雅詩蘭黛 (EL) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Estée Lauder Company's Fiscal 2025 Fourth Quarter and Full Year Conference Call. Today's webcast is being recorded. 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 2025 財年第四季及全年電話會議。今天的網路直播正在錄製中。為了致開幕詞和介紹，我想將電話轉給投資者關係資深副總裁 Rainey Mancini 女士。

Hello. On today's webcast are Stéphane de la Faverie, President and Chief Executive Officer; and Akhil Shrivastava, 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。今天的網路直播嘉賓有總裁兼執行長 Stéphane de la Faverie 和執行副總裁兼財務長 Akhil Shrivastava。由於我們今天的許多言論都包含前瞻性陳述，請允許我向您推薦我們的新聞稿和提交給美國證券交易委員會的報告，您會發現可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

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, references to net sales refer to organic net sales which excludes the noncomparable impacts of acquisitions, divestitures, brand closures and the impact of foreign currency translation.

為了方便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，淨銷售額均指有機淨銷售額，不包括收購、資產剝離、品牌關閉及外幣折算的不可比影響。

You can find reconciliations between GAAP and non-GAAP measures in our press release and on the Investors section of our website. 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.

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 指標之間的對帳。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。它還包括我們產品透過零售商網站的預期銷售量。在整個討論過程中，我們的利潤恢復和成長計劃將被稱為 PRGP。

During the Q&A session that we ask that you please limit yourself to one question so we can respond to all of you within the time scheduled for this webcast. And now, I'll turn the webcast over to Stéphane.

在問答環節中，我們要求您將問題限制在一個範圍內，以便我們能夠在本次網路廣播預定的時間內答覆所有問題。現在，我將網路直播交給 Stéphane。

Thank you, Rainey, and hello to everyone. Before we discuss our results for fiscal '25 and '26 ambition, let me begin with a moment of remembrance of our beloved Chairman Emeritus, Leonard Lauder, who passed in June. On behalf of myself, Akhil, the executive team, Board of Directors and the Lauder family, we extend our heartfelt gratitude for the sympathy share.

謝謝你，雷尼，大家好。在我們討論 25 財年和 26 財年的目標業績之前，請允許我先緬懷一下我們敬愛的名譽主席倫納德·勞德 (Leonard Lauder)，他於 6 月去世。我謹代表我本人、阿希爾、執行團隊、董事會和勞德家族，對大家的同情表示衷心的感謝。

We were profoundly moved by the outpouring of combustion for employees, consumers, peers, retailers, suppliers, media, analysts and investors. Your condolences celebrated a life beautifully lift and a legacy deeply felt, recognizing our Leonard uniquely shaped and revolutionize not just our company, but also the Beauty industry.

我們深深被員工、消費者、同業、零售商、供應商、媒體、分析師和投資者傾瀉的憤怒所感動。您的哀悼慶祝了一位美麗的生活和一份令人深感敬佩的遺產，承認了我們的倫納德不僅以獨特的方式塑造和革新了我們的公司，而且也塑造和革新了美容行業。

Leonard was a mentor to me and as he was to so many others. I was a strong advocate for Beauty Reimagined when he entrusted us to lead. We are more committed than ever to regaining prestige beauty leadership in his honor and upholding the company's Vice Champion.

萊納德是我的導師，也是很多人的導師。當他委託我們領導「重塑美麗」計畫時，我是這個計畫的堅定支持者。我們比以往任何時候都更致力於重新贏得美容領導地位並維護公司的副冠軍。

Turning to our fiscal '25 full year performance. Our results were in line with the revised outlook we provided in May, and the expectation Akhil and I set in our first earnings call in February. Nearly two-third of our 8% organic sales decline came from travel retail as it decreased 28% driven by strategic decision and prolonged week conversion.

談談我們 25 財年的全年業績。我們的業績與我們 5 月提供的修訂前景以及 Akhil 和我在 2 月第一次收益電話會議上設定的預期一致。在我們 8% 的有機銷售額下降中，近三分之二來自旅遊零售，由於策略決策和周轉換時間延長，該部分銷售額下降了 28%。

Importantly, we ended fiscal '25 much better position than fiscal '24 with healthier trade inventory, especially in Travel Retail Asia for currently forecasted demand. Travel retail represented approximately 15% of reported sales, down 4 percentage points from fiscal '24 and 14% age points below its fiscal '21 peak reached during the pandemic, making it more similar to the China Global prestige beauty share and reducing our exposure to its volatility.

重要的是，我們在 25 財年結束時的狀況比 24 財年好得多，貿易庫存更加健康，尤其是亞洲旅遊零售方面，滿足了目前預測的需求。旅遊零售約佔報告銷售額的 15%，較 24 財年下降 4 個百分點，比疫情期間達到的 21 財年峰值低 14%，這使其與中國全球高端美容產品的份額更加相似，並降低了我們對其波動性的影響。

Gross margin expanded 230 basis points to 74%, driven by PRGP benefits and better by 50 basis points than the outlook given in May, despite significant volume deleverage. Operating margin of 8% on the 220 basis points, driven by sales declines and increased consumer-facing investments.

毛利率擴大 230 個基點至 74%，受 PRGP 收益推動，儘管交易量大幅去槓桿，但仍比 5 月的預期高出 50 個基點。營業利益率為 8%，基於 220 個基點，受銷售額下降和麵向消費者的投資增加所致。

Diluted EPS decreased 40%. Since I became CEO, we have acted with urgency to operationalize our strategic vision of Beauty Reimagined, making strong initial progress across all five action plan priorities from January through June.

稀釋每股收益下降40%。自從我擔任執行長以來，我們一直緊急採取行動，實施「重塑美麗」的戰略願景，從 1 月到 6 月，在所有五個行動計劃重點上都取得了強勁的初步進展。

In the second half of fiscal '25, we gained prestige beauty share in China, Japan and the US demonstrated not only our ability to return quickly to share gain by building on our brand's high desirability but also early wins for new consumer coverage and uptake of enticing innovation. Globally, Le Labo and La Mer gained prestige beauty share in the second half, confirming their strong desirability and the ordinary accelerated to high single-digit retail sales growth in the fourth quarter.

在25財年下半年，我們在中國、日本和美國的高端美容產品份額有所增長，這不僅證明了我們能夠憑藉品牌的高吸引力迅速恢復市場份額，而且還在新消費者覆蓋和誘人創新方面取得了早期勝利。在全球範圍內，Le Labo 和 La Mer 在下半年獲得了高端美容市場的份額，證實了它們強大的吸引力，而普通消費者在第四季度的零售額增長加速至高個位數。

La Mer, TOM FORD and Estée Lauder fueled our second half share gain in China while Le Labo, Estée Lauder and La Mer powered Japan. In the US, The Ordinary, Clinique and Estée Lauder drove share gain while Estée Lauder new double were considered ranked number 1 product launch in prestige makeup by Circana for January through June.

La Mer、TOM FORD 和雅詩蘭黛推動了我們下半年在中國的市佔率成長，而 Le Labo、雅詩蘭黛和 La Mer 則推動了日本的市佔率成長。在美國，The Ordinary、倩碧和雅詩蘭黛推動了市場份額的成長，而雅詩蘭黛的新款雙效產品被 Circana 評為 1 月至 6 月高端彩妝產品中排名第一的產品。

In our first action plan priority, accelerate best-in-class consumer coverage, we achieved many accomplishments in the second half of fiscal '25, particularly for our online business. Following The Ordinary's launch in the US Amazon premium beauty store in the third quarter, Origin and Aveda launched in the fourth quarter while Estée Lauder and Aveda opened in the Amazon Prime Beauty store in Canada.

在我們的首要行動計畫重點中，加速一流的消費者覆蓋，我們在 25 財年下半年取得了許多成就，特別是我們的線上業務。繼第三季 The Ordinary 進駐美國亞馬遜高級美妝店後，Origin 和 Aveda 於第四季入駐，雅詩蘭黛和 Aveda 則入駐加拿大亞馬遜 Prime Beauty 店。

We now have 11 brand storefronts in the US and three in Canada. And in Southeast Asia, we built scales on Shopee and TikTok Shop across the third and fourth quarters. This action complemented second half growth from our existing presence in fast-growing online retailers like Tmall and Douyin. As a result, online organic sales growth accelerated from low-single digit in the first half to mid-single digit in the second half.

我們目前在美國有 11 家品牌店，在加拿大有 3 家。在東南亞，我們在第三季和第四季對 Shopee 和 TikTok Shop 進行了規模化拓展。這項舉措補充了我們在天貓和抖音等快速成長的線上零售商中的現有業務在下半年的成長。因此，線上自然銷售額成長從上半年的低個位數加速到下半年的中個位數。

Online reached 31% of reported sales for fiscal '25, up 3 percentage points from fiscal '24 to an all-time record, and we expect online mix to climb higher still. We continued our expansion in pharmacy in Europe and began entering the pharma channel in Latin America with Clinique responding to rising demand for their own brands. Moving to our second action priorities, create transformative innovation and innovate across prestige price tiers to reach a wider audience.

25 財年，線上銷售額佔報告銷售額的 31%，較 24 財年增長 3 個百分點，創歷史新高，我們預計線上銷售額佔比還將進一步攀升。我們繼續在歐洲的藥局擴張，並開始與倩碧合作進入拉丁美洲的醫藥管道，以滿足對其自有品牌日益增長的需求。轉向我們的第二個行動重點，創造變革性創新，並在各個高端價格層級進行創新，以覆蓋更廣泛的受眾。

Throughout the second half of fiscal '25, we introduced a robust slate of breakthrough on-trend and commercial innovation aimed at new consumer acquisition, as you can see on the slide. We are realigning innovation portfolio to deliver gross margin accretive product clearer and better capture faster growing industry trend in skin care with a night, longevity under as well as in makeup and the still in demand Luxury Brands segment as well as Hair Care.

正如您在投影片上看到的，在 2025 財年下半年，我們推出了一系列突破性的趨勢和商業創新，旨在吸引新消費者。我們正在重新調整創新產品組合，以更清晰地提供毛利率增值產品，並更好地捕捉皮膚護理領域快速增長的行業趨勢，包括夜間、持久性和化妝以及仍然有需求的奢侈品牌領域以及護髮產品。

Let me share a few highlights from the fourth quarter, beginning with skin care. La Mer build upon the iconic success of its treatment lotion with the balancing treatment lotion, which, along with the brand's third quarter launch of Night Recovery Concentrate fueled La Mer second consecutive quarter of double-digit organic sales growth in Mainland China.

讓我分享一下第四季的一些亮點，首先是皮膚護理。海藍之謎 (La Mer) 在其護理乳液的標誌性成功基礎上，推出了平衡護理乳液，加上該品牌第三季度推出的夜間修護精華液，推動海藍之謎 (La Mer) 在中國大陸連續第二個季度實現兩位數的有機銷售額增長。

Clinique and The Ordinary showcase their unique derm and scientific brand equities at entry prestige pricing. For Clinique, the brand launched a supercharged SPF version of its renowned dermatologists recommended DDML. For The Ordinary its new UV filter SPF-45 serum offered consumers suncare protection in its signature serum format.

倩碧和 The Ordinary 以入門級的定價展示了其獨特的皮膚和科學品牌資產。倩碧 (Clinique) 推出了其著名皮膚科醫生推薦的 DDML 的增強型 SPF 版本。對於 The Ordinary 來說，其新款 UV 過濾 SPF-45 精華液以其標誌性的精華液形式為消費者提供防曬保護。

In makeup, Clinique build upon its blockbuster Almost Lipstick franchise with a third shade, Nude Honey. Since 2021, Clinique has driven strong sales growth of Almost Lipstick, with volumes over 30 times greater than four years ago, demonstrating our ability to leverage social media virality to further fuel demand and attract younger consumers.

在彩妝方面，倩碧在其暢銷的Almost Lipstick系列的基礎上推出了第三款色號——Nude Honey。自 2021 年以來，倩碧推動了 Almost Lipstick 的銷售強勁增長，銷量較四年前增長了 30 多倍，證明了我們能夠利用社交媒體的病毒式傳播來進一步刺激需求並吸引年輕消費者。

MAC's bond famous commercial innovation, paired with the new Lipglass Air contributed to strong share gain in the US prestige makeup lip color and lip-gloss subcategory in the second half. Aveda introduced Miraculous Oil, which is significantly outperforming initial sales expectation.

MAC 的著名商業創新與新 Lipglass Air 相結合，推動了下半年美國高端彩妝唇彩和唇彩子類別的市場份額強勁增長。Aveda 推出了 Miraculous Oil，其銷售業績大大超乎最初的預期。

For our third action plan priority, boost consumer-facing investment to accelerate new consumer acquisition. We increased consumer-facing investment at a greater rate of growth in the second half versus the first half to reignite retail growth. In Mainland China, this contributed to high single-digit retail sales growth and share gain in each of the third and fourth quarters, solidifying share gains for the fiscal year with every category improving share.

我們的第三個行動計畫重點在於增加面向消費者的投資，以加速新消費者的取得。與上半年相比，我們在下半年增加了面向消費者的投資，增幅更大，以重新激發零售成長。在中國大陸，這推動第三季和第四季零售額和份額均實現高個位數成長，鞏固了本財年的份額成長，每個類別的份額均有所提升。

In the fourth quarter, 10 brands grew at retail to fuel share gains in every category and every channel. The incremental investment coupled with innovation drove outstanding performance for 618 for La Mer, Lauder and Jo Malone London across online platform and powered the ordinary success launched in China with Sephora.

第四季度，10 個品牌的零售額均有所成長，推動了各個類別和各個通路的份額成長。增量投資加上創新推動了海藍之謎、蘭黛和Jo Malone London在618線上平台的出色表現，並推動了與絲芙蘭在中國的合作取得了非凡的成功。

And we invested in our freestanding store as we strategically drive a more productive fleet. For the full year, we opened nearly 40 doors for our France brand to much success and close unproductive doors primarily for MAC, Aveda and Origin for over 10 net new stores globally. Le Labo continued its spectacular expansion with new stores, including the Beijing and seal Experience Center, while Jo Malone London had an in-store navigation and experience to meet evolving consumer needs.

我們對獨立商店進行了投資，以策略性地推動更有效率的車隊。全年，我們為法國品牌開設了近 40 家門市，取得了巨大成功，並關閉了主要為 MAC、Aveda 和 Origin 開設的非營利門市，在全球範圍內淨增超過 10 家新店。Le Labo 繼續大舉擴張，開設了新店，包括北京和海豹體驗中心，而 Jo Malone London 則推出了店內導航和體驗，以滿足不斷變化的消費者需求。

Next, let me share an update on our portfolio review. We recently engaged external adviser as we consider evolving the portfolio to best align with the strategic vision of Beauty Reimagined and focus on our highest return opportunities over the medium to long term. We will share a bit in due course.

接下來，讓我分享我們的投資組合審查的最新進展。我們最近聘請了外部顧問，因為我們考慮改進投資組合，使其與 Beauty Reimagined 的策略願景最一致，並專注於中長期內最高的回報機會。我們將在適當的時候分享一些內容。

Let me now turn to our fiscal '26 outlook. With three fiscal years of sales decline and operating margin erosion behind us, we enter fiscal '26 with signs of momentum and the start of our turnaround, a return to top line growth in fiscal '26 and the pursuit of a solid double-digit operating margin in the years ahead.

現在讓我來談談我們對 26 財年的展望。經歷了三個財年的銷售額下滑和營業利潤率下降之後，我們進入 26 財年，迎來了發展勢頭和扭虧為盈的開始，26 財年恢復了營收成長，並在未來幾年追求穩健的兩位數營業利潤率。

For fiscal '26, we expect to deliver low single-digit organic sales growth maintain our now strong gross margin despite the headwind of incremental tariffs and expand our operating margin by 165 basis points at the midpoint. Akhil will describe the drivers are in detail, but let me share a few overarching themes.

對於 26 財年，我們預計將實現低個位數有機銷售額成長，儘管面臨增量關稅的阻力，但仍能維持目前強勁的毛利率，並將我們的營業利潤率在中點提高 165 個基點。Akhil 將詳細描述驅動因素，但讓我分享一些整體主題。

For sales, we intend to significantly reduce these costs. We made good progress in this -- in fiscal '25 and believe there is much more that we can achieve. Our sales growth also unbased benefit from accelerating best-in-class consumer coverage, recognizing we still have a lot of work to do in markets with a high penetration of department stores.

對於銷售，我們打算大幅降低這些成本。我們在 25 財年取得了良好進展，並相信我們還能取得更多成就。我們的銷售成長也得益於加速一流的消費者覆蓋，我們認識到在百貨公司滲透率高的市場中我們還有很多工作要做。

Finally, we are putting greater emphasis on accelerating in high-growth energy markets, given our still untapped potential as emerging markets only represent 10% of reported sales. For operating margin, the organization has embraced PRGP and its momentum is very encouraging. We achieved much more PRGP than we expected in fiscal '25 which gives us confidence that we can deliver meaningful cost savings in fiscal '26 and fund incremental consumer-facing investments.

最後，我們更加重視在高成長能源市場的加速發展，因為新興市場僅佔報告銷售額的 10%，我們的潛力尚未開發。對於營業利潤率，該組織已經接受了 PRGP，其勢頭非常令人鼓舞。我們在 25 財年實現的 PRGP 遠超預期，這使我們有信心在 26 財年實現顯著的成本節約，並為面向消費者的增量投資提供資金。

To fuel our '26 outlook, we are focused on executing with excellence Beauty Reimagined. Already in the first quarter, we are further accelerating best-in-class consumer coverage. The Ordinary launch on Tmall in China with a breakthrough service, the first AI-powered flagship stores co-develop with Tmall. And we are exciting to be expanding on Amazon premium beauty store success beyond the US and Canada, starting with The Ordinary in Amazon UK, which launched in July as well as Clinique in Amazon Mexico this month.

為了推動我們 26 年的展望，我們專注於卓越地執行「重塑美麗」計劃。在第一季度，我們正在進一步加速實現一流的消費者覆蓋範圍。The Ordinary 在中國天貓推出突破性服務，與天貓共同開發首家人工智慧旗艦店。我們很高興能夠將亞馬遜高端美容商店的成功擴展到美國和加拿大以外的地區，首先是 7 月在亞馬遜英國推出的 The Ordinary，以及本月在亞馬遜墨西哥推出的 Clinique。

In travel retail, we are greatly expanding our presence in the Americas through the all-new distribution with Duty Free Americas. This builds on progress in EMEA to expand the presence of our luxury fragrance brand in airports. Moving to our second action plan priority, create transformative innovation. We have identified our external hire for the new leader of R&D and expect to make this announcement in the coming weeks.

在旅遊零售領域，我們透過與美洲免稅店的全新分銷模式，大大擴展了我們在美洲的業務。此舉基於我們在歐洲、中東和非洲地區的進展，擴大了我們奢侈香水品牌在機場的影響力。轉向我們的第二個行動計畫重點，創造變革性創新。我們已經確定了新任研發領導的外部聘任人選，預計在未來幾週內宣布這項消息。

For fiscal '26, we are targeting innovation to be back representing over 25% of sales. With this pipeline, we are well on our way towards tripling the percentage of innovation launched in less than a year from 10% to 30%. In fiscal '26, we are set to have 16% of our innovation that is launched within the year. Here are a few fiscal '26 innovation already in the hands of consumers. In skin care, reflecting our imperative to innovate from the entry pricing through luxury tiers, The Ordinary launch of for 10% powder to cream concentrate, a break-through formula.

對於 26 財年，我們的目標是讓創新重新佔據銷售額的 25% 以上。透過這條管道，我們預計在不到一年的時間內將創新產品的推出比例提高兩倍，從 10% 增加到 30%。在 26 財年，我們計劃有 16% 的創新成果在年內推出。以下是 2026 財年已在消費者手中推出的一些創新。在皮膚護理領域，The Ordinary 推出了突破性的配方，從 10% 粉末到乳霜濃縮液，體現了我們從入門級價格到豪華級別的創新要求。

Further up the prestige tier is still on the advanced and repair franchise introduced a new high cream, while Re-Nutriv launched a watery lotion powered by longevity science. In makeup, we are rebuilding on our gain in lip with MAC Lipglazer Glossy Liner and Bobbi Brown's Cashmere Luxe Matte Lipstick. And following TOM FORD's recent success with Cushion Foundation, the brand launched architecture Radiant Hydrating Foundation.

更高端的仍然是高級系列，修復系列推出了一款新的高級面霜，而 Re-Nutriv 則推出了一款以長壽科學為動力的水性乳液。在化妝方面，我們用 MAC Lipglazer Glossy Liner 和 Bobbi Brown 的 Cashmere Luxe Matte 唇膏來重塑我們的唇妝。繼 TOM FORD 最近推出的氣墊粉底液大獲成功之後，該品牌又推出了建築光彩保濕粉底液。

In France, the category poised to lead prestige beauty industry globally in fiscal '26. Jo Malone London's Raspberry Ripple, this year's seasonal limited-edition color is outperforming last year's limited edition runaway success.

在法國，該類別預計在 26 財年引領全球高端美容產業。Jo Malone London 的 Raspberry Ripple 是今年的季節性限量版顏色，其表現超越了去年限量版的巨大成功。

TOM FORD extended their halo of its Oud collection with Oud Voyager and expanded to its popular Black Orchid franchise with Black Orchid reserve. We are also proud to mark the exciting relaunch of the [Aramis] brand within [Triton] a new funds fronted by global ambassador NBA Hall of Famer, Dwyane Wade.

TOM FORD 透過 Oud Voyager 延續了其 Oud 系列的光環，並透過 Black Orchid Reserve 擴展了其廣受歡迎的 Black Orchid 系列。我們也很榮幸地宣布 [Aramis] 品牌在 [Triton] 旗下重新推出，這是一項由全球大使、NBA 名人堂成員德懷恩·韋德 (Dwyane Wade) 代言的新基金。

For our third action plan priority, boost consumer face investment, we are deploying a new media model that puts greater focus on demand generation through broader media analytics. We made significant shift in the mix of media budget to enhance consumer acquisition and improve ROI accountability. Our investment in AI have begun to show meaningful impact transforming how we engage with consumers and operate internally.

對於我們的第三個行動計畫重點，即增加消費者面子投資，我們正在部署新的媒體模式，透過更廣泛的媒體分析更注重需求的產生。我們對媒體預算組合進行了重大調整，以增強消費者獲取能力並提高投資報酬率問責制。我們對人工智慧的投資已經開始顯示出有意義的影響，改變了我們與消費者的互動方式和內部運作方式。

From personalized marketing and media optimization to agile go-to-market execution, AI has driven a 31% increase in ROI from our North American media campaigns, enabling faster decision-making and stronger real-time market responsiveness.

從個人化行銷和媒體優化到敏捷的市場進入執行，人工智慧推動我們北美媒體活動的投資回報率提高了 31%，從而實現了更快的決策和更強的即時市場響應能力。

For our fourth action plan priority, fuel sustainable growth through bold efficiencies. Among our newer initiatives, when we expanded the PRGP in February '25 is outsourcing. Our analysis revealed a significant gap versus industry benchmark, and we are rapidly advancing these initiatives.

我們的第四個行動計劃重點是透過大膽提高效率來推動永續成長。我們在 2025 年 2 月擴大 PRGP 時採取了多項新舉措，其中之一就是外包。我們的分析顯示與產業基準存在很大差距，我們正在迅速推動這些舉措。

For our final action plan priority, reimagine the way we work. As of June 1, brands own global strategy, innovation and long-range planning, while region have full responsibility for the P&L, allowing for greater local agility and consumer focus. We introduced new ways of working playbook aligned to the structure to drive brand region collaboration, and we are very encouraged by the elevated engagement so far.

對於我們最後的行動計畫優先事項，重新構想我們的工作方式。自 6 月 1 日起，品牌擁有自己的全球策略、創新和長期規劃，而各地區則對損益負全部責任，從而提高本地彈性和消費者關注。我們引入了與結構一致的新工作方式來推動品牌區域合作，我們對迄今為止的參與度提升感到非常鼓舞。

In closing, we are energized as we are transforming our company through Beauty Reimagined. To our employees, thank you for bringing Beauty Reimagined to life in six short months through your tremendous passion and commitment. Together with all of you, I am excited for what we will accomplish.

最後，我們透過「重塑美麗」計劃來改變公司，並因此而充滿活力。對於我們的員工，感謝你們憑藉著巨大的熱情和奉獻精神在短短六個月內將「重塑美麗」變為現實。我和大家一樣，對我們將要取得的成就感到興奮。

I will now turn the call over to Akhil.

現在我將把電話轉給阿希爾。

Thank you, Stéphane. Hello, everyone, and thank you for joining us today. Before discussing outlook, I'll briefly recap our fourth quarter results and highlight progress in key areas of the business. For more information on a full year and fourth quarter performance, please refer to a press release issued this morning. Overall, we delivered fourth quarter and second half results at the top end of our implied guidance range.

謝謝你，史蒂芬。大家好，感謝大家今天加入我們。在討論前景之前，我將簡要回顧我們第四季度的業績，並強調業務關鍵領域的進展。有關全年和第四季度業績的更多信息，請參閱今天上午發布的新聞稿。整體而言，我們第四季和下半年的業績達到了隱含指導範圍的最高值。

Starting with top line. Organic net sales declined 13% in the fourth quarter, reflecting declines across all product categories, except fragrance as well as across every geographic region, primarily driven by global travel retail as we expected. And encouragingly, we are seeing positive results with share gains in some key markets, notably in Mainland China and Japan. In the US, we made significant progress in narrowing our share losses during the fiscal year and gained share in the second half.

從頂線開始。第四季有機淨銷售額下降 13%，反映出除香水外所有產品類別以及所有地理區域的下降，這主要受到全球旅遊零售的推動，正如我們預期的那樣。令人鼓舞的是，我們在一些主要市場，尤其是中國大陸和日本，看到了積極的成果，市場份額有所增長。在美國，我們在本財年在縮小份額損失方面取得了重大進展，並在下半年獲得了份額增長。

Now looking at margins. Our gross margin for the fourth quarter was relatively flat even as we faced the steepest sales volume decline of the year. For the full year, we delivered 230 basis points of gross margin expansion despite our sales deleverage, landing at 74%. This meaningful expansion was driven by the relentless execution of our PRGP.

現在看看利潤。儘管我們面臨今年最大幅度的銷售量下滑，但第四季的毛利率相對穩定。全年來看，儘管我們的銷售去槓桿，但毛利率仍然增加了 230 個基點，達到 74%。這一有意義的擴張是由我們不懈地執行 PRGP 所推動的。

Turning to operating margin for the fourth quarter. We delivered 4% compared to 9% last year. This was driven by a 580 basis points increase in consumer-facing investments as a percentage of sales. On the full year, consumer-facing investments increased 400 basis points as we invested in our brands as part of Beauty Reimagined to fuel growth and long-term value creation. These investments were enabled through our PRGP, which fueled our continued progress in reducing non-consumer-facing costs in the fourth quarter, ending the year with a 6 percentage reduction.

轉向第四季的營業利潤率。我們的完成率為 4%，而去年為 9%。這是由於面向消費者的投資佔銷售額的百分比增加了 580 個基點。全年來看，面向消費者的投資增加了 400 個基點，因為我們作為 Beauty Reimagined 計劃的一部分對我們的品牌進行了投資，以推動成長和長期價值創造。這些投資是透過我們的 PRGP 實現的，這推動了我們在第四季度繼續降低非消費者面對的成本，到年底實現了 6% 的降低。

In the fourth quarter, we also recorded $425 million of impairment charges relating to Dr.Jart+ and Too Faced. This reflects challenges in Mainland China and Korea for Dr.Jart+ and continued underperformance in geographies and channels from Too Faced.

第四季度，我們也記錄了與 Dr.Jart+ 和 Too Faced 相關的 4.25 億美元減損費用。這反映出 Dr.Jart+ 在中國大陸和韓國面臨的挑戰，以及 Too Faced 在地區和通路方面持續表現不佳。

Our effective tax rate for the full year was 38.8% compared to 31% last year. This reflects a higher effective tax rate on our fund operations due to our geographical mix of earnings and the unfavorable impact associated with previously issued stock-based compensation. Our diluted EPS was $0.09 in the fourth quarter as compared to $0.64 last year. Looking now at the PRGP restructuring program. As of June 30, we recorded $610 million of total cumulative charges, primarily in employee-related costs.

我們全年的有效稅率為 38.8%，而去年為 31%。這反映了由於我們的收益的地理組合以及與先前發行的股票薪酬相關的不利影響，我們的基金運營的有效稅率較高。我們第四季的稀釋每股收益為 0.09 美元，而去年同期為 0.64 美元。現在來看看 PRGP 重組計劃。截至 6 月 30 日，我們記錄的累計費用總額為 6.1 億美元，主要是與員工相關的費用。

Moving to our cash generation. For the year, we generated $1.3 billion in net cash flow from operating activities compared to $2.4 billion last year. This decrease is primarily due to lower earnings adjusted for non-cash items and an unfavorable change in operating assets and liability. This also reflects that last year, we made a very significant year-on-year reduction in our inventory, which drove very strong CFFO in the base period. Additionally, the reduction reflect a significant increase in restructuring payments.

轉向我們的現金產生。今年，我們從營運活動中獲得的淨現金流為 13 億美元，而去年為 24 億美元。下降的主要原因是非現金項目調整後的收益下降以及經營資產和負債的不利變化。這也反映出，去年我們的庫存年比大幅減少，從而推動了基期 CFFO 的強勁成長。此外，減少的部分也反映了重組支付的大幅增加。

We invested $602 million in capital expenditure, down 34% compared to last year, which reflected prior year payments relating to the manufacturing facility in Japan. This level of CapEx reflects a strong focus on optimizing capital expenditures and prioritizing consumer-facing investments. Free cash flow generation remains a strategic priority, and we are focused on driving improvements in working capital, CapEx and operational efficiency to strengthen free cash flow going forward.

我們投資了 6.02 億美元的資本支出，比去年下降了 34%，這反映了去年與日本製造工廠相關的付款。這一水準的資本支出反映了對優化資本支出和優先考慮面向消費者的投資的高度重視。自由現金流的產生仍然是我們的策略重點，我們專注於推動營運資本、資本支出和營運效率的改善，以加強未來的自由現金流。

Now turning to outlook. Our priority is to execute our Beauty Reimagined action plans with excellence. The strategy is designed to drive long-term valuation and restore growth, improve margins and drive cash. We are focused on driving sustainable sales growth in fiscal '26 and beyond as well as achieving a solid double-digit adjusted operating margin over the next few years. Beginning with fiscal '26, we are providing only an annual outlook.

現在轉向展望。我們的首要任務是出色地執行我們的「重塑美麗」行動計劃。該策略旨在推動長期估值和恢復成長、提高利潤率和推動現金。我們專注於推動 26 財年及以後的可持續銷售成長，並在未來幾年實現穩健的兩位數調整後營業利潤率。從 26 財年開始，我們僅提供年度展望。

This approach gives us more agility and flexibility to navigate ongoing volatility while better aligning with a long-term value creation and strategic priorities. Also, as you may have seen in our press release issued this morning and consistent with prior years, we continue to develop our strategy and allocate resources by product category.

這種方法使我們能夠更靈活地應對持續的波動，同時更好地與長期價值創造和策略重點保持一致。此外，正如您可能在我們今天早上發布的新聞稿中看到的那樣，與往年一樣，我們將繼續制定策略並按產品類別分配資源。

Beginning with the first quarter, we will be reporting our fiscal '26 and comparable fiscal '25, results by reorganized geographic regions that align with our recent leadership changes. We plan to share more detailed financial information based on our new regional structures in the coming weeks.

從第一季開始，我們將根據最近的領導層變動，按重組的地理區域報告 26 財年和 25 財年的可比業績。我們計劃在未來幾週內根據新的區域結構分享更詳細的財務資訊。

Now let me update you on our assumptions regarding evolving trade policies and enacted tariffs. As I mentioned in May, our task force has been moving with urgency, closely monitoring developments and evaluating various scenarios to mitigate some of the tariff impacts. Since then, our teams have acted swiftly to implement mitigation actions, including leveraging available trade programs and further optimizing our regional manufacturing footprint to bring production closer to the consumer, including through a facility in Japan.

現在，讓我向您介紹一下我們對不斷變化的貿易政策和已頒布的關稅的假設。正如我在五月提到的那樣，我們的工作小組一直在緊急行動，密切關注事態發展並評估各種情況，以減輕一些關稅影響。自那時起，我們的團隊迅速採取行動實施緩解措施，包括利用可用的貿易計劃並進一步優化我們的區域製造足跡，使生產更貼近消費者，包括透過日本的工廠。

These efforts, along with the agility we have built into our supply chain are helping to offset more than half of the expected impact and better position us to adapt quickly to address the evolving trade policies. Based on what we know today and end of our planned mitigation strategies, we expect tariff-related headwinds to impact profitability by approximately $100 million. We continue to evaluate additional strategies to further mitigate these impacts, including more PRGP initiatives and potential pricing actions.

這些努力，加上我們在供應鏈中建立的靈活性，有助於抵消一半以上的預期影響，並使我們能夠更好地快速適應不斷變化的貿易政策。根據我們目前掌握的情況以及我們計劃的緩解策略的結束情況，我們預計與關稅相關的不利因素將對盈利能力造成約 1 億美元的影響。我們將繼續評估其他策略以進一步減輕這些影響，包括更多的 PRGP 措施和潛在的定價行動。

Turning now to our industry expectations. For fiscal '26, we assume modest global prestige beauty growth in the range of 2% to 3%, which is an improvement versus fiscal '25. While there are early signs of stabilization in Mainland China, travel retail conversion continues to be weak, and challenges persist in the West, including subdued consumer sentiment in the US and Western Europe.

現在來談談我們的產業期望。對於 26 財年，我們預計全球高端美容產品將溫和成長 2% 至 3%，與 25 財年相比有所改善。雖然中國大陸出現了初步穩定的跡象，但旅遊零售轉換率仍然疲軟，西方仍面臨挑戰，包括美國和西歐消費者情緒低迷。

In terms of retail sales, our expectations assume retail sales growth in line with or ahead of prestige beauty in key markets. We also remain focused on improving our performance and narrowing the gap between retail and net sales growth globally. In fiscal '26, we aim to achieve this through tighter monitoring of inventory in trade and a significant reduction in discounts. That said, progress may take longer in some markets and is unlikely to be linear.

在零售方面，我們預計零售額的成長將與主要市場的高端美容產品持平或超過其成長。我們也將繼續致力於提高業績並縮小全球零售額和淨銷售額成長之間的差距。在26財年，我們計劃透過更嚴格地監控貿易庫存和大幅減少折扣來實現這一目標。話雖如此，在某些市場，進展可能需要更長的時間，而且不太可能是線性的。

Particularly in North America, we ended fiscal '25 with an approximate 5 percentage points gap between retail and net sales growth for the full year. While we expect the gap to narrow throughout the year, a greater disconnect is anticipated in the first quarter.

特別是在北美，截至 2025 財年，全年零售額和淨銷售額成長率之間的差距約為 5 個百分點。雖然我們預計全年差距將會縮小，但預計第一季差距會更大。

Moving to top line. For the full year, we expect organic net sales to be flat to up 3%. Our outlook assumes mid-single-digit net growth in Mainland China as well as meaningful improvement in our global travel retail business. It also assumes more broad-based improvements across the rest of the business compared to last year.

移至頂線。我們預計全年有機淨銷售額將持平或成長 3%。我們的展望是假設中國大陸的淨成長率達到中等個位數，並且我們的全球旅遊零售業務將實現顯著改善。它還假設與去年相比，其餘業務將出現更廣泛的改善。

Let me now share a few details. We expect full year organic net sales in a global travel retail business to return to growth at the midpoint of our outlook. This reflects the improvement in shipment compared to last year in Asia travel retail, particularly in the first half as we anniversary the impact of actions taken to improve retailer inventory levels, along with the strategic decision to reduce our exposure to reseller activity.

現在讓我分享一些細節。我們預計，全球旅遊零售業務的全年有機淨銷售額將在預期中期恢復成長。這反映了亞洲旅遊零售業出貨量較去年同期有所改善，尤其是上半年，因為我們回顧了為提高零售商庫存水平而採取的行動所產生的影響，以及減少對經銷商活動的影響的戰略決策。

However, this improvement is expected to be offset to some extent by persistent challenges in the broader retail environment, including weak conversion. As a result, we expect a wider range of net growth in global travel retail in the second half, reflecting ongoing uncertainty.

然而，預計這種改善將在一定程度上被更廣泛的零售環境中持續存在的挑戰（包括低轉換率）所抵消。因此，我們預計下半年全球旅遊零售淨成長幅度將更大，反映出持續的不確定性。

In the rest of the business, we expect to deliver low single-digit organic net sales growth for the full year, reflecting improvement in year-on-year growth rates across most markets relative to fiscal '25. In terms of the first quarter, we expect organic net sales to be down low single digits to slightly positive. This reflects high single-digit growth in our global travel retail business, while maintaining a strategic initiative to keep the mix of business in line with industry norms. In addition, we anticipate a return to solid growth in Mainland China and a more moderate decline in the remainder of the business.

在其餘業務中，我們預計全年將實現低個位數的有機淨銷售額成長，這反映出大多數市場相對於 25 財年的年成長率有所提高。就第一季而言，我們預期有機淨銷售額將下降個位數至略微正值。這反映了我們全球旅遊零售業務的高個位數成長，同時保持了策略主動性，使業務組合符合行業規範。此外，我們預計中國大陸地區將恢復穩健成長，其餘業務將出現較為溫和的下滑。

Turning now to our PRGP. In fiscal '26, we are continuing to execute with rigor discipline and clear purpose to optimize key elements across our cost structure to improve margins and profitability as well as create fuel for growth. We are pleased with the meaningful progress we have made in fiscal '25 and remain focused on advancing our PRGP initiatives in fiscal '26. Through our PRGP, we expect continued benefits in fiscal '26 to gross margin and to operating expenses, specifically nonconsumer-facing expenses as we enhance overall productivity and rightsize our cost base.

現在轉向我們的 PRGP。在26財年，我們將繼續嚴格執行紀律，明確目標，優化成本結構中的關鍵要素，以提高利潤率和獲利能力，並創造成長動力。我們對 25 財年的重大進展感到高興，並將繼續致力於在 26 財年推進我們的 PRGP 計劃。透過我們的 PRGP，我們預計隨著我們提高整體生產力並調整成本基礎，26 財年的毛利率和營運費用（特別是非面向消費者的費用）將繼續受益。

Now looking at our restructuring program. We remain on track and continue to advance key initiatives inclusive of approvals through August and relative high end of the total expected ranges we previously communicated. We have approved initiatives accounting for over 60% of expected gross benefits and nearly 50% of both anticipated charges and net reduction in positions. With that backdrop, let me walk you through our other full year assumptions. We assume an operating margin between 9.4% and 9.9%, reflecting greater expansion in the second half of the year as we expect benefits from our PRGP to [bill] sequentially each quarter.

現在來看看我們的重整計畫。我們仍按計劃進行，並將繼續推進關鍵舉措，包括截至 8 月的批准以及我們先前通報的預計總範圍的相對高端。我們批准的措施佔預期總收益的 60% 以上，佔預期費用和淨裁員人數的近 50%。在此背景下，讓我向您介紹我們的其他全年假設。我們假設營業利潤率在 9.4% 至 9.9% 之間，這反映出下半年將有更大的擴張，因為我們預計 PRGP 帶來的收益將在每季連續產生。

In fiscal '26, we expect margin progression despite year-on-year headwinds from incremental tariffs and normalized bonus levels. Our estimated geographical mix of earnings is expected to drive an effective tax rate of approximately 36%. This assumes a higher rate of approximately 40% in the first quarter with improvement over the course of the year as we expect to build profitability.

在 26 財年，儘管增量關稅和正常化獎金水準帶來同比阻力，我們預期利潤率仍將有所成長。我們估計的地理收入組合預計將帶來約 36% 的有效稅率。假設第一季的利率較高，約為 40%，隨著我們預期獲利能力的提高，全年利率將會有所改善。

In addition, we are monitoring certain provisions in global tax legislations that may expire in fiscal '26, which if not extended, could increase our effective tax rate. Diluted EPS is expected to range between $1.90 and $2.10, assuming a weighted average share count of approximately 365 million shares. This reflects year-on-year growth of 26% to 39%.

此外，我們正在監控全球稅收立法中可能在 26 財年到期的某些條款，如果不延長，可能會提高我們的有效稅率。假設加權平均股數約為 3.65 億股，預計稀釋每股盈餘將在 1.90 美元至 2.10 美元之間。這反映出年增 26% 至 39%。

Turning now to cash generation. In fiscal year '26, we expect to generate net cash flows from operating activities between $1 billion to $1.1 billion. While this reflects a slight decline from last year driven by the anticipated peak in restructuring payments, we are confident in our ability to mitigate some of the pressures through a strong focus on managing working capital.

現在來談談現金產生。在26財年，我們預期經營活動產生的淨現金流將在10億美元至11億美元之間。雖然這反映出由於預期重組支付高峰而導致的與去年相比略有下降，但我們相信，透過重點管理營運資金，我們有能力減輕一些壓力。

We expect capital expenditures for the full year to be approximately 4% of sales, reflecting a more efficient and normalized level of expenditures along with our focus and determination to optimize CapEx overall and target the investments in consumer-facing areas to fuel growth.

我們預計全年資本支出約佔銷售額的 4%，這反映了更有效率和正常化的支出水平，以及我們專注並決心優化整體資本支出並將投資集中在面向消費者的領域以推動成長。

In closing, we remain confident in Beauty Reimagined, grounded by a consumer-centric mindset that prioritizes growth driving investments, cost discipline and operational efficiency. While we are not providing an outlook beyond fiscal '26, we are determined to down cost leverage through sales growth in fiscal '27 and bring to bear with urgency PRGP benefits from optimizing of our end-to-end operating model to drive cost savings, including through ongoing outsourcing initiatives, tax planning consistent with the strategic changes we are making in our mix of business and a more competitive approach to procurement.

最後，我們仍然對 Beauty Reimagined 充滿信心，其基礎是以消費者為中心的思維方式，優先考慮成長驅動投資、成本紀律和營運效率。雖然我們沒有提供26財年之後的前景，但我們決心透過27財年的銷售成長來降低成本槓桿，並緊急利用PRGP從優化端到端運營模式中獲益，以推動成本節約，包括透過持續的外包計劃、與我們在業務組合中所做的戰略變化相一致的稅收籌劃以及更具競爭力的採購方式。

To our employees, thank you for your dedication and excellence through this period of meaningful transformation. Your resilience and commitment drive our progress. Together, we are turning strategy into execution and execution into long-term value creation.

對於我們的員工，感謝你們在這段有意義的轉型時期的奉獻和卓越表現。您的堅韌和奉獻精神推動著我們的進步。我們共同將策略轉化為執行，並將執行轉化為長期價值創造。

That concludes our prepared remarks. I'll now turn it over to the operator to begin the Q&A session.

我們的準備好的演講到此結束。現在我將把時間交給操作員，開始問答環節。

(Operator Instructions)

（操作員指示）

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. So clearly, a lot of hard work occurring under Beauty Reimagined significant plans in place in the five key action areas you mentioned. I wanted to touch specifically on simplifying the organizational structure and the restructuring there. How much progress have you made so far? What changes are left to be implemented in fiscal '26?

嘿，早安。顯然，Beauty Reimagined 在您提到的五個關鍵行動領域中做出了大量艱苦的工作並製定了重要計劃。我想特別談談簡化組織結構和重組的問題。到目前為止你取得了多少進展？26 財年還有哪些變更需要實施？

And I'd just love to get your sense for how the organization is handling the change culturally, both on the organizational front, but also just in a broader context. There's obviously a lot of change occurring for a company with a proud heritage and tradition. So are you satisfied with how quickly the organization is moving so far? And how do you think this change is being ceded culturally? Thanks.

我很想了解一下，該組織如何在組織層面以及更廣泛的背景下從文化角度來處理變革。對於一家擁有自豪傳統和傳承的公司來說，顯然正在發生許多變化。那麼，您對該組織目前的進展速度滿意嗎？您認為這種變化在文化上是如何實現的？謝謝。

Yeah. Thank you, Dara, for your question. I think it's obviously at the heart of all the changes that we are implementing and obviously delivering on the vision of Beauty Reimagined, like you said, on the five key action priorities. I think from an organization standpoint, you've heard me say in the prepared remarks that we are going to announce in the next coming weeks, the head of R&D, which will actually complete the new leadership team in place. And we've done that in a very short six months since we've announced the new organization.

是的。謝謝達拉的提問。我認為這顯然是我們正在實施的所有變革的核心，顯然也體現了「重塑美麗」的願景，就像您所說的，是五個關鍵行動重點。我認為從組織的角度來看，你們已經聽到我在準備好的發言中說過，我們將在接下來的幾週內宣布研發主管，這實際上將完成新領導團隊的組建。自從我們宣布新組織成立以來，我們只花了短短六個月的時間就做到了這一點。

Also, if you remember, we've announced the collapse of the seven region into four. So today and Akhil mentioned in his prepared remarks also like the new geographical structure on which we are going to report on, which is obviously the Americas, UK, Asia and travel retail and China as a stand-alone region. So all of that is already in place and very, very pleased with the progress that we are making at this point. The team is really committed on the challenges that we are doing. We have had relentless communication throughout the organization.

另外，如果您還記得的話，我們已經宣布將七個區域拆分為四個。所以今天，阿希爾在他的準備好的演講中也提到了我們將要報告的新地理結構，這顯然是美洲、英國、亞洲和旅遊零售以及中國作為一個獨立的地區。所以所有這些都已經到位，我們對目前的進展感到非常非常滿意。團隊真正致力於應對我們正在面臨的挑戰。我們在整個組織內進行了不懈的溝通。

Personally, I've had like multiple town hall through the organization, many of my executive team leaders also did the same thing internally but also externally. We spend a lot of time communicating with you guys, but also with our suppliers, our retailers all the challenges that we are making around the world.

就我個人而言，我曾在組織內召開過多次市政廳會議，我的許多執行團隊領導者也在內部和外部做過同樣的事情。我們花了很多時間與你們溝通，也與我們的供應商、零售商溝通我們在世界各地面臨的所有挑戰。

I've said it multiple times. This is the biggest organizational transformation that we have done in our history. And we are changing compensation to just make sure that everybody is rewarding on the total and the execution of Beauty Reimagined, and we are really laser-focused on the time that we have left to deliver the PRGP.

我已經說過多次了。這是我們史上最大的組織變革。我們正在改變薪酬制度，以確保每個人都能對「重塑美麗」的整體情況和執行情況給予回報，而且我們真正專注於剩餘的時間來交付 PRGP。

We obviously -- you've heard both Akhil and I been very pleased on the progress that we are making on the PRGP, which obviously, we exceeded our expectation in fiscal '25, and we have more to go get in fiscal '26 and continues to benefit in '27.

顯然，您已經聽說了 Akhil 和我都對我們在 PRGP 上取得的進展感到非常高興，這顯然超出了我們在 25 財年的預期，而且我們在 26 財年還有更多要取得，並在 27 年繼續受益。

From an organization standpoint, we have the complete new organization in place from a leadership standpoint. But I think it's not only at the level of my leadership team, it's throughout the organization. Last time in the last earnings call, we said that we were moving the responsibility of the P&L from the brand to the region, and I reiterated that also like today. As of July 1, all of that is in place.

從組織的角度來看，從領導的角度來看，我們已經建立了全新的組織。但我認為這不僅存在於我的領導團隊層面，而是存在於整個組織中。上次在財報電話會議上，我們說過，我們將把損益表的責任從品牌轉移到地區，我今天也重申了這一點。截至 7 月 1 日，所有這一切都已到位。

And I think the engagement that we're seeing throughout the organization, between the brand, between the region, between the function throughout the organization is extremely encouraging and very positive, and we are seeing the collaboration and the speed of execution already that is paying some strong dividend.

我認為，我們在整個組織中看到的參與度，包括品牌之間、地區之間、職能部門之間的參與度非常令人鼓舞且非常積極，而且我們已經看到協作和執行速度正在帶來豐厚的回報。

I think many of the progress that we've highlighted of the last six months since we've announced Beauty Reimagined are coming through all these changes that we are making from the share gain that we have in China, that we have in the US, that we have in Japan, the acceleration that we're seeing in the emerging markets, even though not yet satisfying to all of us. I think many of the challenges are the result of the new organization that we are putting in place.

我認為，自從我們宣布「重塑美麗」計劃以來，我們在過去六個月中取得的許多進展都來自於我們正在做出的所有這些改變，這些改變包括我們在中國、美國和日本的市場份額增長，以及我們在新興市場看到的加速增長，儘管這些改變還未令我們所有人都滿意。我認為許多挑戰都是由我們正在建立的新組織所造成的。

So I would say, in conclusion, frankly, very happy with the progress that we are making, the speed at which we are making. I think, Dara, you mentioned, obviously, the culture is evolving and it's changing, but we are really pushing on ambition and accountability throughout every I would say, pillars of brands and regions and functions of the organization. And I think this is only the beginning of the momentum that we are just going to see going forward.

所以，總而言之，坦白說，我對我們所取得的進展和速度感到非常高興。達拉，您提到，我認為，顯然，文化正在不斷發展變化，但我們確實在推動整個品牌、地區和組織職能部門的雄心和責任感。我認為這只是我們未來將看到的勢頭的開始。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great. And good morning, everybody. This is a question perhaps more for Akhil, although, Stéphane, I obviously welcome your perspective as well. I was hoping you could just maybe better decompose the gap between retail sales and shipments that you see entering fiscal '26. I'm curious as to how much of that is still the byproduct of elevated trade inventory in pockets versus the discounting you mentioned versus perhaps channel mix dynamics or otherwise.

偉大的。大家早安。這個問題也許更該問阿希爾，不過，史蒂芬，我顯然也歡迎你的觀點。我希望您能更好地分解26財年零售額和出貨量之間的差距。我很好奇，其中有多少仍然是口袋裡貿易庫存增加的副產品，有多少是您提到的折扣，有多少是通路組合動態或其他因素造成的。

And then I guess, as you look forward, just how you anticipate that gap looking if it still exists as you exit the year versus the beginning? Thank you.

然後我想，當你展望未來時，你預計今年年底與年初相比，差距會如何？謝謝。

Thank you, Steve. So I would say if you look at the big picture from where we closed fiscal '24 to where we closed fiscal '25, when you look at our largest markets, travel retail, China and US. In every single market, we have reduced inventory, and we have brought it in a meaningful way to where we need it to be. So that's the first step. I think in travel retail, from where we see retail now, I think we are very much there.

謝謝你，史蒂夫。所以我想說，如果你從 24 財年結束到 25 財年結束的大局來看，當你看到我們最大的市場，旅遊零售，中國和美國。在每一個市場，我們都減少了庫存，並以有意義的方式將其帶到我們需要的水平。這是第一步。我認為在旅遊零售方面，從我們現在看到的零售情況來看，我們已經做得很好了。

China, we have always kept lean inventory, and we are in a good place there. In North America, where -- while we have reduced inventory, we still -- because of the retail environment, we are just watchful of what -- how we want to manage that. Going forward, we expect this gap to narrow. So in terms of your big takeaway, our net should start to track retail much closely than it has in the past. So you should feel good about it.

中國，我們一直保持精益庫存，並且我們在那裡處於良好狀態。在北美，雖然我們減少了庫存，但由於零售環境的原因，我們仍然在關注如何管理庫存。展望未來，我們預期這一差距將會縮小。因此，就您的最大收穫而言，我們的網路應該開始比過去更加緊密地追蹤零售業。所以你應該對此感到高興。

And of course, we'll give you quarterly guidance, which is why on quarter one in North America, we gave you already the perspective that we see some challenges. However, overall, your takeaway should be that we are shipping to retail as Stéphane and I had said, very build retail, shipped to retail, you could have a variance on the quarter, but we will never let it pass that. We will adjust it right in the next quarter. And of course, we'll be very transparent in communicating that.

當然，我們會為您提供季度指導，這就是為什麼在北美第一季度，我們已經向您展示了我們看到的一些挑戰。然而，總的來說，你應該明白的是，正如史蒂芬和我所說的那樣，我們正在向零售店發貨，非常建立零售店，運送到零售店，你可能會在本季度出現差異，但我們永遠不會讓它通過。我們將在下個季度進行適當調整。當然，我們會非常透明地傳達這一點。

Now in some of the markets like North America, where we are, as part of Beauty Reimagined, changing our coverage and going to pure-play retailers, moving more to specialty multi, et cetera, there comes a channel mix, which creates that dynamic. There comes certain costs which go above the line versus below the line, which create that gap between retail to net, but these are profitable channels and overall value creating channels.

現在，在北美等一些市場，作為 Beauty Reimagined 的一部分，我們正在改變覆蓋範圍，轉向純零售商，轉向多元化專業銷售等，形成了一種通路組合，從而創造了這種動態。線上和線下都會產生一定的成本，從而造成零售額和淨額之間的差距，但這些都是獲利管道和整體價值創造管道。

So overall, I would say we have made dramatic progress. We are watching this very carefully. And going forward, we expect the gaps to be significantly narrow versus (inaudible)

總的來說，我想說我們已經取得了顯著的進展。我們正在密切關注此事。展望未來，我們預期差距將顯著縮小（聽不清楚）

Yeah. And I think, just one thing to add to what Akhil was saying. I think you're seeing even in the algorithm for the year, what we said, we have a modest growth of travel retail mid-single-digit growth in China. For the rest of the business, we are in low single digits, but we are seeing gradual improvement from our net sales throughout the year because of what Akhil said. We are aligning retail and net throughout the year quarter-over-quarter.

是的。我認為，我只想補充一點阿希爾所說的話。我想你甚至在今年的演算法中也看到了我們所說的，中國的旅遊零售額實現了中等個位數的適度增長。對於其餘業務，我們的成長率處於個位數以下，但正如 Akhil 所說，我們看到全年淨銷售額正在逐步改善。我們全年都在按季度調整零售額和淨額。

So still a bit of a gap in Q1 as Akhil mentioned. But frankly, you're going to see that in the exit of '26, we will be in a much better position, frankly, in all the geographies. But again, the big work was done in fiscal '25 on reducing dramatically the inventory in travel retail, and we exited fiscal '25 in the right place. So now it's fine-tuning to make sure that the total net sales and the retails are aligned going forward.

正如 Akhil 提到的那樣，第一季仍然存在一些差距。但坦白說，你會看到，到 26 年結束時，我們在所有地區的地位都會變得更好。但是，我們在 25 財年做了大量工作，大幅減少了旅遊零售的庫存，並且在正確的位置結束了 25 財年。因此現在需要進行微調以確保未來的總淨銷售額和零售額保持一致。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Sorry. Good catch. Okay, I'm here. Goodmorning, Stéphane. Just wanted to hone in a bit on North America and Stéphane or Akhil's comment that markets with significant department store exposure, which will remain more challenged. And so you've made great progress to North America pass on Amazon, et cetera, market share gains in various periods. But how should -- how are you thinking about the balance of channels in North America?

對不起。好球。好的，我來了。早安，史蒂芬。只是想稍微談談北美和 Stéphane 或 Akhil 的評論，即百貨公司曝光率較高的市場仍將面臨更大的挑戰。因此，你們在北美取得了巨大進展，超越了亞馬遜等公司，在各個時期都獲得了市場份額的成長。但是您應該如何考慮北美通路的平衡？

And frankly, how long it takes for the region to get to consistent sales growth given fill that weight of department stores? And I guess more pointedly, would you consider sort of more dramatic action, the way that you've taken in travel retail to effectively at this point, proactively reduce exposure to the channel? Thanks.

坦白說，在百貨公司佔據如此大份額的情況下，該地區需要多長時間才能實現持續的銷售成長？我想更尖銳地講，您是否會考慮採取更激烈的行動，就像您在旅遊零售業採取的方式一樣，有效地主動減少通路曝光？謝謝。

Thank you, Lauren. I'll start and Akhil will just like add flavor to it. Now when you look at North America, let me take a little bit of a step back because the market is very strong. And we've seen it in fiscal '25, really gradually improving sequentially quarter-over-quarter. And even the beginning of fiscal '26, what we see in the month of July is strong and we're strong.

謝謝你，勞倫。我先開始，然後 Akhil 就會為它添加味道。現在，當你看北美時，讓我稍微退一步來看，因為這個市場非常強勁。我們在 25 財年看到，情況確實逐季逐步改善。即使在 26 財年伊始，我們看到 7 月的表現依然強勁，我們的表現也十分強勁。

In our prepared remarks, we said that we've been gaining market share for the first -- the last six months of the last fiscal year. And that's the first time in many, many years. I've said it last quarter, said it again, this is a massive transformation. To what you're pointing, Lauren, a lot is coming from, obviously, the first pillars of Beauty Reimagined, which is to increase the consumer coverage, we've made and we made it very intentionally and strategically. Today, we have 11 brand on Amazon.

在我們準備好的發言中，我們說過，在上個財年的前六個月，也就是最後六個月，我們的市佔率一直在成長。這是多年來的第一次。我上個季度就說過，現在再說一遍，這是一個巨大的轉變。勞倫，對於您所指出的，顯然很多都來自於「重塑美麗」的首要支柱，即擴大消費者覆蓋面，我們已經非常有意識和戰略性地實現了這一目標。今天，我們在亞馬遜上有 11 個品牌。

And the interesting thing with Amazon, obviously, we are very pleased with our progress with Amazon and Clinique was like the first brand to launch, Aveda and Origin were the last one to launch. And we're seeing even as we are lapsing the anniversary of Clinique launch. Clinique continues to be very, very strong, which tells us that we've been able to just attract new consumers but also reengage with lapsed consumers over the past 12 months.

亞馬遜的有趣之處在於，顯然，我們對與亞馬遜的合作進展感到非常滿意，倩碧是第一個推出的品牌，而 Aveda 和 Origin 是最後一個推出的品牌。我們甚至已經看到倩碧上市週年紀念日即將過去。倩碧的業績持續強勁，這表明我們不僅能夠吸引新消費者，而且在過去 12 個月中重新吸引了流失的消費者。

Amazon not only is adding new consumers for us, but it is also acting a little bit as a megaphone to our total business because Amazon is not only a commerce platform, but it's also the majority of the beauty search that is happening in the market. So we have been seeing a lot of positive momentum in retailers like Ulta, where we are very, very strong.

亞馬遜不僅為我們增加了新的消費者，而且還充當了我們整個業務的擴音器，因為亞馬遜不僅是一個商業平台，而且它也是市場上美容搜尋的主要來源。因此，我們看到 Ulta 等零售商表現出許多積極的勢頭，我們在這些方面表現非常強勁。

Obviously, our online business, our own online business, online.com is also like strong. We have a lot of work that still needs to be done on the more traditional channels like the department stores. And obviously, as a percentage of our total business, they continue to reduce, and we are working very closely with our historical partners to make sure that we focus on the top stores to make sure that we're also recruiting the right consumers. There's still a lot of traffic and a lot of demand in these stores. So we're seeing a good momentum.

顯然，我們的線上業務，我們自己的線上業務 online.com 也很強大。我們在百貨公司等更傳統的管道上還有很多工作要做。顯然，它們占我們總業務的比例正在持續下降，我們正在與歷史合作夥伴密切合作，以確保我們專注於頂級商店，以確保我們也在招募合適的消費者。這些商店的客流量仍然很大，需求也很大。因此，我們看到了良好的動力。

And I have to say the early results that we are getting in July are extremely encouraging. Were July, again, we are in market share gain. And we are not only market share gain on brands like Origin, The Ordinary but we are also across Lauder, Clinique and MAC, which gives us a lot of confidence that we are on the right track to make the changes. And you will see the mix of new retailers like Amazon or specialty multi increasing in the total going forward, and that's the intent that we have.

我必須說，我們在七月取得的早期成果非常令人鼓舞。進入七月份，我們的市場份額再次增加。我們不僅在 Origin、The Ordinary 等品牌上獲得了市場份額，而且在 Lauder、Clinique 和 MAC 等品牌上也獲得了市場份額，這讓我們非常有信心，我們正朝著正確的方向進行變革。您將會看到，未來亞馬遜等新零售商或專業多元化零售商的總數將不斷增加，而這正是我們的目的。

Yeah. I would add a few things to what Stéphane said. So I think overall, we are very pleased with where the channel mix is evolving in North America. As Stéphane said, we now have a much more balanced view of what e-channels bring. I mean department stores are probably less than one-third of our business, not probably, they are one-third, less than one-third of our business.

是的。我想對 Stéphane 所說的內容補充幾點。因此我認為總體而言，我們對北美通路組合的發展感到非常滿意。正如史蒂芬所說，我們現在對電子通路帶來的好處有了更平衡的看法。我的意思是百貨公司可能只占我們業務的不到三分之一，不是可能，而是三分之一，不到我們業務的三分之一。

We have built Amazon business, which is significantly a larger part of our mix of business. We have a large DTC business between brand.com, but in freestanding stores. So we now have a much more diversified business than probably most people realize. And what we intend to do is to really serve the consumers and underlying e-channel as part of very consumer-centric approach. There's a different consumer there.

我們已經建立了亞馬遜業務，這在我們的業務組合中佔據了相當大的比重。我們在 brand.com 之間擁有大量的 DTC 業務，但在獨立商店中。因此，我們現在的業務比大多數人意識到的更加多元化。我們打算做的是真正為消費者和底層電子管道提供服務，以消費者為中心。那裡有不同的消費者。

We are serving them according to that. And over time, we will continue to build. We do have opportunity to grow further in specialty multi, and we are looking at every opportunity to go. As Stéphane said, wherever the consumer is, we are going there, of course, in a value-creating way.

我們正是按照這個為他們提供服務。隨著時間的推移，我們將繼續建造。我們確實有機會在專業多元化領域進一步發展，並且我們正在尋找每一個機會。正如史蒂芬所說，無論消費者在哪裡，我們都會以創造價值的方式去那裡。

Ashley Wallace, Bank of America.

美國銀行的艾希莉華萊士。

Good morning. So one of the data points that you gave at Q3 was organic revenue growth ex-travel retail, which was minus 3% at the time. Are you able to share with us what trouble retail organic revenue growth wise. And whilst I recognize the markets, not many are I think reporting from global GDP does show a more supportive beauty backdrop in the US and China in Q4 versus Q3.

早安.因此，您在第三季給出的數據點之一是不包括旅遊零售的有機收入成長率，當時為-3%。您能否與我們分享零售有機收入成長面臨的問題？雖然我了解這些市場，但我認為全球 GDP 報告確實顯示，與第三季相比，美國和中國第四季的美容市場前景更為樂觀。

So maybe if you can see an improvement in your organic revenue growth ex-travel retail, what do you attribute this to? Is this just the gap between your sell-in and sell-out or something else that's happening now considering we've seen the other players show in trends there.

那麼，如果您看到旅遊零售以外的有機收入成長有所改善，您認為這是什麼原因造成的？考慮到我們已經看到其他參與者所表現出的趨勢，這僅僅是您的賣入和賣出之間的差距還是現在正在發生的其他事情。

And then I guess when you think about the '26 guide, can you help us understand when we should be expecting ex-travel retail organic revenue growth to turn positive? And I guess the reason I ask this is it does seem that this is the part of your business that you can influence more heavily through product innovation and distribution bus where the travel retail component feels still a little bit more out of your control and impacted by market dynamics. Thank you.

然後我想，當您考慮 26 年指南時，您能否幫助我們了解何時我們應該預期除旅遊外的零售有機收入增長將轉為正值？我之所以問這個問題，是因為看起來這部分業務你可以透過產品創新和分銷管道受到更大程度的影響，而旅遊零售部分感覺仍然有點不受你控制，而且容易受到市場動態的影響。謝謝。

Yeah. So our overall business, excluding travel retail, was in the similar range of single digit -- low single-digit decline. Our goal is to clearly improve the business, as we said in the guidance. We look to see -- to get to positive growth in fiscal '26 overall in that low single digit. That's our guidance.

是的。因此，我們的整體業務（不包括旅遊零售）也處於類似的個位數 - 低個位數下降範圍內。正如我們在指導中所說，我們的目標是明確改善業務。我們期待看到－26財年整體實現低個位數正成長。這就是我們的指導。

And the part of the reason is what we explained, right, net sales in North America, in spite of the positive retail was negative, which we are working to close that gap for the earlier question from Steve as well. At the same time, what we have seen versus the first half of '25 to back half of '25, we did see slowdown in Europe, which is part of that business.

部分原因正如我們所解釋的，北美的淨銷售額儘管為正，但零售額卻是負的，我們正在努力縮小差距，以回應史蒂夫之前提出的問題。同時，與 2025 年上半年和下半年相比，我們確實看到歐洲經濟放緩，這是該業務的一部分。

And of course, we are working to accelerate that as part of the -- really, the Beauty Reimagined pillar. And emerging markets, there were more diversified businesses in rest of the world, including the strength you have seen in Japan, et cetera. We believe that we can get to stronger growth outside of travel retail. And the good news is that the China business is starting to pick up. We had back half of fiscal '25, we had mid-single-digit growth in our retail and growing share.

當然，我們正在努力加速這一進程，將其作為「重塑美麗」支柱的一部分。而在新興市場中，世界其他地區的業務更加多元化，包括您在日本看到的強勁表現等等。我們相信，我們可以在旅遊零售之外實現更強勁的成長。好消息是，中國業務開始回升。在 25 財年上半年，我們的零售額實現了中等個位數成長，市佔率也不斷成長。

So like you said, clearly, travel retail, we are adjusting to retail. We are focusing on building retail there and shipping accordingly. But in other parts of the business, namely China, positive retail in the US, opportunities in emerging markets, we believe that we can gradually as Stéphane said, this will take some time, but we are in the right direction in terms of driving business.

所以就像你說的，顯然，旅遊零售，我們正在適應零售。我們專注於在那裡建立零售業並相應地開展運輸業務。但在其他業務部分，即中國、美國的積極零售、新興市場的機遇，我們相信我們可以逐步實現，正如史蒂芬所說，這需要一些時間，但就推動業務而言，我們正朝著正確的方向發展。

Yeah. And Ashley, just to add to what Akhil said, I just want to go back to what we've guided for the year. We have a modest growth for travel retail. And we still have ways to inflate, like we did with the reduction of the inventory last year. It is true that we are starting from a lower base. But we have a new team in place in travel retail, and we are really focused on accelerating retail.

是的。阿什利，我補充一下阿希爾所說的，我只想回顧我們今年的指導方針。我們的旅遊零售業務實現了適度成長。我們仍然有辦法增加產量，就像我們去年減少庫存一樣。確實，我們的起點較低。但我們在旅遊零售領域已經組建了一支新團隊，我們真正專注於加速零售業的發展。

We'll be happy to just like show you many of the activities that we are doing in travel retail across Asia, the Americas and Europe, where we are expanding distribution in the Americas and in Europe. So there's still a lot of untapped potential for us in many airports around the world. And actually, just one data point was interesting. In the month of May, we turned positive in Hainan.

我們很樂意向您展示我們在亞洲、美洲和歐洲旅遊零售領域的許多活動，我們正在美洲和歐洲擴大分銷。因此，世界各地的許多機場仍有許多尚未開發的潛力。實際上，只有一個數據點很有趣。五月份，海南的疫情轉為積極。

Thanks to all the activities that we've put in retail with Estée Lauder, La Mer, Jo Malone and you name it pretty much across the brand. Now the rest of our business is gradually and sequentially getting better with the intent and the ambition that by the end of fiscal '26, we will be in positive in the rest of the business. We are foreseeing that China will be positive in the mid-single digit. China is stabilizing. We are gaining share.

感謝我們與雅詩蘭黛、海藍之謎、祖瑪瓏等品牌在零售領域所進行的所有活動，幾乎所有品牌都可以叫得上名字。現在，我們的其餘業務正在逐步、連續地好轉，我們的目標是到 26 財年末，我們的其餘業務將呈現積極態勢。我們預計中國經濟將實現中等個位數正成長。中國正在趨於穩定。我們的份額正在增加。

The other data point is we have early signal in July that we are also gaining share after a very strong Q4 led by 618, where we had top ranks and very top performance for Estée Lauder, La Mer, Jo Malone and many other brands. So we are seeing gradual improvement from a net sales standpoint. From the retail, we're already there in North America. We're accelerating in the emerging market, and we intend to be in double-digit growth for the fiscal year in emerging markets.

另一個數據點是，我們在 7 月就已收到訊號，表明在 618 帶動下，我們在第四季度表現非常強勁，市場份額也在不斷增長，雅詩蘭黛、海藍之謎、祖·瑪瓏和許多其他品牌在 618 活動中均名列前茅，業績也十分出色。因此，從淨銷售額的角度來看，我們看到了逐步的改善。從零售來看，我們已經進入北美市場。我們正在新興市場加速發展，我們計劃在本財年在新興市場實現兩位數的成長。

As Akhil said, the challenge that we have to work on us, the Estée Lauder Companies, but also because of the trend in the market is the big Europe, where we are seeing a decrease in consumer sentiment and obviously, a little bit of a softening of the trend, especially in the key markets like France, Germany and to a lesser extent, in Italy and Spain.

正如阿希爾所說，雅詩蘭黛公司必須努力應對的挑戰，同時也因為市場趨勢是歐洲，我們看到消費者信心正在下降，而且趨勢明顯有所減弱，特別是在法國、德國等主要市場，以及程度較輕的意大利和西班牙。

But so we are very conscious of that, and we are working with the team, the new team in (inaudible) to make sure that we are deploying more innovation in this market and adding the right consumer coverage with the right media investment to recruit new consumers to our brands.

但我們對此非常清楚，我們正在與團隊、新的團隊（聽不清楚）合作，以確保我們在這個市場上部署更多的創新，並透過正確的媒體投資增加正確的消費者覆蓋範圍，從而為我們的品牌吸引新的消費者。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning and thanks for taking my question. So just going back to the operating margin guidance for the full year. I was just hoping to get more color on the interplay between gross margins and SG&A. And as you guys make that progress towards the double-digit operating margin target, where you see more improvement on the gross margin or SG&A line? Thank you.

早上好，感謝您回答我的問題。因此，我們回到全年營業利潤率指引。我只是希望更詳細地了解毛利率和銷售、一般和行政費用之間的相互作用。當你們朝著兩位數的營業利潤率目標前進時，你是否認為毛利率或銷售、一般及行政費用 (SG&A) 線會有更大的改善？謝謝。

Hello, Rupesh, I'll start. So overall, in the 9.4% to 9.9% guidance that we gave, we believe that we would have gross margin flat to positive in spite of the significant tariff offset that we made. So in absence of that, we would have expanded gross margin on top of the 230 basis points that we expanded.

你好，Rupesh，我先開始了。因此總體而言，在我們給出的 9.4% 至 9.9% 的指導中，我們相信，儘管我們做出了重大的關稅抵消，但我們的毛利率仍將持平至正值。因此，如果沒有這種情況，我們的毛利率就會在已擴大的 230 個基點的基礎上繼續擴大。

And of course, as Stéphane said in his prepared remarks, we are looking at more opportunities to offset that through various PRGP and pricing opportunities, which we have not yet implemented. So as we look forward, which is your question, Rupesh, we do think there is more opportunity in gross margin over a longer period of time.

當然，正如史蒂芬在準備好的發言中所說，我們正在尋找更多機會，透過各種 PRGP 和定價機會來抵消這一影響，但我們尚未實施。因此，展望未來，這也是您的問題，Rupesh，我們確實認為在較長時期內毛利率還有更多機會。

In '26, we believe it's more in SG&A. So a large part of our growth in margin in '26 would come from SG&A, primarily from non-consumer-facing. So we will make sure that we have the right fuel to drive our brands in the overall Beauty Reimagined strategy. But on everything else outside, which the consumer doesn't see, whether it's G&A, whether it's the shared services, whether it is our employee cost, where we had a significant restructuring amount to right-size our business, we will be doing that.

我們認為，在 26 年，銷售、一般及行政費用 (SG&A) 方面的支出將會更多。因此，我們 26 年利潤率的成長很大一部分來自於銷售、一般和行政費用，主要是非面向消費者的部分。因此，我們將確保擁有正確的動力來推動我們的品牌在「重塑美麗」整體策略中的發展。但對於消費者看不到的其他一切外部事物，無論是一般行政費用、共享服務或員工成本，我們都會進行大規模重組以調整業務規模，我們都會這樣做。

Within SG&A, just a double-click is that, as Stéphane said in his prepared remarks, we are looking at end-to-end business model change and driving the outsourcing opportunity, driving procurement opportunity as well where we have a full-on project looking at every single OpEx in the company to look at what -- how we can consolidate, how we can drive better efficiency, how we can procure better, how we can spend better or less. So our growth will come from SG&A in a primary way but also from gross margin. We believe there is opportunity in both primarily SG&A.

在銷售、一般和行政管理 (SG&A) 方面，正如 Stéphane 在其準備好的發言中所說，只需雙擊一下，我們正在尋找端到端業務模式變革並推動外包機會，推動採購機會，同時我們有一個完整的項目，審視公司的每一項運營支出，以了解我們如何整合，如何提高效率，如何更好地採購，支出如何更好地採購，支出如何更好地採購。因此，我們的成長主要來自於銷售、一般及行政費用，但也來自於毛利率。我們相信，主要在銷售、一般及行政費用方面都存在機會。

Yeah. Just one quick addition, Rupesh, on this point. We are laser focused on growth. The PRGP, if you remember the G is growth. So a lot of the savings that are coming from the PRGP, which we are already in completion of the first year, and we still have one year to go.

是的。關於這一點，Rupesh，我只想補充一點。我們專注於成長。PRGP，如果你還記得的話，G 代表成長。因此，許多節省都來自於 PRGP，我們已經完成了第一年，而且還有一年的時間。

And as I said in my prepared remarks, we're very pleased with the progress that we've made. We are reinvesting a large part of this cost saving into consumer facing. And I said it in multiple calls before. We could have taken a very different position to just like drop many more of these savings to just improve quickly or faster the operating margin.

正如我在準備好的發言中所說，我們對所取得的進展感到非常高興。我們將把節省下來的很大一部分成本重新投資於面向消費者的領域。我之前在多次通話中也說過這一點。我們本來可以採取截然不同的立場，例如放棄更多的儲蓄，以快速或更快地提高營業利潤率。

But we strongly believe that with the strength of our brands, with the innovations that are coming and the new media model that we are putting in place, we need to fuel the growth going forward, the consumer acquisition that we just need to go back to historical algorithm -- growth algorithm and bid market share.

但我們堅信，憑藉我們品牌的實力、即將到來的創新以及我們正在實施的新媒體模式，我們需要推動未來的成長，而消費者獲取則需要回到歷史演算法——成長演算法和競標市場份額。

When we get there with new operating model that we are putting in place with lower SG&A, a better gross margin than what we have had over the last two years. We know that there will be a lot of leverage going forward. But we need to be laser-focused on activating retail. And obviously, as we made in the other question that we tighten the retail to net, and this is just going to create a lot of leverage going forward.

當我們採用新的營運模式時，我們會降低銷售、一般及行政費用，從而實現比過去兩年更好的毛利率。我們知道，未來將會有很多槓桿作用。但我們需要集中精力激活零售業。顯然，正如我們在另一個問題中提到的那樣，我們將零售額與淨額收緊，這將在未來創造很大的槓桿作用。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hi, thank you for the question. So I just saw a two-parter, but just regarding the quarter-to-date developments, specifically in Asia that you highlighted in the press release, I'd love to just get a bit more context on what you're seeing from the category and your own performance?

你好，謝謝你的提問。所以我剛剛看到了兩部分，但僅關於本季度迄今為止的發展，特別是您在新聞稿中強調的亞洲的發展，我很想更多地了解您從該類別和您自己的表現中看到的情況？

And then regarding Europe, you did mention that you've just seen a bit of slowing in the category. I know there's some new leadership in the market as well, looking to drive accelerated penetration. What's your outlook for Europe specifically as we think about the next 12 months, both the category and your own performance? And what are appropriate benchmarks for success and sequential progress in the market? Thanks so much.

然後關於歐洲，您確實提到您剛剛看到該類別的成長放緩。我知道市場上也出現了一些新的領導階層，他們希望加速滲透。當我們考慮未來 12 個月時，您對歐洲的具體展望是什麼，包括類別和您自己的表現？那麼，市場上成功和持續進步的適當基準是什麼？非常感謝。

Thank you, Chris. So let me just decouple when we talk about [Acacia] between the trend that we're seeing in China and in the rest of the Asia region because, obviously, we have -- and as we mentioned, we're seeing some very encouraging sign of stabilization in China. And that's the most important thing. Consumer sentiment is getting a little bit better. It's still lower than what it was like a few years ago.

謝謝你，克里斯。因此，當我們談論 [Acacia] 時，請允許我將我們在中國看到的趨勢與亞洲其他地區的趨勢區分開來，因為顯然，正如我們所提到的，我們看到了中國出現一些非常令人鼓舞的穩定跡象。這是最重要的事。消費者信心逐漸改善。但與幾年前相比還是較低。

But in our case, we have a very, very strong performance. We have growth in all categories and all channels in Q4. And that was very exceptional. It's been a long time for us getting to this position. We had 10 brands we grew in retail including our big brand, but in a much more diversified way.

但就我們而言，我們的表現非常非常強勁。第四季度，我們所有類別和所有管道均實現成長。這是非常特殊的。我們花了很長時間才達到這個地位。我們在零售領域發展了 10 個品牌，包括我們的大品牌，但方式更加多元。

Obviously, Lauder and La Mer continues to just like do some very strong activities, but we've seen tremendous retail acceleration on Jo Malone, on TOM FORD, including TOM FORD makeup and so on and so forth. We have also a very successful launch of The Ordinary in China with Sephora that we are expanding as we speak on Tmall. So we're seeing a lot of good momentum in China. Obviously, we are -- there's still some work to do. The market is soft, but more importantly for us, we are gaining market share.

顯然，蘭黛和海藍之謎繼續做一些非常強勁的活動，但我們已經看到 Jo Malone、TOM FORD（包括 TOM FORD 化妝品等）的零售業務大幅加速。我們也與絲芙蘭合作在中國成功推出了 The Ordinary，並且我們正在天貓上進行拓展。因此，我們看到中國出現了許多良好的勢頭。顯然，我們還有一些工作要做。市場疲軟，但對我們來說更重要的是，我們正在獲得市場份額。

In the rest of Asia, I have to say we are seeing some slowdown. Japan continues to be strong for us. We are gaining market share, but we've seen a sequential reduction of the performance linked to FX and other reason, which is obviously less tourists when obviously, the effect has been swinging in the different direction.

在亞洲其他地區，我不得不說，我們看到了一些經濟放緩的現象。對我們來說，日本依然是一個強大的國家。我們的市佔率正在成長，但由於外匯和其他原因，業績連續下降，這顯然是由於遊客減少，效果顯然朝著不同的方向轉變。

Korea has been soft, and we are working with the team to -- we have a new general manager in place in the market and working with the team to really accelerate the market. So I would say, different views on China stabilization, the rest of APAC, some work to do.

韓國市場一直比較疲軟，我們正在與團隊合作——我們在市場上任命了一位新的總經理，並與團隊合作以真正加速市場的發展。所以我想說，對於中國穩定，以及亞太其他地區的穩定，有不同的看法，需要做一些工作。

And Southeast Asia, I have to say, continues to be relatively strong and part of our new emerging market structure. And like I said, we have, for the moment, 10% of our sales that is coming from emerging markets, but we're seeing a lot more potential with an acceleration in double digit in this year and in the years to come.

我必須說，東南亞繼續保持相對強勁的勢頭，並且是我們新興市場結構的一部分。正如我所說，目前，我們的銷售額有 10% 來自新興市場，但我們看到更大的潛力，今年和未來幾年的成長速度將達到兩位數。

When it comes to Europe, yes, Europe is actually a bit more concerning from a consumer trend standpoint. There is an erosion, obviously, of the performance with a sequential slowing in prestige beauty across mainly of the main market. France is the one that is the most challenging followed by Germany. Some actually still positive in Spain and Italy, but we think, generally speaking, a slowdown on the overall performance.

說到歐洲，是的，從消費趨勢的角度來看，歐洲實際上更令人擔憂。顯然，主要市場的高端美容產品銷售連續放緩，業績下滑。其中，法國是最具挑戰性的國家，其次是德國。西班牙和義大利實際上仍有一些正面因素，但我們認為，整體而言，整體表現有所放緩。

But with the team, we are expanding consumer coverage. We have a lot of activities, especially in France. You know that Europe has been for now multiple months driven a lot by the activities on France is in the market. And we've demonstrated actually that both with like brand like Jo Malone, with TOM FORD, with Le Labo, we are basically going from strength to strength, and we are continuing to expand strategically our brand. So we can capture our fair share of the growth that is in the market.

但有了團隊的支持，我們正在擴大消費者覆蓋範圍。我們有很多活動，特別是在法國。您知道，歐洲市場幾個月來一直受到法國活動的推動。事實上，我們已經證明，無論是 Jo Malone、TOM FORD 還是 Le Labo 等品牌，我們都在不斷發展壯大，並且我們正在繼續策略性地擴展我們的品牌。這樣我們就能在市場成長中獲得應有的份額。

We are also strategically investing more into this market to make sure that we ignite growth and bring more consumers. And I have to say, all the work that we are doing on innovation is benefiting this market. The fact that we're accelerating our innovation that we're bringing to market in less than 12 months, and now we are back to more than 25% of our innovation coming to market is going to help a lot because we're seeing a lot more consumers looking for new innovation also in Europe.

我們也正在策略上加大對這個市場的投入，以確保推動成長並帶來更多消費者。我必須說，我們在創新方面所做的一切工作都使這個市場受益。事實上，我們正​​在加速創新，在不到 12 個月的時間內將創新推向市場，現在我們的創新產品進入市場的比例已超過 25%，這將有很大幫助，因為我們看到歐洲也有更多的消費者在尋找新的創新。

So I would say, generally speaking, stabilization of China, strong in North America and some weaknesses in the rest of APAC and Europe. But again, through Beauty Reimagined, we are laser-focused on expanding distribution, adding new innovation and investing in bringing new consumers to the market. So all of that gives us the confidence that by the end of fiscal '26, we will have all four new geographic region in a positive territory.

所以我想說，整體而言，中國經濟趨於穩定，北美經濟表現強勁，而亞太地區其他地區和歐洲經濟則存在一些弱點。但是，透過 Beauty Reimagined，我們再次專注於擴大分銷、增加新的創新並投資為市場帶來新的消費者。因此，所有這些都讓我們有信心，到 26 財年末，我們的四個新地理區域都將實現正成長。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good morning, everyone. So thank you for all the details on fiscal '26, but just listening to you both and reading through the release, there's just a lot going on, a lot of moving pieces. So when we just think about the fiscal '26 guidance, can you just talk about the level of visibility or confidence you have in the outlook at this point in time? And I guess, specifically, have you embedded some cushion if some of these assumptions were to move against you? Thanks.

謝謝，接線生。大家早安。所以，感謝你們提供有關 26 財年的所有細節，但只是聽你們的發言並閱讀新聞稿，就會發現有很多事情正在發生，有很多變動。因此，當我們考慮 26 財年指引時，您能否談談您目前對前景的了解程度或信心程度？我想，具體來說，如果這些假設對你不利，你是否已經預留了一些緩衝？謝謝。

Hello, Peter. So overall, I would say that, look, when we give this outlook, we, of course, take the best view possible and take the -- of course, a risk assessment on that. What we are seeing, which is positive, which is meaningful for us, is definitely China. China has had -- market has grown, and we have grown retail mid-single digit. That's one of the largest beauty markets on the planet. That was not the case in the first half of the year.

你好，彼得。所以總的來說，我想說，當我們給出這個展望時，我們當然會採取盡可能最好的看法，當然也會對此進行風險評估。我們所看到的積極的、對我們來說有意義的東西肯定是中國。中國市場已經成長，我們的零售額也實現了中等個位數的成長。這是全球最大的美容市場之一。今年上半年的情況並非如此。

So with two back-to-back quarters of single -- mid-single-digit growth for us, growing share that definitely gives us some confidence, barring any geopolitical things that is not in our control. What is controllable is working, we are definitely winning in that market again. So that's good.

因此，我們連續兩個季度實現個位數到中個位數的成長，份額的成長無疑給了我們一些信心，除非出現我們無法控制的地緣政治因素。可控的事情就是有效的，我們肯定會再次在那個市場上獲勝。這很好。

Secondly, on travel retail, with the work we have done on the inventory and the difficult choices we made in '25 gives us a base from where we can grow. And retail is still challenged in travel retail, but our shipment base was -- did the hard work in '25 to make those choices. So on travel retail and on China, barring any exogenous factors, we have good visibility now.

其次，在旅遊零售方面，我們在庫存方面所做的工作以及我們在2025年所做的艱難選擇為我們的發展奠定了基礎。在旅遊零售領域，零售業仍然面臨挑戰，但我們的出貨基礎在 25 年做出了艱苦的努力才做出了這些選擇。因此，就旅遊零售和中國而言，除非受到任何外部因素的影響，我們現在具有良好的可視性。

Thirdly, in North America, we are starting to build retail positive, and we grew share in the back house, right? So that gives us confidence that in North America, we are getting more competitive again with all of the channel changes, et cetera, we have done. So these are the three largest businesses.

第三，在北美，我們開始積極建立零售業務，我們在後勤部門的份額也在增加，對嗎？因此，我們有信心，在北美，透過我們所做的所有管道變革等，我們將再次變得更具競爭力。這就是最大的三家企業。

Other than that, we have a strong presence in emerging markets around the world, and we are working to accelerate. That's one of the things Stéphane has made it clear very early on that, that would be a priority. So that is a growth opportunity for us, where we are working to do. Of course, emerging markets come with their own volatility, but they are still a growth opportunity, and we are well positioned there.

除此之外，我們在全球新興市場中佔有重要地位，並且正在努力加速發展。這是史蒂芬很早就明確表示要做的事情之一，這將是優先事項。所以這對我們來說是一個成長機會，我們正在努力實現它。當然，新興市場也有其自身的波動性，但它們仍然是一個成長機會，而我們在那裡處於有利地位。

So when you look at our largest businesses from a sales standpoint, as I covered, we have good data points to support our outlook in a meaningful way. When I look at from a fit standpoint, we did the hard work -- we have done the hard work on PRGP to know what our cost structure would be.

因此，當你從銷售的角度來看我們最大的業務時，正如我所說，我們有良好的數據點來以有意義的方式支持我們的前景。當我從合適的角度來看時，我們做了艱苦的工作——我們在 PRGP 上做了艱苦的工作，以了解我們的成本結構。

What our COGS will be, what tariff would be, what mitigation we can do. So when we look at the cost work line by line, we, of course, have done the work to give you the margin outlook we have given. So both from top line margin, gross margin and cash, we believe the outlook we are giving you is the best based on the information we have today, of course, with prudency which you would always expect from us.

我們的銷貨成本是多少，關稅是多少，我們可以採取哪些緩解措施。因此，當我們逐行查看成本工作時，我們當然已經完成了工作，以便向您提供我們給出的利潤前景。因此，無論是從營業利潤率、毛利率還是現金來看，我們相信，根據我們今天掌握的信息，我們給您的展望是最好的，當然，我們也始終秉持著謹慎的態度，這也是您期望我們做到的。

And I would say, Peter, just one quick thing. Obviously, we've said it, and you see it yourself, there is enormous amount of volatility out there in any geographies around the world. So we have ranges to give us rooms basically to deliver like Akhil said, the outlook. And I think you should see that from this team that we've overdelivered PRGP to our expectation. We will continue -- we have 11 months to go into this fiscal year.

我想說，彼得，我只想說一件事。顯然，我們已經說過，而且您自己也看到了，世界各地的任何地區都存在著巨大的波動性。因此，我們有足夠的空間來實現阿基爾所說的前景。我認為您應該從這個團隊中看到，我們已經超出了 PRGP 的預期。我們將繼續進行—本財政年度還有 11 個月的時間。

And there's not a day in the week that we are not looking for new opportunities to cut costs where we need to do it to refuel basically our brands everywhere around the world to activate retail. So we have ranges. Obviously, you would expect from any good managed business to have ranges not only to deliver the outlook but also for us to continue to do meaningful work.

我們無時無刻不在尋找削減成本的新機會，我們需要這樣做來為我們遍布全球的品牌補充能量，以激活零售業務。所以我們有範圍。顯然，你會期望任何一家管理良好的企業不僅能夠實現願景，而且還能繼續做有意義的工作。

You saw the work that we're doing in gross margin throughout fiscal '25. With the enormous amount of volume deleverage, we've been able to just improve gross margin by 230 basis points and even a bit the guide that we gave for Q4 in fiscal '25. So expect us to continue to act with the same determination to cut costs where we need to cut cost to invest to accelerate retail and to deliver on our guide for the year.

您看到了我們在整個 25 財年為提高毛利率所做的工作。透過大量的去槓桿，我們已經能夠將毛利率提高 230 個基點，甚至略高於我們為 25 財年第四季給出的指導值。因此，希望我們繼續以同樣的決心採取行動，在需要削減成本的地方削減投資，以加速零售並實現我們今年的指導方針。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you. Just how much your PRGP gross savings? And Stéphane, you really -- as you said, you over -- I mean the whole team has over-delivered on this plan. But how much are you including guidance for this margin expansion that you gave out at the midpoint in out of the whole program? And how much investment in client face initiatives you're embedding you're making this year? So how much it kind of flows down to the bottom line?

謝謝。您的 PRGP 總儲蓄到底有多少？史蒂芬，正如你所說，你真的超額完成了這個計劃。我的意思是整個團隊都超額完成了這個計畫。但是，在整個計劃中，您給出了多少關於利潤率擴大的指導？今年您在客戶面貌規劃上投入了多少資金？那麼它有多少流入到了底線呢？

And just trying to reconcile your comments, and that's just a clarification question. On the 500-basis point gap in retail against shipments, by my math, it probably grew about 2% in the Americas. I think that comment was the 500 basis points was in particular to the US. So my clarification questions are, one, can you comment on how much the exit rate was in the Americas?

只是想調和你的評論，這只是一個澄清問題。關於零售量與出貨量之間 500 個基點的差距，根據我的計算，美洲的差距可能成長了約 2%。我認為那條評論中的 500 個基點是專門針對美國的。所以我要澄清的問題是，第一，您能否評論美洲的退出率是多少？

And, B, how much would be embedding retail growth standpoint in the US for the fiscal year for the quarter to come? I'm just trying -- I know you said it will be better than that 500 basis points gap but just thinking of the full fiscal year. And see, how much your -- you mentioned the potential for the price increases and upside to the gross margin outlook, I was just hoping to see if you can clarify if there is any price increases in the low single-digit outlook for local currency growth? Or if that's an upside?

B，對於下一季的財政年度來說，美國零售成長的嵌入程度有多大？我只是在嘗試——我知道您說過這會比 500 個基點的差距更好，但只是考慮整個財政年度。看看你提到的價格上漲潛力和毛利率前景的上升空間有多大，我只是希望看看你是否可以澄清，在低個位數的本幣增長前景下，價格是否會上漲？或者說這是否是一種好處？

Hi. I'll start with the PRGP. So overall, when we first went -- announced PRGP, we had said $1.1 billion to $1.4 billion. That was the first time and then Stéphane and I expanded it. When we expanded it, we also said to you hold us accountable to margin instead of giving you a dollar tracking of PRGP figures because the business was significantly deleveraging. So that was definitely -- and since that promise, our mission has been to grow margin, which we grew in gross margin.

你好。我將從 PRGP 開始。所以總的來說，當我們第一次宣布 PRGP 時，我們說的是 11 億到 14 億美元。那是第一次，然後史蒂芬和我對其進行了擴展。當我們擴大規模時，我們還告訴您，我們應該對保證金負責，而不是給您 PRGP 數據的美元跟踪，因為業務正在大幅去槓桿。所以這絕對是——自從做出那個承諾以來，我們的使命就是增加利潤，而我們的毛利率也隨之增加。

we are growing gross -- we are going overall margin in '26 that are forecast. And then, of course, we are committed to getting to strong double-digit margin. But within that, let me give you some more clarity. So out of the $1.1 billion, $1.4 billion we had originally intended, we had said we'll do more than 50% in '25. And what Stéphane referred to is that we significantly exceeded that more than 50% number in '25.

我們的毛利率正在成長—26 年我們的整體利潤率將達到預期。當然，我們致力於實現強勁的兩位數利潤率。但在此範圍內，讓我給你更多的解釋。因此，我們原本計劃投資 11 億美元至 14 億美元，其中 50% 將在 2025 年完成。史蒂芬所提到的是，我們在 25 年大大超過了 50% 以上的數字。

Then to your second question, how much you are embedding in '26. '25 and '26 are both fiscal years with large amount of PRGP savings that we are embedding. The way you could read that is really through a restructuring. We said that restructuring, we have spent closer to $700 million. Our total announced restructuring was $1.6 billion, $1.2 billion to $1.6 billion.

然後回答你的第二個問題，你在 26 年嵌入了多少。 25 和 26 都是財政年度，我們嵌入了大量 PRGP 儲蓄。您實際上可以透過重組來理解這一點。我們說過，重組我們已經花了近 7 億美元。我們宣布的重組總額為 16 億美元，從 12 億美元到 16 億美元。

So there's still room for us to do the outsourcing project that we talked about and other opportunities that Stéphane has talked about in terms of streamlining the cost structure. So our forecast definitely takes into account a significant amount of PRGP saving. What is not counted here in '26 is really the outsourcing work. That still will be in outer years. And also, procurement work, which we are working on, which should be another big lever.

因此，我們仍有空間來完成我們談到的外包專案以及 Stéphane 談到的在精簡成本結構方面的其他機會。因此，我們的預測肯定考慮到了大量 PRGP 儲蓄。26 年沒有計算在內的其實是外包工作。那是在遙遠的幾年。此外，我們正在進行的採購工作應該是另一個重要槓桿。

So that is our mission. Overall, we said 5,800 to 7,000 employee head count. We already communicated that we have done about 3,000-plus. There is still -- we, of course, will balance. We're not trying to reach a number, but we are definitely trying to reach a margin in a way that we can execute the business, fuel the brands and then, of course, deliver the margin. So that's overall on PRGP.

這就是我們的使命。總體而言，我們的員工總數為 5,800 至 7,000 人。我們已經傳達了我們已經完成約 3,000 多個的訊息。當然，我們仍會保持平衡。我們並不是想達到一個數字，但我們肯定會嘗試以一種能夠開展業務、推動品牌發展並最終實現利潤的方式實現利潤。這就是 PRGP 的整體情況。

And maybe on pricing, just like one thing, Andrea, on pricing, obviously, as we always do, we have pricing power, and we embed low single digit like increase in pricing. But I just want to make sure that we're very clear about our strategy this year on pricing and potentially going forward. We will continue to build on pricing power. That's why we're investing and we have a very strong brand. But we are making sure also that we are bringing to market new innovation at the right price point.

也許在定價方面，就像一件事，安德里亞，在定價方面，顯然，就像我們一直在做的那樣，我們有定價權，而且我們在定價上嵌入了低個位數的增長。但我只是想確保我們非常清楚今年的定價策略以及未來的可能策略。我們將繼續增強定價能力。這就是我們投資的原因，我們擁有非常強大的品牌。但我們也要確保以適當的價格向市場推出新的創新產品。

I made it very clear in my prepared remarks that we are playing with the different price tier of prestige from the entry with The Ordinary and Clinique all the way to Re-Nutriv and Estée Lauder, I think about like La Mer and Jo Malone. We have a lot of like pricing power between our brands, but we are very careful of understanding where the growth is happening by price band, meaning like is the price -- is the growth happening between $10 to $15? Is it happening between $20 to $25 or beyond and really tailoring our innovation to where the growth is.

我在準備好的演講中已經非常清楚地表明，我們正在研究不同價位的品牌，從入門級的 The Ordinary 和 Clinique 一直到 Re-Nutriv 和 Estée Lauder，我想到的還有 La Mer 和 Jo Malone。我們的品牌之間有很多類似的定價權，但我們非常謹慎地了解價格區間的成長情況，也就是說價格——成長是否發生在 10 到 15 美元之間？它是否發生在 20 至 25 美元之間或更高，並且真正根據增長情況定制我們的創新。

And in addition, I want to make it also very clear, and we said it, we have taken some strategic price reduction on some of our products to reignite growth on some historical products. Not only we've reduced discount, but we've adjusted prices. Now on the total, obviously, we are still pricing power, and we're increasing client. And that's the way that our guide is also built for fiscal '26.

此外，我還想明確指出，我們說過，我們對部分產品採取了策略性降價措施，以重新激發部分歷史產品的成長。我們不僅減少了折扣，而且還調整了價格。總體而言，顯然我們仍然具有定價權，且客​​戶數量正在增加。這就是我們為 26 財年制定的指南。

And your last one -- other question you had was on North America, the 5-point gap. So clearly, I mean, we -- as quarter one, we expect this gap to be to be high. But for the full year, we expect this gap to definitely compress from the 5 points that you saw in the full fiscal of '25. And of course, we'll continue to give you visibility into this every quarter. And so count on that.

您的最後一個問題——您的另一個問題是關於北美的 5 個百分點的差距。所以很明顯，我的意思是，我們 - 在第一季度，我們預計這個差距會很大。但就全年而言，我們預計這一差距肯定會從 2025 年全年財報的 5 個百分點縮小。當然，我們將繼續每季向您通報這一情況。所以請相信這一點。

This concludes today's question-and-answer session. If you were unable to join from the entire webcast, a playback will be available at 1:00 PM Eastern Time today through September 3. Please visit the Investors section of the company's website to review a replay of the webcast. That concludes today's Estée Lauder's conference call. I would like to thank you all for your participation and wish you a good day.

今天的問答環節到此結束。如果您無法參加整個網路直播，可以從今天東部時間下午 1:00 開始回放，直至 9 月 3 日。請造訪公司網站的「投資者」部分，查看網路廣播的重播。雅詩蘭黛今天的電話會議到此結束。感謝大家的參與，祝福大家有個愉快的一天。