雷夫·羅倫馬球 (RL) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren third quarter fiscal year 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加拉夫勞倫2026財年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我謹將會議交給我們的主持人科琳娜·範·金斯特女士。請繼續。

Good morning, and thank you for joining Ralph Lauren's third 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，感謝各位參加拉夫勞倫2026財年第三季電話會議。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。

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，我們將以固定匯率調整後的價格討論我們的財務表現。包括外幣匯率在內的全部業績報告，請參閱今天早上發布的新聞稿。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。

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。我們的預期包含許多風險和不確定性，可能導致我們的實際結果與當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。

To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results, you should refer to the 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績效時所使用的非GAAP指標的揭露和調整情況，請參閱我們投資者關係網站上發布的早晨收益報告和提交給美國證券交易委員會的文件。

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

謝謝你，科里。各位早安，感謝各位參加今天的電話會議。

We delivered strong third quarter results and progress on our Next Great Chapter: Drive plan this holiday. In a season defined by warm joy in the spirit of giving, Ralph Lauren's core values, a dream of a better life, time well met with family, quality and authenticity enabled us to connect deeply with consumers around the world, across generations, cultures and markets, people are stepping into our lifestyle and the iconic way of dressing. This powerful engagement with consumers is also translating to strong financial results.

我們取得了強勁的第三季業績，並在假期期間推進了「下一個偉大篇章：推動計畫」。在這個充滿溫暖喜悅和奉獻精神的季節裡，拉夫勞倫的核心價值——對美好生活的夢想、與家人共度的美好時光、品質和真誠——使我們能夠與世界各地、跨越世代、文化和市場的消費者建立深厚的聯繫，人們正在融入我們的生活方式和標誌性的著裝方式。與消費者之間這種強而有力的互動也轉化為強勁的財務表現。

In our most important quarter of the year, we exceeded our commitments on both the top and bottom line with broad-based performance across geographies, channels and product categories. Full price sell-throughs were meaningfully better than we expected this holiday as our brand experiences and products resonated around the world.

在一年中最重要的季度，我們在營收和利潤方面都超額完成了目標，並在各個地區、通路和產品類別中都取得了廣泛的業績。由於我們的品牌體驗和產品在全球範圍內引起了共鳴，因此今年假期全價商品的銷售情況明顯優於我們的預期。

This strong demand enabled us to continue driving our long-term elevation journey with improved quality of sales and gross margin expansion in each region, more than offsetting the impact of higher US tariffs as we began to flow through more product under the new rates. Our performance was also balanced across our retail and wholesale channels this holiday, reflecting our growing brand desirability and pricing power globally.

強勁的需求使我們能夠繼續推進長期發展策略，提高各地區的銷售品質和毛利率，從而抵消美國關稅上漲帶來的影響，因為我們開始在新稅率下銷售更多產品。今年假期季，我們的零售和批發通路表現也保持均衡，反映出我們品牌在全球日益增長的吸引力和定價能力。

This drove healthy high single-digit core along with double-digit growth in wholesale. And underpinning this momentum are our enablers that continue to support our performance. Our talented and passionate teams working tirelessly to execute on Ralph's vision.

這推動了核心業務實現健康的高個位數成長，以及批發業務實現兩位數成長。而支撐這發展動能的，正是我們不斷支持自身績效的各項推動因素。我們才華橫溢、充滿熱情的團隊正在不懈地努力，以實現拉爾夫的願景。

Our commitment to operational agility and a powerful balance sheet as we continue to navigate an uncertain global environment. And our focus on harnessing advanced technology, AI and analytics to better serve our consumers and drive greater efficiencies in our business.

我們致力於維持營運靈活性和強大的資產負債表，以應對當前充滿不確定性的全球環境。我們專注於利用先進技術、人工智慧和分析技術，更好地服務消費者，並提高業務效率。

In short, the three-year next great cap to drive strategic plan we presented in September is off to a strong start. And are multiple drivers of growth across regions, channels, consumer cohorts and the breadth of our lifestyle product offering are delivering.

簡而言之，我們在 9 月提出的下一個為期三年的重大戰略計劃已經取得了強勁的開端。多個成長驅動因素正在各個地區、通路、消費者群體以及我們廣泛的生活方式產品組合中發揮作用。

Let me take you through a few highlights from the quarter across the three strategic pillars of the plan. As a reminder, these include: first, Elevate & Energize Our Lifestyle brand; second, Drive The Core & Expand for More; and third, Win in Key Cities with our consumer ecosystem.

讓我帶您了解本季該計畫三大戰略支柱的幾個亮點。再次提醒，這些目標包括：第一，提升和激發我們的生活方式品牌；第二，推動核心業務並拓展業務；第三，利用我們的消費者生態系統在重點城市取得成功。

Starting with our efforts to Elevate & Energize our Lifestyle brand. For nearly 60 years, Ralph has inspired people to step into their own dream of a better life. From the cozy elegance of a Ralph Lauren Christmas to optimism and adrenaline of the Olympics, we sit at the heart of culture.

首先，我們將致力於提升和振興我們的生活風格品牌。近60年來，拉爾夫一直激勵著人們勇敢追尋自己對美好生活的夢想。從拉夫勞倫聖誕節的溫馨優雅，到奧運的樂觀精神和腎上腺素飆升，我們身處文化的中心。

And over the holiday season, our teams continue to reinforce our place in culture, bringing our unique form of cinematic storytelling to a cross markets and platforms, transporting both new and existing consumers into our world. Key highlights from the third quarter included: first, our Holiday 25 Mountain Living and Timeless Gifting campaigns translating the magic and easy elegance of Ralph Lauren around the world.

在節日期間，我們的團隊繼續鞏固我們在文化中的地位，將我們獨特的電影敘事形式帶到跨市場和平台，將新舊消費者帶入我們的世界。第三季的主要亮點包括：首先，我們的 Holiday 25 Mountain Living 和 Timeless Gifting 活動，將 Ralph Lauren 的魔力和輕鬆優雅帶到了世界各地。

We brought this to life this season through our immersive pop-up experiences in London, Los Angeles, Tokyo, Munich and Seoul, creating winter wonderlands as only Ralph can, featuring Ralph's coffee, special guest performances family photos, hand-painted denim jackets and candles and even our own Christmas tree farm. Along with a range of other activations, including our AI-powered store windows, featuring our Polo Bear and digital campaigns, our holiday campaigns drove a combined 2.9 billion global impressions.

本季，我們在倫敦、洛杉磯、東京、慕尼黑和首爾舉辦了沉浸式快閃體驗活動，將這一理念變為現實，打造出只有 Ralph 才能創造的冬日仙境，其中包括 Ralph 咖啡、特邀嘉賓表演、家庭照片、手繪牛仔夾克和蠟燭，甚至還有我們自己的聖誕樹農場。除了其他一系列活動，包括我們採用人工智慧技術的櫥窗展示、Polo Bear形像以及數位行銷活動之外，我們的假日行銷活動在全球範圍內共獲得了29億次曝光。

Next, we continue to reinforce our position as one of the leading luxury apparel brands in the world of sports. During the quarter, we unveiled our Team USA uniforms for the Milan Cortina Winter Olympics, with special celebrations in New York City and in Milan with Vogue and EQ Italia, we are excited to feature inspiring stories that highlight the athletes dedication and perseverance to reach one of the greatest events on the world stage.

接下來，我們將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。本季度，我們發布了美國隊參加米蘭-科爾蒂納冬季奧運會的隊服，並在紐約市和米蘭與《Vogue》和《EQ Italia》雜誌共同舉辦了特別慶祝活動。我們很高興能夠展示鼓舞人心的故事，這些故事突出了運動員們為參加世界舞台上最偉大的賽事之一所付出的奉獻和堅持。

I encourage you to check out all the looks starting with tomorrow's opening ceremony. In the world of car racing, Lando Norris, our Polo Red fragrance Ambassador won the 2025 Formula One World Driver's Championship. And we renewed our long-standing partnership as an official sponsor of US Open Tennis championships one of the most electric events of the year in Tennis.

我建議大家從明天的開幕式開始，去看看所有的造型。在賽車界，我們的 Polo Red 香水大使蘭多·諾里斯贏得了 2025 年一級方程式世界車手錦標賽。我們續簽了與美國網球公開賽的長期合作關係，繼續擔任該賽事的官方贊助商，這是網球界一年中最令人興奮的賽事之一。

In Asia, we continue to build our elevated brand awareness and affinity through our very rough documentary events in Hong Kong and Singapor featuring celebrities and friends of the brand. Our Polo Originals campaign in Tokyo showcased Ralph Lauren's leadership in everyday luxury styling, uniquely blending Japanese refinement with American heritage dressing.

在亞洲，我們繼續透過在香港和新加坡舉辦的非常粗獷的紀錄片活動來提升我們的品牌知名度和親和力，這些活動以名人和品牌的朋友為主角。我們在東京舉辦的 Polo Originals 活動，展現了 Ralph Lauren 在日常奢華造型方面的領導地位，巧妙地將日式精緻與美式傳統服飾融合在一起。

And finally, we outfitted an exciting group of actors and artists, including Jennifer Aniston, Rose Burn, Emily Blunt, Chase Infinity, Jesse Buckley and more for the Women in Hollywood celebration. Together, these global activations are driving strong sustainable growth in new customer acquisition and retention.

最後，我們為好萊塢女性慶典活動準備了一批令人興奮的演員和藝術家，包括珍妮佛安妮斯頓、羅斯伯恩、艾米莉布朗特、蔡斯英菲尼迪、傑西巴克利等等。這些全球推廣活動共同推動了新客戶獲取和留存的強勁永續成長。

In the third quarter, we added 2.1 million new consumers to our DTC businesses. on top of last year's 1.9 million record results, driven by digital and full-price store customers. We were encouraged by the strong momentum across generations led by younger next-generation consumers, women and VICs.

第三季度，我們的DTC業務新增消費者210萬，在去年創紀錄的190萬新增消費者基礎上再添新成員，這主要得益於線上和實體店顧客的成長。年輕的下一代消費者、女性和維多利亞州居民引領了跨世代的強勁成長勢頭，這令我們倍感鼓舞。

And we increased our social media followers by high single digits to more than $68 million, led by Instagram, TikTok, Dogan and 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.

我們的社群媒體粉絲數以接近兩位數的成長幅度達到 6,800 萬以上，其中 Instagram、TikTok、Dogan 和 Line 的成長最為顯著。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。

Moving to our second key initiative, Drive the Core & Expand for More. Ralph and our creative teams continue to deliver on his vision through timeless, high-quality products and distinctive styling that tell a story of a life well lived.

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」。拉爾夫和我們的創意團隊繼續透過永恆的、高品質的產品和獨特的風格來實現他的願景，講述美好生活的故事。

Independent of any single fashion trend or cycle, 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 low double digits this quarter driven by strength in our cotton cable nets, Jersey, Wall Cashmere and flag sweaters, all perfect for gifting.

這種理念不拘泥於任何單一的時尚潮流或週期，它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生活方式品類中。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。本季核心產品銷售量實現了兩位數的低成長，這主要得益於棉質麻花網、針織衫、羊絨衫和旗幟毛衣的強勁表現，所有這些產品都非常適合作為禮物。

Oxford and linen shirts rugby and quarters at knit tops and our iconic Polo camps. Our holiday campaigns also drove healthy full price demand in our core children's programs led by our elevated sweaters and midway down jackets and knit and fleece sets.

牛津布和亞麻襯衫橄欖球和針織上衣以及我們標誌性的馬球訓練營。我們的假期促銷活動也帶動了核心兒童產品線的全價需求，其中以高檔毛衣、中厚羽絨服、針織衫和抓絨套裝最為暢銷。

Our high-potential categories, including women's apparel, outerwear and handbags, continue to be accelerators for our business. Together, these categories increased high teens, outpacing total company growth in the quarter. In women's sweaters were a standout, ranging from our hero cable net in cotton wool and cash mirror to our beloved Polo bars and newer haves and Polo cables.

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。這些類別的總成長率接近10%，超過了公司本季的整體成長率。女士毛衣脫穎而出，從我們最受歡迎的棉質羊毛網眼毛衣和鏡面毛衣，到我們心愛的 Polo 條紋毛衣和新款 Haves 毛衣和 Polo 麻花毛衣，應有盡有。

Our outerwear offering showcased our expanded range of classifications from the sporty functionality of our Apollo puffers in Candy shop colors, to more sophisticated options like our tailored wool coats and cable knit bomber jackets. Momentum in our handbag business continued to be driven by our foundational collections, Polo ID and Polo Play in core leather, seasonal sways and western details, along with our women's collection, Ralph and Ricky bags.

我們的外套系列展示了我們不斷擴大的產品分類，從色彩繽紛、功能性強的 Apollo 羽絨服，到更精緻的款式，例如剪裁合身的羊毛大衣和絞花針織飛行員夾克。我們的手提包業務持續成長，主要得益於我們的基礎系列 Polo ID 和 Polo Play（採用核心皮革、季節性變化和西部細節），以及我們的女士系列 Ralph 和 Ricky 包款。

Special releases this quarter included Polo Ralph Lauren and (inaudible) the fourth collaboration in our groundbreaking artists and residence program focused on empowering and celebrating artisans within the communities that have historically inspired our designs.

本季特別推出的產品包括 Polo Ralph Lauren 和（聽不清楚）我們開創性的藝術家駐留計劃的第四次合作，該計劃旨在賦能和頌揚那些在歷史上啟發我們設計的社區中的工匠。

Our team USA collection, ahead of this month's Milan Cortina Olympic Games, honoring the city's creative spirit while staying true to the enduring style that defines Ralph Lauren. And our annual Pink Pony collection supporting Ralph Lauren's long-standing commitment to cancer care and research. We will continue to leverage the unparalleled breadth of our lifestyle product offering to connect with consumers.

在本月米蘭科爾蒂納冬奧會之前，我們推出了美國隊系列，旨在致敬這座城市的創造精神，同時忠於定義 Ralph Lauren 的永恆風格。我們每年都會推出粉紅小馬系列，以支持拉夫勞倫長期以來對癌症治療和研究的承諾。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來與消費者建立聯繫。

Turning to our third key initiative. We're in key cities with our consumer ecosystem. We continue to expand our consumer ecosystems to deepen our presence in our top 30 cities around the world. We are also laying the groundwork for long-term sustainable growth in our next 20 cities. Across each of these ecosystems, we're establishing a cohesive consistently elevated experience to allow consumers to engage with and step into the Ralph Lauren lifestyle.

接下來談談我們的第三項關鍵措施。我們的消費生態系統已遍佈重點城市。我們將繼續拓展消費者生態系統，以深化我們在全球前30大城市的業務。我們也正在為接下來20個城市的長期永續發展奠定基礎。在所有這些生態系統中，我們正在建立一個連貫一致的高品質體驗，讓消費者參與其中，並融入拉夫勞倫的生活方式。

Within DTC, which comprises the majority of our business, we delivered another quarter of healthy comp growth across regions. Global comps increased high single digits on top of more than 12% growth last year, led by our Ralph Lauren stores and digital commerce.

在占我們業務大部分的 DTC 業務中，我們又實現了各地區連續第二季健康的同業成長。全球同店銷售額在去年超過 12% 的成長基礎上，實現了接近兩位數的成長，這主要得益於 Ralph Lauren 門市和數位商務的強勁表現。

We were also excited to launch our Ralph Lauren TikTok shop in the US this quarter, becoming the first luxury fashion brand with an always-on presence on the platform. The shop features a curated assortment, including core polo bestsellers and seasonal refreshes tailored to this platform's next-gen audience, including younger male shoppers.

本季度，我們也很高興在美國推出了 Ralph Lauren TikTok 商店，成為第一個在該平台上擁有全天候線上形象的奢華時尚品牌。該商店提供精心挑選的商品，包括核心的 Polo 暢銷商品和專為該平台的下一代受眾（包括年輕男性購物者）量身定制的季節性新品。

By region, Asia once again led our growth with sales up more than 20%, driven by all key markets. China grew more than 30% this quarter, ahead of our outlook as we continue to strengthen and grow our elevated brand across the market.

從地區來看，亞洲再次引領我們的成長，銷售額成長超過 20%，所有主要市場都推動了這一成長。本季中國市場成長超過 30%，超出我們的預期，我們將繼續加強和發展我們在整個市場的高端品牌。

Our China performance was supported by our holiday and very Ralph campaigns, continued expansion on (inaudible) and another outstanding Singles Day with high-quality double-digit revenue growth and strong new customer acquisition around the event. Europe and North America also delivered high-quality growth this quarter, on top of last year's strong compares. As we continue to reinforce our presence in our top cities, we opened 32 new owned and partner stores globally.

我們在中國市場的業績得益於我們的假期和非常 Ralph 活動，以及（聽不清楚）的持續擴張，還有又一個出色的雙十一，實現了高品質的兩位數收入增長，並在活動期間獲得了強勁的新客戶。在去年強勁的業績基礎上，歐洲和北美本季也實現了高品質的成長。隨著我們不斷加強在主要城市的佈局，我們在全球開設了 32 家新的自營和合作門市。

New store highlights this quarter included Chengdu IFC Mall in China, Stratford and Bishopsgate in London, New Delhi, Abu Dhabi and Chatswood Chase in Sydney. And finally, touching on our enablers -- our business continues to be supported by our five key enablers.

本季新店亮點包括中國成都國際金融中心購物中心、倫敦斯特拉特福德和主教門購物中心、新德里、阿布達比和雪梨查茨伍德購物中心。最後，談談我們的推動因素－我們的業務持續得到五個關鍵推動因素的支持。

Recent highlights include: first, as part of our focus on delivering advanced technology AI and analytics, Ask Ralph, the AI-powered digital shopping assistant we launched in September is providing us with powerful insights as AI drives accelerated shifts in consumer behavior. Customers are moving beyond traditional search toward rich natural language product conversations with styling and outfit discovery accounting for more than 50% of our total engagement.

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，我們在 9 月推出的人工智慧數位購物助手 Ask Ralph 為我們提供了強大的洞察力，因為人工智慧正在加速推動消費者行為的轉變。顧客正在從傳統的搜尋方式轉向豐富的自然語言產品對話，其中造型和服裝搭配發現占我們總互動量的 50% 以上。

In addition to driving more personalized experiences for our customers, Ask Ralph is also becoming an important resource for high-quality first-party data. Second, our teams and our culture drives our performance. We were proud to be named one of America's best companies by Forbes.

除了為我們的客戶帶來更個人化的體驗外，「Ask Ralph」也正在成為高品質第一方資料的重要資源。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》評為美國最佳公司之一。

And finally, it was an honor for all of us when Ralph was named the CFDA's 2025 American Womenswear Designer of the Year. It is the second time Ralph has received this award and he is the only designer to win all of the CFDA's top honors.

最後，拉爾夫被評為 CFDA 2025 年度美國女裝設計師，對我們所有人來說都是一種榮譽。這是拉爾夫第二次獲得該獎項，他也是唯一一位贏得美國時裝設計師協會所有最高榮譽的設計師。

This is a testament to our exciting women's momentum and to our brands enduring relevance. Congrats to Ralph and our creative team. In closing, Ralph and I are proud of our team's progress and execution through the first three quarters of this fiscal year, including through the important holiday season. Even as we continue to navigate an uncertain global macro and geopolitical environment, we remain focused on what we can control and what's ahead for Ralph Lauren.

這證明了我們女性市場蓬勃發展的強勁勢頭，以及我們品牌歷久不衰的影響力。恭喜拉爾夫和我們的創意團隊。最後，我和拉爾夫對我們團隊在本財年前三個季度（包括重要的假期季節）的進展和執行力感到自豪。即使我們繼續在全球宏觀和地緣政治環境充滿不確定性的情況下應對挑戰，我們仍然專注於我們能夠控制的事情以及拉夫勞倫的未來發展。

Creating value through our powerful brand that is as relevant today with Gen Z as it is with our silver spenders, a relentless focus on driving our core while also accelerating our high-potential category opportunities, meaningful geographic white space, which we are developing with a thoughtful approach to our top cities and a proven ability to execute with creativity, agility and operating discipline.

我們透過強大的品牌創造價值，該品牌如今對 Z 世代和銀髮消費者都同樣具有吸引力；我們堅持不懈地專注於推動核心業務發展，同時加速推進高潛力品類機遇；我們以深思熟慮的方式在主要城市開發有意義的地域空白市場；我們擁有卓越的執行能力，能夠以創造力、敏捷性和運營紀律來執行。

And before I hand it over to Justin, we'd like to extend a warm welcome to our newest Board member, Cesar Conde. Cesar brings rich experience from the world of modern media, particularly with international expansion and broadening brand reach to more diverse global audiences. We're excited to have him join us.

在將發言權交給賈斯汀之前，我們想熱烈歡迎我們最新的董事會成員塞薩爾·孔德。Cesar擁有豐富的現代媒體經驗，尤其是在國際擴張和擴大品牌影響力，使其覆蓋更多樣化的全球受眾方面。我們很高興他能加入我們。

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. This holiday quarter reinforced our strong execution against our next rate cap drive strategy. Results were ahead of our expectations with a healthy balance of revenue growth and accelerated quality of sales to deliver margin expansion ahead of plan.

謝謝帕特里斯，大家早安。這個假期季度進一步鞏固了我們執行下一輪利率上限提升策略的良好勢頭。業績超出預期，收入成長與銷售品質提升實現了健康的平衡，從而提前實現了利潤率擴張。

We continued to advance meaningfully on our long-term elevation journey, with double-digit AUR growth on better-than-expected full-price sales and solid new customer acquisition across all regions. At the same time, we further invested in our key strategic priorities to enable sustainable longer-term growth and value creation.

我們在長期提升目標的道路上繼續取得實質進展，全價銷售超出預期，所有地區的新客戶獲取情況穩健，平均年均收入實現了兩位數的增長。同時，我們進一步增加對關鍵策略重點領域的投入，以實現永續的長期成長和價值創造。

And we achieved all of this while continuing to strengthen our balance sheet and cash flows with approximately $650 million in free cash flows and $500 million in returns to shareholders this year to date. Our performance gives us increased confidence in our trajectory. And as a result, we raised our expectations for fiscal 2016, reflecting our strong execution through the first three quarters and a modestly improved outlook for the balance of the year.

而且，我們在實現所有這些目標的同時，也持續加強資產負債表和現金流，今年迄今為止，自由現金流約為 6.5 億美元，股東回報約 5 億美元。我們的出色表現增強了我們對未來發展的信心。因此，我們提高了對 2016 財年的預期，這反映了我們在前三個季度的強勁執行力以及對今年剩餘時間略有改善的前景。

Let me walk you through our financial highlights from the terranes which, as a reminder, are provided on a constant currency basis. Total company third quarter revenue growth of 10% was above our mid-single-digit outlook even as we lap an exceptionally strong holiday performance last year.

讓我帶您了解我們各個地區的財務亮點，需要提醒的是，這些亮點都是以固定匯率為基礎提供的。該公司第三季總營收成長 10%，高於我們先前個位數中段的預期，儘管我們去年假日季的業績表現異常強勁。

Asia led our performance, increasing 22%, followed by North America, up 8% and Europe up 4%. Total company retail comps increased 9% and with balanced growth across our own digital business and brick-and-mortar channels. Total digital ecosystem sales, including our own sites and wholesale digital accounts, grew mid-teens, reflecting growth across all regions, led by Asia.

亞洲市場表現領先，成長了 22%，其次是北美市場，成長了 8%，歐洲市場成長了 4%。公司零售總額成長 9%，自有數位業務和實體通路均實現了均衡成長。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以上的成長，反映了所有地區的成長，其中亞洲地區成長最為顯著。

Total company adjusted gross margin expanded 140 basis points to 69.8%. The increase was driven by AUR growth, favorable mix shift toward our full-price businesses and lower cotton costs, which more than offset the anticipated increase in US tariffs flowing through cost of goods sold along with higher labor and noncotton material costs.

公司整體調整後毛利率成長140個基點至69.8%。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下降，這些因素足以抵消預期中的美國關稅上漲（該關稅會透過銷售成本計入）以及勞動力和非棉材料成本上漲的影響。

AUR grew 18% in the third quarter, well ahead of our plan and supported by strong full price selling trends and reduced discounting, modest targeted pricing and favorable channel and product mix. Across all three regions, outsized full-price consumer demand early in the season enabled us to pull back even more on planned holiday promotions this quarter. We now expect high single to low double-digit AUR growth in fourth quarter with the flexibility to further reduce discounting based on selling trends.

第三季平均營業額成長了 18%，遠超我們的計劃，這得益於強勁的全價銷售趨勢、折扣減少、適度的目標定價以及有利的通路和產品組合。在所有三個地區，季初消費者對全價商品的巨大需求使我們能夠在本季度進一步縮減原定的假期促銷活動。我們現在預計第四季度平均營業額將實現個位數至兩位數的成長，並可根據銷售趨勢靈活地進一步減少折扣。

Adjusted operating expenses grew 9%, a 50 basis point decline as a percentage of sales to last year, reflecting leverage even as we increased marketing investments to support our expanded holiday and localized keys activations. Marketing was 8% of third quarter sales compared to 7.1% last year.

調整後的營運費用成長了 9%，佔銷售額的百分比比去年下降了 50 個基點，這反映出即使我們增加了行銷投資以支持我們擴大的假日和本地化鑰匙啟動活動，槓桿作用依然存在。第三季行銷費用佔銷售額的 8%，去年同期為 7.1%。

With revenue growth exceeding our initial expectations for this year and strong returns on our brand activations, we are taking up our full year marketing outlook to a range of 7.5% to 8%, in line with our long-term expectations. Our adjusted operating margin expanded 200 basis points to 20.7%, and operating profit increased 21%, both ahead of plan.

由於今年的營收成長超過了我們最初的預期，而我們的品牌推廣活動也獲得了強勁的回報，我們將全年行銷展望調整為 7.5% 至 8%，與我們的長期預期一致。經調整後的營業利潤率成長了 200 個基點，達到 20.7%，營業利潤成長了 21%，均超乎預期。

Moving to segment performance and starting with North America. Third quarter revenue grew 8%, above our expectations, with strong performance across both our DTC and wholesale businesses. Our direct-to-consumer business increased 7% with significant quality of sales gains across all channels driven by greater full price selling and lower discounts.

接下來分析各細分市場的業績表現，先從北美市場開始。第三季營收成長 8%，超出預期，DTC 和批發業務均表現強勁。我們的直接面向消費者業務成長了 7%，所有通路的銷售品質均顯著提高，這主要得益於全價銷售的增加和折扣的減少。

In North America Retail, third quarter comps were up 7%, led once again by our Ralph Lauren stores. Digital comps also grew 7%, supported by our full funnel marketing activations, better in-stock positions on key products, and improved site experience.

在北美零售業，第三季同店銷售額成長了 7%，其中 Ralph Lauren 門市再次引領成長。在我們的全通路行銷活動、關鍵產品更好的庫存狀況和改進的網站體驗的支持下，數位產品銷售額也成長了 7%。

In North America wholesale, revenue increased 11%, driven by stronger-than-expected reorders, outperformance in digital wholesale and our top premium and luxury doors, and timing of off-price sales. While we remain encouraged by our sell-out trends, our outlook continues to assume a decline in fourth quarter North America wholesale revenues. This is primarily driven by a planned strategic reduction in off-price sales, the timing of certain spring tents out of Q4 and into Q1 of fiscal '27 and our ongoing wholesale door exits and broader consolidation in the channel.

在北美批發業務中，收入增長了 11%，這主要得益於比預期更強的補貨訂單、數位批發業務的超額收益以及我們頂級高端和豪華門的銷售情況，以及折扣銷售的時機把握得當。儘管我們對銷售趨勢感到鼓舞，但我們仍然預期第四季度北美批發收入將出現下滑。這主要是由於計劃中的策略性減少折扣銷售、某些春季帳篷從 2027 財年第四季度提前到第一季度銷售、以及我們正在進行的批發渠道退出和更廣泛的渠道整合所致。

Moving to Europe. Third quarter revenue increased 4%, in line with our expectations on a very strong prior year compares representing 20% growth on a two-year stack. By market, our performance was led by Germany, the UK, Italy and Spain.

移居歐洲。第三季營收成長 4%，符合我們的預期，這得益於去年同期強勁的成長，兩年累計成長 20%。從市場來看，德國、英國、義大利和西班牙是我們業績表現最佳的國家。

Strong and sustained brand momentum across the region enabled a further pullback in seasonal promotions versus our initial plans, driving higher quality of sales in the quarter. This was in contrast to a highly promotional competitive environment across marks. Underlying demand for Europe remained in line with our full year outlook at the high end of mid-single-digit growth.

該地區強勁且持續的品牌發展勢頭，使得我們能夠進一步減少季節性促銷活動（與最初的計劃相比），從而推動了本季度銷售品質的提高。這與各門市激烈的促銷競爭環境形成了鮮明對比。歐洲的潛在需求與我們的全年預期一致，保持在個位數中段成長的高端水準。

Europe retail comps were up slightly on top of an outsized 17% increase last year. Healthy comps in our full-price Ralph Lauren stores and digital sites were largely offset by softer outlet trends as we pulled back promotions and lapped the strong double-digit compare from the second half of last fiscal year.

歐洲零售同店銷售額在去年17%的大幅成長基礎上略有上升。雖然 Ralph Lauren 全價門市和線上商店的銷售額增長良好，但由於我們減少了促銷活動，並且上個財年下半年的強勁兩位數增長勢頭未能持續，奧特萊斯門店的銷售趨勢有所疲軟，這在很大程度上抵消了這一增長。

Our Europe digital ecosystem increased low double digits led by wholesale digital performance. Europe wholesale increased 8%, above our plan, driven by higher-than-expected reorders. We still expect Q4 to be the most negatively impacted quarter of the year as we strategically pulled forward wholesale receipts earlier in the fiscal year, as previously discussed.

在歐洲數位生態系統中，批發數位業務的強勁表現帶動下，我們的數位生態系統實現了兩位數的低成長。歐洲批發業務成長了 8%，高於我們的計劃，主要原因是補貨量高於預期。我們仍然預計第四季度將是今年受影響最大的季度，因為我們在本財年早些時候就採取了戰略性措施提前收取批發款項，正如之前討論的那樣。

Turning to Asia. Third quarter revenue increased 22% with retail comp growth up 20%. Our teams delivered growth across every market in the region, reflecting disciplined execution, strong full-price demand and high-impact brand engagement from our very Ralph premiers to our Polo originals and regional holiday activations.

轉向亞洲。第三季營收成長22%，其中零售同店銷售額成長20%。我們的團隊在該地區的每個市場都實現了成長，這體現了嚴謹的執行力、強勁的全價需求以及從 Ralph 首發系列到 Polo 原創系列和區域假日推廣活動等高影響力的品牌參與度。

Once again, China led our growth. with sales up more than 30% to last year, driven by comps and new customer recruitment with strong performance during key events like Golden Week and Singles Day and continued growth on (inaudible)

中國市場再次引領了我們的成長。銷售額較去年同期成長超過30%，主要得益於同店銷售和新客戶拓展，尤其是在黃金周和雙十一等重要促銷活動期間的強勁表現，以及持續成長。（聽不清楚）

Sales in Japan increased double digits, driven by ongoing strength in full price sales, enabling further discount reductions throughout the quarter. Asia digital ecosystem sales increased strong double digits in the third quarter. We continue to expand our presence on Chinese social platforms as well as scale our own digital sites in China, Japan and Korea.

日本市場的銷售額實現了兩位數成長，這主要得益於全價商品銷售的持續強勁，從而使得本季能夠進一步降低折扣。亞洲數位生態系統銷售額在第三季度實現了強勁的兩位數成長。我們將繼續擴大在中國社交平台上的影響力，並擴大我們在中國、日本和韓國的自有數位網站的規模。

Moving to the balance sheet. Our strong balance sheet and cash flow generation provide a solid foundation for executing our long-term strategy, providing flexibility and bit uncertainty, enabling continued investment in strategic growth and delivering value to our shareholders.

接下來查看資產負債表。我們強勁的資產負債表和現金流產生能力為執行我們的長期策略提供了堅實的基礎，提供了靈活性和一定的不確定性，使我們能夠繼續投資於策略成長，並為我們的股東創造價值。

We ended the period with $2.3 billion in cash and short-term investments and $1.2 billion in total debt. Third quarter net inventory increased 10% in constant currency, in line with revenue growth. Our inventories remain well positioned to meet consumer demand as we close out the holiday season and begin transitioning to spring.

期末，我們持有現金及短期投資23億美元，總債務為12億美元。第三季淨庫存以固定匯率計算成長10%，與營收成長一致。隨著假期季節的結束和春季的到來，我們的庫存充足，足以滿足消費者的需求。

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.

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 2016, we now expect constant currency revenues to increase high single to low double digits, up from 5% to 7% previously. Foreign currency is still expected to benefit revenue growth by about 200 to 250 basis points this year.

我們現在預計，2016 財年以固定匯率計算的收入將實現高個位數到低兩位數的成長，高於之前的 5% 到 7%。今年外匯匯率仍有望使營收成長提高約 200 至 250 個基點。

With our strong third quarter results, we now expect full year North America revenues to grow at the high end of mid-single digits versus our prior outlook of a slight year-over-year increase. We continue to expect Q4 revenue growth to moderate on a sequential basis, reflecting our planned strategic reductions in off-price wholesale and later timing of spring receipts.

憑藉強勁的第三季業績，我們現在預計全年北美營收將實現中等個位數的較高成長，而我們先前的預期是略微同比成長。我們仍然預計第四季度營收成長將環比放緩，這反映了我們計劃中的折扣批發策略性削減以及春季商品到貨時間的推遲。

While the consumer has proven more resilient than we initially anticipated this year, we remain somewhat cautious on the North American operating environment. due, in part, the further consolidation across the broader wholesale channel, including recent developments at Saks.

儘管今年消費者展現的韌性比我們最初預期的要強，但我們對北美經營環境仍持謹慎態度，部分原因是整個批發管道的進一步整合，包括薩克斯百貨最近的發展。

At the same time, we continue to strategically shift our business toward full price DTC and grow in our top premium and luxury department store doors. Importantly, our net exposure to Saks this year is minimal, reflecting our disciplined and proactive management of the account.

同時，我們繼續策略性地將業務重心轉向全價DTC模式，並在頂級高端和奢侈品百貨公司門市實現成長。重要的是，我們今年對 Saks 的淨敞口極小，這反映了我們對該帳戶的嚴謹和積極管理。

We continue to expect Europe to grow at the high end of mid-single digits with the first half of the year benefiting from planned wholesale timing shifts, followed by the negative impact of those shifts, along with more challenging compares in the second half. Despite the timing shifts, we still expect healthy underlying growth in Europe in line with our long-term plan. And we now anticipate Asia to grow mid-teens up from our prior outlook of a high single to low double-digit increase.

我們仍預期歐洲經濟將維持中等個位數的較高成長，上半年將受益於計畫中的批發時間調整，下半年將受到這些調整的負面影響，同時下半年將面臨更具挑戰性的基數。儘管時間有所調整，但我們仍然預期歐洲經濟將保持健康的基本面成長，這與我們的長期計畫相符。我們現在預計亞洲經濟成長率將達到兩位數中段，高於我們先前預測的個位數高點至兩位數低點的成長。

We now expect full year operating margin to expand approximately 100 to 140 basis points in constant currency compared to our prior guidance of 60 to 80 basis points, driven by a more balanced contribution of margin expansion and expense leverage. Gross margin is now expected to expand about 40 to 80 basis points for the full year.

我們現在預計，全年營業利潤率（以固定匯率計算）將比之前預期的 60 至 80 個基點增長約 100 至 140 個基點，這主要得益於利潤率增長和費用槓桿作用的更加均衡的貢獻。預計全年毛利率將成長約 40 至 80 個基點。

With further growth in AUR and favorable cotton and full-price channel mix, more than offsetting the expected sequentially increasing pressure from US tariffs. Foreign currency is anticipated to benefit gross and operating margins by about 20 and 50 basis points, respectively, in fiscal 2016.

AUR 的進一步成長以及有利的棉花和全價通路組合，足以抵消美國關稅預計逐週增加的壓力。預計外匯匯率將在 2016 財年分別使毛利率和營業利率提高約 20 和 50 個基點。

For the fourth quarter, we expect constant currency revenues to increase approximately mid-single digits. This growth reflects continued strong demand, more than offsetting a planned pull forward of receipts to earlier in the fiscal year as well as a strategic reduction of off-price sales during the quarter, as previously discussed. Foreign currency is expected to benefit revenues by approximately 200 to 300 basis points in the quarter.

我們預計第四季以固定匯率計算的收入將實現中等個位數成長。這一增長反映了持續強勁的需求，足以抵消先前討論過的將部分收入提前到本財年早些時候以及本季度戰略性減少折扣銷售的影響。預計外匯匯率將使本季營收增加約 200 至 300 個基點。

We continue to expect a decline in fourth quarter gross and operating margins this year due to a combination of higher tariffs, timing of marketing campaigns, including the Olympics and our Milan Fashion Show, and previously discussed timing shifts, all within one of our smaller revenue quarters, with Q4 primarily serving as a transitional period between seasons.

我們仍然預計今年第四季度毛利率和營業利潤率將下降，原因是關稅上漲、營銷活動的時間安排（包括奧運會和米蘭時裝週）以及之前討論過的時間調整，所有這些都發生在我們收入較小的第四季度，而第四季度主要是一個季節之間的過渡期。

We continue to expect tariffs to be a meaningful gross margin headwind through the first half of next fiscal year until we begin to lap the higher cost base. Despite the increased near-term input costs, we still expect gross margin expansion in each year of our drive plan with more meaningful tariff mitigation over time.

我們預計，在下一個財政年度上半年，關稅仍將對毛利率構成重大不利影響，直到我們開始抵銷較高的成本基數。儘管近期投入成本有所增加，但我們仍然預計，隨著關稅減免措施的逐步實施，我們的推進計劃每年都將實現毛利率的成長。

We expect fourth quarter operating margin to contract approximately 80 to 120 basis points in constant currency, largely driven by a similar level of gross margin contraction. Operating expenses are expected to be roughly flat to last year as a percentage of sales due to the timing of marketing investments as planned. Foreign currency is expected to benefit gross and operating margins by about 50 and 100 basis points, respectively, in the fourth quarter.

我們預期第四季營業利潤率（以固定匯率計算）將下降約 80 至 120 個基點，這主要是由於毛利率也出現類似幅度的下降。由於行銷投資按計畫進行，預計營運費用佔銷售額的比例將與去年大致持平。預計外匯匯率將在第四季分別使毛利率和營業利率提高約 50 和 100 個基點。

We expect both our fourth quarter and full year tax rate to be in the range of 19% to 21%. Our CapEx outlook of approximately 4% to 5% of sales continues to reflect our investments in sustainable long-term growth. and the infrastructure required to support it. This includes investments in digital and AI capabilities, brand-enhancing new stores and renovations and our multiyear next-generation transformation initiative encompassing integrated business planning, enhanced logistics capabilities and the move to a single globally unified ERP platform.

我們預計第四季和全年的稅率都將在 19% 到 21% 之間。我們預計資本支出將佔銷售額的4%至5%，這反映了我們對永續長期成長以及支持成長所需基礎設施的投資。這包括對數位化和人工智慧能力的投資、提升品牌形象的新店和翻新工程，以及我們為期多年的下一代轉型計劃，該計劃涵蓋了綜合業務規劃、增強物流能力以及向單一的全球統一ERP平台過渡。

In closing, our strong third quarter performance underscores the enduring power of our brand and its deep authentic connection with consumers around the world. Ralph's vision of inspiring the dream of a better life is more relevant than ever resonating across generations and cultures and transcending fashion trends.

總而言之，我們強勁的第三季業績凸顯了我們品牌的持久影響力及其與世界各地消費者之間深厚而真實的聯繫。拉爾夫勞倫斯激勵人們追求更美好生活的願景，在今天比以往任何時候都更具現實意義，它跨越世代和文化，超越時尚潮流，引起廣泛共鳴。

As we continue to navigate a volatile broader operating environment with agility, we remain confident in our ability to deliver sustainable, long-term growth. supported by the strength of our iconic brand and our multiple diversified drivers of growth across geographies, categories and channels.

在我們持續靈活應對動盪的外部營運環境之際，我們依然對實現可持續的長期成長充滿信心。這得益於我們標誌性品牌的強大實力以及我們在地域、品類和通路上的多元化成長動力。

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) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

Congrats on another nice quarter. So Patrice, you cited record levels of new customer acquisition this quarter and continued global brand strength. As you increase the marketing budget, how are you and the team thinking about sustaining longer-term brand momentum?

恭喜又一個季度業績出色。帕特里斯，你提到本季新客戶獲取量創歷史新高，全球品牌實力持續強勁。隨著行銷預算的增加，您和您的團隊是如何考慮保持品牌長期發展勢頭的？

And then Justin, could you elaborate on the drivers of your raised outlook for the fourth quarter? And specifically, trends that you're seeing today on the ground in North America and Europe, maybe post holiday?

那麼，賈斯汀，你能否詳細說明一下你上調第四季業績預期的原因？具體來說，您目前在北美和歐洲，尤其是在節日後，觀察到的趨勢是什麼？

All right. Good morning, Matt. Thank you for your question. So you heard us say it before. Ralph is really much more like a movie director, I think Martin Scorsese or Steven Spielberg, then he is a traditional designer.

好的。早安，馬特。謝謝你的提問。所以你們之前都聽我們說過。我覺得拉爾夫更像電影導演，像是馬丁史柯西斯或史蒂芬史匹柏，而不是一位傳統意義上的設計師。

And he and his talented creative design team invite really people into a cinematic world, right? So it's not just through products like our cashmere sweaters or Polo shirt, but really through cultural moments and experiences that transcend trends. that we attract and retain consumers into our prem.

他和他的才華橫溢的創意設計團隊確實能將人們帶入電影般的世界，對吧？所以，吸引和留住消費者，不僅僅是透過像羊絨衫或 Polo 衫這樣的產品，而是透過超越潮流的文化時刻和體驗。

So yes, we had a great holiday. But we think beyond the moment in time. And listen, whether that's Quite Luxury or Ralph Lauren Christmas or quarter zip sweaters or anything else, we're not reliant on these trends. Now that said, they rarely happen by chance, right?

是的，我們度過了一個很棒的假期。但我們的目光超越了當下。聽著，無論是 Quite Luxury、Ralph Lauren 聖誕系列、四分之一拉鍊毛衣或其他任何東西，我們都不依賴這些潮流。話雖如此，這種情況很少是偶然發生的，對吧？

They reflect the work our teams deliver to weave our brand into the fabric of culture around the world. Ultimately, we've transformed our approach to marketing over the past few years.

它們體現了我們團隊為將我們的品牌融入世界各地文化結構所付出的努力。最終，在過去的幾年裡，我們徹底改變了行銷方式。

Now it's always on in our TCs with a rolling thunder of activations. So moving past this holiday, you can see it now, right? We just finished our Milan Fashion Show Men's Fashion Show with very strong feedback, I'd say, even well beyond our expectations.

現在我們的TC始終處於開啟狀態，啟動過程如同滾滾雷鳴般持續不斷。所以，假期過去之後，你現在應該明白了吧？我們剛結束了米蘭男裝時裝週，獲得了非常正面的回饋，可以說遠遠超出了我們的預期。

Tomorrow, we have our biggest fashion show, which is the opening ceremony of the Winter Olympic games expected to be viewed by more than 2 billion people. And then next Tuesday, we have our women's collection show here in New York, and that's just part of that drug beat of marketing activations.

明天，我們將迎來最大的時裝秀，同時也是冬季奧運的開幕式，預計將有超過20億人觀看。然後下週二，我們將在紐約舉辦女裝系列發表會，這只是我們一系列行銷活動的一部分。

And we have stronger confidence than ever in our marketing ROI, which has enabled us to take up our investments meaningfully over many years and even this quarter relative to last year, as you just here Justin mentioned. So listen, the results are clear. They're healthy, they're durable. And we're fundamentally shifting our consumer base towards a higher-value consumer over time, think more full price skewing younger and more women.

我們對行銷投資回報率的信心比以往任何時候都更強，這使我們能夠在多年來，甚至在本季度，相對於去年同期，進行有意義的投資，正如賈斯汀剛才提到的那樣。所以聽著，結果很明顯。它們健康耐用。隨著時間的推移，我們正在從根本上改變我們的消費群體，使其轉向更高價值的消費者轉變，例如更傾向於全價消費，消費者群體更年輕，女性消費者也更多。

Now this isn't just about marketing, right? Our consumers stay with us because we're consistently delivering what only Ralph Lauren can, the cinematic storytelling that we pair with AI-powered insights, a broad, timeless product portfolio offering superior value and our elevated go-to-market experiences across both digital and brick-and-mortar. And it's the consistent execution across all aspects of our business. That has led to -- 50% of our customers staying with us over 10 years and 25% for over 20 years.

這不僅僅是行銷的問題，對吧？我們的消費者之所以一直支持我們，是因為我們始終如一地提供只有 Ralph Lauren 才能提供的服務：將電影般的敘事手法與人工智慧驅動的洞察相結合，提供廣泛而永恆的產品組合，帶來卓越的價值，以及我們在數位和實體店中提供的優質上市體驗。而這正是我們在業務各方面始終如一的執行力。這使得我們50%的客戶與我們保持合作關係超過10年，25%的客戶與我們保持合作關係超過20年。

So together, this is what's reinforcing our luxury equity and our value proposition, and it's reflected in the way our brand is resonating broadly across generations, across geographies, channels and cultures, not just today or for a trend cycle but for a lifetime.

因此，正是這些因素共同強化了我們的奢侈品資產和價值主張，並且體現在我們的品牌能夠跨越世代、地理、管道和文化，引起廣泛的共鳴，這種共鳴不僅限於今天或某個潮流週期，而是持續一生。

And then on the outlook for Q4, we saw continued broad-based global momentum across regions and channels beyond our brand and our business through and coming out of holiday. So we took up our Q4 outlook based on this continued momentum notably in North America, where despite a pretty volatile choppy operating environment, we continue to drive solid, high-quality, balanced growth across channels this past quarter.

展望第四季度，我們看到，在假期期間及假期結束後，我們的品牌和業務在全球範圍內，各個地區和管道都持續保持著廣泛的成長勢頭。因此，我們根據這一持續成長勢頭，尤其是在北美地區，調整了第四季度的展望。儘管北美地區的經營環境相當動盪，但我們在過去一個季度中繼續在各個管道實現穩健、高品質、均衡的成長。

Asia also really strong momentum behind our businesses across markets in that region. Now -- we do expect some moderation in Q4 growth versus the quarter we're coming off of that's driven by the timing of wholesaler sheets in North America and Europe and strategic reduction of sales in the off-price channel, as I mentioned in my prepared remarks.

亞洲市場也為我們在該地區的業務發展提供了強勁動力。現在——我們預計第四季度的成長將比上一季度有所放緩，這是由於北美和歐洲批發商的業績報告發佈時間以及折扣管道的戰略性減產所致，正如我在準備好的發言稿中提到的那樣。

But underlying demand remains healthy, and our core consumer continues to be resilient and we expect a healthy solid underlying growth trend for as reflected in that mid-single-digit guide and as we head into the spring selling season in earnest.

但潛在需求依然健康，我們的核心消費者仍然保持韌性，我們預計潛在成長趨勢將保持健康穩健，正如我們先前給出的個位數中段成長預期所反映的那樣，而且隨著春季銷售旺季的臨近，這一趨勢也將持續下去。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Justin, your 18% AUR growth this quarter was well ahead of your guidance of up high single digits. Could you just walk us through the drivers of your AUR increase? And are you starting to see any price resistance from consumers at these levels? And also, if you could describe where the company is in terms of full price selling today? And maybe what the ultimate opportunity is long term?

賈斯汀，你本季18%的平均年化殖利率成長遠超你先前預測的個位數高成長。能否請您詳細介紹AUR成長的驅動因素？您是否開始看到消費者對目前價位的價格有所抵觸？另外，您能否描述一下公司目前全價銷售的情況？或許，從長遠來看，最終的機會是什麼？

Sure. Thanks for the question. So look, we're really encouraged by the consistency of our execution and results we've been delivering over really an extended period of time under this next great chapter strategy. AUR growth is one important output of that long-term brand elevation strategy. So it's not the only driver of our revenue growth.

當然。謝謝你的提問。所以你看，我們對在「下一個偉大篇章」策略下，我們在相當長的一段時間內所取得的執行力和成果的一致性感到非常鼓舞。AUR成長是此長期品牌提升策略的重要成果之一。所以，這並不是我們營收成長的唯一驅動因素。

And as we've talked before, our growth is and will continue to be driven by a combination of new customer acquisitions, Patrice just talked targeted unit growth and AUR expansion. And specifically on AUR, this quarter, it builds on more than eight years of consistent AUR growth, right? And our drivers remain durable.

正如我們之前討論過的，我們的成長現在和將來都將由新客戶的獲取和Patrice剛才提到的目標單元成長以及AUR擴張共同推動。具體來說，就平均使用率 (AUR) 而言，本季是在連續八年多的 AUR 成長基礎上實現的，對吧？我們的駕駛員依然經久耐用。

And we still have meaningful runway ahead of us in each of our regions. And these drivers include our investments in brand elevation and marketing to support full price customer acquisition and retention; favorable geo and channel mix with Asia and full price DTC continuing to lead our growth. an increasingly elevated product mix, and we enhance our offering, we scale our high-potential categories, reduced promotional activity as we leverage analytics to be more precise in our offers and targeted pricing focused on delivering really compelling customer value.

而且，我們每個地區還有很長的路要走。這些驅動因素包括：我們對品牌提升和行銷的投入，以支持全價客戶的獲取和留存；有利的地域和通路組合，亞洲和全價DTC通路繼續引領我們的成長；不斷優化的產品組合，我們提升產品供應，擴大高潛力品類的規模，減少促銷活動，利用數據分析更精準地提供優惠和明確的定價

Now this fiscal year, (inaudible) price demand enabled us to pull back on PMOs even more than we initially planned. across all regions, including in the third quarter. And that reduction in discounting, that was the primary driver of that AUR growth coming in at high teens for the quarter ahead of the original expectation of up by single digits.

本財年，由於（聽不清楚）價格需求，我們得以在所有地區（包括第三季）比原計劃進一步削減專案管理辦公室 (PMO) 的規模。折扣減少是推動本季平均使用率 (AUR) 成長的主要因素，最終實現了接近 10% 的成長，高於最初預期的個位數成長。

All of our other durable AUR drivers, they contributed about equally, I would say, to our growth. And importantly, we haven't experienced price resistance from our core customers.

我認為，我們所有其他長期穩定的 AUR 司機對我們的發展做出了大致相同的貢獻。更重要的是，我們的核心客戶並沒有對我們的價格提出異議。

So we continue to monitor our value proposition very, very closely. And our value perception and MPS scores have both progressively increased over time in tandem with AUR. And we're encouraged by the solid comp growth we're delivering and the share gains we're seeing across markets alongside this AUR expansion.

因此，我們將繼續非常密切地關注我們的價值主張。隨著 AUR 的提高，我們的價值感知和 MPS 評分也逐漸提高。我們對公司業績的穩健成長以及在各個市場隨著平均營業額 (AUR) 擴張而取得的市場份額成長感到鼓舞。

Our focus remains on driving sustainable top line growth while continuing to shrink in our quality of sales. It's very much an end for us. It's not an either or an or. And it's all part of our longer-term plan to continue to elevate our brand and invest in our future, all while delivering healthy growth and margin expansion.

我們將繼續專注於實現永續的營收成長，同時不斷降低銷售品質。對我們來說，一切都結束了。這不是二選一的問題。這一切都是我們長期計畫的一部分，旨在不斷提升品牌形象，投資未來，同時實現健康成長和利潤率提升。

And on the full price business point, full price continues to lead our business performance. And that's true really across markets, across channels, across categories.

就全價業務而言，全價業務持續引領我們的業務表現。而這種情況在各個市場、各個通路、各個類別中都確實存在。

When you think about the share of our customer base, as we add more and more new consumers to DTC, and you heard Patrice talk about the $2.1 million this quarter, they're more and more skewing towards full price. So that percentage of our total customer base continues to increase over time, and you see that not only in the customer info, but in our KPIs and our quality of sales metrics.

當你考慮到我們的客戶群份額時，隨著我們不斷增加 DTC 的新消費者，而且你也聽到了 Patrice 談到本季度 210 萬美元的收入，他們越來越傾向於全價購買。因此，我們客戶總數的比例隨著時間的推移而持續增長，您不僅可以從客戶資訊中看到這一點，還可以從我們的關鍵績效指標和銷售品質指標中看到這一點。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

I wanted to ask about Europe. Justin, I think you called out better performance from full-price stores versus outlets as the offset. Can you maybe quantify the spread for the audience to get to the comp and then bigger picture for the year, I think you called out Europe is guided to be up high end of mid-singles.

我想問關於歐洲的情況。賈斯汀，我認為你指出全價商店的業績比奧特萊斯店更好，以此作為抵銷因素。您能否量化一下觀眾人數的分佈情況，以便更好地了解比賽情況，以及全年的整體情況？我認為您提到過，歐洲的收視率預計會達到中游水準。

Just want to confirm that for the audience that's on a CC basis and if so, that implies Europe could be flattish for 4Q? So I'm just curious if that's driven by conservatism or Patrice, are you -- is there anything that you want to call out for the audience on what you're seeing in Europe for this quarter?

我想確認一下，對於CC觀眾來說，這是否意味著歐洲第四季經濟可能趨於穩定？所以我很好奇，這是保守主義驅動的嗎？還是帕特里斯，你——你有什麼想向觀眾指出的，關於你在本季看到的歐洲情況？

Thanks. So our underlying growth in Europe used to be healthy and strong. And that's what we've been delivering from the region for the past several years in both Q3 and fiscal '26, I'll call for fiscal 2016. They're coming in where we expected them. right, with that full year outlook up at the high end of mid-single digits, in line with our plan and longer-term growth outlook for Europe.

謝謝。因此，我們在歐洲的潛在成長曾經是健康且強勁的。而這正是我們在過去幾年中，無論是在第三季度還是在 2026 財年（我稱之為 2016 財年）中，從該地區交付的成果。他們的業績符合預期。沒錯，全年預期成長率將達到個位數中段的高端水平，這與我們的計劃以及對歐洲的長期成長預期相符。

We're happy with the underlying growth that we're seeing in Europe. And overall, if you look at it, from a long-term basis, we've been pretty consistent in delivering solid, high-quality growth, especially if you normalize out some of the onetime things like coveting timing shifts.

我們對歐洲市場目前呈現的潛在成長感到滿意。總的來說，從長遠來看，我們一直保持著穩健、高品質的成長，尤其是在剔除一些一次性因素（如對時間變化的渴望）之後。

Our strategy is working. And it's a great example of elevated execution and brand positioning across all channels throughout the region, strong high-quality partnerships, solid new customer acquisition.

我們的策略奏效了。這是該地區所有通路執行力和品牌定位提升、建立強大的高品質合作夥伴關係以及穩健的新客戶獲取的絕佳範例。

To your point, Laurent, the full price business is leading our growth. That continues to be a trend, which in Q3, it provided us with really the strategic opportunity to lean a bit more into enhancing our quality of sales, pull back on discounts to bother comp growth, which you see come through those quality of sales in the AUR and the gross margins. and we still delivered comp growth despite being up versus a very strong baseline in the prior year, right?

勞倫特，你說得對，全價業務正在引領我們的成長。這一趨勢仍在持續，在第三季度，它為我們提供了一個真正的策略機遇，讓我們能夠更加重視提升銷售質量，減少折扣以促進同店銷售成長。您可以看到，銷售品質的提升體現在平均營業額和毛利率上。儘管去年同期基數很高，但我們仍然實現了同店銷售成長，對吧？

We're up mid- high teens in the prior year, right? This was really also an investment to drive durable growth beyond this quarter. So there's been a little noise, timing shifts have made a bit more challenging to get a beat on the underlying trend from quarter to quarter.

我們比前一年增長了十幾到二十幾個百分點，對吧？這實際上也是一項旨在推動本季之後可持續成長的投資。因此，出現了一些波動，時間上的變化使得掌握季度間的潛在趨勢變得更加困難。

And that's why we specifically provided that full year trend in our latest guide, which continues to be steady, healthy high-quality top line growth in that mid-single-digit range, which we feel really good about. And we still feel like that's the right normalized level of growth looking ahead, and we're well on track to deliver that.

因此，我們在最新的指南中專門提供了全年趨勢，即營收持續保持穩定、健康、高品質的成長，成長率在個位數中段，我們對此感到非常滿意。我們仍然認為這是未來發展的合理正常水平，而且我們正朝著這個目標穩步前進。

And for Q4, I would say our outlook for Europe is slightly up. But again, the underlying growth trend a bit more normalized in that mid-single-digit range because you do have some of those timing shifts that are pressuring that top line trend.

至於第四季度，我認為我們對歐洲市場的展望略有上調。但同樣，由於一些時間上的轉變對營收成長趨勢造成了壓力，因此潛在的成長趨勢在個位數中段範圍內更加正常化了。

Yes. I would add, Laurent, I mean, Justin is right, there's noise in the numbers because of time and for Europe. But a few things to call out. First of all, our core consumers resilient continues to be healthy in resilient across the European market, and we saw particular strength this time in Germany and UK, our largest markets, but also good strength in Southern Europe as well.

是的。我還要補充一點，Laurent，我的意思是，Justin 說得對，由於時間和歐洲的情況，數字中存在一些波動。但有幾點需要指出。首先，我們的核心消費者群體在整個歐洲市場中仍然保持著良好的韌性，尤其是在我們最大的市場德國和英國，我們看到了特別強勁的成長勢頭，南歐市場也表現良好。

Second piece is the brand momentum continues to be , and we see that across the key metrics, whether that's NPS, whether that's how we're continuing to bring in new consumers into the company and into the brand over the quarter. And then third, just reiterating Justin's point, we were very choiceful in terms of interventions for Europe in Q3.

第二點是品牌動能依然強勁，我們在關鍵指標上都看到了這一點，無論是 NPS，還是我們在本季繼續為公司和品牌吸引新消費者的方式。第三，重申賈斯汀的觀點，我們在第三季對歐洲的干預措施方面非常謹慎。

We felt really good about the progress in our full-price stores. We have very strong digital performance that quarter. We have very healthy wholesale performance, and that allowed us to pull back on our promotional activities further than expected. And it's very deliberately because, listen, we're playing the long game, right?

我們對全價門市的進展感到非常滿意。該季度我們的數位化業績非常強勁。我們的批發業務表現非常健康，這使我們能夠比預期進一步縮減促銷活動。這是經過深思熟慮的，因為，聽著，我們是在打一場持久戰，對吧？

And to Jay's earlier question on full price selling and others, that's where we're moving forward, right? And so when we see opportunities to pull back on promotional activity, we will take advantage of it in the context of a business that is quite healthy that we're very excited about, and it's got good momentum.

至於 Jay 之前提出的關於全價銷售和其他問題，這正是我們未來的發展方向，對吧？因此，當我們看到有機會減少促銷活動時，我們會利用這個機會，因為公司目前發展勢頭良好，我們對此感到非常興奮。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

I wanted to maybe follow that a little bit, Justin, it sounds like in Europe, the decision was made in the Atlas to pull back a little bit. I think you said there was an investment to drive durable growth going forward after this quarter.

賈斯汀，我想稍微跟進一下，聽起來在歐洲，阿特拉斯已經決定稍微縮減規模。我想你說過，本季之後會有一筆投資來推動未來的永續成長。

Can we interpret that to mean that the interventions in the outlet in Europe was F3Q only? Or does that -- do you think that you want to keep doing that in fourth quarter? Is that -- do you think that starts to improve?

我們能否將其解釋為歐洲出口處的干預措施僅限於 F3Q？或者說——你認為你想在第四季繼續這樣做嗎？你覺得情況會開始好轉嗎？

And then I guess, picking up a little bit, the total company operating margin is really strong here. and that was despite Europe dropping a little bit. I was surprised to see Europe segment margins down a bit given the explanation that we pulled back on promotions in the outlets.

然後，我想，隨著業績略有回升，公司整體營業利潤率非常強勁。即便歐洲業務略有下滑，這一成績依然如此。考慮到我們減少了門市的促銷活動，我對歐洲業務利潤率略有下降感到驚訝。

Can you just help us understand the Europe margin a little better? And if you expect that to remain a headwind for a few quarters? Or how will that roll forward?

您能幫我們更能理解一下歐洲利潤率嗎？如果你預計這種情況會持續幾個季度，那會怎麼樣？或者說，這件事會如何發展下去？

Sure, Michael, thanks for the questions. On the last part first, the Europe, we increased our marketing investment in Europe in the quarter. So that's what's pressuring the bottom line. And again, that's been a focus of ours. We've seen really strong healthy returns out of our marketing.

當然，邁克爾，謝謝你的提問。先說最後一部分，歐洲，本季我們增加了在歐洲的行銷投入。這就是影響公司獲利的因素。再次強調，這始終是我們的關注重點。我們的行銷活動取得了非常強勁且健康的成效。

We've talked about having been taking up the rate at Investor Day, we talked about the 7.5% to 8.5% trend. We took up our marketing rate guide for this year to that 7.5% to range. And we're seeing really nice returns again, not just short term, but both short and longer term. return. So that's what you're seeing pressure on the margin.

我們在投資者日上討論過利率問題，也討論過 7.5% 到 8.5% 的趨勢。今年我們將行銷費率指導範圍定為 7.5%。我們再次看到了非常可觀的回報，不僅是短期回報，而且是短期和長期回報。所以這就是利潤率面臨的壓力。

In terms of the way to think about the quality of sales investments in Europe and really this applies beyond Europe. This is our brand elevation strategy philosophy, we're on a continuous elevation journey, right?

就思考歐洲銷售投資的品質而言，這其實也適用於歐洲以外的地區。這就是我們的品牌提升策略理念，我們一直在不斷提升品牌，對吧？

Our focus remains on driving sustainable top line growth while continuing to strengthen our quality of sales. And when you think about the strong full price selling that we saw in Q3, it gave us that strategic choice to lean in more, right, notably in the outlet channel and all over the world, right, not just in one region.

我們將繼續專注於推動營收的可持續成長，同時不斷提高銷售品質。考慮到我們在第三季度看到的強勁的全價銷售，這讓我們有了戰略選擇，可以更加重視奧特萊斯管道，並且在全球範圍內，而不僅僅是一個地區。

So when you think about going forward, we're going to continue to do the right things for the health of our long-term branded business while delivering or, in this case, over delivering on our results in the short term. We've got many quality of sales levers to lean into One of them is obviously refining our promotions and discounts.

所以展望未來，我們將繼續做有利於我們長期品牌業務健康發展的正確事情，同時在短期內實現或超越預期目標。我們有許多提升銷售品質的手段可以運用，其中之一顯然是改進我們的促銷和折扣策略。

And as we get sharper with our customer information and segmentation, our analytics, and we could be more precise and targeted one to one with that communication, you're going to see us continue to refine our discounts and our promotions across all of our regions as we move forward. And there's runway for that refinement in all regions, not only North America but in all regions to some extent.

隨著我們對客戶資訊和細分、分析的掌握越來越精準，我們可以進行更精準、更有針對性的一對一溝通，您將會看到我們不斷改進我們在所有地區的折扣和促銷活動。而且在所有地區，包括北美，所有地區，都有一定程度的進步空間。

And if I could just provide a little more color, Michael, on Justin's comment relative to increased marketing in Europe, which we're very excited to do. Europe has a number of key cities that are not fully activated from a marketing standpoint. And the work we're doing with our teams on the ground is to expand our activation across cities.

邁克爾，如果我能再補充一點關於賈斯汀提到的在歐洲加大行銷力度的評論的話，我們對此感到非常興奮。歐洲有許多重要城市，從行銷的角度來看，尚未充分開發。我們正在與第一線團隊合作，將我們的活動推廣到各個城市。

So that's where that incremental marketing is going. We're seeing really good returns. So we expect to continue to drive that as our team executes with excellence on the ground, but of course, in the context of the broader financial targets that we want to deliver.

這就是漸進式行銷的發展方向。我們看到了非常好的回報。因此，我們希望在團隊出色執行各項工作的同時，繼續推動這一目標的實現，當然，這一切都要在我們想要實現的更廣泛的財務目標的背景下進行。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Let me add my congratulations very nicely. Nice since the quarter -- the holiday quarter. My question is on the Ask Ralph, the implementation of Agentic AI. What have you learned the early learnings? I mean this is the first holiday that we've really seen that really come to the forefront.

讓我用非常得體的方式表達我的祝賀。自從本季以來就一直不錯——因為是假期季度。我的問題是關於 Ask Ralph 的，即智慧體人工智慧的實現。你從早期學習中學到了什麼？我的意思是，這是我們真正看到的第一個真正成為焦點的節日。

What did you learn from this holiday? And how quickly can you deploy those changes? And then Justin, can you talk about whether the benefit to cotton and possibly freight perhaps in the quarter as input costs are contemplated obviously in the fourth quarter, but how should we think about that going into the early part of fiscal '27?

你從這次假期中學到了什麼？你能以多快的速度部署這些變更？那麼，賈斯汀，你能談談棉花和貨運是否會受益嗎？因為投入成本顯然是在第四季度考慮的，但我們該如何看待進入 2027 財年初期的情況？

Thank you for your questions. Listen, we were pleased to be a leader in this space with the launch of Ask Ralph, the AI Ask Ralph. It's early days, but we are very encouraging early reads, and we're driving learnings how consumers interact with natural language search, right, that's a meaningful change. And also, this provides us with incredible access to high-quality first-party data, right, which is ultimately the goal when it comes to marketing moving forward.

感謝您的提問。聽著，我們很高興能夠憑藉人工智慧助理 Ask Ralph 的推出，成為該領域的領導者。現在還處於早期階段，但我們非常鼓勵早期閱讀，我們正在推動了解消費者如何與自然語言搜尋互動，對吧，這是一個意義重大的變化。此外，這讓我們能夠獲得高品質的第一方數據，對吧？這正是未來行銷的最終目標。

So we're seeing consumers engage across many different fronts and questions as they're looking for advice on how to style themselves for different occasions for different weathers and so on. We're going to expand and add new features. So right now, you will have noticed we don't have our full brand portfolio on it yet. We're going to be adding that shortly. We're also looking to further integrated into our overall digital ecosystem.

因此，我們看到消費者在許多不同的方面和問題上進行互動，他們希望獲得有關如何在不同場合、不同天氣等情況下進行穿搭的建議。我們將進行擴展並增加新功能。所以現在，您可能已經注意到，我們還沒有把所有的品牌組合都放在上面。我們很快就會加入這個功能。我們也希望進一步融入我們的整體數位生態系統。

Right now, it's only available on the app in the US. You're going to see us expand that. We're also going to integrate voice and filing based on images provided by users, which we don't have yet.

目前，該功能僅在美國的應用程式上可用。你會看到我們擴大這方面的規模。我們還將整合語音功能和基於用戶提供的圖像進行歸檔的功能，而我們目前還沒有這些功能。

So it's an incredible platform as a starting point with right now, I would say, a learning experimentation phase that's very promising. And this is a space where we want to continue to lead. And to some extent, if you fast forward, I think this is the precursor of our consumer agent.

所以，這是一個非常棒的平台，可以作為起點。我認為，目前正處於一個非常有前景的學習實驗階段。而這正是我們希望繼續引領的領域。從某種程度上說，如果快進到未來，我認為這就是我們消費者代理的雛形。

Well, I mean today, it's primarily a style agent. But I think as you evolve and look ahead, you can see how as Ralph can become really the consumer agents for the customer base that we engage with.

嗯，我的意思是，如今它主要是一家風格代理公司。但我認為，隨著你的發展和展望未來，你可以看到 Ralph 如何真正成為我們所接觸的客戶群的消費者代理人。

And then obviously, in parallel, right, there's also this whole development in the area of the Gentex shopping and we're tapped into that and learning about that as well to make sure that we are set up to meet the consumer where they want to engage with us and how they want to shop with us.

顯然，與此同時，Gentex 購物領域也在蓬勃發展，我們也積極參與其中，不斷學習，以確保我們能夠滿足消費者希望與我們互動的方式以及他們希望在我們這裡購物的方式。

And on the margin question, so taking a step back for our biggest driver for gross margin was indeed a UR increase driven by that promo pullback. We did see favorable cotton tailwinds and favorable freight modestly in the quarter that benefited our gross margin.

至於利潤率問題，退一步講，我們毛利率的最大驅動因素確實是促銷活動撤回後 UR 的成長。本季我們確實看到了有利的棉花市場順風和有利的貨運價格，這對我們的毛利率起到了一定的提振作用。

Now on the cotton side, we're still tracking to deliver that 175 bps benefit that we've called out over the two-year period, fiscal '25 and '26. You are seeing that impact moderate as we move through fiscal '26 as we expected.

現在，就棉花方面而言，我們仍然預計在 2025 財年和 2026 財年這兩個兩年期間實現我們之前提出的 175 個基點的收益。正如我們預期的那樣，隨著2026財年的推進，這種影響正在逐漸減弱。

On the freight side, a little bit of favorability in the quarter, but for the fiscal expense would be roughly neutral. And I think as you think about those two input costs, I think looking forward, I think we're expecting a relatively neutral outlook.

貨運方面，本季略有利好，但財政支出方面則大致持平。我認為，考慮到這兩個投入成本，展望未來，我們預期前景相對中性。

Blake Anderson, Jefferies LLC.

布萊克·安德森，傑富瑞有限責任公司。

(inaudible) Holiday wanted to ask on Q4 as well, just on the margin outlook there. So I know you said the contraction on the operating margin side is mainly tariffs. I think gross margin, you just mentioned cost inflation.

（聽不清楚）Holiday 還想問一下第四季的狀況，主要是利潤率前景。我知道您說過營業利潤率下降主要是關稅造成的。我認為是毛利率，你剛才提到了成本通膨。

Just curious why you wouldn't be able to offset that with the continued AUR growth for Q4, any other conservatism or factors we should be considering? And then as we -- as you think about the ability to mitigate tariffs, next year, I think you said you're looking to be able to do that. How do we think about mitigating those tariffs in the first half of next year?

我只是好奇為什麼您無法透過第四季度持續的AUR成長來抵消這一影響，還有其他保守因素或我們應該考慮的因素嗎？然後，當我們——當您考慮明年減輕關稅的能力時，我想您說過您希望能夠做到這一點。我們如何考慮在明年上半年緩解這些關稅的影響？

Thanks for the question. is we're feeling really good about what we've been able to deliver with our gross margin expansion. And we actually improved our Q4 outlook from our original implied guidance. And while tariffs have remained largely unchanged, we've been able to migrate the related cost inflation better than we expected.

謝謝你的提問。我們對毛利率提升所取得的成果感到非常滿意。實際上，我們提高了第四季的業績預期，比我們最初給出的預期更高。雖然關稅基本上保持不變，但我們成功地將相關的成本上漲轉移出去，效果比預期要好。

And we obviously exceeded our expectations in Q3 with that higher price selling an AUR outperformance, which drove our gross margin beat and more than offset the tower flow through the cost of goods sold, which ramped up in the third quarter as we anticipated.

顯然，第三季度我們憑藉更高的售價和AUR的優異表現，超出了預期，這推動了我們的毛利率超預期，並完全抵消了銷售成本中因塔式 ...

We still expect to be the most impacted quarter this fiscal year in terms of year-over-year gross margin pressure, and that's consistent with our planned case, right? It's a combination of the reciprocal tariffs and the timing shifts we made to accelerate receipts earlier in the fiscal year during the pause period and this has been one of our smaller revenue quarters of the year, the transitional quarter between seasons.

我們仍然預計本財年受影響最大的季度將是同比毛利率壓力最大的季度，這與我們之前的計劃一致，對吧？這是相互關稅政策和我們在財政年度早期暫停期間為加快收入而採取的時間調整共同作用的結果，這也是我們今年收入較低的一個季度，是季節交替的過渡季度。

And as I mentioned, the benefit from cotton cost also moderates and it's worth noting we are up against a very, very strong gross margin baseline in Q4 of last year. But even with that year one tariff pressure, right, we're now expecting 40 to 80 bps of gross margin expansion this fiscal year. And we've also taken up our Q4 AUR guide to the high single to low double-digit range.

正如我之前提到的，棉花成本帶來的好處也會有所緩和，值得注意的是，我們面臨的是去年第四季非常非常強勁的毛利率基數。但即便麵臨第一年的關稅壓力，我們現在預計本財年毛利率將成長 40 至 80 個基點。我們也把第四季 AUR 指導價定在了個位數高點到兩位數低點的範圍內。

Beyond this fiscal year, we still expect to expand gross margin and mitigate the cost inflation. And you'll start to see our broader beginning actions take shape, country of origin ships, optimization, merchandising actions. You'll start to see those all come into play as we move through fiscal '27.

展望未來，我們預期本財年結束後，毛利率仍將持續成長，成本通膨也將緩解。然後您將開始看到我們更廣泛的初步行動逐漸成形，包括原產國船舶、優化、商品銷售行動。隨著我們進入 2027 財年，你會看到這些因素都開始發揮作用。

Irwin Boruchow, Wells Fargo.

歐文‧博魯喬夫，富國銀行。

Justin, I just wanted to quickly clarify based on the margin guide for Q4. Are you essentially SG&A flat. So grosses are effectively flat, up 20% to down 20%. Just let me know if I'm looking at that right. And then you mentioned headwinds to start next year, but up for the annual, as you commented, relative to your algo.

賈斯汀，我只是想根據第四季的利潤率指引快速澄清一下。你的費用基本上包含在銷售、管理及行政費用中嗎？因此，總票房實際上持平，漲幅在 20% 到 20% 之間。請告訴我我理解得是否正確。然後你提到明年年初會遇到一些不利因素，但正如你所評論的，相對於你的演算法而言，年度業績將會上升。

Are there any quarters where grosses should be negative? I'm just curious the magnitude of the margin pressure from tariffs in the first half, if it's large enough to actually put to plan the gross margins down to start in the first half before inflecting?

是否存在毛利為負的季度？我只是好奇關稅對上半年利潤率的壓力有多大，是否大到需要企業在上半年開始調降毛利率，然後再調整？

Yes. So when you think about really, what you're seeing there is you're seeing from a gross margin perspective, you're seeing the pressure from what I just outlined the peak tariffs in this transitional quarter and the timing of some of the receipt flow through. That's really the pressure there.

是的。所以當你仔細想想，你看到的其實是從毛利率的角度來看，你看到的是我剛才概述的過渡季度高峰關稅以及一些收款到賬時間帶來的壓力。這就是那裡真正的壓力。

And we always expect that to be the most pressured quarter for this fiscal year. I think as we move forward, you think about the tariff ramp up and ramp down period, we know we do start to lap that higher cost base once we get into the mid fiscal '27.

我們一直預計這將是本財年壓力最大的季度。我認為，隨著我們不斷向前發展，考慮到關稅的逐步提高和逐步降低的時期，我們知道一旦進入 2027 財年中期，我們就會開始克服較高的成本基礎。

That being said, it's fair to say that Q4 is really where we expect the peak pressure. And you can see that pressure come through in the gross margin, which is pressuring the bottom line as well. still feel really good about the view we're delivering both on the top and bottom line, obviously, and we just raised both our outlooks.

也就是說，可以肯定地說，我們預期第四季才是壓力達到高峰的時候。你可以看到這種壓力反映在毛利率上，這也對淨利潤造成了壓力。不過，我們仍然對我們目前的營收和利潤前景感到非常滿意，而且我們剛剛提高了這兩項業績預期。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Patrice and Justin with your updated operating margin guidance for fiscal '26 of 100 to 140 basis points you're quickly achieving your fiscal '28 Investor Day targeted operating margin expansion. Do you see further operating margin expansion opportunity for the balance of the plan? And if so, can you outline the opportunity and the core drivers that we should be considering?

Patrice 和 Justin，你們更新後的 2026 財年營業利潤率預期為 100 至 140 個基點，你們正迅速實現 2028 財年投資者日設定的營業利潤率擴張目標。您認為在計畫剩餘時間內，營業利益率還有進一步提升的空間嗎？如果是這樣，您能否概述一下我們應該考慮的機會和核心驅動因素？

Listen, we feel really good about how we're tracking to deliver year one of the long-range plan that we shared back in September at our Investor Day. Our three-year plan is off to a strong start. And we're not guiding beyond Q4 this fiscal year today, but we feel good about the broad-based momentum and the strength behind our brand and our business around the world. It's the healthy sustainable growth that we see across markets, categories, channels.

聽著，我們對目前進展順利，能夠實現我們在九月投資者日上分享的長期計劃的第一年目標感到非常滿意。我們的三年計劃開局良好。目前我們不對本財年第四季之後的業績進行預測，但我們對我們的品牌和業務在全球範圍內的廣泛發展勢頭和實力感到滿意。這是我們在各個市場、類別和通路中看到的健康永續成長。

I think that we do expect to continue to balance margin expansion with making strategic investments to drive longer-term growth in each year of our three-year long-term plan. beyond year one, right? Our lens is long term, and we're building for the long term, and we want to deliver attractive, consistent performance on the top and the bottom line our approach outlined at our September Investor Day has not changed. And more to come again when we chat in May.

我認為，在三年長期計畫的每一年裡，我們都將繼續在利潤率擴張和策略投資之間取得平衡，以推動長期成長。第一年後也是如此，對吧？我們著眼於長遠，致力於長期發展，我們希望在營收和利潤方面實現具有吸引力的、持續的業績。我們在 9 月投資者日上概述的方法並沒有改變。五月我們再聊的時候，還會有更多內容。

All right. Very good. Well, thank you all for your questions. Thank you for joining today and we look forward to reconnecting now late May to share our fourth quarter and fiscal year-end results. We're really pleased with where we are three quarters in.

好的。非常好。謝謝大家的提問。感謝您今天的參與，我們期待在五月下旬與您再次相聚，分享我們的第四季和財年業績。我們對目前四分之三的進度非常滿意。

We look forward to engaging with you at the end of next quarter. And so then, take care, and have a great day.

我們期待在下個季度末與您進行交流。那麼，保重，祝你今天過得愉快。

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

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。