雷夫·羅倫馬球 (RL) 2025 Q1 法說會逐字稿

Welcome to the Ralph Lauren first quarter and full year fiscal year 2025 earnings call. (Operator instructions)

歡迎參加 Ralph Lauren 2025 財政年度第一季及全年財報電話會議。 （操作員說明）

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

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 first quarter fiscal 2025 conference call. With me today are Patrice Louvet, the Company's President and Chief Executive Officer; Justin Picicci Chief Financial Officer. After prepared remarks, we'll 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 2025 財年第一季電話會議。今天與我在一起的有公司總裁兼執行長 Patrice Louvet；賈斯汀·皮西奇首席財務長。準備好評論後，我們將開始詢問您的問題，我們要求您限制每個來電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.

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（包括外匯）可以在今天早上的新聞稿中找到。我們也將做出一些聯邦證券法意義內的前瞻性聲明，包括我們的財務前景。前瞻性陳述並非保證，我們的實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

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

我們的預期包含許多風險和不確定性，主要風險和不確定性可能導致我們的結果與我們目前的預期有重大差異，這些風險和不確定性在我們向 SEC 提交的文件中有詳細說明。要查找我們在討論財務績效時使用的非公認會計準則衡量標準的揭露和調節，您應該參考今天早上的收益發布以及我們的 SEC 文件（可在我們的投資者關係網站上找到）。

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

這樣，我會將電話轉給帕特里斯。

Thank you, Cori. Good morning, everyone, and thank you for joining today's call. We started year three of our Next Great Chapter: Accelerate plan with continued momentum, keeping us on track with our fiscal '25 and long-term strategic commitments. Our first quarter performance underscores the power and growing desirability of our iconic brand around the world with key moments that demonstrate our ability to resonate across cultures, geographies and generations.

謝謝你，科里。大家早安，感謝您參加今天的電話會議。我們開始了下一個偉大篇章的第三年：以持續的勢頭加速計劃，使我們能夠履行我們的 25 財年和長期戰略承諾。我們第一季的業績突顯了我們標誌性品牌在全球範圍內的力量和日益增長的需求，關鍵時刻證明了我們有能力在不同文化、地理和世代之間產生共鳴。

This, combined with our diversified engines of growth and organizational agility gives us confidence that our long-term strategy will continue to deliver even through these dynamic times. First quarter results exceeded our expectations, led by international and positive retail comps across all regions with continued momentum across consumer metrics. Performance in our global direct-to-consumer businesses in Europe wholesale more than offset planned softness in North America wholesale.

再加上我們多元化的成長引擎和組織敏捷性，讓我們相信，即使在這個充滿活力的時代，我們的長期策略也將繼續實現。第一季的業績超出了我們的預期，所有地區的國際和積極的零售公司都引領著消費者指標的持續成長勢頭。我們在歐洲批發的全球直接面向消費者業務的表現遠遠抵消了北美批發計劃中的疲軟。

At the same time, we continue to invest in our strategic priorities, including marketing, digital capabilities, and our targeted ecosystem expansion across our top cities. Fueled by our culture of operating discipline and increased efficiencies, these investments will enable us to drive long-term sustainable growth and value creation well beyond our current three-year plan.

同時，我們繼續投資於我們的策略重點，包括行銷、數位能力以及我們在頂級城市的有針對性的生態系統擴張。在我們的營運紀律和提高效率文化的推動下，這些投資將使我們能夠推動長期可持續成長和價值創造，遠遠超越我們目前的三年計畫。

During the first quarter, we drove continued 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.

第一季度，我們推動三大策略支柱持續取得進展。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 first quarter. First, on our efforts to elevate and energize our lifestyle brand. From our recent activations in Milan, London, New York and across China to our rapidly expanding social media following, Ralph Lauren continues to be at the forefront of culture across geographies and demographics.

讓我帶您回顧第一季的一些亮點。首先，我們努力提升和激發我們的生活方式品牌。從我們最近在米蘭、倫敦、紐約和中國各地開展的活動到我們迅速擴大的社群媒體粉絲，Ralph Lauren 繼續走在跨地域和人口統計文化的最前沿。

Key campaigns from the quarter included: first, our Women's Collection Runway Show in New York City this April, where we celebrated the timeless easy elegance that has come to define our brand. The collection also tapped into some of our signature design coats from western motives to shimmering liquid gowns and cozy rich cashmeres, signaling a confident quiet luxury as Ralph does best.

本季的主要活動包括：首先，今年四月在紐約舉行的女裝系列時裝秀，我們慶祝了定義我們品牌的永恆輕鬆優雅。該系列也藉鑒了我們的一些標誌性設計外套，從西方圖案到閃閃發光的液體禮服和舒適豐富的羊絨，象徵著 Ralph 最擅長的自信、安靜的奢華。

The globally amplified event surpassed our goals driving 16 billion PR impressions as we were joined by celebrities, including Jodie Turner-Smith, Jessica Chastain, Kerry Washington, Crystal Young, Rebecca Hall and Morgan Spector.

這次在全球擴大的活動超越了我們的目標，帶來了160 億次公關印象，因為包括朱迪·特納·史密斯、傑西卡·查斯坦、凱莉·華盛頓、克里斯托·楊、麗貝卡·霍爾和摩根·斯佩克特在內的名人也加入了我們的行列。

Heading into warmer months, we reinforced our position as the ultimate destination for effortless summer icons with our Only Polo campaign. Our teams delivered local activations spanning LA Sunset Boulevard, Roppongi in Tokyo, SoHo in New York, Miami Design District, Dubai, and Seoul. The stars aligned in Milan at our Purple Label presentation this June where Usher, John Legend, Chris Pine and Rufus Wainwright, among others, honored our newest collection as part of Men's Fashion Week.

進入溫暖的月份，我們透過「Only Polo」活動鞏固了我們作為輕鬆夏日偶像終極目的地的地位。我們的團隊在洛杉磯日落大道、東京六本木、紐約 SoHo、邁阿密設計區、杜拜和首爾進行了本地活動。今年6 月，我們在米蘭舉辦Purple Label 發布會，眾星齊聚，亞瑟小子(Usher)、約翰·傳奇(John Legend)、克里斯·派恩(Chris Pine) 和魯弗斯·溫賴特(Rufus Wainwright) 等人在男士時裝週上表彰了我們的最新系列。

During the city's renowned home design fair, Salone del Mobile, we unveiled our first collection with our new licensing partner and invited the international design community to experience American style in Milan. Our 618 activations in China drove high double-digit growth that significantly outpaced our competitive set. Our teams are leveraging these events for longer-term brand building with a focus on high-quality sales and new customer acquisition.

在該市著名的家居設計博覽會 Salone del Mobile 期間，我們與新的授權合作夥伴一起推出了我們的第一個系列，並邀請國際設計界在米蘭體驗美式風格。我們在中國的 618 活化推動了兩位數的高成長，遠遠超過了我們的競爭對手。我們的團隊正在利用這些活動進行長期品牌建設，並專注於高品質銷售和新客戶獲取。

And finally, we are in the midst of a spectacular summer of sports. We kicked off our 2024 Paris Olympics campaign, unveiling our uniforms as official outfitter of Team USA, a cherished partnership over nine Olympic games since 2008. And beyond the quarter, we celebrated our 19th year as official outfitter of the championships at Wimbledon, marrying the traditions of the storied tournament with sophisticated spectator style.

最後，我們正處於一個精彩的夏季體育活動之中。我們拉開了2024 年巴黎奧運會活動的序幕，推出了我們作為美國隊官方裝備供應商的製服，這是自2008 年以來在九屆奧運會上的珍貴合作夥伴關係。作為溫布頓錦標賽官方裝備供應商的第19 週年，與傳奇賽事的傳統與精緻的觀眾風格。

These activations are driving strong sustainable growth in new customer acquisition and engagement. In the first quarter, we added 1.3 million new consumers to our DTC businesses, consistent with our long-term expectations and led by higher value and younger cohorts. Our Net Promoter Scores increased globally, led by Europe, and our online search grew strong double digits, outpacing our competitive set. And we grew our social media followers by low teens to last year, surpassing 60 million led by Instagram, Threads, LINE, TikTok and Douyin.

這些活動正在推動新客戶獲取和參與度的強勁可持續成長。第一季度，我們的 DTC 業務新增了 130 萬消費者，這與我們的長期預期一致，並以高價值和年輕群體為主導。我們的淨推薦值在以歐洲為首的全球範圍內不斷增長，我們的線上搜尋也實現了兩位數的強勁增長，超過了我們的競爭對手。到去年，我們的社群媒體粉絲數量增加了十幾歲，以 Instagram、Threads、LINE、TikTok 和抖音為首，超過了 6,000 萬。

Moving next to our second key initiative, Drive the Core and Expand for More. While many aspire to become true lifestyle brands, Ralph created a brand that has epitomized the aspirational lifestyle for over 50 years. And as we look ahead, Ralph and our design teams will continue to leverage our powerful portfolio of highly recognizable core products with expansion into newer categories to realize our brand's full potential. Starting with our core products, which represent more than 70% of our business.

接下來是我們的第二個關鍵舉措：推動核心並擴展更多。雖然許多人渴望成為真正的生活方式品牌，但 Ralph 創建的品牌在 50 多年來一直是理想生活方式的縮影。展望未來，拉爾夫和我們的設計團隊將繼續利用我們強大的、高度認可的核心產品組合，擴展到新的類別，以實現我們品牌的全部潛力。從我們的核心產品開始，它占我們業務的 70% 以上。

Sales were up low single digits, slightly ahead of our total company growth in the first quarter. Highlights from this spring included our linen styles from sport shirts to tailored suits, newly relaunched Stretch Mesh Polos, elevated heavyweight Jersey and Polo Bear tees, and sweaters.

銷售額成長較低個位數，略高於第一季公司整體成長。今年春季的亮點包括我們的亞麻款式，從運動襯衫到訂製西裝、新推出的彈性網眼 Polo 衫、加高重量的平紋針織和 Polo Bear T 卹以及毛衣。

In children's, linen also drove outsized growth along with seasonal mini cable and flag sweaters and our expansion within the big kids segment. Our high-potential categories, including women's apparel, outerwear and handbags together increased mid-single digits outpacing our total company growth rate as we continue to drive our strategy of foundational pieces to anchor her modern wardrobe.

在兒童領域，亞麻布以及季節性迷你絞花毛衣和旗幟毛衣以及我們在大童細分市場的擴張也推動了大幅成長。我們的高潛力品類，包括女裝、外套和手袋，合計增長了中個位數，超過了公司整體增長率，因為我們繼續推動基礎單品戰略，為她的現代衣櫃奠定基礎。

Top sellers in women's this quarter included our iconic cable-knit sweaters, linen and Oxford shirts, Polos and short dresses and easier fits and our canvas city jacket. Within handbags, we drove strong growth led by Polo women's where continued momentum in our Polo ID collection is driving both revenues on higher AUR as well as new customer recruitment, as highlighted by Jennifer Lawrence supporting our yellow Polo ID bag this spring.

本季最暢銷的女裝包括我們標誌性的絞花針織毛衣、亞麻和牛津襯衫、Polo 衫和短裙以及更寬鬆的款式和我們的帆布城市夾克。在手袋方面，我們推動了以Polo 女裝為首的強勁增長，我們的Polo ID 系列的持續增長勢頭推動了AUR 的增長以及新客戶的招募，正如Jennifer Lawrence 今年春天支持我們的黃色Polo ID 包所強調的那樣。

Other exciting releases this quarter included our Wimbledon capsule featuring tennis-inspired sportswear with sell-throughs up strong double digits to last year across men's, women's and kids. And our Summer Olympics collections, including our opening and closing ceremony uniforms and Olympic Village wear an assortment of Polo sportswear icons retold through the sophisticated lens of Paris.

本季其他令人興奮的發布包括我們的溫布頓膠囊系列，以網球為靈感的運動服，男裝、女裝和童裝的銷量比去年增長了兩位數。我們的夏季奧運系列，包括我們的開幕式和閉幕式製服以及奧運村服裝，都穿著各種馬球運動服標誌，透過巴黎精緻的鏡頭重新演繹。

Turning to our third key initiative, Win in 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 direct-to-consumer channels, 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。

In the first quarter, we drove solid 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 eight new owned and partnered stores focused on our top cities, largely in Asia. And we recently welcomed consumers back into our newly renovated Chicago flagship on Michigan Avenue.

在第一季度，我們推動了 DTC 的穩健成長，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，我們開設了八家新的自營店和合作店，主要集中在我們的頂級城市，主要是亞洲。我們最近歡迎消費者回到我們位於密西根大道新裝修的芝加哥旗艦店。

In addition to our famed RL Restaurant, the store now also includes our first Ralph's coffee shop in the Midwest. With more than 30 coffee shops and five restaurants, we are now engaging with over three million consumers annually through our hospitality business. attracting a new generation of consumers to our iconic brand around the world.

除了我們著名的 RL 餐廳外，商店現在還包括我們在中西部的第一家 Ralph's 咖啡店。我們擁有 30 多家咖啡店和 5 家餐廳，目前每年透過我們的酒店業務與超過 300 萬消費者互動。吸引新一代消費者使用我們在世界各地的標誌性品牌。

By region, growth was led by Asia, up another high single digits this quarter and consistent with our outlook. This was followed by better-than-expected performance once again in Europe, while North America was in line with our plan. Our China momentum continued with sales up low double digits this quarter, over an exceptionally strong compare of up more than 50% last year.

按地區劃分，成長以亞洲為主導，本季再次實現高個位數成長，這與我們的預期一致。隨後歐洲的表現再次優於預期，而北美則符合我們的計劃。我們的中國動能持續強勁，本季銷售額成長兩位數，而去年的增幅超過 50%，異常強勁。

While we are watching macro developments and consumer behavior closely, our teams continue to successfully grow our brand desirability with domestic Chinese consumers. In addition, our ecosystem expansion remains disciplined as we largely focus on our six key city clusters.

在我們密切關注宏觀發展和消費者行為的同時，我們的團隊繼續成功提高我們的品牌在中國國內消費者中的吸引力。此外，我們的生態系統擴張仍然有紀律，因為我們主要關註六個主要城市群。

And finally, touching on our enablers. Our business continued to be supported by our five key enablers. This quarter featured some incredible moments as we embed citizenship and sustainability in all we do. First, our groundbreaking artists and residence collaboration with Navajo Designer Naiomi Glasses, recently won the Fast Company Innovation by Design Award in the fashion and beauty category. It was also recognized that the Global Fashion Summit in Copenhagen.

最後，談談我們的推動因素。我們的業務繼續得到五個關鍵推動因素的支持。本季出現了一些令人難以置信的時刻，我們將公民意識和永續發展融入我們所做的一切中。首先，我們與納瓦霍設計師 Naiomi Glasses 的開創性藝術家和住宅合作最近贏得了時尚和美容類別的快速公司設計創新獎。哥本哈根全球時尚高峰會也得到了認可。

And we were proud to recently be named one of Forbes' Best Employers for Diversity 2024 and on Parity.org's 2024 parity list, recognizing organizations that support equal advancement opportunities in the workplace.

我們很榮幸最近被評為《富比士》2024 年多元化最佳雇主之一，並入選 Parity.org 2024 年平等名單，表彰支持工作場所平等晉昇機會的組織。

In closing, Ralph and I are encouraged by our team's solid start to this fiscal year. As we continue to operate with agility, we are successfully marrying the magic of Ralph's original vision with a data-driven mindset to support and grow our iconic brand across new generations and geographies, shifting our business towards DTC and a more elevated wholesale presence and leveraging our nimble global supply chain and culture of operational discipline in order to mitigate ongoing disruptions, drive greater long-term efficiency and better serve our consumers.

最後，拉爾夫和我對我們團隊在本財年的良好開局感到鼓舞。隨著我們繼續敏捷運營，我們成功地將Ralph 最初願景的魔力與數據驅動的思維方式結合起來，以支持和發展我們在新一代和地區的標誌性品牌，將我們的業務轉向DTC 和更高的批發業務，並利用我們靈活的全球供應鏈和營運紀律文化，以減輕持續的干擾，提高長期效率並更好地服務我們的消費者。

Entering the important fall holiday season, we remain on offense and in a position of strength to deliver on our strategic commitments.

進入重要的秋季假期，我們仍保持進攻狀態，有能力兌現我們的戰略承諾。

With that, I'll hand it over to our new CFO, Justin, to walk us through the financials, and I'll join him at the end to answer your questions.

接下來，我將把它交給我們的新任財務長賈斯汀，讓我們了解財務狀況，最後我將和他一起回答大家的問題。

Thanks, Patrice, and good morning, everyone. It's a privilege for me to step into the CFO role and I'm grateful for the support that Ralph, Patrice, Jane and the Board have all shown me throughout this transition. I know I speak for the entire Ralph Lauren team when I say we remain firmly committed to delivering on our strategic and financial objectives, leveraging the power of our timeless brand and strong momentum around the world.

謝謝，帕特里斯，大家早安。我很榮幸能夠擔任財務官，我很感謝拉爾夫、帕特里斯、簡和董事會在整個過渡過程中給予我的支持。我知道，當我說我們仍然堅定地致力於實現我們的策略和財務目標、利用我們永恆品牌的力量和全球強勁勢頭時，我代表整個 Ralph Lauren 團隊。

We had a solid start to fiscal '25 with first quarter top and bottom line results ahead of our expectations. This quarter's performance underscores the continued momentum and growing desirability of our brand as well as our multiple drivers of growth, which enabled us to deliver on our commitments even in a highly dynamic global operating environment. Our progress in Q1 also gives us confidence in reiterating the full year outlook we introduced in May.

我們在 25 財年取得了良好的開端，第一季的頂線和底線結果超出了我們的預期。本季的業績突顯了我們品牌的持續發展勢頭和日益增長的需求，以及我們的多重成長驅動力，這使我們即使在高度動態的全球營運環境中也能夠兌現我們的承諾。第一季的進展也讓我們有信心重申 5 月推出的全年展望。

Let's talk through our financial highlights, which, as a reminder, are provided on a constant currency basis. Total company first quarter revenue growth of 3% exceeded our guidance, led once again by our direct-to-consumer channels and international businesses. Total company retail comps grew 5% with balanced growth across our brick-and-mortar and digital channels.

讓我們來談談我們的財務要點，提醒一下，這些要點是按固定匯率提供的。該公司第一季總收入成長 3%，超出了我們的預期，這再次得益於我們的直接面向消費者管道和國際業務。公司零售總額成長了 5%，實體和數位通路實現均衡成長。

Total digital ecosystem sales including our own sites and wholesale digital accounts, increased high single digits. Total company adjusted gross margin expanded 210 basis points to 70.9%. This strong performance was driven by favorable mix shifts towards our full price and international businesses, AUR growth, and lower cotton costs.

包括我們自己的網站和批發數位帳戶在內的數位生態系統總銷售額出現了高個位數成長。該公司調整後毛利率總額擴大了 210 個基點，達到 70.9%。這一強勁業績的推動因素包括向全價業務和國際業務的有利組合轉變、AUR 成長以及棉花成本下降。

AUR increased 6% in the first quarter, in line with our expectations and on top of a 15% increase last year. Our AUR growth continues to be driven by favorable product, category, channel and geographic mix, along with reduced discounting with minimal like-for-like pricing on moderating cost inflation. Adjusted operating expenses grew 4% to 56.1% of sales, up 60 basis points to last year. The increase was entirely driven by the planned timing of marketing investments. which represented 6.7% of sales, up 100 basis points to last year, supporting our New York City Fashion Show, Milan presentations, Polo spring campaign and other key activations globally.

第一季 AUR 在去年成長 15% 的基礎上成長了 6%，符合我們的預期。我們的 AUR 成長持續受到有利的產品、品類、通路和地理組合的推動，以及在緩和成本通膨的情況下減少折扣和最低同類定價。調整後營運費用成長 4%，佔銷售額的 56.1%，比去年成長 60 個基點。這一增長完全是由行銷投資的計劃時間所推動的。佔銷售額的 6.7%，比去年增長 100 個基點，支持我們的紐約時裝秀、米蘭發布會、Polo 春季活動和全球其他重要活動。

Excluding marketing, adjusted operating expense rate declined approximately 30 basis points to last year. We continue to expect full year marketing at approximately 7% of sales. And our adjusted operating margin expanded 140 basis points to 14.8%.

不包括行銷費用，調整後的營運費用率比去年下降了約 30 個基點。我們仍然預計全年行銷約佔銷售額的 7%。調整後的營業利益率擴大了 140 個基點，達到 14.8%。

Moving to segment performance and starting with North America, first quarter revenue declined 4% as continued momentum in retail was more than offset by planned declines in the wholesale channel. In North America retail, first quarter comps grew 1% and in line with our expectations and including a negative impact of roughly 120 basis points from Easter shifting into Q4.

轉向細分市場表現，從北美開始，第一季營收下降了 4%，因為零售業的持續成長勢頭被批發通路的計畫下降所抵消。在北美零售業，第一季年增 1%，符合我們的預期，其中包括復活節進入第四季度帶來的約 120 個基點的負面影響。

Brick-and-mortar channel comps were up 3%, led by our full-price stores, while digital comps declined 4%. We remain focused on improving the trajectory of our North America digital business as we move through fiscal '25, notably enhancing site experience and improving availability of top-selling core product.

在我們的全價商店的帶動下，實體通路的銷售額成長了 3%，而數位通路的銷售額則下降了 4%。在 25 財年期間，我們仍致力於改善北美數位業務的發展軌跡，特別是增強網站體驗並提高最暢銷核心產品的可用性。

In North America wholesale, revenues decreased 13% as expected, reflecting significantly reduced sales of excess product into the off-price channel and receipt timing shifts previously discussed. Excluding the shifts, our full-price sales declined roughly low single digits, in line with our spring season-to-date sellout trends. Our AUR at wholesale increased modestly, consistent with recent trends on well-positioned inventories in the channel.

在北美批發市場，收入如預期下降了 13%，反映出進入折扣通路的過剩產品銷量大幅減少以及先前討論的收貨時間變化。排除變動因素，我們的全價銷售額大致下降了個位數，這與我們春季迄今為止的銷售趨勢一致。我們的批發 AUR 略有成長，這與渠道中庫存狀況良好的近期趨勢一致。

Looking ahead, we continue to expect North America wholesale declines to moderate through the remainder of fiscal '25 with sellout more closely aligning to sell in, maintaining our ability to chase replenishment on stronger performing core product. Our outlook also includes the planned exit of approximately 45 department store doors this fiscal year, as we continue to proactively evaluate and refine our brand presence on a door-by-door basis.

展望未來，我們繼續預計，在 25 財年剩餘時間內，北美批發下滑將放緩，銷售與銷售更加緊密結合，從而保持我們對錶現更強勁的核心產品進行補貨的能力。我們的展望還包括本財年計劃退出約 45 家百貨公司，因為我們將繼續主動逐家評估和完善我們的品牌形象。

Moving to Europe. First quarter revenue increased 7%. This was ahead of our expectations with both wholesale and retail sales outperforming our plan. All key markets delivered growth in the quarter with the exception of the UK, where retail growth was offset by continued softness in wholesale.

搬到歐洲。第一季營收成長7%。這超出了我們的預期，批發和零售銷售都超出了我們的計劃。本季所有主要市場均實現成長，但英國除外，零售成長被批發持續疲軟所抵消。

Performance in Europe was led by retail, with comps up 8% to last year, including owned digital commerce up low double digits. AUR continued to grow strongly on top of last year's double-digit percentage increase driven by our brand elevation with discount rates down significantly to last year despite a competitive promotional environment.

歐洲的業績以零售業為主導，年增 8%，其中自營數位商務實現低兩位數成長。儘管促銷環境競爭激烈，但我們的品牌提升推動了 AUR 在去年兩位數百分比成長的基礎上繼續強勁增長，折扣率較去年大幅下降。

Europe wholesale increased 5%, driven by strong reorder rates, notably at our digital partners following last year's channel reset. We continue to expect Europe wholesale channel growth in the low single-digit range for fiscal '25 with Q3 below the full year trend due to the planned timing of shipments, as previously discussed.

在強勁的再訂購率推動下，歐洲批發成長了 5%，尤其是去年通路重置後我們的數位合作夥伴的再訂購率。我們繼續預期 25 財年歐洲批發通路的成長將保持在較低的個位數範圍內，由於如前所述，由於計畫的出貨時間，第三季將低於全年趨勢。

We remain encouraged by our brand's rising consumer perceptions in Europe as well as our team's strong execution, especially given the ongoing dynamic operating environment across the region.

我們的品牌在歐洲不斷上升的消費者認知以及我們團隊的強大執行力仍然令我們感到鼓舞，特別是考慮到該地區持續動態的營運環境。

Turning to Asia. Revenue increased 9% with growth across all markets. Retail comps were also up 9% on top of a 13% increase last year, with strong growth in both digital and brick-and-mortar stores. China sales increased low double digits on top of an especially strong reopening compare of more than 50% last year.

轉向亞洲。隨著所有市場的成長，收入成長了 9%。零售比較在去年成長 13% 的基礎上也成長了 9%，數位商店和實體商店均強勁成長。與去年相比，重新開業後中國銷售額成長了 50% 以上，而增幅尤其強勁。

While our 618 holiday sales significantly outperformed the market, we continue to experience normalizing consumer trends post pandemic as reflected in our reaffirmed outlook of low teens China growth this year. Sales in Japan, our largest market in the region, increased high single digits, supported by key marketing campaigns and a rebound in tourist spending, which returned to pre-pandemic levels this quarter.

雖然我們的 618 假期銷售明顯優於市場，但我們繼續經歷大流行後消費趨勢的正常化，這反映在我們今年重申的中國低十幾歲增長的前景中。在關鍵行銷活動和遊客支出反彈的支持下，我們在該地區最大的市場日本的銷售額出現了高個位數增長，本季度遊客支出恢復到了大流行前的水平。

Moving to the balance sheet. Our strong balance sheet and cash flows continue to be key enablers of our Fortress Foundation, allowing us to make strategic growth investments in our business while returning cash to shareholders.

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，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。

We ended the quarter with $1.8 billion in cash and short-term investments and $1.1 billion in total debt. We generated about $245 million in free cash, enabling returns of approximately $225 million in the form of dividends and share repurchases this quarter, even as we continue to make important long-term investments in our brand, technology, and ecosystems.

截至本季末，我們的現金和短期投資為 18 億美元，債務總額為 11 億美元。儘管我們繼續對品牌、技術和生態系統進行重要的長期投資，但我們產生了約 2.45 億美元的自由現金，本季以股息和股票回購的形式獲得了約 2.25 億美元的回報。

Net inventory decreased 13% to last year, slightly better than our plan. Our inventory levels continue to be well positioned relative to our outlook for each region and heading into the important fall holiday season, with weeks of supply improving versus last year, despite incremental shipment delays related to the Red Sea.

淨庫存比去年下降13%，略優於我們的計畫。相對於我們對每個地區的前景而言，我們的庫存水平仍然處於有利位置，並且進入重要的秋季假期，儘管與紅海相關的發貨延遲增加，但與去年相比，幾週的供應量有所改善。

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, supply chain disruptions and foreign currency volatility among other considerations. For fiscal '25, we continue to 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、供應鏈中斷和外匯波動等因素。對於 25 財年，我們繼續預期恆定貨幣收入將成長低個位數，集中在 2% 至 3% 左右。

Our outlook continues to include stronger growth in DTC and caution around the North America wholesale channel where demand is improving, but still challenged. Foreign currency is now expected to negatively impact revenue growth by about 150 basis points, driven primarily by Asian FX.

我們的前景繼續包括 DTC 的強勁成長以及對北美批發通路的謹慎態度，該通路的需求正在改善，但仍面臨挑戰。目前預計外幣將對收入成長產生約 150 個基點的負面影響，這主要是由亞洲外匯推動的。

Given the structural headwinds we've seen in the Japanese yen over the past few years, we'll be taking select like-for-like price increases in Japan this fiscal year.

考慮到過去幾年日圓的結構性阻力，我們將在本財年在日本進行選擇性的同類價格上漲。

With regards to this year's revenue cadence, we still expect the first and third quarters to trend below our full year outlook, largely based on the planned timing of wholesale receipts. The third quarter is also impacted by additional factors specific to this year, notably, a shorter holiday selling window between Thanksgiving and Christmas compared to last year, and volatility around the US presidential election and potential related impacts on consumer behavior.

就今年的收入節奏而言，我們仍然預計第一季和第三季的趨勢將低於我們的全年預期，這主要基於批發收入的規劃時間。第三季也受到今年特定因素的影響，特別是與去年相比，感恩節和聖誕節之間的假期銷售窗口較短，以及美國總統大選周圍的波動以及對消費者行為的潛在相關影響。

We continue to expect operating margin to expand about 100 to 120 basis points to a 13.5% to 13.7% range. In constant currency relative to our fiscal '22 Investor Day base period, this keeps us on track to deliver our 15% operating margin target this year. We still expect gross margin to expand 50 to 100 basis points, driven by favorable mix shift towards our international and full price DTC businesses, continued growth in AUR, more than offsetting headwinds from incremental labor and other non-cotton raw material costs, and favorable cotton costs.

我們繼續預期營業利潤率將擴大約 100 至 120 個基點，達到 13.5% 至 13.7% 的範圍。以相對於我們 22 財年投資者日基期的固定匯率計算，這使我們有望實現今年 15% 的營業利潤率目標。我們仍預期毛利率將擴大50 至100 個基點，這得益於向國際和全價DTC 業務的有利組合轉變、AUR 的持續增長、足以抵消勞動力和其他非棉花原材料成本增量帶來的阻力，以及有利的棉花成本。

We successfully renegotiated our annual freight contracts in the first quarter, encompassing the majority of our ocean freight requirements. Based on this visibility, our outlook continues to include minimal impact from freight in the first half of fiscal '25, followed by incremental headwinds from higher spot rates, non-cotton material costs, and labor in the second half of the year, as we called out in May.

我們在第一季度成功重新談判了年度貨運合同，涵蓋了我們的大部分海運需求。基於這種可見性，我們的前景繼續包括 25 財年上半年貨運的影響最小，其次是下半年現貨價格上漲、非棉材料成本和勞動力帶來的增量阻力，因為我們五月就喊出來了。

In addition, we are closely watching the risk of potential additional China tariffs, along with the rest of the industry. We are well positioned following several years of proactive diversification into other supply markets and development of near-shoring capabilities. Currently, China represents a high single-digit percentage of our finished goods coming into the US. And for fiscal '25, foreign currency is expected to negatively impact our gross and operating margins by about 40 basis points.

此外，我們與行業其他公司一樣，正在密切關注中國潛在的額外關稅風險。經過幾年積極進軍其他供應市場和發展近岸能力，我們已處於有利地位。目前，中國在我們進入美國的製成品中所佔比例很高。對於 25 財年，外幣預計將對我們的毛利率和營業利潤率產生約 40 個基點的負面影響。

For the second quarter, we expect revenues to be up low to mid-single digits in constant currency centered around 3% to 4%, led by our DTC channels. Wholesale is expected to improve sequentially from Q1 as North America sell-in more closely aligns to sell-out trends. Digital trends in Europe are expected to be pressured by the timing of an end-of-season sales shift into Q1. Foreign currency is expected to negatively impact revenues by approximately 160 basis points.

對於第二季度，我們預計在 DTC 通路的帶動下，以固定匯率計算，營收將成長至個位數中低至個位數，增幅約為 3% 至 4%。由於北美的銷售與銷售趨勢更加一致，批發預計將比第一季連續改善。歐洲的數位趨勢預計將受到季末銷售轉向第一季的壓力。預計外幣將對收入產生約 160 個基點的負面影響。

We expect second quarter operating margin to expand approximately 80 to 120 basis points in constant currency with roughly 110 to 130 basis points of gross margin expansion more than offsetting higher operating expenses due to the timing of key marketing campaigns this quarter, including the Summer Olympics and our September Fashion show. We still expect marketing investments to grow at a faster rate in the first half of the year and decline in the second half.

我們預計第二季度營業利潤率以固定匯率計算將增長約 80 至 120 個基點，毛利率增長約 110 至 130 個基點，足以抵消由於本季度關鍵營銷活動（包括夏季奧運會和我們的九月時裝秀。我們仍預期上半年行銷投入將較快成長，下半年將會下降。

Excluding marketing, we continue to expect second quarter operating expense to leverage slightly similar to our Q1 trend. And foreign currency is expected to negatively impact gross margin by roughly 40 basis points and operating margin by 50 basis points in the second quarter. Based on favorable tax credits realized in the first quarter, we now expect our fiscal '25 tax rate to be in the range of 22% to 23% for the full year, while the second quarter is expected to be in the range of 21% to 22%.

不包括行銷費用，我們繼續預期第二季營運費用的槓桿率與第一季的趨勢略有相似。外幣預計將對第二季的毛利率產生約 40 個基點的負面影響，對營業利潤率產生約 50 個基點的負面影響。基於第一季實現的優惠稅收抵免，我們現在預計全年 25 財年稅率將在 22% 至 23% 範圍內，而第二季預計將在 21% 範圍內至 22%。

In closing, Ralph's vision of inspiring the dream of a better life is as relevant today as it was over 50 years ago. Resonating with our consumers around the world as well as our teams who proudly and passionately carry this vision forward and continue to execute with agility and dedication. While we are mindful of ongoing volatility and challenges in the broader operating environment, our business continues to be supported by our powerful iconic brand and our multiple drivers of growth across geographies, categories and channels.

最後，拉爾夫激發美好生活夢想的願景在今天和 50 多年前一樣具有現實意義。與我們世界各地的消費者以及我們的團隊產生共鳴，他們自豪而熱情地推進這一願景，並繼續敏捷和奉獻地執行。雖然我們注意到更廣泛的營運環境中持續的波動和挑戰，但我們的業務繼續得到我們強大的標誌性品牌以及跨地域、類別和管道的多重成長驅動力的支持。

And importantly, we remain committed to delivering on year three of our Next Great Chapter: Accelerate plan while, at the same time, investing in our strategic priorities to create long-term value for our stakeholders.

重要的是，我們仍然致力於實現下一個偉大篇章的第三年：加速計劃，同時投資於我們的策略重點，為我們的利害關係人創造長期價值。

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

接下來，讓我們開始詢問您的問題。

(Operator instructions)

（操作員說明）

Michael Binetti with Evercore ISI.

邁克爾·比內蒂 (Michael Binetti) 與 Evercore ISI。

Congrats on a nice quarter. One for Patrice. I guess, with the amount of volatility we're seeing in the marketplace here, especially in the last quarter from some of your peers that are reporting. Any thought on why your consumer seems to be holding up relatively better than others in the market? And do you think those trends are sustainable as you look ahead?

恭喜您度過了一個美好的季度。一張是給帕特里斯的。我想，鑑於我們在市場上看到的波動性，特別是在上個季度，來自一些正在報告的同行。有沒有想過為什麼您的消費者似乎比市場上其他消費者的表現相對更好？展望未來，您認為這些趨勢可持續嗎？

And then I guess just to zero in on Europe for a minute, all the macro data points there look pretty cautious. I know you guys have made a big splash at the Olympics. But could you speak to where you're seeing some of the strongest and maybe the weaker trends in DTC comps? And it sounds like wholesale has outsized growth in the digital native retail channel with your largest partner. I'm curious how sustainable you think the wholesale trends are in Europe.

然後我想歐洲的所有宏觀數據點看起來都相當謹慎。我知道你們在奧運會上引起了很大的轟動。但您能談談您在 DTC 比較中看到的一些最強趨勢和可能較弱的趨勢嗎？聽起來批發與您最大的合作夥伴在數位原生零售通路的成長速度驚人。我很好奇您認為歐洲的批發趨勢有多可持續。

All right. Well, thanks for your double barrel question. Let me start on the first part, let me start by saying how exciting is the rolling thunder of the marketing activations at Ralph Lauren right now. Just to list a few of the activities that have happened over the past few months, April Fashion Show in New York, presents at Salone del Mobile in our men's presentation in Milan, Wimbledon, the Summer Olympics obviously going on in Paris right now. Then we've got the US Open, then we have our show, then we have an entire program for the holiday season. So exciting rolling thunder of activities right now.

好的。嗯，謝謝你的雙桶問題。讓我從第一部分開始，首先讓我說一下現在Ralph Lauren 的行銷活動滾滾雷鳴是多麼令人興奮。僅列出過去幾個月發生的一些活動，紐約的四月時裝秀、米蘭家具展的男裝發表會、溫布頓、夏季奧運會顯然正在巴黎舉行。然後我們有美國公開賽，然後我們有我們的表演，然後我們有整個假期的計劃。現在的活動真是令人興奮不已。

And I think it's really clear, based on that, that Ralph Lauren is a powerful player not just in fashion, but also in culture. And the consumer is responding around the world. Our Net Promoter Scores, as we mentioned in our prepared remarks, are up 400 basis points globally. Our online search grew 25% this last quarter, outpacing our entire competitive set, and this was even before the Olympics kicked in.

基於此，我認為很明顯，Ralph Lauren 不僅在時尚領域，而且在文化領域都是強大的參與者。世界各地的消費者正在做出回應。正如我們在準備好的演講中所提到的，我們的淨推薦值在全球範圍內上升了 400 個基點。上個季度我們的線上搜尋量成長了 25%，超過了我們整個競爭對手，而且這甚至是在奧運會開始之前。

So of course, we're not immune to broader macro pressures on the consumer. And listen, we're well aware of the heightened concerns coming into the markets this week. But from a fundamentals perspective, you can see that our core consumer is responding to these activations. And really, if you look at it beyond that, what else is working?

當然，我們也不能倖免於消費者面臨的更廣泛的宏觀壓力。聽著，我們很清楚本週市場的擔憂加劇。但從基本面的角度來看，您可以看到我們的核心消費者正在對這些活化做出反應。事實上，如果你看看除此之外，還有什麼在起作用呢？

Well, first, our lifestyle portfolio of timeless products, bolstered by our core. That really continues to resonate and consumers are investing in quality. They're investing in authenticity and at times of uncertainty and volatility, we know consumers will lean into brands they know and trust. And Ralph Lauren is at the very top of that list.

嗯，首先，我們的生活方式產品組合是永恆的產品，由我們的核心支撐。這確實繼續引起共鳴，消費者正在對品質進行投資。他們投資於真實性，在不確定和波動的時期，我們知道消費者會傾向於他們了解和信任的品牌。拉爾夫·勞倫 (Ralph Lauren) 名列榜首。

Second, our elevated go-to-market strategy across key cities. China and Europe, and I'll come back to your question on Europe, are great examples of where we are running our play and bucking the market trends. And even within North America, which has been a little slower, we're encouraged to see how consistently strong our performance in our Ralph Lauren stores has been.

其次，我們在主要城市加強了進入市場的策略。中國和歐洲，我會回到你關於歐洲的問題，是我們開展業務並逆市場趨勢發展的一個很好例子。即使在北美地區（成長速度稍慢），我們也很高興看到我們的 Ralph Lauren 商店的表現一直保持強勁。

And then third and, most importantly, our teams are executing. They're executing consistently and they're executing with incredible agility. So you've heard me say this before, but as a company and as a team, we remain on offense, operating with agility and focus on what we can control while of course, staying in tune with the ongoing volatility in the environment.

第三，最重要的是，我們的團隊正在執行。他們始終如一地執行，並以令人難以置信的敏捷性執行。所以你以前聽過我說過這句話，但作為一家公司和一個團隊，我們仍然保持進攻，敏捷運營，專注於我們可以控制的事情，當然，與環境的持續波動保持一致。

We have a proven, diversified strategy that we've been executing over the past five to seven years, and we're going to continue to drive our brand desirability and leverage our multiple drivers of growth to create long-term value. And actually, Justin, as your baptism of fire, why don't you take the Europe question.

我們在過去五到七年中一直在執行經過驗證的多元化策略，我們將繼續提高我們的品牌吸引力，並利用我們的多種成長動力來創造長期價值。事實上，賈斯汀，作為你的火的洗禮，為什麼不接受歐洲問題？

Fantastic. We'll do. So we're encouraged by the consumer demand we see in Europe and our sales grew quite nicely in Q1. We saw growth in all markets ex UK and a really strong DTC comp.

極好的。我們會做的。因此，我們對歐洲的消費者需求感到鼓舞，我們的銷售額在第一季成長得相當不錯。我們看到了除英國以外的所有市場的成長以及非常強大的 DTC 競爭。

We also saw the broader sort of environment continue to be very promotional. But we did not participate in those promotions. In fact, we pared back our promotions and saw some really nice quality of sale gains in that market.

我們也看到更廣泛的環境仍然非常具有促銷性。但我們沒有參加那些促銷活動。事實上，我們削減了促銷活動，並在該市場上看到了一些非常好的銷售品質。

On the wholesale side, our business increased on the back of really strong reorders, especially notable is our digital pure plays, they really performed nicely in the quarter and are coming off of their second quarter -- second half last year reset. And then taking a big step back, we do have a little bit of a tailwind from tourism, but domestic demand is really what drives our business in Europe, and we're seeing that really, really perform well. Patrice mentioned the macros, we're not immune. So we're watching the UK we've got our eye on Southern Europe.

在批發方面，我們的業務在強勁的再訂單的支持下有所增長，尤其值得注意的是我們的數位純業務，他們在本季度的表現確實很好，並且即將結束第二季度（去年下半年的重置）。然後退一步說，我們確實有一點來自旅遊業的推動力，但國內需求確實是我們在歐洲業務的推動力，我們看到它的表現真的非常好。帕特里斯提到了宏，我們也不能倖免。因此，我們正在關注英國，我們也關注南歐。

We know FX turns back into a headwind with the stronger dollar, and we know the Middle East and Red Sea situations persist. But we continue to forecast growth for the region and feel good about that outlook cautiously optimistic in Europe.

我們知道，隨著美元走強，外匯市場將重新陷入逆風，我們也知道中東和紅海局勢持續存在。但我們繼續預測該地區的成長，並對歐洲的前景感到謹慎樂觀。

And just to add, I'm really proud of the work our European teams are doing in a volatile context, whether that's how the brand is showing up and having had the opportunity to see the burn in Paris recently and across European markets, we're showing up in an elevated engaging way. And the quality of execution and the touch points that we have, whether that's in our stores, online or whether the wholesale partners is absolutely fantastic. So still cautious on the environment, but really excited about the work that our teams are doing there.

補充一點，我對我們的歐洲團隊在動蕩的環境中所做的工作感到非常自豪，無論這就是該品牌的表現，還是有機會看到最近在巴黎和整個歐洲市場的燃燒，我們'我們以一種引人入勝的方式出現。我們的執行品質和接觸點，無論是在我們的商店、線上或批發合作夥伴，都絕對很棒。因此，我們對環境仍然持謹慎態度，但對我們團隊在那裡所做的工作感到非常興奮。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Justin, it's nice to see that you maintain the full year guide, especially in such a volatile environment right now. With Q1 coming in ahead of your outlook, can you talk about why you maintained the full year guide? Is this just a continuation of broader caution that you called out back in May? Or how confident are you that you can still deliver on this plan even if the consumer environment gets tougher from here?

賈斯汀，很高興看到您保留全年指南，尤其是在目前如此動蕩的環境下。隨著第一季的到來，您能談談為什麼維持全年指南嗎？這是否只是您五月呼籲的更廣泛警告的延續？或者，即使消費者環境從此變得更加艱難，您對仍能實現該計劃有多大信心？

And then secondly, from a modeling standpoint, how should we think about North America wholesale for 2Q and the full year on a year-over-year basis?

其次，從建模的角度來看，我們應該如何看待第二季和全年的北美批發年比情況？

Thanks, Laurent. First off, I just want to say it's great to join Patrice and you all in today's live call. I've already had the good fortune to meet many of you in my former role, and I look forward to spending more time with you in the future. So Laurent, to your questions. Yes, we were pleased we were able to maintain our full year guide on both the top and bottom line, in line with our three-year commitments and also consistent with sort of our general approach to guidance at this point early in the fiscal ahead of the all-important holiday season.

謝謝，洛朗。首先，我想說很高興加入帕特里斯和你們大家參加今天的現場通話。我已經有幸在以前的職位上認識了你們中的許多人，我期待著將來與你們共度更多時光。勞倫特，回答你的問題。是的，我們很高興能夠在營收和利潤方面維持全年指導，這符合我們的三年承諾，也符合我們在本財年早期的整體指導方法。

And coming into the year, we assumed a status quo continuation of recent customer behavior and macro trends. And with today's report, we maintain that view. And that includes caution around the global macro and consumer backdrop, wholesale channel softness in North America and also some incremental pressures from product costs largely in the second half of our fiscal year. But taking a step back for a second. We've been building a durable strategy for a number of years.

進入這一年，我們假設近期客戶行為和宏觀趨勢將延續現狀。透過今天的報告，我們維持這一觀點。這包括對全球宏觀和消費者背景的謹慎態度、北美批發管道的疲軟以及主要在我們財年下半年產生的產品成本的一些增量壓力。但退後一步。多年來，我們一直在製定持久戰略。

And Ralph really built the ultimate timeless brand and we're facing a potentially tougher consumer backdrop. We're going to continue to lean on our brand, our really strong brand that brings with it that clear value proposition that consumers know and trust.

拉爾夫確實打造了終極永恆的品牌，而我們正面臨著潛在的更嚴峻的消費者背景。我們將繼續依靠我們的品牌，我們真正強大的品牌，它帶來了消費者了解和信任的明確價值主張。

We're going to lean on our products, consumers rely on them for quality and authenticity. We're going to be on our diversification, both growth drivers and also our flexible supply chain. We're going to lean our inventories that are well positioned, and we're going to focus on our productivity and then we have our Fortress balance sheet underlying it all, which we know is a key differentiator in the industry. So looking ahead this year and beyond, I think we feel good about how we're positioned, but we're going to continue to operate with agility and discipline in this environment which is quite dynamic.

我們將依賴我們的產品，消費者依賴它們的品質和真實性。我們將實現多元化，既是成長動力，也是我們靈活的供應鏈。我們將精益我們定位良好的庫存，我們將專注於我們的生產力，然後我們有我們的 Fortress 資產負債表作為這一切的基礎，我們知道這是該行業的關鍵差異化因素。因此，展望今年及以後，我認為我們對自己的定位感覺良好，但我們將繼續在這個充滿活力的環境中靈活、自律地運作。

In terms of the wholesale trending question, we're encouraged by our improving wholesale seasonal sell-out trends in North America over the past few seasons. That said, our outlook remains cautious. In channel demand still remains relatively soft and down modestly versus last year. In Q1 specifically, our North America wholesale revenue was pressured by a few factors. The first, we had some full price shipment timing shifts, that pressured Q1.

就批發趨勢問題而言，我們對過去幾季北美批發季節性銷售趨勢的改善感到鼓舞。儘管如此，我們的前景仍保持謹慎。通路內需求仍相對疲軟，與去年相比略有下降。具體來說，在第一季度，我們的北美批發收入受到幾個因素的壓力。首先，我們有一些全價出貨時間的變化，這給第一季帶來了壓力。

We also had a pretty meaningful off-price reduction with our clean and well positioned inventories. If you ex those items, our underlying full price sell-in for the quarter was pretty in line with our spring seasonal sell-out trends of that down low single digits.

我們也憑藉著乾淨且位置優越的庫存進行了相當有意義的降價。如果您排除這些商品，我們本季的基本全價銷售量與我們春季季節性銷售量下降的低個位數趨勢非常一致。

We always knew Q1 was going to be our most challenging quarter for North America wholesale and for North America in total. And going forward, we do expect for sell-in to more closely align with the current sellout that down low single-digit range, as we move through fiscal '25. So a stabilization, and this is going to start in the second quarter. We also continue to keep our inventories really clean in that channel and well positioned. We want to be able to chase into demand if and when we see it, especially on the core and we remain focused on really driving growth where we see the green shoots, right, where our strategy is, top doors, digital.

我們一直都知道，第一季將是北美批發和北美地區最具挑戰性的季度。展望未來，隨著我們進入 25 財年，我們確實預期銷售量將與目前的銷售量更加接近，下降到個位數的低點。因此，穩定將在第二季開始。我們也繼續保持該渠道的庫存清潔並處於有利位置。我們希望能夠在看到需求時追趕需求，尤其是在核心領域，我們仍然專注於真正推動成長，我們看到了萌芽，對，我們的策略是數位化。

We had a really solid positive sellout in Q1 and our upper tier businesses, all areas where we're seeing traction.

我們在第一季和我們的高端業務中獲得了非常穩定的積極銷售，所有這些領域我們都看到了吸引力。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on a nice quarter. So Patrice, with international outperformance across both Europe and Asia, I guess what inning do you see the brand's elevation strategy today on the international front? Or any changes in direct-to-consumer momentum that you've seen so far in the second quarter?

恭喜您度過了一個美好的季度。那麼帕特里斯，在歐洲和亞洲的國際表現都表現出色，我想您認為該品牌今天在國際方面的提升策略處於第幾局？或者您在第二季度到目前為止看到的直接面向消費者的勢頭有什麼變化嗎？

And then Justin, just could you elaborate on drivers of the embedded SG&A leverage in the back half of the year? And is the multiyear opportunity still to drive SG&A leverage?

Justin，您能否詳細說明今年下半年內嵌 SG&A 槓桿的驅動因素？多年機會是否仍能推動銷售、管理及行政費用槓桿？

So thank you, Matt, for that question. I'm not sure the baseball analogies actually works for our elevation strategy because the game is never going to end. Certainly, where we are in international is where our brand is most elevated. And you go to Shanghai, you go to London or you go to Munich, you can see the way the brand shows up and clearly, that's translating into strong performance. We're going to continue to consistently elevate our storytelling, our product offering and our consumer experience online and digital.

謝謝你，馬特，提出這個問題。我不確定棒球類比是否真的適用於我們的海拔策略，因為比賽永遠不會結束。當然，我們在國際上的地位是我們品牌最高的。你去上海、倫敦或慕尼黑，你可以看到品牌的展示方式，而且很明顯，這正在轉化為強勁的業績。我們將繼續不斷提升我們的故事敘述、產品供應以及線上和數位消費者體驗。

I don't think that actually ever stops for the company. And if you look at the history of what Ralph has built over the past 57 years, I think that's been a true line that's driven all the activities and focus over that time. So expect us to continue to drive that. We're continuing to drive AURs even where we have the highest AURs in the world in a market like China, for example or Japan. And I have to say I'm really excited to see the momentum that we have that is so broad-based, right?

我認為這對公司來說實際上永遠不會停止。如果你看看 Ralph 在過去 57 年所建立的歷史，我認為這是一條真正的路線，推動了那段時期的所有活動和焦點。因此，期待我們繼續推動這一趨勢。即使我們在中國或日本等擁有全球最高 AUR 的市場，我們也會繼續提高 AUR。我必須說，看到我們擁有如此廣泛的勢頭，我真的很興奮，對吧？

Really strong Japan performance this past quarter, kind of still double digits in an environment that's complicated. Korea doing well, Australia doing well and our key markets in Europe doing well, as you heard from Justin earlier.

日本上個季度的表現確實強勁，在複雜的環境中仍保持兩位數。正如您之前從賈斯汀那裡聽到的，韓國表現良好，澳洲表現良好，我們歐洲的主要市場也表現良好。

So the elevation journey continues. The key for us, as we do this, is value perception, right, is to make sure that as we elevate, we're bringing the consumer along and he and she consistently value, sees competitive attractive value in what we have to offer. And I think that underpins our multiyear AUR expansion. You can't just take pricing and assume the consumer will follow you. It's got to be done in the context of broad elevation.

於是，海拔之旅還在繼續。當我們這樣做時，關鍵是價值感知，正確的，是確保當我們提升時，我們正在吸引消費者，他和她始終如一地重視，在我們提供的產品中看到有競爭力的有吸引力的價值。我認為這支撐了我們多年的 AUR 擴張。你不能只考慮定價並假設消費者會追隨你。這必須在廣泛的高度背景下進行。

Candidly, I think our priority right now, in addition to fueling that is how do we drive the same level of elevation in North America. And the starting point was lower because of historical activities that was done many years back in terms of over distribution of the brand and probably over reliance on promotional activity. And so we are working diligently to get to the same level in North America as we are around the world. And you see that play out in our full price stores here in North America with very strong comps again this quarter. And if you've had a chance to visit our stores around our key cities, you can really see the great work that our teams are doing to engage the consumer to provide a unique experience.

坦白說，我認為除了推動這一目標之外，我們現在的首要任務是如何在北美推動同樣的海拔水平。由於多年前就品牌過度分銷以及可能過度依賴促銷活動而進行的歷史活動，起點較低。因此，我們正在努力工作，以期在北美達到與世界各地相同的水平。您會看到我們在北美的全價商店在本季再次表現出非常強勁的競爭。如果您有機會參觀我們在主要城市的商店，您可以真正看到我們的團隊為吸引消費者提供獨特的體驗所做的出色工作。

So Matt, on the SG&A outlook, so our fiscal '25 guide implies about 20 bps of SG&A leverage, weighted in the second half, really due to a couple of factors, a little bit of the wholesale stabilization, but mostly timing of market. So if you think about our marketing activation this fiscal year, in the first half, we've got two fashion shows, we have the Olympics, a number of key major moments. Our marketing rate is going to be a bit higher than you saw it in the first quarter. You'll see it again in the second quarter, a bit higher, and we're leveraging in the first quarter ex marketing. We expect that trend to continue as well.

馬特，關於 SG&A 前景，我們的 25 財年指南意味著下半年加權的 SG&A 槓桿約為 20 個基點，這實際上是由於幾個因素，一點點批發穩定，但主要是市場時機。因此，如果你考慮我們本財年的行銷活動，在上半年，我們有兩場時裝秀，我們有奧運會，還有一些關鍵的重大時刻。我們的行銷率將比您在第一季看到的要高一些。您將在第二季度再次看到它，略高一些，我們將在第一季扣除行銷費用。我們預計這種趨勢也將持續下去。

But on a total SG&A trend, that marketing rate is going to come down in the second half of the fiscal year. You're also going to see us start to scale some of the key investments we've been making in the past 12 to 24 months, including around talent and service and some of our DTC strategic growth investments. When it comes to the multiyear opportunity to drive leverage, I think as we've seen begin this fiscal year, we're expecting a more balanced contribution to profitability between our gross profit expansion and our SG&A leverage. And I think we expect that to continue on beyond fiscal '25.

但從銷售、管理及行政費用 (SG&A) 整體趨勢來看，行銷率將在本財年下半年下降。您還將看到我們開始擴大過去 12 至 24 個月內進行的一些關鍵投資，包括圍繞人才和服務以及我們的一些 DTC 策略成長投資。當談到推動槓桿率的多年機會時，我認為正如我們在本財年開始所看到的那樣，我們預計毛利擴張和銷售、管理及行政費用槓桿之間對盈利能力的貢獻將更加平衡。我認為我們預計這種情況將持續到 25 財年之後。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Excellent. Justin, nice to see the seven handle on gross margin. What are the remaining opportunities within product margin? Do you still have room for higher AURs and lower markdowns. Is there a channel shift that you'll continue to benefit from?

出色的。賈斯汀，很高興看到毛利率的七個手把。產品利潤還剩下哪些機會？您還有更高的 AUR 和更低的降價空間嗎？您是否會繼續受益於通路轉變？

I think DTC could push 70% of revenue this year. So anything to help us unpack, that would be helpful.

我認為DTC今年可以推動70%的營收。所以任何能幫助我們解開包裝的東西都會有幫助。

Sure. So John, I think a step back and I think about -- so really strong gross margin expansion, continued strong gross margin expansion in Q1, which continues to drive profitability and really reinforces the durability of our brand elevation strategy. And when we think about the drivers, many of them are durable and are going to continue on, right? So we think about things like favorable product mix as we elevate our product, right, as we grow our high categories. All this is going to be a durable driver.

當然。所以約翰，我退後一步，我想——如此強勁的毛利率擴張，第一季持續強勁的毛利率擴張，這將繼續推動盈利能力，並真正加強我們品牌提升戰略的持久性。當我們想到驅動程式時，他們中的許多人都是耐用的並且會繼續使用，對嗎？因此，當我們提升我們的產品時，當我們發展我們的高品類時，我們會考慮諸如有利的產品組合之類的事情。所有這一切都將成為持久的驅動力。

We think about the favorable channel and geographic mix, right, as we shift or continue to expand DTC. You're going to see that benefit.

當我們轉移或繼續擴大 DTC 時，我們會考慮有利的管道和地理組合。你將會看到這個好處。

And as we continue to outpace our growth in Asia, you're going to see that benefit in Europe, obviously helping us nicely as well. And then when you take a step back, AUR, we're going to see AUR continue to grow on the backs of that product and marketing elevation, less of a like-for-like price increase component as inflation moderates, but you're still going to see that solid mid-single-digit AUR growth that you've seen this quarter and that we expect this year. And then we had a couple of years of headwind there. We have seen that start to come through, when we expect that to continue to come through as we move through this year, more weighted to the second half. But then as we get to next year, we'll get the second tranche of that time cost recapture, and that's another sort of durable driver beyond this fiscal year.

隨著我們繼續超越亞洲的成長，您將在歐洲看到這種好處，顯然也對我們有很大幫助。然後，當你退後一步時，AUR，我們將看到 AUR 在該產品和行銷提升的支持下繼續增長，隨著通貨膨脹的緩和，類似的價格上漲成分減少，但你仍然會看到本季度以及我們今年預計的中個位數AUR 穩健成長。然後我們在那裡遇到了幾年的逆風。我們已經看到這種情況開始發生，我們預計今年這種情況將繼續發生，尤其是下半年。但到了明年，我們將收回第二部分時間成本，這是本財年之後的另一個持久驅動力。

On the headwind side, I would just call out this year, freight, we're ex Red Sea. We feel like we're pretty well positioned. We did a pretty good job in negotiating our annual contracts, but we do have some uncertainty there largely in the second half depending on which way the spot rates go and FX continues to be a bit of a drag. But taking a step back, we feel really well positioned with our durable gross margin drivers in fiscal '25 and beyond.

在逆風方面，我只想說今年，貨運，我們是前紅海。我們覺得我們處於非常有利的位置。我們在年度合約談判方面做得相當不錯，但我們確實存在一些不確定性，主要是在下半年，這取決於即期匯率的走勢以及外匯繼續受到的拖累。但退一步來說，我們認為我們在 25 財年及以後的持久毛利率驅動因素確實處於有利位置。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Are you seeing any signs of increased price sensitivity of your customer, especially in North America, either in your value customer or your more premium customer? And as you head into the holiday season, what strategies are you implementing to engage the value-focused customer while maintaining the quality of sales gains that you've achieved at the brand?

您是否發現客戶（尤其是在北美）的價值客戶或更優質客戶的價格敏感度增加？當您進入假期季節時，您正在實施哪些策略來吸引註重價值的客戶，同時保持您在品牌上取得的銷售收益的品質？

So I guess when I think about the full price performance. Our full-price business is performing really, really well. Our core customer continues to be resilient, and we're seeing really good related momentum in that business. Our brick-and-mortar comp growth could just be led by our full-price Ralph Lauren stores. We're seeing strong gross margin expansion with strong quality of sales.

所以我想當我考慮完整的性價比。我們的全價業務表現非常非常好。我們的核心客戶繼續保持彈性，我們看到該業務的相關勢頭非常好。我們的實體店競爭成長只能由我們的全價 Ralph Lauren 商店引領。我們看到毛利率強勁成長，銷售品質強勁。

We're seeing reductions in the off-price channel, which you saw come through in our wholesale numbers in North America.

我們看到折扣管道有所減少，您可以在我們北美的批發數量中看到這一點。

And our new consumer acquisition is bringing in higher quality, less price-sensitive, higher basket consumers. So we feel good about that business. I would say that from a value-oriented perspective, it's a subset of our consumers' smaller part, still pressured given the current macroeconomics. But we have a playbook that we've established to convert this consumer. It's very tactical.

我們新的消費者獲取正在帶來更高品質、對價格不太敏感、更高購物籃的消費者。所以我們對這項業務感覺很好。我想說，從價值導向的角度來看，它是我們消費者較小部分的一個子集，考慮到當前的宏觀經濟，仍然面臨壓力。但我們已經制定了一個策略來轉變這個消費者。這是非常有戰術性的。

It's targeted, compelling price value product propositions, personalized communications, and we're seeing that connect.

它是有針對性的、令人信服的價格價值產品主張、個人化的溝通，我們正在看到這種連結。

We're not immune to the macros. And we know they're still out there. So we're going to monitor the environment and react accordingly, but we're leveraging the architecture that we've built up over the past few years to be able to continue to convert that subset of value-oriented consumers. And AUR in Q1, despite being in a really challenging environment, not only increased the total company, but increased across all of our regions. So really pleased with the continued progress and the proof of concept in our brand elevation strategy.

我們不能免受巨集的影響。我們知道他們仍然在那裡。因此，我們將監控環境並做出相應反應，但我們正在利用過去幾年建立的架構，以便能夠繼續轉變以價值為導向的消費者子集。儘管處於非常具有挑戰性的環境中，第一季的 AUR 不僅增加了公司總數，而且在我們所有地區都增加了。我們對品牌提升策略的持續進展和概念驗證感到非常滿意。

Bob Drbul, Guggenheim

鮑勃·德布爾，古根漢

Just on the US wholesale North American wholesale. Can you spend some more time just on like the top 100 stores? I know you're closing some additional ones. Just sort of where do you think you are in the consolidation of the US

就美國批發北美批發。你能花更多的時間去看看前 100 名商店嗎？我知道您正在關閉一些其他的。您認為您在美國的整合中處於什麼位置

wholesale with some of the additional closures that you have this year?

今年你們有一些額外的關閉嗎？

Bob, well, as you know, we've been on a journey of elevating our wholesale presence pretty meaningfully over the past few years in North America. Wholesale has a strategic role to play in our go-to-market model, quality wholesale, really around brand discovery. So while we are leaning more into DTC, and as you know, that's the majority of our business now and that share of our total business will continue to expand. We believe in quality wholesale. Key focus areas indeed are top 100 doors, digital, where we're doing particularly well.

鮑勃，嗯，如您所知，過去幾年我們一直在有意義地提升我們在北美的批發業務。批發在我們的市場進入模式、優質批發中發揮戰略作用，真正圍繞著品牌發現。因此，雖然我們更傾向於 DTC，但如您所知，這是我們現在的大部分業務，並且占我們總業務的份額將繼續擴大。我們相信優質批發。重點關注領域確實是數位化的 100 強門，我們在這方面做得特別好。

And then we continue to prune those doors that we feel do not enable us to showcase the brand in the right way. We, I think, guided that this year we'll be shutting down 45 lower-tier doors this fiscal year. Last year, we shut down 20, right? The impact is going to be relatively minimal in terms of business impact. But I think in the way the brand shows up in North America that will help us continue to drive the elevation.

然後我們繼續修剪那些我們認為無法以正確方式展示品牌的門。我認為，今年我們將在本財年關閉 45 家低層門市。去年，我們關閉了 20 個，對嗎？就業務影響而言，影響相對較小。但我認為該品牌在北美的展示方式將有助於我們繼續推動提升。

Going forward, I think if you ask me for a number, we'd say we probably closed 20 doors per season, 40 doors per year for a total of 150 door exits for the future, recognizing that we've shut down thousands of doors over the past few years. So we've got a good healthy foundation. We're going to continue to challenge it.

展望未來，我想如果你問我一個數字，我們會說我們可能每個賽季關閉 20 扇門，每年 40 扇門，未來總共 150 個門出口，認識到我們已經關閉了數千扇門過去幾年。所以我們有一個好的健康基礎。我們將繼續挑戰它。

And what's encouraging is when we look at recent share performance in those businesses, we're growing here. And while the -- as you heard from Justin, obviously, that segment and as you guys of course know, that channel continues to be pressured but we're growing share in that environment. And we're excited about that, and we want to continue to fuel that. And then in the higher-tier wholesale, actually, we're seeing very strong growth rates. So we're quite encouraged by that as well.

令人鼓舞的是，當我們查看這些企業最近的股價表現時，我們正在成長。雖然——正如您從賈斯汀那裡聽到的那樣，顯然，該細分市場以及您當然知道的那樣，該渠道繼續受到壓力，但我們在該環境中的份額正在增長。我們對此感到興奮，並希望繼續推動這一點。實際上，在高層批發領域，我們看到了非常強勁的成長率。所以我們也對此感到非常鼓舞。

And we continue to see quality of sales increase over the past couple of quarters in that channel, which also gives us sort of reason to believe that we've got the right growth trajectory in place in that channel.

我們繼續看到過去幾季該通路的銷售品質不斷提高，這也讓我們有理由相信我們在該通路已經找到了正確的成長軌跡。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Patrice, can you talk a little bit more about the high potential categories, women's apparel, outerwear, handbags. I think you mentioned Jennifer Lawrence carrying the Polo ID bags. You mentioned they grew mid-single digits in the quarter outpaced total company growth. Just talk about the progress you've made over the last 90 days and what your outlook is for the rest of the year for those high potential categories.

帕特里斯，您能多談談高潛力類別，女裝、外套、手袋嗎？我想你提到珍妮佛勞倫斯拿著 Polo 證件袋。您提到他們在本季度的成長速度達到了中個位數，超過了公司整體成長速度。只需談談您在過去 90 天內取得的進展以及您對今年剩餘時間這些高潛力類別的展望。

Yes. We're excited about that business, Jay. So thanks for your question. We're excited about it because we know the market -- the total addressable market is quite meaningful across all three women's apparel, outerwear and handbag we're excited because the consumer is telling us that our brand resonates in that space. And we're excited because our teams are building great capabilities in terms of both marketing, product offering and go-to-market for us to be competitive there.

是的。我們對這項業務感到很興奮，傑伊。謝謝你的提問。我們對此感到興奮，因為我們了解市場——整個潛在市場對於所有三種女裝、外套和手提包都非常有意義，我們感到興奮是因為消費者告訴我們，我們的品牌在該領域產生了共鳴。我們很興奮，因為我們的團隊正在行銷、產品提供和進入市場方面建立強大的能力，以使我們在當地具有競爭力。

So if you kind of parse them out, women's apparel was the standout, right? Continued momentum, double-digit growth on that business, AUR growth as well. So we're continuing to elevate market share gain and really, if you look at the drivers from a product standpoint, it's really foundational strategy in core, right? That's what's driving, which makes it sustainable, right? This is not driven by fashion items, which may be hot today, but cold tomorrow.

所以如果你仔細分析一下，女裝是最突出的，對吧？持續的勢頭，該業務實現兩位數增長，AUR 也增長。因此，我們正在繼續提高市場份額，實際上，如果您從產品的角度來看驅動因素，這確實是核心的基礎策略，對嗎？這就是推動力，使其可持續發展，對嗎？這不是由時尚單品驅動的，時尚單品可能今天很熱，但明天就會很冷。

These are items that are core, that are timeless, that are authentic, so think sweaters, think linen and Polo shirts.

這些都是核心的、永恆的、正宗的單品，例如毛衣、亞麻布和 Polo 衫。

We have very strong focus on iconic shirt dresses this quarter that's really resonating well for women. And if I go back to Matt's baseball analogy earlier, I think it does apply here. Women's wear like in the second inning, right, in terms of taking advantage of that opportunity. Because as you know, historically, we've been more of a male focused company.

本季我們非常關注能夠引起女性共鳴的標誌性襯衫裙。如果我早些時候回到馬特的棒球類比，我認為它確實適用於這裡。女裝就像第二局一樣，對吧，就利用了這個機會。因為如您所知，從歷史上看，我們更像是一家以男性為中心的公司。

Outerwear is something we are really pleased with because we've seen strong performance and momentum in that category for many quarters and years now, with so much more to go. So this season, we saw strength in our lightweight outerwear, I think Canvas City jacket, linen windbreakers, Denim with outperformance of costs really every single channel. So good foundation there. I think the key evolution, Jay, for us in this category is the realization that you need outerwear every single day of the year, not just in the fall or in the winter, and we have great propositions across the portfolio on that.

外套是我們非常滿意的產品，因為我們已經看到該類別多年來的強勁表現和勢頭，而且還有更多的發展空間。所以這一季，我們看到了輕盈外套的優勢，我認為 Canvas City 夾克、亞麻風衣、牛仔布的價格確實在每個渠道都表現出色。那裡的基礎很好。 Jay，我認為，對我們來說，這個類別的關鍵演變是認識到您一年中的每一天都需要外套，而不僅僅是在秋天或冬天，我們在整個產品組合中對此都有很好的主張。

And then handbags is a category that's really important for us because if you look at the size of the market around the world and how fragmented that market is, it's a major opportunity for us. We are progressively building momentum in this space. The thing I would call out, and I'm glad you noticed Jennifer Lawrence wearing our yellow Polo ID handbag, among others, is the work that's been done on Polo. And what we're seeing is continued success on our foundational collections Polo IDs, different colors, different silhouettes. And you're going to see that continue to evolve.

然後手袋是一個對我們來說非常重要的類別，因為如果你看看世界各地市場的規模以及該市場的分散程度，這對我們來說是一個重大機會。我們正在這個領域逐步建立勢頭。我要指出的是，我很高興您注意到珍妮佛勞倫斯 (Jennifer Lawrence) 穿著我們的黃色 Polo ID 手提包，其中包括我們在 Polo 上所做的工作。我們看到的是我們的 Polo ID 基礎系列、不同顏色、不同輪廓的持續成功。你會看到它繼續發展。

But I think we're really building an impact with the Polo ID, and we're seeing that resonate really around the world with great strength in Asia, but also strong relevance here in the US and across Europe.

但我認為我們確實透過 Polo ID 產生了影響，我們看到它在世界各地產生了真正的共鳴，在亞洲具有巨大的影響力，而且在美國和整個歐洲也具有很強的相關性。

We're seeing our Lauren business also strengthened as we've elevated that proposition. Better quality design, better styling, better presentation of the product. And then we've had some exciting innovation on collection with our RL 888 bag that we continue to showcase and are seeing good response too. So listen, we're not -- we don't guide by category, but I think it's reasonable to assume that our high potential categories will consistently outperform the trend of the total company. And if you look at the size of the markets for each of these, we're talking tens of billions of dollars.

隨著我們提升這一主張，我們看到勞倫的業務也得到了加強。更好的品質設計、更好的造型、更好的產品展示。然後，我們在 RL 888 包款系列中進行了一些令人興奮的創新，我們繼續展示這些創新，也看到了良好的反響。所以聽著，我們不是 - 我們不按類別進行指導，但我認為可以合理地假設我們的高潛力類別將始終優於整個公司的趨勢。如果你看看每個市場的規模，我們談論的是數百億美元。

So even if we just have a fraction of those markets that represent significant building blocks, not just for this three-year phase that we started in September 2022, but really for the longer-term potential of the company.

因此，即使我們只有一小部分市場代表著重要的組成部分，不僅僅是對於我們於 2022 年 9 月開始的這個三年階段，而且對於公司的長期潛力而言。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Nice to see the progress. Patrice, as you think about the retail channel and full price versus outlet stores, how was the outlet store performance? What are you seeing there? And on the expansion of full price, you had some smaller footprints, too, how are you thinking of the potential?

很高興看到進展。帕特里斯，當您考慮零售通路和全價與直銷店相比時，直銷店的表現如何？你在那裡看到什麼？在全價擴張方面，您的足跡也較小，您如何看待潛力？

And then just on the benefit of lower cotton prices, how much of a benefit is that to gross margin? How long does that continue? And does it help offset any of the supply chain costs?

那麼，僅考慮棉花價格下跌的好處，這對毛利率有多大好處？這種情況持續多久？它是否有助於抵消任何供應鏈成本？

Thanks, Dana. I think you're going to get an even better answer from Justin. So I want to turn it over to Justin.

謝謝，達納。我想你會從賈斯汀那裡得到更好的答案。所以我想把它交給賈斯汀。

Dana, thanks for the question. We're pleased with the solid brick-and-mortar comp we put up in Q1, growth across all of our three regions. I would say Ralph Lauren full-price stores were standout globally, continued strong performance across all of our regions, including in North America and driven by traffic. And of course, we get a little bit of a tourism kiss, but again, domestic consumer momentum and also some pretty tough compares.

達納，謝謝你的提問。我們對第一季的實體業績以及所有三個地區的成長感到滿意。我想說，拉爾夫·勞倫 (Ralph Lauren) 全價商店在全球範圍內表現出色，在客流量的推動下，我們所有地區（包括北美）的業績持續強勁。當然，我們得到了一些旅遊業的青睞，但同樣，國內消費者的動力以及一些相當艱難的比較。

On the outlet side, comps were stable, consistent with recent quarters with AUR growth and conversion trends also stable. In North America, you did see a little bit of a sequential slowdown just due to the negative Easter timing shift into Q4 with underlying growth consistent with Q4. And our outlook, if you look beyond the quarter, reflects a continuation of those underlying organic trends with the one call-out being once we get to Q3, we know we have a bit of pressure with the shorter holiday selling window versus the prior year.

在出口方面，比較穩定，與最近幾季一致，AUR 成長和轉換趨勢也穩定。在北美，您確實看到了一些連續放緩，只是由於復活節的負面時間轉移到了第四季度，而潛在增長與第四季度一致。如果您超越本季度，我們的前景將反映出這些潛在有機趨勢的延續，其中一個要點是，一旦進入第三季度，我們知道與上一年相比，假期銷售窗口較短，我們面臨著一些壓力。

On cotton, so just kind of a quick refresher. We expect about 175 basis points of benefit over the next two years, so '25 and fiscal '26. We're still on track to recapture our cotton costs as planned in fiscal '25. We expect to recapture about half of the 175 bps this year, and it's going to be back weighted, as I mentioned previously, towards the second half of the year because that's the way it came on to our P&L the same way it's coming off of our P&L in terms of timing. I mean that is reflected in our gross margin guidance, about 50 to 100 basis points, and we did see a modest tailwind in Q1 from that cotton benefit.

棉質面料，所以只是快速回顧一下。我們預計未來兩年將受益約 175 個基點，即「25」和「26」財年。我們仍有望按照 25 財年的計畫收回棉花成本。我們預計今年將重新獲得175 個基點的大約一半，正如我之前提到的，到今年下半年，它將會被反向加權，因為這就是它進入我們損益表的方式，就像它離開我們的損益表的方式一樣。我的意思是，這反映在我們的毛利率指引中，約為 50 至 100 個基點，而且我們確實看到第一季棉花收益帶來了適度的推動力。

The last question, please, Angela.

最後一個問題，安琪拉。

Rick Patel with Raymond James.

瑞克·帕特爾和雷蒙德·詹姆斯。

Congrats on the strong execution and squeezing me in here. I was hoping if you could provide additional color on the outlook for B2C as we think about digital versus brick-and-mortar with consumer behavior continuing to evolve. Do you see the most opportunity to show off your brand and capture demand more towards one channel versus the other? And also, how do we think about the shape of growth for B2C this year given some of the work you're doing on North America digital and also the activations you have planned for the year?

恭喜你們的強大執行力，把我擠到這裡了。我希望您能對 B2C 的前景提供更多的見解，因為我們正在考慮數位與實體，以及消費者行為的持續發展。您是否認為一個管道比其他管道更有機會展示您的品牌並更多地捕捉需求？另外，考慮到您在北美數位領域所做的一些工作以及您今年計劃的活動，我們如何看待今年 B2C 的成長形式？

I would say growing our digital business is a key priority for us. And it's a focus point of our global elevation strategy. And you're seeing nice growth on a global basis and in Q1 sort of international leading backdrop. And you're seeing nice growth. And we expect that sort of balance DTC growth between our stores and our digital network, to continue as we move through the year.

我想說，發展我們的數位業務是我們的首要任務。這是我們全球海拔戰略的重點。您將看到全球範圍內以及第一季國際領先背景下的良好成長。你會看到良好的成長。我們預計我們的商店和數位網路之間的 DTC 成長平衡將在這一年中持續下去。

So continued momentum coming out of Q1.

因此，第一季的勢頭持續強勁。

On North America, specifically in Q1, our total digital ecosystem sales were up low single digits, right? And that was driven by solid sellout performance in our digital wholesale channel where we're outpacing both last year on the competitive set and also our new Ralph Lauren Canada site that we launched last fall. Our owned North America digital comps were down a bit in the quarter, 4% off of softer traffic trends. And where we know we have opportunity here. And we are focused on improving that growth trajectory this year and beyond, I mean, put in place a number of interventions to get us there.

在北美，特別是在第一季度，我們的數位生態系統總銷售額成長了低個位數，對嗎？這是由我們的數位批發管道的穩定銷售業績推動的，我們在競爭中超越了去年，而且我們去年秋天推出的新 Ralph Lauren 加拿大網站也超過了我們。我們擁有的北美數位公司在本季略有下降，流量趨勢疲軟，下降了 4%。我們知道我們在這裡有機會。我們的重點是改善今年及以後的成長軌跡，我的意思是，採取一些幹預措施來實現這一目標。

We've made talent investments in digital commerce and consumer technology, really geared towards enhancing that consumer experience. We're investing in site speed, we're curating our offering and really focusing on more core and top-selling products, making sure they're available and not out of stock. We're refining our personalized communications to customers to drive traffic and conversion and full price new customer acquisition. And we continue to build and scale on the investments that we've made, and we'll continue to make, like around our search platform and the Canada site that I recently mentioned. We know we can win in this space.

我們在數位商務和消費技術方面進行了人才投資，真正致力於增強消費者體驗。我們正在投資網站速度，我們正在策劃我們的產品，並真正專注於更核心和最暢銷的產品，確保它們可用且不會缺貨。我們正在完善與客戶的個人化溝通，以推動流量和轉換以及全價新客戶的獲取。我們將繼續擴大和擴大我們已經進行的投資，並將繼續進行投資，例如圍繞我們的搜尋平台和我最近提到的加拿大網站。我們知道我們可以在這個領域獲勝。

We've seen what we can do and what we're doing in Europe and in Asia. We're going to leverage on those learnings as well. And based on that and the interventions put into place, we do expect our North America owned digital performance to improve going forward, notably in the second half of this fiscal year.

我們已經看到了我們能做什麼以及我們在歐洲和亞洲正在做什麼。我們也將利用這些經驗教訓。基於此以及所採取的干預措施，我們確實預計我們北美擁有的數位業績將在未來有所改善，特別是在本財年下半年。

Good. Well, listen, thank you, everyone, for joining us today. We look forward to speaking with you on our second quarter earnings call in November. And until then, take care, and have a great day.

好的。好吧，聽著，謝謝大家今天加入我們。我們期待在 11 月的第二季財報電話會議上與您交談。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。