雷夫·羅倫馬球 (RL) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Ralph Lauren second quarter fiscal year 2025 earnings call.

歡迎參加 Ralph Lauren 2025 財政年度第二季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

現在我想將會議交給我們的房東 Corinna Van der Ghinst 女士。

Please go ahead.

請繼續。

Good morning and thank you for joining Ralph Lauren's second quarter fiscal 2025 conference call.

早安，感謝您參加 Ralph Lauren 2025 財年第二季電話會議。

With me today are Patrice Louvet the company's President and Chief Executive Officer; and Justin Picicci, Chief Financial Officer.

今天與我在一起的有公司總裁兼執行長 Patrice Louvet；和財務長賈斯汀‧皮西奇 (Justin Picicci)。

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

準備好發言後，我們將開始電話詢問您的問題，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.

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。

Our reported results, including foreign currency, can be found in this morning's press release.

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。

We will also be making some forward-looking statements within the meaning of the federal securities laws, including our financial outlook.

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。

Forward looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements.

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.

我們的期望包含許多風險和不確定性。

Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings.

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。

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.

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 will turn the call over to Patrice.

這樣，我會將電話轉給帕特里斯。

Thank you, Corey.

謝謝你，科里。

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

大家早安，感謝您參加今天的電話會議。

We delivered strong second quarter performance and are entering the important holiday season with continued momentum across our brand, product assortments, geographies, and channels.

我們在第二季度取得了強勁的業績，並且正在進入重要的假期季節，我們的品牌、產品種類、地理和通路都保持著持續的勢頭。

Our performance through the quarter and first half of the year underscores the strength of our diversified growth strategy are growing brand desirability and our powerful engagements with an expanding and increasingly elevated consumer base across genders, generations, and markets.

我們本季和上半年的業績突顯了我們多元化成長策略的優勢，即不斷增長的品牌吸引力以及我們與跨性別、跨代和市場的不斷擴大和日益提升的消費者基礎的強有力的合作。

Around the world our teams continued to execute with excellence on our Next Great Chapter Accelerate strategy.

在世界各地，我們的團隊繼續卓越地執行我們的 Next Great Chapter Accelerate 策略。

In the second quarter, we outperformed our expectations across the top line as well as gross and operating margins through what remains a choppy global operating environment.

在全球經營環境依然動盪的情況下，第二季我們的營收、毛利率和營業利潤率均超出了我們的預期。

This enabled us to reinvest back into our brand-building initiatives and key city ecosystems to drive sustainable growth ahead.

這使我們能夠重新投資於我們的品牌建設計劃和主要城市生態系統，以推動未來的永續成長。

Our retail business across every region led our performance once again, delivering double-digit comp growth.

我們在各個地區的零售業務再次引領我們的業績，實現了兩位數的複合成長。

Our continued pricing power is one barometer for the strength and growing desirability of our brand in the marketplace.

我們持續的定價能力是我們品牌在市場上的實力和日益增長的需求的晴雨表。

Retail AUR was up another 10% on top of 9% growth last year, ahead of our expectations on a more elevated brand positioning and further reductions in discounting.

零售 AUR 在去年成長 9% 的基礎上又成長了 10%，超出了我們對更高品牌定位和進一步減少折扣的預期。

At the same time, we continue to operate with discipline to improve our expense management across the organization and strengthen our balance sheet.

同時，我們繼續嚴格運營，以改善整個組織的費用管理並加強我們的資產負債表。

This enables us to invest behind our strategic priorities, all while delivering profitability ahead of our expectations.

這使我們能夠根據我們的策略重點進行投資，同時實現超出我們預期的獲利能力。

All of this gives us the confidence to take up our full year outlook ahead of holiday.

所有這些都讓我們有信心在假期前展望全年前景。

Let me take you through a few highlights from the quarter where we drove continued progress across our three strategic pillars.

讓我向您介紹本季的一些亮點，我們推動了三大策略支柱的持續進展。

As a reminder, these include first elevate and energize our lifestyle brand ; second, drive the core and expand from more; and third went into cities with our consumer ecosystem.

提醒一下，這些包括首先提升和激發我們的生活方式品牌；二是帶動核心，從多拓展；第三個進入城市，建立我們的消費者生態系統。

First, on our efforts to elevate and energize our lifestyle brand.

首先，我們努力提升和激發我們的生活方式品牌。

We are proud to have one of the most iconic and beloved brands in the world.

我們很自豪擁有世界上最具標誌性和最受歡迎的品牌之一。

And our teams continue to build on the legacy that Ralph created as we connect and engage with consumers from Tokyo to Shanghai, Paris and Milan and New York to LA.

我們的團隊繼續在拉爾夫創造的遺產的基礎上繼續發展，我們與從東京到上海、巴黎、米蘭、紐約到洛杉磯的消費者建立聯繫和互動。

This quarter was no exception highlighting Ralph Lauren's place at the heart of culture.

本季也不例外，凸顯了 Ralph Lauren 在文化核心的地位。

Some of the exciting moments from the second quarter included first, are spectacular summer of sports.

第二節的一些令人興奮的時刻包括第一節，都是夏季體育盛會的精彩時刻。

We were honored to once again serve as the official outfitter of Team USA in the 2024 Paris Olympics and Paralympics, a cherished partnership since 2008.

我們很榮幸再次成為美國隊 2024 年巴黎奧運會和殘奧會的官方裝備供應商，這是自 2008 年以來的寶貴合作夥伴關係。

From our Inspiring athletes to our on-air media personalities and celebrities like Beyonce, Kendall Jenner, Tom Cruise, and Billy Eilish all sporting timeless Ralph Lauren looks, our brand was front and center for one of the most successful summer games ever.

從鼓舞人心的運動員到直播媒體人物，再到Beyonce、Kendall Jenner、Tom Cruise 和Billy Eilish 等名人，他們都穿著永恆的Ralph Lauren 造型，我們的品牌是有史以來最成功的夏季奧運會之一的前沿和中心。

Supported by our athlete collaborations, Ralph Lauren was the number one most visible fashion brand during the Paris Olympics according to third party metrics, outpacing both our athletic and luxury brand competitors.

在我們與運動員合作的支持下，根據第三方指標，Ralph Lauren 成為巴黎奧運期間最引人注目的時尚品牌第一名，超過了我們的運動品牌和奢侈品牌競爭對手。

We also celebrated our 19th year as official outfitter of the championships at Wimbledon.

我們也慶祝了作為溫布頓錦標賽官方裝備供應商的第 19 週年。

Wimbledon consistently ranks as one of our most successful global events of the year through a range of celebrity, VIC, and influencer activations, including dressing stars like Zendaya, K-pop Mark Lee, and Pierce Brosnan, this year.

透過一系列名人、VIC 和有影響力的活動，溫布頓一直被評為我們年度最成功的全球賽事之一，其中包括今年贊達亞、韓國流行音樂馬克李和皮爾斯布魯斯南等明星的著裝。

Closing out the summer, our North American teams continue to amplify our sponsorship of the US Open, perhaps the most electrifying Grand Slam of the year.

夏季即將結束，我們的北美球隊繼續加強對美國公開賽的贊助力度，這也許是今年最令人興奮的大滿貫賽事。

Our retro inspired to uniforms on the court were only matched by the polished style off-court.

我們以球場上的隊服為靈感的復古風格與球場外的拋光風格相得益彰。

Together, this Summer of Sports campaigns delivered more than 142 billion PR impressions globally, significantly exceeding our expectations as we focus on driving long-term brand awareness, advocacy and desirability.

今年的「體育之夏」活動在全球範圍內帶來了超過 1,420 億次公關印象，大大超出了我們的預期，因為我們專注於提高長期的品牌知名度、宣傳度和吸引力。

And kicking off New York Fashion Week, are stunning world of Ralph Lauren Spring '25 runway show in the Hamptons this September.

今年 9 月，拉夫勞倫 (Ralph Lauren) 在漢普頓舉行的 25 年春季時裝秀將拉開紐約時裝週的序幕。

Inspired by their natural beauty and free spirited elegance of coastal living as only Ralph can do

受到只有拉爾夫 (Ralph) 才能做到的自然美景和自由優雅的沿海生活的啟發

The event also brought together many friends of the brand, including Naomi Campbell, Naomi Watts, Jude Law and K-pop star Winter among many others, helping to drive more than 33 billion PR impressions and a record 205 million views of the show online.

這場活動也匯集了品牌的眾多好友，包括娜歐蜜坎貝爾(Naomi Campbell)、娜歐蜜華茲(Naomi Watts)、裘德洛(Jude Law) 和韓國流行歌手溫特(Winter ) 等，幫助推動了超過330 億次的公關曝光以及創紀錄的2.05 億次節目在線觀看。

These activations are driving strong, sustainable growth in new customer acquisition and engagement.

這些活動正在推動新客戶獲取和參與度的強勁、永續成長。

In the second quarter, we added 1.5 million new consumers to our DTC businesses, a high single digit increase to last year.

第二季度，我們的 DTC 業務新增了 150 萬消費者，比去年高出個位數成長。

Consistent with recent trends, this new customer acquisition was predominantly led by younger, higher value and less price sensitive cohorts.

與最近的趨勢一致，這種新客戶獲取主要由更年輕、更高價值和對價格不太敏感的群體主導。

Our brand consideration and Net Promoter scores increased globally led by North America and Europe, and our online search grew high double digits, significantly outpacing our competitive set.

我們的品牌考慮度和淨推薦值在全球範圍內有所增長，其中北美和歐洲領先，我們的在線搜索增長了兩位數，大大超過了我們的競爭對手。

And we continue to grow our social media followers by low double digits to last year, surpassing 62 million, led once again by Instagram, threads, line,TikTok and Douyin.

與去年相比，我們的社群媒體粉絲數量繼續以較低的兩位數成長，超過 6,200 萬，其中 Instagram、threads、line、TikTok 和抖音再次領先。

Moving next to our second key initiatives, drive the core and expand from more.

接下來是我們的第二個關鍵舉措，推動核心並從更多方面擴展。

Ralph and our design teams continue to create timeless sophisticated styles reimagine for our customers modern way of living.

Ralph 和我們的設計團隊不斷創造永恆的精緻風格，為我們的客戶重新構想現代生活方式。

Our Hampton show was a great example of how we are leveraging our powerful portfolio of highly recognizable core products style, together with newer opportunities like handbags in order to realize our brands for long-term potential.

我們的漢普頓秀是一個很好的例子，展示了我們如何利用我們強大的高辨識度核心產品風格組合以及手袋等新機會來實現我們品牌的長期潛力。

Starting with our core products, which represent more than 70% of our business, sales were up low double digits ahead of our total company growth in the second quarter.

從占我們業務 70% 以上的核心產品開始，第二季銷售額的成長速度領先公司整體成長。

Core product highlights from the quarter included our iconic mesh polo shirts, cable knit wool, and cashmere sweaters, outerwear, including coat and jackets, sports coats, and our Polo baseball caps.

本季度的核心產品亮點包括我們標誌性的網眼 Polo 衫、絞花針織羊毛衫和羊絨毛衣、外套（包括外套和夾克）、運動外套和 Polo 棒球帽。

We're also encouraged by the strong growth in our polo original label, which enables us to offer a more elevated polo assortment within our direct to consumer channels.

我們也對馬球原創品牌的強勁成長感到鼓舞，這使我們能夠在直接面向消費者的管道中提供更優質的馬球品種。

Our high potential categories, including women's apparel, outerwear, and handbags together increased mid-teens, strongly outpacing our total company growth rate as we continue to drive our strategy of foundational pieces to anchor modern wardrobe.

我們的高潛力品類，包括女裝、外套和手袋，合計增長了十幾歲，遠遠超過了我們公司的整體增長率，因為我們繼續推動我們的基礎單品策略，以錨定現代衣櫃。

Women's highlights this quarter included cable knit and bear sweaters, relax shirting, dresses, and our outerwear programs, including barn and work jackets.

本季女裝亮點包括絞花針織毛衣和小熊毛衣、休閒襯衫、洋裝以及我們的外套系列，包括穀倉夾克和工作夾克。

Within handbags, we drove double-digit growth and strong gross margin expansion compared to last year.

在手袋領域，與去年相比，我們實現了兩位數的成長和強勁的毛利率擴張。

Polo women's led this performance once again, supported by our expanded collection of Polo ID silhouettes for fall.

在我們擴大的秋季 Polo ID 輪廓系列的支持下，女裝 Polo 再次引領這一表現。

Other exciting releases this quarter included our US open capsule, denim daydream, our third and final drop with Naiomi glasses, our first artist in residence, celebrating denim as the Fabric of America, and towards the end of the quarter, we launched our latest pink pony collection with a portion of proceeds going towards the fight against cancer.

本季其他令人興奮的發布包括我們的美國開放膠囊、牛仔白日夢、我們的第三次也是最後一次與Naiomi 眼鏡的合作、我們的第一位駐地藝術家、慶祝牛仔布作為美國面料，並且在本季末，我們推出了最新的粉紅色小馬收藏，其中一部分收益用於對抗癌症。

Pink pony remains an important part of Ralph Lauren's decades, long commitment to cancer prevention and treatment in underserved communities.

粉紅小馬仍然是 Ralph Lauren 幾十年來長期致力於服務欠缺社區的癌症預防和治療的重要組成部分。

Turning to our third key initiative, winning key cities with our consumer ecosystem.

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。

We remain focused on developing our key city ecosystems around the world.

我們仍然專注於發展世界各地的主要城市生態系統。

Our ecosystem approach delivers both elevation and consistency across all of our consumer channels and touch points.

我們的生態系統方法在我們所有的消費者管道和接觸點上提供了提升和一致性。

Within DTC, which comprises two-thirds of our business, we drove accelerated comp growth this quarter, while also expanding our presence in key markets.

DTC 占我們業務的三分之二，本季我們推動了公司加速成長，同時擴大了我們在關鍵市場的業務。

Comps were up 10% above our expectations.

比較結果比我們的預期增加了 10%。

This outperformance was led by our brick-and-mortar stores, while our digital channel was in line with plan.

這一出色表現是由我們的實體店帶動的，而我們的數位管道則符合計劃。

Globally, we opened 25 new owned and partner stores focused on our top cities, largely in Asia.

在全球範圍內，我們開設了 25 家新的自營店和合作夥伴店，主要集中在我們的頂級城市（主要是亞洲）。

Store opening highlights during the period included Giverny, Tulsa, Wuhan, and Shenzhen, among others.

同期開店亮點包括吉維尼、塔爾薩、武漢和深圳等地。

By region, growth was led by Asia, up 10% this quarter and slightly ahead of our outlook.

按地區劃分，成長以亞洲為主導，本季成長 10%，略高於我們的預期。

This was followed by strong mid-single-digit growth in Europe, where our teams continue to execute well across key markets.

隨後，歐洲實現了強勁的中個位數成長，我們的團隊在歐洲的主要市場繼續表現出色。

And importantly, North America returned to growth this quarter on ongoing strength in DTC and a more normalized wholesale trend.

重要的是，由於 DTC 的持續強勁和更規範的批發趨勢，北美地區本季恢復了成長。

Looking at China specifically, revenue was up low-teens once again this quarter, on top of more than 25% growth last year.

具體來看中國，本季營收在去年超過 25% 的基礎上再次成長。

This was driven by a combination of double digit new customer acquisition, solid comp growth, new full price stores and concessions and expansion on newer platforms like Douyin.

這是由兩位數的新客戶獲取、穩健的業績成長、新的全價商店以及抖音等新平台的優惠和擴張共同推動的。

Our brand desirability continues to grow as we focus first and foremost on building our business with domestic Chinese consumers.

隨著我們首要關注與中國國內消費者建立業務，我們的品牌吸引力持續成長。

As a reminder, China currently only represents 8% of our total company sales.

需要提醒的是，中國目前僅占我們公司總銷售額的 8%。

While we are monitoring geopolitical and macro developments, along with consumer behavior closely, we still see significant long-term opportunities ahead, and our ecosystem expansion remains disciplined as we largely focus on our six key city clusters in the market.

雖然我們正在密切監控地緣政治和宏觀發展以及消費者行為，但我們仍然看到未來的重大長期機遇，並且我們的生態系統擴張仍然受到約束，因為我們主要關注市場上的六個主要城市群。

And finally, touching on our enablers.

最後，談談我們的推動因素。

Our business continued to be supported by our five key enablers.

我們的業務繼續得到五個關鍵推動因素的支持。

In September, we publish our annual timeless by design report, outlining our progress in delivering citizenship and sustainability programs that both leverage opportunities and manage risk to future-proof our business.

九月，我們發布了年度永恆的設計報告，概述了我們在提供公民身份和永續發展計劃方面取得的進展，這些計劃既利用機會又管理風險，使我們的業務面向未來。

Notable highlights include achieving a 33% reduction in absolute greenhouse gas emissions as we transition to more sustainable energy sources across our value chain, and continuing to drive innovation with sustainable materials, creating our first ever 100% recycled cotton polo shirt as part of our Paris Olympics collection the summer.

值得注意的亮點包括，隨著我們在整個價值鏈中轉向更永續的能源，溫室氣體絕對排放量減少了33%，並繼續利用永續材料推動創新，打造了我們首款100% 再生棉Polo衫，作為巴黎的一部分夏季奧運系列。

In closing, Ralph and I are energized by our teams, terrific progress through the first half of this fiscal year.

最後，拉爾夫和我對我們的團隊充滿活力，在本財年上半年取得了巨大進展。

Building on the strength of our timeless brand and diversified growth drivers, we remain focused on delivering consistently strong execution in spite of ongoing volatility in the broader operating environment.

憑藉我們永恆的品牌實力和多元化的成長動力，儘管更廣泛的營運環境持續波動，我們仍然專注於提供一致的強大執行力。

Looking ahead, as the holiday season gets underway, we have momentum and we are still firmly on offense.

展望未來，隨著假期的到來，我們勢頭強勁，仍然堅定地進攻。

We are executing on our long term game plan, further elevating our brand positioning in the marketplace while remaining focused on what we can control.

我們正在執行我們的長期計劃，進一步提升我們在市場上的品牌定位，同時繼續專注於我們可以控制的事情。

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

接下來，我會把它交給賈斯汀，讓他向我們介紹財務狀況，最後我將和他一起回答你們的問題。

Thanks, Patrice, and good morning, everyone.

謝謝，帕特里斯，大家早安。

Our fiscal '25 is off to a strong start.

我們的 25 財年有了一個好的開始。

We drove second quarter results ahead of our expectations across every key metric, underscoring the diversity of our strategic growth drivers, along with the continued momentum and growing desirability of our brand.

我們推動第二季業績在每個關鍵指標上都超出了我們的預期，凸顯了我們策略成長驅動力的多樣性，以及我們品牌的持續成長動能和日益增長的需求。

Second quarter revenue growth exceeded our plan, driven by better-than-expected performance in our direct to consumer channel.

由於直接面向消費者管道的業績好於預期，第二季度營收成長超出了我們的計劃。

Gross and operating margins were also above our outlook with upside to gross margins, enabling us to mitigate supply chain disruptions while also fueling additional investments in brand building and digital

毛利率和營業利潤率也高於我們的預期，毛利率有上升趨勢，使我們能夠減輕供應鏈中斷的影響，同時也推動了品牌建設和數位化的額外投資

.

。

All three regions contributed to operating margin expansion, and we achieved all of this while continuing to navigate a highly uncertain global operating environment.

所有三個地區都為營業利潤率的擴張做出了貢獻，我們在繼續應對高度不確定的全球營運環境的同時實現了所有這些目標。

This progress through the first half of the year gives us confidence in raising the full year outlook we introduced back in May.

上半年的進展讓我們有信心提高 5 月提出的全年展望。

But before I get the guidance, let me walk you through our financial highlights from the second quarter, which as a reminder, are provided on a constant currency basis.

但在獲得指導之前，讓我先向您介紹我們第二季度的財務亮點，提醒一下，這些財務亮點是按固定匯率提供的。

Total company second quarter revenue growth of 6% exceeded our outlook, led once again by our direct-to-consumer channels

該公司第二季總營收成長 6%，超出了我們的預期，直接面向消費者的管道再次領先

.

。

Total Company retail comps grew 10% as we increased our penetration of full-price selling in each of our regions.

隨著我們在每個地區提高全價銷售的滲透率，公司零售總額增加了 10%。

Total digital ecosystem sales, including our own sites and wholesale digital accounts, increased high single digits.

數位生態系統總銷售額（包括我們自己的網站和批發數位帳戶）成長了高個位數。

Total company adjusted gross margin expanded 170 basis points to 67.1%.

該公司調整後毛利率總額擴大了 170 個基點，達到 67.1%。

This strong performance was driven by favorable mix shifts towards our full price and international businesses, AUR growth and lower cotton costs.

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 成長和棉花成本下降。

Aur increased 10% in the second quarter.

第二季 Aur 成長了 10%。

This exceeded our mid-single-digit outlook, driven by greater than expected reductions in discounting across every region as consumers responded positively to our fall '24 offering.

這超出了我們的中個位數預期，這是由於消費者對我們 24 年秋季產品的積極反應，導致每個地區的折扣減少幅度超出預期。

Our AUR growth also continues to be supported by long-term mix benefits, channel, geographic, and product.

我們的 AUR 成長也持續得到長期組合效益、通路、地理和產品的支持。

We still expect mid single digit AUR growth for the second half of the fiscal year as we rely less on like for like pricing this year.

我們仍然預計本財年下半年的 AUR 將實現中等個位數成長，因為我們今年對同類定價的依賴程度較低。

Adjusted operating expenses grew 7% to 55.5% of sales, up 60 basis points to last year.

調整後營運費用成長 7%，佔銷售額的 55.5%，比去年成長 60 個基點。

The increase was driven by the planned timing of marketing investments, which represented 8.7% of sales this quarter as we focus on driving new customer acquisition and long term brand desirability.

這一成長是由計劃的營銷投資時機推動的，行銷投資佔本季銷售額的 8.7%，因為我們專注於推動新客戶獲取和長期品牌需求。

Key campaigns included our spring '25 runway show in the Hamptons, Team USA at the Olympics, and our Grand Slam sponsorships.

主要活動包括我們在漢普頓舉行的 25 年春季時裝秀、奧運會上的美國隊以及我們的大滿貫贊助。

We continue to expect full year marketing at about 7% of sales, implying lower spend in the second half of the year, notably in Q4.

我們仍然預計全年行銷費用將佔銷售額的 7% 左右，這意味著下半年（尤其是第四季）的支出將會減少。

Excluding marketing, adjusted operating expense rate was flat to last year, as increased reinvestment to drive our digital business was offset by corporate cost savings.

不包括行銷費用，調整後的營運費用率與去年持平，因為推動我們數位業務的再投資增加被企業成本節約所抵消。

And our adjusted operating margin expanded 120 basis points to 11.7%.

調整後的營業利益率擴大了 120 個基點，達到 11.7%。

Moving to segment performance and starting with North America.

轉向細分市場，從北美開始。

Second quarter revenue inflected back to growth up 3% and exceeding our expectations.

第二季營收恢復成長 3%，超出我們的預期。

Continued momentum in retail more than offset a modest planned decline in wholesale, which normalize from Q1 trends.

零售業的持續成長動能足以抵銷批發業計畫中的小幅下降，批發業已從第一季的趨勢恢復正常。

In North America retail second quarter comps accelerated to 6%.

北美零售業第二季的綜合成長率加速至 6%。

Brick-and-mortar comps were up 9%, with strong growth in both full-price and outlet stores.

實體店銷售額成長 9%，全價店和直營店均強勁成長。

Digital comps declined 2%, improving sequentially as we invested in more targeted marketing, merchandising and site enhancements under new digital leadership, our digital wholesale business remained encouraging with positive high single digit sellout in the quarter.

數位比較下降了2%，隨著我們在新的數位領導力下投資於更有針對性的行銷、推銷和網站增強，我們的數位批發業務仍然令人鼓舞，本季的銷售量呈現高個位數增長，季增有所改善。

Total North America wholesale revenues decreased 3%, in line with our full price sell out this quarter.

北美批發收入總額下降 3%，與我們本季的全價銷售情況一致。

Our wholesale AUR increase mid single digits, stronger than recent trends on well positioned in inventories in the channel.

我們的批發 AUR 成長了中個位數，強於近期趨勢，因為通路中的庫存處於有利位置。

We continue to expect our wholesale selling to remain generally in line with sellout through the remainder of the fiscal year.

我們仍然預計，在本財年剩餘時間內，我們的批發銷售將與銷售情況基本保持一致。

Our outlook still includes the planned exit of 45 department store doors this fiscal year.

我們的展望仍包括本財年計劃退出 45 家百貨公司。

While the ongoing exits are not material to our financial results, we continue to proactively evaluate and refine our brand presence on a door by door basis.

雖然持續退出對我們的財務表現並不重要，但我們將繼續主動挨家挨戶地評估和完善我們的品牌形象。

Moving to Europe, second quarter revenue increased 6%, driven by strong performance across our retail channels.

轉向歐洲，在我們零售通路強勁表現的推動下，第二季營收成長了 6%。

All key markets delivered growth in the quarter, with the exception of the UK were underlying trends are improving.

本季所有主要市場均實現成長，但英國除外，其基本趨勢正在改善。

In Europe, retail comps increased 15% to last year, well exceeding our expectations.

在歐洲，零售業年增 15%，遠遠超出我們的預期。

Growth was balanced across our brick-and-mortar and digital channels.

我們的實體通路和數位通路的成長是平衡的。

Europe AUR continued to grow strongly on top of last year's high single digit increase, driven by our brand elevation with discount rates down significantly to last year despite a competitive promotional environment.

儘管促銷環境競爭激烈，但由於我們的品牌提升以及折扣率較去年大幅下降，歐洲 AUR 在去年高個位數成長的基礎上繼續強勁增長。

Within DTC, you are especially encouraged by our performance in France in Germany, which both delivered high single-digit growth this quarter.

在 DTC 中，您對我們在法國和德國的表現尤其感到鼓舞，這兩個國家本季都實現了高個位數成長。

Within France.

在法國境內。

Specifically, we delivered our highest ever brand consideration scores, led by a women's and next-gen consumers, supported by our marketing amplifications around our summer of sports, including the Olympics.

具體來說，我們在女性和下一代消費者的帶領下，在夏季運動（包括奧運）的營銷放大的支持下，獲得了有史以來最高的品牌考慮度分數。

Europe wholesale increased slightly in below our full year outlook of low single digit growth, reflecting strategic reductions in excess sales to the off-price channel and shifts in receipt timing to the second half of the fiscal year related to Red Sea disruptions.

歐洲批發成長略低於我們全年低個位數成長的預期，反映出對折扣通路的超額銷售的策略性減少以及與紅海中斷相關的本財年下半年的收貨時間的轉變。

Excluding these impacts, underlying growth in our Europe wholesale business would have been up approximately mid single digits for the quarter.

排除這些影響，本季我們歐洲批發業務的基本成長將約為中個位數。

Looking ahead, we still expect challenging comparison in our digital pure play accounts as we lap significant restocking that took place in the second half of last year.

展望未來，隨著我們去年下半年進行的大量補貨，我們仍然預計我們的數位純遊戲帳戶將面臨挑戰性的比較。

That said, we expect total Europe wholesale growth to improve sequentially in the second half of fiscal '25 based on solid underlying trends and the receipt shifts from Q2 into Q3 and Q4.

也就是說，基於堅實的基本趨勢以及收入從第二季度轉移到第三季度和第四季度，我們預計歐洲批發總額成長將在 25 財年下半年連續改善。

We remain encouraged by our team's strong execution and the strengthening brand perception in Europe, especially given the ongoing dynamic operating environment across the region.

我們團隊的強大執行力和在歐洲不斷增強的品牌認知度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 10%, reflecting growth in all markets.

轉向亞洲，收入成長了 10%，反映出所有市場的成長。

Retail comps were up 11% on top of an 8% increase last year, with strong growth in both digital and brick-and-mortar stores.

零售比較在去年增長 8% 的基礎上增長了 11%，數位商店和實體商店均強勁增長。

Asia results exceeded our outlook, led by strong performance in Japan and China.

在日本和中國的強勁表現帶動下，亞洲業績超越了我們的預期。

Japan grew low teens to last year and accelerated from Q1 trends, supported by key marketing campaigns, stronger full price selling and continued tailwinds from inbound tourism.

在重要的行銷活動、更強勁的全價銷售以及入境旅遊業的持續推動下，日本去年的銷售額增長了兩位數，並較第一季的趨勢有所加速。

China also grew low teens, consistent with our outlook for the quarter and full year, driven by comp growth, high quality new customer recruitment and expanded distribution.

在公司成長、高品質新客戶招募和擴大分銷的推動下，中國的成長率也達到了兩位數，這與我們對本季和全年的展望一致。

Moving to the balance sheet.

轉向資產負債表。

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.

我們強大的資產負債表和現金流仍然是我們堡壘基礎的關鍵推動力，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 $1.7 billion in cash and short-term investments and $1.1 billion in total debt.

截至本季末，我們的現金和短期投資為 17 億美元，債務總額為 11 億美元。

We generated about $300 million in free cash this fiscal year to date, enabling returns of approximately $375 million in the form of dividends and share repurchases, even as we continued to make important long-term investments in our brand, technology, and ecosystems.

本財年迄今為止，我們產生了約 3 億美元的自由現金，以股息和股票回購的形式獲得了約 3.75 億美元的回報，同時我們繼續對品牌、技術和生態系統進行重要的長期投資。

Net inventory decreased 6% to last year, in line with our plan.

淨庫存比去年下降 6%，符合我們的計劃。

Weeks of supply improved versus last year, despite ongoing disruptions related to the Red Sea.

儘管與紅海有關的供應持續中斷，但與去年相比，幾週的供應有所改善。

Our inventories are well positioned heading into the holiday season and each of our regions, including North America, despite the three-day East Coast port strike in early October.

儘管十月初東海岸港口發生了為期三天的罷工，但我們的庫存在進入假期季節和包括北美在內的每個地區都處於有利地位。

Our teams leveraged our agile and diversified supply chain to preemptively reroute a portion of our fall holiday receipts to the West Coast, along with less use of airfreight in anticipation of a potential strike.

我們的團隊利用靈活且多元化的供應鏈，先發制人地將部分秋季假期收貨改道至西海岸，並減少了空運，以應對潛在的罷工。

And we continue to closely monitor and protect incoming supply and have the next deadline for contract negotiations in mid January.

我們將繼續密切監控和保護傳入的供應，並將下一個合約談判的最後期限定為一月中旬。

We still expect to end fiscal '25 with inventories generally aligned to revenue growth.

我們仍預計到 25 財年末，庫存將與營收成長基本保持一致。

Looking ahead, our outlook remains based on our best assessment of the current geopolitical backdrop as well as the macroeconomic environment.

展望未來，我們的前景仍然基於我們對當前地緣政治背景以及宏觀經濟環境的最佳評估。

This includes inflationary pressures and other consumer spending related headwinds, supply chain disruptions and foreign currency volatility among other considerations.

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。

For fiscal '25, we now expect constant currency revenues to increase in a range of approximately 3% to 4%, up from 2% to 3% previously.

對於 25 財年，我們現在預計固定貨幣收入將成長約 3% 至 4%，高於先前的 2% 至 3%。

Our outlook continues to include stronger growth in DTC and our international markets.

我們的前景繼續包括 DTC 和國際市場的更強勁增長。

Foreign currency is not expected to negatively impact revenue growth by about 40 basis points to 60 basis points, down from 150 basis points previously, driven primarily by improvements in Asian FX rates.

預計外幣不會對營收成長產生約 40 個基點至 60 個基點的負面影響，較之前的 150 個基點有所下降，這主要是由於亞洲匯率的改善。

With regards to this year's revenue cadence, the third quarter is expected to be negatively impacted by the timing of this year's Thanksgiving and Christmas holidays, including a shorter holiday selling window and a shift in post Christmas sale date in our North America outlets into Q4.

就今年的收入節奏而言，預計第三季將受到今年感恩節和聖誕節假期時間的負面影響，包括假期銷售窗口縮短以及北美門市聖誕節後銷售日期推遲到第四季度。

These headwinds are expected to be partly offset by a roughly five point shift of Europe digital comps into Q3 due to the earlier timing of boxing day sales this fiscal year.

由於本財年節禮日銷售時間較早，預計這些不利因素將被歐洲數位公司進入第三季約五個百分點的轉變所部分抵銷。

Our fiscal fourth quarter will also be negatively impacted by a late Easter, which shifts into Q1 of fiscal '26.

我們的第四財季也將受到復活節延後的負面影響，復活節將轉移到 26 財年第一季。

Despite all of these moving pieces, we remain confident in our underlying trends and expect to deliver solid growth in both Q3 and Q4 coms.

儘管存在所有這些變化，我們仍然對我們的基本趨勢充滿信心，並期望第三季和第四季將穩健成長。

We now expect operating margin to expand about 110 basis points to 130 basis points up slightly from our previous outlook, to a range of 13.6% to 13.8%.

我們現在預計營業利潤率將比我們先前預期的小幅擴大約 110 個基點至 130 個基點，達到 13.6% 至 13.8% 的範圍。

In constant currency relative to our fiscal '22 Investor Day base period.

以相對於我們的「22 財年投資者日」基期的固定匯率計算。

This keeps us firmly on track to deliver our 15% operating margin target this year.

這使我們堅定地有望實現今年 15% 的營業利潤率目標。

We expect gross margin to expand 80 basis points to 120 basis points, driven by a favorable mix shift towards our international and full-price DTC businesses continued growth in AUR and lower cotton costs.

我們預計毛利率將擴大 80 個基點至 120 個基點，這得益於我們的國際和全價 DTC 業務的有利組合轉變、AUR 的持續增長和棉花成本的下降。

These drivers are expected to more than offset incremental headwind from labor, cotton raw material costs and rerouting inventories into the US from the East Coast.

預計這些驅動因素將足以抵消勞動力、棉花原料成本以及庫存從東海岸轉移到美國的增量阻力。

And for fiscal '25, foreign currency is expected to negatively impact our gross and operating margins by about 20 basis points.

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 20 個基點的負面影響。

For the third quarter, we expect revenues to increase in a range of 3% to 4% in constant currency, led by our DTC channels.

對於第三季度，我們預計在我們的 DTC 管道的帶動下，以固定匯率計算，營收將成長 3% 至 4%。

Wholesale is expected to continue improving sequentially from first half trends, as North America selling more closely aligns the sell-out in Europe wholesale receipts shift from Q2 into the back half of the fiscal year.

預計批發業務將繼續比上半年趨勢繼續改善，因為北美銷售與歐洲銷售情況更加一致，批發收入從第二季度轉移到本財年後半段。

Foreign currency is expected to benefit revenue by approximately 10 basis points to 50 basis points.

預計外幣將使收入受益約 10 個基點至 50 個基點。

We expect third quarter operating margin to expand approximately 100 basis points to 140 basis points in constant currency, driven by gross margin expansion.

我們預計，在毛利率擴張的推動下，以固定匯率計算，第三季營業利潤率將擴大約 100 個基點至 140 個基點。

Marketing as a percentage of sales is expected to be roughly in line with last year in the third quarter to support our global holiday activations and lower in the fourth quarter.

預計第三季行銷佔銷售額的百分比將與去年大致持平，以支持我們的全球假期活動，第四季則有所下降。

And foreign currency is expected to have a roughly neutral impact on both gross and operating margin in the third quarter.

預計外幣對第三季毛利率和營業利潤率的影響大致為中性。

We still expect our fiscal '25 tax rate to be in the range of 22% to 23% for the full year, while the third quarter rate is expected to be around 22%.

我們仍然預計 25 財年全年稅率將在 22% 至 23% 之間，而第三季稅率預計將在 22% 左右。

And lastly, our outlook includes CapEx in the range of $250million to $300 million.

最後，我們的預期包括 2.5 億至 3 億美元的資本支出。

In closing, we are strongly encouraged by our team's execution, focus and dedication in what continues to be a highly uncertain global operating environment.

最後，我們團隊在高度不確定的全球營運環境中的執行力、專注力和奉獻精神讓我們深受鼓舞。

All brands are not created equal, and Ralph Lauren remains one of the most powerful and authentic brands globally.

所有品牌並非生而平等，拉爾夫·勞倫仍然是全球最強大、最道地的品牌之一。

This gives us the credibility to grow not only our core businesses, but also continued to expand our high-potential categories, and we are building on our momentum.

這使我們有信心不僅發展我們的核心業務，而且繼續擴大我們的高潛力類別，我們正在鞏固我們的勢頭。

Ralph's vision of inspiring the dream of a better life continues to resonate across generations and geographies.

拉爾夫激發美好生活夢想的願景繼續在不同世代和不同地區引起共鳴。

And we remain committed to supporting the thoughtful expansion of the businesses that will bring this vision to life over the near and longer term.

我們仍然致力於支持業務的深思熟慮的擴張，從而在短期和長期內實現這一願景。

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）

Matthew Boss, J.P. Morgan.

馬修‧博斯，摩根大通。

Thanks and congrats on another really nice quarter.

感謝並祝賀又一個非常美好的季度。

So international has been a key driver of your consistent outperformance for more than a year now.

因此，一年多來，國際化一直是你們持續表現出色的關鍵驅動力。

Could you elaborate on the enablers driving the outsized level of growth that you're seeing in Europe and China?

能否詳細說明推動歐洲和中國高速成長的推動因素？

What gives you confidence that this momentum can be sustainable?

是什麼讓您相信這種勢頭可以持續？

And then, Justin ended with operating margins now tracking to mid-teens constant currency this year, could you speak to multiyear margin drivers that you see remaining?

然後，賈斯汀結束了今年的營業利潤率，目前以固定匯率計算，已達到十幾歲左右，您能談談您認為剩餘的多年利潤率驅動因素嗎？

Well, good morning, Matt.

嗯，早上好，馬特。

Thanks for your question.

謝謝你的提問。

I really want to start by saying that we are really proud of our team's execution in every region right now.

首先我想說的是，我們對我們團隊目前在每個地區的執行力感到非常自豪。

And yes, our performance in key international markets has been quite strong in what hasn't been a particularly in the operating environment.

是的，我們在主要國際市場的表現相當強勁，但在營運環境方面卻並非如此。

But whether you look at China, Japan, Germany, France, or Italy, we're driving elevations, we're driving domestic demand with highly engaged new and existing customers.

但無論是中國、日本、德國、法國或義大利，我們都在推動提升，透過高度參與的新舊客戶來推動國內需求。

As you saw in our guidance increase this morning, our strategy is delivering and we have confidence in our continued momentum ahead.

正如您今天早上在我們的指引中所看到的那樣，我們的策略正在兌現，我們對未來的持續勢頭充滿信心。

So why is that?

那麼這是為什麼呢？

And I would call out three core reasons are going to sound familiar to you, Matt.

馬特，我想指出三個你聽起來很熟悉的核心原因。

First, we have a very unique timeless growth that we are nurturing and investing behind.

首先，我們正在培育和投資一種非常獨特的永恆成長。

You saw this with a rolling thunder of marketing and cultural activations, ranging from the Olympics to Wimbledon to the US open to an incredible fashion show in the Hamptons and more.

你可以透過滾滾雷霆般的行銷和文化活動看到這一點，從奧運到溫布頓，再到美國公開賽，再到漢普頓令人難以置信的時裝秀等等。

And, we remain committed to investing in our brand, not just in the summer, not just during holiday this holiday, but really with an always-on mindset, and that is serving us very well around the world.

而且，我們仍然致力於投資我們的品牌，不僅僅是在夏天，不僅僅是在這個假期，而是真正以永遠在線的心態，這對我們在世界各地的服務都非常有利。

The second point is that our teams are designing and delivering product that's resonating with consumers across geographies and across generations.

第二點是，我們的團隊正在設計並提供能夠與跨地域、跨世代消費者產生共鳴的產品。

And this is really about our enduring brand codes of quality, timeliness and style, right?

這確實關係到我們持久的品質、及時性和風格的品牌準則，對嗎？

Ranging from our powerful core, you will have heard that our core was up 70% of the business and was up double digits, so performing strongly this quarter again.

從我們強大的核心來看，您會聽說我們的核心業務成長了 70%，並且成長了兩位數，因此本季再次表現強勁。

And that's the foundation of this company to more of items based on recent trends like barn jackets, like our polo ID bags, like our polo 67 fragrances.

這也是該公司推出更多基於最新趨勢的產品的基礎，例如穀倉夾克、我們的 polo ID 包、我們的 polo 67 香水。

This broad range of products is really resonating with consumers.

如此廣泛的產品確實引起了消費者的共鳴。

And I think it is this breadth and depth of Ralph Lauren lifestyle portfolio and our ability to flex that are two of them competitive edges in an ever fickle fashion market.

我認為 Ralph Lauren 生活風格產品組合的廣度和深度以及我們靈活應變的能力是它們在瞬息萬變的時尚市場中的兩個競爭優勢。

The third point is we have a proven elevated go-to market strategy.

第三點是我們有一個行之有效的提升市場進入策略。

This is well underway in places like China and across Europe.

這在中國和整個歐洲等地正在順利進行中。

Where we've zeroed in our Tier 1 top cities right?

我們在一線城市的目標是哪裡？

We talked some of them on the call.

我們在電話中討論了其中的一些內容。

And in North America, we are implementing a similar strategy, but we're encouraged by the inflection back to growth with five quarters of comp growth under our belt with latest quarter North America comps of six.

在北美，我們正在實施類似的策略，但我們對恢復成長感到鼓舞，五個季度的公司業績成長，最新季度北美公司業績成長了六個季度。

But in general, I think we see we're seeing performance across all the key cities, the strong starting with our brick and mortar stores.

但總的來說，我認為我們在所有主要城市都看到了表現，從我們的實體店開始表現強勁。

So listen, I've said it before, but it bears repeating.

所以聽著，我之前已經說過了，但值得重複一遍。

In a volatile environment, Ralph Lauren is firmly on offense.

在動蕩的環境中，Ralph Lauren 堅定地進攻。

We have momentum.

我們有動力。

Our multi labor strategy is working.

我們的多勞動力策略正在發揮作用。

And we're going to keep executing with agility and excellence.

我們將繼續敏捷、卓越地執行。

And with that, I'll turn it over to Justin to answer your margin question.

接下來，我會把它交給賈斯汀來回答你的保證金問題。

Hey, Matt.

嘿，馬特。

So on the margin question, you know, we're focused on delivering on our commitments, right?

因此，關於利潤問題，您知道，我們專注於兌現我們的承諾，對吧？

That's consistent with what you've been seeing will continue to balance delivering on our margin targets while also considering and making investments that's going to deliver for the longer term are we took up our guide for this year's operating margin expansion to 110 basis points to 230 basis points up, implying that we're firmly on track with our fiscal '25 Investor Day target of that 15% .

這與您所看到的一致，我們將繼續平衡實現我們的利潤率目標，同時考慮和進行長期投資，如果我們採用今年營業利潤率擴張至 110 個基點至 230 個基點的指南基點上升，這意味著我們堅定地朝著25 財年投資者日15% 的目標邁進。

But 15% is not a ceiling.

但15%並不是上限。

We're going to continue to focus on driving margin expansion, along with continued strategic investments to deliver long-term growth.

我們將繼續專注於推動利潤率擴張，並持續進行策略性投資以實現長期成長。

We could see us reinvest in upside as a marketing, for example.

例如，我們可以將其作為行銷手段進行再投資。

And if you think about the longer term beyond fiscal '25 strategy, the brand elevation strategy continues.

如果你考慮 25 財年策略之後的更長期，品牌提升策略仍在持續。

And from a margin expansion perspective, it will likely be a combination of modest gross margin expansion, supported by the durable levers that we've talked and expense leverage as we scale the investments that we make.

從利潤率擴張的角度來看，這可能是毛利率適度擴張的結合，受到我們所謂的持久槓桿和我們擴大投資規模時的費用槓桿的支持。

Jay Sole ,UBS.

傑‧索爾，瑞銀。

Great.

偉大的。

Thank you so much.

太感謝了。

Justin, can you talk about your confidence in Ralph Lauren's pricing power drug, it may be a less favorable pricing environment ahead, and how much further do you think you can go with pricing?

Justin，您能談談您對 Ralph Lauren 定價能力藥物的信心嗎？

And then maybe Patrice, just can you just talk about the performance for the full price stores in the US in the quarter and how that impacts your view on store opening potential looking out next year and beyond?

然後帕特里斯，您能否談談本季美國全價商店的業績，以及這對您對明年及以後開店潛力的看法有何影響？

Thank you.

謝謝。

Thanks, Jay.

謝謝，傑伊。

Our brand has been important backbone to our pricing power.

我們的品牌一直是我們定價能力的重要支柱。

And we put in a lot of work over the last seven plus years to invest in it to elevate our brand.

在過去的七年多里，我們投入了大量的工作來投資，以提升我們的品牌。

And I will see these investments, the brand-building investments continue for this holiday and also beyond.

我將看到這些投資、品牌建立投資在這個假期以及以後繼續下去。

And as you know, we planted for mid-single-digit AUR growth this year coming up a few years with like-for-like pricing that we took to offset cost inflation does mean less on like for like in the near term, our longer term AUR drivers are remarkably durable and they're flexible.

如您所知，我們為今年的 AUR 成長設定了中個位數的成長，我們為抵銷成本通膨而採取的同類定價確實意味著短期內的同類定價會減少，我們的長期term AUR 驅動器非常耐用且靈活。

Illustrating, so on the product side, we're still elevating starting with our core and icons and tapping into category opportunities like women's, like outerwear like handbags.

舉例來說，在產品方面，我們仍在從我們的核心和圖標開始提升，並利用女裝、外套、手袋等品類機會。

Consumers are clearly gravitating to the higher end of our assortment through our marketing, our elevate experiences in our investments in quality.

透過我們的行銷以及我們在品質投資中提升的體驗，消費者顯然被我們的高端產品所吸引。

Another steady benefit AUR is around our strategic and deliberate changes in geo and channel mix with a particular focus on growing that high quality full-price distribution across all of our regions.

AUR 的另一個穩定收益是我們在地理和通路組合方面的策略性和深思熟慮的變化，特別注重在我們所有地區發展高品質的全價分銷。

And lastly, you'll see us continue to invest in this newer muscle of customer acquisition, focusing really on customers who entered the brand as high value consumers meetings, they start shopping with us at full price and with bigger baskets. this Customer shift enables us to pull back on promotions and discounts and discount, less over time.

最後，您將看到我們繼續投資於這種新的客戶獲取方式，真正關注那些作為高價值消費者會議進入該品牌的客戶，他們開始以全價和更大的購物籃與我們一起購物。這種客戶轉變使我們能夠減少促銷和折扣，隨著時間的推移，折扣會越來越少。

So we've consistently demonstrated we can flex these and other various levers up or down to adapt to whatever the current macro with the current pricing environment may be, including when that environment is more competitive.

因此，我們始終如一地證明，我們可以上下調整這些槓桿和其他各種槓桿，以適應當前定價環境下的宏觀形勢，包括當環境更具競爭力時。

And AUR, it's ultimately and out some of these drivers and in turn drives gross margin.

而 AUR，最終會擺脫其中一些驅動因素，進而推動毛利率。

And there we've seen solid expansion both in the quarter and over the past few years, and we expect more of that to come as we move forward.

我們在本季和過去幾年中都看到了穩健的擴張，並且我們預計隨著我們的前進，將會出現更多的擴張。

Good morning, Jay.

早安，傑伊。

On the full-price store question, well listen, Ralph Lauren stores, full-price stores in North America, continue to lead our performance consistent actually with the last 14 quarters driven by traffic, right?

關於全價商店的問題，聽著，Ralph Lauren 商店，北美的全價商店，繼續領先我們的業績，實際上與過去 14 個季度的客流量驅動一致，對吧？

So we have a model that's working here.

所以我們有一個在這裡起作用的模型。

I think that things to highlight our strong continued momentum.

我認為這件事凸顯了我們強勁的持續動力。

Despite strong compares, we're continuing our elevation efforts in our full-price stores.

儘管存在強烈的比較，我們仍將繼續在全價商店中進行提升。

Those of you get a chance to visit and hopefully you experienced that.

你們有機會參觀，希望你們能體驗到這一點。

And we drove favorable mix from full price selling and from a women's growth, which has been a disproportionate contributor to our performance.

我們透過全價銷售和女性成長推動了有利的組合，這對我們的業績做出了不成比例的貢獻。

Our promotional discounts or actually down in Q2, supporting further the full price point I was making earlier.

我們的促銷折扣或實際上在第二季度有所下降，進一步支持了我之前製定的完整價格點。

So we feel very good about the momentum we have enough full-price stores.

因此，我們對擁有足夠的全價商店的勢頭感到非常滿意。

Our team is doing an excellent job in North America in these stores, engaging with consumers driving client selling, showcasing product that consumers are looking for.

我們的團隊在北美的這些商店中做得非常出色，與消費者互動，推動客戶銷售，展示消費者正在尋找的產品。

I am really encouraged by the progress we're making in new store openings, so we still leaning into that.

我對我們在新店開業方面取得的進展感到非常鼓舞，所以我們仍然傾向於這一點。

We have many opportunities around the world and in North America.

我們在世界各地和北美有很多機會。

You will recall we guided at Investor Day a 2.5 years ago that we would open 15 to 20 new full-price stores in North America.

您可能還記得，我們​​在 2.5 年前的投資者日指導我們將在北美開設 15 至 20 家新的全價商店。

We are on track for that.

我們正朝著這個目標邁進。

The next one, I believe, is in San Fransisco on Jackson Street.

我相信，下一個是在舊金山的傑克遜街。

We're happy to actually return to San Francisco with the with the Ralph Lauren store, so excited about that.

我們很高興能帶著 Ralph Lauren 商店回到舊金山，對此感到非常興奮。

And you're going to continue to see us drive that part of our business disproportionately continued to expand the footprint.

您將繼續看到我們推動這部分業務不成比例地繼續擴大足跡。

And what we also really pleased about is the flow-through that we're seeing from a profitability standpoint in these stores consistent in North America and around the world.

我們真正感到高興的是，從盈利的角度來看，我們在北美和世界各地的這些商店中看到了一致的流量。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys.

嘿，夥計們。

Congrats on a nice quarter.

恭喜您度過了一個美好的季度。

I know you guys are busy at work.

我知道你們工作很忙。

A couple for me.

給我一對。

On US Wholesale was down 3% in the quarter.

On US Wholesale 本季下跌 3%。

You said it should trend forward at a pace close to sell out from here.

你說它應該以接近從這裡賣出的速度向前發展。

Could this be positive this year, based on what you're seeing?

根據您所看到的情況，今年的情況會是積極的嗎？

And maybe what are the initial orders for calendar '25 looking like?

也許 25 年曆的初始訂單是什麼樣的？

And then on some on SG&A, Johnson, it sounded like it will be a bigger driver in the next multiyear plan in if we exclude marketing, SG&A was about flat on 6% revenue growth.

然後，關於 SG&A，Johnson，聽起來這將是下一個多年計劃的更大推動力，如果我們排除行銷，SG&A 大約持平，收入增長 6%。

I'm curious, can you start to lower SG&A, excluding marketing on the single digit growth and how to think about timing when you see SG&A start to pivot to leverage?

我很好奇，您能否開始降低 SG&A，不包括行銷方面的個位數成長？

Sure.

當然。

Thanks, Michael.

謝謝，麥可。

So on the other North America wholesale performance that we are encouraged.

因此，我們對北美其他批發市場的表現感到鼓舞。

We did see as we expected.

我們確實看到了我們所期望的。

We saw our sell-out and sell-in align in Q2 at that down low single digit and when you pick that apart, there are green shoots there.

我們看到第二季的銷售和銷售保持在低個位數的水平，當你把它分開時，你會發現那裡出現了萌芽。

We're seeing are more upper tier distribution work really well.

我們看到更多的上層發行版工作得非常好。

We're seeing top key city doors outpaced the fleet and received digital continue to outperform in the quarter.

我們看到最重要的城市門的速度超過了機隊，並且數字在本季度繼續跑贏大盤。

So certainly some green shoots integrate leaning into.

因此，肯定會有一些萌芽融入其中。

As you know, we're calling for kind of a stabilization of that down low single digit as we head through the back half of the year.

如您所知，我們呼籲在今年下半年將這一較低的個位數穩定下來。

We're certainly encouraged by the stabilization.

我們當然對穩定感到鼓舞。

On the SG&A leverage our guidance for this fiscal year, as you know, implies SG&A leverage as we saw again this quarter.

關於 SG&A 槓桿，如您所知，我們對本財年的指導意味著 SG&A 槓桿，正如我們本季再次看到的那樣。

We continue to balance delivering on the short term with reinvesting upside beyond our business and brands to drive growth for the longer term.

我們繼續在短期交付與業務和品牌以外的再投資之間取得平衡，以推動長期成長。

And as you mentioned looking at the first half of the year to Q1, we delivered SG&A leverage, ex marketing and in Q2 our rate was flat when you strip out marketing.

正如您所提到的，從今年上半年到第一季度，我們提供了 SG&A 槓桿（扣除行銷費用），而在第二季度，當您剔除行銷費用時，我們的比率持平。

We had some big brand moments in the first half of the year, some of which we did have in the first half of last year like the Olympics in our fashion shows, which drove the deleverage.

今年上半年我們經歷了一些大品牌時刻，其中一些是去年上半年我們確實經歷過的，例如奧運時裝秀，這推動了去槓桿化。

So we're making choiceful decisions to invest behind our brand.

因此，我們正在做出明智的決定來投資我們的品牌。

And you're seeing that play through.

你正在看到這個過程。

And we're still, by the way, taking up our profitability guide, right?

順便說一句，我們仍在研究我們的盈利指南，對嗎？

So we're seeing it flow through both in the current year and then also for the longer term.

因此，我們看到它在今年和長期內都會發生變化。

Overall, if you take out the quarterly timing of marketing, we're delivering average in the in the first half.

整體而言，如果除去季度行銷時間，我們在上半年的表現是平均水準。

And looking ahead, we expect our marketing rate to rebalance versus last year, notably in Q4, which is a smaller quarter.

展望未來，我們預計我們的行銷率將與去年相比重新平衡，特別是在第四季度，該季度規模較小。

So I think we feel pretty good about the control we have around our expenses and decisions we're making to reinvest some of that upside.

因此，我認為我們對我們對開支的控制以及我們為將部分收益進行再投資而做出的決定感到非常滿意。

To your point on the revenue growth leveraging again, I think that's where we're pretty much there with wholesale stabilization.

對於您再次提到的收入成長槓桿問題，我認為這就是我們在批發穩定方面的情況。

And with our DTC growth that we've seen, I think we've got some optionality and we do plan on delivering leverage for the full year.

隨著我們所看到的 DTC 增長，我認為我們有一些選擇餘地，並且我們確實計劃在全年提供槓桿。

Dana Telsey , Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good morning, everyone.

嗨，大家早安。

I do think the progress that you made both in the core assortment where basically it accelerated up low double digits from that low double digits and up low singles last quarter and the high-potential categories up mid teens to them, that mid single digits, is that in all channels?

我確實認為，你們在核心類別中取得的進展基本上是從上個季度的低兩位數和低單位數加速上升到低兩位數，以及從十幾歲到中間個位數的高潛力類別。

Is the globally?

是全球的嗎？

How do you see the increasing resonance?

您如何看待日益增強的共鳴？

And giving you mentioned that beginning new customers, is that part of the driver to?

您提到開始新客戶，這是驅動因素的一部分嗎？

And then as a follow-up, thank you.

然後作為後續行動，謝謝。

Sounds good Dana.

聽起來不錯，達納。

So I can't wait for your follow-up.

所以我等不及你的後續行動了。

Just in this chomping, at the bit.

就在這個咀嚼中，一點點。

Listen as far as product lineup is concerned and its residents around the world, it's actually very consistent.

聽聽就產品陣容和世界各地的居民來說，其實是非常一致的。

So our core is resonating in Tokyo, in Seoul, in Shanghai, in Milan, and I could go on and on.

所以我們的核心在東京、首爾、上海、米蘭引起共鳴，我可以繼續說下去。

So we're seeing very consistent response to our foundational items, right or polo shirts.

因此，我們看到人們對我們的基本單品（右襯衫或 Polo 衫）的反應非常一致。

Our cable knit sweaters, our sports coats and that actually really exciting to see.

我們的絞花針織毛衣、我們的運動外套，這些真的非常令人興奮。

We're leaning into that.

我們正在傾向於這一點。

I think at a time where consumers are all worried about the future around the world, where there is there more discerning on how they spend their money, they really turned to brands.

我認為，當消費者都擔心世界各地的未來，並且對如何花錢更加挑剔時，他們確實轉向了品牌。

They know they turned to product categories.

他們知道自己轉向了產品類別。

They trust and obviously, Ralph Lauren has incredible credibility in these categories.

他們信任拉爾夫·勞倫 (Ralph Lauren)，顯然，拉爾夫·勞倫 (Ralph Lauren) 在這些類別中擁有令人難以置信的可信度。

So you're going to see that everywhere around the world.

所以你會在世界各地看到這種情況。

And it's not a one-quarter phenomenon, and we've been seeing that for a while.

這並不是四分之一的現象，我們已經看到這種現像已經有一段時間了。

It's in part the result of our strategy, which is to focus on the core first and then expense for more.

這在某種程度上是我們策略的結果，即首先關注核心，然後再投入更多費用。

On the high-potential categories same, story.

在高潛力類別上，故事也是如此。

I mean women's, particularly driven by polo women's has been doing particularly well for the past few quarters, and certainly a real highlight this quarter.

我的意思是女裝，特別是由馬球女裝推動的女裝在過去幾季表現得特別好，當然也是本季的真正亮點。

We are seeing that resonate everywhere around the world.

我們看到這在世界各地引起共鳴。

And when I travel and you see a lot of young women supporting our polo cap or our bare sweaters well, as in Asia or Europe or here in North America.

當我旅行時，你會看到很多年輕女性很好地支持我們的馬球帽或裸毛衣，就像在亞洲、歐洲或北美這裡一樣。

Same is true for outerwear and obviously, we're now really in this season of outerwear, but we've shifted that business to be and always done business as opposed to a seasonal business.

外套也是如此，顯然，我們現在確實處於外套季節，但我們已經將該業務轉變為始終開展業務，而不是季節性業務。

And we've seen strong consistent growth on that.

我們已經看到了這方面的強勁持續成長。

And then we're really pleased with the handbag progress, right?

然後我們對手提包的進展感到非常滿意，對嗎？

This is driven by Polo ID and that whole collection, which is really resonating with the younger cohort.

這是由 Polo ID 和整個系列推動的，這確實引起了年輕一代的共鳴。

Again see that consistently around the world.

再次在世界各地看到這一點。

One of the things that gives us confidence moving forward is the breadth of our performance, right?

讓我們對前進充滿信心的事情之一就是我們表現的廣度，對嗎？

This is not driven by one region, one channel, one product category.

這不是由一個地區、一種管道、一種產品類別所驅動的。

We have a very diversified growth model and it's really playing out here.

我們有一個非常多元化的成長模式，而且它確實在這裡發揮了作用。

We're seeing pretty consistent performance around the world you saw in North America now back to growth, DTC comps, double digit, and that's pretty true around the world.

我們看到世界各地的表現相當一致，北美現在恢復了成長，DTC 比較，兩位數，這在世界各地都是如此。

So we're running the game plan focused on our top key cities, but very consistent around the world.

因此，我們正在運行的遊戲計劃主要針對我們的主要城市，但在全球範圍內非常一致。

We're seeing very consistent consumer response.

我們看到消費者的反應非常一致。

You had a follow-up Dana, which are very lucky, we don't give follow-ups.

你有一個後續的 Dana，這很幸運，我們不提供後續。

I know Justin. this is a Justin one.

我認識賈斯汀。這是賈斯汀的。

So if you think about tariffs, what percentage of your goods directly imported, how much and including how much comes from China?

那麼，如果您考慮關稅，您直接進口的商品所佔的比例是多少，其中有多少來自中國？

And how the how do you adjust either sourcing or pricing to the end consumer?

您如何針對最終消費者調整採購或定價？

Yeah, thanks Dana.

是的，謝謝達納。

So our global sourcing and supply chain is agile and well positioned.

因此，我們的全球採購和供應鏈靈活且定位良好。

We have strong partnerships around the world, and that's really served us well and been a key differentiator for us through the pandemic and beyond.

我們在世界各地擁有強大的合作關係，這確實對我們很有幫助，並且是我們在疫情期間及以後的關鍵差異化因素。

We've significantly diversified that sourcing footprint over the past seven plus years and develop alternate production for our key product categories as well as near-shoring capability for our regions is as part of that, global diversification of China now represents about high single digit percentage of our globally source units, about the same as our China sales penetration.

在過去七年多的時間裡，我們的採購足跡顯著多元化，並為我們的關鍵產品類別開發替代生產，以及我們地區的近岸能力是其中的一部分，中國的全球多元化現在代表了大約高個位數百分比我們的全球來源單位數量，與我們在中國的銷售滲透率大致相同。

So we'll wait and see what, if any, future policy ultimately gets passed.

因此，我們將拭​​目以待，看看未來的政策最終會通過什麼（如果有的話）。

But we've navigated tariffs successful before, including not so long ago, and we're going to remain agile and continue to proactively develop and scale new global supply chain opportunities to mitigate any potential risks and disruptions.

但我們之前（包括不久前）已經成功地應對了關稅問題，我們將保持敏捷，繼續積極開發和擴大新的全球供應鏈機會，以減輕任何潛在的風險和乾擾。

Paul Kearney, Barclays Capital.

保羅·科爾尼，巴克萊資本。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Just drilling down on comp store sales performance for the quarter in North America, can you provide further detail on outlet and the results from some of the changes you have made in the stores on staffing and products?

剛剛深入研究了北美本季的比較商店銷售業績，您能否提供有關商店的更多詳細資訊以及您在商店中對人員配置和產品進行的一些更改的結果？

Then Europe came in significantly ahead of expectations for all the reasons, Patrice that you already went through, but what are some of the drivers versus your expectations and how to think about that performance for the remainder of the year?

然後，由於所有原因，歐洲的表現都大大超出了預期，帕特里斯，您已經經歷過，但是與您的預期相比，有哪些驅動因素以及如何考慮今年剩餘時間的表現？

Thank you.

謝謝。

Sure.

當然。

So on the North America, kind of trends, kind of taking a step back in a really pleased with our performance in our brick-and-mortar comp up high single digits, with our full price stores continuing to lead that performance on where we saw.

因此，在北美，趨勢是後退了一步，我們對實體店的表現非常滿意，達到了高個位數，而我們的全價商店繼續領先於我們所看到的表現。

It's just continued momentum, solid traffic.

這只是持續的勢頭，穩定的流量。

On the outlet side, we also saw acceleration really, really off the backs of some really strong traffic.

在出口方面，我們也看到在一些非常強大的流量的支持下確實加速了。

So we were able to see kind of traffic drive conversion kind of picked up and so we did see a pickup compared to Q1.

因此，我們能夠看到流量驅動轉換有所回升，因此與第一季相比，我們確實看到了回升。

I think in general for DTC, as we think about going forward, we expect continued strength, but we know we're up against a compressed holiday period, and we also have an end-of-season outlet channel shift in Q3.

我認為，總的來說，對於 DTC 來說，當我們考慮未來時，我們預計會持續走強，但我們知道我們面臨著壓縮的假期，而且我們在第三季度也有季末出口管道的轉變。

So we do expect continued momentum, but it's a bit of a moderation in that growth as we look forward.

因此，我們確實預計會有持續的勢頭，但隨著我們的展望，成長會有所放緩。

On the Europe side, I think we'll see if you saw, we took up our guide on the year, given the really strong first half outperformance that we're really encouraged by Europe, and you think about the context that we're operating in, it continues to be a very dynamic operating environment.

在歐洲方面，我想我們會看看你是否看到，我們拿起了今年的指南，考慮到我們受到歐洲真正鼓勵的上半年非常強勁的表現，你會考慮我們的背景運營中，它仍然是一個非常動態的營運環境。

And so with the two quarters of the solid performance behind us, healthy underlying trend growth, growth in Q2 across all key markets, ex the UK, which the underlying trends was growing.

因此，隨著兩季的穩健表現，健康的基本趨勢成長，所有主要市場第二季的成長，英國除外，其基本趨勢正在成長。

When you take out some of the off-price noise, we feel good taking our outlet up to that higher end of the initial guide.

當您消除一些折扣噪音時，我們很高興將我們的商店提升到初始指南的高端。

So leaning towards that plus low to mid-single digits range with DTC at the higher end and wholesale at the lower end.

所以傾向於這個加上低到中個位數的範圍，DTC 處於高端，批發處於低端。

We continue to be cautiously optimistic based upon our team's strong execution and our strengthening brand perception in the market.

基於我們團隊強大的執行力和我們在市場上不斷增強的品牌認知度，我們繼續保持謹慎樂觀。

Brooke Roach ,Goldman Sachs.

布魯克·羅奇，高盛。

Good morning and thank you for taking our question.

早安，感謝您提出我們的問題。

Tracy commented a few times about strong full-price sales momentum for the brand as you evaluate the brand's discount rate overall in North America across both the full line and outlet store channels, how close are we to optimal discount rates overall and wanted to plans for pricing and promotions as we move into this holiday season and beyond?

當您評估該品牌在北美全線和直銷店通路的整體折扣率時，特雷西多次評論了該品牌強勁的全價銷售勢頭，我們離整體最佳折扣率還有多遠，並希望制定計劃當我們進入這個假期及之後的定價和促銷活動？

Thank you.

謝謝。

So I guess headline message, Brooke, is first of all, let me start globally and then I'll double-click on North America.

所以我想標題消息，布魯克，首先，讓我從全球開始，然後雙擊北美。

Globally this quarter, and our general trend has been reduced promotional activity by and actually that's contributed to the stronger than expected AUR this past quarter of 10%.

在本季度全球範圍內，我們的總體趨勢是促銷活動減少，實際上，這導致了上個季度 AUR 強於預期 10%。

So direction of travel is reduction of discount.

所以出行方向就是減少折扣。

That applies to North America as well.

這也適用於北美。

And we are on elevation journey, so our expectation is will continue to mix AUR up.

我們正處於海拔上升的旅程中，所以我們的期望是將繼續混合 AUR。

I think from a like for like pricing, we're going to stay relatively stable of it for the foreseeable future.

我認為，從同類定價來看，在可預見的未來，我們將保持相對穩定。

Obivously, we will stay in touch with our cost of all.

顯然，我們將密切關注我們的全部成本。

But I think I don't think we're going to need any specific like for like pricing bar.

但我認為我們不需要任何特定的類似定價欄。

Japan, where we're working through kind of durable FX changes.

日本，我們正在努力解決持久的匯率變化問題。

And then on the promotional front, I'd say direction of travel is elevation, so pullback on promotion is our game plan, but we're going to be nimble right?

然後在促銷方面，我想說行進方向是海拔，因此取消促銷是我們的遊戲計劃，但我們會變得靈活，對嗎？

And given the magnitude of the progress we've had on AURs over the past seven years now we have the flexibility to get sharper where we need to get sharper.

鑑於過去七年我們在 AUR 方面取得的巨大進展，現在我們可以靈活地在需要變得更加敏銳的地方變得更加敏銳。

But in general, our expectation that we're going to continue to run the play as we've been doing these past few quarters for the continued funding, I don't know how to define, I wish I can give you a good answer on a defined with optimal promotional level is because it's very dependent on the competitive environment we operate in, right?

但總的來說，我們期望我們將繼續運行該劇，就像過去幾個季度我們一直在做的那樣，以獲得持續的資金，我不知道如何定義，我希望我能給你一個很好的答案定義最佳促銷水準是因為它非常依賴我們所處的競爭環境，對吧？

Who are there the only brand that would be easy to define the consumers have choices.

誰有唯一的品牌，可以輕易定義消費者有選擇。

But this being said, I think we're laser focused on making sure that we drive excitement with our target consumers that we drive engagement, that they see the value in investing and Ralph Lauren products.

但話雖這麼說，我認為我們的重點是確保我們能激發目標消費者的興奮感，讓他們看到投資和 Ralph Lauren 產品的價值。

And I think as you can see from our performance this quarter and our confidence in the future, we plan to continue to run that time.

我認為，正如您從我們本季的表現以及我們對未來的信心中看到的那樣，我們計劃繼續運行這一時間。

Laurent Vasilescu , BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning.

早安.

Thank you very much for taking my question.

非常感謝您回答我的問題。

Justin I think you mentioned that AUR's for the -- Good morning, Patrice.

賈斯汀，我想你提到過 AUR 是指——早上好，帕特里斯。

I think it was mentioned that AUR's expectation for the full year to be mid single digits, which I think implies AUR's to be up low single digits, which then does that imply that unit velocity is now starting to become positive for this year and potetially beyond?

我認為有人提到 AUR 對全年的預期為中個位數，我認為這意味著 AUR 將上升到低個位數，這是否意味著今年的單位速度現在開始變為正數，並可能超出？

And then quick modeling points Justin, I think you mentioned that Boxing Day, the five points tailwind to 3Q, but I think you also mentioned that the headwind from the US holiday, shorter holiday, and Easter.

然後是快速建模點賈斯汀，我想你提到了節禮日，第三季的五個點順風，但我想你也提到了來自美國假期、較短的假期和復活節的逆風。

On those two headwinds, can you maybe for the audience parse out what those are in terms of like a percentage point headwinds as we kind of model out for the 3Q and 4Q?

關於這兩個逆風​​，您能否為觀眾解析一下這些逆風是什麼，就像我們為第三季和第四季建模時的百分點逆風一樣？

Thank you very much.

非常感謝。

Sure.

當然。

Thanks, Laurent.

謝謝，洛朗。

And I'll do the second first.

我會先做第二個。

So in terms of the puts and takes the compressors and the shifts for the second half of the guidance, I would say that the holiday shifts in depression have less than a point of net headwind on our Q3 revenue.

因此，就看跌期權和期權壓縮機以及指導下半年的轉變而言，我想說，蕭條時期的假期轉變對我們第三季度收入的淨阻力不到一點。

And the flip side, we're expecting about a one point net benefit to our Q4 revenue from these shifts are still really solid underlying trends in the second half, despite from some of these puts and takes.

另一方面，我們預計第四季度收入將因這些轉變而獲得約 1 個百分點的淨收益，這些轉變在下半年仍然是真正堅實的基本趨勢，儘管有一些看跌期權。

On the unit growth question, we do expect a moderation from our Q2 AUR growth levels, but still healthy AUR growth in that low to mid single digit range.

關於單位成長問題，我們確實預計第二季的 AUR 成長水準將有所放緩，但 AUR 成長仍處於中低個位數範圍內。

If you think about Q2, which really interesting is we drove double-digit comp and double digit AUR growth.

如果你想想第二季度，真正有趣的是我們推動了兩位數的比較和兩位數的 AUR 成長。

So we're not buying share.

所以我們不買股票。

We're taking share.

我們正在分享。

And so when you think about units, we do remain focused on driving unit growth in addition to a warrant that we're doing that today in targeted categories, markets,channels.

因此，當你考慮單位時，除了我們今天在目標類別、市場和通路中所做的保證之外，我們確實仍然專注於推動單位成長。

Think Asia, think Europe, think our full-price channels, think our high growth categories, handbags, sweaters.

想想亞洲，想想歐洲，想想我們的全價管道，想想我們的高成長類別，手袋，毛衣。

So as we lean lessons to like-for-like pricing with inflation improving and AUR growth moderates, we do expect to see that gap between you are broken toll.

因此，當我們在通膨改善和 AUR 成長放緩的情況下吸取同類定價的教訓時，我們確實預計會看到你們之間的差距被打破。

It's been a growth continuing to contract.

增長持續收縮。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Great morning.

早安.

I'm very curious.

我很好奇。

Can you elaborate on your outlook for China for the rest of the fiscal year and confirm whether you altered your expectations for the back half relative to your initial guidance?

您能否詳細說明您對本財年剩餘時間的中國展望，並確認您是否相對於最初的指導改變了對下半年的預期？

And then longer term, is there still significant opportunity to expand your door count in China and if you could talk through how you're balancing investments in the region today with the current macroclimate?

從長遠來看，是否仍有重要的機會來擴大您在中國的業務數量？

Yeah.

是的。

Obviously, China is on many people's minds these days, Chris.

顯然，現在很多人都在關注中國，克里斯。

So first of all, we feel very good about the momentum we had in China.

首先，我們對中國的發展動能感到非常滿意。

We've been growing 17 quarters in a row and through COVID through the uncertainty on luxury, true pressured consumer sentiment.

我們已經連續 17 個季度實現成長，並經歷了新冠疫情、奢侈品行業的不確定性以及真正受到壓力的消費者情緒。

So we are energized by the near and long-term growth opportunities in China.

因此，我們對中國的近期和長期成長機會充滿活力。

Again, up 13 % this past quarter and what's driving it is the combination of new customer acquisition, double digit growth this quarter, solid comp growth across a meaningful store footprint now.

同樣，上個季度增長了 13%，推動這一增長的因素包括新客戶的獲取、本季度兩位數的增長以及目前有意義的商店足跡中的穩健增長。

I'll get to your question on expansion.

我將回答你關於擴展的問題。

New full price stores.

新的全價商店。

We're excited about the store we just opened in Shenzhen that looks absolutely stunning.

我們對剛剛在深圳開業的商店感到非常興奮，它看起來絕對令人驚嘆。

It's off to a very strong start.

這是一個非常強勁的開始。

And then also new platforms, right?

然後還有新平台，對吧？

We are learning about Douyin and learning how to do that well.

我們正在學習抖音，學習如何做好抖音。

Actually, our women's polo designer is in China as we speak with the teams to work through how best to showcase polo women's to Chinese consumers on that platform.

事實上，我們的女子馬球設計師正在中國，我們正在與團隊討論如何在該平台上最好地向中國消費者展示女子馬球。

So these drivers are durable growth drivers for the company.

因此，這些驅動因素是公司持久的成長動力。

The brand is resonating very nicely.

該品牌引起了很好的共鳴。

The product categories are connecting, as I mentioned earlier on Dana's question, really nicely with the Chinese consumer.

正如我之前在達納的問題中提到的，這些產品類別與中國消費者的連結非常好。

As our focus key city ecosystem on the top six cities in China, I think our motoring quite nicely.

由於我們專注於中國六大城市的重點城市生態系統，我認為我們的駕駛非常好。

So our ambition for China is unchanged.

所以我們對中國的抱負沒有改變。

And we -- today China is about 8% of the total company.

今天，我們中國約占公司總數的 8%。

So still a relatively small share of polo Ralph Lauren and the potential to be much more important.

因此，Polo Ralph Lauren 的份額仍然相對較小，但有可能變得更加重要。

Specifically, on store openings.

具體來說，就是開店。

So we guided that we're going to open about 70 stores in Asia this year, which is consistent -- pretty consistent with what we said in prior years.

因此，我們預計今年將在亞洲開設約 70 家商店，這與我們前幾年所說的非常一致。

A number of those stores are in China, but we're being very disciplined.

其中許多商店都在中國，但我們非常自律。

And I actually really appreciate the work our teams are doing in that market to be highly selective on where we show up, how it connects to the ecosystem.

事實上，我真的很欣賞我們的團隊在該市場所做的工作，他們對我們的展示地點以及它如何與生態系統連接進行了高度的選擇性。

And the idea is not to just expand for us expansion stage and get the short term benefits, but really build the brand for the next slide, the next 10, the next 15 years.

我們的想法不僅僅是為我們擴張階段並獲得短期利益，而是真正為下一個幻燈片、未來 10 年、未來 15 年打造品牌。

And we continue to have significant runway in an environment that is volatile and we'll obviously stay very much in touch with the first continue to be ambitious about the opportunities for us in China, along with other geographic opportunities in Europe, in the western North America, really back to our diversified growth driver strategy.

在一個不穩定的環境中，我們仍然擁有重要的跑道，我們顯然將與第一個保持密切聯繫，繼續雄心勃勃地對待我們在中國的機會，以及歐洲、西北地區的其他地理機會美國，真正回到了我們的多元化成長動力策略。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Excellent, thanks for taking my question and congrats on another great quarter.

非常好，感謝您提出我的問題，並祝賀又一個偉大的季度。

Patrice, Europe, comps up 15%, it's your at least penetrated region from a DTC perspective.

歐洲的 Patrice 成長了 15%，從 DTC 的角度來看，這是您至少滲透的地區。

Are you thinking about both factory stores in full price stores in Europe?

您是否正在考慮歐洲全價商店中的兩家工廠店？

It seems like there's some green shoots here.

這裡似乎已經出現了一些綠芽。

The comps on top of what you put up last year, obviously, really impressive?

顯然，你去年的表現真的令人印象深刻嗎？

So that's a very timely question because I was actually talking to our DTC leader from Europe yesterday in this very space. we're really pleased with the work our teams are doing on the ground in Europe on DTC. both actually brick and mortar and great performance on that, so as well.

這是一個非常及時的問題，因為昨天我實際上就在這個空間與來自歐洲的 DTC 領導人進行了交談。我們對我們的團隊在歐洲就 DTC 所做的工作感到非常滿意。兩者實際上都是實體的，而且性能也很好，所以也是如此。

So there's not a one- quarter sorry.

所以沒有四分之一的抱歉。

We've been delivering consistently in Europe and grew nicely ahead of our expectations for a few quarters now.

我們在歐洲的業績始終如一，幾季的成長遠遠超出了我們的預期。

To your point, we're still very underpenetrated.

就您而言，我們的滲透率仍然很低。

When you benchmark to a number of our competitors, while we have expanded our store presence meaningfully as we think through kind of the next phase of growth, and we'll talk about that next year in terms of what the next three years, it looks like we see significant opportunities for continued store expansion, either in key cities where we are already in where our footprint is limited, right?

當您以我們的許多競爭對手為基準時，雖然我們在考慮下一階段的成長時有意義地擴大了我們的商店規模，但我們明年將在未來三年中討論這一點，看起來就像我們看到了繼續擴張商店的巨大機會，無論是在我們已經進入的足跡有限的主要城市，對嗎？

There are a number of key cities where we only have one store.

在許多主要城市，我們只有一家商店。

We have oppurtunity to do more.

我們有機會做更多的事情。

In London, i don't know the exact number, but we have between 5 and 10 stores and this opportunity to do for more than that

在倫敦，我不知道確切的數字，但我們有 5 到 10 家商店，這個機會可以做得更多

.

。

So we're feeling good about the key cities that we are in and that you don't have a pharmacy script.

因此，我們對我們所在的主要城市感覺良好，並且沒有藥房腳本。

We're on track with our Investor Day targets.

我們正在實現投資者日目標。

We said we opened between 40 and 50 full-price stores, either owned or partner.

我們說我們開設了 40 到 50 家全價商店，要么是自有的，要么是合作夥伴的。

We're on track with that.

我們正在努力做到這一點。

We opened in total 44 new stores since fiscal year '22.

自 22 財年以來，我們總共開設了 44 家新店。

We're planning about 20 stores this fiscal year.

本財年我們計劃開設約 20 家店。

I think we just opened this past quarter from was our [email] leader was telling you recently 14 stores in the past quarter in Europe.

我認為我們上個季度剛開業，我們的[電子郵件]領導告訴您最近一個季度在歐洲開設了 14 家商店。

So we're on track with the game plan that we've laid out there.

因此，我們正在按照我們制定的計劃進行。

We have significant growth opportunity.

我們有巨大的成長機會。

But similar to my comment earlier on China, we're being very selective on where we show up what we build and how we're going to engage with the consumer in the context of the ecosystem that we build a building in each of the cities.

但與我之前對中國的評論類似，我們非常有選擇性地展示我們建造的產品，以及我們如何在每個城市建造建築的生態系統背景下與消費者互動。

But ambitious and excited about what the future looks like for us in EMEA.

但我們對歐洲、中東和非洲地區的未來充滿野心和興奮。

I'm very grateful for the outstanding work our teams are doing there across the markets.

我非常感謝我們的團隊在各個市場所做的出色工作。

All right.

好的。

Well, listen, thank you for joining us today, and we look forward to speaking with you on our third quarter earnings call in February.

好吧，聽著，感謝您今天加入我們，我們期待在二月份的第三季財報電話會議上與您交談。

Until then on behalf of Ralph, Justin, and the rest of our team here at Ralph Lauren, happy holidays and early Happy Holidays and take care.

在此之前，我謹代表 Ralph、Justin 以及 Ralph Lauren 團隊的其他成員，祝您節日快樂，早日節日快樂，保重。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。