雷夫·羅倫馬球 (RL) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren first-quarter fiscal year 2026 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 2026 財政年度第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

我想將會議交給我們的主持人 Corinna Van der Ghinst 女士。請繼續。

Good morning and thank you for joining Ralph Lauren's first quarter fiscal 2026 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 2026 財年第一季電話會議。今天與我一起出席的是公司總裁兼執行長 Patrice Louvet 和財務長 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. We are encouraged by our strong start to the fiscal year with first quarter results that exceeded our expectations across the top and bottom line.

謝謝你，科里。大家早安，感謝大家參加今天的電話會議。我們對本財年的強勁開局感到鼓舞，第一季的業績超出了我們的預期。

In the midst of a highly dynamic global operating environment, our growing brand desirability, diversified drivers of growth and muscles of organizational agility and executional excellence are standouts as we continue to deliver on our long-term strategic priorities.

在高度動態的全球營運環境中，我們不斷成長的品牌吸引力、多樣化的成長動力以及組織敏捷性和卓越執行力在我們繼續實現長期策略重點的過程中脫穎而出。

This quarter's performance underscores the power of our iconic brand with a unique ability to reach across geographies, cultures, genders and generations of consumers. The breadth and appeal of our lifestyle portfolio of products with timelessness, value, and quality more relevant than ever and our proven key city ecosystem model as we continue to expand and elevate across every consumer touch point to be even more personal, more engaging, and more digitally connected.

本季的業績凸顯了我們標誌性品牌的力量，其獨特的能力可以跨越地理、文化、性別和世代的消費者。我們的生活風格產品組合的廣度和吸引力比以往任何時候都更加重要，其永恆性、價值和品質以及我們經過驗證的關鍵城市生態系統模型隨著我們繼續擴展和提升每個消費者接觸點而變得更加個性化、更具吸引力和更加數位化。

Our strong first quarter results were once again broad-based, driven by every geography and channel. We delivered double-digit top line growth in both Asia and Europe and high single-digit growth in North America with global comps up 13%. This exceeded the expectations we laid out in May, even as we chose to reinvest back into our marketing, digital and ecosystem initiatives and return cash to our shareholders.

我們第一季的強勁業績再次受到各地區和各通路的推動。我們在亞洲和歐洲實現了兩位數的營收成長，在北美實現了高個位數的成長，全球同店銷售額成長了 13%。儘管我們選擇將資金重新投入行銷、數位和生態系統計畫中，並向股東返還現金，但這仍然超出了我們 5 月制定的預期。

This strong early performance gives us confidence to take up our full year guidance even as we remain cautious on the second half of the year due to potential tariff-related pressures on broader consumer behavior.

儘管由於關稅相關因素可能對更廣泛的消費者行為造成壓力，我們對下半年仍持謹慎態度，但強勁的早期表現讓我們有信心製定全年業績指引。

Despite macro headwinds, we remain well positioned, and we are on offense based on our continued commitment to invest behind our brands and market share gains, our strong growing geographical presence largely concentrated in our key cities in each region and our relentless focus on improving technology, AI and analytics to better serve our consumers and drive greater efficiencies in our business, all underscored by our balance sheet and operating discipline.

儘管面臨宏觀逆風，我們仍然處於有利地位，並且憑藉持續致力於投資我們的品牌和市場份額增長、我們強勁增長的地理影響力（主要集中在我們每個地區的關鍵城市）以及我們堅持不懈地專注於改進技術、人工智能和分析，以更好地服務我們的消費者並提高我們的業務效率，我們處於進攻狀態，所有這些都體現在我們的資產負債表和紀律上。

Let me review 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.

讓我回顧本季的一些亮點，我們在三大長期戰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，進一步擴張；第三，以消費者生態系統贏得重點城市。

Starting with our efforts to elevate and energize our lifestyle brand. The Ralph Lauren brand remains one of our most powerful assets sitting at the epicenter of culture and inspiring people all over the world to step into their dreams. And this dream of a better life remains as relevant to consumers today as it was when Ralph Lauren as a company nearly 60 years ago.

首先我們要努力提升和激發我們的生活風格品牌。拉爾夫·勞倫品牌仍然是我們最強大的資產之一，它處於文化的中心，激勵著全世界的人們實現他們的夢想。如今，這種對美好生活的夢想對消費者來說依然意義非凡，就如同近 60 年前拉爾夫勞倫 (Ralph Lauren) 公司成立之初一樣。

As we expand our business across geographies, categories and channels, our teams are tapping into the power of our brand across a diversity of marketing platforms to reach our target consumers across generations. Some highlights from the first quarter included. First, we can enforce our luxury lifestyle positioning through major activations focused on our top cities.

隨著我們跨地域、跨類別、跨通路拓展業務，我們的團隊正在利用我們品牌的力量，透過各種行銷平台接觸不同世代的目標消費者。其中包括第一季的一些亮點。首先，我們可以透過針對主要城市的重大活動來強化我們的奢華生活方式定位。

In April, we hosted our first-ever fashion presentation in China with our Shanghai Re-See event, which translated our Spring '25 Hamptons Fashion Show to an all Asian cast and star studied event. This was coupled with an innovative live shopping event on Douyin and 360-degree takeover across our stores, outdoor and digital media.

今年 4 月，我們在中國舉辦了首場時裝展示會——上海 Re-See 活動，將我們的 25 年春季漢普頓時裝秀變成了一場全亞洲演員陣容和明星研究的活動。同時，我們也在抖音上開展了創新的直播購物活動，並對我們的門市、戶外和數位媒體進行了 360 度全方位覆蓋。

In addition to delivering a new record high for our China Q1 sales, the campaign drove over 64 billion impressions with strong customer acquisition. This was followed by our Fall '25 Modern Romantics Women's Collection Fashion Show here in New York City, showcasing the easy elegance of relaxed tailoring with meticulous attention to detail and materials.

這項活動不僅創下了我們中國第一季銷售額的新高，還帶來了超過 640 億次的曝光量，並獲得了強勁的客戶獲取。隨後，我們在紐約市舉辦了 25 年秋季現代浪漫主義女裝系列時裝秀，展示了休閒剪裁的輕鬆優雅以及對細節和材料的一絲不苟。

And in June, we hosted our Spring '26 Men's Purple Label show in Milan, marrying timeless craftsmanship and sophistication with the spirit of adventure. Beyond the runway, we delivered iconic celebrity moments, from dressing Beyonce in Cowboy Carter World Tour to Usher and Tyson Backford wearing custom purple label looks at the Met Gala.

6 月份，我們在米蘭舉辦了 26 年春季男裝 Purple Label 秀，將永恆的工藝和精緻與冒險精神完美融合。除了 T 台之外，我們還呈現了名人的標誌性時刻，從為碧昂絲 (Beyonce) 打造牛仔卡特世界巡迴演唱會 (Cowboy Carter World Tour) 的服裝，到亞瑟小子 (Usher) 和泰森巴克福德 (Tyson Backford) 在 Met Gala 上穿著定制紫色標籤服裝。

And most recently, we reinforced our leadership in the world of sports, with another successful Wimbledon sponsorship, where we drove the highest media value across all brands present and 43 billion global PR impressions, a more than 40% increase to last year.

最近，我們又成功贊助了溫布頓網球公開賽，鞏固了我們在體育領域的領導地位，在所有品牌中，我們的媒體價值最高，全球公關曝光量達 430 億次，比去年增長了 40% 以上。

These activities are driving strong, sustainable growth in new customer acquisition and engagement. In the first quarter, we added 1.4 million new customers to our DTC businesses, a mid-single-digit increase to last year, driven by digital and full-price store customers and continuing to skew more toward women, luxury and next-generation younger cohorts. And we increased our social media followers by high single digits to nearly 66 million led by Instagram, LINE, Douyin and TikTok.

這些活動正在推動新客戶獲取和參與的強勁、永續成長。第一季度，我們的 DTC 業務新增了 140 萬名新客戶，較去年同期成長中等個位數，這主要得益於數位和全價商店客戶的推動，並且繼續向女性、奢侈品和下一代年輕群體傾斜。我們的社群媒體粉絲數以個位數成長，達到近 6,600 萬，主要來自 Instagram、LINE、抖音和 TikTok。

Moving to our second key initiative, drive the core and expand for more. Ralph and our design teams continue to create beautiful products that serve our customers' modern lifestyles, all while staying true to what we stand for, authenticity, quality and sophisticated timeless style.

轉向我們的第二個關鍵舉措，推動核心並進一步擴展。拉爾夫和我們的設計團隊繼續創造精美的產品，滿足客戶的現代生活方式，同時忠於我們的主張：真實性、品質和精緻永恆的風格。

This is more important than ever as consumers look to brands and styles that they know and trust that will last and deliver a compelling value proposition. Our growing value perception, together with our strong pricing power, gives us confidence in our ability to continue on our elevation journey. This begins with our core products which represent more than 70% of our business.

這一點比以往任何時候都更重要，因為消費者希望獲得他們熟悉和信任的品牌和風格，這些品牌和風格能夠持久耐用，並提供引人注目的價值主張。我們不斷成長的價值認知，加上強大的定價能力，使我們對自己持續提升的能力充滿信心。首先從我們的核心產品開始，它們占我們業務的 70% 以上。

Our core remains an important differentiator in an industry that is typically more reliant on fluctuating fashion trends. Core product sales grew mid-teens this quarter, driven by strength in seasonal sweater polos, cotton cable knit and merino sweaters, lightweight outerwear, including our [quilted] jackets in our bi-swing and [Bayport] windbreakers, our newer linen offerings and caps.

在一個通常更依賴不斷變化的時尚趨勢的行業中，我們的核心仍然是一個重要的區別因素。本季度，核心產品銷售額增長了百分之十五左右，這得益於季節性毛衣 Polo 衫、棉質粗針織和美利奴羊毛衫、輕質外套（包括我們的雙擺 [絎縫] 夾克和 [Bayport] 風衣）、我們較新的亞麻產品和帽子的強勁增長。

Our special capsules this quarter centered on our sporting lifestyle, including our Candy Shop Yankees Baseball Collection for opening day and another elegant installment of Wimbledon pieces. Our high-potential categories, including women's apparel, outerwear and handbags continue to be accelerators for our business.

本季我們的特別膠囊系列以我們的運動生活方式為中心，包括開幕日的糖果店洋基棒球系列和另一款優雅的溫布頓系列產品。我們的高潛力類別，包括女裝、外套和手袋，繼續成為我們業務的加速器。

Together, these categories increased strong double digits outpacing total company growth in the quarter. Women's apparel continued to be driven by our foundational core along with a strong response to our seasonal styles.

整體而言，這些類別的增幅均達到兩位數，超過了本季公司整體的成長速度。女裝繼續由我們的基礎核心驅動，同時對我們的季節性風格做出強烈反應。

Highlights included our cable knit jersey and polo bear sweaters, linen shirts, dresses, our cotton canvas city jacket and our newest foundational handbag collection, Polo Play, which launched earlier this spring. Within our complementary lifestyle categories, we unveiled our latest home collection Canyon Road at Salone del Mobile in Milan this spring, inspired by the raw natural beauty of the American West, the collection reinforces our position in luxury living.

亮點包括我們的粗針織運動衫和馬球熊毛衣、亞麻襯衫、連身裙、棉質帆布城市夾克以及我們今年春季早些時候推出的最新基礎手袋系列 Polo Play。在我們互補的生活方式類別中，我們今年春天在米蘭國際家具展上推出了最新的家居系列 Canyon Road，其靈感來自美國西部的原始自然美景，該系列鞏固了我們在奢華生活領域的地位。

Turning to our third key initiative, winning key cities with our consumer ecosystem. We continue to expand and invest disproportionately in our key city ecosystems delivering a cohesive, elevated brand experience across each of our consumer channels around the world.

談到我們的第三個關鍵舉措，利用我們的消費者生態系統贏得重點城市。我們持續擴大並增加對主要城市生態系統的投資，為世界各地的每個消費者管道提供具有凝聚力的、高端的品牌體驗。

Within DTC, which comprises the majority of our business, we delivered another quarter of strong comp growth across regions. Comps increased 13%. This was above our expectations with double-digit growth in both digital and brick-and-mortar stores.

在構成我們業務主要部分的 DTC 領域，我們在各地區又實現了一個季度的強勁成長。同店銷售額成長了 13%。這超出了我們的預期，數位商店和實體店均實現了兩位數的成長。

Globally, we opened 24 new owned and partner stores this quarter, including our first Ralph Lauren store in Vancouver, now our second location in Canada following our Toronto launch in 2023, a Purple Label and [RRL] shop in Shinsegae Centum City department store marking the debut of our luxury brands in the Korean market and our newest candy shop concept in the luxury resort destination of Marbella, reinforcing our presence in the Spanish market.

本季度，我們在全球開設了 24 家新的自營店和合作店，包括我們在溫哥華的第一家 Ralph Lauren 店，這是我們繼 2023 年在多倫多開設之後在加拿大開設的第二家店，在新世界 Centum City 百貨開設了 Purple Label 和 [RRL]店，標誌著我們的奢侈品牌首次亮相韓國市場，以及我們在豪華度假勝地馬貝拉開設的最新糖果店概念，鞏固了我們在西班牙市場的地位。

All three regions outperformed our expectations again in the first quarter, led by international. Asia was particularly strong, accelerating to high-teens growth driven by both China and Japan. China grew more than 30% in the quarter, outpacing our competitive set with a strong consumer response to our brand-building initiatives including our April fashion show in Shanghai.

第一季度，三大地區的表現再次超出我們的預期，其中國際地區表現最為出色。亞洲表現特別強勁，在兩國的推動下，亞洲經濟成長率達百分之十幾。本季度，中國市場的成長率超過 30%，超過了我們的競爭對手，消費者對我們的品牌建立舉措（包括四月份在上海舉辦的時裝秀）反應強烈。

And North America maintained healthy trends up high single digits with strength across DTC channels and stabilization in wholesale as planned. And finally, touching on our enablers. Our business continued to be supported by our five key enablers.

北美維持了高個位數的健康趨勢，DTC 通路表現強勁，批發業務也按計畫保持穩定。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。

Some highlights include, first, as part of our focus on delivering best-in-class digital technology and analytics and following our successful predictive buying pilot over the past year in Asia and Europe, we will continue to expand this AI-driven program to additional core styles in fiscal '26, enabling better chase and in-stock availability on sizing and best-selling products to drive both sales and inventory efficiencies.

首先，作為我們專注於提供一流數位技術和分析的一部分，並且繼過去一年在亞洲和歐洲成功進行預測性購買試點之後，我們將在 26 財年繼續將這一人工智能驅動的計劃擴展到更多核心款式，從而更好地追踪尺碼和暢銷產品的庫存情況，從而提高銷售和庫存效率。

Second, as part of our multiyear next-generation transformation project, we were excited to launch automation in our European distribution center this quarter. We will roll out new automation capabilities to our other regions over the course of this fiscal year, enabling greater supply chain efficiency and savings and ultimately, better demand fulfillment for our consumers as we get product to the right place at the right time.

其次，作為我們多年下一代轉型計畫的一部分，我們很高興本季在我們的歐洲配送中心推出自動化技術。我們將在本財年向其他地區推出新的自動化功能，以提高供應鏈效率和節省成本，並最終在正確的時間將產品送到正確的地點，更好地滿足消費者的需求。

We were also proud to be recently named one of America's best employers for women by Forbes. And finally, this June, Ralph received the Fragrance Foundation's 2025 Hall of Fame Award, recognizing his enduring impact on the fragrance industry as well as its creative influence on modern culture.

我們也很榮幸最近被《富比士》評為美國女性最佳雇主之一。最後，今年 6 月，拉爾夫獲得了香水基金會的 2025 年名人堂獎，以表彰他對香水行業的持久影響及其對現代文化的創造性影響。

In addition, our Polo 67 fragrance featuring Yankees Captain, Aaron Judge won the 2025 Fragrance of the Year Award Men's Prestige. Congrats to Ralph and our fragrance team. In closing, Ralph and I are encouraged by the strong start to this fiscal year. Our teams are navigating an uncertain operating environment with dedication and agility to continue driving our strategic priorities.

此外，我們的 Polo 67 香水以洋基隊長 Aaron Judge 為主題，榮獲 2025 年度男士香水大獎。恭喜拉爾夫和我們的香水團隊。最後，拉爾夫和我對本財年的強勁開局感到鼓舞。我們的團隊正以奉獻精神和敏捷性應對不確定的營運環境，繼續推動我們的策略重點。

These priorities will continue to focus on harnessing the power of our iconic brand to drive desirability and recruit new consumers across generations, creating timeless products with a strong value proposition that consumers love and trust and investing in brand experiences that inspire our consumers and immerse them in the world of Ralph Lauren.

這些優先事項將繼續專注於利用我們標誌性品牌的力量來推動需求並吸引跨代新消費者，創造具有強大價值主張的永恆產品，讓消費者喜愛和信賴，並投資於激勵消費者並讓他們沉浸在拉爾夫勞倫世界中的品牌體驗。

With all of this underpinned by our strong balance sheet, culture of operating discipline and growing ability to utilize advanced AI and technology to drive sustainable long-term growth and value creation. We hope you'll tune into our Investor Day this September to hear more from our talented leadership team about the next leg of our next great chapter journey.

這一切都得益於我們強大的資產負債表、嚴謹的經營文化以及不斷增強的利用先進人工智慧和技術推動可持續長期成長和價值創造的能力。我們希望您能關注我們今年 9 月的投資者日，以便從我們才華橫溢的領導團隊那裡了解更多關於我們下一個偉大篇章之旅的下一步計劃。

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. We delivered a strong start to fiscal '26 with continued progress on our long-term strategic priorities and first quarter results exceeding the expectations we laid out in May.

謝謝，帕特里斯，大家早安。我們在 26 財年取得了良好的開端，長期策略重點持續取得進展，第一季業績超出了我們 5 月制定的預期。

Revenues were ahead of our outlook, led by International, underscoring our growing brand desirability and ability to connect authentically with consumers around the world.

在國際業務的帶動下，收入超出了我們的預期，凸顯了我們日益增長的品牌吸引力以及與全球消費者建立真實聯繫的能力。

We reported positive comp growth in every region in channel this quarter, and we achieved this while further advancing our continuous elevation journey with improved quality of sales, as stronger full price selling and lower discounting resulted in higher than expected gross and operating margins.

本季度，我們報告了通路中每個地區的正成長，我們實現了這一目標，同時透過提高銷售品質進一步推進了我們的持續提升之旅，因為更強勁的全價銷售和更低的折扣導致毛利率和營業利潤率高於預期。

This performance was a testament to the incredible passion and dedication of our teams who are executing with excellence amid what continues to be a highly dynamic global operating environment. The strength of our balance sheet and our agile diversified supply chain which we've built to both mitigate global disruptions and support our long-term growth and the diversity of our strategic growth drivers across geographies, channels, lifestyle categories and consumer demographics.

這項業績證明了我們團隊令人難以置信的熱情和奉獻精神，在持續高度動態的全球營運環境中，他們表現出色。我們擁有強勁的資產負債表和靈活多元化的供應鏈，這些既可以減輕全球混亂，又可以支持我們的長期成長，以及跨地域、通路、生活方式類別和消費者人口統計的戰略成長動力的多樣性。

This quarter's solid performance and our continued momentum give us confidence to raise our full year outlook even as we remain cautious on the broader macroeconomic backdrop, primarily in the second half of the fiscal year.

本季的穩健表現和持續的發展勢頭使我們有信心上調全年預期，儘管我們對更廣泛的宏觀經濟背景（主要是在財政年度下半年）仍持謹慎態度。

But first, let me walk you through our financial highlights from the first quarter, which as a reminder are provided on a constant currency basis. Total company first quarter revenue growth of 11% was above our high single digit outlook, led by strong performance in our direct-to-consumer channels.

但首先，讓我向您介紹我們第一季的財務亮點，提醒一下，這些亮點是按固定匯率提供的。該公司第一季總營收成長 11%，高於我們預期的高個位數成長，這主要得益於我們直接面向消費者的通路表現強勁。

This year's later Easter shifted less than 1 point of sales growth into the quarter from the fourth quarter of fiscal '25 as expected. By region, Asia led our performance with sales increasing 19%, followed by Europe up 10% and North America up 8%. Total company retail comps increased 13%, driven by an acceleration in our own digital business and ongoing momentum in our brick-and-mortar channels.

正如預期的那樣，今年的復活節較晚，導致本季的銷售額增幅比 25 財年第四季減少了不到 1 個百分點。按地區劃分，亞洲的銷售額成長了 19%，位居榜首，其次是歐洲，成長了 10%，北美成長了 8%。由於我們自身數位業務的加速發展以及實體通路的持續成長勢頭，公司零售總額增長了 13%。

Total digital ecosystem sales, including our own sites and wholesale digital accounts grew mid-teens, led by North America and Asia. Total company adjusted gross margin expanded 160 basis points to 72.1%. The increase was driven by AUR growth, favorable mix shift towards our full price at international businesses, and lower cotton costs, which more than offset higher labor and non-cotton material cost.

包括我們自己的網站和批發數位帳戶在內的數位生態系統總銷售額實現了十五六倍的成長率，其中以北美和亞洲為主導。公司調整後總毛利率擴大160個基點至72.1%。推動這一成長的因素包括 AUR 的成長、國際業務向全價的有利組合轉變以及棉花成本的降低，這些因素足以抵消勞動力和非棉材料成本的上漲。

AUR increased 14% in the first quarter, exceeding our high single digit outlook and supported by strong full price selling trends, reduced discounting and favorable channel and geographic mix. We currently expect high single digit AUR growth for the second quarter of fiscal '26.

第一季 AUR 成長了 14%，超過了我們預期的高個位數成長，並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。我們目前預計 26 財年第二季的 AUR 將實現高個位數成長。

This reflects our ongoing brand elevation strategy, which includes selective pricing actions in North America and Asia for fall '25. In addition to AUR growth, we expect continued unit growth in targeted markets, channels and categories.

這反映了我們正在進行的品牌提升策略，其中包括 25 年秋季在北美和亞洲採取的選擇性定價行動。除了 AUR 成長之外，我們也預期目標市場、通路和類別的單位數量將持續成長。

Adjusted operating expenses declined 70 basis points to 55.5% of sales, up 10% to last year. The increase was primarily driven by higher marketing and variable selling expenses. First quarter marketing investments increased to 7.5% of sales from 6.7% last year, supporting our always on cadence of activations in each region, as Patrice discussed.

調整後的營業費用下降 70 個基點，至銷售額的 55.5%，比去年同期成長 10%。成長的主要原因是行銷費用和變動銷售費用的增加。正如 Patrice 所討論的，第一季的行銷投資佔銷售額的比例從去年的 6.7% 上升至 7.5%，這支持了我們在各個地區始終保持同步的行銷活動節奏。

We still expect marketing as a percentage of sales to be approximately 7.3% in fiscal '26. First quarter adjusted operating margin expanded 230 basis points to 16.6% with operating profit increasing 29%, both ahead of guidance.

我們仍預期 26 財年的行銷佔銷售額的比例將達到約 7.3%。第一季調整後的營業利益率擴大 230 個基點至 16.6%，營業利益成長 29%，皆超乎預期。

Moving to segment performance and starting with North America. First quarter revenue increased 8% above our expectations due to strong performance in our direct-to-consumer business. In North America retail, first quarter comps increased 12%, led once again by our Ralph Lauren stores. Digital comps increased 19% on strong brand momentum as we advance our investments in site enhancements and optimize our merchandizing and marketing.

轉向細分市場表現並從北美開始。由於直接面向消費者的業務表現強勁，第一季營收比我們的預期成長了 8%。在北美零售業，第一季同店銷售額成長 12%，這再次得益於我們的 Ralph Lauren 門市。隨著我們增加對網站改進的投資並優化商品銷售和行銷，強勁的品牌勢頭推動數位同店銷售額成長了 19%。

In North America wholesale, revenue increased 2% as we continue to take market share in what remains a broadly volatile channel. Full price sellout was ahead of sell in this quarter, supported by solid core replenishment trends. Our digital wholesale business continues to perform well with sellout up double digits.

在北美批發市場，由於我們繼續在波動較大的通路中佔據市場份額，因此收入成長了 2%。本季度，全價銷售量領先銷售量，這得益於穩固的核心補貨趨勢。我們的數位批發業務持續表現良好，銷售額成長了兩位數。

While we are encouraged by our stabilized trend in the channel over the past year, we are maintaining our cautious outlook for fiscal 26, given the potential macro pressures across the broader North America market. We plan to exit another 90 to 100 wholesale doors in fiscal '26 with approximately half of these related to Hudson's Bay.

雖然我們對過去一年通路的穩定趨勢感到鼓舞，但考慮到整個北美市場潛在的宏觀壓力，我們對 26 財年仍保持謹慎的展望。我們計劃在 26 財年退出另外 90 至 100 家批發門市，其中約一半與哈德遜灣公司有關。

Moving to Europe, first quarter revenue increased 10%. This was ahead of our expectations driven by balanced growth across our retail and wholesale channels. The majority of our key markets delivered growth in the quarter, led by Germany, France, Italy and Spain, reflecting strong brand and product momentum.

轉向歐洲，第一季營收成長了 10%。這超出了我們的預期，這得益於我們零售和批發通路的均衡成長。本季度，我們的大多數主要市場都實現了成長，其中德國、法國、義大利和西班牙領先，反映出強勁的品牌和產品勢頭。

Europe retail comps increased 10% to last year with balanced growth across our stores and digital channels. Our Europe digital ecosystem grew mid single-digits on top of a solid compare in the previous year. Europe wholesale also increased 10%, driven by continued momentum across both our spring seasonal offering and reorders of core product.

歐洲零售額較去年同期成長 10%，我們的門市和數位通路均達到均衡成長。我們的歐洲數位生態系統在去年穩健成長的基礎上，實現了中等個位數的成長。歐洲批發額也成長了 10%，這得益於我們春季季節性供應和核心產品重新訂購的持續成長動能。

We continue to expect full year revenue growth for Europe to be at the high end of mid-single digits and meaningfully waited to the first half of the year. We continue to anticipate significant deceleration in the second half based on first, a planned shift in wholesale receipts this year from chase free orders to pre-order bookings to service full price demand more effectively and second, a lapping of last year's timing shifts related to the Red Sea disruption.

我們繼續預計歐洲全年營收成長將達到中等個位數的高位，並有意義地等待上半年。我們繼續預計下半年將大幅減速，原因如下：首先，今年批發收入計劃從追逐免費訂單轉向預訂，以更有效地滿足全價需求；其次，與去年紅海中斷相關的時間轉變重疊。

Turning to Asia. First quarter revenue increased 19%, exceeding expectations with every key market contributing to growth. Retail comps were up 18%, with digital and brick and mortar store comps both accelerating from the prior quarter, powered by our marketing activations across the region.

轉向亞洲。第一季營收成長 19%，超出預期，每個主要市場都為成長做出了貢獻。零售銷售額成長了 18%，其中數位商店和實體店銷售額均較上一季度有所增長，這得益於我們在該地區開展的營銷活動。

China led our performance with sales up more than 30% of last year on continued comp growth, strong new customer recruitment and impactful marketing moments, notably our activations in Shanghai. Sales in Japan, our largest market in the region, increased high-teens to last year, driven by strong full price selling and reduced discounting, along with continued tailwinds from foreign tourism.

中國市場表現領先，銷售額較去年同期增長 30% 以上，這得益於持續的同店銷售額增長、強勁的新客戶招募以及具有影響力的營銷活動，尤其是我們在上海的營銷活動。日本是我們在該地區最大的市場，受全價銷售強勁、折扣減少以及外國旅遊業持續增長的推動，日本的銷售額較去年同期增長了十幾個百分點。

Moving to the balance sheet. Our strong balance sheet and cash flow generation have been key enablers of our fortress foundation, supporting investments in our strategic growth drivers while maintaining our commitments to shareholders.

轉到資產負債表。我們強勁的資產負債表和現金流產生是我們穩固基礎的關鍵推動因素，支持我們對策略成長動力的投資，同時保持對股東的承諾。

We ended the quarter with $2.3 billion in cash and short-term investments and $1.6 billion in total debt. Net inventory increased 18% to last year, reflecting strong global demand for our products, strategic receipt pull forwards, including to mitigate the impact of tariffs in North America, and foreign currency headwinds.

本季末，我們的現金和短期投資為 23 億美元，總債務為 16 億美元。淨庫存較去年同期增加 18%，反映出全球對我們產品的強勁需求、策略性收貨提前，包括減輕北美關稅的影響以及外匯逆風。

Excluding tariff related actions, inventory growth for the quarter would have been approximately in line with revenue growth. We expect inventories to moderate progressively as we move through the year and to end fiscal '26 roughly aligned with revenue growth. Looking ahead, our outlook remains based on our best assessment of the current operating environment, geopolitical backdrop and macroeconomic trends.

不計關稅相關措施，本季庫存成長與收入成長大致一致。我們預計，隨著時間的推移，庫存將逐步減少，到 2026 財年末，庫存將與收入成長大致同步。展望未來，我們的展望仍是基於對當前經營環境、地緣政治背景和宏觀經濟趨勢的最佳評估。

This includes tariffs and other inflationary pressures, supply chain disruptions and foreign currency fluctuations among other considerations. Given the high level of volatility in the current context, our outlook continues to be subject to change as trade dynamics and other macro factors continue to evolve.

其中包括關稅和其他通膨壓力、供應鏈中斷和外匯波動等考慮因素。鑑於當前情勢下的高度波動性，隨著貿易動態和其他宏觀因素的不斷發展，我們的前景仍可能會改變。

For fiscal '26, we now expect constant currency revenues to increase low to mid-single digits, up from low single-digits previously, led by growth in our Asia and Europe businesses. We continue to expect this year's performance to be heavily weighted to the first half, with first half revenues now assumed up roughly high single to low double-digits in constant currency.

對於26財年，我們目前預計恆定貨幣收入將以低到中等個位數成長，高於先前的低個位數，這主要得益於我們亞洲和歐洲業務的成長。我們仍預期今年的業績將在很大程度上取決於上半年，目前預計上半年營收以固定匯率計算將成長約個位數至兩位數。

Foreign currency is currently expected to benefit revenue growth by about 150 to 200 basis points this year, based on the weaker US dollar, notably versus the euro and Japanese yen. While our consumer trends remain consistent with recent quarters, we continue to take a more cautious view on the second half of the year.

由於美元走弱（尤其是兌歐元和日圓），預計今年外幣營收將成長約 150 至 200 個基點。雖然我們的消費趨勢與最近幾季保持一致，但我們對下半年仍持更謹慎的看法。

This is largely based on the potential impact of tariffs and related industry-wide price increases in the US. We now expect operating margin to expand approximately 40 to 60 basis points in constant currency compared to our prior guidance of a modest increase. We continue to expect operating margin expansion to be primarily driven by operating expense leverage.

這主要是基於美國關稅和相關產業價格上漲的潛在影響。我們現在預計，以固定匯率計算，營業利潤率將擴大約 40 至 60 個基點，而我們先前預測的只是小幅成長。我們仍預期營業利潤率的擴大將主要受到營業費用槓桿的推動。

Based on our strong Q1 performance and latest view of the tariff landscape, we now expect gross margins to be up slightly to last year with AUR growth, discount reductions and favorable geographic and channel mix offsetting negative impacts from tariffs and non-cotton material costs.

根據我們強勁的第一季業績和對關稅狀況的最新看法，我們現在預計毛利率將比去年略有上升，因為 AUR 成長、折扣減少以及有利的地理和通路組合將抵消關稅和非棉材料成本帶來的負面影響。

While the US tariff landscape remains fluid, the assumptions embedded in our original fiscal '26 outlook remain broadly consistent with the announced rates as of August 1, based on our current understanding of their application. And we will continue to leverage our proven toolkit to actively manage cost inflation headwinds as they emerge.

儘管美國關稅情況仍不明朗，但根據我們目前對關稅應用的理解，我們最初的 26 財年展望中所包含的假設與 8 月 1 日公佈的稅率大致一致。我們將繼續利用我們成熟的工具包來積極應對成本通膨的逆風。

This includes our significantly diversified supply chain and ability to flex across production countries while maintaining our high-quality standards, partnering with our suppliers to drive efficiencies in our cost of goods and broader supply chain operations and taking selective pricing actions and strategic discount reductions, acutely focused on continuing to deliver a compelling value proposition for our customers.

這包括我們高度多樣化的供應鏈和在保持高品質標準的同時跨生產國靈活調整的能力，與我們的供應商合作以提高我們的商品成本和更廣泛的供應鏈運營效率，並採取選擇性定價行動和戰略性折扣削減，高度專注於繼續為我們的客戶提供引人注目的價值主張。

Foreign currency is now expected to benefit gross and operating margins by about 10 and 40 basis points respectively in fiscal '26. For the second quarter, we expect constant currency revenues to increase approximately high single digits. Foreign currency is expected to benefit revenues by approximately 100 to 150 basis points.

目前預計外幣將使26財年的毛利率和營業利潤率分別增加約10個基點和40個基點。對於第二季度，我們預計固定貨幣收入將成長約個位數。預計外幣收入將增加約 100 至 150 個基點。

We expect second quarter operating margin to expand approximately 120 to 160 basis points in constant currency, largely driven by operating expense leverage and reflecting a more normalized level of marketing investment following last year's Olympics. Foreign currency is expected to benefit gross and operating margins by about 10 and 20 basis points respectively in the second quarter.

我們預計第二季營業利潤率將按固定匯率擴大約 120 至 160 個基點，這主要受到營業費用槓桿的推動，並反映了去年奧運後行銷投資水準更加正常化。預計外幣將使第二季的毛利率和營業利潤率分別增加約 10 個基點和 20 個基點。

We expect our second quarter tax rate to be in the range of 15% to 17%, with the lower end of that range reflecting certain potential discrete tax benefits. We now expect a full year fiscal 26% tax rate of approximately 19% to 20%. And in addition to increasing our annual dividend by about 10% at the start of this year, we repurchased $250 million in shares in the first quarter.

我們預計第二季的稅率將在 15% 至 17% 之間，該範圍的下限反映了某些潛在的單獨稅收優惠。我們現在預計全年財政稅率約為19%至20%。除了在今年年初將年度股息提高約 10% 之外，我們還在第一季回購了價值 2.5 億美元的股票。

In closing, Our teams are successfully executing on both our near and long-term strategic priorities as we start this new fiscal year. Inspired by Ralph's enduring vision, consumers everywhere are engaging with our brand in more meaningful ways than ever before, all while we remain true to the values that define us. Values like optimism, authenticity, quality and togetherness that resonate not only here in New York but with customers across the world.

最後，在新的財政年度開始時，我們的團隊正在成功執行我們的近期和長期策略重點。受到拉爾夫持久願景的啟發，世界各地的消費者正在以比以往更有意義的方式與我們的品牌互動，同時我們始終忠於定義我們的價值觀。樂觀、真實、品質和團結等價值觀不僅在紐約引起共鳴，而且在世界各地的顧客中引起共鳴。

As we navigate a highly dynamic macro environment, we continue to focus on mitigating industry disruptions through our operating discipline, strong balance sheet and organizational agility. At the same time, we are leaning into opportunities and staying on offense, investing in our brand, our products, our experiences, and our capabilities to better serve and create lasting connections with our customers.

當我們應對高度動態的宏觀環境時，我們將繼續致力於透過我們的營運紀律、強大的資產負債表和組織敏捷性來減輕產業中斷。同時，我們抓住機遇，保持進攻態勢，投資我們的品牌、產品、經驗和能力，以便更好地服務客戶並與客戶建立持久的聯繫。

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) Matt Boss, JPMorgan.

（操作員指示）摩根大通 (JPMorgan) 的馬特·博斯 (Matt Boss)。

Okay. Great. Thanks, and congrats on another great quarter. So Patrice, with your Investor Day on tap this fall, I'm sure you'll talk more at that time about the long-term strategy, but with the recent strength of the business, what have been the largest drivers of upside? How much of this do you see as sustainable, and what would you need to see to turn more positive on your consumer outlook for the second half of the year?

好的。偉大的。謝謝，並祝賀您又一個出色的季度。那麼帕特里斯，今年秋天您將舉辦投資者日，我相信您屆時會更多地談論長期戰略，但鑑於近期業務的強勁表現，最大的上行驅動力是什麼？您認為這種趨勢在多大程度上是可持續的？您需要看到什麼才能對下半年的消費前景更加樂觀？

And then Justin, how best to think about the drivers of back half gross margin maybe relative to the expansion levers that you saw in the front half of the year?

那麼賈斯汀，相對於您在上半年看到的擴張槓桿，如何最好地思考下半年毛利率的驅動因素？

Good morning, Matt. Thanks for your question. So starting with the consumer outlook. First, as you know, we've been shifting our business towards a more elevated full price consumer base, and this has served us well as our core consumer around the world remains resilient, and that's true both in Asia, across Europe, and here in North America.

早安，馬特。謝謝你的提問。因此，先從消費者前景開始。首先，如您所知，我們一直在將業務轉向更高級別的全價消費者群體，這對我們非常有利，因為我們在世界各地的核心消費者仍然保持著韌性，無論是在亞洲、整個歐洲還是在北美，情況都是如此。

Second, while we are encouraged by our momentum, as far as our back half is concerned, I'd say that we're continuing to proceed with caution. We need to really see how consumers respond to the start of the fall holiday season in what will be an uncertain potentially inflationary environment.

其次，雖然我們對我們的勢頭感到鼓舞，但就我們的後半部分而言，我想說我們將繼續謹慎行事。我們需要真正了解消費者在不確定的潛在通膨環境中對秋季假期開始的反應。

Now, regardless, we're staying on offense, we're focusing on what we can control. We have the benefit of our diverse drivers of growth that have helped and enabled us to perform through many different environments.

現在，無論如何，我們都會繼續進攻，專注於我們能夠控制的事情。我們受益於多樣化的成長動力，這些動力幫助我們在許多不同的環境中取得成功。

Now to the first part of your question on durability of the drivers, put simply, these drivers are durable. First, the strength of our brand desirability and value proposition, along with the continued high-quality recruiting of customers, you saw again 1.4 million new customers this past quarter, younger, higher value customers.

現在回到您關於驅動器耐用性的問題的第一部分，簡單地說，這些驅動器是耐用的。首先，我們品牌的吸引力和價值主張的強大，加上持續高品質的客戶招募，您在上個季度再次看到了 140 萬新客戶，他們更年輕、價值更高。

Two, it's the breadth of our lifestyle product portfolio, combining our core categories with our three high potential growth opportunities. And again, you've seen strong performance this past quarter across those, and we expect that to continue.

第二，這是我們生活方式產品組合的廣度，將我們的核心類別與三個高潛力成長機會結合在一起。再說一次，您已經看到了過去一個季度的強勁表現，我們預計這種表現將持續下去。

And then three, is our expanding presence across key city ecosystems around the world, and there are so many white space opportunities still ahead of us as we stay focused on building these really robust ecosystems.

第三，我們正在不斷擴大在世界各地主要城市生態系統中的影響力，只要我們專注於建立這些真正強大的生態系統，我們面前仍然有許多空白機會。

When you pair these durable drivers with our operational discipline, our agility and how we're enabling the business with capabilities like data, tech and AI, we're in a position of strength to deliver for our customers moving forward. So we're going to save the rest for Investor Day, but I would say we're just getting started with a lot of white space still to cover across all of our diversified growth drivers.

當您將這些持久的驅動因素與我們的營運紀律、我們的敏捷性以及我們如何利用數據、技術和人工智慧等功能支援業務相結合時，我們就有能力為客戶提供強大的支援。因此，我們將把剩餘的內容留到投資者日再講，但我想說，我們才剛剛開始，在我們所有多元化的成長動力中仍有許多空白需要覆蓋。

And on the question on the gross margins on the back half, so as you saw, we've taken up our gross margin guide for the full year from flat previously to slightly up versus previous driven by some really strong year-to-date performance. So we're now expecting a bit of expansion.

關於下半年毛利率的問題，如您所見，由於年初至今的業績表現非常強勁，我們已將全年毛利率指引從先前的持平調整為略高於之前的水平。因此我們現在期待一些擴張。

What that updated outlook continues to imply is the first half is strong, second half a bit lower due to really the tariffs and the cost inflation pressure. Our tailwinds remain durable, right? AUR growth, continued promo pullback, targeted pricing as we talk proactively, plan for fall, favorable product mix elevation, channel and geomix tailwinds, and we have the cotton cost favorability as well.

更新後的展望持續暗示，上半年經濟表現強勁，下半年則略有下滑，主要歸因於關稅和成本通膨壓力。我們的順風仍然強勁，對嗎？AUR 成長、持續的促銷回調、我們主動談論的目標定價、秋季計劃、有利的產品組合提升、渠道和地理混合順風，而且我們也有棉花成本的有利條件。

The most meaningful offset is really the incremental cost inflation from the tariffs. The big unknown sitting here today is the price sensitivity and how the consumer reacts to the broader pricing environment and how sensitive that consumer is. So that's what we're watching very closely as we head into the second half.

最有意義的抵銷實際上是關稅帶來的增量成本通膨。今天最大的未知數是價格敏感度以及消費者對更廣泛的定價環境的反應以及消費者的敏感度如何。因此，在進入下半場時，我們會密切注意這一點。

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. I have a two-part question. First, Justin, you updated your guidance a little earlier in the fiscal year than we've seen in the past. Can you walk us through your updated guidance assumptions, what changed to drive the increase? And does this include any changes in expected tariff impacts?

偉大的。太感謝了。我有一個由兩個部分組成的問題。首先，賈斯汀，您在本財年更新指導的時間比我們過去看到的要早一些。您能否向我們介紹一下您更新後的指導假設，哪些變化推動了成長？這是否包括預期關稅影響的任何變化？

And Patrice, just wondering if you can dig in a little bit to the handbag business, what you've seen over the last 90 days, your conviction that the company can continue to grow strongly in handbags going forward? Thank you.

帕特里斯，您能否深入了解一下手袋業務，了解一下過去 90 天來您看到的情況，您是否確信公司未來在手袋業務方面能夠繼續強勁增長？謝謝。

Yeah, sure. Thanks, Jay. So overall, we started the year in a somewhat unusual macro backdrop with a meaningful level of uncertainty, I would say, across markets and policy when we introduced that prelim guide back in May. And now still early in the fiscal year here.

是的，當然。謝謝，傑伊。因此，總體而言，當我們在五月推出初步指南時，我們在某種不尋常的宏觀背景下開始了新的一年，我想說，市場和政策都存在相當大的不確定性。現在仍處於財政年度初期。

And as you mentioned, we typically wait to see how the fall holiday season starts to play out before we revisit guidance, but our performance so far has pretty clearly beat the expectations we shared in May, and that gave us the confidence to pick up our guide. So a few related points to call out here.

正如您所提到的，我們通常會等到秋季假期開始後再重新審視指導意見，但到目前為止，我們的表現已經明顯超出了我們在 5 月份的預期，這給了我們信心來選擇我們的指導意見。這裡需要強調幾個相關要點。

First, I would say our updated guide reflects our over-delivery on Q1 as well as our latest Q1 Q2, both are better than we expected back in May, really driven by all three of our regions and based on that continuation of our solid performance trends.

首先，我想說，我們更新後的指南反映了我們第一季以及最新第一季第二季的超額交付，兩者都比我們 5 月的預期要好，這實際上受到我們三個地區的推動，並且基於我們穩健的業績趨勢的延續。

And on a reported basis, [foreign currency] becomes a bit of a benefit based on how we're seeing the spot rates play out today. Second, I would say our latest expected tariff outlook specifically based on the recent announcements through this week is broadly in line with our May guidance.

據報道，根據我們今天看到的現貨匯率走勢，[外幣]有點受益。其次，我想說，根據本週的最新公告，我們最新的預期關稅前景與我們 5 月的指引大致一致。

So we continue to actively manage the related pressures, leveraging our proven tool kit that we talked and we were actually able, as I mentioned, to take up our gross margin outlook slightly based on performance to date.

因此，我們繼續積極應對相關壓力，利用我們討論過的經過驗證的工具包，並且正如我所提到的，我們實際上能夠根據迄今為止的表現略微提高我們的毛利率預期。

Lastly, I would say, our view on demand for the back half of the year remained unchanged at this point. You heard my prepared remarks, we're still assuming a cautious outlook for the second half based on a number of drivers, interest rates to consumer confidence and reaction to price inflation, as I just talked.

最後，我想說，我們對下半年需求的看法目前保持不變。你們聽到了我準備好的發言，正如我剛才所說，我們仍然對下半年的前景持謹慎態度，這基於一系列驅動因素，包括利率、消費者信心和對價格通膨的反應。

I'd say that's generally still less visibility on the macros as we go into the back half of the year. Now if this second half scenario doesn't materialize and we see our current momentum continue, we know we've got the supply chain in place to chase into demand across all of our regions. You saw us do in the prior years and more recently in the quarter we just wrapped.

我想說，當我們進入下半年時，宏觀的可見性總體上仍然較低。現在，如果下半年的情況沒有實現，並且我們看到目前的勢頭繼續下去，我們知道我們已經擁有了供應鏈來滿足所有地區的需求。您可以在前幾年看到我們所做的，並且在我們剛結束的這個季度也看到了我們所做的。

And our plan as we've been talking is to continue to update the street as the environment that we're operating evolves, just given how dynamic things are right now. Now our focus, as Patrice mentioned earlier, staying agile, staying on offense and through times like fees of uncertainty and disruption leading to what we can control and take advantage of opportunities.

正如我們一直在談論的，我們的計劃是隨著我們運營的環境的變化而繼續更新街道，考慮到目前情況的動態。正如帕特里斯之前提到的，現在我們的重點是保持敏捷，保持進攻，度過不確定和混亂的時期，從而實現我們能夠控制和利用的機會。

Good morning, Jay. So handbags, very exciting category for us. As you know, one of our three high potential categories, and we'll talk more in Investor Day, but the size of the opportunity is very meaningful for us, and we're in the very early stages of development. We have a pretty unique portfolio with a three brand offerings between Polo, Lauren and Collection.

早安，傑伊。所以手提包對我們來說是一個非常令人興奮的類別。如您所知，這是我們的三個高潛力類別之一，我們將在投資者日詳細討論，但這個機會的規模對我們來說意義重大，而且我們正處於發展的早期階段。我們擁有非常獨特的產品組合，包括 Polo、Lauren 和 Collection 三個品牌。

We have been able to build some foundational propositions across all three that are really delivering very nice results, including over the past 90 days to your question. And we're coupling that with innovation including the Polo Play launch that came out recently, which has seen a very strong initial response and we're excited to see that it's actually coming as designed incremental to Polo ID including collection, the Ralph bag, which is also getting a very strong response.

我們已經能夠在這三個方面建立一些基礎主張，這些主張確實帶來了非常好的結果，包括過去 90 天對您提出的問題的答案。我們將其與創新結合起來，包括最近推出的 Polo Play，該產品獲得了非常強烈的初步反響，我們很高興看到它實際上是作為 Polo ID 的增量設計推出的，包括系列、Ralph 包，也獲得了非常強烈的反響。

So foundational businesses, innovation that's really kicking in nicely. And you can expect that we will continue to iterate on these platforms as we build these strong long-term pillars.

因此基礎業務和創新確實進展順利。您可以期待，我們將在建立這些強大的長期支柱的過程中繼續迭代這些平台。

The third thing I would say is I think what's resonating with consumers with these propositions is one they complement the overall lifestyle for the women that we are engaging with. And at the end of the day, we are a lifestyle brand.

我想說的第三件事是，我認為這些主張之所以能引起消費者的共鳴，是因為它們與我們所接觸的女性的整體生活方式相輔相成。從根本上來說，我們是一個生活方式品牌。

Second is the value proposition is really well positioned within the current market. And I think we're seeing both across Lauren, particularly on Polo and collection, positioning that's really resonating from a pricing and positioning and AUR standpoint with consumers and then, listen, we're still in early stages in terms of building capability for this category.

第二，價值主張在目前市場中確實定位良好。我認為我們在 Lauren 的各個方面，尤其是 Polo 和系列產品上都看到了這一點，從定價、定位和 AUR 的角度來看，這確實引起了消費者的共鳴，然後，聽著，我們在打造這一類別的能力方面仍處於早期階段。

We have a great design team. We have a new strength and merchandising team on this business. We're continuing to build muscle on how to engage consumers, how to tell stories, how to integrate bags across everything that we do. So early innings, strong momentum and very promising future for this category.

我們擁有優秀的設計團隊。我們在這個業務上擁有一支新的實力和銷售團隊。我們正在不斷探索如何吸引消費者、如何講述故事以及如何將袋子融入我們所做的一切事情中。因此，這一類別的初期勢頭強勁，前景十分光明。

Great, thank you. Next question, please.

太好了，謝謝。請回答下一個問題。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys. Let me add my congrats on a nice quarter. I guess, jump all but second quarter guidance, a lot better than we had expected, but I see it. I know there's a little bit of FX helping out. But if we just zero in where we're seeing some of the better momentum in the brand by geos or categories and what you were thinking 90 days ago. I think it would help.

嘿，大家好。讓我對本季取得的良好業績表示祝賀。我想，除了第二季度指引之外，其他所有指引都比我們預期的要好得多，但我看到了。我知道 FX 有一點幫助。但是，如果我們只關注在哪個地區或類別中我們看到品牌的一些更好的發展勢頭，以及您 90 天前的想法。我認為這會有幫助。

And then just curious how you're looking at Europe. It's been such a nice contributor to the upside over the last year, I guess, a little bit slower here and it sounds like Justin, you said the guidance is heavily weighted to the first half. Can you just talk us through the go-forward thinking on the growth rates in Europe and why the expectation is to slow down?

我很好奇您是如何看待歐洲的。我想，在過去的一年裡，它對上行做出了很好的貢獻，但現在的速度稍微慢了一點，聽起來就像賈斯汀，你說的指導在很大程度上取決於上半年。您能否向我們介紹一下歐洲成長率的前瞻性思考以及預期成長率放緩的原因？

Sure. And thanks for the question, Michael. When it comes to guidance, so solid Q1 results and I think the momentum that we saw in Q4 will be carried in to Q1. When you think about that what we've seen by out, it's really been DTC leading the charge, acceleration in digital, wholesale growth continuing and the growth has been pretty broad based.

當然。謝謝你的提問，麥可。說到指導，第一季的業績非常穩健，我認為我們在第四季度看到的勢頭將延續到第一季。當你思考我們所看到的情況時，你會發現，DTC 確實在引領潮流，數位化加速發展，批發業務持續成長，而且成長基礎相當廣泛。

Think about that Q2 guide of up high single digits, I really expect DTC to continue to lead the growth and our international momentum to continue from a wholesale perspective, we continue to expect sell-in to roughly align to sell out, although we are cautious on that channel in North America given the broader macros.

想想第二季高個位數的成長指南，我真的希望 DTC 能夠繼續引領成長，並且從批發的角度來看，我們的國際勢頭將繼續保持，我們繼續預計銷售量將大致與銷售量一致，儘管考慮到更廣泛的宏觀因素，我們對北美的該管道持謹慎態度。

But I would say from an international perspective continued momentum into Q2. From a North America perspective, I think as we move through the quarter, one of the things that we're going to see is that broader pricing environment play out in the US, and we'll get a read on that consumer elasticity to the price increases.

但我想說，從國際角度來看，這股勢頭將持續到第二季。從北美的角度來看，我認為隨著本季的推進，我們將看到的事情之一就是美國更廣泛的定價環境，我們將了解消費者對價格上漲的彈性。

So it does include some increased pressure from cost inflation and pricing as we move through the quarter and into fall selling for North America specifically, though we do still expect North America to grow in Q2. I would say on the EMEA front, so we're really seeing some pretty broad-based balanced strength in EMEA.

因此，隨著我們進入本季並進入北美秋季銷售，成本通膨和定價的壓力確實會增加，儘管我們仍然預計北美在第二季將實現成長。我想說的是，就歐洲、中東和非洲地區而言，我們確實看到了歐洲、中東和非洲地區相當廣泛的均衡實力。

So our Q1 results double-digit growth in constant dollar and that really above our expectations across retail and wholesale. From a market perspective, we had growth in Italy and France and Spain and Germany, all of our key markets substantially.

因此，我們的第一季業績以固定美元匯率計算實現了兩位數成長，這確實超出了我們對零售和批發的預期。從市場角度來看，我們在義大利、法國、西班牙和德國等所有主要市場都實現了大幅成長。

We're growing strong double-digit retail comps and balance. So brick-and-mortar and digital, both contributing really strong quality of sales as well. So big discount rate pull back solid AUR growth and wholesale continues to be strong.

我們的零售銷售額和餘額均實現了強勁的兩位數成長。因此，實體店和數位店都對銷售品質做出了非常大的貢獻。因此，較大的折扣率拉低了 AUR 的穩健成長，而批發業務則持續保持強勁。

Now we did see a bit of a benefit due to the prior year Red Sea timing shift, but still a really strong underlying trend there in that wholesale business, and we're seeing strong both spring seasonal shipments and also reorders. So we're elevated in our brand positioning in Europe we're seeing strong performance really across markets and channels.

現在，由於前一年紅海時間的轉變，我們確實看到了一些好處，但批發業務仍然是一個非常強勁的潛在趨勢，我們看到春季季節性出貨量和重新訂購量都很強勁。因此，我們在歐洲的品牌定位得到了提升，我們在各個市場和通路都看到了強勁的表現。

And as we think about the outlook as we move forward, we expect that momentum to continue into the second quarter. And as we get more fulsome into the year, we do expect some pressure in a deceleration based on those timing shifts that I've mentioned in my prepared remarks.

當我們思考未來的前景時，我們預計這種勢頭將持續到第二季。隨著我們進入新的一年，我們確實預計，根據我在準備好的發言中提到的時間變化，經濟減速將帶來一些壓力。

Dana Telsey, Telsey Advisory Group.

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

Good morning, everyone. It's so nice to see the progress. When you think about the regions a little bit, just expanding further. In North America, what did you see from full price in the outlet channel trends? Was there a difference in performance and how would the AUR wholesale?

大家早安。看到進步真是太好了。當你稍微考慮一下區域時，就會進一步擴大。在北美，您從奧特萊斯頻道的全價趨勢中看到了什麼？性能上是否存在差異？ AUR 批發情況如何？

And then the acceleration in China is notable. Anything to call out there? And just lastly, as you mentioned second half, how are you thinking about pricing actions and supply chain diversification? Thank you.

中國的加速發展十分顯著。有什麼要喊的嗎？最後，正如您所提到的下半年，您如何看待定價行動和供應鏈多樣化？謝謝。

Great. Thanks very much for the question. So in the first quarter for North America, we saw strength really across both our full-price stores and our outlet stores. So strong comps across both really the momentum we saw in Q4 really continued in to Q1. Our full price stores continue to lead our performance.

偉大的。非常感謝您的提問。因此，在北美第一季度，我們的全價店和直銷店都表現強勁。因此，我們在第四季看到的強勁勢頭確實延續到了第一季。我們的全價商店繼續引領業績。

And again, a couple of things to call out there. We saw really strong quality of sales, AUR, leading the growth story, promotional discounts declining meaningfully to last year. And so, you see that our elevation strategy really, really cutting through in that channel.

再次強調，有幾件事需要指出。我們看到銷售品質非常強勁，AUR 引領了成長趨勢，促銷折扣與去年相比大幅下降。所以，你看，我們的提升策略確實在該管道中取得了突破。

I think when you think about traffic and other retail KPIs, higher basket size. I mentioned higher AUR, I would say, stable traffic trends on the full price side. I think we saw some traffic pickups. And we're seeing our core consumer, which is really a full price consumer in both of those channels continue to be resilient and to choose Ralph Lauren.

我認為當您考慮流量和其他零售 KPI 時，購物籃尺寸會更大。我提到了更高的 AUR，我想說的是全價方面的流量趨勢穩定。我認為我們看到了一些流量回升。我們看到我們的核心消費者，也就是這兩個管道中的全價消費者，仍然保持著韌性並選擇拉夫勞倫。

And then I think when you think about just the other piece to the North America story is digital, which we did see a nice acceleration in the quarter, and that's due to some of the interventions we've made on ralphlauren.com, our US site, which has picked up traction and drove a really strong comp sales growth.

然後，我認為，當您考慮北美故事的另一個部分時，數位化是我們在本季度確實看到了良好的加速，這是由於我們對美國網站 ralphlauren.com 進行的一些幹預，該網站獲得了關注並推動了真正強勁的銷售額增長。

Good morning, Dana. On the China front, as you know, China is one of our key white space expansion priorities moving forward. This past quarter, Greater China represented 9% of total company. So we're encouraged by how we're making progress. A few year back, you'll recall we were closer to 3% to 4%. So good momentum there, continue to have major opportunities moving forward.

早安，達娜。就中國市場而言，如您所知，中國市場是我們未來白色空間擴張的重點之一。上個季度，大中華區占公司總銷售額的 9%。因此，我們對所取得的進展感到鼓舞。你會記得，幾年前我們的成長率接近 3% 到 4%。因此，這裡的勢頭良好，繼續向前發展有重大機會。

When you look at what drove the plus 30% this past quarter, it's really the implementation of our strategy across the key pillars and the team on the ground is doing an outstanding job bringing these choices to life. First, I would call out on the brand building side, you heard us talk earlier about the Re-See, Hamptons Fashion Show, which generated a lot of energy and momentum in China.

當你回顧上個季度實現 30% 成長的因素時，你會發現這實際上是我們在關鍵支柱上實施策略的結果，而實地團隊在將這些選擇變為現實方面做得非常出色。首先，我想談談品牌建立方面，您之前聽到我們談到Re-See漢普頓時裝秀，它在中國產生了巨大的能量和勢頭。

We had a really strong [6-18] activation that was really focused on brand building, customer engagement, not on sales and volume. And then the team is also leveraging very nicely the Douyin direct selling, live shopping capabilities. So we're continuing to recruit a large number of new customers, younger customers diverse from a gender standpoint.

我們有一個非常強大的 [6-18] 活化活動，真正注重品牌建立、客戶參與，而不是銷售和數量。然後，團隊也很好地利用了抖音的直銷、直播購物功能。因此，我們將繼續招募大量新客戶，從性別角度來看多元的年輕客戶。

On the product front, listen, our higher-value items continue to resonate both the core and our fashion items, but particularly the core and then to Jay's earlier question on handbags, we are seeing very strong response on our Polo women's handbag and particularly Polo Play with the recent launch and very encouraged by that.

在產品方面，聽著，我們的高價值產品繼續引起核心產品和時尚產品的共鳴，特別是核心產品，然後是 Jay 之前關於手袋的問題，我們看到 Polo 女士手袋和最近推出的 Polo Play 獲得了非常強烈的反響，我們對此感到非常鼓舞。

So our product strategy, which is a global strategy is really resonating well in China. And then as you know, we've got these six key city clusters in China that we stay very deliberate on that. We've got continued store expansion there. We have very strong ralphlauren.cn activation, and we're working very well with our pure player.

因此，我們的產品策略，即全球戰略，在中國確實引起了良好的反響。如你所知，我們在中國有六個主要城市群，我們對此非常謹慎。我們在那裡持續擴張門市。我們擁有非常強大的 ralphlauren.cn 激活功能，並且我們與純播放器配合得很好。

So the combination of these three factors is delivering this continued strong performance in an environment that continues to be challenged for consumers, right, in general, in China and give us confidence moving forward that there's still a lot of growth and value creation to be had from this important market.

因此，這三個因素的結合使得我們在消費者普遍面臨挑戰的中國市場中繼續保持強勁表現，並讓我們對未來充滿信心，相信這個重要市場仍有很大的成長空間和價值創造空間。

And on the pricing pieces around that, your last question, I would just say, Q1, we saw strong AUR growth, really driven by product elevation and discount rate reduction. So there wasn't a meaningful power pricing impact in there. Our Q2 AUR guide of up high single does reflect the start of our targeted pricing for fall that we announced proactively before the recent tariff announcements in North America and in Asia.

關於定價部分，也就是您的最後一個問題，我只想說，第一季度，我們看到了強勁的 AUR 成長，這實際上是受到產品提升和折扣率降低的推動。因此這對電價沒有產生重大影響。我們第二季的 AUR 高位單月上漲指南確實反映了我們在北美和亞洲最近宣布關稅之前主動宣布的秋季目標定價的開始。

So you'll start to see that come through, but the majority of that Q2 high single-digit growth is expected to continue to come from product elevation and promotional pullback discount rate reductions as well as favorable geo and channel mix.

因此，您將開始看到這一點，但預計第二季高個位數成長的大部分將繼續來自產品提升和促銷回撥折扣率降低以及有利的地理和通路組合。

And as we think about going forward and heading into the fall season, we're walking away the cost inflation landscape is shaking out and that we see to refine our pricing and promotional plans as we move forward. But we continue to be laser focused on is really providing that compelling value proposition to our consumers.

當我們考慮向前邁進並進入秋季時，我們正在擺脫成本通膨格局的困擾，並且我們將在未來不斷完善我們的定價和促銷計劃。但我們將繼續專注於為消費者提供真正引人注目的價值主張。

Our AUR growth over the last eight-plus years of 100%-plus, it came along with growth in value perception, growth in luxury perception. So we're not going to take our eye off the ball and make sure that consumers feel like they're getting more for more in our total value proposition.

過去八年多來，我們的 AUR 成長了 100% 以上，這是伴隨著價值認知的成長和奢侈品認知的成長而來的。因此，我們不會分心，確保消費者在我們的整體價值主張中感受到他們所得到的更多。

Next question, please.

請回答下一個問題。

Paul Kearney, Barclays Capital.

巴克萊資本的保羅·科爾尼。

Hi. Good morning. Thanks for taking my question. On inventory, can you comment on how much of the increase in inventory was driven in response to tariffs? And is there any color you can provide on inventory by region? And what are your expectations through the remainder of the year for those levels to align with sales? Thank you.

你好。早安.感謝您回答我的問題。關於庫存，您能否評論一下庫存增加有多少是由於關稅造成的？您能提供按地區劃分的庫存顏色嗎？您對今年剩餘時間內這些水準與銷售額的預期如何？謝謝。

Thanks very much for the question. So we feel good about our inventory levels as we head into the fall season. So we ended Q1, as you know, with inventories up 18% versus Q1 of last year. So just to kind of dimensionalize that foreign currency was a 5 point headwind. So you see the benefit of the weaker dollar on our top line growth in reported, but it's also a pressure on inventory.

非常感謝您的提問。因此，隨著秋天的到來，我們對我們的庫存水準感到滿意。因此，正如您所知，我們在第一季結束時的庫存比去年第一季增加了 18%。因此，從某種程度上來說，外幣是一個 5 點的逆風。因此，您可以看到美元疲軟對我們報告的營收成長有利，但這也對庫存構成壓力。

So that takes us from plus 18% to plus 13%. The remainder of the delta between that 13% and if you think about sort of our Q2 revenue guide of up high single digits relates to the strategic acceleration of largely core inventory receipts into the US in Q1 during the tariff pause period. These are no regrets pull-ups of product that extends beyond season that we're comfortable managing through.

因此，我們的獲利從正 18% 上升到了正 13%。如果您考慮我們第二季營收指南中高個位數的成長，那麼這 13% 之間的剩餘增量與關稅暫停期間第一季主要核心庫存收貨進入美國的策略加速有關。這些都是我們可以輕鬆管理的超出季節範圍的產品，不會留下任何遺憾。

So if you back out that tariff-related strategic pull up, our inventory growth was actually a little behind our double-digit topline growth for Q1 and right in line with our expected high single-digit topline growth for next quarter, Q2.

因此，如果排除與關稅相關的策略性拉動，我們的庫存成長實際上略低於第一季的兩位數營收成長，並且與我們預期的下個季度（第二季）的高個位數營收成長一致。

And to your point on expectations for the year to go, we expect inventories to moderate as we move throughout the fiscal year. And we plan on ending fiscal '26 with levels generally in line with demand. So yes, we feel our inventories continue to be well positioned where we want to be as we look to Q2 and the balance of the year.

關於您對未來一年的預期，我們預計隨著整個財政年度的推進，庫存將會減少。我們計劃在 26 財年結束時實現與需求基本一致的水平。所以是的，我們認為，展望第二季和今年的剩餘時間，我們的庫存將繼續處於我們想要的良好位置。

Next question, please.

請回答下一個問題。

John Kernan, TD Cowen

約翰·克南（John Kernan），TD Cowen

Hey, good morning. Thanks for taking my question. Congrats on another outstanding quarter. Justin, can you quantify the tariff impact on gross margin this year, net of the pricing? And how we should think about North American segment profitability as we get into the back half of the year?

嘿，早安。感謝您回答我的問題。恭喜您又一個出色的季度。賈斯汀，您能量化一下關稅對今年毛利率的影響（扣除定價）嗎？進入下半年，我們該如何看待北美市場的獲利能力？

Sure. Thanks, John. So when I think about the gross margin equation for this fiscal year, when you think about the biggest tailwinds are AUR growth, your promo back into targeted pricing, your product elevation, your channel, geo favorable mix, your cotton cost reduction, those are on the tailwind side.

當然。謝謝，約翰。因此，當我考慮本財年的毛利率方程式時，最大的順風因素是 AUR 成長、促銷回歸目標定價、產品提升、通路、地理優勢組合、棉花成本降低，這些都是順風因素。

And I would say on the headwind side, the biggest headwind is indeed the tariffs. And our initial guide had gross margin at flat year-over-year based upon our Q1 outperformance in our latest Q1, Q2, We felt confident in taking up that guide to slightly up year-over-year.

我想說，就不利因素而言，最大的不利因素確實是關稅。基於我們第一季的優異表現，我們最初的指導是毛利率與去年同期持平，而我們最新的第一季度和第二季度的指導是毛利率與去年同期相比略有上升，我們有信心按照這一指導。

So while tariff remains our biggest pressure point for the fiscal year, we are confident that we can more than offset that headwind and deliver year-over-year gross profit expansion. It is a first half, second half story because the tax pressure does ramp up in the second half.

因此，儘管關稅仍然是我們本財年最大的壓力點，但我們相信我們能夠抵消這一不利因素，實現毛利年增長。這是一個上半場和下半場的故事，因為下半場稅收壓力確實會增加。

In terms of pressuring profitability, I mean one thing in last fiscal year, you saw us expand profitability across each of our regions. Certainly, that is our general expectation. If you think about this year, we know that the cost inflation pressure will disproportionately impact North America.

就獲利壓力而言，我的意思是，在上個財年，您看到我們在每個地區的獲利能力都有所提高。當然，這是我們的普遍期望。如果你想想今年，我們就知道成本通膨壓力將對北美產生不成比例的影響。

So that's something that obviously we're managing through, but I think the dynamics of our by region profitability contribution will shift a bit towards international when you think about the 40 to 60 bps of expansion that we're calling for this fiscal year.

所以這顯然是我們正在努力解決的問題，但我認為，當你考慮到我們本財年計劃的 40 到 60 個基點的擴張時，我們各地區盈利貢獻的動態將稍微轉向國際。

Blake Anderson, Jefferies.

布萊克·安德森，傑富瑞。

Hi. Thanks for taking my question. I wanted to ask about SG&A. So if you could talk about your key investment areas for the rest of the year. And as we get into the second half, I think perhaps does the guidance imply we should see deleverage in the second half as it stands? And if we were to see upside in revenue in the context of what is variable on the SG&A side? And what revenue growth level could we see some SG&A as you've seen so far this year? Thank you.

你好。感謝您回答我的問題。我想詢問有關銷售、一般及行政費用 (SG&A) 的問題。那麼，您能否談談今年剩餘時間的重點投資領域？當我們進入下半年時，我認為也許指導意見是否意味著我們應該在下半年看到去槓桿？那麼，如果我們從銷售、一般和行政費用 (SG&A) 方面的變數角度來看收入是否會上升呢？正如您今年迄今所見，我們可以看到銷售、一般及行政費用 (SG&A) 在什麼樣的收入成長水準上成長？謝謝。

Great. Thank you for the question. So our long-term philosophy remains unchanged as it relates to SG&A. So the balanced reinvestment in long-term growth with delivering on or exceeding our operating margin commitments. So you saw in the first quarter, we delivered SG&A leverage, and it really reflects better than expected sales and that drove some fixed expense leverage in some of our larger cost areas like compensation, like rent.

偉大的。謝謝你的提問。因此，我們與銷售、一般和行政費用相關的長期理念保持不變。因此，長期成長的平衡再投資與實現或超越我們的營業利潤承諾是一致的。因此，您在第一季看到了我們實現了銷售、一般及行政管理槓桿，這確實反映了好於預期的銷售額，並推動了我們一些較大成本領域（如薪酬、租金）的固定費用槓桿。

We've been making investments in key city ecosystems, in stores, in talent for a number of -- in digital, for a number of years, and you're starting to see those investments scale. And even as we drove that leverage in Q1, we invested behind our brand in our business, but we invested in market. We saw our Q1 marketing rate up 80 bps at 7.5% of sales, it's a little ahead of our long-term target supporting or always on cadence of activations across our region.

多年來，我們一直在重點放在城市生態系統、商店、人才以及數位領域進行投資，並且您開始看到這些投資規模的擴大。即使我們在第一季發揮了這種槓桿作用，我們也在業務上投資了我們的品牌，但我們也投資了市場。我們發現第一季的行銷率上升了 80 個基點，達到銷售額的 7.5%，這略高於我們支持整個地區活動的長期目標或始終保持的節奏。

So we continue to balance flowing through profitability with investing behind our brand and our business for longer-term sustainable growth. We've built up the cost optimization expense leverage muscle as we were moving through the course of the last few years, specifically last year, where while we didn't show a big leverage number at the end of the year, it was really a choice because we overdelivered in our gross profit due to increase quality of sales, and we made a choice to balance that out with purposeful reinvestments back into our brand in their business.

因此，我們持續在獲利能力和品牌及業務投資之間取得平衡，以實現長期可持續成長。我們在過去幾年中，特別是去年，建立了成本優化費用槓桿能力，雖然我們在年底沒有顯示出很大的槓桿數字，但這實際上是一種選擇，因為我們通過提高銷售質量實現了毛利潤超額完成，我們選擇通過有目的地將資金重新投資於我們品牌在其業務中的業務來平衡這一點。

So the areas that we're going to be focusing on are pretty consistent with what we've been focusing on. And I mentioned a few of them already, it's marketing. It's our key city echos. It's new stores. We opened up over 20 new stores in the first quarter focused on key cities, right? It's our digital capabilities, our next-generation transformation project and those focus areas.

因此，我們將要關注的領域與我們一直以來關注的領域非常一致。我已經提到了其中的一些，這就是行銷。這是我們的關鍵城市迴響。這是新店。我們第一季新開了20多家店，主要集中在重點城市，對嗎？這是我們的數位化能力、我們的下一代轉型項目和那些重點領域。

When we think about a first half, second half cadence certainly, the caution we're calling for in the second half, specifically regards North America is a pressure point on -- we've shown that we can flex expenses. It's one of the muscles that we built, this productivity muscle and culture of cost optimization to be able to -- when things get tough, lean on the variability we have in our cost structure.

當我們考慮上半年和下半年的節奏時，我們當然會注意到下半年需要謹慎，特別是北美是一個壓力點——我們已經表明我們可以靈活調整開支。這是我們建構的力量之一，這種生產力力量和成本優化文化能夠——當事情變得艱難時，依靠我們成本結構的可變性。

A good example is our retail stores. As we're opening up retail stores mostly in international markets, they've got more variable cost structures in general thinking our concessions, which are pretty prevalent in Asia. And historically, we've shown the ability to flex expenses in challenging times, and we'll continue to have that philosophy and pull that lever as we need to as we move through the fiscal year.

我們的零售店就是一個很好的例子。由於我們主要在國際市場開設零售店，他們考慮到我們的優惠，通常會有更多變動成本結構，這在亞洲相當普遍。從歷史上看，我們已經展現出在困難時期靈活調整開支的能力，我們將繼續秉持這種理念，並在整個財政年度根據需要採取這種措施。

Thank you. Let's go to the last question, please, Angela.

謝謝。安琪拉，我們來問最後一個問題。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you. Good morning and congrats on the progress here. Just a big picture question on the key city approach. Can you update us on where you are? You've made some really great progress in the cities that you focused on already. Just curious about the runway you have to be better there. And then how do you think about the opportunity to move on to new key cities over the next few years?

謝謝。早上好，恭喜這裡的進展。這只是關於重點城市方法的一個宏觀問題。可以告訴我們你現在的狀況嗎？您已經在所關注的城市取得了一些非常大的進展。只是好奇跑道在那裡你必須表現得更好。那麼，您如何看待未來幾年進軍新重點城市的機會？

Well, you're going to have to come at this mid-September to Investor Day hear in the full story, Rick. But just to give you some perspective today, so we've called out top 30 cities and we continue to see opportunities across these and very meaningful opportunities.

好吧，你必須參加九月中旬的投資者日來聽完整的故事，里克。但今天只是為了給你們一些視角，所以我們列出了前 30 個城市，我們繼續在這些城市中看到機會和非常有意義的機會。

London being our most recent example, whereas we kind of mapped out the different segments of the London core and neighborhoods we identified further opportunities to expand our footprint. So I think you can expect that we will continue to lean into these top 30 ecosystems for many years to come. And then we'll talk about when we get together in September how we think about the next tranche and how we want to approach that. So we'll see in mid-September.

倫敦是我們最近的例子，我們繪製了倫敦核心區和街區的不同部分，我們發現了進一步擴大足跡的機會。因此我認為你可以預期，在未來的許多年裡，我們將繼續依賴這前 30 個生態系統。然後，我們將在 9 月聚會時討論如何考慮下一批款項以及我們希望如何處理它。我們將在九月中旬看到結果。

All right. With that, thank you, everyone, for joining us today. We look forward to seeing you at our Investor Day in New York City. And until then, take care, and have a great day.

好的。最後，感謝大家今天參加我們的活動。我們期待在紐約市投資者日上見到您。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. 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。