雷夫·羅倫馬球 (RL) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren First Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，感謝你們的支持。歡迎參加 Ralph Lauren 2024 財年第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I'd now like to turn over the conference to our host, Ms. Corinna Van Ghinst. Please go ahead.

現在我想將會議交給我們的東道主 Corinna Van Ghinst 女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's First Quarter Fiscal 2024 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，感謝您參加 Ralph Lauren 2024 財年第一季度電話會議。今天與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. During today's call, our financial performance will be discussed on a constant currency basis. Our reported results, including foreign currency, can be found in this morning's press release. 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 guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements.

準備好發言後，我們將打開電話詢問您的問題，我們要求您限制每個呼叫者只能提出一個問題。在今天的電話會議中，我們將在固定匯率的基礎上討論我們的財務業績。我們報告的結果（包括外匯）可以在今天早上的新聞稿中找到。我們還將做出一些聯邦證券法含義內的前瞻性聲明，包括我們的財務前景。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。

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.

我們的期望包含許多風險和不確定性。我們向 SEC 提交的文件中詳細介紹了可能導致我們的業績與當前預期存在重大差異的主要風險和不確定性。要查找我們在討論財務業績時使用的非公認會計原則衡量標準的披露和調節，您應該參閱今天上午的收益報告以及我們的 SEC 文件（可在我們的投資者關係網站上找到）。

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

這樣，我會將電話轉給帕特里斯。

Thank you, Cory. Good morning, everyone, and thank you for joining today's call. We started year 2 of our Next Great Chapter: Accelerate plan with continued progress on our long-term strategic commitments. Our solid first quarter performance highlights both the power of our iconic brand around the world and our diversified engines of growth. First quarter results exceeded our expectations on both the top and bottom line in what continues to be a highly dynamic global operating environment. We delivered positive comps, stronger value perception and luxury credentials and targeted ecosystem expansion across our top cities in the period.

謝謝你，科里。大家早上好，感謝您參加今天的電話會議。我們開始了“下一個偉大篇章：加速計劃”的第二年，不斷推進我們的長期戰略承諾。我們第一季度的強勁業績凸顯了我們在全球的標誌性品牌的力量以及我們多元化的增長引擎。在仍然高度活躍的全球運營環境中，第一季度的業績在營收和利潤上都超出了我們的預期。在此期間，我們在我們的頂級城市提供了積極的業績、更強的價值認知和豪華資質，以及有針對性的生態系統擴張。

Our growing brand desirability also drove double-digit AUR growth on top of last year's strong gains. And we will continue to invest in our product quality and sustainability, selling environments and authentic brand messaging to sustain our growth and long-term pricing power in the marketplace. At the same time, we continue to balance this growth with a relentless focus on agility and operational discipline to respond to evolving market dynamics. This enables our operating profit and margin expansion even as we invest for the long term.

在去年強勁增長的基礎上，我們不斷增長的品牌需求也推動了兩位數的 AUR 增長。我們將繼續投資於我們的產品質量和可持續性、銷售環境和真實的品牌信息，以維持我們的增長和市場上的長期定價能力。與此同時，我們繼續平衡這種增長與對敏捷性和運營紀律的不懈關注，以應對不斷變化的市場動態。即使我們進行長期投資，這也使我們的營業利潤和利潤率得以擴大。

We continue to be mindful of macro inflationary challenges facing our more value-oriented consumers, particularly in North America. That said, we are more than offsetting softness from this cohort with growth in our full price businesses. Turning to the first quarter, our solid performance was guided by our 3 strategic pillars to drive 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.

我們繼續關注更注重價值的消費者所面臨的宏觀通脹挑戰，特別是在北美。也就是說，我們的全價業務的增長足以抵消這一群體的疲軟。談到第一季度，我們穩健的業績是在三大戰略支柱的指導下推動長期增長和價值創造的。這些是：首先，提升和激發我們的生活方式品牌；二是帶動核心，拓展更多；第三，通過我們的消費生態系統贏得重點城市。

Let me take you through a few highlights across each of these strategic pillars. First, on our efforts to elevate and energize our lifestyle brand. We are investing in our most powerful asset, our timeless iconic brand, to inspire and engage our consumers, drive brand desirability in the market and ultimately grow lifetime value. We continue to diversify and optimize our marketing across a variety of media and platforms as we deliver a clear, differentiated story to our target consumers in order to trade them in across and up our lifestyle portfolio.

讓我帶您了解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。我們正在投資於我們最強大的資產，我們永恆的標誌性品牌，以激勵和吸引我們的消費者，提高品牌在市場上的吸引力，並最終增加終身價值。我們繼續在各種媒體和平台上實現營銷多元化和優化，向目標消費者提供清晰、差異化的故事，以便他們在我們的生活方式組合中進行交易。

During the quarter, first, we drove some of our highest engagements globally through iconic celebrity dressing moments. This was led by Jennifer Lopez at the Met Gala in May, delivering over 8 billion global media impressions and her look landed on multiple best dress lists across TV, digital, social and print outlets. Other celebrity highlights included Taylor Swift, spotted on the streets of New York in our Wellington bag and all white Polo Ensemble; Singer and actress Crystal Young in [Cannes], first lady Jill Biden at the coronation of King Charles, and you may have caught a recent episode of And Just Like That, which features characters Charlotte and Rock outfitted in Ralph Lauren at a fun fictional Polo photo shoot, highlighting the multigenerational appeal of our brand.

在本季度，我們首先通過標誌性的名人著裝時刻在全球範圍內推動了一些最高的參與度。該活動由詹妮弗·洛佩茲(Jennifer Lopez) 在5 月份的Met Gala 上引領，全球媒體曝光量超過80 億次，她的造型登上了電視、數字、社交和印刷媒體的多個最佳著裝榜單。其他名人亮點包括泰勒·斯威夫特 (Taylor Swift)，她穿著我們的 Wellington 包和全白色 Polo 衫出現在紐約街頭；歌手兼演員克里斯托·楊(Crystal Young) 出席戛納電影節，第一夫人吉爾·拜登(JillBiden) 出席查爾斯國王的加冕禮，您可能還看過最近一集的《就這樣》，其中人物夏洛特(Charlotte) 和洛克(Rock) 穿著拉爾夫·勞倫(Ralph Lauren) 服裝參加一場有趣的虛構馬球比賽照片拍攝，突出了我們品牌的多代吸引力。

Second, we have worked to reinforce our luxury lifestyle positioning through iconic lifestyle partnerships and activations in key global cities. We paired our recent Milan flagship openings with key campaigns to fuel excitement in this influential fashion capital this spring. This included the return of men's Purple Label to Milan Fashion Week in June and our second annual participation at Salone del Mobile, part of Milan Design Week, where we showcased our emerging home business. Similarly, across Europe and Asia, we drove brand heat through experiential events like our California Dreaming key city takeovers, exclusive private client events and influencer campaigns to build our presence in both new and existing ecosystems, from Paris to Shanghai, Tokyo and Seoul.

其次，我們致力於通過在全球主要城市的標誌性生活方式合作夥伴關係和活動來加強我們的奢華生活方式定位。我們將最近在米蘭開設的旗艦店與重要活動結合起來，在今年春天為這座頗具影響力的時尚之都注入活力。其中包括男裝 Purple Label 於 6 月重返米蘭時裝週，以及我們第二次參加年度米蘭家具展（米蘭設計週的一部分），展示了我們新興的家居業務。同樣，在歐洲和亞洲，我們通過加州夢關鍵城市收購、獨家私人客戶活動和影響者活動等體驗式活動推動了品牌熱度，以在從巴黎到上海、東京和首爾的新的和現有的生態系統中建立我們的影響力。

And most recently, we reinforced our leadership in the world of sports with another successful Wimbledon sponsorship, where we delivered our highest-ever results on social conversations, on-site merchandise sales and global PR impressions. Ralph Lauren truly embodies the heritage and tradition of this iconic tournament. In addition to our beautiful Encore presence, we also captured our iconic spectator style on celebrities and influencers like Ariana Grande and David Beckham, which we amplified globally. Together, these activations are both reengaging existing customers while also attracting new high-value consumers to our business.

最近，我們又成功贊助了溫網，鞏固了我們在體育界的領導地位，在社交對話、現場商品銷售和全球公關印象方面取得了有史以來最高的成績。 Ralph Lauren 真正體現了這一標誌性賽事的傳承和傳統。除了我們美麗的安可表演之外，我們還捕捉了愛莉安娜·格蘭德和大衛·貝克漢姆等名人和影響者的標誌性觀眾風格，並在全球範圍內進行了推廣。總之，這些活動既重新吸引了現有客戶，同時也吸引了新的高價值消費者加入我們的業務。

In our DTC businesses, we added 1.2 million new consumers in the first quarter consistent with recent trends. This continues to skew increasingly toward next-generation under 35 consumers. And we reached 53.5 million social media followers globally, a high single-digit increase to last year driven by Instagram, Line, TikTok, WeChat and other key platforms. And our online search trends continue to outpace our peers globally, driven by spring icons and accessories.

在我們的 DTC 業務中，我們第一季度新增了 120 萬消費者，這與近期趨勢一致。這一趨勢繼續越來越傾向於 35 歲以下的下一代消費者。在 Instagram、Line、TikTok、微信和其他主要平台的推動下，我們的全球社交媒體粉絲數量達到 5350 萬，較去年實現高個位數增長。在春季圖標和配飾的推動下，我們的在線搜索趨勢繼續領先於全球同行。

Moving to our second key initiative, Drive the Core and Expand for More. Ralph and our design teams continue to create sophisticated timeless products that meet our customers' modern lifestyle, underpinned by the quiet luxury that is a hallmark of our brand.

轉向我們的第二個關鍵舉措，驅動核心並擴展更多。 Ralph 和我們的設計團隊不斷創造精緻、永恆的產品，以滿足客戶的現代生活方式，並以我們品牌的標誌性的安靜奢華為基礎。

Starting with our iconic core products, which typically represent about 70% of sales and are a consistent driver of our business, season after season. Our core grew mid-single digits in the first quarter, ahead of total company growth and penetration to total sales increased by 350 basis points. underscoring the importance and resilience of our icons through choppier times. This was led by our iconic cable knit sweaters and cardigans, linen shirts and chinos, double knit sweatshirt, rugby shirts and tailored suit separates.

從我們標誌性的核心產品開始，這些產品通常佔銷售額的 70% 左右，並且是我們每一季業務的持續驅動力。我們的核心業務在第一季度實現了中個位數增長，領先於公司整體增長，並且對總銷售額的滲透率增長了 350 個基點。強調我們的偶像在動盪時期的重要性和韌性。其中以我們標誌性的絞花針織毛衣和開衫、亞麻襯衫和斜紋棉布褲、雙面針織運動衫、橄欖球襯衫和定制西裝單品引領。

We continue to see evidence that consumers are turning to brands they know and trust and styles that have longevity beyond one season. Our roots in quality and timeless style remain a competitive advantage in this context, supporting our strengthening value proposition. 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 double digits in the quarter.

我們不斷看到證據表明，消費者正在轉向他們了解和信任的品牌以及壽命超過一季的款式。在這種背景下，我們對質量和永恆風格的根源仍然是競爭優勢，支持我們不斷強化的價值主張。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。其中包括女式外套和我們新興的家居業務。這些高潛力類別在本季度總共實現了低兩位數的增長。

Women's, our largest long-term opportunity, continues to outpace total company performance, supported by our Spring '23 California Dreaming collection inspired by the natural beauty, optimism and glamor of the West Coast, Polos, day dresses and lightweight skirts in seasonal florals and silks, newer wide-like bottoms and encouraging growth in our Polo ID handbags. Other special releases this quarter included the launch of our Polo Mirum sneaker, our first luxury sneaker that is 100% plastic-free. Leveraging our investment in natural fiber welding, Mirum is made with an innovative combination of natural rubber, cotton, cork and plant oil. Looking ahead, we will continue to leverage the breadth of our brand and assortments to meet consumers' evolving lifestyles.

女裝是我們最大的長期機會，在我們的Spring '23 California Dreaming 系列的支持下，女裝繼續超越公司整體業績，該系列的靈感源自西海岸的自然美景、樂觀和魅力、Polo 衫、日裝和輕盈的裙子，採用季節性花卉圖案和絲綢、較新的寬底褲以及我們的 Polo ID 手提包的令人鼓舞的增長。本季度的其他特別發布包括推出 Polo Mirum 運動鞋，這是我們首款 100% 無塑料的豪華運動鞋。利用我們在天然纖維焊接方面的投資，Mirum 採用天然橡膠、棉花、軟木和植物油的創新組合製成。展望未來，我們將繼續利用我們品牌和產品種類的廣度來滿足消費者不斷變化的生活方式。

Switching to our third key initiatives, winning key cities with our consumer ecosystem. We remain committed to developing our key city ecosystems around the world, with a focus on elevating and connecting all of our consumer touch points across every channel. At the same time, we are clearly pivoting our business toward direct-to-consumer which already represents about 2/3 of our sales.

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。我們仍然致力於發展世界各地的主要城市生態系統，重點是提升和連接每個渠道的所有消費者接觸點。與此同時，我們顯然正在將業務轉向直接面向消費者，這已占我們銷售額的約 2/3。

Our investments in high-quality new customer recruitment and increasingly elevated distribution are working. Our full-price retail channels led the growth in the quarter, consistent with recent trends. This is helping to mitigate near-term inflationary headwinds facing a subsegment of more value-sensitive consumers. Our positive retail comps were supported by continued momentum in our core Polo products and luxury collections, along with improving foreign tourist sales and successful clienteling by our dedicated sales teams. This performance more than offset continued pressure in our outlet comps, which were challenged by a more promotional North American market.

我們在高質量新客戶招募和不斷提高的分銷方面的投資正在發揮作用。我們的全價零售渠道引領了本季度的增長，與近期趨勢一致。這有助於緩解對價值更敏感的消費者群體面臨的近期通脹阻力。我們積極的零售業績得益於核心 Polo 產品和奢侈品系列的持續增長勢頭，以及外國遊客銷售的改善和我們專業銷售團隊的成功客戶服務。這一業績足以抵消我們的直銷店競爭的持續壓力，這些壓力受到北美市場促銷力度加大的挑戰。

We opened a select number of iconic World of Ralph Lauren stores in the quarter, notably in Amsterdam, Tainan and Kuala Lumpur, featuring an elevated assortment and prime luxury adjacencies. These stores are designed to anchor our city presence and drive desirability and engagement with consumers. We opened a total of 28 new stores and concessions, focused on our top cities globally this quarter, with the majority again in Asia, particularly in China.

我們在本季度開設了多家標誌性的 World of Ralph Lauren 商店，特別是在阿姆斯特丹、台南和吉隆坡，這些商店的特色是產品種類豐富，毗鄰頂級奢侈品牌。這些商店旨在鞏固我們的城市形象並提高消費者的需求和參與度。本季度，我們總共開設了 28 家新店和專賣店，重點關注全球頂級城市，其中大部分位於亞洲，尤其是中國。

China sales accelerated to more than 50% growth with easier compares following last year's Shanghai lockdowns. We were particularly encouraged by our strong 6/18 performance, which outpaced peers and reinforced our new customer acquisition in the market. And over 40% of our transactions were generated from new consumers. Looking ahead, we still expect China to remain one of our fastest-growing markets.

繼去年上海封城之後，中國的銷售額增長加速至 50% 以上。我們對 6/18 的強勁業績感到特別鼓舞，該業績超越了同行，並加強了我們在市場上的新客戶獲取。我們超過 40% 的交易來自新消費者。展望未來，我們仍然預計中國仍將是我們增長最快的市場之一。

Within our digital businesses, sales for our total Ralph Lauren digital ecosystem, including our directly-operated sites, departmentstore.com, pure players and social commerce were flat this quarter. Strong growth in our international markets more than offset declines in North America, where the digital channel has also become more promotional. This quarter's digital performance was clearly below our long-term targets, and we implemented key interventions during the quarter, which will continue into the fall season.

在我們的數字業務中，本季度整個 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）的銷售額持平。國際市場的強勁增長抵消了北美市場的下滑，北美的數字渠道也變得更加促銷。本季度的數字表現明顯低於我們的長期目標，我們在本季度實施了關鍵干預措施，這些干預措施將持續到秋季。

Encouragingly, we started to see improvement in our North America digital trends from June onward, as Jane will discuss in a moment.

令人鼓舞的是，從 6 月開始，我們開始看到北美數字趨勢有所改善，Jane 稍後將對此進行討論。

And finally, touching on our enablers. In addition to our strategic priorities, our business continued to be supported by our 5 key enablers. I'll share a few highlights from the quarter. As part of our ongoing work to deliver superior operational capabilities, we are implementing process improvements and new tools to streamline our value chain and drive long-term margin opportunities. Our recent work has resulted in a 25% reduction in our overall Spring '24 SKU count, even as we continue to develop our high-potential categories. Within citizenship and sustainability, we were proud to be recognized as a top-rated ESG performer by Sustainalytics as we work to embed sustainability in all we do. And within our people and culture, we were recently named a best company for women to advance by parity.org for the fourth consecutive year.

最後，談談我們的推動因素。除了我們的戰略重點之外，我們的業務繼續得到 5 個關鍵推動因素的支持。我將分享本季度的一些亮點。作為我們持續提供卓越運營能力工作的一部分，我們正在實施流程改進和新工具，以簡化我們的價值鏈並推動長期利潤機會。儘管我們繼續開發高潛力品類，但我們最近的工作已使 Spring '24 SKU 總數減少了 25%。在公民身份和可持續發展方面，我們很榮幸被 Sustainalytics 評為頂級 ESG 表現者，因為我們致力於將可持續發展融入到我們所做的一切中。在我們的員工和文化中，我們最近連續第四年被 parity.org 評為最適合女性晉升的公司。

In closing, Ralph and I are energized by our team's solid start to this fiscal year. We continue to focus on offense, agility and pragmatism in these dynamic times. And we believe Ralph Lauren is firmly in a position of strength to deliver on our strategic commitments. Underpinned by Rob's timeless vision and the strength of our iconic brand, 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 consumer 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在本財年的良好開局感到振奮。在這個充滿活力的時代，我們繼續關注進攻、敏捷和實用主義。我們相信 Ralph Lauren 完全有能力兌現我們的戰略承諾。在Rob 永恆的願景和我們標誌性品牌的實力的支撐下，我們在地理、渠道和品類上擁有多元化的增長槓桿，擁有消費者了解和信任的廣泛生活方式產品組合，並且我們正在積極滿足消費者的需求和強大的基礎推動因素支持長期增長和價值創造。從我們的人才、創新技術和供應鏈到我們的資產負債表和運營紀律的力量。

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.

接下來，我將把它交給 Jane 來討論我們的財務業績，最後我將和她一起回答你們的問題。

Thank you, Patrice, and good morning, everyone. We delivered a solid start to fiscal '24, with first quarter results ahead of our expectations. This quarter's performance demonstrates the broad-based strength of our strategy and the agility of our teams in a highly dynamic global operating environment. This gives us confidence in delivering on both our long-term commitments as well as the fiscal '24 outlook we outlined in May.

謝謝你，帕特里斯，大家早上好。我們在 24 財年取得了良好的開局，第一季度業績超出了我們的預期。本季度的業績證明了我們戰略的廣泛實力以及我們團隊在高度動態的全球運營環境中的敏捷性。這讓我們有信心兌現我們的長期承諾以及我們在 5 月份概述的 24 財年展望。

We drove positive first quarter revenue growth, exceeding our guidance. We returned to gross margin expansion this quarter with clean inventories, all while overcoming peak raw material costs and our culture of cost discipline enabled us to deliver 100 basis points of adjusted operating margin expansion to 13.7%, with operating profit dollars up 9%.

我們推動第一季度收入實現正增長，超出了我們的指導。本季度我們憑藉清潔庫存恢復了毛利率擴張，同時克服了原材料成本高峰，我們的成本紀律文化使我們能夠將調整後的營業利潤率擴大 100 個基點，達到 13.7%，營業利潤增長 9%。

We continue to make important investments in our business while delivering strong shareholder returns, including roughly $100 million in the form of dividends and share repurchases this quarter. Our first quarter financial performance underscores our position of strength through dynamic times. Let me take you through some of the highlights from the quarter.

我們繼續對業務進行重要投資，同時提供強勁的股東回報，包括本季度以股息和股票回購形式提供的約 1 億美元。我們第一季度的財務業績凸顯了我們在充滿活力的時代的實力地位。讓我向您介紹本季度的一些亮點。

Total company revenues in the first quarter increased 1% above our outlook. Strong performance in Europe and Asia more than offset a decline in North America, which was negatively impacted by a wholesale timing shift into the prior quarter, as noted on our last call. Our digital ecosystem sales were about flat with growth in international offsetting a decline in North America.

第一季度公司總收入比我們的預期增長 1%。歐洲和亞洲的強勁表現足以抵消北美的下滑，正如我們在上次電話會議中指出的那樣，北美受到了上一季度整體時間轉移的負面影響。我們的數字生態系統銷售額基本持平，國際銷售額的增長抵消了北美銷售額的下降。

Total company adjusted gross margin expanded 130 basis points versus last year to 69.3%. This was above our outlook, driven by lower freight expense and 15% AUR growth, along with favorable channel, geographic and product mix. The cost of raw materials, notably cotton, continued to be a headwind in the quarter as expected.

公司調整後總毛利率較去年增長 130 個基點，達到 69.3%。由於運費下降和 AUR 增長 15%，以及有利的渠道、地理和產品組合，這超出了我們的預期。正如預期的那樣，原材料（尤其是棉花）成本在本季度繼續成為不利因素。

Looking ahead, we plan to continue leveraging price to offset cost inflation, which will moderate this fall from peak spring '23 levels. As a reminder, our long-term approach to AUR continues to be a multipronged strategy driven by product mix elevation, more personalized and targeted promotion, select like-for-like increases based on competitive benchmarking, disciplined inventory management to limit excess and favorable geographic and channel mix shifts.

展望未來，我們計劃繼續利用價格來抵消成本通脹，這將使今年秋季 23 年春季峰值水平的下降有所緩和。提醒一下，我們的AUR 長期策略仍然是多管齊下的戰略，由產品組合提升、更加個性化和有針對性的促銷、基於競爭基準選擇同類增長、嚴格的庫存管理以限製過剩和有利的地理區域驅動。和渠道組合的轉變。

We expect these drivers to continue delivering positive, albeit a more modest level of AUR growth longer term. Adjusted operating expenses increased 40 basis points to 55.6% of sales in the first quarter. Marketing was 6% of sales compared to 7% last year. As noted on our last call, we are shifting a higher proportion of marketing and ecosystem investments into the second quarter of this fiscal year, driving expense deleverage in Q2; however, we continue to expect full year marketing at around 7% of sales, consistent with our long-term guidance.

我們預計，從長遠來看，這些驅動因素將繼續帶來積極的 AUR 增長，儘管增長水平較為溫和。調整後的運營費用增加了 40 個基點，佔第一季度銷售額的 55.6%。營銷佔銷售額的 6%，而去年為 7%。正如我們在上次電話會議中所指出的，我們將把更高比例的營銷和生態系統投資轉移到本財年第二季度，從而推動第二季度的費用去槓桿化；然而，我們仍然預計全年營銷將佔銷售額的 7% 左右，這與我們的長期指導一致。

Moving to segment performance, starting with North America. First quarter revenues decreased 10%. This included about 5 points of negative impact from the normalized timing of spring wholesale shipments following last year's supply chain disruption, as previously noted. The rest of the decline was largely driven by continued inflationary pressures on our more value-oriented consumers.

轉向細分市場表現，從北美開始。第一季度收入下降 10%。如前所述，這包括去年供應鏈中斷後春季批發發貨正常化時間帶來的約 5 個負面影響。其餘的下降主要是由於我們更注重價值的消費者面臨持續的通脹壓力。

In North America Retail, first quarter comps declined 6%, following a 5% increase last year. We continued to deliver strong growth in our Ralph Lauren stores while performance was softer than expected in outlet and digital. In our channels with exposure to value-oriented consumers, notably outlet, inflation continues to pressure consumer spending and the competitive set has grown increasingly promotional.

在北美零售業，第一季度的比較下降了 6%，而去年則增長了 5%。我們的 Ralph Lauren 商店繼續實現強勁增長，而奧特萊斯和數字商店的業績則低於預期。在我們接觸價值導向型消費者的渠道中，尤其是直銷店，通貨膨脹繼續給消費者支出帶來壓力，而競爭產品也越來越促銷。

Our North American digital business was also pressured in April and May. However, we delivered improved trends toward the end of June, as we implemented key actions to improve our sales and conversion in the channel. Looking ahead, we expect to drive modest sequential improvement in our retail business through the rest of fiscal '24. We have proactively adjusted our Fall '23 buys to focus on our core. We are launching new digital enhancements as well as our Canada digital flagship this fall. And we are making key investments in personalized communication and leveraging selective promotions to drive conversion and keep inventories healthy. These actions remain consistent with our initial guidance for fiscal '24.

我們的北美數字業務在四月和五月也受到壓力。然而，隨著我們採取關鍵行動來提高渠道的銷售和轉化率，我們在六月底的趨勢有所改善。展望未來，我們預計在 24 財年剩餘時間內，我們的零售業務將取得適度的連續改善。我們主動調整了 23 年秋季的採購，以專注於我們的核心產品。我們將於今年秋天推出新的數字增強功能以​​及加拿大數字旗艦產品。我們正在個性化溝通方面進行重大投資，並利用選擇性促銷來推動轉化並保持庫存健康。這些行動與我們對 24 財年的初步指導保持一致。

In North America Wholesale, revenues decreased mid-teens to last year. The return to a normalized cadence of spring deliveries had a 12-point negative impact on our growth in the channel this quarter. Our wholesale AUR increased 11% as we continued to elevate our product mix while keeping our wholesale inventories clean. We remain cautious on the channel through the rest of this year on softer reorders and broader challenges in the channel.

北美批發業務的收入較去年下降了十幾歲。春季交付恢復正常節奏對我們本季度渠道增長產生了 12 個百分點的負面影響。由於我們繼續提升產品組合，同時保持批發庫存清潔，我們的批發 AUR 增長了 11%。由於再訂單疲軟和渠道面臨更廣泛的挑戰，我們在今年剩餘時間內對渠道保持謹慎態度。

Moving on to Europe. First quarter revenues increased 7%. While this was ahead of our expectations, the first quarter included a roughly 5-point benefit from earlier timing of Fall '23 wholesale deliveries. Retail comps were up 2% on top of a strong 34% compare last year, which benefited from a sales resurgence post-Omicron. Brick-and-mortar comps rose 1%, led by Ralph Lauren stores. Europe AUR increased mid-teens in the quarter. Our Europe's digital ecosystem grew mid-single digits in the quarter, driven by an 8% comp in our own digital commerce and the wholesale timing shift, which also benefited our digital accounts. Europe wholesale increased 11%, driven by the earlier fall shipments. While this timing shift will negatively impact our wholesale sell-ins by an estimated 4 points in both Q2 and Q3, respectively, it should also position us well to capture full price sales in season.

繼續前往歐洲。第一季度收入增長 7%。雖然這超出了我們的預期，但第一季度比 23 年秋季批發交付的提前時間帶來了大約 5 個百分點的收益。零售比較在去年 34% 的強勁增長基礎上增長了 2%，這得益於 Omicron 後銷售的複蘇。實體店銷售額上漲 1%，其中 Ralph Lauren 商店領漲。本季度歐洲 AUR 增長了 15%。我們歐洲的數字生態系統在本季度實現了中個位數增長，這得益於我們自己的數字商務 8% 的增長以及批發時間的轉變，這也使我們的數字賬戶受益。受早些時候出貨量下降的推動，歐洲批發量增長 11%。雖然這一時間轉變將對我們第二季度和第三季度的批發銷售量產生大約 4 個百分點的負面影響，但它也應該使我們能夠很好地獲得當季的全價銷售。

Aside from the wholesale timing shifts, we are maintaining our full year fiscal '24 Europe outlook of low single-digit growth reflecting our continued caution on the macro environment and digital wholesale channel.

除了批發時間的變化外，我們維持 24 世紀歐洲全年財年低個位數增長的前景，反映出我們對宏觀環境和數字批發渠道的持續謹慎態度。

Turning to Asia. Revenue increased 18% with growth across each of our key markets led again by China. China accelerated to more than 50% growth as we lap significant COVID-related restrictions in the prior year period. Our brands demonstrated strong momentum during the Golden Week and 618 Festival. First quarter sales in Japan increased high single digits despite a slow recovery in inbound tourism and our continued near-term caution on the market. Within our other nonreportable segments licensing revenue declined high single digits, in line with our plan. The decline reflects the previously disclosed transition out of our Lauren men's suiting license as part of our broader brand elevation strategy. The exit will continue to impact segment results for the remainder of the fiscal year until we lap it in fiscal '25.

轉向亞洲。我們每個主要市場的增長再次以中國為主導，收入增長了 18%。由於我們去年取消了與新冠病毒相關的重大限制，中國經濟增速加速至 50% 以上。黃金周、618期間，我們的品牌表現強勁。儘管入境旅遊業緩慢復甦且我們近期對市場繼續保持謹慎態度，但日本第一季度銷售額仍實現高個位數增長。在我們的其他非報告細分市場中，許可收入下降了高個位數，這與我們的計劃一致。這一下降反映了之前披露的勞倫男士西裝許可證的過渡，作為我們更廣泛的品牌提升戰略的一部分。此次退出將繼續影響本財年剩餘時間的部門業績，直到我們在 25 財年結束為止。

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 the first quarter with $1.7 billion in cash and short-term investments and $1.1 billion in total debt. We are tightly controlling our inventory levels and driving efficiencies with net inventory up 1% this quarter, in line with our top line growth. Increases in Asia and Europe were largely offset by a high single-digit decline in North American inventories. We expect second quarter inventory growth to continue moderating, which should position our brands well ahead of the important holiday season.

繼續看資產負債表。我們的資產負債表仍然是 Fortress 基金會的重要組成部分，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。截至第一季度末，我們的現金和短期投資為 17 億美元，債務總額為 11 億美元。我們嚴格控制庫存水平並提高效率，本季度淨庫存增長 1%，與我們的營收增長保持一致。亞洲和歐洲的庫存增長在很大程度上被北美庫存的個位數大幅下降所抵消。我們預計第二季度庫存增長將繼續放緩，這將使我們的品牌能夠在重要的假日季節之前提前做好準備。

Looking ahead, our outlook remains based on our best assessment of the current macroeconomic environment, including inflationary pressures and other consumer spending related headwinds and foreign currency volatility among others.

展望未來，我們的前景仍然基於我們對當前宏觀經濟環境的最佳評估，包括通脹壓力和其他與消費者支出相關的不利因素以及外匯波動等。

For fiscal '24, we still expect constant currency revenues to increase low single digits. Foreign currency is now expected to negatively impact reported revenues by about 20 basis points due to unfavorable shifts in Asian exchange rates versus our prior outlook. We continue to expect top line growth to be led by Asia, up double digits, following by low single-digit growth in Europe. We still expect a low single-digit decline in North America based on softer spring trends in the first half and wholesale timing shifts in Q1.

對於 24 財年，我們仍然預計恆定貨幣收入將增長較低的個位數。由於亞洲匯率與我們之前的預期相比發生不利變化，預計外幣將對報告收入產生約 20 個基點的負面影響。我們仍然預計亞洲將引領營收增長，實現兩位數增長，其次是歐洲的低個位數增長。基於上半年春季趨勢的疲軟和第一季度批發時間的變化，我們仍然預計北美地區將出現低個位數下降。

We continue to anticipate operating margin expansion of approximately 30 to 50 basis points in constant currency to 12.3% to 12.5%. Foreign currency is expected to have a roughly neutral impact on full year operating margin. We now expect gross margin to expand about 100 basis points with reduced freight costs, favorable geographic and channel mix and continued growth in AUR, more than offsetting cotton inflation.

我們繼續預計按固定匯率計算營業利潤率將擴大約 30 至 50 個基點，達到 12.3% 至 12.5%。預計外幣對全年營業利潤率的影響大致為中性。我們現在預計毛利率將擴大約 100 個基點，運費成本降低，有利的地理和渠道組合以及 AUR 的持續增長，足以抵消棉花通脹。

Gross margin expansion is anticipated to more than offset higher operating expenses as we invest in the key strategic initiatives outlined at Investor Day, particularly around digital and key city ecosystem expansion as well as marketing and sustainability. Relative to our Investor Day base period, 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.

由於我們投資於投資者日概述的關鍵戰略舉措，尤其是圍繞數字和主要城市生態系統擴張以及營銷和可持續發展的戰略舉措，預計毛利率的增長將足以抵消較高的運營費用。相對於我們的投資者日基期，指導意味著與 22 財年相比，營業利潤率將擴大約 80 至 100 個基點，保持匯率不變，符合我們的長期目標。

For the second quarter, we expect revenues to be flat to slightly up in constant currency, led by growth in Asia. We remain cautious on North America, but expect sequential improvement following Q1's negative timing shifts. Conversely, we expect second quarter Europe and digital ecosystem sales to be sequentially weaker, both due to the earlier Fall shipments reported in Q1. Excluding the shift, we expect underlying trends in Europe to be more in line with our full year outlook for the region of low single-digit growth.

對於第二季度，我們預計在亞洲增長的帶動下，按固定匯率計算，收入將持平或小幅增長。我們對北美市場保持謹慎態度，但預計在第一季度出現負面時間變化後，北美市場將出現連續改善。相反，我們預計第二季度歐洲和數字生態系統的銷售將連續疲軟，這都是由於第一季度較早報告的秋季出貨量所致。排除這一轉變，我們預計歐洲的基本趨勢將更符合我們對該地區低個位數增長的全年展望。

We expect second quarter operating margin in the range of 9% to 9.5% in constant currency and 9.5% to 10% on a reported basis. We expect constant currency gross margin expansion of 40 to 60 basis points to be more than offset by higher operating expenses due to the timing of strategic investments as previously indicated. This includes key digital ecosystem and marketing investments, notably the shift of our fashion show into the second quarter from the third quarter of last year.

我們預計第二季度營業利潤率（按固定匯率計算）為 9% 至 9.5%，按報告數據計算為 9.5% 至 10%。我們預計，由於戰略投資的時機（如前所述），運營費用的增加將足以抵消貨幣毛利率持續增長 40 至 60 個基點。這包括關鍵的數字生態系統和營銷投資，特別是我們的時裝秀從去年第三季度轉移到第二季度。

From a cadence perspective, our outlook implies stronger revenue growth in the second half of the year, driven by our merchandising actions, marketing activations for Fall holiday and the investments just noted. In addition, we will start to lap negative inflationary impacts from the second half of last year. We continue to expect operating margins to expand in Q3 and Q4 and for the full year on both a reported and constant currency basis.

從節奏的角度來看，我們的前景意味著下半年的收入增長將更加強勁，這得益於我們的促銷活動、秋季假期的營銷活動以及剛才提到的投資。此外，我們將從去年下半年開始考慮負面通脹影響。我們繼續預計第三季度和第四季度以及全年的營業利潤率將在報告和固定貨幣基礎上擴大。

We now expect our tax rate to be in the range of 23% to 24% for the full year and roughly 21% to 22% for the second quarter. And capital expenditures are expected to be in the range of $250 million to $275 million.

我們現在預計全年稅率為 23% 至 24%，第二季度稅率約為 21% 至 22%。資本支出預計在2.5億至2.75億美元之間。

In closing, inspired by Ralph's enduring vision. Our teams around the world continue to demonstrate agility and dedication every day as we execute on our next great chapter, Accelerate plan. While we remain acutely attuned to the near-term challenges facing certain areas of our business, we believe in our strategic priorities, investing in lifelong consumer relationships, leveraging our powerful core products in high potential categories and developing our key city ecosystems. These priorities, combined with our passionate teams, put us in a position of strength to continue to deliver our commitments and drive long-term value creation.

最後，受到拉爾夫持久願景的啟發。當我們執行下一個偉大的篇章“加速”計劃時，我們世界各地的團隊每天都繼續表現出敏捷性和奉獻精神。雖然我們仍然敏銳地適應某些業務領域面臨的近期挑戰，但我們相信我們的戰略重點，投資於終生消費者關係，利用我們在高潛力類別中強大的核心產品，並開發我們的關鍵城市生態系統。這些優先事項與我們充滿激情的團隊相結合，使我們有能力繼續履行我們的承諾並推動長期價值創造。

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

接下來，讓我們開始詢問您的問題。

(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。

So Patrice, to take a step back, your first quarter total company results outperformed expectations on a consolidated basis. but your first quarter and your outlook are still below the long-term guidance for North America. So do you believe you can still achieve your long-term Investor Day top line algorithm? And then Jane, any change? Or just what is your confidence in mid-teens operating margins next year for the company?

帕特里斯，退一步來說，你們第一季度的公司總體業績在綜合基礎上超出了預期。但第一季度和展望仍低於北美的長期指導。那麼，您是否相信您仍然可以實現長期投資者日頂線算法？那麼簡，有什麼變化嗎？或者您對公司明年的營業利潤率有多少信心？

Matt, thank you for your question. Yes, first of all, overall, our teams did a very good job delivering on our top and bottom line commitments for this quarter, even with ongoing challenging backdrops across the different regions. As you know, our strategy has multiple growth engines, meaning resilience is embedded in our strategy and in our plan. If you look at it across regions and then we'll zoom into North America.

馬特，謝謝你的問題。是的，首先，總體而言，即使在不同地區持續面臨挑戰的背景下，我們的團隊也很好地履行了本季度的頂線和底線承諾。如您所知，我們的戰略有多個增長引擎，這意味著彈性已融入我們的戰略和計劃中。如果你跨地區查看，那麼我們將放大到北美。

Our second largest business, Europe, continues to hold up well despite macro headwinds. We're also feeling very good about the way our performance came in on China and broader Asia you saw China up 50% this quarter. And while North America is facing some pressure in the near term, our core consumer, which is a more elevated consumer continues to be resilient, and we have the right strategies in place to drive growth well beyond these headwinds. In fact, a couple of data points to illustrate that.

儘管面臨宏觀阻力，我們的第二大業務歐洲仍保持良好勢頭。我們對中國和整個亞洲地區的業績也感到非常滿意，本季度中國增長了 50%。儘管北美在短期內面臨一些壓力，但我們的核心消費者（即更高的消費者）繼續保持彈性，並且我們制定了正確的戰略來推動增長遠遠超越這些阻力。事實上，有幾個數據點可以說明這一點。

First of all, our value and also our luxury brand perception scores are growing faster in North America than any other region in the world. And if I provide additional perspective, if you look at it from a channel perspective, our emphasis and investments are in DTC and which is now about 2/3 of our North America business and where we have the biggest growth opportunity. From a product perspective, we have multiple opportunities across high potential categories from outerwear, to home and to women more broadly.

首先，我們的價值以及我們的奢侈品牌認知度分數在北美的增長速度比世界上任何其他地區都快。如果我提供更多的觀點，如果你從渠道的角度來看，我們的重點和投資是在 DTC，它現在約占我們北美業務的 2/3，也是我們擁有最大增長機會的地方。從產品角度來看，我們在高潛力品類中擁有多種機會，從外套到家居服，再到更廣泛的女性服裝。

On Brand, we continue to invest in new customer acquisition. You saw that this quarter again, $1.2 million overall, a good chunk of that coming from North America, as well as key brand moments like our upcoming U.S. open partnership and our upcoming fashion show early September.

在品牌方面，我們繼續投資於新客戶的獲取。您再次看到了本季度的情況，總計 120 萬美元，其中很大一部分來自北美，以及我們即將推出的美國公開合作夥伴關係和即將於 9 月初舉行的時裝秀等關鍵品牌時刻。

And then finally, our key enablers here are also quite important, right? Our inventory levels are healthy. We go into back-to-school. We're going to go into holiday in a really good place. And our operating discipline and balance sheet give us the flexibility to continue investing in our growth, to continue investing in our evolution. So we're also well positioned as conditions improve in North America and beyond. So I would say even with the near-term pressures, Matt, we're confident that we're in a strong position to perform and deliver over the long term, and that's really where all our focus is.

最後，我們的關鍵推動因素也非常重要，對嗎？我們的庫存水平健康。我們回到學校。我們要去一個非常好的地方去度假。我們的運營紀律和資產負債表使我們能夠靈活地繼續投資於我們的增長，繼續投資於我們的發展。因此，隨著北美及其他地區情況的改善，我們也處於有利地位。因此，馬特，我想說，即使面臨短期壓力，我們也有信心在長期表現和交付方面處於有利地位，而這確實是我們的重點所在。

Yes. And just to follow up on the second part of your question, I would say, yes, we're on track. We are still working towards our Investor Day targets. Although our performance is likely to remain a little choppy given the volatile macroeconomic conditions, but we're really encouraged by our first 5 quarters of top line and margin progress in constant currency.

是的。為了跟進你問題的第二部分，我想說，是的，我們正在步入正軌。我們仍在努力實現投資者日目標。儘管考慮到宏觀經濟狀況的波動，我們的業績可能仍會有些波動，但按固定匯率計算，我們前 5 個季度的營收和利潤率進展確實令我們感到鼓舞。

Importantly, I think we feel that we have the right strategy and that our multiple engines of growth, give us the flexibility to lean in where we need to and where we're strong when some parts of our business are challenged. So I think that those things are what's giving us confidence. And as we look forward, we still see opportunity to reach our long-term financial algorithm.

重要的是，我認為我們認為我們擁有正確的戰略，並且我們的多個增長引擎使我們能夠靈活地在我們業務的某些部分受到挑戰時依靠我們需要的地方和我們強大的地方。所以我認為這些事情給了我們信心。展望未來，我們仍然看到實現長期財務算法的機會。

The next question comes from Jay Sole with UBS.

下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

My question, Jane, is for you. The company continues to report strong AUR growth after 6 years of consecutive gains, how much further can the AUR journey continue? And how much runway do you realistically have? And then maybe if I can add a second one for Patrice.

簡，我的問題是問你的。公司在連續六年上漲後，AUR 繼續強勁增長，AUR 旅程還能走多遠？你實際上有多少跑道？然後也許我可以為帕特里斯添加第二個。

You touched on high potential categories in the prepared remarks. Can you just kind of take us into a little bit deeper dive on that and just tell us what's changed over the 90 days, the last 90 days, give you more confidence that those categories can be meaningful revenue growth drivers for the company over the next year plus?

您在準備好的發言中談到了高潛力類別。您能否帶我們更深入地了解一下這一點，並告訴我們過去 90 天發生了什麼變化，讓您更有信心這些類別可以成為公司未來有意義的收入增長動力年加？

Sure. Thanks for the question, Jay. Stepping back a bit, we are really confident in our long-term brand elevation journey. As we said at Investor Day, we have 3 key drivers of long-term revenue growth, new customer recruiting, select unit growth and AUR growth. So with regard to your question and AUR specifically, we're confident in our AUR strategy and expect our multipronged approach to drive continued, albeit a more moderate level of AUR growth as we look ahead.

當然。謝謝你的提問，傑伊。退一步來說，我們對長期的品牌提升之旅非常有信心。正如我們在投資者日所說，我們有長期收入增長的 3 個關鍵驅動因素：新客戶招募、精選單位增長和 AUR 增長。因此，關於您的問題和具體的 AUR，我們對我們的 AUR 戰略充滿信心，並期望我們的多管齊下的方法能夠繼續推動 AUR 增長，儘管我們展望未來的增長水平會更加溫和。

You've seen us elevate across products, the consumer experience, stores and our brand positioning. And AUR is an output of this journey. Importantly, as we've elevated our consumer value perception metrics have continued to increase, even again this quarter. These factors taken together are really what gives us confidence in our long-term AUR trajectory.

您已經看到我們在產品、消費者體驗、商店和品牌定位方面的提升。而AUR就是這個旅程的一個輸出。重要的是，隨著我們提高消費者價值感知指標，我們的消費者價值感知指標持續增加，甚至在本季度再次增加。這些因素加在一起確實讓我們對長期 AUR 軌跡充滿信心。

That said, we're keenly aware of the current environment, and we continue to keep a really sharp focus on the value we are driving and delivering. With some of these pressures, we're seeing some of our more value-oriented consumers need to have more -- needless to lean in a bit more during select key consumer value-seeking moments like back-to-school and holiday and our guidance contemplates this as we move forward.

也就是說，我們敏銳地意識到當前的環境，並且我們繼續高度關注我們正在推動和交付的價值。面對其中一些壓力，我們看到一些更注重價值的消費者需要更多——無需在返校和假期等特定的關鍵消費者價值追求時刻以及我們的指導下獲得更多幫助在我們前進的過程中思考這一點。

As cost inflation starts to moderate ahead, we'll adjust our like-for-like pricing elements of our AUR strategy accordingly. And we're not expecting double-digit AUR growth every quarter from here. But overall, the elevation strategy hasn't changed, and we plan to continue AUR growth this year and beyond.

隨著成本通脹開始放緩，我們將相應調整 AUR 策略中的同類定價要素。我們預計今後每個季度的 AUR 不會出現兩位數的增長。但總體而言，提升策略沒有改變，我們計劃在今年及以後繼續保持 AUR 增長。

And then, Jay, on your question regarding high potential categories. We've been really pleased with the continued strength on those businesses. If you kind of zero in on the 3 that we called out, so outerwear, women's more broadly with handbags being an element for that. and then also home. Those categories delivered ahead of company trend, both in Q1 and as it did last fiscal year, actually low single -- low double digits across the board.

然後，傑伊，關於你關於高潛力類別的問題。我們對這些業務的持續強勁感到非常滿意。如果你對我們所說的 3 種歸零，那麼外套、更廣泛的女裝以及手袋就是其中的一個元素。然後也回家了。這些類別的交付領先於公司趨勢，無論是第一季度還是上一財年，實際上都是低個位數——低兩位數。

So all 3 are in a good position. The standout is clearly women's, where we have fantastic momentum across all brands within our portfolio, with probably Polo being even further highlight. And I think as we look at the capabilities needed to win across all 3 of these, we feel very nicely positioned not just for the next 2 or 3 quarters, but actually for the years to come in terms of tapping into the significant growth opportunities.

所以這三個人都處於有利的位置。其中最突出的顯然是女裝，我們產品組合中的所有品牌都擁有強勁的勢頭，其中 Polo 可能更引人注目。我認為，當我們著眼於贏得所有這三個方面所需的能力時，我們感覺自己處於非常有利的位置，不僅在接下來的兩三個季度，而且實際上在未來幾年中，我們都在利用重大增長機會方面處於有利地位。

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。

Thank you very much for taking my question. jane, I would love to ask about the 2Q guide. I think that's where the focus is, unfortunately, near term. But just can you give us a bridge on the -- from the first quarter marketing spend, I missed that number. But if you can give us a little bit more color why the operating margin will be 9.5% to 10% constant currency? And then I saw the increased gross margin for the full year on a CC basis. I would have expected that you still had foresight on commodity and freight cost 90 days ago. So is the increase due to geo-mix or less promotions in the marketplace because of their inventory levels?

非常感謝您回答我的問題。 jane，我想問一下 2Q 指南。不幸的是，我認為這就是近期的重點。但你能否給我們提供一個橋樑——從第一季度的營銷支出來看，我錯過了這個數字。但如果您能給我們提供更多信息，為什麼營業利潤率將是 9.5% 至 10%（按固定匯率計算）？然後我看到全年毛利率在 CC 基礎上有所增加。我就料到你在90天前對商品和運費還是有預見性的。那麼，增長是由於地域混合還是由於庫存水平而導致市場促銷活動減少？

All right. Laurent, let me -- could you just repeat your question on marketing, you broke up a bit.

好的。勞倫特，讓我——你能重複一下你關於營銷的問題嗎，你們分手了一點。

So sorry about that. I'm overseas. I was asking if -- what the marketing spend was for 1Q as well as how do you think about the 2Q marketing spend because there's a shift with the fashion show.

對此感到非常抱歉。我在海外。我問的是，第一季度的營銷支出是多少，以及您如何看待第二季度的營銷支出，因為時裝秀發生了變化。

Sure. So Laurent, as we look at the second quarter, what we're seeing is we continue to be cautious about the overall consumer environment. You'll see, as we called out in the first quarter that the wholesale timing shift in Europe will impact us in the second quarter. You will start to see sequentially from here some improvement in what you saw in North America wholesale.

當然。因此，勞倫特，當我們展望第二季度時，我們看到的是我們繼續對整體消費者環境保持謹慎。您會看到，正如我們在第一季度所指出的那樣，歐洲的批發時間變化將在第二季度影響我們。從這裡開始，您將開始看到北美批發市場的情況有所改善。

And in fact, as we look at North America more broadly, I think you'll see a sequential improvement while we're still a cautious, sequential improvement on the top line as we move through. And just to keep in mind in our second quarter guidance, APAC is overlapping its strongest growth of the year last year as we came out of some of the COVID-related shutdowns.

事實上，當我們更廣泛地審視北美時，我認為您會看到連續的改善，而隨著我們的進展，我們的營收仍然是謹慎的、連續的改善。請記住，在我們的第二季度指引中，隨著我們擺脫了一些與新冠病毒相關的停工，亞太地區正在實現去年最強勁的增長。

On the marketing side, what you'll see in terms of our spend, this first quarter, we were about 5.7% of sales. You'll see us go to 8% of sales in marketing in the second quarter. On a dollar growth basis, that will be our peak marketing dollar growth that is as our tradition, our highest dollar spend in marketing will be in Q3, aligned with the holiday quarter.

在營銷方面，從我們的支出來看，第一季度我們的支出約佔銷售額的 5.7%。您會看到我們第二季度的營銷銷售額佔銷售額的 8%。從美元增長的角度來看，這將是我們營銷美元增長的峰值，按照我們的傳統，我們在營銷方面的最高美元支出將出現在第三季度，與假日季度一致。

And then as we look at your question on our second quarter OI margin, what you're really seeing is, in that second quarter, you'll see the impact to OI margin of the shipments in Europe into the first quarter coming out of the second quarter. Also, as we've seen some softness in North America wholesale, we've been able to lean into our DTC channel, specifically in North America, which has a gross margin benefit, which we're calling out in our full year guidance. But carriers carries heavier SG&A expense but is OI margin neutral. And that's playing through what you're seeing in terms of expense to leverage.

然後，當我們查看您關於第二季度 OI 利潤率的問題時，您真正看到的是，在第二季度，您將看到第一季度歐洲出貨量對 OI 利潤率的影響來自於第二季度。此外，由於我們看到北美批發市場出現了一些疲軟，我們已經能夠依靠我們的 DTC 渠道，特別是在北美，該渠道具有毛利率優勢，我們在全年指導中指出了這一點。但運營商承擔著較高的銷售、管理及行政費用，但 OI 利潤率呈中性。這就是你在槓桿費用方面所看到的情況。

And that said, on SG&A expenses overall, as Patrice mentioned, we are playing often. So we are not pulling back on our investments in our digital platforms in Q2, we are investing to make sure that we can go live on a new website in Canada and that we will implement later in the second half, a new search engine, as well as our continued advancement of store opening. So we're not backing off building growth into the future. I do understand the investments are in Q2, but these are both long-term benefits and some benefits that will play out in the second half of the year.

也就是說，正如帕特里斯提到的，就總體銷售、管理費用而言，我們經常玩遊戲。因此，我們不會在第二季度取消對數字平台的投資，我們正在投資以確保我們可以在加拿大上線一個新網站，並且我們將在下半年晚些時候實施一個新的搜索引擎，以及我們開店的持續推進。因此，我們不會放棄未來的增長。我確實了解第二季度的投資，但這些都是長期效益，並且一些效益將在下半年發揮作用。

And then just in terms of gross margin, we're confident in our gross margin guidance. Mix shift plays a small role, but we are realizing the benefits of freight, which we called out in May, will give us about 100 basis points of benefit as we move through fiscal '24. That's about offset by cotton. But as we look forward to FY '25, we expect cotton to turn into a tailwind at the very end of the quarter. We're also seeing with our AUR up 15%, we're really confident in our ability to continue to elevate with AUR as an outcome of that. And we're confident in that as we move forward, although I said it will moderate as like the need for like-for-like pricing due to inflation also moderates.

然後就毛利率而言，我們對毛利率指導充滿信心。混合轉移發揮的作用很小，但我們正在意識到貨運的好處，我們在 5 月份呼籲，隨著我們進入 24 財年，貨運將為我們帶來約 100 個基點的好處。這大約被棉花抵消了。但當我們展望 25 財年時，我們預計棉花將在本季度末變成一股推動力。我們還看到 AUR 增長了 15%，我們對因此而繼續提高 AUR 的能力充滿信心。隨著我們的前進，我們對此充滿信心，儘管我說過，由於通貨膨脹而對同類定價的需求也會減弱，因此這種情況將會減弱。

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

下一個問題來自特爾西諮詢小組的達納·特爾西。

As you talk about the pressures of the value consumer and the AUR increases, what are you seeing globally that value consumer, whether in North America, Europe or in Asia versus the more higher-end consumer and helping to drive the AUR growth? Is there a difference?

當您談到價值消費者和 AUR 增長的壓力時，您認為全球價值消費者（無論是在北美、歐洲還是亞洲）與更高端的消費者相比，如何幫助推動 AUR 增長？有區別嗎？

Dana, so we actually are really pleased to see how our core consumer, which is a more elevated consumer is responding to our product offering, right, particularly as we pivot more towards sophisticated casual, which is really where the interest is at this point and which really plays to our core strengths of things, chinos, suit separates, cable-knit sweaters, Oxford shirts and those kind of things. And consumers responding well to that elevation and the core consumer represents the bulk of our business.

達納，所以我們實際上很高興看到我們的核心消費者，即更高層次的消費者對我們的產品有何反應，對吧，特別是當我們更加轉向精緻的休閒裝時，這才是目前真正感興趣的地方，這確實發揮了我們的核心優勢，斜紋棉布褲、套裝、絞花針織毛衣、牛津襯衫等等。消費者對這種提升反應良好，核心消費者代表了我們業務的大部分。

And this is true both in Asia and even in China, where we have our highest AUR, we're continuing to drive AUR. But this trend in Europe, it's also true across North America. So core consumer is resilient around the world, responding well to our overall product offering and AUR expansion. As a reminder, our AUR is a combination, as Jane mentioned earlier, 4 different factors, right? Product mix, channel and region mix, were targeted pricing -- like-for-like pricing and pull back on promotional activity.

在亞洲乃至中國都是如此，我們在中國擁有最高的 AUR，並且我們將繼續推動 AUR。但歐洲的這種趨勢，整個北美也是如此。因此，全球核心消費者俱有彈性，對我們的整體產品供應和 AUR 擴張反應良好。提醒一下，正如 Jane 之前提到的，我們的 AUR 是 4 個不同因素的組合，對吧？產品組合、渠道和區域組合是有針對性的定價——同類定價和促銷活動的縮減。

As far as the value-oriented consumer is concerned, we really see that dynamic primarily in North America. And that group is becoming a smaller and smaller part of our overall customer makeup because, as you know, as we recruit new consumers are recruiting new higher-value customers.

就以價值為導向的消費者而言，我們確實主要在北美看到了這種動態。該群體在我們整體客戶構成中所佔的比例越來越小，因為如您所知，當我們招募新消費者時，我們也在招募新的高價值客戶。

I think what we're seeing with that customer, which frankly isn't surprising given the inflationary context is pressure on what they invest in, in terms of the choices that they make. Where we're seeing the greatest price sensitivity that is on our basic categories, which I might point the COVID categories, right? So we're seeing pressure on [T's,] on fleece, on shorts.

我認為我們在該客戶身上看到的情況，坦率地說，考慮到通脹環境，他們的投資和選擇面臨壓力，這並不奇怪。我們看到基本類別的價格敏感性最高，我可能會指出新冠類別，對嗎？所以我們看到 [T's、] 羊毛、短褲面臨壓力。

But overall, we're continuing the AUR expansion journey. We are seeing our value perception continue to increase. So we're not just taking land pricing like maybe other players might. We are actually being very deliberate on elevating product, elevating our storytelling, elevating our shopping experience, which drives value -- enhanced value perception, which then enables us to drive AUR, which gives us to change earlier for confidence that we can continue to do that as we continue to enhance the makeup of our customer base, higher value customers, resilient customers around the world.

但總體而言，我們正在繼續 AUR 擴展之旅。我們看到我們的價值觀念不斷增強。因此，我們不只是像其他參與者那樣採取土地定價。事實上，我們正在非常慎重地提升產品、提升我們的故事講述、提升我們的購物體驗，這會推動價值——增強價值感知，從而使我們能夠推動AUR，這讓我們能夠更早地做出改變，從而有信心我們可以繼續做下去。隨著我們不斷增強全球客戶群、高價值客戶、有彈性的客戶的構成。

And then just kind of get your perspective on the wholesale channel and how -- when you see it return to stabilization even growth go forward given the timing shifts that have occurred.

然後，了解一下您對批發渠道的看法，以及當您看到批發渠道恢復穩定時，考慮到已經發生的時間變化，即使增長也會繼續前進。

As we look at wholesale, Dana, I think it's really a story of different regional factors. So overall, what we're expecting is that in North America, as I mentioned, Q1 will be the low point in terms of wholesale growth, and we expect to build roughly sequentially as we move through the year while exiting in flat to positive range for North America wholesale.

當我們審視批發時，達納，我認為這實際上是一個不同地區因素的故事。因此，總的來說，我們預計在北美，正如我所提到的，第一季度將是批發增長的低點，我們預計隨著全年的增長，將大致按順序增長，同時退出持平至正數區間適用於北美批發。

And then with Europe, we've obviously called out that the plus 10% that we saw in Europe this quarter had some opportunities that we took for full price selling to ship in a little earlier. That will have about a 4-point impact to Europe in Qs 2 and 3, but we would expect Europe overall for the year to have some flat to down low single digit in our wholesale business.

然後在歐洲，我們顯然已經指出，本季度我們在歐洲看到的+ 10% 有一些機會，我們可以利用全價銷售提前發貨。這將對歐洲第 2 季度和第 3 季度產生約 4 個百分點的影響，但我們預計今年歐洲整體批發業務將持平至低個位數。

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。

So in terms of your North America Retail business, how should we think about the level of promotional activity that you're embedding in your outlook for this upcoming holiday season compared to last year? And then how should we think about top line in North America retail? Should we also see potential improvement starting in 2Q?

因此，就您的北美零售業務而言，與去年相比，我們應該如何考慮您在即將到來的假日季節的展望中嵌入的促銷活動的水平？那麼我們應該如何考慮北美零售業的營收呢？我們是否應該從第二季度開始看到潛在的改善？

Thanks for your question, Chris. I think what we're calling out both in our guidance and in our intent is that as Patrice mentioned, we are seeing value oriented consumers really responding during key, sort of what I would say, consumer moments. And so what we've left in our algorithm is contemplated in our guidance is some select targeted promotional activity, specifically for that value consumer.

謝謝你的提問，克里斯。我認為我們在指導和意圖中所強調的是，正如帕特里斯所提到的，我們看到以價值為導向的消費者在關鍵的、我想說的消費者時刻真正做出了反應。因此，我們在算法中留下的內容是我們的指導中考慮的一些精選的有針對性的促銷活動，專門針對該價值消費者。

So you'll see us go sharp back to school. You'll see us be sharp in key holiday moments. Black Friday, specifically. A few days leading up to Christmas, especially Cyber Monday. But what we're calling out is that we'll continue AUR growth, albeit at a more moderate rate and AUR growth that leads to gross margin expansion. So this is not at all moving away from our brand elevation strategy. It's about being agile, responding to key consumer moments in a targeted basis. And you've seen us go to the top end of our gross margin range. So we've got a good handle on where we need to be.

所以你會看到我們迅速返回學校。您會看到我們在關鍵的假期時刻表現得很敏銳。特別是黑色星期五。聖誕節前幾天，尤其是網絡星期一。但我們要強調的是，我們將繼續保持 AUR 增長，儘管速度會更加溫和，並且 AUR 增長會導致毛利率擴張。因此，這根本沒有偏離我們的品牌提升戰略。它涉及敏捷，有針對性地響應關鍵消費者時刻。您已經看到我們達到了毛利率範圍的頂端。所以我們已經很好地掌握了我們需要去的地方。

And I would say that if you look at our inventories up 1% this quarter, you don't have pressure to be promotional. We want to go where the consumer is going, respond to the consumer need for value at select times, but not at all be pressured in terms of moving backwards. We're about brand elevation and AUR growth, while being smart and pragmatic in this current environment.

我想說的是，如果你看看本季度我們的庫存增長了 1%，你就沒有促銷的壓力。我們希望走到消費者想去的地方，在特定的時間滿足消費者對價值的需求，但完全不會受到後退的壓力。我們注重品牌提升和 AUR 增長，同時在當前環境下保持明智和務實。

So from North America, top line standpoint, as we've called out and we've looked at revenue, we expect North America as we put in place some key interventions like outlet interventions that we just talked about, like the digital ecosystem investments with (inaudible) going live in Q3. Like key brand moments like the fashion show, we expect North America revenues to increase, especially in the second half where we would expect them to be in positive territory.

因此，從北美的角度來看，正如我們所呼籲的，我們也研究了收入，我們預計北美將採取一些關鍵干預措施，例如我們剛才談到的出口乾預措施，例如數字生態系統投資（聽不清）將在第三季度上線。就像時裝秀等關鍵品牌時刻一樣，我們預計北美收入將會增加，特別是在下半年，我們預計它們將處於正值區域。

The next question comes from Bob Drbul with Guggenheim.

下一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

Jane, I was wondering if you could spend a little more time on new customer acquisition sort of success that you're seeing both domestically and internationally and sort of how you expect that to unfold over the next few quarters?

簡，我想知道您是否可以花更多的時間來獲取新客戶，您在國內和國際上都取得了成功，以及您希望在接下來的幾個季度中如何實現這一目標？

Yes, Bob, and then I'll turn it over to Patrice. We were really happy with the 1.2 million new consumers that we saw engaged with the brand in Q1. As you look backwards, you've seen us be pretty consistent on that trajectory. I think it's really an outcome of, one, the investments we've put in the brand; and two, the investments we've made in our consumer intelligence group and our use of AI and elasticity models to really drive more personalized communication with these new consumers and is really an important part of our AUR and revenue growth journey.

是的，鮑勃，然後我會把它交給帕特里斯。我們對第一季度有 120 萬新消費者與該品牌互動感到非常滿意。當你回顧過去時，你會發現我們在這條軌跡上非常一致。我認為這實際上是我們對品牌投資的結果；第二，我們對消費者情報團隊的投資以及對人工智能和彈性模型的使用，以真正推動與這些新消費者的更加個性化的溝通，這確實是我們AUR 和收入增長之旅的重要組成部分。

We're now -- if you think back when we used to promote to drive new consumers, our next great chapter strategy has really been about enticing higher-value consumers into the brand with content and products that they respond to and being available in channels where they want to shop.

我們現在——如果你回想一下我們過去通過促銷來吸引新消費者時，我們的下一個偉大篇章戰略實際上是通過他們響應並在渠道中提供的內容和產品來吸引高價值消費者進入品牌他們想去哪裡購物。

Yes, Bob, I would add probably 3 things. First of all, we're seeing this growth of new consumers consistently over time, right, because every quarter, we are talking about 1 million to 1.5 million new consumers. So we've got an engine that's delivering consistently. And it's delivering consistently around the world. This is not just dependent on more emerging market growth. So we're excited about that, both in our core markets like North America, Europe and also Asia.

是的，鮑勃，我可能會添加 3 件事。首先，我們看到新消費者隨著時間的推移持續增長，因為每個季度我們都會談論 100 萬到 150 萬新消費者。所以我們有一個能夠持續交付的引擎。而且它在世界各地持續交付。這不僅僅取決於更多新興市場的增長。因此，我們對此感到興奮，無論是在北美、歐洲還是亞洲等核心市場。

The second point is this is really the outcome of how we've expanded our marketing activity portfolio, which now ranges from powerful experiential fashion moments like the one we're about to do early September, what we just did in Milan with men's. Two, high-impact celebrity dressing, you saw some of the highlights for the past quarter and we're doing this consistently. Through partnerships with key sports platforms, they're really resonating particularly with that younger consumer. Two, now presence in gaming and metaverse related activity that's also helping us engage in a different environment. Two, fantastic work by our teams in the markets on social media platforms, right?

第二點是，這實際上是我們擴大營銷活動組合的結果，現在的營銷活動範圍包括強大的體驗式時尚時刻，比如我們即將在九月初做的活動，以及我們剛剛在米蘭針對男裝所做的事情。第二，高影響力的名人著裝，您已經看到了上個季度的一些亮點，我們一直在這樣做。通過與主要體育平台的合作，他們確實引起了特別是年輕消費者的共鳴。第二，現在參與遊戲和虛擬宇宙相關活動，這也幫助我們融入不同的環境。第二，我們的團隊在社交媒體平台上的市場表現出色，對吧？

You heard the numbers earlier today, $53 million and a half -- $53.5 million. New followers on social media across all the different platforms around the world. So this engine that's been put in place that has a diversity of activities that's targeted to different generations, different genders that's enhancing brand equity is the engine that will consistently drive new customer acquisition. We talk a lot about AUR when it comes to Ralph Lauren, but it's important to remember that our growth algorithm is dependent on 3 elements. New consumer recruiting, select unit growth and AUR. And we feel really good about all 3.

今天早些時候你聽到了這些數字，5300 萬美元半——5350 萬美元。世界各地不同平台上社交媒體上的新關注者。因此，這個引擎已經到位，針對不同世代、不同性別開展多種活動，增強品牌資產，這將是持續推動新客戶獲取的引擎。當談到 Ralph Lauren 時，我們談論了很多 AUR，但重要的是要記住我們的增長算法依賴於 3 個元素。新消費者招募、精選單位增長和 AUR。我們對這三者都感覺非常好。

Sitting now for Paul Lejuez, we have Tracy Kogan with Citigroup.

現在坐在保羅·勒胡埃斯旁邊的是花旗集團的特雷西·科根。

Two questions. I was hoping you could just detail some of the drivers in the women's business. And what's the growth in the Lauren brand versus the Polo product? And then secondly, I was hoping you could talk about -- I think you said your U.S. wholesale AUR was up 11%. And I was wondering what you expect for wholesale AUR for the year end and whether you're getting any pushback from your wholesale partners on price increases you may have taken in the U.S.

兩個問題。我希望您能詳細介紹一下女性行業的一些驅動因素。與 Polo 產品相比，Lauren 品牌的增長情況如何？其次，我希望你能談談——我想你說過你的美國批發 AUR 上漲了 11%。我想知道您對年底批發 AUR 的預期，以及您在美國可能採取的漲價是否會受到批發合作夥伴的抵制。

Sure. So the key success drivers behind our overall women's portfolio are really the 3 key factors. First of all, we have a product offering that's really resonating with our target consumer. And if you think about what's happening around the world right now and this -- there's a lot of conversations around quiet luxury. What Ralph Lauren has stood for from the time this company was founded, 56 years ago, has been quality, has been timeless style, has been confidence in what you're buying, and that's what consumers are looking for today, and particularly what women are looking for today.

當然。因此，我們整體女性產品組合背後的關鍵成功驅動因素實際上是 3 個關鍵因素。首先，我們提供的產品能夠真正引起目標消費者的共鳴。如果你想想現在世界各地正在發生的事情——有很多關於安靜奢華的討論。自 56 年前公司成立以來，Ralph Lauren 所代表的一直是品質、永恆的風格、對所購買產品的信心，而這正是當今消費者所尋求的，尤其是女性所追求的今天正在尋找。

So the way this is translating from a product category standpoint, is growth in linen, growth in suit separates, growth in our dresses business. We're starting to see some early exciting momentum on our handbag business, and this is playing out across both collection, Polo and Lauren. The other element that's actually really supporting, particularly our Polo and our Lauren business is the elevation work that we're doing.

因此，從產品類別的角度來看，這意味著亞麻布的增長、西裝單品的增長以及我們的連衣裙業務的增長。我們開始看到我們的手袋業務出現了一些早期令人興奮的勢頭，這在 Polo 和 Lauren 兩個系列中都得到了體現。另一個真正支持的因素，特別是我們的 Polo 和 Lauren 業務，是我們正在做的海拔工作。

It's really moving up in terms of product proposition, is moving up in terms of storytelling, is moving up in terms of how we present the product, both online and in-store. I think the consumer is responding really nicely to that. As I mentioned earlier, within our high potential categories are actually our highest performing category is actually our women's business. So we have a proposition that's resonating with consumers around the world. This elevation journey is clearly connecting the product line that we offer is relevant for what consumers are looking for today, and we're very excited about what the future holds for this business.

它確實在產品主張方面取得了進步，在講故事方面取得了進步，在我們在線和店內展示產品的方式方面取得了進步。我認為消費者對此反應非常好。正如我之前提到的，在我們的高潛力類別中，我們表現最好的類別實際上是我們的女性業務。因此，我們的主張能夠引起世界各地消費者的共鳴。這一提升之旅顯然將我們提供的產品線與消費者今天所尋找的產品相關聯，我們對這項業務的未來感到非常興奮。

Yes. I would just add, Tracy, that Polo Women's significantly outpaced both our total growth and led our women's growth with up high single digit with Lauren pacing about at company level of growth, a little bit ahead. So we're very encouraged by that. The second part of your question, which is wholesale AUR up 11% this quarter. We still see a strong trajectory for AUR at wholesale.

是的。特雷西，我想補充一點，Polo 女裝的增長速度明顯超過了我們的總體增長速度，並以高個位數引領了我們女裝的增長，勞倫的增長速度與公司水平相當，稍稍領先。所以我們對此感到非常鼓舞。你問題的第二部分是本季度批發 AUR 增長了 11%。我們仍然看到批發 AUR 的強勁發展軌跡。

But like in our DTC business, we expect that AUR growth to moderate as the like-for-like pricing moderates as inflation pressures abate. We called out the fall with our peak pressure in terms of cotton costs, we'll start to see those moderate into Spring, and you'll see some moderation in our wholesale AUR.

但就像我們的 DTC 業務一樣，我們預計 AUR 增長將會放緩，因為通脹壓力減弱，同類定價也會放緩。我們在棉花成本方面面臨著頂峰壓力，宣布了秋季的到來，我們將開始看到這些壓力在春季出現放緩，並且您會看到我們的批發 AUR 有所放緩。

I would say the support from our retail partners has been tremendous. This has been a multiyear journey that we've partnered together on. They see the power of elevating the brand. They see the power of the brand, and we're both benefiting from improved consumer desirability that's pulling through into migration of the consumer into higher-end products. So product mix has been a factor in that. And also -- and so continued AUR elevation but similar to DTC's moderation.

我想說我們的零售合作夥伴提供了巨大的支持。這是我們共同合作的多年旅程。他們看到了提升品牌的力量。他們看到了品牌的力量，而我們都受益於消費者需求的提高，這種需求正在推動消費者轉向更高端的產品。因此，產品組合是其中的一個因素。而且 AUR 持續升高，但與 DTC 的緩和類似。

Our final question comes from John Kernan with TD Cowen.

我們的最後一個問題來自 John Kernan 和 TD Cowen。

Excellent. Jane, how should we think about inventory dollars? It looks like they're sitting around $1.2 billion as of the first quarter. Still you've got some easier compares, I guess, as we go through the rest of the year. Where do you think inventory dollars should land as we head toward the back half of the year? And when do you think we'll start to see some meaningful declines off of what was fairly elevated levels last year?

出色的。簡，我們應該如何考慮庫存美元？截至第一季度，他們的營收約為 12 億美元。我想，當我們度過今年剩下的時間時，你仍然可以進行一些更容易的比較。當我們進入今年下半年時，您認為庫存資金應該落在哪裡？您認為我們什麼時候會開始看到去年相當高的水平出現一些有意義的下降？

Yes, John, I think that as we called out last year, you'd start to see our inventory levels moderate and aligned with sales. We've achieved that. Now throughout the year, I think what you -- what we plan is that you will see inventory declines as we exit the year as we start to focus on getting weeks on hand in line with pre-COVID levels.

是的，約翰，我認為正如我們去年所呼籲的那樣，您會開始看到我們的庫存水平適度並與銷售保持一致。我們已經實現了這一目標。現在，在這一年中，我認為你們——我們的計劃是，當我們結束這一年時，你們會看到庫存下降，因為我們開始專注於讓庫存週數與新冠疫情前的水平保持一致。

And we feel very good, not just about our outlook for declining inventory dollars, but also about the health of our inventories, how we're positioned in core, that really gives us the flexibility to be agile with demand variability. So we feel good about how we're positioned. We think we're in excellent shape relative to some of our industry peers and expect higher inventory trends as we exit the year.

我們感覺非常好，不僅對庫存下降的前景感到滿意，還對庫存的健康狀況以及我們在核心的定位感到滿意，這確實使我們能夠靈活應對需求變化。所以我們對自己的定位感覺良好。我們認為，與一些行業同行相比，我們的狀況非常好，並預計今年結束時庫存會呈上升趨勢。

Okay. Well, listen, thank you, everyone, for joining us today. We look forward to sharing our second quarter results with you in November. And until then, take care. 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 11 月份與您分享我們的第二季度業績。在那之前，要小心。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。