雅詩蘭黛 (EL) 2021 Q1 法說會逐字稿

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

大家好，歡迎參加雅詩蘭黛公司 2021 財年第一季度電話會議。今天的通話正在錄音和網絡直播中。

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，我想把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。出席今天電話會議的有總裁兼首席執行官 Fabrizio Freda；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 those forward-looking statements.

由於我們今天的許多評論都包含前瞻性陳述，請允許我向您推薦我們的新聞稿和我們向美國證券交易委員會提交的報告，您會在其中找到可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges disclosed in our press release. All net sales growth numbers are in constant currency. You can find reconciliations between GAAP and non-GAAP measures in our press release and on the Investors section of our website.

為了便於討論我們的基礎業務，對我們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之前。所有淨銷售額增長數字均以固定匯率計算。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 措施之間的調節。

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. (Operator Instructions)

提醒一下，提及的在線銷售包括我們通過我們的 brand.com 網站和第三方平台直接向消費者進行的銷售。它還包括我們的產品通過我們零售商網站的預估銷售額。 （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 that each of you are in good health as the world continues to confront COVID-19. Our hearts are with those impacted, and our focus remains, first and foremost, with the safety and well-being of our employees, their families and our consumers.

謝謝你，Rainey，大家好。我希望在世界繼續對抗 COVID-19 之際，你們每個人都身體健康。我們的心與那些受影響的人在一起，我們的重點仍然是我們員工、他們的家人和消費者的安全和福祉。

I continue to be incredibly inspired by our employees' enduring compassion, creativity and resiliency. We are -- you are making us a better company, and I extend my deepest gratitude.

我繼續被我們員工持久的同情心、創造力和韌性所鼓舞。我們 - 您正在使我們成為一家更好的公司，我表示最深切的感謝。

Our diversified prestige beauty portfolio of categories, channels, geographies, brands, consumer segments and price points give us many levers to fuel the business, both in times of prosperity as well as during more challenging times. In this most difficult moment, our multiple engines of growth strategy is invaluable.

我們在品類、渠道、地域、品牌、消費者細分和價位方面的多元化聲望美容產品組合為我們提供了許多推動業務發展的槓桿，無論是在繁榮時期還是在更具挑戰性的時期。在這個最困難的時刻，我們的多引擎增長戰略是無價的。

For the first quarter of fiscal year 2021, sales declined only 9%, a significant sequential improvement driven by every category. Fragrance and hair care, in particular, had striking progress. Our hero products and innovations strived and contributed meaningfully to sales. We successfully adjusted our cost structure to minimize the deleveraging effects of lower sales, resulting in an operating margin of 20%, very close to the first quarter of last year when we had double-digit sales growth.

在 2021 財年第一季度，銷售額僅下降 9%，在每個類別的推動下均出現顯著的環比改善。香水和護髮產品尤其取得了顯著進步。我們的英雄產品和創新努力為銷售做出了有意義的貢獻。我們成功地調整了成本結構，以最大限度地減少銷售額下降帶來的去槓桿效應，從而使營業利潤率達到 20%，非常接近去年第一季度兩位數的銷售額增長。

In different periods over the last decade, we were driven by different engines leading to prestige beauty share gains each year, and we expect this year to be no different. Since the pandemic began, we estimate that we have grown prestige beauty share globally.

在過去十年的不同時期，我們受到不同引擎的推動，每年都獲得了聲望很高的美容市場份額增長，我們預計今年也不例外。自大流行開始以來，我們估計我們在全球範圍內的聲望美容份額有所增加。

On our last earning calls, we explained that the growth engines of the moment are the skin care category, the online channel and the Asia/Pacific region. Each delivered terrific performance to begin our new fiscal year. The Estée Lauder brand performed exceptionally well, returning to growth in the quarter, powered by its hero franchises in skin care. Its Advanced Night Repair franchise delivered very strong double-digit sales growth.

在我們最近的財報電話會議上，我們解釋說目前的增長引擎是護膚品類、在線渠道和亞太地區。每個人都以出色的表現開始了我們的新財政年度。雅詩蘭黛品牌表現異常出色，在其皮膚護理領域的英雄特許經營權的推動下，在本季度恢復增長。其 Advanced Night Repair 特許經營權實現了非常強勁的兩位數銷售額增長。

Encouragingly, the brand's success in skin care was broad-based as each of the Re-Nutriv, Revitalizing Supreme, Perfectionist, Micro Essence, nutritious franchises also grew double digits. This is a remarkable achievement when compared to the brand's very strong skin care performance in the prior year.

令人鼓舞的是，該品牌在護膚領域的成功基礎廣泛，Re-Nutriv、Revitalizing Supreme、Perfectionist、Micro Essence 和營養品特許經營權也都取得了兩位數的增長。與該品牌去年非常強勁的護膚業績相比，這是一個了不起的成就。

La Mer had a superb quarter with double-digit sales growth globally driven by its continued outperformance of luxury skin care growth in Mainland China. The August launch of its new The Concentrate delivered especially strong double-digit sales growth in Asia Pacific, and consumer saw the soothing power of this barrier serum with its new protective antioxidant benefits. Even amid the pandemic, La Mer is welcoming many new consumers, further demonstrating the irresistible appeal of the brand's superior quality.

La Mer 在中國大陸的奢侈護膚品增長方面持續表現出色，這推動了 La Mer 在全球範圍內實現兩位數的銷售額增長。 8 月推出的新款 The Concentrate 在亞太地區實現了特別強勁的兩位數銷售增長，消費者看到了這款屏障精華液的舒緩功效及其新的保護性抗氧化功效。疫情之下，La Mer 海藍之謎也迎來了眾多新消費者，進一步展現了品牌卓越品質令人無法抗拒的魅力。

At our last Investor Day, we discussed growth strategies for each of our large scaling and developing brands. And even in these challenging times, we are resolute in our focus on all 3 tiers. The Darphin brand is a beautiful example in the developing tier of a brand succeeding through these unparalleled times. Darphin contributed to the skin care category growth in the quarter as the successful launch of Intral Rescue Super Concentrate Serum amplified the strength of the brand's hero products.

在我們上一個投資者日，我們討論了我們每個大規模和發展中品牌的增長戰略。即使在這些充滿挑戰的時代，我們也堅定地專注於所有 3 個層次。 Darphin 品牌是品牌在這些無與倫比的時代取得成功的發展層中的一個很好的例子。 Darphin 為本季度護膚品類別的增長做出了貢獻，因為 Intral Rescue Super Concentrate Serum 的成功推出增強了該品牌主打產品的實力。

Our acquisition of Dr. Jart+ with its terrific entry prestige derma brand positioning and desirable hero products enhanced the organic sales growth of skin care. Momentum in the serum, watery lotion and eye care subcategories carried into the quarter, driving skin care growth. The August launch of Estée Lauder's new Advanced Night Repair serum performed extraordinary across geographies and channels, aided by compelling activation and an over 40% surge in consumers' reviews since launch when comparing to the entire life span of the previous version.

我們對 Dr. Jart+ 的收購憑藉其卓越的入門聲望 derma 品牌定位和令人嚮往的主打產品促進了護膚品的有機銷售增長。血清、水性乳液和眼部護理子類別的勢頭進入本季度，推動了護膚品的增長。雅詩蘭黛 8 月推出的全新 Advanced Night Repair 精華素在不同地區和渠道均表現出色，這得益於引人注目的激活以及自推出以來與前一版本的整個生命週期相比消費者評論激增 40% 以上。

Impressively, Clinique Even Better Clinical Interrupter serum continues to perform strongly in its third quarter since launching.

令人印象深刻的是，倩碧 Even Better Clinical Interrupter 血清自推出以來在第三季度繼續表現強勁。

We delivered outstanding double-digit sales growth online with skin care, makeup, fragrance and hair care all prospering. Once again, each of our online channels contributed meaningfully.

我們在線上實現了兩位數的出色銷售增長，護膚、彩妝、香水和護髮產品均表現出色。再一次，我們的每個在線渠道都做出了有意義的貢獻。

We continued to strategically invest in our brand sites globally, bringing our classic high-touch services to consumers online. The response has been phenomenal. We are seeing tremendous growth in time spent on for chat, virtual try-on and shoppable live streams. Even with most retail doors reopened around the world, sales rose 60% organically on our brand sites.

我們繼續在全球範圍內對我們的品牌網站進行戰略投資，將我們經典的高接觸服務在線帶給消費者。反響非常好。我們看到花在聊天、虛擬試穿和可購物直播上的時間大幅增加。即使全球大多數零售店重新開張，我們品牌網站上的銷售額仍有機地增長了 60%。

We now have virtual try-on across more brands and categories in more markets. In the first quarter alone, we hosted over 1 million virtual try-on sessions globally, with consumers spending more than 30 minutes on average in a session.

我們現在在更多市場的更多品牌和類別中進行虛擬試穿。僅在第一季度，我們就在全球舉辦了超過 100 萬次虛擬試穿會議，消費者平均在一次會議上花費超過 30 分鐘。

In North America, the Estée Lauder brand launched AI-driven product recommendation based on real-time consumers' behaviors and past preferences. This dynamic merchandising holds great promise across our brands and regions.

在北美，雅詩蘭黛品牌推出了基於實時消費者行為和過往偏好的人工智能產品推薦。這種充滿活力的營銷對我們的品牌和地區有著巨大的希望。

Clinique global sales growth on brand.com in the quarter was exceptional, among the strongest across the portfolio. Clinique's Skin School on-demand live streaming was a great success, leading to new daily programming that combines top consultants with influencers to future holiday sets and favorite clinic products. Clinique is our first brand to launch new technology that pairs multiple hosts in 1 shoppable live stream.

倩碧本季度在 brand.com 上的全球銷售額增長非常出色，在整個產品組合中名列前茅。倩碧的皮膚學校點播直播取得了巨大成功，帶來了新的每日節目，將頂級顧問與有影響力的人結合到未來的假期和最喜歡的診所產品中。倩碧是我們推出新技術的第一個品牌，該技術可將多位主持人配對到一個可購物的直播中。

Bobbi Brown continued to scale its Artistry Like Never Before program, expanding virtual artistry to include live chat, prebooked video consultations, master classes and live streaming by rapidly converting some of its global makeup artists into a network of virtual sellers. Most of the brand's markets now offer these consultations on brand.com, on local social platforms such as WhatsApp, WeChat and Instagram. These virtual services have a higher conversion rate up to 10x the average and a higher average order value.

Bobbi Brown 繼續擴大其前所未有的 Artistry Like 計劃，通過將其一些全球化妝師迅速轉變為虛擬賣家網絡，將虛擬藝術擴展到包括實時聊天、預訂視頻諮詢、大師班和直播。該品牌的大部分市場現在都在 brand.com、WhatsApp、微信和 Instagram 等本地社交平台上提供這些諮詢服務。這些虛擬服務的轉化率高達平均水平的 10 倍，平均訂單價值也更高。

With enticing innovation and engaging new services and tools, conversion grew strong double digits across our brand sites. Most compelling is the significant conversion growth in markets that are under-penetrated online such as Continental Europe. In the quarter, conversion there grew over 75%. While in Latin America, conversion growth far exceeded 100%. This positions us well for suitable profitable growth online.

憑藉誘人的創新和引人入勝的新服務和工具，我們品牌網站的轉化率實現了兩位數的強勁增長。最引人注目的是歐洲大陸等在線滲透率低的市場的顯著轉化率增長。在本季度，那裡的轉化率增長了 75% 以上。而在拉丁美洲，轉化率增長遠超 100%。這使我們能夠在網上實現適當的盈利增長。

We invested in online fulfillment during the quarter, strengthening our capacity globally. And we are addressing seasonal fulfillment locations in our largest markets in anticipation of robust consumer demand for holiday. Leveraging our investment in technology, we deployed more omnichannel capabilities in several markets.

我們在本季度投資於在線履行，加強了我們在全球的能力。我們正在我們最大的市場中尋找季節性的履行地點，以應對消費者對假期的強勁需求。利用我們在技術上的投資，我們在多個市場部署了更多的全渠道功能。

In the U.S., we have seen dramatic uptick in buy online, pickup in-store for MAC. The brand's also partnered with Postmates domestically to launch same-day delivery and open a new experiential store in New York. The store features extensive personalization options for consumers and interactive digital experiences. In these initiatives and more, we are meeting the desires of consumers who are craving convenience and choice, offering them new ways to shop in today's environment.

在美國，我們看到 MAC 在線購買、店內提貨的數量急劇增加。該品牌還在國內與 Postmates 合作推出當天送達服務，並在紐約開設了一家新的體驗店。該商店為消費者提供廣泛的個性化選擇和交互式數字體驗。在這些及更多舉措中，我們滿足了渴望便利和選擇的消費者的需求，為他們提供了在當今環境中購物的新方式。

The third engines of growth, Asia/Pacific, also excelled. Several markets contributed to the region high single-digit sales growth, which is most notable as some markets in the region dealt with new waves of COVID-19. Mainland China, Korea and several smaller markets grew organically. In Mainland China, we continue to invest in the vibrant opportunity of our second home market. We expanded into more cities in the quarter, reaching over 130. We increased our advertising investment across social and digital platforms, showcasing exciting innovation, building brand awareness as we reach new consumers. We continued expanding our talent in anticipation of our new state-of-art innovation center, which will open in Shanghai, as we aim to best meet the needs of Chinese and Asian consumers with local relevance and local trends through increased capabilities in product design, formulation, consumer insights and trend analytics.

第三個增長引擎，亞太地區，也表現出色。幾個市場為該地區實現了高個位數的銷售增長，這一點最為顯著，因為該地區的一些市場正在應對新一波 COVID-19。中國大陸、韓國和幾個較小的市場有機增長。在中國大陸，我們繼續投資於充滿活力的第二故鄉市場。我們在本季度擴展到更多城市，達到 130 多個。我們增加了在社交和數字平台上的廣告投資，展示令人興奮的創新，在接觸新消費者時建立品牌知名度。我們繼續擴大我們的人才隊伍，期待我們新的最先進的創新中心將在上海開業，因為我們的目標是通過提高產品設計能力，以最好的方式滿足中國和亞洲消費者對當地相關性和當地趨勢的需求，配方、消費者洞察和趨勢分析。

In Mainland China, the bricks-and-mortar channel returned to double-digit growth, such that both off-line and online were powerful growth drivers.

在中國大陸，實體渠道重回兩位數增長，線上線下均成為強勁增長動力。

The travel retail channel further contributed, driven by tremendous growth in Hainan, partly reflecting increased duty-free partial limits, the opening of some travel corridors in Asia and online retail growth, facilitating higher conversion, magnifying Chinese consumer trends. Indeed, demand from the Chinese consumers was very strong across these channels, most especially in skin care. And we estimate we grew our prestige beauty share.

在海南的巨大增長推動下，旅遊零售渠道進一步做出貢獻，部分反映了免稅部分限制的增加、亞洲部分旅遊走廊的開放以及在線零售增長，促進了更高的轉化率，放大了中國的消費趨勢。事實上，中國消費者對這些渠道的需求非常強勁，尤其是在護膚方面。我們估計我們增加了聲望美容份額。

The fragrance category sales growth accelerated in Asia/Pacific in the quarter. We introduced Kilian Paris and Frederic Malle in Mainland China in very select distribution in June. These unique luxurious brands are proving highly desirable, which coupled with the ongoing strength of Jo Malone London and Tom Ford, drove significant double-digit sales growth of fragrances.

本季度亞太地區香水類別銷售額增長加速。 6 月，我們在中國大陸推出了 Kilian Paris 和 Frederic Malle 的精選經銷店。事實證明，這些獨特的奢侈品牌非常受歡迎，再加上 Jo Malone London 和 Tom Ford 的持續實力，推動香水銷售額實現兩位數的顯著增長。

In Korea, fragrances also soared. Le Labo new Citron 28, Seoul fragrance drove meaningful upside, demonstrating the strength of our locally relevant innovation.

在韓國，香水也飆升。 Le Labo 新 Citron 28，首爾香水帶來了有意義的上漲，展示了我們與當地相關的創新的實力。

Around the world, we continue to closely monitor the evolution of consumer attitudes and purchase behavior related to COVID-19. We combine sophisticated social media listening capabilities with machine learning and proprietary consumer research techniques to develop in size and adapt our marketing and product offering with speed and agility to capture changing trends.

在世界各地，我們繼續密切關注與 COVID-19 相關的消費者態度和購買行為的演變。我們將復雜的社交媒體聆聽功能與機器學習和專有的消費者研究技術相結合，以發展規模并快速靈活地調整我們的營銷和產品供應，以捕捉不斷變化的趨勢。

Looking ahead, we are confident in the return of growth in the challenged makeup category as the recovery will unfold. In the meantime, we continue to focus on subcategories in makeup that are favored in the era of masks for COVID-19.

展望未來，隨著復甦的展開，我們對面臨挑戰的彩妝品類恢復增長充滿信心。與此同時，我們繼續關注在 COVID-19 口罩時代受到青睞的化妝品子類別。

In fact, even in lip, which is overall pressured, the liquid lip subcategory is growing nicely driven by MAC's launch of Powder Kiss Liquid Lip as consumers seek matte finish formulas that last.

事實上，即使在總體壓力較大的唇部，液體唇部子類別也在 MAC 推出 Powder Kiss Liquid Lip 的推動下得到很好的推動，因為消費者尋求持久的啞光配方。

Our innovation represented over 30% of sales in the first quarter. We have an exciting pipeline of new product launches for the remainder of fiscal year 2021 for both engines on moment and what we expect to be engines of the future.

我們的創新佔第一季度銷售額的 30% 以上。在 2021 財年的剩餘時間裡，我們有一系列令人興奮的新產品發布渠道，包括當前的發動機和我們期望成為未來的發動機。

In October, Clinique launched Moisture Surge intense replenishing hydrator, a new formula that hydrates skin for a full 72 hours in a cream gel formula that dries -- for dryer skin types. These months, La Mer will introduce its new Genaissance de la Mer Concentrated Night Balm and Ampoule Strength Balm, slow crafted with Crystal Miracle Broth that promotes skin natural rebuilding of collagen to help transform the look of skin during sleep.

10 月，倩碧推出了 Moisture Surge 強效補水保濕霜，這是一種新配方，可在乾燥的乳霜凝膠配方中為皮膚補水整整 72 小時——適合乾性皮膚類型。這幾個月，La Mer 將推出其全新的 Genaissance de la Mer 濃縮晚霜和安瓶強效香膏，採用 Crystal Miracle Broth 緩慢精製而成，可促進皮膚膠原蛋白的自然重建，幫助改善睡眠期間的皮膚外觀。

Continuing our progress on sustainability, Origins intend to be the first prestige beauty brand to bring an advanced recycled tube package to market with its clear improvement active charcoal mask in 2021. This expands upon Clinique recent launch of All About Clean in packaging with most consumer recycled material and plant-derived plastics for its tube and most consumer recycled material for its cap.

Origins 繼續在可持續發展方面取得進展，計劃在 2021 年成為第一個將先進的回收管包裝推向市場的知名美容品牌，其活性炭面膜經過明顯改進。這是對倩碧最近推出的 All About Clean 包裝的擴展，大多數消費者回收管子採用材料和植物衍生塑料，瓶蓋採用大多數消費者回收材料。

For fiscal year 2021, we continue to expect sequential improvement in sales growth each quarter and to build global share while prestige beauty progressively returned to growth. We are mindful of the ongoing impacts of COVID-19, most especially the very limited traffic in retail doors as store reopen and the second waves occurring in certain markets. We are investing in several strategic priorities intended to drive our long-term sustainable growth that are progressing in the world of post-COVID business acceleration program.

對於 2021 財年，我們繼續預計每個季度的銷售增長將持續改善，並在高端美容逐漸恢復增長的同時建立全球份額。我們注意到 COVID-19 的持續影響，尤其是隨著商店重新開放和某些市場發生的第二波浪潮，零售店門的客流量非常有限。我們正在投資幾個旨在推動我們在後 COVID 業務加速計劃領域取得進展的長期可持續增長的戰略重點。

For the second quarter, we have magnificent plans for holiday and the 11.11 global shopping festival. Holiday merchandising began a few weeks ago, and our brands created reach activations with engaging face-type products. Estée Lauder and La Mer have kits that include best-selling hero products to drive recruitment. Origin is making holiday gifting easy, offering consumers the ability to text or e-mail a gift, allowing the recipients to either accept or exchange their product before it is giftwrapped and sent to them.

對於第二季度，我們有假期和11.11 全球購物節的宏偉計劃。假日促銷活動於幾週前開始，我們的品牌通過引人入勝的面部產品創造了影響力。雅詩蘭黛 (Estée Lauder) 和海藍之謎 (La Mer) 擁有包含暢銷英雄產品的工具包，以推動招聘。 Origin 使節日送禮變得簡單，讓消費者能夠通過短信或電子郵件發送禮物，允許收件人在禮物包裝並發送給他們之前接受或交換他們的產品。

Bobbi Brown Holiday Wish List Deluxe Collection includes all the inspiration, goods and tools to create ultimate holiday looks. And MAC recently debuted its Frosted Firework Collection, partnering with a diverse range of beauty influencers who generated over 60 million medium pressure in the first 10 days after launching.

Bobbi Brown Holiday Wish List Deluxe Collection 包括所有靈感、商品和工具，可打造終極假日裝扮。 MAC 最近推出了 Frosted Firework 系列，與各種美容影響者合作，他們在發布後的前 10 天內產生了超過 6000 萬的媒體壓力。

Today, we will release our fiscal 2020 Citizenship and Sustainability Report entitled Beauty Inspired, Values Driven. We are incredibly proud of the contribution of our employees around the world in accelerating our citizenship and sustainability efforts and have featured their successes in this year's report. The report highlights the achievement of our 2020 ESG goals as well as meaningful progress toward our 2025 goals. These milestones were reached across citizenship and sustainability priority focus areas despite the challenges of the pandemic.

今天，我們將發布 2020 財年企業公民和可持續發展報告，題為“美麗啟發，價值驅動”。我們為世界各地的員工在加速我們的公民意識和可持續發展努力方面所做的貢獻感到無比自豪，並在今年的報告中介紹了他們的成功。該報告強調了我們 2020 年 ESG 目標的實現以及我們在實現 2025 年目標方面取得的有意義的進展。儘管面臨大流行病的挑戰，但在公民身份和可持續發展優先重點領域都實現了這些里程碑。

I'm pleased to announce the company has achieved net 0 carbon emissions, a 100% renewable electricity globally for our own operations. Building upon this achievement, we also met our goal to set science-based emissions reduction targets addressing scope 1 and 2 for our direct operation and scope 3 for our value chain. Today's announcement signals a new level of ambition and dedication to climate action for The Estée Lauder Companies, setting targets in line with the latest climate science in testament to our values and our commitment to managing our business for the long term.

我很高興地宣布，公司已實現淨零碳排放，即在全球範圍內為我們自己的運營提供 100% 的可再生電力。在此成就的基礎上，我們還實現了我們的目標，即設定基於科學的減排目標，解決我們直接運營的範圍 1 和範圍 2 以及我們價值鏈的範圍 3。今天的公告標誌著雅詩蘭黛公司在氣候行動方面的雄心和奉獻精神達到了新的高度，根據最新的氣候科學設定了目標，以證明我們的價值觀和我們對長期管理業務的承諾。

We are also proud to have reached 0 industrial waste to landfill for our manufacturing, distribution and innovation sites. And we are on track to provide access to training on basic sustainability and corporate social impact programs for our employees worldwide this month.

我們也為我們的製造、分銷和創新場所實現了 0 工業廢物填埋而感到自豪。我們有望在本月為全球員工提供有關基本可持續性和企業社會影響計劃的培訓。

In addition, over the past 2 years, our program grants focus on health, education and the environment have positively impacted the lives of more than 20 million individuals worldwide.

此外，在過去 2 年中，我們專注於健康、教育和環境的計劃贈款對全球超過 2000 萬人的生活產生了積極影響。

Our collective vision is to be the most inclusive and diverse prestige beauty company in the world and to be the employer of choice for diverse talent and the brand of choice for diverse consumers.

我們的共同願景是成為世界上最具包容性和多元化的知名美容公司，成為多元化人才的首選雇主和多元化消費者的首選品牌。

Our commitments to racial equality, especially our focus on driving racial equity across our business is central to achieving our vision. In today's report, we'll be publicly disclosing enhanced employee diversity metrics and information on pay equity. We believe this transparency to all our stakeholders is important to holding ourselves accountable to our vision while importantly setting the stage to share our progress.

我們對種族平等的承諾，尤其是我們對推動整個企業種族平等的關注，是實現我們願景的核心。在今天的報告中，我們將公開披露增強的員工多元化指標和薪酬公平信息。我們認為，這種對所有利益相關者的透明度對於讓我們對我們的願景負責很重要，同時重要的是為分享我們的進步奠定了基礎。

In closing, there is no doubt that we are living and working in a moment unlike any other. And yet, we are confident, thanks to our passionate employees, shared company values and proven strategy built on multiple engines of growth, we are well equipped to face the challenges of today and even better positioned to embrace the opportunities of tomorrow and continue growing global prestige beauty share.

最後，毫無疑問，我們生活和工作的時刻與眾不同。然而，我們有信心，由於我們熱情的員工、共同的公司價值觀和基於多種增長引擎的行之有效的戰略，我們有能力迎接今天的挑戰，甚至更有能力迎接明天的機遇並繼續在全球範圍內發展聲望美女分享。

I will now turn the call over to Tracey.

我現在將把電話轉給 Tracey。

Thank you, Fabrizio, and hello, everyone. As a reminder, my commentary today is adjusted for the items that Rainey mentioned at the beginning of the call, and net sales growth numbers are in constant currency.

謝謝你，Fabrizio，大家好。提醒一下，我今天的評論針對雷尼在電話開始時提到的項目進行了調整，淨銷售額增長數字以固定貨幣計算。

So starting with the first quarter results. Net sales declined 9% driven by the ongoing effects of the COVID-19 pandemic on our brick-and-mortar distribution throughout the world. We achieved strong growth in our global online channel, Mainland China and the skin care category and delivered better-than-expected results in the travel retail channel and in North America. Other areas progressively improved compared to last quarter as retail doors reopened. The December 2019 acquisition of Dr. Jart+ contributed approximately 3 points of net sales growth.

所以從第一季度的結果開始。由於 COVID-19 大流行對我們在全球的實體店分銷的持續影響，淨銷售額下降了 9%。我們在全球在線渠道、中國大陸和護膚品類實現了強勁增長，並在旅遊零售渠道和北美取得了好於預期的業績。與上一季度相比，隨著零售店重新開張，其他領域也逐漸改善。 2019 年 12 月收購 Dr. Jart+ 貢獻了約 3 個百分點的淨銷售額增長。

From a geographic standpoint, our Asia/Pacific region rose 7% driven primarily by strong double-digit growth in skin care, and the addition of Dr. Jart+ sales in Mainland China rose double digits as sales in brick-and-mortar retail continued to improve.

從地域的角度來看，我們的亞太地區增長了 7%，這主要是受護膚品兩位數強勁增長的推動，而隨著實體零售銷售額的持續增長，Dr. Jart+ 在中國大陸的銷售額增長了兩位數。提升。

The pace of online sales growth in China was slower this quarter, following the highly successful 6.18 Mid-Year Shopping Festival programs last quarter. Most brands and channels rose double digits in China. Korea rose high single digits, excluding Dr. Jart+, and several smaller markets returned to growth as well. Sales in Japan declined due to a tough comparison to the prior year in which sales grew nearly 20% as consumers bought ahead of an October 2019 VAT increase. The market has also suffered from softer in-store traffic due to a second wave of COVID-19. Sales in Hong Kong continued to be depressed as well due to the pandemic.

繼上季度大獲成功的 6.18 年中購物節計劃之後，本季度中國在線銷售增長速度有所放緩。大多數品牌和渠道在中國的增長都達到了兩位數。韓國（不包括 Dr. Jart+）增長了高個位數，幾個較小的市場也恢復了增長。由於消費者在 2019 年 10 月增值稅上調之前購買，與上一年相比銷售額增長近 20%，因此日本的銷售額有所下降。由於第二波 COVID-19 疫情，該市場的店內客流量也有所下降。由於大流行，香港的銷售也繼續低迷。

Net sales in our Europe, the Middle East and Africa region declined 9%, with virtually every market continuing to feel the effects of the pandemic. While online growth continued to be quite strong, brick-and-mortar traffic remained soft, heavily impacted by COVID-19, which also resulted in significantly lower tourism in key markets.

我們在歐洲、中東和非洲地區的淨銷售額下降了 9%，幾乎每個市場都繼續受到疫情的影響。雖然在線增長繼續相當強勁，但實體交通仍然疲軟，受到 COVID-19 的嚴重影響，這也導致主要市場的旅遊業顯著下降。

Skin care sales in the region grew double digits driven by travel retail but were more than offset by declines in makeup and fragrance. The major Western markets of France, Spain and the U.K. contributed the most to the decline in sales, as did the Middle East.

該地區的護膚品銷售額在旅遊零售的推動下增長了兩位數，但被化妝品和香水的下滑所抵消。法國、西班牙和英國等主要西方市場對銷售額下降的貢獻最大，中東也是如此。

Our global travel retail business was essentially flat as outstanding results in Greater China, particularly Hainan Island and Hong Kong, and sequential improvement in Korea offset the effects of the significant reduction in international travel. Additionally, the growth of pretail and the increase in duty-free purchase limits in Hainan drove higher conversion rates.

由於大中華區（尤其是海南島和香港）的出色業績以及韓國的連續改善抵消了國際旅行大幅減少的影響，我們的全球旅遊零售業務基本持平。此外，預零售的增長和海南免稅限額的提高推動了更高的轉化率。

Net sales in the Americas declined 24% as virtually all markets in the region continued to be impacted by COVID-19. Online sales growth continued to be a bright spot, rising over 40%. However, brick-and-mortar retail remained difficult, especially in department stores and in freestanding stores.

美洲的淨銷售額下降了 24%，因為該地區幾乎所有市場都繼續受到 COVID-19 的影響。線上銷售增長繼續成為亮點，增幅超過40%。然而，實體零售仍然困難重重，尤其是在百貨公司和獨立商店中。

From a category standpoint, skin care was the most resilient. Net sales grew 10% driven by continued strong performance from the Estée Lauder and La Mer brands in Asia, including travel retail, as well as incremental sales from the acquisition of Dr. Jart+.

從類別的角度來看，護膚品是最具彈性的。受雅詩蘭黛和海藍之謎品牌在亞洲（包括旅遊零售）的持續強勁表現以及收購 Dr. Jart+ 帶來的增量銷售額的推動，淨銷售額增長了 10%。

Net sales in makeup fell 32%, a significant sequential improvement from last quarter. Makeup has seen the biggest impact from COVID-19 as many consumers continue to partially or fully work from home and forgo social gatherings.

彩妝淨銷售額下降 32%，較上一季度有顯著改善。化妝品受到 COVID-19 的影響最大，因為許多消費者繼續部分或全部在家工作並放棄社交聚會。

Fragrance net sales declined 13%, a substantial improvement from last quarter. The category grew strongly in Asia, reflecting double-digit increases from both Tom Ford and Jo Malone London as well as the recent launches of Kilian Paris and Frédéric Malle in Mainland China. Bath, body and home fragrances continue to perform very well.

香水淨銷售額下降 13%，較上一季度大幅改善。該類別在亞洲增長強勁，反映了 Tom Ford 和 Jo Malone London 的兩位數增長，以及最近在中國大陸推出的 Kilian Paris 和 Frédéric Malle。沐浴、身體和家用香水繼續表現出色。

Our hair care net sales were essentially flat, declining only 1%. While stores and salons were not operating at full capacity during the quarter, the category benefited from exceptional innovation from Aveda, including the recent launch of Botanical Repair as well as strong online sales.

我們的護髮產品淨銷售額基本持平，僅下降 1%。雖然商店和沙龍在本季度並未滿負荷運營，但該類別受益於 Aveda 的卓越創新，包括最近推出的 Botanical Repair 以及強勁的在線銷售。

Our gross margin increased 20 basis points compared to the first quarter last year. Favorable category mix and lower cost for in-store testers were partially offset by negative currency impact.

與去年第一季度相比，我們的毛利率增加了 20 個基點。有利的品類組合和店內測試人員的較低成本被負面的貨幣影響部分抵消了。

Operating expenses decreased 7%, and the deleveraging effect of the sales decline caused operating expenses as a percent of sales to increase 80 basis points. Agile cost management and lower selling costs resulting from both channel mix and the impact of the COVID-19-related temporary furloughs and salary reductions on employee costs resulted in a 20% operating margin, which was just 60 basis points lower than the year ago quarter despite the lower sales. Diluted EPS of $1.44 decreased 14% compared to the prior year. EPS was higher than expected due to both improved sales performance as well as more prudent cost management as doors reopened throughout the quarter.

營業費用下降 7%，銷售額下降的去槓桿效應導致營業費用佔銷售額的百分比增加 80 個基點。由於渠道組合以及 COVID-19 相關臨時休假和減薪對員工成本的影響，靈活的成本管理和較低的銷售成本導致營業利潤率為 20%，僅比去年同期低 60 個基點儘管銷售額較低。稀釋後每股收益為 1.44 美元，較上年下降 14%。每股收益高於預期，原因是銷售業績有所改善，而且隨著整個季度門店重新開張，成本管理更加審慎。

During the quarter, we generated $358 million in net cash flows from operating activities, which was above the prior year due primarily to timing of working capital items. We invested $116 million in capital expenditures, repaid the remaining $750 million outstanding on our bank revolver and paid $174 million in dividends. We also announced this morning a 10% increase in our quarterly dividend to $0.53 per share.

本季度，我們從經營活動中產生了 3.58 億美元的淨現金流量，高於上年，這主要是由於營運資金項目的時間安排。我們在資本支出上投入了 1.16 億美元，償還了剩餘的 7.5 億美元銀行循環貸款，並支付了 1.74 億美元的股息。我們今天上午還宣布將季度股息提高 10% 至每股 0.53 美元。

Our plans under the post-COVID business acceleration plan are on track with approvals expected to accelerate in the second quarter and benefits beginning to flow later in our fiscal year.

我們在後 COVID 業務加速計劃下的計劃正在按計劃進行，預計第二季度將加速批准，並且收益將在我們的財政年度晚些時候開始流動。

So now let's turn to our outlook. We are pleased with the sequential improvement we saw in nearly every market as the world continues to manage the effects of the pandemic. The path to recovery is not expected to be smooth as cases of COVID-19 have begun to surge again in many markets, creating renewed restrictions on travel and social activities. We are mindful of the risk of a global recession or a slow economic recovery as government support measures in certain markets taper off. We also recognize macro risks such as ongoing trade tensions and political uncertainty. Nonetheless, prestige beauty remains a highly desirable product category as evidenced by the sequential improvement in sales trends we experienced this quarter. And we believe our multiple engines of growth strategy positions us well to return to strong global results when the impacts from the pandemic subside.

現在讓我們談談我們的展望。隨著世界繼續控制大流行的影響，我們對幾乎每個市場的連續改善感到滿意。由於許多市場的 COVID-19 病例開始再次激增，對旅行和社交活動造成新的限制，預計復甦之路不會一帆風順。隨著政府對某些市場的支持措施逐漸減少，我們注意到全球經濟衰退或經濟復甦緩慢的風險。我們還認識到持續的貿易緊張局勢和政治不確定性等宏觀風險。儘管如此，高檔美容仍然是一個非常受歡迎的產品類別，本季度我們經歷的銷售趨勢的連續改善證明了這一點。我們相信，當大流行的影響消退時，我們的多個增長戰略引擎使我們能夠很好地恢復強勁的全球業績。

With only 1 quarter of the year completed and the degree of uncertainty I just described, we are not providing explicit sales and EPS guidance for the full year. However, we will provide some underlying assumptions for the year.

由於今年僅完成了 1 個季度以及我剛才描述的不確定程度，我們不會提供全年的明確銷售和 EPS 指導。但是，我們將為這一年提供一些基本假設。

We continue to expect sequential quarterly sales improvement as the global recovery unfolds, assuming no significant second wave resulting in broad scale retail door closures again or other major disruptive events. And we do expect to return to sales growth as of the end -- as of the third quarter.

我們繼續預計隨著全球復甦的展開，季度銷售額將有所改善，假設不會出現導致大規模零售店再次關閉或其他重大破壞性事件的重大第二波。我們確實希望到年底 - 從第三季度開始恢復銷售增長。

Comparisons to our record performance in the prior year first half will be difficult. Conversely, we expect sales and profit to grow significantly in the second half of the year against a period of considerable COVID-19 impacts, with particularly strong growth in the fourth quarter. The inclusion of 6 months of incremental sales from the acquisition of Dr. Jart+ should add about 1 to 2 percentage points to sales growth for the fiscal year but remains slightly dilutive to profit for the year.

很難與我們去年上半年的創紀錄業績進行比較。相反，我們預計下半年的銷售額和利潤將在 COVID-19 影響相當大的時期顯著增長，尤其是第四季度的強勁增長。將收購 Dr. Jart+ 後 6 個月的增量銷售額納入本財年的銷售額增長約 1 至 2 個百分點，但仍會略微稀釋本財年的利潤。

We expect to close a number of our less productive freestanding retail stores and exit certain wholesale doors, primarily in Western markets. While several of our retail customers are also reducing their store footprint, many of the unproductive doors are expected to close later in the fiscal year. Our gross margin has recovered from last quarter's inefficiencies related to the sudden COVID-19 impact. Additionally, we continue to invest in increased capacity to support our strong skin care growth. We will continue to leverage a portion of the savings generated from our cost programs to support advertising and expanding services and capabilities to enable strong growth in our online channels.

我們預計將關閉一些生產力較低的獨立零售店，並退出某些批發市場，主要是在西方市場。雖然我們的一些零售客戶也在減少他們的商店足跡，但許多非生產性門店預計將在本財年晚些時候關閉。我們的毛利率已從上一季度因 COVID-19 的突然影響而導致的低效率中恢復過來。此外，我們繼續投資於提高產能，以支持我們強勁的護膚業務增長。我們將繼續利用我們的成本計劃產生的部分節省來支持廣告和擴展服務和能力，以實現我們在線渠道的強勁增長。

As I mentioned before, we increased our quarterly dividend rate by 10% to $0.53 per share. We also expect to reinstate share repurchases as we gain comfort that the recovery is more sustained.

正如我之前提到的，我們將季度股息率提高了 10% 至每股 0.53 美元。我們還希望恢復股票回購，因為我們對複蘇更加持久感到欣慰。

So while the environment remains quite uncertain, we are providing guidance for the second quarter. For the quarter, we expect sales to decline between 4% and 6% in constant currency. As a reminder, we are comparing against a record prior year quarter where we delivered 16% sales growth and 21% EPS growth last year. We have a robust lineup of holiday offerings at a variety of attractive price points that are carefully targeted to relevant consumer trends we are seeing during this pandemic. And we expect continued strong online sales at our retailers and on our own brand sites.

因此，儘管環境仍然非常不確定，但我們正在為第二季度提供指導。對於本季度，我們預計銷售額按固定匯率計算將下降 4% 至 6%。提醒一下，我們正在與創紀錄的去年同期進行比較，去年我們實現了 16% 的銷售額增長和 21% 的每股收益增長。我們以各種極具吸引力的價格提供了一系列強大的假期產品，這些產品是精心針對我們在這場大流行期間看到的相關消費者趨勢而設計的。我們預計我們的零售商和我們自己的品牌網站的在線銷售將持續強勁。

The incremental sales from Dr. Jart+ are expected to add about 2 points to growth, and currency is expected to be accretive by approximately 1 point. We expect second quarter EPS of $1.45 to $1.60, reflecting the sales outlook, continued cost containment measures and investment in key growth areas like online, innovation in China. Currency is expected to add $0.02 to EPS, and Dr. Jart+ is forecast to dilute EPS by $0.03.

Dr. Jart+ 的增量銷售額預計將增加約 2 個百分點的增長，貨幣預計將增加約 1 個百分點。我們預計第二季度每股收益為 1.45 美元至 1.60 美元，反映了銷售前景、持續的成本控制措施以及對在線、中國創新等關鍵增長領域的投資。 Currency 預計將使 EPS 增加 0.02 美元，而 Dr. Jart+ 預計將稀釋 EPS 0.03 美元。

We will continue to leverage our multiple engines of growth to invest behind a strong recovery in the context of the macro environment. We are taking strategic actions to support long-term sustainable growth by investing appropriately for the long term while supporting the recovery in the near term.

我們將繼續利用我們的多個增長引擎，在宏觀環境背景下投資支持強勁復甦。我們正在採取戰略行動，通過適當的長期投資來支持長期可持續增長，同時支持近期的複蘇。

With a more solid start to the fiscal year and mindful of continued macro volatility over the next several months, we look forward to leveraging the tremendous strength of our brand and driving a strong recovery as the market accommodates.

隨著本財年開局更加穩健，並註意到未來幾個月持續的宏觀波動，我們期待利用我們品牌的巨大實力，並隨著市場的適應推動強勁復甦。

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

我們準備好的發言到此結束。我們很樂意現在回答您的問題。

(Operator Instructions) And our first question is going to come from the line of Lauren Lieberman with Barclays.

（操作員說明）我們的第一個問題將來自 Lauren Lieberman 與 Barclays 的對話。

My question was about channel mix shift, both longer term and in the quarter itself and for fiscal '21. So first piece of it is just over the longer term with the things you've already talked on the acceleration of e-commerce growth, curious if you think it's fair to say that half of your margin expansion over the next several years could come from that channel mix dynamic.

我的問題是關於渠道組合轉變，包括長期和本季度本身以及 21 財年。所以第一部分是關於你已經談到的關於電子商務增長加速的長期問題，很好奇你是否認為可以公平地說未來幾年你的利潤增長的一半可能來自該通道混合動態。

The second was that as we look into fiscal '21, how we should be thinking about the benefits of channel mix on one hand but then the drags that you will experience as less productive doors get closed to the degree that there is stranded costs that come with that or what the impact of door closures, your own doors and also wholesale doors or customers choosing to close doors, what impact that has on the P&L in the short term.

第二個是，當我們研究 21 財年時，一方面我們應該如何考慮渠道組合的好處，但隨後您將遇到的拖累，因為生產率較低的門會關閉到出現擱淺成本的程度對此或關門有何影響，您自己的門以及批發門或客戶選擇關門，短期內對損益有何影響。

Yes. I'll start, and then Tracey will join me in the answer. But basically, all our accelerating engine of growth by channel are more profitable, and that's the good news.

是的。我會開始，然後 Tracey 會和我一起回答。但基本上，我們所有通過渠道加速增長的引擎都更有利可圖，這是個好消息。

On the other side, we have to deliver our brick-and-mortar productivity back to normal. And this obviously will be influenced by how fast COVID retire and how fast the consumer get the confidence again to go in brick-and-mortar and, as you said, by managing some closures. And then we need to turn the total company into growth that, as Tracey said, we believe this will be possible as on quarter 3.

另一方面，我們必須使我們的實體生產力恢復正常。這顯然會受到 COVID 退休的速度以及消費者重新獲得信心進入實體店的速度的影響，正如您所說，通過管理一些關閉。然後我們需要將整個公司轉變為增長，正如 Tracey 所說，我們相信這將在第三季度實現。

And so the combination of the improved accelerating engines of growth, which are more profitable, and the reestablishment of productivity of brick-and-mortar will determine when we can go back to our long-term algorithm of growing about half a margin point per year. Tracey?

因此，改進的加速增長引擎（更有利可圖）與實體生產力的重建相結合，將決定我們何時可以回到我們的長期算法，即每年增長約半個利潤點.特蕾西？

Yes. And Lauren, as you indicated, I mean, timing is -- will really impact that. So in terms of when we expect door closures to occur, we've already had a number of wholesale door closures and freestanding door closures over the last few years when you think about the number of retailers that have gone out of business, unfortunately, in the last couple of years. And certain retailers have also indicated their intent to close doors over the next couple of quarters.

是的。勞倫，正如你所說，我的意思是，時機確實會影響到這一點。因此，就我們預計何時關門而言，在過去幾年中，當您考慮倒閉的零售商數量時，我們已經有許多批發門關閉和獨立門關閉，不幸的是，在最近幾年。某些零售商也表示他們打算在未來幾個季度關門。

With our post-COVID acceleration program, we, too, will be closing doors over the next couple of quarters, more towards the end of the year as well as some freestanding stores. So there will be a timing issue where we do see pressure from underproductive brick-and-mortar doors while we see the uplift that Fabrizio spoke about from our online acceleration. And that's all embedded within the guidance that we've given certainly for the second quarter, and we'll see how the second half of the year plays out. But that's certainly a dynamic that we will be managing in fiscal '21 as the door closures are staged throughout the balance of the year and into fiscal '22.

通過我們的後 COVID 加速計劃，我們也將在接下來的幾個季度關閉大門，更多的是在今年年底以及一些獨立商店。因此，在我們看到 Fabrizio 所說的在線加速帶來的提升的同時，我們確實看到了來自實體門生產效率低下的壓力，這將是一個時間問題。而這一切都包含在我們為第二季度確定的指導中，我們將看到下半年的表現。但這肯定是我們將在 21 財年管理的動態，因為關門將在今年餘下時間和 22 財年期間進行。

Our next question will come from the line of Dara Mohsenian, Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Dara Mohsenian。

So Fabrizio, I was hoping maybe you could give us some perspective on how much of the increased e-commerce demand you've seen since the beginning of the pandemic is sustainable in your mind as you look out longer term. And perhaps within that, can you detail, with the e-commerce sales increase you've seen during the pandemic, how much of that you think is driven by new customers, what level of repeat rates you're seeing among those new customers.

所以 Fabrizio，我希望你能給我們一些看法，從長遠來看，你所看到的自大流行開始以來增加的電子商務需求中有多少是可持續的。也許在其中，您能否詳細說明，隨著您在大流行期間看到的電子商務銷售額的增長，您認為其中有多少是由新客戶推動的，您在這些新客戶中看到的重複率水平如何。

Yes. So first of all, the increase of online in the store during this quarter in total, we were growing about 40%. But our brand.com and other -- some retail.com are growing much stronger. Our brand.com is 60%. So the growth is consistent and I believe, personally, is here to stay. And the reason why it's here to stay because the -- a lot of this growth is about the new consumers that we see online, and many of these new consumers are mature consumers. And before, online was mainly the destination of younger people, millennials, et cetera. Now is the -- it's for everyone. Everyone is online. And also the people that before were not a customer go there -- are going there more often.

是的。所以首先，本季度在線商店的總增長，我們增長了大約 40%。但是我們的 brand.com 和其他——一些 retail.com 正在變得更加強大。我們的 brand.com 是 60%。因此，增長是一致的，我個人認為，它會持續下去。它之所以會留在這裡，是因為——這種增長很大程度上與我們在網上看到的新消費者有關，而這些新消費者中有許多是成熟消費者。以前，在線主要是年輕人、千禧一代等人群的目的地。現在是——它適合所有人。每個人都在線。而且以前不是客戶的人也去那裡 - 去那裡的頻率更高。

So what we see is that people buy online. Maybe in the future when the store will be open, we believe that omnichannel will be very strong. And so people will use both brick-and-mortar and online, obviously. But the amount of partners online will stay higher and, particularly, will stay higher in our estimate in the mature group of consumers, which are very important for us, very important for beauty. So this is a sustainable trend and a sustainable acceleration.

所以我們看到的是人們在線購買。也許未來開店的時候，我們相信全渠道會很強大。因此，很明顯，人們會同時使用實體店和在線商店。但是在線合作夥伴的數量會保持更高，特別是在我們估計的成熟消費者群體中會保持更高，這對我們非常重要，對美容非常重要。所以這是一個可持續的趨勢和可持續的加速。

The second thing, which is happening, which is very important, is historically our high-touch services of advice or the service of customization of the survey of trying the products was exclusively done in stores. And then online, at the beginning, was mainly a convenience buying opportunity of what you already knew.

正在發生的第二件事非常重要，從歷史上看，我們的高接觸建議服務或試用產品調查的定制服務僅在商店進行。然後在線，一開始，主要是一個方便的購買你已經知道的東西的機會。

Shopping was in brick-and-mortar, buying was online. This has changed forever. Now there is shopping in brick-and-mortar, and there is shopping online. And what I mean with that is that the high-touch services of customization of advice of recommendation are now super present online, and the consumer really are catered to this service like never before.

實體店購物，在線購物。這已經永遠改變了。現在有實體店購物，也有網上購物。我的意思是，定制建議建議的高接觸服務現在在網上非常流行，消費者真正以前所未有的方式迎合了這項服務。

So we spoke in our prepared remarks about the availability of chats with consultants, the availability of virtual try-on, the availability of live streaming opportunities, all this is increasing. And the engagement of consumer online is increasing. We mentioned that we have 13 million presence on virtual try-on versus only few millions in the past. So the combination of new consumers, particularly more mature consumer, better services online will attract more time and more engagement, and the development of this opportunity for everyone, I think, is going to be a sustainable and growing segment for many years to come.

因此，我們在準備好的評論中談到了與顧問聊天的可用性、虛擬試穿的可用性、直播機會的可用性，所有這些都在增加。在線消費者的參與度也在增加。我們提到我們有 1300 萬虛擬試穿，而過去只有幾百萬。因此，新消費者的結合，尤其是更成熟的消費者，更好的在線服務將吸引更多的時間和更多的參與，我認為，為每個人開發這個機會，將成為未來許多年可持續發展的部分。

But obviously, we absolutely believe that omnichannel will be also important in the future, and the brick-and-mortar will go back to the right level of productivity, to the right level of traffic, and there will be a combination of the 2. There will be an even better combination of the enterprise.

但顯然，我們絕對相信全渠道在未來也將很重要，實體店將回到正確的生產力水平，回到正確的流量水平，並且兩者將會結合。會有更好的企業結合。

Our next question will come from the line of Dana Telsey with Telsey Advisory group.

我們的下一個問題將來自 Dana Telsey 與 Telsey Advisory group 的聯繫。

As you think about the makeup category, how are you planning for innovation going forward? What does the time line look like?

當您考慮化妝品類別時，您如何規劃未來的創新？時間線是什麼樣子的？

And also, Fabrizio, when you talk about channels, what are your thoughts on the specialty multichannel going forward?

還有，Fabrizio，當你談到渠道時，你對專業多渠道的發展有何看法？

So our point of view in makeup will go back to be a very attractive, a very fast growing category once COVID will retreat. And the makeup is very much linked to usage occasions for makeup. And the usage occasion for makeup include business, obviously, meetings or going to the office, includes social gathering of any kind and include also a positive mood of recovery and the interest of expressing ourselves. And so the -- all this will come back, and will come back strongly. And makeup will come back with it.

因此，一旦 COVID 消退，我們對彩妝的看法將重新成為一個非常有吸引力、增長非常快的類別。而妝容與妝容的使用場合有很大關係。而化妝的使用場合包括商務，顯然，會議或上班，包括任何形式的社交聚會，也包括恢復積極情緒和表達自我的興趣。所以——所有這一切都會回來，而且會強烈地回來。化妝會隨之回來。

As we said in the prepared remarks, there are certain categories of makeup, which are already coming back, already growing, is visible. The makeup is much stronger where COVID abate like in Asia and is -- so is obviously going to come back. And we will be ready for that. We are preparing, starting from the categories that, in our opinion, will come back first. And we are investing not only in ready to sustain the recovery but also investing in innovation in the category that will be the first one to come back.

正如我們在準備好的評論中所說，某些類別的化妝品已經回歸，已經增長，是可見的。在像亞洲這樣 COVID 減弱的地方，妝容要強得多，而且很明顯會捲土重來。我們會為此做好準備。我們正在準備，從我們認為會首先回歸的類別開始。我們不僅投資於準備好維持復甦，而且還投資於將率先復甦的類別中的創新。

If you take today reality, for example, eye makeup is much stronger than other categories just because in a period of masking, eye makeup is more relevant than other, the lips, for example. And so there is a very positive trend in our opinion. It's just a matter of time. And the time will depend on the COVID.

如果以今天的現實為例，眼妝比其他類別強得多，只是因為在遮蔽時期，眼妝比其他類別更重要，例如嘴唇。因此，我們認為存在非常積極的趨勢。這只是時間問題。時間將取決於 COVID。

In terms of your second part of the question, specialty-multi around the world will remain a very strong channel, a very strong channel for us, a strong channel of growth. And in specialty-multi, the strength in our [team] will also be the fact that the retail.com, this channel should continue to increase and should look it out to be very, very strong. The specialty-multi key opportunity is to continue to be strong in store, obviously, but particularly to become equally strong in the retail.com and to bring the services and the experiences that have been so strong in brick-and-mortar to the retail.com in the long term, everywhere in the world.

就問題的第二部分而言，世界各地的專業多學科仍將是一個非常強大的渠道，對我們來說是一個非常強大的渠道，一個強大的增長渠道。在 specialty-multi 中，我們 [團隊] 的實力也將是 retail.com，這個渠道應該繼續增加，並且應該看起來非常非常強大。專業-多關鍵機會是繼續在商店中保持強勢，顯然，但特別是在 retail.com 中變得同樣強大，並將實體店中如此強大的服務和體驗帶到零售業.com 長期適用於世界各地。

And our next question will 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 Steve Powers。

Can we just talk a little bit more about the exit rates and consumption coming out of the first quarter and what you're seeing in terms of momentum, with a little bit more granularity, whether by geography or category or channel, however you think is most constructive.

我們能否多談談第一季度的退出率和消費，以及你在勢頭方面看到的情況，更細化一點，無論是按地域、類別還是渠道，無論你認為是什麼最具建設性。

And if you're able to share a little bit of data around October results, that would be great, because we clearly saw volatility in shipments -- shipment timing over the course of the September quarter. So I'm just curious as to how you are thinking about that month-to-month lumpiness as we look through and out towards the end of the calendar year as well.

如果你能分享一些關於 10 月份結果的數據，那就太好了，因為我們清楚地看到了出貨量的波動——9 月份季度的出貨時間。因此，我很好奇，當我們在日曆年末進行回顧時，您如何看待這種逐月的波動。

Yes. I'll start, and please, Tracey, add any perspective. If I understand correctly your question, so the strength by category is -- in consumption is clearly in skin care, and this remains very strong and in certain regions further accelerating. And within skin care, there are certain subcategories like moisturizers, serum masks, which are really flying or eye products, so products for the contour of the eye, et cetera. So the skin care and certain skin care category is clearly the fastest-growing consumption.

是的。我將開始，請 Tracey 添加任何觀點。如果我正確理解你的問題，那麼按類別劃分的優勢是——消費顯然是在皮膚護理方面，而且這仍然非常強勁，並且在某些地區進一步加速。在皮膚護理中，有某些子類別，如保濕霜、血清面膜，它們實際上是飛行產品或眼部產品，因此用於眼部輪廓的產品等等。所以護膚和某些護膚品類顯然是增長最快的消費。

Makeup, I'll just answer one question. Makeup is dependent by category. Eye makeup is a strong consumption. For example, lip makeup is under pressure in this moment. But even with this -- within COVID, this allow us to focus more on the growth consumption in this category.

化妝，我只回答一個問題。化妝取決於類別。眼妝是一種強勢消費。比如唇妝，在這一刻壓力山大。但即使如此——在 COVID 中，這也使我們能夠更多地關注這一類別的增長消費。

Fragrance are surprisingly back faster than what we originally thought, and this is great news for the holidays. In fact, we are ready to try to push fragrances really in the best possible way during the holidays that we believe is a big opportunity, particularly our high-end fragrances and our artisanal fragrance like Jo Malone, Tom Ford, Frédéric Malle, Kilian and Le Labo. And Le Labo is doing extraordinarily well everywhere in the world.

香水的回歸速度出乎意料地比我們原先想像的要快，這對假期來說是個好消息。事實上，我們已準備好在假期期間以最好的方式真正推出香水，我們認為這是一個巨大的機會，特別是我們的高端香水和我們的手工香水，如 Jo Malone、Tom Ford、Frédéric Malle、Kilian 和樂拉波。 Le Labo 在世界各地的表現都非常出色。

And so then hair care, as I think Tracey explained in her prepared remarks, that Aveda is doing exceptionally well. For us, Aveda is having great innovation, a great program, great work online in support of also the salons that work with Aveda. And this brand is also hitting all the areas because it's obviously is about natural, is about taking care of the world. And so it's also very much into the consumer space of sustainability. And this is starting paying big dividends. So hair care also is strong in consumption.

然後是頭髮護理，正如我認為 Tracey 在她準備好的發言中解釋的那樣，Aveda 做得非常好。對我們來說，Aveda 有偉大的創新、偉大的計劃、偉大的在線工作，以支持與 Aveda 合作的沙龍。這個品牌也正在衝擊所有領域，因為它顯然是關於自然的，是關於照顧世界的。因此，它也非常關注可持續發展的消費領域。這開始帶來豐厚的回報。所以護髮也是消費力強的。

And so next by category is skin care strong, hair care strong, fragrance recovering, and makeup is the more gradual recovery that we assume for the long term.

因此，接下來的類別是皮膚護理強，頭髮護理強，香味恢復，化妝是我們認為長期的更漸進的恢復。

In terms of dynamic of the regions, obviously, you have a consumption recovery in Asia, which is much faster than anyone else. And on the contrary, in the U.S. and in Europe, the impact of COVID on recovery has been much bigger. But we see progress everywhere. That's the important thing. The important thing is that the level of progress is recovery is consistent. Every part of the world, despite Asia, is ahead in the trend of recovery.

就地區動態而言，顯然，亞洲的消費復甦比其他任何地方都快得多。相反，在美國和歐洲，COVID 對複甦的影響要大得多。但我們到處都能看到進步。這才是最重要的。重要的是恢復的進展水平是一致的。除了亞洲，世界各地都在復甦的趨勢中走在了前面。

And then in terms of consumer groups, consumption. I found particularly interesting that the consumption has been extraordinary in the more mature consumers. And that's what we see that is a long-term benefit. I mean the younger consumers being the driver of many category, particularly makeup. And in this moment, that's less the case. But the mature consumer has been a bit more following the young consumer in the last probably 5 years. I think this is changing. The mature consumer are getting much more active even in experimenting and trying new innovation. And again, this is, for us, is a very positive sign for the long term. So consumption overall is gradually recovering, and it's gradually recovering across every segment but with very different rate and speed by segment.

然後在消費群體方面，消費。我發現特別有趣的是，更成熟的消費者的消費量非常大。這就是我們所看到的長期利益。我的意思是年輕消費者是許多類別的驅動力，尤其是化妝品。而在這一刻，情況並非如此。但在過去大概 5 年裡，成熟消費者更多地追隨年輕消費者。我認為這正在改變。成熟的消費者甚至在試驗和嘗試新的創新方面也變得更加積極。同樣，對我們來說，從長遠來看，這是一個非常積極的信號。因此，整體消費正在逐步恢復，並且在每個細分市場都在逐步恢復，但各細分市場的恢復速度和速度卻大不相同。

And then in terms of the month for the second quarter, October came in -- is coming in as we expected. So -- and it is reflected in our guidance. So I know we had, starting in July, a little bit of a shipment to restart the business given the fact that some of our inventory levels were low. Particularly in North America, we don't see anything like that in the second quarter. And as you probably know, Steve, October is the smaller of the 3 months in the second quarter. Obviously, November and December with, for us, both Singles Day in China and in Asia as well as holiday, November and December are by far the 2 bigger months.

然後就第二季度的月份而言，10 月份出現了——正如我們預期的那樣。所以 - 它反映在我們的指南中。所以我知道，從 7 月開始，考慮到我們的一些庫存水平很低，我們有一些貨物來重啟業務。特別是在北美，我們在第二季度看不到這樣的情況。你可能知道，史蒂夫，10 月是第二季度 3 個月中較小的一個。顯然，11 月和 12 月對我們來說既是中國和亞洲的光棍節也是假期，11 月和 12 月是迄今為止兩個較大的月份。

And our next question will come from the line of Erinn Murphy, Piper Sandler.

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

My question is around travel retail. It improved very nicely in the quarter. Could you just share a little bit about how much was driven from the higher duty-free allowances in Hainan Island? And then how are you thinking about travel retail for the balance of the year?

我的問題是關於旅遊零售的。它在本季度得到了很好的改善。您能否分享一下海南島較高的免稅額度帶來了多少影響？那麼您如何看待今年餘下時間的旅遊零售？

Travel retail had an exceptional performance. And clearly, the West, meaning Europe and the Americas are very basically closed or very, very small travel. So the first thing is the recovery has been driven by Asia. And within Asia, there are 3 elements, which are driving this recovery. The first, as we discussed, is the acceleration of domestic travel within China, with Hainan at the center of that. And Hainan has been seeing both an increase of traffic, meaning domestic tourism, that came back at a very high percentage. I think the number published, they are already about 80% of what they historically were in terms of domestic travel and in terms of traffic and then the increase of possibility of buying per consumer that together have generated the very big growth that we have seen. And we believe this is so sustainable.

旅遊零售表現出色。很明顯，西方，也就是歐洲和美洲基本上是封閉的，或者說旅行非常、非常少。因此，首先是複蘇是由亞洲推動的。在亞洲，有 3 個因素在推動這種複蘇。正如我們所討論的，首先是中國國內旅遊的加速發展，而海南是其中的中心。海南的客流量，也就是國內旅遊，都出現了增長，恢復率非常高。我認為公佈的數字，就國內旅行和交通而言，它們已經達到歷史水平的 80% 左右，然後每個消費者購買可能性的增加共同產生了我們所看到的非常大的增長。我們相信這是可持續的。

Then there is the opening of certain corridor in Asia, which has started, particularly Hong Kong, Macao, and then we see -- and Korea is also starting being more solid. So -- and then it's the pretail, meaning the online, the ability to reserve online the product, which is accelerating dramatically. Obviously, in a moment where the consumer are still concerned to go in stores with a lot of people, the ability to do pretail is serving their purpose and make them feel safer and protected. So the combination of those 3 things is having important results, which is increasing conversion. As I said several times, in travel retail, the results are driven by traffic and conversion. And in this moment, even in presence of lower traffic, we are seeing a dramatic increase in conversion.

然後是亞洲某些走廊的開放，特別是香港、澳門，然後我們看到——韓國也開始變得更加穩固。所以 - 然後是 pretail，意思是在線，在線預訂產品的能力，它正在急劇加速。顯然，在消費者仍然擔心去人多的商店的時候，預售的能力正在服務於他們的目的，讓他們感到更安全和受到保護。因此，這三件事的結合產生了重要的結果，即增加了轉化率。正如我多次說過的，在旅遊零售中，結果是由流量和轉化率驅動的。此時此刻，即使流量較低，我們也看到了轉化率的急劇增加。

And what do we see for the long term. The long term will be dependent, obviously, how traffic will be restated. The domestic travel in China is a new element. And obviously, this, we believe, will remain an opportunity for the long term. When international traffic will be reestablished will depend on COVID, obviously. And we will monitor closely and serve this purpose. But the increase of pretailers percentage, particularly in Asia, will remain a very positive element for the long term because we'll have an extraordinarily positive impact, sorry, on conversion, even when international traffic will restart. That because of this is the combination of what's happened during COVID and the opportunity of traffic recovery in the long term will make this channel, in our opinion, will remain one of the most interesting channels for the long term.

從長遠來看，我們會看到什麼。顯然，從長遠來看，交通流量將如何重述。中國國內游是一個新元素。顯然，我們相信，從長遠來看，這仍將是一個機會。顯然，何時恢復國際交通將取決於 COVID。我們將密切監視並為實現這一目的服務。但是，從長遠來看，預售商百分比的增加，尤其是在亞洲，將仍然是一個非常積極的因素，因為我們會對轉換產生非常積極的影響，對不起，即使國際交通將重新開始。因為這是 COVID 期間發生的事情和長期流量恢復機會的結合，我們認為，從長遠來看，該渠道仍將是最有趣的渠道之一。

Our next question will come from Jason English, Goldman Sachs.

我們的下一個問題將來自高盛的 Jason English。

Congratulations on sequential improvement, especially in travel retail. It's quite impressive. I wanted to come back to some of the questions on margins. As we were closing fiscal '19, I think you finished with 17.5% EBIT margin. Your 50 bps algorithm would have landed us to around a 19.5% by fiscal '23. And I referenced fiscal '23 because it may be like the first year where we're back to sort of normal, because we're going to have a lot of turbulence obviously for the remainder of this year and then residual spillover just on door closures, et cetera, in '22.

祝賀連續改進，尤其是在旅遊零售方面。令人印象深刻。我想回到關於邊距的一些問題。當我們結束 19 財年時，我認為您的息稅前利潤率為 17.5%。你的 50 個基點算法將使我們在 23 財年達到 19.5% 左右。我提到了 23 財年，因為這可能就像是我們恢復正常的第一年，因為在今年剩餘時間裡我們顯然會遇到很多動盪，然後只是在關門時產生殘留溢出效應等等，在 22 年。

But if we were tracking towards a 19.5% in '23 before, is there any reason that we can't get to it, if not actually exceed it, right? You're pulling a lot of cost out of the P&L right now. I imagine that you'll discover that not all need to go back, and you've got this pretty compelling, from a margin mix perspective, tailwind. Why -- are there any offsets that prevent you from getting to that 19.5%, if not actually exceeding it, assuming '23 is indeed normalized?

但是，如果我們在 23 年之前跟踪 19.5%，有什麼理由我們不能達到它，如果實際上沒有超過它，對嗎？您現在正在從損益表中提取大量成本。我想你會發現並不是所有人都需要回去，而且從利潤率組合的角度來看，你已經得到了這個非常引人注目的順風。為什麼 - 是否有任何抵消阻止你達到 19.5%，如果實際上沒有超過它，假設 '23 確實被歸一化了？

Yes. I mean I think on the last call, Jason, we indicated that we expected to get potentially to our fiscal '19 margins by fiscal '22. Now part of the post-COVID acceleration program certainly is helping to accelerate the achievement of that. But I think that math is a little aggressive right now for fiscal '23 as we think about the recovery of the business.

是的。我的意思是，我認為在最後一次電話會議上，Jason，我們表示我們預計到 22 財年可能會達到 19 財年的利潤率。現在，後 COVID 加速計劃的一部分肯定有助於加速實現這一目標。但我認為，當我們考慮業務復甦時，現在對於 23 財年的數學計算有點激進。

And obviously, it all depends on how quickly we get back to, to your point, normal as it relates to normal consumption from a brick-and-mortar standpoint and where the balance of the channel mix plays out. So that's a little bit aggressive. But recognize that certainly, given the cost actions we take, as it relates to post-COVID acceleration, to accelerate our brick-and-mortar productivity and, therefore, help our margin and some of the favorable mix items that Lauren indicated earlier from the growth of online as well as when travel retail resumes, which is another factor for us. We had good travel retail performance this quarter. Travel retail is another accretive channel for us. And international travel, whenever that resumes and what that looks like, will also be a factor.

顯然，這完全取決於我們多快恢復正常，因為這與實體店的正常消費以及渠道組合的平衡發揮作用有關。所以這有點激進。但是，當然要認識到，考慮到我們採取的與 COVID 後加速相關的成本行動，以提高我們的實體生產力，因此有助於我們的利潤率和 Lauren 早些時候指出的一些有利的組合項目在線增長以及旅遊零售何時恢復，這對我們來說是另一個因素。本季度我們的旅遊零售業績良好。旅遊零售是我們的另一個增值渠道。國際旅行，無論何時恢復以及看起來如何，也將是一個因素。

So we're very comfortable that we will have margin progression. And we will get to the 19.5% that you're referencing. It's just a matter of timing.

因此，我們對保證金增長感到非常滿意。我們將達到您提到的 19.5%。這只是時間問題。

Our next question will come from the line of Rob Ottenstein, Evercore.

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

Great. I'd love to circle back to Mainland China, and perhaps you can tell us a little bit about the overall sales growth online and off-line, kind of what sort of impact travel retail had on the business? And given your comments about increases in domestic travel, retail in China and Hainan, should we kind of think that (technical difficulty) Mainland China ex travel retail may not see the kind of growth that it's had before.

偉大的。我想回到中國大陸，也許你可以告訴我們一些關於線上和線下整體銷售增長的情況，旅遊零售對業務有什麼樣的影響？鑑於您對中國和海南國內旅遊、零售業增長的評論，我們是否應該認為（技術困難）中國大陸的旅遊零售業可能不會像以前那樣增長。

And then finally, related to China, any kind of impact for timing on 11.11? Did that have any impact?

最後，與中國有關，對 11.11 的時間安排有何影響？那有什麼影響嗎？

So no, I think we look at the Chinese consumers in total. And this was another extraordinary quarter for Chinese consumer consumption. We estimate that the total Chinese consumer consumption was about plus 20%, and we were plus 28% to plus 30% range. So it's -- when you look at the total, so extraordinary.

所以不，我認為我們總體上看的是中國消費者。這是中國消費者消費的又一個不平凡的季度。我們估計中國的消費總量大概是正20%左右，我們是正28%到正30%的區間。所以它是 - 當你看到總數時，如此非凡。

Actually, I think we have developed strength that when the Chinese consumer are shopping mainly online, we are online, and there are high-traffic moment where this happened. When they come back to the store, we are there in brick-and-mortar. And this was again a double-digit growth in brick-and-mortar for the first time after COVID. When they go, domestically travel, go to Hainan, we are among the first being there and being ready for that.

實際上，我認為我們已經發展了實力，當中國消費者主要在線購物時，我們在線，並且在高流量時刻發生了這種情況。當他們回到商店時，我們就在實體店裡。這也是 COVID 之後實體店首次實現兩位數的增長。當他們去國內旅行，去海南時，我們是第一批到達那裡並為此做好準備的人。

So look at us as being dynamically following the Chinese consumer wherever they choose to shop, where the traffic is high by quarter and see that flexibility as a strength rather than having every single channel having to perform in the same way every quarter. This is not going to happen. China is a very dynamic market.

因此，將我們視為動態地跟踪中國消費者，無論他們選擇在哪裡購物，那裡的客流量每季度都很高，並將這種靈活性視為一種優勢，而不是讓每個渠道每個季度都必須以相同的方式執行。這不會發生。中國是一個充滿活力的市場。

And in fact, the online, the 11.11, and then the 18.6, meaning the June events, which are 2 huge peak, do create the fact that in July, August, online is less strong but then domestic travel was much stronger. And the real strength is to be able to be there at the right moment in every one of these channels.

事實上，在線，11.11，然後是 18.6，意味著 6 月的事件，這是 2 個巨大的高峰，確實造成了這樣一個事實，即 7 月、8 月，在線不那麼強勁，但國內旅遊卻強勁得多。真正的優勢在於能夠在正確的時刻出現在這些渠道中的每一個渠道中。

So Chinese consumer is strong. Our growth in China is strong. We are a local organization in China, really focused on the long term with enormously built-in flexibility and collaboration between different groups.

所以中國消費者很強。我們在中國的增長勢頭強勁。我們是中國的本地組織，真正專注於長期發展，具有極大的靈活性和不同團隊之間的協作。

This quarter was particularly interesting because we added more cities, as explained. Brick-and-mortar went back to double-digit growth. Domestic travel went to about 80% of traffic. New consumers were coming in our brands, particularly from lower-tier cities via online and via travel. And we launched 2 new brands, as you heard on fragrances. On top of that, we are expanding our scientific presence and investing in a new research center, an R&D center in Shanghai, that will give us new capabilities to even more locally relevant.

正如所解釋的那樣，本季度特別有趣，因為我們添加了更多城市。實體店恢復了兩位數的增長。國內旅行佔了大約 80% 的流量。新消費者湧入我們的品牌，尤其是通過在線和旅游來自低線城市的消費者。我們還推出了 2 個新品牌，正如您在香水中聽到的那樣。最重要的是，我們正在擴大我們的科學影響力，並投資於一個新的研究中心，一個位於上海的研發中心，這將為我們提供新的能力，以更加貼近當地。

So it's a very strong momentum for China. And we personally -- I personally believe that the consumption of Chinese consumer will be growing strongly for the long term.

所以這對中國來說是一個非常強勁的勢頭。我們個人——我個人認為，從長遠來看，中國消費者的消費將強勁增長。

And our next question will come from the line of Fulvio Cazzol with Berenberg.

我們的下一個問題將來自 Fulvio Cazzol 與 Berenberg 的對話。

Yes. I was wanting to ask about the innovation pipeline. There were some mentions made in the prepared remarks. And I remember in previous quarters, you highlighted that you were being opportunistic in terms of product launches, trying to time them when they could be the most effective. So I was just wondering if you could give us a bit of color on how your first quarter played out. Did that benefit from some of the shifts of innovations from previous quarter? Or was it fairly normalized?

是的。我想問一下創新管道。準備好的發言中提到了一些內容。我記得在前幾個季度，你強調你在產品發布方面是機會主義的，試圖在它們最有效的時候安排它們的時間。所以我只是想知道你是否可以給我們一些關於你第一季度的表現的顏色。這是否受益於上一季度的一些創新轉變？或者它是否相當正常化？

And then following up on that, how should we think about Q2 and maybe even 2021? Is there a lot of pent-up, let's say, innovations to come out and help your growth along, please?

然後跟進，我們應該如何考慮第二季度甚至 2021 年？有沒有很多被壓抑的，比方說，創新出來幫助你的成長，好嗎？

Yes. No, first of all, our innovation has been very strong, 30% of sales in the previous quarters, has been 20%, 25%. So frankly, we don't aim to a specific percentage. Our innovation is very strong, and we have a great pipeline.

是的。不，首先，我們的創新一直很強，前幾個季度銷售額的30%，一直是20%、25%。所以坦率地說，我們的目標不是特定的百分比。我們的創新非常強大，而且我們有很好的渠道。

So your question is how do we decide, how to focus on which innovation? This obviously was the moment where skin care was the most demanded from consumers. And we tend to focus our innovation where there is the strongest trend and the stronger consumer demand. And so definitely, skin care was a big focus.

所以你的問題是我們如何決定，如何專注於哪些創新？這顯然是消費者最需要護膚的時刻。我們傾向於將創新集中在趨勢最強勁和消費者需求更強勁的地方。所以毫無疑問，皮膚護理是一大重點。

Now obviously, on skin care, you cannot plan innovation in a few months. It's a very important investment for the long term. So we had this extraordinary innovation, your Advanced Night Repair and The Concentrator La Mer, that we have planned for that period. It's just that we went even deeper, even stronger because we saw the opportunity. So the innovation timing is set, and we have flexibility obviously to move them when needed. But the most important thing, which is flexible, is the amount of investment and the amount of focus that we can have on different innovation, depending on the consumer demand in that specific moment and in every different location.

現在很明顯，在皮膚護理方面，你不能在幾個月內計劃創新。從長遠來看，這是一項非常重要的投資。所以我們有了這個非凡的創新，你們的 Advanced Night Repair 和 The Concentrator La Mer，我們已經為那個時期計劃好了。只是我們走得更深、更強大，因為我們看到了機會。因此，創新時機已經確定，我們顯然可以靈活地在需要時移動它們。但最重要的是靈活的，是投資的數量和我們可以對不同創新的關注程度，這取決於特定時刻和每個不同地點的消費者需求。

So our agility is about we tailor innovation locally. And so the local teams have the opportunity to launch it light, launch it big, go deeper, postpone the demands, anticipate the demands. There is a lot of flexibility to tailor the innovation to the local consumers, but the fundamental innovation is done with a very accurate pipeline for the long term. And that's why we say our pipeline has never been stronger, frankly. And this was already in place before COVID.

因此，我們的敏捷性在於我們在本地定制創新。因此，當地團隊有機會輕裝上陣、大放異彩、更深入、推遲需求、預測需求。為當地消費者量身定制創新有很大的靈活性，但從長遠來看，基本創新是通過非常準確的渠道完成的。坦率地說，這就是為什麼我們說我們的管道從未如此強大。這在 COVID 之前就已經存在了。

And the only thing I would add to that, we had also very strong innovation. We spoke about the fact that the fragrance category has been a nice surprise for us, and that has been driven by innovation across the board with our fragrance brands and then obviously, hair care with Aveda. Aveda has had a couple of very strong innovation launches this year that really has driven a lot of momentum for us in hair care and certainly helped from a recovery standpoint.

我唯一要補充的是，我們也有非常強大的創新。我們談到了一個事實，即香水類別對我們來說是一個驚喜，這是由我們的香水品牌的全面創新推動的，然後顯然是 Aveda 的護髮產品。 Aveda 今年推出了幾項非常強大的創新產品，確實為我們的護髮行業帶來了很大的動力，從恢復的角度來看肯定也有所幫助。

Where we did see some shifts in innovation and from a timing standpoint is in the makeup category, understandably so. So we do have strong programs lined up for the second half of the year in addition to skin care and fragrance and hair care. Also for our makeup category, hopefully, as people start to gradually wear more makeup and perhaps become more socially active that, that innovation will actually pan out to help to continue to grow that makeup category.

我們確實看到了創新的一些轉變，從時間的角度來看是在化妝品類別中，這是可以理解的。因此，除了護膚、香水和護髮之外，我們確實為今年下半年安排了強大的計劃。同樣對於我們的化妝品類別，希望隨著人們開始逐漸化妝並可能變得更加活躍，這種創新實際上將有助於繼續發展化妝品類別。

Thank you. That concludes the question-and-answer 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 November 16. To hear a recording of the call, please dial (855) 859-2056, passcode 1797894.

謝謝你。今天電話會議的問答部分到此結束。如果您無法參加整個通話，將在下午 1 點提供回放。東部時間今天至 11 月 16 日。要收聽通話錄音，請撥打 (855) 859-2056，密碼 1797894。

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

今天的雅詩蘭黛電話會議到此結束。我要感謝大家的參與，祝大家有個愉快的一天。