雅詩蘭黛 (EL) 2027 Q1 法說會逐字稿

Good day, everyone, and welcome to The Estée Lauder Companies fiscal 2027 first quarter conference call. Today's webcast is being recorded.

各位好，歡迎參加雅詩蘭黛集團 2027 會計年度第一季財報電話會議。今天的網路直播將進行錄音。

For opening remarks and introductions, I would like to turn the call over to the Senior Vice President of Investor Relations, Rainey Mancini.

接下來進行開場致詞與介紹，我想把電話會議交給投資人關係資深副總裁 Rainey Mancini。

Hello. On today's webcast are Stéphane de La Faverie, President and Chief Executive Officer; and Akhil Shrivastava, Executive Vice President and Chief Financial Officer. Since many of our remarks today contain forward-looking statements, let me refer you to our press release and our reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these forward-looking statements.

大家好。今天參與網路直播的有：總裁暨執行長 Stéphane de La Faverie，以及執行副總裁暨財務長 Akhil Shrivastava。由於我們今天的許多發言包含前瞻性陳述，請參閱我們的新聞稿以及向美國證券交易委員會（SEC）提交的報告，其中列示可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

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

為了便於討論我們的核心業務，我們對財務結果與展望的評論，均以新聞稿中揭露的重組及其他費用與調整項目前的數字為基礎。除非另有說明，提及的淨銷售額均指有機淨銷售額（organic net sales），不包含併購、處分、品牌關閉等不可比影響，以及外幣換算影響。您可在我們的新聞稿及官網投資人專區查閱 GAAP 與非 GAAP 指標之間的調節表。

Retail sales performance discussed is based on information available as of October 30, 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.

所討論的零售銷售表現係根據截至 2026 年 10 月 30 日可取得的資訊。提醒各位，提及的線上銷售包含我們透過 brand.com 網站及第三方平台直接向消費者銷售的金額。亦包含我們產品透過零售商網站銷售的估計金額。

Throughout our discussion, our Profit Recovery and Growth Plan will be referred to as our PRGP. (Operator Instructions)

在整段討論中，我們的「獲利復甦與成長計畫」將簡稱為 PRGP。（接線員指示）

And now we have a brand video before Stéphane begins.

在 Stéphane 開始之前，我們先播放一段品牌影片。

(video playing)

（影片播放中）

Thank you, Rainey, and hello to everyone. Our first quarter performance marks another powerful step forward for The Estée Lauder Companies. Growth is accelerating. Profitability is strengthening significantly, and the impact of Beauty Reimagined is becoming increasingly evident across our business.

謝謝你，Rainey，也向各位問好。我們第一季的表現，標誌著雅詩蘭黛集團又向前邁出強而有力的一步。成長正在加速。獲利能力顯著增強，而「Beauty Reimagined」的影響也在我們的業務中愈發明顯。

Simply said, we have moved beyond restoring growth. Through Beauty Reimagined, we are creating a stronger foundation for sustained profitable growth, and the progress that we are making gives us even greater confidence in the future we are building.

簡而言之，我們已經超越了「恢復成長」的階段。透過 Beauty Reimagined，我們正在打造更強健的基礎，以實現可持續的獲利性成長；而我們所取得的進展，讓我們對正在建構的未來更具信心。

I know there's been a lot of debate regarding the durability of our recovery. This quarter, we delivered another data point to prove our momentum is real and durable. We have placed the consumer at the center of how we operate, from the way we build our brands, to the innovation we bring to market, to the investment we make. I am incredibly proud of our team around the world. Your hard work is translating into our much-improved performance.

我知道外界對於我們復甦的持久性有許多討論。本季我們再度交出一項數據，證明我們的動能是真實且可持續的。我們把消費者置於營運核心——從品牌打造方式、推向市場的創新，到我們所做的投資。我為全球團隊感到無比自豪。各位的辛勤付出，正轉化為我們大幅改善的表現。

With the strong first quarter result, today, we are raising our fiscal 2027 outlook. For organic sales growth, we now expect to deliver 4% to 5.5%, up from 3% to 5% previously, and an acceleration from the 3% in fiscal 2026.

在第一季強勁成果的帶動下，我們今天上調 2027 會計年度展望。就有機銷售成長而言，我們目前預期可達 4% 至 5.5%，高於先前的 3% 至 5%，也較 2026 會計年度的 3% 進一步加速。

With the favorable impact of foreign exchange translation, our reported sales growth forecast become 5% to 6.5%. For operating margin, we now expect 170 to 250 basis points expansion, up from 150 to 230 basis points, marking another step change in profitability on top of the 320 basis point improvement we achieved in fiscal 2026.

在外幣換算帶來的有利影響下，我們的報告銷售成長預測為 5% 至 6.5%。就營業利益率而言，我們目前預期擴張 170 至 250 個基點，高於先前的 150 至 230 個基點；在 2026 會計年度已實現 320 個基點改善的基礎上，這代表獲利能力再度躍升。

Now let's get into our first quarter numbers. Reported sales increased 7%, and organic sales rose 6%. Three of four categories grew. Every geographic region grew. This is exactly the kind of diversified growth we sought to deliver when we designed Beauty Reimagined. Our profitability improved significantly, driven by operating leverage and PRGP benefits. Gross margin expanded 240 basis point. Operating margin expanded 480 basis point, and diluted EPS grew 125%.

接下來我們來看第一季的數字。報告銷售額成長 7%，有機銷售額成長 6%。四大品類中有三個品類成長。所有地理區域皆成長。這正是我們在設計 Beauty Reimagined 時所希望實現的多元化成長型態。在營運槓桿與 PRGP 效益帶動下，我們的獲利能力顯著改善。毛利率擴張 240 個基點。營業利益率擴張 480 個基點，稀釋後每股盈餘（EPS）成長 125%。

And underpinning this result, we increased consumer-facing investment by 8%. Fragrance outperformed as organic sales rose 20%. We committed to create and capture growing demand in this vibrant category by strengthening our leadership in the luxury price tier and building our presence in the prestige price tier, and we are doing just that.

支撐這項成果的是，我們將面向消費者的投資提高了 8%。香氛表現突出，有機銷售成長 20%。我們承諾透過強化在奢華價位帶的領導地位、並建立在高端（prestige）價位帶的布局，以創造並掌握此充滿活力品類的成長需求，而我們正在做到這一點。

Hero fragrances and innovation from Le Labo, TOM FORD, Jo Malone London, and KILIAN PARIS were highly sought after. Le Labo again delivered strong double-digit organic sales growth, with like-for-like door also up double digits, while TOM FORD's new Ombré Leather Reserve was a spectacular success while also creating a halo on the iconic Ombré Leather. KILIAN PARIS was our fastest-growing brand, as ongoing strength in luxury complemented its blockbuster launch of The Cocktails Collection in the prestige price tier.

Le Labo、TOM FORD、Jo Malone London 與 KILIAN PARIS 的明星香氛與創新產品備受追捧。Le Labo 再次實現強勁的有機銷售雙位數成長，同店（like-for-like）據點亦為雙位數成長；同時，TOM FORD 全新 Ombré Leather Reserve 取得驚人的成功，並為經典的 Ombré Leather 帶來光環效應。KILIAN PARIS 是我們成長最快的品牌：奢華市場的持續強勁表現，與其在高端（prestige）價位帶推出爆款新品 The Cocktails Collection 相得益彰。

This was not our only success in that price tier. Strong demand from prestige launches from all of Estée Lauder, Balmain Beauty, and KILIAN PARIS highlights the significant opportunity ahead, with each brand bringing a distinctive offering to the tier. We were just getting started with rollouts, with Estée Lauder Glimmer's success in the US and UK boding well as we take it around the world.

在該價位帶的成功不僅於此。來自 Estée Lauder、Balmain Beauty 與 KILIAN PARIS 的高端（prestige）新品需求強勁，凸顯未來龐大機會；各品牌皆為該價位帶帶來獨具特色的產品主張。我們的上市推廣才剛開始；Estée Lauder Glimmer 在美國與英國的成功，為我們將其推向全球帶來良好預兆。

In Western European markets, our fragrance retail sales grew over four times faster than the industry, driving strong share gains while we also outperformed the industry in the US In Japan, our luxury and artisanal brands soared as Le Labo and TOM FORD realized strong double-digit retail sales growth, driving prestige share gain in the category. Skincare rose 4% organically.

在西歐市場，我們的香氛零售銷售成長速度超過產業 4 倍以上，帶動市占顯著提升；同時我們在美國也優於產業表現。在日本，我們的奢華與工藝香氛品牌大幅成長，Le Labo 與 TOM FORD 皆實現強勁的零售銷售雙位數成長，推動該品類的高端（prestige）市占提升。護膚品類有機成長 4%。

Iconic hero product and innovation were a powerful combination across price tiers. From La Mer in luxury to Estée Lauder in the heart of prestige to The Ordinary in the entry price tier, we are demonstrating the strengths of our brands across the consumer landscape.

跨越不同價位帶，經典明星產品與創新形成強而有力的組合。從奢華價位帶的 La Mer，到高端（prestige）核心價位帶的 Estée Lauder，再到入門價位帶的 The Ordinary，我們正展現旗下品牌在整體消費者版圖中的實力。

Looking at makeup. We have reignited our performance, delivering a second consecutive quarter of organic sales growth. Innovation across lip, face, and eye fueled M·A·C as well as TOM FORD, with both brands up double digits. Strategically, we are driving broad-based performance for these two brands, fueled by launches in the quarter and earlier in calendar '26, demonstrating how well innovation is resonating.

再看彩妝。我們已重新點燃表現動能，連續第二季實現有機銷售成長。唇、底妝與眼妝的創新帶動 M·A·C 以及 TOM FORD，兩個品牌皆達雙位數成長。在策略上，我們正推動這兩個品牌的廣泛性成長動能；本季及 2026 年曆年稍早的新品上市提供助力，顯示創新正獲得市場高度共鳴。

In the US, M·A·C has gained prestige makeup share for seven consecutive months, while for the quarter, M·A·C gained share in China, Japan, and Korea. Equally impressive, TOM FORD outperformed prestige makeup in China, Japan, and Korea in the quarter.

在美國，M·A·C 已連續七個月提升高端（prestige）彩妝市占；而就本季而言，M·A·C 在中國、日本與韓國皆提升市占。同樣令人印象深刻的是，TOM FORD 本季在中國、日本與韓國的表現也優於高端（prestige）彩妝市場。

For hair care, we stabilized performance, progressing sequentially from a modest decline. The Ordinary's Hair Density Serum drove strong growth, offsetting Aveda's brand-specific supply chain logistic challenges, which we are aggressively working to resolve.

在護髮品類方面，我們穩定了表現，較前一季由小幅下滑逐步改善。The Ordinary 的 Hair Density Serum 帶動強勁成長，抵銷了 Aveda 因品牌特定供應鏈物流挑戰所帶來的影響；我們正積極推進解決。

We remain encouraged by Aveda's improving trends across brand health, share in the US salon, and innovation. The brand is also driving strong share gains in the US and UK beyond the salon net channels.

我們仍對 Aveda 在品牌健康度、美國沙龍通路市占，以及創新方面的改善趨勢感到鼓舞。該品牌也在美國與英國的非沙龍淨通路持續推動顯著的市占提升。

Now for the regions. We grew across the board for the second consecutive quarter. Every region would have accelerated sequentially if not for the Americas benefiting in the fourth quarter from the gift card liability reversal.

接著談各地區表現。我們連續第二季在各地區全面成長。若非美洲地區在第四季受惠於禮品卡負債回轉帶來的助益，各地區本可較前一季加速成長。

Asia Pacific led the growth. Global travel retail was a strong contributor in the region, with retail sales stabilizing thanks to Korea and the online business in Hainan. For travel retail in the West, while a smaller piece of our business, retail sales growth accelerated sequentially to mid-single digit, outpacing the industry. Mainland China delivered 9% organic sales growth as skin care and makeup each rose high single digit, while fragrance increased double digits.

亞太地區引領成長。全球旅遊零售是該地區的重要貢獻來源；在韓國以及海南的線上業務帶動下，零售銷售趨於穩定。至於西方市場的旅遊零售，雖然在我們業務中占比較小，但零售銷售成長較前一季加速至中個位數，優於產業表現。中國大陸有機銷售成長 9%，其中護膚與彩妝各自成長高個位數，而香氛則成長雙位數。

We outperformed the industry to gain prestige beauty share for the seventh consecutive quarter, led by TOM FORD, The Ordinary, Le Labo, and La Mer, even on a much harder comparison. Our priority emerging market excelled, with organic sales up 15%, driven by Turkey, Mexico, and India. We are thrilled to have completed the acquisition of Forest Essentials in October and have confidence it will be a strong contributor to our emerging market portfolio, which we continue to expect to reach 15% of our business in the next several years.

即使在更具挑戰的比較基期下，我們仍連續第七季優於產業表現並提升高端美妝市占，主要由 TOM FORD、The Ordinary、Le Labo 與 La Mer 帶動。我們優先布局的新興市場表現出色，有機銷售成長 15%，由土耳其、墨西哥與印度驅動。我們很高興已於 10 月完成收購 Forest Essentials，並有信心其將成為我們新興市場產品組合的重要貢獻者；我們仍預期在未來數年內，新興市場將占我們業務的 15%。

Our diversified growth extends beyond categories and geographic regions. We deliver high single-digit organic sales growth online, driven by both established platform and expansion. Encouragingly, online growth was also well-balanced.

我們多元化的成長不僅跨越品類與地理區域。在既有平台的帶動與拓展之下，我們線上業務實現高個位數的有機銷售成長。令人鼓舞的是，線上成長也相當均衡。

Asia Pacific rose double digit, while each of the other three regions grew high single digits. In the US and China, we gained share online, with retail sales growth more than two times faster than the industry in our two biggest markets.

亞太地區成長達雙位數，而其他三個地區各自成長高個位數。在美國與中國，我們在線上通路提升市占；在我們兩個最大市場中，零售銷售成長速度超過產業的兩倍。

We are particularly pleased by the strong result we are seeing as we anniversary launches. For example, M·A·C's US TikTok Shop sales more than doubled from its year-ago launch. Complementing online's growth, brick-and-mortar, which includes travel retail, rose mid-single digit organically. We are investing in experiential retail across all platforms in specialty multi, department stores, and our freestanding stores, and seeing the benefit through new consumer acquisition.

我們對於新品上市滿周年後仍能看到的強勁成果尤其感到欣喜。例如，M·A·C 在美國 TikTok Shop 的銷售額相較一年前上線時已超過翻倍。與線上成長相互補強的實體通路（包含旅遊零售）有機成長中個位數。我們正於專業多品牌通路、百貨公司以及自營門市等各平台投資體驗式零售，並透過新客獲取看見成效。

Our first quarter performance truly embodies Beauty Reimagined in action as we double down in our strengths in fiscal '27, expanding more brand into high-growth channel across more markets, launching a bigger and bolder innovation pipeline, continuing to increase consumer-facing investment, and increasingly benefiting from One ELC, our new operating model.

我們第一季的表現充分體現 Beauty Reimagined 的落地執行：在 2027 會計年度，我們加碼投入自身優勢，將更多品牌擴展至更多市場的高成長通路，推出更大規模且更具突破性的創新管線，持續提高面向消費者的投資，並日益受惠於我們新的營運模式 One ELC。

Before I close, I am proud to highlight that last week we published our fiscal 2026 Social Impact and Sustainability Report. I am deeply grateful to our employees whose passion, resilience, and creativity are driving progress towards our 2030 goals, as you will find in this report. I also want to thank our partners and communities whose collaboration and shared commitment are essential to drive meaningful change.

在結語之前，我很自豪地分享：上週我們發布了 2026 會計年度《社會影響與永續發展報告》。我由衷感謝我們的員工；正是他們的熱情、韌性與創造力推動我們朝 2030 目標持續前進，您也將在報告中看到。我也要感謝我們的合作夥伴與社區；他們的協作與共同承諾是推動有意義改變不可或缺的關鍵。

In closing, we are becoming a faster, more agile, and more disciplined organization. Beauty Reimagined has transformed our company and positioned us for more diversified and sustainable long-term sales growth, prestige beauty share gained, and stronger profitability. This Wednesday, we are excited to share more about how Beauty Reimagined has come to life across the organization, and especially in China, at our capital market experience, which will be webcast.

總結而言，我們正成為一個更快速、更敏捷且更具紀律的組織。Beauty Reimagined 已改造我們的公司，並使我們在更為多元且可持續的長期銷售成長、提升高端美妝市占，以及更強的獲利能力方面具備更佳定位。本週三，我們很期待在將進行網路直播的資本市場體驗活動中，分享更多 Beauty Reimagined 如何在整個組織中落地，尤其是在中國。

To our colleagues around the world, thank you. These strong results are yours, five consecutive quarters of organic sales growth and margin expansion, with performance in the most recent two quarters especially strong.

致全球各地的同仁，謝謝你們。這些亮眼成果屬於你們：連續五季有機銷售成長與利潤率擴張，且最近兩季的表現尤其強勁。

Onward and upward. Akhil, over to you.

持續向前、再創高峰。Akhil，交給你。

Thank you, Stéphane. Hello, everyone, and thank you for joining us. We are pleased with our strong start to fiscal 2027.

謝謝你，Stéphane。各位好，感謝大家參與。我們對 2027 會計年度的強勁開局感到滿意。

Our first quarter results demonstrate our focus on growth and disciplined execution against Beauty Reimagined, supported by a more agile organization and strong operating model. We remain focused on delivering sustainable growth, expanding margins, and strengthening cash generation. We are doing this while strategically investing behind consumer-centric opportunities to sustain our momentum and drive long-term value creation.

第一季的結果展現我們聚焦成長，並以更敏捷的組織與強健的營運模式為支撐，對 Beauty Reimagined 進行有紀律的執行。我們仍專注於實現可持續成長、擴大利潤率並強化現金創造能力。同時，我們也策略性地投資以消費者為中心的機會，延續動能並推動長期價值創造。

I will start with a brief recap of our first quarter results and then turn to our raised outlook for the full year. Please refer to our press release issued this morning for more information on our first quarter performance. In the quarter, organic net sales grew 6%, led by strong double-digit growth in fragrance and mid-single-digit growth in skincare, supported by robust innovation.

我將先簡要回顧第一季業績，接著說明我們上調的全年展望。關於第一季表現的更多資訊，請參閱我們今早發布的新聞稿。本季有機淨銷售成長 6%，主要由香氛的強勁雙位數成長與護膚的中個位數成長所帶動，並受惠於強勁的創新動能。

Sales growth accelerated in Asia Pacific, Mainland China, and EUKEM, while performance in the Americas improved year over year. These results demonstrate our progress in building more diversified growth across product categories and geographic regions.

亞太、中國大陸與 EUKEM 的銷售成長加速，而美洲地區的表現則較去年同期改善。這些成果展現我們在產品品類與地理區域上打造更為多元化成長的進展。

Now turning to margins. Gross margin was 75.7%, an expansion of 240 basis points from 73.3% last year. This improvement reflects our mindset of operational excellence and the transformative actions we have taken across our supply chain. Net benefits from strategic pricing actions, procurement savings, and manufacturing efficiencies helped drive greater leverage in the quarter.

接著談利潤率。毛利率為 75.7%，較去年 73.3% 擴張 240 個基點。此改善反映我們追求卓越營運的思維，以及我們在供應鏈各環節採取的轉型行動。策略性定價措施、採購節省與製造效率提升所帶來的淨效益，協助本季實現更高的槓桿效應。

Operating margin was 12.1%, an expansion of 480 basis points from 7.3% last year. This expansion reflects sales leverage and disciplined cost management across the organization. In line with our strategic investment allocation approach, we increased consumer-facing investments by 8% to fuel growth and strengthen long-term brand equity and desirability.

營業利益率為 12.1%，較去年 7.3% 擴張 480 個基點。此擴張反映銷售槓桿效應，以及全組織有紀律的成本管理。依循我們的策略性投資配置方法，我們將面向消費者的投資提高 8%，以推動成長並強化長期品牌資產與吸引力。

These investments include higher advertising and promotional activities to deepen consumer engagement and support innovation, along with our focus on enhancing selling productivity. At the same time, we continued to manage costs in a disciplined way, reducing non-consumer-facing expenses by 1% to expand margin and create fuel for growth.

這些投資包括增加廣告與促銷活動，以深化消費者互動並支持創新，同時也聚焦提升銷售生產力。與此同時，我們持續以有紀律的方式管理成本，將非面向消費者的費用降低 1%，以擴大利潤率並為成長創造動能。

We are also continuing to advance One ELC, the work underway across our operating ecosystem, including EBS, a more unified media model, as well as digital and direct-to-consumer capabilities. This enables superior consumer experiences, greater speed, simpler processes, and improved productivity. This can be seen in our Shopify deployment and the partnering with Profound, an AI marketing platform bringing global insights into how our brands appear across AI platforms. At the same time, our focus on efficiencies remains embedded in how we operate.

我們也持續推進 One ELC，相關工作正於我們的營運生態系中展開，包括 EBS、更一致的媒體模式，以及數位與直面消費者（DTC）能力。這使我們能提供更優異的消費者體驗、更快的速度、更簡化的流程與更高的生產力。這可從我們導入 Shopify，以及與 AI 行銷平台 Profound 的合作中看見；該平台提供全球洞察，協助了解我們的品牌在各 AI 平台上的呈現方式。同時，我們對效率提升的重視也已內嵌於日常營運之中。

The approval phase of the restructuring component of our PRGP is behind us, but our commitment to everyday efficiency continues. We are executing the approved initiatives, capturing savings, and simplifying our cost base. This creates flexibility to invest for growth while expanding profitability.

我們的 PRGP 重組組成部分已完成核准階段，但我們對日常效率的承諾仍在持續。我們正在執行已核准的各項舉措、落實節省成效，並簡化成本基礎。這為我們在擴大利潤的同時投資成長創造了彈性。

As we have said before, we continue to expect the vast majority of the PRGP's full-run-rate benefits to be realized by the end of fiscal 2027. Our effective tax rate improved to 31.9% from 40.5% last year. Diluted EPS increased to $0.72 from $0.32 last year, growth of 125%.

如同我們先前所述，我們仍預期 PRGP 的絕大多數全面運行（full-run-rate）效益將於 2027 會計年度末前實現。我們的有效稅率由去年的 40.5% 改善至 31.9%。稀釋後每股盈餘（EPS）由去年的 0.32 美元增至 0.72 美元，成長 125%。

We remain laser focused on cash productivity. Cash flow used for operating activities was $166 million in the quarter, an improvement from $340 million in the prior year. While our first quarter typically represents the seasonal use of cash, our teams have improved our use by approximately 50% in each of the past two years, driving meaningful progress in cash productivity. This reflects higher net earnings, excluding non-cash items. Despite higher restructuring payments and working capital investments, we saw a favorable change in operating assets and liabilities.

我們仍高度聚焦於現金生產力。本季營運活動所使用的現金流為 1.66 億美元，較去年同期的 3.40 億美元有所改善。雖然第一季通常是季節性用現金的季度，但我們的團隊在過去兩年中，每一年都將現金使用改善約 50%，推動現金生產力取得顯著進展。這反映了更高的淨利（排除非現金項目）。儘管重組付款與營運資金投資增加，我們仍看到營運資產與負債出現有利變化。

Capital expenditure were $69 million, down from $96 million. This reflects the timing of projects and our continued focus on prioritizing consumer-facing investments. Our strong cash productivity and disciplined capital spending drove a notable improvement in free cash flow in the quarter, a use of $235 million compared with a use of $436 million.

資本支出為 6,900 萬美元，低於 9,600 萬美元。這反映了專案時點安排，以及我們持續聚焦於優先投入面向消費者的投資。我們強勁的現金生產力與嚴謹的資本支出紀律，帶動本季自由現金流顯著改善：現金流出 2.35 億美元，相較之下去年同期為流出 4.36 億美元。

Before turning to outlook, we are pleased to have completed the acquisition of the remaining interest in Forest Essentials on October 5. This builds on our longstanding partnership and strengthens our presence in India's fast-growing prestige beauty industry, with an opportunity to expand the brand's consumer reach globally. The brand's results are not expected to have a material impact on our fiscal '27 full-year consolidated results.

在談展望之前，我們很高興於 10 月 5 日完成收購 Forest Essentials 的剩餘股權。此舉建立在我們長期合作夥伴關係之上，並強化我們在印度快速成長的高端美妝產業中的布局，同時也帶來將該品牌消費者觸及面擴展至全球的機會。預期該品牌的業績不會對我們 2027 會計年度全年合併業績造成重大影響。

Turning now to our fiscal 2027 full-year outlook, we raised our outlook to reflect the momentum in the business. And our progress against the priorities we set at the beginning of the year. Our outlook assumes no further deterioration in the geopolitical landscape or related impacts, including no material impact from the conflict in the Middle East and the stabilization of current disruptions in other key markets in EUKEM. While we remain cautious amid ongoing geopolitical and macroeconomic uncertainty, we are controlling the controllables, focused on disciplined execution and maintaining flexibility to respond as conditions evolve.

接著談我們 2027 會計年度全年展望，我們上調了展望以反映業務動能。以及我們在年初所設定優先事項上的進展。我們的展望假設地緣政治局勢或相關影響不再進一步惡化，包括中東衝突不會造成重大影響，且 EUKEM 其他關鍵市場目前的干擾情況趨於穩定。儘管在持續的地緣政治與宏觀經濟不確定性下我們仍保持審慎，但我們正專注於可控事項，聚焦於有紀律的執行，並維持彈性以因應情勢演變。

For the full year, we now expect organic net sales growth of 4% to 5.5%, up from our previously communicated range of 3% to 5%, with stronger growth still expected in the first half of the year compared to the second. Full year operating margin is now expected to range between 12.9% to 13.7%, up from our previous range of 12.7% to 13.5%. Diluted EPS is now expected to range between $3.20 to $3.45, up from $3.10 to $3.35. We now expect to generate net cash flow from operating activities between $1.4 billion and $1.5 billion, up from our previous expected range of $1.3 billion and $1.4 billion.

就全年而言，我們目前預期有機淨銷售成長為 4% 至 5.5%，高於先前溝通的 3% 至 5% 區間；且仍預期上半年成長強於下半年。全年營業利益率目前預期介於 12.9% 至 13.7%，高於先前的 12.7% 至 13.5%。稀釋後每股盈餘目前預期介於 3.20 至 3.45 美元，高於 3.10 至 3.35 美元。我們目前預期營運活動淨現金流介於 14 億至 15 億美元，高於先前預期的 13 億至 14 億美元。

In closing, fiscal 2027 is off to a very strong start. Our results reflect our focus on the consumer, investments in brand desirability and innovation, a more disciplined operating model, and strong execution across the organization. We remain focused on translating this momentum into sustainable growth and long-term value creation. We are grateful to our teammates around the world for their commitment, innovation, creativity, and execution with excellence.

最後，2027 會計年度開局非常強勁。我們的成果反映了我們以消費者為核心的聚焦、對品牌吸引力與創新的投資、更具紀律的營運模式，以及全組織的強力執行。我們仍專注於將這股動能轉化為可持續的成長與長期價值創造。我們感謝全球各地的同仁在承諾、創新、創意以及卓越執行上的投入。

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

以上為我們預先準備的發言。接下來我將交給接線員開始問答（Q&A）環節。

(Operator Instructions) Dara Mohsenian, MS.

(接線員指示) Dara Mohsenian，MS。

Clearly a strong organic sales growth result in the quarter. Full-year raise on OSG is also positive. You did have a lot of innovation contribution in Q1, so I just wanted to get a bit of an update on the pace of organic sales growth as we move through the balance of the year over the next few quarters.

本季有機銷售成長顯然相當強勁。全年有機銷售成長（OSG）上調也很正面。第一季確實有不少創新帶來的貢獻，因此我想請你們更新一下：在接下來幾個季度、今年剩餘期間，有機銷售成長的節奏大概會如何發展。

Is there increasing confidence you are now more at this mid-single-digit pace in the balance of the year after the strong 6% Q1 result? The range for the full year does give a little bit of flexibility, so are we comfortable more in that mid-single-digit range going forward, or will there be some quarters more like low to mid-single digit as you think about it? And maybe just within that.

在第一季強勁的 6% 表現之後，對於今年剩餘期間維持在中個位數成長步調的信心是否正在提升？全年區間確實提供了一些彈性，因此往後我們是否更能舒適地落在中個位數區間，或是你們認為某些季度可能更接近低到中個位數？也請就此談談。

The beauty category looks like it is doing really well in a number of markets around the world, China, the US, despite the fact that we have seen a broader luxury slowdown outside of the beauty category. Just given some signs of consumer stress out there, I just want to get your perspective on if you think you are seeing any impact to the beauty category, and if your internal momentum is enough to offset some of these external pressure points we are seeing, and how that played out maybe towards the end of fiscal Q1 or so far in October. Thanks.

美妝品類在全球多個市場看起來表現非常好，包括中國、美國；儘管我們看到美妝品類以外的更廣泛奢侈品市場有所放緩。考量到外界出現一些消費者壓力的跡象，我想請教你們是否看到對美妝品類的任何影響；以及你們內部的動能是否足以抵消我們看到的部分外部壓力點；另外，這在 2027 會計年度第一季末段或截至 10 月目前為止的表現如何。謝謝。

Oh, thanks, Dara. That is the entire strategy in one question. But no, very happy, and Akhil and I will tag team to answer your question.

喔，謝謝你，Dara。你這一題幾乎把整個策略都問進去了。不過我們很高興，Akhil 和我會搭配回答你的問題。

When it looks at the organic sales growth, obviously, we are very proud of the very strong start of the fiscal year. I think you have seen, as we committed as part of Beauty Reimagined, to a very broad growth from a region, from a category standpoint, generally speaking, around all our categories, our brands, and our channels. We have committed and we continue to iterate that the first half of this fiscal year is stronger in innovation.

談到有機銷售成長，顯然我們對本會計年度非常強勁的開局感到自豪。我想你也看到，作為 Beauty Reimagined 的一部分，我們所承諾的是非常廣泛的成長——無論從區域或品類角度來看，整體而言涵蓋我們所有品類、品牌與通路。我們已承諾並持續重申，本會計年度上半年在創新方面更為強勁。

We have a lot of innovation that it is in skin care, in fragrances, in makeup, and in hair care that is coming in the first half of this fiscal year. And frankly, all this innovation is off to a very, very strong start, contributing to the strong growth that you saw in the various categories. In the second half, if you remember, we said there will be a softening of the innovation as a contribution to the total.

本會計年度上半年我們有大量創新將推出，涵蓋護膚、香氛、彩妝與護髮。坦白說，這些創新都以非常、非常強勁的態勢起跑，並對你在各品類所看到的強勁成長做出貢獻。下半年，如你所記得的，我們曾表示創新對整體的貢獻會有所放緩。

We are still committed to the 25% of the sales for the fiscal year. In the first quarter, we delivered 29% of our sales coming from innovation, but still, again, committed to deliver on the total year 25%. Some of the strengths that you see in the first half obviously will continue in retail in the second half, but there is this rebalancing on innovation, and also, we are lapping in the second half a higher base of travel retail.

我們仍致力於達成全年銷售中有 25% 來自創新。第一季我們交出 29% 的銷售來自創新，但我們仍承諾全年合計達成 25%。你在上半年看到的一些強勢表現，顯然在下半年零售端仍會延續，但創新占比會重新平衡；此外，下半年我們也將面臨旅遊零售較高基期的比較。

So we will expect less growth in net sales, but obviously a continuous improvement from our retail trajectory overall. I would say, this is why we have the confidence to raise the guidance for the year, based on the strong start. But obviously, the retail, and this is what we are focusing as a team, retail sales continuing to accelerate quarter-over-quarter.

因此，我們預期淨銷售成長會較低，但顯然相較於我們整體零售走勢仍會持續改善。我會說，這也是為什麼我們有信心在強勁開局的基礎上，上調全年指引。但很明顯地，零售——這也是我們團隊聚焦的重點——零售銷售仍在逐季加速。

When it comes to your question on the beauty category, look, I am very confident that the beauty category is remaining a very strong category in consumer good in general. We are seeing an acceleration. If you remember, in the last fiscal year, we guided a 2%-3%.

至於你關於美妝品類的問題，坦白說，我非常有信心美妝品類在整體消費品中仍然是一個非常強勁的品類。我們看到成長正在加速。如果你記得，在上一個會計年度，我們給出的指引是2%–3%。

Actually, the industry actually more or less delivered close to 3% growth in FY 2026. We are seeing about 100 basis point improvement in the beauty category overall. You have mentioned market like China, like the US is very strong, but the emerging market also continues to be very strong.

事實上，整個產業在FY 2026大致交出了接近3%的成長。我們看到美妝品類整體約有100個基點的改善。你提到像中國、像美國這些市場非常強勁，但新興市場也持續非常強勁。

For us, you saw the 15% growth that we have delivered in the emerging market. For whatever issue that it will be, name it, the Middle East or some disruption in Europe that we are monitoring very closely, we are obviously really pushing where we have strong momentum, which are our largest market, and frankly, also closing the gap where we still have gap to close. Overall, very confident on the category, very confident in our performance, and very confident that we will be able to deliver within this new guide that we are giving for the year.

就我們而言，你也看到我們在新興市場交出了15%的成長。不論會出現什麼問題——例如中東，或是我們正非常密切監控的歐洲某些擾動——我們顯然會在動能強勁之處加大推進，也就是我們最大的市場；坦白說，同時也會在仍有差距之處加速補齊。整體而言，對品類非常有信心、對我們的表現非常有信心，也非常有信心我們能在今年所提供的這個新指引範圍內達成。

Thanks, Stéphane. Dara, I will just add a few things to what Stéphane said. One, we are very pleased with the diverse engines that Stéphane talked about.

謝謝你，Stéphane。Dara，我再補充幾點Stéphane剛才提到的內容。第一，我們對Stéphane談到的多元成長引擎感到非常滿意。

Whether we look at it from a region, category, or brand perspective, the company is firing on many, many engines. So that we like. Within that, when you look at our mix of 6% growth, both Americas and UK were 4%.

不論從區域、品類或品牌的角度來看，公司都在許多、許多引擎上同時發力。這是我們所樂見的。在此之中，當你看我們6%的成長組合時，美洲與英國都為4%。

So that bodes well for the rest of the year. Of course, Asia Pacific and travel retail and China were very strong, and we, as Stéphane said, the base period of these businesses have a tougher comp in the back half. So our plan is to keep driving the momentum in these businesses, grow share, which we are doing.

因此，這對今年剩餘期間是個好兆頭。當然，亞太、旅遊零售以及中國表現非常強勁；而且如Stéphane所說，這些業務在下半年基期比較將更具挑戰。所以我們的計畫是持續推動這些業務的動能、提升市占——而我們也正在這麼做。

While the market will have ups and downs, we want to intend to keep growing share. In the Western part of the world, Beauty Reimagined strategy is working in many places and many aspects of the business, and that we intend to continue. We intend to continue to fuel our business so that the progress in Western markets continues, and that is what is baked into our forecast.

即使市場會有起伏，我們的意圖是持續提升市占。在西方市場，「Beauty Reimagined」策略在許多地區、以及業務的許多面向都正在奏效，我們打算持續推進。我們打算持續為業務注入動能，讓西方市場的進展得以延續，而這也已納入我們的預測之中。

When we started the year, our expectation was that first half would be stronger, back half would be slightly less than that, and that still holds. But of course, we are busy executing against that to prove our overall guide for the year.

在年初時，我們的預期是上半年會更強、下半年會略低一些，而這一點仍然成立。但當然，我們正忙於執行以驗證我們全年整體指引。

(Operator Instructions) Lauren Lieberman, Barclays.

（接線員指示）Lauren Lieberman，巴克萊。

I wanted to ask about the One ELC operating model, and I know that in the prepared remarks, you mentioned a couple of the new partnerships that you announced during the quarter. I was curious if you could talk a little bit about the unlocks from One ELC, because the restructuring, it is tangible, it is a number, here is our gross cost savings. How should we think about what comes out of this shift to One ELC from a, whether profitability standpoint, revenue growth unlock, but how you would articulate what opportunities that creates going forward? Thanks.

我想詢問One ELC營運模式。我知道在事先準備的發言中，你提到本季宣布的幾項新合作夥伴關係。我想了解你能否談談One ELC帶來的解鎖效益，因為重組是具體可見的——有數字、有我們的毛成本節省。我們應該如何看待轉向One ELC所帶來的成果：不論是從獲利能力角度、營收成長的解鎖，或是你會如何闡述這個轉變在未來創造了哪些機會？謝謝。

Yeah, I will start, Lauren. Thank you, because this is something that we have put a lot of energy behind, and I want to make sure that we do not confuse what the PRGP is enabling with this new operating model. This new operating model is our new ways of working.

好的，Lauren，我先開始。謝謝你，因為這是我們投入大量心力的事情，我也想確保我們不會把PRGP所促成的效果與這個新的營運模式混為一談。這個新的營運模式是我們新的工作方式。

Obviously, we have partners from Enterprise Business Services with Accenture, our integrated commerce with Shopify, or even our media around the world operated by WPP. There are many other partners, such as Microsoft and Google, that also are powering our technology, our cloud. Microsoft, one that we have announced an extended partnership last week to really build our cloud and our data.

很明顯地，我們有來自企業商務服務（Enterprise Business Services）的合作夥伴Accenture、我們與Shopify的整合式商務（integrated commerce），甚至我們在全球由WPP營運的媒體業務。還有許多其他合作夥伴，例如Microsoft與Google，也在為我們的技術與雲端提供動能。Microsoft方面，我們上週宣布延伸合作夥伴關係，真正用來打造我們的雲端與數據能力。

Overall, this One ELC model, operating model, you have to think about it as really the backbone of how we are operating for the company. It is designed for us to just bring efficiencies over time. Think about the PRGP as a one-time event.

整體而言，這個One ELC模式、營運模式，你必須把它視為我們公司運作方式的真正骨幹。它的設計是為了讓我們隨時間推進持續帶來效率。把PRGP視為一次性的事件。

Obviously, that has helped us to really reposition our cost base and reduce our fixed costs, reinvesting into consumer-facing to reignite growth. Going forward, we don't see that as one moment in time. Transformation is a new way for us to operate for the future of the company, and it's going to give us efficiency in media, efficiency in the back of house, much more agility around the company.

很明顯地，它幫助我們重新定位成本基礎並降低固定成本，將資源再投資到面向消費者的領域以重燃成長。展望未來，我們不把它視為某個時間點的一次性動作。轉型是我們面向公司未來的一種全新運作方式，它將在媒體、後台（back of house）帶來效率，並讓公司整體更具敏捷性。

We are really focusing on harnessing the power of our brand, the power of our innovation, and really investing to drive growth in the future. These partners have really allowed us to really build a very strong backbone from technology to consumer-facing activities, and so on and so forth. That also, in a way, is helping us to reduce the duplication and the fragmentation of the activities throughout the organization, around the world.

我們真正聚焦於發揮品牌的力量、創新的力量，並且加大投資以推動未來成長。這些合作夥伴確實讓我們能建立非常強健的骨幹，從技術到面向消費者的活動等等。而這在某種程度上，也在幫助我們降低組織在全球各地活動的重複與碎片化。

That has been one of the key focus for us to do. This reduction of duplication and fragmentation is allowing us to spend more time on creating innovation, boosting desirability, creating the consumer experience to obviously accelerate our growth, as we've demonstrated with the increased guide on the top line this year, and as we demonstrated with the result in Q4 of the last fiscal year, as well as Q1 of this fiscal year, on the 6% and the 5% at the end of last fiscal year. Think about this ecosystem as a way to really power our brands, power our market, and really become the best consumer-centric prestige beauty company in the world.

這一直是我們的關鍵聚焦之一。降低重複與碎片化，讓我們能把更多時間用在創造創新、提升吸引力、打造消費者體驗，從而明顯加速成長——正如我們今年上調營收端指引所展現的，也如我們在上一會計年度第四季以及本會計年度第一季的結果所展現的：上一會計年度末的6%與5%。把這個生態系視為一種真正為我們品牌與市場賦能的方式，並讓我們成為全球最以消費者為中心的高端美妝公司。

One thing that I'll add to that, Lauren, and every time we have a meeting, Stéphane opens it with three pillars of One ELC. It's really culture, it's system process, and one team. These are the things that underpin the changes that Stéphane just talked about.

我再補充一點，Lauren。每次我們開會，Stéphane都會用One ELC的三大支柱作為開場：文化、系統流程，以及一個團隊（one team）。這些正是支撐Stéphane剛才談到的變革的基礎。

From a culture perspective, we are clearly demonstrating speed, agility, and a culture of empowerment and accountability. From a one team perspective, the work we have done to make roles clearer are, we do not talk enough about it, but our brands, regions, and affiliates are very clearly focused on their unique deliverables, which was one of the points that was always talked about for the company in a big matrix of brand channels and affiliates. The third thing is, when you look at the three pillars Stéphane talked about, media, e-comm, and backend processes, this is the company, and we are going to the best-in-class solutions for all of them. Combined, these things are improving not only our top line, our bottom line, and overall well-being of our people who will work in the company to focus on the best work.

從文化角度來看，我們清楚展現了速度、敏捷性，以及賦權與問責的文化。從一個團隊的角度來看，我們為了讓角色更清晰所做的工作——我們談得還不夠多——但我們的品牌、區域與各地子公司（affiliates）都非常清楚地聚焦在各自獨特的交付成果上；而過去公司一直被討論的一點，是在品牌通路與各地子公司構成的大型矩陣中容易產生模糊。第三點是，當你看Stéphane談到的三大支柱：媒體、電商與後端流程，這就是公司運作的核心，而我們正為每一項導入同級最佳（best-in-class）的解決方案。綜合而言，這些正在改善的不只是我們的營收端、獲利端，也改善了公司員工的整體福祉，讓大家能專注於最重要、最好的工作。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

I guess maybe going back a little bit to Dara's question, clearly the results this quarter very strong and fairly balanced geographically, though less so by category.

我想或許回到 Dara 的問題，顯然本季的結果非常強勁，且在地理區域上相當均衡，雖然在品類上就沒那麼均衡。

Can you maybe discuss the strength you saw in fragrance this quarter versus the solid but less outsized performance in other areas of the business, and how you see those trends unfolding over the balance of the year? As you do that, maybe relatedly discuss any, just how you perceive consumption this quarter relative to the organic run rate and any areas of inventory build that we should consider as we think about the quarters to come. Thank you.

你們能否談談本季香氛的強勁表現，相較於公司其他業務領域雖然穩健但不那麼突出的表現，以及你們如何看待這些趨勢在今年剩餘期間的發展？同時，也請順帶談談你們如何看待本季的消費相對於有機成長的常態水準（organic run rate），以及是否有任何庫存增加的領域，是我們在思考未來幾季時需要留意的。謝謝。

Okay. I will start with the fragrance category and the strength that we are seeing, and Akhil can just join on the inventory. We feel very good about the long-term opportunities in fragrances, and what has been very exciting for us this quarter, but there has been a long way in the making to get there.

好的。我先從香氛品類以及我們看到的強勁表現談起，Akhil 也可以補充庫存的部分。我們對香氛的長期機會感到非常樂觀；而本季對我們而言非常令人振奮，但其實是經過長時間的耕耘才走到今天。

We have demonstrated that we have a very strong luxury portfolio. When you think about TOM FORD Private Blend, when you think about Le Labo, you think about Frédéric Malle, or Jo Malone London, and on and on. We have demonstrated over the past years that we have a very strong portfolio.

我們已經證明我們擁有非常強大的奢華產品組合。當你想到 TOM FORD Private Blend、Le Labo、Frédéric Malle、或 Jo Malone London 等等。過去幾年我們已經證明，我們擁有非常強的產品組合。

What we have done differently this quarter is that we have really accelerated the investment behind this brand, and we have really accelerated innovation. And innovation has resonated across every single of our brand. What is new is really what we have committed to go after also the prestige price tier.

本季我們做得不同的是，我們確實加速了對這些品牌的投資，也確實加速了創新。而創新在我們每一個品牌上都引起了共鳴。新的地方在於，我們也承諾要積極進攻高端（prestige）價位帶。

If you remember, if you look from east to west, in the east, there is a high penetration of luxury fragrances, and we have always performed very well. We have demonstrated, again, strong share gain in China, in Korea, in Japan. But on the other hand, in the west, the large majority of our fragrance business is still done in the prestige price tier, which we have not really captured our fair share over the past few years.

如果你記得，從東到西來看，在東方，奢華香氛的滲透率很高，而我們一直表現得非常好。我們再次證明在中國、韓國、日本都有強勁的市佔提升。但另一方面，在西方，我們香氛業務的大部分仍然是在高端（prestige）價位帶完成，而過去幾年我們並沒有真正拿到應有的市佔。

This quarter, we have launched for the first time in over a decade the Estée Lauder Glimmer fragrance, which is off to a very strong start in the US and in the UK, which gives us the confidence to roll out Glimmer by Estée Lauder in the second half of this fiscal year in more markets, especially in Europe, in Latin America. We have also have the continuous strengths of Balmain Beauty, especially with B'Est Star. The fragrance has been very, very strong across the Western market.

本季我們十多年來首次推出 Estée Lauder Glimmer 香氛，在美國與英國開局非常強勁，這也讓我們有信心在本財年下半年把 Estée Lauder Glimmer 推向更多市場，特別是在歐洲、拉丁美洲。我們也持續看到 Balmain Beauty 的強勢，尤其是 B'Est Star。這款香氛在西方市場表現非常、非常強勁。

And now, the new addition to the portfolio in prestige is The Cocktails Collection by KILIAN PARIS, that has been a resounding success in absolutely every market where we have launched it. All of that has contributed to very strong growth in net sales, but also market share gain in pretty much every market. A 20% growth in net sales, we are absolutely convinced that we have one, if not the best performance in the industry in fragrances.

而現在，在高端（prestige）產品組合中的新加入者是 KILIAN PARIS 的 The Cocktails Collection，在我們推出的每一個市場都獲得了極大的成功。這些都推動了淨銷售額的強勁成長，也讓我們在幾乎每個市場都取得市佔提升。淨銷售額成長 20%，我們非常確信，在香氛領域我們的表現是業界數一數二、甚至可能是最好的。

And in retail sales, we are seeing the follow-through in all key markets from the US to where we gained share in the US, we gained share in the UK, we gained share in continental Europe, also across many markets in Asia, Japan, China, Korea. So all of that is demonstrating the strength.

在零售銷售方面，我們也看到在所有關鍵市場的延續動能：從美國（我們在美國提升市佔）、英國（提升市佔）、歐陸（提升市佔），以及亞洲多個市場，包括日本、中國、韓國。所以這一切都在展現其強勁力道。

Why I believe, Steve, that this could continue, there is two factors. There is us, obviously the strong innovation, continuing to expand distribution where it makes sense for our luxury fragrances, but also going to capture market share in the prestige category where we have not had our fair share in the past.

Steve，我之所以認為這種態勢可以延續，有兩個因素。第一是我們自身：強勁的創新、在合理之處持續擴大奢華香氛的通路覆蓋，同時也要在過去未能取得應有市佔的高端（prestige）品類中搶回市佔。

The second thing, we are seeing still consumer, younger consumer gravitating towards this category, thanks to platform like TikTok Shop, which we are seeing a lot more activities in fragrances, and we are participating into it. We have launched many of our brand on TikTok Shop, and you will see more activity going forward.

第二點是，我們仍看到消費者、尤其是年輕消費者在平台（例如 TikTok Shop）的帶動下更傾向於這個品類；我們看到香氛在那裡的活動更多，而我們也有參與其中。我們已在 TikTok Shop 上推出了多個品牌，未來你會看到更多動作。

So between the strengths of our innovation, the strengths of our portfolio, the new prestige strategy in addition to our luxury strategy, and the category that I believe is still robust around the world, we believe that we will continue to do so and to accelerate. If you remember when we were in August, on the back of a 10% growth in fiscal 2026, we committed to even stronger acceleration. Q1 is a demonstration of that.

因此，結合我們創新的強勢、產品組合的強勢、在奢華策略之外新增的高端（prestige）策略，以及我認為在全球仍然強韌的品類基本面，我們相信我們會持續做到，並且加速。如果你記得我們在 8 月時，在 2026 財年 10% 成長的基礎上，我們承諾會有更強的加速。第一季就是這一點的證明。

Thank you, Stéphane. Steve, I will say two things on months of cover for our inventory. So overall, we are tracking this across region, and we are shipping to retail, so we are in good shape.

謝謝你，Stéphane。Steve，關於庫存的覆蓋月數（months of cover），我想說兩點。整體而言，我們按區域追蹤這項指標，而且我們是按零售端出貨（shipping to retail），所以狀況良好。

I think one of the reason your question probably comes from is the strength we see in APAC and TR, we are shipping to retail, but our base period shipment was lower. So there, our net shipment index is higher than the retail we have seen. But we are shipping to retail, and our inventory is very balanced for each one of the markets and channels.

我想你的問題可能源自於我們在亞太（APAC）與 TR 看到的強勁表現：我們確實是在按零售端出貨，但我們的基期出貨較低。因此在那裡，我們的淨出貨指數（net shipment index）高於我們看到的零售表現。但我們是在按零售端出貨，而且我們在每個市場與通路的庫存都非常均衡。

And every time it goes slightly off balance, we fix it in the next quarter. So this is something Stéphane and I had promised, and that is what we are tracking against.

而每當出現些微不均衡，我們會在下一季把它修正回來。這是 Stéphane 和我曾承諾的，也是我們正在追蹤並對照的方向。

Yeah. And Steve, I want you to hear it from Akhil and from me and for everybody. We are shipping to retail.

是的。Steve，我希望你能從 Akhil、從我，以及讓大家都聽清楚：我們是按零售端出貨（shipping to retail）。

That is the commitment we have as a leadership team. I know you always, and it is your role to just ask the question, but we are laser focused to really aligning our net and our retail. And today, we are seeing retail accelerating. Obviously, we are seeing net accelerating, but this is a strong commitment that we have across our categories, across our brand, and frankly, across all channels around the world.

這是我們領導團隊的承諾。我知道你一向會、而且這也是你的職責去提出這個問題，但我們非常專注於讓淨銷售與零售銷售真正對齊。而今天，我們看到零售正在加速。當然，我們也看到淨銷售在加速；但這是我們在各品類、各品牌，坦白說在全球所有通路上的強力承諾。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I had a question on your op margin targets for the year. How much of the guidance raise was maybe just a function of over-delivery in the quarter versus an underlying improvement in the pace of expansion that we should expect you to build upon, I guess, as the year progresses. Then how should we think about the potential risks from commodity and maybe freight inflation to your revised margin guidance.

我想問一下你們今年的營業利益率（op margin）目標。這次上調指引，有多少可能只是因為本季超預期交付（over-delivery），相較之下，有多少是反映你們擴張步伐的基本面改善，並且你們預期在今年推進過程中可以持續累積？另外，原物料以及可能的運費通膨，對你們修訂後的利益率指引可能帶來哪些風險，我們應該如何看待？

I guess, how much flex do you have with your PRGP savings to still deliver in that range without curtailing reinvestments. Thanks.

我想問的是，你們在 PRGP 節省方面還有多少彈性，能在不縮減再投資的情況下，仍然把結果交付在那個區間內？謝謝。

Thanks, Bonnie. So yeah, as you pointed out, we have passed on some of the beat of the first quarter, or not the beat really, but some of the strength of the first quarter to rest of the year. What we are intent to do for rest of the year is we want to continue investing in our brands, because we are clearly seeing momentum, and we want to invest to drive long-term value, which really comes through growth and sustainable growth and share build.

謝謝，Bonnie。是的，正如你指出的，我們把第一季部分的優於預期（beat）——或者說不完全是 beat，而是第一季部分的強勁表現——延伸到今年剩餘期間。我們今年剩餘時間的重點，是希望持續投資我們的品牌，因為我們清楚看到動能，我們也希望透過投資來驅動長期價值，而長期價值真正來自成長、可持續的成長，以及市佔的提升。

Secondly, on the rest of the year, you are right. The deferral policies on some of the commodity complex kicks in more in the back half. which is why we had. And we expected that, which is why we had said on the full year, in spite of a very strong gross margin that you have seen in quarter one, we expect a modest growth for the full year, because we had factored these items.

其次，關於今年剩餘期間，你說得沒錯。部分大宗商品組合的遞延政策在下半年會更明顯地生效。這也是為什麼我們會……而且我們也預期會如此，所以我們才會在全年展望中表示，儘管你在第一季看到非常強勁的毛利率，我們仍預期全年僅為溫和成長，因為我們已將這些因素納入考量。

Of course, in our business, commodity complex is not a big input cost to the materials, but it, of course, freight impacts everybody. So it is factored into our guidance. Of course, every time we give you a guidance, we want to have multiple paths to get there, including the work we are doing on PRGP, including managing a business with contingency and various scenario planning. Hopefully that gives you the clarity, Bonnie.

當然，在我們的業務中，大宗商品組合並不是材料端很大的投入成本，但運費當然會影響所有人。因此這已反映在我們的指引中。當然，每次我們給出指引時，我們都希望有多條路徑可以達成，包括我們在 PRGP 上所做的工作，包括以備援機制來管理業務以及各種情境規劃。希望這能讓你更清楚，Bonnie。

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

Customary, can you hear me question. Thank you for the question.

照例，我先確認一下你聽得到我的問題嗎？謝謝讓我提問。

I wanted to ask just about the organic sales outlook for the full year. Clearly very positive with the higher outlook, and you just noted that growth in the back half will be slightly below fiscal Q1, if I heard that correctly. But can you just frame for us some of the puts and takes that would put you at the higher end of the range for the full year?

我想請教一下全年有機銷售的展望。在上調展望後顯然非常正面，而你剛才也提到，如果我沒聽錯的話，下半年的成長會略低於財年第一季。但你能否幫我們梳理一下，哪些利多與利空因素會讓你們全年落在區間的高端？

Perhaps discuss category growth rates by region and how you would see some of the category contribution coming through the year. It could be seen as a wide range depending on how this evolves, namely in the fiscal Q2. So I just want to get a sense of what would put you at the high end or the low end and some of the key drivers. Thanks so much.

也許可以談談各區域的品類成長率，以及你如何看待各品類在全年中的貢獻逐步顯現。視其演變情況而定，這個區間可能看起來很寬，尤其是在財年第二季的走勢上。所以我想了解，哪些因素會讓你們落在高端或低端，以及一些關鍵驅動因素。非常感謝。

Yeah. So Chris, when you think about the year, and I think we've said it, and without just going too much into the detail, you've said it. We believe that the first half of the fiscal year, from a net sale standpoint, is going to be stronger than the second half, just because of simply the phasing of innovation.

好的。Chris，當你思考全年時，我想我們也說過了——不想過度深入細節——你也提到了。我們認為從淨銷售的角度來看，財年上半年會比下半年更強，主要只是因為創新推出的時點分布。

As Akhil and I said earlier, the lower base, the higher base, sorry, of travel retail in the second half of last year that we are lapping this year. But I want to be very clear, that's not what we expect from a retail standpoint. Retail standpoint for us will continue to be strong throughout the year, and that's very important.

如同 Akhil 和我先前所說，我們今年下半年要對比的是去年下半年旅遊零售較高的基期。但我想非常清楚地說，這並不是我們對零售端的預期。對我們而言，零售端全年都會持續強勁，這點非常重要。

When you look at ex-travel retail, we are seeing the rest of the world accelerating and continuing to grow from first half to second half. I think we have some favorable item when it comes to UK, obviously because of the lower base of last year due to the disruption of the Middle East. We are starting to see, obviously, traffic is still very slow, but we are starting to see better retail trend in the Middle East.

若看扣除旅遊零售（ex-travel retail），我們看到世界其他地區正在加速，且從上半年到下半年持續成長。我認為英國方面有一些有利因素，顯然是因為去年受中東局勢干擾而形成較低基期。我們也開始看到——雖然人流仍然很慢——中東的零售趨勢正在改善。

Frankly, also, if you remember, Middle East is, when you think about the local market plus the airport, is less than 2% of our business. With the strengths of the rest of the emerging market, we are seeing continuation. In the US, we are seeing, obviously, us continuing to reduce the gap with the market.

坦白說，如果你記得的話，中東——不論是本地市場加上機場——占我們業務不到 2%。在其他新興市場強勁的帶動下，我們看到這股延續性仍在。在美國，我們顯然看到我們持續縮小與市場之間的差距。

I was very happy and encouraged in the quarter, not only we are continuing with volume market share gain, we have also now starting to see both in fragrances and hair care, value market share gain. We're moving in the right direction. If you start digging more into it, we are gaining market share in M·A·C and The Ordinary, so in makeup and in skincare, that is showing that all categories with some of our key brands are moving in the right direction.

我在本季感到非常高興也受到鼓舞：我們不僅持續在「量」的市占上取得成長，現在也開始在香水與護髮品類看到「值」的市占成長。我們正朝正確方向前進。如果你再深入看，我們在 M·A·C 和 The Ordinary 的市占正在提升，也就是在彩妝與護膚上，這顯示我們一些關鍵品牌帶動下，各品類都在往正確方向走。

See the total ELC ex-travel retail continuing with good momentum. Obviously, travel retail, the retail is moving in the right direction, but obviously, we have to lap a much higher base in the second half, and we are committing to ship to retail. This is why we are seeing what we are seeing in the total year.

你會看到整體 ELC（扣除旅遊零售）持續保持良好動能。顯然，旅遊零售的零售端也在往正確方向走，但很明顯我們在下半年要對比更高的基期，而且我們承諾以「出貨至零售端」（ship to retail）為主。這就是為什麼我們在全年會看到目前這樣的表現。

What will, obviously, and all our objective, why we give a guidance, this one between 4%- 5.5%, our objective is always to try to just deliver towards the top of the guidance. It will be the continuation of very strong momentum on our innovation, the turnaround that we're seeing in the West, the acceleration of TR West, while we're continuing to work through the transition in travel retail East. There's a lot of good momentum.

當然，我們給出 4%–5.5% 的指引區間，我們的目標一向是盡力交出接近指引上緣的表現。這將取決於我們創新產品非常強勁的動能能否延續、西方市場正在出現的復甦、旅遊零售西區（TR West）的加速，同時我們也會持續推進旅遊零售東區（travel retail East）的轉型。整體動能相當不錯。

Obviously, we can control what we can control, and this is what we're doing. We're expecting a normalization, I would say, of the impact of the Middle East conflict and some of the other ongoing geopolitical and macroeconomic uncertainties that we may say in other geographies.

顯然，我們能控制的就把它控制好，而這正是我們在做的事。我們預期中東衝突的影響，以及其他地區持續存在的地緣政治與宏觀經濟不確定性，會出現某種程度的正常化。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

I just wanted to go back to mainland China. Just curious what you are seeing on the ground right now, how you feel about the sustainability of the momentum in the coming quarters, and any early thoughts on the 11/11 holiday. Thank you.

我想回到中國大陸的話題。想請教你們目前在第一線看到的情況、你對未來幾季動能可持續性的看法，以及對 11/11 購物節是否有任何初步想法。謝謝。

Rupesh, very good question, considering that we are already on the ground in China. By the way, for everybody, we are doing our first-ever earning calls live from China, ahead of our capital market experience that is in couple of days.

Rupesh，這是個非常好的問題，尤其考量到我們現在人就在中國第一線。順帶一提，讓大家知道，我們這是史上第一次在中國進行現場的財報電話會議，並且是在幾天後我們的資本市場活動之前。

Look, the market is healthy in China. We are seeing now, obviously, in this quarter, a low single-digit growth into the quarter, but it is lapsing a very high quarter last year, which was in high single-digit growth for the market. But overall, we are seeing China as a mid-single-digit growth.

你看，中國市場是健康的。我們看到本季市場呈現低個位數成長，但這是在對比去年一個非常高的季度基期——當時市場是高個位數成長。但整體而言，我們仍將中國視為中個位數成長的市場。

I've been very, very clear. China is no longer what we call an emerging market. It is a mature market of a significant size when it comes to beauty, so a mid-single-digit growth for the industry is very strong. In the midst of that, we are gaining share.

我一直說得非常清楚。中國不再是我們所稱的新興市場。就美妝而言，它是一個規模顯著的成熟市場，因此產業中個位數成長其實非常強勁。在這樣的環境下，我們正在提升市占。

You saw that now we are on the seventh consecutive quarter of market share gain, and what I love of what I'm seeing in our performance in China, it is broad-based. We're gaining market share across the three main category of skin care, makeup, and fragrances, and we have today 11 brands in growth, of which 6 are in double-digit growth. So very, very strong performance in the market. We grew double the market, almost double the market in the quarter, which is very strong.

你也看到我們已經連續第七個季度取得市占成長；而我很喜歡我們在中國的表現之處在於，它是全面性的。我們在護膚、彩妝與香水三大品類都在提升市占；目前有 11 個品牌在成長，其中 6 個是雙位數成長。因此在市場中的表現非常、非常強勁。本季我們的成長是市場的兩倍、幾乎接近兩倍，這非常強。

Now when it comes to 11/11, Rupesh, it's too early. 11/11 is so dynamic, and being here in this moment always reminds me that every day is a different thing. Our team are working towards obviously achieving our goals. We have very strong animation, strong offers, very strong innovation behind all our brands in the quarter, but it's too early to tell 11/11 because telling you something on November 2 can change on November 3, let alone on November 11, but that will be very strong.

談到 11/11，Rupesh，現在還太早。11/11 的變化非常快，而身處此刻總是提醒我，每一天都不一樣。我們的團隊當然正朝著達成目標努力。本季我們旗下所有品牌背後都有非常強的行銷動能、強勁的優惠，以及非常強的創新，但現在要談 11/11 還太早，因為我在 11 月 2 日告訴你的事情，11 月 3 日就可能改變，更不用說 11 月 11 日了；不過屆時會非常強勁。

So the retail is strong, and that's what matters to us, and in a retail that is strong, we're seeing strong momentum.

所以零售表現很強，這才是我們在意的；在零售強勁的環境下，我們也看到強勁的成長動能。

And now this is China mainland. We're also seeing in the total China ecosystem, when you include travel retail, also travel retail going in the right trajectory, and we have double-digit growth in Hainan, and we are seeing also strong performance in Korea as the Chinese consumers are trying to travel again within the Asia corridor.

而現在這是中國大陸。我們也看到在整個中國生態系中，若把旅遊零售納入，旅遊零售同樣走在正確的軌道上；我們在海南有雙位數成長，並且也看到韓國表現強勁，因為中國消費者正嘗試在亞洲走廊內再次出行。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

Hi. Good evening, everyone, for everyone dialing from Asia, and good morning to everyone in the US. I wanted to double-click on the travel retail comments, Stéphane, that you just made from a retail sales standpoint.

嗨。各位晚上好，對於從亞洲撥入的各位；也向美國的各位道早安。我想就你剛才提到的旅遊零售評論再深入追問一下，Stéphane，從零售銷售的角度來看。

You have seen strong improvement in the business. Maybe touch about the changes that you have seen in the Shanghai and Beijing airports from last year, from a more, not necessarily a shipment standpoint, but more from a retail sales standpoint. Has that allowed to gain more share in those airports and broadly in the mainland China travel retail business?

你們看到業務有明顯改善。也許可以談談你們在上海與北京機場，相較去年所看到的變化——不是從出貨的角度，而是更從零售銷售的角度。這是否讓你們在這些機場以及整體中國大陸旅遊零售業務中取得更多市占？

Then in Hainan, you mentioned an improvement in retail sales online, so maybe can you expand a bit more what you are seeing in online sale versus offline in Hainan? Thank you.

另外在海南，你提到線上零售銷售有所改善，所以能否再多展開說明一下，你們在海南看到的線上銷售相較於線下的情況？謝謝。

Yes. Yeah, no, thank you, Filippo, for the question. So as Akhil said and as you stated, we have had strong growth in the quarter in travel retail.

是的。對，謝謝你，Filippo，這個問題。如同 Akhil 所說、也如你所提，我們本季在旅遊零售有強勁成長。

Very proud of the work that the team is doing. We have committed to put back investment into creating consumer experience in this channel. Put it simply, travel retail remains the second-largest channel in the world after online, so it is a very, very important channel, and we are happy to see strong net sales growth in the East, and also the acceleration in TR West.

對團隊所做的工作感到非常自豪。我們承諾把投資重新投入到在這個通路打造消費者體驗。簡單來說，旅遊零售仍是全球僅次於線上的第二大通路，因此是非常、非常重要的通路；我們很高興看到東方市場的淨銷售強勁成長，也看到西方旅遊零售（TR West）加速。

I will just touch one second on TR West because I think it is important to understand the total channel with our strategy of diversification. Not only we are accelerating in TR West, but we are gaining market share in TR West thanks to the deployment of many of our brands in the channel that were not present, mainly our luxury fragrance brand like Jo Malone London, TOM FORD, KILIAN PARIS, and so on. So that has been very strong.

我先花一點時間談 TR West，因為在我們多元化策略下，理解整體通路很重要。我們不僅在 TR West 加速成長，還因為把許多過去未在該通路布局的品牌導入而提升市占，主要是我們的奢華香氛品牌，例如 Jo Malone London、TOM FORD、KILIAN PARIS 等等。因此表現非常強勁。

We are seeing travel retail worldwide stabilizing to a slight positive, so this is very strong for what we see. The strengths are really coming from Hainan, and they are coming from Korea, as I mentioned earlier, and obviously, the West in our case. So Hainan double-digit growth in quarter one, the West mid-single-digit growth in quarter one, but ahead of the industry.

我們看到全球旅遊零售正在趨於穩定並略為轉正，這對我們觀察到的情況而言非常強。強勢主要來自海南、也來自韓國（如我先前提到），當然在我們的情況下也包括西方市場。因此，第一季海南雙位數成長，西方第一季中個位數成長，但領先產業。

When we look at the transition that we stated last year on the airport, the transition is complete, and our performance are accelerating. Our team has worked very, very closely with our partners on the ground, and all the transition mainly in Beijing and Shanghai airport is completely complete at this point, and we are seeing some significant improvement overall.

回到我們去年提到的機場轉換，這項轉換已經完成，而我們的表現正在加速。我們的團隊與當地合作夥伴非常、非常緊密地合作；目前主要在北京與上海機場的所有轉換都已完全完成，整體上我們看到顯著改善。

You've asked about online. Online is not a new, but it's a fairly new phenomenon over the past few years, and online for travel retail is accelerating for the entire industry. It's not only us, it is part of an ecosystem of where we are capturing and where we are retaining the consumers, and today, we are seeing some recovery. It's still a little bit in flux, but we're working very closely to our partners to just make sure that we capture the consumer.

你問到線上。線上不是新事物，但在過去幾年算是相對新的現象；而旅遊零售的線上化正在帶動整個產業加速。不只是我們，這是生態系的一部分，關乎我們在哪裡觸及並留住消費者；而目前我們也看到一些復甦。雖然仍有些波動，但我們正與合作夥伴非常緊密合作，以確保我們能抓住消費者。

I think overall, I feel confident about the trajectory that travel retail is going under, and more importantly, very excited about what we are doing and what our team on the ground are doing to just bring back experiential retail, and using online to be able to retain the consumer throughout this channel. The same way we do it in the local market, we think about the omnichannel, we think about exactly the same way in travel retail.

整體而言，我對旅遊零售的發展軌跡很有信心；更重要的是，我對我們正在做的事、以及我們在第一線團隊為了把體驗式零售帶回來所做的努力感到非常振奮，同時運用線上能力在這個通路中持續留住消費者。就像我們在本地市場一樣，我們思考全通路（omnichannel）；在旅遊零售上，我們也以完全相同的方式思考。

So again, the only thing I would say is retail is accelerating for us. Strong performance in first quarter that most likely will continue in the second quarter, but a lower net sales performance in the second half due to the higher base that we are lapsing. But retail will continue to just increase with the right momentum. And obviously, as I said multiple times, we are really committed to ship our net sales in line with retail going forward.

所以再說一次，我唯一想強調的是：對我們而言，零售正在加速。第一季表現強勁，第二季很可能會延續，但由於我們將面臨較高的比較基期，下半年淨銷售表現會較低。但零售將會在正確的動能下持續提升。而且如我多次提到的，我們確實承諾未來讓我們的淨銷售出貨與零售走勢保持一致。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

I wanted to ask you about China and America. It is obviously very strong improvement, and your view on ability to sustain or accelerate those share gains that you have made, and the actions that you have taken that improve your ability to drive continued growth. Then secondly, you differentiate in the press release areas where you drove dollar share versus volume share. Can you expand on how you think about the importance of driving volume versus dollar share, especially in makeup, and balancing the volume before price mix, or whether it is in lieu of price mix? Thanks so much for the question.

我想請教你們關於中國與美國的情況。顯然改善非常強勁；你們如何看待已取得的市占提升能否維持或加速，以及你們採取了哪些行動來提升推動持續成長的能力。其次，你們在新聞稿中區分了推動「金額市占」與「量的市占」的領域。能否談談你們如何看待推動量的市占相對於金額市占的重要性，特別是在彩妝品類中，以及如何在量與價格/組合（price mix）之間取得平衡，或是否以量來取代價格/組合？非常感謝。

No, thank you. Thank you, Olivia. I will start, and Akhil will want to add something. The truth is that we are committed to go after growing above the industry. This is our overall commitment on the total for the company, and especially in the two largest markets around the world. I am very proud of what the team has done in China with seven consecutive quarters of market share gain, and we intend to continue to do it.

不，謝謝。謝謝你，Olivia。我先回答，Akhil 也會補充。事實是，我們承諾要做到高於產業的成長。這是公司整體的承諾，尤其是在全球最大的兩個市場。我對團隊在中國連續七個季度取得市占成長感到非常自豪，而且我們打算持續下去。

I think one of the new things that we are deploying in the market is also our innovation. I think I have mentioned it in the prior call, 30% of our global innovation is now coming from China. Some is just for China, some is for what we call China for the world.

我認為我們在市場上正在部署的一個新要素，也是我們的創新。我在前一次電話會議提過，我們全球創新中有 30% 現在來自中國。有些是專為中國，有些是我們所謂「中國為全球（China for the world）」。

But really accelerating not only our speed of bringing innovation to market, but also the relevance of the innovation that we are bringing to market, working very, very closely with our China team. We believe that will continue to help us to stay ahead of the industry, in an industry that I said earlier that we see be in the mid-single digit growth. We want to just maintain this strong performance.

但真正的重點是，不僅加快我們把創新推向市場的速度，也提升我們帶到市場上的創新之相關性，並與中國團隊非常、非常緊密合作。我們相信這將持續幫助我們保持領先產業；而我先前也提到，我們看到產業處於中個位數成長。我們希望維持這樣的強勁表現。

To maintain a performance that will be broad-based from a category standpoint, that is why we are continuing to invest not only on our skin care brand. Our latest addition in the market has been The Ordinary. That has been a resounding success.

為了從品類角度維持更廣泛的績效表現，這也是為什麼我們持續投資的不僅僅是我們的護膚品牌。我們在市場上最新加入的品牌是 The Ordinary。這已經取得了極大的成功。

Now we are lapping the one-year anniversary with very strong performance, but we are seeing strong performance also on La Mer, and then continuing to accelerate on fragrances and on makeup. I feel good on our ability to just continue to gain market share in China on the future. Now, obviously, things can vary by quarter, but overall, our objective is to gain market share.

目前我們正迎來一週年之際，表現非常強勁；同時我們也看到 La Mer 的強勁表現，並且香氛與彩妝持續加速成長。我對我們未來在中國持續提升市佔率的能力感到很有信心。當然，季度之間可能會有所波動，但整體而言，我們的目標是提升市佔率。

When it comes to the US, we are not there yet in value share. As I said earlier, we are in the volume share. To answer your question, volume has been very important for us in a market where we have lost market share for over a decade, and it was very important for us to reignite the recruitment engine.

談到美國市場，我們在價值市佔率方面還沒有達到目標。如我先前所說，我們目前是在銷量市佔率方面有所進展。回答你的問題：在一個我們已經失去市佔率超過十年的市場裡，銷量對我們非常重要，而重新點燃拉新引擎對我們也至關重要。

The way I think about volume and value, you need the volume first to just really making sure that we reignite the recruitment wheel. Because one thing we know, we have exceptional brand and exceptional innovation. Getting the product in the end of the consumer is the first step to getting them to loyalty.

我對銷量與價值的看法是：你需要先有銷量，才能真正確保我們重新啟動拉新循環。因為有一點我們很清楚：我們擁有卓越的品牌與卓越的創新。讓產品到達消費者手中，是讓他們建立忠誠度的第一步。

I think many of what we are doing from a consumer recruitment and the consumer retention, once we get the volume, will turn eventually in value. That is what we have seen this quarter with fragrances and hair care, where we have seen in both cases the retail trend, both from strong innovation but also strong retention, excuse me. We are turning the volume into value share.

我認為，我們在消費者拉新與留存方面所做的許多工作，一旦取得銷量，最終會轉化為價值。這正是我們本季在香氛與護髮品類所看到的情況：兩者都呈現零售趨勢改善，既來自強勁的創新，也來自強勁的留存（抱歉）。我們正在把銷量轉化為價值市佔率。

When we come to makeup and skin care, we have more work to do. Now, obviously, on a brand like The Ordinary, we are gaining in skin care, in volume, and in value. In the case of M·A·C, we are also gaining in volume and in value for the first time in a long time.

至於彩妝與護膚，我們還有更多工作要做。當然，以 The Ordinary 這樣的品牌來看，我們在護膚領域的銷量與價值都在提升。而在 M·A·C 的案例中，我們也在很長一段時間以來首次同時在銷量與價值上取得成長。

But we want to use the playbook that we have with M·A·C and The Ordinary that also are the entry of prestige. There is a lot of demand, a lot of growth at the entry of prestige using this playbook to apply it to every single of our other brand, that it is on Bobbi Brown or on Clinique, on Estée Lauder, to really making sure that we are bringing the entire portfolio from volume to volume plus value going forward.

但我們希望把在 M·A·C 與 The Ordinary 上的打法（它們也屬於高端入門）加以複製。在高端入門這一段位有很大的需求與成長；我們要用這套打法套用到我們其他每一個品牌上，不論是 Bobbi Brown、Clinique 或 Estée Lauder，確保未來我們能把整個產品組合從「只有銷量」推進到「銷量加價值」。

Olivia, I will add just a few things to Stéphane's point. I mean, it is a great question. First of all, as part of the first strategy of Beauty Reimagined consumer coverage, Stéphane and I constantly look at consumer penetration, which is key.

Olivia，我再補充幾點來呼應 Stéphane 的觀點。我的意思是，這是一個很好的問題。首先，作為 Beauty Reimagined「消費者覆蓋」第一項策略的一部分，Stéphane 和我會持續關注消費者滲透率，這是關鍵。

So we are always looking at volume and value share so that they are working both in tandem. Secondly, as part of strategic revenue management, you will see when we file our Q, we of course look at volume, price, and mix, and you will see very strong volume and units. This is something we have not had in last few years, as Stéphane pointed out.

因此，我們一直在同時關注銷量與價值市佔率，讓兩者協同運作。其次，作為策略性收益管理的一部分，你會看到當我們提交季度報告（Q）時，我們當然會看銷量、價格與組合，而你也會看到非常強勁的銷量與件數。正如 Stéphane 所指出的，這是我們過去幾年所沒有的。

So you will see strong unit growth, which of course augurs well for overall better flywheel. Thirdly, we are leveraging the whole portfolio, starting from The Ordinary to La Mer and TOM FORD, to reach consumers at every price point across brands. Within each brand, we are constantly looking to make sure consumer has access to our brands at different franchise, at different price points, which builds a more strategic and more sustainable revenue model, which is what our promise to you has been and which is what we are working on.

因此你會看到強勁的件數成長，這當然預示著整體飛輪效應會更好。第三，我們正在運用整個產品組合，從 The Ordinary 到 La Mer 以及 TOM FORD，觸達各品牌、各價位帶的消費者。在每個品牌內部，我們也持續檢視並確保消費者能在不同系列、不同價位帶接觸到我們的品牌，這能建立更具策略性且更可持續的收益模式；這也是我們對各位的承諾，也是我們正在推進的工作。

That concludes today's question and answer session. If you were unable to join for the entire webcast, a playback will be available at 1:00 PM Eastern Time today until February 2. Please visit the Investors section of the company's website to view a replay of the webcast.

以上為今天的問答環節結束。如果你未能全程參與本次網路直播，回放將於今天美東時間下午 1:00 起提供，直到 2 月 2 日。請造訪公司網站的投資人（Investors）專區觀看網路直播重播。

That concludes today's Estée Lauder conference call. I would like to thank you all for your participation and wish you all a good day.

以上為今天的 Estée Lauder 電話會議結束。感謝各位的參與，並祝各位有美好的一天。