掛毯 (TPR) 2025 Q1 法說會逐字稿

(Operator Instructions) Good day and welcome to this Tapestry Conference Call. Today's call is being recorded.

（操作員說明）您好，歡迎參加本次 Tapestry 電話會議。今天的通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to the Global Head of Investor Relations, Christina Colone.

此時，我想將電話轉給投資者關係全球主管克里斯蒂娜·科隆 (Christina Colone) 進行開場發言和介紹。

Good morning. Thank you for joining us. With me today to discuss our first 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.

早安.感謝您加入我們。今天與我一起討論我們第一季業績以及我們的策略和前景的是 Tapestry 執行長 Joanne Crevoiserat； Tapestry 財務長兼營運長 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案》含義內的某些前瞻性陳述。這包括對我們目前或未來季度或財年業務的預測。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有重大差異。請參閱我們的 10-K 表格年度報告、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清單。

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 presentation posted today.

非公認會計準則財務指標包含在我們今天的評論和簡報幻燈片中。如需與相應 GAAP 財務資訊進行全面核對，請造訪我們的網站 www.tapestry.com/investors，然後查看今天發布的收益發布和簡報。

Now let me outline the speakers and topics for this conference call. Joanne will begin with highlights for Tapestry and our brands. 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。喬安妮將首先介紹 Tapestry 和我們品牌的亮點。史考特將繼續介紹我們的財務表現、資本配置優先事項以及我們的未來展望。隨後，我們將舉行問答環節，Coach 執行長兼品牌總裁 Todd Kahn 也將出席。問答結束後，喬安妮將發表簡短的結束詞。

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

現在我想將其交給 Tapestry 執行長 Joanne Crevoiserat。

Good morning. Thank you, Christina. And welcome, everyone. As noted in our press release, our first quarter results exceeded expectations, showcasing the brand magic and operational excellence that are the foundation of our strategic growth agenda. Importantly, our strong and consistent performance is a credit to our exceptional global teams who continue to navigate the dynamic backdrop with focus and agility while positioning our brands and business for the future.

早安.謝謝你，克里斯蒂娜。歡迎大家。正如我們在新聞稿中所指出的，我們第一季的業績超出了預期，展示了作為我們策略成長議程基礎的品牌魔力和卓越營運。重要的是，我們強勁而穩定的業績歸功於我們傑出的全球團隊，他們繼續專注和敏捷地駕馭動態背景，同時為我們的品牌和業務定位未來。

Touching on the highlights of the quarter. First, we achieved total revenue in line with prior year on a constant currency basis, outpacing our outlook and reflecting the benefits of our globally diversified business model with continued solid growth at Coach.

觸及本季的亮點。首先，以固定匯率計算，我們的總收入與去年持平，超出了我們的預期，反映了我們全球多元化業務模式以及 Coach 持續穩健成長的優勢。

By geography, we achieved international revenue gains of 2% at constant currency, which included an increase of 27% in Europe and a 2% decline in the total APAC region. In Greater China specifically, sales declined 5%, consistent with the top end of our guidance range and ahead of the industry, which included a sequential trend improvement throughout the quarter. Importantly, we are delivering a high level of innovation, relevance, and value to consumers while continuing to invest in our brands, teams, and platforms to support long-term growth in the region and with this important consumer cohort. And in North America, revenue declined 1% compared to last year, including an anticipated decrease in wholesale, while profit rose, driven by growth and operating margin expansion.

按地理劃分，以固定匯率計算，我們的國際收入成長了 2%，其中歐洲成長了 27%，整個亞太地區下降了 2%。具體而言，在大中華區，銷售額下降了 5%，與我們指導範圍的上限一致，並且領先於整個行業，其中包括整個季度的連續趨勢改善。重要的是，我們正在為消費者提供高水準的創新、相關性和價值，同時繼續投資於我們的品牌、團隊和平台，以支持該地區和這個重要消費者群體的長期成長。在北美，營收與去年相比下降了 1%，其中包括批發業務的預期下降，而在成長和營業利潤率擴張的推動下，利潤則有所增長。

Second, we remained focused on building new and lasting relationships with consumers across our portfolio. During the quarter, we acquired approximately 1.4 million new customers in North America alone, with increases across all brands. Over half of these customers were Gen Z and millennials, consistent with our strategy to recruit younger consumers to our brands. And they continue to transact at a higher AUR than the balance of our customer base. At the same time, we improved lapsed customer reactivation in North America, which highlights our ability to successfully engage our existing customer base as we welcome new consumers to our brands.

其次，我們仍然專注於在我們的產品組合中與消費者建立新的、持久的關係。本季度，我們僅在北美就獲得了約 140 萬新客戶，所有品牌都有所增加。其中超過一半的客戶是 Z 世代和千禧世代，這符合我們吸引年輕消費者加入我們品牌的策略。他們的交易 AUR 繼續高於我們客戶群的其餘部分。同時，我們提高了北美地區流失客戶的重新激活率，這凸顯了我們在歡迎新消費者使用我們品牌的同時成功吸引現有客戶群的能力。

Third, we delivered compelling omnichannel experiences, engaging our customers wherever they choose to shop our brands. To this end, we maintained strength in digital, which grew high single digits versus prior year and represented over 25% of revenue at accretive margins. Our digital business is underpinned by Tapestry's leading capabilities which have enabled us to enhance the customer experience across their purchase journey. Our global brick-and-mortar sales decreased at a low single-digit rate in the quarter, as expected, though we maintained strong profitability.

第三，我們提供了引人注目的全通路體驗，無論客戶選擇購買我們的品牌，都能吸引他們。為此，我們保持了數位領域的實力，與前一年相比，數位領域成長了高個位數，佔收入的 25% 以上，利潤率不斷增加。我們的數位業務以 Tapestry 的領先能力為基礎，這使我們能夠增強客戶在整個購買過程中的體驗。正如預期的那樣，本季我們的全球實體銷售額以低個位數下降，儘管我們保持了強勁的獲利能力。

Fourth, we fueled fashion innovation and product excellence as we remained focused on bringing creativity, quality and compelling value to consumers around the world. This is clearly on display at Coach, where we delivered continued growth in handbags, with AUR gains, underscoring the vibrancy of the brand and product offering. Our success is also reflected in our strong gross margin, as we achieved a record first quarter gross margin, with further opportunity for expansion long term. Importantly, underpinning our margin gains is our agile supply chain, a key competitive advantage which enables us to deliver craftsmanship and value globally while effectively adapting to the rapidly evolving landscape.

第四，我們持續致力於為世界各地的消費者帶來創造力、品質和引人注目的價值，並推動時尚創新和產品卓越。這一點在 Coach 上得到了清晰的體現，我們在手袋領域實現了持續成長，AUR 也有所成長，凸顯了品牌和產品供應的活力。我們的成功也體現在強勁的毛利率上，第一季毛利率創歷史新高，並有進一步長期擴張的機會。重要的是，支撐我們利潤成長的是我們靈活的供應鏈，這是一項關鍵的競爭優勢，使我們能夠在全球範圍內提供工藝和價值，同時有效地適應快速發展的環境。

Overall, we generated record earnings per share which exceeded our expectations, increasing at a double-digit pace compared to the prior year, while making strategic investments in our brands and business. Importantly, this outperformance enabled us to raise our guidance for the full year, consistent with our commitment to driving growth and shareholder value.

總體而言，我們創造了創紀錄的每股收益，超出了我們的預期，與前一年相比以兩位數的速度增長，同時對我們的品牌和業務進行了戰略投資。重要的是，這種出色的表現使我們能夠提高全年指導，這與我們推動成長和股東價值的承諾是一致的。

Before turning to a discussion of our results in more detail, I'd like to briefly address the pending acquisition of Capri. Two weeks ago, the US District Court granted the FTC's preliminary injunction, which we believe is incorrect on the law and facts. We appealed the decision consistent with our obligations under the merger agreement. While we await that outcome, it's important to reiterate that we are in a position of strength and continue to focus on our compelling organic growth plan, building powerful brands and delivering for our consumers.

在更詳細地討論我們的結果之前，我想先簡單討論即將進行的 Capri 收購。兩週前，美國地方法院批准了聯邦貿易委員會的初步禁令，我們認為禁令在法律和事實上都是不正確的。我們根據合併協議規定的義務對該決定提出上訴。在我們等待這一結果的同時，重要的是要重申我們處於優勢地位，並繼續專注於我們引人注目的有機成長計劃，打造強大的品牌並為我們的消費者提供服務。

Now moving to our results and strategies by brand. Coach continued to deliver standout results, highlighting the enduring power and relevance of the brand and its distinctive expressive luxury positioning. Importantly, our teams are driving strong consumer engagement through innovative product, storytelling and experiences, fueling our brand heat and growth. To this end, during the quarter, we achieved 2% constant currency revenue gains at exceptional margins, highlighted by 330 basis points of gross margin expansion and a 90 basis point lift in operating margin, with meaningful runway for growth ahead.

現在轉向我們按品牌劃分的結果和策略。Coach 繼續取得出色的業績，凸顯了品牌的持久力量和相關性及其獨特的富有表現力的奢華定位。重要的是，我們的團隊透過創新產品、說故事和體驗來推動消費者的強烈參與，從而推動我們的品牌熱度和成長。為此，本季我們以優異的利潤實現了 2% 的恆定貨幣收入成長，其中毛利率擴張了 330 個基點，營業利潤率提升了 90 個基點，為未來的成長奠定了重要的基礎。

Now touching on our progress in the first quarter, centered on our focus to deepen our connection with consumers to fuel continued desire for the brand. First, we grew our leather goods offering, led by our iconic handbag platforms and the success of new product introductions. The Tabby family once again outperformed, over-indexing with new and younger consumers and nearly doubling versus last year. The Tabby shoulder bag 26 continued to anchor the offering, and we further expanded the family with the introduction of Times Square Tabby.

現在談談我們第一季的進展，重點是加深與消費者的聯繫，以激發對品牌的持續渴望。首先，在標誌性手袋平台和新產品推出的成功引領下，我們擴大了皮革製品的供應。Tabby 家族再次表現出色，在新消費者和年輕消費者中的指數過高，與去年相比幾乎翻了一番。Tabby 單肩包 26 繼續主打產品系列，我們透過推出 Times Square Tabby 進一步擴大了產品系列。

As we shared last quarter, based on the power of Tabby and in keeping with our commitment to put the consumer at the heart of all we do, we launched a test that brought the Tabby 26 to our outlet channel at full price. This test continues to exceed plan. And as a result, we rolled it out to more locations with Tabby now available in over 200 outlet stores globally, again at full price. Importantly, the learnings from this test continue to inform our broader strategies for fiscal '25 and beyond as we explore additional opportunities to scale innovative products and marketing campaigns across channels.

正如我們上季度分享的那樣，基於 Tabby 的力量，並為了履行我們以消費者為中心的承諾，我們啟動了一項測試，以全價將 Tabby 26 帶到我們的直銷管道。此次測試繼續超出計畫。因此，我們將其推廣到更多地點，Tabby 現在在全球 200 多家直銷店出售，而且還是全價。重要的是，隨著我們探索更多機會跨通路擴展創新產品和行銷活動，從這次測試中獲得的經驗教訓將繼續為我們 25 財年及以後的更廣泛策略提供資訊。

In addition, during the quarter, we launched the New York family, featuring the Brooklyn and Empire bags, which surpassed our expectations globally and cemented their place as new pillars for the brand. The Brooklyn shoulder bag 20 at $295 was the top recruitment driver of Gen Z consumers, while the Soft Empire carryall 40, at an AUR of $695, was a viral sensation on TikTok. Importantly, the New York family is incremental and differentiated with new minimalist branding and soft leather that's clearly resonating with consumers globally. In fact, the early success of Brooklyn earned it a spot on The Lyst, ranking second among the 10 hottest products.

此外，在本季度，我們推出了 New York 系列，其中包括 Brooklyn 和 Empire 包袋，這超出了我們在全球範圍內的預期，並鞏固了其作為該品牌新支柱的地位。售價 295 美元的 Brooklyn 單肩包 20 是 Z 世代消費者的首要吸引因素，而 AUR 為 695 美元的 Soft Empire 旅行包 40 在 TikTok 上引起了病毒式的轟動。重要的是，紐約系列透過新的極簡主義品牌和柔軟的皮革進行漸進和差異化，顯然引起了全球消費者的共鳴。事實上，Brooklyn 的早期成功為其贏得了 The Lyst 的一席之地，在 10 個最熱門產品中排名第二。

Overall, Coach's growth in handbags and accessories continued to outpace the industry, which included mid-single-digit AUR gains globally, led by North America. And we see further runway longer term given our innovation pipeline and brand heat.

總體而言，Coach 在手袋和配件領域的成長持續超過行業，其中包括以北美為首的全球 AUR 中個位數成長。鑑於我們的創新管道和品牌熱度，我們看到更長期的跑道。

Next, we remained focused on fueling lifestyle, expanding the brands' reach and categories, including footwear, ready to wear and men's, where we are underpenetrated and have a right to win, by driving customer recruitment, purchase frequency and lifetime value. We have a strong pipeline of innovation, notably in footwear with the launch of the new High Line sneaker in the current quarter.

接下來，我們仍然專注於推動生活方式，擴大品牌的影響力和品類，包括鞋類、成衣和男裝，在這些領域我們的滲透率較低，但我們有權利透過推動客戶招募、購買頻率和終生價值來贏得勝利。我們擁有強大的創新管道，特別是在鞋類領域，本季推出了新款 High Line 運動鞋。

Turning to marketing. We continued to have meaningful conversations with consumers through purpose-led marketing, driving cultural relevance and engagement with our brand. This fall, we launched a new campaign, Unlock Your Courage, featuring Coach ambassadors, Elle Fanning, Nazha, Youngji and Charles Melton in a series of short films designed to inspire authentic self-expression, consistent with our brand mission.

轉向行銷。我們繼續透過有目的的行銷與消費者進行有意義的對話，推動文化相關性和與我們品牌的互動。今年秋天，我們推出了一項新活動“釋放你的勇氣”，由Coach 大使艾麗·範甯(Elle Fanning)、娜扎(Nazha)、Youngji 和查爾斯·梅爾頓(Charles Melton) 主演了一系列短片，旨在激發真實的自我表達，這與我們的品牌使命一致。

Importantly, because of our efforts, we've seen significant gains in unaided awareness, share of search and purchase intent among Gen Z consumers in the US and globally, reinforcing brand momentum and that our strategies are working. In addition, our campaigns and brand-building efforts are breaking through globally. To this end, during the quarter, we made the strategic decision to increase our top-of-funnel marketing investments across international markets, notably in China. This reinforces the confidence we have in our brand and product offering, driving greater consumer engagement and helping to drive outperformance versus the industry in China specifically.

重要的是，由於我們的努力，我們看到美國和全球 Z 世代消費者的獨立意識、搜尋份額和購買意圖有了顯著提高，增強了品牌勢頭，而且我們的策略正在發揮作用。此外，我們的活動和品牌建立工作正在全球取得突破。為此，在本季度，我們做出了策略決策，增加在國際市場（特別是中國）的漏斗頂部行銷投資。這增強了我們對我們的品牌和產品的信心，提高了消費者的參與度，並有助於推動我們的表現優於中國產業。

In addition, we also drove brand desire through unique experiences. We connected with younger consumers in the world of gaming with a collaboration with Roblox and Zepeto. Since the launch, more than 12 million unique users interacted with our content, and we've seen an increase in brand consideration and purchase intent from consumers on the platform. Overall, our holistic brand-building activities helped to drive increases in new customer acquisition as we welcomed approximately 930,000 new customers to Coach in North America, a strong increase versus prior year. Of these new customers, approximately 60% were Gen Z and millennials, consistent with our strategy to recruit younger customers.

此外，我們也透過獨特的體驗來激發品牌慾望。我們與 Roblox 和 Zepeto 合作，與遊戲世界的年輕消費者建立了聯繫。自推出以來，已有超過 1,200 萬獨立用戶與我們的內容進行了互動，我們看到平台上消費者的品牌考慮和購買意願增加。整體而言，我們的整體品牌建立活動有助於推動新客戶獲取量的成長，Coach 在北美迎來了約 93 萬名新客戶，與去年相比大幅成長。在這些新客戶中，大約 60% 是 Z 世代和千禧世代，這與我們招募年輕客戶的策略一致。

Looking ahead to holiday, we will continue to focus on brand building through customer engagement, executing our strategies with discipline. We are confident in our product pipeline, building on the traction we're driving in the business through the continuing success of Tabby, expansion of the New York family, the launch of newness within our Coach originals collection and a compelling assortment of seasonal novelty, reinforced by emotional marketing campaigns that amplify our brand purpose and product.

展望假期，我們將繼續專注於透過客戶參與進行品牌建設，嚴格執行我們的策略。我們對我們的產品線充滿信心，透過Tabby 的持續成功、New York 系列的擴張、Coach 原創系列中的新品推出以及引人注目的季節性新穎產品，我們在業務中不斷取得成功，從而增強了我們的業務吸引力，透過情感行銷活動強化我們的品牌宗旨和產品。

In closing. Coach is a storied brand driving modern relevance, fueled by a strong team methodically building sustainable growth. With customer understanding at the heart of our work, we continue to bring to life the brand's unique creativity, purpose and value to a new generation of consumers, with significant runway ahead.

結束時。Coach 是一個推動現代相關性的傳奇品牌，由一支有條不紊地建立永續成長的強大團隊所推動。將客戶理解作為我們工作的核心，我們繼續將品牌獨特的創造力、宗旨和價值呈現給新一代消費者，並取得重大進展。

Now moving to Kate Spade. During the quarter, we continued to reinforce our foundation for the future. While revenue declined as expected, profit margins again expanded versus prior year, led by continued gross margin expansion and diligent expense management. Moving forward, we have a clear imperative for growth. Last month, we welcomed new brand CEO Eva Erdmann to the organization. Eva brings a strong track record of leading global consumer luxury brands and driving consistent profitable growth.

現在轉向 Kate Spade。本季度，我們繼續夯實未來的基礎。儘管收入如預期下降，但在毛利率持續擴張和勤奮的費用管理的帶動下，利潤率再次較上年有所擴大。展望未來，我們有明確的成長任務。上個月，我們迎來了新品牌執行長 Eva Erdmann 加入該組織。Eva 帶來了領先的全球消費奢侈品牌的良好記錄，並推動了持續的利潤成長。

Eva and I share confidence in the meaningful opportunities at Kate Spade by bringing a sharpened focus on brand building and enhanced execution. Importantly, under Eva's leadership, the team is working with intention to advance our long-term strategies while acting with urgency to address the things we can immediately improve in support of this vision.

伊娃和我都對 Kate Spade 的有意義的機會充滿信心，因為我們更加重視品牌建立和增強執行力。重要的是，在 Eva 的領導下，團隊正在努力推進我們的長期策略，同時緊急採取行動，解決我們可以立即改進的問題，以支持這個願景。

Now touching on our results for the quarter. First, we remained focused on strengthening the brand's core handbag offering, key to our growth agenda. In September, we launched the Deco collection in specialty, which is over-indexing with new, younger consumers at strong AUR and margins, while the Phoebe and spade flower programs in outlet remained foundational. At the same time, we also recognized that we need to amplify this progress through more holistic brand-building initiatives, ensuring that we are distorting our efforts to telling more focused, cohesive and relevant brand and product stories to drive consumer engagement, and that work remains underway.

現在談談我們本季的業績。首先，我們仍然專注於加強該品牌的核心手袋產品，這是我們成長議程的關鍵。9 月份，我們推出了 Deco 特色系列，該系列以強勁的 AUR 和利潤率吸引了新的年輕消費者，而奧特萊斯的 Phoebe 和黑桃花項目仍然是基礎。同時，我們也認識到，我們需要透過更全面的品牌建設舉措來擴大這一進展，確保我們能夠扭曲我們的努力，講述更有針對性、更有凝聚力和相關的品牌和產品故事，以推動消費者參與，而這項努力能夠發揮作用仍在進行中。

Turning to Kate Spade's lifestyle offering. During the quarter, we delivered strong growth in jewelry in keeping with our strategic intent. This growth was driven by millennial and Gen Z recruitment, and we see continued opportunity ahead. Next, we remain focused on maximizing the omnichannel opportunity to drive customer engagement and grow the brand. In keeping with this focus, in October, we launched a trial on Amazon with a range of products, including an emphasis on gifting. The initial learnings are promising. And we see an opportunity to leverage the platform's broad consumer reach, specifically with younger cohorts, as we've successfully done with Coach over the last year.

轉向 Kate Spade 的生活方式產品。本季度，我們的珠寶業務實現了強勁成長，符合我們的策略意圖。這一成長是由千禧世代和 Z 世代的招募推動的，我們看到未來將有持續的機會。接下來，我們仍然專注於最大限度地利用全通路機會來推動客戶參與並發展品牌。為了與這一重點保持一致，我們於 10 月在亞馬遜上推出了一系列產品的試用，其中重點包括禮品贈送。初步的經驗是有希望的。我們看到了利用該平台廣泛的消費者影響力的機會，特別是年輕群體，就像我們去年在 Coach 上成功做到的那樣。

Turning to marketing. We are committed to fueling brand heat to drive consideration and accelerate customer acquisition. During the quarter, we acquired approximately 445,000 new customers to the brand, representing an increase versus prior year.

轉向行銷。我們致力於激發品牌熱度，以提高關注度並加速客戶獲取。本季度，我們為該品牌贏得了約 445,000 名新客戶，較去年有所增加。

That said, we need to drive stronger outcomes, particularly in our core category, to achieve our growth ambition. To that end, over the last quarter, our team launched new consumer insights ethnographic work to sharpen our focus and break through with the brand's target audience. And we've immediately implemented action plans for the holiday and into spring which will bring more focus to our execution, from our assortment to our styling as well as our storytelling efforts. Importantly, we will distort our marketing investment into upper funnel campaigns with more relevant messages for our target customer, capitalizing on the brand's strong unaided awareness in the US, to build greater brand desire and purchase consideration.

也就是說，我們需要取得更強勁的成果，特別是在我們的核心類別中，以實現我們的成長目標。為此，在上個季度，我們的團隊推出了新的消費者洞察民族誌工作，以加強我們的重點並在品牌的目標受眾中取得突破。我們立即實施了假期和春季的行動計劃，這將使我們更加關注我們的執行，從我們的品種到我們的造型以及我們講故事的努力。重要的是，我們將把行銷投資轉向上漏斗活動，為目標客戶提供更多相關訊息，利用品牌在美國強大的獨立意識，建立更大的品牌慾望和購買考慮。

Finally, we also continue to operate with discipline and a focus on maintaining a healthy brand and business, which is foundational to our ways of working and highlighted by our continued growth and operating margin expansion in the quarter.

最後，我們也繼續遵守紀律，專注於維持健康的品牌和業務，這是我們工作方式的基礎，並在本季度的持續成長和營業利潤率擴張中得到強調。

Touching on holiday. Our goal is to drive customer acquisition through focus and relevancy. To do this, we will lead with gifting, a hallmark of the brand, while launching a social-first campaign that will celebrate the joy of the holiday season in new and unexpected ways.

假期裡感動。我們的目標是透過重點和相關性來推動客戶獲取。為此，我們將以品牌標誌性的禮物作為主導，同時推出社交優先的活動，以新的、意想不到的方式慶祝節日的歡樂。

Overall, while results for Kate Spade met our expectations in the quarter, we're not satisfied with the performance; and we're sharpening our road map for long-term growth. This is a unique, purpose-driven brand with significant potential with consumers on a global scale. And we're leaning in with intention to deliver sustainable profitable growth.

總體而言，雖然 Kate Spade 本季的業績達到了我們的預期，但我們對其表現並不滿意；我們正在完善長期成長的路線圖。這是一個獨特的、以目標為導向的品牌，在全球範圍內對消費者俱有巨大的潛力。我們正致力於實現可持續的獲利成長。

Now turning to Stuart Weitzman. We drove revenue gains for the quarter, with growth in North America offsetting continued softness in Greater China. Importantly, though financial results remained challenged, we made progress in keeping with our strategic focus on brand building and delivering higher profitability long term.

現在轉向斯圖爾特·韋茨曼。我們推動了本季的營收成長，北美的成長抵消了大中華區的持續疲軟。重要的是，儘管財務表現仍然面臨挑戰，但我們在品牌建立和提供更高長期盈利能力的策略重點方面取得了進展。

Touching briefly on our focus areas across product and marketing. During the quarter, new styles, including the VINNIE pump and Naomi boot families resonated with consumers, while growth in flats continued. In addition, we refreshed our iconic styles, which remain the bedrock of the brand. We launched new constructions to modernize and enhance the fit of key families, including Nudist and Stuart.

簡要介紹我們在產品和行銷方面的重點領域。本季度，包括 VINNIE 高跟鞋和 Naomi 靴子系列在內的新款式引起了消費者的共鳴，而平底鞋的銷量也在持續增長。此外，我們還更新了標誌性款式，這仍然是品牌的基石。我們推出了新建築，以實現現代化並增強包括裸體主義者和史都華在內的重要家庭的健康狀況。

Product innovation drove traction at wholesale with the business growing double digits on both a POS and net sales basis in North America in the first quarter. Further, order bookings year-to-date are up nearly 30% to last year. This will support an improvement in revenue and profitability trends this year and beyond, consistent with our strategy to drive growth in this important channel for the brand and category.

產品創新推動了批發業務的發展，第一季北美的 POS 銷售和淨銷售額均實現兩位數成長。此外，今年迄今的訂單預訂量比去年增長了近 30%。這將支持今年及以後營收和獲利趨勢的改善，符合我們推動品牌和品類這項重要管道成長的策略。

Turning to marketing. During the quarter, we drove brand desire through emotional storytelling in keeping with the brand's purpose of inspiring strength and confidence. Following the brand's How Lovely to Be a Woman campaign launch, featuring new, talented and multifaceted brand ambassadors, we saw an increase in customer acquisition, Google Search and organic digital traffic in North America, which reinforce brand health and represent leading indicators of stronger business results in the future.

轉向行銷。在本季度，我們透過情感故事敘述來推動品牌慾望，以符合品牌激發力量和信心的宗旨。在該品牌推出「How Lovely to Be a Woman」活動後，我們看到北美地區的客戶獲取、Google 搜尋和自然數位流量有所增加，這增強了品牌的健康度，並代表了業務更強勁的領先指標未來的結果。

For holiday, the key boot selling season, we are focused on delivering innovation across our icons and building on the early success of new introductions while driving sustained wholesale growth where there's momentum. In addition, we will continue to deliver purpose-driven marketing with the rollout of additional chapters of our How Lovely to Be a Woman campaign. Overall, we continue to see long-term potential for the brand with an empowered team focused on driving customer engagement and improved financial results.

在假期這個關鍵的靴子銷售季節，我們專注於在我們的標誌性產品中提供創新，並在新品推出的早期成功的基礎上再接再厲，同時在有動力的情況下推動批發的持續增長。此外，我們將繼續提供以目的為導向的行銷，推出「How Lovely to Be a Woman」活動的其他章節。總體而言，我們繼續看到品牌的長期潛力，擁有一支專注於提高客戶參與度和改善財務表現的授權團隊。

In closing. Tapestry delivered strong earnings growth in the first quarter, outperforming expectations. Our results continue to demonstrate the power of brand building, customer centricity and operational excellence. I want to reiterate my appreciation to our exceptional global teams who continue to drive our success.

結束時。Tapestry 第一季獲利成長強勁，超乎預期。我們的成果繼續證明了品牌建立、以客戶為中心和卓越營運的力量。我想再次感謝我們傑出的全球團隊，他們繼續推動我們的成功。

From this position of strength, we raised our outlook for the full year. We remain focused and confident in the bold ambition we have for our existing brands and business. I believe the best is yet to come for Tapestry.

基於這項優勢，我們上調了全年展望。我們對現有品牌和業務的雄心壯志保持專注和信心。我相信 Tapestry 最好的時刻還沒到來。

Before turning the call over to Scott, I want to take a moment to recognize Andrea Resnick. This marks Andrea's 97th and final earnings call with Tapestry, ahead of her retirement later this year. Andrea joined the company to take it public and has had a truly amazing career. She is an institution at Tapestry and a legend in the IR and corporate communication world. Andrea created a gold standard for thoughtful and transparent communications, which have become a bedrock at our company. On behalf of everyone at Tapestry, we are grateful for her many contributions and wish her all the best in her next chapter.

在將電話轉給斯科特之前，我想花點時間認識安德里亞·雷斯尼克。這是 Andrea 在 Tapestry 舉行的第 97 次也是最後一次財報電話會議，她將於今年稍後退休。安德里亞 (Andrea) 加入公司是為了讓公司上市，她的職業生涯非常出色。她是 Tapestry 的一員，也是 IR 和企業傳播界的傳奇人物。安德里亞 (Andrea) 為深思熟慮和透明的溝通制定了黃金標準，這已成為我們公司的基石。我們代表 Tapestry 的所有人，感謝她做出的許多貢獻，並祝福她在下一個篇章中一切順利。

With that, I'll now turn it over to Scott.

有了這個，我現在將把它交給斯科特。

Thanks, Joanne. And good morning, everyone. Our first quarter performance continued to build on our track record of consistent and disciplined execution. To this end, in Q1, we outperformed expectations across revenue, operating income and earnings, delivering strong EPS growth and cash flow generation despite the volatile backdrop.

謝謝，喬安妮。大家早安。我們第一季的業績繼續建立在我們一貫和嚴格的執行記錄的基礎上。為此，第一季度，我們在收入、營業收入和盈利方面的表現超出了預期，儘管在動蕩的背景下實現了強勁的每股收益增長和現金流生成。

Now moving to the details of the quarter, beginning with revenue trends on a constant currency basis. Sales were in line with the prior year and above our guidance for the quarter. These results were led by growth internationally, which grew 2% at constant currency. By region, Europe revenue grew 27% above last year, driven by increased local consumer spend and strong new customer acquisition, notably with Gen Z. In other Asia, revenue rose 10%, led by growth in Australia, New Zealand and South Korea, while Japan sales declined 4%. And in Greater China, revenue declined 5%, at the high end of our guidance range. During the quarter, we again delivered digital growth. And brick-and-mortar trends, while negative, improved throughout the quarter, supported by better traffic trends which continued into Q2. Despite the overall challenging market backdrop, we are confidently investing in the region, delivering compelling product and value and positioning our brands and business for long-term growth.

現在轉到本季度的詳細信息，首先是按固定匯率計算的收入趨勢。銷售額與上年持平，並高於我們對本季的指導。這些業績是由國際成長帶動的，以固定匯率計算成長了 2%。按地區劃分，歐洲收入比去年增長了27%，這得益於當地消費者支出的增加和新客戶（尤其是Z 世代）的強勁增長。紐西蘭和韓國的成長帶動了成長，而日本銷售額下降了 4%。在大中華區，收入下降了 5%，處於我們指導範圍的上限。在本季度，我們再次實現了數位化成長。實體店趨勢雖然呈現負面趨勢，但在持續到第二季​​的更好的流量趨勢的支持下，整個季度有所改善。儘管市場環境總體充滿挑戰，但我們仍然充滿信心地投資該地區，提供引人注目的產品和價值，並為我們的品牌和業務定位以實現長期成長。

In North America, sales declined 1% compared to the prior year due to a planned decrease in wholesale, while North America direct was positive. Importantly, both gross and operating margins rose versus last year as we supported long-term brand health.

在北美，由於計畫減少批發量，銷售額較上年下降 1%，而北美直接銷售則呈現正成長。重要的是，由於我們支持長期品牌健康，毛利率和營業利潤率均較去年上升。

Now touching on revenue by channel for the quarter. Our direct-to-consumer business was in line with the prior year, which included a high single-digit increase in digital revenue and a low single-digit decline in global brick-and-mortar sales. Wholesale revenue was in line with prior year, which included international growth, including on digital platforms, where we continue to expand our reach.

現在談談本季按通路劃分的收入。我們的直接面向消費者業務與上一年持平，其中包括數位收入高個位數成長和全球實體銷售額低個位數下降。批發收入與上年持平，其中包括國際成長，包括數位平台上的成長，我們繼續擴大我們的業務範圍。

Moving down the P&L. We achieved a record first quarter gross margin, delivering gross margin expansion of 280 basis points versus prior year. This year-over-year increase was driven by 180 basis points of operational outperformance, which exceeded plan, as well as a benefit of approximately 60 basis points from lower freight expense and a 40 basis point tailwind from FX.

損益表向下移動。我們第一季的毛利率創歷史新高，與去年同期相比，毛利率增加了 280 個基點。這一同比增長的推動因素是營運表現優異 180 個基點（超出計劃）、貨運費用下降約 60 個基點以及外匯帶來的 40 個基點的利好。

Turning to SG&A. We continue to make ongoing strategic investments in our future. To this end, SG&A rose 3%, led by higher marketing spend versus prior year and expectations, in support of our brand-building initiatives. So taken together, operating margin increased approximately 90 basis points in the quarter, driving operating profit growth ahead of prior year and expectations. And first quarter EPS of $1.02 exceeded our guidance and represented growth of 10%.

轉向SG&A。我們將繼續對未來進行持續的策略性投資。為此，SG&A 成長了 3%，主要是由於行銷支出高於上年和預期，以支持我們的品牌建設計劃。總而言之，本季營業利潤率成長了約 90 個基點，推動營業利潤成長超過去年同期和預期。第一季每股收益為 1.02 美元，超出了我們的指導，成長了 10%。

Now turning to our balance sheet and cash flows. We ended the quarter with $7.3 billion in cash and investments; and total borrowing of $7.3 billion, which reflects the bond financing related to the proposed acquisition of Capri of $6.1 billion. Free cash flow was an inflow of $94 million.

現在轉向我們的資產負債表和現金流。本季結束時，我們擁有 73 億美元的現金和投資；借款總額為 73 億美元，反映了與擬議收購 Capri 相關的債券融資 61 億美元。自由現金流流入為 9,400 萬美元。

CapEx and implementation costs related to cloud computing for the quarter were $30 million. Inventory levels at quarter end were 9% above prior year, reflecting a higher level of in-transits consistent with expectations, as we continue to leverage the benefits of our supply chain navigating the Red Sea and port disruptions, with only modest impact. Importantly, as we enter the holiday season, our inventory is current and well positioned globally. And we continue to expect to end Q2 and the full year with inventory above prior year.

本季與雲端運算相關的資本支出和實施成本為 3000 萬美元。季度末的庫存水準比去年同期高 9%，反映出在途水準較高，符合預期，因為我們繼續利用供應鏈在紅海和港口中斷中的優勢，但影響不大。重要的是，隨著我們進入假期季節，我們的庫存是最新的並且在全球範圍內處於有利位置。我們繼續預計第二季末和全年庫存將高於去年同期。

Turning to our dividend program. Our Board of Directors declared a quarterly cash dividend of $0.35 per common share, representing $80 million in dividend payments for the quarter. For the fiscal year, we continue to expect to return approximately $325 million to shareholders through the dividend, for an annual rate of $1.40 per share.

轉向我們的股利計畫。我們的董事會宣布季度現金股利為每股普通股 0.35 美元，相當於本季股利支付 8,000 萬美元。在本財年，我們繼續預期透過股息向股東返還約 3.25 億美元，年利率為每股 1.40 美元。

Now moving to our guidance for fiscal year '25, which is provided on a non-GAAP basis. We are raising our fiscal 2025 outlook, which incorporates our first quarter outperformance. We view this guidance as prudent and achievable as we remain clear eyed about the realities of the external environment, balanced with the opportunities we see for our business. For the fiscal year, we now expect revenue of over $6.75 billion, representing growth of approximately 1% to 2% versus prior year on a reported and constant currency basis.

現在轉向我們的 25 財年指引，該指引是根據非 GAAP 基礎提供的。我們正在上調 2025 財年展望，其中包括我們第一季的優異表現。我們認為這項指導方針是審慎且可實現的，因為我們對外部環境的現實保持清醒的認識，並與我們看到的業務機會相平衡。我們目前預計本財年營收將超過 67.5 億美元，按報告和固定匯率計算，較上年增長約 1% 至 2%。

Touching on sales details by region at constant currency. We expect high-teens growth in Europe, where we are underpenetrated and have strong traction. In other Asia, we anticipate mid-single-digit gains, while in Japan we're forecasting a low single-digit decline. In North America, we expect revenue to be approximately in line with to slightly above prior year as we continue to support a healthy business. And in Greater China, we expect revenue to be in the area of prior year.

涉及按地區以固定匯率計算的銷售詳細資訊。我們預計歐洲將出現高位成長，因為我們在歐洲的滲透率較低，但具有強大的吸引力。在亞洲其他地區，我們預計將出現中等個位數的成長，而在日本，我們預計將出現低個位數的下降。在北美，隨著我們繼續支持健康的業務，我們預計收入將與去年大致持平或略高於去年。在大中華區，我們預計收入將與去年持平。

In addition, our outlook now assumes operating margin expansion of over 50 basis points versus last year. We anticipate gross margin expansion to drive this increase due to improvements in both AUR and AUC. Both freight and FX are expected to have a negligible impact on gross margin changes in fiscal '25.

此外，我們現在的展望假設營業利潤率比去年增長超過 50 個基點。我們預計，由於 AUR 和 AUC 的改善，毛利率的成長將推動這一成長。預計貨運和外匯對 25 財年毛利率變動的影響可忽略不計。

On SG&A, we expect expenses to increase roughly in line with the pace of revenue growth for the year. Importantly, we're continuing to diligently control costs while investing in our highest-impact growth initiatives, including making incremental investments in marketing versus our prior outlook. For modeling purposes, you can expect a modest decline in corporate expenses versus prior year while making ongoing investments in our brands.

在銷售、管理和行政費用方面，我們預計支出將與今年收入成長的步伐大致一致。重要的是，我們將繼續努力控製成本，同時投資於影響最大的成長計劃，包括與我們先前的展望相比，在行銷方面進行增量投資。出於建模目的，您可以預期公司支出將比上年略有下降，同時對我們的品牌進行持續投資。

Moving to below-the-line expectations for the year. Net interest income is expected to be approximately $20 million, which incorporates the Fed's 50 basis point rate cut in September, with some further rate cuts assumed throughout the year. The tax rate is expected to be approximately 19%. And our weighted average diluted share count is forecasted to be in the area of 238 million shares.

轉向今年的線下預期。淨利息收入預計約為 2,000 萬美元，其中包括聯準會 9 月降息 50 個基點以及全年進一步降息的情況。預計稅率約為19%。我們的加權平均稀釋後股票數量預計為 2.38 億股。

Taken together, we're raising our EPS guidance to $4.50 to $4.55, representing mid-single-digit growth compared to last year and ahead of our prior guide of $4.45 to $4.50. Finally, we anticipate free cash flow of approximately $1.1 billion, excluding any deal-related costs.

綜上所述，我們將每股盈餘指引上調至 4.50 至 4.55 美元，與去年相比呈現中位數個位數成長，高於我們先前的指引 4.45 至 4.50 美元。最後，我們預計自由現金流約為 11 億美元，不包括任何與交易相關的成本。

And we expect CapEx and cloud computing costs to be in the area of $190 million. We expect around two-thirds of the spend to be related to store openings, renovations and relocations, with the balance primarily related to our ongoing digital and IT investments.

我們預計資本支出和雲端運算成本約為 1.9 億美元。我們預計大約三分之二的支出將與商店開業、翻新和搬遷有關，其餘支出主要與我們正在進行的數位和 IT 投資有關。

Touching on shaping for the year. We expect constant currency sales to be up slightly in the first half of the year, with low single-digit growth planned in the back half of the year. In Q2 specifically, we expect sales to grow in the area of 1% to 2% on a reported and constant currency basis.

談到今年的塑造。我們預計上半年固定貨幣銷售額將小幅成長，下半年計畫將達到低個位數成長。具體來說，我們預計第二季的銷售額將按報告和固定匯率計算成長 1% 至 2%。

Turning to operating margin. We expect expansion in both the first and second halves, with the first half expansion led by gross margin gains. And the second half increase is driven by SG&A leverage. Taken together, we expect balanced EPS growth of mid-single digits for the first and second halves, with Q2 forecasted to approach $1.70.

轉向營業利潤率。我們預計上半年和下半年都會出現擴張，其中上半年擴張是由毛利率成長帶動的。下半年的成長是由 SG&A 槓桿推動的。綜合來看，我們預計上半年和下半年每股盈餘將實現中個位數的均衡成長，預計第二季將接近 1.70 美元。

Now to briefly address the proposed acquisition of Capri. We are appealing the district court's order as required by our merger agreement and have paused all integration planning efforts during this period. Given the present dynamics, we are not reaffirming the financial aspects of the deal and we'll provide updated comments if and as appropriate.

現在簡要討論收購 Capri 的提案。我們正在根據合併協議的要求對地區法院的命令提出上訴，並已暫停在此期間的所有整合規劃工作。鑑於目前的動態，我們不會重申該交易的財務方面，我們將在適當的時候提供最新評論。

With that, I'd like to share with you in more detail how we're thinking about our capital allocation priorities looking forward. Our capital allocation framework is focused on the goals of driving healthy growth and sustainable shareholder value. To do this, we have foundational commitments. First, to invest in our brands and businesses to support long-term sustainable growth. Second is our dividend. And we expect to maintain a rate of $1.40 per share in fiscal '25, with a goal over time of increasing our dividend at least in line with earnings to achieve the stated targeted payout ratio of 35% to 40%.

至此，我想與您更詳細地分享我們如何考慮未來的資本配置優先事項。我們的資本配置框架專注於推動健康成長和永續股東價值的目標。為此，我們做出了基本承諾。首先，投資我們的品牌和業務，以支持長期可持續成長。其次是我們的股利。我們預計 25 財年將維持每股 1.40 美元的股息率，隨著時間的推移，我們的目標是至少根據收益增加股息，以實現 35% 至 40% 的既定目標派息率。

Beyond these foundational commitments, our robust cash flow generation provides us with balance sheet flexibility for value creation. To note, we are firmly committed to our solid investment-grade rating and our long-term gross leverage target of below 2.5 times.

除了這些基本承諾之外，我們強勁的現金流生成為我們提供了創造價值的資產負債表靈活性。值得注意的是，我們堅定地致力於實現穩健的投資等級和低於 2.5 倍的長期總槓桿目標。

Keeping this long-term leverage target in mind, there's a clear opportunity to utilize excess free cash flow for share repurchases. We have contingency plans ready, pending the outcome of the appeal. And we believe our shares represent a compelling opportunity given the strong organic growth runway of our business. And this would represent our immediate priority should we be unable to move forward with the proposed acquisition of Capri.

牢記這個長期槓桿目標，顯然有機會利用多餘的自由現金流進行股票回購。我們已準備好應急計劃，等待上訴結果。我們相信，鑑於我們業務強勁的有機成長勢頭，我們的股票代表了一個引人注目的機會。如果我們無法推動收購卡布里島的提議，這將是我們的當務之急。

And finally, consistent with our commitment to being disciplined financial operators and allocators of capital, we consistently evaluate opportunities for strategic portfolio management, utilizing our rigorous 4-lens framework to ensure all actions meet our strategic and financial growth criteria.

最後，根據我們作為紀律嚴明的金融業者和資本配置者的承諾，我們不斷評估策略性投資組合管理的機會，利用我們嚴格的四透鏡框架確保所有行動符合我們的策略和財務成長標準。

In closing. We delivered a successful quarter demonstrating our commitment to driving disciplined growth. We achieved record gross margin and EPS, with double-digit earning gains, as we remained focused on executing our compelling organic growth plan, positioning us to raise our outlook for the full fiscal year. Importantly, our distinctive brands, talented global teams, data-driven platform and strong cash flow are competitive advantages. Taken together, they provide us with strategic and financial flexibility to deliver accelerated organic growth and enhanced shareholder value in fiscal '25 and for years to come.

結束時。我們度過了一個成功的季度，展現了我們對推動有序成長的承諾。我們實現了創紀錄的毛利率和每股收益，以及兩位數的獲利成長，因為我們仍然專注於執行令人信服的有機成長計劃，使我們能夠提高整個財年的前景。重要的是，我們獨特的品牌、才華橫溢的全球團隊、數據驅動的平台和強大的現金流都是競爭優勢。總而言之，它們為我們提供了策略和財務靈活性，以在 25 財年及未來幾年實現加速的有機成長並提高股東價值。

I'd now like to open it up and take your questions.

我現在想打開它並回答你的問題。

Bob Drbul, Guggenheim Securities.

鮑勃‧德布爾，古根漢證券公司。

Congratulations on a great quarter. I guess just the first question really is, can you expand a bit more on the deal and a bit more of an update on the deal. And then in a deal break scenario, can you just talk through a bit more the vision for the company, your capital allocation priorities, including future M&A?

恭喜您度過了一個美好的季度。我想第一個問題確實是，你能否對這筆交易進行更多的擴展和更新。然後，在交易中斷的情況下，您能否多談談公司的願景、您的資本配置優先事項，包括未來的併購？

Thanks, Bob. As you know, on the deal, we filed an appeal as we're required to do by our agreement. And that process is ongoing. As always, we're focused on our organic business and we're operating from a position of strength. And our outperformance in the first quarter and the outlook we raised for the full year are further evidence of our disciplined brand building and the particular strength we're seeing at Coach. And I do want to recognize the talented teams across the globe at Tapestry who are driving these outstanding results. Together, we have a bold vision for our existing business, and we have tremendous runway ahead. And our performance underpins our confidence in our organic growth potential, and our focus is on our largest value creation opportunities.

謝謝，鮑伯。如您所知，我們根據協議的要求，就該交易提出了訴訟。這個過程正在進行中。一如既往，我們專注於我們的有機業務，並且我們的營運實力雄厚。我們第一季的出色表現以及我們提出的全年展望進一步證明了我們嚴格的品牌建設以及我們在 Coach 看到的特殊實力。我確實想表彰 Tapestry 全球各地的才華橫溢的團隊，他們推動了這些出色的成果。我們共同對現有業務抱持大膽的願景，前方還有廣闊的道路。我們的業績支撐了我們對有機成長潛力的信心，我們的重點是最大的價值創造機會。

Those are sustaining healthy growth at Coach while reigniting growth at Kate Spade. And I'm happy to share our thinking on capital allocation. Of course, we're awaiting the outcome of the appeals process which we're required to do, but in the meantime, I'll give you a little additional color on what Scott walked through on the call. In any scenario, we have foundational investments. And that includes investing in our organic business, and we have much more growth to unlock. And we have a commitment to maintaining our dividend, with a goal of increasing it over time.

這些使 Coach 保持健康增長，同時重新點燃 Kate Spade 的增長。我很高興分享我們對資本配置的想法。當然，我們正在等待我們需要執行的上訴程序的結果，但與此同時，我將向您提供有關斯科特在電話會議中經歷的一些額外信息。在任何情況下，我們都有基礎投資。這包括投資我們的有機業務，我們還有更多的成長空間需要釋放。我們致力於維持股息，並目標是隨著時間的推移增加股息。

Beyond these commitments and to directly address your question in a deal break scenario, let me give you three overarching principles that highlight both our balance sheet flexibility and our focus on shareholder return. First, we're firmly committed to our long-term leverage ratio and our investment-grade rating. Second, there is meaningful opportunity to resume share repurchases. This would be our immediate priority. Given our free cash flow generation, our growth prospects and our valuation, the buyback opportunity is extremely compelling.

除了這些承諾之外，為了在交易中斷的情況下直接解決您的問題，讓我向您提出三個總體原則，強調我們的資產負債表靈活性和對股東回報的關注。首先，我們堅定地致力於我們的長期槓桿率和投資級評級。其次，恢復股票回購是一個有意義的機會。這將是我們的當務之急。考慮到我們的自由現金流產生、成長前景和估值，回購機會極具吸引力。

And third, strategic portfolio management: We will be disciplined with any actions. We continue to believe our platform can support more brands. And we look forward to proving that in the future, but to be clear, if this deal does not close, we do not expect any M&A in the near term. And before moving forward with M&A, we will ensure Coach remains strong and that we've returned to sustainable top line growth at Kate Spade. We are intensely focused on our existing business. And we're confident that we have the creativity, the capabilities and the culture at Tapestry to drive continued success.

第三，策略性投資組合管理：我們的任何行為都將受到紀律處分。我們仍然相信我們的平台可以支持更多品牌。我們期待在未來證明這一點，但需要明確的是，如果這筆交易沒有完成，我們預計短期內不會發生任何併購。在推進併購之前，我們將確保 Coach 保持強勁，並確保 Kate Spade 的營收恢復可持續成長。我們高度專注於現有業務。我們相信 Tapestry 擁有推動持續成功的創造力、能力和文化。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Two questions from me. I'll piggyback off of Bob's. Just understanding, Joanne, very clear on what you were explaining on capacity, could you give us more specifics? Is it as simple as you guys were kind of annualizing around $700 million of buyback back when the deal was announced? You didn't buy back anything last year. You have nothing in your plan this year. Is it simple enough just to say, if the deal did not go through, we should kind of take that number times 2, and that's what our expectation would be for the appetite?

我有兩個問題。我會搭載鮑伯的。只是了解，喬安妮，非常清楚您對容量的解釋，您能給我們更多具體信息嗎？難道就像交易宣佈時你們每年回購約 7 億美元一樣簡單嗎？去年你什麼都沒買回來。今年你的計畫裡什麼都沒有。是否足夠簡單，只是說，如果交易沒有成功，我們應該將該數字乘以 2，這就是我們對胃口的期望？

And then the follow-up question is just on China, just kind of what you saw through the quarter. What's baked in for the second quarter? And just any high-level thoughts on the region would be great.

後續問題只涉及中國，這就是您在本季看到的情況。第二季有哪些內容？任何關於該地區的高層想法都會很棒。

Sure. Let me take the China question, first. And then I'll pass it to Scott to add some color on how we're thinking about share buyback. In Greater China, we landed and delivered a quarter at the top end of our guidance range, down 5%. Our performance in the region is outpacing the industry. I was just there a couple of months ago. I know Todd was just there a couple of weeks ago. And we continue to invest in the region. We're investing in marketing; and our products are resonating, the brand purpose, the storytelling. We're delivering exceptional value into the market. And we did see sequential improvement as we moved through the quarter and we saw that continue into Q2.

當然。首先我來談談中國問題。然後我會將其傳遞給斯科特，以補充我們如何考慮股票回購的一些內容。在大中華區，我們的季度交付量達到了指導範圍的上限，下降了 5%。我們在該地區的表現超過了行業。幾個月前我才在那裡。我知道托德幾週前才在那裡。我們繼續在該地區投資。我們正在投資行銷；我們的產品、品牌宗旨、故事敘述都引起共鳴。我們正在向市場提供卓越的價值。隨著本季的進展，我們確實看到了連續的改善，並且我們看到這種情況持續到第二季​​。

And importantly, our digital trends were positive in the market. And I think that just speaks to how well our teams on the ground are meeting the customers where they are. They're agile. We've been in the market. And I think it speaks to the level of understanding that we have with the customer and the investments we continue to make in our platform and our capabilities. We remain confident in the long-term opportunity in China and in Asia overall. And I'd love to toss it to Todd, but maybe I -- all right, yes, I'll toss it to Todd to give you a little bit more color on what he's seeing in China. And then we'll toss it to Scott.

重要的是，我們的數位趨勢在市場上是正面的。我認為這正好說明了我們的實地團隊在滿足客戶需求方面的表現如何。他們很敏捷。我們一直在市場上。我認為這說明了我們對客戶的理解程度以及我們對平台和能力的持續投資。我們對中國和整個亞洲的長期機會仍然充滿信心。我很想把它拋給托德，但也許我——好吧，是的，我會把它拋給托德，讓你對他在中國看到的事情有更多的了解。然後我們會把它扔給斯科特。

Thanks, Joanne. And we won't forget your question, Ike, for Scott. We know how important that is to you, but in terms of China, we delivered a negative 3% in the quarter. That compares to the industry at double-digit over 20% drop. And as Joanne said to you, I've just come back from China. I spent a week there. I have come back more enthusiastic about China than I ever have been. And it really comes down to our brand positioning of expressive luxury and the value and values that our brands stand for really resonating with our target customer. And what I was very impressed with, I went to a small city called Wuxi, about two hours outside of Shanghai. When I say a small city, a city of over 7 million people. We have three stores there.

謝謝，喬安妮。艾克，我們不會忘記你向史考特提出的問題。我們知道這對您來說有多重要，但就中國而言，我們本季的表現為負 3%。相比之下，該產業的跌幅超過 20%，呈現兩位數。正如喬安妮對你說的，我剛從中國回來。我在那裡待了一個星期。回來後我對中國比以往任何時候都更加熱情。這實際上取決於我們表達奢華的品牌定位，以及我們品牌所代表的價值和價值觀，真正與我們的目標客戶產生共鳴。令我印象深刻的是，我去了一個叫無錫的小城市，距離上海大約兩個小時車程。當我說一個小城市時，一個超過700萬人口的城市。我們在那裡有三個商店。

We have the opportunity clearly to double our store count there because we're not restricted by maybe places where only traditional European luxury will go. We are able to go where the young people are, and our brand resonates. That story replicates itself in dozens of locations in China, so I see, over the next 1.5 years to 2 years, lots of distribution growth opportunity in China. So now let's get to that little question you have about stock buybacks with -- to Scott.

顯然，我們有機會將那裡的商店數量增加一倍，因為我們不受可能只有傳統歐洲奢侈品才會去的地方的限制。我們能夠走到年輕人所在的地方，我們的品牌產生共鳴。這個故事在中國的數十個地方重演，所以我認為，在未來 1.5 年到 2 年裡，中國將有大量的發行成長機會。現在讓我們向斯科特解答一下關於股票回購的小問題。

Yes. That's -- I'm excited to talk about it, Ike. So I'll start by just reminding you and everybody what Joanne said and just point to our results. I mean we have a compelling organic story with growth, profit, free cash flow and essentially zero net debt, so that means we've got a lot of capacity. And I guess another contextual point that I would point to is some of the bright lines that we've established. So we talked about remaining strong investment grade.

是的。那是——我很高興談論它，艾克。因此，我首先要提醒大家和大家喬安妮所說的話，並指出我們的結果。我的意思是，我們有一個引人注目的有機故事，包括成長、利潤、自由現金流和基本上為零的淨債務，所以這意味著我們有很大的能力。我想我要指出的另一個背景點是我們已經建立的一些明確的界線。所以我們討論了保持強勁的投資評級。

That means a leverage target of less than 2.5 times debt-to-EBITDA, but in this environment we wouldn't push the upper limit of that boundary. But it does mean we have a lot of capacity. And some have asked, what vehicles are on the table? Would we consider ASR or other things? Yes, we -- all vehicles are on the table. Should we be in a deal break scenario, then we'll come back with more specificity and give you better parameters around what that might look like.

這意味著槓桿目標低於債務與 EBITDA 的 2.5 倍，但在這種環境下，我們不會突破該界限的上限。但這確實意味著我們有很大的能力。有人問，有哪些車輛可供選擇？我們會考慮 ASR 還是其他東西？是的，我們——所有車輛都在談判桌上。如果我們處於交易中斷的情況，那麼我們會提供更多具體信息，並為您提供更好的參數，以了解可能的情況。

Matthew Boss, J.P. Morgan.

馬修‧博斯，摩根大通。

Congrats on a really nice quarter. So Joanne, on market share gains at exceptional margins which you cited at the Coach brand, could you elaborate on the drivers of outperformance relative to what you're seeing in the category over the past 12 months? And maybe if you could just speak to recent global demand trends that you're seeing. And then Scott, gross margin, if you could just walk through the continued gross margin opportunities for the balance of this year and then just how best to think about opportunities remaining multi year.

恭喜您度過了一個非常美好的季度。那麼，Joanne，關於您在 Coach 品牌中提到的以非凡利潤率獲得的市場份額增長，您能否詳細說明一下相對於過去 12 個月您在該類別中看到的表現出色的驅動因素？也許您可以談談您所看到的最近的全球需求趨勢。然後斯科特，毛利率，如果你能回顧今年剩餘時間的持續毛利率機會，然後如何最好地考慮多年剩餘的機會。

Yes. I'll kick it off, Matt, but also ask Todd to add a little bit of color on the Coach issues specifically, but as I look around the world and what we see in our business is very consistently a consumer that is choiceful. And innovation and emotion, however, are continuing to win with consumers. And you have to break through with emotion. We have to deliver value in the way of innovation, great quality and craftmanship as we do and understand where the customers are and meet them where they are. And that's how we win. We've been very methodical at building the capabilities at Tapestry over time and investing behind our brands, and Coach is clearly winning.

是的。馬特，我首先要開始討論，但也請托德在 Coach 問題上具體添加一些色彩，但當我環顧世界時，我們在我們的業務中看到的是，消費者始終是有選擇性的。然而，創新和情感繼續贏得消費者的青睞。而且你必須用情感來突破。我們必須以創新、卓越的品質和工藝的方式提供價值，了解客戶在哪裡並在他們所在的地方滿足他們。這就是我們獲勝的方式。隨著時間的推移，我們一直非常有條理地建立 Tapestry 的能力並投資於我們的品牌，Coach 顯然是贏家。

As you think about the category, the handbag and leather good category have been incredibly durable and resilient over decades. The category has grown mid-single digits over decades. In the last quarter, we do -- we did see the category slow and decline in Q1, but again, in that context, Coach is clearly winning. We believe we can grow both now and into the future. And we would expect the handbag category again to resume historic growth rates over time, but even now we expect that we can grow in this environment. And then we're building our business to be able to be even stronger as the category more fully recovers to historic growth rates, but I'm going to toss it to Todd to share what he's seeing at Coach.

當你想到這個類別時，幾十年來，手提包和皮革製品類別一直非常耐用和有彈性。幾十年來，該類別的成長幅度為中個位數。在上個季度，我們確實看到該類別在第一季放緩和下降，但在這種情況下，Coach 顯然正在獲勝。我們相信我們現在和未來都能成長。我們預計手袋類別將隨著時間的推移再次恢復歷史成長率，但即使是現在，我們也預計我們可以在這種環境下實現成長。然後，隨著該類別更全面地恢復到歷史增長率，我們正在建立我們的業務，以便能夠變得更加強大，但我將把它扔給托德，分享他在 Coach 的所見所聞。

Thanks, Joanne. And I'm going to elevate for a second and really talk about Coach and really -- and, by extension, how Coach and Tapestry have always excelled at logic. Coach, though, is at its best when the magic is equally strong. I believe we are at one of those moments. And let me give you two proof points which I think speak volumes. First, our own employees are buying the Brooklyn bag in droves even though it's exempt from our traditional employee discount.

謝謝，喬安妮。我要稍微提一下，真正談談 Coach 以及 — 進而延伸一下，Coach 和 Tapestry 為何一直在邏輯方面表現出色。然而，當魔法同樣強大時，教練就會處於最佳狀態。我相信我們正處於這樣的時刻之一。讓我給你們兩個我認為很有說服力的證據。首先，我們自己的員工正在成群結隊地購買布魯克林包，儘管它不享受我們傳統的員工折扣。

And second, in my almost 17 years at Coach, I have never seen consumer demand for a new collection as I've seen for the New York collection, with literally tens of thousands of clients registering at stores and online to, quote, notify them when a particular colorway or size is back in stock. And the best part is we are not seeing the New York collection cannibalize the demand for our Tabby family. So when you think about long-term sustainable growth, one, we're acquiring new customers who are younger. Two, they're transacting more frequently at higher AURs. Three, we're creating tested, purpose-led campaigns that resonate with our target consumers. And four, we've increased our funding for those campaigns to allow a true spike in sustained cadence.

其次，在 Coach 工作的近 17 年中，我從未見過像紐約系列那樣消費者對新系列的需求，實際上有數以萬計的客戶在商店註冊並在線註冊、報價、通知他們當特定顏色或尺寸重新有貨時。最棒的是，我們沒有看到紐約系列蠶食我們對虎斑貓家族的需求。因此，當你考慮長期可持續成長時，第一，我們正在吸引更年輕的新客戶。第二，他們以更高的 AUR 進行更頻繁的交易。第三，我們正在創建經過測試、有目的的行銷活動，以與我們的目標消費者產生共鳴。第四，我們增加了對這些活動的資助，以實現持續節奏的真正飆升。

And finally and maybe most importantly, we have meaningful platforms in our product assortment to continue this momentum for the quarters and years ahead, so I am very bullish on our future now. We're going to stay very close to the consumer. And I think you had a follow-up question on gross margin for Scott.

最後，也許最重要的是，我們的產品種類中擁有有意義的平台，可以在未來幾季和幾年裡繼續保持這種勢頭，所以我現在非常看好我們的未來。我們將與消費者保持非常密切的關係。我認為您對斯科特有一個關於毛利率的後續問題。

Yes, I got it. Boy, that's a great lead-in, though, Todd, in terms of giving the context of why we have such confidence in long-term gross margin growth, but a little bit of shaping, Matt. So remember. What a quarter, in Q1, for gross margin with 280 basis points. A couple of things to remember. First of all, we did see some benefits from freight. It was highlighted in the prepared remarks, about 60 bps in the quarter. We see that turning to a very modest negative. And for the full year, it's really not much of an impact, but that did benefit Q1.

是的，我明白了。天哪，托德，這是一個很好的引導，因為它說明了為什麼我們對長期毛利率增長如此有信心，但馬特，還有一點塑造。所以記住。第一季的毛利率為 280 個基點，真是太棒了。有幾件事要記住。首先，我們確實看到了貨運的一些好處。在準備好的演講中強調了這一點，本季約為 60 個基點。我們看到這種情況正在轉向非常溫和的負面影響。對於全年來說，影響確實不大，但這確實有利於第一季。

Also, as expected, we know that there was some wholesale pressure in Q1, which abates as we go through the year. That's really just a timing year-on-year thing, but obviously that mix benefited us in Q1. That said, we expect gross margins to be up for the year, be the primary driver of our op margin expansion of about 50 basis points. And remember, in the shaping of the year, the first half gross margin will be the driver of our profit gain. And as we get in the second half, we start to see more leverage on the SG&A side; and that's a bigger contributor, in the second half, to op margin.

此外，正如預期的那樣，我們知道第一季存在一些批發壓力，隨著全年的推移，這種壓力會減弱。這實際上只是同比的時間安排，但顯然這種組合在第一季使我們受益。也就是說，我們預計今年毛利率將上升，成為我們營運利潤率擴大約 50 個基點的主要推動力。請記住，在今年的塑造中，上半年的毛利率將是我們利潤成長的驅動力。當我們進入下半年時，我們開始看到 SG&A 方面的槓桿作用更大；在下半年，這對營運利潤率做出了更大的貢獻。

And as you look at the structural drivers. I mean Todd said it, right, AUR and AUC. AUR, investing in the brands, brand heat and our continued ability to get price over time, is on display right now. And AUC, which I still believe is one of the underappreciated drivers of the gross margin, is we use consumer insights and our world-class supply chain to drive efficiency, not cheapen product but to get more efficiency and lower the costs throughout the value chain. And that's an additional driver of gross margin that we see on an ongoing basis.

當你觀察結構性驅動因素。我的意思是托德說的，對吧，AUR 和 AUC。AUR 對品牌、品牌熱度以及我們持續獲得價格的能力的投資現在就已展現出來。我仍然認為AUC 是毛利率未被充分重視的驅動因素之一，它是我們利用消費者洞察和世界一流的供應鏈來提高效率，而不是降低產品價格，而是在整個價值鏈中提高效率並降低成本。這是我們持續看到的毛利率的另一個驅動因素。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Joanne, you spoke of a clear imperative for growth at Kate Spade. Can you diagnose the key reasons for its recent declines and then talk to a time line for stabilizing these sales trends?

Joanne，您談到了 Kate Spade 發展的明確要求。您能否診斷出其近期下滑的關鍵原因，然後討論穩定這些銷售趨勢的時間表？

Well, thanks, Lorraine. We have a lot of confidence in the Kate Spade brand and the potential we see for the brand. And the opportunities we see are in brand building and really supporting the innovation that we're delivering. We have a clear bias for action. We were excited to welcome our new CEO, Eva, to the organization last month. And she is the perfect leader for the organization with a proven track record of building global luxury brands and building sustainable results.

好吧，謝謝，洛林。我們對 Kate Spade 品牌以及我們看到的品牌潛力充滿信心。我們看到的機會在於品牌建立和真正支持我們正在提供的創新。我們對行動有明顯的偏見。上個月，我們很高興地歡迎新任執行長伊娃 (Eva) 加入該組織。她是組織的完美領導者，在打造全球奢侈品牌和永續成果方面擁有良好的記錄。

We have set an important foundation at Kate Spade. We're seeing expanded gross margins and operating margins, and that's important. We are introducing new product families that are resonating with the consumer. We need to reinforce this work and make that -- make those launches and that more impactful with brand building. We're also recruiting new customers to the brand. So the foundation is there. We need to accelerate and improve our execution. Eva will be sharpening our long-term strategic road map as well as improving execution.

我們為 Kate Spade 奠定了重要的基礎。我們看到毛利率和營業利潤率都在擴大，這很重要。我們正在推出引起消費者共鳴的新產品系列。我們需要加強這項工作，並使這些產品的發布和品牌建立更具影響力。我們也正在為該品牌招募新客戶。所以基礎就在那裡。我們需要加快和改進我們的執行力。伊娃將完善我們的長期策略路線圖並提高執行力。

And we're acting with urgency to impact the things that we can immediately impact. And we covered those a little bit in the call, but that includes marketing, our upper funnel marketing; and how we reach and where we reach consumers as well as the storytelling behind the big ideas. We're also making changes on styling and editing our SKUs to be more focused. Those are some of the immediate actions we're taking. And we're confident that we have a bright future ahead for Kate.

我們正在緊急行動，以影響我們可以立即影響的事情。我們在電話會議中介紹了一些內容，但這包括行銷，我們的上漏斗行銷；以及我們如何接觸消費者、在哪裡接觸消費者、大創意背後的故事。我們還對樣式進行了更改，並編輯了我們的 SKU，以使其更加集中。這些是我們立即採取的一些行動。我們相信凱特有一個光明的未來。

And Lorraine, it's Scott. Maybe just a quick build. We don't expect, though, growth in this fiscal year. We would expect the trend that we're seeing right now to be more or less in line for the balance of the year, just to be a little more specific.

洛林，是史考特。也許只是快速構建。不過，我們預期本財年不會出現成長。我們預期目前看到的趨勢或多或少與今年剩餘時間相符，只是更具體。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

So I guess, just one modeling quick question as you look at -- it looks like there was about a $12 million drag on wholesale in the quarter. Scott, I think you referenced it for a second there, maybe that it gets better through the year, but what was that? Is that just cycling the Amazon sell-in? And does that remain a drag for a couple of quarters? Maybe, just any context there?

所以我想，正如您所看到的，這只是一個建模快速問題 - 看起來本季的批發費用約為 1200 萬美元。史考特，我想你在那裡提到過它，也許這一年它會變得更好，但那是什麼？這只是循環亞馬遜的銷售嗎？這是否仍會拖累幾季？也許，只是有任何背景？

And then if we peel out that wholesale, it looks like Coach direct to consumer grew nicely. Are the -- maybe just some context on whether the underlying full-price and outlet stores are accelerating on an underlying basis.

如果我們去掉批發業務，Coach 直接面向消費者的業務成長勢頭良好。也許只是一些關於基本全價店和直銷店是否在基礎上加速成長的背景。

Yes, sure. You mentioned one of the factors. We did have the pipe fill last year in Amazon. And frankly, Michael, it's just timing of orders and when products are dropping from a wholesale, so I would say, while it impacted the quarter, there's no new news here. It doesn't represent a fundamental change in the breakdown of the business or any kind of change from a strategic standpoint. And as we look at the year, we'll see that wholesale will grow, as will our direct to consumer.

是的，當然。你提到了其中一個因素。去年我們在亞馬遜確實進行了管道填充。坦白說，邁克爾，這只是訂單時間以及產品從批發中掉落的時間，所以我想說，雖然它影響了本季度，但這裡沒有新消息。它並不代表業務崩潰的根本性變化，也不代表從策略角度來看的任何類型的變化。展望這一年，我們將看到批發業務將會成長，我們的直接面向消費者的業務也會成長。

And I'll start and maybe throw it to Todd in terms of what we're seeing in terms of retail, but yes, we did see nice growth in our omnichannel, particularly in the online channel, in the first quarter. We expect that to build and even stronger in the Coach brand when we look at the overall direct-to-consumer business. So maybe, Todd, a little bit more there.

首先，我可能會向托德談談我們在零售方面看到的情況，但是，是的，我們確實看到第一季全通路的良好成長，特別是線上通路。當我們審視整個直接面向消費者的業務時，我們預計 Coach 品牌的這一點將得到加強，甚至變得更強。托德，也許還有一點。

Yes, sure. Thank you, Scott. In the first quarter, if I strip out the wholesale and the pipe fill from Amazon, Coach globally delivered 3% on constant currency. So we did better in our direct business. We are seeing good trends through the year, obviously led by the Empire -- the New York collection, with Empire and Brooklyn; and then of course, the strength of Tabby. We're really seeing great growth in North America.

是的，當然。謝謝你，斯科特。在第一季度，如果我剔除亞馬遜的批發和管道填充業務，Coach 在全球的交付率以固定匯率計算為 3%。所以我們在直接業務方面做得更好。我們看到今年的良好趨勢，顯然是由帝國引領的——紐約系列，包括帝國和布魯克林；當然還有塔比的實力。我們確實看到了北美的巨大成長。

And while we talked about AUR growth, which again goes to brand health, we actually saw AUR growth across globally and in North America, so we're very excited to see the reaction to our product offering. And again, I reinforce this customer acquisition vehicle through our purpose campaign is the future fuel. So as we continue to start bringing in new consumers to the Coach family, their lifetime value is so great. It really gives us long-term runway.

雖然我們談論了 AUR 成長，這又關係到品牌健康，但我們實際上看到了全球和北美的 AUR 成長，因此我們非常高興看到人們對我們產品的反應。再次，我透過我們的目標活動強化了這種客戶獲取工具，即未來的燃料。因此，當我們繼續為 Coach 大家庭引入新消費者時，他們的終身價值非常巨大。它確實為我們提供了長期的跑道。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

It's Tracy Kogan filling in for Paul. I just had a follow-up on your comments on AUR. I think, Todd, you mentioned that it was up globally as well as in the US. And I was wondering if you can maybe give us a little more color on how that has varied regionally and what you're expecting for this year for AUR, any quantification you can give. And then what's driving the AUR increases? Is -- how much of it is like-for-like increases versus adding maybe some bells and whistles to the product?

崔西·科根 (Tracy Kogan) 接替保羅。我剛剛跟進了您對 AUR 的評論。我想，托德，你提到它在全球和美國都在上升。我想知道您是否可以向我們提供更多信息，說明各地區的情況有何變化，以及您對今年 AUR 的期望，以及您可以提供的任何量化數據。那麼是什麼推動了 AUR 的成長呢？與向產品中添加一些附加功能相比，有多少是類似的成長？

Yes. I mean we had mid-single-digit growth. And it was led globally, but it was led by North America. I foresee AUR growth continue throughout the year. It's really a little less about the bells and whistles. It's a couple of things. And as Scott mentioned and the unsung hero here is some of how we're going to market. Obviously, we're discounting less. That's an important contributor to it.

是的。我的意思是我們實現了中個位數的成長。它是全球領先的，但它是由北美領先的。我預計 AUR 全年將持續成長。確實少了一些花俏的東西。這是兩件事。正如斯科特所提到的，這裡的無名英雄是我們行銷的一些方式。顯然，我們的折扣減少了。這是一個重要的貢獻者。

And newness with Brooklyn and the Tabby demand, that shapes our business in a different way. We're going to get -- we're going to test and see some of the benefit of putting Tabby at full price in outlet. I think that's a driver. We spend so much on upper funnel marketing. And when the focal point is the Tabby bag, the consumer comes in to all of our channels of distribution, looking for that.

布魯克林的新鮮感和虎斑貓的需求，以不同的方式塑造了我們的業務。我們將測試並看到將 Tabby 以全價出售的一些好處。我認為那是一名司機。我們在漏斗上層行銷上花了很多錢。當焦點是虎斑袋時，消費者就會進入我們所有的通路尋找它。

And one thing we're learning more and more is consumers don't see channels. They see brand, so when a consumer comes to Sawgrass Mills for the first time and maybe they're a tourist coming to that Miami area or Woodbury Commons and they're shopping -- that's their one shopping experience. They're coming cell phone in hand, with a picture of Tabby. They are prepared to pay full price and are so desirous of having that in that channel. So again, once you put everything in a customer-centric lens, you see things very differently than the historic norms of our industry.

我們越來越了解的一件事是消費者看不到管道。他們看到的是品牌，所以當消費者第一次來到索格拉斯米爾斯（Sawgrass Mills）時，也許他們是來到邁阿密地區或伍德伯里康芒斯（Woodbury Commons）的遊客，他們正在購物－這就是他們的一次購物體驗。他們手裡拿著手機，上面有一張塔比的照片。他們準備支付全價，並且非常渴望在該管道中獲得該價格。所以，一旦你把一切都放在以客戶為中心的視角中，你所看到的事情就會與我們行業的歷史規範截然不同。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Can you talk about the shape of growth in North America? Q1 was down 1%. Guidance suggests a potential for modest growth this year. Just curious if you can provide color on the progression of growth and the drivers of the implied sequential improvement.

能談談北美的成長形態嗎？第一季下降 1%。指導意見顯示今年有適度成長的潛力。只是好奇您是否可以提供有關增長進程和隱含連續改進驅動因素的資訊。

So maybe I'll kick it off and toss it to Scott, but as we talked about, our trends in North America were in fact better than we expected, in the first quarter. And we continue to use discipline in managing the business. I would say also we're driving higher gross margins, operating margins and profit dollars while we're also acquiring new consumers to our brands, so we're operating with a great deal of discipline. The trend in the first quarter was impacted, as we just talked about, by the wholesale drag. And that's a headwind in the first quarter that doesn't repeat for the balance of the year, but maybe Scott, the shaping of that --

所以也許我會先把它扔給斯科特，但正如我們所說，第一季我們在北美的趨勢實際上比我們預期的要好。我們繼續遵守紀律來管理業務。我還要說的是，我們正在推動更高的毛利率、營業利潤和利潤，同時我們也為我們的品牌吸引新消費者，因此我們的營運非常嚴格。正如我們剛才談到的，第一季的趨勢受到了批發拖累的影響。這是第一季的逆風，在今年剩餘的時間裡不會重複，但也許斯科特，塑造了這一點--

Well, I think you said it. Really the underlying trend, when you take out the noise from wholesale, and I'll remind you that this is a relatively small quarter too, right? We do see slight growth and balancing the year as wholesale comes back to normal, if I use that word, and the continued underlying direct-to-consumer trends go through the balance of the year.

嗯，我想你已經說過了。真正的潛在趨勢，當你剔除批發的噪音時，我會提醒你，這也是一個相對較小的季度，對嗎？如果我用這個詞的話，隨著批發恢復正常，我們確實看到了輕微的增長和平衡，並且持續的潛在直接面向消費者趨勢貫穿了今年的平衡。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

I guess, first, just following up on the channel discussion for North America. Did digital outpace brick and mortar for both retail and outlet? And then what are your current thoughts on the distribution footprint for North America considering there appears to be some increasing product and consumer overlap between the channels?

我想，首先，只是跟進北美的頻道討論。零售業和專賣店的數位化是否都超過了實體店？那麼考慮到通路之間的產品和消費者重疊似乎越來越多，您目前對北美的分銷足跡有何看法？

And then separately, Scott, tariffs topic back on the front burner. Can you just remind us of the China sourcing mix, any material changes over the past few years for bags and other categories; and just bigger picture, how we should think about mitigation strategies?

然後，斯科特，關稅話題又重新回到人們的焦點。您能否提醒我們中國的採購結構以及過去幾年箱包和其他類別的任何重大變化？從更大的角度來看，我們應該如何考慮緩解策略？

So let me take your question on digital. Our digital -- I'll start with our direct business. Our omnichannel business did grow or was in line with last year, in the first quarter. The digital growth offset a slight decline in our stores. So our important focus is on meeting the customer where they are. And our capabilities allow us to drive our business regardless of where the customer chooses to transact. These are key capabilities that I believe are a competitive advantage for Tapestry, so we're well positioned to meet the customer in digital spaces. That's what you saw in the quarter. And our focus continues to be on our omnichannel business. So again, omnichannel, in line with last year.

那麼讓我來回答你關於數字的問題。我們的數位業務—我將從我們的直接業務開始。我們的全通路業務在第一季確實有所成長或與去年持平。數位成長抵消了我們商店的小幅下滑。因此，我們的重點是滿足客戶所在的位置。無論客戶選擇在哪裡進行交易，我們的能力都使我們能夠推動業務發展。我認為這些關鍵功能是 Tapestry 的競爭優勢，因此我們能夠很好地滿足數位空間中的客戶需求。這就是您在本季度看到的情況。我們的重點仍然是我們的全通路業務。再次強調，全通路，與去年一致。

And our wholesale business as well, in line with last year, but international growth really driving that wholesale business. And importantly, globally, the wholesale growth in international is driven by digital. And we grew in digital in China. So this underpins the opportunities that we see to meet the customer where they are. We're moving quickly to meet the customer where they are.

我們的批發業務也是如此，與去年一致，但國際成長確實推動了批發業務。重要的是，在全球範圍內，國際批發成長是由數位化推動的。我們在中國的數位化領域不斷發展。因此，這支撐了我們看到的與客戶見面的機會。我們正在迅速行動，以滿足客戶的需求。

And we're acquiring new customers in this channel, which is also very important for our brands going forward. So a big opportunity for us in customer acquisitions. We're acquiring younger customers in these channels. The digital channel for us is accretive in margins to our total, so those are all capabilities that are important today for our business, for our P&L but also long term for our brand.

我們正在透過這個管道獲取新客戶，這對我們品牌的未來發展也非常重要。這對我們來說是獲取客戶的巨大機會。我們正在透過這些管道吸引年輕客戶。對我們來說，數位管道可以增加我們的總利潤，因此這些能力對於我們今天的業務、我們的損益以及對我們品牌的長期發展都非常重要。

Yes. And let me pick up the question, Mark, on tariffs. So first of all, I'd say we benefit from having a diverse and agile supply chain. And my goodness, we've had so many disruptions and challenges that have forced us to make adaptions based on port strikes and freight lanes, whatever it might be, tariff regimes changing over time. So we're pretty well versed in managing through this. We'll see what comes in terms of specific tariffs and other legislation that may come, and we're monitoring that closely and certainly prepared to react.

是的。馬克，讓我來回答關於關稅的問題。首先，我想說我們受益於多元化和敏捷的供應鏈。天哪，我們遇到瞭如此多的干擾和挑戰，迫使我們根據港口罷工和貨運航線（無論是什麼）以及關稅制度隨著時間的推移而變化而做出調整。所以我們非常擅長管理這個問題。我們將看看具體關稅和其他可能出台的立法會發生什麼，我們正在密切關注並準備做出反應。

I would point out one thing, though, as it relates to China specifically, we have less than 10% of our overall sourcing comes out of China. And when you look at leather goods, it's really minimal. So from an exposure standpoint, at least as it relates to China, that's really on a relative basis, not a big concern from our standpoint.

不過，我想指出一件事，因為這與中國具體相關，我們的整體採購中不到 10% 來自中國。當你看皮革製品時，你會發現它真的很簡約。因此，從暴露的角度來看，至少從與中國相關的角度來看，這實際上是相對的，從我們的角度來看，這並不是一個大問題。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Joanne, as you think about the complexion of the brands and the growth opportunities go forward given the state of the consumer, how do you think of the balance between introducing newness in core collections and also existing collections? And how do you see pricing evolving, and the impact of margin, given the current sourcing complex that Scott just mentioned?

喬安妮，當您考慮品牌的複雜性以及考慮到消費者狀況的未來成長機會時，您如何看待核心系列和現有系列中引入新穎性之間的平衡？鑑於史考特剛才提到的當前採購複雜性，您如何看待定價的演變以及利潤的影響？

Sure. I'll add my comments, but then toss it to Todd for a little bit of color on what's in fact been working for us in terms of adding newness but also investing behind our icons. And that is a balance that we talk about and we manage. But the key is that we always have to deliver innovation even within our icons. And you see us building strength on strength in our icons at Coach.

當然。我會添加我的評論，然後將其扔給托德，讓他對我們在增加新鮮感和投資於我們的圖標方面實際上正在發揮作用的內容進行一些說明。這就是我們談論和管理的平衡。但關鍵是，即使在我們的標誌內，我們也始終必須提供創新。您將看到我們在 Coach 的標誌中不斷增強實力。

Tabby continues to get stronger because we're innovating on that platform. And the iconic original Tabby 26 continues to perform. And then we're introducing as well newness and innovation that is also working and in fact becoming new pillars for the brand. So as we think about AUR growth, it's a combination of this magic that Todd talked about of bringing the right product and the right innovation to market with the logic that we're bringing with consumer insights and understanding and all of the data and analytics we bring to bear across our assortment and then the investments we're making in marketing. And maybe I've stolen all of your thunder, Todd, but I'll toss it to you.

Tabby 繼續變得更強大，因為我們正在該平台上進行創新。標誌性的原創 Tabby 26 繼續表現出色。然後我們還引入了新穎性和創新性，這些新穎性和創新性也正在發揮作用，實際上已經成為該品牌的新支柱。因此，當我們考慮 AUR 成長時，托德談到的將正確的產品和正確的創新推向市場的魔力與我們透過消費者洞察和理解以及我們所有的數據和分析帶來的邏輯相結合。發揮我們的產品組合以及我們在行銷方面的投資。也許我偷走了你所有的風頭，托德，但我會把它扔給你。

You left a little on the bone. So I think it's very foundational. If we go back four or five years, and Joanne and I were on this journey together. We cut the tail of sort of that very one-off product. That is foundational to building a future, so we really looked at how productive every SKU was. And we recognized that the big families -- a good bag is a good bag globally. So once we started with that discipline, we then start adding the magic. And Tabby, if you remember, I said to you in FY20, Tabby was starting to slow down. We invigorated the family with Pillow Tabby. That reinforced it.

你留下了一點骨頭。所以我認為這是非常基礎的。如果我們回到四、五年前，喬安妮和我就一起踏上了這段旅程。我們砍掉了那種一次性產品的尾巴。這是建立未來的基礎，因此我們認真研究了每個 SKU 的生產力。我們認識到，大家庭——好包在全球都是好包。因此，一旦我們開始遵守這項規則，我們就開始加入魔力。Tabby，如果你還記得的話，我在 20 財年對你說過，Tabby 開始放慢腳步。我們用枕頭虎斑貓讓這個家庭充滿活力。這強化了這一點。

So we're very, very focused on keeping these large families, not for a quarter, not for a monthly drop, but for years. We have to balance both the core because there's still millions of customers who have not yet benefited by owning a core Tabby, which I am keen on selling them. And our marketing people will continue to focus that in our global marketing campaigns. And then we have our creative teams led by Stuart Vevers, who really keeps very top and center fashion trends. And you can see that evident in the New York collection, which is a completely different aesthetic than Tabby.

因此，我們非常非常專注於保留這些大家庭，不是一個季度，不是每個月下降，而是幾年。我們必須平衡這兩個核心，因為仍有數百萬客戶尚未從擁有核心虎斑貓中受益，而我熱衷於出售它們。我們的行銷人員將繼續在我們的全球行銷活動中關注這一點。我們的創意團隊由 Stuart Vevers 領導，他確實保持著頂級和中心的時尚趨勢。你可以在紐約系列中看到這一點，它的美學與 Tabby 完全不同。

We joked initially the New York bag, particularly the Brooklyn bag, didn't have the natural attributes of a great Coach bag. It's not adjustable. The functioning is not as robust as we often think of in a Coach bag. It's not structured. The branding is low key, yet it was exactly the right family for the time and our marketing campaign and just the pickup is so strong, so now instead of just having a Tabby platform, a signature platform, we have this entire New York collection platform that I, again, will invite and allow more people at compelling prices to come into the Coach family.

我們最初開玩笑說紐約包，特別是布魯克林包，不具備偉大的蔻馳包的自然屬性。它是不可調節的。功能並不像我們平常想像的蔻馳包那麼強大。它不是結構化的。品牌低調，但它正是適合當時和我們的行銷活動的家族，而且皮卡非常強大，所以現在我們不僅擁有 Tabby 平台、簽名平台，還擁有整個紐約系列平台我將再次以極具吸引力的價格邀請並允許更多人加入Coach 大家庭。

Aneesha Sherman, Bernstein.

阿尼莎謝爾曼，伯恩斯坦。

So I'm hearing a lot of optimism on organic growth, especially on the Coach brand. Going back to your Investor Day in 2022, your guidance at the time was assuming growth in line with the market, which at the time was mid-single digits. Given your increased optimism on customer acquisition and new growth, are you now expecting to grow top line above the market?

因此，我聽到了很多關於有機成長的樂觀情緒，尤其是對 Coach 品牌的樂觀情緒。回到 2022 年的投資者日，當時的指導假設成長與市場一致，當時市場的成長幅度為中個位數。鑑於您對客戶獲取和新增長越來越樂觀，您現在是否期望收入成長高於市場水平？

And then I also have a second question, around margin impact of your category mix, especially on Coach. You talked about the innovation pipeline moving into ready to wear, into footwear with the sneaker, et cetera. How do you think that's going to impact gross margins going forward? And is there an offset strategy for that?

然後我還有第二個問題，關於品類組合的利潤影響，尤其是對 Coach 的影響。您談到了創新管道進入成衣、運動鞋等鞋類領域。您認為這將如何影響未來的毛利率？有沒有相應的抵銷策略？

I'll start and then maybe toss it to Scott on some of your questions on category, but in terms of overall growth and growth versus the category, I think the reality is we are growing faster than the category right now. So we see an opportunity for us to grow. This is a tremendous category that consumers have an emotional connection to. It has proven to be resilient and durable over time. We love the category we're in, and we've sharpened our execution within our category. And you see that with Coach. We have a tremendous amount of runway in the category to continue to grow Coach.

我將首先向斯科特提出您關於類別的一些問題，但就整體增長和與該類別的增長而言，我認為現實是我們現在的增長速度比該類別更快。所以我們看到了我們成長的機會。這是一個與消費者有著情感連結的巨大類別。事實證明，隨著時間的推移，它具有彈性和耐用性。我們熱愛我們所處的類別，並且我們在我們的類別中提高了執行力。你在教練身上也能看到這一點。我們在該類別中擁有大量的跑道來繼續發展 Coach。

Todd just talked about the opportunities he's excited about, so we've got a lot of runway at Coach in the category. And then if you consider Kate Spade in the category as well, we see tremendous opportunity to continue to unlock growth in our organic business long term. So we're very optimistic. And then in terms of category, I will say one thing about category growth, and that is we see opportunity there. It will be incremental. And then I'll toss it to Scott to let you know how he's thinking about it.

托德剛剛談到了他所興奮的機會，因此我們在 Coach 上有很多此類機會。如果您也將 Kate Spade 納入該類別，我們將看到繼續釋放我們有機業務長期成長的巨大機會。所以我們非常樂觀。然後就類別而言，我會說關於類別成長的一件事，那就是我們在那裡看到了機會。這將是增量的。然後我會把它交給史考特，讓你知道他是怎麼想的。

Yes, that's really the point. I mean, like-for-like, we'll continue to grow margins. The structural drivers, AUR, AUC, are there. Certain categories just have different and sometimes lower gross margins, but from an operating margin standpoint, certainly, we would see that as accretive. And overall, we expect, even with this category growth to maintain the exceptional margins that we enjoy today. That's our expectation.

是的，這確實是重點。我的意思是，同樣，我們將繼續提高利潤率。結構性驅動因素 AUR、AUC 就在那裡。某些類別的毛利率不同，有時甚至較低，但從營業利潤率的角度來看，我們當然會認為這是增值的。總的來說，我們預計，即使該類別成長，我們仍能維持我們今天享有的卓越利潤率。這是我們的期望。

That concludes our Q&A. I will now turn it over to Joanne for some concluding remarks.

我們的問答到此結束。現在我將把它交給喬安妮做一些總結性演講。

Well, thank you for joining us and for your interest in our story. I want to leave you with three overarching messages today. One, we're operating from a position of strength, which is reflected in our first quarter beat and raise. Two, Coach is strong and has momentum. Our brand-building efforts and platform capabilities are working. And three, we are focused on our existing business and have competitive advantages that provide us with flexibility to accelerate our organic growth and drive significant value creation. I'm confident in our future, and I want to again thank our talented global teams for driving our success. Thanks again and have a great day.

好的，感謝您加入我們並對我們的故事感興趣。今天我想向大家傳達三點重要訊息。第一，我們的營運處於強勢地位，這反映在我們第一季的表現和成長。二、教練實力強，有氣勢。我們的品牌建立努力和平台能力正在發揮作用。第三，我們專注於現有業務並擁有競爭優勢，這些優勢為我們提供了加速有機成長並推動顯著價值創造的靈活性。我對我們的未來充滿信心，我想再次感謝我們才華橫溢的全球團隊推動我們的成功。再次感謝，祝您有美好的一天。

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。