雷夫·羅倫馬球 (RL) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren Third Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎來到 Ralph Lauren 2023 財年第三季度財報電話會議。 （操作員說明）

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.

提醒一下，這次會議正在錄製中。我現在想把會議交給我們的東道主 Corinna Van der Ghinst 女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's Third 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 財年第三季度電話會議。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. 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.

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。前瞻性陳述不是保證，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。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, Corey. Good morning, everyone, and thank you for joining today's call. We were pleased to deliver another quarter of better-than-expected performance, including through the important holiday season. All 3 regions contributed positively to revenue growth and at the same time we made strong progress on the strategic priorities we outlined last September in 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。我們很高興又一個季度的業績好於預期，包括在重要的假日季節。所有 3 個地區都為收入增長做出了積極貢獻，與此同時，我們在去年 9 月在下一個偉大篇章：加速計劃中概述的戰略重點方面取得了重大進展。

We have multiple levers of growth and a broad lifestyle portfolio of products. Combined with the agility muscle our teams have built over the last several years, this puts us in a position of strength to become the world's leading luxury lifestyle company even amid macro uncertainty. A key element of this strategy is our commitment to brand and product elevation as we have demonstrated over the past 5 years and we're doing all this while maintaining flexibility to respond to consumer demand and market dynamics.

我們擁有多種增長方式和廣泛的生活方式產品組合。結合我們的團隊在過去幾年中建立起來的敏捷力量，這使我們即使在宏觀不確定性的情況下也有能力成為世界領先的奢侈生活方式公司。這一戰略的一個關鍵要素是我們對品牌和產品提升的承諾，正如我們在過去 5 年中所展示的那樣，我們在做這一切的同時保持靈活性以響應消費者需求和市場動態。

This translated to another quarter of double-digit AUR growth even as the broader marketplace became more promotional, as anticipated. We also continue to drive a culture of operating and cost discipline, which enabled us to meet our operating margin targets in the period. As our guidance reflected from the start of this fiscal year, the global environment has been choppy. We are encouraged that our core consumer has remained generally resilient, which reflects the growing desirability of our brand. At the same time, we continue to watch our more value-oriented customers and channels carefully. In this environment, we are taking a pragmatic approach to merchandising, pricing and inventory planning.

正如預期的那樣，這轉化為另一個四分之一的兩位數 AUR 增長，即使更廣泛的市場變得更具促銷性。我們還繼續推動運營和成本紀律的文化，這使我們能夠在此期間實現我們的運營利潤率目標。正如我們從本財年開始以來的指引所反映的那樣，全球環境一直動盪不安。我們感到鼓舞的是，我們的核心消費者總體上保持了彈性，這反映了我們品牌的吸引力越來越大。同時，我們繼續仔細觀察我們更注重價值的客戶和渠道。在這種環境下，我們採取務實的方法進行商品銷售、定價和庫存規劃。

As we navigate ongoing macro uncertainties, we remain steadfast in driving our 3 strategic pillars of long-term growth and value creation. These are: 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.

在我們應對持續的宏觀不確定性時，我們仍然堅定不移地推動我們的長期增長和價值創造的三大戰略支柱。它們是：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。

Let me take you through a few of our third quarter highlights across each of these strategic pillars. First, on our efforts to elevate and energize our lifestyle brand. We continue to invest in our most powerful asset, our timeless luxury brand and way of life to inspire and engage our consumers and ultimately, drive lifetime value. We continue to build our brand desirability with consumers while also growing their value perception of our brand. This is enabling us to grow both market share and AUR. In the third quarter, we drove a diverse range of both global and localized brand activations, showcasing the Ralph Lauren lifestyle. We kicked off the quarter with our California Dreaming fashion show at the Huntington Library in L.A. This represented our first ever show on the West Coast, where we had historically been underdeveloped and have an opportunity to scale our presence. From there, we launched into holiday with our Gift of Togetherness campaign, featuring friends of the brand like Shalom Harlow and Tyson Beckford. Our local flagship events range from a family-friendly pop-up skating rink in Ginza to live musical performances at Bond Street in London. These campaigns leverage our authentic brand values around family and togetherness combined with unique localized engagement to excite and delight our consumers around the world.

讓我帶您了解我們第三季度中每個戰略支柱的一些亮點。首先，我們努力提升和激發我們的生活方式品牌。我們繼續投資於我們最強大的資產、永恆的奢侈品牌和生活方式，以激發和吸引我們的消費者，並最終推動終身價值。我們繼續在消費者中建立我們的品牌吸引力，同時提高他們對我們品牌的價值認知。這使我們能夠增加市場份額和 AUR。在第三季度，我們開展了多種多樣的全球和本地化品牌活動，展示了 Ralph Lauren 的生活方式。我們在洛杉磯的亨廷頓圖書館舉辦了“加州夢想”時裝秀，拉開了本季度的序幕。這是我們在西海岸舉辦的首場時裝秀，我們在西海岸一直不發達，現在有機會擴大我們的影響力。從那時起，我們以 Gift of Togetherness 活動開始了假期，邀請了 Shalom Harlow 和 Tyson Beckford 等品牌的朋友。我們在當地的旗艦活動包括銀座適合家庭的彈出式溜冰場，以及倫敦邦德街的現場音樂表演。這些活動利用我們圍繞家庭和團結的真實品牌價值，結合獨特的本地化參與，激發和取悅我們在世界各地的消費者。

For Polo lovers, we offered our 7 Days 7 Drops on our POLO-67 fan app with a limited edition collection of custom-made skis, vintage ski jackets and collectible posters from the RL archive.

對於馬球愛好者，我們在我們的 POLO-67 粉絲應用程序上提供了 7 天 7 滴，以及來自 RL 檔案的限量版定制滑雪板、復古滑雪夾克和收藏海報。

In Asia, we drove another successful Singles Day event, ranking #2 for men's apparel and #4 for women's apparel on Tmall. The campaign included our first-ever Tmall cat-faced logo collaboration, generating billions of impressions across online and offline channels in China's key cities.

在亞洲，我們成功舉辦了另一場光棍節活動，在天貓男裝排名第二，女裝排名第四。該活動包括我們首次與天貓貓臉標誌合作，在中國主要城市的線上和線下渠道產生了數十億次展示。

And as we continue to lead in gaming and the metaverse, we launched an innovative collaboration with Fortnite, targeted to next-gen consumers with additional exciting partnerships to come for spring and fall '23. Together, these activations are both reengaging existing customers while also attracting younger full-price consumers to our business.

隨著我們繼續引領遊戲和元宇宙，我們與 Fortnite 發起了一項創新合作，針對下一代消費者，我們將在 23 年春季和秋季推出更多激動人心的合作夥伴關係。總之，這些活動既重新吸引了現有客戶，又吸引了更年輕的全價消費者加入我們的業務。

In our DTC businesses, we added 1.6 million new consumers this quarter consistent with recent trends. We exceeded 51 million social media followers globally, a high single-digit increase to last year, led by double-digit growth on Instagram. And our online search trends continue to significantly outpace our peers across our top markets globally, driven by our core categories.

在我們的 DTC 業務中，本季度我們增加了 160 萬新消費者，這與最近的趨勢一致。在 Instagram 兩位數增長的帶動下，我們在全球的社交媒體粉絲超過 5100 萬，與去年相比實現了高個位數增長。在我們的核心類別的推動下，我們的在線搜索趨勢繼續大大超過我們在全球頂級市場的同行。

Moving to our second key initiative, drive the core and expand for more. Across our organization, we are committed to becoming the leading luxury lifestyle company globally. This starts with the work Ralph and our creative teams are doing every day to offer sophisticated, timeless products that meet the needs of our consumers across their modern lifestyles.

轉到我們的第二個關鍵計劃，驅動核心並擴展更多。在我們的整個組織中，我們致力於成為全球領先的奢華生活方式公司。這始於 Ralph 和我們的創意團隊每天所做的工作，以提供精緻、永恆的產品，以滿足我們消費者對現代生活方式的需求。

Ralph Lauren has a unique positioning in the marketplace that has enabled our brands to thrive over 50 years. Our brand stands for much more than a single product or category. It invites our customers to step into their dream of a better life.

Ralph Lauren 在市場上的獨特定位使我們的品牌在 50 多年裡蓬勃發展。我們的品牌代表的不僅僅是單一的產品或類別。它邀請我們的客戶步入他們對更美好生活的夢想。

At the heart of our business is our collection of iconic core products, which represents 70% of sales and remain a consistent driver of our business season after season. Our core products grew high single digits in the third quarter, led by sweaters, seasonal core knits, sweatshirts and suit separates.

我們業務的核心是我們的標誌性核心產品系列，佔銷售額的 70%，並且仍然是我們一季又一季的業務持續推動力。我們的核心產品在第三季度以高個位數增長，領頭的是毛衣、季節性核心針織品、運動衫和套裝。

Our core also establishes the foundation and credibility to grow our high-potential categories. These include women's, outerwear, and our emerging home business. Together, these high potential categories increased low 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 across categories to drive lifetime value and up to more elevated style with women's AUR up 12% in the third quarter. Highlights from the period included our dedicated head to toe holiday campaigns for both Polo Women's and Lauren, including the expansion of our Polo ID bags in new seasonal fabrications.

我們的核心還為發展我們的高潛力類別奠定了基礎和信譽。其中包括女裝、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加了低青少年。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。我們正在將她換成跨類別的品牌，以推動終身價值和更高的風格，第三季度女性 AUR 增長了 12%。這一時期的亮點包括我們專門為 Polo 女裝和 Lauren 推出的從頭到腳的假日活動，包括採用新的季節性面料擴展我們的 Polo ID 包袋。

Other product highlights and special releases this quarter included the official launch of our Polo Originals line, elevating the upper tier of our core brand with high-quality AUR enhancing styles that pay homage to Polo's roots, our exclusive Navy and Gold Logo Collection capsule with influential Japanese retailer BEAMS, and our Fortnite collaboration with core icons featuring the new Lama player logo and our Polo Stadium collection of digital and physical products. Through these dynamic times, we continue to leverage the breadth of our brand and assortments to give consumers what they want as their lifestyles evolve. This enables us to flex from stay-at-home sweatshirts to return to work outfits, to wedding dresses and evening-wear.

本季度的其他產品亮點和特別發布包括正式推出我們的 Polo Originals 系列，通過向 Polo 的根源致敬的高品質 AUR 增強款式提升了我們核心品牌的上層，我們獨家的海軍藍和金色標誌系列膠囊具有影響力日本零售商 BEAMS，以及我們與具有新喇嘛球員標誌的核心圖標的 Fortnite 合作以及我們的 Polo Stadium 系列數字和實體產品。在這些充滿活力的時代，我們繼續利用我們品牌和產品種類的廣度，為消費者提供他們想要的東西，因為他們的生活方式正在發生變化。這使我們能夠從居家運動衫到重返工作服、婚紗和晚裝。

Switching to our third key initiative, win in key cities with our consumer ecosystem. We continue to invest in our long-term strategy to develop our key city ecosystems around the world in the third quarter with a focus on elevating and connecting all our consumer touch points across every channel. Starting with digital. Third quarter sales for our total Ralph Lauren digital ecosystem, including our directly operated sites, Departmentstore.com, pure players and social commerce, increased high single digits in constant currency.

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。第三季度，我們繼續投資於我們的長期戰略，以發展我們在全球的主要城市生態系統，重點是提升和連接我們所有渠道的所有消費者接觸點。從數字開始。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）的第三季度銷售額以固定貨幣計算增長了高個位數。

Our Asia digital ecosystem once again delivered the fastest growth globally. This included another strong Singles Day with double-digit new customer acquisition and sales, significantly outperforming our peers even as we grew AUR by 28%. Within our own digital sites, sales grew low double digits globally in the third quarter. As part of our fully connected ecosystems, we also continue to open new physical stores that enable consumers to engage directly with our brands around the world. We opened 55 new stores in concessions, focused on our top cities globally this quarter, with the majority again in Asia, particularly the Chinese mainland.

我們的亞洲數字生態系統再次實現了全球最快的增長。這包括另一個強勁的光棍節，新客戶獲取和銷售額均達到兩位數，即使我們的 AUR 增長了 28%，也明顯優於我們的同行。在我們自己的數字站點中，第三季度全球銷售額增長了兩位數。作為我們完全連接的生態系統的一部分，我們還繼續開設新的實體店，使消費者能夠直接與我們在世界各地的品牌互動。本季度我們以特許經營方式開設了 55 家新店，主要集中在我們在全球的主要城市，其中大部分再次位於亞洲，尤其是中國大陸。

Our brand momentum and opportunities in China remains strong. We reported third quarter Mainland sales up high single digits in constant currency. This was an encouraging result in light of widespread COVID disruptions following the relaxation of zero COVID policies in the period with over 90% of our stores impacted by full closures, reduced trading hours and staffing levels.

我們在中國的品牌勢頭和機遇依然強勁。我們報告第三季度大陸銷售額以固定匯率計算增長了高個位數。鑑於在此期間放寬零 COVID 政策後廣泛的 COVID 中斷，這是一個令人鼓舞的結果，我們超過 90% 的商店受到全面關閉、營業時間減少和人員配備水平的影響。

As our dedicated teams on the ground continue to manage near-term disruptions with agility, we expect the countries reopening to be a net-positive as we continue to strengthen our growing presence in this key market. Elsewhere in the region, we continued to drive double-digit constant currency growth across Japan, Korea, Australia and Southeast Asia, where we opened our first Ralph's Coffee experience in Kuala Lumpur this quarter.

隨著我們在當地的專門團隊繼續敏捷地管理近期中斷，我們預計隨著我們繼續加強我們在這個關鍵市場不斷增長的影響力，國家重新開放將是一個淨積極因素。在該地區的其他地方，我們繼續推動日本、韓國、澳大利亞和東南亞的兩位數持續貨幣增長，本季度我們在吉隆坡開設了第一家 Ralph's Coffee 體驗店。

In addition to our sustained momentum across Asia, we remain bullish on our long-term growth opportunities and ability to strategically drive lifetime value across North America and Europe. In Q3, we opened our largest children's store in the world on Via della Spiga in Milan. Located across from our flagship, we are now able to showcase the full breadth of our luxury lifestyle proposition in this important market.

除了我們在亞洲的持續發展勢頭之外，我們仍然看好我們的長期增長機會以及在北美和歐洲戰略性地推動終身價值的能力。第三季度，我們在米蘭的 Via della Spiga 開設了全球最大的兒童店。位於我們的旗艦店對面，我們現在能夠在這個重要市場展示我們奢華生活方式主張的全部範圍。

We also launched our first full-price emblematic store in Barcelona, another influential fashion market as we continue to build our connected ecosystems across the region.

我們還在另一個有影響力的時尚市場巴塞羅那推出了我們的第一家全價標誌性商店，因為我們繼續在該地區建立我們的互聯生態系統。

And finally, touching briefly on our enablers. In addition to our strategic priorities, our business continued to be supported by our 5 key enablers. In the third quarter, we were proud to be recognized on SaaS Company's 2022 Brands That Matter list for our collaboration with Morehouse and Spelman Colleges launched last March. This groundbreaking partnership was just one example of our commitment to evolve how we portray the American dream in the stories we tell and the faces and creators we champion.

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 5 個關鍵推動因素的支持。在第三季度，由於我們與去年 3 月推出的 Morehouse 和 Spelman 學院的合作，我們很榮幸在 SaaS 公司的 2022 Brands That Matter 名單中得到認可。這種開創性的合作夥伴關係只是我們致力於改進我們在講述的故事以及我們擁護的面孔和創造者中描繪美國夢的方式的一個例子。

We were also recognized as one of Fortune's World's Most Admired Companies, moving from #6 last year to #2 this year for our sector. And on the sustainability front, we highlighted our first cradle-to-cradle certified product just a few weeks ago with our luxury gold cashmere sweater. A first-of-its-kind luxury product to achieve this global standard, this is just one part of our commitment to enable our past and future products to live on responsibly. This sweater is the first of 5 iconic products that we plan to make C2C certified by 2025.

我們還被公認為財富雜誌全球最受尊敬的公司之一，從去年的第 6 名上升到今年的第 2 名。在可持續發展方面，我們在幾週前推出了我們的第一款經過“從搖籃到搖籃”認證的奢華金色羊絨衫。作為首款達到這一全球標準的奢侈品，這只是我們承諾讓我們過去和未來的產品以負責任的方式生存的承諾的一部分。這件毛衣是我們計劃在 2025 年之前通過 C2C 認證的 5 款標誌性產品中的第一款。

In closing, our strong performance through the first 3 quarters of the year underscores our consistency and strong execution. This is underpinned by the power of our brand and Ralph Lauren's multiple drivers of long-term sustainable growth and value creation. Ralph and I are proud of our team's continued agility, execution and productivity as we effectively navigate a dynamic global operating environment. Our focus on offense, agility and pragmatism continues to inspire our approach moving forward.

最後，我們今年前三個季度的強勁表現凸顯了我們的一致性和強大的執行力。這得益於我們品牌的力量和 Ralph Lauren 長期可持續增長和價值創造的多重驅動力。拉爾夫和我為我們團隊在動態的全球運營環境中有效駕馭的持續敏捷性、執行力和生產力感到自豪。我們對進攻、敏捷和實用主義的關注繼續激勵著我們前進的方法。

And I just want to take a moment to welcome our newest Board member, Wei Zhang, former President of Alibaba Pictures and SVP of Alibaba Group, who joined us this quarter. Her leadership experience across international business development, focusing on China, entertainment, media and corporate social responsibility make her a unique addition to our Board.

我只想花點時間歡迎我們最新的董事會成員，阿里巴巴影業前總裁兼阿里巴巴集團高級副總裁張偉，他於本季度加入我們。她在國際業務發展、專注於中國、娛樂、媒體和企業社會責任方面的領導經驗使她成為我們董事會的獨特成員。

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. We are encouraged by our strong early progress on our Next Great Chapter: Accelerate plan. We leveraged our multiple strategic drivers and superior operational capabilities to deliver third quarter results ahead of our expectations. We drove another quarter of solid topline growth, with Q3 revenues up 1% on a reported basis and 7% in constant currency above our outlook. All 3 regions delivered positive revenue growth on both, on reported and constant currency basis as well as positive retail comp growth. Operating margin was at the high end of our guidance with strong expense discipline more than offsetting lower-than-expected gross margin. Operating with discipline has been and will continue to be a cornerstone of our long-term strategic plan with productivity helping to fuel our investments in sustainable long-term growth.

謝謝帕特里斯，大家早上好。我們對我們在下一個偉大篇章：加速計劃方面取得的強勁早期進展感到鼓舞。我們利用我們的多個戰略驅動因素和卓越的運營能力，實現了超出我們預期的第三季度業績。我們推動了又一個季度的穩健收入增長，第三季度收入按報告基礎增長 1%，按固定匯率計算增長 7%，高於我們的預期。所有 3 個地區在報告和固定貨幣基礎上均實現了正收入增長，同時零售業務也實現了正增長。營業利潤率處於我們指引的高端，嚴格的費用紀律足以抵消低於預期的毛利率。有紀律地運營一直並將繼續成為我們長期戰略計劃的基石，生產力有助於推動我們對可持續長期增長的投資。

Exiting the quarter, we continue to leverage the strength of our balance sheet, which has served us well through times of uncertainty. We believe our elevated brand, clear strategy and targeted investments 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.

本季度結束後，我們繼續利用資產負債表的實力，這在不確定時期為我們提供了良好的服務。我們相信，我們提升的品牌、清晰的戰略和有針對性的投資，再加上我們的經營紀律文化和 Fortress Foundation 推動者，使我們有能力繼續推動長期價值創造。

Let me take you through our third quarter financial highlights. Total company revenues increased 7% in constant currency, above our low to mid-single-digit outlook, led by double-digit growth in Asia and Europe. Guidance and results included a timing shift with the week between Christmas and New Year's moving back into the third quarter from the fourth quarter last year due to the 53rd week in fiscal '22. This benefited this year's Q3 sales by about 130 basis points, which should negatively impact our smaller fourth quarter by an estimated 170 basis points.

讓我帶您了解一下我們第三季度的財務亮點。在亞洲和歐洲實現兩位數增長的帶動下，公司總收入按固定匯率計算增長了 7%，高於我們中低個位數的預期。由於 22 財年的第 53 週，指導和結果包括時間上的變化，聖誕節和新年之間的一周從去年第四季度回到第三季度。這使今年第三季度的銷售額受益約 130 個基點，這將對我們規模較小的第四季度產生約 170 個基點的負面影響。

Ralph Lauren digital ecosystem sales grew high single digits in constant currency and more than 40% on a 2-year stack. With our owned Ralph Lauren digital sites, sales grew 10% on top of more than 30% growth last year. We continue to elevate and expand the breadth of our offering online while enhancing the user experience with a rich digital content.

Ralph Lauren 數字生態系統的銷售額以固定匯率計算增長了高個位數，並且在 2 年的堆棧中增長了 40% 以上。憑藉我們自有的 Ralph Lauren 數字網站，銷售額在去年超過 30% 的基礎上增長了 10%。我們繼續提升和擴大在線產品的範圍，同時通過豐富的數字內容增強用戶體驗。

We are also driving further improvements in quality of sales with an increase in full price sales penetration and digital margins strongly accretive to our overall profitability in the quarter. Note that the fiscal quarter shift benefited our own digital sales by about 2 points in Q3 and should negatively impact Q4 by about 3 points. We continue to deliver gross margin expansion in constant currency this quarter consistent with our long-term guidance. Total company adjusted gross margin was 65.2%, down 80 basis points to last year on a reported basis, but up 80 basis points in constant currency. The increase was driven by product mix elevation with AUR up 10% on top of 19% growth last year and lower air freight reliance following last year's supply chain disruptions.

我們還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增加極大地增加了我們本季度的整體盈利能力。請注意，財政季度轉移使我們自己的數字銷售在第三季度受益約 2 個百分點，並對第四季度產生約 3 個百分點的負面影響。本季度，我們繼續按照我們的長期指導以固定匯率實現毛利率增長。公司調整後的總毛利率為 65.2%，按報告基礎比去年下降 80 個基點，但按固定匯率計算上升 80 個基點。這一增長是由產品組合提升推動的，AUR 在去年增長 19% 的基礎上增長了 10%，以及去年供應鏈中斷後對空運的依賴度降低。

While we continue to drive our long-term brand elevation strategy, gross margins were below our expectations this holiday driven by: first, targeted outlet promotions in North America to drive conversion with our value-oriented consumers; second, stronger-than-expected post-Christmas sale days, which shifted into the third quarter from Q4 last year; and finally, higher duty costs in Europe. Compared to fiscal '20 pre-pandemic levels, adjusted gross margin was still 300 basis points higher in the third quarter.

雖然我們繼續推動我們的長期品牌提升戰略，但這個假期的毛利率低於我們的預期，原因是：首先，在北美進行有針對性的直銷店促銷，以推動我們以價值為導向的消費者的轉化；第二，強於預期的聖誕節後銷售日，從去年的第四季度轉移到第三季度；最後，歐洲的關稅成本更高。與 20 財年大流行前的水平相比，第三季度調整後的毛利率仍高出 300 個基點。

Our better-than-expected revenues and operating expense discipline in the third quarter also enabled us to deliver operating margins at the top of our guidance range. Adjusted operating margin was 16% on a reported basis and 17.8% in constant currency, representing 190 basis point constant currency increase to last year. Adjusted operating expenses declined 1%, including a marketing expense decline of 8% over last year's disproportionately back half-weighted spend. Marketing was 7.3% of sales compared to 8.1% in the prior year period. As Patrice mentioned, operational excellence remains a key element of our Fortress Foundation, and we remain sharply focused on operating expense discipline even as we continue to invest behind our brands and targeted global expansion to drive long-term sustainable growth.

我們第三季度好於預期的收入和運營費用紀律也使我們能夠在我們的指導範圍內提供最高的運營利潤率。調整後的營業利潤率為 16%，按固定匯率計算為 17.8%，比去年固定匯率增長 190 個基點。調整後的運營費用下降了 1%，其中營銷費用比去年不成比例的半加權支出下降了 8%。營銷佔銷售額的 7.3%，而去年同期為 8.1%。正如 Patrice 所提到的，卓越運營仍然是我們 Fortress 基金會的一個關鍵要素，即使我們繼續投資於我們的品牌並瞄準全球擴張以推動長期可持續增長，我們仍然非常關注運營支出紀律。

Moving to segment performance, starting with North America. Third quarter revenues grew 1% as stronger direct-to-consume performance more than offset a slight decline in wholesale, as anticipated. The shift of post-Christmas days benefited our performance by about 190 basis points in the quarter. This shift should negatively impact our fourth quarter sales by about 270 basis points. In addition, the absence of last year's 53rd week is expected to negatively impact North America by another 460 basis points in Q4.

從北美開始轉向細分性能。第三季度收入增長 1%，因為直接面向消費者的業績表現強勁，抵消了批發業務的小幅下滑，正如預期的那樣。聖誕節後的轉變使我們在本季度的業績提高了約 190 個基點。這種轉變應該會對我們第四季度的銷售額產生約 270 個基點的負面影響。此外，去年第 53 週的缺席預計將在第四季度對北美產生另外 460 個基點的負面影響。

In North America Retail, third quarter comps grew 2% on top of a strong 38% COVID reopening compare last year. While we were encouraged by another quarter of positive comp growth in our full-price stores, this was offset by softer performance in our outlets as anticipated in our guidance.

在北美零售業，第三季度收入增長 2%，而 COVID 重新開業與去年相比強勁增長 38%。雖然我們對全價商店的另一個季度正收入增長感到鼓舞，但這被我們指導中預期的網點表現疲軟所抵消。

Our outlet AUR was up high single digits, reflecting our ongoing brand and product elevation in the channel. However, we continued to see softness in our value-oriented consumers. We are focused on driving a strong value proposition to the consumer, which includes expanded category assortments, enhanced selling environments and targeted communications. Our fiscal '23 outlook still assumes caution in this channel through the rest of the year. Comps in our owned ralphlauren.com site increased 9% and more than 40% on a 2-year stack, driven by strong performance in core product, tailored styles and footwear. Digital AUR increased on continued product mix elevation.

我們的門店 AUR 達到了高個位數，反映了我們在渠道中不斷提升的品牌和產品。然而，我們繼續看到以價值為導向的消費者的疲軟。我們專注於為消費者提供強大的價值主張，包括擴大品類組合、改善銷售環境和有針對性的溝通。在今年餘下的時間裡，我們的 23 財年展望仍對這一渠道持謹慎態度。在核心產品、定制款式和鞋類的強勁表現推動下，我們擁有的 ralphlauren.com 網站的收入在 2 年內增長了 9% 和 40% 以上。數字 AUR 隨著產品組合的持續提升而增加。

In North America Wholesale, revenues declined 2% to last year. As we discussed in November, the decline was entirely driven by our customs delay, which resulted in missed Q3 shipment windows, representing about 3 points of negative impact. As expected, we also saw a slowdown in replenishment trends as our partners focus on keeping inventories clean heading into the new year. Outside of this, our positioning in the wholesale channel remains competitively strong. We gained market share across men's, women's and kids in key partners, and our AUR and wholesale grew 10% on continued product elevation.

在北美批發市場，收入比去年下降了 2%。正如我們在 11 月討論的那樣，下降完全是由於我們的海關延誤造成的，這導致錯過了第三季度的裝運窗口，帶來了大約 3 個百分點的負面影響。正如預期的那樣，我們也看到補貨趨勢放緩，因為我們的合作夥伴在進入新的一年之前專注於保持庫存清潔。除此之外，我們在批發渠道的定位仍然具有很強的競爭力。我們在主要合作夥伴的男裝、女裝和童裝市場中獲得了市場份額，我們的 AUR 和批發量因產品持續提升而增長了 10%。

Promotions on our brands at wholesale were largely aligned with our expectations going into the season. Inventories at wholesale are now normalized following last year's supply chain disruption, and we have experienced minimal cancellations to date for spring '23. We still expect wholesale to be up in the fourth quarter of fiscal '23, despite our more cautious view on replenishment and our spring '23 inventory buys.

我們批髮品牌的促銷活動在很大程度上符合我們進入本季的預期。去年供應鏈中斷後，批發庫存現已正常化，迄今為止，我們在 23 年春季的訂單取消數量很少。儘管我們對補貨和 23 年春季庫存購買持更為謹慎的看法，但我們仍然預計批發量將在 23 財年第四季度增長。

Moving on to Europe. Third quarter revenue increased 1% on a reported basis and 13% in constant currency. This 13% growth included about 450 basis points of benefit from the post-Christmas timing shift as well as a wholesale allowance benefit recognized in the quarter. We estimate the timing shift will negatively impact the smaller fourth quarter by about 120 basis points in Europe. Q3 European retail comps increased 11% on top of the 55% compare last year. Brick-and-mortar comps also up 11%, benefited from lapping the start of last year's Omicron variant as well as the post-Christmas sales shift into Q3. AUR increased 12% with gains in both brick-and-mortar and digital AUR. Total digital ecosystem grew mid-single digits in the quarter, with low double-digit growth in owned digital commerce and wholesale.com more than offsetting softer pure-play results as anticipated. Europe wholesale declined 1% on a reported basis, but grew 11% in constant currency. This was ahead of our expectations, driven by roughly 8 points benefit related to lower-than-anticipated wholesale allowances as well as stronger spring '23 shipments and fill rates, more than offsetting softer reorder trends.

繼續前往歐洲。第三季度收入按報告基礎增長 1%，按固定匯率計算增長 13%。這一 13% 的增長包括聖誕節後時間轉移帶來的約 450 個基點的收益以及本季度確認的批發津貼收益。我們估計時間轉移將對歐洲較小的第四季度產生約 120 個基點的負面影響。第三季度歐洲零售業比去年增長 55%，增長 11%。受益於去年 Omicron 變體的開始以及聖誕節後銷售轉移到第三季度，實體店的銷售額也增長了 11%。隨著實體和數字 AUR 的增長，AUR 增加了 12%。整個數字生態系統在本季度增長了中個位數，自有數字商務和 wholesale.com 的低兩位數增長足以抵消預期的疲軟純業務結果。根據報告，歐洲批發下降了 1%，但按固定匯率計算增長了 11%。這超出了我們的預期，原因是與低於預期的批發配額相關的大約 8 個百分點的收益以及更強的 23 年春季出貨量和填充率，抵消了疲軟的再訂購趨勢。

Note that our wholesale outlook continues to embed a notable deceleration through Q4 based on challenging compares and macro headwinds. Overall, while our Europe business has performed better than expected through the first 3 quarters of the year, we remain cautious on the remainder of fiscal '23 into fiscal '24, given dynamic macro conditions across the region.

請注意，基於具有挑戰性的比較和宏觀逆風，我們的批發前景在第四季度繼續顯著減速。總體而言，雖然我們的歐洲業務在今年前 3 個季度的表現好於預期，但鑑於整個地區動態的宏觀環境，我們對 23 財年的剩餘時間到 24 財年仍持謹慎態度。

Turning to Asia. Revenue increased 1% on a reported basis and 16% in constant currency, a strong result given significant COVID outbreaks in the Chinese Mainland as well as higher infection rates in Japan. Asia retail comps were up 8% with balanced growth across digital commerce and brick-and-mortar stores.

轉向亞洲。收入按報告基礎增長 1%，按固定匯率計算增長 16%，考慮到中國大陸爆發嚴重的 COVID 疫情以及日本較高的感染率，這是一個強勁的結果。亞洲零售業增長 8%，數字商務和實體店實現均衡增長。

By market, third quarter sales in Japan and Korea each increased mid-teens in constant currency. Australia, New Zealand and Southeast Asia were up more than 25% and 50%, respectively. The Chinese Mainland was up 7%, despite the significant COVID impacts Patrice mentioned, while Hong Kong, Macau and Taiwan grew low teens in the quarter. We returned to full operations in the Mainland by mid-January. And while our teams are prepared to manage through further disruptions, we are encouraged by the continued resilience and strength of our consumer and brand momentum in China along with the rest of Asia.

按市場劃分，日本和韓國的第三季度銷售額均以固定匯率計算增長了 15% 左右。澳大利亞、新西蘭和東南亞地區的漲幅分別超過 25% 和 50%。中國大陸增長了 7%，儘管 Patrice 提到了 COVID 的重大影響，而香港、澳門和台灣在本季度增長了十幾歲。到 1 月中旬，我們在內地全面恢復運營。雖然我們的團隊已準備好應對進一步的干擾，但我們對中國以及亞洲其他地區消費者和品牌勢頭的持續韌性和實力感到鼓舞。

Moving on to the balance sheet. Our balance sheet continues to be an important element of our Fortress Foundation, enabling us to balance strategic investments in our brand and business with returning cash to shareholders even through dynamic times.

轉到資產負債表。我們的資產負債表仍然是 Fortress Foundation 的重要組成部分，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，即使在充滿活力的時期也是如此。

Through the third quarter, we returned approximately $560 million in the form of our dividend and share repurchases year-to-date. We ended the period with $1.7 billion in cash and short-term investments and $1.1 billion in total debt. Net inventory increased 33%, moderating from first half trends as we reduced goods in transit and significantly improved our lead times from last year's global supply chain delays. Inventory growth still reflects earlier timing of receipts, higher product costs and our strategy of product mix elevation. Nevertheless, we still expect to end fiscal '23 with inventory more closely aligned to sales growth. We continue to manage our inventory position fund with the majority still weighted for and seasonless product. This gives us greater flexibility to adjust future production levels and allocate product to the channels and geographies with the strongest demand. We also continue to make meaningful improvements in transit times as we move through this year.

截至第三季度，我們以年初至今的股息和股票回購形式返還了約 5.6 億美元。我們以 17 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。淨庫存增加了 33%，與上半年的趨勢相比有所放緩，因為我們減少了在途貨物，並顯著縮短了我們去年全球供應鏈延誤的交貨時間。庫存增長仍然反映了較早的收貨時間、較高的產品成本以及我們的產品組合提升戰略。儘管如此，我們仍然希望在 23 財年結束時庫存與銷售增長更緊密地保持一致。我們繼續管理我們的庫存頭寸基金，其中大部分仍然是加權和季節性產品。這使我們能夠更靈活地調整未來的生產水平，並將產品分配到需求最旺盛的渠道和地區。今年，我們還將繼續在運輸時間方面做出有意義的改進。

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 our guidance represents our best assessment of market conditions and resulting consumer impact.

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，我們的指導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 or about 8% on a 52-week comparable basis. Our outlook continues to assume a challenging consumer backdrop in Europe and North America. We now expect foreign currency to negatively impact revenues by approximately 600 basis points. We expect operating margin of approximately 13.5% to 14% in constant currency compared to our prior outlook of about 14%. This is based on a more modest level of gross margin expansion in the second half of the year as we keep inventories current and align to demand. Foreign currency is now expected to negatively impact operating margin by about 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.

對於 23 財年，我們維持不變貨幣的全年展望，預計收入將以 52 周可比基礎增長高個位數或約 8%。我們的展望繼續假設歐洲和北美的消費者背景充滿挑戰。我們現在預計外幣將對收入產生約 600 個基點的負面影響。我們預計以固定匯率計算的營業利潤率約為 13.5% 至 14%，而我們之前的預期約為 14%。這是基於今年下半年毛利率的溫和增長，因為我們保持當前庫存並與需求保持一致。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%，兩者均以報告為基礎。

Gross margin is now expected to be flattish to last year on a constant currency basis. We plan to continue driving stronger AUR and favorable product mix to offset increased product costs. Foreign currency is now expected to negatively impact gross margins by about 150 basis points in fiscal '23. For the fourth quarter, on a 13-week comparable basis, we expect constant currency revenue growth of about mid- to high single digits. On a reported basis, which includes the impact of last year's 53rd week, we expect revenues to be up 1% and 2% in constant currency. Foreign currency is expected to negatively impact revenue growth by approximately 500 basis points.

按固定匯率計算，現在預計毛利率與去年持平。我們計劃繼續推動更強大的 AUR 和有利的產品組合，以抵消增加的產品成本。現在預計外幣將在 23 財年對毛利率產生約 150 個基點的負面影響。對於第四季度，在 13 周可比基礎上，我們預計貨幣收入將保持中高個位數的持續增長。在報告的基礎上，包括去年第 53 週的影響，我們預計收入按固定匯率計算將增長 1% 和 2%。預計外幣將對收入增長產生約 500 個基點的負面影響。

Our outlook also includes about 170 basis points of negative impact from the week after Christmas shifting into fiscal Q3 from Q4 last year. We expect fourth quarter operating margin of about 5.5% in constant currency. This represents a roughly 190 basis point increase to last year, driven primarily by operating expense leverage as we normalize our cadence of marketing spend versus last year. Foreign currency is expected to negatively impact operating margin by about 160 basis points in the quarter. We expect constant currency gross margins to be about flat in Q4. This implies roughly 50 basis points of expansion on a 13-week comparable basis. Foreign currency is expected to negatively impact gross margin in the quarter by about 140 basis points. We now expect our tax rate in the range of 24% to 25% for the full year and estimate a roughly 29% tax rate for the fourth quarter. Though this could vary widely as Q4 is our smallest quarter and highly dependent on mix and discrete items. And lastly, we now expect capital expenditures in the range of $240 million to $250 million based on the timing of build-out.

我們的展望還包括聖誕節後一周從去年第四季度轉移到第三財季的約 170 個基點的負面影響。我們預計第四季度營業利潤率按固定匯率計算約為 5.5%。這比去年增加了大約 190 個基點，這主要是由運營費用槓桿驅動的，因為我們將營銷支出的節奏與去年相比正常化。預計本季度外幣將對營業利潤率產生約 160 個基點的負面影響。我們預計第四季度固定貨幣毛利率將持平。這意味著在 13 周可比基礎上擴張大約 50 個基點。外幣預計將對本季度的毛利率產生約 140 個基點的負面影響。我們現在預計全年的稅率在 24% 至 25% 之間，並估計第四季度的稅率約為 29%。儘管這可能會有很大差異，因為第四季度是我們最小的季度並且高度依賴混合和離散項目。最後，根據擴建時間，我們現在預計資本支出在 2.4 億美元至 2.5 億美元之間。

In closing, our teams around the world are operating with agility and executing strongly, driving continued progress on our Next Great Chapter: Accelerate plan. This is a testament to the power of our iconic brand that Ralph created over 50 years ago, and the strength of our Fortress Foundation coupled with diversified engines of growth across product categories, geographies and channels.

最後，我們在世界各地的團隊正在敏捷運作並強有力地執行，推動我們的下一個偉大篇章：加速計劃繼續取得進展。這證明了 Ralph 50 多年前創建的我們標誌性品牌的力量，以及我們 Fortress Foundation 的實力以及跨產品類別、地域和渠道的多元化增長引擎。

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 Dana Telsey with Telsey Advisory Group.

（操作員說明）第一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Nice to see the progress. Certainly seems that there's still a lot of moving pieces on the macro side and you beat again on top line this quarter while continuing to grow AUR as the environment has become more promotional.

很高興看到進展。當然，在宏觀方面似乎仍有很多動人的因素，本季度你再次擊敗了最高線，同時隨著環境變得更具促銷性而繼續增長 AUR。

Just bigger picture, can you talk about what gives you the confidence that your elevation strategy can continue to work in a less favorable macro or pricing backdrop? And along those lines, any expansion on your thoughts on the health of the consumer in the wholesale channel in different regions? And what you're seeing in your own retail DTC business with the health of the consumer?

大局觀，你能談談是什麼讓你相信你的提升策略可以在不太有利的宏觀或定價背景下繼續發揮作用嗎？沿著這些思路，您對不同地區批發渠道中消費者健康的想法有何擴展？您在自己的零售 DTC 業務中看到了什麼與消費者的健康有關？

Dana, thanks for your question. Listen, Ralph, Jane and I are really proud of our company's outperformance this year to date. As you mentioned, the macro environment certainly continues to be quite choppy, but I think we're used to that by now. Our teams have built this incredible agility muscle over the past few years, if you kind of reflect on what we've worked through, COVID, inflation and now a relatively promotional environment. So this agility gives us confidence looking ahead, but it's that agility plus other 3 things that I would really call out. The first one, and it touches on your second question is, our core consumer remains quite resilient. And that's true around the world, and that's true across channels. And as you know, we've done a lot of work over the past few years to evolve our customer base to bring in a higher value, younger customer that played out again this past quarter 1.6 million new consumers, higher value, less price-sensitive, younger consumer.

達娜，謝謝你的問題。聽著，拉爾夫、簡和我為我們公司今年迄今為止的出色表現感到非常自豪。正如你所提到的，宏觀環境肯定會繼續波動，但我認為我們現在已經習慣了。我們的團隊在過去幾年中建立了這種令人難以置信的敏捷肌肉，如果你反思一下我們所做的工作，COVID、通貨膨脹以及現在相對促銷的環境。因此，這種敏捷性讓我們對未來充滿信心，但正是這種敏捷性加上我真正要說的其他三件事。第一個，它涉及到你的第二個問題是，我們的核心消費者仍然非常有彈性。這在世界範圍內都是如此，跨渠道也是如此。如您所知，我們在過去幾年做了大量工作來發展我們的客戶群，以帶來更高價值、更年輕的客戶，這些客戶在上個季度再次發揮作用 160 萬新消費者，更高價值，更低價格-敏感的年輕消費者。

The second point is our diverse growth strategy that has multiple growth levers, and we constantly challenge ourselves to make sure they're still relevant in the environment that we are operating in and looking ahead, and we believe they are as relevant as ever, even in a tougher environment.

第二點是我們擁有多種增長槓桿的多元化增長戰略，我們不斷挑戰自己，以確保它們在我們運營和展望未來的環境中仍然具有相關性，我們相信它們與以往一樣相關，甚至在更加艱苦的環境中。

What do I mean by that? Well, you can look at our opportunities to grow across regions, right? We have significant growth opportunities, of course, across Asia, including in China, in particular, but also in key cities across North America and in Europe. On the products front, we have a very wide lifestyle portfolio, and so that enables us to drive our core. You saw our core did quite well this past quarter, up high single digits, but also go after high potential categories like women's up mid-teens this quarter and outerwear up high single digits.

那是什麼意思？那麼，您可以看看我們跨地區發展的機會，對嗎？當然，我們在整個亞洲（尤其是在中國）以及北美和歐洲的主要城市都擁有巨大的增長機會。在產品方面，我們擁有非常廣泛的生活方式組合，這使我們能夠推動我們的核心。你看到我們的核心在上個季度表現相當不錯，高個位數增長，但也追逐高潛力類別，如本季度青少年女性和外套高個位數。

And then the third point is really around flexibility, right? And 2 things I would call out here. One is because of this breadth of product portfolio, we can really flex up and down. You've seen us do that over the past few years based on where the consumer desires, wants, needs are. And I'm sure we'll have the opportunity today to talk a little bit more about -- in your products and what we're seeing. But this ability to flex, I think, is quite unique, and it's a real strength for our company.

然後第三點真的是圍繞靈活性，對吧？我會在這裡指出兩件事。一是由於產品組合的廣泛性，我們真的可以靈活調整。你已經看到我們在過去幾年中根據消費者的期望、需求和需求來做到這一點。而且我相信我們今天將有機會更多地談論 - 在您的產品中以及我們所看到的。但我認為，這種靈活應變的能力非常獨特，是我們公司的真正優勢。

The other thing is our elevation journey, means our pricing structure has built-in flexibility, right? If you look back since the start of this elevation phase, our AUR is up close to 70%, which means we can still react to the competitive environment, including when it gets more promotional without walking back our overall brand elevation strategy. I was really encouraged to see our AUR performance again this quarter, up 10%, bringing in more consumers, driving strong topline growth in -- what is pretty clearly a more aggressive promotional environment. And then underlying our diverse and flexible growth drivers are 2 critical things: one is our ongoing productivity work, which is as relevant as ever; and the second is our Fortress balance sheet. So while the environment remains choppy and we expect it to remain choppy around the world, we believe we are well positioned to continue to attract higher-value consumers and drive growth and value creation.

另一件事是我們的提升之旅，這意味著我們的定價結構具有內置的靈活性，對嗎？如果你回顧一下自這個提升階段開始以來，我們的 AUR 接近 70%，這意味著我們仍然可以對競爭環境做出反應，包括在不退回我們的整體品牌提升策略的情況下獲得更多促銷的時候。看到本季度我們的 AUR 業績再次增長 10%，吸引了更多消費者，推動了強勁的收入增長，我真的很受鼓舞——這顯然是一個更加激進的促銷環境。然後，在我們多樣化和靈活的增長動力背後是兩個關鍵的事情：一個是我們正在進行的生產力工作，這與以往一樣重要；第二個是我們的 Fortress 資產負債表。因此，儘管環境仍然動盪不安，而且我們預計世界各地的環境仍將動盪不安，但我們相信我們有能力繼續吸引更高價值的消費者並推動增長和價值創造。

If I double-click on your question regarding consumers and at the risk of repeating myself, a few things to call out. First of all, our core consumer is resilient and in good shape. And so we're seeing him and her respond nicely to the work we're doing on brand elevation, product elevation, shopping experience elevation.

如果我雙擊你關於消費者的問題並冒著重複自己的風險，有幾件事需要指出。首先，我們的核心消費者是有韌性的，而且身體狀況良好。因此，我們看到他和她對我們在品牌提升、產品提升、購物體驗提升方面所做的工作反應良好。

I'm very encouraged by the fact that the teams are able to continue to bring in large numbers of new consumers, 1.6 million, I think, is the highest we've done in several quarters now. We've been around 1.3 million, 1.4 million. And again, the makeup of that customer group is higher value, less price sensitive. So we feel good about that. We did mention last quarter that our more value-oriented consumer, which is a much smaller part of our business today, is obviously feeling the inflationary pressures and is having to be more discerning in terms of how they spend, but they're still buying clothes. And here, we're encouraged by our share progress because we're growing share particularly on the wholesale channel that you touched on, Dana. We're growing share in men's. We're growing share in women's. We're growing share in kids. So we're staying very focused on making sure our value perception continues to strengthen, and it did again this quarter such that across all channels, across all consumer groups, we win the consumer level.

這些團隊能夠繼續吸引大量新消費者，這讓我感到非常鼓舞，我認為 160 萬是我們幾個季度以來的最高水平。我們大約有 130 萬、140 萬。同樣，該客戶群的構成價值更高，對價格的敏感度較低。所以我們對此感覺很好。我們在上個季度確實提到過，我們更注重價值的消費者，這在我們今天的業務中所佔比例要小得多，顯然感受到了通脹壓力，不得不在消費方式上更加挑剔，但他們仍在購買衣服。在這裡，我們對我們的份額進展感到鼓舞，因為我們正在增加份額，特別是在你提到的批發渠道上，Dana。我們在男裝市場的份額正在增長。我們在女性市場的份額正在增長。我們在孩子中的份額越來越大。因此，我們一直非常專注於確保我們的價值觀念繼續加強，本季度再次這樣做，以便在所有渠道、所有消費者群體中，我們贏得了消費者級別。

And we had that win in North America specifically with AURs up 10%. So that elevation journey continued on a promotional day base that was about equal to last year. Really happy with that quality.

我們在北美取得了勝利，特別是 AUR 增長了 10%。因此，提升之旅在與去年大致相同的促銷日基礎上繼續進行。對這種品質真的很滿意。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Great. Congrats on a nice quarter. So Patrice, could you speak to demand relative to plan that you're seeing for the Polo brand? And maybe just outline market share gains that you're seeing in the women's category? And then, Jane, just in relation to your larger picture comments, how best to think about North America next year relative to your mid-single-digit multiyear target? And just any change in the path to mid-teens constant currency operating margins by FY '25 that we should consider based on anything that you're seeing today?

偉大的。祝賀一個不錯的季度。那麼帕特里斯，你能談談與你看到的 Polo 品牌計劃相關的需求嗎？也許只是概述您在女性類別中看到的市場份額增長？然後，簡，就你的大局評論而言，相對於你的中個位數多年目標，如何最好地考慮明年的北美？根據您今天看到的任何情況，我們應該考慮到 25 財年實現中等至十幾歲的固定貨幣營業利潤率的任何變化？

Sure. So starting on demand on the Polo brands, particularly in the Polo brand, as you know, is the heart of this company. We are seeing progress on men's consistently. And what I'm excited about, we touched on it in our prepared remarks, is the introduction of the Polo Originals line that kind of pays homage to the Polo roots which is just a view the full line of products that our teams have build out with really -- a communication that's really resonating with the customers. So continuing to drive that elevation and tapping into the breadth of the portfolio so that if you want athleisure, we have that available with exciting products. But we also have investments in the more tailored proposition, which is where we're seeing the consumer gravitate more and more to this more elevated casual proposition. So Polo men's is really nice momentum with a number of engines of growth that were very promising for the future. Outerwear is obviously an area of strength on the Polo men's here.

當然。因此，如您所知，根據 Polo 品牌的需求開始，特別是 Polo 品牌，是這家公司的核心。我們一直在看到男性的進步。令我興奮的是，我們在準備好的評論中提到了 Polo Originals 系列的推出，這是對 Polo 根源的敬意，這只是我們團隊打造的全系列產品的視圖真正 - 真正與客戶產生共鳴的溝通。因此，繼續推動這一提升並利用產品組合的廣度，以便如果您想要運動休閒，我們可以提供令人興奮的產品。但我們也對更量身定制的主張進行了投資，這是我們看到消費者越來越傾向於這種更高級的休閒主張的地方。因此，Polo 男裝的發展勢頭非常好，許多增長引擎對未來充滿希望。外套顯然是 Polo 男裝的強項。

On the women's side, across all the key categories actually, we're seeing Polo women's get significant traction. And as we're seeing the consumer gravitate to this more elevated casual dimension, then we're able to leverage the breadth of the portfolio and that ranges from sweaters to dresses to acceleration in outerwear, and we expect that to continue. Obviously, we see significant growth opportunities ahead on Polo women's. And then on Polo kids, we're also continuing to see nice traction and share growth. Seeing share growth for quite a while on that business as well and expect that to continue as we throw a relatively wide net when it comes to attracting new consumers and leveraging the presence we have across multiple categories. So the range of product offerings we have on the Polo brand and the skew to our sweet spot, which is this elevated casual, I think, sets up to brand nicely, not just for outperformance now, but for the future.

在女裝方面，實際上在所有關鍵類別中，我們看到 Polo 女裝獲得了顯著的吸引力。當我們看到消費者被這種更高級的休閒維度所吸引時，我們就能夠利用產品組合的廣度，從毛衣到連衣裙再到外套的加速發展，我們預計這種情況會繼續下去。顯然，我們看到了 Polo 女裝的巨大增長機會。然後在 Polo kids 上，我們也繼續看到良好的牽引力和份額增長。在吸引新消費者和利用我們在多個類別中的存在方面，我們也看到該業務的份額增長了很長一段時間，並預計這種情況會持續下去，因為我們投入了相對廣泛的網絡。因此，我們在 Polo 品牌上提供的產品範圍以及我們的最佳選擇，我認為，這是一種高級休閒裝，為品牌樹立了良好的形象，不僅是為了現在的出色表現，而且是為了未來。

Jane, I'll turn it over to you for the second question.

簡，第二個問題我會交給你。

Yes. And from a larger-picture perspective now, we feel that this year's performance is consistent with our FY '25 guidance of getting to a mid-teens OI margin. And we feel that because our -- despite some macro choppiness, our strategy is working. Again, this quarter, we were able to offset inflation, putting up at 10% AUR growth. And what undergirds that and gives us confidence is that our consumer value perception rating again this quarter improved and is obviously improved from the pre-pandemic level. So the consumer is giving us confidence in our ability to navigate with gross margin -- holding and expanding our gross margin over the next several years.

是的。現在從更大的角度來看，我們認為今年的表現與我們的 25 財年指導方針一致，即達到十幾歲的 OI 利潤率。我們認為，因為我們的 - 儘管存在一些宏觀動盪，但我們的戰略正在發揮作用。同樣，本季度，我們能夠抵消通貨膨脹，實現 10% 的 AUR 增長。鞏固這一點並給我們信心的是，本季度我們的消費者價值感知評級再次提高，並且比大流行前水平明顯提高。因此，消費者讓我們對我們在毛利率方面的能力充滿信心——在未來幾年保持並擴大我們的毛利率。

We also have a robust productivity plan that we outlined. We're still committed to delivering this $400 million over the life of the plan in productivity savings. We're investing in that, and we're seeing the benefits of that in our supply chain, in our buying groups and in just our cost management. And you saw that flow through this quarter in our expense management and beating our OI margin guidance.

我們還概述了一個強大的生產力計劃。我們仍然致力於在計劃的整個生命週期內提供這 4 億美元的生產力節約。我們正在對此進行投資，我們在我們的供應鏈、我們的採購團隊以及我們的成本管理中看到了它的好處。您在本季度的費用管理中看到了這一點，並超過了我們的 OI 利潤率指導。

So those are things that are giving us confidence and courage, also the resiliency of Asia. Multiple countries delivering strongly and the resiliency that we see in our China business and Europe continuing in a difficult environment to outperform. All those things are confidence builders -- that 15% is the right margin.

因此，這些東西給了我們信心和勇氣，也給了亞洲的韌性。多個國家表現強勁，我們在中國業務和歐洲看到的彈性在困難的環境中繼續表現出色。所有這些都是建立信心的因素——15% 是合適的利潤率。

On North America in next year, I think that we've outlined as called out for the last couple of quarters, the pressure on the value consumer, I think we're responding appropriately and well within the guardrails of our strategy. So we're still confident in our outlook for growth in North America next year and are pleased with the progress we've made since the reset putting it on a healthier base. So absolutely, yes.

在明年的北美，我認為我們已經概述了過去幾個季度所呼籲的價值消費者的壓力，我認為我們正在做出適當的回應，並且在我們戰略的護欄內。因此，我們仍然對明年北美的增長前景充滿信心，並對自重置以來我們取得的進展感到滿意，使其處於更健康的基礎上。所以絕對是的。

The next question comes from Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

How much of the AUR increase going forward is North America-driven? And within that, how much should we think about from here is from SKU mix or channel compared to a like-for-like pricing opportunities? And then Jane, it feels like the right time to ask, North America margin crossed above pre-COVID levels this quarter for the first time in a while. It was nice to see. Could you outline bridge for North America operating margin to get back to the 21%, 22% zone that it was in prior to COVID. You've given us some of the components like digital being accretive, those kinds of things. Now our bigger business is today. I'm curious what your thoughts are there.

未來 AUR 的增長有多少是由北美驅動的？其中，與同類定價機會相比，我們應該從這裡考慮多少來自 SKU 組合或渠道？然後簡，感覺是時候問了，北美利潤率本季度首次超過 COVID 前水平。很高興看到。您能否概述北美營業利潤率回到 COVID 之前的 21%、22% 區域的橋樑。你給了我們一些組件，比如數字化的增值，諸如此類的東西。現在我們更大的業務是今天。我很好奇你有什麼想法。

Yes, sure. Let me take the first part of your question, which is AUR-based. So as we move forward in this pricing journey, you've seen us continuously put up AUR increases across all 3 regions. Again, this quarter, we saw Asia, which is furthest along in the journey put a very strong AUR delivery, but more modest than the rest of the regions because they're further along in their journey. So fully offsetting inflation and expanding gross margin. Europe, which is in the middle of the journey also put up nice AUR expansion as did North America.

是的，當然。讓我回答你問題的第一部分，這是基於 AUR 的。因此，隨著我們在這個定價過程中向前邁進，您已經看到我們不斷提高所有 3 個地區的 AUR。同樣，本季度，我們看到亞洲在旅程中走得最遠，它的 AUR 交付量非常強勁，但比其他地區更為溫和，因為它們在旅程中走得更遠。因此完全抵消了通貨膨脹並擴大了毛利率。處於旅程中間的歐洲也像北美一樣進行了不錯的 AUR 擴展。

I do believe that because North America is earlier on in their journey that they will be slightly outpaced in AUR progression through this long-term -- through the length of our plan, and they're certainly positioned to offset inflation through the length of this plan.

我確實相信，由於北美在他們的旅程中處於較早的階段，因此從長期來看，他們在 AUR 進展方面會略微超過我們計劃的長度，並且他們肯定能夠通過這個長度來抵消通貨膨脹計劃。

So it's not a disproportionate amount, but I do think there's more opportunities. We've just started this journey in wholesale. We're early on there. And we've continued to make progress across full price our outlets and our digital. So we're encouraged by the breadth of AUR progression that we see in North America.

所以這不是一個不成比例的數量，但我確實認為有更多的機會。我們剛剛開始批發這一旅程。我們很早就在那裡了。我們繼續在我們的網點和我們的數字全價方面取得進展。因此，我們對在北美看到的 AUR 進展的廣度感到鼓舞。

And again, we have a multi-pronged strategy. Because of inflation, like-for-like its pricing is a part of that, but we're getting continued benefits from geographic, and because we're shifting to DTC, we'll see DTC also be a positive tailwind for us and also including the elevation of our assortments, which will continue as we elevate the brand.

同樣，我們有一個多管齊下的戰略。由於通貨膨脹，它的定價是其中的一部分，但我們從地理上獲得了持續的好處，並且因為我們正在轉向 DTC，我們將看到 DTC 對我們來說也是一個積極的順風，而且包括我們品種的提升，這將隨著我們提升品牌而繼續。

As I look at North America operating margin, overall, we're very pleased with the reset of North America and putting North America on a more profitable base. Year-to-date, our margins have been pressured really by 2 primary things. One is, rate impacts were disproportionate in North America, and we do expect that to start to abate a bit in the latter fourth quarter, but certainly into FY '24.

當我看北美的營業利潤率時，總的來說，我們對北美的重置以及將北美置於更有利可圖的基礎上感到非常滿意。今年迄今為止，我們的利潤率確實受到了 2 個主要因素的壓力。一是，北美的利率影響不成比例，我們確實預計這種影響會在第四季度後半段開始有所減弱，但肯定會進入 24 財年。

The other factor was wage actions that we took last year that were overlapping this year. Those were primarily in our distribution centers and in our retail staff. We think it was the right thing to do, and as we elevate the brand, that continuity is important in our retail. So clearly, as we come out of that and start to get a free benefit into '24 and we'll be out of the overlap of wages, it will be a positive benefit as we move it into North America.

另一個因素是我們去年採取的工資行動與今年重疊。這些主要是在我們的配送中心和我們的零售員工中。我們認為這是正確的做法，隨著我們提升品牌，連續性對我們的零售業很重要。很明顯，當我們擺脫困境並開始獲得進入 24 世紀的免費福利並且我們將擺脫工資重疊時，當我們將其轉移到北美時，這將是一個積極的好處。

And as I said before, we have made some meaningful investments in digital. We have a home app. We now have a full content RL app. Those have been good investments that are now made, and we can start to leverage in the future.

正如我之前所說，我們在數字領域進行了一些有意義的投資。我們有一個家庭應用程序。我們現在有一個全內容 RL 應用程序。這些都是現在進行的良好投資，我們可以在未來開始利用。

The next question comes from Paul Kearney with Barclays.

下一個問題來自巴克萊銀行的 Paul Kearney。

Jane, I was wondering, can you help unpack the foreign currency into next year based on current rates? How much of the transaction impact is already hedged or locked in for the year? And what are some of the ways to recapture the 180 basis points of margin impact that you now expect from this year?

簡，我想知道，你能幫忙根據當前匯率將外幣拆包到明年嗎？今年有多少交易影響已經對沖或鎖定？有哪些方法可以重新獲得您現在期望的今年 180 個基點的利潤率影響？

So the primary way that we will address gross margin expansion on both a constant currency and reported basis is going to be our pricing strategy. It's a proven muscle for us, and we expect to deliver over the next several years.

因此，我們在固定貨幣和報告基礎上解決毛利率擴張的主要方式將是我們的定價策略。這對我們來說是一種久經考驗的力量，我們希望在未來幾年內交付。

Now foreign currency, given the tailwinds that we've seen this quarter, which we called out and the impact of Forex will have lessened since the start of the year in our guidance, we're encouraged, but I don't have a crystal ball. But I do know that I think we've been relatively wise about the hedges we placed going into next year. And as currency continues to strengthen, we should have over translational and transactional benefit, but we do hedge (inaudible) dramatically in layers and again, just optimizing around being relatively smart and placing those layers. So I'm feeling good, but again, I don't have a crystal ball. And it is our practice, we'll give guidance in our fourth quarter results, but we will call out the impacts based on the spot at that time.

現在外匯，考慮到我們在本季度看到的順風，我們已經呼籲，並且自年初以來我們的指導中外彙的影響將會減弱，我們感到鼓舞，但我沒有水晶球。但我確實知道，我認為我們對明年的對沖相對明智。隨著貨幣繼續走強，我們應該有超過平移和交易的好處，但我們一次又一次地進行戲劇性的對沖（聽不清），只是圍繞相對聰明和放置這些層進行優化。所以我感覺很好，但同樣，我沒有水晶球。這是我們的慣例，我們會在第四季度的業績中給出指導，但我們會根據當時的情況提出影響。

The next question comes from Laurent Vasilescu with BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Jane, I want to ask about China. I think you mentioned -- I know you usually don't mention quarter-to-date trends, but you mentioned that your China operations are back to full operations mid-January. I know it's only 3 weeks, but just -- it's for the audience, if you can kind of unpack what you're seeing? Is it just -- is it traffic just coming back? Or are you also seeing conversion? And then just one quick question on the 4Q gross margin. If you can give us some puts and takes, great to hear that the 4Q gross margin should be up 50 bps. If you can parse that out a little bit, that would be very helpful.

簡，我想問問關於中國的事。我想你提到過——我知道你通常不會提到季度至今的趨勢，但你提到你的中國業務在 1 月中旬恢復全面運營。我知道只有 3 週，但只是——這是給觀眾的，如果你能解開你所看到的東西？只是 - 流量剛剛回來嗎？還是您也看到了轉化？然後只是一個關於第四季度毛利率的快速問題。如果你能給我們一些看跌期權，很高興聽到 4Q 毛利率應該上升 50 個基點。如果你能稍微解析一下，那將非常有幫助。

Laurent, we'll tag team on this one. Few things on China. First of all, I have to say, I am really proud of our team's execution, actually not just in China, but across the entire APAC region. And as we talked in prior forums, we see significant near- and long-term growth opportunities in China, strong brand building, a relevant product offering and a connected ecosystem expansion in key markets.

Laurent，我們會在這個問題上標記團隊。關於中國的事情很少。首先，我必須說，我真的為我們團隊的執行力感到自豪，實際上不僅在中國，而且在整個亞太地區。正如我們在之前的論壇上所說，我們在中國看到了重要的近期和長期增長機會、強大的品牌建設、相關產品供應以及關鍵市場的互聯生態系統擴展。

In Q3, we were up 7% constant currency in China, despite 94% of our stores impacted either by closures or reduced hours or staffing shortages. So it gives you a sense of the team's agility that I referred to earlier and the ability to kind of navigate that still connect with the consumer while the access is a little constrained.

在第三季度，儘管我們 94% 的門店受到關閉、營業時間減少或人員短缺的影響，但我們在中國的固定匯率上漲了 7%。因此，它讓您了解我之前提到的團隊的敏捷性，以及在訪問受到一定限制的情況下仍然與消費者保持聯繫的導航能力。

You are right that we don't generally comment on in-quarter performance, and it's only been 3 weeks, but we've been very encouraged by the reopening. We are now up and running everywhere, and we're seeing consumers reengage strongly. So far, I think, double-digit rebound across Mainland China. And we're seeing a combination of, of course, the return of traffic both on -- in our brick-and-mortar surge but -- and also online and then strong conversion. And why strong conversion? Because the work that the teams are doing on brand desirability in China is really resonating with the consumer, and they're weaving the brand into the local fabric of the Chinese culture in a way that really sets us apart.

你是對的，我們通常不會對季度業績發表評論，而且只有 3 週，但我們對重新開放感到非常鼓舞。我們現在到處都在運行，我們看到消費者再次強烈參與。到目前為止，我認為，中國大陸出現了兩位數的反彈。當然，我們看到了流量的返回——在我們的實體店激增中——以及在線流量的組合，然後是強大的轉換。為什麼轉換率高？因為團隊在中國的品牌吸引力方面所做的工作確實引起了消費者的共鳴，而且他們正在以一種真正讓我們與眾不同的方式將品牌融入中國文化的當地結構中。

If you think about what the Ralph Lauren brand is about, right, it's understated luxury grounded in heritage and icons. And that's pretty unique proposition. And based on where the Chinese consumers' mindset is right now, which is maybe a little less focused on short-term fashion and more focused on brands that have a history, that have a heritage, and have a set of clear values, that positions us very well. Team is doing a really nice job creating our product line up there, and as we've mentioned in prior calls, we're continuing to see consumers there gravitate towards our highest price items actually around the world.

如果您考慮 Ralph Lauren 品牌的含義，對，它是基於傳統和標誌的低調奢華。這是非常獨特的提議。根據中國消費者現在的心態，他們可能不太關注短期時尚，而更關注有歷史、有傳統、有一套明確價值觀的品牌，這定位我們很好。團隊在那裡創建我們的產品線做得非常好，正如我們在之前的電話中提到的那樣，我們繼續看到那裡的消費者被我們實際上在世界各地的最高價商品所吸引。

And then we're super excited about the way the ecosystems are playing out in the top 6 cities that we've called out. Those of you who plan to visit Mainland China in the near-term, you can visit our new store in Shenzhen, which we opened a few days ago and is off to a wonderful start. In a store we opened recently flagship in Chengdu, which is also doing quite well.

然後我們對生態系統在我們提到的前 6 名城市中發揮作用的方式感到非常興奮。近期有計劃前往中國內地的朋友們，可以到訪我們在深圳的新店，這家新店於幾天前開業，開門紅。我們最近在成都開了一家旗艦店，也做得很好。

And then this is only about domestic consumption, right? So the other thing that's going to happen is, we're going to see Chinese travelers wanting to shop our brand around the world, and we're in a much better position in terms of brand perception than we were 3 years ago. So I think we'll be able to benefit from that, and we're starting to see some of that in Southeast Asia and parts of Northeast Asia for our business. So promising start, excited about the long-term perspective, and we have a very intentional game plan to win with the Chinese consumer.

然後這只是關於國內消費，對吧？因此，另一件即將發生的事情是，我們將看到中國遊客希望在世界各地購買我們的品牌，而且我們在品牌認知度方面的地位比 3 年前要好得多。所以我認為我們將能夠從中受益，我們開始在東南亞和東北亞部分地區看到我們的業務中的一些。如此有希望的開始，對長期前景感到興奮，我們有一個非常有意的遊戲計劃來贏得中國消費者的青睞。

Yes. A few things give us -- are giving us confidence in our Q4 guide on gross margins. One is that what Patrice just said, which is we expect China to come back resiliently in the quarter. It's our highest gross margin country within one of our highest gross margin countries within Asia. So we expect that to be a mix benefit as we move forward in gross margin. We're also starting to see some of the freight benefits, both the reduction in air freight and some reductions starting in ocean freight. So we're encouraged by that as a tailwind. But underlying it all is our confidence in the pricing strategy that we have and the mix benefits that we have in our assortment moving forward into the fourth quarter and that is really the strength along with the consumer perception strength that we see that gives us confidence in the fourth quarter.

是的。有幾件事給了我們 - 讓我們對我們的第四季度毛利率指南充滿信心。一個是 Patrice 剛才所說的，我們預計中國將在本季度恢復彈性。它是我們在亞洲毛利率最高的國家之一中毛利率最高的國家。因此，我們預計隨著毛利率的提高，這將成為一個混合效益。我們也開始看到一些貨運收益，包括空運的減少和海運開始的一些減少。因此，我們對此感到鼓舞。但在這一切的基礎上，我們對我們擁有的定價策略以及我們在進入第四季度的產品組合中所擁有的混合優勢充滿信心，這確實是實力以及我們看到的消費者認知實力讓我們對第四季。

We'll take the last question please, Angela.

請我們回答最後一個問題，Angela。

Our final question comes from Ike Boruchow with Wells Fargo.

我們的最後一個問題來自富國銀行的 Ike Boruchow。

So Jane, that's actually what I wanted to ask about. So understanding the pricing strategies are working in the margins themselves in absolute terms are still very healthy. Can you just explain, versus 3 months ago looking into Q4, the gross margin differential? Because you're lowering the gross margin for the year. I think the Street was looking at like flattish gross margin. Now you're guiding down 140. I know that that's FX-driven, but just directionally, something is a little bit worse ex currency. So I don't know if that has to do with wholesale being weaker, but can you just kind of explain exactly what kind of taking place in Q4 versus maybe the prior plan?

簡，這實際上是我想問的。因此，了解定價策略在絕對利潤率方面發揮作用仍然非常健康。你能解釋一下，與 3 個月前調查第四季度相比，毛利率差異嗎？因為你降低了當年的毛利率。我認為華爾街的毛利率看起來持平。現在你引導向下 140。我知道這是外匯驅動的，但就方向而言，除貨幣外的情況有點糟糕。所以我不知道這是否與批發疲軟有關，但你能否準確解釋一下第四季度發生的情況與之前的計劃相比？

So I think that when we guided in May, we gave guidance based on our best estimate of consumer response and pressures. I think the consumer -- the value consumer that we've called out is more pressured than what we gave our original guidance. And we've also looked at the fourth quarter and want to ensure that we are in good shape as we start fiscal year '24 from an inventory perspective. As we've committed, we're going to have inventories more closely aligned to sales, and that's been responding to the desires of our value consumers to have a really compelling value. Total value for us has made us a little more responsive to that and as well that we want to make sure that we're healthy on inventories as we move out of the fourth quarter.

所以我認為，當我們在 5 月份進行指導時，我們根據對消費者反應和壓力的最佳估計給出了指導。我認為消費者——我們呼籲的價值消費者比我們最初給出的指導壓力更大。我們還研究了第四季度，並希望從庫存角度確保我們在 24 財年開始時處於良好狀態。正如我們所承諾的那樣，我們將使庫存與銷售更緊密地聯繫在一起，這一直在響應我們的價值消費者希望擁有真正引人注目的價值的願望。對我們來說，總價值使我們對此反應更快一些，而且我們希望確保在第四季度結束時我們的庫存狀況良好。

Okay. Well, listen, thank you, everyone, for joining us today. We look forward to sharing our fourth quarter and full year fiscal '23 results with you in late May. And until then, stay safe, and have a great day.

好的。好吧，聽著，謝謝大家今天加入我們。我們期待在 5 月下旬與您分享我們第四季度和全年的 23 財年業績。在那之前，請注意安全，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 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。