Capri Holdings Ltd (CPRI) 2027 Q2 法說會逐字稿

Greetings, and welcome to the Capri Holdings Limited second quarter fiscal 2027 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Capri Holdings Limited 2027 會計年度第二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 your host, Jennifer Davis. Please go ahead.

現在我將把會議交給主持人 Jennifer Davis。請開始。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited second quarter fiscal '27 conference call. With me this morning are John Idol, Capri's Chairman and Chief Executive Officer; and Tyler Reddien, Capri's Chief Financial Officer and Chief Operating Officer.

各位早安，感謝各位參加 Capri Holdings Limited 2027 會計年度第二季電話會議。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.

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。

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.

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 items associated with impairment charges, transaction-related costs, store renovation plan expenses, Capri transformation costs as well as restructuring and other expenses. To review the corresponding GAAP measures and related reconciliations, 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 基礎呈現。這些非 GAAP 指標排除與減損費用、交易相關成本、門市翻新計畫費用、Capri 轉型成本，以及重組與其他費用相關的特定項目。如欲查閱對應的 GAAP 指標及相關調節表，請參閱我們今日稍早發布於 capriholdings.com 的最新財報新聞稿。

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

現在我想把電話會議交給董事長兼執行長 John Idol 先生。

Thank you, Jennifer, and good morning, everyone. We are encouraged by the momentum building at both Michael Kors and Jimmy Choo. Over the past several seasons, we have been focused on elevating brand desirability, strengthening our product assortments, creating deeper connections with consumers and we are seeing evidence that those efforts are gaining traction globally.

謝謝 Jennifer，各位早安。我們對 Michael Kors 與 Jimmy Choo 兩個品牌動能的提升感到鼓舞。過去幾個季度，我們專注於提升品牌吸引力、強化產品組合、與消費者建立更深層連結；我們看到這些努力正在全球範圍內逐步奏效的跡象。

New fall product introductions are generating some of the strongest full price sell-throughs we have seen in years underscoring the strength of our innovative product designs and the positive consumer response to our collections. At both our luxury houses, the benefits of our strategic initiatives are becoming increasingly evident, reinforcing our expectation that Capri will return to revenue growth in the second half of the year.

秋季新品上市帶來了我們多年來所見最強勁的正價銷售售罄率之一，凸顯我們創新產品設計的實力，以及消費者對我們系列的正面回應。在我們兩個奢侈品牌中，策略性舉措的效益愈發明顯，進一步強化我們對 Capri 將在下半年恢復營收成長的預期。

Based on our second quarter performance, and our expectations for the remainder of the year, we are increasing our fiscal 2027 revenue and earnings per share guidance. Looking ahead, we believe the progress we are making across both our luxury houses, provides a strong foundation for sustainable long-term growth.

基於第二季表現以及我們對今年剩餘期間的預期，我們上調 2027 會計年度營收與每股盈餘指引。展望未來，我們相信在兩個奢侈品牌上的進展，為可持續的長期成長奠定了堅實基礎。

Turning to our second quarter results. We are encouraged by the progress we made throughout the quarter, with trends improving sequentially each month, resulting in revenue, operating income and earnings per share that were above our expectations. Total company revenue was $809 million, down 5.5% versus last year, while operating income increased 55%. This strong profit growth contributed to earnings per share of $0.42 versus a loss of $0.03 per share last year.

接著談第二季業績。我們對本季取得的進展感到鼓舞，趨勢每個月逐步改善，使得營收、營業利益與每股盈餘均高於我們預期。公司總營收為 8.09 億美元，較去年下降 5.5%，而營業利益增加 55%。強勁的獲利成長帶動每股盈餘達 0.42 美元，相較去年每股虧損 0.03 美元。

Looking at second quarter performance by brand, starting with Michael Kors. Revenue decreased 8.6% year-over-year, ahead of our expectations due primarily to a shift in wholesale shipment timing. Revenue was impacted by approximately $50 million due to inventory delays, which constrained product availability.

按品牌來看第二季表現，先從 Michael Kors 開始。營收年減 8.6%，主要因批發出貨時點移轉而優於我們預期。由於庫存延遲限制了產品供應，營收約受到 5,000 萬美元的影響。

As fall assortments began to arrive later in the quarter, sales trends improved sequentially each month, driven by the positive consumer response to our new product arrives. Additionally, as anticipated, revenue was impacted by our continued focus on improving quality of sale.

隨著秋季商品在本季後段陸續到貨，銷售趨勢每個月逐步改善，主要受惠於消費者對我們新品到貨的正面反應。此外，如同預期，營收也受到我們持續聚焦提升銷售品質的影響。

Looking at Michael Kors revenue by channel. In our own retail channel, sales declined low double digits as anticipated. We had approximately 40% less markdown inventory available for sale and reduced promotional activity by approximately 50%, both of which created a meaningful headwind to revenue during the quarter. While these actions reduced revenue, they supported higher full price sell-throughs, growth in AURs and gross margin expansion.

從通路角度來看 Michael Kors 的營收。在自營零售通路，銷售如預期呈現低雙位數下滑。我們可供銷售的折扣庫存約減少 40%，促銷活動約減少 50%，兩者在本季對營收造成顯著逆風。雖然這些措施降低了營收，但有助於提升正價售罄率、提高平均單價（AUR）並擴大毛利率。

As we have previously mentioned, the majority of these actions are now behind us, giving us increased confidence in the trajectory of the business going forward. In our full-price channel, sales decline as we continue to focus on quality of sale. With new product arriving and the impact from our quality of sale initiatives moderating we expect the full price channel to return to growth in the back half of the year.

如我們先前所提，多數相關措施目前已告一段落，讓我們對未來業務走勢更具信心。在正價通路，因我們持續聚焦銷售品質，銷售仍呈下滑。隨著新品到貨，以及銷售品質改善措施的影響趨於緩和，我們預期正價通路將在下半年恢復成長。

In our outlet channel, while revenue declined, trends improved sequentially from the first quarter, and a broader assortment of new styles began arrival, with additional newness planned throughout the season and into the spring, we anticipate further sequential revenue improvement through the back half of the year.

在暢貨中心（outlet）通路，雖然營收下滑，但趨勢較第一季逐步改善；隨著更廣泛的新款式開始到貨，且本季後續及至明年春季仍有更多新品規劃，我們預期下半年營收將持續逐季改善。

In our wholesale channel, revenue declined mid-single digits, exceeding our expectations due in part to a timing shift from the third quarter into the second quarter. At point of sale, we were pleased to once again see positive comparable sales trends with our wholesale partners as consumers responded favorably to our new product introductions.

在批發通路，營收下滑中個位數，部分因出貨時點由第三季移轉至第二季而優於我們預期。在終端銷售（POS）方面，我們很高興再次看到與批發合作夥伴的同店銷售趨勢轉為正向，因消費者對我們新品上市反應良好。

Turning to brand awareness and consumer engagement. We continue to reinforce Michael Kors modern Jet Set Lifestyle position through our brand vision of traveling the world in style, bringing the joy of travel and the discovery of new destinations to our consumers each season.

接著談品牌知名度與消費者互動。我們持續透過「以風格走遍世界」的品牌願景，強化 Michael Kors 現代 Jet Set Lifestyle 的定位，每一季都將旅行的喜悅與探索新目的地的體驗帶給消費者。

For fall, we traveled to London with brand ambassadors, Suki Waterhouse Danny Ramirez and JCT. Set against the city's distinctive energy, the campaign highlights the season's key fashion statements reflecting the blend of polish individuality and the effortless style that defines the Michael Kors aesthetic.

在秋季，我們與品牌大使 Suki Waterhouse、Danny Ramirez 以及 JCT 一同前往倫敦。以這座城市獨特的能量為背景，該行銷活動突顯本季關鍵時尚主張，展現精緻與個性的融合，以及定義 Michael Kors 美學的輕鬆風格。

The campaign introduced New Hero handbag silhouettes, including the Fulton soft a relaxed version of one of our most enduring icons. The campaign also showcased fresh interpretations of Laila and Nolita, as we evolve our iconic styles with compelling new design details. To amplify our brand storytelling, we continue to enhance our social media strategy by strengthening our presence across a broader range of platforms as well as expanding both the scale and reach of our influencer partnerships.

該行銷活動推出全新 Hero 手袋輪廓，包括 Fulton Soft——我們最經典代表作之一的更為柔軟、休閒版本。活動亦展示 Laila 與 Nolita 的全新詮釋，透過引人入勝的新設計細節，持續演進我們的經典款式。為了放大品牌敘事，我們持續強化社群媒體策略，提升在更廣泛平台上的能見度，同時擴大與 KOL／網紅合作的規模與觸及。

During the quarter, we launched a Michael Kors shop on TikTok, creating a seamless path from discovery to purchase on a platform that plays an increasingly important role in how younger consumers engage with fashion. Early performance has exceeded our expectations generating strong engagement and sales while further expanding our reach with a new generation of luxury consumers. Together, these efforts are helping to strengthen Michael Kors relevance while fostering more authentic and meaningful connections with GenZ consumers.

本季期間，我們在 TikTok 上推出 Michael Kors 商店，在這個對年輕消費者與時尚互動方式日益重要的平台上，打造從發現到購買的無縫路徑。初期表現超出我們預期，帶來強勁的互動與銷售，同時進一步擴大我們在新一代奢侈品消費者中的觸及。綜合而言，這些努力正協助提升 Michael Kors 的品牌相關性，並與 Z 世代消費者建立更真實且更有意義的連結。

Additionally, Michael Kors iconic runway shows continue to serve as a powerful halo for the brand reinforcing the House's leadership in fashion luxury. The spring 2027 show held at the Museum of Modern Art's Sculpture Garden in New York attracted a high-profile audience of celebrities and global influencers.

此外，Michael Kors 的經典伸展台大秀持續為品牌帶來強大的光環效應，強化品牌在時尚奢侈領域的領導地位。2027 年春季大秀於紐約現代藝術博物館（MoMA）雕塑花園舉行，吸引眾多名人與全球影響力人士到場。

The event generated significant impressions globally, extending the shows reach well beyond the runway. Collectively, these activities helped drive an 8% year-over-year increase in the Michael Kors global customer database, attracting new and younger consumers and expanding our ability to build deeper, more personalized relationships with consumers around the world.

該活動在全球引發大量關注與曝光，使秀場影響力遠遠超出伸展台。綜合而言，這些活動推動 Michael Kors 全球客戶資料庫年增 8%，吸引更多新客與年輕消費者，並擴大我們在全球與消費者建立更深層、更個人化關係的能力。

Through our analytics capabilities, we are leveraging the strength of our extensive database and AI-driven insights to better understand evolving consumer preferences, deliver more relevant experiences and strengthen engagement across channels.

透過我們的分析能力，我們正運用龐大資料庫的優勢與 AI 驅動的洞察，更深入理解不斷演變的消費者偏好，提供更具相關性的體驗，並強化跨通路的互動參與。

Turning to product. Guided by Michael Kors vision, our strategy is built around delivering on-trend fashion luxury products with standout style while celebrating our brand codes. In accessories, our focus on refreshing iconic franchises with modern design elements continue to gain traction with consumers supporting strong full price sell-throughs and creating meaningful excitement around new product introductions. Hamilton, Laila and Nolita anchored the assortments underscoring the enduring appeal of our iconic science.

接著談產品。在 Michael Kors 願景的引領下，我們的策略聚焦於提供符合潮流的時尚奢華產品與出眾風格，同時彰顯品牌核心識別。在配件方面，我們持續以現代設計元素為經典系列注入新意，並持續獲得消費者青睞，支撐強勁的正價銷售售罄率，並為新品上市帶來顯著話題與熱度。Hamilton、Laila 與 Nolita 作為主力系列，凸顯我們經典設計的持久吸引力。

The launch of the Hamilton soft during the quarter was a standout success, generating strong enthusiasm among consumers globally. It has quickly become one of the brand's best-selling styles with demand exceeding our expectations and our teams are actively chasing inventory to try and meet strong consumer demand.

本季推出的 Hamilton Soft 表現尤為亮眼，在全球消費者間引發高度熱情。它迅速成為品牌最暢銷的款式之一，需求超出我們預期；團隊正積極追補庫存，以期滿足強勁的消費需求。

Turning to footwear. We remain focused on building enduring franchises across both casual and dress categories. We are evolving the assortment with more on-trend styles expanding our casual offerings across categories such as loafers and flats that are resonating with consumers. New introductions, including our Jennings Loafer and Piper Flex Ballet Flat are emerging as top-performing styles. By balancing proven silhouettes with modern newness, we are creating products that resonate with consumers today while laying the foundation for future icons within the category.

接著談鞋履。我們仍專注於在休閒與正裝兩大類別中打造長青系列。我們以更符合潮流的款式持續優化產品組合，並擴大如樂福鞋與平底鞋等類別的休閒供給，這些款式正獲得消費者共鳴。新上市產品，包括 Jennings 樂福鞋與 Piper Flex 芭蕾平底鞋，正成為表現最突出的款式。透過在經典鞋型與現代新意之間取得平衡，我們打造出能與當代消費者產生共鳴的產品，同時為該品類未來的經典之作奠定基礎。

Looking at ready-to-wear, the fall collection brought a modern urban edge to the assortment through elevated denim, on-trend wardrobing essentials and versatile day-to-evening dress. Consumers responded particularly well to our expanded outfitting categories, underscoring the appeal of fashion-forward styles that express Michael's distinctive point of view.

就成衣而言，秋季系列透過高質感丹寧、符合潮流的衣櫥必備單品，以及可從白天延伸至夜晚的多用途洋裝，為產品組合注入現代都會風格。消費者對我們擴充的整體穿搭類別反應尤為熱烈，凸顯能展現 Michael 獨特觀點的前衛時尚風格之吸引力。

Turning to Mets. We are refining our sportswear assortments through a combination of established iconic styles and compelling new fashion introductions. In accessories, we are seeing increased consumer interest in the softer bag silhouettes, which are helping attract a new and younger consumer. As a result, men's sales trends improved sequentially relative to the first quarter.

接著談男裝。我們正透過結合既有經典款式與具吸引力的新時尚上市，持續精進運動休閒產品組合。在配件方面，我們看到消費者對更柔和的包款輪廓興趣提升，這有助於吸引更多新客與年輕消費者。因此，男裝銷售趨勢相較第一季呈現逐季改善。

Now I'd like to review our store renovation plan, a key component of our strategy to revitalize growth. In our new stores, we are creating a warmer, more residential environment that reflects the modern Michael Kors Jet Set lifestyle, and provides an elevated backdrop for our luxury products. Since launching the program, we have renovated 50 stores as we advance toward our goal of renovating 300 stores.

接下來我想回顧我們的門市翻新計畫，這是我們重振成長策略的關鍵組成。在新門市中，我們打造更溫暖、更具居家感的環境，以反映現代 Michael Kors Jet Set 生活風格，並為我們的奢華產品提供更高質感的展示背景。自計畫啟動以來，我們已翻新 50 家門市，並持續朝翻新 300 家門市的目標推進。

As part of this initiative, we continue to expand our Jet Set lounge concept, an immersive retail experience designed to deepen customer engagement and increase store dwell time. Today, we have seven jet set lounges across key flagship locations globally, and we are encouraged by the customer response.

作為此項計畫的一部分，我們持續擴展 Jet Set Lounge 概念，這是一種沉浸式零售體驗，旨在深化顧客互動並延長顧客在店停留時間。目前，我們已在全球主要旗艦據點設置 7 個 Jet Set Lounge，且顧客回饋令人鼓舞。

We believe that our renovation plan will further strengthen brand desirability, deliver an elevated consumer experience and drive higher sales productivity. Early results remain encouraged with renovated locations generating higher traffic and revenues. Overall, we are encouraged by the progress we are making at Michael Kors.

我們相信翻新計畫將進一步提升品牌吸引力，帶來更高端的消費者體驗，並推動更高的銷售生產力。初步成果仍令人振奮，翻新門市帶來更高的人流與營收。整體而言，我們對 Michael Kors 的進展感到鼓舞。

We expect revenue trends to improve sequentially in the third quarter and return to growth in the fourth quarter, driven by new product inductions, strong holiday gift-giving assortments, increased marketing investments, growing contributions for our store renovation program and a moderating impact from our quality of sale initiatives. Looking beyond fiscal '27, we remain excited about the potential for Michael Kors to return to sustainable growth and achieve $4 billion in revenue with operating margins in the low 20% range.

我們預期第三季營收趨勢將逐季改善，並在第四季恢復成長，動能來自新品導入、強勁的假期送禮商品組合、增加的行銷投資、門市翻新計畫貢獻提升，以及我們銷售品質提升措施影響的趨緩。展望 2027 會計年度之後，我們仍對 Michael Kors 重回可持續成長、並達成 40 億美元營收與營業利益率落在 20% 出頭區間的潛力感到振奮。

Now turning to Jimmy Choo. We were pleased with the brand's continued momentum. Second quarter revenue exceeded our expectations, increasing 11.5% over last year as our marketing and product initiatives attracted new and younger consumers while creating additional purchase opportunities for existing clients. In our own retail channels, sales increased mid-single digits, with trends in the Americas up double digits and EMEA increasing high single digits while Asia declined mid-single digits.

接著談 Jimmy Choo。我們對品牌持續的動能感到滿意。第二季營收超出我們預期，較去年成長 11.5%；我們的行銷與產品策略在吸引新客與年輕消費者的同時，也為既有客戶創造更多購買機會。在自營零售通路，銷售成長中個位數；其中美洲地區趨勢為雙位數成長，EMEA 成長高個位數，而亞洲則下滑中個位數。

Turning to wholesale. Revenue grew strong double digits, benefiting from the earlier shipment of fall products this year. Trends at point of sale remained encouraging supported by positive consumer response to our fall assortments, which once again drove double-digit increases in North American department stores.

接著談批發。營收呈現強勁雙位數成長，主要受惠於今年秋季產品較早出貨。終端銷售（POS）趨勢仍令人鼓舞，消費者對秋季商品組合反應正向，再度帶動北美百貨通路的雙位數成長。

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. During the quarter, our marketing strategy focused on expanding the brand's reach, deepening client connections and strengthening cultural relevance. For fall, we celebrated Jimmy Choo's 30th anniversary with two campaigns that reflected the house's distinctive blend of luxury, glamor, craftsmanship and playful spirit.

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 輕鬆迷人的本質，以及品牌所激發的喜悅與自信。本季行銷策略聚焦於擴大品牌觸及、深化客戶連結並強化文化相關性。針對秋季，我們以兩個行銷活動慶祝 Jimmy Choo 30 週年，呈現品牌獨特融合的奢華、魅力、工藝與俏皮精神。

Our fall campaign assertive glamor was set in Milan's historic Palazzo Gallarati and highlighted the artistry behind the collection showcasing statement boots and fresh interpretations of our iconic Cinch and bar handbags. This was followed by the cheese you can't live without a campaign featuring influential fashion personality, Devon Lee Carlson whose distinctive style resonates with a new generation of luxury consumers.

我們的秋季「強勢魅力」主題行銷活動以米蘭歷史建築 Palazzo Gallarati 為場景，凸顯系列背後的工藝美學，展示吸睛長靴以及對經典 Cinch 與 Bar 包款的全新詮釋。隨後推出「The Shoes You Can’t Live Without」行銷活動，邀請具影響力的時尚人物 Devon Lee Carlson 參與，其鮮明風格與新世代奢侈品消費者產生共鳴。

The campaign showcased key styles, including our Bon Bon and the Cinch handbags as well as our iconic Scarlett and Heloise footwear franchises, reinforcing Jimmy Choo's enduring desirability across generations.

該行銷活動展示多款主打風格，包括 Bon Bon 與 Cinch 包款，以及我們經典的 Scarlett 與 Heloise 鞋履系列，強化 Jimmy Choo 跨世代的持久吸引力。

By pairing compelling brand storytelling with influential talent, we are broadening our customer reach, attracting new clients and reinforcing Jimmy Choo relevance with the next generation of luxury consumers. At the same time, we are increasingly leveraging our advanced data analytics and AI insights to deepen consumer engagement and enhance the effectiveness of our marketing.

透過引人入勝的品牌敘事結合具影響力的人才合作，我們正擴大客群觸及、吸引新客，並強化 Jimmy Choo 在下一代奢侈品消費者中的相關性。同時，我們也日益運用先進資料分析與 AI 洞察，以深化消費者互動並提升行銷成效。

Taken together, these initiatives are strengthening brand desirability, expanding our consumer reach and deepening our relationship with consumers through a more personalized engagement which contributed to a 7% year-over-year increase in Jimmy Choo's global consumer database.

綜合而言，這些舉措正提升品牌吸引力、擴大消費者觸及，並透過更個人化的互動深化我們與消費者的關係，進而帶動 Jimmy Choo 全球消費者資料庫年增 7%。

Turning to product. Our strategy remains focused on building Jimmy Choo's accessories business and expanding its casual footwear assortment while reinforcing the house's distinctive luxury position. By extending the house's reach across categories and occasions, we are creating additional revenue opportunities by driving higher purchase frequency among existing consumers and attracting new clients to the brand.

接著談產品。我們的策略仍聚焦於壯大 Jimmy Choo 的配件業務、擴充休閒鞋履產品組合，同時鞏固品牌獨特的奢華定位。透過將品牌觸角延伸至更多品類與使用情境，我們一方面提升既有消費者的購買頻率，另一方面吸引新客加入，從而創造更多營收機會。

We were pleased with the strong consumer response to our fall collection, which reflected Sandra Choi's design vision of reimagining the house's iconic codes through a contemporary lens while remaining true to Jimmy Choo's heritage of glamor and craftsmanship. The collection resonated with consumers across both accessories and footwear.

我們對消費者對秋季系列的強勁反應感到滿意；該系列體現 Sandra Choi 的設計願景：以當代視角重新詮釋品牌經典識別，同時忠於 Jimmy Choo 以魅力與工藝為核心的傳承。該系列在配件與鞋履兩大品類皆獲得消費者共鳴。

During the quarter, accessories increased double digits versus last year. Our iconic Bon Bon and Cinch franchises delivered robust growth while newer franchises, bar and curve continued to gain traction, broadening the reach of the brand.

本季配飾較去年呈現兩位數成長。我們的經典 Bon Bon 與 Cinch 系列帶來強勁成長，而較新的系列（bar 與 curve）也持續獲得市場青睞，進一步擴大品牌觸及範圍。

Turning to footwear. We were pleased with our performance across both casual and dress styles. In casual footwear, we were encouraged by the strong response to versatile silhouettes, such as the Margot Flat and Scarlett Kitten Heel which reflect our focus on expanding the brand's presence across a broader range of occasions.

接著談到鞋履。我們對休閒與正裝兩大風格的整體表現感到滿意。在休閒鞋方面，我們受到市場對多用途鞋型的熱烈回應所鼓舞，例如 Margot 平底鞋與 Scarlett Kitten Heel，這些產品反映我們致力於在更多元的場合中擴大品牌能見度的策略。

Our core dress category also delivered strong growth, driven by continued demand for our iconic styles, such as Azia and Sacora as well as newer styles, including Faiz. The strong performance across the assortment underscored the enduring appeal of Jimmy Choo's signature glamour.

我們的核心正裝品類同樣實現強勁成長，主要受惠於市場對經典款式（如 Azia 與 Sacora）的持續需求，以及包括 Faiz 在內的新款式帶動。整體產品組合的強勢表現，凸顯 Jimmy Choo 標誌性奢華魅力的長久吸引力。

Finally, I would like to take a moment to congratulate Sandra Choi, who will be honored with a special recognition award by the British Fashion Council at the 2026 Fashion Awards in London. This prestigious recognition celebrates Sandra's extraordinary creative leadership over the past 30 years, and her contributions to the broader fashion industry. As Jimmy Choo celebrates its 30th anniversary, this is a particularly meaningful honor and a testament to Sandra's remarkable vision and enduring influence on the brand.

最後，我想花點時間恭賀 Sandra Choi，她將在倫敦舉行的 2026 年時尚大獎（Fashion Awards）上，獲英國時尚協會（British Fashion Council）頒發特別表彰獎。這項崇高的肯定，表揚 Sandra 過去 30 年卓越的創意領導力，以及她對更廣泛時尚產業的貢獻。在 Jimmy Choo 慶祝 30 週年之際，這是一項格外有意義的榮譽，也證明 Sandra 非凡的遠見與對品牌長久的影響力。

Looking ahead, we are increasingly confident in Jimmy Choo's trajectory. Our marketing is attracting new audiences and our product strategies are expanding the brand across categories as well as occasions. We continue to expect Jimmy Choo to return to profitability in fiscal 2027, supported by revenue growth, gross margin expansion and disciplined expense management. Over the long term, we believe the brand can achieve $800 million in revenue and operating margins in the low double-digit range.

展望未來，我們對 Jimmy Choo 的發展軌跡愈發有信心。我們的行銷正在吸引新的受眾，而產品策略也正推動品牌在品類與使用場合上持續擴張。我們仍預期 Jimmy Choo 將於 2027 財年恢復獲利，並由營收成長、毛利率擴張及嚴謹的費用管理所支撐。長期而言，我們相信該品牌可達成 8 億美元營收，並實現低雙位數區間的營業利潤率。

In conclusion, we're encouraged by the progress we are making across Michael Kors and Jimmy Choo. We continue to expect total company revenue to return to growth in the second half of fiscal 2027, supported by exciting new product introductions, increased investments in marketing, and our focus on elevating the consumer experience. The actions we are taking are strengthening our fashion luxury houses and positioning Capri to deliver sustainable growth and create meaningful value for shareholders over time.

總結而言，我們對 Michael Kors 與 Jimmy Choo 各項進展感到鼓舞。我們仍預期公司整體營收將於 2027 財年下半年恢復成長，並由令人振奮的新產品上市、增加行銷投資，以及我們聚焦提升消費者體驗所支持。我們正在採取的行動正強化我們的時尚奢侈品牌組合，並使 Capri 能夠在時間推移中實現可持續成長，為股東創造具意義的價值。

Before turning the call over to Tyler, I would like to thank our approximately 11,000 employees around the world, whose dedication, passion and talent are instrumental to the progress we are making.

在把電話會議交給 Tyler 之前，我想感謝全球約 11,000 名員工；他們的投入、熱情與才華，是我們取得進展的關鍵。

Now Tyler will take you through our second quarter results and guidance in more detail.

接下來 Tyler 將更詳細說明我們第二季的業績與財測指引。

Thank you, John, and good morning, everyone. We are encouraged by the progress we made through the second quarter with trends improving sequentially each month at both Michael Kors and Jimmy Choo. As anticipated, the arrival of new product and improving inventory availability at Michael Kors contributed to stronger performance as the quarter progressed. At Jimmy Choo, momentum continued driven by strength in both footwear and accessories. As a result, we delivered revenue, operating income and earnings per share above our expectations.

謝謝你，John，各位早安。我們對第二季取得的進展感到鼓舞，Michael Kors 與 Jimmy Choo 兩個品牌的趨勢在本季每個月都呈現逐月改善。正如預期，Michael Kors 新產品到貨以及庫存供應改善，帶動本季後段表現轉強。在 Jimmy Choo 方面，鞋履與配飾雙雙強勁，推動動能延續。因此，我們的營收、營業利益與每股盈餘均高於預期。

Looking at our second quarter results in more detail. Total company revenue of $809 million decreased 5.5% on a reported basis and 4.9% in constant currency compared to the prior year. Looking at revenue performance by brand.

更詳細來看第二季業績。公司整體營收為 8.09 億美元，按報告基礎較去年下降 5.5%，按固定匯率計算下降 4.9%。接著按品牌說明營收表現。

Michael Kors revenue of $663 million decreased 8.6% on a reported basis and 8% in constant currency compared to the prior year. Revenue was impacted by inventory delays discussed last quarter, which constrained product availability as well as our actions to reduce markdown inventory by roughly 40% and and promotional days by about 50%.

Michael Kors 營收為 6.63 億美元，按報告基礎較去年下降 8.6%，按固定匯率計算下降 8%。營收受到上季所提及的庫存延遲影響，限制了產品供應；同時，我們將折扣庫存約減少 40%，促銷天數約減少 50% 的措施亦帶來影響。

As inventory constraints eased and new fall product began arriving, trends improved sequentially each month throughout the quarter. Second quarter results also benefited from around $15 million of earlier-than-expected wholesale shipments that shifted from the third quarter into the second quarter.

隨著庫存限制緩解、秋季新品開始到貨，本季各月趨勢逐月改善。第二季業績亦受惠於約 1,500 萬美元的批發出貨早於預期，原本預計在第三季出貨的部分轉移至第二季。

Looking at total Michael Kors revenue by geography. Revenue in the Americas decreased 11%, impacted by inventory delays and our planned reduction in markdown inventory and promotional activity. In EMEA, revenue declined 5% and impacted by the broader effects of the ongoing conflict in the Middle East as well as inventory delays. In Asia, revenue declined 1%, impacted by inventory constraints.

按地區來看 Michael Kors 總營收。美洲地區營收下降 11%，主要受庫存延遲，以及我們計畫性降低折扣庫存與促銷活動所影響。EMEA 地區營收下降 5%，受到中東持續衝突的更廣泛影響以及庫存延遲影響。亞洲地區營收下降 1%，主要受庫存限制影響。

Turning to Jimmy Choo. Revenue of $146 million increased 11.5% on a reported basis and 12.2% in constant currency compared to the prior year. Results benefited from approximately $5 million of wholesale revenue associated with earlier-than-expected shipments, which shifted sales from the third quarter into the second quarter. Looking at total Jimmy Choo revenue by geography, sales increased double digits in the Americas and EMEA, with the Americas up 24% and EMEA up 13%. Sales in Asia declined 7%.

接著談 Jimmy Choo。營收為 1.46 億美元，按報告基礎較去年成長 11.5%，按固定匯率計算成長 12.2%。業績受惠於約 500 萬美元的批發營收，與早於預期的出貨相關，將原本第三季的銷售轉移至第二季。按地區來看 Jimmy Choo 總營收，美洲與 EMEA 均呈兩位數成長，其中美洲成長 24%，EMEA 成長 13%。亞洲地區銷售下降 7%。

Now looking at total company margin performance. Gross margin of 63.3% increased 230 basis points versus last year, driven primarily by higher full price sell-throughs, brand mix and lower tariff rates versus the second quarter of fiscal '26.

接著看公司整體毛利率表現。毛利率為 63.3%，較去年提升 230 個基點，主要由更高的正價銷售占比、品牌組合，以及相較 26 財年第二季更低的關稅稅率所帶動。

By brand, Michael Kors gross margin of 61.5% increased 220 basis points versus last year driven primarily by higher full-price sell-throughs and lower tariff rates, partially offset by greater use of airfreight given the inventory delays. Jimmy Choo gross margin, 71.2% increased 100 basis points versus last year, primarily due to higher full-price sell-throughs.

按品牌來看，Michael Kors 毛利率為 61.5%，較去年提升 220 個基點，主要由更高的正價銷售占比與較低的關稅稅率所帶動，但部分被因庫存延遲而增加空運使用所抵銷。Jimmy Choo 毛利率為 71.2%，較去年提升 100 個基點，主要因正價銷售占比提高。

Total company operating expenses decreased $21 million due primarily to cost savings initiatives and lower variable expenses more than offsetting inflationary cost pressures. As a percentage of revenue, operating expense was 59.5% compared to 58.6% last year, reflecting expense deleverage on lower revenue. Total company operating income of $31 million represented operating margin expansion of 150 basis points year-over-year to 3.8%, driven by higher gross margins. This was ahead of our expectations due to both the timing of wholesale shipments and disciplined expense management.

公司整體營業費用減少 2,100 萬美元，主要因成本節約措施與較低的變動費用，足以抵銷通膨帶來的成本壓力。以營收百分比計，營業費用率為 59.5%，去年為 58.6%，反映在營收較低下的費用去槓桿。公司整體營業利益為 3,100 萬美元，營業利益率年增 150 個基點至 3.8%，主要由較高毛利率帶動。由於批發出貨時點以及嚴謹的費用管理，表現優於我們的預期。

Looking at operating margin by brand, Michael Kors' operating margin of 10.3% was above our expectations and increased 20 basis points compared to last year, with higher gross margins more than offsetting expense deleverage on lower revenue. Jimmy Choo operating margin of 1.4% was above our expectations and increased 830 basis points compared to the prior year, primarily driven by expense leverage on higher revenue and disciplined expense management. Net income was $45 million or $0.42 per diluted share versus a loss per share of $0.03 last year.

按品牌來看營業利益率，Michael Kors 的營業利益率為 10.3%，高於我們預期，且較去年提升 20 個基點；較高毛利率足以抵銷在較低營收下的費用去槓桿。Jimmy Choo 的營業利益率為 1.4%，高於我們預期，且較去年提升 830 個基點，主要由較高營收帶來的費用槓桿效益與嚴謹的費用管理所驅動。淨利為 4,500 萬美元，或稀釋後每股盈餘 0.42 美元；去年則為每股虧損 0.03 美元。

Now turning to our balance sheet and cash flows. Our balance sheet remains strong. We ended the second quarter with cash of $125 million and debt of $461 million, resulting in net debt of $336 million, down from $1.6 billion last year. During the quarter, we remained committed to returning capital to shareholders, repurchasing $150 million worth of shares. We repurchased 10.3 million shares in the quarter, reducing our share count by approximately 9%.

接著談資產負債表與現金流。我們的資產負債表仍然穩健。第二季期末現金為 1.25 億美元，負債為 4.61 億美元，淨負債為 3.36 億美元，較去年 16 億美元下降。本季我們持續致力於回饋股東，回購價值 1.5 億美元的股份。本季回購 1,030 萬股，使我們的流通股數約減少 9%。

As of September 26, 2026, we had $721 million of availability remaining under our share repurchase authorization. Inventory at quarter end was $712 million, a 7% decline year-over-year, in line with our expectations. We continue to expect inventory to build throughout the back half of the year to support our anticipated revenue growth.

截至2026年9月26日，我們在股票回購授權項下仍有7.21億美元的可用額度。季末庫存為7.12億美元，較去年同期下降7%，符合我們的預期。我們仍預期為支撐下半年預計的營收成長，庫存將在今年下半年逐步增加。

Turning to guidance. Based on our second quarter results and our expectations for the balance of the year, we now anticipate fiscal 2027 revenue of approximately $3.42 billion despite increasing foreign currency headwinds.

接著談指引。基於我們第二季的業績以及對今年剩餘期間的預期，儘管外匯逆風加劇，我們目前預期2027會計年度營收約為34.2億美元。

By brand, we now anticipate Michael Kors revenue of $2.77 billion. We expect revenue trends to improve sequentially in the third quarter and returned to growth in the fourth quarter, driven by new product introductions strong holiday gift-giving assortments, increased marketing investments, growing contributions from our store renovation program and a moderating impact from our quality of sales initiatives.

按品牌來看，我們目前預期 Michael Kors 營收為27.7億美元。我們預期第三季營收趨勢將逐季改善，並在第四季恢復成長，主要受新產品上市、強勁的假期送禮商品組合、增加行銷投資、門市翻新計畫貢獻提升，以及銷售品質提升措施影響趨於緩和所帶動。

At Jimmy Choo, we now anticipate revenue of $650 million, reflecting the momentum we are seeing across the brand. For the year, we continue to anticipate gross margin of approximately 64% compared to 62.3% last year. Operating expenses are still expected to be approximately $2 billion.

在 Jimmy Choo 方面，我們目前預期營收為6.5億美元，反映我們在該品牌各面向所看到的動能。就全年而言，我們仍預期毛利率約為64%，相較去年為62.3%。營業費用仍預期約為20億美元。

Accordingly, we now expect full year operating income to be approximately $175 million a 50% increase over last year. By brand, we continue to 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.

因此，我們目前預期全年營業利益約為1.75億美元，較去年成長50%。按品牌來看，我們仍預期 Michael Kors 的營業利益率落在低雙位數區間，而 Jimmy Choo 將恢復獲利，營業利益率落在低個位數區間。

Turning to certain nonoperating items. We expect net interest and other income of approximately $100 million and an effective tax rate in the low teens range with fluctuations in quarterly tax rates due to our valuation allowance position.

接著談若干非營業項目。我們預期淨利息及其他收益約為1億美元；由於我們的估值備抵（valuation allowance）部位，季度稅率可能波動，但有效稅率預期落在十幾%的低段。

We now anticipate weighted average shares outstanding of approximately $108 million, reflecting share repurchases of $300 million during fiscal 2027, a $100 million increase versus prior guidance. This increase underscores our confidence in future growth and value creation, while also reflecting our commitment to returning capital to shareholders. Based on these assumptions, we expect to generate diluted earnings per share of $2.20, representing 45% growth over the prior year.

我們目前預期加權平均流通在外股數約為1.08億股，反映2027會計年度期間將回購3億美元股票，較先前指引增加1億美元。此一增加凸顯我們對未來成長與價值創造的信心，同時也反映我們致力於回饋股東的承諾。基於上述假設，我們預期稀釋後每股盈餘為2.20美元，較前一年成長45%。

Turning to third quarter items, we expect total company revenue of just over $1 billion. This outlook includes the impact of the $20 million of wholesale shipments that shifted from the third quarter into the second quarter as well as greater foreign currency headwinds. By brand, we anticipate Michael Kors revenue of $830 million and Jimmy Choo revenue of $175 million. We expect third quarter operating income of approximately $90 million.

接著談第三季相關項目，我們預期公司整體營收略高於10億美元。此展望包含約2,000萬美元的批發出貨由第三季轉移至第二季的影響，以及更大的外匯逆風。按品牌來看，我們預期 Michael Kors 營收為8.30億美元，Jimmy Choo 營收為1.75億美元。我們預期第三季營業利益約為9,000萬美元。

In terms of operating margin by brand, we anticipate Michael Kors operating margin in the mid-teens percent range and Jimmy Choo operating margin in the low to mid-single-digit percent range. Looking at certain nonoperating items. We expect third quarter net interest and other income of approximately $25 million. We anticipate an effective tax rate in the mid-teens range and weighted average shares outstanding of 103 million. As a result, we expect to generate diluted earnings per share of $0.95.

就各品牌營業利益率而言，我們預期 Michael Kors 的營業利益率落在十幾%的中段，而 Jimmy Choo 的營業利益率落在低至中個位數百分比區間。再看若干非營業項目。我們預期第三季淨利息及其他收益約為2,500萬美元。我們預期有效稅率落在十幾%的中段，加權平均流通在外股數為1.03億股。因此，我們預期稀釋後每股盈餘為0.95美元。

In closing, our second quarter results exceeded our expectations, and our increased outlook reflects the confidence we have in the trajectory of the business. We are encouraged by the consumer response to our new product introductions and the progress we are seeing across both Michael Kors and Jimmy Choo.

最後，我們第二季業績優於預期，而我們上調的展望反映我們對業務發展軌跡的信心。我們對消費者對新產品上市的反應，以及 Michael Kors 與 Jimmy Choo 兩個品牌所展現的進展感到鼓舞。

Looking ahead, we remain focused on executing our strategic initiatives strengthening our luxury houses and positioning Capri to deliver sustainable growth and value creation for our shareholders.

展望未來，我們仍將專注於執行策略性計畫，強化我們的奢侈品牌組合，並使 Capri 具備為股東帶來可持續成長與價值創造的定位。

Now we will open up the line for questions.

現在我們將開放提問。

(Operator Instructions)

（接線員指示）

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通。

Nice to see the improvement. So John, at Michael Kors, could you speak to the drivers of sequential month-over-month improvement that you saw in the quarter and elaborate on exit rate trends in September and October that support your confidence for positive revenue growth in the back half, while continuing to pull back on the level of promotions.

很高興看到改善。所以 John，就 Michael Kors 而言，你能否談談本季你們看到的逐月（month-over-month）連續改善的驅動因素，並進一步說明9月與10月的退出率（exit rate）趨勢，這些趨勢如何支撐你對下半年營收正成長的信心，同時仍持續降低促銷力度？

Thank you, Matt, and good morning, and good morning to everybody on the call that we were very pleased to see how the Michael Kors business had month-over-month sequential revenue improvement during the quarter. There was a number of things that happened for us. First, we continue to flow exciting new fashion on-trend product. The teams, the design teams, led by Michael, are starting to very significantly hit trends in the marketplace and you're seeing that in both accessories. And now we're starting to see that in footwear as well.

謝謝你，Matt，早安，也向所有參與電話會議的各位道早安。我們非常高興看到 Michael Kors 業務在本季呈現逐月的連續營收改善。我們有幾件事情同時發生。首先，我們持續推出令人興奮、符合潮流的新時尚產品。由 Michael 領導的設計團隊，開始非常顯著地掌握市場趨勢，你們在配件品類已經看到了。而現在我們也開始在鞋履品類看到同樣的情況。

And as you've heard me say in some of the previous calls, footwear has been a drag for us. And now with the Jennings Loafer that I talked about in my prepared remarks, the Piper sale, these things are starting to show very strong full-price sell-throughs. We saw sell-throughs on things like soft Hamilton. We haven't seen that for, I don't know, five- or six years.

正如你們在我之前幾次電話會議中聽我提到的，鞋履一直是我們的拖累。但現在，像我在事先準備的發言中提到的 Jennings 樂福鞋、Piper 銷售等，這些產品開始展現非常強勁的正價售罄率（full-price sell-through）。我們也看到像 soft Hamilton 這類產品的售罄表現。我不知道，我們大概有五、六年沒看到這樣的情況了。

And as Tyler mentioned as well, we are literally chasing inventory on certain products in both accessories and now some in footwear. So we feel great that the consumer is really engaging with our storytelling they are loving our new product introductions. And we're seeing, by far, the best kind of trend for us for newer and younger customers.

另外，如 Tyler 也提到的，我們確實正在針對某些配件產品、以及現在部分鞋履產品追補庫存（chasing inventory）。因此我們感覺非常好，因為消費者確實在與我們的品牌敘事互動，他們很喜歡我們的新產品上市。而且我們看到，對我們而言，新增與更年輕客群的趨勢是迄今最好的。

I might also add that we saw, during the quarter, search for Michael Kors handbags really significantly increase. Again, we haven't seen this in quite some time. So all the indicators are showing that these are more than just green shoots. In certain cases, they're turning into a significant volume opportunity. So everything I talked to you about there was really on the full price channel in the outlet channel. As you know, we started introduced a few new sales there.

我也想補充，本季我們看到對 Michael Kors 手袋的搜尋量顯著增加。同樣地，我們已經有一段時間沒看到這種情況。因此所有指標都顯示，這不只是些許回溫的跡象。在某些情況下，它們正轉化為相當可觀的量能機會。所以我剛才跟你談到的內容主要是在正價通路；在 outlet 通路方面，如你所知，我們開始在那裡導入一些新的銷售（sales）。

Our new Sammy silhouette in particular, has started out to become one of the best-selling styles in that channel or groups in that channel. This is what we were hoping for, and we're seeing the results of that. And as we progress through the quarter, we said we'd get to about 75% in this quarter of new product in the outlet channel, we're well on our way to do that.

尤其是我們新的 Sammy 輪廓（silhouette）款式，一開始就成為該通路中最暢銷的款式之一，或是該通路中最暢銷的系列之一。這正是我們所期待的，而我們也看到了相應成果。並且隨著本季推進，我們曾說過本季 outlet 通路的新產品占比將達到約75%，我們正穩步朝此目標前進。

And what's also exciting, we did all that with our markdown and promotional strategy down by 50%. I want to reemphasize that again 50%. That is a very, very big pullback. And we're proud of what the teams have done inside of our stores and our department store partners are also embracing this strategy to sell more Michael Kors at full price that's driving higher AURs. We can see that right across the globe. And so we're seeing this whole strategy of really giving great value to the customer kind of play through.

同樣令人振奮的是，我們在做到這些的同時，折扣與促銷策略降低了50%。我想再次強調：50%。這是非常、非常大幅度的收縮。我們為團隊在自有門市內所做的努力感到自豪，而我們的百貨合作夥伴也正在擁抱這項策略，以更多正價銷售 Michael Kors，進而推動更高的平均單價（AUR）。我們在全球各地都能看到這一點。因此，我們看到這整套「真正為顧客提供高價值」的策略正在逐步發揮效果。

And then the last thing, another very big headwind, as you know, we had 40% less markdown inventory which when the customer went to look for things at certain prices, it just wasn't there. And that's not an easy thing to go through. But we've made a decision. We're sticking to it, and we're really seeing the results of that. So the inventories in our third quarter and fourth quarter are going to be in a much different complexion than they were at this time last year. which will be much healthier.

然後最後一點，另一個非常大的逆風，如你所知，我們的折扣（markdown）庫存少了 40%，當顧客想以特定價格找商品時，貨就是不在那裡。而這並不是一件容易熬過去的事。但我們已經做了決定。我們會堅持下去，而且我們確實看到了這麼做的成果。因此，我們第三季和第四季的庫存狀況，將會與去年此時呈現非常不同的面貌。這會健康得多。

And then the last thing I just want to end on is we did hold this up against the backdrop of having $50 million less than we had planned. In terms of inventory, I think our sales would have been much better had we had that inventory.

最後我想用一點作結：在我們原本計畫的基礎上，實際上我們少了 5,000 萬美元的資源來支撐這一切。就庫存而言，我認為如果我們有那批庫存，我們的銷售表現會好得多。

As you know, we've been experiencing certain delays in Michael Kors from Asia on our transportation that's getting better. And we've also supplemented that with air shipment, et cetera, to help us have that inventory here, especially for the holiday season.

如你所知，我們在 Michael Kors 從亞洲運輸方面一直遇到一些延誤，情況正在改善。我們也透過空運等方式加以補充，幫助我們把庫存運到這裡，特別是為了假期旺季。

And again, our confidence is really based around that as to how we look at Q3 for us. We think we're set up really in a great way with all the new product flowing and also some incredible holiday gift programs and some fun things to excite the customer with. So thank you very much for your question, Matt, and have a great holiday season.

再說一次，我們的信心主要就是建立在這些因素之上，這也影響我們如何看待第三季。我們認為，隨著所有新品持續到貨，再加上一些很棒的節慶送禮方案，以及一些能讓顧客感到興奮的有趣活動，我們的布局非常到位。所以非常感謝你的提問，Matt，祝你有個美好的假期旺季。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

John, I was hoping we could dig a little bit deeper into the trends that you're specifically seeing at Michael Kors Americas outlet, was the sequential improvement that you saw in the quarter and quarter-to-date something that you also saw in outlet as that new product was flowing? And what are your latest thoughts on getting Michael Kors America's outlet back to consistently positive comp growth in that channel.

John，我希望我們能更深入探討一下你在 Michael Kors 美洲區 outlet（暢貨中心）所看到的趨勢：本季以及季初至今你看到的環比改善，是否也同樣出現在 outlet，因為新品正在持續到貨？另外，你對於如何讓 Michael Kors 美洲區 outlet 通路回到穩定的同店成長（comp growth）為正，你最新的想法是什麼？

And finally, one question on the Hamilton slouch. Saw that, that was just restocked. It's great to see. How quickly can you chase into some of these products that are working that are outperforming your expectations?

最後一個問題關於 Hamilton slouch。我看到它剛補貨。很高興看到這點。對於這些表現良好、超出你們預期的產品，你們能多快追加（chase）供貨？

Brooke, I might add that, first off, Jimmy Choo had an outstanding quarter. And this is a second quarter of a row for Jimmy Choo of double-digit growth, which is really quite extraordinary. And interestingly, we saw the similar -- we saw the quarter accelerate as we went through. And so pretty much we're seeing the same thing at Michael Kors and at Jimmy Choo. So that's really what we think is a great trend for us to see happen as we head into the all-important holiday season.

Brooke，我補充一下：首先，Jimmy Choo 本季表現非常出色。而且這已經是 Jimmy Choo 連續第二季達到雙位數成長，確實相當非凡。有趣的是，我們看到本季隨著時間推進呈現加速。因此基本上，我們在 Michael Kors 和 Jimmy Choo 都看到了同樣的情況。這正是我們認為非常好的趨勢，尤其在進入至關重要的假期旺季之前。

In terms of Michael Kors outlet, interestingly enough, we actually saw a slightly stronger acceleration in the outlet stores. And I think we said if we didn't -- we saw acceleration in revenue throughout the quarter, traffic throughout the quarter and then this search through the quarter. So all three of those indicators were quite strong. And probably not surprisingly, in the outlet side, we were receiving a much bigger percentage of news there versus our full price, and that was something that we had been waiting for.

就 Michael Kors outlet 而言，有趣的是，我們其實在 outlet 門市看到略為更強的加速。我想我們也提過：如果我們沒有——我們在整個季度中看到營收加速、客流加速，然後這個「search」在整個季度也在加速。所以這三個指標都相當強勁。而且可能不令人意外的是，在 outlet 端，我們收到的新品占比相對於正價通路高得多，這也是我們一直在等待的。

I would also add that in the full price business, that is where we have the greatest percentage of decline in markdown inventory, which we knew was going to have this impact on revenues during the quarter. I think I had said that not only in first quarter commentary, but I mentioned in the fourth quarter that we were going to take this very big pullback on markdowns in our -- kind of our big summer clearance sale. So again, I think we're seeing the right trajectory heading into the fall season.

我也要補充，在正價業務中，我們的折扣（markdown）庫存下降幅度最大；我們知道這會在本季對營收造成影響。我想我不只在第一季的評論中說過，在第四季時我也提到，我們會在——算是我們大型夏季清倉活動中——大幅縮減折扣。所以再一次，我認為我們正朝著正確的軌跡前進，迎向秋季。

As it relates to Hamilton, Brooke, I wish I could sit here and tell you how quickly we can get back into these things. The sell-throughs, I would say, surprised us. And by the way, those sell-throughs are actually an A for us first, and then it just kind of rippled right across the globe. And so we're moving as fast as we possibly can.

至於 Hamilton，Brooke，我真希望我能在這裡告訴你我們能多快把這些商品補回來。我會說，銷售售罄率（sell-through）讓我們感到意外。順帶一提，這些售罄表現其實是先在美洲（Americas）出現，然後就像漣漪一樣擴散到全球。因此我們正以最快速度推進。

I'm sure you're going to see some outs on a number of things as we go through the holiday season because the product isn't really highly desirable. And what's also really exciting about Hamilton Soft in particular, is the influencer community is driving a lot of this interest if you go online and follow some of the influencers, they're just organically talking about this product.

我確定在假期旺季期間，你會看到不少商品出現缺貨（outs），因為產品真的非常受歡迎。而且特別令人振奮的是 Hamilton Soft：如果你上網追蹤一些網紅（influencers），你會看到網紅社群正在推動大量興趣，他們是很自然地在談論這個產品。

And we're starting to see this undertone that Michael Kors is back. Have you seen Michael Kors look at this product, and that's all being naturally driven. On top of that, I think you can see in our storytelling, one of the things that we've really looked at very carefully is our handbag business and accessories business. And we're putting an even greater priority on that above and beyond some of our other categories in the company. We know there's market share to be regained and taken.

我們也開始看到一種潛在的聲量：Michael Kors 回來了。「你看過 Michael Kors 了嗎？看看這個產品」——這些都是自然發酵帶動的。此外，我想你也能從我們的品牌敘事（storytelling）中看到：我們非常仔細地檢視了手袋業務與配件業務。相較於公司內其他一些品類，我們正把更高的優先順序放在這上面。我們知道有市占可以重新奪回並進一步取得。

As you know, the industry, and in particular, some of the other luxury European luxury brands are having a bit of a struggle right now. And we actually think this is a super time for us. to be able to resonate with consumers or being a bit more choiceful. And we can see that with some other brands around the world who are enjoying the fruits of that success. So we think the timing is right for us. The product is getting -- not exactly where we want it to be, but pretty close storytelling is in good shape.

如你所知，整個產業，特別是一些其他歐洲奢侈品牌，現在正面臨一些挑戰。而我們其實認為，這對我們來說是非常好的時機。因為消費者變得更謹慎、更會做選擇，我們更能與他們產生共鳴。我們也看到全球其他一些品牌正在享受這種成功所帶來的成果。所以我們認為時機對我們很有利。產品表現——還沒完全到我們想要的程度，但已經很接近了；品牌敘事也在良好狀態。

And then, of course, the last thing I just have to talk about is our store program. We're really thrilled with the results. We have approximately 50 stores that we've completed in our renovation so far. We've got about another 25 or so to go this year to complete on our renovations. And I'm excited to say to you that next year, we're going to open between 50- and 75 brand-new stores.

然後，當然，最後我必須談的是我們的門市計畫。我們對成果感到非常振奮。到目前為止，我們大約已完成 50 間門市的翻新。今年我們大概還有另外約 25 間要完成翻新。我也很興奮地告訴你，明年我們將新開 50 到 75 間全新門市。

I mentioned to you previously that we are starting to get confidence given especially the renovations and the results we're seeing with higher traffic and higher revenues. And so we will be opening new Michael Kors freestanding stores that we've actually opened a few this year. And that's an exciting growth opportunity for us as we look out to fiscal year '28. Thank you, Brooke.

我之前也提過，特別是考量翻新以及我們看到的成果——更高的客流與更高的營收——我們開始建立信心。因此我們將開設新的 Michael Kors 獨立店（freestanding stores），其實今年我們已經開了幾間。當我們展望 2028 財年時，這對我們而言是一個令人振奮的成長機會。謝謝你，Brooke。

Simeon Siegel, Guggenheim Partners.

Simeon Siegel，Guggenheim Partners。

John, just recognizing the ongoing proven quality of sales you're talking about and that we can see judo you have a view on what the right size for Michael Kors wholesale should be and just recognizing the point-of-sale comments how you're thinking about when the sell-in when we -- the order of magnitude we should think about as the selling improves?

John，我只是想呼應你提到、且我們也看得到的銷售品質持續且已被證實的改善；你是否對 Michael Kors 批發業務的適當規模有看法？另外，考量到你對終端銷售（point-of-sale）的評論，隨著銷售改善，我們在 sell-in（進貨/出貨給通路）的時點與量級上，應該如何思考？

And then just Tyler, the gross margin was great to see. How are you thinking about the specific drivers for the gross margin for the back half? And then how should we think about that longer term?

另外 Tyler，毛利率表現很高興看到。你如何看待下半年毛利率的具體驅動因素？以及更長期我們又該如何看待？

Simeon, the wholesale business is -- as you know, if we go back six-, nine months ago, the wholesale business was trailing the full-price business really in North America and Europe. And in some ways, it's not only caught up to it.

Simeon，批發業務——如你所知，如果回到六、九個月前，批發業務在北美與歐洲其實是落後於正價業務的。而在某些方面，它不僅已經追上了。

Some places, it's actually ahead of it quite interesting, and we're seeing this not only in North America, but we're seeing it in Europe, in particular in Europe where some of the -- again, the luxury brands that we sit on the same floors with are starting to see some difficult sales results and consumers are doing the Michael Kors product.

在某些地區，它其實還領先了，這相當有意思；而且我們看到的不僅是在北美，也在歐洲——特別是在歐洲——一些（同樣與我們在同一樓層的）奢侈品牌開始出現較為艱難的銷售結果，而消費者轉而購買 Michael Kors 的產品。

And by the way, I want to add the Jimmy Choo product, which, as you know, Jimmy Choo is now on its second or third consecutive quarter of double-digit increase in accessories. So the wholesale channel for us, we believe, is going to return to growth next year with a very healthy growth. Our partners are excited about us.

順帶一提，我也想補充 Jimmy Choo 的產品；如你所知，Jimmy Choo 的配件品類目前已連續第二或第三個季度維持雙位數成長。因此，我們認為批發通路明年將恢復成長，而且會是非常健康的成長。我們的合作夥伴對我們感到興奮。

We're opening approximately 100 shop-in-shops that were in construction. Some of that will get completed this year, some of that will get completed next year. And the new shopping shops that are going in, not only look beautiful, but the results are great. and we're pushing that quite hard.

我們正在開設約 100 個店中店（shop-in-shops），目前都在施工中。其中一部分會在今年完工，另一部分會在明年完工。而新進駐的店中店不僅外觀漂亮，成效也非常好。我們也在大力推進這件事。

Also interesting, we haven't talked about it in a long time, but our international airport and duty-free business is also starting to grow. Again, we've got strong interest from our partners who want to open up new Michael Kors locations and renovate the existing ones. And that's a very strong business for us that we think could also add to our wholesale development.

另外也很有意思的是，我們已經很久沒提到，但我們的國際機場與免稅業務也開始成長。同樣地，我們的合作夥伴興趣很高，想要開設新的 Michael Kors 據點並翻新既有門店。這對我們而言是一項非常強勁的業務，我們認為也能為批發業務的發展增添動能。

So I think all indicators are pointing in that direction. And I would say, Simeon, for whether it's Michael Kors or Jimmy Choo, somewhere in the 20% range, 25% range. That's typically what you think of for a wholesale business. Again, it just depends on the health of the partners and where that stands around the world.

所以我認為所有指標都朝這個方向發展。而我會說，Simeon，不論是 Michael Kors 或 Jimmy Choo，大約在 20% 到 25% 的區間。這通常是你對批發業務的想像。當然，仍取決於合作夥伴的健康狀況，以及其在全球各地的情況。

As you probably know, there's been quite a bit of consolidation in the wholesale world in terms of certain stores in Europe, not being here any longer are struggling, et cetera, and then certain players in the duty-free business that have, again, either going on business or are struggling. And I think we're starting to see that all stabilize now. And so we're quite hopeful about the development of the wholesale business on a go-forward basis.

如你可能知道的，批發市場近來出現不少整併，例如歐洲某些門店不再存在或經營困難等等；以及免稅業務中的某些業者同樣——要嘛已停業，要嘛在掙扎。而我認為我們現在開始看到這些情況趨於穩定。因此，對於未來批發業務的發展，我們相當樂觀。

I'll jump in on the second part of the question. So in terms of gross margin for the second half, we are expecting that we'll see a bit of a pullback in the expansion year-over-year relative to the first half. But we are going to ultimately see significant expansion in gross margin in the second half as well, primarily driven by higher full price sell-throughs that are helping us with -- and higher AURs at both Michael Kors and Jimmy Choo.

我來回答問題的第二部分。就下半年毛利率而言，我們預期相較於上半年，年對年的擴張幅度會稍微回落一些。但下半年我們最終仍將看到毛利率顯著擴張，主要由更高的正價售罄率（full price sell-through）所驅動，這也在 Michael Kors 與 Jimmy Choo 兩個品牌上帶動——以及更高的平均單價（AUR）。

There are some headwinds, though, that are pulling back that growth relative to the first half, first of which were anniversarying some of the benefits of the quality of sales initiatives as we look at the back half of the year. We also are expecting that second half tariff rates on average will be a bit higher than they were in the first half as we saw -- as we've seen tariffs kind of kick in.

不過也有一些逆風，使得相較上半年，成長動能有所回落；第一是，當我們看下半年時，會進入（去年）銷售品質改善措施帶來的部分效益的比較基期（anniversarying）。另外，我們也預期下半年平均關稅稅率會比上半年略高，因為我們看到——關稅已開始逐步生效。

And the other thing is that we also are -- will be anniversarying the tariff refund in the fourth quarter of 2026. So net-net, our gross margin expansion is expected to be slightly less in the second half, and that's reflected in our guidance. But we continue to expect gross margin expansion consistent with our strategy, increasing full price sell-throughs as well as AURs.

還有一點是，我們也將在 2026 年第四季進入關稅退稅（tariff refund）的比較基期。因此整體而言，我們預期下半年毛利率擴張會略低一些，這也已反映在我們的指引中。但我們仍預期毛利率擴張將與我們的策略一致，也就是提升正價售罄率以及平均單價（AUR）。

(Operator Instructions)

（接線員指示）

Adrienne Yih, Barclays.

Adrienne Yih，Barclays。

It is really nice to see the gross margin inflection. You could absolutely see it first new stores and then kind of a little bit later on the last four- to five weeks happening clearly in the outlet. So congrats there. John, can you talk higher level, there is a fashion shift, and I know you see this globally. There's a fashion on the landscape, apparel, footwear is getting more stylized, it's becoming more formalized.

看到毛利率出現轉折真的很令人欣慰。你們在新店先看到，然後在最近四到五週也很明顯地在 outlet（暢貨中心/折扣店）端發生。所以恭喜。John，你能否從更高層次談談：目前有一個時尚趨勢的轉變，我知道你們在全球都看得到。整體時尚版圖上，服裝、鞋履變得更有造型感，也更趨正式化。

This has historically boded well for kind of accessories in general. And the industry people that we talk to think that this is only building into next year and that we're calling on the verge of sort of a breakout moment to more mass adoption.

從歷史上看，這通常對配件品類整體是利多。而我們接觸的產業人士認為，這股趨勢只會延續到明年，並且我們正處於某種「突破時刻」的邊緣，將走向更大眾化的採用。

So wondering your thoughts on that and how it impacts both the accessories at both brands? And then secondly, with regard to the reengagement of the customer, are these cohorts largely new customers? Can you give us some color on age demo or are they reactivated lapsed customers or a combination of both?

想請教你對此的看法，以及它如何影響兩個品牌的配件業務？第二，關於客戶重新互動（reengagement），這些族群主要是新客嗎？你能否提供一些年齡結構等輪廓資訊？他們是被重新喚回的流失客（lapsed customers），還是兩者的組合？

Thank you, Adrienne. Adrienne, yes, we are definitely seeing the fashion wins shift. And I might add that this is good for Jimmy Choo and for Michael Kors. As you know, we've always been a bit more I'll say, slightly dressed up. We've been a slightly more glamorous both of our companies and we think the wins are going in our favor.

謝謝你，Adrienne。Adrienne，是的，我們確實看到時尚風向正在轉變。我也想補充，這對 Jimmy Choo 與 Michael Kors 都是好事。如你所知，我們一向比較——我會說——稍微更偏正式一些。我們兩個品牌都更帶點華麗感，而我們認為這股風向正朝對我們有利的方向發展。

I think you've seen -- we'll start with Jimmy Choo. Jimmy Choo, we had a strategy to, number one, grow our accessories business. We're well on the way for that. We have four platforms now that all are growing significantly. And so we're super excited about that. And we are actually growing market share in the luxury handbag business. We can see it. We know it. We see how consumers are responding to us. So that could be an even bigger opportunity then we probably have even sized our goals. So more to come on that.

我想你已經看到——先從 Jimmy Choo 談起。Jimmy Choo 的策略之一是，第一，擴大我們的配件業務。我們在這方面進展順利。我們現在有四個平台都在顯著成長。因此我們對此非常興奮。而且我們其實正在奢侈手袋市場提升市占率。我們看得到。我們很清楚。我們看到消費者對我們的反應。所以這可能會是比我們原先設定目標規模更大的機會。後續還會有更多分享。

Again, quite exciting. We're starting to open shop-in-shops in department stores with Jimmy Choo. Many of those are concession shops that we run. And that puts us on par with obviously all the best luxury players in the world. So super excited about that.

再次強調，真的相當令人振奮。我們正開始與 Jimmy Choo 在百貨公司開設店中店（shop-in-shops）。其中許多是由我們營運的專櫃店。這讓我們在定位上可與全球所有頂尖奢侈品牌玩家並駕齊驅。所以對此非常、非常興奮。

Second thing at Jimmy Choo is really our casual footwear business, which we're starting to get the great traction on that, and we talked about that in our prepared remarks. But what's really also happening simultaneously is our dress footwear business is back. And this, Adrienne, to your point, is people are getting a little more dressed up.

Jimmy Choo 的第二件事其實是我們的休閒鞋履業務；我們開始在這方面取得很好的動能，我們也在事先準備的發言中談到過。但同時真正也在發生的是，我們的正裝鞋履業務回來了。而這點，Adrienne，呼應你剛才的觀察，就是大家開始穿得更正式一些。

Also, there's another change leg with pants, et cetera, are getting slightly skinnier. There's a return to some level of a version of glamour and sexy and that type of -- with styling. And so that's going to bode really, really well for Jimmy Choo. And now that we've got a foundation in some of these more casual platforms we're there for that other platform. We've always been there.

另外，還有一個變化是褲裝等單品的版型正變得稍微更窄身。某種程度上，帶有魅力、性感、以及那類造型風格的回歸正在發生。因此這將非常、非常有利於 Jimmy Choo。而且既然我們已在一些較休閒的平台上打下基礎，我們也已準備好迎接另一個平台的需求。我們一直都在那裡。

And in terms of Michael Kors, we see the same thing happening. One of the things that really has impacted the Michael Kors footwear business was our sneaker business which used to account for some 30% to 35% of our business. That will go down to probably closer to 20% to 25% of our business.

至於 Michael Kors，我們也看到同樣的情況正在發生。真正影響 Michael Kors 鞋履業務的一個因素，是我們的運動鞋（sneaker）業務；過去它約占我們業務的 30% 到 35%。這個占比可能會下降到更接近 20% 到 25%。

And so we're making that up with more dress and not just casual, but also breath, which is something we historically have had a big positioning in. And I think some of our competitive brands don't have that same positioning that we have to be able to flex to that trend part of the business. So really excited about -- if it continues this way, this could be a tailwind for both Jimmy Choo and Michael Kors.

因此我們會以更多正裝鞋來補上，不只是休閒，還包括「breath」（我們歷來在這方面有很強的定位）。我認為一些競品品牌並沒有我們這樣的定位，因此無法像我們一樣靈活切換以掌握這股趨勢型需求。所以我們對此非常興奮——如果趨勢持續，這可能會同時成為 Jimmy Choo 與 Michael Kors 的順風（tailwind）。

And then lastly, on the customer. We're seeing -- again, it's very similar Jimmy Choo and Michael Kors, we're attracting new younger customers. They're not all Gen-Z, they're millennials and younger millennials and and they're definitely engaging with the brand. And I would say at Michael Kors, in particular, the Gen Z consumers, they almost didn't know who we were. So we're in kind of an interesting spot where, on the one hand, we need more. We need to educate them more.

最後談談客群。我們看到——同樣地，Jimmy Choo 與 Michael Kors 都很類似——我們正在吸引新的、更年輕的顧客。他們不全是 Z 世代，也包括千禧世代與更年輕的千禧世代，而且他們確實在與品牌互動。我會說，特別是在 Michael Kors，Z 世代消費者幾乎不知道我們是誰。所以我們處在一個有趣的位置：一方面，我們需要更多——我們需要更多地教育他們。

One of the exciting things we did during the quarter was to open the TikTok shop. This is going much more business I would say almost 4 times from what we had originally anticipated. That's exciting. That's new. That's young, that's Gen Z. And also, we're seeing it on some other platforms that we've engaging with as well.

本季我們做的一件令人振奮的事，是開設 TikTok 商店。我會說這帶來的業務量幾乎是我們原先預期的 4 倍。這很令人興奮。這是新的。這很年輕、是 Z 世代。同時，我們也在其他一些我們正在經營互動的平台上看到類似情況。

So it's starting to come with those consumers, and they're starting to now understand the brand story of what Michael Kors is. It's the Jet Set traveling the world in style, your style experiencing the way that you want to experience it. And so that storytelling is resonating, and we're excited about what that means for us for the future. So thank you, Adrienne.

因此，這些消費者開始進來了，也開始理解 Michael Kors 的品牌故事是什麼。那就是 Jet Set——以風格環遊世界，以你想要的方式去體驗你的風格。因此這樣的敘事正在引起共鳴，我們也對這對未來意味著什麼感到興奮。所以謝謝你，Adrienne。

That's great. And let pass our congrats on to Sandra, please.

太好了。也請代我們向 Sandra 表達恭喜。

We will. We will. She deserves it. Of course, she got her OBEs, well, we don't want to forget about that. That's another really exciting thing. And deserves a big -- I hope she's listening to call Sandra, you deserve a big shout out. And by the way, the Jimmy Choo product, why is Jimmy Choo successful, some of the things I talked to you about. But Jimmy Choo is successful because the product is fantastic right now. So please go in and shop for your firends and family and yourself.

會的。會的。她值得。當然，她也獲得了 OBE 勳銜，我們可不想忘了這件事。那也是另一件非常令人振奮的事。而且值得大大——希望她正在收聽這通電話：Sandra，你值得一個大大的致敬。順帶一提，Jimmy Choo 的產品——為什麼 Jimmy Choo 會成功，就是我剛才跟你談到的一些原因。但 Jimmy Choo 之所以成功，是因為現在的產品真的非常出色。所以請進店為你的親友、也為你自己購物。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

I was hoping you can talk about the opportunity you see around AUR. The work around party of sales has been a tailwind. But is that how do we think about the potential to elevate the business further. Curious about the opportunities you see across the product assortment and marketing that can keep the positive AUR momentum going.

我希望你們能談談你們在 AUR（平均單價）方面看到的機會。圍繞銷售組合的相關工作一直是順風（tailwind）。但我們該如何看待進一步提升業務的潛力？我也想了解你們在產品組合與行銷方面看到哪些機會，可以讓 AUR 的正向動能延續下去。

Thank you, Rick. So I'm going do -- I'll go half and half, I'll give Tyler a part of this as well. Rick, the first thing is, as you know, again, about two years ago, less than that we went in and reset our strategic pricing across the group.

謝謝你，Rick。我會——我先回答一半，也會讓 Tyler 回答其中一部分。Rick，第一點是，如你所知，大約兩年前（甚至不到兩年前），我們在集團層面重新調整並重設了我們的策略性定價。

And as I said, across the group, we did that at Jimmy Choo certain products, and we did it at Michael Kors very, very heavily. And I think that has definitely boded well for the full price sell-throughs in the company. We're trying to give the product at the price that we know that the customer will be excited about, and we'll show value.

如我所說，在集團層面，我們在 Jimmy Choo 的某些產品上做了調整，而在 Michael Kors 上則做得非常、非常徹底。我認為這確實對公司全價銷售的售罄率（sell-through）帶來了正面效果。我們希望以我們知道顧客會感到興奮、並能展現價值的價格來提供產品。

But I will tell you, simultaneously, we've started to raise prices in outlet. I think you've heard us talk about that. That seems to be going well. And there will be some level of -- we could take some minor price increases at Michael Kors full price.

但我也要說，同時我們已開始在 outlet（暢貨中心／折扣店）調高價格。我想你們也聽過我們談到這點。目前看起來進展良好。此外，在 Michael Kors 的全價端，我們也可能會進行一定程度的——小幅調價。

We'll take a few more selectively where we think there's opportunity for us to not slow revenue but also gain margin because as we look forward, while we're happy about the margin gains that we made they're not good enough. We have much higher aspirations and I'll let Tyler talk about our aspirations in particular for next year.

我們會更有選擇性地在我們認為有機會的地方多做一些，目標是在不拖慢營收的同時提升毛利；因為展望未來，雖然我們對已取得的毛利改善感到高興，但那還不夠好。我們有更高的企圖心；我會讓 Tyler 來談談我們特別針對明年的企圖心。

Yes. Thanks, John. And I think as John mentioned, we absolutely we are anniversarying our quality of sales initiatives, and that provides us with a tailwind in terms of AUR, but we do see continued opportunity to increase AUR even further as John mentioned. But ultimately, this is about driving gross margin and driving margin across the business.

是的，謝謝 John。正如 John 提到的，我們確實正進入「銷售品質」計畫的比較基期（anniversarying），這在 AUR 方面為我們帶來順風；但如 John 所說，我們也看到持續進一步提升 AUR 的機會。但歸根結底，這是為了推動毛利率、並推動整體業務的利潤率提升。

And we do see significant opportunities in terms of gross margin expansion. We are targeting to improve our gross margins substantially as we go through not only in fiscal '27 but beyond. We see opportunities in terms of Michael Kors to continue increase full price sell-throughs, expanding gross margins as well as looking for efficiencies across our distribution and logistics network.

而我們確實看到在毛利率擴張方面有顯著機會。我們的目標是在 2027 會計年度（fiscal '27）以及更長遠的未來，讓毛利率大幅改善。我們看到的機會包括：Michael Kors 持續提高全價售罄率、擴大毛利率，以及在我們的配送與物流網路中尋找效率提升空間。

And with Jimmy Choo, we see significant opportunities to improve our gross margin, both in terms of improving our overall full price sell-throughs, but also really optimizing around both our manufacturing as well as our logistics and distribution network. So we are expecting and we're working towards significantly improving gross margins going forward beyond just fiscal '27, which will ultimately support sustainable long-term earnings growth.

而在 Jimmy Choo 方面，我們看到顯著的機會來提升我們的毛利率，既包括提高整體正價銷售（sell-through）表現，也包括真正圍繞製造端以及物流與配送網路進行最佳化。因此，我們預期並正朝著在未來顯著改善毛利率的方向努力，不僅僅是到 2027 財年為止；這最終將支持可持續的長期獲利成長。

Rich, just one last thing, too. I want to make sure everyone understands. We're excited about Jimmy Choo. I answer this question regularly. So I'm wondering if anybody wants to ask the question. Jimmy Choo is not for sale in the company and Jimmy Choo, we think is a opportunity. As we've said in our prepared remarks, we think it's a business that can be $800 million.

Rich，另外最後再補充一點。我想確保大家都理解。我們對 Jimmy Choo 感到非常興奮。我經常回答這個問題。所以我在想是否有人想問這個問題。公司不會出售 Jimmy Choo，而我們認為 Jimmy Choo 是一個機會。正如我們在事先準備的發言中所說，我們認為這項業務可以做到 8 億美元。

I think we're getting excited about even thinking bigger than that. And if you look at that as a low double-digit type of operating margin in that company, that will be a significant contributor to us. So we're super excited about what Jimmy Choo can do for us also from an operating margin and what the accessories opportunity is something that could be bigger than we've all thought about.

我想我們甚至開始興奮地思考比這更大的規模。而如果你把那家公司視為低雙位數水準的營業利益率，那將會對我們做出重大貢獻。因此，我們對 Jimmy Choo 能為我們帶來的成果非常興奮，無論是從營業利益率角度，還是配件（accessories）的機會——這可能比我們所有人原先想像的更大。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

First, John, with the Q3 Michael Kors guide, down about 1.5%, excluding the wholesale timing. Does that assume that October trends hold or further improvement in the holiday. And is the full price channel positive yet quarter-to-date.

首先，John，關於第三季 Michael Kors 的指引，若排除批發（wholesale）時點因素，約下滑 1.5%。這是否假設 10 月的趨勢延續，或是假設假期檔期進一步改善？以及正價通路（full price channel）在本季迄今是否已轉為正成長？

Yes, sure. So Mark, we don't talk about trends month by month. But what I mean to tell you is that there's absolutely a sequential improvement plans throughout the quarter. like we saw in the last quarter. And one of the biggest issues for that in Michael Kors is the flow of product. And so as I said to you, we were $50 million short what we wanted in Q2. That product is coming in, in Q3.

是的，當然。所以 Mark，我們不會逐月談趨勢。但我想告訴你的是，整個季度的計畫確實會呈現逐步改善（sequential improvement），就像我們在上一季看到的一樣。而 Michael Kors 最大的問題之一是產品供應的流量（flow of product）。因此如我所說，我們在第二季比我們想要的少了 5,000 萬美元。那批產品會在第三季到貨。

I am sure you're hearing we're not the only company that continues to have issues with getting freight out of Asia. So we think we're going to be in good shape. We're supplementing with air where we need to. It's not flowing exactly as we'd all love it to be. But we're going to be okay.

我相信你也聽到，我們並不是唯一一家仍持續面臨從亞洲出貨運力問題的公司。所以我們認為我們會處於良好狀態。我們在需要的地方以空運補充。物流流轉並沒有完全如我們所希望的那樣順暢，但我們會沒問題的。

And so I think that this is just -- the assumption is that we continue to flow great new product that our marketing initiatives, as you've seen, take hold, and we see this continued trend on search. And I want to give a big shout out to our creative teams, not just our design teams, but I think our creative look and just really spectacular in terms of the way we're really leaning into younger demographics in our creative and the product and the way that we're really highlighting our accessories and bags.

因此我認為，這個假設就是——我們持續順利推出非常好的新品，我們的行銷計畫如你所見開始發揮作用，並且我們在搜尋（search）上的趨勢持續延續。我也想特別稱讚我們的創意團隊，不只是設計團隊；我認為我們的創意呈現與整體視覺風格非常出色，尤其是在我們更積極貼近年輕族群的創意與產品，以及我們強力凸顯配件與包款的方式上。

I also want to give a big shout out to the Jimmy Choo teams. I hope you've seen the creative really change there over the past 12 months, and that's given a big push to the business because Jimmy Choo used to from a creative standpoint, probably be more dressed and more glamor and more evening and more event. And now you see this whole new casual side of Jimmy Choo and it's driving new and younger customers into the into our stores.

我也想特別稱讚 Jimmy Choo 團隊。我希望你們已看到過去 12 個月那裡的創意確實有所改變，而這也大幅推動了業務，因為 Jimmy Choo 過去在創意面向上可能更偏正式、更華麗、更偏晚宴與活動場合。而現在你會看到 Jimmy Choo 全新的休閒面向，這正把新的、更年輕的顧客帶進我們的門市。

So I think we're going to continue to see a sequential build throughout the quarter. And remember, this does assume that Michael Kors full price does return to positive during the quarter. And so I think we're quite confident that, that will take place.

所以我認為我們會在整個季度持續看到逐步走高的態勢。而且請記得，這確實假設 Michael Kors 的正價業務在本季度內會回到正成長。因此我認為我們相當有信心這會發生。

So thank you all for joining us today. In closing, we're pleased with the progress that we are making at both Michael Kors and Jimmy Choo. Our strategic initiatives are having a clear impact on returning Capri to revenue and earnings per share growth. This foundation gives us the confidence in our ability to return to growth in the second half of the year. For the full year, our estimated operating income will increase by 50% and our earnings per share up 45%. These anticipated results show a significant recovery in fiscal '27.

因此，感謝各位今天加入我們。最後，我們對 Michael Kors 與 Jimmy Choo 兩個品牌所取得的進展感到滿意。我們的策略性舉措正對 Capri 重回營收與每股盈餘（EPS）成長產生明確影響。這一基礎讓我們對於在今年下半年恢復成長的能力更具信心。就全年而言，我們預估營業利益將增加 50%，每股盈餘將成長 45%。這些預期結果顯示 2027 財年將出現顯著復甦。

Looking towards fiscal '28, we anticipate Capri will return to growth with both Michael Kors and Jimmy Choo growing globally for the year. Driven by our exciting brand storytelling at our luxury houses, attracting new and younger consumers continue to introduce exciting new untransition products and accelerating new store openings and our store renovation program. Giving exciting consumer experience.

展望 2028 財年，我們預期 Capri 將重回成長，Michael Kors 與 Jimmy Choo 兩個品牌在全球範圍內全年都將成長。這將由我們在奢侈品牌屋（luxury houses）令人振奮的品牌敘事所驅動，吸引新的、更年輕的消費者，持續推出令人興奮的全新與轉型（untransition）產品，加速新店開設以及門市翻新計畫，帶來令人振奮的消費者體驗。

These focused initiatives will drive sustained revenue and earnings growth at Capri. We look forward to update you on our future growth on our next call. In the meantime, we wish you and your families a happy and healthy upcoming holiday season. Thank you.

這些聚焦的舉措將推動 Capri 營收與獲利的持續成長。我們期待在下一次電話會議中向各位更新我們未來的成長進展。同時，我們祝福各位與家人即將到來的假期季節愉快且健康。謝謝。

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

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。