雷夫·羅倫馬球 (RL) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren Third Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn over the conference to our host, Ms. Corinna Van der Ghinst. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加 Ralph Lauren 2024 財政年度第三季財報電話會議。 （操作員指示）謹此提醒，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 der Ghinst 女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's Third 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. After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller.

早安，感謝您參加 Ralph Lauren 2024 財年第三季電話會議。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。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。

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. Our expectations contain many risks and uncertainties. Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings. To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results, you should refer to this morning's earnings release and to our SEC filings that can be found on our Investor Relations website. With that, I will turn the call over to Patrice.

在今天的電話會議中，我們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。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，您應該參閱今天早上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）。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. This holiday quarter, our campaigns around the world celebrated a season of giving, marked by warmth, reflection and comfort that inspires people to dream of the best things in life and share them with those they love. Immersing people in our world of easy elegance and sophistication has epitomized Ralph Lauren over 57 years. And we continue to deliver this quarter after quarter to an ever-expanding audience to our next great chapter accelerate plan. This combination of magic and logic translated to strong financial performance in the third quarter, our biggest quarter of the year. With top and bottom line results that exceeded our expectations, along with significant EPS growth.

謝謝你，科里。大家早安，感謝您參加今天的電話會議。今年假期季度，我們在世界各地開展的活動慶祝了一個奉獻的季節，以溫暖、反思和舒適為標誌，激勵人們夢想生活中最美好的事物，並與他們所愛的人分享。 57 年來，Ralph Lauren 一直致力於讓人們沉浸在輕鬆優雅和精緻的世界中。我們將繼續一個又一個季度地向不斷擴大的受眾交付我們下一個偉大章節加速計劃。這種神奇與邏輯的結合轉化為第三季強勁的財務業績，這是我們今年最大的季度。頂線和底線結果超出了我們的預期，每股盈餘也顯著成長。

As we continue to navigate a dynamic global operating environment, our teams remain keenly focused on what we can control. This starts with our timeless and highly desirable brand, which is resonating with consumers all around the world and enabling continued pricing power in the market. Our ability to leverage a broad powerful portfolio of core products that we can flex with evolving consumer needs. Our continued deliberate shift toward our direct-to-consumer channels where we can best deliver our elevated and connected consumer experiences and which once again led growth in the quarter. And all of this is underpinned by the agility and operational discipline we have built into our business so that we can continue fueling our strategic growth initiatives for the long term.

當我們繼續應對動態的全球營運環境時，我們的團隊仍然專注於我們可以控制的事情。這始於我們永恆且令人嚮往的品牌，該品牌與世界各地的消費者產生共鳴，並在市場上保持持續的定價能力。我們有能力利用廣泛而強大的核心產品組合，並根據不斷變化的消費者需求進行調整。我們繼續刻意轉向直接面向消費者的管道，在這種管道中，我們能夠最好地提供提升和互聯的消費者體驗，並再次引領本季的成長。所有這一切都以我們在業務中建立的敏捷性和營運紀律為基礎，以便我們能夠繼續推動我們的長期策略成長計劃。

As we outlined at our last Investor Day, we are strongly encouraged that we have built a sustainable and resilient model with multiple diversified drivers for long-term growth and value creation. Our third quarter performance was a clear example of how we're driving progress across our three strategic pillars. As a reminder, these include: first, elevate and energize our lifestyle brand; second, drive the core and expand for more; and third, win in key cities with our consumer ecosystem. Let me take you through a few highlights across each of these areas.

正如我們在上一次投資者日所概述的那樣，我們建立了一個可持續且有彈性的模型，具有多種多元化的驅動力，可實現長期增長和價值創造，這讓我們深受鼓舞。我們第三季的業績清楚地表明了我們如何推動三大策略支柱的進展。提醒一下，這些包括：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，透過我們的消費生態系統贏得重點城市。讓我帶您了解每個領域的一些亮點。

First, on our efforts to elevate and energize our lifestyle brand. We continue to harness the power of our iconic brand as we expand across geographies and demographics, cutting through culture across fashion, celebrity, sports, gaming and music moments. During the third quarter, key campaigns included: first, our holiday season for dreaming activations in every region generating nearly 8 billion global impressions. These included immersive holiday gifting content, unique key city takeovers across New York, Shanghai, London and Berlin. And our Singles Day stream in China. Second, our Polo Ralph Lauren Artist in Residence campaign featuring Navajo designer, Naiomi Glasses, which is the first in a series of groundbreaking partnerships focused on empowering and celebrating artisans within the communities that have historically inspired our designs. This campaign was not just a galvanizing cultural moment for our organization, but also resonated strongly with consumers, driving more than 3 billion impressions and our highest engagements ever on TikTok.

首先，我們努力提升和激發我們的生活方式品牌。我們將繼續利用我們標誌性品牌的力量，向各個地區和人群進行擴張，跨越時尚、名人、運動、遊戲和音樂時刻的文化。第三季的主要活動包括：首先，我們在每個地區啟動夢想的節慶季，產生了近 80 億次全球印象。其中包括身臨其境的節日禮物內容，以及紐約、上海、倫敦和柏林獨特的主要城市接管。還有我們在中國的雙十一直播。其次，我們的Polo Ralph Lauren 常駐藝術家活動以納瓦霍設計師Naiomi Glasses 為主角，這是一系列突破性合作夥伴關係中的第一個，該合作夥伴關係致力於為歷史上啟發我們設計的社區內的工匠提供支持和表彰。這次活動不僅對我們的組織來說是一個振奮人心的文化時刻，而且還引起了消費者的強烈共鳴，帶來了超過 30 億次的展示次數以及我們在 TikTok 上的最高參與度。

We also outfitted an incredible roster of inspiring women including America Ferrera, Jody Foster, Greta Lee and J. Lo at the Elle Women In Hollywood event. Janelle Monáe and Kate Bock at Art Basel in Miami. And Gauravi Kumari, Princess of Jaipur for a high-profile fundraiser at the dazzling city palace in Jaipur, India. And who could forget Taylor Swift, who chose an all-American Ralph Lauren look for the cover of Time magazine as their 2023 Person of the Year.

我們也在《Elle Women In Hollywood》活動中配備了一系列鼓舞人心的女性，包括亞美莉卡·費雷拉(America Ferrera)、喬迪·福斯特(Jody Foster)、格蕾塔·李(Greta Lee) 和J. Lo。加奈爾·莫奈 (Janelle Monáe) 和凱特·博克 (Kate Bock) 在邁阿密巴塞爾藝術展上。齋浦爾公主高拉維·庫瑪麗 (Gauravi Kumari) 在印度齋浦爾令人眼花繚亂的城市宮殿舉行了一場備受矚目的籌款活動。誰能忘記泰勒絲 (Taylor Swift)，她選擇了純美式的拉爾夫勞倫 (Ralph Lauren) 造型作為《時代》雜誌 2023 年度人物的封面。

These activations helped to fuel our strongest quarter of new consumer acquisition and brand affinity since the pandemic. We added 1.7 million new consumers to our DTC businesses, up high single digits to last year, driven by all regions. Our Net Promoter Scores accelerated along with positive momentum in brand consideration and purchase intent. And we grew our followers on social media by low double digits to last year, led by TikTok, Instagram, WeChat and Douyin.

這些活動有助於推動自大流行以來最強勁的新消費者獲取和品牌親和力季度。在所有地區的推動下，我們的 DTC 業務新增了 170 萬消費者，較去年增長了高個位數。我們的淨推薦值隨著品牌考慮度和購買意願的正面動能而加速。與去年相比，我們在社群媒體上的粉絲數量增長了兩位數，其中以 TikTok、Instagram、微信和抖音為首。

Moving next to our second key initiative, drive the core and expand for more. Consumers continue to turn to brands they know and trust and styles that live on beyond one season. And this holiday was no exception. As Ralph and our design teams seamlessly married sophisticated casual with styles exuding the luxury and glamor of the season. Our iconic core products, representing about 70% of our business, grew low double digits in the quarter, ahead of total company growth. From our Mesh Polos and Oxford Shirts, to our luxuriously soft Cashmere Sweaters and versatile blazers, we have established a broad and highly recognizable portfolio of icons that drive our business through both choppy and more stable times alike. And we are incredibly proud of the work Ralph and our creative teams are doing to drive newness and excitement behind these styles, so they appeal to our most loyal and new consumers alike.

接下來是我們的第二個關鍵舉措，推動核心並擴展更多。消費者繼續轉向他們了解和信任的品牌以及經久不衰的款式。這個假期也不例外。 Ralph 和我們的設計團隊將精緻的休閒裝與散發著本季奢華和魅力的風格完美結合。我們的標誌性核心產品約占我們業務的 70%，在本季實現低兩位數成長，領先公司整體成長。從網眼 Polo 衫和牛津襯衫，到奢華柔軟的羊絨毛衣和百搭西裝外套，我們建立了廣泛且高度識別的標誌性產品組合，推動我們的業務度過動盪和穩定的時期。我們對 Ralph 和我們的創意團隊為推動這些風格背後的新鮮感和興奮所做的工作感到無比自豪，因此它們吸引了我們最忠實的新消費者。

Performance in core was led by our cable knit sweaters in cotton woolen cashmere, quilted and down jackets and sports coats in the range of tweed, tartan Platt, stretch corduroy and party-ready velvets. As we continue to build on the long-term foundation of our core, we also delivered strong growth in our high-potential categories, including women's, outerwear and home. Together, these high potential categories increased low double digits to last year.

核心產品的表現以棉質羊毛羊絨絞花針織毛衣、絎縫羽絨外套以及粗花呢、格子呢普拉特、彈性燈芯絨和派對天鵝絨系列運動外套為主。在我們持續鞏固核心業務的長期基礎的同時，我們也在女裝、外套和家居等高潛力品類領域實現了強勁成長。這些高潛力類別合計比去年增長了兩位數。

This was led again by women's, our most significant long-term growth opportunity. Driven by an elevated assortment with AUR up mid-teens. Performance was supported by our cashmere, flag and polo bear sweaters, sophisticated wool and cashmere coats, blazers and heritage tweed and modern knit tools and cocktail and evening dresses. Other special releases this quarter included our Polo Country and Element Skateboards Capsule, a limited edition collection of unisex Polo Country styles and Element Skateboards celebrating the great outdoors.

這再次由女性主導，這是我們最重要的長期成長機會。受到 AUR 價格上升到十幾歲左右的優質品種的推動。我們的羊絨、旗幟和馬球熊毛衣、精緻的羊毛和羊絨外套、西裝外套和傳統花呢、現代針織工具以及雞尾酒會和晚禮服為性能提供了支持。本季其他特別發布的產品包括我們的 Polo Country 和 Element Skateboards Capsule，這是男女皆宜的 Polo Country 風格和 Element 滑板的限量版系列，慶祝戶外活動。

We sold over 2,000 skateboards, highlighting the lifestyle reach of our brand, and appeal to younger consumers. Our limited edition Polo ID handbag collaboration with Mr. Bags in China, which sold out within one minute on WeChat. Our innovative love of the land collaboration with Navajo Designer, Naiomi Glasses; Ralph Lauren's first artist in residents. And the annual and much loved Ralph Lauren Pink Pony collection supporting Ralph's 30-year commitment to cancer care and research. Looking ahead, we will continue to drive our core icons while leveraging the breadth of our brand and assortments to fuel excitement, and desirability.

我們售出了 2,000 多個滑板，凸顯了我們品牌的生活方式影響力，並吸引了年輕消費者。我們與中國的Mr. Bags合作推出的限量版Polo ID手袋，在微信上一分鐘內就售空。我們對土地的創新熱愛與納瓦荷設計師 Naiomi Glasses 合作； Ralph Lauren 第一位駐村藝術家。一年一度備受喜愛的 Ralph Lauren Pink Pony 系列支持 Ralph 30 年來對癌症護理和研究的承諾。展望未來，我們將繼續推動我們的核心標誌，同時利用我們品牌和品種的廣度來激發興奮和渴望。

Turning to our third key initiative, win in key cities with our consumer ecosystem. Our key city ecosystems around the world drive elevation and deliver consistency through all of our consumer channels and touchpoints. Each of these ecosystems is anchored by direct-to-consumer channels, including our stores and digital commerce sites, which combined already represent about 2/3 of company sales. During the quarter, we drove accelerated comp growth while also expanding our connected ecosystems across key markets.

轉向我們的第三個關鍵舉措，透過我們的消費者生態系統贏得主要城市。我們遍布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並提供一致性。每個生態系統都以直接面向消費者的管道為基礎，包括我們的商店和數位商務網站，它們合計已占公司銷售額的約 2/3。在本季度，我們推動了公司加速成長，同時也在關鍵市場上擴展了我們的互聯生態系統。

Globally, we opened a total of 17 new stores and concessions focused on our top cities with the majority again in Asia. While comps in our Ralph Lauren stores and own digital sites were strong around the world, we were particularly encouraged by the continued improvement in our outlet trends. The key outlet actions we implemented in the first half of the year from our optimized staffing to assortment enhancements and emphasis on quality and value, served us well through holiday and will continue to be drivers as we look ahead.

在全球範圍內，我們總共開設了 17 家新店和特許經營店，主要集中在我們的頂級城市，其中大部分還是在亞洲。雖然我們的 Ralph Lauren 商店和自己的數位網站在全球範圍內表現強勁，但我們對奧特萊斯趨勢的持續改善感到特別鼓舞。我們在上半年實施的關鍵門市行動，從優化人員配置到品種增強以及對品質和價值的重視，在整個假期中為我們提供了良好的服務，並將繼續成為我們展望未來的推動力。

In addition to our existing fleet, we opened a select number of iconic Ralph Lauren stores in the quarter, including our new emblematic store at Singapore's Marina Bay Sands, the first door to offer our luxury collections in Southeast Asia. Our first Ralph Lauren store in the Czech Republic, in Prague's historic old town as well as in Charlotte, North Carolina; and our first Ralph's coffee shops in Paris and the UAE. We also launched our Ralph Lauren digital flagship site in Canada, following our Toronto store opening last quarter. Combined with our elevated wholesale presence, these are helping us introduce a cohesive connected retail experience to our consumers across the Canadian market.

除了我們現有的店外，我們在本季開設了一些精選的Ralph Lauren 標誌性商店，包括我們在新加坡濱海灣金沙的新標誌性商店，這是我們在東南亞提供奢侈品系列的第一家商店。我們在捷克共和國、布拉格歷史悠久的老城區以及北卡羅來納州夏洛特開設了第一家 Ralph Lauren 專賣店；以及我們在巴黎和阿聯酋的第一家 Ralph's 咖啡店。繼上季多倫多店開幕後，我們也在加拿大推出了 Ralph Lauren 數位旗艦網站。結合我們不斷提高的批發業務，這些正在幫助我們向加拿大市場的消費者引入有凝聚力的互聯零售體驗。

By region, growth was again led by Asia with particularly strong performance in China, where sales increased more than 30% this quarter on both comp and new store growth. This was ahead of our expectations, even with last year's easier compares due to the surge in COVID cases. We are still in the earlier stages of brand building in China with meaningful outperformance versus peers in the quarter on consumer KPIs, including brand awareness, consideration and Net Promoter Scores. Our team delivered another successful Singles Day focused on brand building with ralphlauren.cn sales up 25% on lower discounting and higher AURs to last year. Our early performance to date on Douyin has also been very encouraging following our limited launch last fall with an expanded rollout this spring.

按地區劃分，成長再次由亞洲引領，其中中國的表現尤其強勁，本季銷售額在同店和新店成長方面均成長了 30% 以上。這超出了我們的預期，儘管去年由於新冠病例激增，情況比較容易。我們在中國仍處於品牌建立的早期階段，本季在消費者關鍵績效指標（包括品牌知名度、考量度和淨推薦值）方面明顯優於同業。我們的團隊再次成功實現了專注於品牌建立的雙十一，由於折扣降低和 AUR 比去年更高，ralphlauren.cn 的銷售額增長了 25%。繼去年秋天的有限推出和今年春天的擴大推出之後，我們迄今為止在抖音上的早期表現也非常令人鼓舞。

And finally, touching on our enablers. In addition to our strategic priorities, our business continued to be supported by our five key enablers. I'll share a few highlights from the quarter. As we drive towards best-in-class digital technology and analytics, we tested our sophisticated predictive buying model in our European and Asian stores this quarter. With our initial rollout limited to select sweaters, knit tops and caps, this artificial intelligence-driven model enables better in-stock availability on sizing and best-selling products to drive incremental sales and improve conversion. Based on this early success, we plan to continue scaling its use to an expanded range of categories and markets over time.

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五個關鍵推動因素的支持。我將分享本季的一些亮點。在我們努力實現一流的數位技術和分析的過程中，我們本季在歐洲和亞洲商店測試了我們複雜的預測性購買模型。由於我們最初的推出僅限於精選毛衣、針織上衣和帽子，這種人工智慧驅動的模型可以提高尺寸和暢銷產品的庫存可用性，從而推動增量銷售並提高轉換率。基於這一早期成功，我們計劃隨著時間的推移繼續將其使用範圍擴大到更廣泛的類別和市場。

As we continue to integrate citizenship and sustainability to future-proof our business, we are also proud to be named once again one of Forbes World's Best Employers in 2023.

隨著我們不斷將公民意識和永續發展融入我們面向未來的業務中，我們也很自豪能夠在 2023 年再次被評為福布斯全球最佳雇主之一。

In closing, Ralph and I are energized by our team's excellent execution through this important holiday season. This quarter's performance reinforces how the power of our iconic brand, together with our multi-lever strategy delivers. We are firing on multiple cylinders while not dependent on a single geography channel or category for growth. And this model, combined with our unique agility and the remarkable dedication of our teams is what will continue to differentiate Ralph Lauren through these dynamic times. 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.

最後，拉爾夫和我對我們團隊在這個重要假期期間的出色執行力感到振奮。本季的業績強化了我們標誌性品牌的力量以及我們的多槓桿策略的表現。我們正在多方面發力，而不依賴單一的地理管道或類別來實現成長。這種模式與我們獨特的敏捷性和團隊的卓越奉獻精神相結合，將使 Ralph Lauren 在這個充滿活力的時代繼續保持差異化。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 entered this holiday season with a clear game plan. We invested in brand momentum around the world, expanded giftable core and seasonal products to delight our consumers and drove key operational improvements and flexibility to mitigate near-term macro headwinds. This quarter's strong performance was a testament to the agility of our teams and the resilience of our next great chapter accelerate plan, coupled with the power and global reach of our iconic brand.

謝謝你，帕特里斯，大家早安。我們帶著明確的比賽計畫進入了這個假期。我們在全球範圍內投資於品牌勢頭，擴大了核心禮品和季節性產品以滿足消費者的需求，並推動了關鍵的營運改進和靈活性以緩解近期的宏觀不利因素。本季的強勁表現證明了我們團隊的敏捷性和下一個偉大篇章加速計畫的彈性，以及我們標誌性品牌的力量和全球影響力。

We reported third quarter revenue, adjusted operating profit and double-digit EPS growth above our outlook. And we achieved this while continuing to strengthen our brand proposition around the world and investing in our key strategic priorities to enable sustainable growth into the future. Top line exceeded our guidance, driven by comp acceleration in DTC with momentum in all retail channels globally. Operating margin expansion was also ahead of our outlook despite our strategic investments and ongoing cotton headwinds as we focus on operating with discipline in an evolving global environment. And we returned approximately $425 million to shareholders in the form of dividends and share repurchases this fiscal year-to-date, in line with our long-term guidance.

我們報告的第三季營收、調整後營業利潤和每股盈餘成長均高於我們的預期。我們在實現這一目標的同時，繼續在全球範圍內強化我們的品牌主張，並投資於我們的關鍵策略重點，以實現未來的永續成長。在 DTC 的競爭加速以及全球所有零售通路的勢頭的推動下，營收超出了我們的預期。儘管我們的策略性投資和持續的棉花逆風，但營業利潤率的擴張也超出了我們的預期，因為我們專注於在不斷變化的全球環境中嚴格運作。本財年迄今，我們以股利和股票回購的形式向股東返還了約 4.25 億美元，符合我們的長期指引。

Let me take you through our third quarter financial highlights, which, as a reminder, are provided on a constant currency basis. Our accelerating brand momentum and investments in key holiday campaigns resulted in 5% total revenue growth. This was above our outlook led by strong double-digit growth in Asia and holiday outperformance in Europe. Revenue in North America was approximately flat to last year, in line with our expectations. Each of our DTC channels contributed to top line growth in the period, with total DTC penetration expanding approximately 400 basis points to last year, adding stability and resiliency to our business, consistent with our NGC strategy.

讓我向您介紹一下我們第三季的財務要點，提醒一下，這些要點是按固定匯率提供的。我們不斷加速的品牌發展動能和對關鍵假日活動的投資導致總收入成長了 5%。這高於我們的預期，主要是亞洲強勁的兩位數成長和歐洲的假期表現出色。北美地區的營收與去年基本持平，符合我們的預期。我們的每個 DTC 管道都為該期間的收入成長做出了貢獻，DTC 總滲透率比去年增加了約 400 個基點，增加了我們業務的穩定性和彈性，這與我們的 NGC 策略一致。

Total company comp increased 9%, accelerating sequentially across all three regions. Ralph Lauren stores continued to lead our global performance. Our positive outlet comps continued to improve following investments in service and expanded core product assortments, driving solid traffic AUR and basket size growth in every region. Comps in our owned Ralph Lauren digital sites increased 8% on top of 11% growth last year as we prioritize ongoing investments to expand our footprint and improve the customer experience online.

公司總營收成長 9%，所有三個地區均逐年加速成長。 Ralph Lauren 商店繼續引領我們的全球表現。隨著對服務的投資和擴大核心產品種類，我們積極的門市競爭持續改善，推動了每個地區的客流量 AUR 和購物籃規模的穩定成長。我們自有的 Ralph Lauren 數位網站的銷售額在去年 11% 的基礎上增長了 8%，因為我們優先考慮持續投資以擴大我們的業務範圍並改善線上客戶體驗。

Total digital ecosystem sales were also up high single digits, including a strong recovery in Europe as our largest pure-play account returned to growth. Total company adjusted gross margin expanded 130 basis points to 66.5%, reflecting our long-term elevation work. This was consistent with our outlook, driven by lower freight expense, favorable channel and geographic mix and 9% AUR growth.

數位生態系統總銷售額也出現了高個位數成長，其中歐洲的強勁復甦是我們最大的純業務帳戶恢復成長的結果。公司調整後毛利率總額擴大了 130 個基點，達到 66.5%，反映了我們長期的升遷工作。這與我們的預期一致，受到較低的運費、有利的管道和地理組合以及 9% 的 AUR 成長的推動。

These more than offset ongoing cotton cost headwinds and targeted promotions to drive conversion during key holiday sale periods. Cotton costs will start to abate at the end of our Q4, beginning with our spring 24 collections. As previously indicated, we are planning a moderation in AUR growth based on a reduced need to pass like-for-like cost inflation onto the consumer. Nevertheless, we plan to continue driving positive AUR increases, as a result of our growing brand desirability, ongoing product mix elevation and favorable geographic and channel mix. Adjusted operating expenses increased 7% to 50.2% of sales a 100 basis point increase to last year. The increase as a percent of sales was driven largely by channel and geographic mix shifts in the quarter. With our DTC and international businesses contributing a significantly higher share of sales in the period versus last year.

這些足以抵消持續的棉花成本不利因素和在關鍵假日銷售期間推動轉換的有針對性的促銷活動。從我們的 24 春季系列開始，棉花成本將在第四季末開始下降。如前所述，我們計劃根據減少將同類成本通膨轉嫁給消費者的需求來放緩 AUR 成長。儘管如此，由於我們不斷增長的品牌吸引力、持續的產品組合提升以及有利的地理和通路組合，我們計劃繼續推動 AUR 的積極成長。調整後的營運費用成長了 7%，佔銷售額的 50.2%，比去年增加了 100 個基點。佔銷售額百分比的成長主要是由本季的通路和地理組合變化所推動的。與去年相比，我們的 DTC 和國際業務在此期間貢獻的銷售額份額顯著提高。

This quarter's strategic investments focused on our key city ecosystems, marketing investments and enhancing the consumer experience and service levels across our DTC channels. Variable selling expenses also rose as a result of stronger retail sales growth. Marketing was 7.5% of sales, up slightly from last year to support our high-impact holiday activations, delivering improvement across our consumer metrics, including brand consideration, Net Promoter Scores and purchase intent. We still expect full year marketing at around 7% of sales.

本季的策略投資主要集中在我們的主要城市生態系統、行銷投資以及增強 DTC 管道的消費者體驗和服務水準。由於零售銷售成長強勁，可變銷售費用也有所上升。行銷佔銷售額的 7.5%，比去年略有上升，以支持我們高影響力的假日活動，改善我們的消費者指標，包括品牌考慮度、淨推薦值和購買意願。我們仍預計全年行銷佔銷售額的 7% 左右。

Moving on to segment performance, starting with North America. Third quarter revenue was approximately flat to last year, in line with our expectations as stronger growth in retail was offset by our reduced sell-in to the wholesale channel. In North America Retail, third quarter comps increased 5%, led by a double-digit increase in our Ralph Lauren stores. Our outlet performance continued to improve with positive comps driven by our product elevation and our recent interventions to improve the selling experience and retail environments.

接下來是細分市場的表現，從北美開始。第三季營收與去年基本持平，符合我們的預期，因為批發通路銷售的減少抵消了零售業的強勁成長。在北美零售業，第三季年增 5%，其中 Ralph Lauren 門市實現兩位數成長。在我們的產品升級以及我們最近改善銷售體驗和零售環境的干預措施的推動下，我們的門市業績持續改善，並取得了積極的業績。

Despite taking targeted promotions during the key holiday periods, our outlet AUR increased strongly and discount rates declined versus last year. Comps in our owned ralphlauren.com site were up 4% on top of 9% growth last year. In addition to a strong response to our Black Friday event, recent site enhancements such as upgraded search and navigation drove higher conversion in the quarter.

儘管在關鍵假期期間採取了有針對性的促銷活動，但與去年相比，我們的門市 AUR 仍強勁增長，折扣率有所下降。我們擁有的 ralphlauren.com 網站上的比較在去年 9% 的基礎上增長了 4%。除了對黑色星期五活動的強烈反響之外，最近的網站增強功能（例如昇級的搜尋和導航）也推動了本季更高的轉換率。

We also launched our Canadian digital site in the quarter. In North America Wholesale, revenues decreased 15%, in line with our expectations as we proactively focus on aligning inventory with softer demand trends. We continue to evaluate our brand presence in each store and exited approximately 20 department store doors this year. While we plan to manage this channel carefully into calendar '24, we were encouraged by our improving sellout trends, which meaningfully outperformed our sell-in this quarter. Our AUR in the channel was also up on a year-over-year basis.

我們也在本季推出了加拿大數位網站。在北美批發業務中，收入下降了 15%，符合我們的預期，因為我們積極致力於使庫存與疲軟的需求趨勢保持一致。我們繼續評估我們在每家商店的品牌影響力，並在今年退出了大約 20 家百貨公司。雖然我們計劃在 24 日曆年仔細管理該管道，但我們對銷售趨勢的改善感到鼓舞，該趨勢明顯優於本季的銷售。我們在通路中的 AUR 也較去年同期成長。

Moving on to Europe. Revenue increased 6%, with performance led by our DTC channels. This was above our expectations as strong growth across the continent more than offset continued consumer and macro headwinds in the U.K. Results included roughly 5 points of negative impact from the earlier timing of wholesale deliveries and lapping last year's favorable post-COVID wholesale allowances. Retail comps increased 11% on top of a strong 11% compare last year with similar performance in our brick-and-mortar and digital sites.

繼續前往歐洲。營收成長了 6%，其中 DTC 通路的表現最為出色。這超出了我們的預期，因為整個非洲大陸的強勁增長足以抵消英國持續的消費者和宏觀阻力。結果包括批發交貨時間提前和去年有利的新冠疫情后批發配額造成的大約 5 個負面影響。零售比較在去年 11% 的強勁成長基礎上成長了 11%，我們的實體店和數位網站的表現類似。

We drove strong momentum across brands and categories in Europe, with growth led by gifting, seasonal sweaters and outerwear, which are AUR accretive. Europe wholesale was approximately flat to last year, but included about 11 points of net headwinds from unusual impacts of wholesale allowances and earlier receipts. Strong underlying growth was supported by wholesale reorders, which returned to more normalized trends in the quarter, following recent destocking at digital wholesale accounts.

我們在歐洲推動了各個品牌和品類的強勁發展勢頭，其中禮品、季節性毛衣和外套帶動了增長，這些都增加了 AUR。歐洲批發量與去年基本持平，但由於批發配額和早期收入的異常影響而產生約 11 個百分點的淨阻力。批發再訂購支撐了強勁的基本成長，繼最近數位批發帳戶去庫存之後，批發再訂購在本季度恢復到更正常化的趨勢。

While our Europe business has performed better than expected through the first three quarters of the year, we remain cautious on the fourth quarter and into fiscal '25, given highly dynamic geopolitical and macro conditions in the region.

儘管今年前三個季度我們的歐洲業務表現優於預期，但鑑於該地區地緣政治和宏觀環境高度活躍，我們對第四季和 25 財年仍保持謹慎態度。

Turning to Asia. Revenue increased 17%, with double-digit growth across our largest markets of Japan, China and Korea. Asia retail comps were up 14% with strong growth in both digital commerce and brick-and-mortar stores. China sales increased more than 30% on continued brand momentum, including successful Singles Day events as we lapped last year's COVID impact. Third quarter sales in Japan were up low double digits. Overall inbound tourism recovered to prepandemic levels. Although Chinese travelers to Japan are still down 70%. Sales in Korea also rebounded to low double-digit growth, benefiting from our recent marketing activations and a shift in the timing of the Chuseok holiday from Q2 last year.

轉向亞洲。我們最大的市場日本、中國和韓國的收入成長了 17%，實現了兩位數成長。亞洲零售業成長 14%，數位商務和實體店均強勁成長。由於品牌的持續發展勢頭，包括我們克服了去年新冠肺炎疫情影響而成功舉辦的雙十一活動，中國銷售額增長了 30% 以上。日本第三季銷售額成長兩位數。入境旅遊整體恢復至疫情前水準。儘管中國赴日遊客仍下降了70%。受惠於我們最近的行銷活動以及去年第二季中秋節假期時間的轉變，韓國的銷售額也反彈至兩位數的低成長。

Moving on to the balance sheet. Our strong balance sheet and 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. We ended the third quarter with $1.9 billion in cash and short-term investments and $1.1 billion in total debt. Net inventory decreased 15%, below our revenue growth trend with units also down double digits. The decline was driven by stronger-than-expected Q3 sales and our continued efforts to ensure healthy wholesale inventories.

繼續看資產負債表。我們強大的資產負債表和現金流是 Fortress 基礎的關鍵推動力，使我們能夠在業務中進行策略性成長投資，同時向股東返還現金。截至第三季末，我們的現金和短期投資為 19 億美元，總債務為 11 億美元。淨庫存下降 15%，低於我們的收入成長趨勢，單位數量也下降了兩位數。下降的原因是第三季銷售強於預期以及我們持續努力確保健康的批發庫存。

As we transition into spring, we believe overall inventory levels are well positioned relative to our outlook for each region. We still expect to end fiscal '24 with healthy inventories below prior year levels with an improved ability to chase into potential demand as a result of our predictive buying model.

隨著進入春季，我們相信整體庫存水準相對於我們對每個地區的前景處於有利位置。我們仍然預計到 24 財年結束時，庫存狀況將低於去年水平，並且由於我們的預測性購買模型，追逐潛在需求的能力將會提高。

Looking ahead, our outlook remains based on our best assessment of the current geopolitical backdrop as well as the macroeconomic environment. This includes inflationary pressures and other consumer spending-related headwinds, potential supply chain disruption and foreign currency volatility among others.

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。這包括通膨壓力和其他與消費者支出相關的不利因素、潛在的供應鏈中斷和外匯波動等。

For fiscal '24, we still expect constant currency revenues to increase low single digits, now centering on about 2% compared to our previous outlook of 1% to 2%. Our outlook continues to embed caution around the wholesale channel where year-to-date demand has been softer than prior year. Foreign currency is now expected to benefit revenue growth by about 10 basis points. 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 now expected to have a roughly neutral impact on full year operating margin.

對於 24 財年，我們仍然預期恆定貨幣收入將成長較低的個位數，目前集中在 2% 左右，而我們先前的預期為 1% 至 2%。我們對批發管道的前景繼續持謹慎態度，今年迄今的需求比去年疲軟。目前預計外幣將有利於營收成長約 10 個基點。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%。目前預計外幣對全年營業利潤率的影響大致為中性。

We now expect gross margin expansion in the range of 140 to 180 basis points in constant currency, up slightly from 120 to 170 basis points previously. This is driven by favorable freight costs, further mix shift toward international and DTC and continued growth in AUR, more than offsetting full year cotton inflation.

我們目前預計以固定匯率計算毛利率將成長 140 至 180 個基點，較先前的 120 至 170 個基點略有上升。這是由有利的運費成本、進一步向國際和 DTC 的混合轉移以及 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 expense deleverage due to mix shift and key strategic investments. For the fourth quarter, we expect revenues to increase in a range centered around 2% in constant currency, with stronger trends in retail versus continued caution in wholesale in both North America and Europe. Foreign currency is expected to negatively impact revenues by roughly 160 basis points.

預計毛利率的擴張將足以抵消由於組合轉變和關鍵策略投資而帶來的費用去槓桿化。對於第四季度，我們預計以固定匯率計算，營收將成長 2% 左右，北美和歐洲零售業趨勢強勁，批發業持續謹慎。預計外幣將對收入產生約 160 個基點的負面影響。

While we remain cautious on North America, we expect modest sequential improvement in Q4 with stronger trends in DTC offsetting continued softness in wholesale. In Europe, fourth quarter sales are still expected to be negatively impacted by the earlier timing of wholesale shipments. Excluding this impact, we expect underlying trends in Europe to increase slightly in Q4. And in Asia, we anticipate growth will be closer to our full year guide for the region of up, low double digits. As we lap a more normalized compare following the easy COVID compares in Q1 and Q3.

雖然我們對北美市場保持謹慎態度，但我們預計第四季度將出現適度的環比改善，DTC 的強勁趨勢抵消了批發市場的持續疲軟。在歐洲，預計第四季度銷售仍將受到批發出貨時間提前的負面影響。排除這一影響，我們預計第四季度歐洲的基本趨勢將略有增加。在亞洲，我們預計成長將接近我們對該地區的全年指引，即兩位數的成長。隨著第一季和第三季簡單的新冠病毒比較，我們進行了更標準化的比較。

We expect fourth quarter operating margin to expand approximately 350 to 400 basis points in constant currency. Largely driven by gross margin expansion with about 40 and 50 basis points of negative foreign currency impact on our operating and gross margin, respectively. We now expect our tax rate to be in the range of 19% to 20% for the full year due to discrete tax benefits recognized in Q3 and roughly 22% to 23% for the fourth quarter. And capital expenditures are now expected in the range of $200 million to $225 million.

我們預計第四季營業利潤率以固定匯率計算將擴大約 350 至 400 個基點。主要是由毛利率擴張所推動的，外幣對我們的營業利潤和毛利率分別產生約 40 和 50 個基點的負面影響。由於第三季確認了離散稅收優惠，我們現在預計全年稅率將在 19% 至 20% 之間，第四季約為 22% 至 23%。目前預計資本支出在 2 億至 2.25 億美元之間。

In closing, Ralph's vision has always been about inspiring people to step into the dream of a better life. And this holiday quarter was no exception. We are proud of our team's strong execution on our next great chapter accelerate plan through what continues to be a highly dynamic operating environment. We are focused on what we can control, shifting to DTC, harnessing big data and AI and of course, operating and balance sheet discipline. This puts us in a position of strength as we continue to deliver our commitments and drive long-term value creation. And with that, let's open up the call for your questions.

最後，拉爾夫的願景始終是激勵人們實現更美好生活的夢想。這個假期也不例外。我們為我們的團隊在持續高度動態的營運環境中強有力地執行下一個偉大篇章加速計畫感到自豪。我們專注於我們可以控制的事情，轉向 DTC，利用大數據和人工智慧，當然還有營運和資產負債表紀律。這使我們在繼續履行承諾並推動長期價值創造時處於有利地位。接下來，讓我們開始詢問您的問題。

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

（操作員說明）第一個問題來自摩根大通的 Matt Boss。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

Thank you, Matt.

謝謝你，馬特。

Thanks, Matt.

謝謝，馬特。

So Patrice, relative to mixed results across retail, Ralph Lauren clearly stands out as a winner over the holiday period here. What gives you confidence that you can maintain this momentum in a volatile backdrop? And then, Jane, any constraints to achieving the mid-teens constant currency operating margin target as we think about next year? And maybe as we think multiyear, is -- do you see this as a ceiling for the business? Or how best to think about longer-term operating margin opportunity?

因此，相對於整個零售業喜憂參半的結果，帕特里斯 (Patrice) 顯然是假期期間的贏家。是什麼讓您有信心在動盪的背景下保持這種勢頭？那麼，簡，我們明年考慮的實現中位數固定匯率營業利潤率目標的任何限制因素是什麼？也許正如我們多年來所認為的那樣，您認為這是業務的上限嗎？或者如何最好地考慮長期營業利潤率機會？

Thank you for your question. What I would say is resilience is built into every facet of our approach so we can stay on offense as we pursue sustainable long-term growth. So what gives us confidence? A few things to call out. First, we continue to invest in our brand and our way of living so that we can continue to deliver cut-through cultural moments and drive desirability across regions and demographics. Listen, our focus on high-impact Q2 and Q3 marketing really enabled us to hit the ground running coming into this holiday season. And it helped accelerate consumer metrics, top line outperformance and the continued elevation in what I think we can all say was a pretty promotional environment.

謝謝你的問題。我想說的是，我們的方法的各個方面都融入了韌性，因此我們可以在追求可持續的長期成長的同時保持進攻。那麼是什麼給了我們信心呢？有幾件事需要指出。首先，我們繼續投資於我們的品牌和生活方式，以便我們能夠繼續提供貫穿始終的文化時刻，並提高跨地區和人群的需求。聽著，我們對高影響力的第二季和第三季行銷的關注確實使我們能夠在這個假期季節取得進展。它有助於加快消費者指標、提高營收表現，並在我認為我們都可以說是一個相當不錯的促銷環境中持續提升。

The second point is really around our products, right? And our broad portfolio of iconic core products, transcend trends, really focused on style and elegance, not on trends and allow us to flex as consumer needs evolve.

第二點確實是圍繞著我們的產品，對嗎？我們廣泛的標誌性核心產品組合超越了趨勢，真正專注於風格和優雅，而不是趨勢，使我們能夠隨著消費者需求的變化而靈活調整。

The third area regard to our go-to-market model and our DTC channels. In DTC, I think as you know well, now represents about 2/3 of the company. So a majority of the business is DTC for Ralph Lauren. And the DTC channels are really where the world of Ralph Lauren comes to life most powerfully, where we engage most directly with the consumer and have the most ability to impact the consumer experience. And that's where we've invested most. And we delivered healthy comp growth across all of our direct-to-consumer channels this quarter, including our Ralph Lauren stores, our own digital sites and outlets in Asia, in Europe and in North America.

第三個領域涉及我們的上市模式和 DTC 管道。我想大家都知道，在 DTC 中，現在約占公司 2/3 的份額。因此，Ralph Lauren 的大部分業務都是 DTC。 DTC 管道確實是 Ralph Lauren 世界最有活力的地方，是我們與消費者最直接接觸的地方，也是最有能力影響消費者體驗的地方。這就是我們投資最多的地方。本季我們所有直接面向消費者的管道都實現了健康的業績成長，包括我們在亞洲、歐洲和北美的 Ralph Lauren 商店、我們自己的數位網站和專賣店。

So as you've seen, our plan is supported by multiple drivers of growth. It's not based on a single area, but diverse opportunities across categories, across channels, across key cities in every single region. And I think this is really evident from Q3 with double-digit growth, not just in China, up 30% in China. We're really proud of the team doing that. But also proud of the work our teams are doing in Japan, Korea, Germany, where we grew double digits in this quarter as well. And North America, which saw positive comp results across our DTC channels this quarter as well.

正如您所看到的，我們的計劃得到了多種成長動力的支持。它不是基於單一區域，而是跨類別、跨渠道、跨每個區域的主要城市的多樣化機會。我認為這從第三季的兩位數成長中可以明顯看出，不僅僅是在中國，在中國成長了 30%。我們為團隊做到這一點感到非常自豪。但我們也為我們的團隊在日本、韓國、德國所做的工作感到自豪，本季我們在這些國家的業務也實現了兩位數的成長。北美地區本季我們的 DTC 通路也取得了正面的業績。

Our core product is working. That's about 70% of the company. Women's and high potential categories more broadly are also working. So this is underpinned by our agility and operational discipline muscles, which have been built over time. And I think you see them in action during this last quarter. You can see the way we're managing our inventories. You can see the way our diversified global supply chain is helping us navigate volatility all around the world. And we expect this to continue to serve us really nicely moving forward, knowing that volatility is really our new normal.

我們的核心產品正在發揮作用。這大約是公司的70%。更廣泛的女性和高潛力類別也在發揮作用。因此，這是我們隨著時間的推移而建立起來的敏捷性和操作紀律能力的基礎。我認為您在最後一個季度看到了他們的行動。您可以看到我們管理庫存的方式。您可以看到我們多元化的全球供應鏈如何幫助我們應對世界各地的波動。我們預計這將繼續為我們的前進提供良好的服務，因為我們知道波動確實是我們的新常態。

So, Matt, our model is resilient. It's differentiated. We've created a sustainable approach for long-term growth and value creation in these dynamic times. And I'll let Jane provide perspective on margin.

所以，馬特，我們的模型是有彈性的。這是有差別的。我們創建了一種可持續的方法，以在這個充滿活力的時代實現長期成長和價值創造。我將讓 Jane 提供對利潤的看法。

Yes, Matt. So we are still firmly committed to our 15% constant currency operating margin. We think it's the right goal for our businesses. And specifically to your question, do I see any constraints? Obviously, we're operating in a volatile and dynamic operating environment. We're not immune to that. But what gives me confidence is our organization's agility to address those changes, navigate them effectively and lean into our multiple engines of growth, be it different geographies, be it different products, be it different channels that we drive. As you saw us drive DTC this quarter so effectively.

是的，馬特。因此，我們仍然堅定地致力於 15% 的固定貨幣營業利潤率。我們認為這對我們的企業來說是正確的目標。具體到你的問題，我看到任何限制嗎？顯然，我們正在一個不穩定且動態的營運環境中運作。我們也不能倖免。但讓我充滿信心的是，我們的組織能夠靈活地應對這些變化，有效地駕馭這些變化，並依靠我們的多個成長引擎，無論是不同的地理位置，無論是不同的產品，無論是我們推動的不同管道。正如您所看到的，我們本季非常有效地推動了 DTC。

And I don't view 15% as a ceiling at all. That's why we've identified these high potential categories in women's handbags and planting seeds in homes that those businesses can scale over the longer term and provide new engines for growth and profitability.

我根本不認為 15% 是上限。這就是為什麼我們在女士手袋中確定了這些高潛力類別，並在家庭中播種，這些企業可以長期擴大規模，並為成長和利潤提供新的引擎。

Next question comes from Michael Binetti with Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Binetti。

I guess a couple tactical ones. North America, 15% wholesale decline in the quarter. Nice to see you guys controlling it where you can in the D2C business. On that number, though, I think you said POS in wholesale was well ahead of sell-in on wholesale. But it sounds like AURs are increasing in the channel and you're maintaining a cautious posture there still. Is there a point on the horizon where you see those two numbers can start to converge, Jane a little bit?

我想有一些戰術性的。北美地區本季批發量下降 15%。很高興看到你們在 D2C 業務中盡可能地控制它。不過，就這個數字而言，我認為您曾說過批發中的 POS 遠遠領先於批發中的銷售。但聽起來通道中的 AUR 正在增加，而您仍然保持謹慎的態度。簡，在地平線上是否有一個點可以讓這兩個數字開始趨同？

And also, I guess, Europe as a stand out here. I want to make sure I understood the 11% growth rate would have been 5 points higher in the quarter that comes out of the fourth quarter. But even with that, it looks like you're planning for a deceleration in Europe in the fourth quarter. I know you've been planning that market very cautiously for a long time. It's nice to see you coming in above your guidance. But is maybe a little bit more context on what you think the underlying growth rate is in Europe in the fourth quarter and how we should think about that market for '24? Are you seeing any less pressure on the wholesale side there? Maybe just a little bit of color, please?

我想，歐洲也是這裡的佼佼者。我想確保我理解 11% 的成長率在第四季之後的季度會高出 5 個百分點。但即便如此，您似乎仍計劃在第四季歐洲經濟放緩。我知道您長期以來一直非常謹慎地規劃市場。很高興看到你的表現超出了你的指導。但也許您對歐洲第四季的基本成長率有更多的了解，以及我們應該如何看待 24 世紀的市場？您認為批發方面的壓力是否減輕了？也許只是一點點顏色，好嗎？

Sure. Let me start with the first -- your first question on wholesale. So we did see our sell-in down 15% in North America. What's encouraging is that our sellout was down about mid-single digits in the quarter. And we had low single-digit increases in AUR. Now Michael, what's underscoring that is we wanted to be competitive, we didn't intend to be moved backward in that channel through the holiday season. We were intentional about our sell-in as we came off a softer spring and fall, we wanted to make sure that our receipts reflected a more cautious view of seasonal inventory, and we were able to backfill into stronger core and replenishment items.

當然。讓我從第一個問題開始——你關於批發的第一個問題。所以我們確實看到北美的銷量下降了 15%。令人鼓舞的是，本季我們的銷售量下降了大約個位數。我們的 AUR 增幅較低，僅為個位數。現在，邁克爾，強調的是我們希望具有競爭力，我們不打算在假期期間在該管道上倒退。由於春季和秋季較為疲軟，我們有意進行賣出，我們希望確保我們的收據反映了對季節性庫存更加謹慎的看法，並且我們能夠回填到更強勁的核心和補貨項目。

So as I look into the future, especially in the fourth quarter, I see more balance between sell-out and sell-in. And I think the expectation of what we saw in sell-out this quarter is a good indicator of what we'll see in Q4. And then on Europe, we were really pleased with what we saw in Europe this quarter.

因此，當我展望未來時，特別是在第四季度，我看到賣出和賣出之間更加平衡。我認為我們對本季銷售情況的預期是我們在第四季看到的一個很好的指標。然後在歐洲，我們對本季歐洲的情況感到非常滿意。

Overall, our business performed above our expectations. We had solid growth in every market with some softness in the U.K. based on the inflation and some consumer pressures that we had there. But really, we saw strong continued full digital pure-play strength as well as good wholesale strength with accelerating DTC trends. So some of the investments that we've talked about specifically in North America also paid dividends in Europe as we invested back in-store service and really saw marketing momentum with our new consumers.

整體而言，我們的業務表現超出了我們的預期。我們在每個市場都實現了穩健成長，但由於英國的通膨和消費者壓力，英國市場出現了一些疲軟。但實際上，我們看到了持續強勁的全數位純業務實力以及良好的批發實力以及加速的 DTC 趨勢。因此，我們在北美特別討論的一些投資也在歐洲獲得了回報，因為我們重新投資了店內服務，並真正看到了新消費者的行銷動能。

As I think about Q4, we do remain cautious. It's an inflation-pressured environment. Obviously, the situation in the Middle East and the situation in the Ukraine are closer in on Europe. I see some pressures in Europe and in Spain with inflation. But I do see that over the course of the quarter that what you'll see in wholesale is the underlying growth is going to be pretty stable. And then we're going to come in, as we talked about in Europe with some ups and downs and some timing shifts that we expect Europe to perform in the low single-digit range for the year. Again, I know there's some quarter-to-quarter volatility based on timing shifts.

當我想到第四季時，我們確實保持謹慎。這是一個通膨壓力很大的環境。顯然，中東局勢和烏克蘭局勢與歐洲更為接近。我看到歐洲和西班牙面臨一些通膨壓力。但我確實看到，在本季中，批發市場的基本成長將相當穩定。然後我們將進入，正如我們在歐洲所討論的那樣，歐洲將出現一些起伏和一些時間變化，我們預計歐洲今年的表現將處於低個位數範圍內。同樣，我知道由於時間變化存在一些季度波動。

And maybe I'll just add one data point on your first perspective, which is on North America wholesale where indeed need to be cautious moving forward. We are encouraged by our digital wholesale performance this past quarter, which was up mid-single digits. So the challenge really is stores, driving traffic in the stores, running conversion in the stores working closely with our wholesale partners to activate this.

也許我只會在你的第一個角度添加一個數據點，這是關於北美批發的，確實需要謹慎前進。我們對上個季度的數位批發業績感到鼓舞，該業績成長了中個位數。因此，真正的挑戰是商店，推動商店的客流量，與我們的批發合作夥伴密切合作，在商店中進行轉化，以激活這一點。

Your next question comes from Jay Sole with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

Great. So maybe, Patrice, just to follow up on those last comments. Can you just talk about your enthusiasm for your direct consumer business, particularly opening stores, given the comments you made in the opening remarks? Can you maybe just compare where -- how you feel about it now versus, say, 90 days ago?

偉大的。帕特里斯，也許只是為了跟進最後的評論。根據您在開場白中的評論，您能否談談您對直銷業務，特別是開店的熱情？您能否比較一下您現在與 90 天前的感受？

Those enthusiastic, Jay. So if I step back a little bit, just think about our go-to-market model, really focused on top 30 cities around the world building an ecosystem that is led by DTC, but incorporates quality wholesale within that. And we know, as we look at our footprint, particularly in North America and in Europe or in China, actually, that we have opportunities to expand our full-price store presence. And you've seen us do this at a relatively healthy clip probably most actively in China, but more recently in Europe and in North America.

那些熱情的人，傑伊。因此，如果我退後一步，想想我們的市場進入模式，真正專注於全球前 30 個城市，建立一個由 DTC 領導的生態系統，但將優質批發納入其中。我們知道，當我們審視我們的足跡時，特別是在北美、歐洲或中國，實際上，我們有機會擴大我們的全價商店業務。您已經看到我們以相對健康的速度做到這一點，可能在中國最為積極，但最近在歐洲和北美。

As we think through the model going forward, Jay, we're still going to operate with this focus on the top 30 cities, build this ecosystem and lean into DTC. So I mentioned earlier, DTC is about 2/3 of the company. We expect that percentage to increase over time. Because that's really where we have the opportunity to better engage with the consumer and provide a full raw foreign experience. This being said, quality wholesale continues to play a role in the mix moving forward. We've committed to a number of store openings during Investor Day, and we still stay true to that. But this year, it's about 80 stores.

Jay，當我們思考未來的模式時，我們仍將重點放在前 30 個城市，建立這個生態系統並傾向於 DTC。所以我前面提到，DTC大約是公司的2/3。我們預計該百分比會隨著時間的推移而增加。因為這確實是我們有機會更好地與消費者互動並提供完整的原始外國體驗的地方。話雖如此，優質批發仍繼續在未來的組合中發揮作用。我們已經承諾在投資者日期間開設許多商店，並且我們仍然堅持這一點。但今年，門市數量約 80 家。

And we're still on track for about 250 new doors over the 3-year time horizon.

我們仍有望在 3 年內推出約 250 扇新門。

The next question comes from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的布魯克·羅奇。

Healthy improvement in the outlet channel again this quarter. And I know a lot of ground has been covered on DTC, but I was hoping you could elaborate on the changes that are working best there and your plans for further actions to drive continued accelerated improvement from here in outlet in both North America and Europe.

本季直銷通路再次健康改善。我知道 DTC 已經涵蓋了很多內容，但我希望您能詳細說明在那裡最有效的變革，以及您採取進一步行動的計劃，以推動北美和歐洲出口的持續加速改進。

Yes. So, Brooke, we were really pleased with what we saw in the outlet channel. And what we see working is that the investments that we've made in our brands are paying off across our channels. But it's particularly in the outlet channels, we've seen nice solid growth in traffic across all three regions. Additionally, some of the very targeted promotion activities that we did during the peak holiday selling period worked very effectively, especially in the outlet channel. And we're able to do that while still increasing AUR across all three regions.

是的。所以，布魯克，我們對在直銷管道中看到的情況感到非常滿意。我們看到，我們對品牌的投資正在透過我們的管道獲得回報。但尤其是在奧特萊斯渠道，我們看到所有三個地區的流量都出現了良好的穩健成長。另外，我們在假期銷售高峰期間做的一些非常有針對性的促銷活動非常有效，特別是在奧特萊斯頻道。我們能夠做到這一點，同時仍然增加所有三個地區的 AUR。

We also see a role for the investments that we made in service. So we increased our service in our stores, and we're seeing conversion as a result of that. Obviously, brand investments and service investments are durable groups over time. And as we said, we'll be led by our consumers on our elevation journey and be very targeted in addressing some of our value-oriented consumers over time.

我們也看到了我們在服務方面的投資的作用。因此，我們增加了商店的服務，並且我們看到了由此帶來的轉換。顯然，隨著時間的推移，品牌投資和服務投資是持久的。正如我們所說，我們將在消費者的引導下踏上我們的提升之旅，並隨著時間的推移，非常有針對性地滿足一些以價值為導向的消費者的需求。

Next question comes from Laurent Vasilescu with BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Jane, I think you mentioned for the fourth quarter, the operating margin on a constant currency basis will be up 350 to 400, that's largely driven by gross margins. If I recall correctly, Jane, the commodity -- the turn of the commodities into our tailwind doesn't really happen until the last month of the quarter. So I'm just curious to know like how -- what the drivers are for that gross margin for the fourth quarter? And then if you could possibly for the audience, maybe quantify how much cotton was a headwind over the last few years. Is it fair to assume that it was about 300 basis points cumulatively? And if that's the case, how do we think about that as it turns into a tailwind?

Jane，我想您提到第四季度，以固定匯率計算的營業利潤率將成長 350 至 400，這主要是由毛利率推動的。簡，如果我沒記錯的話，商品——商品變成我們的順風車直到本季最後一個月才真正發生。所以我只是想知道第四季毛利率的驅動因素是什麼？然後，如果你可以為觀眾，也許可以量化過去幾年棉花的逆風有多少。假設累計上漲約 300 個基點是否公平？如果是這樣的話，當它變成順風時我們如何看待它？

Laurent, thank you for the question. So you're right. We've guided 350 to 400 basis points largely driven by that's the equal guidance that we gave in gross margin. So it's driven by gross margin. And so SG&A becomes a neutral factor. And we still will have over 100 points of tailwind from freight, even with consideration of the resi as we come into the fourth quarter. So that's a durable factor for us as we exit this year. We're going to have favorable benefits from channel and geographic mix. Similar -- about similar, I think, to what you saw this quarter.

勞倫特，謝謝你的提問。所以你是對的。我們的指導價為 350 至 400 個基點，這主要是由於我們在毛利率方面給出的同等指導價。所以它是由毛利率驅動的。因此，SG&A 成為一個中性因素。即使考慮到進入第四季的阻力，我們仍將有超過 100 個點的貨運推動力。因此，當我們今年退出時，這對我們來說是一個持久的因素。我們將從通路和地理組合中獲得有利的利益。我認為，與您本季看到的情況類似。

And then the big change -- there are two big changes. The big change is that cotton becomes a tailwind at the very end of the quarter. It's been a meaningful headwind over the course of the year of about 110 basis points. So as it becomes a tailwind, the pressure that we felt from cotton has reduced significantly. Also AUR growth becomes a more powerful driver in gross margin. As we expect our AUR trajectory to be about similar, we are -- we expect to get more efficiency, especially in our promotion lever. You saw us be quite focused in the holiday quarter as we come into the fourth quarter, we'll be less focused and we have less inventory that have to go out at end-of-season sale. So that's a gross margin benefit.

然後是重大變化——有兩個重大變化。最大的變化是棉花在季度末成為推動因素。這一年中，大約 110 個基點的下跌是一個有意義的逆風。因此，當它成為順風時，我們感受到的來自棉花的壓力就大大減少了。 AUR 成長也成為毛利率的更強大驅動力。正如我們預期 AUR 軌跡大致相似一樣，我們希望獲得更高的效率，尤其是在我們的促銷槓桿方面。你看到我們在假期季度非常專注，隨著我們進入第四季度，我們的注意力會減少，並且我們在季末銷售時必須消耗的庫存也會減少。這就是毛利率效益。

Cotton is still a slide -- I just want to be clear that cotton still a slight headwind in the quarter, but again, vastly reduced. And that's the key drivers that we see as I look at cotton over the last several years. It's important to note that even today, cotton is still about 25% above pre-COVID levels. So it hasn't gone down to pre-COVID levels. And I expect that, that with the best visibility that we have, that's about a stable point for cotton. But it's actually been a little less than the 300 basis points, Laurent. I would say it's been about 110 basis points this last year and a little over 100 basis points to 150 basis points in the previous year.

棉花價格仍然下滑——我只是想明確指出，本季棉花價格仍面臨輕微阻力，但再次大幅下跌。這是我在過去幾年研究棉花時看到的關鍵驅動因素。值得注意的是，即使在今天，棉花價格仍比新冠疫情前的水平高出約 25%。所以它還沒有下降到新冠疫情之前的水平。我預計，在我們擁有的最佳能見度下，這將是棉花的一個穩定點。但實際上，這個數字略低於 300 個基點，Laurent。我想說去年約為 110 個基點，前一年略高於 100 至 150 個基點。

Next question comes from Chris Nardone with Bank of America.

下一個問題來自美國銀行的 Chris Nardone。

Just wanted to know how to think about the impact your operating margin next year in a scenario where wholesale sell and starts to improve globally. And then I heard you loud and clear on reiterating the 15% constant currency target for operating margins next year, but can you provide an update on where we are in your cost savings program that you outlined at your Investor Day and your ability to pull that lever if sales and macro volatility continues this year?

只是想知道在批發銷售並開始在全球範圍內改善的情況下如何考慮明年的營業利潤率的影響。然後我聽到您大聲明確地重申明年營業利潤率為 15% 的固定貨幣目標，但是您能否提供有關我們在您在投資者日概述的成本節約計劃中的進展情況以及您實現該計劃的能力今年銷售和宏觀波動是否持續？

Yes. So Chris, what we see as we talk about a more balanced focus between sell-in and sell-out, next year, we think that, that it will be a favorable dynamic in terms of OI margin expansion, and we can couple that with the momentum that we're seeing in our DTC channel. So we view that as favorable. Although in aggregate, we're still cautious about the channel as we enter into fiscal '25, but we don't expect to see the level of sell-in decline that you saw, particularly in North America this quarter.

是的。所以，克里斯，當我們談論明年的賣出和賣出之間更加平衡的焦點時，我們認為，就 OI 利潤率擴張而言，這將是一個有利的動態，我們可以將其與我們在DTC通路中看到的勢頭。所以我們認為這是有利的。儘管總體而言，隨著進入 25 財年，我們仍然對該通路持謹慎態度，但我們預計不會出現您所看到的銷售下降水平，尤其是本季度的北美地區。

And then from our $400 million gross savings plan, we are on track for that plan. We delivered about 1/3 of it in fiscal '23. We'll deliver another 1/3 in fiscal '24. The difference between '23 and '24 is it's a little more balanced in our cost of goods sold line versus the SG&A line. And we feel we're on track delivering the full $400 million as we close out the year. And of course, we'll be very disciplined about resource allocation. We've made some significant investments this quarter and this year, and we'll expect those investments to scale in a year to growth and profitability as we go into fiscal '25.

然後，從我們 4 億美元的總儲蓄計劃來看，我們正在按計劃實現該計劃。我們在 23 財年交付了大約 1/3。我們將在 24 財年再交付 1/3。 '23 和 '24 之間的差異在於我們的銷售成本線與 SG&A 線相比更加平衡。我們認為，在今年結束時，我們預計將交付 4 億美元的全部資金。當然，我們會非常嚴格地分配資源。我們在本季和今年進行了一些重大投資，我們預計這些投資將在進入 25 財年時在一年內實現成長和獲利。

Next question comes from John Kernan with TD Cowen.

下一個問題來自 John Kernan 和 TD Cowen。

Congrats on the results, the 9% comps and another strong quarter. Just, Patrice, you talked about women's, home, accessories, handbags, in particular, as incremental growth categories. Can you remind us where we are as a percent of the mix with some of those categories and how those have trended since you put out the targets for the next great chapter plan in 2022?

祝賀我們的業績、9% 的業績以及另一個強勁的季度。只是，帕特里斯，您特別談到了女裝、家居、配件、手袋等增量增長類別。您能否提醒我們，我們在其中一些類別中所佔的百分比以及自您提出 2022 年下一個偉大章節計劃的目標以來，這些類別的趨勢如何？

John, we haven't guided specifically in terms of the relative percentages. We did say that the women's opportunity was quite meaningful. 56% of our customers walking into our stores or shopping into -- on our website are women and yet women's has represented less than 25% of the company's business. So you can expect that percentage to go up, but we haven't guided specific breakouts.

約翰，我們沒有具體指導相對百分比。我們確實說過，女性的機會非常有意義。走進我們商店或在我們網站上購物的顧客中有 56% 是女性，但女性業務僅占公司業務的不到 25%。因此，您可以預期該百分比會上升，但我們尚未指導具體的突破。

We do have a lot of confidence in the potential of these categories. We're really pleased with the customer response across our women's portfolio. Women's really led the dance this quarter again and really resonating nicely. Outerwear is also a category that we're leaning in. You've heard others say, the season was challenging and certainly, the temperatures were maybe a little milder than anyone would have liked. But outerwear outperformed for us again this quarter, teams doing a great job developing a line of products across different outerwear categories that's really resonating. And as we look ahead, we still see a lot of runway, particularly on women's outerwear.

我們確實對這些類別的潛力充滿信心。我們對女裝產品組合中顧客的反應感到非常滿意。女性在本季再次領先，並引起了很好的共鳴。外套也是我們重點關注的一個類別。您可能聽過其他人說過，這個季節充滿挑戰，當然，氣溫可能比任何人都希望的要溫和一些。但外套本季再次表現出色，團隊在不同外套類別中開發了一系列產品，這確實引起了人們的共鳴。展望未來，我們仍然會看到許多時裝秀，尤其是女裝外套。

Moving forward, strong performance with our handbag business. We launched the RL 888, which was hard to miss in a number of our key cities around the world, very nice response to that with continued momentum on the Polo ID bag and the little partnership -- or not little, but the partnership we had with Mr. Bags in China. And also good progress on home with new capability building as we bring in our new part -- the licensing partner on furnishing. All in all, all these categories are AUR accretive. So if you think about the different categories I laid out, when you look ahead in terms of what's going to be accelerators for the company, both in absolute top line and from an AUR and margin standpoint, we look forward to continuing to build on the momentum that we have in these spaces.

展望未來，我們的手袋業務將表現強勁。我們推出了RL 888，它在世界各地的許多主要城市都不容錯過，隨著Polo ID 包的持續發展勢頭以及小小的合作夥伴關係（或者說不是很少，但我們已經建立的合作夥伴關係） ，我們對此做出了很好的反應。與中國的包先生一起。隨著我們引入新的部分——家具授權合作夥伴，家居領域也取得了良好的進展，新的能力建設也取得了良好的進展。總而言之，所有這些類別都會增加 AUR。因此，如果你考慮我列出的不同類別，當你展望未來公司的加速器時，無論是從絕對收入還是從 AUR 和利潤率的角度來看，我們期待著繼續在我們在這些領域擁有的動力。

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

您的下一個問題來自特爾西諮詢小組的達納·特爾西。

And nice to see the nice results. Just as you think about your channels of growth and obviously, DTC being so much more important than wholesale, or the interesting things on wholesales, the stronger results that you saw in Europe this quarter with the reorder trends. Anything we should be thinking about the wholesale business and reorder trends in Europe and what it could mean for North America? Is there anything to parse apart on North America? And then just lastly on the whole digital side of the business, what are you seeing in terms of the mix, whether it's -- is it AUR growth? Is it new customer activation? Is it more from existing customers and how you see that growing as a percent of sales?

很高興看到好的結果。就像您思考您的成長管道一樣，顯然，DTC 比批發重要得多，或者批發方面有趣的事情，您在本季度在歐洲看到的再訂購趨勢帶來了更強勁的結果。關於歐洲的批發業務和再訂購趨勢，我們應該考慮什麼？這對北美意味著什麼？北美有什麼值得解析的嗎？最後，在業務的整個數字方面，您在組合方面看到了什麼，是否是 AUR 成長？是新客戶啟動嗎？是否更多來自現有客戶？您認為其佔銷售額的百分比如何成長？

So just in terms of what we saw in Europe on -- in wholesale, we were really pleased with what we saw overall in wholesale, especially as we look at Europe growth on an underlying basis, where it was even stronger. I think what -- as we step back the differentiator in Europe is the wholesale channel itself is more elevated. And our Ralph Lauren consumer is also more elevated. And that doesn't mean we don't have learnings that can apply in North America. I think as we look at assortment composition and as we look at marketing opportunities with our wholesale partners, Europe has some great best demonstrated practices and there's certainly an opportunity to cross-pollinate those issues. But those are the primary differences in what we see in terms of performance.

因此，就我們在歐洲批發方面看到的情況而言，我們對批發方面的整體情況感到非常滿意，特別是當我們看到歐洲的基本成長時，它甚至更加強勁。我認為，當我們退後一步時，歐洲的差異化因素是批發管道本身更高端。而我們的 Ralph Lauren 消費者也更加高端。這並不意味著我們沒有可以應用於北美的經驗教訓。我認為，當我們審視品種組成以及與批發合作夥伴一起審視行銷機會時，歐洲有一些出色的最佳實踐，並且肯定有機會交叉傳播這些問題。但這些是我們在性能方面看到的主要差異。

And then, Dana, on the digital front, let's start with North America. So North America comps were up 4% digital. It was really driven by traffic, all right? That was the key traffic. We saw improvements on conversion basket size. What's really exciting in the new consumers that we are recruiting, and I mentioned in my prepared remarks, we're up 1.7 million new consumers this last quarter is the momentum we have on brand is attracting higher value younger consumers, and we're seeing that play out very clearly in digital.

然後，達納，在數字方面，讓我們從北美開始。因此，北美地區的數位化股價上漲了 4%。它確實是由流量驅動的，好嗎？那是關鍵的交通。我們看到轉化籃尺寸有所改善。我們正在招募的新消費者中真正令人興奮的是，我在準備好的演講中提到，上個季度我們增加了170 萬新消費者，我們的品牌勢頭正在吸引更高價值的年輕消費者，我們看到這在數字中表現得非常清楚。

If I look at the other regions, we were super pleased with the performance in Europe with digital at 12%. This was also driven by very strong traffic during the holiday events and new capabilities that the teams have put in place there. And then finally, Asia, which is a smaller base and newer flagships also a very strong momentum, up 25% versus plus 21% last compare. And I think same thing new consumers, higher-value consumers, younger consumers, progress on conversion.

如果我看看其他地區，我們對歐洲的表現非常滿意，數位化率為 12%。這也是由於假日活動期間非常旺盛的流量以及團隊在那裡部署的新功能所推動的。最後，亞洲成長了 25%，而去年同期則成長了 21%，該地區的基數較小，而且較新的旗艦店也有著非常強勁的勢頭。我認為新消費者、高價值消費者、年輕消費者、轉換的進展也是如此。

And listen, as we look at this channel for the future, we still see significant runway, right? This business is a little less than 30% of our total company. We had guided to continued acceleration within this channel. As we build new capabilities, we just launched a new search engine in the U.S. also we mapped our product presentations, we expect to see continued progress in this space. So we feel good about the results that the teams are achieving across all three regions with more to come.

聽著，當我們展望未來這個管道時，我們仍然看到重要的跑道，對吧？這項業務占我們公司總業務的比例略低於30%。我們已引導該頻道繼續加速。隨著我們建立新的功能，我們剛剛在美國推出了一個新的搜尋引擎，我們還繪製了我們的產品演示，我們期望看到這個領域的持續進展。因此，我們對團隊在所有三個地區的成果感到滿意，未來還會取得更多成果。

Our final question comes from Rick Patel with Raymond James.

我們的最後一個問題來自里克·帕特爾和雷蒙德·詹姆斯。

I'll add my congrats as well. How should we think about the flow-through of outperformance as we go forward? Because for the year, it looks like you raised guidance for gross margins, but less so on operating margins. So curious which areas might be getting incremental spend here? And then secondly, just zooming out, which areas of the business will you look to distort investments to as we think about continuing the strong momentum?

我也會加入我的祝賀。在我們前進的過程中，我們該如何思考優異表現的流動性？因為今年以來，您似乎提高了毛利率指引，但營業利潤率指引則有所下降。很好奇哪些領域可能會增加支出？其次，縮小範圍，當我們考慮繼續保持強勁勢頭時，您會尋求扭曲哪些業務領域的投資？

So Rick, I think as we look at flow-through on outperformance, it's really going to be about the cadence of our investments and continuing to stay focused on our productivity metrics. As you do look at flow-through especially on the gross margin line, DTC, while we've been able to -- on wholesale softness lean into DTC, which is a good thing, it is our strategy. The gross margin does have to cover some of that higher level of SG&A. We've been able to -- I think, with real agility balance that. And of course, as we look forward, we'll look at that balance between flowing through outperformance and making investments in our business.

所以，里克，我認為，當我們審視卓越績效的流動性時，這實際上與我們的投資節奏以及繼續關注我們的生產力指標有關。當你確實看到流通量，特別是毛利率線、DTC 時，雖然我們已經能夠在批發疲軟的情況下傾向於 DTC，這是一件好事，這是我們的策略。毛利率確實必須涵蓋部分較高水準的銷售、管理及行政費用。我認為，我們已經能夠以真正的敏捷性來平衡這一點。當然，展望未來，我們將考慮實現優異業績和對我們的業務進行投資之間的平衡。

As we have looked at where to invest in our business, we're very encouraged by the investments that we've made in digital. You know that, that's an important part of our future, and we're going to continue to make those investments, equally developing our ecosystem. As I said earlier, we are on track for delivering 250 new stores over the 3-year time horizon. We believe that stores are an important part of our brand presentation and our customer service experience. So you'll see us continue to drive that.

當我們考慮在業務上進行投資時，我們對數位化的投資感到非常鼓舞。您知道，這是我們未來的重要組成部分，我們將繼續進行這些投資，同時發展我們的生態系統。正如我之前所說，我們預計在 3 年內開設 250 家新店。我們相信商店是我們品牌展示和客戶服務體驗的重要組成部分。所以你會看到我們繼續推動這一點。

And then finally, our brand. One of the things that we are proudest of this quarter is the momentum in our brand and our underlying health with our consumer. Our NPS score was higher, our purchase intent score was higher, our value perception score was higher. And so we believe in our brand, we will always invest in it, and we think it will pay dividends not only in the short term but in the long term.

最後是我們的品牌。本季我們最自豪的事情之一是我們品牌的勢頭以及我們與消費者的潛在健康狀況。我們的 NPS 得分較高，我們的購買意願得分較高，我們的價值認知得分較高。因此，我們相信我們的品牌，我們將永遠對其進行投資，我們認為它不僅會在短期內而且會在長期內帶來紅利。

All right. Well, this is the end of our call. So thank you, everyone, for joining us today. We look forward to sharing our fourth quarter and year-end results with you in May. And until then, take care, and have a great day.

好的。好了，我們的通話到此結束。謝謝大家今天加入我們。我們期待在五月與您分享我們的第四季和年終業績。在那之前，保重，祝你有美好的一天。

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