雅詩蘭黛 (EL) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to the Estee Lauder Company's Fiscal 2022 First Quarter Conference Call. Today's call is being recorded and webcast. For opening remarks and introductions, I would like to turn the call over to Senior Vice President of Investor Relations, Ms. Rainey Mancini.

大家好，歡迎參加雅詩蘭黛公司 2022 財年第一季度電話會議。今天的電話正在錄音和網絡直播。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.

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。

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. 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 results exclude the noncomparable impacts of acquisitions, divestitures, brand closures and the impact of currency translation. You can find reconciliations between GAAP and non-GAAP measures in our press release and on the Investors section of our website. As a reminder, references to online sales include sales we make directly to our consumers through our brand.com sites and through third-party platforms. It also includes estimated sales of our products through our retailers' websites.

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。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固定匯率計算，所有有機結果均不包括收購、資產剝離、品牌關閉的不可比影響以及貨幣換算的影響。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 網站和第三方平台直接向我們的消費者進行的銷售。它還包括我們的產品通過我們的零售商網站的估計銷售額。

(Operator Instructions) And now I'll turn the call over to Fabrizio.

（操作員說明）現在我將把電話轉給 Fabrizio。

Thank you, Rainey, and hello, everyone. We are grateful you have joined us today.

謝謝你，雷尼，大家好。我們很感激你今天加入我們。

We delivered excellent performance to begin fiscal year 2022, reinforcing our optimism in the opportunities of tomorrow as we discussed with you in August. Our multiple engines of growth strategy enabled us to excel amid continued volatility and variability from the pandemic.

正如我們在 8 月與您討論的那樣，我們在 2022 財年開始時表現出色，增強了我們對明天機遇的樂觀態度。我們的多引擎增長戰略使我們能夠在大流行帶來的持續波動和變化中脫穎而出。

Organic sales rose 18%, and adjusted diluted earnings per share grew an even stronger 31%. Encouragingly, relative to the pre-pandemic first quarter of fiscal year 2020, our business is 13% larger on a reported basis and more profitable.

有機銷售額增長了 18%，調整後的攤薄每股收益增長了 31%。令人鼓舞的是，相對於大流行前的 2020 財年第一季度，我們的業務在報告的基礎上增長了 13%，並且利潤更高。

We achieved these outstanding results with increasingly diverse growth engines as we expected. By virtue of our dynamic strategy, we could act locally amid the complexity of the pandemic to both create and capture demand. The growth engines of makeup, developed markets in the West, and brick and mortar reignited and complemented momentum in skincare, fragrance, Mainland China, Travel Retail in Asia Pacific and global online.

正如我們所料，我們以日益多樣化的增長引擎取得了這些優異成績。憑藉我們的動態戰略，我們可以在大流行的複雜性中採取本地行動，以創造和捕捉需求。化妝品、西方發達市場和實體店的增長引擎重新點燃並補充了護膚品、香水、中國大陸、亞太地區旅遊零售和全球在線的勢頭。

13 brands contributed double-digit organic sales growth, demonstrating the breadth of strength across our portfolio. Estee Lauder and MAC drove makeup emerging renaissance, while La Mer and Clinique delivered standout results in skin care. Impressively, skin care solidly outpaced its prior year organic sales growth performance despite having the far toughest comparison among the categories. fragrance showed double digits, driven by Tom Ford Beauty and Jo Malone London.

13 個品牌貢獻了兩位數的有機銷售額增長，展示了我們產品組合的強大實力。雅詩蘭黛和 MAC 推動了彩妝行業的複興，而 La Mer 和倩碧在護膚方面取得了出色的成績。令人印象深刻的是，儘管在這些類別中進行了最艱難的比較，但護膚品的有機銷售增長表現仍顯著超過了上一年的表現。在 Tom Ford Beauty 和 Jo Malone London 的推動下，香水錶現出兩位數。

Let me share a few highlights by brand. Estée Lauder advanced planning for the makeup renaissance delivered significant sales growth. As social and professional usage occasion resumed in certain markets, the brand was well positioned with compelling innovation, superb merchandising and on point communication. It's Double Wear and Futurist foundation franchises rose strong double digits, while its new pure color Whipped Matte lipstick was a hit. MAC strategically engaged consumers to drive performance in makeup. In the Americas and EMEA, excellent results from in-store activations and regional MAC The Moment campaigns combined with desirable innovation like Lustreglass Sheer-Shine Lipstick and Magic Extension Mascara. The brand's new omnichannel capabilities, which leverage its freestanding stores, also contributed to the strength and demonstrate a new capability for MAC to benefit from going forward.

讓我按品牌分享一些亮點。雅詩蘭黛對彩妝復興的先進規劃帶來了顯著的銷售增長。隨著某些市場的社交和專業使用場合的恢復，該品牌憑藉引人注目的創新、出色的商品銷售和即時溝通處於有利地位。它的 Double Wear 和 Futurist Foundation 特許經營權強勁增長了兩位數，而其新的純色 Whipped Matte 口紅則大受歡迎。 MAC 戰略性地吸引消費者來推動化妝品的表現。在美洲和歐洲、中東和非洲，店內活動和區域 MAC The Moment 活動以及 Lustreglass Sheer-Shine Lipstick 和 Magic Extension Mascara 等令人嚮往的創新相結合，取得了優異的成績。該品牌新的全渠道能力，利用其獨立商店，也為 MAC 的實力做出了貢獻，並展示了 MAC 從未來受益的新能力。

La Mer performed [magnificant] and led the company with sales rising strong double digits. Its new The Hydrating Infused Emulsion expanded our portfolio of East to West innovation captivating consumers in every region. The product successes are many as it welcomed new and younger consumers as well as men into the brand and created a powerful halo benefit for La Mer's skin care portfolio. It is a striking example of the innovation gains we can achieve when the power of our data analytics combined with our creative talent and R&D. La Mer's iconic Crème de la Mer prospered as a new global campaign focused on its moisturizing benefit realized terrific initial results.

La Mer 表現出色，並以兩位數的強勁銷售額領跑公司。其新的 The Hydrating Infused Emulsion 擴大了我們東西方創新產品組合，吸引了各個地區的消費者。該產品取得了許多成功，因為它歡迎新的和年輕的消費者以及男性加入該品牌，並為 La Mer 的護膚產品組合創造了強大的光環優勢。當我們的數據分析能力與我們的創意人才和研發相結合時，我們可以實現創新收益，這是一個引人注目的例子。 La Mer 標誌性的 Crème de la Mer 因專注於其保濕功效的新全球活動而大獲成功，取得了極好的初步效果。

Clinique strived in skin care from the strength of its Heroes. Moreover, its new Smart Clinical Repair Wrinkle Correcting Serum with powerful clinically-led claims and compelling before-and-after visualizations extended Clinique win streak with innovation and further demonstrated the brand ability to be highly relevant for consumers of all ages. In makeup, Clinique Skin Care Authority drove growth in complexion-led subcategories; while in [lip], the brand Brilliant leverage Black Honey viral sensation on TikTok to expand its consumer base, especially among Gen Z.

倩碧憑藉其英雄的力量在皮膚護理方面努力。此外，其全新的 Smart Clinical Repair Wrinkle Correcting Serum 具有強大的臨床主導聲明和引人注目的前後可視化效果，延續了倩碧的創新連勝紀錄，並進一步展示了與所有年齡段消費者高度相關的品牌能力。在彩妝方面，倩碧護膚局推動了以膚色為主導的子類別的增長；在 [lip] 中，Brilliant 品牌利用 TikTok 上的 Black Honey 病毒式傳播來擴大其消費者群，尤其是 Z 世代。

DECIEM complemented our organic sales growth in skin care with its coveted vegan brand, The Ordinary. DECIEM is known for its transparency, which has enamored it with consumers. And in the first quarter, we launched the insightful Everything is Chemicals campaign. And the new Regimen Builder by The Ordinary on brand.com realized spectacular adoption, further enhancing the brand powerful online ecosystem.

DECIEM 憑藉其令人垂涎的純素品牌 The Ordinary 補充了我們在護膚品方面的有機銷售增長。 DECIEM 以其透明度而聞名，深受消費者的喜愛。在第一季度，我們發起了富有洞察力的 Everything is Chemicals 活動。 Brand.com 上 The Ordinary 的新 Regimen Builder 實現了驚人的採用，進一步增強了品牌強大的在線生態系統。

Fragrance momentum continued with stellar double-digit performance in every region, powered by hero products and innovation from Tom Ford Beauty, Jo Malone London in our artisanal offerings. We are excited for the Estee Lauder brand launch of its luxury collection in the second quarter as it expands our portfolio in the high-growth segment of fragrances. Our fragrance category benefits from diversification amongst our categories as well as regions with outstanding performance from both historically strong markets for fragrance and emerging fragrance opportunities. The self-care rituals related to scent, which were embraced during the pandemic, continued even as social and professional usage occasion resumed. Of note, Tom Ford Beauty performed strongly in both fragrance and makeup. such that the brand was among our top performers in the quarter. Its new Ombre Leather perfume and hero's Oud Wood and Lost Cherry fueled the brand's success.

在我們的手工產品中，來自 Tom Ford Beauty、Jo Malone London 的英雄產品和創新推動了香水勢頭在每個地區都保持兩位數的出色表現。我們很高興雅詩蘭黛品牌在第二季度推出其奢侈品系列，因為它擴大了我們在高增長香水領域的產品組合。我們的香水品類受益於我們的品類和地區的多樣化，在歷史上強勁的香水市場和新興的香水機會中表現出色。即使在社交和專業使用場合恢復時，在大流行期間接受的與氣味相關的自我保健儀式仍在繼續。值得注意的是，Tom Ford Beauty 在香水和彩妝方面都表現出色。因此，該品牌是我們本季度表現最好的品牌之一。其新的 Ombre Leather 香水和英雄的 Oud Wood 和 Lost Cherry 推動了該品牌的成功。

Our growth engines also diversified geographically, led by developed markets in the West. Our business in North America executed with excellence to deliver strong double-digit organic sales growth, powered by readiness for makeup's emerging renaissance, ongoing strength in skincare and fragrance, and recovery in hair care. Strategic go-to-market initiatives supported by on-trend innovation, increased advertising spending, and expert in-store virtual services delighted consumers. Our expanded consumer reach enhanced these initiatives as Bobbi Brown launched in Ulta Beauty exceeded expectation, and we are encouraged by the early results of the new Ulta Beauty at Target and Sephora at Kohl's relationships.

在西方發達市場的帶動下，我們的增長引擎也在地域上多樣化。我們在北美的業務表現出色，實現了強勁的兩位數有機銷售增長，這得益於為化妝品的新興復興做好準備、護膚和香水的持續實力以及頭髮護理的複蘇。由趨勢創新、增加的廣告支出和專家店內虛擬服務支持的戰略性上市計劃令消費者感到高興。隨著 Bobbi Brown 在 Ulta Beauty 推出超出預期，我們擴大的消費者覆蓋範圍加強了這些舉措，我們對 Target 和 Sephora 在 Kohl's 關係的新 Ulta Beauty 的早期結果感到鼓舞。

In Asia Pacific, many markets faced COVID-induced lockdowns and temporary store closures, which pressured performance. Despite this, the region still grew 10% organically driven by strength in Greater China and Korea. Mainland China achieved double-digit organic sales growth owing to skin care and fragrance, with online and brick-and-mortar both higher. We launched locally relevant innovation which proved highly desirable, while we also increased advertising spending, strategically extended our consumer reach to match success of JD, and designed successful activation for Chinese Valentine's Day.

在亞太地區，許多市場面臨由新冠病毒引發的封鎖和臨時商店關閉，這給業績帶來了壓力。儘管如此，在大中華區和韓國實力的推動下，該地區仍實現了 10% 的有機增長。由於護膚品和香水，中國大陸實現了兩位數的有機銷售額增長，其中在線和實體銷售額均較高。我們推出了非常受歡迎的本地相關創新，同時我們還增加了廣告支出，戰略性地擴大了我們的消費者範圍以匹配京東的成功，並為中國情人節設計了成功的激活。

We continue to invest in the vibrant and compelling long-term growth opportunity in Mainland China, led by our talented local team. We are enthusiastic for our new innovation center in Shanghai to open in the second half of this fiscal year. This new world-class innovation center will be the first of its kind for our company. With it, we will have a unique ability to grow and build on our market and consumer insights to develop exceptional products to meet and surpass the needs and desires of Chinese consumers. What is more, we are seeing the benefits of recent investment in online fulfillment, which have led to higher service levels and better inventory manager while setting the stage for expanded omnichannel capabilities in the market.

在我們才華橫溢的本地團隊的帶領下，我們將繼續投資於中國大陸充滿活力和引人注目的長期增長機會。我們對我們在上海的新創新中心在本財年下半年開業充滿熱情。這個新的世界級創新中心將是我們公司的第一個此類創新中心。有了它，我們將擁有獨特的發展能力，並基於我們的市場和消費者洞察力開發卓越的產品，以滿足並超越中國消費者的需求和願望。更重要的是，我們看到了最近對在線履行進行投資的好處，這帶來了更高的服務水平和更好的庫存管理，同時為擴大市場的全渠道能力奠定了基礎。

From a channel perspective globally brick-and-mortar grew strongly in markets which are gradually emerging from the latest wave of COVID-19. We realized excellent results across the board in brick and mortar, most especially in the Americas and EMEA. Our brands created excitement in store with enticing high-touch services and unique activations. We are encouraged by improving trends in the productivity of brick and mortar, owing to both increased traffic and our strategic actions, including those under the post-COVID business acceleration program.

從渠道的角度來看，全球實體店在從最新一波 COVID-19 逐漸興起的市場中強勁增長。我們在實體店取得了全面的優異成績，尤其是在美洲和歐洲、中東和非洲地區。我們的品牌以誘人的高接觸服務和獨特的激活方式在店內創造了興奮。由於流量增加和我們的戰略行動（包括 COVID 後業務加速計劃下的行動），我們對實體生產力的改善趨勢感到鼓舞。

As brick-and-mortar reignites, our global online business continued to showcase its tremendous promise, with impressive organic results despite significant organic sales growth in the year-ago period. Online grew to be nearly double the size, on a reported basis, of the pre-pandemic first quarter of fiscal year 2020. Many markets capitalized on the remarkable new consumer acquisition trend of the pandemic to deliver sustained gain in repeat purchases.

隨著實體店的重新崛起，我們的全球在線業務繼續展現其巨大的前景，儘管去年同期有機銷售增長顯著，但有機業績令人印象深刻。據報導，在線增長的規模幾乎是 2020 財年第一季度大流行前的兩倍。許多市場利用大流行的顯著新消費者獲取趨勢來實現重複購買的持續增長。

As we seek to engage with consumers in innovative ways, we advanced our work with Instagram, Snapchat, TikTok, WeChat and others to capitalize on exciting trends in social commerce. We also deployed a technology solution, which enables brands to better customize consumer outreach by leveraging data to merchandise and personalized communication. This is leading to higher conversion rates for new consumers and a deeper level of relationship building after the initial purchase to foster retention. Initiatives such as this position us well to realize even greater success with trial and repeat.

隨著我們尋求以創新方式與消費者互動，我們推進了與 Instagram、Snapchat、TikTok、微信等的合作，以利用社交商務的激動人心的趨勢。我們還部署了一項技術解決方案，使品牌能夠通過將數據用於商品和個性化溝通來更好地定制消費者外展服務。這導致新消費者的轉化率更高，並且在初次購買後建立更深層次的關係以促進保留。諸如此類的舉措使我們能夠通過反複試驗獲得更大的成功。

We continued to invest in online to strategically extend our consumer reach and realize promising results. For example, In the first quarter, La Mer launched on Lazada in Southeast Asia to tremendous success with differentiated merchandising, unique services, and prestige packaging, making it one of the platform's biggest brand launches ever. Our relationship with Lazada expanded in the current quarter with Jo Malone London debut.

我們繼續投資在線，以戰略性地擴大我們的消費者範圍並實現可喜的成果。例如，第一季度，La Mer 在東南亞的 Lazada 上推出了差異化的商品、獨特的服務和尊貴的包裝，取得了巨大的成功，使其成為該平台有史以來最大的品牌發布之一。我們與 Lazada 的關係在本季度隨著 Jo Malone London 的首次亮相而擴大。

Before I close, I wanted to share that today we will release our fiscal year 2021 Social Impact and Sustainability Report. We are incredibly inspired by the achievements of our employees globally. The report highlights initiatives across key areas, including inclusion, diversity and equity, climate, packaging, social investment, responsible sources and green chemistry.

在結束之前，我想分享一下，今天我們將發布 2021 財年社會影響和可持續發展報告。我們對全球員工所取得的成就感到難以置信的鼓舞。該報告重點介紹了關鍵領域的舉措，包括包容性、多樣性和公平性、氣候、包裝、社會投資、負責任的來源和綠色化學。

I'm particularly proud of our support to employees globally who faced financial hardships due to COVID-19. The ELC Cares Employee Relief Fund awarded nearly 14,000 grants and distributed nearly $8 million through June 30, 2021.

我為我們對因 COVID-19 而面臨財務困難的全球員工提供的支持感到特別自豪。截至 2021 年 6 月 30 日，ELC Cares 員工救濟基金已發放近 14,000 筆贈款並分發了近 800 萬美元。

Here, a few among the many other highlights of the report: We are continuing to contribute to a low-carbon future. For the second year in a row, we sourced 100% renewable electricity globally for our direct operations and achieved net zero scope 1 and scope 2 emissions. The company also made strong progress in its Science-based Targets for scope 1 and 2 and made efforts towards meeting its scope 3 science-based targets.

在此，報告的許多其他亮點包括： 我們將繼續為低碳未來做出貢獻。我們連續第二年為我們的直接運營在全球採購 100% 可再生電力，並實現了範圍 1 和範圍 2 的淨零排放。該公司還在範圍 1 和 2 的科學目標方面取得了長足進展，並努力實現其範圍 3 科學目標。

We achieved our existing post-consumer recycled content goal ahead of schedule and announced a more ambitious goal to increase the amount of such material in our packaging to 25% or more by the end of calendar year 2025. We also committed to reduce the amount of virgin petroleum plastic in our packaging to 50% or less by the end of calendar year 2030.

我們提前實現了現有的消費後可回收材料目標，並宣布了一個更加雄心勃勃的目標，即到 2025 年年底將我們包裝中此類材料的數量增加到 25% 或更多。我們還承諾減少到 2030 年年底，我們包裝中的原始石油塑料減少到 50% 或更少。

On the last few earnings calls, I discussed actions we are taking to make more progress on our commitments for racial equity as well as women advancement and gender equality, which are reflected in the report. We also deepened our work by further aligning the strategy of The Estee Lauder Companies' charitable foundation to identify and support programs at the intersection of climate, justice, human rights and well-being with a focus on equity, building upon our legacy of founding girls' education and leadership programs. In the beginning of fiscal year 2022 and aligned with our social impact commitments, we were pleased to announce a 3-year partnership with Amanda Gorman, activist, award-winning writer and the youngest inaugural poet in U.S. history. The Estée Lauder Companies will contribute $3 million over 3 years to support WRITING CHANGE, a special initiative to advance literacy as a pathway to equality, access and social change. In addition, Mrs. Gorman will bring her Voice of Change to the Estee Lauder brand, debuting her first campaign in the second half of this fiscal year.

在最近幾次財報電話會議上，我討論了我們正在採取的行動，以在我們對種族平等以及婦女進步和性別平等的承諾方面取得更多進展，這些都反映在報告中。我們還通過進一步調整雅詩蘭黛公司慈善基金會的戰略來深化我們的工作，以識別和支持氣候、正義、人權和福祉的交叉項目，並以公平為重點，以我們創始女孩的遺產為基礎' 教育和領導力計劃。在 2022 財年伊始，根據我們的社會影響承諾，我們很高興地宣布與活動家、屢獲殊榮的作家和美國歷史上最年輕的就職詩人阿曼達·戈爾曼 (Amanda Gorman) 建立了為期 3 年的合作夥伴關係。雅詩蘭黛公司將在 3 年內捐助 300 萬美元，以支持 WRITING CHANGE，這是一項旨在促進掃盲作為實現平等、獲取和社會變革的途徑的特別倡議。此外，戈爾曼夫人將把她的變革之聲帶入雅詩蘭黛品牌，在本財年下半年首次亮相。

In closing, we delivered outstanding performance to begin the new fiscal year amid the volatility and variability of the pandemic, while continuing to invest in sustainable long-term growth drivers. We are focusing on fundamental capabilities for product quality and the consumer-centric elements of acquisition, engagement and high-touch experiences and services. We are doing this while improving our cost structure, diversifying our portfolio and its distribution, investing behind the best growth opportunities and leading our values. Our confidence in the long-term growth opportunities for global prestige beauty and our company is reflected in the announcement today to raise the quarterly dividend. I'm forever grateful to the grace, wisdom and ingenuity of our employees globally, who are making us a stronger company each and every day.

最後，在大流行的波動和多變的情況下，我們在新財年開始時表現出色，同時繼續投資於可持續的長期增長動力。我們專注於產品質量的基本能力以及以消費者為中心的獲取、參與和高接觸體驗和服務的要素。我們這樣做的同時改善了我們的成本結構，使我們的投資組合及其分佈多樣化，投資於最佳增長機會並引領我們的價值觀。我們對全球聲望美容和我們公司的長期增長機會的信心體現在今天宣布提高季度股息的公告中。我永遠感謝我們全球員工的優雅、智慧和獨創性，他們每天都在使我們成為一家更強大的公司。

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. We are off to an outstanding start with first quarter net sales growing 18% organically, driven by the nascent recovery in the Americas and EMEA during the quarter compared to a more difficult environment in the prior year. Global logistics constraints caused some retailers, primarily in North America, to order earlier to ensure popular sets and products would be on counter for holiday. We estimate that this contributed approximately 1.5 points to our first quarter sales growth that otherwise would have occurred in the second quarter. The inclusion of sales from the May 2021 DECIEM investment added approximately 3 points to reported net sales growth, and currency added just over 2 points.

謝謝你，法布里齊奧，大家好。與上一年更加困難的環境相比，本季度美洲和歐洲、中東和非洲地區剛剛複蘇，推動了第一季度淨銷售額有機增長 18% 的良好開端。全球物流限制導致一些零售商（主要是北美）提前下訂單，以確保流行的套裝和產品在假期時有售。我們估計這對我們第一季度的銷售增長貢獻了大約 1.5 個百分點，否則這將在第二季度發生。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，貨幣增加了 2 個多點。

From a geographic standpoint, organic net sales in the Americas climbed 27% as COVID restrictions eased throughout the region. Brick-and-mortar retail grew sharply across all formats compared to the prior year period when many stores were temporarily shut down. Distribution in Kohl's with Sephora and in Target with Ulta Beauty began its phased rollout to initial stores and online in mid-August, with minimal impact on net sales growth for the quarter.

從地理角度來看，隨著整個地區的 COVID 限制放寬，美洲的有機淨銷售額增長了 27%。與許多商店暫時關閉的去年同期相比，所有形式的實體零售都急劇增長。 8 月中旬，Sephora 在 Kohl's 和 Ulta Beauty 在 Target 的分銷開始分階段推廣到初始商店和在線商店，對本季度淨銷售額增長的影響微乎其微。

With the strong resurgence of brick-and-mortar traffic, online organic sales growth in the Americas declined single digits against a sharp increase last year, while organic online penetration remained solid at 31% of sales. The inclusion of sales from DECIEM added about 9 points to the overall reported growth in the region.

隨著實體流量的強勁復甦，美洲的在線有機銷售額增長與去年的大幅增長相比下降了個位數，而有機在線滲透率保持穩定，佔銷售額的 31%。 DECIEM 的銷售額為該地區報告的整體增長增加了約 9 個百分點。

In our Europe, the Middle East and Africa region, organic net sales rose 19% with virtually every market contributing to growth, led by the emerging markets in the Middle East, Turkey and Russia as well as the U.K. Most markets throughout the region saw COVID restrictions lifted, and some tourism resumed during the peak summer months. By channel, the region saw more balance between brick and mortar and online growth. All major categories grew this quarter, and the region saw the strongest growth in fragrance and makeup as social occasions increased.

在我們的歐洲、中東和非洲地區，有機淨銷售額增長了 19%，在中東、土耳其和俄羅斯以及英國的新興市場的帶動下，幾乎每個市場都對增長做出了貢獻。整個地區的大多數市場都出現了 COVID限制解除，一些旅遊業在夏季高峰期恢復。從渠道來看，該地區在實體店和在線增長之間取得了更大的平衡。本季度所有主要類別均增長，隨著社交場合的增加，該地區的香水和化妝品增長最為強勁。

Our global Travel Retail business grew double-digit as China and Korea continue to be strong. Internal travel restrictions during the quarter in China slowed Hainan sales temporarily, but restrictions lifted in early September and traffic rebounded. Retailers also responded to the August dip by driving post-travel consumption online. Summer holiday travel in Europe and the Americas picked up, but international travel still reached only 40% of pre-COVID levels.

隨著中國和韓國的持續強勁，我們的全球旅遊零售業務實現了兩位數的增長。中國本季度的內部旅行限制暫時減緩了海南的銷售，但限制在 9 月初解除，客流量有所回升。零售商還通過推動在線旅行後消費來應對 8 月份的下滑。歐洲和美洲的暑假旅行有所回升，但國際旅行仍僅達到疫情前水平的 40%。

In our Asia Pacific region, organic net sales rose 10%, driven by Greater China and Korea. The region overall experienced higher levels of COVID lockdowns this quarter compared to last year's quarter due to the rise of the Delta variant, although online remains strong. Sales growth in Mainland China was somewhat slower due to COVID restrictions during July and August. And the pace of online sales growth slowed following the successful 6-18 programs last quarter and in anticipation of the 11.11 shopping festival. As we've mentioned before, these key shopping moments have created some additional seasonality in our business in this region. More than half of our brands in virtually all channels rose double-digit in Mainland China.

在我們的亞太地區，在大中華區和韓國的推動下，有機淨銷售額增長了 10%。與去年同期相比，由於 Delta 變體的增加，該地區總體上經歷了更高水平的 COVID 鎖定，儘管在線仍然很強勁。由於 7 月和 8 月的新冠疫情限制，中國大陸的銷售增長有所放緩。繼上季度成功的 6-18 節目以及對 11.11 購物節的預期之後，在線銷售增長的步伐放緩。正如我們之前提到的，這些關鍵的購物時刻為我們在該地區的業務創造了一些額外的季節性。我們幾乎所有渠道中超過一半的品牌在中國大陸都實現了兩位數的增長。

Hong Kong and Macau were bright spots this quarter. They benefited from strong new product launches from La Mer and Jo Malone and successful marketing campaigns from several other brands.

香港和澳門是本季度的亮點。他們受益於 La Mer 和 Jo Malone 推出的強勁新產品以及其他幾個品牌的成功營銷活動。

From a category perspective, net sales growth in fragrance jumped nearly 50%. Virtually every brand that participates in the category contributed to growth, with exceptional double-digit increases from Tom Ford Beauty, Jo Malone London and Le Labo. Perfumes and colognes led the category growth; and bath, body and home fragrances continue to perform well.

從品類來看，香水的淨銷售額增長了近 50%。幾乎每個參與該類別的品牌都為增長做出了貢獻，Tom Ford Beauty、Jo Malone London 和 Le Labo 的增幅都達到了驚人的兩位數。香水和古龍水引領品類增長；沐浴、身體和家庭香水繼續表現良好。

Net sales in makeup rose 18% as markets in the Americas and Europe began to recover from COVID shutdowns. We are encouraged by the sequential improvement in makeup versus pre-COVID levels. However, makeup sales in the quarter were still 19% below 2 years ago. Nonetheless, Estee Lauder foundations continue to resonate strongly with consumers, and MAC leaned into the makeup recovery with a number of fun and compelling campaigns.

隨著美洲和歐洲市場開始從 COVID 關閉中復蘇，化妝品的淨銷售額增長了 18%。我們對化妝水平與 COVID 之前水平的連續改善感到鼓舞。然而，本季度的化妝品銷售額仍比兩年前低 19%。儘管如此，雅詩蘭黛基金會繼續在消費者中產生強烈共鳴，MAC 通過一系列有趣且引人注目的活動開始恢復彩妝。

Skin care sales remained strong during the quarter. Organic net sales grew 12%, and the inclusion of sales from DECIEM added 6 percentage points to reported growth. Nearly all of our skin care brands contributed to growth, although Estee Lauder had a tough comparison with the prior year launch of its improved Advanced Night Repair Serum.

本季度護膚品銷售保持強勁。有機淨銷售額增長了 12%，其中 DECIEM 的銷售額使報告的增長增加了 6 個百分點。幾乎我們所有的護膚品牌都為增長做出了貢獻，儘管雅詩蘭黛與去年推出的改進型高級夜間修護精華相比存在困難。

Our hair care net sales rose 8% as traffic in salons and stores in the U.S. and Europe began to return. Both Aveda and Bumble and bumble saw growth in hero products as well as continued strength from innovation.

隨著美國和歐洲沙龍和商店的客流量開始回升，我們的護髮產品淨銷售額增長了 8%。 Aveda 和 Bumble 和 bumble 都見證了英雄產品的增長以及創新的持續實力。

Our gross margin declined 100 basis points compared to the first quarter last year. The positive impacts from strategic pricing and currency were more than offset by higher obsolescence costs for both basic and holiday product sets and the inclusion of DECIEM.

與去年第一季度相比，我們的毛利率下降了 100 個基點。戰略定價和貨幣的積極影響被基本和假日產品組合的較高過時成本以及 DECIEM 的加入所抵消。

Operating expenses decreased 240 basis points as a percent of sales. Our strong sales growth was partly due to earlier orders from some North America retailers concerned about logistics constraints, and costs related to these sales are expected to be incurred in our second quarter. We do continue to manage costs with agility, realizing savings from our cost initiatives, while also investing to support a continued brick-and-mortar recovery as well as our strategic initiatives. Our operating income rose 32% to $941 million, and our operating margin rose 140 basis points to 21.4% in the quarter. Diluted EPS of $1.89 increased 31% compared to the prior year.

營業費用佔銷售額的百分比下降了 240 個基點。我們強勁的銷售增長部分是由於一些北美零售商的早期訂單擔心物流限制，而與這些銷售相關的成本預計將在我們的第二季度產生。我們確實繼續靈活地管理成本，從我們的成本計劃中實現節省，同時還投資以支持持續的實體復甦以及我們的戰略計劃。本季度我們的營業收入增長 32% 至 9.41 億美元，營業利潤率增長 140 個基點至 21.4%。攤薄後每股收益為 1.89 美元，較上年增長 31%。

During the quarter, we used $81 million in net cash flows from operating activities, which was below the prior year. This reflects a more normalized first quarter where we typically have seasonally higher working capital needs. We invested $205 million in capital expenditures as we ramped up our investment to build a new manufacturing facility in Japan. And we returned $749 million in cash to stockholders through both share repurchases and dividends. We also announced this morning an increase in our quarterly dividend.

在本季度，我們使用了來自運營活動的 8100 萬美元淨現金流，低於去年同期。這反映了一個更加正常化的第一季度，我們通常有季節性更高的營運資金需求。我們在資本支出上投資了 2.05 億美元，因為我們加大了在日本建造新製造工廠的投資。我們通過股票回購和股息向股東返還了 7.49 億美元現金。我們今天早上還宣布增加我們的季度股息。

So now let's turn to our outlook. We are encouraged by the green shoots we are seeing around the world, even in the context of an environment of increased volatility. Our strong performance reflects our ability to navigate through the volatility while leveraging our multiple engines of growth. At the same time, we are mindful that recovery is tenuous and likely to be uneven. Nevertheless, we are cautiously optimistic, and our assumptions for fiscal 2022 remain consistent.

所以現在讓我們轉向我們的前景。即使在波動加劇的環境中，我們在世界各地看到的新芽也讓我們感到鼓舞。我們的強勁表現反映了我們在利用多種增長引擎的同時應對波動的能力。與此同時，我們注意到復蘇是脆弱的，而且可能是不平衡的。儘管如此，我們仍保持謹慎樂觀，我們對 2022 財年的假設保持一致。

We continue to expect an emerging renaissance in the makeup category as restrictions are safely lifted and social occasions increase. We welcome the resumption of some travel in the Americas and EMEA in the first quarter. And as intercontinental restrictions are lifted, we expect international passenger traffic to build toward the end of the fiscal year.

隨著限制措施的安全解除和社交場合的增加，我們繼續期待化妝品類別的新興復興。我們歡迎第一季度恢復美洲和歐洲、中東和非洲的一些旅行。隨著洲際限制的取消，我們預計國際客運量將在本財年末建立。

We began taking strategic pricing actions in July, and overall, pricing is expected to add at least 3 points of growth, helping to offset inflationary pressures.

我們從 7 月開始採取戰略定價行動，總體而言，定價預計將增加至少 3 個增長點，有助於抵消通脹壓力。

On the costs side, we plan to continue to increase advertising to support our brands and drive traffic in all channels. Selling costs are expected to rise to support the reopening of brick-and-mortar retail. We also continue to invest behind key strategic capabilities like data analytics, innovation, technology and sustainability initiatives.

在成本方面，我們計劃繼續增加廣告以支持我們的品牌並增加所有渠道的流量。預計銷售成本將上升，以支持實體零售業的重新開放。我們還繼續投資於關鍵戰略能力，如數據分析、創新、技術和可持續發展計劃。

As you are all aware, global supply chains are being strained by COVID and its related effects in some markets, resulting in port congestion, higher fuel costs and labor shortages at a time when demand for goods is rising. This is causing us to experience inflation in freight and procurement, which we expect to impact our cost of goods and operating expenses beginning next quarter.

眾所周知，全球供應鏈正受到 COVID 及其在某些市場的相關影響的影響，導致港口擁堵、燃料成本上升和勞動力短缺，同時對商品的需求正在上升。這導致我們在貨運和採購方面經歷通貨膨脹，我們預計這將影響我們從下個季度開始的商品成本和運營費用。

Based on what we see through October, the expected benefit of pricing, combined with good cost discipline elsewhere, are enabling us to maintain our expectations for the year.

根據我們在 10 月份看到的情況，定價的預期收益，加上其他地方良好的成本紀律，使我們能夠維持對今年的預期。

For the full fiscal year, organic net sales are forecasted to grow 9% to 12%. Based on rates of 1.163 for the euro, 1.351 for the pound and 6.471 for the Chinese yuan, we expect currency translation to be negligible for the full fiscal year. This range excludes approximately 3 points from acquisitions, divestitures and brand closures, primarily the inclusion of DECIEM.

在整個財年，有機淨銷售額預計將增長 9% 至 12%。根據歐元 1.163、英鎊 1.351 和人民幣 6.471 的匯率，我們預計整個財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。

Diluted EPS is expected to range between $7.23 and $7.38 before restructuring and other charges. This includes approximately $0.04 of accretion from currency translation and $0.03 accretion from DECIEM. In constant currency, we expect EPS to rise 11% to 14%.

在重組和其他費用之前，稀釋後的每股收益預計在 7.23 美元至 7.38 美元之間。這包括大約 0.04 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 11% 至 14%。

At this time, we expect organic sales for our second 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 neutral.

目前，我們預計第二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，貨幣預計為中性。

Operating expenses are expected to rise in the second quarter as we support holiday activations and the continued recovery of brick-and-mortar retail around the world. Additionally, the prior year quarter included some benefit of government subsidies, which are not anticipated in the current year quarter.

由於我們支持假日活動和全球實體零售的持續復甦，預計第二季度的運營費用將增加。此外，上一季度還包括一些政府補貼的好處，這在本年度季度中是沒有的。

We expect second quarter EPS of $2.51 to $2.61. Both currency and the inclusion of DECIEM are expected to be immaterial to EPS. Notably, our EPS forecast also reflects a 23% tax rate compared to 15.9% in the prior year when we benefited from certain onetime items.

我們預計第二季度每股收益為 2.51 美元至 2.61 美元。預計貨幣和 DECIEM 的包含對每股收益都不重要。值得注意的是，我們的每股收益預測也反映了 23% 的稅率，而去年我們從某些一次性項目中受益時為 15.9%。

In closing, we are pleased with the terrific start to the year and are proud of the continued efforts of our global team. We remain confident in our corporate strategy with its multiple growth engines to drive sustainable, profitable growth.

最後，我們對今年的良好開端感到高興，並為我們全球團隊的持續努力感到自豪。我們仍然對我們的企業戰略充滿信心，其多重增長引擎可推動可持續的盈利增長。

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 comes from Erinn Murphy, Piper Sandler.

（操作員說明）今天我們的第一個問題來自 Piper Sandler 的 Erinn Murphy。

I guess my question is around the supply chain, Tracey, for you. If you could talk a little bit more about your ability to get product to the end markets in a timely manner into holiday? And are you seeing any major shifts in product launches? And then maybe if you can share as you think about the higher OpEx, how are you balancing air freight versus ocean freight currently?

我想我的問題是關於供應鏈的，特蕾西，給你。如果您能多談談您在假期中及時將產品推向終端市場的能力嗎？您是否看到產品發布有任何重大轉變？然後，如果您可以分享一下更高的運營支出，您目前如何平衡空運和海運？

Erinn, we are seeing some supply chain impact, as I said in our prepared remarks. We have experienced some air freight, and we have experienced some delays. But by and large, we're in very good shape for holiday. Our holiday sets, we had anticipated some of the supply chain challenges earlier in the year when clearly our supply chain, and more publicly there were discussions about supply chain challenges. And so we did order some products early. We produced some products early, and we landed many of our gift sets early. And that set us up pretty well for Q2.

Erinn，正如我在準備好的評論中所說，我們看到了一些供應鏈影響。我們經歷了一些空運，也經歷了一些延誤。但總的來說，我們的假期狀態非常好。我們的假期設置，我們已經預料到今年早些時候的一些供應鏈挑戰，當時我們的供應鏈很明顯，而且更公開地討論了供應鏈挑戰。所以我們確實提前訂購了一些產品。我們提早生產了一些產品，並且提早收到了許多禮品套裝。這讓我們為第二季度做好了準備。

So we are experiencing some inflation in transport. We're managing it as best we can. One of the things that certainly we have the benefit of is we are a luxury company, so we do have pricing power. And we have pricing power not only in our in-line products but also in our innovation as well. So we do have the opportunity and have taken the opportunity to offset some of the cost inflation with some of the pricing that we've taken this year.

因此，我們正在經歷一些運輸方面的通貨膨脹。我們正在盡我們所能管理它。我們當然受益的一件事是我們是一家奢侈品公司，所以我們確實有定價權。我們不僅在我們的在線產品中，而且在我們的創新中也有定價權。因此，我們確實有機會並藉此機會用我們今年採取的一些定價來抵消一些成本膨脹。

Our next question is going to 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。

Really curious to hear a little bit more about MAC. I would certainly have expected it to be key in the beginning of this makeup resurgence. But was curious what you could tell us in terms of progress on brick-and-mortar footprint in North America and EMEA, how that interacts with the online presence, and how you think about the profit model for that brand or maybe from the makeup category going forward. We're one quarter into the beginning of a recovery, so I don't -- I recognize that looking at operating margins for the division isn't really a fair game yet. But interested to hear how you think that can evolve over the next whatever the appropriate time frame, 12-plus months or so?

真的很想听到更多關於 MAC 的信息。我當然希望它成為這次化妝復興開始的關鍵。但是很好奇你能告訴我們北美和歐洲、中東和非洲實體店的進展情況、這與在線形象的相互作用以及你如何看待該品牌或化妝品類別的盈利模式往前走。我們已經進入復甦開始的四分之一，所以我沒有 - 我認識到查看該部門的營業利潤率並不是真正公平的遊戲。但是有興趣聽聽您認為在接下來的任何適當的時間範圍內（12 個月左右）會如何發展嗎？

Lauren, so you faded out at the very beginning. What -- your question is about what specifically?

勞倫，所以你一開始就淡出。什麼——你的問題是關於什麼？

About MAC.

關於麥克。

Oh, MAC.

哦，麥克。

MAC and how the -- brick-and-mortar footprint, where you've gotten to so far, how that fits with online presence, and how you're thinking about the business model going forward and what that means for profitability.

MAC 以及實體店的足跡如何，到目前為止您已經取得了哪些進展，它如何與在線形象相適應，以及您如何考慮未來的商業模式以及這對盈利能力意味著什麼。

Yes. No, as we announced last year in our post-COVID acceleration program, we did take the opportunity last year to close some stores. And some additional stores will close this year. And not only freestanding stores, but there are some counters as well that MAC has pulled out of.

是的。不，正如我們去年在 COVID 後加速計劃中宣布的那樣，我們去年確實藉此機會關閉了一些商店。今年還將關閉一些額外的商店。不僅是獨立商店，MAC 還撤出了一些櫃檯。

We were encouraged at the end of last year and encouraged through the first quarter with MAC performance in both the Americas, so both North America as well as Latin America and also EMEA. So we really, with a return to brick-and-mortar as we had indicated before, we saw higher productivity of the remaining brick-and-mortar doors that we had opened. And we saw a bit of softness more in North America than in EMEA, but a bit of softness in online as traffic returned to brick-and-mortar. We think that will normalize out a bit in Q2, and we'll see a bit more balance. But as I think all of us can imagine, I think consumers are very excited about going back to brick-and-mortar stores in markets where restrictions were lifted and people felt more comfortable going out and socializing.

我們在去年年底受到鼓舞，並在第一季度受到鼓舞，MAC 在美洲、北美、拉丁美洲和歐洲、中東和非洲的表現都如此。因此，正如我們之前指出的那樣，我們真的回到了實體店，我們看到我們打開的剩餘實體店門的生產力更高。與歐洲、中東和非洲相比，我們在北美看到了更多的疲軟，但隨著流量返回實體店，在線市場也出現了一些疲軟。我們認為這將在第二季度正常化一點，我們會看到更多的平衡。但正如我認為我們所有人都可以想像的那樣，我認為消費者對回到解除限制的市場中的實體店感到非常興奮，人們在外出和社交時感到更加自在。

Yes, and I just -- I can add that also MAC has been a good start. And the Ulta Target experience is a great start in the preparation of the holiday season. And the brand is doing very well online and is one of the brands that is benefiting from the service acceleration online, both in U.S. and in EMEA. So overall, very good progress on Mac, obviously as you would expect in the context of the makeup acceleration for consumers in general.

是的，我只是 -- 我可以補充一點，MAC 也是一個好的開始。 Ulta Target 體驗是假期準備工作的良好開端。該品牌在網上的表現非常好，是受益於在線服務加速的品牌之一，無論是在美國還是在歐洲、中東和非洲。因此，總體而言，Mac 取得了非常好的進展，顯然正如您在一般消費者化妝加速的背景下所期望的那樣。

Our next question comes from the line of Nik Modi with RBC Capital Markets.

我們的下一個問題來自於 RBC Capital Markets 的 Nik Modi。

I had a question on consumer behavior, just on online, what you're seeing there in terms of stickiness, retention. Obviously, that's an important channel from a profitability standpoint and consumer engagement. So I just wanted to understand that.

我有一個關於消費者行為的問題，就在網上，你在粘性、留存方面看到了什麼。顯然，從盈利能力和消費者參與度的角度來看，這是一個重要的渠道。所以我只是想明白這一點。

And then also, Fabrizio, if you think about what happened during the pandemic as consumers were migrating to well-known brands, exploration kind of came down a bit. But I suspect that that's starting to happen now as consumers are getting back out and exploring different brands.

然後，Fabrizio，如果您考慮一下在大流行期間發生的事情，因為消費者正在遷移到知名品牌，探索有點下降。但我懷疑這種情況現在已經開始發生，因為消費者正在退出並探索不同的品牌。

I just wanted to get your perspective on that dynamic, if that's what you're seeing? And how does Estée better prepare in the future to deal with all of these upstart brands that are starting up on social media?

我只是想了解你對這種動態的看法，如果你看到的是這樣的話？未來，雅詩如何更好地準備應對所有這些在社交媒體上起步的新貴品牌？

So I think there are 2 questions, first of all, what we see online. Obviously, online is doing pretty well. On a 2-year stack, we doubled it. And so is a very strong acceleration versus 2 years. And we see the progress to continue and the growth to continue. Obviously, in the moment where there was the opening of brick-and-mortar, the amount of growth online has slowed down, but the continuous growth is what is really encouraging.

所以我認為有兩個問題，首先，我們在網上看到了什麼。顯然，線上的表現相當不錯。在 2 年的堆棧中，我們將其翻了一番。與 2 年相比，這是一個非常強勁的加速。我們看到進展繼續，增長繼續。很明顯，在實體店開張的那一刻，線上的增長量已經放緩，但持續的增長才是真正令人鼓舞的。

So the most important part of your question is what happened to the consumers' behavior. So what we saw during COVID that the consumers that were already online before, like younger consumer, continue to be online even more intensively. But there were many new consumers that just appeared online during the COVID period. There were more the ageless consumer, the more adult consumers. Now this consumer really enjoyed it, so they are staying online. And so that's what showed that the online continues to grow even when brick-and-mortar opens up. But obviously, the 2 channels' growth get rebalanced in this situation. So very optimistic for online.

所以你問題中最重要的部分是消費者的行為發生了什麼。因此，我們在 COVID 期間看到的情況是，之前已經在線的消費者，比如年輕消費者，繼續更加密集地在線。但是在 COVID 期間，有許多新的消費者剛剛出現在網上。不老消費者越多，成年消費者也越多。現在這個消費者真的很喜歡它，所以他們一直在線。因此，這表明即使實體店開放，在線業務仍在繼續增長。但顯然，這兩個渠道的增長在這種情況下得到了重新平衡。所以很看好線上。

The other thing that online continues to grow is that there are very different channels with level -- different level of growth. And we are growing in every single channel. And we are growing in TPP. We are growing in brand.com. We are growing in retail.com. We are growing in the pure plays. And this is very different by region because in every region, one of this channel is stronger than the others.

在線繼續增長的另一件事是，有非常不同的渠道具有不同的水平——不同的增長水平。我們在每一個渠道都在成長。我們正在TPP中成長。我們正在brand.com 中成長。我們正在retail.com 中成長。我們在純戲劇中成長。這因地區而異，因為在每個地區，這個渠道中的一個都比其他渠道強。

So the combination of the global online growth is continued to be pretty exciting. And we count on this to continue even when brick-and-mortar will be fully recovered. And as a result, we have reached already 28% of our business in online, and this will gradually continue to grow over time. So very, very strong.

因此，全球在線增長的結合繼續令人興奮。即使實體店完全恢復，我們也指望這種情況繼續下去。結果，我們已經達到了在線業務的 28%，並且隨著時間的推移，這一比例將逐漸繼續增長。非常非常強大。

In terms of -- sorry, your second question, because it was a separate question, on consumer behaviors in Asia?

關於 - 抱歉，您的第二個問題，因為這是一個單獨的問題，關於亞洲的消費者行為？

Yes. No, it was around exploration, kind of died down during the pandemic. Are you seeing consumers explore new brands again? And what is Estée doing to try to make sure that doesn't become too much of a risk going forward?

是的。不，它圍繞著探索，在大流行期間有點消失了。您是否看到消費者再次探索新品牌？雅詩公司正在做些什麼來確保這不會成為未來的太大風險？

I think the exploration of newness in the world of beauty will continue, will never stop. And personally, I don't have any data points that suggest it was dependent on COVID. The exploration is not only about new brands, but the exploration is about the newness of the existing brands.

我認為對美麗世界的新奇探索將繼續，永遠不會停止。就個人而言，我沒有任何數據點表明它依賴於 COVID。探索不僅僅針對新品牌，更在於探索現有品牌的新鮮感。

In fact, our percentage of newness continues to be very, very high. And our innovation program continues to be super exciting. We are -- we continue to be in the 30% of new products per year, which is extraordinary. And it's been a huge progress in the last years. So we continue to see consumers to be interested innovation, and we continue to make our innovation program one of the best drivers of growth globally.

事實上，我們的新品百分比仍然非常非常高。我們的創新計劃仍然非常令人興奮。我們——我們繼續在每年 30% 的新產品中，這是非同尋常的。在過去的幾年裡，這是一個巨大的進步。因此，我們繼續看到消費者對創新感興趣，我們繼續使我們的創新計劃成為全球增長的最佳驅動力之一。

Our next question is going to come from the line of Dara Mohsenian with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Dara Mohsenian。

So just a question on guidance. Clearly, you came in better than expected in terms of fiscal Q1. You mentioned some green shoots. Obviously, a makeup recovery, Americas recovery. Asia, some softness with some of the government lockdowns in third quarter, but it sounded like that's getting better.

所以只是一個關於指導的問題。顯然，就第一財季而言，你的表現好於預期。你提到了一些綠芽。顯然，化妝復甦，美洲復甦。亞洲，隨著第三季度政府的一些封鎖措施出現一些疲軟，但聽起來情況正在好轉。

And so I'm just trying to understand unchanged local currency top line guidance for the year. Is there something specific that's giving you more caution as you look at the balance of the year? Is it more just some conservatism, given it's early in the year? How do you sort of think about that relative to the Q1 top line delivery and some green shoots? And maybe specifically also, you can touch on the 11.11 shopping festival in China and what you're seeing there in terms of initial signs heading into that festival.

所以我只是想了解今年不變的當地貨幣頂線指導。當您查看今年的餘額時，是否有一些具體的事情讓您更加謹慎？考慮到今年年初，這是否更像是某種保守主義？相對於第一季度的頂線交付和一些新芽，您如何看待這一點？也許具體來說，你可以談談中國的 11.11 購物節，以及你在那裡看到的關於進入那個節日的初步跡象。

Yes. Yes. Thanks, Dara. So in terms of -- we are encouraged obviously, as we should be, by our Q1 performance. We're still only a quarter in, as you mentioned it. We did have some early shipments in the quarter that obviously came out of the second quarter. So some of the growth as we mentioned, about 1.5 points was related to that.

是的。是的。謝謝，達拉。因此，就第一季度的表現而言，我們顯然應該受到鼓舞。正如你提到的，我們仍然只有四分之一。我們確實在本季度有一些早期的出貨量，顯然是從第二季度開始的。所以我們提到的一些增長，大約 1.5 個點與此相關。

But as we look at the balance of the year, we are also while we are seeing encouragement, there's still a lot of volatility in the market. We did have some markets unexpectedly that were shut down in the first quarter. We are still managing through this pandemic.

但是當我們看到今年的餘額時，我們也在看到鼓舞人心的同時，市場仍然存在很多波動。我們確實有一些市場在第一季度意外關閉。我們仍在應對這場大流行。

And so we are -- we believe that certainly as you look at Q2 on a 2-year stack basis, it is -- and really versus pre-pandemic, it's really quite strong. And again, you're seeing some of the seasonality related to 11.11 continue to impact Q1. And that's reflected in the Q2 and that's reflected in the guidance that we've provided.

所以我們 - 我們相信，當你以 2 年的籌碼量來看第二季度時，它確實是 - 與大流行前相比，它確實非常強大。再一次，您會看到與 11.11 相關的一些季節性因素繼續影響第一季度。這反映在第二季度，也反映在我們提供的指導中。

But we feel that the guidance that we've given for the year is incredibly strong. The only difference between the guidance that we gave last time and this time is currency. Our outlook on currency is a bit less. So that's the 1 point change in the guidance that you see. And then from a reported EPS standpoint, our guidance actually on a constant currency basis has improved quite a bit.

但我們認為，我們為這一年提供的指導非常有力。我們上次和這次給出的指導之間的唯一區別是貨幣。我們對貨幣的看法要少一些。這就是您看到的指導中的 1 點變化。然後從報告的每股收益的角度來看，我們在固定貨幣基礎上的指導實際上已經有了很大的改善。

So we I would say we are seeing green shoots. We are expressing confidence in the guidance that we are providing, quite a bit when you actually look at it from a EPS standpoint, even with all of the things that we're navigating through as it relates to transport, et cetera. And that goes to the choices that we're making as an organization in terms of where to invest and where not to invest, along with the pricing actions that we're taking as well.

所以我會說我們正在看到綠芽。我們對我們提供的指導表達了信心，當你從 EPS 的角度實際看待它時，即使是我們正在瀏覽的所有與運輸等相關的事情，也是如此。這涉及到我們作為一個組織在哪裡投資和不投資方面做出的選擇，以及我們正在採取的定價行動。

Our next question is going to come from the line of Steve Powers with Deutsche Bank.

我們的下一個問題將來自德意志銀行的史蒂夫鮑爾斯。

First, just to clean up, I apologize if I missed it. But were the early holiday sales in North America, that you mentioned in the first quarter, skewed at all to any particular brand or product category? That would be helpful.

首先，只是為了清理，如果我錯過了，我很抱歉。但是，您在第一季度提到的北美早期假日銷售是否完全偏向於任何特定品牌或產品類別？那會很有幫助。

And what I really wanted to ask about was sort of picking up on something Dara mentioned, but I'm not sure you addressed Tracey. But just the relative softness in China, Hainan and Asia that you experienced in the quarter against the curtailed mobility backdrop, versus the improvement that you saw in September and what I hear is enthusiasm entering December at around the 11.11 holiday. So maybe you could just expand on a little bit on how trends evolved through the September quarter, and then what you're expecting in that Asia Pacific region as we go through fiscal 2Q.

我真正想問的是關於達拉提到的一些事情，但我不確定你是針對特蕾西說的。但是，在流動性減少的背景下，您在本季度所經歷的中國、海南和亞洲相對疲軟，而您在 9 月看到的改善以及我聽到的是在 11.11 假期前後進入 12 月的熱情。因此，也許您可以稍微擴展一下趨勢如何在 9 月季度演變，然後在我們經歷第二財季時您對該亞太地區的預期。

Yes. No, so Steve, in terms of the early shipments, obviously, our larger brands would have comprised most of the larger -- most of the sales dollar volume in terms of those shipments, but it was really across the board. And again, both we and our retailers wanted to make sure that we had our holiday programs as well as some of our basic product in-store, recognizing the severe constraint that is being projected as it relates to transport during this holiday season. So we feel very good about that.

是的。不，所以史蒂夫，就早期的出貨量而言，顯然，我們的大品牌將佔大部分大品牌——就這些出貨量而言，大部分銷售額是美元，但它確實是全面的。再一次，我們和我們的零售商都希望確保我們有我們的假期計劃以及我們的一些基本產品在店內，認識到預計在這個假期期間與運輸有關的嚴重限制。所以我們對此感覺很好。

In terms of Asia Pacific, inclusive of China but other markets as well, we did see some intermittent shutdowns in Asia. And that did include some traffic to Hainan being a bit curtailed in the July and August time frame and a bit into the early part of September. We saw, as we mentioned in our prepared remarks, Hainan pick up quite a bit when those travel restrictions were lifted almost immediately. So that is a positive sign. And we are still quite encouraged with respect to China and the performance that we expect to see certainly for the balance of the year, both in China and Mainland China and with Chinese consumers wherever they shop.

在亞太地區，包括中國和其他市場，我們確實看到亞洲出現了一些間歇性停工。這確實包括到海南的一些交通在 7 月和 8 月的時間範圍內有所減少，並在 9 月初有所減少。正如我們在準備好的講話中提到的那樣，我們看到，當這些旅行限制幾乎立即取消時，海南的情況有所好轉。所以這是一個積極的信號。我們仍然對中國感到非常鼓舞，我們預計今年餘下時間肯定會看到的表現，無論是在中國和中國大陸，還是在中國消費者購物的地方。

Our next question will come from the line of Stephanie Wissink with Jefferies.

我們的下一個問題將來自 Jefferies 的 Stephanie Wissink。

This is Grace Menk on for Steph. I'm wondering if you could talk a little bit about the strength that you're seeing in fragrance and just touch on the sustainability there. Is there anything assumed in your guidance for fragrance? And then also on a similar vein, if there's anything assumed for the makeup recovery in the second half in guidance.

這是斯蒂芬的格蕾絲·門克。我想知道你是否可以談談你在香水中看到的力量，並談談那裡的可持續性。您對香水的指導中有什麼假設嗎？然後在類似的情況下，如果在指導中對下半年的化妝恢復有任何假設。

Yes. No, we see obviously, a very strong fragrance market, and we see great growth in every single region. So it's good. We see particularly strong fragrance traction in the high-end fragrances, in what we call the luxury or seasonal part of our portfolio. This is really outstanding. So brands like Jo Malone, Tom Ford, Le Labo, KILIAN, Frédéric Malle. And this is -- we believe this will continue. This is a trend we have identified some years ago. And we have focused the growth of our portfolio and our innovation on this kind of highly sophisticated fragrance experiences. And what we have seen that during COVID this trend is accelerated. Consumers are even more interested.

是的。不，我們顯然看到了一個非常強勁的香水市場，我們看到每個地區都有很大的增長。所以很好。我們在高端香水中看到了特別強大的香味吸引力，我們稱之為我們產品組合中的奢侈品或季節性部分。這真的很出色。所以像 Jo Malone、Tom Ford、Le Labo、KILIAN、Frédéric Malle 這樣的品牌。這是 - 我們相信這將繼續下去。這是我們幾年前發現的趨勢。我們將產品組合的增長和創新集中在這種高度複雜的香水體驗上。我們已經看到，在 COVID 期間，這種趨勢正在加速。消費者更感興趣。

The other interesting thing is during COVID the element of our fragrance brands that were, for example, home like candles, our personal [lines go] pampering parts of the lineup beyond the fragrance also was accelerating. And this acceleration continues. So the positives that consumers have learned also the possibility of the pampering in-house element of products that these brands provide, they continue to buy them also after the COVID -- this COVID thing.

另一件有趣的事情是在 COVID 期間，我們的香水品牌元素，例如，像蠟燭一樣的家居，我們的個人 [lines go] 呵護除香水之外的部分產品陣容也在加速發展。這種加速還在繼續。因此，消費者也了解到這些品牌提供的內部產品元素的可能性的積極性，他們也在 COVID 之後繼續購買它們 - 這個 COVID 事情。

So the entire fragrance brands are strong. The fragrance category is strong, and we expect to have a good holiday season in this area. We expect continuous growth over time.

所以整個香水品牌都很強。香水類別強勁，我們預計該地區會有一個良好的假期。我們預計隨著時間的推移會持續增長。

Our next question comes from the line of Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

Congrats on your results. Can you comment on the cadence of the quarter in Asia Pacific and how you exited? It seems like you had a pickup in China consumption towards the end of the quarter. And Tracey, you mentioned that in your prepared remarks, and I think to Dara's question.

恭喜你的結果。您能否評論一下亞太地區本季度的節奏以及您是如何退出的？在本季度末，您的中國消費似乎有所回升。特蕾西，你在準備好的發言中提到了這一點，我想到了達拉的問題。

But is the deceleration in the fiscal second quarter a function of normalizing the pull forward, or more how conservative you're seeing things happening? And then obviously, you have the seasonality that you have been calling for 11.11. So if you can just kind of elaborate more on that, I would appreciate it.

但是，第二財季的減速是正常化拉動的函數，還是更保守地看待事情的發生？然後很明顯，你有你一直呼籲 11.11 的季節性。因此，如果您能詳細說明這一點，我將不勝感激。

Yes. I mean we achieved double-digit growth in China this quarter, and so very strong double digits also in 2 or 3 years stacked basis, so despite the restrictions that we saw in July and in August. So the Chinese consumer really is strong, and we are serving them.

是的。我的意思是我們本季度在中國實現了兩位數的增長，而且在 2 年或 3 年的疊加基礎上也實現了非常強勁的兩位數，儘管我們在 7 月和 8 月看到了限制。所以中國消費者真的很強大，我們正在為他們服務。

We also with a variety of locations, meaning in every channel, we see the growth online. We see the growth in brick-and-mortar. We see the growth in Hainan.

我們還擁有各種位置，意味著在每個渠道中，我們都看到了在線增長。我們看到了實體店的增長。我們看到了海南的增長。

And our key idea is to serve the Chinese consumers wherever they are and to serve them in the best possible way. So we manage this with agility, depending what is the commercial model that is emerging in China. We focus more on one China [on another], also depending by the season and by the moment.

我們的核心理念是為中國消費者服務，無論他們身在何處，並以最好的方式為他們服務。因此，我們靈活地管理這一點，這取決於中國正在出現的商業模式。我們更多地關註一個中國[另一個]，也取決於季節和時刻。

Also skin care, which I think is a great sign of strength. Skin care grew strong double-digit despite the very tough comparison with previous year, where in our case we launched the Advanced Night Repair relaunch. So it was a very big innovation in the base period. So brick-and-mortar in China also saw very strong growth.

還有皮膚護理，我認為這是力量的重要標誌。儘管與去年相比非常艱難，但皮膚護理仍保持兩位數的強勁增長，在我們的案例中，我們推出了 Advanced Night Repair 重新啟動。所以這是基期非常大的創新。因此，中國的實體店也出現了非常強勁的增長。

And our business online grew double digit, despite the fact that in quarter 1, online is a bit normally sandwiched between the 6.18 big event and the 11.11 big event. But despite that, we grew double digit.

我們的在線業務增長了兩位數，儘管在第一季度，在線業務通常夾在 6.18 大事件和 11.11 大事件之間。但儘管如此，我們還是增長了兩位數。

And the long-term fundamentals of the market in closing, namely the large and growing middle class with increasing spending per person, the remaining -- all these remain intact. And so the key idea is to be able to focus on the Chinese consumer in whatever channel they choose to shop at depending on the moment of the year. And that's what we're doing, and that's why we remain very confident for the remaining of the fiscal year.

市場收盤的長期基本面，即龐大且不斷增長的中產階級，人均支出不斷增加，剩下的——所有這些都保持不變。因此，關鍵的想法是能夠根據一年中的某個時刻，在他們選擇購物的任何渠道中專注於中國消費者。這就是我們正在做的事情，這就是為什麼我們對本財年的剩餘時間充滿信心。

And Andrea, as it relates to the rest of APAC, we are expecting a pickup in the second quarter. So we are not anticipating as many of the restrictions to be in place in the rest of APAC that we saw in Q1.

安德里亞，因為它與亞太地區其他地區有關，我們預計第二季度會有所回升。因此，我們預計亞太地區其他地區不會像第一季度看到的那樣多的限制。

Our next question is going to 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。

I just want to talk a little bit about some of the new brands like The Ordinary. And if you could just give a little bit of commentary around things that you've learned since the majority stake that you've taken, and how that could potentially be influencing other brands in your portfolio with respect to where you could potentially invest going forward, what retailers might -- other brands work in that you may have not have thought about earlier.

我只想談談一些新品牌，比如 The Ordinary。如果你能就你從獲得多數股權以來學到的東西發表一點評論，以及這可能如何影響你投資組合中的其他品牌，以及你未來可能投資的地方，零售商可能會做的事情——其他品牌的作用是您之前可能沒有想到的。

Yes. First of all, DECIEM is an extraordinary company, and The Ordinary is a brand with enormous success and traction. And so first of all, we are collaborating with the management team of DECIEM to continue building both The Ordinary and to continue building the overall DECIEM company with their extraordinary incubation capability they have and new brands that they are creating for the future. So both of these activities.

是的。首先，DECIEM 是一家非凡的公司，而 The Ordinary 是一個擁有巨大成功和吸引力的品牌。因此，首先，我們正在與 DECIEM 的管理團隊合作，繼續打造 The Ordinary，並憑藉他們擁有的非凡孵化能力和他們為未來創造的新品牌，繼續打造整個 DECIEM 公司。所以這兩個活動。

So the big learning is obviously the ability to create buzz and interest and the relationship between The Ordinary brand and the consumer is [really restored]. Obviously, we can learn a lot from this. But apart from learning, we can support them in the implementation of the global commercial strategies in increasing the reach of the brand, and obviously in leveraging the powerful connection with the consumer in the best possible way in supply chain, in R&D in many, many areas. So we can learn and we can support, and this exchange is proving to be very successful.

因此，大學習顯然是創造嗡嗡聲和興趣的能力，以及普通品牌與消費者之間的關係[真正恢復]。顯然，我們可以從中學到很多東西。但除了學習之外，我們還可以支持他們實施全球商業戰略，以擴大品牌影響力，顯然是在供應鏈中以最佳方式利用與消費者的強大聯繫，在許多研發中領域。所以我們可以學習，我們可以支持，這種交流被證明是非常成功的。

Then on top of The Ordinary, there are other brands. They are building other ideas and creating for the future. So what we are learning is also the power of creative incubation and the creation of new brands. And this will have an influence on our future ability to continue developing brands. And definitely, we will leverage the strength of DECIEM also in this area.

然後在 The Ordinary 之上，還有其他品牌。他們正在構建其他想法並為未來創造。所以我們正在學習的也是創意孵化和新品牌創建的力量。這將對我們未來繼續發展品牌的能力產生影響。當然，我們也將在該領域利用 DECIEM 的實力。

Our next question will come from the line of Mark Astrachan with Stifel.

我們的下一個問題將來自 Mark Astrachan 和 Stifel。

I wanted to ask about Hainan growth. And I think you had mentioned this on some previous calls in terms of where the growth is coming from, meaning that you weren't necessarily sourcing it from sales in the mainland. I guess I'm curious if that's still the case and kind of how you think about what has driven the growth? Especially as it seems like some of the duty-free operators are paying the duties to deliver product to mainland customers. So if that's true, kind of how do you think this all plays out in time in terms of having mainland and Hainan or kind of local duty-free work together?

我想問一下海南的成長。而且我認為您在之前的一些電話中提到了增長的來源，這意味著您不一定從大陸的銷售中採購。我想我很好奇情況是否仍然如此，您如何看待推動增長的因素？尤其是一些免稅經營者似乎正在為向大陸客戶提供產品而繳納關稅。所以如果這是真的，你認為這一切在大陸和海南或當地免稅合作方面如何及時發揮作用？

Yes. I mean keep in mind that in China, our most distributed brand, which is Estée Lauder, is on 140 cities. Where today with a strong social media and with a strong aspiration of values of our brand, as we speak, we can -- we have demand in more than 700 cities.

是的。我的意思是請記住，在中國，我們分佈最廣的品牌是雅詩蘭黛，在 140 個城市。今天，憑藉強大的社交媒體和對我們品牌價值的強烈渴望，正如我們所說，我們可以——我們在 700 多個城市有需求。

So there are many, many consumers in China that can only buy either online or traveling, and traveling domestically today and historically also traveling internationally. And so it's just the market, the -- commercially, the market is designed to have a very limited overlap between the Mainland China and the Hainan.

所以中國有很多很多的消費者只能在網上或旅行中購買，今天國內旅行，歷史上也有國際旅行。所以這只是市場，在商業上，市場的設計目的是在中國大陸和海南之間有非常有限的重疊。

Hainan serves an enormous amount of consumer that comes also from tier 3, tier 4 cities, areas where there is not a lot of brick-and-mortar distribution. And so Hainan can attract this consumer in this moment. Also is a place where people go for holidays. As part of these holidays, there is a lot of the pleasure of shopping, the pleasure of discovery.

海南為大量消費者提供服務，這些消費者也來自三四線城市，這些地區的實體店分佈並不多。所以海南可以在這一刻吸引到這個消費者。也是人們度假的地方。作為這些假期的一部分，有很多購物的樂趣，發現的樂趣。

So the business in Hainan is proving to be a great trial builder more than in a cannibalizing business. And it's building trial of people that otherwise will not be able to trial our product, then will repurchase them. Will repurchase them maybe again in the future travel, but most of the times in their everyday life in Mainland China.

因此，海南的企業被證明是一個偉大的試驗建造者，而不是一個相互蠶食的企業。它正在對那些無法試用我們產品的人進行試用，然後將重新購買他們。可能會在以後的旅行中再次回購它們，但大部分時間是在他們在中國大陸的日常生活中。

So obviously, there is commercial competition. The market is becoming very competitive. There is a lot of players. Commercially, the region will continue to be intense competition. But there is every channel that serves frankly, a very different role. And so our strategy is to be able to leverage each one of this channel in the best possible way, with the idea of maximizing the coverage and the service to the total consumers in China that are interested in beauty, and over time to be able to better differentiate the scope of the channels and how the consumer will be served by the different channels.

所以很明顯，存在商業競爭。市場競爭變得非常激烈。有很多玩家。在商業上，該地區的競爭將繼續激烈。但是坦率地說，每個渠道都扮演著非常不同的角色。因此，我們的戰略是能夠以最好的方式利用這個渠道中的每一個，以最大限度地為中國所有對美容感興趣的消費者提供覆蓋和服務，並且隨著時間的推移能夠更好地區分渠道的範圍以及不同渠道將如何為消費者提供服務。

Last thing I want to say, Hainan had, at least the last number I've seen, over the 80 million visitors in the last year. So if you think that Hainan serves the entire middle class. Because it's domestic travel, you don't need to have a passport. So today in our knowledge about 12% to Chinese consumer had a passport. Even when international travel will restart, there will be even limited cannibalization versus international travel, because Hainan will serve many consumers that do not plan to travel internationally. So we are very positive on the long term and very positive on the ability to serve the consumers using different channels, which is our strategy.

最後我想說的是，至少在我看到的最後一個數字上，海南去年的遊客人數超過了 8000 萬。所以如果你認為海南服務於整個中產階級。因為是國內旅遊，不需要護照。因此，據我們所知，今天約有 12% 的中國消費者擁有護照。即使國際旅行重新開始，與國際旅行的競爭也會有限，因為海南將服務於許多不打算出國旅行的消費者。因此，從長遠來看，我們非常積極，對使用不同渠道為消費者服務的能力非常積極，這是我們的戰略。

Our next question comes from the line of Wendy Nicholson with Citi.

我們的下一個問題來自花旗銀行的溫迪·尼科爾森（Wendy Nicholson）。

Two things, if I can. When you were running through the brands and what's growing for you and what's doing especially well, I think you called out La Mer first. And I just wanted to clarify how much of La Mer's growth is coming from China and Travel Retail? Or is the brand also growing strongly in the U.S. and Western Europe non-Travel Retail? So that's my first question.

兩件事，如果可以的話。當您瀏覽品牌以及您正在成長的東西以及做得特別好的東西時，我認為您首先調用了 La Mer。我只是想澄清一下 La Mer 的增長有多少來自中國和旅遊零售？還是該品牌在美國和西歐的非旅遊零售市場也在強勁增長？所以這是我的第一個問題。

And then second thing, I know you said, Tracey, that there was only minimal sales in the first quarter from the pipeline fill into Target and Kohl's. But now that we're kind of already into November, can you comment a little bit about what you're seeing there? And especially I'm curious, what percentage of the sales that you're getting from Target and Kohl's are in makeup as opposed to skin? I'm just wondering that if those 2 channels really take off for you, what kind of mix effect that might have on your North American business.

然後第二件事，我知道你說過，特蕾西，第一季度從塔吉特和科爾的管道填充中只有很少的銷售額。但是現在我們已經進入 11 月了，你能評論一下你在那裡看到的東西嗎？特別是我很好奇，你從 Target 和 Kohl's 獲得的銷售額中有多少是化妝品而不是皮膚？我只是想知道，如果這兩個頻道真的為你騰飛，可能會對你的北美業務產生什麼樣的混合效果。

Thanks, Wendy. So in terms of La Mer, La Mer is growing in pretty much every market. It's incredibly strong. The brand does a fantastic job of innovating. And so we're seeing growth from both new innovation as well as a continued expansion of new consumers with some of the strategies that the brand is deploying. And we see very high loyalty and repeat with La Mer.

謝謝，溫迪。因此，就 La Mer 而言，La Mer 幾乎在每個市場都在增長。它非常強大。該品牌在創新方面做得非常出色。因此，我們看到新的創新以及新消費者的持續擴張以及該品牌正在部署的一些策略的增長。我們看到非常高的忠誠度並與 La Mer 重複。

So it is all around even during this pandemic, it has been one of the constants in terms of the performance in our portfolio. And the La Mer team is just an absolute fantastic team. So the brand is doing incredibly well.

因此，即使在這種大流行期間，它也無處不在，就我們投資組合的表現而言，它一直是不變的因素之一。 La Mer 團隊絕對是一支出色的團隊。所以這個品牌做得非常好。

As it relates to Kohl's and Target and also within Target and Sephora within Kohl's, we have seeded the initial doors. We certainly expect during the upcoming holiday season that we will see increased growth, obviously, in contribution from the distribution that we have. And we're pleased thus far with the partnership.

由於它與 Kohl's 和 Target 以及 Kohl's 的 Target 和 Sephora 相關，我們已經播種了最初的門。我們當然希望在即將到來的假期期間，我們將看到增長的增長，顯然，我們所擁有的分銷貢獻。到目前為止，我們對這種夥伴關係感到滿意。

We're seeing more skin care growth than makeup at the moment. But again, I expect that we will certainly, with some of the strong gift programs that our makeup brands have, we expect that we'll see more makeup growth in the second quarter.

目前，我們看到的護膚品增長超過了化妝品。但同樣，我希望我們肯定會通過我們的化妝品品牌擁有的一些強大的禮品計劃，我們預計第二季度我們會看到更多的化妝品增長。

Yes, I just wanted to add that our North America growth this quarter, which has been extraordinary is the result of many factors. It's definitely not yet the impact of Ulta Target or Sephora Kohl's. That was just at the beginning and only in the last month of the quarter. So it's the result of many other very positive signs.

是的，我只是想補充一點，我們本季度在北美地區的非同尋常的增長是許多因素的結果。這絕對不是 Ulta Target 或 Sephora Kohl's 的影響。那隻是在本季度的開始，也只是在本季度的最後一個月。所以這是許多其他非常積極的跡象的結果。

Also, we've been gaining shares in all categories during the quarter in Clinique, in MAC, La Mer, in Bobbi, in Tom Ford, in Jo Malone. So it's a very broad growth across. We are really ready with our innovation with the strong marketing programs. We had anticipated the comeback on makeup. We have strengthened our program in what we call the makeup renaissance in anticipation on the return to back to school or back to work. We had amazing programs so that -- we have added obviously The Ordinary, which is the #4 brand in skin care in prestige U.S. to our portfolio.

此外，本季度我們在倩碧、MAC、La Mer、Bobbi、Tom Ford 和 Jo Malone 的所有類別中都獲得了份額。所以這是一個非常廣泛的增長。我們已經準備好通過強大的營銷計劃進行創新。我們已經預料到化妝會捲土重來。我們加強了我們所謂的化妝復興計劃，以期待重返學校或重返工作崗位。我們有很棒的計劃，所以我們顯然添加了 The Ordinary，這是我們的產品組合中在美國享有盛譽的護膚品中排名第四的品牌。

So it's a combination of factors of improvement of the strategy and improvement of the execution in our North American organization, so a terrific quarter. And we do expect the Ulta Target Kohl's Sephora to contribute more in the next quarters. That was not the key contributing factor in quarter 1.

所以這是我們北美組織戰略改進和執行改進的綜合因素，所以這是一個了不起的季度。我們確實預計 Ulta Target Kohl's Sephora 將在接下來的幾個季度做出更多貢獻。這不是第一季度的關鍵因素。

Yes, I think this quarter really represents diversification that we have within the business that we've talked about. And certainly, the North America performance, to Fabrizio's point, represents that as well.

是的，我認為本季度確實代表了我們所討論的業務的多元化。當然，在 Fabrizio 看來，北美的表現也代表了這一點。

Thank you. And with that, that will conclude today's question-and-answer session. If you were unable to join for the entire call, a playback will be available at 1 p.m. Eastern today through November 16. To hear a recording of the call, please dial (855) 859-2056 and enter passcode 6086324.

謝謝你。至此，今天的問答環節就到此結束。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 11 月 16 日。要收聽通話錄音，請撥打 (855) 859-2056 並輸入密碼 6086324。

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

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。