Interparfums Inc (IPAR) 2025 Q1 法說會逐字稿

Greetings and welcome to the Interparfums first quarter 2025 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Interparfums 2025 年第一季電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Karin Daly, Vice President at Equity Group and Interparfums' Investor Relations Representative. Please go ahead, Karin.

現在我很高興將電話轉給主持人 Karin Daly，她是 Equity Group 副總裁兼 Interparfums 投資者關係代表。請繼續，卡琳。

Thank you, Kevin. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar; and Chief Financial Officer, Michel Atwood.

謝謝你，凱文。今天參加電話會議的還有董事長兼執行長 Jean Madar 和財務長 Michel Atwood。

On behalf of the company, I would like to note that this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from projected results.

我代表公司指出，本次電話會議可能包含前瞻性陳述，其中涉及已知和未知的風險、不確定性和其他可能導致實際結果與預測結果有重大差異的因素。

These factors may be found in the company's filings with the Securities and Exchange Commission under the heading Forward-Looking Statements and Risk Factors. Forward-looking statements speak only as of the date on which they are made, and Interparfums undertakes no obligation to update the information discussed.

這些因素可以在公司向美國證券交易委員會提交的前瞻性聲明和風險因素部分中找到。前瞻性陳述僅代表其作出之日的觀點，Interparfums 不承擔更新所討論資訊的義務。

As a reminder, Interparfums consolidated results include two business segments. European-based operations through Interparfums SA, the company's 72% owned French subsidiary and United States-based operations.

提醒一下，Interparfums 的合併業績包括兩個業務部門。透過 Interparfums SA（該公司擁有 72% 股權的法國子公司）和美國業務開展歐洲業務。

It's now my pleasure to turn the call over to Jean Madar. Jean?

現在我很高興將電話轉給 Jean Madar。吉恩？

Thank you, Karin. Good morning, everyone, and thank you for joining us on today's call. We started the year on a strong note with our reported net sales increasing by 5% or 7% on a like-for-like basis. Three of our top brands, Coach, Jimmy Choo, and Donna Karan/DKNY performed exceptionally well, as did our newest brand, Lacoste and Cavalli in their second year under our management.

謝謝你，卡琳。大家早安，感謝你們參加今天的電話會議。我們以強勁的業績開啟了新的一年，報告顯示我們的淨銷售額年增了 5% 或 7%。我們的三大品牌 Coach、Jimmy Choo 和 Donna Karan/DKNY 表現非常出色，我們的最新品牌 Lacoste 和 Cavalli 在我們管理的第二年也表現出色。

We also launched several compelling fragrances that contributed to our results, and we have many more sense to unveil for the balance of the year. Our prestige brand portfolio, the robust distribution network and agile business model has positioned us well to deliver strong and encouraging results.

我們還推出了幾款引人注目的香水，對我們的業績做出了貢獻，並且我們在今年剩餘時間裡將推出更多新品。我們享有盛譽的品牌組合、強大的分銷網絡和靈活的商業模式使我們能夠取得強勁而令人鼓舞的業績。

The flexibility of our supply chain allows us to respond swiftly during challenging periods to minimize potential disruptions and to consistently maintain our service level and competitive position. Fragrance stands out within the beauty industry for its resilience, driven by strong brand loyalty and its appeal as an accessible luxury especially approximated during times when consumers are more selective with their spending.

我們供應鏈的靈活性使我們能夠在充滿挑戰的時期迅速做出反應，以最大限度地減少潛在的中斷，並始終保持我們的服務水準和競爭地位。香水因其韌性而在美容行業中脫穎而出，這得益於強大的品牌忠誠度以及其作為一種可負擔的奢侈品的吸引力，尤其是在消費者對支出更加挑剔的時期。

Our top brands continued to drive growth at our European-based operations Jimmy Choo's legacy franchises, I Want Choo and Jimmy Choo Man, which included the introduction of Jimmy Choo Man Extreme performed exceptionally well.

我們的頂級品牌繼續推動歐洲業務的成長，Jimmy Choo 的傳統特許經營權、I Want Choo 和 Jimmy Choo Man（包括推出的 Jimmy Choo Man Extreme）表現非常出色。

The new Coach man extension Men Eau De Parfum with NBA superstar Jayson Tatum as the new face of Coach fragrances drove Coach growth. Item demand for (inaudible) fragrance continued in early 2025 as well. As for (inaudible), sales are down compared to the prior year period as a result of the timing of innovation, but we are confident that the brand will achieve more favorable comparisons for the balance of the year with the upcoming launch of Explorer Extreme as a catalyst.

新款 Coach 男士香水延伸系列由 NBA 巨星傑森·塔圖姆 (Jayson Tatum) 擔任 Coach 香水的新代言人，推動了 Coach 的成長。2025 年初，對（聽不清楚）香水的需求也將持續成長。至於（聽不清楚），由於創新時機的原因，銷售額與去年同期相比有所下降，但我們相信，在即將推出的 Explorer Extreme 的推動下，該品牌將在今年剩餘時間內取得更為有利的業績。

For our United States-based operations, net sales rose 3% on a like-for-like basis on top of 11% organic sales growth during the 2024 first quarter. Donna Karan/DKNY fragrance sales rose by 5%, resulting from the continued strength of our cash merit franchise. Although we continue to expect sales gain for this in the full year. Fragrance sales declined slightly during the quarter given the high bar set in the prior year period when the brand grew by 21%.

對於我們位於美國的業務，2024 年第一季的有機銷售額成長了 11%，淨銷售額較去年同期成長了 3%。Donna Karan/DKNY 香水銷售額成長了 5%，這得益於我們現金優勢特許經營權的持續強勁。儘管我們仍然預計全年銷售額將有所成長。由於該品牌去年同期的銷售額成長了 21%，因此本季香水銷售額略有下降。

With consumer demand for high-quality and concentrated sends showing no signs of living up, we continue to roll out new fragrances that appeal to their preferences, including the recent launches of Ferragamo Fiamma, our first blockbuster launch for the brand, which distributed at the end of March -- the end of March expressing the modern femininity in Ferragamo (inaudible) France, Italy.

由於消費者對高品質濃縮香水的需求沒有絲毫增長的跡象，我們繼續推出迎合他們喜好的新香水，包括最近推出的菲拉格慕之火 (Ferragamo Fiamma)，這是我們為該品牌推出的首款重磅香水，於 3 月底上市——3 月底在菲拉格慕 (聽不清) 法國、意大利表達了現代女性氣質。

And we also noticed Lacoste launch, L.12.12 [silver and silver lows]. We also introduced -- we will also introduce a new blockbuster for Roberto Cavalli in June called Certain Time. We have a strong lineup of fragrance extension for many brands, including all our largest brands, Jimmy Choo, Montblanc, Coach, GUESS, Donna Karan, Ferragamo, and Lacoste. Plus, we will be adding a new extension for Spade, Hollister, Lagerfeld, and Van Cleef families.

我們還注意到 Lacoste 推出了 L.12.12 [銀色和銀色低點]。我們也將於 6 月推出 Roberto Cavalli 的一部新大片，名為《特定時間》。我們為許多品牌提供強大的香水延伸產品線，包括我們所有最大的品牌：Jimmy Choo、Montblanc、Coach、GUESS、Donna Karan、Ferragamo 和 Lacoste。此外，我們還將為 Spade、Hollister、Lagerfeld 和 Van Cleef 家族添加新的擴展。

As we look ahead, we are continuing to strategically refine our brand portfolio to build an exceptional group of brands that further solidifies our position in the prestige and luxury categories. That sometimes calls for exiting the license agreements with some of our smaller or underperforming brands.

展望未來，我們將繼續從策略上完善我們的品牌組合，以打造一個卓越的品牌集團，進一步鞏固我們在高端和奢侈品類別中的地位。這有時需要我們退出一些規模較小或表現不佳的品牌的授權協議。

These brands represent a small person of our overall portfolio. And our focus is on offsetting the exit by continuing to grow our existing portfolio while adding new high potential brands that better align with our long-term growth strategy. This is already in the works as we are preparing to launch our own brand called Solférino in July.

這些品牌只是我們整體產品組合的一小部分。我們的重點是透過持續擴大現有產品組合來抵消退出的影響，同時增加更符合我們長期成長策略的新的高潛力品牌。我們已在籌備中，將於 7 月推出我們自己的品牌 Solférino。

And as we mentioned on our last call, we will assume full ownership of all Off-White brand names and registered trademarks in 2026. In addition, we announced the acquisition of the Annick Goutal brand in March, which is also set to officially join our portfolio in 2026.

正如我們在上次電話會議上提到的那樣，我們將在 2026 年完全擁有所有 Off-White 品牌名稱和註冊商標。此外，我們在3月宣布收購Annick Goutal品牌，該品牌也將於2026年正式加入我們的產品組合。

Planning is already well underway for both Off-White and Annick Goutal, with exciting developments to be unveiled in the months ahead. As a testament to the strength of our brand partnership, we renewed our Coach license for another five years through June 2031.

Off-White 和 Annick Goutal 的規劃已在順利進行中，未來幾個月將公佈令人興奮的進展。為了證明我們與 Coach 的品牌合作關係的牢固性，我們將 Coach 的授權續期五年，至 2031 年 6 月。

Before I turn it over to Michel, I would like to briefly mention a few key operational updates. In terms of our omnichannel capabilities, we sell directly to many retailers in key markets such as France, the United States, and Italy. This direct model delivers higher margins compared to wholesale distribution, though our wholesale partners remain essential for achieving broader market reach and will continue to be a vital part of our strategy.

在將發言權交給米歇爾之前，我想簡單提一下一些關鍵的營運更新。就我們的全通路能力而言，我們直接向法國、美國和義大利等主要市場的許多零售商銷售產品。與批發分銷相比，這種直接模式可帶來更高的利潤，但我們的批發合作夥伴對於擴大市場覆蓋範圍仍然至關重要，並將繼續成為我們策略的重要組成部分。

E-commerce, as you know, is an increasingly important and fast-growing part of our business, driven by the ongoing digital shift in consumer behavior, strong performance, and expanding our presence on Amazon while platforms like Vivabox and TikTok shop continue to gain traction powered by the reach and engagement of our content creators and influencers across social media platforms.

如您所知，電子商務是我們業務中越來越重要且快速成長的一部分，這得益於消費者行為的持續數位化轉變、強勁的業績以及我們在亞馬遜上不斷擴大的業務，而 Vivabox 和 TikTok shop 等平台繼續受到我們內容創作者和影響者在社交媒體平台上的影響力和參與度的推動。

Regarding our supply chain, streamlining our operation is more commutable than ever. And as mentioned also in our previous call, we are making significant progress in transitioning out of our own operated facility in Dayton, New Jersey.

關於我們的供應鏈，簡化我們的營運比以往任何時候都更容易。正如我們在之前的電話會議中提到的那樣，我們在從位於新澤西州代頓的自營工廠轉型方面取得了重大進展。

By the second half of 2025, we expect to fully utilize third-party logistics companies for packing, shipping warehousing, and order fulfillment. This strategic shift will reduce overhead costs and enhance our agility, enabling us to better respond to consumer needs, and market dynamics. And the key area of interest is, of course, tariffs and Michel will answer some of your questions later.

到 2025 年下半年，我們預計將充分利用第三方物流公司進行包裝、運輸倉儲和訂單履行。這項策略轉變將降低管理成本並增強我們的靈活性，使我們能夠更好地回應消費者需求和市場動態。當然，我們關注的重點領域是關稅，米歇爾稍後會回答您的一些問題。

We're actively scenario planning and beginning to implement strategies to mitigate the potential impact of the recent tariffs on our business through three key interventions. Firstly, we are looking to try to better align our supply chain footprint to the countries where the products are sold. This means producing in Europe, fragrances that sell in Europe, producing in the US fragrances, let's say, in the US, some of these changes will be quick, while others will take, of course, more time.

我們正在積極規劃情境並開始實施策略，透過三項關鍵幹預措施來減輕近期關稅對我們業務的潛在影響。首先，我們希望嘗試更好地將我們的供應鏈足跡與產品銷售的國家結合。這意味著在歐洲生產並銷售在歐洲的香水，在美國生產並銷售在美國銷售的香水，其中一些變化會很快，而其他變化當然需要更多時間。

Secondly, we are identifying alternative sourcing, sourcing for some of the parts, components like plastic and metal that we still purchase from China and need to import into the US. Thirdly, we are considering implementing mid-single-digit price increases on select brands and regions this summer.

其次，我們正在尋找替代來源，採購一些我們仍從中國購買並需要進口到美國的零件、零件（如塑膠和金屬）。第三，我們正考慮今年夏天部分品牌和地區實施中個位數的價格上漲。

Aligned with, but less aggressive and broader industry trends as a way to offset the additional cost, we will inevitably not be able to fully indicate. Our game plan is clear, but we will adjust our execution once we have more certainty of how tariffs will evolve after this 90-day moratorium.

與行業趨勢一致，但不那麼激進和更廣泛的作為抵消額外成本的方式，我們不可避免地無法完全表明。我們的計劃很明確，但一旦我們更確定 90 天的暫停期後關稅將如何演變，我們就會調整執行方案。

Overall, we do not view these factors as posing a material risk to the company. While we navigate the current macro environment, the global fragrance market remains strong, and we are well positioned to deliver on our goals for the year.

整體而言，我們認為這些因素不會對公司構成重大風險。在我們應對當前宏觀環境的同時，全球香水市場依然強勁，我們已準備好實現今年的目標。

We are focused on making continued progress on all fronts of our business from sales and earnings to ESG scores among these objectives, is to improve our MSCI score. We have steadily been improving and recently moved up to a BB rating. We also have line of sight to BBB, which we target to get with the next major rating update.

我們專注於在從銷售和收益到 ESG 評分等各個業務方面取得持續進展，其中的目標之一是提高我們的 MSCI 評分。我們一直在穩步進步，最近評級升至 BB。我們也關注 BBB，目標是在下一次重大評級更新中獲得該評級。

I will now turn it over to Michel for a review of our financial results. Michel?

現在我將把審查我們財務結果的任務交給米歇爾。米歇爾？

Thank you, Jean, and good morning, everyone. I will begin by discussing the consolidated results before breaking it down into our European and United States-based operations.

謝謝你，Jean，大家早安。我將首先討論合併結果，然後將其細分為我們在歐洲和美國的業務。

As Jean shared and as previously reported, we delivered net sales of $339 million, a 5% increase from the first quarter of 2024. But on a like-for-like basis, our sales grew by 7%, and we remain on track to meet our guidance for the year. As a reminder, there is some seasonality to our business as a result of gifting occasions and launch cycles. So not every quarter will always necessarily line up.

正如 Jean 所分享的以及先前報導的，我們的淨銷售額達到 3.39 億美元，比 2024 年第一季成長 5%。但以同類計算，我們的銷售額成長了 7%，我們仍有望實現今年的預期。提醒一下，由於送禮場合和發布週期，我們的業務具有一定的季節性。因此並非每季都會必然一致。

Gross margin expanded by 120 basis points to 63.7% from the prior year period as a result of favorable brand and channel mix. SG&A expenses as a percentage of net sales increased modestly by 10 basis points to 41.6%, with $52 million in A&P expenses to support sell-through at our retailers and drive traffic across all distribution channels, in-store and online.

由於品牌和通路組合良好，毛利率較去年同期擴大 120 個基點，達到 63.7%。銷售、一般及行政開支佔淨銷售額的百分比小幅上升 10 個基點至 41.6%，其中廣告及宣傳開支為 5,200 萬美元，用於支持我們零售商的銷售並推動所有分銷渠道（包括店內和在線）的流量。

Once again, with 7% growth in A&P, we remain committed to continuing to spend A&P ahead of our top line growth while funding it through scale and other efficiencies. Our royalty expenses paid to brand owners or licensors averaged 8% of net sales during the first quarter, which is broadly in line with our historical run rates, but slightly favorable to the prior year period, largely due to brand mix.

再次，隨著廣告與宣傳業務成長 7%，我們仍然致力於繼續將廣告與宣傳業務的支出保持在營收成長之前，同時透過規模和其他效率為其提供資金。我們向品牌所有者或授權人支付的特許權使用費在第一季平均佔淨銷售額的 8%，這與我們的歷史運行率大致一致，但比去年同期略有好轉，這主要歸因於品牌組合。

Overall, our consolidated operating income was $75 million for the quarter, a 10% increase from the prior year period, resulting in an operating margin of 22% or 120 basis points improvement from 2024 first quarter. Other income and expense for the three months ended March 31, 2025, was a loss of $1.7 million as compared to a gain of $2.1 million in the corresponding period -- prior year period, leading to a negative quarter-over-quarter impact of $3.8 million.

整體而言，本季我們的綜合營業收入為 7,500 萬美元，比去年同期成長 10%，營業利潤率為 22%，比 2024 年第一季提高 120 個基點。截至 2025 年 3 月 31 日的三個月，其他收入和支出虧損 170 萬美元，而去年同期則獲利 210 萬美元，導致季度環比下降 380 萬美元。

One of the main factors behind this swing is foreign exchange. We saw a gain of $900,000 in the first quarter of 2024, but that turned into a loss of $800,000 in the first quarter of 2025. Another factor is the change in our unrealized gains and losses on marketable securities.

這種波動背後的主要因素之一是外匯。我們在 2024 年第一季獲得了 90 萬美元的收益，但在 2025 年第一季卻變成了 80 萬美元的虧損。另一個因素是我們在有價證券上的未實現損益的變化。

In quarter one 2025, we recorded an unrealized loss of $700,000 compared to $1.4 million unrealized gains in the same period last year. We did not experience a significant change in our blended effective tax rate, which was 24.5%, up 60 basis points from 23.9% from the prior period, largely driven by geographic mix. For our European-based operations, net sales rose 7% or 9%, excluding the impact of foreign exchange.

2025 年第一季度，我們記錄了 70 萬美元的未實現損失，而去年同期的未實現收益為 140 萬美元。我們的混合有效稅率沒有重大變化，為 24.5%，比上一期的 23.9% 上升了 60 個基點，這主要受地理組合的影響。對於我們位於歐洲的業務，不包括外匯的影響，淨銷售額成長了 7% 或 9%。

Gross margin increased by 150 basis points driven by favorable brand and channel mix. And in a high base period, which last year was particularly impacting. While SG&A expenses increased 6% to $96 million, SG&A as a percentage of net sales decreased 40 basis points to 38.7% of net sales from 39.1% in the prior year period.

受良好品牌和通路組合的推動，毛利率增加了 150 個基點。在高基數時期，去年的影響尤其大。雖然銷售、一般及行政費用 (SG&A) 成長 6% 至 9,600 萬美元，但銷售、一般及行政費用佔淨銷售額的百分比從去年同期的 39.1% 下降 40 個基點至 38.7%。

This reduction was driven by scale benefits in fixed costs and favorable brand mix on royalties, partially offset by higher A&P expenditure. Overall, net income attributable to European operations based grew 7% to $48 million for the quarter.

這一減少是由固定成本的規模效益和特許權使用費的有利品牌組合所推動的，但被更高的廣告宣傳支出部分抵消。整體而言，本季歐洲業務淨收入成長 7%，達到 4,800 萬美元。

Now turning to our United States-based operations, net sales increased by 3% on a like-for-like basis on top of the 11% like-for-like gain in 2024 first quarter. On a reported basis, net sales declined by 1% as a result of the discontinuation of the Dunhill license, which had a negative 4% impact.

現在轉向我們位於美國的業務，淨銷售額年增 3%，而 2024 年第一季的年成長率為 11%。據報道，由於 Dunhill 授權的終止，淨銷售額下降了 1%，產生了 4% 的負面影響。

Gross margins remained flat at 58.7% as our brand in channel mix remain consistent. SG&A expenses finally increased 2% to $45 million, largely driven by the annualization impact of the investments in infrastructure and headcount made through 2024 to support the growth of the business, plus higher A&P spending which was partially offset by efficiency realized in other SG&A expenses.

由於我們的品牌通路組合保持一致，毛利率保持在 58.7% 的水平。銷售、一般及行政費用最終增長 2% 至 4,500 萬美元，這主要是由於到 2024 年為支持業務增長而對基礎設施和員工人數進行的投資的年化影響，加上更高的廣告和銷售支出，但其他銷售、一般及行政費用實現的效率部分抵消了這一影響。

Net income attributable to US-based operations was $9 million for the quarter as compared to $10 million -- a little below $10 million in the prior year period. At March 31, our balance sheet remains strong with $172 million in cash and cash equivalents and working capital of $600 million. Needless to say, the hot topic is tariffs. As a global import export fragrance company with no own manufacturing facilities, we have much flexibility with our vast group of trusted partners.

本季歸屬於美國業務的淨收入為 900 萬美元，而去年同期為 1,000 萬美元，略低於 1,000 萬美元。截至 3 月 31 日，我們的資產負債表依然強勁，擁有 1.72 億美元的現金和現金等價物以及 6 億美元的營運資金。毋庸置疑，熱門話題是關稅。作為一家沒有自己生產設施的全球進出口香水公司，我們與許多值得信賴的合作夥伴擁有很大的靈活性。

As Jean mentioned, while we are making a concerted effort to manufacture products more locally to the point of sale, we have some exposures on the components and gifts with purchases front. We have not seen any material impact from tariffs yet, mainly due to the inventory we had previously built up and our FIFO accounting, but we are actively working with our counterparts to source components from locations other than China to mitigate any future cost increases.

正如 Jean 所提到的，雖然我們正在齊心協力在銷售點本地生產產品，但我們在購買零件和禮品方面也有一些曝光。目前，我們尚未看到關稅的任何實質影響，這主要是由於我們之前建立的庫存和我們的先進先出會計，但我們正在積極與同行合作，從中國以外的地區採購零件，以減輕未來的成本增加。

We are also accelerating the conversion of raw materials into finished goods. At March 31, finished goods represented 63% of our inventory. Finally, from a cash flow perspective, accounts receivable was up 8% from the prior year -- from year-end and days sales on sending was 74 days, similar to prior year period. We have a strong collection process with limited risk.

我們也正在加速將原料轉化為成品。截至 3 月 31 日，成品占我們庫存的 63%。最後，從現金流角度來看，應收帳款較上年同期成長了 8%——截至年底，出貨天數為 74 天，與去年同期相似。我們擁有強大的收集流程，風險有限。

By effectively managing our working capital increases relative to our sales growth, we again significantly improved the operating cash flow, reducing cash used in operating activities by $45 million from $52 million in prior year period to $7 million in the first quarter of 2025. We continue to expect strong free cash flow productivity in 2025. And as you know, we have initiated a share repurchase program.

透過有效管理相對於銷售成長的營運資本增加，我們再次大幅改善了經營現金流，將經營活動所用現金從去年同期的 5,200 萬美元減少 4,500 萬美元至 2025 年第一季的 700 萬美元。我們繼續預期 2025 年自由現金流生產力將強勁。正如你們所知，我們已經啟動了股票回購計畫。

As announced in our press release yesterday, our regular quarterly cash dividend of $0.80 per share will be paid on June 30, 2025, to shareholders of record on June 13, 2025. Despite the ongoing volatility across the macroeconomic landscape, we remain confident in our ability of our business and the ongoing momentum of the global fragrance market to drive another record year for Interparfums.

正如我們昨天在新聞稿中宣布的那樣，我們將於 2025 年 6 月 30 日向 2025 年 6 月 13 日登記在冊的股東支付每股 0.80 美元的常規季度現金股息。儘管宏觀經濟情勢持續波動，我們仍然對我們的業務能力和全球香水市場的持續發展勢頭充滿信心，這將推動 Interparfums 再創紀錄。

As such, we are reaffirming our full year guidance for 2025 of $1.51 billion in net sales and EPS of $5.35 a share. As always, we will revisit guidance and share our expectations with intention to continue to provide transparency to our shareholders.

因此，我們重申 2025 年全年業績預期：淨銷售額 15.1 億美元，每股收益 5.35 美元。像往常一樣，我們將重新審視指導並分享我們的期望，旨在繼續為股東提供透明度。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Susan Anderson, Canaccord Genuity.

（操作員指示）Susan Anderson，Canaccord Genuity。

Nice job on the quarter. Maybe if you can give some more color, I guess, just on the US business, kind of what you're seeing, if you're still seeing some destocking there by the retailers or you're still seeing sell-in mismatch with the sell-out. And then also, I think North America was up 14%. So if you can maybe just talk about the rest of the drivers there given that the US was only up 3%.

本季表現不錯。我想，如果您可以提供更多細節，就美國業務而言，就像您所看到的，如果您仍然看到零售商在減少庫存，或者仍然看到賣入與賣出不匹配。而且我認為北美成長了 14%。因此，鑑於美國僅成長了 3%，您是否可以談談其他驅動因素？

Michel, you can --?

米歇爾，你可以--？

Yeah, sure. Yeah, overall, I think, as you know, we had last year, there was some destocking that happened at the beginning of the year, but that was largely abated as we -- as the year progressed. At this point in time, we're not really seeing a significant disconnect between sell-in and sell off. Obviously, retailers continue to be focused on cash and are managing their inventories tightly. But overall, we're not really seeing a significant impact there.

是的，當然。是的，總的來說，我認為，正如你所知，去年年初我們經歷了一些去庫存現象，但隨著時間的推移，去庫存現像基本上已經消退。目前，我們並沒有真正看到賣出和拋售之間有明顯的脫節。顯然，零售商繼續關注現金並嚴格管理庫存。但總體而言，我們並沒有看到顯著的影響。

Actually, our US business was quite strong this quarter, despite the market being a little bit tight. As you know, last year, the market was up 20%, which was a sizable increase year over year. This year, the market is actually down for the quarter by 2%.

實際上，儘管市場有點緊張，但本季我們的美國業務仍然相當強勁。眾所周知，去年市場上漲了 20%，年成長幅度相當可觀。今年本季市場實際上下跌了 2%。

But if you look at March and February, both months were actually more in line with were actually slightly up versus prior year period, so a 5% growth. So overall, despite the month of January being a bit challenging. I think it was driven by the fact that John this year had four weeks was -- had five weeks last year. So there's some mechanical effects there.

但如果你看看三月和二月，這兩個月實際上與去年同期相比略有上升，成長了 5%。因此總體而言，儘管一月份有點挑戰。我認為這是因為約翰今年有四周時間，而去年有五週時間。因此這其中存在一些機械效應。

Overall, the market is holding up pretty well. And if anything, what we're seeing is some moderate share growth here in the US. So hopefully, that answers that question.

整體而言，市場表現良好。無論如何，我們看到的是美國市場份額出現了溫和的成長。希望這能回答這個問題。

That's simply good color. And then maybe if you could just talk about globally, I guess, what you're seeing from a consumer perspective in terms of fragrance trends. Are you seeing any slowdown in Europe, I guess, and then also in Asia?

這顏色真好看。然後，我想，如果您能從全球消費者的角度談談香水趨勢的話，您會看到什麼呢？我想，您是否看到歐洲和亞洲的經濟出現放緩？

For me, I will say that, in general, the first quarter was not as strong as last year, of course, but it was still positive. As you know, we are a pure player in fragrance. So -- and fragrance was still again in the first quarter, growing comparing to the other segments of the duty, which are makeup and skin care.

對我來說，我想說，總體而言，第一季當然不如去年強勁，但仍然是積極的。如您所知，我們是香水行業的純粹參與者。因此，與化妝品和護膚品等其他細分市場相比，香水在第一季仍保持成長。

Regarding Europe, I think it is more challenging, especially in France and Germany, where NPD numbers were quite low or maybe negative in the first quarter. And we still see market in Asia moving into the direction where China, nothing really is happening.

至於歐洲，我認為挑戰更大，尤其是法國和德國，這兩個國家第一季的新產品開發數量相當低，甚至可能是負數。我們仍然看到亞洲市場朝著中國的方向發展，但實際上並沒有發生任何變化。

But it's balanced by Australia, for instance, and certain countries of Southeast Asia that are moving in the regulation. So of course, we expect a smaller growth than last year, but the fragrance business is still growing.

但澳洲和東南亞某些國家正在採取平衡措施，以適應這項規定。因此，我們預計成長幅度會比去年小，但香水業務仍在成長。

Korinne Wolfmeyer, Piper.

科琳·沃爾夫邁耶，派珀。

I do want to touch a little bit more on tariffs. And any other color you can provide us on how you're quantifying the overall tariff exposure both direct and indirect. And I know it's going to be a minimal impact, and it seems like you have a lot of efforts in place to help mitigate. But how should we be thinking about the gross margin progression for the remainder of 2025 and even into 2026 when considering the tariffs?

我確實想進一步談關稅問題。您還可以向我們提供任何其他信息，說明如何量化直接和間接的總體關稅風險。我知道這會產生很小的影響，而且看起來你們已經做了許多努力來減輕影響。但是，當考慮關稅時，我們應該如何考慮 2025 年剩餘時間甚至 2026 年的毛利率成長？

Yeah, we're going to try both to answer. But as you know, we do not import any finished products from China, for instance. So we don't have any impact on finished goods coming from China. We have still a certain impact because some of our components come from China, mostly metal pieces, caps, bumps, colors, that are not made in the US. But (inaudible) that we are going to -- that we could get impacted is the 10% that when the goods come from Europe to the US.

是的，我們將嘗試兩種方法來回答。但正如你所知，我們不從中國進口任何成品。因此，我們對來自中國的成品不會受到任何影響。我們仍然受到一定的影響，因為我們的一些零件來自中國，大部分是金屬零件、蓋子、凸塊、顏色，這些都不是美國製造的。但是（聽不清楚）我們將會——當貨物從歐洲運往美國時，我們可能會受到 10% 的影響。

And -- so as I said in my remarks, where we have (inaudible) like gas or that have, let's say, 50% of their sales in the US and 50% of their sales in Europe. Eventually, we want to make these products, some of these SKUs in Europe and also in the US. So on tariffs, yes, we're going to have to pay higher tariffs than last year. We think we can cover with certain price adjustments, certain negotiations, and also certain decisions to move some feeling in the US or outside of the US, it depends on where the products are sold.

而且 — — 正如我在演講中所說，我們的（聽不清楚）天然氣或天然氣的銷量有 50% 銷往美國，50% 銷往歐洲。最終，我們希望生產這些產品，其中一些 SKU 在歐洲和美國生產。因此，就關稅而言，是的，我們將不得不支付比去年更高的關稅。我們認為，我們可以透過某些價格調整、某些談判以及某些決定來影響美國國內或國外的一些情緒，這取決於產品的銷售地點。

So it's an exercise, that is quite (technical difficulty). We are lucky because as we have improved our IT and information season, we are able to analyze quickly in order to make the decision. But it is definitely a challenge. Michel?

所以這是一個練習，相當（技術難度）。我們很幸運，因為隨著我們的 IT 和資訊季節的改進，我們能夠快速分析並做出決策。但這絕對是一個挑戰。米歇爾？

Yeah, sure. Thanks, Jean. Yeah, Korinne. Tariff right now, we've estimated if we do-nothing scenario is about 300 basis points. We have a number of interventions that Jean has talked about that should enable us to get that down by about two-thirds. The rest will take a bit of time.

是的，當然。謝謝，Jean。是的，科琳。我們估計，如果我們不採取任何行動，目前的關稅將上漲約 300 個基點。正如 Jean 所說，我們採取了一系列幹預措施，這些措施應該能夠幫助我們將這一數字降低約三分之二。其餘部分需要一點時間。

And what we're planning to do is offset that through pricing. So to answer your question around gross margin, because of the FIFO accounting and because we do have high inventory levels, we're not expecting any significant impact this year. And by the time it kicks in, we think the pricing actions that we'll be taking will offset that.

我們計劃透過定價來抵消這一影響。因此，回答您關於毛利率的問題，由於先進先出會計，而且我們的庫存水準確實很高，我們預計今年不會產生任何重大影響。當它開始生效時，我們認為我們採取的定價行動將抵消這一影響。

Now again, there's a lot that can happen between now and the end of the moratorium, the 90-day moratorium, while we have plans in place and we're feeling comfortable that we know how to mitigate this. Ultimately, it's going to depend a lot on what really inevitably happens. And some of the actions that we're taking may be triggered or not depending on that situation. But overall, we're feeling pretty good about our ability to mitigate the impact.

現在再說一遍，從現在到暫停期（90 天的暫停期）結束之間可能會發生很多事情，而我們已經制定了計劃，我們知道如何緩解這種情況。最終，這很大程度上取決於最終必然發生的事情。我們採取的一些行動可能會根據具體情況而觸發，也可能不會觸發。但總體而言，我們對自己減輕影響的能力感到非常滿意。

I would like to add that we have on average nine months of inventory for our products. So we are not going to see an immediate impact and this will -- we still have three, four, five, six months to find the right solution to the tariffs.

我想補充一點，我們的產品庫存平均可供九個月使用。因此，我們不會立即看到影響，我們還有三、四、五、六個月的時間來找到解決關稅問題的正確方法。

And as we said, we will do some pricing, not on every products, but on certain lines. And I'm sure you're going to ask me what happened is -- what happened to pricing if tariff appear, we will maintain the price increase. And if tariffs disappear, we will spend this money in extra advertising. But we will -- when we decide to increase prices, we cannot come back.

正如我們所說，我們會進行定價，不是針對所有產品，而是針對某些產品線。我確信你會問我發生了什麼——定價發生了什麼，如果出現關稅，我們將維持價格上漲。如果取消關稅，我們將把這筆錢用於額外的廣告。但我們會——當我們決定提高價格時，我們就無法回頭了。

Great. That's helpful color. And then if I could squeeze in just one more on the operating margin in the quarter. It was came in a little bit higher than we had expected, and I know there were some drivers there. Can you just dive a little bit deeper into what the primary components of that upside were?

偉大的。這是很有幫助的顏色。然後，如果我能再擠一點本季的營業利潤率的話。它比我們預期的要高一點，我知道那裡有一些司機。您能否更深入地解釋一下這種優勢的主要因素是什麼？

And how we should be thinking about the sustainability of that operating margin lift throughout the remainder of the year?

我們該如何看待今年剩餘時間內營業利益率的持續提升？

Yeah, Korinne. So I mean there are really two key drivers of the operating margin. One was really the brand mix and the channel mix that drove the higher gross margin that was expected. A lot of the sales upside that we got actually came from our US domestic market, which comes at a higher, because it's direct to retail at a much higher gross margin.

是的，科琳。所以我的意思是，營業利潤率其實有兩個關鍵驅動因素。其中一個因素是品牌組合和通路組合真正推動了預期的更高毛利率。我們獲得的許多銷售成長實際上來自於美國國內市場，該市場的毛利率更高，因為它直接面向零售，毛利率要高得多。

So that was clearly a big factor in the upside surprise. On the other hand, when we look at our A&P investments, we were expecting to invest a little bit more in our original plans. And I think as we look through the situation, we felt it wasn't necessary. So we're shifting some of that to the second quarter. But those are really the two main drivers of the change.

所以這顯然是帶來意外驚喜的重要因素。另一方面，當我們審視我們的 A&P 投資時，我們預計會在原計劃上投入更多。我認為，當我們審視整個情況時，我們覺得這沒有必要。因此我們將其中一部分轉移到第二季。但這確實是變革的兩個主要驅動力。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

Congrats on the nice quarter. So just want to know how you think about premium -- making the portfolio more premium in a recessionary scenario? And do you still anticipate luxury to outperform as a category? Or do you think we might start to see a bit of a trade down?

恭喜本季取得良好成績。所以只是想知道您如何看待溢價——在經濟衰退的情況下如何讓投資組合更加優質？您是否仍預期奢侈品牌將表現優異？或者您認為我們可能會開始看到貿易下滑的跡象？

Michel, if you want to try to answer?

米歇爾，你想嘗試回答嗎？

Yeah, sure. Yeah, ultimately, the luxury category is continuing to grow faster than Prestige. Prestige is going to always be a large segment of the business. But if we continue to see where the growth is coming from, the growth is certainly coming from there because consumers this is part of concerns becoming more involved in the category. When they become more involved, they show more interest.

是的，當然。是的，最終，奢侈品類別的成長速度將繼續快於高端產品。聲望永遠是業務的重要組成部分。但如果我們繼續觀察成長來自哪裡，成長肯定來自那裡，因為消費者對這一類別的關注度越來越高。當他們參與得更多時，他們會表現出更多的興趣。

They're looking for more premium products, more distinctive products. So I think we'll continue to see the luxury segment outperforming. And I think the way we're planning to play with this really is, I think you see this very clearly with some of the choices that we've done around our brand portfolio.

他們正在尋找更優質的產品、更獨特的產品。因此我認為我們將繼續看到奢侈品領域的出色表現。我認為我們計劃採取的方式確實是這樣的，我想您可以從我們圍繞品牌組合所做的某些選擇中清楚地看到這一點。

Van Cleef, we're clearly moving up in distribution and premiumization, and we obviously have the launches of Sulfureno and more recently, the Annick Goutal acquisition. I mean those are all basically plays in the upper luxury segment.

梵克雅寶 (Van Cleef)，我們在分銷和高端化方面明顯有所提升，而且我們顯然推出了 Sulfureno 品牌，最近還收購了 Annick Goutal。我的意思是，這些基本上都是高端奢侈品市場的產品。

And we're also looking at a more luxury offering through collections on some of the brands in our portfolio where it kind of makes sense if you think about what we've done on Donna Karan, for example, where we've launched the Cashmere Collection on MCM, where we've launched the park collection. So we continue to play on the higher end of the segment to offer the consumers some of the stuff that they're actively looking for. Jean?

我們也希望透過我們投資組合中的一些品牌的系列提供更奢華的產品，如果你想想我們對 Donna Karan 的做法，這很有道理，例如，我們為 MCM 推出了羊絨系列，我們為 MCM 推出了公園系列。因此，我們繼續在高端市場發力，為消費者提供他們積極尋找的一些東西。吉恩？

Yes. In general, when I look at our portfolio, we performed better with brands that have products that sell at over $100 or EUR100 at retail. And that's why we are introducing a new MCM collection at $150 retail for three months. We're introducing a new Roberto Cavalli blockbuster at $120 or $130. This is a higher price point than before.

是的。整體而言，當我審視我們的投資組合時，我們發現那些產品零售價超過 100 美元或 100 歐元的品牌表現更佳。這就是為什麼我們將推出為期三個月、零售價為 150 美元的全新 MCM 系列。我們正在推出一款新的 Roberto Cavalli 大片，售價為 120 美元或 130 美元。這個價格比以前更高了。

And we think that it's a good positioning to have. There is quite demand and the consumer is willing to pay. The good news is that there are more and more people in the US and in Europe. And of course, in Asia, that understand the quality of the product. They are more interested in more concentrated fragrance. So it resonates better and we're seeing good success at this higher price point.

我們認為這是一個很好的定位。需求相當大，消費者也願意支付。好消息是，美國和歐洲的人口越來越多。當然，在亞洲，人們了解產品的品質。他們對更濃鬱的香味更感興趣。因此，它引起了更好的共鳴，並且我們在這個更高的價格點上看到了良好的成功。

(Operator Instructions) Hamed Khorsand, BWS Financial.

（操作員指示） Hamed Khorsand，BWS Financial。

First off, just following up on this conversation about luxury and premium. Do you feel like it has to be a price move to attract the consumer or is it the rarity value that's driving the consumer action?

首先，我們來繼續討論一下有關奢侈和高端的話題。您認為必須透過價格變動來吸引消費者，還是稀有價值推動消費者的行為？

I think it --

我認為--

It's a mix -- I'm sorry, go ahead, Michel. Go ahead.

這是一種混合——對不起，請繼續，米歇爾。前進。

No. So I was going to say, Hamed, I was going to say that I think it's about consumers are smart. They don't just buy based on price. I think ultimately, it's about the distinctivity of the offering. And as consumers become more sophisticated, I like to use the analogy of beer, right?

不。所以我想說，哈米德，我想說我認為這與消費者的聰明程度有關。他們不只是根據價格來購買。我認為最終這關乎產品的獨特性。隨著消費者變得越來越成熟，我喜歡用啤酒來打比方，對嗎？

You go from a mass beer to a more craft beer and you see that pretty much as consumers become more involved in a category, their tastes evolve and they become more refined, and I think they become more involved.

從大眾啤酒到精釀啤酒，你會發現，隨著消費者對某個類別的關注度越來越高，他們的口味也在不斷發展，變得更加精緻，而且我認為他們會更加投入。

And I think that's really what the higher-end fragrances are offering. If you look at some of those -- some of the brands that have been very aggressive on pricing, without necessarily offering the consumer real value. I think those are all brands that are kind of suffering. You see that their sales are down in units quite significantly. So I think that the consumer is looking for is looking for higher quality and they're willing to pay for the price. They're not just buying because it's more expensive.

我認為這正是高端香水所提供的。如果你看其中的一些品牌，它們在定價上非常激進，但不一定為消費者提供真正的價值。我認為這些都是正在遭受痛苦的品牌。您會發現他們的銷售量大幅下降。所以我認為消費者追求的是更高的質量，而且他們願意為此付出代價。他們購買不只是因為價格更貴。

Jean?

吉恩？

Yes, absolutely. When we position a product at a higher retail price, it's because we are giving -- we are putting more into the product and the consumer understands this very well, and we have to -- it's not just the price, consumers do not react to a higher price or a higher price.

是的，絕對是。當我們將產品定位在更高的零售價時，是因為我們在產品中投入了更多，消費者非常了解這一點，我們必須——這不僅僅是價格，消費者不會對更高的價格或更高的價格做出反應。

You have to give them also the quality and the value also. I think that the distribution is quite important, where the products are sold, exclusive distribution plays a lot in terms of desirability of the product. And that's why we are being very careful on where our products are sold.

您還必須為他們提供品質和價值。我認為分銷非常重要，在產品銷售的地方，獨家分銷對於產品的吸引力起著很大的作用。這就是為什麼我們對產品的銷售地點非常謹慎。

Okay. And then earlier, you were talking about how there is some strength in the market, at least there was in Q1 and your plans to potentially raise prices during the summer. So why is the sales guidance staying flat?

好的。之前您談到市場表現強勁，至少在第一季是如此，而且您計劃在夏季提高價格。那麼，為什麼銷售預期維持不變呢？

Yes, go ahead, Michel.

是的，請說，米歇爾。

Yeah. I think the sales guidance is remaining flat. I mean, we grew 5%. I think we're -- our guidance right now is it 4%. As you can appreciate, there is a lot of volatility right now.

是的。我認為銷售預期將保持不變。我的意思是，我們成長了5%。我認為我們目前的預期是 4%。正如您所意識到的，現在存在很大的波動。

I mean there's FX. If you look at the last month, the euro has gone from EUR103 to EUR113, which is a 10 point swing. We are still trying to understand the potential impacts of the tariffs. So I think what you're hearing is some degree of prudence here.

我的意思是有 FX。如果你看一下上個月的情況，歐元已經從 103 歐元漲到了 113 歐元，波動幅度為 10 點。我們仍在努力了解關稅的潛在影響。所以我認為你聽到的是某種程度的謹慎。

Right now, this is what our run rates are giving us. And we have a tendency to be a little bit prudent in our guidance. And until we feel that upside potentially materializing, we're going to continue to be conservative for their guidance.

目前，這就是我們的運行率所呈現的結果。我們在指導時傾向於採取謹慎的態度。在我們感覺到這種上行潛力實現之前，我們將繼續對他們的指導持保守態度。

Yes, if I may say -- for me, it's obvious that we cannot, at this point of the year and with all what's going on in the world, increase or adjust the guidance it's maybe more important now than ever to be a very prudent. A lot of things could happen.

是的，如果我可以這麼說的話——對我來說，很明顯，在今年的這個時候，考慮到世界上發生的所有事情，我們無法增加或調整指導，現在比以往任何時候都更重要的是要非常謹慎。很多事情都有可能發生。

Look, nobody was expecting this tariff, tomorrow we could have some countries banning products. So I think that we have managed this company with prudence, but we're also realistic. So if we need to address or revisit guidance, we will do, but it's very, very -- too early -- not sure to do it now.

瞧，沒有人預料到這個關稅，明天我們可能會遇到一些國家禁止產品的情況。所以我認為我們對這家公司的管理是謹慎的，但我們也很現實。因此，如果我們需要解決或重新審視指導，我們會這樣做，但現在還為時過早，不確定是否現在就這樣做。

Luca Kona, Lamberty Capital. (technical difficulty)

盧卡·科納（Luca Kona），蘭伯蒂資本（Lamberty Capital）。（技術難度）

We have reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Okay. All right. So thank you for joining our call today and really special thanks to our dedicated teams continue to work diligently and adapt with fluidity to these other certain times. It's certainly a bit uncertain and we've really been driving greater efficiency and contributing to our ongoing success.

好的。好的。因此，感謝您今天參加我們的電話會議，並特別感謝我們敬業的團隊繼續勤奮工作並靈活地適應其他特定時期。這確實有點不確定，我們確實一直在提高效率並為我們持續的成功做出貢獻。

I'd like to mention a couple of upcoming events. I'll be visiting Boston with a Piper Sandler on May 30. Then in June, I'll be participating in the TD Cowen Consumer Conference here in New York on June 3 and 4. And the Jefferies Consumer Conference in Nantucket on June 17 and 18 and a little call out to Ashley, thanks for your help with the logistics there.

我想提一下即將發生的幾件事。我將於 5 月 30 日與 Piper Sandler 一起訪問波士頓。然後，在六月，我將於 6 月 3 日和 4 日參加在紐約舉行的 TD Cowen 消費者會議。6 月 17 日和 18 日，傑富瑞消費者大會在楠塔基特舉行，我給 Ashley 打了個電話，感謝你在那裡提供的後勤幫助。

If you'd like to participate in these events, please reach out to their respective team members. If you have any additional questions, please contact Karin Daly from the Equity Group, who is our Investor Relations representative. Her telephone number and e-mail address can be found and our most recent earnings release.

如果您想參加這些活動，請聯絡各自的團隊成員。如果您有任何其他問題，請聯絡我們的投資者關係代表 Equity Group 的 Karin Daly。她的電話號碼和電子郵件地址可以在我們最新的收益報告中找到。

And we look forward to meeting with you at these events over the next conference call. Thank you again, and have a great day.

我們期待在下次電話會議中與您會面。再次感謝您，祝您有個愉快的一天。

Thank you. That does conclude today's teleconference webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。