雅詩蘭黛 (EL) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Estée Lauder Company's fiscal 2026 first 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, Ms. Laraine Mancini.

大家好，歡迎參加雅詩蘭黛公司 2026 財年第一季電話會議。今天的網路直播正在錄製。接下來，我將把電話交給投資人關係資深副總裁拉雷恩‧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 these forward-looking statements.

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。

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 impact of acquisitions, divestitures, brand closures and the impact of foreign currency translation.

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

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。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。

Throughout our discussion, our profit recovery and growth plan will be referred to as our PRGP. (Event Instructions) And now I'll turn the webcast over to Stephane.

在我們的討論中，我們的利潤恢復和成長計劃將被稱為我們的 PRGP。（活動說明）現在我將把網路直播交給史蒂芬。

Thank you, Rainey, and hello to everyone. It is good to be with you to discuss our first-quarter results and share the great work our teams are delivering across the action plan priorities for Beauty Reimagined. Let me begin with the first quarter. We delivered organic sales growth of 3%, a significant sequential acceleration from the 13% decline in the fourth quarter. We are pleased by the diversity of our performance.

謝謝你，雷尼，大家好。很高興能與大家一起探討我們第一季的業績，並分享我們的團隊在「重塑美麗」行動計畫優先事項方面所取得的出色成果。讓我們從第一季開始。我們實現了 3% 的有機銷售成長，較第四季 13% 的下滑幅度實現了顯著的環比成長。我們對演出的多樣性感到滿意。

As Mainland China contributed nicely to a return to growth, the rest of our markets in total improved sequentially, including high single-digit growth in our priority emerging markets, led by Mexico, Turkey and India's double-digit growth.

由於中國大陸對經濟恢復成長做出了良好貢獻，我們其他市場的整體成長也較上季改善，其中我們重點關注的新興市場實現了高個位數成長，墨西哥、土耳其和印度更是實現了兩位數成長。

And Travel Retail grew on a favorable comparable compared to last year low base. We also got off to a strong start to the fiscal year with significant improvement in operating profitability. These results reinforce the confidence we have in our fiscal '26 outlook, a pivotal step towards restoring sustainable sales growth and rebuilding our operating margin to solid double digit in the next few years.

旅遊零售業務在與去年低基數相比的有利基礎上實現了成長。本財年開局強勁，營運獲利能力顯著提高。這些結果增強了我們對 2026 財年前景的信心，這是恢復可持續銷售成長並在未來幾年內將營業利潤率重建至兩位數穩健水平的關鍵一步。

The first three action plan priorities of Beauty Reimagined: Accelerate best-in-class consumer coverage, create transformative innovation and boost consumer-facing investment are increasingly amplifying each other to drive accelerating retail sales growth in key markets.

「重塑美妝」行動計畫的前三個優先事項：加速實現一流的消費者覆蓋、創造變革性創新和增加面向消費者的投資，這三者正日益相互促進，以推動關鍵市場零售銷售的加速增長。

In China, we significantly outperformed Prestige Beauty as our retail sales increased double digit ahead of industry, up high single digit. Seven of our brands grew double digit with Le Labo nearly triple digits. We gained share in every category as well as both brick-and-mortar and online. Impressively, we have gained Prestige Beauty share in five of the last six quarters, which is unparalleled among the biggest Prestige Beauty players.

在中國，我們的業績顯著優於 Prestige Beauty，零售額實現了兩位數的成長，高於業界平均的個位數成長。我們旗下有七個品牌實現了兩位數的成長，其中 Le Labo 的成長率接近三位數。我們在各個類別中都獲得了市場份額，實體店和線上通路的市場份額也都得到了提升。令人印象深刻的是，我們在過去六個季度中的五個季度都獲得了高端美妝市場份額，這在最大的高端美妝企業中是無與倫比的。

In US Prestige Beauty, our retail sales growth accelerated sequentially. In the quarter, we grew 8% in Skin Care versus the category up 6%. The Ordinary drove our share gain in skin care, while we also gained share in Hair Care led by Aveda. All told, we maintained our Prestige Beauty share calendar year-to-date. The Estée Lauder brand achieved its third consecutive quarter of overall share gain in the US, thanks to excellent uptake in innovation.

在美國高端美妝市場，我們的零售銷售成長逐週加速。本季，我們的保養品業務成長了 8%，而整個品類僅成長了 6%。The Ordinary 推動了我們在護膚品領域的市佔率成長，而 Aveda 則引領了我們在護髮品領域的市佔率成長。總的來說，我們今年的高端美妝產品份額計劃與往年基本保持一致。由於創新產品的出色表現，雅詩蘭黛品牌在美國市場連續第三個季度實現了整體市場份額的成長。

This quarter, it gained share in each of Skin Care, Makeup and Fragrance. Impressively, we delivered strong unit share gain in US Prestige Beauty, demonstrating our strategic actions are driving new consumer acquisition. In several of Western European markets, Prestige Beauty continues to see slow growth, in some cases, negative growth. In France, the biggest category in Prestige Beauty in Western Europe, we gained share in France and Spain.

本季度，該公司在護膚品、彩妝和香水領域的市佔率均有所成長。令人印象深刻的是，我們在美國高端美妝市場取得了強勁的市場份額成長，這表明我們的策略舉措正在推動新消費者的獲取。在西歐的幾個市場，高端美妝市場持續低迷，在某些情況下甚至出現負成長。在西歐最大的高端美妝類別——法國，我們在法國和西班牙都獲得了市場份額。

For the UK, the largest market in the region and where Prestige Beauty is much more resilient, industry sales growth reaccelerated to nearly 10%, and we realized a strong sequential improvement in our retail sales trends. We still have much work to do in the UK, but we are moving in the right direction.

英國是該地區最大的市場，也是高端美妝產業韌性更強的市場，產業銷售成長再次加速至近 10%，我們的零售銷售趨勢也實現了強勁的環比改善。我們在英國還有很多工作要做，但我們正朝著正確的方向前進。

Our improving retail sales performance in many key markets around the world is a testament to our team's incredibly strong execution of Beauty Reimagined, starting with accelerating best-in-class coverage. We are advancing with speed to reach consumers where they are, capitalizing on the learnings that we have had with Amazon in the US, Canada and Japan.

我們在全球許多主要市場的零售銷售業績不斷提升，這證明了我們團隊對「重塑美妝」理念的出色執行，而這一切都始於加速實現一流的市場覆蓋。我們正快速推進，以便在消費者所在的地方觸達他們，充分利用我們在美國、加拿大和日本與亞馬遜合作所獲得的經驗。

We opened Amazon Storefront in Mexico with Clinique, The Ordinary and Estée Lauder and the UK with The Ordinary. We announced our presence on TikTok Shop, launching Clinique, M·A·C and Dr. Jart in the US as well as The Ordinary in Malaysia and Singapore. Impressively M·A·C was awarded TikTok Shop Top brand Campaign Award for 2025 in Personal Care and Life, recognized for the stellar grand opening and tremendous initial success.

我們在墨西哥開設了 Clinique、The Ordinary 和 Estée Lauder 的亞馬遜店鋪，並在英國開設了 The Ordinary 的亞馬遜店鋪。我們宣佈進駐 TikTok Shop，在美國推出倩碧、魅可和 Dr. Jart+，在馬來西亞和新加坡推出 The Ordinary。令人印象深刻的是，M·A·C 憑藉其盛大的開幕典禮和巨大的初期成功，榮獲 2025 年 TikTok 個人護理和生活用品類最佳品牌推廣獎。

Our newest TikTok Shop has served to strengthen the performance across channel given how consumers discover, engage and transact. This collective action in our online consumer coverage complemented first quarter growth from our existing presence on fast-growing retailers like Tmall, JD, Douyin and Notino.

鑑於消費者在TikTok上發現、互動和交易的方式，我們最新的TikTok商店有助於提升整個管道的表現。我們在線上消費者覆蓋方面的這項集體行動，補充了我們在第一季透過天貓、京東、抖音和 Notino 等快速成長的零售商平台所取得的成長。

As a result, global online organic sales growth accelerated to double digit from mid-single digit in the fourth quarter, leading us to believe we outperformed Prestige Beauty in this strategic channel. For our European Travel Retail business, we made great progress in expanding our consumer coverage in Fragrance through new retail activation, new doors and upgrading the existing fleet across our luxury portfolio. This strategic expansion contributed to our double-digit retail sales growth for France across several of our major retailers in the region for the quarter.

因此，第四季度全球線上有機銷售成長從個位數中段加速至兩位數，這讓我們相信，我們在這項策略管道的表現優於高端美妝。對於我們的歐洲旅遊零售業務，我們透過新的零售活動、新門市以及升級我們奢侈品組合中的現有門市，在擴大香水消費者覆蓋範圍方面取得了巨大進展。這一戰略擴張促成了我們本季在法國的幾家主要零售商的零售額實現兩位數增長。

We also drove similarly strong retail sales growth in the Americas Travel Retail for Fragrance, in part from our all new distribution with Duty Free Americas. Looking at innovation, newness from TOM FORD, Killian Paris, Jo Malone London and Aramis kicked off France rich pipeline for fiscal '26.

在美洲旅遊零售通路，香水零售也實現了類似的強勁成長，部分原因是得益於我們與 Duty Free Americas 的全新分銷管道。從創新角度來看，TOM FORD、Killian Paris、Jo Malone London 和 Aramis 的新品為 2026 財年法國市場帶來了豐富的產品線。

These launches, some of which created allo benefit on existing products, combined with the Le Labo outstanding growth made France our best-performing category, rising 13%. We continue to expect France to be Prestige Beauty's fastest-growing category for fiscal '26, driven by luxury, the largest mix of our France business and where we are the leader as well as over the next few years, driven by both domestic markets and the travel retail channel.

這些新品發布，其中一些為現有產品帶來了額外收益，再加上 Le Labo 的出色增長，使法國成為我們表現最好的類別，增長了 13%。我們仍然預計，在 2026 財年，法國將成為高端美妝品類成長最快的市場，這主要得益於奢侈品市場，奢侈品是我們法國業務中佔比最大的品類，也是我們在該領域的領導者。未來幾年，國內市場和旅遊零售通路的雙重推動也將繼續保持這一成長動能。

On that note, we are thrilled to have opened our new France Atelier in Paris, where our team will blend state-of-the-art technology, data-driven intelligence, leveraging AI and olfactory expertise to craft the next generation of extraordinary scents, all while innovating much quicker than we have in the past.

在此，我們非常高興地宣佈在巴黎開設了新的法國工作室，我們的團隊將融合最先進的技術、數據驅動的智慧、利用人工智慧和嗅覺專業知識，打造下一代非凡的香水，同時以比以往更快的速度進行創新。

Skin Care further drove our organic sales growth in the first quarter. We had an exciting slate of innovation in high-growth subcategory and across Prestige price tiers, including breakthrough launches in eye, acne and longevity targeting all age groups.

第一季度，護膚品進一步推動了我們的有機銷售成長。我們在高成長子類別和高端價格等級中推出了一系列令人興奮的創新產品，包括針對所有年齡層的眼部、痤瘡和長壽領域的突破性產品。

This introduction, coupled with newness from earlier in the calendar year, contributed to Skin Care's growth. We continue to boost our consumer-facing investment to drive new consumer acquisition, focusing on high ROI opportunities like our brand building, freestanding stores and demand generation media activation. We opened 14 net new freestanding stores for our Fragrance portfolio, including a row of new boutique in New York City Sal District for Frederic Malle, TOM FORD, Jo Malone London and KILLIAN PARIS.

這項舉措，加上年初以來的新品上市，促進了護膚品業務的成長。我們將繼續增加對面向消費者的投資，以推動新消費者的獲取，並專注於高投資回報率的機會，例如品牌建立、獨立門市和需求生成媒體活動。我們為香水系列新增了 14 間獨立門市，其中包括在紐約市 Sal District 開設的一排 Frederic Malle、TOM FORD、Jo Malone London 和 KILLIAN PARIS 精品店。

We introduced stunning new campaign from TOM FORD debut of Black Orchid Reserve to I Only Wear M·A·C and La Mer Gives Skin Life. And we are reengaged in creating new consumer experience across travel retail corridors.

我們推出了令人驚豔的全新廣告，從 TOM FORD 的 Black Orchid Reserve 系列首次亮相，到 I Only Wear M·A·C 和 La Mer Gives Skin Life 系列。我們正重新致力於在旅遊零售領域創造全新的消費者體驗。

To fuel our first three action priorities, we made great strides delivering on the promise of PRGP, which Akhil will describe in more detail. Finally, we are especially encouraged by the momentum we are building as we reimagine the way we work, our fifth action plan priority. Our new executive team is fully in place.

為了推進我們的前三個行動重點，我們在兌現 PRGP 的承諾方面取得了巨大進展，Akhil 將對此進行更詳細的描述。最後，我們特別感到鼓舞的是，我們在重新構想工作方式（我們的第五項行動計畫優先事項）方面正在取得進展。我們的新管理團隊已全部到位。

Our four newly reorganized regions are fully operational and throughout the organization, we are empowering faster decision-making. As you will recall, we committed in February to increasingly collaborate with partners in areas of business where they can support us to become the best consumer-centric Prestige Beauty company in the world.

我們新重組的四個區域已全面投入運營，並且在整個組織內，我們正在推動更快的決策。您應該還記得，我們​​在二月承諾，將加強與合作夥伴在業務領域的合作，以便他們能夠幫助我們成為世界上最好的以消費者為中心的高端美妝公司。

We are, therefore, thrilled to announce our new partnership with Shopify to modernize and scale our direct-to-consumer business in a phased approach, creating a best-in-class omnichannel consumer experience globally.

因此，我們非常高興地宣布與 Shopify 建立新的合作夥伴關係，以分階段的方式實現我們直接面向消費者業務的現代化和規模化，在全球範圍內打造一流的全通路消費者體驗。

Looking ahead, for the balance of the fiscal year, we continue executing on our action plan priorities, including investing in exciting holiday activation and expanding consumer coverage. As announced yesterday, this includes M·A·C entering US Sephora spanning select stores as well as online and Sephora at course, which allows us to better connect with younger consumer and accelerate M·A·C turnaround in the US

展望未來，在本財年的剩餘時間裡，我們將繼續執行我們的行動計畫重點，包括投資令人興奮的假期促銷活動和擴大消費者覆蓋範圍。正如昨天宣布的那樣，這包括M·A·C進駐美國絲芙蘭，涵蓋部分門市、線上管道以及絲芙蘭線上商城，這將使我們能夠更好地與年輕消費者建立聯繫，並加速M·A·C在美國的復甦。

Before I close, I want to share a few accomplishments from our just published fiscal 2025 social impact and sustainability report. Since we announced our first set of public goals in 2019, we are proud to have achieved several of them across climate, water, waste, sourcing, ingredient transparency and impactful social investment.

在結束之前，我想分享一下我們剛發布的 2025 財年社會影響和永續發展報告中的一些成果。自 2019 年我們公佈第一套公開目標以來，我們很自豪地在氣候、水資源、廢棄物、採購、成分透明度和有影響力的社會投資等方面實現了其中幾個項目標。

In introducing additional 2030 goals, we are reemphasizing our focus on women and girl advancement guided in spirit by our founder with a new commitment to contribute $50 million to support health, education, leadership and entrepreneurship.

在推出更多 2030 年目標時，我們再次強調了對婦女和女孩發展的關注，這秉承了我們創始人的精神，並承諾捐贈 5000 萬美元用於支持健康、教育、領導力和創業精神。

In closing, the first quarter marked the beginning of our return to growth as anticipated for our fiscal 2026 outlook. While the macroeconomic environment globally continues to be dynamic with a variety of headwinds and tailwinds, we remain vigilant and focused on achieving our ambition for Beauty Reimagined.

總之，第一季標誌著我們開始恢復成長，正如我們對 2026 財年展望的預期。儘管全球宏觀經濟環境持續變化，面臨各種不利因素和有利因素，但我們仍保持警惕，專注於實現我們「重塑美」的願景。

I am incredibly grateful to our employees around the world who delivered a strong start to fiscal '26 onward and upward. I will now turn the call over to Akhil.

我非常感謝世界各地的員工，他們為 2026 財年及以後的發展奠定了良好的開端。現在我將把通話轉給阿基爾。

Thank you, Stephane. Hello, everyone, and thank you for joining us today. Overall, we are encouraged with our return to growth and the improvement in margins and cash flow results, thanks to the tremendous efforts of our teams globally.

謝謝你，史蒂芬。大家好，感謝各位今天收看我們的節目。總體而言，我們對公司恢復成長以及利潤率和現金流業績的改善感到鼓舞，這要歸功於我們全球團隊的巨大努力。

We are determined to continue driving value creation and executing with excellence and urgency across the pillars of Beauty Reimagined. Before I share an update on our reaffirmed full year outlook, I'll start with a quick recap of our first-quarter results.

我們決心繼續推動價值創造，並在「重塑美麗」的各個支柱領域中以卓越和緊迫感執行。在分享我們重申的全年展望的最新情況之前，我將先快速回顧一下我們第一季的業績。

For more detail on our first-quarter performance, please refer to our press release issued this morning. Starting with organic net sales. We grew 3% compared to last year. This was driven by double-digit growth in Fragrance and low single-digit growth in Skin Care. Together, these led to high single-digit growth in both Asia Pacific and Mainland China.

有關我們第一季業績的更多詳情，請參閱我們今天早上發布的新聞稿。首先從有機淨銷售額開始。與去年相比，我們成長了3%。這主要得益於香水業務兩位數的成長和護膚品業務個位數的低成長。這些因素共同促成了亞太地區和中國大陸的高個位數成長。

Sales from our Makeup and Hair Care categories declined, partially driving the low single-digit decrease in the Americas. Turning now to margins. Our gross margin expanded 60 basis points and was 73.3% in the quarter.

我們的彩妝和護髮產品銷售額下降，部分導致了美洲地區個位數的低降幅。現在來看邊距。本季我們的毛利率成長了 60 個基點，達到 73.3%。

This was driven by sales growth as well as strong net benefits from our PRGP, reflecting operational efficiencies, lower promotional activity and ongoing reductions in excess and obsolescence. These results more than offset the headwinds from inflation and foreign exchange transactions.

這主要得益於銷售成長以及 PRGP 帶來的強勁淨收益，反映了營運效率的提高、促銷活動的減少以及庫存過剩和過時情況的持續減少。這些成果足以抵銷通貨膨脹和外匯交易帶來的不利影響。

In terms of operating margin, we expanded 300 basis points to 7.3% compared to 4.3% last year. This expansion reflects net benefits from our PRGP. Specifically, they drove a 3% reduction in non-consumer-facing expenses, even with the normalization of employee incentive costs.

就營業利潤率而言，我們較去年同期的 4.3% 成長了 300 個基點，達到 7.3%。此次擴張反映了我們PRGP帶來的淨收益。具體來說，即使員工激勵成本正常化，他們也實現了非消費者支出減少 3%。

As a result, we were able to fund consumer-facing investments, which increased by 4%. We are delivering on our strategic priority to improve operating margin for the full year as we strengthen overall cost efficiency and leverage under our PRGP.

因此，我們得以向面向消費者的投資提供資金，這些投資成長了 4%。我們正在落實提高全年營業利潤率的策略重點，透過加強整體成本效益和利用PRGP計畫的槓桿作用來實現這一目標。

We are continuing to fuel consumer-facing investments that build brand desirability while maintaining discipline on non-consumer-facing expenses. Our effective tax rate for the quarter was 40.5%, up from 38.8% last year.

我們將持續增加對面向消費者的投資，以提升品牌吸引力，同時嚴格控制非面向消費者的支出。本季實際稅率為 40.5%，高於去年的 38.8%。

The quarterly rate is based on our estimated full-year geographical mix of earnings and is expected to improve in the second half of the year as profitability builds throughout the year. In addition, the elevated rate includes the unfavorable impact associated with previously issued stock-based compensation. We are evaluating tax planning opportunities aligned with the strategic changes we have been making to our organizational structure and mix of business.

季度收益率是根據我們估計的全年地域收益組成計算得出的，預計隨著全年盈利能力的提升，下半年收益率將會提高。此外，較高的利率還包括先前發放的股票選擇權激勵措施所帶來的不利影響。我們正在評估與我們對組織結構和業務組合進行的策略性變革一致的稅務規劃機會。

Our return to sales growth, combined with strong cost efficiency and leverage, more than doubled diluted EPS to $0.32, up from $0.14 last year. In terms of our overall PRGP, building upon the work we did last year, we are continuing to execute with rigor, discipline and clear purpose to optimize key elements across our cost structure.

銷售成長的恢復，加上強大的成本效益和槓桿作用，使稀釋後每股收益翻了一番多，達到 0.32 美元，高於去年的 0.14 美元。就我們的整體 PRGP 而言，在去年工作的基礎上，我們將繼續以嚴謹、自律和明確的目標來執行，以優化我們成本結構中的關鍵要素。

We are driving momentum across the P&L, focusing on operational excellence to improve gross margin, streamlining our organization to enhance agility, effectiveness and efficiency through ongoing restructuring and leveraging our competitive approach to procurement to reduce costs and maximize ROI across all areas of spend.

我們正在推動損益表各方面的成長，專注於卓越營運以提高毛利率，透過持續重組精簡組織結構以增強敏捷性、效率和效益，並利用我們在採購方面的競爭優勢來降低成本，並在所有支出領域最大限度地提高投資回報率。

These efforts continue to advance our PRGP initiatives, creating fuel for growth, improving profitability and positioning the company for sustainable long-term value creation. Proceeding now to the restructuring component of our PRGP.

這些努力持續推進我們的 PRGP 計劃，為成長提供動力，提高獲利能力，並使公司能夠實現可持續的長期價值創造。接下來進入PRGP的重組部分。

Through September 30, we recorded $697 million of total cumulative charges, primarily in employee-related costs. Turning now to cash flows. For the three months, we used $340 million in net cash flows from operating activities, a significant improvement as compared to the $670 million use of cash last year.

截至 9 月 30 日，我們記錄了 6.97 億美元的累積費用，主要為與員工相關的成本。接下來我們來看現金流。三個月內，我們使用了 3.4 億美元的營運活動淨現金流，與去年同期 6.7 億美元的現金使用量相比，這是一個顯著的改善。

The improvement primarily reflects higher earnings as well as a favorable change in operating assets and liabilities despite an increase in restructuring payments. We invested $96 million in CapEx, prioritizing consumer-facing investments to fuel growth while optimizing all other CapEx investments.

儘管重組支出增加，但獲利增加以及經營資產和負債的有利變化，使得業績改善主要反映了獲利成長。我們在資本支出方面投入了 9,600 萬美元，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。

For the quarter, CapEx was down 32% versus the prior year, reflecting the phasing of projects. With a full-year outlook to invest roughly 4% of projected sales and CapEx, we are maintaining a more efficient and normalized level of investment to drive long-term sustainable growth. Also in the quarter, we paid $150 million in deferred consideration associated with the fiscal 2023 acquisition of the TOM FORD brand. Turning now to outlook. We are reaffirming our fiscal 2026 full-year outlook.

本季資本支出比上年同期下降了 32%，反映了專案的分階段實施。展望全年，我們將投資約佔預期銷售額和資本支出的 4%，以維持更有效率、更正常的投資水平，從而推動長期永續成長。本季度，我們也支付了 2023 財年收購 TOM FORD 品牌相關的 1.5 億美元遞延對價。現在來談談前景。我們重申2026財年全年業績展望。

While we don't expect a linear path given macro volatility and prior year comparisons, our first quarter results give us confidence as we remain focused on delivering our full-year outlook. In terms of organic net sales, we still expect flat to 3% growth for the full year.

儘管考慮到宏觀經濟波動和去年同期數據，我們預計不會出現線性成長，但第一季的業績讓我們充滿信心，我們將繼續專注於實現全年預期目標。就有機淨銷售額而言，我們仍然預計全年成長率將持平或達到 3%。

We anticipate stronger performance in the first half with favorable comparisons in Asia Pacific, driven by our Global Travel Retail business as well as in Mainland China. We are seeing improvement in consumer sentiment in Mainland China, though it remains subdued and has yet to fully recover from historical lows. In our Global Travel Retail business, we have good momentum in the West, fueled by consumer-facing investments and distribution expansion.

我們預計上半年業績將更加強勁，亞太地區（主要得益於全球旅遊零售業務）和中國大陸地區的良好基數將推動業績成長。我們看到中國大陸的消費者信心有所改善，儘管仍然低迷，尚未從歷史低點完全恢復。在我們的全球旅遊零售業務中，西方市場發展勢頭良好，這得益於面向消費者的投資和分銷管道的擴張。

That said, persistent challenges in the East continue to pressure retail sales. We expect these challenges to have a greater impact in the second half, particularly as we face tougher comparisons to last year when Mainland China returned to growth and our Global Travel Retail business started shipping in line with retail.

儘管如此，東方市場持續存在的挑戰仍然給零售銷售帶來壓力。我們預計這些挑戰在下半年會產生更大的影響，尤其是在與去年相比，去年中國大陸恢復成長，我們的全球旅遊零售業務也開始與零售業務同步出貨，因此面臨更大的比較壓力。

Despite this anticipated variability, we are encouraged by the start of the fiscal year and by our return to growth. Before I close, let me reaffirm our assumptions regarding evolving trade policies and enacted tariffs. Based on information available and net of our planned mitigation actions through October 24, we continue to expect tariff-related headwinds to impact profitability by approximately $100 million.

儘管存在這種預期的波動，但我們對本財年的開始以及我們恢復成長感到鼓舞。在結束演講之前，我想重申我們對不斷變化的貿易政策和已實施關稅的假設。根據現有信息，扣除我們截至 10 月 24 日的計劃緩解措施後，我們仍然預計關稅相關的不利因素將對盈利能力造成約 1 億美元的損失。

This does not include any subsequent or future changes. We continue to evaluate additional strategies to further mitigate these impacts, including more PRGP initiatives and potential pricing actions. In closing, our focus remains on being the most consumer-centric beauty company and creating long-term value through sustainable growth, margin improvement and cash productivity.

這不包括任何後續或未來的變更。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 計劃和潛在的定價措施。最後，我們將繼續專注於成為最以消費者為中心的美容公司，並透過永續成長、利潤率提高和現金流效率提升來創造長期價值。

To our teams around the world, thank you. Your dedication to executing across all pillars of Beauty Reimagined is reflected in our results and is driving a return to sustainable sales growth and rebuilding our operating margin to solid double digit over the next few years.

感謝世界各地的團隊。您對「重塑美麗」所有支柱的執著執行體現在我們的業績中，並推動了可持續銷售增長的恢復，以及在未來幾年內將我們的營業利潤率重建為兩位數的穩健增長。

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

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) Lauren Lieberman, Barclays.

（操作說明）勞倫·利伯曼，巴克萊銀行。

Great, thanks. Good morning everyone. I was hoping you could talk a little bit about volume trends versus price mix. I know it's not something you usually talk about regularly, but it is disclosed in your 10-Qs. And I think this quarter, given some of the comparisons and the distribution gains, there probably has been a nice move in volumes within your overall organic sales growth. But I'd love to just hear a little bit more about your perspective on the importance of driving volume over time as part of the algorithm? Thanks.

太好了，謝謝。大家早安。我希望您能談談銷售趨勢與價格組合之間的關係。我知道這不是你通常經常談論的事情，但你在 10-Q 表格中披露了這一點。我認為，考慮到一些比較數據和分銷管道的改善，本季整體有機銷售成長中銷售可能出現了不錯的成長。但我很想聽聽您對隨著時間推移提升銷售在演算法中的重要性有何看法？謝謝。

Yes. Thank you, Lauren. I'll start and maybe Akhil can just like add some flavors to it. I think let me start from like the comment that I made on the US because like for us, we saw in the quarter significant share gain from a volume standpoint, which has been driven by several things.

是的。謝謝你，勞倫。我先來，也許阿基爾可以給它加點料。我想先從我之前對美國市場的評論說起，因為就我們而言，本季度我們在銷量方面取得了顯著的市場份額增長，這主要得益於幾個因素。

Some of the price adjustments that we've done with new launches in part of the Beauty Reimagined, all the new innovation that we've put forward, if you remember, have clearly committed to make sure that we have the right price point at the right price band for every single of our four categories.

我們對部分新品進行了價格調整，這是「美妝重塑」計畫的一部分。我們推出的所有創新產品，如果您還記得的話，都明確致力於確保我們四大類別中的每一個產品都能在合適的價格區間內實現合適的價格定位。

And we've done that already with like products like Studio Fix in M·A·C, but also we've done it in other geographies where we adjusted prices, namely Clinique in UK, where we have had great, great success with the repositioning of like DDML.

我們已經對 M·A·C 的 Studio Fix 等類似產品進行了調整，並且在其他地區也進行了調整，例如英國的倩碧，我們透過重新定位 DDML 等產品取得了巨大的成功。

But in the US, the most significant part for us was actually the market share gain in units that is showing that we are bringing new consumer to the company and to our brand. And if you remember, that's part of Beauty Reimagined, it was really important for us that we are investing in the demand generation at the top of the funnel to just bring new consumers to our brands.

但在美國，對我們來說最重要的部分實際上是市場份額的成長，這表明我們正在為公司和我們的品牌帶來新的消費者。如果你還記得的話，這是「重塑美妝」計畫的一部分，對我們來說，投資於銷售漏斗頂端的需求創造，從而為我們的品牌帶來新消費者，這一點非常重要。

So I think we're seeing the momentum from a unit standpoint going on. Obviously, it's driven by also macroeconomic trends that's where we see a lot more demand at the entry of Prestige, and we've seen a strong acceleration with The Ordinary.

所以我覺得從單位銷售來看，我們正在看到這種勢頭。顯然，這也受到宏觀經濟趨勢的驅動，因此我們看到 Prestige 系列產品的需求量更大，而 The Ordinary 系列產品的需求量也出現了強勁的加速成長。

We've seen a rebound also with M·A·C in the US and starting to see some momentum in many markets. So I think it's a combination, Lauren, of categories, consumer demand also, but price points that we are driving throughout the organization. And we believe that allows us to just bring a lot new consumer to the company overall and contributing to the market share gain in many markets and the rebound and the growth that we are seeing in the quarter.

我們看到 M·A·C 在美國也出現了反彈，並且在許多市場開始看到一些成長勢頭。所以我覺得，Lauren，這是多種因素共同作用的結果，包括品類、消費者需求，以及我們在整個組織中推動的價格點。我們相信，這將使我們能夠為公司帶來許多新的消費者，並有助於在許多市場中獲得市場份額，以及我們在本季度看到的反彈和成長。

Yeah. Thank you, Stephane. Lauren, as we have spoken, fundamentally, the strategy is to start winning more consumers. So as part of that, one of the things we have done, and Stephane has talked about it in many forums, we have looked at our pricing to be in the right bands in many core categories where our pricing -- we adjusted pricing, and we have seen overall unit response.

是的。謝謝你，史蒂芬。勞倫，正如我們剛才所說，從根本上講，策略就是贏得更多消費者。因此，作為其中的一部分，我們採取的措施之一，也是 Stephane 在許多論壇上談到的，就是我們調整了價格，使之處於許多核心類別的合適範圍內，並且我們看到了整體銷量的提升。

In addition, after many years of inflationary pricing that we have done, we did take a careful look at our overall portfolio and our pricing this year is lower than overall in the prior year, simply because as inflation has subsided and overall industry had taken a lot of pricing.

此外，經過多年的通膨定價，我們仔細審視了我們的整體投資組合，今年的定價低於去年的整體定價，這僅僅是因為通膨已經消退，整個行業已經進行了大量的定價調整。

So we believe -- of course, our business is made up of many different categories. I mean, makeup -- and so it's hard to make unit comments, but with the 3% organic sales growth, and pricing, we believe, is sub 2%. We expect to have unit growth barring the mix.

所以我們相信——當然，我們的業務是由許多不同的類別組成的。我的意思是，化妝品——所以很難做出具體的單位評論，但根據 3% 的有機銷售增長和定價，我們認為低於 2%。撇開產品組合不談，我們預期銷售量將會成長。

And of course, we are working to understand the drivers of unit mix and volume by business where it makes the most sense because if in our business between Fragrance and Skin Care, it's hard to make an overall comment. But our goal is to drive unit. Our goal is to bring more consumers and we are starting to see positive results here. I hope --

當然，我們正在努力了解各業務單位組合和銷售的驅動因素，因為在我們香水和護膚品業務中，很難做出整體評論。但我們的目標是提升銷售量。我們的目標是吸引更多消費者，目前我們已經開始看到正面的成果。我希望--

One quick thing, Lauren, just to add like a very data point that is important. Where we see the biggest move in terms of unit is also in the perfume category for us. And we've had a significant influx of innovation, and that's also like linked to what, Akhil, and I said about accelerating innovation, accelerating innovation at the right price point, and we are seeing a lot more also smaller sizing driving the growth over the world for perfume. And this is 1 of the things that we are seeing, and we are doubling down and accelerating going forward.

勞倫，我還有一件事要補充，這是一個非常重要的數據點。就銷量而言，我們看到增幅最大的也是香水類別。我們已經迎來了大量的創新，這也與我和 Akhil 所說的加速創新、以合適的價格加速創新有關，而且我們看到，越來越多的小包裝產品正在推動全球香水市場的成長。這是我們正在看到的現象之一，我們將加倍努力，並加快步伐。

Yes. We returned to unit growth this quarter, which is a great positive.

是的。本季我們恢復了銷售成長，這是一個非常正面的訊號。

Thanks so much.

非常感謝。

Thank you, Lauren.

謝謝你，勞倫。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Hey, good morning. So, First or term clarity (multiple speakers) -- you referenced the strong start to the year with 3% organic sales growth in fiscal Q1, but kept the full-year top line guidance at the high end, that implies the balance of the year is more in line with Q1 or below if you use the lower end of the guidance. So just conceptually, is that conservatism or early in the year?

嘿，早安。首先，關於術語的清晰度（多位發言者）——您提到今年開局強勁，第一財季有機銷售額增長了 3%，但全年營收預期仍保持在較高水平，這意味著如果採用預期的下限，今年剩餘時間的業績將更接近第一季或更低。所以從概念上講，這是保守主義還是年初的保守主義？

Trying to understand if the Q1 result gives you more optimism, particularly given the comments about a stronger first half. And then also just longer term, obviously, solid share gains in Mainland China in the last few quarters, you've made a number of internal improvements.

想了解第一季業績是否會讓你更樂觀，特別是考慮到上半年業績表現強勁的說法。此外，從長遠來看，顯然，過去幾季在中國大陸的市場份額穩步增長，你們也進行了許多內部改進。

Just as you look out longer term over the next few years, do you think those share gains can continue, maybe give us a bit of a short-term report card on what's driving that and how sustainable those factors may be as you look out?

展望未來幾年，您認為這些市場佔有率的成長能否持續？能否給我們簡單介紹短期內推動市場佔有率成長的因素，以及這些因素的可持續性？

Yeah. No, thank you, Dara, for multiple point question. Let me start maybe with Dianne because I think it's going to be important to really understand like the impact of China also like on the full-year guidance, and I'll start and Akhil give some flavor about the balancing of our year. So first of all, in China, we are really happy with our share gain. As mentioned in our prepared remarks, we are like well ahead the market, and we are in double-digit growth.

是的。不，謝謝你，達拉，你問了個多點問題。或許我先從 Dianne 開始，因為我認為真正了解中國對全年業績指引的影響非常重要，然後我先開始，Akhil 會介紹我們今年的業績平衡情況。首先，在中國，我們對市場佔有率的成長非常滿意。正如我們在準備好的發言稿中所提到的，我們遠遠領先於市場，並且實現了兩位數的成長。

We have seven brands in double digit, and we have actually many more in positive for the quarter. And that's been really encouraging because for us, it is no longer just growth on a few brands. But it's basically across the portfolio, across categories. And like I said, also in brick-and-mortar and online where we are getting significant share.

我們有七個品牌實現了兩位數的盈利，而且實際上還有更多品牌在本季度實現了盈利。這真的令人鼓舞，因為對我們來說，成長不再只是幾個品牌的成長。但基本上是整個產品組合、各個類別都存在這種情況。正如我所說，我們在實體店和線上也獲得了相當大的市場份額。

So when I see China, I see, obviously, a stabilization through a slight acceleration of the market that is mainly like driven by us. We're seeing a peak of consumer confidence on the Chinese consumer starting to rebound, but don't get me wrong. It's still subdued compared to historical peak.

所以當我看到中國時，我顯然看到的是市場在略微加速成長的情況下趨於穩定，而這主要是由我們推動的。我們看到中國消費者信心達到頂峰後開始反彈，但別誤會我的意思。與歷史高峰相比，目前仍處於低迷狀態。

But we're seeing all of that moving in the right direction. But if you remember, our balance between the first half and the second half are very different because we are still lapsing in the first half of our fiscal year lower number, both in China and travel retail.

但我們看到這一切都在朝著正確的方向發展。但如果你還記得的話，我們上半年和下半年的平衡情況非常不同，因為我們仍在消化上半年較低的財年數據，無論是在中國還是在旅遊零售領域。

And in the second half, this is where we're starting to anniversary the beginning of the recovery that we experienced last year in China, which obviously we are early in the fiscal year. And while we are as a team, extremely confident in our outlook for the year, we need to understand the balance between the two. And I would say a few macro environment things that are taken into consideration. One, there's still a lot of volatility out there. And I said like the environment is extremely dynamic.

下半年，我們將迎來去年中國經濟復甦開始的周年紀念日，顯然，我們現在還處於本財年的初期。雖然我們團隊對今年的前景非常有信心，但我們需要了解這兩者之間的平衡。我還要補充幾點需要考慮的宏觀環境因素。第一，目前市場波動性依然很大。我說過，環境瞬息萬變。

Trade policies are still there. Obviously, it's still very fluid as we saw even in the middle of the night. Things are like changing. And one day is positive. Some days, we have to just mitigate new news, but we are navigating a lot of volatility and there's still many areas of the world where while we are seeing a recovery of consumer confidence, as I said, like in China, it is still very subdued in other areas, mainly in the West and in Europe.

貿易政策依然存在。顯然，情況仍然非常不穩定，即使在半夜我們也看到了這一點。事物就像在變化。其中一天是積極的。有些時候，我們只能對新消息進行緩解，但我們正在應對很多波動，而且正如我所說，世界上很多地區的消費者信心正在復蘇，比如在中國，但在其他地區，主要是西方和歐洲，消費者信心仍然非常低迷。

So all of that taking into consideration gives us that we still have to navigate early into the fiscal year, a great start but a lot of volatility. And I think what I wanted is Akhil to just give a little bit more flavor also how do we see the balance of the first half and the second half.

綜上所述，我們仍需要在財政年度初期應對各種挑戰，雖然開局良好，但波動性很大。我覺得我想要的是 Akhil 能為這首歌增添一些風味，也想看看前半部和後半部的平衡情況。

Yeah. Thank you, Stephane. Dara, I mean, when we gave you the full-year guidance, it was a very thoughtful guidance, which was -- which allowed us to run our long-term play to start investing in a business, start driving retail and really consistently doing the right thing to build retail. So that guidance was well done. We are pleased to see that we are progressing against that guidance.

是的。謝謝你，史蒂芬。Dara，我的意思是，當我們向你提供全年業績指引時，那是一個非常周全的指引，這使我們能夠進行長期投資，開始投資業務，開始推動零售，並真正持續地做正確的事情來發展零售業。所以，那項指導做得很好。我們很高興看到我們正按照該指導方針取得進展。

However, to your question on why we are not reaffirming guidance, first of all, the macro environment continues to overall be challenging. We are pleased to see the progress in China definitely and not only pleased to see the overall market progress, but significant outperformance as Stephane called out in China.

但是，對於您提出的為什麼我們不重申指導意見的問題，首先，宏觀環境總體上仍然充滿挑戰。我們非常高興地看到中國市場的進展，不僅高興地看到整體市場取得進展，而且正如史蒂芬所指出的那樣，中國市場取得了顯著的優異表現。

So we are happy to see that. But when you look at the broader beauty market around the world, there are pluses and minuses. So there's still there, and of course, we're also happy to hear the trade news this morning, but the environment continues to be overall macro with significant variability. Secondly, our industry outlook we gave you was 2% to 3%. We still believe that is the outlook.

所以我們很高興看到這一點。但從全球更廣泛的美容市場來看，既有優點也有缺點。所以，情況依然如此，當然，我們也樂於聽到今天早上的貿易消息，但整體宏觀環境仍然波動較大。其次，我們之前給出的產業展望是 2% 到 3%。我們仍然認為前景如此。

If we see positive to that, our intention, as Stephane has consistently said, is to grow share. So not only we want to be in line with the market, you want to be ahead in key places, as we have said. And then last point is our cadence. Our cadence, as you can see, last year, our Travel Retail business was significantly lower in shipments in first half and China also was having significant declines. That is in our first half.

如果情況朝著正面的方向發展，正如史蒂芬一直所說，我們的目標是擴大市場份額。所以，正如我們所說，我們不僅要與市場保持一致，還要在關鍵領域保持領先。最後一點是我們的節奏。正如你所看到的，去年上半年，我們的旅遊零售業務出貨量大幅下降，中國市場也大幅下滑。那是上半場的內容。

So when we see the positives this first quarter and what we expect in the first half of the year, that will be helped by that base period. Second-half base period would be more challenging in Travel Retail and China. So all of that was incorporated in our full-year outlook. Of course, we are not giving you specific quarter outlook, but we expect quarter two to see similar type strengths. As we have seen, we have the strong holiday plans.

所以，當我們看到第一季的正面表現以及我們對上半年的預期時，這將得益於先前的基期數據。旅遊零售和中國市場下半年的基準期將更具挑戰性。因此，所有這些因素都納入了我們的全年展望中。當然，我們不會給出具體的季度展望，但我們預計第二季度也會出現類似的強勁勢頭。正如我們所看到的，我們有完善的假期計劃。

We are executing with excellence in all our markets. So there is definitely a front half backup story. But overall, we are confident that we want to grow in line and ahead of retail, which we said about 2% to 3%. And that's why we kept the broader guidance because of the variability.

我們在所有市場都展現了卓越的執行力。所以肯定存在前半部的後備方案。但總的來說，我們有信心實現與零售業同步甚至超越零售業的成長，我們先前預測零售業的成長速度約為 2% 至 3%。正因如此，我們才保留了較為寬泛的指導方針，因為情況存在許多變數。

So hopefully, this gives you a good perspective. And then we will continue to invest when we see the right opportunities because we want this turnaround that we are architecting to be sustainable for many, many years to go.

希望這能帶給你一些啟發。然後，當我們看到合適的機會時，我們會繼續投資，因為我們希望我們正在建立的這種轉型能夠持續很多很多年。

Great, that's helpful. Thanks.

太好了，這很有幫助。謝謝。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Hi, good morning, everyone. I wanted to ask on margins. Obviously, performance in Q1, both at the gross and operating margin line. Can you just discuss your outlook for the year? Is it broadly unchanged, both at the gross and operating margin?

大家早安。我想問一下利潤率的問題。顯然，第一季的業績，無論是毛利率還是營業利潤率，都表現不佳。您能談談您對今年的展望嗎？毛利率和營業利率是否基本維持不變？

And just the solid start, does it give you more confidence in potentially being towards the higher end of those margin targets, just given the strength of the business, and also like the news this morning on tariffs? And then maybe just lastly, what's embedded from a reinvestment standpoint, if you can talk about that as well? Thank you.

如此穩健的開局，是否讓您更有信心達到更高的利潤率目標？考慮到公司的實力，以及今天早上有關關稅的消息，您也感到欣喜？最後，從再投資的角度來看，其中蘊含著哪些內容？您能否也談談這方面？謝謝。

Thank you, Filippo. So overall, when we gave the guidance on margin, 9.4% to 9.9%, it included that the gross margin will be likely flat to positive, we will offset the tariff impact as -- within the year on year and try to build a flat to positive gross margin.

謝謝你，菲利波。因此，總的來說，當我們給出9.4%至9.9%的毛利率指引時，其中就包括毛利率可能持平或為正，我們將抵消關稅的影響——在同比範圍內，並努力實現持平或為正的毛利率。

So a lot of our gross margin progress was going to come from SG&A, which is what we demonstrated in Q1. So that's the overall picture, which means, as we said in our prepared remarks as well, that consumer facing, we will invest, which was your other question. So we invested in consumer-facing positive and non-consumer facing was down, which is creating the leverage.

因此，我們的毛利率成長很大程度上將來自銷售、一般及行政費用，而這正是我們在第一季所證明的。所以這就是整體情況，正如我們在準備好的演講稿中所說，我們將投資於面向消費者的領域，這也是你的另一個問題。因此，我們投資於面向消費者的正面，而非面向消費者的面向則出現下滑，這就產生了槓桿效應。

That's what you see -- saw play out in quarter one. Of course, you have to remember that in quarter one, there is not a lot of tariff because these things come as a variance release. So there is a lag between when tariffs happen and when they hit our P&L. So you should see that impacting gross margin in rest of the year starting from Q2, Q3 to Q4. So the guidance we gave on gross margin still broadly stands.

這就是你在第一節比賽中看到的情況。當然，你必須記住，第一季關稅不會很高，因為這些東西都是以差異化釋放的形式出現的。因此，關稅生效和對我們的損益表造成影響之間存在滯後。因此，從第二季、第三季到第四季度，您應該會看到毛利率受到影響。因此，我們先前給出的毛利率預期仍然基本有效。

Today morning, announcements are definitely a favorable welcome. The improve things not only on tariffs, they improve things on consumer sentiment, which is very important for all the businesses operating in both countries.

今天早上發布的消息無疑令人欣喜。改善現狀不僅體現在關稅方面，也體現在消費者信心方面，這對在兩國經營的所有企業都非常重要。

So that we take as definitely as a positive, but the tariff amount dollars while we haven't done the math, it is not going to be material because we do not bring -- I mean our manufacturing is not coming in from China here. We do bring materials. So overall, we stand by our margin progression.

因此，我們肯定將其視為積極因素，但關稅金額（以美元計）雖然我們還沒有計算過，但不會造成實質影響，因為我們沒有——我的意思是，我們的製造業不是從中國引進的。我們會自備材料。總的來說，我們堅持我們的利潤率成長預期。

We, of course, want to drive this margin progression quarter-on-quarter. But as we said, our goal is to deliver it on the year. we see an investment opportunity, we will reinvest. We have consistently reinvested since Stephane and I started giving guidance in February. We increased consumer facing last year, as you saw, while the sales was down and we increased it this year as well. So that is part of a plan to build a sustainable long-term turnaround.

我們當然希望實現季度環比利潤成長。但正如我們所說，我們的目標是在年內完成。如果我們發現投資機會，我們將進行再投資。自從二月我和 Stephane 開始提供指導以來，我們一直在持續進行再投資。正如你所看到的，去年我們增加了面向消費者的投入，而銷售額卻下降了，今年我們也繼續增加了投入。這是建立可持續長期轉型計劃的一部分。

Yeah. And just maybe one thing like, Filippo to just like confirm all of that. We're not changing our guidance for the time being. We are just like reaffirming our guidance. But it is important that you realize that as a team, we're feeling really confident because of the strong start of the fiscal year, especially with what we've delivered in Q1 because a lot of the action that we put as part of Beauty Reimagined that it is consumer coverage, that is the acceleration of innovation or as Akhil said, the fact that we've increased consumer-facing investment by 4% in the first quarter are starting to just really activate the demand, and we've seen actually in many places, as we discussed earlier with one of the questions, that you need growth going.

是的。或許還有一件事，例如讓菲利波確認一下這一切。我們暫時不會改變指導方針。我們只是在重申我們的指導方針。但重要的是，你要意識到，作為一個團隊，我們感到非常有信心，因為本財年開局強勁，尤其是我們在第一季取得的成績。因為我們作為「重塑美妝」計畫的一部分所採取的許多行動，包括擴大消費者覆蓋範圍、加速創新，或者正如 Akhil 所說，我們在第一季將面向消費者的投資增加了 4%，這些都開始真正激活需求。正如我們之前在回答一個問題時討論的那樣，我們在很多方面都看到，你需要持續成長。

And I would say, like just to give some sign of like additional confidence, and Q2 is a big quarter in beauty in general for us because you're going into [11/11] you have like Cyber Monday, you have the holidays. So this is just like one of the largest quarter we are basically pleased with the beginning of the quarter. We have a strong holiday programs that are in place.

我想說，這只是為了表達一些額外的信心，第二季度對我們來說是美容行業的一個重要季度，因為接下來是 [11/11]，有網絡星期一，還有各種節日。所以這算是業績最好的季度之一，我們對本季的開局基本上感到滿意。我們有完善的假期活動安排。

And while it's too early to comment on [11/11] in China, Golden Week, which was the first week of October was really strong, and we believe that we grow ahead of the market, again, in a very dynamic China, which -- and actually, the interesting also note, it was not only in China Mainland, but we've seen actually a recovery of air traffic even in China, where air traffic was up 14% in land, which drove a lot of strong demand, and we were in double-digit growth during Golden Week.

雖然現在評論中國的[11/11]還為時過早，但10月的第一周（黃金週）表現非常強勁，我們相信我們的成長速度將超過市場平均水平。再次強調，在中國這個充滿活力的國家，我們不僅在中國大陸實現了增長，而且我們還看到即使在中國，航空客運量也出現了復甦，陸路航空客運量增長了14%，這推動了強勁的需求，我們在黃金周期間實現了兩位數的增長。

So all of that gives us the confidence that we are off to a very strong start of the year. It is not about guiding any way shape or form in Q2, but it is about saying that we are confident, and we are refining our guidance in the year. And as we are seeing all the benefits of beauty re-margin from a consumer facing starting to pay dividend, then we will adjust the year accordingly.

因此，所有這些都讓我們有信心，今年我們將迎來一個非常強勁的開局。這並非要對第二季做出任何形式的指導，而是要表明我們充滿信心，並且我們正在完善今年的業績指引。隨著面向消費者的美容業務利潤率回升，並開始產生股息，我們將據此調整年度業績。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Filippo.

謝謝，菲利波。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Hi, thank you. Good morning. I had a question on Asia travel retail. Could you provide just, I guess, a little more color on inventory levels and movements in the quarter? And then overall, I guess, how would you characterize the demand backdrop and conversion trends that you're seeing within Travel Retail? I guess I'm trying to get a sense of if we're past the trough and when we should start to see better conversion trends, especially with some of the benefits of your activations? Thanks

您好，謝謝。早安.我有一個關於亞洲旅遊零售的問題。能否再詳細介紹一下本季的庫存水準和變動情況？那麼總的來說，您會如何描述您在旅遊零售領域看到的需求背景和轉換趨勢呢？我想了解我們是否已經度過了低谷期，以及我們何時才能開始看到更好的轉換率趨勢，尤其是在你們的一些推廣活動帶來的好處之後？謝謝

Thanks, Bonnie. I'll start. Look, Travel Retail is still very volatile. That's where we start basically like with the market. And you've asked specifically a question for TR Asia, like in general, but TRS is actually in a good place and we're seeing a lot of positive.

謝謝你，邦妮。我先來。你看，旅遊零售業仍然非常不穩定。基本上，我們就是像對待市場一樣從這裡開始的。您提出的問題專門針對 TR Asia，也就是整體情況，但 TRS 目前狀況良好，我們看到了很多積極的方面。

But let me focus on TR East. It's a tale of different cities because I think we are starting to just like in the last some of like the worst decline but let me divide Asia in bucket because we are seeing a lot of momentum for instant in Travel Retail Japan. We were in double-digit growth like in the first quarter, which was good.

但讓我把重點放在TR East。這是一個關於不同城市的故事，因為我認為我們正開始經歷一些最糟糕的下滑，但讓我把亞洲分成幾個部分，因為我們看到日本旅遊零售業正在迅速發展。我們像第一季一樣實現了兩位數的成長，這很好。

If you look at the rest of Travel Retail APAC, if you exclude China and Korea, we also believe that we are gaining share with some positive momentum, especially in the emerging market on. Now when you look at the China ecosystem of Travel Retail, and I reaffirm what we've said, we are back to the right level of inventory, and we are managing the inventory based on the demand, and this is the way we are doing it for now and for the future.

如果放眼亞太地區旅遊零售市場（不包括中國和韓國），我們也相信我們正在獲得市場份額，並保持積極的成長勢頭，尤其是在新興市場。現在，當我們審視中國旅遊零售生態系統時，我重申我們之前所說的，我們的庫存水平已經恢復到合適的水平，我們正在根據需求管理庫存，這就是我們現在和將來都會採取的方式。

And we are back in line to industry penetration of travel retail that we intend to maintain as long as the demand continues to be what it is. What is interesting within the China ecosystem of Travel Retail, we signed for the first time, as I said in the past question, traffic starting to be positive again in September.

我們已重新進入旅遊零售業的滲透階段，只要需求維持現狀，我們就打算繼續維持下去。在中國旅遊零售生態系統中，有趣的是，正如我在上一個問題中提到的，我們首次簽約，客流量在9月開始再次呈現積極態勢。

I was myself in Ireland a few weeks ago and experienced actually a high foot traffic. Conversion when it is still light, is still down. I don't want to just like say that conversion is picking up. But we, as the stellar company, are putting a lot in place to drive retail activation. We are investing in retail podium with like Estee Lauder, with Jo Malone, with Le Labo, with TOM FORD.

幾週前我自己也去了愛爾蘭，親身感受到了那裡的人流確實很高。天還亮的時候，轉換率仍然很低。我不想只是簡單地說轉換率正在上升。但是，作為一家卓越的公司，我們正在採取許多措施來推動零售活化。我們正在投資零售平台，合作的品牌包括雅詩蘭黛、祖瑪瓏、樂萊寶、湯姆福特等。

We are really deploying the entire arsenal of our brand, which led us to believe that the strong performance that we've seen during Golden Week, which tends to just drive a lot more traffic showed us actually gaining market share.

我們正在全力以赴地運用我們品牌的全部資源，這讓我們相信，我們在黃金周期間取得的強勁表現（黃金周往往會帶來更多流量）表明我們實際上正在獲得市場份額。

Now obviously, Golden Week is October 1 to October 8. So I'm just not concluding anything for the quarter. But I'm like showing some beginning of rebound through strong retail activation on our part, but also traffic resuming and some level of conversion getting better when you provide the right experience to the consumer.

很顯然，黃金周是從10月1日至10月8日。所以，我對本季的情況不做任何總結。但我認為，透過我們強而有力的零售推廣活動，市場已經開始出現復甦的跡象，流量也在恢復，當為消費者提供正確的體驗時，轉換率也會有所提高。

Yeah. Thank you, Stephane. And just to add to it, Bonnie, your comment on inventory. So as we have consistently communicated, both Stephane and I that, look, our travel retail inventory are now more rightsized relative to the retail we are seeing. And we are working to drive retail, which, of course, as you asked and Stephane commented, is coming back, but not everywhere overall.

是的。謝謝你，史蒂芬。邦妮，我還要補充一點，關於庫存方面。正如我們一直以來所溝通的那樣，我和史蒂芬都認為，我們的旅遊零售庫存現在相對於我們所看到的零售情況來說規模更加合理。我們正在努力推動零售業發展，當然，正如你所問的以及史蒂芬所評論的，零售業正在復蘇，但並非所有地方都復甦了。

It's coming -- starting to come back in parts of Travel Retail. So our inventory is -- you should feel good that our inventory is in the right range. Of course, we adjusted up and down based on the retailers, working capital needs, et cetera, but there is nothing that should concern anybody that our travel retail inventory is elevated or less.

它正在回歸——在部分旅遊零售領域開始復甦。所以我們目前庫存充足——您可以放心，我們的庫存處於合適的範圍內。當然，我們會根據零售商、營運資金需求等情況進行調整，但我們的旅遊零售庫存增加或減少，都不應該引起任何人的擔憂。

It's in the right place, and it is significantly lower than where it was one year ago, both in absolute terms and ratios of forward-looking retail. So we feel good about that, which has really allowed us to focus on building the business and really managing it to retail and all of the points that Stephane made.

它處於正確的位置，而且無論從絕對值還是前瞻性零售的比例來看，都比一年前低得多。所以我們對此感到很滿意，這真的讓我們能夠專注於發展業務，並真正將其管理到零售領域，以及史蒂芬提出的所有要點。

And on Travel Retail, we are starting to really double down in the West and Americas. So not only our position of strength in East, but now we want to position ourselves in a much stronger way in the Global Travel Retail.

在旅遊零售方面，我們正開始增加對西部和美洲市場的投資。因此，我們不僅要在東方市場鞏固我們的優勢地位，現在我們也希望在全球旅遊零售市場以更強大的方式確立自己的地位。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great, good morning. Thank you. Stephane, you've mentioned in the past several lines that you felt coming into the role that Estee Lauder just hadn't moved fast enough into new channels to keep up with the consumer. Clearly, we've seen lots of action in recent quarters to close that gap, be it Amazon, Shoppe and East, Southeast Asia, Amazon or even the move to M·A·C into Sephora.

太好了，早安。謝謝。史蒂芬，你在過去幾句話中提到，你上任之初就覺得雅詩蘭黛在拓展新通路方面速度不夠快，無法跟上消費者的需求。顯然，近幾個季度以來，我們看到了許多縮小這一差距的行動，無論是亞馬遜、Shopee 和東南亞，還是 M·A·C 進駐絲芙蘭。

So, I guess acknowledging that consumers will continue to move around, and you'll have to adjust. I'm curious as to what degree you think you still have opportunities to catch up and how that plays into future planning? And I guess a little bit of how that varies across regions, if you could? Thank you.

所以，我想說的是，你要意識到消費者會繼續流動，而你也必須做出調整。我很好奇你認為自己還有多少機會迎頭趕上，以及這會如何影響你未來的規劃？如果可以的話，我想請您稍微談談這在不同地區之間的差異？謝謝。

No. I think, Steve, thank you. First of all, thank you for acknowledging that we are moving with speed like where the consumer is on. I've made it very clear to you and to frankly, first of all, to the entire organization is we're moving where the consumer is moving as long as where we go, we can build equity and desirability for our brand. And this is what we've done today, like you actually yourself mentioned, we are in Amazon in the US, in Canada, in Japan, in the UK, in Mexico, and we are continuing to look for other places.

不。我想，史蒂夫，謝謝你。首先，感謝您認可我們正以與消費者需求一致的速度前進。我已經非常明確地向你，坦白說，首先也向整個組織表明，我們將跟隨消費者的步伐前進，只要我們前進的方向能夠為我們的品牌建立價值和吸引力。正如您剛才提到的，我們今天已經在美國、加拿大、日本、英國、墨西哥的亞馬遜平台上架了產品，並且我們仍在繼續尋找其他地區。

We have like TikTok shop, which is really interesting for us because TikTok shop not only -- I don't necessarily consider it as a channel, I consider it as really an ecosystem that allows us to recruit new consumers, and we are able to retain them on the channel and on other channels. So it was also Shoppes in Asia. It was like Kakao also where we accelerated our brand. M·A·C in the US with Sephora is a major step in the right direction.

我們有類似 TikTok 商店這樣的平台，這對我們來說真的很有趣，因為 TikTok 商店不僅——我並不一定把它看作一個渠道，我把它看作一個真正的生態系統，它使我們能夠招募新的消費者，並且我們能夠在 TikTok 渠道和其他渠道上留住他們。所以它也叫亞洲購物中心。這和 Kakao 的情況很像，我們在那裡加速了品牌發展。M·A·C 與 Sephora 合作進軍美國市場，是朝著正確方向邁出的重要一步。

Let alone also the partnership that we've announced 24 hours ago with Shopify that is really going to allow us to be best-in-class direct-to-consumer where we are really tackling all our online connection and freestanding store connection with this really first-in-class partnership that we've announced.

更不用說我們 24 小時前宣布的與 Shopify 的合作關係了，這將真正使我們能夠成為一流的直接面向消費者的合作夥伴，我們將透過這項我們宣布的真正首創的合作關係，解決我們所有的線上連線和獨立商店連線問題。

So I think you're seeing us moving with speed and clarity of what it is. And so I've been, frankly, like tracking around the road next nonstop over like the past few months, in the past few quarters, there is not a market where the team is not focused on looking at new channels but also going deeper in the channel. I can tell you for instance, that in Europe, Continental or even the emerging market, the team is, as we speak, rolling out more distribution for TOM FORD, we've added 14 net new freestanding stores across our France brand led by (inaudible) you're seeing us really moving quickly.

所以我覺得你們可以看到我們正以最快的速度和最清晰的思路推進這項工作。坦白說，在過去的幾個月、幾個季度裡，我一直在不間斷地追蹤下一個市場的發展方向，每個市場，團隊都在專注於尋找新的管道，同時也深入挖掘現有管道。例如，我可以告訴你，在歐洲，無論是歐洲大陸或新興市場，團隊正在積極擴展 TOM FORD 的通路。在法國，我們新增了 14 家獨立門市，由（聽不清楚）領導，你可以看到我們發展得非常迅速。

And I can tell you, this is now deeply embedded in the organization. We are growing fast and the new organization that we've put in place with the new cluster geographical region and the brand and who does what in the organization allows us, frankly, to just move much faster through the organization and frankly, deploy the innovation according to the need of the retailers where we move and deploy much more sophisticated media targeting that allows us by age group and by retail and by region to deploy our media and to really go after the highest ROI possible.

我可以告訴你，這個理念現在已經深深融入組織之中。我們發展迅速，我們建立的新組織架構，包括新的集群地理區域、品牌以及組織內部的職責劃分，坦率地說，使我們能夠在組織內部更快地推進工作，並根據零售商的需求部署創新，部署更精細的媒體定向，使我們能夠按年齡段、零售和地區投放媒體，真正追求最高的投資回報率。

So you can count on us to think -- to see our brand being deployed again in more channels in the future. But again, as long as this channel maintain, preserve or enhance our brand equities around the world. Hope it helps.

所以您可以期待我們未來在更多管道再次部署我們的品牌。但話說回來，只要這個管道能夠維護、維持或提升我們在世界各地的品牌價值。希望對您有幫助。

Yes, perfect. Thank you so much.

是的，完美。太感謝了。

Thanks, Steve.

謝謝你，史蒂夫。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great, thank you. Good morning everyone. So I wanted to go back to Filippo's question just on margin, but more on the phasing, Akhil, I think back in August, you mentioned greater operating margin expansion in the back half and that it would build sequentially through the year?

太好了，謝謝。大家早安。所以我想回到菲利波關於利潤率的問題，但更多的是關於分階段實施的問題。阿基爾，我記得你在八月提到下半年營業利潤率將大幅提升，並且會在一年內逐步提高？

And I guess, if that were still the case, based on what we saw in the first quarter that would suggest maybe some decent upside relative to the full year guidance. So recognize that you have greater confidence today, but just wanted to ask if there's a change in view on the phasing. Thanks.

我想，如果情況仍然如此，根據我們在第一季看到的情況來看，這可能意味著相對於全年預期，會有相當不錯的成長空間。所以，我知道你現在更有信心了，但還是想問你對分階段實施的看法是否有改變。謝謝。

I think overall, when you look at our margin range between 9.4% to 9.9%, I mean, our 7% margin that we have is still lower. So clearly, we will build in absolute terms sequentially. And I think in our business, we definitely should continue to look at sequential progress relative to -- even on a quarter-on-quarter barring for seasonality. So we are not changing our -- it's one quarter of information -- there's not enough information for us to change that phasing. Of course, we are working to make sure every day, we are adding things to plan.

我認為總體而言，當我們查看我們 9.4% 到 9.9% 的利潤率範圍時，我的意思是，我們目前的 7% 的利潤率仍然較低。所以很顯然，我們將按部就班地進行絕對建設。我認為在我們的業務中，我們絕對應該繼續關注季度間的進展，即使不考慮季節性因素，也要關注季度間的進展。所以我們不會改變——這只是四分之一的資訊——我們沒有足夠的資訊來改變這個階段。當然，我們每天都在努力確保為計劃增加新的內容。

So that we can, of course, deliver our plan in spite of any situations and hopefully, be able to come better than that, that would be the ambition of any company. And that's our ambition as well. But at this point, there is not enough information to change our phasing.

當然，我們能夠克服任何困難，實現我們的計劃，並且希望能夠做得更好，這應該是任何公司的雄心壯志。這也是我們的目標。但目前資訊不足，無法改變我們的階段安排。

What you are seeing this quarter definitely is the good work on SG&A and investment in consumer facing. However, to build consistent sales, we do want to make sure that we have enough fuel to invest so that we can keep driving the business.

本季您看到的無疑是銷售、一般及行政費用方面的出色工作以及對面向消費者領域的投資。但是，為了實現持續的銷售成長，我們確實需要確保有足夠的資金進行投資，以便我們能夠繼續推動業務發展。

So -- and the work on PRGP is broad-based. I just want to reiterate that while we are focusing on the quarterly point, the bigger point is the company has built a cost muscle in a way that it never had before beyond the growth work the points we talked.

所以——PRGP 的工作基礎非常廣泛。我只想重申，雖然我們關注的是季度業績，但更重要的是，除了我們討論的成長工作之外，公司已經以前所未有的方式建立了成本控制能力。

So the cost muscle that we have built is allowing us to look at COGS area, allowing us to look at OpEx area through the enterprise business services work we have set, procurement work, continued restructuring. So we continue to believe the significant long-term opportunity on SG&A.

因此，我們建立的成本控制能力使我們能夠審視銷售成本領域，並透過我們制定的企業業務服務工作、採購工作和持續重組來審視營運支出領域。因此，我們仍然相信 SG&A 具有巨大的長期發展機會。

While your question is definitely related to the specific quarter phasing, we believe there is a significant opportunity as both Stephane and have commented on expanding margin to solid double digit over the next few years.

雖然您的問題確實與具體的季度安排有關，但我們認為這是一個巨大的機會，因為 Stephane 和我們都曾表示，未來幾年利潤率將擴大到兩位數。

And that is the work we are every day focused on while, of course, giving you good guidance on quarter and quarterly phasing. So the overall upside remains, and we are working to bring that home every day, every month.

這就是我們每天努力的方向，當然，我們也會為季度和季度分階段安排提供良好的指導。所以整體仍有上升空間，我們正在努力每天、每月都實現這個目標。

And Peter, what I would add to just Akhil, I just want you to just like see, obviously, like what I said like a few minutes ago. Very strong confidence of where we started the year. In case, so we're starting -- we're off to a very strong start with the 3% growth and the 300 basis point margin improvement.

彼得，除了阿基爾之外，我還要補充一點，我只是想讓你明白，就像我幾分鐘前說的。我們對自己年初的成績非常有信心。也就是說，我們開局非常強勁，實現了 3% 的成長和 300 個基點的利潤率提升。

We -- as Akhil said, obviously, we are not there yet to the full-year profit, which we continue to build, and we have actually a path to get there. I'm absolutely -- I reinforce the fact that we are confident in delivering the guidance that we gave, both on the top line and the bottom line, on the growth margin, investing in our brands and et cetera.

正如 Akhil 所說，顯然，我們還沒有實現全年盈利，但我們會繼續努力，而且我們確實有一條實現目標的途徑。我絕對——我重申，我們有信心實現我們給予的績效指引，包括營收和利潤、成長利潤率、品牌投資等等。

What I'm actually really encouraged in what we're seeing is actually the fast reacceleration of our retail in geographies like China, the ability to maintain our market share in the US, which is the first time in many, many years, as I mentioned many times, but also our ability to just like grow in unit, again, which means that we are bringing new consumers.

真正讓我感到鼓舞的是，我們看到的零售業務在中國等地區的快速復甦，以及我們多年來首次在美國保持市場份額的能力（正如我多次提到的），還有我們在銷量上的增長，這意味著我們正在吸引新的消費者。

Let alone, we haven't really talked much about innovation. We have a slew of innovation coming in Q1, but we have a lot coming in Q2 and Q3 that we can discuss, which is going to allow us to just connect with the consumer at different price point, different age groups, different categories, every single of our brands and regions are working on deploying new innovation.

更何況，我們還沒怎麼真正討論過創新。我們將在第一季推出一系列創新產品，但在第二季和第三季度，我們還有很多創新產品可以討論，這將使我們能夠與不同價位、不同年齡層、不同類別的消費者建立聯繫，我們每個品牌和地區都在努力推出新的創新產品。

So I think you are going to see a continuous acceleration of ourselves and the continuous rebuilding of the operating margin towards the guidance that we are giving for the year and towards the solid double-digit operating margin for the future.

所以我認為你們將會看到我們持續加速發展，並不斷重建營業利潤率，朝著我們今年給出的業績指引以及未來兩位數穩健的營業利潤率邁進。

And that's really what we are laser-focused as a team at delivering sequential improvement and proving the organization and the world that we can do it sequentially, but in a very strong fashion as demonstrated in the first quarter.

而這正是我們團隊真正專注的重點：逐步改進，並向公司和世界證明我們可以循序漸進地做到這一點，而且正如第一季所展現的那樣，我們以非常強勁的方式做到了這一點。

Great. Thank you so much. I'll pass it on.

偉大的。太感謝了。我會轉達的。

Thanks, Peter.

謝謝你，彼得。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國證券。

Hi, good morning, everyone.

大家早安。

Morning, Chris.

早上好，克里斯。

So I have a question that tracks well potentially with how you answered the prior question. I think as we look over the next few years toward solid double-digit margins, there's a few different ways you can get there. Obviously, growing the top line is paramount, perhaps you can improve gross margins a bit or you can manage lower your cost structure over time.

我有一個問題，這個問題可能與您之前回答的問題密切相關。我認為，展望未來幾年，當我們朝著兩位數的穩定利潤率邁進時，有幾種不同的方法可以實現這一目標。顯然，提高營收是重中之重，或許你可以稍微提高毛利率，或是隨著時間的推移降低成本結構。

I think I hear, of course, that you're certainly committed to staying well invested over this time horizon, so as to deliver the most important metric, which is sustainable accelerating revenue growth. So can you just talk about perhaps your ability to sustain stable, let's call it, SG&A dollars over the next few years, even while you'll be leading into consumer-facing investments?

我當然明白，您肯定會致力於在這個時間範圍內保持充足的投資，以便實現最重要的指標，即可持續加速的收入成長。那麼，您能否談談在未來幾年內，即使您將轉向面向消費者的投資，您是否有能力維持穩定的銷售、一般及行政費用（SG&A）？

I think sometimes with the cost savings program is difficult to parse out the net numbers, but just the ability to kind of hold stable cost even as you're investing. And connected to that, there's a pretty significant earnings leverage opportunity in the tax rate.

我認為有時成本節約計畫很難計算出淨收益，但關鍵在於能夠在投資的同時保持成本穩定。與此相關的是，稅率方面存在著相當大的獲利槓桿機會。

I get a ton of questions about this. And candidly, I don't always have great answers. Can you just give us a sense of how tax planning will factor over the next three, five years and what the opportunities are? Thanks so much.

我常被問到這個問題。坦白說，我並非總是能給出完美的答案。您能否簡要介紹一下未來三到五年內稅務規劃將如何發揮作用，以及有哪些機會？非常感謝。

Yes. Thank you, Chris. Let me take the first part of the question, and Akhil will just go into the tax. Look, I think your question kind of answered already a little bit where we are going because if I just take it a little bit like from beauty margin, we're doing all of the amber. We are improving gross margin. And if you remember, in fiscal '25, we made significant improvement in our gross margin.

是的。謝謝你，克里斯。我先回答問題的第一部分，Akhil 會負責稅務部分。你看，我覺得你的問題其實已經稍微回答了我們的一些方向，因為如果我稍微從美感的角度來說，我們正在做所有的琥珀。我們正在提高毛利率。如果你還記得的話，在 2025 財年，我們的毛利率有了顯著提高。

And this year, we said that we are maintaining it while absorbing the impact of like you know the tariff. But actually, you said it, Chris, we're building a lot of leverage in our gross margin for future because I made it very clear that the innovation that we are bringing to market, not only is at the right suggested retail price for the consumer, but is also built to be accretive to the category where we are launching it.

今年，我們表示將在承受關稅等因素影響的同時，維持這一目標。但正如你所說，克里斯，我們正在為未來提高毛利率積累很大的槓桿作用，因為我已經非常明確地表明，我們推向市場的創新產品，不僅具有適合消費者的建議零售價，而且還能為我們推出的品類帶來增值。

That is Skin Care, that is makeup, that is hair, that is like perfume. So we are just like really making sure that we are building it. We've also demonstrated a significant discipline on the management of inventory that also helps us from a cash flow management tremendously.

這就是護膚，這就是化妝，這就是美髮，這就是香水。所以我們現在要做的就是確保我們正在把它建成。我們在庫存管理方面也展現了高度的自律性，這對我們的現金流管理也大有裨益。

And I really believe that we are going towards like being best-in-class and our value chain team is continuing to do a -- to create a lot of efficiency that when we go to unit growth as we are starting to experience, we're going to get a lot of leverage because that's important.

我真的相信我們正在朝著一流水平邁進，我們的價值鏈團隊正在不斷努力提高效率，這樣當我們開始經歷銷售成長時，我們將獲得很大的優勢，因為這很重要。

The P&L that we are building is being built for leverage. SG&A, we decreased 3% in Q1 and through the PRGP, and I can't believe that it's -- like Chris, you are like question number seven , we haven't even mentioned PRGP up to this point. But PRGP is here to create also a lot of leverage to reduce the penetration of SG&A in our total P&L.

我們正在建構的損益表是為了實現槓桿效應。SG&A，我們在第一季和透過 PRGP 降低了 3%，我簡直不敢相信——就像 Chris 一樣，你就像第七個問題，我們到現在甚至還沒有提到 PRGP。但 PRGP 也旨在創造很大槓桿作用，以降低銷售、一般及行政費用在我們總損益表中的佔比。

And there is a strong discipline now the way that we are managing expenses and we are always putting expense in favor of consumer facing to further accelerate the top line because with top line, we know we'll get more units, we will get more leverage.

現在我們在費用管理方面有著嚴格的紀律，我們始終優先考慮面向消費者的費用，以進一步加快營收成長，因為我們知道，有了營收成長，我們就能獲得更多銷量，獲得更大的槓桿作用。

Gross margin will improve. Percentage of SG&A will go down. And then we are able to ignite growth and obviously get a lot of leverage from an operating margin. So we haven't really talked about the PRGP today, but PRGP is going in the right direction, giving us actually the right momentum to invest in consumer-facing and to delay the P&L of the organization to be much more agile, to be faster, but more importantly, also to create a lot more efficiency that is going to allow us to, frankly, go not only to maintaining share, but to beat and -- to beat the market and to grow share in the future and to get a lot of leverage.

毛利率將會提高。銷售、管理及行政費用佔比將會下降。然後我們就能激發成長，並且顯然能從營業利潤率中獲得很大的槓桿作用。所以今天我們還沒有真正談到 PRGP，但 PRGP 的發展方向是正確的，它實際上給了我們正確的動力去投資面向消費者的業務，並推遲組織的損益表，使其更加靈活、更加快速，但更重要的是，還能創造更大的效率，坦白說，這將使我們不僅能夠保持市場份額，而且能夠超越市場，在未來擴大市場份額，並獲得很大的優勢。

So that's the way I would like you to see the P&L and what we are building and the momentum that we are there actually quite early into the process because we are not even at the one-year anniversary of the launch of Beauty Reimagined.

所以，我希望你們能這樣看待損益表、我們正在建立的成果以及我們目前所取得的進展，實際上，我們在這個過程中還處於相當早期的階段，因為我們甚至還沒有迎來 Beauty Reimagined 推出一周年紀念日。

We're only in the third quarter and a lot of progress have been made, and it gives you kind of a sense of where and how the P&L is going to be dealt. Obviously, tax is something that we are focused on, as Akhil said, and is just going to say a few more words about it.

現在才第三季度，就已經取得了很大的進展，這讓你對損益表將如何處理以及在哪裡處理有了一些了解。顯然，稅收是我們關注的重點，正如阿基爾所說，他接下來還要再多說幾句。

Yeah, yeah. And before I go into tax, I just want to add 1 thing on the margin part, which Stephane said. Like with 3% sales growth this quarter, you can see the leverage that we got. So there are multiple paths to the solid double-digit margin.

是啊是啊。在我談到稅務問題之前，我只想補充一點關於利潤率的部分，這是史蒂芬提到的。就像本季 3% 的銷售成長一樣，你可以看出我們所獲得的槓桿效應。所以，實現兩位數的穩定獲利目標有很多途徑。

One, like you said, gross margin where we ended last year at 74%. That still has significant upside on gross margin. We -- and when you break our SG&A into consumer-facing and non-consumer facing, in non-consumer facing, we are already demonstrating to you significant cost reduction.

一，正如你所說，毛利率去年我們達到了 74%。這仍然對毛利率有很大的提升空間。我們－當您將我們的銷售、一般及行政費用分解為面向消費者的費用和非面向消費者的費用時，在非面向消費者的費用中，我們已經向您展示了顯著的成本降低。

And with a company that could be much bigger on sales, that trend on non-consumer facing, we intend to continue. Even within consumer facing, we are bringing significant tools to drive ROI, so we intend to buy marketing inputs at much better price and much better effectiveness, so not only we will improve non-consumer facing, we intend to improve consumer-facing investment ROI in a significant way.

對於一家銷售額本來可以更大的公司來說，我們打算繼續保持這種面向非消費者的銷售趨勢。即使在面向消費者的領域，我們也引入了重要的工具來提高投資回報率，因此我們打算以更優惠的價格和更高的效率購買行銷投入，這樣我們不僅能夠改善非面向消費者的領域，還能顯著提高面向消費者的投資回報率。

So there are three pronged ways to go from the current margin we have to solid double digit across all of those three pillars as Stephane said. On tax rate, we have commented on our higher tax rate. We gave a guidance for 36% this year, which should be lower than last year, so it should start to move in the right direction, but there is significant -- we are not happy with this tax rate. It is driven by our geographical mix of earnings. We are looking through PRGP restructuring to look at tax planning opportunities.

正如史蒂芬所說，要從我們目前的利潤率在所有這三大支柱上都實現兩位數的穩健增長，有三種方法。關於稅率，我們已經就較高的稅率發表過意見。我們今年給的指導稅率為 36%，應該低於去年，所以應該會朝著正確的方向發展，但是，我們對這個稅率並不滿意。這主要受我們獲利的地域分佈結構影響。我們正在研究 PRGP 的重組方案，以尋找稅務規劃的機會。

A significant part of our business is international markets, as you know. So that is driven by that. Plus the stock comp effect, negative effect of stock comp previously has impacted us. So we intend to give you more clarity as we work through this year, and drive this favorability on tax rate. I mean every point of tax rate gives us significant improvement as you're pointing out.

如您所知，國際市場是我們業務的重要組成部分。所以，這是由這個因素所驅動的。此外，股票補償效應，股票補償的負面影響之前已經對我們產生了影響。因此，我們計劃在今年的工作中，逐步向您闡明相關政策，並推動稅率方面的優惠政策。我的意思是，正如你所指出的，稅率每降低一個百分點，我們就能獲得顯著的改善。

And as I commented in the last call, this is clearly a piece of work we are doing. These things do take a little bit of time and have to be done very methodically and in the right way. But this is clearly one of our top priorities. So expect to hear more from us in the coming calls.

正如我在上次電話會議中提到的，這顯然是我們正在進行的工作。這些事情確實需要一些時間，而且必須有條不紊地以正確的方式進行。但這顯然是我們的首要任務之一。所以，請期待我們在接下來的電話會議中發布更多資訊。

That concludes today's question-and-answer session. If you were unable to join for the entire webcast, a playback will be available after 1:00 PM Eastern Time today through November 15. Please visit the Investors section of the company's website to view a replay of the webcast. That concludes Estee 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。若您未能全程參與網路直播，可於美國東部時間今天下午 1 點後至 11 月 15 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。雅詩蘭黛的電話會議到此結束。感謝各位的參與，祝福大家今天過得愉快。