雅詩蘭黛 (EL) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Estee Lauder Companies. Lauder Company's fiscal 2026 second quarter 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, Start Ms. Rainey Mancini.

大家好，歡迎來到雅詩蘭黛公司。雅詩蘭黛公司 2026 財年第二季電話會議。今天的網路直播正在錄製。接下來，我將把電話交給投資者關係高級副總裁雷尼·曼奇尼女士，請她致開幕詞並作介紹。

Hello. On today's webcast are Stephane 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 those forward-looking statements. To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges and adjustments disclosed in our press release. Unless otherwise stated, all organic net sales growth also excludes the noncomparable impacts of acquisitions, divestitures, brand closures and the impact of foreign currency translation.

你好。今天參加網路直播的有總裁兼執行長 Stephane de la Faverie，以及執行副總裁兼財務長 Akhil Shrivastava。由於我們今天的許多演講都包含前瞻性陳述，請各位參閱我們的新聞稿和提交給美國證券交易委員會的報告，其中列出了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。為了便於討論我們的基本業務，我們對財務表現和預期所做的評論是在重組和其他費用及調整之前進行的，這些費用和調整已在我們的新聞稿中披露。除非另有說明，所有有機淨銷售成長均不包括收購、剝離、品牌關閉以及外幣折算的影響等不可比因素的影響。

You can find reconciliations between GAAP and non-GAAP measures in our press release and on the Investors section of our website. Retail sales performance discussed is based on information available as of January 29, 2026. 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, the profit recovery and growth plan will be referred to as our PRGP.

您可以在我們的新聞稿和網站的投資者關係部分找到 GAAP 和非 GAAP 指標之間的調整表。所討論的零售銷售業績是基於截至 2026 年 1 月 29 日可獲得的資訊。再次提醒，線上銷售包括我們透過品牌官網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進行的預估銷售額。在我們的討論中，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 webcast. Now I'll turn the webcast over to Stephane.

在問答環節，請您盡量只提一個問題，以便我們能夠在本次網路直播的預定時間內回答所有問題。現在我將把網路直播交給史蒂芬。

Thank you, Rainey, and hello to everyone today. We reported strong second quarter results, marked the one-year anniversary of Beauty Reimagined and raised our fiscal '26 outlook.

謝謝你，雷尼，也向大家問好。我們公佈了強勁的第二季業績，慶祝了「重塑美麗」計畫實施一周年，並提高了 2026 財年的業績預期。

Our second quarter performance further exemplify the momentum we have created across our five action plan priorities, having delivered 4% organic sales growth. Our growth and operating margin expanded and EPS grew 43%, showcasing once again our ability to manage expenses. For the first year, we made promises, we kept promises as we expanded our consumer coverage across online and brick-and-mortar in every region. Overall our innovation engine with new leadership, faster-to-market launches and a renewed consumer-first mindset, increased consumer-facing investment every quarter to accelerate recruitment enabled by significant savings from the PRGP and created One ELC, one new operating model, aligning brands regions and function as one team with one culture and one operating ecosystem. When we introduced Beauty Reimagined, our ambition was bought, execute the biggest operational leadership and cultural transformation in our history to become the best consumer-centric prestige beauty company.

第二季業績進一步反映了我們在五項行動計畫優先事項方面的進展，實現了 4% 的有機銷售成長。我們的成長和營業利潤率均有所提高，每股盈餘成長了 43%，再次展現了我們控製成本的能力。第一年，我們做出了承諾，並且信守承諾，在每個地區的線上和線下管道擴大了我們的消費者覆蓋範圍。總體而言，我們的創新引擎在新領導層的帶領下，加快了產品上市速度，並秉持了以消費者為先的理念，每個季度都增加了面向消費者的投資，從而加快了招聘速度，這得益於 PRGP 的顯著節省，並創建了 One ELC，一種新的運營模式，將品牌、地區和職能整合為一個生態系統，擁有統一的文化和運營團隊。當我們推出「重塑美妝」理念時，我們的目標是執行公司史上規模最大的營運領導力和文化轉型，成為以消費者為中心的最佳高端美妝公司。

thanks to the passion, creativity and resilience of our team around the world, we have come far in one year. Yes, there is more work to do, but much has been accomplished. In the first half of fiscal '26, our global retail sales trend improved from the first to the second quarter from down 4% to flat as the decline in travel retail modernity. Even more encouraging, our retail sales grew 4% in the first half, excluding travel retail. In Mainland China, we outperformed prestige beauty in the quarter, again with double-digit growth.

感謝我們全球團隊的熱情、創造力和韌性，我們在一年內取得了長足的進步。是的，還有很多工作要做，但已經取得了巨大成就。在 2026 財年上半年，由於旅遊零售現代化程度的下降，我們的全球零售銷售趨勢從第一季下降 4% 到第二季持平。更令人鼓舞的是，上半年我們的零售額成長了 4%，不包括旅遊零售額。在中國大陸，我們本季再次超越了高端美妝市場，實現了兩位數的成長。

we gained share for the quarter and calendar year '25, led by La Mer and TOM FORD showcasing the strong desirability of our brands compared to international and local peers. In Hainan, our retail sales grew high single digit in the quarter, led by Estee Lauder and La Mer. In Japan, we outperformed Prestige Beauty in the quarter, driven by M.A.C. and Le Labo. For calendar '25, we gained share in France to strengthen our number one category rank. In the US, for the quarter and calendar '25, we gained volume share in total prestige beauty.

在 La Mer 和 TOM FORD 的帶領下，我們在 2025 年季度和日曆年中獲得了市場份額，這充分展現了我們的品牌相對於國際和本地同行的強大吸引力。在海南，我們的零售額在本季實現了接近兩位數的成長，主要得益於雅詩蘭黛和海藍之謎的業績成長。在日本，本季我們的業績優於高端美妝市場，主要得益於 M.A.C. 和 Le Labo 的推動。2025 年日曆銷售成長，我們在法國市佔率提升，鞏固了我們在該類別中的領先地位。在美國，2025 年季度和全年，我們在高端美容產品市場中獲得了更大的市場份額。

We also grew value share for the quarter and calendar '25 in skin care led by The Ordinary and hair care. In addition, a still older gained share in makeup for calendar '25. This retail results and share trend reflects the exceptional execution of Beauty Reimagined over the last year. For our first action plan priority, we moved rapidly to expand our portfolio presence in consumer preferred, high-growth channels, market, media and price tiers. We expanded our presence on Amazon premium beauty stores now with 12 brands across 10 markets.

在 The Ordinary 的帶領下，我們的護膚品和護髮產品在 2025 年季度和全年市場份額均有所增長，其中護髮產品市場份額也有所提高。此外，年齡較大的人在 2025 年曆的組成中也獲得了份額。這一零售業績和市場份額趨勢反映了「重塑美妝」在過去一年中的出色執行。作為我們首要行動計劃，我們迅速擴大了我們在消費者偏好的高成長管道、市場、媒體和價格層級的產品組合覆蓋範圍。我們已擴大在亞馬遜高端美妝商店的業務，目前在 10 個市場擁有 12 個品牌。

We also announced our brand reach on TikTok shop in the US and Southeast Asia and launched our first brand in the UK and Germany. This work coupled with strong performance on Temu, Douyin, JD, Notino, and Tmall Global, drove high single-digit online organic sales growth in the first half leading us to believe we outperformed prestige beauty in the channel. For fiscal '26, online is on track to exceed the 31% of reported sales reach in fiscal '25 as we increasingly tap into the full potential of this high-growth channel.

我們也宣布了我們的品牌已入駐美國和東南亞的 TikTok 商店，並在英國和德國推出了我們的第一個品牌。這項工作，加上在鐵木、抖音、京東、Notino和天貓國際上的強勁表現，推動了上半年線上自然銷售額實現接近兩位數的增長，這讓我們相信我們在該渠道的表現優於高端美妝品牌。2026 財年，線上銷售額預計將超過 2025 財年報告的 31% 的銷售額佔比，因為我們正不斷挖掘這一高成長管道的全部潛力。

We increased our presence in travel retail across the West including with Duty Free America as well as new and upgraded doors for our luxury fragrances in European and Middle Eastern airports, contributing to double-digit retail sales growth for fiances across several major retailers in the first half of fiscal '26. This strategic expansion is providing a double win, driving growth and diversifying our travel retail business. As we expanded our pharmacy reach in Europe and entered the channel in Latin America, while strengthening our ties in specialty multi with M.A.C.'s up-and-coming launch in the US Sephora. For our second action plan priority, create transformative innovation.

我們在西方旅遊零售領域（包括與 Duty Free America 的合作）以及在歐洲和中東機場為我們的奢侈香水開設和升級的門市方面，增加了業務，從而在 2026 財年上半年為幾家主要零售商的金融產品實現了兩位數的零售額增長。這項策略擴張實現了雙重成功，既推動了成長，也使我們的旅遊零售業務多元化。隨著我們在歐洲擴大藥房覆蓋範圍，並進入拉丁美洲管道，同時加強與 M.A.C. 即將在美國絲芙蘭推出的專賣店的聯繫。我們的第二個行動計劃重點是創造變革性創新。

We focused on three areas of breakthrough, on-trend and commercial. In China, innovation resonated especially strongly. Estee Lauder's three breakthrough launches in the longevity skin care science space contributed to its double-digit organic sales growth in skin care in the market. Our China innovation lab created Re-Nutriv's oil in 15 months, quick for skin care and demonstrating how we are accelerating our speed to market. And TOM FORD, strong double-digit organic sales growth in China was driven by hardly sought-after on-trend launches in lip and face, as well as fragrance.

我們重點關注了突破性、潮流性和商業性這三個領域。在中國，創新引起了特別強烈的迴響。雅詩蘭黛在長效護膚科技領域的三項突破性產品上市，為其護膚品市場實現了兩位數的有機銷售成長做出了貢獻。我們的中國創新實驗室在 15 個月內研發了 Re-Nutriv 的護膚油，速度很快，這表明我們正在加快產品上市速度。而 TOM FORD 在中國的強勁兩位數有機銷售成長，得益於唇部和臉部以及香水領域備受追捧的潮流新品發布。

Globally, the ordinary innovation and expanded consumer reach drove strong double-digit retail sales growth in the first half, demonstrating that our new model allows us to support growth for our own indie brands to drive greater scale. For makeup, Estee Lauder's Double Wear concealer has been a game changer in the US achieving the top-ranked new product in prestige makeup based on unit for calendar year '25. Within haircare, Aveda's new miraculous oil catapulted to be the brand top selling product through the first half. For fiscal '26, we are on track for innovation to represent at least 25% of sales and as we work towards increased the percentage of innovation launched in less than a year from 10% to 30%, we are tracking to 19% for fiscal '26 above the 16% we initially expected.

在全球範圍內，普通的創新和擴大的消費者覆蓋範圍推動了上半年零售額的強勁兩位數增長，這表明我們的新模式使我們能夠支持自有獨立品牌的增長，從而實現更大的規模。在彩妝領域，雅詩蘭黛的Double Wear遮瑕膏在美國掀起了一股變革浪潮，在2025年日曆年度中，它以銷量位居高端彩妝新品榜首。在護髮領域，Aveda 新推出的神奇護髮油在上半年迅速成為品牌最暢銷的產品。2026 財年，我們可望實現創新產品佔銷售額至少 25% 的目標。同時，我們正努力將一年內推出的創新產品比例從 10% 提高到 30%，預計 2026 財年將達到 19%，高於我們最初預期的 16%。

Turning to our third action plan priority. We boosted consumer-facing investment focused on high ROI opportunities. We invested in our freestanding stores, opening new doors for our luxury fragrance brands to showcase their unit experiential retail while selectively closing doors for M.A.C. and Origins to drive a more productive fleet. Impressively, Le Labo's strong double-digit organic sales growth in the first half of fiscal '26 reflects is expanded reach as well as double-digit like-for-like door. We also invested in ground breaking campaigns for commercial innovation with several notable for M.A.C. which contributed to the brand's return to organic sales growth in the first half of fiscal '26.

接下來談談我們的第三項行動計畫重點。我們加大了面向消費者的投資，並專注於高投資報酬率的機會。我們投資了獨立門市，為我們的奢華香水品牌打開了展示其體驗式零售的新大門，同時選擇性地關閉了 M.A.C. 和 Origins 的門市，以推動更有效率的門市營運。令人印象深刻的是，Le Labo 在 2026 財年上半年實現了強勁的兩位數有機銷售成長，這反映出其業務範圍的擴大以及同店銷售額的兩位數增長。我們也投資了突破性的商業創新活動，其中幾項對 M.A.C. 來說尤為突出，這些活動促成了該品牌在 2026 財年上半年恢復有機銷售增長。

La Mer campaigns for 11/11 shopping festival and holiday also proved to be a winning investment contributing to La Mer being our best performing brand for the first half of fiscal '26, given its organic sales growth. For our fourth action plan priority, fuel sustainable growth through goal efficiencies. We continue to realize strong savings from the PRGP, which Akhil will describe. I want to personally thank the team for working together with speed to bring this to fruition. Finally, for our fifth action plan priority, our step to reimagine the way we work evolve today as we unveil One ELC, our new operating model, aligning brands, region and function as one team with one culture and one operating ecosystem.

La Mer 在 11/11 購物節和假期期間的行銷活動也被證明是一項成功的投資，鑑於其自然銷售成長，La Mer 成為我們 2026 財年上半年表現最好的品牌。我們的第四項行動計劃重點是透過提高目標效率來促進永續成長。我們從 PRGP 中持續獲得顯著的成本節約，Akhil 將對此進行介紹。我要親自感謝團隊齊心協力、迅速完成這項工作。最後，作為我們的第五項行動計畫優先事項，我們今天將重新構想我們的工作方式，推出 One ELC，我們的新營運模式，將品牌、地區和職能部門整合為一個團隊，擁有統一的文化和營運生態系統。

We have simplified our structure and support of one team with fewer layers and silos, along with clearer ownership to make it easier to get things done and done well. And guided by our newly announced beauty commitment to our team, we are leaning into one culture bold thinking, accountability, agility, unity and focus. Lastly, we have advanced our work to create a robust operating ecosystem for more connected and scalable enterprise. In the second quarter, we've established our new enterprise business services selecting Accenture to transform how we deliver select shared services globally as we accelerate the deployment of AI throughout the organization. This exciting partnership adds to the ecosystem we are building with leading technology providers, including Microsoft, Google and Shopify to fuel our ambition to be the best consumer-centric prestige beauty company.

我們簡化了組織結構，將團隊規模縮小到更少的層級和部門，並明確了責任歸屬，更容易把事情做好。秉承我們新宣布的對團隊的美好承諾，我們正在努力打造一種文化：大膽思考、責任擔當、敏捷行動、團結一致、專注高效。最後，我們推動了為更互聯、更具可擴展性的企業打造強大營運生態系統的工作。第二季度，我們建立了新的企業業務服務，並選擇埃森哲來改變我們在全球範圍內提供特定共享服務的方式，同時加速人工智慧在整個組織中的部署。這項令人興奮的合作進一步壯大了我們與包括微軟、谷歌和 Shopify 在內的領先技術提供者共同建構的生態系統，從而助力我們實現成為以消費者為中心的最佳高端美容公司的願景。

With the momentum of Beauty Reimagined and our first half results, we are raising our fiscal '26 outlook today by narrowing the organic sales growth range towards the high end, increasing operating margin expansion from 165 to 200 basis points at the midpoint reflecting previously expected headwind like tariffs and now greater consumer-facing investment and raising EPS growth from 33% to 43% at the midpoint. This outlook reflects the confidence in our turnaround as well as the significant work that we still have ahead to drive better performance in the US as well as in the UK despite its return to growth in the second quarter. And while the macro economic environment is challenging in the Western Europe market, we see opportunities to improve our results.

憑藉「重塑美妝」計畫的強勁勢頭和上半年的良好業績，我們今天上調了 2026 財年的業績預期，將有機銷售增長預期範圍向高端收窄，將營業利潤率擴張預期從 165 個基點提高到 200 個基點（中值），以反映此前預期的不利因素（如同在額這項展望反映了我們對公司扭虧為盈的信心，以及儘管英國在第二季度恢復成長，但我們仍需付出大量努力才能在美國和英國取得更好的業績。儘管西歐市場的宏觀經濟環境充滿挑戰，但我們看到了改善績效的機會。

For China, we are encouraged by the strong desirability of our brands and innovation, but cognizant of still subdued consumer sentiment. In our priority emerging markets, after a significant acceleration to double-digit organic sales growth in the second quarter, we are confident that our new organizational design is enabling us to better tap into growth opportunities. For the second half of fiscal '26, we have a rich slate of innovation. Already out in skin care, Clinique launched its new dermatologists developed skin care line and La Mer introduced eye cream to pair with its successful rejuvenating night cream. For makeup, Estee Lauder's Double Wear is launching next-generation mat foundation with more were, more shade, more benefits.

對於中國市場，我們對我們的品牌和創新展現出的強大吸引力感到鼓舞，但也意識到消費者情緒仍然低迷。在我們重點發展的新興市場，繼第二季度有機銷售成長顯著加速至兩位數之後，我們相信，新的組織架構將使我們能夠更好地掌握成長機會。2026財年下半年，我們推出了一系列豐富的創新項目。倩碧已進軍護膚領域，推出了由皮膚科醫生研發的全新護膚系列；海藍之謎也推出了眼霜，以搭配其廣受歡迎的煥顏晚霜。在彩妝方面，雅詩蘭黛的Double Wear系列即將推出新一代霧麵粉底液，擁有更大的覆蓋面積、更多的色號和更多的功效。

The brand is already the leader in foundation and looking to strengthen its leadership around the world. And Clinique is fueling the nostalgia trend with the Chubby Stick launch. For fragrance, newness from KILIAN PARIS, Le Labo, and TOM FORD builds on the category's terrific first half as our best performing category with 10% organic sales growth. In haircare, Bumble and Bumble introduced a staining product at an exciting time as it enters SalonCentric in the US In closing, for fiscal '26, we expect return to organic sales growth and expand our operating margin for the first time in four years, setting the stage to restore sustainable sales growth and a solid double-digit adjusted operating margin in the next few years.

該品牌已是粉底領域的領導者，並希望鞏固其在全球的領先地位。倩碧推出 Chubby Stick 唇膏，進一步推動了這股懷舊風潮。在香水方面，KILIAN PARIS、Le Labo 和 TOM FORD 的新品延續了該品類上半年的出色表現，使其成為我們表現最佳的品類，實現了 10% 的有機銷售增長。在護髮領域，Bumble and Bumble 趁著進入美國 SalonCentric 市場之際，推出了一款染色產品，這是一個令人興奮的時刻。最後，我們預計 2026 財年將恢復有機銷售成長，並四年來首次擴大營業利潤率，為未來幾年恢復永續銷售成長和實現兩位數穩健的調整後營業利潤率奠定基礎。

I am immensely grateful for the opportunity to lead this great company, especially as we celebrate the 80th of our founding. We have an extraordinary team, an extraordinary portfolio of brand, and we have momentum, onward and upward. I will now turn the call over to Akhil.

我非常感激有機會領導這家偉大的公司，尤其是在我們慶祝公司成立 80 週年之際。我們擁有一支傑出的團隊，一個傑出的品牌組合，我們勢頭強勁，正不斷向前邁進。現在我將把通話轉給阿基爾。

Thank you, Stephane. Hello, everyone, and thank you for joining us today. Enabled by Beauty Reimagined, our focus continues to be on long-term consumer-centric value creation. Through sales growth, margin improvement and strong cash generation, we are delivering solid progress across all three priorities, driven by the team's unwavering determination to build on a strong foundation advance key initiatives and increase organizational speed and agility. While there is more work ahead, we remain focused on disciplined execution and are well positioned to drive sustainable long-term value.

謝謝你，史蒂芬。大家好，感謝各位今天收看我們的節目。在「重新定義美」理念的推動下，我們將繼續專注於以消費者為中心的長期價值創造。透過銷售成長、利潤率提高和強勁的現金流，我們在所有三個優先事項上都取得了穩步進展，這得益於團隊堅定不移的決心，即在堅實的基礎上推進關鍵舉措，提高組織的速度和敏捷性。儘管未來還有更多工作要做，但我們仍專注於嚴謹的執行，並已做好充分準備，創造可持續的長期價值。

Before sharing our updated full year outlook, I'll start with a recap of our second quarter performance. For more details on our second quarter results, please refer to a press release issued this morning. Starting with organic net sales. We grew 4% year on year. This was led by 6% growth in both skincare and fragrance, which was supported by increased consumer-facing investments behind go-to-market activities and innovation.

在分享我們更新後的全年展望之前，我將先回顧我們第二季的業績。有關我們第二季業績的更多詳情，請參閱今天上午發布的新聞稿。首先從有機淨銷售額開始。我們年增了4%。護膚品和香水業務均成長了 6%，這主要得益於面向消費者的市場推廣活動和創新方面投入的增加。

Targeted expanded consumer reach also drove growth as we continued to execute against our Beauty Reimagined action plan to accelerate best-in-class consumer coverage. These category results fueled double-digit growth in both Mainland China and collectively in our priority emerging markets. In North America, sales were flat with sequential improvement from the first quarter. Growth online from our continued expansion was offset by a decline in brick-and-mortar. Turning now to margins.

有針對性地擴大消費者覆蓋範圍也推動了成長，我們繼續執行「重塑美妝」行動計劃，以加速實現一流的消費者覆蓋範圍。這些品類業績推動了中國大陸以及我們重點新興市場整體實現兩位數成長。在北美，銷售額與第一季持平，但季比有所改善。持續擴張帶來的線上業務成長被實體店業務的下滑所抵消。現在來看邊距。

Gross margin for the quarter was 76.5%, an expansion of 40 basis points compared to last year. Our expansion was again driven by strong net benefits from our PRGP, including operational efficiencies and within excess and obsolescence ongoing reductions through our zero waste initiatives. Our improved sales leverage also contributed to expansion in the quarter. These results helped offset headwinds from incremental tariffs, change in our mix of business and inflation. Turning to operating margin.

本季毛利率為76.5%，較去年同期成長40個基點。我們的擴張再次得益於 PRGP 帶來的強勁淨收益，包括營運效率的提高，以及透過零浪費措施持續減少過剩和過時產品。我們銷售槓桿的提升也促進了本季的成長。這些成果有助於抵消關稅上漲、業務結構變化和通貨膨脹帶來的不利影響。接下來我們來看營業利益率。

We expanded 290 basis points, delivering 14.4% compared to 11.5% last year. Our disciplined investment allocation and PRGP net benefits drove a 3% reduction in nonconsumer-facing expenses, even with the normalization of employee incentive costs, helping us to maintain cost efficiency and operating leverage. This funded a 7% increase in consumer-facing investments driving growth and continuing to strengthen brand equity. Our effective tax rate for the quarter was 39.8%, down from 42.6% last year. This was primarily due to lower tax expense related to previously issued stock-based compensation.

我們擴大了 290 個基點，實現了 14.4% 的成長率，而去年同期為 11.5%。我們嚴格的投資配置和 PRGP 淨收益推動非面向消費者的支出減少了 3%，即使員工激勵成本正常化，也幫助我們維持了成本效益和營運槓桿。這筆資金用於增加面向消費者的投資，增幅達 7%，從而推動成長並持續增強品牌價值。本季實際稅率為 39.8%，低於去年同期的 42.6%。這主要是由於與先前發放的股票選擇權相關的稅收支出較低所致。

Our rate in the quarter also reflects the estimated unfavorable impact of recently enacted US tax legislation, along with a higher effective tax rate on foreign operations due to new valuation allowances on certain deferred tax assets primarily in Latin America. Sales growth and cost leverage drove diluted EPS growth of 43% versus last year. EPS increased to $0.89 from $0.62 last year. Looking at our overall PRGP, we continue to execute with focus and discipline, advancing initiatives to better position the company to improve its cost structure fuel growth and deliver sustainable long-term value.

本季我們的稅率也反映了近期頒布的美國稅收立法帶來的不利影響，以及由於主要在拉丁美洲的某些遞延所得稅資產的新估值準備金而導致的海外業務實際稅率上升。銷售成長和成本槓桿作用推動稀釋後每股收益年增 43%。每股收益從去年的 0.62 美元增至 0.89 美元。從整體來看，我們的PRGP（績效評級和績效成長）將繼續以專注和嚴謹的態度執行，推進各項舉措，以更好地改善公司的成本結構，從而推動成長並創造可持續的長期價值。

This quarter, we made significant progress in advancing our restructuring component of our entering into a strategic agreement for enterprise business services in connection with the historic transformation of a global operating ecosystem. As Stephane mentioned, this global initiative includes consolidating certain service providers expanding outsourced services and standardizing end-to-end processes using advanced technology. This enables us to unlock greater productivity and efficiency across the organization. Expected charges for these initiatives include professional service fees, employee cost and contract terminations. We expect these initiatives to deliver net benefits that ramp up over time as the transition progresses and service levels normalize.

本季度，我們在推進企業業務服務策略協議的重組部分方面取得了重大進展，該協議與全球營運生態系統的歷史性轉型有關。正如史蒂芬所提到的，這項全球性計畫包括整合某些服務供應商，擴大外包服務，並利用先進技術實現端到端流程的標準化。這使我們能夠提高整個組織的生產力和效率。這些措施的預期費用包括專業服務費、員工成本和合約終止費。我們預計這些措施將帶來淨收益，並且隨著過渡的進行和服務水準的正常化，這些收益會隨著時間的推移而不斷增加。

As we execute the migration, we do expect some near-term cost pressure as we operate in parallel with benefits building thereafter. As operational scale and efficiencies are realized, they are expected to drive OpEx improvement and keep us on track to achieve our overall PRGP savings and margin progression. In terms of restructuring costs, through December 31, we recorded $904 million of total cumulative charges, primarily in employee-related costs. Turning now to cash flows, a key priority. For the six months, we generated $785 million in net cash flows from operating activities.

在執行遷移的過程中，我們預計短期內將面臨一些成本壓力，因為我們將與遷移並行運營，但收益將在之後逐步顯現。隨著營運規模和效率的提高，預計這將推動營運支出改善，並使我們朝著實現整體 PRGP 節約和利潤成長的目標穩步前進。截至 12 月 31 日，在重組成本方面，我們記錄了 9.04 億美元的累積費用，主要為與員工相關的成本。現在我們來談談現金流，這是個關鍵問題。在這六個月裡，我們從經營活動中產生了 7.85 億美元的淨現金流。

This is a significant improvement compared to the $387 million generated last year, primarily reflecting higher earnings, excluding noncash items. Also contributing to the improvement was a favorable change in operating assets and liabilities despite the meaningful increase in restructuring payments. We invested $204 million in CapEx continuing to prioritize consumer-facing investments to fuel growth while optimizing all other CapEx investments. For the six months, CapEx was down 25% versus last year. reflecting the phasing of projects.

與去年產生的 3.87 億美元相比，這是一個顯著的進步，主要反映了收益的提高（不包括非現金項目）。儘管重組支出大幅增加，但經營資產和負債的有利變化也促成了這一改善。我們在資本支出方面投入了 2.04 億美元，繼續優先考慮面向消費者的投資以推動成長，同時優化所有其他資本支出投資。過去六個月，資本支出比去年同期下降了25%，這反映了專案的分階段實施。

These results underscore a strategic focus on improving free cash flow. Turning now to our expectations for the remainder of the year. We are raising our fiscal 2026 outlook. We remain cautious of potential near-term headwinds, including those from macroeconomic, geopolitical and retailer-specific uncertainties. Though we are encouraged by our momentum and year-to-date performance.

這些結果凸顯了公司在改善自由現金流方面的策略重點。現在讓我們來看看我們對今年剩餘時間的預期。我們上調了2026財年的業績預期。我們仍對近期可能出現的不利因素保持謹慎，包括宏觀經濟、地緣政治和零售商特定方面的不確定性。儘管我們對目前的勢頭和年初至今的業績感到鼓舞。

Starting with organic net sales. We are narrowing our range and now expect full year sales to increase in the range of 1% to 3% compared to last year. At the midpoint of our outlook range, we assumed growth across all regions, except for the Americas, where sales are expected to be flat. In the second half, we expect organic net sales to increase low single digits with higher growth anticipated in the fourth quarter relative to the third. This reflects an incremental transitory headwind in the second half of the year in Asia travel retail from the change of duty-free retailers servicing the Beijing and Shanghai airports, including the related online businesses.

首先從有機淨銷售額開始。我們正在縮小產品範圍，預計全年銷售額將比去年增長 1% 至 3%。在我們預測範圍的中點，我們假設除美洲以外所有地區都將實現成長，預計美洲地區的銷售額將持平。預計下半年有機淨銷售額將實現個位數低成長，第四季預計成長速度將高於第三季。這反映出，由於服務於北京和上海機場的免稅零售商（包括相關的線上業務）發生變化，亞洲旅遊零售業在今年下半年面臨逐漸的暫時性不利因素。

Turning now to our outlook on margin and EPS. We now assume an operating margin between 9.8% and 10.2%, up from our previous assumption of 9.4% to 9.9%. This improvement reflects both our strong first half performance and greater gross margin expansion than previously expected. We anticipate operating margin expansion in the second half. This reflects third quarter contraction of approximately 50 basis points compared to last year as we invest more in consumer-facing programs to support our largest innovation schedule for the year.

現在我們來談談對利潤率和每股盈餘的展望。我們現在假設營業利潤率在 9.8% 到 10.2% 之間，高於我們先前假設的 9.4% 到 9.9%。這一改善反映了我們上半年強勁的業績以及毛利率超出預期的成長。我們預計下半年營業利潤率將會提高。這反映出第三季與去年同期相比收縮了約 50 個基點，因為我們加大了對面向消費者的項目的投資，以支持我們今年規模最大的創新計劃。

This contraction also reflects tariff headwinds. Diluted EPS is now expected to range between $2.05 and $2.25, up from a previous range of $1.90 and $2.10. This assumes a weighted average share count of approximately 365 million shares and reflects year-on-year growth of 36% to 49%. Please refer to a press release issued this morning for other assumptions included in our fiscal 2026 full year outlook including those regarding evolving trade policies and enacted tariffs. In closing, as we mark the one-year anniversary of our Beauty Reimagined strategic vision, we are energized by our performance and progress towards restoring sustainable growth, a solid double-digit operating margin and strong cash generation.

這一萎縮也反映了關稅方面的不利因素。稀釋後每股收益預計在 2.05 美元至 2.25 美元之間，高於先前預期的 1.90 美元至 2.10 美元。這一預期基於加權平均股數約為 3.65 億股，並反映了 36% 至 49% 的同比增長。有關我們 2026 財年全年展望中包含的其他假設，包括有關不斷變化的貿易政策和已頒布關稅的假設，請參閱今天早上發布的新聞稿。最後，值此我們「重塑美妝」策略願景實施一周年之際，我們為自身的業績和在恢復可持續增長、實現兩位數穩健的營業利潤率和強勁的現金流方面取得的進展而感到振奮。

We remain focused on disciplined execution and long-term value creation. To our teams around the world, thank you for your dedication, passion and unwavering commitment to be the best consumer-centric beauty company together as One ELC. That concludes our prepared remarks. I'll now turn it over to the operator to begin the Q&A session.

我們將繼續專注於嚴謹的執行和長期的價值創造。致我們世界各地的團隊，感謝你們的奉獻、熱情和堅定不移的承諾，讓我們攜手成為以消費者為中心的最佳美容公司，成為一家真正的 ELC。我們的發言稿到此結束。現在我將把發言權交給接線員，開始問答環節。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作說明）邦妮·赫爾佐格，高盛。

I have a question on Americas, where you just mentioned that you expect growth to be flat in the year. I guess it does appear a little light in context, I guess, of the much easier comps from last year and then the progress you've been making with launches on Amazon, et cetera. So just curious how you're thinking about the underlying performance in the Americas. And what are some of the key moving parts to keep in mind? And then if you could just also provide any color on the cadence of growth?

我有一個關於美洲的問題，您剛才提到預計今年的成長將持平。我想，從背景來看，它確實顯得有點輕描淡寫了，因為去年的競爭要簡單得多，而且你們在亞馬遜等平台上的發布也取得了進展。所以，我很好奇您如何看待美洲地區的潛在表現。那麼，需要注意哪些關鍵的變動因素呢？如果您還能提供一些關於生長節奏的資訊就更好了？

Will it be more balanced or skewed towards Q4? Just thinking about the context of the full company guidance.

第四季的數據會更均衡還是更偏向第四季？只是在思考公司整體指引的背景。

No. Thank you, Bonnie. I'll take that, and Akhil can add some. So look, just let me just go back a little bit in North America first. And obviously, I'll talk about the Americas in total.

不。謝謝你，邦妮。我接受，Akhil可以再添一點。好的，讓我先稍微回顧一下北美的情況。當然，我也會全面談談美洲的情況。

We come out of 10 years of market share loss in the Americas. And I'm really proud of actually the momentum that the team have put into this market because when you look at the calendar '25, we've been able to gain share in volume. And that was very important, and I've said it multiple times. We needed to reengage our brand to recruit consumers, and we've been able to do it across many of our categories and many of our brands. So we are now in a volume market share gain.

我們在美洲市場經歷了長達10年的市佔率下滑。實際上，我為團隊在這個市場所取得的進展感到非常自豪，因為從 2025 年的日曆來看，我們已經能夠在銷售上獲得份額。這一點非常重要，我已經強調過很多次。我們需要重新激活品牌以吸引消費者，我們已經在許多品類和很多品牌中實現了這一點。所以我們現在正處於銷售市佔率成長階段。

And on top of it, we are also in a share gain in value in skin care led by the ordinary and many of our brands that are pulling the total. So we are seeing some momentum, but we are coming out of obviously having a lot of like market share loss over the years. So we still have the number one brand and the number two brand in skin care, the number one and the number two brand in makeup with Clinique and The Ordinary in skin care and Clinique and M.A.C. in makeup. We're seeing a lot of strong performance with Estee Lauder and M.A.C. at Ulta. We're very excited and have communicated it in October, November that we were entering M.A.C. US

此外，在The Ordinary等眾多品牌的帶動下，我們在護膚品領域的市佔率也在成長，這些品牌共同推動了整體成長。所以我們看到了一些發展勢頭，但顯然，我們多年來經歷了大量的市場份額損失。所以，保養品領域仍有排名第一的品牌和排名第二的品牌，彩妝領域仍然有排名第一的品牌和排名第二的品牌，分別是護膚品領域的倩碧和The Ordinary，彩妝領域的倩碧和M.A.C.。我們看到雅詩蘭黛和魅可 (M.A.C.) 在 Ulta 的銷售業績非常強勁。我們非常興奮，並在 10 月和 11 月宣布了我們將進入 M.A.C.我們

at Sephora, this is actually a big milestone for us after many, many years of not playing in like all specialty multi universe. So yes, we are seeing great momentum, and we are moving money in the right direction when it comes to North America. That being said, there's still a rebalancing of all the channels that we are in the process of doing, as highlighted by Beauty Reimagined. We've moved fast with Amazon. We are positioning the department stores and we are exiting distribution as the distribution roles.

對絲芙蘭來說，這其實是我們多年來沒有涉足各種專業多元領域的重要里程碑。所以，是的，我們看到了強勁的發展勢頭，而且在北美地區，我們的資金正朝著正確的方向流動。也就是說，正如 Beauty Reimagined 所強調的那樣，我們仍在對所有管道進行重新平衡。我們與亞馬遜的合作進展迅速。我們正在調整百貨公司的定位，並退出分銷業務。

And we are moving fast into the specialty mobility. So I believe there is great momentum, and I see a lot of more momentum going forward for our brand overall. Now the Americas is also a combination of North America and also Latin America. While Latin America has been very strong at the beginning of the calendar '25, we've seen a slowdown of consumer consumption in the market. And I think one of the main challenges that we see is the enacted tariffs are starting to help consumer confidence in Latin America.

我們正在快速邁向專業行動領域。所以我相信我們目前發展勢頭強勁，而且我認為我們品牌整體未來還會有更大的發展勢頭。現在，美洲也包括北美洲和拉丁美洲。儘管拉丁美洲在 2025 年初表現非常強勁，但我們已經看到該市場的消費成長放緩。我認為我們面臨的主要挑戰之一是，已實施的關稅開始提振拉丁美洲的消費者信心。

But overall, I want to say, I feel very strong. We have momentum in the market. Volume share is back, and we are moving our brands. So I do believe we will see additional momentum going forward into the market. And to the second part of your question about the cadence, and we've indicated it in the prepared remarks and in the press release.

但總的來說，我想說，我感覺自己非常強壯。我們在市場上勢頭強勁。銷售份額回升，我們正在調整品牌策略。所以我相信未來市場將繼續保持成長動能。至於你問題的第二部分，即節奏，我們已經在準備好的發言稿和新聞稿中說明了。

We see a strong than we see in Q3 overall for the company because of some of the adjustments that we are seeing, especially in the East with travel retail. One of the things that we are experiencing in travel retail is still some level of disruption, especially when it comes to Beijing, Shanghai airports, but also the online business with Sunrise. As you know, certainly, Sunrise as stop operation. All the operations have been transferred with a mix of China Duty Free, Avolta and Wangfujing. So there's a little bit of a transition that we felt in Q2 that goes into Q3, but I really believe that there's going to be strong normalization based on the great relationship that we have had.

由於我們看到的一些調整，特別是東部地區的旅遊零售業務的調整，我們看到公司整體第三季業績比第三季強勁得多。旅遊零售業目前面臨的問題之一是仍然受到一定程度的干擾，尤其是在北京、上海機場，以及與 Sunrise 合作的線上業務方面。如您所知，Sunrise 已停止運作。所有業務已轉移，由中國免稅店、Avolta 和王府井三家公司共同營運。因此，我們在第二季度感受到了一些過渡期，這種過渡期會延續到第三季度，但我真的相信，基於我們之間良好的關係，情況將很快恢復正常。

And I want to just remind that Q2 was delivered a very strong Q2 that beat our expectation despite actually challenging in travel retail thanks to very strong performance in China and acceleration also in some markets in the West. So I think, again, we have momentum, and there's a rebalancing of growth, but our ambition is really to deliver the top end of the guidance that we've put in top line and in bottom line. So we've narrowed the midpoint, but really, our objective clearly stated today is to deliver the top end of the guidance.

我還要提醒大家，第二季業績非常強勁，超出了我們的預期，儘管旅遊零售業面臨挑戰，但這主要得益於中國市場的強勁表現以及西方一些市場的加速增長。所以我認為，我們再次看到了成長勢頭，成長正在重新平衡，但我們的目標是真正實現我們設定的營收和利潤預期上限。因此，我們縮小了中間值範圍，但實際上，我們今天明確表示的目標是實現預期目標的上限。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Stephane, I was hoping you could expand a bit on the travel retail business. If you can give us a state of the union of the total travel retail business, and especially in Hainan, we've seen clearly an improvement in conversion rates, in spending in Duty Free stores. So what is -- what's the outlook as you think going forward for the part of the business? And maybe can you comment a bit on the other parts of the travel retail business in North Asia, especially South Korea and Japan. And especially as we think about the back half of the year, where when you think about on a two-year basis, you're comp by more normalized shipment level.

史蒂芬，我希望你能詳細介紹一下旅遊零售業務。如果您能為我們提供整個旅遊零售業務，特別是海南旅遊零售業務的現狀，我們已經清楚地看到免稅店的轉換率和消費額都有所提高。那麼，您認為該業務部門未來的前景如何？您能否就北亞其他地區的旅遊零售業務，特別是韓國和日本的情況，並發表一些看法？尤其是在我們考慮下半年時，如果以兩年為週期進行比較，就會發現出貨量水準更加正常化。

So what is -- how are you thinking that could play out in the back half of the year?

那麼——你認為下半年情況會如何發展？

Thank you, Filippo. I'll try to make a state of the union that does not last too long because it's a very complex things that is happening in travel retail. Now the one thing I would say, let me start from where we really have strong momentum, and I see like travel retail accelerating, it is indeed in Hainan. And I think it is clearly documented that traffic is picking up in Hainan and I'm really strong -- I'm really happy with the work that the team did in Hainan. In calendar '25, we are growing, and we are ahead of the department.

謝謝你，菲利波。我會盡量簡要地報告一下情況，因為旅遊零售業正在發生的事情非常複雜。現在我想說的是，讓我們從我們真正擁有強勁發展勢頭的地方開始說起，我認為旅遊零售業正在加速發展，而這確實是在海南。我認為有明確的證據表明海南的交通流量正在增加，我非常自豪——我對團隊在海南所做的工作感到非常滿意。2025 年，我們不斷發展壯大，並且領先部門其他部門。

And we are -- so we're gaining market share. What I'm excited also with getting market share across a more diverse portfolio of brands that we have done it in the past, which if you remember, all our growth was coming from Lauder and La Mer. Now we have Lauder, we have La Mer, we have M.A.C.. We have Jo Malone. We have TOM FORD that are really performing in the channel very well.

而我們確實做到了——所以我們正在獲得市場份額。令我興奮的是，我們能夠透過更多元化的品牌組合獲得市場份額，而我們過去並沒有做到這一點。如果你還記得的話，我們所有的增長都來自雅詩蘭黛和海藍之謎。現在我們有雅詩蘭黛，我們有海藍之謎，我們有魅可。我們有祖瑪瓏。我們通路裡的TOM FORD產品表現非常出色。

And one of the reason why we've seen this performance, and we are back up driving retail with a lot of eventing because the traffic is there, but conversion is still low. When you are there and you create really retail entertainment, we are able to convert the consumer. And I'm happy to report today that the month of January in Hainan was in high double digit for us, again gaining market share across many of our brands. So very excited by especially going into the Chinese New Year time frame, it is very important, a very clear indication that we are back able to convert traffic into sell. Now I want to be very clear.

我們看到這種業績表現的原因之一是，我們正在透過舉辦大量活動來推動零售業務，因為客流量已經出現，但轉換率仍然很低。當你在那裡創造真正的零售娛樂體驗時，我們就能轉化消費者。今天我很高興地報告，1 月我們在海南的銷售額達到了兩位數以上，我們旗下多個品牌的市佔率再次提升。尤其令人興奮的是即將進入中國新年期間，這非常重要，也清楚地表明我們已經能夠再次將流量轉變為銷售額。現在我想把話說清楚。

Hainan is only a part of travel retail East. And I think this is where maybe there's a little bit of a misconception of how big is Hainan in the total. But travel retail East is a combination of Hainan again, the airport of Beijing and Shanghai, the universal app where people can buy online product, but there's also, frankly, the rest of APAC that is highly disrupted Korea, and we're seeing some recovery in the rest of APAC, but it's still very small in comparison of the China ecosystem. So now let me just explain what happened in Q2 or Q2 the last quarter or the calendar year in the ecosystem of Shanghai and Beijing and the universal app. Obviously, you know that all of this business is being in the midst of being transferred from Sunrise, like I said, to CDF, Wangfujing and Avolta.

海南只是東部旅遊零售市場的一部分。我認為這或許是因為人們對海南在整體中所佔的比重有些誤解。但東部旅遊零售市場再次融合了海南、北京和上海的機場，以及人們可以在線購買產品的通用應用程序，但坦白說，亞太其他地區也受到了韓國的嚴重衝擊，我們看到亞太其他地區正在復蘇，但與中國生態系統相比，仍然非常小。現在讓我來解釋一下上海和北京的生態系統以及通用應用程式在第二季或上個季度或日曆年中發生了什麼。顯然，正如我所說，所有這些業務正在從 Sunrise 轉移到 CDF、王府井和 Avolta。

There's a bit of a disruption in the market happening in this moment in time as we are transitioning, and that's the normal course of doing business, concessions sometimes move from one retailer to another. But the universal app that was a significant part of the business was shut down in Q2 and remain shut down as we speak. So obviously, our ability to just like convert is more limited if you look at China, Mainland and travel retail, we outperformed in China Mainland in Q2. And in the total travel retail to your expectation, maybe we delivered less. My point is it's an entire ecosystem that we need to look at where we are capturing the sales.

目前市場正處於轉型期，出現了一些混亂，這是正常的商業運作過程，特許經營權有時會從一家零售商轉移到另一家零售商。但作為公司業務重要組成部分的通用應用程式在第二季度關閉，目前仍處於關閉狀態。所以很明顯，如果我們只看中國大陸和旅遊零售，我們的轉換能力就比較有限了，我們在第二季在中國大陸的表現優於其他地區。就整個旅遊零售業務而言，我們或許沒有達到您的期望。我的觀點是，我們需要審視整個生態系統，看看我們是在哪個環節獲得銷售的。

Going forward is very strong. I want to be very clear. It is actually this change is a good thing, especially at the time where we are managing our inventory very carefully. We are shipping only to the demand, and we see this change being the right thing. We have a very strong partnership with CDF, with Wangfujing, with Avolta, locally and globally.

未來發展勢頭非常強勁。我想把話說清楚。實際上，這種變化是一件好事，尤其是在我們目前非常謹慎地管理庫存的情況下。我們只根據需求發貨，我們認為這種改變是正確的。我們與 CDF、王府井、Avolta 在本地和全球範圍內都建立了非常牢固的合作夥伴關係。

And we are in the process of putting the right GBP to make sure that we can accelerate in the course -- the remaining course of this fiscal year but frankly, beyond. And the second part of your question, obviously, like Japan and the right Japan, actually, I'm really happy because we are demonstrating in this moment in time. that even in a disrupted market because you know obviously, there's some geopolitical tension between various markets in the region, we've seen a dramatic reduction of traffic even though we've been able to just gain market share. And this is the number one thing that we are focused. No matter if there is growth or no growth, we want to be in a market share position in a market share growth.

我們正在努力調整英鎊匯率，以確保我們能夠加快本財年剩餘時間甚至更長遠的發展進程。至於你問題的第二部分，顯然，就像日本，尤其是日本本土市場一樣，我真的很高興，因為我們此刻正在證明，即使在市場動蕩的情況下——你知道，該地區各個市場之間存在一些地緣政治緊張局勢——儘管我們能夠獲得市場份額，但流量卻大幅下降。這是我們目前最關注的事情。無論市場是否成長，我們都希望在市場佔有率成長的情況下佔據一定的市場佔有率地位。

And that's what we are demonstrating. Now early into this calendar year, we're seeing a shift from Japan to Korea and other market in the region, and we are ready to welcome the consumers with all our brands really fully deployed. So even though there is a bit of a disruption in Q4 into Q2, we remain extremely confident about the momentum that we are building and our ability to just convert traffic into sales across all our brands.

而這正是我們正在展示的。今年年初，我們看到市場重點從日本轉移到韓國和該地區的其他市場，我們已經做好準備，以全面的品牌佈局迎接消費者。因此，儘管第四季度到第二季度之間出現了一些中斷，但我們對我們正在建立的勢頭以及將流量轉化為所有品牌銷售額的能力仍然充滿信心。

And one thing just to add quickly, Filippo, the untold story with Stephane is basically double clicking here is the outperformance by ELC in the channel. It is in the West, where we had stated early on as Stephane said, we'll win in West ER. We are winning there. We are winning in Hainan by quite distance, and we are winning in markets like Japan, Thailand and other places. So the outperformance by ELC in Travel Retail parts of Travel Retail, along with China is the significant encouragement we take for our business as we look forward.

還有一件事要補充一下，Filippo，Stephane 的故事其實就是 ELC 在頻道中的出色表現。正如史蒂芬所說，我們很早就宣布過，我們將在西部贏得勝利。我們在那裡佔上風。我們在海南市場遙遙領先，在日本、泰國等市場也取得了成功。因此，ELC 在旅遊零售業務以及中國市場的出色表現，大大鼓舞了我們展望未來的業務發展。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Wanted to pivot, if I could, to profitability in the quarter, which, as you highlighted, was strong, both on growth and operating margin. If I drill in on there a bit though, skincare delivered most of the upside, if not all the upside. Fragrance is also positive, but more in line, I think. I think on the other side of the coin was Makeup which is still essentially kind of operating at a breakeven level. Maybe you could just talk about what you're seeing in that segment and how you see the progression of profitability for makeup to contribute more as we go forward?

我希望能夠在本季度實現盈利，正如您所強調的，本季業績表現強勁，無論是成長還是營業利潤率。但如果我更深入分析一下，保養品帶來了大部分甚至全部的好處。香水也是積極的，但我覺得它更符合邏輯。我認為另一方面是化妝品業務，該業務目前基本上仍處於收支平衡狀態。或許您可以談談您在這個領域觀察到的情況，以及您如何看待化妝品獲利能力在未來發展中發揮更大作用？

Thank you. Thank you, Steve. A couple of things. As we are looking to go to solid double-digit margin, we are looking to improve margins across the board, across categories and across regions. Now specifically answering your question on the Makeup profitability this quarter, it was also impacted by the return we took on the innovation that is coming in quarter three.

謝謝。謝謝你，史蒂夫。有幾件事。為了實現兩位數的穩定利潤率，我們正在努力提高各個品類和各個地區的利潤率。現在具體回答您關於本季化妝品獲利能力的問題，它也受到了我們在第三季即將推出的創新產品上所獲得的收益的影響。

So there is a temporary effect there, which understates make up profitability for the quarter. However, your broader point on makeup profitability is very clear to us. And as Stephane and I have communicated, this is an area where we believe we can have significantly better margins overall. No reason why it should be very dissimilar to other categories over a period of time. Through the work we are doing on rightsizing our fixed cost in these categories, through the work on PRGP and through the acceleration we are now starting to see even in this category on sales and with the big launch coming up of Double Wear and some of the improvement we are seeing on Makeup, we expect to see profitability to improve.

所以這其中存在著暫時性的影響，低估了該季度的獲利能力。但是，您關於化妝品盈利能力的總體觀點我們非常清楚。正如史蒂芬和我溝通過的那樣，我們相信在這個領域我們可以獲得更高的整體利潤率。沒有理由認為它在一段時間內會與其他類別有太大差異。透過我們目前在這些類別中調整固定成本的工作，透過 PRGP 的工作，以及我們現在開始看到的銷售加速成長，再加上 Double Wear 的盛大上市以及我們在彩妝方面看到的一些改進，我們預計獲利能力將會提高。

But this is a key pillar that we are working on, on Steve. In quarter two, you did notice a little bit of a onetime due to the return we took on this innovation. But those are the -- some of the selling points.

但這是我們和史蒂夫正在努力攻克的一個關鍵支柱。第二季度，由於我們對這項創新投入的回報，您確實注意到了一些一次性因素。但這些只是部分賣點。

Just one thing, Steve, on the makeup because I think it's very important. And look, we've been always transparent. We have a lot more work to do on Makeup, and we are with the team here in New York, and frankly, with all our teams around the world, we're continuing to just improve things. I'm not going to repeat what Akhil said, but a lot of things that we are doing in this moment in time related to our strategy on Beauty Reimagined, is to expand distribution. We've entered TikTok shop in the US

史蒂夫，關於化妝，我還有一點要說，因為我覺得這很重要。而且，我們一直都保持透明。我們在化妝方面還有很多工作要做，我們和紐約的團隊，坦白說，和我們世界各地的所有團隊一起，我們一直在不斷改進。我不會重複 Akhil 說過的話，但目前我們圍繞「重塑美」策略所做的很多事情，都是為了擴大分銷管道。我們已在美國開設TikTok商店

with Clinique and M.A.C., which has allowed actually M.A.C. to just already be in a market share gain in the lip category, which is so important for M.A.C. in the US M.A.C. has entered TikTok shop in Germany. I said it again, we are about to enter. We are weeks away to enter Sephora US with M.A.C., which is going to be a big game changer for the brand, and we are working on more opportunities.

與倩碧和魅可合作，使得魅可實際上已經在唇部產品類別中獲得了市場份額，這對魅可在美國來說非常重要。魅可已進入德國的TikTok商店。我再說一遍，我們即將進入。距離 M.A.C. 進軍美國絲芙蘭還有幾週時間，這將對該品牌產生巨大的變革，我們正在努力爭取更多機會。

Innovation has been ramping up. One other thing I've mentioned in my opening remarks is the fast acceleration of the innovation coming in less than a year. Remember, I've committed to triple that. We are already exceeding our expectation this year. We were thinking about 16% of our innovation was going to come in less than a year.

創新步伐正在加快。我在開場白中還提到了一點，那就是創新將在不到一年的時間內迅速加速發展。記住，我已經承諾要達到這個數字的三倍。我們今年的業績已經超出了預期。我們當時認為，約 16% 的創新成果將在不到一年的時間內實現。

It's going to be 19%. The majority of this innovation is coming from Makeup. Obviously, we can go much faster in Makeup that we can do in the other categories. So we are going fast. We are deploying our maker brand in the right distribution.

將是19%。這些創新大多來自化妝品領域。顯然，化妝方面的進度可以比其他類別快得多。所以我們速度很快。我們正在透過合適的管道推廣我們的品牌。

We are rationalizing distribution. I think I also mentioned it in my prepared remarks in terms of the freestanding store to make sure that we are more profitable and we are going to have all the added benefit of the PRGP that continues to flow through like the P&L this year and in fiscal '27 because while the PRGP ends at the end of this fiscal year, the execution of it will continue into fiscal '27 -- fiscal '27, and we will basically get some benefits. So we are on a path for recovery. It is true that skin care is growing faster because of the scale. We're very pleased with the progress that we are doing in fragrances.

我們正在優化分配方案。我想我在準備好的發言稿中也提到了這一點，關於獨立門市，是為了確保我們能夠更盈利，並且我們將獲得 PRGP 的所有額外收益，這些收益將繼續像今年的損益表一樣體現在 2027 財年，因為雖然 PRGP 在本財年結束時結束，但它的執行將持續到 2027 財年，我們基本上會獲得一些好處。所以我們正在走上復甦之路。護膚品行業規模擴大確實推動了其快速成長。我們對目前在香水領域的進展感到非常滿意。

I think Makeup requires more scale, and this is why we are deploying our brand and accelerating innovation to be able to just resolve also this issue that we have with the Makeup category.

我認為彩妝需要更大的規模，這也是我們正在部署品牌並加速創新，以解決彩妝品類所面臨的這個問題的原因。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Wanted to ask a little bit about China. You called out not just the obviously strong results, but in the release, you talked about the period around 11/11 being a big component of that. So was curious if you could talk about the promotional environment around 11/11, what you're expecting in that regard for Chinese New Year.

想問一些關於中國的問題。你不僅指出了顯而易見的強勁業績，而且在新聞稿中還提到，11月11日前後這段時間是業績取得如此顯著成績的重要因素。所以我很好奇您能否談談11/11前後的促銷環境，以及您對春節期間的促銷活動有何預期。

I think the market, overall, lots of beauty players have talked about wanting the wishing the environment to be less centered around those big selling moments and more balanced across the year. So just curious sort of what you're doing to drive stronger, let's call it, like everyday performance and to generate excitement outside of those key -- historically key holiday periods.

我認為，整體而言，許多美妝從業者都表示希望市場環境不要再以那些大型銷售活動為中心，而是全年保持平衡。所以我很好奇，你們正在採取哪些措施來提升日常業績，以及在那些重要的——歷史上重要的假日之外的時期，如何激發人們的興奮情緒。

Thank you, Lauren. It's obviously a very important discussion that we're having with the team. So yes, and thank you for acknowledging the very strong performance that we have had in China. I want to say it's now fourth consecutive quarter that we grew share in all four categories in China. And that's very important.

謝謝你，勞倫。顯然，我們正在與團隊進行一場非常重要的討論。是的，感謝您對我們在中國取得的優異成績的認可。我想說，這已經是我們連續第四個季度在中國市場所有四個品類中都實現了市佔率成長。這一點非常重要。

And yes, the big period, like 11/11, like 6/18 are more promotional than others. But -- it is -- these are highly concentrated level of sales. And the good news is that during this period, the Estee Lauder brand became again the number one prestige brand on Tmall and Douyin. La Mer is the number one brand in luxury and Tmall and Jo Malone, the number one brand in prestige fragrances on Tmall. So it is important for us to be present and to be strong during this moment because it allows us also to recruit a lot of consumers and retain them through the year. But the interesting thing when you go into China, every day is a moment, okay?

是的，像 11/11、6/18 這樣的大促銷期比其他時期更具宣傳性。但是——確實——這些都是高度集中的銷售水平。好消息是，在此期間，雅詩蘭黛品牌再次成為天貓和抖音上排名第一的高端品牌。La Mer 是天貓奢侈品牌排名第一，Jo Malone 是天貓高端香水品牌排名第一。因此，在這個關鍵時刻，我們必須保持存在感和強大實力，因為這也能幫助我們招募大量消費者，並在全年留住他們。但有趣的是，當你去中國的時候，每天都是一個瞬間，好嗎？

There's every day that there is a shopping festival in some sort. Obviously, Chinese New Year, we are about to enter. We are into it because it starts on February 15. And it's a little bit later this year. That's why there's a bit of disruption in the month of January.

幾乎每天都有各種各樣的購物節。顯然，我們即將迎來中國新年。我們很期待，因為它從2月15日開始。而且今年的時間也稍微晚了。這就是為什麼一月會出現一些混亂的原因。

We have to look at January and February together, but it's actually traditionally a period that is less promotional. It is about more gifting. It is about more experience that we are bringing to the consumers and that's what I mentioned like earlier when we had the question on travel retail, about also creating retail payment. So our team, both in travel retail, China and in China Mainland are laser focused in creating eventing the VIP reach to the consumer. So we depend less on the high promotionality of the two major shopping festival being 6/18 and 11/11 and there's plenty of others.

我們必須把一月和二月放在一起看，但實際上，傳統上這段時間促銷活動相對較少。這關乎更多送禮。這關乎我們為消費者帶來的更多體驗，就像我之前在談到旅遊零售問題時提到的那樣，也關乎創造零售支付方式。因此，我們團隊，無論是旅遊零售部門、中國區或中國大陸區，都專注於創造 VIP 活動觸達消費者的機會。因此，我們不太依賴 6 月 18 日和 11 月 11 日這兩個大型購物節的高額促銷活動，還有很多其他的購物節可以選擇。

There's like international Valentine's, there's Chinese Valentine's there's Women's Day. I could go on and on, on the number of event. We're also driving our freestanding store fleet. We are accelerating the number of freestanding store in the market, and this is certainly the part of the distribution we've accelerated the most that allows us to just bring experience to the consumer. So we don't rely so much on the high-traffic promotional moment.

有國際情人節，有中國情人節，還有婦女節。我可以繼續列舉下去，關於事件的數量。我們也在發展我們的獨立門市車隊。我們正在加快市場上獨立門市的數量，這無疑是我們加速發展最快、最能為消費者帶來體驗的通路。所以我們不太依賴流量高的促銷時機。

So I feel we're in a good position. I mean just to quote a few reasons we've gained in Q2, 22 basis points in skin care, 87 in makeup, 100 in fragrance is 85 in hair care. These are not small gained by any means. And frankly, that was not only driven by 11/11, but also the post 11/11 going into December in the preparation of Chinese New Year. So rest assured that we are laser-focused on balancing the year so we can continue to raise the consumer-facing price in the market as well as really increasing the number of experience and connection we are creating with the consumers.

所以我覺得我們處境不錯。我的意思是，舉幾個例子來說明我們在第二季度取得的成就：護膚品增長了 22 個基點，彩妝增長了 87 個基點，香水增長了 100 個基點，護髮產品增長了 85 個基點。這些成果絕非微不足道。坦白說，這不僅是受 11/11 事件的影響，也是 11/11 事件後到 12 月準備迎接中國新年期間的影響。所以請放心，我們正全力以赴平衡今年的各項工作，以便我們能夠繼續提高市場上面向消費者的價格，並真正增加我們與消費者創造的體驗和聯繫的數量。

But the momentum is good. I've been also very clear that China calendar '25, we were lapsing two years of negative trend. The good news is that we've accelerated and we've accelerated above the market. the constant sentiment is still subdued. But when we create the right experience not only through promotion, we are able to convert them.

但勢頭良好。我也非常明確地指出，從中國農曆2025年開始，我們將結束連續兩年的負成長趨勢。好消息是，我們的成長速度已經加快，而且超過了市場平均水平。但市場情緒依然低迷。但是，如果我們不僅透過促銷活動，而是透過其他方式創造合適的體驗，我們就能轉化他們。

So we are thinking that '26, there's still a lot of opportunities. But we are now starting to lapse much stronger base of '25 into '26.

所以我們認為2026年仍然有很多機會。但我們現在開始將 2025 年更強勁的基礎過渡到 2026 年。

And one thing just to add, Lauren, that our discount levels in China are coming down while we are driving this outstanding out growth and outperformance of the market. So not only is, of course, sales coming, discounts are reducing and then, of course, profitability is improving.

勞倫，還有一點要補充，我們在中國的折扣水準正在下降，同時，我們卻實現了遠超市場平均水準的卓越成長和業績。所以，不只銷售額在成長，折扣也在減少，獲利能力自然也在提高。

And we are doing the same in travel retail China. Also, we are just like cutting the discount the retailers also. And in the midst of this transition with the new retailers, this is obviously like making a conversation to just make sure that there's less discount in the market and we drive more conversion through experience going forward. All the channel is evolving to be much more experiential, which I think is a good thing for the long term of our brands.

我們在中國旅遊零售領域也採取了同樣的做法。另外，我們也相當於削減了零售商的折扣。在與新零售商進行過渡的過程中，這顯然就像是在進行一場對話，以確保市場上的折扣減少，並透過體驗來推動未來的轉換率提高。整個管道都在朝著更注重體驗的方向發展，我認為這對我們品牌的長遠發展是一件好事。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

So I just wanted to go back to the North America segment. I was hoping to get more color just in terms of some of the dynamics between sell-in and sell-out and whether you expect that gap to be improved as you -- or close as you exit the fiscal year.

所以我只想回到北美部分。我希望能夠更詳細地了解銷售流入和銷售流出之間的一些動態，以及您是否預期隨著財政年度的結束，這種差距會改善或縮小。

So Rupesh, thank you. And our -- when we when we did quarter one, we did have a significant gap, which we talked about on the call. We had about 5-point gap and Stephane and I had said that this gap should reduce. In quarter two, this gap has significantly reduced and should continue to be lower than where we were in Q1. We do expect a going gap of a couple of points, mainly driven by the fact that as we move to these online platforms, some of the media that we are investing, which is the A&P on these channels is gets a reduction from sales line versus an OpEx lag.

魯佩什，謝謝你。而且，當我們做第一季業績時，確實存在著一個很大的差距，我們在電話會議上也談到了這一點。我們之前落後大約 5 個百分點，我和史蒂芬都認為這個差距應該會縮小。第二季度，這一差距已大幅縮小，並且應該會繼續低於第一季的水平。我們預計會出現幾個百分點的差距，這主要是因為隨著我們轉向這些線上平台，我們投資的一些媒體（即這些管道上的廣告和促銷）會因銷售支出滯後而減少，而不是因營運支出滯後而減少。

So this is not -- this doesn't impact profitability simply the arrangement or the contract, which reduces sales. So when these channels are in growth mode year on year, that mix causes that. The other factor has been inventory where we have made significant progress. So our inventory, frankly, everywhere in the world are lower or in line with where we needed to be, including in North America. Now North America is, of course, a shifting retail landscape, so we have to constantly manage it.

所以，這並不是——這不會影響獲利能力，只是安排或合約導致銷售額下降。所以當這些管道逐年成長時，這種組合就會造成這種情況。另一個因素是庫存，我們在這方面取得了顯著進展。坦白說，我們在世界各地的庫存都低於或達到了我們需要的水平，包括北美地區。當然，北美零售業格局瞬息萬變，所以我們必須不斷對其進行管理。

But what we are seeing is a clear improvement and difference between retail growth and net growth. And I also wanted to follow up on Bonnie's comment earlier, which is that, look, North America first quarter was down. Second quarter is a positive, and we said full year would be flattish, which means the rest of the years after quarter one should be positive for North America. So we -- and that's what we are working towards. So of course, when we combine quarter one net sales growth, which was a negative, we had the full year flat.

但我們看到的是零售成長和淨成長之間出現了明顯的改善和差異。我還想補充一下邦妮之前的評論，那就是，你看，北美第一季業績下滑了。第二季業績為正，我們之前說過全年業績將保持平穩，這意味著北美地區第一季之後的幾年業績應該都會為正。所以，這就是我們努力的方向。所以，當然，當我們把第一季的淨銷售成長（為負值）加在一起時，全年的淨銷售成長就持平了。

So North America trends are also improving. And should a quarter two to quarter three to quarter four, we expect more in positive versus flat, including quarter one, the full year was flat.

因此，北美地區的趨勢也在改善。如果第二季到第三季再到第四季度，我們預計會有更多正成長而不是持平，包括第一季在內，全年持平。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

So I just wanted to follow up on the US Could you give us a sense now that calendar '25 is in the books? How much of your business has shifted more to the -- what you characterize as higher growth channels versus the percent of mix that's maybe in some of the heritage channels that aren't performing as well? And just give us an update on where you stand in the brand evolution as you move some of the brands towards -- increasingly towards these higher growth channels and just where we stand in that evolution and what the plans are going forward?

所以我想跟進一下美國的情況。既然2025年已經過去，能否給我們一些建議？在您的業務中，有多少比例更多地轉移到了您所說的高成長管道，而有多少比例的業務仍然停留在一些表現不佳的傳統管道？請您介紹一下，隨著一些品牌越來越多地轉向這些高成長管道，您在品牌發展演變過程中所處的位置，以及我們在這一演變過程中所處的位置，未來的計劃是什麼？

Yes. No, -- thank you, Dara, for the question. So look, in North America, today, and I think we've mentioned it, we are continuing to decrease the penetration of department store in our total business. That's your question. And today, it's like at 30% or less.

是的。不，——謝謝你的提問，達拉。所以你看，在北美，如今，正如我們之前提到的，我們正在繼續降低百貨公司在我們整體業務中的滲透率。這就是你的問題。而現在，這個數字大概只有30%甚至更低。

Frankly, it is way less on some brands. Obviously, Lauder, Clinique and M.A.C. are still brands that have like a higher penetration in the department store than other brands that have a very limited penetration. We are, as has demonstrated increasing really fast our penetration to the online players like Amazon and now TikTok shop, we've moved a lot of brands. We have 12 brands in the US on Amazon US

坦白說，有些品牌的價格要低得多。顯然，雅詩蘭黛、倩碧和魅可等品牌在百貨公司的滲透率仍然高於其他滲透率非常有限的品牌。正如我們所展示的那樣，我們正以驚人的速度滲透到亞馬遜和現在的TikTok商店等線上平台，我們已經成功吸引了許多品牌。我們在美國亞馬遜平台上擁有12個品牌。

So this is really outstanding to have been able to just move that quickly in the channel. Again, M.A.C. is moving into Sephora, but we have very strong partnership with in and with many of our brands there. So like the penetration of specialty multi is increasing. The penetration of the online player is increasing. The penetration of our direct-to-consumer business is also increasing, especially our brand.com, but also freestanding stores in luxury fragrances.

所以能夠在頻道中如此迅速地推進，這真的很了不起。M.A.C. 再次進軍絲芙蘭，但我們與絲芙蘭以及我們旗下的許多品牌都保持著非常牢固的合作關係。所以，專業多用途產品的滲透率正在提高。網路玩家的滲透率正在不斷提高。我們的直接面向消費者的業務滲透率也不斷提高，尤其是我們的品牌官網，以及奢侈香水領域的獨立門市。

We've opened some stores, and we are planning to open more in the future. As the consumer -- the luxury consumer is gravitating towards, even in the US, towards more experienced unique brand proposition selling environment. So we are really on the right path to just like being able to just make this move and to be less and less dependent. Now I want to be very clear, the department store remains a very important and strategic channel for some of our brands, and we are working with our partners all the way from like Macy's to Bloomingdale's to like even (inaudible) in this moment in time to just make sure that we capture in the consumer. We have a very strong position, often leading position in these department stores, and we need to just protect it.

我們已經開設了一些門市，並且計劃未來開設更多門市。消費者——尤其是奢侈品消費者，即使在美國，也越來越傾向於選擇更有經驗、更獨特的品牌來主張銷售環境。所以，我們真的走在正確的道路上，能夠實現這一目標，並越來越減少依賴性。現在我想非常明確地說明，百貨公司仍然是我們一些品牌非常重要且具有戰略意義的管道，我們正在與我們的合作夥伴，從​​梅西百貨到布魯明戴爾百貨，甚至包括（聽不清楚）等，共同努力，以確保我們能夠贏得消費者的青睞。我們在這些百貨公司中擁有非常強大的地位，通常處於領先地位，我們需要做的就是保護它。

But at the same time, we are clearly stated as part of our Beauty Reimagined that we are moving where the consumer is moving. There's like no decision there. So I feel good. We have -- that's why we've been able to just maintain our market share. And frankly, most of the volume growth that we have had and the gain in volume is coming from the high-growth channels.

但同時，我們在「重新定義美」的理念中明確指出，我們將順應消費者的意願而發展。這裡似乎沒有做出任何決定的空間。我感覺很好。我們有——這就是我們能夠保持市場份額的原因。坦白說，我們所取得的大部分銷售成長和銷售提升都來自高成長通路。

A lot of this growth, it's not hard to just see that it's also coming from the high and very strong performance of The Ordinary that is in high double-digit growth in this market that is 100% in a high-growth channel. And this is actually one of the strengths, having brand from La Mer to The Ordinary that are positioned in all these channels being able to just capture the consumer where they are.

不難看出，這種成長很大程度上也源自於 The Ordinary 的強勁表​​現，該品牌在這個 100% 處於高成長通路的市場中實現了兩位數的高成長。這實際上是它們的優勢之一，從 La Mer 到 The Ordinary 等品牌都已覆蓋所有這些管道，能夠精準地在消費者所在的地方抓住他們。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

I wanted to ask about Europe. We've seen some stabilization in the sequential improvement in the market. Can you just expand about State of the Union and specifically comment on the UK and your outlook for the market in the medium term?

我想問關於歐洲的情況。我們已經看到市場環比改善趨於穩定。您能否詳細介紹國情咨文，並具體談談英國的情況以及您對中期市場的展望？

Yes. No. Thank you, Chris. Thank you for noticing the sequential improvement Europe is a tale of multiple cities. Obviously, our region is you came.

是的。不。謝謝你，克里斯。感謝您注意到歐洲的逐步改進，歐洲是由多個城市組成的。顯然，我們這個地區就是你來的地方。

I want to remind everybody is like in Europe is the UK and is obviously the emerging market. So if I look at the sequential improvement that we are seeing, in the total area is really coming from the emerging market, but also for -- from the UK going into -- back into positive territory into the last quarter. I've said it multiple times.

我想提醒大家，歐洲的情況就像英國一樣，顯然是新興市場。因此，如果我看一下我們看到的連續改善，總面積的成長實際上來自新興市場，但也來自英國，英國在上個季度重新進入正成長區間。我已經說過很多次了。

The UK, we were actually not where we should have been. We still have a lot of work to do, but at least we are moving in the right direction. Europe, consumer sentiment is still very subdued. We've seen a lot of challenges in France, in Germany, to name like in a few markets. But at the same time, actually, really strong performance in market like Spain or Italy, where we are gaining share in France.

英國，我們當時的狀態其實並不理想。我們還有很多工作要做，但至少我們正朝著正確的方向前進。歐洲消費者信心依然非常低迷。我們在法國、德國等一些市場都看到了許多挑戰。但同時，我們在西班牙或義大利等市場也取得了非常強勁的業績，我們在法國的市佔率也不斷成長。

And this region of the world is highly penetrated in the category of perfume. So it's very good for us to be able to demonstrate that we are able to just gain market share in this category. So we have a lot of work to do. I'm actually pleased with the beginning of momentum that we are getting into the UK and many of the playbook that we've used in the US, we are applying to the UK

而世界上的這個地區在香水領域滲透率很高。因此，能夠證明我們有能力在這個領域獲得市場份額，對我們來說是非常有利的。所以我們還有很多工作要做。我對我們在英國的初步進展感到非常滿意，我們在美國使用的許多策略，也正在英國應用。

We've moved some of our brands into the Amazon platform in the UK We are rationalizing distribution. We are accelerating the work we are doing with specialty multi. We've had really great support and great performance at Sephora UK Obviously, like Boots, our historical partner, to name a few.

我們已將部分品牌轉移到英國的亞馬遜平台。我們正在優化分銷管道。我們正在加快與特種多學科領域的合作。我們在英國絲芙蘭得到了極大的支持，並且取得了非常好的成績。當然，還有我們的舊合作夥伴博姿等等。

So great, great momentum. And frankly, where I am the most excited based on the new organization we've put in place are the emerging markets. Our prior emerging markets delivered double-digit growth into the quarter, which is a sequential improvement, and it's driven by Turkey, by Middle East, by Thailand and even mid-single digit in India. That is such a very strategic market for us. So I think it's a tale of, Chris, of so many different cities and stories, sorry, about like this very complex region.

勢頭強勁！坦白說，根據我們新建立的組織架構，我最興奮的是新興市場。我們先前的新興市場在本季實現了兩位數的成長，這是一個環比改善，這主要得益於土耳其、中東、泰國，甚至印度也實現了中等個位數的成長。那對我們來說是一個非常重要的策略市場。所以我覺得，克里斯，這是一個關於很多不同城市和故事的故事，抱歉，是關於這個非常複雜的地區的故事。

But again, it's moving in the right direction. More work to do, but the team is laser focused on activating with excellence, all the launches, and I think things from Clinique to Lauder innovation that are coming in the second half of this fiscal year are so important for this region. Double Wear is the leading foundation in many of these markets, and we expect a lot of things from this launch and hopefully, some sequential improved -- continuous sequential improvement in this geography.

但總的來說，它正朝著正確的方向發展。還有更多工作要做，但團隊正全力以赴，力求完美地完成所有產品的上市，我認為從倩碧到雅詩蘭黛，本財年下半年即將推出的創新產品對該地區來說非常重要。Double Wear 是許多市場領先的粉底液，我們對此上市寄予厚望，並希望在這一地區取得持續的進步。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

So I was hoping to just get a sense on kind of the top line trajectory in the back half of the year and just the expectation for higher growth in the fourth quarter versus the third quarter. Can you maybe frame the difference you would expect between the quarters? And I guess, as we think about the fourth quarter? Are there still some of these disruptions or repositioning changes that will be impacting growth? And I ask is more in context around the exit rate and maybe how they should inform our view on the top line trajectory as we look out to '27?

所以我希望了解今年下半年的營收走勢，以及第四季相比第三季更高的成長預期。您能否描述一下您預期這兩個季度之間會有哪些差異？那麼，當我們思考第四季的時候呢？是否存在一些幹擾因素或重新定位變化會影響成長？我更想問的是，退出率在什麼情況下會影響我們對 2027 年營收成長軌跡的看法？

Yes. Thanks, Peter. So essentially, look, we had a strong first half plus 3%. Right at the beginning of the year, we had telegraphed that we would have a back half in Asia, especially in both in China and Travel Retail will be anniversarying more larger bases. So we had said that at the beginning of the year.

是的。謝謝你，彼得。所以總的來說，你看，我們上半年表現強勁，成長了 3%。年初的時候，我們就預告過，下半年我們將在亞洲開展業務，尤其是在中國和旅遊零售領域，我們將迎來更多大型基地的周年紀念。年初的時候我們就說過這句話。

It was a part of our guidance, which we had communicated. Now to your point around back half, like Stephane said, we expect to see continued mid-single growth in China or better, but some of this is the stimulus that the Chinese economy had, which is anniversarying. Our goal is to outperform that market, but we expect market itself to take a little bit of a backstep from the double-digit type growth we put together. That's one. Secondly, the other point is that when you look at our APAC and TR segment, you see that the largest base period was quarter three.

這是我們指導方針的一部分，我們已經傳達過了。關於你提到的下半年的情況，就像史蒂芬說的那樣，我們預計中國經濟將繼續保持單年中期或更好的成長，但這其中一部分要歸功於中國經濟的刺激措施，而這恰逢中國經濟週年紀念。我們的目標是跑贏大盤，但我們預計市場本身將從我們實現的兩位數成長速度有所回落。這是其中之一。其次，另一點是，當你查看我們的亞太和TR業務板塊時，你會發現最大的基期是第三季。

So we do see a little bit of that in the quarter three to quarter four phasing. And then as we communicated, there is this transition, which Stephane and I talked about of retailers which is not a longer-term item to your point around exit rates, but it's a transition where one retailer takes business from another. You have ordering transition that goes on. So these are the main things that impact slightly in the back half. Of course, as we exit the year, our expectation is that we had said beauty market would be 2% to 3% this year.

因此，我們在第三季到第四季的過渡階段確實看到了一些這種情況。然後，正如我們交流的那樣，存在著這種轉型，我和史蒂芬也談到了零售商的這種轉型，這並不是像你所說的退出率那樣是一個長期問題，而是一個零售商從另一個零售商那裡搶走生意的轉型。您正在進行排序轉換。所以這些是會對後半程產生輕微影響的主要因素。當然，隨著年末的臨近，我們預計今年美容市場將成長 2% 至 3%，正如我們之前預測的那樣。

That was including travel retail, which has been challenged as travel retail basis of that period, beauty market itself should be better, assuming other things remain the same in the West and China continues to do mid-single. And then our goal -- our stated mission very clearly is which we are demonstrating in China, in US, in Japan, is that we want to start leading these markets in a very clear way, which we're already doing unquestionably in China and Japan in parts of emerging markets. So I think that is basically what is underlying our back half guide and then, of course, what you should expect going forward.

這其中也包括旅遊零售，該零售業務一直受到質疑，因為旅遊零售是這段時期的基礎。假設西方其他情況保持不變，中國繼續保持單月中期的成長勢頭，那麼美容市場本身應該會更好。然後，我們的目標——我們非常明確地宣布的使命，也是我們在中國、美國、日本所展現的，就是我們希望以非常明確的方式引領這些市場，而我們無疑已經在中國、日本以及部分新興市場做到了這一點。所以我認為這基本上就是我們下半程指南的基本內容，當然，也是你未來應該期待的內容。

Yes. And Peter, I want to be very clear that there's no misunderstanding from anybody. We are going for the top end of the new guidance that we are giving, both in top line and bottom line for this fiscal year, okay? So that's very clear. That's the mission that we have -- we're going for it.

是的。彼得，我想非常明確地說明，沒有人會對此產生任何誤解。我們的目標是實現我們給出的新指引中的上限，無論是本財年的營收或利潤，都達到上限，好嗎？這一點非常清楚。這就是我們的使命——我們正在努力實現它。

Obviously, we are giving ourselves a range because of like volatility that we all have to manage and frankly, being able to deliver this very strong first six months of the year with the amount of volatility that we have had in consumer sentiment being subdued I think I'm really proud, frankly, of what our team has done. And I think it's showing the momentum that we have on Beauty Reimagined, and I think should give you the confidence that on the long term, we are in the right trajectory we are accelerating. We are doing the right thing, and we are rebalancing also our growth between geographies, between brands and frankly, we're putting the one operating ecosystem in place for us to just be much more agile. And in this means of time, we are refreshing our long-range plan. And you can expect us when we come at the end of the fiscal year in August that we will give you more visibility of our mid- to long-term growth.

顯然，我們為自己設定了一個範圍，因為我們都必須應對各種波動。坦白說，在消費者信心波動較小的情況下，我們能夠在今年上半年取得如此強勁的業績，我真的為我們團隊所做的一切感到自豪。我認為這展現了我們在「重塑美」方面所取得的進展，也應該讓你們相信，從長遠來看，我們正走在正確的道路上，並且正在加速前進。我們正在做正確的事情，我們也在重新平衡不同地區、不同品牌之間的成長，坦白說，我們正在建立一個統一的營運生態系統，以便我們能夠更加靈活。在此期間，我們將更新我們的長期計劃。預計在 8 月財政年度結束時，我們將向大家更清楚地展示我們的中長期成長。

But I've also said it, and I repeat it today, our objective past this transition year is to gain market share. That's what we are doing this transformation. This is why we are diversifying our growth. This is why we are simplifying the ways of working. We've brought a lot of new partner in-house today.

但我也說過，而且今天我再說一遍，我們度過這個過渡年之後的目標是獲得市場份額。這就是我們正在進行的轉型。這就是我們實現多元化成長的原因。這就是我們簡化工作方式的原因。今天我們引進了許多新的合作夥伴。

We've talked about Accenture. We've talked in the past about Shopify. We have great partners of like Google, Microsoft and so many others that are helping us to really act with speed and agility and let alone all the PRGP, where the savings will continue to flow through this year and into next year and create a lot more efficiency. So I feel really good about what we've done in this first year of Beauty Reimagined, the momentum in the first half is strong. Even the retail sales ex travel retail at plus 4% lead us believe that we are gaining market share in many, many markets as demonstrated in China, in the US, in volume and so on and so forth.

我們已經討論過埃森哲了。我們之前討論過 Shopify。我們擁有像Google、微軟等眾多優秀的合作夥伴，他們幫助我們真正做到快速且靈活地行動，更不用說所有 PRGP 專案了，這些節省的資金將在今年和明年繼續發揮作用，並創造更大的效率。所以我對我們在「重塑美妝」第一年所取得的成就感到非常滿意，上半年的發展勢頭強勁。即使不包括旅遊零售在內的零售額成長了 4%，也讓我們相信，正如在中國、美國等地的銷售所表明的那樣，我們正在許多市場上獲得市場份額。

So I feel good. We are going for it. We're going for the top of the guidance, and that's the mission that we -- every single of the employees of the stellar companies have today, and we're going for it.

我感覺很好。我們決定放手一搏。我們的目標是達到指導方針的最高水平，這是我們——今天所有優秀公司的每一位員工的使命，我們正在為此努力。

That concludes today's question-and-answer session. If you were unable to join the entire webcast a playback to be available at 1:00 PM Eastern today through February 19. Please visit the Investors section of the company's website to view a replay of the webcast. That concludes today's Estee Lauder conference call.

今天的問答環節到此結束。如果您未能參加整個網路直播，則可於今天下午 1:00（美國東部時間）至 2 月 19 日期間觀看回放。請造訪公司網站的投資人關係頁面，觀看網路直播回放。今天的雅詩蘭黛電話會議到此結束。

I would just like to thank you all for your participation and wish you all a good day.

我謹代表大家感謝各位的參與，並祝福大家今天過得愉快。