雅詩蘭黛 (EL) 2020 Q3 法說會逐字稿

Good day, everyone, and welcome to The Estée Lauder Company's Fiscal 2020 Third Quarter Conference Call.

大家好，歡迎參加雅詩蘭黛公司 2020 財年第三季度電話會議。

Today's call is being recorded and webcast.

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 the 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。

Thank you.

謝謝。

On today's call are Fabrizio Freda, President and Chief Executive Officer; and Tracey Travis, Executive Vice President and Chief Financial Officer.

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 other reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these 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向美國證券交易委員會提交的新聞稿和其他報告，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 and adjustments disclosed in our press release.

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和調整之前。

All net sales growth numbers are in constant currency.

所有淨銷售額增長數字均以固定匯率計算。

You can find reconciliations between GAAP and non-GAAP figures on our press release and on the Investors section of our website.

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。

(Operator Instructions)

（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.

謝謝你，Rainey，大家好。

I hope you are in good health during this difficult time as the world confronts COVID-19.

我希望您在這個世界面臨 COVID-19 的困難時期身體健康。

My heart goes out to those afflicted, and my deep gratitude goes to everyone around the world who is part of the global relief efforts.

我的心與那些受難的人同在，我對世界各地參與全球救援工作的每一個人深表感謝。

Before I discuss results and our strategies to navigate through this challenging environment, I want to first thank our employees at the Estée Lauder Companies.

在我討論結果和我們應對這一充滿挑戰的環境的戰略之前，我想首先感謝雅詩蘭黛公司的員工。

The care and compassion you have shown one another since the outbreak while also balancing new work routines for yourselves and caring for your families has been truly inspiring.

自疫情爆發以來，你們在平衡新的工作常規和照顧家人方面表現出的關懷和同情心確實鼓舞人心。

Your creativity, a sense of collaboration, have risen to new heights as we have adapted our business from marketing to sales to manufacturing and more.

隨著我們將業務從市場營銷調整為銷售再到製造等，您的創造力和協作意識已經上升到新的高度。

Our employees have truly exemplified our belief in leadership from average share.

我們的員工真正體現了我們對平均份額領導力的信念。

The Estée Lauder Companies and some of its charitable foundations have made donations to help limit the spread of the virus and ease the related hardships faced by those it affected.

雅詩蘭黛公司及其一些慈善基金會已經捐款，以幫助限制病毒的傳播並減輕受其影響的人所面臨的相關困難。

To date, we have made donations and commitments to Doctors Without Borders, the New York City COVID-19 Response and Impact Fund, Red Cross Society of China, Shanghai Charity Foundation, Give2Asia and Community Chest of Korea.

迄今為止，我們已經向無國界醫生組織、紐約市 COVID-19 響應和影響基金、中國紅十字會、上海慈善基金會、Give2Asia 和韓國公益金做出了捐贈和承諾。

This week, we established the ELC Care Employee Relief Fund, our newest giving initiative, which will be funded through our contributions from the company, the Lauder family and our employees.

本週，我們設立了 ELC Care 員工救濟基金，這是我們最新的捐贈計劃，我們將通過公司、蘭黛家族和我們員工的捐款來資助該基金。

It will provide immediate and critical financial release to employees whose lives have been impacted by the pandemic.

它將為生活受到大流行影響的員工提供即時和重要的財務釋放。

Our brands have also found meaningful ways to contribute.

我們的品牌也找到了有意義的貢獻方式。

The Estée Lauder brand donated 2 million surgical masks for frontline workers in New York, while Clinique donated 50,000 skin care products to doctor and nurses in New York City's hospitals.

雅詩蘭黛品牌為紐約一線工作人員捐贈了200萬個外科口罩，而倩碧則為紐約市醫院的醫生和護士捐贈了5萬個護膚品。

Aveda launched Aveda Cares, a relief program to benefit independent salons and stylists in the United States.

Aveda 推出了 Aveda Cares 救濟計劃，以幫助美國的獨立沙龍和造型師。

The multifacet initiative will help salons prepare to recover from COVID-19-related closures.

這項多方面的舉措將幫助沙龍準備從與 COVID-19 相關的關閉中恢復過來。

The M.A.C VIVA GLAM Fund is continuing its decades-long giving by allocating $10 million to 250 local organization all over the world that are providing essential needs and services to people at higher risk during the COVID-19 pandemic.

M.A.C VIVA GLAM 基金通過向全球 250 個當地組織撥款 1000 萬美元繼續其長達數十年的捐贈，這些組織在 COVID-19 大流行期間為高風險人群提供基本需求和服務。

I'm also especially proud of how the company mobilized to manufacture hand sanitizer for frontline workers, high-risk individuals and our employees, thanks to the tremendous work of our global research development and supply chains teams.

由於我們全球研發和供應鏈團隊的大量工作，我還為公司如何動員起來為一線工人、高風險人群和我們的員工生產洗手液感到特別自豪。

Our facility in the United States, the United Kingdom and Belgium are making over 1 million hand sanitizers.

我們在美國、英國和比利時的工廠正在生產超過 100 萬個洗手液。

Now turning to the quarter's performance.

現在轉向本季度的表現。

As we discussed with you on our last earnings call in early February, we expected third quarter sales to decline.

正如我們在 2 月初的上一次財報電話會議上與您討論的那樣，我們預計第三季度銷售額將下降。

After a strong January globally, we anticipated pressure in February and March in our Asia/Pacific region and our travel retail channel, given the extent of the COVID-19 outbreak at that point in time.

在 1 月份全球表現強勁之後，考慮到當時 COVID-19 爆發的嚴重程度，我們預計 2 月和 3 月我們的亞太地區和我們的旅遊零售渠道將面臨壓力。

However, COVID-19 continued to spread around the world as the quarter progressed, and social distancing measures began to impact retail traffic.

然而，隨著本季度的推進，COVID-19 繼續在全球蔓延，社交距離措施開始影響零售流量。

As March evolved, travel was significantly curtailed and virtually all stores in the Americas and Europe, the Middle East and Africa temporarily closed, hindering consumer's primary access to supply such that the magnitude of the impact on our business was far greater than initially anticipated.

隨著 3 月份的發展，旅行大幅減少，美洲和歐洲、中東和非洲的幾乎所有商店都暫時關閉，阻礙了消費者獲得主要供應的渠道，因此對我們業務的影響程度遠遠大於最初的預期。

In this very complex challenging environment, reported sales fell 9% in constant currency.

在這個非常複雜且充滿挑戰的環境中，報告的銷售額按固定匯率計算下降了 9%。

Tracey will provide more details about our financial performance in a moment.

Tracey 稍後將提供有關我們財務業績的更多詳細信息。

In this volatile quarter, there were several bright spots in our business, which led to global prestige beauty share expansion.

在這個動蕩的季度，我們的業務出現了幾個亮點，導致全球知名美妝市場份額擴大。

The Estée Lauder brand grew high single digits while DECIEM and Le Labo also delivered sales growth.

雅詩蘭黛品牌實現了高個位數增長，而 DECIEM 和 Le Labo 也實現了銷售額增長。

Skincare sales grew internationally, including Dr. Jart+.

國際護膚品銷量增長，包括 Dr. Jart+。

In our Asia/Pacific region, sales in Mainland China rose mid-single digit after returning to growth in March.

在我們的亞太地區，中國大陸的銷售額在 3 月份恢復增長後增長了中等個位數。

Our online sales increased strong double digits worldwide, with growth accelerating significantly from February to March.

我們的在線銷售額在全球範圍內實現了兩位數的強勁增長，從 2 月到 3 月增長速度顯著加快。

The strength of our global travel retail business in January and February enabled it to deliver low single-digit sales growth for the quarter, excluding Dr. Jart+.

我們全球旅遊零售業務在 1 月和 2 月的強勁表現使其在本季度實現了低個位數的銷售增長，不包括 Dr. Jart+。

Each of our 3 regions are at different stages of impact from the COVID-19 outbreak as I speak with you today.

當我今天與您交談時，我們的 3 個地區中的每一個都處於 COVID-19 爆發影響的不同階段。

Furthermore, within regions, the extent of containment and recovery varies.

此外，在地區內，遏制和恢復的程度各不相同。

As a result and given how fluid the situation is, we are continuously fine-tuning our strategies with our brand and regional teams to both manage the present and plan for the future.

因此，考慮到形勢的多變性，我們正在與我們的品牌和區域團隊不斷調整我們的戰略，以管理當前和規劃未來。

Across the regions, a majority of our facilities have continued to manufacture and distribute products, though in a much reduced capacity.

在這些地區，我們的大部分工廠仍在繼續生產和分銷產品，但產能大幅下降。

Most of our offices globally are operating in a work-from-home scenario, but that, too, is evolving.

我們在全球的大多數辦公室都在在家工作的情況下運作，但這種情況也在不斷發展。

Our China headquarters in Shanghai has fully reopened as all employees began working in the office daily 3 weeks ago after having been on a staggered schedule for several weeks.

我們在上海的中國總部已經全面重新開放，所有員工在錯開幾週的時間安排後，於 3 週前開始每天在辦公室工作。

As offices reopened, however, we are going back to work in a different way.

然而，隨著辦公室重新開放，我們將以不同的方式重返工作崗位。

We are employing additional safety measures for health and hygiene.

我們正在採取額外的健康和衛生安全措施。

We are also applying the experiences of work-from-home with new ways to collaborate and engage more effectively.

我們還通過新方法應用在家工作的經驗，以更有效地協作和參與。

In our Asia/Pacific region, our business in Mainland China is further improving as retail stores began to reopen with shortened hours in March.

在我們的亞太地區，隨著零售店在 3 月份開始縮短營業時間重新開業，我們在中國大陸的業務進一步改善。

By mid-April, virtually every door had reopened.

到 4 月中旬，幾乎所有的門都重新打開了。

We are encouraged by China efforts in containing the virus and the initial signs of recovery.

我們對中國遏制病毒的努力和復甦的初步跡象感到鼓舞。

We expect to return to double-digit sales growth in Mainland China in the fourth quarter.

我們預計第四季度中國大陸的銷售額將恢復兩位數增長。

More recently, sales in Korea have begun to grow and stores have started to reopen.

最近，韓國的銷售額開始增長，商店也開始重新營業。

However, Japan, Australia and markets in Southeast Asia are still in the containment phase, with most retail stores closed as we speak.

然而，日本、澳大利亞和東南亞市場仍處於遏制階段，大多數零售店在我們說話時都關門了。

In Europe, the Middle East and Africa, retail stores in most countries had been closed since early March, with the primary exception being in the Balkan Peninsula and the Nordic region.

在歐洲、中東和非洲，大多數國家/地區的零售店自 3 月初以來已關閉，但巴爾幹半島和北歐地區除外。

Some countries have recently announced plans to gradually reopen, most notably Germany and Italy, which are promising signs.

一些國家最近宣布了逐步重新開放的計劃，尤其是德國和意大利，這是有希望的跡象。

Prior to these temporary door closures, several countries in Western Europe had been experiencing lower retail traffic as tourist abated in response to COVID-19.

在這些臨時關門之前，西歐的幾個國家的零售客流量一直在下降，因為遊客因 COVID-19 而減少。

We expect these headwinds to persist for some time to come.

我們預計這些不利因素將持續一段時間。

In the Americas, most retail stores have been closed since mid-March.

在美洲，大多數零售店自 3 月中旬以來已經關閉。

Although retailers started seeing much lower traffic earlier in the month as social distancing began.

儘管隨著社交距離的開始，零售商在本月早些時候開始看到客流量大幅下降。

More recently, several states in the U.S. have announced guidelines for the recovery, and we are starting to see very limited reopening with curbside pickup.

最近，美國的幾個州宣布了復甦指南，我們開始看到路邊取貨的重新開放非常有限。

We are closely monitoring the evolution of consumer behavior through this challenging time and we are developing strategies to address it.

在這個充滿挑戰的時期，我們正在密切關註消費者行為的演變，並正在製定應對策略。

We are using sophisticated social media listening tools, machine learning and other qualitative and quantitative research techniques.

我們正在使用複雜的社交媒體收聽工具、機器學習和其他定性和定量研究技術。

Each day, we are assessing how consumers express their needs and desire, from seeking positivity, self-care and wellness to understanding their at-home needs and routines to hearing their environmental and sustainability concerns.

每一天，我們都在評估消費者如何表達他們的需求和願望，從尋求積極、自我保健和健康，到了解他們的居家需求和日常生活，再到傾聽他們對環境和可持續性的擔憂。

Our successful strategy built on multiple engines of growth is as vital as ever.

我們建立在多個增長引擎之上的成功戰略一如既往地至關重要。

Our diversified portfolio of categories, channels, geographies, brands and price points give us many levers to fuel the business and will play a crucial role during recovery when stores reopen and consumers restock at home.

我們多元化的品類、渠道、地域、品牌和價位組合為我們提供了許多推動業務發展的槓桿，並將在商店重新開張和消費者在家補貨的複蘇過程中發揮關鍵作用。

Our robust global skincare portfolio, vibrant online business, a broad exposure in Asia/Pacific are the primary engines of growth in this moment.

我們強大的全球護膚產品組合、充滿活力的在線業務、在亞太地區的廣泛曝光是目前增長的主要引擎。

These engine had tremendous momentum before COVID-19 and are playing a crucial role during containment while brick-and-mortar is closed.

這些引擎在 COVID-19 之前擁有巨大的動力，並且在實體店關閉期間的遏製過程中發揮著至關重要的作用。

Let me first speak on skincare.

先說護膚。

Emerging trends are increasing the appeal of the category, bolstering already strong category dynamics.

新興趨勢正在增加該品類的吸引力，增強本已強勁的品類活力。

Taking care of one's skin has become an expression of self-care, which has risen in importance.

呵護自己的皮膚已成為自我保健的一種表現，其重要性已上升。

Consumers are actively exploring subcategories and expanding their regimens, finding peace of mind in the ritual of their routine.

消費者正在積極探索子類別並擴展他們的養生之道，在日常生活的儀式中找到內心的平靜。

Our focus on hero products is the right strategy as consumers seek brands and products they trust.

我們專注於主打產品是正確的策略，因為消費者會尋求他們信任的品牌和產品。

Consumers are newly discovering continuing to return to our heros.

消費者新發現繼續回歸我們的英雄。

Beloved heroes like Estée Lauder's Advanced Night Repair, La Mer, Crème de la Mer Treatment Lotion and Concentrate and Clinique's Moisture Surge has been seeing strong global demand online since the outbreak, demonstrating the dynamics of big brands.

雅詩蘭黛的 Advanced Night Repair、海藍之謎、Crème de la Mer Treatment Lotion and Concentrate 和 Clinique 的 Moisture Surge 等人氣單品自疫情爆發以來全球線上需求旺盛，展現了大品牌的活力。

In this unprecedented time, we are staying true to our belief in the power of innovation on our hero franchises.

在這個史無前例的時代，我們堅信我們的英雄特許經營權具有創新的力量。

We launched Estée Lauder Perfectionist Pro Rapid Brightening Treatment, Clinique Even Better Clinical Radical Dark Spot Corrector + Interrupter and the new Eye Concentrate from La Mer.

我們推出了 Estée Lauder Perfectionist Pro Rapid Brightening Treatment、Clinique Even Better Clinical Radical Dark Spot Corrector + Interrupter 和 La Mer 的新款眼部濃縮液。

Consumer demand has been especially compelling.

消費者的需求尤其引人注目。

In fact, for the Perfectionist Serum, its March launch on Alibaba haibox was one of Estée Lauder's best ever on the platform.

事實上，對於 Perfectionist Serum，其 3 月份在阿里巴巴海盒上的發布是雅詩蘭黛在該平台上有史以來最好的產品之一。

Clinique Even Better Serum is far exceeding expectation in Mainland China and has been highly sought online in the United States.

Clinique Even Better Serum在中國大陸的銷量遠超預期，在美國線上熱銷。

And La Mer launch contributed to significant share gains in luxury on Tmall.

海藍之謎的推出為天貓奢侈品市場份額的大幅增長做出了貢獻。

Among our channels, online is thriving around the world.

在我們的渠道中，在線在世界範圍內蓬勃發展。

As we discussed with you at our Investor Day last year, we have long believed in the excellent growth prospects of online and have been investing in this dynamic channel for years.

正如我們在去年的投資者日與您討論的那樣，我們長期以來一直相信在線的良好增長前景，並且多年來一直在投資這一充滿活力的渠道。

Our presence is global with online sales in over 50 countries.

我們的業務遍及全球，在線銷售遍及 50 多個國家/地區。

We are highly diversified with over 300 brand.com sites, over 60 brand boutiques on platforms such as Tmall and over 1,700 retail.com doors.

我們高度多元化，擁有 300 多個 brand.com 網站、天貓等平台上的 60 多個品牌精品店和 1,700 多個 retail.com 門店。

Our online brand teams have been actively engaged since the containment measures took hold, optimizing product placement to address consumer current wants and needs and showing cases tools like virtual try-on to ease decision-making.

自遏制措施生效以來，我們的在線品牌團隊一直積極參與，優化產品佈局以滿足消費者當前的需求，並展示虛擬試穿等案例工具以簡化決策。

The Estée Lauder brand expanded its online sales strategy to include a broader array of social selling activities from live shows on Instagram focused on self-care with global spokesmodels to live streaming from its brand sites with global and local mega-parties to live chats with consumer on its brand site, to personalized 1:1 outreach through various communication tools.

雅詩蘭黛品牌擴展了其在線銷售戰略，將更廣泛的社交銷售活動納入其中，從在 Instagram 上與全球代言模特專注於自我保健的現場表演，到在其品牌網站上與全球和本地大型派對進行現場直播，再到與消費者進行實時聊天在其品牌網站上，通過各種通信工具進行個性化的 1:1 外展。

M.A.C pivoted its long-waited April launch for its newest Selena capsule collection to online and social selling to honor the commitment it had made to consumers.

M.A.C 將其期待已久的 4 月發布的最新 Selena 膠囊系列轉向在線和社交銷售，以兌現其對消費者做出的承諾。

The brand employed an exciting digital activation in place and in-person events for the global launch to tremendous success, as the order sold out online in 2 days.

該品牌採用激動人心的現場數字激活和現場活動，在全球發布取得了巨大成功，訂單在 2 天內在線銷售一空。

Selena is the biggest collection launched to date in terms of total sales on maccosmetics.com.

就 maccosmetics.com 的總銷售額而言，Selena 是迄今為止推出的最大系列。

Bobbi Brown began daily lesson with the brand's pro makeup artists across digital channels, a topic most requested by consumers.

Bobbi Brown 開始通過數字渠道與該品牌的專業化妝師一起上日常課，這是消費者最需要的話題。

Initial signs are positive, and the brand is welcoming all new consumer, thanks to this always-on artistry initiative.

最初的跡像是積極的，該品牌正在歡迎所有新消費者，這要歸功於這一始終在線的藝術舉措。

Jo Malone London has seen an influx of activity with its digital communities as consumers have sought to elevate and uplift their space with the power of scent.

Jo Malone London 見證了其數字社區的大量活動，因為消費者尋求通過氣味的力量提升和提升他們的空間。

China, the brand's home fragrances in bath and body categories have doubled their mix of business.

在中國，該品牌在沐浴和身體香氛領域的業務組合翻了一番。

Through our action like this, in recent weeks, we drove conversion rates sharply higher, and our sales have risen across all demographics.

通過我們這樣的行動，最近幾週，我們大幅提高了轉化率，我們的銷售額在所有人群中都有所增長。

I'm especially encouraged by the online growth we have seen from the ageless consumers.

我們從不老消費者那裡看到的在線增長讓我感到特別鼓舞。

Globally, our brands are seeing increases in new consumers of 3 to 4x.

在全球範圍內，我們品牌的新消費者數量增長了 3 到 4 倍。

Some rates are even higher.

有些利率甚至更高。

For La Mer in the United Kingdom, new consumer acquisition is higher by 5x; while in Thailand, across all brands, it is higher by 8x.

對於英國的 La Mer，新消費者獲取量高出 5 倍；而在泰國，在所有品牌中，這一比例高出 8 倍。

As consumer behaviors evolve during this time, we are hersening (sic) [harnessing] more data, leveraging our analytics capability to derive even better consumer insight to provide even better service.

隨著這段時間消費者行為的演變，我們正在收集（原文如此）[利用]更多數據，利用我們的分析能力來獲得更好的消費者洞察力，以提供更好的服務。

When retail stores reopen, we will be in a stronger position to further unlock the potential of omnichannel.

當零售店重新開業時，我們將處於更有利的地位，進一步釋放全渠道的潛力。

We are also focusing on the areas of most immediate opportunity in Asia/Pacific, with Mainland China as of March and Korea as of April moving from containment to recovery.

我們還關注亞太地區最直接的機會領域，中國大陸截至 3 月，韓國截至 4 月從遏制轉向復甦。

We told you on our last earnings call that we stood ready to facilitate recovery as soon as the market supported it and we are doing just that.

我們在上次財報電話會議上告訴您，一旦市場支持復甦，我們隨時準備促進復甦，而我們正在這樣做。

In Mainland China, we successfully piloted emerging business model for online and department stores to adapt to the change in landscape.

在中國大陸，我們成功試行了網上和百貨店的新興商業模式，以適應環境的變化。

For La Mer, personalized service across channels with curated and targeted communication drove both online sales and department store sales significantly higher in the month of March.

對於 La Mer 來說，跨渠道的個性化服務以及精心策劃和有針對性的溝通推動了 3 月份的在線銷售額和百貨商店銷售額的顯著增長。

The strength of the La Mer repeat business model has been a key factor for its strong recovery and contributed to the brand's outstanding prestige beauty share gains in Mainland China in the quarter.

La Mer 重複業務模式的優勢是其強勁復甦的關鍵因素，並為該品牌本季度在中國大陸的知名美妝市場份額的顯著增長做出了貢獻。

As countries in Asia/Pacific move into recovery, we are mindful of the consumer in these markets who traditionally purchase our products in travel retail but not able to do so with air travel largely curtailed.

隨著亞太國家/地區進入復甦階段，我們注意到這些市場的消費者，他們傳統上在旅遊零售中購買我們的產品，但由於航空旅行大幅減少，他們無法這樣做。

Our regional brand leads are working to meet this consumer demand in markets, be it in department stores, specialty-multi, freestanding stores or online.

我們的區域品牌負責人正在努力滿足市場上的這種消費者需求，無論是在百貨商店、專賣店、獨立商店還是在線商店。

Our travel retail team is also actively engaged as destinations in the channel reopen, already driving positive trends in Hainan or Macau.

隨著渠道中目的地的重新開放，我們的旅遊零售團隊也積極參與，已經在海南或澳門推動了積極趨勢。

We remain focused on meeting the needs of Chinese and Asia consumers with local relevancy and local trends.

我們仍然專注於滿足中國和亞洲消費者與當地相關性和當地趨勢的需求。

Since we last spoke in February, we have advanced our work toward our new investment in a state-of-art innovation center, which will open in Shanghai.

自從我們上次在 2 月發表講話以來，我們已經推進了我們對一個最先進的創新中心的新投資的工作，該中心將在上海開業。

In closing, this unprecedented time, I'm moved by how deeply we are leading our company values and how our intent of becoming an even better company through this challenging moment.

最後，在這個前所未有的時刻，我為我們在引領公司價值觀方面的深入程度以及我們在這個充滿挑戰的時刻成為一家更好的公司的意圖而感動。

With our extraordinary people and our successful strategy built on a multiple engine of growth, we stand ready to emerge strongly when the global recovery begins.

憑藉我們卓越的人才和建立在多重增長引擎基礎上的成功戰略，我們隨時準備在全球復甦開始時強勢崛起。

Now I will turn the call over to Tracey.

現在我將把電話轉給 Tracey。

Thank you, Fabrizio, and hello, everyone.

謝謝你，Fabrizio，大家好。

COVID-19 is certainly proving to be the most significant challenge we have faced as a public company, as much of our brick-and-mortar distribution globally has been deemed nonessential during the quarter by several jurisdictions and remains closed today.

事實證明，COVID-19 無疑是我們作為一家上市公司面臨的最重大挑戰，因為我們在全球範圍內的大部分實體分銷在本季度被多個司法管轄區視為非必要的，並且今天仍然關閉。

We continue to do our best to support our communities and our employees while also working to mitigate the business impact during this time.

我們將繼續盡最大努力支持我們的社區和員工，同時努力減輕這段時間對業務的影響。

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 looking at our third quarter results.

所以看看我們第三季度的業績。

Net sales fell 10%, driven by the rapidly evolving impacts from COVID-19 that occurred throughout the quarter.

受整個季度發生的 COVID-19 影響迅速演變的推動，淨銷售額下降了 10%。

As the majority of our brick-and-mortar distribution throughout the world was closed as the quarter progressed, we quickly pivoted to drive sales online.

隨著本季度的進展，我們在世界各地的大部分實體分銷都關閉了，我們迅速轉向推動在線銷售。

Our online growth accelerated sharply at the end of March and continued to rise in April.

我們的在線增長在 3 月底急劇加速，並在 4 月份繼續上升。

Sales grew in travel retail from a strong January and February before travel restrictions were enacted and skincare remained our most resilient category.

在旅行限制頒布之前，1 月和 2 月旅遊零售業的銷售額強勁增長，護膚品仍然是我們最具彈性的類別。

The Americas region and the makeup category suffered the biggest shortfalls.

美洲地區和彩妝類別遭受的損失最大。

The December acquisition of Dr. Jart+ added approximately 2 points of net sales growth.

12 月對 Dr. Jart+ 的收購增加了大約 2 個百分點的淨銷售額增長。

Our gross margin decreased 320 basis points compared to the third quarter last year due to a combination of factors.

由於多種因素，我們的毛利率與去年第三季度相比下降了 320 個基點。

In the first 7 months of our fiscal year, we saw outstanding growth in our skincare category, much of it in Asia and in travel retail.

在本財年的前 7 個月，我們的護膚品類別取得了顯著增長，其中大部分在亞洲和旅遊零售領域。

To meet what has now been our third year of double-digit demand for our products, we supplemented our internal manufacturing capacity with additional third-party suppliers, and we incurred increased air freight to support sales growth in areas distant from our manufacturing facilities.

為了滿足我們對產品的兩位數需求已經是第三年，我們通過額外的第三方供應商來補充我們的內部製造能力，並且我們增加了空運以支持遠離我們製造設施的地區的銷售增長。

This resulted in higher supply chain costs in our third quarter.

這導致我們第三季度的供應鏈成本更高。

The impact of increased tariffs, higher obsolescence and promotional activity also contributed as well as the inventory step-up related to Dr. Jart+.

增加的關稅、更高的報廢率和促銷活動的影響以及與 Dr. Jart+ 相關的庫存增加也有所貢獻。

Previous initiatives like Leading Beauty Forward, which is still projected to contribute approximately $425 million to $475 million in net savings by fiscal 2021, have put us on much stronger footing to weather normal economic downturns.

Leading Beauty Forward 等之前的舉措預計到 2021 財年仍將貢獻約 4.25 億至 4.75 億美元的淨儲蓄，使我們在應對正常的經濟衰退方面處於更堅實的基礎。

However, the impact of COVID-19 has not been a normal downturn.

然而，COVID-19 的影響並不是正常的低迷。

The sudden and dramatic change in sales growth from the beginning of the third quarter to the end created a deleverage effect that could not be offset quickly enough by the significant cost actions we took, which totaled approximately $250 million.

從第三季度開始到結束，銷售增長的突然而劇烈的變化產生了去槓桿效應，我們採取的重大成本行動無法足夠快地抵消這種影響，總計約 2.5 億美元。

Therefore, operating expenses as a percentage of sales rose 250 basis points.

因此，營業費用佔銷售額的百分比上升了 250 個基點。

As we told you last quarter, we expect to see a greater impact from our third quarter cost actions, including advertising and promotion reductions more aligned to sales performance, a hiring curtailment and the benefits of work from home, which yielded sharply reduced travel and meeting expense as well as consulting expenses in our fourth quarter.

正如我們在上個季度告訴您的那樣，我們預計第三季度的成本行動會產生更大的影響，包括與銷售業績更一致的廣告和促銷削減、招聘縮減以及在家工作的好處，這大大減少了差旅和會議我們第四季度的費用以及諮詢費用。

As it became apparent that store closures and social distancing measures would move beyond China to be adopted around the world, we implemented even more cost actions that will have a more meaningful impact on curtailment of expenses beginning in May.

隨著關閉商店和保持社交距離的措施顯然將超越中國而在全球範圍內採用，我們實施了更多的成本行動，這些行動將從 5 月開始對削減開支產生更有意義的影響。

These primarily include furloughs and other leaves of absence as well as temporary reduction in compensation for management and board members.

這些主要包括休假和其他請假以及暫時減少管理層和董事會成員的薪酬。

The capabilities we have built and the actions we are taking now enable us to manage through the situation today while funding targeted strategic investments going forward, which will position us well to emerge strongly when the recovery is more apparent.

我們已經建立的能力和我們現在正在採取的行動使我們能夠應對當前的形勢，同時為未來的有針對性的戰略投資提供資金，這將使我們能夠在復蘇更加明顯時強勢崛起。

Our interest expense rose by $11 million to $28 million during the quarter, reflecting higher debt levels to finance the acquisition of Dr. Jart+.

本季度我們的利息支出增加了 1100 萬美元，達到 2800 萬美元，反映出為收購 Dr. Jart+ 提供資金的更高債務水平。

Our effective tax rate increased to 30.5% from 22.1% in last year's third quarter, primarily attributable to a higher effective rate on the company's foreign operations due to the mix of earnings.

我們的實際稅率從去年第三季度的 22.1% 增加到 30.5%，這主要是由於收益組合導致公司海外業務的實際稅率更高。

Adjusted diluted EPS of $0.85 fell 45% compared to the prior year.

調整後的攤薄每股收益為 0.85 美元，較上年下降 45%。

Currency diluted EPS by $0.01 and the acquisition of Dr. Jart+ diluted EPS by approximately $0.03.

Currency 稀釋每股收益 0.01 美元，收購 Dr. Jart+ 稀釋每股收益約 0.03 美元。

During the quarter, we recorded $346 million of impairment charges related to 4 brands and certain freestanding retail stores that have been further challenged by the impact of COVID-19 on consumer demand.

本季度，我們記錄了與 4 個品牌和某些獨立零售店相關的 3.46 億美元減值費用，這些品牌和某些獨立零售店因 COVID-19 對消費者需求的影響而受到進一步挑戰。

We believe that our strong balance sheet and ample liquidity provide core competitive advantages for our company, demonstrating the importance of scale.

我們相信，我們強大的資產負債表和充足的流動性為我們公司提供了核心競爭優勢，證明了規模的重要性。

These position us to not only manage through a crisis but to emerge from it stronger.

這些使我們不僅能夠度過危機，而且能夠從危機中變得更加強大。

During the quarter, we borrowed $1.3 billion under our $1.5 billion revolving credit facility and had $200 million of commercial paper outstanding, ending the quarter with nearly $5 billion in cash and cash equivalents.

本季度，我們在 15 億美元的循環信貸額度下借入了 13 億美元，並有 2 億美元的未償還商業票據，本季度末現金和現金等價物接近 50 億美元。

In April, we issued $700 million of 2.6% 10-year senior notes in order to further enhance our financial flexibility and liquidity and repaid the commercial paper with the remaining capacity under the revolving credit facility.

4 月，我們發行了 7 億美元的 2.6% 的 10 年期優先票據，以進一步增強我們的財務靈活性和流動性，並以循環信貸額度下的剩餘能力償還商業票據。

We were able to do all of this while maintaining our strong single A credit rating.

我們能夠做到這一切，同時保持我們強大的單一 A 信用評級。

For the 9 months, we generated $1.95 billion in net cash flows from operating activities, an increase of 11% from the prior year.

前 9 個月，我們從經營活動中產生了 19.5 億美元的淨現金流，比上年增長 11%。

We invested $468 million in capital expenditures and $1.04 billion to acquire the remaining interest in Dr. Jart+.

我們投資了 4.68 億美元的資本支出和 10.4 億美元用於收購 Dr. Jart+ 的剩餘權益。

We also used $883 million to repurchase shares and $502 million to pay dividends.

我們還用 8.83 億美元回購股票，用 5.02 億美元支付股息。

To further enhance near-term liquidity, we are focusing our capital investment on areas necessary for future growth and paring back in areas such as retail renovations and office improvements.

為進一步提高短期流動性，我們將資本投資集中在未來增長所需的領域，並削減零售翻新和辦公室改善等領域。

We cut our planned capital expenditures by 1/3 and now expect to spend between $600 million and $650 million for the full year.

我們將計劃的資本支出削減了 1/3，現在預計全年支出在 6 億至 6.5 億美元之間。

Additionally, we have suspended share repurchases for the balance of this fiscal year and our quarterly dividend that would have been paid in June of 2020.

此外，我們暫停了本財年餘額的股票回購和本應於 2020 年 6 月支付的季度股息。

All of these activities greatly enhance our ability to manage through the shutdown in brick-and-mortar for an extended period of time while we focus on stimulating greater consumption online.

所有這些活動都極大地增強了我們在較長一段時間內通過關閉實體店進行管理的能力，同時我們專注於刺激更多的在線消費。

History has not provided any truly comparable recent events we can use as guidance concerning the effects of the global pandemic.

歷史沒有提供任何真正具有可比性的近期事件，我們可以將其用作有關全球大流行影響的指導。

The disruption to our business caused by COVID-19 has clearly been more widespread and more pronounced than we had expected it would be when we last spoke with you just a few months ago in February.

COVID-19 對我們的業務造成的破壞顯然比我們幾個月前的 2 月上次與您交談時的預期更為廣泛和明顯。

We delivered remarkably strong double-digit growth in sales and adjusted EPS through January, but that was followed by the dramatic spread of the pandemic and the related door closings and curtailment of travel that we spoke about.

截至 1 月份，我們的銷售額和調整後的每股收益實現了非常強勁的兩位數增長，但隨之而來的是我們談到的大流行病的急劇蔓延以及相關的關門和旅行縮減。

Due to the fluidity of the situation, it is both complex and difficult to predict the duration or the timing and trajectory of the recovery and the corresponding impact on our business.

由於情況的流動性，預測復甦的持續時間或時間和軌跡以及對我們業務的相應影響既複雜又困難。

At this point, in the fourth quarter, the majority of our distribution, with the exception of China and a few other markets, remains closed.

此時，在第四季度，除中國和其他一些市場外，我們的大部分分銷仍處於關閉狀態。

And while we are encouraged by the weekly acceleration of our global online business, we do not have enough visibility into the progression of the rest of the business until more retail doors open in the coming months.

雖然我們對每周全球在線業務的加速發展感到鼓舞，但在未來幾個月更多零售店開業之前，我們對其餘業務的進展情況還沒有足夠的了解。

And we do believe traffic could initially return at a slower pace as some consumers remain tentative until a treatment is developed.

我們確實相信流量最初可能會以較慢的速度恢復，因為一些消費者在開發出治療方法之前仍然猶豫不決。

Therefore, given the level of uncertainty, we are not providing explicit sales and EPS guidance for the year.

因此，鑑於不確定性程度，我們不會提供今年的明確銷售和每股收益指導。

That said, there are a few guideposts that we can provide to you.

也就是說，我們可以為您提供一些指南。

The inclusion of 6 months of sales from the acquisition of Dr. Jart+ should add about 1 percentage point to sales growth for the year.

將收購 Dr. Jart+ 後 6 個月的銷售額計算在內，應該會為當年的銷售額增長增加約 1 個百分點。

It is expected to dilute EPS by about $0.14 due to purchase accounting.

由於採購會計，預計每股收益將稀釋約 0.14 美元。

Currency translation is expected to negatively affect reported sales growth by 1 percentage point, reflecting weighted average rates of $1.11 for the euro, $1.26 for the pound and $7.03 for the won for the fiscal year.

預計貨幣換算將對報告的銷售額增長產生 1 個百分點的負面影響，反映本財年歐元加權平均匯率為 1.11 美元，英鎊為 1.26 美元，韓元為 7.03 美元。

The related EPS dilution should be approximately $0.05.

相關的每股收益稀釋應約為 0.05 美元。

We are very encouraged as we see the beginnings of recovery in China and markets around the world begin to discuss gradually lifting retail and travel restrictions as the virus abates.

我們感到非常鼓舞，因為我們看到中國開始復蘇，世界各地的市場開始討論隨著病毒消退逐步取消零售和旅行限制。

We expect strong online acceleration to continue as underlying consumer demand is driving both replenishment and new customers online.

我們預計強勁的在線加速將繼續，因為潛在的消費者需求正在推動在線補貨和新客戶。

However, unlike the third quarter where many of our global doors were opened until the last month of the quarter, we expect that most of our retail distribution will remain closed for much of the fourth quarter, and consumer traffic will likely recover slowly in brick-and-mortar.

然而，與第三季度我們的許多全球門店直到本季度最後一個月才開放的情況不同，我們預計我們的大部分零售分銷將在第四季度的大部分時間保持關閉狀態，消費者流量可能會緩慢恢復。和迫擊砲。

We expect greater sales and margin declines in the fourth quarter as a result.

我們預計第四季度的銷售額和利潤率將因此下降。

We estimate that global prestige beauty will decline double digits in the second half of our fiscal year.

我們估計，本財年下半年全球聲望美容將下降兩位數。

We are also mindful of the risk of a global recession and a slow recovery in employment impacting consumer sentiment and discretionary spending.

我們還注意到全球經濟衰退的風險和就業復甦緩慢對消費者信心和可自由支配支出的影響。

Our gross margin in the fourth quarter will reflect the adverse conditions we have been experiencing in March and April.

我們第四季度的毛利率將反映我們在三月和四月經歷的不利條件。

The sudden and dramatic change to our volume forecast is expected to trigger an accounting rule requiring us to recognize the impact of reduced manufacturing volumes on our standard costs.

我們對產量預測的突然而劇烈的變化預計會觸發一項會計規則，要求我們認識到製造量減少對我們標準成本的影響。

Our plants have been running at meaningfully reduced capacity, reflecting some temporary plant closures as well as reduced efficiencies to accommodate social distancing requirements, staggered shift changes and other changes necessary in this environment.

我們的工廠一直在以顯著降低的產能運行，這反映出一些臨時工廠關閉以及效率降低以適應社交距離要求、交錯輪班變化和這種環境下必要的其他變化。

We are also required to recognize expenses related to manufacturing employees who are not working.

我們還需要確認與不工作的製造員工相關的費用。

These expenses are now recognized in the current period instead of when the product is sold.

這些費用現在在當期確認，而不是在產品銷售時確認。

The inclusion of Dr. Jart+, with the impact of the inventory step-up, will also pressure our gross margin.

Dr. Jart+ 的加入，加上庫存增加的影響，也會對我們的毛利率構成壓力。

We expect our belt-tightening efforts to have a more pronounced impact in the fourth quarter to partially offset the negative impacts I've discussed.

我們預計我們的緊縮措施將在第四季度產生更顯著的影響，以部分抵消我所討論的負面影響。

We are implementing some of the additional actions in May and expect to deliver fourth quarter savings of between $500 million and $600 million.

我們將在 5 月份實施一些額外的行動，預計第四季度將節省 5 億至 6 億美元。

Our full year effective tax rate is expected to be approximately for 24%.

我們全年的有效稅率預計約為 24%。

So those are some of the guideposts that we can provide to you for the year.

因此，這些是我們今年可以為您提供的一些指南。

We are committed to continue to take the appropriate actions to rationalize our cost base relative to the new normal and return as quickly as possible to both sales growth and margin expansion as the COVID-19 situation stabilizes during the course of fiscal 2021.

我們致力於繼續採取適當的行動，使我們的成本基礎相對於新常態合理化，並隨著 2021 財年 COVID-19 形勢的穩定，盡快恢復銷售增長和利潤率擴張。

We delivered tremendous sales and profit growth through the first half of the year as our business continued to benefit from the strategic actions we took over the past several years to position our company for sustainable, profitable growth.

由於我們的業務繼續受益於我們在過去幾年中為實現可持續盈利增長而採取的戰略行動，我們的業務在今年上半年實現了巨大的銷售額和利潤增長。

And while the unfortunate temporary shock of COVID-19 has made our outlook for the balance of this year uncertain, we have taken appropriate action to mitigate the effects of the pandemic while continuing to protect our business to be able to be well positioned for both the near-term recovery and the long-term opportunities inherent in global prestige beauty.

儘管 COVID-19 的不幸暫時衝擊使我們對今年的平衡前景不確定，但我們已採取適當行動減輕大流行的影響，同時繼續保護我們的業務，以便能夠在近期復蘇和全球知名美容業固有的長期機遇。

On behalf of Fabrizio and the Estée Lauder Company's leadership team, we extend our immense gratitude to all of our employees around the world for their extraordinary efforts to manage during this unprecedented period.

我們代表 Fabrizio 和雅詩蘭黛公司的領導團隊，向全球所有員工表示衷心感謝，感謝他們在這個前所未有的時期所付出的非凡努力。

And that concludes our prepared remarks.

我們準備好的發言到此結束。

We'll be happy to take your questions at this time.

此時我們很樂意回答您的問題。

(Operator Instructions) And our first question comes from Lauren Lieberman from Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Lauren Lieberman。

Great.

偉大的。

I wanted first to talk about - I have so many questions.

我想先談談 - 我有很多問題。

So I wanted first to talk about travel retail and just what your data and analytics have told you over time about the sales historically through that channel.

所以我想首先談談旅遊零售，以及隨著時間的推移，你的數據和分析告訴你的關於該渠道歷史上的銷售情況。

How much of it is sort of impulse?

其中有多少是衝動？

How much of it is new consumers discovering your brands?

有多少是新消費者發現了您的品牌？

How much of it is sales that would have or could happen elsewhere like a replenishment-type sale when someone travels?

有多少銷售會在其他地方發生或可能發生，例如有人旅行時的補貨銷售？

Because that could inform thinking about your ability to recapture some of that sales or what degree of that sales, even assuming global travel remains suppressed for a good amount of time.

因為即使假設全球旅行在很長一段時間內仍然受到抑制，這也可以幫助您思考您重新獲得部分銷售額的能力或銷售額的多少。

Yes.

是的。

I think, first of all, your assumption is correct.

我認為，首先，你的假設是正確的。

Our data confirms that those are consumers that while traveling are buying, discovering or replenishing their products.

我們的數據證實，這些消費者是在旅行時購買、發現或補充他們的產品。

So then there is business travel, where people that travel for business bring back some gifts, and obviously, this creates consumption.

然後是商務旅行，商務旅行的人帶回一些禮物，顯然，這創造了消費。

But in travel retail, the most successful products all over the world tend to be what we call our hero products, so the products which have high loyalty, a high repurchase rate because both as a gift and as for personal consumption, which are the 2 drivers of travel retail, people really want to buy products that they are pretty sure will either replenish their habits or create exciting gifts.

但是在旅遊零售中，全世界最成功的產品往往是我們所說的英雄產品，所以忠誠度高，回購率高的產品，因為既可以作為禮物也可以作為個人消費，這是2作為旅遊零售的驅動力，人們真的很想購買他們非常確定可以補充他們的習慣或製作令人興奮的禮物的產品。

In that sense, there is the possibility to recover at least part of the travel retail sales in the country of origins.

從這個意義上講，有可能至少恢復原產國的部分旅遊零售額。

And we are working on this in every country, many emerging markets, in China, in U.S., in Europe.

我們正在每個國家、許多新興市場、中國、美國和歐洲開展這方面的工作。

And so there is a project to do this as much as possible.

因此，有一個項目可以盡可能地做到這一點。

However, in this moment, to be very clear, travel retail in Europe and U.S. is basically closed.

但是，在這個時刻，要非常明確的是，歐美的旅遊零售基本都關門了。

And so in the quarter 4, there is a very big issue of closures that is in the middle of the travel retail sales, which are possible in the short term.

因此，在第 4 季度，旅遊零售銷售中間存在一個非常大的關閉問題，這在短期內是可能的。

In Asia, we are seeing already amazing results when there are openings.

在亞洲，只要有職位空缺，我們就會看到驚人的成果。

In this moment, the travel retail within China, particularly in the Hainan Island or the travel retail in Korea, the travel retail in Hong Kong, Macau, these start already coming back and is delivering good growth.

在這個時候，中國境內的旅遊零售，尤其是海南島的旅遊零售，或者韓國的旅遊零售，香港、澳門的旅遊零售，已經開始回暖，並且正在呈現良好的增長。

We are focusing, in this case, very much more on conversion and is working.

在這種情況下，我們更多地關注轉換並且正在努力。

So it again is a word to tail.

所以它又是一個詞尾巴。

But the real travel retail recovery will start happening in fiscal year '21 with the gradual reopening of travel and will be probably one of the most gradual reopening in the recovery from our expectation and from our data.

但隨著旅行的逐步重新開放，真正的旅遊零售復甦將在 21 財年開始，並且可能是從我們的預期和數據中復甦的最漸進的重新開放之一。

And our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Steve Powers。

Hope you're well.

希望你一切都好。

I guess, is it possible that you could talk a little bit more about what you saw in March relative to January, February and what you've been seeing in April across your key categories, geographies and channels?

我想，您是否可以多談談您在 3 月份看到的相對於 1 月份、2 月份的情況，以及您在 4 月份在關鍵類別、地區和渠道中看到的情況？

Because I think that, too, would help inform at least the near-term visibility.

因為我認為這也至少有助於了解近期的可見性。

And I guess, relatedly, if you're able -- it sounds like you have line of sight to some belt-tightening initiatives in the fourth quarter, but I'm trying to juxtapose that against some of the near-term manufacturing and other COVID-related headwinds that you spoke to, Tracey.

而且我想，與此相關的是，如果你能夠 - 聽起來你對第四季度的一些緊縮舉措有所了解，但我正試圖將其與一些近期製造業和其他特蕾西，你曾與 COVID 相關的不利因素交談過。

So just a little bit more color about what you've seen and are seeing in the moment while things are shut down.

因此，當事情被關閉時，你所看到的和正在看到的只是多了一點色彩。

Yes.

是的。

I'll start from what we're seeing on the sales side and then let Tracey cover all the financial implications and the financial aspects.

我將從我們在銷售方面看到的內容開始，然後讓 Tracey 介紹所有財務影響和財務方面。

So the recovery, first of all, is very different by region because the COVID-19 issue is a different speed and a different level of depth in different markets, and some markets are already, as you know, in recovery, other markets are still in the middle of the issue.

因此，首先，復甦因地區而異，因為 COVID-19 問題在不同市場的速度和深度不同，如您所知，一些市場已經在復蘇，其他市場仍在復蘇在問題的中間。

So we are managing things in a very differentiated set of way by region, by country.

因此，我們按地區、按國家/地區以非常不同的方式管理事物。

So what we see in this moment is that in -- still, the closures are in Europe and U.S. are 90%, [12%].

所以我們現在看到的是——仍然，歐洲和美國的關閉率為 90%，[12%]。

If you have seen some of the data that are emerging on the situation in United States in the last week of March or the first week of April, the market was minus 70%, and the brick-and-mortar closure has a very big impact.

如果你看過一些關於美國在 3 月最後一周或 4 月第一周出現的情況的數據，市場是負 70%，實體店關閉的影響非常大.

So this -- we see the month of March, the month of April and part of month of May where closures are very big in EMEA and in North America, has been probably the worst moment for that regions.

所以這個——我們看到 3 月、4 月和 5 月的部分時間，在 EMEA 和北美，關閉非常大，這可能是該地區最糟糕的時刻。

And then we see a gradual recovery as the brick-and-mortar will open in these regions, meaning Europe and America.

然後，隨著實體店將在這些地區（即歐洲和美國）開業，我們將看到逐漸復蘇。

And also in Europe and America, we see already an extraordinary progress of the online.

同樣在歐洲和美國，我們已經看到網絡取得了非凡的進步。

That's the key important point.

這是關鍵的要點。

On the other side, in places -- in April, in places like China, Korea, Taiwan, we see already double-digit growth.

另一方面，在 4 月份，在中國、韓國、台灣等地，我們已經看到兩位數的增長。

We already see the recovery being very active.

我們已經看到復蘇非常活躍。

And that, for us, is very encouraging because it shows that as soon as there is a recovery, as soon as there is a recovery from the consumer point of view, so when the consumer are back with the spirit of really going back to their normal habits like is starting, as I said, in China, Korea or Taiwan, the double-digit growth comes back fast.

對我們來說，這是非常令人鼓舞的，因為它表明，一旦復甦，從消費者的角度來看，一旦復甦，那麼當消費者帶著真正回到他們的生活的精神回來時正常的習慣正在開始，正如我所說，在中國、韓國或台灣，兩位數的增長很快就會回來。

And because we are seeing -- we see both increased consumption, we see a restocking in consumer homes and we see a restocking in trade, which happen at the same time.

而且因為我們看到 - 我們看到消費增加，我們看到消費者家庭的補貨和貿易的補貨，這些都是同時發生的。

So the recovery is strong, but the recovery is for the moment only in these areas, and I said, is in global online.

所以復蘇很強勁，但目前只在這些地區復蘇，我說過，是在全球在線。

In global online, most of the areas of the world is double digit but there are areas which are triple digit.

在全球在線中，世界上大部分地區都是兩位數，但也有一些地區是三位數。

And then the recovery, as I said, started in very few travel retail stores which are open, as I said, mainly in China and Korea, but the rest of the world for the moment is still closed.

然後，正如我所說，復甦始於極少數開放的旅遊零售店，正如我所說，主要在中國和韓國，但目前世界其他地區仍處於關閉狀態。

And so in fiscal year '21, we expect to see all the engines, meaning including the European and U.S. brick-and-mortar gradually coming back.

因此，在 21 財年，我們預計會看到所有引擎，這意味著包括歐洲和美國實體店在內的實體店將逐漸回歸。

But as Tracey has clarified in her prepared remarks, we believe the comeback of brick-and-mortar will be gradual.

但正如特蕾西在她準備好的發言中澄清的那樣，我們相信實體店的回歸將是漸進的。

We have signs of this already in Asia, where the recovery really starts online and starts gradually in brick-and-mortar and brick-and-mortar acceleration takes much more time because it takes not only the technical reopening but takes the consumer confidence to buy brick-and-mortar comes back.

我們已經在亞洲看到了這種跡象，那裡的複蘇真正從網上開始，並逐漸在實體店開始，而實體店的加速需要更多時間，因為這不僅需要技術上的重新開放，還需要消費者的購買信心實體店回來了。

And this will only come back more gradually.

而且這只會逐漸恢復。

So that's what we see.

這就是我們所看到的。

In summary, we see faster recovery in Asia for the moment, a lot of closures still in Europe and U.S., very fast recovery online globally and a more gradual recovery in travel retail.

總而言之，我們目前看到亞洲的複蘇速度更快，歐洲和美國仍有大量關閉，全球在線復甦非常快，旅遊零售業的複蘇更為緩慢。

And Steve, to your question on the cost savings and the manufacturing variance.

史蒂夫，關於成本節約和製造差異的問題。

The way I would think about that in the fourth quarter, the $500 million to $600 million of cost savings, about 1/3 of it is related to employee actions and the other 2/3 related to other expense areas that we've stepped up in terms of our cost savings, advertising, consulting, travel, et cetera.

我想在第四季度節省 5 億到 6 億美元的成本，其中約 1/3 與員工行動有關，另外 2/3 與我們加強的其他支出領域有關在我們的成本節約、廣告、諮詢、差旅等方面。

So that's generally the split in the fourth quarter.

所以這通常是第四季度的分裂。

As it relates to our gross profit margin and you saw the impact in the third quarter, we expect that we will continue to see, in the fourth quarter, the impact obviously of the tariffs and of the higher third-party sourcing costs that will impact us in the fourth quarter.

由於它與我們的毛利率有關，並且您在第三季度看到了影響，我們預計我們將在第四季度繼續看到關稅和更高的第三方採購成本的明顯影響，這將影響我們在第四季度。

In addition to that, I spoke about the under-absorption of some of our overhead and labor costs that we need to expense in the fourth quarter.

除此之外，我還談到了我們需要在第四季度支出的一些間接費用和人工成本的吸收不足。

So the bigger impact will be in the fourth quarter on that.

因此，更大的影響將出現在第四季度。

So our gross profit margins will decline further in the fourth quarter related to those onetime issues related to the lower production volumes.

因此，由於與產量下降相關的一次性問題，我們的毛利率將在第四季度進一步下降。

As we increase production volumes as we emerge out of COVID-19, that will correct itself.

當我們從 COVID-19 中脫穎而出時，我們會增加產量，這將自行糾正。

And our next question comes from Olivia Tong from Bank of America.

我們的下一個問題來自美國銀行的 Olivia Tong。

Wanted to ask you about just your sales.

想問問你的銷售情況。

And I think it's fairly impressive that China was only down for the month of February and that travel retail was still up in the quarter.

我認為中國僅在 2 月份出現下滑，而旅遊零售在該季度仍在增長，這一點令人印象深刻。

But the U.S. decline was pretty staggering.

但美國的衰落是相當驚人的。

So as we start thinking about when Western markets start to reopen, can you talk about the differences not only in underlying demand in these key markets, but obviously, your infrastructure?

因此，當我們開始考慮西方市場何時開始重新開放時，您能否談談這些主要市場的潛在需求差異，以及基礎設施的差異？

Because clearly, e-commerce penetration is significantly higher in Asia than in the U.S. So can you talk about just your infrastructure?

因為很明顯，電子商務在亞洲的滲透率明顯高於美國。那麼您能談談您的基礎設施嗎？

Is e-commerce better developed just in China overall?

電子商務是不是就中國整體發展比較好？

And how do you compare for that?

你如何比較呢？

And then just thinking later in the year, I know it's still pretty far away, but how -- what's guiding how you plan for holidays, Singles Day and things down the road as we think about the future?

然後想想今年晚些時候，我知道它仍然很遙遠，但是如何 - 在我們思考未來時，是什麼指導你如何計劃假期，光棍節和未來的事情？

So I'll start, and then Tracey will add perspective.

所以我會開始，然後 Tracey 會添加觀點。

Is -- so the penetration online actually is very strong in the United States, in the U.K. and in China.

是——所以在線滲透實際上在美國、英國和中國非常強大。

Those are the 3 markets where we have the stronger penetration online, where the market is very well-developed online.

那是我們在線上滲透率更高的三個市場，這些市場在線上非常發達。

So in terms of how we see the situation in the U.S., obviously, our stabilization plan in the U.S. have been postponed by the COVID issue that emerged, so we'll take a bit more time than what we originally were hoping in -- when we had an encouraging last quarter in calendar year '19.

因此，就我們如何看待美國的情況而言，顯然，我們在美國的穩定計劃已因出現的 COVID 問題而推遲，因此我們將花費比我們最初希望的更多的時間——當我們在 19 日曆年的最後一個季度取得了令人鼓舞的成績。

So -- but it is because of the closures of the brick-and-mortar.

所以 - 但這是因為實體店的關閉。

In the United States, the online acceleration is outstanding as we speak.

在美國，正如我們所說，在線加速非常出色。

And so actually, it's very reassuring to us that the percentage of our business online will dramatically increase.

所以實際上，讓我們非常放心的是，我們在線業務的百分比將大幅增加。

Now this was already planned for the long term, but this issue has accelerated it.

現在這已經是長期計劃，但這個問題加速了它。

And as I explained in my prepared remarks, what we are seeing in the U.K., in the U.S. and in China, that the -- particularly the ageless consumer, so the consumer is about 50, 55, that, as you know, the online was the -- mainly for millennials and the new generations.

正如我在準備好的發言中所解釋的那樣，我們在英國、美國和中國所看到的——尤其是不老的消費者，所以消費者大約是 50 歲、55 歲，正如你所知，在線是 - 主要針對千禧一代和新一代。

But frankly, all these other consumers now are extra consumers that are using e-commerce much more in all its aspects.

但坦率地說，所有這些其他消費者現在都是額外的消費者，他們在各個方面都更多地使用電子商務。

And we believe that this change is here to stay.

我們相信這種變化會持續下去。

And so the increase or the percentage of business online, including retail.com, so it's not only brand.com, it's retail.com, it's platforms in China and in other parts of the world, is pure plays in the U.K.

因此，在線業務的增長或百分比，包括 retail.com，不僅是 brand.com，它是 retail.com，它在中國和世界其他地區的平台，都是英國的純粹遊戲。

So in all the online channels, there is an increase of percentage of sales that goes online.

因此，在所有在線渠道中，在線銷售的百分比都有所增加。

To be clear, for the long term, this is positive to us.

需要明確的是，從長遠來看，這對我們來說是積極的。

It's very positive.

這是非常積極的。

Online has always been one of our key drivers, one of our profitable drivers, and most importantly, make a stronger platform for the future of omnichannel, which is the way also particularly in luxury.

在線一直是我們的主要驅動力之一，我們盈利的驅動力之一，最重要的是，為全渠道的未來打造更強大的平台，這在奢侈品領域尤其如此。

The distribution models will evolve on all fronts.

分配模型將在各個方面發展。

So good development and we believe this is positive.

如此良好的發展，我們相信這是積極的。

Tracey, do you want to add perspective?

Tracey，你想增加視角嗎？

Then on our infrastructure as well as our plans for holiday, clearly, we are mindful of and watching very closely in terms of as doors open, the productivity of those doors.

然後在我們的基礎設施以及我們的假期計劃上，很明顯，我們非常關注並密切關注開門時的生產力。

So certainly, both with our retail partners as well as our own freestanding stores, just making sure as doors open, that they are productive, that they are profitable.

因此，當然，無論是與我們的零售合作夥伴還是我們自己的獨立商店，只要確保在開門時，它們是高效的，它們是有利可圖的。

And we will, as we have over the last few years, take appropriate actions if we find that we do emerge out of this with brick-and-mortar doors that are less profitable than we would like for them to be.

而且，正如我們在過去幾年所做的那樣，如果我們確實發現實體門的利潤低於我們希望的那樣，我們將採取適當的行動。

As it relates to holiday, at the same time, one of the things that Fabrizio, when he was speaking about online, the inference there is we are very much focused on the fact that demand remains strong.

由於它與假期有關，與此同時，法布里奇奧在網上談到的事情之一是，我們非常關注需求依然強勁這一事實。

And it's really the access to our products that has become challenging in markets like in Europe as well as in the Americas.

在歐洲和美洲等市場上，獲得我們的產品確實變得具有挑戰性。

So lots of activity or programs shifting to online really to make sure that people can access our products.

很多活動或項目都轉移到了網上，以確保人們可以訪問我們的產品。

We also are focused on, for holiday, what we think holiday will be like.

對於假期，我們還專注於我們認為假期會是什麼樣子。

We actually are hoping that by holiday, things stabilize a bit.

我們實際上希望到假期時，情況會穩定一些。

As I mentioned in my prepared remarks, we are mindful that there could be a recession, certainly impact, but hoping that by holiday, people are ready to shop again.

正如我在準備好的發言中提到的那樣，我們注意到可能會出現經濟衰退，當然會產生影響，但希望到假期時，人們可以再次購物。

So our holiday programs remain intact.

所以我們的假期計劃保持不變。

The quantities may be adjusted a bit, given how much demand has come back by that time.

考慮到屆時有多少需求恢復，數量可能會有所調整。

And our next question comes from Erinn Murphy from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Erinn Murphy。

And I hope you both are well as well.

我希望你們都好。

I guess a follow-up just to the Americas, Tracey, for you.

特蕾西，我想是美洲的後續行動。

When you think about sales down 23%, it was worse than we thought.

當你想到銷售額下降 23% 時，情況比我們想像的還要糟糕。

Could you just quantify how much was truly the decline from store closures in the last 2 to 3 weeks of the quarter versus maybe pulling back on wholesale sell-in?

您能否量化本季度最後 2 到 3 週商店關閉與批發銷售回落相比真正下降了多少？

And then bigger picture, as you think about the mix of business in the Americas, I guess, Fabrizio, you already addressed online clearly accelerating.

然後更大的圖景，當你考慮美洲的業務組合時，我想 Fabrizio，你已經解決了在線明顯加速的問題。

But I'm more curious on kind of how you think about the reliance or the toggles between the department store, the specialty multi-channel as well as the freestanding stores on the other side of this crisis.

但我更好奇的是，您如何看待百貨商店、特色多渠道商店以及這場危機另一端的獨立商店之間的依賴或切換。

Sure.

當然。

So I mean in January, as Fabrizio mentioned, we actually saw positive growth in all of our markets, including in the Americas.

所以我的意思是，正如 Fabrizio 提到的那樣，在 1 月份，我們實際上看到了我們所有市場的正增長，包括美洲市場。

We actually started to see some softness towards the end of February.

實際上，我們在 2 月底開始看到一些疲軟。

And to your point, the doors were not closed but certainly, it was apparent by that time that COVID-19 was starting to spread, and consumers were starting to get a bit nervous about shopping in-store and really focusing on stocking up on more essentials.

就你的觀點而言，門並沒有關閉，但可以肯定的是，到那時 COVID-19 已經開始傳播，消費者開始對在店內購物感到有點緊張，並真正專注於儲備更多必需品。

And then March, we saw the biggest impact obviously with the doors closed, half of March, but really the early part of March, a tremendous decline in shopping because of the tentativeness of the consumer and really the consumer focused understandably so on health and essentials for their homes and their families.

然後是 3 月，我們看到最大的影響顯然是關門了，3 月的下半月，但實際上是 3 月初，由於消費者的猶豫不決，購物量大幅下降，而且消費者非常關注健康和必需品，這是可以理解的為了他們的家園和家人。

Yes.

是的。

And the other thing I want to add is, obviously, our job is also to protect our profitability.

我想補充的另一件事是，顯然，我們的工作也是保護我們的盈利能力。

And when we saw this evolving, we started spending less already in February.

當我們看到這種變化時，我們在 2 月份就開始減少支出。

And then in March, also our spending was reduced in order to mitigate the impact of the thing.

然後在三月份，我們的支出也減少了，以減輕這件事的影響。

So to be clear, we are anticipating the events.

所以需要明確的是，我們正在期待這些事件。

And so the spending was reduced, already starting gradually in February.

因此，支出有所減少，從 2 月份開始逐漸減少。

The consumer sentiment started going down already in February.

消費者信心在 2 月份就已經開始下降。

And then in March, when the closures started in United States, sales went to 0 because basically brick-and-mortar completely closed and the consumer was shocked, the retailers stopped ordering.

然後在 3 月，當美國開始關閉時，銷售額變為 0，因為基本上實體店完全關閉，消費者感到震驚，零售商停止訂購。

So you need to see the month of March like a very big, deep moment.

所以你需要把三月份看作是一個非常重要、深刻的時刻。

And that's why the overall number was -- or the quarter was negative.

這就是為什麼總體數字是——或者說這個季度是負數的原因。

But to be clear, until January included and already was true in the last quarter of calendar '19, we were stabilizing the business and this was going on the positive trends.

但需要明確的是，直到 1 月包括在內並且在 19 年日曆的最後一個季度已經如此，我們正在穩定業務並且這正在朝著積極的趨勢發展。

And again, we plan, when the market will be back, to go back to our stabilization program.

再一次，我們計劃，當市場回歸時，回到我們的穩定計劃。

In terms of what will happen, to your question on what will happen to the other part of the business, which is not online, obviously, if the percentage of online business will increase, the rest will be reduced.

就將會發生什麼而言，對於您關於業務的另一部分（不在線）會發生什麼的問題，顯然，如果在線業務的百分比會增加，其餘部分將會減少。

And so in our opinion, there will be closures, there will be a reduction of brick-and-mortar stores overall.

因此在我們看來，將會關閉，整體實體店將會減少。

And this will make the brick-and-mortar stores more productive and the ability to deliver experience better.

這將使實體店更有效率，並能夠更好地提供體驗。

So we don't see this negative -- necessarily as negatively short in the long term.

所以我們不認為這種負面影響——從長遠來看必然是負面的。

It will be obviously a negative in the short term.

這在短期內顯然是負面的。

And we see the future of freestanding store and brand.com being an omnichannel future.

我們看到獨立商店和 brand.com 的未來是一個全渠道的未來。

In this period, it's fascinating to see how consumers are learning different way to use the online, the concept of last mile, the role of the small convenience stores, meaning freestanding store versus brand.com, how the 2 combined can create new experiences.

在此期間，看到消費者如何學習不同的在線使用方式、最後一英里的概念、小型便利店的作用（即獨立商店與 brand.com 的對比）以及兩者的結合如何創造新體驗，這非常有趣。

So there's going to be some interesting, and frankly, in our opinion, promising evolution of the ability to serve the consumer in a luxury environment in the future.

因此，在我們看來，未來在奢侈品環境中為消費者提供服務的能力將會出現一些有趣且坦率的演變。

But the transition is going to be complex, difficult.

但過渡將是複雜、困難的。

And in the transition, the biggest opportunity is the strong growth of online.

而在轉型中，最大的機會是線上的強勁增長。

And again for us, this is also a positive because we have a great infrastructure.

對我們來說，這也是積極的，因為我們擁有良好的基礎設施。

We are very strong in brand.com, in retail.com, in platform, in pure plays, depending on which part of the world, there are -- this channel had a different percentage of the online business, but we are well covered in each one of them.

我們在 brand.com、retail.com、平台、純遊戲方面都非常強大，這取決於世界的哪個部分——這個渠道在線業務的百分比不同，但我們很好地覆蓋了他們每個人。

And so driving this across the globe and in the United States is going to be in the transition out of COVID, the strongest opportunity.

因此，在全球和美國推動這一進程將是擺脫 COVID 的最佳機會。

And our next question comes from Michael Binetti from Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Michael Binetti。

I guess, Fabrizio, just to follow that question in the Americas.

我想，Fabrizio，只是為了在美洲關注這個問題。

I guess you said January is positive and February a bit slower, so March deeply negative.

我猜你說一月份是積極的，二月份有點慢，所以三月份非常消極。

I guess, still to average out to negative 23%, it seems like you held some inventories that were probably ordered by the retailers in the U.S. when you saw this coming.

我想，仍然平均為負 23%，當您看到這種情況時，您似乎持有一些可能由美國零售商訂購的庫存。

Maybe you could comment on, as we look to reopening, what were going -- what kind of inventory levels out in the channel you see that we're going to be working with as we reopen in the U.S., I guess?

也許你可以評論一下，當我們期待重新開放時，發生了什麼——你看到我們將在美國重新開放時使用什麼樣的渠道庫存水平，我猜？

And then I guess just go back to travel for a minute to get to the positive number.

然後我想只要回去旅行一分鐘就可以得到正數。

We're just looking at some of the passenger data in China.

我們只是在查看中國的一些乘客數據。

Looks like it was down maybe 70% or 80% through February.

看起來到 2 月它可能下降了 70% 或 80%。

So to get your number to be positive in travel, I think you've commented to us that Chinese consumer is about half of that business before.

因此，為了讓你的數字在旅行中變得積極，我想你已經向我們評論說中國消費者之前大約佔該業務的一半。

It speaks to very big growth rates in Europe and in the U.S. for your entire business to land a positive in the quarter.

它說明歐洲和美國的增長率非常高，您的整個業務在本季度都將取得積極進展。

I'm just wondering, I know you said it to be into fiscal '21 until we really see a bona fide recovery in travel.

我只是想知道，我知道你說過要進入 21 財年，直到我們真正看到旅行真正復甦。

But it seems like you've done some things in that channel that are driving a pretty meaningful share gain in the travel locations that were open heading into this.

但看起來你在那個渠道做了一些事情，這些事情正在推動進入這個開放的旅遊地點的相當有意義的份額增長。

I wonder if you could comment on any of the strategy there that you think stands out recently.

我想知道你是否可以評論你認為最近脫穎而出的任何戰略。

Yes.

是的。

I'll start answer your travel question and then Tracey will go on the inventory and -- question.

我將開始回答您的旅行問題，然後 Tracey 將繼續盤點和 - 問題。

So -- but basically, you're right.

所以——但基本上，你是對的。

I think what you were describing is what happened, but let me summarize it, is January was another extraordinary month for travel.

我想你所描述的就是發生的事情，但讓我總結一下，一月是另一個不尋常的旅行月份。

So that's also what is in the mix.

所以這也是其中的內容。

So in January, remember, January is Chinese New Year.

所以在一月，記住，一月是農曆新年。

So -- and Chinese New Year, yes, started to be impacted but still some of it happened.

所以——中國新年，是的，開始受到影響，但仍然有一些發生了。

And so we gained market share.

因此我們獲得了市場份額。

We were planning to do that.

我們正計劃這樣做。

We had an amazing program in all the areas that were open and not only, but -- so travel was strong in the October, December period and continued to be very strong in general.

我們在所有開放的領域都有一個驚人的計劃，不僅如此，而且 - 所以在 10 月和 12 月期間旅行很強勁，並且總體上繼續非常強勁。

Then in February, there was a slowdown obviously but travel remained open in other part of the world.

然後在 2 月，明顯放緩，但世界其他地區的旅行仍然開放。

And then in March, travel really was closing.

然後在三月，旅行真的結束了。

So yes, in travel in the month of March was the worst month.

所以是的，三月份的旅行是最糟糕的一個月。

So the mix of the 3 months explained our strong market share performance in the quarter.

因此，這 3 個月的組合解釋了我們在本季度的強勁市場份額表現。

I believe, however, our market share performance in travel will continue, but the market in quarter 4 will be probably the worst in travel retail because Europe and U.S. have really closed.

然而，我相信我們在旅遊市場份額的表現將繼續，但第 4 季度的市場可能是旅遊零售市場最糟糕的，因為歐洲和美國已經真正關閉。

And in Asia, as I said, there is many Asia stores which are closed.

正如我所說，在亞洲，有許多亞洲商店關門了。

There are 3 really active areas, which is within China, the domestic travel with Hainan to reach the center, which has been reactivated at a certain percentage, not fully, but with much higher conversion from travelers to purchases.

真正活躍的區域有3個，在中國境內，以海南為中心的國內游，已經有一定的比例重新活躍起來，雖然不是完全活躍，但是遊客到購買的轉化率高很多。

So the key point here, remember that about 10% of travel buy something.

所以關鍵點在這裡，記住大約10%的旅行會買東西。

The moment travel get reduced but is open and 30%, 40% of travel buy something for several reasons, because of good marketing, because there is less people, because it's easier, because less crowded, because there are good activities, this changes.

旅行減少但開放的那一刻，30%、40% 的旅行出於幾個原因購買東西，因為良好的營銷，因為人少，因為它更容易，因為不那麼擁擠，因為有好的活動，這改變了。

And so in this moment, we are really seeing active few doors but very important ones with very high conversion rates.

因此，此時此刻，我們確實看到活躍的門很少，但非常重要，而且轉化率很高。

And that's what is -- but then one -- the other thing which is encouraging in our travel retail reading in this moment is that in the moment, most of the world is closed, but when we see openings, the consumer is back very fast because the traffic will only be back gradually but the conversion rates can be much better.

這就是 - 但另一方面 - 另一件在我們的旅遊零售閱讀中令人鼓舞的事情是，目前世界上大部分地區都關閉了，但當我們看到空缺時，消費者很快就會回來因為流量只會逐漸恢復，但轉化率會好得多。

And last thing I want to say, the other thing, which is the positive expectation for the long term in travel retail also in this class is also in travel retail, the percentage of business in retail, meaning the ability to prebook online when travel, is increasing.

最後我想說的是，另一件事是對旅遊零售的長期積極預期，在這一類中也是旅遊零售，零售業務的百分比，意味著旅行時在線預訂的能力，在增加。

And as you can imagine, we have great capabilities in that.

正如您所想像的，我們在這方面擁有強大的能力。

We have a good structure.

我們有一個很好的結構。

We have invested in that.

我們對此進行了投資。

So we are ready.

所以我們準備好了。

And you can imagine that in this area, particularly in the period of transition where sales retail will still be important also while traveling, you can expect a continuous increase of the online part also in travel retail.

你可以想像，在這個領域，特別是在旅遊零售仍然很重要的轉型時期，你可以期待在線部分在旅遊零售中的持續增長。

So very tough quarter for travel retail, but still, I believe that the long term of travel retail will remain extraordinarily strong and extraordinarily promising.

對於旅遊零售業來說，這是一個非常艱難的季度，但我仍然相信，從長遠來看，旅遊零售業將保持非常強勁和非常有前途。

And as far as the inventory in the trade, in our -- with our wholesale customers, clearly with stores closed 6 to 7 weeks, I would say the early part of the door closures we saw -- we started to see a slow pickup in online.

至於貿易中的庫存，在我們的批發客戶中，顯然商店關閉了 6 到 7 週，我想說我們看到的關門的早期部分 - 我們開始看到緩慢回升在線的。

And as we indicated, it has really progressed.

正如我們所指出的，它確實取得了進展。

So certainly, our retailers, those that can share inventory between their brick-and-mortar and their online sites have been drawn down on some of the store -- inventory planned for stores on their retailer.com sites.

因此，可以肯定的是，我們的零售商，那些可以在實體店和在線網站之間共享庫存的零售商，已經減少了一些商店的庫存——計劃在他們的 retailer.com 網站上為商店庫存。

And we've seen those progress quite nicely and sales really picking up strongly in the last 2 to 3 weeks in particular.

我們已經看到這些進展非常好，尤其是在過去 2 到 3 週內，銷售額確實強勁增長。

So as doors open, we expect that from a shipment standpoint, we'll see a slow reorder from a replenishment standpoint, certainly from some of the move -- the fast movers that have moved most quickly on retailer.com sites.

因此，隨著大門打開，我們預計從裝運的角度來看，從補貨的角度來看，我們會看到緩慢的重新訂購，當然是從一些動作中——在 retailer.com 網站上動作最快的動作最快的動作。

But as the quarter progresses, we would expect shipments to gradually strengthen throughout the quarter, and by June, really be much stronger.

但隨著本季度的進展，我們預計整個季度的出貨量將逐漸增強，到 6 月，確實會強勁得多。

And we have time for one more question.

我們還有時間再問一個問題。

Our final question comes from the line of Dana Telsey from Telsey Advisory Group.

我們的最後一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Glad to hear everyone's healthy and safe.

很高興聽到大家的健康和安全。

With the expense reductions that you've put in place, how much of it do you think could be permanent versus transitory?

隨著您實施的開支削減，您認為其中有多少是永久性的，而不是暫時性的？

And lastly, with the innovation plans underway, any shifts in timing and launches, given the current situation?

最後，隨著創新計劃的實施，鑑於目前的情況，時間和發布方面有什麼變化嗎？

So as you know, Dana, as we've announced, we have taken some short-term cost actions to improve the liquidity situation, and we announced those in the middle of April and so those are some of the employee actions that we've taken.

所以你知道，Dana，正如我們已經宣布的那樣，我們已經採取了一些短期成本行動來改善流動性狀況，我們在 4 月中旬宣布了這些行動，所以這些是我們已經採取的一些員工行動採取。

And then some of the other actions are also short term as it relates to advertising, really rightsizing more our advertising to the current sales trends, which will obviously pick up as our sales trends pick up.

然後其他一些與廣告相關的行動也是短期的，真正使我們的廣告更多地適應當前的銷售趨勢，隨著我們的銷售趨勢的回升，這種趨勢顯然會增加。

There are other areas like travel.

還有其他領域，比如旅遊。

I think we're all getting used to the ability to work from home and communicate online.

我認為我們都已經習慣了在家工作和在線交流的能力。

And so there are other areas that are more discretionary that we certainly are looking at more permanently, having cost reductions in some of those other cost areas.

因此，還有其他一些更具自由裁量權的領域，我們當然會更長期地關注這些領域，在其他一些成本領域降低成本。

So -- but it's something that, as you know, we have ongoing cost management programs in addition to the program for Leading Beauty Forward, we have other cost actions, and we take advantage of the opportunities that we see to lock in savings whenever we can.

所以——但正如你所知，除了“引領美麗前進”計劃之外，我們還有持續的成本管理計劃，我們還有其他成本行動，我們會利用我們看到的機會來鎖定儲蓄能。

Yes.

是的。

And I just want to add to this for the long term also, what were the most -- the best drivers for our growth before the crisis are the one which are coming better stronger.

從長遠來看，我只想補充一點，危機前我們增長的最佳驅動力是那些變得更好更強大的驅動力。

That seems to be the one that will come out stronger out of the crisis.

這似乎是一個會在危機中變得更強大的人。

If you think that online channels globally is coming out stronger, the Chinese consumers is recovering first and stronger.

如果你認為全球在線渠道正在變得更強大，那麼中國消費者正在首先復甦並且更強大。

Skincare is recovering first and stronger than any other part.

護膚是最先恢復的，比其他任何部分都強。

And within makeup, face makeup, within fragrance or seasonal fragrances and within travel retail, the very efficient travel retail doors of Asia are recovering faster.

在彩妝、面妝、香水或季節性香水以及旅遊零售領域，亞洲非常高效的旅遊零售門正在更快地恢復。

So our key drivers of growth are recovering first and stronger for the long term.

因此，我們的主要增長動力正在首先復甦，而且從長遠來看更加強勁。

So said in other words, I see all the signs that the key drivers of growth will come out of this crisis stronger for the long term.

換句話說，我看到所有跡象表明，從長遠來看，增長的主要驅動力將從這場危機中走出來。

And even if in the short term, we are going to be hit hard by the closures, particularly by the very understandable consumer shock in this moment in the medium, long term, we will be a stronger organization with our key long-term drivers further validated.

即使在短期內，我們將受到關閉的沉重打擊，特別是在中長期，我們將成為一個更強大的組織，我們的關鍵長期驅動力進一步驗證。

And one of these drivers will remain innovation, to answer your last question, is on innovation.

其中一個驅動因素將保持創新，回答你的最後一個問題，就是創新。

We are continuing to innovate.

我們正在不斷創新。

As I said in my prepared remarks, we are reinforcing and investing in a Shanghai center to make sure that our innovation become even more relevant to Asia and to the Asian consumers and to the Chinese consumers, particularly.

正如我在準備好的發言中所說，我們正在加強和投資上海中心，以確保我們的創新與亞洲、亞洲消費者，尤其是中國消費者更加相關。

And we, however, have focus in our innovations much more than before in this period -- in this period of transition.

然而，在這個過渡時期，我們比以往更加關注我們的創新。

We are focusing our ratio on fewer and bigger innovation.

我們將我們的比率集中在更少和更大的創新上。

We are focusing our innovation on what works better online in this transition or trying to pivot online where possible because of the closures.

我們正在將創新重點放在在此過渡期間在線效果更好的方法上，或者由於關閉而嘗試在可能的情況下轉向在線。

And we have focused our innovation on hero franchises, meaning on the franchises, which are -- that have high consumer loyalty and high consumer awareness because in this moment of transition, in the middle of the crisis and out of the COVID crisis, we clearly see the consumers are interested in the brands they trust, in the product they know.

我們將創新重點放在英雄特許經營權上，意思是特許經營權——具有高消費者忠誠度和高消費者意識的特許經營權，因為在這個過渡時刻，在危機中和 COVID 危機之後，我們清楚地看到消費者對他們信任的品牌和他們了解的產品感興趣。

They go back first to loyalty even before very new adventures.

他們甚至在非常新的冒險之前就首先回歸忠誠。

And so we are reflecting this in our innovation plan that in this moment, I believe, is one of the strongest we have had.

因此，我們在我們的創新計劃中反映了這一點，我相信，這一刻是我們擁有的最強大的計劃之一。

Thank you.

謝謝。

And that concludes today's question-and-answer session.

今天的問答環節到此結束。

If you were unable to join for the entire call, a playback will be available at 1:00 p.m.

如果您無法參加整個通話，將在下午 1:00 提供回放。

Eastern Time today through May 15.

東部時間今天至 5 月 15 日。

To hear a recording of the call, please dial (855) 859-2056, passcode 4138908. .

要收聽通話錄音，請撥打 (855) 859-2056，密碼 4138908。。

That concludes today's Estée Lauder conference call.

今天的雅詩蘭黛電話會議到此結束。

I would like to thank you all for your participation and wish you all a good day.

我要感謝大家的參與，祝大家有個愉快的一天。