雷夫·羅倫馬球 (RL) 2026 Q4 法說會逐字稿

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

各位女士、先生，感謝您耐心等候。歡迎參加 Ralph Lauren 2026 會計年度第四季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把會議交給我們的主持人 Corey Van der Ghinst 女士。請開始。

Good morning. Thank you for joining Ralph Lauren's fourth quarter and year-end fiscal 2026 conference call. With me today are Patrice Louvet, the company's President and Chief Executive Officer; and Justin Picicci, Chief Financial Officer.

早安。感謝您參加 Ralph Lauren 2026 會計年度第四季及全年年終財報電話會議。今天與我一同出席的有公司總裁兼執行長 Patrice Louvet，以及財務長 Justin Picicci。

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

在準備好的發言之後，我們將開放提問，並請各位每位來電者將問題限制為一題。在今天的電話會議中，我們將以固定匯率調整後的基礎來討論財務表現。我們的已報告結果（包含外匯影響）可見於今天早上的新聞稿。我們也將在聯邦證券法所界定的範圍內作出若干前瞻性陳述，包括我們的財務展望。

Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements. Our expectations contain many risks and uncertainties. Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings.

前瞻性陳述並非保證，我們的實際結果可能與前瞻性陳述中明示或暗示的內容有重大差異。我們的預期包含許多風險與不確定性。可能導致我們的結果與目前預期出現重大差異的主要風險與不確定性，已在我們向 SEC 提交的文件中詳述。

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.

如需查閱我們在討論財務結果時所使用的非 GAAP 指標之揭露與調節表，請參考今天早上的財報新聞稿，以及可於我們投資人關係網站查閱的 SEC 申報文件。

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

接下來，我把電話交給 Patrice。

Thank you, Corey. Good morning, everyone, and thank you for joining today's call. As we reflect on this past year, our teams around the world executed with excellence and agility to deliver a strong first year of our Next Great Chapter drive strategic plan. We drove broad-based performance across our lifestyle categories, geographies and channels. all while continuing our long-term journey of elevating our positioning in the marketplace.

謝謝你，Corey。各位早安，感謝大家參加今天的電話會議。回顧過去一年，我們全球團隊以卓越與敏捷的執行力，交出「Next Great Chapter」成長驅動策略計畫的強勁首年成績。我們在生活風格品類、各地區與各通路皆實現廣泛的績效表現，同時持續推進我們在市場上提升品牌定位的長期旅程。

And to our customers around the world who are engaging with Ralph Lauren like never before, we want to thank you for stepping into our world and for your enduring loyalty. From your TikTok posts that feature your interpretation of a Ralph Lauren Christmas, a classic quarter-zip or team USA gear to all of you who have waited patiently for a cup of Ralph's Coffee. We're inspired by the ways in which you're interpreting Ralph's vision and have made us a part of your everyday lives.

同時，對於全球以前所未有方式與 Ralph Lauren 互動的顧客，我們要感謝您走進我們的世界，以及您長久以來的忠誠支持。從您在 TikTok 上分享您對「Ralph Lauren 聖誕」的詮釋、經典四分之一拉鍊上衣或 Team USA 裝備的貼文，到所有耐心等待一杯 Ralph's Coffee 的朋友們。我們深受啟發，因為您以各種方式詮釋 Ralph 的願景，並讓我們成為您日常生活的一部分。

Our consumers passion and unique loyalty are a testament to the power of our iconic brand and our ability to connect authentically across generations and cultures. And these deep connections are translating into healthy, consistent, sustainable growth and value creation across our business.

消費者的熱情與獨特忠誠，證明了我們標誌性品牌的力量，以及我們能跨世代、跨文化真誠連結的能力。而這些深厚連結正轉化為我們整體業務健康、一致且可持續的成長與價值創造。

In the first year of our Drive plan, both our top and bottom-line results exceeded expectations, supported by our diversified drivers of growth and our strongest quality of sales to date. Our reported full year revenues surpassed $8 billion for the first time, driven by growth across our retail and wholesale channels in every region.

在 Drive 計畫的第一年，我們的營收與獲利表現皆超出預期，受惠於多元化的成長動能，以及迄今最強的銷售品質。我們全年已報告營收首次突破 80 億美元，成長動能來自各地區零售與批發通路的全面增長。

Operating margins exceeded our expectations reflecting gross margin expansion, more than offsetting the meaningful impact of tariffs and disciplined expense leverage with our cost savings used to fuel investments in our long-term strategic priorities, from our Rolling Thunder of brand activations to new AI capabilities and expanding our key city ecosystems.

營業利益率超出我們預期，反映毛利率擴張，足以抵銷關稅帶來的顯著影響；同時我們以嚴謹的費用槓桿管理，並將成本節省用於支持長期策略重點的投資，從「Rolling Thunder」品牌行銷啟動活動，到新的 AI 能力，以及擴大我們的關鍵城市生態系。

This established model of balancing operating discipline and agility with investments in long-term growth, gives us the confidence to continue expanding margins, including over the remainder of our plan and longer term. And we achieved all of this while accelerating returns to shareholders, including taking up our dividend once again this year. Let me take you through a few recent highlights across the three strategic pillars of our plan.

這套在營運紀律與敏捷性之間取得平衡、並投資於長期成長的既有模式，讓我們有信心持續擴大利潤率，包括在本計畫剩餘期間以及更長期。我們也在加速回饋股東的同時達成上述成果，包括今年再次提高股利。接下來我將帶各位回顧我們計畫三大策略支柱的幾項近期亮點。

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. Starting with our efforts to elevate and energize our lifestyle brand. We are engaging with consumers in more powerful ways than ever before, cutting through cultural moments via sports, entertainment and style.

提醒各位，三大支柱包括：第一，提升並活化我們的生活風格品牌；第二，強化核心並拓展更多成長；第三，以消費者生態系在關鍵城市取勝。先從提升並活化生活風格品牌的努力談起。我們正以前所未有的強大方式與消費者互動，透過運動、娛樂與風格切入文化時刻。

Our advanced data and analytics are delivering brand activation insights that give us the confidence to further increase our marketing investments to support long-term sustainable growth. Key highlights from the fourth quarter included, first, we reinforced our leadership in the world of sports. As the official outfitter of Team USA since 2008, we were proud to once again participate in the world's biggest stage in sports at the 2026 Milan, Cortina Olympics and Parallel Olympics.

我們先進的數據與分析正在提供品牌啟動活動的洞察，讓我們更有信心進一步提高行銷投資，以支持長期可持續成長。第四季的重點亮點包括：第一，我們鞏固了在運動領域的領導地位。自 2008 年起擔任美國隊（Team USA）官方服裝供應商，我們很榮幸再次參與 2026 年米蘭—科爾蒂納奧運會與帕拉林匹克運動會這個全球最大的體育舞台。

The spirit of the games and the athletes passion and pursuit of greatness is authentically connected to our brand values. We activated around the world and across the games with celebrities and friends of the brand, including Usher, Shaun White, Maggie Rogers, Snoop Dogg and Taylor Swift, who kicked off the opening ceremony broadcast wearing our Team USA Polo Bear Tee.

賽事精神以及運動員的熱情與追求卓越，與我們的品牌價值真誠相連。我們在全球各地並於賽事期間展開行銷啟動活動，邀請名人與品牌好友參與，包括 Usher、Shaun White、Maggie Rogers、Snoop Dogg 與 Taylor Swift；Taylor Swift 在開幕典禮轉播中穿著我們的 Team USA Polo Bear T 恤亮相，為活動揭開序幕。

Our Olympics activations supported our new customer acquisition and elevation strategies as we achieved the #1 share of voice across social media and drove further increases in luxury perception, brand relevance and consideration. We also invited consumers to step into Ralph's vision of timeless style through our women's collection runway show in New York City, our women's Polo presentation in Paris and our first menswear show in Milan in more than 20 years.

我們的奧運行銷啟動活動支持了新客獲取與品牌升級策略，讓我們在社群媒體上取得最高的聲量占比（#1 share of voice），並進一步提升奢華感知、品牌相關性與考慮度。我們也邀請消費者走進 Ralph 對永恆風格的願景：在紐約市舉辦女裝系列伸展台大秀、在巴黎呈現女裝 Polo 發表，以及 20 多年來首次在米蘭舉辦男裝大秀。

Each of these events showcase the effortless elegance of our brand, seamlessly blending heritage with modern sensibilities. And in Asia and around the world, we welcome the year of the horse with a series of exciting Lunar New Year activations designed to deepen our connection with consumers, from our digital red envelopes on WeChat to our spectacular drone show in Shenzhen, a stunning dynamic constellation that combined our brand's heritage and spirit of optimism with a rich cultural symbolism.

這些活動皆展現我們品牌毫不費力的優雅，將傳承底蘊與現代感受無縫融合。此外，在亞洲及全球各地，我們以一系列令人振奮的農曆新年行銷啟動活動迎接馬年，旨在深化與消費者的連結；從微信上的數位紅包，到深圳壯觀的無人機表演——以動態星座呈現，將我們品牌的傳承與樂觀精神，與豐富的文化象徵意涵相結合。

Around the world, these activations are driving strong, sustainable growth in new customer acquisition and retention. In the fourth quarter, we added 1.4 million new customers to our DTC businesses, a low double-digit increase to last year, led by digital and Ralph Lauren stores. We were encouraged by our continued momentum in building brand equity this year. including increased luxury and value perception scores and our ongoing recruitment of women, luxury and younger customers.

在全球範圍內，這些行銷啟動活動正推動新客獲取與留存的強勁且可持續成長。第四季，我們在 DTC（直面消費者）業務新增 140 萬名新客，較去年呈低雙位數成長，主要由數位通路與 Ralph Lauren 門市帶動。我們也對今年在建立品牌資產方面的持續動能感到鼓舞，包括奢華與價值感知分數提升，以及我們持續吸引女性、奢侈品與年輕客群。

And we increased our social media followers by high single digits to approximately 70 million led by Instagram, LINE and Douyin. Looking ahead, we remain focused on building brand desirability as we inspire people to step into their dream of a better life.

我們的社群媒體追蹤者也以高個位數成長至約 7,000 萬人，主要由 Instagram、LINE 與抖音帶動。展望未來，我們仍將專注於提升品牌吸引力，激勵人們走進他們對更美好生活的夢想。

Moving to our second key initiative, Drive the Core and Expand for More. Ralph and our creative teams continue to bring his cinematic vision to life with our commitment to quality and timeless signature styling, capturing the easy elegance of a life well lived. It's not about chasing fashion cycles or trends. This philosophy shapes how we drive our core products as well as our high potential and complementary lifestyle categories, enabling us to deliver our unique form of inclusive luxury.

接著談第二項關鍵倡議：強化核心並拓展更多成長。Ralph 與我們的創意團隊持續以對品質與永恆標誌性風格的承諾，將他具電影感的願景化為現實，捕捉優雅從容、活得精彩的人生風貌。這不是在追逐時尚週期或潮流。這一理念形塑了我們推動核心產品，以及高潛力與互補的生活風格品類的方式，使我們能提供獨特形式的包容性奢華。

Starting with our core, which represents more than 70% of our business. Core product sales grew mid-teens, both fourth quarter and full year. Recent highlights include a diverse range of sweaters, linen and rugby shirts. While our seasonal Bayport cotton windbreakers, Chino and RL67 tweed jackets led the transition into spring. We also introduced our coastal Main Inspire Children's collection, delivering double-digit performance led by our core cable knit, Flag and Polo Bear sweaters and Down Jackets in Q4.

先從我們的核心業務談起，其占我們業務的70%以上。核心產品銷售在第四季與全年皆成長約十多個百分點（mid-teens）。近期亮點包括多元款式的毛衣、亞麻與橄欖球衫。同時，我們的季節性 Bayport 棉質防風外套、Chino 與 RL67 粗花呢外套引領了向春季的過渡。我們也推出了海岸風格的 Main Inspire 童裝系列，在第四季由核心麻花針織、Flag 與 Polo Bear 毛衣以及羽絨外套帶動，繳出雙位數表現。

Our high-potential categories, including women's apparel, outerwear and handbags, continue to be accelerators for our business. Together, these categories increased more than 20% for both the quarter and full year, outpacing total company growth. In women's, we drove outsized performance across multiple categories from our core Cable knit and Jersey sweaters to lightweight outerwear and colorful linen shorts.

我們的高潛力品類，包括女裝、外套與手袋，持續成為業務的加速器。合計而言，這些品類在本季與全年皆成長超過20%，增速高於公司整體成長。在女裝方面，我們在多個品類帶動優於整體的表現，從核心麻花針織與 Jersey 毛衣，到輕量外套與色彩繽紛的亞麻短褲。

Meanwhile, playful iterations of fleece, sweatshirts and hoodies are appealing to next-generation consumers. And our oversized windbreaker was a highlight of our Polo Fashion Presentation in Paris. Our spring handbag campaigns focused on our foundational Polo Play collection, featuring bright pops of colors, stripes and seasonal new textures.

同時，抓絨、運動衫與連帽衫的趣味演繹正吸引新世代消費者。而我們的寬鬆版型防風外套是我們在巴黎 Polo 時尚發表會上的亮點之一。我們的春季手袋行銷活動聚焦於基礎款的 Polo Play 系列，主打亮眼跳色、條紋與季節性的新材質紋理。

We also unveiled our newest foundational handbag family at Paris Fashion Week. The saddle inspired Polo Blaze which we are excited to launch this fall. Special releases this quarter included our Major League Baseball capsule featuring an exclusive release in Japan, ahead of the World Baseball Classic, and our Team USA collection for the Winter Olympics, reflecting the sophisticated style and bold energy of the games.

我們也在巴黎時裝週揭曉了最新的基礎手袋家族。靈感源自馬鞍的 Polo Blaze，我們很期待在今年秋季推出。本季的特別發售包括美國職棒大聯盟（Major League Baseball）膠囊系列，於世界棒球經典賽前在日本獨家發售，以及我們為冬季奧運推出的 Team USA 系列，展現賽事的精緻風格與大膽能量。

Moving into fiscal '27, we will continue to leverage the unparalleled breadth of our lifestyle product offering, both connecting with consumers around the world while driving resilience in our business. Turning to our third key initiative, win in key cities with our consumer ecosystem. From the rich backdrop of our Palazzo in Milan during Salone del Mobile to our holiday chalet in Sloane Square and the cozy elegance of a dinner at the Polo Bar in New York, our teams continue to raise the bar for innovative consumer lifestyle experiences.

展望2027財年，我們將持續運用我們生活風格產品供給的無與倫比廣度，一方面與全球消費者建立連結，同時提升業務韌性。接著談到第三項關鍵策略：以消費者生態系在關鍵城市取勝。從米蘭 Salone del Mobile 期間我們位於 Palazzo 的豐富場景，到斯隆廣場（Sloane Square）的節日木屋，再到紐約 Polo Bar 晚宴的溫馨優雅，我們的團隊持續以創新的消費者生活風格體驗拉高標準。

Through our timeless storytelling, we are bringing Ralph Lauren to life in our top 30 cities around the world while also laying the groundwork for long-term growth in our next 20 cities. Within DTC, we comprise the majority of our business, we delivered another quarter of healthy comp growth across regions. Global comps increased high teens on top of 13% growth last year, led by our Ralph Lauren stores and digital commerce.

透過我們歷久彌新的敘事，我們在全球前30大城市讓 Ralph Lauren 栩栩如生，同時也為下一批20個城市的長期成長奠定基礎。在 DTC（直面消費者）方面——其占我們業務的大多數——我們在各區域再度交出健康的同店成長。全球同店銷售在去年成長13%的基礎上再增長約十多個百分點（high teens），主要由 Ralph Lauren 門市與數位商務帶動。

By region, Asia once again led our growth with sales up nearly 30%, driven by all key markets. China sales accelerated to more than 50% growth as we continue to drive our brand desirability and engagement. Our China performance was supported by an exceptionally strong Lunar New Year along with further expansion across our top six city clusters and Andean. Europe also delivered high-quality results this quarter on top of last year's strong compares. And we're encouraged by the momentum in our largest region, North America, led by mid-teens retail comps.

按區域來看，亞洲再度領先成長，銷售成長近30%，由所有主要市場驅動。中國銷售加速至成長超過50%，我們持續提升品牌吸引力與互動參與。中國的表現受惠於極為強勁的農曆新年，以及我們在前六大城市群與 Andean 的進一步擴張。歐洲本季也在去年強勁比較基期之上，交出高品質成果。而我們也對最大區域北美的動能感到鼓舞，主要由零售同店約十多個百分點（mid-teens）的成長帶動。

As we continue to deepen our presence in our top cities, we opened 108 new owned and partner stores globally this year. New store highlights included our new emblematic store at Chengdu IFS Mall in China. Along with new stores in Vancouver, London, Munich, New Delhi, Sydney and more. We also purchased our iconic store locations in New York City, Soho, and on Boston's Newbury Street this year to reinforce our long-term presence in these key US markets.

隨著我們持續深化在重點城市的布局，今年我們在全球新開設了108家自營與合作夥伴門市。新店亮點包括我們在中國成都 IFS 的全新標誌性門市。以及在溫哥華、倫敦、慕尼黑、新德里、雪梨等地的新店。今年我們也買下位於紐約市 SoHo 與波士頓 Newbury Street 的指標性店址，以強化我們在這些美國關鍵市場的長期布局。

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 advanced technology, AI and analytics, we made significant progress in enhancing our creativity, productivity and customer engagement. We accelerated the iteration of core icons in the design process, successfully integrated automation to support teams in our global distribution centers, enabled brand discovery across Agentic search and commerce.

最後談到我們的賦能要素（enablers）。我們的業務持續受到五大關鍵賦能要素的支持。近期亮點包括：第一，作為我們聚焦先進科技、AI 與分析的一部分，我們在提升創意、效率與客戶互動方面取得顯著進展。我們加速在設計流程中對核心經典元素的迭代，成功導入自動化以支援全球配送中心的團隊，並透過 Agentic 搜尋與商務促進品牌探索。

In addition, we were proud to be named one of Fast Company's most innovative companies of 2026, recognizing the exciting innovations across our business. From the design and storytelling efforts behind our Polo Ralph Lauren for Oak Globe's collection to how we are leveraging AI to bring our iconic styling to our consumers' fingertips with as Ralph and more.

此外，我們也很榮幸被《Fast Company》評選為2026年最具創新力公司之一，肯定我們在全公司推動的令人振奮的創新。從 Polo Ralph Lauren for Oak Globe 系列背後的設計與敘事努力，到我們如何運用 AI，透過 as Ralph 等方式，讓消費者能輕鬆掌握我們的經典造型靈感。

And as we focus on enabling resilient partners and communities, this quarter, we announced our expanded partnership with the Council of Fashion Designers of America, CFDA, and to provide financial support for American manufacturers who play a critical role in our global sourcing approach.

同時，隨著我們聚焦於賦能具韌性的合作夥伴與社群，本季我們宣布擴大與美國時裝設計師協會（CFDA）的合作，並為在我們全球採購策略中扮演關鍵角色的美國製造商提供財務支持。

And finally, we are proud to have endowed the Ralph Lauren Corporate Foundation with a $26 million contribution to support the Foundation mission, including its work across cancer care in communities around the US in housing, Ralph and I are exceptionally proud of our team's progress. And on behalf of Ralph and our leaders, I want to thank your team for your excellent execution through this first year of our Next Great Chapter drive plan.

最後，我們很自豪向 Ralph Lauren 企業基金會捐贈2,600萬美元，以支持基金會使命，包括其在全美各社區的癌症照護與住房等工作；Ralph 和我對團隊的進展感到格外自豪。並且我代表 Ralph 與我們的領導團隊，感謝各位團隊在「Next Great Chapter」推動計畫第一年中的卓越執行。

We met or surpassed each of our financial commitments and key consumer metrics, while also continuing to invest back into our strategic growth priorities. Laying the groundwork for healthy, sustainable long-term growth and value creation well into the future. While we are in touch with dynamic global operating environment, we remain on offense.

我們達成或超越了各項財務承諾與關鍵消費者指標，同時也持續回投資於我們的策略性成長優先事項。為未來長期健康、可持續的成長與價值創造奠定基礎。儘管我們身處動態的全球營運環境，我們仍保持進攻姿態。

Focused on what differentiates Ralph Lauren and our ability to create value through our diverse growth drivers, including our powerful brand, our iconic core with acceleration in our high potential categories and significant geographic expansion opportunities with a focused approach on our top cities, all enabled by our talented teams proven ability to execute.

我們聚焦於 Ralph Lauren 的差異化優勢，以及透過多元成長動能創造價值的能力，包括強大的品牌、具代表性的核心業務與高潛力品類的加速成長、以及以聚焦重點城市的方式把握顯著的地理擴張機會；而這一切都由我們才華洋溢、且經證明具備執行力的團隊所驅動。

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

接下來我把時間交給 Justin，我也會在最後與他一起回答各位的問題。

Thanks, Patrice, and good morning, everyone. We delivered strong financial performance and made meaningful progress on our Next Great Chapter Drive strategy in fiscal '26. We exceeded the expectations we laid out last May with healthy revenue growth across every region and channel. Underscoring the strength of our diversified growth drivers and further elevation of our brand, products, experiences and environments.

謝謝你，Patrice，各位早安。我們在2026財年交出強勁的財務表現，並在「Next Great Chapter Drive」策略上取得實質進展。我們超越了去年5月提出的預期，在各區域與各通路皆實現健康的營收成長。這凸顯了我們多元成長動能的強度，以及品牌、產品、體驗與環境的進一步提升。

Gross margin also outperformed our outlook supported by our compelling value proposition and pricing power, which enabled further improvements in quality of sales, more than offsetting meaningful headwinds from tariffs as we progress through the year. And each region contributed to operating margin expansion this year as disciplined expense management enabled reinvestment in our key strategic priorities, supporting sustainable growth and long-term value creation.

毛利率也優於我們的展望，受惠於具吸引力的價值主張與定價能力，使銷售品質進一步改善，並在我們全年推進的過程中，足以抵消關稅帶來的顯著逆風。此外，今年各區域皆對營業利益率擴張有所貢獻；嚴謹的費用管理使我們得以再投資於關鍵策略優先事項，支持可持續成長與長期價值創造。

This strong performance is underpinned by our key enablers, including our talented teams around the world, our advanced analytics and technology capabilities and our fortress balance sheet. Let me walk you through our financial highlights from the fourth quarter, which, as a reminder, are provided on a constant currency basis. Total company fourth quarter revenue grew 12%, ahead of our mid-single-digit outlook, driven by better-than-expected performance in both our direct-to-consumer and wholesale channels.

這項強勁表現以我們的關鍵賦能要素為基礎，包括遍布全球的優秀團隊、先進的分析與科技能力，以及堅實如堡壘的資產負債表。接下來我將帶各位回顧第四季的財務重點；提醒一下，以下數據皆以固定匯率基礎提供。公司第四季總營收成長12%，高於我們原先預期的中個位數成長，主要由直面消費者與批發通路雙雙優於預期的表現所帶動。

By region, Asia once again led our performance, increasing 28%, followed by North America, up 8% and Europe, up 6%. Total company retail comps increased 17%, accelerating from the prior quarter with double-digit growth in both our own digital and brick-and-mortar channels. Total digital ecosystem sales, including our own sites and wholesale digital accounts grew at a mid-teens rate, reflecting broad-based growth across all regions.

按地區來看，亞洲再次領先我們的表現，成長28%，其次為北美成長8%，歐洲成長6%。全公司零售同店銷售（comps）成長17%，較前一季加速，且我們自營數位與實體通路皆呈現雙位數成長。整體數位生態系銷售（包含自營網站與批發數位帳戶）以十位數中段的增速成長，反映各地區普遍性的成長。

Total company adjusted gross margin expanded 40 basis points to 69% compared to our expectation of roughly 100 basis points of contraction this quarter. The expansion was primarily driven by stronger-than-expected AUR growth and favorable channel mix, which more than offset the planned step-up in US tariff to peak levels. as well as modest headwinds from higher labor and noncotton material costs.

全公司調整後毛利率較我們原先預期本季約收縮100個基點的情況相反，擴張40個基點至69%。此擴張主要由高於預期的AUR成長與有利的通路組合所帶動，足以抵銷美國關稅上調至高峰水準的既定影響，以及較高勞動成本與非棉材料成本帶來的輕微逆風。

AUR increased 16% in the fourth quarter, with approximately half of the growth driven by stronger full price selling, reduced discounting and modest targeted pricing and the remaining half attributable to favorable product, channel and geographic mix.

第四季AUR成長16%，約一半的成長來自更強勁的正價銷售、折扣減少與適度的精準定價；其餘一半則歸因於有利的產品、通路與地理組合。

Looking ahead, AUR growth remains durable, and we expect continued, albeit more normalized mid-single-digit growth in fiscal '27 on top of last year's 15% increase. And in the first quarter, we expect high single-digit AUR growth with contributions from all regions. We expect this continued AUR growth to more than offset modest pressure from higher freight due to the recent increase in energy costs.

展望未來，AUR成長仍具韌性；在去年成長15%的基礎上，我們預期2027財年仍將持續成長，但將回歸較正常的中個位數增幅。第一季方面，我們預期AUR將呈現高個位數成長，且各地區皆有貢獻。我們預期這項持續的AUR成長將足以抵銷因近期能源成本上升而導致運費提高所帶來的輕微壓力。

Adjusted operating expenses increased 14% or 90 basis points as a percentage of sales compared to last year as higher marketing investments more than offset 60 basis points of leverage in nonmarketing expenses.

調整後營業費用較去年增加14%，或占銷售額比重增加90個基點；其中較高的行銷投資，超過了非行銷費用60個基點的槓桿效益。

Marketing was 8.1% of fourth quarter sales compared to 6.6% last year, reflecting increased investment to support key campaigns including the Winter Olympics and our fashion presentations in Milan, New York City and Paris and to drive brand momentum into fiscal '27. For the full year, Marketing spend increased 21%, reaching 7.9% of sales aligned with our outlook of 7.5% to 8% this year.

行銷費用占第四季銷售額8.1%，高於去年的6.6%，反映為支持關鍵活動而增加的投資，包括冬季奧運以及我們在米蘭、紐約市與巴黎的時裝發表，並推動品牌動能延伸至2027財年。全年而言，行銷支出增加21%，達到銷售額的7.9%，符合我們今年7.5%至8%的展望區間。

With strong multiyear progress in new customer acquisition and healthy consumer metrics, we plan to continue growing our marketing investments above the rate of revenue growth to around 8% of sales in fiscal '27. Fourth quarter adjusted operating margin contracted 60 basis points to 9.7%, while full year operating margin expanded 140 basis points to 15.4% in constant currency, ahead of our plan.

在多年來新客獲取持續取得強勁進展、且消費者指標健康的情況下，我們計畫在2027財年持續讓行銷投資增速高於營收增速，提升至約占銷售額8%。第四季調整後營業利益率收縮60個基點至9.7%；而全年營業利益率以固定匯率計擴張140個基點至15.4%，優於我們的計畫。

Turning to segment performance and starting with North America, our largest region, which is firmly on a growth trajectory. Fourth quarter revenue grew 8% and exceeding both our outlook and our Next Great Chapter Drive plan targets, driven by 14% growth in our direct-to-consumer business. In North America Retail, fourth quarter comps were up 16% and led by our full-price channels.

接著看各事業部表現，先從我們最大的地區北美開始，該地區已穩健走在成長軌道上。第四季營收成長8%，超出我們的展望與「Next Great Chapter Drive」計畫目標，主要由直營消費者（DTC）業務成長14%所帶動。北美零售第四季同店銷售成長16%，並由正價通路領先。

Digital comps increased 21%, supported by merchandising enhancements and full funnel marketing activations, notably around Teen USA. North America wholesale revenue was flat and ahead of plan as stronger replenishment orders and full price selling offset a strategic reduction in off-price sales and further rationalization of lower-tier wholesale doors.

數位同店銷售成長21%，受惠於商品陳列（merchandising）強化與全漏斗行銷啟動，尤其是在Teen USA相關活動上表現突出。北美批發營收持平且優於計畫，因更強勁的補貨訂單與正價銷售，抵銷了策略性降低折扣通路（off-price）銷售以及進一步精簡較低層級批發門店的影響。

While sellout trends across the broader North America wholesale channel remain healthy, we continue to plan for modest growth in fiscal '27 in the context of a dynamic macro environment and given the potential for further industry consolidation. We also expect performance to be weighted towards the first half of the fiscal year, reflecting the timing of shipments.

儘管北美整體批發通路的終端銷售（sellout）趨勢仍然健康，我們在動態的總體環境下，並考量產業可能進一步整併，仍持續規劃2027財年僅溫和成長。我們也預期表現將偏重於財年的上半年，反映出貨時點的影響。

Turning to Europe. Fourth quarter revenue increased 6% and with balanced growth across both our direct-to-consumer and wholesale businesses. By market, Germany, the UK Italy and Spain led our regional performance. Europe retail comps were up 5% on top of an extremely strong 18% compared last year, led by our own digital business. Europe wholesale increased 7% and driven by better-than-expected reorders and healthy sellout trends exceeding our long-term outlook.

接著看歐洲。第四季營收成長6%，直營消費者與批發業務皆呈現均衡成長。按市場來看，德國、英國、義大利與西班牙領先區域表現。歐洲零售同店銷售成長5%，是在去年極為強勁的18%比較基期之上再成長，主要由我們自營數位業務帶動。歐洲批發成長7%，由優於預期的追加訂單（reorders）與健康的終端銷售趨勢所驅動，且表現超出我們的長期展望。

Looking ahead, we expect a more normalized level of wholesale growth in fiscal '27, notably as we lap strong double-digit compares in the prior year, with the strong growth expected in the first quarter. We also anticipate modest headwinds to our EMEA business more broadly due to disruptions in the Middle East, which represents a low single-digit percentage of our EMEA revenue as well as softer inbound tourism into Europe.

展望未來，我們預期2027財年的批發成長將回歸較正常水準，特別是因為去年已有強勁的雙位數同店比較基期；其中第一季預期仍將維持較強成長。此外，由於中東地區的干擾（該地區占我們EMEA營收的低個位數百分比）以及赴歐入境旅遊轉弱，我們也預期整體EMEA業務將面臨些許逆風。

Moving to Asia. Fourth quarter revenue increased 28% ahead of plan with all markets contributing to growth, both the quarter and the full year. Retail comps grew 25%, with strong double-digit growth in each channel. We continue to build top-of-funnel brand awareness and purchase intent across the region through high-impact marketing activations with more to come in fiscal '27 as we celebrate our 50 anniversary in Japan.

再看亞洲。第四季營收成長28%，優於計畫，且所有市場在本季與全年皆對成長有所貢獻。零售同店銷售成長25%，各通路皆呈現強勁的雙位數成長。我們持續透過高影響力的行銷啟動，在全區域建立漏斗上端的品牌知名度與購買意向；2027財年還將有更多活動，並將在日本慶祝我們的50週年。

China once again led our regional growth, with sales up more than 50% in the quarter, supported by exceptionally strong Lunar New Year performance, along with healthy comps and high-quality new customer acquisition. Asia digital ecosystem sales increased double digits in the fourth quarter. We continue to expand our elevated presence across Chinese social platforms while scaling our own digital sites in China, Japan and Korea, moving to the balance sheet. Our strong balance sheet and cash flow generation remain key enablers as we execute our strategic plan and deliver value to shareholders in a dynamic operating environment.

中國再次領先區域成長，本季銷售成長超過50%，受惠於農曆新年表現異常強勁，以及健康的同店表現與高品質的新客獲取。亞洲數位生態系銷售在第四季以雙位數成長。我們持續擴大在中國社群平台上的高端化（elevated）布局，同時擴張我們在中國、日本與韓國的自營數位網站，並轉入資產負債表。我們強健的資產負債表與現金流創造能力，仍是我們在動態營運環境中執行策略計畫並為股東創造價值的關鍵推動力。

We ended the period with $2.1 billion in cash and short-term investments and $1.2 billion in total debt. During fiscal '26, we generated approximately $750 million in free cash flow and returned more than $700 million to shareholders through dividends and repurchases. Our Board of Directors recently approved a 10% increase in our annual dividend, reflecting our continued commitment to strong shareholder returns, while reinvesting in our business to drive high-quality growth and compelling returns on invested capital.

期末我們持有21億美元的現金與短期投資，總負債為12億美元。在2026財年，我們產生約7.5億美元的自由現金流，並透過股利與庫藏股回購向股東返還超過7億美元。董事會近期核准將年度股利提高10%，反映我們在持續再投資業務以推動高品質成長與具吸引力的投入資本報酬（ROIC）的同時，仍致力於提供強勁的股東報酬。

Fourth quarter net inventory increased 5% in constant currency with a healthy composition of current product in each region aligned with our future revenue growth outlook. Looking ahead, our initial outlook for fiscal '27 is based on our best assessment of the current operating environment, including the geopolitical backdrop, foreign currency dynamics and broader macroeconomic trends. Our guidance does not currently assume any potential impact from tariff refunds.

第四季期末淨存貨以固定匯率計增加5%，各地區的當季產品組合健康，並與我們對未來營收成長的展望一致。展望未來，我們對2027財年的初步展望係基於對當前營運環境的最佳評估，包括地緣政治背景、外匯動態與更廣泛的總體經濟趨勢。我們的指引目前未假設任何關稅退還（tariff refunds）的潛在影響。

Based on ongoing volatility in the environment, this outlook is subject to change as macro conditions evolve. Our fiscal '27 outlook is aligned with our next great chop to drive targets. We expect full year constant currency revenue to increase mid-single digits to last year on a 52-week comparable basis, centered around 4% to 5%.

鑑於環境持續波動，隨著總體條件演變，此展望可能調整。我們對2027財年的展望與我們的Next Great Chop to Drive目標一致。我們預期全年以固定匯率計的營收，在52週可比基礎上較去年增加中個位數，中心值約為4%至5%。

Fiscal '27 includes a 53 week, which is expected to add approximately 1 point to revenue growth. While our core consumer has remained resilient, exiting fiscal '26 and into the start of fiscal '27, our outlook reflects prudence around consumer demand as well as modest cost pressure related to recent energy price volatility.

2027財年包含第53週，預期將為營收成長額外貢獻約1個百分點。儘管我們的核心消費者仍具韌性，從2026財年末到2027財年初，我們的展望仍反映對消費需求的審慎態度，以及與近期能源價格波動相關的溫和成本壓力。

Similar to last year, however, if the consumer is stronger than anticipated, we have built the capabilities to capture additional demand, supported by our proven supply chain agility as well as the strength and high penetration of our core and replenishment products, which continue to resonate with consumers across our markets.

不過，與去年類似，若消費者需求強於預期，我們已建立相應能力以掌握額外需求，並受惠於我們經驗證的供應鏈敏捷性，以及核心與補貨產品的強勁實力與高滲透率；這些產品持續在各市場與消費者產生共鳴。

By region for fiscal '27, we expect North America revenue to grow approximately low single digits, aligned with our long-term targets, with continued momentum in our direct-to-consumer business and healthy wholesale sell-through, partly offset by ongoing strategic investments in quality of sales and lower tier door exits.

按地區來看，在27財年，我們預期北美營收將成長約低個位數，與我們的長期目標一致；直營消費者（DTC）業務動能持續、批發通路的終端銷售（sell-through）維持健康，但部分將被我們在提升銷售品質方面的持續策略性投資，以及退出較低層級門店（lower tier door exits）所抵銷。

We expect Europe revenue to increase approximately low to mid-single digits, reflecting solid underlying growth, balanced with a measured approach to the consumer backdrop and near-term macro pressures, including elevated energy costs and disruption to Middle East partner sales in tourism as well as lapping strong fiscal '26 compares. And we expect Asia revenue to increase approximately high single digits, driven by our strong brand momentum and expansion opportunities across key markets.

我們預期歐洲營收將增加約低至中個位數，反映穩健的基本面成長，同時在消費者環境與短期宏觀壓力下採取審慎作法，包括偏高的能源成本，以及中東合作夥伴在旅遊通路銷售受干擾，並且還要面對26財年強勁基期的比較效應。我們也預期亞洲營收將增加約高個位數，主要由我們強勁的品牌動能，以及在關鍵市場的擴張機會所帶動。

We expect China to grow approximately mid-teens this year, steady ahead of our Next Great Chapter Drive targets and as we lap outsized growth of 40% in the prior year. We currently expect full year operating margin to expand in the range of 40 basis points to 60 basis points in constant currency.

我們預期中國今年將成長約中十位數，表現穩健並領先於我們「Next Great Chapter Drive」目標，同時也將面對前一年40%超高成長的基期效應。目前我們預期全年營業利益率在固定匯率下將擴張約40至60個基點。

With modest gross margin expansion and operating expense leverage, more than offsetting our continued brand investments, including ongoing quality of sales initiatives, strategic door exits and further distribution optimization.

在毛利率小幅擴張與營業費用槓桿的帶動下，將足以抵銷我們持續的品牌投資，包括持續推動銷售品質提升計畫、策略性退出部分門店，以及進一步優化通路配置。

The 53 week is expected to have a slight benefit on operating margin for the full fiscal year. Foreign currency, is expected to have a relatively neutral impact on both revenue and gross and operating margins in fiscal '27. Gross and operating margin expansion are expected to be relatively stronger in the first half of the fiscal year, largely due to the benefit of a lower prevailing tariff rate of 10% for most of the period following the US Supreme Court's ruling earlier this year.

第53週預期將對全年營業利益率帶來些微正面效益。外匯在27財年預期對營收以及毛利率與營業利益率的影響相對中性。毛利率與營業利益率的擴張預期在財年上半年相對更強，主要受惠於今年稍早美國最高法院裁決後，多數期間適用較低的10%現行關稅稅率所帶來的效益。

Our outlook currently includes a sequential increase in tariff headwinds in the second half of fiscal '27, which assumes that rates rise above the current 10% level following the expiration of the tariff relief window. Nevertheless, we expect second half gross margins to be in line with our Drive target of modest expansion year-over-year. For the first quarter, we expect constant currency revenue to increase approximately mid- to high single digits. We expect operating margin to expand approximately 80 basis points to 120 basis points in constant currency, led by gross margin expansion.

我們目前的展望包含：在27財年下半年，關稅逆風將呈現逐季增加，假設關稅減免窗口到期後，稅率將高於目前10%的水準。儘管如此，我們預期下半年毛利率將符合我們Drive目標，即年對年溫和擴張。第一季方面，我們預期固定匯率營收將增加約中至高個位數。我們預期固定匯率下營業利益率將擴張約80至120個基點，主要由毛利率擴張帶動。

Gross margin is expected to benefit from AUR growth as well as product, geographic and channel mix, more than offsetting the modest impact of increased tariff costs versus the prior year. Higher marketing in the quarter is expected to be fully offset by leverage of nonmarketing operating expenses. Foreign currency is anticipated to have a relatively neutral impact on revenue and gross and operating margins in the quarter.

毛利率預期將受惠於AUR（平均單位零售價）成長，以及產品、地理與通路組合的改善，足以抵銷相較前一年關稅成本增加所帶來的溫和影響。本季較高的行銷支出，預期將由非行銷營業費用的槓桿效益完全抵銷。外匯預期在本季對營收以及毛利率與營業利益率的影響相對中性。

We expect our first quarter tax rate to be in the range of 22% to 23% and a full year fiscal '27 tax rate of approximately 21% to 22%. Capital expenditures are expected to be in the range of approximately 4% to 5% of sales, in line with our long-term outlook. This includes traditional capital investments such as new stores, renovations and digital counters capabilities, as well as our ongoing multiyear next-generation transformation initiative. In addition, we will continue to invest in priority areas to advance our AI capabilities and scale cloud-enabled technologies that support our long-term growth and operating model.

我們預期第一季有效稅率將落在22%至23%區間，27財年全年有效稅率約為21%至22%。資本支出預期約為銷售額的4%至5%，與我們的長期展望一致。其中包括傳統資本投資，例如新店開設、店面翻新與數位櫃位能力，以及我們持續進行的多年期下一代轉型計畫。此外，我們將持續投資於優先領域，以推進AI能力並擴大雲端賦能技術的規模，支援我們的長期成長與營運模式。

In closing, our Next Great Chapter Drive plan is progressing well, supported by our diversified growth drivers globally and the excellent execution and agility of our teams. With top line and AUR growth as well as gross and operating margin expansion, all exceeding our expectations and more than offsetting the impact of tariffs and higher energy costs we are delivering strong returns.

最後，我們的「Next Great Chapter Drive」計畫進展良好，受惠於我們在全球多元化的成長動能，以及團隊卓越的執行力與敏捷性。在營收與AUR成長，以及毛利率與營業利益率擴張方面，皆超出我們預期，並且足以抵銷關稅與較高能源成本的影響，使我們得以交出強勁報酬。

At the same time, we are advancing our elevation journey, improving the quality of our sales and optimizing our distribution to enhance our product and brand experience for consumers. Together, these actions further strengthen our foundation and position us well to drive healthy, consistent and sustainable growth, reinforcing our confidence to continue investing behind our business, both now and over the long term.

同時，我們也在推進品牌升級之旅，提升銷售品質並優化通路配置，以強化消費者的產品與品牌體驗。綜合而言，這些行動進一步鞏固我們的基礎，並使我們具備良好條件以推動健康、一致且可持續的成長，也強化我們持續加碼投資業務的信心，無論是現在或長期皆然。

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

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Matt Boss, JPMorgan.

JPMorgan 的 Matt Boss。

Congrats on another nice quarter.

恭喜又交出一個漂亮的季度成績。

Thank you, Matt.

謝謝你，Matt。

So Patrice, you exceeded expectations in the first year of this plan, what were the largest drivers? And are they sustainable in years two and three of the plan? By region, North America and Asia for next year, you've outlined in line with your three-year targets, Europe's at the lower end. Are you seeing anything that worries you about the health of the consumer or your brand momentum in Europe?

Patrice，你們在這項計畫的第一年就超出預期，最大的驅動因素是什麼？而這些因素在計畫的第二年與第三年是否具可持續性？按地區來看，你們對明年北美與亞洲的指引與三年目標一致，歐洲則在較低端。你們是否看到任何讓你擔心的跡象，例如歐洲消費者健康度或你們品牌動能的變化？

And then for Justin, 13% global comps this year on top of 10% the year before. What's your confidence in mid-single-digit same-store sales off this higher base? Or just any areas of giveback that you would flag at all?

另外想請教 Justin，今年全球同店成長13%，是在前一年10%的基礎之上。在這樣較高的基期下，你對中個位數的同店銷售成長有多大信心？或者你會特別提醒有哪些可能回吐（giveback）的領域嗎？

Sounds good. Well, thank you for your question, Matt. Look, we continue to be on offense. Our performance is the result of delivering across our multiple drivers of growth. There's no single or onetime elements that drove the outperformance. That's really the power of our diversified model. If I take the pillars one by one.

好的。Matt，謝謝你的提問。你看，我們持續採取進攻姿態。我們的表現來自於多項成長驅動因素的全面落實。並沒有任何單一或一次性的因素推動超預期表現。這正是我們多元化模式的力量。如果我逐一談談各個支柱。

First, our brand momentum remains strong around the world, right, in every region, in every key city that we operate in. And we're very encouraged, by the way, that our teams have been able to connect authentically with consumers, whether they are completely new to the brand or whether they've been with us for decades.

第一，我們的品牌動能在全球依然強勁，對吧，在每個地區、每個我們營運的關鍵城市都是如此。而且我們也非常受到鼓舞的是，我們的團隊能以真誠的方式與消費者建立連結，不論他們是全新接觸品牌，或是已經陪伴我們數十年的老顧客。

This depth of connection across generation, I really insist on the point that cross generation is such a differentiator for this company has enabled us to continue our shift towards a more elevated, younger, less price-sensitive consumers, including through this year as evidenced by our increased full price selling that you saw in our results, and our stronger retention.

這種跨世代的連結深度——我想特別強調，跨世代是這家公司非常重要的差異化——使我們得以持續轉向更高端、更年輕、對價格敏感度較低的消費族群；今年也持續體現於此，從你在我們業績中看到的全價銷售提升，以及更強的留存率即可證明。

On the second pillar, we continue to successfully tap into the breadth of our products across our lifestyle offering. That's another differentiator for us, which is the multiplicity of consumer options and solutions that we provide, allowing us to drive newness and to drive excitement through our distinct styling, while staying true to who we are, being very clear on who we are and making sure that we show up consistently around the world. This is a competitive advantage in a world of ever-changing designers and trends.

第二個支柱方面，我們持續成功地運用生活風格（lifestyle）產品組合的廣度。這也是我們的另一項差異化：我們提供多元的消費者選擇與解決方案，讓我們能透過獨特的造型風格帶來新品感與興奮感，同時忠於自我——清楚知道我們是誰，並確保在全球一致地呈現。在設計師與潮流不斷更迭的世界裡，這是一項競爭優勢。

And third, we're bringing innovative lifestyle experiences to consumers through our warm and inviting retail and digital experiences that showcase unique worlds and concepts like coffee, that consumers want to step into and become a part of, and this helped drive our performance above target in every region, led by our most elevated channels. We are not to your question specifically on consumer changes. Our core consumer continues to be resilient, that is true across all three regions, and we're very encouraged by the underlying growth rates that we're seeing across EMEA and North America and APAC.

第三，我們透過溫暖且具吸引力的實體零售與數位體驗，為消費者帶來創新的生活風格體驗，呈現如咖啡等獨特的世界觀與概念，讓消費者想走進來並成為其中一部分；這也幫助我們在各地區的表現皆高於目標，並由我們最為高端的通路領先帶動。回到你特別問到的消費者變化，我們並沒有看到。我們的核心消費者仍具韌性，這在三大區域皆然；而且我們對在EMEA、北美與APAC所看到的基本面成長率感到非常鼓舞。

Now to answer the second part of your question, our company outlook is right on track with our three-year targets. As you saw in our approach last year, when we began the year and set the plan, we always consider a number of macro drivers as we define our plan. We're feeling good, as I mentioned, about the underlying growth rates that we're seeing broadly about the resilience and breadth of our consumer recruiting, resilience of consumers around the world.

接著回答你問題的第二部分，我們公司的展望與三年目標完全在軌道上。如同你去年看到的做法，當我們在年初開始並制定計畫時，我們一向會在定義計畫時納入多項宏觀驅動因素的考量。如我所提到的，我們對廣泛看到的基本面成長率感到樂觀，也對我們在全球招募消費者的韌性與廣度、以及全球消費者的韌性感到放心。

As we noted and you highlighted, we are taking a more prudent view of the Europe operating environment looking ahead given some of the energy and consumer sentiment pressures that we're seeing there. Now this being said, I'll reinforce that our brand is strong, that we have multiple diversified drivers of growth. And all of this gives us confidence in delivering on our plan as we come into this year. And as the operating environment evolves, I'm sure it will. We have a proven agility as you saw this past year to lean into opportunities.

如同我們所提到、也如您所強調的，鑑於我們在歐洲看到的一些能源與消費者信心壓力，展望未來我們對歐洲的營運環境採取更為審慎的看法。話雖如此，我要再次強調，我們的品牌實力強勁，且擁有多元分散的成長驅動因素。這些都讓我們對在今年推進並達成計畫充滿信心。而且隨著營運環境演變——我相信它會演變——我們已證明具備敏捷性，正如您在去年所見，能夠把握機會。

And that on the comp question. So after a strong year one of revenue growth, moving into year two, as we guided, expecting on Algo total company revenue growth, mid-single-digit growth across regions. And we feel good about that fiscal '27, still DTC full price-led growth. No shifts but wanting to be mindful of is we do have some strong compares, specifically as we get into the second half of the year. But both pull forward of pumps, and we still feel good about the longer-term sort of year-over-year expectations on revenue growth and comps that we shared at our Investor Day back in September.

另外關於可比基期（comp）的問題。在第一年營收強勁成長之後，進入第二年，如我們所指引的，預期在整體公司層面營收成長於各區域呈現中個位數成長。我們對此感到樂觀；在2027會計年度，仍將由DTC全價銷售帶動成長。方向不變，但需要留意的是，我們確實面臨一些較強的比較基期，特別是進入下半年時。不過，無論是部分需求提前（pull forward）帶來的影響，我們對於長期、按年（year-over-year）的營收成長與可比表現，仍然維持在去年9月投資人日所分享的預期。

Jay Sole, UBS.

UBS 的 Jay Sole。

Great. Thank you so much. Justin, year one of the Next Great Chapter Drive Plan was clearly ahead of your three-year targets. While this year, fiscal '27, looks like it's more back to on auto. Can you just walk us through how you're thinking about investment priorities to continue driving strong momentum into the future and balancing growth investments with margin durability? And also if you can tell us how you're thinking about marketing as a percent of sales for this year, that would be helpful as well. Thank you.

很好。非常感謝。Justin，「Next Great Chapter」推動計畫的第一年顯然超越了你們三年目標。而今年，也就是2027會計年度，看起來更像是回到正常節奏。能否請你說明一下，你們如何思考投資優先順序，以持續推動未來的強勁動能，並在成長投資與毛利韌性之間取得平衡？另外，也請談談你們今年對行銷費用占銷售額比例的看法，這也會很有幫助。謝謝。

Absolutely. Good morning, Jay. Thanks for the question. So we've successfully step changed our top line growth trajectory over the last few years of our next great chapter journey. And importantly, our core investment priorities, they remain consistent, right? We continue to be focused on 3 key areas: First, reinforcing our iconic brand and creating authentic lasting connections with both new and with existing consumers; second, reinvesting back into our product.

當然可以。早安，Jay。謝謝你的提問。在「Next Great Chapter」旅程的過去幾年裡，我們已成功讓營收成長軌跡上了一個台階。而且很重要的是，我們的核心投資優先事項仍然一致，對吧？我們持續聚焦三個關鍵領域：第一，強化我們的經典品牌，並與新舊消費者建立真實且長久的連結；第二，將投資再投入到我們的產品上。

elevated quality, driving innovation, ensuring we're presenting a compelling value proposition to customers; and third, building out our key city ecosystems globally, including with digital and AI-enabled capabilities, to deliver that differentiated full lifestyle experience that's really unique to Ralph Lauren.

提升品質、推動創新，確保我們向顧客呈現具吸引力的價值主張；第三，在全球打造我們的關鍵城市生態系，包括導入數位與AI賦能能力，以提供真正獨特、屬於 Ralph Lauren 的差異化全方位生活風格體驗。

At the same time, a critical enabler of our sustainable growth is continued brand elevation. This underpins all three of the priorities I just talked about. It includes investing behind the quality of our sales. So think things like strategically reducing discounting off price, increasing full price selling, further optimizing our distribution.

同時，支撐我們可持續成長的一項關鍵推動力，是持續的品牌升級。這是我剛才提到三項優先事項的共同基礎。其中包括投資於銷售品質。例如：策略性降低折扣幅度、提高全價銷售占比、進一步優化我們的通路配置。

Even as we lean into meaningful quality of sales enhancements this past year, if you take a look at the most significant pressures throughout the course of our elevation journey, in fiscal '26, we were able to inflect back the positive unit growth for the total company, drives healthy quality growth in our global wholesale businesses and returned North America, our largest region, to a sustainable growth trajectory, all while continuing to drive reinsured momentum across APAC and EMEA.

即便在過去一年我們大力推進銷售品質的實質提升，若回顧我們品牌升級旅程中最顯著的壓力點，在2026會計年度，我們仍能讓整體公司單位銷量（unit）成長重新轉正，帶動全球批發業務的健康且高品質成長，並讓北美——我們最大的區域——回到可持續的成長軌道，同時持續推動亞太（APAC）與歐洲、中東及非洲（EMEA）的再加速動能。

So taken together, this puts us at our most elevated position to date across product, brand, distribution and enables us to continue to drive that healthy sustainable growth going forward. On margins, we've demonstrated over the past several years, we can testify do that balance of reinvesting with expanding. And that remains a core focus of ours going forward.

綜合而言，這使我們在產品、品牌與通路等面向達到迄今最「升級」的狀態，並讓我們能在未來持續推動健康且可持續的成長。在利潤率方面，過去幾年我們已證明，我們能在再投資與利潤擴張之間取得平衡。而這也將是我們未來的核心重點。

And as we guided, we expect both gross and operating margin expansion in fiscal '27, and more than offsetting modest increased pressure from freight and from potential tariffs. And we remain confident in our year-over-year margin progression that we laid out in our three-year plan at Investor Day in September.

如我們所指引的，預期在2027會計年度，毛利率與營業利益率都將擴張，且足以抵銷運費以及潛在關稅帶來的小幅壓力上升。我們也仍對在去年9月投資人日所提出的三年計畫中，按年利潤率改善的進程充滿信心。

On the marketing investments. So if you step back, okay, you call a few years back, we were around 3.5% of revenue in marketing when we started on this journey. Now we're just a tad below 8%, I think we finished the year at 7.9%. We expect to get to 8% this fiscal year. That's what we're guiding for this fiscal year, there is no ceiling to our marketing investment as a percentage of revenue.

關於行銷投資。如果退一步看，回到幾年前我們剛開始這段旅程時，行銷費用約占營收的3.5%。現在我們略低於8%，我想我們年度結束時是7.9%。我們預期本會計年度會達到8%。這就是我們對本年度的指引；行銷投資占營收比例並沒有上限。

The key driving factor here is the return on investment that we get, and I have to say our marketing teams around the world have done an excellent job expanding the portfolio of activation so that we won, continue the strong new consumer recruiting that we're doing across the Board, disproportionately higher value, less price-sensitive, younger consumers; and two, continue to build retention and lifetime value it's what's so exciting about our business model is we can bring you in on a specific product, but then we have the ability to take you either by trading your across or trading you up across the very broad range of products that we have to offer.

這裡的關鍵驅動因素是我們獲得的投資報酬率（ROI）。我必須說，我們全球的行銷團隊在擴大啟動（activation）組合方面做得非常出色，使我們：第一，持續在各面向強力招募新客，且新客結構偏向更高價值、對價格較不敏感、也更年輕的消費者；第二，持續提升留存與終身價值（lifetime value）。我們商業模式最令人興奮之處在於，我們可以先用某一特定產品把你帶進來，接著我們有能力在我們非常廣泛的產品範圍中，讓你橫向轉換（trade across）或向上升級（trade up）。

So think 8% for this coming year. Again, we experiment around the world. We're constantly trying new things. You saw some fund activations recently with American Icon stamp collection that was designed and launched with Ralph Lauren. We have a catwalk book that summarized all the amazing the collections that Ralph and our teams have developed over the past decades.

所以，接下來這一年請以8%作為參考。同樣地，我們在全球各地進行實驗。我們不斷嘗試新事物。你最近也看到一些有趣的啟動活動，例如與 Ralph Lauren 共同設計並推出的 American Icon 郵票系列。我們也有一本 catwalk 書籍，總結 Ralph 與我們團隊在過去數十年打造的所有精彩系列。

So we're going to continue to have a range of foundational elements to our plan around passion presentations. We have three this last quarter, Paris, New York, Milan, sports activations. We obviously had the Olympics. Now we're coming on to Wimbledon and then the US open and then cultural moments and cultural engagement. Those are the foundational elements combined with innovation, and I expect that we'll continue to expand marketing as a percentage of revenue over the years to come.

因此，我們將持續在計畫中保有一系列基礎要素，圍繞著熱情呈現（passion presentations）。上個季度我們有三場：巴黎、紐約、米蘭；以及運動相關的啟動活動。我們當然有奧運。接下來是溫布頓，然後是美網，還有文化時刻與文化互動。這些基礎要素再結合創新，我預期未來幾年我們會持續提高行銷費用占營收的比例。

But as Justin rightfully said, we will do that in concert with expansion of operating margin for the company.

但正如 Justin 合理指出的，我們會在提升公司營業利益率擴張的同時，協同推進這件事。

Thank you.

謝謝。

Laurent Vasilescu, BNP Paribas.

BNP Paribas 的 Laurent Vasilescu。

Good morning. Thank you very much for taking my question. I wanted to follow up on Europe. Justin, I think as you mentioned, the guide for low to mid-single digits. But if I heard correctly, you expect the strongest growth in the first quarter. Maybe can you unpack that a little bit more what you're seeing in that market?

早安。非常感謝讓我提問。我想追問一下歐洲。Justin，我想如你所提到的，你們的指引是低到中個位數成長。但如果我沒聽錯，你們預期第一季成長最強。能否再多拆解一下你們在該市場看到的情況？

And then I think you also anticipate modest headwinds for EMEA, particularly it sounds like more of inbound tourism. So I'd love to hear maybe can you quantify what your expectation is in terms of that headwind. That would be very helpful. Thank you very much.

另外，我想你們也預期 EMEA 會有溫和逆風，聽起來特別是入境旅遊（inbound tourism）方面。我很想了解你們對這項逆風的預期是否可以量化一下。這會非常有幫助。非常感謝。

So we continue to see healthy underlying demand across our EMEA business is certainly supported by a resilient core consumer and that fiscal '27, outlook that you referenced, it reflects a more prudent view of the broader operating environment, right? But if you think about a step back, our core consumer remains resilient in all three of our regions, right, especially as we shift our customer base to be more full price and less price-sensitive quarter-over-quarter, year-over-year.

因此，我們持續看到我們 EMEA 業務的基本需求維持健康，這當然受到具韌性的核心消費者所支撐；而你提到的 27 財年展望，反映的是對更廣泛營運環境更為審慎的看法，對吧？但如果你退一步來看，我們的核心消費者在三個區域都仍具韌性，對吧？尤其是當我們逐季、逐年把客群轉向更偏全價、對價格敏感度更低的方向。

And that's including in EMEA, where we continue to drive help the underlying growth. And we expect that growth to continue in fiscal '27. So we're guiding for growth both in Q1 in that low single-digit range and on the lower end of our algo for the full year. That said, we are mindful of the macro pressures, right, the high energy prices and sediment pressures.

這也包括在 EMEA，我們持續推動並協助基本成長。我們預期這樣的成長會在 27 財年延續。因此，我們對 Q1 的成長指引是在低個位數區間，全年則在我們演算法（algo）區間的較低端。話雖如此，我們也留意總體壓力，對吧？高能源價格以及沉積壓力。

And we've taken these factors into account with our initial fiscal 2017 outlook, which reflects that more prudent view of the operating environment. We're also, to your point, monitoring tourism trends closely given the Middle East conflict and which we've seen soften a bit, but they do represent a very small portion of our business, Laurent.

我們已在初步的 2017 財年展望中把這些因素納入考量，該展望反映了對營運環境更為審慎的看法。另外，如你所說，鑑於中東衝突，我們也密切監測旅遊趨勢；我們確實看到旅遊有些轉弱，但它們在我們業務中占比非常小，Laurent。

I mean, our total Middle East business is low single digits of Europe and tourism is when you add on tourism, you're still in low single digits of Europe, even a smaller percentage of the total company. So monitoring closely, we'll continue to stay in touch with the environment that we're operating in, as always, as it evolves, and we know we have a proven agility as we saw this past year to respond if the consumer is stronger than we anticipate.

我的意思是，我們整體中東業務占歐洲的比重是低個位數；而旅遊部分即使加進來，仍然只是歐洲的低個位數，占整個公司的比重更小。所以我們會密切監測，並一如既往，隨著環境演變持續掌握我們所處的營運環境；而且我們知道自己具備經過驗證的敏捷性，就像去年所看到的那樣，如果消費者表現比我們預期更強，我們能夠做出回應。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Hey, guys. Congrats on a great quarter. Let me ask two. Patrice, category expansion. You mentioned the focus categories grew 20% in the quarter and in the year. Can you just tell us a little bit about how those contribute to the mid-single-digit growth this year? Or just bigger picture how they contributed to AUR in '26? And maybe talk a little bit about the opportunities for those categories to continue to outpace growth longer term.

嗨，各位。恭喜本季表現很棒。我想問兩個問題。Patrice，關於品類擴張。你提到本季以及全年，重點品類成長了 20%。你能否多談談這些品類如何貢獻今年的中個位數成長？或更宏觀地說，它們在 26 財年的 AUR 上是如何貢獻的？也請談談這些品類在更長期持續跑贏成長的機會。

And then Justin, in the fourth quarter, AUR was up 16%, D2C comps up 17%. So it implies very low unit growth. As you think about the 4% to 5% total growth this year, D2C faster than wholesale AUR, you set up mid-singles again. I'm going to ask probably for the ninth year in a row here. It seems like you're expecting units to decline in B2C, again, despite all the new customer additions, new store growth, new markets, new categories, how does the algorithm for unit growth work in your head this year, Justin?

然後 Justin，在第四季，AUR 上升 16%，D2C 同店上升 17%。所以這意味著單位數量成長非常低。當你思考今年總成長 4% 到 5%、D2C 快於批發、AUR 也帶動中個位數成長時，我大概是連續第九年要問這個問題了。看起來你又在預期 B2C 的銷量單位會下滑，儘管新增了許多新客、店鋪擴張、新市場、新品類都有；Justin，你腦中今年對單位成長的演算法是怎麼運作的？

Well, you're consistent, Michael, so that's good. So regarding accelerator categories, so we coin them accelerated categories because we expect them to be accelerators to our performance. So you can -- you saw that indeed, they were accelerators for this fiscal year, fiscal year '26. We expect that to continue next fiscal year.

Michael，你很一致，這很好。關於加速品類，我們之所以稱它們為加速品類，是因為我們預期它們會成為推動我們表現的加速器。所以你可以——你確實看到，它們在本財年、也就是 26 財年，的確是加速器。我們預期下一個財年也會延續。

So as we guide mid-single digits, we expect these three categories to over-deliver versus apps was super exciting is while we're building scale across the three of them, the size of price continues to be massive, right?

因此，當我們給出中個位數指引時，我們預期這三個品類會相對於服裝（apps）有更好的表現。更令人興奮的是，當我們在這三個品類建立規模的同時，價格帶的規模仍然非常龐大，對吧？

If you think about our women's apparel business in particular, the cost collection to Polo Women and Laurent, we have about a 1% market share. And so while we're already meaningful in terms of size, that's close to a $2 billion business. There are actually very few women's apparel brand in these price tiers of that size, we're only a 1% market share. So still significant runway and the same applies to cost and we're even earlier on the journey on handbags.

如果你特別看我們的女裝業務，從核心系列到 Polo Women，Laurent，我們大約只有 1% 的市占率。因此，雖然就規模而言我們已相當有份量，這接近一個 20 億美元的業務。在這些價格帶中，能做到這種規模的女裝品牌其實不多，但我們仍只有 1% 市占。所以仍有顯著的成長跑道；成本（cost）也是同樣情況，而在手袋方面我們的旅程甚至更早期。

So I feel very good about the fact that these will continue to be accelerators for us. Of course, we need to execute with excellence, but that's what the teams are focused on. We have if you look at this coming fiscal year on handbags, we have an exciting launch with the Blaze addition to the Women's Polo collection. So in addition to Polo ID, which is now an established pillar and Polo Play, which is also becoming a foundational element of our Women's Polo Handbag presentation.

所以我對這些品類會持續成為我們的加速器感到非常有信心。當然，我們需要以卓越的執行力落地，而這正是團隊聚焦的重點。如果你看即將到來的這個財年，在手袋方面，我們會有一個令人興奮的上市：Blaze 加入 Women's Polo 系列。因此，除了 Polo ID（現在已是既定支柱）以及 Polo Play（也正成為我們 Women's Polo 手袋呈現的基礎要素）之外。

We'll be adding a third pillar with Blaze. So energized by how that will contribute to continued performance for our handbag business. On the AUR front, these categories are all AUR accretive, right? If you look at the kind of price points that we play out across both women's apparel, outerwear and handbags. So we expect -- you've seen continued strong AUR growth, I think we're on our 36 quarter of AUR growth.

我們將以 Blaze 增加第三個支柱。因此，我們對它將如何貢獻手袋業務的持續表現感到振奮。在 AUR 方面，這些品類都能提升 AUR，對吧？如果你看我們在女裝、外套與手袋等品類所涵蓋的價格點。因此我們預期——你已看到 AUR 持續強勁成長，我想我們已連續 36 個季度 AUR 成長。

And obviously, mix is a key factor here, and product mix is an important element here. And so these accelerated categories will certainly contribute to that moving forward. Justin, over to you.

而且很明顯，組合是這裡的關鍵因素，產品組合也是重要元素。因此，這些加速品類未來肯定會對此有所貢獻。Justin，交給你。

And on the units versus the AUR question, Michael, so our top line outlook for fiscal '27, of that mid-single-digit growth, it continues to be supported by our three diversified revenue drivers, right, high-value new consumer acquisition, durable UR growth and targeted unit growth. So there are both durable drivers and meaningful runway ahead of us for all three of these top line growth engines. On units, we did inflect, as I mentioned, the total unit growth in fiscal '26, as our elevation journey continues to progress.

至於銷量單位與 AUR 的問題，Michael，我們對 27 財年的營收展望——中個位數成長——仍將由我們三個多元化的營收驅動因素所支撐，對吧？高價值的新客獲取、持久的 UR 成長，以及有針對性的單位成長。因此，這三個營收成長引擎都同時具備可持續的驅動力，且前方仍有可觀的跑道。在單位方面，如我提到的，隨著我們的升級之旅持續推進，我們在 26 財年實現了整體單位成長的拐點。

And the growth in units is where you want, right, full price, high potential categories that the treat just talk, digital, China, et cetera. And it's now more than offsetting the step change elevation in those channels but still have kind of more discounted opportunities for elevation like outlets.

而單位成長出現在你希望看到的地方，對吧？全價、高潛力品類——Patrice 剛談到的那些——數位、中國等等。而且它現在已足以抵消在那些通路的升級所帶來的階段性變化；但我們仍有一些折扣程度較高、仍可進一步升級的機會，例如 outlet（暢貨中心）。

That all said, we're on a continued elevation one. So we do expect AUR to continue to meet our growth and outpace units. We also expect units to continue to be slightly up as we think about our fiscal '27, outlook. Now we do assume some elasticity around units, largely in EMEA given the macro pressures there. But overall, we feel really good about our three diversified durable top line growth drivers, and you see it reflected in our on-algo guide.

綜上所述，我們仍在持續升級。因此，我們確實預期 AUR 會持續成長，並且增速快於單位數。我們也預期，從 27 財年展望來看，單位數將持續小幅上升。不過，我們確實假設單位數存在一定彈性，主要是在 EMEA，因為那裡有總體壓力。但整體而言，我們對三個多元且可持續的營收成長驅動因素感到非常有信心，你也能在我們符合演算法（on-algo）的指引中看到。

Kendall Toscano, Bank of America.

Kendall Toscano，美國銀行。

So on wholesale, both North America and Europe outperformed in the fourth quarter, as you plan for more normalized growth in fiscal Curious what you're seeing today from your wholesale partners? And how much of the normalization is conservatism as opposed to a change in the underlying demand environment?

關於批發，北美與歐洲在第四季都優於預期；當你們規劃在財年更正常化的成長時，我想了解你們目前從批發合作夥伴那邊看到什麼？而這種正常化有多少是出於保守，多少是因為基本需求環境的變化？

Sure. We'll probably tag team on this all. So just to step back, strategy on wholesale and wholesale is now about 30% of the company, right? So 70% DTC, 30% wholesale, primarily, as you noted, EMEA and North America. We have a three-pronged strategy on wholesale, which is win with the luxury players.

當然。我們可能會一起分工回答這些。先退一步看，批發策略——而批發目前約占公司30%，對吧？也就是70%為DTC、30%為批發，主要如你所說在EMEA與北美。我們在批發端有三大策略，其中之一是與奢侈品玩家取勝。

So I think the Nordstroms, Paris, La Rinascente, Blooming Dales of this world. We're seeing very strong interest from these players now in our brand. I wouldn't have said that a few years back. So we've got very good momentum and share gain there.

我想像是Nordstrom、巴黎的（百貨/通路）、La Rinascente、Bloomingdale’s這些。我們現在看到這些玩家對我們品牌的興趣非常強。幾年前我可能不會這麼說。因此我們在那裡有非常好的動能與市占提升。

Second is within digital wholesale I think the big players of Orlandos of this world, the macys.com of this world where we're seeing very strong disproportionate momentum. And I think our scale and the breadth of our portfolio is certainly supporting that performance.

第二是在數位批發領域，我認為像Orlandos這類大型玩家、以及macys.com這類平台，我們在那裡看到非常強、且明顯高於同業的動能。我認為我們的規模與產品組合的廣度，確實在支撐這樣的表現。

And then third is key doors within premium wholesale, and we're really encouraged by the share progress that we're seeing across every single category which really indicates that the partnership that we have with these different department stores is working very well for us.

第三是在高端批發（premium wholesale）中的關鍵門店（key doors）。我們對於在每一個品類所看到的市占進展感到非常振奮，這清楚顯示我們與這些不同百貨通路的合作關係，對我們而言運作得非常好。

And what was particularly feels really good is we're aligned on the elevation strategy, which wasn't necessarily the case a few years back. So we're all rowing in the same direction, and we're seeing strong momentum across the Board. I'll let Justin provide additional color.

而特別讓人感覺很好的，是我們在品牌升級（elevation）策略上已經對齊；幾年前未必是這樣。所以我們現在是朝同一個方向努力，並且在各方面都看到強勁動能。我讓Justin再補充一些細節。

And we are to that point, Patrice, really healthy quality growth across our wholesale businesses. So in terms of the normalized growth rate for North America, we expect that normalized rate to be in that up low single-digit range with some prudence in the near term, given the context of the dynamic macro environment and given the potential for further industry consolidations.

而且就你提到的那點，Patrice，我們在批發業務上確實呈現非常健康、且高品質的成長。以北美的常態化成長率來看，我們預期該常態化增速會落在低個位數成長區間，同時在短期內會保持一些審慎，考量到宏觀環境的動態變化，以及產業可能進一步整併的可能性。

And I would say that our underlying kind of organic growth rate is going to continue to be partly mitigated by ongoing Brent elevation reinvestments, right, as we pull back on off-price. And as we continue to sort of call that lower level distribution. But we are guiding for North America, up low single digits on [going] fiscal '27, with both growth in DTC and wholesale, DTC on the higher side and wholesale on the lower side of that up low single-digit growth.

我也會說，我們的底層、偏有機的成長率，將會部分被持續的品牌升級再投資所抵銷，對吧——因為我們正在收縮off-price（折扣通路）。同時我們也持續清理那種較低層級的鋪貨/分銷。但我們對北美在[going] 2027財年給出的指引是低個位數成長，且DTC與批發都會成長；其中DTC會偏高一些，批發則會在這個低個位數成長區間的較低端。

And then on EMEA, our outlook for fiscal '27, is really in line with that regional guide for the full year of up low to mid-single digits, reflecting a little bit of prudence on the macros and some unit elasticity for full '27, orders underlying normalized growth rate there is consistent with what we've been seeing out of that now, which is that mid-single-digit growth. And that's what we saw in fiscal '21, and for a number of consecutive quarters now.

至於EMEA，我們對2027財年的展望，基本與該區域全年指引一致，為低到中個位數成長，反映我們對宏觀環境保持些許審慎，以及2027全年在出貨量上的一些彈性（unit elasticity）。該區域訂單的底層常態化成長率，與我們目前看到的情況一致，也就是中個位數成長。這也是我們在2021財年看到的表現，且已連續好幾個季度如此。

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

Good morning. Thanks for taking my question. I wanted to ask on AURs. That continues to be really strong at double digits despite all the macro dynamics. I know your guidance is closer to mid-single digits and we've talked about AUR today. I just wanted to drill down on a bit more in the outlet channel and the opportunity there, especially at US and Europe.

早安。謝謝讓我提問。我想問AUR（平均單價）。儘管宏觀環境有各種變動，AUR仍持續以雙位數成長、表現非常強。我知道你們的指引比較接近中個位數，而且我們今天也談到AUR。我想再更深入一點問問outlet（暢貨中心）通路的情況與機會，特別是在美國與歐洲。

How much opportunity is there really from continued promo optimization and you talked a bit Patrice about the product mix. So I'd be curious about that as well. Thanks so much.

持續的促銷最佳化到底還有多少空間？你也稍早提到Patrice談了一些產品組合。所以我也想了解那部分。非常感謝。

So on the -- thanks for the question. So on the sort of the AUR outlook. So yes, we expect AUR growth to remain healthy and durable as we did about fiscal '27, albeit at a more normalized level following sort of the outperformance we delivered over the past year plus, we're guiding in that sort of in that mid-single-digit sort of range.

關於——謝謝你的問題。關於AUR展望。是的，我們預期AUR成長在2027財年仍會保持健康且具延續性，只是會回到較常態的水準，因為過去一年多我們的表現有些超出常態；因此我們的指引落在中個位數成長區間。

And that does reflect growth across all of our regions and really across all other channels. And outlets has always been the channel that probably had the most runway when we started the elevation journey. It's where we've made the most progress on AUR growth and we probably still have the most opportunity as we look ahead. If you think about discount rate as an example, so many levers to assess and activate frequency, depth duration, breadth of our product is included within promotion.

而這反映了我們所有區域、以及各個通路的成長。outlets一直是我們在啟動品牌升級旅程時，最有「跑道」的通路。我們在那裡的AUR成長進展最大，而往前看可能也仍有最多機會。以折扣率為例，有很多槓桿可以評估並啟動：促銷頻率、折扣深度、促銷期間長短、以及納入促銷的產品廣度。

So as we get sharper with product performance analytics, customer segmentation, leveraging AI, we're going to be able to get more price more per site and more targeted with our offers telling specifically to customers by stores, by channels. So I would say that across all of our regions, still a lot of opportunity there, and it's not just around the targeted marketing communications and product offering, but it's also about as we elevate the mix in those outlet channels that is a pretty meaningful driver of our AUR growth.

因此，當我們在產品表現分析、客群分群、以及運用AI方面變得更精準時，我們將能做到更好的定價（每個據點/站點更高的價格），並讓優惠更具針對性——依顧客、依門店、依通路來制定。所以我會說，在我們所有區域仍有很大機會；而且不只是更精準的行銷溝通與產品供給，也包括我們在outlet通路提升產品組合（mix）的同時，這會是推動AUR成長相當重要的驅動因素。

Blake, on the product mix, you're absolutely right. I think what we're doing actually in outlets is very consistent with what we're doing actually across all the channels, which is elevating the mix. So in outlook, what you'll see is more emphasis on sweaters, more emphasis on outerwear, more dedicated space on handbags, right?

Blake，關於產品組合，你說得完全正確。我認為我們在outlets所做的，其實與我們在所有通路所做的非常一致，也就是提升組合。因此在展望上，你會看到更強調毛衣、更強調外套，並在手袋上配置更多專屬空間，對吧？

Better presentation of our shirts and you're going to see less of our additional big T-shirt rounders that might have historically been right smack in the middle of the section where, of course, they're still available because consumers are looking for them and interested in them, but they're no longer front and center as we focus the energy and the activation on these higher AUR categories, and we're seeing a very nice response from consumers across the world on this shift.

襯衫的陳列也會更好；你也會看到我們較少把那些額外的大量T恤款式（過去可能就擺在區域正中央）放在最顯眼的位置——當然它們仍然有供應，因為消費者仍在尋找、也有興趣，但在我們把資源與活動聚焦在這些AUR較高的品類時，它們不再是前景與核心。這樣的轉變，我們在全球各地都看到消費者非常好的回饋。

And if anything, Blake, I would tell you, we're surprised on the upside on the type of price points that we can actually implement within outlets. We're seeing, particularly on our women's products some of the leather outerwear, which are relatively elevated pricing, getting very, very strong response.

而且如果要說的話，Blake，我會告訴你，我們對於在outlets其實能夠落地的價格帶，上行表現讓我們感到驚喜。我們看到，特別是在女裝產品上，一些皮革外套等相對較高定價的商品，反應非常、非常強。

So we are encouraged by the momentum we're seeing there. And I think that journey of mix elevation within outlets, as we change and evolve the overall experience from the consumers, we lean into clienteling as we enhance the environment is designed to be productive and effective for many years to come.

所以我們對那裡看到的動能感到鼓舞。我認為outlets內的組合升級旅程——隨著我們改變並演進整體消費者體驗、加大客戶經營（clienteling）、並提升門店環境——將會在未來很多年都保持高產出且有效。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Hi. Good morning. Congratulations. Great results. I guess the question I'd like to focus on is China. When you look at the trends in China, the cultural teens, can you just unpack it a bit in terms of how you see this year playing out with these strong results?

嗨。早安。恭喜。成果很棒。我想聚焦的問題是中國。當你們看中國的趨勢、文化潮流時，能否再拆解一下，談談你們如何看今年在這些強勁成果下的發展？

We love talking about China as part of our diversified growth driver. So first zooming out a little bit because obviously, the numbers are particularly strong this past fiscal year, up 40% total fiscal year of 51% this last quarter. If you look back past four years now, we've been growing at above the 20% rate in China. So this is not a one-off. This is a result of sustained implementation of our strategy and excellent execution by our teams on the ground.

我們很喜歡談中國，因為它是我們多元化成長動能的一部分。先把視角拉遠一點，因為很明顯，上一財年的數字特別強：全年成長40%，上一季成長51%。如果回看過去四年，我們在中國的成長率一直高於20%。所以這不是一次性的。這是我們策略持續落地、以及在地團隊卓越執行的成果。

The China opportunity remains a major opportunity for this company, mid and long term. If you look at the penetration of our business, there and the runway that we still have ahead a few things to call out. One is consumers are really gravitating towards the core values that Ralph Lauren represents the values of authenticity of timelessness, of quality of entrepreneurship of optimism. So not only are they attracted by our products, but they want to be parts of that world.

中國機會在中長期仍然是這家公司的一個重大機會。如果你看看我們業務在當地的滲透率，以及我們前方仍然很長的成長跑道，有幾點值得特別提出。第一，消費者確實正被 Ralph Lauren 所代表的核心價值所吸引——真實性、永恆感、品質、創業精神與樂觀。因此，他們不僅被我們的產品吸引，也希望成為那個世界的一部分。

Two is we're actually recruiting broadly across generations. So we're obviously excited about the momentum that we have within the Gen Z population, but we're seeing appeal very broadly as we had seen historically in other core markets. Three is the teams have done really nice stop balancing the global campaigns and programs that we implement and then local activation and local activation ranges from marketing to digital commerce.

第二，我們實際上正在跨世代廣泛吸引新客。所以我們當然對 Z 世代族群的動能感到振奮，但我們也看到非常廣泛的吸引力，正如我們過去在其他核心市場歷來所見。第三，團隊在平衡我們推行的全球行銷活動與方案，以及在地化啟動方面做得非常好；而在地化啟動涵蓋從行銷到數位商務等各面向。

You've heard us talk about our activations on Douyin. Our Women's Polo Douyin, our shop is doing incredibly well. We just opened -- reopened our Men's Polo Shop and encouraged by the initial results that we're seeing there. So I think that, combined with the focus on these six key cities, resisting the temptation to go too broad to go too fast. We're working really hard to pace.

你們也聽過我們談到在抖音上的各項啟動。我們的 Women’s Polo 抖音店表現非常出色。我們剛剛開設——重新開設了我們的 Men’s Polo 店，且對目前看到的初步成果感到鼓舞。因此我認為，結合對這六個關鍵城市的聚焦，並抵抗想要鋪得太廣、跑得太快的誘惑。我們正在非常努力地掌握節奏。

I know the numbers don't necessarily show that but working really hard to pace our growth because we're in China, not just to win this year. We were in China to win for the next 10 and 20 years and really make sure we're building the right foundations for the long term and staying close to that consumer and making sure that E&C sees both the luxury perception, the way we intended and also sees the value in what we have to offer. Looking to next fiscal year, we have guided to mid-teens for China performance and feel that that's the right number based on what we're seeing in the market and based on the plans that we have today.

我知道數字未必能反映這一點，但我們確實非常努力地控制成長節奏，因為我們在中國不只是為了贏今年。我們在中國是為了贏得未來 10 年與 20 年，並確保我們正在為長期建立正確的基礎、貼近消費者，同時確保 E&C 既能看到我們所期望的奢華感知，也能看到我們所提供價值的所在。展望下一財年，我們對中國業績指引為中十位數成長，我們認為這是基於目前市場觀察與現有計畫所做出的合適數字。

We'll take one last question, please, Julie.

我們再接最後一個問題，Julie，請。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Hey, thanks guys. The sponsorship of the Winter Olympics, it seems to provide nice platform for the brand. I'm curious what kind of activation you're most spoke about for this upcoming year, how that differs by region. Can you do anything tied to the World Cup? That's my first question.

嗨，謝謝各位。冬季奧運的贊助似乎為品牌提供了很好的平台。我想了解你們在即將到來的一年最著重的啟動會是哪些，並且各地區之間會有何不同。你們能做一些與世界盃相關的活動嗎？這是我的第一個問題。

And then I was just curious on the margin expansion guidance. How much of that is simply regional mix versus region versus itself margin expansion? If you could talk about the dynamics of margins within each region.

另外我也想請教關於利潤率擴張的指引。其中有多少只是地區組合的影響，相對於各地區自身的利潤率擴張？如果可以的話，請談談各地區內部利潤率的動態。

Sounds good. So yes, we were really pleased with the response we saw from consumers actually around the world on the Winter Cortina Olympic activation, and our teams did a great job, both in terms of overall campaign and also activations online. And in our stores, we were proud that in a world that's pretty crowded with a lot of brands activating the Olympics.

好的。是的，我們對全球消費者對 Cortina 冬奧啟動活動的反應感到非常滿意，我們的團隊做得非常出色，無論是在整體活動策劃上，還是在網路端的各項啟動上。在門市端也是如此；在一個有許多品牌都在啟動奧運行銷、競爭相當擁擠的環境中，我們也感到很自豪。

We have the number one share of voice during that time. Our philosophy, Paul, on our marketing approach is diversification, right? So we have a broad range of marketing activations every year, and we have this notion of always on rolling funder of marketing activity. So as I look ahead, it's going to be really challenging, Paul, to point to one specific one because we really don't build the plan that way. But we have this coming quarter.

在那段期間，我們的聲量占比排名第一。Paul，我們對行銷方法的理念是多元化，對吧？因此我們每年都有廣泛的行銷啟動活動，並且我們有一個概念是行銷活動「常態開啟」（always on），以滾動式資金支持行銷活動。所以往前看，Paul，要指出某一個特定活動會很有挑戰，因為我們並不是用那種方式來制定計畫。不過我們在接下來這一季會有一些安排。

Well, we just had the launch of the American Icon Stan collection, which were, I think, officially launching in two weeks. We have a Men Show coming up in Milan pretty soon. We just had a presentation in Salone. We have Wimbledon, we have the US open.

嗯，我們剛推出 American Icon Stan 系列，我想我們會在兩週後正式上市。我們很快會在米蘭舉辦一場男裝大秀。我們剛在 Salone 做了一場發表。我們有溫布頓，也有美國網球公開賽。

We have a women's collection show in the fall. We're celebrating our 60th next year, we are celebrating 50 years in Japan this year. We're celebrating the 40 years of our Madison Avenue store and with the Honda store in Tokyo this year.

秋季我們還有一場女裝系列大秀。明年我們將慶祝 60 週年，今年我們在日本慶祝 50 週年。今年我們也將慶祝麥迪遜大道門市 40 週年，以及東京的 Honda 門市。

So you're going to see continued rolling drumbeat of marketing activation. They won't mirror one for one what we've done in the prior year because that's not how we think. But we will have a program that will bring energy excitement and interest to bring in new consumers as we've been consistently quarter-on-quarter and also to continue to energize and engage our loyal customers.

所以你會看到行銷啟動持續以滾動、穩定的節奏推進。它們不會與前一年做的一一對應，因為我們不是那樣思考的。但我們會有一套方案，帶來能量、興奮與關注，持續吸引新消費者——正如我們一季接一季持續做到的——同時也持續為忠誠顧客注入活力並提升互動。

And Paul, on your operating margin, all three regions are expected to contribute to op margin expansion in fiscal '27, including North America. And we've got opportunity on gross margin expansion with our durable AUR growth drivers as well as on our SG&A expense leverage as we start to scale some of the fixed target investments that you've seen us make over the past couple of years.

另外，Paul，關於你的營業利益率問題，預期在 2027 財年三個地區都將對營業利益率擴張做出貢獻，包括北美。我們在毛利率擴張方面也有機會，來自我們具持續性的 AUR（平均單價）成長驅動因素，以及當我們開始擴大過去幾年你們看到我們所投入的一些固定目標投資規模時，SG&A 費用槓桿也會帶來助益。

And Paul, I didn't answer your World Cup question. We're not sponsors of the World Cup. Just trying to be choiceful in terms of where we engage, but we will activate in different ways across our stores to take advantage of the energy around the World Cup.

另外，Paul，我剛才沒有回答你關於世界盃的問題。我們不是世界盃的贊助商。我們只是希望在參與的領域上更有選擇性，但我們會在門市端以不同方式進行啟動，來把握世界盃帶來的熱度與能量。

Co-friends.

Co-friends。

So on that, I want to thank everyone for joining today's call. We look forward to reconnecting with you in the middle of the summer early August to share our first quarter results. And until then, take care, and have a great day.

那麼，藉此我想感謝各位參加今天的電話會議。我們期待在盛夏期間、約 8 月初與各位再次聯繫，分享我們第一季的業績結果。在那之前，請多保重，祝各位有美好的一天。

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

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。