雅詩蘭黛 (EL) 2021 Q4 法說會逐字稿

Good day, everyone, and welcome to the The Estée Lauder Companies Fiscal 2021 Fourth Quarter and Full Year Conference Call. Today's call is being recorded and webcast.

大家好，歡迎參加雅詩蘭黛公司 2021 財年第四季度和全年電話會議。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.

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

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不變貨幣計算，所有有機結果均不包括收購、資產剝離、品牌關閉和貨幣換算的影響。

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. It also includes estimated sales of our products through Retailer's 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。它還包括我們產品通過零售商網站的估計銷售額。 （操作員說明）

And now I'll turn the call over to Fabrizio.

現在我將把電話轉給 Fabrizio。

Thank you, Rainey, and hello, everyone. I hope you and your families are in good health, and our hearts continue to be with those impacted by COVID-19.

謝謝你，雷尼，大家好。我希望您和您的家人身體健康，我們的心繼續與受 COVID-19 影響的人們同在。

We delivered outstanding performance amid the pandemic in fiscal year 2021, capped with an exceptional fourth quarter and powered by our dynamic multiple engines of growth strategy as well as the timeless desirability of prestige beauty. In a year of pain and sorrow, our employees cared for each other, their families and our company with compassion, creativity and [resolve]. While the challenges of COVID-19 persist, we confidently begin fiscal year 2022 as a stronger company, full of aspiration for the opportunities of tomorrow.

我們在 2021 財年的大流行中取得了出色的表現，以出色的第四季度為上限，並由我們動態的多引擎增長戰略以及對聲望美的永恆需求提供動力。在痛苦和悲傷的一年中，我們的員工以同情心、創造力和[決心]關愛彼此、家人和公司。儘管 COVID-19 的挑戰依然存在，但我們充滿信心地開始 2022 財年，成為一家更強大的公司，對明天的機遇充滿渴望。

For fiscal year 2021, sales rose 11% as we pivoted our energy resources to the growth engines of skin care, fragrance, Asia/Pacific, travel retail in Asia/Pacific and global online. Impressively, 8 brands grew double digits, led by Estée Lauder, La Mer and Jo Malone London. Multiple waves and variants of COVID-19 to the extent the center reach were unexpected a year ago drove volatility and variability throughout the year.

在 2021 財年，隨著我們將能源資源轉向護膚、香水、亞太地區、亞太地區旅遊零售和全球在線的增長引擎，銷售額增長了 11%。令人印象深刻的是，雅詩蘭黛、La Mer 和 Jo Malone London 領銜的 8 個品牌實現了兩位數增長。一年前，COVID-19 的多次波和變種在中心範圍內是出乎意料的，這推動了全年的波動和多變性。

We saw reopenings revert to closing, and reopenings in one market meant with renewed lockdowns in other markets. Despite this, we delivered on the goal we set last August for sales growth to improve sequentially each quarter.

我們看到重新開放恢復到關閉狀態，一個市場的重新開放意味著其他市場的重新鎖定。儘管如此，我們還是實現了去年 8 月設定的銷售增長目標，即每個季度都有所提高。

Our sales exceeded $16 billion for the first time ever, up 9% from fiscal year 2019 on a reported basis, fueled by skin care and fragrance. Adjusted operating margin expanded to 18.9%, which is 140 basis points above fiscal year 2019 as we invested in today's strongest growth engines, managed cost with discipline and funded long-term growth opportunities.

在護膚品和香水的推動下，我們的銷售額有史以來首次超過 160 億美元，比 2019 財年增長 9%。調整後的營業利潤率擴大到 18.9%，比 2019 財年高出 140 個基點，因為我們投資了當今最強勁的增長引擎，有紀律地管理成本並為長期增長機會提供資金。

Adjusted diluted earnings per share rose 21% relative to 2 years ago. We delivered these excellent results while pushing our social impact and sustainability goals and commitment.

與兩年前相比，調整後的稀釋後每股收益增長了 21%。我們在推動我們的社會影響和可持續發展目標和承諾的同時取得了這些出色的成果。

First and foremost, we remain focused on employee and consumer safety and well-being. We achieved important milestones for our 2025 sustainability goals, expanded our inclusion, diversity and equity programs, defined a strategy for women's advancement and gender equality and advanced work toward our racial equity commitments.

首先，我們仍然專注於員工和消費者的安全和福祉。我們實現了 2025 年可持續發展目標的重要里程碑，擴大了我們的包容性、多樣性和公平計劃，制定了提高婦女地位和性別平等的戰略，並推進了我們對種族平等承諾的工作。

Here are a few among the many areas of our progress. We achieved net 0 carbon emissions and 100% renewable electricity globally for our own operations. We also set science-based emissions reduction target, addressing Scope 1 and 2 for our direct operation and certain elements of Scope 3 for our value chain, signaling our new level of ambition for climate actions.

以下是我們進步的眾多領域中的一些。我們在全球範圍內為我們自己的運營實現了零碳排放和 100% 可再生電力。我們還設定了基於科學的減排目標，為我們的直接運營解決了範圍 1 和 2，為我們的價值鏈制定了範圍 3 的某些要素，表明我們在氣候行動方面的雄心達到了新的水平。

We launched ingredient glossaries for 7 additional brands, such that 11 brands now offer this insightful content. We transformed our traditional inclusion, diversity and equity week into a blockbuster virtual experience, with 35 events involving thousands of participants from 25 countries. We also introduced new educational offerings, including 4 antiracism and inclusive leadership. We expanded our [growth road-led] employee resource groups, which served as a source of support and comfort throughout the tumult of last year.

我們為另外 7 個品牌推出了成分詞彙表，現在有 11 個品牌提供了這種富有洞察力的內容。我們將傳統的包容、多元化和公平周轉變為轟動一時的虛擬體驗，有來自 25 個國家/地區的數千名參與者參加了 35 場活動。我們還推出了新的教育產品，包括 4 反種族主義和包容性領導。我們擴大了我們的 [以成長之路為主導的] 員工資源組，這在去年的動盪中成為了支持和安慰的來源。

The women leadership network is our largest group and is now global, with its expansion into Latin America and Asia/Pacific. We created 2 new leadership programs for women and black employees. The open door women's leadership program is a unique intensive course to develop our next generation of women leaders. Building on its success, we designed the Opening Doors collection, a self-guided program to bring these leadership skills to all our employees around the world.

女性領導力網絡是我們最大的團體，現在已經遍及全球，並擴展到拉丁美洲和亞太地區。我們為女性和黑人員工創建了 2 個新的領導力計劃。開放女性領導力課程是培養下一代女性領導者的獨特強化課程。在其成功的基礎上，我們設計了Opening Doors 系列，這是一個自我指導的計劃，旨在將這些領導技能帶給我們世界各地的所有員工。

[The form] every chair leadership and development program is successfully held to ensure that black employees have equitable access to leadership trainings, mentorships, career development and advancement opportunity as well as to build a stronger, more inclusive network of talent across the organization by promoting visibility and facilitating leadership connections points with participants.

[形式] 成功舉辦每一位主席領導力和發展計劃，以確保黑人員工能夠公平地獲得領導力培訓、指導、職業發展和晉昇機會，並通過促進在整個組織內建立更強大、更具包容性的人才網絡可見性並促進與參與者的領導聯繫點。

Our new partnership with Howard University focused on its alumina-hosted 12 engaging events and launched an accelerator program to help increase the pipeline for black talent with career, coaching, professional training and self-empowering networking.

我們與霍華德大學的新合作夥伴關係專注於其由氧化鋁主辦的 12 場引人入勝的活動，並啟動了一項加速器計劃，以通過職業、教練、專業培訓和自我授權的網絡來幫助增加黑人人才的管道。

Let me now turn to product innovation, which serve as an impactful catalyst for growth in fiscal year 2021. Innovation represented over 30% of sales, exceeding our expectations. We combine data analytics with our creative talent and R&D to successfully anticipate scale and set trends across categories. The Estée Lauder brand achieved its fourth consecutive year of double-digit sales growth in fiscal year 2021, fueled by strength across its many hero franchises in skin care. Trusted products, along with innovation, were highly sold from Shanghai to New York, Paris and now Sao Paulo, given the brand's well-received launch in Brazil.

現在讓我談談產品創新，它是 2021 財年增長的有效催化劑。創新佔銷售額的 30% 以上，超出了我們的預期。我們將數據分析與我們的創意人才和研發相結合，成功預測規模並設定跨類別的趨勢。雅詩蘭黛品牌在 2021 財年實現了連續第四年兩位數的銷售額增長，這得益於其在護膚領域的眾多英雄特許經營權。鑑於該品牌在巴西的推出廣受好評，值得信賴的產品以及創新產品從上海到紐約、巴黎和現在的聖保羅都大受歡迎。

Advanced Night Repair newly reformulated serum sparked excellent sales growth. Revitalizing Supreme's new Supreme+ Bright Moisturizer, further bolstered the accelerating franchise, while Re-Nutriv new eye serum served and created a halo effect on demand.

Advanced Night Repair 新配方的精華液引發了出色的銷售增長。振興 Supreme 的新 Supreme+ Bright Moisturizer 進一步支持了加速發展的專營權，而 Re-Nutriv 新的眼部精華液服務並創造了對需求的光環效應。

In makeup, the brand's double wear Futurist and pure Pure Color franchises produced significant double-digit sales growth in the fourth quarter and exciting early signs of makeup renaissance. La Mer delivered outstanding double-digit sales growth in the fiscal year as innovation soared and engaging campaigns with iconic ingredient-based narratives drove demand for its hero products.

在彩妝方面，該品牌的雙穿未來派和純純色特許經營權在第四季度實現了兩位數的顯著銷售增長和令人興奮的彩妝復興的早期跡象。 La Mer 在本財年實現了出色的兩位數銷售增長，因為創新飆升和以標誌性成分為基礎的宣傳活動推動了對其英雄產品的需求。

The new Genaissance de la Mer Concentrated Night Balm proved highly sought-after and expanded the brand's ultra-luxury franchise as it both welcomed new consumers and captivated loyal consumers globally.

新的 Genaissance de la Mer 濃縮晚霜備受追捧，並擴大了該品牌的超豪華系列，因為它既歡迎新消費者，又吸引了全球忠實消費者。

Clinique skin care excelled in fiscal year 2021. Sales rose double digits and powered the brands to high single-digit sales growth. The brand successfully met consumer needs through the launch of Moisture Surge 100 Hour with its unique hydration benefits and target solution for hard-to-solve skin care problem like Even Better Clinical Interrupter. Clinique showcased its promise for makeup renaissance with stellar double-digit category growth in the fourth quarter with the new Even Better Clinical serum foundation and Even Better concealer capitalizing on its skin care authority.

倩碧護膚品在 2021 財年表現出色。銷售額增長兩位數，推動品牌實現高個位數銷售額增長。該品牌通過推出 Moisture Surge 100 Hour 成功滿足了消費者的需求，其獨特的保濕功效和針對難以解決的皮膚護理問題的目標解決方案，如 Even Better Clinical Interrupter。倩碧憑藉其護膚權威推出了全新的 Even Better Clinical 血清粉底和 Even Better 遮瑕膏，在第四季度以兩位數的驚人增長展示了其對彩妝復興的承諾。

All told, our robust skin care portfolio from entry prestige to luxury and across subcategories is fulfilling the (inaudible) needs around the world. Dr. Jart+ with its (inaudible) derma brand positioning and hero products delivered strong double-digit organic sales growth in the second half of fiscal year 2021. In May, we amplified the strength of our skin care portfolio as we became a majority owner of DECIEM with its coveted ingredient-based brand, The Ordinary, and emerging science-driven NIOD brand as part of its portfolio.

總而言之，我們強大的護膚產品組合從入門級到奢華級以及各個子類別都滿足了世界各地的（聽不清）需求。 Dr. Jart+ 憑藉其（聽不清）derma 品牌定位和主打產品在 2021 財年下半年實現了強勁的兩位數有機銷售增長。5 月，我們成為護膚品的大股東，增強了護膚產品組合的實力。 DECIEM 以其令人垂涎的基於成分的品牌 The Ordinary 和新興的科學驅動的 NIOD 品牌作為其產品組合的一部分。

Complementing skin care strength, fragrance delivered striking sequential sales growth acceleration throughout the year. Each of our luxury and artisanal fragrance brand contributed meaningfully from Jo Malone London to Tom Ford Beauty, Le Labo, Kilian Paris and Frédéric Malle in both established fragrance markets of the West and emerging fragrance market of the East. Tom Ford Beauty's private blend franchise is both recruiting new consumers and driving strong repeat in markets newly embracing the category, with the brand's [drag] and sales more than doubling in Mainland China during the year.

作為護膚實力的補充，香水全年實現了驚人的連續銷售增長。從 Jo Malone London 到 Tom Ford Beauty、Le Labo、Kilian Paris 和 Frédéric Malle，我們的每個奢華和手工香水品牌在西方成熟的香水市場和東方新興的香水市場都做出了有意義的貢獻。 Tom Ford Beauty 的私人混合特許經營權既吸引了新的消費者，又在新擁抱該類別的市場上推動了強勁的重複，該品牌的 [阻力] 和銷售額在年內翻了一番以上。

The Asia/Pacific region was another dynamic growth engine in fiscal year 2021 as annual sales growth accelerated from 18% to 22% led by Mainland China where sales rose strong double digits. Korea grew organically. Several smaller markets also contributed to Asia/Pacific's strengths. The region, however, experienced increasing pressure from the pandemic as the year evolves with Japan and many markets in Southeast Asia, particularly impacted from renewed lockdowns in the second half. Mainland China prospered as we invested in its vibrancy of today, an opportunity of tomorrow. We entered more cities, reaching 145, expanded our presence in specialty-multi, opened the freestanding doors and increased our advertising spending.

亞太地區是 2021 財年另一個充滿活力的增長引擎，在中國大陸的帶動下，年銷售額增長從 18% 加速至 22%，銷售額強勁增長兩位數。韓國有機增長。幾個較小的市場也為亞太地區的優勢做出了貢獻。然而，隨著日本和東南亞許多市場的發展，該地區面臨越來越大的大流行壓力，尤其是受到下半年重新封鎖的影響。中國大陸繁榮發展，我們投資於今天的活力，明天的機遇。我們進入了更多的城市，達到 145 個，擴大了我們在專業多元化領域的影響力，打開了獨立的大門並增加了我們的廣告支出。

Skin care and fragrance sales grew strong double digit for the fiscal year. We are encouraged that the makeup accelerated to double-digit sales growth in the second half.

本財年護膚品和香水銷售額實現兩位數的強勁增長。我們感到鼓舞的是，化妝品在下半年加速實現了兩位數的銷售增長。

Our brands delivered excellent results for the key events of Tmall's 11.11 Global Shopping Festival and 6.18 Mid-year Shopping Festival as engaging live streaming generated product discovery for many new consumers. For the recent 6.18 among Tmall beauty flagship stores, the Estée Lauder brand ranked #1 in total beauty, while La Mer ranked first in luxury beauty and Jo Malone London led the fragrance category. To further capture the market (inaudible) online growth opportunity, we are continuing to invest in Tmall and brand.com to expand our capabilities. Most recently, some brands increased coverage of a different demographic by launching on JD in July.

我們的品牌在天貓 11.11 全球購物節和 6.18 年中購物節的主要活動中取得了出色的成績，因為參與的直播為許多新消費者帶來了產品發現。在最近的6.18天貓美妝旗艦店中，雅詩蘭黛品牌在總美妝品類中排名第一，而La Mer在奢華美妝品類中排名第一，而Jo Malone London則在香水類中名列前茅。為了進一步抓住市場（聽不清）在線增長機會，我們將繼續投資天貓和brand.com，以擴大我們的能力。最近，一些品牌於 7 月在京東推出，擴大了對不同人群的覆蓋範圍。

With international travel largely curtailed, we expanded our investment in the dynamic travel retail development of Hainan [island] to serve the Chinese consumers in the best possible way given the island tremendous traffic growth and higher duty free purchase limits. Our brands further elevated the in-store and prepaid shopping experiences, delivered ideal merchandising and leveraged live streaming to drive strong sales growth.

在國際旅遊大幅縮減的情況下，我們擴大了對海南（島）充滿活力的旅遊零售發展的投資，以在該島巨大的客流量增長和更高的免稅購買限額的情況下以最好的方式服務於中國消費者。我們的品牌進一步提升了店內和預付費購物體驗，提供理想的商品銷售，並利用直播推動強勁的銷售增長。

Looking at channels. Online strive globally in fiscal year 2021, characterized by strong double-digit sales gain and step change in its power as a growth engine. We accelerated our consumer-facing digital infrastructure and fulfillment investments. The challenge is now more than twice as big as it was 2 years ago and greatly benefit from its diversification as each of brand.com third-party platforms, retail.com and pure-play retailers delivered outstanding performance.

看著頻道。在線在 2021 財年在全球範圍內爭取，其特點是強勁的兩位數銷售增長和其作為增長引擎的力量的階梯式變化。我們加快了面向消費者的數字基礎設施和履行投資。現在的挑戰是兩年前的兩倍多，並從其多元化中受益匪淺，因為brand.com 第三方平台、retail.com 和純零售商都表現出色。

During the year, brand.com came to epitomize the allure of a luxury flagship store for each brands, localized by market and reimagined with our classic high-touch services. We expanded virtual trainer, live streaming, omnichannel capabilities and consultations with our expert beauty advisers. Consumers at all ages explored, replenished and engaged in an immersive environment of entertainment and community. Our brands increasingly leveraged the exciting trends in social commerce by integrating with Instagram, WeChat, Snapchat and others. Estée Lauder launched on TikTok with the Night Done Right hashtag, driving nearly 12 billion views and the creation of almost 2 million videos. It challenge (inaudible) diverse creators to educate a younger audience on how important is to take care of your skin at night, showcasing Advanced Night Repair.

在這一年裡，brand.com 成為每個品牌奢侈品旗艦店魅力的縮影，根據市場進行本地化，並通過我們經典的高接觸服務重新構想。我們擴展了虛擬教練、直播、全渠道功能以及與我們的專業美容顧問的諮詢。各個年齡段的消費者都在沉浸式的娛樂和社區環境中探索、補充和參與。我們的品牌通過與 Instagram、微信、Snapchat 等整合，越來越多地利用社交商務中令人興奮的趨勢。雅詩蘭黛在 TikTok 上推出了 Night Done Right 主題標籤，獲得了近 120 億次觀看和近 200 萬個視頻。它挑戰（聽不清）多元化的創作者，讓年輕觀眾了解夜間護理皮膚的重要性，展示高級夜間修復。

Clinique zit happens campaigns on TikTok became a viral sensation, highlighting the brand acne solution, [exposing] the creation of nearly 700,000 videos on the app. Together, these and other strategic actions delivered exceptional results for brand.com as new consumers, conversion, basket size, repeat and loyalty members grew considerably. Beyond the favorable growth rates, the direct relationship we fostered with consumers enabled us to better optimize engagement in-store and online, offering exciting future growth opportunities.

倩碧青春痘發生在 TikTok 上的活動引起了病毒式的轟動，突出了品牌痤瘡解決方案，[暴露]了在應用程序上創建的近 700,000 個視頻。隨著新消費者、轉化率、購物籃規模、回頭客和忠誠度成員的顯著增長，這些和其他戰略行動共同為brand.com 帶來了非凡的成果。除了有利的增長率之外，我們與消費者建立的直接關係使我們能夠更好地優化店內和在線參與，提供令人興奮的未來增長機會。

We are investing across all channels of online, collaborating with traditional and pure-play retailers on initiatives to actualize prestige beauty online potential. We spoke on the last call about having expanded our presence with pure-play retailers, which continued into the fourth quarter, most especially in EMEA. And as I discussed a few minutes ago, we are expanding our consumer coverage in Mainland China.

我們正在對所有在線渠道進行投資，與傳統和純粹的零售商合作，以實現聲望美妝在線潛力。我們在上次電話會議上談到了擴大我們與純零售商的合作，這種情況一直持續到第四季度，尤其是在歐洲、中東和非洲地區。正如我幾分鐘前所討論的，我們正在擴大我們在中國大陸的消費者覆蓋範圍。

For fiscal year 2022, we expect these growth engines of skin care, fragrance, Asia/Pacific, travel retail Asia/Pacific and global online to continue to try, owing to our strong repeat purchase rates, sophisticated data analytics, drive consumer acquisitions and retention, high-touch online services and robust innovation pipeline.

對於 2022 財年，我們預計護膚品、香水、亞太地區、亞太地區旅遊零售和全球在線的這些增長引擎將繼續嘗試，因為我們強大的重複購買率、複雜的數據分析、推動消費者收購和保留、高接觸的在線服務和強大的創新渠道。

Three compelling skin care innovation recently launched: Estée Lauder new Advanced Night Repair Eye Matrix is focused on lines in every eye zone, while La Mer The Hydrating Infused Emulsion is designed to replenish, strengthen and stabilize skin with healing moisture and has already proven to attract new consumers. Clinique Smart Clinical Repair Wrinkle Correcting Serum is designed to visibly reduce stubborn lines.

最近推出了三款引人注目的護膚創新產品：雅詩蘭黛全新 Advanced Night Repair Eye Matrix 專注於每個眼部區域的細紋，而 La Mer 保濕乳液旨在補充、強化和穩定肌膚，具有癒合水分，並已被證明能吸引新消費者。 Clinique Smart Clinical Repair Wrinkle Correcting Serum 旨在顯著減少頑固細紋。

Our Shanghai innovation center is expected to open in the second half of this fiscal year, enriching our capability in product design, formulation, consumer insight and trend analytics for Chinese and Asian consumers. Also with the new center, our East to West innovation will benefit, enabling us to create more successes like Estée Lauder Futurist Hydra or Supreme+ Bright and La Mer, The Treatment Lotion.

我們的上海創新中心預計將於本財年下半年開業，豐富我們為中國和亞洲消費者提供的產品設計、配方、消費者洞察和趨勢分析能力。此外，借助新中心，我們的東西方創新將受益，使我們能夠創造更多成功，例如 Estée Lauder Futurist Hydra 或 Supreme+ Bright 和 La Mer，The Treatment Lotion。

As the world emerge from the pandemic, we will be the best diversified pure-play in prestige beauty as more engines of growth contribute across categories, geographies and channels.

隨著世界擺脫大流行病，隨著更多的增長引擎跨類別、地域和渠道做出貢獻，我們將成為聲望美的最佳多元化純遊戲者。

Makeup and hair care are poised to gradually reignite as growth engines as our developed markets in the West and brick-and-mortar retail. Growth in emerging markets is expected to resume over time as vaccination rates increase. We anticipate the momentum in makeup will build around the world driven by local reopening and increase in socially professional user education, just as we saw in the fourth quarter. Indeed, makeup started to improve to the end of fiscal year 2021 driven by our hero subcategories of foundation and mascara. Newness in the category was highly sold, evidenced by the success of MAC Magic Extension mascara, Too Faced lip plumper, Smashbox Halo tinted moisturizer and Bobbi Brown Sheer pressed powder. Contributing to makeup emerging renaissance, MAC launched MAC The Moment, a campaign linking its makeup products and artists inspire trends to key experiences such as dead night parties, weddings and back-to-school shopping.

化妝品和護髮產品將逐漸重新成為我們在西方發達市場和實體零售市場的增長引擎。隨著疫苗接種率的提高，新興市場的增長預計將隨著時間的推移而恢復。正如我們在第四季度看到的那樣，我們預計，在當地重新開放和社會專業用戶教育增加的推動下，化妝的勢頭將在全球範圍內建立。事實上，在我們的英雄子類別粉底和睫毛膏的推動下，到 2021 財年末，化妝品開始改善。 MAC Magic Extension 睫毛膏、Too Faced 豐唇液、Smashbox Halo 有色潤膚霜和 Bobbi Brown Sheer 粉餅的成功證明了這一類別的新品大賣。 MAC 為新興的彩妝復興做出了貢獻，推出了 MAC The Moment，這是一項將其彩妝產品和藝術家聯繫起來的活動，旨在激發潮流，打造關鍵體驗，例如夜間派對、婚禮和返校購物。

Too Faced expanded into browse in July with a collection that includes an innovative brow gel that add color and texture. Similar to makeup, hair care is set to benefit from the rise of socially professional user education as well as salon reopenings. Aveda, which is now 100% vegan, and Bumble and bumble enter fiscal year 2022 with momentum, owing to desirable innovation and rich consumer engagement from strong online performance globally over the past year.

Too Faced 在 7 月推出了一系列產品，其中包括一種創新的眉膠，可增加顏色和質地。與化妝類似，護髮將受益於社會專業用戶教育的興起以及沙龍的重新開業。現在是 100% 素食主義者的 Aveda 和 Bumble 和 Bumble 以勢頭進入 2022 財年，這得益於過去一年全球強勁的在線表現帶來的理想創新和豐富的消費者參與度。

As makeup and hair care reunite, we expect our engines of growth will gradually diversify by geography and channel, initially driven by developed markets in the West and, over time, by emerging markets.

隨著彩妝和護髮產品的重新結合，我們預計我們的增長引擎將逐漸因地域和渠道而多樣化，最初由西方發達市場推動，隨著時間的推移，由新興市場推動。

In the United States, the fourth quarter, we aligned innovation, advertised spending and in-store activations as consumers returned to stores eager to explore beauty and experience high-touch services. Across brick-and-mortar from regional and national department stores to specialty-multi and freestanding stores, our business in the United States prospered, most especially in makeup and fragrance, and exceeded our expectations.

在美國，第四季度，我們調整了創新、廣告支出和店內激活，因為消費者返回商店渴望探索美容和體驗高接觸服務。從地區和國家百貨公司到專賣店和獨立商店，我們在美國的業務蓬勃發展，尤其是在化妝品和香水領域，超出了我們的預期。

As we start our new fiscal year, Bobbi Brown recently debuted in Ulta Beauty. Several of our brands launched online and in-store with Sephora at Kohl's and Ulta Beauty at Target.

當我們開始新的財政年度時，Bobbi Brown 最近在 Ulta Beauty 首次亮相。我們的幾個品牌在 Kohl's 的 Sephora 和 Target 的 Ulta Beauty 在線和店內推出。

In closing, we leveraged the power of our multiple engines of growth strategy to elevate the company to new heights in fiscal year 2021. We did this while living our values with the health and well-being of our employees as primary focused and making important progress on our social impact commitment and sustainability goals.

最後，我們利用多重增長戰略引擎的力量，在 2021 財年將公司提升到新的高度。我們在踐行我們的價值觀的同時，將員工的健康和福祉作為首要關注點，並取得了重要進展關於我們的社會影響承諾和可持續發展目標。

Our success and agility in operating amid the challenges of the past year give us confidence for fiscal year 2022 as we expect volatility and variability from the pandemic to persist for some time to come.

在過去一年的挑戰中，我們在運營方面的成功和敏捷性使我們對 2022 財年充滿信心，因為我們預計大流行帶來的波動性和可變性將持續一段時間。

This year, we are celebrating our 75th anniversary as a company and beginning our next 75 years incredibly inspired by the opportunities of tomorrow as the leading global house of prestige beauty with the most talented employees to whom I extend my deepest gratitude.

今年，我們將慶祝公司成立 75 週年，並開始我們的下一個 75 年，這令人難以置信地受到明天的機遇的啟發，成為全球領先的知名美容公司，擁有最有才華的員工，我向他們表示最深切的感謝。

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. I concur with Fabrizio in thanking our incredible team who have demonstrated great resilience during the pandemic. Navigating through the highly uneven recovery this past year has certainly required greater agility and flexibility, and our teams across the globe rose to the occasion, delivering superb results for the fiscal year while also establishing a stronger foundation for future growth and profitability.

謝謝你，法布里齊奧，大家好。我同意法布里齊奧的觀點，感謝我們不可思議的團隊，他們在大流行期間表現出極大的韌性。在過去一年的高度不平衡的複蘇中駕馭無疑需要更大的敏捷性和靈活性，我們在全球的團隊應運而生，在本財年取得了出色的業績，同時也為未來的增長和盈利能力奠定了更堅實的基礎。

We delivered exceptional net sales growth of 56% in our fourth quarter as we anniversary pandemic-related store closures in the prior year period. The inclusion of 6 weeks of sales from DECIEM added approximately 3 points to growth in the quarter. Our performance also exceeded the prepandemic levels of the fiscal 2019 fourth quarter by 9% driven by significant sales increases in Mainland China, the skin care and fragrance categories, global online and travel retail in Asia. All 3 regions grew and all product categories within each region grew during the quarter.

我們在第四季度實現了 56% 的非凡淨銷售額增長，因為我們在去年同期因大流行相關的商店關閉週年紀念。包括 DECIEM 的 6 週銷售額在內，為該季度的增長增加了大約 3 個百分點。在中國大陸、護膚品和香水類別、全球在線和亞洲旅遊零售的顯著增長推動下，我們的業績也比 2019 財年第四季度的疫情前水平高出 9%。本季度所有 3 個地區均增長，每個地區的所有產品類別均增長。

Net sales in the Americas region rose 86% against the prior year period with almost no brick-and-mortar retail open. Throughout the quarter, consumer confidence in the U.S. grew as COVID restrictions abated and people resume shopping in stores again. Our brands responded with strong programs supporting recovery, new product launches and animating key brand shopping events like Mother's Day. Sales in the region remain below fiscal '19 levels for the quarter, reflecting in part the loss of over 900 retail locations that represented nearly $170 million in annual sales.

美洲地區的淨銷售額與去年同期相比增長了 86%，幾乎沒有實體零售店開業。在整個季度中，隨著 COVID 限制的減弱和人們再次在商店購物，消費者對美國的信心有所增強。我們的品牌以強有力的計劃回應，支持復甦、新產品發布和活躍的關鍵品牌購物活動，如母親節。本季度該地區的銷售額仍低於 19 財年的水平，部分反映了 900 多個零售點的損失，這些零售點的年銷售額接近 1.7 億美元。

Additionally, makeup has historically been the largest category in the region, and the category has yet to fully recoup sales lost during the pandemic. Nevertheless, we are encouraged by the sequential acceleration in North American sales, which has been better than we expected.

此外，化妝品歷來是該地區最大的類別，該類別尚未完全彌補在大流行期間損失的銷售額。儘管如此，我們對北美銷售的連續加速感到鼓舞，這比我們預期的要好。

Net sales in our Europe, the Middle East and Africa region increased 65%, with all markets contributing to growth as COVID restrictions eased throughout the quarter.

我們在歐洲、中東和非洲地區的淨銷售額增長了 65%，隨著整個季度 COVID 限制的放鬆，所有市場都為增長做出了貢獻。

Global travel retail, which is primarily reported in this region, continued to suffer from a significant drop in international passenger traffic but grew strong double digits in the quarter as comparisons eased and local tourism in China, especially to Hainan, remained robust. Across developed markets in the region, store traffic has begun to pick up, and retailers have become more comfortable with restocking. Emerging markets in the region saw strong retail in the quarter driven by locally relevant holiday activation, retailer events and online performance. Sales in the region were slightly above fiscal '19 levels for the quarter, primarily due to the resilience of travel retail.

主要在該地區報告的全球旅遊零售繼續受到國際客運量大幅下降的影響，但在本季度增長強勁的兩位數，原因是比較緩和以及中國本地旅遊業，尤其是海南旅遊業保持強勁。在該地區的發達市場，商店客流量開始回升，零售商對補貨變得更加自在。受當地相關節日活動、零售商活動和在線表現的推動，該地區的新興市場在本季度實現了強勁的零售。該地區的銷售額略高於本季度 19 財年的水平，這主要是由於旅遊零售的彈性。

Net sales in the Asia/Pacific region rose 30%. Virtually every country contributed to growth, although the pace of improvement varies widely among the markets, and the resurgence of COVID has slowed a full recovery. Sales of our products online continued to rise strong double digits in the region driven by the successful 6.18 Shopping Festival Campaign in China and including the continued strength of social e-commerce. Mainland China continued to experience robust double-digit growth with broad-based improvement across product categories, brands and channels. Other markets in the region, including Korea, Hong Kong and Japan, grew exceptionally against prior year brick-and-mortar lockdown. Sales in the region were 50% above 2019 levels, largely reflecting China's rapid emergence from the pandemic last year.

亞太地區的淨銷售額增長了 30%。幾乎每個國家都為經濟增長做出了貢獻，儘管不同市場的改善速度差異很大，而且 COVID 的複蘇減緩了全面復甦。在中國成功的 6.18 購物節活動的推動下，包括社交電子商務的持續強勢，我們的產品在線銷售額在該地區繼續以兩位數的強勁增長。中國大陸繼續實現強勁的兩位數增長，產品類別、品牌和渠道的廣泛改善。該地區的其他市場，包括韓國、香港和日本，與去年的實體店封鎖相比增長異常。該地區的銷售額比 2019 年的水平高出 50%，這在很大程度上反映了中國去年從大流行中迅速崛起。

Net sales in all product categories grew sharply this quarter. And skin care, fragrance and hair care drove higher sales in fiscal 2019.

本季度所有產品類別的淨銷售額均大幅增長。護膚、香水和護髮產品在 2019 財年推動了更高的銷售額。

Fragrance led growth with net sales rising 150% versus prior year. Luxury fragrances resonated with consumers looking for self-care and indulgence and among Chinese consumers increasingly attracted to the category. Home, Bath & Body products have also gained traction during the pandemic and help to attract new consumers. Jo Malone London saw recovery to prepandemic levels in brick-and-mortar. And the brand's blossom and brit collections were popular in Asia. Standouts from Tom Ford Beauty include the recent launch of Tubéreuse Nue and the continued strength of Bitter Peach and Rose Prick.

香水引領增長，淨銷售額比上年增長 150%。奢華香水引起了尋求自我保健和放縱的消費者的共鳴，而中國消費者對該品類的吸引力也越來越大。在大流行期間，家居、沐浴和身體產品也受到了關注，並有助於吸引新的消費者。 Jo Malone London 的實體店已恢復到大流行前的水平。該品牌的繁花和英倫系列在亞洲很受歡迎。 Tom Ford Beauty 的佼佼者包括最近推出的 Tubéreuse Nue 以及 Bitter Peach 和 Rose Prick 的持續強勢。

Net sales in makeup jumped 70% against the prior year that reflected the greatest beauty category impact of COVID-19, particularly in Western markets where makeup is the largest category. The makeup category in prestige beauty has proven to be especially sensitive to brick-and-mortar recovery due to the use of testers and in-store services by consumers. Estée Lauder saw strong growth of Futurist and double wear foundations in Asia, and MAC liquid lip color and eye products, especially mascara, outperformed.

化妝品的淨銷售額比去年增長了 70%，這反映了 COVID-19 對美容品類的最大影響，尤其是在化妝品是最大類別的西方市場。由於消費者使用測試儀和店內服務，高級美容中的彩妝類別已被證明對實體店恢復特別敏感。雅詩蘭黛在亞洲看到未來主義和雙重粉底的強勁增長，MAC 液體唇彩和眼部產品，尤其是睫毛膏，表現優於大盤。

Hair care net sales grew 52% as salons and stores reopened. The launch of the Aveda's blonde revival shampoo and conditioner also contributed to category growth, adding to other strong innovation programs over the past several months from Aveda.

隨著沙龍和商店的重新開業，護髮產品的淨銷售額增長了 52%。 Aveda 的金發復興洗髮水和護髮素的推出也促進了類別的增長，增加了過去幾個月 Aveda 的其他強大創新計劃。

Net sales in skin care continued to thrive. They rose 42% in the quarter driven by strong increases from the La Mer, Estée Lauder, Clinique and Dr. Jart+ brands, particularly in Asia. Skin care sales growth also benefited from the addition of DECIEM in the quarter by approximately 4 percentage points.

護膚品的淨銷售額繼續增長。在 La Mer、Estée Lauder、Clinique 和 Dr. Jart+ 品牌的強勁增長推動下，該季度銷售額增長了 42%，尤其是在亞洲。護膚品銷售增長也受益於本季度新增 DECIEM 約 4 個百分點。

Our gross margin improved 650 basis points compared to the fourth quarter last year. This favorability reflected significant improvements in obsolescence and manufacturing efficiencies compared to the prior year impact of COVID-19 on our sales and on our manufacturing locations.

與去年第四季度相比，我們的毛利率提高了 650 個基點。與上一年 COVID-19 對我們的銷售和製造地點的影響相比，這種有利反映了淘汰和製造效率的顯著提高。

Operating expenses rose 36% driven by the planned increase in advertising and selling costs to support the reopening of retail and the recovery. Additionally, we sharply curtailed spending last year in response to the onset of the pandemic, and some of these costs were reinstated, primarily compensation.

由於計劃增加廣告和銷售成本以支持零售業的重新開放和復蘇，運營費用增長了 36%。此外，為了應對大流行的爆發，我們去年大幅削減了支出，其中一些成本得到了恢復，主要是補償。

We delivered operating income of $385 million for the quarter compared to a $228 million operating loss in the prior year quarter. Diluted earnings per share of $0.78 included $0.02 of favorable currency translation and $0.02 dilution from the acquisition of DECIEM. Our full year results reflect the benefits of our strategic focus as we leaned into current growth drivers and invested behind future areas of growth while effectively managing both costs and cash.

我們本季度的營業收入為 3.85 億美元，而去年同期的營業虧損為 2.28 億美元。每股 0.78 美元的攤薄收益包括 0.02 美元的有利貨幣換算和收購 DECIEM 的 0.02 美元攤薄。我們的全年業績反映了我們戰略重點的好處，因為我們傾向於當前的增長動力並投資於未來的增長領域，同時有效地管理成本和現金。

The sequential acceleration of our business throughout the year culminated in net sales growth of 11%. The strength of Chinese consumer demand, both at home and in travel retail, the resilience of the skin care and fragrance categories and the momentum we drove in our online channels all supported our growth.

我們全年業務的連續加速最終實現了 11% 的淨銷售額增長。中國消費者在國內和旅遊零售方面的強勁需求、護膚品和香水品類的彈性以及我們在線上渠道推動的勢頭都支持了我們的增長。

Our distribution mix continued to evolve even as brick-and-mortar reopened. Sales of our products through all online channels continue to thrive as they rose 34% for the year and represented 28% of sales. Despite the continued curtailment of international travel, our business in the travel retail channel grew, ending fiscal 2021 at 29% of sales. Among brick-and-mortar retail, specialty-multi and perfumeries grew, while department stores and freestanding stores experienced the greatest impact from the ongoing pandemic and declined for the year.

即使實體店重新開業，我們的分銷組合也在繼續發展。我們通過所有在線渠道的產品銷售繼續蓬勃發展，全年增長 34%，佔銷售額的 28%。儘管國際旅遊持續縮減，但我們在旅遊零售渠道的業務增長，到 2021 財年結束時佔銷售額的 29%。在實體零售中，專賣店和香水店增長，而百貨商店和獨立商店受到持續大流行的最大影響，並且在今年有所下降。

Our gross margin rose 120 basis points to 76.4% driven by favorable pricing, lower obsolescence, increased manufacturing efficiencies and lower cost for testers and stores, and partially offset by currency due to the weakening of the U.S. dollar. Operating expenses declined 300 basis points to 57.5% of sales. Selling and store operating costs decreased as high service stores were either closed for part of the year or they reopened with reduced traffic and staffing levels. Additionally, in-store merchandising costs decreased, while advertising investments, primarily digital media, rose faster than sales to support our brands and the recovery. We achieved significant savings from our cost initiatives, including Leading Beauty Forward and the preliminary benefits from the post-COVID business acceleration program, and this gave us the flexibility to reinvest in necessary capabilities, absorb some of the inflation in media and logistics costs as well as support the reinstatement of certain compensation elements that were reduced or frozen due to the onset of the pandemic.

我們的毛利率上升 120 個基點至 76.4%，這得益於有利的定價、較低的淘汰率、提高的製造效率以及測試人員和商店的成本降低，並且由於美元疲軟而部分被貨幣抵消。營業費用下降 300 個基點至銷售額的 57.5%。銷售和商店運營成本下降，因為高服務商店要么在一年中的部分時間關閉，要么在客流量和人員配備減少的情況下重新開業。此外，店內銷售成本下降，而廣告投資（主要是數字媒體）的增長快於銷售額，以支持我們的品牌和復蘇。我們從我們的成本計劃中實現了顯著節省，包括引領美容前進和後 COVID 業務加速計劃的初步收益，這使我們能夠靈活地對必要的能力進行再投資，同時吸收媒體和物流成本的部分通脹支持恢復因疫情爆發而減少或凍結的某些補償要素。

Our full year operating margin was 18.9%, representing a 420 basis point improvement over last year and 140 basis points above fiscal 2019. This year also includes 50 basis points of dilution from the inclusion of Dr. Jart+ and DECIEM.

我們全年的營業利潤率為 18.9%，比去年提高了 420 個基點，比 2019 財年提高了 140 個基點。今年還包括因納入 Dr. Jart+ 和 DECIEM 而稀釋了 50 個基點。

Our effective tax rate for the year was 18.7%, a decrease of 450 basis points over the prior year, primarily driven by the geographic mix of earnings, which included a favorable onetime adjustment for fiscal years 2019 and 2020 related to recently issued GILTI tax regulations. Net earnings rose 57% to $2.4 billion and diluted EPS increased 57% to $6.45. Earnings per share includes $0.11 accretion from currency translation and $0.08 dilution from the acquisition of Dr. Jart+ and DECIEM.

我們今年的有效稅率為 18.7%，比上年下降 450 個基點，主要是受收入地域組合的推動，其中包括與最近發布的 GILTI 稅收法規相關的 2019 財年和 2020 財年一次性調整.淨收益增長 57% 至 24 億美元，攤薄後每股收益增長 57% 至 6.45 美元。每股收益包括貨幣換算帶來的 0.11 美元增值和收購 Dr. Jart+ 和 DECIEM 帶來的 0.08 美元稀釋。

In fiscal 2021, we recorded $148 million after-tax or $0.40 per share of impairment charges related to our Smashbox and GLAMGLOW brand as well as certain freestanding retail stores. Restructuring and other charges related primarily to the post-COVID business acceleration program were $176 million after-tax or $0.48 per share. These charges were more than offset by the onetime gain on our minority interest in DECIEM of $847 million after-tax or $2.30 per share.

在 2021 財年，我們記錄了與 Smashbox 和 GLAMGLOW 品牌以及某些獨立零售店相關的稅後 1.48 億美元或每股 0.40 美元的減值費用。主要與後 COVID 業務加速計劃相關的重組和其他費用為稅後 1.76 億美元或每股 0.48 美元。這些費用被我們在 DECIEM 的少數股權的稅後 8.47 億美元或每股 2.30 美元的一次性收益所抵消。

The Post-COVID Business Acceleration Program is progressing quickly, with projects underway across all regions. We have closed nearly 500 doors or counters, including about 50 freestanding stores under the program in fiscal 2021. We also closed approximately 100 additional freestanding stores outside of the program and upon lease expiration, primarily in North America and in Europe. We realigned our go-to-market organizations to better reflect our evolving channel mix. We are also winding down certain brands such as BECCA and RODIN. These actions are expected to continue into fiscal 2022. For the total program, we continue to expect to take charges of between $400 million and $500 million through fiscal 2022 and generate savings of $300 million to $400 million before tax by fiscal 2023, a portion of which will be reinvested.

COVID 後業務加速計劃進展迅速，所有地區的項目都在進行中。我們在 2021 財年關閉了近 500 個門或櫃檯，其中包括該計劃下的約 50 家獨立商店。我們還在該計劃之外和租約到期時關閉了大約 100 家額外的獨立商店，主要位於北美和歐洲。我們重新調整了進入市場的組織，以更好地反映我們不斷發展的渠道組合。我們也在逐步關閉某些品牌，例如 BECCA 和 RODIN。這些行動預計將持續到 2022 財年。對於整個計劃，我們繼續預計到 2022 財年將收取 4 億至 5 億美元的費用，並在 2023 財年之前節省 3 億至 4 億美元的稅前費用，其中一部分是這將被再投資。

We continue to focus on maintaining strong liquidity while also investing for future growth during the year. Cash generated from operations rose 59% to $3.6 billion, primarily reflecting the higher net earnings. We utilized $637 million for capital improvement, supporting increased capacity and other supply chain improvements, further e-commerce development and information technology. We repaid $750 million of debt outstanding from our revolving credit facility, issued $600 million of new long-term debt and retired $450 million of debt. We used $1.1 billion net of cash acquired to increase our ownership interest in DECIEM, and we returned $1.5 billion in cash to stockholders during the year via increased dividends and the reinstatement of share repurchase activity in the second half of the fiscal year.

我們繼續專注於保持強勁的流動性，同時也為年內的未來增長進行投資。運營產生的現金增長 59% 至 36 億美元，主要反映了較高的淨收益。我們將 6.37 億美元用於資本改進，支持增加產能和其他供應鏈改進，進一步發展電子商務和信息技術。我們從循環信貸工具中償還了 7.5 億美元的未償債務，發行了 6 億美元的新長期債務並償還了 4.5 億美元的債務。我們使用 11 億美元的淨現金來增加我們在 DECIEM 的所有權權益，並在本財年下半年通過增加股息和恢復股票回購活動向股東返還了 15 億美元現金。

So looking ahead to fiscal 2022, we are encouraged by the increasing vaccination rates and reopening of markets around the world. We look forward to the resumption of international travel, increasing foot traffic in brick-and-mortar retail and the development of our recent acquisitions. We are still mindful, however, that the recovery has evolved unevenly, and some markets are seeing their third or fourth waves of COVID, including increasing effects of new more contagious strains of the virus hindering a return to normal life. This has been particularly evident in the U.S. over the past several weeks. Additionally, increasing climate and geopolitical events make it difficult to predict the corresponding impact on our business.

因此，展望 2022 財年，我們對疫苗接種率的提高和全球市場的重新開放感到鼓舞。我們期待恢復國際旅行，增加實體零售的客流量以及我們最近收購的發展。然而，我們仍然注意到，復甦進展不平衡，一些市場正在經歷第三波或第四波 COVID，包括新的更具傳染性的病毒株的影響越來越大，阻礙了人們恢復正常生活。這在過去幾週在美國尤為明顯。此外，越來越多的氣候和地緣政治事件使我們難以預測對我們業務的相應影響。

Nevertheless, given the strength of our programs, we are cautiously optimistic, and therefore, providing a range of sales and EPS expectations for the fiscal year, caveated with the following underlying assumptions: progressive recovery in the makeup category as full vaccination rates increase and mask-wearing abates in Western markets during the first half of the fiscal year; beginning of the resumption of international travel in the second half of the fiscal year; the addition of new retail accounts for some of our brands should provide broader access to new consumers, notably through Sephora at Kohl's and Ulta at Target in North America and the addition of JD.com in China online; the inclusion of incremental sales from DECIEM, benefiting sales growth for the fiscal year, primarily in the Americas and EMEA regions and in the skin care category; pricing is expected to add approximately 3 points of growth, helping to offset inflation risk in freight, media, labor and commodities; increased advertising support as markets reopen and further investment behind select capabilities, including data analytics, innovation, technology and sustainability initiatives while maintaining good cost discipline elsewhere.

儘管如此，鑑於我們計劃的實力，我們持謹慎樂觀的態度，因此，在提供本財年的一系列銷售和每股收益預期時，我們對以下基本假設提出了警告：隨著全面疫苗接種率的提高和口罩的覆蓋，化妝品類別逐步復甦- 本財年上半年西方市場的穿著減少；本財年下半年開始恢復國際旅行；為我們的一些品牌增加新的零售賬戶應該會為新消費者提供更廣泛的渠道，尤其是通過 Kohl's 的絲芙蘭和北美 Target 的 Ulta 以及京東在中國在線的增加；包括來自 DECIEM 的增量銷售，有利於本財年的銷售增長，主要是在美洲和歐洲、中東和非洲地區以及護膚品類別；定價預計將增加約 3 個百分點的增長，有助於抵消貨運、媒體、勞動力和商品的通脹風險；隨著市場的重新開放以及對特定能力的進一步投資，包括數據分析、創新、技術和可持續發展計劃，增加了廣告支持，同時在其他地方保持良好的成本紀律。

We forecast increasing benefits from our post-COVID business acceleration program as it ramps up this year. Approximately $200 million of the cost we cut during the pandemic are expected to be reinstated. These primarily include hiring, travel and meeting expenses, furloughs and other leaves of absence and compensation.

我們預測，隨著今年疫情后業務加速計劃的推進，我們的收益將越來越大。我們在大流行期間削減的成本中約有 2 億美元預計將恢復。這些主要包括招聘、差旅和會議費用、休假和其他休假和補償。

In addition to these assumptions, there are a few nonoperating items you should be aware of as you adjust your models. Our full year effective tax rate is expected to return to a more normalized level of approximately 23% from 18.7% in fiscal 2021. Net interest and investment expense is expected to be around $150 million. The increase is primarily due to the comparison to last year when we recorded the benefit of our minority interest in DECIEM through May 18, 2021. At that time, we acquired a majority ownership in DECIEM, and we began to fully consolidate the entire business and deduct the portion of the income we don't own as a charge to net earnings attributable to noncontrolling interest. This charge is expected to be less than $5 million in fiscal 2022.

除了這些假設之外，在調整模型時，您還應該注意一些非操作性項目。我們的全年有效稅率預計將從 2021 財年的 18.7% 回到更正常的水平，約為 23%。淨利息和投資費用預計約為 1.5 億美元。這一增長主要是由於與去年相比，我們在 2021 年 5 月 18 日之前記錄了我們在 DECIEM 的少數股權的收益。當時，我們獲得了 DECIEM 的多數股權，我們開始全面整合整個業務和扣除我們不擁有的收入部分，作為非控制性權益的淨收益的費用。預計到 2022 財年，這筆費用將低於 500 萬美元。

Net cash flows from operating activities are forecast between $3.2 billion and $3.4 billion. Capital expenditures are planned at approximately 5% of projected sales as we develop additional manufacturing and distribution capacity, notably for the building of our new facility in Japan. We also expect to fund more robust research and development capabilities in China and North America, increase investment in technology and support new distribution and e-commerce for our brands. Our CapEx plan for the year also includes some spending deferred from last year.

來自經營活動的淨現金流預計在 32 億美元至 34 億美元之間。隨著我們開發額外的製造和分銷能力，特別是在日本建設新工廠，資本支出計劃約為預計銷售額的 5%。我們還希望為中國和北美更強大的研發能力提供資金，增加對技術的投資，並支持我們品牌的新分銷和電子商務。我們今年的資本支出計劃還包括去年推遲的一些支出。

Also, beginning in fiscal 2022, we plan to introduce the concept of organic sales growth in our earnings materials and investor presentations. Organic growth adjust reported sales growth for both currency and changes in structure such as acquisitions, divestitures and brand closures. This should help provide a more meaningful understanding of the performance of our comparable business.

此外，從 2022 財年開始，我們計劃在我們的收益材料和投資者介紹中引入有機銷售增長的概念。有機增長調整報告了貨幣和結構變化（如收購、剝離和品牌關閉）的銷售增長。這應該有助於更有意義地了解我們可比業務的表現。

Additionally, reflecting the level of volatility still in the environment, we are at this point widening our guidance ranges for the year. For the full fiscal year, organic net sales are forecasted to grow 9% to 12%. Based on August 13 spot rates of 1 17 for the euro, 1.381 for the pound, 11 64 for the Korean Won and 6.479 for the Chinese yuan, we expect currency translation to add 1 point to reported sales growth for the full fiscal year. As I mentioned earlier, this range excludes approximately 3 points from acquisitions, divestitures and brand closures, primarily the inclusion of DECIEM.

此外，鑑於環境仍存在波動性，我們目前正在擴大今年的指導範圍。在整個財年，有機淨銷售額預計將增長 9% 至 12%。根據 8 月 13 日歐元 1 17、英鎊 1.381、韓元 11 64 和人民幣 6.479 的即期匯率，我們預計貨幣換算將使報告的整個財年的銷售增長增加 1 個百分點。正如我之前提到的，這個範圍不包括收購、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 $0.19 of accretion from currency translation. In constant currency, we expect EPS to rise by 9% to 12%. This also includes approximately $0.03 accretion from DECIEM.

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 0.19 美元的貨幣換算增值。按固定匯率計算，我們預計每股收益將增長 9% 至 12%。這還包括來自 DECIEM 的大約 0.03 美元的增值。

At this time, we expect organic sales for our first quarter to rise 11% to 13%. The incremental sales from acquisitions, divestitures and brand closures are expected to add about 3 points to reported growth, and currency is expected to be accretive by approximately 3 points.

目前，我們預計第一季度的有機銷售額將增長 11% 至 13%。收購、剝離和品牌關閉帶來的增量銷售額預計將為報告的增長增加約 3 個百分點，貨幣預計將增加約 3 個百分點。

Operating expenses are expected to rise in the first quarter as we invest in the reopening and recovery of brick-and-mortar retail around the world and some of the temporary cost measures start to ease. We expect first quarter EPS of $1.55 to $1.65. Currency is expected to be accretive to EPS by $0.05, and DECIEM is forecast to have no impact.

隨著我們投資於全球實體零售業的重新開放和復蘇以及一些臨時成本措施開始放鬆，預計第一季度的運營費用將增加。我們預計第一季度每股收益為 1.55 美元至 1.65 美元。貨幣預計將使每股收益增加 0.05 美元，預計 DECIEM 不會產生影響。

In closing, while we are cautious about the uneven recovery to date, we remain confident about the strategic actions we continue to take to support sustainable, profitable growth post-pandemic and the agility we have demonstrated this past year. On behalf of the entire Estée Lauder Companies leadership team, we give thanks to our incredible teams around the world for their extraordinary efforts to manage during this unprecedented period.

最後，儘管我們對迄今為止的不平衡復甦持謹慎態度，但我們仍然對我們繼續採取的戰略行動以支持大流行後可持續、盈利的增長以及我們在過去一年中展示的敏捷性充滿信心。我們代表整個雅詩蘭黛公司領導團隊，感謝我們在世界各地出色的團隊在這個前所未有的時期為管理所做的非凡努力。

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。

Can you give us an update on how much of the incremental e-commerce business and new customers you obtained during COVID or proving sticky now that we fully cycle COVID? And perhaps also just give us a sense for expectations for e-commerce sales growth in fiscal '22 and how you sort of think about that versus a COVID boost. And then longer term, can you also spend some time just discussing how you're better using or upgrading technology to drive e-commerce sales longer term?

您能否向我們介紹一下您在 COVID 期間獲得了多少增量電子商務業務和新客戶，或者在我們完全循環 COVID 後證明粘性的最新情況？也許也只是讓我們了解對 22 財年電子商務銷售增長的預期，以及你如何看待這一點與 COVID 的提振。然後從長遠來看，您是否也可以花一些時間來討論您如何更好地使用或升級技術來推動電子商務銷售的長期增長？

So let me start. First of all, I would say the large majority of our online progress during COVID is very sticky. And keep in mind that we attracted also many new consumers. The new consumer were also among the older consumers, and they really liked it. And so we see they're coming back and they're staying even when store reopens, obviously, with a different balance. But this is definitely happening. But then in total, our online is -- continue to grow, and we expect this to continue to grow for many years to come, and the trend will not stop after COVID. Also our online mix, which is 3PP in China, for example, which, as you heard from the prepared remarks, flying our last 18.6 event, was really strong. And then retail.com for many retailers around the world is booming, pure-play, which is very much growing and then brand.com. And obviously, brand.com, in the moment -- the part of brand.com in the moment, there is the big reopening and people go back to store will temporarily stabilize or slightly decrease but then will start growing again. That's our expectation.

那麼讓我開始吧。首先，我想說我們在 COVID 期間的大部分在線進度都非常棘手。請記住，我們也吸引了許多新消費者。新消費者也是老消費者，他們真的很喜歡。所以我們看到他們回來了，即使商店重新開業，他們也會留下來，顯然，平衡不同。但這肯定正在發生。但總的來說，我們的在線業務正在持續增長，我們預計未來很多年都會繼續增長，而且這種趨勢在 COVID 之後不會停止。此外，我們的在線組合，例如中國的 3PP，正如您從準備好的評論中聽到的那樣，飛行我們上一次 18.6 賽事，非常強大。然後，對於世界各地的許多零售商來說，retail.com 正在蓬勃發展，純粹的遊戲，它正在快速增長，然後是brand.com。很明顯，brand.com，此刻——brand.com 的一部分，有大的重新開放，回到商店的人會暫時穩定或略有減少，但隨後會再次開始增長。這是我們的期望。

So overall, all in all, our online business will continue to progress as a percentage of total business over the next years.

因此，總的來說，我們的在線業務將在未來幾年繼續佔總業務的百分比。

And keep in mind, Dara, we also explained in our prepared remarks that we do have some new customers. So retailer.com should pick up as well with the U.S. expansion of Ulta into Target and Sephora into Kohl's and the same with JD in China. So again, we've got, as Fabrizio said, very strong plans for online again this year and expect that it will again increase as a percent of our penetration of sales.

請記住，達拉，我們還在準備好的評論中解釋說我們確實有一些新客戶。因此，隨著 Ulta 在美國的擴張，Target 和絲芙蘭進入 Kohl's，以及京東在中國的擴張，retailer.com 也應該有所回升。同樣，正如法布里齊奧所說，我們今年再次製定了非常強大的在線計劃，並預計它將再次增加占我們銷售滲透率的百分比。

As it relates to technology, we are investing quite a bit in our e-commerce platform to enable capabilities, many of which we have spoken about, whether it's virtual try-on, our data analytics that certainly support are being able to more personalize experiences for consumers and many other capabilities and beyond online where we continue to invest in the consumer experience in our stores and in other areas as well. So we do have a robust technology investment plan that I would expect to continue over the next couple of years. We're also investing in new technology in our new facility in -- that is opening in a couple of years in Japan, and it will be a state-of-the-art manufacturing facility. So it will leverage quite a bit of technology also.

由於它與技術有關，我們在我們的電子商務平台上投入了大量資金以啟用功能，我們已經談到了其中的許多功能，無論是虛擬試穿，我們當然支持的數據分析能夠更加個性化的體驗為消費者和許多其他功能以及在線以外的地方我們繼續投資於我們商店和其他領域的消費者體驗。因此，我們確實有一個強大的技術投資計劃，我預計該計劃將在未來幾年內繼續下去。我們還在日本的新工廠投資新技術——幾年後將在日本開業，它將成為最先進的製造工廠。所以它也將利用相當多的技術。

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 was wondering if you could talk a little bit more about Asia/Pacific and the improvement there and if you could talk about the drivers there. You mentioned the strength of 6.18. So should we expect more quarterly variability in Asia, whether because of 6.18 or 11.11 and how that could influence how the year develops? And then if you could just talk a little bit about the current trends given another uptick in volatility associated with the pandemic.

我想知道您是否可以多談談亞太地區以及那裡的改進，以及您是否可以談談那裡的驅動因素。你提到了 6.18 的強度。那麼我們是否應該期待亞洲出現更多的季度變化，無論是因為 6.18 還是 11.11，以及這將如何影響今年的發展？然後，鑑於與大流行相關的波動性再次上升，您能否談談當前的趨勢。

I mean there is very, very big strengths in Asia/Pacific that we will continue in the long term. Obviously, as we said in the prepared remarks, there's been some pandemic issues (inaudible) places like Japan and some parts of Southeast Asia, which become an obstacle to this. So a temporary obstacle to this growth in these specific markets. But overall, Asia/Pacific will continue to be very strong and will be led by China whose progress we will continue to develop in our opinion. And also, that's what's happening so far.

我的意思是，從長遠來看，我們將在亞太地區擁有非常非常強大的優勢。顯然，正如我們在準備好的評論中所說，日本和東南亞部分地區等地存在一些流行病問題（聽不清），這成為了障礙。因此，這些特定市場的增長是暫時的障礙。但總體而言，亞太地區將繼續非常強大，並將由中國領導，我們認為中國將繼續發展。而且，這就是迄今為止正在發生的事情。

Now the -- what you call variability of sales, meaning up and downs of sales in Asia/Pacific, particularly in China, frankly, it's more about seasonality. There is a clear seasonality like there is in the U.S., like there is in Europe. And there are holiday moments, Chinese New Year moments, moments where the Chinese population travel, moments in which they are more home, moment where there are festivities and there are moments of the year where certain products, particularly in skin care, more used than others, obviously, there is important elements of seasonality. Now the good news, we are completely on top of those, and we manage seasonality with anticipation. And that's why our quarter-by-quarter year programs are pretty well articulated and recognized consumer seasonality and trade promotionality period in a very accurate way at this point of time. So this is a leverage point rather than an issue. That's why I will not call it variability but rather seasonality.

現在 - 你所說的銷售變化，意味著亞太地區，特別是中國的銷售起伏，坦率地說，它更多的是季節性。有一個明顯的季節性，就像在美國一樣，就像在歐洲一樣。有假期的時刻，農曆新年的時刻，中國人旅行的時刻，他們更在家的時刻，有慶祝活動的時刻，以及一年中某些產品，尤其是護膚品的使用量超過其他，顯然，有季節性的重要因素。現在好消息是，我們完全在這些之上，並且我們有預期地管理季節性。這就是為什麼我們的逐季年度計劃在這個時間點以非常準確的方式清晰表達和認可消費者季節性和貿易促銷期。所以這是一個槓桿點，而不是一個問題。這就是為什麼我不會稱其為可變性而是季節性。

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 will start with the discussion of 3% contribution from pricing in '22. I know there's always some pricing in the business, it's somewhat subtle at least from a consumer standpoint. But 3% just sounded higher than usual to me. So I was curious if it's more centered in categories and brands. Are there areas where you just like the momentum is so strong that it's not an untapped opportunity? Or is this more in response to the broadly inflationary environment?

我將從 22 年定價的 3% 貢獻開始討論。我知道業務中總是有一些定價，至少從消費者的角度來看，這有點微妙。但對我來說，3% 聽起來比平時要高。所以我很好奇它是否更集中在類別和品牌上。有沒有你喜歡勢頭如此強勁以至於它不是一個尚未開發的機會的領域？還是這更多是為了應對普遍的通脹環境？

Well, as you mentioned, Lauren, we take pricing every year usually in the 2% to 2.5% range. We are taking approximately 3% of pricing this year. And yes, it is certainly considering the inflationary environment that we're operating in. We do take differential pricing. So that is an average across all of our markets, all of our brands. And -- but -- so there's no specific category that we're taking any more pricing in than others, but it is tiered certainly by the tiering of our brand portfolio.

好吧，正如你提到的，勞倫，我們每年的定價通常在 2% 到 2.5% 的範圍內。今年我們將收取大約 3% 的定價。是的，這當然是考慮到我們所處的通貨膨脹環境。我們確實採用差異定價。這是我們所有市場、所有品牌的平均值。而且 - 但是 - 所以我們沒有比其他特定類別更多的定價，但它肯定是通過我們品牌組合的分層來分層的。

And I just want to add, we do have the ability to price where there is the opportunity. And because of our loyalty, [activity] levels, et cetera, obviously, in certain markets with spaces. And so we are planning because of the current inflationary environment, as you said, to take about half a point more prices than in the previous years, and this is completely justified. And this, combined with our cost saving programs, which should allow us to manage the inflation without any negative impact, neither of our advertising nor on our profitability, and that's our plan.

我只想補充一點，我們確實有能力在有機會的地方定價。而且由於我們的忠誠度，[活動]水平等等，顯然，在某些有空間的市場中。因此，正如您所說，由於當前的通貨膨脹環境，我們計劃將價格比前幾年提高約半個百分點，這是完全合理的。再加上我們的成本節約計劃，這應該使我們能夠在沒有任何負面影響的情況下管理通貨膨脹，既不會影響我們的廣告，也不會影響我們的盈利能力，這就是我們的計劃。

The other thing I want to say about our flexibility on pricing is that with the kind of success we are having on innovation and the kind of very attractiveness of our innovation, that can command luxury pricing very easily because of the great grade quality that we are deploying to the consumers. And at the moment, you have between 20%, 30% every year of this coming from innovation, you can imagine that we can decide the pricing of 20%, 30% every year based also on our intent and the power of our innovation. So this is an extra flexibility that we have in terms of managing pricing over the years.

關於我們在定價方面的靈活性，我想說的另一件事是，憑藉我們在創新方面取得的成功以及我們創新的那種非常有吸引力的方式，我們可以很容易地獲得奢侈品定價，因為我們是一流的品質。部署到消費者。目前，每年有 20%、30% 來自創新，您可以想像我們可以根據我們的意圖和創新的力量來決定每年 20%、30% 的定價。因此，這是我們多年來在管理定價方面擁有的額外靈活性。

And our next question is going to come from the line of Rob Ottenstein with Evercore.

我們的下一個問題將來自與 Evercore 的 Rob Ottenstein。

Just 2 questions, if I can. Just a quick follow-up on China. We're reading a little bit about government actions in terms of cracking down on wealth flaunting luxury, particularly in social media. And so I just wanted to be -- make sure that that's not something that you see affecting your business. And then my deeper question is if you could give us an update on the e-commerce in the U.S. as a percent of sales and how that breaks out between your direct brand.com business and the retail.com business. And any changes in trends there that you're seeing?

如果可以的話，只有2個問題。只是對中國的快速跟進。我們正在閱讀一些關於政府在打擊炫耀財富方面採取的行動，尤其是在社交媒體上。所以我只是想——確保這不會影響你的業務。然後我更深層次的問題是，您能否向我們提供有關美國電子商務佔銷售額百分比的最新信息，以及您的直接brand.com 業務和retail.com 業務之間的差異。你看到的趨勢有什麼變化嗎？

Sorry. Could you repeat the one on the U.S.?

對不起。你能在美國重複一遍嗎？

The dot-com [split].

.com [拆分]。

Yes. Just an update on the dot-com business in the U.S., the percent of sales. I think it was running 40%, and then how that's breaking out between the direct business and the retail.com.

是的。只是美國互聯網業務的最新情況，即銷售額百分比。我認為它運行了 40%，然後是如何在直接業務和零售網站之間爆發。

Yes. Okay. Starting with China. No, we don't see any issue on China, potential in our industry, on luxury what you're saying. Actually, we see a lot of support to the trend and a lot of interest in our products as the middle class evolves. And we see also given, for example, all the government actions have been taken to support the development of Hainan and the duty free in Hainan, there is obviously an interest in supporting internal consumption. And somehow, our industry is benefiting from the interest in being -- creation of internal consumption and also bringing the consumption in the past was outside more internally. So it's all of a positive trend.

是的。好的。從中國開始。不，我們在中國、我們行業的潛力以及你所說的奢侈品方面沒有看到任何問題。實際上，隨著中產階級的發展，我們看到了對這一趨勢的大量支持和對我們產品的極大興趣。而且我們也看到，例如，政府已經採取了所有措施來支持海南的發展和海南的免稅，顯然有支持內部消費的利益。不知何故，我們的行業正在受益於對存在的興趣——創造內部消費，並將過去的消費更多地引入外部。所以這都是一個積極的趨勢。

The other thing, when you speak about luxury, I just want to say we are really affordable luxury, in the sense that our products are luxury within the beauty category, but they are very affordable purchases in the context of total luxury. So we don't see any negative at this point in time on this front. On the contrary, a very strong support for the long term.

另一件事，當你談到奢侈品時，我只想說我們是真正負擔得起的奢侈品，因為我們的產品在美容類別中是奢侈品，但在完全奢侈品的背景下它們是非常實惠的購買。因此，我們目前在這方面看不到任何負面影響。反之，長期支持非常強勁。

Going to the internal online development in the U.S., I'll turn this to Tracey for your specific question on the percentages.

轉到美國的內部在線開發，我將把這個轉給 Tracey，詢問你關於百分比的具體問題。

Yes. In terms of the online percentage, we ended last year a little over 40% online. Again, as you know, we started the year with some of our brick-and-mortar doors actually closed. So very, very strong online penetration. And as brick-and-mortar reopened, the online penetration lessened a bit, but we did end the year at about 40%.

是的。就在線百分比而言，我們去年的在線比例略高於 40%。同樣，如您所知，我們在今年開始時實際上關閉了一些實體門。非常非常強大的在線滲透率。隨著實體店重新開業，在線滲透率有所下降，但我們確實在年底時達到了 40% 左右。

In terms of the retailer.com versus brand.com, we are seeing -- and it varies. So we saw quite a bit of strength in retailer.com towards the second half of the year and strength in brand.com earlier in the year. And this year, obviously, we have some very strong plans for both brand.com and retailer.com in the U.S. to continue to grow.

在retailer.com 與brand.com 方面，我們看到了——而且它各不相同。因此，我們在今年下半年看到了retailer.com 的強大實力，以及今年早些時候brand.com 的實力。今年，很明顯，我們為美國的brand.com 和retailer.com 制定了一些非常強有力的計劃，以繼續增長。

Our next question will come from the line of Steve Powers, 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。

I was hoping you could just elaborate a bit further on what you're doing to best position your portfolio to take advantage of the anticipated recovery in makeup. And to what degree you see your business is likely to accrue net share gains alongside that recovery?

我希望你能進一步詳細說明你正在做什麼，以最好地定位你的投資組合，以利用預期的化妝復甦。您認為您的業務在多大程度上可能會在復甦的同時產生淨份額收益？

So we are preparing for the makeup renaissance, and we are working on all our makeup brands and in all our regions to leverage these as user education comes back. The proof that what [will work happen] in the U.S. in this last quarter is very encouraging. In this last quarter, our makeup was extraordinarily strong, for example, in countries where there was a recovery reopen like the U.S. And we saw great results on MAC, on Too Faced and many other brands. And we saw particularly the recovery start from foundation and lipsticks, which is a very good news, a very good sign. So what we're doing is, first of all, we are preparing programs -- marketing programs and innovation programs and new launches for every market, making sure that we tie those to the expected recovery trend.

因此，我們正在為彩妝復興做準備，我們正在致力於我們所有的彩妝品牌和我們所有的地區，以利用這些作為用戶教育的回歸。上一季度美國[將會發生的事情]的證據非常令人鼓舞。在最後一個季度，我們的妝容非常強勁，例如，在美國等複蘇重新開放的國家。我們在 MAC、Too Faced 和許多其他品牌上看到了很好的結果。我們特別看到了從粉底和口紅開始的複蘇，這是一個非常好的消息，一個非常好的跡象。因此，我們正在做的是，首先，我們正在準備計劃——營銷計劃和創新計劃以及針對每個市場的新產品發布，確保我們將這些與預期的複蘇趨勢聯繫起來。

They will be gradual, but we will be, as you know, will be dependent on vaccination levels and on the ability to control the COVID spikes where this happens. And so we have all analytics that tell us when this timing could be in different parts of the world, and we find our marketing action, our advertising relaunch actions, our innovation actions to the different expected recovery moments. So it's a pretty complex elaboration plan, but it's very effective, and so far has given us the kind of results we wanted, but most importantly, the kind of return on investment that we wanted when you time it correctly.

它們將是漸進的，但如您所知，我們將取決於疫苗接種水平和控制發生這種情況的 COVID 峰值的能力。因此，我們擁有所有分析數據，可以告訴我們何時該時機可能在世界不同地區，我們發現我們的營銷行動、我們的廣告重新啟動行動、我們的創新行動到不同的預期復蘇時刻。所以這是一個相當複雜的細化計劃，但它非常有效，到目前為止已經給了我們想要的結果，但最重要的是，當你正確地安排時間時，我們想要的投資回報。

The second thing that we are doing, obviously, is making sure that we use data analytics and we use the understanding of the consumers to really tailor it to where the trend will start, and as I said, by makeup subcategories that are very different priorities that the consumer choose in coming back to makeup when the user education gets restated. And so we have some outstanding new capability in analytics that drive us also in maximum effectiveness in these areas.

顯然，我們正在做的第二件事是確保我們使用數據分析並利用對消費者的理解來真正根據趨勢開始的地方進行調整，正如我所說，通過構成非常不同的優先級的子類別當用戶教育被重述時，消費者選擇回來化妝。因此，我們在分析方面擁有一些出色的新能力，這些能力也推動我們在這些領域發揮最大效率。

So all in all, we are very, very encouraged by the early recovery in the countries where this happened, which are mainly U.S., China. And we are well organized to follow up on the recovery gradually in the course of 2022.

所以總而言之，我們對發生這種情況的國家（主要是美國和中國）的早期復蘇感到非常非常鼓舞。我們組織良好，將在 2022 年逐步跟進復甦。

And 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 on for Steph. I wanted to dig in a little on the travel retail recovery that you're expecting and how you think about the growth in market locations like Hainan. Would you expect that Hainan continues to grow once international travel resumes? Or is there a rebalancing where the demand is realized?

這是斯蒂芬的格蕾絲。我想深入探討一下您所期待的旅遊零售復甦，以及您如何看待海南等市場的增長。您認為一旦國際旅遊恢復，海南會繼續增長嗎？還是在實現需求的地方進行再平衡？

Yes. First of all, we expect Hainan to continue to grow in the future, and we expect Hainan success to be relatively independent from the come back to international travel. Let me explain that. If you put in the number of Chinese consumers that have a passport, which is above 10% evolving toward the 15% from the information, which are available, and you assume that only a percentage of those consumers with the passport travel internationally in a given year, you immediately see that the international travel is going to create consumption that is a certain percentage of the Chinese population. Hainan is domestic travel. So it's open to 100% of the Chinese middle class that wants to travel and is traveling as we speak. So the Hainan phenomenon is basically goes well beyond international travel because it's domestic travel and appeals 100% to the population. That's why we believe that Hainan is here to stay and is a great opportunity for the long term, that will continue to grow even when international travel will restart.

是的。首先，我們預計海南未來將繼續增長，我們預計海南的成功相對獨立於國際旅遊的回歸。讓我解釋一下。如果你把持有護照的中國消費者的數量從現有的信息中增加到 10% 以上，然後你假設只有一部分持有護照的消費者在給定的時間裡出國旅行一年，你立即看到國際旅行將創造一定比例的中國人消費。海南是國內旅遊。因此，它向 100% 想要旅行並且正在旅行的中國中產階級開放。因此，海南現象基本上遠遠超出了國際旅行，因為它是國內旅行，並且對人口的吸引力達到了 100%。這就是為什麼我們相信海南會留下來，從長遠來看是一個很好的機會，即使國際旅行重新開始，這種機會也會繼續增長。

As far as the international travel question, we are assuming that some international travel will gradually restart in the second semester of our fiscal year -- '22 fiscal year. And this is obviously -- this is an assumption, nobody knows and will depend not only from the pandemic development, will depend also from the government decisions and how to manage the various rules around the management of the pandemic. So it's -- we can only go with estimates, but that's what we are currently estimating. And we have seen already some -- for example, in summer in Europe, we are seeing some new travels and new movements and some increase, but obviously, relatively still very much below what was before COVID. And then in fiscal year 2023, we assume there will be a more robust international travel acceleration.

至於國際旅行問題，我們假設部分國際旅行將在我們財政年度的第二個學期——‘22財政年度’逐步重啟。這顯然是——這是一個假設，沒有人知道，並且不僅取決於大流行的發展，還取決於政府的決策以及如何管理圍繞大流行管理的各種規則。所以它 - 我們只能進行估計，但這就是我們目前正在估計的。我們已經看到了一些——例如，在歐洲的夏天，我們看到了一些新的旅行和新的運動，還有一些增加，但顯然，相對仍遠低於 COVID 之前的水平。然後在 2023 財年，我們假設國際旅行將出現更強勁的加速增長。

And our next question is going to come from the line of Mark Astrachan with Stifel.

我們的下一個問題將來自 Mark Astrachan 和 Stifel。

Wanted to ask a bit of a follow-up on China and just maybe talk a bit about what's embedded in your expectations just overall for the business for that country for fiscal '22. And maybe in the context of things that we've seen around slowing sales on Tmall and discuss the commentary about expanding on JD and just how does that fit in, and you talked about different demographics. So if you could elaborate a bit on what you're hoping to accomplish there that would be helpful.

想問一些關於中國的後續問題，也許只是談談你對 22 財年該國業務的總體期望中嵌入的內容。也許在我們看到的關於天貓銷售放緩的情況下，討論關於擴大京東的評論以及這如何適應，你談到了不同的人口統計數據。因此，如果您可以詳細說明您希望在那裡完成的工作，那將會很有幫助。

So we expect the market in China to continue to grow double digits, and we are very, very optimistic on the strengths of this market as well as on our position with the consumers in this market. We expect to see a continuous acceleration of online, which is already 50% of Mainland China business today and further growing. We see the possibility of continued growth in the existing platforms like Tmall, which is, for us, for beauty, for our brands, very successful and a great partner that we will continue to develop and manage with also specific products, specific brands, specific new brands in the future, and then we see an acceleration of brand.com and in the marketing models around the brand.com in which we are investing and also improving our technologies to keep it aligned with the extraordinary development of technology in China and the ability to make this technology very appealing to the consumers. And so we keep learning and keep evolving in this area.

所以我們預計中國市場將繼續保持兩位數的增長，我們對這個市場的優勢以及我們在這個市場的消費者中的地位非常非常樂觀。我們預計在線業務將持續加速增長，目前已佔中國大陸業務的 50% 並進一步增長。我們看到了像天貓這樣的現有平台繼續增長的可能性，對於我們、對於美容、對於我們的品牌來說，這是非常成功的，也是我們將繼續開發和管理特定產品、特定品牌、特定未來的新品牌，然後我們看到brand.com和圍繞brand.com的營銷模式加速發展，我們正在投資並改進我們的技術，以使其與中國和世界科技的非凡發展保持一致使這項技術對消費者非常有吸引力的能力。因此，我們在這一領域不斷學習並不斷發展。

And then there are certain brands that are appealing to certain demographics that also decided to expand in JD and just now in July. And so we are very optimistic with also the results of this increased coverage of consumers that we are getting. And there will be more opportunity in the future. It's a very, very dynamic market and competitive market, which keeps evolving. And our principle is always to stay ahead of the evolution, which admittedly is not easy in such a demanding market, but we are trying to stay always ahead of the evolution and anticipate change and will get helped in this by our extraordinary Chinese leadership team that keep us [embraced] over what's happening and help us anticipating all the trends, and we get help by our [compass] that we discussed in our time, which give us a good point of view on what will be the evolution in the consumer preferences in every market, but particularly in China.

還有一些品牌吸引了特定的人群，這些品牌也決定在京東擴張，就在 7 月份。因此，我們也對我們獲得的消費者覆蓋率增加的結果非常樂觀。而且未來會有更多的機會。這是一個非常、非常有活力的市場和競爭激烈的市場，而且還在不斷發展。我們的原則是始終保持領先地位，誠然這在如此苛刻的市場中並不容易，但我們正努力始終領先於發展並預測變化，並將在這方面得到我們非凡的中國領導團隊的幫助讓我們[擁抱]正在發生的事情並幫助我們預測所有趨勢，我們可以通過我們當時討論的[指南針]獲得幫助，這讓我們對消費者偏好的演變有一個很好的看法在每個市場，尤其是在中國。

And our next question is going to come from the line of Erinn Murphy with Piper Sandler.

我們的下一個問題將來自 Erinn Murphy 和 Piper Sandler。

My question is for Tracey. If you could talk a little bit more about what you expect for the sales and the profitability rebound in the North American segment in fiscal 2022, particularly when you're kind of layering on some of the new distribution partnership, both Kohl's and Sephora and Ulta Target. And then I do have a follow-up for Fabrizio. On DECIEM, I know that Ordinary has been driving the large success to date, but they do have a number of other brands in their portfolio. So curious on your plans to scale some of them.

我的問題是針對特蕾西的。如果你能多談談你對 2022 財年北美市場銷售和盈利能力反彈的預期，特別是當你對一些新的分銷合作夥伴關係進行分層時，包括 Kohl's、Sephora 和 Ulta目標。然後我確實對 Fabrizio 進行了跟進。在 DECIEM 上，我知道 Ordinary 迄今為止一直在推動巨大的成功，但他們的產品組合中確實有許多其他品牌。對你擴展其中一些的計劃非常好奇。

Okay. Let me start with North America. We're very optimistic given the trends that we saw in the fourth quarter and that are continuing into the first quarter as it relates to North America. So people are coming back to stores. People are still shopping online. And certainly, the new retail partnerships of our retail partners, we are expecting, will also contribute to growth this year. But across the board, the team has really been working on terrific innovation. We're increasing advertising in North America in fiscal 2022. So we expect both top line growth and margin expansion in North America related to our strategies in 2022.

好的。讓我從北美開始。鑑於我們在第四季度看到的趨勢，我們非常樂觀，並且這種趨勢一直持續到第一季度，因為它與北美有關。所以人們會回到商店。人們仍在網上購物。當然，我們預計，我們零售合作夥伴的新零售合作夥伴關係也將有助於今年的增長。但總體而言，該團隊一直在致力於出色的創新。我們將在 2022 財年增加在北美的廣告。因此，我們預計北美的收入增長和利潤率擴張都與我們 2022 年的戰略有關。

And on DECIEM, you're absolutely right, DECIEM is a company with an extraordinary portfolio of brands. The Ordinary is today the biggest -- and it's continued to be very successful and growing is an extraordinary brand. But there are other brands like NIOD, which is more science-based that we intend with the DECIEM team to continue to develop. And also DECIEM is adding to Estée Lauder company the capability of an extraordinary incubation model and ability. So we definitely intend to continue, incubate new brands, develop new ideas and continue with the DECIEM philosophy of challenging the status quo and seeing new different point of views to be offered to the consumers and develop extraordinary new brands in the long term.

在 DECIEM 上，您是絕對正確的，DECIEM 是一家擁有非凡品牌組合的公司。 The Ordinary 今天是最大的品牌——它繼續非常成功，成長中是一個非凡的品牌。但是還有其他品牌，例如 NIOD，它更基於科學，我們打算與 DECIEM 團隊一起繼續開發。此外，DECIEM 還為雅詩蘭黛公司增加了非凡的孵化模式和能力。因此，我們肯定會繼續，孵化新品牌，發展新理念，並繼續秉承 DECIEM 的理念，挑戰現狀，為消費者提供新的不同觀點，長期發展非凡的新品牌。

But in this moment, the opportunity for The Ordinary to continue to grow, to continue to expand is frankly amazing. And this is obviously the priority we are focusing on in fiscal year 2022.

但在這一刻，平凡人繼續成長、繼續擴張的機會，坦率地說是驚人的。這顯然是我們在 2022 財年關注的重點。

Our next question is going to be 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。

I just wanted to follow up on the disclosure around travel retail being 29% of fiscal '21 sales. Can you just confirm that? And then that would imply that you had a pretty big acceleration in Q4 in the travel retail business? And then does that mean that the Continental Europe business declined in the quarter? So any -- just any clarification just around that.

我只是想跟進有關旅遊零售佔 21 財年銷售額的 29% 的披露。你能確認一下嗎？那麼這是否意味著您在第四季度的旅遊零售業務有相當大的加速？那麼這是否意味著歐洲大陸業務在本季度有所下降？所以任何 - 只是圍繞這一點的任何澄清。

And then just longer term, this decision to [part] with Ulta Target, Sephora Kohl's, this is really an expansion of distribution perhaps into some channels where you've been less comfortable going in the past, but there's just more of a -- these brands are being curated in a different setting. What are your thoughts on that in other channels, say, Amazon or other online forms over time?

然後就長期而言，決定與 Ulta Target 和 Sephora Kohl's [part]，這實際上是分銷的擴展，可能會擴展到您過去不太舒服的某些渠道，但還有更多——這些品牌正在不同的環境中進行策劃。隨著時間的推移，您在其他渠道（例如亞馬遜或其他在線形式）中對此有何看法？

Yes. So I can confirm travel retail in terms of the percent of mix at 29%. We did have strong growth in travel retail in the fourth quarter. And in terms of the EMEA region, we did see growth as well in the EMEA region, excluding travel retail. The U.K. was a little challenged. But as we mentioned in the prepared remarks, all regions grew in the fourth quarter.

是的。因此，我可以確認旅遊零售的混合百分比為 29%。我們確實在第四季度的旅遊零售方面實現了強勁增長。就歐洲、中東和非洲地區而言，我們確實看到了歐洲、中東和非洲地區的增長，不包括旅遊零售。英國受到了一點挑戰。但正如我們在準備好的評論中提到的，所有地區在第四季度都有增長。

Yes. And the other thing I want to say on travel retail on the long term, as I said, is the travel retail as this addition of the domestic travel in China, which is a very important additions. And so the development of the business with the Chinese consumers is extraordinary. And then the Chinese consumer, depending on the period of the year, their choices, some of them would travel, travel to Hainan, [buy there], others would buy in their cities. And so you will see this spending growth of the Chinese consumers in the China region or in the travel retail Hainan depending on what the Chinese consumer decide to do.

是的。還有一點我想從長遠來看旅遊零售，正如我所說，旅遊零售作為中國國內旅遊的補充，這是一個非常重要的補充。因此，與中國消費者的業務發展非同尋常。然後是中國消費者，根據一年中的時間段，他們的選擇，他們中的一些人會去旅行，去海南，[在那裡買]，其他人會在他們的城市購買。因此，您將看到中國消費者在中國地區或海南旅遊零售店的消費增長取決於中國消費者的決定。

Our strategy is very simple. We are going to serve the growing demand of Chinese consumer wherever they choose to shop. And so we are online. We are in the outstanding quality department stores in China. We are in Hainan. And in all these areas where they shop, we tend to be present with outstanding execution, great luxury quality of services and to really give justice to our elevated luxury positioning in these positions. And that's the strategy to cover the Chinese consumer shopping.

我們的策略非常簡單。我們將滿足中國消費者不斷增長的需求，無論他們選擇在哪裡購物。所以我們在線。我們在中國品質卓越的百貨公司。我們在海南。在他們購物的所有這些區域，我們往往以出色的執行力、卓越的奢華服務質量出現，並真正公正地評價我們在這些職位上提升的奢侈品定位。這就是覆蓋中國消費者購物的策略。

And as far as the when the international traveling will restart will obviously also cover the international travels in the best possible way.

而就國際旅行何時重啟而言，顯然也將盡可能以最好的方式涵蓋國際旅行。

In terms of your second part of the question is -- I would like to clarify one thing. I think fiscal year 2021 was an extraordinary year to build our luxury position and to elevate our consumer expression in a very luxury way. If you think that the core investment that we have done has been in elevating the brand building, the luxury experience online, and we have been able to bring online a lot of the luxury experience services than in the past were only in the best department stores or in the best brick-and-mortar locations. So this now means that we have elevated to the best possible experience about 30% of our business. Then, as I explained, our best expression of luxury is frankly in [TR]. It's been for since a long time, particularly in the best airports of the world, but now it's in Hainan where there is the best expression of the brands in the world, and as you said, is another 29%. So we have elevated our luxury expression in more than 60% of our business around the world. And that's the key areas where we invest.

關於你問題的第二部分，我想澄清一件事。我認為 2021 財年是建立我們的奢侈品地位並以非常奢侈的方式提升我們的消費者表達方式的非凡一年。如果您認為我們所做的核心投資一直在提升品牌建設，在線奢侈品體驗，並且我們能夠在線帶來很多奢侈品體驗服務，而不是過去只有最好的百貨公司或者在最好的實體店。所以現在這意味著我們已經提升了大約 30% 的業務的最佳體驗。然後，正如我解釋的那樣，坦率地說，我們對奢華的最佳表達是在 [TR] 中。很長一段時間了，特別是在世界上最好的機場，但現在是在海南，那裡有世界上最好的品牌表達，正如你所說，還有29%。因此，我們在全球 60% 以上的業務中提升了我們的奢侈品表達方式。這就是我們投資的關鍵領域。

We have also taken the opportunity where there is the opportunity to source from [us] and to continue growing the prestige segment to bring some of our brands that have the power of sourcing from us closer to where the mass consumers are choosing to shop at once to have the opportunity to upgrade to different quality. And that's where some opportunities like the Ulta Target and the Sephora Kohl's offer us the opportunity to further source from us and further serve more consumers and consumers that we didn't access before with our best experience and best quality products.

我們還抓住了有機會從 [我們] 採購的機會，並繼續發展聲望部分，使我們的一些有能力從我們那裡採購的品牌更接近大眾消費者選擇立即購物的地方有機會升級到不同的品質。這就是 Ulta Target 和 Sephora Kohl's 等一些機會為我們提供了進一步從我們這裡採購的機會，並以我們最好的體驗和最優質的產品進一步服務於我們以前無法接觸到的更多消費者和消費者。

And it's all the time we have for questions and answers. With that, I would like to conclude the Q&A portion of today's call. If you were unable to join for the entire call, a playback will be available at 1 p.m. Eastern Time today through September 2. To hear a recording of the call, please dial (855) 859-2056. Passcode is 6687487.

我們一直都有提問和回答的時間。至此，我想結束今天電話會議的問答部分。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 9 月 2 日。要收聽通話錄音，請撥打 (855) 859-2056。密碼是 6687487。

That concludes the Estée Lauder conference call. I would like to thank everyone for their participation, and I 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。