掛毯 (TPR) 2023 Q3 法說會逐字稿

Good day, and welcome to this Tapestry Conference Call. Today's call is being recorded.

美好的一天，歡迎來到 Tapestry 電話會議。今天的通話正在錄音中。

(Operator Instructions) Please note this call may be recorded. At this time, for opening remarks and introductions, I would like to turn the conference call over to the Global Head of Investor Relations, Christina Colone.

（操作員說明）請注意，此通話可能會被錄音。現在，為了進行開場白和介紹，我想將電話會議轉交給全球投資者關係主管克里斯蒂娜·科隆 (Christina Colone)。

Good morning. Thank you for joining us. With me today to discuss our Third 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。今天與我討論我們的第三季度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 year. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements.

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。

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. 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.tavestry.com/investors and then view the earnings release and the presentation posted today.

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。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.tavestry.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. 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.

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。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 CEO.

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

Good morning. Thank you, Christina, and welcome, everyone. As noted in our press release, we delivered strong revenue, margin and earnings growth in the third quarter, significantly outpacing expectations. This demonstrates the power of brand building, customer centricity and our agile operating model. Importantly, we continue to advance our long-term strategic agenda, creating lasting customer relationships around the world through product innovation and compelling omni-channel experiences. A testament to the ingenuity of our talented global teams who continue to drive our results.

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，我們在第三季度實現了強勁的收入、利潤率和盈利增長，大大超出預期。這證明了品牌建設、以客戶為中心和我們靈活的運營模式的力量。重要的是，我們繼續推進我們的長期戰略議程，通過產品創新和引人注目的全渠道體驗在全球範圍內建立持久的客戶關係。這證明了我們才華橫溢的全球團隊的獨創性，他們繼續推動我們取得成果。

Touching on the strategic and financial highlights of the quarter. First, we powered global growth achieving 9% constant currency revenue gains, meaningfully surpassing our outlook. These top line results were led by our international businesses, which grew nearly 20% excluding FX. This included a greater-than-anticipated inflection in Greater China, where sales increased 20%, supported by a strong rebound in traffic and returning to growth compared to the region's peak fiscal '21 levels. Importantly, given our history in the market and the brand building investments we've made, our brands are well positioned to capture the opportunity with the Chinese consumer, both in Greater China and around the world.

談到本季度的戰略和財務亮點。首先，我們推動全球增長實現了 9% 的貨幣收入持續增長，大大超過了我們的預期。這些頂級業績由我們的國際業務引領，不包括外匯業務增長了近 20%。這包括大中華區超出預期的拐點，該地區的銷售額增長了 20%，這得益於客流量的強勁反彈，並且與該地區 21 財年的峰值水平相比恢復了增長。重要的是，鑑於我們在市場上的歷史和我們所做的品牌建設投資，我們的品牌處於有利地位，可以在大中華區和全球範圍內抓住中國消費者的機會。

In the quarter, we also drove continued momentum in Japan and other Asia with sales growth of over 20% as well as a mid-single-digit increase in Europe. In North America, sales rose low single digits against an increasingly challenging consumer backdrop. Of note, these results benefited from growth in January as we anniversaried more acute COVID-related disruptions in the prior year. Taken together, we delivered strong sales growth globally, while driving higher growth and operating margins compared to prior year, underscoring our commitment to being disciplined stewards of our brands and business.

在本季度，我們還推動了日本和其他亞洲地區的持續增長勢頭，銷售額增長超過 20%，歐洲也實現了中個位數增長。在北美，在日益具有挑戰性的消費者背景下，銷售額增長了低個位數。值得注意的是，這些結果得益於 1 月份的增長，因為我們在前一年紀念了與 COVID 相關的更嚴重的中斷。總而言之，我們在全球範圍內實現了強勁的銷售增長，同時推動了與上一年相比更高的增長和營業利潤率，突顯了我們對嚴格管理我們的品牌和業務的承諾。

Second, we continue to build lasting customer relationships. During the quarter, we acquired over 1.2 million new customers in North America alone. Importantly, these new customers transacted at higher AUR than the balance of our customer base and approximately half of these customers were Millennial and Gen Z, consistent with our strategy to attract younger consumers to our brands. At the same time, we reactivated lapsed customers across the portfolio.

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超過 120 萬新客戶。重要的是，這些新客戶的交易 AUR 高於我們客戶群的平衡，並且這些客戶中約有一半是千禧一代和 Z 世代，這與我們吸引年輕消費者加入我們品牌的戰略一致。與此同時，我們重新激活了整個產品組合中流失的客戶。

Third, we delivered seamless omni-channel experiences, harnessing the power of our direct-to-consumer business model and highlighting our ability to meet consumers where they are shopping. We drove 10% growth in direct-to-consumer sales on a constant currency basis. This was led by low-teens growth in brick-and-mortar sales as we welcome an increasing number of consumers to our stores. In addition, digital sales rose mid-single digits and remained over 3x ahead of pre-pandemic levels.

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，並突出我們在消費者購物時與他們見面的能力。在固定匯率的基礎上，我們推動直接面向消費者的銷售額增長了 10%。這是由於我們歡迎越來越多的消費者光顧我們的商店，因此實體店銷售額出現了低增長。此外，數字銷售額增長了中等個位數，並且比大流行前水平高出 3 倍以上。

Fourth, we fueled fashion innovation and product excellence informed by data, analytics and consumer research. To this end, we drove handbag AUR growth globally and in North America, which supported our gross margin increases in the quarter. We also delivered outsized gains in our small leather goods and lifestyle offerings, key to enhancing brand relevance and fueling customer value over time. Taken together, we generated third quarter earnings well above our expectations, rising over 50% compared to the prior year which we accomplished despite a volatile demand backdrop and currency headwinds. Based on this performance, we are raising our outlook for the fiscal year, underscoring our ability to drive sustainable, profitable growth.

第四，我們通過數據、分析和消費者研究推動時尚創新和卓越產品。為此，我們推動了全球和北美手提包 AUR 的增長，這支持了我們本季度的毛利率增長。我們還在小型皮具和生活方式產品方面取得了巨大收益，這對提高品牌相關性和隨著時間的推移增加客戶價值至關重要。總的來說，我們第三季度的收益遠高於我們的預期，與上一年相比增長了 50% 以上，儘管需求背景不穩定且貨幣逆風。基於這一業績，我們上調了本財年的展望，強調了我們推動可持續盈利增長的能力。

Now turning to the highlights across each of our brands, starting with Coach. We outperformed expectations in the third quarter as we continue to build strength on strength. We drove an 11% revenue increase at constant currency, while delivering over 300 basis points of operating margin expansion fueled by gross margin gains. Throughout the quarter, we advanced our strategic initiatives, bringing expressive luxury to life.

現在轉向我們每個品牌的亮點，從 Coach 開始。隨著我們繼續增強實力，我們在第三季度的表現超出了預期。我們以固定匯率計算的收入增長了 11%，同時在毛利率增長的推動下實現了超過 300 個基點的營業利潤率增長。在整個季度中，我們推進了我們的戰略計劃，為生活帶來了富有表現力的奢華。

First, we built on the momentum of our leather goods offering, extending our iconic families to drive consumer engagement. Tabby was again a top performer, resonating with both new and existing customers with notable success in the core shoulder bag. During the quarter, we launched new styles, including the Tabby Box bag, which provided silhouette diversification as well as the fun and nostalgic Jelly tabby, which drove strong sell-through specifically with younger consumers. In the Road family, our top handle silhouette gained momentum, becoming the #1 style within the collection. At the same time, Willow drove significant volume while Bandit outperformed expectations at elevated price points. In addition, we're creating compelling and emotional small leather goods assortment. As a result, we drove outsized growth in the category aided by success across wallets and micro bags in keeping with current trends.

首先，我們以皮具產品的勢頭為基礎，擴展我們的標誌性系列以推動消費者參與。 Tabby 再次脫穎而出，憑藉核心單肩包的顯著成功贏得了新老客戶的共鳴。在本季度，我們推出了新款式，包括提供款式多樣化的 Tabby Box 包以及有趣且懷舊的 Jelly tabby，特別是在年輕消費者中推動了強勁的銷售。在 Road 系列中，我們的頂部手柄款式勢頭強勁，成為該系列中排名第一的款式。與此同時，Willow 帶來了可觀的銷量，而 Bandit 在較高的價格點上表現優於預期。此外，我們正在打造引人入勝且富有情感的小皮具系列。因此，我們在錢包和微型包的成功幫助下推動了該類別的超額增長，以符合當前趨勢。

Overall, our product innovation supported by the use of data and consumer insights throughout the product creation process fueled a high single-digit global handbag AUR growth at constant currency, including gains in North America. Second, we focused our marketing investments on brand-building activities, connecting emotionally with customers through the unique purpose of the brand. Building on Coach's courage to be real mission, we debuted our latest marketing that connects product and purpose. Our In My Tabby campaign featuring Lil Nas X, alongside a cast of global brand ambassadors redefines what we carry, not just in terms of physical objects but the experiences, journeys and aspirations that shape who we are.

總體而言，我們的產品創新在整個產品創建過程中使用數據和消費者洞察力的支持下，以固定匯率推動了全球手提包 AUR 的高單位數增長，包括在北美的增長。其次，我們將營銷投資集中在品牌建設活動上，通過品牌的獨特目的與客戶建立情感聯繫。基於 Coach 勇於成為真正使命的勇氣，我們推出了將產品與目標聯繫起來的最新營銷方式。我們以 Lil Nas X 為主角的 In My Tabby 活動以及一系列全球品牌大使重新定義了我們攜帶的物品，不僅是實物，還有塑造我們身份的經歷、旅程和抱負。

Importantly, our 360-degree activation efforts supported the acquisition of approximately 800,000 new customers in North America alone, with over half being Millennial or Gen Z. We also drove strong engagement with existing clientele and reactivated lapsed customers, reaffirming our ability to attract new customers while retaining our existing customer base. And in China, we drove strong growth and brand momentum, capitalizing on Coach's leadership positioning and track record of success since entering the market 2 decades ago. During the quarter, we were pleased with the performance of our collaboration with the Nostalgic White Rabbit Candy brand, which debuted a celebration of Lunar New Year. This collection successfully drove the acquisition of new customers with over half of its purchasers being new to the brand.

重要的是，我們的 360 度激活工作支持僅在北美就獲得了大約 800,000 名新客戶，其中一半以上是千禧一代或 Z 世代。我們還推動了與現有客戶的密切互動並重新激活了流失的客戶，重申了我們吸引新客戶的能力同時保留我們現有的客戶群。在中國，我們利用 Coach 的領導地位和 20 年前進入市場以來的成功記錄，推動了強勁的增長和品牌勢頭。在本季度，我們對與懷舊大白兔糖品牌合作的表現感到滿意，該品牌推出了慶祝農曆新年的活動。該系列成功地推動了新客戶的收購，其中超過一半的購買者是該品牌的新客戶。

Third, we drove a strong top line increase in our lifestyle offering, an area of long-term opportunity for the brand. In ready-to-wear, we delivered outsized growth with success across genders as we leaned into the key branding elements. This performance was led by our compelling outerwear selection anchored by the brand's iconic trench. In men's, double-digit constant currency gains were fueled by our leather goods offering, aided by the continued strength of our Gotham family as well as the successful launch of the relay tote offered in a range of colors and featuring Coach New York graphics.

第三，我們推動了生活方式產品的強勁收入增長，這是該品牌的長期機遇領域。在成衣方面，我們依靠關鍵的品牌元素實現了跨性別的巨大增長和成功。這一表現由我們以品牌標誌性風衣為基礎的引人注目的外套選擇引領。在男裝方面，我們的皮具產品推動了兩位數的持續貨幣收益，這得益於我們 Gotham 家族的持續實力以及成功推出具有多種顏色並帶有 Coach New York 圖案的接力手提袋。

Fourth, we created omni-channel experiences that resonate with consumers by communicating our brand purpose of self-expression. We tested new experiential and immersive retail concepts across the globe, creating opportunities for customers to engage their senses throughout their brand and product discovery journeys. In Chicago, we launched Coach Play, the first in a series of concept stores, encouraging customers to play in coach spaces. These highly interactive locations, which we have since opened in Japan and Singapore, are bespoke, balancing design elements of the brand's heritage with local elements to connect with each store's community.

第四，我們通過傳達我們自我表達的品牌宗旨，創造了與消費者產生共鳴的全渠道體驗。我們在全球範圍內測試了新的體驗式和身臨其境的零售概念，為客戶創造了在品牌和產品發現之旅中調動感官的機會。在芝加哥，我們推出了 Coach Play，這是一系列概念店中的第一家，鼓勵顧客在教練空間玩耍。我們在日本和新加坡開設的這些高度互動的地點是定制的，平衡了品牌傳統的設計元素與當地元素，以與每家商店的社區建立聯繫。

Further, we leaned into the success of our Tabby family to create Tabby shops in select stores around the world. These compelling environments utilize existing store architecture and were inspired by traditional ice cream shops to celebrate the different flavors of this iconic handbag collection. We also showcased these pop-ups across our digital channels, allowing the brand to scale the experience to a broader audience. And just last month, we were excited to officially launch Coachtopia, a sub-brand created with the goal of reimagining and disrupting the fashion industry. By working with a community of partners, including Gen Zs, we kept circularity as our North Star, delivering a line of products crafted from reused leather bags and recycled materials.

此外，我們藉助 Tabby 家族的成功，在全球精選商店中開設了 Tabby 商店。這些引人入勝的環境利用現有的商店建築，並受到傳統冰淇淋店的啟發，以慶祝這個標誌性手袋系列的不同口味。我們還在我們的數字渠道中展示了這些彈出窗口，使該品牌能夠將體驗擴展到更廣泛的受眾。就在上個月，我們很高興正式推出了 Coachtopia，這是一個旨在重新構想和顛覆時尚行業的子品牌。通過與包括 Z 世代在內的合作夥伴社區合作，我們將循環作為我們的北極星，提供一系列由可重複使用的皮包和回收材料製成的產品。

While a small assortment today, we are extremely pleased with the response to the product and purpose and see further opportunity ahead. In closing, Coach continues to differentiate both in its brand positioning and its financial performance. This success is rooted in the brand's magic. Its unique DNA and iconic product offerings, blended with the logic of deep customer understanding. Importantly, through expressive luxury, we're writing Coach's next chapter by connecting our history and purpose with innovative product and experiences, enabling self-expression for modern consumers around the world. We are confident in our strategy and the opportunity to deliver continued healthy growth for years to come.

雖然今天的品種很少，但我們對產品和用途的反應非常滿意，並看到未來的更多機會。最後，Coach 繼續在品牌定位和財務業績方面脫穎而出。這一成功植根於品牌的魔力。其獨特的 DNA 和標誌性的產品供應，融合了對客戶深入理解的邏輯。重要的是，通過富有表現力的奢華，我們正在通過將我們的歷史和宗旨與創新產品和體驗聯繫起來，為全球現代消費者提供自我表達，從而譜寫 Coach 的新篇章。我們對我們的戰略和在未來幾年實現持續健康增長的機會充滿信心。

Now moving to Kate Spade. Our third quarter results outpaced expectations, supported by revenue gains on a constant currency basis and gross margin expansion. At the same time, we made further foundational investments that are supporting our long-term strategic growth agenda. Positioning the brand to be more emotional, more lifestyle and more global in order to drive customer connectivity and deliver profitable growth. Touching on the details of the quarter. First, we remain focused on delivering an innovative and distinctive core handbag offering. The Knott remained the top global handbag group, while the recently introduced Hudson, which features wear-to-work styles was a recruitment driver for younger consumers.

現在轉向 Kate Spade。我們的第三季度業績超出預期，這得益於按固定匯率計算的收入增長和毛利率擴張。與此同時，我們進行了進一步的基礎投資，以支持我們的長期戰略增長議程。將品牌定位為更感性、更生活方式和更全球化，以推動客戶聯繫並實現盈利增長。觸及本季度的細節。首先，我們仍然專注於提供創新且與眾不同的核心手袋產品。 Knott 仍然是全球頂級手袋集團，而最近推出的 Hudson 以適合上班的風格為特色，成為年輕消費者的招聘推動力。

In addition, the iconic sandbag offered in recycled nylon drove strong growth. The success of this family highlights the opportunity to engage consumers by leaning into the brand heritage and innovation. We also amplified our novelty offering, bringing heightened emotion and newness to the brand. The sheepdog collection resonated with both new and existing customers. In fact, this was the #1 full-price novelty style in the quarter, priced at nearly $500. Overall, our product initiatives, coupled with our use of data to deepen our understanding of consumer preferences, supported low single-digit handbag AUR growth at constant currency, both globally and in North America.

此外，標誌性的再生尼龍沙袋推動了強勁增長。這個家族的成功凸顯了通過品牌傳承和創新吸引消費者的機會。我們還擴大了我們的新奇產品，為品牌帶來了更高的情感和新鮮感。牧羊犬系列引起了新老客戶的共鳴。事實上，這是本季度排名第一的全價新奇款式，價格接近 500 美元。總體而言，我們的產品計劃，加上我們使用數據來加深我們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低個位數手袋 AUR 增長。

Next, we advanced our strategy to become more lifestyle, delivering strong revenue growth in the assortment, led by momentum in ready-to-wear, footwear and jewelry. Importantly, we continue to see that customers who shop across categories are our highest value customers, demonstrating the importance of the brand's lifestyle offering as a long-term growth driver.

接下來，我們推進了我們的戰略，變得更加生活方式化，在成衣、鞋類和珠寶的勢頭帶動下，該品類實現了強勁的收入增長。重要的是，我們繼續看到跨類別購物的客戶是我們價值最高的客戶，這表明該品牌的生活方式產品作為長期增長動力的重要性。

Now touching on marketing. We expressed the world of Kate Spade through unique storytelling. In celebration of the brand's 30th anniversary, we leaned into its DNA as a beloved lifestyle brand that sparks Joy. To do this, we increased our top of funnel marketing spend, targeting Millennial and Gen Z consumers to support the reimagination of our heritage codes. Stripes, dots and Kate Spade Green, which we launched in partnership with Pantone. This signature shade, which was featured an exclusive capsule across categories as well as updated recyclable and reusable packaging has been particularly successful with the brand's loyal fan base.

現在談到營銷。我們通過獨特的故事講述來表達 Kate Spade 的世界。為慶祝該品牌成立 30 週年，我們深入挖掘了其作為深受喜愛的生活方式品牌的 DNA，激發了歡樂。為此，我們增加了漏斗營銷支出的頂部，以千禧一代和 Z 世代消費者為目標，以支持對我們傳統代碼的重新構想。條紋、圓點和我們與 Pantone 合作推出的 Kate Spade Green。這種標誌性的色調，具有跨類別的獨家膠囊以及更新的可回收和可重複使用的包裝，在該品牌的忠實粉絲群中特別成功。

We're also continuing to engage with consumers through our social impact effort, which connects our customers to our brand beyond products. Taken together, our impactful marketing helped fuel the recruitment of approximately 400,000 new customers in North America. Additionally, we saw strong lapsed customer reactivation and an overall increase in spend per customer.

我們還通過我們的社會影響力努力繼續與消費者互動，將我們的客戶與我們的品牌聯繫起來，而不僅僅是產品。總而言之，我們富有影響力的營銷活動幫助推動了北美約 400,000 名新客戶的招募。此外，我們還看到大量流失的客戶重新激活以及每位客戶的總體支出增加。

And finally, in keeping with our priority is 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 Marina Bay Sands in Singapore in October. Since then, we have expanded the concept further to more than 15 doors across the globe, creating a compelling brand experience. And in Greater China, an area of opportunity for the brand, we launched Lunar New Year capsule collections, pop-ups and WeChat activations featuring our rabbit novelty offering, which drove strong engagement.

最後，為了與我們的首要任務保持一致，即變得更加全球化，我們仍然專注於滿足目標消費者在世界各地購物的地點。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酒店。從那時起，我們將這一概念進一步擴展到全球超過 15 家門店，創造了引人入勝的品牌體驗。在大中華區，該品牌的機遇領域，我們推出了農曆新年膠囊系列、彈出窗口和微信激活，以我們的兔子新奇產品為特色，推動了強大的參與度。

In addition, we collaborated with Starbucks China on a series of limited time-only merchandise to help build Kate Spade's brand awareness and excitement. The capsule had strong sell-throughs with more than half of the assortment selling out in just 2 days, signaling the brand's appeal to a broad base of Chinese consumers.

此外，我們與星巴克中國合作推出了一系列限時商品，以幫助打造 Kate Spade 的品牌知名度和吸引力。該膠囊系列銷量強勁，僅 2 天就售罄，表明該品牌對廣泛的中國消費者群具有吸引力。

In summary, we continue to make progress in advancing the brand's, strategic growth agenda and see further opportunity ahead. Kate Spade is a unique lifestyle brand with global relevance, and we're making key investments to deepen consumer engagement through compelling products, marketing and experiences to drive sustainable growth and margin improvement over the long term.

總而言之，我們在推進品牌戰略增長議程方面繼續取得進展，並看到了未來的更多機遇。 Kate Spade 是一個具有全球影響力的獨特生活方式品牌，我們正在進行重大投資，通過引人注目的產品、營銷和體驗來深化消費者參與，從而推動長期可持續增長和利潤率提高。

Turning to Stuart Weitzman. In the third quarter, we delivered 10% revenue growth in constant currency, supported by double-digit growth in North America and a mid-single-digit increase in Greater China. Importantly, we achieved this top line performance while significantly expanding margins with higher full price selling driving gross margin gains.

轉向斯圖爾特韋茨曼。第三季度，在北美兩位數增長和大中華區中等個位數增長的支持下，我們實現了 10% 的固定匯率收入增長。重要的是，我們實現了這一最高業績，同時顯著擴大了利潤率，更高的全價銷售推動了毛利率的增長。

Turning to the details of the quarter. We made further progress on our strategy to win with heat and improve brand awareness. First, we curated a highly relevant assortment of emotional product to spark desire. Our newer iconic families led our results with notable outperformance in pumps, booties and loafers. Soho was again a top collection, anchored by the on-trend Luxol which saw a strong performance with Millennial and Gen Z customers, while the Stewart family continued to grow and resonated across age groups. And our handbag collection, while still a small portion of the assortment, drove engagement with both new and existing clients at high AUR and accretive margins.

轉向本季度的細節。以熱取勝、品牌知名度提升戰略取得新進展。首先，我們策劃了一系列高度相關的情感產品來激發慾望。我們較新的標誌性系列在高跟鞋、短靴和樂福鞋方面表現出色，領跑我們的業績。 Soho 再次成為熱門系列，受到千禧一代和 Z 世代客戶青睞的潮流 Luxol 表現強勁，而 Stewart 家族繼續壯大並在各個年齡段引起共鳴。我們的手提包系列雖然只佔產品種類的一小部分，但以高 AUR 和增加的利潤推動了與新老客戶的互動。

Second, we focused on creating compelling shopping experiences across the globe. As a result, we drove revenue growth in our global direct business, led by increases in North America, which included significant growth in digital. We also continue to strengthen our wholesale partnerships. Specifically, in North America, we saw an increase in sales at full price accounts while continuing to reduce off-price exposure as we focus on brand elevation. And internationally, we delivered continued growth as we increased our presence across key accounts.

其次，我們專注於在全球範圍內創造引人入勝的購物體驗。因此，我們推動了全球直接業務的收入增長，其中北美地區的增長帶動了收入增長，其中包括數字業務的顯著增長。我們還繼續加強我們的批發合作夥伴關係。具體來說，在北美，我們看到全價賬戶的銷售額有所增加，同時由於我們專注於品牌提升而繼續減少低價曝光。在國際上，隨著我們在關鍵客戶中的影響力增加，我們實現了持續增長。

Third, we fueled brand heat by leveraging new marketing tactics to increase buzz and organic awareness. This included an influencer back campaign with a compelling styling series to highlight our spring collection. In addition, we were pleased with the performance of our limited edition collection with KidSuper, a New York City-based streetwear brand and creative studio, which featured artistic plays on our icons that reach new customers across the globe at higher-than-average AUR. As a result of our focus on connecting with consumers in new ways, we drove an increase in the number of active customers in the quarter, fueled by engagement with our existing client base, including growth in reactivated customers.

第三，我們通過利用新的營銷策略來增加知名度和自然知名度來激髮品牌熱度。這包括一個有影響力的回歸活動和一個引人注目的造型系列來突出我們的春季系列。此外，我們對我們與紐約市街頭服飾品牌和創意工作室 KidSuper 合作推出的限量版系列的表現感到滿意，該系列以我們的標誌性作品為特色，以高於平均水平的 AUR 吸引了全球新客戶.由於我們專注於以新方式與消費者建立聯繫，因此在與現有客戶群的互動（包括重新激活客戶的增長）的推動下，我們推動了本季度活躍客戶數量的增加。

Overall, we continue to advance our strategic initiatives to drive brand heat and awareness while maintaining financial and operational rigor to further support profitable growth. In closing, our third quarter results reinforce our progress in differentiating our brands and business. Although the environment remains uncertain, we operate in attractive durable categories from a position of strength with iconic brands amplified by a digitally enabled platform that powers them to move at the speed of the consumer. We remain steadfast in our commitment to building enduring brands and relationships with consumers, and we're investing behind these priorities.

總體而言，我們繼續推進我們的戰略舉措，以提高品牌熱度和知名度，同時保持財務和運營的嚴謹性，以進一步支持盈利增長。最後，我們第三季度的業績鞏固了我們在品牌和業務差異化方面取得的進展。儘管環境仍然不確定，但我們在有吸引力的耐用品類別中運營，我們的標誌性品牌通過數字化平台得到了放大，使他們能夠以消費者的速度移動。我們始終堅定不移地致力於建立持久的品牌和與消費者的關係，並且我們正在為這些優先事項進行投資。

At the same time, we're being agile and disciplined financial operators. Controlling what we can control to successfully navigate the near term while advancing our long-term strategic growth agenda. Our runway is significant, and we have a relentless drive to deliver sustainable growth and value for all stakeholders.

與此同時，我們是敏捷和紀律嚴明的金融運營商。控制我們可以控制的東西，以在短期內成功駕馭，同時推進我們的長期戰略增長議程。我們的跑道很重要，我們有不懈的動力為所有利益相關者實現可持續增長和價值。

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 significant top and bottom line outperformance.

謝謝，喬安妮，大家早上好。正如喬安妮所提到的，我們實現了顯著的頂線和底線表現。

In the quarter, we drove revenue growth of 9% on a constant currency basis, including 20% growth internationally. We expanded operating margin by approximately 280 basis points versus last year, led by gross margin gains and grew earnings per share by over 50%. Importantly, we also returned $270 million to shareholders, demonstrating our commitment to enhancing long-term value.

本季度，我們以固定匯率為基礎推動收入增長 9%，其中國際收入增長 20%。在毛利率增長和每股收益增長超過 50% 的帶動下，我們的營業利潤率比去年提高了約 280 個基點。重要的是，我們還向股東返還了 2.7 億美元，表明我們致力於提高長期價值。

Turning to the details of the quarter, I'll begin with revenue, which will be shared on a constant currency basis. Sales rose 9%, well ahead of our expectations for an increase of 3% to 5% fueled by games both internationally and in North America. In Greater China, we returned to revenue growth in the quarter, driven by an improvement in traffic. Sales increased 20% with double-digit gains across stores, digital and wholesale. At the same time, we've started to see an uptick in domestic Chinese travel, including significant gains in our Hong Kong and Macau businesses as well as a pickup in Hainan. Importantly, although these initial reads have been encouraging, global Chinese tourist trends still remain well below pre-pandemic levels, representing an area of further opportunity.

談到本季度的細節，我將從收入開始，收入將以固定貨幣為基礎進行分享。銷售額增長 9%，遠高於我們預期的 3% 至 5% 的增長，主要受國際和北美遊戲的推動。在大中華區，在客流量改善的推動下，本季度收入恢復增長。銷售額增長了 20%，在商店、數字和批發方面實現了兩位數的增長。與此同時，我們開始看到中國國內旅遊的增長，包括香港和澳門業務的顯著增長以及海南的回升。重要的是，儘管這些初步數據令人鼓舞，但全球中國遊客趨勢仍遠低於大流行前的水平，這代表著一個有更多機會的領域。

In Japan, sales rose approximately 23%, while Other Asia grew 22%, driven by strength across Malaysia, Singapore, Australia, New Zealand and Thailand, with notable traction among local consumers. Sales to tourists also improved versus the prior year, although remained well below pre-pandemic levels. In Europe, sales increased 4%, fueled by gains with international tourists, notably from the Middle East. And in North America, sales rose 3%, driven by growth in January against last year's atypical comparisons related to COVID.

在日本，銷售額增長了約 23%，而其他亞洲地區增長了 22%，這得益於馬來西亞、新加坡、澳大利亞、新西蘭和泰國的強勁增長，並受到當地消費者的顯著推動。與前一年相比，對遊客的銷售也有所改善，但仍遠低於大流行前的水平。在歐洲，銷售額增長了 4%，這得益於國際遊客（尤其是中東遊客）的增加。在北美，由於 1 月份的增長與去年與 COVID 相關的非典型比較相比，銷售額增長了 3%。

For the balance of the quarter and into April, trends in the region softened amid an increasingly challenging consumer backdrop. As such, we've incorporated a mid-single-digit decline in sales in North America into our fourth quarter outlook. By channel, our direct-to-consumer business grew 10%, led by a low-teens gain in stores as well as a mid-single-digit increase in digital. Importantly, we delivered higher operating margin in both channels relative to last year. And in wholesale, revenue was 7% below the prior year, reflecting growth in the international markets, fully offset by a decline in North America, which included a strategic reduction in off-price shipments.

在本季度餘下時間和進入 4 月期間，該地區的趨勢在消費者面臨的挑戰日益嚴峻的情況下有所緩和。因此，我們已將北美銷售額的中個位數下降納入我們的第四季度展望。按渠道劃分，我們的直接面向消費者的業務增長了 10%，這主要得益於門店的低雙位數增長以及數字業務的中等個位數增長。重要的是，與去年相比，我們在兩個渠道中實現了更高的營業利潤率。在批發方面，收入比上年下降 7%，這反映了國際市場的增長，但完全被北美市場的下滑所抵消，其中包括低價出貨量的戰略性減少。

Moving down the P&L. We delivered gross margin ahead of our projection and 290 basis points above prior year. This year-over-year expansion included approximately 360 basis points of favorable freight expense, partially offset by 120 basis points of FX headwinds. Therefore, excluding these impacts, gross margin was still ahead of the prior year, fueled by operational outperformance based on AUR increases, promotional discipline and a tailwind related to the increased penetration of higher-margin China business.

向下移動損益表。我們實現的毛利率高於我們的預期，比去年同期高出 290 個基點。這一同比擴張包括約 360 個基點的有利運費，部分被 120 個基點的外匯逆風所抵消。因此，排除這些影響後，毛利率仍高於上年，這得益於基於 AUR 增長的運營業績、促銷紀律以及與高利潤率中國業務滲透率增加相關的順風。

SG&A rose 5% compared to the prior year and included approximately $10 million of timing benefit with the fourth quarter. Throughout the quarter, we continued to prioritize high-return initiatives, including platform investments and brand building activities. Taken together, operating margin and operating income were ahead of our forecast and ahead of prior year. As a result, our third quarter EPS was approximately $0.20 ahead of our forecast, primarily due to $0.10 of operational outperformance as well as a favorable timing shift of $0.05 with the fourth quarter and roughly $0.05 associated with below-the-line benefits.

SG&A 與去年同期相比增長 5%，其中包括第四季度約 1000 萬美元的時間收益。在整個季度中，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。總的來說，營業利潤率和營業收入高於我們的預期，也高於上一年。因此，我們第三季度的每股收益比我們的預期高出約 0.20 美元，這主要是由於 0.10 美元的運營業績以及第四季度 0.05 美元的有利時間轉移以及與線下收益相關的約 0.05 美元。

Overall, we delivered earnings growth of over 50% despite $0.10 of year-over-year FX headwinds.

總體而言，儘管外匯逆風同比增長 0.10 美元，但我們的收益增長超過 50%。

Now turning to our balance sheet and cash flows. We ended the quarter with $652 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 $71 million including CapEx and implementation costs related to cloud computing of $57 million. Inventory levels for the quarter ended 2% ahead of prior year, favorable to our expectations on higher sales and tight inventory control. Given this performance, we're now well positioned to end the fiscal year with inventory approximately flat to last year as we continue to focus on higher inventory turn while delivering gross margin expansion.

現在轉向我們的資產負債表和現金流量。本季度末，我們擁有 6.52 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。本季度的自由現金流為 7100 萬美元的流入，其中包括 5700 萬美元的資本支出和與雲計算相關的實施成本。本季度的庫存水平比去年同期提前 2%，符合我們對更高銷售額和嚴格庫存控制的預期。鑑於這一表現，我們現在處於有利地位，可以在本財年結束時庫存與去年基本持平，因為我們將繼續專注於提高庫存周轉率，同時實現毛利率擴張。

Moving to our capital allocation priorities. We continue to plan for approximately $1 billion in shareholder returns in fiscal 2023, which consists of share repurchases of $700 million including $500 million repurchased fiscal year-to-date 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.

轉向我們的資本配置優先事項。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，其中包括本財年迄今按計劃回購的 5 億美元以及總計約 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。

So moving to guidance. We're raising our fiscal year 2023 revenue and earnings outlook, which reflects our outperformance in the third quarter of $0.15, excluding the impact of timing. Let's touch on the details of this outlook, which replaces all previous guidance. For the fiscal year, we expect constant currency revenue growth of approximately 3%. On a reported basis, we anticipate sales to approach $6.7 billion, which is in the area of prior year and includes roughly 320 basis points of FX pressure. This implies constant currency revenue growth of approximately low single digits in the fourth quarter, excluding FX headwind of approximately 150 basis points.

所以轉向指導。我們上調了 2023 財年的收入和盈利前景，這反映了我們在第三季度 0.15 美元的優異表現，不包括時間的影響。讓我們來談談這份展望的細節，它取代了之前的所有指南。對於本財年，我們預計貨幣收入將持續增長約 3%。根據報告，我們預計銷售額將接近 67 億美元，與上一年持平，其中包括大約 320 個基點的外匯壓力。這意味著第四季度貨幣收入持續保持約低個位數增長，不包括約 150 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 for the year. As previously noted, this implies a mid-single-digit sales decline in the fourth quarter based on the increasingly challenging backdrop we're seeing. This also reflects our commitment to maintaining promotional discipline and higher margins as we manage our brands and our business for the long term. In Greater China, given the third quarter's outperformance, we anticipate a mid-single-digit gain for the fiscal year which includes an increase of approximately 50% in the fourth quarter.

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的低個位數下降。如前所述，這意味著基於我們所看到的日益具有挑戰性的背景，第四季度的銷售額將出現中等個位數的下降。這也反映了我們在長期管理我們的品牌和業務時保持促銷紀律和更高利潤的承諾。在大中華區，鑑於第三季度的出色表現，我們預計本財年將實現中個位數增長，其中第四季度增長約 50%。

In Japan, we expect to grow mid-teens, while other Asia is forecasted to grow 40%. And in Europe, we anticipate a high single-digit sales increase. In addition, our outlook includes a year-over-year operating margin decline in the area of 50 basis points, which assumes FX pressure of roughly 115 basis points. We expect the majority of this FX headwind to flow through the gross margin line. We anticipate gross margin to be approximately 100 basis points ahead of the prior year, largely reflecting the operational beat in the third quarter and the expectation for continued margin expansion in the fourth quarter.

在日本，我們預計將增長 15%，而其他亞洲地區預計將增長 40%。在歐洲，我們預計銷售額將實現高個位數增長。此外，我們的展望包括營業利潤率同比下降 50 個基點，假設匯率壓力約為 115 個基點。我們預計大部分外匯逆風將流經毛利率線。我們預計毛利率將比去年同期高出約 100 個基點，這主要反映了第三季度的經營業績以及對第四季度利潤率持續擴張的預期。

For the full year, our gross margin forecast incorporates the benefit of moderating freight costs of 140 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. On SG&A expenses, we anticipate deleverage for the year, reflecting growth-driving initiatives, including increased marketing expenses to fuel long-term customer value, investments in digital and the opening of our new fulfillment center in Las Vegas, partially offset by proactive actions we've taken to reduce our expense base.

對於全年，我們的毛利率預測包含運費下降 140 個基點和 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，因為提及。在 SG&A 費用方面，我們預計今年會去槓桿化，這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、數字投資以及我們在拉斯維加斯開設新的履行中心，部分被我們的積極行動所抵消已採取措施減少我們的費用基礎。

Moving to below the line items. Net interest expense for the year is anticipated to be approximately $30 million, a significant decline versus fiscal '22, reflecting the benefit of our cross-currency swap agreements. The tax rate is expected to be approximately 19%, which is below our prior forecast given the lower actualization in the third quarter due primarily to geographic mix. 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. Taken together, we project EPS of $3.85 to $3.90, representing a low double-digit growth rate compared with the prior year which includes a year-over-year currency headwind of approximately $0.40.

移動到訂單項下方。今年的淨利息支出預計約為 3000 萬美元，與 22 財年相比大幅下降，反映了我們的跨貨幣掉期協議的好處。稅率預計約為 19%，這低於我們之前的預測，因為第三季度的實際實現率較低，主要是由於地域組合。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。綜上所述，我們預計每股收益為 3.85 美元至 3.90 美元，與上年相比呈現較低的兩位數增長率，其中包括約 0.40 美元的同比匯率逆風。

For the fourth quarter, this guidance implies earnings of $0.92 to $0.97, inclusive of the $0.05 timing impact with the third quarter. Finally, we now forecast CapEx and cloud computing costs to be in the area of $280 million. We expect approximately 30% of this spend to be related to openings and renovations with the majority of the balance dedicated to our ongoing digital and IT initiatives, including investments related to our new fulfillment center in Las Vegas.

對於第四季度，該指引意味著收益為 0.92 美元至 0.97 美元，包括對第三季度的 0.05 美元時間影響。最後，我們現在預測資本支出和雲計算成本在 2.8 億美元左右。我們預計這筆支出中約有 30% 與開業和翻新有關，其餘大部分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。

In closing, we delivered strong third quarter results with sales, margin and earnings growth all outpacing expectations, positioning us to raise our top and bottom line outlook for the fiscal year. In addition, we remain on track to return $1 billion to shareholders in fiscal '23, highlighting the power of our balance sheet and significant free cash flow generation. Importantly, our performance underscores our competitive advantages and reinforces our strategic agenda.

最後，我們在第三季度取得了強勁的業績，銷售額、利潤率和盈利增長均超出預期，使我們能夠提高本財年的最高和最低利潤預期。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力量和可觀的自由現金流生成。重要的是，我們的表現凸顯了我們的競爭優勢並強化了我們的戰略議程。

As we look forward, we remain focused on staying agile and discipline to deliver against our long-term priorities to drive sustainable, profitable growth and shareholder returns. I'd now like to open it up and take your questions.

展望未來，我們將繼續專注於保持敏捷和紀律，以實現我們的長期優先事項，以推動可持續的盈利增長和股東回報。我現在想打開它並回答你的問題。

(Operator Instructions) We will take our first question from Bob Drbul of Guggenheim.

（操作員說明）我們將從古根海姆的 Bob Drbul 那裡回答我們的第一個問題。

Can you discuss a little more in detail the demand backdrop that you're facing in North America and in China, how this impacts your view of the opportunity from here?

您能否更詳細地討論您在北美和中國面臨的需求背景，這如何影響您對這裡機會的看法？

Well, we did deliver a solid quarter, which reinforces our confidence in our strategy and showcases the benefits of our globally diversified business and our direct-to-consumer business model. And I want to take a minute before I start to recognize our teams around the world who continue to drive our results.

好吧，我們確實交付了一個穩定的季度，這增強了我們對我們戰略的信心，並展示了我們全球多元化業務和我們直接面向消費者的業務模式的好處。在我開始表彰我們在世界各地繼續推動我們取得成果的團隊之前，我想花一點時間。

We are pleased not only in our top line growth, but the significant gross margin expansion we delivered and we're deliberately managing our brands and our business for the long term. In North America, results in the third quarter were better than expected, although the trends did soften as the quarter progressed and that continued into April. The backdrop is increasingly challenging, and we are seeing a more cautious consumer. We've incorporated this trend into our guidance for Q4.

我們不僅對我們的收入增長感到高興，而且對我們實現的毛利率顯著增長感到高興，而且我們正在有意識地長期管理我們的品牌和業務。在北美，第三季度的業績好於預期，但隨著季度的推進趨勢確實有所緩和，而且這種趨勢一直持續到 4 月份。背景越來越具有挑戰性，我們看到消費者更加謹慎。我們已將這一趨勢納入我們對第四季度的指導。

What you've seen in the third quarter is we're committed to being disciplined financial operators with a focus on driving healthy growth, both with a focus on margins and brand health. Conversely, our business in China is accelerating. As Scott mentioned, we drove double-digit growth in stores, online and in wholesale in the quarter. And importantly, at a constant currency basis, we're growing above our previous peak from FY '21. And I think another important fact is that we're building momentum with strong growth across the balance of Asia. And that business is now also about 15% of our total business.

你在第三季度看到的是，我們致力於成為紀律嚴明的金融運營商，專注於推動健康增長，同時關注利潤率和品牌健康。相反，我們在中國的業務正在加速發展。正如 Scott 提到的，我們在本季度推動了商店、在線和批發的兩位數增長。而且重要的是，在固定的貨幣基礎上，我們的增長超過了 21 財年的前一個峰值。我認為另一個重要的事實是，我們正在亞洲其他地區建立強勁增長勢頭。該業務現在也約占我們總業務的 15%。

And I just got back from being in China and Southeast Asia, and I am so impressed with our teams and how they've navigated the challenges in the environment. We've been in China with Coach, as you know, for 2 decades, and our teams are a differentiator. I saw this clearly during our travels. And it's a real competitive advantage for us. It's setting our brands apart, they're delivering innovation and connecting with our customers. And the confidence we have in our performance gives us long-term confidence.

我剛從中國和東南亞回來，我對我們的團隊以及他們應對環境挑戰的方式印象深刻。如您所知，我們在中國與 Coach 合作已有 2 年，我們的團隊與眾不同。我在旅行中清楚地看到了這一點。這對我們來說是一個真正的競爭優勢。它使我們的品牌與眾不同，它們正在提供創新並與我們的客戶建立聯繫。我們對業績的信心給了我們長期的信心。

Over the last 3 years, we've proven our ability to drive earnings growth in the face of a dynamic environment and headwinds in the market. The third quarter was no different. Our performance, I think, highlights our strength -- the strength of our globally diversified business, again, in our direct-to-consumer business model, and it showcases the strength of our brands around the world. We'll continue to build on this strength, and we see tremendous runway ahead across our portfolio.

在過去的 3 年裡，我們已經證明了我們有能力在充滿活力的環境和市場逆風中推動盈利增長。第三季度也不例外。我認為，我們的表現凸顯了我們的實力——我們全球多元化業務的實力，再次體現在我們直接面向消費者的商業模式中，它展示了我們品牌在全球的實力。我們將繼續鞏固這一優勢，我們看到我們的投資組合有巨大的發展前景。

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。

I guess maybe for Joanne and Scott, I wanted to ask, you've had several quarters under your belt now since your Analyst Day, you had the $8 billion target with $5 plus of earnings by '25. Can you maybe just comment on your thoughts on those targets at this point. Clearly, the revenue run rate has been below, well you guys had hoped for, even though it is accelerating, which is great, but the margins seem like they have been better. So just trying to see confidence on both those top and bottom line expectations that you guys laid out multiyear.

我想也許對於 Joanne 和 Scott，我想問，自從你的分析師日以來，你已經有幾個季度了，你有 80 億美元的目標，到 25 年收入增加 5 美元。在這一點上，您能否就您對這些目標的想法發表評論。顯然，收入運行率低於你們所希望的，儘管它正在加速，這很好，但利潤率似乎更好。因此，只是想看看你們對多年的最高和最低預期的信心。

I'll let Scott unpack the numbers for you, but we are gaining confidence in our strategy every quarter we deliver in over the last 3 years. But certainly, since our Investor Day, our teams continue to deliver on the priorities we laid out. And you can see by our results in the beaten rates we deliver today that those strategies are working, but I'll pass it to Scott, on targets?

我會讓 Scott 為您解開這些數字，但我們在過去 3 年中每個季度交付的戰略都獲得了信心。但可以肯定的是，自投資者日以來，我們的團隊繼續履行我們制定的優先事項。你可以從我們今天提供的擊敗率的結果中看出這些策略正在發揮作用，但我會把它傳遞給斯科特，目標是什麼？

Yes, sure. Thanks, Joanne. Yes, we recently made comments around our confidence in the $5 plus EPS target that we laid out in our Investor Day, and we tell you a little bit why we had that confident in right? It's been a volatile and certain demand environment, and we're really focused on the things we can control, and there are certain things we can't.

是的，當然。謝謝，喬安妮。是的，我們最近對我們在投資者日制定的 5 美元以上 EPS 目標的信心發表了評論，我們告訴你一點我們為什麼有信心，對嗎？這是一個不穩定和確定的需求環境，我們真正專注於我們可以控制的事情，但有些事情我們不能。

But we're -- we said it repeatedly, we're not chasing the last dollar. We're being disciplined. And I think this year is a great testament to that. It certainly developed differently than we thought. But when we look at the way in which we're operating, the strong gross margin performance, coupled with our inventories being in great shape. It's evidence of strong discipline, the pricing power of the brand. And we continue to invest in growth longer term. And at the same time, using the great insight we have the 90% direct-to-consumer and that data. We're really rigorous on the returns on those investments and making sure that they're paying off and that they're driving future quality growth.

但我們——我們反复說過，我們不是在追逐最後一美元。我們受到紀律處分。我認為今年很好地證明了這一點。它的發展肯定與我們想像的不同。但是，當我們審視我們的運營方式時，毛利率表現強勁，加上我們的庫存狀況良好。這是強大紀律的證據，品牌的定價權。我們繼續投資於長期增長。同時，利用深刻的洞察力，我們擁有 90% 的直接面向消費者的數據。我們對這些投資的回報非常嚴格，並確保它們得到回報並推動未來的質量增長。

So you put these things together, and you're right, it's hard to see what the demand is going to look like, but we're gaining more and more confidence in our ability to deliver earnings just as we did this year, and we see that discipline being an even more important differentiator going forward.

所以你把這些東西放在一起，你是對的，很難看出需求會是什麼樣子，但我們對我們實現收益的能力越來越有信心，就像我們今年所做的那樣，我們看到紀律是一個更重要的差異化因素。

Now a little bit about maybe the shape of that, just to help you, you're probably doing some modeling here, and many of you are, we would expect our path to $5 to be a little more weighted to '25 versus '24. And the reason for that is we've seen moderated North American performance, but we're a global diversified model, and we're seeing an acceleration in China. So you put those together, we see a little more back-weighted in '25.

現在稍微談一下它的形狀，只是為了幫助你，你可能正在這裡做一些建模，你們中的許多人，我們希望我們達到 5 美元的路徑更偏重於 25 年而不是 24 年.原因是我們看到北美的表現有所緩和，但我們是一個全球多元化的模式，我們看到中國正在加速發展。所以你把它們放在一起，我們在 25 年看到了更多的權重。

We'll move next to Lorraine Hutchinson of Bank of America.

我們將搬到美國銀行的 Lorraine Hutchinson 旁邊。

Has the promotional stance changed at all as trends fueled in North America? And what is your outlook for AUR and price increases over the next several quarters?

隨著北美趨勢的推動，促銷立場是否發生了變化？您對未來幾個季度 AUR 和價格上漲的前景如何？

Well, Lorraine, the promotional environment exists. It always exists. I think we see an active promotional environment in the context of doing business in North America. But we have been very disciplined, in terms of how we think about our brands and our -- how we go to market. We continue to see pricing power across our portfolio. We delivered AUR gains and gross margin increases across the portfolio, and we expect that to continue. It really starts with great product, and our teams are innovating and delivering compelling products that consumers desire.

好吧，洛林，促銷環境是存在的。它總是存在的。我認為我們在北美開展業務的背景下看到了積極的促銷環境。但就我們如何看待我們的品牌以及我們如何進入市場而言，我們一直非常自律。我們繼續看到我們投資組合的定價能力。我們在整個投資組合中實現了 AUR 收益和毛利率增長，我們預計這種情況將繼續下去。它真正始於偉大的產品，我們的團隊正在創新並提供消費者渴望的引人注目的產品。

We're achieving and exceeding our revenue targets on higher gross margins again across the portfolio, which is evidence that being close to the consumer and delivering this product, it's working. We're going to remain agile. We do see further opportunity for AUR gains and gross margin growth. I think I'll probably kick it to Todd, who is Coach brand, which is further on the journey here to driving AUR gains and really understanding the customer and managing the business extremely well. So Todd, I'll let you add some color...

我們在整個產品組合中再次實現並超過了更高毛利率的收入目標，這證明貼近消費者並交付該產品，它正在發揮作用。我們將保持敏捷。我們確實看到了 AUR 收益和毛利率增長的進一步機會。我想我可能會把它踢給托德，他是 Coach 品牌，他正在進一步推動 AUR 收益，真正了解客戶和管理業務非常好。所以托德，我會讓你添加一些顏色......

Thank you, Joanne. And in the last 3 years, I've been waiting for that nonpromotional environment to come about. I haven't yet seen it.

謝謝你，喬安妮。在過去的 3 年裡，我一直在等待那種非促銷環境的出現。我還沒有看到它。

What we have seen is in the last 3 years, we've increased our AUR by 30%. And I'm optimistic about the continued growth of our AUR at Coach for 4 main reasons. First, our innovation and storytelling, particularly when we talk about handbags and SLGs. I think what you saw this last year since we've created expressive luxury is taking our purpose campaign and tying it to an actual product. And that is a differentiator from us and maybe our close-in competitors.

我們所看到的是在過去 3 年中，我們的 AUR 增加了 30%。我對我們在 Coach 的 AUR 的持續增長持樂觀態度，主要原因有 4 個。首先，我們的創新和講故事，尤其是當我們談論手提包和 SLG 時。我認為自從我們創造了富有表現力的奢侈品以來，你去年看到的就是開展我們的目標活動並將其與實際產品聯繫起來。這是我們和我們的近距離競爭對手的區別。

Second, something we've talked about quite a bit, emotion always trumps price. And when you look at the small bag phenomenon that we've experienced some of our highest fares, particularly in our value channel, command some of the smallest bags commanding the highest AUR. So we feel very good about that. Third, the white space that exists today between traditional European luxury, where Coach play is the largest we've ever experienced. So that gives us a lot of room to continue to show the consumer the value of our products.

其次，我們已經談了很多，情緒總是勝過價格。當你看到我們經歷過一些最高票價的小包現象時，特別是在我們的價值渠道中，一些最小的包獲得了最高的 AUR。所以我們對此感覺很好。第三，今天存在於傳統歐洲奢侈品之間的空白，Coach play 是我們經歷過的最大的空白。這給了我們很大的空間來繼續向消費者展示我們產品的價值。

And finally, something that both Joanne and Scott talk about quite a bit is our tight inventory control. Since we started our innovation and our transformation 3 years ago, we cut out about 50% -- almost 50% of our SKU count. That allows us to focus meaningfully on key family, which reduces the liability that we had historically had to carry. So I think those 4 things combined gives me a lot of confidence that we still have a way to go on AUR growth.

最後，Joanne 和 Scott 經常談論的一點是我們嚴格的庫存控制。自從我們 3 年前開始創新和轉型以來，我們削減了大約 50%——幾乎 50% 的 SKU 數量。這使我們能夠有意義地關注關鍵家庭，從而減少我們過去必須承擔的責任。所以我認為這 4 件事加在一起讓我充滿信心，我們仍然有辦法繼續 AUR 增長。

And as Scott said, we're not chasing top line. We are securing our margins, building a new customer base who are transacting at higher AURs.

正如 Scott 所說，我們不追求收入。我們正在確保我們的利潤，建立一個新的客戶群，他們以更高的 AUR 進行交易。

We'll take our next question from Matthew Boss of JPMorgan.

我們將從摩根大通的 Matthew Boss 那裡回答下一個問題。

So Joanne, how would you assess if we take a step back, overall health of the handbags and accessories category globally today? And can you help walk through the functional drivers of the sustainable category growth that we've seen if you look back historically?

那麼喬安妮，如果我們退後一步，您如何評估當今全球手袋和配飾類別的整體健康狀況？如果您回顧歷史，您能否幫助我們了解可持續類別增長的功能驅動因素？

And then, Scott, maybe could you just speak to the profitability balance with investments that you're clearly striking, or any constraints that you see to executing against the multiyear double-digit earnings growth target that you've laid out?

然後，斯科特，也許你可以談談你明顯引人注目的投資的盈利能力平衡，或者你看到的任何限制，以執行你已經制定的多年兩位數收益增長目標？

Yes. Let me start with the handbag category. It is a resilient and durable category. And it has historically grown in that mid-to-high single-digit level for years. And it has proven, the category has proven going to be durable through downturns. And I think there are a couple of reasons that drive that.

是的。讓我從手提包類別開始。它是一種有彈性和耐用的類別。多年來，它一直以中高個位數水平增長。事實證明，該類別已證明在經濟低迷時期仍能持久。我認為有幾個原因推動了這一點。

One, the consumers have an emotional connection to this category, and we continue to get closer and closer to our consumers, particularly new and younger consumers coming into the market. To understand their needs and to appeal for both the emotional drivers of that category as well as the functional drivers of the category. There's a lot written about goods and services and where consumers are spending their money. But the handbag and leather goods category is a category that consumers use in all aspects of their lives. We saw demand even when people were locked in at home, and there was -- our stores were closed and people were going nowhere.

第一，消費者與這一類別有情感聯繫，我們繼續與我們的消費者，尤其是進入市場的新的和年輕的消費者越來越接近。了解他們的需求並吸引該類別的情感驅動因素以及該類別的功能驅動因素。關於商品和服務以及消費者花錢的地方有很多文章。但手袋和皮具品類是消費者在生活方方面面都會用到的品類。即使人們被鎖在家裡，我們也看到了需求——我們的商店關門了，人們無處可去。

And then as the world reopened and people were going to social occasions and traveling more, going back to work, we saw a resurgence in demand and the resilience as people bring our products with them on those occasions. So I think the durability of the category speaks to both the emotional connection that consumers have as well as the functional needs that we support across all aspects of their life.

然後，隨著世界重新開放，人們開始參加社交活動，更多地旅行，重返工作崗位，我們看到需求復蘇，人們在這些場合隨身攜帶我們的產品，恢復力也很強。因此，我認為該類別的耐用性既說明了消費者的情感聯繫，也說明了我們在他們生活的各個方面支持的功能需求。

And the journey that we've been on in terms of brand building, it's really understanding the consumers' journey. We continue to leverage data to get deeper and deeper into those use occasions and their journeys and their needs emotionally and functionally and that's how we continue to deliver and deliver with pricing power.

我們在品牌建設方面的旅程，真正了解消費者的旅程。我們繼續利用數據來越來越深入地了解這些使用場合、他們的旅程以及他們在情感和功能上的需求，這就是我們繼續提供和提供定價權的方式。

As we look forward, we do a lot of research. There is still strong intent to spend in the category as we go forward. So we expect the trends to continue.

在展望未來的過程中，我們進行了大量研究。在我們前進的過程中，仍然有強烈的消費意願。因此，我們預計這種趨勢將繼續下去。

And then the second of your question....

然後你的第二個問題....

Yes, building on the second part. I think just going back to what Todd said earlier, it's -- our model right now and how we think about the trade-offs of profit and investment. We're not getting profit through SG&A cuts, right? We're getting it through quality growth.

是的，在第二部分的基礎上。我想回到托德之前所說的——我們現在的模型以及我們如何考慮利潤和投資的權衡。我們不會通過削減 SG&A 獲得利潤，對吧？我們正在通過高質量的增長來實現它。

And Todd's comment about leaning into engagement versus price, the discipline that goes around that, getting price increases driving those gross margins. That's why we're so focused on gross margins. that allows us to both continue to invest in the business and drive that emotional connection and at the same time, deliver profitability.

托德關於傾向於參與度與價格的評論，圍繞這一點的紀律，讓價格上漲推動這些毛利率。這就是為什麼我們如此關注毛利率。這使我們能夠繼續投資於業務並推動這種情感聯繫，同時實現盈利。

And just finally, linking back to what I said before, we're being really rigorous about making sure we're getting these investments. And some things work and we lean in, some things don't work, and we're quick to cut them off. And I think that's just the evidence of when we say disciplined operators. We're really looking at this with a lot of rigor right now.

最後，回到我之前所說的，我們非常嚴格地確保我們獲得這些投資。有些事情行得通，我們就靠進去了，有些事情行不通，我們很快就把它們切斷了。我認為這就是我們所說的紀律嚴明的操作員的證據。我們現在真的非常嚴謹地看待這個問題。

We'll take our next question from Brooke Roach of Goldman Sachs.

我們將從高盛的布魯克·羅奇那裡回答下一個問題。

Joanne, I was wondering if you could elaborate a bit more on the changes that you saw in the North American consumer and their engagement with the brands in the back half of the quarter. What did you see in terms of traffic and conversion among various demographic cohorts? And then perhaps as a follow-up, how is customer acquisition and retention trending for Coach brand among the consumers that have been acquired since the acceleration strategy began?

喬安妮，我想知道你是否可以詳細說明你在北美消費者身上看到的變化以及他們在本季度後半段與品牌的互動。您在不同人群中的流量和轉化率方面看到了什麼？然後也許作為後續行動，自加速戰略開始以來獲得的消費者中，Coach 品牌的客戶獲取和保留趨勢如何？

So in terms of what we're seeing in North America, we're seeing the trends and the softness really more broad-based. So we're not seeing it targeted to any one specific consumer group. As we look across our business.

因此，就我們在北美看到的情況而言，我們看到的趨勢和軟性確實具有更廣泛的基礎。所以我們沒有看到它針對任何一個特定的消費者群體。當我們審視我們的業務時。

And as you may know, our brands and our customer average household income is around that $100,000 mark, and that's true across channels. And so what we saw in the quarter was just a generally more cautious consumer. And we are managing our business responsibly and to drive brand health. So continue to see pricing power within that context, but just a more cautious consumer overall. And that's what we've embedded in our guidance as we go forward so that we have realistic expectations about what the market is providing.

正如您所知，我們的品牌和客戶的平均家庭收入約為 100,000 美元，跨渠道也是如此。因此，我們在本季度看到的只是普遍更加謹慎的消費者。我們正在負責任地管理我們的業務並推動品牌健康發展。因此，繼續在這種情況下看到定價能力，但總體上只是更謹慎的消費者。這就是我們在前進的過程中嵌入到我們的指南中的內容，以便我們對市場提供的內容有現實的期望。

We're managing a global business. So we are seeing strength in other parts of our business. We have the agility to respond to those differing demand trends and continue to manage our business in a healthy way. So our outlook, and we raised our outlook shows that in our expectation for increased margin, continuing gross margins and continuing in Q4. So that's how we're thinking about the consumer and how we're managing our business. On consumer acquisition at Coach, yes, I'll pass it to Todd, maybe give you some color on that.

我們正在管理全球業務。因此，我們在業務的其他部分看到了優勢。我們能夠靈活應對這些不同的需求趨勢，並繼續以健康的方式管理我們的業務。所以我們的展望，我們提高了我們的展望，表明我們對利潤率增加的預期，毛利率持續，並在第四季度繼續。這就是我們對消費者的看法以及我們管理業務的方式。關於 Coach 的消費者獲取，是的，我會把它傳遞給托德，也許會給你一些顏色。

Yes. Thank you, Joanne. What we said this last quarter, we acquired over 800,000 new customers in North America alone. And if you look back at the last, almost a year, our customer acquisition is really doing quite well. And what we're seeing is our strategy of focusing in a younger Millennial and Gen Z consumer is working.

是的。謝謝你，喬安妮。正如我們上個季度所說，僅在北美，我們就獲得了超過 800,000 名新客戶。如果你回顧過去，將近一年，我們的客戶獲取確實做得很好。我們看到的是我們專注於年輕的千禧一代和 Z 世代消費者的戰略正在奏效。

About half of the new customers are that younger cohort. Interestingly, they are transacting at higher AURs. So it is a self-fulfilling benefit to us. Additionally, what is important is we're retaining our existing customers. we're not firing our current customers. So we welcome everyone in the Coach family. But what I'd love to hear is, not only is it my brand for my mom, it's a brand for me now. And that's what we're hearing more and more and that's what's exciting. And that's what gives us confidence that our strategy is working.

大約一半的新客戶是年輕的群體。有趣的是，他們以更高的 AUR 進行交易。所以這對我們來說是一種自我實現的好處。此外，重要的是我們要留住現有客戶。我們不會解僱現有客戶。因此，我們歡迎 Coach 大家庭中的每一個人。但我想听到的是，它不僅是我媽媽的品牌，現在也是我的品牌。這就是我們越來越多地聽到的，這就是令人興奮的。這就是讓我們相信我們的戰略正在奏效的原因。

We'll take our next question from Oliver Chen of TD Cowen.

我們將從 TD Cowen 的 Oliver Chen 那裡回答下一個問題。

Coachtopia you have a lot of great underpinning there. I would love your thoughts on materials innovation and sustainability and how that may scale to Coach at large? And any details on cost of goods sold are longer and near-term implications for margin profile there?

Coachtopia 你在那裡有很多很好的基礎。我很想知道您對材料創新和可持續性的看法，以及它們如何擴展到整個 Coach？關於銷售成本的任何細節是否對那裡的利潤率狀況有長期和近期的影響？

And then as you speak to North America, you could speak to outlet relative to full price, any trends we should know about? And also your outlet channel continues to seem very vibrant (inaudible) as well as utilizing personalization and the customer data platform to drive differentiation and innovation. Just looked ahead with thinking about outlet and maintaining that and how yield balance the execution there relative to full price.

然後當你談到北美時，你可以談到與全價相關的出口，我們應該知道什麼趨勢？而且您的直銷渠道看起來仍然非常活躍（聽不清），並利用個性化和客戶數據平台來推動差異化和創新。只是展望未來，考慮出口和維持出口，以及收益率如何平衡那裡的執行相對於全價。

I was worried. I wasn't going to get my quota of questions for Coach, but clearly, we have achieved that now based on that. Joanne, I guess I'll take this and then you. Give some views on everything else. So Oliver, you're right about Coachtopia. It's been an overnight success, 2 years in the making. And we are very proud of what we've accomplished with Coachtopia.

我很擔心。我不打算向 Coach 提出我的問題配額，但很明顯，我們現在已經基於此實現了這一點。喬安妮，我想我先拿這個，然後你。對其他一切發表一些看法。所以 Oliver，你對 Coachtopia 的看法是正確的。一夜成名，歷時 2 年。我們為 Coachtopia 取得的成就感到非常自豪。

And what we started off was this idea that both Coach and Tapestry do incredible work on sustainability, but we were always getting full credit for it. So we wanted to create a sub-brand that highlighted those efforts. We also recognized there was an opportunity to co-create with Gen Z and Millennials. And today, we have a community over -- a community of over 120 Coachtopians who are inspiring us and providing key input on the development of the product. We will be scaling Coachtopia.

我們的出發點是 Coach 和 Tapestry 都在可持續發展方面做了令人難以置信的工作，但我們總是得到充分的讚揚。所以我們想創建一個子品牌來突出這些努力。我們還認識到有機會與 Z 世代和千禧一代共同創造。今天，我們擁有一個社區——一個由 120 多名 Coachtopian 組成的社區，他們激勵著我們，並為產品的開發提供了重要的意見。我們將擴展 Coachtopia。

I'd like to say this is not a vanity project, but we will be -- but it will become a large and profitable business. And you're exactly right in calling out that the concept of Coachtopia is to take learning that we've developed in product and material and usage of waste and applying those into coach. And over the longterm, that will have an absolute benefit in reducing our COGS. And so we're excited by that opportunity.

我想說這不是一個虛榮的項目，但我們會——但它會成為一個龐大且有利可圖的企業。你完全正確地指出 Coachtopia 的概念是將我們在產品和材料以及廢物使用方面開發的知識應用到 Coach 中。從長遠來看，這對減少我們的銷貨成本絕對有好處。因此，我們對這個機會感到興奮。

In outlet and in North America, I think it's key that we must and will continue to innovate product offerings and ideas through all of our channels. And we're seeing that. We're seeing great results in both brick-and-mortar outlet and outlet.com in North America as well as our full price business. And one of the things we've talked about in the past is our most valued customers in their lifetime value are those who shop in all 4 quadrants of our business. So we will continue to use data. We've experimented as Joanne said, both of us just came back from Asia.

在奧特萊斯和北美，我認為關鍵是我們必須並將繼續通過我們所有的渠道創新產品供應和創意。我們正在看到這一點。我們在北美的實體奧特萊斯和 outlet.com 以及我們的全價業務都取得了不錯的成績。我們過去談到的一件事是，我們最有價值的客戶是在我們業務的所有 4 個像限中購物的客戶。所以我們會繼續使用數據。正如喬安妮所說，我們已經進行了實驗，我們倆都剛從亞洲回來。

One of the things we're doing so well in Asia is the outlet stores are some of the most beautiful, compelling stores in our fleet. We've put in Tabby product, full price, no discounting, and it's driving real sales there. So we're taking some of those learnings and applying them in the U.S. One of the opportunities is we've grown on both coach.com and coachoutlet.com, is that we see the consumer cross-shopping in a beneficial way.

我們在亞洲做得很好的一件事是直銷店是我們車隊中最漂亮、最引人注目的商店。我們推出了 Tabby 產品，全價，無折扣，它正在推動那裡的實際銷售。因此，我們正在學習其中的一些知識並將其應用到美國。其中一個機會是我們在 coach.com 和 coachoutlet.com 上都取得了成長，我們看到消費者以一種有益的方式進行交叉購物。

So this opportunity, if a client of ours comes into a Coach outlet looking for Tabby, we want to satisfy that demand. So it's very exciting. I think there's a lot of opportunity for us to continue to grow both channels very profitably.

所以這個機會，如果我們的客戶來到 Coach 專賣店尋找 Tabby，我們希望滿足該需求。所以這非常令人興奮。我認為我們有很多機會繼續非常有利可圖地發展這兩個渠道。

Todd, yes, just to build on that, Oliver, too, just -- you asked a little bit about differentiation in channels, if I understood it right. We don't really see any material trend differences between retail or outlet across Tapestry, just for your information.

托德，是的，只是以此為基礎，奧利弗也是——你問了一些關於渠道差異化的問題，如果我理解正確的話。我們真的沒有看到 Tapestry 的零售或奧特萊斯之間有任何重大趨勢差異，僅供參考。

Just a quick follow-up on China. There's a lot of momentum there, but there's also at some retailers some conversion issues. So what do you see happening with the evolution of mainland consumption versus abroad? And there are some limitations with this and slight capacity. So would love your thoughts about what's embedded in guidance and perhaps risk factors that may or may not be out of your control?

只是對中國的快速跟進。那裡有很多勢頭，但一些零售商也存在一些轉換問題。那麼，您如何看待大陸消費與國外消費的演變？並且這個和輕微的容量有一些限制。那麼，您是否會喜歡您對指導中包含的內容以及您可能無法控製或可能無法控制的風險因素的想法？

Let me kick it off here, but we're winning in China, and we are seeing and able to capture momentum in the domestic market in China. And again, we talked about double-digit increase across all channels. We have a very strong brick-and-mortar presence in the market and 2 decades of experience in the market with understanding consumers. We've built a digital business and are on multiple platforms as we follow the consumer in the market.

讓我在這裡開始吧，但我們在中國取得了勝利，我們看到並能夠抓住中國國內市場的勢頭。再一次，我們談到了所有渠道的兩位數增長。我們在市場上擁有非常強大的實體存在，並且在了解消費者的市場上擁有 2 年的經驗。我們已經建立了數字業務，並在多個平台上關注市場上的消費者。

So we feel very well positioned to meet and deliver -- meet that demand and deliver for customers in the market. To your point, we're seeing some shifts as they come out of the COVID restrictions. We're seeing more domestic travel. So we're capturing more business in Hong Kong, Macau, and in Hainan, which is a strong businesses for us. We have yet to see a resumption of international travel at the levels that it was pre-pandemic.

因此，我們感覺非常有能力滿足和交付——滿足市場需求並為客戶交付。就您的觀點而言，我們看到了一些擺脫 COVID 限制的轉變。我們看到更多的國內旅行。因此，我們在香港、澳門和海南獲得了更多業務，這對我們來說是一項強大的業務。我們還沒有看到國際旅行恢復到大流行前的水平。

But again, we're driving significant growth in Southeast Asia, which is a market that the Chinese consumer used to travel to quite a bit. We're seeing and delivering significant growth today with a more domestic consumer. And we're well positioned in that market to capture the international inbound Chinese consumer as that unfolds as well as in Europe and in North America. So those trends have changed. We're not back to pre-pandemic levels of travel. We're capturing the demand we see in the mainland based on our deep experience there. And we are well positioned in the rest of the world as those international travel trends improve.

但同樣，我們正在推動東南亞的顯著增長，這是一個中國消費者過去常去的市場。今天，隨著更多的國內消費者，我們看到並實現了顯著增長。我們在該市場處於有利地位，可以隨著歐洲和北美的發展吸引國際入境中國消費者。所以這些趨勢已經改變。我們還沒有回到大流行前的旅行水平。我們正在根據我們在那裡的深入經驗來捕捉我們在大陸看到的需求。隨著這些國際旅行趨勢的改善，我們在世界其他地區處於有利地位。

And we'll take our final question from Mark Altschwager of Baird.

我們將接受來自 Baird 的 Mark Altschwager 的最後一個問題。

A couple of quick ones for me. Just first, with respect to real estate, I was hoping you could touch on the outlook for the portfolio there. I think you had some net closures in the quarter, probably some seasonality. But just in the context of the ongoing strength you're seeing in digital channels, how should we be thinking about the runway there?

對我來說有幾個快速的。首先，關於房地產，我希望你能談談那裡投資組合的前景。我認為你在本季度有一些淨關閉，可能是季節性的。但是，就您在數字渠道中看到的持續優勢而言，我們應該如何考慮那裡的跑道？

And then separately, with respect to gross margin, Scott, it looks like you're going to be approaching fiscal '21's high watermark this year. Maybe touch on some of the gross margin puts and takes beyond fiscal '23. It seems like freight is still an opportunity. You might be seeing some geographic mix benefits. Just wonder if there's any headwinds to be mindful of as we update our models?

然後單獨地，關於毛利率，斯科特，看起來你今年將接近 21 財年的高水位線。也許觸及 23 財年以外的一些毛利率看跌期權和收益。看來貨運仍然是一個機會。您可能會看到一些地理組合的好處。只是想知道在我們更新模型時是否有任何不利因素需要注意？

Yes. I may kick it off with a question on our fleet. We were pleased actually to see the brick-and-mortar sales continue to grow. We drove low teens growth in brick-and-mortar. And I continue to say we have the best teams in the business and having customers and welcoming customers back to our stores gives us an opportunity to have our associates connect our customers more deeply with our brands.

是的。我可能會先問一個關於我們艦隊的問題。實際上，我們很高興看到實體店的銷售額繼續增長。我們推動了實體店的低青少年增長。我繼續說，我們擁有業內最好的團隊，擁有客戶並歡迎客戶回到我們的商店讓我們有機會讓我們的員工更深入地將客戶與我們的品牌聯繫起來。

And it's a terrific experience if you've been in our stores, hopefully, you know that. But we also have digital capabilities to meet the customer where they are. And that's proved to be a really strong investment, and we continue to improve the experience we're delivering both in brick-and-mortar but as well as online. And as we evaluate our fleet, we continue to prune and make sure that we have high profitability and productivity thresholds for our stores. And that's a constant evolution.

如果您去過我們的商店，那將是一次很棒的體驗，希望您知道這一點。但我們也有數字能力來滿足他們所在的客戶。事實證明，這是一項非常強大的投資，我們將繼續改善我們在實體店和網上提供的體驗。當我們評估我們的車隊時，我們會繼續修剪並確保我們的商店具有高盈利能力和生產力門檻。這是一個不斷發展的過程。

So you will see us make changes to our fleet, but we see opportunities to grow overall in stores. And as we laid out in our Investor Day, we see the opportunity to grow our store fleet. I think we said 100 stores growth over that time period, 50 to 100 stores of growth over that time period. And most of that store growth we see happening in Asia. So in the other markets, you'll see us open some and maybe close on relocate, remodel.

所以你會看到我們改變我們的車隊，但我們看到了商店整體增長的機會。正如我們在投資者日所做的那樣，我們看到了擴大門店數量的機會。我想我們說那段時間增長了 100 家商店，那段時間增長了 50 到 100 家商店。我們看到大部分門店增長發生在亞洲。所以在其他市場，你會看到我們打開一些，可能會在搬遷、改造時關閉。

But maybe I'll pass it to Scott, he can give you the actual numbers, but that's how we think about, strategically think about the fleets and managing it.

但也許我會把它傳遞給斯科特，他可以給你實際的數字，但這就是我們思考的方式，從戰略上考慮艦隊和管理艦隊。

Yes, you had it, Joanne,around 100, 80, I think Christina is telling me 70. So -- but the important thing is we're managing our lease terms effectively. We can turn the entire fleet. We have about a 4-year average term. And underneath that, we're always finding certain areas that are trending down, and we're moving out of those and we're finding new areas that make sense given our insight into the consumer and where they're at and where they want to shop. So there's what I call the normal hygiene that's going on underneath that. But no huge changes in the fleet size is just the growth, which is mostly outside of the U.S.

是的，你有它，喬安妮，大約 100、80，我想克里斯蒂娜告訴我 70。所以 - 但重要的是我們正在有效地管理我們的租賃條款。我們可以轉動整個艦隊。我們的平均任期約為 4 年。在此之下，我們總是發現某些趨勢下降的領域，並且我們正在擺脫這些領域，並且根據我們對消費者的洞察力以及他們所處的位置和他們想要的地方，我們正在尋找有意義的新領域購物。所以這就是我所說的在其下發生的正常衛生。但船隊規模並沒有發生巨大變化，只是增長而已，主要是在美國以外的地區。

As it relates to gross margin, just a quick comment. We're obviously not going to give any guidance or specifics. But if you think about it, there is puts and takes that are always happening. We see leather prices moderating. We continue to see hardware and some of the other componentry having upward pressure, labor is a continued upward pressure. But to me, the most important thing is what Todd said earlier, it's the focus on engagement with the customer, the insights that we have and increases our bag in average to make good decisions. We're investing behind the brands. And ultimately, that means pricing power.

由於它涉及毛利率，所以只是一個快速評論。我們顯然不會提供任何指導或細節。但如果你仔細想想，就會發現總是會發生一些事情。我們看到皮革價格放緩。我們繼續看到硬件和其他一些組件有上行壓力，勞動力是持續的上行壓力。但對我來說，最重要的是托德之前所說的，那就是專注於與客戶的互動，我們擁有的洞察力，並平均增加我們的包包以做出正確的決定。我們在品牌背後進行投資。最終，這意味著定價權。

So why do I have confidence in our gross margin, it's pricing power, the insights that we have. The shape of the business will help us a little bit as we go forward to the recovery of China and our Asia business is generally higher margin too. So from a mix standpoint, that will benefit us over time.

那麼，為什麼我對我們的毛利率、定價能力和我們的洞察力有信心。隨著我們走向中國的複蘇，我們的業務形態將對我們有所幫助，我們的亞洲業務通常也有更高的利潤率。因此，從混合的角度來看，隨著時間的推移，這將使我們受益。

That concludes our question-and-answer session. I will now turn it over to Joanne for some concluding remarks.

我們的問答環節到此結束。現在我將把它交給 Joanne 作一些總結性發言。

Thank you for joining us today and for your interest in our story. Today, we reported a strong third quarter and raised our outlook for the full year. This is a testament to our incredible global teams who continue to drive our results.

感謝您今天加入我們並對我們的故事感興趣。今天，我們公佈了強勁的第三季度業績並上調了全年展望。這證明了我們令人難以置信的全球團隊繼續推動我們取得成果。

Our performance also reinforces the power of our brands and our globally diversified direct-to-consumer business model. These competitive advantages are clearly differentiated results. We're confident in our strategy and our runway is significant. We remain focused on driving sustainable growth and shareholder returns into the future. Thanks again, and have a great day.

我們的表現還增強了我們品牌的力量和我們全球多元化的直接面向消費者的商業模式。這些競爭優勢是明顯差異化的結果。我們對我們的戰略充滿信心，我們的跑道很重要。我們仍然專注於推動未來的可持續增長和股東回報。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。