雅詩蘭黛 (EL) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Estée Lauder Company's fiscal 2024 fourth quarter and full Year conference. Today's call is being recorded and webcast for opening remarks and introductions I turn the floor over to Senior Vice President of Investor Relations, Ms. Rainey Mancini. Ma'am, you may begin.

大家好，歡迎參加雅詩蘭黛公司 2024 財年第四季及全年會議。今天的電話會議正在錄製並進行網路直播，以供開場白和介紹。女士，您可以開始了。

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

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。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 non-comparable impacts of acquisitions, divestitures, brand closures and the impact of foreign currency translation. You can find reconciliations between GAAP and non-GAAP measures on 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、品牌關閉的不可比較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 衡量標準之間的調整表。

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. Throughout our discussion, our profit recovery and growth plan will be referred to as our PRGP.

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。在我們的討論中，我們的利潤恢復和成長計劃將被稱為我們的 PRGP。

During the Q&A session, we ask that you please limit yourself to one question, so we can respond to all of you within the time scheduled for this call.

在問答環節中，我們要求您只提出一個問題，以便我們能夠在本次電話會議的預定時間內回覆所有人。

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. Today, we will review our results for fiscal year 2024, which represented a difficult year for the company and discuss the implementation of our strategy reset to drive improving performance in fiscal year 2025 and beyond.

謝謝你，[Rainey]，大家好。今天，我們將回顧 2024 財年的業績，這對公司來說是艱難的一年，並討論實施我們的策略重置，以推動 2025 財年及以後的業績改善。

After a challenging first half, we returned to top line growth in the second half of fiscal year 2024 with organic sales growth accelerating from 6% in the third quarter to 8% in the fourth quarter, and we delivered an adjusted operating margin of 11.6%.

在經歷了充滿挑戰的上半年之後，我們在2024 財年下半年恢復了營收成長，有機銷售成長從第三季的6% 加速到第四季的8%，調整後的營業利潤率為11.6 % 。

This level of profitability was higher than the first half and expanded from the second half of fiscal year 2023. All told, for fiscal year 2024, our organic sales declined 2%. We achieved modest gross margin expansion and adjusted operating margin contracted 120 basis points to 10.2%.

這一獲利水準高於上半年，並從 2023 財年下半年開始擴大。我們實現了毛利率小幅擴張，調整後營業利潤率收縮了 120 個基點，至 10.2%。

These results were in line with the revised outlook we offered in May for sales and better than expected for operating profitability despite the further softening of the prestige beauty industry in China and Asia travel retail. That said, we remain unsatisfied with this performance.

儘管中國和亞洲旅遊零售的高端美容行業進一步疲軟，但這些結果與我們在 5 月提出的修訂後的銷售前景一致，並且營運盈利能力好於預期。儘管如此，我們對這一表現仍然不滿意。

Looking ahead, our fiscal year 2025 outlook reflects continued declines in the prestige beauty industry in China and Asia travel retail. While the PRGP, which remains on track relatively to our previously stated goals, enabled us to offset the pressure to profitability from the clients in areas of our business that have high penetration of skin care, a lower pace of operating margin expansion for fiscal year 2025 than we had previously expected when we expanded the PRGP in February.

展望未來，我們對 2025 財年的展望反映了中國和亞洲旅遊零售的高端美容行業的持續下滑。雖然 PRGP 相對於我們先前設定的目標仍處於正軌，但使我們能夠抵消皮膚護理滲透率較高的業務領域客戶的盈利壓力，但 2025 財年營業利潤率擴張速度較低超出了我們之前在2月擴大PRGP 時的預期。

For fiscal year 2025, in the rest of our global business, we are planning to deliver improved performance across both developed and emerging markets. To fuel this, our strategic priorities are reigniting skin care, capitalizing on the multiple growth drivers of high-end fragrance, moving faster in leveraging winning channels, launching accretive innovation inclusive new big opportunities and enhancing our precision marketing capabilities for increased effectiveness and efficiency of our consumer-facing investments.

2025 財年，在我們的其他全球業務中，我們計劃在已開發市場和新興市場提供更好的業績。為了推動這一目標，我們的策略重點是重新點燃護膚品，利用高端香水的多重成長動力，加快利用制勝管道，推出增值創新包容新的重大機遇，並增強我們的精準行銷能力，以提高產品的有效性和效率。

The PRGP enables and accelerate these strategic priorities and is the foundation to restore sustainable long-term organic sales growth and to rebuild our operating profitability.

PRGP 實現並加速了這些策略重點，是恢復可持續的長期有機銷售成長和重建我們的營運獲利能力的基礎。

We are also creating a faster and leaner organization. They will more quickly adapt to market dynamics and be better able to leverage future growth. While our sales and profit outlook for fiscal year 2025 is disappointing.

我們也正在創造一個更快、更精簡的組織。他們將更快地適應市場動態，並能夠更好地利用未來的成長。雖然我們對 2025 財年的銷售和利潤前景令人失望。

This year, we will make important strides as we implement our strategy reset to continue rebalancing regional growth, deliver improved annual profitability, a strengthened go-to-market and innovation capabilities to elevate our execution in response to a more competitive market. These efforts will position us to both outperform the prestige beauty industry in fiscal year 2026 and accelerate profitability expansion.

今年，我們將在實施策略重置方面取得重大進展，以繼續重新平衡區域成長，提高年度獲利能力，增強上市和創新能力，以提高我們的執行力，以應對競爭更加激烈的市場。這些努力將使我們能夠在 2026 財年超越高端美容產業，並加速獲利能力擴張。

Let me now describe the drivers of our fiscal year 2025 outlook before discussing our strategic priorities in greater detail. The prestige beauty industry reported retail sales trends in Mainland China further weakened sequentially in the fourth quarter from a decline of mid-single digit in the third quarter to a decrease of low double digits as the consumer confidence remains subdued.

現在讓我先介紹 2025 財年展望的驅動因素，然後再更詳細地討論我們的策略重點。高端美容產業報告稱，由於消費者信心依然低迷，中國內地第四季的零售額趨勢進一步走軟，從第三季的中個位數下降至低兩位數下降。

Importantly, we gained share in the prestige beauty industry in Mainland China in the fourth quarter driven by La Mer and Estee Lauder progress in the market's far largest category of skin care. Retail sales trend for the prestige beauty industry in Asia travel retail also did not improve during the fourth quarter. This was most notable in Hainan, where retail sales in the beauty market declined over 40% despite a more favorable comparison to the previous period as the quarter unfolded.

重要的是，在海藍之謎 (La Mer) 和雅詩蘭黛 (Estee Lauder) 在市場上最大的護膚品類取得進展的推動下，我們第四季度在中國大陸高端美容行業的份額有所增加。亞洲旅遊零售中高端美容產業的零售銷售趨勢在第四季度也沒有改善。這在海南最為顯著，儘管隨著本季的展開，美容市場的零售額較上一時期更為有利，但仍下降了 40% 以上。

For Hainan and Asia travel retail overall, as traffic returns, conversion levels remain subdued and significantly lower than pre-pandemic levels, owing to weak consumer sentiment reducing basket sizes and to extend consumer diverse spending to experiences.

對於海南和亞洲旅遊零售整體而言，隨著客流量回升，轉換水平仍然較低，並顯著低於大流行前的水平，原因是消費者信心疲軟，減少了購物籃規模，並將消費者多元化支出擴展到體驗領域。

The US prestige beauty industry retail sales growth accelerated each month throughout the fourth quarter, albeit with growth at a still compelling pace of mid- to high single digits. Encouragingly, our company retail sales returned to growth. While we continue to see the prestige beauty share driven by the extent of our exposure to slower growth channels, our share loss was reduced in the fourth quarter.

美國高端美容產業零售額在第四季每個月都在加速成長，儘管成長速度仍然令人矚目，達到中高個位數。令人鼓舞的是，我公司零售額恢復成長。雖然我們繼續看到高端美容市場份額受到我們對成長較慢管道的影響程度的推動，但我們的份額損失在第四季度有所減少。

This reflects gains from gradually increasing our exposure to high-growth channels like Amazon and specialty multi. And this trend was further reinforced in July when our company retail sales growth accelerated to mid-single digits driven by double-digit growth in fragrance and hair care.

這反映出我們逐漸增加對亞馬遜和專業多元化等高成長通路的投資所帶來的效益。 7 月份，這一趨勢進一步得到加強，在香水和護髮產品兩位數成長的推動下，我們公司的零售額成長加速至中個位數。

Moreover, the company retail sales improved to mid-single-digit growth in skin care, and we gained share in the category in July. For fiscal year 2025, we forecast the global prestige beauty industry to grow 2% to 3%, reflecting ongoing strength in many developed and emerging markets globally.

此外，公司護膚品零售額成長至中個位數，7 月我們在該類別中的份額增加。對於 2025 財年，我們預測全球高端美容產業將成長 2% 至 3%，反映出全球許多已開發和新興市場的持續強勁。

The market in the West, which collectively exited fiscal year 2024 relatively strongly are primed to drive the industry performance. The markets in the East, in total, are expected to be tempered as strength in Japan and Southeast Asia is offset by ongoing declines in Mainland China and Asia Travel Retail. We expect the global prestige beauty industry to reaccelerate to historical mid-single-digit growth in fiscal year 2026, assuming China progressively stabilize and then return to growth.

西方市場在 2024 財年集體退出時表現相對強勁，準備好推動產業表現。總體而言，由於日本和東南亞的強勁勢頭被中國大陸和亞洲旅遊零售業的持續下滑所抵消，因此整個東方市場預計將受到影響。假設中國逐步穩定並恢復成長，我們預期全球高端美容產業將在 2026 財年重新加速達到歷史中個位數成長。

With this industry landscape and given the size of our business in some areas most challenged, our fiscal year 2025 organic sales growth outlook range is a decline of 1% to an increase of 2%.

鑑於這種產業格局以及我們在一些面臨最大挑戰的領域的業務規模，我們對 2025 財年有機銷售成長的預期範圍是下降 1% 到成長 2%。

Our organic sales growth outlook reflects an acceleration in several areas of business partially offset by declines in Mainland China and Asia Travel Retail. For our first quarter, the pressure is more acute, such that our organic sales outlook calls for a decline, which Tracey will describe in further detail.

我們的有機銷售成長前景反映了多個業務領域的加速成長，部分被中國大陸和亞洲旅遊零售的下滑所抵消。對於我們的第一季度，壓力更加嚴峻，因此我們的有機銷售前景預計會下降，特雷西將對此進行更詳細的描述。

For fiscal year 2025, we are focusing consumer-facing investment on the biggest opportunity, streamlining our organization to be faster and more agile in order to fuel the organic sales growth momentum we have in many areas of our business across developed and emerging markets.

2025 財年，我們將面向消費者的投資重點放在最大的機會上，精簡我們的組織，使其變得更快、更敏捷，以推動我們在已開發市場和新興市場的許多業務領域的有機銷售增長勢頭。

We also intend to better leverage the strength of our brands in North America where we are leaders in prestige makeup, which is the region's biggest category and where we hold the top 2 ranked brands and in prestige skin care, adding 4 of the top 5 ranked brands, Moreover, in North America, we also intend to leverage the market strengths across generation as we forecast a balanced contribution to industry growth by age.

我們還打算更好地利用我們在北美的品牌實力，我們是高端化妝品領域的領導者，這是該地區最大的類別，我們擁有排名前2 的品牌和高端護膚品牌，在排名前5 的品牌中增加了4 個此外，在北美，我們還打算利用跨世代的市場優勢，因為我們預測各年齡層對產業成長的貢獻將是平衡的。

Looking at our strategic priorities for fiscal year 2025. Let me begin with skin care, which represents over 50% of our sales and is our most profitable product category. Our initiatives are designed to enable us to even better leverage our top-ranked global prestige in care portfolio to welcome new consumers and further engage our loyal consumer through elevated precision marketing, a robust accretive innovation pipeline and a standard reach in high-growth channels.

看看我們 2025 財年的策略重點。我們的舉措旨在使我們能夠更好地利用我們在護理產品組合方面的全球頂級聲譽來歡迎新消費者，並透過提高精準行銷、強大的增值創新管道和高成長管道的標準覆蓋率進一步吸引我們的忠實消費者。

This starts with the Ordinary, which entered its fiscal year 2025 with momentum, having growth in organic sales by more than 20% in fiscal year 2024. The Ordinary is leading the way among our brands in capitalizing on white spaces opportunity in products, channels and geographies.

首先是 Ordinary，該公司勢頭強勁地進入了 2025 財年，2024 財年的有機銷售額增長了 20% 以上。地理。

In the fourth quarter, The Ordinary launched its first product in care, executed a hugely successful Tiktok shop Super Brand Day campaign in the US and established its footprint in Japan. For fiscal year 2025, The Ordinary has already newly entered the body care subcategory and is preparing to expand into more emerging markets given its proven successful launches in India, the Middle East and South Africa over the last two years.

第四季度，The Ordinary 推出了首款護理產品，在美國開展了非常成功的 Tiktok 商店超級品牌日活動，並在日本建立了足跡。 2025 財年，The Ordinary 已新進入身體護理子類別，並準備擴展到更多新興市場，因為過去兩年在印度、中東和南非的推出取得了成功。

Among the brands we are incubating a start in fiscal year 2024 was NIOD in skin care. The brand has a promising future. Clinique is making great strides executing its strategy to double down on its authentic dermatologists heritage. Clinique became this work in the US and UK this past spring and has been expanding its global rollout.

我們正在孵化的 2024 財年開始的品牌之一是皮膚護理領域的 NIOD。該品牌前景廣闊。倩碧在執行其策略方面取得了長足的進步，以加倍傳承其真正的皮膚科醫生傳統。倩碧去年春天在美國和英國推出了這款產品，並一直在全球推廣。

This includes its successful launch on the US Amazon Premium Beauty store in March. Impressively, Clinique has returned to share growth in the US prestige skin care with three consecutive months of gains through July. Clinique performance in US retail in July was particularly impressive, with the brand skincare brand and makeup outperformed across subcategories and Clinique retaking the 1 rank in overall prestige beauty.

其中包括三月在美國亞馬遜高級美容店成功推出。令人印象深刻的是，倩碧 (Clinique) 重新分享了美國高端護膚品的成長份額，截至 7 月連續三個月實現成長。倩碧 7 月在美國零售業的表現尤其令人印象深刻，該品牌的護膚品牌和彩妝在各個子類別中均表現出色，並且倩碧在整體聲望美容方面重新奪得第一名。

La Mer, along with the Estée Lauder renewed refranchise, fuel our luxury skin care strategy, with both brands poised to build on their successful in of fiscal year 2024, during which La Mer exceptional growth made it our best performing brand. For we plan to build upon its fiscal year 2024 launches of the new moisturizer and serum Foundation this year, through an expanded product portfolio, focused on the science of skin longevity a visible age reversal.

La Mer 與雅詩蘭黛重新特許經營，推動了我們的奢華護膚策略，這兩個品牌都準備在2024 財年的成功基礎上再接再厲，在此期間，La Mer 的出色增長使其成為我們表現最佳的品牌。我們計劃在 2024 財年的基礎上，今年推出新款保濕霜和粉底精華液，透過擴大產品組合，重點關注皮膚長壽科學和明顯的年齡逆轉。

With The Ordinary, Clinique, Estee Lauder and La Mer, we are bringing to market in fiscal year 2025 a rich innovation pipeline focused on the benefits of nighttime skin care which is an incremental user education. Our brand portfolio strategically addresses various skin concerns and types with targeted ingredients and claims designed to appeal to a diverse range of consumer segment because of price and product position.

我們將與 The Ordinary、倩碧、雅詩蘭黛和海藍之謎一起，在 2025 財年向市場推出豐富的創新產品線，重點關注夜間護膚的好處，這是一種漸進式的用戶教育。我們的品牌組合透過有針對性的成分和聲明策略性地解決各種皮膚問題和類型，旨在透過價格和產品定位來吸引不同的消費者群體。

Let me now turn to our next strategic priority, capitalizing on the multiple growth drivers of high-end fragrances, where our luxury and our seasonal portfolio of Jo Malone London, Tom Ford, Le Labo, KILIAN PARIS, Frederic Malle and AERIN Beauty collectively rose mid-single digit organically in fiscal year 2024.

現在讓我談談我們的下一個策略重點，利用高端香水的多重成長動力，我們的奢侈品和我們的季節性產品組合Jo Malone London、Tom Ford、Le Labo、KILIAN PARIS、Frederic Malle 和AERIN Beauty 的整體成長2024 財年有機成長為中個位數。

The [Labo, KILIAN] of the fragrance category, where we are 1 ranked was the best performing here in retail sales in fiscal year 2024, and we expect this to be the case again in fiscal year 2025. We are focused on further realizing the growth potential of high-end fragrances, given its broad-based strengths around the world to drive greater scale for the company.

我們排名第一的香水類別中的 [Labo、KILIAN] 在 2024 財年的零售銷售中表現最好，我們預計 2025 財年將再次出現這種情況。廣泛優勢，高端香水的成長潛力將推動公司擴大規模。

From Le Labo's outstanding performance in fiscal year 2024 led by Asia Pacific, where its organic sales nearly doubled to Jo Malone London's disruptive campaign with Tom Hardy to drive its men's business, and we are well positioned to build on our momentum.

從Le Labo 在亞太地區引領的2024 財年的出色表現（有機銷售額幾乎翻了一番），到Jo Malone London 與Tom Hardy 合作推動其男裝業務的顛覆性活動，我們已做好充分準備，繼續鞏固我們的勢頭。

Our brands have distribution expansion and compelling newness slated not only in the scent, but also in the form and size to trade consumer into the luxury tier. And we are thrilled to be expanding our luxury portfolio with the September launch of the Valmont Beauty brand which chose the fragrance category to begin its journey.

我們的品牌不僅在香味上，而且在形式和尺寸上都進行了分銷擴張和引人注目的新穎性，以吸引消費者進入奢侈品牌。我們很高興能夠透過 9 月推出 Valmont Beauty 品牌來擴大我們的奢侈品產品組合，該品牌選擇了香水類別來開始其旅程。

We are also focused on driving accelerated sales growth in the prestige tier of the fragrance category with our Estee Lauder Clinique brands with broad reach, go-to-market activation slated for this and upcoming quarters.

我們也致力於透過我們的雅詩蘭黛倩碧品牌推動高端香水類別的銷售加速成長，這些品牌具有廣泛的影響力，並計劃在本季和未來幾季進入市場。

Let me turn our strategic priority of winning in fast-growing channels globally. To do so, our mindset has shifted to more boldly merchandising our brands where consumers are increasingly discovering a shopping for beauty while executing with excellence is staying through to our high touch approach.

讓我談談我們的策略重點：在全球快速成長的管道中獲勝。為此，我們的思維方式已轉變為更大膽地推銷我們的品牌，消費者越來越多地發現購買美容產品，而卓越的執行力則始終堅持我們的高接觸方式。

While this encompasses both brick-and-mortar and online, today, I will share with you examples from online. In the US Our launches of Clinique, Too Faced, Bumble and Bumble on the Amazon premium beauty store in the second half epitomized this philosophy.

雖然這包括實體店和在線，但今天我將與您分享在線範例。在美國，我們下半年在亞馬遜高級美容商店推出的 Clinique、Too Faced、Bumble 和 Bumble 體現了這個理念。

Clinique launched with a skin analysis tool in March and by June, had expanded to offer live chat with the Clinique ambassador while Bumble and Bumble launched with extensive hair education from the brands as All three brands are off to a very strong start on the US Amazon Premium Beauty store. Clinique and Bumble and Bumble are seeing promising uptake also with male consumers.

Clinique 在3 月和6 月推出了皮膚分析工具，並擴展到提供與倩碧大使的即時聊天，而Bumble 和Bumble 則推出了品牌提供的廣泛的頭髮教育，因為這三個品牌在美國亞馬遜上都有一個非常強勁的開局高級美容店。倩碧 (Clinique) 和 Bumble and Bumble 也受到了男性消費者的青睞。

And for Clinique, where we now have a full quarter of performance, we are encouraged by the extent of consumers subscribing for future purchases as well as the strong level of repeat purchases in the quarter. So far, in fiscal year 2025, [Dr.Jart, Smashbox] and Lab Series have already opened for France in the US and we have more launches on the horizon.

對於倩碧來說，我們現在擁有整個季度的業績，我們對消費者訂閱未來購買的程度以及本季度重複購買的強勁水平感到鼓舞。到目前為止，2025 財年，[Dr.Jart、Smashbox] 和 Lab Series 已在美國、法國開放，我們即將推出更多產品。

Around the world, we are building growth momentum with social commerce, driving new consumer acquisition by engaging consumers where they're spending their time, leveraging a content-focused approach with live streaming and short-form videos and activating full funnel duration of social media and commerce. In China, we have scaled and sustained strong growth on the win with more brand launches later for fiscal year '25.

在世界各地，我們正在透過社交商務打造成長動力，透過吸引消費者的消費方式、利用直播和短視頻等以內容為中心的方法以及激活社交媒體的整個漏斗持續時間來推動新的消費者獲取和商業。在中國，我們在 25 財年稍後推出了更多品牌，擴大了規模並保持了強勁成長。

Looking at Japan and Korea, we are further unlocking platform opportunities for our brand with and accelerating social commerce on Kakao with focus on gifting. Our final strategic initiative is enhancing our precision marketing capabilities, enabling us to be more focused on new consumer acquisition. From brand equity to product assortment, distribution and media, we are better able to target new consumers and also to accelerate the effectiveness of acquisition and efficiency spend.

看看日本和韓國，我們正在進一步釋放我們品牌的平台機會，並加速 Kakao 上的社交商務，重點是禮品。我們的最終策略舉措是增強精準行銷能力，使我們能夠更加專注於新消費者的獲取。從品牌資產到產品分類、分銷和媒體，我們能夠更好地瞄準新消費者，並加快收購和效率支出的有效性。

This capability has been designed to leverage data, including over 200 million consumers profiles we have built over the years and exclusive partnerships with AI leaders.

此功能旨在利用數據，包括我們多年來建立的 2 億多消費者檔案以及與人工智慧領導者的獨家合作夥伴關係。

Precision marketing is also allowing us to be far more nimble with trend to action. During fiscal year 2024, we began pilot studying in market around the world to meet trends with our rich portfolio of existing products and innovation to activate against trends with speed.

精準行銷也使我們能夠更靈活地採取行動。 2024財年，我們開始在全球市場進行試點研究，以豐富的現有產品組合和創新來滿足趨勢，從而快速啟動逆勢。

We realized promising results, including successes with the pitch makeup and bronzing trends. We have now formalized this process and developed the trend AI tool to enable our brand teams around the world to quickly drive trends to action.

我們取得了可喜的成果，包括球場化妝和燙金趨勢的成功。現在，我們已經正式確定了這個流程，並開發了趨勢人工智慧工具，使我們世界各地的品牌團隊能夠快速推動趨勢付諸行動。

In closing, we have designed our strategy reset to position the company for a stronger future. We are wholly focused on executing with excellence across these strategic initiatives and to again realize the proven performance of our company.

最後，我們重新設計了策略，以使公司擁有更美好的未來。我們完全專注於卓越地執行這些策略舉措，並再次實現我們公司經過驗證的業績。

To our employees, I extend my deep gratitude for your commitment amid a challenging time for our company. And now I will turn the call over to Tracey.

對於我們的員工，我對你們在公司充滿挑戰的時期所做的貢獻表示深深的感謝。現在我將把電話轉給特蕾西。

Thank you, Fabrizio, and hello, everyone we navigated through another challenging year across several areas of our business and took specific actions to more sustainably improve our sales and profit results as it became apparent that the recovery that was anticipated to occur throughout the year in some of our markets was impacted by far more volatility.

謝謝法布里奇奧，大家好，我們在多個業務領域度過了又一個充滿挑戰的一年，並採取了具體行動，以更可持續地改善我們的銷售和利潤結果，因為很明顯，預計全年將出現的復甦我們的一些市場受到了更大波動的影響。

And while we returned to growth in the second half, primarily driven by resumed shipments in Asia travel retail, we are certainly not pleased with our overall full year results, and on top of global prestige volatility, the execution of our strategy has not met our expectations in some key areas of our business.

雖然我們在下半年恢復了成長，主要是受到亞洲旅遊零售恢復出貨的推動，但我們對全年整體業績肯定不滿意，而且除了全球聲譽波動之外，我們策略的執行也沒有達到我們的預期目標。

During the year, we also largely completed the basic design and began the implementation of our multiyear PRGP to deliver stronger results against our expectation or a more gradual rebuilding of sales growth along with an acceleration in profitability.

在這一年中，我們也基本上完成了基本設計，並開始實施多年 PRGP，以實現比我們預期更強勁的業績，或更逐步地重建銷售成長並加速獲利能力。

Before I discuss our fiscal 2025 outlook, let me first share with you the fiscal 2024 fourth quarter and full year results. Our fourth quarter organic net sales increased by 8% compared to last year, meeting our expectations, albeit with a different geographical mix than we anticipated, which reflected lower results in Mainland China and North America due notably to further softening in overall prestige beauty in both of these markets. A combination of tentative consumer sentiment in China and consumer inflationary pressures in North America are believed to have contributed to the deceleration in both markets.

在討論我們的 2025 財年展望之前，讓我先與您分享 2024 財年第四季和全年業績。我們第四季的有機淨銷售額與去年相比成長了8%，符合我們的預期，儘管地理結構與我們預期不同，這反映了中國大陸和北美地區的業績較低，特別是由於這兩個地區的整體聲望進一步減弱。據信，中國暫時的消費者情緒和北美消費者通膨壓力共同導致了兩個市場的減速。

Diluted EPS rose to $0.64 from $0.07 last year, exceeding our expectations, largely due to our operating performance and the reduction in our full year effective tax rate. From a geographic standpoint, organic net sales rose 32% in EMEA, primarily driven by the increase in our Asia travel retail business, given the favorable comparison to the prior year period as shipments increased over last year's extremely low level.

稀釋後每股收益從去年的 0.07 美元升至 0.64 美元，超出了我們的預期，這主要是由於我們的經營業績和全年有效稅率的降低。從地理角度來看，歐洲、中東和非洲地區的有機淨銷售額成長了32%，這主要是由於我們的亞洲旅遊零售業務的成長所推動的，因為出貨量較去年的極低水準有所成長，與去年同期相比較為有利。

In addition, organic net sales increased in both our developed European and priority emerging markets. Organic net sales in Asia Pacific decreased 4%, primarily driven by the ongoing softness in overall prestige beauty in Mainland China as well as lower shipments in Hong Kong SAR as we anniversaried the initial surge in sales with the border reopening in the prior year period.

此外，我們已開發的歐洲市場和優先新興市場的有機淨銷售額均有所增加。亞太地區的有機淨銷售額下降了4%，主要是由於中國大陸整體名牌美容產品持續疲軟，以及香港特別行政區的出貨量下降，因為我們慶祝了上一年期間邊境重新開放帶來的首次銷售激增。

Outside of these markets, Net sales rose strong double digits in Japan as a favorable currency, coupled with strong end market activation and expanded consumer reach attracted both domestic and traveling consumers and bolstered growth across all product categories in nearly all channels of distribution.

在這些市場之外，由於有利的貨幣，日本的淨銷售額強勁增長兩位數，加上終端市場的強勁活躍和消費者範圍的擴大，吸引了國內和旅遊消費者，並促進了幾乎所有分銷通路的所有產品類別的成長。

In the Americas, organic net sales decreased 5% driven by the decline in North America, reflecting the ongoing intensely competitive environment as well as an overall slowdown in growth in prestige beauty, especially in brick-and-mortar channels, which particularly impacted our skin care makeup categories.

在美洲，受北美市場下滑的影響，有機淨銷售額下降了 5%，反映出持續激烈的競爭環境以及高端美容行業增長的整體放緩，特別是在實體渠道，這對我們的皮膚影響尤為嚴重護理彩妝類。

Online sales grew mid-single digits in the region, benefiting from both retailer. com growth and the launch of select brands, specialty Clinique on the US Amazon Premium Beauty store.

由於兩家零售商，該地區的線上銷售額實現了中個位數成長。 com 的成長以及在美國亞馬遜高級美容商店推出精選品牌、專業倩碧 (Clinique)。

From a product category perspective, skincare organic net sales increased 15%, primarily due to the increased shipments within the Asia travel retail business referenced earlier, which drove net sales growth from both La Mer and Estee Lauder. Organic net sales from The Ordinary also increased across all geographic regions. Makeup organic net sales increased 1%.

從產品類別的角度來看，護膚品有機淨銷售額成長了 15%，主要是由於前面提到的亞洲旅遊零售業務的出貨量增加，帶動了 La Mer 和雅詩蘭黛的淨銷售額成長。 The Ordinary 的有機淨銷售額在所有地理區域也都有所成長。彩妝有機淨銷售額成長 1%。

Net sales increased from Estee Lauder, benefiting from the resumption of shipments in our Asia travel retail business and the continued global success of the double ware product franchise. Clinique net sales rose strong double digits fueled by the almost lipstick product franchise, partially offsetting these increases were declines from M.A.C and Tom Ford. Organic net sales increased 2% in hair care and 1% in fragrance.

雅詩蘭黛的淨銷售額有所增長，受益於我們亞洲旅遊零售業務發貨的恢復以及雙潔具產品特許經營在全球的持續成功。受幾乎口紅產品特許經營權的推動，倩碧淨銷售額強勁增長兩位數，部分抵消了 M.A.C 和 Tom Ford 銷售額下降的影響。護髮產品的有機淨銷售額成長了 2%，香水領域的有機淨銷售額成長了 1%。

Regarding fragrance, net sales growth was driven by the ongoing consumer appeal of Le Labo's unique product offerings and targeted expanded consumer reach and Jo Malone, partially offset by declines in Estee Lauder and Clinique. Our gross margin expanded 380 basis points to 71.8% compared to last year.

就香水而言，淨銷售額成長是由 Le Labo 獨特產品系列的持續消費者吸引力以及瞄準擴大的消費者群體和 Jo Malone 推動的，但部分被雅詩蘭黛和倩碧的下滑所抵消。與去年相比，我們的毛利率成長了 380 個基點，達到 71.8%。

This increase primarily reflected lower obsolescence and overhead charges as well as higher skin care sales. Operating expenses decreased 340 basis points as a percent of sales to 62.7%, driven largely by the increase in net sales, improved gross margin and lower general and administrative expenses.

這一增長主要反映了報廢和管理費用的降低以及護膚品銷售額的增加。營運費用佔銷售額的百分比下降了 340 個基點，降至 62.7%，這主要是由於淨銷售額的增加、毛利率的提高以及一般和管理費用的降低。

During the quarter, we recorded $471 million of impairment charges related to Dr.Jart given the continued lower-than-expected growth and profitability of the brand. We made the decision to exit the brand from its heavily discounted travel retail channel and prioritize direct investments in other more profitable areas of the business. including in Mainland China and Western markets where a broader assortment of the brand has been resonating well with consumers.

鑑於品牌的成長和獲利能力持續低於預期，本季我們記錄了與 Dr.Jart 相關的 4.71 億美元減損費用。我們決定將該品牌退出其大幅折扣的旅遊零售管道，並優先考慮對其他利潤更高的業務領域進行直接投資。包括在中國內地和西方市場，該品牌的產品種類更加豐富，與消費者產生了良好的共鳴。

Operating income increased to $349 million and our operating margin expanded 700 basis points to 9% in the quarter. Our effective tax rate for the quarter was 22.8% compared to a negative 17.9% last year, the latter having had a larger year-end true-up to reflect our final effective tax rate for the fiscal year of 2023.

本季營業收入增至 3.49 億美元，營業利潤率擴大 700 個基點至 9%。我們本季的有效稅率為 22.8%，而去年為負 17.9%，後者進行了更大的年終調整，以反映我們 2023 財年的最終有效稅率。

Our rate was better than anticipated this year, primarily due to the shift in our geographical mix of earnings. Diluted EPS increased to $0.64 from $0.07 last year due largely to the improvement in our operating results, partially offset by an unfavorable impact from the increase in our effective tax rate.

我們今年的成長率優於預期，主要是由於我們的收入地域結構發生了變化。稀釋後每股收益從去年的 0.07 美元增加到 0.64 美元，這主要是由於我們經營業績的改善，但部分被有效稅率增加的不利影響所抵消。

Foreign currency translation was $0.03 dilutive to EPS in the quarter and the impact from the business disruptions in Israel and other parts of the Middle East was $0.02 dilutive.

外幣折算本季每股收益攤薄 0.03 美元，以色列和中東其他地區業務中斷的影響攤薄 0.02 美元。

Turning now to our full year results. Although we saw growth in the second half, our full year results highlight both volatility and the impact of our own challenges in some key areas of our business.

現在轉向我們的全年業績。儘管我們在下半年看到了成長，但我們的全年業績突顯了波動性以及我們自身在一些關鍵業務領域面臨的挑戰的影響。

Collectively, the pressure in Mainland China from the ongoing softness in overall prestige beauty, the necessary actions we took in Asia travel retail during the first half of the year to reduce high trade inventory levels in a prolonged soft retail environment, and continued pressure from the competitive environment, particularly in North America, outweighed the solid growth we saw during the year in our EMEA and LatAm markets.

總體而言，中國大陸整體聲譽持續疲軟帶來的壓力，我們在上半年為亞洲旅遊零售業採取了必要行動，以在零售環境長期疲軟的情況下降低高貿易庫存水平，以及來自亞洲旅遊零售業的持續壓力。

Organic net sales decreased 2% primarily due to the ongoing softness in overall prestige beauty in Mainland China, leading to a 3% decline in Asia Pacific. The challenges in Asia travel retail also pressured sales, resulting in a 2% decline in EMEA as our return to growth in Asia travel retail in the second half was not enough to offset the first half decline due in part to retail trends decelerating throughout the second half in China.

有機淨銷售額下降 2%，主要是由於中國大陸整體高端美容市場持續疲軟，導致亞太地區下降 3%。亞洲旅遊零售面臨的挑戰也給銷售帶來壓力，導致歐洲、中東和非洲地區的銷售額下降2%，因為亞洲旅遊零售下半年恢復成長不足以抵銷上半年的下滑，部分原因是下半年零售趨勢放緩一半在中國。

Net sales in the Americas was overall flat compared to last year. From a category perspective, skincare net sales declined 3%, largely due to the declines in Mainland China and Asia travel retail and makeup decreased 1%, also reflecting these challenges as well as a prior year benefit from changes made to M.A.C's take back loyalty program. Net sales fell 4% in hair care and rose 2% in fragrance.

美洲的淨銷售額與去年相比總體持平。從品類角度來看，護膚品淨銷售額下降了3%，主要是由於中國大陸和亞洲旅遊零售的下降，而化妝品下降了1%，也反映了這些挑戰以及上一年從M.A.C 收回的變化中受益忠誠度計劃。護髮品淨銷售額下降 4%，香水淨銷售額成長 2%。

Confronted with the volatility throughout the year, just discussed, our teams attempt to balance cost efficiency actions with consumer-facing investments to support growth. Net sales with our specialty multi-retailers and in our freestanding stores, each grew double digits. Global Travel Retail represented 19% of our reported sales in fiscal 2024 and online net sales represented 28%.

面對剛才討論的全年波動，我們的團隊試圖在成本效率行動與面向消費者的投資之間取得平衡，以支持成長。我們的專業綜合零售商和獨立商店的淨銷售額均達到兩位數成長。全球旅遊零售占我們 2024 財年報告銷售額的 19%，線上淨銷售額佔 28%。

Our gross margin improved 30 basis points to 71.7% compared to 71.4% last year, reflecting the initiatives we took throughout the year to reduce excess and obsolete inventory as well as changes in brand mix. Partially offsetting this progress was an unfavorable impact from foreign currency and the impact from the under absorption of overhead in our plants due to the necessary pull down of production earlier in the year.

與去年的 71.4% 相比，我們的毛利率提高了 30 個基點，達到 71.7%，這反映了我們全年採取的減少過剩和過時庫存以及品牌組合變化的舉措。外匯的不利影響以及由於今年早些時候必要的產量下降而導致工廠管理費用吸收不足的影響部分抵消了這一進展。

Operating expenses increased 160 basis points to 61.5% of sales reflecting deleverage from the sales decline, including our investments to support targeted expanded consumer reach globally and to support growth where we had momentum.

營運費用增加了160 個基點，佔銷售額的61.5%，反映出銷售額下降帶來的去槓桿化，包括我們為支持有針對性的擴大全球消費者覆蓋範圍以及支持我們有動力的增長而進行的投資。

Operating income declined 13% to $1.6 billion from $1.8 billion last year, and our operating margin contracted 120 basis points to 10.2% for the full year. Our effective tax rate for the year was 31% compared to 26.5% last year, reflecting a higher effective tax rate on our foreign operations due to the geographical mix of our earnings and the unfavorable impact associated with previously issued stock-based compensation.

營業收入從去年的 18 億美元下降 13% 至 16 億美元，全年營業利潤率收縮 120 個基點至 10.2%。我們今年的有效稅率為 31%，而去年為 26.5%，反映出由於我們的盈利地域分佈以及之前發布的股票薪酬相關的不利影響，我們的海外業務的有效稅率較高。

Net earnings was $935 million and diluted EPS was $2.59, both declining 25% compared to last year. Foreign currency translation was $0.10 dilutive to EPS and the impact from the business disruptions in Israel and other parts of the Middle East was $0.06 dilutive.

淨利為 9.35 億美元，攤薄後每股收益為 2.59 美元，均較去年下降 25%。外幣換算稀釋每股收益 0.10 美元，以色列和中東其他地區業務中斷的影響稀釋每股收益 0.06 美元。

We generated $2.4 billion in net cash flows from operating activities compared to $1.7 billion last year. The increase reflects improvements in working capital, which was largely due to the actions we took to reduce in-house inventory levels. We utilized $919 million for capital investments and returned $947 million in cash to stockholders through dividends.

我們的經營活動產生了 24 億美元的淨現金流，而去年為 17 億美元。這一增長反映了營運資金的改善，這主要是由於我們採取了降低內部庫存水準的行動。我們利用 9.19 億美元進行資本投資，並透過股息向股東返還 9.47 億美元現金。

After our initial minority investment in DECIEM in 2017 and then increasing our investment to become a majority owner in 2021, we are pleased to have completed subject to finalization of the purchase price, our acquisition of the remaining equity interest in DECIEM this past May for $859 million, of which $829 million was paid as of June 30, 2024.

在我們於2017 年對DECIEM 進行初始少數投資，然後在2021 年增加投資成為多數股權之後，我們很高興在最終確定購買價格的情況下，於今年5 月以859 美元的價格完成了對DECIEM 剩餘股權的收購百萬美元，其中截至 2024 年 6 月 30 日已支付 8.29 億美元。

Looking ahead now to our outlook for fiscal 2025. While acknowledging some initial bright spots related to pivots in our strategy, we are cognizant that overall global prestige beauty growth has tempered in recent months as reflected in the current declines in Mainland China and Asia travel retail, particularly Hainan.

現在展望我們對2025 財年的展望。中國大陸和亞洲旅遊零售業目前的下滑尤其是海南。

Prestige beauty has also moderated in some of our major markets like North America. And while we believe we have the right priorities for growth, we are also mindful of the level of variability that continues to exist in many of our markets.

在我們的一些主要市場（例如北美），名牌美容也有所放緩。雖然我們相信我們有正確的成長優先事項，但我們也注意到許多市場中繼續存在的變化程度。

Accordingly, we are reflecting a more subdued recovery of growth in fiscal 2025, which you have seen in this morning's press release.

因此，我們反映出 2025 財年的成長復甦更為疲軟，正如您在今天早上的新聞稿中看到的那樣。

The PRGP remains a critical element in our ability to deliver margin expansion and ultimately is designed to put in place the cost structure necessary for the company to drive stronger leverage in its business on lower than our normal growth expectations this year.

PRGP 仍然是我們實現利潤率擴張能力的關鍵因素，最終旨在建立公司所需的成本結構，以在低於我們今年正常成長預期的情況下推動其業務發揮更大的槓桿作用。

This should also yield even greater flow-through of benefits to profit as net sales progressively return to higher growth in future years. In fiscal 2024, we had already approved actions to begin addressing overcapacity in parts of our supply chain inclusive of streamlining manufacturing and distribution costs where we could react more quickly and to simplify certain areas of our overhead structure.

隨著未來幾年淨銷售額逐步恢復到更高的成長，這也應該會產生更大的利潤流向。在 2024 財年，我們已經批准了開始解決供應鏈部分產能過剩問題的行動，包括簡化製造和分銷成本，以便我們能夠更快地做出反應，並簡化管理結構的某些領域。

Our PRGP initiatives are focused on three primary benefit areas for the company first, accelerating margin expansion through both gross margin recovery and additional expense leverage while also enabling additional cash generation for the company second, creating additional fuel for growth with targeted investments in consumer-facing activities and third, simplifying our processes and creating more agility and speed in execution. We have begun executing against many initiatives within these three areas of benefit for the company.

我們的PRGP 計劃首先專注於公司的三個主要利益領域，透過毛利率恢復和額外費用槓桿加速利潤擴張，同時還為公司創造更多現金，其次透過有針對性的投資於面向消費者的領域為成長創造額外動力第三，簡化我們的流程並提高執行的靈活性和速度。我們已經開始在這三個為公司帶來利益的領域內執行許多措施。

Regarding margin expansion, the significant pull down of production we did at the beginning of last year to bring manufacturing levels well below our shipment trends in order to reduce our inventory level has already yielded cash benefits in fiscal 2024.

關於利潤率擴張，我們去年初大幅降低產量，使製造水準遠低於我們的出貨趨勢，以降低我們的庫存水平，這已經在 2024 財年產生了現金收益。

This has also resulted in additional benefits from reduced discounts and obsolescence costs and lower levels of expenses are expected to continue into fiscal 2025. Additionally, this year, we are planning to realize greater net benefits from our strategic pricing actions through less discounts and promotions with our enhanced focus on precision marketing.

這也帶來了折扣和報廢成本減少帶來的額外收益，預計2025 財年支出水準將持續下降。淨收益我們更重視精準行銷。

These actions, along with the benefits of more accretive innovation, particularly in skin care support the gross margin expansion we expect this year.

這些行動，加上更多增值創新的好處，特別是在皮膚護理領域，支持我們今年預期的毛利率擴張。

Additionally, regarding expense leverage, with our expectation of a slower return to growth, there is increased leverage pressure from our fixed costs. We are executing against our restructuring program and have already approved initiatives to reduce spans and layers in certain parts of our business.

此外，就費用槓桿而言，由於我們預期成長恢復速度較慢，固定成本帶來的槓桿壓力增加。我們正在執行重組計劃，並已經批准了減少業務某些部分的跨度和層級的舉措。

Furthermore, we are expanding our existing shared services capabilities to support the simplification and standardization of key processes and scale capabilities faster as well as rationalizing the breadth of distribution choices across our existing portfolio of brands. We have also negotiated savings across many of our spending areas and are already realizing savings in areas like transportation.

此外，我們正在擴展現有的共享服務能力，以支援關鍵流程的簡化和標準化，更快地擴展能力，並合理化我們現有品牌組合的分銷選擇的廣度。我們還就許多支出領域的節省進行了談判，並且已經在交通等領域實現了節省。

Lastly, we are taking this opportunity of the PRGP to address some of the ways we work to simplify decision-making and enhance our agility and go-to-market execution to be faster in this ever-changing dynamic global prestige beauty environment. More to come on this in a future earnings call.

最後，我們利用 PRGP 的機會來解決一些我們的工作方式，以簡化決策並增強我們的敏捷性和進入市場的執行力，以便在這個不斷變化的動態全球聲望美容環境中更快。在未來的財報電話會議上將進一步討論這一點。

Also, we anticipate at this point that approximately 80% of the net benefits realized from the PRGP in fiscal 2025 are targeted to improve gross profit with the remaining 20% and targeted to reduce certain operating expenses. This mix is likely to shift in fiscal 2026 as more of our expense actions contribute favorably to our overall expense structure given the expected cadence of initiatives.

此外，我們目前預計，2025 財年 PRGP 實現的淨收益中約 80% 的目標是提高毛利，其餘 20% 的目標是減少某些營運費用。這種組合可能會在 2026 財年發生變化，因為考慮到預期的舉措節奏，我們的更多支出行動將有利於我們的整體支出結構。

We also expect to take restructuring and other charges of at least approximately $100 million to $120 million in fiscal 2025 from approved initiatives with additional charges expected during the course of the year as more initiatives are finalized and approved.

我們也預計在 2025 財年從已批准的舉措中收取至少約 1 億至 1.2 億美元的重組和其他費用，隨著更多舉措的最終確定和批准，預計年內還會產生額外費用。

However, with modest sales growth expected in fiscal 2025, as I indicated before, we will unfortunately also experience a greater amount of fixed expense deleverage in addition to the unfavorable mix pressure from softer sales performance in some of our higher-margin categories and regions.

然而，正如我之前指出的，由於預計2025 財年的銷售將出現溫和增長，不幸的是，除了一些利潤率較高的類別和地區銷售業績疲軟帶來的不利組合壓力外，我們還將經歷更大規模的固定費用去槓桿化。

And as we communicated, we are protecting a portion of the savings we generate from the PRGP to reinvest selectively in advertising and store activation to fuel growth with the brands and regions where we have momentum and support the growth we are currently experiencing with active derm, luxury fragrance and distribution expansion in faster growth channels.

正如我們所傳達的，我們正在保護PRGP 產生的部分節省，用於選擇性地再投資於廣告和商店激活，以推動我們有動力的品牌和地區的增長，並支持我們目前在活性皮膚方面經歷的成長，奢侈香水和分銷擴張在較快的成長管道。

We began this fiscal year with our team fully immersed and committed to executing initiatives across all pillars of the PRGP now that we are post the completion of our design phase. We continue to expect to deliver approximately $1.1 billion to $1.4 billion of incremental operating profit from the full PRGP.

在本財年開始時，我們的團隊完全投入並致力於執行 PRGP 所有支柱的舉措，現在我們的設計階段已經完成。我們仍預期全額 PRGP 將帶來約 11 億至 14 億美元的增量營運利潤。

And while we are focused on realizing slightly more than half of the net benefits in 2025, additional sidings initiatives may be required as lower sales volumes are realized.

雖然我們的重點是在 2025 年實現略多於一半的淨收益，但隨著銷量下降，可能需要採取額外的側線計劃。

Overall, we expect to progress margin expansion at an accelerated pace as a result of the plan by delivering annual margin expansion greater than our pre-pandemic historical average, inclusive of creating additional fuel to accelerate sales growth at a faster pace as well.

總體而言，我們預計由於該計劃，年度利潤率擴張將高於疫情前的歷史平均水平，從而加速利潤率擴張，包括創造額外的動力以更快地加速銷售成長。

Accordingly, fiscal 2025 is projected to be a year of transition for the company, navigating continued macroeconomic softness and challenges in a few key areas of our business, while accelerating growth where we have momentum and executing against our real and realizing anticipated benefits from the PRGP.

因此，預計2025 財年將是公司轉型的一年，應對持續的宏觀經濟疲軟和我們業務的幾個關鍵領域的挑戰，同時在我們有動力的地方加速成長，並根據PRGP 的實際效益執行並實現預期效益。

Our strategic imperatives for the year, as mentioned by Fabrizio are focused on leveraging the inherent strengths we have across our brands, categories, regions and talented employees. Over the next few years, Western markets, along with Asia Pacific markets outside of China, are expected to drive a greater portion of our long-term profitable growth as we deepen our focus on fast-growing channels in these markets.

正如 Fabrizio 所提到的，我們今年的策略重點是利用我們在品牌、品類、地區和優秀員工方面擁有的固有優勢。未來幾年，隨著我們加深對這些市場快速成長管道的關注，西方市場以及中國以外的亞太市場預計將推動我們長期利潤成長的大部分。

We have the opportunity to leverage our skin care brands with strong lux and active derm appeal, expand the consumer reach of our luxury fragrance portfolio, capture more relevant trends with our makeup brands and reenergize our hair care brands, all with an eye towards capturing additional consumers while retaining loyal ones.

我們有機會利用我們具有強大奢華和活性皮膚吸引力的護膚品牌，擴大我們奢華香水產品組合的消費者覆蓋範圍，利用我們的化妝品品牌捕捉更多相關趨勢，並為我們的護髮品牌重新註入活力，所有這些都是為了捕捉更多消費者，同時留住忠誠的消費者。

We also plan to begin leveraging our regional lines manufacturing and distribution network in Asia to create greater inventory agility as demand dictates. With that backdrop in mind and using August 12 spot rates of 1.092 for the euro, 1.276 for the pound, 7.167 for the Chinese yuan, and 1.364 for the Korean yuan and full fiscal year organic net sales are forecasted to range between a decrease of 1% and an increase of 2%.

我們還計劃開始利用我們在亞洲的區域生產線製造和分銷網絡，根據需求提高庫存靈活性。考慮到這一背景，並使用 8 月 12 日歐元即期匯率 1.092、英鎊 1.276、人民幣 7.167 和韓元 1.364，整個財年有機淨銷售額預計將下降 1 % 並增加了 2%。

Throughout this past fiscal year, to mitigate the expected pressures to our business, we accelerated the implementation of initiatives under our PRGP, as I previously mentioned, which we expect, combined with our sales growth range to result in most of our margin expansion for the full year to be realized in gross margin.

在過去的整個財年中，為了減輕我們業務的預期壓力，正如我之前提到的，我們加快了PRGP 下的舉措的實施，我們預計，結合我們的銷售增長範圍，我們的大部分利潤率將在全年將實現毛利率。

We expect our full year effective tax rate to be approximately 32%. Diluted EPS is expected to range between $2.75 and $2.95 before restructuring and other charges. This includes approximately $0.03 of dilution from currency translation. In constant currency, we expect EPS to grow by approximately 7% to 15%.

我們預計全年有效稅率約為 32%。在扣除重組和其他費用之前，稀釋後每股收益預計在 2.75 美元至 2.95 美元之間。這包括大約 0.03 美元的貨幣換算稀釋。以固定匯率計算，我們預期每股盈餘將成長約 7% 至 15%。

Net cash flows from operating activities are forecasted between $1.8 billion and $2 billion. Capital expenditures are planned at approximately 5% to 5.5% of forecasted net sales.

經營活動產生的淨現金流量預計在 18 億美元至 20 億美元之間。資本支出計畫約為預測淨銷售額的 5% 至 5.5%。

We expect our first quarter results to be pressured by the ongoing challenges in Mainland China and Asia travel retail we experienced as we exited fiscal 2024, mainly a subdued consumer sentiment, more experiential spending and lower conversion rates continue.

我們預計，我們第一季的業績將受到 2024 財年結束後中國大陸和亞洲旅遊零售業持續面臨的挑戰的壓力，主要是消費者信心低迷、體驗式支出增加和轉換率持續下降。

We are, however, seeing some early signs of progress, particularly in North America, as Fabrizio mentioned, with our strategic pivots and assuming the progressive return of prestige beauty sales growth in Mainland China and Asia travel retail, we anticipate overall improvement over the course of the year.

然而，我們看到了一些早期進展的跡象，特別是在北美，正如Fabrizio 所提到的，隨著我們的戰略支點，並假設中國大陸和亞洲旅遊零售的高端美容銷售增長逐步回歸，我們預計整個過程中的整體改善今年的。

With that backdrop for our first quarter, we currently expect organic net sales to fall 3% to 5%. At this time, we expect first quarter diluted EPS of $0.02 to $0.10 before restructuring and other charges.

在第一季的背景下，我們目前預計有機淨銷售額將下降 3% 至 5%。目前，我們預計第一季稀釋後每股收益（不計重組和其他費用）為 0.02 至 0.10 美元。

This includes approximately $0.01 of accretion from currency translation. In constant currency, we expect EPS of $0.01 to $0.09. Assuming a full year global prestige beauty performance in fiscal year 2025 of 2% to 3%, our remaining three quarters are anticipated to meet or slightly exceed this growth which is in line with our previous sales performance objective of exceeding the overall average of global prestige beauty growth by at least 1 point.

這包括大約 0.01 美元的貨幣換算增值。以固定匯率計算，我們預計每股收益為 0.01 美元至 0.09 美元。假設 2025 財年全球高端美容業績全年增長 2% 至 3%，我們剩餘的三個季度預計將達到或略超過這一增長，這符合我們之前超過全球高端美容整體平均水平的銷售業績目標顏值增長至少1點。

With the implementation of our PRGP initiatives and if global prestige beauty accelerates further in fiscal 2026, the combination of additional sales momentum and margin accretion leverage from our PRGP should provide further progress toward returning to a more sustainable sales and profit growth algorithm.

隨著我們PRGP 計劃的實施，如果全球聲望美容在2026 財年進一步加速，我們的PRGP 帶來的額外銷售動力和利潤增長槓桿的結合應該會在回歸更可持續的銷售和利潤增長算法方面取得進一步進展。

In closing, while our fiscal 2024 performance was disappointing, we remain focused on navigating the current volatile global prestige beauty dynamics, while leveraging the long-term strengths of our brands, and we maintain confidence in our strategic pivots and the execution of our PRGP to drive profitable growth in fiscal 2025 and beyond.

最後，雖然我們2024 財年的業績令人失望，但我們仍然專注於應對當前不穩定的全球聲望美容動態，同時利用我們品牌的長期優勢，並且我們對我們的戰略支點和PRGP 的執行保持信心，以實現推動 2025 財年及以後的獲利成長。

I want to personally thank our teams globally for their resilience, commitment and dedication to the company through another difficult year.

我想親自感謝我們的全球團隊在又一個困難的一年中對公司的堅韌、承諾和奉獻。

Before I turn the call back over to Fabrizio for a few final comments, as most of you know, I announced my planned retirement at the end of this fiscal year. Accordingly, I want to congratulate Akhil Srivastava on his appointment as CFO effective November 1, and I look forward to working with him over this transition period and appreciate his commitment to the company and its ongoing success. And now I'll turn it back to Fabrizio.

正如你們大多數人所知，在我將電話轉回法布里齊奧徵求一些最終意見之前，我宣布了我計劃在本財年末退休。因此，我要祝賀 Akhil Srivastava 於 11 月 1 日被任命為財務官，我期待在這個過渡時期與他合作，並感謝他對公司的承諾及其持續的成功。現在我將把它轉回給法布里奇奧。

Thank you, Tracy, and I will have to make his final comments before we turn to Q&A today announced my intention to retire from his through the company. It has been a privilege, a great honor to lead the Company for 16 years. I've been deeply enriched by exceptional colleagues around the world.

謝謝你，特雷西，在我們今天進行問答之前，我必須發表最後的評論，宣布我打算透過公司從他的職位上退休。領導公司 16 年是我的榮幸。世界各地傑出的同事使我受益匪淺。

And I take this decision to retire with gratitude to for all, we have accomplished two primary objectives ahead of my retirement. First, I intend to execute with excellence, the strategic reset that Tracey and I described today, inclusive of our profit recovery and growth plan, it is important to me that our next leader inherited a business with momentum.

我做出退休的決定，是為了感謝所有人，我們在我退休前就已經達成了兩個主要目標。首先，我打算出色地執行特雷西和我今天描述的戰略重置，包括我們的利潤恢復和增長計劃，對我來說重要的是我們的下一任領導者繼承了一家充滿動力的企業。

Second, I plan to work closely with our Board of Directors, and my successor was named to ensure a smooth transition. My passion for our beautiful company is as strong as ever, and I'm confident in its bright future. Throughout the years, I deeply enjoyed representing the company with analysts and investors. I look forward to our continued engagement until I retire.

其次，我計劃與董事會密切合作，並任命我的繼任者以確保平穩過渡。我對我們美麗的公司的熱情一如既往，我對其光明的未來充滿信心。多年來，我非常喜歡代表公司與分析師和投資者見面。我期待我們繼續合作，直到我退休。

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

我們準備好的發言就到此結束。我們很樂意此時回答您的問題。

(Operator Instructions)

（操作員說明）

Steve Powers from Deutsche Bank

德意志銀行的史蒂夫鮑爾斯

Great. Thank you so much there's a lot to cover. But Fabrizio, maybe we can pick up where you left off, as you both you and Tracey both outlined a very challenging and transformational time for the company. As you personally look ahead at the priorities facing Estee Lauder, how are you thinking about or how would you frame the most important attributes that you'd look for in your successor? And how closely will you be involved over the coming months and quarters finding that successor?

偉大的。非常感謝，有很多內容要介紹。但是 Fabrizio，也許我們可以從您上次停下的地方繼續，因為您和 Tracey 都概述了公司面臨的一個非常具有挑戰性和變革性的時期。當您個人展望雅詩蘭黛面臨的優先事項時，您如何思考或如何建立您在繼任者身上尋找的最重要的品質？在接下來的幾個月和幾個季度中，您將如何密切參與尋找繼任者？

Sure. As I said in the prepared remarks, I will be very involved with the Board in working on the succession. And obviously, as you know, it's the board responsibility to decide the successor, but we are working all together to get the best output out of the work done for some time. This is a long-term process. It's not something that we are just starting working now, obviously.

當然。正如我在準備好的演講中所說，我將積極參與董事會的繼任工作。顯然，如您所知，董事會有責任決定繼任者，但我們正在共同努力，以期從一段時間內完成的工作中獲得最佳成果。這是一個長期的過程。顯然，這不是我們現在才開始工作的事情。

And in terms of the characteristic of the successor. I think the successor has to be obviously a great leader and understand the key elements of our company. And one of the key elements is being brand builders and people that can develop growth. We are a growth company, and we are a global company.

而就繼承者的特性而言。我認為繼任者顯然必須是一位偉大的領導者並且了解我們公司的關鍵要素。關鍵要素之一是成為品牌建立者和能夠成長的人。我們是一家成長型公司，也是一家全球性公司。

And so obviously, being able to drive growth globally and been able to continue reshaping the cost structure of the company in the proper way that will become even more leverageable with future growth, are going to be essential characteristics. But I would just want to reassure you that the options that the Board has developed, they all have these characteristics. So as I said, the Board is pretty well advanced in the work needed to determine the future.

顯然，能夠推動全球成長，並能夠以適當的方式繼續重塑公司的成本結構，從而在未來的成長中變得更具槓桿作用，將成為基本特徵。但我只是想向您保證，董事會制定的選項都具有這些特徵。正如我所說，董事會在確定未來所需的工作方面取得了相當大的進展。

Bryan Spillane from Bank of America.

美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

So maybe just to kind of try to put this year fiscal '25 into a little bit of a perspective, maybe Tracey, can you give us a sense of if China hadn't decelerated like it has since you last reported, what would earnings power have been this year? Or maybe to put it a different way, how much in terms of your forecast this year and the change in trend in China, like how much do you think that actually affected earnings power in fiscal '25?

因此，也許只是想嘗試從一個角度來看待今年的 25 財年，也許特蕾西，您能否讓我們了解一下，如果中國沒有像您上次報告以來那樣減速，盈利能力會怎樣？嗎？或者換句話說，您對今年的預測和中國趨勢的變化有多大影響，例如您認為這實際上對 25 財年的盈利能力產生了多大影響？

Yes. No, thanks, Bryan, for the question. So clearly, China and travel retail are important growth drivers for the company, have been historically and they're also high-margin areas of the company as well. So when we see pressure in those areas, as we saw in fiscal 2024, you can see what the impact on the company is.

是的。不，謝謝布萊恩提出這個問題。顯然，從歷史上看，中國和旅遊零售是該公司重要的成長動力，也是該公司的高利潤領域。因此，當我們看到這些領域面臨壓力時，正如我們在 2024 財年看到的那樣，您可以看到這對公司的影響。

So if, right now, in our guidance, Mainland China is expected to be anywhere between flat to down high single digits and travel retail Asia is expected to be down double digit. That puts quite a bit of pressure on our earnings results and our EPS.

因此，目前，根據我們的指導，中國大陸的成長率預計將持平到高個位數下降，而亞洲旅遊零售預計將下降兩位數。這給我們的獲利結果和每股盈餘帶來了相當大的壓力。

The fact that this year, with those two pressures we actually will have EPS up is really because of the contribution of the profit and recovery growth plan, the PRGP, which we will refer to it from now on, as we said in the prepared remarks.

事實上，今年，在這兩個壓力下，我們的每股盈餘實際上會上升，這實際上是因為利潤和復甦成長計劃PRGP 的貢獻，正如我們在準備好的發言中所說，我們從現在開始將提到它。

So that is delivering if you think about delivering around 51% at the low end of the range given the fact that we're relatively flat if you take the midpoint of our range in terms of our growth this year, what we're expecting, so that means other markets like the Americas, APAC outside of China and EMEA outside of travel retail are expected to grow. But if you take that contribution it is being offset by some expense deleverage.

因此，如果你考慮在該範圍的低端實現 51% 左右，那麼這就是實現，因為如果你以我們今年的增長範圍的中點來看，我們相對持平，這是我們的預期，因此，這意味著美洲、中國以外的亞太地區以及旅遊零售以外的歐洲、中東和非洲等其他市場也預計也會成長。但如果你接受這筆貢獻，它就會被一些費用去槓桿化所抵消。

It's also in looking at your models, you need to add back some of the interest expense from our debt that we took out for the acquisition of Tom Ford in DECIEM and bonus as well back at target levels. So those are some of the differences.

在查看您的模型時，您還需要從我們在 DECIEM 收購 Tom Ford 的債務中扣除一些利息費用，並將獎金加回目標水平。這些是一些差異。

And then obviously, you heard our estimates for currency, which will be slightly dilutive for the year. So all of that puts pressure on our overall EPS but still on a year that is close to what it was last year from a sales performance perspective, we are demonstrating improved margins and improved EPS.

顯然，您聽到了我們對貨幣的估計，今年的匯率將略有稀釋。因此，所有這些都給我們的整體每股收益帶來了壓力，但從銷售業績的角度來看，這一年仍然接近去年，我們展示了利潤率和每股收益的改善。

And that is because of and with a negative mix impact related to Travel Retail in China and that is because of both the PRGP as well as other actions the company has taken to really halt a lot of activities that we would normally do in the course of the year.

這是因為與中國旅遊零售相關的負面綜合影響，這是因為 PRGP 以及該公司採取的其他行動，這些行動真正停止了我們通常在過程中進行的許多活動。

We are also, importantly, as I said in our prepared remarks, protecting some investment for the momentum that we spoke about in the prepared remarks, in categories like fragrance, the active derm category and where we're seeing momentum. That will be important for us when we think forward to fiscal '26 and beyond and have more market growth, hopefully, but also those brands continuing to become a greater proportion of the business.

重要的是，正如我在準備好的演講中所說，我們正在保護一些投資，以保護我們在準備好的發言中談到的勢頭，在香水、活性皮膚類別以及我們看到的勢頭等領域。當我們展望 26 財年及以後，希望有更多的市場成長，而這些品牌繼續在業務中佔據更大的比例時，這對我們來說非常重要。

Lauren Lieberman from Barclays.

來自巴克萊銀行的勞倫·利伯曼。

I had to [frame my seven] questions. So I wanted to just follow on, Tracey, maybe on the what you've just shared and the driver, the fact that there will be earnings growth even with sales flat to down.

我必須[提出我的七個]問題。所以我想繼續說，特蕾西，也許是你剛剛分享的內容和驅動因素，即即使銷售額持平或下降，盈利也會增長。

And you called out helping some activities, protecting some investment, noting all the expense deleverage that there will be, how should I why shouldn't I be concerned that there's going to be constraining investments this year because the market doesn't stand still, right? You mentioned North America more competitive. I'm going to guess other companies, whether they are global or local across China are not going to be pulling back on investment.

你呼籲幫助一些活動，保護一些投資，注意到將會出現的所有費用去槓桿化，我為什麼不應該擔心今年投資會受到限制，因為市場並沒有停滯不前，正確的？你提到北美更具競爭力。我猜測其他公司，無論是跨國公司或中國本地公司都不會撤回投資。

Everyone is going to want to be gaining share in a market that's down. So how do we know that there isn't too little investment being put back in, in '25 in the name of putting up some earnings growth. And then frankly, when we get to this time next year and there's new leadership in place or has been named and you have the strategic reset but there isn't another strategic reset. So, I threw a lot in there, but those are the things that are in my mind that I'd love to hear both of you comment on?

每個人都希望在低迷的市場中獲得份額。那麼，我們如何知道 25 年以提高獲利成長為名的投資並沒有太少。坦白說，當我們明年這個時候，新的領導層就位或已被任命，並且您進行了戰略重置，但沒有另一次戰略重置。所以，我在那裡投入了很多，但這些是我心中的事情，我很想聽到你們兩個的評論？

No. Of course, Lauren. So, if you think about when we first described the PRGP, we said we have gross savings, and we are investing some of those gross savings in order to fund the program as well as fuel some of create fuel for some of our consumer-facing investments.

不，當然，勞倫。因此，如果您想一想，當我們第一次描述PRGP 時，我們說我們有總儲蓄，並且我們正在投資其中的一些總儲蓄，以便為該計劃提供資金，並為我們面向消費者的一些項目提供一些創造燃料。

And so when you think about the cadence of results and savings that we expect from the program, obviously, first quarter, there is some benefit, but that will progressively improve through the course of the year as our actions materialize. So we are funding some of the consumer-facing investments out of the gross investments in out of our PRGP.

因此，當您考慮我們期望從該計劃中獲得結果和節省費用的節奏時，顯然，第一季會帶來一些好處，但隨著我們的行動具體化，這種好處將在一年中逐步改善。因此，我們從 PRGP 的總投資中為一些面向消費者的投資提供資金。

I also mentioned that even in fiscal '24, where we had green shoots, you heard, I mean, many of those strategies were put in place before. Obviously, some of the innovation that we came out with and some of the plans that we had to expand in faster-growing channels.

我還提到，即使在 24 財年，我們已經有了萌芽，你聽說，我的意思是，許多策略之前就已經實施了。顯然，我們提出了一些創新，以及我們必須在成長更快的管道中擴展的一些計劃。

So, we have tried to, in a very difficult year, even in fiscal '24, protect some of the consumer-facing investments. And as we see growth happening in certain areas, we will certainly fund more of it in some of the savings generated throughout the course of this year in the PRGP.

因此，在非常困難的一年，即使在 24 財年，我們也試圖保護一些面向消費者的投資。當我們看到某些領域正在成長時，我們肯定會在 PRGP 的今年整個過程中產生的一些節省中提供更多資金。

And also, Lauren, I wanted to add a concept here, which is my intention also announcing the retirement at the end of the fiscal year is also to work together with the Board, together with the team and when announced together with my successor on making sure that we put in 2025, the company in a condition to leverage growth momentum in general, in all the areas where the opportunity will be in the China market where today, we see the clients to continue to grow market share, and that's the focus.

另外，勞倫，我想在這裡添加一個概念，這就是我的意圖，宣佈在本財年結束時退休也是為了與董事會、團隊一起工作，並在與我的繼任者一起宣佈時，讓確保我們到2025 年，公司能夠在中國市場的所有領域中充分利用成長勢頭，今天，我們看到客戶的市場份額繼續增長，這就是重點。

And in terms of the PRT to make sure that we have sufficient investments in all the key areas of the business where this momentum has to be preserved in the future. Those are internally key goals that we are going to pursue.

在 PRT 方面，確保我們在業務的所有關鍵領域都有足夠的投資，未來必須保持這種勢頭。這些都是我們要追求的內在關鍵目標。

And I hope that the strategic reset that I explained in my prepared remarks, somehow indicate also not only the numbers but the content on which we want to invest the numbers because it's clear that we have extraordinary strengths in our brands and brand equity and in our portfolio.

我希望我在準備好的發言中解釋的策略重置能夠以某種方式不僅表明數字，還表明我們希望投資這些數字的內容，因為很明顯，我們在品牌和品牌資產以及我們的品牌和品牌資產方面擁有非凡的優勢。

It's clear that we continue to have great, high repeat rates because our products are outstanding and live the consumer. I hope it's clear that our innovation is getting much stronger in many areas. And in clear that we have two big strategy reset areas. One is the lower in the exposure to declining market and declining channels and substitute this with high-growth market, high-growth channels, the best we can.

很明顯，我們繼續擁有很高的重複率，因為我們的產品非常出色且深受消費者喜愛。我希望我們的創新在許多領域中變得更強大。很明顯，我們有兩個重大的策略重置領域。一是下降的市場和下降的管道的風險敞口較低，並盡我們所能用高成長的市場、高成長的管道來替代。

And the second is actually improving the effectiveness of our marketing plan of our recruitment plans. And so we will get better support to our business, not only spending more money, but all what I said about precision marketing, is all about increasing the power of our recruitment. And finally, you heard me saying that our recruitment has been going to be focused more than ever on new consumers. And that, I believe, will make a big difference. And so all what I just said is really the purpose of the transition. And so the transition is going to be tailored to that.

第二個實際上是提高我們的行銷計劃和招聘計劃的有效性。這樣我們的業務就會得到更好的支持，不只是花更多的錢，我所說的精準行銷，都是為了加大我們招募的力度。最後，你聽到我說我們的招募將比以往任何時候都更加關注新消費者。我相信，這將會帶來很大的改變。所以我剛才所說的都是過渡的真正目的。因此，過渡將為此量身定制。

Filippo Falorni from Citi.

花旗銀行的菲利波‧法洛尼 (Filippo Falorni)。

I wanted to ask a few questions on the travel retail business, given we have a bit less visibility on the inventory levels. So can you it seems like the last two quarters, the industry decelerated in terms of sell-through, but you were up double-digit in terms of sell-in.

鑑於我們對庫存水準的了解較少，我想問一些有關旅遊零售業務的問題。那麼，在過去的兩個季度中，該行業的銷售量似乎有所放緩，但銷售量卻出現了兩位數的成長。

Can you give us a sense of the inventory levels exiting the year? And Tracey, you mentioned you expect double-digit decline in fiscal '25. Can you give us any sense of the cadence of that decline? Is it more concentrated in the first half and then an improvement in the second half? Any color that would be helpful.

您能為我們介紹一下今年的庫存水準嗎？特雷西，您提到您預計 25 財年將出現兩位數的下降。您能否告訴我們這種下降的節奏？是不是上半場比較集中，下半場有改善？任何有幫助的顏色。

Sure. So you're right. As we said, and certainly, as you mentioned, others have said also there was a decline in Asia Travel Retail, particularly in China travel retail in the last few months of our fiscal 2024, and that certainly did impact us.

當然。所以你是對的。正如我們所說，當然，正如您所提到的，其他人也表示亞洲旅遊零售業有所下降，特別是在 2024 財年最後幾個月的中國旅遊零售業，這確實對我們產生了影響。

The reason we were up, we were anniversarying very low shipments from the prior year. And so we had in certain parts of China travel retail, specifically Hainan, very low shipments in our fourth quarter last year. And so even with decelerating sales, we were replenishing relative to what we had experienced in the prior year.

我們上漲的原因是我們週年紀念日的出貨量較前一年非常低。因此，去年第四季我們在中國旅遊零售的某些地區，特別是海南，出貨量非常低。因此，即使銷售減速，我們仍相對於前一年進行了補充。

But because of the acceleration from Q3 to Q4, the deceleration from Q3 to Q4, we did end with inventory levels higher than what we would have liked. And so part of what you see in our first quarter results is making sure that we keep inventory levels at the level that we and our customers want in that region even managing, obviously, the volatility from month-to-month that we and our retailers are experiencing.

但由於從第三季到第四季的加速，從第三季到第四季的減速，我們最終的庫存水準確實高於我們希望的水平。因此，您在我們第一季業績中看到的部分內容是確保我們將庫存水平保持在我們和我們的客戶希望的該地區的水平，甚至管理我們和我們的零售商每月的波動性正在經歷。

Yes. And I just want to add the perspective that this is actually a big priority for us. It's really manage much better stock normalization in PR in the future. And so the what you said, which is obviously the retail in quarter 4 went down much more than expected.

是的。我只是想補充一點，這其實是我們的首要任務。未來它確實可以更好地管理公關中的庫存標準化。所以你所說的，顯然第四季的零售業下降幅度遠超過預期。

So by definition, created higher temporary stocks. We are already reacting in quarter one, readjusting it that should be seen as a better activity and better management of this in the future. And as I said in previous calls, we are also preparing to build a distribution center in Hainan, they will further shorten the time between orders in travel retail and delivery that will make this process better and better over time.

因此，根據定義，創造了更高的臨時庫存。我們已經在第一季做出反應，重新調整它，這應該被視為未來更好的活動和更好的管理。正如我在之前的電話中所說，我們也準備在海南建立一個配送中心，他們將進一步縮短旅遊零售的訂單和交付之間的時間，使這個過程隨著時間的推移變得越來越好。

Dana Telsey from Telsey Group.

來自特爾西集團的達納·特爾西。

Hi good morning everyone as you think about the distribution channel shifts and the margin impacts, where they're going on to Amazon specialty multi, what does that mean for the business in terms of how you're seeing in North America, in particular, department stores and Amazon specialty multi. And then with travel retail being 19% of sales, how do you see that in fiscal '25 and the progression as we move forward?

大家早安，當您考慮分銷管道的轉變和利潤影響時，他們將轉向亞馬遜專業複合產品，這對於您在北美的業務意味著什麼，特別是，百貨公司和亞馬遜專賣店多。然後，由於旅遊零售佔銷售額的 19%，您如何看待 25 財年的情況以及我們未來的進展？

Well, I'll start with the second one, Dana. Travel Retail will be lower than it was in fiscal '24 because we're expecting it to be negative all year. So it will be a lower percent of our mix. And as Fabrizio mentioned, part of what obviously is happening is we're seeing channel shifts. We're seeing some of the travel retail business go to other regions whether it's remaining within Mainland China or traveling to back to international travel in certain parts of the world, including, obviously, markets in addition to within the travel retail channel.

好吧，我將從第二個開始，達納。旅遊零售將低於 24 財年的水平，因為我們預計全年都會負成長。所以它在我們的組合中所佔的比例會較低。正如法布里齊奧所提到的，顯然正在發生的部分事情是我們看到了頻道的轉變。我們看到一些旅遊零售業務流向其他地區，無論是留在中國大陸還是回到世界某些地區的國際旅遊，顯然包括旅遊零售通路之外的市場。

So, we expect that it will continue to shrink as a percent of our mix, at least in fiscal 2025 and hopefully see some stabilization after that. In terms of the faster growth channels that we are pivoting to I mean, obviously, they represent growth. Different channels had different margins.

因此，我們預計，至少在 2025 財年，它占我們組合的百分比將繼續下降，並希望在那之後能看到一些穩定。就我們轉向的更快成長管道而言，我的意思是，顯然，它們代表著成長。不同的通路有不同的利潤。

As you know, we don't give specific channel margin information. But to the extent that those channels are allowing us to recruit new consumers, it is certainly margin accretive for the company overall when we see the kind of reversal that we saw even in the last few months, launching on Amazon with Clinique.

如您所知，我們不提供具體的通路利潤資訊。但就這些管道允許我們招募新消費者而言，當我們看到過去幾個月我們在亞馬遜上與倩碧合作推出的那種逆轉時，這肯定會增加公司整體的利潤。

And so I think that's something that we are focused on. Fabrizio spoke about other platforms, online being a big focus for us as well from a strategic standpoint, platforms in other parts of the world that also represent growth and the recruitment of new consumers. So that is a big area of strategic pivot for us that we expect will be margin accretive for the company overall.

所以我認為這是我們關注的重點。法布里齊奧談到了其他平台，從策略角度來看，線上平台也是我們的一大焦點，世界其他地區的平台也代表著成長和新消費者的招募。因此，這對我們來說是一個重要的策略支點領域，我們預期這將為公司整體帶來利潤成長。

And I would just want to add that as you have heard from our example today is a lot of these channel rebalancing is also between online and brick-and-mortar. And the online is very efficient for many reasons. On top of that, we used the last few years to develop online platforms that now we are in a condition to scale and to leverage in our activations of the various online channels.

我只想補充一點，正如您今天從我們的範例中聽到的那樣，許多管道重新平衡也是在線上和實體之間進行的。出於多種原因，在線非常有效率。最重要的是，我們在過去幾年中開發了線上平台，現在我們可以擴展並利用各種線上管道的啟動。

And finally, when you invest in a high-growth channel where the consumers are particularly active, particularly the young consumer, the return on the investment in advertising and the ability to recruit the right cost of recruitment actually increase while the cost of recruitment tends to be higher in declining channels.

最後，當你投資於消費者特別活躍（尤其是年輕消費者）的高成長管道時，廣告投資報酬率和招募合適招募成本的能力實際上會增加，而招募成本往往會下降。走高。

So the overall move for us will be actually positive in the long term. And we are managing this with the profitability mix in mind, one of the key things that we need to achieve.

因此，從長遠來看，整體走勢對我們來說實際上是正面的。我們在管理這個問題時考慮了獲利能力組合，這是我們需要實現的關鍵目標之一。

Peter Grom from UBS.

瑞銀集團的彼得‧格羅姆。

I was hoping to ask a bigger picture question here, just given all the commentary in the release on the path forward and what has been slower progress in China and Asia travel retail. When you speak to category growth returning to mid-single digits in fiscal '25, assuming China progressively recovered.

考慮到新聞稿中關於前進道路的所有評論以及中國和亞洲旅遊零售業進展緩慢的情況，我希望在這裡提出一個更大的問題。當你談到 25 財年類別成長回到中個位數時，假設中國逐步復甦。

What do you think is a realistic category growth expectation in China and maybe Asia travel retail as well as we look out longer term. Specifically, just trying to understand or be curious how you think about the ability to return to 6% to 8% organic sales growth if performance in these regions and channels doesn't necessarily return to growth rates we saw prior to the recent challenges.

您認為中國乃至亞洲旅遊零售業的現實品類成長預期是什麼？ 我們著眼於更長期的發展。具體來說，只是想了解或好奇，如果這些地區和通路的業績不一定恢復到我們在最近的挑戰之前看到的成長率，您如何看待恢復 6% 至 8% 的有機銷售成長的能力。

Yes, I'll start and then Tracey will add . I assume when you say category growth, you define the category as the prestige global market in total. That's what I understood for your question. And so the overall category growth of the luxury prestige part of the beauty business historically has been growing in the mid-single-digit range.

是的，我會開始，然後特蕾西會添加。我認為當你說品類成長時，你將品類定義為全球市場的整體聲望。這就是我對你的問題的理解。因此，歷史上美容行業的奢華部分的整體品類增長一直在中個位數範圍內增長。

And I think the facts today with China and travel retail Asia declining double digits in this moment in those markets. You see that we are forecasting 2%, 3%. And and this forecasting 2%, 3% of the category growth is the reflection that we are not assuming in our guidance for fiscal year 2025, a stabilization of that.

我認為今天的事實是，中國和亞洲旅遊零售市場在此時此刻出現了兩位數的下滑。你看我們預測是 2%、3%。而這一類別成長 2%、3% 的預測反映了我們在 2025 財年的指導中並未假設這一增長會穩定下來。

And basically, this is our attempt, try not to guess the future that is in this moment is very difficult to predict because of the volatility that Tracey spoke about.

基本上，這是我們的嘗試，盡量不要猜測此時此刻的未來，因為特雷西談到的波動性，很難預測。

So with that context, you see immediately that the difference between stabilized Chinese consumers. So China stabilized and the market is 2, 3 points, because the market with a stable growth in China was single digit sorry, was mid-single digit. And so that's the difference between the 2% and the 5%.

因此，在這種背景下，你會立即看到穩定的中國消費者之間的差異。所以中國穩定下來，市場是2、3個點，因為中國穩定成長的市場是個位數，抱歉，是中個位數。這就是 2% 和 5% 之間的差異。

Now if in the future, we do expect the overall global category, as you define it, to benefit of the stabilization of the China consumption and market, and that will make the category stronger. So assuming the category, we'll go back to a 5% global growth also because to be clear, except now the Chinese reset in this period, the demographic fundamentals, the reason of long-term developers this category are intact globally.

現在，如果在未來，我們確實預計全球整體品類（正如您所定義的那樣）將受益於中國消費和市場的穩定，這將使該品類變得更加強大。因此，假設該類別，我們將回到5% 的全球成長，這也是因為需要明確的是，除了中國在這一時期的重置之外，人口基本面、長期開發商的原因在全球範圍內該類別都完好無損。

In fact, you see still pretty strong development in Asia ex China, in Europe, in America, as we said before, despite a gradual reduction of the growth, the growth is still mid-single digit plus.

事實上，正如我們之前所說，你會看到亞洲（中國除外）、歐洲、美洲的發展仍然相當強勁，儘管成長逐漸放緩，但成長仍處於中個位數以上。

So, the market has strong fundamentals, and the market will go back as it happened in the past. In the past, during, I don't know, the recession of 2008, 2009, the market went down in the 2% and then bounced back to the normal the year after.

因此，市場基本面強勁，市場將會回到過去那樣。過去，在我不知道的2008年、2009年經濟衰退期間，市場下跌了2%，然後在第二年反彈到正常水準。

So we have seen this many other times in the history of the market. And we as a company believe that the strategy reset that we are discussing, and the ability of our profit recover the growth plan to put us back on track for leverage-ability will put all of us in a condition to grow at least 1 point ahead of the market. in the long term and to reestablish our the way we think of long-term algorithm as growing ahead of the market.

所以我們在市場歷史上已經多次看到這種情況。作為一家公司，我們相信，我們正在討論的戰略重置，以及我們的利潤恢復增長計劃的能力，使我們重回槓桿能力的正軌，將使我們所有人都處於至少領先 1 個百分點的狀態市場的。從長遠來看，並重新建立我們對長期演算法的看法，使其領先於市場。

Rupesh Parikh from Oppenheimer.

奧本海默的魯佩什·帕里克。

So just going back to the commentary on North America market, you guys called out a strong competitive environment in the Americas. So just hoping to get more color on what you're seeing there? And as you look forward for your planning assumptions, are you expecting a further moderation in the US prestige market?

回到北美市場的評論，你們指出美洲的競爭環境非常強大。那麼只是希望對您所看到的內容有更多的了解嗎？當您展望您的規劃假設時，您是否預期美國聲望市場將進一步放緩？

So, in our guidance, we are reflecting the current moderation of the growth because again, in this guidance, we are not guess in the future. We are reflecting what we see currently. And this moderation of the growth, however, brings the market still in the mid-single-digit growth. So it's not is not a bad market. I mean, US has been weaker than that in the past.

因此，在我們的指導中，我們反映了當前成長的放緩，因為在本指導中，我們不會猜測未來。我們正在反映我們目前所看到的情況。然而，這種成長放緩使市場仍處於中等個位數成長。所以這並不是一個糟糕的市場。我的意思是，美國比過去更弱。

So it's still a relatively solid market growth that is happening today. And in this relatively solid market, we are working for dramatic improvements. I think it's important to understand that we have seen progress in quarter 4 because we grew retail even if the net was difficult, but we grew retail. And again, the net was reflecting also some issues happening in many of the retailers in our less fast-growing part of the business.

因此，今天的市場成長仍然相對穩定。在這個相對穩定的市場中，我們正在努力實現顯著的改善。我認為重要的是要了解我們在第四季度看到了進展，因為即使網路很困難，我們還是成長了零售業，但我們成長了零售業。同樣，該網路也反映了我們業務成長較慢的部分中許多零售商發生的一些問題。

But the retail was growing in July as we revealed the retail has further accelerated our retail is further accelerated some of our brands like Clinique is showing very exciting progress, which is super encouraging.

但七月份的零售量正在增長，因為我們透露零售量進一步加速了，我們的零售量進一步加速了，我們的一些品牌（如倩碧）顯示出非常令人興奮的進展，這是非常令人鼓舞的。

Actually, I would say that all the brands where we have started implementing a new strategy, we see that there is extraordinary, interesting progress, which is validating that once we'll be able to implement across the portfolio, all the improvements that we are trying to do, we could achieve the stabilization, which is the first goal that we have in mind, the stabilization.

事實上，我想說的是，我們開始實施新策略的所有品牌，我們都看到了非凡的、有趣的進展，這證實了一旦我們能夠在整個產品組合中實施，我們正在實施的所有改進努力做到這一點，我們就能實現穩定，這是我們心目中的第一個目標，穩定。

So stopped the decline in market share stabilize and align with the market growth in the US So we are in summary, we are cautious of the overall market in the US in this moment, but we are positive on our progress in executing an improvement strategy in America.

因此，市場份額的下降得到了穩定，並與美國市場的成長保持一致。美國。

And ladies and gentlemen, with that, we'll conclude today's question-and-answer session. If you were unable to join for the entire call, a playback will be available at 01:00 p.m. Eastern Time today through September 3. To hear a recording of the call, please dial 8773447529 using passcode 3757854. That concludes today's Estee Lauder conference call.

女士們、先生們，我們今天的問答環節就到此結束。如果您無法加入整個通話，則可在下午 01:00 進行回放。東部時間今天至 9 月 3 日。

I would like to thank you all for your participation and wish you all a good day. You may now disconnect your lines.

我要感謝大家的參與，並祝福大家有美好的一天。現在您可以斷開線路。