掛毯 (TPR) 2025 Q3 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.

大家好，歡迎參加本次 Tapestry 電話會議。今天的通話正在錄音。現在，為了致開幕詞和介紹，我想將電話轉給全球投資者關係主管克里斯蒂娜·科隆 (Christina Colone)。

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

早安.感謝您加入我們。今天與我一起討論我們第三季的表現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.

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》所定義的某些前瞻性陳述。這包括對當前或未來季度或財政年度業務的預測。

Forward-looking statements are not guarantees, and 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.

前瞻性陳述不構成保證，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。請參閱我們的 10-K 表年度報告、我們今天上午發布的新聞稿以及我們向美國證券交易委員會提交的其他文件，以獲取可能影響我們未來結果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 the presentation posted today.

我們今天的評論和簡報幻燈片都包含了非公認會計準則財務指標。如需與相應的 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 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者和主題。Joanne 首先會介紹 Tapestry 和我們的品牌的亮點。斯科特將繼續介紹財務業績、資本配置重點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 也將參加此問答環節。問答結束後，喬安妮將作簡短的結語。

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

現在我想把發言權交給 Tapestry 的執行長 Joanne Crevoiserat。

Good morning. Thank you, Christina, and welcome, everyone. As noted in our press release, our record third quarter results outperformed expectations, reinforcing our position of strength. Our talented global teams drove accelerated top and bottom line growth against an increasingly complex backdrop, clearly demonstrating the power of consistent branding and our connections with consumers around the world.

早安.謝謝你，克里斯蒂娜，歡迎大家。正如我們的新聞稿中所述，我們創紀錄的第三季業績超出預期，鞏固了我們的實力。在日益複雜的背景下，我們才華橫溢的全球團隊推動了營業額和利潤的加速成長，清楚地展示了一致的品牌影響力以及我們與全球消費者的連結。

Touching on the highlights of the quarter. First, we powered global growth with total revenue gains of 8% at constant currency, outpacing guidance, fueled by 15% growth at Coach. By geography, international revenue rose 8%, led by an increase of 35% in Europe, where our business has strong momentum and the opportunity for continued growth is significant.

談及本季的亮點。首先，我們推動了全球成長，以固定匯率計算，總收入成長了 8%，超過了預期，這得益於 Coach 15% 的成長。從地理來看，國際營收成長了 8%，其中歐洲地區的增幅最大，達到 35%，我們的業務在歐洲發展勢頭強勁，持續成長的機會巨大。

In addition, we delivered a sales increase of 4% for total APAC region. In Greater China, specifically, revenue growth accelerated, rising 5%, as we continue to confidently invest behind our long-term growth agenda in the region and with this important consumer cohort. And in North America, revenue increased 9% compared to last year, and gross and operating margin continued to expand, reinforcing our commitment to driving a healthy business.

此外，我們整個亞太地區的銷售額成長了 4%。具體來說，在大中華區，收入成長加速，成長了 5%，因為我們繼續滿懷信心地投資於該地區和這個重要消費者群體的長期成長計畫。在北美，營收較去年同期成長了 9%，毛利率和營業利潤率持續擴大，這強化了我們推動業務健康發展的承諾。

Second, we built new and lasting relationships with consumers around the world. In North America specifically, we acquired over 1.2 million new customers in the quarter, representing strong growth versus last year. And of these new customers, two-third were Gen Z and millennials.

其次，我們與世界各地的消費者建立了新的持久的關係。具體來說，在北美，我們本季新增了超過 120 萬名客戶，與去年相比成長強勁。在這些新客戶中，三分之二是 Z 世代和千禧世代。

We are capturing consumers who are entering the category for the first time, which is instrumental to fueling enduring relationships customer lifetime value and sustainable growth. New Gen Z and millennial consumers continue to transact at higher AUR than the balance of our customer base, and we achieved a meaningful increase in year 1 retention rates among Gen Z consumers at Coach, a key indicator that these relationships are sticky.

我們正在吸引首次進入該類別的消費者，這對於促進持久的客戶關係、終身價值和永續成長至關重要。新一代 Z 世代和千禧世代消費者的交易量持續高於我們其他客戶群，而 Coach 的 Z 世代消費者第一年的留存率實現了顯著提升，這是這些關係牢固的關鍵指標。

Third, we delivered compelling omnichannel experiences, delighting consumers across all touch points with our brands. To this end, we maintained strength in digital, which grew at a mid-teens rate versus prior year and represented approximately 30% of revenue at accretive margins.

第三，我們提供了引人注目的全通路體驗，讓消費者在與我們品牌的所有接觸點上都感到滿意。為此，我們保持了數位業務的優勢，與上年相比，數位業務的成長率達到了十幾歲左右，佔增值利潤率收入的約 30%。

Our global brick-and-mortar sales rose at a mid-single-digit rate in the quarter at strong and increasing profitability. Overall, our direct-to-consumer operating model is a clear differentiator and competitive advantage, driving real-time consumer understanding and agility.

本季度，我們的全球實體店銷售額以中等個位數成長，獲利能力強勁且不斷提高。整體而言，我們的直接面向消費者的營運模式具有明顯的差異化和競爭優勢，可以推動即時消費者理解和敏捷性。

Fourth, we fueled fashion innovation and product excellence as we continue to deliver creativity, quality and compelling value to consumers around the world. This is on display at Coach, where we delivered strong and broad-based growth, highlighting the vibrancy of the brand and product offering. Our commitment to disciplined brand building is also reflected in our strong gross margin, which continued to expand in the quarter.

第四，我們推動時尚創新和產品卓越，持續為全球消費者提供創造力、品質和引人注目的價值。這一點在 Coach 得到了充分體現，我們實現了強勁且廣泛的成長，凸顯了品牌和產品的活力。我們對嚴謹品牌建立的承諾也體現在我們強勁的毛利率上，本季毛利率持續擴大。

Importantly, our global scale and diverse supply chain is a key competitive advantage, enabling us to deliver craftsmanship to consumers while navigating the shifting backdrop, which Scott will discuss in more detail shortly.

重要的是，我們的全球規模和多樣化的供應鏈是一個關鍵的競爭優勢，使我們能夠在不斷變化的背景下向消費者提供精湛的工藝，斯科特將在稍後詳細討論這一點。

Overall, we generated record third quarter earnings per share, which exceeded our expectations, and increased 27% compared to the prior year. This outperformance positioned us to increase our outlook for the fiscal year.

總體而言，我們第三季每股收益創下新高，超出了我們的預期，比上年增長了 27%。這一優異表現使我們提高了對本財年的展望。

We're on track to deliver fiscal year '25 earnings in the area of $5 per share, consistent with the outlook we provided nearly 3 years ago at our Investor Day, despite the rapidly changing global landscape. This is a testament to the power of our strategies, the agility of our operating model and the resilience and focus of our teams. These advantages are driving our success today, and I'm confident they will continue to underpin our growth long term.

儘管全球局勢瞬息萬變，但我們仍有望實現 25 財年每股 5 美元左右的收益，這與我們近三年前在投資者日提出的預期一致。這證明了我們策略的強大、我們營運模式的靈活性以及我們團隊的韌性和專注力。這些優勢推動了我們今天的成功，我相信它們將繼續支撐我們的長期成長。

Now moving to our results and strategies by brand. Coach delivered another standout performance with accelerated growth in the third quarter, driving 15% top line gains as the brand's Expressive Luxury position continues to resonate with consumers. We believe that the momentum we have unlocked is enduring and that Coach's success is compounding.

現在轉向按品牌劃分的我們的成果和策略。Coach 第三季再次表現出色，成長加速，銷售額成長 15%，品牌「Expressive Luxury」的定位持續引起消費者的共鳴。我們相信，我們所獲得的勢頭將持續下去，Coach 的成功也將不斷加深。

We continue to build on our strong brand and cultural relevance driven by product innovation and the creativity of our talented global teams who are operating with excellence, focus and intention. The coach vision is clear: To be the world's most inclusive genuine and loved fashion brand. And it is this vision that guides our strategies and fosters a brand purpose that cuts through with consumers.

我們將繼續鞏固我們強大的品牌和文化相關性，這得益於產品創新以及我們全球優秀團隊的創造力，他們以卓越、專注和用心經營。Coach 的願景很明確：成為世界上最具包容性、最真誠、最受喜愛的時尚品牌。正是這個願景引導著我們的策略並培育了與消費者息息相關的品牌宗旨。

And our success is evident in our results. We are driving meaningful new Gen Z customer acquisition through our outstanding product offerings, authentic brand values and deep understanding of our target consumer. We are winning in our core leather goods category where we're outpacing the industry, and we're doing this on a global scale. -- with strong top line momentum and exceptional loan margins, which increased nearly 100 basis points versus prior year.

我們的成果已經證明了我們的成功。我們透過卓越的產品、真實的品牌價值以及對目標消費者的深刻理解，推動有意義的新 Z 世代客戶獲取。我們在核心皮革製品領域取得了勝利，超過了整個產業，而且我們正在全球範圍內這樣做。 ——營業收入成長動能強勁，貸款利潤率極高，較上年同期成長近 100 個基點。

Now touching on the highlights of the third quarter in more detail. First, we drove double-digit gains in leather goods, where we have multiple platforms for growth. The iconic Tabby family once again led, over-indexing with new and younger consumers, building strength on strength. The Tabby Shoulder Bag 26 continued to anchor the offering, while the new Chain Tabby have was a global success.

現在更詳細地介紹第三季的亮點。首先，我們在皮革製品業務上實現了兩位數的成長，我們在該領域擁有多個成長平台。標誌性的 Tabby 家族再次處於領先地位，在新的年輕消費者中佔據主導地位，實力不斷增強。Tabby Shoulder Bag 26 繼續成為主打產品，而新款 Chain Tabby 包則獲得了全球性的成功。

Additionally, our New York family significantly outpaced expectations, cementing itself as a new growth driver for the brand, with styles ranging from the viral Brooklyn Shoulder Bag 28 at $295, to the soft Empire Carryall 40 at $695. Further, we grew our archival-inspired Coach originals collection with the introduction of the Large Kisslock Bag at $695, which sold out with minutes of launching online and within a day at stores.

此外，我們的紐約系列產品表現遠超預期，成為品牌新的成長動力，其款式包括熱銷的 Brooklyn Shoulder Bag 28（售價 295 美元）和柔軟的 Empire Carryall 40（售價 695 美元）。此外，我們還擴大了受檔案啟發的 Coach 原創系列，推出了售價 695 美元的 Large Kisslock 包，這款包在網上推出幾分鐘內就銷售一空，在商店上架一天之內就銷售一空。

And finally, our bag charms and straps added to our success, providing consumers with further opportunities for self-expression. With the Cherry Bag charm -- a Gen Z favorite.

最後，我們的包飾和包帶為我們的成功增添了光彩，為消費者提供了更多自我表達的機會。配有 Cherry Bag 飾品——Z 世代的最愛。

Overall, Coach's growth in handbags and accessories continued to outpace the industry, a testament to the brand's heat, innovation pipeline and the compelling value and craftsmanship we offer in the luxury market. With these advantages, we drove mid-teens handbag AUR growth led by North America. Looking ahead, we are confident in the potential for further sustainable AUR increases.

總體而言，Coach 在手袋和配件方面的成長繼續領先於行業，證明了該品牌的熱度、創新管道以及我們在奢侈品市場上提供的引人注目的價值和工藝。憑藉這些優勢，我們推動了以北美為主導的青少年手袋 AUR 成長。展望未來，我們對 AUR 進一步永續成長的潛力充滿信心。

Next, we remain focused on fueling footwear, which drives lifetime value with our target Gen Z consumer. In the quarter, footwear grew mid-single digits, bringing new and younger consumers to the brand. Growth in the category was led by the successful launch of the Soho sneaker and the continued momentum of the High Line sneaker.

接下來，我們將繼續專注於推動鞋類產品的發展，為我們的目標 Z 世代消費者帶來終身價值。本季度，鞋類銷售額實現中等個位數成長，為該品牌帶來了新的年輕消費者。該類別的成長得益於 Soho 運動鞋的成功推出以及 High Line 運動鞋的持續成長勢頭。

Building on our One Coach learning agenda, both sneakers are offered at consistent price points between retail and outlet channels, enabling us to amplify our innovation and big ideas with consumers.

根據我們的「One Coach」學習計劃，這兩款運動鞋在零售和直銷管道之間以一致的價格提供，使我們能夠向消費者擴大我們的創新和偉大創意。

Turning to marketing. We continue to drive cultural relevance through emotional storytelling that highlights our brand purpose and product offering. During the quarter, Coach launched On Your Own Time, a campaign introducing Coach's Spring 2025 collection and starring global ambassadors, Elle Fanning, Nazia, Cokee and Young Geli.

轉向行銷。我們繼續透過情感故事來推動文化相關性，突顯我們的品牌宗旨和產品供應。本季度，Coach 推出了「On Your Own Time」活動，推出 Coach 2025 年春季系列，並由全球大使 Elle Fanning、Nazia、Cokee 和 Young Geli 主演。

This campaign was inspired by our ongoing discussions with Gen Z consumers across the world. and shares a powerful message about having the courage to set the pace of your own life. This campaign is continuing to deliver strong uplift in consideration and purchase intent across markets.

這次活動的靈感源自於我們與全球 Z 世代消費者的持續討論。並傳達了關於有勇氣設定自己生活步伐的強有力的信息。此次活動將持續強力提升各市場的考量與購買意願。

And as we deepen our learnings with each campaign, we are strengthening both our bold storytelling and our media execution. This strategy is driving the acceleration of sustainable customer acquisition and brand growth, and it's working globally at scale.

隨著我們在每次活動中不斷深化學習，我們也在加強大膽的故事敘述和媒體執行。這項策略正在推動永續客戶獲取和品牌成長的加速，並且正在全球大規模發揮作用。

In addition, we also cultivated enthusiasm for the brand through unique and immersive retail experiences. Our Coach Play concept stores continue to outperform, with higher Gen Z traffic, longer dwell times and higher return frequency. We're taking these learnings to bring the highest impact elements of this concept to our store fleet more broadly.

此外，我們也透過獨特、沉浸式的零售體驗培養了人們對品牌的熱情。我們的 Coach Play 概念店繼續表現出色，Z 世代客流量更高、停留時間更長、回訪頻率更高。我們正在利用這些經驗，將這個概念中影響最大的元素更廣泛地推廣到我們的門市。

Overall, our holistic brand-building activities helped to drive increases in new customer acquisition as we welcome nearly 900,000 new customers to Coach in North America, of which nearly 70% were Gen Z and millennials. And at the same time, our retention rate with the Gen Z cohort also meaningfully increased, reinforcing that we're building lasting relationships with our consumers in support of durable growth.

整體而言，我們全面的品牌建立活動有助於推動新客戶獲取的成長，Coach 在北美迎來了近 90 萬名新客戶，其中近 70% 是 Z 世代和千禧世代。同時，我們 Z 世代的留存率也顯著提高，這進一步證明我們正在與消費者建立持久的關係，以支持持久成長。

In closing, Coach is strong and delivering differentiated results by fostering emotional connections and delivering exceptional value to consumers. Powered by Tapestry's growth engine, we will continue to invest in building an innovation to drive long-term sustainable growth, bringing this iconic brand to new generations of consumers.

總而言之，Coach 實力雄厚，透過培養情感連結和為消費者提供卓越價值，實現了差異化成果。在 Tapestry 成長引擎的推動下，我們將持續投資打造創新，推動長期永續成長，將這個標誌性品牌帶給新一代消費者。

Now moving to Kate Spade. In the third quarter, revenue was pressured, declining 12% at constant currency, while profit met our expectations, driven by continued gross margin expansion. As we've shared, our work to reset the brand is underway, and we're making decisions today to drive sustainable growth long term. We know this work will take time, particularly in the context of a more uncertain backdrop. However, the actions we need to take are clear and we are executing with focus and urgency.

現在轉向 Kate Spade。第三季度，營收承壓，以固定匯率計算下降了12％，但利潤符合我們的預期，這得益於毛利率的持續擴大。正如我們所分享的，我們重塑品牌的工作正在進行中，我們今天做出的決定是為了推動長期永續成長。我們知道這項工作需要時間，特別是在更不確定的背景下。然而，我們需要採取的行動是明確的，而且我們正在集中精力、緊急行動。

Our strategy are informed by Tapestry's growth model with a focus on building brand heat, relevant product innovation and compelling experiences. As we build a healthier brand, we will be closely tracking leading indicators of progress along the way, informed by our learnings and success at Coach.

我們的策略以 Tapestry 的成長模式為指導，重點是打造品牌熱度、相關產品創新和引人注目的體驗。在我們打造更健康的品牌的過程中，我們將密切追蹤這一過程中的領先進度指標，並從我們在 Coach 的經驗和成功中學習。

These include, first, increasing unaided brand awareness and search interest, followed by an improvement in traffic and customer acquisition, which will ultimately compound to drive top line growth.

這些措施包括：首先，提高無輔助品牌知名度和搜尋興趣，其次是流量和客戶獲取的改善，最終將推動營收成長。

Now turning to the strategic details. First, we're committed to fueling brand heat and relevancy through cohesive storytelling and incremental investments in brand media. In April, we launched our spring campaign, which features Ice Spice and Charli D'Amelio, 2 very influential and relevant Gen Z celebrities. This is a further step toward a more effective spike and sustained marketing strategy that will enable us to reestablish Kate Spade as a top of mind brand for our target audience.

現在來談談戰略細節。首先，我們致力於透過有凝聚力的故事敘述和對品牌媒體的增量投資來提升品牌熱度和相關性。四月份，我們啟動了春季活動，邀請了兩位極具影響力和影響力的 Z 世代名人 Ice Spice 和 Charli D'Amelio 參與。這是朝著更有效的高峰和持續行銷策略邁出的又一步，這將使我們能夠重新將 Kate Spade 確立為我們目標受眾最關心的品牌。

Next, we continue to prioritize strengthening and elevating our handbag offering, bringing more innovation, focus and relevancy to our assortment. We are advancing our work to build blockbuster handbag families. During the quarter, we continued to amplify the Deco collection in retail and the Kayla and Kip in outlet, which over-indexed with new, younger consumers at strong AUR and margins, and we see further opportunity for these families going forward.

接下來，我們將繼續優先加強和提升我們的手袋產品，為我們的系列帶來更多的創新、重點和相關性。我們正在推進工作，打造暢銷的手袋系列。在本季度，我們繼續擴大零售中的 Deco 系列以及奧特萊斯中的 Kayla 和 Kip 系列，這些系列吸引了大量新的年輕消費者，擁有強勁的 AUR 和利潤率，我們看到這些家庭未來將有更多機會。

And as we bring more innovation to the assortment, we are also working to streamline our offering by reducing handbag styles by over 15% by fall and continue the clear deselection barriers through improved styling, ensuring our big ideas cut through with consumers. Overall, we're focused on creating distinctive product that is consumer informed, grounded in Kate Spade's unique brand DNA and modern and relevant today.

隨著我們為產品系列帶來更多創新，我們也致力於精簡產品線，到秋季將手提包款式減少 15% 以上，並透過改進款式繼續清除選擇障礙，確保我們的偉大創意能夠打動消費者。整體而言，我們專注於創造獨特的產品，這些產品以消費者為中心，植根於 Kate Spade 獨特的品牌 DNA，並且具有現代感和現實意義。

Next, we're working to maximize omnichannel cohesiveness with a compelling, consistent brand message across all consumer touch points. As part of our efforts to improve the customer experience and fuel brand health, we are committed to reducing promotional activity and delivering continued gross margin expansion.

接下來，我們將致力於透過在所有消費者接觸點上傳遞引人注目的、一致的品牌訊息，最大限度地提高全通路凝聚力。作為改善客戶體驗和促進品牌健康的努力的一部分，我們致力於減少促銷活動並持續擴大毛利率。

As previously shared, reducing the level of promotional activity is a key building block to scale in a healthy way globally over the long term as we build for the future and connect with consumers on our brand values beyond simply price.

正如之前所分享的，減少促銷活動的水平是我們在全球範圍內長期以健康的方式擴大規模的關鍵基石，因為我們正在為未來而努力，並透過超越價格的品牌價值與消費者建立聯繫。

In closing, we are advancing our efforts to reinvigorate Kate Spade. The brand has a legacy of creativity, joy, wit and warmth, and we will build on this unique heritage while modernizing its expression, guided by a sharpened focus on our consumer. The steps to do this will take time, but we are confident in the potential and path forward.

最後，我們正在加強重振 Kate Spade。品牌傳承了創造力、歡樂、智慧和溫暖，我們將在此獨特傳統的基礎上，以消費者為中心，實現其表達方式的現代化。實現這一目標需要時間，但我們對其潛力和前進的道路充滿信心。

Importantly, the strength of our platform provides us with the experience, discipline and brand-building capabilities to execute these strategies while delivering enhanced results overall. Our focus is clear and we are committed to unlocking the untapped growth and value creation opportunities for this iconic brand.

重要的是，我們平台的實力為我們提供了執行這些策略的經驗、紀律和品牌建立能力，同時整體上帶來了更好的結果。我們的重點很明確，我們致力於為這個標誌性品牌釋放尚未開發的成長和價值創造機會。

Now turning briefly to Stuart Weitzman. As previously announced, we entered into a definitive agreement to sell the brand at Caleres, and we continue to expect the transaction to close this summer, subject to customary closing conditions.

現在簡單談談 Stuart Weitzman。正如先前宣布的那樣，我們已達成最終協議，將在 Caleres 出售該品牌，並且我們預計該交易將在今年夏天完成，但需滿足慣例成交條件。

As diligent stewards of our portfolio and disciplined allocators of capital, this ensures that all our brands are positioned for long-term success and that we maintain a sharp focus on our largest value creation opportunities. At the same time, we are pleased that we found Stuart Weitzman a home in Caleres, and ideal are to guide its next chapter of growth.

作為我們投資組合的勤奮管理者和嚴謹的資本配置者，這確保了我們所有的品牌都能夠獲得長期成功，並且我們始終高度關注我們最大的價值創造機會。同時，我們很高興在卡萊雷斯為 Stuart Weitzman 找到了一個家，並希望以此引領其開啟下一個發展篇章。

In closing, Tapestry delivered another standup quarter with accelerated sales and earnings growth that positioned us to increase our outlook for the year. I want to thank our extraordinary teams for driving these strong and differentiated results.

最後，Tapestry 又一個季度表現優異，銷售額和獲利均有所成長，這讓我們有理由提高對今年的展望。我要感謝我們優秀的團隊推動這些強勁且差異化的成果。

Moving forward, the external backdrop has become increasingly complex. That said, in the face of uncertainty, our purpose is unwavering to stretch what's possible for our brands and business. To do this, we will harness our proven competitive and structural advantages that have allowed us to adapt and win in any environment, namely our global scale in an attractive industry, the compelling value we offer to consumers and the strong fundamentals of our business.

展望未來，外部環境更加複雜。儘管如此，面對不確定性，我們的目標依然堅定不移，並不斷拓展我們的品牌和業務的可能性。為了實現這一目標，我們將利用我們經過驗證的競爭和結構優勢，這些優勢使我們能夠適應任何環境並在其中取勝，即我們在一個有吸引力的行業中的全球規模、我們為消費者提供的極具吸引力的價值以及我們業務的強勁基本面。

I'm confident in our future and the meaningful opportunity to deliver durable growth and shareholder value. I'll now turn it over to Scott.

我對我們的未來以及實現持久成長和股東價值的重大機會充滿信心。現在我將把發言權交給史考特。

Thanks, Joanne, and good morning, everyone. Our third quarter results exceeded our outlook, building on our track record of consistent execution as we unlocked accelerated growth. We delivered record third quarter revenue and earnings per share, while generating over $1 billion in adjusted free cash flow year-to-date.

謝謝，喬安妮，大家早安。我們的第三季業績超出了我們的預期，這得益於我們持續執行的良好記錄以及加速成長的實現。我們第三季的營收和每股盈餘創下了紀錄，同時今年迄今的調整後自由現金流超過 10 億美元。

Now moving to the details of the quarter, beginning with revenue trends on a constant currency basis. Sales increased 8% to the prior year and outperformed our expectations. These results reflect gains in North America and internationally.

現在來看看本季的細節，首先是以固定匯率計算的營收趨勢。銷售額比上年增長了 8%，超出了我們的預期。這些結果反映了北美和國際上的收益。

By region, North American sales increased 9% compared to the prior year, led by strong double-digit growth at Coach, both gross and operating margin rose versus last year as we supported long-term brand health. In Europe, revenue grew 35% above last year with growth across all channels driven by increased local consumer spend and strong new customer acquisition, notably with Gen Z.

按地區劃分，北美銷售額較上年同期增長 9%，其中 Coach 銷售額實現強勁的兩位數增長，毛利率和營業利潤率較上年同期均有上升，這得益於我們支持品牌的長期健康發展。在歐洲，營收比去年成長了 35%，所有通路的成長都得益於當地消費者支出的增加和強勁的新客戶獲取，尤其是 Z 世代。

In Greater China, growth continued with revenue rising 5%. Our sequential acceleration was driven by both digital and stores, with each channel delivering growth. Our differentiated results in China clearly demonstrate that our strategic initiatives and investments in the region are yielding returns with our brands and business position for long-term sustainable growth.

大中華區持續保持成長勢頭，營收成長 5%。我們的連續加速是由數位通路和商店共同推動的，每個通路都實現了成長。我們在中國的差異化業績清楚地表明，我們在該地區的戰略舉措和投資正在為我們的品牌和業務地位帶來回報，從而實現長期可持續增長。

And in Other Asia, revenue rose 14%, led by growth in Australia, South Korea and Thailand, while Japan sales declined 2%.

在亞洲其他地區，營收成長 14%，其中澳洲、韓國和泰國的成長最為顯著，而日本的銷售額則下降了 2%。

Now touching on revenue by channel for the quarter. Our direct-to-consumer business grew 9% compared to the prior year at constant currency, which included a mid-teens percentage increase in digital revenue and a mid-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.

現在談談本季按通路劃分的收入。以固定匯率計算，我們的直接面向消費者業務較上年增長了 9%，其中包括數位收入的百分之十幾的中等增長和全球實體店銷售額的個位數中等增長。本季批發收入的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 gross margin of 76.1%, representing our highest quarterly gross margin in over 15 years. This was ahead of plan and 140 basis points above prior year, driven by operational outperformance. Our strong gross margin performance is a core element of our value creation model, providing us with flexibility and fuel to drive long-term growth.

降低損益。我們的毛利率達到 76.1%，創下 15 年來的最高季毛利率。這超出了計劃，比去年同期高出 140 個基點，這得益於營運表現優異。我們強勁的毛利率表現是我們價值創造模式的核心要素，為我們提供了推動長期成長的靈活性和動力。

Turning to SG&A. Expenses rose 7% and were even with prior year on a rate basis. This included increased brand-building investments and higher compensation costs, offset by leverage on fixed costs. As compared to expectations, there was a benefit of approximately $20 million or $0.05 primarily related to marketing timing with the fourth quarter.

談到銷售、一般及行政費用 (SG&A)。費用上漲了 7%，與去年同期相比持平。其中包括增加品牌建立投資和更高的薪酬成本，但透過固定成本的槓桿來抵消。與預期相比，收益約為 2000 萬美元或 0.05 美元，這主要與第四季度的營銷時機有關。

Taken together, operating margin increased 140 basis points in the quarter, driving profit expansion ahead of expectations and 16% over the prior year, and our record third quarter EPS of $1.03 grew 27% over prior year and exceeded our guidance.

總體而言，本季營業利潤率增加了 140 個基點，推動利潤增長超出預期，比上年增長 16%，而我們第三季度創紀錄的每股收益 1.03 美元比上年增長 27%，超出了我們的預期。

Now turning to our shareholder return programs. As previously announced, in November, we executed a $2 billion accelerated share repurchase program, which remained underway during the fiscal third quarter. In addition to the ASR program, we have $800 million remaining under our previous share repurchase authorization.

現在談談我們的股東回報計畫。正如先前宣布的那樣，我們在 11 月實施了一項 20 億美元的加速股票回購計劃，該計劃在第三財季仍在進行中。除了 ASR 計畫之外，我們先前的股票回購授權還剩餘 8 億美元。

Together with our dividend, which is expected at $1.40 per share for the year, we're positioned to return over $2 billion or more than 100% of adjusted free cash flow to shareholders in fiscal '25, a testament to our strong organic business and robust cash flow generation.

加上我們預計今年每股 1.40 美元的股息，我們準備在 25 財年向股東返還超過 20 億美元或超過 100% 的調整後自由現金流，證明了我們強大的有機業務和強勁的現金流創造能力。

And now before turning to the details of the balance sheet and cash flows, I'd like to reiterate our capital allocation priorities, which are unchanged.

現在，在討論資產負債表和現金流的細節之前，我想重申我們的資本配置優先事項，這些優先事項並沒有改變。

We have 2 foundational commitments. First, to invest in our brands and business to support long-term sustainable growth; and second, to return capital to shareholders via our dividend with the goal over time to increase the dividend, at least in line with earnings to achieve our stated target payout ratio of 35% to 40%.

我們有兩項基本承諾。第一，投資我們的品牌和業務，以支持長期可持續成長；其次，透過股息向股東返還資本，目標是隨著時間的推移增加股息，至少與收益保持一致，以實現我們既定的 35% 至 40% 的目標派息率。

Beyond these 2 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.

除了這兩項基本承諾之外，我們強勁的現金流量產生為我們提供了創造價值的資產負債表彈性。這包括今年展示的股票回購活動的機會。

And finally, utilizing our rigorous forward 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.

最後，利用我們嚴格的前瞻性框架，我們不斷評估策略性投資組合管理的機會。重要的是，正如之前所傳達的，在推進任何收購之前，我們將確保 Coach 保持強勁，並且 Kate Spade 恢復可持續的收入成長。

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 2.5x.

這些明確的資本配置優先事項是基於我們堅定致力於穩健的投資等級以及維持低於 2.5 倍的長期總槓桿率目標。

Now turning to the details of our balance sheet and cash flows. We ended the quarter with $1.1 billion in cash and investments and total borrowings of $2.7 billion, representing net debt of $1.6 billion. At quarter end, our gross debt to adjusted EBITDA was 1.6x. In addition, after our quarter end, we repaid our April 2025 bonds at maturity, totaling $303 million.

現在來看看我們的資產負債表和現金流的細節。截至本季末，我們的現金和投資為 11 億美元，總借款為 27 億美元，淨負債為 16 億美元。在季度末，我們的總債務與調整後的 EBITDA 比率為 1.6 倍。此外，在本季結束後，我們償還了到期的 2025 年 4 月債券，總額為 3.03 億美元。

Adjusted free cash flow for the third quarter was an inflow of $135 million, and CapEx and implementation costs related to cloud computing were $36 million. Inventory levels at quarter end were 6% above prior year, excluding $87 million of Stuart Weitzman inventory reflected in assets held for sale on our balance sheet. Our inventory continues to be current and well positioned globally and by brand in support of our growth ambition.

第三季調整後的自由現金流流入1.35億美元，與雲端運算相關的資本支出和實施成本為3,600萬美元。季度末的庫存水準比去年同期高出 6%，但不包括資產負債表上持有待售資產中反映的價值 8,700 萬美元的 Stuart Weitzman 庫存。我們的庫存繼續保持最新狀態，並在全球範圍內和品牌上保持良好定位，以支持我們的成長目標。

Now moving to our guidance for fiscal '25, which is provided on a non-GAAP basis. We are raising our fiscal 2025 revenue, earnings and cash flow outlook. We continue to view this outlook as prudent and achievable, and we remain clear eyed about the realities of the external environment, balanced with the opportunities we see for our business.

現在轉到我們對 25 財年的指導，該指導是基於非 GAAP 提供的。我們正在提高 2025 財年的收入、收益和現金流量預期。我們仍然認為這種前景是審慎且可實現的，並且我們仍然清醒地認識到外部環境的現實，並與我們所看到的業務機會保持平衡。

For the fiscal year, we now expect revenue of approximately $6.95 billion, representing growth of 4% versus prior year on a reported basis, including an expected currency headwind of nearly 50 basis points.

對於本財年，我們目前預計營收約為 69.5 億美元，較上年報告成長 4%，其中包括預期近 50 個基點的貨幣逆風。

Touching on sale details by region at constant currency, in North America, we now expect revenue to increase 3% to 4%. In addition, we still expect growth in Europe in the area of 30%, where we are underpenetrated and have strong traction. In Greater China, we remain on track to achieve low single-digit growth over the prior year. And in Other Asia, we continue to anticipate high single-digit gains, while in Japan, we're now forecasting a mid-single-digit decline.

以固定匯率計算，按地區劃分的銷售細節如下：在北美，我們預計營收將成長 3% 至 4%。此外，我們仍預期歐洲地區的成長率將達到 30%，我們在歐洲的滲透率還較低，但具有強大的吸引力。在大中華區，我們仍有望實現較上年低個位數的成長。在亞洲其他地區，我們繼續預期會出現高個位數成長，而在日本，我們目前預測會出現中等個位數的下降。

In addition, our outlook 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，我們的預期是營業利潤率將比上年擴大約 100 個基點。我們預計，由於 AUR 和 AUC 的改善，毛利率的擴大將推動這一成長。預計運費和外匯對全年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 by increased marketing expense. While we remain diligent with respect to overall expense control, we continue to make deliberate growth-focused investments in our strategic priorities.

在銷售、一般及行政費用方面，我們預期由於行銷費用增加，費用的成長速度將高於收入的成長速度。在我們繼續嚴格控制整體費用的同時，我們將繼續在策略重點上進行以成長為重點的深思熟慮的投資。

Moving to below-the-line expectations for the year. Net interest expense is now expected to be approximately $25 million. The tax rate is now expected to be approximately 17.5%. And our weighted average diluted share count for the year is forecasted to be approximately 223 million shares.

轉向低於今年的預期。目前預計淨利息支出約 2,500 萬美元。目前預計稅率約為17.5%。我們預計今年的加權平均稀釋股數約為 2.23 億股。

So taken together, we're raising our EPS guidance to be in the area of $5, representing high teens growth compared to last year, and ahead of our prior guide of $4.85 to $4.90. This guidance fully embeds all trade policies as of April 10. Incremental tariffs are expected to have an immaterial impact on fiscal '25 results based on the timing of our fiscal year-end.

因此，綜合起來，我們將每股收益預期上調至 5 美元左右，與去年相比實現了高十幾倍的成長，並且高於我們先前預期的 4.85 美元至 4.90 美元。本指南全面涵蓋了自 4 月 10 日起的所有貿易政策。根據我們財政年度結束的時間，預計增量關稅將對 25 財年的業績產生非實質影響。

Moving on, we now anticipate adjusted free cash flow of approximately $1.3 billion. And finally, we expect CapEx and cloud computing costs to be in the area of $160 million. We anticipate about half of the spend to be related to store openings, renovations and relocations, with the balance primarily related to ongoing digital and IT investments.

接下來，我們預計調整後的自由現金流約為 13 億美元。最後，我們預計資本支出和雲端運算成本將在 1.6 億美元左右。我們預計大約一半的支出將與商店開業、裝修和搬遷有關，其餘主要與正在進行的數位和 IT 投資有關。

Touching on the shaping of the fourth quarter. To start, given the dynamic nature of the rapidly shifting market, it's important to note that our revenue trends quarter-to-date are in line with our Q3 results. However, while we've seen no slowdown in our business today, we're taking a more conservative approach to the quarter to-go outlook.

觸及第四季的塑造。首先，鑑於快速變化的市場的動態性質，值得注意的是，我們本季迄今的營收趨勢與第三季的業績一致。然而，儘管我們今天的業務沒有放緩，但我們對本季的前景採取了更保守的態度。

For the quarter, we are estimating revenue to grow at a mid-single-digit rate on both a reported and constant currency basis. Further, we're forecasting operating margin to be in the area of prior year, which incorporates the expectation for continued gross margin gains, offset by higher SG&A costs, including the previously mentioned marketing expense timing shift from the third quarter. So taken together, we're modeling Q4 EPS to be over $0.95.

我們預計本季營收將以報告和固定匯率計算的中個位數成長率成長。此外，我們預測營業利潤率將與上年持平，其中包括對毛利率持續增長的預期，但被更高的銷售、一般及行政費用（SG&A）所抵消，其中包括前面提到的從第三季度開始的營銷費用時間轉變。因此綜合起來，我們預測第四季每股收益將超過 0.95 美元。

Before closing, I want to provide some additional context on our business in light of tariffs and the shifting global trade landscape. First, as it relates to our supply chain, our products are primarily manufactured in Vietnam, Cambodia and the Philippines. These countries, taken together, represent 70% of our production, including Vietnam, which accounts for one-third of our total production.

在結束之前，我想根據關稅和不斷變化的全球貿易格局，提供一些有關我們業務的額外背景資訊。首先，就我們的供應鏈而言，我們的產品主要在越南、柬埔寨和菲律賓製造。這些國家加起來占我們產量的70%，其中越南占我們總產量的三分之一。

Conversely, we have very limited manufacturing exposure to China, with less than 10% of our production in the region across all categories. This primarily includes manufacturing for jewelry and ready-to-wear, with negligible exposure in our core leather goods category. As a point of reference, over the past 12 months, roughly $900 million of our cost of goods sold was related to product imported into the US

相反，我們在中國的製造業務非常有限，所有類別的產品在該地區的生產量不到 10%。這主要包括珠寶和成衣的製造，而我們的核心皮革製品類別的曝光率微乎其微。作為參考，在過去 12 個月中，我們銷售成本中約有 9 億美元與進口到美國的產品有關

Touching on our tariff mitigation strategies, we're taking thoughtful actions to protect the compelling value, quality and innovation we offer to consumers. To share some color, we pulled forward inventory receipts ahead of the incremental tariffs going into effect in April. In addition, we're leveraging our agile supply chain to optimize our global manufacturing footprint, minimizing our tariff exposure where possible.

談到我們的關稅減免策略，我們正在採取深思熟慮的行動來保護我們向消費者提供的引人注目的價值、品質和創新。為了分享一些細節，我們在四月增量關稅生效之前提前了庫存收貨。此外，我們正在利用靈活的供應鏈來優化我們的全球製造足跡，盡可能地降低關稅風險。

We have scale and long-standing relationships with our service providers, and we're actively working together to unlock efficiencies. And most importantly, I want to thank our supply chain organization. Their deep global trade expertise, operational excellence and culture of continuous improvement allowed us to take swift action in the face of this uncertainty.

我們與服務提供者建立了規模和長期的合作關係，並且我們正在積極合作以提高效率。最重要的是，我要感謝我們的供應鏈組織。他們深厚的全球貿易專業知識、卓越的營運能力和持續改進的文化使我們能夠在這種不確定性面前迅速採取行動。

Overall, while we are not immune to external factors, we're in a position of strength with structural advantages. Our fundamentals are strong and our business has momentum, with compounding growth fueled by innovation, customer acquisition and AUR gains.

整體來看，雖然我們無法免受外在因素的影響，但我們仍具有結構性優勢。我們的基本面強勁，業務勢頭強勁，在創新、客戶獲取和 AUR 成長的推動下實現複合成長。

In closing, we delivered another record-breaking quarter, highlighted by accelerated top and bottom line growth. And we raised our outlook for fiscal '25 and are on track to achieve EPS in the area of $5, while returning over $3 billion to shareholders over the last 3 years, consistent with the target we outlined at our September '22 Investor Day.

最後，我們又創造了一個破紀錄的季度，突出表現是營收和利潤的加速成長。我們提高了 25 財年的預期，並有望實現每股收益 5 美元左右，同時在過去 3 年內向股東返還超過 30 億美元，這與我們在 2022 年 9 月投資者日上概述的目標一致。

Moving forward, as we face an increasingly complex environment, we remain confident in our brands, our people and our strategy with a differentiated and highly cash-generative business model that has proven agile, resilient and adaptive to change. We'll continue to focus on the factors within our control, operating with a commitment to discipline and consistency to deliver long-term growth and shareholder value.

展望未來，儘管我們面臨日益複雜的環境，但我們仍然對我們的品牌、員工和策略充滿信心，我們擁有差異化、高現金創造能力的商業模式，該模式已被證明具有敏捷性、彈性和適應變化的能力。我們將繼續專注於我們能夠控制的因素，堅持紀律和一致性，實現長期成長和股東價值。

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

現在我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Ike Boruchow of Wells Fargo

富國銀行的艾克·博魯喬

Hey, good morning, everyone. Really, really strong quarter. Good to see it. I guess just very high level, maybe for Joanne, what's driving it? I mean especially at the Coach brand, I just don't think you guys have put up numbers like this in 20 years. What's driving it? How are you thinking about the business in the future in a more dynamic environment? Can the brand sustain this kind of heat? Just kind of curious of your thoughts.Thanks.

嘿，大家早安。本季確實非常強勁。很高興看到它。我想這只是非常高的水平，也許對於喬安妮來說，是什麼推動了它？我的意思是，尤其是在 Coach 品牌，我認為你們 20 年來都沒有創下過這樣的表現。是什麼在推動它？在更動態的環境中，您如何考慮未來的業務？這個品牌能承受這樣的熱度嗎？只是有點好奇你的想法。謝謝。

Well, good morning, Ike, thanks. We did deliver a standout quarter, and I think one that illustrates the power of our business model and the unique strengths and structural advantages that we have to navigate in really any environment.

嗯，早上好，艾克，謝謝。我們確實度過了一個出色的季度，我認為這體現了我們商業模式的力量以及我們在任何環境中都必須具備的獨特優勢和結構優勢。

To your point, in the quarter, we delivered accelerated top and bottom line growth that exceeded our expectations, and we did this at increasing margins. And that enabled us to raise our outlook for the year. And there are really 4 key structural advantages that we think about as we think about navigating dynamic environment. And those are also the things that help contribute to our success to date.

正如您所說，在本季度，我們實現了超出預期的加速營收和利潤成長，利潤率也不斷提高。這使我們能夠提高對今年的展望。當我們考慮如何應對動態環境時，我們實際上考慮了 4 個關鍵的結構優勢。這些也是我們迄今為止成功的因素。

And I would say the first is that we're building strong emotional connections with consumers. And we play in a category in handbags that have proven to be durable over time because of the emotional connection that consumers have with our category.

我想說，首先，我們正在與消費者建立強大的情感連結。事實證明，我們所經營的手提包類別能夠經久耐用，因為消費者與我們的產品類別之間存在著情感聯繫。

I think second is our high margins and cash -- strong cash flow and our direct-to-consumer model. These fundamentals insulate us from some tariff exposure, but also allow us to read demand signals sooner and allows us to react sooner, and that brings in our diversified and agile supply chain. This supply chain we've built over decades. And it's proven, we've navigated disruptions in the past, both on the supply side and on the demand side.

我認為第二個是我們的高利潤率和現金——強勁的現金流和我們的直接面向消費者的模式。這些基本面使我們免受一些關稅風險的影響，同時也使我們能夠更快地讀取需求訊號並做出更快的反應，從而帶來多元化和敏捷的供應鏈。我們已經建立了這個供應鏈幾十年了。事實證明，我們過去已經克服了供應方和需求方的混亂局面。

And I think underpinning it all is the value that we're delivering in the global market. We are delivering incredible exceptional innovation, I can say, at compelling value, and customers are responding. Which helped us deliver the results from the quarter, the beat and raise for the year. And I do think it's notable that we're on track to deliver $5 in earnings per share. That's consistent with the targets that we set at our Investor Day in 2022.

我認為這一切的基礎是我們在全球市場上所提供的價值。我可以說，我們正在以極具吸引力的價值提供令人難以置信的卓越創新，並且客戶也做出了積極的回應。這幫助我們實現了本季的業績、年度業績和成長。我確實認為值得注意的是我們有望實現每股 5 美元的收益。這與我們在 2022 年投資者日設定的目標一致。

Our teams have done an excellent job navigating through volatility and delivering on the commitment we made three years ago, and that gives us confidence that we're in a position of strength, and it shows our ability to adapt and win in all environments.

我們的團隊出色地應對了市場波動並兌現了我們三年前所做的承諾，這讓我們相信我們處於優勢地位，也表明了我們適應並在所有環境中獲勝的能力。

That's great. Congrats.

那太棒了。恭喜。

Lorraine Hutchinson of Bank of America.

美國銀行的洛林‧哈欽森。

Thank you. Good morning. It was encouraging to hear that the 2025 outlook would have an immaterial impact from tariffs. If the environment stays where it is today, can you provide some guardrails around what 2026 impacts might look like?

謝謝。早安.令人鼓舞的是，2025 年的前景將不會受到關稅的實質影響。如果環境維持現狀，您能否提供一些關於 2026 年可能產生的影響的預測？

Yes, Lorraine. I'll take that. This is Scott. So first of all, I think you can appreciate our long-standing and consistent practice. We'll give you guidance on next year at the end of our next fiscal, which will be our fourth quarter. But there are some things I can say that might help you a little bit.

是的，洛林。我會接受的。這是斯科特。首先，我想您可以理解我們長期以來一貫的做法。我們將在下一財年末（即第四季）向您提供明年的指導。但我可以說的一些話也許能對你有一點幫助。

First of all, remember, we've taken a number of actions already to mitigate impacts of tariffs, we mentioned -- I mentioned that in my prepared remarks. But some of those are we brought some inventory in ahead at times before effective dates. We're looking at optimizing across our diverse supply chain with a very agile team that's informed by the insights of, I would say, a crackerjack trade expertise that's allowing us to optimize across that diverse supply chain.

首先，請記住，我們已經採取了一些行動來減輕關稅的影響，我們提到過——我在準備好的演講中提到過這一點。但有些是我們在生效日期之前就提前帶來了一些庫存。我們正在尋求透過一支非常敏捷的團隊來優化我們多樣化的供應鏈，該團隊憑藉著一流的貿易專業知識的洞察力，使我們能夠優化整個多樣化的供應鏈。

And lastly, we're working with our suppliers. We have scale, and we have long-standing relationships, strategic relationships with very important suppliers, and we're working collaboratively to find opportunities to mitigate the cost of any potential tariffs. But there are few things we won't do. We'll never sacrifice innovation or quality as we think about trying to find those mitigating actions.

最後，我們正在與我們的供應商合作。我們擁有規模，並與非常重要的供應商建立了長期的策略關係，我們正在合作尋找機會來降低任何潛在關稅的成本。但有些事我們不會做。當我們考慮尋找緩解措施時，我們絕對不會犧牲創新或品質。

And I also mentioned in the prepared remarks and in some of the documents that we gave you, just some ways to dimensionalize potential exposures to tariffs. So about $900 million of cost of goods sold is related to imports to the US market. So obviously, if you do simple math, a 10% incremental tariff across the board would be $90 million. Now that's unmitigated, right? That's before any of those actions that I talked about. And we've made substantial inroads already at finding mitigations against those -- any potential exposure that we might see.

我在準備好的演講稿和我們提供給你們的一些文件中也提到了一些衡量關稅潛在風險的方法。因此，約 9 億美元的銷售成本與美國市場的進口有關。因此，顯然，如果你做簡單的計算，全面提高 10% 的關稅將達到 9000 萬美元。現在這已經是毫無緩解了，對吧？那是在我談到的任何行動之前。我們在尋找緩解這些潛在風險的措施方面已經取得了實質進展——我們可能會看到任何潛在的風險。

So everything I've said here is related to the cost side. And if you think about gross margins, remember, independent of costs, we also have a long-standing history of AUR gains, right? So you think about mitigating the cost side, coupled with our brand building, consumer engagement and our ability to raise AURs over time, because we're delivering a more compelling value, that gives us confidence in our ability to maintain margins.

所以我在這裡所說的一切都與成本方面有關。如果你考慮毛利率，請記住，除了成本之外，我們也有長期的 AUR 成長歷史，對嗎？因此，您要考慮降低成本，再加上我們的品牌建立、消費者參與以及我們隨著時間的推移提高 AUR 的能力，因為我們提供的價值更具吸引力，這使我們對維持利潤率的能力充滿信心。

Maybe, Todd, little more on the AUR side of that equation.

托德，也許，這個等式的 AUR 方面還有更多內容。

Sure, Scott. Thank you. Again, one thing we don't do, we're not just looking at cost to deal with AURs, we have compelling reasons to increase AURs. And just for grounding everyone, in the last 5 years, we've been able to raise our global AURs at Coach in 18 of those quarters. That should give you a lot of confidence in what's happening at Coach.

當然，斯科特。謝謝。再說一次，我們不會做的一件事是，我們不僅考慮處理 AUR 的成本，我們還有令人信服的理由來增加 AUR。為了讓大家有個基礎，在過去 5 年中，我們已經能夠在 18 個季度中提升 Coach 的全球 AUR。這應該會讓你對 Coach 的現狀充滿信心。

And I will say with real conviction the brand heat today is at its best in the last 5 years. We have real momentum at Coach. And you see it in a number of ways. We talk about brand heat, which is really desirability. We talk about innovation. And I'll give you two quick examples.

我可以非常肯定地說，今天的品牌熱度是過去 5 年來的最高水準。Coach 擁有真正的發展勢頭。您可以從多種角度看到這一點。我們談論品牌熱度，這實際上是一種吸引力。我們談論創新。我給你舉兩個簡單的例子。

In this last quarter, we had a really fantastic product in both retail and in outlet. And in outlet, we launched a collection called Powder Pink. We had lines outside our door. This is not during a Black Friday or a holiday period. This is just for a collection that we launched, and it was millions of dollars of result in literally 10 days.

在上個季度，我們在零售和直銷店都推出了一款非常出色的產品。在奧特萊斯，我們推出了一個名為 Powder Pink 的系列。我們的門外排起了長隊。這不是在黑色星期五或假期期間。這只是我們推出的一個系列，短短十天就獲得了數百萬美元的收益。

Similarly, with our launch at retail of our Crystal Sync collection, just compelling product. And what gives me so much future confidence is we know these results and based on the data that we see, our innovation pipeline will continue to get better and better. So I feel very good about not only the brand heat, the innovation, the quality, but absolute value that we're offering our clients.

同樣，我們在零售店推出的 Crystal Sync 系列產品也非常引人注目。讓我對未來充滿信心的是，我們知道這些結果，根據我們看到的數據，我們的創新管道將會越來越好。因此，我不僅對我們為客戶提供的品牌熱度、創新、質量，而且對我們提供的絕對價值感到非常滿意。

Again, you've heard me talk about this before, but in a world where, 20 years ago, Coach with play and European luxury, traditional European luxury was 2x our price points. Today, they're 10x. That just gives me more and more confidence globally that our value proposition cuts through across the world. And you see that in markets like Europe and Asia, and of course, the 20% we delivered in North America.

再說一次，你以前聽我談論過這個，但在 20 年前的世界裡，Coach 的娛樂性和歐洲奢華性，傳統的歐洲奢華性是我們​​價格的 2 倍。如今，這一數字已達 10 倍。這讓我越來越有信心，我們的價值主張能夠覆蓋全球。您可以在歐洲和亞洲等市場看到這一點，當然，我們在北美也實現了 20% 的成長。

Thank you.

謝謝。

Matthew Boss of JP Morgan.

摩根大通的馬修·博斯。

And congrats on a really nice quarter. Maybe two parts. Joanne, if you could elaborate on the new customer acquisition that you cited. It seems like it's really driving the inflection in North America and just some of the retention metrics that you're seeing and initiatives around that.

恭喜您度過了一個非常愉快的季度。也許是兩個部分。喬安妮，你能詳細說明一下你提到的新客戶獲取情況嗎？看起來它確實推動了北美的轉變，以及您所看到的一些保留指標和圍繞該指標的舉措。

And then, Todd, I wanted to circle back, maybe just forward-looking, how you see the merchandising assortment position to take continued market share? And maybe if you could just assess the product in the relative value at Coach, maybe relative to luxury or just what you're seeing. Is it trade in? Trade down? Maybe just elaborate on the market share acceleration that you're seeing.

然後，托德，我想回過頭來，也許只是展望未來，您如何看待商品分類定位以繼續佔據市場份額？也許您可以根據 Coach 的相對價值來評估該產品，也許是相對於奢侈品或只是您所看到的。這是以舊換新嗎？降價？也許只是詳細說明一下您所看到的市場份額加速成長。

Sure, Matt. I'll kick it off, and I'm glad you called out new customer acquisition. This is a metric and a KPI that we've been focused on from the beginning of our transformation. And I used to say new customer acquisitions like Oxygen for brands. But we've been quite intentional about going after new customer acquisition and, importantly, acquiring a new and younger consumer to our brands for a couple of reasons.

當然，馬特。我將開始討論，我很高興你提到了新客戶獲取。這是我們從轉型開始就一直關注的指標和關鍵績效指標 (KPI)。我過去常說，新客戶獲取就像品牌的氧氣一樣。但我們一直有意吸引新客戶，更重要的是，基於以下幾個原因，我們致力於為我們的品牌吸引新的年輕消費者。

One, it was clear that by 2030, most of the consumption in our category was going to be Gen Z and millennials. So we knew we had to appeal to a younger generation of consumers with all of our brands. we began to become more intentional about it. And we really put the consumer at the center of everything we do, and we call out new customer acquisition every quarter intentionally. And that's what everybody in our company is really focused on, how do we engage more consumers and engage them with deeper emotional connections to our brands.

首先，很明顯，到 2030 年，我們類別的大部分消費將來自 Z 世代和千禧世代。因此我們知道我們必須透過我們所有的品牌來吸引年輕一代的消費者。我們開始更有意識地去做這件事。我們確實把消費者放在我們所做的一切的中心，我們每季都會特意呼籲獲取新客戶。這也是我們公司每個人真正關注的重點：如何吸引更多的消費者並讓他們與我們的品牌建立更深層的情感連結。

So that we're not just selling a bag an a price -- at a price, we're connecting these consumers to our brands on an emotional level. And that's how -- that's what proves to be durable over time. And the exciting thing about acquiring a young consumer is that the lifetime value opportunity is long. And we -- so we see that. But we also see young consumers influencing all age groups. So we haven't forgotten about our entire customer mix. We love all of our customers.

因此，我們不只是以特定的價格銷售包包，我們還在情感層面將這些消費者與我們的品牌連結起來。這就是 — — 這就是經得起時間考驗的持久力。獲得年輕消費者的令人興奮的事情是終身價值機會很長。我們——所以我們看到了這一點。但我們也看到年輕消費者影響所有年齡層的人。所以我們並沒有忘記我們的整個客戶組合。我們熱愛我們所有的顧客。

And when we talk about our growth, we're seeing growth across age groups, across income demographics, but our focus on acquiring a new and younger consumer is breathing a lot of life into our brands, a lot of relevance into the way our brands show up in the world. And again, because these young consumers are so connected, digitally connected across the world, honestly, they're driving choice for all generations and influencing all generations. So that's helping us drive our brand heat.

當我們談論成長時，我們看到的是各個年齡層、各個收入群體的成長，但我們專注於吸引新的年輕消費者，這為我們的品牌注入了活力，也使我們的品牌在世界上的呈現方式更具相關性。而且，由於這些年輕消費者與世界各地的聯繫如此緊密，說實話，他們正在推動各個世代人的選擇，並影響各個世代。這有助於我們提升品牌熱度。

And you mentioned retention rates, we're actually beginning now, and we called it out this quarter, to see the young consumers coming back with higher frequency. So the year 1 retention rate of Gen Z at Coach is going up. It's higher. And that is a great sign for us as we talk about this lifetime value and the durability of this business over time. It's a great leading indicator of what's to come for Coach. So we have a lot of confidence in the future.

您提到的留存率，實際上我們現在才剛開始，並且我們在本季度就提到了這一點，希望看到年輕消費者以更高的頻率回歸。因此，Z 世代在 Coach 第一年的留任率正在上升。它更高。當我們談論終身價值和這項業務的持久性時，這對我們來說是一個好兆頭。這是 Coach 未來發展的一個很好的領先指標。所以我們對未來充滿信心。

And I'll pass it to Todd talking about the positioning of Coach.

我將把這個主題交給托德來談論教練的定位。

Thank you, Joanne. Just one thing on the customer. In addition to capturing these 900,000 new customers, 70%, as we noted, were Gen Z and millennial, I believe we're bringing new customers into the category. And I think that's incredibly important. We are very focused on point of entry. Because as Joanne mentioned, if you get them at point of entry, their lifetime value really increases.

謝謝你，喬安妮。關於客戶只有一件事。除了吸引這 90 萬名新客戶之外，正如我們所指出的，其中 70% 是 Z 世代和千禧世代，我相信我們正在為該類別帶來新的客戶。我認為這非常重要。我們非常注重切入點。因為正如喬安妮所提到的，如果你在入境時獲得它們，它們的終身價值確實會增加。

The products.

產品。

Yes, yes, the products, sorry, our merchandising position, it's interesting. I think anybody who buys a Coach bag is buying up regardless of where they came from because the absolute value is there. So we're clearly taking market share across the spectrum. When the category is growing at globally 1%, let's say, and we put up -- sorry, with the category is growing in North America at about 1% and down globally, when we put up these kind of numbers, we're clearly taking market share. And I think it's coming across the board.

是的，是的，產品，對不起，我們的商品推銷地位，很有趣。我認為任何購買 Coach 包的人都是在買高價，無論它來自哪裡，因為它的絕對價值就在那裡。因此，我們顯然正在佔領整個市場的份額。假設該類別在全球範圍內以 1% 的速度增長，並且我們提出 - 抱歉，該類別在北美的增長速度約為 1%，而全球的增長速度則下降，當我們提出這樣的數字時，我們顯然正在佔領市場份額。我認為這正在全面展開。

And I'll give you one proof point that gives me a lot of confidence. We've talked about the list index, which talks about the hottest brands globally. In the holiday quarter, we moved from 15 to 5 on the list index. In the last quarter, the first calendar quarter of this year, we moved to 4. I'm not going to do an editorial for who those other brands are, but we are really one of the only American, North American-based luxury brand. That tells you a lot about the consumer behavior, because the list index not only measures sales in measured search, measures intend to buy and relevance, and I feel very good.

我會給你一個讓我非常有信心的證據。我們已經討論過榜指數，它討論的是全球最熱門的品牌。在假日季度，我們在榜單指數上從第 15 位上升至第 5 位。在上個季度，也就是今年第一個日曆季度，我們上升到了 4。我不會在社論中描述其他品牌，但我們確實是唯一一個總部位於北美的美國奢侈品牌。這告訴你很多關於消費者行為的信息，因為列表指數不僅衡量銷售量，還衡量搜尋量，還衡量購買意向和相關性，我感覺非常好。

And one of the things we've done the last 5 years and you've seen us do is we're focused on these big families, these big ideas, whether it's carry, whether it's Tabby, whether it's the New York family. And what that allows us to do is to keep bringing innovation in a consistent way. So the merchandising strategy becomes very clear and very compelling for our customers.

過去 5 年我們一直在做的事情之一，也是你們看到我們做的，就是我們專注於這些大家庭、這些大想法，無論是攜帶、無論是 Tabby，還是紐約家庭。這使我們能夠持續不斷地進行創新。因此，行銷策略對於我們的客戶來說變得非常清晰且非常有吸引力。

And again, I emphasized that in the first question we had, but the compelling value globally is really resonating. I said often I don't like the idea of somebody having to say 3 or 4 month salary to buy a handbag, okay, that has never been Coach's DNA. We want to make people feel confident. We want them to feel good about their purchase and buy something of true value that represents value. And I think that gives us a lot of confidence in the future.

我再次強調，在我們提出的第一個問題中，其在全球範圍內的引人注目的價值確實引起了共鳴。我經常說我不喜歡有人花 3 或 4 個月的工資來買一個手提包，好吧，這從來都不是 Coach 的 DNA。我們希望讓人們感到自信。我們希望他們對自己的購買感到滿意，並購買真正有價值的東西。我認為這讓我們對未來充滿信心。

Michael Bennetti, Evercore ISI.

貝內蒂 (Michael Bennetti)，Evercore ISI。

Congrats on a great quarter. Just a couple from me. On the gross margin, nice to see the beat in the quarter. As I think about the contribution, Kate Spade coming in a little above the 100 basis points for the company that you guided to, Coach a little below. Is that how you planned it? Or were there any new dynamics that enhance the Coach brand to think about?

恭喜本季取得優異成績。距離我只有幾對。就毛利率而言，很高興看到本季的業績超出預期。當我考慮貢獻時，Kate Spade 的貢獻略高於您指導的公司 100 個基點，而 Coach 的貢獻略低於 100 個基點。你是這麼計劃的嗎？或者是否存在一些值得考慮的、能夠提升 Coach 品牌形象的新動力？

And can you talk a little bit about the Coach brand gross margin outlook from here? What's embedded in 4Q? I know Scott, you said it was operational improvements, but what's better in 4Q and then just the puts and takes after fiscal '25, excluding the tariffs? I know we still have a lot to learn there.

您能否從這裡談談 Coach 品牌的毛利率前景？4Q 中嵌入了什麼？我知道史考特，你說這是營運方面的改進，但第四季的情況會更好嗎？然後只是 25 財年之後的收益和損失（不包括關稅）呢？我知道我們還有很多東西要學。

And then I guess on AURs. I know Todd gave us some thoughts through the product lines. It's very obvious, and we've all learned the lesson I'm not questioning you guys on the AUR growth here. But can you -- Scott, could you break down those drivers of the acceleration a little bit from the finance side? And I know you said there's further opportunities for expansion, but just a few thoughts on how you start to lap these 2 mid-teens AUR quarters in a row now as we think about our models after the call today, since it's taken such a nice step up in the last couple of quarters?

然後我猜是 AUR。我知道托德透過產品線給了我們一些想法。這是非常明顯的，我們都吸取了教訓，我不會質疑你們的 AUR 成長。但是你——斯科特，你能從財務方面稍微分析一下加速的驅動因素嗎？我知道您說過還有進一步擴張的機會，但是當我們在今天的電話會議後思考我們的模型時，您現在如何開始連續這兩個十幾歲的 AUR 季度，因為它在過去幾個季度中取得瞭如此好的進步？

Yes. boy, there was a lot there, Michael. I can always tell, when I hear your name --

是的。孩子，那裡有很多東西，麥可。當我聽到你的名字時，我總是能知道--

I'm happy to, if you like

如果你喜歡的話我很樂意

I know you're coming my way. But -- so first of all, I'm not sure exactly what you were saying on the gross margin. But listen, one of the reasons for our beat versus guidance is gross margin strength, and it's all driven by operational. And a lot of that is AUR, but also AUC. Again, I always say, AUC is an underappreciated part of our story. So we've been consistent in finding opportunities to find efficiency, never at the expense of quality or innovation, but we're finding AUC opportunities.

我知道你會向我走來。但是—首先，我不確定您所說的毛利率到底是什麼。但聽著，我們業績超出預期的原因之一是毛利率強勁，而這一切都是由營運驅動的。其中很大一部分是 AUR，但也有 AUC。我總是再說一遍，AUC 是我們故事中被低估的一部分。因此，我們一直在尋找提高效率的機會，從不以犧牲品質或創新為代價，但我們正在尋找 AUC 機會。

But a lot of the strength is in AUR, and it's all the things that Todd just said. So there's no magic in there. There's no big mix. There's no other extraneous things. It's solid fundamentals here. Four yards and a cloud of dust. We're continuing on AUR. And so where is it coming from? It's coming from both merchandising. It's less about like-for-like price, right? I mean there is some of that, of course, and we don't think cost plus. I hope that came through in what Todd said, right? We're looking at value and innovation.

但很大一部分力量在於 AUR，這就是 Todd 剛才所說的一切。所以這裡面沒有什麼魔法。沒有大的混亂。沒有其他多餘的東西。這裡的基礎很紮實。四碼遠，塵土飛揚。我們將繼續在 AUR 上工作。那麼它是從哪裡來的呢？它來自於兩種商品銷售。這跟同類價格關係不大，對吧？我的意思是，當然存在一些這樣的情況，而且我們不認為這是成本加成。我希望托德說的話能夠傳達這一點，對嗎？我們關注的是價值和創新。

So as we merchandise new products and new drops and new colors, and continue to refresh and update and innovate around our iconic products, we're always finding opportunities to test whether that value and innovation is working with the consumer and make sure that we have the right price value relationship. And so far, because of the brand heat and all the things that are being delivered, particularly in the Coach brand, we're seeing that there's been 0 resistance from a price standpoint. And we're generally using our data and analytics to find the right to find that right balance and make sure we don't get too greedy and also that we just have the right relationships.

因此，當我們推出新產品、新產品和新顏色，並繼續更新、升級和創新我們的標誌性產品時，我們總是在尋找機會來測試這種價值和創新是否對消費者有效，並確保我們擁有正確的價格價值關係。到目前為止，由於品牌熱度和所有正在交付的產品，特別是 Coach 品牌，我們發現從價格角度來看沒有任何阻力。我們通常會使用數據和分析來找到正確的平衡點，確保我們不會太貪婪，並且擁有正確的關係。

So that's one of the reasons we have confidence, right? The combination of brand heat, understanding the consumer receptivity to that price value relationship and being very sensitive to that. And we think we've got that dialed in pretty good, and that gives us confidence in the future. So I don't know if I'm answering your question.

這就是我們有信心的原因之一，對嗎？品牌熱度、了解消費者對價格價值關係的接受度以及對此非常敏感的結合。我們認為我們已經做得很好了，這讓我們對未來充滿信心。所以我不知道我是否回答了你的問題。

As it relates to Kate, I think Kate is a really nice story of the machine, right, in the sense of supply chain, finance, working with the brand teams to even in what we would say has been a tough backdrop from a demand and top line standpoint. We're focused on quality. This is something you've heard us say along for quite a while, not chasing the last dollar. Some of the actions we're taking, honestly, do even have some top line impact. But we're continuing underneath that to manage inventory well and continue to grow our gross margin. So we look at that as an indicator or a green shoot for the future, and that's an important metric that we keep an eye on.

至於凱特，我認為凱特是一個非常好的機器故事，對吧，從供應鏈、金融、與品牌團隊合作的意義上來說，甚至從需求和頂線的角度來看，我們所說的背景都很艱難。我們注重品質。這是我們一直以來所說的一句話，不要追逐最後一美元。說實話，我們採取的一些行動確實對營收產生了一些影響。但我們將繼續妥善管理庫存並繼續提高毛利率。因此，我們將其視為未來的指標或綠芽，這是我們密切關注的重要指標。

Sorry, I just want to jump in, just to clarify the Coach gross margin comment you made, because my team will never forgive me if I don't. We achieved a 79% gross margin this last quarter, probably the -- I believe the highest gross margin in Coach's history for the third quarter. So we feel very good about this neighborhood that we're in, and we'll continue to live in this neighborhood.

抱歉，我只是想插話，澄清一下您對 Coach 毛利率的評論，因為如果我不這樣做，我的團隊永遠不會原諒我。上個季度我們的毛利率達到了 79%，我相信這可能是 Coach 史上第三季的最高毛利率。因此，我們對所處的這個社區感覺非常好，我們會繼續住在這個社區。

Great job. Okay, thanks a lot guys for all the detail.

幹得好。好的，非常感謝大家提供的詳細資訊。

Yeah, thanks.

是的，謝謝。

Brook Roach of Goldman Sachs

高盛的布魯克·羅奇

Good morning and thank you for taking the question. How are unit volumes trending at the Coach brand, both in North America and internationally? Given the strong growth in AUR that you've seen, what do you think is the right medium to long-term balance between AUR and unit growth?

早上好，感謝您回答這個問題。Coach 品牌在北美和國際的銷售趨勢如何？鑑於您所看到的 AUR 的強勁成長，您認為 AUR 和單位成長之間的正確中長期平衡是什麼？

I guess I'll take that. We're bringing new car clients to our business. And over time, you'll continue to see us grow units. But this AUR that we've had, we've grown so materially since the start 2019. We're behind 2019. But in 2019, our AUR was about 70% lower than it is today in North America. So each of these interactions is, as I always say, one client, one customer that we interact with.

我想我會接受的。我們正在為我們的業務帶來新的汽車客戶。隨著時間的推移，您將持續看到我們的業務量不斷成長。但自 2019 年初以來，我們的 AUR 已經實現了大幅成長。我們已經落後2019年了。但在 2019 年，我們的 AUR 比目前北美的 AUR 低了約 70％。因此，正如我常說的，每一次互動都是與我們互動的一個客戶、一個顧客。

I am very pleased that we are selling less product on promotion. That's just a general truism that creates sustainable brand growth. And because of that and because of these new customers, we're going to see a -- not only AUR continue to grow, but we will start seeing units to grow as well.

我很高興我們促銷時銷售的產品減少了。這只是創造永續品牌成長的普遍真理。正因為如此，也因為這些新客戶，我們將看到—不僅 AUR 繼續成長，而且單位數量也將開始成長。

But again, the brand positioning is one of strength. And the fact that we are not just pumping units into the market to create sales volume gives me sustainable long-term growth.

但同樣，品牌定位是一種實力定位。事實上，我們不僅僅是向市場投放大量產品來創造銷售量，這為我帶來了可持續的長期成長。

Rick Patel of Raymond James. Your line is open.

雷蒙德詹姆斯公司的里克帕特爾。您的線路已開通。

Thank you and congrats on the strong execution. Can you unpack your performance and strategy across Coach full price and outlet just given the evolving macro? How do you maintain the momentum you have while remaining nimble given consumer preferences could be subject to change in the coming months?

謝謝您，並祝賀您出色的執行力。考慮到不斷變化的宏觀環境，您能否闡述 Coach 全價和直銷店的表現和策略？鑑於未來幾個月消費者偏好可能會發生變化，您如何保持現有的發展勢頭並保持靈活性？

Thanks for the question. It's very interesting. We've been talking a lot about our performance across the fleet. And we've talked to you a little bit about our One Coach strategy where we're putting more and more what was historically full-priced product in traditional outlets at full price, and it's resonating with the consumer. As we've seen over and over again, we want to be consumer-centric, not channel centric.

謝謝你的提問。這很有趣。我們一直在談論整個艦隊的表現。我們剛剛跟大家簡單介紹了一下我們的「One Coach」策略，我們越來越多地將以前在傳統商店以全價出售的產品以全價出售，這引起了消費者的共鳴。正如我們一再看到的那樣，我們希望以消費者為中心，而不是以管道為中心。

And what that means is when somebody comes into a Sawgrass Mall outside of Fort Lauderdale with very common, that might be the only mall they go to. It might be their best mall in the area. It might be more that they're visiting as a tourist. They come in knowing they want the Tabby back. And so we're giving them that opportunity at full price across the channel. And we're extending that One Coach concept into other categories like footwear.

這意味著，當有人走進勞德代爾堡郊外的索格拉斯購物中心時，這可能是他們唯一會去的購物中心。這可能是該地區最好的購物中心。他們可能更像是以遊客的身份來參觀。他們進來時就知道他們想要回 Tabby。因此，我們透過整個管道以全價為他們提供這個機會。我們正在將「One Coach」概念延伸到鞋類等其他類別。

Footwear has been something that we're very, very focused on, but not just chasing any trends in footwear. We're very focused on sneaker business. And this last quarter, we launched our Soho sneaker at $145 across all channels at one price point. It's resonating really strongly, particularly with that young consumer we're going after.

我們一直非常關注鞋類，但我們並不是只追逐鞋類的任何潮流。我們非常專注於運動鞋業務。上個季度，我們在所有通路以統一價格推出了 Soho 運動鞋，售價 145 美元。它引起了強烈的共鳴，特別是對於我們所追求的年輕消費者而言。

So you're going to see us blur the lines more and more across channels because the value proposition is there. It's there. It's compelling. It's recognized by the consumer. So I think you'll hear us talk continue to build on the momentum of this One Coach idea, and blurring the channels, again, putting that consumer at the heart of everything we do.

因此，你會看到我們越來越模糊各個管道的界限，因為價值主張就在那裡。它就在那裡。這很有說服力。得到了消費者的認可。所以我想你會聽到我們談論如何繼續鞏固「一個教練」理念的勢頭，並模糊管道，再次將消費者置於我們所做一切的核心。

Dana Telsey of Telsey Group

Telsey Group 的 Dana Telsey

Congratulations on the nice progress. Would the uptick in acceleration in digital and store sales that you saw this quarter, how the marketing obviously is very effective how do you think about marketing by channel and what you're looking at? And as you look even towards next year a little bit, remodels of stores, opening new stores, what do you see as the balance of where you're looking to show up given the competitive moat that you're building around the Coach brand?

祝賀您取得良好進展。本季您是否看到數位和商店銷售加速成長，行銷顯然非常有效，您如何看待按管道進行的行銷以及您正在關注什麼？展望明年，您將對門市進行改造，開設新店，考慮到您為 Coach 品牌構建的競爭壁壘，您認為您的平衡點在哪裡？

Thank you.

謝謝。

Well, maybe I'll kick it off and then toss it to Todd to give you some details on Coach specifically. But I appreciate you noting that we grew in our direct channels, we think our direct business is in a competitive advantage, Dana. And we do -- we are able, through our direct business, to meet consumers wherever they are. And that includes having the strong digital capabilities as well as really compelling in-store experiences.

好吧，也許我會先開始討論，然後交給 Todd 來具體介紹一些關於 Coach 的細節給你。但我很感激你注意到我們的直接管道有所成長，我們認為我們的直接業務具有競爭優勢，達娜。我們確實能夠透過我們的直接業務與世界各地的消費者見面。這包括擁有強大的數位能力以及真正引人注目的店內體驗。

So we grew in both channels this quarter, strong growth in digital and growth in stores and at increasing profitability across channels. So we think that's a competitive advantage for us. And we care about the experiences that we deliver to consumers in each of those channels, making sure that those channels are fit for purpose in terms of what -- how the customer interacts with our associates, their discovery, their brand discovery, the inspiration we provide. So we spend a lot of time on that.

因此，本季我們在兩個通路都實現了成長，數位通路和門市均實現了強勁成長，並且各個通路的獲利能力都在提高。所以我們認為這對我們來說是一個競爭優勢。我們關心透過每個管道向消費者提供的體驗，確保這些管道符合目的——客戶如何與我們的員工互動，他們的發現，他們的品牌發現，以及我們提供的靈感。所以我們花了很多時間在這上面。

And you asked about our media investments. And I would say marketing overall, we talk a lot about the fact that we've increased our marketing and brand-building investments over time. I think I went back to pre-pandemic levels, we were at 3% to 4% of our sales at one time, and we're approaching 10% of our sales now invested in marketing and brand building.

您詢問了我們的媒體投資。我想說的是，總體而言，我們經常談論這樣一個事實：我們隨著時間的推移增加了行銷和品牌建立投資。我認為已經回到了疫情前的水平，我們的銷售額一度達到 3% 到 4%，現在我們已將近 10% 的銷售額投入到行銷和品牌建設中。

And as we've built the capabilities, the brand-building capabilities and the experience and expertise to drive these investments into places that are driving high returns, we are very intentional about those media investments, and where we show up with what content and based on where the customer is in their journey. And that's not something we'll ever be done with. This is a process of continuing to improve our execution behind our media strategies and investments.

隨著我們建立能力、品牌建立能力以及將這些投資投入到帶來高回報的領域的經驗和專業知識，我們非常注重這些媒體投資，並根據客戶在旅程中所處的位置來決定我們在哪裡展示什麼內容。這是我們永遠做不完的事。這是一個不斷完善我們媒體策略和投資執行力的過程。

What I can say, what is on display is the compounding effect of these strategies, and you can see that at Coach, as we continue to hone those capabilities, we're seeing the compounding effect of the brand building and the brand heat we're driving at Coach. In addition to all the other things that need to come together to deliver a great customer experience, including the creativity and product and the store experience and the digital experiences.

我可以說，這些策略所展現出的是複合效應，您可以看到，在 Coach，隨著我們不斷磨練這些能力，我們看到了品牌建設和我們在 Coach 所推動的品牌熱度的複合效應。除了需要結合在一起提供出色客戶體驗的所有其他事物之外，還包括創造力和產品以及商店體驗和數位體驗。

And we're investing in store experiences as well, and maybe I'll pass it to Todd, and he can share a little bit about the some of the excitement that's happening there.

我們也在投資商店體驗，也許我會把它傳遞給托德，他可以分享一些那裡正在發生的令人興奮的事情。

Thanks, Joanne. And one thing about the marketing, as Joanne noted, historically, Coach spends about 3%. Today, we're -- as Joanne said, we're spending 10%. But I will say over the last couple of years, we've refined our thinking. We've gotten so much better at this. We are really spending across the funnel, and we're elongating our stories to have deeper, richer stories, because to cut through.

謝謝，喬安妮。關於行銷，正如 Joanne 所說，從歷史上看，Coach 的行銷支出約為 3%。今天，正如喬安妮所說，我們花了 10%。但我想說，在過去的幾年裡，我們已經完善了我們的想法。我們在這方面已經進步很多了。我們確實在整個管道上投入了大量資金，並且我們正在延長我們的故事，讓其變得更深入、更豐富，因為這樣才能突破困境。

One of the things we talk a lot about is you have to create sustainability and constant messaging. So years ago, we would have new messaging every month. Today, we fundamentally do 2 campaigns annually and drive that recall over and over again. So we talk about spike and sustain, it's something we're doing very well.

我們經常談論的事情之一是你必須創造永續性和持續的訊息傳遞。幾年前，我們每個月都會收到新的消息。如今，我們基本上每年進行兩次活動，並一次又一次地推動這種回憶。因此，我們談論高峰和維持，這是我們做得非常好的事情。

In terms of the physical locations, it's very interesting. Gen Z particularly -- and maybe it's because so many of their formative years were in COVID restrictions, they love being in stores. They love experiential retail. So you've seen us roll out some new concepts like Coach Play. You've seen us lean into food and beverage with Coach coffee shops that we started in Asia, and now we're bringing to the US

就物理位置而言，這非常有趣。尤其是 Z 世代——也許是因為他們成長的大部分時間都受到新冠疫情的限制，所以他們喜歡逛商店。他們喜歡體驗式零售。所以你已經看到我們推出了一些新概念，像是 Coach Play。你已經看到我們開始涉足食品和飲料領域，我們在亞洲開設了 Coach 咖啡店，現在我們將其帶到了美國

And you're going to see us, again, continue to evolve our store design to speak in an authentic way, in an approachable way to the Solar consumer, but also in a luxury way. We believe in this concept of Expressive Luxury. Expressive Luxury doesn't lose sight of the luxury component of what we do, because our product -- we have fashion shows, our creative director is always thinking about new ideas, new concepts. We're not following trends, we're creating trends. So we feel very good about where Coach is and what we'll do in the future.

您將再次看到我們繼續改進商店設計，以真實的方式、平易近人的方式與太陽能消費者交流，同時也以一種奢華的方式。我們相信「富有表現力的奢華」這一理念。Expressive Luxury 不會忽略我們所做的事情中的奢華元素，因為我們的產品——我們有時裝秀，我們的創意總監總是在思考新的想法、新的概念。我們不是在追隨潮流，而是在創造潮流。因此，我們對 Coach 的現狀以及未來的發展感到非常滿意。

Mark Altschwager of Baird.

貝爾德的 Mark Altschwager。

Good morning. Thank you for taking my question. First with Coach, I was hoping to get a little bit better sense of some of the regional drivers. Is it the same product that's hitting at the same time across the globe here? And then China, obviously nice momentum currently. Just how are you navigating the risk of consumers potentially souring on US brands?

早安.感謝您回答我的問題。首先，我希望透過 Coach 更了解一些地區的司機。這是在同一時間在全球熱銷的同一款產品嗎？然後是中國，目前顯然勢頭良好。您如何應對消費者可能對美國品牌產生厭惡的風險？

Thank you.

謝謝。

Maybe I'll pick up the last part of your question and start with China, and then I'll pass it to Todd for the regional, the broader regions for Coach. But to your point, our business accelerated in Greater China in the third quarter, growing mid-single digits. We're seeing that broad-based growth, right? Growth in digital and in stores, across city tiers, and we are driving Gen Z acquisition. And I will say that's in a market, to your point, that has been in our category, pressured.

也許我會回答你問題的最後一部分，先從中國開始，然後再交給 Todd 來談談 Coach 的區域和更廣泛的地區問題。但正如您所說，我們的業務在第三季在大中華區加速發展，實現了中等個位數的成長。我們看到了廣泛的成長，對嗎？數位化和實體店的成長，跨越城市層級，我們正在推動 Z 世代的收購。我想說的是，正如你所說，我們的市場已經面臨壓力。

Some of the numbers we see is that the market was down double digits in our category, but yet we're growing. And we're doing that because we're acquiring a new and younger consumer, and we're delivering incredible value and innovation to that consumer. And it is a discerning consumer in China, and we're seeing momentum building there. So we continue to see China as a as an important region. We're confident in the long-term opportunity, and we're staying close -- importantly, staying close to consumers so that we can read and deliver what they want, what they need.

我們看到的一些數字表明，我們這個類別的市場下降了兩位數，但我們仍在成長。我們這樣做是因為我們正在獲得一群新的年輕消費者，而我們正在為這些消費者提供令人難以置信的價值和創新。中國消費者非常挑剔，我們看到這一趨勢正在增強。因此，我們繼續將中國視為一個重要地區。我們對長期機會充滿信心，並且我們保持密切聯繫——重要的是，保持與消費者的密切聯繫，以便我們能夠了解並提供他們想要的、他們需要的東西。

And we're not seeing any signs, in our business or in our global consumer work, of pressure on anti-American sentiment. Again, we're seeing strong engagement from consumers continued new customer acquisition and we're delivering growth in China. And in China, we expect to deliver low single-digit growth for the year with continued acceleration in the fourth quarter.

無論是在我們的業務中還是在我們的全球消費者工作中，我們都沒有看到反美情緒受到壓力的任何跡象。我們再次看到消費者的強烈參與，新客戶的不斷湧現，我們在中國實現了成長。在中國，我們預計今年將實現低個位數成長，第四季將繼續加速。

So our business is on track in China. We have great teams on the ground building the business. We were just there a few weeks ago talking to the teams in the region and we feel good about the opportunities ahead. And now, I'll pass it to Todd to talk about maybe more color on China, but also what's happening in the other regions.

因此我們的業務在中國進展順利。我們擁有優秀的實地團隊來建立業務。幾週前我們剛剛在那裡與該地區的團隊進行了交談，我們對未來的機會感到樂觀。現在，我將讓托德談論更多關於中國的情況，以及其他地區正在發生的事情。

Yes. Thank you, Joanne. One of, I think, the reasons we're winning is we redid our strategy on regionalization. A great bag is a great bag everywhere. And Tabby and Empire and Teri, these are winning with our target consumer because of, first, the fact that we're going after -- and we have clarity, we have a news, our creative, our marketing people are always going after the customer. And the value has been well translated across all regions.

是的。謝謝你，喬安妮。我認為我們獲勝的原因之一是我們重新制定了區域化策略。一款出色的包包無論在何處都是一款出色的包款。Tabby、Empire 和 Teri 之所以能贏得我們的目標消費者的青睞，首先是因為我們的目標明確，我們有新聞，有創意，我們的行銷人員始終在追逐客戶。而這項價值已在所有地區得到很好的體現。

One data point that gives us confidence, Gen Z are the most homogeneous generation ever to come about. Because what they're seeing, when we put Bela Hadid and put a bag on her that looks compelling, it's compelling in Shanghai, it's compelling in Paris, it's compelling in New York and it's desirable. And what that allows us to do is take our marketing dollars instead of constantly trying to regionalize stories and spread it so thinly, we're able to concentrate.

一個讓我們充滿信心的數據點是，Z 世代是有史以來最同質的一代。因為他們看到的是，當我們讓貝拉哈迪德背上一個看起來很吸引人的包包時，這個包包在上海很吸引人，在巴黎很吸引人，在紐約也很吸引人，而且很令人嚮往。這樣，我們就可以集中精力，不用不斷地嘗試將故事區域化，也不用把故事分散開來，而是把行銷資金花在刀刃上。

And it's a little bit of a merchandising balance, to believe that every business unit needs a 30% tail of product. So one of the things we did 5 years ago, we started to cut the tail of that special product that gives us -- that creates that beautiful Coachonomics flywheel of more gross margin, less markdown, more focused on liked product that allows us to lean in on what's winning globally. So we feel very good about the strategy, and it is working. And it allows us to capture new customers globally.

這有點像商品平衡，相信每個業務部門都需要 30% 的尾部產品。因此，我們五年前做的一件事就是，開始削減這種特殊產品的尾巴，這給我們帶來了美好的 Coachonomics 飛輪，即更高的毛利率、更少的降價、更專注於受歡迎的產品，這使我們能夠依靠全球製勝之道。因此，我們對該戰略感到非常滿意，而且它正在發揮作用。它使我們能夠在全球範圍內吸引新客戶。

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

我們的問答到此結束。現在我將把發言時間交給 Joanne Crevoiserat，請她做總結發言。

Well, I want to close by first thanking our exceptional global teams for not only delivering a standout third quarter, but for the strong results they've consistently delivered over the last 5 years. As you heard, we accelerated top and bottom line growth in the third quarter and raised our outlook for the year, showcasing the strength and resiliency of our brand and our business.

最後，我首先要感謝我們出色的全球團隊，他們不僅在第三季表現出色，而且在過去五年中一直保持著強勁的業績。正如您所聽到的，我們在第三季加速了營收和利潤的成長，並提高了全年的預期，展現了我們品牌和業務的實力和彈性。

And while the environment is uncertain, we are well prepared and well positioned. We have momentum, strong margins and cash flow, a flexible direct-to-consumer model and agile supply chain and we offer compelling value at global scale. These advantages are underpinning our success today, and I'm confident they will continue to drive durable growth into the future.

儘管環境充滿不確定性，但我們已經做好了充分的準備並佔據了有利位置。我們擁有強勁的發展勢頭、強勁的利潤率和現金流、靈活的直接面向消費者的模式和敏捷的供應鏈，並且我們在全球範圍內提供引人注目的價值。這些優勢是我們今天成功的基礎，我相信它們將繼續推動未來的持久成長。

Thank you, everyone, who joined us today for your interest in our story. Thanks, and have a great day.

感謝今天加入我們的所有人對我們的故事感興趣。謝謝，祝您有愉快的一天。

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。