掛毯 (TPR) 2025 Q4 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 fourth-quarter and full-year 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四季度和全年業績以及我們的策略和展望的有 Tapestry 首席執行官 Joanne Crevoiserat 和 Tapestry 首席財務官兼首席營運官 Scott Roe。

Before we begin, we must point out that this conference call will involve certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. This includes projections for our business in the current or future quarters or fiscal years.

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 our actual results may differ materially from those expressed or implied in the forward-looking statements. Please refer to our annual report on Form 10-K, the press release we issued this morning and our other filings with the Securities and Exchange Commission for a complete list of risks and other important factors that could impact our future results and performance.

前瞻性陳述不構成保證，我們的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。如需全面核對相應的 GAAP 財務信息，請訪問我們的網站 www.tapestry.com 投資者，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。史考特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，Coach 執行長兼品牌總裁 Todd Kahn 也將參加此次問答環節。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. Fiscal 2025 was truly a breakout year for Tapestry. We delivered $7 billion in revenue and operating margin of 20% and $5.10 in adjusted EPS, all growing meaningfully versus prior year.

早安.謝謝你，克里斯蒂娜，歡迎大家。2025 財年對 Tapestry 來說確實是突破的一年。我們實現了 70 億美元的營收、20% 的營業利潤率以及 5.10 美元的調整後每股收益，與去年同期相比均有顯著增長。

Notably, we also achieved key targets we set at our Investor Day three years ago, namely to achieve over $5 in earnings, returned more than $3 billion cumulatively to shareholders and drive best-in-class total returns. We delivered these results in the context of a rapidly evolving and uncertain macroeconomic landscape, reinforcing that our business and our exceptional teams are resilient, agile and built for growth.

值得注意的是，我們還實現了三年前投資者日設定的關鍵目標，即實現超過 5 美元的收益、累積向股東回報超過 30 億美元並實現一流的總回報。我們在快速變化和不確定的宏觀經濟情勢下取得了這些成果，這再次證明我們的業務和優秀團隊具有韌性、敏捷性和成長能力。

Our record results are more than numbers. Our success showcases that our strategies are working and that our systemic approach to brand building is capturing a new generation of consumers around the world.

我們的記錄結果不僅僅是數字。我們的成功表明我們的策略是有效的，而我們系統的品牌建立方法正在吸引全球新一代消費者。

Touching on the strategic highlights of the quarter and year. We powered global growth, delivering accelerated gains in outpacing the industry in our key regions of North America, China and Europe. We did this by building lasting customer relationships, highlighted by strong new customer acquisition. During the year, we acquired over 6.8 million new customers in North America alone, fueled by growth of Gen Z and millennial cohorts.

談及本季和本年度的戰略亮點。我們推動全球成長，在北美、中國和歐洲等主要地區加速成長，超越產業水準。我們透過建立持久的客戶關係實現了這一目標，其中最突出的是強勁的新客戶獲取。今年，光是在北美，我們便獲得了超過 680 萬新客戶，這得益於 Z 世代和千禧世代的成長。

We are creating emotional connections and reaching new young consumers as they enter our category, key to driving lifetime value and healthy durable growth. We also delivered compelling omnichannel experiences engaging with consumers wherever they interact with our brands, to drive direct-to-consumer growth across channels.

當新的年輕消費者進入我們的產品類別時，我們正在建立情感連結並吸引他們，這是推動終身價值和健康持久成長的關鍵。我們也提供了引人注目的全通路體驗，讓消費者無論在何處與我們的品牌互動，都能參與其中，從而推動跨通路直接面向消費者的成長。

Our modern technology platform allows us to bring data-driven insights to our work. And in a world that is increasingly powered by digital, our human connections have never been more important. Together, they are the foundation of our proven and profitable direct-to-consumer business model that is a core competitive advantage.

我們的現代技術平台使我們能夠為我們的工作帶來數據驅動的洞察力。在這個日益數位化的世界裡，人與人之間的連結變得前所未有的重要。它們共同構成了我們經過驗證且獲利的直接面向消費者的商業模式的基礎，而這個模式是我們的核心競爭優勢。

And finally, we brought fashion innovation and product excellence to customers throughout the year, fueling brand relevance and desire led by Coach, where our brand heat and momentum are strong and growing. This is evident in our continued gains in AUR and gross margin. The creativity, craftsmanship and value we offer to consumers at scale have been and will continue to be differentiators of our brands and business.

最後，我們全年為顧客帶來了時尚創新和卓越的產品，在 Coach 的引領下增強了品牌的相關性和渴望，我們的品牌熱度和勢頭強勁且不斷增長。這從我們 AUR 和毛利率的持續成長中可見一斑。我們為消費者提供的創造力、工藝和價值一直是並將繼續成為我們品牌和業務的差異化因素。

As we look forward, we have proven our ability to navigate a complex and dynamic external backdrop, and we will continue to execute, leveraging the power of our competitive and structural advantages, our global scale, our compelling value proposition and the strong fundamentals of our business.

展望未來，我們已經證明了我們有能力應對複雜而動態的外部環境，我們將繼續執行，利用我們的競爭和結構優勢、我們的全球規模、我們引人注目的價值主張和我們業務的強大基本面。

Now moving to our results and strategies by brand, starting with Coach. Coach is a storied 85-year-old brand, and this fiscal year was the strongest in history. Our success is rooted in our brand-building capabilities.

現在轉到按品牌劃分的成果和策略，首先從 Coach 開始。Coach 是一個擁有 85 年歷史的品牌，本財年是其歷史上表現最強勁的一年。我們的成功源自於我們的品牌建立能力。

We've been intensely focused on understanding our target Gen Z consumer and creating emotional connections that fuel brand desire, which have allowed us to reimagine a heritage brand for modern consumers. Coach is redefining what's possible when you blend consumer obsession with disciplined brand building and creativity. And this is translating into compounding and durable growth.

我們一直致力於了解我們的目標 Z 世代消費者並建立激發品牌慾望的情感聯繫，這使我們能夠為現代消費者重新構想一個傳統品牌。Coach 正在重新定義將消費者的迷戀與嚴謹的品牌建立和創造力相結合所能實現的一切。而這正在轉化為複合和持久的成長。

For the year, Coach delivered a 10% increase in revenue at strong margins, capped by 13% constant currency top line gains in the fourth quarter with double-digit growth across our key markets, with North America up 16%, China, up 22% and Europe up 12%.

今年，Coach 的營收成長了 10%，利潤率也十分可觀，其中第四季以固定匯率計算的營收成長了 13%，主要市場均實現了兩位數成長，其中北美成長 16%，中國成長 22%，歐洲成長 12%。

Our global growth led by outperformance in our core leather goods offering highlights that our unique expressive luxury positioning is resonating around the world. This is evident in our strong customer acquisition results as we welcomed over 4.6 million new customers to Coach in North America this year, with over 1 million new customers in the fourth quarter, of which nearly 70% were Gen Z and millennials.

我們的核心皮革製品的優異表現引領了我們的全球成長，凸顯了我們獨特的富有表現力的奢華定位正在全球引起共鳴。這體現在我們強勁的客戶獲取業績上，今年 Coach 在北美迎來了超過 460 萬名新客戶，第四季度新增客戶超過 100 萬名，其中近 70% 是 Z 世代和千禧世代。

Importantly, these customers are transacting at higher AUR and have a higher retention rate than the balance of our client base, demonstrating that these relationships are healthy and sticky. Now touching on our fourth quarter results in more detail.

重要的是，這些客戶的交易額更高，留存率也高於我們其他客戶群，這表明這些關係是健康且牢固的。現在更詳細地介紹我們第四季的業績。

First, we drove double-digit gains in leather goods with broad-based growth across our offering. The iconic Tabby family continues to outperform and resonate with new and younger consumers. Our core Tabby shoulder bag 26 continued to anchor the offering, while chain Tabby and quilted Tabby remain global successes.

首先，我們的皮革製品業務實現了兩位數的成長，所有產品均實現了廣泛成長。標誌性的 Tabby 家族繼續表現出色，並受到新的年輕消費者的青睞。我們的核心產品 Tabby 26 號單肩包繼續成為主打產品，而鏈條 Tabby 和絎縫 Tabby 仍然在全球取得巨大成功。

Additionally, our New York family once again significantly exceeded expectations proving to be a new and durable growth driver for the brand. Building on the strength of the New York platform in its first year post launch, we're continuing to expand the Brooklyn and Empire collections while introducing new styles within the New York family, driving innovation and relevancy with our target consumer.

此外，我們的紐約家族再次大大超越預期，成為品牌新的、持久的成長動力。在紐約平台推出後第一年的基礎上，我們將繼續擴大布魯克林和帝國系列，同時在紐約系列中引入新風格，推動創新並與目標消費者保持相關性。

Further, we grew our archival inspired Coach originals collection with a large kisslock bag at $695, which in July, once again sold out within minutes of launching online and within a day at stores, showcasing Coach's creativity and brand heat.

此外，我們還擴展了受檔案啟發的 Coach 原創系列，推出了一款售價 695 美元的大型吻鎖包，該包在 7 月份再次在網上推出幾分鐘內和在商店推出一天內售罄，展示了 Coach 的創造力和品牌熱度。

And finally, our bag charms and straps also contributed to our momentum, providing consumers with further opportunities for personalization and customization with the Cherry bag charm remaining a particular Gen Z favorite as a way to enhance self-expression. Overall, Coach's growth in handbags and accessories continued to outperform the industry, demonstrating our innovation pipeline and the compelling value and craftsmanship we offer in the luxury market.

最後，我們的包飾和包帶也為我們的發展做出了貢獻，為消費者提供了進一步個性化和定制的機會，其中 Cherry 包飾仍然是 Z 世代的最愛，可以增強自我表達能力。總體而言，Coach 在手袋和配件方面的成長繼續超越行業平均水平，展現了我們的創新管道以及我們在奢侈品市場提供的引人注目的價值和工藝。

With these advantages, we drove mid-teens handbag AUR growth for the quarter, led by North America. Further, handbag units also rose in the quarter globally and in North America despite lower promotional activity at the brand. Looking forward, we expect gains in both AUR and units to drive our growth.

憑藉這些優勢，我們推動了本季中青少年手袋 AUR 的成長，以北美為首。此外，儘管該品牌的促銷活動減少，但本季全球和北美地區的手袋銷售也有所成長。展望未來，我們預計 AUR 和單位數量的成長將推動我們的成長。

Next, we grew our footwear business with a focus on sneakers, which drives lifetime value with our target Gen Z consumer. In the quarter, sneakers grew mid-single digits, led by the High Line and Soho Sneaker families, which are driving momentum and selling at one compelling price point across all channels, another clear indicator that our One Coach strategy is working.

接下來，我們擴大了鞋類業務，專注於運動鞋，以提升我們目標 Z 世代消費者的終身價值。本季度，運動鞋銷量實現了中等個位數增長，其中 High Line 和 Soho 運動鞋系列銷量領先，這兩個系列推動了銷售勢頭，並在所有渠道以極具吸引力的價格銷售，這清楚地表明我們的“一個教練”戰略正在發揮作用。

Turning to marketing. We continue to drive cultural relevance through emotional storytelling that highlights our brand purpose and product offering. Coach's, On Your Own Time campaign featuring the Spring 2025 collection and starring global ambassadors, El Fanning, Nazha, Koki, and Younji Lee continue to drive brand momentum across markets. Our sustained investment behind this campaign is in keeping with our strategy to deliver cut through and continuous brand and product stories to consumers.

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。Coach 的「On Your Own Time」活動以 2025 年春季系列為特色，並由全球大使 El Fanning、娜扎、光輝歲月和李泳智主演，繼續推動品牌在各個市場的勢頭。我們對此活動的持續投資符合我們的策略，即向消費者傳遞貫穿始終的品牌和產品故事。

We also added a second purpose campaign during the quarter, Not Just For Walking in support of our Soho Sneaker launch. The campaign was inspired by our consumer insights, showcasing what consumers want from a sneaker today in the many facets of their lives.

我們還在本季度增加了第二個目的活動“不僅僅是為了步行”，以支持我們的 Soho 運動鞋的推出。這項活動的靈感來自於我們對消費者的洞察，展示了當今消費者在生活的各個層面對運動鞋的需求。

And finally, we cultivated desire for Coach through unique authentic and immersive retail experiences. This is another example of how our teams are successfully turning insights into action. Our data continues to highlight that Gen Z consumers like to shop in the real world and in person with engaging experiences.

最後，我們透過獨特、真實、沉浸式的零售體驗培養了人們對 Coach 的渴望。這是我們的團隊成功地將見解轉化為行動的另一個例子。我們的數據繼續強調，Z 世代消費者喜歡在現實世界中親自購物並獲得有趣的體驗。

As a result, we brought new store concepts, pop-ups and food and beverage to consumers across the globe, expanding into nontraditional formats and locations to delight consumers and build interest for the brand. In addition, the learnings from this work will enable us to move with greater impact as we expand our store footprint and deliver new brand experiences in the future.

因此，我們為全球消費者帶來了新的商店概念、快閃店以及食品和飲料，並擴展到非傳統的形式和地點，以取悅消費者並為品牌建立興趣。此外，這項工作的經驗將使我們在未來擴大門市規模和提供新的品牌體驗時發揮更大的影響力。

In closing, Coach is driving standout results, guided by a clear brand vision to be the world's most inclusive genuine and loved fashion brand. Our fiscal year '25 results highlight that we are building strong brand and cultural relevance, fostering emotional connections driven by product innovation and the creativity of our talented global teams who are operating with excellence, focus and intention. From these exceptional results and this position of strength, we are confident in the future for this powerful iconic brand.

最後，Coach 以清晰的品牌願景為指導，取得了卓越的業績，成為世界上最具包容性、最真誠、最受歡迎的時尚品牌。我們 25 財年的表現凸顯了我們正在打造強大的品牌和文化相關性，透過產品創新和以卓越、專注和意圖運作的全球優秀團隊的創造力來培養情感聯繫。從這些卓越的成績和實力地位來看，我們對這個強大的標誌性品牌的未來充滿信心。

Now moving to Kate Spade. Our actions to reset the brand for durable growth are underway. In the fourth quarter, performance was pressured as expected. Revenue decreased 13%, while bottom line results reflected continued gross margin expansion as well as strategic reinvestment in brand marketing. As we've shared, we are in the early stages of this turnaround and will be focused on key leading indicators of progress informed by our experience at Coach.

現在轉向 Kate Spade。我們正在進行重塑品牌以實現持久成長的行動。第四季業績承壓，一如預期。收入下降了 13%，但底線業績反映了毛利率的持續擴大以及對品牌行銷的策略性再投資。正如我們所分享的，我們正處於這一轉變的早期階段，並將專注於我們在 Coach 的經驗所獲得的關鍵領先進展指標。

These include 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. We are tracking these KPIs with consistency and rigor, leaning in where we see traction and pivoting, if necessary, to ensure our success.

這些因素包括提高無輔助品牌知名度和搜尋興趣，隨後改善流量和客戶獲取，最終將推動營收成長。我們正在以一致性和嚴謹性跟踪這些 KPI，在我們看到牽引力的地方傾力而行，並在必要時進行調整，以確保我們的成功。

Overall, we are deliberately resetting the brand and backing it with disciplined investments. While these actions will pressure revenue and profitability in fiscal year '26, they are essential to strengthening the brand's foundation and unlocking sustainable profitable growth for the long term.

總體而言，我們正在刻意重塑品牌，並透過嚴謹的投資為其提供支援。雖然這些措施將對26財年的收入和獲利能力造成壓力，但對於加強品牌基礎和實現長期可持續獲利成長至關重要。

Now let's touch on the quarter. Our first strategic priority is to fuel brand heat and relevancy by investing in marketing focused on our target Gen Z consumer. And we took a step forward in the quarter with the launch of our spring campaign featuring influential Gen Z celebrities, Ice Spice and Charli D'Amelio. Initial reads were positive with strong organic engagement and a lift in consideration, consistent with our goal to reestablish Kate Spade as a top of mind brand for our target consumer.

現在讓我們來談談本季。我們的首要策略重點是透過投資針對目標 Z 世代消費者的行銷來提升品牌熱度和相關性。本季度，我們推出了春季活動，邀請了頗具影響力的 Z 世代名人 Ice Spice 和 Charli D'Amelio 參與，向前邁進了一步。初步閱讀效果良好，自然參與度高，考慮度提升，這與我們重新將 Kate Spade 打造為目標消費者首選品牌的目標一致。

Our second key strategy is to strengthen our handbag offering. Simplifying and elevating our assortment anchored and blockbuster families. During the quarter, we amplified the Deco collection in retail and, which were featured as the heroes of our marketing campaign.

我們的第二個關鍵策略是加強我們的手提包產品。簡化並提升我們以系列為基礎和大片為特色的產品系列。在本季度，我們擴大了零售領域的 Deco 系列，並將其作為我們行銷活動的主角。

As a result, both families were the top-selling bags in their respective channels and over-indexing with new younger consumers at strong AUR. And we're bringing more innovation to the assortment while we streamline our offering reducing handbag styles by over 30% by fall, allowing us to stand behind our big ideas with clarity and intention.

因此，這兩個系列的手袋都成為各自通路中最暢銷的款式，並以強勁的銷售量吸引了大量年輕新消費者。我們正在為產品系列帶來更多創新，同時精簡產品線，到秋季將手袋款式減少 30% 以上，讓我們能夠清晰而有目的地支持我們的偉大創意。

Importantly, we are bringing deeper consumer insights and methodical consumer testing to all aspects of this work to ensure greater relevancy throughout our assortment. Next, we are focused on maximizing omnichannel cohesiveness with a compelling, consistent brand message across all consumer touch points. Alongside efforts to create a more compelling consumer journey, we remain focused on driving higher full-price selling, a building block to scale in a healthy way.

重要的是，我們將更深入的消費者洞察和有條理的消費者測試帶入這項工作的各個方面，以確保我們的整個產品系列具有更高的相關性。接下來，我們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。除了努力創造更具吸引力的消費者旅程之外，我們仍然專注於推動更高的全價銷售，這是健康擴大規模的基礎。

In closing, fiscal year '26 is a year of investment for Kate Spade. We are taking strategic and financial steps to reset Kate Spade for long-term growth, applying our brand-building learnings from Coach and aggressively leaning into action to turn around the brand. While a turnaround takes time, we are confident in our path forward and the brand's opportunity for healthy and profitable growth.

最後，26 財年是 Kate Spade 的投資年。我們正在採取策略和財務措施，重塑 Kate Spade 的長期成長，運用我們從 Coach 學到的品牌建立經驗，積極採取行動扭轉品牌局面。雖然轉變需要時間，但我們對前進的道路和品牌實現健康和獲利成長的機會充滿信心。

Now turning briefly to Stuart Weitzman. As previously announced, we completed the sale of the brand to Caleres on August 4. This action was consistent with our commitment to be diligent stewards of our portfolio and disciplined allocators of capital. I want to thank the Stuart Weitzman teams for their work to support the brand and customers during this transition and wish them success, as they build their next chapter of growth with Caleres.

現在簡單談談 Stuart Weitzman。正如之前宣布的那樣，我們於 8 月 4 日完成了向 Caleres 的品牌出售。這項措施符合我們盡責地管理投資組合和嚴格分配資本的承諾。我要感謝 Stuart Weitzman 團隊在過渡期間為品牌和客戶提供的支持，並祝福他們與 Caleres 一起開啟下一個發展篇章並取得成功。

In closing, Tapestry achieved a record year as we are successfully connecting with a new generation of consumers around the world, Importantly, we capped our future speed agenda, exceeding earnings targets with our strongest growth year and momentum building in our business. And while the external backdrop is increasingly complex, our growth proves that our competitive advantages enable us to adapt and thrive in any environment.

最後，Tapestry 取得了創紀錄的一年，因為我們成功地與世界各地的新一代消費者建立了聯繫，重要的是，我們限制了未來的速度議程，憑藉我們最強勁的增長年和業務發展勢頭，超越了盈利目標。儘管外部環境日益複雜，但我們的成長證明，我們的競爭優勢使我們能夠適應任何環境並在任何環境中蓬勃發展。

Our foundation is strong and our focus is clear. Our performance underpins our confidence that we have the strategy, capabilities and team in place to scale and win with significant runway for growth and value creation. I look forward to sharing our road map for continued growth at our Investor Day next month.

我們的基礎牢固，重點明確。我們的業績鞏固了我們的信心，我們擁有策略、能力和團隊，可以擴大規模並取得勝利，為成長和價值創造提供巨大的空間。我期待在下個月的投資者日上分享我們持續成長的路線圖。

I'll now turn it over to Scott.

現在我將把發言權交給史考特。

Thanks, Joanne, and good morning, everyone. Looking back at our results for the fiscal year, we exceeded our outlook. Additionally, we delivered our earnings and capital return targets set at our last Investor Day three years ago. This is a testament to our disciplined execution and financial agility, reinforcing our strong foundation and commitment to durable long-term value creation.

謝謝，喬安妮，大家早安。回顧本財年的業績，我們的業績超出了預期。此外，我們也實現了三年前上一次投資者日設定的獲利和資本回報目標。這證明了我們嚴謹的執行力和財務靈活性，鞏固了我們堅實的基礎和對持久長期價值創造的承諾。

In the year, we delivered revenue growth of 5% with 10% growth at Coach. We increased gross margins by 210 basis points and we grew earnings per share by 19% versus last year while accelerating investments into our brands.

這一年，我們的收入成長了 5%，其中 Coach 的收入成長了 10%。我們的毛利率提高了 210 個基點，每股收益比去年同期增長了 19%，同時我們加快了對品牌的投資。

Turning to the details of the fourth quarter. I'll begin with a discussion of revenue trends on a constant currency basis. Sales increased 8% compared to the prior year and outperformed our expectations. These results reflect gains in North America and internationally. By region, North America sales increased 8% compared to the prior year, led by 16% growth at Coach. Importantly, both gross and operating margin in the region rose versus last year.

談談第四季的細節。我將首先討論以固定匯率計算的收入趨勢。銷售額較上年同期成長 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。按地區來看，北美地區的銷售額較上年同期成長了 8%，其中 Coach 的銷售額成長了 16%。重要的是，該地區的毛利和營業利潤均比去年上升。

In Europe, revenue grew 10% above last year driven by growth in our direct channels with increased local consumer spend and strong new customer acquisition, notably with Gen Z. We continue to see significant opportunities to grow in the region given our positioning, momentum and low penetration in this large market.

在歐洲，營收比去年增長了 10%，這得益於我們直接管道的成長、當地消費者支出的增加以及新客戶（尤其是 Z 世代）的強勁獲取。鑑於我們在這個龐大市場中的定位、發展勢頭和低滲透率，我們繼續看到該地區巨大的成長機會。

In Greater China, revenue growth accelerated ahead of our expectations, increasing 18% with growth across all channels, including notable strength in digital. Our strong performance in China underscores our strategic initiatives and investments are working, and our business remains well positioned for long-term sustainable growth. In Japan, sales declined 11% amid a challenging consumer backdrop and in other Asia revenue decreased 1% as growth in Australia, New Zealand and South Korea was offset primarily by a decline in Malaysia.

在大中華區，營收成長超出我們的預期，成長了 18%，所有通路均實現成長，其中數位管道表現尤為強勁。我們在中國的強勁表現凸顯了我們的策略舉措和投資正在發揮作用，我們的業務仍處於長期可持續成長的有利位置。在日本，由於消費環境嚴峻，銷售額下降了 11%，而亞洲其他地區的收入下降了 1%，因為澳洲、紐西蘭和韓國的成長主要被馬來西亞的下滑所抵消。

Now touching on revenue by channel for the quarter. We grew in each channel while achieving strong and increasing profitability. Our direct-to-consumer business grew 6% compared to the prior year, which included a mid-teens percentage increase in digital revenue and a low single-digit increase in global brick-and-mortar sales. In 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。我們在各個通路都實現了成長，同時實現了強勁且不斷成長的獲利能力。我們的直接面向消費者的業務與去年相比成長了 6%，其中包括數位收入的百分之十幾的中段成長和全球實體店銷售額的個位數低段成長。在批發方面，本季營收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 fourth quarter gross margin of 76.3%, 140 basis points above prior year, driven by operational outperformance. Our strong gross margin is a core element of our value creation model, providing us with flexibility and fuel to drive sustainable growth.

降低損益。由於營運表現優異，我們第四季的毛利率創歷史新高，達到 76.3%，比去年同期高出 140 個基點。我們強勁的毛利率是我們價值創造模式的核心要素，為我們提供了推動永續成長的靈活性和動力。

As we've seen in the year, AUR growth is driving roughly two-third of our margin improvement with the balance coming from AUC, and we see both levers contributing to operational gross margin gains into the future.

正如我們今年所看到的，AUR 的成長推動了我們利潤率成長的約三分之二，其餘部分來自 AUC，我們看到這兩個槓桿都將有助於未來營運毛利率的成長。

Turning to SG&A. Expenses rose 10%, driven by an increase in marketing expense, which was 13% of sales in the quarter, while we drove 120 basis points of leverage in the balance of the business. So taken together, operating margin increased 30 basis points in the quarter, driving profit expansion of 10% over the prior year, which was ahead of expectations. And our fourth quarter EPS of $1.04 grew 12% over the prior year and exceeded our guidance.

談到銷售、一般及行政費用 (SG&A)。費用上漲了 10%，因為行銷費用增加，佔本季銷售額的 13%，同時我們在業務餘額中推動了 120 個基點的槓桿率。整體來看，本季營業利潤率增加了 30 個基點，推動利潤比上年增長 10%，超出了預期。我們第四季的每股收益為 1.04 美元，比上年增長 12%，超出了我們的預期。

Now turning to our shareholder return programs. In fiscal '25, we returned $2.3 billion to shareholders, a testament to our strong organic business and robust cash flow generation. This includes $300 million in dividend payments and $2 billion in an accelerated share repurchase program. This program is expected to result in an average purchase price of about $78 per share.

現在談談我們的股東回報計畫。在 25 財年，我們向股東返還了 23 億美元，證明了我們強大的有機業務和強勁的現金流創造能力。其中包括 3 億美元的股息支付和 20 億美元的加速股票回購計畫。該計劃預計將產生每股約 78 美元的平均購買價格。

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

現在，在介紹我們的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。我們有兩個基本承諾。首先，投資我們的品牌和業務，以支持長期可持續成長；其次，透過股息向股東返還資本，目標是隨著時間的推移，股息至少與收益同步增長。

Consistent with this, the Board authorized a 14% quarterly dividend increase for an anticipated annual rate in fiscal '26 of $1.60 per share. Beyond these two foundational commitments, our robust cash flow generation provides us with balance sheet flexibility for value creation.

與此一致，董事會批准將季度股息提高 14%，預計 26 財年的年股息率為每股 1.60 美元。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。

This includes the opportunity for share repurchase activity, which was on display in fiscal '25 and remains a value-creation driver going forward. And finally, utilizing our rigorous framework, we consistently evaluate opportunities for strategic portfolio management.

這包括股票回購活動的機會，該活動在 25 財年有所體現，並且仍然是未來創造價值的驅動力。最後，利用我們嚴格的框架，我們不斷評估策略性投資組合管理的機會。

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.

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。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 $2.4 billion, representing net debt of $1.3 billion. This incorporated the paydown of bonds totaling approximately $300 million in April.

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 24 億美元，淨負債為 13 億美元。其中包括 4 月償還總額約 3 億美元的債券。

At year-end, our gross debt to adjusted EBITDA was a full turn below our leverage target at 1.4 times. Adjusted free cash flow for the year was an inflow of $1.35 billion, and CapEx and cloud computing costs were $153 million.

截至年底，我們的總債務與調整後 EBITDA 比率為 1.4 倍，低於我們的槓桿目標。全年調整後的自由現金流流入 13.5 億美元，資本支出和雲端運算成本為 1.53 億美元。

Inventory levels at year-end were 4% above prior year, excluding $92 million of Stuart Weitzman inventory reflected in assets held for sale on our balance sheet. This included the strategic pull forward of receipts in light of the current trade landscape. Our inventory continues to be current and well positioned globally and by brand. For fiscal 2016, we expect inventory levels to be modestly down year-over-year on a reported basis.

年底的庫存水準比上年高出 4%，不包括我們資產負債表上持有待售資產中反映的價值 9,200 萬美元的 Stuart Weitzman 庫存。這包括根據當前貿易情勢策略性地提前收款。我們的庫存持續保持最新，並在全球範圍內和按品牌進行良好定位。對於 2016 財年，我們預計庫存水準將同比略有下降。

Now before turning to our guidance, as you saw in our press release, we recorded a noncash impairment charge of over $850 million related to Kate Spade. This was based upon the current business trends, the outsized impact of tariffs, which disproportionately affects Kate Spade as the vast majority of its business is in the US and the incremental investments we're making in support of profitable long-term growth.

現在，在轉向我們的指導之前，正如您在我們的新聞稿中看到的，我們記錄了與 Kate Spade 相關的超過 8.5 億美元的非現金減損費用。這是基於當前的商業趨勢、關稅的巨大影響（由於 Kate Spade 的絕大部分業務在美國，因此對 Kate Spade 的影響尤其嚴重）以及我們為支持長期盈利增長而進行的增量投資。

Now moving to our guidance for fiscal '26, which is provided on a non-GAAP basis. To start, I'd like to give some context by disaggregating the top line momentum we're seeing in the business and our focus on supporting revenue growth from the current dynamics impacting our profitability in the fiscal year.

現在轉到我們對 26 財年的指導，該指導是基於非 GAAP 提供的。首先，我想透過分解我們在業務中看到的收入成長勢頭以及我們對支持收入成長的關注以及當前影響我們財政年度盈利能力的動態來提供一些背景資訊。

First, on sales, our trends in the first quarter are strong. And in fact, we've accelerated into the new year led by Coach with stronger full price selling. We are building the brand for continued healthy gains well into the future. This is our priority, and we're executing behind it.

首先，就銷售而言，我們第一季的趨勢強勁。事實上，在 Coach 強勁的全價銷售帶動下，我們已經進入了新的一年。我們正在打造品牌，以便在未來繼續實現健康成長。這是我們的首要任務，我們正在努力實現這一目標。

Having said that, we are facing greater than previously expected profit headwinds from tariffs and duties with the earlier-than-expected ending of de minimis exemptions being a meaningful factor. In aggregate, the total expected impact on profitability this year from tariffs is $160 million, representing approximately 230 basis points of margin headwind.

話雖如此，我們面臨的利潤阻力比之前預期的要大，這源於關稅和稅收，其中最低限度豁免的提前結束是一個重要因素。總體而言，預計今年關稅對獲利能力的總影響為 1.6 億美元，相當於利潤率下降約 230 個基點。

We're taking thoughtful actions to mitigate these impacts while continuing to deliver the compelling value, quality and innovation that is foundational to our brands. We're leveraging our agile supply chain to optimize our global manufacturing footprint, minimizing our tariff exposure where possible. We are also working closely with our long-standing service providers to drive efficiencies.

我們正在採取深思熟慮的措施來減輕這些影響，同時繼續提供我們品牌的基礎性、引人注目的價值、品質和創新。我們正在利用靈活的供應鏈來優化我們的全球製造足跡，盡可能降低關稅風險。我們也與長期服務提供者密切合作，以提高效率。

I remain confident in our ability to address these headwinds fully over time given the strength of our business and the agility of our supply chain. Overall, we view our guidance as prudent and achievable. All in, we expect to drive continued mid-single-digit revenue growth on a pro forma basis, deliver strong operating margins above prior year and returned over $1 billion in capital to shareholders in the fiscal year.

鑑於我們業務的實力和供應鏈的靈活性，我仍然對我們能夠隨著時間的推移全面應對這些不利因素充滿信心。整體而言，我們認為我們的指導是審慎且可實現的。整體而言，我們預計本財年的營收將繼續維持中等個位數成長，營業利潤率將高於上年，並向股東返還超過 10 億美元的資本。

And as we action our mitigation strategies on tariffs, we believe our longer-term earnings growth delivery will accelerate. Now turning to the details. This guidance excludes Stuart Weitzman from fiscal '26 expectations. For the fiscal year, we expect revenue to approach $7.2 billion. This represents pro forma revenue to grow at a mid-single-digit rate on both a nominal and constant currency basis with FX planned to be an 80 basis point tailwind.

隨著我們實施關稅緩解策略，我們相信我們的長期獲利成長將會加速。現在來談談細節。本指引將 Stuart Weitzman 排除在 26 財年預期之外。我們預計本財年的營收將接近 72 億美元。這意味著，預計收入在名目和固定匯率基礎上都將以中等個位數的速度成長，而外匯預計將帶來 80 個基點的順風。

Touching on sales details by region at constant currency on a pro forma basis. In North America, we expect revenue to increase mid-single digits. In addition, we expect growth in Europe in the area of 20%. In Greater China, we expect to achieve high single-digit growth over the prior year. In Japan, we're forecasting a high single-digit decline and in other Asia, we anticipate high single-digit gains.

以固定貨幣形式列出各地區的銷售明細。在北美，我們預計收入將成長中等個位數。此外，我們預計歐洲地區的成長率將達到 20%。在大中華區，我們預計將實現比上一年高個位數的成長。在日本，我們預測會出現高個位數的下降，而在亞洲其他地區，我們預期會出現高個位數的成長。

And by brand, this guidance incorporates high single-digit growth at Coach at constant currency. At Kate Spade, we're embedding a high single-digit decline in revenue with sequential improvement planned in the second half of the year.

按品牌劃分，本指引涵蓋了 Coach 按固定匯率計算的高個位數成長。在 Kate Spade，我們的收入出現了高個位數的下滑，計劃在今年下半年實現連續改善。

In addition, our outlook assumes operating margin expansion. We anticipate gross margin to decline in the area of 70 basis points. This assumes operational gross margin expansion of 120 basis points due primarily to improvements in AUR, slightly offset by an FX headwind of 20 basis points. Further, we expect to realize a 60 basis point structural tailwind to gross margin from the disposition of Stuart Weitzman.

此外，我們的展望假設營業利潤率將擴大。我們預計毛利率將下降 70 個基點左右。假設營業毛利率擴大 120 個基點，主要原因是 AUR 的改善，但被 20 個基點的外匯逆風稍微抵銷。此外，我們預期 Stuart Weitzman 的處置將為毛利率帶來 60 個基點的結構性順風。

Offsetting these planned margin drivers is a 230 basis point headwind from incremental tariffs and duties, which incorporates the timing of policy implementation, product sell-through and mitigating actions underway. For context, this is a headwind of $160 million in the fiscal year, which assumes we mitigate 30% of the annualized run rate of $235 million.

抵銷這些計劃利潤驅動因素的是增量關稅和關稅帶來的 230 個基點的阻力，其中包括政策實施的時間、產品銷售和正在進行的緩解措施。就背景而言，這是本財政年度 1.6 億美元的逆風，假設我們將 2.35 億美元的年化運行率降低 30%。

On SG&A, we expect expenses to be approximately even with prior year, resulting in at least 100 basis points of expense leverage. This reflects our diligent expense control, partially offset by ongoing growth-focused investments in our strategic priorities.

對於銷售、一般及行政費用，我們預計支出將與去年大致持平，從而產生至少 100 個基點的支出槓桿。這反映了我們勤勉的費用控制，但部分被我們策略重點中持續的以成長為重點的投資所抵消。

To this end, we expect marketing as a percentage of sales to increase around 80 basis points versus last year, reaching over 11% of revenue. We also realized a 20 basis point benefit to expenses from the sale of Stuart Weitzman. All in, this means operational SG&A leverage is expected to be at least 160 basis points.

為此，我們預計行銷佔銷售額的比例將比去年增加約 80 個基點，達到營收的 11% 以上。我們也從 Stuart Weitzman 的出售中獲得了 20 個基點的收益。總體而言，這意味著營運銷售、一般及行政費用槓桿預計至少為 160 個基點。

For some texture on operating profit by brand, we anticipate Coach will maintain its operating margin even with tariff pressure and continued brand investments. At Kate Spade, we expect a modest profit loss given the outsized tariff impacts and brand investments, as mentioned.

對於各品牌營業利潤的一些細節，我們預計，即使面臨關稅壓力和持續的品牌投資，Coach 仍將維持其營業利潤率。如前文所述，鑑於關稅影響過大以及品牌投資增加，我們預期 Kate Spade 的利潤將出現小幅損失。

Moving to below-the-line expectations for the year. Net interest expense is expected to be approximately $65 million. The tax rate is expected to be approximately 18%, and our weighted average diluted share count for the year is forecasted to be approximately 213 million shares, which includes the expectation for $800 million in share repurchases. Taken together, we expect EPS to be $5.30 to $5.45, representing 4% to 7% growth compared to last year, including over $0.60 of tariffs and duty headwinds.

轉向低於今年的預期。淨利息支出預計約 6500 萬美元。預計稅率約為 18%，預計今年的加權平均稀釋股數約為 2.13 億股，其中包括預期 8 億美元的股票回購。綜合來看，我們預計每股收益為 5.30 美元至 5.45 美元，較去年同期增長 4% 至 7%，其中包括超過 0.60 美元的關稅和稅收逆風。

Moving on, we anticipate adjusted free cash flow to approach $1.3 billion. And finally, we expect CapEx and cloud computing costs to be in the area of $200 million. We anticipate about 60% of the spend to be related to store openings, renovations and relocations with the balance primarily related to our ongoing IT and digital investments.

接下來，我們預計調整後的自由現金流將接近 13 億美元。最後，我們預計資本支出和雲端運算成本將在 2 億美元左右。我們預計約 60% 的支出將與門市開業、裝修和搬遷有關，其餘支出主要與我們正在進行的 IT 和數位投資有關。

Touching on the shaping for the year. To start, given the dynamic nature of the rapidly shifting market, it's important to note we could experience volatility by quarter, notably within profit as tariff and duty impacts work their way through the P&L.

觸及今年的塑造。首先，鑑於快速變化的市場的動態性質，重要的是要注意我們可能會經歷季度波動，特別是利潤波動，因為關稅和關稅的影響會透過損益表體現出來。

Now to our current assumptions, we expect pro forma constant currency revenue to increase high single digits in the first half and low single digits in the back half. For Q1 specifically, as mentioned, we started the year strong with revenue trends accelerating at Coach. As a result, we're anticipating a low double-digit total sales gain in the quarter. This includes a 70 basis point tailwind from FX.

根據我們目前的假設，我們預計上半年預期固定匯率營收將成長高個位數，下半年將成長低個位數。具體到第一季度，如前文所述，我們今年開局表現強勁，Coach 的營收趨勢不斷加速。因此，我們預計本季總銷售額將實現低兩位數成長。其中包括來自外匯的 70 個基點的順風。

Turning to margin. As we mentioned, we expect gross margin pressure for the year due entirely to tariff and duty headwinds, primarily in the second half. In Q1, we anticipate reported gross margins to increase by approximately 100 basis points.

轉向保證金。正如我們所提到的，我們預計今年的毛利率將面臨壓力，這完全是由於關稅和稅收方面的不利因素，主要是在下半年。在第一季度，我們預計報告的毛利率將增加約 100 個基點。

SG&A is expected to leverage both in the first and second halves, while in Q1 specifically, we expect slight deleverage on higher marketing expense. We expect operating margin expansion in the first half, driven by a Q1 increase of roughly 80 basis points.

預計銷售、一般及行政費用在上半年和下半年都將發揮槓桿作用，而具體到第一季度，我們預計由於行銷費用增加，槓桿率將略有下降。我們預計上半年營業利潤率將擴大，受第一季約 80 個基點成長的推動。

In the second half, operating margins are planned in line with prior year despite tariff and duty pressure. Taking a prudent approach to our guidance, we expect EPS growth for the year to be led by the first half with Q1 forecasted to grow by more than 20% to approximately $1.25.

下半年，儘管面臨關稅和稅收壓力，但預計營業利潤率將與去年同期持平。我們採取審慎的指導方針，預計今年的每股盈餘成長將由上半年帶動，其中第一季預計將成長超過 20%，達到約 1.25 美元。

So in closing, we delivered another record-breaking quarter and year, highlighted by strong top and bottom line growth. We achieved over $5 in EPS and returned more than $3 billion to shareholders over the last three years, consistent with the targets we outlined at our last Investor Day. This showcases our differentiated and highly cash-generative business model that has proven agile, resilient and adaptive to change.

總而言之，我們又創造了一個破紀錄的季度和年度，突出表現是強勁的營收和利潤成長。過去三年，我們的每股盈餘超過 5 美元，為股東帶來了超過 30 億美元的回報，這與我們在上一次投資者日上提出的目標一致。這展示了我們差異化且高度現金創造的商業模式，已被證明具有敏捷性、彈性和適應變化的能力。

Moving forward, we are confident in our brands, our people and our strategy. Our fundamentals are strong, and we have competitive and structural advantages that position us to drive durable growth and shareholder value in both the year ahead and for years to come.

展望未來，我們對我們的品牌、我們的員工和我們的策略充滿信心。我們的基本面強勁，擁有競爭優勢和結構優勢，使我們能夠在未來一年甚至數年推動持久成長和股東價值。

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

現在我想開始回答你們的問題。

(Operator Instructions)

（操作員指示）

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, Joanne Scott and Todd, and thank you for taking our question. Can you help us unpack your outlook for fiscal '26 and what you're seeing in the business right now? Specifically, can you talk about the strength at Coach and your strategies to mitigate the impact of tariffs over time?

早安，喬安妮·斯科特和托德，感謝你們回答我們的問題。您能否幫我們分析一下您對 26 財年的展望以及您目前所看到的業務狀況？具體來說，您能談談 Coach 的優勢以及您為減輕關稅影響所採取的策略嗎？

Thanks, Brooke, I'll kick us off and start with the breakout year we just delivered, which I think illustrates the power of our business model and our strategies. And just to recap, this year, we delivered strong top line results with an inflection to mid-single-digit growth, well ahead of the industry, and we capped the year with an even stronger fourth quarter. Importantly, we did this at increasing margins, meaning that we're growing in a healthy way and in a durable way.

謝謝，布魯克，我先從我們剛剛突破的一年開始，我認為這體現了我們的商業模式和策略的力量。總結一下，今年我們的營收表現強勁，成長率達到中等個位數，遠超行業平均水平，並且我們以更加強勁的第四季度為今年畫上了圓滿的句號。重要的是，我們實現了利潤率的提高，這意味著我們正在以健康、持久的方式成長。

And we delivered earnings per share above $5, which is -- was our commitment three years ago amid an incredibly complex environment, which showcases the agility of our teams. Importantly, our momentum continued. The Coach business accelerated into the first quarter. This all points to the fact that we're driving durable growth. This is our focus, and we are executing.

我們實現了每股收益超過 5 美元的目標，這是我們三年前在極其複雜的環境下做出的承諾，這展現了我們團隊的敏捷性。重要的是，我們的勢頭持續了下去。Coach 業務在第一季加速發展。這一切都表明我們正在推動持久成長。這是我們的重點，我們正在執行。

And in terms of fiscal '26, we expect continued growth. Our guidance calls for mid-single-digit top line growth and mid- to high single-digit earnings growth, inclusive of tariffs. And we're clear eyed about the environment.

就 26 財年而言，我們預計將持續成長。我們的預期是，包括關稅在內，營收將實現中等個位數成長，獲利將實現中等至高個位數成長。我們對環境有清醒的認知。

We're incorporating the latest news on tariffs, both in how it could pressure consumers as well as the impact on our business. And even with tariffs, we're continuing to expand our operating margin this year and we're well positioned to fully offset the impact of tariffs over time. So we have momentum and we see tremendous runway ahead, and I'll turn it to Todd to talk about the strength he's seeing at Coach.

我們正在整合有關關稅的最新消息，包括它對消費者的壓力以及對我們業務的影響。即使有關稅，我們今年仍將繼續擴大營業利潤率，並且我們有能力完全抵消關稅的影響。因此，我們擁有強勁的發展勢頭，並且看到了巨大的發展空間，下面我將請托德來談談他所看到的 Coach 的優勢。

Thanks, Joanne. As we noted in the fourth quarter, we grew 13%. And what was important about our growth was it was broad-based in leather goods. And we grew in the key markets that we focused on North America, China and Europe, and we delivered a 10% total year growth well ahead of the industry.

謝謝，喬安妮。正如我們在第四季度所指出的，我們的成長了 13%。我們的成長的一個重要方面是其業務廣泛覆蓋皮革製品。我們在北美、中國和歐洲等主要市場實現了成長，全年總成長率達到 10%，遠高於產業平均。

What is even more impressive, I think, is where we're at right now. Our quarter-to-date, as Joanne mentioned, we've seen an acceleration from our exit rate in Q4. And that acceleration is coming with lower promotions year-on-year. In the quarter, last quarter, we added 1 million new customers in North America, 70% were Gen Z and millennials. Additionally, we added 1.7 million customers globally.

我認為更令人印象深刻的是我們現在所處的位置。正如喬安妮所提到的，從本季至今，我們的退出率在第四季有所加快。而這種加速還伴隨著逐年減少的促銷活動。上個季度，我們在北美增加了 100 萬新客戶，其中 70% 是 Z 世代和千禧世代。此外，我們在全球新增了 170 萬客戶。

And this strong traction with younger consumers is our future. We then turn to innovation, and the value we offer our customers. And let me talk about one specific bag that was mentioned in our prepared remarks, our kisslock bag. That bag was launched by our Creative Director at last September's Runway Show.

這種對年輕消費者的強大吸引力就是我們的未來。然後我們轉向創新以及我們為客戶提供的價值。讓我來談談我們在準備好的發言中提到的一個特定的包，那就是我們的吻鎖包。這款包是我們的創意總監在去年九月的時裝秀上推出的。

We've done two drops of that bag, and last one sold out within hours. Since that last drop, we have 81,000 customers just in the United States who have registered to be notified when we're going to do another drop. And in fact, last week, we added another 4,000 customers when Sarah Jessica Parker was featured carrying the bag in Just Like that.

我們已經賣了兩批這種包，最後一批在幾個小時內就銷售一空。自上次投放以來，僅在美國就有 81,000 名客戶註冊，以便在我們再次投放時收到通知。事實上，上週莎拉潔西卡派克在《就這樣》節目中手提這款包包時，我們的顧客又增加了 4,000 人。

That's an example of the brand heat we're talking about. That's the example of the momentum that Coach has. So when I look at that, I look at our investment in the brand, particularly over the last three years and the resulting brand heat. And this places us in the best position to continue to grow AUR and mitigate duties and tariffs. Thank you.

這就是我們所說的品牌熱度的一個例子。這就是 Coach 所擁有的動力的體現。因此，當我看到這一點時，我會看我們對該品牌的投資，特別是過去三年的投資以及由此產生的品牌熱度。這使我們處於最佳位置，可以繼續增加 AUR 並降低關稅。謝謝。

Thank you both. I'll pass it on.

謝謝你們兩位。我會傳達的。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey everyone, let me add my congrats. One for Joanne, one for Scott, I believe. Just again, back to the accelerate. I mean, clearly, there's an acceleration in the business. You're guiding 1Q above what you reported for 4Q.

大家好，讓我也向大家表示祝賀。我相信，一個是給喬安妮的，一個是給史考特的。再次回到加速。我的意思是，顯然業務正在加速發展。您預測的第一季業績將高於您報告的第四季業績。

Todd gave some helpful comments. But maybe, Joanne, can you help us with the data or the new customer growth, anything you look at that gives you confidence in an ability to kind of lap the robust comps that really began during last holiday. Just curious how you kind of frame that?

托德給了一些有益的評論。但是，喬安妮，也許您能幫助我們提供數據或新客戶增長情況，任何您看到的資訊都可以讓您有信心能夠超越上個假期開始的強勁增長。只是好奇你是如何構思這一點的？

And then, Scott, I just wanted to ask about tariffs. So I think three months ago, you gave some confidence in maintaining margin when you had about $90 million of headwind. Now it sounds like you've got more like [160] with the new tariffs, but you're also kind of not guiding to mitigate any of that in your guide. So I guess the question is, is that highly conservative? Do you still view an ability to maintain the margins is on the table? Has anything changed? Just curious your thoughts.

然後，史考特，我只想問關稅問題。因此我認為三個月前，當你面臨約 9,000 萬美元的逆風時，你對維持利潤率有一定的信心。現在聽起來，您對新關稅的看法更像是[160]，但您的指南中也沒有指導如何減輕任何影響。所以我想問題是，這是否非常保守？您是否仍認為我們有能力維持利潤率？有什麼改變嗎？只是好奇你的想法。

Well, thanks, Ike. And let me kick it off with your question around the consumer and new customer acquisition, which is a really important question. It is the foundation of our growth, and it is the focus of our brands is to make sure that we're continually acquiring new customers to our brands.

好吧，謝謝，艾克。首先讓我問一下關於消費者和新客戶獲取的問題，這是一個非常重要的問題。這是我們成長的基礎，也是我們品牌的重點，確保我們持續為我們的品牌吸引新客戶。

And that focus and those brand-building capabilities, we've been building those for years. And we're investing behind those capabilities, both in our technology infrastructure, but most importantly, the marketing investments that we're making, and you see us continue to grow those investments. We expect to continue to acquire new customers to our brands. That is our focus.

我們多年來一直致力於打造這種專注力和品牌建立能力。我們正在為這些能力進行投資，包括我們的技術基礎設施，但最重要的是，我們正在進行的行銷投資，你會看到我們繼續增加這些投資。我們希望繼續為我們的品牌吸引新客戶。這是我們的重點。

And what is important is that we're seeing this young consumer gravitate to our brand. So the execution, particularly at Coach, is at a very high level that the young consumer seems Coach as a brand for them and everything we do at every touch point.

重要的是，我們看到年輕的消費者對我們的品牌產生了興趣。因此，我們的執行力，尤其是在 Coach，達到了非常高的水平，年輕的消費者將 Coach 視為他們的品牌，我們在每個接觸點所做的一切都是如此。

So that is what's driving the customer acquisition. And importantly, we're seeing these customers come back with more frequency. So our retention rates on these young customers are actually higher than our other cohorts, which I think bodes well for the durability of our growth.

這就是推動客戶獲取的因素。重要的是，我們看到這些顧客回頭的頻率越來越高。因此，我們對這些年輕客戶的保留率實際上高於其他群體，我認為這預示著我們成長的持久性。

We're going to capture these young customers at the point of market entry, and we're going to keep them and drive lifetime value. So that is fuel for our future growth. It's a foundation that we will continue to build on with more new customer acquisition. And that's how we're thinking about comping the comp. We're just building a foundation and getting stronger from here. Scott?

我們將在市場進入時抓住這些年輕客戶，並留住他們並創造終身價值。這是我們未來發展的動力。我們將在此基礎上繼續拓展，爭取更多新客戶。這就是我們對 comping the comp 的思考方式。我們只是在打基礎，然後變得更強大。史考特？

And just before Scott answers. Sorry, I just want to give you one little tidbit that maybe helps demonstrate this. We are killing it with bag charms. And one of my questions was I haven't seen a material move in but what we found out when we dug and looked at the data, they're coming back more frequently. A young customer may buy the bag and then come back a week or two weeks later to actually buy a bag charm.

就在斯科特回答之前。抱歉，我只是想給你一個小故事，也許可以幫助證明這一點。我們正在用包包飾品來消滅它。我的一個問題是，我還沒有看到實質的動向，但是當我們挖掘和查看數據時發現，它們回來得更頻繁了。年輕的顧客可能會購買包包，然後在一周或兩週後回來購買包包飾品。

So that gives us two opportunities to interact with them. And as Joanne and I have talked about in many calls, we have the best sales team in the world. Their ability to get them back in the store and sell them is so powerful in terms of our special sauce. I just want to throw that to a bit. I know, Scott, you want to talk about tariffs and what we're going to do about them.

這給了我們兩次與他們互動的機會。正如喬安妮和我在許多電話中談到的那樣，我們擁有世界上最好的銷售團隊。就我們的特殊醬汁而言，他們將這些醬汁帶回商店並出售的能力非常強大。我只是想稍微拋一下這個。我知道，斯科特，你想談論關稅以及我們將如何應對。

I can't wait, Todd. Thanks for the pass off. And I appreciate the way -- I appreciate the way you asked the question, by the way, because you're exactly right. I mean of the $0.60 that impacted or is impacting our guidance, two-third of that, if we just went back one quarter, were not in effect, right? And in fact, just a couple of weeks ago, the early termination of the de minimis came into vision.

我等不及了，陶德。謝謝你的通行證。順便說一句，我很欣賞你提問的方式，因為你說得完全正確。我的意思是，對於影響我們指導的 0.60 美元，如果我們回顧一個季度，其中的三分之二並沒有生效，對嗎？事實上，就在幾週前，提前終止最低限度政策的想法就已經出現。

So you think about that $0.60, that's a onetime increasing cost, which is impacting our gross margins, but we have massive underlying strength even in our gross margins, and I'll just remind you, our operating margins are guided to expand even with the $0.60. So I guess you could say if not for tariffs, add $0.60 to this guide, that's not the reality, though, right? I mean, the tariffs are real, and we're going to fight our way through it.

所以，想想那0.60美元，這是一次性增加的成本，會影響我們的毛利率。但即使在毛利率方面，我們也有巨大的潛在優勢。我還要提醒你，即使有0.60美元，我們的營業利潤率也預計會成長。所以，我想你可能會說，如果不是因為關稅，在這個指導價上再加0.60美元，那不是現實情況，對吧？我的意思是，關稅是真實存在的，我們會努力解決它。

One other perspective I would give you is, listen, we have momentum and the first word in supply chain is supply. We're not going to sacrifice service to our business. We have great momentum. We're taking share. We want to feed that momentum, and we don't want to take any knee-jerk reactions based on, frankly, dynamic and ever-changing environment here as it relates to tariffs and duties and the landscape.

我想給你的另一個觀點是，聽著，我們有動力，供應鏈中的第一個字是供應。我們不會為了業務而犧牲服務。我們擁有強勁的發展勢頭。我們正在分擔份額。我們希望保持這種勢頭，我們不想根據與關稅和情況相關的動態和不斷變化的環境做出任何下意識的反應。

So as we start to understand the rules of the game, I've never seen an organization that's better at playing that game and getting after it. So I have every bit of confidence that our gross margins and operating margins will continue to expand as we move into next year and beyond, and I can't wait to hopefully, you'll come and see the model and get a [muffin] in our Investor Day in about three weeks or so, and we'll give you more illumination into what that long-term guide path looks like.

因此，當我們開始了解遊戲規則時，我從未見過比我們更擅長玩這個遊戲並取得成功的組織。因此，我完全有信心，隨著我們進入明年及以後，我們的毛利率和營業利潤率將繼續擴大，我迫不及待地希望，您能在大約三週後的投資者日來查看模型併購買[鬆餅]，我們將為您提供更多關於長期指導路徑的說明。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So Joanne, at the Coach brand and the continued strength of the business, how best to think about the inflection in units that you're seeing despite the impact of lower promotions. And maybe how do you see the go-forward interplay between AUR and units as both contributors to the revenue build? And then Scott, just on gross margin, is maybe a -- could you give any elaboration on the phasing of gross margin for fiscal '26 or just any front half versus back half assumptions to consider?

太好了，謝謝。那麼 Joanne，對於 Coach 品牌及其持續強勁的業務，儘管促銷活動減少，您如何才能最好地看待所看到的銷售量變化？您如何看待 AUR 和單位數量作為收入成長的貢獻者之間的相互作用？然後斯科特，僅就毛利率而言，也許 - 您能否詳細說明一下 26 財年的毛利率分階段，或者只是考慮前半部分與後半部分的假設？

Thanks, Matt. I'm going to kick it off briefly, but then turn it to Todd because I'd like him to talk about the Coach brand and our unit growth. But we have effectively reached the tipping point at Coach, where we've done the work to build the brand and we're acquiring new and younger customers who are transacting at high AUR. We've cut the tail, the long tail of SKUs and stepped away from promotional activity that had a drain on units over the last few years. But our business is incredibly healthy. And maybe with that, Todd, I'll let you finish the sentence.

謝謝，馬特。我將簡短地開始討論，然後轉向托德，因為我希望他談談 Coach 品牌和我們的單位增長。但我們實際上已達到 Coach 的臨界點，我們已完成品牌建立工作，並且正在吸引以高 AUR 進行交易的新客戶和年輕客戶。我們已切斷 SKU 的長尾，並停止了過去幾年消耗單位的促銷活動。但我們的生意卻異常健康。托德，也許這樣我就讓你把這句話說完。

Thanks, Joanne. Yes. I mean not only did we cut the tail, but we're constantly improving it. So it wasn't a one and done exercise that we did four years ago or five years ago, now, actually a little bit longer. We're constantly looking at our product offering, focusing and focusing.

謝謝，喬安妮。是的。我的意思是，我們不僅剪掉了尾巴，而且還在不斷改進它。因此，這不是我們四年前或五年前做的一次性練習，實際上時間更長一些。我們不斷關注我們提供的產品，並不斷集中精力。

One of the things about telling deeper and richer stories is doing it on fewer big ideas. And that's what's cutting through.

講述更深刻、更豐富的故事的秘訣之一就是運用更少的大創意。這就是突破點。

So our guidance for the year has most of our growth coming through AUR growth. We believe units will continue to grow as well. So it's very powerful for us. I am not interested in churn. We are interested in building long-term sustainable growth over the many years to come, and that's how we're doing it.

因此，我們對今年的預期是，大部分成長將來自 AUR 成長。我們相信單位數量也將持續增加。所以這對我們來說非常有用。我對客戶流失不感興趣。我們有興趣在未來的許多年裡實現長期可持續增長，而這就是我們正在做的事情。

And we're going to continue to do it that way. And then one thing you'll hear us talk about at our Investor Day, we're going to see -- we're back in the business of growing stores, particularly in North America, you're going to see us talk about a growth in physical locations because one of the things our data points to is this younger consumer, they like being in the real world. They like shopping, they like interacting. That's how we can win. So I'm excited by you'll see us grow -- continue to grow AUR. We're far from done, but you'll start seeing us grow units as well.

我們將繼續這樣做。然後，您會聽到我們在投資者日上談論的一件事是，我們將看到——我們重新回到了發展門市的業務中，特別是在北美，您將看到我們談論實體店的增長，因為我們的數據表明，年輕的消費者喜歡生活在現實世界中。他們喜歡購物，喜歡互動。這就是我們獲勝的方法。所以我很高興你會看到我們成長——繼續發展 AUR。我們還遠遠沒有完成，但您也會開始看到我們的業務量成長。

Yeah, and a nice tie-in as I give you a little illumination on the gross margin phasing, just picking up with Todd last. The advantage of our structurally high gross margins and the fact that we have a history of and confidence in continuing to grow is one of the things that makes that D2C work, right? As the profitability of our stores continues to increase, and that's really what's unlocking the opportunity for expansion and yet another growth factor as we look forward.

是的，這是一個很好的搭配，我會給你一些關於毛利率階段的說明，最後和 Todd 一起討論。我們結構性高毛利率的優勢，以及我們擁有持續成長的歷史和信心，是使 D2C 能夠成功的因素之一，對嗎？隨著我們商店的獲利能力不斷提高，這才是真正釋放擴張機會的因素，也是我們期待的另一個成長因素。

I think we said a little bit of this in terms of the phasing. But -- so think again about the impact of tariffs. So we got underlying operational gross margin strength led by the AUR that Todd just talked about. That happens throughout the year. Remember, I also said in the prepared remarks that we brought a little inventory in ahead.

我認為我們在分階段方面已經談過這一點。但是——再想想關稅的影響。因此，我們獲得了 Todd 剛才談到的由 AUR 主導的潛在營運毛利率優勢。這種情況全年都會發生。請記住，我在準備好的發言中也說過，我們提前帶來了一些庫存。

So it will take a while for that rabbit to work through the snake, right? So as the tariffs become effective and we sell through the lower tariff goods in the first half. And then in the second half, you'll start to see those higher tariff goods start to hit the P&L.

那麼兔子需要花一段時間才能打敗蛇，對嗎？隨著關稅生效，我們將在上半年銷售低關稅商品。然後在下半年，你會開始看到那些關稅較高的商品開始影響損益。

You're going to see stronger gross margins in the first half. I think we guided to a little over 100 basis points in Q1, for example, that's really driven by the operational strength that's structural and ongoing. And then you'll see some of those tariffs starting to hit in the second -- in the second half. So your gross margins will be a little lower in the second half.

您將會看到上半年的毛利率將會更高。例如，我認為我們預計第一季的成長率將略高於 100 個基點，這實際上是由結構性和持續的營運實力所推動的。然後你會看到部分關稅將在第二季——下半年開始生效。所以下半年的毛利率會稍微低一點。

But the other thing I would say is, as it relates to mitigation, as I said in my earlier comments to Ike, we've got a lot of plans in place. And now that we understand better the game board and what we're shooting for, those mitigation plans are well underway. Some of those are quick, a lot of them take a little longer. So as we get into next year and beyond, you'll start to see more of those mitigations coming into effect in the gross margin line in '27 and '28.

但我想說的另一件事是，就緩解措施而言，正如我之前對艾克的評論中所說，我們已經制定了很多計劃。現在我們對遊戲規則和我們的目標有了更好的了解，這些緩解計劃正在順利進行中。有些很快，但很多需要更長的時間。因此，隨著我們進入明年及以後，您將開始看到更多此類緩解措施在 27 年和 28 年的毛利率線上生效。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Good morning. Let me add my congratulations. I guess I'll start with kind of from just a structural modeling question. The last time the Coach brand was at these types of gross margins and north of 30% operating margins was sort of back 2005, 2006.

偉大的。早安.讓我也表達我的祝賀。我想我將從一個結構建模問題開始。Coach 品牌上一次實現這樣的毛利率和超過 30% 的營業利潤率還是在 2005 年、2006 年。

So -- and I know that the wholesale was a bigger portion of the business. But Joanne and Scott, can you talk about -- and Todd, can you talk about structurally what is different today and what enables Coach to continue to kind of expand on both those line items?

所以——我知道批發業務佔了很大一部分。但是喬安妮和史考特，你們能談談嗎？托德，你們能從結構上談談今天有什麼不同，以及是什麼讓 Coach 能夠繼續擴大這兩個項目？

And then can you also, Todd, talk about kind of pricing as a mechanism to mitigate the tariffs -- haven't had -- heard a lot of discussion about that. I know you did take some pricing earlier in the year. Is there a plan for the fall season? And is there another plan perhaps for spring of next year?

那麼，托德，你能否也談談定價作為一種減輕關稅的機制——我還沒有聽過很多關於這方面的討論。我知道您今年早些時候確實進行了一些定價。秋天有什麼計劃嗎？明年春天還有其他計畫嗎？

Yeah. I'll go ahead. I think it since it was mostly all Coach. While I wasn't here in 2005, I was here just shortly thereafter. We are a different company.

是的。我先走了。我認為是的，因為這基本上都是 Coach 的功勞。雖然 2005 年我還沒來過這裡，但之後不久我就來過這裡。我們是一家與眾不同的公司。

We are more direct-to-consumer than in 2005. We have more geographic diversification than 2005. Again, back in that era, if you go pre-2010, 2012, we really had -- we were Japan and the US. Today, we have giant pillars of growth in China, in Asia. And now most recently, you see us do tremendous growth in Europe.

與 2005 年相比，我們更直接面對消費者。與 2005 年相比，我們的地域多元化程度更高。再說一次，回顧那個時代，如果你回顧 2010 年、2012 年之前，我們確實——我們是日本和美國。今天，我們在亞洲擁有龐大的成長支柱——中國。最近，您看到我們在歐洲取得了巨大的成長。

So I think structurally, we're in a far better place to deal with that. And it's a different kind of company. Second, the innovation that we're bringing to the table in terms of product offering, Stuart has been with us for about 11-plus years.

因此我認為從結構上來說，我們能夠更好地應對這個問題。這是一家不同類型的公司。其次，我們在產品供應方面所帶來的創新，史都華已經與我們合作了大約 11 年多。

I feel in some ways and he and I just walked through the showroom, I get the benefit of seeing the showroom, many seasons ahead of what you get to see. And we both left there and saying, this is the best we've seen the brand ever.

我覺得從某種程度上來說，他和我剛剛走過展廳，從參觀展廳中我受益匪淺，比你之前看到的要早很多季。我們離開時都說，這是我們見過的最好的品牌。

Again, the consumer will vote. Hopefully, they'll be as enthusiastic, but we feel very good about that. And then in our history, in our DNA Coach, we always talked about blending magic and logic. Today, under the Tapestry engine, we took that and put it on steroids. We are more data-driven. We have more insight. Again, we don't lose sight of the magic, but the magic is inform magic. So I feel very good.

再次強調，消費者將投票。希望他們也能如此熱情，但我們對此感覺非常好。在我們的歷史中，在我們的 DNA Coach 中，我們總是談論魔法和邏輯的融合。今天，在 Tapestry 引擎下，我們對其進行了改進。我們更加依賴數據。我們有了更多的見解。再說一次，我們並沒有忽略魔法，但魔法是告知魔法。所以我感覺非常好。

On price overall, we're going to continue to use our data to inform our pricing. And that's important. Those opportunities, geography, channel, product mix is all working in our favor. And examples of the One Coach strategy, where we're bringing our collection product, Brooklyn, Tabby, other products like that into outlet stores, selling at full price. That gives you natural AUR growth.

就整體價格而言，我們將繼續使用我們的數據來指導我們的定價。這很重要。這些機會、地理位置、通路、產品組合都對我們有利。舉個 One Coach 策略的例子，我們將我們的系列產品 Brooklyn、Tabby 和其他類似產品帶入直銷店，以全價出售。這會讓你的 AUR 自然增長。

And it enhances what's already in the outlets because at the end of the day, the consumer sees brands, not channels. So we're winning across a multitude of dimensions that will continue to allow us to take price, focus on the customer and grow from here.

而且它也增強了商店現有的產品，因為最終消費者看到的是品牌，而不是通路。因此，我們在多個方面都取得了勝利，這將使我們能夠繼續保持價格優勢、關注客戶並從中發展。

Great. Scott, one quick question. The $800 million that you're now targeting for share repurchase activity. Should we assume or think about that as the sort of new repo run rate? I know in the 2022 Analyst Day, sort of there was this notion of a consistent $700 million annually?

偉大的。斯科特，一個簡單的問題。您現在計劃為股票回購活動籌集 8 億美元。我們是否應該將其視為或視為一種新的回購運作率？我知道在 2022 年分析師日，有每年穩定 7 億美元的概念嗎？

Yeah, so I can't really go beyond what we've said right now, which is $800 million is this year. Here's what I'd ask you to take away. We got a really strong profitability and cash flow profile. We're a full turn below our leverage target.

是的，所以我不能超出我們現在所說的範圍，今年是 8 億美元。以下是我希望你們記得的。我們的獲利能力和現金流狀況非常強勁。我們的槓桿比率遠低於目標。

We got a lot of firepower, right? And so we know that our repurchases have been and will continue to be part of the value creation equation, $80 million this year, and we'll be happy to give you an update in a few weeks at our Investor Day about a longer-term perspective.

我們的火力很強大，對吧？因此，我們知道，我們的回購已經並將繼續成為價值創造方程式的一部分，今年的回購金額為 8000 萬美元，我們很樂意在幾週後的投資者日向您提供有關長期前景的最新信息。

But I hope you take away, Adrienne, that we've got -- we're in a strong position, and we've got what I would argue is a shareholder-friendly capital allocation positioning here in a history of returning that cash to shareholders.

但是，艾德麗安，我希望你能明白，我們處於強勢地位，而且我認為，我們擁有對股東友好的資本配置定位，並且一直將現金返還給股東。

Absolutely. Congratulations. See you in a month.

絕對地。恭喜。一個月後見。

Yeah, thanks.

是的，謝謝。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thanks. Good morning. I was hoping to ask for more details on the drivers of the 160 basis points of operating SG&A leverage this year and then your thoughts on the longer-term opportunities to maintain that leverage or if it still rollout might offset some of this in the out years?

謝謝。早安.我希望詢問有關今年 160 個基點的營運銷售、一般和行政費用槓桿的驅動因素的更多細節，然後您對維持該槓桿的長期機會有何看法，或者如果該槓桿仍然推出，可能會在未來幾年抵消其中的一些影響？

Yeah, so that sounds like a me question. So a couple of things. We did get a small benefit just foundationally from the Stuart Weitzman disposition, so roughly 20 basis points. And I'll also tell you, we are increasing our investment in MAP spending or marketing, right?

是的，這聽起來像是我的問題。有幾件事。我們確實從 Stuart Weitzman 的處置中獲得了一點基礎利益，大約 20 個基點。我還要告訴你，我們正在增加對 MAP 支出或行銷的投資，對嗎？

Off an already record high base, we're continuing to invest. And even with that, we're finding leverage across the SG&A line, and that's one of the reasons why we can talk about margin expansion for the year. So a lot of it has to do with the productivity of the fleet that Todd just mentioned, right?

在已經創下歷史新高的基礎上，我們將繼續投資。即便如此，我們仍然發現銷售、一般及行政費用方面存在槓桿作用，這也是我們可以談論今年利潤率擴大的原因之一。所以這在很大程度上與托德剛才提到的船隊的生產力有關，對嗎？

As we sell through and we're increasing our full-price sales, we're increasing sales across all D2C channels. And when you do that, you get leverage in your four-wall costs, the profitability is up, as we said. And that's a great driver of cost.

隨著我們的銷售量不斷增加以及全價銷售的不斷增加，我們所有 D2C 通路的銷售額也在增加。當你這樣做時，你就可以在四面牆成本上獲得槓桿作用，盈利能力就會上升，正如我們所說的那樣。這是成本的一個重要驅動因素。

And I would say on the, if you want to say, [air quotes] corporate costs, we're also being very diligent. We're investing in those things we think that matters. And -- those would be things like understanding the consumer on a deeper level, things like our customer, our data fabric, our AI initiatives, some of the things we're doing around data and analytics, and everything else, we're taking a pretty hard view and looking for efficiencies.

我想說的是，如果你想說，[空中引用]公司成本，我們也非常勤勉。我們正在投資那些我們認為重要的事情。這些包括更深入地了解消費者、我們的客戶、我們的資料結構、我們的人工智慧計劃、我們圍繞數據和分析所做的一些事情以及其他所有事情，我們都在認真審視並尋求提高效率。

So that's the model, right? Invest in things that are different to making and will set up growth in the future, find efficiencies across the rest of the P&L. And that, coupled with a nice acceleration in gross top line growth to mid-single digits. That sets up that flywheel that we've been talking about.

這就是模型，對嗎？投資與製造不同且未來將實現成長的事物，在其餘損益表中尋找效率。除此之外，總營業額也大幅成長至中等個位數。這就建立了我們一直在談論的飛輪。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

I'm guessing this one will go to you, Scott. So could you just unpack the commentary on de minimis, as I think about our conversations through the quarter, I know you guys are doing some scenario planning around tariff rates changing, but how are you guys leveraging de minimis in the past? And how does that change maybe how much of the 230 basis point is from de minimis?

我猜這個會給你，史考特。那麼，您能否解釋一下關於最低限度的評論，當我思考我們整個季度的對話時，我知道你們正在圍繞關稅稅率的變化做一些情景規劃，但你們過去是如何利用最低限度的？那麼這會如何改變 230 個基點中有多少來自最低限度呢？

I think that's kind of the surprise you. I'm guessing that means perhaps that some warehousing capacity needs to move back into the US or maybe just a thought on what that means operationally? And I'll follow up just by saying maybe just your growth rate a little slower in the fourth quarter relative to the first 9 months. Maybe just context on that and then the reacceleration of [20]

我想這有點令你驚訝。我猜這可能意味著一些倉儲能力需要遷回美國，或者只是想想這在營運上意味著什麼？我接下來想說的是，第四季的成長率可能與前九個月相比略有放緩。也許只是關於這一點的背景，然後重新加速[20]

Okay. So without going too much into rabbit hole, so de minimis is probably you're well aware, is really the ability to ship duty-free on e-commerce from outside of the US and into the US market. And with the recent tax bill that was passed, it was scheduled to expire in 2027, which was our expectation until a couple of weeks ago when there was an executive order, which accelerated the removal of de minimis.

好的。因此，無需深入探討，最低限度的商品可能您已經很清楚，實際上就是能夠透過電子商務免稅從美國境外運送到美國市場。根據最近通過的稅收法案，該法案原定於 2027 年到期，這也是我們的預期，直到幾週前發布了一項行政命令，加速了最低限度的取消。

And that was about one-third of $0.60 that we talked about. So what does that mean? That $900 million that we talked about before now is bigger, right? Because you had goods coming into the US that were duty free. Now they're subject to duty and they get the full impact of that -- the reciprocal tariffs that are now in effect, at least as we understand them at this point in time.

這大約是我們討論的 0.60 美元的三分之一。那麼這意味著什麼？我們之前談到的 9 億美元更多，對嗎？因為您的商品進入美國是免稅的。現在他們必須繳納關稅，並受到其全部影響——至少就我們目前所了解的而言，現在正在實施的互惠關稅。

So that probably is a surprise to many. I don't know how many people are paying attention to de minimis, but that was an opportunity that we had taken advantage of. It was a lot at that time and now the law has changed. So we have to -- we have to address that.

這可能會讓很多人感到驚訝。我不知道有多少人關注最低限度，但這是我們利用的一個機會。當時這種情況很多，但現在法律已經改變。所以我們必須——我們必須解決這個問題。

The good news is, as it relates to capacity and whatnot, as we think about our network, it's pretty agile and a combination of owned and 3PLs. So I'm not saying it's nothing, but our ability to manage within that is not a significant disruptor, and we have plans underway to take advantage of that. That's not a going to be a significant cost or interruption of service issue as we go forward, it's just more work for our supply chain team.

好消息是，就容量和其他方面而言，當我們考慮我們的網路時，它非常靈活並且是自有和第三方物流的結合。所以我並不是說這沒什麼，而是說我們的管理能力不會造成重大干擾，而且我們正在製定計劃來利用這一點。隨著我們不斷前進，這不會造成重大的成本或服務中斷問題，只會為我們的供應鏈團隊帶來更多工作量。

As it relates to the guide, this is a little different than we have typically guided in terms of philosophy because usually, what we do is we just say we're going to take the rates that we see and simply project those forward. We feel like as we're entering a new year, and we have great momentum as evidenced by our Q1 guide, we think it's prudent at this point in the year with the real estate of the entire year ahead of us and the full impact of tariffs and the dynamic environment out there to be prudent in our second half assumptions.

就指南而言，這與我們通常在哲學方面的指導略有不同，因為通常我們所做的只是說我們將採用我們看到的利率並簡單地將其預測到未來。我們感覺我們正進入新的一年，並且我們的第一季指南證明了我們擁有強勁的發展勢頭，我們認為在今年的這個時候是謹慎的，因為我們面前是全年的房地產市場，而且關稅和動態環境的全面影響使我們在下半年的假設中保持謹慎。

So we have done that, right? We've been a little conservative in the second half in light of the overall consumer backdrop. I want to be clear, has nothing to do with the trajectory of our business. We're not seeing any change in the consumer reaction. In fact, we've seen an acceleration in Q1. So can we do better in the second half? Let's see.

那我們已經做到了，對嗎？考慮到整體消費背景，我們對下半年的態度有些保守。我想明確一點，這與我們的業務發展軌跡無關。我們沒有看到消費者反應有任何變化。事實上，我們已經看到第一季的加速。那我們下半場能做得更好嗎？讓我們來看看。

But we feel like being prudent at this early stage and our full year guidance is the right position.

但我們覺得在早期階段應該謹慎，我們的全年指導是正確的。

And just to jump in, just a specific question on Europe, a slight reduction in Q4 versus the what we were achieving before that. That is all intentional on our part that is making sure that the wholesale accounts that we deal with are appropriate for the brand. So us being very intentional, it doesn't indicate any kind of slowdown in consumer demand.

我先問一個關於歐洲的具體問題，與之前相比，第四季的業績略有下降。這是我們有意為之，以確保我們處理的批發帳戶適合該品牌。因此，我們非常有意地表示，這並不表示消費者需求有任何放緩。

[Paul Leu of Citigroup]

[花旗集團的 Paul Leu]

It's [Tracy Kogan] filling in for Paul. I guess the acceleration you mentioned that's happening in 1Q. I was wondering if you could give a little more detail by region on that. And then secondly, what does your guidance assume in terms of the magnitude of price increases at the Coach brand?

是 [Tracy Kogan] 代替 Paul 的。我猜您提到的加速是在第一季發生的。我想知道您是否可以按地區提供更多詳細資訊。其次，您對 Coach 品牌價格上漲幅度有何預期？

The acceleration The acceleration we're seeing is widespread, as Scott was saying, we both want to jump in on this because it's a fun party. Yes, the acceleration we are seeing is widespread. The Coach strategies are working globally, and we're driving our business globally. We're seeing nice customer response and it's been very, very consistent in terms of acceleration. In terms of price increase, maybe, Todd, I'll let you talk about how -- what you're assuming for AUR growth in the year.

我們看到的加速是普遍的，正如斯科特所說，我們都想參與其中，因為這是一個有趣的派對。是的，我們看到的加速現像是普遍存在的。Coach 的策略正在全球範圍內發揮作用，我們也正在全球範圍內推動我們的業務。我們看到了良好的客戶反應，並且在加速方面也非常非常一致。關於價格上漲，也許，托德，我會讓你談談你對今年 AUR 成長的假設。

Yeah, again, our AUR growth is projected to be mid- to high single digits throughout the year. So we feel -- and we feel very good about that growth where we really look at -- buy the bag, buy the style by the silhouette and again, putting more first full-price product into outlet automatically lists our AUR as well. So we feel very good about the mix and where we can take AUR.

是的，我們預計全年的 AUR 成長率將達到中高個位數。因此，我們感覺——我們對這種增長感到非常滿意——我們真正關注的是——購買包，根據款式購買包，並且將更多的第一款全價產品放入奧特萊斯，也會自動列出我們的 AUR。因此，我們對這種組合以及 AUR 的應用範圍感到非常滿意。

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

謝謝。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。

Thank you, Leo. I want to close by thanking our exceptional teams for delivering another record year and share three important takeaways from our results. First, we deliver on our commitments. This is on display with our fiscal '25 EPS of over $5, which we outlined three years ago. Our strategies are working, our business is agile and poised for growth.

謝謝你，Leo。最後，我要感謝我們出色的團隊創造了另一個創紀錄的一年，並從我們的業績中分享三個重要收穫。一是履行承諾。這體現在我們三年前提出的 25 財年每股收益超過 5 美元的目標。我們的策略正在發揮作用，我們的業務靈活且準備好成長。

And we know this is key as we continue to build connections with consumers and execute with discipline in a dynamic landscape. Second, we have strong fundamentals and momentum highlighted by the double-digit growth we're seeing at Coach, which accelerated at the start of this year.

我們知道，當我們繼續與消費者建立聯繫並在動態環境中嚴格執行時，這一點至關重要。其次，我們擁有強勁的基本面和發展勢頭，Coach 實現了兩位數的成長，並在今年年初加速成長。

And third, we have unique competitive and structural advantages to drive durable growth and shareholder value into the future. I want to thank you, everyone, who joined us today for your interest in our story. Thanks, and have a great day.

第三，我們擁有獨特的競爭和結構優勢，可以推動未來持久成長和股東價值。我要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 conference call. We thank you for your participation.

Tapestry 的電話會議到此結束。我們感謝您的參與。