Capri Holdings Ltd (CPRI) 2027 Q1 法說會逐字稿

Welcome to the Capri Holdings Limited first quarter fiscal 2027 financial results conference call. (Operator Instructions) Please note this conference is being recorded.

歡迎參加 Capri Holdings Limited 2027 會計年度第一季財務業績電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Jennifer Davis, Vice President of Investor Relations. Thank you, Jennifer. You may begin.

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

Good morning, everyone, and thank you for joining us on Capri Holdings Limited's first quarter fiscal 2027 conference call. With me this morning are John Idol, Capri's Chairman and Chief Executive Officer; and Tyler Reddien, Capri's Chief Financial and Chief Operating Officer.

各位早安，感謝各位參加 Capri Holdings Limited 2027 會計年度第一季電話會議。今天早上與我一同出席的有 Capri 董事長兼執行長 John Idol，以及 Capri 財務長兼營運長 Tyler Reddien。

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。相關風險與不確定性已載於今日新聞稿及公司向 SEC 提交的文件中，並可於公司網站查閱。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 items associated with store renovation plan costs, transaction-related costs, Capri transformation costs, as well as restructuring and other charges. To view the corresponding GAAP measures and related reconciliation, please review our latest earnings release posted to our website earlier today at capriholdings.com.

除非另有說明，今天電話會議中的所有財務資訊將以非 GAAP 基礎呈列。這些非 GAAP 指標排除與門市翻新計畫成本、交易相關成本、Capri 轉型成本，以及重組與其他費用相關的特定項目。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。

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

接下來我想把電話會議交給董事長兼執行長 John Idol 先生。John？

Thank you, Jennifer, good morning, everyone. We are encouraged by our first quarter results, which exceeded our expectations and demonstrated the progress we are making to build a stronger and more profitable business.

謝謝你，Jennifer，各位早安。我們對第一季業績感到鼓舞，結果優於預期，並展現我們在打造更強健且更具獲利能力的業務方面所取得的進展。

Our strategic initiatives across both Michael Kors and Jimmy Choo are driving deeper consumer engagement through enhanced brand storytelling and compelling product innovation. As we look at the balance of fiscal 2027, we expect to make further progress executing against our strategic initiatives.

我們在 Michael Kors 與 Jimmy Choo 兩大品牌的策略性舉措，正透過更強化的品牌敘事與具吸引力的產品創新，推動更深層的消費者互動。展望 2027 會計年度剩餘期間，我們預期在執行各項策略性舉措方面將取得進一步進展。

First, strengthening brand desirability through compelling storytelling that deepens emotional connections and resonates with both new and existing consumers. Second, creating exciting luxury fashion product that reflects each brand's heritage while clearly leading with design and innovation.

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，並與新舊消費者產生共鳴。第二，打造令人興奮的奢華時尚產品，既反映各品牌傳承，同時以設計與創新作為明確主軸。

Third, delivering elevated and differentiated customer experiences across all touchpoints, including digital, stores, and wholesale. Fourth, leveraging our 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, as well as ongoing investment in IT and digital enhancements while continuing to return capital to shareholders through our share repurchase program.

第三，在所有接觸點提供更高端且具差異化的顧客體驗，包括數位、門市與批發通路。第四，運用我們在消費者旅程中的數據分析能力，以獲得更深入洞察並推動更個人化的互動。第五，運用日益增加的現金流以支持品牌動能，包括投資門市翻新，以及持續投入 IT 與數位強化，同時透過股票回購計畫持續回饋股東。

While we remain focused on executing against our strategic initiatives, certain headwinds, including lower-than-anticipated inventory levels at Michael Kors in the second quarter, softer trends in EMEA, and updated foreign currency exchange rate assumptions, are having an impact on our revenue outlook.

在我們持續專注於執行策略性舉措的同時，若干逆風因素——包括 Michael Kors 第二季庫存水位低於預期、EMEA 趨勢轉弱，以及更新後的外匯匯率假設——正對我們的營收展望造成影響。

As a result, we now anticipate fiscal 2027 revenue of approximately $3.4 billion. Based on our revised revenue expectations, we are taking actions to reduce operating expenses, which are enabling us to maintain our fiscal 2027 earnings per share outlook of approximately $2.15, representing 40% growth over the prior year. Now, turning to our first quarter results.

因此，我們目前預期 2027 會計年度營收約為 34 億美元。基於修訂後的營收預期，我們正採取行動降低營運費用，使我們得以維持 2027 會計年度每股盈餘展望約 2.15 美元，較前一年成長 40%。接下來談第一季業績。

We were pleased to deliver revenue, operating income, and earnings per share above our expectations. Total company revenue was $769 million, down 3.5% versus last year, while operating income increased approximately 40%. This strong profit growth drove earnings per share of $0.67, up approximately 30% compared to the prior year.

我們很高興營收、營業利益與每股盈餘均高於預期。公司合併營收為 7.69 億美元，較去年下降 3.5%，而營業利益增加約 40%。這項強勁的獲利成長帶動每股盈餘達 0.67 美元，較前一年增加約 30%。

Looking at first quarter performance by brand, starting with Michael Kors, revenue decreased 7% year over year, slightly above our expectations. More broadly, our results at Michael Kors continue to be impacted by our quality of sale initiatives as we reduced promotional activity, third-party sales, and off-price shipments. While these actions are deliberate steps to strengthen the long-term foundation of the brand, they are creating near-term pressure on revenue. Turning to Michael Kors revenue by channel.

按品牌來看第一季表現，先從 Michael Kors 開始，營收年減 7%，略優於我們的預期。更廣泛而言，Michael Kors 的業績持續受到我們「銷售品質」計畫的影響，因為我們降低促銷活動、第三方銷售以及折扣通路出貨。雖然這些行動是為強化品牌長期基礎而刻意採取的步驟，但在短期內對營收造成壓力。接下來說明 Michael Kors 依通路別的營收。

In our own retail channel, sales declined high single-digits, modestly below our expectations due to softer trends in EMEA at the end of the quarter, and the impact of our strategic decision to reduce markdown inventory levels.

在自營零售通路方面，銷售下滑高個位數百分比；由於季末 EMEA 趨勢較疲弱，以及我們策略性決定降低折扣商品庫存水位的影響，表現略低於預期。

Overall, we were encouraged by continued improvement in the quality of our sales during the quarter, including higher full-price sell-throughs, growth in AURs, and gross margin expansion. These are important indicators of a strong business model and support our confidence in more profitable growth as sales recover. Looking at Michael Kors retail sales by region.

整體而言，我們對本季銷售品質持續改善感到鼓舞，包括正價售罄率提高、平均單價（AUR）成長，以及毛利率擴張。這些都是強健商業模式的重要指標，並支持我們對銷售回升後能實現更具獲利性的成長之信心。接下來看 Michael Kors 零售銷售按地區別的表現。

In the Americas, trends were similar to the prior quarter, with continued positive comparable store sales in our full-price channel. In EMEA, trends declined, impacted by the ongoing conflict in the Middle East and reduced tourist traffic in Europe. While trends in Asia declined slightly, we were pleased that full-price comparable sales remained positive in China.

在美洲地區，趨勢與上一季相近，我們正價通路的同店銷售持續為正成長。在 EMEA，趨勢下滑，受到中東持續衝突以及歐洲觀光客流量減少的影響。雖然亞洲趨勢略為下滑，但我們很高興中國的正價同店銷售仍維持正成長。

In our wholesale channel, revenue exceeded our expectations, declining low single-digits. At point of sale, we were pleased to see positive comparable store trends with our wholesale partners, led by a double-digit increase in accessories. Turning to brand awareness and consumer engagement.

在批發通路方面，營收優於預期，僅呈現低個位數百分比下滑。在銷售端（POS），我們很高興看到與批發合作夥伴的同店趨勢為正，其中配件品類帶動雙位數成長。接下來談品牌知名度與消費者互動。

We continue to reinforce Michael Kors' modern Jet Set lifestyle positioning through immersive storytelling, global events, and destination-driven experiences that capture the essence of our brand vision, traveling the world in style. Building on the momentum of Hotel Stories, our summer campaign captured the spirit of Saint-Tropez, featuring Suki Waterhouse, Danny Ramirez, and our brand ambassador, JC-T. The campaign highlighted the season's most compelling styles while reinforcing our modern Jet Set lifestyle positioning.

我們持續透過沉浸式敘事、全球活動與目的地導向體驗，強化 Michael Kors 現代 Jet Set 生活風格定位，捕捉我們品牌願景的精髓——以風格走遍世界。延續 Hotel Stories 的動能，我們的夏季行銷活動捕捉了聖特羅佩（Saint-Tropez）的精神風貌，由 Suki Waterhouse、Danny Ramirez 以及我們的品牌大使 JC-T 共同演繹。該活動突顯本季最具吸引力的風格，同時強化我們現代 Jet Set 生活風格定位。

We further extended the reach of the campaign through an immersive Saint-Tropez Hotel Stories experience, bringing together a curated group of 14 global influencers to showcase our collection. Through authentic brand storytelling, the event generated over 100 million impressions, further amplifying awareness and consumer engagement around the world.

我們也透過沉浸式的 Saint-Tropez Hotel Stories 體驗進一步擴大活動觸及，邀集精選的 14 位全球網紅共同展示我們的系列。透過真實的品牌敘事，該活動創造超過 1 億次曝光，進一步在全球放大品牌知名度與消費者互動。

Beyond our seasonal campaigns, an important highlight of our brand-building efforts was the Met Gala. At this year's event, a number of celebrities wore custom Michael Kors designs, including Anne Hathaway, as well as brand ambassadors Suki Waterhouse and Danny Ramirez, among others. As one of the fashion industry's most visible cultural moments, the event helped amplify brand awareness, elevate desirability, and reinforce Michael Kors' authority in fashion luxury.

除了季節性行銷活動之外，我們品牌建設工作的另一項重要亮點是 Met Gala。在今年的活動中，多位名人身著訂製 Michael Kors 設計，包括 Anne Hathaway，以及品牌大使 Suki Waterhouse 與 Danny Ramirez 等人。作為時尚產業最受矚目的文化時刻之一，該活動有助於放大品牌知名度、提升渴望度，並強化 Michael Kors 在奢華時尚領域的權威地位。

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 create deeper and more personal connections with consumers. Turning to product.

整體而言，這些活動推動 Michael Kors 全球消費者資料庫年增 8%。透過我們的分析能力，我們正運用龐大資料庫的優勢，與消費者建立更深層且更個人化的連結。接下來談產品。

Our strategy remains centered on delivering exciting fashion with standout style while celebrating our iconic brand codes. Guided by Michael's creative vision, our summer assortment blended classic French elegance with modern ease. New product designs and our broader pricing architecture are continuing to drive stronger full-price sell-throughs.

我們的策略仍以提供令人興奮、風格出眾的時尚產品為核心，同時彰顯我們具代表性的品牌識別。在 Michael 的創意願景引領下，我們的夏季商品組合融合經典法式優雅與現代輕鬆感。新產品設計以及我們更廣泛的定價架構，持續推動更強勁的正價售罄率。

In accessories, consumers continued to respond positively to on-trend styles that align with our broader pricing architecture. Our core icons, Hamilton, Laila, and Nolita, continued to perform well with smaller silhouettes introduced for summer, helping to expand consumer reach and attract younger customers.

在配飾方面，消費者持續對符合潮流、且與我們更廣泛的定價架構一致的款式給予正面回應。我們的核心經典系列 Hamilton、Laila 與 Nolita 持續表現亮眼，並於夏季推出更小巧的輪廓款式，有助於擴大消費者觸及並吸引更年輕的客群。

In footwear, we are beginning to see encouraging traction from new on-trend casual styles that reflect Michael's signature blend of Jet Set glamour and modern versatility. Notable styles included the Nolan sneaker, Pixie Jelly Ballet Flat, and the JC floral-embellished sandal, which resonated with consumers and helped drive improved trends across the category.

在鞋履方面，我們開始看到令人鼓舞的進展，新推出的潮流休閒款式逐步獲得市場動能，體現 Michael 標誌性的 Jet Set 奢華魅力與現代多元機能的融合。具代表性的款式包括 Nolan 運動鞋、Pixie Jelly 芭蕾平底鞋，以及 JC 花卉裝飾涼鞋，這些款式引起消費者共鳴，並帶動該品類整體趨勢改善。

Looking at ready-to-wear, consumers responded to seasonal styles that captured Michael's effortless glamour. Our summer collection balanced modern fashion designs with timeless wardrobe staples, drawing inspiration from the relaxed sophistication of the South of France.

就成衣而言，消費者對捕捉 Michael 隨性奢華風格的季節性款式反應熱烈。我們的夏季系列在現代時裝設計與經典衣櫥必備單品之間取得平衡，靈感來自法國南部的悠然精緻氛圍。

Now, I would 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. Through our renovations, we are continuing to evolve the Michael Kors Jet Set lifestyle with elevated and more immersive customer experiences.

接下來，我想談談我們門市翻新計畫的進展，因為我們的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來源。透過翻新，我們持續演進 Michael Kors 的 Jet Set 生活風格，提供更高端且更具沉浸感的顧客體驗。

During the quarter, we opened two new flagship stores in key international markets, including Beijing, China World, and Pavilion in Kuala Lumpur. These locations featured our Jet Set Lounge, an immersive experience designed to deepen customer engagement and increase store dwell time. We see meaningful opportunity to build on this innovation and expand Jet Set Lounges across flagship locations globally. We believe that our store renovation plan will further strengthen brand desirability and drive higher sales productivity. Early results are encouraging, with renovated locations generating significant sales increases versus prior year.

本季我們在重要國際市場新開設兩家旗艦店，包括北京中國世界（China World）以及吉隆坡 Pavilion。這些據點設有我們的 Jet Set Lounge，這是一項沉浸式體驗，旨在深化顧客互動並延長顧客在店停留時間。我們看到可觀的機會可在此創新基礎上持續拓展，並在全球旗艦據點擴大設置 Jet Set Lounges。我們相信門市翻新計畫將進一步強化品牌吸引力，並推動更高的銷售生產力。初步成果令人鼓舞，翻新門市相較去年同期帶來顯著的銷售成長。

Overall, at Michael Kors, we are encouraged by our first quarter performance, which reflected our efforts to enhance brand desirability and consumer engagement. While we are disappointed with our second quarter outlook, we expect Michael Kors revenue to return to growth in the back half of fiscal 2027, driven by new product introductions, increased marketing investments, the beginning of a normalization in promotional activity, and the increasing benefit from our store renovation program.

整體而言，在 Michael Kors，我們對第一季的表現感到振奮，反映出我們提升品牌吸引力與消費者互動的努力。儘管我們對第二季展望感到失望，但我們預期在 2027 會計年度下半年，Michael Kors 營收將重回成長，動能來自新品推出、行銷投資增加、促銷活動逐步正常化的開始，以及門市翻新計畫效益持續顯現。

Looking beyond fiscal 2027, we remain excited about the long-term growth potential of Michael Kors. By building on the brand's 45-year heritage as a global fashion luxury house and modernizing the Jet Set lifestyle for today's consumer, we are strengthening brand desirability. This positioning is resonating with consumers, our marketing investments are driving stronger customer engagement, and our new product introductions are performing well. We remain confident in our ability to achieve $4 billion in revenue and low 20% operating margins over time.

展望 2027 會計年度之後，我們仍對 Michael Kors 的長期成長潛力感到期待。我們將在品牌作為全球時尚奢侈品牌 45 年傳承的基礎上，為當代消費者現代化 Jet Set 生活風格，進一步強化品牌吸引力。此一定位正與消費者產生共鳴，我們的行銷投資正帶動更強的顧客互動，而新品推出亦表現良好。我們仍有信心，隨時間推進可達成 40 億美元營收與 20% 出頭的營業利益率。

Now, turning to Jimmy Choo. We were pleased with the brand's continued momentum. First quarter revenue exceeded our expectations, increasing 10.5% over last year. Growth was broad-based across channels, regions, and categories, driven by strong brand momentum and the continued success of our strategic initiatives.

接著談 Jimmy Choo。我們對品牌持續的動能感到滿意。第一季營收超出我們預期，較去年成長 10.5%。在強勁的品牌動能與策略性計畫持續成功的帶動下，成長廣泛分布於各通路、各地區與各品類。

Our marketing initiatives are strengthening brand desirability, while our product initiatives are attracting new and younger consumers and creating additional purchase opportunities for existing clients. In our own retail channel, we were pleased with the sequential improvement in trends, with sales increasing low double-digits and growing across all regions.

我們的行銷計畫正在強化品牌吸引力，而產品計畫則吸引新的與更年輕的消費者，並為既有客戶創造更多購買機會。在自營零售通路方面，我們樂見趨勢逐季改善，銷售呈現低雙位數成長，且各地區皆有成長。

Turning to wholesale, revenue also grew low double-digits. Trends at point of sale remain strong, driven by continued double-digit increases in North American department stores. The performance across both retail and wholesale gives us confidence that the momentum behind the brand is both broad-based and sustainable.

再看批發通路，營收同樣成長低雙位數。終端銷售（POS）趨勢仍然強勁，主要由北美百貨通路持續的雙位數成長所帶動。零售與批發兩端的表現讓我們更有信心，品牌背後的動能既廣泛且具可持續性。

Turning to brand awareness and consumer engagement. Our storytelling continued to highlight the effortlessly alluring essence of Jimmy Choo and the sense of joy and confidence the brand inspires. In the first quarter, our marketing and communication strategy remained focused on strengthening brand heat, driving client acquisition, and expanding global cultural relevance.

接著談品牌知名度與消費者互動。我們的品牌敘事持續凸顯 Jimmy Choo 隨性迷人的精髓，以及品牌所激發的喜悅與自信感。在第一季，我們的行銷與溝通策略仍聚焦於提升品牌熱度、推動客戶獲取，並擴大全球文化相關性。

For summer, we introduced our Natural Reflection campaign, which reinforced Jimmy Choo's distinctive blend of glamour and craftsmanship, set against a striking desert backdrop. The campaign highlights new hero products, including the sculptural Glace Mule, the playful Jelly Drop Sandal, and the continued evolution of the Cinch bag.

在夏季，我們推出 Natural Reflection（自然映照）企劃，於醒目的沙漠背景中，強化 Jimmy Choo 獨特的奢華魅力與精湛工藝的結合。該企劃聚焦全新主打產品，包括具雕塑感的 Glace 穆勒鞋、俏皮的 Jelly Drop 涼鞋，以及持續演進的 Cinch 包款。

Beyond our seasonal campaigns, regional brand ambassadors are playing an increasingly important role in expanding our global cultural relevance. Campaigns featuring our brand ambassadors Wang Yibo and Bai Lu generated strong engagement across key markets and helped strengthen the brand's visibility with consumers in Asia. We are also increasingly leveraging influencers and immersive brand experiences to expand Jimmy Choo's global reach and connect with consumers in a more meaningful way.

除了季節性企劃之外，區域品牌大使在擴大我們全球文化相關性方面扮演愈來愈重要的角色。由品牌大使王一博與白鹿出演的企劃在主要市場帶來強勁互動，並有助於提升品牌在亞洲消費者間的能見度。我們也日益善用影響者與沉浸式品牌體驗，擴大 Jimmy Choo 的全球觸及，並以更有意義的方式與消費者連結。

A great example was our global influencer trip to Nice, where we brought together a carefully curated group of 16 content creators from around the world with a combined following of more than 36 million people. The event generated nearly 50 million impressions across key markets while showcasing Jimmy Choo through aspirational content-rich experiences. Just as importantly, it helped drive increased interest in featured products and delivered measurable sales results.

一個很好的例子是我們在尼斯（Nice）舉辦的全球影響者之旅，我們匯聚了精心挑選、來自世界各地的 16 位內容創作者，其合計追蹤人數超過 3,600 萬。該活動在主要市場累計帶來近 5,000 萬次曝光，同時透過令人嚮往、內容豐富的體驗呈現 Jimmy Choo。同樣重要的是，它也帶動對主打產品的關注提升，並交付可衡量的銷售成果。

Additionally, creating distinctive experiences for our VICs remains an important part of our marketing strategy. The third installment of the From the Atelier Bonbon series celebrated Jimmy Choo's commitment to craftsmanship and creative collaboration through limited edition Bonbon bags inspired by the four seasons. The collection served as the foundation for curated client events across key markets, pairing rich storytelling with exclusive experiences that deepened engagement among our top clients and drove a 40% increase in VIC sales. Taken together, these initiatives are driving increased desirability and deepening consumer reach, contributing to a 7% increase in Jimmy Choo's global consumer database year over year.

此外，為我們的 VIC（重要貴賓客戶）打造獨特體驗仍是行銷策略的重要一環。From the Atelier Bonbon 系列的第三篇章，透過以四季為靈感的限量版 Bonbon 包款，慶祝 Jimmy Choo 對工藝與創意合作的承諾。該系列成為主要市場精選客戶活動的基礎，將豐富的品牌敘事與專屬體驗相結合，深化頂級客戶的互動，並推動 VIC 銷售成長 40%。綜合而言，這些計畫正提升品牌吸引力並加深消費者觸及，促使 Jimmy Choo 的全球消費者資料庫年增 7%。

Turning to product. Jimmy Choo's product strategy remains focused on further developing accessories and expanding our casual footwear offering to support sustainable long-term revenue growth and margin expansion. Accessories continued to be an area of strength, with sales increasing double digits versus last year. Our iconic Bonbon and Cinch franchises performed exceptionally well. During the quarter, we saw outsized growth in day bags, driven by the continued success of the Cinch collection and strong consumer response to new seasonal styles.

接著談產品。Jimmy Choo 的產品策略仍聚焦於進一步發展配飾並擴大休閒鞋履供給，以支持可持續的長期營收成長與毛利率擴張。配飾仍是強項，銷售較去年呈現雙位數成長。我們的經典 Bonbon 與 Cinch 系列表現尤為出色。本季我們看到日用包款出現超預期成長，主要由 Cinch 系列持續成功以及消費者對新季節款式的強勁回應所帶動。

In evening bags, Bonbon maintained its strong momentum. Additionally, newer groups such as Bar and Curve are resonating with consumers and broadening the reach of the brand. We remain encouraged by the success of our expanded pricing architecture, which is helping attract new and younger clients without compromising the luxury positioning of the brand. Turning to footwear, results were encouraging across both dress and casual.

在晚宴包方面，Bonbon 維持強勁動能。此外，Bar 與 Curve 等較新的系列也正與消費者產生共鳴，並擴大品牌觸及。我們對擴展後的定價架構所帶來的成功仍感到鼓舞，該架構有助於吸引新的與更年輕的客戶，同時不損及品牌的奢侈定位。再看鞋履，無論正裝或休閒，表現皆令人鼓舞。

In dress footwear, new styles such as Faiz lace pump complemented iconic franchises like Sakura, underscoring our ability to balance seasonal updates with timeless designs. In casual footwear, our expanded assortment gained further momentum with strong performance from new seasonal styles, including our Margot flat, while established franchises such as our Sunny sneaker continued to perform well. We believe casual footwear represents a long-term growth opportunity, enabling us to increase purchase frequency among existing consumers while attracting new clients to the brand.

在正裝鞋履方面，Faiz 蕾絲高跟鞋等新款式與 Sakura 等經典系列相互補充，凸顯我們在季節性更新與經典設計之間取得平衡的能力。在休閒鞋履方面，隨著我們擴充的產品組合持續累積動能，新季節款式表現強勁，包括 Margot 平底鞋；同時，Sunny 運動鞋等既有系列亦持續表現良好。我們相信休閒鞋履代表長期成長機會，能在吸引新客戶的同時，提高既有消費者的購買頻率。

Finally, I would like to congratulate Sandra Choi for being appointed an Officer of the Order of the British Empire, in recognition of her services to the fashion industry. This prestigious honor is a testament to Sandra's extraordinary creative vision, leadership, and lasting contributions. She continues to embody the very best of British design while helping shape Jimmy Choo's influence on the global luxury landscape.

最後，我想祝賀 Sandra Choi 獲任命為大英帝國勳章官佐（Officer of the Order of the British Empire），以表彰她對時尚產業的貢獻。這項崇高榮譽印證了 Sandra 非凡的創意視野、領導力與長久的貢獻。她持續體現英國設計的精髓，同時協助塑造 Jimmy Choo 在全球奢侈品版圖中的影響力。

Looking ahead, we are increasingly confident in Jimmy Choo's trajectory. The brand is strengthening its connection with consumers, our marketing initiatives are resonating, and our product strategies are creating new avenues for growth. Jimmy Choo is well positioned to return to profitability in fiscal 2027, driven by strong revenue growth, gross margin expansion, and disciplined expense management.

展望未來，我們對 Jimmy Choo 的發展軌跡愈發有信心。品牌正強化與消費者的連結，我們的行銷舉措引發共鳴，而我們的產品策略也正在開闢新的成長途徑。在強勁營收成長、毛利率擴張以及嚴謹的費用管理帶動下，Jimmy Choo 已具備於 2027 會計年度重返獲利的良好條件。

Longer 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. In conclusion, we remain optimistic about Capri Holdings' future.

從更長期來看，我們對成長機會抱持樂觀，並有信心將營收提升至 8 億美元，同時將營業利益率擴大至低雙位數區間。總結而言，我們仍對 Capri Holdings 的未來保持樂觀。

Across Michael Kors and Jimmy Choo, we have clear strategies focused on elevating brand desirability, deepening consumer engagement, strengthening product innovation, and improving the quality of our sales. As we build upon the momentum generated by our strategic actions, we believe Capri Holdings is well positioned to drive sustainable growth, expand profitability, and create meaningful long-term value for our shareholders.

在 Michael Kors 與 Jimmy Choo 兩大品牌方面，我們有明確策略，聚焦於提升品牌吸引力、深化消費者互動、強化產品創新，以及改善銷售品質。在我們延續策略行動所帶來的動能之際，我們相信 Capri Holdings 已具備推動可持續成長、擴大獲利能力，並為股東創造具意義的長期價值的良好條件。

In closing, I would like to thank our approximately 11,000 employees around the world whose dedication, focus, and talent continue to drive our progress.

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向前。

Now Tyler will take us through our first quarter results and guidance in more detail.

接下來 Tyler 將更詳細地帶大家回顧我們第一季的業績與展望指引。

Thank you, John, and good morning, everyone. Our first quarter performance reflects the progress we are making to build a stronger and more profitable business. We improved the quality of our sales, generated gross margin and operating margin expansion, and grew earnings per share while continuing to invest in our brands. We delivered revenue, operating income, and earnings per share above our expectations, driven by better-than-anticipated results at both Michael Kors and Jimmy Choo. These results are beginning to position Capri Holdings for more profitable growth.

謝謝你，John，各位早安。我們第一季的表現反映出我們在打造更強健且更具獲利能力的企業方面所取得的進展。我們提升了銷售品質，帶動毛利率與營業利益率擴張，並在持續投資品牌的同時提升每股盈餘。在 Michael Kors 與 Jimmy Choo 兩品牌表現均優於預期的帶動下，我們的營收、營業利益與每股盈餘皆高於預期。這些成果正開始讓 Capri Holdings 站上更具獲利性的成長軌道。

Looking at our first quarter results in more detail, total company revenue of $769 million decreased 3.5% on a reported basis and 4.1% in constant currency compared to the prior year. Looking at revenue performance by brand, Michael Kors revenue of $590 million decreased 7.1% on a reported basis and 7.6% in constant currency compared to the prior year. Revenue was above our expectation, partially due to the timing of wholesale shipments, more than offsetting modestly softer than anticipated retail performance.

更詳細來看第一季業績，公司合計營收為 7.69 億美元，按報告基礎較去年同期下降 3.5%，按固定匯率計下降 4.1%。按品牌來看，Michael Kors 營收為 5.90 億美元，按報告基礎較去年同期下降 7.1%，按固定匯率計下降 7.6%。營收高於我們的預期，部分原因是批發出貨時點的影響，足以抵銷零售表現略低於預期的影響。

Our retail results were impacted by softening trends in EMEA at the end of the quarter and by our continued quality of sales initiatives, including a larger-than-expected impact from our strategic decision to reduce markdown inventory levels. Additionally, store closures negatively impacted retail sales in the low single-digit range, similar to prior quarters. As a result, global retail sales declined high single-digits.

我們的零售表現受到本季末 EMEA 趨勢轉弱的影響，也受到我們持續推動的銷售品質提升措施影響，其中包括我們策略性決定降低折扣庫存水位所帶來、且高於預期的影響。此外，門市關閉對零售銷售造成低個位數百分比的負面影響，與前幾季相近。因此，全球零售銷售下滑高個位數百分比。

Looking at total Michael Kors revenue by geography, revenue in the Americas decreased 10%, reflecting a sequential improvement relative to the fourth quarter, aided by earlier-than-anticipated wholesale shipments. In EMEA, revenue declined 5% as retail trends slowed toward the end of the quarter. In Asia, trends remained positive with revenue increasing 6%.

按地區來看 Michael Kors 總營收，美洲地區營收下降 10%，相較第四季呈現序列改善，並受惠於早於預期的批發出貨。在 EMEA，隨著季末零售趨勢放緩，營收下降 5%。在亞洲，趨勢仍維持正向，營收成長 6%。

Turning to Jimmy Choo, revenue of $179 million increased 10.5% on a reported basis and 9.3% in constant currency compared to the prior year. Global retail sales increased low double-digits versus prior year, with particular strength in the Americas. Wholesale revenue also increased low double-digits, reflecting strong demand for the brand.

接著看 Jimmy Choo，營收為 1.79 億美元，按報告基礎較去年同期成長 10.5%，按固定匯率計成長 9.3%。全球零售銷售較去年同期成長低雙位數百分比，其中以美洲地區表現尤為強勁。批發營收亦成長低雙位數百分比，反映市場對該品牌的強勁需求。

Looking at total Jimmy Choo revenue by geography, sales increased across all regions, with the Americas up 26%, EMEA up 5%, and Asia increasing 3%. Looking at total company margin performance, gross margin of 65% increased 200 basis points versus last year, driven primarily by higher full-price sell-throughs, as well as lower tariff rates versus the first quarter of fiscal 2026.

按地區來看 Jimmy Choo 總營收，各區域銷售皆成長：美洲成長 26%、EMEA 成長 5%、亞洲成長 3%。再看公司整體利潤率表現，毛利率為 65%，較去年提升 200 個基點，主要受惠於正價銷售占比提高，以及相較 2026 會計年度第一季更低的關稅稅率。

By brand, Michael Kors gross margin of 63.9% increased 280 basis points versus last year, driven primarily by higher full-price sell-throughs and lower tariff rates, partially offset by channel mix. Jimmy Choo gross margin of 68.7% compared to 70.4% last year, lower primarily due to channel mix.

按品牌來看，Michael Kors 毛利率為 63.9%，較去年提升 280 個基點，主要受惠於正價銷售占比提高與關稅稅率下降，但部分被通路組合影響所抵銷。Jimmy Choo 毛利率為 68.7%，去年為 70.4%，下降主要由通路組合所致。

Total company operating expenses decreased $10 million due primarily to cost savings initiatives, more than offsetting inflationary cost pressures. As a percent of revenue, operating expense was 61.4% compared to 60.5% last year, reflecting expense deleverage on lower revenue. Total company operating income of $28 million represented operating margin expansion of 110 basis points to 3.6%, ahead of our expectations.

公司整體營業費用減少 1,000 萬美元，主要來自成本節省措施，且足以抵銷通膨帶來的成本壓力。以營收百分比計，營業費用為 61.4%，去年為 60.5%，反映在營收較低下的費用去槓桿效應。公司整體營業利益為 2,800 萬美元，營業利益率提升 110 個基點至 3.6%，優於我們的預期。

Looking at operating margin by brand, Michael Kors operating margin of 9.3% was slightly above our expectations. Compared to last year, operating margin declined 60 basis points, with higher gross margins more than offset by expense deleverage on lower revenue. Jimmy Choo operating margin of 7.3% was above our expectations and increased 480 basis points compared to the prior year, primarily driven by expense leverage on better-than-anticipated revenue and cost containment actions.

按品牌來看營業利益率，Michael Kors 營業利益率為 9.3%，略高於我們的預期。相較去年，營業利益率下降 60 個基點，較高的毛利率被營收下降所造成的費用去槓桿效應所抵銷。Jimmy Choo 營業利益率為 7.3%，高於我們的預期，且較去年提升 480 個基點，主要受惠於營收優於預期帶來的費用槓桿效應，以及成本控管措施。

Net income was $76 million, or $0.67 per diluted share. Turning to our balance sheet and cash flows. Our balance sheet remains strong, and we ended the quarter with cash of $114 million and debt of $338 million, resulting in net debt of $224 million, down from approximately $1.5 billion last year.

淨利為 7,600 萬美元，稀釋後每股盈餘為 0.67 美元。接著看資產負債表與現金流。我們的資產負債表仍然穩健，本季末現金為 1.14 億美元、負債為 3.38 億美元，淨負債為 2.24 億美元，較去年約 15 億美元大幅下降。

During the quarter, we extended our revolving credit facility through 2031. We also executed against our commitment to return cash to shareholders, repurchasing approximately $50 million worth of shares during the quarter. We have an additional $871 million of availability remaining under our share repurchase authorization. Inventory at quarter end was $624 million, a 20% decline year over year. This decrease reflected an approximately 25% decline at Michael Kors, driven by a planned reduction in markdown inventory levels as well as in-transit delays.

本季期間，我們將循環信用額度（revolving credit facility）延長至 2031 年。我們也落實回饋股東的承諾，本季回購約 5,000 萬美元的股份。在股份回購授權額度下，我們尚有 8.71 億美元的可用額度。季末庫存為 6.24 億美元，年減 20%。此下降反映 Michael Kors 庫存約下降 25%，主要由於計畫性降低折扣庫存水位，以及在途延遲所致。

Second quarter inventory is now expected to decline high single-digits, reflecting continued delays. We are taking actions to accelerate inventory receipts, including increased use of airfreight. We expect inventory trends to normalize and build through the back half of the year to support our revenue growth.

目前預期第二季庫存將下降高個位數百分比，反映延遲情況仍在持續。我們正採取措施加速庫存到貨，包括增加空運的使用。我們預期庫存趨勢將恢復正常，並在下半年逐步回升，以支撐我們的營收成長。

Turning to guidance, we are taking a more conservative view of our revenue outlook for the remainder of fiscal 2027 and now anticipate revenue of approximately $3.4 billion.

接著看展望指引，我們對 2027 會計年度剩餘期間的營收展望採取更保守的看法，目前預期營收約為 34 億美元。

By brand, we now expect Michael Kors revenue of approximately $2.765 billion, impacted by $50 million from lower-than-anticipated second quarter revenue due to later-than-planned arrival of inventory receipts, $50 million from softer trends in EMEA, and $35 million from foreign currency headwinds. We still expect revenue to return to growth in the second half of the year, supported by new product introductions, increased marketing investments, and as promotional level comparisons begin to normalize.

按品牌來看，我們目前預期 Michael Kors 營收約為 27.65 億美元，主要受到以下因素影響：因庫存到貨晚於原計畫，導致第二季營收低於預期，影響約 5,000 萬美元；EMEA 趨勢轉弱影響約 5,000 萬美元；以及外匯逆風影響約 3,500 萬美元。我們仍預期營收將在下半年恢復成長，並受新產品推出、增加行銷投資，以及促銷水準的比較基期開始正常化所支撐。

At Jimmy Choo, we anticipate revenue of approximately $635 million. For the year, we now anticipate gross margin of approximately 64% compared to 62.3% last year. Our guidance now assumes 10% to 12.5% tariff rates on product imported into the United States. as of July 24, and we continue to monitor the evolving tariff situation. We now expect operating expenses of approximately $2 billion. This is a $70 million reduction versus our prior outlook, reflecting our disciplined approach to expense management. Accordingly, we now expect full-year operating income to be approximately $170 million, a 40% increase over last year.

在 Jimmy Choo 方面，我們預期營收約為 6.35 億美元。就全年而言，我們目前預期毛利率約為 64%，去年為 62.3%。我們的指引目前假設截至 7 月 24 日，進口至美國的產品關稅稅率為 10% 至 12.5%，我們也將持續監控關稅情勢的變化。我們目前預期營業費用約為 20 億美元。相較先前展望，這下調 7,000 萬美元，反映我們在費用管理上的嚴謹作法。因此，我們目前預期全年營業利益約為 1.70 億美元，較去年成長 40%。

By brand, we continue to anticipate Michael Kors operating margin to be in the low double-digit range and Jimmy Choo returning to profitability with operating margin in the low single-digit range.

按品牌來看，我們仍預期 Michael Kors 的營業利益率將落在低雙位數區間，而 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 now expect net interest and other income of approximately $100 million. We continue to anticipate an effective tax rate in the low-teens range, with fluctuations in quarterly tax rates due to our valuation allowance position. We now anticipate weighted average shares outstanding of approximately 110 million, assuming share repurchases of $200 million during fiscal 2027. Based on these assumptions, we continue to expect to generate diluted earnings per share of approximately $2.15, representing 40% growth over the prior year.

接著談到我們對若干非營業項目的預期，我們目前預計淨利息及其他收入約為 1 億美元。我們仍預期有效稅率將落在十幾%的區間，季度稅率的波動主要來自我們估值備抵（valuation allowance）部位。我們目前預計加權平均流通在外股數約為 1.10 億股，假設在 2027 財政年度期間進行 2 億美元的庫藏股回購。基於上述假設，我們仍預期稀釋後每股盈餘約為 2.15 美元，較前一年成長 40%。

Turning to second quarter guidance, we now expect total company revenue of approximately $780 million. By brand, we anticipate Michael Kors revenue of approximately $645 million.

接著談第二季指引，我們目前預期公司整體營收約為 7.80 億美元。按品牌來看，我們預期 Michael Kors 營收約為 6.45 億美元。

Our revised outlook now reflects several factors, including an estimated $50 million reduction in revenue resulting from the lower-than-anticipated inventory levels, $15 million from softer than previously anticipated trends in EMEA, $10 million from foreign currency headwinds relative to our prior expectations, and $10 million related to the timing shift of wholesale shipments that benefited the first quarter.

我們修正後的展望反映了多項因素，包括：因庫存水位低於預期而導致營收估計減少 5,000 萬美元、因 EMEA 趨勢較先前預期疲弱而減少 1,500 萬美元、相較先前預期因外匯逆風而減少 1,000 萬美元，以及因批發出貨時點移轉（第一季受惠）而相關減少 1,000 萬美元。

We anticipate Jimmy Choo revenue of approximately $135 million, driven by continued brand momentum and the early positive response to our autumn collection. We expect second quarter operating income of approximately $10 million.

我們預期 Jimmy Choo 營收約為 1.35 億美元，主要受惠於品牌動能延續，以及市場對我們秋季系列的早期正面回饋。我們預期第二季營業利益約為 1,000 萬美元。

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 in the negative mid-single-digit percent range.

就各品牌營業利益率而言，我們預期 Michael Kors 的營業利益率落在高個位數百分比區間，而 Jimmy Choo 的營業利益率落在負的中個位數百分比區間。

Turning to our expectations around certain non-operating items, we expect second quarter net interest and other income of approximately $25 million. We anticipate an effective tax rate in the mid-30% range and weighted average shares outstanding of approximately 112 million. As a result, we expect to generate diluted earnings per share of approximately $0.20, significantly above last year.

接著談到我們對若干非營業項目的預期，我們預期第二季淨利息及其他收入約為 2,500 萬美元。我們預期有效稅率落在 30% 中段區間，加權平均流通在外股數約為 1.12 億股。因此，我們預期稀釋後每股盈餘約為 0.20 美元，顯著高於去年。

In closing, we delivered meaningful progress in the first quarter, improving the quality of our sales, expanding gross margin, operating margin, and earnings per share, and continuing our share repurchase program.

最後總結，我們在第一季取得了具體進展，提升銷售品質、擴大毛利率、營業利益率與每股盈餘，並持續推進我們的庫藏股回購計畫。

While near-term inventory delays are impacting our second quarter outlook, we expect revenue to return to growth in the second half of the year. As we move through fiscal 2027, we remain focused on driving higher profitability while continuing to invest in our brands. We are confident that the actions we are taking today position us to deliver sustainable long-term value for our shareholders.

儘管短期的庫存延遲正影響我們對第二季的展望，我們預期營收將在下半年恢復成長。隨著我們邁入 2027 財政年度，我們仍專注於提升獲利能力，同時持續投資於各品牌。我們有信心，今天所採取的行動將使我們能為股東創造可持續的長期價值。

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。

John, could you help break down the high single-digit retail sales decline at Michael Kors this quarter? What was performance at full price versus outlet in the quarter that made up that high-single-digit decline?

John，你能否協助拆解本季 Michael Kors 零售銷售高個位數下滑的原因？本季全價通路與 outlet（暢貨中心）通路的表現各是如何，才構成這個高個位數的下滑？

I guess my question is, what should we expect for second quarter retail sales in Michael Kors versus that high-single-digit decline in the first quarter? For the back half, has anything at all in your Michael Kors retail sales outlook changed at full price versus outlet, other than your view on EMEA macro?

我想我的問題是，相較第一季的高個位數下滑，我們應如何看待第二季 Michael Kors 的零售銷售？至於下半年，除了你們對 EMEA 總體環境的看法之外，你們對 Michael Kors 零售銷售展望（全價通路相對於 outlet）是否有任何變化？

Thank you, and good morning, Matt. I want to first start out by saying we were pleased with the results in our first quarter. As I had said in my prepared remarks, we are building a stronger and more profitable business. I think the results indicated that.

謝謝你，Matt，早安。我想先說，我們對第一季的結果感到滿意。正如我在事先準備的發言中提到的，我們正在打造一個更強健且更具獲利能力的業務。我認為結果也反映了這一點。

We continue on our journey to first and foremost, look at the quality of sale in both Jimmy Choo and at Michael Kors. I think we're making very strong strides forward in that area. Our full-price sell-throughs at both companies were up. Our AURs at both companies were up. When I look at the health of the sale to the customer, it's getting better each quarter. We think that is a very strong indicator of what the future is for Capri and for Jimmy Choo and Michael Kors.

我們持續推進我們的旅程，首要之務是檢視 Jimmy Choo 與 Michael Kors 兩個品牌的銷售品質。我認為我們在這方面取得了非常顯著的進展。兩個品牌的全價售罄率（sell-through）都有所提升。兩個品牌的平均單價（AUR）也都有所提升。當我觀察面向消費者的銷售健康度時，每一季都在改善。我們認為這是 Capri 以及 Jimmy Choo 與 Michael Kors 未來走向的非常強勁指標。

In terms of Michael Kors, the retail sales in our full-price channel comped positively in both North America and in Asia, consistent with prior quarter. Unfortunately, in EMEA, we did see as we moved through the quarter, revenues start to be impacted by the conflict and the lack of tourism in the EMEA region. Of course, we do have a business, although that's licensed in the territory itself, in the Middle East, which has been significantly impacted and remains significantly impacted. That's why we've taken a more cautious view to what that's going to mean for the balance of the year.

就 Michael Kors 而言，我們全價通路的零售銷售在北美與亞洲的同店表現均為正成長，與前一季一致。不過很遺憾的是，在 EMEA，我們確實看到隨著季度推進，營收開始受到衝突以及 EMEA 地區觀光客不足的影響。當然，我們在中東也有業務，雖然該地區是以授權方式經營，但已受到顯著影響且仍持續受到顯著影響。這也是我們對其將如何影響今年剩餘期間採取更審慎看法的原因。

I would say that in our full-price channel, we were pleased with how the results came out during the quarter, consistent with the progress we're making. We've shipped new product into that channel. We realigned our pricing architecture. Consumers are responding very positively to that.

我會說，在我們的全價通路中，我們對本季的結果感到滿意，這與我們正在取得的進展一致。我們已將新品出貨至該通路。我們也重新調整了定價架構。消費者對此反應非常正面。

I would also add that consistent with that, you heard us talk about our wholesale business turning positive at our retail partners. That's a very big moment for us. There's been three years, four years of decline in that business. We're finally starting to see that turn.

我也要補充一點，與此一致的是，你們也聽到我們提到，在零售合作夥伴端，我們的批發業務已轉為正成長。這對我們而言是非常重要的時刻。這項業務已經連續三年、四年下滑。我們終於開始看到它扭轉。

The last thing I would say is, while still negative, our footwear business did start to see a sequential improvement. Some of the new product has begun to arrive in the store. Some of it was there for February, March. We're starting to see some much better sell-throughs, both in our own retail stores as well as our wholesale distribution. We're very encouraged by what's happening with the full price part of our business and what we think we're going to see throughout the balance of the fiscal year.

最後我想說的是，雖然仍為負成長，我們的鞋履業務確實開始出現環比改善。部分新品已開始進店。其中一些在二月、三月就已到貨。我們開始看到更好的售罄表現，無論是在我們自營零售門市或是批發通路。我們對全價業務目前的發展，以及我們預期在本財政年度剩餘期間將看到的表現，感到非常鼓舞。

In our outlet business, I would say that trends were consistent, remain down. We have not really seen any significant change there. That was, as we've said before, due to the fact we really have limited new product into that channel. It's disappointing. We thought we would begin to have a little bit more.

至於 outlet 業務，我會說趨勢與先前一致，仍在下滑。我們並未看到任何顯著變化。正如我們先前所說，這是因為我們投入該通路的新品確實有限。這令人失望。我們原本以為會開始多一些。

In particular in the second quarter, we thought we would start to flow a significant amount of new product that will be here for the third quarter. We feel very confident that we'll be, as I've said previously, around 75%, in particular in the accessories world. It's going to take us a little longer on the footwear side of things to get the product flowed into outlet.

特別是在第二季，我們原本以為會開始導入相當數量、將在第三季到位的新品。我們非常有信心，正如我先前所說，尤其在配件品類方面，我們將達到約 75%。至於鞋履方面，讓產品導入 outlet 通路還需要更長一些時間。

We feel quite confident that when that new product arrives, we will have the ability to really start to see the same type of changes that we've seen in the full price business in the outlet channel. I want to remind you all two things.

我們相當有信心，當這些新品到貨時，我們將有能力在 outlet 通路真正開始看到與全價業務相同類型的改善。我想提醒各位兩點。

Number one, I had said this previously, in Q2, in our full price business, we are going to take one final step back on the clearance and markdown inventory. We are at historical lows for the company. The company has never owned this little inventory in clearance and markdown. That will have an impact on retail sales, both in full price and in outlet in Q2. That's planned. We anticipated that.

第一，我先前提過，在第二季，我們的全價業務將在清倉與折扣庫存方面再做最後一次的縮減。我們目前處於公司歷史低點。公司從未在清倉與折扣品上持有如此少的庫存。這將在第二季對零售銷售造成影響，無論是全價或 outlet。這是計畫內的。我們已預期會如此。

That will be somewhat amplified by the fact that we will not have the amount of inventory in new full-price product arriving as early as we had anticipated. That will have an impact on that side of the business. I think we, besides the inventory issue, feel that we are tracking on plan and the consumer is responding to the new product, to the new marketing initiatives, we're getting the results that we had more or less anticipated. We're feeling that we're on track.

這將會因為我們無法如先前預期那麼早收到足量的新款正價商品庫存而被進一步放大。這將對該業務面向造成影響。我認為，除了庫存問題之外，我們覺得我們正按計畫推進，且消費者對新產品、對新的行銷舉措都有所回應；我們正在取得或多或少符合我們預期的成果。我們覺得一切都在軌道上。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

I'm curious if you could talk a little bit more about the expense management that you're able to put in place to help hold the P&L together this year. Curious if we should think of that as more one-time adjustments or if we build that into the go-forward expense base. Then just a little bit more detail on the interest income and other line. Can you talk about what changed on that line?

我想請教你們能否再多談一點今年為了維持損益表（P&L）穩定而能採取的費用管理措施。也想了解我們應該把這視為較偏一次性的調整，還是應將其納入未來的常態費用基礎。另外也請再多提供一些關於利息收入及其他（interest income and other）這一行目的細節。你們能談談這一行目發生了什麼變化嗎？

Happy to, Paul, and thanks. When we look at our full-year SG&A, we are reducing our expectations for spend by $70 million relative to our prior guidance. We are taking targeted expense reduction actions across the SG&A pool in order to ensure that we are driving down our overall SG&A level. That said, we are protecting investments to support the business, including marketing, store refurbishments, as well as digital and IT investments.

很樂意，Paul，謝謝。就我們全年SG&A（銷售、一般及行政費用）而言，相較於先前的指引，我們將支出預期下調7,000萬美元。我們正在SG&A費用池中採取有針對性的費用削減行動，以確保我們能降低整體SG&A水準。不過，我們仍會保護用以支持業務的投資，包括行銷、門市翻新，以及數位與IT投資。

So we are ensuring that we are maintaining the investment in what is for the longer-term health of the brand. But we will continue to evaluate opportunities to improve efficiency across the cost base in the longer term and continue to invest for the future growth.

因此，我們確保維持那些有助於品牌長期健康的投資。但從長期來看，我們將持續評估在成本基礎上提升效率的機會，並持續為未來成長投資。

As it relates to interest income, we are just revising our interest income guidance on a full-year basis, reflecting where we landed in the first quarter. This is just a slight change to our expectation for overall interest income for the year.

至於利息收入，我們只是依全年基礎修訂利息收入指引，以反映我們第一季的實際落點。這只是對今年整體利息收入預期的小幅調整。

Simeon Siegel, Guggenheim Partners.

Simeon Siegel，Guggenheim Partners。

Morning, everyone. Hope you are having a nice summer. Tyler, can you elaborate just a little bit more on the lower-than-anticipated inventory? Maybe discuss both what happened and the why within that inventory. How much of that is reduction in markdown versus full price? How much is seasonal sales that you will lose with the delay versus maybe sales you expect to recoup once the product comes in?

各位早安。希望大家夏天過得愉快。Tyler，你能否再多說一點關於低於預期的庫存？也許可以談談庫存方面發生了什麼，以及背後原因。其中有多少是降價（markdown）減少、相對於正價（full price）？又有多少是因延遲而在季節性銷售上會流失的部分，對比你們預期產品到貨後可能追回的銷售？

And then just higher level, John, kind of piggybacking on what you were just talking about. Any way you could just help us frame where you think you sit on that quality of sales journey? I know you mentioned there is one more, but just what percent of the business is at full price now versus where that was historically and just really any way to help us think about that timeframe.

然後從更高層次來看，John，延續你剛才談到的內容。你能否幫我們界定一下你認為目前在「銷售品質」這段旅程中處於什麼位置？我知道你提到還有一步，但目前業務中正價占比是多少、相較於歷史水準如何，以及任何能幫助我們理解時間框架的資訊。

Thanks, Simeon. Inventory at Michael Kors is lower than we anticipated. Towards the end of the first quarter, we started to see receipts be delayed with longer transit times, due primarily to congestion at certain ports in Asia. We are taking action to accelerate receipts where possible, including selective use of airfreight.

謝謝你，Simeon。Michael Kors的庫存低於我們的預期。在第一季末，我們開始看到收貨（receipts）因運輸時間拉長而延遲，主要是由於亞洲某些港口的壅塞。我們正在採取行動，在可行之處加速收貨，包括選擇性使用空運。

Ultimately, we are landing lower than we anticipated, and that is impacting sales. This situation is temporary, and we expect inventory levels to normalize as we progress through the second quarter and into the beginning of the second half of the year. It is going to impact our second quarter sales. We do anticipate that when we get back to the back half of the year and our inventory levels have normalized, that we will be able to deliver on our expectation of growth for both Michael Kors and Jimmy Choo.

最終，我們的落點低於預期，這正在影響銷售。這種情況是暫時的，我們預期隨著第二季推進並進入下半年初期，庫存水位將恢復正常。這將影響我們第二季的銷售。我們確實預期，當我們回到下半年且庫存水位已正常化時，我們將能實現對Michael Kors與Jimmy Choo兩個品牌的成長預期。

Simeon, thanks for your question. Let me start out. You had also asked about the difference between the lower inventory level as it relates to delays in delivery and how much of that was lower markdowns. It's about a 50-50 split, and it comes in at about $50 million in lower markdown inventory, just to give you a size of the magnitude of the reduction in markdown inventory.

Simeon，謝謝你的問題。我先開始回答。你也問到較低庫存水位中，與交付延遲相關的部分，以及其中有多少是因降價庫存較低所致。大約是五五分，約有5,000萬美元是降價庫存較低；這是為了讓你了解降價庫存減少的規模。

I think it's a very important thing to highlight because that is intentional. We've decided to be less promotionally oriented to the customer. That's everything from the types of promotions we're doing to the amount of discount we're offering, and then to the amount of product and SKUs available for the customer to see that. As you know, there have been other companies that have gone through this process.

我認為這點非常重要，因為這是刻意為之。我們決定對顧客採取較少促銷導向的策略。這涵蓋我們進行的促銷類型、提供的折扣幅度，以及提供給顧客可看到的商品與SKU數量。如你所知，其他公司也曾走過這個過程。

It takes time, and you have to be patient, and we think it's important that we started on a journey and that we don't all of a sudden start to change that vision of where we want to be long term. What I've said to you all on previous calls, we do anticipate Michael Kors to turn positive in the back half of the year, and that is both in full price and in outlet. Outlet might be up 1 or 2 points in Q3 or down 1 point or so, and then proceed to get a little bit better in Q4. In general, we think that Q3 is a pretty significant inflection point for the company.

這需要時間，你必須有耐心；我們認為既然已經踏上這段旅程，就不應突然改變我們長期想達到的願景。我在先前的電話會議中也對各位說過，我們預期Michael Kors在下半年轉為正成長，且正價與暢貨中心（outlet）都會如此。暢貨中心在第三季可能上升1到2個百分點，或下降約1個百分點，之後在第四季會逐步改善一些。整體而言，我們認為第三季對公司來說是一個相當重要的轉折點。

The other part about that is, I've said this to you on previous calls, around October, very early November is when we lap certain third-party sales that we were conducting out of our outlet stores. I think we said on the last earnings call that it amounted to approximately between that and some other third-party sales, about $150 million for us. We will start to lap that, and it's predominantly it will show up in our outlet channel.

另外一點是，我在先前的電話會議也提過，大約在10月、非常早的11月，我們會開始與某些在暢貨中心門市進行的第三方銷售形成比較基期（lap）。我想我們在上次財報電話會議中提到，這部分加上一些其他第三方銷售，對我們而言約為1.5億美元。我們將開始與其形成比較基期，而它主要會反映在我們的暢貨中心通路。

I think that's when I would look at the timing. We're already seeing AURs climb. We're already seeing full-price sales climb. Both of those parts of what we put in place, we have the evidence that is saying that the customer is responding, and I would say more importantly, to the design of the product and the excitement of the product.

我認為那就是我會關注的時間點。我們已經看到AUR（平均單價）上升。我們也已經看到正價銷售上升。我們所採取的這兩個面向都已有證據顯示顧客正在回應；而我會說更重要的是，顧客對產品設計以及產品帶來的興奮感有所回應。

You also heard me mention in my prepared remarks that the store renovation program is going really well, we're seeing strong double-digit increases in the stores that we're renovating. We're trying to move as fast as we possibly can on that, because that's going to be another positive for us. I think we'll see a much bigger lift from that next fiscal year than we will this fiscal year.

你也聽到我在事先準備的發言中提到，門市翻新計畫進展非常順利；我們在翻新的門市看到強勁的雙位數成長。我們正盡可能加快推進，因為這將是另一個對我們有利的因素。我認為下一個會計年度我們從中獲得的拉抬將遠大於本會計年度。

Hopefully, we'll be able to, in the next call, start to talk about the amount of stores that we'll actually get in place. It's very limited right now. As you know, we've said we have a plan to renovate over 300 of our own stores and a significant amount of department stores. Our partners in the department stores have also been very supportive about that.

希望在下一次電話會議中，我們能開始談到實際完成的門市數量。目前數量非常有限。如各位所知，我們表示過計畫翻新超過300家自營門市，以及相當數量的百貨公司門市。我們在百貨通路的合作夥伴也對此給予了很大的支持。

I think, again, very disappointed about this situation around the second quarter. We view that as a near-term headwind. We know we're going to be able to get through it. As Tyler mentioned, we are going to use some airfreight to move some of that delivery up. We're working very closely with our freight forwarders to help us mitigate and get on faster vessels, et cetera, to get the product here.

我想再次強調，對於第二季的這個情況我們非常失望。我們將其視為短期逆風。我們知道我們能夠度過這一關。如Tyler所提到，我們將使用部分空運來提前一些交付。我們正與貨運承攬商密切合作，協助我們降低影響並安排更快的船期等，讓產品能運抵這裡。

I think we will be in a very good position in the third quarter, based on some of the things that I've said to you, we're feeling still very constructive and positive on our ability to return to growth in the back half of the year. Then, of course, I want to mention, because this is a total Capri, Jimmy Choo is positive again this quarter.

我認為，基於我先前跟各位提到的一些事項，我們在第三季將會處於非常有利的位置；我們仍然對於在下半年恢復成長的能力抱持相當建設性且正向的看法。另外我當然也想提一下，因為這是Capri整體的表現，本季Jimmy Choo再度轉為正成長。

That's the third consecutive quarter that Jimmy Choo has been positive, including comp stores. We feel very good about what's happening at Jimmy Choo and the ability for that brand to continue to grow along with Michael Kors. Thank you very much, Simeon.

這已是Jimmy Choo連續第三個季度呈現正成長，包含同店表現。我們對Jimmy Choo目前的進展以及該品牌能與Michael Kors一同持續成長的能力感到非常樂觀。非常感謝你，Simeon。

Rick Patel, Raymond James.

接下來是Rick Patel，Raymond James。

You talked about headwinds at Michael Kors, including reducing markdowns and lower sales to daigou and off-price. Can you give us your updated thoughts on how long you expect those headwinds to persist as we think about Q2 versus the back half?

你提到Michael Kors面臨一些逆風因素，包括降低折扣促銷（markdowns）以及對代購（daigou）與折扣通路（off-price）的銷售下滑。能否分享你最新的看法：相較於第二季與下半年，你預期這些逆風會持續多久？

Secondly, as we think about Michael Kors returning to growth in the back half, can you paint a picture for what that looks like from a geographic perspective, given the softness you're seeing in EMEA?

第二，談到Michael Kors在下半年回到成長軌道時，考量你們在EMEA看到的疲弱，你能否從地理區域的角度描繪一下那會是什麼樣的情況？

Hello? Oh, sorry. I don't know if you heard me. I'll start again. Rick, I think we addressed part of the daigou or the third-party sales in the previous question. That ran about $150 million for the company approximately last year. We do have still headwinds in the first and second quarters and a little bit of the third quarter on that. After October or November, that should start to mitigate for us as a headwind.

喂？喔，抱歉。我不確定你是否有聽到我。我再說一次。Rick，我想我們在前一題已經回應了部分關於代購或第三方銷售的問題。去年那部分對公司而言大約是1.5億美元。在第一、第二季以及第三季的一小部分期間，我們仍會面臨相關逆風。大約在10月或11月之後，這項逆風對我們的影響應該會開始減輕。

Additionally, we will have entered Q2 as we did Q1, with historic lows on our markdown and clearance inventories. That's planned. There was a business there. That is a business that we will not exit, and we obviously will have markdown and clearance, but it will be at a much lower level than the company has had in the past.

此外，我們進入第二季時會和第一季一樣，折扣促銷與清倉庫存都處於歷史低點。這是計畫之內的。那裡原本有一塊業務。那是一項我們不會退出的業務；我們當然仍會有折扣促銷與清倉，但水位會遠低於公司過去的水平。

That will be, again, hopefully less of a headwind as we head into the third and fourth quarters. Lastly is the promotional activity, where we will be lapping some of the reductions that we've taken in terms of removing events and sizes of discounts.

因此，隨著我們進入第三、第四季，這應該也會再度成為較小的逆風。最後是促銷活動方面，我們將會與先前所做的調整形成比較基期，包括取消部分活動以及縮小折扣幅度。

The second part of your question was -- geographic, sorry.

你問題的第二部分是——地理區域，抱歉。

Yeah, from a geographic perspective, what the improvement could look like in the back half.

對，從地理區域的角度來看，下半年改善可能會是什麼樣子。

That's right. Number one, I think the change, if I can say sitting here, is we would've anticipated. We've had a terrific run in Europe. It's been very strong for the company, even during some of our more difficult periods. That is a definitive change for us as we look at the back half of the year. We do not see that improving. Obviously, we've taken down our guidance given what we think is still happening. Hopefully, there will be some movement.

沒錯。第一，我想如果我坐在這裡來說，變化在於我們原本會預期——我們在歐洲有一段非常出色的表現。對公司而言一直非常強勁，即使在我們較艱難的時期也是如此。但當我們展望下半年時，這對我們而言已是明確的變化。我們不認為那邊會改善。顯然，基於我們認為仍在發生的情況，我們已下調指引。希望會有一些轉機。

Some of the conflict in the region will settle down, and we'll get the benefit of that. For right now, we can't count on that, so we've removed that from our future guidance. I would say the area where we see the biggest increase will be in North America. We're seeing that North America full price comps are once again comp positive.

該地區的一些衝突能夠趨於緩和，讓我們從中受益。但就目前而言，我們無法仰賴這一點，因此已將其自未來指引中剔除。我會說，我們看到增幅最大的區域將會在北美。我們看到北美的全價同店銷售（comps）再次轉為正成長。

We told you that our wholesale business turned positive in North America at point of sale. That's the biggest market for us. We're feeling sufficiently confident that the initiatives that we've put in place will begin to see this marketplace turn positive.

我們也告訴各位，我們在北美的批發業務於銷售端（point of sale）已轉為正成長。那是我們最大的市場。我們對已推動的各項措施有足夠信心，將開始帶動這個市場轉為正向。

You saw that the overall Asia market did turn positive for us again this quarter in Michael Kors. We continue to see that market getting better in China in particular. We would look to see that as a positive for us in the back half of the year. Again, EMEA is the one that we are most disappointed about, and we think we've reflected that in our guidance. Thank you, Rick.

你也看到，本季Michael Kors在整體亞洲市場再次轉為正成長。我們持續看到該市場，特別是中國，正在改善。我們預期這會在下半年成為正面因素。再說一次，EMEA是我們最失望的部分，我們認為已在指引中反映。謝謝你，Rick。

Thank you, John.

謝謝你，John。

Brooke Roach, Goldman Sachs.

接下來是Brooke Roach，Goldman Sachs。

John, I was hoping you could unpack the trends that you're seeing in Michael Kors Outlet in North America in a little bit more detail. What early reads are you seeing from some of the new product launches and reads that give you more confidence in that inflection to growth in that channel in the back half of the year outside of just cycling daigou? Are you seeing any change in traffic levels, consumer brand engagement, or net purchase intent or Net Promoter Scores for that business?

John，我希望你能更詳細拆解一下你們在北美Michael Kors Outlet所看到的趨勢。除了僅僅是比較基期跨過代購因素之外，從一些新品上市的初步回饋中，你看到了哪些訊號，讓你對該通路在下半年出現成長拐點更有信心？你是否看到客流量、消費者品牌互動、淨購買意向或淨推薦值（Net Promoter Scores）有任何變化？

Yeah. Good morning, Brooke. I would say North American outlet has not changed in terms of trend. It's been fairly similar over the past few quarters. We have delivered some newer styles into the store, which are getting very positive results from the consumer.

是的。早安，Brooke。我會說北美Outlet在趨勢上並沒有改變。過去幾個季度都相當類似。我們已將一些較新的款式導入門市，消費者回饋非常正面。

I think I've said to you previously, they are at higher price points. We are actually raising prices in our outlet stores, both on an individual product basis and by lowering discounts. That's going to take some time for the customer to adjust to and absorb and accept.

我想我之前也跟你說過，這些產品的定價點更高。我們其實正在調升Outlet門市的價格，包含單品層級的調價，以及降低折扣幅度。這需要一些時間讓顧客去適應、消化並接受。

We have a new product that's just landed called Sammy, which is really getting some very strong traction for us. We have two new hero products, one called Ashton and one called Bailey, that will be in the stores in the early part of Q3. Then we have some additional styles that will be arriving throughout the fall season. So we're very hopeful that these new products will resonate with the consumer.

我們有一個剛上架的新產品叫Sammy，對我們而言正獲得非常強勁的動能。我們還有兩個新的主打產品（hero products），一個叫Ashton、另一個叫Bailey，將在第三季初期進入門市。接著在整個秋季期間，還會有更多款式陸續到貨。因此我們非常希望這些新品能引起消費者共鳴。

At the same point in time, we're cycling out of older products, and we're kind of through that at this point in time. When I tell you that we're down in markdown and clearance, it's not just in our full-price stores, but it's also in our outlet stores as well.

同時，我們也在汰換較舊的產品，而目前大致已經走過那個階段。當我說我們的折扣促銷與清倉水位下降時，不僅是在全價門市，在Outlet門市也是如此。

Again, this is part of the journey with the consumer to really position Michael Kors as a brand that has much higher perceived value with the customer. Then the last thing I'll say is we just completed a consumer research study on our customers. I was very pleased by the scores that came back on the brand and how the consumer perceived the brand.

同樣地，這是我們與消費者共同走的一段旅程，目的是讓Michael Kors在顧客心中成為具有更高感知價值的品牌。最後我想說的是，我們剛完成一項針對顧客的消費者研究。我對回收的品牌評分以及消費者對品牌的認知感到非常滿意。

We know we have more work to do on the younger consumer, in particular in Gen Z. You're going to see some exciting things. We launched our new TikTok shop yesterday. We're in the middle of a very successful launch of a back-to-school activity with Amazon.

我們知道在較年輕的消費者上仍有更多工作要做，尤其是Z世代。你們將會看到一些令人振奮的事情。我們昨天推出了新的TikTok商店。

We went live with Amazon a little over a year ago with a Michael Kors storefront. It's been very successful for us. We know that by being on platforms like Amazon, like TikTok, and as Tyler mentioned, we are increasing our marketing spend for the company. We're going to raise it by almost 200 basis points. We're getting close to 10% of sales, especially in the back half of the year. We're going to be able to focus a lot more initiative around the younger Gen Z consumer. We think that's also going to benefit us.

我們在一年多前於Amazon上線了Michael Kors品牌旗艦頁（storefront）。對我們而言非常成功。我們知道，透過Amazon、TikTok等平台，以及如Tyler所提到的，我們正在提高公司的行銷支出。我們將把行銷費用率提高將近200個基點。尤其在下半年，我們將接近銷售額的10%。我們將能更聚焦於針對較年輕Z世代消費者的各項推動。我們也認為這將對我們帶來助益。

So I would say to you that a lot's going to be happening for us in Q3 and Q4. If we've done our job right, we should be in a solid position to turn positive for the back half of the year. Thank you, Brooke.

所以我會對你說，我們在第三季和第四季會有很多事情發生。如果我們把工作做好，我們應該能在下半年處於穩健的位置，轉為正向表現。謝謝你，Brooke。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Hi, John and Tyler. Regarding pricing and where you are in the pricing journey on raising prices relative to the past, what's happening there by channel and interplays with quality of sales would be great to be briefed on. Thank you very much.

嗨，John 和 Tyler。關於定價，以及相較於過去你們在調漲價格的定價旅程目前進展到哪裡，若能簡要說明各通路的情況，以及與銷售品質之間的相互影響，將非常有幫助。非常感謝。

Great. Thank you, Oliver. First, good morning. I want to start with Jimmy Choo. I think we're extremely pleased with the results that we've seen from Jimmy Choo for the last three quarters, both from a revenue standpoint and, as you've seen and Tyler discussed it, the brand is returning to profitability this year. We are one of the strongest brands in our department store partners here in North America.

很好。謝謝你，Oliver。首先，早安。我想先從 Jimmy Choo 談起。我認為我們對 Jimmy Choo 過去三個季度的表現非常、非常滿意，無論是營收面向，還是如你所見、Tyler 也提到的，該品牌今年正回到獲利狀態。在北美的百貨公司合作夥伴中，我們是表現最強勢的品牌之一。

You saw the results that we delivered with Jimmy Choo in North America. They're quite exceptional. That's really a result of three things. Number one, our accessories business is getting stronger and stronger by the quarter. We have now department stores who are starting to commit to building shop-in-shops for us. That is a very big hurdle for us to get over.

你也看到了我們在北美為 Jimmy Choo 交出的成績。表現相當出色。這主要來自三個因素。第一，我們的配件業務每一季都在持續變得更強。現在已有百貨公司開始承諾為我們打造店中店（shop-in-shops）。這對我們而言是一個需要跨越、而且非常重要的門檻。

I think over the next few years, you're going to be looking at Jimmy Choo as a very strong and powerful accessories business, which will help drive profitability, and also growth for the company. When you look at our pricing architecture, as you know, we have everything from $5,000 to $6,000 Bonbon bags for the ultra-luxury VICs, to our new opening price points of between $750 to $1,500 on bags like Bar.

我認為在接下來幾年，你會看到 Jimmy Choo 成為一個非常強大且具影響力的配件業務，這將有助於推動獲利能力，也帶動公司的成長。談到我們的定價架構，如你所知，我們的產品涵蓋從面向超高端 VIC 的 5,000 到 6,000 美元 Bonbon 包款，到像 Bar 這類包款 750 到 1,500 美元的新入門價位帶。

Of course, we have our very, very strong Cinch platform as well. We think we really have a great pricing architecture, and the product is resonating with consumers, and it's also driving a new consumer into the stores, which is excellent for us. You saw we had growth across all regions with Jimmy Choo.

當然，我們也有非常、非常強勢的 Cinch 平台。我們認為我們的定價架構確實很出色，產品也正在引起消費者共鳴，同時也為門市帶來新的消費者，這對我們非常有利。你也看到 Jimmy Choo 在所有地區都實現了成長。

Our footwear business in Jimmy Choo has also been very strong. The casual part of our business continues. We've had amazing success with our sneaker program, especially some of the new lace and slim styles that we've had. Our casual program has also started to really take hold.

Jimmy Choo 的鞋履業務也一直非常強勁。我們業務中的休閒品類持續發展。我們的運動鞋計畫取得了驚人的成功，特別是一些新的蕾絲元素與修長版型款式。我們的休閒系列也開始真正站穩腳步。

Lastly, what's interesting is our pump business is starting to come back. There's a trend on pumps again, which for us at Jimmy Choo, always puts a big smile on our face. We feel good about what's happening there. Once again, we have a very, very broad pricing architecture. You look at things like our jellies, our trainers, our sneakers, our casual, then all the way up to our bridal product, which can be $2,000 to $3,000 for shoes. We have things that open up at $350 to $400. That is really working quite well for us.

最後，有趣的是，我們的高跟鞋（pump）業務開始回溫。高跟鞋又出現了趨勢，對我們 Jimmy Choo 來說，這總是讓我們笑得合不攏嘴。我們對那邊的進展感到樂觀。再一次，我們擁有非常、非常廣泛的定價架構。你看像我們的果凍鞋（jellies）、運動鞋（trainers）、球鞋（sneakers）、休閒款，一直到新娘系列產品，鞋款價格可達 2,000 到 3,000 美元。我們也有 350 到 400 美元的入門產品。這對我們來說運作得相當好。

As I said earlier, full-price sell-throughs are up at Jimmy Choo. AURs are up. The health of the business is quite good. At Michael Kors, again, to restate what we did in spring of last year, we actually lowered prices in the full price area, because we were taking too many markdowns, we saw what the customer was really willing to pay for the product. We went back to more historical prices.

如我先前所說，Jimmy Choo 的正價售罄率（sell-through）上升。平均單價（AUR）也上升。整體業務健康度相當不錯。至於 Michael Kors，再次重申我們在去年春季所做的事：我們其實在正價區間下調了價格，因為我們做了太多折扣（markdown），我們看到了顧客真正願意為產品支付的價格。我們回到更符合歷史水準的定價。

The second thing we did in accessories, in particular, we have a very, very broad range of under $200 bags today, or smaller bags. That is, first off, what is happening from a fashion trend standpoint, secondly, it's attracting a younger Gen Z customer in particular into the brand. We're really pleased with what's happening with our accessories. We see it in our full-price stores. We see it in our wholesale distribution globally as well.

第二件事是在配件方面，尤其是我們目前有非常、非常廣泛的 200 美元以下包款或小包款選擇。這首先反映了時尚趨勢的走向；其次，特別是吸引了更年輕的 Z 世代顧客進入品牌。我們對配件業務的進展非常滿意。我們在正價門市看得到。我們在全球批發通路的分銷表現也同樣看得到。

In footwear, just to remind you, that is the most difficult business across the company, particularly in both channels, full price and outlet. In full price, we've been able to land newer, I would say, more modern product into the channel, we saw a very big step change this quarter in terms of product and the sell-through. Pricing was never as much of an issue in footwear for us, it was really more of a product design. I think our teams are doing an extraordinary job of getting on-trend in that category.

在鞋履方面，提醒一下，這是公司整體最具挑戰的業務，尤其在兩個通路——正價與暢貨中心（outlet）——都是如此。在正價通路，我們已能把更新、我會說更現代的產品導入通路；就產品與售罄率而言，本季我們看到非常明顯的躍升。對我們而言，鞋履的定價從來不是那麼大的問題，更多是產品設計的問題。我認為我們的團隊在該品類掌握潮流方面做得非常出色。

As I said to you in our last call, we lowered ready-to-wear prices by almost 40%, that's been one of the highest percentage increase businesses for us in our full price category. Then lastly, I have to give a shout-out to our watch business, which now has turned positive. We're quite pleased to see that that business is returning to growth in our own stores.

如我在上次電話會議中提到，我們將成衣（ready-to-wear）價格下調了將近 40%，而這也成為我們正價品類中成長率最高的業務之一。最後，我也必須特別提一下我們的手錶業務，現在已轉為正向。我們很高興看到該業務在自營門市重新回到成長。

In the outlet channel, as I mentioned before, we're actually raising prices. We had gotten too inexpensive for the value of the product that we were delivering. I'd say prices have been raised anywhere from 5% to sort of 10%. We will probably take another increase in prices sometime in the beginning of next calendar year. We're doing that with individual product itself, also we're raising AUR by the reduction in promotional activity.

在暢貨中心通路，如我之前提到的，我們其實正在調漲價格。我們先前的定價相對於所交付的產品價值而言變得過於便宜。我會說價格上調幅度大約在 5% 到 10% 之間。我們可能會在下一個曆年年初再進行一次調價上調。我們一方面針對單品本身調價，另一方面也透過降低促銷活動來提高平均單價（AUR）。

You're going to see a further step change in our outlet stores with a decline in promotional activity, as well as the amount of times that we actually do that, and we'll be focused more on individual price points. I'm also excited in our outlet channel. We're running anywhere between 5% to 6% of sales in the stores that we have our full-price product in the channel. We've put our icons in there. That's Hamilton, Nolita, and Laila. So we're really pleased with what's happening in that channel with our ability to sell full-price product.

你將會在我們的暢貨中心門市看到進一步的變化：促銷活動會下降，包含我們實際進行促銷的頻率也會降低，我們會更聚焦在單一價位帶。我對暢貨中心通路也感到興奮。我們在暢貨中心門市中導入正價產品，目前約占門市銷售的 5% 到 6%。我們把經典款（icons）放進去了。包括 Hamilton、Nolita 和 Laila。因此，我們對該通路在銷售正價產品方面的能力所呈現的進展非常滿意。

Again, we have a long way to go to show the customer that we have new and exciting product that warrants this higher price point. I think we're just really excited about what we think is going to happen starting in September, October, November, when what we think is a new face of that product will be in place. The footwear part of outlet will not come until closer to the holiday season. That is something we've, I think, said on the calls previously.

同樣地，我們還有很長的路要走，去讓顧客相信我們有新穎且令人興奮的產品，足以支撐更高的價位。我們對從 9 月、10 月、11 月開始可能發生的事情感到非常期待，因為我們認為那時候該產品會以一個全新的面貌到位。暢貨中心的鞋履部分要到更接近假期季才會到位。我想我們在先前的電話會議中也提過這點。

We are feeling better about what is coming now at that period of time. We should be about 70% to 75% complete in the outlet stores with new product by September, October, and that will reach a higher level, in particular, when the footwear arrives for the latter part of the calendar Q4. Thank you very much, Oliver.

我們對那段期間即將到來的內容感覺更好了。到 9 月、10 月時，我們在暢貨中心門市的新產品導入應該能完成約 70% 到 75%，而當鞋履在曆年第四季後段到貨時，完成度將會進一步提高。非常感謝你，Oliver。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Great. Thank you very much. John, thanks so much for all of the detail, it's very helpful. Kind of staying on the different-- there's a lot of shifts going on between full-line and outlet. Staying with that theme, as you make these minor adjustments to pricing, how are you messaging those, first of all, and then how are you seeing customer acquisition shifting? Are you regaining your historical customer? How are they finding you?

很好。非常感謝。John，非常感謝你提供這麼多細節，真的很有幫助。延續剛才不同——全價店與暢貨中心之間確實有很多轉變正在發生。沿著這個主題，當你們對定價做這些小幅調整時，首先你們是如何對外傳達這些調整的？其次，你們看到客戶獲取（customer acquisition）正在如何轉變？你們是否正在找回過去的核心客群？他們是如何找到你們的？

Then, I guess number two, you're lowering initial retails at full-line, raising them at outlet, you also have the promotional overlay, which is muddying, I'm assuming, the true demand reads. Is the spread between full-line and outlet now normalized? Did it just get extremely out of whack relative to history, are we going back to what you know to be that spread, that normal spread should be?

然後，我想第二點是，你們在全價店降低初始零售價、在暢貨中心提高初始零售價，同時還有促銷的疊加影響，這會讓（我猜）真實需求的判讀變得更混濁。全價店與暢貨中心之間的價差現在是否已經正常化？之前是否相對於歷史水準變得非常失衡，而我們現在是在回到你們所認知的那個價差、那個應該屬於正常的價差？

Thank you, Adrienne. I think that's a good question to end on. Number one, in full price, in terms of the reduction in prices that we took, that was in February of last year. I would say we've anniversaried that at this point. That is like for like. In full price, as I said earlier, the one last step, well, there's two last steps. Number one, you will see one further step down in certain seasonal promotional activity that we have done historically for some 10-plus years. That will change in Q4. That will be the final step down on that.

謝謝你，Adrienne。我認為這是一個很適合作為收尾的問題。第一，在全價（full price）方面，就我們所採取的降價而言，那是在去年二月。我會說到目前為止，我們已經度過了同比基期（anniversaried）。這是同店同口徑（like-for-like）。在全價方面，如我先前所說，最後還有一步——其實是最後兩步。第一，你們會看到我們在某些季節性促銷活動上再往下調一步，這些活動我們歷來做了十多年。這會在第四季（Q4）改變。那將是這方面最後一次下調。

In terms of markdown product, we have one last phase to go through in Q2. I've said this in previous calls and conferences, that we will have most likely negative comp store sales in Q2 for full price because of this very large reduction in markdown inventory that will occur in Q2. Then that will be behind us.

就折扣（markdown）商品而言，我們在第二季（Q2）還有最後一個階段要走完。我在先前的電話會議與研討會上也提過，由於第二季將大幅降低折扣庫存，因此全價店在第二季的同店銷售很可能會是負成長。之後這件事就會成為過去。

In outlet, I would say we're at the very beginning of the price increases, even though we've taken a minor amount of them. The real full amount of product is arriving August, September into the stores. This is going to be the test with the consumer to say, are you going to accept this higher price from us? Again, we've had some limited tests on it. The limited tests appear that has had little or no reaction to the customer.

在暢貨中心（outlet）方面，我會說我們才剛開始調漲價格，儘管我們已經做了小幅上調。真正完整的商品量會在八月、九月陸續到店。這將會是對消費者的一次測試：你是否會接受我們更高的價格？同樣地，我們已做過一些有限的測試。這些有限測試顯示，顧客的反應很小或幾乎沒有反應。

I do expect customers to come in and be looking for lower-priced items that they had historically seen from us, and we may lose some of that historic customer. We don't know that yet until we go through it. We're excited. That's why we're increasing our marketing spend to go out and attract new customers into both full price and outlet, in particular, younger customers who most likely were never shopping with us previously. We'll be very focused on our new customer acquisition.

我確實預期顧客進店時會尋找過去他們在我們這裡常看到的較低價商品，而我們可能會流失一部分歷史客群。在我們真正走完這個過程之前，還無法確定。我們很興奮。這也是為什麼我們要提高行銷支出，去吸引新客進入全價店與暢貨中心，特別是較年輕的客群，他們很可能以前從未在我們這裡購物。我們會非常聚焦在新客獲取上。

Of course, you asked how are we getting that message out there. We've hired a new gentleman, Corey Moran, who came to us from 10 years at Google, and he is working very diligently with our teams around all of the marketing initiatives that we're putting forth.

當然，你問到我們如何把訊息傳出去。我們聘請了一位新同仁Corey Moran，他在Google任職10年後加入我們，並正非常努力地與我們的團隊合作，推動我們提出的各項行銷計畫。

I would say a great deal of the spending that we're adding to Michael Kors is around really top-of-the-funnel marketing and brand engagement. We will actually reduce some of our more targeted performance marketing in favor of really talking about the brand story and engaging customers from a storytelling standpoint. Thank you for that question, Adrienne.

我會說，我們新增在Michael Kors上的大量支出，主要是用在真正的漏斗上端（top-of-the-funnel）行銷與品牌互動（brand engagement）。我們實際上會減少部分更精準導向的成效型行銷（performance marketing），轉而更著重於講述品牌故事，並以敘事的方式與顧客互動。謝謝你這個問題，Adrienne。

Thank you. I'd like to conclude the call today by saying thank you for all of you joining us. We are excited about our results for the first quarter. It clearly shows that we're building a stronger and more profitable business.

謝謝。我想以感謝各位今天加入我們作為本次電話會議的結語。我們對第一季的業績表現感到振奮。這清楚顯示我們正在打造一個更強健且更具獲利能力的企業。

While we're disappointed about our revenue outlook, we are excited about our ability to maintain our $2.15 guidance for the year on earnings per share, which shows our ability to be able to take swift and decisive actions around SG&A when needed without sacrificing any of the growth potential for the company with marketing and with capital expenditure to rebuild our stores. We're excited about the future for Capri.

雖然我們對營收展望感到失望，但我們對於能夠維持全年每股盈餘（EPS）2.15美元的指引感到振奮；這也顯示我們在需要時，能夠在SG&A（銷售、一般及行政費用）方面採取迅速且果斷的行動，同時不會犧牲公司的任何成長潛力——包括行銷投入，以及用於重建門市的資本支出。我們對Capri的未來感到期待。

We're very pleased with what's happened with Jimmy Choo and the third consecutive quarter of growth. We look forward to the back half of the year for Michael Kors, in particular, returning to growth. Thank you for joining us today and look forward to talking to you on our next call.

我們對Jimmy Choo的表現非常滿意，並已連續第三個季度成長。我們也期待Michael Kors在今年下半年，特別是重回成長軌道。感謝各位今天加入我們，也期待在下一次電話會議再與各位交流。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

本日電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。