雷夫·羅倫馬球 (RL) 2023 Q4 法說會逐字稿

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

女士們，先生們，謝謝你們的支持。歡迎來到 Ralph Lauren 2023 年第四季度和整個財年的收益電話會議。 （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 Fourth Quarter and Full Year 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.

早上好，感謝您加入 Ralph Lauren 的第四季度和全年 2023 財年電話會議。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。

After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller. As a reminder, last year's fourth quarter and full year included an extra week in the fiscal calendar. All growth for these periods will be discussed on a constant currency 52-week comparable basis. Reconciliations can be found in this morning's press release.

在準備好的評論之後，我們將打開您的問題電話，我們要求您限制每個來電者一個問題。提醒一下，去年第四季度和全年在財政日曆中增加了一周。這些時期的所有增長都將在 52 周可比較的固定貨幣基礎上進行討論。可以在今天上午的新聞稿中找到對賬。

During today's call, we will also be making some forward-looking statements within the meaning of the federal securities laws, including our financial outlook. Forward-looking statements are not guaranteed, 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. With that, I will turn the call over to Patrice.

在今天的電話會議中，我們還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。前瞻性陳述不受保證，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。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. When we met last September here in New York, we outlined our ambition to become the world's leading luxury lifestyle company and build a business that lives up to the potential of our powerful brand.

謝謝你，科里。大家早上好，感謝您參加今天的電話會議。當我們去年 9 月在紐約會面時，我們概述了我們成為世界領先的奢侈生活方式公司並建立一個能夠發揮我們強大品牌潛力的企業的雄心壯志。

As we close out the first year of our Next Great Chapter: Accelerate plan, we are particularly proud of the progress we have made on our strategic commitments in pursuit of this goal. Our teams around the world executed exceptionally well through a highly dynamic global operating environment to deliver another quarter and full year of strong performance. We over delivered on the top line this year with 10% constant currency growth, supported by all three regions. This included positive comps, further AUR growth, and brand-accretive ecosystem expansion across our top 30 cities.

在我們結束“下一個偉大篇章：加速計劃”的第一年之際，我們為實現這一目標而在戰略承諾方面取得的進展感到特別自豪。我們在世界各地的團隊在高度動態的全球運營環境中執行得非常出色，以提供另一個季度和全年的強勁業績。在所有三個地區的支持下，我們今年以 10% 的持續貨幣增長超額完成了收入。這包括積極的競爭、進一步的 AUR 增長以及我們前 30 個城市的品牌增值生態系統擴展。

At the same time, we continue to balance this growth with a relentless focus on productivity and operational discipline. This is enabling us to fuel our long-term initiatives and also grow our profitability on a constant currency basis. As we called out at the beginning of fiscal '23, the global environment has been and continues to be choppy. Throughout this, our teams are demonstrating agility and flexibility to respond to evolving consumer demand and market dynamics.

與此同時，我們繼續通過不懈地關註生產力和運營紀律來平衡這種增長。這使我們能夠推動我們的長期計劃，並在不變的貨幣基礎上提高我們的盈利能力。正如我們在 23 財年開始時所呼籲的那樣，全球環境一直並將繼續動盪不安。在整個過程中，我們的團隊展示了響應不斷變化的消費者需求和市場動態的敏捷性和靈活性。

As we continue to drive our strategy of long-term brand elevation across every region and channel, overall, our performance this year underscore the general resilience of our core consumer, and growing desirability of our brand around the world. This translated to another quarter of double-digit AUR growth globally, even as we took targeted actions to keep our inventories clean and well positioned.

隨著我們繼續在每個地區和渠道推動我們的長期品牌提升戰略，總的來說，我們今年的表現凸顯了我們核心消費者的普遍韌性，以及我們品牌在全球範圍內日益增長的吸引力。即使我們採取了有針對性的行動來保持我們的庫存清潔和良好定位，這也轉化為全球範圍內又一個四分之一的兩位數 AUR 增長。

We are well aware that a subset of our consumers who are more value-oriented are increasingly pressured by macro and inflationary headwinds. We expect these trends to persist in the near term, particularly in North America and Europe. While this demographic still represents a relatively high average household income, they are being more choiceful with their apparel dollars and seeking more value.

我們很清楚，我們的一部分更注重價值的消費者越來越受到宏觀和通脹逆風的壓力。我們預計這些趨勢將在短期內持續存在，尤其是在北美和歐洲。雖然這一人群仍然代表著相對較高的平均家庭收入，但他們在購買服裝時更加挑剔，並尋求更多價值。

In this context, we believe consumers will look to brands they know and trust and styles that have longevity beyond one season. In this environment, our roots in quality and timeless style are a competitive advantage and our growing brand desirability and value perception across all demographics support this.

在這種情況下，我們相信消費者會關注他們了解和信任的品牌以及經久不衰的款式。在這種環境下，我們對質量和永恆風格的根基是一種競爭優勢，而我們在所有人群中不斷增長的品牌吸引力和價值認知也支持這一點。

Turning to the fourth quarter, our successful performance was guided by our three 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. Let me take you through a few of the highlights across each of these strategic pillars.

談到第四季度，我們的成功業績受到長期增長和價值創造三大戰略支柱的指導。它們是：第一，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。讓我向您介紹每個戰略支柱的一些亮點。

First, on our efforts to Elevate and Energize Our Lifestyle Brand. We remain committed to investing in our most powerful asset, our timeless iconic brand, 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 Ralph Lauren. This is enabling us to grow both market share and AUR. Our value perception increased, while our lifetime consumer value grew high single digits for both the fourth quarter and full year as we focus on trading consumers in, across and up within our lifestyle portfolio.

首先，關於我們提升和激發我們的生活方式品牌的努力。我們仍然致力於投資我們最強大的資產，我們永恆的標誌性品牌，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 Ralph Lauren 的價值認知。這使我們能夠增加市場份額和 AUR。我們的價值觀念有所提高，而我們的終生消費者價值在第四季度和全年都增長了高個位數，因為我們專注於在我們的生活方式組合中交易消費者。

In the fourth quarter specifically, we drove a diverse range of brand activations underscoring the unique Ralph Lauren Lifestyle. First, we continue to strengthen our leadership in the world of sports, with our annual sponsorship of the Australian Open. Now in our third year, we significantly outperformed our plan on both sales and media impressions as we successfully leveraged our Encore presence as well as our authentic partnerships with celebrities and influencers globally.

具體來說，在第四季度，我們開展了多種多樣的品牌活動，強調了獨特的 Ralph Lauren 生活方式。首先，我們通過每年贊助澳大利亞網球公開賽，繼續加強我們在體育界的領導地位。現在是我們的第三個年頭，我們在銷售和媒體印象方面都大大超出了我們的計劃，因為我們成功地利用了我們的 Encore 影響力以及我們與全球名人和影響者的真正合作夥伴關係。

Our Lunar New Year activations across Asia included our successful Polo Bear campaigns with WeChat and Kakao, helping to drive 13% growth in social followers in the region, led by tenfold growth on Douyin. At the Oscars in March, we were proud to outfit social activist and Noble Prize winner, Malala Yousafzai in a custom Ralph Lauren collection silver sequence gown. This iconic moment resonated with consumers, garnering over 8 billion media impressions globally. And as we continue to reinforce our leading position in gaming and the metaverse, we partnered with Web3 community Poolsuite as part of our Miami ecosystem launch this spring. The immersive experience included exclusive digital Ralph Lauren outfits and our first ever NFTs co-designed with Poolsuite members.

我們在亞洲的農曆新年活動包括我們通過微信和 Kakao 成功舉辦的 Polo Bear 活動，幫助推動該地區社交粉絲增長 13%，其中抖音增長了 10 倍。在 3 月的奧斯卡頒獎典禮上，我們很自豪地為社會活動家和諾貝爾獎獲得者 Malala Yousafzai 穿著定制的 Ralph Lauren 系列銀色序列禮服。這一標誌性時刻引起了消費者的共鳴，在全球獲得了超過 80 億次媒體曝光。隨著我們繼續鞏固我們在遊戲和元宇宙中的領先地位，我們與 Web3 社區 Poolsuite 合作，作為我們今年春天推出的邁阿密生態系統的一部分。身臨其境的體驗包括獨家數字 Ralph Lauren 服裝和我們與 Poolsuite 會員共同設計的首個 NFT。

Together, these activations are both reengaging existing customers while also attracting new full-price consumers to our business. In our DTC businesses, we added 1 million new consumers in the fourth quarter for a total of more than 5 million new consumers this year, consistent with our targets. This continues to skew increasingly toward next-generation under 35 consumers with whom we also drove our largest increase in luxury perception over the past year.

總之，這些活動既重新吸引了現有客戶，又吸引了新的全價消費者加入我們的業務。在我們的 DTC 業務中，我們在第四季度增加了 100 萬新消費者，今年的新消費者總數超過 500 萬，與我們的目標一致。這繼續越來越多地向 35 歲以下的下一代消費者傾斜，在過去的一年裡，我們也通過這些消費者推動了我們對奢侈品認知度的最大增長。

We reached 52 million social media followers globally, a high single-digit increase to last year driven by dynamic content on Instagram, TikTok, Weibo and other key platforms. And our online search trends continue to significantly outpace our peers across our top markets globally, driven once again by our core categories.

在 Instagram、TikTok、微博和其他主要平台上的動態內容的推動下，我們在全球的社交媒體粉絲達到了 5200 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顯著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. Our goal of becoming the leading luxury lifestyle company starts with our unique brand positioning in the market, which stands for so much more than a single product or category. It stands for the dream of a better life. From elevated hybrid dressing to quiet luxury, Ralph and our creative teams are delivering sophisticated, timeless products to serve 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。我們成為領先的奢華生活方式公司的目標始於我們在市場上獨特的品牌定位，它代表的不僅僅是單一產品或類別。它代表著對美好生活的夢想。從高雅的混合服飾到低調的奢華，Ralph 和我們的創意團隊正在提供精緻、永恆的產品，以服務於我們現代生活方式的消費者。

Starting with our iconic core products, which represent about 70% of sales and remain a consistent driver of our business season after season. Our core grew low double digits in the fourth quarter, led by our spring-ready cable knit sweaters, Polos, Oxford shirts, chino shorts, relaxed tailoring and silk blend shirts and day dresses. 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.

從我們標誌性的核心產品開始，這些產品約佔銷售額的 70%，並且仍然是我們一季又一季業務的持續推動力。我們的核心產品在第四季度實現了兩位數的低增長，其中以我們的春季絞花針織毛衣、馬球衫、牛津襯衫、斜紋棉布短褲、休閒西裝和真絲混紡襯衫以及日式連衣裙為首。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。

Women's, our largest long-term opportunity continued to strongly outpace total company performance. Our Accelerate plan focuses on trading her into the brand across categories and up to more elevated styles to drive lifetime value, with women's AUR up more than 20% in the fourth quarter. Our continued strong Women's performance was supported by strong growth in handbags as well as our global launch of Women's Polo intimates in March with a particularly strong start on ralphlauren.com. Other special releases this quarter included our Creed III movie collaboration featuring six limited edition looks worn by Michael B. Jordan in the film and account exclusive capsules targeted towards next-gen consumers, including our retro varsity release with ASOS, Polo Boxing Club collection with Musinsa in Korea and icons in Madras with Beams Japan.

女裝業務是我們最大的長期機遇，其增長速度繼續遠遠超過公司整體業績。我們的 Accelerate 計劃側重於將她融入品牌的各個類別和更高級的款式，以推動終身價值，第四季度女性 AUR 增長超過 20%。我們持續強勁的女裝業績得益於手袋的強勁增長以及我們 3 月份在全球推出的女式 Polo 內衣，尤其是在 ralphlauren.com 上的強勁開局。本季度的其他特別發布包括我們的 Creed III 電影合作系列，其中包括 Michael B. Jordan 在電影中所穿的六款限量版造型，以及針對下一代消費者的帳戶獨家膠囊系列，包括我們與 ASOS 的複古校服系列、與 Musinsa 的 Polo Boxing Club 系列在韓國和馬德拉斯的圖標與 Beams 日本。

Looking ahead, we will continue to leverage the breadth of our brand and assortments to meet consumers' evolving lifestyles.

展望未來，我們將繼續利用我們廣泛的品牌和產品組合來滿足消費者不斷變化的生活方式。

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 with a focus on elevating and connecting all our consumer touch points across every channel. Starting with digital. 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 this fiscal year.

轉向我們的第三個關鍵舉措，通過我們的消費者生態系統贏得重點城市。我們繼續投資於我們的長期戰略，以發展我們在世界各地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 數字生態系統的銷售額，包括我們的直營網站、departmentstore.com、純玩家和社交商務，在本財政年度以固定匯率計算增長了高個位數。

In the fourth quarter, our Asia digital ecosystem delivered the fastest growth globally. With our owned and wholesale digital channels, both contributing to 40% growth in the quarter. We were particularly encouraged by our strong Lunar New Year performance, which significantly outpaced peers, including Women's up more than 60% and continued elevation with double-digit AUR growth.

第四季度，我們的亞洲數字生態系統實現了全球最快的增長。憑藉我們自有和批發的數字渠道，這兩個渠道都為本季度 40% 的增長做出了貢獻。我們對農曆新年的強勁表現感到特別鼓舞，該表現明顯超過同行，其中女性增長超過 60%，並以兩位數的 AUR 增長持續提升。

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 21 new stores and concessions, focused on our top cities globally this quarter. With the majority again in Asia, particularly the Chinese mainland. We are strongly encouraged by our continued brand momentum in China following the countries reopening.

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。本季度我們在全球主要城市開設了 21 家新店和特許經營店。大多數人又在亞洲，尤其是中國大陸。國家重新開放後，我們在中國的持續品牌勢頭令我們深受鼓舞。

Through 3 years of COVID disruptions, our teams worked with agility to build our brand presence in the market. And this year's outstanding performance was a testament to those efforts. We drove full year China sales up more than 20% in constant currency, including an acceleration in fourth quarter sales up over 40%. Looking ahead, we expect China to remain one of our fastest-growing markets. We opened two iconic World of Ralph Lauren stores in Asia this quarter in Shenzhen's [Luohu] Mall and Pitt Street in Sydney, representing the most elevated expression of our brand to date in Australia. And here in North America, we opened a new store in Miami's Design District, showcasing the modern elegance and exceptional craftsmanship of our luxury collections. All iIII of these iconic stores are parts of the top 30 cities we highlighted at Investor Day. They are designed to anchor our city presence and drive desirability and engagement with consumers.

通過 3 年的 COVID 中斷，我們的團隊敏捷地工作，以建立我們在市場上的品牌影響力。今年的出色表現證明了這些努力。按固定匯率計算，我們推動全年中國銷售額增長超過 20%，其中第四季度銷售額加速增長超過 40%。展望未來，我們預計中國仍將是我們增長最快的市場之一。本季度，我們在深圳的 [羅湖] 購物中心和悉尼的皮特街開設了兩家標誌性的拉爾夫勞倫世界門店，這是迄今為止我們品牌在澳大利亞的最高境界。在北美，我們在邁阿密的設計區開設了一家新店，展示了我們奢華系列的現代優雅和卓越工藝。這些標誌性商店中的所有 iIII 都是我們在投資者日強調的前 30 個城市的一部分。它們旨在鞏固我們在城市的存在並推動消費者的需求和參與。

And finally, touching briefly on our enablers, in addition to our strategic priorities, our business continued to be supported by our five key enablers. Some of the achievements we were particularly proud of this year included: the launch of our first cradle-to-cradle certified product with our luxury gold cashmere sweater, being part of Fortune's world's most admired companies, moving to #2 from #6 last year for our sector and Fast Company's 2022 Brands That Matter List for a collaboration with Morehouse and Spelman Colleges.

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五個關鍵推動因素的支持。今年我們特別引以為豪的一些成就包括：推出我們首款經過“從搖籃到搖籃”認證的奢華金色羊絨衫產品，成為《財富》雜誌全球最受讚賞公司的一員，從去年的第 6 位上升到第 2 位我們的行業和 Fast Company 的 2022 年重要品牌名單與莫爾豪斯和斯佩爾曼學院合作。

And finally, the Ralph Lauren Corporate Foundation's $25 million grant to fund five cancer centers in the U.S., including our newest center in Georgetown, which opened just a few weeks ago.

最後，Ralph Lauren Corporate Foundation 提供 2500 萬美元的贈款，用於資助美國的五個癌症中心，其中包括我們在喬治敦的最新中心，該中心於幾週前剛剛開業。

In closing, Ralph and I are inspired by our team's performance this year, putting the company in a position of strength to deliver on our strategic commitments even through a volatile consumer backdrop. And as the global environment remains highly dynamic, our focus on offense, agility and pragmatism remains the backbone of our approach moving forward. This year's progress on our Accelerate plan demonstrates that we have the right plan in place even as we face a more pressured environment. We have diversified levers of growth across geography, channel and category, a broad lifestyle portfolio of products that consumers know and trust and that we are actively flexing with the consumers' evolving needs and strong foundational enablers to support long-term growth and value creation from our talented people, innovative technology and supply chain to our balance sheet and muscle of operational discipline.

最後，拉爾夫和我對我們團隊今年的表現感到鼓舞，這使公司即使在動蕩的消費者背景下也有能力履行我們的戰略承諾。由於全球環境仍然高度動態，我們對進攻、敏捷和實用主義的關注仍然是我們前進方法的支柱。今年我們的 Accelerate 計劃取得的進展表明，即使我們面臨壓力更大的環境，我們也制定了正確的計劃。我們擁有跨地域、渠道和類別的多樣化增長槓桿，消費者了解和信任的廣泛生活方式產品組合，我們正在積極適應消費者不斷變化的需求和強大的基礎推動因素，以支持長期增長和價值創造我們的人才、創新技術和供應鏈對我們的資產負債表和運營紀律的影響力。

And of course, all of this is underpinned by the strength of Ralph's timeless vision and our iconic brand, which continues to invite people all over the world to step into their dreams. 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.

當然，所有這一切都得益於 Ralph 永恆的願景和我們標誌性品牌的力量，它繼續邀請世界各地的人們踏入他們的夢想。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 this year's progress on our Next Great Chapter: Accelerate plan, which remains on track even with numerous macro challenges that our teams have faced this year. We leveraged our strong brand, multiple strategic growth drivers and superior operational capabilities to deliver strong financial results in a dynamic environment.

謝謝帕特里斯，大家早上好。我們對今年下一個偉大篇章的進展感到鼓舞：加速計劃，即使我們的團隊今年面臨許多宏觀挑戰，該計劃仍按計劃進行。我們利用強大的品牌、多重戰略增長動力和卓越的運營能力，在充滿活力的環境中取得了強勁的財務業績。

For the full year, we delivered 10% revenue growth in constant currency, exceeding our guidance with growth in every region. We expanded operating margin and grew profits ahead of top line growth in constant dollars, consistent with our 3-year plan. Adjusted operating margin expanded to 13.7% in constant currency, with operating profit dollars up 15%. Our continued brand elevation and culture of cost discipline were key to our strong results and provided flexibility to more than offset softer gross margins as we focused on keeping inventories clean and well positioned in the marketplace.

全年，我們以固定匯率計算實現了 10% 的收入增長，超過了我們在每個地區的增長預期。我們擴大了營業利潤率，並在按不變美元計算的收入增長之前實現了利潤增長，這與我們的 3 年計劃一致。按固定匯率計算，調整後營業利潤率擴大至 13.7%，營業利潤增長 15%。我們持續的品牌提升和成本紀律文化是我們取得強勁業績的關鍵，並提供了靈活性來抵消疲軟的毛利率，因為我們專注於保持庫存清潔和在市場上的良好定位。

Operating with discipline will continue to be an important element of our long-term strategic plan with productivity helping to manage changing market dynamics and fuel our investments in sustainable long-term growth. And we continue to make important investments in our business while delivering strong shareholder returns, including more than $650 million this year in the form of our dividends and share repurchases.

有紀律的運營將繼續成為我們長期戰略計劃的重要組成部分，生產力有助於管理不斷變化的市場動態並推動我們對可持續長期增長的投資。我們繼續對我們的業務進行重要投資，同時為股東帶來可觀的回報，包括今年超過 6.5 億美元的股息和股票回購。

Exiting the year, we remain confident in both our strategic direction and our fortress foundation enablers, which are allowing us to drive our strategic initiatives even through times of uncertainty. Our full year and fourth quarter financial performance underscored this position of strength through dynamic times. Let me take you through some highlights from the quarter.

年末，我們對我們的戰略方向和我們的堡壘基礎推動因素仍然充滿信心，這使我們即使在充滿不確定性的時期也能推動我們的戰略舉措。我們全年和第四季度的財務業績在充滿活力的時代凸顯了這一優勢地位。讓我帶您了解本季度的一些亮點。

Total company revenues in the fourth quarter increased 9% in constant currency, above our outlook, led by double-digit growth in Asia. Results included about 180 basis points of negative headwind from the shift of the post-Christmas sales week into the fiscal third quarter from our fourth quarter last year, as previously noted. Our digital ecosystem sales declined mid-single digits in constant currency. Q4 performance included lower European pure-play results as planned, following exceptionally strong performance last year coming out of the pandemic.

受亞洲兩位數增長的帶動，第四季度公司總收入按固定匯率計算增長 9%，高於我們的預期。如前所述，結果包括從去年第四季度的聖誕節後銷售周轉移到第三財季的負面逆風約 180 個基點。我們的數字生態系統銷售額以固定匯率計算下降了中個位數。繼去年大流行病後表現異常強勁之後，第四季度的業績包括按計劃降低的歐洲純業務業績。

Sales in our owned Ralph Lauren digital sites grew mid-single digits on top of 20% growth last year. As we continue to elevate this channel, our digital AUR grew mid-teens and our full price sales penetration increased meaningfully to last year. We plan to enhance the user experience with rich digital content and even greater customer personalization in fiscal '24.

我們自有的 Ralph Lauren 數字網站的銷售額在去年增長 20% 的基礎上實現了中個位數增長。隨著我們繼續提升這個渠道，我們的數字 AUR 增長了十幾歲，我們的全價銷售滲透率比去年顯著增加。我們計劃在 24 財年通過豐富的數字內容和更大程度的客戶個性化來增強用戶體驗。

In addition to the AI machine learning capabilities, we've been utilizing for areas such as inventory optimization, forecasting and consumer engagement, we've started to leverage our early learnings to test generative AI across multiple areas of our business from copy editing and graphics to computer programming.

除了 AI 機器學習功能，我們還一直在庫存優化、預測和消費者參與等領域使用，我們已經開始利用我們的早期學習來測試跨多個業務領域的生成 AI，包括複製編輯和圖形到計算機編程。

Total company adjusted comparable gross margin was about flat in constant currency, in line with our guidance. Tailwinds from product mix elevation, AUR growth of 12% and lower air freight were offset by peak levels of raw material costs, notably cotton, targeted promotions to drive conversion with our more value-oriented consumers and keep inventories healthy and higher duties in Europe.

公司調整後的可比毛利率總額按固定匯率計算基本持平，符合我們的指引。產品組合提升、AUR 增長 12% 和空運費下降的不利因素被原材料成本（尤其是棉花）的峰值水平、有針對性的促銷活動所抵消，以推動我們更注重價值的消費者的轉換，並保持庫存健康和歐洲更高的關稅。

Finally, freight turned to a 100 basis point benefit in the fourth quarter compared to an 80 basis point headwind for the full year. Despite cost turbulence, our adjusted gross margins are tracking ahead of fiscal '19 pre-pandemic levels and were 170 basis points higher in the fourth quarter and 320 basis points higher for the full year.

最後，運費在第四季度轉為 100 個基點的收益，而全年則為 80 個基點的逆風。儘管存在成本動盪，但我們調整後的毛利率仍高於 19 財年大流行前的水平，第四季度提高了 170 個基點，全年提高了 320 個基點。

Adjusted comparable operating margin was 6.1% in constant currency or 390 basis points increased to last year. Adjusted operating expenses declined 380 basis points to last year in constant currency. Marketing was 6% of sales on a more normalized cadence of planned spending compared to 10% in the prior year period. Full year marketing was 7% of sales, in line with our annual guidance as we continue to invest in key brand moments and innovative new platforms. Adjusted operating profit grew approximately 200% in the quarter.

調整後的可比營業利潤率為 6.1%（按固定匯率計算）或比去年增加 390 個基點。按固定匯率計算，調整後的運營費用比去年下降了 380 個基點。按照更加規範化的計劃支出節奏，營銷佔銷售額的 6%，而去年同期為 10%。全年營銷佔銷售額的 7%，與我們的年度指導一致，因為我們繼續投資於關鍵品牌時刻和創新的新平台。本季度調整後的營業利潤增長了約 200%。

Moving to segment performance. The shift of post-Christmas sales from Q4 last year into Q3 this year had a disproportionate impact on both North America and Europe's fourth quarter results, particularly our retail channels. This shift represented about a 270 basis points of headwind to revenue growth in North America and 120 basis points impact on Europe.

轉向細分績效。聖誕節後的銷售從去年第四季度轉移到今年第三季度，對北美和歐洲第四季度的業績產生了不成比例的影響，尤其是我們的零售渠道。這種轉變對北美的收入增長造成了約 270 個基點的不利影響，對歐洲產生了 120 個基點的影響。

Starting with North America. Fourth quarter revenues increased 2%. Stronger wholesale growth was partially offset by retail headwinds. In North America retail, fourth quarter comps declined 4% on top of a strong 21% compared last year. Similar to recent trends, strong growth in our full-price stores was offset by softer performance in outlet and digital. North America retail AUR increased another mid-single digits on top of a robust 20% growth last year, reflecting our continued brand elevation efforts around product, distribution and marketing. This helped to mitigate targeted promotion focused on our more value-oriented consumers. Looking ahead, we expect this subsegment of consumers to remain more sensitive to near-term inflationary pressures and this is reflected in our continued caution through fiscal '24.

從北美開始。第四季度收入增長 2%。強勁的批發增長被零售逆風部分抵消。在北美零售業，第四季度的收入在去年強勁的 21% 的基礎上下降了 4%。與最近的趨勢類似，我們全價商店的強勁增長被奧特萊斯和數字商店的疲軟表現所抵消。北美零售 AUR 在去年強勁增長 20% 的基礎上又增長了中等個位數，反映出我們在產品、分銷和營銷方面持續進行的品牌提升工作。這有助於減少針對我們更注重價值的消費者的針對性促銷。展望未來，我們預計這一消費者細分市場將對近期通脹壓力更加敏感，這反映在我們對 24 財年的持續謹慎態度上。

Beyond these headwinds, we are confident in the region's long-term trajectory which was reinforced by improving North America brand health metrics this past year with our strongest growth in brand awareness, perception of value for money and luxury perception.

除了這些不利因素之外，我們對該地區的長期發展軌跡充滿信心，過去一年北美品牌健康指標的改善以及我們在品牌知名度、物有所值認知和奢侈品認知方面的最強勁增長加強了這一軌跡。

In North America wholesale, revenues grew low double digits to last year as we return to a more normalized cadence of spring deliveries following last year's supply chain disruptions. This benefited our Q4 by about 12 points, and we'll have a roughly 13-point negative impact on our first quarter wholesale growth. Adjusting for the normalized shipment cadence, this implies underlying wholesale revenue flat to last year, similar to Q3 trends. Our wholesale AUR increased high single digits to last year as we continue to elevate product and take market share at key partners. The promotion cadence at wholesale was flat to last year, in line with our expectations.

在北美批發市場，隨著我們在去年供應鏈中斷後恢復到更正常的春季交貨節奏，收入與去年相比增長了兩位數。這使我們的第四季度受益約 12 個百分點，我們將對第一季度批發增長產生大約 13 個百分點的負面影響。調整標準化出貨節奏後，這意味著基礎批發收入與去年持平，與第三季度趨勢相似。隨著我們繼續提升產品並在主要合作夥伴處佔據市場份額，我們的批發 AUR 比去年增加了高個位數。批發促銷節奏與去年持平，符合我們的預期。

Moving on to Europe. Fourth quarter revenue increased 7% in constant currency. Retail comps increased 8% on top of a 77% post-COVID reopening comp last year. Brick-and-mortar comps were up 9%, driven by positive growth in both full-price stores and outlets, while digital comps grew mid-single digits. Europe AUR increased double digits in the quarter with strong growth across channels.

繼續前往歐洲。按固定匯率計算，第四季度收入增長 7%。零售業在去年 COVID 後重新開業 77% 的基礎上增長了 8%。受全價商店和奧特萊斯正增長的推動，實體店的銷售額增長了 9%，而數字商店的銷售額則增長了中等個位數。歐洲 AUR 在本季度增長了兩位數，跨渠道增長強勁。

Europe wholesale grew 3% in constant currency. This was ahead of our expectations. However, we remain cautious on the channel into fiscal '24 on softening reorder rates and digital pure-play performance, consistent with our previous comments.

按固定匯率計算，歐洲批發增長了 3%。這超出了我們的預期。然而，與我們之前的評論一致，我們對進入 24 財年的渠道保持謹慎，因為再訂購率和數字純遊戲性能走軟。

Turning to Asia. Revenue increased 29% in constant currency, ahead of our expectations with broad-based growth across each of our key markets led by China. China rebounded strongly to more than 40% growth in constant dollars following the loosening of the Zero COVID policies in the previous quarter, with consumers traveling domestically for the first time since the start of the pandemic.

轉向亞洲。按固定匯率計算，收入增長了 29%，超出了我們的預期，我們以中國為首的每個主要市場都有廣泛的增長。在上一季度放寬零 COVID 政策後，中國強勁反彈，按不變美元計算增長超過 40%，消費者自大流行開始以來首次在國內旅行。

Our brand continues to show momentum following a strong Lunar New Year holiday. Korea and Japan also grew double digits on compelling assortments and brand engagement and as Japan lapped last year's COVID states of emergency.

在強勁的農曆新年假期之後，我們的品牌繼續展現出勢頭。韓國和日本在引人注目的商品分類和品牌參與度方面也實現了兩位數的增長，並且隨著日本去年結束 COVID 緊急狀態。

Despite meaningful COVID disruptions and foreign currency headwinds through this year, we delivered our highest ever operating profit in Asia in fiscal '23. This is a testament to the growing desirability and momentum of our brand, along with the agility of our teams as they continue to drive our key city ecosystem strategy across the region.

儘管今年 COVID 造成了嚴重的干擾和外匯逆風，但我們在 23 財年實現了亞洲有史以來最高的營業利潤。這證明了我們品牌日益增長的吸引力和勢頭，以及我們團隊的敏捷性，因為他們繼續推動我們在該地區的關鍵城市生態系統戰略。

Within our Other segment, licensing grew low single digits this quarter, slightly above our plan with encouraging results from our Chaps license and Polo Women's intimates launch. Looking ahead, we will fully transition out of our Lauren Men's suiting license in fiscal '24. While this will negatively impact our licensing revenues and overall company margins by about 20 basis points in fiscal '24, the move is consistent with our brand elevation strategy.

在我們的其他細分市場中，本季度許可增長低個位數，略高於我們的計劃，我們的 Chaps 許可和 Polo 女式貼身內衣的推出取得了令人鼓舞的結果。展望未來，我們將在 24 財年完全擺脫我們的 Lauren Men 西裝許可。雖然這將在 24 財年對我們的許可收入和公司整體利潤率產生約 20 個基點的負面影響，但此舉符合我們的品牌提升戰略。

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. We ended this year with $1.6 billion in cash and short-term investments and $1.1 billion in total debt. We returned $653 million in the form of our dividends and share repurchases this year, consistent with our long-term targets.

轉到資產負債表。我們的資產負債表仍然是我們堡壘基礎的重要組成部分，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。今年結束時，我們擁有 16 億美元的現金和短期投資以及 11 億美元的總債務。今年，我們以股息和股票回購的形式返還了 6.53 億美元，這與我們的長期目標一致。

Net inventory increased 10% with growth moderating significantly on a sequential basis as we reduced goods in transit and return to a more normalized lead times following last year's supply chain disruptions. Inventory growth still reflects higher product costs and our ongoing strategy of product mix elevation. Inventory units declined approximately 5% to last year, and are healthy as we enter fiscal '24.

由於我們減少了運輸貨物並在去年供應鏈中斷後恢復到更正常的交貨時間，淨庫存增加了 10%，增長環比顯著放緩。庫存增長仍然反映了更高的產品成本和我們正在進行的產品組合提升戰略。庫存單位比去年下降了約 5%，並且在我們進入 24 財年時保持健康。

That said, we continue to manage our inventory positions carefully, with the majority of our products still weighted to core and seasonless product that can be flexed with demand.

也就是說，我們繼續謹慎地管理我們的庫存頭寸，我們的大部分產品仍然是核心和季節性產品，可以根據需求進行調整。

Looking to fiscal '24, we expect inventory levels to continue to moderate through the year and ending below prior year levels.

展望 24 財年，我們預計庫存水平將在今年繼續放緩並低於上年水平。

Looking ahead, our outlook contemplates a more pressured consumer spending environment, dynamic macroeconomic conditions and foreign currency volatility, among others. We continue to plan across a range of scenarios and our guidance represents our best assessment of market conditions and resulting consumer impacts. We are taking a pragmatic approach to our plan for this year which assumes continued momentum in the full-price channels and Asia, balanced with a more challenged value consumer backdrop in North America and Europe.

展望未來，我們的展望考慮了壓力更大的消費支出環境、充滿活力的宏觀經濟狀況和外匯波動等。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。我們對今年的計劃採取了務實的態度，假設全價渠道和亞洲的勢頭持續增長，並與北美和歐洲更具挑戰性的價值消費者背景相平衡。

With an intense focus on what we control from our core iconic products and continued investments in new consumer acquisition to judicious inventory planning and operating expense discipline, we remain committed to driving progress on our long-term growth and profitability trajectory despite the dynamic global environment. Importantly, we expect to deliver both revenue growth and margin expansion this year.

儘管全球環境瞬息萬變，但我們高度關注我們從核心標誌性產品和對新消費者獲取的持續投資到明智的庫存規劃和運營費用紀律的控制，我們仍然致力於推動我們的長期增長和盈利軌跡取得進展。重要的是，我們預計今年將實現收入增長和利潤率擴張。

For fiscal '24, we are guiding constant currency revenues to increase low single digits and foreign currency to benefit reported revenues by about 20 basis points. We currently expect growth to be led by Asia, up double digits followed by low single-digit growth in Europe and a low single-digit decline in North America based on softer spring trends and Q1 wholesale timing shifts. We expect operating margin to expand approximately 30 to 50 basis points in constant currency to 12.3% to 12.5%, driven by gross margin expansion of about 50 to 100 basis points.

對於 24 財年，我們正在引導固定貨幣收入增加低個位數和外幣以使報告收入增加約 20 個基點。我們目前預計增長將由亞洲引領，增長兩位數，隨後是歐洲的低個位數增長和北美的低個位數下降，這是基於較軟的春季趨勢和第一季度批發時間的變化。我們預計，在毛利率增長約 50 至 100 個基點的推動下，按固定匯率計算，營業利潤率將增長約 30 至 50 個基點至 12.3% 至 12.5%。

Foreign currency is expected to benefit operating margin by about 10 basis points this year. Relative to our Investor Day base period, this guidance implies about 80 to 100 basis points of operating margin expansion when compared to fiscal '22, holding currency constant, on track with our long-term targets. We expect gross margin to benefit from lower freight costs, continued AUR growth and favorable product, geographic and channel mix this year. Reduced freight costs are expected to benefit gross margin by at least 100 basis points this year. We expect these tailwinds to be partially offset by about 20 basis points of negative foreign currency impact, along with continued pressure from product costs, notably cotton, through the majority of the year.

外匯預計今年將使營業利潤率提高約 10 個基點。相對於我們的投資者日基期，該指導意味著與 22 財年相比，營業利潤率擴大約 80 至 100 個基點，保持貨幣不變，符合我們的長期目標。我們預計今年毛利率將受益於較低的運費、持續的 AUR 增長以及有利的產品、地理和渠道組合。預計運費下降將使今年的毛利率至少提高 100 個基點。我們預計這些有利因素將被約 20 個基點的負面外匯影響以及今年大部分時間產品成本（尤其是棉花）的持續壓力所部分抵消。

For the first quarter, we expect revenues to be flat to up slightly in constant currency. On a reported basis, including 150 basis points of currency headwind, we expect revenues to be down slightly. First quarter also includes approximately 220 basis points of negative impact from the normalized timing of spring wholesale shipments following last year's supply chain disruption noted earlier. The timing shift is expected to negatively impact our North America growth by about 5 points and North America wholesale growth by about 13 points before returning to more normalized trends in Q2.

對於第一季度，我們預計收入按固定匯率計算將持平或略有上升。根據報告，包括 150 個基點的貨幣逆風，我們預計收入將略有下降。第一季度還包括約 220 個基點的負面影響，這些負面影響來自早前提到的去年供應鏈中斷後春季批發發貨的正常時間安排。在第二季度恢復到更正常的趨勢之前，預計時間轉移將對我們的北美增長產生約 5 個百分點的負面影響，對北美批發增長產生約 13 個百分點的負面影響。

We expect first quarter operating margin expansion of about 30 to 50 basis points in constant currency, driven by gross margin expansion. We expect gross margins to be driven by lower freight, positive AUR growth and lower wholesale mix, partially offset by higher product costs. Foreign currency is expected to negatively impact both operating and gross margins by about 50 basis points in the quarter.

我們預計在毛利率擴張的推動下，按固定匯率計算，第一季度營業利潤率將增長約 30 至 50 個基點。我們預計毛利率將受到較低運費、正 AUR 增長和較低批發組合的推動，部分被較高的產品成本所抵消。預計外幣將對本季度的營業利潤率和毛利率產生約 50 個基點的負面影響。

From a cadence perspective, we currently expect operating margin to decline in Q2 due to the timing of planned marketing and ecosystem investments and expand again in Q3 and Q4 to last year. We expect our tax rate to be in the range of 24% to 25% for the full year and roughly 23% to 24% for the first quarter. And lastly, we expect capital expenditures to be in the range of $275 million to $300 million, in line with our long-term guidance of 4% to 5% of sales.

從節奏的角度來看，我們目前預計，由於計劃營銷和生態系統投資的時間安排，營業利潤率將在第二季度下降，並在第三季度和第四季度再次擴大至去年。我們預計全年稅率將在 24% 至 25% 之間，第一季度約為 23% 至 24%。最後，我們預計資本支出將在 2.75 億美元至 3 億美元之間，符合我們佔銷售額 4% 至 5% 的長期指導。

In closing, led by Ralph's enduring vision, our brand continues to inspire consumers across every geography. Our dedicated passionate teams around the world are operating with commitment and agility to execute on our Next Great Chapter: Accelerate plan. 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. And with that, let's open up the call for your questions.

最後，在 Ralph 的持久願景的引領下，我們的品牌繼續激勵著各個地區的消費者。我們遍布世界各地的充滿敬業熱情的團隊正在以承諾和敏捷的方式運作，以執行我們的下一個偉大篇章：加速計劃。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堡壘基礎推動因素，使我們有能力繼續推動長期價值創造。有了這個，讓我們打開你的問題的電話。

(Operator Instructions) The first question comes from Matt Boss with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Matt Boss。

congrats on a really nice quarter. So Patrice, how are you feeling today about your long-term Investor Day guidance exiting year 1? And can you help put us into context, just given the more challenged North American and European consumer that you called out for this year in the outlook? And then, Jane, could you just elaborate on your confidence in pricing power for the brand as you cited strong AUR as a continued driver for your gross margin outlook in FY '24?

祝賀一個非常好的季度。那麼帕特里斯，您今天對退出第一年的長期投資者日指導感覺如何？考慮到您今年在展望中呼籲的更具挑戰性的北美和歐洲消費者，您能否幫助我們了解一下背景？然後，Jane，當您將強勁的 AUR 列為 24 財年毛利率前景的持續驅動因素時，您能否詳細說明您對該品牌定價能力的信心？

Thank you, Matt, and good morning. Well, let me first reground us in the fact that we just finished an above algorithm year on revenue and on track on profit. So we continue to build our business for the long term. And this past year's progress puts us on the path to deliver on our long-term plan.

謝謝你，馬特，早上好。好吧，讓我首先重新考慮一下我們剛剛完成了一個高於算法的收入年度並且在利潤上走上正軌。因此，我們將繼續建立我們的長期業務。過去一年的進展使我們走上了實現長期計劃的道路。

So to answer your question very simply, our long-term ambitions have not changed. And this confidence is really grounded in a number of unique strengths which are particularly relevant in choppier environments; first of all, a brand that people love and desire that we are continuing to invest in. Second, core products that consumers know and trust that aren't based on seasonal fashion or trends. And we know that during choppier times, consumers tend to gravitate back to these more iconic categories and iconic products. And so for us here, think about Polo shirts, Oxford shirts, blazers, dresses and even ties are back.

所以很簡單地回答你的問題，我們的長期目標沒有改變。這種信心實際上是基於許多獨特的優勢，這些優勢在動蕩的環境中尤為重要；首先，我們將繼續投資一個人們喜愛和渴望的品牌。其次，消費者了解和信任的核心產品不基於季節性時尚或趨勢。我們知道，在動盪時期，消費者往往會重新回到這些更具標誌性的類別和標誌性產品。所以對我們來說，想想 Polo 衫、牛津襯衫、西裝外套、連衣裙甚至領帶又回來了。

Third is strong operational fundamentals, which I think have been demonstrated throughout the past few years. Fourth is multiple growth levers, and you saw that play out in this quarter again. And then finally, a proven ability to flex to consumer demand. So these factors give us broad confidence that we continue to be on track with the goals that we laid out about 9 months ago.

第三是強大的運營基礎，我認為這在過去幾年中得到了證明。第四是多種增長槓桿，您在本季度再次看到了這一點。最後，經過驗證的適應消費者需求的能力。因此，這些因素使我們充滿信心，相信我們將繼續朝著大約 9 個月前製定的目標前進。

Now let me offer some perspective on how we're thinking about the consumer overall to the second part of your question, and I know this is a top of mind question for many of you on this call. First of all, I would say our core consumer is resilient. And we are seeing that around the world in Asia, in Europe and here in North America as well. And that segment is growing as we're bringing in new consumers into the Ralph Lauren family.

現在讓我就我們如何從整體上考慮消費者問題的第二部分提出一些觀點，我知道這是你們許多人在本次電話會議上最關心的問題。首先，我想說我們的核心消費者是有彈性的。我們在世界各地的亞洲、歐洲和北美都看到了這種情況。隨著我們將新消費者引入 Ralph Lauren 家族，該細分市場正在增長。

The second point is that our consumers across every region are also responding well to our continued brand elevation strategy. This is evidenced by the fact that our brand desirability continues to strengthen, our value perception is growing, and we track this on a quarterly basis in our key markets. We're recruiting millions of new consumers, 5.2 million this past fiscal year, including growing our highest value consumers double digits, which we're particularly excited about. And all of this while expanding AUR plus 12% this quarter, plus 77% over the past 5 years.

第二點是我們每個地區的消費者也對我們持續的品牌提升戰略反應良好。我們的品牌吸引力不斷增強，我們的價值認知不斷增強，並且我們每季度在主要市場進行一次跟踪，就證明了這一點。我們正在招募數百萬新消費者，上一財年為 520 萬，其中包括將我們的最高價值消費者增長兩位數，我們對此感到特別興奮。所有這一切都在擴大 AUR 的同時，本季度增加了 12%，在過去 5 年中增加了 77%。

The third point I would call out is that we saw a lot of work to grow our consumer base outside of North America. And today, nearly half of our business is international and actually more than half of our profit is international. And as you saw in the last fiscal year, and particularly this last quarter, our Asia performance has been a real highlight. I'm very proud of the work that our teams have done across Asia and in particular in China and we anticipate another year of above algorithm growth there, broader Asia.

我要指出的第三點是，我們看到了很多工作來擴大北美以外的消費者群。今天，我們近一半的業務是國際化的，實際上我們一半以上的利潤是國際化的。正如您在上一財年，尤其是上個季度看到的那樣，我們在亞洲的表現是一個真正的亮點。我為我們的團隊在亞洲，特別是在中國所做的工作感到非常自豪，我們預計在更廣泛的亞洲地區，又一年算法會出現更高的增長。

And then finally, in North America specifically, there is continued divergence between our core high-value consumers and that subset us more value-oriented consumers that we called out in prior quarter. Clearly, those more value-oriented consumers for a smaller part of our customer base and getting smaller and smaller as we bring in higher -- more higher value consumers into the Ralph Lauren family are feeling increased pressure because of inflation, because of increased interest rates. And I think you've heard this from others as well. But we believe we've appropriately embedded this caution into our guide.

最後，特別是在北美，我們的核心高價值消費者與我們在上一季度召集的更多以價值為導向的消費者之間存在持續分歧。顯然，那些更注重價值的消費者占我們客戶群的一小部分，並且隨著我們為 Ralph Lauren 家族帶來更高——更多更高價值的消費者而變得越來越小，因為通貨膨脹，因為利率上升，他們感到壓力越來越大.我想你也從其他人那裡聽說過。但我們相信我們已將這種謹慎適當地嵌入到我們的指南中。

So Matt, we know where we're headed. We feel good about the multiple drivers in place to get there. I think we have a strong track record as a team in the business, and we'll manage this year with agility again. Jane, over to you on pricing power.

所以馬特，我們知道我們要去哪裡。我們對到達那裡的多個驅動程序感到滿意。我認為我們作為一個團隊在業務中有著良好的記錄，我們將再次靈活地管理今年。簡，就定價權交給你。

Yes. Thank you. So Matt, I would say an emphatic yes. We have pricing power that we expect to continue into the future. And I can't think of a better proof point than we saw this year, putting up 12% AUR growth to offset inflation. But importantly, I think we are uniquely positioned as we go forward because our pricing power is grounded in our brand elevation journey, and a proven multiyear strategy of executing a pricing strategy with multiple levers, not just like-for-like pricing, but product elevation, category momentum and movement, structural geographic advantages that we have that are coming through in our consumer metrics. Our consumer value perception has never been higher despite the price increases that we've taken.

是的。謝謝。所以馬特，我會強調說是的。我們擁有定價權，我們希望在未來繼續下去。我想不出比我們今年看到的更好的證據，即 AUR 增長 12% 以抵消通貨膨脹。但重要的是，我認為我們在前進的過程中處於獨特的地位，因為我們的定價能力基於我們的品牌提升之旅，以及經過驗證的多年戰略，即執行具有多種槓桿的定價策略，不僅僅是同類定價，而是產品我們在消費者指標中體現出的提升、品類動量和運動、結構性地理優勢。儘管我們已經提價，但我們的消費者價值觀念從未如此高。

Our perception as a luxury brand has continued to grow and continues to grow and is certainly where our strategy intends to continue. And our model gives us flexibility because we are keenly aware of where we are in the macroeconomic time frame. But our pricing model in its multiple levels gives us flexibility to meet consumers where they are, all while still elevating the brand and you'll see us do that into the coming year.

我們作為奢侈品牌的認知一直在不斷增長，而且還在繼續增長，這無疑是我們的戰略打算繼續下去的地方。我們的模型為我們提供了靈活性，因為我們敏銳地意識到我們在宏觀經濟時間框架中所處的位置。但我們的多層次定價模式使我們能夠靈活地滿足消費者所在的地方，同時還能提升品牌，你會看到我們在來年這樣做。

The next question comes from Jay Sole with UBS.

下一個問題來自瑞銀的 Jay Sole。

I have a two-part question. The first part really follows up on some of the pricing comments you just made. How does this more pressured macro environment impact your overall brand elevation strategy. Are you taking a more flexible approach to pricing or discounting in this backdrop? And then the second question is, Jane, you talked about the fortress balance sheet the company has. How is that going to let you play offense? Patrice, I've heard you used this comment that you can play offense through this tough economic environment. But what does it going to allow you to do both from an operational standpoint and a sort of a return cash to shareholder standpoint in fiscal '24?

我有一個分為兩部分的問題。第一部分實際上跟進了您剛剛發表的一些定價評論。這種壓力更大的宏觀環境如何影響您的整體品牌提升策略。在這種背景下，您是否採取了更靈活的定價或折扣方式？然後第二個問題是，簡，你談到了公司擁有的堡壘資產負債表。這怎麼會讓你進攻？帕特里斯，我聽說你說過這樣的話，你可以在這種艱難的經濟環境中進攻。但是，從運營的角度和在 24 財年向股東返還現金的角度來看，它會讓你做些什麼？

So I think it is fair to say that the environment has been more pressured. And listen, we expect it to stay volatile as we come into this new fiscal year. We are still -- you just heard that from Jane, we're still firmly committed to our elevation strategy, which we started well before COVID over 5 years ago. And why? Because it's working. The strategy has served us well through stronger and weaker macro backdrops. We're seeing strong consumer response to what we are doing.

所以我認為可以公平地說，環境壓力更大。聽著，我們預計在進入這個新財政年度時它會保持波動。我們仍然 - 你剛剛從簡那裡聽說，我們仍然堅定地致力於我們的提升戰略，我們在 5 年前 COVID 之前就開始了。為什麼？因為它在工作。該戰略在強弱宏觀背景下為我們提供了良好的服務。我們看到消費者對我們正在做的事情反應強烈。

And I think it's pretty clear also to Matt's earlier question that our brands continue to have strong pricing power in the marketplace across every region, right? You saw AUR grew across every single region this past fiscal year, in this past quarter. And we believe this is becoming an even bigger differentiator for Ralph Lauren relative to peers in this environment. And we are guided by the consumer here, right? And as Jane mentioned, the consumer response to our brand elevation on product, on storytelling, on selling environment continues to be strong. And the AUR is an outcome of all of that, and we feel quite good about our ability to continue on this journey, and then Jane, I'll turn it over to you for some more color on the second part of Jay's question.

我認為 Matt 之前的問題也很清楚，我們的品牌在每個地區的市場上繼續擁有強大的定價權，對嗎？在上個財政年度，在上個季度，您看到 AUR 在每個地區都有增長。我們相信，在這種環境下，這將成為 Ralph Lauren 與同行相比更大的差異化因素。我們在這裡受到消費者的指導，對嗎？正如 Jane 提到的那樣，消費者對我們在產品、講故事和銷售環境方面的品牌提升的反應仍然很強烈。 AUR 是所有這些的結果，我們對繼續這段旅程的能力感到非常滿意，然後 Jane，我將把它交給你，以便對 Jay 的問題的第二部分有更多的了解。

Sure. And Jay, I would just add to what Patrice said on our pricing journey, that you've seen us in the last two quarters to be flexible while still putting up double-digit AUR growth, be flexible to the need of the more value-oriented consumer. And as we think about the coming year, we've built that flexibility into the model based on what we're seeing in consumer trends. So we feel really good about that flexibility while still continuing obviously to elevate even in a difficult environment.

當然。 Jay，我想補充一下 Patrice 在我們的定價過程中所說的話，你已經看到我們在過去兩個季度保持靈活，同時仍然保持兩位數的 AUR 增長，靈活地滿足更多價值的需求-面向消費者。當我們考慮來年時，我們已經根據我們在消費者趨勢中看到的情況將這種靈活性構建到模型中。因此，我們對這種靈活性感到非常滿意，同時即使在困難的環境中仍然明顯地繼續提升。

And then your question on the balance sheet. The balance sheet honestly gives us the flexibility to be brave and do what we need to do for our business. So you saw us during COVID be able to hold inventory when demand was a little softer. The strength of our brands have such a core assortment allowed us to do that and to make sure that we could continue our elevation journey and not be forced in discounting. It allows us to be brave in investing during times of volatility, both in marketing, which you've seen us do consistently through this reset period, and we intend to continue to do even in our guidance today, we expect marketing to be up 7% -- to be up to 7% of sales as we move into the future and to invest ahead of return on growth drivers.

然後是資產負債表上的問題。老實說，資產負債表使我們能夠靈活地勇敢地做我們需要為我們的業務做的事情。所以你看到我們在 COVID 期間能夠在需求稍微疲軟時保持庫存。我們品牌的實力擁有這樣一個核心分類，使我們能夠做到這一點，並確保我們能夠繼續我們的提升之旅，而不是被迫打折。它使我們能夠在動盪時期勇敢地投資，無論是在市場營銷方面，你已經看到我們在這個重置期間一直在做，我們打算在今天的指導中繼續這樣做，我們預計市場營銷將增長 7 %——隨著我們邁向未來並在增長驅動力回報之前進行投資，最高可達銷售額的 7%。

You saw us do that on digital, invest in local sites that take some time to pay off, but are good for the long-term health of the brand and consumer outreach and invest in doors that we know will be a halo to the brand, attract consumers and be good investments over time. So we really do believe in it as an enabler.

你看到我們在數字上這樣做，投資於需要一些時間才能獲得回報的本地網站，但有利於品牌的長期健康和消費者拓展，並投資於我們知道會給品牌帶來光環的門，隨著時間的推移吸引消費者並成為良好的投資。所以我們真的相信它是一個推動者。

The next question comes from John Kernan with TD Cowen.

下一個問題來自 John Kernan 和 TD Cowen。

Congrats for a nice quarter. Can you talk to just North America, in particular, a lot of us can see the macro environment here getting a little bit more difficult as we went through the spring. Just wondering what you're seeing in both the wholesale channel in North America, also the outlet retail channel and how that is informing your view for North America embedded in the guidance this year.

祝賀一個不錯的季度。你能不能只談談北美，特別是我們很多人都可以看到，隨著我們度過春天，這裡的宏觀環境變得更加困難。只是想知道您在北美的批發渠道和奧特萊斯零售渠道中看到了什麼，以及這如何影響您對今年指南中嵌入的北美的看法。

So what we see in wholesale is that, as we called out in the guidance, we do see a normalization of wholesale sales that were disrupted during the supply chain. And we expect that to be a heavy headwind in the first quarter. Now that's anomalous. We want to call it out. But underlying in terms of wholesale, we have seen some challenges in terms of replenishment orders and some caution in their more value-oriented consumers. So we've taken that into consideration as we've planned our inventories and know that they're taking a more cautious stance in both North America and in Europe, as they give us order -- as they place orders for receipts into spring. We've incorporated that into our guidance.

因此，我們在批發中看到的是，正如我們在指南中所呼籲的那樣，我們確實看到了供應鏈中中斷的批發銷售正常化。我們預計這將在第一季度成為一個沉重的逆風。現在這是反常的。我們想大聲疾呼。但在批發方面，我們看到了補貨訂單方面的一些挑戰，以及他們更注重價值的消費者的一些謹慎態度。因此，我們在計劃庫存時考慮到了這一點，並且知道他們在北美和歐洲都採取了更加謹慎的態度，因為他們給我們下訂單——因為他們下訂單到春季收貨。我們已將其納入我們的指南。

We're more optimistic about certainly, what we've seen in our full-price store environment in North America, it's remained strong through this period, and we're encouraged by that. We are more cautious as we came into the fourth quarter in terms of the outlet consumer. We've been calling that out for several quarters, and we've incorporated that into our guidance as well. We are encouraged that we do see that all our consumers migrating up in terms of the categories that they're buying into. They're buying higher ticket items. Those value consumers are looking for a good deal, but we do see that migration up in terms of the product assortment, and we're adjusting our assortments accordingly. We did see basket growth and AUR growth across all our channels and are encouraged by that. We will follow that while being flexible for the consumers. But encouraged by the overall store environment, and we feel we have the tools to flexibly move through this environment.

我們當然更加樂觀，我們在北美的全價商店環境中看到的情況在這段時間裡一直保持強勁，我們對此感到鼓舞。進入第四季度後，我們對奧特萊斯消費者更加謹慎。幾個季度以來，我們一直在呼籲這一點，我們也已將其納入我們的指導方針。我們感到鼓舞的是，我們確實看到我們所有的消費者都在他們購買的類別方面向上遷移。他們正在購買價格更高的商品。那些有價值的消費者正在尋找划算的交易，但我們確實看到了產品分類方面的遷移，我們正在相應地調整我們的分類。我們確實看到了我們所有渠道的購物籃增長和 AUR 增長，並為此感到鼓舞。我們將遵循這一點，同時為消費者提供靈活性。但受到整體商店環境的鼓舞，我們覺得我們擁有靈活地在這種環境中移動的工具。

And then wholesale, I would add to that perspective that the brand elevation strategy that we're applying is playing out well in the wholesale environment in the U.S. Jane, you mentioned AUR. AUR up 8% in wholesale this past quarter in a relatively promotional environment. Over the long term, we've been growing share in Men's, in Women's, particularly strength recently in Women's and in Children's. And I think we're nicely aligned with the strategic direction of our key wholesale partners.

然後是批發，我想補充一點，我們正在應用的品牌提升策略在美國的批發環境中表現良好。簡，你提到了 AUR。在相對促銷的環境下，上個季度批發 AUR 增長了 8%。從長遠來看，我們在男裝、女裝中的份額一直在增長，尤其是最近在女裝和兒童領域的份額。而且我認為我們與主要批發合作夥伴的戰略方向非常一致。

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。

To dive a little bit deeper into your outlook for your European wholesale business and also your direct-to-consumer business this year, in particular, how should we think about the slowdown you're seeing in digital business and how does that compare to maybe some of the underlying trends in your brick-and-mortar channel?

為了更深入地了解您今年對歐洲批發業務和直接面向消費者業務的展望，我們應該如何看待您在數字業務中看到的放緩，以及這與可能相比如何您的實體渠道中的一些潛在趨勢？

So broadly across Europe, we've been very pleased with our digital progress. We're up substantially in terms of where we were pre-COVID, it's been a source of strength for us. In terms of what we're seeing on our digital growth, we expect continued growth in digital at a more moderate pace for Europe, but continuing our AUR journey in that channel and strong performance.

在整個歐洲，我們對我們的數字化進步感到非常滿意。就我們在 COVID 之前的位置而言，我們大幅上升，這一直是我們力量的源泉。就我們在數字增長中看到的情況而言，我們預計歐洲的數字增長將以更溫和的速度持續增長，但將繼續我們在該渠道的 AUR 之旅和強勁的表現。

As we look at the wholesale channel in Europe, it is more elevated and healthier than what we've seen in North America but we have seen pressure from pure players. Now that's playing out in our digital ecosystem in Europe, and it's playing out in our wholesale business in Europe. We have adjusted our inventories accordingly and expect to continue to grow with them in the long term, but do see pressure in the near term from the pure players that will play both into our digital ecosystem growth and will -- and plays out in terms of our total wholesale growth in Europe. But overall, it's an elevated offer. We continue to like our market share gains in that channel and are continuing the journey, but the pure plays are the pressure point.

當我們觀察歐洲的批發渠道時，它比我們在北美看到的更高、更健康，但我們看到了來自純玩家的壓力。現在，這正在我們歐洲的數字生態系統中發揮作用，並且正在我們歐洲的批發業務中發揮作用。我們已經相應地調整了我們的庫存，並期望在長期內繼續與他們一起增長，但在短期內確實看到來自純參與者的壓力，這些參與者將參與我們的數字生態系統增長並將 - 並在以下方面發揮作用我們在歐洲的批發總額增長。但總的來說，這是一個更高的報價。我們繼續喜歡我們在該渠道獲得的市場份額，並繼續前進，但純粹的遊戲是壓力點。

And I would add that our biggest partner there is Zalando in Europe. Zalando is on the brand elevation strategy, pulling back on promotional [IT] and that's very consistent with where we want to take the brand in Europe. So strategically, we feel very good about the direction that Zalando is taking.

我想補充一點，我們最大的合作夥伴是歐洲的 Zalando。 Zalando 正在實施品牌提升戰略，取消促銷 [IT]，這與我們希望在歐洲推廣該品牌的地方非常一致。所以從戰略上講，我們對 Zalando 的發展方向感覺很好。

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

下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Two items that were called out, is one, marketing spend and one on raw material costs. How are those being planned in -- what does it look like for fiscal '24 compared to '23? And then Patrice, would love to hear your take, just expand a little bit on wholesale. How do you see the difference in the wholesale channel operating models, North America versus Europe versus Asia? And how you're planning the business?

有兩項被提出，一項是營銷支出，另一項是原材料成本。這些是如何計劃的——與 23 財年相比，24 財年的情況如何？然後帕特里斯，很想听聽你的看法，只是擴大一點批發。您如何看待北美、歐洲和亞洲批發渠道運營模式的差異？你是如何規劃業務的？

Maybe tag team on this. On marketing spend, as Jane mentioned in her prepared remarks, our strategy is to spend about 7% of revenue on marketing. That's roughly where we were this past fiscal year. That's where we will be this coming fiscal year. It won't necessarily play out exactly per quarter at 7% because obviously, we have fashion shows and those types of events that will skew the numbers in a particular quarter. But directionally, 7% of revenue, we expect modest revenue growth, so you can expect the absolute dollars of marketing spend to increase on the total brand. Jane, I'll let you do the raw materials.

也許標記團隊對此。在營銷支出方面，正如簡在準備好的發言中提到的那樣，我們的策略是將大約 7% 的收入用於營銷。這大致就是我們上一財年的情況。這就是我們即將到來的財政年度的目標。它不一定會在每個季度以 7% 的速度精確播放，因為很明顯，我們有時裝秀和那些類型的活動，這些活動會扭曲特定季度的數字。但從方向上講，我們預計收入會適度增長，佔收入的 7%，因此您可以預計整個品牌的營銷支出絕對數額會增加。簡，我讓你做原材料。

Dana, what we see in raw materials is really actually encouraging. What we see in terms of tailwinds is that freight will go from about an 80 basis point headwind in fiscal '23 to about 100 basis point tailwind in fiscal '24. Now as we called out cotton inflation was at its peak in Q4 and we expect that to continue into Q1. But as we exit the year -- because we're long bought on cotton, about a year out.

Dana，我們在原材料中看到的情況確實令人鼓舞。我們在順風方面看到的是，貨運將從 23 財年的約 80 個基點逆風變為 24 財年的約 100 個基點順風。現在，正如我們所說，棉花通脹在第四季度達到頂峰，我們預計這種情況將持續到第一季度。但是當我們結束這一年時——因為我們長期購買棉花，大約一年後。

But as we exit the year, at the very end of the year, we will start to see cotton turn to an advantage in terms of raw materials. But we really won't realize that until fiscal '25. And so if you think about it in the big buckets, cotton and freight will sort of equalize each other. But we do see some other tailwinds in terms of our air freight is stabilized and won't be a pressure point. We expect to see continued product elevation and mix and structural advantages as Asia outgrows or leads to the growth from the rest of our regions. So we're very encouraged by what we can see and what we have visibility to now relative to the environment that we faced in fiscal '23.

但隨著我們結束這一年，在年底，我們將開始看到棉花在原材料方面的優勢。但直到 25 財年，我們才真正意識到這一點。因此，如果你在大桶中考慮它，棉花和運費將在某種程度上相互平衡。但我們確實看到了其他一些有利因素，比如我們的空運穩定，不會成為壓力點。隨著亞洲的增長超過或引領我們其他地區的增長，我們預計會看到持續的產品提升和組合以及結構優勢。因此，我們對我們所看到的以及我們現在相對於我們在 23 財年面臨的環境所具有的可見性感到非常鼓舞。

And then your question on wholesale. So just stepping back a little bit, our direction of travel from a strategic standpoint is to pivot the company further into DTC. Our DTC today is about 63%, 64% of -- for the total company. And as we guided during Investor Day, we expect the numbers to be north of that in the coming years. Now we believe wholesale -- quality wholesale has an important role to play in our go-to-market model as well. If you do the world tour, in Asia, most of our business, if not all of it, is concession. So to a large sense, actually a DTC business. It's nicely elevated. We had really nice momentum there, as you saw in the results that we just announced. And so we're focused on running the play and continuing to drive elevation there.

然後是關於批發的問題。因此，退後一步，從戰略角度來看，我們的前進方向是將公司進一步轉向 DTC。我們今天的 DTC 大約佔整個公司的 63%、64%。正如我們在投資者日期間所指導的那樣，我們預計未來幾年的數字將超過這一數字。現在我們相信批發——質量批發在我們的上市模式中也扮演著重要的角色。如果你進行世界巡迴演出，在亞洲，我們的大部分業務（如果不是全部）都是特許經營。所以從廣義上講，實際上是一個 DTC 業務。它的高度很高。正如您在我們剛剛宣布的結果中看到的那樣，我們在那裡的勢頭非常好。因此，我們專注於運行遊戲並繼續推動那裡的提升。

In Europe, it is a mix of concessions and wholesale. And in Europe, what we're working on is continued elevation. There's been some really nice work done in Germany, in France, we're looking very good in France and had really nice performance this past year in France wholesale in the U.K. In Southern Europe, there's opportunity to elevate. So we're putting emphasis on customers like El Corte Ingles, right, to make sure that we show up the way we want to show up in the appropriate doors. And then as we were just talking earlier and Jane mentioned some of this on pure players, pure players are an important part of our wholesale business today. It will be even more important in the future. And I'm actually quite excited about some of the strategic pivots that some of the European pure players are doing because it really lines up nicely with our strategic approach. And I refer to an example earlier on that.

在歐洲，它是特許經營和批發的混合體。在歐洲，我們正在努力的是持續提升。在德國、法國做了一些非常好的工作，我們在法國看起來非常好，去年在法國批發英國的表現非常好。在南歐，有提升的機會。因此，我們將重點放在像 El Corte Ingles 這樣的客戶身上，以確保我們以我們想要的方式出現在適當的門口。然後正如我們剛才所說的那樣，簡在純播放器上提到了一些，純播放器是我們今天批發業務的重要組成部分。這在未來會更加重要。事實上，我對一些歐洲純玩家正在做的一些戰略支點感到非常興奮，因為它與我們的戰略方法非常吻合。我在前面提到了一個例子。

And then as far as North America is concerned, kind of two tiers of wholesale last, right? Remember, we closed 66% of our wholesale doors over the past 3 or 4 years. The upper tier is performing quite strongly, and we feel good about the way we're positioned there. So think of the Sakstons midst the blooming deals of this world and this is still as we have talked about our core luxury consumer being quite resilient. As far as the premium tier is concerned, our focus is on share gain. These are players, I think that I would say if they were on this call that they're picking between the winners and the losers and they're putting investment behind the winners and pulling back on the losers. We are fortunate to be part of that winner's column based on our performance over the past few years, share growth, value creation, joint value creation with them. So we are benefiting from staffing investments from these partners. We're benefiting from capital investments from these partners as we continue to elevate our brand presence in these more limited doors given the number of doors that we've closed.

然後就北美而言，最後是兩層批發，對嗎？請記住，在過去 3 或 4 年中，我們關閉了 66% 的批發門。上層表現非常強勁，我們對我們在那裡的定位方式感到滿意。因此，想想 Sakstons 在這個世界的繁華交易中，這仍然是因為我們已經談到我們的核心奢侈品消費者非常有彈性。就高端而言，我們的重點是份額收益。這些是玩家，我想我會說，如果他們在這個電話會議上，他們會在贏家和輸家之間做出選擇，他們會在贏家後面投資，而在輸家後退。根據我們過去幾年的表現，分享增長，價值創造，與他們共同創造價值，我們很幸運能夠成為獲勝者專欄的一部分。因此，我們正受益於這些合作夥伴的人員配置投資。我們正在從這些合作夥伴的資本投資中受益，因為我們繼續提升我們在這些更有限的門中的品牌影響力，因為我們已經關閉了很多門。

And our focus is on share gain, right? And as I mentioned earlier, over the longer term, we are growing share across all three of our segments, and we have a number of initiatives in place to continue to drive that while driving brand elevation. And I'm pleased to see that our AUR was up 8%, high single digits, up 8% this past quarter, in an environment that's still relatively promotional. So hopefully, that gives you a bit of a sense of how we're thinking about the broader go-to-market strategy moving forward.

我們的重點是分享收益，對吧？正如我之前提到的，從長遠來看，我們在所有三個細分市場中的份額都在增加，並且我們有許多舉措可以在推動品牌提升的同時繼續推動這一進程。我很高興看到我們的 AUR 在上個季度增長了 8%，高個位數，增長了 8%，而且環境仍然相對促銷。因此，希望這能讓您對我們如何考慮更廣泛的上市戰略向前發展有所了解。

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。

Congrats on a great quarter and a full year. Jane, I would love to get a little bit more color. Thanks for Dana's question on the bridge on the gross margin. But on the first quarter, can you maybe just kind of give us a little bit of a bracket on how we should think about gross margins? And then second, just following up on the Investor Day, I think you talked about $400 million plus of gross productivity gains. I think 2/3 of that coming from SG&A. Can you maybe just tell us or share with us any further insights or any further confidence you have to achieve those productivity gains.

祝賀一個偉大的季度和一整年。簡，我想要多一點顏色。感謝 Dana 關於毛利率橋樑的問題。但是在第一季度，您能否就我們應該如何考慮毛利率給我們一些支持？其次，在投資者日之後，我想你談到了 4 億美元以上的總生產力收益。我認為其中 2/3 來自 SG&A。您能否告訴我們或與我們分享任何進一步的見解或任何進一步的信心，您必須實現這些生產力提高。

Sure. Let me just start with the gross margin guidance. First of all, I just want to be clear that our Investor Day guidance on gross margin is unchanged. And I think our guidance both this year and this quarter reaffirms that we will be back on track for making gross margin progress. As you think about the first quarter, some of the things that we have that will, for gross margin expansion of 50 to 100 basis points, will play out in the first quarter. We expect that we will still have some pressure from FX in the first quarter. And -- but we are very encouraged by our pricing power and by the plans that we have, that we'll be able to expand gross margin 30 to 50 basis points across the business. We have the AUR plans in place. We're basically offsetting inflation and we're continuing our journey to increase our -- both our category penetration in high-margin categories and our product penetration in the upper tiers of our product assortment.

當然。讓我從毛利率指導開始。首先，我只想明確一點，我們的投資者日毛利率指引沒有改變。而且我認為我們今年和本季度的指導重申我們將重回正軌以取得毛利率進步。當你想到第一季度時，我們擁有的一些東西，毛利率將增長 50 到 100 個基點，將在第一季度發揮作用。我們預計第一季度我們仍將面臨一些來自外彙的壓力。而且 - 但我們對我們的定價能力和我們的計劃感到非常鼓舞，我們將能夠將整個業務的毛利率提高 30 至 50 個基點。我們制定了 AUR 計劃。我們基本上是在抵消通貨膨脹，我們正在繼續我們的旅程，以增加我們的——我們在高利潤類別中的品類滲透率和我們產品類別中高端產品的滲透率。

So we're very encouraged by that and expect the progress -- you'll start to see the progress that we've called out for fiscal '24 in Q1. And as we think about the $400 million that we committed to in Investor Day, we have achieved in fiscal '23, about 1/3 of that $400 million. So we're right on track for where we want to be. We expect another 1/3 or perhaps a little bit more in this year, in this FY '24. And so we're right on track with where we want to be for that $400 million commitment. We've -- we're on pace. And of course, as a cost discipline muscle, we are always looking for more. So we have a number of initiatives. I called out some in terms of AI that we're continuing to develop as we move forward and hope to overachieve as we move into -- through the strategic planning time line.

因此，我們對此感到非常鼓舞，並期待取得進展——您將開始看到我們在第一季度為 24 財年呼籲的進展。當我們考慮我們在投資者日承諾的 4 億美元時，我們在 23 財年實現了這 4 億美元的大約 1/3。所以我們正朝著我們想要的方向前進。我們預計在今年的 24 財年還會有 1/3 或更多一點。因此，我們正朝著 4 億美元承諾的目標邁進。我們已經 - 我們正在跟上步伐。當然，作為成本紀律的力量，我們一直在尋找更多。所以我們有很多舉措。我在 AI 方面提出了一些我們在前進的過程中繼續發展並希望在我們進入 - 通過戰略規劃時間表時取得超額成就。

All right. Well, thank you, everyone, for joining us today and we look forward to engaging with you at our Annual Shareholder Meeting and first quarter fiscal '24 earnings call in early August. Until then, take good care.

好的。好吧，謝謝大家今天加入我們，我們期待在我們的年度股東大會和 8 月初的第一季度 24 財年財報電話會議上與您互動。在那之前，好好照顧自己。

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。