掛毯 (TPR) 2023 Q2 法說會逐字稿

Good day, and welcome to this Tapestry conference call. Later, you will have the opportunity to ask questions during the question-and-answer session. (Operator Instructions). Please note, today's call is being recorded. At this time, for opening remarks and introduction, I'd like to turn the call over to the Global Head of Investor Relations, Christina Colone.

美好的一天，歡迎來到 Tapestry 電話會議。稍後，您將有機會在問答環節提問。 （操作員說明）。請注意，今天的通話正在錄音中。現在，關於開場白和介紹，我想把電話轉給投資者關係全球主管克里斯蒂娜·科隆 (Christina Colone)。

Good morning. Thank you for joining us. With me today to discuss our second quarter results as well as our strategies and outlook are Joanne Crevoiserat, Tapestry's Chief Executive Officer; and Scott Roe, Tapestry's Chief Financial Officer and Chief Operating Officer.

早上好。感謝您加入我們。今天和我一起討論我們第二季度的業績以及我們的戰略和前景的是 Tapestry 的首席執行官 Joanne Crevoiserat； Tapestry 的首席財務官兼首席運營官 Scott Roe。

Before we begin, we must point out that this conference call will involve certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. This includes projections for our business in the current or future quarters or fiscal years. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements. Please refer to our annual report on Form 10-K, the press release we issued this morning and our other filings with the Securities and Exchange Commission for a complete list of risks and other important factors that could impact our future results and performance.

在我們開始之前，我們必須指出，本次電話會議將涉及《私人證券訴訟改革法》含義內的某些前瞻性陳述。這包括對我們當前或未來季度或財政年度的業務的預測。前瞻性陳述並非保證，我們的實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。請參閱我們關於 10-K 表格的年度報告、我們今天上午發布的新聞稿以及我們向美國證券交易委員會提交的其他文件，以了解可能影響我們未來業績和業績的風險和其他重要因素的完整列表。

Non-GAAP financial measures are included in our comments today and in our presentation slides. For a full reconciliation to corresponding GAAP financial information, please visit our website www.tapestry.com/investors and then view the earnings release and the presentation posted today.

非 GAAP 財務措施包含在我們今天的評論和我們的演示幻燈片中。如需與相應的 GAAP 財務信息完全一致，請訪問我們的網站 www.tapestry.com/investors，然後查看收益發布和今天發布的演示文稿。

Now let me outline the speakers and topics for this conference call. Joanne will begin with highlights for Tapestry and our brand. Scott will continue with our financial results, capital allocation priorities and our outlook going forward.

現在讓我概述一下本次電話會議的發言人和主題。 Joanne 將從 Tapestry 和我們品牌的亮點開始。斯科特將繼續我們的財務業績、資本分配優先事項和我們未來的展望。

Following that, we will hold a question-and-answer session, where we will be joined by Todd Kahn, CEO and Brand President of Coach. After Q&A, Joanne will conclude with brief closing remarks.

之後，我們將舉行問答環節，屆時 Coach 首席執行官兼品牌總裁 Todd Kahn 將加入我們的行列。問答結束後，Joanne 將以簡短的結束語結束。

I'd now like to turn it over to Joanne Crevoiserat, Tapestry's CEO.

我現在想把它交給 Tapestry 的首席執行官 Joanne Crevoiserat。

Good morning. Thank you, Christina, and welcome, everyone. As noted in our press release, we delivered record second quarter earnings despite the challenging backdrop. During the key holiday season, where brand magic, compelling product and operational excellence are required to win with consumers, we outperformed expectations. This is a direct reflection of our talented teams and the benefits of our globally diversified business model, which continue to fuel innovation and customer engagement across our portfolio.

早上好。謝謝你，克里斯蒂娜，歡迎大家。正如我們在新聞稿中指出的那樣，儘管背景充滿挑戰，我們仍實現了創紀錄的第二季度收益。在關鍵的假日季節，品牌魅力、引人注目的產品和卓越的運營需要贏得消費者的青睞，我們的表現超出了預期。這直接反映了我們才華橫溢的團隊和我們全球多元化商業模式的優勢，這些模式繼續推動我們產品組合的創新和客戶參與。

Importantly, we remain disciplined stewards of our brand, which is underscored by gross margin expansion as well as the ongoing investments we're making to support our long-term growth agenda. Now touching on the strategic and financial highlights of the quarter. First, we powered global growth, delivering low single-digit constant currency revenue gains, excluding Greater China, which experienced incremental pressure associated with COVID.

重要的是，我們仍然嚴格管理我們的品牌，毛利率的增長以及我們為支持我們的長期增長議程而進行的持續投資凸顯了這一點。現在談談本季度的戰略和財務亮點。首先，我們推動了全球增長，實現了低單位數的恆定貨幣收入收益，不包括大中華區，大中華區經歷了與 COVID 相關的增量壓力。

These results were led by double-digit sales increases in Europe, Japan and other Asia, which together outpaced our expectations. In North America, as expected, we realized a slight decline in revenue amid a difficult consumer backdrop. We did this while driving higher gross margin, operating margin and profit dollars compared to both prior year and pre-pandemic levels, underscoring our commitment to brand building and operating discipline.

這些業績得益於歐洲、日本和其他亞洲地區兩位數的銷售額增長，這些增長超出了我們的預期。在北美，正如預期的那樣，在困難的消費者背景下，我們實現了收入的小幅下降。與去年和大流行前的水平相比，我們這樣做的同時推動了更高的毛利率、營業利潤率和利潤美元，強調了我們對品牌建設和經營紀律的承諾。

In Greater China, sales declined 20% on a constant currency basis. This was below our expectations as we, like many others, experienced greater-than-anticipated COVID-related disruption. That said, following the change in the COVID containment policy in China, we experienced a meaningful improvement in traffic trends, driving a positive Lunar New Year performance and a solid start to the third quarter.

在大中華區，銷售額按固定匯率計算下降了 20%。這低於我們的預期，因為我們和許多其他人一樣，經歷了比預期更大的 COVID 相關中斷。儘管如此，隨著中國 COVID 遏制政策的變化，我們的交通趨勢有了顯著改善，推動了積極的農曆新年業績和第三季度的穩健開局。

Second, we continued to build lasting customer relationships. During the quarter, we acquired nearly 2.6 million new customers in North America alone. Importantly, these customers transacted at higher AURs than the balance of our customer base. At the same time, nearly half of these customers were millennial and Gen Z, consistent with our strategy to attract younger consumers. We also drove higher average spend across our customer base, which included an increase in units per transaction, reflecting the rising traction of our lifestyle offering and focus on solidifying our brands as gifting destinations during the holiday season.

其次，我們繼續建立持久的客戶關係。在本季度，我們僅在北美就獲得了近 260 萬新客戶。重要的是，這些客戶的交易 AUR 高於我們客戶群的餘額。與此同時，這些客戶中近一半是千禧一代和 Z 世代，這與我們吸引年輕消費者的戰略一致。我們還提高了客戶群的平均支出，其中包括每筆交易的單位數增加，反映出我們生活方式產品的吸引力不斷增強，並專注於鞏固我們的品牌作為節日期間送禮目的地的地位。

Third, we delivered seamless omnichannel experiences, harnessing the power of our direct-to-consumer business model and highlighting our ability to meet consumers where they are shopping. Excluding Greater China, we drove a low single-digit increase in direct-to-consumer sales at constant currency. This was fueled by a mid-single-digit growth in brick-and-mortar sales as consumers embrace the return to in-person experiences. We leaned into this shift, welcoming more customers to our stores around the globe where we leveraged our expertise and world-class field teams to deliver exceptional customer experiences.

第三，我們提供無縫的全渠道體驗，利用我們直接面向消費者的商業模式的力量，並強調我們能夠在消費者購物的地方與他們見面。除大中華區外，我們以固定匯率計算的直接面向消費者的銷售額實現了較低的個位數增長。隨著消費者接受回歸親身體驗，實體店銷售額實現中個位數增長，推動了這一增長。我們順應這一轉變，歡迎更多顧客光臨我們遍布全球的商店，我們利用我們的專業知識和世界一流的現場團隊提供卓越的顧客體驗。

Given this dynamic, our digital business declined low single digits as anticipated. With that said, digital sales were 3x ahead of fiscal '19 levels and represented 1/3 of total revenue, underscoring the continued importance of this channel.

鑑於這種動態，我們的數字業務如預期的那樣下降了低個位數。話雖如此，數字銷售額比 19 財年水平高出 3 倍，佔總收入的 1/3，凸顯了該渠道的持續重要性。

Next, we've continued to invest in our platform capabilities. In fact, this marks the first holiday season that all our brands were on our digital enterprise platform, which was designed to enhance engagement and simplify the customer journey. In addition, we leverage new data analytics capabilities to optimize our product allocation processes such as utilizing artificial intelligence to forecast customer demand and better position inventory in stores.

接下來，我們繼續投資於我們的平台功能。事實上，這標誌著我們所有品牌都在我們數字企業平台上的第一個假期，該平台旨在增強參與度並簡化客戶旅程。此外，我們利用新的數據分析功能來優化我們的產品分配流程，例如利用人工智能來預測客戶需求和更好地定位商店中的庫存。

This led to an increase of inventory availability and helped to ensure our product was in the right place at the right time as we match supply with demand to help deliver superior customer experiences.

這導致庫存可用性增加，並有助於確保我們的產品在正確的時間出現在正確的位置，因為我們將供應與需求相匹配，以幫助提供卓越的客戶體驗。

Before moving on, I want to recognize the incredible work of our teams across the organization. Their ingenuity and partnership drove our results and importantly, fueled omnichannel engagement across our brands. Fourth, on a constant currency basis, we drove handbag AUR gains globally and in North America.

在繼續之前，我想表彰我們團隊在整個組織中所做的令人難以置信的工作。他們的獨創性和合作夥伴關係推動了我們的成果，重要的是，推動了我們品牌的全渠道參與。第四，在固定匯率的基礎上，我們推動了全球和北美手袋 AUR 的增長。

This reflects a blend of magic and logic. Our commitment to driving fashion innovation and product excellence informed by analytics and consumer research. Together, this supported our ability to drive gross margin expansion in the quarter, allowing us to capitalize on lower freight costs and drive these savings to the bottom line.

這反映了魔法與邏輯的結合。我們致力於通過分析和消費者研究推動時尚創新和卓越產品。總之，這支持了我們在本季度推動毛利率增長的能力，使我們能夠利用較低的運費成本並將這些節省的資金推向底線。

Overall, we generated second quarter earnings well above expectations, supported by stronger-than-anticipated margins. On a currency-neutral basis, EPS rose 10%, which we accomplished despite headwinds in China and continued investment in our platform capabilities and our brands.

總體而言，在強於預期的利潤率的支持下，我們第二季度的收益遠高於預期。在貨幣中性的基礎上，每股收益增長了 10%，儘管在中國遇到逆風，我們仍繼續投資於我們的平台能力和品牌。

Building on this performance, we are raising our earnings outlook for the fiscal year, demonstrating the power of brand building and customer centricity, augmented by an agile operating model and financial discipline.

基於這一業績，我們提高了本財年的盈利預期，展示了品牌建設和以客戶為中心的力量，並通過靈活的運營模式和財務紀律得到加強。

In addition to our financial progress, I'm proud of the work we've done to continue to advance our corporate responsibility strategy, which we're calling the fabric of change. Last month, we published our tenth Annual Corporate Responsibility Report, highlighting our progress and launching new and bolder ambitions to support an increasingly equitable and sustainable future for our business and our planet.

除了我們的財務進步外，我為我們為繼續推進我們的企業責任戰略所做的工作感到自豪，我們稱之為變革結構。上個月，我們發布了第十份年度企業責任報告，強調了我們的進步，並提出了新的更大膽的雄心壯志，以支持我們的企業和我們的星球更加公平和可持續的未來。

Now turning to the highlights across each of our brands, starting with Coach. In the second quarter, our revenue outperformed expectations, while driving an increase in operating margin to over 31% despite facing incremental headwinds from Greater China. We advanced our strategic initiatives, which fueled our results. First, we remain focused on our core leather goods, as we continue to build equity in our most important families, while simultaneously introducing emotional newness into the offering.

現在轉向我們每個品牌的亮點，從 Coach 開始。第二季度，我們的收入超出預期，儘管面臨來自大中華區的不利因素，但營業利潤率仍增長至 31% 以上。我們推進了我們的戰略舉措，這推動了我們的成果。首先，我們繼續專注於我們的核心皮革製品，因為我們繼續在我們最重要的家族中建立資產，同時在產品中引入情感上的新鮮感。

Our iconic platforms, Willow, Tabby and Rogue drove our handbag performance in the quarter. Willow remain the #1 handbag family with a timeless aesthetic and compelling functional silhouettes. Rogue was again a top seller with notable strength in North America at premium AUR.

我們的標誌性平台 Willow、Tabby 和 Rogue 推動了我們本季度的手袋表現。 Willow 仍然是排名第一的手提包系列，具有永恆的美感和引人注目的功能輪廓。 Rogue 再次以高價 AUR 成為北美地區的暢銷書。

The Tabby collection continued to resonate with consumers, led by outperformance in the core shoulder bag. We continue to animate this family, introducing new colorways and fabrics, including shearling, to add depth and excitement. And following its strong launch in the first quarter, Bandit outperformed expectations and was the key recruitment vehicle with approximately 40% of shoulder bag sales coming from new customers at strong AURs. Based on the consumer demand we've seen, we are further investing behind this collection, which is emerging as an iconic family.

Tabby 系列繼續引起消費者的共鳴，主要表現在核心單肩包的出色表現。我們繼續為這個系列增添活力，推出新的配色和麵料，包括羊毛皮，以增加深度和興奮感。在第一季度強勁推出後，Bandit 的表現超出預期，成為主要的招聘工具，約 40% 的單肩包銷售額來自 AUR 強勁的新客戶。基於我們所看到的消費者需求，我們正在進一步投資支持這個正在成為一個標誌性系列的系列。

At the same time, we fueled innovation through trend-right launches with a focus on appealing to younger consumers. We relaunched the Demi bag, an icon from our archives in a blend of organic cotton and recycled polyester. We also continue to lean into the micro and mini handbag trend, including our Studio Baguette and Mini Tabby which resonated with Gen Z consumers. These examples showcase the innovation we're delivering to translate fashion trends into our brand language.

與此同時，我們通過推出符合潮流的產品來推動創新，重點是吸引年輕消費者。我們重新推出了 Demi 手袋，這是我們檔案中的標誌性產品，採用有機棉和再生滌綸混紡面料製成。我們還繼續關注微型和迷你手提包趨勢，包括我們的 Studio Baguette 和 Mini Tabby，它們引起了 Z 世代消費者的共鳴。這些示例展示了我們為將時尚趨勢轉化為我們的品牌語言而進行的創新。

Overall, our product assortment fueled a mid-single-digit constant currency gain in handbag AUR both globally and in North America. Importantly, our brand strength and pricing discipline helped to drive gross margin expansion in the quarter. Second, we focused our marketing investments on brand-building activities to create emotional connections with consumers, harnessing the brand's unique purpose.

總體而言，我們的產品分類推動了全球和北美手提包 AUR 的中個位數持續貨幣收益。重要的是，我們的品牌實力和定價紀律有助於推動本季度毛利率的增長。其次，我們將營銷投資集中在品牌建設活動上，以利用品牌的獨特目的與消費者建立情感聯繫。

Our first Courage To Be Real campaign featuring global ambassador, Lil Nas X, cut through with consumers with its message of confidence and authenticity.

我們的第一個 Courage To Be Real 活動以全球大使 Lil Nas X 為主角，以其自信和真實的信息打動了消費者。

Following the launch last September, the campaign video has approximately 350 million views, and we have seen improvements in purchase consideration for Gen Z consumers per YouGov.

自去年 9 月推出以來，該活動視頻的觀看次數約為 3.5 億次，我們看到 YouGov 的 Z 世代消費者的購買考慮有所改善。

In addition, we continue to test and learn new ways to engage consumers on digital channels in keeping with our multifaceted marketing strategy designed to increase customer lifetime value. For example, we utilized an array of YouTube shorts to deliver high-impact brand and product stories. As a result of these efforts and our innovative product offering, we acquired nearly 1.5 million new Coach customers in North America alone. Importantly, these customers entered the brand at a higher AUR than the balance.

此外，我們繼續測試和學習在數字渠道上吸引消費者的新方法，以符合我們旨在提高客戶生命週期價值的多方面營銷策略。例如，我們利用一系列 YouTube 短片來傳達具有高影響力的品牌和產品故事。由於這些努力和我們提供的創新產品，我們僅在北美就獲得了近 150 萬新的 Coach 客戶。重要的是，這些客戶以高於餘額的 AUR 進入該品牌。

Third, we drove double-digit top line gains in our lifestyle offering at constant currency, an area of long-term opportunity for the brand. In footwear, outsized growth was led by trend-right styles, including the Leah Loafer and the Men's Low Line Sneaker as well as boots and booties across genders. In men's, Revenue growth was fueled by our core leather goods families, notably the Gotham, League, Charter and Hitch. And in ready-to-wear, we continue to see success in both men's and women's styles featuring iconic branding across outerwear, including puffers with Signature C as well as our cut and so gifting items adorned with Rexy, our brand's favorite mascot.

第三，我們以不變貨幣計算的生活方式產品實現了兩位數的收入增長，這是該品牌的長期機遇領域。在鞋類方面，超大碼增長由潮流款式引領，包括 Leah Loafer 和男士低幫運動鞋以及男女靴子和短靴。在男裝方面，我們的核心皮具系列推動了收入增長，尤其是 Gotham、League、Charter 和 Hitch。在成衣方面，我們繼續在男裝和女裝款式上取得成功，在外套上採用標誌性品牌標識，包括印有 Signature C 的羽絨服，以及飾有我們品牌最受歡迎的吉祥物 Rexy 的剪裁和禮品單品。

Fourth, we focused on creating omnichannel experiences that resonate with consumers by communicating our brand's purpose of self-expression. We launched an array of in-person experiences, including a one-of-a-kind Coach Mart in Japan inspired by the region's iconic local convenience stores. At the end of December, our collaboration was a beloved White Rabbit candy brand debut in China in anticipation of the Lunar New Year holiday, celebrating the year of the rabbit. We amplified this multi-category collaboration through exciting activations and including an experiential event at The Bund in Shanghai.

第四，我們專注於通過傳達我們品牌的自我表達目的來創造能引起消費者共鳴的全渠道體驗。我們推出了一系列親身體驗，包括日本獨一無二的 Coach Mart，其靈感來自該地區標誌性的當地便利店。 12月底，我們合作的一款備受喜愛的大白兔糖果品牌在中國首次亮相，迎接農曆新年假期，慶祝兔年。我們通過激動人心的活動和包括在上海外灘舉辦的體驗活動擴大了這種多類別合作。

We're also connecting with new customer segments through immersive online environments and high-impact content to allow Coach's physical world to have greater reach. This included partnerships with digital artists, 3D installations and high-profile physical retail locations and hyper-local mobile games.

我們還通過身臨其境的在線環境和高影響力的內容與新的客戶群建立聯繫，讓 Coach 的實體世界具有更大的影響力。這包括與數字藝術家、3D 裝置和知名實體零售店以及超本地化手機遊戲的合作。

In closing, we delivered a solid holiday quarter, highlighted by margin expansion despite the challenging backdrop. Our success is rooted in our strategy of bringing expressive luxury to life through a clear understanding of our target consumer and an unwavering commitment to our brand purpose.

最後，我們交付了穩健的假期季度，儘管背景充滿挑戰，但利潤率仍有所增長。我們的成功植根於我們的戰略，即通過對我們的目標消費者的清晰理解和對我們品牌宗旨的堅定承諾，將富有表現力的奢華帶入生活。

Coach is truly unique. It's a brand that enables confidence, self-expression and authenticity with products crafted to last. Building on the strong foundation, we are confident in our ability to write the next great chapter of profitable growth for this iconic brand.

Coach確實是獨一無二的。這是一個通過經久耐用的產品實現自信、自我表達和真實性的品牌。在堅實的基礎上，我們有信心為這個標誌性品牌書寫下一個盈利增長的偉大篇章。

Now moving to Kate Spade. We delivered second quarter revenue ahead of our expectations. These results were driven by outperformance during peak selling periods, including a record Thanksgiving week and Cyber Monday event in North America. Importantly, we continue to invest in and advance the brand strategic priorities, becoming more emotional, more lifestyle and more global to drive lasting customer relationships and deliver balanced and sustainable growth.

現在轉向 Kate Spade。我們第二季度的收入超出了我們的預期。這些結果是由銷售高峰期的出色表現推動的，包括創紀錄的感恩節周和北美的網絡星期一活動。重要的是，我們繼續投資和推進品牌戰略重點，變得更感性、更生活方式和更全球化，以推動持久的客戶關係並實現平衡和可持續的增長。

Touching on the details of the quarter. First, we created emotional connections with consumers through a focus on delivering an innovative and distinct offering. To this point, we reinforce the pillars of our handbag collection, highlighted by the Knott and Katy families, which continue to fuel our performance. And in December, we introduced the Gramercy, which has delivered strong performance and has over-indexed with new customers, underscoring the opportunity to expand the silhouette going forward.

觸及本季度的細節。首先，我們通過專注於提供創新和獨特的產品與消費者建立情感聯繫。至此，我們加強了手提包系列的支柱，以 Knott 和 Katy 家族為代表，繼續推動我們的業績。去年 12 月，我們推出了 Gramercy，它表現強勁，吸引了新客戶，凸顯了未來擴展款式的機會。

In addition, we launched new branding through a Chanel monogramming platform on our Manhattan code. Given the success of this style, we're expanding our logo offering with further iterations of the spade flower across the assortment, which we believe represents an important platform for future growth and innovation.

此外，我們還在曼哈頓代碼上通過香奈兒字母組合平台推出了新品牌。鑑於這種風格的成功，我們正在擴展我們的標誌產品，在整個系列中進一步迭代鏟花，我們相信這代表了未來增長和創新的重要平台。

We also amplified our novelty offering, a differentiating element of our assortment and an important vehicle for brand storytelling. Our Zebra collection was particularly successful, while the candy-themed offering was a hit with consumers. At the same time, the Swara slingback pump, which featured a champagne Corkill, was a top-performing style within footwear.

我們還擴大了我們的新奇產品，這是我們產品組合的差異化元素，也是品牌故事講述的重要載體。我們的 Zebra 系列特別成功，而糖果主題產品深受消費者歡迎。與此同時，以香檳色 Corkill 為特色的 Swara 露跟高跟鞋是鞋類中表現最好的款式。

Overall, our product initiatives, coupled with our use of data to deepen our understanding of consumer preferences, supported mid-single-digit handbag AUR growth at constant currency both globally and in North America despite more normalized promotional levels.

總體而言，儘管促銷水平更加正常化，但我們的產品計劃以及我們使用數據加深對消費者偏好的理解，支持了全球和北美以固定匯率計算的中個位數手袋 AUR 增長。

This season, the North America consumer was more value-driven, over-indexing during holiday sale periods, which resulted in promotions that were above the prior year, though below 2 years ago.

本季，北美消費者更注重價值，在假日促銷期間過度指數化，導致促銷活動高於上一年，但低於 2 年前。

Importantly, we delivered overall gross margin improvement as we continue to manage the business for the long term, balancing brand health and inventory management. Second, we remain focused on our strategy of becoming more lifestyle, delivering mid-teens revenue growth in the assortment. Importantly, we continue to see the customers who enter the brand through these categories are our highest value customers demonstrating the importance of lifestyle as a long-term driver of sustainable growth.

重要的是，隨著我們繼續長期管理業務、平衡品牌健康和庫存管理，我們實現了整體毛利率的提高。其次，我們仍然專注於我們的戰略，即變得更加生活方式，在該品種中實現中等收入增長。重要的是，我們繼續看到通過這些類別進入該品牌的客戶是我們價值最高的客戶，這表明生活方式作為可持續增長的長期驅動力的重要性。

In ready-to-wear, our collection of festive sweaters and skirts for the holiday season as well as trend-right outerwear pieces helped fuel mid-single-digit sales growth. And in footwear, our evergreen styles, notably boots and booties, led our performance, while jewelry delivered growth with strength across core and fashion pieces.

在成衣方面，我們的節日毛衣和裙子系列以及流行的外套單品幫助推動了中個位數的銷售額增長。在鞋類方面，我們的常青款式，尤其是靴子和短靴，引領了我們的業績，而珠寶則在核心和時尚單品方面實現了強勁增長。

Third, touching on marketing. We expressed the unique world of Kate Spade leaning into the power of brand storytelling and community.

第三，觸及營銷。我們藉助品牌故事和社區的力量表達了 Kate Spade 的獨特世界。

Our Have A Ball campaign reinforced Kate Spade's Joy Colors life purpose in a celebratory, highlighting the brand as a gifting destination for the holiday. We synchronized activations to amplify our message across touch points, including global pop-up center around our candy collection, which were successful in attracting new customers.

我們的 Have A Ball 活動在慶祝活動中強化了 Kate Spade 的 Joy Colors 生活目標，突出了該品牌作為節日送禮目的地的地位。我們同步激活以通過接觸點擴大我們的信息，包括圍繞我們的糖果系列的全球彈出中心，這成功地吸引了新客戶。

From a digital perspective, we continue to diversify across social platforms, notably TikTok and YouTube where we focused on engaging with a younger consumer. Taken together, our impactful marketing helped to fuel the recruitment of approximately 1 million new customers in North America with these customers continuing to enter the brand at a higher AUR than the balance.

從數字角度來看，我們繼續在社交平台上實現多元化，尤其是 TikTok 和 YouTube，我們專注於與年輕消費者互動。總而言之，我們有影響力的營銷幫助推動了北美約 100 萬新客戶的招募，這些客戶繼續以高於平衡的 AUR 進入該品牌。

Additionally, we saw an overall increase in spend per customer. Importantly, we're engaging with consumers through our social impact effort, which connects our customers to our brand beyond product. Our purpose focuses on women's empowerment and mental health. As such, we have broadened our brand work to reach younger and more diverse audiences, notably through our social impact council.

此外，我們還看到每位客戶的支出總體增加。重要的是，我們通過我們的社會影響力努力與消費者互動，這將我們的客戶與我們的品牌聯繫起來，而不僅僅是產品。我們的宗旨側重於女性賦權和心理健康。因此，我們擴大了我們的品牌工作，以覆蓋更年輕和更多樣化的受眾，特別是通過我們的社會影響委員會。

Finally, in keeping with our priority of becoming more global, we remain focused on meeting our target consumer where they shop around the world. To this end, we continue to roll out our new store concept, which began with our Marina Bay Sands store in Singapore in October. Since then, we have expanded the concept further to Taipei and Chicago where we have seen strong initial reads.

最後，為了與我們變得更加全球化的優先事項保持一致，我們仍然專注於滿足我們在世界各地購物的目標消費者。為此，我們繼續推出新的商店概念，該概念始於 10 月在新加坡的濱海灣金沙店。從那時起，我們將這一概念進一步擴展到台北和芝加哥，在那裡我們看到了強勁的初步閱讀。

In closing, we continue to make important progress in advancing Kate Spade's strategic growth agenda. It is a global lifestyle brand synonymous with optimism and joy, a differentiated positioning with global relevance. As we enter the brand's 30th anniversary year, we have an appreciation for its past and confidence in the future. With an unwavering eye on our consumers and our unique DNA, we will continue to drive innovation while investing in capabilities to support sustainable, profitable growth.

最後，我們在推進 Kate Spade 的戰略增長議程方面繼續取得重要進展。它是一個全球生活方式品牌，是樂觀和快樂的代名詞，具有全球相關性的差異化定位。踏入品牌30週年之際，我們對它的過去心存感激，對未來充滿信心。堅定不移地關注我們的消費者和我們獨特的 DNA，我們將繼續推動創新，同時投資於支持可持續盈利增長的能力。

Turning to Stuart Weitzman. Revenue declined in the quarter, impacted by the brand's significant exposure to China as well as a decrease in wholesale, reflecting in part a reduction in off-price shipments as we remain focused on tight inventory management and brand elevation.

轉向斯圖爾特韋茨曼。本季度收入下降，受到該品牌在中國的大量業務以及批發量減少的影響，部分反映了由於我們仍然專注於嚴格的庫存管理和品牌提升，因此折扣出貨量減少。

Importantly, in our North America direct business, sales rose mid-single digits.

重要的是，在我們的北美直接業務中，銷售額增長了中個位數。

Turning to the details. We made further progress on our strategy to win with heat and improve brand awareness. First, we curated an assortment of high-motion product across occasion wear and casual styles. We continue to lead with our iconic styles as we build out the offering to engage with a wider set of consumers. Soho remained a top collection with notable success among younger customers given the family's on-trend lug soul. The Stuart, a new staple in our offering resonated across age groups, while the iconic land styles acted as a strong recruitment tool.

轉向細節。以熱取勝、品牌知名度提升戰略取得新進展。首先，我們策劃了一系列涵蓋場合裝和休閒風格的高動態產品。在我們打造產品以吸引更廣泛的消費者時，我們將繼續以我們的標誌性風格引領潮流。 Soho 仍然是一個頂級系列，在年輕顧客中取得了顯著的成功，因為該家族的潮流靈魂。 Stuart 是我們產品中的新主打產品，在各個年齡段引起了共鳴，而標誌性的土地風格則成為了強大的招聘工具。

Additionally, we were pleased with the consumer response to our handbag launch. While a small assortment, the top handle style sold at an AUR of over $700 with engagement from both new and existing clients. Second, we focused on brand building in the wholesale channel, notably in international markets. We created high-impact activations across key accounts globally from London to Dubai. And after a successful pop-up at La Reina chante in Milan, we are now moving into a permanent space on the designer floor there in mid-February.

此外，我們對消費者對我們手提包發布的反應感到滿意。雖然品種不多，但在新老客戶的參與下，頂部手柄款式的 AUR 超過 700 美元。其次，我們專注於批發渠道的品牌建設，尤其是在國際市場。我們在從倫敦到迪拜的全球主要客戶中創建了具有高影響力的激活。在米蘭的 La Reina chante 成功舉辦快閃店後，我們將於 2 月中旬遷入設計師樓層的永久空間。

Third, we fueled bread heat by delivering impactful marketing campaigns, amplifying our brand purpose to celebrate women who stand strong. The debut of Kim Kardashian as our global ambassador helped to drive an improvement in customer trends driving growth in new customers, including outsized gains with millennials.

第三，我們通過開展有影響力的營銷活動來推動麵包熱度，擴大我們的品牌宗旨，以慶祝堅強的女性。金·卡戴珊 (Kim Kardashian) 作為我們的全球大使首次亮相，幫助推動了客戶趨勢的改善，推動了新客戶的增長，包括千禧一代的巨大收益。

Looking to the balance of the year, we're innovating on our approach to connect with consumers and increase awareness. In February, we're set to launch our Kids Super collaboration, followed by a styling series utilizing influencer marketing to highlight our spring collection. Overall, we're progressing against our strategies to build brand awareness and offer products that spark desire. We're continuing to navigate the significant profit headwinds the brand is facing from pressures in the highly penetrated Greater China region, to remain focused on delivering a profitable fiscal year.

展望今年的餘額，我們正在創新與消費者建立聯繫並提高意識的方法。 2 月，我們將推出我們的 Kids Super 合作系列，隨後推出一個造型系列，利用影響者營銷來突出我們的春季系列。總的來說，我們正在推進建立品牌知名度和提供激發慾望的產品的戰略。我們將繼續應對品牌在高度滲透的大中華區面臨的壓力帶來的巨大利潤逆風，繼續專注於實現盈利的財政年度。

In closing, our foundation is strong and our runway is significant. We are staying agile and disciplined in a volatile environment to successfully navigate current headwinds and at the same time, drive forward our long-term growth agenda. Importantly, we are well positioned in attractive, durable categories, amplified by our digitally enabled direct-to-consumer platform, which powers our iconic brands to move at the speed of the consumer. We are confident that our competitive advantages and strategy will continue to drive sustainable growth and value for all our stakeholders.

最後，我們的基礎牢固，跑道重要。我們在動蕩的環境中保持敏捷和紀律，以成功應對當前的逆風，同時推動我們的長期增長議程。重要的是，我們在有吸引力、耐用的類別中處於有利地位，並通過我們支持數字化的直接面向消費者的平台進行了放大，該平台使我們的標誌性品牌能夠跟上消費者的速度。我們相信，我們的競爭優勢和戰略將繼續為所有利益相關者推動可持續增長和價值。

With that, I'll turn it over to Scott, who will discuss our financial results, capital priorities and fiscal '23 outlook. Scott?

有了這個，我將把它交給斯科特，他將討論我們的財務業績、資本優先事項和 23 財年展望。斯科特？

Thanks, Joanne, and good morning, everyone. As Joanne mentioned, we delivered solid results in the face of a volatile backdrop as we focused on the factors within our control. We achieved revenue of over $2 billion, while realizing the operating margin ahead of expectations and grew earnings per share 10% against last year, excluding $0.11 of currency pressure. At the same time, we returned $272 million to shareholders, demonstrating our commitment to enhancing long-term value.

謝謝，喬安妮，大家早上好。正如 Joanne 提到的，我們在動蕩的背景下取得了可觀的成果，因為我們專注於我們控制範圍內的因素。我們實現了超過 20 億美元的收入，同時實現了超出預期的營業利潤率，每股收益比去年增長了 10%，不包括 0.11 美元的匯率壓力。與此同時，我們向股東返還了 2.72 億美元，表明我們致力於提升長期價值。

Turning to the details of the quarter. I'll start with revenue, which will be shared on a constant currency basis, unless otherwise noted. Sales declined 2%, which included pressure in Greater China as a result of the COVID-19 pandemic. Excluding Greater China, revenue increased 1%, led by outperformance in the balance of our international regions.

轉向本季度的細節。我將從收入開始，除非另有說明，否則將以固定貨幣為基礎進行分享。銷售額下降 2%，其中包括 COVID-19 大流行導致的大中華區壓力。不包括大中華區在內，收入增長了 1%，這主要歸功於我們在其他國際地區的出色表現。

In Japan, revenue increased 10%, while Other Asia grew 29%, driven by strength across Singapore, Malaysia, Australia, New Zealand and Korea. These trends were again led by traction with local customers.

日本的收入增長了 10%，而亞洲其他地區的收入增長了 29%，這主要得益於新加坡、馬來西亞、澳大利亞、新西蘭和韓國的強勁增長。這些趨勢再次受到當地客戶的青睞。

At the same time, sales to tourists improved versus the prior year that remained well below pre-pandemic levels, highlighting future opportunity. In Europe, sales were 20% above last year, fueled by higher international tourist traffic, notably from the Middle East and within Europe as well as continued growth with local customers.

與此同時，與前一年相比，對遊客的銷售額有所改善，但仍遠低於大流行前的水平，這凸顯了未來的機遇。在歐洲，銷售額比去年增長 20%，這得益於國際遊客流量的增加，尤其是來自中東和歐洲的遊客流量，以及當地客戶的持續增長。

For Greater China, sales declined 20%, which was below our forecast due to incremental pressure associated with COVID impacting both stores and online. As Joanne mentioned, following the lifting of certain government restrictions in December, we've seen a meaningful improvement in traffic Q3 to date, notably during the Lunar New Year holiday.

大中華區的銷售額下降了 20%，低於我們的預期，原因是與 COVID 相關的壓力增加影響了商店和在線。正如 Joanne 提到的那樣，在 12 月取消某些政府限制後，我們看到迄今為止第三季度的交通量有了顯著改善，尤其是在農曆新年假期期間。

Therefore, as we approach guidance, we maintained the expectation for a strong sequential improvement in the second half of the year, albeit from a lower second quarter base. Overall, we still expect strong double-digit growth in the second half to fuel an increase for the fiscal year at constant currency.

因此，在我們接近指引時，我們維持對今年下半年強勁環比改善的預期，儘管第二季度基數較低。總體而言，我們仍然預計下半年將實現兩位數的強勁增長，以固定匯率計算推動本財年的增長。

Turning to North America. Sales declined by 2% for both the total region and our direct business, in line with our guidance for a low single-digit decline. Importantly, we delivered North America operating income ahead of forecast and realized handbag AUR growth at both Coach and Kate Spade, underscoring our focus on brand health.

轉向北美。整個地區和我們的直接業務的銷售額都下降了 2%，符合我們對低個位數下降的指導。重要的是，我們提前實現了北美營業收入的增長，並實現了 Coach 和 Kate Spade 手袋 AUR 的增長，這凸顯了我們對品牌健康的關注。

By channel, our direct business declined 2%. That said, excluding Greater China, direct revenue grew low single digits, which included a mid-single-digit increase in stores fueled by continued traffic improvements and a low single-digit decline in digital. And in wholesale revenue was 3% below the prior year.

按渠道劃分，我們的直接業務下降了 2%。也就是說，不包括大中華區在內，直接收入以低個位數增長，其中包括由於持續的客流量改善和數字低個位數下降推動的商店中個位數增長。批發收入比上年下降 3%。

Moving down the P&L. We delivered gross margin ahead of our projection and 50 basis points ahead of prior year. This year-over-year expansion included approximately 130 basis points of favorable freight offset by 100 basis points of FX headwinds and the negative impact from lower penetration of high-margin China business. Therefore, excluding these impacts, gross margin was still ahead of prior year, driven by operational outperformance.

向下移動損益表。我們實現的毛利率高於我們的預期，比上一年高出 50 個基點。這一同比擴張包括約 130 個基點的有利運費被 100 個基點的外匯逆風和高利潤率中國業務滲透率降低的負面影響所抵消。因此，排除這些影響，毛利率仍高於上一年，這是由運營表現出色推動的。

SG&A declined 1% and was slightly favorable to our prior outlook. In the quarter, we continued to prioritize high-return initiatives, including platform investments and brand building activities underscored by mid-single-digit growth in our marketing spend. So taken together, operating margin and operating income were ahead of forecast.

SG&A 下降 1%，略有利於我們之前的展望。在本季度，我們繼續優先考慮高回報計劃，包括平台投資和品牌建設活動，我們的營銷支出實現了中等個位數的增長。因此，綜合來看，營業利潤率和營業收入均高於預期。

EPS grew 2% compared to the prior year or 10% on a currency-neutral basis and was favorable to forecast due to operational outperformance as well as a $0.03 tailwind from a more moderate year-over-year FX impact.

每股收益與上一年相比增長 2%，或在貨幣中性的基礎上增長 10%，並且由於運營表現出色以及較溫和的同比外匯影響帶來 0.03 美元的順風而有利於預測。

Now turning to the balance sheet and cash flows. We ended the quarter with $846 million in cash and investments and total borrowings of $1.67 billion. There were no borrowings outstanding under our $1.25 billion revolver. Free cash flow for the quarter was an inflow of $552 million, including CapEx and implementation costs related to cloud computing of $102 million.

現在轉向資產負債表和現金流量。本季度末，我們擁有 8.46 億美元的現金和投資以及 16.7 億美元的總借款。我們的 12.5 億美元循環貸款下沒有未償還的借款。本季度自由現金流流入 5.52 億美元，其中包括 1.02 億美元的資本支出和與雲計算相關的實施成本。

As anticipated, inventory at quarter end was 30% above prior year. We're pleased with our sequential progression in the quarter and the quantity and quality of our current inventory. We continue to expect to end fiscal year '23 with inventory up single digits compared to the prior year.

正如預期的那樣，季度末的庫存比去年同期高出 30%。我們對本季度的連續進展以及我們當前庫存的數量和質量感到滿意。我們繼續預計到 23 財年結束時庫存將比上一年增加個位數。

Moving now to our capital allocation priorities. We continue to plan for approximately $1 billion in shareholder returns in fiscal 2023, which includes share repurchases of $700 million including $300 million bought back in the first half, including $200 million in the second quarter as planned and dividend payments totaling approximately $300 million. This is based on an annual dividend rate of $1.20 per share, which represents a 20% increase over the prior year.

現在轉到我們的資本分配優先事項。我們繼續計劃在 2023 財年實現約 10 億美元的股東回報，其中包括 7 億美元的股票回購，其中包括上半年回購的 3 億美元，包括按計劃在第二季度回購的 2 億美元和總計約 3 億美元的股息支付。這是基於每股 1.20 美元的年度股息率，比上一年增加 20%。

Our priorities remain unchanged. First, we're investing in the business to drive long-term profitable growth; and second, we're returning capital to shareholders through dividends and share repurchases. In the future, we believe our platform is scalable and would evaluate M&A that is accretive to our organic TSR plan.

我們的優先事項保持不變。首先，我們正在投資業務以推動長期盈利增長；其次，我們通過股息和股票回購向股東返還資本。未來，我們相信我們的平台具有可擴展性，並將評估對我們的有機 TSR 計劃有利的併購。

Now moving to our guidance for fiscal 2023. We we've raised our earnings expectation, incorporating 3 key changes versus the prior outlook. First, our outlook now reflects the second quarter's operational outperformance of approximately $0.08. Second, we're including a more moderate headwind from currency, which provides a $0.10 benefit versus our previous guidance. And third, as previously noted, we've incorporated the expectation of more modest growth in Greater China for the fiscal year based on the incremental pressure we experienced in the second quarter. We've rebased our second half outlook given the lower Q2 results, which equates to roughly $0.10 of negative impact versus our prior guidance.

現在轉向我們對 2023 財年的指導。我們提高了盈利預期，與之前的展望相比，納入了 3 個關鍵變化。首先，我們現在的展望反映了第二季度約 0.08 美元的運營業績。其次，我們包括了來自貨幣的更溫和的逆風，與我們之前的指導相比，它提供了 0.10 美元的收益。第三，如前所述，我們根據第二季度經歷的增量壓力，納入了本財年大中華區增長更為溫和的預期。鑑於第二季度業績較低，我們重新調整了下半年的展望，與我們之前的指導相比，這相當於大約 0.10 美元的負面影響。

Overall, our ability to increase our earnings outlook despite a volatile external environment, highlights the resilience and agility of Tapestry's operating model.

總體而言，儘管外部環境動盪，但我們提高盈利前景的能力凸顯了 Tapestry 運營模式的彈性和敏捷性。

So let's run through the details of our outlook, which replaces all previous guidance. For the fiscal year, we expect constant currency revenue growth of 2% to 3%. On a reported basis, we anticipate sales to be approximately $6.6 billion, which represents a slight decline compared to the prior year, including roughly 300 basis points of FX headwinds.

因此，讓我們瀏覽一下我們的展望的細節，它取代了之前的所有指導。對於本財年，我們預計貨幣收入將持續增長 2% 至 3%。根據報告，我們預計銷售額約為 66 億美元，與上一年相比略有下降，其中包括大約 300 個基點的外匯逆風。

Touching on sales details by region at constant currency. In North America, our guidance continues to contemplate a low single-digit decline in the second half of the year, consistent with year-to-date trends.

以固定貨幣按地區接觸銷售細節。在北美，我們的指導方針繼續考慮今年下半年的低個位數下降，這與年初至今的趨勢一致。

In Greater China, as previously mentioned, we expect a slight increase in the fiscal year. In Japan, we now expect mid-teens growth, while Other Asia is forecasted to grow approximately 35% reflecting strength in the second quarter and the continuation of these trends into the second half.

在大中華區，如前所述，我們預計本財年將略有增長。在日本，我們現在預計增長將達到 15% 左右，而其他亞洲地區預計將增長約 35%，反映出第二季度的強勁勢頭以及這些趨勢將延續到下半年。

In Europe, we continue to anticipate low double-digit gains. In addition, our outlook includes a year-over-year operating margin decline of over 70 basis points, which contemplates FX pressure of approximately 115 basis points. We expect the majority of this FX headwind to flow through the gross margin line. We anticipate gross margin slightly ahead of the prior year, largely reflecting favorable freight costs relative to prior expectations.

在歐洲，我們繼續預計兩位數的低收益。此外，我們的展望包括營業利潤率同比下降超過 70 個基點，這意味著大約 115 個基點的外匯壓力。我們預計大部分外匯逆風將流經毛利率線。我們預計毛利率略高於上一年，主要反映了相對於先前預期有利的運費。

Compared to fiscal '22, gross margin incorporates the benefit of moderating freight costs of 130 basis points as well as AUR growth, which is being partially offset by the previously anticipated rising input costs for materials as well as the negative impact of FX, as mentioned.

與 22 財年相比，毛利率包含運費降低 130 個基點以及 AUR 增長的好處，這部分被先前預期的材料投入成本上升以及外彙的負面影響所抵消，如前所述.

On SG&A, we continue to anticipate deleverage for the year reflecting growth-driving initiatives, including increased marketing expenses to fuel long-term customer value, investments in digital and the planned 2023 opening of our new fulfillment center in Las Vegas partially offset by proactive actions we've taken to reduce our expense base.

在 SG&A 方面，我們繼續預計今年的去槓桿化反映了推動增長的舉措，包括增加營銷費用以推動長期客戶價值、數字投資以及計劃於 2023 年在拉斯維加斯開設的新運營中心部分被積極行動所抵消我們已經採取措施減少我們的費用基礎。

Moving to below the line items, which are consistent with our prior guidance. Net interest expense for the year is anticipated to be approximately $30 million to $35 million a significant decline versus fiscal '22, reflecting the benefit of our cross-currency swap agreements. Tax rate is expected to be approximately 20%. This represents an increase against last year, primarily due to the anticipated geographic mix of earnings. Weighted average diluted share count is expected to be in the area of 242 million shares. This reflects approximately $700 million in share repurchases expected in the fiscal year as noted.

移動到與我們之前的指導一致的行項目下方。今年的淨利息支出預計約為 3000 萬至 3500 萬美元，與 22 財年相比大幅下降，反映了我們的交叉貨幣掉期協議的好處。稅率預計約為20%。這比去年有所增加，主要是由於預期的收益地域組合。加權平均攤薄股數預計為 2.42 億股。如前所述，這反映了本財年預期的大約 7 億美元的股票回購。

Taken together, we project EPS of $3.70 to $3.75 representing high single-digit growth compared to the prior year, which includes a year-over-year currency headwind of approximately $0.40.

綜上所述，我們預計每股收益為 3.70 美元至 3.75 美元，與上一年相比實現高個位數增長，其中包括約 0.40 美元的同比匯率逆風。

Finally, we now expect CapEx and cloud computing costs to be in the area of $300 million. This decrease from the prior outlook is due to the timing of store openings and renovations in Asia, mainly in China, some of which have been deferred to fiscal year '24. Given the shift, we now expect approximately 1/3 of this spend to be related to openings and renovations with the balance dedicated to our ongoing digital and IT initiatives, including investment related to our new fulfillment center in Las Vegas.

最後，我們現在預計資本支出和雲計算成本將在 3 億美元左右。與之前的展望相比有所下降是由於亞洲（主要是中國）的門店開業和翻新時間安排，其中一些已推遲到 24 財年。鑑於這種轉變，我們現在預計大約 1/3 的支出將與開業和翻新有關，其餘支出將用於我們正在進行的數字和 IT 計劃，包括與我們在拉斯維加斯的新運營中心相關的投資。

As previously outlined, given the volatile environment and last year's atypical comparisons, we continue to expect significant variability by quarter. Specifically, we project revenue and earnings growth to be back half weighted, helped by the planned return to growth in Greater China and lower freight costs on a year-over-year basis, providing a tailwind to margin.

如前所述，鑑於動蕩的環境和去年的非典型比較，我們繼續預計每個季度都會出現顯著變化。具體而言，我們預計收入和盈利增長的權重將降低一半，這得益於大中華區計劃恢復增長以及貨運成本同比下降，為利潤率提供了助力。

Drilling down in the third quarter, we expect revenue to increase 3% to 5% in constant currency, which includes gains in Greater China. On a reported basis, we anticipate sales to be up slightly, including a negative impact of approximately 350 basis points from FX. We expect EPS to approach $0.60, representing a strong year-over-year increase despite a currency headwind of approximately $0.10 versus the prior year.

深入研究第三季度，我們預計收入按固定匯率計算將增長 3% 至 5%，其中包括大中華區的收益。根據報告，我們預計銷售額將略有上升，包括來自外彙的大約 350 個基點的負面影響。我們預計每股收益將接近 0.60 美元，儘管與上一年相比匯率逆風約 0.10 美元，但同比增長強勁。

So in closing, we delivered record second quarter earnings, outperforming expectations and are raising our earnings outlook for the year despite a volatile backdrop. In addition, we remain on track to return $1 billion to shareholders in fiscal '23, underscoring the strength of our balance sheet and significant cash flow generation.

因此，在結束時，我們實現了創紀錄的第二季度收益，超出預期，並且在動蕩的背景下提高了我們今年的收益預期。此外，我們仍有望在 23 財年向股東返還 10 億美元，這凸顯了我們資產負債表的實力和顯著的現金流生成。

Importantly, our performance reinforces our competitive advantages and validates our strategy. As we look forward, we remain focused on delivering against our long-term priorities to drive sustainable growth and shareholder returns. I'd now like to open it up for your questions.

重要的是，我們的表現加強了我們的競爭優勢並驗證了我們的戰略。展望未來，我們將繼續專注於實現我們的長期優先事項，以推動可持續增長和股東回報。我現在想打開它來回答你的問題。

(Operator Instructions) Our first question comes from Bob Drbul of Guggenheim Securities.

（操作員說明）我們的第一個問題來自古根海姆證券公司的 Bob Drbul。

Congratulations on a solid quarter and a really tough environment. Joanne, what trends are you seeing in China? If you could maybe just talk about more recent trends and how things have developed. And Scott, can you unpack exactly how you're approaching this with some more numbers in your guidance around China?

祝賀一個穩定的季度和一個非常艱難的環境。喬安妮，你在中國看到了什麼趨勢？如果你能談談最近的趨勢以及事情是如何發展的。斯科特，你能在你對中國的指導中用更多的數字來解釋你是如何處理這個問題的嗎？

Well, thank you, and good morning, Bob. We certainly have seen a meaningful trend change in Greater China from the second quarter to the third quarter. We had an encouraging start with a solid Lunar New Year driven by sequential improvement in traffic trends in the market. And quarter-to-date, our business is trending roughly in line with last year, and our guidance, which Scott will cover in more detail in a minute at a high level, assume slight growth in the market for the quarter and a recovery in China through the balance of the year.

好吧，謝謝你，早上好，鮑勃。從第二季度到第三季度，我們當然看到大中華區發生了有意義的趨勢變化。在市場交通趨勢連續改善的推動下，我們在農曆新年取得了令人鼓舞的開端。本季度至今，我們的業務趨勢與去年基本一致，我們的指導（Scott 將在一分鐘內更詳細地介紹）假定本季度市場略有增長並且中國度過餘年。

And we are seeing some green shoots with respect to domestic travel, including in Macau and in Hainan, which are important destinations.

我們在國內旅遊方面看到了一些萌芽，包括澳門和海南，這些都是重要的目的地。

However, international travel is still down, and we see that as further opportunity going forward. Overall, seeing very encouraging signs of recovery in the short term. And we're confident in the long-term opportunities for China as a growth vehicle for our brands and the category at large as we move forward. But Scott, turn it to you for unpacking our guidance assumptions.

然而，國際旅行仍然在減少，我們認為這是未來的進一步機會。總體而言，短期內出現非常令人鼓舞的複蘇跡象。隨著我們的前進，我們對中國作為我們品牌和整個品類的增長工具的長期機遇充滿信心。但是斯科特，把它交給你來解開我們的指導假設。

Yes. Sure, Joanne, and good morning Bob. If you look at the impact that China had on our outlook for the year, our projections, it's about $65 million. And just unpacking that in the second quarter, we had an expectation of being down about 10%. In reality, we were down about 20% based on the more extensive COVID-related impacts that we mentioned in the prepared remarks, that's worth about $20 million.

是的。當然可以，喬安妮，早上好鮑勃。如果你看看中國對我們今年前景的影響，我們的預測約為 6500 萬美元。只是在第二季度拆包，我們預計會下降約 10%。實際上，根據我們在準備好的評論中提到的更廣泛的 COVID 相關影響，我們下跌了約 20%，價值約 2000 萬美元。

And as you look at the taking the recovery curve that we had previously projected and rebaselining it off of that lower Q2 starting point, we then expect to continue to see meaningful improvement throughout the balance of the year, returning to growth in Q3 and up about 20% or more than 20% actually in the fourth quarter is where the comps get a little easier versus COVID a year ago. And that's where it's a little more than $40 million in the second half or about $0.10 in terms of earnings.

當您查看我們之前預測的複蘇曲線並將其從第二季度較低的起點重新設定基準時，我們預計將在今年餘下時間繼續看到有意義的改善，在第三季度恢復增長與一年前的 COVID 相比，第四季度的 20% 或超過 20% 實際上是比較容易的。這就是下半年略多於 4000 萬美元或約 0.10 美元的收益。

And we're really encouraged just to build on what Joanne said and the start that we've had Lunar New Year started off strong for us, and we're tracking well against that progression. And I would also just say, let's not lose the bigger picture here because while we have reflected what we see in China, and that has had a slight kind of negative impact.

我們真的很受鼓舞，只是在 Joanne 所說的基礎上再接再厲，農曆新年的開始對我們來說很強勁，我們正在很好地跟踪這一進展。我還要說的是，我們不要在這裡失去大局，因為雖然我們反映了我們在中國看到的情況，但這產生了輕微的負面影響。

The business remains strong throughout all geographies, and I think this is a real testament to the resiliency and diversity of our model as even with these dynamic demand and revenue impacts that we continue to see, we're managing the business for the long term, you see our gross margins being strong, inventory is in great position, and we were able to raise our earnings even with these dynamic impacts that we've seen in China. So I feel really good about the future there.

業務在所有地區都保持強勁，我認為這確實證明了我們模型的彈性和多樣性，即使我們繼續看到這些動態需求和收入影響，我們仍在長期管理業務，您會看到我們的毛利率很高，庫存狀況良好，即使在我們在中國看到的這些動態影響下，我們也能夠提高收益。所以我對那裡的未來感覺很好。

We'll take our next question from Ike Boruchow of Wells Fargo.

我們將從富國銀行的 Ike Boruchow 那裡回答下一個問題。

Scott or Joanne, not sure who this is for, but 2 things quickly. First, on pricing, so AUR is up mid-single digits again this quarter. Just -- anything you're seeing on pricing, any resistance that you've seen at all in the back half, are you assuming AUR continues to increase?

Scott 或 Joanne，不確定這是給誰的，但很快就會有兩件事。首先，在定價方面，本季度 AUR 再次上漲中個位數。只是 - 你在定價上看到的任何東西，你在後半部分看到的任何阻力，你是否假設 AUR 繼續增加？

And then just real quick, I know it's a smaller part of your business, about 10% on the wholesale channel. Can you just kind of comment POS trends you saw heading into holiday, what you're seeing quarter date. Any big changes there? I know there's been some stuff going on with some of your competitors. Just curious, again, knowing it's smaller. Just curious what you guys have been seeing with your brands.

然後很快，我知道這是你業務的一小部分，大約 10% 在批發渠道上。您能否評論一下您在假期前看到的 POS 趨勢，以及您看到的季度日期。那裡有什麼大的變化嗎？我知道你們的一些競爭對手發生了一些事情。再次好奇，知道它更小。只是好奇你們對你們的品牌有什麼看法。

Yes. I'll pick that up, Ike. As it relates to AUR, we did drive mid-single-digit AUR increases in the handbag category this quarter, both globally and in North America. And I think that's a testament to our focus on brand building and staying close to our consumer and the balance we have of delivering magic and logic. We've gotten behind our most important product categories, our icons -- our iconic product. We're delivering compelling creative innovation into the marketplace. And we see the customer responding. And we'll continue to manage stay close to the customer and manage the business in a healthy way as we move forward.

是的。我會把它撿起來的，艾克。就 AUR 而言，我們確實在本季度推動了全球和北美手提包類別的中個位數 AUR 增長。我認為這證明了我們專注於品牌建設和貼近消費者，以及我們在傳遞魔力和邏輯方面取得的平衡。我們已經落後於我們最重要的產品類別，我們的圖標——我們的標誌性產品。我們正在向市場提供引人注目的創意創新。我們看到客戶的回應。隨著我們的前進，我們將繼續保持貼近客戶並以健康的方式管理業務。

As it relates to overall handbag pricing, we do see opportunity to continue to grow AUR into the future across our brands. I'll let Todd comment on that in a minute. Actually, maybe, Todd, you can touch on both subjects. But as it relates to your question on wholesale, Ike, to your point, we're 90% direct-to-consumer. And we control our destiny with our direct -- we love this relationship that we have with our customer. It allows us to stay close to move very fast with the customer as we see the customer moving. And it gives us a lot of data that we can then leverage to improve our execution and what we -- and how we go to market.

由於它與手提包的整體定價有關，我們確實看到了在我們的品牌中繼續將 AUR 發展到未來的機會。我會讓托德在一分鐘內對此發表評論。事實上，也許，托德，你可以談談這兩個主題。但就你的批發問題而言，艾克，就你的觀點而言，我們 90% 是直接面向消費者的。我們通過我們的直接控制我們的命運——我們喜歡我們與客戶之間的這種關係。當我們看到客戶移動時，它使我們能夠與客戶保持密切聯繫以快速移動。它為我們提供了大量數據，然後我們可以利用這些數據來改進我們的執行力以及我們的產品 - 以及我們如何進入市場。

Overall, our wholesale business was down low single digits for the quarter. So while there was some pressure, it was manageable and again, a very small part of our business overall, but Todd, I'll pass it to you.

總體而言，我們的批發業務在本季度下降了低個位數。因此，雖然存在一些壓力，但它是可控的，而且這只是我們整體業務的一小部分，但托德，我會把它傳遞給你。

Great. Thank you, Joanne. Just let me do the wholesale first. Just to reground us for Coach, obviously, our largest brand, North America wholesale represents less than 4% of our business. So it's an important business. We value our relationships with our wholesale partners, but it doesn't drive our business. And as Joanne said, we've migrated to really of being a direct-to-consumer business, understanding our customers in a much more profound and deeper way and love that relationship and the long-term value we can create.

偉大的。謝謝你，喬安妮。就讓我先做批發吧。只是為了讓我們為 Coach 重新打好基礎，顯然，我們最大的品牌北美批發業務僅占我們業務的不到 4%。所以這是一項重要的業務。我們重視與批發合作夥伴的關係，但這並不能推動我們的業務發展。正如喬安妮所說，我們已經真正轉變為直接面向消費者的業務，以更深刻和更深入的方式了解我們的客戶，並熱愛這種關係和我們可以創造的長期價值。

Regarding handbags, we were very happy with the mid-single-digit constant currency handbag growth we saw globally and in North America, which is an important point. And one of the things we always focus on is Emotion Trumps price. And we have offered incredibly emotional product for our consumers. One of the great examples I can give you is, right now, we have a heart-shaped leather bag in outlet. It can I think hold a big iPhone, but I'm not 100% certain of that.

關於手袋，我們對全球和北美看到的中個位數持續貨幣手袋增長感到非常高興，這是一個重要的點。我們始終關注的事情之一是 Emotion Trumps 的價格。我們為消費者提供了令人難以置信的情感產品。我可以給你舉的一個很好的例子是，現在，我們在奧特萊斯有一個心形皮包。我認為它可以容納一部大 iPhone，但我對此不是 100% 確定。

We sell that for around $199 and I think I'm on fumes right now in terms of inventory. Compare that to our City Tote, which is a phenomenal high-functioning tote, which average AUR of 150. So this idea that we can, as long as we create emotional product that resonates with the consumer, the example I gave you in particularly over-indexes with the younger consumer. So we're really excited by that, will continue to allow us to grow our AURs and not just in handbag and not just in small leather goods, but we see lots of opportunity in men, lifestyle and footwear.

我們以大約 199 美元的價格出售它，我想我現在的庫存很糟糕。將其與我們的 City Tote 進行比較，這是一款非凡的高性能手提包，平均 AUR 為 150。因此，只要我們創造與消費者產生共鳴的情感產品，我們就可以實現這個想法，我特別舉過的例子- 與年輕消費者建立聯繫。因此，我們對此感到非常興奮，將繼續讓我們的 AUR 增長，而不僅僅是手提包和小皮具，我們在男士、生活方式和鞋類領域看到了很多機會。

Our next question is from Lorraine Hutchinson of Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to get your insight on the promotional environment. You called out a more promotional -- some more promotional selling at Kate. What are you seeing at the Coach brand? And what is your outlook for both brands in the second half and beyond?

我想了解您對促銷環境的看法。你呼籲進行更多的促銷活動——在凱特進行更多的促銷活動。您對 Coach 品牌有何看法？您對這兩個品牌下半年及以後的前景如何？

Well, maybe I'll kick it off and again, have Todd weigh in on the Coach brand. What I will say is, as we think about the environment that we saw in Q2 particularly, this is really a North America-focused comment, definitely seeing a more cautious consumer through Q2. We delivered a slight revenue decline which was a continuation of our first quarter trends and the macro environment is challenging. And this holiday, we saw what I would call a more normalized promotional environment versus a year ago when we were -- and many were supply constrained.

好吧，也許我會再次開始，讓 Todd 對 Coach 品牌進行權衡。我要說的是，當我們特別考慮我們在第二季度看到的環境時，這確實是一個以北美為中心的評論，肯定會在第二季度看到更加謹慎的消費者。我們的收入略有下降，這是我們第一季度趨勢的延續，宏觀環境充滿挑戰。這個假期，我們看到了我所說的更加正常化的促銷環境，而一年前我們是——許多人都受到供應限制。

This holiday, we delivered record Thanksgiving week and Cyber Monday sales results, which I think shows that consumers were value-driven and they were more selective in their spending outside of those peak periods.

這個假期，我們發布了創紀錄的感恩節周和網絡星期一銷售業績，我認為這表明消費者是價值驅動的，他們在高峰期以外的消費方面更有選擇性。

So it was a reversion to what I would call more normalized traffic patterns in the environment in North America. But even in that context, we just talked about it, we drove higher handbag AUR in North America, which is a testament to the product innovation and the data-driven business model that we're applying and we've been disciplined in our approach to managing our brands and our business for the long term that allowed us to deliver higher gross margin, operating margin and profit dollars versus last year in North America despite the softer demand environment and the external pressures we're seeing. So we're continuing to take a prudent approach to running and forecasting the business with an eye on continuing to build our brands for the long term. And I'll pass it to Todd on Coach.

所以這是對北美環境中我稱之為更規範化交通模式的回歸。但即使在那種情況下，我們剛剛談到它，我們在北美推動了更高的手提包 AUR，這證明了我們正在應用的產品創新和數據驅動的商業模式，並且我們在我們的方法中一直受到紀律處分長期管理我們的品牌和業務，這使我們能夠在北美實現比去年更高的毛利率、營業利潤率和利潤美元，儘管需求環境疲軟且我們看到外部壓力。因此，我們將繼續採取審慎的方式來運營和預測業務，著眼於繼續長期打造我們的品牌。我會把它傳遞給 Coach 上的 Todd。

Thanks, Joanne. It is a promotional environment. We know that particularly in the holiday quarter, it always has been. What separated us, I think, is the journey we've been under for the last couple of years in focusing on our icons, reducing the tail of our products that drive markdown expectations and liability and leaning in on expressive luxury and leaning in on purpose and leaning in on values. And that is evidenced by our gross margin. So we didn't have the pressure that we had to deal with. And I feel very good that that's going to continue.

謝謝，喬安妮。這是一個促銷環境。我們知道，尤其是在假日季，情況一直如此。我認為，讓我們與眾不同的是過去幾年我們一直在專注於我們的標誌，減少我們產品的尾部，這些產品會推動降價預期和責任，並傾向於富有表現力的奢侈品和有目的的傾斜並依靠價值觀。我們的毛利率證明了這一點。所以我們沒有必須應對的壓力。我感覺很好，這將繼續下去。

Again, it goes back to this idea that we can separate ourselves when we focus on our customer, focus on our product, create a storytelling around the product that really is compelling. And ultimately, being 90% direct to consumer, we have a greater opportunity to control our own destiny.

再一次，它回到了這個想法，即當我們專注於我們的客戶，專注於我們的產品，圍繞產品創造一個真正引人注目的故事時，我們可以將自己分開。最終，由於 90% 直接面向消費者，我們有更大的機會來控制自己的命運。

Our next question is from Matthew Boss of JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on another nice quarter. So maybe a 2-part question. So Joanne, could you speak to maybe the cadence of top line as the second quarter progressed, how best to think about trends you're seeing notably in North America at the Coach brand maybe post holiday.

祝賀又一個不錯的季度。所以也許是一個由兩部分組成的問題。所以喬安妮，你能不能談談隨著第二季度的進展，頂線的節奏，如何最好地考慮你在 Coach 品牌可能在假期後看到的趨勢，特別是在北美。

And then, Scott, as we think about gross margin, is there a way to break down the driver of the 50 basis points gross margin upside in the second quarter?

然後，斯科特，當我們考慮毛利率時，有沒有辦法打破第二季度毛利率上升 50 個基點的驅動因素？

And then if you could just quantify or maybe even directionally help walk through some of the key puts and takes for gross margin in the second half outlook. I think that would be really helpful.

然後，如果您可以量化甚至定向幫助了解下半年展望中的一些關鍵看跌期權和毛利率。我認為這真的很有幫助。

Yes. Well, I'll take the first part of the question. And it's an interesting question. The cadence of the quarter, I would say, if we're talking about North America specifically, and we could talk about globally, but North America specifically, the cadence of the quarter was more normalized. I think a year ago, we all saw a pull forward in demand as many, and we were supply constrained. And as I just mentioned, this year, this holiday, we saw a more normalized cadence where customers were shopping during the peak periods.

是的。好吧，我將回答問題的第一部分。這是一個有趣的問題。這個季度的節奏，我想說，如果我們專門談論北美，我們可以談論全球，但具體來說北美，這個季度的節奏更加正常化。我認為一年前，我們都看到了需求的增長，而我們的供應受到限制。正如我剛才提到的，今年這個假期，我們看到了顧客在高峰期購物的更加正常化的節奏。

Importantly, we were welcoming so many more customers back into our stores, which was fabulous. And obviously, we're well positioned with a great team to take advantage of those changes and trends.

重要的是，我們歡迎更多顧客回到我們的商店，這太棒了。顯然，我們擁有一支優秀的團隊，可以利用這些變化和趨勢。

Obviously, the conditions in China played out much differently than we expected and impacted the cadence of the business on a more global scale with softness in December when they were reopening and the changes in the COVID containment policy and COVID infections impacted that market.

顯然，中國的情況與我們預期的大不相同，並在 12 月重新開放時在全球範圍內影響了業務的節奏，而 COVID 遏制政策和 COVID 感染的變化影響了該市場。

So a lot of different changes some we anticipated some we didn't. But our teams really moved with agility to deliver for our customers and manage the business in a really healthy way. Even in the face of the shifts, we were delivering higher AUR in our handbag category. We saw the resilience continue to see the durability of that category with our consumers and we delivered higher gross margin and exceeded our expectations for profitability as well.

所以有很多不同的變化，有些是我們預料到的，有些是我們沒有預料到的。但我們的團隊確實非常敏捷地為我們的客戶提供服務並以真正健康的方式管理業務。即使面對變化，我們在手袋類別中提供了更高的 AUR。我們看到了彈性繼續看到消費者對這一類別的持久性，我們實現了更高的毛利率，也超出了我們對盈利能力的預期。

Yes. Just taking it from there, Matt. The second quarter really was what we would call operationally related. So it was the combination of price increases versus a discount. So as we said, discounts may be a little elevated versus the strange year last year when we were under unit constraints and supply issues.

是的。只是從那裡拿走它，馬特。第二季度確實是我們所說的與運營相關的。所以這是價格上漲與折扣的結合。因此，正如我們所說，與去年我們遇到單位限制和供應問題的奇怪年份相比，折扣可能會略有提高。

This is, as Todd and Joanne said, more normalized, and we're operating with discipline, and we said we would even -- we're not going to chase the last revenue dollar just to drive top line. We're really focused on the long-term health of the business, and Todd said, focus on a motion versus just price. And you see that reflected in the second quarter.

正如托德和喬安妮所說，這更加正常化，我們正在遵守紀律，我們說我們甚至會 - 我們不會為了推動收入而追逐最後一美元的收入。我們真正關注的是業務的長期健康，托德說，關注的是議案而不是價格。你會在第二季度看到這一點。

And as we turn to the full year, I think we outlined it in the prepared remarks, but freight has gotten a bit better for us, FX as well and some of the operational impacts. So we took our gross margin guidance up slightly in the second half. And as you see that, it's about 130 basis points benefit now for the full year. And remember, that's for freight. And remember, in the first quarter, that freight was negative. So the $130 million reflects the negative in the first half and some of the benefits we're seeing in the second half. So that benefit continues to grow as we move through the second half and what should be a tailwind as we come into next year.

當我們轉向全年時，我想我們在準備好的評論中概述了這一點，但運費對我們來說有所改善，外匯以及一些運營影響。因此，我們在下半年略微提高了毛利率指引。正如你所看到的，現在全年大約有 130 個基點的收益。請記住，那是運費。請記住，在第一季度，運費為負。因此，1.3 億美元反映了上半年的負面影響以及我們在下半年看到的一些好處。因此，隨著我們進入下半年，這種好處會繼續增長，而在我們進入明年時，這應該是順風。

(Operator Instructions). We'll move next to Michael Binetti of Credit Suisse.

（操作員說明）。接下來我們將轉到瑞士信貸的邁克爾·比內蒂 (Michael Binetti)。

Congrats on a great quarter. I want to just ask you -- when you think about -- what do you think are the most important things for your teams to focus on to get North America back to positive growth here? I'm sure that's the discussion you're having.

祝賀一個偉大的季度。我只想問你 - 當你考慮 - 你認為你的團隊最重要的事情是什麼讓北美恢復正增長？我確定這就是您正在進行的討論。

On AUR, you mentioned smaller handbags. You've heard a little bit about that. I wonder if that trend continues, does that become a pressure on continuing to report the nice positive AURs we had, but more importantly, last quarter, you lowered revenues a bit and you held the EBIT margin nicely.

在 AUR 上，您提到了較小的手提包。你聽說過一點。我想知道這種趨勢是否會持續下去，這是否會成為繼續報告我們擁有的良好正 AUR 的壓力，但更重要的是，上個季度，你稍微降低了收入，並且很好地保持了息稅前利潤率。

Now you're raising, but there's a lot of moving parts. As you look at the second half plan, Scott, I guess, 2 things. Where do you see opportunities for upside, and if you're able to tap those numbers, do you think you need to bring some of those costs back that you may have removed earlier to stabilize EBIT for us? Or maybe just help us think about flow-through.

現在你在加註，但有很多變動的部分。當你看下半年計劃時，斯科特，我猜，有兩件事。您在哪裡看到上漲的機會？如果您能夠利用這些數字，您是否認為您需要收回之前可能已經移除的部分成本以穩定我們的息稅前收益？或者也許只是幫助我們考慮流程。

Yes. Let me kick us off with how we're thinking about driving growth into the future, particularly in North America, but also globally. I think as we leverage our direct-to-consumer model and our platform, one of the things that we're really focused on is making sure that we drive growth with our customer file, both an acquisition as well as average spend per customer, which you saw in the second quarter, a continuation of that trend.

是的。讓我先談談我們如何考慮推動未來的增長，特別是在北美，但也在全球範圍內。我認為，當我們利用直接面向消費者的模式和平台時，我們真正關注的事情之一是確保我們通過客戶檔案推動增長，包括收購和每位客戶的平均支出，您在第二季度看到的，是該趨勢的延續。

So leveraging that direct relationship that we have with our customer and staying close to that customer and driving more. So that means that we have to show up where they are. We have to be investing in marketing, taking advantage. So that's first, deepening our relationships with our customers.

因此，利用我們與客戶的直接關係，與客戶保持密切聯繫並推動更多。所以這意味著我們必須出現在他們所在的位置。我們必須投資營銷，利用優勢。因此，首先要加深我們與客戶的關係。

Second is delivering compelling product and innovation. And we're focused on that and doing that every day. And maybe Todd can talk about some of the great innovation that's happening at Coach, and delivering compelling omnichannel experiences. So this was a quarter where we saw customers come back into our stores. And we have the advantage of having 2 very profitable channels to meet our customers where they are.

其次是提供引人注目的產品和創新。我們專注於此，並且每天都在這樣做。也許 Todd 可以談談 Coach 正在進行的一些偉大創新，以及提供引人入勝的全渠道體驗。所以這是我們看到顧客回到我們商店的一個季度。我們的優勢在於擁有 2 個非常有利可圖的渠道，可以在客戶所在的地方與他們會面。

And that customer is increasingly omnichannel, shopping across both channels. So those are the real keys to -- and I should say that omnichannel customer is spending more with us. They're our highest lifetime value customers. So leaning into our customer relationships, our product and product innovation, including our lifestyle categories for growth and meeting them where they are in an omnichannel basis. And all of those things you can see came to bear in the second quarter. And as we continue to further our strategic agenda going forward, we think that will drive our growth. But maybe toss it to Todd to talk about Coach.

而且該客戶越來越多地使用全渠道，在兩個渠道上購物。所以這些才是真正的關鍵——我應該說全渠道客戶在我們這里花費更多。他們是我們終身價值最高的客戶。因此，依靠我們的客戶關係、我們的產品和產品創新，包括我們的生活方式類別以實現增長，並在全渠道基礎上滿足他們。你能看到的所有這些事情都在第二季度產生了影響。隨著我們繼續推進我們的戰略議程，我們認為這將推動我們的增長。但也許把它扔給 Todd 來談論 Coach。

Thanks, Joanne. A couple of things to reinforce. First, we did add 1.5 million new customers at Coach this last quarter in North America at average higher AURs. So we're -- the expectation of the AUR and where they enter the brand is different than in years past.

謝謝，喬安妮。有幾件事要加強。首先，上個季度我們在北美的 Coach 確實增加了 150 萬新客戶，平均 AUR 更高。所以我們——對 AUR 的期望以及他們進入品牌的地方與過去幾年不同。

Second, as I said before, a motion always comes price. So when we think about bag size, the correlation between -- yes, if you have a very large bag, typically you have a higher AUR.

其次，正如我之前所說，行動總是有代價的。因此，當我們考慮包的大小時，兩者之間的相關性——是的，如果你有一個非常大的包，通常你會有更高的 AUR。

But some of our highest AUR bags, as I indicated, with the heart bag at outlet. But if you take Bandit, if you take Tabby, if you take some of these beautiful bags these families that are iconic that we add texture and different materials, we command higher AURs, whether it's Shearling or Pillow Tabby or other opportunities to take a family, create an icon and expand on it and grow our AUR.

但正如我所指出的，我們的一些 AUR 最高的包在出口處有心形包。但是如果你拿 Bandit，如果你拿 Tabby，如果你拿一些漂亮的包包，這些家庭是標誌性的，我們添加紋理和不同的材料，我們要求更高的 AUR，無論是 Shearling 還是 Pillow Tabby 或其他機會拿一個家庭，創建一個圖標並在其上擴展並發展我們的 AUR。

So again, I am not as concerned by whether we sell large bags or small bags, I'm concerned about bringing in a customer, creating a connectivity and making sure we have them and that they believe that the Coach brand represents their values, and that will create a sustainable, profitable growth for us in the future.

因此，我再次強調，我並不關心我們是賣大包還是小包，我關心的是吸引顧客，建立聯繫並確保我們擁有他們，並且他們相信 Coach 品牌代表了他們的價值，並且這將為我們在未來創造可持續的盈利增長。

Yes. And Michael, I guess, adding on to what may be our longest question of the morning, you asked me what inflection points your catalyst could be for upside in the second half. And I'd just point you back to -- or remind you how we've approached from initial guidance all the way through now halfway through the year, is we're taking the trends that we see, and we're projecting them forward, right?

是的。邁克爾，我想，除了可能是我們今天早上最長的問題之外，你還問我下半年你的催化劑可能是什麼拐點。我只想讓你回過頭來——或者提醒你我們是如何從最初的指導一直到現在的半年，我們是否正在接受我們看到的趨勢，並且我們正在預測它們， 正確的？

So whether it's North America down low single digits, it's -- we, I think, now have spend a lot of time on what our assumptions are in China.

因此，無論是北美下降個位數，我認為，我們現在已經花了很多時間來研究我們在中國的假設。

From a top line standpoint, obviously, that could be better. Could China get open up and come back faster, it could. Could it be slower? It could. I think we've got reasonable estimates, same with North America, right? Our business has been very consistent. We haven't predicted a big up or down. And so as that dynamic continues to evolve, we know our brands are strong. We're running for the long term, and we're going to adapt to whatever demand environment we see. We're not trying to force it or push it, and we're maintaining those strong gross margins.

從頂線的角度來看，顯然，這可能會更好。中國能否開放並更快地回歸，它可以。能慢點嗎？它可以。我認為我們有合理的估計，北美也一樣，對吧？我們的業務一直非常穩定。我們沒有預測會出現大幅上漲或下跌。因此，隨著這種動態的不斷發展，我們知道我們的品牌很強大。我們是在長期奔跑，我們將適應我們看到的任何需求環境。我們並沒有試圖強迫或推動它，我們正在保持那些強勁的毛利率。

So any upside we do see, will come through on the bottom line. On the other side, investments are largely in our control. And I hope you've seen that we've been disciplined at trying to both be prudent in light of a very dynamic environment, while at the same time, maintaining investments on what we think are going to drive us in the long term, whether it's a little more than 8% from a marketing standpoint, even a little higher than that in the second quarter. And continuing to invest in our capabilities around digital, data analytics, et cetera.

因此，我們確實看到的任何好處都將體現在底線上。另一方面，投資在很大程度上由我們控制。我希望你已經看到，我們一直在努力在一個非常動態的環境中保持謹慎，同時保持對我們認為會長期推動我們的投資，無論是從營銷的角度來看，略高於 8%，甚至比第二季度略高。並繼續投資於我們在數字、數據分析等方面的能力。

Those are obviously within our control, but we think this quarter is a great testament to the fact that those are paying off.

這些顯然在我們的控制範圍內，但我們認為本季度很好地證明了這些正在取得成效的事實。

So we'll continue to be prudent, managing our expenses as carefully as we can while not sacrificing the long term. And as Todd and Joanne said, one of the biggest things that gives me confidence in the future is that gross margin as we continue to manage the price increases and being diligent on the discounting. We see those gross margins coming in and we see that for the quarter, and we see that for the full year.

因此，我們將繼續保持謹慎，在不犧牲長期利益的情況下盡可能謹慎地管理我們的開支。正如托德和喬安妮所說，讓我對未來充滿信心的最重要的事情之一就是毛利率，因為我們繼續管理價格上漲並努力打折。我們看到了這些毛利率，我們看到了這個季度，我們看到了全年。

Our next question is from Brooke Roach of Goldman Sachs.

我們的下一個問題來自高盛的布魯克羅奇。

A lot of ground covered, but my question today is for Scott. Can you comment on your inventory position by brand and geography given the slower rate of recovery in China? As you think about the cadencing of inventory rebalancing, where do you expect that to trend for the remainder of the calendar year?

涉及很多方面，但我今天的問題是針對斯科特的。鑑於中國的複蘇速度較慢，您能否按品牌和地域評論您的庫存狀況？當您考慮庫存重新平衡的節奏時，您預計該日曆年剩餘時間的趨勢是什麼？

Yes, Brooke, I would love to answer that question. I would say the big picture here is no new news, right? We've talked about the quality and the quantity of inventory being well positioned and coming into our tea holiday season, we felt good about it. And the answer is, we still do. We're up about 30%. We said by the end of the year, we'd be up single digits.

是的，布魯克，我很樂意回答這個問題。我會說這裡的大局不是新消息，對吧？我們已經談到了庫存的質量和數量，這些庫存的質量和數量都很好，並且進入了我們的茶葉假期，我們對此感覺很好。答案是，我們仍然這樣做。我們上漲了大約 30%。我們說到今年年底，我們將達到個位數。

If you can expect sequential improvement as you move through the third, and I told you where we expect to end in the fourth quarter. And it's funny. On China, a quarter ago, we were talking about do we have too much inventory in China and now is at reopen do we have enough inventory in China.

如果你可以期待在第三季度進行時的連續改進，我告訴過你我們預計在第四季度結束的地方。這很有趣。關於中國，一個季度前，我們在談論我們在中國的庫存是否過多，現在正在重新開放，我們在中國的庫存是否足夠。

Again, I would say this points to the diversity of our -- and flexibility of our model. We've got bonded warehouses. We're able to, within some degree, reposition inventory. We've got inventory in China. We feel good about the quality of that inventory. And as that starts to reopen, we think we're really well positioned there as return to growth in the second half in China.

同樣，我想說這表明我們的多樣性和我們模型的靈活性。我們有保稅倉庫。我們能夠在某種程度上重新定位庫存。我們在中國有庫存。我們對該庫存的質量感覺良好。隨著它開始重新開放，我們認為我們在中國下半年恢復增長方面處於有利地位。

Our next question is from Oliver Chen of Cowen.

我們的下一個問題來自 Cowen 的 Oliver Chen。

Great quarter. And the CDP, the customer data platform, has been pretty impressive. How does that intersect with pricing? And also it's been very positive that the new customer that you're seeing are coming in higher AURs? What are some of the factors underpinning that?

偉大的季度。客戶數據平台 CDP 給人留下了深刻的印象。這如何與定價相交？而且您看到的新客戶的 AUR 更高，這也非常積極嗎？支撐這一點的因素有哪些？

And then on the future of the platform, less is more and thinking about Bandit versus Willow, Tabby and Rogue. What's the head for platform development and SKUs as you continue to rationalize and do more with less than decomplicate the product matrix.

然後在平台的未來，少即是多，思考 Bandit 與 Willow、Tabby 和 Rogue。當您繼續合理化並用更少的資源做更多而不是使產品矩陣複雜化時，平台開發和 SKU 的負責人是什麼？

Thanks, Oliver. the consumer and the consumer data that we have are -- have been a real meaningful driver in terms of our understanding of our consumer and where they are and their expectations for our brands, we're leveraging that data in a number of different ways. We're leveraging it through the full value chain from product creation as we understand and do market mapping and understand what our consumers are looking for from our brand as well as from our product, including the younger consumer and we're leveraging it as we think about how we market and which products resonate with which consumer bases. We have, importantly, a technology infrastructure that allows us to harness this data and really embed it into the decision making that's happening day to day.

謝謝，奧利弗。我們擁有的消費者和消費者數據 - 就我們對消費者的理解以及他們的位置以及他們對我們品牌的期望而言是一個真正有意義的驅動力，我們正在以多種不同方式利用這些數據。我們正在從產品創造的整個價值鏈中利用它，因為我們了解並進行市場映射，並了解我們的消費者對我們的品牌和產品的需求，包括年輕的消費者，我們正在利用它，因為我們考慮我們如何營銷以及哪些產品與哪些消費者群產生共鳴。重要的是，我們擁有一個技術基礎架構，使我們能夠利用這些數據並將其真正嵌入到日常決策中。

And as we see those, it does show us opportunities to drive higher lifetime value. We understand how customers are coming into our brands, what they're likely to purchase next in terms of driving frequency and how we engage them more fully in our brand and not just in one product at one price. And I think you've seen that through the second quarter. That is, again, a huge advantage of our direct-to-consumer platform. We're continuing to build on the platform, and we're applying new technology every day.

正如我們所看到的那樣，它確實向我們展示了推動更高生命週期價值的機會。我們了解客戶是如何進入我們的品牌的，他們接下來可能會在駕駛頻率方面購買什麼，以及我們如何讓他們更充分地參與我們的品牌，而不僅僅是以一種價格購買一種產品。我認為你已經在第二季度看到了這一點。這又是我們直接面向消費者平台的巨大優勢。我們將繼續在平台上進行構建，並且每天都在應用新技術。

And having a modern technology infrastructure allows us to move very quickly to apply new technology, to allow us to utilize that data even better. And I think our results show it. It's new customer acquisition, but you also see it in increased spend per customer as we lean into the learnings from that and our teams leverage it throughout the business. And Todd, I don't know if you want to take that.

擁有現代技術基礎設施使我們能夠非常迅速地應用新技術，從而更好地利用這些數據。我認為我們的結果表明了這一點。這是新客戶的獲取，但隨著我們從中吸取經驗教訓，我們的團隊在整個業務中利用它，您也會看到每個客戶的支出增加。托德，我不知道你是否願意接受。

Yes. Overall, again, it's so amazing what we're able to see and do with the platform we have with Tapestry and how rich the data is. And we're really understanding how best to animate the individual icon. So we're testing ideas earlier our merchants, our creative teams, we're bringing in our timeless Gen Z customer to influence some of that very early. So a great example is Tabby and Shearling in the quarter did exceptionally well. And when I walked through the showroom looking at fall next year, we took some of that learning and how to amplify it.

是的。總的來說，我們能夠通過 Tapestry 擁有的平台看到和做的事情以及數據的豐富程度再次令人驚奇。我們真正了解如何最好地為單個圖標製作動畫。因此，我們正在更早地測試我們的商家、我們的創意團隊的想法，我們正在引入我們永恆的 Z 世代客戶，以便儘早影響其中的一些想法。因此，一個很好的例子是本季度的 Tabby 和 Shearling 表現非常出色。當我走過明年秋天的陳列室時，我們學到了一些知識以及如何擴大它。

We also recognize that this idea of time placed and occasion matters. So how we focus on each time place and occasion. one of the opportunities we identified in outlet was to have a compelling backpack. And again, that you'll see the icon being launched in the fall, which will be incredible. I've actually been wear-testing it. I love it. So -- we see these opportunities. I know Joanne is going to say I'm not the timeless get customer. But internally, I am. But we really look at that, and the data is informing and it doesn't just inform on the hind sighting, it informs upfront. So as we get better, as we understand it, it informs our pricing. It informs our promotions. It informs our placement. It really informs everything we do. So I'm very excited by the platform. I'm very excited by the opportunity to continue to animate existing icons without constantly trying to create new icons every year, which would have been the historic norm.

我們也認識到這種時間安排和場合的想法很重要。那麼我們如何專注於每個時間地點和場合。我們在奧特萊斯發現的機會之一是擁有引人注目的背包。再一次，你會看到這個圖標在秋天推出，這將是令人難以置信的。我實際上一直在對其進行磨損測試。我喜歡它。所以——我們看到了這些機會。我知道喬安妮會說我不是永恆的顧客。但在內心深處，我是。但我們真的在看，數據正在提供信息，它不僅提供事後觀察的信息，還提前提供信息。因此，隨著我們變得更好，正如我們所理解的那樣，它會影響我們的定價。它通知我們的促銷活動。它通知我們的位置。它確實影響了我們所做的一切。所以我對這個平台感到非常興奮。我很高興有機會繼續為現有圖標製作動畫，而無需每年不斷嘗試創建新圖標，這本來是歷史常態。

Our next question is from Mark Altschwager of Baird.

我們的下一個問題來自 Baird 的 Mark Altschwager。

So I guess along the same line as is what you were just discussing there. Coach North America, in line with your expectations, driving new customers, higher AUR.

所以我猜想和你剛剛在那裡討論的是一樣的。 Coach North America，符合您的期望，帶動新客戶，更高的AUR。

Kate, you did mention that, that customer appeared to be a bit more price sensitive. Why do you think Kate is showing more -- the Kate customer is showing more price sensitivity versus Coach? Is this a function of a younger consumer on average? Are there data and analytics capabilities that you're leveraging at Coach today that you're not at Kate, so you can potentially close that gap over time? Just curious of any insights there and how it might impact durability of growth in Coach versus Kate, should the macro backdrop moderate as the year unfolds.

凱特，你確實提到過，那個客戶似乎對價格更敏感。為什麼你認為 Kate 表現得更多——與 Coach 相比，Kate 的顧客對價格更敏感？這是平均年輕消費者的功能嗎？您今天在 Coach 是否利用了 Kate 沒有的數據和分析功能，以便您可以隨著時間的推移縮小這種差距？只是好奇那裡的任何見解以及它如何影響 Coach 與 Kate 的增長持久性，如果宏觀背景隨著今年的展開而緩和。

And then just a real quick one for Scott. Inventory tracking in line with your plans. With the bigger picture, can the business achieve inventory turns at levels that you saw pre-COVID? And how would we think about the time line and opportunity there?

然後對斯科特來說只是一個真正的快速。根據您的計劃進行庫存跟踪。從更大的角度來看，企業能否實現您在 COVID 之前看到的水平的庫存周轉率？我們將如何考慮那裡的時間線和機會？

Thanks, Mark. We feel great about Kate and the progress that we're making. And I think some of the points that you made in terms of who the customer is. We acquired 1 million new customers at Kate over the quarter. We drove handbag AUR growth in the quarter.

謝謝，馬克。我們對凱特和我們正在取得的進步感覺很好。我認為你就客戶是誰提出的一些觀點。本季度，我們在 Kate 獲得了 100 萬新客戶。我們推動了本季度手提包 AUR 的增長。

The environment was, I would say, more normalized from a promotional standpoint. And while the promotions were higher than last year. Last year, the Kate business was extremely supply constrained. So I would say that would be an anomalous year. The promotional levels were still lower than 2 years ago at Kate Spade. And we are applying the same tools across our platform between Coach and Kate. But one of the key differences is coaches icon strategy has deep history and heritage. And at Kate, we've been building out our core handbag platform with success, but we're still in building mode at Kate.

我想說，從促銷的角度來看，環境更加規範化。雖然促銷活動高於去年。去年，Kate 業務供應極為緊張。所以我想說那將是反常的一年。 Kate Spade 的促銷水平仍低於 2 年前。我們在 Coach 和 Kate 之間的平台上應用相同的工具。但關鍵區別之一是教練偶像策略具有深厚的歷史和傳承。在 Kate，我們一直在成功構建我們的核心手提包平台，但在 Kate，我們仍處於構建模式。

Again, we called out really encouraging signs. We talk about the core platform, the Knott and Katy as we've been developing a more solid core foundation there. Those continue to perform. We introduced a new leather program, Gramercy that's off to a great start. Additionally, Kate has, in its history, never really had a signature platform, and we've really been leaning into the spade flower.

再一次，我們提出了非常令人鼓舞的跡象。我們談論核心平台，Knott 和 Katy，因為我們一直在那裡開發更堅實的核心基礎。那些繼續執行。我們推出了一個新的皮革計劃 Gramercy，這是一個良好的開端。此外，在其歷史上，Kate 從未真正擁有過一個標誌性平台，而我們確實一直在向黑桃花靠攏。

We talked about Monogram platform that we had. And again, that's another platform that we can continue to leverage at Kate to continue to build resilience into the model and durability into the model at Kate in addition to the novelty, et cetera, that is such an important part of the Kate DNA.

我們談到了我們擁有的 Monogram 平台。再一次，這是我們可以在 Kate 繼續利用的另一個平台，除了新穎性等之外，繼續在 Kate 的模型中建立彈性和耐用性，這是 Kate DNA 的重要組成部分。

So the teams are making progress at Kate Spade and building on the foundation. We have a very passionate customer base at Kate Spade. And we're expanding that customer base. We're seeing higher spend per customer. We're leveraging the full complement of lifestyle categories. We saw mid-teens growth in lifestyle categories that Kate, which we think is an important driver of long-term customer value as we go forward. So we feel good about the progress at Kate and we're investing in the future because we're confident in the future runway ahead.

因此，團隊正在 Kate Spade 取得進展並在基礎上進行建設。我們在 Kate Spade 擁有非常熱情的客戶群。我們正在擴大客戶群。我們看到每個客戶的支出更高。我們正在利用生活方式類別的全部補充。我們看到凱特在生活方式類別中有十幾歲的增長，我們認為這是我們前進的長期客戶價值的重要驅動力。因此，我們對凱特的進步感到滿意，我們正在投資未來，因為我們對未來的跑道充滿信心。

Mark, just to address your question on churns. The short answer is, yes, we think as we work through the very unusual dynamics that we've seen at play this year with elongated lead times by an early disruptions in supply demand stuff, all the things that we've been talking about now over the last number of quarters, we are targeting, and we would expect a return to pre-COVID levels as we move into the next year. I don't know exactly when we hit those levels, but that's certainly in our line of sight, and that's certainly our intent. And I can tell you internally, we're focusing on that just about every time we get together from Todd from Joanne from myself. So that's our expectation, and that's what we're driving to.

馬克，只是為了解決您關於客戶流失的問題。簡短的回答是，是的，我們認為，在我們處理我們今年看到的非常不尋常的動態時，由於供應需求的早期中斷導致交貨時間延長，我們現在一直在談論的所有事情在過去的幾個季度中，我們的目標是，我們預計在進入明年時會恢復到 COVID 之前的水平。我不知道我們什麼時候達到這些水平，但這肯定在我們的視線範圍內，這當然是我們的意圖。我可以在內部告訴你，幾乎每次我們從托德、喬安妮和我自己聚在一起時，我們都會關注這一點。所以這是我們的期望，也是我們的目標。

This does conclude our question-and-answer session. I'd be happy to return the call over to Joanne for some concluding remarks.

這確實結束了我們的問答環節。我很樂意將電話轉回給 Joanne 以作一些總結性發言。

Thank you, and thank you for joining us and for your interest in our story. Today, we delivered record holiday earnings outperforming our expectations and positioning us to raise our outlook for the fiscal year. A huge thank you to our talented team around the world who continue to drive our results. Importantly, our performance highlights Tapestry's competitive advantages, the power of our iconic brands and strong consumer engagement platform as well as our globally diversified direct-to-consumer business model.

謝謝您，也感謝您加入我們並對我們的故事感興趣。今天，我們交付了創紀錄的假日收益，超出了我們的預期，並使我們能夠提高本財年的前景。非常感謝我們遍布世界各地的才華橫溢的團隊，他們繼續推動我們取得成果。重要的是，我們的業績突出了 Tapestry 的競爭優勢、我們標誌性品牌的力量和強大的消費者參與平台，以及我們全球多元化的直接面向消費者的商業模式。

We have a clear strategy to drive significant long-term sustainable growth across our portfolio, and we're confident in the runway ahead. Thanks again, and have a great day.

我們有一個明確的戰略來推動我們的投資組合實現顯著的長期可持續增長，我們對未來的跑道充滿信心。再次感謝，祝你有美好的一天。

This concludes Tapestry's earnings conference call. We thank you for your participation.

Tapestry 的收益電話會議到此結束。我們感謝您的參與。