雷夫·羅倫馬球 (RL) 2027 Q2 法說會逐字稿

(audio in progress) with me today are Patrice Louvet, the company's President and Chief Executive Officer; and Justin Picicci, Chief Financial Officer. (Operator Instructions)

(音訊進行中) 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。(接線員指示)

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. 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，我們將以經調整的固定匯率基礎來討論財務表現。我們的申報結果（包含外幣影響）可見於今早發布的新聞稿。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的內容有重大差異。

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

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，以及可於我們投資人關係網站查閱的 SEC 申報文件。接下來，我把電話交給 Patrice。

Thank you, [Corrine]. Good morning, everyone, and thank you for joining today's call. We delivered another strong quarter of progress on our Next Great Chapter: Drive plan. In the consumer landscape often shaped by ever-changing trends, the clarity of Ralph Lauren's values and purpose of inspiring the dream of a better life through authenticity and timeless style continues to set us apart. We stay true to who we are, and we have a proven ability to evolve with today's consumer.

謝謝你，[Corrine]。各位早安，感謝各位參加今天的電話會議。我們在「Next Great Chapter: Drive」計畫上又交出一個進展強勁的季度。在消費者環境經常受不斷變化的趨勢所形塑之際，Ralph Lauren 清晰的價值觀，以及以真實性與永恆風格啟發更美好生活之夢想的使命，持續讓我們脫穎而出。我們忠於自我，並且已證明具備隨著當代消費者演進的能力。

This is a powerful competitive advantage, and it is translating into sustained broad-based momentum and a resilient core consumer with significant opportunities ahead. In the second quarter, our top- and bottom-line results exceeded our expectations, enabling us to take up our full year guidance once again. This performance reflects our momentum across markets, channels and categories. Revenues increased 10%, led by double-digit growth in Asia. Our retail channels also grew low double digits with similar comp growth across stores and digital, while wholesale increased at a solid mid-single-digit rate.

這是一項強大的競爭優勢，正轉化為持續且廣泛的動能，以及具韌性的核心消費者基礎，未來仍有顯著機會。在第二季，我們的營收與獲利表現均超出預期，使我們再次上調全年財測指引。此表現反映我們在各市場、通路與品類的動能。營收成長 10%，主要由亞洲的雙位數成長帶動。我們的零售通路亦呈現低雙位數成長，門市與數位的同店成長相近；批發通路則以穩健的中個位數成長。

Our ongoing investments behind our brand, products, and lifestyle experiences, enabled us to stay on offense and continue our long-term elevation journey with further improvement in quality of sales and full price selling. At the same time, we continue to invest in our long-term capabilities such as talent and technology while accelerating cash returns to shareholders through our durable dividend and repurchases.

我們持續在品牌、產品與生活方式體驗上的投資，使我們得以保持進攻態勢，並在長期品牌升級旅程中持續前進，進一步提升銷售品質與正價銷售占比。同時，我們也持續投資於長期能力建設，例如人才與科技，並透過穩健的股利與庫藏股回購，加速對股東的現金回饋。

This balance of investment and shareholder returns reflects the power of the Ralph Lauren model. Our strong balance sheet, cash flows, and culture of operating discipline give us the flexibility to navigate a complex global backdrop while fueling future growth opportunities. Underpinning this model is the combination only Ralph Lauren can bring together, authentic lifestyle authority, cultural relevance, and timeless brand codes at global scale.

這種在投資與股東回饋之間的平衡，體現了 Ralph Lauren 商業模式的力量。我們強健的資產負債表、現金流與營運紀律文化，使我們在複雜的全球環境中仍具備彈性，同時為未來成長機會提供動能。支撐此模式的，是唯有 Ralph Lauren 能在全球規模下整合的組合：真實的生活方式權威、文化相關性，以及永恆的品牌基因。

We are building on this distinctive advantage through the three strategic pillars of our plan, which, as a reminder, 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.

我們正透過計畫中的三大策略支柱，持續鞏固這項獨特優勢；提醒各位，三大支柱包括：第一，提升並活化我們的生活方式品牌；第二，驅動核心並擴張以取得更多成長；第三，透過消費者生態系在關鍵城市取勝。

Starting with our efforts to Elevate and Energize Our Lifestyle Brand. Through our rolling thunder of activations, we are engaging with consumers across the many facets of their lives, from the inspiration of the runway to the biggest stages in sports, entertainment, and more. This enables us to deepen our connection with existing consumers around the world as we build lifetime value, while also inspiring a new generation with our cinematic storytelling and core values of optimism, quality, and authenticity.

先從「提升並活化我們的生活方式品牌」的工作談起。透過我們一波接一波的行銷啟動活動（rolling thunder），我們在消費者生活的多個面向與其互動，從伸展台帶來的靈感，到體育、娛樂等最大舞台。這使我們能在建立終身價值的同時，加深與全球既有消費者的連結，並以我們的電影式敘事，以及樂觀、品質與真實性的核心價值，啟發新世代。

Key highlights from the quarter included: first, we continue to strengthen our position as one of the world's leading luxury lifestyle brands in sports, elevating traditionally local events into globally relevant, exciting brand moments.

本季的重點亮點包括：第一，我們持續強化在運動領域作為全球領先奢華生活方式品牌之一的地位，將傳統上偏在地的活動提升為具全球關聯性且令人振奮的品牌時刻。

At Wimbledon, we combine the heritage and elegance of the tournament with Ralph Lauren's spectator style. We activated across our top cities around the world from our Sloane Square takeover in London to our Tokyo live viewing party and Douyin live shopping event in Hong Kong. And our Legends tennis exhibition match in New York Central Park with Andre Agassi, Caroline Wozniacki, Genie Bouchard, and James Blake. At the US Open, we built on our long-standing partnership with an expanded 360-degree campaign, including our vintage-inspired collection, specialty pop-ups, and influencer activations.

在溫布頓，我們將賽事的傳承與優雅，與 Ralph Lauren 的觀賽穿搭風格相結合。我們在全球各大重點城市展開活動，從倫敦的 Sloane Square 接管活動，到東京的現場觀賽派對，以及香港的抖音直播帶貨活動；並在紐約中央公園舉辦 Legends 網球表演賽，由 Andre Agassi、Caroline Wozniacki、Genie Bouchard 與 James Blake 參與。在美國網球公開賽（US Open），我們在長期合作基礎上推出更完整的 360 度行銷活動，包括復古靈感系列、特色快閃店，以及網紅／意見領袖啟動活動。

And at the Goodwood Revival in the UK, we brought our sophistication to the classic motorsports event for the fourth year, including a preview of our Polo Bar experience, ahead of our London restaurant opening slated for 2028. Together, these sports lifestyle campaigns allow us to showcase the breadth of the Ralph Lauren lifestyle while bringing consumers closer to the brand.

此外，在英國的 Goodwood Revival，我們連續第四年將品牌的精緻格調帶入這項經典賽車運動盛會，其中也包含我們 Polo Bar 體驗的預覽，為預計於 2028 年開幕的倫敦餐廳暖身。綜合而言，這些運動生活方式行銷活動讓我們得以展現 Ralph Lauren 生活方式的廣度，同時讓消費者更貼近品牌。

They have generated a combined 70 billion global impressions and more than $350 million in media value. Next, we immerse consumers in our vision of timeless style through our Spring '27 Women's Collection Fashion Show in New York City, along with key celebrity dressing moments, including BTS at their Arirang World Tour at MetLife Stadium; and at our Very Ralph documentary premiere in Seoul. And beyond the quarter, we recently hosted our first-ever PoloFest in Tokyo, bringing Polo collectors, brand enthusiasts, and cultural voices together for a three-day experience as part of our year-long celebration of 50 years in Japan.

這些活動合計創造了 700 億次全球曝光（impressions），以及超過 3.5 億美元的媒體價值。接著，我們透過在紐約市舉辦的 2027 年春季女裝系列時裝秀，讓消費者沉浸於我們對永恆風格的願景；並搭配多個重要名人造型時刻，包括 BTS 在 MetLife Stadium 的 Arirang 世界巡演，以及我們在首爾舉辦的《Very Ralph》紀錄片首映。而在本季之後，我們近期也在東京首次舉辦 PoloFest，作為我們在日本 50 週年全年慶祝活動的一部分，匯聚 Polo 收藏家、品牌愛好者與文化意見領袖，展開為期三天的體驗。

These activations are driving strong sustainable growth in new customer acquisition and retention. In the second quarter, we added 1.7 million new customers to our DTC businesses, led by Ralph Lauren stores. We continue to drive progress across brand-equity metrics, including increased awareness, purchase intent, and Net Promoter Score. We're also driving higher lifetime value and recruiting key consumer cohorts led once again by women, luxury, and younger customers. And we increased our social media followers by mid-single digits to more than 72 million led by Instagram, LINE, and Douyin, with a focus on our Summer of Sports and Fashion Show.

這些啟動活動正推動新客獲取與留存的強勁且可持續成長。第二季，我們在 DTC（直面消費者）業務新增 170 萬名新客戶，主要由 Ralph Lauren 門市帶動。我們也持續推進各項品牌資產指標的改善，包括知名度、購買意願與淨推薦值（Net Promoter Score）的提升。我們同時提升更高的終身價值，並再次以女性、奢華與年輕客群為主，招募關鍵消費者族群。此外，我們的社群媒體追蹤者以中個位數成長至超過 7,200 萬人，主要由 Instagram、LINE 與抖音帶動，並聚焦於「運動之夏」與時裝秀內容。

This diversity of activations enables us to keep the brand fresh and relevant across each of our key markets. Staying true to Ralph's vision while finding new ways to bring each generation into our world. And this brand momentum is translating directly into increasing desirability and demand for our products. This takes me to our second key initiative, Drive the Core and Expand for More.

多元的啟動活動使我們能在各個關鍵市場保持品牌新鮮感與相關性。在忠於 Ralph 願景的同時，持續尋找新方式，將每一個世代帶入我們的世界。而這股品牌動能也正直接轉化為對我們產品日益提升的吸引力與需求。這也帶到我們第二項關鍵倡議：「驅動核心並擴張以取得更多成長」。

Ralph's vision has always been about a way of living. This quarter, our talented creative teams brought that vision to life to our enduring icons combined with seasonal newness across men's, women's, and children's. By reinforcing the core while expanding our lifestyle proposition, we are creating multiple avenues for durable growth. And bringing our products to life through increasingly connected consumer ecosystems.

Ralph 的願景一直是關於一種生活方式。本季，我們才華洋溢的創意團隊，將這個願景落實於我們歷久不衰的經典標誌性產品，並結合男裝、女裝與童裝的季節性新品。透過強化核心並擴展我們的生活方式主張，我們正在創造多條可持續的成長路徑。並透過日益緊密連結的消費者生態系，讓產品更具生命力。

Starting with our core, which represents more than 70% of our business. Core product sales grew 10% in the second quarter. Recent highlights include our cotton cable and merino blend sweaters, linen poplin Oxford dye shirts, icon chino caps, sport coats, and fleeces. For the fall '26 season, our Litchfield and Red Rock collections from men's Polo resonated particularly well with consumers.

先從我們的核心品類開始，核心品類占我們業務超過 70%。第二季核心產品銷售成長 10%。近期亮點包括：棉質麻花編織與美麗諾混紡毛衣、亞麻府綢（poplin）Oxford 染色襯衫、經典斜紋棉帽（icon chino caps）、運動西裝外套與刷毛單品。在 2026 年秋季，我們男裝 Polo 的 Litchfield 與 Red Rock 系列特別受到消費者青睞。

In Children's, we delivered a successful back to school with our collegiate inspired NextGen and New England-themed middlebury collections with strength across our sweaters, core mesh polos, sweater dresses, and expanded outerwear proposition. Our high-potential categories, including women's apparel, outerwear and handbags, grew low double digits for the quarter, ahead of total company growth. In women's, we drove excitement through our new micro cable-collared cardigan and wool rugby sweaters, curdoroy shirts and Polo shirt dresses.

在童裝業務方面，我們以大學風靈感的 NextGen 與新英格蘭主題 Middlebury 系列，成功推動返校季表現；毛衣、核心網眼 Polo 衫、毛衣洋裝，以及擴充的外套品類皆展現強勁動能。本季我們的高潛力品類（包括女裝、外套與手袋）錄得低雙位數成長，增幅領先公司整體成長。在女裝方面，我們透過全新微型麻花織領口開襟衫與羊毛橄欖球衫、燈芯絨襯衫以及 Polo 衫洋裝，帶動市場熱度。

Our strong outerwear performance was driven by our lightweight Bi-Swing and Bayport cotton windbreakers for men and Icon windbreakers and barn jackets for women. And in handbags, we officially launched Polo Blaze, our most elevated foundational collection for Polo to date, marrying equestrian-inspired details with the downtown edge.

我們外套的強勁表現，主要由男裝輕量 Bi-Swing 與 Bayport 棉質風衣，以及女裝 Icon 風衣與穀倉外套所帶動。在手袋方面，我們正式推出 Polo Blaze——迄今為止 Polo 最具高端定位的核心基礎系列，將馬術靈感細節與都會摩登風格相結合。

Special releases this quarter included our US Open collection inspired by the heritage of tennis and the spirit of New York, delivering our stronger sell-throughs around the event to date, and our collaborations with Gee's Bend and second capsule drop with TÓPA, both part of our groundbreaking Artist in Residence focused on empowering and celebrating artisans within the communities that have historically inspired our designs. As we turn to Holiday, we will continue to invite consumers to step into the cinematic worlds that Ralph created, with timeless, high-quality products, a compelling value proposition and styling that only we can deliver.

本季特別發售包括：以網球傳承與紐約精神為靈感的美網（US Open）系列，帶來迄今圍繞該賽事最強的售罄表現；以及我們與 Gee's Bend 的合作、與 TÓPA 的第二波膠囊系列發售，兩者皆屬於我們開創性的「駐村藝術家」（Artist in Residence）計畫，聚焦賦能並表彰那些長期以來啟發我們設計的社群中的工藝匠人。展望假日季，我們將持續邀請消費者走入 Ralph 所打造的電影般世界，提供經典且高品質的產品、具吸引力的價值主張，以及唯有我們才能呈現的造型風格。

Turning to our third key initiative. Win in Key Cities, with our consumer ecosystem. We are creating unique lifestyle experiences to immerse consumers in the world of Ralph Lauren, bringing together product, hospitality and storytelling in our top 30 cities around the world while also laying the groundwork for long-term growth in our next 20 cities. Within DTC, which comprises the majority of our business, global comps increased 10%, led once again by our Ralph Lauren stores and digital commerce.

接著談到我們第三項關鍵策略。以消費者生態系在關鍵城市取勝。我們正在打造獨特的生活方式體驗，讓消費者沉浸於 Ralph Lauren 的世界，將產品、款待體驗與敘事內容整合，落地於全球前 30 大城市，同時也為未來 20 個城市的長期成長奠定基礎。在 DTC（直營）業務（占我們業務的大多數）中，全球同店銷售成長 10%，再度由 Ralph Lauren 門市與數位商務領軍。

By region, Asia increased 28% and driven by 24% comps and growth across all key markets. China sales remained strong, increasing more than 35%, while Japan and Korea were also up double digits as we continue to invest behind localized brand activations and experiences.

按地區來看，亞洲成長 28%，主要由同店成長 24% 以及所有主要市場的成長所帶動。中國銷售維持強勁，成長超過 35%；同時，日本與韓國亦呈雙位數成長，我們持續加碼在地化品牌活動與體驗投資。

Europe delivered low single-digit growth this quarter, in line with our plan despite industry traffic headwinds and on top of last year's strong compares. And we drove another quarter of strong results ahead of expectations in our largest region, North America, with healthy demand in both our retail and wholesale channels.

歐洲本季錄得低個位數成長，儘管面臨產業客流逆風，且在去年強勁比較基期之上，仍符合我們的計畫。在我們最大的區域北美，我們再度交出優於預期的強勁表現，零售與批發通路需求皆維持健康。

With regards to our store base, we opened 22 new owned and partner stores globally this quarter as we deepened our presence in our top cities. Highlights included: Seaport in Boston, including our first Ralph's Coffee location in Massachusetts, new men's and women's standalone stores in London's Sloane Square; St. Tropez, France; Beijing Hopson One; and Galaxy Promenade in Macau.

就門市布局而言，本季我們在全球新開 22 家自營與合作夥伴門市，進一步深化我們在核心城市的據點。亮點包括：波士頓 Seaport（其中包含我們在麻薩諸塞州的首家 Ralph's Coffee）、倫敦 Sloane Square 的全新男裝與女裝獨立門市；法國聖特羅佩（St. Tropez）；北京合生匯 Hopson One；以及澳門 Galaxy Promenade。

On the digital front, we expanded our RL Mobile App to Japan following our successful launch in Korea earlier this year with early performance and downloads exceeding our expectations. We also grew our connected retail and clienteling capabilities across several markets in Asia this quarter. Enabling our teams to serve consumers with greater personalization and consistency.

在數位方面，我們在今年稍早於韓國成功上線後，將 RL 行動 App 擴展至日本，初期表現與下載量均超出預期。本季我們也在亞洲多個市場擴大連結式零售（connected retail）與客戶經營（clienteling）能力。使我們的團隊能以更高的個人化程度與一致性來服務消費者。

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 are investing in new capabilities that help our teams move faster, create more personalized consumer experiences, and operate with greater precision.

最後談談我們的賦能要素。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，我們正投資新的能力，協助團隊更快速行動、打造更個人化的消費者體驗，並以更高精準度營運。

In addition to expanding our mobile app and clienteling in Asia this quarter, we continued our journey to enhance visibility on key LLMs. We also launched a test on WhatsApp Concierge, a digital assistant that allows customers to interact directly with our brand on the WhatsApp platform. And following our initial test with OpenAI earlier this year, we are further scaling advertising on the platform for holiday gifting and cultural moments.

除本季在亞洲擴展行動 App 與客戶經營外，我們也持續推進在關鍵 LLM 上提升可見度的旅程。我們亦啟動 WhatsApp Concierge 的測試——這是一個數位助理，讓顧客可在 WhatsApp 平台上直接與我們的品牌互動。此外，繼今年稍早與 OpenAI 的初步測試後，我們正進一步擴大在該平台上的廣告投放，以支援假日送禮與文化節點行銷。

In addition, we are advancing our commitment to the communities we serve. We recently announced a new partnership with the Korea National Cancer Center Foundation to establish a new Ralph Lauren Cancer Center in Goyang, our first in Asia and fifth globally, part of our broader long-standing commitment to more equitable access to cancer care. And we were proud to be recently named one of the world's best employers by Forbes, reflecting the power of the people and culture that make Ralph Lauren so special.

此外，我們也持續深化對所服務社群的承諾。我們近期宣布與韓國國立癌症中心基金會建立新的合作夥伴關係，將於高陽（Goyang）設立新的 Ralph Lauren 癌症中心——這是我們在亞洲的第一家、全球第五家，亦是我們長期致力於推動更公平癌症照護可近性承諾的一部分。同時，我們也很榮幸近期獲《富比士》評選為全球最佳雇主之一，彰顯成就 Ralph Lauren 獨特之處的人才與文化力量。

In closing, Ralph and I are encouraged by our team's progress in the second year of our Next Great Chapter: Drive plan, in the midst of an ever-evolving global operating landscape. As we head into the important holiday season, our consumer remains at the center of everything we do. With that in mind, we will continue to lean into our long-term elevation journey, investing in our strategic priorities to deliver sustainable growth and value creation into the future, including developing innovative campaigns that build desirability and engagement and grow lifetime value, creating timeless, high-quality products that offer compelling value and earn consumers' trust, and winning in our top cities through unique brand experiences that immerse consumers in the world of Ralph Lauren.

總結而言，Ralph 與我對團隊在「下一個偉大篇章：Drive」計畫第二年的進展感到振奮，尤其是在全球營運環境持續演變之際。在邁入關鍵的假日季之際，我們始終以消費者為一切工作的核心。基於此，我們將持續推進長期的品牌升級旅程，投資於策略重點，以在未來實現可持續成長與價值創造，包括：打造創新行銷活動以提升渴望度與互動並提高終身價值；創造經典且高品質、具吸引力價值並贏得消費者信任的產品；以及透過獨特的品牌體驗在核心城市取勝，讓消費者沉浸於 Ralph Lauren 的世界。

These diversified engines of growth and our increasingly elevated consumer base, all underpinned by our iconic brand, continue to drive resilience in our business model and consistency in our performance. With that, I'll hand it over to Justin, and I'll join him at the end to answer your questions.

這些多元化的成長引擎與日益高端化的消費者基礎，在我們標誌性品牌的支撐下，持續強化商業模式的韌性與業績表現的一致性。接下來我把時間交給 Justin，我也會在最後與他一同回答各位的問題。

Thanks, Patrice, and good morning, everyone. Our second-quarter performance underscores our growing brand desirability around the world, with results exceeding our expectations across both revenue and profitability. This reflects broad-based consumer demand and the strength of our diversified growth model against the dynamic operating backdrop. Revenues increased 10%, ahead of our mid-single-digit outlook for the quarter with growth across every region.

謝謝你，Patrice，各位早安。我們第二季的表現凸顯品牌在全球的吸引力持續提升，營收與獲利表現皆超出預期。這反映出廣泛的消費者需求，以及在多變的營運環境下，我們多元化成長模式的韌性。營收成長 10%，高於我們對本季中個位數成長的展望，且各區域皆有成長。

Our branded products continue to resonate with consumers globally, and full price momentum supported gross and operating margin expansion above expectations. Notably, we delivered this performance while continuing to invest in the strategic initiatives that will fuel sustainable long-term growth and value creation. This combination of second-quarter outperformance and sustained brand momentum gives us confidence to raise our full year outlook once again.

我們的品牌產品持續在全球引起消費者共鳴，而正價動能亦支撐毛利率與營業利益率擴張，優於預期。值得注意的是，我們在持續投資將推動長期可持續成長與價值創造的策略性計畫之際，仍交出這樣的表現。第二季超預期表現與品牌動能的延續，使我們有信心再次上調全年展望。

But first, let me walk you through our financial highlights from the second quarter, which, as a reminder, are provided on a constant currency adjusted basis. Total company second quarter revenue grew 10%, driven by better-than-expected performance in both our direct-to-consumer and wholesale channels. By region, Asia led our performance, increasing 28%, followed by North America, up 6%; and Europe, up 3%.

不過首先，讓我帶各位回顧第二季的財務重點；提醒一下，以下數據皆以固定匯率調整後口徑提供。公司第二季總營收成長 10%，主要由直營（direct-to-consumer）與批發通路雙雙優於預期的表現所帶動。按地區來看，亞洲表現領先，成長 28%；其次為北美成長 6%；歐洲成長 3%。

Total company retail comps also increased 10%, with growth across both our own digital and brick-and-mortar channels. Total company adjusted gross margin expanded 220 basis points to 70.2%, ahead of our outlook. The increase was driven by AUR growth, favorable geographic mix, and lower product costs, which more than offset modest pressure from higher labor and non-cotton material costs in the quarter. AUR increased 9%, ahead of our plan and on top of 12% growth last year.

公司整體零售同店銷售亦成長 10%，自有數位與實體通路皆有成長。公司整體調整後毛利率擴張 220 個基點至 70.2%，高於我們的展望。毛利率提升主要由 AUR（平均單位零售價）成長、有利的地理組合，以及較低的產品成本所帶動，足以抵消本季因勞動成本上升與非棉材料成本上升所帶來的溫和壓力。AUR 成長 9%，高於我們的計畫，且是在去年成長 12% 的高基期之上。

The increase was broad-based and reflected balanced contributions from product elevation, favorable channel and geographic mix, and selective pricing actions and lower promotional activity. For the third quarter, we are currently planning for mid-single-digit AUR growth on top of last holiday's exceptionally strong 18% increase.

此項增長涵蓋面廣，反映了產品升級、有利的通路與地理組合，以及選擇性調價與較低的促銷活動所帶來的均衡貢獻。就第三季而言，我們目前規劃在去年假期季異常強勁、AUR 成長 18% 的高基期之上，實現中個位數的 AUR 成長。

Our outlook continues to be supported by our ongoing brand-elevation strategy, with the flexibility to further reduce discounting based on consumer demand and selling trends. Adjusted operating expenses increased 11% or 70 basis points as a percentage of sales compared to last year, as higher marketing more than offset leverage in non-marketing expenses. Marketing increased to 8.6% of sales, up from 7.8% last year, reflecting increased investments to amplify key campaigns, including our New York Fashion Show and sponsorships of Wimbledon and the US Open.

我們的展望仍受到持續推動品牌升級策略的支持，並可依消費者需求與銷售趨勢，彈性進一步降低折扣力度。相較去年，調整後營業費用增加 11%，或以銷售額百分比計增加 70 個基點，原因是行銷費用增加，且其增幅超過非行銷費用的規模效益。行銷費用占銷售額比重提升至 8.6%，高於去年的 7.8%，反映我們加大投資以放大關鍵行銷活動，包括紐約時裝週以及溫布頓與美國網球公開賽的贊助。

Our multiyear progress in sustaining new customer acquisition, healthy consumer metrics, and attractive returns, reinforces our confidence to continue expanding our marketing programs across our top cities. We now expect marketing investment to represent approximately 8% to 8.5% of sales in fiscal '27 compared to approximately 8% previously. Even with this higher investment, second-quarter adjusted operating margin expanded 140 basis points to 15.5% ahead of our plan, while operating income grew 21%. This underscores our ability to expand profitability while continuing to make investments in our brand and capabilities that support durable growth.

我們在多年來持續推動新客獲取、維持健康的消費者指標並取得具吸引力的報酬，進一步強化我們對於在核心城市擴大行銷計畫的信心。我們目前預期，至 2027 會計年度行銷投資將約占銷售額的 8% 至 8.5%，高於先前約 8% 的預期。即便投資提高，第二季調整後營業利益率仍較計畫提前擴張 140 個基點至 15.5%，同時營業利益成長 21%。這凸顯我們在持續投資品牌與能力、以支持長期成長的同時，仍具備擴大利潤率的能力。

Turning to segment performance and starting with North America, second-quarter revenue grew 6% at the high end of our expectations. In North America retail, second-quarter comps increased 6% on top of a double-digit compare last year with balanced growth across our digital and brick-and-mortar channels. Digital comps increased 5%, supported by solid traffic, full funnel marketing activations and continued merchandising optimization. North America wholesale revenue grew 8%, driven by healthy replenishment and seasonal orders. Results included approximately 4 points of benefit from planned timing shifts from the second half of the year.

接著看各事業部表現，先從北美開始，第二季營收成長 6%，達到我們預期區間的高端。在北美零售方面，第二季同店銷售成長 6%，是在去年同店雙位數成長的高基期之上，且數位與實體通路均衡成長。數位同店成長 5%，受惠於穩健的流量、全漏斗行銷啟動，以及持續的商品組合優化。北美批發營收成長 8%，主要由健康的補貨與季節性訂單帶動。結果中約有 4 個百分點的助益，來自原先規劃由下半年移轉至本季的時點調整。

We continue to expect North America wholesale performance to moderate in the second half as we lap these timing benefits, and accelerate our strategic reduction of off-price sales and lower-tier full-price stores. Our underlying growth in the channel remains healthy with strong full-price sellout trends and continued market-share gains.

我們仍預期北美批發在下半年將因時點助益消退而趨於溫和，並加速策略性降低折扣通路銷售與較低層級的全價門店。該通路的基本面成長仍然健康，全價售罄趨勢強勁，且市占率持續提升。

Turning to Europe. Second-quarter revenue increased 3%, modestly ahead of our expectations. Europe wholesale increased 4% on top of double-digit growth last year. Underlying sellout trends remain in line with our full year outlook, and we continue to proactively manage our sell in to align with consumer demand and maintain healthy inventories in the channel.

接著看歐洲。第二季營收成長 3%，略高於我們的預期。歐洲批發在去年雙位數成長的高基期之上，再成長 4%。基本售罄趨勢仍符合我們全年展望；我們也持續主動管理出貨（sell-in），以貼近消費者需求並維持通路健康庫存。

Europe retail comps declined 1% as we lapped an exceptionally strong 10% compare last year amid a challenging macro environment. While the region continues to face pressure from weaker store traffic across several of our key markets, we are taking targeted strategic actions to drive stronger consumer engagement, increased conversion, and higher basket size in our stores. Looking ahead to the second half of the year, we continue to invest behind our strongest brand and consumer opportunities in the region, including marketing activations and targeted consumer engagement, building on our growing brand desirability to support both near- and long-term growth.

歐洲零售同店下滑 1%，主要因去年在具挑戰的總體環境下仍有異常強勁的 10% 同店成長基期。儘管該區域在多個關鍵市場仍面臨門店客流走弱的壓力，我們正採取聚焦且具策略性的行動，以提升消費者互動、提高轉換率，並增加門店客單價。展望下半年，我們將持續加碼投資於區域內最強的品牌與消費者機會，包括行銷啟動與精準的消費者互動；並在品牌吸引力持續提升的基礎上，支持短期與長期成長。

Moving to Asia. Second-quarter revenue increased 28%, reflecting broad-based growth across all key markets. Retail comps grew 24% with double-digit growth across every channel. Our Asia digital ecosystem also delivered double-digit growth with strong contributions from our own digital commerce sites. By market, China continued to lead our performance with sales up more than 35% in the quarter, driven by healthy comps and high-quality new customer recruitment. Japan and Korea also delivered strong double-digit growth, supported by localized brand activations and sustained consumer engagement.

再看亞洲。第二季營收成長 28%，反映所有主要市場的廣泛成長。零售同店成長 24%，各通路皆呈現雙位數成長。我們在亞洲的數位生態系亦實現雙位數成長，其中自營數位電商網站貢獻強勁。就各市場而言，中國持續領先，本季銷售成長超過 35%，由健康的同店表現與高品質的新客招募所帶動。日本與韓國亦交出強勁的雙位數成長，受惠於在地化品牌啟動與持續的消費者互動。

Our full-funnel marketing activations throughout the region are building deeper connections with consumers, and we continue to see substantial opportunity to build awareness, deepen engagement, and expand our presence across key markets where our luxury lifestyle positioning continues to resonate.

我們在區域內推動的全漏斗行銷啟動正與消費者建立更深連結；在我們的奢華生活風格定位持續引發共鳴的關鍵市場，我們仍看到在提升知名度、深化互動並擴大布局方面的重大機會。

Moving to the balance sheet. Our fortress balance sheet and strong cash flow generation continue to provide meaningful strategic flexibility, enabling us to invest through periods of volatility, pursue compelling growth opportunities, and return capital to our shareholders, all while maintaining prudent financial discipline.

接著看資產負債表。我們堅實的資產負債表與強勁的現金流創造能力，持續提供重要的策略彈性，使我們能在波動期間持續投資、把握具吸引力的成長機會，並在維持審慎財務紀律的同時，回饋資本給股東。

During the second quarter, we repurchased approximately $250 million in shares, bringing our year-to-date repurchases to $500 million and completing our buyback plans for fiscal '27. And we remain on track to return over $2 billion to shareholders, including through dividends and repurchases over our three-year Drive plan.

第二季期間，我們回購約 2.5 億美元股票，使年初至今回購金額達 5 億美元，並完成 2027 會計年度的回購計畫。我們也仍按計畫在三年期 Drive 計畫期間，透過股利與回購等方式，向股東回饋超過 20 億美元。

We ended the period with $1.8 billion in cash and short-term investments and $1.2 billion in total debt. We continue to manage inventories closely against demand in each of our regions. Second-quarter net inventory decreased 8% in constant currency, reflecting last year's elevated tariff-related inventory base. Excluding the impact of tariffs, net inventory declined approximately 2%. As we enter the Holiday season, our inventories remain healthy, current, and well positioned to support demand across geographies and channels while preserving flexibility.

期末我們持有 18 億美元現金與短期投資，總負債為 12 億美元。我們持續依各區域需求，嚴密管理庫存。第二季淨庫存以固定匯率計下降 8%，反映去年因關稅因素而墊高的庫存基期。若排除關稅影響，淨庫存約下降 2%。進入假期季之際，我們的庫存維持健康、結構新穎且配置得宜，可在保有彈性的同時，支援各地區與各通路的需求。

Looking ahead, our outlook for fiscal '27 remains based on our best current assessment of the operating environment, including the geopolitical backdrop, foreign currency dynamics, and broader macroeconomic conditions. For fiscal '27, we now expect constant currency revenue growth of mid- to high single digits on a 52-week comparable basis, centered around 6% to 7%, up from our prior outlook of 5% to 6%.

展望未來，我們對 2027 會計年度的展望仍基於對營運環境的最新最佳評估，包括地緣政治背景、外匯動態與更廣泛的總體經濟狀況。就 2027 會計年度而言，我們目前預期以固定匯率計、在可比 52 週基礎上的營收成長為中至高個位數，中心值約 6% 至 7%，高於先前 5% 至 6% 的展望。

This increase largely reflects our better-than-expected second quarter results, along with a modestly stronger outlook for the second half, supported by our continued brand momentum. As previously discussed, we continue to expect first-half growth to be stronger than second-half growth, reflecting the timing of this year's marketing activations and other investments, the timing of planned wholesale shipment shifts, and strategic off-price reductions, and more challenging year-over-year comparisons in certain of our key markets. Importantly, our outlook continues to assume healthy underlying growth in the second half, in line with our long-term plan.

此上調主要反映第二季表現優於預期，以及在品牌動能延續的支持下，下半年展望略為轉強。如先前所述，我們仍預期上半年成長將強於下半年，原因包括今年行銷啟動與其他投資的時點、規劃中的批發出貨時點調整、策略性降低折扣通路，以及部分關鍵市場更具挑戰的年對年比較基期。重要的是，我們的展望仍假設下半年基本面成長健康，與我們的長期計畫一致。

Foreign currency is now expected to negatively impact revenue growth by approximately 40 to 60 basis points this year based on current exchange rates. As a reminder, fiscal '27 includes a 53rd week, which is expected to add approximately 1 point of revenue growth and slightly benefit operating margin.

依目前匯率推估，今年外匯預計將對營收成長造成約 40 至 60 個基點的負面影響。提醒一下，2027 會計年度包含第 53 週，預計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正面助益。

By region for fiscal '27, we now expect North America revenue to grow approximately low- to mid-single digits, up from low single digits previously. We are encouraged by our strong first half performance in the region and the continued momentum across our direct-to-consumer and full-price wholesale channels. We still expect this solid underlying growth to be partly offset by accelerated strategic actions to improve quality of sales and exit lower-tier doors, notably in the back half of the year, as we further elevate and strengthen our long-term position in the marketplace.

以 2027 會計年度各區域來看，我們目前預期北美營收約成長低至中個位數，高於先前的低個位數成長預期。我們對該區域上半年強勁表現，以及直面消費者與全價批發通路的持續動能感到鼓舞。我們仍預期，這股穩健的基本面成長將部分被加速推動的策略性行動所抵銷，以提升銷售品質並退出較低層級的通路據點，尤其在下半年；同時我們也將進一步提升並強化在市場中的長期定位。

We now expect Europe revenue to grow approximately low single digits compared to low- to mid-single digits previously. This outlook reflects positive underlying growth, partly offset by increased pressure on consumer traffic and broader macroeconomic volatility in the second half of the year. We remain focused on driving high-quality near-term results, while continuing to invest behind long-term brand elevation and margin expansion.

我們目前預期歐洲營收約成長低個位數，低於先前的低至中個位數成長預期。此展望反映正向的基本面成長，但在下半年將部分受到消費者客流壓力加大與更廣泛的總體經濟波動所抵銷。我們仍專注於推動高品質的短期成果，同時持續投資於長期的品牌升級與利潤率擴張。

And we now expect Asia revenue to increase low teens, up from our prior outlook of high-single to low-double digits, driven by our stronger-than-expected first half results, along with ongoing brand momentum across our key markets in the region. We now expect full-year operating margin to expand approximately 80 to 100 basis points in constant currency, up from our prior guidance of 60 to 80 basis points, largely driven by our better-than-expected second-quarter results.

我們目前預期亞洲營收將以低十位數百分比成長，較先前高個位數至低雙位數的展望上修，主要受惠於上半年優於預期的表現，以及我們在該區域主要市場持續的品牌動能。我們目前預期全年營業利益率在固定匯率下將擴張約80至100個基點，較先前指引的60至80個基點上修，主要由第二季優於預期的表現所帶動。

We are also raising our full-year gross margin outlook to approximately 80 to 100 basis points of expansion compared to our prior guidance of 50 to 70 basis points. This reflects our stronger-than-expected Q2 results, along with our updated view on US tariffs, which assumes the prevailing rate of approximately 10% through December, followed by a return to reciprocal rates in the high teens in our fiscal fourth quarter.

我們也將全年毛利率展望上調至較先前指引的擴張50至70個基點，改為約擴張80至100個基點。這反映了我們第二季優於預期的表現，以及我們對美國關稅的最新看法：假設目前約10%的稅率將持續至12月，之後在我們的會計年度第四季回到高十位數的對等稅率。

We continue to expect both gross and operating margin expansion to be weighted towards the first half of the fiscal year, reflecting normalizing AUR growth and the timing of key marketing activations as well as our previously disclosed timing shifts in wholesale shipments. Our guidance continues to exclude the benefit of tariff refunds, which are not included in our adjusted non-GAAP results.

我們仍預期毛利率與營業利益率的擴張將較偏重於會計年度上半年，反映AUR（平均單位零售價）成長趨於常態化，以及關鍵行銷活動的時點安排，並包含我們先前揭露的批發出貨時點調整。我們的指引仍不包含關稅退稅的效益，該項亦未納入我們調整後的非GAAP結果。

As part of our long-term capital allocation strategy, related proceeds received will be primarily reinvested in the business as well as directed toward initiatives that strengthen and advance our purpose and values. Foreign currency is now expected to benefit gross margin by approximately 10 to 30 basis points and have a roughly neutral impact on operating margin in fiscal '27.

作為我們長期資本配置策略的一部分，所收到的相關款項將主要再投資於業務，同時也將用於強化並推進我們使命與價值觀的各項計畫。目前預期外匯在會計年度'27將使毛利率受益約10至30個基點，並對營業利益率帶來大致中性的影響。

For the third quarter, we expect constant currency revenue to increase approximately low- to mid-single digits, centered around 3% to 4%. This outlook includes approximately 1 point of negative impact from planned wholesale timing shifts and strategic off-price reductions in the quarter, with underlying growth of roughly mid-single digits.

就第三季而言，我們預期固定匯率營收將成長約低至中個位數百分比，中心值約為3%至4%。此展望包含本季因計畫性的批發時點調整與策略性降低折扣通路（off-price）而帶來約1個百分點的負面影響；若排除此因素，基礎成長約為中個位數百分比。

Foreign currency is expected to negatively impact revenues by approximately 50 to 100 basis points. We expect operating margin to expand approximately 50 to 70 basis points in constant currency, with gross margin expansion more than offsetting higher marketing investments in the holiday period. Foreign currency is expected to benefit gross margin by about 20 to 40 basis points, and have a roughly neutral to 20-basis-point benefit to operating margin in the quarter.

預期外匯將對營收造成約50至100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50至70個基點，其中毛利率擴張將足以抵銷假期期間較高的行銷投資。預期外匯將使毛利率受益約20至40個基點，並在本季對營業利益率帶來約中性至20個基點的正面效益。

We expect our third-quarter tax rate to be in the range of 23% to 24%, while the full year tax rate is still expected to be in the range of 21% to 22%. In closing, our teams continue to deliver against both our near-term commitments and long-term strategic priorities. This quarter's results demonstrate the strength of our diversified growth model, the benefits of our elevation strategy, and the discipline with which we are investing for the future, underscore the enduring relevance of Ralph's timeless vision around the world.

我們預期第三季稅率將落在23%至24%區間，而全年稅率仍預期落在21%至22%區間。最後，我們的團隊持續在短期承諾與長期策略優先事項上交出成果。本季的結果展現了我們多元化成長模式的實力、我們提升（elevation）策略所帶來的效益，以及我們以紀律投資未來的作法，並凸顯Ralph永恆願景在全球的長久相關性。

While the external environment remains dynamic, we are focused on what we can control, continuing to drive brand and product desirability, enhancing quality of sales, operating with discipline, and investing behind high-return growth opportunities. Together, these actions position us well to deliver on our fiscal '27 commitments while strengthening the foundation for durable long-term value creation for all of our stakeholders. With that, let's open up the call for your questions.

儘管外部環境仍在變動，我們專注於可控事項：持續提升品牌與產品吸引力、改善銷售品質、以紀律營運，並加碼投資於高報酬的成長機會。綜合而言，這些行動使我們有利於達成會計年度'27的承諾，同時也為所有利害關係人打造可持續的長期價值創造基礎。接下來，我們開放各位提問。

(Operator Instructions) Matthew Boss, JPMorgan.

（接線員指示）JPMorgan 的 Matthew Boss。

Thanks, and congrats on another nice quarter. So Patrice, what does your updated fiscal '27 outlook assume for the health of your consumer in each region? Is the global operating environment getting tougher in your view? Or just any puts and takes? And then Justin, could you elaborate on the progression of demand trends that you saw in North America during the second quarter? And just drivers underlying your full year raise for top line growth in that regio?

謝謝，也恭喜你們又交出一個漂亮的季度。Patrice，你們更新後的會計年度'27展望，對各區域消費者健康狀況的假設是什麼？你認為全球營運環境是否正在變得更具挑戰？或是有哪些利多與利空因素？另外 Justin，你能否更詳細說明第二季你們在北美看到的需求趨勢演變？以及你們上調該地區全年營收成長（top line growth）背後的主要驅動因素？

All right. Matt, thanks for your question. So I would call out a few points. First of all, looking collectively across regions, our brand is strong and is getting stronger. And we're investing for the long term, and we're well on track towards our three-year targets. We're actually halfway through our Next Great Chapter: Drive phase and progressing really nicely.

好的。Matt，謝謝你的提問。我想點出幾個重點。首先，綜觀各區域，我們的品牌很強，而且正在變得更強。我們正為長期投資，並且朝向三年目標的進度非常順利。事實上，我們的「Next Great Chapter: Drive」階段已走到一半，進展相當不錯。

Now we're certainly in an environment with a lot of macro noise, and I think macro noise is a new phenomenon for this industry. But there's a good amount right now, including our updated views on Europe, we have successfully as a company navigated through a variety of macroenvironments over the past many years, and we are well positioned looking ahead. And as you saw, we were able to take up this year's outlook once again.

目前確實處於宏觀雜訊很多的環境中，而我認為宏觀雜訊對這個產業來說並不是新現象。但眼下確實有不少變數，包括我們對歐洲的最新看法；不過，過去多年來我們公司已成功因應各種不同的宏觀環境，展望未來我們也具備良好定位。而且如你所見，我們再次上調了今年的展望。

Now specifically on the consumer, as you know, we're in an exciting elevation journey with our customer base around the world, right? We've shifted our customer base to focus on higher quality of sales, lower price sensitivity, larger basket size, and younger cohorts. And today, our core consumer remains resilient across each of our key markets globally. Zooming out, our growth in value creation model is durable, in part because we have this diversity of drivers. Our brand is stronger than ever in every region with a record level of affinity scores. You heard us say earlier, we're seeing that across the regions.

就消費者而言，如你所知，我們正在全球客群中推進一段令人振奮的提升（elevation）旅程，對吧？我們已調整客群結構，聚焦於更高的銷售品質、更低的價格敏感度、更大的客單價（basket size），以及更年輕的族群。目前，我們的核心消費者在全球各主要市場仍展現韌性。從更宏觀的角度看，我們的價值創造成長模式具備持久性，部分原因在於我們擁有多元的驅動因素。我們在各區域的品牌力都比以往更強，品牌好感度（affinity）分數創下新高。你先前也聽到我們提到，我們在各區域都看到了這一點。

We have a culture of agility and operational discipline built over years. And we have a lot of opportunities yet to build the brand in large markets like China, Korea, Germany, even in North America, where I would argue we're actually in the very early innings of our elevated journey in North America with significant growth opportunities ahead around the region, particularly in the West Coast now that we've established healthy foundations across the entire business model.

我們多年來建立了敏捷與營運紀律的文化。而且在中國、韓國、德國等大型市場，甚至在北美，我們仍有許多打造品牌的機會；我甚至會認為，在北美我們的提升旅程其實才剛開始，未來在該區域仍有顯著的成長機會，特別是西岸，因為我們已在整個商業模式上建立了健康的基礎。

So regardless of the macros, we're running our play. We've got an eye on the long term because we want to make sure we're continuing to build this brand in the right way for long-term success. Because we have both the diversity of growth drivers and the flexibility to pivot and take advantage of clear opportunities for Ralph Lauren in the marketplace, that's where our confidence comes moving forward.

因此，不論宏觀環境如何，我們都會按既定策略執行。我們著眼長期，因為我們希望確保以正確的方式持續打造這個品牌，以實現長期成功。由於我們同時具備多元的成長驅動因素與靈活調整的能力，能夠轉向並把握市場上對Ralph Lauren清晰可見的機會，這正是我們對未來充滿信心的來源。

And I would call out that we're continuing to invest behind our iconic brand and reinforce our place in culture. You've heard us talk about the recent PoloFest event, which, I think is a beautiful illustration of how the Ralph Lauren brand has been weaved into the culture globally.

我也想強調，我們持續投資於我們的經典標誌性品牌，並鞏固我們在文化中的地位。你們也聽我們談到近期的PoloFest活動；我認為這是Ralph Lauren品牌如何在全球文化中被編織融合的一個很美的例子。

We're creating timeless core products that resonate across generations, Gen Zs, but also the silver generation and across geographies. And we're offering lifestyle experiences that consumers want to be part of, and you see that every single day, including the lines at our coffee shops. So to summarize, I would say we remain on offense. We're taking market share. across markets. We're building our brand equities and healthy foundations for the long term, and we have significant runway ahead for our unique lifestyle proposition.

我們正在打造跨世代都能產生共鳴的經典核心產品——Z世代如此，銀髮族亦然——並且跨越不同地理市場。我們也提供消費者想要參與其中的生活方式體驗，你每天都能看到這一點，包括我們咖啡店門口的排隊人潮。總結來說，我會說我們仍在主動進攻。我們正在取得市占。在各個市場。我們正在為長期建立品牌資產與健康的基礎，而我們獨特的生活方式主張仍有很長的成長跑道。

And Pat, the question on North America. As you mentioned, we took up our full-year outlook for North America from low-single digits to low to mid-single digits. And we're really encouraged by the broad-based momentum we have in that region across the whole ecosystem. Our core consumers are performing really, really well. We're seeing that ongoing shift towards a more elevated positioning really, really drive our business across that, especially, I would say, full-price channels.

Pat，關於北美的問題。如你所提到的，我們把北美的全年展望從低個位數上調至低到中個位數。我們對該地區在整個生態系統中所展現的廣泛動能感到非常鼓舞。我們的核心消費者表現非常、非常好。我們看到持續朝向更高端定位的轉移，確實在各方面推動我們的業務，尤其我會說是在全價通路上。

And Q2 saw another balanced, healthy growth delivery across DTC and wholesale. As we think about going forward into Q3, we're really expecting that continued momentum both in DTC and really in that healthy full-price wholesale sellout to continue partly offset by those deliberate accelerated quality of sales investments in lower-tier door exits that we've talked about. So when you think about the underlying trend for the region, it's really continues to be on that mid-single-digit trajectory and we're really encouraged by that brand momentum continuing.

第二季在DTC與批發兩端都交出另一個均衡且健康的成長表現。展望第三季，我們預期DTC的延續動能，以及健康的全價批發終端銷售（sellout）將持續推進，部分會被我們先前談到的、在較低層級門店退出（lower-tier door exits）上刻意加速的銷售品質投資所抵銷。因此，當你看該地區的基本趨勢時，仍然是在中個位數的軌道上，我們也很受鼓舞，品牌動能仍在延續。

Jay Sole, UBS.

UBS的Jay Sole。

Justin, what catalysts or metrics are you looking at to get more constructive on Europe? And for the overall business, can you also provide any color around recent performance in quarter-to-date trends? And how should we think about the implied deceleration in your second half guide? And if you can also add some color on a little bit more specificity on how you see gross margin playing out in Q3 and Q4, that would be great.

Justin，你在觀察哪些催化因素或指標，才會對歐洲變得更為樂觀？另外，就整體業務而言，你能否就近期「本季迄今」（quarter-to-date）的趨勢表現提供一些說明？以及我們該如何看待你們下半年指引中所隱含的成長放緩？如果你也能更具體說明你對第三季與第四季毛利率走勢的看法，那就太好了。

And then, Patrice, I just ask you one. Justin mentioned that it's great to be able to meet and exceed expectations and still reinvest in the business. I think as marketing gets higher and higher as a percent of sales, I think it was 8.6% this quarter. Do you see -- are you interested in actually taking that -- keeping that number where it is and maybe even driving it higher? And can you do that while still maintaining the ROI associated with that spend?

然後Patrice，我也問你一個問題。Justin提到，能夠達成並超越預期，同時仍能再投資於業務，這很棒。我想隨著行銷費用占銷售額的比重越來越高，本季好像是8.6%。你是否認為——你是否有興趣把這個比例維持在目前水準，甚至再提高？而你能否在提高的同時，仍維持這筆支出所對應的投資報酬率（ROI）？

Jay, thanks for the question. Listen, we remain focused on driving high-quality sustainable growth for all three of our regions, and that includes Europe. I would say, importantly, for Europe, we continue to track ahead of that three-year growth algo that we laid out and we're delivering growth in the second year of our plan. And you heard Patrice talk about we continue to see meaningful long-term growth opportunities across key markets, categories, channels in that region. Now based on what we've seen so far this fiscal year, the trends have generally, I would say, played out as we expected, right, with broader industry, traffic pressure remaining the primary headwind.

Jay，謝謝你的提問。聽著，我們仍專注於為三大區域推動高品質、可持續的成長，這也包括歐洲。我會說，對歐洲而言很重要的是，我們持續跑在我們所提出的三年成長算法（growth algo）之前，而且我們正在交付計畫第二年的成長。你也聽到Patrice提到，我們在該地區的關鍵市場、品類與通路上，仍看到具意義的長期成長機會。就本財年至今我們所看到的情況而言，整體趨勢大致如我們預期發展，也就是更廣泛的產業面臨客流量壓力，仍是主要逆風。

So when we think about in terms of what would make us more constructive on Europe, traffic, and I would say, particularly in stores, that remains a key metric that we're watching closely. That all said, our updated guidance doesn't assume a meaningful improvement in traffic or in the macro environment. And against that challenged backdrop, we continue to expect our brands to gain share and for Europe to deliver positive growth this year, and that includes slight growth in Q3. And while the external environment in Europe certainly remains pressured, what we're doing is we're proactively managing our business and focus on the things we can control.

因此，當我們思考什麼會讓我們對歐洲更為樂觀時，客流量——我會說尤其是門店客流量——仍是我們密切關注的關鍵指標。儘管如此，我們更新後的指引並未假設客流量或總體環境會出現顯著改善。在這樣具挑戰的背景下，我們仍預期品牌能夠提升市占，並且歐洲今年將實現正成長，其中也包括第三季的小幅成長。雖然歐洲外部環境確實仍承壓，但我們正在主動管理業務，並聚焦於我們能掌控的事項。

Our consumer brand metrics remain strong, including record NPS scores. Our teams are focused on driving conversion, basket size to help offset that near-term traffic pressure. And this is all that we continue to invest behind and advance our long-term elevation strategy in the region. To your second part of your question, what I do is I'd separate the underlying health of the business from the quarterly cadence. Our outlook remains consistent with the quarterly growth trajectory we planned as we came into the year. I would say with slightly stronger expectations for the second half than we previously anticipated based upon our strong brand momentum.

我們的消費者品牌指標仍然強勁，包括創紀錄的NPS分數。我們的團隊專注於提升轉換率與客單價（basket size），以協助抵銷短期的客流量壓力。而這些都是我們持續投入並推進該地區長期高端化（elevation）策略的一部分。至於你問題的第二部分，我會把業務的基本健康狀況與季度節奏分開來看。我們的展望仍與我們在年初規劃的季度成長軌跡一致。我會說，基於我們強勁的品牌動能，我們對下半年的預期較先前略為更強。

Now this puts our updated full year outlook for both revenue and profitability ahead of our long-term plans, similar to what we delivered last year in year one. Now the first half of this year reflected stronger top line growth, including favorable timing shifts in the second half as well as higher growth in marketing. As we move through the back half, we'll also begin to lap some exceptionally strong compares in Asia, notably for China, while also executing on those planned strategic pullback that I just mentioned in North America off-price wholesale.

這使得我們更新後的全年營收與獲利展望都高於我們的長期計畫，類似於我們去年在第一年所交出的表現。今年上半年反映了更強的營收成長，其中包括下半年有利的時點移轉，以及行銷投入帶來的更高成長。進入下半年後，我們也將開始面對亞洲一些特別強勁的比較基期，尤其是中國；同時也會執行我剛提到的、在北美折扣（off-price）批發上的既定策略性收縮。

Now those factors affect the quarterly cadence, but they don't change our view of the consistent underlying momentum in the business, which remains strong. And as you know, we don't typically comment on monthly or quarter-to-date trends. I would say our third-quarter guidance incorporates the recent trends we're seeing in the business as well as our expectations for the key holiday selling periods ahead.

這些因素會影響季度節奏，但不會改變我們對業務基本面持續動能的看法——基本面仍然強勁。而如你所知，我們通常不評論按月或本季迄今（quarter-to-date）的趨勢。我會說，我們第三季指引已納入我們近期在業務中看到的趨勢，以及對接下來關鍵假期銷售檔期的預期。

So just stepping back, when you adjust for timing, planned strategic actions or difficult compares, we continue to expect healthy underlying growth in the second half, firmly in line with our long-term growth plan. On the second-half gross margin outlook, I would say, it continues to be supported by structural, durable drivers. You'll see AUR, of course, durable drivers behind that. Our geo channel product mix durable drivers behind that.

因此，退一步看，當你把時點因素、既定策略行動或艱難的比較基期調整後，我們仍預期下半年基本面將維持健康成長，並且與我們的長期成長計畫高度一致。至於下半年毛利率展望，我會說，仍受到結構性且具持久性的驅動因素所支撐。你會看到AUR（平均單價）當然是其中的持久性驅動因素。我們的地區、通路與產品組合（geo channel product mix）也是其中的持久性驅動因素。

We do have a tariff assumption in there that has prevailing rate going back to reciprocal the reciprocal rates, the high teens in the fourth quarter, sellout that's in there, we think that's prudent, and we'll see what happens there. But we expect our gross margin to remain healthy, albeit with a little bit of normalization on the AUR front off of the strong double-digit first half performance.

我們也納入了關稅假設：在第四季，現行稅率回到對等（reciprocal）稅率、約在十幾個百分點的高檔；其中也包含終端銷售（sellout）的假設。我們認為這樣做是審慎的，後續就看實際情況如何發展。但我們預期毛利率仍將維持健康，只是AUR方面會在上半年強勁的雙位數表現之後出現一些正常化。

And on marketing, I would say a few things, Jay. First of all, as a company, we're in the dreams business, we're in the storytelling business. So marketing is a core element of our business model. And I'm actually really excited to see how over the past few years, we've gone from 3% to 4% of our revenue invested in marketing to now north of 8%. There's really no ceiling, right?

至於行銷，Jay，我想說幾點。首先，作為一家公司，我們是在做夢的生意、是在做敘事的生意。因此，行銷是我們商業模式的核心要素。而且我其實非常興奮地看到，過去幾年我們把行銷投資占營收的比重，從3%到4%提升到現在超過8%。基本上沒有天花板，對吧？

What's important is that as we want to continue to invest in marketing as long as we get an exciting return, which we had, while expanding operating margins. So it's not one at the expense of the other. We're always going to do them in tandem. As we look at the types of activations that we have, right? We have a multifaceted marketing strategy that really focuses on our key consumer targets.

重要的是，只要我們能獲得令人振奮的回報——而我們確實做到了——我們就希望持續投資行銷，同時擴大營業利益率。所以不是犧牲其中一個來成就另一個。我們會一直同步推進兩者。再看我們的各類行銷啟動（activations），對吧？我們有一個多面向的行銷策略，真正聚焦於我們的關鍵消費者目標族群。

We want to talk across generations. We want to talk across genders. We want to talk across communities. And I think our teams have done a fantastic job building a portfolio of marketing activations, ranging from sports to fashion presentations, to PoloFest, to social media activities that has really helped bring the brand to life in different ways across different courts, and that's been driving our momentum over the past many years. The strategy is really focused on one new consumer acquisition, right?

我們希望跨世代溝通。我們希望跨性別溝通。我們希望跨社群溝通。我認為我們的團隊在建立一套行銷啟動組合方面做得非常出色，涵蓋從運動到時尚發表、到PoloFest、到社群媒體活動，確實以不同方式、在不同場域讓品牌更具生命力，而這也在過去多年持續推動我們的動能。這個策略其實聚焦於「新消費者獲取」這一件事，對吧？

And particularly younger, higher value, higher basket size, more diverse consumers. You saw this quarter, we added another 1.7 million new consumers with fantastic profiles. Our social media followers are up to 72 million now on our way to 100. Second is retention rate, which is obviously very important. We have, I believe, we can say the most loyal customer in the industry.

尤其是更年輕、更高價值、購物籃金額更高、消費族群更多元的消費者。你們在本季也看到，我們又新增了170萬名新消費者，且輪廓非常出色。我們的社群媒體追蹤者目前已達7,200萬，正邁向1億。第二是留存率，這顯然非常重要。我相信，我們可以說我們擁有業界最忠誠的客戶。

So for us, it's about lifetime value, not just one purchase. And we're driving that to increase personalization, increased clienteling, and of course, trading across and trading with, leveraging our full lifestyle portfolio. And then finally, to the ROI point, our teams are doing a fantastic job consistently looking for ways to be more efficient in the way we target to be more efficient in the way we activate to focus on the bigger opportunities so that through this journey, 3.5% of revenue to now this last quarter, 8.6% of revenue. We all feel very good about the type of return and effectiveness that we see. That's driven by increased digital focus overall. That's driven by increased targeting.

因此對我們而言，重點在於終身價值，而不只是一次購買。我們正透過提升個人化、加強客戶經營（clienteling），當然也透過跨品類交易與搭配購買，善用我們完整的生活風格產品組合，來推動終身價值提升。最後，回到ROI這點，我們的團隊一直做得非常出色，持續尋找更有效率的方法：在鎖定目標上更有效率、在啟動行銷上更有效率，聚焦更大的機會；因此在這段旅程中，從營收的3.5%到最近一季達到營收的8.6%。我們都對所看到的回報類型與成效感到非常滿意。這是由整體數位聚焦提升所帶動。這是由更精準的目標鎖定所帶動。

That's driven by increased personalization. And you see that across the metrics this last quarter, right? Our awareness is up, our consideration is up, our purchase intent is up, our advocacy is up. Therefore, the investments that we are making are delivering and are driving the strong momentum and the strong comp performance that we have been talking about.

這是由更高程度的個人化所帶動。而你在上一季的各項指標上都看得到，對吧？我們的品牌認知提升、考慮度提升、購買意圖提升、口碑推薦也提升。因此，我們正在進行的投資正在產生成果，並推動我們一直在談的強勁動能與強勁的同店表現。

As you look at holiday, which is obviously a key important moment for us as a company. Very excited about the momentum we have going into the Holiday. You heard all the activations we had in Q2. We have a number of great things going on in Q3. We have the Women's Polo presentation in Paris that have got great reviews, we have the PoloFest activation in Tokyo. We have a very strong holiday campaign situated in the (inaudible) that we're very energized by.

談到假期檔期（holiday），這顯然是我們公司非常關鍵的重要時刻。我們對進入假期檔期前的動能感到非常振奮。你們也聽到我們在第二季的所有啟動活動。我們在第三季也有許多很棒的事情正在進行：我們在巴黎的女裝Polo發表獲得極佳評價，我們在東京有PoloFest活動。我們也有一個非常強勢的假期行銷活動，設定在（聽不清）之中，讓我們非常振奮。

We are starting our investments earlier from a media standpoint. So we expect higher impact. We launched, I think, ahead of most of our competitive set to really capture the full gifting season with the media investment up 23% versus last year, focused on our top 30 city ecosystem. That's the first point. Second point is, really making gifting an acquisition engine, deploying it fully integrated 360-degree gifting strategies because we are one of the premier brands from a gifting standpoint, we know we have the opportunity to lean into that even more effectively across generations.

從媒體投放的角度來看，我們更早開始投入。因此我們預期影響力會更高。我想我們比大多數競爭對手更早啟動，真正掌握完整的送禮季；媒體投資較去年增加23%，聚焦於我們前30大城市生態圈。這是第一點。第二點是，真正把送禮打造成獲客引擎，部署完整整合的360度送禮策略；因為從送禮角度來看，我們是頂尖品牌之一，我們知道有機會在跨世代上更有效地加大力道。

Third is, we're doubling our global holiday experiences. I don't know, Jay, you've got a chance to experience ours in LA last year, but we're going from four cities, last year to eight cities this year, LA, London, Paris, Hong Kong, Singapore, Tokyo, Sydney, Seoul. And I suspect when we talk next year, that this will even expand because we've seen very strong response to the experiences. We are at a time with AI and digital and agents where consumers more and more they want live in-person experiences, and these events really deliver that.

第三，我們將全球假期體驗活動加倍。我不知道，Jay，你去年有沒有機會在洛杉磯體驗我們的活動；但我們將從去年的四個城市擴大到今年的八個城市：洛杉磯、倫敦、巴黎、香港、新加坡、東京、雪梨、首爾。我猜等到明年我們再聊時，規模還會再擴大，因為我們看到這些體驗活動的回應非常強勁。在AI、數位與代理（agents）發展的時代，消費者愈來愈想要現場、面對面的體驗，而這些活動確實能提供那樣的體驗。

The fourth element -- sorry, this is long-winded, but I think it's important for all of you and to understand how we're thinking about moving forward. Fourth element is really amplifying our portal and social reach, right? We have an incredible network globally of creators, influencers, editorial partners that help us reach new audiences and help us -- will help us drive demand for key holiday categories like outerwear, like cable-knit sweaters, like our handbags, across many of the different social media platforms as well as taking advantage of the LLM capabilities and platforms that are coming up and make sure that consumers can discover us on those.

第四個要素——抱歉，講得有點冗長，但我認為這對各位很重要，也有助於理解我們如何思考未來的推進。第四個要素是，真正放大我們的入口（portal）與社群觸及，對吧？我們在全球擁有令人驚豔的創作者、網紅與編輯合作夥伴網絡，幫助我們觸及新受眾，也將幫助我們帶動假期關鍵品類的需求，例如外套、麻花針織毛衣、我們的手袋等；涵蓋多個社群媒體平台，同時也善用正在出現的LLM能力與平台，確保消費者也能在那些平台上發現我們。

And then the final point is really capitalizing on organic holiday momentum. So you remember last year that Ralph Lauren Christmas was trending, but here's the business. Ralph Lauren Christmas is trending again this year. Emerging organically as consumers celebrate and share their love for Ralph Lauren's iconic products, particularly [the bear] product and our home collection. So this gives you a sense of the activations we have going into holiday just for this quarter, right? And as you know, our strategy is to have a rolling thunder of activations that talk to our different cohorts. And so no 8.6% is not a ceiling.

最後一點是，真正把握假期的自然（organic）動能。所以你們記得去年「Ralph Lauren Christmas」成為熱門趨勢，但重點是：今年「Ralph Lauren Christmas」又再次成為熱門趨勢。這是自然發酵的，因為消費者在慶祝並分享他們對Ralph Lauren經典產品的喜愛，特別是[小熊]產品以及我們的家居系列。因此，這讓你們了解我們在本季進入假期檔期前所做的啟動活動，對吧？而如你們所知，我們的策略是以「滾雷式」的方式持續推出啟動活動，與不同族群對話。所以，8.6%並不是上限。

As long as we get exciting returns, we will continue to lean in our diversified portfolio of activation, while, of course, delivering attractive value and also expanding our operating margin. Sorry for the long answer, but hopefully, that gives you a good sense for where we are.

只要我們能獲得令人振奮的回報，我們就會持續加大投入我們多元化的啟動活動組合；同時，當然也要提供具吸引力的價值，並擴大我們的營業利益率。抱歉回答得比較長，但希望這能讓你們清楚了解我們目前的狀況。

Kendall Toscano, Bank of America.

Kendall Toscano，美國銀行。

I just wanted to see if we could zoom in on Europe a bit more. And so as we think about that region having been challenged for a few quarters now, it does seem like the store traffic for you guys was incrementally more challenging in the second quarter compared to what you saw in the first quarter. And I know you called out a particularly tough comparison in Europe during the second quarter. But how should we think about as you move into the third quarter, you're lapping a flat comp last year versus a plus 10%. So how should we think about that versus, I think you mentioned you're expecting slight growth for the region in the third quarter. And how do you expect that consumer to behave during holiday?

我想更聚焦談一下歐洲。當我們思考這個區域已經連續幾季面臨挑戰時，看起來你們第二季的門市客流量，相較於第一季所看到的情況，增量上更具挑戰。我也知道你們提到第二季在歐洲有一個特別艱難的比較基期。但當你們進入第三季時，我們應該怎麼看：你們去年同期是持平的同店（flat comp），而不是+10%。所以我們應該如何看待這點？另外，我想你們提到第三季預期該區域會有些微成長。以及在假期期間，你們預期那邊的消費者行為會如何？

Sure. Maybe we can tag team this one. Thanks for the question. So as you pointed out, the change in our EMEA outlook is really the external environment is a bit more challenged than we expected, particularly around retail traffic, consumer confidence, and I would say, broader cost-of-living pressures. So there's been a sort of prolonged, I would say, traffic softening that was started into ramp up in Q1, really continued into Q2, and that's reflected in our updated fiscal '27, the outlook of low single-digit growth.

當然。也許我們可以一起接力回答這題。謝謝你的問題。如你所指出，我們對EMEA展望的變化，主要是外部環境比我們預期更具挑戰，特別是在零售客流、消費者信心，以及我會說更廣泛的生活成本壓力方面。因此出現了一種、我會說是延長的客流走弱：在第一季開始加速升溫，並在第二季持續，這也反映在我們更新後的2027財年展望——低個位數成長。

And so yes, we have assumed some, I would say, unit elasticity in the second half given that backdrop. But we're not assuming sort of a broad deterioration across all of the underlying drivers of the business. In fact, our teams are very focused on what they can control, right? So think driving product desirability, conversion, basket size, targete-consumer engagement, which is going to help mitigate some of that external pressure. We have a proven playbook of strategies there.

因此，是的，在這樣的背景下，我們假設下半年會出現一些、我會說的銷量彈性（unit elasticity）。但我們並未假設所有業務底層驅動因素都會全面惡化。事實上，我們的團隊非常專注於他們能掌控的部分，對吧？例如推動產品吸引力、提升轉換率、提高購物籃金額、鎖定式的消費者互動（targete-consumer engagement），這將有助於緩解部分外部壓力。我們在這方面有一套經驗證的策略作戰手冊。

But importantly, our updated outlook doesn't contemplate or depend on, I would say, in near-term macro recovery in EMEA. And I also think the broader context here is important because our Q3 outlook for company, right, is still for that sort of low- to mid-single-digit growth, which includes about 1 point of pressure from our wholesale timing and strategic off-price pullbacks.

但重要的是，我們更新後的展望並未納入、也不依賴於我會說的EMEA短期宏觀復甦。我也認為這裡更大的背景很重要，因為我們對公司第三季的展望，對吧，仍是低到中個位數成長，其中包含約1個百分點的壓力，來自我們批發（wholesale）時點的影響，以及策略性縮減折扣通路（off-price）拉貨。

So that incorporates actually bit more cautious assumptions for EMEA, while if you think of taking a step back, we're still on that underlying mid-single-digit algo for total company. So we believe we've appropriately reflected the softer Europe consumer and traffic environment in the guide. And at the same time, we're continuing to see opportunities to mitigate those pressures through those strategic actions that I talked about without assuming the environment gets better.

因此，這其實納入了對 EMEA 更為審慎的一些假設；但如果你退一步來看，我們對整個公司仍維持在那個基本的中個位數成長算法（algo）。所以我們相信，在指引中已適當反映歐洲較疲弱的消費者與客流環境。同時，我們也持續看到機會，能透過我提到的那些策略性行動來緩解這些壓力，而不需要假設環境會轉好。

The last thing I'll say, we also continue to invest in the region. So in marketing, in new stores, in digital, really to drive long-term growth and continue to strengthen our already strong brand equity. So we're going to protect quality of sales and long-term brand equity. Flexibility doesn't mean walking back our elevation strategy.

最後我想說的是，我們也持續在該區域投資。因此在行銷、新店、數位等方面投入，真正去推動長期成長，並持續強化我們本來就很強的品牌資產。所以我們會保護銷售品質與長期品牌資產。彈性並不代表要倒退我們的品牌升級策略。

Yeah. I would add a couple of things, Kendall. First of all, I mean, we've built a strong business over the past few years in Europe. That's really fundamentally well positioned and much more elevated than it was a few years back. So strong base, strong foundation.

是的。我再補充幾點，Kendall。首先，我是說，我們在過去幾年於歐洲建立了強健的業務。那在根本上定位良好，而且相較幾年前已經更為高端化。所以基礎很強、底盤很穩。

Second is our brand continues to strengthen. We saw that in our recent equity scores across the region. It's true across generation, particularly true across for the younger generation. So that's actually very promising. As Justin mentioned, we're on offense, right? We're investing more in marketing. You heard some of the comments I made earlier relative to media for Q3.

第二，我們的品牌持續走強。我們在近期該區域的品牌資產評分中看到了這點。這在各個世代都成立，尤其在年輕世代更為明顯。所以這其實非常令人鼓舞。如 Justin 提到的，我們是在進攻，對吧？我們在行銷上的投資更多。你也聽到我先前針對第三季媒體投放所做的一些評論。

We're continuing to invest in store openings in London, in the South of France, and others. So clearly, on offense, share data isn't great in this industry from my old -- compared to my old world, but from the share data that we have, we also know that we're growing market share across the business. So this is an important time for us to take advantage of the broader challenges to expand our market share.

我們也持續投資在倫敦、法國南部等地的展店，以及其他地點。所以很明確地，我們是在進攻。就市占資料而言，跟我以前的產業相比，這個產業的市占資料沒那麼好用；但就我們掌握的市占資料來看，我們也知道我們在整體業務上正在提升市占。因此，現在對我們而言是個重要時點，去把握更廣泛的產業挑戰，擴大我們的市占。

And I think, I mentioned earlier on the consumer that our general consumer is -- our core consumer is resilient, and this is true across the world, and it's true in Europe. I think where we're seeing the pressure is traffic, particularly in outlets, right, which typically will be the consumers that will be more pressured by inflationary considerations. They've got to drive all the way to the center, et cetera. But as Justin mentioned, we want to be cautious in terms of just recognizing the macro traffic headwind reality. But certainly from a mindset and strategy and investment, we remain clearly on offense in Europe.

而且我想，我先前提到消費者，我們的一般消費者——我們的核心消費者——是具韌性的；這在全球都成立，在歐洲也成立。我認為我們看到的壓力是在客流，尤其是在 outlet（暢貨中心），對吧？這通常是更容易受到通膨因素影響的消費者。他們得一路開車到市中心等等。但如 Justin 提到的，我們希望保持審慎，承認宏觀客流逆風的現實。但就心態、策略與投資而言，我們在歐洲仍然非常明確地採取進攻姿態。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

I guess just a quick one, Justin. Do the initiatives you mentioned to engage with consumers in Europe drive conversion and basket. Does that include promotions? Is that a lever you expect to pull in the holiday to while the traffic is tough there. And then I guess on gross margins, if you wouldn't mind breaking down the drivers a little more quantitatively for us, the expansion.

我想快速問一個，Justin。你提到在歐洲與消費者互動的那些措施，是否能帶動轉換率與客單價（basket）？其中是否包含促銷？在那邊客流吃緊的情況下，假期期間你們是否預期會動用這個槓桿？另外關於毛利率，如果你不介意，能否更量化地幫我們拆解一下擴張的驅動因素？

I know you mentioned the drivers are AUR growth, geo-mix product costs. AUR slowed a little bit from the first quarter, not much. I don't think the geo-mix was vastly different from first quarter. So I'm just maybe a little bit of help on the breakdown of the [250] would be great. And then I guess just a longer-term question, (inaudible), you're tracking to a 17% operating margin for the year.

我知道你提到的驅動因素是 AUR 成長、地理組合（geo-mix）、產品成本。AUR 相較第一季稍微放緩了一點，但不多。我不認為地理組合跟第一季有非常大的差異。所以如果能在 [250] 的拆解上給我們一點協助就太好了。然後我想再問一個較長期的問題，（聽不清楚），你們今年看起來會達到 17% 的營業利益率。

And I think at the Analyst Day last year, you contemplated the building to something closer to like maybe 16% by fiscal '28. So obviously running nicely ahead there. Would you mind just orienting us around what's driven the upside so far what's unexpected or exogenous that can just understand how much you still see from here in the buckets that you laid out in the operating plan.

而我記得在去年分析師日，你們曾設想在 2028 財年把它建構到更接近大約 16% 左右。所以顯然目前進度領先不少。你是否能幫我們釐清一下：到目前為止超預期的上行是由什麼驅動？有哪些是非預期或外生因素？讓我們能理解在你們營運計畫所列的那些項目中，從現在起你們仍看到多少空間。

Okay. Thank you, Michael. Let's see if my memory is still working like a charm. So I would say, your second question on the gross margin. I would say for the -- we think about Q3 and our expectation on our gross margin expansion and AUR specifically, because that's really the big driver of our gross margin.

好的。謝謝你，Michael。我看看我的記憶力是否還一如既往地靈光。所以我會先回答你第二個問題，關於毛利率。我會說，針對第三季，我們看待毛利率擴張的預期，特別是 AUR，因為那確實是我們毛利率最大的驅動因素。

I would expect sort of equal contribution, like we saw pretty much in Q2 for AUR. We saw equal part contributions from product mix from geo channel mix and from pricing and promotional pullback. I would expect that to continue as we think about heading into Q3 from an AUR perspective, which, again, is going to be our biggest gross margin driver.

我預期 AUR 的貢獻會大致是均衡的，就像我們在第二季看到的那樣。AUR 的貢獻等分來自產品組合、地理/通路組合，以及定價與促銷收斂。從 AUR 的角度來看，當我們展望進入第三季時，我預期這種情況會延續；而這同樣會是我們毛利率最大的驅動因素。

I would expect AUR to normalize a bit as we talked about, getting closer in line with that longer-term mid-single-digit algo as we continue to close the gap between our AUR growth and targeted unit growth as revenue drivers. From a promotional perspective, we're going to stay disciplined this holiday.

如我們所談到的，我預期 AUR 會稍微回歸常態，更接近長期的中個位數成長算法（algo）；因為我們會持續縮小 AUR 成長與目標出貨量成長之間的差距，作為營收驅動因素。就促銷而言，這個假期我們會維持紀律。

And we've got the flexibility we know to be targeted where the consumer environment warrants it without compromising our long-term strategy. From a promotional standpoint, North America remains relatively stable. Europe with a challenged consumer backdrop has become more promotional quarter over quarter. And we're on a continuous elevation journey, as you know, that remains the priority. We'll recognize the environment, particularly in Europe.

而且我們知道自己具備彈性，可以在消費者環境需要的地方做更精準的應對，而不會犧牲我們的長期策略。從促銷角度看，北美仍相對穩定。歐洲在消費者背景具挑戰的情況下，促銷程度呈現季對季增加。而如你所知，我們正處於持續的品牌升級旅程，這仍是優先事項。我們會認知到環境，尤其是在歐洲。

We have the flexibility to respond selectively where appropriate, but our strategy is not to broadly chase the macros. So we will lean in and be targeted with how we use promotions and present that compelling price value proposition, where that consumer is feeling that the macro is tightening up and that can include adjusting frequency depth duration of breadth of promos without changing our overall strategic direction, and we've demonstrated that playbook over many years in our continued AUR progress and strong price architecture we've built up has given us that targeted flexibility within those brand guardrails to respond to the consumer and the competitive environment this holiday.

我們有彈性在適當之處選擇性回應，但我們的策略不是廣泛地去追逐宏觀環境。因此，我們會更積極投入，並以更精準的方式運用促銷、呈現具吸引力的價格價值主張；在那些消費者感受到宏觀環境收緊的地方，這也可能包括調整促銷的頻率、力度、期間與覆蓋範圍，而不改變我們整體的策略方向。我們多年來已證明這套打法：在 AUR 持續進展，以及我們建立起來的強健價格架構之下，讓我們能在品牌護欄內保有這種精準的彈性，以在這個假期回應消費者與競爭環境。

On your last point on margins. So yeah. So we've made really strong progress over our NCG: Drive three-year plan with margins, really driven by the increased full price on the gross margin expansion outpacing our expectations. And what you've seen us do is we've taken some of that gross margin outperformance and reinvested it back behind the brand marketing, digital cases, et cetera, to really fuel durable longer-term growth.

關於你最後一點、也就是利潤率。所以是的。在我們的 NCG：Drive 三年計畫中，我們在利潤率方面取得了非常強勁的進展，主要是因為全價銷售提升帶動的毛利率擴張超出我們的預期。而你看到我們所做的是：把部分毛利率超預期的成果再投資回品牌行銷、數位案例等領域，以真正驅動更具持久性的長期成長。

Our operating margin that we delivered this year is not a ceiling, right? We contemplate and expect year-over-year margin expansion every year of our long-term plan, and we've got durability behind both our gross margin drivers, right, which including AUR, which is a big piece of that, but also when you think about the favorable structural mix benefits that we have from geo channel, et cetera, product, et cetera. And then on the SG&A expense line, we built at the muscle. We have a culture of operating discipline. We built out the muscle of leveraging expenses.

我們今年交付的營業利益率並不是天花板，對吧？在我們的長期計畫中，我們設想並預期每一年都能達成年對年利潤率擴張；而且我們的毛利率驅動因素具備持久性，對吧？其中包括 AUR（這是很大的一部分），同時也包括你若思考我們在地理/通路結構等方面所帶來的有利結構性組合效益，以及產品等因素。另外在 SG&A 費用線上，我們已建立起那套能力。我們有營運紀律的文化。我們也建立起費用槓桿化的能力。

Now you don't always see that because we -- opportunistic, we reinvest, but we've built out the muscle of leverage, and we do expect more balanced contributions from gross margin expansion and SG&A leverage as we move forward. But we certainly feel really good about our continued ability to leverage some of the big investments that we've made, whether that's in new stores, digital infrastructure, et cetera.

現在你不一定總是會看到這一點，因為我們——以機會主義方式，我們會再投資，但我們已經建立起槓桿運用的能力，而且我們確實預期，隨著我們往前推進，毛利率擴張與SG&A槓桿將帶來更為均衡的貢獻。但我們當然對於持續運用我們已做出的部分重大投資（無論是新店、數位基礎設施等等）的能力感到非常有信心。

So going forward, I would say fiscal '27 operating margin, not a ceiling, year-over-year progress expected, and we've got durability behind the drivers of both gross margin and of SG&A expense to contribute to that expansion.

因此展望未來，我會說2027財年的營業利益率不是上限，預期將逐年改善，而且推動毛利率與SG&A費用的驅動因素具備持續性，能夠共同促成這項擴張。

Laurent Vasilescu, BNP Paribas.

Laurent Vasilescu，法國巴黎銀行（BNP Paribas）。

I wanted to ask about Asia. Justin, last quarter, I think you explicitly guided for Asia to grow mid-teens for the second quarter. I'm just curious how we should think about Asia growth for the third quarter. And then within the full-year raise for Asia to grow low teens, how do we think about China? I think you called out last quarter it was going to grow mid-teens. Is that number going up? And then within that, I'd love to hear what you're hearing -- what you're seeing on the ground in China specifically as we've heard some other luxury players call out weakness in that marketplace.

我想問一下亞洲。Justin，上季我記得你明確指引第二季亞洲將以約中十位數成長。我想了解我們應該如何看待第三季亞洲的成長。另外，在把亞洲全年成長上調至低十位數的情況下，我們該如何看待中國？我記得你上季提到中國將以約中十位數成長。這個數字有上調嗎？此外，我也很想聽聽你們——你們在中國當地具體聽到與看到的情況，因為我們也聽到其他奢侈品業者提到該市場出現疲弱。

Thanks for the question, Laurent. So Asia remains our strongest growth engine. We did take up that full-year outlook to low teens. And for Q3, we expect a high single to low double digit. So again, another strong quarter.

謝謝你的問題，Laurent。所以亞洲仍然是我們最強的成長引擎。我們確實把全年展望上調至低十位數。而就第三季而言，我們預期將是高個位數到低十位數成長。所以同樣地，會是另一個強勁的季度。

We are -- the comps do get tougher for us as we get into the second half. Q4 is our toughest compare of the year, specifically for China, but we feel really good about the momentum that we have in Asia, it's really broad. It's across market led by China, but you've got markets like Japan and Korea, growing quite nicely. We've got that ongoing brand momentum and we've got expansion opportunities across all of our key markets in that region.

我們——隨著進入下半年，同店比較對我們來說會變得更具挑戰。第四季是我們全年最艱難的比較期，特別是對中國而言，但我們對於在亞洲所擁有的動能感到非常樂觀，而且這股動能相當廣泛。它是跨市場的，由中國領先，但像日本與韓國等市場也成長得相當不錯。我們有持續的品牌動能，並且在該區域所有關鍵市場都有擴張機會。

On the China front, specifically, our latest call on -- in this updated outlook is mid- to high-teens growth for the full year. So that's come up a bit. And again, what we see in China is, again, underlying momentum, exceptional. I would say the fact that the outlook is moderating when you get to the second half of it is really tougher compares and deliberate strategic pacing of our growth and investments in that region. It's not a change in underlying momentum or a change in confidence. I don't know, Patrice, do you want to add in on China specifically?

就中國方面，具體而言，我們在這次更新後的展望中，對全年最新的判斷是中十位數到高十位數成長。所以這確實上調了一些。再者，我們在中國看到的是——同樣地——基本面動能非常出色。我會說，展望在下半年趨於溫和，主要是因為比較基期更具挑戰，以及我們在該區域對成長與投資進行有意識的策略性節奏控制。這並不是基本面動能的改變，也不是信心的改變。我不知道，Patrice，你想就中國特別補充一下嗎？

Sure. In Asia, in general, and China in particular. Just reiterating Justin's point around the breadth of our momentum across the region. So obviously, China from an absolute number, growth rate standpoint is the highlight, but we're seeing great performance in Korea. We see great performance in Japan.

當然。在亞洲整體，以及特別是在中國。我再重申Justin所說的，我們在整個區域的動能具有廣度。所以很明顯地，就絕對規模與成長率而言，中國是亮點，但我們也看到韓國表現非常出色。我們也看到日本表現非常出色。

We've seen really strong performance in Southeast Asia. We're going through some interesting transformation in Australia that I think will yield very promising and exciting results for that market as well. We have an outstanding leadership group running that region. We actually just spent some time with our Board in Japan and Korea a few weeks ago. So we're in very good hands there.

我們在東南亞也看到非常強勁的表現。我們正在澳洲推動一些有意思的轉型，我認為也將為該市場帶來非常可期且令人振奮的成果。我們有一個非常出色的領導團隊在管理該區域。其實幾週前我們才和董事會一起在日本與韓國待了一段時間。所以那邊由非常可靠的團隊掌舵。

Asia is really playing an innovation incubator role for us as a company. In China, in particular here, whether it comes -- where it's about clienteling, personalization, social media engagement, the new platforms like Douyin, for example, and so much more. And I think as Justin mentioned, we're pacing our growth. The underlying growth rate is strong and very healthy, but we're pacing our growth to make sure that we're strong 3 years from now, 5 years from now, 10 years from now, we're building the right foundations for the company across these key markets. We've certainly been very excited about the response that we're getting from consumers in China across generation.

亞洲對我們公司而言，確實扮演著創新孵化器的角色。尤其在中國，無論是客戶經營（clienteling）、個人化、社群媒體互動、新平台（例如抖音）等等，還有更多。而且我想如Justin所提到的，我們正在掌握成長節奏。基本面的成長率強勁且非常健康，但我們會控制成長節奏，以確保3年後、5年後、10年後我們依然強健——我們正在為公司在這些關鍵市場建立正確的基礎。我們當然對於在中國跨世代消費者所給予的回應感到非常振奮。

And remember, we're only in top six cities, right? So as you think about opportunities, just like I mentioned earlier, in North America, while we've been in this market for a while, there's still significant runway for us. Obviously, that's also true for the Chinese market. So it goes back to our diversified growth model, which is many geographic expansion opportunities for the company. Thank you for your question, Laurent.

而且請記得，我們目前只在前六大城市，對吧？所以當你思考機會時，就像我先前在北美提到的，雖然我們在這個市場已經有一段時間，但對我們而言仍有相當大的成長跑道。很顯然地，這對中國市場也同樣成立。所以這又回到我們多元化的成長模式，也就是公司在地理擴張方面擁有許多機會。謝謝你的提問，Laurent。

Given the time we're going to stop here. So thank you, everyone, for joining us today. We wish you and your families a wonderful Ralph Lauren Christmas and holiday season, and we look forward to reconnecting in early February to share our third-quarter results. Until then, take care and have a great day.

因為時間關係，我們就到這裡。所以謝謝各位今天的參與。我們祝福你和你的家人度過一個美好的Ralph Lauren聖誕節與假期季節，也期待在二月初再次與各位連線，分享我們第三季的業績結果。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。