雷夫·羅倫馬球 (RL) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

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

歡迎參加 Ralph Lauren 2025 財政年度第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

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主持人 Corinna Van der Ghinst 女士。

Please go ahead.

請繼續。

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

早安，感謝您參加 Ralph Lauren 2025 財年第三季電話會議。

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

今天與我一起的還有公司總裁兼執行長 Patrice Louvet；以及財務長賈斯汀·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.

在準備好發言稿後，我們將開始回答您的問題，但請每位來電者只提出一個問題。

During today's call, our financial performance will be discussed on a constant currency adjusted basis.

在今天的電話會議上，我們將根據固定匯率調整後的基礎討論我們的財務表現。

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

我們的報告結果（包括外幣）可在今天上午的新聞稿中找到。

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

我們也將根據聯邦證券法做出一些前瞻性陳述，包括我們的財務展望。

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

前瞻性陳述並不構成保證，我們的實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

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

我們的預期包含許多風險和不確定性，可能導致我們的結果與我們目前預期有重大差異的主要風險和不確定性在我們的美國證券交易委員會文件中詳細說明。

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結果時使用的非 GAAP 指標的揭露和對帳表，您應該參考今天早上的收益報告和我們的 SEC 文件，這些文件可以在我們的投資者關係網站上找到。

With that, I will turn the call over to Patrice.

說完這些，我將把電話轉給帕特里斯。

Thank you, Cori.

謝謝你，科里。

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

大家早安，感謝大家參加今天的電話會議。

We entered this important holiday quarter with a clear game plan, along with strong brand and product momentum, and our teams around the world delivered particularly well, executing our long-term strategy across geographies, channels and categories to outperform our financial commitments.

我們帶著明確的計劃進入了這個重要的假日季，同時擁有強大的品牌和產品勢頭，我們在世界各地的團隊表現尤為出色，跨地域、跨渠道、跨類別執行我們的長期戰略，超越了我們的財務承諾。

This quarter's results underscore the powerful combination of our iconic timeless brand and products, our durable and diversified levers of growth, and our ability to connect authentically with consumers across genders, generations and markets through our proven key city ecosystem model.

本季的業績凸顯了我們標誌性的永恆品牌和產品的強大組合、我們持久而多樣化的成長槓桿，以及我們透過經過驗證的關鍵城市生態系統模型與跨性別、跨世代和跨市場的消費者建立真實聯繫的能力。

Third quarter results, with revenue up double digits, exceeded our expectations in every geography across the top and bottom line.

第三季的業績顯示，營收成長了兩位數，各個地區的營收和利潤都超出了我們的預期。

Our strong first half brand momentum and strategic investments carried into the fall holiday season, driving better-than-expected consumer demand in each channel, and the agility of our global supply chain enabled us to meet the upside to demand during the quarter.

我們上半年強勁的品牌發展動能和策略投資延續到了秋季假期，推動了各個通路的消費者需求好於預期，而我們全球供應鏈的靈活性使我們能夠滿足本季度的需求上行空間。

Our retail business led our performance again, delivering double-digit comp growth, along with improving trends in digital.

我們的零售業務再次引領業績，實現兩位數的年成長，同時數位化趨勢也在改善。

DTC continues to be a leading indicator of our growing brand desirability and the power of our ecosystem model.

DTC 繼續成為我們不斷增長的品牌吸引力和生態系統模型力量的領先指標。

We are encouraged that this momentum is now also delivering accelerated growth in wholesale as we continue to elevate and reposition the channel.

我們很高興看到，隨著我們不斷提升和重新定位管道，這一勢頭現在也正在推動批發業務的加速成長。

Building on our high-impact summer of sports and Hampton's fashion event, we invested in innovative marketing campaigns to engage and inspire consumers around the world.

在我們影響力巨大的夏季體育賽事和漢普頓時尚盛會的基礎上，我們投資了創新的營銷活動來吸引和激勵世界各地的消費者。

This is translating to high-quality new customer acquisition and full price selling in the marketplace.

這意味著獲得高品質的新客戶並在市場上以全價銷售。

Third quarter retail AUR grew another double digits on higher full price penetration and lower-than-planned promotions.

由於全價滲透率提高和促銷力度低於計劃，第三季零售 AUR 再次實現兩位數成長。

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，我們繼續嚴格運作，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 double-digit growth in profitability and returning cash to our shareholders.

這使我們能夠投資於我們的策略重點，同時實現兩位數的獲利成長並向股東返還現金。

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，我們在三大戰略支柱上取得了持續進展。

As a reminder, these include: first, Elevate and Energize Our Lifestyle Brand; second, Drive the Core and Expand for More; and third, Win In Key Cities With Our Consumer Ecosystem.

提醒一下，這些包括：首先，提升和激發我們的生活方式品牌；第二，驅動核心，進一步拓展；第三，利用我們的消費者生態系統贏得重點城市。

First, on our Efforts to Elevate and Energize Our Lifestyle Brand.

首先，我們致力於提升和激發我們的生活方式品牌。

Across generations and geographies, we continue to harness the power of our iconic brand, cutting through culture across key moments in fashion, celebrity, sports, gaming and music.

跨越世代和地域，我們繼續利用我們標誌性品牌的力量，在時尚、名人、運動、遊戲和音樂等關鍵時刻傳遞文化。

Some highlights from the third quarter included: first, our global holiday campaigns, which translated the magic and timeless elegance of Ralph Lauren around the world.

第三季的一些亮點包括：首先，我們的全球假期活動，將拉爾夫勞倫的魔力和永恆優雅傳遞到世界各地。

In New York City, you may have interacted with our AI-powered Polo Bear blowing kisses from our Madison Avenue flagship windows, or our immersive holiday pop-up shop at Saks Fifth Avenue, featuring our handbags in Ralph's Coffee Shop.

在紐約市，您可能已經與我們在麥迪遜大道旗艦店櫥窗裡向我們飛吻的人工智能 Polo Bear 互動過，或者在我們位於薩克斯第五大道的沉浸式假日快閃店中互動過，在 Ralph's 咖啡店裡展示我們的手袋。

At our Gangnam store in Seoul, Starz, JY Park and IsacHong lit up the night with special performances at our Ralph's New York event.

在我們位於首爾江南區的門市，Starz、JY Park 和 IsacHong 在我們的 Ralph's New York 活動上進行了特別表演，點亮了整個夜晚。

And in Europe, we drove top city activations in London, Milan, Munich and Paris, staying top of mind following our powerful Olympics presence this past summer.

在歐洲，我們推動了倫敦、米蘭、慕尼黑和巴黎等頂級城市的活動，繼去年夏天奧運會後，這些城市的活動仍備受關注。

Second, our very Ralph documentary launch in Shanghai, complete with a spectacular drone show over the historic Bunt waterfront and star studied Gala with friends on a brand like Crystal Young and Suzu.

其次，我們在上海發布了非常具有拉爾夫特色的紀錄片，其中包括在歷史悠久的 Bunt 海濱上空進行的一場壯觀的無人機表演，以及與朋友一起在 Crystal Young 和 Suzu 等品牌上進行的明星研究 Gala。

Highlighting Ralph's journey and unique position in fashion, the campaign was a special opportunity to share our brand values with Chinese consumers, generating more than 30 million livestream views and 67 billion impressions.

這項活動重點是突出了 Ralph 的歷程和在時尚界的獨特地位，是一個與中國消費者分享我們品牌價值的特殊機會，產生了超過 3000 萬次直播觀看和 670 億次展示。

Finally, we outfitted an incredible roster of celebrities including Demi Moore, Selena Gomez, Eva Longoria and Mike Madison at the El Women in Hollywood event.

最後，我們為參加 El Women in Hollywood 活動的眾多名人提供了服裝搭配，其中包括黛米摩爾、賽琳娜戈梅茲、伊娃朗格利亞和麥克麥迪遜。

Ariana Grande and Jonathan Bailey selected Ralph Lauren for the Wicked Movie Premier in London, as did Nicole Kidman for the cover of W Magazine.

愛莉安娜·格蘭德 (Ariana Grande) 和喬納森·貝利 (Jonathan Bailey) 選擇了 Ralph Lauren 作為《魔法壞女巫》電影倫敦首映式的服裝，妮可·基德曼 (Nicole Kidman) 則選擇了 Ralph Lauren 作為《W 雜誌》的封面服裝。

Together, these activities are driving strong, sustainable growth in new customer acquisition and engagement.

這些活動共同推動了新客戶獲取和參與度的強勁、永續成長。

In the third quarter, we added a record 1.9 million new consumers to our DTC businesses, a low double-digit increase to last year.

第三季度，我們的 DTC 業務新增了 190 萬名新消費者，創下歷史新高，與去年相比實現了低兩位數的增幅。

This continued to be led by younger, higher value and less price-sensitive cohorts.

這部分消費族群依然是較年輕、價值較高且對價格較不敏感的族群。

Our brand further strengthened across key consumer metrics with increases across brand consideration, purchase intent and Net Promoter Scores globally.

我們的品牌在全球範圍內的品牌考慮度、購買意願和淨推薦值都有所提升，在關鍵消費者指標方面得到了進一步加強。

And we grew both our value perception and luxury equity scores, particularly with next-gen consumers.

我們的價值認知和奢侈品資產評分都有所提高，尤其是對下一代消費者來說。

We continue to increase our social media followers by low double digits to last year, surpassing 64 million, led by Instagram, Threads, Line, TikTok and Douyin.

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，超過 6,400 萬，其中 Instagram、Threads、Line、TikTok 和抖音粉絲最多。

We plan to continue building on this brand strength with powerful new engagements into fiscal year 2016 and beyond.

我們計劃在 2016 財年及以後透過強有力的新合作繼續增強這項品牌實力。

Moving to our second key initiative, Drive The Core And Expand For More.

轉向我們的第二個關鍵舉措，推動核心並進一步擴展。

Since our company's inception, Ralph and our design teams have focused on creating timeless products that endure.

自公司成立以來，拉爾夫和我們的設計團隊一直致力於創造經久不衰的產品。

This holds especially true in the current environment where we continue to see consumers turn to brands they know and trust that consistently deliver quality and value.

在當前環境下尤其如此，我們繼續看到消費者轉向他們熟悉和信任的、始終如一地提供品質和價值的品牌。

At Ralph Lauren, this starts with our core products, which represent more than 70% of our business and includes some of our best-known styles from our iconic mesh polo shirts to cable-knit sweaters and Polo caps.

在 Ralph Lauren，這始於我們的核心產品，這些產品占我們業務的 70% 以上，包括我們最知名的一些款式，從標誌性的網眼 Polo 衫到粗針織毛衣和 Polo 帽。

Sales of our core products increased low teens, ahead of our total company growth in the third quarter.

我們核心產品的銷售額在第三季實現了低幅度的成長，超過了公司整體的成長。

Our high potential categories, including women's apparel, outerwear and handbags, together increased 20%.

我們的高潛力類別包括女裝、外套和手袋，整體成長了 20%。

Women's and outerwear highlights this quarter included quilted mid-weight and puffer jackets, cotton cable-knit and wool cashmere sweaters, our coveted Polo bear sweaters and short dresses.

本季的女裝和外套亮點包括絎縫中等重量和羽絨夾克、棉質粗針織和羊毛羊絨毛衣、我們夢寐以求的 Polo 熊毛衣和短裙。

Handbags also exceeded our expectations, with sales up strong double digits to last year, supported this holiday by an exclusive collaboration with Mr. Bags in China and pop-ups in New York City and Paris.

手袋的銷售也超出了我們的預期，與去年相比，銷售額強勁增長了兩位數，這得益於本次假期與中國包先生的獨家合作以及在紐約和巴黎的快閃店。

Polo Women's led this performance once again, supported by our Polo IG bag with new seasonal colors and fabrications like chocolate and Suad.

Polo 女裝再次引領這一表現，我們的 Polo IG 包採用了巧克力色和 Suad 等新的季節色彩和材質。

Other special releases this quarter included our RRL Capsule with Navajo Artist Zephrine-M.

本季的其他特別發行包括我們與納瓦霍藝術家 Zephrine-M 合作的 RRL Capsule。

This represents the second collaboration in our groundbreaking artist and residence program focused on empowering and celebrating artisans within the communities that have historically inspired our designs.

這是我們開創性的藝術家和駐留計劃的第二次合作，該計劃的重點是賦權和慶祝歷史上激發我們設計的社區內的工匠。

And our annual Pink Pony collection supporting Ralph Lauren's long-standing commitment to cancer care and research.

我們每年都會推出 Pink Pony 系列產品以支持 Ralph Lauren 對癌症治療和研究的長期承諾。

Turning to our third key initiative, Win In Key Cities With Our Consumer Ecosystem.

談到我們的第三個關鍵舉措，利用我們的消費者生態系統在重點城市獲勝。

We continue to focus on developing our key city ecosystems around the world.

我們持續致力於發展世界各地的重點城市生態系統。

These ecosystems support the long-term elevation of our brand by inviting consumers to step into the world of Ralph Lauren with consistency across each of our consumer channels and touch points.

這些生態系統透過邀請消費者步入 Ralph Lauren 的世界，並在我們每個消費者管道和接觸點保持一致性，從而支持我們品牌的長期提升。

Within DTC, which comprises two-third of our business, we drove accelerated comp growth this quarter.

在占我們業務三分之二的 DTC 領域，我們本季推動了加速的複合成長。

Comps increased 12%, above our expectations, led by double-digit growth in brick-and-mortar stores, while our own digital sites also performed ahead of plan.

同店銷售額成長 12%，超出我們的預期，其中實體店銷售額實現兩位數成長，同時我們自己的數位網站的表現也超出了計劃。

Globally, we opened 34 new own and partner stores focused on our top cities, largely in Asia.

在全球範圍內，我們開設了 34 家新自有和合作商店，主要集中在我們的主要城市，主要是在亞洲。

Store opening highlights during the period included Polo boutiques in Hong Kong Pacific Place and Beijing's China World Mall, both featuring Ralph's coffee, our stunning new Ralph Lauren Collection shop for women at Harrods in London, one of our most elevated spaces to date, and our vibrant Candy Store Polo Shop in Edinburgh St. James Quarter.

期內開幕的亮點門市包括位於香港太古廣場和北京國貿商城的 Polo 精品店，兩家店均設有 Ralph's 咖啡；位於倫敦哈羅德百貨商場的全新 Ralph Lauren Collection 女裝店，是我們迄今為止最高的空間之一；以及位於愛丁堡聖詹姆斯區充滿活力的 Candy Store Polo 店。

As we continue to test and learn with new store formats, the candy store represents a new smaller format concept for us with fun highly flexible spaces.

隨著我們不斷測試和學習新的商店形式，糖果店對我們來說代表了一種新的小型形式概念，具有有趣的高度靈活的空間。

The dual-gender shops are curated with our most iconic Polo products that play on our Love Of Color, from sweaters and rugby shirts to a rainbow of Pony caps and Mesh polos.

這些男女同店商店精選了我們最具代表性的 Polo 產品，體現了我們對色彩的熱愛，從毛衣和橄欖球衫到彩虹色的小馬帽和網眼 Polo 衫。

Each of our three regions outperformed our expectations this holiday.

今年假期，我們三個地區的業績都超出了我們的預期。

We were particularly encouraged by mid-teens growth in Europe, supported by broad-based strength across our markets, including a return to growth in the UK.

我們尤其受到歐洲中等成長率的鼓舞，這得益於我們各個市場的廣泛強勁成長，包括英國的恢復成長。

Asia also continued to perform well, with mid-teens growth including China sales of more than 20%.

亞洲也持續表現良好，銷售額實現了中等程度的成長，其中中國市場的銷售額超過 20%。

And North America accelerated to high single-digit growth this quarter on ongoing strength in DTC and a meaningful improvement in wholesale trends.

由於DTC持續走強以及批發趨勢顯著改善，本季北美市場加速實現高個位數成長。

And finally, touching on our enablers.

最後，談談我們的推動因素。

In addition to our strategic priorities, our business continued to be supported by our five key enablers.

除了我們的策略重點之外，我們的業務也持續受到五大關鍵推動因素的支持。

Sharing a few highlights.

分享一些亮點。

Ralph and I are incredibly proud of our teams.

拉爾夫和我為我們的團隊感到無比自豪。

Their engagement and love for what we do is evidenced not only in their excellent execution, but in how they show up for one another and the communities we serve.

他們對我們所做工作的投入和熱愛不僅體現在他們出色的執行力上，還體現在他們如何為彼此以及為我們所服務的社區服務。

Whether that's our corporate teams volunteering hundreds of hours to support our retail teams during the peak holiday season, or teams across every region working directly in our communities to support those in need.

無論是我們的公司團隊在節日高峰期自願花費數百小時來支持我們的零售團隊，還是各個地區的團隊直接在我們的社區工作來為有需要的人提供支持。

Their commitment to our business, our brand and our values is unmatched.

他們對我們的業務、品牌和價值觀的承諾是無與倫比的。

And just a few weeks ago, Ralph became the first fashion designer ever to receive the presidential Medal of Freedom, America's highest civilian honor.

就在幾週前，拉爾夫成為有史以來第一位榮獲總統自由勳章的時裝設計師，這是美國授予平民的最高榮譽。

The award recognized Ralph's extraordinary contributions to culture and society as a visionary designer, trailblazing entrepreneur, innovative business leader and dedicated philanthropists.

該獎項表彰了拉爾夫作為一位富有遠見的設計師、開拓進取的企業家、創新商業領袖和熱心慈善家對文化和社會的傑出貢獻。

His vision continues to inspire us here at the company every day.

他的遠見卓識每天都在繼續激勵公司的每一個人。

Congratulations to Ralph.

祝賀拉爾夫。

In closing, we are strongly encouraged by our team's progress through the first three quarters of this fiscal year, including the important holiday season.

最後，我們的團隊在本財年前三個季度（包括重要的假期）的進展令我們感到非常鼓舞。

At the same time, we remain sharply focused on what's ahead for Ralph Lauren leveraging the incredible power of our brand and durable diversified drivers of growth to stay on offense into the next year and beyond.

同時，我們將繼續高度關注 Ralph Lauren 的未來，利用我們品牌的強大力量和持久的多元化成長動力，在明年及以後保持進攻勢頭。

And with that, I'll turn it over to Justin, and I'll join him at the end to answer your questions.

接下來，我會把時間交給賈斯汀，最後我會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 strong third quarter performance reinforce the confidence we have in our diversified growth drivers and premium position in the marketplace.

我們第三季的強勁表現增強了我們對多元化成長動力和市場領先地位的信心。

As our teams continue to deliver with excellence on our near-term commitments, we remain focused on investing in the strategic priorities that will enable us to better serve our customers and sustain our growth into the future.

在我們的團隊繼續出色地履行近期承諾的同時，我們仍將重點投資於策略重點，以便我們更好地服務客戶並保持未來的成長。

These include our brand, the continued elevation of our products, our digital capabilities and technology and our top city ecosystems around the world.

其中包括我們的品牌、我們產品的持續提升、我們的數位能力和技術以及我們在世界各地的頂級城市生態系統。

Third quarter results meaningfully exceeded our expectations across revenues and gross and operating margins, delivering one of our most successful holidays to date.

第三季的業績在收入、毛利率和營業利潤方面都大大超出了我們的預期，是我們迄今為止最成功的假期之一。

All three regions contributed to operating margin expansion as planned, with North America reporting its highest third quarter adjusted operating margin since we began our elevation journey more than seven years ago.

所有三個地區都按計劃為營業利潤率的擴大做出了貢獻，其中北美地區報告了自七年多前開始提升之旅以來最高的第三季度調整後營業利潤率。

And we achieved all of this while continuing to strengthen our balance sheet and cash flows, with approximately $980 million in free cash flows and $500 million in returns to shareholders year-to-date.

我們在實現所有這些目標的同時，繼續加強我們的資產負債表和現金流，今年迄今為止，我們的自由現金流約為 9.8 億美元，股東回報為 5 億美元。

This continued progress gives us confidence in raising our full year outlook once again.

這項持續進展使我們有信心再次上調全年業績預期。

But first, let me walk you through our financial highlights from the third quarter, which, as a reminder, are provided on a constant currency basis.

但首先，讓我向您介紹一下我們第三季的財務亮點，提醒一下，這些亮點是按固定匯率提供的。

Total company third quarter revenue growth of 11% was above our outlook with better-than-expected performance in both our direct-to-consumer and wholesale channels.

該公司第三季總營收成長 11%，高於我們的預期，直接面向消費者和批發通路的表現均優於預期。

Total company retail comps grew 12% as our holiday product offering and marketing campaigns resonated with consumers across regions.

由於我們的假期產品和行銷活動引起了各地區消費者的共鳴，公司零售總額增加了 12%。

Total digital ecosystem sales, including our own sites and wholesale digital accounts, increased mid-teens, accelerating from prior quarter trends.

包括我們自己的網站和批發數位帳戶在內的總數位生態系統銷售額成長了百分之十幾，高於上一季的趨勢。

Total company adjusted gross margin expanded 190 basis points to 68.3%.

公司調整後總毛利率擴大190個基點至68.3%。

This strong performance was driven by AUR growth, reduced promotions and favorable mix shift towards our full-price businesses and lower cotton costs, partially offset by higher freight expense to mitigate East Coast port disruptions.

這一強勁表現得益於 AUR 成長、促銷減少、向全價業務的有利組合轉變以及棉花成本降低，但為緩解東海岸港口中斷而增加的運費費用部分抵消了這一影響。

AUR increased 12% in the third quarter.

第三季 AUR 成長了 12%。

This exceeded our mid-single-digit outlook as demand for our core and seasonal products drove better-than-expected full price selling trends.

這超出了我們中個位數的預期，因為我們的核心產品和季節性產品的需求推動了好於預期的全價銷售趨勢。

Our ability to drive strong sales early in the quarter through Black Friday week also enabled us to pull back on planned promotions through the remainder of the period.

我們在本季度初透過黑色星期五週推動強勁銷售的能力也使我們能夠在本季度剩餘時間內減少計劃中的促銷活動。

As a result, we reduced our global discount rate by more than 500 basis points, meaningfully greater than expected.

因此，我們將全球折現率降低了500多個基點，顯著高於預期。

In the fourth quarter, we are planning for high single-digit AUR growth as we pull back further on end-of-season discounting across all regions following our strong holiday sell-throughs in Q3.

繼第三季假期季節銷售強勁之後，我們將進一步撤回所有地區的季末折扣，因此我們計劃在第四季度實現高個位數的 AUR 成長。

Adjusted operating expenses grew 10% to 49.7% of sales, down 30 basis points to last year.

調整後營業費用成長 10%，佔銷售額的 49.7%，較去年下降 30 個基點。

The improvement was driven by higher-than-expected sales and the planned cadence of marketing investments, which represented 7.1% of third quarter sales compared to 7.5% last year.

銷售額成長主要得益於高於預期的銷售額和按計畫進行的行銷投資，佔第三季銷售額的 7.1%，而去年同期為 7.5%。

We continue to expect full year marketing at about 7% of sales.

我們繼續預計全年行銷將佔銷售額的 7% 左右。

Excluding marketing, adjusted operating expense rate was flat to last year as ongoing cost savings offset continued reinvestment in our business.

除行銷外，調整後的營業費用率與去年持平，因為持續的成本節約抵消了對我們業務的持續再投資。

Our adjusted operating margin expanded 230 basis points to 18.7%, and operating profit increased 27%, both ahead of plan.

我們的調整後營業利潤率擴大了 230 個基點，達到 18.7%，營業利潤成長了 27%，都超出了計畫。

Moving to segment performance, and starting with North America, third quarter revenue increased 7%, exceeding our expectations.

談到分部業績，從北美開始，第三季營收成長了 7%，超出了我們的預期。

While momentum continued in our retail channels, we were especially encouraged by our return to growth in wholesale this quarter.

雖然我們的零售通路持續保持良好勢頭，但本季批發業務的恢復成長令我們特別鼓舞。

In North America retail, third quarter comps increased 8%.

在北美零售業，第三季同店銷售額成長了 8%。

Brick-and-mortar comps were up 10%, with strong growth in both full price and outlet stores.

實體店銷售額成長 10%，全價店和直營店均實現強勁成長。

Digital comps increased 3%, improving sequentially as we invested in more targeted marketing, merchandising and site enhancements under our new digital leadership.

由於我們在新的數位領導下投資了更有針對性的行銷、商品推銷和網站增強，數位同店銷售額增長了 3%，環比有所改善。

And our digital wholesale business accelerated to low teen sellout in the quarter.

本季度，我們的數位批發業務加速發展，銷售量達到低水準。

Total North America wholesale revenues increased 6%, above our expectations.

北美總批發收入成長 6%，超出我們的預期。

Our wholesale AUR increased mid-single digits on well-positioned inventories in the channel.

由於渠道中庫存充足，我們的批發 AUR 成長了中等個位數。

Full price sellout was in line with our sellin this quarter, supported by a strong fall product offering and growth in core replenishment.

本季度，全價銷售與我們的銷售一致，這得益於強勁的秋季產品供應和核心補貨的成長。

We expect our wholesale sellin to be up slightly in Q4 and continue to be generally aligned with our sellout trends.

我們預計第四季度批發銷售額將略有上升，並繼續與我們的銷售趨勢保持一致。

Our outlook now includes the planned exit of 60 departmental store doors this fiscal year.

我們現在的展望包括本財年計劃關閉 60 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.

雖然正在進行的退出對我們的財務表現並不重要，但我們將繼續積極地逐家評估和改進我們的品牌影響力。

Moving to Europe, third quarter revenue increased 16%, driven by strong performance across our retail and wholesale channels.

轉向歐洲，第三季營收成長了 16%，這得益於我們零售和批發通路的強勁表現。

Growth was supported by brand momentum from this year's highly impactful marketing activations.

今年極具影響力的行銷活動帶來的品牌動能推動了成長。

All of our key markets delivered growth in the quarter, led by double-digit revenue growth in Germany, France, Italy and Spain.

我們所有主要市場在本季度均實現成長，其中德國、法國、義大利和西班牙的營收均達到兩位數成長。

And encouragingly, sales grew in the UK this holiday as our underlying trends in the market continue to improve.

令人鼓舞的是，由於我們市場的基本趨勢持續改善，這個假期英國的銷售額有所成長。

In Europe retail, comps increased 17% to last year, above our expectations.

在歐洲零售業，同店銷售額較去年同期成長 17%，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實現了均衡成長。

Europe AUR continued to grow strongly on top of last year's low double-digit increase, driven by our brand elevation.

在我們品牌提升的推動下，歐洲 AUR 在去年低兩位數增幅的基礎上持續強勁成長。

Similar to recent quarterly trends, our discount rates declined meaningfully to last year despite a competitive promotional environment.

與最近的季度趨勢類似，儘管促銷環境競爭激烈，但我們的折扣率較去年同期大幅下降。

Europe wholesale increased 14% to last year, also above our plan, supported by strong reorder trends in the previously discussed timing shift of receipts from the second quarter.

歐洲批發量較去年同期增長了 14%，也高於我們的計劃，這得益於之前討論過的第二季度收貨時間轉變中強勁的重新訂購趨勢。

Excluding the shifts, wholesale would have increased roughly low double digits to last year.

除去這些班次，批發量與去年相比大約會成長兩位數。

Our digital wholesale sales increased strong double digits, driven by continued brand momentum at digital pure-play accounts.

受數位純業務帳戶持續的品牌發展勢頭推動，我們的數位批發銷售額實現了強勁的兩位數成長。

This performance was especially notable given challenging compares from last year's restocking in the channel.

與去年通路補貨相比，這一表現尤其引人注目，因為今年的業績表現並不理想。

We continue to expect stronger Europe wholesale growth in the second half of fiscal '25, including Q4, based on solid underlying trends and the receipt shifts from Q2 into Q3 and Q4.

基於穩健的潛在趨勢以及營收從第二季轉移到第三季和第四季度，我們繼續預期歐洲批發業務在25財年下半年（包括第四季）將實現更強勁的成長。

Looking ahead, we remain encouraged by our team's strong execution and our elevated positioning across channels in Europe, and we are focused on delivering powerful new connections with customers in the year ahead as we build on the momentum from our recent brand initiatives.

展望未來，我們仍然對我們團隊強大的執行力和我們在歐洲各個管道的提升定位感到鼓舞，並且我們將致力於在未來一年裡與客戶建立強大的新聯繫，因為我們將藉助最近的品牌舉措帶來的勢頭。

Turning to Asia.

轉向亞洲。

Revenue increased 15%, reflecting growth in all markets.

收入成長了 15%，反映出所有市場的成長。

Retail comps were up 14% on top of a similar 14% increase last year, with strong growth in both digital and brick-and-mortar stores.

零售同店銷售額在去年 14% 增幅的基礎上又上漲了 14%，其中數位商店和實體店均實現了強勁增長。

Asia results exceeded our outlook led by continued outperformance in China.

由於中國市場持續表現出色，亞洲業績超出了我們的預期。

Our China market grew more than 20% to last year, above our plan and driven by comp growth, high-quality new customer recruitment and key marketing moments, including our very Ralph event in Shanghai and Singles Day live streaming activations.

去年，我們的中國市場成長了 20% 以上，超越了我們的計劃，這得益於同店成長、高品質的新客戶招募和關鍵行銷時刻，包括我們在上海舉辦的 very Ralph 活動和光棍節直播活動。

Sales in Japan were also strong, growing low double digits to last year, supported by accelerated domestic consumer trends, driven by key brand activations, VIC engagement and luxury events, along with continued tailwinds from inbound tourism.

日本的銷售同樣表現強勁，較去年同期實現了低兩位數增長，這得益於國內消費趨勢加速，主要品牌激活、VIC 參與和奢侈品活動以及入境旅遊的持續推動。

Partnerships with key talent, including Mark Lee, Winter and Sana and (inaudible)Takao also helped deliver solid growth in Korea and the broader Asia region this quarter.

與 Mark Lee、Winter 和 Sana 以及（聽不清楚）Takao 等關鍵人才的合作也幫助公司本季在韓國及整個亞洲地區實現了穩健的成長。

Moving to the balance sheet.

轉到資產負債表。

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.

我們強勁的資產負債表和現金流繼續成為 Fortress 基礎的關鍵推動因素，使我們能夠在向股東返還現金的同時對我們的業務進行策略性成長投資。

We ended the quarter with $2.1 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 21 億美元，總債務為 11 億美元。

Our teams continue to leverage our agile and diversified supply chain to manage through global industry disruptions.

我們的團隊繼續利用我們靈活且多樣化的供應鏈來應對全球產業中斷。

With regards to the recently announced US tariffs on goods from China, Mexico and Canada, we currently anticipate a minimal annual impact.

對於美國最近宣布的對中國、墨西哥和加拿大商品徵收關稅，我們目前預計其年度影響將很小。

Third quarter net inventory decreased 5% to last year even as we improved our in-stock rates of popular core and seasonal products to fulfill stronger-than-expected consumer demand this quarter.

儘管我們提高了熱門核心產品和季節性產品的庫存率，以滿足本季超出預期的消費者需求，但第三季的淨庫存仍比去年同期下降了 5%。

Inventories in each of our regions are well positioned as we exit holiday and enter the spring season, and we still expect to end fiscal '25 with inventories generally aligned to revenue growth.

隨著假期結束、春季來臨，我們各個地區的庫存都處於良好狀態，我們仍預計 25 財年末的庫存水準將與收入成長基本保持一致。

Weeks of supply continue to decline as we improve our inventory efficiency through initiatives like our predictive buying model, which is designed to put our core top-selling styles in the right channels at the right time.

隨著我們透過預測採購模型等措施提高庫存效率，供應週數持續下降，該模型旨在將我們的核心暢銷款式在正確的時間投放到正確的管道。

This new buying framework is just one element of our upcoming next-generation transformation strategy, which will bring together our new global ERP system with integrated business planning tools and more productive, agile logistics to align with our increasingly global DTC-oriented business going forward.

這個新的採購框架只是我們即將推出的下一代轉型策略的一個要素，該策略將把我們的新全球 ERP 系統與整合的業務規劃工具和更高效、更敏捷的物流結合在一起，以適應我們未來日益全球化的 DTC 導向業務。

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，我們的前景仍然是基於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, tariffs and other consumer spending related headwinds, supply chain disruptions and foreign currency volatility, among other considerations.

其中包括通膨壓力、關稅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考慮因素。

For fiscal '25, we now expect constant currency revenues to increase approximately 6% to 7%, up from 3% to 4% growth previously, reflecting our strong year-to-date performance.

對於 25 財年，我們預計固定貨幣收入將成長約 6% 至 7%，高於先前的 3% 至 4%，這反映了我們今年迄今為止強勁的表現。

Foreign currency is now expected to negatively impact full year revenue growth by about 100 basis points to 150 basis points due to a stronger US dollar.

由於美元走強，預計外幣將對全年營收成長產生約 100 個基點至 150 個基點的負面影響。

We now expect operating margin to expand about 120 basis points to 160 basis points, up slightly from our prior outlook, driven by gross margin expansion of about 130 basis points to 170 basis points.

我們現在預計營業利潤率將擴大約 120 個基點至 160 個基點，略高於我們先前的預測，這得益於毛利率擴大約 130 個基點至 170 個基點。

In constant currency, relative to our fiscal '22 Investor Day base period, this puts us on track to exceed our 15% operating margin target this year.

以固定匯率計算，相對於我們 22 財年投資者日基準期，這使我們預計今年將超過 15% 的營業利潤率目標。

Foreign currency is expected to negatively impact both our gross and operating margins by about 30 basis points to 50 basis points.

預計外幣將對我們的毛利率和營業利潤率產生負面影響約 30 個基點至 50 個基點。

For the fourth quarter, we also expect constant currency revenues to increase in a range of approximately 6% to 7%.

對於第四季度，我們也預期固定貨幣收入將成長約 6% 至 7%。

Foreign currency is expected to negatively impact revenue by approximately 300 basis points.

預計外幣將對收入產生約 300 個基點的負面影響。

Wholesale is expected to remain on its positive trajectory as North America sellin more closely aligns to sellout and Europe wholesale receipts continue shifting to the back half of the fiscal year from Q2.

由於北美銷售情況越來越接近銷售高峰，且歐洲批發收入從第二季開始繼續轉移到財年下半年，批發業務預計將保持積極的軌跡。

Our outlook still includes approximately 1 point of negative impact in the fourth quarter from the timing of Easter, which shifts into Q1 of fiscal '26.

我們的預測仍然包括復活節時間對第四季約 1 點的負面影響，該影響將延續到 26 財年第一季。

We expect fourth quarter operating margin to expand approximately 120 basis points to 140 basis points in constant currency, driven by roughly 80 basis points to 120 basis points of gross margin expansion and modest operating expense leverage.

我們預計第四季度營業利潤率將按固定匯率擴大約 120 個基點至 140 個基點，這得益於毛利率擴大約 80 個基點至 120 個基點以及適度的營業費用槓桿。

Marketing as a percent of sales is expected to be about flat to last year in the fourth quarter as we concentrated a higher share of this year's marketing dollars on our Summer of Sports and Holiday campaigns.

由於我們將今年的行銷資金大部分集中在夏季運動和假日活動上，預計第四季度行銷佔銷售額的百分比將與去年持平。

Foreign currency is expected to negatively impact gross and operating margins by approximately 60 basis points to 80 basis points in the fourth quarter.

預計外幣因素將對第四季的毛利率和營業利潤率產生約 60 至 80 個基點的負面影響。

We still expect our fiscal '25 tax rate to be in the range of 22% to 23% for the full year, while the fourth quarter rate is expected to be around 24% to 25%.

我們仍預計 2025 財年全年稅率將在 22% 至 23% 之間，而第四季稅率預計在 24% 至 25% 左右。

And lastly, our outlook includes CapEx in the range of $200 million to $250 million.

最後，我們的預期是資本支出在 2 億至 2.5 億美元之間。

In closing, guided by Ralph's creative vision, our teams captured the magic of the holidays and delivered on our purpose of inspiring the dream of a better life.

最後，在拉爾夫的創意視野的指導下，我們的團隊捕捉了節日的魔力，並實現了激發美好生活夢想的目標。

Our strong performance this quarter further underscores Ralph Lauren's unique emotional connection with consumers around the world.

本季的強勁表現進一步凸顯了拉爾夫·勞倫與全球消費者獨特的情感連結。

This, combined with our diversified growth drivers and organizational agility, reinforces our confidence in delivering against both our financial and strategic commitments to ensure sustainable value creation into the future.

這一點，加上我們多元化的成長動力和組織敏捷性，增強了我們履行財務和策略承諾的信心，確保未來可持續的價值創造。

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

現在，我們開始回答你們的問題。

(Operator Instructions) Jay Sole, UBS.

(操作員指示) Jay Sole，瑞銀。

Great.

偉大的。

Just have one question.

我只有一個問題。

It's kind of in two parts.

它可分為兩部分。

The first part is as you look across your brand momentum, product assortment, growth markets and more, what would you consider the biggest drivers of your outperformance this holiday?

第一部分是，當您回顧您的品牌發展動能、產品組合、成長市場等時，您認為什麼是您在這個假期表現優異的最大驅動力？

And how much of the beat would you attribute to near-term factors versus more sustainable drivers looking ahead?

那麼您認為，相對於未來更永續的驅動因素，短期因素在多大程度上佔了上風？

Then the second part of my question is, if you could just elaborate a little bit more on what's really driving the growth in women's and handbags, those -- the newer categories, the growth categories that you've been talking about for a while?

那麼我的問題的第二部分是，您能否更詳細地說明一下推動女裝和手袋銷售增長的真正因素，那些較新的類別，您一直在談論的增長類別？

Sure.

當然。

Well, good morning, Jay, thanks for your question.

早安，傑伊，謝謝你的提問。

Look, we just delivered a high-quality quarter, right?

看，我們剛剛度過了一個高品質的季度，對吧？

And I think what you're seeing is the cumulative effect of our multi-lever strategy in action.

我想，你們看到的是我們多槓桿策略實施的累積效應。

Our brand is resonating with consumers around the world in every single market.

我們的品牌在世界各地每個市場都引起了消費者的共鳴。

Our teams are executing with excellence across the key facets of our business, whether that's product, stores, merchandising, marketing, logistics, and this is happening, you can't lose sight of that, in what remains a pretty volatile environment.

我們的團隊在業務的各個關鍵方面都表現出色，無論是產品、商店、商品銷售、行銷或物流，這種情況正在發生，在仍然相當不穩定的環境中，你不能忽視這一點。

We've been building this over the years, right, as I think many of you know.

我想很多人都知道，這些年來我們一直在建造這個。

So this is not the result of one marketing program or one activity in the market or one specific engagement with the consumer group, it's the combination of the cumulative effect of what we've been doing for many quarters now in many years and the drivers are durable.

因此，這不是某個行銷計劃、某個市場活動或某個消費者群體特定接觸的結果，而是我們多年來多個季度以來所做工作的累積效應，而且其驅動力是持久的。

Just as a quick reminder, three things that I would highlight.

我只是提醒一下，想強調三件事。

First, brand strength, which is really fueled by our rolling thunder of marketing activations, right?

首先，品牌實力，這實際上是由我們持續的行銷活動所推動的，對嗎？

And if you look back not just last quarter, but from several quarters now, the combination of the Olympics, our Immersive Hamptons Fashion, our very Ralph Fashion Show are very premier in China or innovative holiday campaigns, all that is contributing to this brand strength across a wide group of consumer cohorts.

如果你回顧一下，不僅僅是上個季度，而是現在的幾個季度，奧運會、我們身臨其境的漢普頓時裝秀、我們在中國首屈一指的拉爾夫時裝秀或創新的假日活動，所有這些都有助於在廣泛的消費者群體中增強這一品牌實力。

The second piece is the breadth of our lifestyle portfolio, which we continue to believe is a key competitive advantage in our space, right?

第二部分是我們的生活風格產品組合的廣度，我們仍然相信這是我們領域的關鍵競爭優勢，對嗎？

And this is both the combination of a strong core that's resonating with consumers around the world.

這兩者都是強大核心的結合，與世界各地的消費者產生了共鳴。

So strong core are cable-knit sweaters, our polo shirts, our Oxford shirts, our Polo caps, our blazers and then high potential categories and you touch on them.

強大的核心產品包括粗針織毛衣、我們的 Polo 衫、我們的牛津襯衫、我們的 Polo 帽、我們的西裝外套，然後是高潛力類別，您可以觸及它們。

So I'll come back to that, like women's handbags, like women's apparel and like outerwear, which are performing particularly well and have significant runway, not just for one quarter or two quarters, but actually for many, many years.

所以我要回到這個問題，例如女士手袋、女士服裝和外套，它們的表現特別好，並且有顯著的增長空間，不只是一個季度或兩個季度，而是實際上很多年。

And then the third durable driver in our mind is the power of our key city ecosystem go-to-market model. right, with our focus on top 30 cities around the world and making sure that we are centered on the consumer we want to serve and continuously elevating across every channel and every touch point so we give the consumer he or she an incredible experience wherever they want to shop at any point in time within these city clusters.

我們心中的第三個持久驅動力是我們重點放在城市生態系統市場進入模式的力量。是的，我們專注於全球前 30 個城市，確保以我們想要服務的消費者為中心，不斷提升每個管道和每個接觸點的服務，以便讓消費者在這些城市群中的任何時間、任何地點都能享受到令人難以置信的購物體驗。

I would add to these three durable drivers the fact that we have built an agility muscle inside the company.

除了這三個持久的驅動因素之外，我想補充一點，我們在公司內部已經建立了敏捷力量。

And that's been serving us particularly well to navigate what has been, it goes back to COVID and the logistics issue with the Red Sea and the East Ports strike concerns and so on and so forth, enabling us to just navigate a volatile environment and seize on opportunities as we see them.

這對我們應對各種問題特別有幫助，包括新冠疫情、紅海的物流問題、東港罷工問題等等，這使我們能夠在動盪的環境中航行並抓住機會。

I think what's pretty telling in this past quarter is our top line is up 11%, our inventory is down 5%.

我認為過去一個季度非常有說服力的一點是，我們的營業額成長了 11%，而庫存下降了 5%。

It indicates how well our teams have been reactive, nimble and smart with the use of our inventory across the countries.

這顯示我們的團隊在各國使用庫存時反應敏捷、聰明靈敏。

So stepping back, listen, we're pleased with the way the quarter came through.

所以退一步來說，聽著，我們對本季的表現感到滿意。

We feel good about the strategic framework that we have and that we're executing against with the global drivers, and we're actually excited about the magnitude of the opportunities ahead of us across products, across geographies and across channels.

我們對現有的策略框架以及我們在全球驅動力下正在執行的策略感到很滿意，而且我們對未來跨產品、跨地域和跨通路的巨大機會感到興奮。

And we remain confident that the key elements of our strategies will continue to deliver on these opportunities in the fourth quarter and beyond as we remain; one, on offense; and two, focus on what we can control.

我們堅信，我們策略的關鍵要素將在第四季及以後繼續抓住這些機會；一、進攻方面；二是集中精力於我們能夠控制的事情。

Now when it comes to our high-potential categories, women's apparel and handbags, and I would add outerwear to that, you saw the numbers this quarter, they were up 20%, very strong performance.

現在談到我們的高潛力類別，女裝和手袋，我想加上外套，你看到本季的數字，它們成長了 20%，表現非常強勁。

And listen, this all starts by making sure we have a strong foundational core from a product standpoint.

聽著，這一切都始於確保我們從產品角度擁有強大的基礎核心。

And our teams, both our Polo Women's team, our handbag team, has done a really nice job defining where we should play, defining how we should show up at which price points with products that are distinctive, recognizable and quintessentially Ralph Lauren.

我們的團隊，包括 Polo 女裝團隊和手袋團隊，都非常出色地定義了我們應該在哪裡開展業務，定義了我們應該如何在哪個價位推出獨特、可識別且典型的 Ralph Lauren 產品。

And I think that's that's resonating very well, and we're going to continue to build on the core.

我認為這引起了很好的共鳴，我們將繼續在此核心基礎上進一步發展。

The second piece is we changed our marketing significantly across these businesses, right?

第二點是，我們對這些業務的營銷方式進行了重大改變，對嗎？

And we now have much more dedicated activations on women's apparel, much more dedicated activations on our handbags.

現在，我們在女裝方面有更多專門的活動，在手袋方面有更多專門的活動。

We're integrating our handbags much better into the overall proposition.

我們正在將我們的手袋更好地融入整體產品中。

So for those of you who were counting at our recent fashion show, most of the models who walked the runway wore a handbag that would not have been the case five years ago.

因此，對於那些參加我們最近的時裝秀的人來說，大多數走秀的模特兒都戴著五年前不會出現的手提包。

And then the third area has been very thoughtful on distribution, right?

然後第三個領域在分佈上已經非常周到了，對嗎？

And we really improved distribution, both in DTC and in wholesale, a combination of the footprint and also the presentation, right?

我們確實改善了分銷，包括 DTC 和批發，這是覆蓋範圍和展示方式的結合，對嗎？

And that includes experimentation we're doing in some of our stores.

這包括我們在一些商店進行的實驗。

So those of you who get a chance to go to Tokyo, you will see we've transformed our Cat Street store actually into a women's only store as part of a learning and experimentation exercise.

因此，有機會去東京的人會看到，作為學習和實驗活動的一部分，我們實際上已經將我們的 Cat Street 商店改造成了女性專用商店。

And we've been super excited with the response that we've seen from consumers because as you all know on this call, women and men don't shop the same way.

我們對消費者的反應感到非常興奮，因為正如大家在電話會議中所了解到的，女性和男性的購物方式並不相同。

And we want to make sure that we're setting the products, the consumer experience in a way that really is going to resonate with these individual consumers.

我們希望確保我們設定的產品和消費者體驗能真正引起這些個人消費者的共鳴。

So early days on this journey.

這次旅程才剛開始。

The foundation of our strategy for the company is what we're applying here.

我們在這裡所應用的正是公司策略的基礎。

It's not that different, right?

沒什麼不同，對吧？

It's how do we engage in the right way, how do we have the right core offering with exciting fashion sprinkled in, and then how do we really show up across points of distribution in a way that resonates?

關鍵在於我們如何以正確的方式參與，如何提供正確的核心產品並融入令人興奮的時尚元素，然後，我們如何以一種引起共鳴的方式真正出現在各個分銷點上？

When I look at the total addressable market, and we'll have this conversation in more detail when we get together for Investor Day later this year, the size of the women's apparel market is humongous in our price points.

當我審視整個潛在市場時，我們會在今年稍後的投資者日上更詳細地討論這個問題，我發現在我們的價格點上，女裝市場的規模是巨大的。

And we are still -- while we have scale, right, because it's a multibillion dollar business for us, women's apparel, we still have a very, very small market share.

而且我們仍然——雖然我們有規模，但因為女裝對我們來說是一個價值數十億美元的產業，所以我們的市場份額仍然非常非常小。

The same is true for handbags, right?

手提包也是一樣，對吧？

Depending on the numbers $80 billion to $90 billion segment.

取決於 800 億美元到 900 億美元之間的數字。

We are far from those numbers.

我們距離這些數字還很遠。

So significant runway there and same thing for wear.

那裡的跑道非常重要，而且穿著也很重要。

So we're excited about the how our core is resonating and obviously, that will always be priority one of Ralph Lauren, but we will continue to lean into the selective high potential categories where the brand is resonating, our teams are in touch with the consumer, and we've got significant runway.

因此，我們對我們的核心如何產生共鳴感到非常興奮，顯然，這永遠是 Ralph Lauren 的首要任務，但我們將繼續傾向於選擇性高潛力類別，這些類別的品牌能夠產生共鳴，我們的團隊與消費者保持聯繫，並且我們擁有重要的發展空間。

Thank you.

謝謝。

Next question, please.

請回答下一個問題。

Laurent Vasilescu, BNP Paribas.

法國巴黎銀行的洛朗‧瓦西里萊斯庫 (Laurent Vasilescu)。

Patrice, Justin, I appreciate you're not guiding for the next fiscal year for your full Investor Day.

帕特里斯、賈斯汀，我很感激你們沒有在整個投資者日活動中為下一財年提供指導。

But just yet, but with North America inflecting back to growth this year, how should we think about the trajectory of the North American business from here?

但現在，隨著北美今年重新恢復成長，我們該如何看待北美業務的未來發展軌跡？

So just taking a step back.

所以只要退一步。

So when we started our next stage chapter, strategic journey several years ago, we made a number of very deliberate choices, right, to elevate our brand, to elevate our distribution.

因此，當我們幾年前開始下一階段的篇章、策略之旅時，我們做出了一些非常謹慎的選擇，以提升我們的品牌，提升我們的分銷。

And this was especially true in North America, I think lessening our exposure to lower-tier department stores and reducing our cost price business by 50%, while at the same time, strengthening our full price proposition and penetration and expanding margins.

尤其是在北美，我認為減少我們對低端百貨公司的依賴，將成本價業務降低 50%，同時加強我們的全價主張和滲透率並擴大利潤率。

So we set out to elevate our brand in the marketplace and establish that healthier foundation for long-term consistent

因此，我們著手提升我們的品牌在市場上的地位，並為長期持續的

(inaudible).

（聽不清楚）。

And we're now seeing the impact of (inaudible) come through in our improved North America results.

現在我們看到（聽不清楚）的影響在我們北美業績的改善中顯現出來。

The multiple geography got that Patrice just talked, they're as relevant for North America as they offer other to regions.

帕特里斯剛才談到的多個地理位置，它們與北美息息相關，就像它們為其他地區提供的一樣。

And we're really encouraged by how each of our North America channels is contributing to our growth.

我們非常高興看到我們的每個北美管道都為我們的成長做出貢獻。

On the DTC side, we've delivered now six consecutive quarters of solid comp growth, led by our full price stores with meaningfully less discounting.

在DTC方面，我們已經連續六個季度實現了穩健的同比增長，這得益於我們的全價商店和明顯減少的折扣。

And we believe this is a pretty good bellwether of how our brand and our product is resonating with consumers.

我們相信，這可以很好地表明我們的品牌和產品是否能引起消費者的共鳴。

And notably, within the DTC, our own digital business is now back on growth trajectory.

值得注意的是，在 DTC 內部，我們自己的數位業務現在已重回成長軌道。

On the wholesale side, as we mentioned in the prepared remarks, we've been working to stabilize our business season over season.

在批發方面，正如我們在準備好的評論中提到的那樣，我們一直在努力穩定我們的業務季節。

And we've seen a return to growth in the channel a little faster and a little stronger than we anticipated, even as we continue to scale back and prune our lowest-tier doors.

儘管我們繼續縮減和修剪最低層的門戶，但我們已經看到通路成長的恢復比我們預期的更快、更強勁。

But clearly, the progress we're seeing in DTC is coming over and starting to translate to wholesale.

但顯然，我們在 DTC 領域看到的進步正在顯現，並開始轉化為批發業務。

And this is evident by the positive response we're seeing from top-tier luxury accounts where we're admittedly still in the early stages of our expansion.

從我們看到的頂級奢侈品客戶的積極反應就可以看出這一點，我們承認我們仍處於擴張的早期階段。

So listen, while we're not going to guide for next year or the years beyond just yet, stabilizing that North America wholesale business, it's an important milestone on our long-term strategic journey.

所以聽著，雖然我們暫時還不能為明年或以後的幾年做出預測，但穩定北美批發業務是我們長期策略旅程上的一個重要里程碑。

And put together with the momentum we have in DTC, we've established a solid foundation to deliver sustainable revenue growth and operating margin expansion for both our largest region, North America and for the company overall.

結合我們在 DTC 領域的發展勢頭，我們為實現我們最大的地區北美以及整個公司的可持續收入成長和營業利潤率擴大奠定了堅實的基礎。

Thank you. next question, please.

謝謝。請回答下一個問題。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Congrats on a great quarter.

恭喜您度過了一個美好的季度。

Thanks, Matt.

謝謝，馬特。

Thanks.

謝謝。

So Patrice, could you speak to the foundational investments that are now in place that are really driving the double-digit growth in Europe and China.

那麼帕特里斯，您能否談談目前真正推動歐洲和中國實現兩位數成長的基礎投資？

Maybe just elaborate on continued market share opportunity abroad and and white space you see for further store growth?

也許只是詳細說明一下海外持續的市場份額機會以及您認為進一步門市成長的空白空間？

And then Justin, just maybe could you talk to the balance that you're striking between reinvestment in the business, notably with marketing, which is obviously delivering clear returns relative to continued margin expansion multi

然後賈斯汀，你能談談你在業務再投資（尤其是行銷）和利潤率持續擴張之間取得的平衡嗎？

(inaudible).

（聽不清楚）。

Sure.

當然。

So foundational investments for us are really across marketing, right?

那麼，我們的基礎投資其實是跨行銷的，對嗎？

And you know because you follow us closely that we've increased our marketing spend as a percent of revenue quite meaningfully over the past few years.

而且您知道，因為您密切關注我們，過去幾年來，我們的行銷支出佔收入的百分比相當可觀。

We're around 7% now.

目前約為7%。

As we've said in prior conversations, this is not the ceiling.

正如我們在之前的對話中所說的那樣，這不是上限。

The message to the marketing teams is you have no limit on marketing investment.

向行銷團隊傳達的訊息是，行銷投資沒有限制。

The only constraint is ROI.

唯一的限制是投資報酬率 (ROI)。

So we expect to continue to increase marketing spend here as we expand margin over time.

因此，隨著利潤率的不斷提高，我們預計將繼續增加行銷支出。

The key elements of the marketing activations have really evolved over time.

行銷活動的關鍵要素確實隨著時間的推移而改變了。

So we now have a very broad portfolio of marketing activation that range from fashion moments, I wouldn't call him shows because they are much more than shows their cultural moments, to (inaudible) sports activations, the work we're doing with influencers on social media platforms, gaming, et cetera.

因此，我們現在擁有非常廣泛的營銷激活組合，包括時尚時刻（我不會稱之為表演），因為它們不僅僅是表演，更是文化時刻，到（聽不清楚）體育激活，以及我們與社交媒體平台上的影響者合作、遊戲等等。

The second area where we're investing is obviously store openings, right?

我們投資的第二個領域顯然是開店，對嗎？

And here, on the one hand, I'm actually really pleased with the work the teams are doing on comp performance because look at our comp performance, across the regions, right, plus 8% in the US, plus 17% in EMEA, plus 14% in APAC.

一方面，我對團隊在薪酬績效方面所做的工作感到非常滿意，因為看看我們在各個地區的薪酬績效，美國增長了 8%，歐洲、中東和非洲地區增長了 17%，亞太地區增長了 14%。

So the foundation store footprint is delivering, and this is true both across our full price stores, our outlets and our own digital.

因此，基礎商店的足跡正在實現，這在我們的全價商店、我們的直銷店和我們自己的數位商店中都是如此。

Now, we also know we have continued opportunities to expand our footprint across key cities.

現在，我們也知道我們有繼續的機會擴大我們在主要城市的足跡。

So we expect this year to open around 85 new stores.

因此我們預計今年將開設約 85 家新店。

This is consistent with the three-year target we gave out during Investor Day 2.5 years ago, of [250] new stores.

這與我們兩年半前投資者日提出的三年新增門市 [250 家] 的目標一致。

This is true in the US, Matt, I know you talk EMEA and AP.

在美國確實如此，馬特，我知道你談論的是歐洲、中東和非洲 (EMEA) 和亞太地區 (AP)。

But obviously, we have store opening opportunities in the US.

但顯然，我們在美國有開店的機會。

We're opening next month and March on Jackson Street in San Francisco as we look to expand on the West Coast, where we have significant white space.

我們將於下個月和三月在舊金山傑克遜街開業，我們希望在西海岸擴張，那裡有大量的空白空間。

We also have significant opportunities in Europe through both our own and partner stores, and the teams have done an excellent job expanding our footprint, and with the new store openings really delivering nicely relative to our expectations.

我們也透過自己的商店和合作夥伴的商店在歐洲獲得了重大機遇，團隊在擴大我們的業務範圍方面做得非常出色，新店開業確實表現良好，符合我們的預期。

And of course, in Asia, we'll continue to expand.

當然，在亞洲，我們將繼續擴張。

We've got key opportunities first and foremost, in China with a really nice momentum there.

首先，我們在中國獲得了重要的機遇，那裡的發展勢頭非常好。

But we also have opportunities in Korea, where our footprint is still quite limited.

但我們在韓國也有機會，但我們在韓國的足跡仍然非常有限。

We have opportunities in Japan.

我們在日本有機會。

So that will continue.

這種情況將會持續下去。

Then the last thing I would say from a market share standpoint is, I come from a business where on Gillette, we had 95% market share.

那麼，從市場佔有率的角度來看，我最後要說的是，我來自吉列公司，我們擁有 95％ 的市佔率。

So it's hard to grow market share.

因此市場佔有率很難擴大。

The good news in this business is it's highly fragmented, right?

這個行業的好消息是它高度分散，對嗎？

And no one really has any meaningful market share.

但實際上沒有人擁有任何有意義的市場佔有率。

So the market is very large, the businesses -- the category is very fragmented.

因此，市場非常大，業務類別非常分散。

While we have good positions of leadership in a number of categories, we're still relatively small from a market share standpoint.

雖然我們在許多類別中佔據領先地位，但從市場份額的角度來看，我們的規模仍然相對較小。

And what we've seen this past quarter is continued market share expansion across men's, across children's and meaningful share expansion obviously across women's and handbags as we were talking earlier with Jay.

正如我們之前與傑伊交談時所說，上個季度我們看到男裝和童裝的市場份額持續擴大，女裝和手袋的市場份額也明顯擴大。

So I think the combination of continued to drive marketing spend and lean into high ROI activities with a broad range of activations and this rolling thunder approach of always on, with strong new customer recruiting, which will drive market share growth and continued selective choiceful footprint expansion in our top 30 key cities is a bit of a flywheel for us.

因此，我認為，繼續推動行銷支出、傾向於高投資回報率活動、廣泛的激活方式和始終在線的滾動雷霆方式相結合，加上強大的新客戶招募，將推動市場份額的增長，並繼續在我們的前 30 個重點城市有選擇地擴大足跡，這對我們來說有點像飛輪。

And so we expect that to continue to deliver, again, being very targeted and focused on how and where we show up because we know one of the risks is to dilute ourselves by being overextended and overexposed.

因此，我們期望繼續實現這一目標，再次強調，我們要非常有針對性地關注我們如何以及在何處出現，因為我們知道其中一個風險是過度擴張和過度曝光會削弱我們的影響力。

And in terms of the balance between investment and flow-through, our philosophy really remains unchanged, right, to balance reinvestment in the longer term growth of our branded business, with delivering on or in the case of this quarter, exceeding our near-term operating margin commitments, and you saw this in Q3.

在投資和流通之間的平衡方面，我們的理念實際上沒有改變，就是在對品牌業務的長期增長進行再投資與實現或在本季度的情況下超過我們近期的營業利潤率承諾之間取得平衡，您在第三季度看到了這一點。

So we balanced growth with investing back into the business, including in marketing, where we continue to meaningfully increase our spend year-over-year.

因此，我們在成長與業務投資之間取得平衡，包括行銷方面，我們繼續逐年大幅增加行銷支出。

And for Q3, our OpEx rate came in line with our expectations.

對於第三季度，我們的營運支出率符合我們的預期。

We delivered SG&A leverage and that importantly, came along with really high-quality revenue growth.

我們實現了銷售、一般及行政開支槓桿，更重要的是，這帶來了真正高品質的收入成長。

So we feel like we're striking that right balance and we in to see us do that as we move forward.

因此，我們覺得我們正在實現正確的平衡，並且我們希望在前進的過程中做到這一點。

Thank you. next please.

謝謝。有請下一位。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Congratulations on the very nice progress.

祝賀您取得了非常好的進展。

As you talked about brick-and-mortar and what you're seeing given the acceleration you've seen around the world, particularly in North America, what changed?

當您談到實體店時，考慮到世界各地（特別是北美）實體店業務的加速發展，您看到了什麼變化？

And how is the outlook performance?

前景表現如何？

And is that an area of growth in terms of new stores?

就新店而言，這是一個成長領域嗎？

And then can you expand on what you're doing in AI, the impact and the opportunity?

然後，您能否詳細說明您在人工智慧領域所做的工作、影響和機會？

Sure.

當然。

So I'll talk a little bit about sort of the -- what we're seeing in brick-and-mortar.

所以我會稍微談談我們在實體店看到的情況。

We did see continued strong performance in both our full price and our outlet stores really across all regions in Q3 and very consistent with sort of the Q2 trends.

我們確實看到第三季所有地區的全價店和直銷店都持續表現強勁，這與第二季的趨勢非常一致。

Our full-price stores continue to lead our growth, Dana.

我們的全價商店繼續引領我們的成長，達娜。

And then our Q3 outlet comps actually accelerated on really strong responses to our product offering and enhancements we've made around the world and staff and experienced.

然後，我們的第三季門市業績實際上加速成長，這得益於市場對我們產品供應以及我們在全球範圍內所做的改進和員工體驗的強烈反響。

And taking a step back, really importantly, we delivered in the brick-and-mortar channel, really strong quality of sales, really strong AUR growth on extremely positive traffic trends and increased basket.

退一步來說，真正重要的是，我們在實體通路實現了真正強勁的銷售品質、在極其積極的流量趨勢和不斷增加的購物籃支持下實現真正強勁的 AUR 成長。

So really feeling good about that performance and it's consistent really across or regions.

所以對於這種表現感覺非常好，而且它在各個地區都是一致的。

In North America, specifically, similar trends.

具體來說，在北美也存在類似的趨勢。

And again, I would say our Ralph Lauren stores full prices continue to lead our performance, and that's consistent with what we've been seeing over the past couple of years, really driven by traffic and AUR.

我想說的是，我們的 Ralph Lauren 商店全價繼續引領我們的業績，這與我們過去幾年看到的情況一致，這實際上是由流量和 AUR 推動的。

And then AI is a big opportunity for us.

那麼人工智慧對我們來說是一個巨大的機會。

So we're leaning into it.

所以我們傾向於這麼做。

I'd say, from a headline standpoint, Dana, we look at AI both through kind of a creativity lens and a productivity lens, right?

我想說，從標題的角度來看，達娜，我們既從創造力的角度來看人工智慧，又從生產力的角度來看人工智慧，對嗎？

That's how we really want to be leveraging these new capabilities.

這就是我們真正想要利用這些新功能的方式。

On the creativity lens, what you see is -- it's not our stores, it's our website, but we're leveraging actually generated AI to help with search and consumer navigation.

從創造力的角度來看，您看到的不是我們的商店，而是我們的網站，但我們正在利用實際生成的人工智慧來幫助搜尋和消費者導航。

We're obviously leveraging AI with our contact center and the way we engage with consumers.

我們顯然在我們的聯絡中心以及與消費者互動的方式中運用了人工智慧。

And the philosophy is really the contact center should be much more than a problem resolution center, it should be one of our biggest stores, right?

我們的理念是，聯絡中心應該不僅僅是一個問題解決中心，它應該是我們最大的商店之一，對嗎？

And how do we use that for consumer engagement and introduction of the broader range?

我們如何利用它來吸引消費者並推出更廣泛的產品？

And obviously, generative AI, very helpful here.

顯然，生成式人工智慧在這裡非常有用。

Our creative teams are using it for mood boards, for example.

例如，我們的創意團隊將其用於情緒板。

So on the number of application areas on the creativity side and consumer engagement front.

因此，在創造力方面和消費者參與方面有許多應用領域。

And then on the operational productivity front, we've started to leverage it in the context of predictive buying you heard in our prepared remarks.

然後在營運生產力方面，我們已經開始在您在我們準備好的評論中聽到的預測性購買的背景下利用它。

Justin talked about predictive buying, which has really been an accelerator of our performance this past quarter actually around the world to be a lot smarter in what we buy.

賈斯汀談到了預測性購買，這實際上加速了我們上個季度在世界各地的業績，使我們在購買時更加明智。

We're also leveraging this in our allocation tools to be a lot smarter about how our products show up in the individual stores.

我們也利用這一點來改善我們的分配工具，以便更聰明地安排我們的產品在各個商店中的展示方式。

And we're an experimentation mode.

我們處於一種實驗模式。

The new terminology in this space is a genetic AI, if I follow things correctly.

如果我理解正確的話，這個領域的新術語是基因人工智慧。

And so we are working with our partners to make sure that we continue to learn and leverage the best capability out there with, obviously, continued focus on authenticity and human leadership with AI filled out as a copilot as opposed to replacing how we operate.

因此，我們正在與合作夥伴合作，確保我們繼續學習並利用最好的能力，顯然，我們將繼續專注於真實性和人類領導力，讓人工智慧充當副駕駛，而不是取代我們的運作方式。

But we're excited about the initial impact we're seeing in the different fields of application across the business.

但我們對於在整個業務的不同應用領域看到的初步影響感到非常興奮。

Michael Binetti, Evercore ISI.

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

Let me add my congrats on a great holiday, obviously.

當然，讓我也祝賀你度過一個愉快的假期。

Maybe just a short term one for Justin first and then a follow-up.

也許對賈斯汀來說只是短期的，然後再進行後續跟進。

The 300 basis points increase to the revenue outlook, ex currency, but only 20 basis points or so of operating margin.

除匯率因素外，收入預期將增加 300 個基點，但營業利潤率僅增加 20 個基點左右。

Maybe just a thought on what's changing on the flow-through and how much of that might be specific to fourth quarter versus what kind of new costs we should be thinking about that could roll over into early 2026 that we should read from that?

也許只是對流通中發生的變化以及其中有多少可能特定於第四季度的想法，以及我們應該考慮哪些可能延續到 2026 年初的新成本，我們應該從中讀出什麼？

And then I guess, a jump all the question, but we've seen small hints of the US turning back to positive on a wholesale basis.

然後我想，所有的問題都出現了跳躍，但我們已經看到美國整體經濟回升的跡象。

But it's been hard to sustain, obviously, with what's going on in the end markets there.

但顯然，考慮到終端市場的情況，這種做法很難維持。

Is there a reason you think we're in a period of more durable growth in positive North America wholesale?

您認為我們正處於北美批發業務更持久的成長時期，這有什麼理由嗎？

You mentioned some new distribution and luxury doors.

您提到了一些新的分銷和豪華門。

We know the category expansion efforts.

我們知道類別擴展的努力。

I'm just curious how you look out and see how your confidence is that, that can stay positive in North America?

我只是好奇您是如何看待這個問題的，您對此有何信心，這種信心在北美能否保持積極態勢？

Sure.

當然。

Thanks, Michael.

謝謝，麥可。

So as we think about Q4, a couple of things.

因此，當我們考慮第四季時，有幾件事。

One, we know we're going into a -- it's a smaller quarter.

首先，我們知道我們將進入一個較小的季度。

It's also a quarter that we have our indices in sales in the quarter as well.

季度也是我們銷售指數公佈的季度。

So that is a part of the profitability shift.

這是獲利能力轉變的一部分。

We know, in Q3, we had a very strong full price selling, and that's reflected in our AUR and in our gross margin numbers there.

我們知道，在第三季度，我們的全價銷售非常強勁，這反映在我們的 AUR 和毛利率數字中。

So I would say that's probably the biggest difference between Q3 and Q4.

所以我認為這可能是 Q3 和 Q4 之間最大的區別。

In terms of when you think about North America wholesale and sort of where we're at, we're encouraged by the underlying trends of that business coming out of Q3.

就北美批發業務以及我們所處的情況而言，我們對第三季該業務的潛在趨勢感到鼓舞。

We've stabilized the business, right?

我們已經穩定了業務，對吧？

This was an important milestone and important step for our North America growth trajectory and for our operating margin contribution for North America, right?

這對我們的北美成長軌跡和北美的營業利潤貢獻來說是一個重要的里程碑和重要的一步，對嗎？

We feel good about we got selling now aligned with sell-out for a few consecutive quarters, and we're taking share, right, even though the overall channel remains soft in a pretty volatile environment, right, while still pruning our footprint.

我們很高興看到，我們現在已經實現了連續幾個季度的銷售與銷售同步，而且我們正在佔據市場份額，儘管在相當動蕩的環境中，整體渠道仍然疲軟，但我們仍在削減我們的足跡。

So we're definitely encouraged by the underlying trends.

因此，我們確實對潛在的趨勢感到鼓舞。

We're happy with the direction of travel.

我們對旅行的方向感到滿意。

We feel good about how we're positioned in the channel, and how we're thinking about it on a go-forward basis.

我們對自己在通路中的定位以及未來的思考感到很滿意。

I think when you look at our wholesale business and wholesale in general, it's really important, to Justin's earlier comments, to segment it, right?

我認為，當你看看我們的批發業務和整體批發業務時，對賈斯汀之前的評論進行細分確實非常重要，對嗎？

Because not all wholesale is built the same way.

因為並非所有批發都是以同樣的方式建立的。

And so the way we think about it is luxury players, the Neiman's, the Saks, the Bloomingdales, the Nordstroms of this world, the Bergdorfs, where we've got significant momentum.

因此，我們認為，在奢侈品牌中，例如 Neiman's、Saks、Bloomingdales、Nordstroms、Bergdorfs，我們都擁有巨大的發展勢頭。

Then we have wholesale.com, macys.com, in particular, where we also very healthy momentum.

然後我們有wholesale.com，特別是macys.com，我們的發展勢頭也非常健康。

Then you've got the top 50 doors of the key players where our partners are investing with us in people, in capital, in the way the product is being presented, and we're seeing that resonate.

然後，你就得到了 50 個關鍵參與者的大門，我們的合作夥伴與我們一起在人才、資本、產品呈現方式上進行投資，我們看到了共鳴。

And then there's the balance of the channel that continues to be challenged and that we're working through.

另外，通路平衡問題仍面臨挑戰，我們正在努力解決。

And we're working through two lenses here, which is in those doors where we want to stay how do we ensure that with our partners, there's investment, there's activation, there's customer service.

我們正在從兩個角度開展工作，也就是在我們希望停留的那些門上，我們如何確保與合作夥伴進行投資、激活和提供客戶服務。

And then we'll continue to prune.

然後我們將繼續修剪。

And you heard Justin talk about the fact we're going to eliminate another 60 doors within that group this year.

您聽到賈斯汀說過，我們今年要取消該組中的另外 60 扇門。

And we're going to continuously prune to make sure we're showing up in the right place relative to how we want to project the brand and from a profitability standpoint.

我們將不斷進行精簡，以確保我們出現在正確的位置，符合我們想要展示品牌的方式，並且從盈利的角度考慮。

So I think, Michael, it continues to be a pretty volatile environment.

因此我認為，邁克爾，目前的環境仍然相當不穩定。

It's really important to look at it in subparts.

分部分來看這個問題確實很重要。

But obviously, we're pleased that we're now stabilizing a business that's been a drag for this company for many years.

但顯然，我們很高興現在正在穩定多年來一直拖累公司的業務。

Thank you. next question, please.

謝謝。請回答下一個問題。

John Kernan, TD Cowen.

約翰·科南（TD Cowen）。

Congrats on a phenomenal holiday.

恭喜您度過了一個美好的假期。

So Justin, I think you said you reduced the global discount rate by 500 basis points in the quarter, obviously, strong performance in wholesale and DTC.

賈斯汀，我想你說過你在本季度將全球貼現率降低了 500 個基點，顯然批發和 DTC 業務表現強勁。

Just curious, how much more room do you have here to reduce discount rates?

只是好奇，你們還有多少空間可以降低折扣率？

I know it's been part of the AUR story.

我知道這是 AUR 故事的一部分。

AUR, I think you said in DTC, it was up double digits again.

AUR，我想你說過在 DTC 中它再次上漲了兩位數。

When you look at where you are from a full price sell-through, how much more space you have to reduce the global discount rate?

當您查看距離全價銷售的情況時，還有多少空間可以降低整體折扣率？

Yeah.

是的。

No, it's definitely something we think about.

不，這絕對是我們正在考慮的事情。

If you think about what's driven our AUR and our margin expansion over the past seven years, right, there's been a couple of things, right?

如果您想想過去七年來推動了我們的 AUR 和利潤率擴張的因素，那麼有幾件事，對嗎？

There's been sort of a favorable sound (inaudible)product mix elevation.

出現了一種有利的聲音（聽不清楚）產品組合提升。

There's been like-for-like price.

有同類價格。

And there's also been, to your point, brand repositioning, disciplined inventory management and that promotional kind of pullback.

正如您所說，還有品牌重新定位、嚴格的庫存管理和促銷回調。

And they've probably been about equal parts over the last five, six, seven years.

過去五、六、七年來，它們的比例可能大致相同。

As we look forward, we believe that those drivers are all durable with the one caveat being like-for-like is going to be a targeted driver where they're really going to lean into to offset cost inflation when we see there are structural changes in costs like what we're seeing in Japan with foreign currency.

展望未來，我們相信這些驅動因素都是持久的，但有一個需要注意的問題是，同類因素將成為有針對性的驅動因素，當我們看到成本出現結構性變化時，就像我們在日本看到的外幣變化一樣，它們將真正傾向於抵消成本通膨。

But if you think about the drivers there, the promotional pullback driver, in this quarter, we pulled back promotions in all of our regions and all of our channels.

但如果你考慮其中的驅動因素，即促銷撤回的驅動因素，在本季度，我們撤回了所有地區和所有管道的促銷活動。

We saw a really strong full price driven by our marketing and our product.

我們看到，受我們的行銷和產品推動，全價確實強勁。

And really, what happened was we were able to step change our promotions really across our entire ecosystem.

事實上，我們能夠在整個生態系統中逐步改變我們的促銷方式。

And that's something that it was done in North America, where we probably have a bit more runway in some of our channels like our outlet channel, but it was also done in China, where we're very, very elevated, highest in the world, and we still were able to pull back and to get some AUR growth and margin expansion from that promotional lever.

我們在北美已經做到了這一點，在那裡我們可能在某些管道（例如我們的直銷管道）上擁有更多的跑道，但我們在中國也做到了這一點，在中國，我們的地位非常非常高，是世界上最高的，我們仍然能夠透過這種促銷手段獲得一些 AUR 成長和利潤率擴大。

So we feel really good about proof of concept in terms of this lever going forward.

因此，就這一槓桿的未來發展而言，我們對概念驗證感到非常滿意。

And our new consumer acquisition muscle that we've built up really focused on bringing in more full-price customers into the fray, really gives us confidence that, that flywheel can continue and that this particular lever of AUR growth and gross margin expansion has a lot of runway as we look forward.

我們建立的新消費者獲取能力真正專注於吸引更多的全價客戶加入競爭，這確實讓我們有信心，飛輪可以繼續，並且這一特定的 AUR 增長和毛利率擴張槓桿在我們展望未來時有很大的發展空間。

Thank you.

謝謝。

Next.

下一個。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

My congrats.

我表示祝賀。

I think Justin two for you.

我認為賈斯汀適合你。

Can you just -- clearly, your business is very idiosyncratic and you're doing a fantastic job on the markdowns globally.

您能否—顯然，您的業務非常獨特，並且您在全球降價方面做得非常出色。

Just curious, the US market, the US wholesale market, do you notice any changes with inventory, with pricing cadence just across your competition?

只是好奇，美國市場，美國批發市場，您是否注意到競爭對手的庫存、定價節奏有任何變化？

Or are we still kind of steady as she goes?

或者說，當她離開時，我們仍然會保持穩定嗎？

And then just a follow-up on the demand creation questions you've gotten.

然後只是對您收到的需求創造問題的後續問題。

I think you're at 7%.

我認為你的比率是 7%。

You guys have kind of entered you'd love to take that up with momentum.

你們已經開始願意以這種勢頭繼續前進了。

I mean should we expect that you continue to reinvest in that line item to keep the flywheel going on demand going forward?

我的意思是，我們是否應該期望您繼續對該項目進行再投資，以使飛輪能夠繼續滿足未來的需求？

Yeah.

是的。

So thanks for the question, Ike.

謝謝你的提問，艾克。

I mean taking the second 1 first.

我的意思是先取第二個 1。

On the marketing, 7% is not a ceiling.

從行銷角度來說，7%並不是一個上限。

Patrice said, and I say it's a mantra.

帕特里斯說，我說這是咒語。

And we're certainly seeing very encouraging proof of concept in terms of the ROI behind our marketing investments, and you can look no further in the past couple of quarters.

就我們的行銷投資的投資報酬率而言，我們確實看到了非常令人鼓舞的概念驗證，過去幾個季度的情況就是如此。

So I think that that's something that absolutely when you think about priorities for our capital on cash, marketing tops the list and we're building really strong proof points to be able to continue to push that 7% as we move forward.

因此，我認為，當你考慮我們現金資本的優先事項時，行銷絕對是位居首位的，我們正在建立非常強有力的證明點，以便能夠在未來繼續推動這 7% 的成長。

I think when it comes to wholesale, look, we're well positioned from an inventory perspective in that channel.

我認為，就批發而言，從庫存角度來看，我們在該通路處於有利地位。

That's always been an important facet of our sort of repositioning is pivot from sellin to sellout, and really stay focused and keep our entire lean and rely on our agile and flexible supply chain.

這一直是我們重新定位的一個重要方面，即從銷售轉向銷售，真正保持專注，保持整體精益，並依靠我們敏捷靈活的供應鏈。

And by the way, as we ramp up our predictive volume process, it's certainly kind of adds fuel to that fire to be able to chase into incremental demand as we see it, particularly in our core styles.

順便說一句，隨著我們加強預測量流程，它無疑會為追逐我們所看到的增量需求（特別是在我們的核心風格中）增添動力。

So we've kept our inventory aligned with that sort of end consumer sellout.

因此，我們保持庫存與最終消費者銷售量保持一致。

We're not seeing, in our business, promotions like we saw in our DTC space.

在我們的業務中，我們沒有看到像在 DTC 領域那樣的促銷活動。

They're going down in Q3.

他們將在第三季下滑。

We were able to kind of pull back because we saw some pretty favorable full price traction in the wholesale channel as well as what we saw in DTC translated over.

我們之所以能夠撤退，是因為我們看到批發渠道的全價走勢相當有利，而且我們在 DTC 中也看到了這種走勢。

So we feel really good about how we're positioned from a stock perspective in that channel.

因此，從該通路的庫存角度來看，我們對自己所處的定位感到非常滿意。

We will take the last question, please, Angela.

安琪拉，請我們回答最後一個問題。

Chris Nardone, Bank of America.

美國銀行的克里斯‧納多內 (Chris Nardone)。

What is the time line of implementing your next-gen transformation project?

實施下一代轉型專案的時間表是什麼？

And then how should we think about the specific capabilities that you'll be adding to help drive continued sustainable growth?

那麼我們應該如何考慮您將添加哪些具體功能來幫助推動持續的永續成長呢？

Yeah.

是的。

So thanks, Chris.

所以謝謝你，克里斯。

So on the NGT project, as you know, we're in the preliminary planning phase of this project this fiscal year.

因此，關於 NGT 項目，如您所知，我們本財年正處於該項目的初步規劃階段。

And project, it's moving to a single global ERP also a predictive buying and allocation tool to enable kind of strategic inventory management as well as upgrading our warehouse management systems to allow for sort of seamless inventory movements across channels within regions.

該專案正在轉向單一的全球 ERP，同時也是一種預測性購買和分配工具，以實現策略性庫存管理，並升級我們的倉庫管理系統，以實現區域內跨渠道的無縫庫存移動。

So we've disclosed some of our preliminary costs in our 10-Q beginning, I think, in Q1 of this year, which are not significant.

所以，我認為，我們在今年第一季的 10 季初就揭露了一些初步成本，這些成本並不大。

We're going to provide more updates as we kind of wrap the planning phase this year as we get to finalize our related kind of (inaudible) we've landed on a solution now we're working on landing the SI.

我們將在今年結束規劃階段時提供更多更新，因為我們最終確定了相關的（聽不清楚）我們已經找到了解決方案，現在我們正在努力獲得 SI。

And so we'll give a better sense of the total project cost -- that are going to be expected over the next kind of three to five years in the next quarter, or so.

因此，我們將更了解專案總成本——預計在未來三到五年的下個季度左右實現。

But I think when you think about just broad time frame, we're talking staged implementations likely starting in the fiscal '27 range.

但我認為，當你考慮廣泛的時間框架時，我們談論的分階段實施可能從 27 財年開始。

All right.

好的。

Well, thanks, everyone, for joining us today.

好吧，感謝大家今天的參與。

We look forward to speaking with you on our fourth quarter and fiscal year-end earnings call in late May, and then we'll get together towards the end of the year for our next Investor Day.

我們期待在 5 月底的第四季度和財年末收益電話會議上與您交談，然後我們將在年底前聚在一起參加下一次投資者日。

And until then, take care, and have a great day.

在此之前，請多保重，祝您有美好的一天。

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。