雅詩蘭黛 (EL) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to the Estée Lauder Companies Fiscal 2024 Second Quarter Conference Call. Today's call is being recorded and webcast. For opening remarks and introductions, I would like to turn the call over to the Senior Vice President of Investor Relations, Ms. Rainey Mancini.

大家好，歡迎參加雅詩蘭黛公司 2024 財年第二季電話會議。今天的通話正在錄音並進行網路直播。對於開場白和介紹，我想將電話轉給投資者關係高級副總裁 Rainey Mancini 女士。

Hello. On today's call are Fabrizio Freda, President and Chief Executive Officer; and Tracey Travis, Executive Vice President and Chief Financial Officer.

你好。出席今天電話會議的有總裁兼執行長 Fabrizio Freda；崔西‧崔維斯（Tracey Travis），執行副總裁兼財務長。

Since many of our remarks today contain forward-looking statements, let me refer you to our press release and our reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from those forward-looking statements.

由於我們今天的許多言論都包含前瞻性陳述，因此請您參閱我們的新聞稿和向美國證券交易委員會提交的報告，您會發現可能導致實際結果與這些前瞻性陳述有重大差異的因素。

To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges and adjustments disclosed in our press release. Unless otherwise stated, all organic net sales growth also excludes the noncomparable impacts of acquisitions, divestitures, brand closures and the impact of foreign currency translation. You can find reconciliations between GAAP and non-GAAP measures in our press release and on the Investors section of our website.

為了便於討論我們的基礎業務，對我們的財務表現和預期的評論是在我們的新聞稿中披露的重組和其他費用和調整之前進行的。除非另有說明，所有有機淨銷售額成長也不包括收購、剝離、品牌關閉的不可比影響以及外幣換算的影響。您可以在我們的新聞稿和我們網站的投資者部分找到 GAAP 和非 GAAP 指標之間的調整表。

As a reminder, references to online sales include sales we make directly to our consumers through our brand.com sites and through third-party platforms. It also includes estimated sales of our products through our retailers' websites. (Operator Instructions)

提醒一下，線上銷售包括我們透過 Brand.com 網站和第三方平台直接向消費者進行的銷售。它還包括我們的產品透過我們的零售商網站的估計銷售額。 （操作員說明）

And now I'll turn the call over to Fabrizio.

現在我將把電話轉給法布里齊奧。

Thank you, Rainey, and hello to everyone. We appreciate you joining us today. For the second quarter, we delivered our outlook for organic sales decline of 8% and exceeded expectations for adjusted diluted EPS. Organic sales in our global travel retail business decreased 28%, with retail sales trends better than organic performance, reflecting both the execution of our priority to reduce trade inventory in alignment with the retailers and efforts by various local authorities to contain unstructured market activity.

謝謝你，雷尼，大家好。我們感謝您今天加入我們。對於第二季度，我們預計有機銷售額將下降 8%，並超越調整後稀釋每股收益的預期。我們的全球旅遊零售業務的有機銷售額下降了28%，零售銷售趨勢優於有機業績，反映出我們與零售商一致執行減少貿易庫存的優先事項，以及各地方當局為遏制非結構化市場活動所做的努力。

We made meaningful progress with trade inventory levels in Asia travel retail, and continue to expect to be at normalized trade inventory levels by the end of the third quarter of this fiscal year. The entire rest of our global business decreased 3% organically. This decline was primarily driven by the slowdown of overall prestige beauty in Mainland China, although our retail sales trends were much better than our organic performance. Our global retail sales growth, excluding travel retail and Mainland China rose mid-single digits.

我們在亞洲旅遊零售的貿易庫存水準方面取得了有意義的進展，並繼續預計到本財年第三季末將達到正常化的貿易庫存水準。我們全球其他業務的整體有機下降了 3%。儘管我們的零售銷售趨勢遠好於我們的有機表現，但這一下降主要是由於中國大陸整體高端美容業務放緩所致。我們的全球零售額成長（不包括旅遊零售和中國大陸）實現中個位數成長。

The markets of EMEA delivered mid-single-digit retail sales growth in Asia Pacific, excluding Mainland China, rose double digits, as did Latin America, showcasing strong fundamentals for brand desirability and the success of our consumer engagement initiatives. Encouragingly, we made progress across several strategic priorities in the first half. Beyond reducing inventories in the travel -- in the trade of Asia travel retail, we improved working capital, realized higher levels of strategic pricing and managed expenses with discipline.

歐洲、中東和非洲市場在亞太地區（不包括中國大陸）實現了中個位數的零售額成長，拉丁美洲也實現了兩位數的成長，展示了品牌吸引力的強勁基礎以及我們消費者參與計劃的成功。令人鼓舞的是，上半年我們在多個策略重點方面取得了進展。除了減少旅遊庫存之外，在亞洲旅遊零售業，我們還改善了營運資本，實現了更高水準的策略性定價並嚴格管理費用。

For the full year, we are revising our outlook as we have tightened the growth range for organic sales, primarily to account for risks of macroeconomic and volatility in some areas around the world and updated adjusted diluted EPS for an anticipated higher tax rate. In this revised outlook, we have maintained our prior outlook for full year operating profitability.

對於全年，我們正在修改我們的前景，因為我們收緊了有機銷售的成長範圍，主要是為了考慮宏觀經濟和全球某些地區波動的風險，並根據預期的更高稅率更新了調整後的稀釋每股收益。在本次修訂後的展望中，我們維持了先前對全年營業利潤率的展望。

Looking ahead, we are at an inflection point. First, we are positioned to return organic sales growth for the total company in the third quarter and we expect organic sales growth to sequentially accelerate in the fourth quarter. Second, we are positioned for stronger profitability in the second half of this fiscal year compared to the first half. Third, we are preparing to meaningfully accelerate the rebuild of our profitability in fiscal year 2025 and 2026.

展望未來，我們正處於一個轉捩點。首先，我們的目標是在第三季度實現整個公司的有機銷售成長，並且我們預計第四季度的有機銷售成長將依次加速。其次，與上半年相比，我們預期本財年下半年的獲利能力會更強。第三，我們準備在 2025 年和 2026 財年實際加速獲利能力的重建。

Indeed, since we spoke with you in early November, our teams have been actively engaged to operationalize the Profit Recovery Plan. In doing so, we have identified further opportunities to enhance profitability while also generating more resources to be invested in consumer-focused areas to drive long-term growth. As a result, we are expanding the Profit Recovery Plan to include a restructuring program.

事實上，自從我們在 11 月初與您交談以來，我們的團隊一直在積極參與實施利潤恢復計劃。在此過程中，我們發現了進一步提高獲利能力的機會，同時也產生了更多資源投資於以消費者為中心的領域，以推動長期成長。因此，我們正在擴大利潤回收計劃，將重組計劃納入其中。

While this is a difficult decision, we believe this now larger plan will better position the company to restore stronger and more sustainable profitability, while also supporting sales growth acceleration and increasing agility and speed to market.

雖然這是一個艱難的決定，但我們相信，現在這個更大的計劃將使公司更好地恢復更強大、更永續的獲利能力，同時也支持銷售加速成長，提高敏捷性和上市速度。

For the consumer, we anticipate faster product and commercial innovation, supported by strategic prime building distribution and go-to-market advancement, where digital leadership is at the core. Moreover, we intend to increase our speed and agility as an organization, enabling quicker and more localized decisions-making to better create and respond to consumer trends.

對於消費者而言，我們預計在策略性優質建築分銷和市場推廣的支持下，產品和商業創新將會更快，其中數位領導力是核心。此外，我們打算提高組織的速度和敏捷性，從而實現更快、更在地化的決策，以更好地創造和回應消費者趨勢。

The Profit Recovery Plan is now expected to deliver incremental operating profit of $1.1 billion to $1.4 billion, up from into $800 million to $1 billion previously. In terms of timing, this incremental profit is anticipated to be realized in fiscal year 2025 and '26, with more than half in fiscal year 2025. We are confident that our multiple engines of growth strategy will be enhanced by the Profit Recovery Plan, enabling our company to more fully capture promising long-term growth opportunities and remain a leader in global prestige beauty, and reinforce our commitment to execute this larger plan with excellence, we have engaged global consulting firm, Alvarez & Marsal. They will provide strategic advisory services, partnering with us on our restructuring program as part of the Profit Recovery Plan to drive the realization of a sustainable rebuild of profitability.

利潤恢復計畫目前預計將帶來 11 億至 14 億美元的增量營運利潤，高於先前的 8 億至 10 億美元。從時間上來看，這一增量利潤預計將在 2025 財年和 26 財年實現，其中一半以上在 2025 財年實現。我們相信，利潤恢復計劃將增強我們的多引擎增長戰略，從而使為了更充分抓住有前景的長期成長機會，保持全球高端美容領域的領導者地位，並加強我們以卓越的方式執行這一更大計劃的承諾，我們聘請了全球諮詢公司Alvarez & Marsal。他們將提供策略諮詢服務，與我們合作進行重組計劃，作為利潤恢復計劃的一部分，以推動實現盈利能力的可持續重建。

For the second half of the fiscal year, we have strategic initiatives and exciting innovation to drive in North America, reaccelerate growth in Mainland China, and drive momentum in markets that are thriving across developed and emerging markets in EMEA, Latin America and Asia Pacific.

在本財年下半年，我們將採取策略性舉措和令人興奮的創新來推動北美市場的發展，重新加速中國大陸的成長，並推動歐洲、中東和非洲、拉丁美洲和亞太地區已開發市場和新興市場的蓬勃發展勢頭。

Let me begin with Clinique brand. The brand will be doubling down on its authentic dermatologists brand heritage of over 55 years, deepening its relationship with a scientific community, strengthening its derma messaging and engaging new consumers. First, Clinique will be dialing up its derma education in consumer communications, including on social media, brand.com, and in-store with new dermatologists partnerships and ingredient communication. Clinique has also announced the establishment of the new Mount Sinai-Clinique Healthy Skin Dermatology Center. The center's research is expected to produce breakthrough advancement in the study of allergic skin and premature agent. Next month, Clinique will return to the American Academy of Dermatology Annual Meeting to showcase its derma level science and formulations as well as its unique eye safety promise. All of this is coupled with Clinique continued innovation of allergy tested, a 100% fragrance-free products, evidenced by Clinique's new post-procedure relevant claim on powerful products, including Smart Clinical Repair, lifting face and neck cream.

讓我從倩碧品牌開始。該品牌將加倍傳承其超過 55 年的正宗皮膚科醫生品牌傳統，加深與科學界的關係，強化其真皮訊息並吸引新消費者。首先，倩碧將在消費者溝通方面加強皮膚教育，包括在社群媒體、brand.com 以及店內與新皮膚科醫生的合作夥伴關係和成分溝通上。倩碧也宣布成立新的西乃山-倩碧健康皮膚皮膚科中心。該中心的研究預計將在過敏性皮膚和過早因子的研究方面取得突破性進展。下個月，倩碧將重返美國皮膚病學會年會，展示其真皮級科學和配方以及獨特的眼睛安全承諾。這一切都與倩碧持續創新的經過過敏測試、100%無香料的產品相結合，倩碧對強效產品的新的術後相關聲明就證明了這一點，包括智能臨床修復、提升面部和頸霜。

Turning to the Estée Lauder brand. For over 15 years, it has been a pioneer in longevity age reversal research, a frontier of skin biology with Re-Nutriv luxury franchise. Last August, I spoke with you about how Re-Nutriv should be expanding upon its successful Ultimate Diamond Transformative Brilliant Serum with compelling innovation. The franchise breakthrough soft cream with cutting-edge patented SIRTIVITY-LP technology for visible age reversal, is now launching globally.

轉向雅詩蘭黛品牌。 15 年來，它一直是長壽年齡逆轉研究的先驅，這是皮膚生物學的前沿領域，擁有 Re-Nutriv 豪華特許經營權。去年八月，我與您討論了 Re-Nutriv 應如何透過引人注目的創新來擴展其成功的 Ultimate Diamond Transformative Brilliant Serum。此系列突破性軟霜採用尖端 SIRTIVITY-LP 專利技術，可明顯逆轉年齡，現已在全球推出。

And in Makeup, there is Companion Serum Cream Foundation amplified the franchise skin longevity science across categories. We are encouraged by the global appeal of this innovation from China to Japan to the U.S. While early, the franchise is welcoming new consumers at compelling rates, and we look forward to all that is to come for Re-Nutriv as launch events continue around the world.

在彩妝方面，Companion Serum Cream Foundation 擴大了跨類別皮膚長壽科學的專營權。我們對這項創新從中國到日本再到美國的全球吸引力感到鼓舞。雖然還早，但該特許經營權正在以令人信服的價格歡迎新消費者，隨著發布活動在各地繼續進行，我們期待Re-Nutriv 即將到來的一切。世界。

Moreover, the brand is collaborating with a Stanford Center of Longevity as the inaugural sponsor of the new program of aesthetic and culture.

此外，該品牌還與史丹佛長壽中心合作，作為新美學和文化項目的首個贊助商。

Beyond Re-Nutriv's striking innovation, we have more standout launches across brands in the third quarter, led by M.A.C and Tom Ford. The new Maxima Silky matte lipstick modernizes M.A.C icon, with the new silky matte finish, lip conditioning benefits and elevated packaging. For Tom Ford, Oud Minérale is primed to carry forward the brand's winning streak of innovation from Cafe Rose in the first half.

除了 Re-Nutriv 的驚人創新之外，第三季我們還推出了以 M.A.C 和 Tom Ford 為首的更多出色的跨品牌產品。全新 Maxima Silky 霧面唇膏採用全新絲滑霧面、唇部護理功效和高檔包裝，使 M.A.C 標誌現代化。對 Tom Ford 來說，Oud Minérale 已做好準備，延續該品牌上半年在玫瑰咖啡館 (Cafe Rose) 的創新勝利。

In the second half, we expect this initiative, a new product launches to build upon the strong momentum of several brands. Indeed, The Ordinary, La Mer and Le Labo, among others, achieved terrific performance in the second quarter. The Ordinary delivered an excellent first half as the brand again realized double-digit organic sales growth in the quarter. Its new Soothing & Barrier Support Serum, which launched during the first quarter, is the brand's most successful launch ever and is already among the top 10 ranked products in the U.S. prestige serum category. The Ordinary continues to excel in specialty-multi globally, and is also realizing very promising uptake on the new TikTok Shop in the United States through engaging live streaming and creator content.

下半年，我們預計這項舉措、新產品的推出將在多個品牌的強勁勢頭基礎上進一步發展。事實上，The Ordinary、La Mer 和 Le Labo 等品牌在第二季都取得了出色的表現。 The Ordinary 上半年表現出色，該品牌在本季度再次實現了兩位數的有機銷售成長。其新的舒緩屏障支援精華液於第一季推出，是該品牌有史以來最成功的產品，已躋身美國高端精華液類別前 10 名產品之列。 The Ordinary 繼續在全球專業多元化領域表現出色，並且透過參與直播和創作者內容，在美國新推出的 TikTok 商店中也實現了非常有前景的發展。

La Mer further contributed to our strong underlying fundamentals in skin care. The brand's luxurious, high-quality product from the iconic cream, de La Mer, to the new lifting firm serum, along with its exceptional services, proved high sought after by discerning consumers around the world. In Mainland China, La Mer grew double digits at retail to realize strong share gains in prestige skin care.

La Mer 進一步為我們在護膚領域奠定了堅實的基礎。品牌奢華、高品質的產品，從標誌性的 de La Mer 乳霜到全新緊緻緊緻精華液，以及卓越的服務，深受世界各地挑剔消費者的追捧。在中國大陸，海藍之謎 (La Mer) 零售額實現兩位數成長，在高端護膚品領域實現了強勁的市場份額成長。

Our luxury and artisanal fragrances also performed quite well. Le Labo led the Burberry trends, Jo Malone London, Tom Ford, KILIAN PARIS and Eau de Parfum Frédéric Malle is each rose organically, fueling double digit organic sales growth in Asia Pacific and gains in the Americas.

我們的奢華和手工香水也表現出色。 Le Labo 引領了 Burberry 潮流，Jo Malone London、Tom Ford、KILIAN PARIS 和 Eau de Parfum Frédéric Malle 均有機增長，推動了亞太地區兩位數的有機銷售額增長和美洲的增長。

For the second half, we expect to return to organic sales growth in Mainland China driven by a rich innovation pipeline for a greater contribution to sales from new products in the second half than the first half. And we are investing in exciting go-to-market initiatives across brick-and-mortar and online.

下半年，我們預計在豐富的創新管道的推動下，中國大陸的銷售將恢復有機成長，下半年新產品對銷售的貢獻將比上半年更大。我們正在投資實體店和網路上令人興奮的入市計劃。

Impressively, we entered the third quarter in Mainland China with momentum in brick-and-mortar, having expanded our prestige beauty share offline in the second quarter, driven by strong double-digit retail sales growth in each of department stores, specialty-multi and freestanding stores.

令人印象深刻的是，我們在中國大陸的實體店進入了第三季度，在百貨公司、專賣店和專賣店零售額強勁的兩位數增長的推動下，我們在第二季度在線下擴大了我們的名牌美容份額。獨立商店。

Bottom line, while the channel was especially pressured by softness in overall prestige beauty and the 11.11 Global Shopping Festival, our brands performed strongly on the win, rising [triple] digit organically to partially offset lower sales for the event. The Estée Lauder brand ranked #1 in prestige beauty on the win, and it also ranked #1 for store live streaming.

底線是，雖然該通路尤其受到整體聲望疲軟和 11.11 全球購物節的壓力，但我們的品牌在這場勝利中表現強勁，有機增長了三位數，部分抵消了該活動的銷售額下降。雅詩蘭黛品牌在聲望美容方面排名第一，在商店直播方面也排名第一。

For the fiscal year, we remain focused on North America returning to organic sales growth and are encouraged by the low single-digit growth delivered in the first half. While Makeup was pressured in the second quarter by the cadence major new product launches, we are very excited by the innovation coming to market across the second half, beginning with M·A·C's Maxima Silky Matte Lipstick we launched last week.

在本財年，我們仍然關注北美地區恢復有機銷售成長，並對上半年實現的低個位數成長感到鼓舞。雖然彩妝在第二季度因主要新產品發布節奏而受到壓力，但我們對下半年上市的創新感到非常興奮，首先是我們上週推出的 M·A·C 的 Maxima Silky 啞光唇膏。

Moreover, Skin Care grew for the second consecutive quarter in North America, driven by The Ordinary and Estée Lauder. Our luxury and artisanal fragrances rose double digits in the quarter as our strategic initiative from expanded consumer reach with KILIAN PARIS to strong engagement on TikTok by Jo Malone London are proving successful.

此外，在 The Ordinary 和雅詩蘭黛的推動下，北美護膚品業務連續第二季實現成長。我們的奢華和手工香水在本季度增長了兩位數，因為我們的戰略舉措從擴大 KILIAN PARIS 的消費者覆蓋範圍到 Jo Malone London 在 TikTok 上的大力參與都被證明是成功的。

In closing, we are at an inflection point, poised to return to organic sales growth in the second half and delivered sequentially stronger profitability than the first half as well as expansion from a year ago. We are well positioned to deliver stronger profitability in fiscal year 2025 and '26 given the initial progress we have made for our Profit Recovery Plan as well as its new restructuring program. And we are well positioned to invest in consumer-facing areas to capture exciting growth opportunities in global prestige beauty.

最後，我們正處於一個拐點，準備在下半年恢復有機銷售成長，並實現比上半年更強的盈利能力以及比一年前的擴張。鑑於我們在利潤回收計劃以及新的重組計劃方面取得的初步進展，我們有能力在 2025 財年和 26 財年實現更強的盈利能力。我們處於有利位置，可以投資面向消費者的領域，以抓住全球高端美容領域令人興奮的成長機會。

I wish to extend my gratitude to our leaders and their amazing teams for the hard work and dedication, which has taken us to this inflection point of the renewed sales and profit growth trajectory.

我謹向我們的領導者及其出色的團隊表示感謝，感謝他們的辛勤工作和奉獻精神，正是他們使我們迎來了新的銷售和利潤成長軌蹟的拐點。

I will now turn the call over to Tracey.

我現在將把電話轉給特蕾西。

Thank you, Fabrizio, and hello, everyone. I'll start by reviewing our second quarter financial results, followed by our third quarter and full year outlook. I'll also provide details on our expanded Profit Recovery Plan.

謝謝法布里奇奧，大家好。我將首先回顧我們第二季度的財務業績，然後是我們的第三季和全年展望。我還將提供有關我們擴大的利潤回收計劃的詳細資訊。

As Fabrizio mentioned, our second quarter organic net sales decline of 8% met our expectations. Additionally, through tighter expense management and despite experiencing a higher tax rate due to the shift in our geographical mix of business, our earnings per share of $0.88 exceeded our initial outlook for the quarter.

正如 Fabrizio 所提到的，我們第二季有機淨銷售額下降 8% 符合我們的預期。此外，透過更嚴格的費用管理，儘管由於我們的業務地理組合的變化而經歷了更高的稅率，但我們 0.88 美元的每股收益超出了我們對本季度的最初預期。

From a geographic standpoint, organic net sales in our Europe, the Middle East and Africa region declined 14%, mainly attributable to the persistent challenges in our Asia travel retail business. The impact from business disruptions in Israel and other parts of the Middle East accounted for a 2% reduction in the region's overall net sales growth. The markets and region had mixed results, leading to overall flat growth across all markets.

從地理角度來看，歐洲、中東和非洲地區的有機淨銷售額下降了 14%，主要是由於亞洲旅遊零售業務持續面臨挑戰。以色列和中東其他地區業務中斷的影響導致該地區整體淨銷售額成長下降了 2%。市場和地區的結果好壞參半，導致所有市場整體成長持平。

Organic net sales in our Asia Pacific region fell 7%, reflecting continued challenges in Mainland China. While our results on Douyin more than doubled, our total online sales declined due to softer-than-expected performance on Tmall during the 11.11 event. The overall online performance more than offset the increase in brick-and-mortar sales, which is led by double-digit growth in our freestanding stores.

亞太地區的有機淨銷售額下降 7%，反映出中國大陸持續面臨的挑戰。雖然我們在抖音上的表現成長了一倍多，但由於 11.11 活動期間天貓的表現低於預期，我們的線上總銷售額有所下降。整體線上業績遠遠抵銷了實體銷售的成長，而實體銷售的成長是由我們獨立商店的兩位數成長所帶動的。

In the rest of the region, we saw strong organic net sales growth, led by double-digit growth in Hong Kong SAR and Korea as well as high single-digit growth in Japan. Our luxury fragrance brands, Le Labo, Jo Malone London and Tom Ford drove double-digit fragrance growth in the region, which was fueled by both effective commercial activations as well as compelling holiday product offerings.

在該地區的其他地區，我們看到了強勁的有機淨銷售額增長，其中香港特別行政區和韓國實現了兩位數增長，日本實現了高個位數增長。我們的奢華香水品牌 Le Labo、Jo Malone London 和 Tom Ford 推動了該地區香水兩位數的成長，這得益於有效的商業活動和引人注目的假日產品供應。

Organic net sales in the Americas declined 1%, driven by a prior year benefit from changes made to M·A·C's take-back loyalty program in North America last year. Excluding this benefit, net sales were relatively flat in North America, reflecting growth in specialty-multi and our freestanding stores and offset by softer performance experience in department stores and online.

美洲的有機淨銷售額下降了 1%，這是由於去年 M·A·C 在北美的回收忠誠度計劃發生變化而帶來的收益。排除這項收益，北美的淨銷售額相對持平，反映出專賣店和獨立商店的成長，但被百貨公司和網路上的疲軟業績體驗所抵消。

In Latin America, organic net sales rose double digits reflecting continued growth in nearly every market and strong performance during holiday and key shopping moments. From a category standpoint, organic net sales fell 10% in Skin Care and 8% in Makeup. In Skin Care, the ongoing challenges in Asia travel retail in Mainland China drove the majority of the decrease. Organic net sales from The Ordinary and La Mer grew across every geographic region. The Ordinary saw double-digit growth in specialty-multi, including ongoing expansion and continued its focus on education for its content to drive successful social media activations.

在拉丁美洲，有機淨銷售額成長了兩位數，反映出幾乎每個市場的持續成長以及假期和關鍵購物時刻的強勁表現。從品類角度來看，保養品的有機淨銷售額下降了 10%，彩妝品類的有機淨銷售額下降了 8%。在保養品方面，中國大陸亞洲旅遊零售業持續面臨的挑戰是造成大部分下降的原因。 The Ordinary 和 La Mer 的有機淨銷售額在各個地理區域均有所成長。 The Ordinary 的專業多元化業務實現了兩位數的成長，包括持續擴張，並繼續專注於內容教育，以推動社交媒體的成功活化。

Net sales from La Mer increased both online and in brick-and-mortar, benefiting from captivating social media and holiday product activations. In Makeup, the persistent challenges in Asia travel retail were compounded by the prior year benefit from M·A·C that I previously mentioned.

受益於社群媒體和假日產品激活，La Mer 的線上和實體店淨銷售額均有所增長。在彩妝方面，我之前提到的 M·A·C 上一年的收益加劇了亞洲旅遊零售業持續面臨的挑戰。

Organic net sales fell 6% in Hair Care and were flat in Fragrance. Net sales from Le Labo grew double digits, fueled by both targeted expanded consumer reach and same-store sales. The brand's ethos and high-touch services persistently attracts both new and loyal consumers as evidenced by the double-digit net sales growth in our freestanding stores as well as strong performance during holiday and key shopping moments.

護髮類別的有機淨銷售額下降 6%，香水類的有機淨銷售額持平。在有針對性地擴大消費者覆蓋範圍和同店銷售的推動下，Le Labo 的淨銷售額增長了兩位數。該品牌的精神和高品質的服務持續吸引著新消費者和忠實消費者，我們獨立商店的兩位數淨銷售額增長以及節日和關鍵購物時刻的強勁表現就證明了這一點。

For Jo Malone London, results from the brand's holiday collection were strong and net sales increased in nearly all channels of distribution. This growth was offset by a decline from Estée Lauder due to the timing of holiday shipments compared to last year. Our gross margin decreased 60 basis points compared to last year. The positive impact from brand mix and net strategic pricing actions were more than offset by higher costs due to promotional items and foreign currency. Operating expenses increased 260 basis points as a percent of sales, driven largely by the reduction in sales.

Jo Malone London 的假期系列業績強勁，幾乎所有分銷管道的淨銷售額均有所增長。與去年相比，這一增長被雅詩蘭黛因假期發貨時間造成的下降所抵消。與去年相比，我們的毛利率下降了 60 個基點。品牌組合和淨策略定價行動的正面影響被促銷品和外匯導致的成本上升所抵消。營運費用佔銷售額的百分比增加了 260 個基點，這主要是由於銷售額下降所致。

Selling, advertising and promotional activities and innovation collectively accounted for 160 basis points of the increase compared to last year as we supported retail growth, while also continuing to destock certain accounts in Asia travel retail. Operating income declined 25% to $577 million, and our operating margin contracted to 13.5% from 16.6% in the prior year.

由於我們支持零售成長，同時繼續減少亞洲旅遊零售的某些帳戶的庫存，銷售、廣告和促銷活動以及創新總計比去年增長了 160 個基點。營業收入下降 25% 至 5.77 億美元，營業利益率從前一年的 16.6% 縮減至 13.5%。

Our effective tax rate for the quarter was 37.7% compared to 24.9% last year. The increase in rate was primarily due to a true-up in the quarter to reflect the now higher estimated tax rate on our foreign operations for fiscal 2024 as a result of the change in our geographical mix of earnings. This also reflects an unfavorable impact related to previously issued share-based compensation.

我們本季的有效稅率為 37.7%，而去年為 24.9%。稅率上調主要是由於本季度進行了調整，以反映由於我們的收入地理結構發生變化，我們 2024 財年海外業務的估計稅率目前較高。這也反映出與先前發行的股權激勵相關的不利影響。

Diluted EPS of $0.88 decreased 43% compared to last year, including a dilutive impact of $0.19 from the change in the effective tax rate. The impact from this business disruptions in Israel and other parts of the Middle East was $0.02 dilutive to EPS in the quarter. The acquisition of the Tom Ford brand was neutral to EPS, as interest expense related to our debt financing was offset by the combined benefits derived as the licensor of the brand from royalty revenue this year and savings from no longer having to pay licensee royalties.

稀釋後每股收益為 0.88 美元，比去年下降 43%，其中包括有效稅率變化帶來的 0.19 美元攤薄影響。以色列和中東其他地區的業務中斷對本季每股收益攤薄了 0.02 美元。收購湯姆福特品牌對每股盈餘是中性的，因為與我們的債務融資相關的利息支出被今年作為該品牌授權人從特許權使用費收入中獲得的綜合收益以及不再需要支付被授權人特許權使用費所節省的費用所抵銷。

During the quarter, we generated $937 million in net cash flow from operating activities compared to $751 million last year. The increase from last year reflects lower working capital, partially offset by the decline in net earnings. The favorability from working capital was largely due to the actions we have taken to reduce inventory, primarily finished goods and semi-finished goods, that resulted in a significant improvement in our days to sell. We invested $527 million in capital expenditures, and we returned $474 million in cash to stockholders through dividends.

本季度，我們的營運活動產生了 9.37 億美元的淨現金流，而去年為 7.51 億美元。與去年相比的成長反映了營運資本的減少，但部分被淨利潤的下降所抵消。營運資金帶來的好處主要是由於我們採取了減少庫存（主要是成品和半成品）的行動，這導致我們的銷售天數顯著改善。我們投資了 5.27 億美元的資本支出，並透過股息向股東返還了 4.74 億美元的現金。

Turning now to our outlook for the remainder of fiscal 2024, which excludes the impact from the remaining payment for the outstanding DECIEM equity anticipated to occur in May 2024 and includes Clinique's heightened focus in active derma.

現在轉向我們對 2024 財年剩餘時間的展望，其中不包括預計 2024 年 5 月發生的未償 DECIEM 股權剩餘付款的影響，並包括倩碧對活性真皮的高度關注。

While we delivered on our Q2 expectations, we are lowering the high end of our fiscal '24 organic net sales outlook range to reflect continued risks from evolving macroeconomic volatility and geopolitical tensions in certain areas around the world. Despite this change to our sales outlook, we are maintaining our full year operating profitability expectation.

雖然我們實現了第二季度的預期，但我們降低了 24 財年有機淨銷售前景範圍的上限，以反映全球某些地區不斷變化的宏觀經濟波動和地緣政治緊張局勢帶來的持續風險。儘管我們的銷售前景發生了變化，但我們仍維持全年營運獲利能力預期。

Furthermore, we are updating our EPS outlook primarily to reflect the increase in our estimated full year effective tax rate, largely due to the anticipated geographical mix of our earnings. This is expected to more than offset the EPS benefit from foreign currency translation. Using December 29 spot rates of 1.107 for the euro, 1.273 for the pound. 7.109 for the Chinese yuan and 1,290 for the Korean won, currency translation is anticipated to negatively impact reported sales for the third quarter and diluted EPS for both the third quarter and the full year.

此外，我們更新每股盈餘展望主要是為了反映我們估計的全年有效稅率的增加，這主要是由於我們預期的收入地域組合所致。預計這將遠遠抵消外幣換算帶來的每股收益收益。使用 12 月 29 日歐元即期匯率 1.107，英鎊即期匯率 1.273。人民幣為 7.109，韓元為 1,290，貨幣換算預計將對第三季報告的銷售額以及第三季和全年的攤薄每股收益產生負面影響。

We expect organic net sales for our third quarter to increase 3% to 5% as both our businesses in Asia travel retail and in Mainland China are expected to return to growth. In Asia travel retail, this growth assumes the continued reduction in retailer inventory as well as the anniversary of some business disruptions we experienced last year. Currency translation and the potential risks of further business disruptions in the Middle East are each expected to be dilutive to reported net sales by 1 point.

我們預計第三季的有機淨銷售額將成長 3% 至 5%，因為我們在亞洲旅遊零售和中國大陸的業務預計將恢復成長。在亞洲旅遊零售業，這種增長是在零售商庫存持續減少以及去年經歷的一些業務中斷週年紀念日的前提下實現的。貨幣換算和中東地區業務進一步中斷的潛在風險預計都會將報告的淨銷售額稀釋 1 個百分點。

We expect third quarter adjusted EPS of $0.36 to $0.46 for a decrease between 3% to 24%. Currency translation and the potential risk of further business disruptions in the Middle East are each expected to dilute EPS by $0.03. Adjusted EPS in constant currency is expected to range between an increase of 3% to a decline of 18%. For the full year, we expect reported and organic net sales to range between a decline of 1% and an increase of 1%.

我們預計第三季調整後每股收益為 0.36 美元至 0.46 美元，下降 3% 至 24%。貨幣換算和中東業務進一步中斷的潛在風險預計將導致 EPS 減少 0.03 美元。以固定匯率計算，調整後每股盈餘預計將成長 3% 至下降 18%。對於全年，我們預計報告淨銷售額和有機淨銷售額將下降 1% 到成長 1% 之間。

Our plants have been running at reduced capacity, reflecting the pull down of production in line with our lower shipments and to support the reduction of inventory levels, both in-house and in the trade. This has resulted in inefficiencies in some of our manufacturing locations and may trigger a requirement to recognize the related manufacturing cost as in-period costs instead of when products are sold. We have reflected this potential expense and the corresponding pressure to gross margin in our outlook for the balance of the fiscal year, primarily in the third quarter.

我們的工廠一直在以較低的產能運行，這反映出產量的下降與我們的出貨量減少一致，並支持內部和貿易庫存水準的降低。這導致我們的一些製造地點效率低下，並可能觸發要求將相關製造成本確認為期間成本，而不是在產品銷售時確認。我們在對本財年（主要是第三季）的展望中反映了此潛在費用以及相應的毛利率壓力。

Our full year operating margin outlook remains unchanged and is expected to be between 9% and 9.5%, a contraction from 11.4% last year, and plan to partially offset the incremental pressure to gross margin through disciplined expense management. We now expect our full year effective tax rate to be approximately 35% compared to 26.5% last year. The increase reflects a larger mix of our expected fiscal 2024 earnings in higher tax jurisdictions as well as the unfavorable impact of previously issued share-based compensation.

我們的全年營業利潤率前景保持不變，預計在 9% 至 9.5% 之間，較去年的 11.4% 有所收縮，併計劃通過嚴格的費用管理來部分抵消毛利率的增量壓力。我們現在預計全年有效稅率約為 35%，而去年為 26.5%。這一增長反映了我們在高稅收司法管轄區的預期 2024 財年收益的更大組合，以及先前發布的股權激勵的不利影響。

Diluted EPS is expected to range between $2.08 and $2.23 before restructuring and other charges. The potential risks of further business disruptions in Israel and other parts of the Middle East and currency translation are expected to dilute earnings per share by $0.08 and $0.07, respectively. In constant currency, we expect EPS to fall between 34% to 38%.

在扣除重組和其他費用之前，稀釋後每股收益預計在 2.08 美元至 2.23 美元之間。以色列和中東其他地區業務進一步中斷以及貨幣換算的潛在風險預計將分別稀釋每股收益 0.08 美元和 0.07 美元。以固定匯率計算，我們預期每股盈餘將下降 34% 至 38%。

Given the progress we have made in strategic initiatives for the first half of the year, we expect to return to organic net sales growth and stronger operating profitability in the second half.

鑑於我們上半年策略性舉措所取得的進展，我們預計下半年將恢復有機淨銷售額成長和更強的營運獲利能力。

In November, we announced a Profit Recovery Plan to support the progressive rebuilding of our profit margins in fiscal year 2025 and 2026. Today, with the announcement of a 2-year restructuring program, we have further expanded this plan. As Fabrizio mentioned, we are focused on strategically leveraging our strengths to accelerate our return to more sustainable, profitable growth, while elevating our consumer activation and increasing our operating agility.

11 月，我們宣布了一項利潤恢復計劃，以支持我們在 2025 和 2026 財年逐步重建利潤率。今天，隨著宣佈為期 2 年的重組計劃，我們進一步擴大了該計劃。正如 Fabrizio 所提到的，我們專注於策略性地利用我們的優勢，加速我們回歸更永續、更有利可圖的成長，同時提高我們的消費者活躍度並提高我們的營運敏捷性。

The restructuring program is designed to rightsize and streamline select areas within our organization, which unfortunately necessitates us making the difficult decision of an expected net reduction in positions globally of 3% to 5%. The restructuring program is expected to begin in the third quarter and continue for the duration of the Profit Recovery Plan. We expect to take charges of between $500 million and $700 million, and generate annual gross savings of $350 million to $500 million before taxes. A portion of these savings is expected to be reinvested in consumer-facing activities to drive long-term sustainable profitable growth.

重組計畫旨在調整和精簡我們組織內的特定領域，不幸的是，這迫使我們做出艱難的決定，預計全球職位淨減少 3% 至 5%。重組計劃預計將於第三季開始，並在利潤恢復計劃期間持續進行。我們預計收取 5 億至 7 億美元的費用，每年稅前節省總額為 3.5 億至 5 億美元。這些節省的一部分預計將重新投資於面向消費者的活動，以推動長期可持續的獲利成長。

We now expect to drive incremental operating profit through all initiatives under the Profit Recovery Plan of $1.1 billion to $1.4 billion, inclusive of debt benefits from the restructuring program announced today. The plan is expected to yield almost all of the anticipated benefits by the end of fiscal year 2026, with slightly more than half of these benefits realized and contributing to operating profitability in fiscal 2025.

我們現在預計將透過利潤恢復計劃下的所有舉措推動營運利潤增量達到 11 億至 14 億美元，其中包括今天宣布的重組計劃的債務收益。該計劃預計將在 2026 財年末實現幾乎所有預期效益，其中略多於一半的效益已實現，並有助於在 2025 財年實現營運獲利。

In closing, we express our sincere gratitude to our teams around the world as they work tirelessly to execute against our priorities and drive our business forward. We believe that with the work that is being done to position us to return to growth in the second half of the fiscal year and beyond, and with the successful execution of our expanded Profit Recovery Plan, we will be better positioned to return our company to long-term sustainable growth and profitability.

最後，我們向世界各地的團隊表示誠摯的謝意，他們孜孜不倦地努力執行我們的優先事項並推動我們的業務向前發展。我們相信，透過為使我們在本財年下半年及以後恢復成長而開展的工作，以及成功執行擴大的利潤恢復計劃，我們將能夠更好地使我們的公司恢復到長期可持續增長和盈利能力。

That concludes our prepared remarks. We'll be happy to take your questions at this time.

我們準備好的演講到此結束。我們很樂意此時回答您的問題。

(Operator Instructions) Our first question today comes from Dara Mohsenian with Morgan Stanley.

（操作員指令）我們今天的第一個問題來自摩根士丹利的 Dara Mohsenian。

So first, just a couple of clarification questions under the restructuring and Profit Recovery Program. Can you just give a little more detail on the structural changes in the program beyond the job cuts? And in the past, you've done a pretty good job of delivering upside to savings goals, so how do you think about other savings areas that could potentially emerge over time? And are you pushing beyond what's potentially announced?

首先，我們需要澄清重組和利潤恢復計劃下的幾個問題。您能否更詳細地介紹一下該計劃除裁員之外的結構性變化？過去，您在實現儲蓄目標方面做得相當不錯，那麼您如何看待隨著時間的推移可能出現的其他儲蓄領域？您是否正在超越可能宣布的內容？

And then if you'll be generous enough to entertain a question on China. I think, clearly, there's some structural changes that have emerged in China beauty, the consumer perception of the category itself, willingness to be ostentatious, et cetera, changes in (inaudible) selling, promotional impacts, mass brand performance, there have been impacts to Estée brand share. So maybe, Fabrizio, just take a step back and broad thoughts on the opportunity in China from here. But also specifically, how do you adjust to these changes? What are your focus points from here in this new China reality? That would be helpful.

然後您能否慷慨地回答有關中國的問題。我認為，顯然，中國美容業出現了一些結構性變化，消費者對該品類本身的看法、炫耀的意願等等，（聽不清楚）銷售的變化，促銷影響，大眾品牌表現，都產生了影響雅詩品牌份額。因此，Fabrizio，也許您可以退後一步，從這裡開始廣泛思考中國的機會。但具體來說，您如何適應這些變化？在這個新的中國現實中，您的關注點是什麼？那會有幫助的。

So Dara, I'll start with your question on the Profit Recovery Plan. What we shared in November was our primary focus of the plan was -- is to rebuild our gross margin, which is where we've lost, as you all know, quite a bit of margin. So some of the strategies that we spoke about at that time that we were putting in place is really to focus on more profitable channel mix, to get our inventories under control, which should improve our obsolescence, as well as some of the discounting that has gone on over the last few years.

達拉，我將從你關於利潤恢復計劃的問題開始。我們在 11 月分享的內容是，我們計劃的主要重點是重建我們的毛利率，眾所周知，這就是我們損失了相當多利潤的地方。因此，我們當時談到的一些策略實際上是專注於更有利可圖的通路組合，控制我們的庫存，這應該會改善我們的過時情況，以及一些已經發生的折扣。過去幾年一直在發生。

We are being more granular in terms of some of the strategic pricing initiatives that we have. And we also talked at that time about, from an expense standpoint, implementing an incremental indirect procurement program to reduce some of our expense areas. So that -- those were some of the initiatives that we spoke about that made up the $800 million to $1 billion in terms of the Profit Recovery Plan at that time. And then obviously, we've announced an additional element to the program with the restructuring that we [have at this time]. China?

我們在一些策略性定價措施方面變得更加細緻。當時我們也談到，從費用的角度來看，實施增量間接採購計劃，以減少我們的一些費用領域。因此，這些就是我們談到的一些舉措，這些舉措構成了當時利潤回收計畫的 8 億至 10 億美元。顯然，我們已經宣布了該計劃的附加內容以及我們[目前]的重組。中國？

Yes. On -- so on the China question, first of all, we had some soft consumer sentiment in the recent period that drive this lower the prestige sales growth. However, first of all, we remain very optimistic about the long-term opportunity in China and are continuing to invest for growth.

是的。關於中國問題，首先，我們最近一段時間的消費者情緒疲軟，導致聲望銷售成長下降。然而，首先，我們對中國的長期機會仍然非常樂觀，並將繼續投資以促進成長。

The second point is you asked about the brand health and what's changing. Our brands are really, really, really strong. The retail sales growth has been much better than the net growth, and being extraordinary double-digit growth of many of our brands, particularly in luxury, like La Mer, Tom Ford, Jo Malone, Bobbi Brown, KILIAN, Frédéric Malle and Aveda, also Le Labo, continues to strive.

第二點是您詢問品牌健康狀況以及正在發生的變化。我們的品牌真的非常非常強大。零售額成長遠遠好於淨成長，我們的許多品牌都實現了驚人的兩位數成長，尤其是奢侈品牌，如 La Mer、Tom Ford、Jo Malone、Bobbi Brown、KILIAN、Frédéric Malle 和Aveda，以及Le Labo，繼續努力。

In term of market share, importantly, we gained market share over the fiscal year in quarter 2. Despite there was a small reduction on market share quarter 2, but we gained market share in Skin Care category, 80 points, we gained in Fragrances, we gained in Hair Care. And there are several important of our -- many of our brands, we had really top brands in 11.11. Another element to support the strength of our equity is the freestanding store double-digit growth, both in total and in light doors in Mainland China. And I should also mention the strength in Hong Kong, where we grew substantial market share, as part reflecting the success with Chinese consumers.

就市場份額而言，重要的是，我們在第二季度的財年中獲得了市場份額。儘管第二季度的市場份額略有下降，但我們在護膚品類別中獲得了80 個百分點的市場份額。 ，在香水類別中獲得了80 個百分點的市場份額，我們在護髮方面有所收穫。我們有幾個重要的品牌——我們的許多品牌，我們在 11.11 擁有真正的頂級品牌。支持我們股本實力的另一個因素是中國大陸獨立店的總量和輕型門的兩位數增長。我還應該提到香港的實力，我們在那裡獲得了可觀的市場份額，這在一定程度上反映了我們在中國消費者中取得的成功。

So where we go from here, as I said, we are going to continue to invest in China, and we believe we have a great team there and determination to continue building market share in the long term. The first step is building our distribution and winning online channels that this will continue, particularly accelerating the win in the short term. And continue to build market share in new cities in brick-and-mortar, where I would like to underline, during quarter 2, we grew substantial brick-and-mortar market share in China.

因此，正如我所說，我們將繼續在中國投資，我們相信我們在那裡擁有一支優秀的團隊，並且有決心繼續長期擴大市場份額。第一步是建立我們的分銷和贏得線上管道，這將繼續下去，特別是在短期內加速獲勝。並繼續在新城市建立實體市場份額，我想強調的是，在第二季度，我們在中國的實體市場份額大幅成長。

We'll also continue to leverage our current trend where retail sales are clearly ahead of that. And we will support very strong holiday plans, which, as you know, there is a high concentration of sales in China during the various holiday plans in the course of the year. We also believe that there is a particular strong opportunity in the luxury area among our luxury brands, which as I said, are doing very well. And I'm referring to Estée Lauder Re-Nutriv launch, that we mentioned in the prepared remarks, La Mer, Tom Ford, Le Labo, Bobbi Brown and extraordinary aggressive plans.

我們也將繼續利用當前零售銷售明顯領先的趨勢。我們將支持非常強大的假期計劃，如您所知，在一年中的各種假期計劃期間，中國的銷售高度集中。我們也相信，我們的奢侈品牌在奢侈品領域存在著特別強大的機會，正如我所說，這些品牌做得非常好。我指的是我們在準備好的演講中提到的雅詩蘭黛 Re-Nutriv 的推出、La Mer、Tom Ford、Le Labo、Bobbi Brown 以及非凡的激進計劃。

Strong innovation plan in H2, by the way, will continue and will accelerate, leveraging our new labs, the new laboratory in Shanghai, which is an important opportunity for us.

順便說一句，下半年強有力的創新計畫將繼續並加速，利用我們的新實驗室，上海的新實驗室，這對我們來說是一個重要的機會。

And it's important -- you asked what is changing in the various other aspects. So in the relationship with travel retail and in the managing of the overall pricing and promotional across the Chinese consumer framework, we have dramatically improved the model or the process between the China team and the TR team in making decisions about promotionality, pricing, channel privatization, and this is working better and better for the future.

這很重要——你問其他各個方面正在發生什麼變化。因此，在與旅遊零售的關係以及整個中國消費者框架的整體定價和促銷管理方面，我們極大地改進了中國團隊和 TR 團隊之間在促銷、定價、渠道私有化方面決策的模型或流程。 ，這對於未來來說會越來越好。

And also about the development of local brands. For the moment, they are mainly [in mass], but we completely acknowledge there will be a continuous development of local brands. And the strength of our innovation and the differentiation of our brands is going to be key. And so we'll continue to invest in this differentiation and in these trends. The investment in our local lab that will develop a local innovation is part of the answer to how to compete in this evolving environment as well.

還有關於本土品牌的發展。目前，它們主要是[大眾]，但我們完全承認本土品牌將會持續發展。我們的創新實力和品牌差異化將成為關鍵。因此，我們將繼續投資於這種差異化和這些趨勢。對我們當地實驗室的投資將開發本地創新，這也是如何在這個不斷變化的環境中競爭的答案的一部分。

Last, we are shortening the supply chain with a factory in Asia Pacific and the ability to plan more accordingly to demand and to be more agile in responding to the demand is the other big capability that will increase the flexibility, the agility of our China team in -- following demand. So net, we have a strong business in China. We have strong market share. And we have continued -- we are determined to continue to invest for the long term in China.

最後，我們正在透過亞太地區的一家工廠縮短供應鏈，並且能夠根據需求進行更相應的規劃，並更靈活地回應需求，這是另一個主要能力，這將提高我們中國團隊的靈活性和敏捷性在——遵循需求。因此，我們在中國擁有強大的業務。我們擁有強大的市場佔有率。我們決心繼續在中國進行長期投資。

The next question comes from Bryan Spillane with Bank of America.

下一個問題來自美國銀行的 Bryan Spillane。

Fabrizio and Tracey, so my question is just related to maybe how you're going to measure yourself as an organization over the next 2 years, so the '25 to '26 time frame. And I guess I ask that in the context of stock clearly today reflecting an inflection, right, a positive inflection. But at the same time, there's a lot of mixed things, right? China, slower than it was. But again, optimistic for the long term. You've got a lot of work to do underneath the hood, right, to execute on the restructuring program and improve margins.

Fabrizio 和 Tracey，所以我的問題可能與您在未來 2 年（即「25 至 26 年」時間範圍）內如何衡量自己作為一個組織有關。我想我問的是，在今天的股票背景下，這顯然反映了一種轉折點，對吧，一種積極的轉折點。但同時，還有很多複雜的事情，對吧？中國，比以前慢了。但從長遠來看，還是樂觀的。你有很多幕後工作要做，對吧，執行重組計劃並提高利潤率。

So just I guess I'm just curious how you're thinking about how linear this improvement would be. And again, just are you going to change the way you're going to maybe measure yourselves in the near term, just given how much work you've got to do and how maybe different it was versus businesses normal over the last couple of years?

所以我想我只是好奇你是如何思考這種改進的線性程度的。再說一遍，考慮到您需要做多少工作，以及過去幾年與正常業務相比可能有多麼不同，您是否會在短期內改變衡量自己的方式？

Yes, absolutely. And your question gives me the opportunity to give an overview of what we are trying to do. I hope you realize that the work we have done in the last several months that culminate today in what we define an inflection point is, first of all acknowledging the need of some important changes to align to the future opportunity to address our key pressure points developed in this post-COVID environment.

是的，一點沒錯。你的問題讓我有機會概述我們正在努力做的事情。我希望你們認識到，我們在過去幾個月所做的工作最終在我們定義的拐點中達到了頂峰，首先承認需要進行一些重要的改變，以適應未來的機會，以解決我們所發展的關鍵壓力點在這個後新冠疫情環境下。

So I'd like to summarize, first of all, what we're doing and then how we measure ourselves. The way we look at it is that, first of all, we are addressing the need to change and we are addressing the key pressure points. The first is the meaningful progress we have done on retail stocks in TR Asia, that, as we said, as of April, they should be aligned. And this will determine the ability to align in the future retail and net in this very important channel for us and for the industry in general. That's a big pressure point that we are addressing.

所以我想先總結我們正在做什麼，然後我們要如何衡量自己。我們的看法是，首先，我們正在解決變革的需要，我們正在解決關鍵的壓力點。首先是我們在 TR Asia 零售股方面取得的有意義的進展，正如我們所說，截至 4 月份，它們應該保持一致。這將決定未來零售和網路在這個對我們和整個產業來說非常重要的管道中的協調能力。這是我們正在解決的一個巨大壓力點。

The second part that was driving margin was obviously the need of gross margin -- addressing our gross margin, addressing our cost structure and rightsize our organization. So the Profit Recovery Plan enlarged and the execution of it, which is strongly advanced, and the additional of the restructuring are addressing decisively our ability to recover profitability at accelerated pace. And at the same time, this Profit Recovery Plan is designed to resource our future growth plans more aggressively and to develop the right agility, speed to market in the organization. And we are going to measure this and to measure ourselves on that.

推動利潤率的第二部分顯然是毛利率的需求——解決我們的毛利率、解決我們的成本結構以及調整我們的組織規模。因此，利潤恢復計劃的擴大和執行已得到大力推進，加上重​​組的增加，決定性地解決了我們加速恢復盈利能力的能力。同時，此利潤恢復計畫旨在更積極地為我們未來的成長計畫提供資源，並在組織中培養適當的敏捷性和上市速度。我們將衡量這一點並以此衡量我們自己。

And for agility, I mean agility to allocate resources in this more volatile world more promptly and faster as the one, for example, supply chain I just mentioned in the previous question and the speed to market of innovation to better compete with local brands. The other important part of profitability margin was Skin Care. And obviously, we need to recover our Skin Care growth to address the profitability, as we discussed in several times. I just want to clarify that the Skin Care growth during quarter 2 was very strong in the Americas, in EMEA, in APAC ex China.

對於敏捷性，我指的是在這個更動蕩的世界中更迅速、更快地分配資源的敏捷性，例如我在上一個問題中剛剛提到的供應鏈以及創新的上市速度，以便更好地與本地品牌競爭。利潤率的另一個重要組成部分是護膚品。顯然，正如我們多次討論的那樣，我們需要恢復護膚品的成長以解決獲利問題。我只是想澄清一下，第二季的保養品成長在美洲、歐洲、中東和非洲、亞太地區（中國除外）非常強勁。

In China, we didn't grow Skin Care during quarter 2, but we grew market share to Skin Care, as I said before, in a very strong way. So we are addressing the Skin Care opportunity and the innovation of Skin Care that we are announcing the one on Estée Lauder, the La Mer Fresh, the La Mer future innovation, the Clinique repositioning -- actually leveraging its heritage position, The Ordinary activation and future of The Ordinary globally, all these are engines that should continue to grow also in the long term our Skin Care now that as (inaudible) the retail stocks in TR we built. So that's the first big pressure point that we addressed.

在中國，我們在第二季度沒有成長護膚品，但正如我之前所說，我們以非常強勁的方式成長了護膚品的市場份額。因此，我們正在解決護膚機會和護膚創新，我們宣布了雅詩蘭黛、La Mer Fresh、La Mer 未來創新、Clinique 重新定位——實際上利用了其傳統地位，The Ordinary The Ordinary 在全球範圍內的激活和未來，所有這些都是從長遠來看我們的護膚品應該繼續成長的引擎，因為我們在TR 建立了（聽不清楚）零售股票。這是我們要解決的第一個大壓力點。

The second was the China growth and the China focus in the long term. I believe I addressed this in my previous answer. The third one is accelerating our plan to stabilize market share in the U.S. And we are addressing this, first of all, attacking very clearly our opportunity in active derma and with the Clinique Heritage position and with The Ordinary extraordinary success, we will continue to address our distribution mix improvement needs towards the consumer growth segment and the channel segment. We are accelerating our Fragrance sales growth, which is very important in the region.

第二個是中國的成長和中國的長期關注。我相信我在之前的回答中已經解決了這個問題。第三個是加快我們穩定美國市場份額的計劃。我們正在解決這個問題，首先，非常明確地抓住我們在活性真皮領域的機會，憑藉倩碧傳統的地位和The Ordinary 的非凡成功，我們將繼續解決這個問題我們的分銷組合需要針對消費者成長區隔市場和通路區隔市場進行改進。我們正在加速香水銷售的成長，這在該地區非常重要。

And also I would like to remind that we have the top 2 brands in Skin Care and in Makeup in the region. And in Skin Care, with arrival and the growth of The Ordinary, now we have 4 of the top 5 Skin Care brands in the market. And The Ordinary gained 200 points of share in prestige market just in quarter 2. So we are addressing very decisively the future opportunities, obviously, in our North America.

我還想提醒一下，我們擁有該地區護膚和彩妝領域排名前二的品牌。在護膚品方面，隨著 The Ordinary 的到來和發展，現在我們擁有市場上排名前 5 的護膚品牌中的 4 個。僅在第二季度，The Ordinary 就在高端市場中獲得了 200 個百分點的份額。因此，我們正在非常果斷地應對未來的機遇，顯然是在北美地區。

So second big point is, we want to continue building on our strengths. And we said that we have strength clearly in APAC ex China in this moment, with the comeback of Hong Kong, which is a very important improvement versus the COVID period. In EMEA, we continue to have strong growth for example in Skin Care in markets like Germany, Italy, Spain, Turkey. Our emerging markets grew mid double digit, and we believe we have strong opportunity in emerging markets where we have very strong market share position in every one of the top ones for the future acceleration. Our direct-to-consumer business, our freestanding store grew double digit, supporting also our brand strengths in equity.

第二個要點是，我們希望繼續增強我們的優勢。我們說過，隨著香港的捲土重來，我們目前在除中國以外的亞太地區擁有明顯的優勢，這與新冠​​疫情時期相比是一個非常重要的進步。在歐洲、中東和非洲地區，我們持續保持強勁成長，例如在德國、義大利、西班牙、土耳其等市場的護膚品領域。我們的新興市場成長了兩位數，我們相信我們在新興市場擁有巨大的機會，我們在每個頂級市場中都擁有非常強大的市場份額，有利於未來的加速。我們的直接面向消費者的業務，我們的獨立商店成長了兩位數，也支持了我們的品牌資產優勢。

So we will continue building on all these trends and our plans focus on this. We remain confident in the future of the prestige beauty market, so that remains very attractive. We remain focused as a pure player on this very high growth, at least in the long term, market in the consumer good industry.

因此，我們將繼續以所有這些趨勢為基礎，我們的計劃也將以此為重點。我們對高端美容市場的未來仍然充滿信心，因此它仍然非常有吸引力。作為一個純粹的參與者，我們仍然專注於消費品產業這個快速成長的市場，至少從長遠來看是如此。

And finally, as I said, the Profit Recovery Plan and the restructuring will be a key enabler of all these strategies in our future.

最後，正如我所說，利潤回收計劃和重組將成為我們未來所有這些策略的關鍵推動者。

So yes, we feel we are at an inflection point and that we are going to measure ourselves on all these elements combined. Meaning we are going to measure ourselves on -- with the pace of recovery of our profitability. We're going back to a growth -- sustainable growth model and investing in our brands for the future. And readdressing the needed changes in our organization to improve agility of resource allocation and speed to market.

所以，是的，我們覺得我們正處於一個轉折點，我們將根據所有這些因素來衡量自己。這意味著我們將根據獲利能力恢復的速度來衡量自己。我們將回歸成長—永續成長模式，並為未來投資我們的品牌。並重新解決我們組織中所需的變革，以提高資源分配的敏捷性和上市速度。

The next question comes from Olivia Tong with Raymond James.

下一個問題來自 Olivia Tong 和 Raymond James。

I wanted to talk a little bit about -- just first a follow-up on your U.S. distribution comments in terms of stabilizing U.S. share. With Clinique and The Ordinary sort of towards the entry-level price points in prestige, how do you think about further diversification in U.S. distribution, especially as department store exposure continues to come down?

我想談談——首先是關於穩定美國市場份額的美國發行評論的後續行動。鑑於倩碧 (Clinique) 和 The Ordinary 的聲望都偏向入門級價格點，您如何看待美國分銷的進一步多元化，尤其是在百貨公司曝光度持續下降的情況下？

So no, we are -- as you know, we are working on this for some time. And the way we address it is that we are going to continue to increase the focus on high-growth channels. We have done some extraordinary improvement in the specialty channel in the last period, and that will continue to be our focus. We are also obviously focusing our support to our department store partners and that -- where we have high market share and we are managing this business carefully. And we are continuing to accelerate online with various opportunities that we have in this world. And the consumer is shopping more and more omnichannel. And so we are going to continue to put focus on the opportunity of omnichannel's growth that we had in the United States. So that's what we're doing. And you will see this strategy to be implemented step by step in the next 12 months accordingly to these opportunities.

所以不，正如你所知，我們正在為此努力一段時間。我們解決這個問題的方式是，我們將繼續加大對高成長通路的關注。過去一段時間，我們在專業管道方面取得了一些非凡的進步，這將繼續成為我們的重點。顯然，我們也專注於支持我們的百貨公司合作夥伴，我們擁有較高的市場份額，並且我們正在謹慎管理這項業務。我們正在利用這個世界上擁有的各種機會繼續加速線上發展。消費者越來越多地透過全通路進行購物。因此，我們將繼續關注美國的全通路成長機會。這就是我們正在做的事情。而且你會看到這個策略將在未來12個月內根據這些機會逐步實施。

The next question comes from Oliver Chen with TD Cowen.

下一個問題來自 TD Cowen 的 Oliver Chen。

You mentioned agility many times what are your thoughts on the priorities in terms of what you'll do there, as well as direct-to-consumer and digital and community engagement, as you know, is very important in terms of user-generated content and making sure to embrace a lot of new formats? And a follow-up, as we model inventory in the back half, your inventories are in much better shape. But what gives you the conviction that the inventory level related to Asia travel retail will be healthy in terms of the back half just some key aspects and being more confident there?

您多次提到敏捷性，您對在那裡要做的事情的優先級有何想法，以及直接面向消費者、數位和社區參與，正如您所知，對於用戶生成的內容而言非常重要並確保接受許多新格式？後續，當我們在後半部分對庫存進行建模時，您的庫存狀況要好得多。但是，是什麼讓您相信與亞洲旅遊零售相關的庫存水準在下半年（只是一些關鍵方面）將保持健康，並且對此更有信心？

Thanks, Oliver. So I'll start with the inventory levels. We made significant progress, as we said in our prepared remarks, on inventory and bringing down the levels of inventory in the trade that were high in pockets of Asia travel retail. So we are pretty comfortable that we will be able to bring those down to levels that are healthier, that are expected to drive regular replenishment levels and, therefore, be the net sales accelerator that we have embedded in our guidance for the second half of the year.

謝謝，奧利佛。所以我將從庫存水準開始。正如我們在準備好的演講中所說，我們在庫存方面取得了重大進展，並降低了亞洲旅遊零售業中較高的貿易庫存水準。因此，我們非常放心，我們將能夠將這些水平降低到更健康的水平，預計將推動定期補貨水平，因此成為我們在下半年指導中嵌入的淨銷售加速器。年。

In addition, what we spoke about is we've also, at the same time of bringing down inventory levels in the trade, brought inventory levels down in-house. And that is part of the benefit that we saw in terms of the cash improvement in the quarter. And we expect with the tools that we've invested in and having healthier levels of inventory overall, largely driven by the pull bound in production that we did in the first quarter that we spoke about, that we are going to be in a much better shape as we support some of the upcoming innovation that we have as well as in the future in terms of bringing inventory levels into better control.

此外，我們談到的是，我們在降低貿易庫存水準的同時，也降低了內部庫存水準。這是我們在本季度現金改善方面看到的好處的一部分。我們預計，憑藉我們投資的工具以及整體庫存水平的健康（很大程度上是由我們談到的第一季生產拉動所推動），我們將處於更好的狀態我們支持我們即將推出的一些創新，以及未來在更好地控制庫存水準方面的創新。

Obviously, the investment that we've done, as Fabrizio mentioned, in our Asia supply chain allows us to have shorter lead times in the region and be able to better manage any volatility that may occur in the future now that we have a plant and an R&D center in the region. So all of those things help us in terms of creating better inventory agility, having -- being able to produce faster to market demand than we have been in the past.

顯然，正如 Fabrizio 所提到的，我們在亞洲供應鏈中所做的投資使我們能夠縮短該地區的交貨時間，並且能夠更好地管理未來可能發生的任何波動，因為我們擁有工廠和該地區的研發中心。因此，所有這些事情都有助於我們創造更好的庫存彈性，並且能夠比過去更快地滿足市場需求。

Then your question on agility, there are two measures of agility that we look as very important. One is agility in responding to volatility, faster reallocating resources. So the action in this area has been the shortening of our supply chain in Asia, for example, and the video aspect, even the way we are repositioned, we are leveraging the historical areas of position of Clinique doubling down on it. In active derma, the way we are leveraging The Ordinary strengths in the active derma. So in other words, how we are responding to the consumer trend of active derma now very decisively. So those are elements of agility. We want to improve our ability to do these things faster and more promptly in the future.

然後是關於敏捷性的問題，我們認為有兩種敏捷性衡量標準非常重要。一是靈活應對波動，更快重新分配資源。因此，在這一領域的行動是縮短我們在亞洲的供應鏈，例如視訊方面，甚至我們重新定位的方式，我們正在利用倩碧的歷史地位加倍努力。在活性真皮中，我們利用活性真皮中的普通優勢的方式。換句話說，我們現在非常果斷地應對活性真皮的消費趨勢。這些都是敏捷性的要素。我們希望提高未來更快、更迅速地完成這些事情的能力。

The other aspect of the agility is the way we go to market. So reaction to, for example, the new platforms. We are learning how to operate with TikTok globally much more. We are focusing on earned media value much more, our organization, including the resource allocation, and also the training and the development of the understanding of the various models, we are doing this in all markets of the world at the same time. We are modernizing our promotional models and making them more relevant to the current consumer trends. And importantly, as an umbrella concept we are becoming more and more able to react to trends.

敏捷性的另一個面向是我們進入市場的方式。例如，對新平台的反應。我們正在學習如何在全球範圍內運營 TikTok。我們更加關注贏得媒體的價值，我們的組織，包括資源分配，以及對各種模型的理解的培訓和發展，我們同時在世界所有市場上這樣做。我們正在對我們的促銷模式進行現代化改造，使其更貼近當前的消費趨勢。重要的是，作為一個總括概念，我們越來越能夠對趨勢做出反應。

So there are two kind of trends we are working our organizational development on. The first is the long-term trends, the fundamental changes in consumer preferences, where, frankly, we have been always pretty strong, and we are further refining this ability. And then there are the short-term trends, the trends that could change in a week, in a month, or what's going to be popular online in a certain country in a certain moment, where we have developed better and better model to react to short-term trends with our brands, with our execution, with our resource allocation.

因此，我們的組織發展有兩種趨勢。第一個是長期趨勢，消費者偏好的根本性變化，坦白說，我們一直都很強，而且我們正在進一步完善這種能力。然後是短期趨勢，可能在一周、一個月內發生變化的趨勢，或者在某個時刻在某個國家/地區網上流行的內容，我們開發了越來越好的模型來應對我們的品牌、我們的執行力、我們的資源配置的短期趨勢。

And by the way, the work on organization of the Profit Recovery Plan is also tailored to improve our ability in both these areas, meaning the agility in resource allocation and the agility in reacting to trends and to the new models of marketing around the world.

順便說一句，利潤回收計畫的組織工作也是為了提高我們在這兩個領域的能力而量身定制的，這意味著資源配置的敏捷性以及對全球趨勢和行銷新模式做出反應的敏捷性。

The next question comes from Dana Telsey with Telsey Advisory Group.

下一個問題來自特爾西諮詢小組的達納·特爾西。

Fabrizio and Tracey, as you think about pricing and the new launches that you have coming, how do you think about pricing both for existing hero and new products and how it's changing. And then as you continue to enhance the specialty-multi distribution, how do you see engaging with the department stores and how -- what that relevance -- how that relevance changes?

Fabrizio 和 Tracey，當您考慮定價和即將推出的新產品時，您如何看待現有英雄和新產品的定價及其變化。然後，當您繼續加強專業多元化分銷時，您如何看待與百貨公司的合作以及相關性如何變化？

So we have a pretty sophisticated, Dana, pricing model for new product launches. And I think we had spoken about even under the Profit Recovery Plan, making sure that our new product launches actually are accretive to our overall margin. So we have actually cut some of our new product launches in -- that were planned for fiscal '25 in order to do that, and relooked at our innovation pipeline to make sure that what we're launching is in fact, accretive. But the sophistication that goes into our new product pricing model, in terms of looking at what the competitive benchmarks are relative to that particular launch, also -- from a market standpoint, making sure again that the new product is positioned appropriately. We look at if it's replacing an existing franchise, measure the product and pricing differential related to added content, added benefits, added packaging, et cetera.

因此，我們為新產品發布製定了一個非常複雜的 Dana 定價模型。我認為我們甚至在利潤恢復計劃下也談過，確保我們的新產品發布實際上能夠增加我們的整體利潤。因此，為了做到這一點，我們實際上已經削減了原計劃在 25 財年推出的一些新產品，並重新審視了我們的創新管道，以確保我們推出的產品實際上是增值的。但是，我們的新產品定價模型的複雜性，即從市場的角度來看與特定產品相關的競爭基準，再次確保新產品的定位適當。我們會研究它是否會取代現有的特許經營權，衡量與增加的內容、增加的好處、增加的包裝等相關的產品和定價差異。

So there are a number of things that factor into it. I think that as we mentioned, we've got some very exciting new product launches in the second half of this year. M.A.C is relaunching two of their largest franchises, Studio Fix and the M·A·C lipstick. We've got Estée Lauder Re-Nutriv with SIRTIVITY that is quite exciting, really playing on the longevity focus that is accelerating in the market. So Fabrizio just talked about trends, we've got quite a bit of trend based, but highly efficacious from a quality standpoint, products launching in the second half of the year, all of which have been priced appropriately for the benefits that they are contributing.

因此，有很多因素會影響其中。我認為正如我們所提到的，我們在今年下半年推出了一些非常令人興奮的新產品。 M.A.C 正在重新推出其最大的兩個特許經營產品：Studio Fix 和 M·A·C 口紅。我們推出了帶有 SIRTIVITY 的雅詩蘭黛 Re-Nutriv，這非常令人興奮，真正抓住了市場上正在加速發展的長壽焦點。 Fabrizio 剛剛談到了趨勢，我們有相當多的基於趨勢的產品，但從品質的角度來看非常有效，下半年推出的產品，所有這些產品都根據它們所帶來的好處進行了適當的定價。

Yes. And on the different retail -- the retail channels, we obviously support every one of the retail channel. So specialty-multi, department store, everyone -- every retail channel is going to be supported more and more in a tailored way, meaning tailoring to their model, to their strategy, to their specific consumer profiles. And this will be very different country by country. There are countries where certain channels go faster than others and maybe the opposite happened in other countries.

是的。在不同的零售通路上，我們顯然支持每種零售通路。因此，專賣店、百貨公司、每個人——每個零售通路都將越來越多地以定制的方式得到支持，這意味著根據他們的模式、他們的策略、他們特定的消費者概況進行定制。不同國家的情況會有很大不同。在某些國家/地區，某些管道的速度比其他管道快，而其他國家的情況可能恰恰相反。

So it's not about the preferences or changing strategy, it's about tailoring the strategy to each channel supporting every one of our partners. At the end, the result of this is that the mix of our business in every country of the world will be focused on growth. It will be focused on leveraging the channels that the consumers in that specific moment will choose or the different target of consumer we choose in every channel. So it's about tailoring to all the opportunities wherever they are.

因此，這與偏好或改變策略無關，而是針對支持我們每位合作夥伴的每個管道客製化策略。最終的結果是，我們在世界每個國家的業務組合都將專注於成長。它將專注於利用消費者在特定時刻選擇的管道或我們在每個管道中選擇的不同消費者目標。因此，關鍵在於針對所有機會進行定制，無論這些機會位於何處。

The next question comes from Steve Powers with Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

So back to the Profit Recovery Plan. I think your outlook today at the midpoint implies roughly $1.5 billion or so of operating profit in fiscal '23. And you framed the recovery program as incremental profit from here, which assuming the benefits are all off a fiscal '24 base, that implies $2.5 billion to $3 billion or so of operating profit in fiscal '26, and I think that's before considering presumed underlying growth in the business over the next couple of years. So can you confirm that?

回到利潤恢復計劃。我認為您今天的展望中點意味著 23 財年的營業利潤約為 15 億美元左右。您將復甦計畫定義為增量利潤，假設所有收益均以 24 財年為基礎，這意味著 26 財年營業利潤為 25 億至 30 億美元左右，而且我認為這是在考慮假定的基本因素之前未來幾年業務的成長。能確認一下嗎？

That's correct.

這是正確的。

Okay. Great. So I guess the question is how do you protect -- I guess, that objective you're saying today, how do you protect against those incremental profits being essentially countered by incremental investments that emerge over that time? So you're saying an expectation for investors today that the profit comes, it's a pretty firm objective. But I'm just -- how do you guard against other costs creeping into the model over the next couple of years?

好的。偉大的。所以我想問題是你如何保護——我想，你今天所說的目標，你如何防止那些增量利潤基本上被在那段時間出現的增量投資所抵消？所以你說今天投資者期望利潤到來，這是一個非常堅定的目標。但我只是──你如何防範未來幾年其他成本滲透到模型？

So -- no, it's a great question, Steve. Look, we are certainly realistic that with regulatory changes, with what happens with inflation. There are a lot of things that we -- in the base business, before the Profit Recovery Plan, need to be able to manage. And one of the things that we are working through with our organization is how do you make those choices in terms of what to invest and disinvest in terms of the base business. So those are areas that we are keenly focused on as we look at just what the base progression, which you're very familiar with what our normal progression is, outside of, obviously, this unusual period of post-pandemic disruption that we've experienced.

所以——不，這是一個很好的問題，史蒂夫。聽著，我們當然很現實，隨著監管的變化，隨著通貨膨脹的發生。在利潤恢復計劃之前，我們在基礎業務中需要能夠管理很多事情。我們正在與我們的組織合作解決的問題之一是，您如何在基礎業務的投資和撤資方面做出選擇。因此，這些是我們密切關注的領域，因為我們正在研究基本進展，您非常熟悉我們的正常進展是什麼，顯然，在我們已經經歷過的大流行後混亂的不尋常時期之外有經驗的。

So we certainly have, in the past, been able to do that and believe that we can do it in the future as well. We've also stood up a very disciplined and strong project management office in order to be able to track all of the savings that we are committing to. And also, obviously, with the base business, making sure that we're meeting our normal base expectations as it relates to regular growth and margin expansion.

因此，我們過去當然能夠做到這一點，並且相信我們將來也能做到。我們還建立了一個非常有紀律和強大的專案管理辦公室，以便能夠追蹤我們承諾的所有節省。而且，顯然，在基礎業務方面，確保我們滿足正常的基礎預期，因為這與常規成長和利潤率擴張有關。

And I just would like to add one point is that, as you said, the $1.1 billion to $1.4 billion has been defined extra profitability, which means that the reinvestment part in building our brands and accelerating growth comes from more savings than what we define as extra profit.

我只想補充一點，正如您所說，11億至14億美元被定義為額外盈利能力，這意味著建立我們的品牌和加速增長的再投資部分來自於比我們定義的更多的儲蓄額外利潤。

So to be fair, there will be more savings. Some of them will be reinvested in consumer-facing growth acceleration, and the $1.1 billion to $1.4 billion is our target for extra profitability. And that's why we have been very clear on that.

所以公平地說，會省更多。其中一些將再投資於面向消費者的成長加速，而11億至14億美元是我們額外獲利的目標。這就是為什麼我們對此非常明確。

And the investment in growth that will be done or the extra investment in growth for the future that we want to develop capabilities for are for consumer facing. We are not planning to invest in many new capabilities, but rather, we want to leverage the capabilities we have built in the last period in a very efficient way. So that's the way to think, I believe, about the Profit Recovery Plan.

即將進行的成長投資或我們希望開發能力的未來成長投資是面向消費者的。我們不打算投資許多新功能，而是希望以非常有效的方式利用我們在上一時期建立的功能。我認為，這就是思考利潤恢復計畫的方式。

Our last question today comes from Lauren Lieberman with Barclays.

今天我們的最後一個問題來自巴克萊銀行的勞倫·利伯曼。

Probably two things I wanted to touch on. The first was just, I think, during the prepared remarks, you commented that retail sales ex China and travel retail are up mid-singles, but organic also excluding those things was down 3%. So I know you've spoken very explicitly about the inventory dynamics in Asia travel retail, but I was just curious about inventory dynamics outside of those markets and why that disconnect was that large. So that was question one.

可能有兩件事是我想談的。第一個是，我認為，在準備好的發言中，您評論說，中國以外的零售額和旅遊零售額增長了中等水平，但排除這些因素後，有機銷售額下降了 3%。所以我知道您已經非常明確地談到了亞洲旅遊零售的庫存動態，但我只是對這些市場之外的庫存動態以及為什麼這種脫節如此之大感到好奇。這是問題一。

And then question two was just on the go-forward plan around unstructured market across Asia. So of course, we all know there's been regulatory change in China and Hainan. But you've spoken many times in the past, Fabrizio, about how that market tends to shift and move with the travelers, and currency and all sorts of things that can impact where it's taking place. So I was curious on your thoughts about that unstructured market going forward, what you are or aren't going to do in terms of regulating the degree of participation significantly Clinique has a lot to do with how we should be thinking about and modeling the absolute size of the travel retail business in dollar terms as we look out over the next several years.

第二個問題是圍繞亞洲非結構化市場的前進計劃。當然，我們都知道中國和海南的監管已經改變了。但法布里奇奧，您過去曾多次談到市場如何隨著旅行者、貨幣和各種可能影響其發生地點的因素而變化。因此，我很好奇您對未來非結構化市場的想法，在顯著調節參與程度方面您將做什麼或不做什麼，倩碧與我們應該如何思考和建模絕對值有很大關係。我們展望未來幾年，以美元計算的旅遊零售業務規模。

Thanks, Lauren. So I'll start with the retail and organic. When we have -- especially in the second quarter, obviously, when we have big events like 11.11 and you have holiday, and in the case for us when those events don't go as well as expected, obviously, retailers pull back on and we pulled back on some of the shipments that we have to those retailers in order to bring things back in line. So you will see, from a quarter-to-quarter standpoint, there may be some disconnects related to that. But it averages out over the course of a year. So we don't have any issues in any other markets like what we have been experiencing in Asia travel retail for you all to be concerned about.

謝謝，勞倫。所以我將從零售和有機食品開始。當我們——特別是在第二季度，顯然，當我們有像 11.11 這樣的大型活動並且你有假期時，對於我們來說，當這些活動沒有按預期進行時，顯然，零售商會撤回並我們減少了對這些零售商的部分發貨，以使事情恢復正常。所以你會看到，從季度到季度的角度來看，可能會有一些與此相關的脫節。但它會在一年內平均下來。因此，我們在任何其他市場都沒有遇到任何問題，就像我們在亞洲旅遊零售業所經歷的那樣，需要大家擔心。

And on the structured market, our focus is on travelers and travelers conversion. And that is getting better and better around the world. Just to be clear, apart from the China situation that we have discussed many times. In the rest of the world, there is an extraordinary progress in this area. Double digit, in some cases, [triple] digit in every market of the world. So this will happen more and more also in China, also in Korea and also in the part which has been the lowest to recover in that direction. So first part of the answer is the term -- the focus and continue growing in travelers and continuously improving the travelers conversion.

在結構化市場上，我們的重點是旅行者和旅行者轉換。這在世界範圍內變得越來越好。需要澄清的是，除了我們多次討論過的中國情況之外。世界其他地區在這一領域取得了非凡的進展。兩位數，在某些情況下，世界每個市場的[三]位數。因此，這種情況將越來越多地發生在中國、韓國以及在該方向復甦最低的地區。因此，答案的第一部分是這個術語——關注旅行者並持續成長，並不斷提高旅行者的轉換率。

As you have seen from the data of the market, the travel has been improving very, very nicely, but the conversion of the travelers for the moment has been below expectations. The structure market as such is growing -- is reducing. And I want to say is reducing also for regulations, for the intentions of the governments or the retailers. So there is a trend to reduce the amount. And obviously, this is also what we are doing. And so the way you should expect is that the structural market will be reduced. In my opinion, will reduce also as a market that will be reducing for us. And we'll be reducing in a gradual way as the travelers improve and increase over time.

從市場數據可以看出，出遊的改善非常非常好，但目前的旅客轉換率卻低於預期。結構市場本身正在成長，但正在減少。我想說的是，減少也是出於監管、政府或零售商的意圖。所以有減少用量的趨勢。顯然，這也是我們正在做的事情。因此，你應該預期結構性市場將會減少。在我看來，隨著市場的減少，我們的市場也會減少。隨著旅行者的改善和增加，我們將逐步減少。

That concludes today's question-and-answer session. If you were unable to join the entire call, a playback will be available at 1:00 p.m. Eastern Time today through February 12. To hear a recording of the call, please dial (877) 344-7529, passcode 1939290. That concludes today's Estée Lauder conference call. I would like to thank you all for your participation, and wish you all a good day.

今天的問答環節到此結束。如果您無法加入整個通話，則可在下午 1:00 進行回放。東部時間今天至 2 月 12 日。要收聽通話錄音，請撥打 (877) 344-7529，密碼 1939290。今天的雅詩蘭黛電話會議到此結束。我衷心感謝大家的參與，並祝福大家有美好的一天。