Interparfums Inc (IPAR) 2026 Q1 法說會逐字稿

Greetings, and welcome to Interparfums Inc. first quarter 2026 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Interparfums Inc. 2026 年第一季電話會議與網路直播。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Mr. Devin Sullivan, Managing Director at the Equity Group and Interparfums Investor Relations representative. Thank you. You may begin.

現在我想把會議交給今天的主持人，Equity Group 董事總經理暨 Interparfums 投資人關係代表 Devin Sullivan 先生。謝謝。您可以開始了。

Thank you, Rob. Good morning, everyone, and thank you for joining us today. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar; and Chief Financial Officer, Michel Atwood.

謝謝你，Rob。各位早安，感謝大家今天加入我們。今天與會的還有董事長兼執行長 Jean Madar，以及財務長 Michel Atwood。

As a reminder, 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. These results -- these factors may be found in the company's filings with the Securities and Exchange Commission under the headings 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.

提醒各位，本次電話會議可能包含前瞻性陳述，其中涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與預期結果存在重大差異。相關結果——相關因素可在公司向美國證券交易委員會提交的文件中，以「前瞻性陳述」與「風險因素」標題查閱。前瞻性陳述僅截至其作出之日有效，Interparfums 不承擔更新所討論資訊的任何義務。

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.

Interparfums 的合併業績包含兩個業務部門：透過公司持股 72% 的法國子公司 Interparfums SA 進行的歐洲營運，以及美國營運。

It is now my pleasure to turn the call over to Jean Madar. Jean, please go ahead.

現在我很高興把電話交給 Jean Madar。Jean，請開始。

Thank you, Devin, and good morning, everyone, and thank you for joining us on today's call. We started off the year broadly in line with expectations with consolidated sales increasing 2% on a reported basis, reflecting growth from both our US and European-based operations despite mixed results across the portfolio, aided by favorable foreign exchange movements. We were able to generate significant growth across several key markets, operating in a more difficult environment, while enhancing profitability. Our results reflect the strength of our underlying business, the appeal of our brands and the disciplined execution of our strategy across a diverse global footprint.

謝謝你，Devin。各位早安，也感謝大家參加今天的電話會議。我們今年開局整體符合預期，合併銷售額按申報口徑成長 2%，在投資組合表現分化的情況下，仍反映出我們美國與歐洲營運皆有成長，並受惠於有利的外匯變動。在更具挑戰的環境中，我們在多個關鍵市場實現顯著成長，同時提升獲利能力。我們的結果反映了核心業務的韌性、品牌吸引力，以及在多元全球布局下對策略的紀律性執行。

Consolidated sales growth in the first quarter reflected strong brand execution and solid performance in select regions, partially offset by macro and regional headwinds. North America, our largest market, increased by 7%, driven by continued category growth and innovative brand extensions, particularly from Coach. Central and South America grew 23%, supported by strong momentum in women's and men's Coach franchises and the Montblanc Legend line. Western Europe sales were flat, driven by slow consumer demand. These results, however, were partially offset by softer performance in other parts of the world.

第一季合併銷售成長反映了強勁的品牌執行力與部分地區的穩健表現，但也受到總體與區域性逆風的部分抵銷。北美作為我們最大的市場，成長 7%，主要受惠於品類持續成長與創新品牌延伸，尤其來自 Coach。中南美成長 23%，由 Coach 女香與男香系列的強勁動能以及 Montblanc Legend 系列帶動。西歐銷售持平，主要因消費需求疲弱。然而，這些結果也被世界其他地區較疲弱的表現部分抵銷。

Eastern Europe declined 12%, driven by operational difficulties in certain markets, which disproportionately impacted Lanvin and Lacoste. Middle East and Africa declined 12%, primarily due to recent intensifications of regional wars and the conflicts in the region. Asia Pacific sales decreased 7%, driven by distribution changes we implemented in 2025 in South Korea and India and softer consumer demand in Australia and New Zealand, which were partially compensated by strong growth in China. Moving to performance by brand, we saw solid growth from several of our larger brands. Coach increased 30%, reflected strong sell-in following the launches of new extensions with Coach women and Coach men franchises, Coach Cherry and Coach Platinum as well as sustained healthy demand across most existing lines.

東歐下滑 12%，主因部分市場的營運困難，對 Lanvin 與 Lacoste 造成較大影響。中東與非洲下滑 12%，主要因近期區域戰事升級與當地衝突所致。亞太銷售下滑 7%，主要因我們於 2025 年在南韓與印度實施的通路調整，以及澳洲與紐西蘭消費需求轉弱；但中國的強勁成長部分抵銷了影響。接著看各品牌表現，我們幾個較大型品牌呈現穩健成長。Coach 成長 30%，反映 Coach 女香與 Coach 男香系列推出新延伸產品後的強勁鋪貨（sell-in），包括 Coach Cherry 與 Coach Platinum，同時多數既有產品線需求持續健康。

Montblanc rose 14%, driven by the launch of Legend Elixir, the first launch for the Legend franchise since 2024 and the success of the Explorer Extreme line launched last year and a lower sales base in last year's first quarter. GUESS, our largest US brand -- US-based brand, grew 11% in the first quarter, driven by ongoing success of the Iconic franchise, supported by launches of new extensions within the Iconic and Seductive pillars. Roberto Cavalli continued to generate robust results to start 2026, achieving a 32% increase in net sales. Our blockbuster launch from last year, Serpentine, remains substantial success, opening a lot more doors for us across the world.

Montblanc 成長 14%，主要受惠於 Legend Elixir 的推出——這是 Legend 系列自 2024 年以來的首次新品上市——以及去年推出的 Explorer Extreme 系列成功，加上去年第一季基期較低。GUESS 作為我們最大的美國品牌——美國本土品牌——第一季成長 11%，主要由 Iconic 系列的持續成功帶動，並受惠於在 Iconic 與 Seductive 兩大支柱下推出的新延伸產品。Roberto Cavalli 在 2026 年開局仍持續交出強勁成績，淨銷售額成長 32%。我們去年推出的爆款新品 Serpentine 仍然非常成功，為我們在全球開啟了更多機會。

The product was a finalist for the Prestige & Popular Packaging of the Year award at the Fragrance Foundation last month. And growth during the quarter was also fueled by the latest innovation, Just Cavalli Wild Heart extension dual gender duo, Wild Pink and Wild Blue and Verde Assoluto, the newest fragrance within the Uomo pillar.

該產品上月入圍 Fragrance Foundation 的「年度尊榮與大眾包裝」獎項決選名單。此外，本季成長也受到最新創新產品帶動，包括 Just Cavalli Wild Heart 延伸的雙性別香氛組合 Wild Pink 與 Wild Blue，以及 Uomo 支柱下最新香氛 Verde Assoluto。

Other key brands reflected tougher comparisons. Lacoste declined 12%, driven by last year's strong innovation-led growth and weaker Eastern Europe conditions. We launched a new extension late in the first quarter called Original Aqua for men, and we plan to launch several other extensions throughout the year to further elevate the brand. While Donna Karan/DKNY declined 3% off a high prior-year base, we did see a 16% rebound in Be Delicious Core, indicating renewed consumer demand and improving franchise momentum. The Cashmere Mist deodorant also remains an extremely successful product within the Donna Karan/DKNY brand as it continues to be incredibly popular on TikTok Shop and Amazon.

其他重點品牌則面臨較嚴峻的比較基期。Lacoste 下滑 12%，主要因去年在創新帶動下成長強勁，以及東歐市場環境轉弱。我們在第一季末推出一款名為 Original Aqua 的男香新延伸產品，並計畫在今年內推出數個其他延伸產品，以進一步提升品牌。Donna Karan/DKNY 在去年高基期下下滑 3%，但我們看到 Be Delicious 核心系列反彈 16%，顯示消費需求回升且系列動能改善。Cashmere Mist 止汗劑仍是 Donna Karan/DKNY 品牌中極為成功的產品，因其在 TikTok Shop 與 Amazon 上持續非常受歡迎。

Overall, with a global fragrance market normalizing towards historical growth rates following several years of exceptional performance, capturing market share has taken on greater importance as a key source of momentum. In order for us to do that, our portfolio offerings must both be diverse and distinguished to reach and appeal to multiple large consumer audiences, especially in a more difficult operating environment. In addition to launching new exciting innovation across our existing portfolio, we are expanding our portfolio with new brands to further amplify our offerings and appeal. During the first quarter, we resumed distribution of the existing lines of Annick Goutal and reopened two store locations in Paris with another one to open soon. We will continue to develop the brand's reach and offering within the high-end fragrance market.

整體而言，在全球香水市場於連續數年表現亮眼後逐步回歸歷史成長率的情況下，搶占市占率作為動能來源的重要性更為提升。為了達成這一點，我們的產品組合必須同時具備多元性與差異化，以觸及並吸引多個龐大的消費族群，尤其是在更艱難的營運環境中。除了在既有產品組合中推出令人振奮的新創新外，我們也透過引進新品牌擴充產品組合，以進一步放大我們的供給與吸引力。第一季期間，我們恢復 Annick Goutal 既有產品線的經銷，並在巴黎重新開設兩家門市，另有一家即將開幕。我們將持續在高端香水市場中拓展該品牌的觸及範圍與產品供給。

Also, we are continuing to develop brand-new fragrances for Longchamp and Off-White and these launches will happen in 2027. We expect these two new brands to help us elevate our positioning in the high-end fragrance category. And in January, we announced a separate exclusive long-term worldwide fragrance license agreements with David Beckham and Nautica. When these brands join our portfolio, Beckham in '28 and Nautica in 2030, respectively, both will be essential for us to expand our offerings in the lifestyle, fragrance space that we know quite well. Fragrance continues to stand apart within the beauty for its resilience, supported by its role as an accessible luxury and everyday form of self-expression that consumers continue to prioritize even amid macroeconomic and geopolitical uncertainty and more deliberate spending behavior.

此外，我們也持續為 Longchamp 與 Off-White 開發全新香氛，並將於 2027 年推出。我們預期這兩個新品牌將有助於提升我們在高端香水品類中的定位。同時在 1 月，我們宣布與 David Beckham 與 Nautica 分別簽訂獨家、長期、全球香水授權協議。當這些品牌加入我們的產品組合後——Beckham 於 2028 年、Nautica 於 2030 年——兩者都將成為我們在生活風格香氛領域擴充供給的重要支柱，而這正是我們相當熟悉的領域。香水在美妝品類中仍展現出獨特韌性，受惠於其作為可負擔奢侈品與日常自我表達方式的角色；即使在總體經濟與地緣政治不確定性、以及消費者支出更為審慎的情況下，消費者仍持續優先考量香水。

The category is also benefiting from powerful e-commerce tailwinds with an increasing number of fragrance products purchased through nontraditional retailers, including Amazon, underscoring the growing importance of digital marketplaces in both discovery and conversion. Consumers are also increasingly seeking personalization, which they find through fragrance layering as well as personalized AI-driven recommendations. Whether through social media, major e-commerce platforms or physical retail, the way consumers discover, evaluate and engage with fragrance is rapidly evolving. These are powerful channels for discovery, and we are actively leaning into that shift with a focus on storytelling that can bridge multiple channels and offer consumers immersive and consistent brand experience. To be successful, brands must inspire desire, whether as a gateway into the world of an iconic fashion house such as Jimmy Choo, Ferragamo or Coach, or that of a celebrity like the one we will do with Beckham.

該品類也受惠於強勁的電商順風，越來越多香水產品透過非傳統零售商（包括 Amazon）被購買，凸顯數位市集在「發現」與「轉換」兩方面的重要性日益提升。消費者也愈來愈追求個人化，他們透過香氛疊香以及 AI 驅動的個人化推薦來滿足這一需求。無論是透過社群媒體、大型電商平台或實體零售，消費者發現、評估並與香水互動的方式都在快速演變。這些都是強而有力的發現渠道，我們正積極順應這一轉變，聚焦於能夠串聯多渠道的敘事（storytelling），為消費者提供沉浸式且一致的品牌體驗。要取得成功，品牌必須激發渴望——無論是作為進入 Jimmy Choo、Ferragamo 或 Coach 等經典時裝屋世界的入口，或是像我們將與 Beckham 合作那樣的名人品牌。

We are continuing to develop our portfolio to maintain desirability across all our brands. The travel retail market continued to perform well, representing approximately 7% of total net sales, consistent with prior periods. Brands including Roberto Cavalli, GUESS and Coach have performed well to start the year with travel retail overall currently showing strength in Europe, in particular. We anticipate steady growth in our travel retail business going forward. Despite a dynamic macroeconomic environment, the global fragrance category remains resilient, and we will -- and we are well positioned to deliver on our goals this year.

我們持續發展我們的產品組合，以維持旗下所有品牌的吸引力。旅遊零售市場持續表現良好，約占總淨銷售額的7%，與先前期間一致。包括 Roberto Cavalli、GUESS 與 Coach 在內的品牌年初至今表現良好，而整體旅遊零售目前在歐洲尤其展現強勁動能。我們預期未來旅遊零售業務將穩健成長。儘管總體經濟環境多變，全球香氛品類仍具韌性；我們將——且我們已具備良好條件——在今年達成我們的目標。

We remain cautiously optimistic for the balance of 2026, reflecting war and disruption in the Middle East, while capturing improving dynamics in other regions. We are confident in our ability to navigate near-term volatility, continue to operate efficiently and profitably and drive disciplined, sustainable long-term growth in service of our customers, brand partners and consumers. With respect to the Middle East, I realize that oftentimes we can fall into the trap of viewing different parts of the world primarily through the lens of how it impacts our business. But our concern for our colleagues and partners in the whole Middle East extends directly to them, their families and communities. We truly appreciate and acknowledge their contribution during this time of heightened conflict and of course, we pray for better days ahead.

對於2026年剩餘期間，我們仍保持審慎樂觀，反映中東地區的戰爭與動盪，同時也掌握其他地區改善的態勢。我們有信心能因應短期波動，持續以高效率且具獲利能力的方式營運，並推動有紀律、可持續的長期成長，以服務我們的客戶、品牌合作夥伴與消費者。就中東而言，我明白我們往往會落入一個陷阱：主要從其對我們業務的影響來看待世界各地的不同區域。但我們對整個中東地區同仁與合作夥伴的關切，是直接關乎他們本人、他們的家人與社區。我們由衷感謝並肯定他們在衝突升高的這段期間所做出的貢獻，當然，我們也祈願未來能迎來更好的日子。

Before I close, I want to highlight that alongside operating our business, strengthening our ESG profile remains a key priority. Our ESG strategy is now in its first year and is going strong. We have seen a great return on our investment in this program across supply chain visibility, our ability to respond to new regulatory requirements and our external investor ratings. These actions and enhanced measures resulted in Interparfums receiving its third consecutive ESG rating increase from MSCI. We now sit at BBB and have our sights set on A. Our goal is to continue addressing the environmental and social risks that are most financially material to our business. This approach pairs long-term return on investment, focused resiliency with ESG performance.

在我結束之前，我想強調，除了營運業務之外，強化我們的 ESG 概況仍是關鍵優先事項。我們的 ESG 策略目前進入第一年，且推動成效良好。我們已在供應鏈可視性、回應新監管要求的能力，以及外部投資人評等等方面，看見此計畫投資帶來的良好回報。這些行動與強化措施，使 Interparfums 連續第三年獲得 MSCI 的 ESG 評等上調。我們目前評等為 BBB，並以 A 為目標。我們的目標是持續處理對我們業務在財務上最具重大性的環境與社會風險。此一作法結合了長期投資報酬、聚焦韌性，以及 ESG 表現。

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

接下來，我將把時間交給 Michel，請他回顧我們的財務結果。Michel？

Thank you, Jean, and good morning, everyone. I will begin by discussing the consolidated results before breaking them down into our two operating segments, European and United States-based operations. As Jean pointed out, we delivered sales of $345 million, representing a 2% increase on a reported basis. On an organic basis, which excludes the impact of foreign exchange and the headwinds generated by the Middle East conflicts, sales declined 3%. Excluding the 1% headwind related to the war in the Middle East, organic sales declined by a more moderate 2%.

謝謝你，Jean，各位早安。我將先討論合併結果，接著再拆分為我們兩個營運部門：歐洲與美國營運。如 Jean 所指出，我們實現銷售額 3.45 億美元，按報告基礎計算成長 2%。以有機基礎計算（排除匯率影響以及中東衝突帶來的不利因素），銷售額下滑 3%。若再排除與中東戰爭相關的 1% 不利因素，有機銷售額則以較溫和的 2% 幅度下滑。

Foundations of our business remain strong and continue to go from strength to strength. For instance, our top 20 brand-region combinations, which represents 86% of our global sales in Q1, grew 9%. Our direct-to-retail channel, which represents 43% of our sales in Q1, grew 16%. This significant growth has had a sizable positive impact on our P&L as the direct retail channel has significantly higher gross margins but also requires more SG&A, especially A&P and logistics. Our reported growth benefited from a favorable 4.6% foreign exchange tailwind.

我們業務的基礎依然穩固，並持續愈發強勁。例如，我們前 20 大「品牌—區域」組合在第一季占全球銷售的 86%，並成長 9%。我們的直供零售（direct-to-retail）通路在第一季占銷售的 43%，並成長 16%。這項顯著成長對我們的損益表帶來可觀的正面影響，因為直供零售通路的毛利率明顯較高，但同時也需要更多的 SG&A，尤其是 A&P 與物流。我們的報告成長受惠於 4.6% 的有利匯率順風。

While the stronger euro has continued to favor our top line, it also increases our cost base across the P&L and our balance sheet. We are continuing to implement a variety of actions to mitigate that impact and have been pleased with the results. Delving into gross margins, they expanded by 140 basis points to 65.1% from 63.7% of sales. And this is primarily driven by favorable segments, brand, channel mix as described above as well as lower-than-expected destruction costs, which reflect enhanced efficiencies in areas such as inventory management and forecasting. These gains were partially offset by tariffs, which represented an expense of about $6 million during the first quarter of 2026.

雖然較強勢的歐元持續有利於我們的營收，但也會提高我們在損益表與資產負債表上的成本基礎。我們持續採取多項措施以減輕該影響，且對成果感到滿意。就毛利率而言，毛利率擴張 140 個基點，從銷售額的 63.7% 提升至 65.1%。這主要由上述所述的有利部門、品牌與通路組合所帶動，並受惠於低於預期的銷毀成本，反映我們在庫存管理與需求預測等領域效率提升。上述增益部分被關稅所抵銷；2026 年第一季關稅費用約為 600 萬美元。

We are pleased with the positive effect of our tariff mitigation activities and ongoing cost savings initiatives. Our manufacturing optimization whereby we are shifting manufacturing closer to the point of sale, continues to contribute favorably to our operations and our cost structure. In combination with select pricing actions we took last year, we expect gross margin stability in 2026. SG&A expenses as a percentage of net sales rose 200 basis points to 43.6% compared to the prior year period of 41.6% of sales. The increase resulted from a number of factors, royalty costs grew ahead of sales due to the GUESS license extension and unfavorable brand mix.

我們對關稅緩解活動與持續的成本節省計畫所帶來的正面效果感到滿意。我們的製造優化措施——將製造移轉至更接近銷售點的地區——持續對營運與成本結構帶來正面貢獻。結合我們去年採取的部分定價措施，我們預期 2026 年毛利率將維持穩定。SG&A 費用占淨銷售額的比率上升 200 個基點至 43.6%，相較去年同期為 41.6%。此一增加源自多項因素：由於 GUESS 授權延長以及不利的品牌組合，權利金成本增幅超過銷售增幅。

We also had FX impacts, as described above, and higher logistics costs related to supply chain transitions and channel mix. Our A&P spending was stable at $52 million, approximately 15% of sales, and we continue to invest in line with anticipated sell-out by retailers to help drive traffic across all distribution channels, which we believe are higher than our reported sales. Overall, our consolidated operating income was $74 million for the quarter, a 1% decline from the prior-year period, resulting in an operating margin of 21.5% or a 70-basis-point decrease from the very, very high 22.2% in the first quarter of '25. Below the operating line, we reported a gain of $1.1 million in other income and expense compared to a loss of $1.7 million, leading to a positive year-over-year impact of $2.7 million compared to the 2025 first quarter. There was within these numbers, a $1 million increase in interest income behind the stronger ROI on our excess cash.

此外，如前所述，我們也受到匯率影響，以及因供應鏈轉換與通路組合所致的較高物流成本。我們的 A&P 支出維持穩定在 5,200 萬美元，約占銷售額的 15%；我們持續依據零售商預期的終端銷售（sell-out）進行投資，以協助帶動所有配銷通路的客流，我們認為該終端銷售高於我們的報告銷售額。整體而言，本季合併營業利益為 7,400 萬美元，較去年同期下滑 1%，營業利益率為 21.5%，較 2025 年第一季非常、非常高的 22.2% 下降 70 個基點。在營業利益以下，我們在其他收益與費用項下報告獲利 110 萬美元，相較去年同期為虧損 170 萬美元，較 2025 年第一季帶來 270 萬美元的年對年正面影響。在這些數字之中，利息收入增加 100 萬美元，主要來自我們多餘現金較強的投資報酬率（ROI）。

Moving to tax. Our consolidated effective tax rate was stable at 24.6% compared to 24.5% in the prior-year period. These factors led to a net income of $43 million or $1.35 per diluted share, representing an increase of 2% compared to net income of $42 million and $1.32 per diluted share in the prior-year period. As a percentage of net sales, net income rose to 12.6%, broadly in line with the prior-year period. Now moving to our two business segments.

接著談稅務。我們的合併有效稅率維持穩定，為 24.6%，相較去年同期為 24.5%。上述因素使淨利達 4,300 萬美元，或稀釋後每股盈餘 1.35 美元，較去年同期淨利 4,200 萬美元、稀釋後每股盈餘 1.32 美元成長 2%。以淨銷售額百分比計，淨利率上升至 12.6%，大致與去年同期一致。接下來談我們的兩個業務部門。

I will start with European-based operations. For our European-based operations, net sales rose 2% but declined by 4% on an organic basis. Gross margin expanded by 190 basis points to 67.4% from 65.5% and this was driven by favorable brand and channel mix as well as lower-than-expected destruction costs and some of the pricing that we took last year. These were partially offset by tariffs, which represented an expense of $4 million. SG&A increased by 9% to $104 million, with SG&A as a percentage of net sales rising 270 basis points to 41.4% of sales compared to prior-year period.

我先從歐洲營運開始。就歐洲營運而言，淨銷售額成長 2%，但以有機基礎計算下滑 4%。毛利率擴張 190 個基點，從 65.5% 提升至 67.4%，主要由有利的品牌與通路組合所帶動，並受惠於低於預期的銷毀成本，以及我們去年採取的部分定價措施。上述增益部分被關稅所抵銷，關稅費用為 400 萬美元。SG&A增加 9% 至 1.04 億美元，SG&A 占淨銷售額比率上升 270 個基點至 41.4%，相較去年同期。

The increase in SG&A was driven by foreign exchange impacts, along with increases in employee-related costs as we are building up our Korean subsidiary and higher logistics costs related to increased warehouse fees. Royalty costs also grew ahead of sales, driven by unfavorable brand mix. Overall, net income attributable to European operations grew 4% to $50 million for the quarter, representing 19.8% of sales compared to 19.4% in the prior-year period. Now turning to United States-based operations. Net sales rose 2%, helped by a positive foreign exchange tailwind, organic sales were broadly flat.

SG&A 的增加主要受外匯影響所致，另因我們正在擴建韓國子公司而使員工相關成本上升，以及與倉儲費用增加相關的物流成本上升。權利金成本亦在銷售之前增長，主要受不利的品牌組合所驅動。整體而言，本季歸屬於歐洲營運的淨利成長 4% 至 5,000 萬美元，占銷售額的 19.8%，高於去年同期的 19.4%。接下來談美國本土營運。淨銷售成長 2%，受惠於正向外匯順風；有機銷售大致持平。

Gross margin remained essentially flat at 58.9% compared to 58.7% with favorable brand and channel mix as well as lower-than-expected destruction costs offsetting the tariffs, which represented an expense of about $2 million. Now while SG&A expense increased 3%, SG&A as a percentage of net sales remained essentially flat at 47.9% compared to 47.6% in the prior-year period. Overall, net income attributable to the US-based operations was broadly flat at $8 million for the quarter, representing 9% of sales. This also reflected a higher effective tax rate of 19.7% in the first quarter of '26 compared to 18.1% in the prior period, which was driven by a lower tax gain from stock-based compensation. March 31, our balance sheet remains strong with $237 million in cash, cash equivalents and short-term investments as well as working capital of close to $700 million.

毛利率基本持平，為 58.9%，相較於 58.7%；有利的品牌與通路組合，以及低於預期的銷毀成本抵銷了關稅影響（關稅費用約 200 萬美元）。此外，雖然 SG&A 費用增加 3%，但 SG&A 占淨銷售比重基本持平，為 47.9%，相較於去年同期的 47.6%。整體而言，本季歸屬於美國本土營運的淨利大致持平，為 800 萬美元，占銷售額的 9%。這也反映第一季（'26）有效稅率為 19.7%，高於前一期間的 18.1%，主要因股票基礎薪酬帶來的稅務收益較低所致。截至 3 月 31 日，我們的資產負債表仍然強健，現金、約當現金與短期投資合計 2.37 億美元，營運資金接近 7 億美元。

From a cash flow perspective, accounts receivable was up 6% and days sales outstanding was at 78 days, up from 74 days in the prior-year period, driven by foreign exchange and changes in channel mix. Despite the increase, we are still seeing strong collection activity, and we do not anticipate any issues with collections or accounts receivable. Even amid foreign exchange headwinds on our costs, inventories declined significantly to $370 million as of March 31, 2026, from $396 million a year ago. This represented a 17-day reduction in inventory on hand to 259 days. By effectively managing working capital relative to our sales growth, we again significantly improved our operating cash flow.

就現金流角度而言，應收帳款增加 6%，應收帳款週轉天數為 78 天，高於去年同期的 74 天，主要受外匯與通路組合變化所致。儘管有所增加，我們仍看到強勁的收款活動，且不預期在收款或應收帳款方面會有任何問題。即使成本端面臨外匯逆風，截至 2026 年 3 月 31 日，存貨仍大幅下降至 3.70 億美元，低於一年前的 3.96 億美元。這相當於在手存貨天數減少 17 天至 259 天。透過相對於銷售成長有效管理營運資金，我們再次顯著改善營運現金流。

Cash flow generated from operating activities was positive during the quarter compared to operating cash usage of $7 million during the 2025 first quarter. We continue to expect strong free cash flow productivity in 2026. Now turning to our guidance and outlook. As outlined in our earnings release issued last evening, we are maintaining our full year outlook. We continue to expect sales of approximately $1.48 billion and diluted earnings per share of $4.85.

本季營運活動所產生的現金流為正值，相較於 2025 年第一季營運現金使用 700 萬美元。我們仍預期 2026 年將有強勁的自由現金流產出。接下來談我們的指引與展望。如昨晚發布的財報新聞稿所述，我們維持全年展望不變。我們仍預期銷售約 14.8 億美元，稀釋後每股盈餘為 4.85 美元。

Our EPS guidance does not include any benefit from potential tariff refunds. While we remain proactive in mitigating the impacts of tariffs on our cost structure, we're also monitoring the possibility of IEEPA tariffs refunds this year, which could total approximately $17 million. These potential tariff refunds are not included in our outlook for 2026. However, should they occur, we would likely take the opportunity to reinvest, at least partially, in support of our brands and fuel momentum where we think we can get a strong long-term ROI. We continue to anticipate a return to stronger growth in 2027, driven by enhanced innovation, including the development and distribution of our newest brands.

我們的 EPS 指引未包含任何潛在關稅退稅的利益。在我們持續主動降低關稅對成本結構的影響之際，也在關注今年 IEEPA 關稅退稅的可能性，總額可能約 1,700 萬美元。這些潛在關稅退稅未納入我們 2026 年的展望。然而，若確實發生，我們很可能會把握機會，至少部分再投資以支持我們的品牌，並在我們認為可取得強勁長期投資報酬率（ROI）的領域加速動能。我們仍預期 2027 年將回到更強勁的成長，動能來自更強化的創新，包括我們最新品牌的開發與鋪貨。

Overall, we are seeing moderating demand in several international markets, along with tariff-related pressures on our cost structures, and we are continuing to closely monitor potential inflationary impacts as suppliers adjust pricing. Nevertheless, we remain well positioned with a strong innovation pipeline, enduring global partnerships and a resilient consumer base that collectively reinforce our confidence in our long-term growth and value creation.

整體而言，我們看到若干國際市場需求趨於溫和，同時關稅相關壓力影響我們的成本結構；此外，隨著供應商調整定價，我們也持續密切關注潛在的通膨影響。儘管如此，憑藉強勁的創新產品管線、長久的全球合作夥伴關係，以及具韌性的消費者基礎，我們仍處於有利位置；這些因素共同強化我們對長期成長與價值創造的信心。

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

以上，接線員，請開放提問。

(Operator Instructions) Sydney Wagner, Jefferies.

(接線員指示) Sydney Wagner，Jefferies。

So gross margin obviously expanded during the quarter, which was great. So just curious, looking ahead, which of those benefits do you view as structural versus more quarter-specific? And then on the category, you've obviously spoken to seeing some normalization. But you've also noted pockets of strength where we're seeing maybe above-category growth. So how do you feel about the portfolio's ability to capture those pockets of above-fragrance algo growth?

本季毛利率顯然擴張，這很棒。我想請教，展望未來，您認為這些利多之中，哪些屬於結構性因素，哪些較偏向單季特定因素？另外就品類而言，您顯然提到看到一些常態化。但您也指出某些區塊仍有強勢表現，可能出現高於品類的成長。那麼，您如何看待產品組合捕捉這些高於香氛品類整體成長（algo growth）區塊的能力？

All right. Thanks. So maybe, look, gross margin was really a combination of everything going favorably for us this quarter. We had the impact of the pricing increases that we took last year. We had a significantly favorable mix impact coming from our direct-to-retail channel.

好的。謝謝。所以也許可以這麼說，本季毛利率其實是各項因素同時對我們有利的綜合結果。我們有去年所做的提價帶來的影響。我們也有來自直供零售通路所帶來的顯著有利組合影響。

As you know, the gross margin on our direct-to-retail are significantly higher than when we sell through distributors. It was really a perfect storm. At this point in time, we expect this to kind of normalize over the balance of the year, and this is one of the reasons why we're maintaining our gross margin target flat for the year. I would expect to see some of this mitigating particularly over the course of the second and third quarter.

如各位所知，我們直供零售的毛利率顯著高於透過經銷商銷售。這確實是一場完美風暴。就目前而言，我們預期在今年剩餘期間會逐步回歸常態，這也是我們維持全年毛利率目標持平的原因之一。我預期其中部分因素會在第二季與第三季期間逐步被抵銷、趨於緩和。

Regarding the portfolio, yes, go ahead, Jean, do you want to touch on the portfolio piece?

至於產品組合，是的，Jean，你要不要談一下產品組合的部分？

Yes. Regarding the portfolio, I would like to say that our bigger brands are doing better than our smaller brands. So when you look at Coach, Jimmy Choo, GUESS, Montblanc, DKNY, they are all in good shape and they will grow this year. We definitely -- we will look at the smaller brands. And in time, we will definitely [edit] the portfolio.

好的。關於產品組合，我想說我們的大品牌表現優於小品牌。所以當你看 Coach、Jimmy Choo、GUESS、Montblanc、DKNY，它們都處於良好狀態，而且今年都會成長。我們確實——我們會檢視較小的品牌。而且隨著時間推進，我們一定會[edit]調整產品組合。

Maybe brands that are doing less than $10 million should not be part of the portfolio. But -- and that's why we are looking at always increasing the portfolio of brands, looking for bigger brands, bigger potential, and we are happy to have signed in the first quarter of this year, two new license, one with Beckham, one with Nautica, even though they will start later on, they will be a great addition to the portfolio. Regarding geography, we think that there is a good potential in the US. We see some strength in the US, primarily department stores, Amazon US, TikTok US, we think will perform better than other parts of the world.

也許年銷售低於 1,000 萬美元的品牌不應該納入產品組合。但——這也是為什麼我們一直在尋求擴大品牌組合，尋找更大的品牌、更大的潛力；而且我們很高興在今年第一季簽下兩個新授權，一個是 Beckham，一個是 Nautica，儘管它們會在稍晚才開始，但將會是產品組合的很大補強。就地理區域而言，我們認為美國有很好的潛力。我們在美國看到一些強勢，主要是在百貨公司、Amazon US、TikTok US；我們認為其表現會優於世界其他地區。

Yes. Maybe just to build on Jean, we did see very, very strong growth in the market in the US. The market was up 7% in the quarter. And actually, it was very, very strong in March. It was up close to 9%. So that is -- that's really driving and fueling the momentum. Reiterating our core portfolio, our core portfolio, our top 7 brands grew actually 8% this quarter. So we have a very, very strong portfolio, and I think we have a very, very long tail that we need to continue to streamline over time.

是的。也許補充 Jean 的說法，我們確實看到美國市場非常、非常強勁的成長。本季市場成長 7%。而且其實 3 月非常、非常強。成長接近 9%。所以這——這確實在推動並強化動能。重申我們的核心產品組合，我們的核心產品組合、前 7 大品牌本季實際成長 8%。因此我們有非常、非常強的產品組合；同時我認為我們也有很長的尾端品牌需要隨時間持續精簡。

But overall, I would say, a very healthy core. And then in terms of emerging consumer segments, we are playing in some of these smaller sized, trial size, probably lower price points when you think about TikTok. And we're also, as you know, with Goutal, as well as with Solferino, we're starting to play in the space where -- the higher luxury space, which we know has also historically been one of the faster-growing segments in this space.

但整體而言，我會說核心業務非常健康。接著就新興消費者族群而言，當你想到 TikTok 時，我們正在參與其中一些較小規格、試用裝、可能較低價位的產品。而且我們也如你所知，透過 Goutal 以及 Solferino，開始切入——更高端的奢華市場；我們也知道，從歷史來看，這一直是該領域成長較快的細分市場之一。

If I can just poke in one quick follow-up. So on that 9% growth you saw in March, are you still seeing that level of growth quarter-to-date? Or how did the trends in April compare?

如果我可以再追問一個很快的後續問題。關於你們在 3 月看到的 9% 成長，目前季初至今仍維持同樣的成長幅度嗎？或者 4 月的趨勢相比之下如何？

I haven't seen the April numbers yet. I think we'll be getting them most probably in the next couple of days. But yes, I mean, we're not hearing or seeing anything that seems to be limiting the growth. I mean, I think still growth in the US continues to be very healthy.

我還沒看到 4 月的數字。我想我們很可能在接下來幾天就會拿到。但對，是的，我是說，我們沒有聽到或看到任何看起來會限制成長的因素。我的意思是，我認為美國的成長仍然非常健康。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe just a follow-up on -- so it sounds like you guys feel really good about the US growth, I guess, continuing maybe even into the back half. I guess, how are you guys feeling about Europe and just globally in kind of a little bit more of a normalized fragrance growth environment?

我想可能再追問一下——聽起來你們對美國的成長感覺非常好，可能甚至會延續到下半年。那你們對歐洲以及全球在一個較為「常態化」的香水成長環境下，感受如何？

And then also just in terms of your newness, no big launches this year, but I guess, are you expecting more kind of newness to roll out in the back half versus the first half to kind of maintain that share until we get to kind of some more blockbuster launches next year and some new licenses?

另外就新品推出而言，今年沒有大型上市，但我想問，你們是否預期下半年會推出更多新品、相較於上半年更多，以便在我們等到明年一些更具爆發力的上市以及一些新授權之前，維持市占？

Michel, do you want to answer on Europe?

Michel，你要回答歐洲的部分嗎？

Yes, sure. I mean, look, as much as the US continues to do well. I think Europe is more of a mixed bag. You saw our numbers for Eastern Europe. Eastern Europe is particularly impacted by the war in Ukraine and the challenging economic situation there. There's been a dramatic slowdown in purchasing and consumption. And it's definitely impacting certain brands that have a strong presence there. If you look at Western Europe, it's also a bit of a mixed bag. There are certain markets like Spain, that continue to do well, but we're definitely seeing a significant slowdown in markets like France and Germany, which are very, very large markets. So those are really two markets where we're actually seeing very sluggish growth, even actually some decline in the last couple of quarters, have been declining in France, and that is a very large fragrance market.

好的，當然。我是說，你看，儘管美國持續表現良好，我認為歐洲則比較像是好壞參半。你們也看到我們東歐的數字。東歐特別受到烏克蘭戰爭以及當地艱困經濟情勢的影響。購買與消費出現了明顯放緩。而且這確實正在影響某些在那裡有強勢布局的品牌。如果看西歐，也同樣有點好壞參半。有些市場像西班牙仍持續表現不錯，但我們確實看到像法國與德國這些非常、非常大的市場出現顯著放緩。所以這兩個市場我們確實看到成長非常遲緩，甚至在過去幾個季度出現一些下滑；法國一直在下滑，而那是一個非常大的香水市場。

Conversely, on the positive side, Latin America continues to do well. I think as the economies improve, as the middle class expands, that will represent, I think, a long tail of growth in the future. And I think Asia has been a little bit more -- I think it's more temporary. We've had to make some changes in our distribution, both in Korea and in India, and that's kind of weighing down a little bit on our growth, but that should eventually pick up once those -- that situation has improved.

相對地，正面的一面是，拉丁美洲持續表現良好。我認為隨著經濟改善、隨著中產階級擴大，這將在未來帶來我認為是長尾的成長動能。而我認為亞洲則有點——我覺得比較是暫時性的。我們在韓國與印度的通路都必須做一些調整，這在某種程度上拖累了我們的成長，但一旦那些——情況改善後，最終應該會回升。

And then Jean, I'll let you address --

然後 Jean，我讓你來回應--

Yes. The second part of your question, Susan, was are we going to have a blockbuster in the second part of the year. The answer is really like we have said before, this year of 2026 is not a big year for blockbuster. We really have a concentration of new launches, new big blockbuster in 2027. We knew that. That's why we animate the portfolio with flankers.

好的。Susan，你問題的第二部分是，我們在今年下半年是否會有一個爆款（blockbuster）。答案其實就像我們之前說過的，2026 年不是爆款很多的一年。我們真正把新上市、重磅爆款的推出集中在 2027 年。我們是知道這件事的。這也是為什麼我們用延伸款（flankers）來活化產品組合。

So we still have innovation, but not as big as what we will expect in 2027. It's just a coincidence that we have so many new big launches in 2027. Actually, all our biggest brands will have a new franchise, a new pole in 2027. So for a year without a huge innovation, I think that we are doing quite well.

所以我們仍然有創新，但規模不會像我們預期 2027 年那麼大。只是剛好 2027 年我們有這麼多新的大型上市。事實上，我們所有最大的品牌在 2027 年都會有一個新的系列（franchise）、一個新的支柱。所以在沒有巨大創新的年份，我認為我們表現得相當不錯。

Okay. Great. And then maybe just one follow-up on pricing. So I think you'll start to lap the price increases you took last year in August. And you talked a little bit about inflation, too, maybe impacting COGS a little bit. So how should we think about pricing kind of as we start to cycle those price increases from last year? Are you expecting to take any more price this year?

好的。很好。然後可能再追問一下定價。我想你們將開始進入去年 8 月調價的比較基期（lap）。你們也稍微談到通膨可能也會對銷貨成本（COGS）造成一些影響。所以當我們開始進入去年調價的循環比較時，定價方面我們應該怎麼看？你們預期今年還會再漲價嗎？

Yes. I mean our priority is generally to make sure that we're offering the right consumer value with our offering. We have historically always been very, very prudent with pricing. I mean last year, we had to take pricing because of the tariffs. And we mostly took pricing here in the US.

會的。我的意思是，我們的優先事項通常是確保我們的產品組合能提供消費者正確的價值。我們在定價上一向都非常、非常審慎。去年我們必須調價是因為關稅。而我們主要是在美國這裡調價。

Outside of the US, there was very, very little pricing. So at this point in time, unless we see something dramatic happening, it's unlikely we'll take any pricing, especially in light of our -- in light of the innovation program. Now we may take some pricing through -- as we launch new lines next year. It's always an opportunity when you launch something new to elevate the brand, elevate the lineup and price up, but you're not taking straight pricing on the existing lines. It's going to be more innovation pricing.

在美國以外，調價非常、非常少。所以就目前而言，除非我們看到有什麼劇烈變化，否則我們不太可能再調價，尤其是考量到我們——考量到我們的創新計畫。不過我們可能會透過——在明年推出新產品線時做一些定價調整。每當推出新品時，通常都是一個提升品牌、提升產品陣容並提高定價的機會，但你不是對既有產品線直接調價。那會更像是「創新定價」。

Jean?

Jean？

Yes. I totally agree. We don't like too much pricing here. We do it when we are really forced that pricing is not the right answer to maintain or increase sales. We think that the retail price of our fragrance is well adapted at the prestige level or at the more democratic level. So I don't see unless something like tariffs happened last year where we were forced -- like everybody else in the industry, we were forced to react. But today, it's not the case.

是的。我完全同意。我們不太喜歡在這裡做太多漲價。我們只有在真的被迫、而且漲價並不是維持或提升銷售的正確答案時才會做。我們認為我們香水的零售價格，無論是在高端（prestige）層級或較親民的層級，都很合適。所以除非又發生像去年那樣的關稅事件，迫使我們——就像產業裡其他人一樣，我們被迫反應。但今天並不是那種情況。

(Operator Instructions) Hamed Khorsand, BWS Financial.

（接線員指示）Hamed Khorsand，BWS Financial。

Just wanted to ask you, given that you're seeing the growth in the marketplace with demand that's outpacing your competitors, is this consumers just trying out your products because they're seeing your advertisements? Or is there some sort of loyalty to your brands that you're all of a sudden seeing this year that you weren't seeing in prior years?

我想問的是，鑑於你們看到市場需求成長、而且需求增速超過競爭對手，這是因為消費者看到你們的廣告所以只是來試用你們的產品嗎？還是說，你們今年突然看到某種對你們品牌的忠誠度，而這在過去幾年並沒有看到？

Great question, Hamed. It depends on the brand. I think it's a little bit of both. We have some loyal customers coming back when the bottle is empty and they buy again the fragrance. And we have also a lot, a lot of curious new customers that are targeted by our digital aggressive advertising and they come and buy a fragrance from our portfolio.

好問題，Hamed。這取決於品牌。我認為兩者都有一點。我們有一些忠誠顧客在瓶子用完後會回來再次購買同一款香水。同時我們也有非常非常多好奇的新顧客，受到我們數位端強勢投放的廣告鎖定，然後來購買我們產品組合中的香水。

For instance, I was looking at young boys anywhere from 13 to 17 years old, buying a lot on TikTok, buying a lot on Amazon. And buying quite expensive fragrances. They have apparently the resources to do it. They find it anyway. And this is very interesting for us and we are going in the future to look at these customers. Of course, teenagers, girls were always part of our target. But this is for us a new trend, and we're going to look at this carefully. Michel, do you want to add something?

例如，我看到一些年輕男孩，大約13到17歲，在TikTok上買很多、在Amazon上也買很多。而且買的是相當昂貴的香水。他們顯然有資源這麼做。他們總能找到辦法。這對我們來說非常有意思，我們未來會去關注這些顧客。當然，青少女一直都是我們的目標客群之一。但對我們而言，這是一個新趨勢，我們會仔細觀察。Michel，你要補充嗎？

Yes. I would just say, I mean, this category is a category where people are always exploring and you have people that are loyal to a fragrance and they wear the same fragrance forever and some of them have a core fragrance that they keep and then they have a couple of new ones that they try on special occasions. But yes, I don't think there's any specific rule.

是的。我只想說，這個品類裡人們總是在探索；有些人對某款香水很忠誠，會一直用同一款香水；也有人有一款核心香水會一直保留，然後在特別場合再嘗試幾款新的。但沒錯，我不認為有任何特定規則。

What's important really is to always be present when the consumer is top of mind. It's one of the reasons that we have spread out our A&P more evenly across the year. As you recall, we used to spend everything in the fourth quarter. We're now spending more regularly. And I think that's helping us sustain demand. And it's also the importance of always looking good in store and being present in all the right channels. And I think a lot of the work we've done in -- whether it's with Amazon or with TikTok in anticipating emerging channels, I think, have been quite successful for us.

真正重要的是，當消費者心中首先想到你時，你要一直在場。這也是我們把A&P在全年分配得更平均的原因之一。如你所記得的，我們以前把預算幾乎都花在第四季。現在我們更規律地投放。我認為這有助於我們維持需求。同時也很重要的是，在店內要一直呈現得很好，並在所有正確的通路中保持曝光。我認為我們在——無論是與Amazon合作，或是在TikTok上提前布局新興通路——所做的許多工作，對我們而言都相當成功。

Yes, that's going to be my follow-up for both of your comments there actually. So given that you're seeing some sort of efficiency in some ways or response to your advertising online, does that make you want to change your A&P in any way or try to put more weight towards something that you're seeing response? I'm just trying to gauge if there's possibility of upside sales here.

是的，這其實就是我對你們兩位剛才評論的追問。所以，既然你們看到線上廣告在某些方面有一些效率或回應，你們會想以任何方式調整A&P，或把更多比重放到你們看到回應的地方嗎？我只是想評估這裡是否存在銷售上行的可能性。

Yes, Michel, you can --

是的，Michel，你可以--

Yes, Hamed. I know you love asking us questions about A&P ROI. And look, the challenge with A&P is you know that it works. You don't always know how everything works. I would say I think the tools have gotten better.

是的，Hamed。我知道你很喜歡問我們關於A&P投資報酬率（ROI）的问题。你看，A&P的挑戰在於你知道它有效。但你不一定總是知道每一件事是怎麼起作用的。我會說，我認為工具已經變得更好了。

But generally speaking, I think we have plenty more opportunities to spend more to get a better return. And I think it's about managing profitable growth, and it's managing the short term, midterm and long term. Certainly -- and that's one of the reasons why you probably heard this in my prepared remarks, if we see more upside coming through in the form of tariffs, we will try to reinvest some of that. We believe that there is more upside here.

但一般來說，我認為我們還有很多機會可以投入更多支出以獲得更好的回報。而這關乎於管理獲利性成長，以及管理短期、中期與長期。當然——這也是為什麼你可能在我事先準備的發言中聽到：如果我們看到更多上行空間以關稅的形式出現，我們會嘗試把其中一部分再投資回去。我們相信這裡還有更多上行空間。

Again, we want to do this responsibly in terms of managing the top and the bottom line. And so I would say, we are constantly looking at ROI. If you look at 10 years ago, we were -- everybody was doing TV and now everybody is doing digital, right? So we're constantly evolving. We're investing a lot right now on Amazon, TikTok. So we're always looking for that edge and that ROI, and I think that's a constant optimization opportunity.

同樣地，我們希望在管理營收端與獲利端方面負責任地來做這件事。所以我會說，我們一直在看ROI。如果你回看10年前，我們——大家都在做電視，現在大家都在做數位，對吧？所以我們不斷演進。我們現在在Amazon、TikTok上投入很多。因此我們總是在尋找那個優勢與ROI，我認為這是一個持續優化的機會。

Fraser Donlon, Berenberg.

Fraser Donlon，Berenberg。

It's Fraser here from Berenberg. I've got two or three questions, and I'll just ask them one by one, if that's okay. So the first is just about Lacoste. I wondered if you could maybe just help us understand how you're looking at the year as a whole for Lacoste, given the kind of soft start, and I understand the comment on Eastern Europe, but I guess it's quite an important growth lever for EU Ops generally speaking. And I'm just curious if you feel like you can kind of recover some of what you lost in Q1 for that brand specifically?

我是Berenberg的Fraser。我有兩三個問題，如果可以的話我會一個一個問。第一個是關於Lacoste。我想請你們幫我們理解一下，鑑於年初開局偏弱（我也理解你們對東歐的評論），你們如何看待Lacoste全年的表現；但我想這對EU Ops整體而言是一個相當重要的成長槓桿。我也好奇，就這個品牌而言，你們是否覺得能在某種程度上把第一季失去的部分追回來？

Do you want to share your three questions, just one or --

你要把三個問題都分享出來嗎，還是只問一個，或--

I can answer on Lacoste, if you want. I'm not worried at all on Lacoste, to be honest with you. The first quarter, we had a difficult comparison in the first quarter of this year. But I think we can recoup definitely towards the end of the year. And what is important is in 2027, we're going to have a very, very important launch on Lacoste. I saw the product, it was great. The advertising will look great. So Lacoste is in a very good shape. That's true that Eastern Europe was too slow, this explains a weak first quarter, but nothing to worry. Michel?

如果你願意的話，我可以回答Lacoste的部分。老實說，我對Lacoste一點也不擔心。今年第一季我們面臨一個很難的比較基期。但我認為我們肯定可以在年底前追回來。而重要的是，2027年我們會在Lacoste上有一個非常非常重要的上市。我看過產品，很棒。廣告看起來也會很棒。所以Lacoste的狀態非常好。確實東歐太慢，這解釋了第一季偏弱，但沒什麼好擔心的。Michel？

Yes, I would just add, Q1 and Q2 last year were really insane growth. We grew 30% in the first quarter. We grew 60% in the second. We had a huge amount of innovation, but we're feeling pretty good about Lacoste overall as a brand. And some of the challenges we're seeing this quarter really related to geographic footprint and disproportionate impact. I mean, Lacoste is primarily strong in Europe. And as growth slows down, it's impacting the brand disproportionately, but the brand is very healthy. And I think we're feeling really good about it.

是的，我只想補充，去年第一季和第二季的成長真的非常瘋狂。我們第一季成長30%。第二季成長60%。我們有大量創新，但整體而言我們對Lacoste作為一個品牌的狀況感覺相當不錯。而我們本季看到的一些挑戰，確實與地理版圖以及不成比例的影響有關。我的意思是，Lacoste主要在歐洲很強。當成長放緩時，對這個品牌的影響會相對更大，但品牌本身非常健康。我認為我們對它的感覺真的很好。

Perfect. And the second question, if I may, was just to ask a little bit how kind of orders trended through Q1, maybe putting Middle East on one side, which is a kind of exceptional circumstance, like do you feel more positive on the rest of the countries now than you did in, say, January or February? And I know that's something that I think the kind of EU Ops management team had commented on at one point that maybe orders improved a little bit as the quarter went on. And on one side, the Middle East.

很好。如果可以的話，第二個問題是想問一下第一季期間訂單的走勢如何；先把中東放在一邊，因為那是比較特殊的情況——就其他國家而言，你們現在是否比一月或二月時更樂觀？我知道EU Ops管理團隊曾在某個時點評論過，可能隨著季度推進訂單有稍微改善。以及，中東那一邊。

I can try to answer that. We put our guidance for 2026 in, what, November '25, when we said that we do $1.48 billion. We have not changed our guidance even though there is a big conflict in an important region, the Middle East, which represents 7% of our sales. So it means that we think that we will be able to find some growth outside. That's also a good thing to have a conservative guidance at the beginning of the year because we sell in 120 countries and with so many geopolitical threat that we can absolutely not control.

我可以試著回答這個問題。我們在 2025 年 11 月左右提出了 2026 年的指引，當時我們說我們將達到 14.8 億美元。即使在一個重要地區——中東——發生了重大衝突（該地區占我們銷售額的 7%），我們也沒有改變指引。因此，這表示我們認為我們能在其他地區找到一些成長。而且在年初給出較為保守的指引也是好事，因為我們在 120 個國家銷售，面對如此多我們完全無法控制的地緣政治威脅。

We do not have to lower guidance, even though there is some difficult times in important regions. So as of now, business is doing well. The orders that we received are in line with our projections. Michel, do you want to add something?

即使在一些重要地區有些艱難時期，我們也不必下調指引。所以截至目前，業務表現良好。我們收到的訂單與我們的預測一致。Michel，你想補充些什麼嗎？

Yes, I would say we've had -- our orders have been broadly in line with our expectations. We did -- obviously, the dip in the Middle East really -- happened really in March and impacted March disproportionately. We do expect that quarter 2 will also be impacted disproportionately behind this. So today, if we think about Q2, we're seeing Q2 as being, I would say, flattish versus last year also. I think until we see how this thing settles and eventually re-picks up, I think we're going to continue to be prudent.

是的，我會說——我們的訂單整體上大致符合我們的預期。我們確實——很明顯，中東的下滑真正——是在 3 月發生，且對 3 月造成了不成比例的影響。我們預期第二季也會因此受到不成比例的影響。所以今天，如果我們思考 Q2，我們看到 Q2 我會說相較去年大致持平。我認為在我們看到這件事如何趨於穩定並最終回升之前，我們會繼續保持審慎。

Clear. And then just third and final question on my side was about the kind of direct-to-retail channel. I know you've, I think, taken in-house Korea because you kind of had to. But are there any markets where you feel like you're close to reaching a scale where you could potentially in-source those? I think you might have referenced those in previous analyst calls. I'd just be interested to hear more about any projects internally you're working on there.

明白。然後我這邊第三個也是最後一個問題，是關於直營零售（direct-to-retail）通路。我知道你們，我想，因為某些原因不得不把韓國收回自營。但是否有任何市場，你們覺得已接近達到規模，可能可以把這些業務內部化（in-source）？我想你們在之前的分析師電話會議中可能提過。我只是想更了解你們內部正在推動的相關專案。

I would say -- yes, go ahead, Jean. No, no, go ahead.

我會說——是的，你先說吧，Jean。不，不，你先說。

No, no, no. Please, Michel.

不，不，不。請，Michel。

Yes. I would say we're very happy with the partnership. At the end of the day, the question is what are you looking for? Are you looking for gross margin? Or are you looking for total shareholder return? And I would say that I think in a lot of the markets where we're currently present, we've got great distributor partners, many of them that we've been working with actually for many years. And I think we're quite pleased with the level of progress and the return on investment. So there's always opportunities, particularly as we grow to consider certain large markets.

是的。我會說我們對這個合作夥伴關係非常滿意。歸根結底，問題在於你想要的是什麼？你想要的是毛利率嗎？還是你想要的是股東總報酬（TSR）？我會說，在我們目前所布局的許多市場，我們有很棒的經銷夥伴，其中許多其實已合作多年。而且我認為我們對進展程度與投資報酬率的水準相當滿意。所以總是有機會，特別是當我們成長時，去考慮某些大型市場。

But the question is, what do you get for it? Yes, you'll get maybe a better gross margin, but you'll also get more expense, you'll have more inventory to manage, you'll have more accounts receivable. So at the end of the day, the way I look at this is, where am I going to get the best TSR? And I think that with the footprint we have, I think we have the best TSR. And if something else comes up at some point in time, which makes more sense, we may consider it. But at this point in time, we're not really looking to convert distributors to affiliates. Jean?

但問題是，你能因此得到什麼？是的，你也許會得到更好的毛利率，但你也會有更多費用、需要管理更多庫存，還會有更多應收帳款。所以歸根結底，我看待這件事的方式是：我在哪裡能獲得最佳的股東總報酬（TSR）？而我認為以我們目前的布局，我們已經擁有最佳的 TSR。如果未來某個時間點出現其他更合理的選項，我們可能會考慮。但就目前而言，我們並沒有真的在尋求把經銷商轉為關係企業（affiliates）。Jean？

Yes, yes. I totally agree. Korea was an opportunity, we took it. But we can reevaluate, but there is nothing will force us to change from distributors to subsidiaries, absolutely.

是的，是的。我完全同意。韓國是一個機會，我們把握了。但我們可以重新評估，不過絕對沒有任何事情會迫使我們把經銷商改為子公司。

We have reached the end of the question-and-answer session. I'd now like to turn the call back to Michel Atwood for closing comments.

我們已到達問答環節的結束。現在我想把電話交回給 Michel Atwood 作結語。

All right. Well, thank you again for joining us today. Thank you to our teams also for their continued dedication and agility in navigating in this uncertain environment and also helping us drive the efficiencies and supporting our ongoing success. I'd like to mention that I'll be participating in the Jefferies Conference in Nantucket on June 16 and 17, so if you'd like to participate, please reach out to your sales representative at Jefferies for information. And if you have any additional questions, please contact Devin Sullivan from the Equity Group, our IR representative. And thank you, and have a great day.

好的。再次感謝各位今天加入我們。也感謝我們的團隊在這個不確定的環境中持續展現投入與敏捷，協助我們推動效率並支持我們持續的成功。我想提一下，我將於 6 月 16 日與 17 日參加在 Nantucket 舉行的 Jefferies 研討會，因此若您想參與，請聯繫您在 Jefferies 的業務代表以取得資訊。若您還有任何其他問題，請聯繫 Equity Group 的 Devin Sullivan，我們的投資人關係（IR）代表。謝謝，祝各位有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線，感謝您的參與。