雷夫·羅倫馬球 (RL) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren Fourth Quarter and Full Year Fiscal 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 年第四季和全年財報電話會議。 （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 Fourth Quarter and Full Year 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 財年第四季和全年電話會議。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 adjusted 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.

在今天的電話會議中，我們將在匯率調整後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. As we close out year 2 of our Next Great Chapter Accelerate plan, we are proud to have delivered strong progress once again on our core strategic and financial commitments. Supported by the incredible dedication and agility of our teams, this year's performance underscores both the strength and resilience of our multi-levered plan. In particular, we drove progress on: first, clearly increasing the desirability of our timeless brand, which is resonating with consumers of all ages and enabling continued pricing power in the market; second, leveraging the breadth and authenticity of our lifestyle portfolio of products; and third, continuing on our long-term strategic pivot toward direct-to-consumer channels, which now represent about 2/3 of our total business compared to 55% when I joined the company.

謝謝你，科里。大家早安，感謝您參加今天的電話會議。隨著「下一個偉大章節加速」計畫的第二年即將結束，我們很自豪在我們的核心策略和財務承諾方面再次取得了強勁進展。在我們團隊令人難以置信的奉獻精神和敏捷性的支持下，今年的表現凸顯了我們多槓桿計畫的實力和彈性。具體來說，我們在以下方面取得了進展：首先，明顯提高了我們永恆品牌的吸引力，該品牌與各個年齡層的消費者產生共鳴，並在市場上保持持續的定價能力；其次，利用我們生活方式產品組合的廣度和真實性；第三，繼續將我們的長期策略重點轉向直接面向消費者的管道，該管道現在約占我們總業務的 2/3，而我加入公司時為 55%。

This is where we can drive the best expression of our brand and own customer engagement while reducing our exposure to wholesale. All of this is underpinned by our key enablers and culture of operating discipline. These are key differentiators behind our consistent execution, which enable us to fuel our strategic growth initiatives for the long term.

在這裡，我們可以推動我們的品牌和客戶參與的最佳表達，同時減少我們的批發業務。所有這一切都以我們的關鍵推動因素和營運紀律文化為基礎。這些是我們一貫執行背後的關鍵差異化因素，使我們能夠長期推動我們的策略成長計畫。

We closed out fiscal year '24 with solid fourth quarter performance, including top line growth and operating margin expansion that exceeded our expectations. For the full year, we delivered 3% top line growth with 40 basis points of operating margin expansion, driving more than 20% adjusted EPS growth. Results were at the high end of the targets we laid out last May, even with unexpected macro headwinds across several of our key markets throughout the year. This year's performance also puts us firmly on track with our long-term financial commitments and demonstrates continued progress across our 3 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.

我們以穩健的第四季業績結束了 24 財年，包括超出我們預期的營收成長和營業利潤率擴張。全年，我們實現了 3% 的營收成長，營業利潤率擴大了 40 個基點，推動調整後每股收益成長超過 20%。儘管我們的幾個主要市場全年都遇到了意想不到的宏觀阻力，但結果仍處於我們去年五月制定的目標的高端。今年的業績也使我們堅定地履行了長期財務承諾，並展示了我們在三大策略支柱方面的持續進展。提醒一下，這些包括：首先，提升和激發我們的生活方式品牌；第二，驅動核心，拓展更多；第三，透過我們的消費者生態系統贏得主要城市。

Let me take you through a few highlights from the fourth quarter and year. First, on our efforts to elevate and energize our Lifestyle brand. Ralph Lauren is at the intersection of culture, spanning fashion, celebrity, sports, gaming and music moments, as we expand across geographies and demographics. And our team put our brand at the forefront of the conversation this year. From our iconic runway shows in New York City and Milan, the Singles Day activations in China, Fortnite gaming partnerships and Taylor Swift on the cover of TIME. This strong momentum continued through the fourth quarter.

讓我帶您回顧一下第四季和今年的一些亮點。首先，我們努力提升和激發我們的生活方式品牌。隨著我們跨地域和人口統計的擴張，Ralph Lauren 正處於文化的交匯點，跨越時尚、名人、運動、遊戲和音樂時刻。今年，我們的團隊將我們的品牌置於討論的最前沿。從我們在紐約和米蘭的標誌性時裝秀、中國的雙十一活動、《堡壘之夜》遊戲合作夥伴以及泰勒·斯威夫特登上《時代》雜誌封面。這種強勁勢頭持續到第四季。

Key campaigns included: first, our sponsorship of the Australian Open Tennis Championship in January, which was officially the world's most attended grand slam of all times. Now in our fourth year, the tournament is quickly becoming one of the most iconic events of our sports calendar across social media, our on-court uniforms and off-court spectator style. Our brand was featured on more than 700 celebrities and friends of the brand, including Korean pop sensation, Crystal Young, Elle Macpherson and Comedian Celeste Barber. This enabled us to significantly extend our brand reach with over 400 million social media impressions globally.

主要活動包括：首先，我們贊助一月份的澳洲網球公開賽，該錦標賽正式成為世界上有史以來觀看人數最多的大滿貫賽事。現在已經是我們的第四年了，這項賽事正迅速成為我們體育日曆上最具標誌性的賽事之一，涵蓋社交媒體、場上製服和場外觀眾風格。我們的品牌出現在 700 多位名人和品牌的朋友身上，包括韓國流行歌手 Crystal Young、Elle Macpherson 和喜劇演員 Celeste Barber。這使我們能夠顯著擴大我們的品牌影響力，全球社群媒體曝光量超過 4 億次。

In March, we released the second capsule of our groundbreaking Polo Ralph Lauren Artist in Residence campaign, focused on empowering and celebrating artisans within the communities that have historically inspired our designs. Together, the first 2 capsules featuring Navajo Designer, Naiomi Glasses, generated more than 6 billion PR impressions. And the collaboration represented our second highest online search trend of the year. Our Lunar New Year activations across social platforms like Douyin and WeChat, also generated another successful holiday event with high single-digit sales growth significantly outpacing peers and double-digit growth in new customers in China.

今年 3 月，我們發布了開創性的 Polo Ralph Lauren 駐地藝術家活動的第二個膠囊系列，重點關注在歷史上為我們的設計提供靈感的社區內為工匠賦權並予以表彰。納瓦荷設計師 Naiomi Glasses 的前 2 個膠囊系列總共產生了超過 60 億次公關印象。這次合作代表了我們今年第二高的線上搜尋趨勢。我們在抖音和微信等社交平台上開展的農曆新年活動也帶來了另一場成功的節日活動，銷售額實現了高個位數增長，遠遠超過同行，中國新客戶也實現了兩位數增長。

In the world of gaming, we want to congratulate Ralph Lauren sponsored Esports team, T1, for winning the League of Legends World Championship this year. T1 became the most winning team in gaming history and drove important visibility for our brand as we continue to recruit new younger consumers through exciting digital platforms. We also outfitted iconic celebrities, including Beyoncé, on her new Cowboy Carter Album tour and Reba McEntire at the Super Bowl. Both were radiant in western inspired ensembles, one of Ralph Lauren's signature design codes.

在遊戲世界中，我們要祝賀 Ralph Lauren 贊助的電競團隊 T1 贏得了今年的英雄聯盟世界冠軍。 T1 成為遊戲史上獲勝最多的團隊，並隨著我們繼續透過令人興奮的數位平台招募新的年輕消費者，提高了我們品牌的重要知名度。我們還為標誌性名人提供了服裝，其中包括 Beyoncé 參加她的新牛仔卡特專輯巡演以及 Reba McEntire 參加超級碗比賽。兩人都在西方風格的套裝中光芒四射，這是 Ralph Lauren 的標誌性設計準則之一。

And beyond the quarter, we continue to drive excitement across the world of fashion and sports, including our intimate Fall '24 women's collection fashion show here in New York City a few weeks ago and the upcoming Olympic Games in Paris, where we are once again the official outfitter of Team USA, a cherished partnership since 2008. These activations are driving strong sustainable growth in new customer acquisition and engagement.

本季之後，我們將繼續推動時尚界和體育界的興奮，包括幾週前在紐約舉辦的 24 世紀秋季女裝系列時裝秀，以及即將在巴黎舉行的奧運會，我們將再次參加巴黎奧運會美國隊的官方裝備供應商，自2008 年以來一直是珍貴的合作夥伴關係。

In fiscal '24, we added over 5 million new consumers to our DTC businesses consistent with our long-term expectations. Our brand consideration, purchase intent, and especially our Net Promoter Scores, all increased last year, led by next-generation under 35 consumers and women. And we grew our followers on social media by low double digits to last year to over 58 million, led by Instagram, LINE, Douyin and TikTok. Ralph pioneered a company of firsts. From our earliest forays into fashion sponsored sports partnerships to our popular coffee shops and restaurants that drive viral social media engagement. And our teams will continue to drive brand heat and elevation by leading on next-gen platforms and leveraging our powerful new data science models to drive lifetime consumer value.

在 24 財年，我們的 DTC 業務增加了超過 500 萬新消費者，符合我們的長期預期。去年，在 35 歲以下消費者和女性的引領下，我們的品牌考量、購買意向，尤其是淨推薦值都有所上升。與去年相比，我們在社群媒體上的粉絲數量增長了兩位數，達到超過 5800 萬，其中以 Instagram、LINE、抖音和 TikTok 為首。拉爾夫開創了一家開創先河的公司。從我們最早涉足時尚贊助的體育合作夥伴關係，到我們受歡迎的咖啡店和餐館，推動了病毒式社交媒體的參與。我們的團隊將透過引領下一代平台並利用我們強大的新數據科學模型來推動終身消費者價值，繼續推動品牌熱度和提升。

Moving next to our second key initiative, Drive the Core and Expand for More. As the market continues to demonstrate consumers are turning to brands they know and trust and styles that live beyond one season. In addition to our powerful brand, Ralph Lauren has one of the most authentic, recognizable and broad-based portfolios of lifestyle offerings in the world, one that resonates across our diverse customer base and sets us apart from other brands. And Ralph and our design teams continue to create and reimagine beautiful styles that capture the modern consumers changing lifestyle through our unique lens while also embodying the quality, craftsmanship and sophistication that have come to define our brand.

接下來是我們的第二個關鍵舉措：推動核心並擴展更多。隨著市場不斷表明，消費者正在轉向他們了解和信任的品牌以及經久不衰的款式。除了我們強大的品牌之外，Ralph Lauren 還擁有世界上最真實、最知名和最廣泛的生活方式產品組合之一，它在我們多元化的客戶群中引起共鳴，並使我們與其他品牌區分開來。 Ralph 和我們的設計團隊不斷創造和重新構想美麗的款式，透過我們獨特的鏡頭捕捉現代消費者不斷變化的生活方式，同時也體現了我們品牌的品質、工藝和精緻。

Our core products, which now represent more than 70% of our business, grew low single digits in the fourth quarter and high single digits for the full year ahead of total company growth. Performance in core was led by our cable-knit, crewneck and Polo Bear sweaters, transitional outerwear, iconic Mesh polos, linen shirts and shirt jackets and sophisticated casual sports coats. Our polo player chino caps, as seen on Kendall Jenner and Jennifer Lawrence, are also resonating strongly with existing customers while attracting new next-gen customers as a trend right entry point to the brand.

我們的核心產品目前占我們業務的 70% 以上，第四季實現低個位數成長，全年實現高個位數成長，領先公司整體成長。核心表演由我們的絞花針織毛衣、圓領毛衣和 Polo Bear 毛衣、過渡外套、標誌性網眼 Polo 衫、亞麻襯衫和襯衫夾克以及精緻的休閒運動外套引領。我們的馬球運動員斜紋棉布帽（如肯德爾·詹納(Kendall Jenner) 和詹妮弗·勞倫斯(Jennifer Lawrence) 所佩戴的那樣）也與現有客戶產生了強烈共鳴，同時吸引了新的下一代客戶，作為品牌的潮流切入點。

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 categories increased mid-single digits in the fourth quarter and high single digits for the full year. This strong performance was driven by both outerwear and women's. Women's now comprises about 29% of total company sales, up 100 basis points to last year, and still represents our most significant long-term growth opportunity. Top sellers in women's this quarter included our iconic cable knit and Polo Bear sweaters, linen and seasonless chambray shirts, cable knit polos, lightweight outerwear and short dresses.

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。這些類別在第四季的增幅為中個位數，全年的增幅為高個位數。這種強勁的表現是由外套和女裝共同推動的。女裝目前約占公司總銷售額的 29%，比去年增長了 100 個基點，並且仍然代表著我們最重要的長期成長機會。本季最暢銷的女裝包括我們標誌性的絞花針織衫和 Polo Bear 毛衣、亞麻和不四季的青年布襯衫、絞花針織 Polo 衫、輕質外套和短裙。

In addition, this fiscal year, we moved our directly operated furniture business to a highly experienced license partner with proven success in luxury furniture design, production and distribution. While we still see significant long-term growth opportunities for the category, this move will enable us to better serve our home customers and expand the category with elevated products and white glove service consistent with our brand. With the transition now complete, this will enable us to put even more emphasis on handbags, a directly operated business as our third high potential category.

此外，本財年，我們將直接經營的家具業務轉移給了經驗豐富的授權合作夥伴，該合作夥伴在豪華家具設計、生產和分銷方面取得了成功。雖然我們仍然看到該類別的重大長期成長機會，但此舉將使我們能夠更好地服務我們的家庭客戶，並透過與我們品牌一致的優質產品和白手套服務來擴展該類別。隨著過渡現已完成，這將使我們能夠更加重視手袋這一直營業務，作為我們的第三個高潛力類別。

Other exciting releases this quarter included the successful launch of our newest fragrance Polo 67, with a global campaign featuring New York Yankees Captain Aaron Judge and our Lunar New Year, Year of the Dragon Capsule celebrating prosperity and opportunity with both strong AUR and sell-through rates. Looking ahead, we will continue to drive our core icons while leveraging the breadth of our brand and assortments to fuel excitement and desirability.

本季其他令人興奮的發布包括成功推出我們最新的香水Polo 67，以及以紐約洋基隊隊長Aaron Judge 為主角的全球活動，以及我們的農曆新年、龍年膠囊以強勁的AUR 和銷量慶祝繁榮和機會費率。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人們的興奮和渴望。

Turning to our third key initiative, winning key cities with our consumer ecosystem. Our key city ecosystems around the world are driving elevation and consistency across all of our consumer channels and touch points. Each of these ecosystems is anchored by a direct-to-consumer channel, including our stores and digital commerce sites, where we offer our most elevated consumer experiences and engagement.

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。我們在世界各地的主要城市生態系統正在推動我們所有消費者管道和接觸點的提升和一致性。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，我們在其中提供最高的消費者體驗和參與度。

During the year, we drove strong DTC comp growth while also expanding our connected ecosystems across key markets. Comps were up mid-single digits in both our brick-and-mortar stores and digital channels. Globally, we opened a total of 78 new stores and concessions, focused on our top cities with the majority in Asia. This includes several iconic Ralph Lauren stores over the past year, notably new stores in Amsterdam, Singapore, Prague and Charlotte, our first TCD ecosystem in Canada, including our first Toronto store and the launch of our Canadian digital flagship, and our first Ralph's Coffee shops in Paris and Dubai. And we continue to develop and test new concepts, including our latest opening, a new women's Polo store on Cat Street in Tokyo which sits at the epicenter of Tokyo's Street fashion culture, with more to come.

這一年裡，我們推動了 DTC 的強勁成長，同時也在關鍵市場上擴展了我們的互聯生態系統。我們的實體店和數位通路的銷售額均上漲了中個位數。在全球範圍內，我們總共開設了 78 家新店和特許經營店，主要集中在我們的頂級城市，其中大部分位於亞洲。這包括過去一年中幾家標誌性的Ralph Lauren 商店，特別是在阿姆斯特丹、新加坡、布拉格和夏洛特的新店，我們在加拿大的第一個TCD 生態系統，包括我們的第一家多倫多商店和加拿大數位旗艦店的推出，以及我們的第一家Ralph's Coffee巴黎和杜拜的商店。我們繼續開發和測試新概念，包括我們最近在東京 Cat Street 開設的一家新女裝 Polo 店，該店位於東京街頭時尚文化的中心，而且還會有更多店開業。

By region, growth was led by Asia, consistent with our long-term plan, followed by better-than-expected performance in Europe and North America. China was once again a standout with sales up low double digits this quarter over a more normalized post-COVID compare and up 30% for the full year. Our China business has more than doubled versus pre-pandemic levels, now representing 7% of total company sales, with significant growth opportunities still to come. Our expansion remains disciplined as we largely focused on our key city clusters, supported by highly dynamic local marketing and digitally led ecosystem expansion to recruit new customers to the brand, an elevated assortment of high-quality icons that align particularly well with the old money or quiet luxury aesthetic, and the strong continued execution of our local teams.

按地區劃分，成長以亞洲為主導，這與我們的長期計劃一致，其次是歐洲和北美的表現優於預期。中國再次表現出色，本季銷售額較新冠疫情後更為正常化的情況成長了兩位數，全年成長了 30%。我們的中國業務比疫情前的水準成長了一倍多，目前占公司總銷售額的 7%，未來還將有巨大的成長機會。我們的擴張仍然有條不紊，因為我們主要專注於我們的主要城市群，並得到高度動態的本地行銷和數位化主導的生態系統擴張的支持，以吸引新客戶加入該品牌，這是一系列與舊錢或金錢特別契合的高品質標誌。

And finally, touching on our enablers. Our business continued to be supported by our 5 key enablers. I'll share a few highlights from the quarter and year. First, as part of our focus on delivering best-in-class digital technology and analytics. Over the past several years, we have embedded a culture of operating discipline, including more rigorous inventory management. To further support this, we started testing our sophisticated predictive buying model in Asia and Europe stores this year. This AI-driven model enables better in-stock availability on sizing and best-selling products to drive incremental sales and improve conversion.

最後，談談我們的推動因素。我們的業務繼續得到 5 個關鍵推動因素的支持。我將分享本季和年度的一些亮點。首先，這是我們專注於提供一流數位技術和分析的一部分。在過去的幾年裡，我們已經融入了營運紀律文化，包括更嚴格的庫存管理。為了進一步支持這一點，我們今年開始在亞洲和歐洲商店測試我們複雜的預測購買模型。這種由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。

Based on the pilot's early success, we plan to continue scaling its use to around 25% of our international DTC businesses in fiscal '25. And as we continue to embed citizenship and sustainability in everything we do, we were proud of the recognitions we received this year, in particular, being named one of Forbes' world's best employers in 2023, a top-rated ESG performer by Sustainalytics, and the best company for women to advance by parity.org for the fourth consecutive year.

基於試點的早期成功，我們計劃在 25 財年繼續將其使用擴展到我們國際 DTC 業務的 25% 左右。隨著我們繼續將公民意識和永續發展融入我們所做的一切中，我們對今年獲得的認可感到自豪，特別是被評為2023 年《福布斯》全球最佳雇主之一、被Sustainalytics 評為頂級ESG 表現者，以及連續第四年被 parity.org 評為最適合女性晉升的公司。

In closing, Ralph's unwavering vision of authenticity and timeless style is resonating around the world, transcending fashion trends and generations. From the easy elegance of our runways to the incredible energy and thrill of sports partnerships, Ralph Lauren continues to define a luxury lifestyle that is uniquely our own. This year's performance keeps us firmly on the offense, delivering across our multiple drivers of growth, with a plan that is not dependent on any single channel, geography or category.

最後，Ralph 對真實性和永恆風格堅定不移的願景正在世界各地引起共鳴，超越了時尚潮流和世代。從輕鬆優雅的 T 台到令人難以置信的活力和刺激的體育合作夥伴關係，Ralph Lauren 不斷定義著我們獨有的奢華生活方式。今年的業績讓我們堅定不移地進攻，透過不依賴任何單一管道、地理位置或類別的計劃，實現多重成長驅動力。

All of this is supported by the dedication, passion and agility of our teams who are executing with excellence to bring our brand to life through our dynamic campaigns and consumer experiences in stores and online. And as we look to fiscal '25, we will continue to drive this brand momentum and consistently execute on our plan, all while investing in our key strategic priorities to deliver long-term sustainable growth and value creation.

這一切都得到了我們團隊的奉獻、熱情和敏捷的支持，他們以卓越的執行力，透過我們在商店和網路上的動態活動和消費者體驗，將我們的品牌帶入生活。展望 25 財年，我們將繼續推動這一品牌勢頭並始終如一地執行我們的計劃，同時投資於我們的關鍵戰略重點，以實現長期可持續增長和價值創造。

And before I hand it off to Jane to discuss our financial results, you will have seen from this morning's press release that we named Justin Picicci, our new Chief Financial Officer. Jane will continue in the role of Chief Operating Officer through fiscal '25 while ensuring a seamless CFO transition. Ralph and I are incredibly grateful for her leadership and impact in the CFO position, helping to guide our company through significant transformation over the past 7 years, and we look forward to continue partnering with Jane as COO. And we're excited to welcome Justin who steps into the CFO role effective today and will join us on our next earnings call. With nearly 20 years at the company, Justin is an experienced leader who has worked closely with Jane and me and successfully served in a range of senior finance roles at Ralph Lauren around the world. Ralph, the Board, Jane and I, have the utmost confidence in our ability to deliver together continued strong growth and value creation, building on the foundations we've established.

在我將其交給簡討論我們的財務業績之前，您將從今天早上的新聞稿中看到，我們任命賈斯汀·皮西奇 (Justin Picicci) 為我們的新任財務長。 Jane 將在 25 財年繼續擔任營運長，同時確保財務長的無縫過渡。拉爾夫和我非常感謝她在財務長職位上的領導力和影響力，幫助指導我們公司在過去 7 年裡經歷了重大轉型，我們期待著繼續與擔任營運長的簡合作。我們很高興歡迎賈斯汀 (Justin) 從今天起就任首席財務官，並將參加我們的下一次財報電話會議。 Justin 在公司工作了近 20 年，是一位經驗豐富的領導者，他與 Jane 和我密切合作，並在 Ralph Lauren 世界各地成功擔任一系列高階財務職位。拉爾夫、董事會、簡和我對我們在已建立的基礎上共同實現持續強勁成長和價值創造的能力充滿信心。

With that, I'll hand it over to Jane, and I'll join her at the end to answer your questions.

這樣，我就會把它交給 Jane，最後我會和她一起回答你們的問題。

Thank you, Patrice, and good morning, everyone. Fiscal '24 was an important year for Ralph Lauren. Our teams executed exceptionally well in what continues to be an uncertain broader operating environment. We delivered on the financial and strategic commitments we laid out over a year ago.

謝謝你，帕特里斯，大家早安。 24 財年對 Ralph Lauren 來說是重要的一年。我們的團隊在仍然不確定的更廣泛的營運環境中表現出色。我們兌現了一年多前所做的財務和策略承諾。

We continue to elevate our consumer experiences, products and storytelling, driving both our continued shift towards higher-value consumers in 28 consecutive quarters of AUR growth, and our timeless brand brought truly iconic moments that only Ralph can deliver to our consumers around the world. We achieved all of this while continuing to drive greater efficiencies and invest in our long-term strategic priorities to enable future sustainable growth.

我們持續提升我們的消費者體驗、產品和故事敘述，推動我們在AUR 連續28 個季度的成長中持續向高價值消費者轉變，並且我們永恆的品牌帶來了只有Ralph 才能為全球消費者帶來的真正標誌性時刻。我們在實現這一切的同時，繼續提高效率並投資於我們的長期策略重點，以實現未來的永續成長。

In addition, we returned approximately $600 million to shareholders in the form of dividends and share repurchases this fiscal year, on track with our Investor Day commitment to return approximately $2 billion through fiscal '25. And this morning, we announced a 10% increase in our quarterly dividend for fiscal '25.

此外，本財年我們以股利和股票回購的形式向股東返還了約 6 億美元，兌現了我們在投資者日承諾的到 25 財年返還約 20 億美元的承諾。今天早上，我們宣布將 25 財年的季度股利增加 10%。

Let me take you through our financial highlights, which, as a reminder, are provided on a constant currency basis. Total company fourth quarter revenue growth of 3% exceeded our expectations, driven by continued strength in DTC and better-than-expected sequential improvement in wholesale. This year's earlier Easter contributed around 50 basis points to Q4 results as planned, but will negatively impact next quarter.

讓我向您介紹我們的財務要點，提醒一下，這些要點是按固定匯率提供的。在 DTC 持續強勁以及批發業務環比改善好於預期的推動下，公司第四季度總收入增長 3%，超出了我們的預期。今年稍早的復活節按計劃為第四季度業績貢獻了約 50 個基點，但將對下季度產生負面影響。

By region, Asia once again led our performance with sales increasing high single digits. North America grew 2% and Europe was up slightly, both ahead of our expectations. Total company comp increased 6%, led by strong performance across brick-and-mortar channels. Total digital ecosystem sales, including owned sites and wholesale digital accounts grew mid-single digits, supported by strong results in our owned and pure-play sites in Europe.

按地區劃分，亞洲再次引領我們的業績成長，銷售額實現高個位數成長。北美成長 2%，歐洲小幅成長，均超出我們的預期。在實體通路的強勁表現帶動下，公司總營收成長了 6%。由於我們在歐洲的自有網站和純業務網站的強勁業績，包括自有網站和批發數位帳戶在內的數位生態系統總銷售額增長了中個位數。

Total company adjusted gross margin expanded 510 basis points in the quarter and 210 basis points for the full year. This was significantly above our outlook, driven by low double-digit AUR growth, lower freight expense and favorable channel and geographic mix for both the quarter and the year. Fourth quarter promotions were lower in all 3 regions, helped by lower end-of-season inventories following our strong holiday sell-throughs.

該公司調整後總毛利率在本季擴大了 510 個基點，全年擴大了 210 個基點。這大大高於我們的預期，這是由於 AUR 低兩位數成長、較低的運費以及本季和全年有利的通路和地理組合所推動的。由於假期銷售強勁，季末庫存減少，所有 3 個地區的第四季促銷活動均有所減少。

Cotton costs had a neutral impact on fourth quarter gross margin. As previously indicated, cotton will ramp into a tailwind in fiscal '25 and '26 after 2 years of cost pressures. We still expect healthy AUR gains this year, driven by our growing brand desirability, ongoing product mix elevation and favorable geographic and channel mix. However, we expect AUR growth to rely less on like-for-like pricing as cotton costs moderate.

棉花成本對第四季毛利率的影響為中性。如前所述，在經歷了兩年的成本壓力之後，棉花將在 25 財年和 26 財年迎來順風車。在我們日益增長的品牌吸引力、持續的產品組合升級以及有利的地理和通路組合的推動下，我們仍然預計今年的 AUR 將實現健康成長。然而，由於棉花成本溫和，我們預計 AUR 成長將減少對同類定價的依賴。

Adjusted operating expenses grew 5% to 57.9% of sales up 90 basis points to last year. The increase was primarily driven by investments in talent and marketing. Marketing was 7% of sales, up from 6% last year to support key brand moments, delivering continued momentum in our brand health metrics, notably our Net Promoter Scores. Full year marketing was also 7% of sales, in line with our annual guidance. Adjusted operating margin expanded 410 basis points for the quarter and 40 basis points for the full year.

調整後營運費用成長 5%，佔銷售額的 57.9%，比去年增長 90 個基點。這一成長主要是由人才和行銷投資推動的。行銷佔銷售額的 7%（高於去年的 6%），以支持關鍵的品牌時刻，為我們的品牌健康指標（尤其是淨推薦值）帶來持續的動力。全年行銷也佔銷售額的 7%，與我們的年度指引一致。調整後營業利潤率本季擴大 410 個基點，全年擴大 40 個基點。

Moving on to segment performance, starting with North America. Fourth quarter revenue grew 2% to last year as stronger growth in retail more than offset a 2% decline in wholesale. In North America retail, fourth quarter comps increased 3%, led by mid-single-digit comp growth in our brick-and-mortar stores. Key actions we took in the first half of the year continued to benefit our outlet performance, including improved staffing, selling environment and product presentation. Our outlet AUR increased double digits with lower discount rates to last year.

接下來是細分市場的表現，從北美開始。第四季營收較去年同期成長 2%，零售業強勁成長抵銷了批發業 2% 的下降。在北美零售業，第四季的比較成長了 3%，其中實體店的比較成長處於中個位數。我們上半年採取的關鍵行動持續有利於我們的門市業績，包括改善人員配置、銷售環境和產品展示。與去年相比，我們的門市 AUR 成長了兩位數，且折扣率較低。

In our digital channel, comp trends were softer, but AUR increased as expected, following a stronger Q3 holiday period. In North America wholesale, revenues declined 2%, a significant improvement from the first 3 quarters of the year. Our sellout also improved sequentially, down low single digits, aligning more closely to sell in this quarter, while AUR in the channel increased to last year. We continue to manage our wholesale business carefully into fiscal '25, given broader channel headwinds, including regular assessment of our brand presence on a door-by-door basis. We are planning for North America wholesale declines to moderate from fiscal '24 levels with Q1 and Q3 trending below our full year expectations based on timing of wholesale shipments.

在我們的數位管道中，比較趨勢較為疲軟，但在第三季假期期間表現強勁後，AUR 按預期成長。北美批發業務收入下降 2%，較今年前 3 季有顯著改善。我們的銷售量也連續改善，下降到低個位數，與本季的銷售更加接近，而通路中的 AUR 增加到去年。考慮到更廣泛的通路阻力，我們在 25 財年繼續謹慎管理我們的批發業務，包括定期挨家挨戶評估我們的品牌形象。我們計劃將北美批發下降幅度從 24 財年的水平開始放緩，第一季和第三季的趨勢低於我們基於批發發貨時間的全年預期。

Moving on to Europe. Fourth quarter revenue increased slightly ahead of our expectations. Results included about 3 points of negative impact from the timing of wholesale deliveries, including rerouting of shipments from the Red Sea. Performance was driven by retail comps up 12% on top of a strong 8% compare last year with double-digit growth in both our brick-and-mortar stores and digital sites. While the competitive environment remained highly promotional, our elevated brand positioning and growing brand desirability delivered double-digit AUR growth with further reductions in discount rates.

繼續前往歐洲。第四季營收成長略高於我們的預期。結果包括批發交貨時間造成的約 3 個負面影響，包括從紅海重新安排運輸路線。零售業績在去年強勁 8% 的基礎上成長了 12%，實體店和數位網站均實現兩位數成長。雖然競爭環境仍然高度促銷，但我們提升的品牌定位和不斷增長的品牌需求帶來了兩位數的 AUR 成長，折扣率進一步降低。

Europe wholesale declined 8% to last year, including about 5 points of headwinds from a shift in timing of wholesale deliveries as well as lower off-price sales due to cleaner inventories coming out of the holiday. Similar to Q3, we drove strong growth in wholesale reorders, particularly due to restocking at our largest pure-play account. For the full year, Europe wholesale declined low single digits.

歐洲批發量比去年下降 8%，其中包括批發交貨時間變化帶來的約 5 個百分點的阻力，以及假期後庫存清理導致的低價銷售下降。與第三季類似，我們推動了批發再訂單的強勁成長，特別是由於我們最大的純業務帳戶的補貨。全年歐洲批發量下降了低個位數。

Looking to fiscal '25, we expect underlying growth in the channel to improve to a more normalized low single-digit level with some continued quarterly choppiness from the timing of shipments, while our Europe business performed better than expected through the year and sell-out trends are encouraging, we remain cautious into fiscal '25, given highly dynamic geopolitical and macro conditions in the region.

展望25 財年，我們預計該通路的基本成長將改善至更正常化的低個位數水平，並且由於發貨時間而出現一些持續的季度波動，而我們的歐洲業務全年表現好於預期，銷售情況良好趨勢令人鼓舞，鑑於該地區地緣政治和宏觀環境高度活躍，我們對 25 財年保持謹慎態度。

Turning to Asia. Revenue increased 7%, with growth across all markets. Asia retail comps were up 6%, with strong growth in both digital and brick-and-mortar stores. China sales increased low double digits on top of an unusually strong reopening compare of 40% last year, including another successful Lunar New Year event. All of our other key markets, Japan, Korea and Australia also grew during the fourth quarter and full year on top of strong compares.

轉向亞洲。營收成長 7%，所有市場均實現成長。亞洲零售業成長 6%，數位商店和實體店均強勁成長。去年重新開業後，中國銷售額成長了兩位數，異常強勁，增幅高達 40%，其中包括另一場成功的農曆新年活動。我們所有其他主要市場，日本、韓國和澳大利亞，在強勁的比較基礎上，在第四季度和全年也實現了成長。

Moving to the balance sheet. Our strong balance sheet and cash flow continue to be key enablers of our Fortress Foundation. They allow us to make strategic growth investments in our business while returning cash to shareholders. We generated exceptionally strong cash flow in fiscal '24, with more than $900 million in free cash flow, exceeding our pre-pandemic levels. We ended the year with $1.8 billion in cash and short-term investments and $1.1 billion in total debt.

轉向資產負債表。我們強大的資產負債表和現金流仍然是 Fortress 基金會的關鍵推動力。它們使我們能夠對業務進行策略性成長投資，同時向股東返還現金。我們在 24 財年產生了異常強勁的現金流，自由現金流超過 9 億美元，超過了疫情前的水平。截至年底，我們的現金和短期投資為 18 億美元，債務總額為 11 億美元。

Net inventory was healthy, 14% lower than last year and well below our revenue trends. The reduction was better than our plan following stronger-than-expected sell-through rates over the holiday. As we enter fiscal '25, inventory levels are well positioned relative to our outlook for each region.

淨庫存狀況良好，比去年低 14%，且遠低於我們的收入趨勢。由於假期期間的銷售率強於預期，因此降價幅度比我們的計劃要好。當我們進入 25 財年時，庫存水準相對於我們對每個地區的前景而言處於有利位置。

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 disruptions and foreign currency volatility among others. For fiscal '25, we expect constant currency revenues to increase low single digits, centering on about 2% to 3%.

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。對於 25 財年，我們預計恆定貨幣收入將以低個位數成長，集中在 2% 至 3% 左右。

Our outlook continues to include stronger growth in DTC versus caution around the wholesale channel, where demand is improving but still challenged. Foreign currency is expected to negatively impact revenue growth by about 90 basis points, driven primarily by Asian FX.

我們的前景繼續包括 DTC 的強勁成長，而對批發通路的謹慎態度，批發通路的需求正在改善，但仍面臨挑戰。預計外幣將對收入成長產生約 90 個基點的負面影響，這主要是由亞洲外匯推動的。

Asia is still expected to lead our growth, up high single digits and on track with our targeted 3-year algorithm. This is followed by Europe up approximately low single digits and North America up slightly. Q1 and Q3 revenues are expected to trend below our full year growth outlook based on planned timing of wholesale receipts in both quarters and lower Q1 excess sales in North America and Europe.

預計亞洲仍將引領我們的成長，實現高個位數成長，並符合我們的 3 年目標演算法。其次是歐洲上漲約低個位數，北美略有上漲。根據兩個季度批發收入的計劃時間以及北美和歐洲第一季超額銷售的下降，預計第一季和第三季營收將低於我們的全年成長預期。

We expect operating margin to expand about 100 to 120 basis points to 13.5% to 13.7%. In constant currency relative to our fiscal '22 Investor Day base period, we are on track to deliver our 15% target this year. We expect gross margin to expand 50 to 100 basis points, driven by favorable cotton costs, improving as we move through the year, further mix shift towards international and DTC and continued growth in AUR, more than offsetting headwinds from incremental labor costs.

我們預計營業利潤率將擴大約 100 至 120 個基點，達到 13.5% 至 13.7%。以相對於我們 22 財年投資者日基期的固定匯率計算，我們今年可望實現 15% 的目標。我們預計，在有利的棉花成本推動下，毛利率將擴大50 至100 個基點，並隨著全年的發展而改善，進一步向國際和DTC 的混合轉型，以及AUR 的持續增長，足以抵消勞動力成本增量帶來的不利影響。

The Red Sea disruption is currently expected to be a modest headwind on top of an otherwise neutral freight environment. Foreign currency is expected to negatively impact fiscal '25 gross and operating margins by about 30 basis points.

目前預計紅海的干擾對原本中性的貨運環境來說將是溫和的阻力。預計外幣將對 25 財年的毛利率和營業利潤率產生約 30 個基點的負面影響。

For the first quarter, we expect revenues to be up slightly in constant currency, with stronger trends in retail, offsetting timing headwinds in wholesale. This includes about 50 basis points of negative impact from the Easter shift. Foreign currency is expected to negatively impact revenues by roughly 160 basis points.

對於第一季度，我們預計以固定匯率計算，營收將小幅成長，零售業趨勢強勁，抵銷批發業的時間不利因素。其中包括復活節轉變造成的約 50 個基點的負面影響。預計外幣將對收入產生約 160 個基點的負面影響。

We expect first quarter operating margin to expand approximately 60 to 80 basis points in constant currency with roughly 140 to 180 basis points of gross margin expansion more than offsetting higher operating expenses which are weighted toward the first quarter due to the timing of marketing activations, notably the fashion show. Foreign currency is expected to have roughly 40 basis points of negative impact on both gross and operating margin in the first quarter.

我們預計第一季營業利潤率以固定匯率計算將成長約60 至80 個基點，毛利率成長約140 至180 個基點，足以抵銷較高的營運費用，這些費用因行銷活動的時間而加權到第一季度，特別是時裝秀。預計外幣將對第一季毛利率和營業利潤率產生約 40 個基點的負面影響。

We expect our tax rate to be in the range of 23% to 24% for the full year and roughly 24% to 25% for the first quarter. Capital expenditures are expected in the range of $300 million to $325 million, in line with our long-term outlook of 4% to 5% of sales. This includes preliminary investments around our upcoming multiyear systems implementations, which include consolidation into a single global ERP, integrated business planning tools and enhanced logistics automation. These initiatives will enable a fundamental transformation in our end-to-end processes as we become a more global DTC-oriented company and greater efficiencies across demand planning, inventory buying, allocations and more.

我們預計全年稅率為 23% 至 24%，第一季稅率約為 24% 至 25%。資本支出預計在 3 億至 3.25 億美元之間，符合我們佔銷售額 4% 至 5% 的長期預期。這包括圍繞我們即將實施的多年系統實施進行的初步投資，其中包括整合為單一全球 ERP、整合業務規劃工具和增強的物流自動化。這些措施將使我們的端到端流程發生根本性轉變，使我們成為一家更全球化、以 DTC 為導向的公司，並提高需求規劃、庫存購買、分配等方面的效率。

We currently anticipate about half of the project will be capitalized with annual CapEx remaining well within our long-term guidance range, and we expect to exclude the non-capitalized portion of the project spend from our adjusted earnings outlook, given the significant and unique nature of this large-scale multiyear transformation project. We will provide additional details as we finalize our plans in fiscal '25.

我們目前預計大約一半的項目將被資本化，年度資本支出將保持在我們的長期指導範圍內，並且鑑於項目支出的顯著性和獨特性，我們預計將項目支出的非資本化部分從我們調整後的獲利前景中排除這個大規模的多年轉型計畫。我們將在 25 財年敲定計劃時提供更多詳細資訊。

In closing, through this second year of our Next Great Chapter Accelerate plan, our teams continue to execute with excellence and are truly embodying Ralph's vision of inspiring people to step into the dream of a better life. And as we continue to navigate an uncertain global environment, we remain laser-focused on our strategic priorities, our commitments and driving what we can control.

最後，在 Next Great Chapter Accelerate 計畫的第二年，我們的團隊繼續卓越執行，真正體現了 Ralph 激勵人們實現美好生活夢想的願景。當我們繼續應對不確定的全球環境時，我們仍然專注於我們的策略重點、我們的承諾以及推動我們能夠控制的事情。

For the past 7 years, it has been a privilege to be a part of Ralph's enduring and timeless vision and Patrice's transformational leadership. I am immensely proud of what the team has accomplished over this time, including delivering on our commitments, consistently and steadfastly creating a culture of agility and operational excellence and establishing a significantly more elevated brand and a profitable foundation for growth.

在過去的 7 年裡，我很榮幸能夠成為 Ralph 持久而永恆的願景和 Patrice 變革領導力的一部分。我對團隊在這段時間內所取得的成就感到非常自豪，包括兌現我們的承諾，始終如一、堅定不移地創造敏捷性和卓越運營的文化，並建立顯著提升的品牌和盈利增長的基礎。

And with these strong foundations in place, I am excited to have Justin step into the role of CFO. Justin is an accomplished leader with a track record of success over his long tenure at Ralph Lauren. And I have every confidence Justin and our talented team will continue to elevate our iconic brand, build our foundations and drive continued value creation.

有了這些堅實的基礎，我很高興賈斯汀擔任財務長。 Justin 是一位卓有成就的領導者，在 Ralph Lauren 的長期任職期間取得了成功的記錄。我完全有信心賈斯汀和我們才華橫溢的團隊將繼續提升我們的標誌性品牌，奠定我們的基礎並推動持續的價值創造。

As this is my last earnings call in the CFO role, I want to thank all of you in the financial community for your support, your engagement and for challenging us to consistently be better.

由於這是我擔任財務長的最後一次財報電話會議，我要感謝金融界所有人的支持、參與以及對我們不斷進步的挑戰。

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

接下來，讓我們開始詢問您的問題。

(Operator Instructions) The first question comes from Jay Sole with UBS.

（操作員說明）第一個問題來自 UBS 的 Jay Sole。

Great. First, Jane, I just want to say congratulations and thank you for all the great things you've done at Ralph Lauren, at your time there and continued success as you transition to the COO role. I have 2 questions. First for Patrice. You delivered on your fiscal '24 targets and your guidance is calling for continued top line growth and operating margin expansion for fiscal '25, which will land you at your 3-year targets. But the global environment still seems tough out there with competitors calling out challenges in Europe and China. Can you talk about what you are seeing in the business that will enable this continued momentum? And then secondly, just on the guidance for this year. How are you thinking about direct-to-consumer channel growth versus wholesale channel growth?

偉大的。首先，Jane，我只想表示祝賀並感謝您在 Ralph Lauren 期間所做的一切偉大的事情，以及在您過渡到首席營運官職位期間所取得的持續成功。我有 2 個問題。首先是帕特里斯。 您實現了 24 財年的目標，並且您的指導要求 25 財年繼續實現營收成長和營業利潤率擴張，這將使您實現 3 年目標。但全球環境似乎仍嚴峻，競爭對手呼籲歐洲和中國面臨挑戰。您能否談談您在業務中看到的哪些因素將推動這種持續的勢頭？其次，關於今年的指導。您如何看待直接面向消費者的通路成長與批發通路的成長？

Sorry, can you repeat the follow-up question?

抱歉，您能重複一下後續問題嗎？

Can you repeat the second question, if you don't mind, Jay?

如果你不介意的話，你能重複第二個問題嗎，傑伊？

Yes, sure. The second question is, can you talk about how you're thinking about DTC channel growth for fiscal '25 versus wholesale channel growth?

是的，當然。第二個問題是，您能否談談您對 25 財年 DTC 通路成長與批發通路成長的看法？

Sure. So just on your first question and then Jane will cover your second question. Fiscal '24 was a strong proof point that our strategy continues to deliver even with the continued macro and channel headwinds out there. And we were really encouraged that we were able to deliver at the high end of what we guided at the start of the fiscal year and that we reinforce that we're on track with our 3-year targets, both on the top and the bottom line, including our 15% operating margin constant currency goal.

當然。那麼，就你的第一個問題，然後簡將回答你的第二個問題。 24 財年有力地證明，即使宏觀和通路逆風持續存在，我們的策略仍能繼續發揮作用。我們真的很受鼓舞，因為我們能夠在本財年開始時實現我們指導的高端目標，並且我們強調我們正在實現我們的三年目標，無論是頂部還是底部線，包括我們15% 的營業利潤率固定匯率目標。

Overall, I would say that the key areas of strength that we saw over the past fiscal year are what we expect to meet again in fiscal '25. Our strategy is working, and we're going to continue to execute on the key tenets of it. So first, I'd say we're driving continued momentum in our brand elevation and brand heat. And you saw -- you heard in the script some of the key data that supports that with a lifestyle product offering that is really connecting with consumers around the world, whether that's in Shanghai, L.A. or Paris. The Australian Open is actually a really good example of a franchise that we've built in just a few short years, and our outsized growth in Net Promoter Scores is an important indicator of our brand desirability and the strength of our business.

總的來說，我想說的是，我們在過去的財年中看到的關鍵優勢領域是我們預計在 25 財年再次遇到的。我們的策略正在發揮作用，我們將繼續執行其關鍵原則。首先，我想說我們正在推動品牌提升和品牌熱度的持續發展動能。你在劇本中看到了一些關鍵數據，這些數據支持透過真正與世界各地的消費者建立聯繫的生活方式產品，無論是在上海、洛杉磯還是巴黎。澳洲網球公開賽實際上是我們在短短幾年內建立的特許經營權的一個很好的例子，我們淨推薦值的大幅增長是我們品牌吸引力和業務實力的重要指標。

And next up, we have Wimbledon, gaming championships, the Olympics, the U.S. Open still to come this summer. So a lot of brand events that will help us continue to drive this brand desirability around the world. Second is our pivot to DTC and our pivot to DTC continues, right? You saw the strong performance this past quarter on comps for DTC. And in fiscal year '25, we expect DTC to lead growth again with healthy increases across both brick-and-mortar and digital channels following the in-store interventions we made over the last year and our online storytelling.

接下來，今年夏天我們還有溫布頓、遊戲錦標賽、奧運、美國公開賽。許多品牌活動將幫助我們繼續在全球範圍內提高這個品牌的吸引力。其次是我們轉向 DTC，我們繼續轉向 DTC，對嗎？您看到了上個季度 DTC 的強勁表​​現。在 25 財年，我們預計 DTC 將再次引領成長，繼我們去年進行的店內幹預和線上故事敘述之後，實體店和數位通路的健康成長。

And third, we're leaning into our multiple drivers of growth also from a regional standpoint. So Asia continues to scale up nicely with company-leading revenue growth and margins that are now strongly accretive to the total company. So like in fiscal '24, we expect positive growth across every market in Asia this coming year, led by China. And Europe has also outperformed our expectations despite all the macro headlines ranging from challenging consumer sentiment, the high inflation.

第三，我們也從區域的角度來看，傾向於多種成長驅動因素。因此，亞洲繼續良好地擴大規模，公司領先的收入成長和利潤率現在對整個公司產生了巨大的價值。因此，與 24 財年一樣，我們預計來年以中國為首的亞洲每個市場都會出現正成長。儘管消費者信心受到挑戰、通膨高企等一連串宏觀新聞，歐洲的表現也超出了我們的預期。

This speaks to our brand's strong and elevated positioning across the region and momentum across channels in the market where we delivered the highest AUR growth last year. So we're obviously not immune to market challenges. However, we talk a lot about agility in this company as well as our diversified drivers of growth, and this is serving us well as we focus on consistency of strong execution on top of all the moving parts. Then on guidance, I'll turn it over to you, Jane.

這證明了我們的品牌在整個地區的強大和提升的定位以及我們去年實現最高 AUR 成長的市場的跨渠道勢頭。因此，我們顯然無法免受市場挑戰的影響。然而，我們經常談論這家公司的敏捷性以及多元化的成長驅動力，這對我們很有好處，因為我們專注於所有活動部件之上的強大執行力的一致性。然後根據指導，我會把它交給你，簡。

Sure. Jay, we continue to be optimistic and confident about our DTC growth. While we're still cautious about the macros, we're expecting our DTC growth to be in the range of we -- where we landed for this year and about a mid-single-digit growth range. And then we are expecting our wholesale business in North America to be about better aligned to where we saw our sellout in North America, which was down low to mid-single digits to be that second half trend will continue through the full year in North America. That's our call right now as we think about where we'll be. And then EMEA, there is -- there's been some quarterly volatility. We expect there to be some quarterly volatility as we come into this next year, especially as we look at Q1 and Q3 due to shipment timing. But in general, we're looking for growth in European wholesale in that low single-digit range.

當然。 Jay，我們對 DTC 的成長持續保持樂觀和信心。雖然我們仍然對宏觀經濟持謹慎態度，但我們預計 DTC 成長將在我們今年的目標範圍內，並且成長範圍約為中個位數。然後，我們預計我們在北美的批發業務將更好地與我們在北美看到的銷售情況保持一致，北美的銷售量下降到低個位數至中個位數，下半年趨勢將持續到北美全年。這是我們現在的決定，因為我們正在思考我們將走向何方。然後歐洲、中東和非洲地區出現了一些季度波動。我們預計明年將出現一些季度波動，特別是當我們考慮第一季和第三季時，由於出貨時間的原因。但總的來說，我們預計歐洲批發市場的成長將保持在較低的個位數範圍內。

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。

And Jane, congratulations and continued best wishes at Ralph Lauren and after. And can we dig a little deeper into your outlook for North America this year? Outside of wholesale, which was still guided down, but moderating from the declines of the past year, how do you think about the rest of the business and margin opportunities? And can you reach your total operating margin target of 15% if the wholesale channel remains weaker. Then I have a quick follow-up.

Jane，向 Ralph Lauren 表示祝賀並繼續致以最良好的祝愿。我們可以更深入地了解您對今年北美的展望嗎？除了批發業務之外，批發業務仍然受到引導，但與去年的跌幅相比有所放緩，您如何看待其餘的業務和利潤機會？如果批發通路仍疲軟，您能否達到 15% 的總營業利潤率目標？然後我會進行快速跟進。

Sure. Yes. Thank you, Dana. And let me start where you left off and just say that we are on track to achieve our 15% constant currency target this year, even with some modest declines from North America wholesale. And importantly, we expect all 3 regions to contribute to margin expansion. So we feel really good about the geographic diversity of our margin expansion this year.

當然。是的。謝謝你，達納。讓我從您上次停下的地方開始，只是說我們今年預計將實現 15% 的恆定匯率目標，即使北美批發略有下降。重要的是，我們預計所有三個地區都將為利潤率擴張做出貢獻。因此，我們對今年利潤率擴張的地域多樣性感到非常滿意。

Let me just take a step back and take a high-level view on your question on North America and particularly North America wholesale. It now represents about -- North American wholesale now represents a meaningfully smaller percentage of our business, down from -- it's now about 16% of our business, down from about 25% of our business previously. So the impact, as we shifted to DTC, has reduced meaningfully. And similarly to the broader company, we're really encouraged by our performance in the DTC channel, and that carries through to North America in this coming year. We expect DTC to continue to lead North America growth with healthy comps across our stores and digital, plus a handful of new store openings in North America.

讓我退後一步，從高層角度來回答你關於北美，特別是北美批發的問題。現在，北美批發在我們業務中所佔的比例明顯較小，從之前占我們業務的 25% 左右下降到現在的 16% 左右。因此，當我們轉向 DTC 時，影響已顯著減少。與更廣泛的公司類似，我們在 DTC 管道中的表現讓我們深受鼓舞，這在未來一年將延續到北美。我們預計 DTC 將繼續引領北美市場的成長，我們的門市和數位通路的健康業績，以及在北美開設的一些新店。

And on the wholesale side, while we still expect declines in North America, as I mentioned. We expect a meaningful improvement from where we landed this year at about 10%. We expect, as I said, for it to be much more aligned to where we saw sellout in the second half or in that down low to mid-single-digit range. And we feel good about how our inventories are positioned in the channel. And we also are encouraged by the investments that we're making in the wholesale. We continue to invest in the top 100 doors there and feel good about our partnerships across that channel. On the gross margin side, we are expecting benefits from cotton costs and less channel mix pressure from wholesale, and that's expected to drive North America operating margin as we move into fiscal '25.

在批發方面，正如我所提到的，儘管我們仍然預期北美會出現下滑。我們預計，與今年 10% 左右的目標相比，會有有意義的改善。正如我所說，我們預計它會與下半年的銷售情況更加一致，或在低至中個位數的範圍內。我們對我們的庫存在渠道中的定位感到滿意。我們在批發方面的投資也讓我們感到鼓舞。我們繼續投資那裡的前 100 家門，並對我們在該管道的合作夥伴關係感到滿意。在毛利率方面，我們預期棉花成本將帶來好處，批發帶來的通路組合壓力也會減少，預計這將在我們進入 25 財年時推動北美營業利潤率的成長。

And your follow-up, Dana?

你的後續行動呢，達納？

Yes. The follow-up on AUR, which has been so strong in the past few years, how are you thinking of the progression this year. And I think the target has been around mid-single digits, [as you indicated], how should we be thinking about AUR growth going forward?

是的。 AUR 的後續行動在過去幾年表現非常強勁，您如何看待今年的進展？我認為目標一直在中個位數左右，[正如您所指出的]，我們應該如何考慮未來 AUR 的成長？

Yes, Dana. We're really proud of our AUR growth over the last 28 quarters. It's been grounded in brand elevation. And it's been based on multiple factors that have driven AUR over the last years. And what we're confident about is that we can continue to drive AUR growth. We're going to drive it through brand mix, channel mix and geographic mix, those things are durable and stable into the coming year. And we're going to have some pressure release for not having to take the so much like-for-like pricing because of the cotton benefit and productivity benefits that we see coming into this year.

是的，達納。我們對過去 28 個季度的 AUR 成長感到非常自豪。它以品牌提升為基礎。它基於過去幾年推動 AUR 的多種因素。我們有信心能夠繼續推動 AUR 的成長。我們將透過品牌組合、管道組合和地理組合來推動它，這些東西在未來一年是持久和穩定的。由於我們今年看到的棉花效益和生產力效益，我們將不必採取如此多的同類定價，從而釋放一些壓力。

So as we look forward, we expect our AUR to be in the mid-single-digit range. And of course, there may be some variability by quarter. Any good plan has alternate strategies that we can execute at any given time, and we'll do that as we see the market evolve. But our outlook now, and our guidance is grounded on that mid-single-digit range.

因此，展望未來，我們預計 AUR 將處於中個位數範圍內。當然，每個季度可能會有一些變化。任何好的計劃都有我們可以在任何給定時間執行的替代策略，並且我們會隨著市場的發展而採取行動。但我們現在的前景和指導都是基於中位數範圍。

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。

Congrats on your next chapter, Jane. So Patrice, given your multiyear elevation effort, where do you see the brand positioned today maybe versus your ultimate goal in both the U.S. and Europe and coming off the mid-single-digit global DTC comps, could you just elaborate on new customer acquisition trends that you're seeing? And then, Jane, just on SG&A, how best to think about SG&A relative to revenue growth moving forward?

恭喜你的下一章，簡。因此，帕特里斯，考慮到您多年來的提升努力，您認為今天的品牌定位可能與您在美國和歐洲的最終目標以及全球DTC 中個位數的比較相比，您能詳細說明一下新的客戶獲取趨勢嗎？那麼，Jane，關於 SG&A，如何最好地考慮 SG&A 相對於未來營收成長的影響？

Sure. So first, I would say, we feel really good about the progress we're making on the brand positioning and the brand elevation, right? And our core strategy continues to be, as Jane actually just mentioned, brand elevation because there's significant runway ahead for us around the world. What we are seeing in the consumer perception data is very encouraging, very strong brand consideration score improvement, very strong purchase intent strengthening and Net Promoter Scores that are building quarter-on-quarter.

當然。首先，我想說，我們對品牌定位和品牌提升方面的進展感到非常滿意，對嗎？正如簡實際上剛才提到的，我們的核心策略仍然是品牌提升，因為我們在世界各地都有重要的發展空間。我們在消費者認知數據中看到的情況非常令人鼓舞，品牌考慮度得分提高非常強勁，購買意願增強，淨推薦值逐季增加。

So we feel very good about that. And I think, Matt, you know this business very well. What's pretty unique about us is the breadth of our portfolio and the breadth of our appeal, right? Because we appeal to 80-year olds and we appeal to 2-month olds. We have this broad range of product. And I think our brand positioning at this point in time, in particular, with the core values of authenticity, timelessness, style, quality are really resonating around the world. The elevation is never going to stop. So you can expect us to continue to fuel that through our storytelling, through our product offering and through the consumer experience that we offer both online and in brick-and-mortar stores.

所以我們對此感覺非常好。我認為，馬特，你非常了解這個行業。我們的獨特之處在於我們產品組合的廣度和吸引力的廣度，對吧？因為我們吸引 80 歲的老人，也吸引 2 個月大的孩子。我們擁有廣泛的產品範圍。我認為我們目前的品牌定位，特別是真實性、永恆、風格、品質的核心價值確實在世界各地引起了共鳴。海拔的上升永遠不會停止。因此，您可以期待我們繼續透過我們的故事講述、我們的產品供應以及我們在網路和實體店提供的消費者體驗來推動這一目標。

In terms of new consumer recruiting, which is part of our lifeblood, right? We often talk about the fact that the key drivers of top line growth for us are going to be bringing in new consumers, select unit growth and AUR growth as Jane just talked about. Another strong quarter of new consumer recruiting around the world. Over 1 million for this quarter, 5.3 million for the full fiscal year, close to 60 million social media followers now up double digits. We -- our new consumer recruiting machine across our different DTC channels is working well. This is DTC data. Unfortunately, we don't have wholesale data but this is working well, and we're going to continue to lean into that, leveraging the breadth of our marketing programs that range from the sports partnerships that we have with the Olympics coming up, to celebrity dressing, to different activations that we have in the gaming space and so on and so forth.

就新消費者招募而言，這是我們命脈的一部分，對嗎？我們經常談論這樣一個事實，即我們營收成長的關鍵驅動力將是引入新消費者、精選單位成長和 AUR 成長，正如 Jane 剛才所說。全球新消費者招募又一個強勁的季度。本季的粉絲數超過 100 萬，整個財年的粉絲數量超過 530 萬，社群媒體粉絲數現已接近 6,000 萬，成長了兩位數。我們－我們在不同 DTC 通路上的新消費者招募機制運作良好。這是 DTC 數據。不幸的是，我們沒有批發數據，但這運作良好，我們將繼續依靠這一點，利用我們廣泛的營銷計劃，從我們與即將到來的奧運會的體育合作夥伴關係，到名人著裝，我們在遊戲領域的不同激活等等。

So I'm very encouraged by the overall momentum that we're seeing on the brand by the breadth of the appeal. One of the -- I think the major pivots that we've been able to achieve over the past few years is this appeal to that younger generation, making the brand hot again for that younger generation in every market around the world, and we're going to continue to fuel that.

因此，我對我們在該品牌上看到的整體勢頭以及廣泛的吸引力感到非常鼓舞。我認為過去幾年我們能夠實現的主要支點之一是對年輕一代的吸引力，使該品牌在全球每個市場再次受到年輕一代的青睞，我們將繼續推動這一點。

And then, Matt, just on the second part of your question on SG&A leverage, our fiscal '25 guidance implies about 30 basis points of SG&A leverage on or about 3% constant currency top line. That we expect will be pretty consistent as we look at the second, third and fourth quarters. In the first quarter, driven by the fashion show, we do expect a little deleverage, but entirely driven by marketing. And so you'll start to see our SG&A growth be behind our revenue growth following Q1.

然後，馬特，就您關於 SG&A 槓桿問題的第二部分而言，我們的 25 財年指導意味著 SG&A 槓桿約為 30 個基點，或約為 3% 的固定匯率頂線。當我們觀察第二、第三和第四季時，我們的預期將非常一致。第一季度，在時裝秀的推動下，我們確實預期會出現一點去槓桿化，但完全是由行銷推動的。因此，您將開始看到我們的 SG&A 成長落後於第一季之後的營收成長。

The next question comes from Michael Binetti with Evercore ISI.

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

Jane, let me add my congrats. Thanks for all the help here over the years. I guess as we look at the AUR elevation strategy over a couple of years, I think the first part of that strategy were in the DTC channel. I think you started working more recently on AURs in the wholesale channel. When you look at North America, in particular, given the guidance that you just gave us, how do we think about AUR versus units in that channel? I think you've been -- I think you're targeting trying get units to a place of stability for a long time. I don't think it's probably stable or positive in the guidance you gave us. I'm just curious how you think about that this year and longer term?

簡，讓我表示祝賀。感謝您多年來在這裡提供的所有幫助。我想，當我們審視幾年來的 AUR 提升策略時，我認為策略的第一部分是在 DTC 頻道中。我認為您最近開始在批發渠道中從事 AUR 工作。當您考慮北美地區時，特別是考慮到您剛剛給我們的指導，我們如何看待 AUR 與該渠道中的單位？我認為你們一直在努力讓部隊在很長一段時間內保持穩定。我認為您給我們的指導可能不是穩定或積極的。我只是好奇你如何看待今年和更長期的問題？

And then on North America, I guess, the D2C growth, you gave us a number this year. I think you said mid-single digits for the year, maybe this year and then in the longer term also, how can we think about how much of that growth comes from the full price channel compared to channels like the outlets? I know you've made a lot of progress changing what the shopping experience is in the outlets. But I think historically, that's been a little bit more of a price constrained channel. So I'm curious how you see the portfolio evolving. Is more of the growth is still going to come from the outlet channel and how you balance that with what you want to do with AURs across the DTC business.

然後在北美，我想，D2C 的成長，你今年給了我們一個數字。我想你說的是今年的中個位數，也許今年，然後從長遠來看，我們如何考慮與奧特萊斯等管道相比，有多少增長來自全價管道？我知道您在改變奧特萊斯購物體驗方面取得了很大進展。但我認為從歷史上看，這更像是一個價格受限的管道。所以我很好奇你如何看待投資組合的演變。更多的成長是否仍將來自直銷管道，以及您如何在整個 DTC 業務中平衡這一成長與 AUR 的用途。

Sure. Thanks, Michael. One of the things as I step back from your question, we believe our brand elevation, our pivot to ecosystems and our pivot to DTC is going to continue to drive AUR growth into the future. So stepping back from that, in wholesale, we've always said that wholesale, especially in North America, is a few clicks behind what we've seen in DTC. We restarted this journey even pre-COVID, saying we're going to lead with our DTC channels followed by wholesale. And we're very encouraged by what we've seen.

當然。謝謝，麥可。當我從你的問題中退一步時，我們相信我們的品牌提升、我們對生態系統的支持以及我們對 DTC 的支持將繼續推動 AUR 的未來成長。因此，退一步來說，在批發方面，我們總是說批發，尤其是在北美，比我們在 DTC 中看到的點擊次數要少。甚至在新冠疫情爆發之前，我們就重新開始了這段旅程，並表示我們將以 DTC 管道為主導，然後是批發。我們所看到的一切讓我們深受鼓舞。

In FY '23, we saw strong AUR across wholesale in North America and in Europe. And that continued into FY '24, although as we closed out the year at a more moderate pace. We saw wholesale AUR growth in the third quarter and in the fourth quarter. And so we expect that to continue through FY '25. That will have some pressure on units. But we feel good about where the product mix is going in wholesale, our focus on those top 100 doors and our ability to elevate that experience and elevate our product offering in wholesale. We feel it's a strategy that's working, and you can see that in our guide coming into '25, where we expect a meaningful uptick, although not positive in North America wholesale.

23 財年，我們看到北美和歐洲批發市場的 AUR 強勁。這種情況一直持續到 24 財年，儘管我們以更溫和的速度結束了這一年。我們看到第三季和第四季的批發 AUR 成長。因此，我們預計這種情況將持續到 25 財年。這會給單位帶來一定的壓力。但我們對批發產品組合的走向、我們對前 100 名門的關注以及我們提升批發體驗和產品供應的能力感到滿意。我們認為這是一個行之有效的策略，您可以在我們進入 25 世紀的指南中看到這一點，我們預計將出現有意義的成長，儘管北美批發市場的情況並不樂觀。

And then just on DTC. What we've seen over the past 2 years is that our full-price stores have led our growth. What's encouraging to us was some of the investments that we've made in our outlet stores is that gap is narrowing, that's a positive thing because it means our outlet growth has accelerated. That's a dynamic that we're happy with and a dynamic that we expect to continue into FY '25. We expect that gap to be narrowed, but not based on a slowing but based on better trends in outlets.

然後就在 DTC 上。過去兩年我們看到的是，我們的全價商店引領了我們的成長。讓我們感到鼓舞的是，我們在直銷店進行的一些投資是，差距正在縮小，這是一件積極的事情，因為這意味著我們的直銷店成長已經加速。我們對這種動態感到滿意，並且預計這種動態將持續到 25 財年。我們預期這一差距將會縮小，但不是基於放緩，而是基於門市趨勢的改善。

And I would also add, Michael, that we expect to continue to expand our full-price store footprint in the U.S. So that will be an additional accelerator for the full-price business, which will continue to lead our overall DTC brick-and-mortar, whereas we do not expect to expand our outlet footprint.

邁克爾，我還要補充一點，我們希望繼續擴大我們在美國的全價商店足跡，這將成為全價業務的額外加速器，這將繼續引領我們整體 DTC 實體店的發展。希望擴大我們的出口足跡。

Next question comes from Ashley Helgans with Jefferies.

下一個問題來自 Jefferies 的 Ashley Helgans。

So I just wanted to ask about gross margins with the first quarter up kind of in the 140 to 180 bps range for the rest of the year 50 to 100 bps. If you could just kind of give us the puts and takes? And then any update you can give us on traction that you're seeing with younger consumers? That would be great.

所以我只想問毛利率，第一季的毛利率在 140 到 180 個基點之間，今年剩餘時間則在 50 到 100 個基點之間。您能否告訴我們看跌期權和跌跌期權？那麼您可以向我們提供有關您在年輕消費者中看到的吸引力的最新資訊嗎？那太好了。

I'm sorry, Ashley, could you just repeat the last part of your question? I got the gross margin puts and takes.

抱歉，阿什利，你能重複一下你問題的最後部分嗎？我得到了賣出和賣出的毛利率。

Yes, just any sort of traction that you can talk about that you're seeing with the per consumer?

是的，您可以談論您在每個消費者身上看到的任何形式的吸引力嗎？

Just in terms of gross margin drivers, we were very pleased with our gross margin expansion in Q4, up 510 basis points in constant currency. That was really driven by a few things: one, strong AUR growth. And what drove that AUR growth was favorable channel mix, favorable geographic mix, product mix and a significant pullback in discount. As we came into the fourth quarter, we were super tight on inventory and had much less going into clearance or in off-price channels.

就毛利率驅動因素而言，我們對第四季度毛利率的擴張感到非常滿意，以固定匯率計算，毛利率增加了 510 個基點。這實際上是由以下幾件事推動的：第一，AUR 的強勁成長。推動 AUR 成長的因素包括有利的通路組合、有利的地理組合、產品組合以及折扣的大幅回落。當我們進入第四季度時，我們的庫存非常緊張，進入清倉或降價管道的庫存要少得多。

We also saw from a gross margin standpoint after AUR growth that freight continues to be a tailwind for us of about 100 basis points. And of course, this was the quarter where cotton turned from a headwind, which we've seen for the first 3 quarters into being about neutral into the fourth quarter. Then we had some pressure from FX of about 30 basis points.

我們也從 AUR 成長後的毛利率角度來看，貨運仍然是我們約 100 個基點的推動力。當然，這是棉花從前三個季度的逆風轉向第四季度的中性的季度。然後我們受到了大約 30 個基點的外匯壓力。

And then as we look forward, Ashley, we're seeing in FY '25, our continued gross margin expansion is 50 to 100 basis points, largely premised on lower cotton costs, some significant cotton recapture. About half of the cotton that we expect to recapture, about 90 basis points will come into this fiscal year. Being a little heavier weighted to the back half and continued channel and geographic mix.

然後，阿什利，我們展望未來，我們看到在 25 財年，我們的毛利率將持續增加 50 至 100 個基點，這主要是基於棉花成本下降以及一些重大的棉花回收。我們預計將收回約一半的棉花，即約 90 個基點，將在本財政年度收回。後半部的權重稍重，並繼續進行管道和地理組合。

We, of course, expect AUR growth to continue with a few headwinds in terms of some incremental Red Sea pressures that we see now, obviously, FX and the weaker yen and some other product costs, higher labor costs in some of our markets and some inflation in non-cotton materials. But overall, pleased with where we landed the year and encouraged by our continued gross margin expansion journey into fiscal '25.

當然，我們預計 AUR 成長將繼續，但會遇到一些阻力，例如我們現在看到的一些增量紅海壓力，顯然，外匯和日圓疲軟以及其他一些產品成本，我們一些市場的勞動力成本上升以及一些非棉材料的通貨膨脹。但總體而言，我們對今年的業績感到滿意，並對我們進入 25 財年的毛利率持續擴張之旅感到鼓舞。

And Ashley, on new consumers, so new -- younger consumers are leading our new consumer recruiting as a whole. So our penetration of younger consumers is increasing. So I think next gen below 35, very encouraged to see that. We have very targeted marketing activations to enable this. So this isn't just the result of luck. It's by intent.

阿什利（Ashley）談到新消費者，如此新的年輕消費者正在引領我們整個新消費者的招募。所以我們對年輕消費者的滲透率正在增加。所以我認為 35 歲以下的下一代看到這一點非常受鼓舞。我們有非常有針對性的行銷活動來實現這一目標。所以這不僅僅是運氣的結果。這是故意的。

I think some of the things that we're doing on gaming, and I think we're all learning the vocabulary here because of our T1 team winning against our G2 team. So we're sponsoring gaming teams are performing particularly well. You heard in the prepared remarks that our T1 team won the global world of legends (sic) [League of Legends] tournament. Globally, we have significant activation with celebrities as well. And a lot of them are spontaneity wearing us, right. There's a lot of heat around our Polo hats, especially among younger women consumers. Taylor Swift wearing it, Jennifer Lawrence wearing it and the list goes on.

我認為我們在遊戲方面所做的一些事情，我認為我們都在這裡學習詞彙，因為我們的 T1 團隊擊敗了我們的 G2 團隊。所以我們贊助的遊戲團隊表現得特別好。您在準備好的發言中聽說我們的T1戰隊贏得了全球英雄聯盟[英雄聯盟]錦標賽的冠軍。在全球範圍內，我們也與名人進行了廣泛的合作。他們中的很多人都是自發性地穿著我們的，對吧。我們的 Polo 帽子受到了很大的熱捧，尤其是在年輕女性消費者中。泰勒絲 (Taylor Swift) 戴過它，珍妮佛勞倫斯 (Jennifer Lawrence) 戴過它，這樣的例子不勝枚舉。

We're clearly in the conversation, if you track what's happening in social media and the conversations going on there, you're here, and you'll see talk about Ralph Core. So obviously, we're really pleased to see. So good energy on that front. Our Net Promoter Scores are growing the fastest among our younger consumers as well. So clearly, the experience they're having on our site and in our stores is resonating with them. So very encouraged by what the teams are doing in the markets to recruit those young consumers. Listen, we know that's the lifeblood for the company for the long term, and we were going to continue to lean into that.

顯然，我們正在對話中，如果您跟踪社交媒體中正在發生的事情以及那裡正在進行的對話，您就在這裡，並且您會看到有關 Ralph Core 的討論。顯然，我們很高興看到。這方面的能量非常好。我們的淨推薦值在年輕消費者中成長最快。顯然，他們在我們的網站和商店中獲得的體驗引起了他們的共鳴。我們的團隊在市場上為吸引年輕消費者所做的努力讓我們深受鼓舞。聽著，我們知道這是公司長期的命脈，我們將繼續致力於這一點。

Next question comes from John Kernan with TD Cowen.

下一個問題來自 John Kernan 和 TD Cowen。

Jane, congrats you've done a phenomenal job. Just on Europe. The comps in the direct business have really inflected here, double digits over the last 2 quarters. It's -- DTC penetration in Europe is a lot lower than the North America. How do we think about DTC and wholesale in Europe with that the wholesale channel being a tough macro period right now?

簡，恭喜你做得非常出色。就歐洲而言。直接業務的比較在過去兩個季度中確實發生了兩位數的變化。歐洲的 DTC 普及率遠低於北美。鑑於目前批發管道正處於艱難的宏觀時期，我們如何看待歐洲的 DTC 和批發？

We've been -- so yes, good reminder, John, that the context is challenging in Europe, but our teams are doing a terrific job, I think, connecting with consumers and leveraging the different channels. You saw the DTC performance this past quarter, up double digits, both brick-and-mortar and digital. So really nice momentum. Our flagship stores are hitting record highs this year across different key cities in Europe. And so we expect to continue to drive that. We have really nice plans in terms of footprint expansion for stores across Europe.

約翰，是的，很好的提醒，歐洲的環境充滿挑戰，但我認為我們的團隊做得非常出色，與消費者建立聯繫並利用不同的管道。您看到了上個季度 DTC 的表現，無論是實體店還是數位店，都實現了兩位數的成長。勢頭非常好。今年，我們在歐洲不同大城市的旗艦店創下了歷史新高。因此，我們希望繼續推動這一趨勢。在歐洲各地商店的足跡擴張方面，我們有非常好的計劃。

You remember at the beginning of this journey, we were at 19 stores across all of Europe, right? I don't have the exact number here, but I think we're closer to north of 50 at this point with actually more to come. So opportunities to continue to expand our footprint. The team is doing a great job driving comps in our full-price stores on digital. There's really good momentum on our own digital, which we have a number of levers that we have now a good handle on that we're going to continue to push. And then on the -- so expect, I think, the share of DTC to continue to expand, John.

您還記得在這個旅程開始時，我們在整個歐洲有 19 家商店，對吧？我這裡沒有確切的數字，但我認為我們目前已經接近 50 個以上，而且實際上還會有更多。因此有機會繼續擴大我們的足跡。團隊在推動我們的數位全價商店的競爭方面做得非常出色。我們自己的數位化發展勢頭確實很好，我們現在已經掌握了許多槓桿，我們將繼續推動這些槓桿。然後，約翰，我認為 DTC 的份額將繼續擴大。

On the wholesale side, it has been -- it's a mix of both pure play and obviously, brick-and-mortar and then bricks and clicks. We've seen recent strength in -- with our pure players as we align strategies with what they're focused on, including our biggest pure-play partner in Europe, Zalando, where we're now both on an elevation strategy, which is serving us really, really nicely. We've done some reset this past year in Spain and in the U.K. for wholesale, consistent with our philosophy and approach in the U.S., both with ECI and the Fraser's Group.

在批發方面，它是純遊戲和實體遊戲以及實體遊戲和點擊遊戲的混合。我們已經看到了我們的純玩家最近的實力，因為我們將戰略與他們關注的重點相結合，包括我們在歐洲最大的純遊戲合作夥伴 Zalando，我們現在都在採取提升戰略，即為我們服務真的非常好。去年，我們在西班牙和英國的批發業務進行了一些重置，這與我們在美國與 ECI 和 Fraser's Group 的理念和方法一致。

So working off a healthier foundation and feeling like the work that the teams are doing on the ground in terms of getting the brand connected to the consumer -- to actually John, to your question, getting connected to that younger consumer is working well. So we remain cautiously optimistic about that region. We are not oblivious to your point, John, on all the headwinds out there, whether that's inflation, consumer sentiment, we see the 2 wars that are going on, which is why I think our guide -- we feel our guide is right, based on the current conditions, but are excited about the momentum that the team is driving there.

因此，在更健康的基礎上工作，感覺團隊在將品牌與消費者聯繫起來方面所做的實地工作——實際上約翰，對於你的問題，與年輕消費者建立聯繫效果很好。因此，我們對該地區保持謹慎樂觀。約翰，我們並沒有忽視你的觀點，關於所有的不利因素，無論是通貨膨脹、消費者信心，我們看到正在發生的兩場戰爭，這就是為什麼我認為我們的指南- 我們認為我們的指南是正確的，根據目前的情況，但對團隊在那裡推動的勢頭感到興奮。

Yes. I would just summarize on the guide to say it's premised on more normalized wholesale trends and then solid continued comp growth across all DTC channels. So really encouraged. We recognize and I think, are clear eyed about the challenges from -- as Patrice mentioned, the war, inflation pressures, but cautiously optimistic about it here.

是的。我只想對指南進行總結，說它的前提是更規範的批發趨勢，然後是所有 DTC 管道的穩定持續的競爭成長。所以真的很受鼓舞。正如帕特里斯所提到的，我們認識到並且我認為我們對來自戰爭、通膨壓力的挑戰有著清醒的認識，但對此持謹慎樂觀的態度。

Great. We'll go with our last question, Angela.

偉大的。我們將繼續最後一個問題，安吉拉。

Our final question comes from Laurent Vasilescu with BNP Paribas.

我們的最後一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Patrice, I think you mentioned Asia will grow high single digits but will be led by China. I know you don't mention or don't talk about quarter-to-date trends, but just love to get your perspective on what you're seeing in China. And then Jane, I have to ask a modeling question for your last earnings call. How do we think about marketing as a percentage of sales for the year? And then I think you mentioned because of the activation in the first quarter around marketing, how do we think about it for the first quarter as well?

帕特里斯，我認為你提到亞洲將實現高個位數成長，但將由中國引領。我知道您沒有提及或不談論季度至今的趨勢，但只是想了解您對中國所看到的情況的看法。然後簡，我必須為你上次的財報電話會議問一個建模問題。我們如何看待行銷佔當年銷售額的百分比？然後我想你提到由於第一季圍繞行銷的激活，我們如何看待第一季的情況？

Thank you, Laurent. Listen, we're all really proud of our team's execution in China and the momentum that's been built and that's been sustained over many quarters and years now. And China now represents about 7% of our total business. It was 3% prior to COVID. So clearly strong growth, and we expect it to lead the growth for the company moving forward.

謝謝你，洛朗。聽著，我們都為我們團隊在中國的執行力以及已經建立並持續了多個季度和多年的勢頭感到自豪。中國現在約占我們總業務的7%。在新冠疫情爆發之前，這一比例為 3%。如此明顯的強勁成長，我們預計它將引領公司未來的成長。

I think the -- you're right that we don't comment on intra-quarter performance. But the general perspective on China is the consumer is pressured, right? We know the consumer sentiment is challenging there. But we're continuing to do very well. We grew double digits this past quarter on top of 40% the year prior because it was a COVID reopened quarter. So nice continued momentum across our key cities, strong AUR growth.

我認為——你是對的，我們不對季度內的表現發表評論。但對中國的普遍看法是消費者受到壓力，對吧？我們知道那裡的消費者情緒面臨挑戰。但我們繼續做得很好。上個季度我們在去年 40% 的基礎上實現了兩位數的成長，因為這是新冠疫情重新開放的季度。我們主要城市的持續勢頭非常好，AUR 成長強勁。

What's really working there is the team is doing a great job connecting the brand with the local consumer tapping into this whole quiet luxury moment. I think the core values of the company and what we stand for is really connecting with the consumer very effectively. Our core products, our staples, our icons are really resonating. So think cable knit sweaters, think our Oxford shirts, Polo shirts, unconstructed jackets, we're seeing consumers lean into that. Then the ecosystem that we focused on these top 6 cities that we've historically called out is working quite effectively across the different channels. So strong performance this past quarter. We expect that to continue.

真正起作用的是，團隊在將品牌與當地消費者聯繫起來，充分利用這個安靜的奢華時刻，做得非常出色。我認為公司的核心價值和我們所代表的就是真正有效地與消費者建立聯繫。我們的核心產品、我們的主打產品、我們的標誌確實引起了共鳴。因此，想想絞花針織毛衣，想想我們的牛津襯衫、Polo 衫、無結構夾克，我們看到消費者傾向於這些。然後，我們重點關注的這 6 個我們歷來提到的城市的生態系統在不同的管道上運作得非常有效。上個季度的表現如此強勁。我們預計這種情況會持續下去。

Of course, we have to take into account that the 30% growth we delivered this past fiscal year in China benefited from a weaker base period. So if you kind of remove that, we expect China to return to strong, but more normalized compares following the different COVID lapse, still driven by the brand energy and the brand heat and the brand momentum that we have there. Ralph Core also resonating there. The breadth of our product offering and the excellent execution of the team from ecosystem standpoint, fueled in part by continued expansion, right? So not only do we have comp growth, but we're continuing to expand our footprint from a store standpoint.

當然，我們必須考慮到上一財年我們在中國實現的 30% 的增長得益於較弱的基期。因此，如果你把這一點去掉，我們預計中國將恢復強勁，但在不同的新冠疫情過後，中國將更加正常化，這仍然受到我們在那裡的品牌能量、品牌熱度和品牌動力的推動。 Ralph Core 也在那裡引起了共鳴。從生態系統的角度來看，我們產品供應的廣度和團隊的出色執行力在一定程度上是由持續擴張所推動的，對嗎？因此，我們不僅實現了業績成長，而且還從商店的角度繼續擴大我們的足跡。

Okay, Laurent, for my last question. Remember, Q1 is going to be -- we expect growth on a revenue basis to strengthen as we move into Q2, Q3 and Q4. But Q1 will represent a meaningful growth in marketing expense up double digits. And then as you look through the balance of the year as a percentage of sales, I think that what we spent in fiscal '24 is a pretty good proxy with a little more marketing expense growth in the second quarter given that, that's the Olympics quarter.

好的，勞倫特，我的最後一個問題。請記住，隨著進入第二季、第三季和第四季度，我們預計第一季的營收成長將會加強。但第一季行銷費用將出現兩位數的有意義增長。然後，當您查看年度餘額佔銷售額的百分比時，我認為我們在 24 財年的支出是一個相當好的指標，考慮到第二季度的營銷費用增長稍多，因為那是奧運會季度。

All right. Well, thank you, everyone, for joining us today. On behalf of Ralph, myself and the entire Ralph Lauren family, Jane, we want to express our deep appreciation for everything that you have achieved as you conclude your tenure as CFO of this company. We look forward, and I look forward to continuing to partnering with you as our Chief Operating Officer. And we also extend a warm welcome to Justin, who several of you have already met and many of you will have the opportunity to meet in the coming months. We will host our virtual Annual Shareholder Meeting and first quarter results in August, and until then, take care, and have a great day.

好的。好的，謝謝大家今天加入我們。我們謹代表 Ralph、我本人以及整個 Ralph Lauren 家族 Jane，對您在結束擔任公司財務長期間所取得的一切表示深切的謝意。我們期待著，我也期待著繼續作為我們的營運長與您合作。我們也熱烈歡迎賈斯汀，你們中的一些人已經見過他，你們中的許多人將有機會在未來幾個月內見面。我們將在八月舉辦虛擬年度股東大會和第一季業績報告，在此之前，請保重，祝您有美好的一天。

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。