly, that's what we did in the full-price business. The full-price business turned positive. We are doing the same exact initiatives in the outlet. With one additional caveat, outlet, we actually raised prices. I think we talked about that in some of our previous calls.

所以我們認為我們走在正確的軌道上。很明顯，這就是我們在正價業務所做的事。正價業務已轉為正成長。我們在 outlet 也在做完全相同的措施。另有一個額外但重要的點：outlet 方面，我們其實提高了價格。我想我們在之前幾次電話會議中有談到。

And it's quite interesting. The customer is not moving away from us based on those price increases. Our conversion rates have remained the same even after raising prices in the outlet stores. So we feel very, very positive and optimistic about how the progression is going to happen at Michael Kors.

而且相當有意思的是，顧客並沒有因為這些漲價而離開我們。即使在 outlet 門市調高價格之後，我們的轉換率仍維持不變。因此，我們對 Michael Kors 的進展將如何發生感到非常、非常正向且樂觀。

I want to remind you also that in the first half of the year, the wholesale business will be down double digits. And actually, the retail business will be up in the first half of the year, primarily driven by full-price. And so there's a lot of really good underlying trends that are happening for us.

我也想提醒各位，上半年批發（wholesale）業務將呈現雙位數下滑。而實際上，上半年零售（retail）業務將成長，主要由正價帶動。因此，我們內部有很多非常好的基本趨勢正在發生。

And additionally, even though the wholesale business is down double digits, the majority of that is coming from the reduction in off-price sales. You can see we entered the year with inventories down 17%. And we just don't have the inventory to sell in the off-price channel.

另外，即使批發業務下滑雙位數，其中大部分來自於 off-price 銷售的縮減。你們可以看到我們在年初時庫存下降了 17%。而我們確實沒有足夠的庫存可以在 off-price 通路銷售。

And we actually want that to remain a consistency for us and reducing third-party sales through our outlet stores and reducing off-price through our own wholesale channels. It's just going to create a better platform and a foundation for us to grow these businesses off of.

而且我們其實希望這能成為我們一貫的做法：透過我們的 outlet 門市降低第三方銷售，並透過我們自有的批發通路降低 off-price。這將為我們建立更好的平台與基礎，讓我們在其上成長這些業務。

And so I think we're feeling optimistic that we've got the right building blocks in place. We're going to finish this quality of sale initiative and have the brand in a very solid position, in particular for the back half of the year.

因此我認為我們樂觀地覺得，我們已具備正確的基礎要件。我們將完成這項銷售品質提升計畫，並讓品牌處於非常穩健的位置，特別是對於下半年而言。

And then the last thing I'd like to point out is, you saw our gross margins increasing during the back half of this past year, fiscal '26. And we will have about a 200-basis-point increase in gross margin in fiscal year '27. And that's also another very good indicator for us.

最後我想指出的是，你們看到我們在剛過去這個年度的下半年（會計年度 '26）毛利率在提升。而在會計年度 '27，我們的毛利率將提升約 200 個基點。這對我們而言也是另一個非常好的指標。

And so that's going to lead to a 60% operating margin increase, which is, we think, significant for the group and a 40% earnings per share increase. Again, a very significant number. So we believe Capri is on the right track for growth, and we think we have the right strategic initiatives in place to be able to deliver on our future goals. Thank you very much for that question.

因此這將帶來營業利益率提升 60%，我們認為這對集團而言相當顯著；以及每股盈餘（EPS）提升 40%。同樣地，這是非常顯著的數字。所以我們相信 Capri 正走在成長的正確軌道上，也認為我們已具備正確的策略性措施，能夠達成未來目標。非常感謝你的提問。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛（Goldman Sachs）。

I was hoping you could unpack the core drivers of gross margin expansion that you're anticipating for the year. Can you unpack how much of that is coming from some of the moving pieces with tariffs? How you're thinking about the underlying magnitude of improvement that you're expecting from the Michael Kors brand? And any cadence in your sequencing that we should be expecting throughout the year as you look to continue to drive profit improvement?

我希望你能拆解一下你們預期今年毛利率擴張的核心驅動因素。你能否說明其中有多少來自關稅（tariffs）等變動因素？你們如何看待 Michael Kors 品牌本身所帶來的基本面改善幅度？以及在你們持續推動獲利改善的過程中，全年各期間的節奏與排序（cadence / sequencing）我們應該如何預期？

And then additionally, John, I think you mentioned in your prepared remarks that you had a profit improvement program that you unveiled that you're looking to drive improved profit as you exit FY27. Can you give a little bit more detail on what that means and what you're looking for and how you're thinking about further profit expansion beyond FY27?

另外，John，我想你在事先準備的發言中提到，你們推出了一項獲利改善計畫（profit improvement program），目標是在 FY27 結束時推動獲利提升。你能否再多提供一些細節，這代表什麼、你們在尋求什麼，以及你們如何思考 FY27 之後進一步的獲利擴張？

Okay. Brooke, let me make sure I've got all -- I counted three parts to the question. I'll take a little bit of the first, which will be some of the drivers for the gross margin improvement. I'll turn it over to Raj to talk about some of the cadence in that.

好的。Brooke，我先確認我有把所有問題都抓到——我數到這題有三個部分。我先回答第一部分的一些內容，也就是毛利率改善的一些驅動因素。接著我會把問題交給 Raj，請他談談其中的節奏。

And I think the improvement that you're referring to in gross profit, I think was for Jimmy Choo, is that the question? I just want to make sure I have the third part, right.

另外，我想你提到的毛利改善，是指 Jimmy Choo 嗎？我只是想確認第三部分我理解正確。

I think you talked about a profit improvement program for the company that would drive some improvement in '28?

我想你談的是公司的一項獲利改善計畫，會在 '28 推動一些改善？

Yeah. No, that's Jimmy Choo, but we -- let's see if we're going to pack some of this stuff for you, and then we'll -- and actually Tyler is going to take that last piece. So you'll get all three of us. In Michael Kors, remember, I'm going to start with that from a profit improvement standpoint -- actually, both Michael Kors and Jimmy Choo.

對。不是，那是 Jimmy Choo，但我們——讓我想想我們要怎麼幫你把這些內容整理一下，然後我們會——其實 Tyler 會回答最後那一部分。所以你會聽到我們三位的回答。就 Michael Kors 而言，請記得，我會先從獲利改善的角度開始——其實 Michael Kors 和 Jimmy Choo 都會談到。

In the spring of this year around February, we took price increases in both full-price and outlet channels. So that was to offset some of the tariffs that were impacting the company. We also have been working very closely with our supply chain to help us reduce costs. And so there was a positive impact that we started to see in the very beginning of the fourth quarter of this year from those initiatives.

在今年春季大約 2 月左右，我們在正價與 outlet 通路都進行了漲價。這是為了抵銷關稅對公司造成的一些影響。我們也一直與供應鏈非常密切合作，協助我們降低成本。因此，從今年第四季一開始，我們就開始看到這些措施帶來的正面影響。

The second thing, and again, I think we mentioned it a number of times in the script at both Jimmy Choo and Michael Kors, full-price sell-throughs are rising. AURs are rising. That means we're just selling less product on sale as well as we did have some price increase. But it's showing how the brands are resonating with the customer. And I think that's one of the lead indicators for us in terms of quality and health of the business.

第二點，同樣地，我想我們在講稿中對 Jimmy Choo 與 Michael Kors 都提過多次：正價售罄率（full-price sell-throughs）正在上升，平均單價（AUR）也在上升。這表示我們以折扣出售的商品變少了，同時我們也確實有一些漲價。但這也顯示品牌正在與顧客產生共鳴。我認為這是我們衡量業務品質與健康度的領先指標之一。

And then lastly, I think that you can see that we've really done, I think, a fantastic job managing our inventories and making sure that we keep the company in a position where we're able to keep demand and inventory imbalance. And that's, again, making it so that we're having things sell out quickly inside the stores.

最後，我想你們也可以看到，我們在庫存管理上做得非常好，確保公司維持在一個能夠避免需求與庫存失衡的狀態。這也再次使得商品在門市內能夠更快售罄。

And we've had -- last quarter, we had our best -- our second best-selling handbag in the company basically sell out on us. It's not where you always want to be, but that's a good place to be. We've had some of our new footwear introductions sellouts, and we're chasing inventory. So we like the idea that we are creating desire and demand, and we think that's an important component to our gross margin expansion.

而且——在上一季，我們公司基本上有一款第二暢銷的手袋賣到缺貨。這不一定是你永遠想要的狀態，但這是一個好的位置。我們一些新的鞋類上市也出現售罄，我們正在追補庫存。所以我們喜歡我們正在創造渴望與需求這件事，我們認為這是毛利率擴張的重要組成。

Lastly, there will be some level of benefit because in the second half of this past year, we were operating at approximately 19% higher tariffs. And now we're operating with approximately 10% higher tariffs. And so there'll be a little bit of an offset in the back half of the year that will help us in our gross margin.

最後，還會有一定程度的利益，因為在剛過去這個年度的下半年，我們面對的關稅約高出 19%。而現在我們面對的關稅約高出 10%。因此在下半年會有一些抵銷效果，有助於我們的毛利率。

But let me pass it over to Raj to talk to you a little bit about the cadence.

不過我先把問題交給 Raj，請他跟你談談節奏。

Thanks, Brooke. Yeah. Look, we're pleased that our strategic initiatives are gaining traction. We're continuing to see higher full price sell-throughs and AURs in addition to the quality of sales initiatives that are impacting our gross margins.

謝謝，Brooke。是的。你看，我們很高興我們的策略性措施正在取得進展。我們持續看到更高的正價售罄率與平均單價（AUR），再加上銷售品質提升措施也正在影響我們的毛利率。

As I stated previously, the $25 million removal of the refund by IEEPA tariffs, it's not really a benefit in the first half. Our margins will be up 300 basis points in the first half of the year. And then as we look to the second half of the year, our margins are going to be up 100 basis points, but excluding the $40 million refund, our underlying margins will be up 300 basis points.

如我先前所述，因 IEEPA 關稅而取消的 2,500 萬美元退款，在上半年其實不算真正的利多。我們上半年毛利率將提升 300 個基點。接著看下半年，我們的毛利率將提升 100 個基點，但若排除 4,000 萬美元退款，我們的基本面毛利率將提升 300 個基點。

So I think there's a little bit of noise in the back half with the $40 million refund. But it's best to look at our overall annual growth rate where we're expecting a 200-basis-point improvement in margin for the full year as we continue to drive on better full price sell-throughs and higher AURs.

所以我認為下半年因 4,000 萬美元退款會有一些雜訊。但最好是看我們全年整體成長率：我們預期全年毛利率將改善 200 個基點，因為我們持續推動更好的正價售罄率以及更高的 AUR（平均單價）。

Let me turn it over to Tyler, who, as you know, only joined just a short period ago, but one of the interesting things Tyler has been able to dig into is the future profitability of Jimmy Choo. So let me turn that over to Tyler.

我把時間交給 Tyler。你也知道，他加入的時間不長，但 Tyler 能深入研究的一個有趣面向，是 Jimmy Choo 未來的獲利能力。那我就把這部分交給 Tyler。

Yeah. Thanks, John. And we're obviously in the early stages of developing the overall profit improvement program for Jimmy Choo and still evaluating the full scope of opportunities and timing. That said, early analysis points to a few areas to drive sustainable margin enhancement on the path to low double-digit operating margin at Jimmy Choo.

好的，謝謝你，John。我們顯然仍處於為 Jimmy Choo 制定整體獲利改善計畫的早期階段，也仍在評估機會的完整範疇與時程。不過，初步分析指出幾個領域，可在 Jimmy Choo 邁向低雙位數營業利益率的路徑上，推動可持續的毛利率提升。

First, as John mentioned, our new product in communication are resonating with the customer, and we're seeing a return to revenue growth with -- and we expect with this revenue growth, we're going to see improved store productivity and overall profitability. That said, we will still need to evaluate the overall store fleet and close underperforming stores.

首先，如 John 提到的，我們的新產品與溝通方式正與顧客產生共鳴，我們看到營收重回成長；而且我們預期隨著營收成長，門市生產力與整體獲利能力都會改善。不過，我們仍需要評估整體門市組合，並關閉表現不佳的門市。

Next, we see opportunities to improve gross margin. We're going to be looking at rationalizing SKU count to improve inventory management in turn and drive operational efficiencies in our owned factories, which account for about 50% of our production.

其次，我們看到提升毛利率的機會。我們將著手精簡 SKU 數量，以改善庫存管理，進而提升營運效率，尤其是在我們自有工廠（約占產量 50%）的營運效率。

And lastly, we'll be driving efficiency across SG&A, both through disciplined expense management and also implementation of corporate opportunities to drive synergies. So as I said, we're still evaluating the full scope and timing, but we expect to have the plan more fleshed out in the coming quarters.

最後，我們將在 SG&A（銷售、一般及行政費用）全面推動效率提升，包含嚴謹的費用管理，以及導入公司層級的機會以創造協同效益。如我所說，我們仍在評估完整範疇與時程，但預期在接下來幾個季度會把計畫更具體化。

(Operator Instructions) Paul Lashway, Citigroup.

（接線員指示）Paul Lashway，花旗集團。

It's Tracy Kogan filling in for Paul. I was hoping you could give some more color on how your business trended by months in 4Q for core US full price and outlet channels. And how is it performing now? Is that in line with your guidance for 1Q? And then I just was wondering if you thought there was a reasonable chance that your business could inflect to growth in the retail channel for cores before kind of the October timeframe?

我是 Tracy Kogan，代替 Paul。我想請你們多分享一些：第四季（4Q）核心美國正價與暢貨中心（outlet）通路按月份的業務走勢如何？目前表現如何？是否符合你們對第一季（1Q）的指引？另外我也想問，你們是否認為在大約 10 月之前，核心零售通路的業務有合理機會轉為成長？

Tracy, we don't break out by month our revenue. I think what we were very pleased because we came in at the top end of our guidance in terms of revenue. So we felt that we delivered both revenue and earnings per share at the high end of our guidance, and actually earnings per share were slightly higher than we had anticipated.

Tracy，我們不會按月份拆分營收。我想我們非常滿意的是，我們的營收落在指引區間的上緣。因此我們覺得，無論是營收或每股盈餘都達到指引上緣，而實際上每股盈餘還略高於我們原先預期。

So we felt that Q4 was very strong. We saw a sequential improvement really across almost all indicators in the business, both in the regions and in the stores. Again, with the exclusion of the Michael Kors outlet business, it was roughly similar. So as far as we can see, Capri is definitely moving forward and including returning to profitability.

所以我們認為第四季非常強勁。我們看到幾乎所有業務指標都出現環比改善，無論是各區域或各門市。再次強調，若排除 Michael Kors 的 outlet 業務，表現大致相近。就我們所見，Capri 的確正在向前推進，並且包括重回獲利。

In terms of first quarter, we just are here giving you guidance. And so we -- I think we feel comfortable with what we see in terms of our ability to perform and deliver against that. The last thing I would say to you is -- and I think if you go back and listen carefully to our prepared remarks, Raj has indicated that our retail business actually will be positive in the first half of the year. So we're -- and I said that's really tilted by the full-price business. and the wholesale business is the part of the business that will be down in the first half of the year.

至於第一季，我們現在就是在提供指引。因此，就我們看到的執行能力與達成指引的能力而言，我們感到有信心。我最後想補充的是——如果你回去仔細聽我們事先準備的發言，Raj 已指出我們的零售業務在上半年實際上會轉為正成長。所以我們——而我也說過，這主要是由正價業務所帶動；而批發業務則是上半年會下滑的部分。

And I might want to also point out that while wholesale is down in the first half of the year, at point of sale, very important milestone for us, we turned -- we went flat in Q4, which is the first time in the last couple of years. And the trajectory of certain stores, certain of our big partner stores is actually up. So we saw some of our partner department stores have increases on a TYLY basis, which is exactly like our full-price business in our own full price stores is trending as well.

我也想指出，雖然批發在上半年下滑，但在 POS（銷售端）層面，對我們而言是一個非常重要的里程碑：我們在第四季轉為持平，這是過去幾年來第一次。而且某些門市、某些大型合作夥伴門市的走勢其實是上升的。因此我們看到部分合作的百貨公司以 TYLY（兩年同店）口徑出現成長，這與我們自營正價門市的正價業務走勢一致。

So we're feeling, again, quite positive about our ability to deliver against our guidance. And again, $75 million-impact in the first half of the year from quality of sales initiatives, I think we were -- we feel that this is the right thing to do for the long-term health of our business, and to create a very sustainable foundation to build off of and to drive second half growth, in particular, in the Michael Kors retail business.

所以我們再次對達成指引的能力感到相當正面。而且，上半年因銷售品質提升措施帶來 7,500 萬美元的影響；我們認為這是為了業務長期健康所必須做的正確決策，並建立非常可持續的基礎，以便在此之上發展，並推動下半年成長，特別是在 Michael Kors 的零售業務。

Simeon Siegel, Guggenheim.

Simeon Siegel，Guggenheim。

Tyler, welcome to the call. Looking forward to working with you in the future. John, it was nice to see the longer-term goals that you mentioned. Any thoughts on how to get there. Maybe just help us think through what a $4 billion Michael Kors looks like in the future? Whether it's channel, geography, margins, any color you think you're comfortable sharing. I just assume it will look different than the last version of the $4 billion Michael Kors.

Tyler，歡迎加入這通電話會議，期待未來與你合作。John，很高興看到你提到的較長期目標。對於如何達成，有沒有一些想法？也許可以幫我們思考一下，未來 40 億美元規模的 Michael Kors 會是什麼樣子？不論是通路、地理區域、毛利率等，只要你覺得方便分享的資訊都可以。我只是推測，這會和上一個版本的「40 億美元 Michael Kors」看起來不太一樣。

And then the buybacks, it was nice to see that resumption. Just any parameters for how you guys are thinking about future repurchases here?

另外，回購恢復也很令人欣慰。你們對未來回購的思考，有沒有任何參數可以分享？

Sure. So Simeon, I think, again, fiscal '26 was stabilizing the business. We had a lot of issues coming out of fiscal '25 that we needed to correct. I feel really good. And I think the teams feel really good about what is happening, and we do a lot of research on the consumer and the way the consumer is looking at both Jimmy Choo and Michael Kors. And we haven't seen healthy indicators like this for both brands in years.

當然。Simeon，我認為 2026 財年是讓業務穩定下來的一年。我們在 2025 財年結束後帶著不少需要修正的問題。我感覺非常好，我也認為團隊對正在發生的事情感覺非常好。我們做了大量消費者研究，了解消費者如何看待 Jimmy Choo 與 Michael Kors。我們已經多年沒有看到兩個品牌同時出現這麼健康的指標。

I also want to point out that at Jimmy Choo, after we kind of got through some of our issues late '24, early '25, the team is so laser focused on the growth of our accessories business, and we're starting to see some very significant trajectory. And as Tyler mentioned, that business, we actually think can be profitable relatively quickly. It's going to be profitable this year, but we think we can accelerate that profitability relatively.

我也想指出，在 Jimmy Choo，我們在 2024 年底、2025 年初大致解決了一些問題之後，團隊非常聚焦於配件業務的成長，而我們開始看到非常顯著的成長軌跡。如 Tyler 提到的，我們其實認為那塊業務可以相對快速地達到獲利。今年就會獲利，但我們認為還能相對地加速其獲利提升。

And in particular, now that we have accessories on a very good track inside the company, just a lot of excitement, not only from our own internal teams, but from our wholesale partners are starting to see how this part of Jimmy Choo can be a very strong business for them. And you also heard us talk about the Jimmy Choo North American retail and wholesale business, up double digits. I mean that's quite extraordinary. And we're really proud of that.

特別是現在我們的配件在公司內部已走在非常好的軌道上，不僅我們內部團隊很振奮，我們的批發合作夥伴也開始看到 Jimmy Choo 的這一部分如何能成為他們非常強勁的業務。你們也聽到我們提到 Jimmy Choo 北美零售與批發業務成長達雙位數——這非常不尋常，我們也為此感到非常自豪。

So we're feeling good about that $800 million timeline for Jimmy Choo. And that's going to come just from the productivity inside of our own store base and most likely a smaller store base that we have today. We've always said we could get higher sales per square foot out of the Jimmy Choo stores, and we're starting to see that happen. So feeling quite strong about that.

因此，我們對 Jimmy Choo 達到 8 億美元規模的時間表感到樂觀。這將主要來自我們自有門市基礎內部的生產力提升，而且很可能是在比今天更小的門市基礎之上。我們一直說 Jimmy Choo 門市的每平方英尺銷售額可以更高，而我們開始看到這正在發生，所以對此感到相當有信心。

And accessories, as we've said over time, we think that can be 30% to 40% of our business at Jimmy Choo. It's in the kind of low-20s, at the mid-20s today. And that should be a pretty quick acceleration for us. And then the casual footwear business is also starting to see some very strong take by the consumers. So those strategic initiatives are really taking hold.

至於配件，如我們長期以來所說，我們認為在 Jimmy Choo，配件可占業務的 30% 到 40%。目前大約在 20% 出頭到 20% 中段。對我們而言，這應該會是相當快速的加速成長。另外，休閒鞋類業務也開始看到消費者非常強勁的接受度。因此，這些策略性措施正在真正落地並發揮效果。

At Michael Kors, I think that we are, number one, very, very pleased with what's happening in our full-price business. And in fact, I think I mentioned in the last call, we are going to be now opening new stores with Michael Kors wholesale -- I'm sorry, Michael Kors retail full price.

在 Michael Kors，我認為我們首先對全價業務目前的表現感到非常、非常滿意。事實上，我想我在上次電話會議中提到過，我們現在將開始以 Michael Kors 批發——抱歉，是 Michael Kors 零售全價——來開設新店。

We've got a number of mall owners that are coming to us. They want the brand back in malls that we closed, actually, and they see two things. They see, number one, that the brand is resonating with younger consumers in particular; and number two, this category of accessible luxury, modern luxury, whatever you want to call it, there's three or four players who are doing extremely well in this category.

有不少購物中心業主主動來找我們。他們希望我們回到那些我們先前關閉的商場據點，並且他們看到兩點：第一，品牌特別是在年輕消費者中引起共鳴；第二，這個「可負擔奢侈／現代奢侈」（不管你怎麼稱呼）的品類中，有三到四個玩家表現得非常出色。

And clearly, the customer has become a bit more choiceful. And there's growth that's happening at the expense of some of the higher luxury pieces of the business. We're still all in luxury, but there's different levels of that.

而且很明顯，顧客變得更有選擇性。部分成長是以某些更高端奢侈品業務的份額為代價而發生的。我們仍然都在奢侈品領域，但其中有不同的層級。

And I think there's a great desire. We are the number two in this category in terms of accessories. And I think that the mall owners want to see us more present in more of their properties. So we see growth in the full price channel for us.

我認為市場有很強的需求。我們在配飾品類中排名第二。我想購物中心業主希望我們在他們更多的物業中有更高的能見度與進駐。因此，我們看到全價通路對我們而言正在成長。

And secondly, we are seeing a very nice expansion with wholesale, either shop-at-shop to new conversions. We said we're opening -- we're renovating 150 stores. But additionally, in particular, in Europe, we've had a number of wholesale partners where we actually pulled the line out. We're now going back in. They're excited about having us back in.

第二，我們也看到批發業務有非常不錯的擴張，無論是店中店到新的轉換。我們說過要翻新 150 家門市。但此外，特別是在歐洲，我們先前曾在一些批發合作夥伴那裡把產品線撤出，現在我們正在重新進場。他們也很期待我們回歸。

So as a long way of saying, we think a lot of growth is going to come from our full price channel. A lot of growth can resume again in wholesale because we've had this decline over wholesale over the past six years. And we think that in fiscal '28, we will stabilize that and begin to grow wholesale again, up modestly. And then lastly, a return to growth in our outlet channel as well.

所以總結來說，我們認為很多成長將來自全價通路。批發也可以重新恢復成長，因為過去六年我們的批發一直在下滑。我們認為在 2028 財年，我們將使其趨於穩定並開始讓批發再次成長，溫和上升。最後，暢貨中心（outlet）通路也將回到成長。

So we think to be able to shape the business in a way that's led by full price, then probably secondly, by wholesale gross, and then thirdly, by outlet is kind of how you will see that trajectory happen. But again, I think one of the things we've also done a very good job with is we've got our SG&A in line.

因此，我們認為把業務塑造成由全價帶動，其次是批發成長，第三是暢貨中心，這大概就是你會看到的發展軌跡。不過我也認為，我們做得很好的其中一點是，我們已把 SG&A（銷售、一般及行政費用）控制在合理水準。

And at this point, if we can just grow the business mid-single digits, maybe a little faster than that in the out years, the profitability and the way that that looks is quite positive. And I think our shareholders, and I think it will be reflected in the share price, we'll see a very strong movement forward.

在這個時間點，如果我們能讓業務以中個位數成長，並且在未來幾年可能稍快一些，那麼獲利能力以及呈現出來的樣貌都相當正面。我認為股東也會看到，而這也會反映在股價上，我們將看到非常強勁的向前推進。

And then lastly, on the buyback, I'll let Raj speak to that.

最後，關於庫藏股回購，我讓 Raj 來說明。

Thanks, Simeon. Yeah, we were pleased to have restarted our share repurchase program and return capital to shareholders. We've repurchased approximately $80 million in Q4, slightly earlier than we anticipated. And that's really due to our confidence in Capri's future growth. We plan to repurchase an additional $200 million in FY27 as we continue to deliver on our strategic initiatives.

謝謝你，Simeon。是的，我們很高興能重新啟動股票回購計畫並向股東返還資本。我們在第四季回購了約 8,000 萬美元，時間比我們原先預期稍早。這主要是因為我們對 Capri 未來的成長充滿信心。隨著我們持續推進策略性舉措，我們計畫在 2027 財年再回購額外 2 億美元。

Yeah. And the last thing I'd like to point out is our balance sheet is very strong at this point. So with the sale of Versace, we have a significantly reduced debt level. We also have positive cash flows in the company.

是的。我還想指出最後一點：我們目前的資產負債表非常強健。因此，隨著 Versace 的出售，我們的負債水準大幅降低。我們公司也有正向的現金流。

And so we have the capability to put the $300 million that we've talked about into store renovation program, which will be primarily around Michael Kors, $200 million in share repurchases, probably that or more on a go-forward basis each year. And we'll have the cash flows to support that and the balance sheet to support that. So Capri, financially, is in a very, very solid place.

因此，我們有能力把先前談到的 3 億美元投入門市翻新計畫，主要會圍繞在 Michael Kors；並投入 2 億美元進行股票回購，未來每年可能是這個水準或更高。我們也將有足夠的現金流與資產負債表來支撐這些投入。所以 Capri 在財務上處於非常、非常穩健的位置。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Can you unpack the AUR opportunity from a geographic perspective for Michael Kors? Given the growth that you're seeing in Europe and Asia, did it present an opportunity from a pricing perspective?

能否從地理區域的角度，拆解一下 Michael Kors 的 AUR（平均單價）機會？鑑於你們在歐洲與亞洲看到的成長，是否也帶來了定價層面的機會？

And secondly, as it relates to new products at Michael Kors, which lines are driving the strongest growth that give you confidence in sustaining higher comps in full price stores? And how are those lines doing in the wholesale channel right now?

第二，關於 Michael Kors 的新品，哪些產品線帶動了最強勁的成長，讓你們有信心在全價門市維持較高的同店成長？而這些產品線目前在批發通路的表現如何？

Rick, I think you asked about the gross margins related to the geographic impact. Is that correct?

Rick，我想你問的是與地理因素相關的毛利率影響，對嗎？

I apologize. It was the AUR pathway in international markets?

抱歉，我指的是國際市場的 AUR 走勢／路徑？

AUR, I'm sorry. So AUR, you can see has been rising. And that what's interesting is that's globally. And that's been very, very significant. And actually, the biggest AUR increases have actually been in the United States or the North American market because we really have reduced -- and this is full -- I'll start with full price. We've reduced our promotional activity in the full price.

AUR，抱歉。AUR 你可以看到一直在上升，而有趣的是這是全球性的，而且幅度非常、非常顯著。其實，最大的 AUR 提升反而發生在美國或北美市場，因為我們確實降低了——這是全價——我先從全價說起，我們已降低全價通路的促銷活動。

And let me also say there will be further reduction of promotional activity in the full price that you're going to actually see happening here very shortly. So we're going to take another step forward on reducing promotional activity in the full price. So that's impacting AUR.

我也要補充，我們還會進一步降低全價通路的促銷活動，你們很快就會看到。我們將在降低全價促銷方面再往前邁一步。因此這正在影響 AUR。

But the thing that's really helping to impact the AUR is the full price sell-throughs. And when we decided to lean heavier in particular, into smaller handbags, which resonate with younger consumers, and it's just more trend, right, also actually sells at a reduced price point. But you're just getting a better full price sell-through on that. It's really the AURs inside the stores.

但真正對 AUR 影響很大的，是全價的售罄率（sell-through）。當我們決定更著重於小型手袋——這類產品特別能引起年輕消費者共鳴，也更符合潮流——它其實也以較低的價格帶銷售。但你能得到更好的全價售罄率。這真正反映在門市內的 AUR。

So that's really -- it's really a combination answer in the geography. While it will help slightly if we have a bigger business in Asia, in particular, we still have such a dominant business in North America. It's more -- it's almost more important that we get the higher full price sell-throughs here, et cetera, in North America.

所以就地理而言，答案其實是綜合性的。若我們在亞洲的業務更大，確實會有些微幫助，尤其是在亞洲；但我們在北美仍然是非常主導性的業務規模。更重要的幾乎是我們在北美把全價售罄率拉高，等等。

In terms of new product, accessories are doing extremely well for us. And that business is really -- is moving at a very, very solid pace forward, again, particularly in our full-price business. And we are now seeing almost, not identical, but very close to the same trends in our wholesale channels.

就新品而言，配飾對我們表現非常好。這塊業務正以非常、非常穩健的速度向前推進，尤其是在我們的全價業務中。而我們現在也在批發通路看到幾乎——不完全相同，但非常接近——同樣的趨勢。

If you remember, over the last kind of year plus, I kept saying the wholesale channel had not caught up to what we were seeing in full price. And they're now -- some of our biggest accounts in the world are now seeing almost similar and identical full price sell-throughs on the same styles from us. So it's clearly resonating with the consumer.

如果你記得，在過去大約一年多的時間裡，我一直在說批發通路尚未追上我們在全價通路看到的表現。而現在——我們在全球一些最大的客戶——對於我們相同款式的全價售罄率，已經看到幾乎相似甚至一致的趨勢。這顯然正在引起消費者共鳴。

We need to get that same trajectory happening in outlet with accessories, but it's starting to happen now. So the accessories part of the business in outlet is -- and we've seen this in particular in the last two months, start to happen. Our biggest issue inside the company actually is not the accessories. It's our footwear.

我們需要讓暢貨中心在配飾上也出現同樣的軌跡，但現在已開始發生。配飾在暢貨中心的業務——我們特別在過去兩個月看到——開始起來了。公司內部最大的問題其實不是配飾，而是鞋履。

And we are going through a strategic repositioning of our footwear business in Michael Kors. We're leaning much more into the casual category of footwear, which is where there's quite a bit of trend happening. And so I think you're going to see that product. It's already started our full price stores.

我們正在對 Michael Kors 的鞋履業務進行策略性重新定位。我們更大幅度地轉向休閒鞋履品類，因為那裡有相當多的潮流趨勢。因此我認為你們會看到這些產品——其實在我們的全價門市已經開始了。

It has not hit the outlet stores, and that will be really the last component more towards the fourth calendar quarter of this year to get into the stores. But if we can get that part of the business turned around, we will get comp store positive in our outlet stores much faster because the bag part -- the accessory part of the business is really heading to the right path.

它尚未進入暢貨中心門市，而那將會是最後一個組成部分，大約在今年曆年第四季左右進到門市。但如果我們能把那部分業務扭轉過來，我們就能更快讓暢貨中心門市的同店銷售轉正，因為包款——配飾——那部分業務其實正走在正確的道路上。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

John, Raj and Tyler. On the outlet front, what are your thoughts regarding the renovation timing that we should understand? And also, overall, John, with pricing, you've had experiences where prices were too elevated, but of course, having full price sales is best for the brand.

John、Raj 和 Tyler。關於暢貨中心這一端，你們對翻新時程有什麼看法是我們應該理解的？另外，John，就定價而言，你們過去也有價格過高的經驗，但當然，全價銷售對品牌是最好的。

But what's happening overall for Good, Better, Best and/or year-over-year pricing architecture just to continue to convey value relative to style as well as the integrity of the brand? Lastly, on the customer data platform, and loyalty and AI flywheel, anything we should know about what you're doing there to segment the customer list and manage across channels?

但整體而言，針對「Good、Better、Best」以及／或年對年（YoY）的定價架構，目前的進展如何，才能持續在風格層面傳達價值，同時維持品牌的完整性？最後，關於客戶資料平台（CDP），以及會員忠誠度與 AI 飛輪，有沒有什麼我們應該知道的：你們如何在那裡做客群分群，並進行跨通路管理？

Sure. Thank you, Oliver. So I'll start with the renovation plan, which, as we said, we've got 300 stores that we're going to renovate. And I'd say more of those are going to be the full-price stores than the outlet. We have approximately 700 stores. A number of stores in the fleet are in very good condition or have only been built over the last few years.

當然。謝謝你，Oliver。我先從翻新計畫開始，如同我們所說，我們將翻新 300 家門市。而我會說，其中更多會是正價店，而不是 outlet。我們大約有 700 家門市。門市組合中有不少店況非常好，或是在過去幾年才新建完成。

And our priority is to renovate as many of the full-price stores as fast as we possibly can. And so that's underway. I think we said in our prepared remarks, we're going to renovate approximately 100 stores this year. That's 100 stores renovated and new stores included in that number.

我們的優先事項是以最快速度盡可能多地翻新正價門市。因此這項工作已在進行中。我想我們在事先準備的講稿中提到，今年我們將翻新約 100 家門市。這個 100 家的數字包含翻新門市以及新開門市。

And as we also said, we're very pleased with the results, both traffic and sales are up in the renovated stores, and some of the numbers are quite strong. So we find it very interesting how, when we brought this new product together, we've got our new store format together, how we're engaging with customers, and in those stores, quite frankly, there's a much higher percentage of new customers coming to those stores.

而且如同我們也提到的，我們對成果非常滿意：翻新門市的來客數與銷售都在成長，其中一些數據相當強勁。因此我們覺得很有意思的是，當我們把新產品與新的店舖格式整合在一起、並思考如何與顧客互動時，坦白說，在那些門市中，新客的占比高出許多。

We either didn't know what Michael Kors stood for, or I think it's almost a new brand that's arrived inside some of these shopping malls. So we're really, really excited about how that's going to play out for us over the next couple of years.

他們要嘛過去不知道 Michael Kors 代表什麼，要嘛我覺得幾乎像是一個新品牌進駐了某些購物中心。因此我們對未來一兩年這將如何發展，感到非常、非常興奮。

In terms of pricing, you're absolutely right. We went through a period of time where we raised the prices too far. And as you know about a year and change ago, we went back to our historical pricing structure, and that's worked really well for us in full price.

就定價而言，你說得完全正確。我們曾經有一段時間把價格拉得太高。而如你所知，大約一年多前，我們回到歷史性的定價結構，這在正價業務上對我們非常奏效。

And the consumers -- we don't see any issues around the current pricing we took about a 5% pricing increase in February across the board. And there's been no noise based around that. So I don't think that that's -- our current intent is not to keep raising prices. Our current intent is to keep having better full price sell-through engagement with the consumer and then seeing an incredible value.

而消費者方面——我們沒有看到目前定價有任何問題。我們在 2 月份全線做了約 5% 的提價，對此也沒有出現任何雜音。所以我不認為——我們目前的意圖不是持續漲價。我們目前的意圖是提升正價的售罄表現與消費者互動，並讓消費者感受到非常高的價值。

The other thing that's quite interesting is in our ready-to-wear business where we took the largest price declines, our ready-to-wear business has been very, very strong. And on a percentage basis, it's actually the strongest percentage-producing part of our business in our full-price stores in particular.

另外一個相當有趣的點是，在我們成衣（ready-to-wear）業務上，我們做了最大幅度的降價，而成衣業務表現非常、非常強勁。以占比來看，它實際上是我們業務中、尤其在正價門市裡，貢獻占比最高的部分。

And we're starting to reenter our wholesale accounts and they're having similar types of sell-through. So again, we think that we're in the right place. We've created the right value. We've got great looking product coming in.

而我們也開始重新進入批發客戶通路，他們也出現類似的售罄表現。所以再次強調，我們認為我們處在正確的位置：我們創造了合適的價值，且有外觀很出色的產品即將到貨。

In the outlet stores, we were absolutely too inexpensive and raising the prices was the right thing for us to do. The AURs are up quite significantly in our outlet business. And I just got back from a tour a few days recently talking to our sales associates, and none of them are seeing any resistance from the consumer.

在 outlet 門市方面，我們過去確實定價過於便宜，提高價格對我們而言是正確的做法。outlet 業務的平均單價（AUR）顯著上升。我幾天前剛結束一趟巡店，與我們的銷售同仁交流，他們都沒有看到消費者有任何抗拒。

And as I said, our conversion rates are basically static, so we're not seeing any issues around that. And it's important to position Michael Kors as a brand that offers great value but also that is not an inexpensive brand. That's not the place that we're trying to position the brand.

而且如我所說，我們的轉換率基本持平，因此我們沒有看到這方面的問題。把 Michael Kors 定位為「提供很高價值」的品牌很重要，但同時也不是一個便宜品牌。那不是我們想要的品牌定位。

Lastly, we've done a tremendous amount of data analytics work over the last two years around the consumer, and how they're engaging with us. Most importantly, we are -- we've talked about this before. We've got a very significant influencer program with over 400 influencers now representing the brand around the globe.

最後，過去兩年我們在消費者以及他們如何與我們互動方面，做了大量的數據分析工作。最重要的是——我們之前也談過——我們有一個非常龐大的影響者（influencer）計畫，目前全球已有超過 400 位影響者代表品牌。

And that has, I think, had a very big impact for us, in particular on a younger consumer, as they see the voice of the brand expressed through someone who might be a part of their cohort. We are now taking a step two in that process. and really increasing our presence on certain social media channels, which represent a younger demographic. And we'll really start that program -- it's been started, but it's going to go in a much bigger way in the second half of this year, and we expect to see some very strong results from that.

我認為這對我們帶來了非常大的影響，特別是在年輕消費者上，因為他們透過可能屬於同一世代圈層的人來看到品牌的聲音。我們現在正在推進這個流程的第二步，並大幅提升我們在某些社群媒體渠道上的能見度，這些渠道代表較年輕的人口結構。我們會在今年下半年更大規模地推動——其實已經開始了，但下半年會更大幅度展開——我們預期會看到非常強勁的成果。

And then as I said, we weren't looking for brand awareness to rise. That wasn't one of our goals. Our goals was really just trying to activate younger and new consumers. But we saw that brand awareness started to rise as well. So the indicators that are coming through from the data analytics are really quite spectacular, and that's all on Michael Kors.

然後如我所說，我們原本並不期待品牌知名度上升，那不是我們的目標之一。我們的目標其實只是要啟動更年輕與新的消費者。但我們也看到品牌知名度同樣開始上升。因此，從數據分析所呈現的指標來看，確實相當驚人，而這些都發生在 Michael Kors。

And I just also have to say that in Jimmy Choo, what we're very pleased with, and I won't say surprise, but quite interestingly, our Gen Z business in Jimmy Choo is growing very, very fast. A big part of that is through our initiatives around certain channels that we're marketing on.

我也必須補充，在 Jimmy Choo 方面，我們非常滿意的一點——我不會說是驚訝，但確實很有意思——是 Jimmy Choo 的 Z 世代（Gen Z）業務成長非常、非常快。其中很大一部分來自我們在特定行銷渠道上的相關舉措。

We've changed the marketing, if you've noticed in Jimmy Choo, it's more glamorous and much more -- we're using the term effortlessly alluring. So a bit more natural. And that is resonating with the consumer, and in particular, the younger consumer.

如果你有注意到，我們已經調整了 Jimmy Choo 的行銷風格，更加華麗，也更——我們用的詞是「effortlessly alluring」（毫不費力的迷人）。因此更自然一些。而這正在引起消費者共鳴，尤其是年輕消費者。

And our drive to try to take casual and make that a more important category in Jimmy Choo is also resonating with this younger demographic. So I think we feel good about what we're learning from the data and how we're acting on that, and we think it's going to be a big part of our success in the future.

此外，我們希望推動休閒（casual）並讓它成為 Jimmy Choo 更重要品類的策略，也同樣與這個較年輕的人口族群產生共鳴。所以我想，我們對從數據中學到的內容以及我們如何據此採取行動感到樂觀，並且我們認為這將成為未來成功的重要一環。

I'd like to thank everybody for -- and thank you, (inaudible). I'd like to thank everybody for joining us today. We are excited about what the future holds for Capri. We're going to have -- we believe that we will deliver low single-digit growth next year, with operating margin expansion of approximately 60% and earnings per share growth of approximately 40%. We believe we are on the right trajectory to return this company to sustainable growth, and we look forward to updating you more in our upcoming first-quarter call. Thank you very much.

我想感謝大家——也謝謝你，（聽不清）。感謝各位今天加入我們。我們對 Capri 的未來感到振奮。我們將會——我們相信明年可實現低個位數成長，營業利益率擴張約 60%，每股盈餘（EPS）成長約 40%。我們相信我們正走在正確的軌道上，讓公司回到可持續的成長，我們也期待在即將到來的第一季電話會議中向各位更新更多內容。非常感謝。

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time and have a wonderful day.

謝謝。各位女士、先生，感謝您的參與。今天的電話會議到此結束。您現在可以掛斷電話，祝您有美好的一天。