雷夫·羅倫馬球 (RL) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren second quarter fiscal year 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn over the conference to our host, Ms. Corinna Van der Ghinst. Please go ahead.

女士們、先生們，感謝你們的耐心等待。歡迎參加拉夫勞倫2026財年第二季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我謹將會議交給我們的東道主科琳娜·范德金斯特女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's second 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. 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.

早安，感謝各位參加拉夫勞倫2026財年第二季電話會議。今天陪同我出席的有公司總裁兼執行長 Patrice Louvet，以及財務長 Justin Picicci。在準備好的發言之後，我們將開放提問環節，請每位提問者限提一個問題。在今天的電話會議中，我們將以固定匯率調整後的價格討論我們的財務表現。我們公佈的業績，包括外匯交易業績，可以在今天早上的新聞稿中找到。

We will also be making some forward-looking statements within the meaning of the federal securities laws, including our financial outlook. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements. Our expectations contain many risks and uncertainties. Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings. To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results, you should refer to this morning's earnings release and to our SEC filings that can be found on our Investor Relations website.

我們還將根據聯邦證券法做出一些前瞻性聲明，包括我們的財務展望。前瞻性聲明並非保證，我們的實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。我們的預期存在諸多風險和不確定性。可能導致我們的業績與目前預期存在重大差異的主要風險和不確定性已在提交給美國證券交易委員會的文件中詳細說明。要了解我們在討論財務績效時使用的非GAAP指標的揭露和調整情況，請參閱今天早上發布的收益報告以及我們提交給美國證券交易委員會的文件，這些文件可以在我們的投資者關係網站上找到。

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

接下來，我將把電話交給帕特里斯。

Thank you, Corey. Good morning, everyone, and thank you for joining today's call. More than eight years ago, we embarked on an ambitious journey of elevation across our brand, our products and our go-to-market strategy around the world, led by Ralph's vision of inspiring the dream of a better life, we put our consumers at the center and we put this company on the path of healthier, more consistent more sustainable, long-term growth and value creation.

謝謝你，科里。各位早安，感謝各位參加今天的電話會議。八年多前，我們開啟了一項雄心勃勃的旅程，旨在提升我們的品牌、產品和全球市場策略。在拉爾夫的願景——激發人們對美好生活的夢想——的引領下，我們以消費者為中心，使公司走上了更健康、更穩定、更永續的長期成長和價值創造之路。

In September, we were proud to introduce the latest iteration of this journey, which we are calling our Next Great Chapter: Drive plan. We outlined the vast opportunities still ahead for Ralph Lauren. We currently play in a total addressable premium and luxury market worth $400 billion. And we are just over $7 billion today, less than a 2% market share. Our strategy to grow our share and deliver long-term sustainable growth over the next two years and well beyond continues to be supported by multiple diversified engines.

9 月，我們很榮幸地推出了這趟旅程的最新版本，我們稱之為「下一個偉大篇章：驅動計畫」。我們概述了拉夫勞倫未來仍擁有的巨大機會。我們目前所處的市場是一個總價值達 4000 億美元的高端和奢侈品市場。而我們目前的市值剛超過70億美元，市佔率不到2%。我們旨在擴大市場份額並在未來兩年及更長時間內實現長期可持續成長的策略，將繼續得到多種多元化引擎的支持。

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. We are off to a strong start in the execution of this plan, with second quarter performance outpacing our expectations across the top and bottom line.

再次提醒，這些目標包括：首先，提升和增強我們的生活風格品牌活力。第二，驅動核心並向更多目標擴展。第三，憑藉我們的消費者生態系統，在重點城市贏得市場。該計劃的執行開局強勁，第二季業績在營收和利潤方面均超乎預期。

These results underscore our diversity of growth opportunities and the broad-based momentum of our iconic brand, which is resonating across generations, cultures and geographies. All three regions contributed to growth this quarter, including double-digit increases in retail comps and global wholesale sales. And we achieved this while continuing to elevate our brand and drive higher quality of sales.

這些成果凸顯了我們多元化的成長機會以及我們標誌性品牌的廣泛發展勢頭，該品牌正在跨越世代、文化和地理產生共鳴。本季所有三個地區都為成長做出了貢獻，其中零售同店銷售額和全球批發銷售額均實現了兩位數成長。我們實現這一目標的同時，也不斷提升品牌形象，並推動銷售品質的提升。

Our strong performance through the first half of this fiscal year also gives us confidence to take up our full year guidance once again, even as we remain relatively cautious on the second half of the year due to potential consumer headwinds and general volatility. While we are watching the macro environment closely, we remain well positioned to capture market share opportunities across categories and geographies.

本財年上半年強勁的業績表現也讓我們有信心再次發布全年業績預期，儘管由於潛在的消費不利因素和整體市場波動，我們對下半年仍持相對謹慎的態度。儘管我們密切關注宏觀環境，但我們仍然處於有利地位，能夠在各個類別和地區抓住市場份額機會。

And we are firmly on offense with a focus on investing behind our brands, products and key city ecosystems to deliver growth for the long term. Let me walk you through a few highlights from the quarter, where we drove progress across our three long-term strategic pillars. Starting with our efforts to elevate and energize our lifestyle brand. As many of you heard in September, Ralph Lauren has the most loyal customers in our defined premium and luxury market. Sitting at the heart of culture, we build relationships for life, independent of any single fashion trend or cycle.

我們堅定地採取進攻策略，專注於我們的品牌、產品和重點城市生態系統，以實現長期成長。讓我帶您回顧本季的一些亮點，我們在本季的三大長期戰略支柱方面都取得了進展。首先，我們將努力提升和振興我們的生活風格品牌。正如你們許多人在九月聽到的那樣，拉夫勞倫在我們定義的高端和奢侈品市場中擁有最忠實的客戶群。我們立足文化的核心，建立終身關係，不受任何單一時尚潮流或週期的影響。

And by leaning into our inclusive luxury lifestyle positioning, we are engaging with consumers across the many facets of their lives, from the runway, to the biggest stages in sports, music, gaming and more. And all in a way that is authentic to the core values we've embraced for 58 years: Optimism, quality, authenticity, timelessness and the easy elegance of a life well lived. Our teams delivered a powerful range of brand activations this quarter, as we successfully lapped last year's outstanding Paris Summer Olympics. Key highlights included: first, we continue to reinforce our position as one of the leading luxury apparel brands in the world of sports. We celebrated our 20th year as the official sponsor of both Wimbledon and the US.

透過強化我們包容性的奢華生活方式定位，我們正在與消費者在生活的各個方面進行互動，從T台到體育、音樂、遊戲等領域的最大舞台。這一切都以符合我們 58 年來一直秉持的核心價值的方式呈現：樂觀、品質、真實、永恆以及美好生活的輕鬆優雅。本季度，我們的團隊開展了一系列強有力的品牌推廣活動，成功超越了去年精彩的巴黎夏季奧運會。主要亮點包括：首先，我們繼續鞏固我們作為世界領先的運動奢侈服裝品牌之一的地位。我們慶祝了成為溫布頓網球公開賽和美國網球公開賽官方贊助商的第 20 年。

Open tennis championships this summer. Our Wimbledon storytelling combine the elegance and cherished traditions of British heritage with Ralph Lauren's refine spectator style. Our US Open campaign paid homage to the most electric main stage in tennis to our colorful retro-inspired collection, delivering record-breaking sales around the event. And as sponsor of the US team, we welcomed the Ryder Cup to Bethpage for the first time this fall.

今年夏天將舉行公開網球錦標賽。我們的溫布頓故事敘述方式融合了英國傳統的優雅和珍貴的文化底蘊，以及拉夫勞倫精緻的觀賽風格。我們的美國網球公開賽宣傳活動以色彩繽紛的復古系列向網球界最令人興奮的主舞台致敬，並在賽事期間取得了破紀錄的銷售額。作為美國隊的贊助商，我們今年秋天首次迎來了萊德杯來到貝斯佩奇。

Among our many activations, we took over part of Rockefeller Center Plaza and drove storytelling on social media with Nick Jonas and brand ambassador, Billy Horschel. Together, these sports lifestyle campaigns embodied both the proud tradition of sport and the progressive spirit that propels it forward. They drove a combined 67 billion global impressions and more than $350 million in media value. Next, we hosted our Spring '26 Women's Collection fashion show here in New York City, showcasing a balance of strength and centrality in a modern palette of black, white and crimson.

在我們開展的眾多活動中，我們佔領了洛克菲勒中心廣場的一部分，並與尼克·喬納斯和品牌大使比利·霍舍爾一起在社交媒體上進行故事講述。這些體育生活方式宣傳活動共同體現了體育運動引以為傲的傳統和推動其不斷進步的精神。它們在全球範圍內共產生了 670 億次曝光，媒體價值超過 3.5 億美元。接下來，我們在紐約市舉辦了 2026 年春季女裝系列時裝秀，以黑色、白色和深紅色為主色調，展現了力量與中心感的平衡。

And beyond the runway, we delivered some of the most iconic celebrity moments of the season, from Taylor Swift and Travis Kelce choosing Ralph Lauren for their viral engagement, to the old Hollywood glamor of Selena Gomez's wedding to Benny Blanco. Our activations are also driving strong sustainable growth in new customer acquisition and retention. In the second quarter, we added 1.5 million new consumers to our DTC businesses, a mid-single-digit increase to last year, driven by digital and full-price store customers. The ongoing momentum this quarter was led by luxury buyers and with balanced growth across men, women and younger cohorts. And we increased our social media followers by high single digits to 67 million, led by Instagram, TikTok, Douyin and LINE.

除了T台秀之外，我們還呈現了本季一些最具標誌性的名人時刻，從泰勒·斯威夫特和特拉維斯·凱爾斯選擇拉夫·勞倫作為他們爆紅的訂婚禮服，到賽琳娜·戈麥斯與本尼·布蘭科充滿老好萊塢魅力的婚禮。我們的推廣活動也推動了新客戶獲取和留存的強勁永續成長。第二季度，我們的 DTC 業務新增了 150 萬消費者，比去年同期實現了中等個位數的成長，這主要得益於數位通路和全價門市的顧客成長。本季持續的成長勢頭主要由奢侈品買家引領，男性、女性和年輕群體均實現了均衡成長。我們的社群媒體粉絲數以接近兩位數的成長達到 6,700 萬，主要成長平台包括 Instagram、TikTok、抖音和 LINE。

This rolling thunder approach to activations enabled by our strong data and analytics capabilities, gives us confidence to continue our brand momentum as we look ahead. Moving to our second key initiative, Drive the Core and Expand for More. Ralph's vision has always been about more than a tie or a polo shirt or a sweater. The heart of what we do is storytelling through our clothes and experiences through the cinematic worlds that Ralph has created. And our unique approach to styling enables customers to step into these worlds to build the wardrobes that tell the story of their lives, from that first red polo shirt in a school picture, to the striped silk polo dress in an engagement photo.

憑藉我們強大的數據和分析能力，我們能夠採取這種勢如破竹的推廣方式，這讓我們有信心在未來繼續保持品牌發展勢頭。接下來是我們的第二個重點舉措，即「驅動核心業務並拓展更多業務」。拉爾夫的理念始終超越了領帶、Polo衫或毛衣。我們工作的核心是透過服裝和體驗來講述故事，並透過拉爾夫創造的電影世界來展現故事。我們獨特的造型方法讓顧客能夠走進這些世界，打造講述他們人生故事的衣櫥，從學生時代照片中的第一件紅色polo衫，到訂婚照中的條紋絲綢polo連身裙。

This philosophy is embedded in how we drive our core products, as much as it is in our high potential and complementary lifestyle categories. Starting with our core, which represents more than 70% of our business. Core product sales grew mid-teens this quarter, driven by strength in cotton, cable-knit, wool, cashmere and cotton shaker sweaters, linen and seasonal Oxford shirts, our lightweight jackets and our Icon Polo Chino caps. An exciting back-to-school season also drove growth and share gains in our core children's programs, led by cable-knit sweaters, quilted jackets and Oxford shirts. Our high-potential categories, including women's apparel, outerwear and handbags, continue to be accelerators for our business.

這種理念不僅體現在我們核心產品的研發過程中，也體現在我們具有高潛力的互補型生活風格產品類別中。首先從我們的核心業務說起，這部分業務占我們業務的 70% 以上。本季核心產品銷售成長了兩位數以上，這主要得益於棉質、絞花針織、羊毛、羊絨和棉質搖搖毛衣、亞麻和季節性牛津襯衫、輕便夾克以及 Icon Polo Chino 帽的強勁銷售。令人興奮的返校季也推動了我們核心兒童計畫的成長和市場份額的提升，其中以粗針織毛衣、絎縫夾克和牛津襯衫為代表。我們具有高潛力的品類，包括女裝、外套和手提包，將繼續加速我們的業務發展。

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. Highlights included our cable-knit jersey and featherweight cashmere sweaters, linen shirts, our transitional city and utility barn jackets and dresses.

這些類別合計實現了強勁的兩位數成長，超過了本季公司整體的成長速度。女裝業務繼續以我們的核心理念為驅動，同時，我們的季節性款式也獲得了消費者的強烈反響。亮點包括我們的絞花針織衫和輕盈的羊絨衫、亞麻襯衫、適合過渡季節的都市夾克和實用穀倉夾克及連身裙。

Momentum in our handbag business continued this quarter, driven by each of our women's labels and led by our foundational Polo ID collection. Polo Play, which launched this past spring and included exciting pop-up shops in Korea this quarter. Our women's collection Ralph bags in seasonal region green leather and mocha suede. And an encouraging launch for our Tasha Collection, an elevated new offering in the Lauren family of handbags. Special releases this quarter included our limited edition Polo Ralph Lauren for Oak Bluffs Collection in partnership with Morehouse and Spelman Colleges, a powerful celebration honoring the legacy of Oak Bluffs as a cultural haven for black communities in Martha's Vineyard.

本季度，我們的手提包業務持續保持成長勢頭，這主要得益於我們各個女裝品牌的推動，以及我們基礎的 Polo ID 系列的引領。Polo Play於今年春季推出，並在本季在韓國開設了令人興奮的快閃店。我們的女士系列 Ralph 包款採用當季綠色皮革和摩卡色絨面革製成。我們推出的 Tasha 系列也取得了令人鼓舞的成果，這是 Lauren 手袋家族中一個全新的高階產品系列。本季特別推出的產品包括與莫爾豪斯學院和斯佩爾曼學院合作推出的限量版 Polo Ralph Lauren for Oak Bluffs 系列，旨在隆重紀念 Oak Bluffs 作為瑪莎葡萄園島黑人社區文化避風港的悠久歷史。

Our capsules for Wimbledon, the US Open and Ryder Cup, with strong double-digit comp growth in each collection, led by our Polo Bear and Free Styles. And our newest Ralph's Club New York fragrance launch featuring Usher. We will continue to leverage the unparalleled breadth of our lifestyle product offering and power of our icons as consumer lifestyles evolve. Turning to our third key initiative, Win in Key Cities with our Consumer Ecosystem.

我們為溫布頓網球公開賽、美國網球公開賽和萊德盃推出的膠囊系列，每個系列都實現了兩位數的強勁增長，其中 Polo Bear 和 Free Styles 系列表現尤為突出。還有我們最新推出的 Ralph's Club New York 香水，由 Usher 代言。我們將繼續利用我們無與倫比的生活方式產品系列的廣度和我們標誌性人物的影響力，隨著消費者生活方式的演變而不斷擴展。接下來談談我們的第三項重點舉措，即利用我們的消費者生態系統在重點城市贏得市場。

We continue to thoughtfully expand our consumer ecosystems to deepen Ralph Lauren's presence in our top 30 cities around the world, delivering a cohesive, elevated brand experience across each of our channels. At the same time, we've started investing in our next 20 cities, laying the groundwork for long-term sustainable growth. Within DTC, which comprises the majority of our business, we delivered another strong quarter of comp growth across regions. Global comps increased 13%, above our expectations, with double-digit growth in both our digital sites and physical stores. All three regions outperformed our expectations again in the second quarter, with double-digit growth in every geography, including North America.

我們持續深思熟慮地拓展消費者生態系統，以加深 Ralph Lauren 在全球前 30 個城市的影響力，並在我們所有的管道中提供一致、優質的品牌體驗。同時，我們已經開始投資建造接下來的 20 個城市，為長期永續成長奠定基礎。在占我們業務大部分的 DTC 業務中，我們又實現了各地區強勁的季度同店銷售成長。全球同店銷售額成長 13%，超出預期，其中數位網站和實體店均實現了兩位數成長。第二季度，所有三個地區都再次超出了我們的預期，每個地區都實現了兩位數的成長，包括北美地區。

Asia once again led our growth, with sales up mid-teens, driven by all key markets. China grew more than 30% in the quarter, ahead of our outlook with a strong consumer response to our brand building activities, including our Summer of Sports campaigns and amplification of our New York Fashion Show. As we continue to reinforce our presence in our top cities, we opened 38 new owned and partner stores globally. And we recently announced that we are opening our sixth restaurant, bringing our iconic Polo Bar experience to London. The opening is slated for 2028.

亞洲再次引領了我們的成長，銷售額成長了兩位數以上，所有主要市場都推動了這一成長。中國市場本季成長超過 30%，超出預期，這得益於消費者對我們品牌建立活動的正面回應，包括我們的「運動之夏」活動和紐約時裝秀的推廣。隨著我們不斷加強在主要城市的佈局，我們在全球開設了 38 家新的自營和合作門市。我們最近宣布，我們將開設第六家餐廳，把我們標誌性的馬球酒吧體驗帶到倫敦。預計2028年開幕。

And yes, we're already getting requests for tables. And finally, touching on our enablers. Our business continues to be supported by our five key enablers. Recent highlights include: first, as part of our focus on delivering advanced technology, AI and analytics. In September, we launched our new AI styling tool, Ask Ralph, that we developed with Microsoft, bringing Ralph's iconic styling right to your pocket.

是的，我們已經收到訂桌請求了。最後，我們來談談我們的推動者。我們的業務持續得到五個關鍵推動因素的支持。近期亮點包括：首先，作為我們專注於提供先進技術、人工智慧和分析的一部分。9 月，我們推出了與微軟合作開發的全新 AI 造型工具 Ask Ralph，將 Ralph 的標誌性造型帶到您的口袋。

Ask Ralph builds on our history of innovating the consumer shopping experience and immersing our consumers in the world of Ralph Lauren with cutting-edge technology. While still early, customer engagement and feedback have been encouraging. And this is an exciting step forward in our journey to test and learn new tools to better serve our consumers, drive conversion and ultimately build lifetime value. Second, our teams and our culture drive our performance. We were proud to be named one of America's Best Employers for Company Culture by Forbes.

Ask Ralph 延續了我們不斷創新消費者購物體驗的傳統，並利用尖端技術讓消費者沉浸在 Ralph Lauren 的世界中。雖然目前還處於早期階段，但客戶的參與度和回饋令人鼓舞。這是我們測試和學習新工具，更好地服務消費者、提高轉換率並最終創造終身價值的旅程中令人興奮的一步。其次，我們的團隊和文化推動了我們的表現。我們很榮幸被《富比士》評為美國最佳企業文化雇主之一。

And finally, Ralph Lauren was honored in Fast Company's 2025 Innovation by Design Awards for our unforgettable brand presence at the 2024 Summer Olympics in Paris. We look forward to building on this legacy, bringing our heritage of sport and style to life at the Milano Cortina Winter Olympics in February. In closing, Ralph and I are incredibly proud and grateful for the hard work, care and dedication that our teams are delivering around the world. Together, we are building on Ralph's legacy and vision with this next great chapter of growth. We remain focused on creating value through a distinct brand position that's clear, consistent, relevant and emotionally resonant.

最後，拉夫勞倫 (Ralph Lauren) 因在 2024 年巴黎夏季奧運會上令人難忘的品牌亮相，榮獲《快公司》2025 年創新設計獎。我們期待在此基礎上再接再厲，在二月份的米蘭科爾蒂納冬季奧運會上，將我們的體育和時尚傳統展現得淋漓盡致。最後，我和拉爾夫對我們團隊在世界各地所付出的辛勤努力、細緻關懷和無比奉獻精神感到無比自豪和感激。我們將攜手並進，在拉爾夫的遺志和願景的基礎上，開啟下一個偉大的發展篇章。我們始終專注於透過清晰、一致、相關且能引起情感共鳴的獨特品牌定位來創造價值。

A legacy of leadership in fashion, in culture and in innovation and a proven ability to execute with creativity, agility and operating discipline, all underpinned by our fortress balance sheet and ongoing commitment to embrace new technology and support our teams, partners and communities.

我們在時尚、文化和創新領域擁有卓越的領導地位，並具備創造力、敏捷性和營運紀律方面的成熟執行能力，所有這一切都得益於我們穩健的資產負債表以及我們對擁抱新技術和支持我們的團隊、合作夥伴和社區的持續承諾。

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

接下來，我會把發言權交給賈斯汀，最後我會和他一起回答你們的問題。

Thanks, Patrice, and good morning, everyone. Our second quarter results demonstrate strong progress as we embark on our Next Great Chapter: Drive plan, showcasing our team's agility and unwavering focus on execution. Top line performance exceeded our expectations, reaching our highest Q2 revenues since we began our elevation journey more than eight years ago. Results were driven by broad-based performance across every region and channel, highlighting our brand strength and authentic connection with consumers around the world. Gross and operating margins once again outperformed our outlook as we continue to elevate across all markets.

謝謝帕特里斯，大家早安。我們第二季的業績表明，在我們開啟下一個偉大篇章：推進計畫的過程中，我們取得了強勁的進展，展現了我們團隊的敏捷性和對執行的堅定不移的專注。營收表現超乎預期，達到自八年多前開始提升業績以來最高的第二季營收。業績的成就得益於各地區和通路的全面表現，凸顯了我們的品牌實力以及與世界各地消費者的真誠聯繫。毛利率和營業利率再次超出預期，我們繼續在所有市場提升業績。

Each of our three regions contributed to operating margin expansion despite the volatile global operating environment. And we achieved all of this while continuing to invest behind our strategic drivers of long-term growth. As Patrice mentioned, our strong year-to-date results and brand momentum give us confidence to raise our full year outlook, even as we maintain a relatively cautious stance into the second half, given the macroeconomic uncertainty and exceptionally strong prior year compares. But first, let me walk you through our financial highlights from the second quarter, which, as a reminder, are provided on a constant currency basis. Total company second quarter revenue growth of 14% was above our high single-digit outlook.

儘管全球經營環境動盪，但我們三個地區的業務都為營業利潤率的提升做出了貢獻。我們取得所有這些成就的同時，也持續投資於推動長期成長的策略要素。正如 Patrice 所提到的，我們今年迄今為止強勁的業績和品牌發展勢頭讓我們有信心提高全年預期，儘管考慮到宏觀經濟的不確定性和去年同期異常強勁的業績，我們對下半年仍將保持相對謹慎的態度。但首先，讓我帶您回顧我們第二季度的財務亮點，需要提醒的是，這些亮點是按固定匯率計算的。該公司第二季總營收成長14%，高於我們先前預期的高個位數成長。

By region, Asia and Europe led our performance, with sales increasing 16% and 15%, respectively, followed closely by North America, up 13%. Total company retail comps increased 13%, with ongoing momentum in both our own digital business and stores. Total digital ecosystem sales, including our own sites and wholesale digital accounts grew double digits, reflecting balanced growth across regions.

按地區劃分，亞洲和歐洲的業績領先，銷售額分別成長了 16% 和 15%，緊隨其後的是北美，成長了 13%。公司零售總額同店銷售額成長了 13%，公司本身的數位業務和實體店都維持了持續成長動能。包括我們自己的網站和批發數位帳戶在內的整個數位生態系統銷售額實現了兩位數的成長，反映了各地區均衡成長。

Total company adjusted gross margin expanded 70 basis points to 67.7%. The increase was driven by AUR growth, favorable mix shift toward our full-price businesses and lower cotton costs, which more than offset tariffs, labor and non-cotton material costs. AUR increased 12% in the second quarter, supported by strong full-price selling trends, reduced discounting, modest targeted pricing growth and favorable product mix.

公司整體調整後毛利率成長70個基點至67.7%。此次成長主要得益於 AUR 的成長、產品組合向全價業務的有利轉變以及棉花成本的降低，這些因素足以抵消關稅、勞動力和非棉材料成本。第二季平均營業額成長了 12%，這得益於強勁的全價銷售趨勢、折扣減少、適度的目標定價成長和有利的產品組合。

We currently expect high single-digit AUR growth for the second half of fiscal '26 based on similar drivers. Adjusted operating expenses increased 11%, reflecting a 130 basis point decline as a percentage of sales to last year. We delivered leverage across key expense categories, including rent, marketing and selling on better-than-expected sales. Second quarter marketing investments grew 2% to last year. As a percentage of sales, marketing normalized at 7.8% compared to last year's 8.7%, which included our Paris Olympic activations.

基於類似的驅動因素，我們目前預計 2026 財年下半年 AUR 將達到高個位數成長。經過調整後的營業費用成長了 11%，佔銷售額的百分比比上年下降了 130 個基點。我們利用超出預期的銷售業績，在關鍵支出類別（包括租金、行銷和銷售）方面實現了槓桿效應。第二季行銷投入較去年同期成長2%。行銷費用佔銷售額的比例正常化為 7.8%，而去年為 8.7%，其中包括我們在巴黎奧運期間的行銷活動。

We now expect marketing as a percentage of sales to be approximately 7.5% in fiscal '26, in line with our long-range plan. Second quarter adjusted operating margin expanded 210 basis points to 13.5%, with adjusted operating income increasing 34%.

我們現在預計，2026 財年行銷費用佔銷售額的比例約為 7.5%，這與我們的長期計畫相符。第二季調整後營業利益率成長 210 個基點至 13.5%，調整後營業收入成長 34%。

Moving to segment performance and starting with North America. Second quarter revenue increased 13%, above our expectations with balanced growth across our direct-to-consumer and wholesale businesses. In North America Retail, second quarter comps were up 13%, led once again by our Ralph Lauren stores. Digital comps grew 15%, supported by our strategy of full funnel activations, which drove higher quality of sales. In North America wholesale, revenue also increased 13%, driven by strong performance in digital wholesale and our top premium and luxury doors as well as stronger-than-expected replenishment.

接下來分析各細分市場的業績表現，先從北美市場開始。第二季營收成長13%，超出預期，我們的直接面向消費者業務和批發業務均實現了均衡成長。在北美零售業，第二季同店銷售額成長了 13%，其中 Ralph Lauren 門市再次引領成長。在我們的全通路啟動策略的支持下，數位銷售額成長了 15%，從而提高了銷售品質。在北美批發業務中，營收也成長了 13%，這主要得益於數位批發業務的強勁表現、我們頂級的優質和豪華門產品以及超出預期的補貨情況。

We are encouraged by our recent sellout trends, but maintain a more measured outlook for the second half of fiscal '26 based on further strategic reductions in off-price sales in the fourth quarter and potential near-term macro pressures across the broader channel. We still plan to exit 90 to 100 wholesale doors in fiscal '26 with approximately half of these related to Hudson's Bay.

我們對近期的銷售情況感到鼓舞，但鑑於第四季度折扣銷售將進一步策略性地減少，以及整個通路可能面臨的近期宏觀壓力，我們對 2026 財年下半年的前景持更為謹慎的態度。我們仍計劃在 2026 財年關閉 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. Second quarter revenue increased 15%, exceeding our expectations. Growth was driven by continued momentum across both our retail and wholesale channels. All key markets delivered growth in the quarter, reflecting our ongoing brand strength and elevation. Europe retail comps increased 10% to last year with strong performance across stores and digital channels.

移居歐洲。第二季營收成長15%，超出預期。零售和批發通路的持續成長勢頭推動了業務成長。本季所有主要市場均實現成長，反映了我們持續的品牌實力和提升。歐洲零售同店銷售額較去年成長 10%，實體店和數位通路均表現強勁。

Our Europe digital ecosystem increased double digits, driven by both our wholesale and owned digital businesses. Europe wholesale increased 18%, driven by higher-than-expected reorders and a planned shift in shipments into the first half of the fiscal year, as we previously discussed. The timing shift represented approximately 11 points of the wholesale increase in Q2, with the channel still reflecting healthy underlying growth. Turning to Asia. Second quarter revenue and retail comps each grew 16%, with every key market contributing to growth.

在批發業務和自有數位業務的共同推動下，我們的歐洲數位生態系統實現了兩位數的成長。正如我們之前討論過的，受高於預期的補貨訂單和計劃中的發貨時間提前至本財年上半年的推動，歐洲批發市場增長了 18%。時間上的調整相當於第二季批發業務成長的約 11 個百分點，但通路仍保持著健康的潛在成長。轉向亞洲。第二季營收和零售同店銷售額均成長了 16%，所有主要市場都對成長做出了貢獻。

China once again led our performance, with sales increasing more than 30% to last year, driven by robust comps and new customer recruitment, enabling our continued outperformance versus peers in the market. Sales in Japan increased high single digits, driven by strong full-price selling and reduced discounting. Building out our digital presence remains a significant long-term opportunity across Asia. We are encouraged by our early progress, including double-digit revenue growth this quarter. We drove meaningful acceleration on our Japan digital site, supported by the recent transition to our global e-commerce operating system.

中國市場再次引領了我們的業績，銷售額比去年增長了 30% 以上，這得益於強勁的同店銷售成長和新客戶的招募，使我們能夠繼續在市場中超越同行。受全價銷售強勁和折扣減少的推動，日本市場的銷售額實現了接近兩位數的成長。在亞洲，拓展我們的數位化業務仍然是一個重要的長期機會。我們目前的進展令人鼓舞，包括本季兩位數的營收成長。由於近期向全球電子商務作業系統的過渡，我們在日本的數位網站實現了顯著的成長。

And in China, we continue to expand our presence on Douyin since launching our Women's Shop earlier in 2025, including our first Wimbledon live stream digital event this quarter. Moving to the balance sheet. Our strong balance sheet and cash flow generation continue to be powerful enablers of our long-term strategy, supporting both our strategic growth investments and our commitment to shareholder returns. In the second quarter, we finalized the purchase of our Newbury Street store in Boston and also retired our $400 million in senior notes, which matured in September. In addition to our regular dividend, we have repurchased $313 million in shares this fiscal year-to-date, returning a combined total of approximately $420 million to shareholders.

在中國，自 2025 年初推出女裝店以來，我們不斷擴大在抖音上的影響力，包括本季舉辦的首場溫布頓網球公開賽直播數位活動。接下來查看資產負債表。我們強勁的資產負債表和現金流持續為我們的長期策略提供強有力的支持，既支持我們的策略成長投資，也支持我們對股東回報的承諾。第二季度，我們完成了對波士頓紐伯里街門市的收購，並償還了9月到期的4億美元高級票據。除了常規股利外，本財年至今，我們已回購了價值 3.13 億美元的股票，累計向股東返還了約 4.2 億美元。

We ended the period with $1.6 billion in cash and short-term investments and $1.2 billion in total debt. Net inventory moderated from Q1 levels as planned, increasing 12% to last year, roughly in line with revenue growth. Our inventories are well positioned to meet consumer demand in each of our regions for the holiday season. Looking ahead, our outlook remains based on our best assessment of the current operating environment, geopolitical backdrop and macroeconomic trends. This includes tariffs and other inflationary pressures, supply chain disruptions and foreign currency fluctuations, among other considerations.

期末，我們持有現金及短期投資16億美元，總債務為12億美元。淨庫存按計畫較第一季水準有所回落，比去年同期成長 12%，與營收成長大致持平。我們的庫存充足，能夠滿足各地區消費者在假期季節的需求。展望未來，我們的展望仍基於我們對當前經營環境、地緣政治背景和宏觀經濟趨勢的最佳評估。其中包括關稅和其他通膨壓力、供應鏈中斷和外匯波動等因素。

For fiscal '26, we now expect constant currency revenues to increase in a range of approximately 5% to 7%, up from low to mid-single digits previously. This is slightly ahead of the three-year guidance we provided in September for year one of our long-range plan. Foreign currency is now expected to benefit revenue growth by about 200 to 250 basis points this year. The increased outlook reflects our better-than-expected performance in the first two quarters of the year, as well as our continued brand momentum into fall holiday despite the challenging compares. With our strong first half results, we now expect North America revenues to be up slightly for the full year versus our prior outlook of a low single-digit decline.

我們現在預計，2026 財年以固定匯率計算的營收將成長約 5% 至 7%，高於先前的個位數低至中位數成長。這比我們在9月份為長期計劃第一年提供的三年指導目標略有提前。預計今年外匯匯率將使營收成長提高約 200 至 250 個基點。上調的業績預期反映了我們今年前兩個季度的業績好於預期，以及儘管面臨嚴峻的同比挑戰，我們的品牌勢頭依然延續到秋季假期。鑑於上半年強勁的業績，我們現在預計北美全年營收將略有成長，而此前我們預計北美收入將出現個位數百分比的下降。

We continue to expect Q4 to be the weakest quarter of the year for North America based on our caution around cost inflation related pressures on US consumers, in addition to our planned strategic reductions in off-price wholesale. We expect Europe to grow at the high end of mid-single digits, unchanged from our previous guide, with the first half benefiting from planned wholesale timing shifts, followed by a sequential deceleration due to challenging second half compares. Despite the timing shifts, we still expect healthy underlying growth in Europe, in line with our long-term plan. And we now expect Asia to be up high single to low double digits for both the second half and the full year, up from high single digits previously.

我們仍預期第四季將是北美地區今年最疲軟的季度，這是因為我們擔心成本通膨會給美國消費者帶來壓力，此外，我們還計劃對折扣批發業務進行策略性削減。我們預計歐洲經濟將保持中等個位數的較高增長，與我們先前的預期一致，上半年將受益於計劃中的批發時間調整，隨後由於下半年基數較高，增速將環比放緩。儘管時間有所調整，但我們仍然預期歐洲將保持健康的潛在成長，這與我們的長期計畫相符。我們現在預計，亞洲經濟下半年和全年都將實現個位數高成長至兩位數低成長，高於先前的個位數高成長。

Operating margin is now expected to expand approximately 60 to 80 basis points in constant currency, up from our prior guidance of 40 to 60 basis points, primarily driven by expense leverage. We now anticipate constant currency gross margin to expand about 10 to 30 basis points for the full year, with further growth in AUR, favorable cotton costs and geographic mix more than offsetting pressure from tariffs.

以固定匯率計算，營業利潤率預計將成長約 60 至 80 個基點，高於我們先前預期的 40 至 60 個基點，主要得益於費用槓桿作用。我們現在預計，全年以固定匯率計算的毛利率將成長約 10 至 30 個基點，AUR 的進一步成長、有利的棉花成本和地理組合將足以抵消關稅帶來的壓力。

Foreign currency is expected to benefit gross and operating margins by about 30 to 50 basis points in fiscal '26. Following our strategic pull forward of receipts, we continue to expect tariff headwinds to ramp up in our fiscal Q3 and become more pronounced into Q4. As a result, we still expect a notable year-over-year gross margin decline in Q4 due to the combination of reciprocal tariffs, unusually strong prior year compares and previously discussed timing shifts, all negatively impacting our smallest revenue quarter of the year.

預計外匯匯率將在 2026 財年將毛利率和營業利率提高約 30 至 50 個基點。繼我們提前提取部分收入之後，我們仍然預期關稅阻力將在第三財季加劇，並在第四財季變得更加明顯。因此，由於相互關稅、去年同期異常強勁的業績比較以及之前討論過的時間調整等因素，我們仍然預計第四季度毛利率將同比顯著下降，所有這些都將對我們一年中收入最低的季度產生負面影響。

We remain confident in our long-term gross margin outlook of 50 to 100 basis points of expansion over the three years of our Drive plan, with expansion expected in each year. While we anticipate gross margin pressure over the next few quarters, Q4 of this fiscal year is still expected to be the most negatively impacted quarter, driven by the additional timing-related headwinds.

我們對「驅動計畫」三年內毛利率長期成長50至100個基點的前景仍充滿信心，預計每年都會成長。雖然我們預計未來幾季毛利率將面臨壓力，但受其他與時間相關的不利因素影響，本財年第四季預計仍將是受影響最大的季度。

As we move through next fiscal year, we expect to mitigate these pressures more meaningfully as we begin to lap the tariffs and our sourcing shifts and other mitigating actions take effect more broadly. For the third quarter, we expect constant currency revenues to increase approximately mid-single digits, reflecting a slightly improved outlook for the back half of the year versus our expectations in August and coming into the year. Foreign currency is expected to benefit revenues by approximately 150 to 200 basis points.

隨著我們進入下一個財政年度，隨著關稅的逐步取消，以及採購方式的轉變和其他緩解措施的更廣泛生效，我們預計這些壓力將得到更有意義的緩解。我們預計第三季以固定匯率計算的營收將成長約個位數中段，這反映出我們對下半年的展望比我們在 8 月和年初的預期略有改善。預計外匯收益將使收入增加約 150 至 200 個基點。

We expect third quarter operating margin to expand approximately 60 to 80 basis points in constant currency. This is driven by 50 to 70 basis points of gross margin expansion, as well as slight operating expense leverage, more than offsetting tariffs and higher marketing investments to support our global holiday activations and Polo Women's fashion presentation in Paris. Foreign currency is expected to benefit gross and operating margins by about 10 and 20 basis points, respectively, in the third quarter. We expect our third quarter tax rate to be in the range of 21% to 23%, and a full year tax rate of approximately 19% to 21%. In closing, we are proud of our team's strong execution and early progress on our Next Great Chapter: Drive plan across the world through the first half of this fiscal year.

我們預計第三季營業利潤率（以固定匯率計算）將成長約 60 至 80 個基點。這主要得益於毛利率成長 50 至 70 個基點，以及營運費用略微增加，足以抵消關稅和更高的行銷投資，以支持我們的全球假日活動和巴黎 Polo 女裝時裝秀。預計外匯匯率將在第三季分別使毛利率和營業利率提高約 10 和 20 個基點。我們預計第三季稅率將在 21% 至 23% 之間，全年稅率約為 19% 至 21%。最後，我們為團隊在本財年上半年在全球範圍內大力推進「下一個偉大篇章：推動計畫」的出色執行和早期進展感到自豪。

Even in an operating environment that remains dynamic, our agility, fortress balance sheet, culture of operating discipline and multiple engines of growth give us confidence in our ability to continue delivering sustainable long-term value. As we shape the future of inclusive luxury lifestyle, we remain focused on investing in the key strategic priorities that will enable us to connect with the consumers more broadly and deeply than ever before and to continue inspiring them to dream.

即使在瞬息萬變的經營環境中，我們的敏捷性、穩健的資產負債表、嚴謹的經營文化和多元化的成長引擎也讓我們有信心繼續創造可持續的長期價值。在塑造包容性奢華生活方式的未來之際，我們將繼續專注於投資關鍵策略重點，這將使我們能夠比以往任何時候都更廣泛、更深入地與消費者建立聯繫，並繼續激發他們的夢想。

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

那麼，現在開始接受大家的提問。

(Operator Instructions)

（操作說明）

Matt Boss, JPMorgan.

馬特‧博斯，摩根大通。

Congrats on a great quarter. Patrice, so the company continues to outperform expectations despite the caution that you've been calling out. What does your updated outlook for this year assume for health of the consumer, particularly macro assumptions that you embedded for the back half? Have you seen any change in consumer behavior in any key markets today? And then just larger picture, Patrice, if we extend the lens. Could you walk through global brand awareness for Ralph Lauren relative to only 2% market share for the brand today? And just how that supports your revenue targets longer term?

恭喜你本季表現出色。Patrice，儘管你一直強調要謹慎，但該公司仍然繼續超越預期。您對今年消費者健康狀況的最新展望是怎麼樣的？特別是您對下半年宏觀經濟狀況所做的假設？您認為目前主要市場的消費者行為發生了哪些變化？帕特里斯，如果我們把鏡頭拉遠，就能看到更廣闊的景象了。能否請您分析一下拉夫勞倫 (Ralph Lauren) 的全球品牌知名度與其目前僅有 2% 的市場份額之間的關係？那麼，這究竟該如何幫助您實現長期的收入目標呢？

Sure. Well, thank you for your question, Matt. So on the first part of your question, we continue to see strong broad-based momentum in our business, right? Our new Next Great Chapter: Drive strategy is working, and our brand is resonating with consumers around the world. To date, we have not seen any meaningful changes in consumer behavior across our key consumer segments or markets.

當然。謝謝你的提問，馬特。所以關於您問題的第一部分，我們繼續看到公司業務呈現出強勁的整體發展勢頭，對嗎？我們全新的「下一個偉大篇章：驅動」策略正在奏效，我們的品牌正在引起世界各地消費者的共鳴。迄今為止，我們尚未看到主要消費群體或市場的消費者行為發生任何實質變化。

Demand remains healthy, and our core consumer is resilient. Especially as we continue, as you know this, to shift our recruiting towards more full price, less price sensitive, higher basket size new customers. Now from a macro perspective, as price increases take root across different sectors, we are watching closely to see how consumers will respond, and our teams are staying as agile as ever in this context. And listen, we continue to focus on our key strategic pillars and invest in spaces that we expect to successfully fuel our momentum and grow share for the long term. So first, we've implemented a rolling thunder of brand building activations to drive brand desirability and retention and more consistent engagement with consumers.

需求依然旺盛，我們的核心消費者群也具有很強的韌性。尤其是我們，如您所知，正在繼續將我們的招募策略轉向吸引更多全價消費、對價格不太敏感、購物籃金額更高的新客戶。從宏觀角度來看，隨著價格上漲在各個領域蔓延，我們正在密切關註消費者的反應，我們的團隊也一如既往地保持著靈活應變的能力。聽著，我們將繼續專注於我們的關鍵策略支柱，並投資於我們預期能夠成功推動我們發展勢頭並長期擴大市場份額的領域。首先，我們實施了一系列品牌建立推廣活動，以提高品牌吸引力、提升品牌留存率，並增強與消費者的持續互動。

I'll come back to that when we talk to your awareness question. Whether that's through our impactful fashion shows -- we had two this last quarter -- our inspiring sport activations or our more innovative interactions like our AI-powered Ask Ralph styling assistant. This will remain a key area of investment as we look ahead. Second, we've continued to drive a healthy balance of authentic core products that perform across macro cycles along with our high potential categories. Think women's apparel, outerwear and handbags.

等我們討論你關於意識方面的問題時，我會再談到這一點。無論是透過我們極具影響力的時裝秀（上個季度我們舉辦了兩場），還是透過我們鼓舞人心的體育活動，亦或是像我們的人工智慧造型助手 Ask Ralph 這樣更具創新性的互動方式。展望未來，這仍將是我們重點投資的領域。其次，我們持續努力維持核心產品的健康與平衡，這些核心產品能夠在宏觀週期中表現出色，同時我們也大力發展高潛力品類。想想女裝、外套和手提包。

And both are performing well, as you heard us talk about earlier. And third, just a reminder that we still have a lot of distribution opportunities globally. Whether that's deepening our presence in the existing top 30 key cities in China or Western Europe, to what we've just started doing, which is opening new stores in the Bay Area, for example, as we build the San Francisco ecosystem or in the Pacific Northwest, here in the US. So all in, our consumer continues to show up for our brand. And even as we navigate the macros, our business model is resilient with our multiple drivers of growth, and we will continue to stay on offense to deliver on our long-term Drive plan.

正如我們之前提到的，這兩款產品都表現出色。第三，提醒大家，我們在全球範圍內仍有許多分銷機會。無論是加深我們在中國或西歐現有前 30 個重點城市的業務，還是像我們剛開始做的那樣，例如在舊金山灣區開設新店，以構建舊金山生態系統，或者在美國的太平洋西北地區開設新店。總而言之，我們的消費者依然支持我們的品牌。即使我們面臨宏觀經濟情勢的變化，憑藉我們多元化的成長動力，我們的商業模式依然具有韌性，我們將繼續保持積極進取的態度，以實現我們的長期發展計畫。

As far as global awareness is concerned, let's go around the world together, Matt. So obviously, our awareness is highest here in North America. Then Europe is very closely behind that across all the markets. But I think the opportunity still in markets like Germany, which historically have not been a focus area, as you know, for this company, but certainly, we are -- as the current leadership team are very focused on taking advantage of the Germany opportunity, and we're seeing strong continued momentum across that region. And then in Asia, it's really a mixed picture.

就全球意識而言，讓我們一起環遊世界吧，馬特。顯然，北美地區的意識水準最高。然後，歐洲在所有市場中都緊隨其後。但我認為像德國這樣的市場仍然蘊藏著機會。如您所知，德國歷來不是本公司的重點市場，但現在我們——現任領導團隊——正全力以赴抓住德國市場的機遇，而且我們看到該地區正持續保持強勁的成長勢頭。而在亞洲，情況則比較複雜。

We've been in Japan for -- it will be 50 years next year. We have strong brand awareness there. We have opportunities for growth of the brand awareness in Korea. And probably, our greatest awareness opportunity remains in China, where I think based on our latest numbers, slightly more than half of the population is aware of the Ralph Lauren brand. So depending on the markets, awareness is or is not a key opportunity. Obviously, as we look to recruit new younger consumers, we know there's work to do on brand awareness and brand engagement.

我們在日本已經──明年就滿50年了。我們在那裡擁有很高的品牌知名度。我們在韓國擁有提升品牌知名度的機會。而且，我們最大的品牌認知機會可能仍然在中國，我認為根據我們最新的數據，中國有略超過一半的人口知道拉夫勞倫品牌。因此，根據不同的市場情況，品牌認知度是否是關鍵機會取決於具體情況。顯然，在尋求吸引更多年輕消費者時，我們知道在品牌知名度和品牌參與度方面還有很多工作要做。

And then it's really about making sure that we're telling stories that resonate with these different consumer groups. It's really about making sure that we have a product offering that takes advantage of our core icons and also leverages our high potential categories in a way that resonates with those consumer groups we want to go after. And it's making sure that we can offer a compelling shopping experience, whether that's online or in stores, in the key cities that matter for these consumer groups. So certainly, you touched on it, we're very energized by the opportunity ahead of us when you look at market shares, right? Less than a 2% market share in a large and growing market total addressable market of around $400 billion.

然後，關鍵在於確保我們所講述的故事能引起不同消費族群的共鳴。關鍵在於確保我們的產品能夠充分利用我們的核心品牌，並以一種能夠引起我們想要吸引的消費群體共鳴的方式，發揮我們高潛力品類的優勢。我們要確保能夠為這些消費群體關注的主要城市提供引人入勝的購物體驗，無論是在線上還是在實體店。所以，正如你剛才提到的，從市場份額來看，我們確實對擺在我們面前的機會感到非常振奮，對吧？在一個規模龐大且不斷成長、總潛在市場規模約 4,000 億美元的市場中，市佔率不足 2%。

So building awareness is a vector of growth that will help us expand our market share. But obviously, conversion, basket size, all the different dimensions of revenue growth areas that our marketing teams are focused on.

因此，提高品牌知名度是促進成長的途徑，這將有助於我們擴大市場佔有率。但很顯然，轉換率、客單價，以及我們行銷團隊關注的所有不同維度的營收成長領域。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Justin, the company has successfully driven eight straight years of AUR growth. Patrice kind of touched on this a little bit, but how are you thinking about using pricing as a lever over the next few quarters before you start to lap tariffs? And how should we think about your ability to mitigate tariffs over time? And how much of your guidance of a second half deceleration is due to your general caution on a consumer slowdown versus true structural or timing shifts this year?

Justin，該公司已經成功實現了連續八年的平均用戶活躍度成長。Patrice 已經稍微提到過這一點，但在關稅逐步取消之前，您打算如何利用價格作為未來幾季的槓桿作用？我們該如何看待你們逐步降低關稅的能力？您對下半年經濟成長放緩的預測，有多少是出於您對消費者消費放緩的普遍謹慎，又有多少是源自於今年真正的結構性或時間性變化？

Thanks, Jay. Thanks for the question. Those are a few really important questions. So let me try to take them one by one and see if I can provide some helpful context here. So first on pricing. So we have a proven multiyear elevation strategy that's driven those sustained AUR gains you referenced in more than eight years and counting. Our AUR growth has been and continues to be driven by multiple levers, right, investing in our brand, attracting more full-price customers, elevating our product mix, favorable geo, channel mix and pulling back on discounts in addition to strategic pricing actions. And as we talked at our September Investor Day, these drivers are durable into the future. And really importantly, we continue to see consumers recognize and respond to the value we're delivering. It's critical.

謝謝你，傑伊。謝謝你的提問。這些都是非常重要的問題。那麼，讓我逐一分析，看看能否提供一些有用的背景資訊。首先說說價格。因此，我們擁有經過驗證的多年提升策略，該策略在過去八年多的時間裡持續推動了您提到的 AUR 成長。我們的平均營業額成長一直以來都受到多種因素的推動，包括投資品牌、吸引更多全價客戶、提升產品組合、有利的地理位置和通路組合，以及減少折扣，此外還採取了策略性的定價措施。正如我們在9月份的投資者日所談到的，這些驅動因素在未來將持續存在。更重要的是，我們不斷看到消費者認可並回應我們提供的價值。這至關重要。

Now for this fiscal year, we took normal course of business pricing actions for fall as we continue to elevate our brand around the world. And with the higher tariffs that were announced, we did layer in some additional modest adjustments, both for fall and for spring '26. And that's reflected in that high single-digit AUR growth guide we provided for the back half of the year. Your second question on gross margins, we still expect Q4 to be the most impacted quarter this fiscal year, consistent with our planned cadence. And it's a combination of the reciprocal tariffs and the timing shifts we made to accelerate receipts earlier in the year, and this is all happening and Q4 is our smallest revenue quarter of the year.

在本財年，我們採取了正常的秋季定價策略，以繼續在全球範圍內提升我們的品牌形象。隨著關稅的提高，我們在 2026 年秋季和春季都做出了一些額外的適度調整。這一點也反映在我們為下半年提供的高個位數平均用戶成長率預期。關於您提出的第二個問題——毛利率，我們仍然預計本財年第四季將受影響最大，這與我們計劃的節奏一致。這是相互關稅政策和我們年初為加快收款而採取的時間調整措施共同作用的結果，而第四季度是我們全年收入最低的一個季度。

It's a transitional quarter, right, between fall holiday and spring. So even with the year one tariff pressure, we're now expecting 10 to 30 bps of gross margin expansion this fiscal year, better than our initial outlook. And talking beyond this year, we still expect to mitigate the cost inflation. And you'll start to see our broader mitigating actions take shape, country of origin shifts and optimization, merchandising mix actions and potentially some further targeted pricing. And then lastly, on the second half guide.

這是秋季假期和春季假期之間的過渡季度，對吧。因此，即使面臨第一年的關稅壓力，我們現在預計本財年毛利率將成長 10 至 30 個基點，優於我們最初的預期。展望未來，我們仍希望能夠緩解成本上漲。您將開始看到我們更廣泛的緩解措施逐步成形，包括原產國轉移和優化、商品組合調整以及可能採取的一些更有針對性的定價措施。最後，是關於下半場的指南。

So clearly, we made some strategic intentional choices to front-load our performance this fiscal year given the higher level of macro uncertainty as you move through the year and specifically in the back half. But that all said, we've been able to raise our outlooks for Q3 and Q4 modestly as we move through the first half of the year. Now we do realize there are a number of moving parts here. But when you adjust for the timing shifts, when you adjust for the strong holiday compares, the general caution we've called out on the US consumer, our underlying trajectory remains in line with our longer-term algo of that mid-single-digit growth.

顯然，鑑於本財年宏觀經濟不確定性隨著時間的推移，特別是下半年的不確定性增加，我們做出了一些戰略性的有意選擇，以期在本財年前期取得更好的業績。但即便如此，隨著上半年的推進，我們還是能夠小幅調高第三季和第四季的業績預期。現在我們意識到這裡涉及很多方面。但考慮到時間變化、強勁的假日消費基數以及我們對美國消費者普遍保持謹慎的態度，我們的基本走勢仍然與我們長期演算法預測的中等個位數成長相符。

So I said a lot, just to summarize. Targeted pricing, one of our many durable levers of AUR growth that we're applying to this fall and beyond with a focus on value. We continue to feel good about our ability to expand gross margin and mitigate tariffs both this fiscal year and beyond. And while there's a combination of structural and timing shifts impacting the second half of this fiscal year, our underlying growth continues to track to our long-range algo of mid-single digits as we shared at Investor Day.

我說了很多，這裡只做個總結。有針對性的定價是我們眾多持續提升 AUR 成長的槓桿之一，我們將在今年秋季及以後繼續運用這一槓桿，重點關注價值。我們對本財年及以後擴大毛利率和降低關稅影響的能力依然充滿信心。儘管結構性和時間性的變化共同影響了本財年的下半年，但正如我們在投資者日上分享的那樣，我們的基本成長將繼續按照我們長期演算法預測的中等個位數成長。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Justin, Patrice, I was hoping you could dive a little bit deeper into the strategic actions that you're taking to engage the North America value-oriented consumer this holiday season. You continue to take a little bit of a conservative approach there, but it looks like you've been outperforming your expectations to date. Wondering what the plan is for this holiday and what you're looking to do if the consumer does look to get a little bit weaker?

賈斯汀、帕特里斯，我希望你們能更深入地探討一下，為了在這個假期季節吸引北美注重性價比的消費者，你們正在採取哪些策略行動。你仍然採取比較保守的做法，但到​​目前為止，你的表現似乎已經超出了預期。想知道今年假期的計劃是什麼，以及如果消費者購買力有所下降，你們打算如何應對？

Sure. And thanks for the question. So just taking a step back as we enter -- or enter this fall holiday season, we saw some pretty broad-based momentum behind our brand, across markets and channels, including in North America. And we've been -- past eight-plus years, we've been through a number of different iterations of a tough environment before, right, of cost inflation, price inflation, cotton freight, pressures on the consumer. And we've navigated that pretty successfully using that diversified toolkit of levers that we talked.

當然。謝謝你的提問。因此，當我們進入——或者說進入這個秋季假期季節——時，我們回顧一下，我們看到我們的品牌在各個市場和渠道，包括北美，都獲得了相當廣泛的發展勢頭。在過去的八年多時間裡，我們經歷過多次艱難的環境，例如成本上漲、價格上漲、棉花運費上漲以及消費者面臨的壓力。我們運用之前討論過的多元化手段，相當成功地應對了這個問題。

And the brand is positioned now better than it ever was before during any of those periods. So we know -- we have confidence that we can navigate through the macro pressures. We've got real pricing power, and we also have seen our value perception grow progressively along with AUR throughout the elevation journey. So when we think about fall holiday, a couple of words come to mind. One is flexibility, right?

如今，該品牌的市場地位比以往任何時期都要好。所以我們知道——我們有信心能夠應對宏觀壓力。我們擁有真正的定價權，而且隨著 AUR 的不斷提升，我們也看到我們的價值認知也逐漸提高。所以當我們想到秋季假期時，腦海中會浮現出幾個字。一是靈活性，對吧？

We've got the flexibility in our price architecture to be able to -- in a very targeted, selective way, still talk and convert those more value-oriented customers subsegments that exist in channels like wholesale and the outlets when the macro pressures sort of tighten. And we can do that without walking back our broader brand guardrails. The other word that I think about it is value. We're going to stay laser focused on making sure we're providing a compelling price value proposition to our customers. And as we kind of sharpen our marketing, as we sharpen our analytics, as we get to know the customer better and we get our segmentation more precise, we're only getting better at being able to understand that -- what's that sweet spot in terms of price value to appeal to the consumer.

我們在價格架構方面具有靈活性，能夠在宏觀壓力收緊的情況下，以非常有針對性、有選擇的方式，繼續與批發和零售通路中那些更注重價值的客戶細分群進行溝通和轉換。而且我們可以在不違背我們更廣泛的品牌準則的前提下做到這一點。我想到的另一個詞是「價值」。我們將繼續全力以赴，確保為客戶提供極具吸引力的價格價值主張。隨著我們不斷改進行銷、改進分析、更了解客戶、更精確地進行客戶細分，我們越來越能夠理解——在價格價值方面，什麼才是吸引消費者的最佳平衡點。

And Brooke, I might add to Justin's perspective, 2 points, first on branding and the second on product offering. So our storytelling -- and you saw the range of activations this past quarter, which was very special. And obviously, it's given us momentum going into this holiday season. Our storytelling is really designed to appeal broadly, including to the more value-sensitive consumers. And what we have certainly found the past few quarters is the broad range of marketing activations from sports to fashion presentations, to the serendipitous celebrity moments have talked to the different consumer segments that we appeal to.

布魯克，我還要補充賈斯汀的觀點，兩點，第一點是關於品牌建設，第二點是關於產品供應。所以，我們的故事敘述——你們也看到了上個季度開展的各種活動，這非常特別。顯然，這為我們迎接即將到來的假期季節注入了動力。我們的敘事方式旨在吸引廣泛的受眾，包括對價值更敏感的消費者。在過去的幾個季度裡，我們確實發現，從體育賽事到時裝秀，再到偶然出現的明星時刻，各種各樣的行銷活動都與我們吸引的不同消費群體進行了溝通。

And then our teams here in North America are putting disproportionate emphasis now on better segmentation to make sure we're getting the right message to the right group at the right time. So I think we're gaining momentum there. There's more to come on this front. That's on the marketing branding side. On the product side, what's very interesting is across consumer segments, the strategy of both driving our core icons and our three high potential categories is resonating.

現在，我們在北美的團隊格外重視更好地進行用戶細分，以確保我們在正確的時間將正確的訊息傳遞給正確的群體。所以我覺得我們在這方面正在取得進展。這方面還有更多進展。這是行銷品牌推廣方面的內容。在產品方面，非常有趣的是，在各個消費族群中，我們既推廣核心標誌性產品，又推廣三大高潛力品類的策略都引起了共鳴。

So we're seeing that play out at the upper end echelon from a revenue standpoint of our customer base. We're also seeing that play out within our more value-sensitive consumers, which obviously makes it a lot easier to execute and gives us confidence in our ability to win during this upcoming holiday season.

因此，從收入角度來看，我們在客戶群的高端群體中看到了這種情況。我們也看到，在那些對價值更加敏感的消費者身上，這種趨勢也在發生，這顯然讓執行起來更容易，也讓我們對即將到來的假期季節的成功充滿信心。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Congrats on a nice quarter. Yes. I want to ask just two. So on the AUR, look at a few metrics here. The global AUR growth rate has been very, very close to the DTC same-store sales growth rate for a while. You're implying flattish units in the first half, something near that. You consistently tell us it's really attractive new customer growth, so customers are growing units are not. Is there an opportunity for the units to help you start to outpace the AUR growth as you look at the rest of the year?

恭喜你本季業績出色。是的。我只想問兩個問題。所以，在 AUR 上，請看以下幾個指標。一段時間以來，全球平均零售額成長率與 DTC 同店銷售成長率一直非常接近。你的意思是前半部是比較扁平的單元，大概就是這樣。你們一直告訴我們，新客戶成長非常有吸引力，但客戶數量卻沒有成長。展望今年剩餘時間，這些單位是否有機會幫助您開始超越 AUR 的成長速度？

And then Patrice, the Investor Day plan looks for EBIT margins, 15%, 15.5% range by fiscal '28. There's a scenario where you get to that range this year. I guess, it's a jump ball between Patrice and Justin. But in the first half of -- in the first year of the plan, I know you clarified that 16% is in the cap. Maybe you can help us frame the long-term opportunity with a nod to the update for the second quarter upside here?

然後，Patrice，投資者日計劃預計到 2028 財年，息稅前利潤率將達到 15% 至 15.5%。今年有可能達到那個水準。我猜，這要看帕特里斯和賈斯汀之間的爭球了。但是，在計劃的第一年上半年，我知道您已經明確表示上限為 16%。或許您可以參考第二季業績成長的最新情況，幫助我們更能掌握長期機會？

On margin, there's no jump ball. It's always Justin.

在邊線附近，沒有跳球的機會。永遠都是賈斯汀。

In case it was unclear. So on the AUR question, so we've been pretty -- to your point, consistently growing AUR, and you see the AUR gains with the comp gains, which really shows the quality of the revenue they are putting up and the share gains that we're getting behind them. To your point on units, we've been growing units along the course of this journey. I think earlier in the elevation journey when we had the step changes in elevation, they were slower. But now as we move through, where we've been seeing unit growth is those areas that we've really been targeting, right?

如果之前沒有說清楚的話。關於 AUR 的問題，正如您所說，我們一直在穩步提高 AUR，您可以看到 AUR 的成長與薪酬成長同步，這真正表明了他們創造的收入品質以及我們為他們帶來的市場份額成長。關於您提到的銷售問題，我們一路走來，銷售量一直在成長。我認為在攀登海拔高度的早期階段，當我們遇到海拔的階躍變化時，他們的速度比較慢。但現在，隨著我們不斷深入研究，我們發現銷售成長的領域正是我們重點關注的領域，對吧？

So our full-price businesses, right? Our digital businesses, our markets like China, where we know we have outsized growth opportunities. On our accelerator categories like women's, like handbags, like outerwear. We've been seeing unit growth there. I think when you think about the environment from a macro perspective that we're going to go -- that we expect to go into in this sort of second half and maybe carrying into the first half of next year and we talked this a little at Investor Day.

所以，我們指的是全價業務，對吧？我們的數位業務，以及像中國這樣的市場，我們知道在這些市場中我們擁有巨大的成長機會。在我們的加速器類別中，例如女裝、手提包、外套等。我們看到那裡的銷量一直在增長。我認為，從宏觀角度來看，我們即將進入的環境——我們預計在下半年以及可能延續到明年上半年——我們在投資者日上也稍微談到了這一點。

We are going to lean more into AUR versus unit growth overall as we navigate those cost inflation pressures. That all said, to your point on opportunity, there was certainly a unit growth opportunity, specifically in those areas that we've been focused on, like those areas that are further along on the elevation journey. So you'll continue to see us opportunistically focus on and grow units there.

在應對成本通膨壓力時，我們將更加重視平均使用率（AUR）而非整體單位成長。綜上所述，關於您所提到的機遇，確實存在單位成長的機會，尤其是在我們一直關注的那些地區，例如那些在海拔提升方面走得更遠的地區。所以，你們會繼續看到我們抓住機會，專注並發展那裡的業務。

And then as the other areas of our business progress on that elevation journey, you'll see the inflection point in those facets as well. On the OI margin question in terms of opportunity, 16%-plus, when you think about longer term, I mean, we -- and we've talked this before -- we're committed to balancing -- delivering on or often exceeding our near-term commitments with reinvesting back behind our brand in our business for that longer-term sustainable growth.

然後，隨著我們業務的其他領域在提升過程中不斷進步，你也會在這些方面看到轉捩點。就機會而言，營業利潤率達到 16% 以上，從長遠來看，我們——我們以前也討論過這個問題——致力於平衡——履行甚至經常超越我們近期的承諾，並將資金再投資於我們的品牌和業務，以實現更長期的可持續增長。

So you see us do things like this year, this guide, we took up both the top and bottom line. We also took up our marketing expectation, right, as we continue to reinvest behind that sustainable long-term growth. I think in terms of -- that philosophy is not going to change. You'll see us continue to follow that as we move forward. So as we have potential upside, you're going to see us balance the flow-through between operating margin expansion and between reinvestment back into the business with marketing probably being the 1A area.

所以你會看到我們今年做了一些事情，像是這份指南，我們同時考慮了收入和利潤。我們也實現了行銷的預期目標，我們將繼續加大對永續長期成長的投入。我認為就此而言──這種理念不會改變。接下來，我們將繼續遵循這項原則。因此，由於我們有潛在的成長空間，你會看到我們在營運利潤率擴張和再投資於業務之間取得平衡，而行銷可能是最重要的領域。

You're also seeing this year as we move through the year based upon our guide, and you kind of saw it start last year, you see us work this sort of SG&A leverage muscle, right? This cost optimization muscle. And that's going to be another lever we have at our disposal, both to mitigate and manage the macros. And as we know, gross profit does have some choppiness associated with it, but also to balance between flowing through near-term profitability gains with reinvestment back into our business.

根據我們的指導方針，您今年也會看到這種情況，而且您去年也看到了，我們一直在運用這種銷售、一般及行政費用槓桿力量，對吧？這種成本優化能力。這將是我們可用於緩解和管理宏觀經濟影響的另一個手段。我們都知道，毛利確實存在一些波動，但我們也需要在短期獲利成長與再投資到業務之間取得平衡。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

I think this is for Justin. Wanted to kind of dig more into North America wholesale. You've been -- you've inflected the positive, I think, three quarters in a row now, but you kind of went low double digits this quarter, but there's an 11-point shift. And then, Justin, some of your comments on the fourth quarter kind of suggests you're going to pull back from some unproductive sales. So kind of just peeling the onion back, just how should we think about the trajectory of North America wholesale? And then I assume that shift is hurting us in the third quarter, but would love some clarity there. So kind of just looking for the trend line and how you kind of plan that channel at this point?

我覺得這是給賈斯汀的。想更深入了解一下北美批發市場。我認為，你們已經連續三個季度實現了正成長，但這個季度你們的增幅只有兩位數，不過已經上升了 11 個百分點。賈斯汀，你對第四季的一些評論似乎表明你會停止一些不成功的銷售。所以，讓我們一層層剝開洋蔥，看看我們該如何看待北美批發業的發展軌跡？然後我推測這種轉變對我們第三季造成了影響，但希望能得到更明確的解釋。所以，你現在主要是想了解發展趨勢，以及你打算如何規劃這個管道？

Sure. So listen, when you think about the underlying quality growth that we're seeing in our wholesale business, I would say, North America and in EMEA, but let's focus on North America as well as the strategic ongoing elevation work in these channels, that is quite purposefully meant to balance momentum at times, notably in North America. I mean, we're very encouraged. Our brand momentum has been strong and we've been able to deliver more outsized performance than we were expecting. I think it's fair to say through the first half of this year.

當然。所以，聽著，當我們思考批發業務中看到的潛在品質成長時，我會說，北美和歐洲、中東及非洲地區，但我們重點關注北美以及這些管道正在進行的戰略提升工作，這些工作旨在平衡某些時候的發展勢頭，尤其是在北美。我的意思是，我們深受鼓舞。我們的品牌發展勢頭強勁，業績也超出了預期。我認為可以公平地說，這種情況會持續到今年上半年。

And the great thing about this growth is that it's healthy, high-quality growth on an underlying basis, right? And it's reflective of the diversity of our growth driver. So it's working in retail, is carrying over and cutting through in wholesale. Women's is a great example. Women's is working really well, both from a door perspective and a comp perspective in North America wholesale, specifically at that top tier -- at the top-tier channel.

這種成長最棒的地方在於，它是一種健康、高品質的成長，其根本基礎非常穩固，對吧？這也反映了我們成長動力的多樣性。所以它在零售業行之有效，並且正在批發業推廣和普及。女子隊就是一個很好的例子。在北美批發市場，女裝市場表現非常出色，無論是從門市數量或同店銷售情況來看都是如此，尤其是在頂級通路。

So it's great to see the execution of the strategy, and it's great to see the healthy underlying growth. To your point on sort of a normalized growth expectation as we think about first half versus second half and beyond, we've always talked about sort of a stable to up type of algo for that North America wholesale business. And that's really balancing between growing in areas like top-tier doors, growing in areas like digital, growing in areas like key cities with our wholesale partners. Balancing that out with continuing to call off-price, continuing to call the lower tier distribution. So when we think about the second half specifically versus the first half, we've got some off-price reduction pressure that we know is coming that is planned for Q4.

很高興看到策略得以執行，也很高興看到穩健的潛在成長。關於您所提到的正常化成長預期，當我們考慮上半年與下半年及以後的情況時，我們一直認為北美批發業務的成長應保持穩定或上升的趨勢。這實際上是在頂級門市等領域發展、數位領域發展以及與批發合作夥伴在重點城市發展之間取得平衡。同時，我們繼續呼籲低價策略，繼續呼籲低層分銷。所以，當我們具體考慮下半年與上半年的情況時，我們知道第四季將會出現一些降價壓力。

That's going to impact that business by 2, 3 points. We've also got -- we're caution embedded in our outlook around the US consumer, right? Because we know as the pricing environment begins to take shape, those sort of strong reorder rates that we've been seeing in that business, there's some elasticity pressure that we're layering on top of that as we head into the second half. And then we've got the third step, which is really continued brand elevation reinvestments, which is going to partly offset some of our gross bookings.

這將使該業務受到 2 到 3 個百分點的影響。我們對美國消費者的看法也持謹慎態度，對吧？因為我們知道，隨著定價環境逐漸形成，我們在該業務中看到的強勁的再訂購率，在進入下半年時，會疊加一些彈性壓力。接下來是第三步，也就是持續進行品牌提升再投資，這將部分抵消我們的一些總預訂量。

So when you think about the shape of things, there will be some expected pressure in the second half, but I think we feel good about the core of that business. And if you strip out some of the one-offs, we feel good about that sort of stable to up normalized growth organic trajectory.

所以從整體情況來看，下半年肯定會面臨一些壓力，但我認為我們對這項業務的核心充滿信心。如果剔除一些一次性因素，我們對這種穩定向上的正常化有機成長軌跡感到滿意。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

So nice to see the progress. As you think about your retail distribution, both full price and outlet, anything different you're seeing in outlet from full-price? And with the AUR increases, how is trajectory and outlets basically globally of higher-priced product there? And just lastly, anything on the supply chain to make note of as a benefit for margin going forward?

很高興看到取得進展。當您考慮零售分銷管道時，包括正價和奧特萊斯，您發現奧特萊斯和正價有什麼不同之處嗎？隨著 AUR 的上漲，高價產品在全球的發展軌跡和銷售管道基本上如何？最後，供應鏈方面有哪些值得注意的、有利於未來獲利成長的因素？

As far as the performance is concerned across all our DTC channels, I might even expand that to ralphlauren.com, if you don't mind. We're actually seeing really nice, consistent growth. Both our full-price stores, our outlet stores and actually disproportionate growth on digital, which we're very excited about. And as I mentioned earlier to Brooke's question, what we're seeing is on marketing activations and our product offering is resonating pretty consistently across these three different channels. And as we get more precise on consumer understanding and consumer segmentation, we're able to better target through particularly our social media platforms to get the full potential performance across all three.

就我們所有 DTC 管道的表現而言，如果您不介意的話，我甚至可能會將其擴展到 ralphlauren.com。我們實際上看到了非常良好且持續的成長。我們的正價店、奧特萊斯店以及數位通路都實現了不成比例的成長，我們對此感到非常興奮。正如我之前在回答 Brooke 的問題時提到的那樣，我們看到的是，在行銷活動中，我們的產品在這三個不同的管道上都引起了相當一致的反響。隨著我們對消費者的了解和消費者細分越來越精準，我們能夠更好地透過社群媒體平台進行精準行銷，從而在所有三個方面都發揮出全部潛力。

But the short answer to your question is broadly consistent performance across the three areas. And of course, moving forward, our expectation is to continue to expand our full-price stores, right? You saw this quarter, we opened 38 around the world. That will continue. We do not expect to expand our outlet doors.

但對於你的問題，簡而言之，這三個面向都表現得相當一致。當然，展望未來，我們希望繼續擴大全價門市的規模，對吧？正如你所看到的，本季我們在全球開設了38家新店。這種情況還會持續下去。我們不打算擴大門市規模。

If anything, what our teams are doing around the world now is combining outlet presence, so we might have a center where we have three different locations. We're building that into one. And then we expect to have some closures of outlets moving forward as we look to continue to elevate our presence. And of course, we're leaning in aggressively in ralphlauren.com and our digital operations because we're seeing very strong response there.

如果有什麼改變的話，那就是我們的團隊現在在世界各地都在整合門市資源，所以我們可能會有一個中心，裡面有三個不同的門市。我們正在將它們整合到一個系統中。接下來，隨著我們不斷提升市場影響力，預計未來會有一些門市關閉。當然，我們也積極加大對 ralphlauren.com 網站和數位業務的投入，因為我們看到了非常強勁的反響。

On the supply chain piece, Dana. So our global sourcing supply chain, well positioned, strong long-standing partnerships. It's really been, as you know, a key differentiator for us over the past eight-plus years, significantly diversified. So we have been taking advantage of that diversification in terms of being nimble and agile as we navigate the ongoing cost inflation landscape. And we do also maintain alternate sourcing capabilities for all of our key products in more than one country of origin, right?

關於供應鏈部分，達娜。因此，我們擁有全球採購供應鏈，佈局合理，並與許多合作夥伴建立了牢固的長期合作關係。如您所知，在過去的八年多時間裡，多元化一直是我們的一大關鍵差異化優勢。因此，我們一直在利用這種多元化優勢，在應對持續的成本上漲情況時保持靈活敏捷。而且，我們所有主要產品在多個原產國也都有備用採購管道，對吧？

So we've been certainly leaning into that as well as working with our supply partners to drive efficiencies in our cost of goods and broader sort of end-to-end relationships. That supply chain is also very innovative. They also continue to focus on developing and scaling new opportunities in each of our regions to mitigate what we know is a very dynamic global macroeconomic environment. So you'll see some of those mitigating actions start to ramp up as we move sort of through this year into early next year and into next year more fulsomely, and that is obviously a key lever in our mitigation toolkit when we think about cost inflation.

因此，我們一直在努力提高這方面的效率，同時與我們的供應商合作夥伴共同努力，以提高商品成本效率，並改善更廣泛的端到端合作關係。此供應鏈也極具創新性。他們也繼續專注於在我們各個地區開發和擴大新的機遇，以緩解我們所知的瞬息萬變的全球宏觀經濟環境。因此，隨著我們今年進入明年年初，並更全面地進入明年，你會看到一些緩解措施開始加強，這顯然是我們應對成本上漲的緩解工具箱中的關鍵槓桿。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Patrice, I have to ask about China. I've seen China grew over 30% this quarter. I think that's in line with the prior quarter. Can you talk about what you're seeing there? Is there a rebound in the luxury space? Or is it idiosyncratic to Ralph? I would think that's the case, to some degree. And I think -- I know you don't guide explicitly for China, but I think you mentioned on a prior call that your expectations were for China to grow low double digits this year. How should we think about growth this year for China?

帕特里斯，我必須問關於中國的事情。我看到中國本季經濟成長超過30%。我認為這與上一季的情況一致。你能說說你在那裡看到了什麼嗎？奢侈品市場是否出現反彈？還是這只是拉爾夫的個人習慣？我覺得在某種程度上確實如此。而且我認為——我知道您沒有明確給出中國市場的業績指引，但我認為您在之前的電話會議中提到過，您預計中國今年的經濟成長將達到兩位數低段。我們該如何看待中國今年的經濟成長？

We always love to talk about China. So thank you for your question. So very pleased with the performance, again this quarter, up 30%. If you look at our run rates in China, we've been performing strongly for many years now. Why is that?

我們一直都很喜歡談論中國。謝謝你的提問。對業績非常滿意，本季再次成長了 30%。如果你看看我們在中國的業績，你會發現我們多年來一直表現強勁。這是為什麼？

While it's our strategy at play that the teams on the ground are doing a brilliant job executing, building the brand in a way that resonates with the Chinese consumer, leveraging our core items and also leading into our high-potential categories, particularly our women's apparel and handbag businesses, disproportionately performing in China.

雖然我們的策略正在發揮作用，但一線團隊在執行方面做得非常出色，他們以能夠引起中國消費者共鳴的方式打造品牌，充分利用我們的核心產品，並引領我們進入高潛力品類，特別是我們的女裝和手提包業務，這些業務在中國表現尤為突出。

And then expanding our footprint in a very selective way across the six key cities, building these unique ecosystem. So the performance you saw this quarter is really the result of these actions over many years. While we are, like you, reading the headlines on the economic environment in China, I think, to use your terminology, a lot of our performance is driven by idiosyncratic elements from the Ralph Lauren mix. Now keep in mind, Laurent, market is significant. And we still have relatively small share. So there's a lot of business to be had even if the overall category, we're not growing.

然後，我們以非常有選擇性的方式在六個重點城市擴大我們的業務範圍，建構這些獨特的生態系統。所以，你們本季看到的業績其實是多年來這些行動的結果。雖然我們和你們一樣都在關注中國經濟環境的新聞頭條，但我認為，用你們的話來說，我們的許多業績都是由拉夫勞倫的獨特元素所驅動的。記住，洛朗，市場很重要。而且我們的份額仍然相對較小。即使整個品類沒有成長，仍然有許多商機。

As we did guide, I think, low double digits for China, even longer term, right? So not just for this year, but over the three-year period of our Next Great Chapter: Drive. We don't typically do that for individual markets, but we thought it was helpful for all of you just to get a sense of how we think about that market in particular. We stand by that.

正如我們之前預測的那樣，我認為，即使從長遠來看，中國的經濟成長率也將保持在兩位數以下，對吧？所以不僅是今年，而是我們「下一個偉大篇章：驅動」的三年期間。我們通常不會針對個別市場這樣做，但我們認為這樣做有助於大家了解我們對該特定市場的看法。我們堅持這個觀點。

Listen, we gave that guidance six weeks ago, so it's unlikely that changed in the span of six weeks, but we feel very good about the balance of growth drivers and the diversity of growth drivers across that market, healthy comp growth quarter-on-quarter with new store expansion in a very selective, disciplined way, really leaning into digital and digital -- significant growth potential, including with -- and we touched on this in prior calls -- social commerce, which is really gaining momentum in China in particular.

聽著，我們六週前就給出了那份指引，所以不太可能在短短六週內就發生變化，但我們對該市場增長驅動因素的平衡和多樣性感到非常滿意，季度環比同店銷售健康增長，新店擴張也採取了非常有選擇性和有紀律的方式，真正重視數位化和數位行銷——這方面有巨大的增長潛力，包括——我們在之前的電話

So we talked about our activations on Douyin. We have a women's total activation that's performing very well, actually ahead of our expectations. We'll be expanding that across our portfolio. So the combination of new consumer recruiting, which drive a strong comp growth, select store expansion and acceleration of our digital platform and footprint along with clienteling, this is probably one of the markets where we have the best understanding of the customer and the best connected understanding of the customer across the ecosystem gives us confidence that we can continue to build strong, steady performance in China.

於是我們聊了聊我們在抖音上的推廣活動。我們針對女性的整體活化效果非常好，實際上超出了我們的預期。我們將把這種模式推廣到我們所有的產品組合中。因此，透過招募新消費者（這將推動強勁的同店銷售成長）、精選門市擴張、加速發展我們的數位平台和業務版圖以及客戶關係維護，中國可能是我們對客戶了解最透徹、對整個生態系統中的客戶聯繫最緊密的市場之一，這讓我們有信心繼續在中國取得強勁、穩定的業績。

We're in China for the next few decades. So we're also being very disciplined in terms of how we grow quarter-on-quarter to make sure it's done in a quality way, a sustainable way. And we're encouraged by the momentum we've got.

接下來的幾十年我們都會在中國。因此，我們在季度成長方面也非常注重紀律，以確保以高品質、可持續的方式實現成長。我們目前的發展勢頭令人鼓舞。

All right. Well, Laurent, you had the last question. So thank you, everyone, for joining us today. We look forward to reconnecting in February. We will have just -- we'll be in the middle of the Cortina Olympic Games, where we sponsor the US team. And we'll be looking forward to sharing our third quarter fiscal '26 results. And until then, take care, and have a great day.

好的。好了，洛朗，你還有最後一個問題。謝謝大家今天蒞臨本節目。我們期待二月再次相聚。我們將正好——我們將身處科爾蒂納奧運會期間，我們贊助了美國隊。我們期待與大家分享 2026 財年第三季的業績。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了。