雷夫·羅倫馬球 (RL) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren fourth-quarter fiscal year 2025 earnings call.(Operator instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Ralph Lauren 2025 財年第四季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄製中。

I would now like to turn over the conference to our host, Ms. Corina Van der Ghinst. Please go ahead.

現在，我想將會議交給我們的主持人科琳娜范德金斯特女士。請繼續。

Good morning and thank you for joining Ralph Lauren's fourth-quarter and year-end fiscal 2025 conference call. With me today are Patrice Louvet, the company's President and Chief Executive Officer; and Justin Picicci, Chief Financial Officer. After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller.

早安，感謝您參加 Ralph Lauren 2025 財年第四季和年終電話會議。今天與我一起出席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)。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. 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.

在今天的電話會議中，我們將根據固定匯率調整後的財務表現進行討論。我們的報告結果（包括外幣）可以在今天上午的新聞稿中找到。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. 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.

前瞻性陳述不構成保證，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。我們的預期包含許多風險和不確定性。我們向美國證券交易委員會提交的文件中詳細說明了可能導致我們的結果與當前預期存在重大差異的主要風險和不確定性。

To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results, you should refer to this morning's earnings release and to our SEC filings that can be found on our Investor Relations website.

若要了解我們在討論財務結果時使用的非公認會計準則 (non-GAAP) 指標的揭露和對帳情況，請參閱今天上午的收益報告以及我們向美國證券交易委員會 (SEC) 提交的文件（可在我們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. Good morning, everyone, and thank you for joining today's call. As we close out this third and final year of our next great chapter accelerate plan, we are proud to have delivered strongly on both our strategic and financial commitments.

謝謝你，科里。大家早安，感謝大家參加今天的電話會議。在我們結束下一個偉大篇章加速計畫的第三年也是最後一年之際，我們很自豪能夠有力地履行我們的策略和財務承諾。

Our achievements this fiscal year embodied so much of what Ralph Lauren stands for, as one of the most beloved iconic brands in the world. As Ralph would say, it's never been just about a tie or a polo shirt or a sweater. It's about the values that are so authentic to us, quality, effortless style, time well spent together with family and friends, stepping into our dreams.

我們本財年的成就充分體現了拉夫勞倫作為世界上最受歡迎的標誌性品牌之一的形象。正如拉爾夫所說，這絕不只是一條領帶、一件馬球衫或一件毛衣那麼簡單。它關乎我們真實的價值觀、品質、輕鬆的風格、與家人和朋友共度的美好時光、邁向我們的夢想。

This year's performance clearly demonstrates the growing desirability of our brand, which remains our most powerful asset and is resonating with consumers around the world. The breadth and appeal of our lifestyle portfolio of products with an emphasis on elegant, timeless style and authenticity, and our proven key city ecosystem model enabling consumers to engage and transact with the world of Ralph Lauren like never before.

今年的表現清楚地表明了我們品牌日益增長的吸引力，它仍然是我們最強大的資產，並引起了全球消費者的共鳴。我們的生活方式產品組合具有廣度和吸引力，強調優雅、永恆的風格和真實性，我們經過驗證的關鍵城市生態系統模型使消費者能夠以前所未有的方式與 Ralph Lauren 的世界互動和交易。

These diverse drivers of growth, spanning geographies, channels, and product categories have enabled us to successfully execute our plans while navigating global volatility over the past several years, and they will continue to drive our growth into the future.

這些跨越地理、通路和產品類別的多樣化成長動力使我們能夠在過去幾年應對全球動盪的同時成功執行我們的計劃，並且它們將繼續推動我們未來的成長。

We reported fourth quarter results that exceeded our expectations on both the top and bottom line. This strong performance was broad-based, driven by every geography and channel. For the full year, we delivered 8% top line growth, including record revenues for our international businesses, Europe and Asia, which together now comprise the majority of total company revenues.

我們報告的第四季度業績無論是營收還是利潤都超出了我們的預期。這一強勁表現具有廣泛的基礎，並受到各個地區和通路的推動。全年，我們的營業收入成長了 8%，其中國際業務（歐洲和亞洲）的收入創下了歷史新高，這些收入目前占公司總收入的大部分。

And adjusted operating profits grew 24%. This exceeded the expectations we laid out last May, even as we chose to invest in our long term strategic priorities and returns to our shareholders. As we turn to fiscal '26, the global operating environment has become more challenged with uncertainty around tariffs and broader consumer behavior.

調整後的營業利潤成長了24%。儘管我們選擇投資長期策略重點和股東回報，但這超出了我們去年五月提出的預期。進入26財年，全球經營環境因關稅和更廣泛的消費者行為的不確定性而面臨更大挑戰。

Despite macro pressures, we are well positioned, having fundamentally transformed our business and built a more agile organization over the past several years. This strong foundation is built on a timeless brand that consumers know and trust, a portfolio comprised of 70% core products that perform across economic cycles, a culture of operating discipline with an ability to flex expenses, a diverse and agile supply chain, and importantly, a strong balance sheet.

儘管面臨宏觀壓力，但我們仍處於有利地位，在過去幾年中，我們已經從根本上轉變了業務，並建立了一個更敏捷的組織。這一堅實基礎建立在消費者熟知和信任的永恆品牌、由 70% 的核心產品組成的、可在整個經濟週期中表現良好的產品組合、能夠靈活控制開支的經營紀律文化、多樣化和靈活的供應鏈，以及最重要的，強勁的資產負債表之上。

For our teams, this is a time to stay on offense while remaining prudent and agile in how we allocate our resources. We are pursuing opportunities that will strengthen our business for the long term, including further investments in our brands to increase desirability and market share, solidifying our presence in key markets, and new technology data, AI and analytics to better serve our consumers and drive greater efficiencies in our business.

對於我們的團隊來說，這是一個保持進攻的同時，在分配資源方面保持謹慎和靈活的時候。我們正在尋求能夠長期加強我們業務的機會，包括進一步投資我們的品牌以提高吸引力和市場份額，鞏固我們在關鍵市場的地位，以及新技術數據、人工智慧和分析，以更好地服務我們的消費者並提高我們業務的效率。

Now, let me take you through a few highlights from the quarter, where we drove continued progress across our three long-term strategic pillars. As a reminder, these include, first, elevate and energize our lifestyle brand. Second, drive the core and expand for more, and third, win in key cities with our consumer ecosystem.

現在，讓我向您介紹本季的一些亮點，我們在三大長期策略支柱上取得了持續進展。提醒一下，首先，這些包括提升和激發我們的生活方式品牌。第二，核心驅動，進一步拓展；第三，以消費者生態勝利重點城市。

First, on our efforts to elevate and energize our lifestyle brand. Our brand uniquely transcends generations, genders, and geographies to our authentic values and lifestyle approach. We sit at the intersection of culture and our marketing investments reflect this, spanning fashion, celebrity, sports, gaming, music, and more.

首先，我們努力提升和激發我們的生活方式品牌。我們的品牌以獨特的方式超越了世代、性別和地理，體現了我們真實的價值觀和生活方式。我們處於文化的交匯處，我們的行銷投資反映了這一點，涵蓋時尚、名人、運動、遊戲、音樂等。

From our unforgettable Olympics and summer sports to our showstopping fashion events in the Hamptons, Shanghai, Milan, and Paris, we create authentic, emotionally connected moments to engage and inspire consumers around the world.

從令人難忘的奧運會和夏季運動會到我們在漢普頓、上海、米蘭和巴黎舉辦的令人驚嘆的時尚活動，我們創造真實的、情感上相連的時刻，以吸引和激勵世界各地的消費者。

Highlights from the fourth quarter included first, our global Spring '25 Hamptons campaign, capturing the understated luxury and timeless style of Ralph's cherished beach retreats. We took the concept around the world from our latest Roblox digital experience Polo Beach, to our Ralph Hamptons house in Dubai, all culminating in our first ever fashion event in Shanghai in early April.

第四季的亮點首先包括我們的 2025 年春季全球漢普頓活動，捕捉了拉爾夫珍愛的海灘度假勝地的低調奢華和永恆風格。我們將這個概念帶到了世界各地，從我們最新的 Roblox 數位體驗 Polo Beach，到我們位於杜拜的 Ralph Hamptons 住宅，最終在 4 月初於上海舉行的首屆時尚活動中達到高潮。

Second, we continue to celebrate the resilience and joy of sports with our fifth annual sponsorship of the Australian Open, our official countdown to the Milano Cortina 2026 Winter Olympics, and our 2025 Major League Baseball World Tour Tokyo Series. These sports activations generated over 23 billion impressions in the quarter.

其次，我們透過第五次贊助澳洲網球公開賽、正式倒數 2026 年米蘭科爾蒂納冬季奧運會以及 2025 年美國職棒大聯盟世界巡迴賽東京系列賽，繼續慶祝體育的韌性和快樂。這些體育活動在本季產生了超過 230 億次的曝光量。

Finally, our collections were featured on celebrities and friends of the brand from the street to the red carpet, including Selena Gomez at the Oscars, Hiroyuki Sanada winning his Golden Globe in Purple Label, Kasey Musgraves at the Grammys, Kendall Jenner in our iconic pony caps, Gigi Hadid carrying our polo ID bag, and Billie Eilish on her global album tour.

最後，從街頭到紅毯，我們的系列產品在眾多名人和品牌好友的穿著下得到了展示，包括出席奧斯卡頒獎典禮的賽琳娜·戈麥斯 (Selena Gomez)、身著 Purple Label 贏得金球獎的真田廣之 (Hiroyuki Sanada)、出席格萊美頒獎典禮的凱西·馬斯達爾夫斯 (Kvesgall) Jenner)、拎著我們的 Polo ID 包的吉吉·哈迪德 (Gigi Hadid) 以及正在進行全球專輯巡演的比莉·艾利甚 (Billie Eilish)。

Together, these activities are driving strong sustainable growth in new customer acquisition and engagement. Over the past year, we added a record 5.9 million new consumers to our DTC businesses, a high single digit increase to last year. This continued to be led by younger, female and less price sensitive cohorts.

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。在過去的一年裡，我們的 DTC 業務新增了 590 萬名新消費者，創下了歷史新高，比去年同期成長了個位數。這一趨勢繼續由較年輕、較女性且對價格不太敏感的群體主導。

And we increased our social media followers by low double digits, surpassing 65 million led by Li, threads, WeChat, Doyin, and TikTok. We plan to build on this rolling thunder of brand activities with powerful new engagements into fiscal year 206 and beyond.

我們的社群媒體粉絲數也以低兩位數成長，超過 6500 萬，其中李現、話題、微信、抖音和 TikTok 粉絲最多。我們計劃在 206 財年及以後，透過強而有力的新活動，進一步鞏固這項品牌活動的轟動效應。

Moving next to our second key initiative, Drive the Core and Expand for More. Ralph and our design teams continue to create beautiful, exceptionally styled products for consumers' modern lifestyle, all while staying true to the quality and sophistication that define our iconic brand.

接下來我們進入第二個關鍵舉措，驅動核心，拓展更多領域。拉爾夫和我們的設計團隊繼續為消費者的現代生活方式創造精美、風格獨特的產品，同時始終堅持我們標誌性品牌的品質和精緻感。

As the industry faces a number of inflationary cost pressures from freight and cotton in recent years to tariffs, we remain laser focused on our consumers and how we deliver value to them. We have a proven multi-year track record of AUR growth, all while continuing to strengthen our value and luxury perceptions.

由於近年來該行業面臨來自運費、棉花和關稅等一系列通膨成本壓力，我們仍然專注於我們的消費者以及我們如何為他們提供價值。我們擁有多年 AUR 成長的良好記錄，同時不斷加強我們的價值和奢華認知。

Our AUR growth has been driven by a combination of Investments to elevate both our brand and product quality, geographic channel and category mix. discount reductions and select pricing actions. These multiple drivers give us confidence as we continue to manage through cost headwinds with strong pricing power.

我們的 AUR 成長是由一系列投資推動的，這些投資旨在提升我們的品牌和產品品質、地理通路和類別組合。折扣減少並選擇定價行動。這些多重驅動因素讓我們充滿信心，我們將繼續憑藉強大的定價能力克服成本逆風。

This starts with our core products which represent the majority of our business. Our broad portfolio of core products remains an important differentiator in our industry, even more so through times of uncertainty as consumers turn to brands and styles they know and trust.

這首先從我們的核心產品開始，它們佔據了我們業務的大部分。我們廣泛的核心產品組合仍然是我們行業的重要差異化因素，尤其是在消費者轉向他們熟悉和信任的品牌和風格的不確定時期。

Core product sales grew low double digits in the quarter as we successfully transitioned from a strong holiday into spring. Growth was led by cable knit sweaters, outwear such as our quilted jackets, bi-swing windbreaker, and midway down gorham jacket, and hats. In addition, our newer linen offerings continued to gain momentum up double digits to last year.

隨著我們成功地從旺季假期過渡到春季，核心產品銷售額在本季度實現了低兩位數成長。成長主要由粗針織毛衣、外套（例如我們的絎縫夾克、雙向擺動風衣和中長款戈勒姆夾克）和帽子所帶動。此外，我們較新的亞麻製品產品持續保持成長勢頭，較去年同期成長了兩位數。

Our high potential categories, including women's apparel, autowear, and handbags together increased high 10s. Women's and outerwear highlights this quarter included sweaters, including our iconic polar bear and flag sweaters, shirts from Oxford's to linen and Poplin, dresses, and our sold out Western inspired fringe suede jacket with [Netaporte].

我們的高潛力類別，包括女裝、汽車服裝和手袋，整體成長了 10% 以上。本季女裝和外套的亮點包括毛衣，包括我們標誌性的北極熊和國旗毛衣，從牛津佈到亞麻和府綢的襯衫，連身裙，以及我們售罄的西部風格流蘇絨面革夾克，[內塔波特]。

Handbag sales once again outpaced our expectations, growing double digits in the fourth quarter and full year. This was supported by continued strength in our sophisticated polo ID collection, as well as the spring launch of our newest foundational handbag family, (inaudible). Featuring a vibrant rainbow of colors in pebbled Italian leather and cotton canvas, polo play is off to a strong start.

手袋銷量再次超出我們的預期，第四季度和全年均實現兩位數成長。這得益於我們精緻的 Polo ID 系列的持續強勁表現，以及春季推出的最新基礎手袋系列，（聽不清楚）。採用義大利卵石紋皮革和棉質帆布製成的鮮豔彩虹色馬球比賽即將拉開序幕。

Turning to our third key initiative, Win in Key Cities with our Consumer Ecosystem. We continue to develop our key city ecosystems across every region this year. Comprised of our own and partner stores, digital flagships, and selective wholesale presence, these ecosystems support our brand elevation and growth as we invite consumers to step into the cinematic world of Ralph Lauren.

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。今年我們將繼續在各個地區發展重點城市生態系統。這些生態系統由我們自己的商店和合作夥伴的商店、數位旗艦店和選擇性批發店組成，支持我們的品牌提升和成長，同時我們邀請消費者進入拉爾夫勞倫的電影世界。

Within DTC, which comprises two-third of our business, we drove accelerated comp growth this quarter. Comps increased 13% above our expectations with double-digit growth in both digital and brick and mortar stores. Globally, we opened 83 new own and partner stores this year, focused on our top cities, largely in Asia. Recent store opening highlights included, our polo store opening on Jackson Street in San Francisco, marking our first return to the city since the pandemic.

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。同店銷售額比我們的預期高出 13%，數位商店和實體店均實現了兩位數的成長。今年，我們在全球開設了 83 家新的自營店和合作店，主要集中在我們的頂級城市，主要是亞洲。最近開幕的商店亮點包括，我們在舊金山傑克遜街開設的馬球店，這是我們自疫情爆發以來首次重返這座城市。

New stores in Beijing's Joy City and Seasons Place shopping centers and our newest boutique in Cannes and candy shop concept at Brent Cross in London, reinforcing our presence in the France and UK markets. All three regions outperformed our expectations again in the fourth quarter, following our strong Q3 holiday results.

在北京大悅城和四季購物中心開設新店，在坎城開設最新精品店，在倫敦布倫特十字開設糖果店概念，鞏固了我們在法國和英國市場的地位。繼第三季假期業績強勁之後，這三個地區的第四季表現再次超出了我們的預期。

We were particularly encouraged by double digit growth in both Europe and Asia, including sustained growth in the UK and more than 20% growth in China on top of a strong double-digit compare last year. In North America, maintain healthy trends of mid single digits on ongoing strength in DTC and planned stabilization in wholesale.

歐洲和亞洲的兩位數成長尤其令我們感到鼓舞，其中包括英國的持續成長和中國在去年強勁的兩位數成長基礎上超過 20% 的成長。在北美，由於 DTC 持續強勁且批發業務計劃穩定，保持中等個位數的健康趨勢。

And finally touching on our enablers. Our business continued to be supported by our five key enablers. Some of the highlights over the past year included successfully integrating predictive buying across 25% of our international DTC businesses, allowing us to drive greater inventory efficiencies and better service consumer demand.

最後談談我們的推動因素。我們的業務持續受到五大關鍵推動因素的支持。過去一年的一些亮點包括成功將預測性購買整合到我們 25% 的國際 DTC 業務中，這使我們能夠提高庫存效率並更好地滿足消費者需求。

Celebrating the opening of the Ralph Lauren Center for Cancer Prevention at USC Norris, the first on the West Coast, and third in the US. Funded by the Rothorn Corporate Foundation, these centers are part of an ongoing commitment to cancer care in underserved communities. And who could forget Ralph becoming the first fashion designer ever to receive the US Presidential Medal of Freedom, recognizing his extraordinary contributions to culture and society.

慶祝南加州大學諾里斯分校拉爾夫勞倫癌症預防中心開業，這是西海岸第一家、美國第三家癌症預防中心。這些中心由羅特霍恩企業基金會資助，是其對服務不足社區癌症治療持續承諾的一部分。誰能忘記拉爾夫成為第一位獲得美國總統自由勳章的時裝設計師，以表彰他對文化和社會的傑出貢獻。

In closing, Ralph and I are proud of our team's dedication, agility, and excellent execution in delivering on our commitments. Our strong fiscal '25 performance reinforces our confidence in our powerful brand, diversified growth drivers, and fortress balance sheet to support future growth and mitigate near-term economic headwinds.

最後，拉爾夫和我為我們團隊在履行承諾方面所表現出的奉獻精神、敏捷性和出色執行力感到自豪。我們強勁的 25 財年業績增強了我們對強大品牌、多元化成長動力和穩健資產負債表的信心，以支持未來成長並緩解近期的經濟逆風。

As we look ahead to fiscal '26, we are staying prudent and flexible in what clearly continues to be a complex and dynamic global operating environment. Even within this context, we remain on offense with a focus on driving our brand momentum and consistently executing on our strategic priorities.

展望26財年，在顯然持續複雜和動態的全球營運環境中，我們將保持謹慎和靈活。即使在這樣的背景下，我們仍然保持進攻態勢，重點是推動我們的品牌發展勢頭，並始終如一地執行我們的戰略重點。

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

說完這些，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. Fiscal '25 was another successful year for Ralph Lauren. We delivered on the financial commitments we laid out last May, and made meaningful progress against our long-term strategic priorities. We closed out the year with fourth quarter results that exceeded our expectations across revenues and gross and operating margins. All three regions contributed to both revenue growth and operating margin expansion.

謝謝，帕特里斯，大家早安。25 財年對 Ralph Lauren 來說又是成功的一年。我們履行了去年五月做出的財務承諾，並在長期策略重點方面取得了有意義的進展。我們以第四季度的業績結束了這一財年，其收入、毛利率和營業利潤都超出了我們的預期。這三個地區都對收入成長和營業利潤率擴大做出了貢獻。

In addition to driving excitement and desirability for our branded products around the world, we were especially proud to reinforce our strong quality of sales. consistent with our long-term elevation strategy. At the same time, our strong balance sheet and cash flow generation enabled us to continue investing behind our key strategic growth drivers while maintaining our commitments to shareholders.

除了推動全球消費者對我們品牌產品的熱情和渴望之外，我們還特別自豪地加強了我們強大的銷售品質。與我們的長期提升策略一致。同時，我們強勁的資產負債表和現金流使我們能夠繼續投資於我們的關鍵策略成長動力，同時保持對股東的承諾。

We generated $1 billion of free cash flow this year, enabling us to return $625 million to shareholders through dividends and repurchases. And our Board of Directors recently authorized a 10% increase in our annual dividend and an additional $1.5 billion in share repurchases to support future returns. These results are strong proof points of our multiple drivers of growth as we enter the new fiscal year in the midst of a more uncertain global consumer backdrop.

我們今年產生了 10 億美元的自由現金流，使我們能夠透過股息和回購向股東返還 6.25 億美元。我們的董事會最近批准將年度股息提高 10%，並額外回購 15 億美元的股票，以支持未來的回報。在全球消費環境更加不確定的情況下，我們進入新的財年，這些結果有力地證明了我們的多重成長動力。

Let me walk you through our financial highlights from the fourth quarter, which, as a reminder, are provided on a constant currency basis. Total company fourth quarter revenue growth of 10% was above our 6% to 7% outlook driven by better performance in both our direct-to-consumer and wholesale channels. This year's later Easter shifted about 1 point of sales growth from the fourth quarter into the first quarter of next fiscal year.

讓我向您介紹我們第四季的財務亮點，提醒一下，這些亮點是按固定匯率提供的。該公司第四季總營收成長 10%，高於我們 6% 至 7% 的預期，這得益於我們直接面向消費者和批發管道的更好表現。今年復活節較晚，導致銷售額成長從第四季推遲了約 1 個百分點，進入下一財年第一季。

By region, Europe led our performance with sales increasing 16%, followed by Asia up 13% and North America up 6%. Total company comp sales increased 13%, led by an acceleration in our own digital business and ongoing momentum in our brick-and-mortar channels. Total digital ecosystem sales, including owned sites and wholesale digital accounts, grew high teens, led by Europe. Total company adjusted gross margin expanded 260 basis points to 69.2%. This increase was driven by AUR growth, favorable mix shift towards our full price and international businesses and lower cotton costs more than offsetting higher noncotton material cost.

按地區劃分，歐洲的銷售額成長 16%，位居榜首；其次是亞洲，銷售額成長 13%，北美成長 6%。公司總銷售額成長了 13%，這主要得益於我們自己的數位業務的加速發展以及實體通路的持續成長動能。包括自有網站和批發數位帳戶在內的數位生態系統總銷售額實現了高雙位數成長，其中歐洲是主要成長點。公司調整後總毛利率擴大260個基點至69.2%。這一增長是由 AUR 增長、向全價和國際業務的有利組合轉變以及較低的棉花成本抵消了較高的非棉材料成本所推動的。

AUR increased 9% in the fourth quarter. supported by strong full price selling trends, reduced discounting and favorable channel and geographic mix. We expect similar high single-digit AUR growth in the first quarter of fiscal '26, reflecting our ongoing brand elevation strategy. Adjusted operating expenses grew 11% to 58.1% of sales, up 30 basis points to last year. The increase was primarily driven by higher compensation and variable selling expenses. Fourth quarter marketing investments increased 9% to 6.5% of sales.

第四季 AUR 成長了 9%。受到強勁的全價銷售趨勢、減少的折扣以及有利的通路和地理組合的支持。我們預計 26 財年第一季的 AUR 將實現類似的高個位數成長，這反映了我們正在進行的品牌提升策略。調整後的營業費用成長 11%，達到銷售額的 58.1%，比去年同期成長 30 個基點。成長的主要原因是薪酬和變動銷售費用增加。第四季行銷投資成長 9%，達到銷售額的 6.5%。

Full year marketing grew 11% to 7.3% of sales, ahead of our long-term strategic target of 7%, and we expect a similar level of marketing as a percentage of sales in fiscal '26. Fourth quarter adjusted operating margin expanded 240 basis points to 11.1%, and operating profit increased 40%, both ahead of plan.

全年行銷成長 11%，佔銷售額的 7.3%，高於我們 7% 的長期策略目標，我們預期 26 財年的行銷佔銷售額的百分比將達到類似水準。第四季調整後營業利益率擴大240個基點至11.1%，營業利益成長40%，皆超出計畫。

Moving to segment performance. and starting with North America, fourth quarter revenue increased 6%, exceeding our outlook due to stronger-than-expected sales in both our DTC and wholesale channels. And the region delivered its highest fourth quarter adjusted operating margin since we began our elevation journey more than eight years ago.

轉向細分績效。從北美開始，第四季營收成長 6%，超出我們的預期，這得益於我們的 DTC 和批發通路的銷售均強於預期。該地區實現了自八年多前我們開始攀登之旅以來最高的第四季度調整後營業利潤率。

In North America Retail, fourth quarter comps increased 9% and with strong growth in both our Ralph Lauren and outlet stores. Digital comps increased 8%, improving sequentially on recent interventions. And we drove another strong quarter in our digital wholesale business, with sellout up low teens.

在北美零售業，第四季同店銷售額成長 9%，拉夫勞倫 (Ralph Lauren) 店和奧特萊斯店均實現強勁成長。數位同店銷售額成長了 8%，在最近的干預下有所改善。我們的數位批發業務又一個季度表現強勁，銷售量成長了十幾個百分點。

Total North America wholesale revenue increased 2%. Our wholesale AUR increased low single digits on well-positioned inventories in the channel. Full price sell-out was once again in line with sell-in this quarter after adjusting for the Easter shift, supported by a strong product offering and growth in core replenishment. While we are encouraged by our recent stabilization in the channel, we maintain our cautious outlook into fiscal '26 on potential macro challenges in the broader North America market.

北美批發總收入成長2%。由於渠道中庫存定位良好，我們的批發 AUR 成長了低個位數。在調整復活節變化後，本季全價銷售再次與銷售保持一致，這得益於強勁的產品供應和核心補貨的成長。雖然我們對近期通路的穩定感到鼓舞，但考慮到更廣泛的北美市場可能面臨的宏觀挑戰，我們對 26 財年保持謹慎的展望。

We completed the exit of 60 department store doors this fiscal year. And we plan to exit about 90 doors in fiscal '26 with approximately half of these related to Hudson's Bay. 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.

本財年我們完成了60家百貨公司的退場。我們計劃在 26 財年退出約 90 個市場，其中約一半與哈德遜灣公司有關。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完善我們的品牌影響力。

Moving to Europe. Fourth quarter revenue increased 16% and driven by double-digit growth in both our retail and wholesale channels. All of our key markets delivered growth in the quarter and for the full year, led by Germany, France and Italy.

移居歐洲。第四季營收成長 16%，這得益於零售和批發通路的兩位數成長。我們所有主要市場在本季和全年均實現了成長，其中德國、法國和義大利表現最為出色。

Sales grew in the UK for the second consecutive quarter, following several years of inflationary pressures, reflecting strong brand momentum and continued improvement in our underlying trends. Europe retail comps increased 18% to last year, led by our digital channels with continued strong momentum in our brick-and-mortar businesses.

在經歷了數年的通膨壓力之後，英國的銷售額連續第二個季度實現成長，反映出強勁的品牌動能和我們基本趨勢的持續改善。歐洲零售額較去年同期成長 18%，其中，數位通路的帶動下，實體業務持續保持強勁成長動能。

Our digital ecosystem, including owned and wholesale digital accounts, grew more than 20% on top of a solid compare last year. Europe wholesale increased 14%, supported by strong reorder trends and the previously discussed timing shift of receipts from the second quarter to the back half of the year. Adjusting for the shifts, wholesale would have increased roughly mid-single digits to last year, in line with our underlying trend of low to mid-single-digit growth in the channel.

我們的數位生態系統（包括自有和批發數位帳戶）在去年穩健成長的基礎上成長了 20% 以上。歐洲批發額增長了 14%，這得益於強勁的重新訂購趨勢以及之前討論過的從第二季度到下半年的收貨時間轉變。經過調整後，批發額將比去年增加約中個位數，與我們通路低至中等個位數成長的基本趨勢一致。

Turning to Asia. Fourth quarter revenue increased 13%, with all markets contributing to growth for both the quarter and the full year. Retail comps were up 15%, with strong growth in both digital and brick-and-mortar stores, fueled by our impactful brand activations across the region.

轉向亞洲。第四季營收成長 13%，所有市場都為本季和全年的成長做出了貢獻。零售銷售額成長了 15%，數位商店和實體店均實現了強勁成長，這得益於我們在該地區開展的有影響力的品牌活動。

By market, our performance was led by China, which grew more than 20% to last year on continued comp growth, high-quality new customer recruitment and key marketing moments, including our Lunar New Year activations. Sales in Japan increased mid-teen to last year, driven by strong full price selling and reduced discounting, along with continued tailwinds from foreign tourism.

從市場來看，我們的業績以中國市場為主導，得益於持續的同店銷售成長、高品質的新客戶招募以及農曆新年等關鍵行銷活動，中國市場比去年增長了 20% 以上。受全價銷售強勁、折扣減少以及海外旅遊業持續推動的推動，日本的銷售額較去年同期增長了百分之五十左右。

Moving to the balance sheet. We ended the year with $2.1 billion in cash and short-term investments and $1.1 billion in total debt. Net inventory was up 5% to last year, reflecting increased global demand for our products and the timing shift of Easter into the first quarter of fiscal '26. Inventory levels are well positioned relative to our outlook and we continue to manage inventories with discipline in line with consumer demand.

轉到資產負債表。截至年底，我們的現金和短期投資為 21 億美元，總債務為 11 億美元。淨庫存比去年增加了 5%，這反映了全球對我們產品的需求增加以及復活節時間轉移到 26 財年第一季。相對於我們的前景而言，庫存水準處於良好狀態，我們將繼續根據消費者需求嚴格管理庫存。

Strategic and thoughtful balance sheet management has been a key enabler for Ralph Lauren. Our strong balance sheet has allowed us to weather significant industry volatility, make the best long-term decisions to protect and enhance our brand and fuel our strategic investments while also returning cash to shareholders. In the current environment, we are focused on leaning into market opportunities and investing for long-term growth. This includes investing in key city marketing activations, upgrading our store experiences, and pursuing very selective real estate opportunities as we continue to drive DTC-led growth.

策略性和周到的資產負債表管理一直是拉爾夫·勞倫成功的關鍵因素。我們強勁的資產負債表使我們能夠抵禦重大的行業波動，做出最佳的長期決策來保護和提升我們的品牌，推動我們的策略投資，同時向股東返還現金。在當前環境下，我們專注於抓住市場機會並投資長期成長。這包括投資重點城市的行銷活動、升級我們的商店體驗以及尋求非常選擇性的房地產機會，因為我們將繼續推動 DTC 主導的成長。

For example, in April, we acquired our global Polo flagship location in Soho, Manhattan, one of New York's premier shopping destinations. Looking ahead, our outlook remains based on our best assessment of the current operating environment and consumer behavior. This includes tariffs, inflationary pressures and other consumer spending related headwinds, supply chain disruptions and foreign currency fluctuations, among other considerations.

例如，今年四月，我們收購了位於紐約首屈一指的購物勝地之一曼哈頓蘇荷區的 Polo 全球旗艦店。展望未來，我們的展望仍是基於對當前經營環境和消費者行為的最佳評估。其中包括關稅、通膨壓力和其他與消費者支出相關的不利因素、供應鏈中斷和外匯波動等考慮因素。

Given the high level of volatility in the current context, we consider our full year outlook to be preliminary based on the information available today and subject to change as trade dynamics and other macro factors continue to evolve.

鑑於當前環境下的高度波動性，我們認為，根據目前掌握的信息，我們對全年的展望只是初步的，並且可能會隨著貿易動態和其他宏觀因素的不斷發展而變化。

For fiscal '26, we expect constant currency revenues to increase low single digits, driven by our growth in our Asia and Europe businesses. We expect this year's performance to be heavily weighted to the first half of the year, notably Q1, with first half revenues up roughly mid-single digits. While we have not seen a change in our underlying business trends from Q4 into Q1 to date, we believe it is prudent to take a more cautious view on the second half of the year based on a number of macro indicators. Notably, the impact of tariffs, weakening consumer confidence in the US and increased risk of a broader consumer pullback and a more uncertain global operating environment in general.

對於26財年，我們預計恆定貨幣收入將實現低個位數成長，這主要得益於我們亞洲和歐洲業務的成長。我們預計今年的業績將主要取決於上半年，尤其是第一季度，上半年營收將成長約中個位數。雖然到目前為止，我們尚未看到從第四季度到第一季的基本業務趨勢發生變化，但我們認為，根據一系列宏觀指標，對下半年採取更謹慎的看法是明智的。值得注意的是，關稅的影響、美國消費者信心的減弱以及更廣泛的消費者撤資風險的增加以及全球經營環境總體上更加不確定。

We currently expect operating margin to expand modestly in constant currency, largely driven by SG&A leverage. Based on our current view of the tariff landscape, we expect gross margins to be roughly flat to last year with AUR growth, discount reductions and favorable product, DTC and international mix, offsetting negative impacts from tariffs and noncotton material costs.

我們目前預計，以固定匯率計算，營業利潤率將小幅擴大，這主要受銷售、一般及行政費用槓桿的推動。根據我們目前對關稅狀況的看法，我們預計毛利率將與去年基本持平，因為 AUR 成長、折扣減少以及有利的產品、DTC 和國際組合將抵消關稅和非棉材料成本的負面影響。

We are assessing additional pricing actions for Fall '25 and Spring '26 to mitigate the potential impact of evolving tariffs. This is on top of the proactive pricing we already planned for Fall '25 in North America and Asia.

我們正在評估 2025 年秋季和 2026 年春季的額外定價措施，以減輕關稅變化帶來的潛在影響。這是我們已經為 2025 年秋季在北美和亞洲制定的主動定價計畫的基礎。

While tariffs will primarily impact our gross margins beginning in the second half of the year, we have a proven tool kit to manage cost inflation headwinds. This includes, first, significant supply chain diversification. We work with our many key suppliers worldwide to flex volume is based on quality and cost. No single country accounts for more than 20% of our production volumes with most countries representing a single-digit percentage, including our China production for the US.

雖然關稅將從今年下半年開始主要影響我們的毛利率，但我們擁有一套行之有效的工具包來應對成本通膨逆風。首先，這包括顯著的供應鏈多樣化。我們與世界各地的許多主要供應商合作，根據品質和成本靈活調整產量。沒有一個國家占我們產量的 20% 以上，大多數國家只佔個位數百分比，包括我們在中國為美國生產的產量。

Second, partnering with our suppliers to drive other efficiencies in our cost of goods and broader supply chain operations. And third, taking selective pricing actions and strategic discount reductions, with the goal of continuing to deliver the best value proposition for our consumers. While tariffs are expected to be a headwind, we are better positioned than ever before with greater agility to mitigate related pressures with a more elevated less price-sensitive customer base, international business that now represents 57% of our total revenues, up from 45% pre-pandemic. Gross margins that are 700 basis points higher than our pre-pandemic levels and disciplined inventory management and the ability to flex expenses.

其次，與我們的供應商合作，提高我們的商品成本和更廣泛的供應鏈營運的效率。第三，採取選擇性定價行動和策略性折扣削減，目標是繼續為我們的消費者提供最佳價值主張。雖然關稅預計將成為不利因素，但我們比以往任何時候都更有能力、更靈活地緩解相關壓力，因為我們擁有更大的對價格不太敏感的客戶群，國際業務目前占我們總收入的 57%，高於疫情前的 45%。毛利率比疫情前的水平高出 700 個基點，庫存管理嚴謹，並具有靈活調整費用的能力。

We expect freight to be roughly neutral in fiscal '26. And based on our recent ocean contract renewals. Foreign currency is expected to have a relatively minimal impact on revenue as well as on gross and operating margins in fiscal '26. For the first quarter, which is marginally impacted by tariffs. We expect constant currency revenues to increase approximately high single digits.

我們預計 26 財年的貨運量將大致保持中立。並根據我們最近續約的海洋合約。預計外幣對 26 財年的收入以及毛利率和營業利潤的影響相對較小。第一季度，受到關稅的影響較小。我們預計固定貨幣收入將成長約個位數。

We expect first quarter operating margin to expand approximately 150 to 200 basis points in constant currency, driven primarily by gross margin expansion as well as by modest operating expense leverage. Foreign currency is expected to have a roughly neutral impact on revenue and on gross and operating margins in the first quarter. We expect our first quarter tax rate to be in the range of 20% to 21%. And a full year fiscal '26 tax rate of approximately 20% to 22%.

我們預計第一季營業利潤率將以固定匯率擴大約 150 至 200 個基點，這主要得益於毛利率的擴大以及適度的營業費用槓桿。預計外幣對第一季的營收、毛利率和營業利潤的影響大致為中性。我們預計第一季的稅率將在 20% 至 21% 之間。26財年全年稅率約為20%至22%。

Capital expenditures are expected in the range of approximately 4% to 5% of sales, in line with our long-term outlook. This includes our recent Prince Street store acquisition and ongoing investments in our key city ecosystems, technology and AI and and our multiyear next-generation transformation project, which we kicked off in fiscal '24.

預計資本支出約佔銷售額的 4% 至 5%，符合我們的長期前景。這包括我們最近收購的 Prince Street 商店以及我們對主要城市生態系統、技術和人工智慧的持續投資，以及我們在 24 財年啟動的多年下一代轉型項目。

In closing, we are proud of our team's execution in this third and final year of our next great chapter Accelerate plan. guided by Ralph's enduring vision of inspiring people everywhere to step into their dream of a better life. We will continue to navigate the evolving global environment with agility and resolve and remain acutely focused on delivering on our strategic priorities.

最後，我們為我們的團隊在下一個偉大篇章「加速計畫」的第三年也是最後一年的執行感到自豪。拉爾夫的永恆願景是激勵世界各地的人們實現更美好生活的夢想。我們將繼續靈活而堅定地應對不斷變化的全球環境，並繼續高度專注於實現我們的策略重點。

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

現在，讓我們開始回答你們的提問。

(Operator instructions)

（操作員指示）

Matt Boss, JP Morgan.

摩根大通的馬特博斯 (Matt Boss)。

Thanks and congrats on another great quarter.

謝謝並祝賀您又一個出色的季度。

Thank you, Matt.

謝謝你，馬特。

So Patrice, given the continued strong performance in a choppy environment, how are you thinking about the health of your consumer across regions in today's more uncertain backdrop or -- or what changes, if any, are you making to your strategy?

那麼帕特里斯，鑑於在動盪的環境中繼續保持強勁的表現，在當今更加不確定的背景下，您如何看待各地區消費者的健康狀況，或者您對自己的策略做出了哪些改變（如果有的話）？

And then, Justin, maybe could you just help bridge the delta between high single-digit revenue growth in the first quarter relative to low single digits for the full year or what are you embedding in the back half by region relative to performance that you're seeing today?

然後，賈斯汀，也許你可以幫助彌合第一季高個位數收入成長與全年低個位數成長之間的差距，或者相對於你今天看到的表現，你在下半年按地區嵌入了什麼？

Good morning, Matt, and thanks for your question. So I'm going to start with the last part of your question and then address the consumer, and then we'll turn it over to Justin. So first of all, the last few years has really demonstrated that our strategy can deliver through very different types of environments. We have strong brand momentum with significant potential to continue growing across key markets and to continue to take market share, and we have proven resilience in our business model, supported by strong execution by our teams across our key cities around the world, our agile and diversified supply chain and our powerful balance sheet.

早安，馬特，謝謝你的提問。因此，我將從您問題的最後一部分開始，然後回答消費者的問題，然後我們將它交給賈斯汀。首先，過去幾年確實證明了我們的策略可以在不同類型的環境中實現。我們擁有強勁的品牌勢頭，在主要市場具有巨大的持續成長潛力，並將繼續佔據市場份額，我們的商業模式已證明具有韌性，這得益於我們遍布全球主要城市的團隊的強大執行力、我們靈活而多樣化的供應鏈以及強大的資產負債表。

So I would say the backbone of our strategy is as relevant today as it was a few years ago and will remain broadly unchanged. Obviously, we'll be sharing more updates when we get together later this year for Investor Day, right? But the key tenants are -- we're continuing to invest in our brand and continuing to focus on driving desirability and value perception across generations.

因此我想說，我們策略的核心在今天與幾年前一樣重要，並且基本上保持不變。顯然，我們將在今年稍後的投資者日聚會上分享更多更新，對嗎？但關鍵的原則是——我們將繼續投資於我們的品牌，並繼續致力於推動跨世代的吸引力和價值觀念。

We're continuing to leverage the breadth of our lifestyle portfolio, leaning into products that consumers know and trust from our iconic sweaters to Oxford shirts to Pony caps, and then we're deepening and expanding our key city ecosystem go-to-market model.

我們將繼續利用我們廣泛的生活方式產品組合，傾向於消費者熟知和信賴的產品，從我們的標誌性毛衣到牛津襯衫再到小馬帽，然後我們正在深化和擴展我們的主要城市生態系統行銷模式。

With our brand really resonating around the world. That's one of the things Jeff and I are most excited about about our recent performance is the breadth of our performance across the markets wherever you go. And the brand is resonating from Milan and Munich, all the way to Shanghai, Melbourne and closer to home here in New York.

我們的品牌確實在世界各地引起共鳴。這是我和傑夫對我們最近的表現最興奮的事情之一，那就是無論身處哪個市場，我們的表現都十分廣泛。品牌的影響力從米蘭、慕尼黑一直延伸到上海、墨爾本，甚至更接近我們家鄉的紐約。

Now we're keenly aware of the uncertainty that defines the current environment. One element of our culture and capabilities that we really reinforced in recent years is this muscle of agility. But as you've heard on this call, it's not about playing defense for us, it's about leaning into opportunities.

現在我們敏銳地意識到了當前環境的不確定性。我們近年來真正加強的文化和能力的一個要素是敏捷性。但正如你在這通電話中聽到的，對我們來說，這並不是防守，而是抓住機會。

Now specifically on your question regarding the consumer and what we're seeing. So it's clear that the consumer in general is pressured by the geopolitical and economic environment. And we see that in consumer sentiment surveys in the US, in China, in the UK.

現在具體談談您關於消費者以及我們所看到的情況的問題。因此很明顯，消費者總體上受到地緣政治和經濟環境的壓力。我們在美國、中國和英國的消費者情緒調查中看到了這一點。

When it comes to our core consumer, which as you know, are more elevated consumers. They have remained resilient, as you heard from Justin's prepared remarks. We have not seen a change in the underlying trajectory of any of our three regions, APAC, EMEA or North America, and our full price sales continue to grow at a healthy pace.

說到我們的核心消費者，如你所知，他們是更高層次的消費者。正如你從賈斯汀的準備好的發言稿中聽到的那樣，他們仍然堅韌不拔。我們沒有看到亞太地區、歐洲、中東和非洲地區或北美這三個地區的潛在軌跡發生變化，我們的全價銷售額繼續以健康的速度成長。

Now at the same time, we're in touch with reality, and like all of you, we continue to closely monitor the macros. So to sum it up, we are still encouraged by what we're seeing so far, a few weeks into our new fiscal year, We are clearly staying on offense while remaining prudent and agile in how we allocate our resources and execute in this environment.

現在，同時，我們也正視現實，像大家一樣，我們將繼續密切關注宏觀形勢。總而言之，我們仍然對迄今為止所看到的情況感到鼓舞，新的財政年度已經過去了幾個星期，我們顯然在保持進攻的同時，在分配資源和在這種環境下執行方面保持謹慎和靈活。

I'll turn it over to Justin to answer your question on the fiscal year planning.

我將把問題交給賈斯汀來回答您關於財政年度規劃的問題。

So as Patrice mentioned, we're still seeing really nice momentum in our business across regions. And for our full year outlook, you saw us got pretty consistent growth trends for international, led by Asia, followed by Europe. North America is where we took a bit more of a cautious approach to our preliminary guide given the macro environment and the impact of cost inflation on consumer spending and notably for that second half of the year.

正如帕特里斯所提到的，我們仍然看到各個地區的業務都呈現良好的發展勢頭。對於全年展望，您會看到我們在國際上呈現了相當一致的成長趨勢，其中亞洲領先，其次是歐洲。考慮到宏觀環境以及成本通膨對消費者支出的影響（尤其是下半年的影響），我們對北美的初步指南採取了更謹慎的態度。

So now we're focusing on our current trends, right? The Q1 guide still reflects positive growth, right? And it's really a call on our part of the macro. So it's really consumer sentiment and the expectation that customers have to deal with significant pricing across the board as a result of cost inflation. It's our best estimate at this time of those two. And if they improve for the second half and the risk doesn't materialize and we saw opportunities to chase into and capture that higher demand like we saw us do for holiday.

所以現在我們關注的是當前的趨勢，對嗎？Q1指引仍反映出正成長，對嗎？這其實是我們宏觀層面的一個呼籲。因此，這實際上是消費者情緒和預期，即由於成本上漲，客戶必須應對全面大幅定價。這是我們目前對這兩項數據的最佳估計。如果下半年情況有所改善，風險不會出現，我們就會看到追逐和抓住更高需求的機會，就像我們在假期所做的那樣。

Thank you. Next question, please.

謝謝。請回答下一個問題。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much, Justin, we understand that the tariff situation is still unfolding, and your outlook is subject to change based on some of these moving targets. But how should we think about your pricing strategy for fiscal '26, especially in the context of all the AUR growth you've already delivered over the past eight years?

太好了，非常感謝，賈斯汀，我們知道關稅情況仍在發展中，你的前景可能會根據一些不斷變化的目標而改變。但是，我們應該如何看待您 26 財年的定價策略，尤其是考慮到您過去八年已經實現的 AUR 成長？

Thanks, Jay. Our company is well positioned to manage a variety of cost headwinds. And as Patrice just talked, we've been on a multiyear strategic journey to elevate our brand, our products, our customer environment and experiences and one notable output of that, of course, has been AUR, which has grown every quarter for the past eight years. It is up pretty meaningfully over that same period of time.

謝謝，傑伊。我們公司已做好充分準備來應對各種成本不利因素。正如帕特里斯剛才所說，我們多年來一直致力於提升我們的品牌、產品、客戶環境和體驗，其中一個顯著的成果就是 AUR，在過去的八年裡，AUR 每個季度都在成長。在同一時期內，它的漲幅相當顯著。

Another important output has been our luxury and value perceptions, which have also grown progressively over time. So for Fall '25, we proactively plan to select pricing actions in North America and certain of our other global markets like Japan, where, as we all know, we're offsetting several years of structural FX headwinds.

另一個重要的成果是我們的奢華和價值觀念，這些觀念也隨著時間的推移而逐漸增長。因此，對於 2025 年秋季，我們積極計劃在北美和日本等其他某些全球市場選擇定價行動，眾所周知，我們正在抵消數年的結構性外匯逆風。

So with the recent tariff announcements, what we're doing is we're assessing and we're activating our various proven levers to offset the related impact. And these levers include, first, as you know, we've already significantly diversified our global supply chain over the past eight, nine years. And as the cost equation shifts, we'll continue to reallocate production to markets with lower overall landed costs, while at the same time, maintaining our high level quality.

因此，根據最近的關稅公告，我們正在評估並啟動各種行之有效的手段來抵消相關影響。這些手段包括，首先，如你所知，在過去的八、九年裡，我們已經顯著地實現了全球供應鏈的多樣化。隨著成本方程式的變化，我們將繼續將生產重新分配到整體到岸成本較低的市場，同時保持高水準的品質。

Today, as a result of our diversification, no single country is over 20% of our production exposure. And our China to US production is a single-digit percentage. Second, we're working together with our strategic supply chain partners to drive greater cost efficiencies. Third, continuing to drive overall cost savings across the value chain and increasingly leveraging AI analytics to enable even more efficient inventory planning.

如今，由於我們的業務多元化，沒有一個國家占我們生產業務的 20% 以上。而我們從中國到美國的產量只佔個位數百分比。其次，我們正在與策略供應鏈合作夥伴合作，以提高成本效率。第三，繼續推動整個價值鏈的整體成本節約，並越來越多地利用人工智慧分析來實現更有效率的庫存規劃。

And fourth, assessing selective pricing actions and further reductions in discounts, both in North America and in our other regions with a continued focus on providing a compelling value proposition to our consumers.

第四，評估北美和其他地區的選擇性定價行動和進一步降低折扣，繼續致力於為我們的消費者提供引人注目的價值主張。

So specifically, Jay, to your question, we expect AUR for Q1 to trend consistently with the quarter we just reported. So up roughly high single digits to last year. And for the balance of the year, we're staying flexible. We have a range of established levers we can activate as needs.

因此，Jay，具體來說，對於您的問題，我們預計第一季的 AUR 將與我們剛剛報告的季度保持一致。因此與去年相比，成長幅度約為個位數。就今年的餘額而言，我們將保持彈性。我們擁有一系列可根據需求啟動的成熟槓桿。

Thank you. Next question.

謝謝。下一個問題。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hi, guys, thanks for all the details today. Congrats on a great quarter. Justin, could you just double-click a little bit on the comment that you made earlier on pricing. It sounds like you had some that you do have included in the year that I think you phrased it as proactive -- but it sounds like you haven't included pricing in full for the tariffs that are on the table right now for the back half of the year.

大家好，感謝您今天提供的所有詳細資訊。恭喜本季取得優異成績。賈斯汀，您能否稍微解釋一下您之前對定價的評論。聽起來您今年確實已經包含了一些內容，我認為您將其表述為積極主動的——但聽起來您還沒有將目前討論的下半年關稅的全部價格包括在內。

Maybe just some commentary there. And then -- if you could just maybe offer a little bit more color to one of your answers earlier on revenues by the geographies in first quarter to understand. It sounds like the momentum is continuing across all three. Where we need to be mindful of any shifting or one-offs as we think about building up the model by the geographies and segments for the first quarter. Thank you.

也許只是一些評論。然後 - 如果您可以對您之前關於第一季各地區收入的答案提供更多細節，以便理解。聽起來這三者的勢頭都還在繼續。當我們考慮根據第一季的地域和細分市場建立模型時，我們需要注意任何變化或一次性事件。謝謝。

Sure. So on pricing, just to take a step back for a moment, right? So we're on a long-term brand elevation journey. And you've seen our AUR grow along with our value perception -- and there are a number of durable drivers behind the AUR growth, right? There's product elevation and mix, there's channels and geo favorable mix, there's discount reductions and there's targeted pricing actions.

當然。那麼關於定價，我們先暫時退一步來看，對嗎？因此，我們正在進行一項長期的品牌提升之旅。而且您已經看到我們的 AUR 隨著我們的價值認知而增長——並且 AUR 增長背後有許多持久的驅動力，對嗎？有產品提升和組合、有通路和地理優勢組合、有折扣減少和有針對性的定價行動。

Right now as we discuss, we expect a high single-digit AUR growth. And in Q1, consistent with past quarters, but tariffs and any related mitigation actions have a minimal impact on that quarter. So while the situation is fluid and still evolving, we're confident we have the flexibility to do what we need to do to offset any potential cost headwinds.

正如我們現在討論的那樣，我們預計 AUR 將出現高個位數成長。第一季的情況與前幾季一致，但關稅和任何相關的緩解措施對該季度的影響都很小。因此，儘管情況不斷變化，但我們相信我們可以靈活地採取必要措施來抵消任何潛在的成本阻力。

You saw us do it during cotton inflation. You saw us doing (inaudible) freight cost peak. You still have to do it for structural FX weakness. And as you would expect, we're approaching this by looking at our full toolkit to mitigate any potential cost ends, right?

您在棉花通貨膨脹期間看到我們這樣做了。您看到我們正經歷（聽不清楚）運費高峰。你仍然必須針對結構性外匯疲軟採取這項措施。正如您所期望的，我們正在透過查看完整的工具包來解決這個問題，以減輕任何潛在的成本損失，對嗎？

And one of those tools is price, but there are other tools as I just laid out. Now we did proactively take price, as I mentioned, for full '25, a few months ago. And so we're focused on reassessing additional opportunities as the situation evolves and really, the number one foundational focus is ensuring the customer is seeing value in our elevation work across product, marketing, experience and environment.

其中一個工具就是價格，但正如我剛才列出的，還有其他工具。正如我幾個月前提到的，我們確實主動接受了 25 年的全面價格。因此，隨著情勢的發展，我們專注於重新評估更多機會，而實際上，首要的基礎重點是確保客戶看到我們在產品、行銷、體驗和環境方面的提升工作的價值。

And the revenue side geography?

收入方面的地理位置如何？

So the revenues by geography, and I talked a little bit about this before, if we think about the shape of the year, overall, we're guiding sort of that low single-digit growth, I would say, led by Asia at that sort of high single-digit mark, followed by Europe in that mid-single-digit growth range. And then with North America, would that caution in the second half overall, down low to mid-single digits.

因此，按地區劃分的收入，我之前談過這一點，如果我們考慮今年的形勢，總體而言，我們預計會實現低個位數增長，其中亞洲將以高個位數增長領先，其次是歐洲，將實現中等個位數增長。那麼對於北美來說，下半年整體而言，這個數字是否會下降到低至中等個位數。

Next question, please.

請回答下一個問題。

Dana Telsey, Telsley Advisory Group.

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

Good morning everyone. Given the -- as we think about next year, how are you thinking about marketing spend and recreate the potential categories of women, outerwear and handbags did very well up high teens. How are those being planned going forward? And what are you seeing there? And just lastly, the real estate ownership of SoHo was very interesting. What is the real estate plans for this upcoming fiscal year? And does any other ownership being thought about? Thank you.

大家早安。考慮到——當我們考慮明年時，您如何考慮行銷支出並重塑女性、外套和手袋的潛在類別，這些類別在十幾歲時表現得非常好。這些計劃進度如何？你在那裡看到了什麼？最後，SoHo 的房地產所有權非常有趣。即將到來的財政年度的房地產計劃是什麼？還有其他所有權問題嗎？謝謝。

All right, Dana. Thank you. Good morning. So listen, on marketing, you know that we've taken marketing up significantly over the past few years. Used to be less than 4% of revenue. We're a record high 7.3% of revenue this past fiscal year. We expect to continue at that level in the fiscal year that we just started.

好的，達娜。謝謝。早安.所以聽著，關於行銷，你知道我們在過去幾年已經大大加強了行銷力度。過去這一比例不到收入的4%。我們上個財年的營收創下了 7.3% 的新高。我們預計在剛開始的財政年度中將繼續保持這一水平。

What that enables is a portfolio of marketing activations that enables us to talk to many different generations ranging from activities around the Hampton show to our major baseball activation in Tokyo to road blocks, Polo Beach activity. So expect that to continue. And then as we've talked in prior meetings, over time, we would like to continue to expand our marketing investments while also continuing to expand the overall profitability of the company. So more to come on that when we get together for Investor Day in September.

這使得我們能夠進行一系列行銷活動，與不同年齡層的人進行交流，從漢普頓秀周圍的活動到我們在東京的主要棒球活動，再到路障、波羅海灘活動。因此預計這種情況將會持續下去。正如我們在先前的會議中所討論的那樣，隨著時間的推移，我們希望繼續擴大我們的行銷投資，同時繼續擴大公司的整體獲利能力。當我們九月投資者日聚會時，我們會有更多內容發布。

I'm glad you noticed our high potential categories have done particularly well. We're really pleased with the work that our teams are doing on women's apparel, outerwear across all brands and handbags. We have very nice momentum across all three. We are building scale across these businesses. I feel very good about the capabilities that we have in place.

我很高興您注意到我們的高潛力類別表現特別好。我們對我們的團隊在所有品牌的女裝、外套和手袋上所做的工作感到非常滿意。我們在這三個方面都擁有非常好的發展動能。我們正在這些業務上擴大規模。我對我們現有的能力感到非常滿意。

These markets, as you know, to use Matt's favorite terminology of TAM, total addressable market have significant potential for us -- and so you're going to see us continue to build on the core because that's the foundation of this company and the court did well again this quarter, but continue to drive accelerated performance across all three of these different businesses where the consumer is clearly responding across across generations.

如您所知，用馬特最喜歡的術語 TAM（總可尋址市場）來表示，這些市場對我們來說具有巨大的潛力——因此，您將看到我們繼續以核心為基礎，因為這是該公司的基礎，而且本季度法院再次表現良好，但繼續推動這三個不同業務的加速表現，消費者顯然對不同世代都有反應。

When it comes to real estate, turning over to Justin.

說到房地產，就交給賈斯汀吧。

Perfect. So Dan, when you think about our capital allocation principles that we've talked, they're consistent and they remain largely unchanged. The first and foremost, principal is investing in our business focused on strong ROI opportunities, right, both in the short term and the longer term. And I would include targeted real estate acquisitions here as well.

完美的。所以丹，當你想到我們討論過的資本配置原則時，它們是一致的，並且基本上保持不變。首先，主要投資於我們業務的重點是強勁的投資報酬率機會，無論是短期或長期。我還會在這裡包括有針對性的房地產收購。

The Prince Street purchase is really about investing in our business by pursuing a selected key location of a store that we plan to be in for the long term that plays an iconic world in our key city ecosystem, like New York City, one of our key top ecosystems.

收購 Prince Street 實際上是對我們的業務進行投資，我們計劃長期在該處開設一家門市，該門市在我們的主要城市生態系統中扮演著標誌性的角色，例如紐約市，它是我們最重要的生態系統之一。

French free store, our global Pollo collection. We've been there for many years. It's a really smart investment to purchase a location to future-proof our business in this critical market, and it also results in pretty meaningful year-over-year P&L benefit due to the rent saving. We're on a deep PC-led growth path here, and this is reinforcing that strategy of putting our balance sheet to work a little bit more and show that we can do both. We can deliver on our short-term commitments and also continue to make investments for a longer term.

法國免費商店，我們的全球 Pollo 系列。我們已經在那裡很多年了。購買一個地點來確保我們在這個關鍵市場的未來業務是一項非常明智的投資，而且由於節省了租金，它還帶來了相當可觀的同比損益收益。我們正處於以個人電腦為主導的深度成長道路上，這強化了讓我們的資產負債表發揮更大作用的策略，並表明我們可以同時做到這兩點。我們可以兌現短期承諾，並持續進行長期投資。

And then Dan, I think as you look ahead, exactly to Justin's point, as we build this key city ecosystem, we're going to be very selective where we see these real estate opportunities, but where we have prime presence that we believe will be important for the business for the long term and if there's an opportunity to put our resources to use in a smart way, then we will do that, but expect us to do that very selectively for iconic locations.

然後丹，我認為當你展望未來時，正如賈斯汀所指出的，當我們構建這個關鍵城市生態系統時，我們將非常有選擇性地選擇這些房地產機會，但我們會選擇那些我們認為對長期業務至關重要的主要存在，如果有機會以明智的方式利用我們的資源，那麼我們就會這樣做，但我們會非常有選擇性地選擇標誌性地點。

Next question, please.

請回答下一個問題。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey everyone, Let me add my congrats to the quarter to the brand heat. Maybe, Justin, I wanted to kind of focus on the US wholesale channel. So you've kind of seems like sell and sell out has been stabilized. The channel is growing a little bit, but I know you've got some door closures and you're still refining it to some extent. Can you kind of just talk about the outlook for that channel from a growth perspective and how you're kind of thinking about it multiyear from here?

大家好，讓我對本季的品牌熱度表示祝賀。賈斯汀，也許我想專注於美國批發管道。因此，您看起來好像銷售和售出已經穩定下來了。該管道正在逐漸發展，但我知道你們關閉了一些門店，並且仍在進行一定程度的改進。您能否從成長角度談談該管道的前景以及您對未來多年該頻道的展望？

Sure. So I would say we're encouraged by the sequential improvement that we've seen in that channel stabilization of the business in recent quarters. We have sell-in aligned with sell-out and positive sell-out, which continues to date market shares across our brand portfolio and consistently solid quality of sales. So our brand is in a strong position here.

當然。因此我想說，我們對最近幾季業務通路穩定性的連續改善感到鼓舞。我們的銷售與銷售量和積極的銷售量保持一致，這延續了我們品牌組合的市場份額和持續穩定的銷售品質。因此我們的品牌在這裡處於強勢地位。

And our presentation and our exposure in the channel, as you mentioned, is more elevated after we gone through the step change in refining our distribution. And we've been on this multiyear journey to shift our customer base towards less price-sensitive consumers, especially in the full (inaudible) show. So this sort of fits that bill.

正如您所說，在我們逐步完善分銷管道之後，我們在通路中的展示和曝光度得到了進一步提升。我們經過多年的努力，將客戶群轉向對價格不太敏感的消費者，尤其是在完整（聽不清楚）節目中。所以這符合這個要求。

In Q4, again, continuation of trends and I would say no impact on our underlying trends today, but the macro headlines are pretty prevalent in the US right now, right? And they're weighing on consumer sentiment. So we want to be mindful of that in our assumptions and our outlook for the US for fiscal '26 does take into consideration some unit elasticity in the second half in reaction to broader industry price increases, particularly where consumers are more price sensitive.

在第四季度，趨勢再次延續，我想說這對我們今天的基本趨勢沒有影響，但目前美國的宏觀頭條新聞相當普遍，對嗎？它們正在影響消費者情緒。因此，我們希望在假設中牢記這一點，並且我們對美國 26 財年的展望確實考慮了下半年的一些單位彈性，以應對更廣泛的行業價格上漲，特別是在消費者對價格更敏感的情況下。

That said, we've got momentum here. Our strategy is continue to prune the lower tiers and add to the top. We have great traction in our top-tier distribution and accounts, strong traction in digital, strong traction in key doors. We had to lean in there and take share and navigate what we expect to be a choppy environment.

話雖如此，我們還是取得了進展。我們的策略是繼續精簡較低層級並增加頂層。我們在頂級分銷和帳戶方面具有強大的吸引力，在數位方面具有強大的吸引力，在關鍵入口網站方面具有強大的吸引力。我們必須堅持下去，爭取份額，並應對我們預期會很動盪的環境。

Thank you. Next question please, Angela.

謝謝。安琪拉，請問下一個問題。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Good morning. Let me add my congrats as well.

早安.我也向你表示祝賀。

Thank you, John.

謝謝你，約翰。

Justin, I wanted you talk Europe. Obviously, tremendous growth, particularly in DTC set the geographic EBIT margin now at 26%, it's your highest margin region. Maybe talk more about the key city approach here, the high-growth categories like women's and also the outlook for the operating margin here as it continues to provide a nice accretive margin mix shift.

賈斯汀，我想讓你談談歐洲。顯然，巨大的成長，特別是 DTC 地區的地理息稅前利潤率現在已達到 26%，這是利潤率最高的地區。也許可以更多地談論這裡的關鍵城市方法、女性等高成長類別以及這裡的營業利潤率前景，因為它繼續提供良好的增值利潤組合轉變。

Absolutely, John. So we're encouraged by our underlying went into Europe. And really by our strong elevated brand positioning throughout the region has been a competitive advantage for us. We delivered another strong quarter in Q4 and really, it was drug based, right, growth across all key markets and all channels. And we saw that momentum continue into Q1 to date across all of our key markets.

當然，約翰。因此，我們對我們的基礎產品進入歐洲感到鼓舞。我們在整個地區強大的品牌定位確實為我們帶來了競爭優勢。我們在第四季度再次取得了強勁的成長，這確實是基於藥品的成長，涵蓋了所有主要市場和所有管道。我們看到，這一勢頭在我們所有主要市場的第一季都持續存在。

And I think some of the marketing that we've been activating in that region is really, really cutting through and driving strong new customer acquisition as well as strong traffic. We've guided for continued growth in Europe in our '26 guide, we're comping up against a pretty strong second half.

我認為我們在該地區開展的一些行銷活動確實取得了顯著成效，並推動了強勁的新客戶獲取和流量成長。我們在 26 年指南中預測歐洲將繼續成長，我們正面臨相當強勁的下半年。

And as we think about the backdrop that we're operating in, I would say we're encouraged by our position in performance but still cautious sentiment still pressured despite easing inflation in markets like the UK, in Germany and Spain. And also, there's still some geopolitical destructions in the efforts in two wars in the region still going on. So I guess from a guide perspective, if the macros improve as we move through the year and the risk doesn't materialize, then I think we feel good about our opportunities to capture the incremental demand.

當我們思考我們所處的營運背景時，我想說，我們對自己的業績狀況感到鼓舞，但儘管英國、德國和西班牙等市場的通膨有所緩解，謹慎的情緒仍然受到壓力。此外，該地區兩場戰爭仍在繼續，造成了一些地緣政治破壞。因此，我想從指導角度來看，如果宏觀經濟隨著時間的推移而改善，並且風險不會成為現實，那麼我認為我們對抓住增量需求的機會感到滿意。

I think the key city eco strategy that we kind of started with in Asia now have rolled out globally is really working well in Europe. And you're seeing not only from a marketing activation perspective, you saw it with our holiday takeovers in places like London, in places like Paris, et cetera. But also, if you think about what we're doing in opening up new stores, Europe is an area where we have meaningful white space and we're opening up new stores into that white space across regions focused on the key cities, and that's another big reason to believe that the momentum we have currently will continue forward.

我認為我們在亞洲開始實施的重點城市生態策略現已在全球推廣，並且在歐洲取得了良好的效果。您不僅可以從行銷活化的角度看到這一點，還可以從我們在倫敦、巴黎等地的假期收購中看到這一點。但是，如果你想想我們在開設新店所做的事情，你會發現歐洲是我們擁有重要空白的地區，我們正在各個重點城市的區域開設新店，這也是我們相信我們目前的勢頭將會繼續向前發展的另一個重要原因。

John, just to put some color on that in terms of the number of stores open. So Investor Day, fiscal year '20 when we were together in September '22, we talked about opening 40 to 50 owned and partnered new doors across EMEA. We're right on track on that. We're actually slightly ahead of it. And for this fiscal year, we're planning 10 new owned stores and another 25 partner stores.

約翰，我只是想從開設的商店數量方面對此進行一些說明。因此，在 2020 財年的投資者日，當我們在 2022 年 9 月聚在一起時，我們談到了在歐洲、中東和非洲地區開設 40 到 50 家自有和合作的新門市。我們在這方面進展順利。我們實際上略微領先了一點。本財年，我們計劃開設 10 家新自營店和 25 家合作店。

The starting point, as you know, across this region was very limited DTC presence, right? We were particularly on full price. We're very dependent on wholesale and and our teams in Europe have done a fantastic job to transforming how we show up, where we show up elevating the presence, leaning into direct-to-consumer, leaning into digital and I think you're seeing that translate into the performance this past quarter, and honestly, this full year where Europe delivered double-digit growth for the full year in what continues to be, we often forget it, but a very challenging environment.

如您所知，這個地區的起點是 DTC 的存在非常有限，對嗎？我們特別注重全價。我們非常依賴批發，我們在歐洲的團隊在改變我們的展示方式、提升存在感、傾向於直接面向消費者、傾向於數位化方面做得非常出色，我想你已經看到這些轉化為上個季度的業績，老實說，今年全年歐洲實現了兩位數的增長，儘管我們經常忘記這一點，但這是一個非常具有挑戰性的環境。

Thank you. Next question.

謝謝。下一個問題。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thank you very much for taking my question. Patrice, I wanted to ask about China. China was very strong in this quarter. I know you don't comment about a comment about what you're seeing, what your expectations are embedded that Asia growth of high single digits for fiscal year.

早安.非常感謝您回答我的問題。帕特里斯，我想問有關中國的問題。本季中國表現非常強勁。我知道您不會對您所看到的情況發表評論，您的預期是本財年亞洲經濟將實現高個位數成長。

And then, Justin, on the gross margin, you mentioned that the tariff impact will start to materialize in (inaudible), can you -- for the audience, maybe quantify in basis points terms, what your gross margin for this year? Thank you very much.

然後，賈斯汀，關於毛利率，您提到關稅的影響將開始體現在（聽不清楚），您能否 - 對於觀眾，也許可以用基點來量化，今年的毛利率是多少？非常感謝。

Good morning, Laurent. Okay, Okay. China. We're more than happy to talk about China. So delivered a strong quarter, up 20%. This comes on top of 20% growth last quarter. And last fiscal year, this is on top of double-digit growth. So many quarters and years now of strong consistent performance in China. I am very proud of the work that our teams are doing in that market. What underpins this is the combination of really strong consumer engagement and marketing activation. And when we look at key metrics on our China brand performance, our awareness is increasing meaningfully.

早安，洛朗。好的，好的。中國。我們非常樂意談論中國。因此本季業績表現強勁，成長了 20%。這是上一季 20% 增幅的基礎上的另一個增幅。上個財年，這一數字實現了兩位數的成長。中國市場已經連續多個季度和多年表現強勁。我為我們的團隊在該市場所做的工作感到非常自豪。支撐這目標的正是強大的消費者參與度和行銷活化度的結合。當我們審視中國品牌表現的關鍵指標時，我們的知名度正在顯著提高。

Our luxury and value perception is among the highest in the world. Our consideration, particularly among the younger cohorts is increasing meaningfully. And you are seeing the pace of marketing activations in China actually accelerate. We did the very Ralph documentary showing in Shanghai back in the fall.

我們的奢華和價值觀念是世界上最高的。我們的關注度，特別是對年輕族群的關注度正在顯著增加。你會發現，中國的行銷活動步伐其實正在加快。我們去年秋天在上海放映了拉爾夫的紀錄片。

The number of people that viewed it live is in the tens of millions of people. We recently has very powerful Lunar New Year activations that differently from many of our competitors are not focused on promotional activity, but rather focus on new consumer recruiting through storytelling and engaging moments -- and then we had our first fashion show in Shanghai just a few weeks ago.

現場觀看的人數達數千萬人。我們最近舉辦了非常強大的農曆新年活動，與許多競爭對手不同的是，我們並不專注於促銷活動，而是專注於透過講故事和引人入勝的時刻來招募新消費者——就在幾週前，我們在上海舉辦了第一場時裝秀。

So marketing activation accelerating and being very impactful. We're also expanding our store footprint in a quality way and an impactful way. And all the stores that we're opening are actually coming in ahead of our expectations generally. And then we have strong comp performance that underpins that. If you look at our expectations for this fiscal year, you're right that we generally don't guide by market.

因此行銷活化正在加速並且影響巨大。我們也正在以高品質和有影響力的方式擴大我們的門市規模。我們開設的所有商店的業績總體上都超出了我們的預期。然後，我們擁有強勁的競爭表現來支撐這一點。如果你看一下我們對本財年的預期，你會發現我們通常不會以市場為指導。

But our expectation is we're going to continue to build on the momentum we have in China. As you know, this is still a big growth opportunity for us. Today, China is about 9%. Last quarter, I think it's 9% of total company, so significant opportunity for acceleration and continued expansion. Our assumption at this point is that China will be up low double digits in the fiscal year. So maintaining this double-digit performance as we continue to activate recruit new consumers and expand our footprint.

但我們的期望是，我們將繼續保持在中國的發展勢頭。如您所知，這對我們來說仍然是一個巨大的成長機會。如今，中國約為9%。上個季度，我認為它占公司總銷售額的 9%，因此具有加速和持續擴張的巨大機會。我們目前的假設是，中國在本財年的經濟成長率將達到兩位數左右。因此，我們將繼續保持兩位數的業績，招募新消費者，擴大我們的業務範圍。

And on the gross margin for fiscal '26 call. So based on our current view of the cost headwind landscape, for the full year, we expect gross margins to be flat with our durable tailwinds of AUR growth, discount reduction and favorable product challenge, geographic mix, offsetting the headwinds from cost inflation, including tariffs and also no material cotton cost labor, et cetera.

並討論 26 財年的毛利率。因此，根據我們目前對成本逆風形勢的看法，就全年而言，我們預計毛利率將持平，因為我們的 AUR 增長、折扣減少和有利的產品挑戰、地理組合等持久順風將抵消成本通膨帶來的逆風，包括關稅以及無實質性棉花成本勞動力等。

And I would say from a quarterly cadence perspective, we're planning for a stronger first half from a gross margin perspective as opposed to the second half, which again speaks to the timing of when the cost headwinds are expected.

我想說，從季度節奏的角度來看，我們計劃上半年的毛利率會比下半年更高，這再次說明了預計成本逆風出現的時間。

Next question, please.

請回答下一個問題。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Thanks guys, good morning. The longer-term Patrice, can you discuss your confidence level in driving operating margins higher beyond this year's expectation of the modest expansion maybe it would be helpful if you could discuss what geography still the potential to see further AUR gains beyond the first half of this year?

謝謝大家，早安。從長期來看，Patrice，您能否談談您對推動營業利潤率超出今年適度擴張預期的信心水平，如果您能討論一下哪些地區仍有可能在今年上半年之後看到 AUR 進一步增長，那將會很有幫助？

Sure. So why don't we talk team on this one because Justin is our resident expert on operating margin expansion. Why don't you take that, and I'll talk to you

當然。那我們為什麼不跟團隊討論這個問題呢，因為賈斯汀是我們常駐營業利潤率擴張的專家。為什麼不拿著它，我會和你談談

Absolutely. So Chris, taking a step back, and we're really pleased with where the came in this year and how we overdelivered on our full year commitment to get to our 15% operating margin target (inaudible) rates at the end of fiscal '25. I think as we think about the outlook going forward, 15% cost dollar is not sealed, right? We're going to continue to balance margin expansion with making investments in long-term strategic growth.

絕對地。所以克里斯，退一步來說，我們對今年的業績感到非常滿意，我們超額完成了全年承諾，在 25 財年末達到了 15% 的營業利潤率目標（聽不清楚）。我認為，當我們考慮未來的前景時，15% 的成本還沒有確定，對嗎？我們將繼續在利潤率擴張和長期策略成長投資之間取得平衡。

So I think for this year, you see we've guided for modest operating margin expansion despite some macro pressures and some costs headwinds, that's really driven by SG&A leverage as we start to scale some of the investments that you've seen us make over the previous couple of years.

因此，我認為，就今年而言，儘管面臨一些宏觀壓力和成本阻力，我們仍預期營業利潤率將適度擴張，這實際上是由銷售、一般和行政費用槓桿推動的，因為我們開始擴大過去幾年所做的一些投資。

And I think beyond fiscal '26, we'll talk more at our upcoming Investor Day, but likely still expecting a combination of gross margin expansion, modest gross market expansion and operating expense leverage could be the driver of our profitability.

我認為在 26 財年之後，我們將在即將到來的投資者日上進行更多討論，但可能仍然預計毛利率擴張、適度的市場總擴張和營運費用槓桿的結合可能是我們盈利能力的驅動力。

And on AUR, Chris, the short answer is yes. The more expanded answer is as follows. And we'll -- obviously, we'll guide when we get together for Investor Day on how we think about top line growth for the next three years. But the way we think about it is really three drivers, right, for top line growth, continued AUR expansion, unit growth and new consumer recruiting, right?

關於 AUR，Chris，簡短的答案是肯定的。更詳細的答案如下。顯然，我們將在投資者日聚會時討論如何看待未來三年的營收成長。但我們認為這實際上有三個驅動因素，對吧，即營收成長、持續的 AUR 擴張、單位成長和新消費者招募，對吧？

And you saw how closely new consumer recruiting and top line growth correlated this year since consumer recruiting at $5.9 million is up low double digits, and we're growing high single digits. So a strong correlation between the three. So all three will be drivers for top line growth moving forward.

而且您已經看到了今年新消費者招募和營業額成長之間的密切關係，因為消費者招募額為 590 萬美元，成長了兩位數，而我們的成長則為個位數。因此三者之間存在著強烈的相關性。因此，這三者都將成為未來營收成長的驅動力。

As you look at the drivers for us of AUR growth, right? This is still the elevation strategy that's playing out that we're going to continue to drive. So we are on an elevation journey. We are pleased with the progress we are making, and we still have meaningful opportunities looking ahead. Our AUR drivers will continue to be product mix, channel and geographic mix, continued promotional pullback you saw in this last quarter, another example of our ability to significantly pull back on promotions. I think the number is 270 basis points reduction in promotional investment, while at the same time, strengthening consumer value perception, while at the same time, strengthening luxury perception.

您看看我們 AUR 成長的驅動因素，對嗎？這仍然是我們正在實施的提升策略，我們將繼續推動這項策略。因此，我們正在進行一次提升之旅。我們對所取得的進展感到滿意，展望未來我們仍然擁有有意義的機會。我們的 AUR 驅動因素將繼續是產品組合、管道和地理組合，以及您在上個季度看到的持續促銷回調，這是我們大幅回調促銷能力的另一個例子。我認為這個數字是減少促銷投資 270 個基點，同時加強消費者的價值感知，同時加強奢侈品感知。

And then the fourth vector is like pricing. But I think as we continue to elevate the storytelling as we continue to elevate the product offering and the quality, as we continue to elevate the engagement of the shopping experience, whether that's online and brick-and-mortar, then that drives value perception and luxury perception that then enables AUR. So expect that to continue. We'll talk about what we expect the relative size of these three drivers, AUR unit and new consumer recruiting to be in the overall mix.

第四個向量是定價。但我認為，隨著我們不斷提升故事敘述能力，隨著我們不斷提升產品供應和質量，隨著我們不斷提升購物體驗的參與度，無論是在線還是實體店，這都會推動價值感知和奢侈品感知，從而實現 AUR。因此預計這種情況將會持續下去。我們將討論我們對這三個驅動因素、AUR 單位和新消費者招募在整體組合中的相對規模的預期。

We see opportunities across all three regions. So interestingly, people look at our AURs and China, in particular, and they say, well, can you go further? Can you go beyond that? And I think the teams are demonstrating quarter-on-quarter that when we do a good job on storytelling, product and shopping experience, then we create the opportunity for us to continue to expand AUR.

我們在這三個地區都看到了機會。有趣的是，人們特別關注我們的 AUR 和中國，然後他們說，那麼，你能走得更遠嗎？你能超越這個嗎？我認為各個團隊都在逐季度證明，當我們在故事敘述、產品和購物體驗方面做得很好時，我們就創造了繼續擴大 AUR 的機會。

So we're three years into this AUR journey. We're eight years into this elevation journey. We're going to continue to run that play. Again, with agility and with discernment as we look at where we allocate our resources.

我們已經踏上 AUR 之旅三年了。我們已經踏上這段攀登之旅八年了。我們將繼續演繹該劇。再次，我們要靈活、明智地分配我們的資源。

We take the last question, please.

請回答最後一個問題。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey, everyone, thank, thanks for taking my question. It sounds like most of your macro-related caution is domestic. I was just curious if you're, if there's any caution or if you've seen any kind of pushback from consumers outside the US, just kind of given some of the rhetoric around tariffs and given how kind of Americana focused, the Ralph Lauren brand image is I'm wondering if there's any caution around the international business, given the political situation?

嘿，大家好，謝謝大家回答我的問題。聽起來，您對宏觀經濟的謹慎大多是針對國內的。我只是好奇您是否有任何謹慎，或者您是否看到過來自美國以外消費者的任何形式的反對，考慮到有關關稅的一些言論，以及拉爾夫·勞倫品牌形象對美國文化的關注程度，我想知道考慮到政治局勢，國際業務方面是否有任何謹慎？

That's a good question, Tom. And you're right that most of our caution is domestic, particularly in the second half of the year. As you can imagine, we're tracking consumer sentiment and social activity quite closely, both for our industry and for our brand, in particular. At this stage, we have no call out in terms of slowing brand momentum or any concerns with anti-American sentiment that would apply to our business.

這是個好問題，湯姆。您說得對，我們的大部分謹慎都是針對國內的，尤其是在下半年。你可以想像，我們正在密切關註消費者情緒和社會活動，尤其是針對我們的產業和我們的品牌。目前，我們尚未聽到有關品牌發展動能放緩或反美情緒會影響我們業務的言論。

Now it's important to keep in mind that ever since Ralph founded this company, this company has founded on values that are pretty universal, right? If you think about optimism, authenticity timelessness, elegance, family.

現在重要的是要記住，自從拉爾夫創立這家公司以來，這家公司就建立在非常普遍的價值觀之上，對嗎？如果你考慮樂觀、真實、永恆、優雅、家庭。

Those are globally relevant and pretty universal and I think resonating really well wherever we play, including markets where you might be concerned about anti-American sentiment. We are not seeing any of that at this stage. And obviously, we continue to monitor that and make sure that we're engaging consumers in a way that's most effective and relevant for them.

這些理念在全球範圍內都具有現實意義和普遍性，我認為無論我們在何處開展業務，它們都能引起強烈共鳴，包括那些你可能擔心反美情緒的市場。目前我們還沒有看到任何這樣的情況。顯然，我們會繼續監控這一點，並確保以最有效、最相關的方式吸引消費者。

All right. Well, thank you, everyone, for joining us today. We look forward to speaking with you on our first quarter earnings call in August. And in the meantime, take care and have a great day.

好的。好吧，謝謝大家今天加入我們。我們期待在八月的第一季財報電話會議上與您交談。同時，請保重，祝您有美好的一天。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。