掛毯 (TPR) 2025 Q2 法說會逐字稿

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

您好，歡迎參加本次 Tapestry 電話會議。今天的通話將會被錄音。此時此刻，我謹將電話轉交給全球投資人關係主管克里斯蒂娜‧科隆，請她致開幕詞並作介紹。

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

早安.感謝您的參與。今天與我一起討論我們第二季業績以及我們的策略和展望的是 Tapestry 的執行長 Joanne Crevoiserat；以及 Tapestry 的財務長兼營運長 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.

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》所界定的某些前瞻性陳述。這包括對我們當前或未來季度或財政年度業務的預測。前瞻性聲明並非保證，我們的實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

Please refer to our annual report on Form 10-K, the press release 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.

有關可能影響我們未來業績和表現的風險和其他重要因素的完整列表，請參閱我們的 10-K 表格年度報告、今天早上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。

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

我們今天的發言和簡報中都包含了非GAAP財務指標。如需查看與相應 GAAP 財務資訊的完整核對錶，請造訪我們的網站 www.tapestry.com/investors，然後查看今天發布的收益報告和簡報。

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.

現在我來概述一下本次電話會議的發言人和議題。Joanne 將首先介紹 Tapestry 和我們旗下品牌的亮點。Scott將繼續介紹我們的財務表現、資本配置重點和未來展望。隨後，我們將舉行問答環節，屆時 Coach 的執行長兼品牌總裁 Todd Kahn 將出席。問答環節結束後，喬安妮將作簡短的總結發言。

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

現在我想把麥克風交給 Tapestry 的執行長 Joanne Crevoiserat。

Good morning. Thank you, Christina, and welcome, everyone. As noted in our press release, our strong second quarter results outperformed expectations, showcasing our commitment to disciplined brand building. Our exceptional teams brought innovation and craftsmanship to consumers around the world this holiday season, driving accelerated top and bottom line growth to achieve record quarterly revenue and earnings per share. From this position of strength, we increased our outlook for fiscal year '25 while making strategic investments to extend our competitive advantages and fuel strong durable growth and value creation into the future.

早安.謝謝你，克里斯蒂娜，也歡迎各位。正如我們在新聞稿中所述，我們強勁的第二季業績超出預期，展現了我們對嚴謹品牌建立的承諾。在這個假期季，我們卓越的團隊為世界各地的消費者帶來了創新和精湛工藝，推動了營收和利潤的加速成長，實現了創紀錄的季度收入和每股盈餘。基於這一優勢地位，我們提高了對 2025 財年的預期，同時進行策略性投資，以擴大我們的競爭優勢，並為未來實現強勁持久的成長和價值創造提供動力。

Touching on the highlights of the quarter. First, we powered global growth with total revenue gains of 5%, outpacing guidance, fueled by 10% growth at Coach. By geography, all regions exceeded expectations. International revenue rose 7% at constant currency, led by an increase of 42% in Europe, where our business is strong and our runway for growth is significant. In addition, we delivered a sales increase of 1% in the total APAC region.

簡要回顧本季亮點。首先，我們實現了全球成長，總收入成長 5%，超過了預期，其中 Coach 成長 10%。從地理位置來看，所有地區都超出了預期。以固定匯率計算，國際營收成長了 7%，其中歐洲市場成長了 42%，我們在歐洲的業務實力雄厚，成長空間龐大。此外，我們在亞太地區整體銷售額成長了 1%。

In Greater China, specifically, we returned to growth with revenue rising 2%. Importantly, we continue to bring compelling innovation, relevance and value to consumers with a sharp focus on driving long-term growth in the region and with this important consumer cohort. And in North America, revenue increased 4% compared to last year, while gross and operating margin expanded as we continue to drive a healthy business.

具體來說，在大中華區，我們恢復了成長，營收成長了 2%。重要的是，我們將繼續為消費者帶來引人注目的創新、相關性和價值，並專注於推動該地區和這一重要消費群體的長期成長。在北美，營收比去年成長了 4%，毛利率和營業利潤率也隨著我們持續推動業務健康發展而成長。

Second, we remain focused on building new and lasting relationships with consumers. During the quarter, we drove new customer acquisition growth, welcoming approximately 2.7 million new customers in North America alone. Over half of these customers were Gen Z and millennials, and they continue to transact at higher AUR than the balance of our customer base. Importantly, Gen Z consumers at Coach have the highest retention rate of all cohorts, reinforcing the opportunity to build lifetime value with our target consumer base.

其次，我們將繼續專注於與消費者建立新的、持久的關係。本季度，我們實現了新客戶獲取成長，光在北美地區就新增了約 270 萬客戶。這些客戶中超過一半是 Z 世代和千禧世代，他們的平均交易額 (AUR) 也高於我們其他客戶群。值得注意的是，Coach 的 Z 世代消費者擁有所有群體中最高的留存率，這進一步證明了我們有機會與目標消費者群體建立終身價值。

At the same time, we improved lapsed customer reactivation in North America, highlighting our ability to successfully engage our existing customer base as we recruit new consumers to our brands. Third, we delivered compelling omnichannel experiences underpinned by Tapestry's leading capabilities, which enable us to enhance the customer experience across all touch points with our brands.

同時，我們提高了北美地區流失客戶的重新激活率，這凸顯了我們在為品牌招募新消費者的同時，成功吸引現有客戶群的能力。第三，我們憑藉著 Tapestry 的領先能力，提供了引人入勝的全通路體驗，從而能夠提升客戶在我們品牌的所有接觸點上的體驗。

To this end, we maintained strength in digital, which grew high single digits versus prior year and represented approximately one-third of revenue at accretive margins. Our global brick-and-mortar sales rose at a low single-digit rate in the quarter at strong and increasing profitability.

為此，我們保持了數位業務的強勁勢頭，與上年相比實現了接近兩位數的成長，約佔總收入的三分之一，且利潤率呈上升趨勢。本季度，我們的全球實體店銷售額以較低的個位數成長率成長，獲利能力強勁且不斷提高。

Fourth, we fueled fashion innovation and product excellence, as we remain focused on bringing creativity, quality and compelling value to consumers around the world. This is clearly on display at Coach, where we delivered strong and broad-based 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 second quarter gross margin with further opportunity for expansion long term.

第四，我們致力於推動時尚創新和產品卓越，因為我們將繼續專注於為世界各地的消費者帶來創意、品質和令人信服的價值。這一點在 Coach 身上體現得尤為明顯，我們在手袋領域實現了強勁而廣泛的成長，平均銷售收​​入的成長凸顯了品牌和產品的活力。我們的成功也體現在我們強勁的毛利率上，我們第二季的毛利率創下歷史新高，並且長期來看還有進一步擴張的機會。

Importantly, underpinning our innovation pipeline and margin gains is our agile supply chain, a key competitive advantage, which enables us to deliver craftsmanship globally and powers our growth. Overall, we generated record earnings per share, which exceeded our expectations and increased over 20% compared to the prior year. Importantly, our business is strong today and well positioned for the future as we remain committed to delivering consistent long-term growth and shareholder value.

重要的是，支撐我們創新管道和利潤成長的是我們靈活的供應鏈，這是我們的關鍵競爭優勢，使我們能夠在全球範圍內提供精湛工藝，並推動我們的成長。總體而言，我們實現了創紀錄的每股收益，超出預期，比上一年增長超過 20%。重要的是，我們目前的業務實力雄厚，並為未來做好了充分準備，因為我們將繼續致力於實現持續的長期成長和股東價值。

Now moving to our results and strategies by brand. Coach had a breakout quarter as we continue to drive brand heat and bring this storied brand to a new generation of consumers. Coach's success is compounding and it demonstrates the enduring power of its expressive luxury positioning. Our growth is credit to our talented global teams who are operating with excellence and intention to deliver innovation across products, marketing and experiences to cultivate emotional and lasting connections with consumers.

接下來，我們將按品牌介紹我們的成果和策略。Coach 在本季取得了突破性進展，我們繼續提升品牌熱度，並將這個歷史悠久的品牌帶給新一代消費者。Coach 的成功與日俱增，證明了其富有表現力的奢華定位具有持久的影響力。我們所取得的成長歸功於我們才華橫溢的全球團隊，他們以卓越的專業精神和明確的目標，在產品、行銷和體驗方面不斷創新，以期與消費者建立情感上的持久聯繫。

To this end, during the quarter, we achieved 10% constant currency revenue gains at exceptional margins, highlighted by 270 basis points of gross margin expansion and a 210 basis point lift in operating margin. Importantly, our strategies are working with three key areas underpinning our accelerated growth.

為此，本季我們實現了以固定匯率計算的營收成長 10%，利潤率也非常出色，其中毛利率提高了 270 個基點，營業利潤率提高了 210 個基點。重要的是，我們的策略在三個關鍵領域中發揮了作用，支撐著我們的加速成長。

First, new Gen Z customer acquisition, resulting from our systematic understanding and engagement with our target consumer. Second, strength in our core leather goods category, where we have authenticity and scale and our innovation is winning. Third, global outperformance led by North America and Europe and a return to growth in Greater China. These growth pillars will continue to drive our success in the future.

首先，我們透過有系統地了解和與目標消費者互動，獲得了新的 Z 世代客戶。其次，我們在核心皮革製品類別中實力雄厚，我們擁有正品和規模優勢，而且我們的創新正在贏得市場。第三，北美和歐洲引領全球經濟表現優異，大中華區恢復成長。這些成長支柱將繼續推動我們未來的成功。

Now touching on the strategic highlights of the second quarter in more detail. First, our results were driven by strong gains in leather goods, where we have multiple platforms for growth, given the power of our iconic handbag families and the success of new product introductions. The Tabby family once again outperformed over-indexing with new and younger consumers and doubling versus last year, building strength on strength. The Tabby shoulder bag 26 continued to anchor the offering with momentum in core Tabby as well as new introductions, including the Times Square and quilted Tabby.

現在更詳細地談談第二季的策略亮點。首先，我們的業績主要得益於皮革製品業務的強勁成長，鑑於我們標誌性手袋系列的強大實力和新產品推出的成功，我們在皮革製品領域擁有多個成長平台。Tabby 家族再次表現出色，吸引了更多年輕消費者，銷售量比去年翻了一番，勢頭強勁。Tabby 26 單肩包繼續保持市場領先地位，核心 Tabby 款式以及新推出的 Times Square 和絎縫 Tabby 款式也保持著強勁勢頭。

In addition, the recently launched New York family significantly outpaced expectations, featuring the Brooklyn and Empire bags. During the quarter, the Brooklyn shoulder bag 28 at $295 was a top recruitment driver, while the soft Empire carry all 40 at $695 outperformed. The New York family, a new foundation for the brand, continued to prove incremental and compelling, providing innovation that's clearly resonating with consumers globally.

此外，最近推出的紐約系列產品也遠遠超出了預期，其中包括布魯克林和帝國系列包款。本季度，售價 295 美元的 Brooklyn 28 號肩包是主要的銷售驅動因素，而售價 695 美元的 Empire 40 號軟包則表現出色。紐約家族作為品牌的新基礎，持續展現漸進性和吸引力，其創新顯然引起了全球消費者的共鳴。

Further, our Coach Originals collection featuring archival bags that celebrate the brand's legacy with a modern sensibility drove growth, notably with Gen Z consumers. And finally, bag charms and straps amplified our offerings, particularly the viral cherry charm cutting through for being emotional, highly giftable and trend right. Importantly, our strategies are driving strong brand heat and desire among Gen Z consumers. In fact, Coach was again recognized by the Lyst, climbing 10 places to become the world's fifth Hottest Brand with the Brooklyn bag leading as this quarter's Hottest Product.

此外，我們的 Coach Originals 系列以現代的美學視角致敬品牌的經典包款，推動了品牌的發展，尤其受到 Z 世代消費者的青睞。最後，包飾和肩帶豐富了我們的產品，尤其是爆款櫻桃掛飾，因為它充滿情感、非常適合作為禮物，而且緊跟潮流。重要的是，我們的策略正在Z世代消費者中引發強烈的品牌熱度和購買慾望。事實上，Coach 再次獲得了 Lyst 的認可，排名上升 10 位，成為全球第五大最熱門品牌，而 Brooklyn 手袋則成為本季最熱門產品。

Additionally, the Coach Cherry bag charm entered the list as the number 4 hottest product. Overall, Coach's growth in handbags and accessories continued to outpace the industry, which included mid-teens AUR gains globally, led by North America. And looking forward, we remain confident in the opportunity for further sustainable growth given our brand strength and innovation pipeline as well as the compelling value and craftsmanship we offer in the luxury market.

此外，Coach Cherry 包飾也躋身最熱門產品榜單，位居第四。總體而言，Coach 手袋和配件的成長速度持續超過行業平均水平，全球平均銷售額成長超過 15%，其中北美地區成長最為顯著。展望未來，鑑於我們的品牌實力、創新產品線以及我們在奢侈品市場提供的卓越價值和精湛工藝，我們對未來可持續成長的機會仍然充滿信心。

Next, we remain focused on fueling lifestyle with an emphasis on footwear where we are underpenetrated and have a right to win by leveraging our brand strength to drive customer recruitment, frequency and lifetime value with our target timeless Gen Z consumer.

接下來，我們將繼續專注於推動生活方式，重點是鞋類，因為我們在這一領域的滲透率較低，我們有能力透過利用我們的品牌優勢來贏得市場，從而提高我們目標客戶——永恆的 Z 世代消費者——的購買頻率和終身價值。

During the quarter, we successfully launched the new Highline sneaker, which sold at $125 in both retail and outlet and attracted new customers to the brand. This introduction in both retail and outlet channels builds on our One Coach learning agenda, which we successfully piloted with Tabby.

本季度，我們成功推出了新款 Highline 運動鞋，零售價和奧特萊斯售價均為 125 美元，為該品牌吸引了新客戶。這次在零售和奧特萊斯通路的推出，建立在我們「一位教練」學習計畫的基礎上，該計畫已在 Tabby 身上成功試點。

Turning to marketing. We continue to drive cultural relevance through emotional storytelling that amplifies our brand and product offering. This holiday, we rolled out the next chapter of our Unlock Your Courage campaign. And with each campaign, we're learning, gaining deeper consumer insights that enhance our storytelling and media execution. This capability enables us to deliver the right content at the right time on the right platform ensuring that our messages are cutting through. This is key to driving sustainable customer acquisition, and it's working globally at scale.

轉向市場行銷。我們持續透過情感化的故事敘述來提升品牌和產品影響力，從而增強文化相關性。今年假期，我們推出了「釋放你的勇氣」活動的下一階段。透過每一次行銷活動，我們都在學習，獲得更深入的消費者洞察，從而提升我們的故事敘述和媒體執行能力。這項能力使我們能夠在合適的時間、合適的平台上提供合適的內容，確保我們的訊息能夠有效傳達。這是實現永續客戶獲取的關鍵，並且在全球範圍內都已取得規模化成效。

To this end, during the quarter, we continued to increase our top of funnel marketing investments demonstrating the confidence we have in our brand and product offering. As a result, this helped drive greater consumer engagement and outperformance versus the industry, particularly in our key markets of North America and China. In addition, we also cultivated enthusiasm for the brand through unique and immersive retail experiences.

為此，本季我們繼續增加對銷售漏斗頂端行銷的投入，這表明我們對我們的品牌和產品充滿信心。因此，這有助於提高消費者參與度，並超越行業平均水平，尤其是在我們的北美和中國等主要市場。此外，我們也透過獨特且沉浸式的零售體驗培養了消費者對品牌的熱情。

Our Coach Play concept stores, which engage consumers across their five senses continue to outperform with higher Gen Z traffic, longer dwell times and higher return frequency. We are taking these learnings and evaluating opportunities to bring the highest impact elements of these locations to our store fleet more broadly.

我們的 Coach Play 概念店透過調動消費者的五種感官來吸引他們，持續取得優異的業績，Z 世代客流量更高，停留時間更長，回頭率更高。我們將吸取這些經驗教訓，並評估各種機會，以便將這些地點最具影響力的元素更廣泛地推廣到我們的門市網路中。

Overall, our holistic brand building activities helped to drive increases in new customer acquisition as we welcomed over 1.7 million new customers to Coach in North America, a strong increase versus prior year and a significant acceleration in trend. Of these new customers, nearly 60% were Gen Z and millennials, consistent with our strategy to recruit younger customers. At the same time, our retention rate with the Gen Z cohort also increased, reinforcing that we're building lasting relationships with our consumers in support of durable growth.

總體而言，我們全面的品牌建立活動幫助推動了新客戶獲取量的成長，我們在北美迎來了超過 170 萬新客戶加入 Coach，與前一年相比實現了強勁增長，並且這一趨勢顯著加速。在這些新客戶中，近 60% 是 Z 世代和千禧世代，這與我們招募年輕客戶的策略相符。同時，我們在 Z 世代群體中的留存率也有所提高，這進一步證明我們正在與消費者建立持久的關係，以支持永續成長。

In closing, Coach, our largest brand, is strong and differentiated, and it continues to deliver outstanding results, highlighting the capabilities of Tapestry's growth engine. With consumer understanding at the center of all we do, our talented teams are delivering the blend of magic and logic that is the hallmark of the brand and the foundation of our future. From this position of strength, I'm confident our best days are still to come with significant opportunity to drive continued consistent long-term growth.

最後，Coach 作為我們最大的品牌，實力雄厚且獨具特色，並持續取得卓越的業績，凸顯了 Tapestry 成長引擎的強大能力。我們以了解消費者為中心，我們才華橫溢的團隊正在打造兼具魔力與邏輯的品牌，既是品牌的標誌，也是我們未來發展的基礎。基於我們目前的優勢地位，我相信我們最好的日子還在後頭，我們將擁有巨大的機會推動持續穩定的長期成長。

Now moving to Kate Spade. While profit results met our expectations for the quarter, driven by gross margin expansion, revenue trends declined 10%. Most importantly, together with Eva Erdmann, Kate Spade's new CEO, we are moving quickly and decisively addressing what we know is not working and laying the groundwork for a return to sustainable, profitable growth.

現在換到 Kate Spade。雖然本季利潤結果符合我們的預期，這主要得益於毛利率的擴張，但收入趨勢下降了 10%。最重要的是，我們正與 Kate Spade 的新任執行長 Eva Erdmann 一起，迅速而果斷地解決我們知道存在的問題，並為恢復可持續的盈利增長奠定基礎。

Since Eva's arrival in October, we've assessed the current state of the business and made progress in building our road map for the future, informed by deeper consumer insights. The takeaway of this work is clear. We need to rebuild the brand with consumers to reignite growth. To do this, we must focus our execution and accelerate our investments with clear priorities distorted to our largest opportunities, developing emotional storytelling to fuel customer acquisition, building handbag icons and driving growth in North America, our home market.

自 Eva 於 10 月上任以來，我們評估了公司目前的業務狀況，並在更深入的消費者洞察指導下，制定了未來的發展路線圖，並取得了進展。這項工作的結論很明確。我們需要重建消費者對品牌的認知，以重振成長動能。為此，我們必須集中精力執行，加快投資步伐，明確優先事項，抓住最大的機遇，透過情感故事來吸引客戶，打造手袋品牌，並推動我們在北美本土市場的成長。

And we see the path forward as having two important stages. First, we will streamline and solidify our foundation by editing for focus and investing to build brand heat. This will ultimately drive customer acquisition, which will allow us to scale from a healthy foundation which is the prerequisite for sustainable top line growth.

我們認為前進的道路分為兩個重要階段。首先，我們將透過精簡內容、聚焦重點和投資打造品牌熱度來精簡和鞏固我們的基礎。這最終將推動客戶獲取，使我們能夠從健康的基礎出發進行規模化發展，而這正是實現永續營收成長的先決條件。

While we are acting with urgency, we acknowledge the work to reset the brand is a multiquarter journey. Having said that, we know the path to growth is within our control and I am confident in the plan we've developed and the significant opportunity ahead for the brand.

雖然我們正在採取緊急行動，但我們也意​​識到，重塑品牌是一個需要幾個季度才能完成的過程。話雖如此，我們知道成長之路掌握在我們自己手中，我對我們制定的計劃以及品牌未來面臨的巨大機會充滿信心。

Now let me take you through our growth strategies and learnings in more detail, which includes results from the quarter. First, we're committed to fueling brand heat through relevant marketing to drive consideration and accelerate customer acquisition.

現在讓我更詳細地向您介紹我們的成長策略和經驗教訓，其中包括本季的業績。首先，我們致力於透過相關的行銷活動來提升品牌熱度，從而推動消費者考慮並加速客戶獲取。

During the quarter, we took a step forward in our brand-building efforts and this began with streamlining. In the fall, we made the decision to reduce spending on our fall campaign based on consumer feedback during testing. Instead, we pivoted working with speed and agility to create new, more compelling content. And in December, we launched our holiday campaign. This was a social first campaign featuring Grammy-nominated Singer-Songwriter, Madison Beer, consistent with our strategy to distort our marketing investments into upper funnel campaigns with more relevant messages for our target consumer.

本季度，我們在品牌建立方面邁出了重要一步，而這一切都始於流程精簡。秋季，我們根據測試期間消費者的回饋，決定減少秋季行銷活動的支出。相反，我們迅速調整策略，靈活且有效率地創造出更新、更引人入勝的內容。12月，我們啟動了假日促銷活動。這是一場以社群媒體為主導的行銷活動，由葛萊美獎提名歌手兼詞曲作家麥迪遜比爾 (Madison Beer) 出演，這符合我們將行銷投資轉向漏斗上層行銷活動，向目標消費者傳遞更相關訊息的策略。

Importantly, the tagline To The One Who was pulled through creative activations on social media and in our stores. Following the campaign, we saw a significant increase in purchase intent among Gen Z consumers who engaged with the content, reinforcing the opportunity to make incremental marketing investments to drive consideration and ultimately new customer acquisition.

重要的是，我們透過社群媒體和門市的創意活動推廣了「致那位」這個標語。活動結束後，我們發現與內容互動的 Z 世代消費者的購買意願顯著提高，這進一步證明了加強行銷投入、推動消費者考慮並最終獲取新客戶的機會。

As a result, we are extending our brand campaign in the third quarter to sustain and amplify engagement with consumers. Importantly, our learnings will be used to inform our bigger picture efforts as we build towards a larger purpose-driven 360-degree campaign launch in the fall of 2025.

因此，我們將在第三季延長品牌推廣活動，以維持和加強與消費者的互動。重要的是，我們將利用這些經驗來指導我們更宏觀的努力，為在 2025 年秋季啟動更大規模、目標明確的 360 度全方位活動奠定基礎。

Next, we are focused on sharpening and elevating our handbag offering, improving our execution to drive more relevancy in our assortment. In support of this ambition, we leveraged our consumer survey work, which illuminated the need to streamline our offering, clearing deselection barriers through a tighter assortment and improved styling.

接下來，我們將專注於提升和完善我們的手袋產品，改善我們的執行力，以提高我們產品系列的相關性。為了實現這一目標，我們利用了消費者調查工作，該工作揭示了簡化產品供應的必要性，透過更精簡的產品種類和改進的款式設計來消除選擇障礙。

By simplifying our product stories and focusing our merchandising efforts, we will ensure that the big ideas in leather goods cut through with more cohesion and relevancy. With this effort, we expect to reduce the number of handbag styles by over 15% by fall.

透過簡化產品故事並集中行銷精力，我們將確保皮革製品的核心概念能夠更具凝聚力和相關性地脫穎而出。透過這項努力，我們預計到秋季將手提包款式數量減少 15% 以上。

At the same time, we will work to build blockbuster handbag families informed by consumer understanding. And we have learnings from holiday. We stood firmly behind the recently launched Deco Collection in our stores and in our marketing. The Deco Collection continues to over-index with new younger consumers at strong AUR and margins and we see further opportunity for this family going forward.

同時，我們將努力打造以消費者洞察為導向的爆款手袋系列。我們從假期中學到了很多。我們在門市和行銷中都堅定地支持最近推出的裝飾系列。Deco 系列產品持續受到年輕新消費者的青睞，平均售價和利潤率都非常高，我們認為該系列產品未來還有更大的發展空間。

Importantly, we know [it's rise] 30 years ago, Kate Spade offered a pioneering proposition in the market, along with distinctive iconic product and this is our aim today. To build on what made us unique and successful historically in a way that is modern and relevant to our consumers today.

重要的是，我們知道，30 年前 Kate Spade 在市場上提出了開創性的理念，並推出了具有獨特標誌性的產品，而這正是我們今天的目標。在保留我們歷史上獨特和成功之處的基礎上，以符合現代消費者需求的方式，繼續發展壯大。

Next, we are focused on maximizing omnichannel cohesiveness with one brand message across all consumer touch points. Importantly, we are taking steps to reduce our promotional messaging across channels. The results of the last quarter reinforced that emotion and newness are what's winning with consumers, while promotional activity is not. Therefore, decreasing our level of promotional activity will be a key building block of solidifying our brand and positioning it to scale in a healthy way globally over the long term. To this end, we expect our gross margin to continue to expand moving forward as we build for the future and connect with consumers on our brand values beyond simply price.

接下來，我們將致力於最大限度地提高全通路一致性，在所有消費者接觸點上傳遞統一的品牌訊息。重要的是，我們正在採取措施減少各個管道的推廣訊息。上一季的業績進一步證實，情感和新鮮感才是贏得消費者青睞的關鍵，而促銷活動則不然。因此，降低我們的促銷活動水平將是鞏固我們品牌並使其在全球範圍內長期健康發展壯大的關鍵組成部分。為此，我們預計隨著我們著眼於未來，並在價格之外與消費者建立品牌價值聯繫，我們的毛利率將繼續擴大。

In closing, we are focused on executing our strategic road map for durable growth, and we are accelerating our investments to do this. We acknowledge that our strategic actions will pressure the brand's near-term financial results, however, the strength of our portfolio allows us to do this while delivering enhanced growth overall.

最後，我們專注於執行實現永續成長的策略路線圖，並正在加快投資以實現這一目標。我們承認，我們的策略性舉措將對品牌的近期財務業績造成壓力，但是，我們強大的產品組合使我們能夠在實現整體成長的同時做到這一點。

Importantly, we have conviction that we are taking the right steps to reset the brand and unlock its full potential. Kate Spade is a beloved, unique and purpose-driven brand. And though there is significant work to do to enhance its relevancy and reconnect with consumers, the strategy to deliver this outcome is well understood and in our control. We are confident in the meaningful long-term runway for the brand and the value creation opportunity it represents for Tapestry.

重要的是，我們堅信我們正在採取正確的措施來重塑品牌並釋放其全部潛力。Kate Spade 是一個備受喜愛、獨具特色且目標明確的品牌。儘管要提高其相關性並重新與消費者建立聯繫還有大量工作要做，但實現這一目標的策略已經很清楚，並且在我們掌控之中。我們對品牌的長期發展前景以及它為 Tapestry 帶來的價值創造機會充滿信心。

Now turning to Stuart Weitzman. Financial results remained challenged in the quarter with net sales decreasing 16% versus prior year at constant currency, primarily reflecting softness in Greater China and in North America direct channels. In addition, global wholesale net sales declined impacted by shipment timing, while trends at POS remains strong, growing at over 20%, a key indicator of strategic progress. Overall, the Stuart Weitzman team remains focused on fueling brand relevancy, driving customer engagement and delivering improved financial results long term.

現在讓我們來看看史都華‧韋茨曼。本季財務表現仍面臨挑戰，以固定匯率計算，淨銷售額較上年同期下降 16%，主要反映出大中華區和北美直銷通路的疲軟。此外，受出貨時間影響，全球批發淨銷售額有所下降，而 POS 銷售趨勢依然強勁，成長超過 20%，這是策略進展的關鍵指標。整體而言，Stuart Weitzman 團隊仍專注於提升品牌相關性、推動客戶參與度並實現長期財務表現的改善。

In closing, Tapestry delivered a standout holiday quarter. I want to thank our teams once again for their passion, creativity and commitment to brand building and for driving our strong results. From this position of strength, we raised our outlook for the year with a sharp focus on the path forward.

總而言之，Tapestry 在假期季節取得了優異的表現。我要再次感謝我們的團隊，感謝他們對品牌建立的熱情、創造力和投入，以及他們為我們所取得的優異成績。基於這一優勢地位，我們提高了對今年的展望，並專注於未來的發展方向。

We will continue to fuel momentum at Coach while taking action to reset the Kate Spade brand for long-term growth. We are confident that our bold growth agenda will support meaningful value creation, and we look forward to sharing the details of our long-term road map at our Investor Day this fall. Our future is bright and we have the ambition, discipline and strategies to generate strong and durable growth and shareholder returns for years to come.

我們將繼續保持 Coach 的發展勢頭，同時採取行動重塑 Kate Spade 品牌，以實現長期成長。我們相信，我們大膽的成長計畫將支持有意義的價值創造，我們期待在今年秋天的投資者日上分享我們長期發展路線圖的細節。我們的未來一片光明，我們擁有雄心壯志、嚴明紀律和周密策略，將在未來幾年內實現強勁而持久的成長和股東回報。

I'll now turn it over to Scott.

現在我把麥克風交給史考特。

Thanks, Joanne, and good morning, everyone. Our second quarter results exceeded expectations, building on our track record of consistent execution as we unlocked accelerated growth. In the quarter, we delivered record quarterly revenue, gross margin and earnings per share while generating significant free cash flow.

謝謝喬安妮，大家早安。第二季業績超乎預期，延續了我們一貫的高效執行，實現了加速成長。本季度，我們實現了創紀錄的季度營收、毛利率和每股收益，同時產生了可觀的自由現金流。

Now moving to the details of the quarter, beginning with revenue trends on a constant currency basis. Sales increased 5% compared to the prior year and outperformed our guidance across all regions. These results reflect gains in Europe, North America and total APAC with international revenue growing 7%.

現在進入本季細節分析，首先是以固定匯率計算的營收趨勢。與去年相比，銷售額成長了 5%，所有地區的業績都超過了我們的預期。這些業績反映了歐洲、北美和亞太地區的成長，國際收入成長了 7%。

By region, Europe revenue grew 42% above last year with growth across all brands and channels driven by increased local consumer spend and strong new customer acquisition, notably with Gen Z. In Greater China, revenue inflected to growth of 2%. Our sequential acceleration was driven by a return to growth in our brick-and-mortar channel led by an improvement in traffic, while trends in digital remained positive. Our differentiated results in China clearly demonstrate that our strategic initiatives and investments in the region are yielding returns, positioning our brands and business for long-term sustainable growth.

按地區劃分，歐洲的收入比去年增長了 42%，所有品牌和管道均實現增長，這主要得益於當地消費者支出增加和新客戶獲取的強勁增長，尤其是 Z 世代客戶。大中華區的收入成長了 2%。我們的業績逐步加速成長，這得益於實體通路客流量的改善，從而恢復了成長，而數位通路的趨勢也保持積極態勢。我們在中國的顯著成果清楚地表明，我們在該地區的戰略舉措和投資正在產生回報，使我們的品牌和業務能夠實現長期可持續增長。

And in other Asia, revenue rose 11% led by growth in Australia, New Zealand, South Korea and Malaysia, while Japan sales declined 5%. In North America, sales increased 4% compared to the prior year, led by double-digit growth at Coach. Importantly, total gross and operating margin rose versus last year as we supported long-term brand health.

在亞洲其他地區，受澳洲、紐西蘭、韓國和馬來西亞的成長帶動，營收成長了 11%，而日本的銷售額則下降了 5%。在北美，銷售額比上年增長了 4%，其中 Coach 的兩位數增長最為顯著。重要的是，由於我們支持了品牌的長期健康發展，總毛利率和營業利潤率較去年有所增長。

Now touching on revenue by channel for the quarter. Our direct-to-consumer business grew 4% compared to the prior year, which included a high single-digit increase in digital revenue and a low single-digit increase in global brick-and-mortar sales. And wholesale revenue grew in the quarter in keeping with our expectations and strategy to find targeted opportunities to expand our brand's reach with consumers.

接下來我們來看看本季各通路的營收狀況。與前一年相比，我們的直接面向消費者業務成長了 4%，其中包括數位收入的高個位數成長和全球實體店銷售額的低個位數成長。本季批發收入成長符合我們的預期和策略，即尋找有針對性的機會來擴大我們品牌在消費者中的影響力。

Moving down the P&L. We delivered a record second quarter gross margin, which was well ahead of plan and 280 basis points above prior year. This year-over-year expansion was driven by 260 basis points of operational outperformance as well as a benefit of approximately 20 basis points from lower freight expense. Our strong gross margin performance remains a core element of our value creation model, providing us with flexibility and fuel to accelerate investments and drive long-term growth.

向下移動損益表。我們第二季毛利率創下歷史新高，遠超預期，比上年同期高出 280 個基點。這一同比成長主要得益於營運績效超額完成 260 個基點，以及貨運費用降低帶來的約 20 個基點的收益。我們強勁的毛利率表現仍然是我們價值創造模式的核心要素，為我們提供靈活性和動力，以加速投資並推動長期成長。

Turning to SG&A, which rose 7%, led by higher marketing spend versus prior year and forecast as we reinvested a portion of our profit outperformance into incremental brand building activities via top-of-funnel activation.

再來看銷售、一般及行政費用，該費用增長了 7%，主要原因是營銷支出較上年同期和預期有所增加，因為我們將部分超額利潤再投資於透過漏斗頂端激活來增加品牌建設活動。

Taken together, operating margin increased approximately 210 basis points in the quarter, driving profit growth ahead of expectations and 15% over the prior year. And our record second quarter EPS of $2 grew 23% over prior year and exceeded our guidance by more than $0.30. To provide context on this beat, approximately $0.17 of the upside was due to operational outperformance, $0.08 was due to the net benefit of share repurchase activity and $0.08 was related to a favorable tax rate versus plan.

本季營業利益率綜合成長約 210 個基點，推動利潤成長超出預期，較上年同期成長 15%。我們第二季每股收益達到創紀錄的 2 美元，年增 23%，超出預期 0.30 美元以上。為了更好地理解這一超預期，其中約 0.17 美元來自營運績效的提升，0.08 美元來自股票回購的淨收益，另有 0.08 美元與稅率優於預期有關。

Now turning to our shareholder returns programs. As previously announced, following the termination of the merger agreement with Capri in November, we took swift action to utilize our significant cash flow to execute a $2 billion accelerated share repurchase program underscoring our outlook for growth and unwavering commitment to deliver shareholder value. Together with our dividend, which is expected at $1.40 per share for the year, we are positioned to return over $2 billion or more than 100% of free cash flow to shareholders in fiscal '25, a testament to our strong organic business and robust cash flow generation.

現在來談談我們的股東回報計畫。正如先前宣布的那樣，在 11 月與 Capri 的合併協議終止後，我們迅速採取行動，利用我們大量的現金流執行了 20 億美元的加速股票回購計劃，這凸顯了我們對增長的展望以及為股東創造價值的堅定承諾。加上預計全年每股 1.40 美元的股息，我們預計在 2025 財年向股東返還超過 20 億美元或超過 100% 的自由現金流，證明了我們強大的內生業務和穩健的現金流生成能力。

And now before turning to the details of our balance sheet and cash flows, I'd like to reiterate our capital allocation priorities, which are unchanged. We have two foundational commitments. First, to continue to invest in our brands and business to support long-term sustainable growth. Second, to continue to return capital to shareholders via our dividend. As we've shared, we have a goal over time to increase the dividend at least in line with earnings to achieve our stated targeted payout ratio of 35% to 40%.

在詳細介紹我們的資產負債表和現金流量之前，我想重申我們的資本配置優先事項，這些優先事項保持不變。我們有兩項基本承諾。首先，我們將繼續投資我們的品牌和業務，以支持長期可持續成長。其次，我們將繼續透過分紅向股東返還資本。正如我們之前分享的，我們的目標是隨著時間的推移，至少將股息與收益保持同步增長，以實現我們既定的 35% 至 40% 的目標派息率。

Beyond these foundational commitments, our robust cash flow generation provides us with balance sheet flexibility for value creation. This includes the opportunity for share repurchase activity, which is on display this year. In addition, we have $800 million remaining on our previous share repurchase authorization for future buyback activity.

除了這些基礎性承諾之外，我們強勁的現金流量產生能力為我們的資產負債表創造了靈活性，從而能夠創造價值。這其中包括股票回購活動的機會，今年就已有所體現。此外，我們先前的股票回購授權中還有 8 億美元剩餘，可用於未來的股票回購活動。

Finally, utilizing our rigorous 4-lens framework, we consistently evaluate opportunities for strategic portfolio management. Importantly, and as previously communicated, before moving forward with any acquisitions, we will ensure Coach remains strong and Kate Spade has returned to sustainable top line growth. These clear capital allocation priorities are underpinned by our firm commitment to a solid investment-grade rating and maintaining our long-term gross leverage target of below 2.5 times.

最後，我們運用嚴謹的四透鏡框架，持續評估策略性投資組合管理的機會。重要的是，正如先前溝通的那樣，在推進任何收購之前，我們將確保 Coach 保持強勁勢頭，並且 Kate Spade 已恢復可持續的營收成長。這些明確的資本配置優先事項以我們對維持穩健的投資等級和維持低於 2.5 倍的長期總槓桿率目標的堅定承諾為基礎。

Now turning to the details of our balance sheet and cash flows. We ended the quarter with $1 billion in cash and investments and total borrowings of $2.7 billion, representing net debt of $1.7 billion. This includes $1.5 billion of senior notes raised during the quarter at a blended interest rate of 5.3% to help fund our ASR. At quarter end, our gross debt to adjusted EBITDA was 1.6 times.

現在來看我們資產負債表和現金流量表的詳細情況。本季末，我們擁有10億美元的現金和投資，總借款為27億美元，淨負債為17億美元。這其中包括本季以 5.3% 的綜合利率籌集的 15 億美元高級票據，以幫助我們的 ASR 提供​​資金。季度末，我們的總負債與調整後 EBITDA 比率為 1.6 倍。

Adjusted free cash flow for the second quarter was an inflow of approximately $890 million and CapEx and implementation costs related to cloud computing were $39 million and inventory levels at quarter end were 14% above prior year as planned. As we move into the back half of our fiscal year, our inventory is current and well positioned globally and by brand in support of our growth ambition. To this end, we continue to expect to end Q3 and the full year with inventory above prior year.

第二季調整後的自由現金流約為 8.9 億美元流入，與雲端運算相關的資本支出和實施成本為 3,900 萬美元，季度末庫存水準比上年同期增長 14%，符合計畫。隨著我們進入本財年的下半年，我們的庫存充足，在全球範圍內按品牌進行了合理佈局，以支持我們的成長目標。為此，我們仍然預計第三季末和全年的庫存將高於去年同期水準。

Now moving to our guidance for fiscal '25, which is provided on a non-GAAP basis. We are raising our fiscal year 2025 revenue, operating margin, EPS and cash flow outlook. Importantly, we continue to view our outlook 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 $6.85 billion, representing growth of approximately 3% versus prior year on a reported basis, including an expected currency headwind of over 50 basis points.

現在我們來看看 2025 財年的業績指引，該指引是根據非公認會計準則 (non-GAAP) 提供的。我們上調了 2025 財年的營收、營業利益率、每股盈餘和現金流量預期。重要的是，我們仍然認為我們的前景是審慎且可實現的，因為我們始終清醒地認識到外部環境的現實，同時也看到了我們業務的發展機會。我們現在預計本財年營收將超過 68.5 億美元，按報告基準計算，比上年增長約 3%，其中包括預計超過 50 個基點的匯率不利影響。

Touching on sales by region at constant currency, we expect growth in Europe in the area of 30%, where we are underpenetrated and have strong traction. In other Asia, we anticipate high single-digit gains, while in Japan, we're forecasting a low single-digit decline. In North America, we expect revenue to be up slightly as we continue to support a healthy business. And in Greater China, we expect low single-digit growth over the prior year.

按地區劃分，以固定匯率計算，我們預計歐洲市場將成長 30%，因為我們在該地區滲透率較低，但發展勢頭強勁。亞洲其他地區，我們預期會出現高個位數成長；而日本，我們預測會出現低個位數下降。在北美，我們預計收入將略有成長，因為我們將繼續支持健康的業務發展。在大中華區，我們預計與上年相比將實現個位數低成長。

In addition, our outlook now assumes operating margin expansion of approximately 100 basis points versus prior year. We anticipate gross margin expansion to drive this increase due to improvements in both AUR and AUC. Both freight and FX are still expected to have a negligible impact on gross margin changes for the full year.

此外，我們目前的預期是營業利潤率將比上年增長約 100 個基點。我們預計毛利率的提高將推動這一成長，這主要得益於平均使用率 (AUR) 和平均使用率 (AUC) 的改善。預計全年貨運和外匯變動對毛利率變動的影響仍微乎其微。

On SG&A, we expect expenses to increase above the pace of revenue growth, driven primarily from increased marketing expense, including accelerated investments at Kate Spade. While we remain diligent with respect to overall expense control, we're making deliberate growth-focused investments in our strategic priorities.

在銷售、一般及行政費用方面，我們預期支出成長速度將超過收入成長速度，主要原因是行銷費用增加，包括對 Kate Spade 的加速投資。在保持整體成本控制方面一絲不苟的同時，我們正在戰略重點領域進行以成長為導向的投資。

Moving to below-the-line expectations for the year, net interest expense is expected to be approximately $35 million as compared to prior guidance of $20 million of net interest income. This change reflects the interest on our new bond issuance as well as a lower cash balance due to the execution of the ASR program. This outlook also incorporates the expectation to repay our April 2025 bonds totaling $303 million at maturity.

展望本年度的業績預期，淨利息支出預計約為 3,500 萬美元，而此前的預期為淨利息收入 2,000 萬美元。這項變更反映了我們對新債券發行的興趣，以及由於執行 ASR 計劃而導致的現金餘額減少。這項展望還包括預期在 2025 年 4 月到期時償還總額為 3.03 億美元的債券。

The tax rate is expected to be approximately 17% to 18% and our weighted average diluted share count for the year is forecasted to be approximately 223 million shares as compared to our prior guidance of approximately 238 million shares, reflecting the partial year net benefit of share repurchase activity, which includes the initial delivery of approximately 28 million shares received in November.

預計稅率約為 17% 至 18%，我們預計本年度加權平均稀釋股份數約為 2.23 億股，而此前的預期約為 2.38 億股，這反映了部分年度的股份回購淨收益，其中包括 11 月份收到的約 2800 萬股的初始交付。

Taken together, we're raising our EPS guidance to $4.85 to $4.90, representing 13% to 14% growth compared to last year and ahead of our prior guidance of $4.50 to $4.55. This increase incorporates our Q2 operational outperformance of $0.17, a full year net benefit from share repurchase activities of $0.10 and a net tailwind of $0.08 from favorable tax rate, partially offset by a planned second half currency headwind.

綜合考慮，我們將每股收益預期上調至 4.85 美元至 4.90 美元，較去年同期增長 13% 至 14%，高於此前 4.50 美元至 4.55 美元的預期。此次上調包含了第二季度營運業績超預期 0.17 美元、全年股票回購活動帶來的淨收益 0.10 美元以及有利稅率帶來的淨利好 0.08 美元，但部分被預計下半年匯率波動帶來的不利影響所抵消。

To briefly touch on the topic of tariffs, this guidance embeds the expectation for an additional 10% tariff on goods imported from China into the US beginning February 4, which is expected to have an immaterial impact on fiscal 2025 results given our limited manufacturing exposure to China. We continue to monitor the external landscape closely and are developing potential mitigating actions as needed. To note, we do not have production in Canada or Mexico.

簡單來說，關於關稅問題，本指南已將2月4日起對從中國進口到美國的商品加徵10%關稅的預期納入其中。鑑於我們對中國的製造業曝險有限，預計這將對2025財年的業績產生微不足道的影響。我們將繼續密切關注外部環境，並根據需要製定潛在的緩解措施。需要注意的是，我們在加拿大和墨西哥沒有生產基地。

Moving on. We now anticipate adjusted free cash flow of approximately $1.2 billion. Finally, we expect CapEx and cloud computing costs to be in the area of $170 million. We anticipate 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.

繼續。我們現在預計調整後的自由現金流約為 12 億美元。最後，我們預計資本支出和雲端運算成本將在 1.7 億美元左右。我們預計三分之二的支出將與門市開業、翻新和搬遷有關，其餘部分主要用於我們正在進行的數位化和IT投資。

Touching on the shaping of the year, we expect revenue to increase in the area of 4% in the back half of the year on a constant currency basis. Including an expected FX headwind, we anticipate revenue growth in the area of 3% for the second half with fairly balanced top line growth between quarters.

展望今年的發展趨勢，我們預計下半年營收將以固定匯率計算成長約 4%。考慮到預期的匯率不利因素，我們預計下半年營收成長約為 3%，各季度營收成長將較為均衡。

Turning to operating margin. We expect expansion versus prior year in the second half driven by gross margin improvement, while SG&A is expected to grow modestly above the pace of reported sales gains with a higher level of growth planned in Q3 relative to Q4, and this is based on the phasing of investments. And we expect our tax rate in Q3 to be below the full year average. Taken together, we expect second half EPS growth with Q3 EPS forecasted to approach $0.85.

接下來我們來看營業利益率。我們預計下半年毛利率改善將推動業績較上年同期成長，而銷售、一般及行政費用預計將略高於報告的銷售額增長速度，第三季度計劃的增長水平將高於第四季度，這是基於投資的分階段實施情況。我們預計第三季的稅率將低於全年平均。綜合來看，我們預計下半年每股收益將成長，第三季每股收益預計接近 0.85 美元。

In closing, we delivered a record-breaking quarter, highlighted by accelerated top and bottom line growth led by Coach, our largest brand. And from this position of strength, we raised our outlook for the year. Importantly, our commitment to disciplined brand building and our intense focus on fundamentals allows us to invest in our future growth drivers, leaning into the biggest opportunities where we'll build strong gains and extend our competitive advantages while returning over $2 billion in capital to shareholders in this fiscal year alone. We are confident in our brands, our people, our strategy and our outlook with steadfast focus on delivering accelerated growth and enhanced shareholder value in fiscal '25 and for years to come.

最後，我們實現了破紀錄的季度業績，其中營收和利潤加速增長尤為突出，而我們最大的品牌 Coach 正是這一增長的領頭羊。基於這種優勢地位，我們提高了對今年的預期。重要的是，我們致力於嚴謹的品牌建設，並高度重視基本面，這使我們能夠投資於未來的成長動力，抓住最大的機遇，從而獲得強勁的收益，擴大我們的競爭優勢，同時僅在本財年就向股東返還超過 20 億美元的資本。我們對我們的品牌、員工、策略和前景充滿信心，並將堅定不移地專注於在 2025 財年及未來幾年實現加速成長和提升股東價值。

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

現在我想開放提問環節，回答大家的問題。

(Operator Instructions)

（操作說明）

Bob Drbul, Guggenheim.

鮑伯‧德布爾，古根漢美術館。

Just have two questions really. The first one, just on Coach, what really drove the success this quarter? Do you think that it's sustainable? And the second one is just can you expand a bit more just how you're thinking about Kate Spade going forward now?

其實我只有兩個問題。首先，就教練而言，本季成功的真正驅動因素是什麼？你認為這種做法可持續嗎？第二個問題是，您能否再詳細談談您對 Kate Spade 未來發展的想法？

Thanks and good morning, Bob. The record-breaking quarter we delivered shows the power of our organic growth opportunities and our brand building strategies. As you can see, our teams are confident and focused. Our strategies are working and they're compounding and there is more growth ahead. I will say Tapestry is committed to continuing to fuel that sustainable growth at Coach and I'll turn it to Todd to discuss Coach in more detail, and then I'll jump back into address your question on Kate. Todd?

謝謝，早安，鮑伯。我們本季創下的業績紀錄顯示了我們有機成長機會和品牌建立策略的強大力量。如您所見，我們的團隊充滿信心，目標明確。我們的策略正在奏效，而且還在不斷累積效益，未來還有更大的成長空間。我想說的是，Tapestry 致力於繼續推動 Coach 的可持續發展，接下來我會請 Todd 更詳細地討論 Coach 的相關情況，之後我會再回答你關於 Kate 的問題。托德？

Thanks, Joanne, and thank you, Bob, for the support. I can say with real -- without any reservation, the strong growth in revenue and profitability at Coach is sustainable. And my confidence is based on four key pillars from our brand-building playbook that we've honed over the last few years. So let me run you through them.

謝謝喬安妮，也謝謝鮑伯的支持。我可以毫不猶豫地說，Coach 的收入和盈利能力的強勁增長是可持續的。我的信心源自於我們過去幾年不斷完善的品牌建立策略中的四個關鍵支柱。讓我來逐一介紹。

First, culture. Culture, I cannot overemphasize. We've materially changed our culture at Coach and Tapestry which is truly foundational to our success. We have developed an environment where creativity, innovation, informed risk taking with a true test-and-learn agenda leads and not just the opinion of the most senior person in the room even if that's me sometimes.

首先是文化。文化的重要性，怎麼強調都不為過。我們已經從根本上改變了 Coach 和 Tapestry 的企業文化，這對我們的成功至關重要。我們經營造了一種以創造力、創新、在充分了解風險的基礎上進行真正的測試和學習為主導的環境，而不是僅僅以房間裡級別最高的人的意見為主導，即使有時那個人是我自己。

Second, our deep consumer insights that inform our business strategies, products and marketing spend, and it's scalable markets across the brand and Tapestry. When you think about it, you see this in play in North America, in China and Europe.

其次，我們擁有深刻的消費者洞察，這為我們的業務策略、產品和行銷支出提供了依據，並且能夠在整個品牌和 Tapestry 中實現可擴展的市場。仔細想想，這種現像在北美、中國和歐洲都有發生。

Third, our focus on customer acquisition with our targeted Gen Z cohort. These clients are discovering the brand at record numbers. They're transacting at higher AURs and with greater frequency. Fourth, our key focus on handbags and leather goods, providing incredible value, authenticity and craftsmanship at scale, demonstrated by the success of our icons, such as Tabby, Brooklyn and Terry.

第三，我們專注於針對 Z 世代目標群進行客戶獲取。這些客戶正在以前所未有的速度發現這個品牌。他們的交易平均交易量更高，交易頻率也更高。第四，我們專注於手袋和皮革製品，大規模地提供令人難以置信的價值、真實性和精湛工藝，我們的標誌性產品，如 Tabby、Brooklyn 和 Terry 的成功證明了這一點。

So if I had to summarize something we talk about a lot here. Coach is a story brand with over 80 years of history winning. Today, we are winning with a modern client. We're doing this because we are understanding the consumer, we're nurturing creativity. We're operating as a high-performing team and we're managing with financial rigor.

如果要我總結一下我們這裡經常討論的話題的話。Coach是一個擁有80多年輝煌歷史的品牌，也是一個充滿故事的品牌。如今，我們憑藉著現代化的客戶群贏得了市場。我們這樣做是因為我們了解消費者，我們正在培養創造力。我們是一支高效能團隊，財務管理非常嚴格。

Thanks, Todd. Really displaying disciplined brand building, and I appreciate it. On Kate Spade, we are taking action, and we're bringing focus to our execution, and we're accelerating our investments to drive that long-term growth. We have made changes. We have a new CEO in Eva Erdmann, who's partnering with Sandeep, our Chief Growth Officer, and we're leveraging deeper consumer insights. And we're building on the learnings from Coach. You just heard Todd talk about the successes we've built at Coach.

謝謝你，托德。這展現了嚴謹的品牌建立概念，我很欣賞。在 Kate Spade 品牌方面，我們正在採取行動，我們將重點放在執行上，並加快投資以推動長期成長。我們做出了一些改變。我們迎來了新的執行長 Eva Erdmann，她將與我們的首席成長長 Sandeep 合作，我們正在利用更深入的消費者洞察。我們正在藉鏡 Coach 的經驗。你剛剛聽到托德談到了我們在Coach取得的成功。

We're starting at Kate with focus and streamlining. What we've heard from our customers is the need to remove these selection barriers. We're reducing our style counts and we're reducing promotional activity. At the same time, we're leaning into marketing investments to fuel brand interest and ultimately drive new customer acquisition that we know will power our growth in the future.

我們從凱特開始，專注並簡化流程。我們從客戶那裡了解到，他們需要消除這些選擇障礙。我們正在減少款式數量，並減少促銷活動。同時，我們正在加大行銷投入，以激發人們對品牌的興趣，並最終推動新客戶的獲取，我們知道這將為我們未來的成長提供動力。

We have work to do. This is a multi-quarter journey, but our strategies are clear and the path to long-term growth is in our control. At Tapestry, we're being disciplined about how we allocate resources and capital to come back to where we started, we're both fueling Coach and investing across our portfolio for the future. We delivered a strong quarter and raised our outlook, and we're doing that while accelerating investments to reset Kate Spade.

我們還有很多工作要做。這是一個需要幾個季度才能完成的旅程，但我們的策略很明確，長期成長的道路掌握在我們自己手中。在 Tapestry，我們嚴格把控資源和資金的分配，以期回到我們最初的起點，我們既在為 Coach 提供資金支持，也在為未來進行投資組合投資。我們本季業績強勁，提高了業績預期，同時我們也在加快投資，以重塑 Kate Spade。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

Hey, congrats, great results, glad to see it. Two for me, maybe first for Joanne, maybe second for Scott. Just kind of dig in a little bit more into Coach, specifically in terms of the robust numbers you guys are putting up? Maybe can you talk about, Joanne, maybe how much the New York family and Tabby contribute to Coach's growth? What percent of sales do these two families represent? Any more detail there might be helpful. And then a follow-up for Scott. Just core drivers of potential margin expansion ahead? How are you thinking about the pace of future gross margin expansion at Coach, just following all the recent strength would be helpful?

嘿，恭喜，成績很棒，很高興看到這個結果。我選兩個，喬安妮可能選一個，史考特可能選第二個。能不能更深入地了解一下教練，特別是你們取得的那些亮眼數據？喬安妮，或許你可以談談紐約的家人和塔比對教練的成長貢獻有多大？這兩個家族的銷售額分別佔總銷售額的百分之多少？如果能提供更多細節就更好了。接下來是斯科特的後續提問。未來潛在利潤率擴張的核心驅動因素有哪些？您如何看待Coach未來毛利率擴張的速度？如果能參考近期的強勁表現就更好了。

Sure. I can pick it up and just let you know that Coach's business is based on really strong foundational principles, and it is the growth is broad-based, and I think I'll pass it to Todd to cover the details on the business at Coach.

當然。我可以接手並告訴你，Coach 的業務建立在非常強大的基礎原則之上，而且其成長是廣泛的，我想我會把這個交給 Todd 來詳細介紹 Coach 的業務。

Thanks. I appreciate that. We're so pleased with our platforms. And we have -- what's so different about Coach today is we don't have a single platform. We have multiple platforms, but they're still very focused. So first, no single platform accounts for more than 10% of our sales, whether that's the Tabby family, whether that's the New York family. So I see a lot of runway with those families as well as Terry in outlets.

謝謝。我很感激。我們對我們的平台非常滿意。如今 Coach 與其他平台最大的不同之處在於，我們沒有單一的平台。我們擁有多個平台，但它們各自都非常專注。首先，沒有任何一個平台的銷售額佔比超過我們總銷售額的 10%，無論是 Tabby 系列，還是 New York 系列。所以我看到這些家庭以及特里在奧特萊斯有很多發展空間。

So we have foundational families that we can drive real business with. What's amazing is all of them, Terry, Tabby, Brooklyn are attracting this younger consumer. And so we're attracting this younger consumer across the price spectrum, which is phenomenal for us.

因此，我們擁有一個可以與之開展真正業務的基礎家族。令人驚訝的是，Terry、Tabby、Brooklyn 等人都吸引了年輕消費者。因此，我們正在吸引各個價位段的年輕消費者，這對我們來說意義非凡。

I know you're going to -- Scott is going to talk about gross margin. I will give a plug. If you think about gross margin, the way we're thinking about it. We just came off of what typically is the highest promotional quarter in our industry. We delivered over 77% gross margin.

我知道你要講——史考特要講毛利率。我來做個廣告。如果你考慮一下毛利率，就像我們思考毛利率的方式一樣。我們剛結束了業界通常促銷額最高的季度。我們實現了超過77%的毛利率。

And again, that was the highest gross margin in the second quarter in Coach's history. I see incredible sustainable growth in gross margin over the long term. And as we continue to create desirable product at these price points, with the scale and the opportunities that the Tapestry's supply chain provides, so both on raising price and on reducing our costs, we have a lot of runway left.

而且，這又是Coach史上第二季最高的毛利率。我預計毛利率將在長期內實現令人難以置信的可持續增長。而且，隨著我們繼續以這些價格點創造理想的產品，憑藉 Tapestry 供應鏈提供的規模和機遇，無論是在提高價格還是降低成本方面，我們都還有很大的發展空間。

Scott, hopefully, I left you something on that.

斯科特，希望我給你留下了什麼有用的信息。

Here's the great news, Todd, is we're in full alignment, right? This management team prioritizes both gross margin and operating margin and AUR growth, AUC, which I always say is the most underappreciated part of the story. As our teams look at what consumers really value, we've got using AI for price elasticity. I mean we're getting a lot more sophisticated as we look at these trade-offs and decisions. And that plus the investment and brand love.

托德，好消息是，我們完全步調一致，對吧？這個管理團隊優先考慮毛利率、營業利潤率和平均使用率 (AUR) 成長、平均使用年率 (AUC)，我一直認為這是整個故事中最被低估的部分。我們的團隊在研究消費者真正重視的因素時，發現人工智慧可以用來計算價格彈性。我的意思是，隨著我們權衡利弊和做出決策，我們變得越來越成熟。再加上投資和品牌愛。

And Todd always says, emotion trumps price. And you see that on display, right? But the strong operational beat that we had in gross margin and how that's consolidating into near market-leading operating margins in Coach more than 33%.

托德總是說，情感比價格更重要。你看到了展出的那些，對吧？但我們在毛利率方面取得了強勁的營運成長，而 Coach 的營運利潤率已接近市場領先水平，超過 33%。

So what's ahead, you can expect that same basic flywheel. We're going to grow our gross margins. We're going to continue to invest in engagement with consumers, which is through increasing marketing and more importantly, more effective marketing and storytelling. And we're balancing the long-term investments with short-term commitments to our shareholders. And I hope you see that's on display with record earnings in the second quarter and a strong beating raise for the full year. What that means is 200 basis points of gross margin expansion and about 100 basis points in terms of op margin expansion as we deliver for the short term but also to invest for the long term.

所以接下來會發生什麼事呢？你可以期待同樣的基本飛輪。我們將提高毛利率。我們將繼續增加對消費者的投入，這包括增加行銷，更重要的是，提高行銷和說故事的效率。我們正在努力平衡長期投資和對股東的短期承諾。我希望大家能從第二季創紀錄的獲利和全年業績大幅成長中看出這一點。這意味著毛利率將提高 200 個基點，營業利潤率將提高約 100 個基點，因為我們既要實現短期目標，也要進行長期投資。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

And let me add my congratulations. Really well done. Joanne, I'm going to go back to Kate Spade. Often when we kind of change the strategy, just wondering who do you envision in Eva, envision today is the target market, the target consumer, kind of how you define Her specifically?

我也要向你表示祝賀。做得真棒。喬安妮，我要重新用回凱特絲蓓 (Kate Spade) 的牌子了。通常當我們改變策略時，我們會想，你所設想的伊娃是什麼樣的人？你設想​​的目標市場、目標消費者是誰？你具體是如何定義她的？

And then Scott and or Todd, this is kind of a both of you question. Within Coach, Scott, can you give us -- can you talk about the AUR lift? Like how much higher on a five year basis is AUR, but more specifically, how much of that is actually from lower markdowns and how much are your initial retail prices higher versus five years ago? Which then segues to Todd. Is this the largest spread to Pinnacle luxury? I mean that we've seen ever covering the space. It just seems like that Europe is testament to the fact that you have a whole new market that's sort of been abdicated by Pinnacle luxury, if you can speak to that, that would be great.

那麼，史考特和/或陶德，這個問題其實是你們兩個都要回答的。Scott教練，您可以跟我們講講AUR提升的狀況嗎？例如，五年內平均售價 (AUR) 上漲了多少？更具體地說，其中有多少是因為折扣力道減少所造成的？以及，你們的初始零售價格比五年前高了多少？然後話題轉到了托德身上。這是 Pinnacle 豪華飯店最大的分期付款金額嗎？我的意思是，我們已經看到覆蓋整個空間的情況了。歐洲似乎證明了頂級奢侈品已經放棄了一個全新的市場，如果您能談談這方面，那就太好了。

Yes. Thanks, Adrienne, and I'll jump in on Kate Spade. And I would say that it's not so much of a strategy change, the principles of brand building at Tapestry across our portfolio remain intact. And our focus is on sharpening our execution. And as we think about improving that execution, it is in -- through building more relevancy for a target younger consumer, one of the learnings that we've had and our approach is to make sure that we're attracting new customers to the brand, but also new and younger consumers to our brands. Because we know that by 2030, 70% of the consumption in our category will be with new and younger consumers. So we see that as the lifeblood.

是的。謝謝你，艾德麗安，我也要加入凱特絲蓓的行列。而且我認為這與其說是策略上的改變，不如說是 Tapestry 旗下所有品牌的品牌建立原則仍然保持不變。我們的重點是提高執行力。當我們思考如何改善執行時，我們發現，透過提高與目標年輕消費者的相關性，我們吸取了教訓，我們的方法是確保我們不僅能吸引新客戶，還能吸引更年輕的新消費者。因為我們知道，到 2030 年，我們這個品類 70% 的消費將來自新的、更年輕的消費者。所以我們認為這是生命線。

And as we do deeper consumer research, we're listening and responding and improving our execution behind what we hear to bring more relevance to the brand, both in product and in the experiences and storytelling that we develop. And some of the actions we've taken already are showing some traction. We know we need to streamline and focus. What we're hearing from the customer is removing those deselection barriers, reducing the style counts. That allows us to take big ideas and have them cut through for the consumer and also reducing promotional activity.

隨著我們進行更深入的消費者研究，我們會傾聽並回應，並改善我們根據所聽到的內容執行，從而使品牌更具相關性，無論是在產品方面，還是在我們開發的體驗和故事講述方面。我們已經採取的一些措施已經初見成效。我們知道我們需要精簡流程，集中精力。我們從客戶那裡聽到的回饋是，要消除這些排除障礙，減少款式數量。這樣一來，我們就可以提出一些宏大的理念，讓它們能夠被消費者接受，同時也能減少促銷活動。

As we mentioned, and as you know, and what we see in the market, innovation is winning with the consumer. Continuously hitting the consumer over the head with price is not winning. And so we will sharpen our execution around that as we build the brand and reset the brand. We're also making investments. We're going to reach our target consumer on the right platforms with relevant messaging. And we're leaning into investments there. We see how effective that has been in building brand heat and desire and we're beginning that. We know that's not an overnight change, but we're beginning those investments.

正如我們之前提到的，也如您所知，從市場上的情況來看，創新正在贏得消費者的青睞。一味地用價格壓制消費者並不能贏得市場。因此，我們將圍繞這一點加強執行，同時打造和重塑品牌。我們也在進行投資。我們將透過合適的平台，以相關的資訊觸達我們的目標消費者。我們正在加大對那裡的投資。我們看到這種方法在提升品牌熱度和吸引力方面非常有效，而我們正在開始這樣做。我們知道這不會在一夜之間改變，但我們已經開始進行這些投資。

And the beauty of it is that we have a strong portfolio. We are beating our estimates. We're raising our outlook, and we're making these changes in investments. And I will end by saying that I'm really excited to partner with Eva. We've brought in a really strong brand builder and the team is very focused on moving quickly behind these actions.

而它的優點在於我們擁有強大的投資組合。我們超額完成了預期目標。我們正在提高預期，並對投資做出這些調整。最後我想說，我非常高興能與伊娃合作。我們引進了一位實力雄厚的品牌建立者，團隊也正全力以赴，迅速落實這些行動。

Yes. I'll build on that real quick. Just put some numbers, Adrienne, on the Kate guide. So in the quarter, we're down about 10%. We expect the top line trend to be more or less the same through the second half of this year, with gross margins continuing to build, moderating a little bit from what we saw in the first half, we lapped some of the cost initiatives from a year ago, but still positive in gross margin. And as Joanne just said and we indicated in our prepared remarks, significant investment in brand building. It will be the highest percentage brand building as a percentage, obviously, Coach in absolute terms is much larger, with the largest percentage increase.

是的。我這就簡單補充一下。艾德琳，你就把一些數字寫在凱特指南上吧。所以本季我們下降了約 10%。我們預計今年下半年營收趨勢將大致相同，毛利率將繼續成長，雖然與上半年相比略有放緩，因為我們收回了去年的一些成本控制措施，但毛利率仍然為正。正如 Joanne 剛才所說，也正如我們在準備好的演講稿中指出的那樣，我們在品牌建立方面進行了大量投資。從百分比來看，這將是品牌建立中佔比最高的，顯然，Coach 的絕對規模要大得多，成長百分比也最大。

And what gives us conviction around making that? It's what we've seen on display in Coach. And remember, the phases of this, we're focusing on brand awareness that we're going to go followed by customer acquisition and finally, growth. But even more importantly, don't lose the threat because we had a beat and raise for the full year, and we're able to not only make these investments in Kate Spade for the long term but deliver in the short term to shareholders based on the results that we just printed.

是什麼讓我們堅信要這樣做？這正是我們在蔻馳（Coach）所看到的。記住，這個過程分為幾個階段，我們將首先專注於品牌知名度，然後是客戶獲取，最後是成長。但更重要的是，不要因為我們全年業績超出預期並上調了業績就放鬆警惕，我們不僅能夠對 Kate Spade 進行長期投資，而且根據我們剛剛公佈的業績，還能在短期內為股東帶來回報。

I'll throw it to Todd on the AUR question, I think better served by him.

關於 AUR 的問題，我會交給 Todd 來解答，我覺得他能更好地回答。

Thanks, Scott. I chuckle a little bit because in the -- since FY19 in about the 20 quarters we've been doing this together. I think 19 of them, we've had an AUR question. I think 19 of them we have grown our AUR. But it is -- and every quarter, like this, is this it? And we keep, hopefully, surprising you on the upside. So first, on AUR this last quarter, we delivered double-digit handbag growth on AUR and even in North America.

謝謝你，斯科特。我忍不住輕笑了一聲，因為自 2019 財年以來，我們已經一起做了大約 20 個季度了。我認為其中 19 個問題我們都遇到 AUR 問題。我認為其中 19 個我們已經實現了 AUR 成長。但事實就是如此——而且每個季度都是這樣，就是這樣嗎？希望我們能不斷帶給您驚喜。首先，在上個季度，AUR 的手提包銷量實現了兩位數的成長，即使在北美也是如此。

So your question is insightful. There's a couple of things at play here. Obviously, value matters. And we offer incredible value against maybe traditional European luxury. And people are seeing that. And you're seeing it in markets like Europe, where we're seeing double-digit growth because there's value.

所以你的問題很有見地。這裡有兩個因素在起作用。顯然，價值很重要。與傳統的歐洲奢侈品相比，我們提供的產品性價比極高。人們都看到了這一點。在歐洲等市場，我們看到了兩位數的成長，因為那裡有價值。

But I will also say the value equation is only part of it. You have to have compelling product. You have to say, your product has to stand for something. So I talk a lot about value and values. Our focus on this timeless Gen Z customer. And with our insight that we keep developing and how we continue to build on that insight. It is the cornerstone for everything we do. It's the cornerstone that informs Stuart and our design team. It's the cornerstone of our operations, and it's the cornerstone of our storytelling.

但我還要說，價值等式只是其中的一部分。你必須擁有極具吸引力的產品。你必須承認，你的產品必須代表某種意義。所以我常常談論價值和價值觀。我們專注於此永恆的Z世代消費者群體。以及我們如何不斷發展和完善我們的洞察力。它是我們一切工作的基石。這是史都華和我們設計團隊的基石。它是我們營運的基石，也是我們說故事的基石。

So the value and value is clear and see a lot of AUR growth. We obviously don't have to discount product but also our -- what we've done over the last couple of years is we focus on fewer stories, deeper icons we don't have that vicious cycle of markdowns that historically you have in our space because we're reinforcing fewer, deeper ideas.

所以價值和效益顯而易見，AUR 也實現了大幅成長。我們當然不必降低產品價格，但我們——在過去幾年裡，我們專注於更少的故事、更深層的理念，我們沒有像以往那樣陷入降價的惡性循環，因為我們正在強化更少但更深刻的理念。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on a great quarter. So Joanne, with Coach now at a position of strength, as you cited, could you speak to new customer acquisition trends in North America and Greater China and specifically elaborate on opportunities you see to further accelerate growth, just given the momentum and clear move to offense? And then, Scott, on the bottom line, earnings this year raised to low to mid-teens, that's your former growth algorithm. Is there any reason that this pace is not sustainable multi-year?

恭喜你本季表現出色。喬安妮，正如你所說，Coach 現在處於強勢地位，你能否談談北美和大中華區的新客戶獲取趨勢，並具體闡述一下你認為在當前勢頭和明確的進攻策略下，有哪些機會可以進一步加速增長？然後，斯科特，歸根結底，今年的利潤預計在十幾到十幾之間，這就是你以前的成長演算法。這種發展速度是否有可能持續數年？

Thanks, Matt. We are -- I think the second quarter demonstrates the power of our brand building capabilities. It is the discipline that we have on display. Coach is leading, Coach is taking share, and it does start with really leaning into the true essence of the brand, understanding our target consumer and delivering relevant product, emotional product experiences and storytelling to deepen the engagement with the consumer. And this is a journey that we've been on for years, and we continue to build and hone our capabilities here, and we're driving success. It's not just a customer acquisition that we're after. We're after a customer acquisition with a younger consumer. And in the Coach's case, with the young, timeless Gen Z consumer.

謝謝你，馬特。我認為第二季的業績展現了我們強大的品牌建立能力。這就是我們所展現的紀律。Coach 正在引領潮流，Coach 正在搶佔市場份額，而這一切都始於真正深入了解品牌的精髓，了解我們的目標消費者，並提供相關的產品、情感化的產品體驗和故事，以加深與消費者的聯繫。多年來，我們一直在這條道路上不斷前行，我們將繼續提升和完善我們的能力，並取得成功。我們追求的不僅是獲取客戶。我們希望吸引更年輕的消費者群體。而 Coach 的目標客群則是年輕、永不過時的 Z 世代消費者。

And that's where you see as we get more focused on exactly who our target customer is and bring all of the capabilities of our company, including the incredible innovation and creativity that the teams are delivering with our commercial capabilities around the world, that is cutting through with our target consumer. We're acquiring more consumers that accelerated in the quarter, more than half, 60% at Coach were Gen Z and millennial consumers. And what's interesting about customer acquisition, as you asked, these customers are coming into the brand in a healthy way. They're transacting at higher AUR than the average, and they're now coming back with more frequency.

你會發現，隨著我們更加專注於我們的目標客戶是誰，並發揮公司所有能力，包括團隊在全球範圍內運用商業能力所帶來的令人難以置信的創新和創造力，我們能夠打動我們的目標消費者。本季我們獲得了更多消費者，其中超過一半（60%）是 Coach 的 Z 世代和千禧世代消費者。正如你所問的，客戶獲取方面有趣的是，這些客戶是以健康的方式融入品牌的。他們的交易平均活躍度高於平均水平，而且他們的回頭率也更高了。

So building that lifetime value -- that we value with the young consumer. So that is the focus. It's the focus of our brand-building capabilities, and it really starts with having a systemic understanding of the consumer and a continuous learning agenda. And I would say that the teams, while they have success, they continue to stay humble and curious. And we see, as the second quarter demonstrates, this will drive growth and we're just getting started. We see more growth ahead and a lot of opportunity across our portfolio and with Coach.

所以，我們要努力打造終身價值──這是我們重視年輕消費者的價值觀。這就是重點。這是我們品牌建立能力的核心，而這一切都始於對消費者的系統性理解和持續學習的計畫。我認為，這些球隊雖然取得了成功，但他們仍然保持謙遜和求知欲。正如第二季度所展現的那樣，這將推動成長，而我們才剛剛起步。我們看到未來會有更大的成長空間，我們的投資組合以及 Coach 都蘊藏著許多機會。

And I guess on the second part of the question, Matt, is it sustainable? Short answer, yes, in my opinion. And why do I have conviction around that? Well, Todd gave a lot of it, right, which is our continued strength in AUR or AUC initiatives with the best supply chain in the business, gross margin growth. We'll continue to invest, but we also read and react. I think this is an important part. We don't just invest to invest. We invest where we see those indications, and that's in our control, and we're balancing short term and long term as we think about those investments. And then obviously, our commitment is to continue to grow earnings.

至於問題的第二部分，馬特，它是否可持續？簡而言之，我認為是的。我為什麼對此深信不疑？托德貢獻了很多，對吧？這體現了我們在 AUR 或 AUC 計劃方面的持續優勢，以及業界最佳的供應鏈和毛利率成長。我們將繼續投資，但同時也會閱讀並做出反應。我認為這是很重要的一部分。我們投資不是為了投資而投資。我們會在看到這些跡象時進行投資，這在我們掌控之中，我們在考慮這些投資時會權衡短期和長期因素。當然，我們致力於持續提高獲利能力。

The other thing I'd point out is a strong cash flow yield. We just raised our free cash flow to $1.2 billion. We've got a very a strong balance sheet and a lot of optionality as you think about delivering even more shareholder value in the future, whether it be through buybacks or other actions.

我還要指出一點，那就是強勁的現金流收益率。我們的自由現金流剛剛提高到12億美元。我們擁有非常強勁的資產負債表，並且在考慮未來如何為股東創造更多價值方面有很多選擇，無論是透過股票回購還是其他措施。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

I wanted to build on the discussion around these powerful new handbag franchises. How do you balance their near-term success with also ensuring that the pipeline is full of new products to take over when those products have peak?

我想就這些強大的新型手提包品牌展開討論。如何平衡他們近期的成功與確保產品線中有足夠的新產品來在這些產品達到巔峰期後取而代之之間的關係？

Go ahead, Todd, I'll let you jump in. Yes, I have confidence in our innovation pipeline, but Todd, I'll let you jump in.

托德，你先別管了，我讓你跳進去。是的，我對我們的創新管道充滿信心，但是托德，我會讓你來主導一下。

Yes. It's an interesting phenomenon. And we recognize this with Tabby. And I think I might have said this to you in prior investor calls. But from '19, look, we started to see Tabby slow down. And typically, what would have happened is we would have exited it. It would have gone into outlets. We would have had some markdown liability. A year later, we come out with a new bag called Gabby with the similar attributes, and we start the cycle all over again. We stopped that cycle. What we did is we took the platform and we innovated in the platform. In the Tabby's case, we launched (inaudible). Not only did it create an entire new opportunity, it enhanced the original Tabby. We keep doing that more and more.

是的。這是一個有趣的現象。我們從塔比身上也看到了這一點。我想我之前在投資者電話會議上可能也跟你說過這一點。但從 2019 年開始，我們開始看到 Tabby 的速度變慢了。通常情況下，我們會選擇退出。它本來會進入銷售點。我們可能會承擔一些減價損失責任。一年後，我們推出了一款名為 Gabby 的新包，它具有類似的特性，然後我們又開始了新一輪的循環。我們打破了這個惡性循環。我們所做的就是利用這個平台，並在平台上進行創新。就Tabby而言，我們啟動了（聽不清楚）它不僅創造了一個全新的機會，而且還提升了原始的 Tabby 品牌。我們越來越多地這樣做。

And one of the things I look at it was -- I had a walk through yesterday for fall. The New York family, the Empire, the Brooklyn, we're seeing so much innovation under the platform. That's powerful. And it's cohesive. So when a customer comes in, their choices, it tells a compelling story. And you see that with our New York family, which really we're just getting started. New York family is less than a year old, and it became the number 1 bag in the Lyst, the first time in our history Coach had two products in the top 10 in the Lyst. Conversely, Tabby, we have so much runway for Tabby. And what I love about Tabby is it has such a distinct hardware in the sculpted sea that is vulnerable and desirable by our clients.

我觀察的其中一點是──我昨天進行了一次秋季漫步。紐約家族、帝國、布魯克林，我們看到這個平台下湧現了許多創新。這很強大。而且它具有凝聚力。所以當顧客進店後，他們的選擇會講述一個引人入勝的故事。這點在我們的紐約大家庭中也體現得淋漓盡致，而我們其實才剛起步。紐約家族品牌創立不到一年，就成為了 Lyst 排名第一的包款，這也是 Coach 史上第一次有兩款產品進入 Lyst 排行榜前十名。相反，Tabby，我們還有很長的路要走。我喜歡 Tabby 的一點是，它在雕塑般的海洋中擁有非常獨特的硬件，這種硬件既脆弱又深受我們客戶的喜愛。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Joanne, Scott, Todd, I was hoping we could dive a little bit deeper in the momentum that you're seeing in China, in particular. It sounds like you have a little bit more optimism there than last quarter on an ex FX basis. What's working specifically there? What's changing in the execution of your brick-and-mortar strategy for Coach? And how should we be thinking about the opportunity to accelerate Coach as well as your other brands in that region going forward?

Joanne、Scott、Todd，我希望我們能更深入地探討一下你們在中國，特別是在中國看到的這種發展勢頭。聽起來你對這方面的前景比上個季度（不計匯率因素）更樂觀。具體來說，哪些方面做得好？Coach的實體店策略執行方面有哪些變化？那麼，我們應該如何看待未來加速 Coach 以及您在該地區的其他品牌發展的機會呢？

Sure, why don't I kick it off, Brooke. We were pleased to see Greater China return to growth in the second quarter. We delivered low single-digit growth in the quarter, significantly outpacing the industry. And I think that speaks to the success of our strategies, the brand-building capabilities that are working are working globally, and it does underscore the opportunity ahead.

當然，不如我來開球吧，布魯克。我們很高興看到大中華區在第二季恢復成長。本季我們實現了個位數低成長，顯著優於產業平均。我認為這體現了我們策略的成功，以及我們在全球範圍內行之有效的品牌建立能力，同時也凸顯了未來的機會。

We have strong broad-based performance across channels and city tiers in China. The team is importantly bringing the innovation and the value to consumers in that market. Our brand is positioned quite well in the market, and we're investing, including in higher levels of marketing in the region. And we're seeing consumers respond including younger consumers.

我們在中國各個通路和城市層級都取得了強勁的全面業績。重要的是，該團隊為該市場的消費者帶來了創新和價值。我們的品牌在市場上的定位相當不錯，我們正在加強投資力度，包括提高該地區的行銷水平。我們看到消費者，包括年輕消費者，都做出了正面回應。

So we are driving Gen Z acquisition. So the principles of brand building that are working at Coach are working across the globe. Maybe I'll toss it to Todd, if I left you any material to cover how you're thinking about China, but we have -- we remain confident in the long-term opportunity overall in China.

所以我們正在大力拓展Z世代客戶。因此，Coach 行之有效的品牌建立原則在全球範圍內也同樣適用。如果我給你留下了任何資料，讓你談談你對中國的看法，也許我會把這個話題丟給托德。但我們仍然對中國的長期發展機會充滿信心。

But Todd, any more color on those specifically?

托德，關於這些方面，還有什麼細節可以補充嗎？

Thanks, Joanne. Again, we've been in China for over 25 years. We have a depth and richness to China, and understanding of China. We have spent a lot of time there. We have amazing people and stores on the ground were everything. And some of the things I've talked about, I think last call, I mentioned the visit to Wuxi. I know many of you had to look up where Wuxi was, a small city of 9 million people with three current Coach stores, which is an opportunity to triple that. That story replicates itself off it.

謝謝你，喬安妮。再說一遍，我們在中國已經超過25年了。我們對中國有著深刻的了解和豐富的認識。我們在那裡待了很久。我們擁有優秀的人才，而實地門市更是至關重要。我之前談到的一些事情，我想上次我提到了去無錫的旅行。我知道你們很多人都得檢查一下無錫在哪裡，這是一個擁有 900 萬人口的小城市，目前有三家 Coach 門市，這意味著有機會將門市數量增加兩倍。這個故事會不斷重複上演。

This growth of the middle class is so powerful for our brand. Again, going back to value and values, both resonate with this Chinese consumer. So I was so pleased to see a return to growth in China. You're going to see more growth coming out of China.

中產階級的壯大對我們的品牌來說意義非凡。再說，價值和價值觀，兩者都能引起這位中國消費者的共鳴。所以我很高興看到中國經濟恢復成長。你會看到中國將帶來更多成長。

And in addition to productivity growth as we see increases in traffic, you're going to see distribution growth. We really believe in China. We believe that the Coach brand represents something very special in China for a number, millions and millions of clients. And again, when you think about people coming of age 18, 19, 20 year olds who want to buy their first bag. We want more than our fair share of that client coming to Coach, and we have the right to get them.

隨著交通流量的增加，生產力也會提高，同時，分銷管道也會拓展。我們非常看好中國。我們相信，Coach 品牌在中國對數以百萬計的客戶來說代表著非常特別的東西。再想想那些18、19、20歲正值青春期的年輕人，他們想買人生中的第一個包。我們希望吸引到比我們應得的更多的客戶加入 Coach，而且我們有權獲得他們。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Let me just add my congrats on a great holiday there, especially Coach North America, incredible work. I'm sure you guys are proud of it. Let me just ask you on the path forward on AUR? Is there a point where Brooklyn and Tabby and the multiple franchises that you've spoken about today, all the new consumers you brought in, the good retention rates that you talked about start to translate to unit growth. I think if we back out the AURs you talked about units are probably still negative. Or do you see -- do you still see the growth coming largely from AUR in the near term because that's where the momentum is and unit growth would be upside?

我還要祝賀你們在那裡度過了一個美好的假期，特別是北美教練，你們做得太棒了。我相信你們都為此感到自豪。我想問一下您對AUR的未來發展方向有何看法？布魯克林、塔比以及您今天提到的眾多加盟店，您帶來的所有新顧客，您提到的良好顧客留存率，是否會在某個時刻開始轉化為門市數量增長？我認為，如果我們剔除你提到的AUR，單位數量可能還是負數。或者您仍然認為——您是否仍然認為短期內增長主要來自 AUR，因為 AUR 目前勢頭強勁，而且單位增長會有上升空間？

And then, Scott, just a quick follow-up. Can you just help us think about your near-term priorities for how to think about flow-through if the revenue upside does continue? I know you held the SG&A rate to what we were expecting in the quarter, but you were still -- you still grew the dollars when the revenue came in. It sounds like if you went to the top of funnel, things that can drive the brand going forward. So just how to think about your priorities for SG&A if you do see upside revenues in the back half?

然後，斯科特，還有一個簡短的後續問題。您能否幫我們思考一下，如果營收成長動能持續下去，您近期應該優先考慮哪些面向才能確保收益的持續成長？我知道你們將本季的銷售、一般及行政費用率控制在了我們預期的水平，但即便如此，當收入成長時，你們仍然實現了美元的成長。聽起來，如果你深入行銷漏斗的頂端，就能找到能推動品牌未來發展的因素。那麼，如果預計下半年收入將會成長，應該如何考慮銷售、管理及行政費用的優先事項呢？

Yes. On AUR and units to your question, I think Todd covered the AUR. His confidence in the AUR earlier on the call. Our innovation pipeline is strong. AUR is driving our growth, but we see the opportunity. For us, it's an and, not an or. We see the opportunity to drive units going forward, both with the expansion of the market and new customer acquisition as well as with category expansion as these brands continue to drive heat. And maybe toss it to Scott for the flow through.

是的。關於 AUR 和單位的問題，我認為 Todd 已經解釋過了。他在之前的電話會議中對AUR充滿信心。我們的創新管道非常強大。AUR正在推動我們的成長，但我們也看到了機會。對我們來說，這是“和”，而不是“或”。我們看到未來有機會推動銷售成長，這不僅得益於市場擴張和新客戶的獲取，也得益於品類擴張，因為這些品牌將繼續引領熱潮。或許可以把它丟給斯科特，讓他繼續前進。

Yes. So I can't really give you a definitive answer other than that we will continue to see flow through, Michael. But we're -- I hope what you see is we're leaning in where we see real opportunities. And for example, we mentioned a cat, where we saw some traction in the in the campaign with Madison Beer and some of the opportunities leaning in. And certainly, we could have made more money. We expect the profit in Kate to be in the 7% range or $85 million to $90 million. We could have made that a lot higher but we see the opportunity long term to make that investment.

是的。所以除了我們將繼續看到資金​​流動之外，我真的無法給你一個確切的答案，邁克爾。但我希望你們看到的是，我們會在真正有機會的地方全力以赴。例如，我們提到了貓，我們在與麥迪遜比爾的合作活動中看到了一些進展，並看到了一些深入挖掘的機會。當然，我們本來可以賺更多錢。我們預計 Kate 計畫的利潤率將在 7% 左右，即 8,500 萬美元至 9,000 萬美元。我們本來可以把價格定得更高，但我們看到了長期的投資機會。

And we can do that while we're still at the Tapestry level, delivering significant beat. So we're going to look at all these investments. You will see flow through. I wouldn't expect a radical change. We've invested where we see that it's prudent. But if other things come up, we'll certainly take those opportunities.

而且我們還能以 Tapestry 的水平做到這一點，並帶來顯著的節拍。所以我們要仔細研究所有這些投資。你會看到水流通過。我不認為會有根本性的改變。我們把投資投向了我們認為審慎的地方。但如果出現其他機會，我們一定會抓住這些機會。

Thank you. That concludes our question and answer. I will now turn it over to Joanne Crevoiserat, for some concluding remarks.

謝謝。我們的問答環節到此結束。現在我將把發言權交給喬安妮·克雷沃伊塞拉特，請她作總結發言。

Thank you. Today, we had the opportunity to share our standout holiday results and stronger fiscal '25 outlook. And what I want to leave you with is a reiteration of our focus and confidence. Coach is an iconic brand, and we're winning with a new generation of consumers around the world. I've never been more confident in the brand and its innovation pipeline. Our success shows that our strategies are working and that a commitment to disciplined brand building drives results. And with this momentum, we're extending our competitive advantages and bringing more focus and investment to Kate Spade.

謝謝。今天，我們有機會分享了我們出色的假期業績和更強勁的 2025 財年展望。最後，我想再次重申我們的目標和信心。Coach 是一個標誌性品牌，我們正在贏得世界各地新一代消費者的青睞。我從未像現在這樣對這個品牌及其創新發展方向充滿信心。我們的成功表明，我們的策略是有效的，並且對嚴謹的品牌建立的堅持能夠帶來成果。憑藉這股勢頭，我們將擴大我們的競爭優勢，並加強對 Kate Spade 的關注和投資。

Kate Spade is a unique and beloved brand. We have new leadership, a clear road map for long-term growth and the learnings from Coach to pave our way forward. There is work to do, but we're moving decisively and we're confident that the path to growth is within our control. Overall, we have a bold ambition to drive accelerated durable organic growth. And we're focused and confident that the value creation opportunity in front of us is compelling for our brands, consumers, talented teams and shareholders.

Kate Spade是一個獨特且備受喜愛的品牌。我們擁有新的領導層、清晰的長期發展路線圖以及從教練那裡汲取的經驗，這將為我們前進的道路鋪平道路。還有很多工作要做，但我們正在果斷前進，我們有信心，成長之路掌握在我們自己手中。總而言之，我們雄心勃勃，力求加速、持久的內生成長。我們專注且充滿信心地認為，擺在我們面前的價值創造機會對我們的品牌、消費者、優秀團隊和股東都極具吸引力。

Thank you again to our exceptional global teams for fueling our growth and thank you to everyone who joined us today for your interest in our story. Have a great day.

再次感謝我們傑出的全球團隊為我們的發展注入動力，也感謝今天所有到場的朋友對我們故事的關注。祝你有美好的一天。

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

Tapestry的財報電話會議到此結束。感謝您的參與。