雅詩蘭黛 (EL) 2020 Q4 法說會逐字稿

Good day, everyone, and welcome to The Estée Lauder Companies Fiscal 2020 Fourth Quarter and Full year Conference Call. Today's call is being recorded and webcast. For opening remarks and introductions, I would like to turn the call over to Senior Vice President of Investor Relations, Ms. Rainey Mancini.

大家好，歡迎參加雅詩蘭黛公司 2020 財年第四季度和全年電話會議。今天的通話正在錄音並進行網絡直播。對於開場白和介紹，我想將電話轉給投資者關係高級副總裁 Rainey Mancini 女士。

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

你好。出席今天電話會議的有總裁兼首席執行官 Fabrizio Freda；特雷西·特拉維斯（Tracey Travis），執行副總裁兼首席財務官。由於我們今天的許多言論都包含前瞻性陳述，因此請您參閱我們的新聞稿和向美國證券交易委員會提交的報告，您會發現可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges and adjustments disclosed in our press release. All net sales growth numbers are in constant currency. You can find reconciliations between GAAP and non-GAAP figures 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進行的。所有淨銷售額增長數據均以固定匯率計算。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 數據之間的調節表。

For clarity, I would like to remind you that references to online sales include sales of our products from our online channels, including brand.com and third-party platforms as well as estimated sales of our products through our retailers' websites. (Operator Instructions)

為了清楚起見，我想提醒您，在線銷售的參考包括我們的產品通過我們的在線渠道（包括brand.com和第三方平台）的銷售，以及我們通過我們的零售商網站估計的產品銷售。 （操作員說明）

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

現在我將把電話轉給法布里齊奧。

Thank you, Rainey, and hello, everyone. Fiscal year 2020 was truly a year with our parallel as we delivered one of our strongest first halves on record and navigated with agility through an unprecedented pandemic in the second half. In both of these dramatically different halves, our employees led with extraordinary passion, creativity and resiliency. Our hearts continue to be with everyone impacted by COVID-19, and we remain focused on the safety and well-being of our employees, their families and consumers.

謝謝你，雷尼，大家好。 2020 財年確實是與我們相似的一年，我們上半年實現了有記錄以來最強勁的業績之一，並在下半年敏捷地應對了前所未有的大流行。在這兩個截然不同的領域，我們的員工都以非凡的熱情、創造力和韌性進行領導。我們的心繼續與受 COVID-19 影響的每個人同在，我們仍然關注員工、他們的家人和消費者的安全和福祉。

The second half of our fiscal year also marked a period of profound pain as tragic events in the United States highlighted the systemic racial injustice that has plagued our society for far too long. In June, we announced a comprehensive set of commitments to act with urgency on achieving racial equity. We stand in solidarity with our black employees, black consumers and black communities and firmly know black lives matter.

我們財政年度的下半年也標誌著一段深刻的痛苦時期，因為美國發生的悲慘事件凸顯了長期困擾我們社會的系統性種族不公正現象。六月，我們宣布了一系列全面的承諾，緊急採取行動實現種族平等。我們與黑人員工、黑人消費者和黑人社區站在一起，並堅信黑人的生命很重要。

Among our many commitments, we are listening and learning to foster a stronger internal culture and advocacy and inclusion. We are focusing on talent and opportunity to ensure that we are providing more equitable access to professional development and advancements for our black employees. We are ensuring that the end-to-end creative process accurately and consistently represents the black experience and engages black professionals.

在我們的眾多承諾中，我們正在傾聽和學習，以培養更強大的內部文化、宣傳和包容性。我們專注於人才和機會，以確保為黑人員工提供更公平的職業發展和晉昇機會。我們確保端到端的創意過程準確、一致地代表黑人體驗並吸引黑人專業人士。

We are investing for change through a 3-year $10 million pledge for the company, our brands, our foundation, employee-matching gifts and the Lauder family to support nonprofits and are in the process of making the initial $5 million donation. Since announcing our commitments, we have held 30 town halls with our employees and began to identify gaps in our professional development and advancement opportunity for our existing black talent. We have also engaged a diversity-focused recruitment firm and created new diversity recruitment resources. We have commitment to doing more [as a life] at our company and in our communities.

我們承諾為公司、我們的品牌、我們的基金會、員工配套禮物和 Lauder 家族提供 3 年 1000 萬美元的捐款，以支持非營利組織，並正在進行第一期 500 萬美元的捐贈，以實現變革投資。自從宣布我們的承諾以來，我們已經與員工舉行了 30 次市政廳會議，並開始為我們現有的黑人人才尋找專業發展和晉昇機會方面的差距。我們還聘請了一家注重多元化的招聘公司，並創建了新的多元化招聘資源。我們致力於在我們的公司和社區[作為一種生活]做更多的事情。

In the last few months, the company and our employees have also made donations and pledges to organizations around the world to help limit the spread of COVID-19 and ease the related hardship faced by the communities in which we live and work. We made hand sanitizer for frontline workers, high-risk individuals and our employees. The production continues in this day at our facilities in the United States, the United Kingdom, Belgium and Switzerland.

在過去的幾個月裡，公司和我們的員工還向世界各地的組織提供了捐款和承諾，以幫助限制 COVID-19 的傳播並緩解我們生活和工作的社區所面臨的相關困難。我們為一線工人、高危人群和我們的員工製作了洗手液。今天，我們位於美國、英國、比利時和瑞士的工廠仍在繼續生產。

Our brands have found meaningful ways to offer support, and Aveda is a shining example. Its initiative for salon owners and stylists serve to connect and educate as well as to provide financial and business assistance. By offering extended payments term, online sales, reopening tool kits and over 1,000 hours of virtual education, Aveda actively assisted its network during this challenging period of salon closures.

我們的品牌找到了有意義的方式來提供支持，Aveda 就是一個光輝的例子。它為沙龍業主和造型師發起的倡議旨在建立聯繫和教育，並提供財務和商業援助。通過提供延長付款期限、在線銷售、重新開放工具包和超過 1,000 小時的虛擬教育，Aveda 在沙龍關閉的這一充滿挑戰的時期積極協助其網絡。

Turning now to the year's performance. In the first half of fiscal year 2020, sales rose 14% and adjusted EPS climbed 20%. Our continued -- our performance yielded strong global prestige beauty share gains. In fact, our gains accelerated in calendar 2019. We were well on our way to a third fiscal year double-digit sales and adjusted EPS growth.

現在談談今年的表現。 2020財年上半年，銷售額增長14%，調整後每股收益增長20%。我們持續的業績使全球聲譽美容市場份額強勁增長。事實上，我們的收益在 2019 年加速了。我們正在順利實現第三個財年銷售額和調整後每股收益的兩位數增長。

Despite extensive temporary store closures worldwide in the second half as COVID-19 pandemic took hold, sales fell only 20%, and we were profitable as we quickly pivoted to online to capture consumption and adjust our cost structure. Our multiple engines of growth strategy, which has powered our success for over a decade, continues to be highly effective. The company diversified prestige beauty portfolio gives us many levers to drive the business. Our robust global skin care portfolio, vibrant online business, a broad exposure to Asia/Pacific are the engines of this moment. In them, we enjoy both strong and growing prestige beauty share and profitability.

儘管下半年因 COVID-19 大流行而導致全球範圍內大量臨時商店關閉，但銷售額僅下降了 20%，而且由於我們迅速轉向線上以捕捉消費並調整成本結構，我們實現了盈利。我們的多引擎增長戰略十多年來為我們的成功提供了動力，並且仍然非常有效。公司多元化的高端美容產品組合為我們提供了許多推動業務發展的槓桿。我們強大的全球護膚產品組合、充滿活力的在線業務以及在亞太地區的廣泛業務是這一刻的引擎。在其中，我們享有強大且不斷增長的美妝市場份額和盈利能力。

Across these engines, the Estée Lauder brand's performance was magnificent in fiscal year 2020 as it achieved its third consecutive year of double-digit sales growth. Impressively, the brand hero franchises of Advanced Night Repair, Revitalizing Supreme, Perfectionist, Re-Nutriv and Micro Essence all contributed meaningfully to growth.

在這些引擎的推動下，雅詩蘭黛品牌在2020財年的表現十分亮眼，連續第三年實現了兩位數的銷售額增長。令人印象深刻的是，Advanced Night Repair、Revitalizing Supreme、Perfectionist、Re-Nutriv 和 Micro Essence 等品牌英雄系列都為增長做出了有意義的貢獻。

For the fiscal year, skin care performed exceptionally well. Estée Lauder, La Mer, Tom Ford, Origins, Darphin and Le Labo drove growth organically, while the category also benefited from the acquisition of Dr. Jart+. We delivered excellent performance across subcategories, owing to strong repeat purchase rates, data and analytics-driven marketing, new social selling strategies developed during COVID-19 and highly desirable innovation.

本財年，護膚品表現異常出色。雅詩蘭黛、La Mer、Tom Ford、Origins、Darphin 和 Le Labo 推動了有機增長，而該品類也受益於收購 Dr. Jart+。由於強勁的重複購買率、數據和分析驅動的營銷、在 COVID-19 期間制定的新社交銷售策略以及非常理想的創新，我們在各個子類別中取得了出色的業績。

Among the subcategories, demand for watery lotions is soaring as a hydrating step before serums and moisturizer in the new era of self-care. Estée Lauder Micro Essence, La Mer The Treatment Lotion, Origins Dr. Weil Mega-Mushroom Treatment Lotion delivered outstanding growth for the fiscal year, and we expect to continue favorability in this compelling subcategory.

在這些子類別中，在自我護理的新時代，作為精華液和保濕霜之前的補水步驟，水乳液的需求正在飆升。雅詩蘭黛微精華、海藍之謎護理乳液、Origins Dr. Weil 超級蘑菇護理乳液在本財年實現了出色的增長，我們預計這一引人注目的子類別將繼續受到青睞。

Beyond watery lotions, our serums and night care subcategories are prospering. For serums, cherished heroes like Estée Lauder Advanced Night Repair and innovation from Clinique Even Better line and Estée Lauder Perfectionist and the Re-Nutriv franchise bolstered growth in fiscal year 2020. La Mer New Eye Concentrate launched a few months ago has been highly sought as consumers are embracing its lighter texture and new claims. In EMEA, the product was the best seller on lamer.com in the fourth quarter.

除了水乳液之外，我們的精華液和夜間護理子類別也在蓬勃發展。在精華液方面，雅詩蘭黛高級夜間修復系列等備受推崇的英雄產品以及倩碧 Even Better 系列和雅詩蘭黛 Perfectionist 以及 Re-Nutriv 系列的創新推動了 2020 財年的增長。幾個月前推出的海藍之謎新眼部濃縮液受到了高度追捧，因為消費者正在接受其更輕盈的質地和新的主張。在歐洲、中東和非洲地區，該產品是第四季度lamer.com上最暢銷的產品。

Trusted brands like Clinique flourished online when brick-and-mortar closed. In the fourth quarter, Clinique U.S. prestige beauty share rose on retailer.com, solidifying its #1 rank. Sales on clinique.com were the largest across of all our brand sites in the quarter driven by heroes Dramatically Different Moisturizing Lotion and Moisture Surge. Clinique's promise to deliver products that are simple, safe and effective for skin is resonating loudly online.

當實體店關閉時，像倩碧這樣值得信賴的品牌在網上蓬勃發展。第四季度，倩碧美國高端美容產品在retailer.com上的份額有所上升，鞏固了其第一名的地位。在英雄 Dramatically Different Moisturizing Lotion 和 Moisture Surge 的推動下，clinique.com 上的銷售額是本季度我們所有品牌網站中最大的。倩碧承諾提供簡單、安全且有效的皮膚產品，這一承諾在網上引起了強烈反響。

Our online business surged worldwide in fiscal 2020. It delivered nearly triple-digit organic sales growth in the fourth quarter, which is a testament to the capabilities and scale we had built. Each of brand.com, brand boutiques and platforms such as Tmall and retailer.com doors contributed meaningfully.

2020 財年，我們的在線業務在全球範圍內激增。第四季度實現了近三位數的有機銷售增長，這證明了我們已經建立的能力和規模。每個brand.com、品牌精品店以及天貓和retailer.com 等平台都做出了有意義的貢獻。

On our brand sites, in particular, we delivered nearly 90% organic sales growth globally in the fourth quarter as we increased the investments to offer the best high-touch services. We quickly evolved our live chat capability to offer video. We also enhanced our virtual try-on to include more categories. We rapidly deployed live streaming first in Mainland China and then globally, engaging makeup artists as well as brand ambassadors for tutorials. Our live streams are shoppable, meaning that consumers can make purchases within the event.

特別是在我們的品牌網站上，隨著我們增加投資以提供最佳的高接觸服務，我們第四季度在全球範圍內實現了近 90% 的有機銷售增長。我們迅速發展了實時聊天功能以提供視頻。我們還增強了虛擬試穿以包含更多類別。我們首先在中國大陸，然後在全球範圍內迅速部署了直播，邀請化妝師和品牌大使進行教程。我們的直播是可購物的，這意味著消費者可以在活動中進行購買。

Across the brands, traffic grew significantly in the fourth quarter, and conversion rates rose dramatically. Encouragingly, we saw strong growth in engagement and repeat purchase behaviors. Both new and existing consumers shopped our brand sites more frequently as, for example, with Origins and Estée Lauder in the United States, reinforcing the great work we are doing to cultivate and retain consumers through this moment. Consumers have discovered new shopping habits online that are enduring, and this is true of all ages.

各個品牌的流量在第四季度均大幅增長，轉化率也大幅上升。令人鼓舞的是，我們看到參與度和重複購買行為的強勁增長。新消費者和現有消費者都更頻繁地在我們的品牌網站上購物，例如美國的 Origins 和雅詩蘭黛，這強化了我們在這一時刻為培養和留住消費者所做的偉大工作。消費者已經發現了持久的新在線購物習慣，這對於所有年齡段的人來說都是如此。

Clinique's live streaming series designed to both entertain and educate led consumers to return more frequently, spend 4x longer on site and convert at far higher levels. The brand's June live streaming event with Clinique global ambassador Emilia Clarke surpassed this newly elevated conversion levels.

倩碧的直播系列旨在娛樂和教育，使消費者更頻繁地返回，在網站上花費的時間延長了 4 倍，轉化率也更高。該品牌 6 月份與倩碧全球大使艾米莉亞·克拉克 (Emilia Clarke) 舉行的直播活動超越了這一新提升的轉化水平。

Bobbi Brown launched its Artistry Like Never Before program in May, offering consumers one-on-one and small group video consultations with national makeup artists. These engaging sections range from 15 to 60 minutes with the 30-minute makeup bag makeover session as the most popular. Conversion rates are incredibly strong with a high level of units per transaction. Bobbi Brown continues to scale this program globally to meet the increasing demand. This is just one example of the many ways our brands are building community through this challenging moment, and we see this as an exciting evolution of the shopping experience for the future.

Bobbi Brown於5月推出了前所未有的Artistry計劃，為消費者提供與國家化妝師的一對一和小組視頻諮詢。這些引人入勝的部分時長從 15 分鐘到 60 分鐘不等，其中最受歡迎的是 30 分鐘的化妝包改造課程。轉化率非常高，每筆交易的單位數量也很高。 Bobbi Brown 繼續在全球範圍內擴展該計劃，以滿足不斷增長的需求。這只是我們的品牌在這個充滿挑戰的時刻建立社區的多種方式的一個例子，我們認為這是未來購物體驗的令人興奮的演變。

Aveda, which led our brands by first launching its ingredient glossary earlier in the year, is seeing guests who engage with the glossary spend 3x more time on aveda.com than average. Further acting on our commitment to ingredient transparency, Clinique, La Mer and Origins launched their ingredient glossaries in the fourth quarter, and we have more to come in fiscal year 2021.

Aveda 在今年早些時候首次推出了成分術語表，引領了我們的品牌，該公司發現使用該術語表的客人在 aveda.com 上花費的時間比平均水平多出 3 倍。為了進一步履行我們對成分透明度的承諾，Clinique、La Mer 和 Origins 在第四季度推出了各自的成分術語表，我們將在 2021 財年推出更多成分術語表。

We maintained our strategic focus on key online shopping events throughout the year. Our advanced planning for these events deliver outstanding results. For the 6/18 midyear shopping festival, The Estée Lauder brand sales on Tmall tripled, and its sales ranked second among all prestige beauty brands. Our Asia/Pacific region delivered superior sales growth in fiscal year 2020. Every category in the region expanded, led by accelerating growth in skin care.

全年我們保持對重點網購活動的戰略重點。我們對這些活動的提前規劃取得了出色的成果。 6/18年中購物節，雅詩蘭黛品牌在天貓的銷售額增長了兩倍，銷售額在所有高端美妝品牌中排名第二。我們的亞太地區在 2020 財年實現了強勁的銷售增長。在護膚品加速增長的帶動下，該地區的每個品類都實現了擴張。

Fragrance also accelerated as consumer desire in the region for our portfolio of luxury and artisanal fragrance builds. Mainland China performed exceptionally. We did sales rising roughly 50% organically in the fourth quarter. Korea and several other markets also grew for the year and fourth quarter, driving prestige beauty share gains for both periods.

隨著該地區消費者對我們的奢華和手工香水產品組合的需求不斷增加，香水業務也加速增長。中國大陸表現異常出色。第四季度我們的銷售額有機增長了大約 50%。韓國和其他幾個市場今年和第四季度也出現增長，推動了這兩個時期的高端美容市場份額的增長。

In Mainland China, the premium and luxury segments of prestige skin care are booming. In fact, luxury is the primary growth driver for the total category. For this, La Mer is ideally positioned with its heritage, iconic ingredients and superior quality. La Mer is helping to grow the category, and the brand shares of prestige skin care is expanding significantly, which is the ideal combination.

在中國大陸，高端護膚品的高端和奢華領域正在蓬勃發展。事實上，奢侈品是整個品類的主要增長動力。為此，La Mer 憑藉其傳統、標誌性成分和卓越品質佔據了理想的地位。 La Mer 正在幫助該品類發展，而高端護膚品的品牌份額正在顯著擴大，這是理想的組合。

Desire for our luxury and artisanal fragrances is strong in the region, and we continue to see the growth. In the fourth quarter, we launched KILIAN and Frédéric Malle in Mainland China with great initial interest from consumers. In Korea, our fragrance sales soared as Jo Malone London and Tom Ford grew, with our launches of KILIAN and Le Labo were also highly sought, collectively driving prestige share gains in the category.

該地區對我們的奢華和手工香水的需求非常強烈，而且我們將繼續看到這種增長。第四季度，我們在中國大陸推出了 KILIAN 和 Frédéric Malle，最初引起了消費者的極大興趣。在韓國，隨著 Jo Malone London 和 Tom Ford 的發展，我們的香水銷量猛增，我們推出的 KILIAN 和 Le Labo 也受到高度追捧，共同推動了該類別中聲望份額的增長。

With air travel still largely curtailed, we are focused on meeting demand locally across the brick-and-mortar and online channels as well as in localized destinations of travel retail. Hainan, in particular, is prospering as tourism gradually resumes, which partially offset the decline of travel retail in the fourth quarter. As of July, duty-free shopping allowances in Hainan have increased more than threefold, which is further boosting consumption. We continue to strengthen our leadership in the travel retail channel.

由於航空旅行仍然大幅減少，我們專注於滿足實體和在線渠道以及本地旅遊零售目的地的本地需求。尤其是海南，旅遊業逐步恢復，呈現繁榮景象，部分抵消了第四季度旅遊零售的下滑。截至7月，海南免稅購物補貼增加了三倍多，進一步拉動了消費。我們繼續加強在旅遊零售渠道的領導地位。

Innovation is fundamental to our strategy. And even in this unique year, it once again represented over 25% of sales. It will play a vital role in fiscal year 2021, powering the engines of the moment and the engines of the future.

創新是我們戰略的基礎。即使在這個獨特的年份，它也再次佔銷售額的 25% 以上。它將在 2021 財年發揮至關重要的作用，為當下和未來的引擎提供動力。

Already out these months are 2 big launches in skin care. La Mer launched its new concentrate as a potent barrier serum newly advanced with antioxidant power to be a double source of strength against environmental stressors and their aging effects. Estée Lauder introduced the breakthrough new generation of its brand's icon, Advanced Night Repair. This powerhouse serum still has all the benefits and texture loyal consumers know and love and now feature innovative new technology.

這幾個月已經推出了兩款護膚品重大產品。 La Mer 推出了新的濃縮精華液，這是一種強效屏障精華素，具有抗氧化功效，是抵抗環境壓力及其衰老影響的雙重力量源泉。雅詩蘭黛推出了其品牌標誌性產品的突破性新一代高級夜間修復產品。這款強大的精華液仍然具有忠實消費者所知道和喜愛的所有功效和質地，並且現在採用創新的新技術。

Tested on women of all skin tones, ethnicities and ages, it now offers the fast-growing, highly desired benefits of firmness, pore minimization and 8-hour antioxidant power on top of its existing wrinkle and uneven skin tone benefits to recruit a younger consumer while retaining our loyal users globally. Its package has been modernized into a luxurious recyclable glass bottle that supports our sustainability initiatives.

經過對所有膚色、種族和年齡的女性進行測試，除了現有的抗皺和膚色不均功效之外，它現在還提供快速增長的、備受期待的緊緻、毛孔縮小和 8 小時抗氧化功效，以吸引年輕消費者同時在全球範圍內保留我們的忠實用戶。它的包裝已現代化為豪華的可回收玻璃瓶，支持我們的可持續發展計劃。

We have exciting launches to come from MAC and Clinique in makeup as we anticipate trends on the horizon. Our pipeline in fragrances and hair care is also robust, with newness from Jo Malone London and Aveda, among others.

隨著我們對即將出現的趨勢的預測，MAC 和倩碧將推出令人興奮的彩妝產品。我們的香水和護髮產品線也很強大，其中包括 Jo Malone London 和 Aveda 等公司的新產品。

Looking ahead, we are confident that we can return to our long-term growth algorithm of 6% to 8% sales growth, 50 basis points of operating margin expansion and double-digit earnings per share growth in constant currency after a period of normalization as the impacts of COVID-19 subside.

展望未來，我們有信心在正常化一段時間後，能夠恢復 6% 至 8% 的銷售增長、營業利潤率擴張 50 個基點以及按固定匯率計算的每股收益兩位數增長的長期增長算法。 COVID-19 的影響消退。

Our citizenship and sustainability goals remains on track. We are also implementing sustainable office practices in Mainland China and exploring green energy solutions there. For fiscal year 2021, we are investing in several strategic priorities intended to drive our long-term sustainable growth. Among the priorities are enhancing manufacturing capabilities, expanding online fulfillment capabilities and further funding growth opportunity in Asia/Pacific, including our new state-of-the-art innovation center in Shanghai. While the world continues to confront many unknowns related to the pandemic, certain realities have emerged that have accelerated our strategy. As online has quickly grown, we need to more aggressively adjust our brick-and-mortar footprint and more closely align with how and where the consumer wants to shop.

我們的公民身份和可持續發展目標仍在正常進行。我們還在中國大陸實施可持續辦公實踐，並探索綠色能源解決方案。 2021 財年，我們正在對多項戰略重點進行投資，旨在推動我們的長期可持續增長。其中的優先事項包括增強製造能力、擴大在線履行能力以及進一步資助亞太地區的增長機會，包括我們在上海新建的最先進的創新中心。儘管世界繼續面臨與這一流行病有關的許多未知因素，但某些現實的出現加速了我們的戰略。隨著在線購物的快速發展，我們需要更積極地調整我們的實體店足跡，並更緊密地配合消費者想要的購物方式和地點。

The Post-COVID Business Acceleration Program we announced today is designed to rapidly reallocate our resources, enabling us to invest in the greatest opportunities for long-term sustainable growth like online, skin care or China. Importantly, this program will also improve the productivity and sustainability of our brand-building brick-and-mortar footprint and better position us to make it experiential and omnichannel. Tracey will discuss the program in more detail.

我們今天宣布的新冠疫情后業務加速計劃旨在快速重新分配我們的資源，使我們能夠投資於在線、皮膚護理或中國等長期可持續增長的最佳機會。重要的是，該計劃還將提高我們品牌建設實體足蹟的生產力和可持續性，並使我們能夠更好地使其成為體驗式和全渠道的。特雷西將更詳細地討論該計劃。

In closing, we confidently bring the strengths of the first half and the learnings from the second half with us into a new fiscal year. I want to thank all our employees for your exceptional contributions across the year, and most especially, the second half. You navigated through an unprecedented period with grace and made us a better company.

最後，我們滿懷信心地將上半年的優勢和下半年的經驗帶入新的財年。我要感謝我們所有的員工在這一年中，尤其是下半年做出的傑出貢獻。您優雅地度過了一個前所未有的時期，並使我們成為一家更好的公司。

Now I will turn the call over to Tracey.

現在我將把電話轉給特蕾西。

Thank you, Fabrizio, and hello, everyone.

謝謝法布里奇奧，大家好。

As Fabrizio said, fiscal 2020 was an extreme tale of 2 halves. At the end of December, we delivered our best half year performance on record. And by the time we closed the year on June 30, COVID-19 had created the backdrop for our worst second half performance. Navigating through this year has certainly been one of the most significant challenges we have faced. At the same time, we are proud to recognize the incredible compassion and resilience of our employees who continue to support their communities and each other as they also work to both mitigate the business impact of COVID-19 and also drive the recovery of our growth.

正如 Fabrizio 所說，2020 財年是一個分為兩半的極端故事。 12月底，我們實現了有記錄以來最好的半年業績。到 6 月 30 日年底時，新冠肺炎 (COVID-19) 已為我們下半年表現最差奠定了基礎。今年無疑是我們面臨的最重大挑戰之一。與此同時，我們很自豪地認識到我們的員工令人難以置信的同情心和韌性，他們繼續支持他們的社區和彼此，同時努力減輕 COVID-19 的業務影響並推動我們增長的恢復。

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.

提醒一下，我今天的評論針對雷尼在電話會議開始時提到的項目進行了調整，淨銷售額增長數據按固定匯率計算。

And now for the quarter results. Net sales for the fourth quarter fell 31% as the majority of our brick-and-mortar distribution throughout the world was closed for much of the quarter. We rapidly accelerated programs to capture additional growth globally online, resulting in nearly double our online sales year-over-year. As a result, online sales, including retailer.com, represented more than 40% of our total sales in the quarter. The December acquisition of Dr. Jart+ added approximately 3 points to net sales growth.

現在是季度業績。第四季度的淨銷售額下降了 31%，因為我們在全球的大部分實體分銷在該季度的大部分時間裡都關閉了。我們迅速加快了旨在實現全球在線額外增長的計劃，使我們的在線銷售額同比增長近一倍。因此，包括 Retailer.com 在內的在線銷售額佔本季度總銷售額的 40% 以上。 12 月收購 Dr. Jart+ 為淨銷售額增長增加了約 3 個百分點。

Regarding our regional performance, net sales in Asia/Pacific rose 16% driven primarily by very strong double-digit growth in skin care. Mainland China returned to previous levels of robust double-digit growth as brick-and-mortar retail reopened and online more than doubled on strong 6/18 midyear shopping festival programs. Nearly every brand and channel rose strong double digits in China. Korea rose mid-single digits, while other markets in the region have been slower to recover.

就我們的區域業績而言，亞太地區的淨銷售額增長了 16%，這主要得益於護膚品領域非常強勁的兩位數增長。隨著實體零售業重新開業，以及在強勁的 6/18 年中購物節計劃下，網上零售業增長了一倍以上，中國大陸恢復了之前強勁的兩位數增長水平。幾乎每個品牌和渠道在中國的業績都實現了兩位數的強勁增長。韓國的增幅為中個位數，而該地區其他市場的複蘇速度較慢。

Net sales in our Europe, the Middle East and Africa region fell 39% with all markets declining. Global travel retail, which is primarily reported in EMEA, was hard hit by the 97% drop in international passenger traffic but still managed to decline less than 30% for the quarter supported by strong local tourism within China. Net sales in the Americas declined 54%, reflecting a very difficult environment throughout the region.

歐洲、中東和非洲地區的淨銷售額下降了 39%，所有市場均出現下滑。主要在歐洲、中東和非洲地區報告的全球旅遊零售業受到國際客運量下降 97% 的嚴重打擊，但在中國強勁的當地旅遊業的支持下，該季度的跌幅仍低於 30%。美洲的淨銷售額下降了 54%，反映出整個地區的環境非常困難。

From a category standpoint, skin care was the most resilient. Net sales grew 3% driven by continued strong increases from the Estée Lauder and La Mer brands in Asia. Skin care sales also benefited from the acquisition of the Dr. Jart+ brand. Net sales in makeup fell 61%, reflecting the greatest impact of COVID-19 work-from-home and social distancing guidelines on consumer preferences, particularly in Western markets where makeup is the largest category.

從品類來看，護膚品是最具彈性的。由於雅詩蘭黛和海藍之謎品牌在亞洲的持續強勁增長，淨銷售額增長了 3%。護膚品銷售也受益於收購 Dr. Jart+ 品牌。化妝品的淨銷售額下降了 61%，反映出 COVID-19 在家工作和社交距離準則對消費者偏好的影響最大，特別是在化妝品為最大類別的西方市場。

Fragrance net sales declined 56%, reflecting the impact of store closures and a shift in consumer preferences from personal colognes to hand wash and home fragrances. Our hair care net sales fell 35%. Most stores and salons were shuttered during the quarter.

香水淨銷售額下降 56%，反映出商店關閉以及消費者偏好從個人古龍水轉向洗手液和家用香水的影響。我們的護髮產品淨銷售額下降了 35%。大多數商店和沙龍在本季度都關閉了。

Our gross margin decreased 840 basis points compared to the fourth quarter last year as we expected. A number of factors contributed to the decline and most were triggered by the impact of COVID-19 on our sales and on our manufacturing locations. Increased obsolescence contributed more than half of the decline as demand for all products, particularly makeup, was sharply curtailed by COVID-19.

正如我們預期的那樣，我們的毛利率比去年第四季度下降了 840 個基點。造成下降的因素有很多，其中大部分是由 COVID-19 對我們的銷售和製造地點的影響引發的。由於所有產品（尤其是化妝品）的需求受到 COVID-19 的大幅削減，導致過時的增加造成了一半以上的下降。

Inefficiencies caused by the temporary shutdown in some of our manufacturing locations and the implementation of social distancing measures reduced capacity and triggered a requirement to recognize these manufacturing costs in the current period rather than when the product is sold. This contributed approximately 210 basis points to the decline. The inventory step-up related to the Dr. Jart+ acquisition increased tariffs, and other supply chain impacts made up the remainder of the decline.

我們一些生產基地的臨時關閉和社會疏遠措施的實施導致效率低下，導致產能下降，並引發了在當期而不是在產品銷售時確認這些製造成本的要求。這導致下跌約 210 個基點。與 Dr. Jart+ 收購相關的庫存增加增加了關稅，而其他供應鏈影響彌補了剩餘的下降。

Operating expenses declined 22%, reflecting the $550 million in cost actions we implemented during the quarter. However, the sudden and dramatic sales decline and the gross margin impacts I just mentioned resulted in a $228 million operating loss for the quarter. The diluted loss per share of $0.53, including $0.03 of unfavorable currency translation and $0.06 dilution from the acquisition of Dr. Jart+.

運營費用下降 22%，反映出我們在本季度實施的 5.5 億美元成本行動。然而，我剛才提到的銷售額突然大幅下滑以及毛利率影響導致該季度運營虧損 2.28 億美元。每股攤薄虧損為 0.53 美元，其中包括 0.03 美元的不利貨幣換算以及收購 Dr. Jart+ 帶來的 0.06 美元攤薄。

Let me now discuss a few elements of our full year results. Net sales declined 3% in constant currency, reflecting the record performance in the first half, followed by the impact of COVID-19 on the second half. Our distribution mix shift continued to evolve, accelerated by COVID-19. Online sales growth accelerated during the year and continued to outpace other channels.

現在讓我討論一下我們全年業績的一些要素。按固定匯率計算，淨銷售額下降 3%，反映了上半年創紀錄的業績，以及下半年 COVID-19 的影響。我們的分銷組合轉變不斷發展，新冠肺炎 (COVID-19) 加速了這一轉變。年內線上銷售增長加快，並繼續領先於其他渠道。

Online, including retailer.com, represented 22% of our total sales during fiscal 2020, a 7-point increase compared to last year. Travel retail delivered a strong performance despite the sharp downturn in the second half and grew high single digits for the year, ending fiscal 2020 at 25% of sales. Department stores globally, including their retailer.com business, represented 31% of fiscal 2020 sales, and North America department stores were 9% of our global sales mix.

包括 Retailer.com 在內的在線銷售額佔 2020 財年總銷售額的 22%，比去年增加了 7 個百分點。儘管下半年急劇下滑，旅遊零售仍表現強勁，全年實現高個位數增長，2020 財年佔銷售額的 25%。全球百貨商店（包括其retailer.com 業務）佔 2020 財年銷售額的 31%，北美百貨商店占我們全球銷售額的 9%。

Our gross margin fell 220 basis points to 75.2% driven largely by the factors I just described in the fourth quarter. For the full year, the increase in obsolescence comprised about half of the decline. The COVID-related manufacturing inefficiencies were approximately 50 basis points, and the Dr. Jart+ acquisition, increased tariffs and other supply chain impacts caused the remainder of the decrease.

我們的毛利率下降了 220 個基點至 75.2%，這主要是由於我剛才在第四季度描述的因素造成的。就全年而言，報​​廢的增加約佔下降的一半。與新冠疫情相關的製造效率低下約 50 個基點，而 Dr. Jart+ 收購、關稅增加和其他供應鏈影響導致了剩餘的下降。

Operating expenses declined $240 million or 3% for the year, reflecting savings from Leading Beauty Forward and our ongoing cost initiatives as well as the cost containment actions we took in response to COVID-19 in the second half of the fiscal year.

本年度運營費用下降了 2.4 億美元，即 3%，反映了 Leading Beauty Forward 的節省、我們持續的成本計劃以及我們在本財年下半年為應對 COVID-19 所採取的成本控制行動。

Our full year operating margin fell 280 basis points to 14.7%, primarily reflecting the gross margin decline, 40 basis points dilution from the inclusion of Dr. Jart+ and the deleveraging effect of lower sales. The capabilities we built during this time and the actions we took and are taking should help position us to emerge strongly when the recovery is in full swing.

我們的全年營業利潤率下降 280 個基點至 14.7%，主要反映了毛利率下降、納入 Dr. Jart+ 帶來的 40 個基點稀釋以及銷售額下降的去槓桿效應。我們在此期間建立的能力以及我們已經採取和正在採取的行動應該有助於我們在復蘇全面展開時強勢崛起。

Our effective tax rate for the year was 23.2%, an increase of 200 basis points over the prior year, primarily driven by the geographic mix of earnings. Net earnings declined 24% to $1.5 billion, and diluted EPS fell 23% to $4.12. Earnings per share was negatively impacted by $0.04 from currency translation and $0.11 dilution from the acquisition of Dr. Jart+.

我們今年的有效稅率為 23.2%，比上年增加 200 個基點，這主要是由於收入的地域組合所致。淨利潤下降 24%，至 15 億美元，稀釋後每股收益下降 23%，至 4.12 美元。每股收益受到貨幣換算帶來的 0.04 美元的負面影響以及收購 Dr. Jart+ 帶來的 0.11 美元的稀釋影響。

We recorded $1.2 billion after tax or $3.31 per share of impairment charges, primarily related to our makeup brands that were initially challenged by a general slowdown in the overall makeup category and along with certain freestanding retail stores, have been further challenged by the impact of COVID-19 on consumer demand. In fiscal 2020, we recorded approximately $68 million after tax or $0.19 per share in restructuring and other charges for our Leading Beauty Forward initiative.

我們錄得稅後 12 億美元或每股 3.31 美元的減值費用，主要與我們的化妝品品牌有關，這些品牌最初受到整體化妝品類別普遍放緩的挑戰，以及某些獨立零售店受到新冠疫情影響的進一步挑戰-19 取決於消費者需求。 2020 財年，我們為“領先美容前沿”計劃記錄了約 6800 萬美元的稅後費用或每股 0.19 美元的重組費用和其他費用。

We remain on track to substantially complete initiatives under the program by the end of fiscal 2021, and we continue to expect annual net benefits of approximately $475 million before taxes. These charges were partially offset by the gain on our minority interest in Dr. Jart+ and favorable changes in the fair value of contingent consideration.

我們仍有望在 2021 財年底之前基本完成該計劃下的舉措，並且我們仍然預計年度稅前淨收益約為 4.75 億美元。這些費用被我們在 Dr. Jart+ 少數股權的收益以及或有對價公允價值的有利變化所部分抵消。

As you have heard, COVID-19 has created a number of disruptions to our business, including accelerating changes in our distribution mix that had been expected to occur over a longer period of time. The Post-COVID Business Acceleration Program that we announced today reflects the need to accelerate additional organizational changes during fiscal 2021 to operate more effectively in the post-COVID reality.

正如您所聽說的，COVID-19 對我們的業務造成了許多干擾，包括加速我們的分銷組合的變化，而這種變化原本預計會在較長時間內發生。我們今天宣布的新冠疫情后業務加速計劃反映了需要在 2021 財年加速額外的組織變革，以便在新冠疫情過後的現實中更有效地運營。

We expect to close select department store counters and between 10% to 15% of freestanding retail stores, primarily in Europe and North America, while also further supporting the accelerating consumer shift to online shopping. This necessitates commensurate changes in our commercial organizations that will result -- reduce the number of employees by a net range of 1,500 to 2,000, primarily point-of-sale and support personnel related to those retail locations.

我們預計將關閉部分百貨商店櫃檯和 10% 至 15% 的獨立零售店（主要在歐洲和北美），同時進一步支持消費者加速轉向網上購物。這需要我們的商業組織做出相應的改變，從而導致員工人數淨減少 1,500 至 2,000 人，主要是與這些零售地點相關的銷售點和支持人員。

While some positions will necessarily be eliminated, we also plan to increase investment in online talent and capabilities, including online consultation by sales associates. We also intend to reinvest a portion of the savings from the program to further build out our online technical capabilities, including accelerating omnichannel capabilities linked to our retail stores and to increase digital media to reach both new and existing consumers.

雖然某些職位必然會被取消，但我們還計劃增加對在線人才和能力的投資，包括銷售人員的在線諮詢。我們還打算將該計劃節省的部分資金進行再投資，以進一步增強我們的在線技術能力，包括加速與我們的零售店相關的全渠道能力，並增加數字媒體以覆蓋新消費者和現有消費者。

The program is beginning now and we expect to realize results fairly quickly, mostly in the coming 2 years. We 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 to drive growth.

該計劃現已開始，我們預計將很快取得成果，主要是在未來兩年內。我們預計到 2022 財年將收取 4 億至 5 億美元的費用，到 2023 財年稅前節省 3 億至 4 億美元，其中一部分將用於再投資以推動增長。

Moving on to cash flows. Cash generated from operations was slightly below last year at $2.3 billion, reflecting lower net sales, partially offset by cost actions and favorable working capital. We utilized $623 million for capital improvements, primarily supporting our e-commerce capabilities, supply chain improvements and information technology. We eliminated or deferred approximately 1/3 of our planned CapEx, mostly related to retail stores and office space upgrades. We also used $1.04 billion net of cash acquired to purchase the remaining ownership interest in Dr. Jart+.

轉向現金流。運營產生的現金略低於去年的 23 億美元，反映出淨銷售額下降，但部分被成本行動和有利的營運資本所抵消。我們利用 6.23 億美元用於資本改善，主要支持我們的電子商務能力、供應鏈改進和信息技術。我們取消或推遲了大約 1/3 的計劃資本支出，主要與零售店和辦公空間升級有關。我們還使用收購的現金淨額 10.4 億美元購買了 Dr. Jart+ 的剩餘所有權權益。

During the year, we borrowed $2.7 billion net of repayments to both fund the acquisition of Dr. Jart+ and to provide liquidity and flexibility as the COVID-19 impacts spread during the second half of the year. We ended the year with $5 billion in cash and cash equivalents and $6.1 billion in short- and long-term debt. Even with these liquidity actions and with lower earnings, we returned $1.4 billion in cash to stockholders during the year via dividends and share repurchase activity. In August, we repaid the remaining outstanding $750 million drawn on our revolver.

今年，我們藉了 27 億美元（扣除還款後的淨額），既為收購 Dr. Jart+ 提供資金，又為下半年 COVID-19 影響蔓延提供流動性和靈活性。截至年底，我們的現金和現金等價物為 50 億美元，短期和長期債務為 61 億美元。儘管採取了這些流動性行動並且收益較低，但我們在這一年中通過股息和股票回購活動向股東返還了 14 億美元現金。 8 月份，我們償還了左輪手槍中剩餘的 7.5 億美元。

In the near term, while we are encouraged by the gradual reopening of markets around the world, it remains difficult to predict the duration of the pandemic, the timing and trajectory of the recovery and the corresponding impact on our business, even while online remains a significant bright spot. Where stores are open, we are seeing traffic return slowly.

短期內，雖然我們對世界各地市場的逐步重新開放感到鼓舞，但仍然很難預測大流行的持續時間、復甦的時間和軌跡以及對我們業務的相應影響，即使在線仍然是一個重要的因素。顯著亮點。在商店開門的地方，我們看到客流量正在緩慢恢復。

We are also mindful of the risk of a global recession and a likely slow recovery in employment as some businesses in Western markets remain closed and many government support measures taper off. Therefore, we are not providing explicit sales and EPS guidance for the full year. However, we can provide you with some underlying assumptions to help at least frame some of your expectations for the year.

我們還注意到全球經濟衰退的風險以及就業可能緩慢復甦的風險，因為西方市場的一些企業仍然關閉，許多政府支持措施逐漸減少。因此，我們不會提供明確的全年銷售額和每股收益指引。但是，我們可以為您提供一些基本假設，至少幫助您確定今年的一些預期。

We do expect to see progressive quarterly sales and profit improvement as retail doors reopen and traffic and travel gradually resumes, assuming no significant second wave occurs. Given this expectation, for the first half of the fiscal year, comparisons to our record performance in the prior first half will be difficult with sales and profit below prior year levels. While online is expected to perform strongly, the momentum for recovery in brick-and-mortar and travel retail will not be realized until later in the second half.

假設沒有出現第二波重大疫情，我們確實預計，隨著零售大門重新開放、交通和旅行逐漸恢復，季度銷售額和利潤將逐步改善。鑑於這一預期，在本財年上半年，由於銷售額和利潤低於去年同期水平，與上半財年創紀錄的業績進行比較將很困難。雖然在線零售預計將表現強勁，但實體和旅遊零售的複蘇勢頭要到下半年才能實現。

Conversely, we expect sales and profit to grow significantly in the second half of the year against a period of considerable COVID impacts, particularly 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. Pricing is expected to add another 2 points of growth.

相反，我們預計，在受新冠疫情影響較大的時期，尤其是第四季度，下半年銷售額和利潤將大幅增長。如果將收購 Dr. Jart+ 帶來的 6 個月銷售增量納入考慮範圍，本財年的銷售增長將增加約 1 至 2 個百分點。定價預計將再增加 2 個百分點。

Our manufacturing capacity is back to near normal levels, and we expect our gross margin to recover accordingly. We expect to realize the full benefit from Leading Beauty Forward in fiscal 2021, and we will continue to maintain some of the COVID-19 cost controls as we progress through the first half of the year. These savings are expected to give us the flexibility to invest more in digital marketing and advertising to support innovation, recruit new consumers and drive brand awareness while also supporting our operating margin recovery.

我們的製造能力已恢復到接近正常水平，我們預計毛利率也會相應恢復。我們預計將在 2021 財年實現Leading Beauty Forward 的全部收益，並且隨著上半年的進展，我們將繼續維持一些 COVID-19 成本控制。這些節省預計將使我們能夠靈活地在數字營銷和廣告方面進行更多投資，以支持創新、招募新消費者並提高品牌知名度，同時也支持我們的營業利潤率恢復。

Our full year effective tax rate is expected to be approximately 23% and net interest expense is expected to be approximately $170 million. Capital expenditures are planned at approximately $900 million as we continue to invest in additional manufacturing and distribution capacity, technology and data analytics, research capabilities and e-commerce to support future growth.

我們的全年有效稅率預計約為 23%，淨利息支出預計約為 1.7 億美元。我們將繼續投資於額外的製造和分銷能力、技術和數據分析、研究能力和電子商務，以支持未來的增長，因此資本支出計劃約為 9 億美元。

And as you saw in the press release today, we declared a quarterly dividend of $0.48 per share. We also expect to reinstate share repurchases sometime during the year as we gain comfort that the recovery is more sustained.

正如您在今天的新聞稿中看到的，我們宣布季度股息為每股 0.48 美元。我們還預計在今年某個時候恢復股票回購，因為我們確信復甦將更加持續。

As we are already halfway through our first quarter, we are more comfortable providing guidance for this quarter. At this time, we expect sales to decline 11% to 12% in constant currency. Sales declines peaked in April and have been gradually improving each month as retail markets around the world reopen for business. The incremental sales from Dr. Jart+ are expected to add about 2.5 points to growth, and currency is expected to be dilutive by approximately 1 point.

由於第一季度已經過半，我們更願意為本季度提供指導。目前，按固定匯率計算，我們預計銷售額將下降 11% 至 12%。銷售額跌幅在四月份達到頂峰，隨著世界各地零售市場重新開業，銷售額每個月都在逐漸改善。 Dr. Jart+ 的增量銷售額預計將為增長增加約 2.5 個百分點，而貨幣預計將攤薄約 1 個百分點。

We expect first quarter EPS of $0.80 to $0.85, reflecting the sales outlook, continued cost containment measures and investment in key growth areas like online, innovation and China. Currency is expected to dilute EPS by $0.01, and Dr. Jart+ is forecast to dilute EPS by $0.06. We look forward to leveraging the tremendous strength of our business and driving a strong recovery in the new fiscal year as the market accommodates.

我們預計第一季度每股收益為 0.80 至 0.85 美元，反映了銷售前景、持續的成本控制措施以及對在線、創新和中國等關鍵增長領域的投資。貨幣預計將稀釋 EPS 0.01 美元，Dr. Jart+ 預計將稀釋 EPS 0.06 美元。我們期待利用我們業務的巨大實力，隨著市場的適應，在新財年推動強勁復甦。

Protecting our agility to invest appropriately for both the near-term recovery and the long-term opportunities inherent in global prestige beauty is paramount to the strategic actions we are taking to continue to support long-term sustainable growth. On behalf of Fabrizio and The Estée Lauder Companies' leadership team, we give thanks to all of our employees around the world for their extraordinary efforts to manage during this unprecedented period.

保護我們為近期復蘇和全球聲譽美容固有的長期機會進行適當投資的靈活性，對於我們為繼續支持長期可持續增長而採取的戰略行動至關重要。我們謹代表 Fabrizio 和雅詩蘭黛公司的領導團隊，感謝世界各地的所有員工在這一前所未有的時期所做出的非凡管理努力。

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。我們很樂意此時回答您的問題。

(Operator Instructions) Our first question will come from the line of Erinn Murphy with Piper Sandler.

（操作員說明）我們的第一個問題將來自 Erinn Murphy 和 Piper Sandler 的線路。

Great. I guess my question is for Fabrizio. You've had a lot of success in digital that was really expounded upon this quarter. Have you changed your views on how you view Amazon as a potential beauty partner? And then secondly, if stores are starting to reopen, can you just talk about how consumers are interacting with stores?

偉大的。我想我的問題是問法布里齊奧的。你們在數字領域取得了很多成功，這一點在本季度得到了真正的闡述。您對亞馬遜作為潛在美容合作夥伴的看法是否有所改變？其次，如果商店開始重新開業，您能談談消費者如何與商店互動嗎？

So no, we have not changed our point of view at this point of time on Amazon. We see such a huge long-term sustainable evolution of our online that we want to focus on that. And specifically, I want to explain what's happening in the online part. Our -- last quarter, our online business was growing at triple digits, and this included 90% growth on our brand.com, great work on retail.com in the 80-plus percent, and also triple digit in our platforms like Tmall. This increase, particularly the brand.com and platforms, is increasing our direct-to-consumer business, which means increasing our data availability of consumers and increasing our ability to market these consumers.

所以不，我們目前在亞馬遜上還沒有改變我們的觀點。我們看到在線業務發生瞭如此巨大的長期可持續發展，因此我們希望重點關注這一點。具體來說，我想解釋一下在線部分發生的事情。上個季度，我們的在線業務以三位數的速度增長，其中包括 Brand.com 90% 的增長、retail.com 80% 以上的出色表現，以及天貓等平台的三位數增長。這種增長，特別是brand.com和平台，正在增加我們的直接面向消費者的業務，這意味著提高我們消費者的數據可用性並提高我們營銷這些消費者的能力。

The other thing we are seeing is a dramatic increase in consumer engagement in the world of online. And because of this better engagement, we are driving loyalty and repeat of our hero products like never before.

我們看到的另一件事是消費者對在線世界的參與度急劇增加。由於這種更好的參與度，我們正在以前所未有的方式提高我們英雄產品的忠誠度和重複率。

And finally, we really see an increase of exclusivity, meaning the consumers that were already there are buying more exclusively our brands and our brands online. And we see the arrival of new consumers across all age groups, which was not the case in the past, where the younger age group was ahead. Now we see really an increase across all age groups. This is a tremendous opportunity, and we will stay focused on leveraging this opportunity in the future.

最後，我們確實看到了排他性的增加，這意味著已經存在的消費者正在更排他地購買我們的品牌和在線品牌。我們看到各個年齡段的新消費者的到來，這與過去不同，年輕年齡段的消費者處於領先地位。現在我們看到所有年齡段的人都在增加。這是一個巨大的機會，我們未來將繼續專注於利用這個機會。

The other thing we are doing is investing in creating better omnichannel capability, which brings you -- bridge to your second part of the question, which is what we see in store. We see that brick-and-mortar stores are and will remain very important, but they will need to be linked more wherever possible in omnichannel ways to the online. The consumer expect the full experience. And the brick-and-mortar store will need to become even more experiential to attract the right traffic on top of being omnichannel.

我們正在做的另一件事是投資創建更好的全渠道能力，這將為您帶來問題的第二部分，這就是我們在商店中看到的。我們看到，實體店現在和將來都非常重要，但它們需要盡可能以全渠道方式與網上建立更多聯繫。消費者期望獲得完整的體驗。實體店需要變得更加體驗化，以在全渠道的基礎上吸引合適的流量。

And so we expect brick-and-mortar to be very important, continue being brand building, but we need, as we explained in the prepared remarks, to rationalize it because we need to increase productivity. We need to bring back the productivity level that have been diminished by the COVID situation. And bringing back the productivity will make the brick-and-mortar more sustainable for the long term that will continue to be an essential part of brand building.

因此，我們預計實體店將非常重要，繼續進行品牌建設，但正如我們在準備好的評論中所解釋的那樣，我們需要使其合理化，因為我們需要提高生產力。我們需要恢復因新冠疫情而降低的生產力水平。恢復生產力將使實體店從長遠來看更具可持續性，這將繼續成為品牌建設的重要組成部分。

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

下一個問題將來自巴克萊銀行的勞倫·利伯曼 (Lauren Lieberman)。

Great. I was hoping we could talk a little bit about North America and sort of underlying brand performance and takeaway, if you will, there. So I think anything you could share, I guess, one, in terms of brand.com performance, and then, two, the degree to which existing retail inventories, so retail inventory at department stores as an example and specialty multi which are redirected to fulfill online orders such that maybe the shipment numbers that you're reporting don't really give us like a full read of how the brands were actually performing during the quarter.

偉大的。我希望我們能談談北美以及一些潛在的品牌表現和外賣，如果你願意的話，在那裡。因此，我認為您可以分享的任何內容，我想，一是在brand.com績效方面，二是現有零售庫存的程度，以百貨商店的零售庫存為例，以及重定向到的專業多庫存履行在線訂單，這樣您報告的發貨數量可能並不能真正讓我們全面了解品牌在本季度的實際表現。

Yes. So first of all, your first part of the question, in North America, our online business has been exceptionally strong, and our brand.com business has been really exceptionally strong. And the penetration of the online business has increased dramatically up to the 40%. And so that changed. Now a lot of this will be sustainable for the reason I was explaining before, meaning that retail.com is increasing. And the reason why it would be sustainable, the engagement of the consumers there is increasing.

是的。首先，問題的第一部分是，在北美，我們的在線業務非常強勁，我們的brand.com 業務也非常強勁。在線業務的滲透率大幅提升至40%。所以情況發生了變化。現在，由於我之前解釋過的原因，其中很多都將是可持續的，這意味著 Retail.com 正在增長。它之所以可持續，是因為消費者的參與度不斷增加。

Our brand.com increase in the 90% is sustainable because we see it from the consumer engagement for the amount of time people spend on our brand.com. Just to give you a sense, a few data points that -- the virtual try-on that we have added or the chat with consultants that we have added or the entertainment activities that we added and the story, explanation of innovation, all these brought in some brands.

我們的brand.com 90% 的增長是可持續的，因為我們從消費者在我們的brand.com 上花費的時間的參與度中看到了這一點。只是為了給你一個感覺，幾個數據點——我們添加的虛擬試穿或者我們添加的與顧問的聊天或者我們添加的娛樂活動以及故事、創新的解釋，所有這些都帶來了在某些品牌中。

Estée Lauder, as an example, we have consumers that spent 26 minutes of our site interacting with us. So we see really the time of interaction, the time of engagement going up. So this is -- will make this very sustainable growth over the long term and joined with our new technologies, will make it probably one of the best consumer experiences over time, a luxury consumer experience, full of experience and our omnichannel capabilities. So that's what's happening now.

以雅詩蘭黛為例，消費者在我們的網站上花了 26 分鐘與我們互動。所以我們確實看到互動時間、參與時間在增加。因此，從長遠來看，這將使這種增長非常可持續，並與我們的新技術相結合，隨著時間的推移，這將使其成為最好的消費者體驗之一，一種奢侈的消費者體驗，充滿體驗和我們的全渠道能力。這就是現在正在發生的事情。

To be clear, this was in our plans. This was part of our compass, but the COVID-19 has anticipated these trends and the speed of matching of these trends over at least 2, 3 years. That's what we are seeing.

需要明確的是，這在我們的計劃中。這是我們指南的一部分，但 COVID-19 至少在 2、3 年內就預見到了這些趨勢以及這些趨勢的匹配速度。這就是我們所看到的。

Now the impact of COVID-19 outbreak, however, is also expected to disrupt the brick-and-mortar in the near term. This, in part, includes the store closure in department stores, which happened obviously in the quarter -- last quarter. They were closed in many, many cases. Closure directed by us will also be added in the future, as we explained in the Post-COVID-19 Acceleration Program.

然而，現在 COVID-19 爆發的影響預計也會在短期內擾亂實體店。這在一定程度上包括百貨商店的商店關閉，這顯然發生在上個季度。在很多很多情況下，它們都被關閉了。正如我們在“後 COVID-19 加速計劃”中所解釋的那樣，未來還將增加由我們指示的關閉。

And then we are conscious of the high level of unemployment, and that is affecting consumer sentiment in total, in general. And we see also this affecting particularly, for the time being, the makeup category. We are managing through this, pivoting towards the online business, as I explained, supporting also -- supported by our new understanding -- granular understanding of consumer and the biggest availability of data that we can drive. And our Post-COVID Business Acceleration Program will -- have accelerate the increased productivity in our freestanding store, in our department stores and should work really to rapidly bring productivity back in the future.

然後我們意識到失業率很高，這總體上影響了消費者的情緒。我們還看到，目前這對化妝品類別的影響尤其明顯。正如我所解釋的，我們正在通過這一點進行管理，轉向在線業務，同時還支持——在我們新的理解的支持下——對消費者的精細理解以及我們可以驅動的數據的最大可用性。我們的新冠疫情后業務加速計劃將加速提高我們獨立商店和百貨商店的生產力，並且應該真正致力於在未來迅速恢復生產力。

Fewer brick-and-mortar location, which is what's happening now in the short term but also will continue in the medium term, will reduce our fixed cost and should help also making the region becoming more profitable with a different mix between online and brick-and-mortar.

實體店數量的減少（短期內正在發生這種情況，但中期內仍將持續）將降低我們的固定成本，並有助於通過在線和實體店的不同組合使該地區變得更有利可圖。和砂漿。

And the only thing I'll add, Lauren, is the brand.com business in North America in the fourth quarter was up almost 70% and represented about 60% of the mix of business. So it was a very strong performer, as you might well imagine, and that, to Fabrizio's point, was the case really across all of our markets.

勞倫，我唯一要補充的是，第四季度北美的 Brand.com 業務增長了近 70%，約佔業務組合的 60%。因此，正如您可能想像的那樣，它是一個非常強大的表現者，而且就 Fabrizio 而言，我們所有市場的情況都是如此。

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

我們的下一個問題將來自尼克·莫迪與加拿大皇家銀行資本市場的對話。

Just a quick clarification. Can you confirm that online margins are [accretive] to the corporate average? That was just a clarification. And then, Tracey, Fabrizio, I mean, how do we think about this post-COVID plan and kind of what you're targeting for like online as a percentage of the overall business? Because a 7-point increase is quite dramatic. I'm just curious how you're thinking about the evolution over the 24-month period over this program.

只是快速澄清一下。您能否確認在線利潤率會[增加]企業平均水平？這只是一個澄清。然後，Tracey、Fabrizio，我的意思是，我們如何看待這個後疫情計劃以及你們的目標，比如在線業務佔整體業務的百分比？因為7個點的提升是相當驚人的。我只是好奇您如何看待該計劃 24 個月期間的演變。

I don't know. I can say, our online margins are stronger than average. So the development of our online business is accretive to the business. That is a fact. And how we are thinking of this, I mean, we are thinking of the continuous growth of the penetration of online in our business. I'm not going to give you a specific number because a lot has to be written in the future.

我不知道。我可以說，我們的在線利潤率高於平均水平。所以我們在線業務的發展對業務有增值作用。這是事實。我們如何看待這一點，我的意思是，我們正在考慮在線在我們業務中的滲透率的持續增長。我不會給你一個具體的數字，因為將來還有很多事情需要寫。

But as a point of reference, we are today at the level of 40% in the most developed online markets of the world, U.S., U.K., China. And other markets are growing tremendously from a much lower base than these 3 markets. But in every market, there is a tremendous growth. So the potential is very high. And we will learn more about what the specific landing point could be, but it's going to be significantly higher than today.

但作為參考，我們今天在世界上最發達的在線市場（美國、英國、中國）中處於 40% 的水平。其他市場的增長速度比這三個市場低得多。但每個市場都有巨大的增長。所以潛力非常大。我們將更多地了解具體的著陸點可能是什麼，但它會比今天高得多。

Yes. So we finished the fiscal year '20 at a 22% online mix, as we said in our prepared remarks. And we would expect online penetration to grow from there, even with the strong growth in the fourth quarter obviously with a lot of our brick-and-mortar closed during much of the quarter. We do still expect the higher penetration in fiscal '21 of online on top of what we saw in full year fiscal '20 with a portion of our brick-and-mortar doors closed.

是的。因此，正如我們在準備好的發言中所說，我們在 20 財年結束時的在線比例為 22%。我們預計在線滲透率將從那時開始增長，儘管第四季度的強勁增長顯然是因為我們的許多實體店在該季度的大部分時間都關閉了。我們仍然預計，在 20 財年全年（部分實體店關閉）的基礎上，21 財年的在線滲透率將會更高。

So to Fabrizio's point, the acceleration of online that we are prepared to continue to sustain with all of the programs that we implemented in Q4 and expect to continue along with other capabilities that we're adding in fiscal '21 should continue to sustain a lot of those consumers that perhaps discovered shopping online for the first time or at least certainly was our record of them for the first time and may continue that practice.

因此，就 Fabrizio 的觀點而言，我們準備繼續維持我們在第四季度實施的所有計劃，並預計將繼續維持在線加速，以及我們在 21 財年添加的其他功能，這應該會繼續維持很多那些可能是第一次發現網上購物的消費者，或者至少肯定是我們第一次記錄他們，並且可能會繼續這種做法。

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

我們的下一個問題將來自 Mark Astrachan 和 Stifel 的線路。

Yes. Wanted to ask, so your growth in calendar first half '20 was slightly above what estimated market share for prestige looked like at least estimated by one of your larger peers, but also then slightly below the growth from that larger peer, which has been somewhat consistent in recent years.

是的。我想問一下，所以你們在20年上半年的增長略高於估計的聲望市場份額，至少是由你們的一個較大的同行估計的，但也略低於那個較大同行的增長，這在某種程度上是近年來一致。

I guess perhaps talk a bit about the dynamics of that and how you anticipate share trends to progress kind of through your fiscal '21, maybe segment geography and kind of what perhaps it has driven some of that underperformance, what you anticipate for the future. And kind of maybe if we're all wrong in kind of looking at that, point that out as well.

我想也許可以談談這方面的動態，以及您對 21 財年股票趨勢的預期如何，也許是細分市場，以及它可能導致表現不佳的原因，以及您對未來的預期。也許如果我們的看法都錯了，也請指出來。

Yes. I'm not sure I understood completely the way you frame the question. But basically, we are growing global market share. And we are -- in prestige, our -- the global market leader. And the total market share is growing and is growing ahead of our competition in general and global level because we are focusing on the area of fastest growth. And most importantly, we are focusing on the areas of profitable, sustainable long-term growth and because of this, the total is growth.

是的。我不確定我是否完全理解您提出問題的方式。但基本上，我們的全球市場份額正在增長。從聲望來看，我們是全球市場的領導者。總市場份額正在增長，並且在總體和全球水平上領先於我們的競爭對手，因為我們專注於增長最快的領域。最重要的是，我們專注於盈利、可持續長期增長的領域，因此，總體就是增長。

Now there are areas of the business where because of our historical business model, we are losing market share. In some cases, also, we are losing more market share than some of our competitors. And those are -- this is specific to the U.S., for example, which is an example of this. But there are areas like China, travel retail, Asia in general, where we are growing and we are growing very fast.

現在，由於我們歷史上的商業模式，在某些業務領域，我們正在失去市場份額。在某些情況下，我們比一些競爭對手也失去了更多的市場份額。這些是——例如，這是美國特有的，這就是一個例子。但在中國、旅遊零售、整個亞洲等地區，我們正在增長，而且增長速度非常快。

So our strategy is not to have our multiple engines of growth to grow all at the same time at any cost. We are trying to put the resources -- reallocate the resources where there is the highest sustainability and rate of return. And in that sense, we really look at the key measure of the global market share. And so that's answered part of your question.

因此，我們的戰略不是不惜一切代價讓多個增長引擎同時增長。我們正在努力將資源重新分配到可持續性和回報率最高的地方。從這個意義上說，我們真正關注的是全球市場份額的關鍵衡量標準。這已經回答了你問題的一部分。

The other part of the question, how we see this market share develop by quarter. As we explained in our prepared remarks, we see really a gradual improvement of our business quarter-by-quarter during fiscal year '21. We explained, which is our view of the first quarter, that second quarter will be better, and the last semester will be really strong. And that's our view of the recovery, and this is a reflection of the way the stores will reopen, COVID will hopefully be managed around the world. And the markets, particularly the consumer sentiment in different parts of the world, will be reestablished.

問題的另一部分是，我們如何看待這個市場份額的季度發展。正如我們在準備好的發言中所解釋的那樣，我們確實看到我們的業務在 21 財年逐季度逐步改善。我們解釋說，這是我們對第一季度的看法，第二季度會更好，上學期會非常強勁。這就是我們對複甦的看法，這反映了商店重新開業的方式，新冠疫情有望在世界各地得到管理。市場，特別是世界不同地區的消費者信心，將得到重建。

Where the consumer sentiment is reestablished, where COVID has allowed the reopening on most of the channels, like China, we are seeing tremendous business and tremendous share gain. So it's also in the area of consumption and market share, that was the core of your question, we see a gradual acceleration of recovery over the years in the fourth quarter of fiscal year 2021.

在消費者情緒重新建立的地方，在新冠疫情允許大多數渠道重新開放的地方，比如中國，我們看到了巨大的業務和巨大的份額增長。因此，在消費和市場份額領域，這也是您問題的核心，我們在 2021 財年第四季度看到多年來的複蘇逐漸加速。

Tracey, maybe you want to add some perspective.

特蕾西，也許你想補充一些觀點。

No. And obviously, we have not provided guidance for the year for obvious reasons as we don't know how the recovery will progress or COVID-19 will impact global markets for the fiscal year. But as we think about the second half of the year, because I know we tried to provide you with as much as we were comfortable providing as it relates to the guidance, but if you think about the second half of the year, comparable, assuming that there is a gradual recovery and there's no other shock to the system, very comparable to our fiscal 2019 EPS performance. So stronger sales growth but comparable to our fiscal '19 EPS growth. And that's with obviously the tax rate and the interest expense callouts that I made.

不。顯然，出於顯而易見的原因，我們沒有提供今年的指引，因為我們不知道復甦將如何進展，也不知道 COVID-19 將如何影響本財年的全球市場。但當我們考慮下半年時，因為我知道我們盡力為您提供與指導相關的盡可能多的信息，但如果您考慮下半年，可比較，假設經濟正在逐步復甦，並且系統沒有受到其他衝擊，這與我們 2019 財年每股收益的表現非常相似。銷售增長如此強勁，但與我們 19 財年的每股收益增長相當。顯然，這與我所做的稅率和利息費用標註有關。

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

我們的下一個問題將來自花旗集團的溫迪·尼克爾森 (Wendy Nicholson)。

The first question is on the stores that you will keep open. Can you give us some sense of what that footprint will look like maybe by brand and by geography? And I know those stores, even though they've been -- the ones that you're closing, they may have been unproductive, but they still have served as great ways to build customer relationships, and they're great branding vehicles and all that kind of good stuff. So how much of the savings from closing those stores do you intend to drop to the bottom line versus reinvest to offset the benefit of that branding presence, if you will, that you've had historically?

第一個問題是關於您將繼續營業的商店。您能否讓我們了解一下按品牌和地理位置劃分的足跡？我知道那些商店，即使它們已經關閉，它們可能效率低下，但它們仍然是建立客戶關係的好方法，而且它們是偉大的品牌傳播工具等等。那種好東西。那麼，您打算將關閉這些商店節省的多少資金降到底線，而不是再投資以抵消您歷史上擁有的品牌影響力的好處（如果您願意的話）？

Yes. Let me start and then Tracey may add some. First of all, we are doing what the consumers are telling us they want. So we are following the consumer preferences evolution. And second, we are responding to the decisions of our retail partners because, to be clear, there are retailers which are reducing the number of stores. There are retailers which are closing. And so first of all, we need to reflect what is the reality of the market.

是的。讓我開始，然後特雷西可能會補充一些。首先，我們正在做消費者告訴我們他們想要的事情。因此，我們正在跟踪消費者偏好的演變。其次，我們正在回應零售合作夥伴的決定，因為需要明確的是，有些零售商正在減少商店數量。有些零售商正在關門。因此，首先，我們需要反映市場的現實。

Second, we need to reflect what the consumer preferences are. And this will result in closing the stores which are the least productive. And so the stores that will remain, which is obviously the large majority, these stores will be more productive and will allow us to make this store experiential and in the appropriate cases also multichannel. And this will make these stores not only sustainable for the long term but will make these stores brand building. While the nonproductive doors, which are not working and there is no traffic, frankly, are losing their power of being brand building.

其次，我們需要反映消費者的偏好是什麼。這將導致生產力最低的商店關閉。因此，剩下的商店（顯然是絕大多數）將更俱生產力，並使我們能夠使這家商店成為體驗式商店，並且在適當的情況下也是多渠道的。這不僅將使這些商店長期可持續發展，而且將使這些商店建立品牌。坦率地說，那些不起作用、沒有流量的非生產性門正在失去品牌建設的力量。

But the large majority of the remaining brick-and-mortar will remain -- will be more productive and will be a fantastic brand-building tool and will continue to create the relationships you were referring to. But the unproductive stores of the world are frankly not very productive relationship today.

但剩下的絕大多數實體店將保留下來——將更俱生產力，並將成為一個出色的品牌建設工具，並將繼續建立你所提到的關係。但坦率地說，當今世界上生產力低下的商店之間的關係並不十分富有成效。

And the -- on the contrary, the online, a new way to work, and particularly the new way of the consumer to engage online, is becoming much more relationship building, much more brand building than ever before. And I think if I had to summarize what is, in my opinion, the biggest change of COVID-19 that made all the online channel, brand.com, platforms, pure plays, retail.com, much more brand engaging, and so much more fully luxury experiences, thanks to technology, than ever before.

相反，在線作為一種新的工作方式，尤其是消費者在線參與的新方式，正在變得比以往任何時候都更加註重建立關係、建立品牌。我想，如果我必須總結一下，在我看來，COVID-19 最大的變化是什麼，它使所有在線渠道、brand.com、平台、純粹的遊戲、retail.com 變得更具品牌吸引力，等等得益於技術，比以往任何時候都更加全面的奢華體驗。

And so to the last part of your question, the savings from this productivity improvement in brick-and-mortar will be, in part, obviously going to the bottom line. But in part, it will be reinvested. It will be invested in making the remaining brick-and-mortar store and our online much more brand building, growing faster and continue to create outstanding relationship with our consumers, not to underestimate the fact that a lot of the strong online growth is in brand.com platforms. So where we have the data access will also give us much more information, data and insights to manage the consumers and the business better in the future.

因此，對於你問題的最後一部分，實體生產力提高帶來的節省顯然將在一定程度上進入利潤。但部分資金將用於再投資。它將投資於使剩餘的實體店和我們的在線商店更多地進行品牌建設，增長更快，並繼續與我們的消費者建立良好的關係，不要低估一個事實，即許多強勁的在線增長都來自於品牌.com 平台。因此，我們擁有數據訪問權限的地方也將為我們提供更多信息、數據和見解，以便我們在未來更好地管理消費者和業務。

And the only thing I'll add to that is most of our stores are profitable. We have had a portion of our stores -- as you have heard us talk about the mix shift we've experienced over the last few years, some of our stores became more marginally profitable. And obviously, COVID-19 accelerated some of them into a loss. As we think about recovery and what to expect in terms of brick-and-mortar recovery, those are stores that now we believe need to close.

我唯一要補充的是，我們的大多數商店都是盈利的。我們有一部分商店——正如你聽到我們談論過去幾年我們經歷的混合轉變一樣，我們的一些商店變得更加邊際盈利。顯然，COVID-19 加速了其中一些企業的虧損。當我們考慮復甦以及實體復甦方面的預期時，我們認為現在需要關閉這些商店。

And as you all know, the deleverage related to some of the fixed cost of freestanding stores when they are not productive is burdensome and certainly prevents us from being able to invest behind recruiting new consumers from a digital marketing perspective. So those are the stores that we will be taking action on. They were on that marginal bubble to begin with and certainly have become loss-making now that -- and we don't expect them to recover from loss-making.

眾所周知，當獨立商店生產力低下時，與某些固定成本相關的去槓桿化是負擔，並且肯定會阻止我們從數字營銷的角度進行投資以招募新消費者。這些就是我們將採取行動的商店。他們一開始就處於邊際泡沫之中，現在肯定已經虧損了——我們不指望他們能從虧損中恢復過來。

As it relates to our mix of stores, you can imagine as well clearly in the more mature markets like North America and Europe, those are where the bulk of the stores are that we will be addressing. And with the challenges in the makeup category, a number of them are in the makeup area, but they're not just makeup. They do comprise some other locations as well where mall productivity has declined and -- or street productivity has declined with some of our freestanding stores.

由於它與我們的商店組合有關，您也可以清楚地想像在北美和歐洲等更成熟的市場中，這些是我們將要解決的大部分商店所在的地方。而彩妝品類的挑戰，有不少是在彩妝領域，但又不僅僅是彩妝。它們確實包括其他一些地點，以及購物中心生產力下降的地方，或者我們的一些獨立商店的街道生產力下降的地方。

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史蒂夫·鮑爾斯（Steve Powers）。

Great. So I guess if we met all of that together and fast forward to when your sales do recover to pre-COVID levels, is it your expectation standing here today that the resulting profitability and margin against those sales will be higher than before just given the productivity and the restructuring efforts and the mix shifts that we're talking about to online and skin care? Or are there reasons to believe that, that may be delayed given the growth reinvestments you just spoke about and maybe some residual weakness in higher-margin channels like travel? I guess I'd love a little bit more color as to how you're thinking about all that.

偉大的。因此，我想，如果我們一起滿足所有這些要求，并快進到當您的銷售確實恢復到新冠疫情前的水平時，您今天站在這裡是否期望這些銷售產生的盈利能力和利潤率將高於以前的生產力以及我們正在談論的在線和皮膚護理的重組努力和組合轉變？或者是否有理由相信，考慮到您剛才談到的增長再投資以及旅遊等高利潤渠道可能存在的一些殘餘弱點，這可能會被推遲？我想我會喜歡更多關於你如何思考這一切的色彩。

So -- and obviously, margin, we don't expect will recover this year. And certainly, with the actions that we're taking, we would hope that we could recover back to fiscal '19 margins by next fiscal year, but that is just the pattern as we believe in fiscal '22, again, all things going smoothly, which has not been the case the last several years, but that in fiscal '22, assuming a normal year, we will be back to the margins that we had pre-COVID and would progress from there, as Fabrizio indicated in his prepared remarks, to -- back to our 6% to 8% top line growth and 50 basis points of margin expansion.

因此，顯然，我們預計今年的利潤率不會恢復。當然，通過我們正在採取的行動，我們希望能夠在下一個財年恢復到 19 財年的利潤率，但這只是我們相信 22 財年的模式，再次，一切都會順利進行過去幾年的情況並非如此，但在 22 財年，假設年份正常，我們將回到新冠疫情之前的邊緣，並將從此取得進展，正如法布里奇奧在準備好的講話中指出的那樣，回到我們 6% 至 8% 的營收增長和 50 個基點的利潤率擴張。

Our next question will come from the line of Rupesh Parikh with Oppenheimer.

我們的下一個問題將來自魯佩什·帕里克（Rupesh Parikh）和奧本海默（Oppenheimer）的線索。

So on the makeup category, I was curious just to get your perspective in terms of how you guys think the makeup recovery could take place from here. And then also, I guess, related to that question, I know obsolescence related to makeup was a big headwind on the gross margin line in Q4. So I was just curious whether that headwind would continue into this fiscal year.

因此，在化妝類別上，我很好奇，只是想了解一下你們對如何從這裡開始化妝恢復的看法。然後，我想，與這個問題相關，我知道與化妝品相關的過時是第四季度毛利率的一大阻力。所以我只是好奇這種逆風是否會持續到本財年。

So I'll answer the second portion of that question. We've clearly adjusted our demand plans and our forecast to be more in line with the trends that we're seeing in makeup this year, even in the recovery. One of the things that we have seen during COVID-19, there has been even an acceleration from a penetration standpoint of interest in skin care, and we certainly expect that to continue next year.

所以我將回答該問題的第二部分。我們已經明確調整了我們的需求計劃和預測，以更加符合我們今年在化妝品領域看到的趨勢，即使是在復蘇時期。我們在 COVID-19 期間看到的一件事是，從滲透率的角度來看，人們對皮膚護理的興趣甚至有所加速，我們當然預計這種情況將在明年繼續下去。

We have some great innovation programs behind our makeup brands as well, but we are adjusting our forecast to the level of consumption we expect coming out of fiscal '20 and the ramp-up through fiscal '21. So we certainly don't expect to see the same level of obsolescence. Unless there is another complete shutdown of business, we don't expect to see the same level of obsolescence in fiscal '21. And Fabrizio?

我們的化妝品品牌背後也有一些偉大的創新計劃，但我們正在調整我們的預測，以適應我們預計 20 財年和 21 財年的消費水平。因此，我們當然不希望看到同樣程度的過時。除非業務再次完全關閉，否則我們預計 21 財年不會出現同樣水平的過時情況。法布里齊奧呢？

Yes. And to the question of will makeup recover, absolutely, makeup as a category is coming back. This is -- what we are seeing is the impact of what COVID has created on the consumer sentiment or consumer behaviors, is the result of wearing masks in many parts of the world, which had an impact on lipstick, that is the result of being in homes and having less interaction -- less social interaction between people. And there is also frankly the stress that COVID and the situation today in many parts of the world is creating that is conducive a bit less to the use of makeup that again is part of a joyful moment and indulgent moment more than anything else.

是的。至於化妝會恢復的問題，毫無疑問，化妝作為一個品類正在回歸。這是——我們看到的是新冠疫情對消費者情緒或消費者行為產生的影響，是世界許多地方戴口罩的結果，這對口紅產生了影響，這是在家裡，互動減少——人與人之間的社交互動減少。坦率地說，新冠疫情和當今世界許多地方的局勢正在造成壓力，這對化妝的使用來說有點不利，而化妝又是歡樂時刻和放縱時刻的一部分，而不是其他任何東西。

And so we expect this to come back. And to come back now -- this is now into point of views. But my point of view is that the makeup cycle will come back very strongly as soon as consumer sentiment will be back and optimism will be back in the future. We'll see this category booming again, and we'll be ready for that.

所以我們預計這種情況會回來。現在回來——這就是現在的觀點。但我的觀點是，一旦消費者信心回升並且未來樂觀情緒回升，化妝品週期就會非常強勁地回歸。我們將看到這一類別再次蓬勃發展，我們將為此做好準備。

But that's exactly the essence of the multiple engines of growth that in this moment is skin care. And there is a reason why it is skin care. Somebody was asking me if the lipstick index is finished. You'll all remember, lipstick index concept was that beauty is a resilient category, both in situational crisis like this one and in -- particularly in a situation of recession risks because they are affordable purchases for indulging and taking care of yourself and the consumer really love their routines.

但這正是多重增長引擎的本質，此時此刻就是護膚。之所以說是護膚，也是有原因的。有人問我口紅索引完成了嗎？你們都記得，口紅指數的概念是，美容是一個有彈性的類別，無論是在像這樣的危機形勢下，還是在經濟衰退風險的情況下，因為它們是放縱和照顧自己和消費者的負擔得起的購買品真的很喜歡他們的日常生活。

Now this has remained exactly true also in this crisis. What has changed is the category. Because of what COVID is, lipstick was not the right category to indicate that, but the resiliency of the overall beauty is still evident, and it's still a very strong market. The way I answer is the lipstick index has been substituted by the moisturizer index, but the concept of index is still there. This is a very resilient category, and makeup will come back when consumer sentiment will come back.

在這場危機中，這一點也同樣正確。改變的是品類。由於新冠疫情，口紅並不是一個正確的類別來表明這一點，但整體美感的彈性仍然很明顯，而且它仍然是一個非常強勁的市場。我的回答是口紅指數已經被保濕指數取代了，但是指數的概念仍然存在。這是一個非常有彈性的品類，當消費者信心回升時，化妝品也會捲土重來。

The next question will come from the line of Steph Wissink with Jefferies.

下一個問題將來自斯蒂芬·維辛克（Steph Wissink）和杰弗里斯（Jefferies）的對話。

Our question relates to trial and discovery. I think, Tracey, you mentioned you have some new launches planned. And also, Fabrizio, you talked about some of the emerging technologies, live streaming, virtual try-on that you're using in your online business. Can you talk a little bit about how you think about trial and discovery going forward, whether it's makeup or skin care? And then also just intertwining your comments on data, customer data and data access.

我們的問題涉及試驗和發現。我想，特雷西，你提到你計劃推出一些新產品。另外，Fabrizio，您談到了您在在線業務中使用的一些新興技術、直播、虛擬試穿等。您能否談談您如何看待未來的試驗和發現，無論是化妝還是護膚？然後還將您對數據、客戶數據和數據訪問的評論交織在一起。

Yes. First of all, trial and discovery is going very well. And what is evolving and continue to be very strong is obviously travel and discovery in store has always been the key point. But what is evolving is trial and discovery online. And the way this is happening is, first of all, we see -- and I said this before, we see consumer spending much more time. So the level of engagement, the level of relationship with our online sites is increasing.

是的。首先，試驗和發現進展順利。顯然，正在不斷發展並繼續保持強勁勢頭的是商店中的旅行和發現一直是關鍵點。但正在發展的是在線試驗和發現。這種情況發生的方式是，首先，我們看到——我之前說過，我們看到消費者花費了更多的時間。因此，參與度、與我們在線網站的關係水平正在不斷提高。

They spend time, and they spend time to discover. Now in terms of trial, we are making a very big new investment in sampling online. So you will go and buy online, for example, in our brand.com your preferred hero products, and then you will receive samples of all what our data suggests that you may like around that when you open your pack at home.

他們花時間，花時間去發現。現在在試驗方面，我們正在在線採樣方面進行非常大的新投資。因此，您可以去網上購買您喜歡的英雄產品，例如在我們的 Brand.com 上，然後當您在家打開包裝時，您將收到我們的數據表明您可能喜歡的所有樣品。

And in this way, we see how we are driving trial. We are driving discovery, frankly, stronger than what we've ever been able to do in the stores because the ability to know what people would like based on data together with the ability to interact with people with more time in the online relationship and to ship to their home, their main purchases allow us to make them try and discover everything else. It's just a matter of the techniques that we choose.

通過這種方式，我們可以了解我們如何進行試驗。坦率地說，我們正在推動發現，比我們在商店中所做的更強大，因為我們能夠根據數據了解人們想要什麼，並且能夠在網上與人們進行更多的互動，並運送到他們的家中，他們的主要購買使我們能夠讓他們嘗試並發現其他一切。這只是我們選擇的技術問題。

So this is the moment where, I believe, trial and discovery can be further enhanced in the luxury business model that we are developing for our future.

因此，我相信，在我們為未來開發的奢侈品商業模式中，現在可以進一步加強試驗和發現。

The next question will come from the line of Michael Binetti with Crédit Suisse.

下一個問題將來自瑞士信貸銀行的邁克爾·比內蒂 (Michael Binetti)。

Would rather ask you a long-term question here, but I do want to clarify one thing that Tracey mentioned. Tracey, I think you said the second half of the year, earnings performance will be the same as fiscal second half of '19. And then I think later, you said EPS growth would be comparable to fiscal '19. Maybe you could clarify that. As I just look back at the model, you did about $2.09 in EPS in the second half of '19. I think everybody is probably going to hook models to that comment. So it would help to get a little clarification there.

我寧願在這裡問你一個長期問題，但我確實想澄清特雷西提到的一件事。特雷西，我想你說過下半年的盈利表現將與 19 財年下半年相同。然後我想後來你說每股收益增長將與 19 財年相當。也許你可以澄清一下。當我回顧一下這個模型時，你在 19 年下半年的每股收益約為 2.09 美元。我認為每個人可能都會將模型與該評論掛鉤。因此，對此進行一些澄清會有所幫助。

And then I guess -- and I do hate to be near term, but it seems like the first quarter guidance bakes in about 800 basis points of an operating margin contraction. I think you said the gross margins should start to improve. And obviously, with the factories open, you'll see less of the accounting drag there from idle factory overhead accruals. I know stores are reopening, but the SG&A was down by $0.5 billion in the fourth quarter. It seems like it should still be meaningfully lower year-over-year even if retail starts to come back online. So I just want to make sure I understand where the pressures on the margin might be in the first quarter related to what you guided.

然後我猜——我確實討厭近期的情況，但第一季度的指導似乎導致營業利潤率收縮約 800 個基點。我認為你說毛利率應該開始改善。顯然，隨著工廠的開業，你會發現閒置的工廠間接費用應計費用所造成的會計拖累會減少。我知道商店正在重新開業，但第四季度的 SG&A 下降了 5 億美元。即使零售業開始恢復在線，似乎仍應同比大幅下降。因此，我只是想確保我了解第一季度利潤壓力可能與您的指導相關。

Sure. So let me start with, again, reiterating the fact we are not giving guidance. So as we try to help you frame your model for the year, given the fact we're not giving guidance, one of the things to think about as we believe that the second half of the year, we will still be recovering our sales growth but will be more normalized, assuming no additional impacts from COVID-19.

當然。因此，讓我首先重申我們沒有提供指導的事實。因此，當我們試圖幫助您構建今年的模型時，考慮到我們沒有提供指導，這是需要考慮的事情之一，因為我們相信今年下半年，我們仍將恢復銷售增長但假設 COVID-19 沒有額外影響，將會更加正常化。

The way you could think about our second half EPS is similar to our adjusted fiscal '19 EPS in the second half, again, with the ramp-up and acceleration in sales that we expect to see. So that is a way to kind of think about the second half of the year. But again, that depends obviously on a continuation of progress as it relates to the recovery.

您對我們下半年每股收益的看法與我們調整後的 19 財年下半年每股收益類似，同樣，我們預計會看到銷售量的增長和加速。這是思考下半年的一種方式。但同樣，這顯然取決於與復蘇相關的持續進展。

As it relates to the first quarter, what we said in our prepared remarks is we do expect gross margin to recover. And so when you think about the margin for Q1, one of the things we are doing is investing in advertising. So even with sales down in the quarter, we have launched our -- one of our most popular products, Advanced Night Repair. And that is -- we are supporting with additional advertising some of the online initiatives as well. We are supporting with additional advertising and other innovation as well. So that is a piece of what's driving some margin deleverage in the first quarter.

由於與第一季度相關，我們在準備好的講話中表示，我們確實預計毛利率將恢復。因此，當你考慮第一季度的利潤時，我們正在做的事情之一就是投資廣告。因此，即使本季度銷售額下降，我們仍然推出了我們最受歡迎的產品之一，高級夜間修復。也就是說，我們還通過額外的廣告來支持一些在線計劃。我們還提供額外的廣告和其他創新支持。因此，這是推動第一季度利潤率去槓桿化的部分原因。

The other piece is higher shipping costs. So we are still catching up a bit from our plants starting up more slowly as it relates to social distancing but now ramped up but really catching up on some of the shipping to replenish some of the product that was low on inventory in certain markets. So that is driving a piece of the margin.

另一件事是更高的運輸成本。因此，我們的工廠啟動速度較慢，因為這與社交距離有關，但現在有所增加，但我們確實趕上了一些運輸，以補充某些市場庫存不足的一些產品。因此，這推動了利潤的增長。

And then when you think about EPS, we obviously have higher net interest expense. So we have higher interest expense, and we have lower interest income given where rates are today. So the combination of that is also putting some pressure on our EPS in the first quarter.

然後，當你考慮每股收益時，我們顯然有更高的淨利息支出。因此，考慮到目前的利率，我們的利息支出較高，而利息收入較低。因此，這些因素的結合也給我們第一季度的每股收益帶來了一些壓力。

And then the last piece, obviously, is I did quote the tax rate, which would be the tax rate we expect to see in the first quarter as well.

最後一點，顯然，我確實引用了稅率，這也是我們預計在第一季度看到的稅率。

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

我們的下一個問題將來自摩根大通的 Andrea Teixeira。

Fabrizio and Tracey, can you help me understand the travel retail performance embedded in the first quarter guidance now that you have more than half of your quarter through? And just a clarification on the puts and takes that, Tracey, you just described for the first quarter. So basically, you're saying there's still a lot of the pressures that we saw in the quarter. So if you can help us like understand like the asset breakdown on some of these expenses, that would be great. But the travel would be my first -- my main question, sorry.

Fabrizio 和 Tracey，既然你們的季度已經過半了，你們能幫我了解第一季度指導中包含的旅遊零售業績嗎？特雷西，您剛剛描述了第一季度的看漲期權和看跌期權，只是對此進行澄清。基本上，您是說我們在本季度看到的壓力仍然很大。因此，如果您能幫助我們了解其中一些費用的資產明細，那就太好了。但旅行將是我的第一次——我的主要問題，抱歉。

So I'll start and then let Fabrizio share his perspective on travel retail. There are still travel restrictions. So travel retail is still largely closed in the first quarter. And again, we expect travel retail really to be the slowest to recover. Now again, we are seeing traffic locally in Asia, in particular, in China. And so that is continuing to pick up, and Fabrizio addressed some of that in his prepared remarks. But we do expect that travel retail will be the slowest to recover.

因此，我將首先讓 Fabrizio 分享他對旅遊零售的看法。仍然存在旅行限制。因此，第一季度旅遊零售業仍基本處於關閉狀態。再次，我們預計旅遊零售業的複蘇速度確實是最慢的。現在，我們再次看到亞洲本地的流量，特別是在中國。因此，這種情況正在繼續好轉，法布里奇奧在他準備好的講話中談到了其中的一些問題。但我們確實預計旅遊零售業的複蘇將是最慢的。

As it relates again to the first quarter. Relative to the fourth quarter, I guess, I'll add to what I said just previously, we did have some furlough programs in the fourth quarter that also are not repeating in the first quarter. So that is another piece of why the expenses, if you're comparing the fourth quarter to the first quarter, might look a bit higher. So it's the advertising, it's the shipping cost. And we do have some of the furlough programs that we had in the fourth quarter that will not be repeating.

因為這又與第一季度有關。相對於第四季度，我想，我要補充一下我之前所說的，我們在第四季度確實有一些休假計劃，這些計劃在第一季度也不會重複。因此，如果您將第四季度與第一季度進行比較，這就是為什麼支出可能看起來更高一些的另一個原因。所以這是廣告，這是運費。我們確實有一些在第四季度實施的休假計劃，這些計劃不會重複。

Probably for -- when you look at the quarter, a more comparable quarter would be the third quarter of last year relative to our first quarter this year in terms of overall performance.

可能是因為——當你看這個季度時，就整體業績而言，相對於今年第一季度來說，去年第三季度更具可比性。

And what I will add on travel retail is that, first of all, in the long term, we believe travel retail will continue to be a very exciting channel. And in this moment, the traffic is very, very low. But for example, the conversion of travelers into buyers is increasing dramatically. Asia is the biggest part of travel retail globally. And the good news is that Asia is going to recover faster than the West, the traveling traffic. And the conversion driven by retail, so basically by travel retail online in Asia, even stronger than in the rest of the world. So the good news that will over time mitigate the current lack of traffic in travel retail is that the recovery is starting from Asia. Asia is the biggest and the most interesting travel retail segment.

關於旅遊零售，我要補充的是，首先，從長遠來看，我們相信旅遊零售將繼續是一個非常令人興奮的渠道。而此時此刻，客流量非常非常低。但舉例來說，旅行者轉變為買家的人數正在急劇增加。亞洲是全球旅遊零售的最大組成部分。好消息是，亞洲的旅遊交通恢復速度將比西方更快。而這種轉變是由零售推動的，基本上是由亞洲在線旅遊零售推動的，甚至比世界其他地區還要強勁。因此，隨著時間的推移，復甦將從亞洲開始，這將緩解當前旅遊零售業客流量不足的好消息。亞洲是最大、最有趣的旅遊零售領域。

The other important thing to say in travel retail is that in this moment, the number of travel retail also in the last quarter at minus 30% has been better than at least we were afraid of because of the many closures around the world. And the reason why it's been better, there are some mitigating factors, which are very important. The most important mitigating factor is that -- has been the start of China local internal travel that, in many cases, is duty-free travel like in the Hainan Island, and the extraordinary increase of what the Chinese are buying within their local duty-free travel is mitigating the lack of the very limited international travel.

旅遊零售業另一件重要的事情是，此時此刻，上個季度的旅遊零售業數量也下降了-30%，這至少比我們擔心的要好，因為世界各地有許多商店關閉。之所以變得更好，有一些緩解因素，這些因素非常重要。最重要的緩解因素是——中國本地國內旅行的開始，在很多情況下，是像海南島那樣的免稅旅行，以及中國人在當地關稅範圍內購買的商品的大幅增加——免費旅行正在緩解非常有限的國際旅行的不足。

But then you can expect for the long term when the international travel will be reinstated, this local internal travel will not go away. And so there will be a stronger and even more exciting long-term travel retail market to manage in which we are today the market leader. And so there is a lot of long-term potential into that, and very exciting to see what's happening in Hainan particularly for the future.

但從長遠來看，當國際旅行恢復時，當地的國內旅行不會消失。因此，將會有一個更強大、更令人興奮的長期旅遊零售市場需要管理，而我們今天是該市場的領導者。因此，這方面有很大的長期潛力，看到海南正在發生的事情，特別是未來，非常令人興奮。

And the only thing I will add in terms of quarter 4 versus quarter 1, obviously, being down 30% in sales in Q4 and progressing to down 11% to 12% in Q1, we are seeing obviously a pickup in our brick-and-mortar business. And so in July, in fact, as Fabrizio indicated, we actually had positive sales growth, and that was related to some of the restocking that we saw in the trade for doors that had been closed and are now reopening. So we are seeing positive signs that we will expect to continue to see throughout the first half even as brick-and-mortar recovers more slowly than obviously the strength we're seeing continue in online.

我唯一要補充的是，第四季度與第一季度相比，第四季度的銷售額下降了 30%，第一季度的銷售額下降了 11% 到 12%，我們明顯看到我們的實體店銷量有所回升。砂漿業務。因此，事實上，正如 Fabrizio 所指出的那樣，在 7 月份，我們的銷售實際上實現了正增長，這與我們在交易中看到的一些已經關閉但現在重新開放的門的補貨有關。因此，我們看到了積極的跡象，我們預計將在整個上半年繼續看到這種跡象，儘管實體店的恢復速度顯然比我們看到的在線持續強勁的速度要慢。

The final question will come from the line of Olivia Tong with Bank of America.

最後一個問題將來自美國銀行的 Olivia Tong 線路。

First, just a follow-up. Could you just say that July was positive overall or specific to a channel? And then just generally speaking, I wanted to ask about the balance between containing costs and supporting the top line because it's clear that your investments resonated in the top line in the last couple of years pre-pandemic. So as we think about the timing of you getting back on your long-term algorithm, clearly, with a focus on efficiency, can you talk about how the organization plans to balance achieving both of those things concurrently?

首先，只是一個後續行動。您能否說 7 月份整體上還是特定於某個渠道是積極的？一般來說，我想問一下控製成本和支持營收之間的平衡，因為很明顯，在大流行前的過去幾年裡，你們的投資在營收中產生了共鳴。因此，當我們考慮您恢復長期算法的時機時，顯然，重點是效率，您能否談談組織計劃如何平衡同時實現這兩件事？

So my comment on July was global, and it was sales growth. And a lot of that being driven from North America actually in terms of some of the restocking within North America and still seeing growth obviously in markets like China and Korea, the same markets that had momentum in the fourth quarter or more momentum. But every market is improving a bit as doors reopen and we start to see traffic flow back to stores. But July really was restocking from many of our retailers that had, had their doors closed, and we're sourcing some of their online sales from their brick-and-mortar doors.

所以我對 7 月份的評論是全球性的，是銷售增長。其中很大一部分是由北美推動的，實際上是北美內部的一些補充庫存，並且在中國和韓國等市場仍然看到明顯的增長，這些市場在第四季度或更大的勢頭中表現強勁。但隨著大門重新開放，每個市場都在有所改善，我們開始看到客流量回流到商店。但七月份確實是從我們許多已經關門的零售商處補貨的，我們從他們的實體店採購了一些在線銷售產品。

In terms of -- so yes, July was positive to the company. But to speak about your second part of the question is the focus on the top line. We are and we intend to remain a high-growth company. So we are really focused on growth, and -- but we are focused on profitable growth. And in the short term, we are -- we'll remain focused on cost containment to make sure that we preserve the resources to invest in growth. So the cost containment in our program is never short term. It's always designed to preserve and reallocate resources for investment in long-term growth and obviously to drive profitability at the right level.

就這一點而言，是的，七月份對公司來說是積極的。但要談論問題的第二部分，重點是最重要的。我們現在是、並且打算繼續成為一家高增長的公司。因此，我們真正關注的是增長，而且——但我們更關注的是盈利增長。在短期內，我們將繼續關注成本控制，以確保我們保留投資於增長的資源。因此，我們計劃中的成本控制從來都不是短期的。它始終旨在保留和重新分配資源，用於長期增長的投資，顯然是為了將盈利能力提高到適當的水平。

So that's the way we think about it. And our compass and our strategy process are very focused in identifying the key areas of growth and the key areas of sustainable profitable growth and to invest in them over proportionally and to continuously reallocate resources in these areas. That's what we are doing. And also, our restructuring program is also designed to give us the flexibility to continue doing that also in the COVID situation despite that we are paying a lot of attention to mitigate the short-term impact of lack of sales with a lot of good action of cost containment.

這就是我們的想法。我們的指南針和戰略流程非常注重確定增長的關鍵領域和可持續盈利增長的關鍵領域，並按比例對其進行投資，並不斷在這些領域重新分配資源。這就是我們正在做的事情。此外，我們的重組計劃還旨在讓我們能夠在新冠疫情形勢下靈活地繼續這樣做，儘管我們非常重視通過採取許多良好行動來減輕銷售不足的短期影響。成本控制。

The -- we are really focused on recovery. That's the key point, recovery of our top line that over time, gradually, will bring back our profitability and our ability to continue to deliver the kind of EPS and double-digit EPS growth that we want to deliver in the long term.

我們確實專注於恢復。這是關鍵點，隨著時間的推移，我們收入的恢復將逐漸恢復我們的盈利能力和繼續實現我們希望長期實現的每股收益和兩位數每股收益增長的能力。

But also, I would like to close, if this is the last question, saying in this COVID crisis, as we try to do in every crisis, I truly believe we are coming up with a better company. And yes, you are focused on the profitability side. This company can go back to being high growth and being high growth with strong profitability but also is a better company in inclusion, in sustainability, in technology.

而且，如果這是最後一個問題，我想在結束時說，在這次新冠危機中，正如我們在每次危機中所做的那樣，我真的相信我們正在打造一家更好的公司。是的，您關注的是盈利能力。這家公司可以恢復高增長，並且以強勁的盈利能力實現高增長，而且在包容性、可持續性和技術方面也是一家更好的公司。

And all of this together will make us also better employer and stronger loyalty, both of employees and of consumers. And I think that's a very important value for the company we are, which our company -- very long-term focus. And I think this crisis has been managed in a way where we'll remain a very long-term focused company and will remain a better company -- will be a better company.

所有這些加在一起將使我們成為更好的雇主，並提高員工和消費者的忠誠度。我認為這對於我們公司來說是一個非常重要的價值，我們公司非常長期關注這一點。我認為，這場危機的管理方式使我們將繼續成為一家非常注重長期發展的公司，並將繼續成為一家更好的公司——將成為一家更好的公司。

And that concludes today's question-and-answer session. If you were unable to join for the entire call, a playback will be available at 1:00 p.m. Eastern Time today through September 3. To hear a recording of the call, please call (855) 859-2056, passcode 4170137. That concludes today's Estée Lauder conference call. I would like to thank you all for your participation and wish you all a great day.

今天的問答環節到此結束。如果您無法加入整個通話，則可在下午 1:00 進行回放。東部時間今天至 9 月 3 日。如需收聽通話錄音，請致電 (855) 859-2056，密碼 4170137。今天的雅詩蘭黛電話會議到此結束。我要感謝大家的參與，並祝大家度過愉快的一天。