雷夫·羅倫馬球 (RL) 2025 Q2 法說會逐字稿

Good, maybe medium term. Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren Second Quarter Fiscal Year 2025 earnings call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Instructions on how to ask a question will be given at that time. If you should require assistance during the call, please press star then zero. As a reminder, this conference is being recorded. I'd now like to turn off the conference to our host, Ms. Karen Evander gives Please go ahead.

很好，也許是中期。 女士們先生們，謝謝你們的支持。 歡迎參加 Ralph Lauren 2025 財政年度第二季財報電話會議。 此時，所有參與者都處於只聽模式。 隨後，我們將進行問答環節。 屆時將提供如何提問的說明。 如果您在通話過程中需要協助，請按星號，然後按零。 提醒一下，本次會議正在錄製中。 現在我想結束會議，主持人凱倫·伊万德女士表示請繼續。

Good morning, and thank you for joining Ralph Lauren's Second Quarter Fiscal 2025 conference call. With me today are Patrice will weigh the Company's President and Chief Executive Officer, and Justin BTG, Chief Financial Officer. After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller. During today's call, our financial performance will be discussed on a constant currency adjusted basis. Our reported results, including foreign currency, can be found in this morning's press release. We will also be making some forward-looking statements within the meaning of the federal securities laws, including our financial outlook. Forward looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements. Our expectations contain many risks and uncertainties. Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings. To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results. You should refer to this morning's earnings release and to our SEC filings that can be found on our Investor Relations website. With that, I will turn the call over to Patrice.

早安，感謝您參加 Ralph Lauren 2025 財年第二季電話會議。 今天與我在一起的有公司總裁兼執行長 Patrice 以及財務長賈斯汀·BTG (Justin BTG)。 準備好發言後，我們將打開電話詢問您的問題，我們要求您限制每個呼叫者只能提出一個問題。 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。 我們的期望包含許多風險和不確定性。 我們向 SEC 提交的文件中詳細介紹了可能導致我們的業績與當前預期存在重大差異的主要風險和不確定性。 尋找我們在討論財務績效時所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報告以及我們向 SEC 提交的文件，這些文件可以在我們的投資者關係網站上找到。 這樣，我會將電話轉給帕特里斯。

Thank you, Cory, and good morning, everyone, and thank you for joining today's call. We delivered strong second quarter performance and are entering the important holiday season with continued momentum across our brand, product assortments, geographies and channels. Or 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 market. Yes, to with Excellence or NICE, great job to accelerate strategy. 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. This enabled us to reinvest back into our brand-building initiatives and key city ecosystems to drive sustainable growth ahead. Our retail business across every region led our performance once again, delivering double-digit comp growth. Our continued pricing power is one barometer for the strengths and growing desirability of our brand in the marketplace. 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. At the same time, we continue to operate with discipline to improve our expense management across the organization and strengthen our balance sheet. This enables us to invest behind our strategic priorities, all while delivering profitability ahead of our expectations. All of this gives us the confidence to take up our full year outlook ahead of holiday. Let me take you through a few highlights from the quarter where 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 from more and third went into cities with our consumer ecosystem. First on our efforts to elevate and energize our lifestyle brand. We are proud to have one of the most iconic and beloved brands in the world. 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. This quarter was no exception highlighting Ralph Lauren's place at the heart of culture. Some of the exciting moments from the second quarter included first are spectacular Summer of Sports. We were honored to once again serve as the official outfitter of Team USA in the 2020 for Paris Olympics and Paralympics, a cherished partnership since 2008 from our Inspiring athletes to our on-air media personalities and celebrities like Beyonce, Kendall Jenner, Tom Cruise and Billy, I wish all sporting timeless Ralph Lauren looks our brand was front and center for one of the most successful summer games ever 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. We also celebrated our 19th year as official outfitter of the championships at Wimbledon. 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 stores lags and Dia K-pop storm, Mark Lee and Pierce Brosnan this year, closing out the summer. Our North American teams continue to amplify our sponsorship of the U.S. Open, perhaps the most electrifying Grand Slam of the year. Our retro inspired to uniforms on the court were only matched by the Polish style of court. 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 and ticking off New York Fashion Week are stunning world of Ralph Lauren Spring 25 runway show in the Hamptons. This September, inspired by their natural beauty and free spirited elegance of Coastal Living as only Ralph can do the event also brought together many friends of the brand, including Naomi Campbell. Naomi wants Jude Law and K-pop store winter among many others, helping to drive more than EUR33 billion PR impressions and a record 205 million views of the show online. These activations are driving strong, sustainable growth in new customer acquisition and engagement. In the second quarter, we added 1.5 million new consumers to our DTC. businesses, a high single digit increase to last year, consistent with recent trends, this new customer acquisition was predominantly led by younger, higher value and less price sensitive cohorts. Our brand consideration and net promoter scores increased globally led by North America and Europe. And our online scourge grew high double digits, significantly outpacing our competitive set. 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 do you Moving next to our second key initiatives, drive the core and expand from more Ralph and our design teams continue to create timeless sophisticated styles reimagine for our customers modern way of living. 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. 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. Core product highlights from the quarter included our iconic mesh polo shirts, cable net wall and cashmere sweaters, outerwear, including quota jackets, sports coats, and our Polo baseball caps. 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. Our high potential categories, including women's apparel, outerwear and handbags together increased mid 10s, strongly outpacing our total company growth rate as we continue to drive our strategy of foundational pieces to anchor modern wardrobe . Women's highlights this quarter included cable net and bear sweaters, relax shirting dresses and our outerwear programs, including barn and work jackets. Within handbags, we drove double-digit growth and strong gross margin. Expand a little was led this performance once again supported by our expanded collection of Polo ID silhouettes for fall. Other exciting releases this quarter included our U.S. Open capsule denim, Daydream, our third and final drop with Nuomi glasses or 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. Pinpointing remains an important part of Ralph Lauren's decades, long commitment to cancer prevention and treatment in underserved communities. Turning to our third key initiative win in key cities with our consumer ecosystem. We remain focused on developing our key city ecosystems around the world. Our ecosystem approach delivers both elevation and consistency across all of our consumer channels and touch points. Within DTC., which comprises two thirds of our business. We drove accelerated comp growth this quarter, while also expanding our presence in key markets. Comps were up 10% above our expectations. This outperformance was led by our brick-and-mortar stores, while our digital channel was in line with plan globally, we opened 25 new owned and partner stores focused on our top cities, largely in Asia store. Opening highlights during the period included GP&T, Tulsa, Wuhan and Shenzhen, among others. By region, growth was led by Asia, up 10% this quarter and slightly ahead of our outlook. This was followed by strong mid-single digit growth in Europe, where our teams continue to execute well across key markets. And importantly, North America returned to growth this quarter on ongoing strength in DTC. and a more normalized wholesale trend. Looking at China specifically, revenue was up low 10s once again this quarter on top of more than 25% growth last year. 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 Dorian, our brand desirability continues to grow as we focus first and foremost on building our business with domestic Chinese consumers. As a reminder, China currently only represents 8% of our total company sales. 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. And finally, touching on our enablers are business continued to be supported by our five key enablers. In September, we publish our annual timeless by design report outlining our progress in delivering citizenship and sustainability programs that both leverage opportunity, tees and manage risk to future-proof our business. 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. In closing, Ralph and I are energized by our teams, terrific progress through the first half of this fiscal year. 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 . Looking ahead, as the holiday season gets underway, we have momentum and we are still firmly on offense. 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. 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. Thanks, Patrice, and good morning, everyone. Our fiscal 25 is off to a strong start. 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. Second quarter revenue growth exceeded our plan, driven by better-than-expected performance in our direct to consumer channel. 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 . All three regions contributed to operating margin expansion, and we achieved all of this while continuing to navigate a highly uncertain global operating environment. This progress through the first half of the year gives us confidence in raising the full year outlook we introduced back in May. 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, total Company second quarter revenue growth of 6% exceeded our outlook, led once again by our direct-to-consumer channels . Total Company retail comps grew 10% as we increased our penetration of full-price selling in each of our regions. Total digital ecosystem sales, including our own sites and wholesale digital accounts, increased high single digits. Total company adjusted gross margin expanded 170 basis points to 67.1%. This strong performance was driven by favorable mix shifts towards our full price and international businesses, AUR growth and lower cotton costs. Aur increased 10% in the second quarter. This exceeded our mid-single-digit outlook, driven by greater than expected reductions in discounting across every region as consumers responded positively to our full 24 offering. Our AUR growth also continues to be supported by long-term mix, benefits, channel, geographic and product. 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, adjusted operating expenses grew 7% to 55.5% of sales, up 60 basis points to last year. 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. Key campaigns included our spring 25 runway show in the Hamptons Team USA at the Olympics in our Grand Slam sponsorships, 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, exchange rate back to last year as increased reinvestment to drive our digital business was offset by corporate cost savings, and our adjusted operating margin expanded 120 basis points to 11.7%. Moving to segment performance and starting with North America. Second quarter revenue inflected back to growth up 3% and exceeding our expectations. Continued momentum in retail more than offset a modest planned decline in wholesale, which normalize from Q1 trends. In North America Retail second quarter comps accelerated to 6%. Brick-and-mortar comps were up 9%, with strong growth in both full-price and outlet stores. 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. Total North America wholesale revenues decreased 3%, in line with our full price sell out this quarter. Our wholesale AUR increase mid single digits, stronger than recent trends on well positioned in inventories in the channel. We continue to expect our wholesale selling to remain generally in line with sellout through the remainder of the fiscal year. Our outlook still includes the planned exit of 45 department store doors this fiscal year. 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 . Moving to Europe, second quarter revenue increased 6%, driven by strong performance across our retail channels. All key markets delivered growth in the quarter, with the exception of the UK were underlying trends are improving. In Europe, retail comps increased 15% to last year, well exceeding our expectations. Growth was balanced across our brick-and-mortar and digital channels. 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 within DTC., you are especially encouraged by our performance in France in Germany, which both delivered high single-digit growth this quarter. Within France. 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. 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. Excluding these impacts, underlying growth in our Europe wholesale business would have been up approximately mid single digits for the quarter. Looking ahead, we still expect challenging comparison. Our digital pure play accounts as we lap significant restocking that took place in the second half of last year. 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. 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. Turning to Asia, revenue increased 10%, reflecting growth in all markets. Retail comps were up 11% on top of an 8% increase last year, with strong growth in both digital and brick-and-mortar stores. Asia results exceeded our outlook, led by strong performance in Japan and China. Japan grew low 10s to last year and accelerated from Q1 trends, supported by key marketing campaigns, stronger full price selling and continued tailwinds from inbound tourism. China also grew low 10s, consistent with our outlook for the quarter and full year, driven by comp growth, high quality, new customer recruitment and expanded distribution. 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. We ended the quarter with 1.7 billion in cash and short-term investments and 1.1 billion in total debt. 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. Net inventory decreased 6% to last year, in line with our plan weeks of supply improved versus last year, despite ongoing disruptions related to the Red Sea. 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, 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. And we continue to closely monitor and protect incoming supply and have the next deadline for contract negotiations in mid January. We still expect to end fiscal 25 with inventories generally aligned to revenue growth. 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 now expect constant currency revenues to increase in a range of approximately 3% to 4%, up from 2% to 3% previously. Our outlook continues to include stronger growth in DTC. and our international markets. Foreign currency is not expected to negatively impact revenue growth by about 40 to 60 basis points, down from 150 basis points previously, driven primarily by improvements in Asian FX rates. 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. These headwinds are expected to be partly offset by a roughly five point shift of Europe digital comps into Q three due to the earlier timing of Boxing Day sales. This fiscal year. Our fiscal fourth quarter will also be negatively impacted by a late Easter, which shifts into Q1 of fiscal 26. Despite all of these moving pieces, we remain confident in our underlying trends and expect to deliver us operate 30 block for range of 13.6% to 13.8% in constant currency relative to our fiscal 22 Investor Day base period. This keeps us firmly on track to deliver our 15% operating margin target this year. We expect gross margin to expand 80 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. These drivers are expected to cotton raw material costs and rerouting inventories into the U.S. from the East Coast. And for fiscal 25, foreign currency is expected to negatively impact our gross and operating margins by about 20 basis points. For the third quarter, we expect revenues to increase in a range of 3% to 4% in constant currency, led by our DTC channels. Wholesale is expected to continue improving sequentially from first half trends as North America selling more closely aligns the sellout in Europe. Wholesale receipts shift from Q2 into the back half of the fiscal year. Foreign currency is expected to benefit revenue by approximately 10 to 50 basis points. We expect third quarter operating margin to expand approximately 100 to 140 basis points in constant currency, driven by gross margin expansion. 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, and foreign currency is expected to have a roughly neutral impact on both gross and operating margin in the third quarter, 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%. And lastly, our outlook includes CapEx in the range of 250 to $300 million. 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. All brands are not created equal. And Ralph Lauren remains one of the most powerful and authentic brands globally. 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. Ralph's vision of inspiring. The dream of a better life continues to resonate across generations and geographies. 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. With that, let's open up the call for your questions.

謝謝科里，大家早安，謝謝您參加今天的電話會議。 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。 或者說，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、跨代和市場不斷擴大和日益提升的消費者基礎的強有力的合作。 是的，對於卓越或優秀來說，加速策略是一項偉大的工作。 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。 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。 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。 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。 零售 AUR 在去年成長 9% 的基礎上又成長了 10%。 超越我們對更高品牌定位和進一步減少折扣的預期。 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。 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。 所有這些都讓我們有信心在假期前展望全年前景。 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。 提醒一下，這些包括首先提升和激發我們的生活方式品牌，其次，推動核心並從更多領域擴展，第三進入城市與我們的消費者生態系統。 首先是我們努力提升和激發我們的生活方式品牌。 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。 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。 本季也不例外，凸顯了 Ralph Lauren 在文化核心的地位。 第二節的一些令人興奮的時刻包括首先是壯觀的夏季運動。 我們很榮幸再次成為美國隊 2020 年巴黎奧運會和殘奧會的官方服裝供應商，自 2008 年以來，我們的鼓舞人心的運動員、我們的直播媒體人物以及 Beyonce、Kendall Jenner、Tom Cruise 和比利，我希望所有穿著永恆Ralph Lauren 的運動服都能成為我們的運動員合作支持的有史以來最成功的夏季運動會之一的前沿和中心。 根據第三方指標，拉爾夫·勞倫 (Ralph Lauren) 是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。 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。 溫布頓網球公開賽一直被許多 VIC 名人評為年度最成功的全球賽事之一。以及有影響力的活動，包括服裝店滯後和 Dia K-pop 風暴、馬克李和皮爾斯布洛斯南今年為夏季畫上句號。 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。 我們對球場制服的復古靈感只有與波蘭球場風格相符。 今年的夏季運動活動在全球範圍內帶來了超過1,420 億次公關展示，大大超出了我們的預期，因為我們專注於推動長期品牌知名度、宣傳和需求，並在紐約時裝週上展示了Ralph Lauren 25春夏秀場的驚艷世界在漢普頓演出。 今年九月，以只有 Ralph 才能做到的自然美景和自由奔放的優雅海岸生活為靈感，該活動還聚集了包括 Naomi Campbell 在內的許多品牌好友。 Naomi 希望 Jude Law 和韓國流行音樂商店冬季等活動能夠幫助推動超過 330 億歐元的公關印像以及創紀錄的 2.05 億次該節目的線上觀看次數。 這些活動正在推動新客戶獲取和參與度的強勁、永續成長。 第二季度，我們的 DTC 新增了 150 萬消費者。與去年相比，新客戶獲取量較去年出現高個位數成長，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。 我們的品牌考慮度和淨推薦分數在全球範圍內有所增加，其中北美和歐洲領先。 我們的線上災難成長了兩位數，大大超過了我們的競爭對手。 與去年相比，我們的社群媒體粉絲繼續以低兩位數的速度成長。 Instagram 話題數量再次超過 6,200 萬，TikTok 話題再次領先。 接下來，您是否會繼續我們的第二個關鍵舉措，推動核心並從更多方面擴展？ 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。 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。 本季的核心產品亮點包括我們標誌性的網狀 Polo 衫、繩網牆和羊絨毛衣、外套（包括配額夾克、運動外套和 Polo 棒球帽）。 我們也對 Polo 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 Polo 產品系列。 我們的高潛力品類，包括女裝、外套和手袋，合計增長了 10 多倍，遠遠超過了我們公司的整體增長率，因為我們繼續推動基礎單品策略，以錨定現代衣櫥。 本季女裝亮點包括網眼毛衣和小熊毛衣、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。 在手袋領域，我們實現了兩位數的成長和強勁的毛利率。 擴大一點是我們秋季 Polo ID 輪廓的擴展系列再次支持了這一表現。 本季其他令人興奮的發布包括我們的美國公開賽膠囊牛仔布Daydream，這是我們與糯米眼鏡或第一位駐地藝術家一起推出的第三款也是最後一款產品，慶祝牛仔布作為美國面料的地位。 在本季末，我們推出了最新的粉紅色小馬系列，其中一部分收益用於對抗癌症。 精確定位仍然是 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。 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。 我們仍然專注於發展世界各地的主要城市生態系統。 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。 在 DTC 內，它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。 比較結果比我們的預期增加了 10%。 這一出色表現是由我們的實體店引領的，而我們的數位管道符合全球計劃，我們新開設了 25 家自營店和合作夥伴店，專注於我們的頂級城市，其中大部分位於亞洲。 在此期間開業的亮點包括 GP&T、塔爾薩、武漢和深圳等。 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。 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。 重要的是，由於 DTC 的持續強勁，北美地區本季恢復了成長。以及更規範的批發趨勢。 具體來看中國，本季營收在去年超過 25% 的成長基礎上再次出現 10 倍以上的低成長。 這是由兩位數的新客戶獲取、穩健的競爭增長、新的全價商店和Dorian 等新平台上的優惠和擴張共同推動的，我們的品牌吸引力持續增長，因為我們首先專注於與中國國內客戶建立業務消費者。 提醒一下，中國目前僅占我們公司總銷售額的 8%。 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。 最後，談到我們的推動因素，我們的五個關鍵推動因素繼續支持業務。 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、發球檯又管理風險，使我們的業務面向未來。 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，作為巴黎奧運的一部分，打造了我們首款100% 再生棉Polo 衫夏天收藏。 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。 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。 展望未來，隨著假期的到來，我們勢頭強勁，仍然堅定地進攻。 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。 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大家的問題。 謝謝，帕特里斯，大家早安。 我們的 25 財年有了一個好的開始。 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。 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。 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立和數位化的額外投資。 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。 今年上半年的進展讓我們有信心提高 5 月提出的全年展望。 但在我獲得指導之前，讓我向您介紹一下我們第二季度的財務亮點，提醒一下，這些財務亮點是在固定貨幣基礎上提供的，公司第二季度總收入增長6% 超出了我們的預期，再次由我們的直接面向消費者的管道。 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%。 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。 該公司調整後毛利率總額擴大了 170 個基點，達到 67.1%。 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。 第二季 Aur 成長了 10%。 這超出了我們的中個位數預期，這是由於消費者對我們 24 小時的全部產品反應積極，每個地區的折扣減少幅度都超出預期。 我們的 AUR 成長也持續受到長期組合、效益、通路、地理和產品的支持。 我們仍預期本財年下半年的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減少，調整後的營運費用佔銷售額的比例增長7% 至55.5%，比去年增長60 個基點。 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。 主要活動包括我們在大滿貫贊助中在奧運會上為美國漢普頓隊舉辦的25 春季時裝秀，我們仍然預計全年行銷將佔銷售額的7% 左右，這意味著下半年的支出較低，尤其是在第四季度匯率回到去年，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，調整後的營業利潤率擴大了 120 個基點，達到 11.7%。 轉向細分市場，從北美開始。 第二季營收恢復成長 3%，超出我們的預期。 零售業的持續成長勢頭足以抵消批發業計劃中的小幅下降，而批發業已從第一季的趨勢恢復正常。 北美零售業第二季的綜合成長率加速至 6%。 實體店銷售額成長 9%，全價店和直營店均強勁成長。 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。 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。 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。 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。 我們的展望仍包括本財年計劃退出 45 家百貨公司。 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。 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%。 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。 在歐洲，零售業年增 15%，遠遠超出我們的預期。 我們的實體通路和數位通路的成長是平衡的。 歐洲。 儘管DTC 內部競爭激烈的促銷環境，但在我們的品牌提升和折扣率較去年大幅下降的推動下，Aur 在去年高個位數增長的基礎上繼續強勁增長。尤其感到鼓舞，本季兩者均實現了高個位數成長。 在法國境內。 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。 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。 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。 展望未來，我們仍然預期具有挑戰性的比較。 我們的數位純遊戲帳號去年下半年進行了大量補貨。 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。 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。 轉向亞洲，收入成長了 10%，反映了所有市場的成長。 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。 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。 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，日本的成長率較去年下降了 10 %，並較第一季的趨勢有所加速。 在公司成長、高品質、新客戶招募和擴大分銷的推動下，中國的成長率也低於 10%，這與我們對本季和全年的展望一致。 轉向資產負債表。 我們強大的資產負債表和現金流仍然是我們堡壘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。 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。 本財年迄今為止，我們產生了約 3 億自由現金，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。 儘管與紅海有關的持續中斷，但淨庫存比去年下降了 6%，這與我們計劃的供應週數比去年有所改善一致。 我們的庫存在進入假期季節和我們每個地區（包括北美）時都處於有利位置。 儘管十月初發生了為期三天的東海岸港口罷工，但我們的團隊利用我們靈活且多元化的供應鏈，先發製人地將部分秋季假期收貨改道至西海岸，並因預計可能發生罷工而減少了空運。 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。 我們仍預期 25 財年結束時庫存將與營收成長基本保持一致。 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。 除其他考慮因素外。 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%。 我們的展望繼續包括 DTC 的強勁成長。以及我們的國際市場。 預計外幣不會對營收成長產生約 40 至 60 個基點的負面影響，較先前的 150 個基點有所下降，這主要是由於亞洲匯率的改善。 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。 由於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。 本財年。 我們的第四財季也將受到復活節推遲的負面影響，復活節將進入第26 財年第一季。個街區，範圍為13.6% 至相對於我們 22 財年投資者日基期，以固定匯率計算，成長 13.8%。 這使我們堅定地有望實現今年 15% 的營業利潤率目標。 我們預計，在向國際和全價 DTC 的有利組合轉變的推動下，毛利率將擴大 80 至 120 個基點。企業的 AUR 持續成長，棉花成本下降。 預計這些驅動因素將導致棉花原料成本上升，並將庫存從東海岸轉移到美國。 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。 對於第三季度，我們預計在 DTC 通路的帶動下，以固定匯率計算，營收將成長 3% 至 4%。 由於北美銷售與歐洲銷售更加接近，批發預計將繼續比上半年的趨勢持續改善。 批發收入從第二季轉移到本財年後半段。 預計外幣將使收入受益約 10 至 50 個基點。 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 至 140 個基點。 行銷佔銷售額的百分比預計將與去年第三季度大致持平，以支持我們的全球假期活動，並在第四季度降低，預計外幣對毛利率和營業利潤率的影響大致為中性第三季度，我們仍預計全年25財年稅率在22%至23%範圍內，而第三季稅率預計在22%左右。 最後，我們的預期包括 2.5 至 3 億美元的資本支出。 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。 所有品牌並非生而平等。 拉爾夫·勞倫 (Ralph Lauren) 仍然是全球最強大、最正宗的品牌之一。 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。 拉爾夫的願景鼓舞人心。 美好生活的夢想繼續在不同世代和不同地區引起共鳴。 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。 接下來，讓我們開始詢問您的問題。

Ladies and gentlemen, if you wish to ask a question, please press star then one on your touch-tone phone. You will hear a tone indicating you have been placed into queue. You may remove yourself from the queue at anytime by pressing star two. If you're using a speakerphone, please pickup your handset before pressing the numbers. We ask that you limit yourself to one question per caller. Once again, I'd like to ask a question, please press star one at this time. one moment, please, for the first question. The first question comes from Matthew Boss with JPMorgan.

女士們先生們，如果您想提問，請按按鍵式電話上的星號，然後再按一個。 您將聽到提示音，表示您已被放入佇列。 您可以隨時按二號星將自己從佇列中刪除。 如果您使用免持電話，請在按號碼之前拿起聽筒。 我們要求您將每個來電者的問題限制為一個。 我再次想問一個問題，請此時按星一號。 請稍等一下，回答第一個問題。 第一個問題來自摩根大通的馬修‧博斯。

Thanks and congrats on another really nice quarter. You bet. So international has been a key driver of your consistent outperformance for more than a year now. Could you elaborate on that on the enablers driving outsized level of growth that you're seeing in Europe and China? What gives you confidence that this momentum and be sustainable? And then just ended with operating margins now tracking to mid-teens constant currency this year. Could you speak to multiyear margin drivers that you see remaining?

感謝並祝賀又一個非常美好的季度。 你打賭。 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。 能否詳細說明推動歐洲和中國高速成長的推動因素？ 是什麼讓您對這種勢頭充滿信心並可持續？ 然後今年的營業利潤率剛好達到固定匯率計算的十幾歲左右。 您能否談談您認為仍然存在的多年利潤驅動因素？

Well, good morning, Matt. Thanks for your question. I really want to start by saying that we are really proud of our team's execution in every region right now. And yes, our performance in key international markets has been quite strong. And what hasn't been a particularly in the operating environment about whether you look at China, Japan and Germany, France or Italy, we're driving elevations were driving domestic demand with highly engaged new and existing customers. As you saw in our guidance increase this morning, our strategy is delivering and we have confidence in our continued momentum ahead. So why is that? And I would call out three core reasons are going to sound familiar to you, Matt. First, we have a very unique timeless growth that we are nurturing and investing behind. You saw this with a rolling thunder of marketing and cultural activations, ranging from the Olympics to Wimbledon to the U.S. open to an incredible fashion jewelry downturns and more, we remain committed to investing in our brand, not just in the summer notches during holiday this holiday, but really with an always-on mindset, and that is serving us very well around the world. The second point is that our teams are designing and delivering product that's resonating with consumers across geographies. Across generations. And this is really about our enduring brand codes of quality, timeliness and style, right ranging from our powerful core. You will have heard that our core was up 70%, 70% of the business. It was up double digits. So performing strongly this quarter again. And that's the foundation of this company to in a more of items based on recent trends like pharma jackets, like our Polo IV bags like are below 67 fragrances, broad range of produc ts i s really resonating with consumers. 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 and an average vehicle fashion market. The third point is we have a proven elevated go-to market strategy. This is well underway in places like China and a cross Europe. Where we've zeroed in our Tier one Tier two cities. Brian will talk some of them on call. 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. 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. So listen, I've said it before, but it bears repeating in a volatile environment. Ralph Lauren is fairly on offense. We have momentum. Our multi labor strategy is working, and we're going to keep executing with agility and excellence. And with that, I'll turn it over to Justin to answer your margin question. So on on the margin question, you know, we're focused on delivering on our commitments, right? 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, 230 basis points up. It's implying that we're firmly on track with our fiscal 25 Investor Day target. Of that 15% on a 50% is not a ceiling. We're going to continue to focus on driving margin expansion, along with continued strategic investments to deliver long-term growth. We could see us reinvest in upside as a marketing, for example. And if you think about the longer term beyond fiscal 25 strategy, the brand elevation strategy continues. 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

嗯，早上好，馬特。 謝謝你的提問。 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。 是的，我們在主要國際市場的表現相當強勁。 無論是在中國、日本、德國、法國或義大利，營運環境都沒有特別突出，我們正在透過高度參與的新客戶和現有客戶來推動國內需求。 正如您今天早上在我們的指引中看到的那樣，我們的策略正在兌現，我們對未來的持續勢頭充滿信心。 那麼這是為什麼呢？ 馬特，我想指出三個你聽起來很熟悉的核心原因。 首先，我們正在培育和投資一種非常獨特的永恆成長。 你可以透過滾滾雷霆般的行銷和文化活動看到這一點，從奧運到溫布頓網球公開賽，再到令人難以置信的時尚珠寶低迷等等，我們仍然致力於投資我們的品牌，而不僅僅是今年假期的夏季檔次。 第二點是，我們的團隊正在設計和提供能與不同地區的消費者產生共鳴的產品。 跨越幾代。 這實際上關係到我們持久的品質、及時性和風格的品牌準則，這一切都源自於我們強大的核心。 你可能聽過我們的核心業務成長了70%、70%。 漲幅達到兩位數。 因此本季再次表現強勁。 這就是該公司的基礎，推出更多基於最新趨勢的產品，例如藥用夾克、我們的 Polo IV 包等低於 67 種香水的產品，廣泛的產品確實引起了消費者的共鳴。 我認為，正是 Ralph Lauren 生活風格產品組合的廣度和深度以及我們靈活運用的能力，構成了它們的兩個競爭優勢和平均的汽車時尚市場。 第三點是我們有一個行之有效的提升市場進入策略。 這在中國和整個歐洲等地正在順利進行中。 我們的目標是一級二線城市。 布萊恩會隨叫隨到地談論其中的一些內容。 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。 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。 所以聽著，我之前已經說過了，但在動盪的環境中值得重複一遍。 拉爾夫·勞倫 (Ralph Lauren) 頗具進攻性。 我們有動力。 我們的多勞動力策略正在發揮作用，我們將繼續敏捷、卓越地執行。 接下來，我會把它交給賈斯汀來回答你的保證金問題。 所以關於利潤問題，你知道，我們專注於兌現我們的承諾，對嗎？ 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、230 個基點的指南的話向上。 這意味著我們正在堅定地實現第 25 財年投資者日目標。 其中 15% 到 50% 並不是上限。 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。 例如，我們可以將其作為行銷手段進行再投資。 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。 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，受到我們討論過的持久槓桿和我們擴大投資規模時的費用槓桿的支持

that we make. We'll

我們製造的。 出色地

go to. The next question comes from with UBS. Great. Thank you so much. Justin, can you talk about your competence and 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? 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? Thank you. Thanks, Jack. Our brand has been important backbone to our pricing power. And we put in a lot of work over the last seven plus years to invest in it to elevate our brand. And I will see these investments, the brand-building investments continue for this holiday and also beyond. 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 as illustrated. 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, consumers are clearly gravitating to the higher end of our assortment through our marketing, our Elevate experiences in our investments in quality, another cent benefit AUR is around our strategic and deliberate changes in GO. and channel mix with a particular focus on growing that high quality full-price distribution across all of our regions. 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. First Customer Ship enables us to pull back on promotions and discounts and discount less over time. So we've consistently demonstrated we can flex fees 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 and AUR, it's ultimately and out some of these drivers and in turn drives gross margin. 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.

去。 下一個問題來自瑞銀。 偉大的。 太感謝了。 Justin，你能談談你的能力和Ralph Lauren的定價能力嗎？ 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？ 謝謝。 謝謝，傑克。 我們的品牌一直是我們定價能力的重要支柱。 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。 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。 如您所知，我們預計今年的 AUR 成長將達到中個位數，而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 AUR。如圖所示，驅動器非常耐用且靈活。 因此，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，透過我們的行銷、我們的提升體驗，消費者顯然會被我們產品的高端所吸引。和通路組合，特別著重在我們所有地區發展高品質的全價分銷。 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。 首次客戶發貨使我們能夠減少促銷和折扣，並隨著時間的推移減少折扣。 因此，我們始終如一地證明，我們可以上下調整費用和其他各種槓桿，以適應當前定價環境下的宏觀形勢，包括當該環境更具競爭力和 AUR 時，最終會排除其中一些驅動因素進而推動毛利率。 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。

Morning, Jason, on the full-price store question, oh, listen, Ralph, Lauren stores, full-price stores in North America continued to lead our performance consistent actually with the last 14 quarters driven by traffic, right? So we have a model that's working here. I think that things to highlight our strong continued momentum. Despite strong compares, we're continuing our elevation efforts in our full-price stores. Those of you get a chance to visit and hopefully you experienced that. And we drove favorable mix from full price selling and from a women's growth, which has been a disproportionate contributor to our performance, our promotional discounts or actually down in Q2, supporting further the full price point I was making earlier. So we feel very good about the momentum. We have enough full-price stores. Our team is doing an excellent job in North America in these stores, engaging with consumers driving clienteling, showcasing product that consumers are looking for. We're really encouraged by the progress we're making in new store openings, so we still leaning into that. We have many opportunities around the world and in North America, 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. We are on track for that. The next one, I believe, is in seven Cecil objection Street. We're happy to actually turn to San Francisco with the with the Ralph Lauren stores are excited about that. And you're going to continue to see us drive that part of our business disproportionately continued to expand the footprint. 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.

早安，傑森，關於全價商店的問題，哦，聽著，拉爾夫、勞倫商店，北美的全價商店繼續領先我們的業績，實際上與過去14 個季度由客流量驅動的表現一致，對嗎？ 所以我們有一個在這裡起作用的模型。 我認為這件事凸顯了我們強勁的持續動力。 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。 你們有機會參觀，希望你們能體驗到這一點。 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、促銷折扣或實際上在第二季度的下降做出了不成比例的貢獻，進一步支持了我之前製定的全價點。 所以我們對這種勢頭感覺非常好。 我們有足夠的全價商店。 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，推動客戶服務，展示消費者正在尋找的產品。 我們對新店開幕所取得的進展感到非常鼓舞，所以我們仍然傾向於這一點。 我們在世界各地和北美有很多機會，你會記得我們在 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。 我們正朝著這個目標邁進。 我相信，下一個是在塞西爾反對街七號。 我們很高興能真正轉向舊金山，拉爾夫·勞倫 (Ralph Lauren) 商店對此感到興奮。 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。 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。

Thank you.

謝謝。

Next question, please.

請下一個問題。

Your next question comes from Michael Binetti with Evercore ISI.

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

Hey, guys. Congrats on a nice quarter. Guys are busy at work on a couple couple for me. I'm on U.S. Wholesale was down 3% a quarter in Central. It should trend forward into play at a pace close to sell out from here. I could this be positive this year, some based on what you're seeing? And maybe what are the initial orders for for calendar 25 looking like? And then on some on SG&A, Johnson, it sounds 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. I'm curious, can you start to lower SG&A, excluding marketing on unmet single digit growth? And how to think about timing? What is the SCA start to pivot to leverage?

嘿，夥計們。 恭喜您度過了一個美好的季度。 男生們正忙著為我做一對情侶。 我發現中部地區的美國批發業季度下跌了 3%。 它應該以接近從這裡賣出的速度前進。 根據你所看到的情況，我今年的情況可能是正面的嗎？ 也許 25 號日曆的初始訂單是什麼樣的？ 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%。 我很好奇，你們能否開始降低銷售管理費用（SG&A），不包括未滿足的個位數成長的行銷費用？ 以及如何考慮時機？ SCA 開始轉向什麼槓桿？

Sure. Thanks, Michael. So on the other North America wholesale performance that we are encouraged. We did see as we expected, we saw our sell-out and sell-in and align in Q2 what that down low single digit. And when you pick that apart, there are green shoots there that we're seeing are more upper tier distribution work really well received top key city doors outpaced the fleet and received digital continue to outperform in the quarter. So certainly some green shoots integrate leaning into. 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. We're certainly encouraged by the stabilization on the SG&A leverage. Our guidance for this fiscal year, as you know, implies SG&A leverage as we saw again this quarter. We continue to balance delivering on the short term with reinvesting upside beyond our business and brands to drive growth for the longer term. And as you mentioned about the first half of the year to Q1, we delivered SG&A leverage, test marketing and is due to our rate was flat when you strip out marketing. 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 awareness, making choiceful decisions to invest behind our brand. And you're seeing that play through. And we're still, by the way, taking up our our profitability guide, right? So we're seeing it flow through both in the current year and then also for the longer term. Overall, if you take out the quarterly timing of marketing and we're delivering average in the in the first half and looking ahead, we expect our marketing rate to rebalance versus last year, notably in Q4, which is a smaller quarter. 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. To your point on the revenue growth de-leveraging? Again, I think that's where we're pretty much there with wholesale stabilization. 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.

當然。 謝謝，麥可。 因此，我們對北美其他批發市場的表現感到鼓舞。 我們確實看到了我們的預期，我們看到了我們的銷售和銷售，並在第二季度保持了低個位數的水平。 當你把它分開時，我們看到了更多的上層分銷工作真正受到歡迎，頂級關鍵城市門的速度超過了車隊，並且數字在本季度繼續表現出色。 因此，肯定會有一些萌芽融入其中。 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。 SG&A 槓桿的穩定性無疑令我們感到鼓舞。 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。 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。 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、測試行銷，這是因為當您剔除行銷時，我們的費率持平。 今年上半年我們經歷了一些重要的品牌時刻，其中一些是去年上半年我們確實經歷過的，比如我們的時裝秀上的奧運會，這推動了去槓桿意識，做出了明智的決定來投資我們的品牌。 你正在看到這個過程。 順便說一句，我們仍在研究我們的盈利指南，對吧？ 因此，我們看到它在今年和長期內都會發生變化。 總體而言，如果您考慮到季度行銷時間，我們在上半年實現了平均水平，並展望未來，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，這是一個較小的季度。 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。 您對營收成長去槓桿化的觀點有何看法？ 再說一次，我認為這就是我們基本上已經達到了整體穩定的程度。 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。

Next question by again. Thanking question comes from Dana Telsey with Telsey Advisory Group.

下一個問題又來了。 感謝來自 Telsey Advisory Group 的 Dana Telsey 的提問。

Hi, good morning, everyone. 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 at mid to them, that mid single digits, is that in all channels is the global eight? How do you see the increasing resonance and giving you mentioned that beginning new customers? Is that part of the driver to? And then as a follow-up, thank you. Sounds good data. So I can't wait for your follow-up. Just in this chomping, at the B product lineup is concerned and its residents around the world, it's actually very consistent. So our core is resonating in Tokyo and Seoul in Shanghai in Milan, and I could go on and on. So we're seeing very consistent response to our fee foundational items, right or polo shirts. Our cable knits, sweaters are sports coats, and this is actually really exciting to see it. We're leaning into that. 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. They know they turned to product categories. They trust and Odyssey. Ralph Lauren has incredible credibility in these in these categories. So you're going to see that everywhere around the world. And it's not a one-quarter phenomenon. And we've been seeing that for a while. It's in part the result of our strategy, which is to focus on the core first and then expense for more on the high-potential categories thing, sorry, any women's Polo and particularly driven by Polo women's has been doing particularly well for the past few quarters. And certainly a real highlight this quarter. We are seeing that resonate everywhere around the world. And when I travel and you see a lot of young women supporting our Polo have or our bare sweaters well, as in Asia or Europe or here in North America, 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. And we've seen strong consistent growth on that. And then we're really pleased with the handbag progress, right? This is driven by Polo IV and that whole collection, which is really resonating with the younger cohort. Again see that consistently around the world. one of the things that gives us confidence moving forward is the breadth of our performance, right? This is not driven by one region, one channel one product category. We have a very diversified growth model and it's really playing out here. We're seeing pretty consistent performance. It's around around the world you saw in North America now back to growth, DTC comps, double digit, and that's pretty true around the world. So we're running the game plan focused on our top key cities, but very consistent around the world. We're seeing very consistent consumer response. You had a follow-up data, which are very lucky. You don't give some idea of for Jonathan, this is adjusted in line. So if you think about tariffs, what percentage of goods directly imported, how much and including how much comes from China? And how the how do you adjust either sourcing or pricing to the end consumer Textainer? So our global sourcing and supply chain is agile and well positioned. 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. 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. So sales penetration. So we'll wait and see what, if any, future policy ultimately gets passed. 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 Great. Any potential risks and disruptors.

嗨，大家早安。 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了低兩位數，以及中位數的高潛力類別，即中位數。 您如何看待越來越多的共鳴以及您提到的新客戶的出現？ 是那部分司機來的嗎？ 然後作為後續行動，謝謝。 聽起來不錯的數據。 所以我等不及你的後續行動了。 就這一點來說，對於B的產品陣容和它在世界各地的居民來說，其實是非常一致的。 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。 因此，我們看到人們對我們的基本款單品（右襯衫或 Polo 衫）的反應非常一致。 我們的絞花針織衫、毛衣是運動外套，看到它真的很令人興奮。 我們正在傾向於這一點。 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。 他們知道自己轉向了產品類別。 他們信任和奧德賽。 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。 所以你會在世界各地看到這種情況。 而且這還不是四分之一的現象。 我們已經看到這種情況有一段時間了。 這在某種程度上是我們策略的結果，即首先關注核心，然後在高潛力類別上投入更多資金，抱歉，任何女子Polo 運動，特別是由Polo 女子運動推動的運動在過去幾年中都表現得特別好宿舍。 當然也是本季的真正亮點。 我們看到這在世界各地引起共鳴。 當我旅行時，你會看到很多年輕女性很好地支持我們的 Polo 衫或裸毛衣，就像在亞洲、歐洲或北美這裡一樣，外套也是如此。 顯然，我們現在確實處於外套季節，但我們已經將業務轉變為始終開展業務，而不是季節性業務。 我們已經看到了這方面的強勁持續成長。 然後我們對手提包的進展感到非常滿意，對嗎？ 這是由 Polo IV 和整個系列推動的，這確實引起了年輕人的共鳴。 再次在世界各地看到這一點。 讓我們對前進充滿信心的因素之一就是我們表現的廣度，對嗎？ 這不是由某一地區、某一通路、某一產品類別所驅動的。 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。 我們看到表現相當一致。 在世界各地，你看到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。 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。 我們看到消費者的反應非常一致。 您有後續數據，這非常幸運。 你不知道喬納森的情況，這是按順序調整的。 那麼，如果考慮關稅，直接進口的商品所佔的比例是多少，其中有多少來自中國？ 您如何根據最終消費者 Textainer 調整採購或定價？ 因此，我們的全球採購和供應鏈靈活且定位良好。 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。 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全球來源單位的數量，與我們中國的數量大致相同。 所以銷售滲透率。 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）。 但我們之前已經成功地應對了關稅，包括不久前，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，以緩解巨大的影響。 任何潛在的風險和乾擾因​​素。

Thank you. Next question.

謝謝。 下一個問題。

Your next question comes from Power currently with Barclays Capital.

你的下一個問題來自目前在巴克萊資本工作的鮑爾。

Good morning. Thanks for taking my questions. Just drilling down on comps or sales performance for the quarter in North America, can you provide further detail on outlook and the results from some of the changes you have made in the stores? I have several product in Europe came in significantly ahead of expectations for all the reasons the tree. So you already went through but quarter to some of the drivers versus your expectations and how to think about that performance for the remainder of the year? Thank you.

早安. 感謝您回答我的問題。 只是深入了解北美本季的比較或銷售業績，您能否提供有關前景的更多詳細資訊以及您在商店中所做的一些更改的結果？ 由於各種原因，我在歐洲有幾種產品明顯超出了預期。 那麼，您已經了解了一些驅動因素與您的預期相比僅四分之一的情況，以及如何考慮今年剩餘時間的表現？ 謝謝。

Sure. So on on the North America, kind of trends on kind of taking a step back in a really, really pleased with our performance in our brick-and-mortar comp up high single digits on with our full price stores, continuing to lead that performance on where we saw. It's just continued momentum, solid traffic on the outlet side, we also saw acceleration really, really off the backs of some really strong traffic. So we were able to see kind of traffic drive conversion candidates picked up. And until we did see a pickup comparator, you won that bid in general for DTCD. 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 Q three. So we do expect continued momentum, but it's a bit of a moderation in that growth. As we look for Edward on the on the Europe side, I think we'll see if you saw, we took up our guide on 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. And so what's to come, the solid performance behind us of the underlying trend growth growth in Q2 across all key markets, actually U.K., which the underlying trends was growing. When you take out some of the the off-price noise, we feel good picking your outlet up to that higher end of the initial guide. So leaning towards that plus low to mid-single digits range with DTC. at the higher end and wholesale at the lower end, we continue to be cautiously optimistic based upon our team's strong execution and our strengthening brand perception in the market.

當然。 因此，在北美，趨勢是後退了一步，我們對實體店的表現非常非常滿意，我們的全價商店繼續領先這一表現在我們看到的地方。 這只是持續的勢頭，出口側的流量穩定，我們也看到在一些非常強勁的流量的支持下確實加速了。 因此，我們能夠看到某種流量驅動轉換候選者被選中。 在我們確實看到拾音器比較器之前，您總體上贏得了 DTCD 投標。 當我們考慮未來時，我們預計會持續強勁，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。 因此，我們確實預計勢頭會持續，但成長會有所放緩。 當我們在歐洲方面尋找愛德華時，我想我們會看看你是否看到了，考慮到我們受到歐洲真正鼓舞的上半年表現非常強勁，我們開始了今年的指南。 想想我們所處的營運環境，它仍然是一個非常動態的營運環境。 那麼接下來會發生什麼，我們在第二季所有主要市場（實際上是英國）的基本趨勢成長中表現強勁，其基本趨勢正在成長。 當您排除掉一些折扣噪音後，我們很樂意將您的商店選擇到初始指南的高端。 因此，傾向於使用 DTC 加上低到中個位數的範圍。在高端市場和低端批發市場，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。

Next question, please.

請下一個問題。

Thank you for the next question comes from Karl Choi with Goldman Sachs.

感謝高盛 Karl Choi 提出的下一個問題。

Good morning and thank you for taking our question. 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? Thank you.

早安，感謝您提出我們的問題。 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，我們距離最佳整體折扣率還有多遠，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？ 謝謝。

So I guess headline message growth is, first of all, let me start globally and then I'll double-click on North America globally this quarter. And our general trend has been reduced promotional activity by and actually that's contributed to the stronger than expected EUR this past quarter of 10%. So direction of travel is reduction of discount that applies to North America as well. And you know, on innovation journey. So our expectation is we'll continue to mix. A you are up, I think from a like for like pricing, we're going to stay relatively stable of it for the foreseeable future. Odyssey will stay in touch with our cost of all. But I think I don't think we're going to need any specific like for like pricing bar, Japan, where we're working through kind of durable FX changes . And then on the promotional front, I'd say directionally travelers elevation, some pullback on promotion is our game plan, but we're going to be nimble by and given the magnitude of the progress we've had on AUR.s over the past seven years now now we have the flexibility to get sharper where we need to get sharper. 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, to 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? Who are there the only brand that would be easy to define the consumers have choices. 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. 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. Next quest

因此，我認為主要資訊成長首先是讓我從全球範圍開始，然後我將在本季全球範圍內雙擊北美。 我們的整體趨勢是促銷活動減少，實際上這導致上個季度歐元比預期強 10%。 因此，旅行方向是減少折扣，這也適用於北美。 你知道，在創新之旅中。 所以我們的期望是我們將繼續混合。 我認為，從類似的定價來看，在可預見的未來，我們將保持相對穩定。 奧德賽將與我們的所有費用保持聯繫。 但我認為我們不需要任何具體的措施，例如日本的定價欄，我們正在那裡進行持久的匯率變動。 然後在促銷方面，我想說的是，我們的策略是定向提升旅行者的水平，對促銷進行一些回調，但考慮到我們在 AUR.s 上取得的巨大進展，我們將靈活應對。了，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。 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，以獲取持續的資金，為您提供最佳促銷水平的良好答案，因為它非常依賴我們所處的競爭環境，對嗎？ 誰有唯一的品牌，可以輕易定義消費者有選擇。 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。 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。 下一個任務

ion. Thank yo. The next question comes from Liav. Good morning. Thank you very much for taking my question. Just I think you mentioned that a yours have 30 for the Good morning Petry. I think it was mentioned that AUR.s expectation for the full year to be mid single digits, which I think applies which they have a lot of quick modeling points, Justin, I think you mentioned that Boxing Day, the five points of tailwind for 3Q, but I think you also mentioned that the headwind from historically audit to parse out what those are in terms of like a percentage point headwinds as we kind of model out for the 3Q and 4Q. Thank you very much. Sure. Thanks, Sara. And I'll do the second first. 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. 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 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. About Q2, which really interesting is we drove double-digit comp and double digit AUR growth. So we're not buying share. We're taking share. And so when you think about units, you know, we do remain focused on driving unit growth in addition to a warrant that we're doing that today in targeted categories, market channel, I think Asia this year, I think our full-price channels think our high growth categories, Tembec sweaters. 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. It's been a growth continuing contract. And next question, please, Andrea. Thank you. The next question comes from Chris McDonald with Banc of America. Great morning. I'm very curious. 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? 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 macro climate? Yes. Centers on many people's minds these days, Chris. So first of all, we feel very good about the momentum we had in China. We've been growing 17 quarters in a row and video through COVID through the uncertainty on luxury, true pressured consumer sentiment. So we are energized by it the near and long-term growth opportunities in China, 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 I get to your question on expansion, new full price stores, we're excited about the storage absorbing tensions, and that looks absolutely stunning is off to a very strong start. And then also new platforms, right? We are learning about do yen and learning how to do that. Well, she 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. So these drivers are durable growth drivers for the companies. The brand is resonating very nicely. The product categories are connecting, as I mentioned earlier on Dana's question, really nicely with the Chinese consumer Berner, our focus CC. ecosystem on the top six cities in China, I think our motoring quite nicely. So our ambition for China is unchanged . And we are today. China is about 8% of the total company. So still a relatively small share of Polo Ralph Lauren and the potential to be much more important specifically on store openings. So we guided that we're going to open about 70 stores in Asia this year. Roughly considers pretty consistent with what we said in prior years. A number of those stores are in China, but we're being very disciplined and 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. 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. And we continue to have significant runway in an environment that is volatile and the biopsy 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 drivers strategy. Great. And we'll go with the last question, please. Angela. Thank you . Our final question comes from John Kernan with Cowen. Excellent, thanks for taking my question and congrats on another great quarter. Thank you, Doug. Patrice at Europe, comps up 15, it's your at least penetrated region from IDTC. perspective. Are you thinking about both factory stores in full price stores in Europe? It seems like there's some green shoots here. The comps on top of what you put up last year, obviously, really impressive . So that's a very timely question because I was actually talking to are the leader from Europe yesterday in this very safe way that we're really pleased with the work our teams are doing on the ground in Europe on the on DTC., both actually brick and mortar and and great performance on that, so as well. So there's not a one- quarter sorry. We've been delivering consistently in Europe and grew nicely ahead of our expectations for a few quarters. Now to your point, we're still very underpenetrated one 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 more about that next year. So we do at 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? There are a number of key cities where we only have one store. We have obviously has to do more in London. We all know the exact number , but we have between five and 10 stores and this opportunity to do for more than that . So we're feeling good about the key cities that we are in and that you don't have a pharmacy script. We're on track with our Investor Day targets. We said we opened between 40 and 50 full-price stores, either owned or partner. We're on track with that. We opened a Sporting News well in total 44 new stores since fiscal year 22. We're planning about 20 stores this fiscal year. I think we just opened this past quarter from was our India leader was telling you recently 14 stores in the past quarter in Europe. So we're on track with the game plan that we've laid out there. We have significant growth opportunity. But similar to my comment earlier on China, we're being very soon 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, but ambitious and excited about what the future looks like for us in India and very grateful for the outstanding work our teams are doing there across the markets. All right. Well, listen, thank you for joining us today, and we look forward to speaking with you on our third quarter earnings call in February. Until then on behalf of Ralph, just and the rest of our team here at Ralph Lauren, happy holidays and early Happy Holidays and take care. Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

離子。 謝謝喲。 下一個問題來自利亞夫。 早安. 非常感謝您回答我的問題。 我想你提到你有 30 個「早安佩特里」。 我認為有人提到 AUR. 對全年的預期為中個位數，我認為這適用於他們有很多快速建模點，賈斯汀，我想你提到了節禮日，五個順風點第三季度，但我認為您也提到了歷史審計中的逆風，以解析出這些逆風，就像我們為第三季和第四季建模時的百分點逆風一樣。 非常感謝。 當然。 謝謝，薩拉。 我會先做第二個。 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。 另一方面，我們預計第四季度收入將因這些轉變而獲得一個百分點的淨收益，這些轉變在下半年仍然是真正堅實的基本趨勢，儘管從其中一些看跌期權和接受單位增長問題來看，我們確實預計較第二季的 AUR 成長水準有所放緩，但 AUR 成長仍處於中低個位數範圍內。 關於第二季度，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。 所以我們不買股票。 我們正在分享。 因此，當您考慮單位時，您知道，我們確實仍然專注於推動單位成長，此外我們今天在目標類別、市場管道方面正在這樣做，我認為今年是亞洲，我認為我們的全價管道認為我們的高成長類別，天柏毛衣。 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。 這是一份持續成長的合約。 請提出下一個問題，安德里亞。 謝謝。 下一個問題來自美國銀行的克里斯麥克唐納。 早安. 我很好奇。 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？ 從長遠來看，您在中國是否仍有擴大門數的重大機會？ 您能否談談您如何平衡當今該地區的投資與當前的宏觀環境？ 是的。 克里斯，現在很多人都在關注這個問題。 首先，我們對中國的發展動能感到非常滿意。 我們已經連續 17 個季度實現成長，並透過新冠疫情的影響，透過奢侈品行業的不確定性，真正受到壓力的消費者情緒。 因此，我們對中國的近期和長期成長機會充滿活力，上個季度再次成長了 13%。 推動這一成長的因素包括新客戶的獲取、本季兩位數的成長以及整個有意義的商店足跡的穩健成長。 現在我來回答你關於擴張、新的全價商店的問題，我們對存儲緩解緊張局勢感到興奮，這看起來絕對令人驚嘆，這是一個非常強勁的開始。 然後還有新平台，對吧？ 我們正在學習做日元並學習如何做。 好吧，我們的女式 Polo 設計師她正在中國，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式 Polo 衫。 因此，這些驅動因素是公司持久的成長動力。 該品牌引起了很好的共鳴。 正如我之前在 Dana 的問題中提到的，產品類別與中國消費者 Berner（我們的焦點 CC）有著非常好的連結。在中國排名前六的城市生態系統中，我認為我們的駕駛相當不錯。 所以我們對中國的抱負沒有改變。 我們今天就是這樣。 中國約占公司總數的8%。 因此，Polo Ralph Lauren 的份額仍然相對較小，而且在開店方面的潛力可能更為重要。 因此，我們預計今年將在亞洲開設約 70 家門市。 粗略地認為與我們前幾年所說的非常一致。 其中許多商店都在中國，但我們非常自律，實際上非常感謝我們的團隊在該市場所做的工作，他們對我們展示其與生態系統的連接方式進行了高度選擇性。 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。 在一個不穩定的環境中，我們仍然擁有重要的跑道，活檢與第一個保持密切聯繫，我們繼續雄心勃勃地對待我們在中國的機會，以及歐洲和北美西部的其他地理機會，真的回到我們的多元化成長動力策略。 偉大的。 我們將討論最後一個問題。 安吉拉。 謝謝 。 我們的最後一個問題來自約翰·克南和考恩。 非常好，感謝您提出我的問題，並祝賀又一個偉大的季度。 謝謝你，道格。 歐洲的帕特里斯（Patrice），共有 15 個，這是您從 IDTC 至少滲透的地區。看法。 您是否正在考慮歐洲全價商店中的工廠店？ 這裡似乎已經出現了一些綠芽。 顯然，在你去年的基礎上進行的比較確實令人印象深刻。 所以這是一個非常及時的問題，因為昨天我實際上以一種非常安全的方式與來自歐洲的領導人進行了交談，我們對我們的團隊在歐洲實地就 DTC 所做的工作感到非常滿意。擊砲以及在這方面的出色表現，也是如此。 所以沒有四分之一的抱歉。 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。 現在就您的觀點而言，當您以我們的許多競爭對手為基準時，我們的滲透率仍然很低，而在我們思考下一階段的成長時，我們有意義地擴大了我們的商店業務，我們將更多地討論這一點明年。 因此，我們在未來三年裡，看起來我們看到了繼續擴張商店的重大機會，無論是在我們已經進入的足跡有限的主要城市，對吧？ 在許多主要城市，我們只有一家商店。 顯然我們必須在倫敦做更多的事情。 我們都知道確切的數字，但我們有 5 到 10 家商店，而這個機會可以做得更多。 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。 我們正在實現投資者日目標。 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。 我們正在努力做到這一點。 自第 22 財年以來，我們總共開設了 44 家新店《Sporting News》。 我認為我們上個季度剛開業，我們的印度領導人最近告訴您上個季度在歐洲開設了 14 家商店。 因此，我們正在按照我們制定的計劃進行。 我們有巨大的成長機會。 但與我之前對中國的評論類似，我們很快就會選擇在哪裡展示我們建造的東西，以及我們將如何在我們在每個國家建造建築物的生態系統背景下與消費者互動。對我們在印度的未來充滿雄心和興奮，並且非常感謝我們的團隊在整個市場上所做的出色工作。 好的。 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。 在此之前，我謹代表 Ralph、Ralph Lauren 團隊的其他成員，祝您節日快樂，早日節日快樂，並保重。 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。