雷夫·羅倫馬球 (RL) 2023 Q2 法說會逐字稿

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

女士們，先生們，謝謝你們的支持。歡迎來到 Ralph Lauren 2023 財年第二季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把會議轉交給我們的東道主 Corinna Van der Ghinst 女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's Second 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. (Operator Instructions)

早上好，感謝您參加 Ralph Lauren 的 2023 財年第二季度電話會議。今天和我在一起的有公司總裁兼首席執行官 Patrice Louvet；首席運營官兼首席財務官 Jane Nielsen。 （操作員說明）

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.

在今天的電話會議上，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存在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 GAAP 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 SEC 文件，這些文件可以在我們的投資者關係網站上找到。

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, Cory. Good morning, everyone, and thank you for joining today's call. It was great to see so many of you at our Investor Day in September, where we laid out our ambition to be the world's leading luxury lifestyle company. We also outlined our company's next phase of growth powered by multiple engines, which we are calling our Next Great Chapter Accelerate plan.

謝謝你，科里。大家早上好，感謝您參加今天的電話會議。很高興在 9 月份的投資者日見到這麼多人，我們在會上提出了成為世界領先的奢華生活方式公司的雄心壯志。我們還概述了我們公司的下一階段由多個引擎驅動的增長，我們稱之為 Next Great Chapter Accelerate 計劃。

We are off to a strong early start with our second quarter performance, which exceeded our expectations on both the top and bottom line, demonstrating the consistency and momentum of our business around the world. At the same time, we continue to drive a culture of operating excellence as ongoing productivity is an important driver to fuel our near- and long-term growth. This resulted in another quarter of double-digit AUR growth and sales exceeding our plan even as the broader marketplace became more promotional into the fall as anticipated.

我們以第二季度的業績開局強勁，其收入和利潤均超出了我們的預期，證明了我們在全球業務的一致性和發展勢頭。與此同時，我們繼續推動卓越運營文化，因為持續的生產力是推動我們近期和長期增長的重要驅動力。這導致了另外四分之一的兩位數 AUR 增長和銷售額超出了我們的計劃，儘管更廣泛的市場如預期的那樣在秋季變得更具促銷性。

Also, as we had expected from the start of this fiscal year, the global operating environment has remained choppy across many of our key markets. Our solid performance amidst this backdrop is a credit to our team's agility and execution as we focus on delivering what we can control. And while we expect this choppiness to continue in the near term, we are encouraged that our core consumer remains generally resilient despite the macro headlines, reflecting increasing desirability for our brand and the attractive value proposition of our products.

此外，正如我們從本財政年度開始時所預期的那樣，我們許多主要市場的全球運營環境仍然動盪不安。我們在這種背景下的穩健表現歸功於我們團隊的敏捷性和執行力，因為我們專注於交付我們可以控制的東西。儘管我們預計這種動盪在短期內會持續，但令我們感到鼓舞的是，儘管有宏觀頭條新聞，但我們的核心消費者總體上仍保持彈性，這反映出對我們品牌的需求越來越大，以及我們產品具有吸引力的價值主張。

As we navigate the broader macro headwinds, we're focused on driving our 3 strategic pillars of long-term growth. These include: first, elevate and energize our Lifestyle brand; second, drive the core and expand for more; and third, win in key cities with our consumer ecosystem. And spanning everything we do is our commitment to deliver positive impact in the world across citizenship and sustainability.

在應對更廣泛的宏觀逆風時，我們專注於推動長期增長的三大戰略支柱。其中包括：首先，提升和激發我們的生活方式品牌；二是帶動核心，做大做強；第三，以我們的消費生態系統贏得重點城市。跨越我們所做的一切是我們致力於在公民身份和可持續發展方面對世界產生積極影響。

Let me take you through a few of our second quarter highlights across our plan. First, on our efforts to elevate and energize our Lifestyle brand. As we continue to build our business for the long term, we remain focused on investing in our brand to deliver a differentiated, elevated message to our target consumers.

讓我帶您了解我們計劃中第二季度的一些亮點。首先，我們努力提升和激發我們的生活方式品牌。隨著我們繼續建立我們的長期業務，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差異化的、提升的信息。

Consumers perception of Ralph Lauren as a luxury brand remained high at 78% and their perception of our brand's value for money continued to expand both sequentially and versus last year in the second quarter. This is enabling us to both strengthen our existing relationships and recruit new, younger, high-value consumers around the world with the growth in our highest value consumers significantly outpacing our total business.

消費者對 Ralph Lauren 奢侈品牌的看法仍然保持在 78% 的高位，他們對我們品牌物有所值的看法在第二季度繼續擴大，與去年相比繼續擴大。這使我們能夠加強我們現有的關係，並在全球範圍內招募新的、更年輕的、高價值的消費者，因為我們最高價值消費者的增長速度大大超過了我們的整體業務。

We are leveraging our core brand values and ROI-driven marketing strategy in order to connect authentically with consumers and continue to gain market share. This was evident in the second quarter where we continue to focus our investments on driving brand desirability across a diverse range of activities.

我們正在利用我們的核心品牌價值和投資回報率驅動的營銷策略，以便與消費者建立真正的聯繫並繼續獲得市場份額。這在第二季度表現得很明顯，我們繼續將投資重點放在通過各種活動提高品牌吸引力上。

First, we celebrated the energy and optimism of sport to our annual sponsorship of the U.S. Open Tennis Championships, which were particularly thrilling this year with record attendance levels and a 50% increase in viewership. It was hard to miss Polo on the court and in the audience from our official ball person uniforms made with recycled plastic to our timeless spectator style showcased by celebrities like and Anne Hathaway, Diplo, Angus Cloud and Jamie Foxx. We were also proud to outfit Serena Williams in Vogue September issue, where the tennis legend announced her retirement from the sport.

首先，我們通過每年贊助美國網球錦標賽來慶祝體育運動的活力和樂觀，今年的賽事特別激動人心，觀眾人數創歷史新高，觀眾人數增加了 50%。從我們用回收塑料製成的官方球手製服到安妮海瑟薇、Diplo、Angus Cloud 和 Jamie Foxx 等名人展示的永恆觀眾風格，很難在球場上和觀眾中錯過 Polo。我們也很自豪地在 Vogue 九月刊中為塞雷娜·威廉姆斯 (Serena Williams) 提供服裝，這位網球傳奇人物宣布從這項運動中退役。

Our 360-degree campaign for back-to-school drove strong conversion in our Polo Kids business this fall. Our class of RL video in August, followed by our women's Polo ID handbag video in September, were our top viewed Instagram reels on our Polo handle of all time. We continue to capture key brand moments that resonate with fashion lovers around the world.

今年秋天，我們的 360 度返校活動推動了我們 Polo Kids 業務的強勁轉化。我們 8 月份的 RL 課程視頻，以及 9 月份的女士 Polo ID 手提包視頻，是我們 Polo 手柄上觀看次數最多的 Instagram 視頻。我們繼續捕捉與全球時尚愛好者產生共鳴的關鍵品牌時刻。

2022 was the year of weddings. And we were front and center dressing Hollywood royalty like Jennifer Lopez and Ben Affleck, along with NBA superstar, Kevin wedding to Kate Bock. A few weeks ago, we hosted our first-ever fashion show on the West Coast, at the Huntington Library in L.A., celebrities and friends of the brand like Lilly Collins, John Legend, Ashton Kutcher and Mila Kunis, Jessica Chastain, Diane Keaton and newlyweds JLo and Ben Affleck joined us in celebrating the optimism and joy of California Dreaming, featuring our full luxury Lifestyle brand ranging from RL to Polo Men's, Women's, Kids and Home.

2022 年是婚禮之年。我們身穿好萊塢皇室成員的前線和中鋒，如 Jennifer Lopez 和 Ben Affleck，還有 NBA 巨星 Kevin 與 Kate Bock 的婚禮。幾週前，我們在洛杉磯的亨廷頓圖書館舉辦了我們在西海岸的首場時裝秀，名人和該品牌的朋友如 Lilly Collins、John Legend、Ashton Kutcher 和 Mila Kunis、Jessica Chastain、Diane Keaton 和新婚夫婦 JLo 和 Ben Affleck 與我們一起慶祝加州夢想的樂觀和快樂，展示了我們完整的奢華生活方式品牌，從 RL 到 Polo 男士、女士、兒童和家居。

And as we continue driving our brand leadership deeper into the metaverse, we launched our first collaboration with Fortnite last week, in time for holiday. The popular online game has more than 400 million registered accounts with a strong following among 18- to 24-year olds. The partnership includes a special collection of digital outfits and 2 special drops of physical product available in our DTC channels and select specialty retailers around the world.

隨著我們繼續推動我們的品牌領導力深入元宇宙，我們上週推出了與 Fortnite 的首次合作，正好趕上假期。這款流行的網絡遊戲擁有超過 4 億個註冊帳戶，在 18 至 24 歲的年輕人中擁有強大的追隨者。該合作夥伴關係包括一個特別的數字服裝系列和 2 個特別的實體產品，可在我們的 DTC 渠道和全球精選的專業零售商處購買。

Together, these activations are attracting younger, full-price consumers to our business. We exceeded 50 million social media followers globally this quarter, a high single-digit increase to last year led by Instagram. In our DTC businesses, we added 1. 3 million new consumers similar to recent trends. And our online search trends grew low double digits to last year in Q2, significantly outpacing our peers across our top markets globally, led by Polo Shirts and fall apparel such as sweaters and fleece.

這些活動共同吸引了更年輕的全價消費者加入我們的業務。本季度，我們在全球範圍內的社交媒體關注者超過了 5000 萬，與去年相比，在 Instagram 的帶動下實現了高個位數增長。在我們的 DTC 業務中，我們增加了 1. 3 百萬與最近趨勢相似的新消費者。我們的在線搜索趨勢在第二季度與去年相比增長了兩位數，大大超過了我們在全球主要市場的同行，其中以馬球衫和毛衣和抓絨等秋季服裝為首。

Moving to our second key initiative, drive the core and expand for more. As we work toward becoming the leading luxury lifestyle company, our products all come back to the idea of inviting consumers to step into the world of Ralph Lauren. Ralph and our design teams are capturing the breadth of styles and end users consumers are looking for today. From a more sophisticated take on casual comfort, to their modern hybrid approach to where to work and social gatherings.

轉到我們的第二個關鍵計劃，驅動核心並擴展更多。在我們努力成為領先的奢華生活方式公司的過程中，我們的產品都回歸到邀請消費者走進 Ralph Lauren 世界的理念。 Ralph 和我們的設計團隊正在捕捉當今消費者正在尋找的風格和最終用戶的廣度。從更精緻的休閒舒適，到他們對工作地點和社交聚會的現代混合方式。

Starting with our core product, which grew mid-teens in the second quarter, supported by all key categories, led by sweaters, seasonal core knits, sweatshirts and chinos. As we discussed at our Investor Day, our core product comprises about 70% of our assortment and is a key competitive advantage in the marketplace. In times of uncertainty, consumers continue to invest in brands and products they know and trust.

從我們的核心產品開始，它在第二季度增長了十幾歲，得到了所有關鍵類別的支持，其中以毛衣、季節性核心針織衫、運動衫和斜紋棉布褲為首。正如我們在投資者日討論的那樣，我們的核心產品約占我們產品種類的 70%，是市場上的關鍵競爭優勢。在充滿不確定性的時期，消費者會繼續投資於他們了解和信任的品牌和產品。

Our core also establishes the credentials for driving our high potential categories which include Women's, Outerwear and our emerging Home business. Together, these high potential categories grew high teens in the quarter. Women's represents our single largest long-term opportunity for market share gains and category growth as a company. We are trading her into the brand, including the successful launch of our Polo ID handbag collection this year. We are trading here across by building an offering of essentials like sweaters, sophisticated coats, dresses and denim that will form the foundation of her wardrobe and expand her lifetime value, and we are trading her up to more elevated product through our hybrid styling as only Ralph can, with Women's AUR up 20% in the second quarter.

我們的核心還為推動我們的高潛力類別建立了憑證，這些類別包括女裝、外套和我們新興的家居業務。這些高潛力類別在本季度共同增長了青少年。作為一家公司，女裝是我們獲得市場份額和品類增長的最大的長期機會。我們將她融入品牌，包括今年成功推出的 Polo ID 手提包系列。我們通過提供毛衣、精緻的外套、連衣裙和牛仔布等必需品來進行交易，這將構成她衣櫥的基礎並擴大她的終生價值，我們通過我們的混合造型將她換成更高級的產品，因為拉爾夫可以，第二季度女性 AUR 增長了 20%。

Within Outerwear, another high potential category which now represents about 10% of sales, we are establishing our brand as a go-to player for the category. Second quarter highlights included our quilted Beaton and Harper jackets, Cotton Twill city windbreaker and Terra packable vest. Our kids outerwear business was led by the launch of our player outerwear system, a versatile collection of functional outer shells and liners constructed of all recycled materials.

外套是另一個高潛力類別，目前約佔銷售額的 10%，我們正在將我們的品牌打造成該類別的首選品牌。第二季度的亮點包括我們的絎縫 Beaton 和 Harper 夾克、Cotton Twill 城市風衣和 Terra 可打包背心。我們的兒童外套業務以我們的球員外套系統的推出為主導，這是一個由所有回收材料製成的功能性外殼和襯裡的多功能係列。

Other product highlights and special releases this quarter included our U.S. Open Collection, which drove our highest sales ever for the event. We also introduced our first U.S. Open Sneaker, which sold out in our stores, our NOLA Collection for Women inspired by the culture climate and beauty of New Orleans, and our Polo Active Club collection tailored to next-generation consumers, the digital campaign was brought to life with skateboarder filmmaker, Mikey Alfred and his scape group. From our Polo bear sweaters to a return of tailored dressing, our teams are consistently delivering the styles consumers are craving in this new normal.

本季度的其他產品亮點和特別發布包括我們的美國公開賽系列，這推動了我們在該活動中的最高銷售額。我們還推出了我們的第一款美國公開賽運動鞋，該運動鞋在我們的商店售罄，我們的 NOLA 女裝系列靈感來自新奧爾良的文化氛圍和美麗，以及我們為下一代消費者量身定制的 Polo Active Club 系列，數字營銷活動帶來了與滑板電影製作人 Mikey Alfred 和他的 scape group 一起生活。從我們的 Polo 熊毛衣到量身定制的連衣裙，我們的團隊始終如一地提供消費者在這種新常態下渴望的款式。

Switching to our third key initiative, win in key cities with our consumer ecosystem. We continue to drive our long-term strategy of investing in our key city ecosystems around the world in the second quarter, with a focus on elevating and connecting all our consumer touch points across every channel. Each of our ecosystems is led by a digital-first mindset, representing the best expression of our brand through innovative storytelling, dedicated shop-in-shops and virtual selling experiences.

轉向我們的第三個關鍵舉措，以我們的消費者生態系統贏得重點城市。我們將在第二季度繼續推動我們在全球主要城市生態系統投資的長期戰略，重點是提升和連接我們所有渠道的所有消費者接觸點。我們的每個生態系統都以數字為先的思維方式為主導，通過創新的故事講述、專門的店中店和虛擬銷售體驗代表我們品牌的最佳表達。

Second quarter sales for our total Ralph Lauren digital ecosystem, including our directly operated sites, departmentstore.com, pure players and social commerce accelerated to mid-teens growth in constant currency. 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. Within our own digital sites, sales grew mid-single digits in the second quarter and more than 40% on a 2-year stack.

我們整個 Ralph Lauren 數字生態系統（包括我們的直營網站、departmentstore.com、純玩家和社交商務）的第二季度銷售額以固定匯率加速增長至 15% 左右。我們的亞洲數字生態系統在較小的基數上再次推動了全球最快的增長，按固定匯率計算比去年增長了 60% 以上。在我們自己的數字網站中，第二季度的銷售額增長了中個位數，並且在 2 年的堆棧中增長了 40% 以上。

We continue to drive an increased penetration of full price selling through elevated products and investments in AI-powered targeting and high-quality new consumer acquisition. Growth was also supported by the continued launch of new sites, including the recent additions of Korea and Australia.

我們繼續通過提升產品和投資人工智能驅動的定位和高質量的新消費者收購來推動全價銷售的滲透率提高。新網站的持續推出也支持了增長，包括最近新增的韓國和澳大利亞網站。

Our digital capabilities also provide true endless connectivity to our physical channels. Indeed, our stores remain a critical component of our ecosystems to build our brand and consumer engagement around the world. We opened 29 new stores and concessions in top cities globally this quarter with the vast majority in Asia, particularly the Chinese mainland.

我們的數字功能還為我們的實體渠道提供真正無限的連接。事實上，我們的商店仍然是我們生態系統的重要組成部分，以在全球範圍內建立我們的品牌和消費者參與度。本季度，我們在全球主要城市開設了 29 家新店和專賣店，其中絕大多數在亞洲，尤其是中國大陸。

Our brand momentum and opportunities in China remains strong with sales up more than 30%. Performance was balanced across Hong Kong, Taiwan and the Mainland despite mandatory closures in the period. As you heard at Investor Day, China provides not only the successful blueprint for our elevated ecosystem strategy globally. It also represents one of several geographic long-term opportunities for our brand with strong brand momentum, our highest AUR in the world, and significant runway for strategic store openings to strengthen our relationship with the Chinese consumer.

我們在中國的品牌勢頭和機遇依然強勁，銷售額增長超過 30%。儘管在此期間強制關閉，但香港、台灣和大陸的表現是平衡的。正如您在投資者日聽到的那樣，中國不僅為我們在全球範圍內提升的生態系統戰略提供了成功的藍圖。它也代表了我們品牌的幾個地理長期機會之一，具有強大的品牌勢頭，我們在世界上最高的 AUR，以及戰略性開店的重要跑道，以加強我們與中國消費者的關係。

Looking ahead, the strength we are also seeing across markets like Korea and Australia are just 2 examples of the diversity of growth drivers that we have around the world. As you heard in September, we remain bullish on our long-term growth opportunities and ability to strategically drive lifetime value across all of our regions.

展望未來，我們在韓國和澳大利亞等市場也看到的實力只是我們在全球擁有的多樣化增長動力的兩個例子。正如您在 9 月份聽到的那樣，我們仍然看好我們的長期增長機會和在我們所有地區戰略性地推動終身價值的能力。

And finally, touching briefly on our enablers. In addition to our strategic priorities, our business continued to be supported by our 5 business enablers, which we highlighted in September. These include our people and culture, one of our key competitive advantages; best-in-class digital technology and analytics; superior operational capabilities; a powerful balance sheet; and leadership in citizenship and sustainability.

最後，簡要介紹一下我們的推動因素。除了我們的戰略重點外，我們的業務繼續得到我們在 9 月份強調的 5 個業務推動因素的支持。其中包括我們的員工和文化，這是我們的主要競爭優勢之一；一流的數字技術和分析；卓越的運營能力；強大的資產負債表；以及在公民身份和可持續發展方面的領導地位。

I won't go through all of these in detail again, but in the second quarter, we were particularly proud to be named one of the world's best employers by Forbes. Our people are at the heart of everything we do. They inspire us to be better and to do better. Just a few weeks ago, our teams around the world came together for our first in-person Pink Pony Walk since COVID. We celebrated the Ralph Lauren Foundation's $25 million grant to fund 5 cancer centers in the U.S. this year. But it was also a moment for us to reflect on our purpose and what we've been through over the past few years as humans as an organization and the important role we play in our communities.

我不會再詳細介紹所有這些，但在第二季度，我們特別自豪地被福布斯評為全球最佳雇主之一。我們的員工是我們所做一切的核心。他們激勵我們變得更好，做得更好。就在幾週前，我們在世界各地的團隊齊聚一堂，參加了自 COVID 以來我們第一次面對面的 Pink Pony Walk。今年，我們慶祝 Ralph Lauren 基金會撥款 2500 萬美元資助美國的 5 個癌症中心。但這也是我們反思我們的目標和過去幾年我們作為一個組織所經歷的事情以及我們在社區中發揮的重要作用的時刻。

In closing, we are highly aware of the macro challenges across each of our geographies. Ralph and I are exceptionally proud of the creativity, agility and execution our teams continue to demonstrate as we effectively navigate these dynamic times. And while we expect the environment to remain choppy in the near term, what gives us confidence to deliver on our commitments are our powerful authentic brand, Ralph built a brand that stands not just for 1 product, but a lifestyle, a dream to aspire to; our multipronged strategy with diversified growth vectors across regions, consumer groups, categories and channels and our fortress foundation.

最後，我們非常清楚我們每個地區面臨的宏觀挑戰。拉爾夫和我為我們的團隊在有效駕馭這些充滿活力的時代時繼續展示的創造力、敏捷性和執行力感到非常自豪。雖然我們預計短期內環境仍將動盪不安，但讓我們有信心兌現承諾的是我們強大的正宗品牌，Ralph 建立的品牌不僅代表一種產品，而且代表一種生活方式，一個渴望實現的夢想;我們的多管齊下的戰略具有跨地區、消費群體、品類和渠道的多樣化增長載體，以及我們的堡壘基金會。

With that, I'll hand it over 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.

謝謝帕特里斯，大家早上好。

Our second quarter results demonstrate solid progress on our NGC Accelerate plan, exemplifying our team's execution strength across our multiple strategic drivers and superior operational capabilities in the face of further macro challenges and disruptions around the world. Our top line growth continued with Q2 revenues up 5% on a reported basis and 13% in constant currency, ahead of our outlook. This quarter's performance was once again supported by positive growth in constant currency across all 3 regions.

我們第二季度的業績表明我們的 NGC Accelerate 計劃取得了穩步進展，證明了我們團隊在面對全球進一步的宏觀挑戰和中斷時，在多個戰略驅動因素和卓越運營能力方面的執行力。我們的收入繼續增長，第二季度收入按報告基礎增長 5%，按固定匯率計算增長 13%，超出我們的預期。本季度的業績再次受到所有 3 個地區固定匯率正增長的支持。

Operating margin also slightly exceeded our expectations even with inflationary cost pressures and a more normalized cadence of investments versus last year. We believe our elevated brand, focused strategy and targeted investments, when combined with our culture of operating discipline and fortress foundation enablers, put us in a position of strength to continue to drive long-term value creation through uncertain times.

即使存在通脹成本壓力和與去年相比更加正常化的投資節奏，營業利潤率也略微超出了我們的預期。我們相信，我們提升的品牌、專注的戰略和有針對性的投資，再加上我們的經營紀律文化和堡壘基礎推動因素，使我們有能力在不確定的時期繼續推動長期價值創造。

Let me take you through our second quarter financial highlights. Total company revenues increased 13% in constant currency, above our outlook, led by double-digit growth in both Asia and Europe. Ralph Lauren digital ecosystem sales continued to outpace our total company rate, up mid-teens in constant currency on top of a strong compare of nearly 50% last year. This includes mid-single-digit growth within our owned Ralph Lauren digital sites on top of more than 30% growth last year.

讓我帶您了解一下我們第二季度的財務亮點。公司總收入按固定匯率計算增長 13%，高於我們的預期，這主要得益於亞洲和歐洲的兩位數增長。 Ralph Lauren 數字生態系統的銷售額繼續超過我們的公司總銷售額，在去年接近 50% 的強勁對比基礎上按固定匯率計算增長了 15%。這包括我們自有的 Ralph Lauren 數字網站在去年超過 30% 的增長基礎上實現了中等個位數的增長。

We continue to invest in enhanced digital content and storytelling and to expand the breadth of our offering, including the addition of a home shop in the past year. We are also driving further improvements in the quality of sales, with a meaningful increase in full price sales penetration and digital margins still strongly accretive to our overall profitability in the quarter.

我們繼續投資增強數字內容和講故事，並擴大我們產品的範圍，包括在過去一年增加了一家家庭商店。我們還在推動銷售質量的進一步提高，全價銷售滲透率和數字利潤率的顯著增加仍然對我們本季度的整體盈利能力產生了強勁的增長。

Total company adjusted gross margin was 6 4.6%, down 270 basis points to last year on a reported basis and 80 basis points in constant currency, in line with our outlook. Second quarter AUR was up 18% on top of 15% growth last year. Continued AUR momentum was more than offset by channel mix pressure from stronger-than-expected wholesale performance and higher product costs, including freight. However, the higher freight spend enabled our improved fall on-time delivery rates and full price selling to deliver revenue outperformance in the quarter. Compared to fiscal '20 pre-pandemic levels, gross margin was 310 basis points higher in the second quarter.

公司調整後的總毛利率為 6 4.6%，按報告基礎比去年下降 270 個基點，按固定匯率計算下降 80 個基點，符合我們的預期。第二季度 AUR 在去年增長 15% 的基礎上增長了 18%。 AUR 的持續增長勢頭被強於預期的批發業績和更高的產品成本（包括運費）帶來的渠道組合壓力所抵消。然而，較高的運費支出使我們提高了秋季準時交貨率和全價銷售，從而在本季度實現了出色的收入表現。與 20 財年大流行前的水平相比，第二季度的毛利率高出 310 個基點。

Adjusted operating margin was 13.4% on a reported basis and 16% in constant currency, representing a 110 basis point decline in constant currency as we normalize spending versus unusually low level last year during COVID. This was ahead of our outlook driven by strong operating expense discipline and productivity measures. Adjusted operating expenses increased 7% to 51.2% of sales, including marketing expense growth of 18% over last year's lower spend.

調整後的營業利潤率按報告計算為 13.4%，按固定匯率計算為 16%，與去年 COVID 期間異常低的水平相比，我們將支出正常化，按固定匯率計算下降了 110 個基點。在強有力的運營支出紀律和生產力措施的推動下，這超出了我們的預期。調整後的運營費用增加了 7%，佔銷售額的 51.2%，其中營銷費用比去年較低的支出增長了 18%。

Marketing was 6.8% of sales, in line with 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 as well as longer-term brand equity.

營銷佔銷售額的 6.8%，符合我們全年 6% 至 7% 的指導。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，這既推動了近期的頂線勢頭，也推動了長期的品牌資產。

Moving to segment performance, starting with North America. The region's pivot to growth continues with second quarter revenues up 3%. In North America Retail, comps were flat on top of a strong 31% COVID reopening compare last year. While we were encouraged by positive comp growth in our full-price stores, this was offset by softer performance in our outlets as anticipated in our guidance.

從北美開始轉向細分性能。該地區的增長重點仍在繼續，第二季度收入增長了 3%。在北美零售業，與去年 31% 的強勁 COVID 重新開業相比，公司業績持平。雖然我們對全價商店的積極收入增長感到鼓舞，但這被我們指導中預期的門店表現疲軟所抵消。

Our outlet AUR, up mid-teens, reflects our ongoing brand elevation efforts in the channel. However, we continue to see softness in our value-oriented consumers, a subsegment of the channel.

我們的奧特萊斯 AUR 達到了十幾歲，反映了我們在該渠道中正在進行的品牌提升工作。然而，我們繼續看到以價值為導向的消費者（渠道的一個細分市場）表現疲軟。

In the current environment, we are focused on communicating our strong value proposition to the consumer, which as Patrice mentioned, continued to strengthen in Q2. This is supported by our targeted personalized communications. We are managing this channel carefully given ongoing macro headwinds and have assumed increased caution in our fiscal '23 outlook.

在當前環境下，我們專注於向消費者傳達我們強大的價值主張，正如 Patrice 提到的那樣，這一主張在第二季度繼續得到加強。這是由我們有針對性的個性化通信支持的。鑑於持續的宏觀逆風，我們正在謹慎管理這一渠道，並假設我們對 23 財年的展望更加謹慎。

North America store traffic trends remain below pre-pandemic levels, consistent with the broader industry, although our foreign tourist sales continued to show improvements to last year. Comps in our owned RalphLauren.com site were down slightly, but increased more than 30% on the 2-year stack. While we were encouraged by our increased penetration of full-price sales online, this was offset by higher seasonal clearance to keep inventory clean ahead of holiday.

北美商店的客流量趨勢仍低於大流行前的水平，與更廣泛的行業一致，儘管我們的外國遊客銷售額繼續比去年有所改善。我們擁有的 RalphLauren.com 網站的收入略有下降，但在 2 年的堆棧中增加了 30% 以上。雖然我們對在線全價銷售的滲透率增加感到鼓舞，但這被季節性清倉率提高所抵消，以在假期前保持庫存清潔。

In North America Wholesale, revenues increased 8% to last year, accelerating sequentially from first quarter trends driven by full price channels. Our strong continued performance reflects our improved brand positioning in the channel with further market share gains in Men's, Women's and Kids versus pre-pandemic levels in key partners.

在北美批發，收入比去年增長 8%，在全價渠道的推動下從第一季度的趨勢開始連續加速。我們強勁的持續表現反映了我們在渠道中品牌定位的改善，男裝、女裝和童裝的市場份額與主要合作夥伴的大流行前水平相比進一步增加。

Our sell-out grew high single digits to last year on better-than-expected fall fill rates and enhanced marketing. Our AUR at wholesale also grew high single digits to last year as we elevated product, pulled back promotions and increased targeted communications.

由於好於預期的秋季填充率和增強的營銷，我們的銷售量比去年增長了高個位數。我們的批發 AUR 也比去年增長了高個位數，因為我們提升了產品、取消了促銷活動並增加了有針對性的溝通。

Inventories remain well positioned in the channel versus demand, and we have not experienced cancellations to date for either holiday or spring '23. We still expect the channel to be up modestly in the second half of fiscal '23, despite challenging compares from last year and our more cautious approach to spring '23 inventory buys. Off-price sales declined double digits to last year and more than 6 0% to pre-pandemic levels as we realign this channel to be an excess clearance vehicle.

相對於需求，庫存在渠道中的位置仍然很好，迄今為止，我們還沒有經歷過假期或 23 年春季的取消。我們仍然預計該渠道將在 23 財年下半年溫和上升，儘管與去年相比具有挑戰性，而且我們對 23 春季庫存購買採取更加謹慎的態度。與去年相比，折扣銷售額下降了兩位數，與大流行前的水平相比下降了 6% 以上，因為我們將該渠道重新調整為超額清倉工具。

Moving on to Europe. Second quarter revenue was flat on a reported basis and increased 15% in constant currency. Retail comps increased 3% on top of a 27% compare last year. Brick-and-mortar store comps were flat over last year's strong 28% compare which benefited from the reopening of all markets post COVID.

繼續前往歐洲。第二季度收入與報告基礎持平，按固定匯率計算增長 15%。零售收入在去年的 27% 基礎上增長了 3%。實體店的收入與去年強勁的 28% 相比持平，這得益於 COVID 後所有市場的重新開放。

Total digital ecosystem grew mid-teens in the quarter, including a mid-teen comp in own digital commerce. While the first half trends were robust, supported by improved receipt performance, we remain cautious in the second half of fiscal '23 into fiscal '24 given dynamic macro conditions across the region. Europe wholesale grew 9% on a reported basis and 24% in constant currency, driven by stronger fall receipts and fill rates. Our outlook continues to embed a notable deceleration in the second half based on strong compares and macro headwinds broadly across the region.

整個數字生態系統在本季度增長了十幾歲，包括自己的數字商務中的十幾歲。雖然上半年趨勢強勁，但在收入表現改善的支持下，我們在 23 財年下半年到 24 財年仍持謹慎態度，因為該地區的宏觀環境充滿活力。歐洲批發在報告的基礎上增長了 9%，按固定匯率計算增長了 24%，這主要是受到強勁的秋季收貨和填充率的推動。基於強勁的比較和整個地區廣泛的宏觀逆風，我們的前景繼續在下半年顯著減速。

Turning to Asia. Revenue increased 17% on a reported basis and 33% in constant currency. Asia retail comps were up 25% with strong growth in digital commerce along with brick-and-mortar stores over the last year's easier compares due to store closures.

轉向亞洲。收入按報告基礎增長 17%，按固定匯率計算增長 33%。亞洲零售業增長了 25%，數字商務與實體店的強勁增長相比去年由於商店關閉而更容易進行的比較。

By market, every country delivered double-digit growth or higher in the second quarter. This was led by strong continued momentum in Korea, up 26% in constant currency, and sales in Japan, which increased 16% as we lapped COVID restrictions in the prior year period.

按市場劃分，每個國家在第二季度都實現了兩位數或更高的增長。這是由韓國持續強勁的勢頭帶動的，按固定匯率計算增長了 26%，而日本的銷售額增長了 16%，因為我們在去年同期結束了 COVID 限制。

Following last quarter's heavy COVID restrictions in Shanghai, China returned to robust growth, increasing more than 30% in Q2 despite COVID-related closures in about 35% of our Mainland stores. Nearly all of China's stores were reopened by the end of the quarter. Southeast Asia and Australia both grew triple digits in the period in constant currency, lapping pandemic lockdowns in the prior year. Across our regions, our Q2 performance continued to exemplify the diversity of our growth drivers not just by geography but across product categories and channels.

在上海上個季度實施嚴格的 COVID 限制之後，中國恢復了強勁增長，儘管我們約 35% 的內地門店因 COVID 相關關閉而在第二季度增長了 30% 以上。到本季度末，幾乎所有中國商店都已重新開業。東南亞和澳大利亞在此期間均以固定匯率計算增長了三位數，超過了前一年的大流行封鎖。在我們的地區，我們第二季度的業績繼續體現了我們增長動力的多樣性，不僅體現在地域方面，還體現在產品類別和渠道方面。

Moving on to the balance sheet. Our balance sheet continues to be a cornerstone of our Fortress Foundation enabling us to balance strategic investments in our brand and business with returning cash to shareholders even through dynamic times. During the second quarter, we returned approximately $220 million to shareholders in the form of our dividend and share repurchases. We ended the period with $1.4 billion in cash and short-term investments and $1.1 billion in total debt.

轉到資產負債表。我們的資產負債表仍然是 Fortress Foundation 的基石，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。第二季度，我們以股息和股票回購的形式向股東返還了約 2.2 億美元。我們以 14 億美元的現金和短期投資以及 11 億美元的總債務結束了這一時期。

Net inventory increased 36% to last year, moderating from first quarter trends, but strategically higher to support continued demand for our brand and products, earlier receipts and higher goods in transit to mitigate global supply chain delays, increased product costs, including freight and cotton which we will start to overlap in the second half of fiscal '23 and continued elevation of our product mix.

淨庫存比去年增長 36%，與第一季度的趨勢相比有所放緩，但在戰略上更高以支持對我們品牌和產品的持續需求、更早的收貨和更高的運輸貨物以緩解全球供應鏈延誤、增加的產品成本，包括運費和棉花我們將在 23 財年下半年開始重疊，並繼續提升我們的產品組合。

We are managing inventories carefully in this dynamic environment. While we still expect inventory growth to remain at similar levels through the holiday, this should become more closely aligned to sales by the end of the fiscal year.

在這種動態環境中，我們正在謹慎管理庫存。雖然我們仍然預計假期期間庫存增長將保持在類似水平，但到本財年結束時，這應該會與銷售更加接近。

We believe our inventories are well positioned with 70% of our business comprised of core and replenishment product, as Patrice mentioned. This drives greater consistency in our growth as well as better supply chain planning and visibility and shorter lead times.

正如 Patrice 提到的，我們相信我們的庫存處於有利位置，我們 70% 的業務由核心產品和補充產品組成。這推動了我們增長的更大一致性以及更好的供應鏈規劃和可見性以及更短的交貨時間。

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 Ukraine. We continue to plan across a range of scenarios, and this guidance represents our best assessment of market conditions and resulting consumer impacts. For fiscal '23, we are maintaining our full year outlook in constant currency, with revenues expected to increase high single digits or about 8% on a 52-week comparable basis.

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。我們繼續針對一系列情景進行規劃，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。對於 23 財年，我們維持以固定匯率計算的全年展望，預計收入將以 52 周可比基礎增長高個位數或約 8%。

While the first half revenues outperformed our expectations, this incorporates our more cautious view on second half revenues given the challenging consumer backdrop in Europe and North America. We now expect foreign currency to negatively impact revenues by approximately 730 basis points driven by the strengthening U.S. dollar. 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.

雖然上半年收入超出我們的預期，但鑑於歐洲和北美充滿挑戰的消費者背景，這體現了我們對下半年收入更為謹慎的看法。我們現在預計，在美元走強的推動下，外幣將對收入產生約 730 個基點的負面影響。提醒一下，由於去年第 53 週的缺席，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。

We now expect operating margins at the low end of our previous range of 14% to 14.5% in constant currency. This reflects a more challenging global macro environment, including our more cautious outlook on second half revenues, geographic mix with a higher sales contribution from Asia this year and channel mix, including the impact of a U.S. customs delay on select wholesale shipments in Q3 expected to be resolved in the next few months.

我們現在預計營業利潤率處於我們之前 14% 至 14.5% 固定匯率區間的低端。這反映了更具挑戰性的全球宏觀環境，包括我們對下半年收入的更謹慎展望、今年亞洲銷售額貢獻較高的地域組合和渠道組合，包括美國海關延遲對第三季度部分批發出貨量的影響預計在接下來的幾個月內得到解決。

Foreign currency is now expected to negatively impact operating margin by about 200 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. Gross margin is still expected to increase 30 to 50 basis points on a constant currency basis. We plan to continue driving stronger AUR and favorable product mix more than offsetting increased freight and material costs. Foreign currency is now expected to negatively impact gross margins by about 170 basis points in fiscal '23.

現在預計外幣將對營業利潤率產生約 200 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%，兩者均以報告為基礎。按固定匯率計算，毛利率仍有望增長 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。現在預計外幣將在 23 財年對毛利率產生約 170 個基點的負面影響。

While we still expect input costs to remain structurally higher in the near term, we expect gross margin expansion in the second half of the year as we start to lap higher cost increases. For the third quarter, we expect constant currency revenues to grow in the low to mid-single-digit range. Foreign currency is expected to negatively impact revenue growth by approximately 780 basis points.

雖然我們仍預計短期內投入成本將在結構上保持較高水平，但隨著我們開始應對更高的成本增長，我們預計下半年毛利率將擴大。對於第三季度，我們預計貨幣收入將保持在中低個位數範圍內增長。預計外幣將對收入增長產生約 780 個基點的負面影響。

We expect third quarter operating margin in a range of 17.3% to 17.8% in constant currency. At the midpoint, this represents a roughly 16 0 basis point increase to last year, driven by gross margin expansion as we start to lap higher airfreight costs from last year. Foreign currency is expected to negatively impact operating margin by about 180 basis points and gross margin by about 170 basis points in the quarter.

我們預計第三季度營業利潤率按固定匯率計算在 17.3% 至 17.8% 之間。在中點，這比去年增加了大約 16 個 0 個基點，這是由於我們開始承擔比去年更高的空運成本而導致的毛利率擴張。預計本季度外幣將對營業利潤率產生約 180 個基點的負面影響，對毛利率產生約 170 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 third quarter. And we moderated our CapEx outlook to about $250 million to $275 million based on the timing of projects.

我們仍然預計全年和第三季度的稅率在 25% 至 26% 之間。我們根據項目的時間安排將我們的資本支出前景調整為約 2.5 億至 2.75 億美元。

In closing, we are proud of our team's execution agility and progress on our Next Great Chapter Accelerate plan this quarter, even as we navigate a highly dynamic global operating environment. Ralph created an iconic brand that inspires people around the world to dream. These qualities hold as true today as they did 50 years ago. With our brand as our touchstone, we will continue to focus on what we can control and leverage our multiple engines of growth across geographies, product categories and channels.

最後，我們為我們團隊的執行敏捷性和本季度 Next Great Chapter Accelerate 計劃的進展感到自豪，即使我們在高度動態的全球運營環境中航行。 Ralph 創造了一個標誌性品牌，激發了全世界人們的夢想。這些品質在今天和 50 年前一樣適用。以我們的品牌作為我們的試金石，我們將繼續專注於我們可以控制的事情，並利用我們跨地域、產品類別和渠道的多種增長引擎。

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 Michael Binetti with Credit Suisse Securities.

（操作員說明）第一個問題來自瑞士信貸證券公司的 Michael Binetti。

One for each, I guess. Patrice, you outlined the diversified growth engines at the Investor Day in September, you spoke to them again today. Just given the current macro that you talked to about today, which of these drivers are still the most relevant in your view? And then Jane, so North America operating margin compressed quite a bit relative to pre-COVID levels. Can you speak to where you saw the most pressure? How much is transitory in your opinion, and how you're planning that North America margin and holiday in the rest of the year? .

我猜是每人一個。帕特里斯，你在 9 月的投資者日概述了多元化的增長引擎，你今天再次與他們交談。就您今天談到的當前宏觀而言，您認為這些驅動因素中哪些仍然是最相關的？然後是簡，所以北美的營業利潤率相對於 COVID 之前的水平壓縮了很多。你能談談你看到壓力最大的地方嗎？在您看來有多少是暫時的，您如何計劃今年剩餘時間的北美利潤和假期？ .

Thank you, Michael. So clearly, the macro pressures are out there, right? Inflation, currency, geopolitical concerns and so on, and you all know them as well as I do. And they're, of course, top of mind for us. That said, we have a clear game plan and as you mentioned, multiple diversified engines of growth. What I think is really unique for us is the breadth and depth of these growth drivers. It enables agility. So in other words, we have this unique ability to lean harder on some areas of the strategy if others are more challenged.

謝謝你，邁克爾。很明顯，宏觀壓力就在那裡，對吧？通貨膨脹、貨幣、地緣政治問題等等，你們都和我一樣了解。當然，它們是我們的首要考慮因素。也就是說，我們有一個明確的遊戲計劃，正如你提到的，多個多元化的增長引擎。我認為對我們來說真正獨特的是這些增長動力的廣度和深度。它使敏捷性成為可能。因此，換句話說，我們擁有這種獨特的能力，可以在其他領域面臨更多挑戰時更加依賴戰略的某些領域。

And Q2 was actually a good illustration of that, taking it across the different growth drivers. If you look at it from the regional side, we were proud that all of our regions grew top line in constant currency and we delivered disproportionate growth, as you heard, in Asia, where we're seeing the strength of the brand across just about every single individual country, whether that's outsized growth in Korea, Japan, Australia, Southeast Asia, and we're particularly proud of the continued growth in China even with a number of our stores closed, with China up 30% this last quarter.

第二季度實際上很好地說明了這一點，涵蓋了不同的增長動力。如果你從區域方面來看，我們感到自豪的是，我們所有的區域都以固定匯率增長了收入，而且正如你所聽到的，我們在亞洲實現了不成比例的增長，我們在亞洲看到了品牌的實力每個單獨的國家，無論是韓國、日本、澳大利亞、東南亞的超額增長，我們對中國的持續增長感到特別自豪，即使我們的一些商店關閉了，上個季度中國增長了 30%。

If you look at this through the channel lens, we're encouraged that the strength in our full-price businesses is more than offsetting the softness that we're seeing from our value-oriented consumer subsegment, which is more prevalent in our outlet business. And on the product side, we can flex the breadth of our portfolio, and I think we've demonstrated our ability to dial categories up or down for the consumers as their needs, desires change.

如果你從渠道的角度來看這一點，我們感到鼓舞的是，我們全價業務的優勢不僅僅抵消了我們從以價值為導向的消費者細分市場中看到的疲軟，這在我們的奧特萊斯業務中更為普遍.在產品方面，我們可以擴大產品組合的範圍，我認為我們已經證明了我們有能力根據消費者的需求和願望的變化為他們調高或調低類別。

For instance, in this quarter, think more sports coats and dresses and less hoodies. So our ability to be agile in this way is a real competitive advantage in a volatile environment, which already served us quite well during COVID. And to this end, we really believe that this is the time to continue to be on offense, recruit new consumers and continue to take market share. Jane, over to you on North America.

例如，在本季度，考慮多穿運動外套和連衣裙，少穿連帽衫。因此，我們以這種方式保持敏捷的能力在多變的環境中是一個真正的競爭優勢，這在 COVID 期間已經為我們提供了很好的服務。為此，我們真的認為現在是繼續進攻、招募新消費者並繼續佔據市場份額的時候了。簡，關於北美的問題交給你了。

Okay. So Michael, and thank you for the question. So in Q2, our margins in North America were negatively impacted by a more normalized level of marketing investments versus last year. We were more cautious last year given some of the pressures in store and coming out of COVID. And so this year really represents a normalization of that spend. So as that spend normalizes in the second half expect that pressure or that leverage pressure from marketing to abate.

好的。邁克爾，謝謝你提出這個問題。因此，在第二季度，我們在北美的利潤率受到與去年相比更加正常化的營銷投資水平的負面影響。鑑於 COVID 帶來的一些壓力，我們去年更加謹慎。因此，今年確實代表了該支出的正常化。因此，隨著下半年支出正常化，預計來自營銷的壓力或槓桿壓力會減弱。

We also saw more elevated freight expenses in the quarter as we move to make sure that we could offset receipt delays from global supply chain challenges and have inventory ready for full-price selling. We think that, that was the right decision. You certainly saw it come through in our AUR this quarter. We're also overlapping some higher labor costs in the year and expect that to abate as well in the second half.

我們還看到本季度的運費增加，因為我們採取行動以確保我們能夠抵消全球供應鏈挑戰帶來的收貨延遲，並為全價銷售準備好庫存。我們認為，這是正確的決定。您肯定在本季度的 AUR 中看到了它。我們也在今年重疊了一些更高的勞動力成本，並預計下半年也會減少。

So longer term, we see real opportunities in North America, both on the wholesale side and on the DTC side. We're in the earlier phases of our journey in wholesale, so that's encouraging as well as some of the earlier phases in outlet, where we see opportunities in the margin between full price in our outlet. So we're optimistic and expect that to start to play out in the second half.

所以從長遠來看，我們在北美看到了真正的機會，無論是在批發方面還是在 DTC 方面。我們正處於批發之旅的早期階段，因此這與奧特萊斯的一些早期階段一樣令人鼓舞，我們在奧特萊斯的全價之間看到了利潤機會。所以我們很樂觀，並希望在下半年開始發揮作用。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

And congrats on a nice quarter. So Patrice, on current positioning of the Polo brand, what do you see as the global market share opportunity? What have you seen more recently? And what have you seen from recent selling trends, maybe a direct-to-consumer, any change in wholesale orders at all? And then just for Jane, what is your level of visibility on outlet in Europe as we think about the moderation that you've embedded in the guide today?

祝賀一個不錯的季度。那麼 Patrice，關於 Polo 品牌目前的定位，您認為全球市場份額的機會是什麼？你最近看到了什麼？你從最近的銷售趨勢中看到了什麼，也許是直接面向消費者，批發訂單有任何變化嗎？然後就 Jane 而言，當我們考慮您今天在指南中嵌入的節制時，您在歐洲的知名度水平如何？

So Matt, what's exciting about this business candidly is how fragmented the market is, right? So our market share is while we have a sizable business in Polo Men's, Women's and Kids. In relative terms, it's still very small. So we have incredibly long runway when it comes to market share growth across all 3 businesses. You will have seen in the more recent share reads that we're continuing to grow share on Men's. We're continuing to grow share in Women's. We're continuing to grow share on Kids', particularly strong performance last quarter on Kids' share growth.

所以馬特，坦率地說，這項業務令人興奮的是市場是多麼分散，對吧？因此，我們的市場份額是同時我們在 Polo 男裝、女裝和童裝方面擁有可觀的業務。相對而言，它仍然很小。因此，就所有 3 項業務的市場份額增長而言，我們還有很長的路要走。您會在最近的分享閱讀中看到，我們正在繼續增加男裝的分享。我們正在繼續增加女性市場的份額。我們繼續增加兒童市場份額，尤其是上個季度兒童市場份額增長的強勁表現。

And I think as we look around the world at what Polo stands for, that's the type of products that we have within our lifestyle portfolio and what the consumer is looking for right now, we actually feel that we're really in the sweet spot of consumer demand, with the breadth of our range and with the overall positioning across Men's, Women's and Children's. And I think this is as true in North America as it is across Asia, as you heard referred to performance earlier as well as in Europe.

我認為，當我們環顧世界，看看 Polo 代表什麼，這就是我們生活方式產品組合中的產品類型以及消費者現在正在尋找的東西，我們實際上覺得我們真的處於最佳位置消費者需求，我們的產品範圍廣泛，整體定位涵蓋男裝、女裝和童裝。我認為這在北美和整個亞洲都是如此，正如你之前聽到的以及在歐洲提到的表現。

So I think we're very nicely positioned on Polo. We're going to continue to invest to bring in more consumers, continue to elevate the positioning across that portfolio. When it comes to your question on wholesale orders, and Jane and I will tag team on that in the second part. Listen, there are a few things I would say about our wholesale partnerships right now.

所以我認為我們在 Polo 上的定位非常好。我們將繼續投資以吸引更多消費者，繼續提升整個產品組合的定位。當談到你關於批發訂單的問題時，簡和我會在第二部分標記團隊。聽著，關於我們的批發合作夥伴關係，我現在想說幾句。

First of all, I am really pleased to see how aligned we are strategically with our key wholesale partners, both in North America and around the world. And that's really enabling us to look at things through a similar lens when it comes to the growth and value creation. We have seen strong progress this past quarter. You saw North America up 8%, strong results in Europe and Asia as well. We are not seeing any pullback on orders or any cancellation of orders around the world with our key wholesale partners.

首先，我真的很高興看到我們與北美和世界各地的主要批發合作夥伴在戰略上保持一致。在增長和價值創造方面，這確實使我們能夠通過類似的視角來看待事物。我們在上個季度看到了巨大的進步。你看到北美增長了 8%，歐洲和亞洲的業績也很強勁。我們沒有看到我們的主要批發合作夥伴在全球範圍內的訂單有任何減少或訂單取消。

So I would say, Matt, as we said in the guidance, we are not seeing cancellations at this point, but we are more cautious and we took a more cautious stance on our spring buys given the macro pressures that we're seeing. So while we're very happy with our position in sales, especially in the second quarter, we wanted to be well positioned for the holiday season, overlapping a challenging previous quarter.

所以我想說，馬特，正如我們在指南中所說，我們目前沒有看到取消，但我們更加謹慎，鑑於我們看到的宏觀壓力，我們對春季購買採取了更加謹慎的立場。因此，雖然我們對我們的銷售狀況非常滿意，尤其是在第二季度，但我們希望在假日季節做好準備，與上一季度充滿挑戰的情況重疊。

We are embedded in the guidance a softer outlook for spring based on those macro pressures. And as we look at -- in the second part of your question, the visibility that we have in outlet in Europe. We have seen softer trends and we've incorporated those softer trends into our guidance for EMEA. It's not a one country, one region story. I do think that there is variability in the marketplace.

基於這些宏觀壓力，我們在指導中嵌入了對春季更為溫和的前景。正如我們所看到的——在你問題的第二部分，我們在歐洲的知名度。我們已經看到了更疲軟的趨勢，我們已將這些更疲軟的趨勢納入我們對 EMEA 的指導中。這不是一個國家，一個地區的故事。我確實認為市場存在可變性。

This quarter, Germany performed quite well. We saw some more pressures in the U.K., as you might expect, given some of the inflation pressures coupled with some political uncertainties. Given the fuel pressures and the outlook, we have -- we've taken a more moderate view across Europe but especially in some of the countries like Germany where we expect gas rationing and fuel prices to be an explicit pressure.

本季度，德國表現相當出色。考慮到一些通脹壓力和一些政治不確定性，我們在英國看到了更多壓力，正如您所預料的那樣。鑑於燃料壓力和前景，我們對整個歐洲持更為溫和的看法，尤其是在德國等一些國家，我們預計天然氣配給和燃料價格將成為明顯的壓力。

The next question comes from Gabby Carbone with Deutsche Bank.

下一個問題來自德意志銀行的 Gabby Carbone。

Congrats on the nice quarter. So my question is on the promotional environment. It is getting more challenging out there given the high inventory levels across the marketplace. What do you believe is working in Ralph Lauren's favor as you continue to deliver higher AURs? And then just was wondering if you could dig into category performance and where within the business you're seeing the strongest demand?

恭喜這個漂亮的季度。所以我的問題是關於促銷環境。鑑於整個市場的高庫存水平，它變得越來越具有挑戰性。隨著您繼續提供更高的 AUR，您認為什麼對 Ralph Lauren 有利？然後只是想知道您是否可以深入了解類別性能以及您在業務中看到最強勁需求的地方？

Sure. Thanks, Gaby. So what we're seeing across the competitive environment, we are seeing an increasingly promotional environment as was expected. There you can see the results as well as we knew there's excess inventory out there and many are looking to liquidate. But our long-term strategy, despite the promotional environment, has not changed. We're trying to stay agile and mindful of the competitive environment, but we really have multiple vectors of growth across AUR.

當然。謝謝，蓋比。因此，我們在整個競爭環境中看到的是，正如預期的那樣，我們看到了越來越多的促銷環境。在那裡你可以看到結果，我們知道那裡有多餘的庫存，許多人正在尋求清算。但我們的長期戰略，儘管促銷環境，並沒有改變。我們正在努力保持敏捷並註意競爭環境，但我們確實在 AUR 中擁有多個增長向量。

And I think that, that is really serving us well. Saw that show up in our AUR at plus 18% this quarter. And we're really encouraged underneath the covers that despite our higher AUR within a more promotional context that we've seen our value ratings from our consumers continue to increase both versus pre-pandemic levels and sequentially again this quarter.

我認為，這真的對我們很有幫助。在本季度我們的 AUR 中看到這一點增加了 18%。我們在幕後感到非常鼓舞，儘管我們在更具促銷性的背景下獲得了更高的 AUR，但我們已經看到我們的消費者對我們的價值評級與大流行前的水平相比繼續增加，並且本季度再次連續增加。

So for us, that's a key inventor -- indicator and gives us a lot of confidence. Now that being said, as we have in the past, we build a a strategy that has -- that is fully aligned with our long-term strategy but have some flexibility in it. We don't -- we are not going to overly react to the promotional environment, but we are going to be strategic about it and know that we need to stay competitive.

所以對我們來說，這是一個關鍵的發明者——指標，給了我們很大的信心。話雖如此，正如我們過去所做的那樣，我們制定了一項戰略，該戰略與我們的長期戰略完全一致，但具有一定的靈活性。我們不會——我們不會對促銷環境做出過度反應，但我們將對此保持戰略性，並且知道我們需要保持競爭力。

We feel good about that. We feel good about into the second quarter. We've embedded in our guidance the confidence that we'll be able to offset inflation with pricing. And you can see that in our implicit gross margin guide. So feeling good and feeling good about the consumer and especially because it's really based on our multiyear elevation work that we've done as well as the reset work we've done that's really put us on a healthier base.

我們對此感覺很好。我們對第二季度感覺良好。我們在我們的指導中嵌入了我們能夠通過定價抵消通貨膨脹的信心。您可以在我們的隱含毛利率指南中看到這一點。所以感覺良好，對消費者感覺良好，特別是因為它確實基於我們所做的多年提升工作以及我們所做的重置工作，這確實讓我們處於更健康的基礎上。

Yes, increasing desirability, increasing value equation. Those are things that we're driving and we're really pleased to see because that will drive sustained performance. On the product front, Gaby, probably 3 things I would call out. One is our core is actually doing quite well. It was up mid-teens this past quarter. And as we talked at Investor Day, our core is 70% of the company.

是的，增加吸引力，增加價值等式。這些是我們正在推動的事情，我們真的很高興看到，因為這將推動持續的績效。在產品方面，Gaby，我可能會提到 3 件事。一是我們的核心實際上做得很好。上個季度上漲了十幾歲。正如我們在投資者日所說，我們的核心是公司 70% 的股份。

It's actually not surprising that it's doing well because I think at times where consumers are more discerning on where they spend their money, obviously, they're going to gravitate towards a brand they know and trust and learn gravitate towards products they know and trust. So strengthen the core.

它做得很好實際上並不奇怪，因為我認為有時消費者對他們花錢的地方更加挑剔，顯然，他們會被他們了解和信任的品牌所吸引，並學習被他們了解和信任的產品所吸引。所以強化核心。

We've seen really nice performance in our high potential categories, which were up high teens this past quarter in constant currency. The -- probably the best performer was again Outerwear where we saw a very strong performance. And we're also very excited to see the progress we're making on Women's across collection, Polo Women's and Lauren. And then the last thing I would highlight is the tailored business continues to strengthen and improve. So to my prepared -- or earlier response to Michael's question, we're seeing more sports codes and less hoodies.

我們在高潛力類別中看到了非常好的表現，這些類別在上個季度以固定匯率計算增長了十幾歲。 - 可能表現最好的再次是外套，我們看到了非常強勁的表現。我們也很高興看到我們在女裝系列、Polo 女裝和 Lauren 上取得的進展。然後我要強調的最後一件事是定制業務繼續加強和改進。因此，根據我準備好的——或者說早些時候對邁克爾問題的回答，我們看到更多的運動規範和更少的連帽衫。

The next question comes from Omar Saad with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

Great execution this quarter. I wanted to ask you about some of the new consumers. I mean -- the many new consumers who joined the Ralph Lauren for franchise during COVID. I think many of them younger. How are those consumers performing in this kind of post-COVID era. Are they still kind of behaving with not much price resistance to the brand?

本季度執行力出色。我想問你一些關於新消費者的問題。我的意思是——在 COVID 期間加入 Ralph Lauren 獲得特許經營權的許多新消費者。我認為他們中的許多人更年輕。在這種後 COVID 時代，這些消費者的表現如何。他們是否仍然對品牌沒有太大的價格阻力？

And I'd also love a quick update on the wholesale channel. Just give us a quick reminder on how you and your wholesale partners are managing inventory planning differently today versus in the past as we're seeing some other retailers and brands out there kind of get -- seeing some pockets of blowups in inventory that you're seeming to be able to avoid?

而且我也喜歡批發渠道的快速更新。請快速提醒我們您和您的批發合作夥伴今天與過去管理庫存計劃的方式不同，因為我們看到其他一些零售商和品牌有點得到 - 看到一些你的庫存爆炸似乎可以避免？

So listen, we're going to tag team with Jane on this one. On the consumer front, so up again 1.3 million this past quarter. I'm really pleased with actually the makeup of that new consumer cohort, younger exactly to your point, higher value, less sensitive to promotional activity, more diverse. When it comes to response to our product and AUR, we're seeing pretty consistent positive response to our AUR increases across the different products.

所以聽著，我們將在這個問題上與 Jane 一起標記團隊。在消費者方面，上個季度又增加了 130 萬。我對這個新消費者群體的構成真的很滿意，他們更年輕，價值更高，對促銷活動不那麼敏感，更多樣化。當談到對我們的產品和 AUR 的反應時，我們看到對不同產品的 AUR 增加的積極反應非常一致。

And again, it really traces back to what Jane mentioned earlier, which is the progress we're making on brand desirability and value equation. And our value perception scores are consistent across the different segments and that is relevant for those younger consumers we're bringing in. I expect with the Fortnite partnership, that some of you may have seen, that we will continue to bring in some of these younger consumers as we're able to really connect with them where they play, no pun intended and where they want to engage with brands.

再一次，它真的可以追溯到簡之前提到的，這是我們在品牌吸引力和價值等式方面取得的進展。我們的價值感知分數在不同的細分市場中是一致的，這與我們引入的年輕消費者相關。我希望通過與 Fortnite 的合作夥伴關係，你們中的一些人可能已經看到，我們將繼續引入其中一些年輕的消費者，因為我們能夠在他們玩的地方真正與他們建立聯繫，沒有雙關語的意思，以及他們想與品牌互動的地方。

So feel good about that. One data point that we're particularly pleased with is retention, right? Because it's a wonderful thing to bring in new consumers, but you want them to stay within the franchise so we can drive this concept of lifetime consumer value. And we've seen our retention scores actually strengthened this last quarter across the board, which I think bodes well for the future.

所以感覺很好。我們特別滿意的一個數據點是保留率，對吧？因為引入新消費者是一件很棒的事情，但你希望他們留在特許經營權內，這樣我們才能推動這一終身消費者價值的概念。我們已經看到我們的保留分數實際上在最後一個季度全面加強，我認為這預示著未來。

So Omar, I would just call out a few key differences in terms of our inventory planning with our wholesale partners. I think throughout our reset, as Patrice called out, we've had an incredibly productive and transparent dialogues with our wholesale partners and really approach them with a spirit of partnership. But the focus has really been on sellout performance as the key driver to receipts and expected sellout in the coming seasons.

所以奧馬爾，我只想指出我們與批發合作夥伴在庫存計劃方面的一些關鍵差異。我認為在整個重置過程中，正如帕特里斯所說，我們與我們的批發合作夥伴進行了非常富有成效和透明的對話，並真正以合作精神與他們接觸。但重點實際上一直放在售罄表現上，這是未來幾季收入和預期售罄的主要驅動力。

That's been our focus. It's been our mutual focus and that is a strategy that's really winning for us. In addition to that, we really tried to pivot the conversation away from VA negotiations towards natural margin accretion for both our wholesale partners and for us. So still an emphasis on profitability. It's total system profitability and it's focused on natural margin, which plays nicely into the AUR and elevation that we're driving in wholesale. And we're doing that together, of course.

這是我們的重點。這是我們共同關注的焦點，這是一個真正為我們贏得勝利的戰略。除此之外，我們真的試圖將談話從 VA 談判轉向我們的批發合作夥伴和我們的自然利潤增長。所以仍然強調盈利能力。這是整個系統的盈利能力，它專注於自然利潤率，這很好地影響了我們在批發市場上推動的 AUR 和提升。當然，我們正在一起做這件事。

And then from an inventory position level, we've made a commitment to be in our wholesale partners with inventory in time for the full spectrum of full-price selling. You saw us take some airfreight for that, but we're doing the spirit of partnership. And I think if you look at this quarter, again, strong sell-out, strong AUR performance. That strategy and that partnership of working with them to make sure they have the inventory that the consumer needs has been very productive.

然後從庫存水平來看，我們承諾在我們的批發合作夥伴中及時提供庫存，以進行全方位的全價銷售。你看到我們為此採取了一些空運，但我們正在做合作精神。而且我認為，如果您再看一下本季度，銷售強勁，AUR 表現強勁。該策略以及與他們合作以確保他們擁有消費者需要的庫存的合作夥伴關係一直非常富有成效。

We're in good position for holiday. Our inventories are clean. They're fresh. We are above last year's second quarter level because as you'll recall, we were at an artificially low level given supply chain challenges. But we're still about 20% below pre-pandemic levels in the same quarter versus FY '20. We think that's the right level given our strategy, so we feel good about it.

我們正處於假期的好位置。我們的庫存很乾淨。它們很新鮮。我們高於去年第二季度的水平，因為您會記得，鑑於供應鏈挑戰，我們處於人為的低水平。但與 20 財年相比，我們在同一季度仍比大流行前水平低約 20%。我們認為這是我們戰略的正確水平，因此我們對此感覺良好。

The next question comes from Jay Sole with UBS.

下一個問題來自瑞銀的 Jay Sole。

I have a 2-part question. One, Patrice, could you elaborate a little bit on the momentum in China that you've seen? Has it continued so far in this quarter? And given single days upon us, is that going to be important for the brand? And just maybe just talk about what some of the key drivers have been in China. And then secondly, it seems like the trend in buying back stock has accelerated a little bit from where it was last year. Do you expect the trend to continue through the rest of the year?

我有一個由兩部分組成的問題。第一，帕特里斯，你能詳細說明一下你在中國看到的勢頭嗎？本季度到目前為止是否還在繼續？給我們幾天的時間，這對品牌來說重要嗎？也許只是談談中國的一些關鍵驅動因素。其次，回購股票的趨勢似乎比去年有所加快。您預計這一趨勢會持續到今年餘下的時間嗎？

Listen, we're really proud of the team's execution in China -- actually across the entire APAC region. And we continue to see near and long-term brand opportunities in China. What's really working well right now, but has been for a while, right, this is not just a 1-quarter story, is the fact that the teams are weaving the brand into the fabric of the local culture and translating our core values, our core propositions in a way that's resonating with that younger Chinese consumer, both men and women.

聽著，我們真的為團隊在中國的執行感到自豪——實際上是在整個亞太地區。我們繼續在中國看到近期和長期的品牌機會。現在真正運作良好的是，但已經有一段時間了，對，這不僅僅是一個季度的故事，事實上，團隊正在將品牌融入當地文化的結構中，並轉化我們的核心價值觀，我們的核心主張以引起中國年輕消費者（男性和女性）共鳴的方式。

And they're taking both global programs that they're translating in the market and then also complementing that with local activities, partnerships with influencers and others. The second piece is the product offering and the curating that the team is doing there to really make sure that within the broad range of products that we have, we have items that really resonate with that specific consumer.

他們正在開展他們在市場上轉化的全球計劃，然後還通過當地活動、與有影響力的人和其他人的合作來補充這一計劃。第二部分是產品供應和團隊在那裡所做的策劃，以真正確保在我們擁有的廣泛產品範圍內，我們擁有真正與特定消費者產生共鳴的產品。

And I think you know this, Jay, but our highest AUR is actually in China, right? So that's where we're focusing some of our most elevated products, and we're seeing very good response from the consumer. The last point is around connected retail. And I think China, to some extent, is our poster child on connected retail and bringing all of that together digital brick-and-mortar in a way that is seamless and a way that really meets consumers' expectations.

我想你知道這一點，Jay，但我們最高的 AUR 實際上是在中國，對吧？因此，這就是我們關註一些最高品質產品的地方，我們看到消費者的反應非常好。最後一點是關於互聯零售。我認為，在某種程度上，中國是我們在互聯零售方面的典型代表，它以一種無縫且真正滿足消費者期望的方式將所有這些數字實體結合在一起。

So those have been the drivers. This past quarter have been the prior quarters will continue to be moving forward with really a team that's in touch with that local consumer, understands that local consumers and ensures that we're showing up in a way that's incredibly relevant there.

所以這些都是驅動因素。過去的這個季度是前幾個季度，我們將繼續與真正與當地消費者保持聯繫的團隊一起前進，了解當地消費者並確保我們以一種與那裡非常相關的方式出現。

So our Singles Day is concerned. So Singles Day for us is really more as a brand-building opportunity than it is an opportunity to sell a whole bunch of volume. So our game is not high promotional activity. We're not interested in doing that. And over time, I think that strategy has worked for us. It's really about brand exposure, brand awareness, brand desirability and we're in the middle of it.

所以我們光棍節來說。所以光棍節對我們來說更像是一個建立品牌的機會，而不是一個銷售大量產品的機會。所以我們的遊戲沒有高額的促銷活動。我們對此不感興趣。隨著時間的推移，我認為該策略對我們奏效了。這實際上是關於品牌曝光度、品牌知名度、品牌吸引力，而我們正處於其中。

So we'll see how ultimately all this has played out. But what we've seen in key events leading up to Singles Day is we've actually seen outperformance consistently. So are encouraged with how China is going. But I put in the context of the broader growth drivers for the company, of course, momentum in China, but we have many geographical opportunities in addition to what's happening in China.

所以我們將看看這一切最終是如何發生的。但我們在光棍節前的關鍵事件中看到的是，我們實際上一直看到了出色的表現。所以對中國的發展感到鼓舞。但我把公司更廣泛的增長動力放在了背景下，當然是中國的勢頭，但除了中國正在發生的事情之外，我們還有很多地理機會。

On the repurchase side, Jay, you have seen us see more aggressive. Our guidance implies about $450 million to $500 million in buybacks a year. In the first half, we've repurchased about $390 million in shares. We tend to be fairly ratable but opportunistic as well. And given the price where it was, often below $90, we felt that was an outstanding time to buy back our shares. And so you saw us lean into that. Again, I think we're comfortable with our annual guidance. We might be on the high side of that and remain opportunistic, but it's about the right range for us from a buyback standpoint.

在回購方面，傑伊，你看到我們看到了更積極的態度。我們的指導意味著每年約有 4.5 億至 5 億美元的回購。上半年，我們回購了約 3.9 億美元的股票。我們往往相當容易評價，但也很投機取巧。考慮到當時的價格，通常低於 90 美元，我們認為這是回購股票的絕佳時機。所以你看到我們傾向於這樣做。同樣，我認為我們對我們的年度指導感到滿意。我們可能處於高位並保持機會主義，但從回購的角度來看，這對我們來說是正確的範圍。

The next question comes from Chris Nardone with Bank of America.

下一個問題來自美國銀行的 Chris Nardone。

Can you elaborate a little bit on your guidance for gross margin expansion in 3Q? Is there any way to provide guardrails around the magnitude on a reported basis? And then also tied to that, can you just discuss how your expectations for markdown activity in your DTC channel has changed compared to when we last spoke at your Investor Day?

您能否詳細說明您對第三季度毛利率擴張的指導？有什麼方法可以根據報告的幅度提供護欄嗎？然後與此相關的是，與我們上次在您的投資者日發言時相比，您能否談談您對 DTC 渠道降價活動的期望有何變化？

So our guidance does imply an improvement in gross margin through the second half, notably in the fourth quarter. In the second half, we'll start to lap higher air freight and product cost increases from last year. And while there's -- while we expect those inflationary factors to still be with us, we'll be able to move into higher gross margin as we overlap some of the more significant increases last year.

因此，我們的指引確實意味著下半年毛利率有所改善，尤其是在第四季度。下半年，我們將開始接受比去年更高的空運和產品成本增長。雖然有 - 雖然我們預計這些通貨膨脹因素仍然存在，但我們將能夠進入更高的毛利率，因為我們與去年的一些更顯著的增長重疊。

And as you look at it from a roughly a reported basis, I would expect, as we called out in the third quarter, that growth that FX would impact us by about 170 basis points, and we're calling that it will be about similar for the full year. So FX is a meaningful headwind as we move through this year, but you'll start to see us get actual gross margin improvement in the second half, both on a reported and a constant currency basis. And then the second part of your question...

當你從大致報告的基礎上看它時，我預計，正如我們在第三季度所呼籲的那樣，外彙的增長將對我們產生大約 170 個基點的影響，我們認為這將是相似的全年。因此，隨著我們今年的發展，外匯是一個有意義的逆風，但你會開始看到我們在下半年獲得實際毛利率的改善，無論是在報告的基礎上還是在固定的貨幣基礎上。然後你問題的第二部分......

Markdown, markdown (inaudible)

降價，降價（聽不清）

As we look at a more promotional environment, again, our strategy is not changing. We're on an elevation journey. Our long-term pricing strategy is to match our pricing with inflation. As we've guided before, we expect inflation headwinds to be meaningful in the second half, but we're also confident that we'll be able to offset those inflation factors.

當我們著眼於更具促銷性的環境時，我們的戰略並沒有改變。我們正在進行一次海拔之旅。我們的長期定價策略是使我們的定價與通貨膨脹相匹配。正如我們之前的指導，我們預計下半年通脹逆風將是有意義的，但我們也有信心能夠抵消這些通脹因素。

Now that being said, we -- while we won't follow the competition down in any way, we will -- we have built flexibility in our plan to make sure that we continue to offer a compelling value to consumers and be competitive on a total value basis in the marketplace.

話雖這麼說，我們——雖然我們不會以任何方式追隨競爭對手，但我們會——我們在計劃中建立了靈活性，以確保我們繼續為消費者提供引人注目的價值，並在市場的總價值基礎。

Our final question comes from John Kernan with Cowen.

我們的最後一個問題來自 John Kernan 和 Cowen。

Excellent. Congrats on the momentum. Jane, how do we think about the implied operating margin expansion for the fourth quarter and then the timing and sequencing of operating margin expansion as we get out of fiscal '23 as some of the onetime headwinds roll off and freight and maybe FX get a little easier?

出色的。祝賀勢頭。簡，我們如何看待第四季度隱含的營業利潤率擴張，然後是我們走出 23 財年時營業利潤率擴張的時間和順序，因為一些曾經的逆風消退，運費和外匯可能有所回落更輕鬆？

Yes. So as we look at operating margin expansion in the second half. It's really predicated on that improved gross margin that I just talked about. That will be the primary driver. You will also see that coupled with SG&A leverage. Now we have taken some revenue caution into the second half, but we will still get SG&A leverage in the second half to drive a combination of operating margin expansion through gross margin expansion and SG&A leverage into the second half.

是的。因此，當我們看下半年的營業利潤率擴張時。這實際上是基於我剛才談到的提高的毛利率。那將是主要的驅動力。您還將看到這與 SG&A 槓桿作用相結合。現在我們對下半年的收入持謹慎態度，但下半年我們仍將獲得 SG&A 槓桿，以通過毛利率擴張和 SG&A 槓桿推動營業利潤率擴張到下半年。

So while some of that revenue deleverage has moved us towards about the 14% constant currency OI margin, we're still very comfortable in our 3-year outlook of getting to that mid-teens OI margin. Next year, I'm not a prognosticator on FX. It's been a meaningful headwind. But next year, we feel confident in continuing our elevation journey on some of the margin-rich categories that Patrice called out in terms of Outerwear and our Core performing well, we're well positioned with inventory. So we're encouraged by that.

因此，雖然部分收入去槓桿化使我們朝著大約 14% 的固定貨幣 OI 利潤率邁進，但我們仍然對 3 年達到十幾歲 OI 利潤率的前景感到非常滿意。明年，我不是 FX 的預測者。這是一個有意義的逆風。但明年，我們有信心繼續我們在一些利潤豐厚的類別上繼續我們的提升之旅，帕特里斯在外套和我們的核心方面表現良好，我們在庫存方面處於有利地位。所以我們對此感到鼓舞。

Next year, as we think about inflation, in Q1, we'll renegotiate our freight contracts. You're seeing that spot market come down. That will be a tailwind into next year. We'll also have a more normalized cadence of marketing through the year. So you won't see that first half, second half story play out.

明年，當我們考慮通貨膨脹時，在第一季度，我們將重新談判我們的貨運合同。你看到現貨市場下跌。這將是明年的順風。全年我們的營銷節奏也將更加規範化。所以你不會看到上半場、下半場的故事上演。

And we're also seeing a better cotton environment. So some of those material cost headwinds that we're facing now will start to phase out. And remember, we long to buy cotton. So I expect that to be in the second half of fiscal '24, but we've got nice layers of cost -- reasons for cost optimism should I say, throughout the year.

我們也看到了更好的棉花環境。因此，我們現在面臨的一些材料成本逆風將開始逐步消失。請記住，我們渴望購買棉花。所以我預計這將在 24 財年的下半年進行，但我們有很好的成本層次——我應該說，全年都有成本樂觀的原因。

Thank you, Jane. All right. Well, listen, thank you, everyone, for joining us today. And we look forward to reconnecting in February to share our third quarter fiscal '23 results. And until then, take care, and have a great day.

謝謝你，簡。好的。好吧，聽著，謝謝大家今天加入我們。我們期待在 2 月重新連接，分享我們第三季度的 23 財年業績。在那之前，保重，祝你有美好的一天。

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

女士們，先生們，今天的會議到此結束。感謝您的參與。你現在可以