雅詩蘭黛 (EL) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Estée Lauder Companies Fiscal 2022 Second Quarter Conference Call. Today's call is being recorded and webcast.

大家好，歡迎參加雅詩蘭黛公司 2022 財年第二季度電話會議。今天的電話正在錄音和網絡直播。

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

關於開場白和介紹，我想將電話轉給投資者關係高級副總裁 Rainey Mancini 女士。

Hello. On today's call are Fabrizio Freda, President and Chief Executive Officer; and Tracey Travis, Executive Vice President and Chief Financial Officer. Since many of our remarks today contain forward-looking statements, let me refer you to our press release and our reports filed with the SEC where you'll find factors that could cause actual results to differ materially from those forward-looking statements.

你好。今天的電話會議是總裁兼首席執行官 Fabrizio Freda；以及執行副總裁兼首席財務官 Tracey Travis。由於我們今天的許多言論都包含前瞻性陳述，請讓我向您推薦我們的新聞稿和我們提交給 SEC 的報告，您會在其中找到可能導致實際結果與這些前瞻性陳述產生重大差異的因素。

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 net sales growth numbers are in constant currency, and all organic net sales growth excludes the noncomparable impacts of acquisitions, divestitures, brand closures and the impact of currency translation.

為了便於討論我們的基礎業務，對我們的財務業績和預期的評論是在我們的新聞稿中披露的重組和其他費用和調整之前。除非另有說明，否則所有淨銷售額增長數字均以不變貨幣計算，所有有機淨銷售額增長均不包括收購、資產剝離、品牌關閉的不可比影響以及貨幣換算的影響。

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 sites and through third-party platforms and also includes estimated sales of our products through our retailers' websites. (Operator Instructions)

您可以在我們的新聞稿和我們網站的“投資者”部分找到 GAAP 和非 GAAP 措施之間的對賬。提醒一下，對在線銷售的提及包括我們通過我們的 brand.com 網站和通過第三方平台直接向我們的消費者進行的銷售，還包括通過我們的零售商網站對我們產品的估計銷售額。 （操作員說明）

(technical difficulty) Fabrizio.

（技術難度）法布里齊奧。

Thank you, Rainey, and hello, everyone. It is good to be with you today as our hearts continues to be with those impacted by COVID-19 around the world. We achieved record sales and profitability in the second quarter of fiscal year 2022. Our multiple engines of growth strategy showcased the benefit of its diversification. Every category, region and major channel expanded. We size the favorable dynamics of skin care, fragrance developed markets in the West, brick-and-mortar, and continue to prosper in the East with Chinese consumer as well as in global travel retail and global online.

謝謝你，雷尼，大家好。今天很高興與您在一起，因為我們的心繼續與世界各地受 COVID-19 影響的人們同在。我們在 2022 財年第二季度實現了創紀錄的銷售額和盈利能力。我們的多引擎增長戰略展示了其多元化的好處。各品類、各地區、各主要渠道均有擴展。我們評估西方護膚品、香水發達市場、實體店的有利動態，並繼續在東方與中國消費者以及全球旅遊零售和全球在線市場共同繁榮。

The flexibility we built into our business model over the last decade enable us to both allocate resources to attractive growth opportunities and effectively manage the impacts by increasing inflationary environment. Our advanced planning for the key shopping moments of 11.11 and holidays allowed us to overcome supply chain obstacles.

在過去十年中，我們在業務模式中建立的靈活性使我們能夠將資源分配給有吸引力的增長機會，並通過日益加劇的通貨膨脹環境有效地管理影響。我們對 11.11 和假期的關鍵購物時刻進行了提前規劃，使我們能夠克服供應鏈障礙。

For our second quarter, reported net sales grew 14%. Organic net sales rose 11%. Adjusted operating margin expanded, and adjusted diluted earnings per share increased 15%. Today's results are all the more impressive compared to the pre-pandemic second quarter of fiscal year 2020 when we delivered record organic sales growth in our seasonally largest quarter.

我們第二季度報告的淨銷售額增長了 14%。有機淨銷售額增長 11%。調整後的營業利潤率擴大，調整後的攤薄每股收益增長 15%。與大流行前的 2020 財年第二季度相比，今天的業績更加令人印象深刻，當時我們在季節性最大的季度實現了創紀錄的有機銷售增長。

Despite the ensuing challenges of COVID-19, which escalated during the quarter with Omicron, we far exceeded the exceptional results of 2 years ago. Reported sales are 20% higher, driven by organic sales growth and with every region now larger, and we are much more profitable. Our gains during the last 2 years reinforced our confidence in our ability to navigate the impacts of the prolonged pandemic. Moreover, our optimism in the opportunities of tomorrow remains incredibly strong, owing to the timeless desirability of our brands and our commitment during the pandemic to invest for the near and the long term.

儘管 COVID-19 隨之而來的挑戰在本季度與 Omicron 一起升級，但我們遠遠超過了 2 年前的出色業績。報告的銷售額增長了 20%，這是由有機銷售額增長推動的，而且每個地區現在都在擴大，我們的利潤也更高。我們在過去 2 年中取得的成就增強了我們對應對長期流行病影響的能力的信心。此外，由於我們品牌的永恆需求以及我們在大流行期間對近期和長期投資的承諾，我們對明天機會的樂觀情緒仍然非常強烈。

Our brand portfolio of large, scaling and developing brands served as a powerful catalyst for growth as consumer reward the quality of our trusted brand and hero products. In the second quarter, 11 brands achieved double-digit organic sales growth versus the prior year period. This broad-based trend is similar to the contribution in the first quarter despite a far tougher comparison.

隨著消費者獎勵我們值得信賴的品牌和英雄產品的質量，我們的大型、規模化和發展中品牌的品牌組合成為增長的強大催化劑。第二季度，11 個品牌實現了與去年同期相比兩位數的有機銷售額增長。這種廣泛的趨勢與第一季度的貢獻相似，儘管比較要嚴格得多。

The momentum in our largest brands, Clinique, Estée Lauder, La Mer and M·A·C, continues as the hero franchises capitalize on innovation in product engagement and high-touch experiences and services to drive trial and repeat. La Mer and Clinique delivered standout results in skin care, while Estée Lauder and M·A·C drove makeup emerging renaissance.

我們最大的品牌 Clinique、Estée Lauder、La Mer 和 M·A·C 的勢頭仍在繼續，因為英雄特許經營權利用產品參與和高接觸體驗和服務方面的創新來推動試驗和重複。 La Mer 和 Clinique 在護膚方面取得了出色的成績，而 Estée Lauder 和 M·A·C 則推動了彩妝的複興。

Our scaling and developing brands achieved excellent results. Jo Malone London and Tom Ford Beauty led fragrance and were among our top-performing brands, while Bobbi Brown grew strongly driven by skin care. Aveda and Bumble and bumble delivered accelerating sales growth in hair care as Too Faced and Smashbox rose double digits in makeup.

我們的品牌擴張和發展取得了優異的成績。 Jo Malone London 和 Tom Ford Beauty 引領香水行業，是我們表現最好的品牌之一，而 Bobbi Brown 在護膚品的推動下實現了強勁增長。隨著 Too Faced 和 Smashbox 在彩妝領域的增長達到兩位數，Aveda 和 Bumble 和 bumble 在護髮領域實現了加速銷售增長。

Product innovation also served as a powerful catalyst for growth across our brand portfolio, contributing nearly 25% of sales. This level of contribution is notable in a quarter when holidays exclusives represent a larger mix of business and especially so in a challenged supply chain environment.

產品創新也成為我們品牌組合增長的強大催化劑，貢獻了近 25% 的銷售額。這種貢獻水平在一個季度中是顯著的，因為假期獨家產品代表了更大的業務組合，尤其是在充滿挑戰的供應鏈環境中。

La Mer fueled by its iconic heroes on trend holidays merchandising and highly-sought new The Hydrating Infused Emulsion led the company's sales growth. The brand excelled in every region and across major channels, cheered by its loyal consumer and embraced by new cohort of consumers, including more men.

La Mer 以其標誌性的英雄在潮流假日商品推銷和備受追捧的新保濕乳液的推動下推動了公司的銷售增長。該品牌在每個地區和主要渠道都表現出色，受到忠實消費者的歡呼，並受到包括更多男性在內的新消費者群體的歡迎。

Clinique's skin care portfolio with its desirable innovation and hero franchises performed strongly. Its new Smart Clinical Repair Wrinkle Correcting Serum drove sales gains in North America, amplifying the brand's global momentum in the serum subcategory. Clinique Take The Day Off makeup remover saw a dramatic uptick in sales, evidence of makeup's emerging renaissance and the staying power of this crowd-favorite skin care product, which is recruiting a new generation of consumers.

倩碧的護膚產品組合以其理想的創新和英雄特許經營表現強勁。其新的 Smart Clinical Repair Wrinkle Correcting Serum 推動了北美的銷售增長，放大了該品牌在血清子類別中的全球勢頭。 Clinique Take The Day Off 卸妝液的銷量大幅上升，這證明了彩妝的興起，以及這款深受大眾喜愛的護膚產品的持久力，正在吸引新一代消費者。

For makeup, the Estée Lauder brand is a driving force in the category emerging renaissance, with makeup sales for the brand already larger than 2 years ago. Estée Lauder Double Wear hero franchise delivered remarkable performance, while its Futurist foundation, which is an East to West product born of skinification of makeup trend, was very strong.

對於彩妝，雅詩蘭黛品牌是該品類新興復興的推動力，該品牌的彩妝銷售額已超過 2 年前。雅詩蘭黛Double Wear 英雄系列表現亮眼，而其未來主義基礎，這是一個東西方產品的化妝趨勢皮膚化，非常強大。

Our fragrance portfolio continued to go from strength to strength, owing to the enduring sand-based ritual created in the pandemic and enhanced by innovation, better online storytelling and expanded reach as consumers in the East embrace this category. Each of Jo Malone London, Tom Ford Beauty, Le Labo, KILIAN PARIS and Frédéric Malle delivered strong double-digit growth in every region, demonstrating the allure of these brands around the world.

我們的香水組合不斷壯大，這得益於在大流行中創造的持久的沙基儀式，並隨著東方消費者接受這一類別而通過創新、更好的在線故事講述和擴大範圍而得到增強。 Jo Malone London、Tom Ford Beauty、Le Labo、KILIAN PARIS 和 Frédéric Malle 在每個地區都實現了兩位數的強勁增長，展示了這些品牌在全球的吸引力。

Tom Ford Beauty exemplifies the benefits of a strategic focus on heroes and innovation. Its new Ombre Leather Parfum had a halo effect on the other perfumes such that sales for the franchise doubled. In the third quarter, the brand is leveraging its global appeal with a flare of local relevance in the fragrance launch of Tom Ford Rose Trilogy.

Tom Ford Beauty 體現了以英雄和創新為戰略重點的好處。其新的 Ombre Leather Parfum 對其他香水產生了光環效應，使該系列的銷售額翻了一番。在第三季度，該品牌利用其全球吸引力，在 Tom Ford Rose Trilogy 香水的推出中彰顯了當地的相關性。

Our growth engines also continue to diversify by region as we anticipate. Developed markets in the West performed especially well. North America executed with excellence to capture brick-and-mortar reopening trends and deliver a strong holiday across channels. Festive seasonal exclusive, including Estée Lauder Blockbuster Set and Aveda collaboration with Philip Lim proved highly sought. Indeed, our in-store and online activation and merchandising were incredibly successful, with brand.com posting a record Black Friday.

正如我們預期的那樣，我們的增長引擎也繼續按地區多樣化。西方發達市場表現尤其出色。北美地區以卓越的表現捕捉實體店重新開業的趨勢，並跨渠道提供強勁的假期。節日期間的獨家產品，包括雅詩蘭黛 Blockbuster Set 和 Aveda 與 Philip Lim 的合作，都備受追捧。事實上，我們的店內和在線激活和銷售非常成功，brand.com 創下了黑色星期五的記錄。

Every category grew double digits organically in North America led by makeup where our brand paired trusted product with enticing innovation as social and professional user education increased. M·A·C, Bobbi Brown and Too Faced produced engaging content and artist-led education to inspire consumers to size the joy and creativity of the category. Mainland China delivered high single-digit organic sales growth, an impressive result given the regional restrictions in the quarter, the pressured brick-and-mortar and makeup.

每個類別在北美的有機增長都是兩位數，在化妝品的引領下，隨著社交和專業用戶教育的增加，我們的品牌將值得信賴的產品與誘人的創新相結合。 M·A·C、Bobbi Brown 和 Too Faced 製作了引人入勝的內容和以藝術家為主導的教育，以激發消費者衡量該類別的樂趣和創造力。中國大陸實現了高個位數的有機銷售增長，考慮到本季度的區域限制、實體店和化妝品的壓力，這是一個令人印象深刻的結果。

Online sales rose double digits organically, even after having posted significant growth in the year ago period. For 11.11 on Tmall, the Estée Lauder brand ranked #1 flagship store in beauty for the second consecutive year as La Mer's flagship store topped luxury beauty once more and Jo Malone London again led in prestige fragrance. On JD, the Estée Lauder brand ranked #1 flagship store in beauty in its first year.

即使在去年同期實現了顯著增長之後，在線銷售額也有機地增長了兩位數。 11.11 天貓，雅詩蘭黛品牌連續第二年榮登美妝旗艦店第一名，La Mer 旗艦店再次榮登奢華美妝榜首，Jo Malone London 再次領跑高端香水。在京東，雅詩蘭黛品牌第一年就在美妝旗艦店排名第一。

Skin care and fragrance grew double digits organically in Mainland China. Hero products and innovation excelled, driving new consumer acquisition and repeat purchases. Several brands expanded prestige beauty share in the quarter, including Estée Lauder, La Mer and Dr. Jart+.

護膚品和香水在中國大陸實現了兩位數的有機增長。英雄產品和創新表現出色，推動了新的消費者獲取和重複購買。幾個品牌在本季度擴大了聲望美容份額，包括雅詩蘭黛、La Mer 和 Dr. Jart+。

Looking ahead, we are excited about the long-term growth opportunity in the vibrant Asia/Pacific region and, most notably, in China. We are a few months from opening our new innovation center in Shanghai. Our aspiration for it are bold as we aim to meet and exceed the desires of Chinese consumers. The center is designed to enable end-to-end innovation from concept, from product packaging through development, scale-up and commercialization.

展望未來，我們對充滿活力的亞太地區，尤其是中國的長期增長機會感到興奮。我們距離在上海開設新的創新中心還有幾個月的時間。我們的願望是大膽的，因為我們的目標是滿足並超越中國消費者的需求。該中心旨在實現從概念、產品包裝到開發、擴大規模和商業化的端到端創新。

I am pleased to share that the build-out of our state-of-art manufacturing facility near Tokyo is also progressing very well, which is a testament to the amazing work of our global supply chain team amid the pandemic. Its first phase is complete, and we are on track to start limited production by the first quarter of fiscal year 2023.

我很高興與大家分享，我們在東京附近建造最先進的製造工廠也進展順利，這證明了我們全球供應鏈團隊在大流行期間所做的出色工作。它的第一階段已經完成，我們有望在 2023 財年第一季度開始限量生產。

Our growth engines further diversified by channel as both online and brick-and-mortar prospered. Specialty-multi and department store contributed meaningfully, and freestanding store in the West performed very well on reopening.

隨著在線和實體店的繁榮，我們的增長引擎通過渠道進一步多元化。專賣店和百貨商店的貢獻顯著，西部的獨立店在重新開業時表現非常出色。

Traffic improved and complemented our strategic actions, including those under the post-COVID business acceleration program to benefit productivity in brick-and-mortar. This channel trends are encouraging for the long term, even if tempered in this moment by Omicron.

流量改善並補充了我們的戰略行動，包括 COVID 後業務加速計劃下的戰略行動，以提高實體店的生產力。從長遠來看，這種渠道趨勢令人鼓舞，即使此時 Omicron 有所緩和。

We continued to expand our omnichannel capabilities in the quarter to give consumers flexible and convenient shopping options for greater certainly for fulfillment. Buy online, pickup in-store offerings in the United States for M·A·C, Aveda, Jo Malone London and Le Labo are driving favorable average order value trends, and we are expanding the capability to more doors internationally, which holds great promise for the future.

我們在本季度繼續擴展我們的全渠道能力，為消費者提供靈活便捷的購物選擇，以實現更大的滿足感。在美國為 M·A·C、Aveda、Jo Malone London 和 Le Labo 提供在線購買、店內取貨服務正在推動有利的平均訂單價值趨勢，我們正在將能力擴展到更多的國際門店，這很有希望為將來。

Our global online channel delivered excellent performance, with organic sales rising high single digit after having surged over 50% in the year ago period. Each of brand.com, third-party platform, pure play and retail.com contributed to growth. The drivers included higher levels of engagement for virtual try-on and tools for choosing shade and scent, sophisticated assembly to drive trial and repeat, and more and better live streaming. Indeed, in North America, La Mer generated the most sales from a live stream to date in the quarter.

我們的全球在線渠道表現出色，有機銷售額在去年同期飆升超過 50% 後，以高個位數增長。 Brand.com、第三方平台、Pure Play 和 Retail.com 均對增長做出了貢獻。驅動因素包括更高水平的虛擬試穿和選擇顏色和氣味的工具、用於推動試驗和重複的複雜組裝，以及更多更好的直播。事實上，在北美，La Mer 在本季度迄今為止通過直播創造了最多的銷售額。

Our brands are innovating in social commerce on Instagram, Snapchat, TikTok and WeChat, among others. We gained momentum in this promising online ecosystem during the quarter. Too Faced leveraged an Instagram live shopping event to launch its new fragrance. Estée Lauder Double Wear followers on TikTok skyrocketed with its latest campaign also driving brand awareness and affinity much higher. And Tom Ford Beauty creatively debuted its new flagship site on WeChat's mini program in China. Embedded with these outstanding results across categories, regions and channels is the progress we are making in social impact and sustainability.

我們的品牌正在 Instagram、Snapchat、TikTok 和微信等社交商務領域進行創新。本季度，我們在這個充滿希望的在線生態系統中獲得了動力。 Too Faced 利用 Instagram 現場購物活動推出了新香水。 TikTok 上的 Estée Lauder Double Wear 追隨者激增，其最新活動也大大提高了品牌知名度和親和力。湯姆福特美容在中國的微信小程序上創造性地推出了其新的旗艦網站。與這些跨類別、地區和渠道的出色成果相結合的是我們在社會影響和可持續性方面取得的進展。

Since we spoke with you in November, we are pleased to have received several external recognition of our ESG efforts. We were named to Forbes inaugural list identifying the world's top female-friendly companies, leading the way to support women inside and outside the workforces. And for the fifth year in a row, we were named to Bloomberg Gender Equality Index. We were included in the CDP's Climate A List for the second consecutive year, which is a tribute to our deep commitment to climate action and to the highest level of transparency around our environmental interest.

自從我們在 11 月與您交談以來，我們很高興收到了一些外部對我們 ESG 工作的認可。我們入選了福布斯首屆名單，確定了世界上對女性友好的頂級公司，引領了支持職場內外女性的道路。我們連續第五年入選彭博性別平等指數。我們連續第二年被列入 CDP 的氣候 A 名單，這是對我們對氣候行動的堅定承諾以及對我們環境利益的最高透明度的致敬。

Last, MSCI recognized our progress toward our 2025 ESG goal in its recent upgrade of the company to an A rating. The company, our brands and our employees have a number of events and activations planned in honor of Black History Month, and we are continuing to focus on our racial equity commitments and the work of accomplishing our goals.

最後，MSCI 認可了我們在實現 2025 ESG 目標方面取得的進展，該公司最近將公司評級提升至 A 級。公司、我們的品牌和我們的員工為紀念黑人歷史月計劃了許多活動和活動，我們將繼續專注於我們的種族平等承諾和實現我們目標的工作。

As we embarked in -- on the second half of our fiscal year, our innovation pipeline is rich with newness, especially for sustainability. La Mer newly advanced The Treatment Lotion, which will be on country in March as a powerful upgrade inside and out, crafted using our unique Green Score methodology and housed in a new recyclable glass bottle made with 20% post-consumer recycled glass. This methodology, which was peer-reviewed in academic journal, Green Chemistry, during the quarter, evaluate ingredients and formulas throughout the lenses of human health, ecosystem health and the environment. This approach can be adopted, built upon and scaled by others across our industry to further advance sustainability.

隨著我們開始——在我們財政年度的下半年，我們的創新渠道充滿了新鮮感，尤其是在可持續性方面。 La Mer 最新推出的 The Treatment Lotion 將於 3 月在國內上市，作為內外的強大升級，採用我們獨特的 Green Score 方法製作，並裝在一個新的可回收玻璃瓶中，該瓶由 20% 的消費後回收玻璃製成。該方法在本季度在學術期刊《綠色化學》上進行了同行評審，從人類健康、生態系統健康和環境的角度評估成分和配方。我們行業的其他人可以採用、構建和擴展這種方法，以進一步推進可持續性。

Estée Lauder is launching an all-new Revitalizing Supreme moisturizer created with innovations in formula and ingredients in a new recyclable glass jar. Smashbox is introducing Photo Finish Silkscreen Primer collection featuring vegan formulas with a skin-defending complex and instant makeup benefits. Lastly, DECIEM vegan brands, The Ordinary, is welcoming back Salicylic Acid 2% Solution, boosting a win list of over 400,000 for the new formula.

雅詩蘭黛推出了一款全新的 Revitalizing Supreme 保濕霜，採用全新的可回收玻璃罐中的配方和成分創新製成。 Smashbox 正在推出 Photo Finish Silkscreen Primer 系列，該系列採用純素配方，具有護膚複合物和即時化妝的功效。最後，DECIEM 純素品牌 The Ordinary 迎來了 2% 水楊酸溶液的回歸，新配方的獲獎名單超過 400,000。

In closing, we delivered outstanding performance amid the accelerated volatility and variability as well as supply chain challenges of the pandemic. This demonstrates that we have the competency to navigate complexity well. Our commitment to invest for the long term is of great importance in this moment as we benefit from the advancement we have made over the last few years in data analytics, technology, R&D and supply chain. These announced capabilities, combined with our strong portfolio of desirable brands, exceptional talent and more flexible resource allocation, are enabling us to realize the power of our multiple engines of growth strategy even in a difficult external environment.

最後，我們在加速波動和多變性以及大流行的供應鏈挑戰中表現出色。這表明我們有能力很好地駕馭複雜性。在這一刻，我們對長期投資的承諾非常重要，因為我們受益於過去幾年在數據分析、技術、研發和供應鏈方面取得的進步。這些宣布的能力，加上我們強大的理想品牌組合、卓越的人才和更靈活的資源分配，使我們即使在困難的外部環境中也能實現我們的多重增長戰略引擎的力量。

The grace, wisdom and ingenuity of our employee in this still-challenging moment knows no bounds. They are the embodiment of our company's strong culture. And to them, I extend my deepest gratitude.

在這個充滿挑戰的時刻，我們員工的優雅、智慧和聰明才智是無限的。他們是我們公司強大文化的體現。我向他們致以最深切的謝意。

I will now turn the call over to Tracey.

我現在將把電話轉給 Tracey。

Thank you, Fabrizio, and hello, everyone. As you just heard, our momentum continued in our second quarter, with net sales growing 11% organically and 14% in total, led by a continued overall progression and recovery despite the volatility inherent across markets with a prolonged pandemic. We had a solid holiday performance across all of our regions. The inclusion of sales from the May 2021 DECIEM investment added approximately 3 points to reported net sales growth, and the currency impact was neutral.

謝謝你，法布里齊奧，大家好。正如您剛才所聽到的，我們的勢頭在第二季度繼續保持，淨銷售額有機增長 11%，總銷售額增長 14%，這得益於持續的整體進展和復蘇，儘管整個市場都存在長期的波動性和長期的流行病。我們在所有地區的假期表現都不錯。將 2021 年 5 月 DECIEM 投資的銷售額納入報告的淨銷售額增長約 3 個百分點，貨幣影響為中性。

From a geographic standpoint, organic net sales in the Americas rose 19% as holiday shoppers return to brick-and-mortar retail where we had an exciting array of gifting products and holiday activations in store. And even with more consumer shopping in stores, organic sales online also grew solidly in the Americas, with online representing more than 1/3 of sales in the region. Every market in the region contributed to sales growth this quarter, and the inclusion of sales from DECIEM added approximately 5 points to the total reported sales growth in the region.

從地理角度來看，隨著假日購物者重返實體零售店，美洲的有機淨銷售額增長了 19%，在那裡我們有一系列令人興奮的禮品產品和假日活動。即使有更多的消費者在商店購物，美洲的在線有機銷售額也穩步增長，在線佔該地區銷售額的 1/3 以上。該地區的每個市場都為本季度的銷售增長做出了貢獻，將 DECIEM 的銷售額納入該地區報告的總銷售額增長約 5 個百分點。

In our Europe, the Middle East and Africa region, organic net sales rose 13%. Growth was diverse and broad-based, with global travel retail as well as every market contributing. All channels grew, led by double-digit growth across brick-and-mortar as recovery continued in both developed and emerging markets in the region.

在我們的歐洲、中東和非洲地區，有機淨銷售額增長了 13%。增長是多樣化和廣泛的，全球旅遊零售以及每個市場都做出了貢獻。隨著該地區發達市場和新興市場的持續復甦，所有渠道均實現增長，其中實體店實現兩位數增長。

Despite a strong performance during key shopping moments, organic sales online declined slightly, primarily driven by the U.K. due to a tough comparison with the prior year, which was more severely impacted by brick-and-mortar lockdowns. The inclusion of sales from DECIEM added about 3 points to total reported sales growth in the region.

儘管在關鍵購物時刻表現強勁，但在線有機銷售額略有下降，主要是由於英國與去年的艱難對比，後者受到實體封鎖的影響更為嚴重。將 DECIEM 的銷售額納入該地區報告的總銷售額增長約 3 個百分點。

Our global travel retail business grew low double digits. Travel restrictions have eased globally, and international passenger traffic continued to progressively improve, resulting in some stores reopening during the quarter, particularly in Europe and the Americas. Travel retail continues to be led by Asia/Pacific where demand from Chinese consumers remain strong.

我們的全球旅遊零售業務增長低至兩位數。全球旅行限制有所放鬆，國際客運量繼續逐步改善，導致本季度一些商店重新開業，尤其是在歐洲和美洲。旅遊零售繼續以亞太地區為主導，中國消費者的需求依然強勁。

In our Asia/Pacific region, organic net sales rose 5%. Most of the markets in the region grew, led by Mainland China and Australia, although we continue to see variability in COVID restrictions and retail traffic across markets. Sales grew across most major channels in the region, especially online, which benefited from the recent launch of 3 brands on JD.com. The inclusion of sales from DECIEM added approximately 1 point to total reported sales growth in the region.

在我們的亞太地區，有機淨銷售額增長了 5%。該地區的大多數市場在中國大陸和澳大利亞的帶動下都在增長，儘管我們繼續看到各個市場的 COVID 限制和零售流量的變化。該地區大多數主要渠道的銷售額都有所增長，尤其是在線，這得益於最近在京東推出的 3 個品牌。將 DECIEM 的銷售額納入該地區報告的總銷售額增長約 1 個百分點。

From a category standpoint, organic net sales of fragrances grew 30% with double-digit increases across all regions. Exceptional double-digit increases from Jo Malone London, Tom Ford Beauty, Le Labo and KILIAN PARIS reflected strong performances from hero products, new product launches and the continued growth of the Bath & Body and Home subcategories.

從品類的角度來看，香水的有機淨銷售額增長了 30%，所有地區均實現了兩位數的增長。 Jo Malone London、Tom Ford Beauty、Le Labo 和 KILIAN PARIS 實現了兩位數的驚人增長，這反映了英雄產品、新產品發布以及沐浴和美體和家居子類別的持續增長的強勁表現。

Organic net sales in makeup rose 12% as consumers in the Americas and Europe responded to social media activations, holiday assortments and trends. Estée Lauder foundations continue to resonate very strongly with consumers, especially those in the Double Wear and Futurist franchises. M·A·C continued to drive the makeup renaissance with engaging, interactive campaigns throughout the quarter, like the special M·A·C trend Halloween report and solid holiday collections. Too Faced, Tom Ford Beauty, Smashbox and Bobbi Brown also contributed to growth in the category this quarter.

由於美洲和歐洲的消費者對社交媒體活動、假日分類和趨勢做出反應，化妝品的有機淨銷售額增長了 12%。雅詩蘭黛基金會繼續在消費者中產生強烈的共鳴，尤其是 Double Wear 和 Futurist 系列的消費者。 M·A·C 在整個季度通過引人入勝的互動活動繼續推動彩妝復興，例如特別的 M·A·C 萬聖節趨勢報告和紮實的假日系列。 Too Faced、Tom Ford Beauty、Smashbox 和 Bobbi Brown 在本季度也為該類別的增長做出了貢獻。

Organic net sales in skin care grew 7%, reflecting double-digit increases from La Mer, Clinique and Bobbi Brown. The inclusion of sales from DECIEM added 4 percentage points to reported growth. Our organic net sales in hair care rose 18% as traffic in salons and stores improved, primarily in the Americas. Aveda's growth came mostly from holiday gifts and hero franchises and in online and freestanding stores, while Bumble and bumble focused on recruiting new consumers in the specialty-multi channel.

護膚品的有機淨銷售額增長了 7%，這反映了 La Mer、倩碧和 Bobbi Brown 的兩位數增長。包含來自 DECIEM 的銷售額使報告的增長增加了 4 個百分點。隨著沙龍和商店的客流量增加，主要是在美洲，我們在護髮領域的有機淨銷售額增長了 18%。 Aveda 的增長主要來自節日禮物和英雄特許經營以及在線和獨立商店，而 Bumble and bumble 則專注於在專業多渠道中招募新消費者。

Our gross margin improved 20 basis points compared to last year. The benefits of strategic price increases and favorable currency more than offset the impact of higher makeup mix and lower gross margin on DECIEM products. Inflationary pressures in our supply chain are expected to begin to more prominently impact cost of goods in our fiscal third quarter.

與去年相比，我們的毛利率提高了 20 個基點。戰略性價格上漲和有利貨幣的好處足以抵消較高的化妝品組合和較低的毛利率對 DECIEM 產品的影響。預計我們供應鏈中的通脹壓力將開始對我們第三財季的商品成本產生更顯著的影響。

Operating expenses decreased 140 basis points as a percent of sales. Our leverage of selling expense and general and administrative expense was partially offset by increases in advertising and shipping costs, the latter due to both inflation and our direct-to-consumer online growth.

營業費用佔銷售額的百分比下降了 140 個基點。我們的銷售費用以及一般和管理費用的槓桿作用被廣告和運輸成本的增加部分抵消，後者是由於通貨膨脹和我們直接面向消費者的在線增長。

Operating income rose 22% to $1.44 billion, and our operating margin expanded 160 basis points to 25.9% in the quarter. Our tax rate at 21.4% continued at a more normal level this year versus the prior year, which was impacted by a onetime benefit associated with GILTI.

本季度營業收入增長 22% 至 14.4 億美元，營業利潤率擴大 160 個基點至 25.9%。與上一年相比，今年我們的稅率為 21.4%，繼續保持在更正常的水平，這受到與 GILTI 相關的一次性福利的影響。

Diluted EPS of $3.01 increased 15% compared to the prior year. For the 6 months, we generated $1.85 billion in net cash flows from operating activities compared to $1.98 billion last year, which reflects both a return to more normalized working capital needs as well as increased inventory to mitigate some of the risk of supply chain disruption given the ongoing global macro challenges.

攤薄後每股收益為 3.01 美元，較上年增長 15%。在這 6 個月中，我們從經營活動中產生了 18.5 億美元的淨現金流，而去年為 19.8 億美元，這既反映了對更正常化的營運資金需求的回歸，也反映了為減輕供應鏈中斷風險而增加的庫存。持續的全球宏觀挑戰。

We significantly increased our capital investment to $459 million to support the construction of our new production facility near Tokyo as well as investments in our online business and other technology enhancements. And we returned $1.84 billion in cash to stockholders through a combination of share repurchases and dividends, with an increase in our dividend rate occurring in the second quarter.

我們將資本投資大幅增加至 4.59 億美元，以支持在東京附近建設新的生產設施，以及對在線業務和其他技術改進的投資。我們通過股票回購和股息的組合向股東返還了 18.4 億美元的現金，第二季度我們的股息率有所提高。

So turning now to our outlook. We delivered an exceptional first half characterized by strong and diversified double-digit organic sales growth and disciplined cost management in the context of intermittent COVID disruptions, including the rise of the Omicron variant, high inflation and volatility. Looking ahead, we are raising guidance to reflect our expectation for a strong year despite the potential further spread of Omicron, supply chain challenges and increased inflationary pressures.

所以現在轉向我們的前景。在間歇性 COVID 中斷（包括 Omicron 變體的興起、高通脹和波動）的背景下，我們實現了出色的上半年，其特點是強勁且多元化的兩位數有機銷售增長和嚴格的成本管理。展望未來，儘管 Omicron 可能進一步擴散、供應鏈挑戰和通脹壓力增加，但我們正在提高指引以反映我們對強勁一年的預期。

Inflation and transportation and procurement is expected to impact our cost of goods in the second half. However, the benefit of pricing and cost mitigation efforts are helping to offset some of the inflation impacts for the fiscal year. At this time, we expect pricing to add approximately 3.5 points of growth with the inclusion of the additional pricing actions we are taking during our second half.

通脹和運輸和採購預計將影響我們下半年的商品成本。然而，定價和成本緩解措施的好處正在幫助抵消本財年的一些通貨膨脹影響。目前，我們預計定價將增加大約 3.5 個增長點，其中包括我們在下半年採取的額外定價行動。

We are planning to support the continuation of the recovery with increased point-of-sale staffing as retail traffic continues to gradually improve. We are also planning to support key hero franchise launches in our third quarter from Estée Lauder, La Mer and Origins with increased marketing and advertising support. This investment will increase cost towards the latter part of the third quarter with more of the benefit to be realized in the fourth quarter.

隨著零售流量繼續逐步改善，我們計劃通過增加銷售點人員來支持復甦的繼續。我們還計劃通過增加營銷和廣告支持來支持雅詩蘭黛、La Mer 和 Origins 在第三季度推出的關鍵英雄特許經營權。這項投資將增加第三季度後期的成本，而更多的收益將在第四季度實現。

For the full fiscal year, organic net sales are forecasted to grow 10% to 13%. Based on rates of 1.146 for the euro, 1.357 for the pound and 6.399 for the Chinese yuan, we expect currency translation to be negligible for the full year. This range excludes approximately 3 points from acquisitions, divestitures and brand closures, primarily the inclusion of DECIEM. Diluted EPS is expected to range between $7.43 and $7.58 before restructuring and other charges. This includes approximately $0.07 of accretion from currency translation and $0.03 of accretion from DECIEM. In constant currency, we expect EPS to rise by 14% to 17%.

在整個財年，有機淨銷售額預計將增長 10% 至 13%。根據歐元 1.146、英鎊 1.357 和人民幣 6.399 的匯率，我們預計全年的貨幣換算可以忽略不計。該範圍不包括收購、剝離和品牌關閉的大約 3 個點，主要包括 DECIEM。在重組和其他費用之前，稀釋後的每股收益預計在 7.43 美元至 7.58 美元之間。這包括大約 0.07 美元的貨幣換算增值和 0.03 美元的 DECIEM 增值。按固定匯率計算，我們預計每股收益將增長 14% 至 17%。

We expect organic sales for our third quarter to rise 8% to 10%. The net incremental sales from acquisitions, divestitures and brand closures are expected to add about 3 points to reported growth, and currency is forecasted to be negative by about 1 point. We expect third quarter EPS of $1.55 to $1.65. Currency is expected to be $0.01 accretive to EPS, and the inclusion of DECIEM is not expected to be material.

我們預計第三季度的有機銷售額將增長 8% 至 10%。收購、剝離和品牌關閉帶來的淨增量銷售額預計將為報告的增長增加約 3 個百分點，貨幣預計為負值約 1 個百分點。我們預計第三季度每股收益為 1.55 美元至 1.65 美元。貨幣預計將為每股收益增加 0.01 美元，並且預計包含 DECIEM 並不重要。

In closing, our results thus far clearly demonstrate the power of our diversified portfolio. Temporary softness in our Eastern markets driven by the pandemic was again offset by renewed growth in our Western markets. A resulting slight slowing of growth in skin care was offset by remarkable growth in fragrances.

最後，我們迄今為止的結果清楚地表明了我們多元化投資組合的力量。大流行導致我們東部市場的暫時疲軟再次被我們西方市場的重新增長所抵消。護膚品增長的輕微放緩被香水的顯著增長所抵消。

We continue to be choiceful about where we invest, and the flexibility we have built into our cost structure is helping us to mitigate some of the COVID-related disruptions and inflation while allowing us to continue to invest appropriately in our future growth. This agility, along with the resilience of our remarkable teams worldwide, gives us confidence that we can continue to manage through the temporary complexities caused by the prolonged pandemic by focusing clearly on our long-term strategy and executing against it with excellence.

我們繼續選擇投資地點，我們在成本結構中建立的靈活性正在幫助我們減輕一些與 COVID 相關的中斷和通貨膨脹，同時讓我們能夠繼續適當地投資於我們未來的增長。這種敏捷性，以及我們在全球範圍內卓越團隊的韌性，讓我們相信，我們可以通過明確關注我們的長期戰略並以卓越的方式執行，從而繼續管理由長期大流行造成的暫時復雜性。

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

我們準備好的發言到此結束。我們很樂意在這個時候回答您的問題。

(Operator Instructions) And our first question today will come from the line of Dara Mohsenian with Morgan Stanley.

（操作員說明）我們今天的第一個問題將來自摩根士丹利的 Dara Mohsenian。

I was hoping to get an update on China. You mentioned the strong performance there from a brand perspective during the 11.11 holiday, but the category wasn't as robust as we've seen in past years in terms of growth. So -- and with also the lockdown situation there. So any perspective on category growth in China in calendar Q4 and what you're seeing so far in calendar Q1 of this year would be helpful and risk from lockdowns. And maybe while you're on the subject, just longer term, touch on the growth curve of China in terms of per capita consumption development over time and your thoughts there.

我希望能得到關於中國的最新消息。您從品牌的角度提到了 11.11 假期期間的強勁表現，但該類別在增長方面並不像我們過去幾年看到的那樣強勁。所以——還有那裡的封鎖情況。因此，任何關於中國第四季度品類增長的觀點以及您在今年第一季度迄今為止所看到的情況都會有所幫助，並且會面臨封鎖的風險。也許當你談到這個主題時，只是從長遠來看，從人均消費發展的角度來看中國的增長曲線以及你的想法。

Yes. No. Sure. So we achieved a high single-digit growth in Mainland China this quarter and where brick-and-mortar channels were impacted by COVID restrictions. But however, our online, which was not impacted by closures, grew double digits in quarter 2 and represented more than half of our business in China. Additionally, our business in China travel retail grew rapidly as well as retail. So we had 4 years of exceptional double-digit growth in China every quarter, and we expect this strong trend to have the potential to continue, frankly. And what you see in quarter 2 is just one specific segment, the brick-and-mortar, that affected by COVID restrictions, went to single-digit growth. But the rest was all double-digit growth, so we remain absolutely excited by the potential of China.

是的。不確定。因此，我們本季度在中國大陸實現了高個位數增長，而實體渠道受到 COVID 限制的影響。但是，我們的在線業務並未受到關閉的影響，在第二季度實現了兩位數的增長，占我們在中國業務的一半以上。此外，我們在中國的旅遊零售業務和零售業務都快速增長。因此，我們在中國每個季度都實現了 4 年的超常兩位數增長，坦率地說，我們預計這種強勁趨勢有可能繼續下去。你在第二季度看到的只是一個特定的細分市場，即受 COVID 限制影響的實體店實現了個位數的增長。但其餘的都是兩位數的增長，所以我們仍然對中國的潛力感到非常興奮。

The long-term fundamentals that you were referring to in your question of the market remain really intact. There is the growing middle class, continues to develop. The increasing per capita spending continues, at least in all the data we see on our products. And the agility for us to serve the Chinese consumers wherever they buy, meaning online, travel retail, brick-and-mortar, we are improving in all these elements. We are increasing the number of cities where we have brick-and-mortar. We are increasing the coverage online.

您在市場問題中所指的長期基本面仍然完好無損。還有不斷壯大的中產階級，不斷發展。至少在我們在產品上看到的所有數據中，人均支出仍在繼續增長。以及我們為中國消費者提供服務的敏捷性，無論他們在哪裡購買，這意味著在線、旅遊零售、實體店，我們正在所有這些方面進行改進。我們正在增加擁有實體店的城市數量。我們正在增加在線覆蓋範圍。

You heard in the prepared remarks, our reference to JD and the incredible success in JD where Estée Lauder is already #1 shopping -- shop in there, and the travel retail, where we continue to be very strong. Super excited by Hainan and the huge quality expression of our brands that is happening there. So very strong Chinese consumers trends and now we're looking at a great, great future.

您在準備好的評論中聽到了我們對京東的提及，以及雅詩蘭黛在京東已經成為第一購物者的令人難以置信的成功——在那裡購物，以及我們繼續非常強大的旅遊零售。海南和我們品牌在那裡發生的巨大質量表達讓我們感到非常興奮。如此強勁的中國消費者趨勢，現在我們正在展望一個偉大的、偉大的未來。

Our next question will come from the line of Peter Grom with UBS.

我們的下一個問題將來自瑞銀的 Peter Grom。

So I just wanted to ask about the operating expense leverage we have seen year-to-date. It's just, when I take a step back and look at the first half of this year and compare it to pre-COVID levels, it's just been very impressive what you've been able to do there. And I know there's a mix benefit, sales leverage, cost savings, and obviously, costs that have yet to fully return to pre-pandemic levels. But is there a way to help us frame how we should think about the operating leverage longer term? Is there a way to kind of disaggregate the benefit you've seen year-to-date that you believe has greater staying power versus what you might expect to really come back as we return to, I guess, "a normal environment"?

所以我只想問一下我們今年迄今為止看到的運營費用槓桿。只是，當我退後一步，看看今年上半年並將其與 COVID 之前的水平進行比較時，你在那裡所做的事情令人印象深刻。而且我知道有混合收益、銷售槓桿、成本節約，顯然，成本尚未完全恢復到大流行前的水平。但是，有沒有辦法幫助我們確定我們應該如何考慮長期的經營槓桿？有沒有一種方法可以將您今年迄今看到的、您認為具有更大持久力的收益與您可能期望在我們回到“正常環境”時真正回歸的收益進行分類？

Yes. Thanks, Peter. In terms of the operating leverage that we've seen thus far, it has been terrific, obviously, in the first half. One of the things to keep in mind is our launch cadence in terms of when we actually have big product launches does affect quarter-to-quarter performance. But we certainly have continued to see some of the benefits of cost not returning. But brick-and-mortar is picking up. And clearly, we're continuing to ramp up in the third and fourth quarter, our selling staff to support greater brick-and-mortar sales.

是的。謝謝，彼得。就我們迄今為止看到的經營槓桿而言，顯然，上半年的表現非常好。要記住的一件事是我們的發布節奏，即我們實際發布大型產品的時間確實會影響季度業績。但我們當然繼續看到成本不返還的一些好處。但實體店正在崛起。顯然，我們將在第三季度和第四季度繼續增加我們的銷售人員，以支持更大的實體銷售。

So when you look at our full year, the overall margin expansion that is included in our guidance is around 90 basis points, so well ahead of our guidance in terms of 50 basis points a year from a long-term perspective.

因此，當您查看我們的全年時，我們指導中包含的整體利潤率擴張約為 90 個基點，從長期來看，遠超我們每年 50 個基點的指導。

And that includes not only some of the costs not fully returning, but also includes some of the incremental costs related to managing this pandemic, some of the safety procedures we've had in place, some of the additional testing that we have in place, et cetera, that we are incurring. But we certainly expect continued growth from our higher margin channels and categories in the future that will continue to benefit us going forward.

這不僅包括一些未完全返還的成本，還包括與管理這一流行病有關的一些增量成本，我們已經實施的一些安全程序，我們已經實施的一些額外測試，等等，我們正在招致。但我們當然預計未來我們更高利潤率的渠道和類別將繼續增長，這將繼續使我們受益。

Our next question will come from the line of Lauren Lieberman with Barclays.

我們的下一個問題將來自巴克萊銀行的 Lauren Lieberman。

I wanted to chat a little bit about the Americas and growth that you've seen in particular in North America outside of kind of COVID-related recovery. And here, I'm thinking about some of the expanded distribution or in the consumer reach, how you describe it, particularly the expansion of Ulta and Sephora doors into significantly new locations. So I was curious kind of what you're seeing in terms of how your brands are performing generally in those locations and what you're seeing in terms of maybe new consumers coming into those franchises, again, as you think about that expanded consumer reach and your overall footprint broadening out.

我想談談美洲和你在北美看到的增長，尤其是在與 COVID 相關的複甦之外。在這裡，我正在考慮一些擴大的分銷或消費者範圍，你如何描述它，特別是 Ulta 和絲芙蘭門擴展到新的地點。所以我很好奇你所看到的關於你的品牌在這些地區的一般表現如何，以及你看到的可能是新消費者進入這些特許經營權的情況，再次，當你考慮擴大的消費者範圍時你的整體足跡擴大了。

So let me start from that. First of all, we see our brands doing well in these new distributions. And again, these new distributions, particularly the target Ulta, the cool Sephora that you are referring to, were designed to get new consumers, particularly sourcing consumers from us. And we see this working and our initial projections continue to be strong.

所以讓我從那開始。首先，我們看到我們的品牌在這些新發行版中表現良好。再一次，這些新的發行版，特別是目標 Ulta，你所指的很酷的絲芙蘭，旨在吸引新的消費者，特別是從我們這裡採購消費者。我們認為這是可行的，我們最初的預測仍然很強勁。

However, I want to clarify that in quarter 2, a very small percentage of our growth was coming from those already. It's just the beginning. So the larger majority of our growth in quarter 2 was coming from just other organic activities that we are doing in the region.

但是，我想澄清一下，在第二季度，我們的增長中只有很小一部分來自那些已經存在的增長。這僅僅是個開始。因此，我們在第二季度的大部分增長來自我們在該地區開展的其他有機活動。

For example, we are strengthening and diversifying our product categories. Again, makeup renaissance is really getting also into new user education. So there are some fundamentals, which are improving for the post COVID. Then we are gaining share in many on the categories, subcategories, for example, Tom Ford, Jo Malone was doing outstanding. The skin care gained share. The Ordinary is an important part of building our overall market share in the region.

例如，我們正在加強和多樣化我們的產品類別。同樣，彩妝復興也真正進入了新的用戶教育領域。因此，有一些基本面在 COVID 後正在改善。然後我們在許多類別、子類別中獲得份額，例如，湯姆福特、喬馬龍表現出色。護膚品獲得了份額。 The Ordinary 是我們在該地區建立整體市場份額的重要組成部分。

And the other thing I could mention is our innovation and our marketing progress has been super strong. And the distribution choices that we have done has increased our abilities to source new consumers. But apart from the new brick-and-mortar choices, the online progress in North America is bringing a lot of new consumers, particularly consumers that before were not shopping online, and now they're shopping omnichannel. And that's why our omnichannel progress in North America is also playing a strong growth to sustain our growth now in the long term and continue sourcing new consumers.

我可以提到的另一件事是我們的創新和我們的營銷進展非常強勁。我們所做的分銷選擇提高了我們尋找新消費者的能力。但除了新的實體店選擇之外，北美的在線發展帶來了許多新的消費者，尤其是以前不在線購物的消費者，現在他們正在全渠道購物。這就是為什麼我們在北美的全渠道進展也在強勁增長，以維持我們現在的長期增長並繼續尋找新的消費者。

And finally, we are really executing with excellence. We are reinvesting fast in rebuilding the stores in their [core] way. We are investing, in fact, in improving our execution online, as we discussed also in previous calls. And so this combination of investing, but at the same time, thanks to our restructuring program, we are increasing productivity to brick-and-mortar as brick-and-mortar continues, we are making also our ability to leverage the growth in North America much stronger than what it was before. And that's why North America is not only successful, not only recovering strongly from the COVID, but also becoming a powerful engine of growth for the long term in this model or strategy, I should say, of multiple engine of growth.

最後，我們真的非常出色地執行。我們正在以他們的[核心]方式快速重新投資重建商店。事實上，正如我們在之前的電話會議中所討論的那樣，我們正在投資改善在線執行。因此，這種投資組合，但與此同時，由於我們的重組計劃，隨著實體店的繼續，我們正在提高實體店的生產力，我們也正在發揮我們利用北美增長的能力比以前強多了。這就是為什麼北美不僅成功，不僅從 COVID 中強勁復甦，而且在這種模式或戰略中成為長期強大的增長引擎，我應該說，多引擎增長。

Our next question is going to come from the line of Andrea Teixeira with JPMorgan.

我們的下一個問題將來自摩根大通的 Andrea Teixeira。

My question is regarding EMEA ex travel. So I was hoping to see if, Fabrizio, you can discuss a bit of that scenario. Unfortunately, Omicron was first into the U.K., and as you exit the quarter, how Continental Europe has been and the U.K. has been performing.

我的問題是關於 EMEA 前旅行。所以我希望看看，Fabrizio，你是否可以討論一下這種情況。不幸的是，Omicron 是第一個進入英國的，當你退出本季度時，歐洲大陸和英國的表現如何。

And then as a follow-up, I think, Tracey, you mentioned -- and I appreciate the bridge for the margin front in the third quarter. I think you explained that the timing of some of the hiring of bricks-and-mortar and also some market launches in waiting on the market spend. Can you give us some perspective if this is a result of just timing and then we should see again operating -- the operating leverage, as you pointed out, 90 basis points for the year as you go into the fourth quarter?

然後作為後續行動，我想，特蕾西，你提到的——我很欣賞第三節邊緣前沿的橋樑。我想你解釋了一些實體店的招聘時間以及一些市場推出的等待市場支出的時間。如果這只是時機的結果，您能否給我們一些看法，然後我們應該再次看到運營——正如您所指出的，當您進入第四季度時，全年的運營槓桿為 90 個基點？

Yes. I'll start from the -- if I understand your question was on travel and travel retail.

是的。我將從——如果我理解你的問題是關於旅遊和旅遊零售的。

No. Ex travel retail. EMEA ex travel retail.

沒有。前旅遊零售。歐洲、中東和非洲前旅遊零售。

EMEA ex travel retail. Sorry, I didn't hear. EMEA ex travel retail was very strong, and we saw good progress in many markets. And also in EMEA, the big acceleration is coming from online across every single country. So very exciting progress with all our -- all our brands. Good progress also in EMEA. There are emerging markets, which are doing very well, like India, the Middle East, Russia. And so all the -- overall, EMEA is again, strong engines of growth that is being built over this year and now in the post-COVID acceleration, is proving its role of building strong engines of growth. So all very strong. Tracey?

歐洲、中東和非洲前旅遊零售。對不起，我沒聽到。 EMEA（除旅遊零售外）非常強勁，我們在許多市場看到了良好的進展。在歐洲、中東和非洲地區，每個國家的網絡都帶來了巨大的加速。我們所有的品牌都取得了非常令人興奮的進展。歐洲、中東和非洲也取得了良好進展。有些新興市場表現非常好，比如印度、中東、俄羅斯。因此，總體而言，歐洲、中東和非洲地區再次成為今年正在建立的強勁增長引擎，現在正處於後 COVID 加速階段，正在證明其在建立強大增長引擎方面的作用。所以都很強大。特蕾西？

Yes. And in terms of the margin, we still, in the second quarter, did have quite a few open positions as it relates to our selling staff and certainly hope to be able to close that gap in the third and the fourth quarter. The big difference in the second half of the year is we will be spending more advertising as a percent of sales in the second half of the year to support the launches that we mentioned in the prepared remarks. And that will certainly impact particularly in Q3 the margin, and we expect to see the benefit of that in Q4, but really beyond.

是的。就利潤率而言，我們在第二季度仍然有很多與我們的銷售人員相關的未平倉頭寸，當然希望能夠在第三季度和第四季度縮小這一差距。今年下半年最大的不同是，我們將在下半年花費更多的廣告支出來支持我們在準備好的評論中提到的發布。這肯定會特別影響第三季度的利潤率，我們預計會在第四季度看到它的好處，但真的會超越。

I mean these are our largest skin care brands, particularly Estée Lauder and La Mer and the hero franchise reformulations that we are doing on some of the products are really quite significant for us going forward. So that also should help the skin care category grow a bit. But again, skin care is largely affected by some of the shutdowns in high concentration skin care markets like the Asia/Pacific market. So certainly, as that market picks up, we expect that skin care will pick up as well. That, too, I would attribute to more of a temporary slowdown than anything else.

我的意思是這些是我們最大的護膚品牌，尤其是雅詩蘭黛和海藍之謎，我們正在對一些產品進行的英雄特許經營重新配方對我們未來的發展非常重要。所以這也應該有助於護膚品類增長一點。但同樣，護膚品在很大程度上受到亞太市場等高濃度護膚品市場停產的影響。因此，當然，隨著市場回暖，我們預計護膚品也會回暖。我也認為這是暫時的放緩，而不是其他任何原因。

Our next question will come from the line of Chris Carey with Wells Fargo.

我們的下一個問題將來自富國銀行的 Chris Carey。

On the travel retail business, the low double-digit growth, again, keeps the division growing, which is great to see. And you noted that APAC continues to drive growth, I think you said with the China travel retail growing rapidly. I guess I'm just trying to balance the strength that you're seeing in China travel retail with -- I think there was a comment in the press release just around Hainan traffic being impacted by restrictions. And so can you maybe just dimensionalize strong growth from the Chinese consumer and travel retail with Hainan travel being negatively impacted with the strength that you're seeing there?

在旅遊零售業務方面，兩位數的低增長再次使該部門保持增長，這很值得一看。你注意到亞太地區繼續推動增長，我想你說隨著中國旅遊零售業的快速增長。我想我只是想平衡你在中國旅遊零售業中看到的實力——我認為新聞稿中有關於海南交通受到限制影響的評論。那麼，您是否可以考慮中國消費者和旅遊零售業的強勁增長，海南旅遊受到您所看到的實力的負面影響？

And then, I guess, just bigger picture on these broader channels, just how this is developing in Asia, right? I think there's been a view that Mainland China and Japan and Korea can continue to deliver really strong growth just even as the Chinese travel retail business becomes so much bigger, and I'm just curious your latest thoughts on that.

然後，我想，在這些更廣泛的渠道上看更大的圖景，這在亞洲是如何發展的，對吧？我認為，即使中國旅遊零售業務變得如此龐大，中國大陸和日本和韓國也可以繼續實現強勁增長，我只是好奇你對此的最新想法。

Well, let me start with the -- your question on what we called out in terms of some of the disruptions that occurred in Hainan relative to the strong low double-digit growth that we had in travel retail. For the first quarter, actually, we had greater double-digit growth in travel retail. And so when you look at the first quarter versus the second quarter, while it was double digit, it was a bit less than in the first quarter, and that was a direct impact from the restrictions that occurred within China that impacted Hainan.

好吧，讓我從你的問題開始 - 關於我們在海南發生的一些中斷相對於我們在旅遊零售業強勁的低兩位數增長方面所提出的問題。實際上，在第一季度，我們的旅遊零售實現了兩位數的更大增長。因此，當您查看第一季度和第二季度時，雖然是兩位數，但比第一季度要少一些，這是中國境內發生的限制措施對海南的直接影響。

We don't expect that level in the balance of the year. So we do expect to see travel retail pick up in the balance of the year. So Hainan continues to be a very strong driver of our travel retail business. And it is incredibly luxurious, and I know Fabrizio likes to talk about Hainan. So I will let him expand on that as well. But we continue to expand our presence in Hainan and continue to see fantastic, fantastic consumer receptivity to our brands in Hainan.

我們預計今年餘下時間不會達到這個水平。因此，我們確實預計今年餘下時間旅遊零售業將有所回升。因此，海南繼續成為我們旅遊零售業務的強大推動力。它非常豪華，我知道法布里齊奧喜歡談論海南。因此，我也會讓他對此進行擴展。但我們繼續擴大在海南的業務，並繼續看到海南消費者對我們品牌的極好接受度。

Yes. So to speak to the travel retail trends, first of all, the travel retail globally was strong and was accelerating versus the previous quarter. And yes, the -- in Asia, there were some elements of acceleration. Yes, Hainan was very strong, as Tracey was saying, but I want also to underline that there was a strong growth in EMEA and North America, as I think Tracey said during her prepared remarks as well, which was linked to more traffic during holidays in these regions despite the Omicron variant growth. Now this is a very important sign because the reactivity of travel retail sales to traffic increase is extraordinary. And we have seen this in EMEA, for example, during the last quarter, quarter 2. So the first good news is the -- where traffic increased, travel retail respond very, very fast. And the other good news is what Tracey was speaking about the overall retail growth across despite some of the closures and some of the restrictions.

是的。就旅遊零售趨勢而言，首先，全球旅遊零售強勁，並且與上一季度相比正在加速增長。是的，在亞洲，有一些加速因素。是的，正如特蕾西所說，海南非常強大，但我還想強調，正如我認為特蕾西在她準備好的講話中所說的那樣，歐洲、中東和非洲和北美也有強勁的增長，這與假期期間的客流量增加有關儘管 Omicron 變體增長，但在這些地區。現在這是一個非常重要的信號，因為旅遊零售額對客流量增長的反應非常驚人。我們已經在歐洲、中東和非洲地區看到了這一點，例如，在上個季度，第 2 季度。所以第一個好消息是 - 在流量增加的地方，旅遊零售業的反應非常非常快。另一個好消息是特蕾西談到的整體零售增長，儘管有一些關閉和一些限制。

The -- on Hainan, Hainan is becoming an extraordinary place, luxury, with amazing experiences. So it's probably one of the channels around the world, which is more equity building for the brand. So that's an important thing to underline. Also, in Hainan, there are many new retailers which are opening. And so in Hainan, there is more distribution being built in several retailers, which are investing in the island. That's also something that will generate and will continue to generate expansion growth over time.

——在海南，海南正在成為一個非凡的地方，奢華，令人驚嘆的體驗。所以它可能是世界各地的渠道之一，這對品牌來說更有價值。因此，強調這一點很重要。此外，在海南，還有許多新的零售商正在開業。因此，在海南，有幾家零售商正在建設更多的分銷渠道，這些零售商正在島上投資。隨著時間的推移，這也將產生並將繼續產生擴張性增長。

And regarding your question on travel outside of China. Once travel restrictions are lifted, we certainly expect people to start traveling back to Japan and Korea and Thailand and other travel destinations for vacation as well as for business. So we certainly expect that those travel retail corridors will continue to recover similarly to what we've seen the start of in EMEA and the Americas, although traffic is still well behind, obviously, pre-pandemic levels. So more growth to come as it relates to travel retail.

關於你關於中國境外旅行的問題。一旦旅行限制解除，我們當然希望人們開始返回日本、韓國和泰國等旅遊目的地度假和出差。因此，我們當然希望這些旅遊零售走廊將繼續復甦，類似於我們在歐洲、中東和非洲和美洲看到的開始，儘管交通顯然仍遠遠落後於大流行前的水平。因此，與旅遊零售相關的更多增長將會到來。

Yes. And maybe one thing on that, to add, Tracey, is the clarification that when the growth of international travel will restart, this will be only moderately cannibalizing anything like Hainan or domestic travel because remember that the external travel is only for people with passports. And there is a relatively small percentage of population has a passport to travel internationally, while Hainan is domestic travel. It is open to the entire population. So the -- when international travel will restart, this will be almost all net extra.

是的。特蕾西補充說，也許有一件事是澄清，當國際旅行的增長將重新開始時，這只會適度蠶食海南或國內旅行等任何東西，因為請記住，國外旅行只適用於持有護照的人。持有護照出國旅遊的人口比例相對較小，而海南則是國內旅遊。它對所有人群開放。因此，當國際旅行重新開始時，這幾乎都是額外的淨額。

And our next question will come from the line of Callum Elliott with Bernstein.

我們的下一個問題將來自 Callum Elliott 和 Bernstein 的觀點。

Fabrizio, we've seen a lot of leadership changes in the past few months right at the top of the business with, I think, both Chris, Hope and Cedric Prouve stepping down. And I think you've also made some structural changes with, I think, Joy now reporting straight to Peter at International rather than into Asia/Pacific sort of elevating the importance of the Mainland China business. So just hoping that you can talk a little bit about some of the structural and leadership changes as well as maybe the culture of the business and how that's changed since 2009 in the context of how should we think about leadership transition risk and how that's evolving.

Fabrizio，在過去的幾個月裡，我們看到了很多領導層的變化，我認為，Chris、Hope 和 Cedric Prouve 都下台了。而且我認為你也做了一些結構性的改變，我認為，Joy 現在直接向國際的 Peter 匯報，而不是向亞太地區匯報，從而提升了中國大陸業務的重要性。所以只是希望你能談談一些結構和領導層的變化，也許還有企業的文化，以及自 2009 年以來在我們應該如何考慮領導層過渡風險以及它如何演變的背景下這種變化。

Yes. By the way, this is a great question, and I admire the knowledge you have of our amazing talented team. So thank you for the question. And so what you're seeing actually is the reflection of our culture. What you're seeing is some organization changes reflecting the shape of the business, particularly the elevation of China to be an independent region, given the importance of this region and the need of coordination with travel retail and with the other key part of the company, including online. And so that's an important next steps that will make our ability to work with China and our ability of our China team to get support for our growth increase. So the organization is basically increasing our power of execution in China, the change -- the organization changes.

是的。順便說一句，這是一個很好的問題，我很佩服你對我們驚人的才華橫溢的團隊的了解。所以謝謝你的問題。所以你看到的實際上是我們文化的反映。您所看到的是一些反映業務形態的組織變化，特別是考慮到該地區的重要性以及與旅遊零售和公司其他關鍵部分協調的需要，中國被提升為一個獨立的地區，包括在線。因此，這是一個重要的後續步驟，它將提高我們與中國合作的能力以及我們中國團隊獲得增長支持的能力。所以組織基本上是在增加我們在中國的執行力，改變——組織改變。

In terms of the changes of senior leadership, they are all well planned retirement plans. The culture of the company is that our leaders share with us their plans in advance. We plan this with time and in a very professional way. And the very good news is that we have extraordinary succession plans already in place because all the succession of this position has been managed mostly with people that were ready for taking this position that were trained for years to take this position. So I think you should take out of this the strength of our succession planning. That is also the reflection of our culture.

從高層領導的變動來看，都是精心策劃的退休計劃。公司的文化是我們的領導提前與我們分享他們的計劃。我們會以非常專業的方式和時間來計劃。好消息是，我們已經制定了非凡的繼任計劃，因為這個職位的所有繼任主要由那些準備好擔任這個職位的人管理，他們經過多年的培訓來擔任這個職位。所以我認為你應該利用我們的繼任計劃的力量。這也是我們文化的反映。

And the culture is more and more collaborative cultures, which is united by our compass work, by our strategy work and our execution. Collaborative execution is the result of very clear common goals and very uniting reward systems to make this organization working team. And this has been -- since 2009 to today is progressing step-by-step gradually. I think today, we are a well-oiled organization at the top.

文化是越來越多的協作文化，由我們的指南針工作、我們的戰略工作和我們的執行聯合起來。協作執行是非常明確的共同目標和非常統一的獎勵制度的結果，以使該組織成為工作團隊。從 2009 年到今天，這一直在逐步推進。我認為今天，我們在高層是一個運轉良好的組織。

Our next question will come from the line of Olivia Tong with Raymond James.

我們的下一個問題將來自 Olivia Tong 和 Raymond James 的對話。

I wanted to ask you a little bit about brand support and promotion as we've obviously been hearing more and more about the cost to compete, particularly around key events like 11.11 in China, more promotions, deeper discounts, live streaming deals, cost of influences, things like that. So can you talk about how the market is evolving and your view on the investment spending necessary to team Asia. Even if you could give an idea, it's kind of funny to ask, but an idea of magnitude of volume versus price contribution perhaps in Asia.

我想問你一些關於品牌支持和促銷的問題，因為我們顯然已經聽到越來越多的關於競爭成本的信息，特別是在中國的 11.11 等關鍵活動、更多促銷、更大折扣、直播交易、成本影響，諸如此類。那麼，您能否談談市場是如何演變的，以及您對組建亞洲團隊所需的投資支出的看法。即使你能給出一個想法，問起來也很有趣，但也許是亞洲的數量與價格貢獻的大小。

And then sort of part and parcel with that, if you could just sort of put the Q3 versus second half guidance in context. The margin deceleration is fairly dramatic. That's implied in Q3, but a big bounce back in Q4. I get -- being prudent. I get that you mentioned you had a step-up, but just -- it seems like you feel relatively optimistic about the future. So just if you could provide some context around that, that would be fantastic.

然後，如果您可以將第三季度與下半年的指導放在上下文中，則可以說是其中的一部分。利潤率減速相當顯著。這在第三季度有所暗示，但在第四季度大幅反彈。我明白了——謹慎。我知道你提到你有一個進步，但只是 - 似乎你對未來感到相對樂觀。所以，如果你能提供一些相關的背景信息，那就太棒了。

Okay. Well, in terms of 11.11, yes. Certainly, 11.11 continues to be -- to get more and more competitive. And we've spoken in the past about how we do promotion as it relates to 11.11. A lot of it is done with samples. And certainly, increasingly, there is more and more media support for 11.11 as well. It is a big opportunity for us as we view it to recruit new consumers, and it is one of the biggest events that we have during the course of the year to -- in a concentrated period of time, have the ability to recruit new consumers, which then we retain -- work to retain over the balance of the future years.

好的。好吧，就 11.11 而言，是的。當然，11.11 繼續——變得越來越有競爭力。我們過去曾談到我們如何進行與 11.11 相關的促銷活動。很多都是用樣品完成的。當然，越來越多的媒體也支持 11.11。這對我們來說是一個很大的機會，因為我們認為它可以招募新的消費者，這是我們在這一年中最大的事件之一——在一個集中的時間段內，有能力招募新的消費者，然後我們保留它——努力保留未來幾年的餘額。

So media costs have gone for sure. Live streaming activity has gone up for sure. And we have shifted and adjusted our activity to make sure that our brands perform well within that environment. So it's a big planning event for the organization. We're really pleased with how our brands performed in general during 11.11 and have already started planning for next year's 11.11, which -- that's how long in advance we have to plan for it.

所以媒體成本肯定已經過去了。直播活動肯定有所增加。我們已經改變和調整了我們的活動，以確保我們的品牌在這種環境中表現良好。所以這對組織來說是一個重大的計劃活動。我們對我們的品牌在 11.11 期間的總體表現感到非常滿意，並且已經開始為明年的 11.11 進行計劃，這就是我們必須提前多長時間進行計劃。

So as it relates to the cadence of Q3 and Q4, we have spoken -- Olivia, I know that you know for many years about the fact that we focus on the year. And we guide quarter-to-quarter, but we focus on managing the year. And in any given year, we might have very large product launches in the first quarter or in the case of this year, in the third quarter. And so we do feel very positive about the future, obviously. And it is a rebalancing, to your point, between the third quarter and the fourth quarter.

因此，由於它與第三季度和第四季度的節奏有關，我們已經說過——奧利維亞，我知道你多年來都知道我們專注於這一年的事實。我們按季度進行指導，但我們專注於管理年度。在任何一年，我們都可能在第一季度或今年第三季度推出非常大的產品。因此，很明顯，我們確實對未來感到非常樂觀。就您而言，這是第三季度和第四季度之間的重新平衡。

The other thing that is embedded in our guidance for the third quarter, quite honestly, is the fact that Omicron is still impacting brick-and-mortar. We also have beauty of weather here in New York. But Omicron is impacting the environment and in brick-and-mortar. So we are seeing a slower recovery in the third quarter for brick-and-mortar than certainly we saw just a few months ago. And so we are cautious as it relates to that.

老實說，我們第三季度的指導中包含的另一件事是，Omicron 仍在影響實體店。我們在紐約也有美麗的天氣。但 Omicron 正在影響環境和實體店。因此，我們看到實體店第三季度的複蘇速度肯定比幾個月前看到的要慢。因此，我們對此持謹慎態度。

And then I did mention that we do have a step up in -- continued step up in some of our shipping costs and some of our supply chain costs as well. We have taken pricing. So the second half of the year, our pricing increase is 4%. It was 3% in the first half of the year since, hence, the average of 3.5%, which I spoke about in my prepared remarks. And we know we have agility going forward if this environment continues to take additional pricing as it warrants.

然後我確實提到我們確實有一個步驟 - 我們的一些運輸成本和我們的一些供應鏈成本也繼續增加。我們採取了定價。所以下半年，我們的價格漲幅是4%。從那以後，今年上半年為 3%，因此平均為 3.5%，我在準備好的發言中談到了這一點。而且我們知道，如果這種環境繼續採取額外的定價，我們將擁有前進的靈活性。

But the combination of pricing and cost savings are really what allows us to invest for long-term sustainable growth in things like a new innovation center in Shanghai, the new plant that we are investing in, in Japan as well as the investments we're making and the other capabilities that Fabrizio spoke about and deliver a very, very strong year in terms of double-digit top line growth and 90 basis points of margin expansion.

但是，定價和成本節約的結合確實使我們能夠投資於上海的新創新中心、我們正在投資的新工廠、日本以及我們正在投資的項目，以實現長期可持續增長。製造和 Fabrizio 談到的其他能力，並在兩位數的收入增長和 90 個基點的利潤率擴張方面實現了非常非常強勁的一年。

Yes. And if I can just underline one thing that Tracey has explained is that is really between quarter 3 and quarter 4 is a rebalance. We are taking up the year and we believe in the strength of the year. And if you look at our fiscal year estimate as our guidance, it's going to be a very strong year. And it's going to be a very strong quarter 4 in this year.

是的。如果我可以強調一下 Tracey 解釋的一件事，那就是在第三季度和第四季度之間確實是重新平衡。我們正在迎接這一年，我們相信這一年的力量。如果您將我們的財政年度估計視為我們的指導，這將是非常強勁的一年。今年第四季度將非常強勁。

The quarter 3, we have 3 big, big launches where we have investment in quarter 3 and the benefits in quarter 4. And that's the important thing. And then the price increases that we are accelerating as of January, February in certain regions, as Tracey explained, have the biggest impact, the full impact in quarter 4. And so that's the rebalancing we are doing. But in total, we are going to deliver -- we are guiding a very strong year and a strong quarter 4, and we are confident on it.

第 3 季度，我們有 3 次大型發布，我們在第 3 季度進行投資，在第 4 季度獲得收益。這很重要。然後，正如 Tracey 解釋的那樣，我們在 1 月、2 月加速某些地區的價格上漲，產生了最大的影響，即第 4 季度的全面影響。這就是我們正在進行的再平衡。但總的來說，我們將交付——我們正在指導一個非常強勁的一年和一個強勁的第四季度，我們對此充滿信心。

And because I know our brands are listening, so we do have 3 big skin care launches in the third quarter. But we do have makeup, fragrance and hair care launches as well that we are supporting.

而且因為我知道我們的品牌正在傾聽，所以我們在第三季度確實推出了 3 次大型護膚品。但我們也推出了我們支持的彩妝、香水和護髮產品。

And our last question that we'll take today will come from the line of Wendy Nicholson with Citi.

我們今天要回答的最後一個問題來自花旗銀行的溫迪·尼科爾森（Wendy Nicholson）。

I'm hoping I can sneak 2 in because I think what's kind of making folks nervous is the slowdown in travel retail. So can you just speak to your confidence -- I mean, obviously, consumers are still managing to get their skin care product and their fragrance and whatnot. They're just shopping more online. So is there any concern that you have that sort of longer term, travel retail is going to be less of a buoyant channel for you? Maybe there's just been a shift in consumer behavior? Or how confident are you that when people start traveling again, that travel retail channel is going to really accelerate?

我希望我能偷偷溜進去 2，因為我認為讓人們緊張的是旅遊零售業的放緩。所以你能說出你的信心嗎？我的意思是，很明顯，消費者仍在設法獲得他們的護膚品和香水等等。他們只是在網上購物。那麼，您是否擔心您有那種長期的旅遊零售對您來說將不再是一個活躍的渠道？也許只是消費者行為發生了變化？或者您對當人們再次開始旅行時，旅遊零售渠道將真正加速發展的信心有多大？

And then I don't think you commented specifically, and it goes back to Dara's question, I think, on the China promotional environment. Again, that's something that we've heard from other players out there that maybe Estée in particular has been exceptionally promotional in China. Can you just comment on that and sort of give us your take on that?

然後我認為你沒有具體評論，我認為這可以追溯到 Dara 關於中國促銷環境的問題。同樣，這是我們從其他玩家那裡聽到的，也許雅詩蘭特在中國特別促銷。您能對此發表評論並告訴我們您對此的看法嗎？

Yes. First of all, we are not promotional in China Mainland. Actually, the majority of our activities are sampling rather than pricing promotions. So if for promotional, we mean that we have increased our sampling, our products that we give as a gift when -- that's our promotional model. Yes, we have been -- obviously, in 11.11 during the quarter, we have done the promotional needed to succeed in that event. And I think...

是的。首先，我們不在中國大陸推廣。實際上，我們的大部分活動都是抽樣而不是定價促銷。因此，如果為了促銷，我們的意思是我們增加了樣品，我們作為禮物贈送的產品——這就是我們的促銷模式。是的，我們已經 - 顯然，在本季度的 11.11 中，我們已經完成了在該事件中取得成功所需的促銷活動。而且我認為...

And Wendy, just realize that retailers with the slowdown in brick-and-mortar are also promotional. And so they are using promotion to drive traffic. So when we have seen -- and we saw a bit of this as well in the U.S. market when brick-and-mortar slowed down that some of the retail activity was quite promotional. So that is clearly a retailer-driven decision.

溫迪，只要意識到實體店銷售放緩的零售商也在促銷。所以他們正在使用促銷來增加流量。因此，當我們看到 - 當實體店放緩時，我們在美國市場也看到了一些這種情況，一些零售活動非常具有促銷性。所以這顯然是一個零售商驅動的決定。

Yes. Thank you, Tracey, to clarify that retailers pricing a promotion, they decide. We don't decide. But our promotions, as I was saying, is a lot about sampling and creating trial opportunities. So it's expansive rather than pricing. And then obviously, the retailers do what they believe is right for them in a given environment.

是的。謝謝你，特蕾西，澄清零售商為促銷定價，他們決定。我們不決定。但正如我所說，我們的促銷活動主要是關於抽樣和創造試用機會。所以它是膨脹的，而不是定價的。然後很明顯，零售商會在給定的環境中做他們認為適合他們的事情。

The -- your question on travel retail, I think I have extreme high expectation for the long-term quality of travel retail growth. I think this is extremely promising channel. We have just seen the beginning of what will be a long-term powerful channel expansion for travel retail. And I spoke to these several other times, there are 2 drivers of travel retail, which are very important. One is the, obviously, the amount of travelers and what happens to travel, so the traffic. But the other is the conversion. So the amount of travelers that become shoppers. And the conversion of travelers into shoppers has been pre-COVID, was still in the 10%, 15%, depending by region. So enormous expansion possibility of conversion are still in front of us.

- 你關於旅遊零售的問題，我認為我對旅遊零售增長的長期質量抱有極高的期望。我認為這是一個非常有前途的渠道。我們剛剛看到旅遊零售的長期強大渠道擴張的開始。我和這些人談過幾次，旅遊零售有兩個驅動力，這很重要。一是，顯然，旅行者的數量和旅行發生了什麼，所以交通。但另一個是轉換。因此，成為購物者的旅行者數量。旅行者轉變為購物者的比例在新冠疫情之前一直在 10%、15% 之間，具體取決於地區。如此巨大的轉換擴展可能性仍在我們面前。

And the arrival of online in travel retail, which we call pretail, today, is very strong in Asia, but just at the very, very beginning in any other region of the world, this is, we know, is a huge conversion driver. Because where this happened, we saw conversions of travelers into shoppers go from the 10%, 15% into the 30s. So you can imagine, over time and with expansion of the online possibility to buy pretail, that conversion will dramatically grow around the world of travel retail.

今天，在線旅遊零售的到來，我們稱之為 pretail，在亞洲非常強大，但在世界任何其他地區剛剛起步，我們知道，這是一個巨大的轉換驅動力。因為發生這種情況，我們看到旅行者轉變為購物者的比例從 10%、15% 到 30 多歲。因此，您可以想像，隨著時間的推移以及在線購買預售的可能性的擴大，這種轉化率將在旅遊零售領域急劇增長。

When you add to this perspective the fact that the domestic duty free Hainan thing is going to be not cannibalized a lot when international travel will restart, as I explained in the previous answer, and so that the international traffic will come back, a lot of it will be net extra. And when you have in front of us the proof that I was quoting before then where, for example, in EMEA, we have seen some new -- some traffic coming back during the recent holidays, we saw great sales recovery. And so the responsiveness of travel retail to traffic coming back is very, very high.

當你加上這個觀點，當國際旅行重新開始時，國內免稅海南的東西不會被蠶食很多，正如我在上一個答案中解釋的那樣，國際交通會回來，很多這將是額外的淨額。當你在我們面前有我之前引用的證據時，例如，在歐洲、中東和非洲，我們看到了一些新的——最近假期期間一些流量回來了，我們看到了巨大的銷售復甦。因此，旅遊零售對返回流量的響應非常非常高。

And so when you combine all these considerations and you put on top of it that we have a great travel retail team, not only with extraordinary commercial capabilities, but with great marketing capability, that the traveling stores -- the stores for travelers are becoming more and more an important driver for everything we do, a super important equity-building opportunity for the brands. And so they're becoming an integral part of the creation of the overall consumer experience and the trial repeat dynamic that we've built. So I hope you realize why we do believe in travel retail as a long-term strategic channel.

所以當你把所有這些考慮因素結合起來，再加上我們擁有一支優秀的旅遊零售團隊，不僅具有非凡的商業能力，而且具有強大的營銷能力，旅遊商店——旅行者的商店正變得越來越更重要的是，我們所做的一切都是重要的驅動力，對品牌來說是一個超級重要的股權建設機會。因此，它們正在成為創造整體消費者體驗和我們建立的試驗重複動態的一個組成部分。所以我希望你明白為什麼我們相信旅遊零售是一個長期的戰略渠道。

And again, I think we feel very good. When you look at this quarter, the results that we achieved, travel retail had a great quarter. As we said, low double-digit growth, but the overall company grew at 14%. So the diversified engines of growth that we have really gives us the flexibility to continue to deliver overall against our expectations and grow our consumers and grow our profits. So...

再說一次，我認為我們感覺很好。當您查看本季度我們取得的成果時，旅遊零售的季度表現出色。正如我們所說，兩位數的低增長，但整體公司增長了 14%。因此，我們擁有的多元化增長引擎確實使我們能夠靈活地繼續提供總體上超出我們預期的產品，並增加我們的消費者和增加我們的利潤。所以...

Thank you. If you were unable to join for the entire call, a playback will be available at 1 p.m. Eastern Time today through February 17. To hear a recording of the call, please dial (855) 859-2056, passcode 9575055.

謝謝你。如果您無法加入整個通話，則可以在下午 1 點播放。東部時間今天到 2 月 17 日。要收聽通話錄音，請撥打 (855) 859-2056，密碼 9575055。

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

今天的雅詩蘭黛電話會議到此結束。我要感謝大家的參與，祝大家有個美好的一天。謝謝你。