雷夫·羅倫馬球 (RL) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren First Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn over the conference to our host, Ms. Corinna Van der Ghinst. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加 Ralph Lauren 2023 財年第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想把會議交給我們的主持人 Corinna Van der Ghinst 女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's First Quarter Fiscal 2023 Conference Call. With me today are Patrice Louvet, the company's President and Chief Executive Officer; and Jane Nielsen, Chief Operating Officer and Chief Financial Officer. After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller.

早上好，感謝您參加 Ralph Lauren 的 2023 財年第一季度電話會議。今天和我在一起的是公司總裁兼首席執行官 Patrice Louvet；以及首席運營官兼首席財務官簡尼爾森。準備好評論後，我們將打開電話詢問您的問題，我們要求您限制每個來電者一個。

During today's call, we will be making some forward-looking statements within the meaning of the federal securities laws, including our financial outlook. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements. Our expectations contain many risks and uncertainties. Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings.

在今天的電話會議中，我們將根據聯邦證券法做出一些前瞻性陳述，包括我們的財務展望。前瞻性陳述並非保證，我們的實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。我們的預期包含許多風險和不確定性。可能導致我們的結果與我們目前的預期產生重大差異的主要風險和不確定性在我們提交給美國證券交易委員會的文件中有詳細說明。

To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results, you should refer to this morning's earnings release and to our SEC filings that can be found on our Investor Relations website.

要查找我們在討論財務業績時使用的非公認會計原則措施的披露和對賬，您應該參考今天上午的收益發布和我們的投資者關係網站上的美國證券交易委員會文件。

And with that, I'll turn the call over to Patrice.

有了這個，我會把電話轉給帕特里斯。

Thank you, Corey. Good morning, everyone, and thank you for joining today's call. Our strong first quarter performance underscores the resilience and momentum of our business around the world. This follows our significant multiyear reset to transform our consumer base, product portfolio and distribution. These results also validate the strong confidence that Ralph and I have in our teams, who are consistently executing with incredible dedication and agility through what continues to be uncertain times.

謝謝你，科里。大家早上好，感謝您加入今天的電話會議。我們強勁的第一季度業績突顯了我們在全球業務的彈性和勢頭。在此之前，我們進行了重大的多年重置，以改變我們的消費者基礎、產品組合和分銷。這些結果也驗證了 Ralph 和我對我們團隊的強烈信心，他們在仍然充滿不確定性的時期始終以令人難以置信的奉獻精神和敏捷性執行任務。

We exceeded our expectations again on both the top and bottom line with broad-based strength across all 3 regions despite macro headwinds from COVID and inflationary pressures in the quarter. Our teams are driving increasing desirability for our brands and products, enabling high-quality consumer recruitment as well as retention.

儘管本季度面臨來自 COVID 的宏觀逆風和通脹壓力，但我們在所有 3 個地區的收入和利潤都再次超出了我們的預期。我們的團隊正在推動對我們的品牌和產品的需求不斷增加，從而實現高質量的消費者招募和保留。

Our proven ability to drive a strong value proposition for our consumer, which has strengthened over the last 4 years of our strategic plan, is an important advantage for Ralph Lauren, especially through times of macro uncertainty. We are obviously highly attentive to the volatility highlighted recently by our retail peers across the price spectrum. And while we are not immune to broader macro headwinds, we remain focused on what we can control. We have many areas of strength that include a powerful, differentiated brand that we continue to invest in, a strong core business that is resilient through challenging cycles, a more flexible expense structure, a diversified global supply chain with proven agility and discipline in our inventory management, and a robust balance sheet, which enables us to make the right decisions for the long-term health of our business.

在過去 4 年的戰略計劃中，我們為消費者推動強大價值主張的能力得到證實，這對 Ralph Lauren 來說是一個重要優勢，尤其是在宏觀不確定時期。我們顯然高度關注最近我們的零售同行在整個價格範圍內強調的波動性。雖然我們不能倖免於更廣泛的宏觀逆風，但我們仍然專注於我們可以控制的事情。我們擁有許多優勢領域，包括我們繼續投資的強大、差異化品牌、在充滿挑戰的周期中具有彈性的強大核心業務、更靈活的費用結構、多元化的全球供應鏈，我們的庫存經過驗證具有敏捷性和紀律性管理和穩健的資產負債表，使我們能夠為業務的長期健康做出正確的決策。

And while we continue to adapt to shifting macro developments, this strong foundation gives us confidence as we drive our business across multiple engines of long-term growth. These include: first, continuing to drive brand heat and desirability; second, leveraging our luxury halo and unique multi-category lifestyle proposition, where we can dial certain product categories up or down as consumer needs evolve; and third, rolling out our key city ecosystem strategy led by digital.

在我們繼續適應不斷變化的宏觀發展的同時，這一堅實的基礎使我們在推動業務跨越多個長期增長引擎時充滿信心。其中包括：第一，繼續推動品牌熱度和吸引力；其次，利用我們的奢華光環和獨特的多品類生活方式主張，我們可以根據消費者需求的變化調整某些產品類別；第三，推出以數字為主導的重點城市生態系統戰略。

We are balancing these priorities with our ongoing focus on productivity, an important driver to fuel our top and bottom line growth. And spanning everything we do is our commitment to deliver positive impact in the world across citizenship and sustainability.

我們正在平衡這些優先事項與我們對生產力的持續關注，這是推動我們的頂線和底線增長的重要驅動力。我們所做的一切都是我們致力於在公民和可持續發展方面對世界產生積極影響的承諾。

Our first quarter performance was a strong example of our progress across each of these areas. Let me take you through a few of our first quarter highlights across the strategic pillars of our Next Great Chapter plan. First, on our efforts to win over a new generation. In the current operating environment, we remain focused on investing in our brand to deliver a clear, differentiated message to our target consumers. Our multifaceted marketing strategy is focused on leveraging our core brand values to connect authentically with consumers, strengthening existing relationships and recruiting new and younger high-value consumers around the world.

我們第一季度的表現是我們在這些領域取得進展的一個很好的例子。讓我帶您了解我們下一季度計劃的戰略支柱中的一些第一季度亮點。第一，關於我們爭取新一代的努力。在當前的運營環境中，我們仍然專注於投資我們的品牌，以向我們的目標消費者傳遞清晰、差異化的信息。我們的多方面營銷戰略專注於利用我們的核心品牌價值與消費者建立真正的聯繫，加強現有關係並在全球範圍內招募新的和年輕的高價值消費者。

This was particularly evident in the first quarter, where we continued to focus our investments on driving brand desirability across a diverse range of activities. First, we kicked off the 50th anniversary celebration of our iconic Polo shirt this spring with a 360-degree campaign and book launch across our stores, social media and celebrity moments, which we amplified globally. While our business is so much more than a Polo shirt, this icon is a testament to the unique emotional connection consumers have with our brand across ages, genders and geographies.

這在第一季度尤為明顯，我們繼續將投資重點放在推動各種活動中的品牌吸引力上。首先，我們在今年春天開始了我們標誌性的 Polo 衫 50 週年慶典，在我們的商店、社交媒體和名人時刻進行了 360 度活動和新書發布會，我們在全球範圍內進行了放大。雖然我們的業務不僅僅是一件 Polo 衫，但這個標誌證明了消費者與我們的品牌在不同年齡、性別和地域之間的獨特情感聯繫。

You may have seen our dynamic billboards in the heart of Seoul, Paris, London and L.A. We also launched a limited edition vintage Polo collection in stores and our latest sustainable Earth Polo.

您可能已經在首爾、巴黎、倫敦和洛杉磯的中心看到了我們的動態廣告牌。我們還在商店推出了限量版復古馬球系列和我們最新的可持續地球馬球。

We invited our fans throughout the world to share touching personal stories about their memories with the Polo shirt on social media. As consumers increasingly value brands that are timeless and authentic, we continue to weave Ralph Lauren into the fabric of modern culture around the world.

我們邀請世界各地的粉絲在社交媒體上分享他們對 Polo 衫記憶的感人個人故事。隨著消費者越來越重視永恆和真實的品牌，我們繼續將 Ralph Lauren 融入世界各地的現代文化結構中。

Similarly, we celebrated the optimism and perseverance of sport through our 17th annual sponsorship of the Wimbledon Championships. Inspired by our timeless spectator style, this year's new uniforms combined the heritage of our brand with modern silhouettes and fabrications, including the use of recycled materials. And we continue to capture key brand moments that resonate with fashion lovers around the world, including our Gilded Glamour dressing at this year's Met Gala.

同樣，我們通過第 17 屆溫布爾登錦標賽年度贊助來慶祝體育運動的樂觀和堅持。受到我們永恆的觀眾風格的啟發，今年的新制服將我們品牌的傳統與現代廓形和製作相結合，包括使用可回收材料。我們繼續捕捉與世界各地時尚愛好者產生共鳴的關鍵品牌時刻，包括今年 Met Gala 上的鍍金魅力裝扮。

Friends of the brand like Alicia Keys in her showstopping homage to the New York City skyline with husband Swizz Beatz, Ryan Reynolds and J Balvin channeling old Hollywood, and the always daring Janelle Monae were all featured in our brand. These activations attracted younger full-price consumers to our business, driving another quarter of strong top line growth.

該品牌的朋友，如 Alicia Keys 與丈夫 Swizz Beatz、Ryan Reynolds 和 J Balvin 一起向老好萊塢致敬，以及總是大膽的 Janelle Monae，都是我們品牌的特色。這些激活吸引了年輕的全價消費者加入我們的業務，推動了又一個季度的強勁收入增長。

New consumers on our digital sites grew nearly 70% to pre-pandemic levels. And our online search trends grew high teens to last year in Q1, led by our Polo shirt and spring luxury campaigns, significantly outperforming our peers globally.

我們數字網站上的新消費者增長了近 70%，達到了大流行前的水平。在我們的 Polo 衫和春季奢侈品活動的帶動下，我們的在線搜索趨勢在去年第一季度增長了十幾歲，顯著優於我們的全球同行。

Touching on our second key initiative, energize core products and accelerate high potential underdeveloped categories. Ralph and our design teams continue to deliver the products consumers are craving in this moment, with broad-based strength across our range of luxury lifestyle categories.

觸及我們的第二個關鍵舉措，為核心產品注入活力，加速發展潛力巨大的欠發達品類。 Ralph 和我們的設計團隊繼續提供消費者在這一刻渴望的產品，在我們的奢侈生活方式類別範圍內具有廣泛的實力。

People are coming together again with a renewed appetite for style. From a fresh approach to wear-to-work, to weddings and other social gatherings, our brand is uniquely positioned to capture this mix of sophisticated and casual dressing.

人們再次聚集在一起，對時尚產生了新的興趣。從全新的著裝方式，到婚禮和其他社交聚會，我們的品牌具有獨特的定位，可以捕捉這種精緻和休閒著裝的結合。

Product highlights this quarter included our global Polo shirt campaign, which drove strong performance across a range of styles from our core mesh to our seasonal prints and novelty offerings. This strong trend was reinforced by the introduction of our upcycled Polo shirts, celebrating the timeless quality and consumers' emotional connection to this iconic style; our Cobble Hill collection for Polo men's, which celebrates our sophisticated sportswear in the modern wardrobe. And our Athletic Club collection, bringing classic tennis and golf inspired styling to the next generation was a standout for the season. With strong sales in lightweight sporting windbreakers, rugby shirts and fleece in classic combinations of white and dark green. From our clean summer whites to our colorful classics, Ralph Lauren embodied the exuberance of a return to head-to-toe dressing at its best.

本季度的產品亮點包括我們的全球 Polo 衫活動，該活動推動了從我們的核心網眼到我們的季節性印花和新奇產品的各種款式的強勁表現。我們推出升級再造的 Polo 衫加強了這一強勁趨勢，慶祝永恆的品質和消費者與這種標誌性風格的情感聯繫；我們的 Polo 男裝 Cobble Hill 系列，彰顯我們現代衣櫥中精緻的運動裝。我們的 Athletic Club 系列為下一代帶來經典的網球和高爾夫風格，在本賽季中脫穎而出。白色和深綠色經典組合的輕便運動風衣、橄欖球衫和羊毛衫銷量強勁。從我們乾淨的夏季白色到我們色彩繽紛的經典，Ralph Lauren 體現了從頭到腳著裝回歸的活力。

Shifting gears to our third key initiative, drive targeted expansion in our regions and channels. We continued our long-term strategy of investing in our key city ecosystems around the world in the first quarter, with a focus on elevating our touch points with the consumer across every channel.

轉向我們的第三個關鍵舉措，推動我們在地區和渠道的有針對性的擴張。我們在第一季度繼續我們在全球主要城市生態系統中投資的長期戰略，重點是在各個渠道提升我們與消費者的接觸點。

During the quarter, we opened more than 60 new stores and concessions in top cities globally. Nearly all of our store openings were in Asia and notably the Chinese mainland, where our brand momentum and opportunities remain strong despite transitory COVID lockdowns. Following our first 2 emblematic store openings last year in Beijing and Shanghai, we opened a third emblematic concept in Chengdu, another key city cluster, which also included our first restaurant and bar in China, reinforcing our lifestyle offering in the market. And while roughly 50% of our China stores were negatively impacted by COVID closures in the quarter, driving mainland sales down 10% to last year in constant currency, we continue to reinforce our elevated brand positioning in the market.

本季度，我們在全球主要城市開設了 60 多家新店和特許經營店。我們幾乎所有的新店開張都在亞洲，尤其是中國大陸，儘管暫時的 COVID 封鎖，我們的品牌勢頭和機會仍然強勁。繼去年在北京和上海開設首家兩家標誌性門店後，我們在另一個主要城市群成都開設了第三家標誌性概念店，其中還包括我們在中國的第一家餐廳和酒吧，加強了我們在市場上提供的生活方式。儘管本季度約有 50% 的中國門店受到 COVID 關閉的負面影響，導致大陸銷售額按固定匯率計算較去年下降 10%，但我們繼續加強我們在市場上的品牌定位。

Our 520 and 618 festival performance outpaced our closest peers by double digits, while we also increased our penetration of full-price sales. We remain confident in our long-term growth trajectory in China, with strong brand momentum and an encouraging recovery in performance as COVID-related store restrictions were lifted in late June as expected. We continue to watch our key markets carefully, including the ongoing impact of COVID variants.

我們的 520 和 618 節日表現超過了最接近的同行兩位數，同時我們也提高了全價銷售的滲透率。我們對我們在中國的長期增長軌跡充滿信心，品牌勢頭強勁，業績復甦令人鼓舞，因為與 COVID 相關的商店限制如預期於 6 月下旬取消。我們將繼續仔細觀察我們的主要市場，包括 COVID 變體的持續影響。

Moving to our priority of leading with digital. We have made significant progress over the last 4 years in repositioning our digital business, putting it on the path of strong margin-accretive growth that is outpacing total company growth. This progress is underscored by our recent ranking in the Luxury Digital IQ Index for 2022, where we were proud to rank #2 among 75 global luxury retailers, up from #5 last year.

轉向我們以數字化為主導的優先事項。在過去的 4 年中，我們在重新定位我們的數字業務方面取得了重大進展，使其走上了強勁的利潤增長增長之路，其增長速度超過了公司的整體增長。我們最近在 2022 年奢侈品數字智商指數中的排名突顯了這一進展，我們很自豪地在全球 75 家奢侈品零售商中排名第二，高於去年的第五。

First quarter sales for our total Ralph Lauren digital ecosystem, including our directly operated sites, departmentstore.com, pure players and social commerce, grew mid-single digits in constant currency. This was on top of an exceptionally strong compare of more than 80% last year and about 85% growth in first quarter of fiscal '21.

我們整個 Ralph Lauren 數字生態系統的第一季度銷售額，包括我們的直營網站、departmentstore.com、純玩家和社交商務，以不變貨幣計算增長了中個位數。這是在去年超過 80% 和 21 財年第一季度增長約 85% 的異常強勁的比較之上的。

Within our own Ralph Lauren digital sites, sales grew high single digits in the first quarter. We continue to drive strong full price selling as we deliver the right mix of products and invest in AI-powered targeting and high-quality new consumer acquisition.

在我們自己的 Ralph Lauren 數字網站中，第一季度的銷售額增長了個位數。我們繼續推動強勁的全價銷售，因為我們提供正確的產品組合，並投資於人工智能驅動的定位和高質量的新消費者獲取。

We also launched new localized digital commerce sites to support our ecosystem expansion globally. This includes the 21 sites launched in Europe in fiscal '22 and new sites added in the first quarter in India and Israel.

我們還推出了新的本地化數字商務網站，以支持我們在全球範圍內的生態系統擴張。這包括 22 財年在歐洲推出的 21 個站點以及第一季度在印度和以色列新增的站點。

Our Asia digital ecosystem once again drove the fastest growth globally, over a smaller base, up more than 60% in constant currency to last year. This was led by triple-digit growth in Korea and 40% growth in China, where our digital businesses outperformed peers and the broader market despite disrupted supply chains in Shanghai and shipment restrictions on nonessential goods.

我們的亞洲數字生態系統再次以較小的基數推動了全球最快的增長，以固定匯率計算比去年增長了 60% 以上。這得益於韓國三位數的增長和中國 40% 的增長，儘管上海的供應鏈中斷和非必需品的發貨限制，我們的數字業務在中國的表現優於同行和更廣泛的市場。

We were also encouraged by early performance in our Australia digital flagship, which we launched at the end of Q4.

我們也對我們在第四季度末推出的澳大利亞數字旗艦產品的早期表現感到鼓舞。

Moving to our work to operate with discipline to fuel growth. Our teams have operated with incredible agility to mitigate emerging macro challenges, delivering operating margins ahead of our expectations in the first quarter despite increased cost headwinds.

繼續我們的工作，以紀律運作以推動增長。我們的團隊以令人難以置信的敏捷性運作，以應對新出現的宏觀挑戰，儘管成本逆風增加，但第一季度的營業利潤率超出了我們的預期。

In June, we published our Timeless By Design global citizenship and sustainability report, outlining our commitments to address our impact. While I encourage you all to download the report from our website, let me highlight a couple of exciting initiatives. First, we officially announced our first cradle-to-cradle certified product with our iconic luxury cashmere sweater launching later this fiscal year, with more C2C products to come.

6 月，我們發布了 Timeless By Design 全球公民和可持續發展報告，概述了我們應對自身影響的承諾。雖然我鼓勵大家從我們的網站下載報告，但讓我強調一些令人興奮的舉措。首先，我們正式宣布了我們的第一個從搖籃到搖籃認證的產品，我們標誌性的奢華羊絨衫在本財年晚些時候推出，更多的 C2C 產品即將推出。

And we're kicking off our Live On promise to enable our past and future products to live on responsibly by 2030. In addition, we were proud to recently be named one of [Parity.Org's] Best Companies for Women to Advance for the third year in a row as we further our diversity, equity and inclusion efforts.

我們正在啟動我們的 Live On 承諾，以使我們過去和未來的產品能夠在 2030 年前以負責任的方式繼續存在。此外，我們很自豪最近第三次被評為 [Parity.Org 的] 最佳女性進步公司之一連續一年，我們進一步推進我們的多元化、公平和包容性努力。

In closing, our company has weathered a variety of macro environments over the last 55 years, not to mention the last 3, with our organization emerging stronger and more agile than ever before. Ralph and I are incredibly proud of the passion and execution our teams have demonstrated throughout, all while staying true to the values that have made this brand revered and emotionally connected since its inception. And I am confident that the healthy foundations we've put into place along with our multiple engines of growth will enable us to continue driving toward our commitments of long-term value creation.

最後，我們公司在過去 55 年（更不用說過去 3 年）經受住了各種宏觀環境的考驗，我們的組織變得比以往任何時候都更強大、更敏捷。拉爾夫和我為我們的團隊自始至終表現出的熱情和執行力感到無比自豪，同時堅守使這個品牌自成立以來就備受推崇和情感聯繫的價值觀。我相信，我們建立的健康基礎以及我們的多種增長引擎將使我們能夠繼續推動我們對長期價值創造的承諾。

As always, we remain keenly focused on what we can control, and are executing on our long-term strategic initiatives while continuing to navigate an uncertain global environment. We look forward to sharing more with you at our Investor Day next month.

一如既往，我們始終專注於我們可以控制的事情，並在繼續應對不確定的全球環境的同時，執行我們的長期戰略計劃。我們期待在下個月的投資者日與您分享更多信息。

And before I turn it over to Jane, I'd like to welcome Deb Cupp, who joined our Board of Directors last week. Currently the President of Microsoft North America, she will bring important perspective to our digital acceleration and more. Ralph and I would also like to thank parting Director Judith McHale, who has served on our Board since 2001, for her many years of leadership and dedication to the company.

在我把它交給 Jane 之前，我想歡迎上週加入我們董事會的 Deb Cupp。目前擔任微軟北美總裁，她將為我們的數字加速等帶來重要的視角。 Ralph 和我還要感謝離職董事 Judith McHale，她自 2001 年以來一直在我們的董事會任職，她多年來對公司的領導和奉獻。

With that, I'll hand it to Jane to discuss our financial results, and I'll join her at the end to answer your questions.

有了這個，我會把它交給簡來討論我們的財務結果，最後我會和她一起回答你的問題。

Thank you, Patrice, and good morning, everyone. Our first quarter results demonstrate the broad-based strength of our strategic plan, the durability of our business model and the execution excellence of our teams in the face of challenges and disruptions around the world.

謝謝你，帕特里斯，大家早上好。我們第一季度的業績證明了我們戰略計劃的廣泛實力、我們業務模式的持久性以及我們團隊在面對全球挑戰和中斷時的卓越執行力。

Our pivot to offense showed in our top line growth, with Q1 revenues up 8% on a reported basis and 13% in constant currency, above pre-pandemic levels and more than 500 basis points above our outlook. This was supported by positive growth across all 3 regions, despite lapping our final quarter of major distribution resets and COVID-related shutdowns in China.

我們轉向進攻的重心體現在我們的收入增長中，第一季度的收入在報告的基礎上增長了 8%，按固定匯率計算增長了 13%，高於大流行前的水平，比我們的預期高出 500 多個基點。這得到了所有 3 個地區的正增長的支持，儘管我們在中國經歷了最後一個季度的主要分銷重置和與 COVID 相關的停工。

Operating profit dollars also grew versus pre-pandemic levels, with continued operating expense discipline helping to mitigate transitory cost pressures. And we achieved all of this while continuing to drive important investments in marketing, digital, new stores and people.

與大流行前的水平相比，營業利潤也有所增長，持續的運營費用紀律有助於減輕暫時的成本壓力。我們實現了所有這一切，同時繼續推動對營銷、數字、新商店和人員的重要投資。

We believe our elevated brand, focused strategy and targeted investments, when combined with our culture of operating discipline and fortress balance sheet, gives us a position of strength to continue to drive long-term value creation through uncertain times.

我們相信，我們提升的品牌、專注的戰略和有針對性的投資，再加上我們的運營紀律文化和堡壘資產負債表，使我們能夠在不確定的時期繼續推動長期價值創造。

Let me take you through our first quarter financial highlights. Total company revenues, up 13% in constant currency, significantly outperformed our outlook. Results included roughly 4 points of negative impact from our divestiture of Club Monaco and licensing of our North American Chaps brand last year, implying even stronger underlying growth.

讓我帶您了解我們第一季度的財務亮點。公司總收入按固定匯率計算增長 13%，顯著優於我們的預期。結果包括我們去年剝離摩納哥俱樂部和授權我們的北美 Chaps 品牌帶來了大約 4 個百分點的負面影響，這意味著潛在的增長更加強勁。

Ralph Lauren digital ecosystem sales grew mid-single digits in constant currency on top of more than 80% growth last year. Our owned Ralph Lauren digital sites grew high single digits on top of last year's 49% compare, reflecting our compelling product assortments, new consumer acquisition and user-friendly connected retail capabilities. Digital margins remained strongly accretive to our profitability in the quarter.

Ralph Lauren 數字生態系統銷售額在去年增長超過 80% 的基礎上，以固定匯率計算增長了中個位數。我們擁有的 Ralph Lauren 數字網站在去年的 49% 的比較中增長了高個位數，這反映了我們引人注目的產品分類、新的消費者獲取和用戶友好的互聯零售能力。數字利潤率在本季度仍然極大地增加了我們的盈利能力。

Total company adjusted gross margin was 68%, down 180 basis points to last year on a reported basis and 80 basis points in constant currency.

公司調整後總毛利率為 68%，較去年報告的基礎下降 180 個基點，按固定匯率計算下降 80 個基點。

First quarter AUR was up 8% on top of 18% growth last year. Solid AUR momentum was more than offset by higher-than-anticipated freight spend, which helped support our strong spring on-time delivery rates and full price selling to deliver revenue outperformance in the quarter.

第一季度 AUR 在去年增長 18% 的基礎上增長了 8%。強勁的 AUR 勢頭被高於預期的貨運支出所抵消，這有助於支持我們強勁的春季準時交貨率和全價銷售，以實現本季度的收入表現。

Compared to fiscal '20 pre-pandemic levels, gross margin was 350 basis points higher in the first quarter. We continue to expect freight raw materials and labor costs to pressure gross margins this year, particularly through Q2, until we start to lap higher cost increases in the second half of the year.

與 20 財年大流行前水平相比，第一季度毛利率高出 350 個基點。我們繼續預計貨運原材料和勞動力成本將給今年的毛利率帶來壓力，尤其是到第二季度，直到我們在下半年開始出現更高的成本增長。

We plan to leverage our multipronged elevation strategy to continue driving AUR in order to mitigate mid- to high single-digit product cost inflation this year.

我們計劃利用我們的多管齊下的提升戰略來繼續推動 AUR，以減輕今年中高個位數的產品成本通脹。

Adjusted operating margin was 12.7%, down 410 basis points on a reported basis and 270 basis points in constant currency as we normalize spending versus unusually low levels last year due to COVID. This was ahead of our outlook, driven by strong operating expense discipline and productivity initiatives.

調整後的營業利潤率為 12.7%，在報告的基礎上下降了 410 個基點，按固定匯率計算下降了 270 個基點，因為我們將支出正常化，而去年由於 COVID 導致的異常低水平。在強大的運營費用紀律和生產力計劃的推動下，這超出了我們的預期。

Adjusted operating expenses increased 13% to 55.2% of sales, including marketing expense growth of about 40% over last year's lower spend. Marketing was 7% of sales, at the high end of our guidance of 6% to 7% for the full year. While we have built increased flexibility across our operating expense structure, we remain committed to investing in our brand, which is driving both near-term top line momentum and share gains as well as longer-term brand equity.

調整後的運營費用佔銷售額的比例增加了 13% 至 55.2%，其中營銷費用比去年的較低支出增長了約 40%。營銷佔銷售額的 7%，處於我們全年 6% 至 7% 指導的高端。雖然我們在運營費用結構中建立了更大的靈活性，但我們仍然致力於投資我們的品牌，這將推動近期的收入增長勢頭和股票收益以及長期的品牌資產。

Moving to segment performance, starting with North America. The region's improved trajectory continues, with first quarter revenues up 6%. These results included about 3 points of headwind from our licensing of Chaps, implying even stronger underlying growth. Q1 represents the final quarter of meaningful headwinds from our North America strategic resets.

轉向細分性能，從北美開始。該地區的改善軌跡仍在繼續，第一季度收入增長了 6%。這些結果包括我們獲得 Chaps 許可帶來的大約 3 個不利因素，這意味著潛在增長更加強勁。第一季度代表了我們北美戰略重置的最後一個季度。

In North America retail, comps increased 5% to last year, led by double-digit growth in our full-price stores. Performance was driven by improved traffic, larger basket sizes and 12% AUR growth on top of 39% last year, reflecting our ongoing elevation around product mix, marketing and more targeted pricing and promotions. Foreign tourist sales continued to show sequential improvement, but were still below pre-pandemic levels.

在北美零售業，comps 比去年增長了 5%，這得益於我們全價商店的兩位數增長。業績是由流量改善、購物籃規模擴大和去年 39% 的 AUR 增長 12% 推動的，這反映了我們在產品組合、營銷和更有針對性的定價和促銷方面的持續提升。外國遊客銷售繼續呈現環比改善，但仍低於疫情前水平。

Our premium position helped our outlet channel deliver positive comp growth in the quarter. However, growth was more modest than in our full-price business. We attribute this partially to higher cost pressures and weaker consumer sentiment among value-oriented shoppers across the marketplace.

我們的優質地位幫助我們的奧特萊斯渠道在本季度實現了正向增長。然而，增長比我們的全價業務要溫和。我們將此部分歸因於整個市場上以價值為導向的購物者的更高成本壓力和較弱的消費者情緒。

We are rolling out a number of interventions. These include leveraging our AI-driven targeted communications, accelerating new ways of selling to support conversion, expediting shipments of core products that are selling well, and more. We will continue to watch this channel carefully given ongoing macro headwinds, and have embedded increased caution in our current fiscal '23 outlook.

我們正在推出一系列干預措施。其中包括利用我們的人工智能驅動的有針對性的通信、加速新的銷售方式以支持轉換、加快銷售良好的核心產品的發貨等等。鑑於持續的宏觀逆風，我們將繼續密切關注這一渠道，並在我們當前的 23 財年展望中更加謹慎。

Comps in our owned RalphLauren.com site grew 2% on top of a strong 51% compare last year, supported by solid demand for our products and ability to retain newly acquired consumers. In North America wholesale, revenues increased 5% to last year, significantly above our expectations. Results included about 8 points of negative impact from licensing Chaps. This outperformance was driven by our full-price wholesale business, reflecting our improved brand positioning in the channel.

我們自有的 RalphLauren.com 網站的銷售額在去年強勁的 51% 的基礎上增長了 2%，這得益於對我們產品的強勁需求和留住新獲得的消費者的能力。在北美批發市場，收入比去年增長了 5%，大大高於我們的預期。結果包括大約 8 點來自許可 Chaps 的負面影響。這一優異表現是由我們的全價批發業務推動的，反映了我們在渠道中的品牌定位得到改善。

Sellout grew mid-teens to last year on better-than-expected spring fill rates and enhanced marketing. Our AUR at wholesale also grew double digits to last year as we further elevated product, pulled back promotions and increased targeted communications.

由於春季填充率好於預期並加強了營銷，Sellout 到去年增長了十幾歲。隨著我們進一步提升產品、取消促銷和增加有針對性的溝通，我們的批發 AUR 也比去年增長了兩位數。

We are winning with the consumer with continued market share gains in men's, women's and kids in our key partners. Inventory growth was also broadly aligned with sellout.

我們在主要合作夥伴的男裝、女裝和童裝市場份額持續增長，贏得了消費者的青睞。庫存增長也與售罄大致一致。

While we are watching macro developments carefully, we continue to be strongly encouraged by our healthy foundation and broad-based momentum across North America, setting the path for long-term growth.

在我們密切關注宏觀發展的同時，我們在北美的健康基礎和廣泛的發展勢頭繼續給我們帶來強烈的鼓舞，為長期增長鋪平了道路。

Moving on to Europe. First quarter revenues increased 17% on a reported basis and 28% in constant currency. Retail comps increased 34%. Brick-and-mortar store comps grew 45% to last year when approximately 15% of our stores were closed, along with further heavy restrictions from the Delta variant. Digital commerce comps grew 7% on top of a 98% compare last year, when widespread COVID closures shifted a disproportionate share of business online.

繼續前往歐洲。第一季度收入在報告的基礎上增長了 17%，按固定匯率計算增長了 28%。零售收入增長了 34%。實體店的銷售額比去年增長了 45%，當時我們關閉了大約 15% 的商店，以及 Delta 變體的進一步嚴格限制。與去年相比，數字商務收入增長了 7%，去年同期為 98%，當時廣泛的 COVID 關閉轉移了不成比例的在線業務份額。

Europe wholesale exceeded our expectations again this quarter, up 8% on a reported basis and 20% in constant currency, driven by stronger fall bookings and fill rates, reorder trends and sustained growth with our digital pure plays.

本季度歐洲批發業務再次超出我們的預期，在報告的基礎上增長了 8%，按固定匯率計算增長了 20%，這主要得益於秋季預訂量和填充率的上升、再訂購趨勢以及我們純數字業務的持續增長。

Turning to Asia. Revenues increased 16% on a reported basis and 26% in constant currency. Asia retail comps grew 19% on top of a 43% compare last year, with digital commerce increasing 37% and brick-and-mortar stores up 17%. We maintained strong momentum across our total digital ecosystem in the region with more than 60% growth this quarter. This was supported by double-digit increases across our owned sites and wholesale digital businesses.

轉向亞洲。收入在報告的基礎上增長了 16%，按固定匯率計算增長了 26%。亞洲零售業務在去年同期增長 43% 的基礎上增長了 19%，其中數字商務增長了 37%，實體店增長了 17%。我們在該地區的整個數字生態系統中保持強勁勢頭，本季度增長超過 60%。這得益於我們自有網站和批發數字業務的兩位數增長。

By market, first quarter sales in Japan improved sequentially to 32% in constant currency following last quarter's Omicron restrictions. This represents a double-digit increase to pre-pandemic levels in fiscal '20. Strong momentum also continued in Korea, where sales grew 30% in the quarter. And both Australia, New Zealand and Southeast Asia grew double and triple digits in the period, respectively.

按市場劃分，在上個季度受到 Omicron 限制後，日本第一季度銷售額按固定匯率計算環比增長 32%。這代表了 20 財年大流行前水平的兩位數增長。韓國也繼續保持強勁勢頭，該季度銷售額增長了 30%。澳大利亞、新西蘭和東南亞在此期間分別增長了兩位數和三位數。

Our broad-based performance helped to offset strict COVID lockdowns in the Chinese Mainland this quarter, where total sales declined 10% in constant currency due to store closures. Based on our strong return to positive sales growth from late June onward, we remain optimistic about the resilience of the Chinese consumer and our continued brand momentum in the market. And while we continue to manage through COVID disruptions, including recent lockdowns in Macau and Hong Kong, our teams are driving offense across our other key markets to deliver strong double-digit growth.

我們廣泛的業績有助於抵消本季度中國大陸嚴格的 COVID 封鎖，由於商店關閉，總銷售額按固定匯率計算下降了 10%。基於我們從 6 月下旬開始強勁恢復正銷售增長，我們對中國消費者的韌性和我們在市場上持續的品牌勢頭保持樂觀。雖然我們繼續應對新冠疫情的影響，包括最近在澳門和香港的封鎖，但我們的團隊正在其他主要市場推動進攻，以實現兩位數的強勁增長。

Moving on to the balance sheet. Our balance sheet continues to be a source of strength, enabling us to balance strategic investments in our brand and business with returning cash to shareholders even through dynamic times. During the first quarter, we returned approximately $260 million to shareholders in the form of our dividend and share repurchases. We also paid down $500 million in debt that matured in June to end the quarter with $1.8 billion in cash and short-term investments and $1.1 billion in total debt. This compared to $3 billion in cash and short-term investments and $1.6 billion in total debt last year.

轉到資產負債表。我們的資產負債表仍然是我們的力量源泉，使我們能夠平衡品牌和業務的戰略投資與向股東返還現金，即使在動態時期也是如此。在第一季度，我們以股息和股票回購的形式向股東返還了大約 2.6 億美元。我們還以 18 億美元的現金和短期投資以及 11 億美元的總債務償還了 6 月到期的 5 億美元債務，截至本季度末。相比之下，去年的現金和短期投資為 30 億美元，總債務為 16 億美元。

Net inventory increased 47%. Similar to the previous quarter, this growth is to support strong demand for our brand and products; a deliberate increase in goods in transit as we take inventory earlier to help mitigate supply chain delays, particularly in wholesale; increased product costs, including freight and cotton, which we will start to lap in the second half of fiscal '23; and continued elevation of our product mix. Based on these trends, we expect inventory to remain at similar levels through holiday, becoming more closely aligned to sales by the end of the fiscal year.

淨庫存增加了 47%。與上一季度類似，這一增長是為了支持對我們品牌和產品的強勁需求；在我們提前盤點時故意增加在途貨物，以幫助緩解供應鏈延遲，特別是在批發方面；增加的產品成本，包括運費和棉花，我們將在 23 財年下半年開始計算；並持續提升我們的產品組合。基於這些趨勢，我們預計庫存將在假期期間保持在相似水平，到本財年末與銷售情況更加密切相關。

We are managing inventory very carefully in this dynamic environment in order to satisfy robust consumer demand, while maintaining our long-term quality of sales trajectory. This includes leveraging our strong core and replenishment business, which has greater supply chain visibility and shorter lead times, to effectively flex up or down as needed with demand, as we did most recently through the pandemic.

在這種動態環境中，我們非常謹慎地管理庫存，以滿足強勁的消費者需求，同時保持我們的長期銷售質量。這包括利用我們強大的核心和補貨業務，該業務具有更高的供應鏈可見性和更短的交貨時間，可以根據需求有效地上下調整，就像我們最近在大流行期間所做的那樣。

Looking ahead, our outlook is based on the evolving macro environment, including inflationary pressures, disruptions in the global supply chain, COVID-19, foreign currency volatility and the war in the Ukraine. We continue to plan across a range of scenarios, and this guidance represents our best assessment of market conditions and resulting consumer impacts.

展望未來，我們的展望基於不斷變化的宏觀環境，包括通脹壓力、全球供應鏈中斷、COVID-19、外匯波動和烏克蘭戰爭。我們將繼續規劃一系列情景，本指南代表了我們對市場狀況和由此產生的消費者影響的最佳評估。

For fiscal '23, we are maintaining our full year outlook in constant currency, with revenues expected to increase high single digits, centering on 8%, on a 52-week comparable basis. Based on unfavorable spot rates, however, foreign currency is expected to negatively impact revenue growth by approximately 600 basis points. As a reminder, we still expect fiscal '23 growth to also be negatively impacted by about 100 basis points due to the absence of last year's 53rd week.

對於 23 財年，我們以不變貨幣維持全年展望，在 52 週的可比基礎上，收入預計將增長高個位數，以 8% 為中心。然而，基於不利的即期匯率，預計外幣將對收入增長產生約 600 個基點的負面影響。提醒一下，由於沒有去年的第 53 週，我們仍然預計 23 財年的增長也將受到約 100 個基點的負面影響。

In addition to the factors we outlined last quarter, including FX, softer consumer sentiment in Europe and Q1 China COVID lockdowns, our updated full year outlook also incorporates increased caution around our value-oriented consumers in North America, notably the potential for softer traffic and conversion rates through the end of the year. That said, we are reiterating our full year revenue outlook based on our strong Q1 outperformance and diversified engines of growth.

除了我們在上個季度概述的因素（包括外匯、歐洲消費者信心疲軟和第一季度中國 COVID 封鎖）之外，我們更新後的全年展望還包括對我們在北美以價值為導向的消費者更加謹慎，特別是客流量疲軟的潛力和到年底的轉化率。也就是說，基於我們強勁的第一季度表現和多元化的增長引擎，我們重申了我們的全年收入前景。

We still expect operating margin in the range of 14% to 14.5% in constant currency. Foreign currency is now expected to negatively impact operating margin by approximately 180 basis points. This compares to operating margin of 13.1% on a 52-week basis and 13.4% on a 53-week basis last year, both on a reported basis.

我們仍然預計營業利潤率在 14% 至 14.5% 的範圍內（以固定匯率計算）。現在預計外幣將對營業利潤率產生約 180 個基點的負面影響。相比之下，去年 52 週的營業利潤率為 13.1%，53 週的營業利潤率為 13.4%，均以報告為基礎。

Gross margin is still expected to increase 30 to 50 basis points on a constant currency 52-week basis. We plan to continue driving stronger AUR and favorable product mix, more than offsetting increased freight and material costs. Foreign currency is expected to negatively impact gross margins by about 150 basis points in fiscal '23.

在 52 週不變的貨幣基礎上，毛利率仍有望增加 30 至 50 個基點。我們計劃繼續推動更強勁的 AUR 和有利的產品組合，而不是抵消增加的運費和材料成本。預計外幣將在 23 財年對毛利率產生約 150 個基點的負面影響。

We still expect gross margin contraction in the first half of the year due to increased freight pressures to meet demand. This is followed by gross margin expansion in the second half of the year as we start to lap the significant input cost increases.

由於滿足需求的貨運壓力增加，我們仍預計上半年毛利率將收縮。隨著我們開始考慮投入成本的顯著增加，下半年的毛利率將隨之擴大。

For the second quarter, we expect constant currency revenue growth in a range centering on 11%. Foreign currency is expected to negatively impact revenue growth by approximately 750 basis points.

對於第二季度，我們預計固定匯率收入增長在 11% 左右的範圍內。預計外幣將對收入增長產生約 750 個基點的負面影響。

We expect second quarter operating margin in the range of 15.4% to 15.7% in constant currency, reflecting increased headwinds from higher freight and marketing expense, which are expected to normalize in the second half of the year. Foreign currency is expected to negatively impact operating margins by about 240 basis points in the quarter.

我們預計第二季度的營業利潤率按固定匯率計算在 15.4% 至 15.7% 之間，反映出運費和營銷費用增加帶來的不利因素，預計這些費用將在下半年正常化。預計外幣將在本季度對營業利潤率產生約 240 個基點的負面影響。

Second quarter gross margin is expected to contract about 40 to 80 basis points in constant currency, with further AUR growth more than offset by increased freight and product costs. Foreign currency is expected to negatively impact gross margins by about 190 basis points in the quarter.

按固定匯率計算，第二季度毛利率預計將收縮約 40 至 80 個基點，AUR 的進一步增長被運費和產品成本的增加所抵消。預計本季度外幣將對毛利率產生約 190 個基點的負面影響。

We still expect our tax rate in the range of 25% to 26% for the full year and also for the second quarter. We continue to expect CapEx of about $290 million to $310 million.

我們仍預計全年和第二季度的稅率在 25% 至 26% 之間。我們繼續預計資本支出約為 2.9 億至 3.1 億美元。

In closing, we delivered another strong quarter inspired by Ralph's creative vision, coupled with the agility, dedication and relentless execution of our teams, all while continuing to navigate a volatile global operating environment.

最後，在 Ralph 的創造性願景的啟發下，我們又交付了一個強勁的季度，再加上我們團隊的敏捷性、奉獻精神和不懈的執行力，同時繼續應對動蕩的全球運營環境。

While staying grounded in the macro developments, we remain confident in our multiple engines of growth. We are laser-focused on what we can control: strengthening our consumer base; enhancing the desirability of our timeless brand; and maintaining operating discipline across our business.

在立足於宏觀發展的同時，我們對我們的多種增長引擎仍然充滿信心。我們專注於我們可以控制的事情：加強我們的消費者基礎；提升我們永恆品牌的吸引力；並在我們的業務中保持運營紀律。

And with that, let's open up the call for your questions.

有了這個，讓我們打開你的問題的電話。

(Operator Instructions) The first question comes from Jay Sole with UBS Securities.

（操作員說明）第一個問題來自瑞銀證券的 Jay Sole。

Great. My question is, the global operating environment appears to be getting more challenging from inflation and weak consumer sentiment, just to a more intense promotional stance of some of your peers. So what gives you confidence that you are better positioned versus your peers to continue driving offense and deliver growth in this kind of environment, and particularly in Europe?

偉大的。我的問題是，全球經營環境似乎因通貨膨脹和疲軟的消費者情緒而變得更具挑戰性，而您的一些同行則採取了更激烈的促銷立場。那麼是什麼讓你有信心在這種環境下，尤其是在歐洲，你比同齡人更有信心繼續推動進攻並實現增長？

Well, thank you for your question. Yes, it has been a more challenging operating environment. And as you heard us talk about in the prepared remarks, we do expect more choppiness ahead given the various macro signals. But we still have strong confidence in our game plan and our ability to navigate and execute successfully through this choppiness.

嗯，謝謝你的問題。是的，這是一個更具挑戰性的運營環境。正如你在準備好的評論中聽到我們所說的那樣，鑑於各種宏觀信號，我們確實預計未來會有更多的波動。但是我們仍然對我們的遊戲計劃以及我們在這種動盪中成功導航和執行的能力充滿信心。

As you know well, we've been repositioning this company for the past 4 years to establish a very strong, broad foundation with multiple engines of growth ahead. And I will highlight 4 clear, sustainable advantages.

如您所知，過去 4 年我們一直在重新定位這家公司，以建立一個非常強大、廣泛的基礎，並在未來擁有多種增長引擎。我將強調 4 個明確的、可持續的優勢。

The first one is an iconic lifestyle brand. With consumer metrics like desirability that are improving in every market, as you know, we track our brand perception in our top 7 markets monthly, and we continue to see strengthening across the board. And we have millions of consumers joining our brand every year. This past quarter, we had 1.3 million consumers join us on top of over 5 million last year.

第一個是標誌性的生活方式品牌。如您所知，隨著每個市場的需求度等消費者指標都在提高，我們每月都會跟踪我們在前 7 個市場中的品牌認知度，並且我們繼續看到全面加強。我們每年都有數百萬消費者加入我們的品牌。上個季度，我們有 130 萬消費者加入我們，而去年超過 500 萬。

The second element is the unique breadth of our product offering. We're really the only brand that can credibly offer categories from sneakers to tuxedos, which means we have the ability to dial up and dial down specific elements based on consumer demand and desire.

第二個要素是我們產品提供的獨特廣度。我們確實是唯一可以可靠地提供從運動鞋到燕尾服的類別的品牌，這意味著我們有能力根據消費者的需求和願望調整特定元素。

The third is a clear and regionally balanced go-to-market strategy so that even if one region is adversely affected, we're diversified across market and can offset in other parts of the world. And I think we've also proven our ability to rebound quickly, as recently demonstrated again in China, where you saw that we were able to deliver strong performance given half of our stores were closed for the majority of the quarter.

第三是明確且區域平衡的市場進入戰略，這樣即使一個地區受到不利影響，我們也可以跨市場多元化，並可以在世界其他地區抵消。而且我認為我們也證明了我們快速反彈的能力，正如最近在中國再次證明的那樣，您看到我們能夠提供強勁的業績，因為我們有一半的商店在本季度的大部分時間都關閉了。

And the fourth area I would call out is a diversified and agile supply chain. There's been work that's been going on for the 5-plus years to really establish that. And that has proven to be both a huge asset and a major competitive advantage for us as we navigate this [muca] world. And supporting all of this work, we have an organization that is engaged, that has fully embraced operational discipline, as you've seen with our continued margin expansion versus pre-pandemic levels.

我要提到的第四個領域是多元化和敏捷的供應鏈。為了真正確立這一點，已經進行了 5 年多的工作。事實證明，在我們駕馭這個 [muca] 世界時，這對我們來說既是一項巨大的資產，也是一項主要的競爭優勢。並支持所有這些工作，我們有一個參與的組織，它完全接受了運營紀律，正如你所看到的，我們的利潤率持續擴張，而不是大流行前的水平。

So net-net, I would say we're staying in touch, of course, with what's happening. And while we're not immune to macro pressures, we are staying focused on the medium and long-term direction for the company.

所以 net-net，我想說我們當然會保持聯繫，了解正在發生的事情。儘管我們無法免受宏觀壓力的影響，但我們仍將重點放在公司的中長期方向上。

If I had to sum up where our current position is in 3 words, I would say offense, agility and pragmatic. Offense, to maintain and fuel our momentum; agility, as we face a continually volatile operating environment; and pragmatic and choiceful about where we use our resources to ensure we continue to build our brand and our market position for the long term.

如果我必須用三個詞來總結我們目前的立場，我會說進攻、敏捷和務實。進攻，以保持和推動我們的勢頭；敏捷性，因為我們面臨著不斷變化的運營環境；在我們使用我們的資源的地方，以確保我們繼續建立我們的品牌和我們的長期市場地位時，我們會採取務實和選擇的態度。

The next question comes from Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

I guess one at higher level and then maybe one on the near-term. (inaudible) Around guidance for the year, the top line and the bottom line despite the currency movements here, maybe just some of the puts and takes around how you were able to hold the guidance on the top and the bottom.

我猜一個更高級別的，然後可能是近期的一個。 （聽不清）圍繞今年的指導，頂線和底線，儘管這裡的貨幣變動，也許只是一些看跌期權，並且圍繞著你如何能夠保持頂部和底部的指導。

And then I just want to circle up on -- Jane, it looks like you're bracing for a little bit tougher trend potentially in the North America outlets. Can you speak to what August looks like in direct-to-consumer or anything that's fueling your concerns? Are you seeing that slowdown now? Or is it something you're just anticipating?

然後我只想繼續討論——簡，看起來你正在為北美門店可能出現的更艱難的趨勢做準備。您能否談談八月在直接面向消費者方面的表現或任何引起您擔憂的事情？你現在看到這種放緩了嗎？還是你只是在期待什麼？

Sure. Thanks, Michael. We were pleased with the performance this quarter, and it really helped us to maintain our full year constant currency guidance in the context of a lot of macro choppiness out there. And as you would expect, we're actively scenario planning around the consumer. And I'll get to your value consumer at the end. But I did want to just walk you through some of the puts and takes on the guide for fiscal '23.

當然。謝謝，邁克爾。我們對本季度的表現感到滿意，這確實幫助我們在宏觀波動很大的情況下維持全年不變的貨幣指導。正如您所料，我們正在積極圍繞消費者進行情景規劃。最後我會介紹你的價值消費者。但我確實想向您介紹一些關於 23 財年指南的觀點。

First, on the top line, really, our positive performance trends in international gave us some flexibility on the full year as both Europe and Asia came in stronger than we initially expected back in May. China was largely locked down, as Patrice mentioned, in Q1, but was offset by the strength in other countries, Korea, Japan and Australia. All performed extremely strongly through the quarter, so we were very pleased with that. And Europe also trended well despite the known political and consumer macro headwinds there. So we're pleased with Europe through the quarter and had been cautious entering the year.

首先，最重要的是，事實上，我們在國際上的積極表現趨勢給了我們全年的一些靈活性，因為歐洲和亞洲的表現都比我們 5 月份最初預期的要強。正如帕特里斯所說，中國在第一季度基本上被封鎖，但被其他國家、韓國、日本和澳大利亞的實力所抵消。在整個季度中，所有人的表現都非常強勁，因此我們對此感到非常滿意。儘管歐洲存在已知的政治和消費宏觀逆風，但歐洲的趨勢也很好。因此，我們對整個季度的歐洲感到滿意，並且在進入今年時一直保持謹慎。

And while we see North America on a nice, healthy mid-single-digit growth trajectory, we are adding some additional caution around the value-oriented consumer. This really speaks to the inflationary headwinds and weaker consumer sentiment that's out there. We're not naive about what's happening to that consumer from a macro standpoint and wanted to make sure that we were building that in overall.

雖然我們看到北美處於良好、健康的中個位數增長軌跡，但我們對以價值為導向的消費者增加了一些額外的謹慎。這確實說明了通貨膨脹的逆風和疲軟的消費者信心。從宏觀角度來看，我們對消費者正在發生的事情並不天真，並希望確保我們在整體上構建它。

And I'd say that for the guidance, this all speaks to our diversified engines of growth and gives us confidence in continuing our strategy despite a more uncertain environment. And our margins, clearly, we're managing through the cost inflation that we've communicated over the last several quarters. But there are some signs of relief on the horizon. I don't think they'll impact fiscal '23. But given we've got proven pricing strategies, reengineered many aspects of our cost structure and we are laser focused on ROI, we feel pretty balanced on our margin guidance at this point.

我想說的是，對於指導，這一切都說明了我們多元化的增長引擎，並使我們有信心在環境更加不確定的情況下繼續我們的戰略。顯然，我們正在通過過去幾個季度傳達的成本膨脹來管理我們的利潤率。但有一些緩解跡象即將出現。我認為它們不會影響 23 財年。但鑑於我們已經制定了行之有效的定價策略，重新設計了我們成本結構的許多方面，並且我們專注於投資回報率，我們在這一點上對我們的利潤率指導感到非常平衡。

So in terms of the second part of your question, around the value-oriented consumer, we think that we're watching the macro developments carefully. And Q1 was solid. As you saw, we had positive comps in factory. But we saw outperformance in our full-price stores as that consumer remained healthy and robust.

所以關於你問題的第二部分，圍繞價值導向的消費者，我們認為我們正在仔細觀察宏觀發展。 Q1 穩定。如您所見，我們在工廠有積極的補償。但我們看到我們的全價商店表現出色，因為消費者保持健康和強勁。

And so with that disparity, which has been happening over the past 5 quarters so this is not anything new, but given that disparity, we thought it was prudent, given what's happening with that consumer externally, to take a more cautious approach in the back half, notably on that consumer.

因此，在過去 5 個季度中一直存在這種差異，所以這並不是什麼新鮮事，但考慮到這種差異，我們認為考慮到該消費者在外部發生的情況，在後面採取更謹慎的方法是謹慎的一半，特別是在那個消費者身上。

So we feel good about where we're at. We feel about good maintaining our full year guidance. And I do think we've derisked the back half of it with that -- with some caution around that value consumer.

因此，我們對自己所處的位置感覺良好。我們對維持全年指導感到滿意。而且我確實認為我們已經因此而放棄了它的後半部分——對價值消費者持謹慎態度。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

So Patrice, on the multiyear foundational initiatives that you walked through and that you've put in place, when do you believe you saw the inflection in the organization that for this year supports your reiterated 8% constant currency top line forecast, and that's despite the dynamic macro backdrop? But then also, how do you see these initiatives as accretive multiyear if we're thinking about your sustainable top line plan, which I think in the past was cemented in the low to mid-single digits?

所以帕特里斯，關於你經歷並實施的多年基礎舉措，你認為你什麼時候看到了組織中的拐點，支持你重申的 8% 不變貨幣頂線預測，儘管如此動態的宏觀背景？但是，如果我們正在考慮您的可持續頂線計劃，您如何將這些舉措視為多年的增值，我認為過去該計劃鞏固在中低個位數？

Matt, thanks for your question. Listen, I think let's take it by region on the first part of your question. Certainly, our business has been on a very strong trajectory in APAC for years, right? And that's really where a lot of the concepts that we've expanded across other regions have originated, the work on ecosystem, the work on brand elevation, the work on AUR growth. We then took that to Europe, I would say, 18 to 24 months ago, and we've seen the benefit of that play out. And you saw another very strong performance this past quarter in Europe in what, as Jane described, was a pretty volatile environment.

馬特，謝謝你的提問。聽著，我想讓我們在你問題的第一部分按地區來討論。當然，我們的業務多年來在亞太地區一直處於非常強勁的發展軌道上，對吧？這確實是我們在其他地區擴展的許多概念的起源，生態系統的工作，品牌提升的工作，AUR 增長的工作。然後我們把它帶到了歐洲，我想說，18 到 24 個月前，我們已經看到了這種效果的好處。正如簡所描述的那樣，您在歐洲上個季度看到了另一個非常強勁的表現，這是一個非常不穩定的環境。

And then as far as North America is concerned, we had a lot of resetting to do to get the business on healthy foundations, both from a consumer targeting standpoint, bringing in a younger, more elevated consumer; from a product standpoint, focusing disproportionately on more elevated proposition; from a go-to-market standpoint, resetting our wholesale distribution, completely transforming our digital operations. Most of that is now in place, Matt.

然後就北美而言，我們需要做很多調整才能讓業務建立在健康的基礎上，無論是從消費者定位的角度來看，還是帶來更年輕、更高層次的消費者；從產品的角度來看，不成比例地專注於更高的主張；從進入市場的角度來看，重置我們的批發分銷，徹底改變我們的數字運營。現在大部分都已經到位，馬特。

So I think as we've started this fiscal year, we're lapping a couple of elements, Chaps, licensing, Club Monaco, sale. But all in all, I think the entire organization is now in execution mode relative to the strategy that we're applying across all of the regions.

所以我認為，當我們開始本財年時，我們正在研究一些元素，Chaps，許可，摩納哥俱樂部，銷售。但總而言之，相對於我們在所有地區應用的戰略，我認為整個組織現在都處於執行模式。

We do expect, as I mentioned in response to Jay's question, these building blocks to be sustained for many years, right? If you think about the elements that we have, we have a brand that just keeps getting stronger and stronger every quarter that goes by. And this isn't just me saying it. This is the consumer telling us that in the tracking that we do on a monthly basis. It's getting stronger on awareness, getting stronger on brand consideration, getting stronger on Net Promoter Score. Our luxury perception is increasing. Actually, the scores were very strong in North America this past quarter, thanks to all the good work our marketing teams are doing there.

正如我在回答傑伊的問題時提到的，我們確實希望這些構建塊能夠持續多年，對嗎？如果您考慮我們擁有的元素，我們的品牌會在每個季度都變得越來越強大。這不僅僅是我說的。這是消費者告訴我們，在我們每月進行的跟踪中。它在意識上越來越強，在品牌考慮上越來越強，在淨推薦值上越來越強。我們對奢侈品的看法正在增加。實際上，上個季度在北美的得分非常高，這要歸功於我們的營銷團隊在那裡所做的所有出色工作。

Our product portfolio, both our core, which is going to be particularly helpful as we navigate discontinued uncertainty and has proven to be a real strength for this company during more difficult times, is coupled with high-growth categories where we are seeing momentum acceleration. And I really expect, Matt, that this will continue for quite some time, whether that's the focus on women's, whether that's the focus on outerwear and others.

我們的核心產品組合將特別有助於我們應對已終止的不確定性，並已被證明是這家公司在更困難時期的真正優勢，再加上我們看到勢頭加速的高增長類別。我真的希望，馬特，這將持續相當長的一段時間，無論是對女性的關注，還是對外套和其他的關注。

And then our key city ecosystem, which is very focused, top 30 cities, frankly, there's still a lot of white space. And as we continue to strengthen these ecosystem, we're seeing consumer response that we're really pleased with. We talked about in the prepared remarks, the opening we just did in Chengdu. That establishes brand's presence in another key influential area of China. And we're going to be activating the full ecosystem as we've done in other key cities like Shanghai and Beijing, but we're also doing that now in North America.

然後是我們的重點城市生態系統，非常專注，排名前 30 的城市，坦率地說，還有很多空白。隨著我們繼續加強這些生態系統，我們看到了我們非常滿意的消費者反應。我們在準備好的發言中談到了我們剛剛在成都做的開幕式。這確立了品牌在中國另一個具有重要影響力的地區的影響力。我們將激活整個生態系統，就像我們在上海和北京等其他主要城市所做的那樣，但我們現在也在北美這樣做。

So looking at context, looking at continued volatility, which I think if you just reflect on the past few years is, I think, the new normal for our generation right now, these elements are sustainable and they are real competitive advantages. And we will continue to sharpen the saw to get better and better as time goes by, but I expect these to drive momentum for us for a while.

因此，看看背景，看看持續的波動，我認為如果你回顧過去幾年，我認為這是我們這一代人的新常態，這些元素是可持續的，它們是真正的競爭優勢。隨著時間的推移，我們將繼續磨礪鋸子，變得越來越好，但我希望這些能夠在一段時間內為我們帶來動力。

Yes. I think there were a few pivotal moments that we've seen as we really started to develop multiple engines of growth through the post-pandemic period. One was, as China came back after -- and we had pivoted to extensive digital growth, we continued digital growth and saw a big acceleration in comps. So that was, I think, a pivotal moment for us in APAC.

是的。我認為我們已經看到了一些關鍵時刻，因為我們在大流行後時期真正開始發展多種增長引擎。一個是，隨著中國的回歸——我們已經轉向廣泛的數字增長，我們繼續數字增長，並且看到了組合的大幅加速。我認為，那是我們在亞太地區的關鍵時刻。

In Europe, as we went into the pandemic, you saw very strong e-commerce growth that was based on new consumer acquisition at higher operating margins. I think that was a pivotal moment in Europe. And then in North America, starting in Q4 of '21, our sellout went positive in wholesale, has maintained positive along with share gains and pricing increases. And at the same time, we started to really move, having reset our business in RLE, and you saw nice growth and big margin movements in RLE in North America. I think that Q4 '21 was also a pivotal moment, and those all give us confidence in the pivot to strong positive growth that we're guiding to this year.

在歐洲，隨著我們進入大流行，您看到了非常強勁的電子商務增長，這是基於以更高的營業利潤率獲得新的消費者。我認為那是歐洲的關鍵時刻。然後在北美，從 21 年第四季度開始，我們的批發銷售量呈正增長，隨著股價上漲和價格上漲而保持正增長。與此同時，我們開始真正採取行動，重新設置了 RLE 的業務，您看到北美 RLE 的增長和利潤大幅增長。我認為 21 年第 4 季度也是一個關鍵時刻，這些都讓我們對我們今年引導的強勁正增長充滿信心。

The next question comes from Dana Telsey with Telsey Advisory Group.

下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Nice to see the progress. Jane, you just mentioned what I was thinking about. It's wholesale and the pickup in strength in wholesale that you've been seeing across the board. How do you think about that as different drivers in each region? Is there different reasons for each? Is it the refurbishment of the in-store shops in terms of what you've been seeing? And then to pick up on that, on your 30 key cities retail store network, where are you in that redevelopment?

很高興看到進展。簡，你剛剛提到了我的想法。這是批發和批發實力的回升，這是您全面看到的。您如何看待每個地區的不同驅動因素？每個人都有不同的原因嗎？就您所看到的而言，是對店內商店的翻新嗎？然後在你的 30 個主要城市的零售店網絡中了解這一點，你在哪裡進行重建？

Sure. Well, Dana, it is a story that's different across the different regions. In North America wholesale, you'll recall, this has been a long-term strategy. So I think the first stage was really getting out of about 2/3 of our doors and really elevating to the higher end of the doors with our wholesale partners. That was step one.

當然。嗯，達娜，這是一個不同地區不同的故事。你會記得，在北美批發市場，這是一項長期戰略。所以我認為第一階段真的是走出我們大約 2/3 的門，並與我們的批發合作夥伴一起真正提升到門的高端。那是第一步。

Step two was working with our partners even in the -- more than a year in advance of the pandemic to say we are going to take pricing. We're going to take pricing in partnership with you. We started to do that in FY '21, have improved it in our own stores. And that's been a real pivotal moment. Our inventories were clean. We prepared for it. We had the momentum in the market in our own stores and we've pivoted to what you're seeing this quarter, which is double-digit growth on a mid-teens sellout, so very positive dynamics that really had the groundwork laid many years ago. And that was pivotal.

第二步是與我們的合作夥伴合作，即使在大流行前一年多的時間裡，我們也會說我們要定價。我們將與您合作定價。我們在 21 財年開始這樣做，並在我們自己的商店中對其進行了改進。這是一個真正的關鍵時刻。我們的庫存很乾淨。我們為此做好了準備。我們在自己的商店中擁有市場勢頭，我們已經轉向您在本季度看到的情況，這是在青少年售罄的情況下實現了兩位數的增長，非常積極的動態確實為多年奠定了基礎前。這很關鍵。

The partnership with our wholesale partners has never been stronger. We've moved into this strategy together. We were prepared for it. And so we're moving in partnership. And of course, we're reinvesting in those wholesale doors, not just in North America but also in Europe. And I think the strength in Europe has come from -- we were already in very elevated partners. And there's a very strong pure-play component where we have great representation and are gaining share in Europe. So strong partnerships in Europe that we did -- we've been doing the strong elevation journey, and they've been following in that elevation journey with great momentum from our digital pure play partners and the pure play digital components of our more traditional partners. So very strong and very pleased with our wholesale around the world.

與我們的批發合作夥伴的合作從未如此牢固。我們已經一起進入了這個策略。我們為此做好了準備。所以我們正在合作。當然，我們正在對這些批發門進行再投資，不僅在北美，而且在歐洲。我認為歐洲的力量來自——我們已經是非常高尚的合作夥伴。並且有一個非常強大的純遊戲組件，我們有很大的代表性並且在歐洲獲得份額。我們在歐洲建立瞭如此強大的合作夥伴關係——我們一直在進行強大的提升之旅，他們一直在跟隨我們的數字純遊戲合作夥伴和我們更傳統的合作夥伴的純遊戲數字組件的強勁勢頭。 .非常強大，對我們在世界各地的批發非常滿意。

Wholesale is a very small portion of the Asia Pac business. It's much more concession oriented.

批發是亞太地區業務的一小部分。它更傾向於讓步。

And our journey on the key cities is really about creating the right ecosystem, which includes every touchpoint. You saw that in our guidance this year, we expect to open 200 new doors around the world, largely in Asia, but also in Europe and North America. Those are important pieces of the ecosystem. You've seen us open emblematic doors. The door in Sanlitun, the Chengdu door that Patrice talked about. They are centers for the ecosystem. And the work we're doing on wholesale and RLE as we roll out local sites are really an important part of that third -- top 30 key city ecosystems.

我們在主要城市的旅程實際上是為了創建正確的生態系統，其中包括每個接觸點。您在我們今年的指導中看到，我們預計將在全球開設 200 家新大門，主要在亞洲，但也在歐洲和北美。這些是生態系統的重要組成部分。你已經看到我們打開了標誌性的大門。三里屯的門，帕特里斯說的成都門。它們是生態系統的中心。我們在推出本地網站時在批發和 RLE 方面所做的工作確實是第三個 - 前 30 個主要城市生態系統的重要組成部分。

So we have a proven model. We're continuing to roll it out. It goes across every touch point of the consumer and we're pleased with our progress. And I think you'll see as we close out this year, we'll have made -- we'll have another year of good progress there.

所以我們有一個經過驗證的模型。我們正在繼續推出它。它涉及消費者的每一個接觸點，我們對我們的進步感到滿意。我想你會看到，當我們今年結束時，我們已經取得了 - 我們將在那裡取得又一年的良好進展。

And Dana, I would add to Jane's perspective on the top 30 cities. What's interesting, particularly when you look at the luxury landscape right now, and I was in the conversation earlier this morning on this topic where you see a number of luxury players pivot from China to the U.S. in terms of investments, for us, as we look at our top 30 cities, they're pretty balanced across the 3 key regions that we operate in. And the U.S. still represents significant white space opportunity for us. So we're going to double down on that opportunity but continue to invest in APAC, continue to invest in Europe. We've recently opened a couple of stores in the Berlin area, which is a key iconic cultural city for our brand. So I think you can expect that to be pretty -- it continue to be a broad-based effort across all 3 key regions for us.

還有 Dana，我想補充一下 Jane 對前 30 個城市的看法。有趣的是，特別是當你看看現在的奢侈品市場時，我今天早上早些時候在這個話題的談話中，你看到許多奢侈品公司在投資方面從中國轉向美國，因為我們看看我們排名前 30 的城市，它們在我們運營的 3 個關鍵地區相當平衡。美國仍然代表著我們重要的空白空間機會。因此，我們將加倍把握這個機會，但繼續投資亞太地區，繼續投資歐洲。我們最近在柏林地區開設了幾家門店，柏林地區是我們品牌的重要標誌性文化城市。所以我認為你可以期待這很漂亮——對我們來說，它仍然是在所有 3 個關鍵地區進行的廣泛的努力。

The next question comes from Omar Saad with Evercore ISI.

下一個問題來自與 Evercore ISI 的 Omar Saad。

Congrats on your continued success. I wanted to do a quick clarification, Jane. Did you say the spread between full price and outlets was widening? Or that was just maintaining the same level? And then I wanted to ask for a little bit more detailed response around China. It seems like you guys are putting up really strong numbers there at a time when others are struggling, given the lockdowns. Is it fair to say that the brand is at an inflection point in China? And if so, why now?

祝賀您繼續取得成功。我想快速澄清一下，簡。你是說全價和奧特萊斯之間的價差在擴大嗎？或者那隻是保持相同的水平？然後我想在中國尋求更詳細的回應。鑑於封鎖，在其他人都在苦苦掙扎的時候，你們似乎在那裡提供了非常強大的數字。可以說品牌在中國處於拐點嗎？如果是這樣，為什麼是現在？

Sure. So what we said about -- we said for the last 5 quarters, we've seen a disparity between our full price comps and our outlet comps. And so as we look ahead, we are, I think, mindful of what could be coming for the value consumer based on the macros and wanted to embed some caution in our forward guidance for the balance of the year.

當然。所以我們所說的——我們在過去的 5 個季度裡說過，我們已經看到我們的全價補償和我們的出口補償之間存在差異。因此，當我們展望未來時，我認為，我們會注意基於宏觀的價值消費者可能會發生什麼，並希望在我們對今年餘額的前瞻性指導中加入一些謹慎。

And when it comes to -- Is there anything else you want to add? No?

說到-- 你還有什麼要補充的嗎？不？

When it comes to China, yes, we are very pleased with the work that our teams are doing in that market and the performance we are delivering. I don't know, Omar, that I would talk about an inflection point. We are seeing a general pace of growth that is quite healthy and strong, right? Digital was up 40% this past quarter in China, despite all the delivery challenges because of the lockdowns.

談到中國，是的，我們對我們的團隊在該市場所做的工作以及我們所提供的表現感到非常滿意。我不知道，奧馬爾，我會談論一個拐點。我們看到了相當健康和強勁的總體增長速度，對吧？儘管由於封鎖而面臨所有交付挑戰，但上一季度中國的數字業務增長了 40%。

I think if you boil it down to the 3 key drivers for us, the team is doing a very nice job on the brand front, balancing global storytelling like our recent publisher's initiative, along with working with local influencers and local content and messaging. And I think that's really weaving the brand into the local culture in a way that is bringing in more consumers, younger consumers, more elevated consumers.

我認為，如果您將其歸結為對我們而言的 3 個關鍵驅動因素，那麼團隊在品牌方面做得非常好，平衡了我們最近出版商倡議的全球故事講述，以及與當地影響者以及當地內容和消息傳遞的合作。我認為這確實將品牌融入當地文化，從而吸引更多消費者、年輕消費者、更高層次的消費者。

On the product front, I think the gang is doing a great job curating our global lineup to really make sure that we're delivering along the more elevated expectations of that customer. And we're seeing a really nice balance between our men's and women's business. It's actually the more balanced split that we have across the world. And actually, the Chinese market is a great source of inspiration for us as we continue to elevate our product.

在產品方面，我認為該幫派在策劃我們的全球陣容方面做得很好，以真正確保我們能夠滿足客戶更高的期望。我們看到我們的男裝和女裝業務之間取得了非常好的平衡。這實際上是我們在世界各地的更平衡的分裂。事實上，中國市場是我們不斷提升產品的重要靈感來源。

And then we touched on it a couple of times earlier in this call, but the power of the ecosystem, right? And I actually think there's a virtuous cycle there. As we build capabilities on the digital front, as we establish iconic store presence, that just consistently builds on itself and get stronger and stronger as time goes by.

然後我們在本次電話會議的早些時候談到了幾次，但生態系統的力量，對吧？我實際上認為那裡有一個良性循環。隨著我們在數字方面建立能力，隨著我們建立標誌性商店的存在，它不斷地建立在自身之上，並隨著時間的推移變得越來越強大。

So listen, we're not out of touch with the realities of lockdowns and things like that. But we feel like the brand is really nicely positioned in China at this point. It's something we're going to continue to invest in. And the key for us is to really stay in touch with that local consumer.

所以聽著，我們並沒有脫離封鎖之類的現實。但我們覺得這個品牌目前在中國的定位非常好。這是我們將繼續投資的東西。對我們來說，關鍵是真正與當地消費者保持聯繫。

Last question, please, Angela?

請問最後一個問題，安吉拉？

Our final question comes from Chris Nardone with Bank of America.

我們的最後一個問題來自美國銀行的 Chris Nardone。

So you talked about your ability to pivot categories depending on the demand environment. Can you just talk a little bit more about which categories have shown the strongest demand in the most recent months and then maybe some categories that are either dragging or may have a little bit too much inventory?

因此，您談到了根據需求環境調整類別的能力。您能否多談談最近幾個月哪些類別的需求最強勁，然後可能是一些類別拖累或庫存過多？

Sure, Chris. So it's actually really interesting to see what's happening with the consumer right now. And we're actually really uniquely positioned to capture the consumers' evolving wardrobe choices. Because what we're seeing is a combination of reinvesting in core wardrobes, so specifically, that's products like sweaters or denim, and then a pivot towards newness and elevation and sophistication, right?

當然，克里斯。所以看看消費者現在發生了什麼真的很有趣。實際上，我們在捕捉消費者不斷變化的衣櫥選擇方面具有獨特的優勢。因為我們看到的是對核心衣櫥的再投資，特別是毛衣或牛仔布等產品，然後轉向新穎、提升和精緻，對吧？

So the pivot towards newness for us will translate into more elevated cashmere sweaters, for example, or a novelty and matching fleece. And then you have consumers now going out during the day, right? And it's still early days on that journey, and therefore, a need for greater outerwear, a need for greater dresses, a need for greater sports coats. And then we're also seeing more evening activities, more going out. So obviously, that's supporting and impacting our overall evening wear, more dressier parts of the portfolio.

因此，對我們來說，向新的轉變將轉化為更高級的羊絨毛衣，或者是新奇和匹配的羊毛。然後你現在有消費者白天出去，對吧？而且現在還處於旅程的早期階段，因此需要更好的外套，需要更好的連衣裙，需要更好的運動外套。然後我們還看到更多的晚間活動，更多的外出活動。很明顯，這支持和影響了我們的整體晚裝，更衣著的產品組合部分。

So general direction of travel is elevation, greater sophistication. Chris, when I look at categories, there are no categories where we feel we are heavy, if I could use that terminology. I think the team has done a nice job managing inventory across all of these, and that's the result of shorter lead times, greater agility, greater diversification in our supply chain. But very clearly, we are seeing the consumer pivot towards more sophisticated, more elevated products versus what we saw during COVID. That was much more athleisure reliant.

所以一般的行進方向是海拔，更複雜。克里斯，當我查看類別時，如果我可以使用該術語，沒有任何類別讓我們覺得我們很重。我認為團隊在所有這些方面的庫存管理都做得很好，這是我們供應鏈更短的交貨時間、更大的敏捷性和更大的多樣化的結果。但很明顯，與我們在 COVID 期間看到的情況相比，我們看到消費者轉向更複雜、更高級的產品。那更依賴於運動休閒。

All right. Thank you for that question, Chris. Well, thank you for joining us today, and we look forward to sharing our updated strategic plan with all of you mid-September, September 19. Until then, stay safe, and have a great day.

好的。謝謝你的問題，克里斯。好吧，感謝您今天加入我們，我們期待在 9 月 19 日中旬與大家分享我們更新的戰略計劃。在此之前，請注意安全，並度過美好的一天。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。