雷夫·羅倫馬球 (RL) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren Second Quarter Fiscal Year 2024 Earnings Call.

女士們先生們，謝謝你們的支持。歡迎參加 Ralph Lauren 2024 財政年度第二季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I'd now like to turn over the conference to our host, Ms. Corinna Van Ghinst. Please go ahead.

提醒一下，本次會議正在錄製中。現在我想將會議交給我們的房東 Corinna Van Ghinst 女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's Second 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.

早安，感謝您參加 Ralph Lauren 2024 財年第二季電話會議。今天與我在一起的有公司總裁兼執行長 Patrice Louvet；營運長兼財務長 Jane Nielsen。

After prepared remarks, we will open up the call for your questions, which we ask that you limit to 1 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.

準備好評論後，我們將打開電話詢問您的問題，我們要求您限制每個呼叫者只能提出 1 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表現。我們報告的結果（包括外幣）可以在今天早上的新聞稿中找到。我們也將做出一些聯邦證券法意義內的前瞻性聲明，包括我們的財務前景。前瞻性陳述並非保證，我們的實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

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.

我們的預期包含許多風險和不確定性，主要風險和不確定性可能導致我們的結果與我們目前的預期有重大差異，詳情請參閱我們向 SEC 提交的文件。要查找我們在討論財務績效時使用的非公認會計原則衡量標準的揭露和調節，您應該參考今天早上的收益報告以及我們的 SEC 文件，這些文件可以在我們的投資者關係網站上找到。

With that, I will turn the call over to Patrice.

這樣，我會將電話轉給帕特里斯。

Thank you, Corey. Good morning, everyone, and thank you for joining today's call.

謝謝你，科里。大家早安，感謝您參加今天的電話會議。

We continue to deliver solid progress on our Next Great Chapter: Accelerate plan in the second quarter. Through an uncertain global macro environment, our iconic brand and timeless products continue to resonate with consumers all around the world, and our multiple engines of growth across categories and regions, enable our teams to deliver against our strategic and financial commitments even in a choppier backdrop.

我們將繼續在第二季的「下一個偉大篇章：加速」計畫中取得紮實進展。在不確定的全球宏觀環境中，我們的標誌性品牌和永恆的產品繼續與世界各地的消費者產生共鳴，我們跨類別和地區的多個成長引擎使我們的團隊即使在動盪的背景下也能兌現我們的策略和財務承諾。

Second quarter results exceeded our expectations on the top and bottom line. We were particularly encouraged by an acceleration in our retail performance with positive comps across every region and channel in the period. The strength and growing desirability of our brand is underpinned by our continued pricing power, with AUR up another 10% on top of 18% growth last year.

第二季的業績超出了我們對營收和利潤的預期。在此期間，我們的零售業績加速成長，各個地區和通路的業績都取得了積極的進展，這讓我們感到特別鼓舞。我們持續的定價能力支撐著我們品牌的實力和不斷增長的需求，AUR 在去年 18% 的基礎上又成長了 10%。

In addition, consistent with our plan, we continue to focus on balance sheet and expense discipline. This is fueling our investments in high-impact brand moments spanning geographies and demographics, all while delivering profitability ahead of our expectations. Looking ahead, as the important holiday season gets underway, we are executing on our long-term game plan and keenly focused on what we can control.

此外，根據我們的計劃，我們繼續關注資產負債表和費用紀律。這推動了我們對跨越地域和人口統計的高影響力品牌時刻的投資，同時實現了超越我們預期的獲利能力。展望未來，隨著重要的假期季節的到來，我們正在執行我們的長期遊戲計劃，並專注於我們可以控制的事情。

We are elevating our brands and positioning in the marketplace while staying grounded in the realities of the macro environment. With more than 6 consecutive years of AUR growth, a cumulative increase of over 70%, we are confident in our pricing power in the market.

我們正在提升我們的品牌和市場定位，同時立足於宏觀環境的現實。 AUR連續6年以上成長，累計增幅超過70%，我們對市場定價能力充滿信心。

Now it's important to remember that AUR growth is an output of our overall elevation work that has included evolving our product categories, product mix and shopping experiences in addition to promotional pullback. This fundamental reset in our pricing architecture gives us the flexibility to continue driving our long-term brand elevation while also reacting with agility to near-term inflationary pressures.

現在重要的是要記住，AUR 成長是我們整體提升工作的成果，除了促銷回檔之外，還包括不斷發展我們的產品類別、產品組合和購物體驗。我們定價架構的這一根本重置使我們能夠靈活地繼續推動我們的長期品牌提升，同時也能對近期通膨壓力做出敏捷反應。

Turning to the second quarter. Our 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.

轉向第二季。我們的業績以三大策略支柱為指導，以推動長期成長和價值創造。這些是：首先，提升和激發我們的生活方式品牌；第二，帶動核心，拓展更多；第三，透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 continue to invest in our most powerful asset, our timeless iconic lifestyle brand. The Ralph Lauren brand resonates across geographies and demographics, powerfully cutting through a wide range of cultural moments, across fashion, music, gaming, sports and more.

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。我們繼續投資於我們最強大的資產，即我們永恆的標誌性生活方式品牌。 Ralph Lauren 品牌在不同地理和人群中引起共鳴，有力地貫穿了時尚、音樂、遊戲、運動等廣泛的文化時刻。

Some highlights from the quarter included: first, September marked our return to New York Fashion Week with a rustic romantic show at the Brooklyn Navy Yard where Ralph and our design teams presented a women's show highlighting our brand's quintessential easy elegance and relaxed refinement. Supported by our activations across 25 key markets and influential guests from JLo and Cara Delevingne to Li Bingbing and Sofia Richie Grainge, we drove 24 billion impressions globally with outsized growth in our luxury perception ratings in North America.

本季度的一些亮點包括：首先，九月標誌著我們重返紐約時裝週，在布魯克林海軍造船廠舉辦了一場質樸浪漫的時裝秀，Ralph 和我們的設計團隊展示了一場女裝秀，突出了我們品牌典型的輕鬆優雅和輕鬆精緻。在我們在25 個主要市場開展的活動以及JLo 和Cara Delevingne、李冰冰和Sofia Richie Grainge 等有影響力的嘉賓的支持下，我們在全球範圍內吸引了240 億次展示，北美的奢侈品認知度大幅增長。

Next, we reinforced our brand leadership in the world of sports with our sponsorship of the U.S. Open, Wimbledon and Ryder Cup. Our brands showed up powerfully on the courts and green and on celebrities and influencers, enjoying sport in our iconic spectator style. We also continue to innovate in the world of gaming to engage new and younger consumers, launching our latest partnership with Fortnite. Race to Greatness immerses players in a unique experience, blending luxury fashion, gaming and exploration. Engagement exceeded our expectations with over 0.5 million unique visitors to the experience and the live stream activation reaching 2 million total views.

接下來，我們透過贊助美國公開賽、溫布頓網球公開賽和萊德杯，鞏固了我們在運動界的品牌領導。我們的品牌在球場、球場、名人和影響力人物身上強勢亮相，以我們標誌性的觀眾風格享受運動。我們也繼續在遊戲領域進行創新，以吸引新的年輕消費者，並與《要塞英雄》建立了最新的合作關係。 Race to Greatness 讓玩家沉浸在獨特的體驗中，融合了奢華時尚、遊戲和探索。參與度超出了我們的預期，有超過 50 萬的獨立訪客參與了體驗，直播總觀看次數達到了 200 萬。

In China, we celebrated the 30th anniversary of our cult classic Double RL brand with an immersive 2-day event with VIC celebrity and influencer attendees featured in a motorcycle tour around Chengdu City, horseback riding and vintage collection storytelling. Other celebrity highlights from the quarter included dressing Beyoncé in her Renaissance World Tour; and Taylor Swift and Jennifer Lawrence both spotted in effortless Polo looks on the streets of New York.

在中國，我們舉辦了為期 2 天的沉浸式活動，慶祝經典 Double RL 品牌成立 30 週年，VIC 名人和影響力人士參加了成都市區摩托車之旅、騎馬和復古系列故事講述等活動。本季度的其他名人亮點包括碧昂絲 (Beyoncé) 在她的文藝復興世界巡迴演唱會中的服裝；泰勒絲 (Taylor Swift) 和珍妮佛勞倫斯 (Jennifer Lawrence) 都被拍到穿著輕鬆的 Polo 裝出現在紐約街頭。

Together, these activations are both reengaging existing customers while also attracting new high-value consumers to our business. We added 1.3 million new consumers to our DTC businesses in the second quarter, consistent with recent trends. And this continues to skew increasingly towards next-generation under 35 consumers. We reached 55.9 million social media followers globally a low double-digit increase to last year with unique activations across line, TikTok and our recent launch (inaudible) driving engagement. And our online search trends continue to significantly outpace our peers globally.

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。第二季度，我們的 DTC 業務新增了 130 萬消費者，這與近期趨勢一致。而這一趨勢繼續越來越傾向於 35 歲以下的下一代消費者。我們在全球範圍內的社交媒體粉絲數量達到了5590 萬，較去年實現了兩位數的低增長，得益於跨線、TikTok 的獨特激活以及我們最近推出的（聽不清）提高了參與度。我們的線上搜尋趨勢持續顯著超過全球同行。

Moving next to our second key initiative, drive the core and expand for more. In uncertain times, consumers continue to turn to brands they know and trust and styles that have longevity beyond 1 season. Timeless classics have always been our core proposition, and Ralph and our design teams continue to deliver with an unwavering focus on the quality and quiet luxury that are central to our way of living.

接下來是我們的第二個關鍵舉措，推動核心並擴展更多。在不確定的時期，消費者繼續轉向他們了解和信任的品牌以及壽命超過一季的款式。永恆的經典一直是我們的核心主張，拉爾夫和我們的設計團隊繼續堅定不移地專注於我們生活方式的核心品質和安靜的奢華。

Our iconic core products, representing about 70% of our business, grew high single digits in the second quarter, ahead of total company growth and core penetration to sales increased by roughly 500 basis points, underscoring the importance and resilience of our icons through choppy times. Strong performance in our core was led by our iconic cable knit sweaters in cotton and cashmere, quilted jackets and vests, heritage tweed blazers and unconstructed sports coats. Our kids' business improved sequentially this quarter, led by girls with strength across seasonal fall sweaters, dresses, outerwear and baby gifts.

我們的標誌性核心產品約占我們業務的70%，在第二季度實現了高個位數成長，領先於公司整體成長，核心產品的銷售滲透率增加了約500 個基點，突顯了我們標誌性產品在動盪時期的重要性和彈性。標誌性的棉質和羊絨絞花針織毛衣、絎縫夾克和背心、傳統花呢西裝外套和無結構運動外套引領了我們核心業務的強勁表現。我們的童裝業務本季環比有所改善，其中以季節性秋季毛衣、連身裙、外套和嬰兒禮品領域實力雄厚的女孩為主導。

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. We continue to drive strong growth in women's, our most significant long-term opportunity on an elevated assortment with AUR up mid-teens.

我們的核心也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總共實現了低兩位數的成長。我們繼續推動女裝業務的強勁成長，這是我們在 AUR 上升到十幾歲左右的高端產品類別上最重要的長期機會。

Similar to men's, performance was supported by our core icons this fall, including sweaters, garment dyed shirts, versatile mid- and full-length skirts taking her from day to night and our iconic blazers and heritage tweed and modern knit fabrications.

與男裝類似，我們今年秋天的核心標誌也為性能提供了支持，包括毛衣、成衣染色襯衫、百搭的中長裙和長裙，讓她從白天到晚上都可以穿，還有我們標誌性的西裝外套、傳統花呢和現代針織布。

In the second quarter, we also launched our most comprehensive women's handbag campaign to date with the introduction of our newest icon, the RL 888 With a 360-degree launch across key cities, we are establishing the category in a way that is authentic to our brand with a focus on quality Italian craftsmanship and leathers expressed in Ralph Lauren's elegant aesthetic.

在第二季度，我們還推出了迄今為止最全面的女士手袋行銷活動，推出了我們最新的標誌性產品RL 888。透過在主要城市進行360 度的發布，我們正在以一種真實的方式建立該類別。該品牌專注於優質義大利工藝和皮革，體現了 Ralph Lauren 的優雅美學。

Other special releases this quarter included our sports sponsorship collections with U.S. Open and Wimbledon sales significantly outperforming our expectations. Our limited edition P-Wing Fortnite Sneaker-Boots, which is now reselling to collectors for up to 4x the retail price, and in September, together with Rizzoli, we launched a Way of Living, a stunning hardcover book celebrating Ralph Lauren's signature home collections over 40 years.

本季的其他特別發布包括我們的體育贊助系列，其中美國公開賽和溫布頓網球公開賽的銷售額大大超出了我們的預期。我們的限量版P-Wing Fortnite 運動鞋現在以高達零售價4 倍的價格轉售給收藏家，9 月份，我們與Rizzoli 一起推出了《生活方式》，這是一本令人驚嘆的精裝書，慶祝Ralph Lauren 的標誌性家居系列40多年。

Looking ahead, we will continue to leverage the breadth of our brand and assortments to create excitement and desirability in addition to driving customer loyalty. On to our third key initiative, winning key cities with our consumer ecosystem. Our key city ecosystems around the world drive elevation and connection through all of our consumer channels and touch points.

展望未來，我們將繼續利用我們品牌和產品種類的廣泛性，除了提高客戶忠誠度之外，還可以創造興奮感和吸引力。我們的第三個關鍵舉措是透過我們的消費者生態系統贏得主要城市。我們遍佈世界各地的主要城市生態系統透過我們所有的消費者管道和接觸點推動提升和連結。

Each of these ecosystems is anchored by direct-to-consumer channels, which already represent about 2/3 of company sales. Our strong retail comps this quarter were supported by continued momentum across both core Polo products and luxury collections, and our precision engagement with consumers who have the potential for long-term loyalty and outsized lifetime value.

這些生態系統均以直接面向消費者的管道為基礎，該通路已占公司銷售額的約 2/3。我們本季強勁的零售業績得益於核心 Polo 產品和奢侈品系列的持續成長勢頭，以及我們與具有長期忠誠度和超額終身價值潛力的消費者的精準互動。

While comps in our Ralph Lauren stores and own digital sites were strong around the world, we were particularly encouraged by improved performance in our outlet business where comps were also positive in every region. Key outlet actions we implemented in the first half of the year from assortment changes to optimize staffing and highly targeted promotions appealing to our more value-oriented consumers, position us well as we head into holiday.

雖然我們的 Ralph Lauren 商店和自己的數位網站在全球範圍內的業績表現強勁，但我們特別受到奧特萊斯業務業績改善的鼓舞，該業務在每個地區的業績也都表現積極。我們在上半年實施的主要奧特萊斯行動包括改變品種、優化人員配置以及吸引更具價值導向的消費者的針對性強的促銷活動，使我們在進入假期時處於有利地位。

In addition to our existing fleet, we opened a select number of iconic Ralph Lauren stores in the quarter, including Marina Bay Sand in Singapore and renovated experiences in Brussels and Stockholm. And in North America, we're excited to build our first ever key city ecosystem in Canada, starting with Toronto, where we opened our first Ralph Lauren store at Yorkdale Center this quarter.

除了現有的門市外，我們還在本季度開設了一些精選的 Ralph Lauren 標誌性商店，包括新加坡的 Marina Bay Sand 以及在布魯塞爾和斯德哥爾摩翻新的體檢店。在北美，我們很高興能夠在加拿大建立第一個主要城市生態系統，從多倫多開始，本季我們在約克代爾中心開設了第一家 Ralph Lauren 商店。

And just a few weeks ago, we launched our Canadian digital commerce site, ralphLauren.ca, helping us deliver connected retail experiences to our consumers across the market. Globally, we opened a total of 16 new stores and concessions focused on our top cities this quarter with the majority again in Asia, particularly in China.

就在幾週前，我們推出了加拿大數位商務網站 ralphLauren.ca，幫助我們為整個市場的消費者提供連網零售體驗。在全球範圍內，本季我們總共開設了 16 家新店和專賣店，主要集中在我們的頂級城市，其中大部分還是在亞洲，特別是在中國。

Our performance in China remains a standout with sales up more than 20% this quarter. This was ahead of our expectations, driven by strong brand momentum and high-quality new consumer recruitment. Looking ahead, we still see significant opportunities to drive our business with global Chinese consumers.

我們在中國的業績依然出色，本季銷售額成長了 20% 以上。在強勁的品牌動能和高品質的新消費者招募的推動下，這一成績超出了我們的預期。展望未來，我們仍看到推動我們與全球華人消費者開展業務的重大機會。

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. Within our best-in-class digital technology and analytics capabilities, we enhanced our RalphLauren.com digital flagship and app this quarter. This included new search capabilities and improved navigation which helped deliver a more personalized experience and drive conversion.

最後，談談我們的推動因素。除了我們的策略重點之外，我們的業務繼續得到 5 個關鍵推動因素的支持。我將分享本季的一些亮點。借助我們一流的數位技術和分析能力，我們本季增強了 RalphLauren.com 數位旗艦產品和應用程式。其中包括新的搜尋功能和改進的導航，有助於提供更個人化的體驗並推動轉換。

We also continued our early testing of generative AI. For example, leveraging the technology to create select product descriptions on our digital site. As we continue to integrate citizenship and sustainability into our business, we're excited to share that we signed a collective power purchase agreement to scale our purchasing of solar power in Europe.

我們也繼續對生成式人工智慧進行早期測試。例如，利用該技術在我們的數位網站上建立精選產品描述。隨著我們繼續將公民意識和永續發展融入我們的業務，我們很高興與大家分享，我們簽署了一項集體購電協議，以擴大我們在歐洲的太陽能採購規模。

This initiative created by the fashion pack brings us 1 step closer to reaching our goal to power our direct operations with 100% renewable electricity by 2025. And just a few weeks ago, the Ralph Lauren Corporate Foundation announced our newest Ralph Lauren Center for Cancer Prevention at USC's Norris Cancer Center Hospital. This center will represent our third center in the U.S. and our first 1 on the West Coast. As we continue our efforts to improve access to high-quality cancer screening services and treatment for underserved communities.

Fashion Pack 發起的這項舉措使我們距離實現到2025 年使用100% 再生電力為我們的直接營運提供動力的目標又近了一步。就在幾週前，Ralph Lauren 企業基金會宣布了我們最新的Ralph Lauren 癌症預防中心在南加州大學諾里斯癌症中心醫院。該中心將是我們在美國的第三個中心，也是我們在西海岸的第一個中心。我們將繼續努力改善服務不足的社區獲得高品質癌症篩檢服務和治療的機會。

In closing, Ralph and I are proud of our team's progress creativity and dedication while navigating a dynamic environment. As we enter holiday and the second half of the year, we remain focused on what we can control as we deliver on our multiple levers for growth across regions and categories.

最後，拉爾夫和我對我們團隊在動態環境中所取得的進步、創造力和奉獻精神感到自豪。當我們進入假期和下半年時，我們仍然專注於我們可以控制的事情，因為我們利用多種槓桿來實現跨地區和類別的成長。

Our strengthening brand desirability, sustainable pricing power, and consistency of execution, continue to differentiate Ralph Lauren through challenging times and underpinning all of our growth opportunities is the enduring power of our iconic lifestyle brand, which continues to inspire people all over the world to step into their dreams.

我們不斷增強的品牌吸引力、可持續的定價能力和執行的一致性，使Ralph Lauren 在充滿挑戰的時代中繼續脫穎而出，並支撐我們所有的成長機會，這是我們標誌性生活方式品牌的持久力量，它繼續激勵世界各地的人們邁出步伐進入他們的夢想。

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 drove second quarter results ahead of our expectations while making strategic growth investments that will continue to support our business in the second half and in the long term.

謝謝你，帕特里斯，大家早安。我們推動第二季業績超出預期，同時進行策略性成長投資，這將繼續支持我們下半年和長期的業務。

Second quarter revenue growth exceeded our guidance driven by better-than-expected performance in our DTC channels in North America and Europe, along with continued momentum in Asia, led by China. Gross and operating margins were also above our outlook despite ongoing cost headwinds and high levels of strategic investments in the quarter as planned.

第二季營收成長超出了我們的預期，這得益於我們在北美和歐洲的 DTC 通路的業績好於預期，以及以中國為首的亞洲的持續成長勢頭。儘管成本逆風持續存在，並且本季度按計劃進行了高水準的策略投資，但毛利率和營業利潤率也高於我們的預期。

Our continued brand elevation, favorable channel and geographic mix shifts, coupled with our focus on cost savings and productivity fueled our investments in sustainable long-term growth. Leveraging our strong cash flow, we delivered approximately $275 million to shareholders in the form of dividends and share repurchases this fiscal year-to-date.

我們持續的品牌提升、有利的管道和地理組合的轉變，加上我們對成本節約和生產力的關注，推動了我們對永續長期成長的投資。憑藉強勁的現金流，本財年迄今為止，我們以股息和股票回購的形式向股東交付了約 2.75 億美元。

We are on pace with our long-term shareholder return commitments while maintaining our fortress balance sheet 1 of our key enablers that serves us well through times of uncertainty. With this discipline, we enter the holiday season with clean and healthy inventories. With our elevated brand clear strategy and targeted investments, we are proud of the progress we are making on our multiyear Next Great Chapter: Accelerate plan.

我們正在履行我們的長期股東回報承諾，同時維持我們的堡壘資產負債表1，這是我們在不確定時期為我們提供良好服務的關鍵推動因素。透過這項紀律，我們以乾淨健康的庫存進入假期季節。憑藉我們提升的品牌清晰策略和有針對性的投資，我們對多年期的「下一個偉大篇章：加速」計劃所取得的進展感到自豪。

We remain committed to both our fiscal '24 outlook outlined back in May and our 3-year targets, while recognizing that we are still operating in a highly volatile environment. Let me take you through our second quarter financial highlights, which, as a reminder, are provided on a constant currency basis. Total company revenues in the second quarter increased 2% led by double-digit growth in Asia.

我們仍然致力於 5 月概述的 24 財年展望和 3 年目標，同時認識到我們仍然在高度波動的環境中運作。讓我向您介紹我們第二季的財務要點，提醒一下，這些要點是以固定匯率提供的。在亞洲兩位數成長的帶動下，第二季公司總營收成長了 2%。

Revenue in North America and Europe declined slightly to last year, with Europe impacted by timing shifts as noted on our last call. Total company comp increased 6%, with all 3 regions delivering positive comp growth in the period, led by our Ralph Lauren stores and digital. Notably, our outlet comps improved with both stronger traffic and stabilizing conversion trends.

北美和歐洲的收入較去年略有下降，歐洲受到我們上次電話會議中提到的時間變化的影響。公司總利潤成長了 6%，在 Ralph Lauren 商店和數位化的帶動下，所有 3 個地區在此期間均實現了積極的利潤成長。值得注意的是，我們的門市業績隨著流量的增加和轉換趨勢的穩定而有所改善。

Total company adjusted gross margin expanded 80 basis points to 65.4%. This was better than our outlook as strong AUR growth, lower freight expenses and favorable channel and geographic mix more than offset ongoing pressure from higher cotton costs. We continue to expect stronger gross margin expansion in the second half of the year as cotton headwinds start to moderate and inventories remain clean and well positioned.

該公司調整後毛利率總額擴大了 80 個基點，達到 65.4%。這好於我們的預期，因為強勁的 AUR 成長、較低的運費以及有利的通路和地理組合足以抵消棉花成本上漲帶來的持續壓力。我們繼續預計，隨著棉花逆風開始減弱且庫存保持乾淨且狀況良好，下半年毛利率將出現更強勁的成長。

AUR increased 10% on top of 18% growth last year with balanced growth across all regions and channels, driven by our long-term strategy of brand and product elevation. This more than offset targeted promotional activity in the quarter focused on driving conversion with our value-sensitive consumers. Adjusted operating expense increased 10% to 55.5% of sales, driven by this year's cadence of higher marketing, talent to support our strategic growth areas, and long-term investments in our key city ecosystems, notably in-store customer service, new digital site launches and search engine upgrades.

在我們品牌和產品提升的長期策略的推動下，AUR 在去年成長 18% 的基礎上成長了 10%，所有地區和通路均衡成長。這遠遠抵消了本季度旨在推動對價值敏感的消費者的轉換的目標促銷活動。調整後的營運費用佔銷售額的比例增長了10% 至55.5%，這得益於今年更高的營銷節奏、支持我們戰略增長領域的人才以及對我們主要城市生態系統的長期投資，特別是店內客戶服務、新數位網站發布和搜尋引擎升級。

Marketing was 8% of sales compared to 7% last year. We continue to expect full year marketing at around 7% of sales, consistent with our long-term guidance, including a more normalized growth in the second half. Moving on to segment performance, starting with North America. Second quarter revenue declined 1% ahead of our expectations with stronger growth in our retail business offset by expected wholesale declines in a softer environment for the channel.

行銷佔銷售額的 8%，而去年為 7%。我們繼續預計全年行銷將佔銷售額的 7% 左右，這與我們的長期指導一致，包括下半年的成長更加正常化。接下來是細分市場的表現，從北美開始。第二季營收比我們的預期下降 1%，零售業務的強勁成長抵消了通路疲軟環境下預期批發業務的下降。

In North America Retail, second quarter comps increased 4%, representing a meaningful improvement over our first quarter trends. Comps were positive in every channel, including outlet, which started to benefit from our recent interventions to strengthen the customer experience and selective promotions to drive conversion with value-oriented consumers.

在北美零售業，第二季的比較成長了 4%，比第一季的趨勢有了顯著的改善。每個管道（包括奧特萊斯）的表現均表現積極，這些管道開始受益於我們最近加強客戶體驗的干預措施和選擇性促銷活動，以推動價值導向消費者的轉換。

Comps in our owned RalphLauren.com site grew 4%, a 12-point improvement from Q1 as we continue to drive personalization and targeted marketing activations. All DTC channels delivered at least mid-single-digit AUR growth alongside these comp improvements. In North America Wholesale, revenues declined 7% to last year, in line with our expectations as we carefully manage sell-in to the channel to align with softer consumer demand.

隨著我們繼續推動個人化和有針對性的行銷活動，我們自有的 RalphLauren.com 網站的比較增加了 4%，比第一季度提高了 12 個百分點。所有 DTC 管道都實現了至少中個位數的 AUR 成長以及這些補償的改善。在北美批發業務中，營收比去年下降了 7%，符合我們的預期，因為我們仔細管理通路銷售，以適應消費者需求疲軟的情況。

While this channel is also experiencing some challenges related to macro inflation pressures, we are encouraged that our top 100 doors are significantly outperforming the rest of the fleet, following our targeted investments in renovations and service levels. In addition, our wholesale AUR continued to grow, up mid-single digits on product mix elevation and controlled inventory levels.

雖然該通路也面臨著與宏觀通膨壓力相關的一些挑戰，但我們感到鼓舞的是，在我們對翻新和服務水平進行有針對性的投資後，我們的前100 名門的表現明顯優於機隊的其他門。此外，我們的批發 AUR 繼續成長，由於產品組合的提升和庫存水準的控製而實現了中個位數的成長。

Looking ahead, we are maintaining a cautious outlook on the channel and remain focused on aligning inventory levels to demand. Moving on to Europe. Revenue declined slightly in the second quarter, ahead of our expectations. Results included 5 points of negative impact from the earlier timing of fall '23 wholesale delivery into the prior quarter and lapping last year's favorable post-COVID wholesale allowances.

展望未來，我們對該通路保持謹慎的展望，並繼續專注於使庫存水準與需求保持一致。繼續前往歐洲。第二季營收略有下降，超出了我們的預期。結果包括 23 年秋季批發交貨時間較早進入上一季以及去年新冠疫情後有利的批發配額造成的 5 個負面影響。

Retail comps increased 6% with owned digital commerce up 14% and brick-and-mortar comps up 5% on similar performance in Ralph Lauren and outlet stores. Europe AUR increased high single digits in the quarter. Digital comps were higher than our expected full year run rate as new sites accelerated growth.

零售業表現成長 6%，自營數位商務成長 14%，實體績效成長 5%，Ralph Lauren 和直營店的表現類似。本季歐洲 AUR 成長高個位數。由於新網站加速成長，數位競爭高於我們預期的全年運作率。

Similar to North America, we added targeted incremental seasonal promotions to drive conversion, which meaningfully benefited Q2. Conversely, we expect Q3 digital comps to be negatively impacted by a calendar shift in Boxing Day sales to Q4. Europe wholesale declined 7% to last year, in line with expectations, including approximately 9 points of headwinds from the items noted previously.

與北美類似，我們增加了有針對性的增量季節性促銷活動以推動轉化，這對第二季產生了有意義的好處。相反，我們預計第三季的數位銷售將受到節禮日銷售日曆轉移到第四季的負面影響。歐洲批發量較去年下降 7%，符合預期，包括先前提到的項目帶來的約 9 個百分點的阻力。

Looking ahead, these drivers are expected to negatively impact our Q3 and Q4 growth by about 12 and 4 points, respectively. Turning to Asia. Revenues increased 13%, with growth led again by China. China sales increased more than 20% on top of a strong compare of more than 30% last year on continued brand momentum.

展望未來，這些驅動因素預計將對我們第三季和第四季的成長分別產生約 12 和 4 個百分點的負面影響。轉向亞洲。營收成長 13%，其中中國再次引領成長。由於持續的品牌發展勢頭，中國銷售額在去年增長超過 30% 的基礎上增長了超過 20%。

Second quarter sales in Japan were up low double digits. We expect continued momentum in Asia in the second half of the year, with growth in China outpacing the rest of the region. Within our other nonreportable segments, licensing revenue declined high single digits, in line with our plan. The transition out of our Lauren men's suiting license as a part of our long-term elevation journey drove the entire decline and will continue to impact segment results for the remainder of fiscal '24.

日本第二季銷售額成長兩位數。我們預計亞洲下半年將繼續保持成長勢頭，其中中國的成長速度將超過該地區其他國家。在我們其他不可報告的細分市場中，授權收入下降了高個位數，這符合我們的計劃。作為我們長期海拔旅程的一部分，我們的勞倫男式西服許可證的過渡推動了整體下滑，並將繼續影響 24 財年剩餘時間的部門業績。

Moving on to the balance sheet. Our strong balance sheet and healthy cash flows are key enablers of our Fortress foundation and allow us to make strategic growth investments in our business while returning cash to shareholders even through dynamic times.

繼續看資產負債表。我們強大的資產負債表和健康的現金流是我們 Fortress 基礎的關鍵推動因素，使我們能夠對業務進行策略性成長投資，同時即使在動態時期也能向股東返還現金。

We ended the second quarter with $1.5 billion in cash and short-term investments and $1.1 billion in total debt. Net inventories declined 5%, aligned with our expectations and below our revenue growth trend with units down high teens. Inventories decreased double digit in North America, on a more normalized timing of receipts and cautious top line outlook for the region.

截至第二季末，我們的現金和短期投資為 15 億美元，債務總額為 11 億美元。淨庫存下降 5%，與我們的預期一致，但低於我們的收入成長趨勢，單位數量下降了十幾個百分點。由於收貨時間更加正常化以及該地區營收前景謹慎，北美地區的庫存下降了兩位數。

Inventories in Europe also declined in constant currency, while Asia levels reflected our strong expected growth rates. We still expect to end fiscal '24 with inventory below prior year levels. Looking ahead, our outlook remains based on our best assessment of the current geopolitical backdrop as well as the macroeconomic environment.

以固定匯率計算，歐洲的庫存也有所下降，而亞洲的庫存水準反映了我們強勁的預期成長率。我們仍預期 24 財年結束時庫存將低於去年同期水準。展望未來，我們的前景仍然基於我們對當前地緣政治背景以及宏觀經濟環境的最佳評估。

This includes inflationary pressures and other consumer spending related headwinds and foreign currency volatility, among others. For fiscal '24, we still expect constant currency revenues to increase low single digits, centering on a range of 1% to 2%. Our outlook embeds slightly increased caution around the wholesale channel, where year-to-date demand has been soft. Foreign currency is now expected to negatively impact reported revenues by about 50 basis points due to unfavorable shifts in both Asian and European exchange rates versus our prior outlook.

這包括通膨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。對於 24 財年，我們仍然預期恆定貨幣收入將成長低個位數，集中在 1% 至 2% 的範圍內。我們的前景包括對批發管道的謹慎態度，今年迄今該通路的需求一直疲軟。由於亞洲和歐洲匯率與我們先前的預期相比發生不利變化，因此預計外幣將對報告收入產生約 50 個基點的負面影響。

We continue to expect top line growth to be led by Asia, followed by low single-digit growth in Europe. And 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. We continue to anticipate operating margin expansion of approximately 30 to 50 basis points in constant currency to 12.3% to 12.5%.

我們仍預期亞洲將引領營收成長，其次是歐洲的低個位數成長。基於上半年春季趨勢的疲軟和第一季批發時間的變化，我們仍然預期北美地區將出現低個位數下降。我們繼續預計以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%。

Foreign currency is expected to have roughly 10 basis points negative impact on full year operating margin. We expect gross margin expansion in the range of 120 to 170 basis points in constant currency, up from about 100 basis points previously. This is driven by more favorable freight costs, mix shifts towards international and DTC and continue growth in AUR, more than offsetting full year cotton inflation.

預計外幣匯率將對全年營業利潤率產生約 10 個基點的負面影響。我們預計以固定匯率計算，毛利率將擴大 120 至 170 個基點，高於先前的約 100 個基點。這是由更有利的運費成本、向國際和 DTC 的組合轉變以及 AUR 的持續增長推動的，這足以抵消全年棉花通膨。

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

隨著我們對關鍵策略舉措的投資，特別是在數位化、主要城市生態系統擴張、行銷和永續發展方面的投資，預計毛利率的成長將足以抵消營運費用的上升。相對於我們的投資者日基期，與 22 財年相比，指引仍意味著營業利潤率將擴大約 80 至 100 個基點，從而使匯率保持在我們長期目標的軌道上。

For the third quarter, we expect revenues to increase 1% to 2% in constant currency, led again by Asia. Foreign currency is expected to negatively impact revenues by roughly 30 basis points. We remain cautious on North America and expect similar trends to Q2 with softness in wholesale offsetting stronger trends in DTC.

對於第三季度，我們預計以固定匯率計算，營收將成長 1% 至 2%，其中亞洲再次領先。預計外幣將對收入產生約 30 個基點的負面影響。我們對北美市場保持謹慎態度，並預計與第二季類似的趨勢，批發市場的疲軟抵消了 DTC 的強勁趨勢。

In Europe, third quarter sales are still expected to be negatively impacted by the timing of earlier fall shipments and from lapping last year's favorable post-COVID wholesale allowances. Excluding these unusual impacts we expect underlying trends in Europe to be more in line with our full year outlook for the region of low single-digit growth.

在歐洲，第三季的銷售預計仍將受到較早秋季出貨時間和去年疫情後有利的批發配額的負面影響。排除這些不尋常的影響，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成長的全年展望。

We expect third quarter operating margin to be roughly flat in constant currency with about 10 basis points of foreign currency benefit. We expect constant currency gross margin expansion of 100 to 150 basis points, largely offset by a higher proportion of marketing and ecosystem investments planned in the second and third quarter of the fiscal year.

我們預計，以固定匯率計算，第三季營業利潤率將大致持平，但外幣收益將提高約 10 個基點。我們預計貨幣毛利率將持續成長 100 至 150 個基點，這在很大程度上被本財年第二和第三季計劃的更高比例的行銷和生態系統投資所抵消。

We now expect our tax rate to be in the range of 22% to 23% for the full year and roughly 23% to 24% for the third quarter and capital expenditures are expected to be around $250 million. In closing, our year-to-date performance demonstrates the agility of our teams to deliver continued strong execution, along with progress on our Next Great Chapter: Accelerate plan, led by Ralph's enduring vision our teams around the world are consistently driving brand desirability with products and experiences that resonate across generations, geographies and lifestyles.

我們現在預計全年稅率為 22% 至 23%，第三季稅率約為 23% 至 24%，資本支出預計約為 2.5 億美元。最後，我們今年迄今為止的表現證明了我們團隊的敏捷性，能夠持續提供強有力的執行力，以及在拉爾夫持久願景的領導下，我們的「下一個偉大篇章：加速」計劃取得了進展，我們世界各地的團隊始終如一地推動品牌的吸引力能夠在不同世代、地理和生活方式之間產生共鳴的產品和體驗。

Even as we navigate near-term challenges, our multiple engines of growth, along with our Fortress foundation, put us in a position of strength to continue to deliver our commitments and drive long-term value creation.

即使我們應對近期挑戰，我們的多個成長引擎以及我們的 Fortress 基礎也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)

（操作員說明）

The first question comes from Michael Binetti with Evercore ISI.

第一個問題來自 Evercore ISI 的 Michael Binetti。

Maybe 2 quick ones here. Patrice, you guys maintained the outlook for the year, you referred to, obviously, the macro uncertainty in the prepared remarks. What do you think about as the factors in your control that enabled you to maintain the back half commitments and beyond, especially if the environment deteriorates further from here?

也許這裡有 2 個快速的。帕特里斯，你們維持了今年的前景，顯然，你們在準備好的演講中提到了宏觀不確定性。您認為哪些因素在您的控制範圍內，使您能夠維持後半段及以後的承諾，特別是如果環境進一步惡化？

And then I guess, maybe a jump all for both of you, but how do we think a little bit beyond this year on the wholesale side, particularly in North America, you made some comments on your thoughts on the channel now. Do you feel like the channel is under inventoried at this point? And how do you think about the opportunity to fill in wholesale next year as we look a little bit beyond the calendar here.

然後我想，也許對你們倆來說都是一個跳躍，但是我們如何看待今年之後的批發方面，特別是在北美，您現在在頻道上對您的想法發表了一些評論。您是否覺得該通路目前庫存不足？您如何看待明年批發的機會，因為我們的目光有點超出了日曆。

All right. Well, Michael, welcome back. Thanks for your question. Our teams continue to execute really well in a tough environment. And while we're planning for things to remain choppy for the foreseeable future, I think this quarter showed once again that we can deliver on our commitments.

好的。好吧，邁克爾，歡迎回來。謝謝你的提問。我們的團隊在艱難的環境中繼續表現出色。雖然我們計劃在可預見的未來保持動盪，但我認為本季再次表明我們可以兌現我們的承諾。

There are a few reasons for that, and I just want to call out the top 3. First 1 is our brand is our most powerful asset, and we're driving momentum and desirability. As we cut through culture and appeal across generations through a variety of platforms, I actually think we have probably one of the most diversified broadest marketing programs in our space, ranging from the fashion show we did recently at New York Fashion Week, 2 sports partnerships, Wimbledon, Ryder Cup, U.S. Open just this last quarter through dressing celebrities like Beyoncé, you heard that in the prepared remarks to actually influencers wearing us spontaneously to gaming with Fortnite.

造成這種情況的原因有幾個，我只想列出前 3 個原因。首先，我們的品牌是我們最強大的資產，我們正在推動動力和需求。當我們透過各種平台跨越不同世代的文化和吸引力時，我實際上認為我們可能擁有我們領域最多元化、最廣泛的行銷計劃之一，包括我們最近在紐約時裝週上舉辦的時裝秀、2個體育合作夥伴關係、溫網、萊德杯、美國公開賽，就在上個季度，透過Beyoncé 等名人的著裝，您可以在為那些自發穿著我們的《堡壘之夜》遊戲的影響者在準備的演講中聽到這一點。

So a broad range of activities. We continue to invest in our brands for the long term, and we're seeing consumers respond to that. The second point, which is actually quite important during challenging periods like this for consumers is our iconic core products anchor us think beautifully made casual wear sweaters, maybe blazers, tweet jackets, Oxford shirts, really the foundations of a wardrobe.

所以活動範圍廣泛。我們繼續對我們的品牌進行長期投資，我們看到消費者對此做出了反應。第二點，對於消費者來說在這樣的挑戰時期實際上非常重要，是我們標誌性的核心產品讓我們認為製作精美的休閒毛衣，也許是西裝外套、推特夾克、牛津襯衫，它們確實是衣櫃的基礎。

And these timeless products deliver through cycles and when things get more challenging, we know consumers tend to gravitate back to core products, products and brands they know and trust. And in addition to that, we continue to have significant growth opportunities in women's and in outerwear. And then the third point, and you heard this in our prepared remarks, is our DTC channels are really where we can best control the consumer experience -- these channels today represent 2/3 of our business.

這些永恆的產品透過週期交付，當事情變得更具挑戰性時，我們知道消費者往往會回歸到他們了解和信任的核心產品、產品和品牌。除此之外，我們在女裝和外套領域繼續擁有巨大的成長機會。第三點，你在我們準備好的發言中聽到了這一點，我們的 DTC 管道確實是我們能夠最好地控制消費者體驗的地方——這些管道今天代表了我們業務的 2/3。

So DTC is 2/3 of our flooring business, different picture than a few years ago. And as you saw, actually, our performance in that channel is accelerating with positive comps across every channel, brick-and-mortar and digital across every region. So in addition to this, I think we've also built over the past few years an agility muscle that's integrated into our operating model.

因此，DTC 占我們地板業務的 2/3，與幾年前的情況不同。正如您所看到的，實際上，我們在該通路的業績正在加速成長，每個通路、每個地區的實體店和數位通路都取得了積極的業績。除此之外，我認為我們在過去幾年中也建立了敏捷能力，並將其融入我們的營運模式中。

And I think you saw this in this past quarter. For example, we made fast product assortment changes, leaning even further into our core products in order to improve traffic and conversion in DTC, and you saw that play out in the numbers. We delivered enhanced staffing in our retail stores to improve the customer experience.

我想您在上個季度就看到了這一點。例如，我們快速改變產品種類，進一步關注我們的核心產品，以提高 DTC 的流量和轉換率，您可以從數字中看到這一點。我們加強了零售店的人員配置，以改善客戶體驗。

And online, we also made a number of changes relative to surge and more personalized pages, which also drove to an acceleration, both from a traffic conversion and AVT standpoint in those important channels. And while we continue to elevate our brand, this wouldn't be a Ralph Lauren call if I didn't talk about AUR. You see this play out in increased AUR again this quarter, up 10% in an environment that's relatively intense from a promotional standpoint.

在網路上，我們也對激增和更個人化的頁面進行了一些更改，從這些重要管道的流量轉換和 AVT 角度來看，這也推動了加速。雖然我們繼續提升我們的品牌，但如果我不談論 AUR，這就不是 Ralph Lauren 的電話。您可以看到本季 AUR 再次增加，在促銷相對激烈的環境中增加了 10%。

And we are able to grow AUR double digits while having limited targeted promotional actions for our more value-oriented consumers to close the deal and drive conversion. So listen, we're operating in a very uncertain world, but I think that's become the norm. We know how to navigate this, and our iconic brand, our multiple growth drivers and our agility muscle really help us to stay on offense.

我們能夠將 AUR 成長兩位數，同時為更注重價值的消費者採取有限的有針對性的促銷行動，以完成交易並推動轉換。所以聽著，我們正在一個非常不確定的世界中運作，但我認為這已經成為常態。我們知道如何應對這項挑戰，我們的標誌性品牌、多重成長動力和敏捷性確實幫助我們保持進攻。

And importantly, we have the operational discipline and the balance sheet to enable continued investment in growth. So I think when you look across the marketplace, these are all very important differentiators and we're going to continue to focus on what we can control to win and create value in the marketplace. When it comes to wholesale, since it's a jump ball, Jane's got the ball. Over to you.

重要的是，我們擁有營運紀律和資產負債表，可以持續投資成長。因此，我認為，當你縱觀整個市場時，這些都是非常重要的差異化因素，我們將繼續關注我們可以控制的因素，以贏得市場並創造價值。說到批發，既然是跳球，那麼簡就拿到球了。交給你了。

Even though I can't jump very high. Let me just frame the thinking that we have on wholesale longer term and to date. Wholesale is an important environment for us, for consumer discovery. We know from our consumer work that when a consumer buys and experiences Ralph Lauren quality, we can hook them. And so it's an important and profitable channel for that important consumer discovery. Just from what we've done for many years, our focus on managing or matching sell-in to demand and tight inventory management is something that we're doing today.

雖然我跳不高。讓我簡單闡述我們對長期和迄今為止的整體思考。批發對我們來說是一個重要的消費者發現環境。我們從消費者工作中了解到，當消費者購買並體驗 Ralph Lauren 的品質時，我們可以吸引他們。因此，它是發現重要消費者的重要且有利可圖的管道。從我們多年來所做的事情來看，我們今天正在做的事情是專注於管理或匹配銷售與需求以及嚴格的庫存管理。

Our inventories are well controlled and something that as we think about the future is something that we have to continue to lean into, along with leveraging our core, which resonates well with that consumer being able to chase into variable demand allows us to meet those consumer needs, and I think will serve us well into the long term, working with our partners to personalize our marketing with loyal consumers that we have across the channels.

我們的庫存控制得很好，當我們考慮未來時，我們必須繼續依靠這一點，同時利用我們的核心，這與消費者產生良好的共鳴，能夠追逐可變的需求，使我們能夠滿足這些消費者需求，我認為從長遠來看，與我們的合作夥伴合作，針對我們跨通路的忠實消費者進行個人化行銷，這對我們有好處。

And then importantly, all wholesale is not created equal. There's a bifurcation between top-tier wholesale, where we're growing and doors across the markets. Top city, top doors are performing meaningfully better the balance of fleet. And that's where we can do some interventions that Patrice described that are working in DTC, like investing capital and renovating, make sure we have great environments, investing with our partners in greater service levels.

重要的是，並非所有批發都是平等的。我們正在發展的頂級批發和跨市場的大門之間存在分歧。頂級城市、頂級門的機隊平衡表現明顯較好。這就是我們可以採取帕特里斯所描述的在 DTC 中發揮作用的一些幹預措施的地方，例如投資和翻新，確保我們擁有良好的環境，與我們的合作夥伴一起投資以提高服務水平。

We know that, that works, those doors are performing better and is a place where we can concentrate resources and give an ROI. So I think we have a good operating game plan and strategic game plan for wholesale. Where -- we saw pull back in about 2/3 of our doors, we evaluate every day, where should we be and looking at that on a door-by-door basis and we'll continue to do that into the future.

我們知道，這是有效的，這些門的性能更好，是我們可以集中資源並提供投資回報率的地方。所以我認為我們有一個很好的批發營運遊戲計劃和戰略遊戲計劃。我們看到大約 2/3 的門被撤回了，我們每天都會評估我們應該在哪裡，並挨家挨戶地進行研究，我們將在未來繼續這樣做。

The next question comes from Bob Drbul with Guggenheim.

下一個問題來自古根漢的鮑伯‧德布爾（Bob Drbul）。

Patrice. I guess, Jane, can I follow up on the balance sheet. The balance sheet is very strong. We've heard some of your peers update their capital allocation strategies, and what Patrice just referred to as early uncertain environment, how are you planning to manage the balance sheet capital allocation going forward? Are you doing anything differently?

帕特里斯.我想，簡，我可以跟進一下資產負債表嗎？資產負債表非常強勁。我們聽說你們的一些同行更新了他們的資本配置策略，以及帕特里斯剛才提到的早期不確定環境，你們打算如何管理未來的資產負債表資本配置？你有什麼不同的做法嗎？

And also, can you just elaborate a bit more in terms of I don't know, country trends or really what you're seeing throughout Europe with the outlook that you've given us again.

另外，您能否詳細闡述我不知道的國家趨勢或您在整個歐洲所看到的情況以及您再次向我們提供的前景。

Sure. Thanks for the question. The current operating environment is volatile. But our performance through it makes us even more committed to our strong balance sheet and culture of operating discipline, all of the things that are really critical to our Fortress Foundation with the agility of our team, it's what really enables us to continue to drive the plans through tougher times.

當然。謝謝你的提問。目前的經營環境不穩定。但我們透過它所取得的業績使我們更加致力於我們強大的資產負債表和營運紀律文化，所有這些對我們的Fortress 基金會以及我們團隊的敏捷性都至關重要，這才是真正使我們能夠繼續推動計劃渡過更艱難的時期。

And we think that our focused foundation and the way we manage our balance and our commitment to capital allocation is increasingly a strong differentiator for us -- and we're always interesting and interested in doubling down on just differentiation. So I think the short answer is we're going to continue on passionate about discipline in managing our balance sheet and sticking with our capital allocation principles, which drives growth and investments and returns capital to shareholders.

我們認為，我們專注的基礎、我們管理平衡的方式以及我們對資本配置的承諾日益成為我們強大的差異化因素——而且我們總是對加倍努力實現差異化感興趣。因此，我認為簡短的答案是，我們將繼續熱衷於管理資產負債表的紀律，並堅持我們的資本配置原則，這將推動成長和投資，並將資本返還給股東。

And it's not just words and principles, it's producing results for our shareholders. We're on track with our capital allocation and shareholder return commitments that you heard us talk about at Investor Day. At the halfway mark, we returned about $1 billion to shareholders in the form of share repurchases and dividends.

這不僅僅是言語和原則，而是為我們的股東帶來成果。我們正在履行您在投資者日上聽到我們談論的資本分配和股東回報承諾。上半年，我們以股票回購和股利的形式向股東返還了約 10 億美元。

Our cash position remains extremely strong. We're in a net cash position, and our leverage is nearing our historical levels and those levels are usually low with our targeted 1 to 2x EBITDA leverage.

我們的現金狀況仍然非常強勁。我們處於淨現金頭寸，我們的槓桿率接近歷史水平，而這些水平通常較低，而我們的目標是 1 至 2 倍 EBITDA 槓桿率。

And our inventories are clean. Our inventories are down 5% this quarter with units down double digit. And importantly, North America inventory was down double digits and Europe in constant currency was down mid-single digits. Again, we expect to end the year tight inventory discipline that inventory will be down as we exit the year, improving our overall terms. So we're more committed than ever Bob. Just on the country trends that we're seeing across Europe?

我們的庫存是乾淨的。本季我們的庫存下降了 5%，單位數量下降了兩位數。重要的是，北美庫存下降了兩位數，歐洲庫存以固定匯率計算下降了中個位數。再次，我們預計今年年底將實施嚴格的庫存紀律，隨著今年的結束，庫存將會下降，從而改善我們的整體條件。所以我們比以往任何時候都更加堅定，鮑勃。只是關於我們在歐洲看到的國家趨勢嗎？

I'll jump on that training balls. So Bob, I think there are a few observations that apply to all the regions, and then I'll give you specifics for each individual one. So the observations applied to all the regions is environment is choppy, but our core consumer remains resilient, right?

我會跳上那個訓練球。鮑勃，我認為有一些觀察結果適用於所有地區，然後我將為您提供每個地區的具體情況。因此，適用於所有地區的觀察結果是，環境波動很大，但我們的核心消費者仍然具有彈性，對吧？

And we're seeing actually a nice growth with our core consumer a higher value, less price-sensitive consumer, and that's true across all 3 regions. We're also seeing really good performance this quarter. I think it's 1 of the highlights of the quarter in our DTC channels across all the regions. So every channel, every region, positive comp growth, brick-and-mortar and digital.

我們實際上看到了我們的核心消費者的良好成長，他們是價值較高、價格敏感度較低的消費者，這在所有 3 個地區都是如此。我們也看到本季的表現非常好。我認為這是我們所有地區 DTC 頻道本季的亮點之一。因此，每個通路、每個地區，無論是實體或數字，都實現了積極的競爭成長。

Third area is we are continuing to recruit new consumers, and we're continuing to recruit new consumers in Asia, in North America and in Europe, higher value, less price-sensitive younger consumers. And our general internal metrics of traffic and ADT and AUR are consistently up across all 3 regions. So those are common elements. We have seen improvement in our outlets with our -- particularly our more value-sensitive consumers.

第三個領域是我們正在持續招募新的消費者，我們在亞洲、北美和歐洲持續招募新的消費者，價值更高、對價格較不敏感的年輕消費者。我們的流量、ADT 和 AUR 的一般內部指標在所有 3 個地區都持續上升。這些都是常見的元素。我們已經看到我們的門市有所改善，尤其是對價值更敏感的消費者。

The interventions that Jane and I have been talking about have been impactful during the past quarter. So we're quite encouraged by the strengthening that we've seen in our outlet channel and our ability to really connect with that smaller consumer group, but still they are a value-oriented consumer.

簡和我一直在談論的干預措施在過去的季度中產生了影響。因此，我們對直銷管道的加強以及我們與較小消費者群體真正聯繫的能力感到非常鼓舞，但他們仍然是價值導向的消費者。

Now if I look at things by region. So North America, our biggest region, down 1%. Again, DTC growing right, comps up 4% in DTC and North America, growing across all the channels. The pressure Jane mentioned, it is more in wholesale. And here, we have differentiation between high-end wholesale, as you highlighted, Jane, the (inaudible) the markets of this world where we are growing the top doors of our largest partners where we are also basically flattish and then the doors are more challenged are kind of think to 100 and beyond.

現在，如果我按地區來看事情。我們最大的地區北美下降了 1%。同樣，DTC 成長勢頭強勁，在 DTC 和北美地區成長了 4%，所有通路都在成長。簡提到的壓力，更多的是批發。在這裡，我們在高端批發之間存在差異，正如您所強調的，簡，在這個世界的（聽不清楚）市場中，我們正在種植我們最大合作夥伴的頂門，我們也基本上是扁平的，然後門更挑戰是思考 100 以上。

And we have an action plan to go strengthen that, that you heard from Jim. In Europe, on the face of it, we're down 1%, actually, if you do like-for-like, we're actually up, I think, 3%. If you take to remove the timing shifts from a wholesale standpoint. Likewise, here, we're seeing strong performance in DTC across all the channels and wholesale continues to be challenged, again, on the space of it. But if you take the timing shifts out, actually wholesale grew in Q2 in Europe.

我們有一個行動計劃來加強這一點，這是你從吉姆那裡聽到的。在歐洲，從表面上看，我們下降了 1%，實際上，如果你比較的話，我認為我們實際上上升了 3%。如果您從批發的角度消除時間變化。同樣，在這裡，我們看到 DTC 在所有管道中的強勁表現，而批發在其空間上繼續受到挑戰。但如果考慮時間變化的話，歐洲第二季度的批發量實際上有所成長。

And we're seeing a really nice rebound with 1 of our largest partners in Europe. So that's quite encouraging for the future. In Asia, we're up 13% on a constant currency basis, nice diversified growth across our key markets, China being the fastest-growing region for us there, up 20%, both Mainland and HMT. So we're feeling really good about the continuing momentum we have in that region. The brand is resonating. The product offering is connecting nicely, and the teams are doing an excellent job executing our key city ecosystem approach in our top 6 cities.

我們與歐洲最大的合作夥伴之一看到了非常好的反彈。所以這對未來來說是非常令人鼓舞的。在亞洲，以固定匯率計算，我們成長了 13%，我們的主要市場實現了良好的多元化成長，中國是我們成長最快的地區，成長了 20%，無論是大陸還是 HMT。因此，我們對該地區的持續發展勢頭感到非常滿意。該品牌正在引起共鳴。產品連接良好，團隊在我們的六大城市中出色地執行了我們的關鍵城市生態系統方法。

Japan delivered a nice quarter with double-digit growth, and Japan is not yet benefiting from the return of group tourism from China. So there's more growth to come down the road in that parts of the region, and then we've seen solid growth across Southeast Asia and the balance of the region. So hopefully, that gives you a bit of a sense of commonalities, a lot of common elements across the different regions and then what's unique to each individual one.

日本的季度業績表現不錯，實現了兩位數的成長，但日本尚未從中國團體旅遊的回歸中受益。因此，該地區的這些地區將會出現更多的成長，然後我們看到整個東南亞和該地區的平衡都將穩健成長。因此，希望這能讓您有一點共性感，不同地區的許多共同元素，以及每個地區的獨特之處。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

Patrice, so maybe could you elaborate on the structural building blocks that you've put in place, which you think drove the material acceleration at direct-to-consumer here today?

帕特里斯，您能否詳細說明一下您所採用的結構構建模組，您認為這些構建模組推動了今天這裡直接面向消費者的物質加速？

And then how you see the brand position in the holiday to potentially continue to take share? And then, Jane, could you just outline the drivers of the raised gross margin outlook for this year? And if there's any change to mid-teens operating margins as the target as we think to next year?

那麼您如何看待節慶期間的品牌定位是否有可能繼續佔據市場份額？那麼，Jane，您能否概述一下今年毛利率前景上調的驅動因素？我們明年的目標是否會改變？

Matt. So our game plan continues to be driven by our overall goal, which is and strategy, which is brand elevation across our 3 pillars: brand building, driving the core and expanding to more from a product standpoint and expanding our TCD ecosystem.

馬特。因此，我們的遊戲計劃繼續由我們的總體目標和策略驅動，即我們三大支柱的品牌提升：品牌建立、驅動核心、從產品角度擴展到更多領域以及擴展我們的 TCD 生態系統。

What we have seen in terms of short-term interventions that have really resonated well in DTC have been the work that we've done on products leaning harder into core because during these challenging times, as I mentioned earlier, consumers are gravitating towards core products.

我們所看到的短期幹預措施在DTC 中真正引起了良好反響，那就是我們在更加註重核心產品方面所做的工作，因為正如我之前提到的，在這些充滿挑戰的時期，消費者會傾向於核心產品。

And for us, those are our more elevated products, so less seasonal items, less Ts, shorts and fleece and what of truly iconic Ralph Lauren products, tweed jackets, Oxford shirts, heat separates, cable knit sweaters. That's on product. When it comes to digital, parts of the improvement has been also driven by an enhanced search capability that we've implemented as well as different brand presentations for our PDP product description pages, which are driving both traffic, ADT and conversion -- for our outlets in particular, we relooked at our staffing model to make sure that we're providing the consumer with a great experience every single day and hour of the week.

對我們來說，這些是我們更高檔的產品，因此季節性產品較少，T卹、短褲和羊毛衫以及真正標誌性的Ralph Lauren 產品，花呢夾克，牛津襯衫，隔熱單品，絞花針織毛衣。那是在產品上。在數位方面，部分改進也是由我們實施的增強搜尋功能以及 PDP 產品描述頁面的不同品牌展示推動的，這推動了我們的流量、ADT 和轉換。特別是在專賣店，我們重新審視了我們的人員配置模式，確保我們每天、每時每刻都能為消費者提供良好的體驗。

And that shift has actually translated into stronger traffic, stronger ADT, stronger AUR across the channel. And then I referred to our broad marketing program earlier, and I think the team is doing a really nice job making sure that each individual element is connecting with that target customer and we're seeing the benefits of that.

這種轉變實際上轉化為整個渠道更強勁的流量、更強的 ADT 和更強的 AUR。然後我早些時候提到了我們廣泛的行銷計劃，我認為團隊做得非常好，確保每個單獨的元素都與目標客戶建立聯繫，我們看到了這樣做的好處。

And then finally, I would add, as Jane and I mentioned earlier, that for those more value-oriented consumers, we have done in a very limited and very targeted way promotional activity that has helped close the sale with them, and what we're pleased about is this inherent agility that we built into our model over time, enables us to continue to grow AUR sixth year in a row and have the flexibility to be pointed on promotional activity where needed most relevant in those more value-oriented channels.

最後，我想補充一點，正如簡和我之前提到的，對於那些更注重價值的消費者，我們以非常有限且非常有針對性的方式進行了促銷活動，幫助他們完成了銷售，以及我們所所做的事情令我們感到高興的是，隨著時間的推移，我們在模型中內建了這種固有的敏捷性，使我們能夠連續第六年繼續成長AUR，並能夠靈活地針對那些更以價值為導向的管道中最需要的促銷活動。

In terms of how we're set up for holiday, I think we're actually well positioned. We've got a game plan that's clear. We're executing the strategy that we have had in place for some time now. We are seeing consumers respond nicely to both our marketing and our product offering, and while we're keeping an eye on the volatility of the situation. We feel good about the momentum we have going into the holiday period. You saw the vast number of marketing activities we had in Q2, that gives us momentum going into the holiday season. The pivot on product that we've been able to make positions us really nicely in terms of showcasing our core strength, which is our iconic propositions.

就我們如何安排假期而言，我認為我們實際上已經準備好了。我們有一個明確的遊戲計劃。我們正在執行已經實施了一段時間的策略。我們看到消費者對我們的行銷和產品供應反應良好，同時我們也密切關注局勢的波動。我們對進入假期期間的勢頭感到滿意。您看到了我們在第二季度進行的大量行銷活動，這為我們進入假期季節提供了動力。我們能夠以產品為中心，在展示我們的核心優勢方面處於非常好的位置，這是我們的標誌性主張。

And each channel, each region has the flexibility and the agility to respond to what we see in the market. So while we recognize the environment continues to be choppy and will likely be for the foreseeable future, I think we're well positioned coming into holiday.

每個通路、每個地區都有靈活性和敏捷性來回應我們在市場上看到的情況。因此，雖然我們認識到環境仍然不穩定，並且在可預見的未來可能會如此，但我認為我們在假期中處於有利位置。

Just on gross margin, Matt, we're really pleased to raise our outlook to 120 to 170 basis points of gross margin expansion in constant currency for this year. There are really 3 primary drivers. Freight, we are seeing upside in freight, notably in ground transportation that's more than offsetting cotton headwinds now. So more opportunity in freight -- we are also seeing upside in AUR. We put up a double-digit AUR growth this quarter while growing gross margin and reigniting DTC. So we believe that for Q3 and 4, we have upside to our AUR and channel mix. The acceleration in DTC that Patrice called out in Q2, we'd expect that performance to continue for the balance of the year.

就毛利率而言，馬特，我們非常高興將今年以固定匯率計算的毛利率成長預期提高至 120 至 170 個基點。實際上有 3 個主要驅動因素。貨運方面，我們看到貨運方面的上漲，尤其是地面運輸，足以抵銷目前棉花面臨的不利因素。因此，貨運方面有更多機會——我們也看到了 AUR 的上漲空間。本季我們實現了兩位數的 AUR 成長，同時提高了毛利率並重新點燃了 DTC。因此，我們相信，對於第三季度和第四季度，我們的 AUR 和通路組合有上升空間。 Patrice 在第二季度提到 DTC 的加速發展，我們預計這一表現將在今年餘下的時間裡持續下去。

We still have a cost headwind in cotton. But again, I think we've more than fully offset that. And we're seeing some of our productivity initiatives flow through, as we said, a little more balanced in COGS than in SG&A, but we are realizing those productivity initiatives, and that's a tailwind to gross margin as well. So very encouraged by that.

棉花成本仍面臨阻力。但我認為我們已經完全抵消了這一點。正如我們所說，我們看到我們的一些生產力計劃在銷貨成本方面比銷售管理費用更加平衡，但我們正在實現這些生產力計劃，這也是毛利率的推動力。對此感到非常鼓舞。

And as we look at the progress we've made this year, there's no change in our Investor Day guidance to mid-teens constant currency OI growth. We remain firmly committed to that goal and firmly committed to our outlook in FY '24, while recognizing that we're operating in a highly volatile environment. We know what we need to do we need to continue our top line growth. We need to continue to drive our cost productivities, and we need the investments that we're making and the investments that we're making, we know will pay off not only in the second half but into FY '25. So we're happy to remain committed and to our Investor Day guidance of mid-teens.

當我們審視今年所取得的進展時，我們對投資者日對貨幣 OI 持續成長的指導並沒有改變。我們仍然堅定地致力於實現這一目標，並堅定地致力於 24 財年的前景，同時認識到我們正處於高度不穩定的環境中。我們知道我們需要做什麼來繼續我們的收入成長。我們需要繼續提高我們的成本生產力，我們需要我們正在進行的投資，我們正在進行的投資，我們知道不僅會在下半年而且會在 25 財年獲得回報。因此，我們很高興繼續致力於投資者日對青少年的指導。

The next question comes from Rick Patel with Raymond James.

下一個問題來自里克·帕特爾和雷蒙德·詹姆斯。

Congrats on strong execution in a tough macro. I was hoping you could help us understand the higher comps in the outlet channel impressive results given the pressure on the consumer there. Can you talk about the changes that you implemented that drove that result and how we should think about the sustainability of that growth going forward?

恭喜您在艱難的宏觀環境中的強勁執行力。我希望你能幫助我們了解直銷管道中更高的競爭，考慮到消費者面臨的壓力，取得了令人印象深刻的結果。您能否談談您實施的推動這一結果的變革以及我們應該如何考慮未來成長的可持續性？

Sure. It's really the execution of the different strategic pillars that we have in place. So first, I think as we talked earlier, be leaning into our core products and we've seen consumer -- strong consumer response, both on our men's business, very strong response on our women's business, strong improvement on our kids' business. So leading into core products, it's been intervention one, Rick, that's going to keep going, all right?

當然。這其實是我們現有的不同策略支柱的執行。首先，我認為正如我們之前所說，專注於我們的核心產品，我們看到了消費者的強烈反應，無論是對我們的男士業務，還是對我們的女士業務的強烈反應，以及對我們兒童業務的強勁改善。因此，進入核心產品，這是乾預措施之一，瑞克，這將繼續下去，好嗎？

Intervention #2 has been customer experience and making sure that we're servicing the customer in the right way, consistently throughout the week. And we know we have some opportunities to rebalance staffing and strengthen staffing in some areas to make sure that the customer walking through the door was getting the type of experience that they deserve from Ralph Lauren.

介入措施#2 是客戶體驗，並確保我們以正確的方式為客戶提供持續一週的服務。我們知道，我們有機會重新平衡人員配置並加強某些領域的人員配置，以確保走進大門的客戶能夠從 Ralph Lauren 獲得他們應得的體驗。

Point number 3 is marketing activities and targeted marketing activities for that shopper for that consumer, leveraging both the centers, capabilities and platforms and our own database, and then point number four, relates specifically to connected retail and how we leverage our connected retail capabilities.

第三點是針對該消費者的行銷活動和有針對性的行銷活動，利用中心、能力和平台以及我們自己的資料庫，第四點具體涉及互聯零售以及我們如何利用我們的互聯零售能力。

Now I don't know if you've been in some of our outlets recently, but we've implemented endless aisle screens, for example, where now you can shop the entire catalog from that store, full price outlet, anything that's available within the Ralph Lauren catalog, we also have digital clienteling for outlet customers, which has also been useful and driven the performance this past quarter and are structural. So will continue to pay benefits moving forward.

現在，我不知道您最近是否去過我們的一些商店，但我們已經實施了無盡的過道屏幕，例如，現在您可以在其中購買該商店的整個目錄、全價商店以及該商店內提供的任何商品。除了 Ralph Lauren 目錄之外，我們還為專賣店客戶提供數位客戶服務，這也很有用，並推動了上個季度的業績，並且是結構性的。因此，今後將繼續支付福利。

And then finally, as I highlighted earlier, for those more value-oriented consumers who need that little support to close the deal we have been able to implement limited targeted promotional activity further more value-oriented consumers while still being able to expand the AUR in that channel. So 5 core interventions. I'm really proud of how nimble the organization has been as we've read consumer behavior, competitive environment. And we feel good that these interventions will serve as well through holiday and beyond.

最後，正如我之前強調的那樣，對於那些需要一點支持來完成交易的更具價值導向的消費者，我們已經能夠實施有限的有針對性的促銷活動，進一步面向更多價值導向的消費者，同時仍然能夠擴大AUR那個頻道。所以有 5 項核心介入措施。當我們了解消費者行為和競爭環境時，我對組織的靈活性感到非常自豪。我們感到高興的是，這些幹預措施將在假期及以後發揮作用。

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。

Congratulations on the nice improvement. One of the things I noticed is when you talked about your core product and the improvement that you saw just in the core product, I think it was up high single digits compared to the first quarter up mid-single digits.

恭喜你取得了不錯的進步。我注意到的一件事是，當您談論您的核心產品以及您在核心產品中看到的改進時，我認為與第一季的中個位數相比，它上升了高個位數。

In addition to the continuing strength of the women's outerwear and home business is up low double digits. In the core business, anything new on pricing, newness and product that you're seeing there that could continue as we move forward, and then on the AUR growth of 10%, how are you thinking of the magnitude of AUR growth for the balance of the year? And with new introductions like the RL 888, is that helping to drive AUR growth? And are you seeing anything different by region?

除了持續強勢外，女裝外套和家居業務也實現了兩位數的低成長。在核心業務中，您在定價、新穎性和產品方面看到的任何新內容都可能會隨著我們的前進而繼續下去，然後關於 AUR 增長 10%，您如何看待平衡的 AUR 增長幅度今年？隨著 RL 888 等新產品的推出，這是否有助於推動 AUR 的成長？您是否發現不同地區有什麼不同？

Dana. So in terms of evolutions in our core products and products in general, what we're seeing is the consumer really gravitating towards this sophisticated casual, more elevated style. Right. And that's been consistent. We're seeing that both across men's and women's.

達納。因此，就我們的核心產品和整體產品的演變而言，我們看到消費者確實傾向於這種精緻的休閒、更高級的風格。正確的。這一直是一致的。我們在男性和女性中都看到了這一點。

That really plays nicely to what Ralph and the teams have built over time, which is this notion of quality, luxury, authenticity, that's pretty -- I think, pretty unique to Ralph Lauren, and these are the categories that I highlighted earlier.

這確實很好地體現了 Ralph 和團隊長期以來所建立的理念，即品質、奢華、真實性的概念，我認為這對 Ralph Lauren 來說非常獨特，這些是我之前強調的類別。

So our cashmere cable knit sweaters, our tweed jackets, our garment dye Oxford shirts as illustration of that. We're going to continue to drive that. I think -- that's what consumers are looking for right now as they are more choiceful in where they invest. They want to invest in pieces that are timeless, but they can wear beyond 1 specific season.

我們的羊絨絞花針織毛衣、花呢夾克、成衣染色牛津襯衫就是例證。我們將繼續推動這一趨勢。我認為，這就是消費者現在所尋求的，因為他們在投資地點上有更多的選擇。他們想要投資永恆的單品，但他們可以穿超過一個特定季節。

So we feel that's 1 intervention. Second intervention, which you will likely have seen, Dana, because you're quite close to all this, is the elevation that we're doing on Polo with the expansion of silver label. We had a beautiful campaign recently filmed in Goodwood, the Goodwood Festival that kind of highlights these beautiful new products so leather outerwear, suits, beautiful sweaters.

所以我們認為是 1 次幹預。第二個幹預措施，你可能已經看到了，達納，因為你已經非常接近這一切了，那就是我們在 Polo 上所做的提升，擴大了銀標的範圍。我們最近在古德伍德拍攝了一場精彩的廣告活動，即古德伍德節，重點介紹了這些漂亮的新產品，例如皮革外套、西裝、漂亮的毛衣。

And you're going to see us continue to lean into that because we're seeing strong consumer response within that. And then on the women's side, you highlighted it. We've been really pleased with the continued momentum we're seeing on women's, both on Polo, on collection and on Laurence. So across our women's portfolio. And again, these are iconic Ralph Lauren styles that you know well and that are really resonating with consumers right now.

你會看到我們繼續致力於這一點，因為我們看到了消費者的強烈反應。然後在女性方面，你強調了這一點。我們對女裝（無論是 Polo、系列還是 Laurence）的持續發展勢頭感到非常滿意。在我們的女性產品組合中也是如此。再說一次，這些是您熟知的拉爾夫勞倫標誌性款式，並且現在確實引起了消費者的共鳴。

Just on the near-term trajectory of AUR, as you mentioned, up 10% this quarter, we do expect there to be -- that we are past the peak of product cost pressures. So the pressure to price with inflation a bit slightly in the balance of the year. But I think we're planning on AUR being in the high single-digit range as we close out the year.

正如您所提到的，就 AUR 的近期軌跡而言，本季成長 10%，我們確實預期我們已經過了產品成本壓力的峰值。因此，今年餘下的通膨對物價的壓力會稍微小一些。但我認為我們計劃在年底時將 AUR 保持在較高的個位數範圍內。

So again, strong AUR growth, what we're seeing is that consumers are penetrating into our higher-priced products. So we're seeing a penetration increase into products over $100. We're also seeing our new consumers penetrate the new consumers that we're recruiting penetrate into higher AUR products, so higher individual products and higher basket.

再次強調，AUR 強勁成長，我們看到消費者正在滲透到我們價格較高的產品中。因此，我們看到 100 美元以上產品的滲透率增加。我們也看到我們的新消費者滲透到我們正在招募的新消費者滲透到更高 AUR 的產品，因此更高的個體產品和更高的購物籃。

That's really given us the flexibility to do what Patrice talked about, which is reach a more value-oriented consumer with some highly targeted discounts, leveraging our one-to-one marketing personalization so that we can reach them directly. I don't expect to change in our AUR journey in the near term. And as you'll recall, AUR is really for us is about many levers. It's founded in the brand elevation journey that we're continuing -- and you'll see us continue our product mix elevation, which is going to where the consumers -- where consumer demand is going, but also building that agility and flexibility for us to continue to expand gross margins, took up our guidance and continue to drive strong DTC growth.

這確實使我們能夠靈活地執行帕特里斯所說的事情，即透過一些針對性強的折扣來吸引更具價值導向的消費者，利用我們的一對一行銷個性化，以便我們可以直接接觸他們。我預計我們的 AUR 旅程在短期內不會改變。您可能還記得，AUR 對我們來說實際上涉及很多槓桿。它建立在我們正在繼續的品牌提升之旅中——你會看到我們繼續我們的產品組合提升，這將走向消費者——消費者需求的方向，同時也為我們建立了敏捷性和靈活性繼續擴大毛利率，接受我們的指導並繼續推動DTC 的強勁成長。

Dana, the way we talk about it a lot with our marketing teams is the following model: trade-in, trade up, trade across, right? And those are the 3 kind of levers for us to drive growth. And given the breadth of our product offering and our lifestyle proposition, we have significant trade-up opportunities.

達納（Dana），我們與行銷團隊經常討論的方式是以下模式：以舊換新、以舊換新、以舊換新，對吧？這些是我們推動成長的三種槓桿。考慮到我們產品的廣泛性和我們的生活方式主張，我們擁有大量的換購機會。

So maybe sell less T-shirts, but more tweed jackets, more RL 888 bags, more outerwear, more sofas. So trade up is a significant growth opportunity, which will serve us for years, if not decades. Trade across same thing. We bring you -- we trade you in and then there are so many different categories we can trade you across.

因此，也許會少賣 T 卹，但多賣花呢夾克、多賣 RL 888 包、多賣外套、多賣沙發。因此，升級換代是一個重要的成長機會，它將為我們服務數年，甚至數十年。跨同一事物進行交易。我們把你帶來——我們對你進行交易，然後我們可以在很多不同的類別中對你進行交易。

So I think these levers of growth kind of, again, roll back up to the diversification of growth drivers that this company now has. All right. It is time to close. So thank you for joining us today and we look forward to sharing our third quarter results with you in February. Have a great day.

因此，我認為這些成長槓桿再次回到了該公司現在擁有的成長動力的多元化。好的。是時候關門了。感謝您今天加入我們，我們期待在二月與您分享我們的第三季業績。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。您現在可以斷開連線。