雷夫·羅倫馬球 (RL) 2027 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren first-quarter fiscal year 2027 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，感謝您稍候。歡迎參加 Ralph Lauren 2027 會計年度第一季財報電話會議。(接線員指示) 提醒您，本次會議將被錄音。

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

現在我想把會議交給我們的主持人 Corinna Van Der Ghinst 女士。請開始。

Good morning. Thank you for joining Ralph Lauren's first-quarter fiscal 2027 conference call. Joining me today are Patrice Louvet, the Company's President and Chief Executive Officer; and Justin Picicci, Chief Financial Officer. After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller.

早安。感謝您參加 Ralph Lauren 2027 會計年度第一季電話會議。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。在管理層準備好的發言之後，我們將開放提問，並請每位來電者將問題限制為一題。

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 law, including our financial outlook. Forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements.

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（包含外幣影響）可見於今早的新聞稿。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。前瞻性陳述並非保證，實際結果可能與前瞻性陳述中明示或暗示者有重大差異。

Our expectations contain many risks and uncertainties. Principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings. To find disclosures and reconciliations of non-GAAP measures that we use when discussing our financial results, you should refer to this morning's earnings release and to our SEC filings that can be found on our investor relations website.

我們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。若要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，請參考今早的財報新聞稿，以及可在我們投資人關係網站上取得的 SEC 申報文件。

And with that, I'll turn the call over to Patrice.

接下來，我把電話交給 Patrice。

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

謝謝你，Corinna。各位早安，感謝大家參加今天的電話會議。

We are off to a strong start in the second year of our Next Great Chapter: Drive plan.

我們在「Next Great Chapter: Drive」計畫的第二年開局強勁。

Around the world, the core brand values that Ralph envisioned when he started this company nearly 60 years ago: authenticity, quality, timeless style, are resonating powerfully across generations and geographies. And we are connecting with and engaging consumers as only Ralph Lauren can, inspiring people to step into their dream of a better life.

在全球各地，Ralph 近 60 年前創立公司時所構想的核心品牌價值——真實性、品質、永恆風格——正跨越世代與地域，產生強烈共鳴。而我們也以唯有 Ralph Lauren 才能做到的方式與消費者建立連結並互動，啟發人們走進對更美好生活的夢想。

This strengthening brand desirability across lifestyle categories, channels and regions is translating into healthy, consistent, sustainable growth, and value creation for our business. In the first quarter, our top and bottom-line results exceeded our expectations, supported by our diversified drivers of growth.

這種在生活風格品類、通路與地區的品牌吸引力提升，正轉化為健康、一致且可持續的成長，以及為我們的業務創造價值。第一季，我們的營收與獲利表現均超出預期，並由多元化的成長動能所支撐。

Revenues increased 13%, including double-digit growth in both Asia and North America and mid-single digit growth in Europe. Performance was balanced across global DTC comps and wholesale, up 12% and 13% respectively in constant currency.

營收成長 13%，其中亞洲與北美皆為雙位數成長，歐洲則為中個位數成長。表現於全球 DTC 同店與批發之間均衡；以固定匯率計，分別成長 12% 與 13%。

And we achieved this all while continuing to improve our quality of sales with increased full-price selling and investing back into our key strategic priorities, notably our rolling thunder of brand activations, new AI capabilities, and expanding our key city ecosystems, along with returning cash to shareholders.

同時，我們持續提升銷售品質，提高正價銷售占比，並將資金再投入我們的關鍵策略優先事項，尤其是我們連綿不斷的品牌活動（rolling thunder）、新的 AI 能力，以及擴展各地區關鍵城市生態系，同時也回饋現金給股東。

With first quarter revenues and gross and operating margins ahead of the expectations we outlined in May, we have confidence in raising our full-year outlook to reflect our first-quarter over delivery even as we continue to take a measured approach to the macro backdrop in Europe in particular.

由於第一季營收以及毛利率與營業利益率均優於我們在 5 月所提出的預期，我們有信心上調全年展望，以反映第一季的超額達成；同時，我們仍將對宏觀環境保持審慎態度，尤其是歐洲。

Despite dynamic global operating conditions, we remain on offense, based on our continued commitment to invest behind our brands, driving high-quality new customer recruitment and retention our strong and growing geographical presence anchored in our key cities in each region, and our strategic investments in advanced analytics, technology, and AI to better serve our consumers and drive greater efficiencies in our business, all underpinned by our strong balance sheet and operating discipline.

儘管全球營運環境多變，我們仍保持進攻態勢，基於我們持續承諾加大對品牌的投資、推動高品質的新客招募與留存、以各地區關鍵城市為核心且強勁且持續擴大的地理布局，以及在進階分析、科技與 AI 的策略性投資，以更好地服務消費者並提升營運效率；而這一切皆以我們強健的資產負債表與營運紀律為後盾。

Let me take you through a few recent highlights across the three strategic pillars of our plan. 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.

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。提醒各位，這三項分別是：第一，提升並活化我們的生活風格品牌；第二，推動核心並擴張以取得更多成長；第三，在關鍵城市以消費者生態系取勝。

Starting with our efforts to Elevate and Energize our Lifestyle brand. At the intersection of culture, style, and luxury, the Ralph Lauren brand continues to captivate new generations, while deepening its connection with existing consumers around the world.

先從我們提升並活化生活風格品牌的努力談起。在文化、風格與奢華的交會點上，Ralph Lauren 品牌持續吸引新世代，同時也加深與全球既有消費者的連結。

To our fashion shows, key city campaigns, celebrations of important historical moments and heritage sporting events, we are bringing the world of Ralph Lauren to life in distinct and immersive ways. We are leveraging our unique lifestyle authority to create bold, innovative experiences that engage, inspire, and strengthen brand desirability.

從時裝秀、關鍵城市行銷活動、重要歷史時刻與傳承運動賽事的慶祝活動，我們以獨特且沉浸式的方式，讓 Ralph Lauren 的世界栩栩如生。我們運用獨有的生活風格權威，打造大膽且創新的體驗，吸引並啟發消費者，並強化品牌吸引力。

Key highlights from the first quarter included, first, in celebration of America's 250th anniversary, we unveiled our American Icons collection of commemorative stamps with the US Postal Service, making Ralph the first designer ever invited to have this honor. The curated collection aligns with our brand's enduring creative vision, which is deeply rooted in the tapestry of American heritage, landscapes, cultures, and artistry.

第一季的重點亮點包括：首先，為慶祝美國建國 250 週年，我們與美國郵政署（US Postal Service）共同推出 American Icons 紀念郵票系列，使 Ralph 成為史上首位獲邀享有此殊榮的設計師。這套精選系列與我們品牌長久以來的創意願景一致，而該願景深深扎根於美國傳承、地景、文化與藝術的多元織錦之中。

We also invited consumers to step into our vision of timeless style through our Spring '26 global campaign, A Sporting Life, a tribute to sophistication and sport with events in the Hamptons, Pebble Beach and beyond. Our Men's Purple Label and Polo Fashion Show at our Palazzo in Milan, capturing the spirit of adventurous travel through reimagined icons, where we welcome guests including Lewis Hamilton, Maluma, Henry Golding, Tom Hiddleston, and more.

我們也透過 2026 年春季全球行銷活動《A Sporting Life》，邀請消費者走進我們對永恆風格的想像；這是一場向精緻品味與運動精神致敬的活動，並在漢普頓、圓石灘（Pebble Beach）等地舉辦活動。我們在米蘭的 Palazzo 舉辦男裝 Purple Label 與 Polo 時裝秀，透過重新演繹的經典單品捕捉冒險旅行精神，並迎來包括 Lewis Hamilton、Maluma、Henry Golding、Tom Hiddleston 等多位嘉賓。

Our home presentation during Salone del Mobile. Also in Milan, transformed Palazzo Ralph Lauren into an immersive celebration of design and craftsmanship. And the launch of our newest book, Ralph Lauren Catwalk, which chronicles more than 50 years of our iconic women's wear shows, and marking the first time an American designer has been featured in this prestigious series.

我們在 Salone del Mobile 期間的家居展示。同樣在米蘭，我們將 Palazzo Ralph Lauren 打造成一場沉浸式的設計與工藝盛典。以及推出我們最新書籍《Ralph Lauren Catwalk》，記錄超過 50 年的經典女裝大秀，並標誌著美國設計師首次入選此一享有盛名的系列。

In Asia. We kicked off our year-long celebration of 50 years in Japan with the launch of our Very Ralph documentary at the landmark Akasaka Palace. And we hosted activations around the 20th anniversary of our Omotesando flagship in Tokyo.

在亞洲。我們在地標赤坂迎賓館（Akasaka Palace）首映《Very Ralph》紀錄片，揭開在日本 50 週年全年慶祝活動的序幕。我們也圍繞東京表參道旗艦店 20 週年舉辦一系列品牌活動。

And finally, reinforcing our leadership in the world of sports, we hosted our first-ever Ralph Lauren Polo Cup in Beijing and Sydney, an elegant live polo match, seamlessly blending equestrian heritage with high fashion and the world of celebrity.

最後，為強化我們在運動領域的領導地位，我們在北京與雪梨首度舉辦 Ralph Lauren Polo Cup——一場優雅的現場馬球賽事，將馬術傳承與高級時尚及名人世界無縫融合。

And beyond the quarter, we were proud to once again, serve as the official sponsor of Wimbledon, marrying the traditions of this story tournament with sophisticated spectator style. These activations are driving strong, sustainable growth in new customer acquisition and retention.

此外，在本季之後，我們也很榮幸再次擔任溫布頓網球錦標賽的官方贊助商，將這項歷史悠久賽事的傳統與精緻的觀賽風格相結合。這些活動正推動新客獲取與留存的強勁且可持續成長。

In the first quarter, we added 1.5 million new customers to our DTC businesses, led by Ralph Lauren stores and our digital commerce sites. We continue to drive progress across brand equity metrics, including increased NPS and luxury perception scores, as well as our ongoing recruitment of key consumer cohorts, including women, luxury and younger customers.

第一季，我們在 DTC 業務新增 150 萬名新客戶，主要由 Ralph Lauren 門市與我們的數位電商網站帶動。我們持續在品牌資產指標上取得進展，包括 NPS 與奢華感知分數提升，同時也持續招募關鍵消費者族群，包括女性、奢侈品客群與年輕消費者。

And we increased our social media followers by high-single digits to more than 70 million led by Instagram, Line, Douyin and TikTok. We look forward to sharing more of our rolling thunder of activations ahead as we continue to build brand desirability. Across generations around the world.

我們的社群媒體追蹤者也以高個位數成長至超過 7,000 萬人，主要由 Instagram、LINE、抖音與 TikTok 帶動。隨著我們持續打造品牌吸引力，我們期待在未來分享更多連綿不斷的品牌活動。跨越全球各世代。

Moving to our second key initiative, Drive the Core and Expand for More. Our design teams continue to honor the heritage and enduring codes of our brand while thoughtfully evolving them for the way consumers live today. Starting with our core, which represents more than 70% of our business.

接著談到我們的第二項關鍵倡議：「強化核心、擴大版圖以取得更多成長」。我們的設計團隊持續尊重品牌的傳承與歷久彌新的核心識別，同時也審慎地因應當代消費者的生活方式加以演進。先從我們的核心業務談起，核心業務占我們整體業務的70%以上。

Core product sales grew mid-teens in the first quarter. Recent highlights include a broad range of foundational sweaters, our linen Oxford and seersucker shirts, and our iconic chain of caps. We also introduced our By the Lake children's collection, featuring versatile pieces that provide an easy transition into back-to-school led by mini cable sweaters, windbreakers and full zip hoodies.

第一季核心產品銷售成長達到十幾個百分點的中段水準。近期亮點包括多款基礎款毛衣、我們的亞麻牛津襯衫與泡泡紗襯衫，以及我們標誌性的帽款系列。我們也推出了「By the Lake」兒童系列，主打多用途單品，能輕鬆銜接返校季，重點商品包括迷你麻花毛衣、風衣外套與全開拉鍊連帽外套。

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 the quarter, outpacing total company growth.

我們的高潛力品類（包括女裝、外套與手袋）持續成為業務加速器。合計而言，這些品類本季成長超過20%，增速高於公司整體成長。

In women's, we drove strong performance across cable knit and jersey sweaters, linen shirts, shirt dresses, and cotton chino pants. Our lightweight outerwear led by our city jacket and oversized windbreaker along with our fleece programs and bold polo graphics are driving seasonal newness and consumer engagement.

在女裝方面，我們在麻花針織與針織平紋（jersey）毛衣、亞麻襯衫、襯衫式洋裝以及棉質斜紋卡其褲上皆帶動了強勁表現。我們的輕量外套以城市夾克與寬鬆風衣為主，搭配刷毛系列與醒目的Polo圖案，正推動當季新品動能並提升消費者互動。

And our spring handbag campaigns continue to focus on our foundational polo play and polo ID collections in a colorful array of pebbled leathers, denim, beading and seasonal raffia, all ahead of our next foundational launch, the Polo Blaze.

而我們的春季手袋行銷活動，持續聚焦於我們的基礎款Polo Play與Polo ID系列，採用多彩的粒面皮革、丹寧、珠飾與當季拉菲草等材質，並為下一個基礎款新品「Polo Blaze」的推出預先鋪陳。

For Fall '26, special releases this quarter included our Wimbledon collection, honoring our heritage of sport, sophistication, and timelessness our latest home collections, Sterling Square and Saddlebrook, inspired by Ralph's Homes in New York City and Bedford and the launch of our partnership with Pebble Beach Resorts, marking the destination's first and only branded retail concept.

針對2026年秋季，本季的特別發售包括我們的溫布頓系列，致敬我們在運動、精緻與永恆風格上的傳承；我們最新的家居系列Sterling Square與Saddlebrook，靈感來自Ralph在紐約市與Bedford的居所；以及我們與Pebble Beach Resorts合作的上市，這也標誌著該度假勝地首個且唯一的品牌零售概念。

As we transition into fall, we will continue to lean into the breadth of our lifestyle product offering, both connecting with consumers around the world while driving resilience in our business.

隨著我們邁入秋季，我們將持續倚重多元且完整的生活風格產品組合，一方面與全球消費者建立連結，同時也提升我們業務的韌性。

Turning to our third key initiative, Win in Key Cities with Our Consumer Ecosystem. Our teams continued to set the standard for innovative consumer lifestyle experiences, 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.

接著談到我們的第三項關鍵倡議：「以消費者生態系在關鍵城市取勝」。我們的團隊持續為創新的消費者生活風格體驗樹立標竿，讓Ralph Lauren在全球前30大城市中鮮活呈現，同時也為下一批20個城市的長期成長奠定基礎。

Within DTC, which comprises the majority of our business, we delivered another quarter of healthy comp growth across regions. Global comps increased 12%. Led by our Ralph Lauren stores and digital commerce. By region, Asia again, led our growth with sales up 25% driven by all key markets.

在DTC（直接面向消費者）業務方面（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表現。全球同店銷售成長12%。主要由我們的Ralph Lauren門市與數位商務所帶動。以區域來看，亞洲再次領先成長，銷售成長25%，由所有主要市場共同驅動。

China sales remained strong, increasing more than 40% as we continue to build our brand. Our China performance was supported by local activations such as our Polo Cup, along with further expansion across our top six city clusters and on digital.

中國銷售維持強勁，成長超過40%，我們也持續深化品牌建設。中國的表現受惠於在地行銷活動（如Polo Cup），以及我們在六大核心城市群與數位渠道的進一步擴張。

Europe delivered mid-single digit growth this quarter on top of last year's strong compares, and we continue to drive results ahead of expectations in our largest region, North America, with retail and wholesale both contributing to this quarter's 13% growth.

歐洲在去年強勁比較基期之上，本季仍實現中個位數成長；同時，我們在最大區域北美的表現持續優於預期，零售與批發皆有貢獻，帶動本季成長13%。

As we deepen our presence in our top cities, we opened 22 new owned and partner stores globally this quarter. New stores included The Grove in Los Angeles, Stanford Shopping Center in Palo Alto, our second store in the Bay Area ecosystem, and first in Silicon Valley, including a Ralph's Coffee, Istanbul, new Polo stores in Sydney and Perth, and we renovated our highly elevated Bister outlet outside of London, which also now includes a Ralph's Coffee.

隨著我們加深在核心城市的布局，本季我們在全球新開了22家自營與合作夥伴門市。新店包括洛杉磯The Grove、帕羅奧圖的Stanford Shopping Center（這是我們灣區生態系的第二家門市，也是矽谷的第一家，並設有Ralph's Coffee）、伊斯坦堡，以及雪梨與伯斯的新Polo門市；此外，我們也翻新了倫敦近郊定位更高端的Bister暢貨中心門市，並同樣新增了Ralph's Coffee。

In addition, we expanded our RL mobile app to Korea, our first market to have the app outside of North America, with strong early performance that exceeded our expectations.

此外，我們將RL行動App擴展至韓國，這是北美以外首個上線該App的市場；初期表現強勁，超出我們的預期。

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 continue to drive progress in enhancing our creativity, productivity and customer engagement.

最後談到我們的賦能要素（enablers），我們的業務持續由五大關鍵賦能要素所支撐。近期亮點包括：首先，作為我們聚焦先進科技、AI與分析的一部分，我們持續推進相關進展，以提升創意產出、生產力與客戶互動。

This quarter, we improved user experiences on our digital commerce sites and expanded brand discoverability across key LLMs. We are also participating in select AI tests to understand evolving consumer behavior on these newer platforms.

本季，我們改善了數位商務網站的使用者體驗，並在關鍵大型語言模型（LLMs）上擴大品牌可被發現度。我們也參與部分AI測試，以了解消費者在這些新平台上的行為變化。

In addition, we were proud to be named one of Time Magazine's World's 100 Most Influential Businesses of 2026, recognizing our company's legacy of style, impactful storytelling and the unique way we transcend generations.

此外，我們很榮幸入選《時代雜誌》2026年「全球最具影響力企業100強」，肯定我們公司在風格傳承、具影響力的敘事，以及跨世代共鳴的獨特能力。

We were also named one of the Wall Street Journal's Best Companies for the Future for 2026, highlighting S&P 500 companies that are best positioned to thrive in a rapidly evolving global landscape.

我們也獲選為《華爾街日報》2026年「未來最佳公司」之一，該榜單聚焦於在快速演變的全球環境中最具成長與致勝定位的標普500企業。

In closing, Ralph and I are encouraged by our brand's continued momentum through the start of fiscal '27. With our diversified drivers of growth and increasingly elevated consumer base, our business model is resilient and delivering consistent performance.

總結來說，Ralph與我對品牌在2027財年開局階段仍持續展現動能感到振奮。憑藉多元化的成長驅動因素與日益提升的消費者基礎，我們的商業模式具備韌性，並持續交出穩健表現。

We want to thank our teams who are navigating the ever-evolving operating landscape with care and agility. And to our customers, thank you for your loyalty and trust.

我們要感謝團隊在不斷演變的營運環境中，以審慎與敏捷的方式前行。也要對我們的顧客說聲謝謝，感謝你們的忠誠與信任。

Looking ahead, we will continue to invest in our key strategic priorities to deliver the sustainable growth, including harnessing the power of our iconic brand to drive desirability and lifetime value, creating timeless products with a strong value proposition that consumers love and trust, and investing in brand experiences that inspire our consumers and immerse them in the world of Ralph Lauren.

展望未來，我們將持續投資於關鍵策略優先事項，以實現可持續成長，包括：善用我們標誌性品牌的力量以提升吸引力與終身價值；打造具強大價值主張、讓消費者喜愛並信賴的經典產品；以及投資能啟發消費者、並讓他們沉浸於Ralph Lauren世界的品牌體驗。

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來回答各位的問題。

Thanks, Patrice, and good morning, everyone. Our first-quarter performance exceeded our expectations on both the top and bottom line, reinforcing the strength of the Ralph Lauren brand and the resilience of our diversified global growth drivers.

謝謝你，Patrice，各位早安。我們第一季在營收與獲利（上、下線）兩方面的表現都超出預期，進一步印證Ralph Lauren品牌的實力，以及我們多元化全球成長動能的韌性。

In the midst of a dynamic operating environment, these results underscore our disciplined operating approach and the quality of execution by our teams around the world. Revenues were up double-digits ahead of our mid to high single-digit outlook for the quarter, driven by broad-based performance across regions and channels and supported by healthy consumer demand.

在充滿變動的營運環境中，這些成果凸顯了我們嚴謹的營運紀律，以及全球團隊高品質的執行力。本季營收以雙位數成長，優於我們原先中到高個位數的展望，成長動能來自各區域與各通路的廣泛表現，並受到健康的消費需求支撐。

We continued on our brand elevation journey with stronger full price selling and reduced promotional activity, driving gross and operating margins above our expectations. At the same time, we reinvested behind our key strategic priorities to support sustainable growth and long-term value creation.

我們持續推進品牌升級旅程，以更強勁的正價銷售與更少的促銷活動，帶動毛利率與營業利益率高於預期。同時，我們也再投資於關鍵策略優先事項，以支持可持續成長與長期價值創造。

As Patrice mentioned, our strong first-quarter results and underlying brand momentum give us confidence to raise our full-year outlook, even as we maintain an appropriately prudent view on Europe due to the macroeconomic uncertainty.

如Patrice所提到，我們第一季的強勁成果與品牌動能，使我們有信心上調全年展望；同時，鑑於總體經濟不確定性，我們對歐洲仍維持適度審慎的看法。

But first, let me walk you through our financial highlights from the first quarter, which as a reminder are provided on a constant currency basis.

不過首先，讓我帶各位回顧第一季的財務重點；提醒一下，以下數據皆以固定匯率基礎（constant currency）呈現。

Total company first quarter revenue grew 13%, reflecting better-than-expected performance in both our direct-to-consumer and wholesale channels. By region, Asia led our performance, increasing 25%, followed by North America, up 13% and Europe, up 5%.

公司第一季總營收成長13%，反映我們在直接面向消費者與批發通路皆有優於預期的表現。以區域來看，亞洲領先，成長25%；其次為北美，成長13%；歐洲則成長5%。

Total company retail comps were strong, increasing 12% with balanced contributions from our own digital and brick-and-mortar channels. Total digital ecosystem sales, including our own sites and wholesale digital accounts grew mid-teens, driven by all regions.

全公司零售同店表現強勁，成長12%，且來自自營數位與實體門市通路的貢獻均衡。整體數位生態系銷售（包含自營網站與批發數位帳戶）成長約十幾個百分點（mid-teens），並由各區域共同帶動。

Total company adjusted gross margin expanded 130 basis points to 73.6%, underscoring the continued elevation of our business and investments in quality of sales. This resulted in strong AUR growth and favorable mix shift towards our full-price businesses, which more than offset incremental tariff costs and higher labor and non-cotton material costs in the quarter.

全公司調整後毛利率擴張130個基點至73.6%，凸顯我們業務持續升級，以及對銷售品質的投資。這帶動強勁的AUR成長，並使組合更有利地轉向全價業務，足以抵銷本季新增的關稅成本，以及較高的人工與非棉原料成本。

AUR increased 15%, supported by healthy new customer acquisition and disciplined inventory management. Enabling strong full price selling, reduced discounting and selective pricing actions, along with favorable product, channel and geographic mix.

AUR成長15%，受惠於健康的新客獲取與嚴謹的庫存管理。在強勁的全價銷售、折扣降低與選擇性定價措施的帶動下，並受惠於產品、通路與地理區域組合的有利變化。

We currently expect mid- to high-single digit AUR growth in the second quarter of fiscal '27, reflecting our ongoing brand elevation strategy. Additionally, we now anticipate mid- to high-single digit AUR growth for the full year with contributions from all regions. We expect this continued AUR growth to more than offset modest pressure from higher freight and tariff costs.

目前我們預期在27會計年度第二季，AUR將呈現中至高個位數成長，反映我們持續推動的品牌升級策略。此外，我們現在預期全年AUR亦將達中至高個位數成長，且由所有區域共同貢獻。我們預期這項持續的AUR成長，將足以抵銷因運費與關稅成本上升所帶來的溫和壓力。

Adjusted operating expenses increased 13% but declined 10 basis points as a percentage of sales to last year, driven by 90 basis points of leverage in non-marketing expenses. Marketing increased to 8.2% of sales compared to 7.5% last year, supported by our investments in key brand building activations around the world this quarter, including our spring global campaign and men's fashion show.

調整後營業費用增加13%，但占銷售額比重較去年下降10個基點，主要受非行銷費用出現90個基點的槓桿效益所帶動。行銷費用占銷售額比重提升至8.2%，高於去年的7.5%，反映我們本季在全球關鍵品牌建設活動上的投資，包括春季全球行銷活動與男裝時裝秀。

We continue to view these marketing investments as critical drivers of long-term brand desirability, customer acquisition and lifetime value. And with compelling ROI behind these activities, we still expect marketing as a percentage of sales to step up to approximately 8% in fiscal '27. First-quarter adjusted operating margin expanded 150 basis points to 18.5% ahead of our plan, while operating income grew 23%.

我們仍認為這些行銷投資是推動長期品牌吸引力、客戶獲取與終身價值的關鍵動能。在這些活動具備具說服力的投資報酬率（ROI）支持下，我們仍預期27會計年度行銷費用占銷售額比重將提升至約8%。第一季調整後營業利益率較計畫更佳，擴張150個基點至18.5%，同時營業利益成長23%。

Turning to segment performance and starting with North America. First-quarter revenue grew 13%, above our expectations. In North America retail, first quarter comps increased 9%, led by our full price channels. Digital comps increased 8%, reflecting solid traffic trends and benefiting from merchandising optimization and our investments in full funnel marketing activations.

接著看各事業部表現，先從北美開始。第一季營收成長13%，高於我們預期。北美零售第一季同店成長9%，由全價通路領先帶動。數位同店成長8%，反映穩健的流量趨勢，並受惠於商品陳列最佳化，以及我們對全漏斗行銷活動的投資。

North America wholesale revenue grew 22%, driven by strong spring sellout trends and replenishment orders, resume shipments to a luxury wholesale account, and a shift in timing of shipments from the fourth quarter of fiscal '26.

北美批發營收成長22%，主要由強勁的春季終端銷售（sellout）趨勢與補貨訂單、恢復對某奢侈品批發客戶的出貨，以及部分出貨時點自26會計年度第四季移轉所帶動。

Together, the timing shifts and resume shipments contributed approximately 15 points of growth in the quarter, demonstrating healthy underlying growth. With stronger than expected trends in our full-price wholesale business, we plan to accelerate our strategic reduction of off-price sales at exit of lower-tier full-price stores in the back half of the year.

綜合出貨時點移轉與恢復出貨，約貢獻本季15個百分點的成長，顯示基本面成長健康。鑑於全價批發業務趨勢優於預期，我們計畫在下半年加速策略性降低折扣通路（off-price）銷售，並退出較低層級的全價門市據點。

As a result, we continue to expect stronger North America wholesale performance in the first half, followed by a more pronounced impact from the strategic reductions in the second half, which we expect to more than offset underlying full-price growth and result in modest growth for full-year fiscal '27.

因此，我們仍預期北美批發在上半年表現較強，之後下半年策略性縮減的影響將更為明顯；我們預期該影響將超過基本面的全價成長，並使27會計年度全年呈現溫和成長。

Turning to Europe, first-quarter revenue increased 5%. By market, Germany, Italy, and Spain led our performance in the region. Europe retail comps were up 1% on top of a double-digit compare last year with stronger growth in our own digital business.

再看歐洲，第一季營收成長5%。以市場別來看，德國、義大利與西班牙領先帶動本區表現。歐洲零售同店成長1%，是在去年雙位數高基期之上，且自營數位業務成長更強。

While store traffic was impacted by the broader macro environment, we continue to outperform market trends with increased conversion rates and basket sizes through our ongoing brand elevation and targeted consumer engagement initiatives.

儘管門市客流受到整體宏觀環境影響，我們仍透過持續的品牌升級與精準的消費者互動計畫，提高轉換率與客單價（basket size），持續優於市場趨勢。

Europe wholesale increased 8%, also on top of a double-digit compare last year. Results included a roughly five-point benefit from earlier timing of shipments from the second quarter. While underlying wholesale sell-out trends remain in line with our full-year outlook, we are proactively managing our sell-in to maintain healthy inventories in the channel, as we continue to take a prudent view of the broader consumer environment.

歐洲批發成長8%，同樣是在去年雙位數高基期之上。結果包含因第二季出貨提前而帶來約5個百分點的助益。雖然批發終端銷售（sell-out）基本趨勢仍符合我們全年展望，我們正主動管理對通路的出貨（sell-in），以維持通路端健康庫存，同時對更廣泛的消費環境維持審慎看法。

Moving to Asia, first-quarter revenue increased 25%, driven by growth across all key markets. Retail comps grew 23% with double-digit growth in every channel. Asia digital ecosystem sales also increased double digits. with strong contributions from both our own digital commerce sites as well as pure plays.

接著看亞洲，第一季營收成長25%，由所有主要市場的成長所帶動。零售同店成長23%，各通路皆呈現雙位數成長。亞洲數位生態系銷售亦呈雙位數成長，來自自營數位商務網站與純電商平台（pure plays）的貢獻皆強勁。

Our full-funnel marketing activations continue to strengthen brand affinity across the region, with consumers increasingly drawn to our core values, notably authenticity, quality, and timeless style.

我們的全漏斗行銷活動持續強化區域內的品牌好感度，消費者愈發被我們的核心價值所吸引，尤其是真實性、品質與經典風格。

By market, China continues to lead our growth with sales up over 40% in the quarter, driven by healthy comps and high-quality new customer recruitment.

以市場別來看，中國仍是成長領先者，本季銷售成長超過40%，主要由健康的同店表現與高品質的新客招募所帶動。

Japan and Korea also delivered double-digit growth, supported by localized brand activations and strong consumer engagement.

日本與韓國亦繳出雙位數成長，受惠於在地化品牌活動與強勁的消費者互動。

Moving to the balance sheet, our Fortress balance sheet and strong cash flow generation remain important competitive advantages, providing us with the flexibility to make strategic investments, pursue growth opportunities and continue delivering value to shareholders in a dynamic operating environment.

再看資產負債表，我們堅實的「堡壘式」資產負債表與強勁的現金流創造能力，仍是重要的競爭優勢，使我們在多變的營運環境中，能靈活進行策略性投資、把握成長機會，並持續為股東創造價值。

During the first quarter, we returned more than $300 million to shareholders through our dividend and repurchases, ending the period with $1.9 billion in cash and short-term investments, and $1.2 billion in total debt.

第一季期間，我們透過股利與庫藏股回購向股東返還超過3億美元，期末現金與短期投資為19億美元，總負債為12億美元。

First-quarter net inventory decreased 3% in constant currency, driven by disciplined inventory management, the timing shift of receipts in Europe, and lapping higher inventory levels in the prior year as we mitigated the impact of tariffs in North America. Inventory remains healthy across regions and channels and well positioned relative to demand.

第一季淨庫存以固定匯率計下降3%，主要受惠於嚴謹的庫存管理、歐洲到貨時點移轉，以及去年為降低北美關稅影響而提高庫存水位所形成的高基期。各區域與通路的庫存仍維持健康，且相對需求配置得宜。

Looking ahead, our outlook for fiscal '27 remains based on our best assessment of the current operating environment, including the geopolitical backdrop, foreign currency dynamics, and broader macroeconomic trends.

展望未來，我們對27會計年度的展望仍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宏觀經濟趨勢。

For fiscal '27, we expect constant currency revenue to increase mid-single digits to last year on a 52-week comparable basis, now centered around 5% to 6%, up from 4% to 5% previously, reflecting our better-than-expected first-quarter results and continued brand momentum despite a volatile global operating environment.

就27會計年度而言，我們預期以固定匯率計的營收在可比52週基礎上，將較去年成長中個位數，目前以約5%至6%為中心，高於先前的4%至5%；反映第一季結果優於預期，以及在全球營運環境波動下品牌動能仍持續。

Foreign currency is now expected to negatively impact revenue growth by approximately 50 basis points to 100 basis points this year based on current exchange rates. As a reminder, fiscal '27 includes a 53rd week, which is expected to add approximately one point to revenue growth and slightly benefit operating margin.

依目前匯率推估，今年外匯預期將對營收成長造成約50至100個基點的負面影響。提醒一下，27會計年度包含第53週，預期將為營收成長增加約1個百分點，並對營業利益率帶來些微助益。

While our core consumer base has remained resilient through the start of the year, our outlook maintains a prudent view of consumer demand in EMEA, as well as modest cost headwinds from energy pricing volatility and US tariffs.

雖然我們的核心消費族群在年初至今仍具韌性，我們的展望仍對EMEA的消費需求維持審慎看法，並納入能源價格波動與美國關稅所帶來的溫和成本逆風。

By region for fiscal '27, we still expect North America revenue to grow approximately low single-digits. We are encouraged by our strong first-quarter performance with continued momentum in our direct-to-consumer channel and healthy wholesale sellout.

以27會計年度各區域來看，我們仍預期北美營收約呈低個位數成長。我們對第一季的強勁表現感到鼓舞，直面消費者（direct-to-consumer）通路動能持續，批發終端銷售亦維持健康。

We still expect this solid growth to be partly offset by accelerated strategic investments in quality of sales and lower tier door exits, notably in the back half of the year as we further elevate our long-term position in the marketplace.

我們仍預期這項穩健成長將部分被加速的策略性投資（聚焦於銷售品質）以及退出較低層級據點所抵銷，尤其是在下半年，因我們將進一步提升在市場中的長期定位。

We continue to expect Europe revenue to increase approximately low to mid-single digits with underlying growth tempered by ongoing uncertainty in the consumer environment from elevated energy costs. And disruption to Middle East partner sales and tourism, as well as lapping strong fiscal '26 compares.

我們仍預期歐洲營收將增加約低至中個位數百分比，惟在能源成本居高不下所致的消費環境持續不確定性下，基本成長動能受到抑制。此外，中東合作夥伴銷售與觀光旅遊的干擾，以及與財政年度'26強勁表現的比較基期效應。

And we now expect Asia revenue to increase approximately high-single to low-double digits, up from our prior outlook of high-single digit growth, driven by our stronger than expected Q1 results and ongoing brand momentum and expansion opportunities across key markets in the region.

我們目前預期亞洲營收將增加約高個位數至低雙位數百分比，高於先前高個位數成長的展望，主要受惠於第一季表現優於預期，以及品牌動能延續，並在區內關鍵市場具備擴張機會。

We now expect full-year operating margin to expand approximately 60 basis points to 80 basis points in constant currency, up from our prior guidance of 40 basis points to 60 basis points, driven by our better-than-expected Q1 results.

我們目前預期全年營業利益率在固定匯率下將擴張約60至80個基點，高於先前指引的40至60個基點，主要由第一季優於預期的結果所帶動。

Despite the recent US announcements on Section 301 tariffs, we are maintaining our assumption of approximately 10% tariff rates through the first half of this year, followed by a return to reciprocal rates in the high teens during the second half in anticipation of additional tariffs.

儘管美國近期就301條款關稅發布公告，我們仍維持假設今年上半年關稅稅率約為10%，並預期下半年在新增關稅的情境下回到高十幾%的對等稅率水準。

At the same time, we are raising our full year gross margin outlook to roughly 50 basis points to 70 basis points of expansion, up from our prior expectation of modest expansion, reflecting our stronger than expected Q1 performance.

同時，我們將全年毛利率展望上調至約擴張50至70個基點，高於先前僅溫和擴張的預期，反映第一季表現優於預期。

We continue to expect both gross and operating margin expansion to be weighted toward the first half of the fiscal year, supported by the timing of key marketing activations relative to the prior year, as well as our current tariff assumptions, which remain subject to change.

我們仍預期毛利率與營業利益率的擴張將偏重於財政年度上半年，主要受惠於相較去年關鍵行銷活動啟動時點的差異，以及我們目前的關稅假設（仍可能變動）。

Foreign currency is still expected to have a roughly neutral impact on gross and operating margins in fiscal '27. Our guidance continues to exclude the impact of tariff refunds, which we are not planning to include in our adjusted non-GAAP results.

在財政年度'27，外匯預期對毛利率與營業利益率仍大致呈中性影響。我們的指引仍排除關稅退稅的影響，該項我們不計畫納入調整後的非GAAP結果。

Consistent with our long-term capital allocation approach, we expect to reinvest any related proceeds back into our business, as well as an initiative that advance our values and purpose. For the second quarter, we expect constant currency revenue to increase approximately mid-single digits, centered around 5% to 6%.

依循我們長期的資本配置方針，我們預期將把任何相關款項再投資於本業，以及推動能促進我們價值觀與使命的倡議。就第二季而言，我們預期固定匯率營收將增加約中個位數百分比，約落在5%至6%。

Foreign currency is expected to negatively impact revenues by approximately 100 basis points to 150 basis points. We expect operating margin to expand approximately 80 basis points to 100 basis points in constant currency, led by gross margin expansion.

外匯預期將使營收產生約100至150個基點的負面影響。我們預期固定匯率下營業利益率將擴張約80至100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 favorable product, geographic and channel mix, all reflecting the output of our long-term brand elevation strategy. Foreign currency is expected to have a roughly neutral impact on gross and operating margins in the quarter.

毛利率預期將受惠於AUR（平均單價）成長，以及有利的產品、地理與通路組合，這些皆反映我們長期品牌升級策略的成果。本季外匯預期對毛利率與營業利益率的影響大致中性。

We expect our second-quarter tax rate to be in the range of 19% to 20%, while the full-year tax rate is still expected to be approximately 21% to 22%.

我們預期第二季稅率將落在19%至20%區間，而全年稅率仍預期約為21%至22%。

In closing, our teams continue to execute with focus and discipline across both our near and long-term strategic priorities. The enduring strength of our brand, rooted in Ralph's timeless vision, continues to resonate with consumers around the world, deepening engagement across geographies and cultures.

最後，我們的團隊持續以專注與紀律，推進短期與長期的策略優先事項。我們品牌的持久力量源自Ralph的永恆願景，持續與全球消費者產生共鳴，並在不同地域與文化中深化互動。

As we navigate a highly dynamic macro environment, we remain focused on managing industry-wide pressures through our operating discipline, strong balance sheet, and organizational agility.

在我們因應高度動態的總體環境之際，我們仍專注於透過營運紀律、強健的資產負債表與組織敏捷性，管理全產業面臨的壓力。

At the same time, we are staying on offense and remain committed to investing in our brand, our products, our experiences, and our capabilities to better serve and create lasting connections with our customers, while driving durable growth and long-term value creation.

同時，我們也持續採取進攻姿態，並致力於投資品牌、產品、體驗與能力，以更好地服務客戶並建立長久連結，同時推動可持續的成長與長期價值創造。

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, JP Morgan.

JP Morgan 的 Matt Boss。

So Patrice, what's your confidence in sustaining brand momentum through the fiscal year and beyond, despite lapping some big moments including Olympics and Ralph Lauren Christmas and with more luxury this year? Does improvement in the broader luxury market, does that help or hurt your business? And do you need to keep expanding your marketing budget in order to compete?

Patrice，儘管今年會遇到一些重要時點的比較基期，包括奧運與 Ralph Lauren 聖誕檔期，且今年奢侈品競爭更激烈，你對於在本財年及之後維持品牌動能的信心如何？更廣泛的奢侈品市場改善，對你們的業務是有利還是不利？以及為了競爭，你們是否需要持續擴大行銷預算？

And then just to switch gears, Justin, could you help break down the drivers of more than 100 basis points of gross margin expansion in the first quarter? And just any structural change in the drivers of your gross margin build as we think about the second quarter or the back half of the year?

另外換個角度，Justin，你能否協助拆解第一季毛利率擴張超過100個基點的驅動因素？以及當我們展望第二季或下半年時，毛利率提升的驅動因素是否有任何結構性變化？

So as you know, we've been on the clear brand elevation journey for nearly a decade now and our brand equity is stronger than ever across markets and across generations. Sustaining that momentum goes well beyond marketing. It's a multi-pronged effort across our three drive pillars.

如你所知，我們清晰的品牌升級之路已走了將近十年，而我們的品牌資產在各市場、各世代都比以往更強。維持這股動能遠不僅是行銷。這是一項多面向的努力，涵蓋我們三大驅動支柱。

And if you step back, and I know you care deeply about total addressable markets. As an $8 billion business in a more than $400 billion market, we still see significant opportunity to invest behind our brand and for long-term growth.

如果你退一步看——我知道你非常關注總可服務市場。作為一家80億美元規模的企業，身處超過4,000億美元的市場，我們仍看到在品牌投資與長期成長方面的重大機會。

Our three pillars remain central to that strategy to seize this opportunity. First is building brand desirability through our distinctive cinematic storytelling. We continue to amplify evergreen platforms like Wimbledon, you may have seen the grass court that we built in Central Park recently and we continue to launch immersive campaigns that engage women, luxury and next-gen consumers.

我們的三大支柱仍是把握此機會的策略核心。第一是透過我們獨具特色、具電影感的敘事來打造品牌渴望度。我們持續放大如溫布頓等長青平台——你可能也看到我們最近在中央公園打造的草地球場——並持續推出沉浸式行銷活動，以吸引女性、奢侈品與新世代消費者。

We continue to see strong ROI from this rolling thunder of activation. And we remain comfortable with the 8% marketing investment guidance for this year, knowing that as we've talked, as we continue to expand margin in the future, we do expect to continue to further invest in marketing.

我們持續從這種「滾動式雷鳴」的啟動活動中看到強勁的ROI（投資報酬率）。我們也仍對今年8%的行銷投資指引感到安心；同時如我們所談，隨著未來持續擴大利潤率，我們確實預期將進一步加碼行銷投資。

Second is the unique breadth of our product portfolio. We're leveraging our lifestyle offering across core iconic products, which importantly are resonating across generations, including with the younger generations.

第二是我們產品組合獨特的廣度。我們正運用生活風格（lifestyle）產品供給，涵蓋核心經典商品；重要的是，這些商品跨世代產生共鳴，包括年輕世代。

And then we're continuing to lean into our high-potential categories like women's apparel, outerwear, and handbags. We're just at the beginning of this journey across these three businesses. If you look at the market shares that we've achieved across all three, it's just the start of an exciting journey. And there we're delivering timeless value that transcends fashion cycles.

接著，我們也持續加碼高潛力品類，例如女裝、外套與手袋。在這三項業務上，我們才剛開始這段旅程。若你看我們在這三項的市占表現，這只是令人振奮旅程的起點。而在此我們提供的是超越時尚週期的永恆價值。

And then third is our immersive channel experiences. We continue to build city ecosystems with innovative shopping experiences that deepen consumer connection, and we see that both in consumer recruiting and retention scores and support strong performance across the broad range of regions that we operate in.

第三是我們沉浸式的通路體驗。我們持續打造城市生態系，透過創新的購物體驗深化消費者連結；我們在消費者招募與留存分數上都看得到，也支撐我們在所營運的廣泛區域中展現強勁表現。

So all this requires disciplined execution and agility. And while the macro environment remains dynamic, we've shown that we can advance this strategy, our three pillars across many different operating environments successfully.

因此，這一切都需要有紀律的執行與敏捷性。雖然總體環境仍然多變，但我們已證明能在多種不同的營運環境下，成功推進這項策略與三大支柱。

Regarding your point on the luxury market, we've built strong luxury credentials across geographies. And I think that's reflected both in our consumer base and our performance and the type of consumers that we're bringing into the Ralph Lauren family.

關於你提到的奢侈品市場，我們已在各地建立強健的奢侈品資歷。我認為這反映在我們的客群、我們的表現，以及我們帶進 Ralph Lauren 家族的消費者類型上。

We also occupy a very distinct space within luxury. What we call inclusive luxury, spanning categories and price points across our lifestyle portfolio. And consumers continue to tell us that they see unique value in our offerings from handbags, to outerwear, and beyond.

我們在奢侈品領域也占據非常獨特的位置。我們稱之為「包容式奢侈」（inclusive luxury），在我們的生活風格產品組合中，跨越品類與價格帶。而消費者持續告訴我們，他們從手袋、外套到更多品項，都能在我們的產品中看到獨特價值。

I will add that a healthier luxury market would be a tailwind for us, supporting stronger traffic, consideration, and alignment with our elevated positioning.

我還要補充一點，更健康的奢侈品市場將成為我們的順風因素，支持更強勁的客流、消費者考量度，並與我們更高端的品牌定位保持一致。

So looking ahead, our brand is strong. We have multiple growth drivers. We continue to invest as we perform, and we remain confident in delivering growth and value creation this year and beyond.

因此展望未來，我們的品牌實力強勁。我們擁有多項成長驅動因素。我們在業績表現的同時持續投資，並且仍然有信心在今年及未來持續交付成長與價值創造。

And I'll turn it over to Justin to cover your other questions.

接下來我把時間交給 Justin，來回答你們其他問題。

Thanks, Patrice. So Matt, on the drivers of the gross margin. So Q1 gross margin was ahead of expectations, driven by better than expected AUR growth and some favorable GO and channel mix, and that more than upset incremental tariffs and some non-material cost pressure.

謝謝你，Patrice。那麼 Matt，關於毛利率的驅動因素。第一季毛利率高於預期，主要由優於預期的 AUR 成長，以及部分有利的 GO 與通路組合所帶動，這些因素足以抵消新增關稅以及一些非重大成本壓力。

Our gross margin expansion is really underpinned by structural durable drivers, and that really gives us confidence in the continued progression from here.

我們的毛利率擴張確實是由結構性、可持續的驅動因素所支撐，這也讓我們對後續持續改善更有信心。

From a quarterly cadence perspective, we still are expecting gross margin expansion to be stronger in the first half, and that's largely due both to our Q1 performance and to that. Tariff assumption that we're making, which is the lower prevailing tariff rate of about 10% through that release period end of July and then back to the reciprocal rate assumptions for the balance of year.

從季度節奏來看，我們仍預期毛利率擴張在上半年會更強，這主要是由於第一季的表現，以及我們對關稅的假設：在 7 月底該豁免期結束前，沿用約 10% 的較低現行關稅稅率，之後在今年剩餘期間回到互惠稅率的假設。

For Q2 specifically, we guided gross margin 80 basis points to 100 basis points of expansion. That's really driven by AUR growth as well as favorable product geo and channel mix.

就第二季而言，我們指引毛利率擴張 80 個基點到 100 個基點。這主要由 AUR 成長，以及有利的產品、地理區域與通路組合所驅動。

On the full year, we did take up our gross margin expansion guide up from expectation of modest expansion to 50 basis points to 70 basis points of expansion. And that's really based on that strong Q1 performance. So feel really good about the trajectory that we're on and the durability behind the drivers.

就全年來看，我們將毛利率擴張指引從原先預期的小幅擴張，上調至擴張 50 個基點到 70 個基點。這主要基於第一季強勁的表現。因此我們對目前的走勢以及驅動因素背後的可持續性都感到非常樂觀。

Jay Sole, UBS.

UBS 的 Jay Sole。

Justin, AUR continues to exceed your expectations. How much farther do you think the Ralph Lauren brand has to go on the elevation journey from here, especially if the pricing environment becomes more challenging? And can you give us any color around recent performance or quarter-to-day trends given mixed industry reads over the past few months?

Justin，AUR 持續超出你們的預期。你認為 Ralph Lauren 品牌在提升（elevation）之路上，從現在起還能走多遠，特別是在定價環境變得更具挑戰的情況下？另外，鑑於過去幾個月產業解讀不一，你能否分享一下近期表現或本季迄今的趨勢？

And then, Patrice, I also want to just ask you if you can expand on China. You talked about brand momentum, but 40% growth in China is really impressive. How should we think about the possibility of that kind of demand and that kind of growth? Continuing as we go through the rest of the year and into next year.

然後 Patrice，我也想請你再多談談中國。你提到品牌動能，但中國 40% 的成長確實非常亮眼。我們應該如何看待這種需求與成長的可能性，在今年剩餘時間以及進入明年是否能延續？

Thanks for the question, Jay. I'll take us off. So for us, brand elevation is not a destination. It's an ongoing journey, and we're still in the early innings of unlocking the full potential of our lifestyle brand. An important context to remember here with AUR, is that AUR is an outcome of our strategy.

謝謝你的問題，Jay。我先開始回答。對我們而言，品牌提升不是一個終點。它是一段持續的旅程，而我們仍處於釋放生活風格品牌全部潛力的早期階段。關於 AUR，一個重要的背景是：AUR 是我們策略的結果。

It's not an objective in and of itself. We're elevating across product storytelling, the consumer experience to deliver more value to customers and their response together with our consistently strong brand metrics, really reinforces the strength and success of that approach we're taking and that includes more than nine years of AUR growth.

它本身並不是目標。我們在產品敘事與消費者體驗等方面全面提升，以向顧客提供更高的價值；顧客的回應，加上我們一貫強勁的品牌指標，確實強化了我們所採取方法的力量與成功，而這也包括超過九年的 AUR 成長。

But a few points are worth reinforcing here. First, we continue to demonstrate that growth and elevation, they can go hand in hand, right? It's not an either/or proposition. And we saw this in the first quarter where we again, delivered strong growth in revenue, including both AUR and unit growth, while at the same time improving our quality of sales.

不過，有幾點值得在此再次強調。第一，我們持續證明成長與提升可以並行，對吧？這不是非此即彼的命題。我們在第一季就看到了這一點：我們再次交出強勁的營收成長，包含 AUR 與銷量（unit）成長，同時也提升了銷售品質。

And second, we have multiple durable drivers of AUR growth, right? These include higher full-price sell-through and lower promotions, structural favorability from consumer, channel, geo and product category mix, and targeted pricing, always with a clear focus on value perception.

第二，我們有多項可持續的 AUR 成長驅動因素。包括更高的正價售罄率與更少的促銷、來自消費者、通路、地理區域與產品品類組合的結構性有利因素，以及有針對性的定價——始終清楚聚焦於價值感知。

Now, on the potentially more challenging pricing environment, we're certainly mindful of the backdrop. At the same time, we built flexibility into our pricing architecture, so we can make targeted market-specific adjustments when and where appropriate without compromising our brand elevation strategy or our margin objectives.

至於可能更具挑戰的定價環境，我們當然留意到整體背景。同時，我們在定價架構中建立了彈性，因此能在適當的時間與地點，進行有針對性的、因市場而異的調整，而不會犧牲我們的品牌提升策略或毛利率目標。

And to the question on recent performance, we typically don't comment on quarter-to-date trends. What I would say is that our second-quarter guidance reflects the continued brand momentum we're seeing across channels and key markets with positive contributions from all three regions in the quarter, led by so for Q2.

至於近期表現的問題，我們通常不評論本季迄今的趨勢。我想說的是，我們的第二季指引反映了我們在各通路與主要市場看到的持續品牌動能，本季三大區域都將帶來正向貢獻，其中以——就第二季而言——

Asia is going to lead growing mid-teens, followed by North America, where we're expecting another solid quarter of mid-single digit growth and with modest growth coming from EMEA despite a more to consumer environment and the strong comparators in the prior year.

亞洲將領先，預計成長中十位數百分比；其次是北美，我們預期將再迎來一個穩健季度，成長中個位數百分比；而 EMEA 則預期小幅成長，儘管面臨較偏向消費者的環境以及去年同期較強的比較基期。

Now, as we reflect in our initial outlook back in May, we do continue to expect revenue and profit growth to be more weighted to the first half of the year and that reflects wholesale shipment timing, the compares we're lapping and our decision to accelerate strategic reductions in off-price sales and lower tier distribution in the back half of the year.

另外，正如我們在 5 月初次展望中所提到的，我們仍預期營收與獲利成長將更偏重於上半年，這反映了批發出貨時點、我們正在比較的基期，以及我們決定在下半年加速策略性降低特價（off-price）銷售與較低層級通路分銷。

So just taking a step back, we remain focused on exiting our strategy, investing in our brand, strengthening our quality of sales, expanding in our top city ecosystems, deepening our connections with customers around the world, but at the same time, you'll see us remain agile.

因此退一步來看，我們仍專注於執行策略、投資品牌、強化銷售品質、在我們的頂級城市生態系中擴張、加深與全球顧客的連結；同時，你們也會看到我們保持敏捷。

We'll remain disciplined as we navigate this external environment, just as we have over time throughout the Elevation journey. Over to Patrice.

在我們應對外部環境時，我們將保持紀律，就像我們在整個 Elevation 旅程中一路走來所做的一樣。交給 Patrice。

So we're always excited to talk about China. And indeed up 40% this last quarter. So a few things I would call out. First of all, our teams are doing an outstanding job across the market, engaging consumers, both new consumers and existing consumers.

我們總是很樂於談中國。而且確實在上一季成長了 40%。我想強調幾點。首先，我們的團隊在整個市場表現非常出色，與消費者互動，包含新客與既有客。

So across our three drive strategies, first, on the marketing and storytelling front. We're leveraging our global campaigns very effectively and they're resonating in the market and then we're complementing that with local activations.

就我們三大驅動策略而言，首先在行銷與品牌敘事方面。我們非常有效地運用全球行銷活動，並在市場上引發共鳴，同時也以在地化活動加以補強。

You heard us talk about the first ever polo match organized in Beijing that we did recently. 74 million people live streamed that polo match, just to give you a sense of the scale that's possible when our team has really hit a nerve with consumers. And we're seeing our brand equity ratings go from strength to strength.

你們也聽到我們提到，最近我們在北京舉辦了史上第一次的馬球賽。共有 7,400 萬人直播觀看那場馬球賽，讓你們感受一下：當我們的團隊真正打動消費者時，所能達到的規模。而且我們看到品牌資產評分持續走強。

So we're very excited about the momentum that the teams are building there from a brand standpoint.

因此，從品牌角度來看，我們對團隊在當地建立的動能感到非常振奮。

From a product standpoint, our strategy is also playing out very well there. Our core is strong and we're seeing disproportionate performance from our women's business, our handbag business, continuing to lean into that. And as I mentioned earlier, there's so much potential globally on these categories and that applies also to the Chinese market.

從產品角度來看，我們的策略在當地也推進得非常順利。我們的核心品類表現強勁，同時我們看到女裝業務與手袋業務呈現更為突出的表現，我們也會持續加碼投入。正如我先前提到的，這些品類在全球都有很大的潛力，中國市場同樣如此。

And then finally, as you know, we have a very focused, disciplined. Key city approach for China focused on the six key cities that we activate and we have a discipline rollout plan for retail. So those strategies are evergreen for that market.

最後，如你所知，我們在中國採取非常聚焦且有紀律的關鍵城市策略，聚焦於我們啟動營運的六大關鍵城市，並且對零售擴張有一套有紀律的展店計畫。

As we look ahead for this fiscal year, we expect China to be around mid-teens, right? Remember, in the back half, we're going to be saying some pretty high levels of performance. So I don't know that we can count on 40% every quarter. But I think mid-teens is still a very exciting number for us for this fiscal year.

展望本財政年度，我們預期中國大約會落在十幾%的中段，對吧？請記得，在下半年，我們會面臨一些相當高的業績基期。所以我不確定我們能否每一季都指望40%的成長。但我認為，對我們而言，本財年十幾%的中段仍然是一個非常令人振奮的數字。

And then in the context of our drive strategy for the three-year period, we guided China to be low-double digits and have confidence in our ability to deliver against that.

接著，在我們三年期的推進策略脈絡下，我們對中國的指引是低雙位數成長，並且我們有信心能夠達成。

Brooke Roach, Goldman Sachs,

Brooke Roach，高盛，

Patrice, can you provide a bit more detail on the engagement that you're seeing with the brand in Europe and dimensionally, the impacts of the macro pressures you're seeing? How have trends progressed throughout the summer months? And what actions do you have in place to drive resilient growth amidst the uncertainty?

Patrice，你能否更詳細說明你在歐洲看到的品牌互動情況，以及從各個面向來看，你所觀察到的總體經濟壓力所帶來的影響？整個夏季月份的趨勢是如何演進的？在不確定性之下，你們有哪些行動來推動具韌性的成長？

And then perhaps for Justin, a similar question. Is there any cadencing regarding revenues or margin delivery that we should be mindful of in this region for the rest of the year, given the comparisons and the macro?

另外也想請教Justin，一個類似的問題。考量到比較基期與總體經濟因素，今年剩餘期間在這個區域的營收或利潤率達成節奏上，有沒有什麼我們需要特別留意的？

So similar to what we're seeing around the world, we continue to see strengthening of our brand equity in the European market across the key drivers of consideration, awareness, net promoter score, luxury perception. So we feel good as a group that the campaigns that we're putting in the market, the activations we're doing locally across Europe are resonating with the consumer.

因此，和我們在全球各地看到的情況類似，我們持續看到在歐洲市場，我們的品牌資產在幾個關鍵驅動因素上都在增強，包括考慮度、知名度、淨推薦值（NPS）、以及奢華感知。所以作為一個團隊，我們對於投放到市場的行銷活動、以及在歐洲各地進行的在地化推廣活動能夠引起消費者共鳴感到很有信心。

Now, we do know that this consumer is more pressured because of what's happening in the Middle East, because of consumer sentiment generally being depressed and because of inflationary pressures. But in that context, our brand is continuing to resonate very nicely across the key markets.

現在，我們確實知道，因為中東局勢、整體消費者情緒普遍低迷，以及通膨壓力，消費者承受的壓力更大。但在這樣的背景下，我們的品牌在各個主要市場仍然持續非常良好地引起共鳴。

The markets I would call on in terms of disproportionate strength are Germany, which is actually our number one market in Europe and Southern Europe, Italy, and Spain.

若要點名表現特別強勁的市場，我會說是德國（其實是我們在歐洲的第一大市場）以及南歐的義大利與西班牙。

As you know, Brooke, we don't comment on the current quarter, so I can't give you any perspective yet on what's happening during the summer, but you've heard Justin talk earlier about the trends and the momentum that we expect continuing there.

如你所知，Brooke，我們不評論當季的情況，所以我目前還無法就夏季期間發生的狀況提供任何觀點；但你也聽到Justin先前談到我們預期趨勢與動能會持續。

So we are continuing to invest, we are gaining market share in Europe. We see that very broadly, and excited to see how the brand is just continuing to perform in line with what we expected and how we see strong returns from the different investments we have.

因此我們持續投資，也正在歐洲取得市占率提升。我們在很廣泛的層面都看得到這點，也很期待看到品牌持續依照我們的預期表現，並且我們也看到各項投資帶來強勁的回報。

Whether that is marketing activations, Wimbledon being the latest highlights of that, or a men's fashion show in Milan, or our Salone del Mobile activation, also in Milan. We're opening stores. We just recently opened a beautiful store in Saint-Tropez, which is a great brand statement that will continue to drive brand elevation in that market and brand energy.

不論是行銷推廣活動——溫布頓是最近的亮點——或是在米蘭的男裝時裝秀，或是同樣在米蘭的 Salone del Mobile 推廣活動。我們也在開設門市。我們最近在聖特羅佩（Saint-Tropez）開了一家非常漂亮的門市，這是一個很好的品牌宣示，將持續推動該市場的品牌提升與品牌能量。

So continuing to run the play but obviously keeping an eye on and being prudent on the general consumer context.

所以我們會持續按既定策略推進，但同時也會密切關注整體消費環境並保持審慎。

And on the cadence point, so as Prudhus mentioned, underlying business continues to show positive high-quality growth, and we continue to expect to deliver that high-quality low- to mid-single digit growth for the full year and that includes the mid-single growth we delivered in Q1 and expected growth in.

至於節奏方面，如Prudhus提到的，基本面業務仍展現正向且高品質的成長，我們也持續預期全年能交付高品質的低至中個位數成長，其中包含我們在第一季交付的中個位數成長，以及預期的成長。

And again, there is a bit of a first half, second-half dynamic there, because we know we're up against some really strong comps in the first half of this year, so we do expect improvement there as we move through the second half.

再者，上半年與下半年之間確實有一些動態差異，因為我們知道今年上半年要面對非常強勁的比較基期，所以隨著進入下半年，我們確實預期情況會有所改善。

And on an operating margin perspective, we expect expansion from all three of our regions for the full fiscal '27, driven by higher gross margin and quality of sales in EMEA. And I think the important thing to call out there is for Q1.

從營業利益率的角度來看，我們預期在整個2027財政年度，我們三個區域的營業利益率都會擴張，主要由更高的毛利率以及EMEA更佳的銷售品質所驅動。我認為這裡需要特別指出的是第一季。

You did see operating margin pressure, and that was really due to the timing and the increase behind marketing, where we continue to put you some point to invest behind our brand and our business. And we had some one-time activations that were not there in the prior year like our Men's show in Milan.

你確實看到營業利益率承壓，而那主要是因為行銷投入的時點與增加幅度；我們持續強調要投資於我們的品牌與業務。此外，我們也有一些前一年沒有的一次性推廣活動，例如我們在米蘭的男裝秀。

Laurent Vasilescu, PNB.

Laurent Vasilescu，PNB。

Good morning. Thank you very much for taking my question. If I heard correctly, Patrice, I think you're still expecting China to grow mid-teens for the year. I'm curious to understand a little bit more what you're seeing in terms of Q2 trends.

早安。非常感謝讓我提問。如果我沒聽錯的話，Patrice，我想你仍然預期中國全年成長在十幾%的中段。我想更了解你們在第二季趨勢方面看到的是什麼。

I know you don't talk about quarters of the day, but how do we think about the evolution of China overall as the year progresses? I know there's a lot of focus on China, but it looks like overall, Asia is doing really well. So I'd love to get your perspective on what you're seeing in the key markets, Japan and Korea. Thank you so much.

我知道你們不談當天的季度表現，但我們應該如何看待中國在全年推進過程中的演變？我知道市場對中國有很多關注，但看起來整體而言，亞洲表現非常好。所以我也很想聽聽你對關鍵市場——日本與韓國——所觀察到的情況。非常感謝。

Sure. Good morning, Laurent. So as I mentioned earlier, our strategies in China, I think, are not just for this year, but they're pretty evergreen. And clearly, our teams are doing an excellent job executing across both marketing, product offering, and go-to-market. And it's a big market. All right. And similar to our high potential categories, I think we're only at the very beginning of this journey.

當然。早安，Laurent。如我先前提到的，我們在中國的策略我認為不只是今年，而是相當長期且可持續的。而且很明顯，我們的團隊在行銷、產品供給以及上市策略（go-to-market）等方面都執行得非常出色。而且這是一個很大的市場。好。同樣地，就我們的高潛力品類而言，我認為我們才剛剛開始這段旅程。

Now, China before COVID was 3%. Greater China is 3% of the company today. It's 10% of the company. So really nice, consistent progress, right? If you look at the prior year performance, we've been on a strong performance run for many years now in China.

另外，COVID之前，中國占比是3%。大中華區目前占公司3%。現在是占公司10%。所以這是非常好且持續一致的進展，對吧？如果你看前一年的表現，我們在中國已經連續多年維持強勁的表現走勢。

This isn't just a one-quarter story or a two-quarter story. But again, I think only at the beginning of it, many of our luxury competitors have much greater China penetration than our current 10%. So we have a game plan that we're running that is working across the different vectors of our strategy.

這不只是單一季度或兩個季度的故事。但同樣地，我認為我們仍處於非常早期的階段；我們許多奢侈品競爭對手在大中華區的滲透率遠高於我們目前的10%。因此，我們正在執行一套有效的作戰計畫，並且在策略的不同面向上都奏效。

You are right that APAC as a whole is doing quite well for us, up 25% this last quarter. And you heard, I'm sure, from Justin's remark that we actually took our guidance up on APAC specifically for the year based on the strong momentum that we're seeing across the board. Korea has seen significant acceleration of our performance.

你說得沒錯，亞太（APAC）整體對我們而言表現相當好，上季成長25%。而且你也應該聽到Justin先前的說明：基於我們在各方面看到的強勁動能，我們實際上也上調了今年針對亞太的指引。韓國的表現出現了顯著加速。

Again, the same strategy is at play here, elevation of our brand, driving our core products in high potential categories and also selective expansion of our footprint.

同樣地，這裡採取的是相同策略：提升品牌、在高潛力品類推動核心產品，以及有選擇性地擴張我們的據點布局。

For those of you who are tracking, BTS who had a concert last week, I'm sure many of you were at their concert last week at Medlife actually asked to be dressed in polo. So the whole group was dressed in polo. We're excited about that opportunity to partner with them as they reached out to us. So that's Korea.

對於有在追蹤的人來說，BTS上週有一場演唱會，我相信你們很多人上週也在MetLife看了他們的演唱會；他們其實主動提出希望穿著Polo的服裝。所以整個團體都穿著Polo。我們對於能與他們合作的機會感到很興奮，因為是他們主動聯繫我們。以上就是韓國的情況。

Japan performing quite strongly. We're seeing good sustained momentum in Japan. We're seeing particularly strength in full price sales and then better-than-expected inbound tourist spending from China and other markets.

日本表現相當強勁。我們在日本看到良好且持續的動能。我們特別看到正價銷售的強勢表現，以及來自中國與其他市場的入境旅客消費優於預期。

Now, we've got some exciting activations going on in Japan this year because we're celebrating our 50th anniversary in this market this fiscal year. We're celebrating the 20th anniversary of our Omotesando flagship store. So good continued momentum there.

此外，今年我們在日本有一些令人振奮的品牌啟動活動，因為本會計年度我們正在慶祝在這個市場的50週年。我們也在慶祝表參道旗艦店20週年。因此那裡的良好動能持續延伸。

And in general, we look at the energy that the brand has across China, because I didn't quote Southeast Asia. I didn't quote Australia, but the same dynamic is true across the board and have strong confidence in the future.

而整體而言，我們也會看品牌在中國的能量，因為我剛才沒有提到東南亞。我也沒有提到澳洲，但同樣的動態在各地普遍成立，我們對未來仍然非常有信心。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

A couple for me real quick. On the near-term, maybe just on the second quarter North America revenue guide composition, I think, Justin, you said mid-singles, can you just talk about how we get there a little? It sounded like maybe there's still a wholesale benefit in 2Q.

我這邊有兩個問題，很快問一下。就短期而言，關於第二季北美營收指引的組成，我想 Justin 你提到是中個位數成長，能否談談我們大概是如何達到這個數字？聽起來第二季可能仍有批發端的利多。

And then we get into some quality of sales in the back half. So it seems like you're baking in a fairly conservative D2C comp in North America, maybe just a comment on the composition there.

然後下半年會涉及一些銷售品質的議題。所以看起來你們在北美把 D2C 同店成長假設得相當保守，能否就其組成稍作評論？

And then a bit of a longer-term question, as we think back to the Analyst Day with the updated guidance today, you're now tracking to probably to the high end of your fiscal 2028 revenue guidance this year, the year ahead of time. So congrats on that, first of all.

再來是一個較長期的問題：回到分析師日並結合今天更新的指引，你們今年的進度看起來可能會達到 2028 會計年度營收指引區間的高端，而且還提前一年。首先恭喜。

But I wonder with some of those wins under your belt and a lot of leverage coming through this on the operating expense line, the non-marketing line. Is it smart to think maybe marketing toward the mid to high point of the 2028 guide? Do you think it makes sense to start targeting the high end of that range to continue this level of revenue performance? Any thought would be helpful.

但我想問的是，在取得這些成果、且營業費用（非行銷費用）端出現大量槓桿效益的情況下，是否可以更積極地把行銷投入拉向 2028 指引的中高端？你們是否認為開始以該區間的高端作為目標是合理的，以延續目前這樣的營收表現水準？你們是否覺得應該開始鎖定該區間的高端，以維持這樣的營收表現？任何想法都很有幫助。

So on North America, we're really encouraged by our growth in North America. So our largest region, it's on a really solid high-quality growth trajectory. We saw strong Q1 results across channels, and we saw that broad-based brand momentum carry forward into Q2, where again, we're expecting another solid, another high-quality balanced, mid-single-digit growth quarter.

就北美而言，我們對北美的成長感到非常振奮。作為我們最大的區域，它正走在非常穩健、且高品質的成長軌道上。我們在第一季看到各通路都有強勁表現，而這種廣泛的品牌動能也延續到第二季；同樣地，我們預期第二季將是另一個穩健、另一個高品質且均衡的中個位數成長季度。

And we continue to have confidence in delivering that full-year growth expectation of low-single digits, with potential opportunity against this expectation, as we continue to lean into strategic elevation investments and the brand continues to perform well really across the entire North American ecosystem.

我們也持續有信心達成全年低個位數成長的預期；同時，隨著我們持續加大策略性的品牌升級投資、且品牌在整個北美生態系中表現良好，我們也看到相對於該預期仍有上行機會。

So we're seeing strong results in DTC, strong demand across channels, digital and in the stores. We're seeing strong results in wholesale. Really solid sell-out trends, enabling us, to your point, to be able to lean in and accelerate on some of our elevation initiatives.

因此我們在 DTC 看到強勁成果，各通路的需求都很強，不論是數位端或門市端。我們在批發端也看到強勁成果。出貨端（sell-out）趨勢非常扎實，讓我們能夠如你所說，進一步加碼並加速推進部分品牌升級計畫。

And as you've seen us do in the past, we're going to continue to leverage our ability and our agility to take advantage of incremental demand opportunities when and if they arise, right? We know we have the ability to chase into incremental demand. So Q2, I would say, is more of a continuation story, a really balanced high-quality growth story for North America.

而且如同你過去看到我們所做的，我們會持續運用我們的能力與敏捷性，在增量需求機會出現時（若出現）把握機會，對吧？我們知道我們有能力去追逐額外的增量需求。所以我會說，第二季更多是一個延續的故事——對北美而言是一個非常均衡、且高品質的成長故事。

On the longer-term outlook and the marketing, I mean, you've seen us steadily increase our marketing as we move through the course of our brand elevation journey, I think we started it was 3.5%, right, roughly 8% up to this year.

就較長期展望與行銷而言，你們也看到我們在品牌升級旅程中，行銷投入一直穩步提高；我想一開始大約是 3.5%，對吧，然後到今年大約提升到 8%。

And we feel really good about the impact that our marketing investments have been having as we scale them and as we diversify them. And that's been part of the ROI and the impact has been the driving force behind us continuing to take this spend up.

而且我們對行銷投資在擴大規模、並且多元化之後所帶來的影響感到非常滿意。這些投資的投資報酬率（ROI）與影響力，正是驅動我們持續提高這項支出的主要力量。

Now, you can see that as we deliver on our commitments and in the case of recent quarters, overdeliver our 1A area to put the open delivery that we don't flow through is really behind our brand and building our brand and strengthening our brand and that's what you see happening in marketing expense.

現在，你可以看到，當我們兌現承諾——而在最近幾季的情況下甚至超額達成——我們在 1A 領域所創造、但沒有直接流入損益的超額交付，實際上是用來支持品牌、打造品牌並強化品牌；這也正是你在行銷費用中看到的情況。

I think we feel good about the 7.5% to 8.5% three-year guide that we laid out back in September, but as Patrice always talks about, it's not a ceiling. So we know that as we continue to see the traction and impact behind our spend, this is an area that we're going to continue to focus on moving forward.

我想我們對去年九月提出的三年期 7.5% 到 8.5% 指引感到滿意，但正如 Patrice 一直說的，那不是天花板。因此我們知道，隨著我們持續看到支出帶來的牽引力與影響力，這會是我們未來持續聚焦的領域。

Yes, our marketing teams are really doing a fantastic job around the world, building brand desirability, recruiting new customers. You saw the number this quarter again, 1.5 million new customers, driving clientele, so we're strengthening value per customer.

是的，我們的行銷團隊在全球各地都做得非常出色，提升品牌吸引力、招募新客。你們本季又看到這個數字：新增 150 萬名新客，推動客戶經營（clientele），因此我們正在提升每位客戶的價值。

So we're getting really good returns on the increased marketing investments that we've been doing over the years. I think, Justin, you mentioned we're comfortable with the 8% guide for this year. The range we had provided for the three-year was 3.5% to 8.5%. Michael, I don't think there's a ceiling, right?

所以，對於我們多年來持續增加的行銷投資，我們正獲得非常好的回報。我想 Justin 你提到，我們對今年 8% 的指引感到安心。我們先前提供的三年期區間是 3.5% 到 8.5%。Michael，我不認為有什麼天花板，對吧？

So as we come up with new smart ideas to activate the brand and engage with consumers, we'll look at it through the lens of ROI. And if there's a smart option to lean in, then we will do that, in parallel with continued expansion of our operating margins.

因此，當我們提出新的、聰明的點子來啟動品牌並與消費者互動時，我們會以 ROI 的角度來評估。如果有值得加碼的明智選項，我們就會這麼做，同時也會並行推進營業利益率的持續擴張。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

Hi, good morning, everyone and congratulations. Two things, as you think about, I think Justin, you mentioned you had 90 basis points of leverage and non-marketing expense. How should we think about that going forward? Is there more opportunity?

嗨，大家早安，恭喜。兩個問題：當你們思考未來時，我想 Justin 你提到非行銷費用有 90 個基點的槓桿效益。我們應該如何看待未來的走勢？是否還有更多機會？

And then the other question on the skins in wholesale with North America resuming some shipments. How do you think about that going forward? And given the more pronounced strategic reduction, where should wholesale be as a percentage of the business? How do you see the growth of DTC relative to wholesale, especially given the opportunity categories have so much room?

另外一個問題是關於北美批發端的皮具（skins）品類，隨著北美恢復部分出貨。你們未來會如何看待這件事？在更明顯的策略性縮減之下，批發應該占整體業務的百分比落在什麼水準？你們如何看待 DTC 相對於批發的成長，特別是考量到機會型品類仍有很大成長空間？

I'll kick it off and then Patrice and I will tag team on the wholesale strategy. On expenses. Our long-term philosophy remains unchanged, right, and that's to balance reinvestment in growth for the longer-term with delivering on or exceeding as we did in one, our operating margin commitment. So you saw us deliver a little bit of leverage in Q1.

我先開頭，然後我和 Patrice 會接力說明批發策略。關於費用。我們的長期理念維持不變，也就是在為長期成長再投資與達成（或如第一季那樣超越）我們的營業利益率承諾之間取得平衡。所以你看到我們在第一季帶來了一點槓桿效益。

You also saw us invest in marketing up pretty meaningfully year over year. So we're going to continue that balance, and we built out that muscle of operating expense leverage with our cost optimization discipline that we've created as a culture here at Ralph Lauren.

你也看到我們的行銷投資年增幅度相當顯著。因此我們會持續維持這種平衡；而我們也透過成本優化的紀律——並把它打造為 Ralph Lauren 這裡的一種文化——建立起營業費用槓桿化的能力。

And just on the trending on the wholesale before the strategy, I'll just say that for North America wholesale, we feel really good about the health of the business. We're driving high-quality growth while at the same time continuing to elevate our positioning in this channel.

另外，在進入策略之前，先談一下北美批發通路近期的趨勢：我們對北美批發業務的健康狀況感到非常樂觀。我們在推動高品質成長的同時，也持續提升我們在此通路的品牌定位。

Underlying demand remains healthy, sell-through remains strong, and we continue to gain share across our family of brands and key accounts. So for us, driving growth while elevating in this channel is really the play here.

基本需求仍然健康，終端銷售（sell-through）依然強勁，我們也持續在旗下品牌組合與關鍵客戶中擴大市占。因此，對我們而言，在這個通路一邊推動成長、一邊提升定位，才是關鍵打法。

Then from the general strategy standpoint for go-to-market, Dana, as we've got this key city approach that we're leveraging around the world, top 30 cities, and then the next tranche of 20 cities that we're starting to activate. Wholesale is an important role to play.

接著從整體上市策略（go-to-market）的角度來看，Dana，我們在全球推動的「關鍵城市」策略，涵蓋前30大城市，以及我們正開始啟動的下一批20個城市。批發通路在其中扮演重要角色。

And I would qualify that as saying quality wholesale has an important role to play in that strategy because we're finding that quality wholesale is a wonderful way for brand discovery and new consumer recruiting. So we rely on it. And large part for that in the context of our key city ecosystems. Today, the split is 70/30.

我會補充說，重要的是「高品質的批發」在這項策略中扮演關鍵角色，因為我們發現，高品質批發是品牌被發現與招募新消費者的絕佳方式。因此我們倚重它。而且在我們關鍵城市生態系的脈絡下，這一點尤其重要。目前的分布是70/30。

If you look at just sheer geographical composition and mix, APAC is mostly DTC. So as APAC disproportionately grows. Obviously, that percentage is going to continue to increase towards DTC. But we're not obsessed with the split. Frankly, each part of that business has a role to play.

如果只看純粹的地理組成與結構，亞太（APAC）主要是DTC（直面消費者）。因此，隨著亞太以更高比重成長，顯然這個比例會持續往DTC提高。但我們並不執著於這個分布比例。坦白說，這個業務的每一部分都有其角色。

What we're obsessed with is are we engaging the consumer in the right place and are we engaging with them in an elevated way, in a way that we are proud and that is financially attractive. I have to say, having had a recent lunch with one of our key wholesale partners, it's so exciting to see the strategic alignment we now have with our key department store partners, both here in the US and in Europe.

我們真正執著的是：我們是否在正確的地方與消費者互動，以及是否以更高端的方式與他們互動——讓我們引以為傲，且在財務上具吸引力。我必須說，最近我與一位重要批發合作夥伴共進午餐，看到我們如今與關鍵百貨合作夥伴在策略上的一致性（無論在美國或歐洲）令人非常振奮。

And it's exciting to see the breadth of our performance as we look at market share gains, men's, women's, kids, core, high-potential categories. So to Justin's point, we feel we have very strong momentum there. Most of the reset is complete, although we will continue to clear the bottom because there's always a bottom.

而且，當我們看到市占提升、男裝、女裝、童裝、核心品類與高潛力品類等各面向的表現廣度時，也令人振奮。所以呼應Justin的觀點，我們認為那裡的動能非常強。大部分的重整已完成，雖然我們仍會持續清理底部，因為永遠都會有「底部」。

But feel good about where we are from a wholesale standpoint, both in North America and Europe now. And I think back to the percentage question, probably a little more than 70% DTC moving forward.

但就批發面而言，無論北美或歐洲，我們對目前的位置都感到滿意。至於回到比例的問題，往後DTC可能會略高於70%。

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

Hi. Thanks for taking my question. So I wanted to ask you about Europe. I know you've discussed it on the call already. I was wondering if you could unpack a little bit more what you're seeing in terms of local demand versus tourism and anything on units or AUR in that market or traffic to your stores.

嗨。謝謝讓我提問。我想問一下歐洲市場。我知道你們在電話會議中已經談過一些。我想請你們再多拆解一下：你們看到的在地需求相較於觀光需求的情況如何？以及該市場在銷量（units）或平均單價（AUR）或門市來客數方面，有沒有任何觀察？

And then bigger picture, I wanted to ask. Has your perspective or strategy changed at all for this market in terms of your outlook given the recent environment? I know that you've had some quality of sales initiatives, you implemented more on the last few quarters to maintain that high AUR. How are you thinking about the strategy there and outlook going forward and bigger picture as well?

另外從更宏觀的角度，我也想問：在近期環境之下，你們對這個市場的看法或策略，在展望上是否有任何改變？我知道你們過去幾季推動了一些提升銷售品質的措施，以維持較高的AUR。你們如何看待那裡的策略與未來展望，以及更長期的大方向？

Thanks for the question. I'll start us off. So traffic, as you know, has been broadly pressured across EMEA, right? And that's really driven by the challenging macro backdrop, trends varying by markets, and that includes that slowdown in tourism from the Middle East.

謝謝你的問題。我先開頭。如你所知，EMEA整體的來客數（traffic）普遍承壓，對吧？這主要是由具挑戰性的總體經濟背景所驅動，各市場趨勢不一，其中也包括來自中東的觀光客放緩。

On the plus side, our brand positioning and our brand strength remains very strong. And we've been able to offset the soft traffic with higher conversion rates, increased basket sizes, as we continue to appeal to our core consumers.

正面的部分是，我們的品牌定位與品牌力仍然非常強。我們也能以更高的轉換率、提高的客單（basket size）來抵消偏弱的來客數，同時持續吸引我們的核心消費者。

Our core consumer in the region remains resilient, and that's really what's driving our growth in the region. At the same time, we've put together our established action plan to engage and convert those consumers that are more pressured by the macro that for us is a smaller subset of our consumer base.

本區域的核心消費者仍具韌性，而這正是推動我們在該區成長的主要動力。同時，我們也制定了既定的行動計畫，去觸達並轉換那些受總體環境影響較大的消費者；對我們而言，這只是消費者基礎中較小的一部分。

But this is with targeted personalized marketing with very specific tactical product value propositions, clientele and reach out, et cetera. And we've seen that circumstance before, that environment before and we ran that play before and we know that we can successfully talk to and engage these consumers during this time.

這包括以目標明確的個人化行銷，搭配非常具體、戰術性的產品價值主張，以及客戶經營（clientele）與外聯等。我們以前也遇過類似情況、類似環境，也跑過這套打法；我們知道在這段期間，我們能成功與這些消費者溝通並互動。

We've reflected the macro challenges in our outlook for the year, and at the same time, we continue to deliver growth, we continue to invest and continue to see the high-quality, full-price growth come through in our quality of sales and in our gross margin.

我們已在全年展望中反映總體環境的挑戰；同時，我們仍持續交出成長、持續投資，並持續看到高品質的正價成長，反映在我們的銷售品質與毛利率上。

So when we think about the outlook for the region, we're really confident in that low- to mid-single digit growth algorithm that we guided because our underlying European business continues to show that positive high-quality growth.

因此，當我們看待該區域的展望時，我們對所給出的「低到中個位數成長」模型非常有信心，因為我們歐洲業務的基本面仍持續展現正向且高品質的成長。

For the longer-term strategy, Blake, Europe is around 30% of the company. We've had a really nice run in Europe now, for several years with strong growth across all the markets and the rest of our wholesale business there, so strong foundations. So our ambition and expectations from Europe are unchanged, we still expect to deliver mid-single digit for the full three-year period.

就較長期策略而言，Blake，歐洲約占公司30%。我們在歐洲已經有好幾年的良好表現，在各市場與當地批發業務都維持強勁成長，因此基礎非常扎實。所以我們對歐洲的企圖心與期待並未改變；我們仍預期在完整三年期間交出中個位數成長。

To Justin's point, this year we're being a little more prudent given the consumer context, but our longer-term ambition relative to that market and our longer-term excitement about the opportunities that we have across EMEA are unchanged.

呼應Justin的觀點，今年在消費者情境下我們會更審慎一些，但我們對該市場的長期企圖心，以及對EMEA各項機會的長期期待，並沒有改變。

All right, well, listen, thank you all for joining us today. We look forward to reconnecting with all of you in early November to share our second quarter results. And until then, take care, and have a great day.

好的，那麼，感謝各位今天加入我們。我們期待在11月初與各位再次交流，分享我們第二季的業績結果。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。