掛毯 (TPR) 2026 Q1 法說會逐字稿

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

您好，歡迎參加本次 Tapestry 電話會議。今天的通話將會被錄音。（操作說明）

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

此時此刻，我謹將電話交給全球投資人關係主管克里斯蒂娜‧科隆，請她致開幕詞並作介紹。

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

早安.感謝您的參與。今天與我一起討論我們第一季業績以及我們的策略和展望的是 Tapestry 的執行長 Joanne Crevoiserat；以及 Tapestry 的財務長兼營運長 Scott Roe。

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

在開始之前，我們必須指出，本次電話會議將涉及《私人證券訴訟改革法案》所界定的某些前瞻性陳述。這包括對我們當前或未來季度或財政年度業務的預測。

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.

前瞻性聲明並非保證，我們的實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。有關可能影響我們未來業績和表現的風險和其他重要因素的完整列表，請參閱我們的 10-K 表格年度報告、我們今天早上發布的新聞稿以及我們向美國證券交易委員會提交的其他文件。

Non-GAAP financial measures are included in our comments today and in our presentation slides. For a full reconciliation to corresponding GAAP financial information, please visit our website, www.tapestry.com/investors, and then view the earnings release and the presentation posted today. Now let me outline the speakers and topics for this conference call.

我們今天的發言和簡報中都包含了非GAAP財務指標。如需查看與相應 GAAP 財務資訊的完整核對錶，請造訪我們的網站 www.tapestry.com/investors，然後查看今天發布的收益報告和簡報。現在我來概述一下本次電話會議的發言人和議題。

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

Joanne 將首先介紹 Tapestry 和我們旗下品牌的亮點。Scott將繼續介紹我們的財務表現、資本配置重點以及未來展望。隨後，我們將舉行問答環節，屆時 Coach 的執行長兼品牌總裁 Todd Kahn 將出席。問答環節結束後，喬安妮將作簡短的總結發言。現在我想把麥克風交給 Tapestry 的執行長 Joanne Crevoiserat。

Good morning. Thank you, Christina, and welcome, everyone. Our first quarter marked a powerful start to our next chapter of growth. We increased pro forma revenue by 16%, adjusted operating margin by 200 basis points, and earnings per share by 35% versus last year, all surpassing expectations.

早安.謝謝你，克里斯蒂娜，也歡迎各位。我們第一季的業績標誌著我們下一個成長篇章的強勁開端。與去年相比，我們的備考收入成長了 16%，調整後的營業利潤率成長了 200 個基點，每股盈餘成長了 35%，都超出預期。

We achieved these gains while making strategic investments in the long-term growth drivers of the business. This outperformance positioned us to increase our outlook for the year, reinforcing that our advantages are structural and sustainable.

我們在對業務長期成長驅動因素進行策略性投資的同時，也取得了這些成果。這一優異表現使我們能夠提高對今年的預期，進一步鞏固了我們的優勢是結構性的和可持續的。

Now touching on the strategic highlights of the quarter. We meaningfully advanced our AMPLIFY growth agenda, as outlined at our Investor Day in September. We built emotional connections with consumers, acquiring over 2.2 million new customers globally in the quarter, driven by Gen Z. By connecting with consumers early in their journey, we're building lifetime value and reinforcing a competitive advantage our ability to attract and retain new generations to our brands.

現在來談談本季的戰略亮點。我們實際推進了在9月份投資者日上提出的AMPLIFY成長計畫。我們與消費者建立了情感聯繫，本季在全球新增了超過 220 萬名客戶，其中 Z 世代客戶是主要推動力。透過在消費者購買旅程的早期階段與其建立聯繫，我們正在創造終身價值，並鞏固我們吸引和留住新一代消費者的競爭優勢。

Next, we delivered fashion innovation and product excellence, led by Coach, where our brand is strong and growing. This is evident in the accelerated growth we achieved in our core leather goods offering. The combination of craftsmanship and value we offer to consumers continues to be a differentiator of our brands and business. We powered global growth through compelling experiences, driving double-digit gains in North America, China, and Europe, far outpacing the industry.

接下來，我們以 Coach 為首，致力於時尚創新和卓越產品，Coach 品牌實力雄厚，並且正在不斷發展壯大。這一點在我們核心皮革製品業務的加速成長中顯而易見。我們為消費者提供的精湛工藝和卓越價值，一直是我們的品牌和業務的差異化優勢。我們透過引人入勝的體驗推動了全球成長，在北美、中國和歐洲實現了兩位數的成長，遠遠超過了行業平均水平。

Our direct-to-consumer business model enables us to connect with consumers wherever they choose to engage with our brands while gathering real-time insights that underpin data-driven decisions. This is key to how we scale with focus and impact, and it was on display in the first quarter as we achieved strong growth in stores and online. As always, our talented teams are the driving force behind our results, delivering with creativity and discipline and building the capabilities that set us apart today and into the future.

我們的直接面向消費者的商業模式使我們能夠在消費者選擇與我們的品牌互動的任何地方與他們建立聯繫，同時收集即時洞察，從而為數據驅動的決策提供支援。這是我們如何以專注和影響力實現規模化發展的關鍵，這一點在第一季得到了充分體現，我們在實體店和線上業務都實現了強勁增長。一如既往，我們才華橫溢的團隊是我們取得成果的驅動力，他們以創造力和嚴謹的態度交付成果，並建立了使我們今天和未來都脫穎而出的能力。

Overall, we are delivering standout performance against an uncertain external backdrop with a business that is healthy and positioned for long-term growth. Now moving to our results and strategies by brand.

總體而言，在外部環境不確定的情況下，我們取得了優異的業績，公司業務健康，並為長期成長做好了準備。接下來，我們將按品牌介紹我們的成果和策略。

Coach delivered an exceptional first quarter, highlighted by a 21% increase in revenue at expanding margins. We drove double-digit top line growth across our key markets with North America increasing 26%; China, up 21%; and Europe growing 39%. These broad-based gains and outperformance versus the industry demonstrate that our unique expressive luxury positioning is resonating around the world.

Coach 第一季業績表現出色，營收成長 21%，利潤率也隨之擴大。我們在主要市場實現了兩位數的營收成長，其中北美成長了 26%；中國成長了 21%；歐洲成長了 39%。這些廣泛的收益和優於行業的表現表明，我們獨特的、富有表現力的奢侈品定位正在世界各地引起共鳴。

This is evident in our strong customer acquisition results as we welcomed over 1.7 million new customers globally to Coach, a strong increase over prior year, led by Gen Z. Our new and younger customers are transacting at higher AUR and have a higher retention rate than the balance of our client base. They are also influencing all generations, as we achieved growth in acquisition and retention among both Gen Z and non-Gen Z cohorts, a clear signal of our growing brand resonance and reach.

這一點在我們強勁的客戶獲取業績中得到了充分體現：Coach 在全球範圍內新增了超過 170 萬名客戶，較上年實現了顯著增長，其中 Z 世代客戶的增長尤為顯著。我們的新客戶和年輕客戶的平均交易額較高，留存率也高於我們其他客戶群。它們也影響著所有世代，我們在 Z 世代和非 Z 世代群體中都實現了用戶獲取和留存的成長，這清楚地表明我們的品牌共鳴和影響力正在不斷增強。

Now to discuss our first-quarter results in more detail. We drove strong double-digit gains in leather goods, where we have multiple platforms powering our growth. Our icons continue to lead consistent with our strategy. In particular, the Tabby, New York, and Teri families outperformed driven by accelerated Gen Z customer recruitment.

現在來更詳細地討論一下我們第一季的業績。我們在皮革製品領域實現了強勁的兩位數成長，這得益於我們多個平台為我們的成長提供動力。我們的標誌性元素將繼續引領潮流，與我們的策略保持一致。特別是，Tabby、New York 和 Teri 系列產品表現優異，這主要得益於 Z 世代客戶招募速度的加速。

Further, the large kits lost bag remained a highly coveted and viral success, a clear demonstration of our brand desire and the creativity of our teams. Bag charms and straps also continued their strong momentum, providing consumers with further opportunities for personalization, customization, and self-expression.

此外，遺失的大號工具包仍然備受追捧，並在網路上迅速走紅，這清楚地表明了我們對品牌的渴望和我們團隊的創造力。包飾和肩帶也持續保持強勁的成長勢頭，為消費者提供了更多個人化、客製化和自我表達的機會。

Overall, Coach's growth in handbags and accessories highlights the innovation and value we offer in the luxury market. 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.

整體而言，Coach 在手袋和配件領域的成長凸顯了我們在奢侈品市場提供的創新和價值。憑藉這些優勢，我們本季手提包平均售價實現了兩位數以上的成長，其中北美市場表現最為強勁。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提包銷售也有所成長。

Looking forward, we expect continued gains in both AUR and units, showcasing the diversified drivers in place to support healthy and sustained growth. To this point, we have a strong pipeline of innovation. This was clearly reflected in the brand's Spring '26 runway show presented at New York Fashion Week in September, which received outstanding reviews and social buzz.

展望未來，我們預期平均使用率和銷售量都將持續成長，這反映了支持健康永續成長的多元化驅動因素。到目前為止，我們擁有強大的創新儲備。這一點在品牌 2026 年 9 月於紐約時裝週上發布的 2026 春季時裝秀中得到了充分體現，該時裝秀獲得了極佳的評價和社交媒體上的熱議。

Next, turning to footwear. We delivered double-digit growth in the quarter, fueled by sneakers and the continued success of the High Line and SoHo families across channels. Footwear is a long-term growth opportunity for Coach, given our brand strength and the category's relevance with our target consumer.

接下來，我們來看看鞋類。本季我們實現了兩位數的成長，這主要得益於運動鞋的銷售以及 High Line 和 SoHo 系列產品在各個通路的持續成功。鑑於 Coach 的品牌實力以及鞋類與我們目標消費者的相關性，鞋類是 Coach 的長期成長機會。

Touching on marketing. We continue to drive cultural relevance through emotional storytelling that showcases our brand purpose and product offering. During the quarter, we launched our fall campaign, Reviver Courage, inspired by insights gained from our engagement with Gen Z around the world. The campaign featured global ambassador Elle Fanning and two new ambassadors: Korean rapper, songwriter, and producer, Soyeon; and Japanese songwriter, Lilas.

談談市場行銷。我們透過情感化的故事講述，不斷提升品牌的文化相關性，展現我們的品牌宗旨和產品優勢。本季度，我們推出了秋季活動“復興勇氣”，其靈感來自我們與世界各地 Z 世代互動中獲得的洞察。活動由全球大使艾莉·範甯和兩位新大使領銜：韓國饒舌歌手、詞曲作家兼製作人 Soyeon；以及日本詞曲作家 Lilas。

Two artists breaking boundaries and reshaping culture in their own ways. In addition, our not just for walking footwear campaign highlighted our SoHo sneaker and featured Audrey Nuna, the singing voice of Mira in the Netflix hit film, K-Pop Demon Hunters. This campaign continued to support strong demand for our product offerings and cultural relevance for our brand. Our marketing execution exemplifies the brand's hallmark magic and logic in action. By using data-driven insights to scale creativity, we are enhancing the efficacy of our campaigns, expanding our reach, and enabling our growth.

兩位藝術家以各自的方式突破界限，重塑文化。此外，我們的「不只是步行鞋」宣傳活動重點介紹了我們的 SoHo 運動鞋，並邀請了 Netflix 熱門電影《K-Pop 惡魔獵人》中 Mira 的配音演員 Audrey Nuna 出鏡。這項行銷活動持續印證了市場對我們產品的強勁需求以及我們品牌的文化相關性。我們的行銷執行充分體現了品牌的標誌性魅力和邏輯。透過運用數據驅動的洞察力來擴大創意規模，我們正在提高行銷活動的有效性，擴大我們的影響力，並促進我們的成長。

And finally, we are fueling brand desire through distinctive, immersive retail experiences that resonate with today's consumer. This quarter, we launched two new Coach coffee shops in North America at Jersey Gardens and Woodbury Commons, tapping into the importance of experiential retail, especially among younger audiences. These activations go beyond marketing. They're driving longer dwell times, commercial momentum, and deepening emotional connections with the brand.

最後，我們透過獨特、沉浸式的零售體驗來激發消費者對品牌的渴望，而這種體驗能夠引起當今消費者的共鳴。本季度，我們在北美的 Jersey Gardens 和 Woodbury Commons 開設了兩家新的 Coach 咖啡店，充分利用了體驗式零售的重要性，尤其是在年輕消費者群體中。這些活動超越了行銷的範疇。它們能夠延長用戶停留時間，推動商業發展，並加深用戶與品牌的情感連結。

Looking ahead to holiday, we're leaning into proven drivers of the business. To this end, we will bring new animations to Tabby, expand the New York family launch newness within our Coach originals collection, and deliver a compelling assortment of seasonal novelty brought to life through marketing campaigns that connect brand, purpose, and product.

展望假期，我們將專注於利用已被證明有效的業務驅動因素。為此，我們將為 Tabby 帶來新的動畫，擴大 Coach 原創系列中紐約家庭新品的發布，並透過將品牌、目標和產品聯繫起來的行銷活動，提供一系列引人注目的季節性新品。

In closing, Coach continues to deliver standout results, guided by a bold brand vision; to be the world's most inclusive, genuine and loved fashion brand. With the consumer at the heart of everything we do, our talented teams are operating with focus and purpose, turning insights into action and impact. By blending creativity with disciplined brand building, we've reimagined this iconic brand for the next generation of consumers, driving sustainable compounding growth.

最後，Coach 在大膽的品牌願景指導下，繼續取得卓越的成績；該願景是成為世界上最具包容性、最真誠、最受歡迎的時尚品牌。我們以消費者為中心進行一切工作，我們才華橫溢的團隊目標明確、目標明確，將洞察轉化為行動和影響力。透過將創意與嚴謹的品牌建立結合，我們為新一代消費者重新構想了這個標誌性品牌，從而推動了永續的複合成長。

Now moving to Kate Spade. Our actions to reset the brand for durable and profitable growth are underway. In the first quarter, revenue trends improved sequentially to down 9%. At the same time, we continue to back our turnaround efforts with disciplined investments, taking the strategic steps necessary to strengthen the brand's foundation for long-term growth. Importantly, in the first quarter, where we placed our strategic focus and investments, we drove progress as tracked against the leading KPIs we've previously outlined.

現在換到 Kate Spade。我們正在採取措施重塑品牌，以實現持久獲利成長。第一季度，營收趨勢較上季改善，下降幅度為 9%。同時，我們繼續透過審慎的投資來支持我們的扭虧為盈努力，採取必要的策略措施來加強品牌的長期成長基礎。重要的是，在第一季度，我們重點投入了策略重點和資金，並按照我們先前概述的主要關鍵績效指標取得了進展。

We saw a lift in consideration with our fall campaign and delivered an improvement in Gen Z acquisition trends driven by handbags. While still early in the turnaround, the improvement in these KPIs are signs that we are executing our strategies, and they are beginning to take hold. To touch on our strategies and the results of the quarter in more detail, our first strategic priority is to fuel brand heat through our uplifting luxury positioning to become top of mind and relevant with our target consumer, the Gen Z connector.

我們看到秋季促銷活動引起了關注，手提包推動了 Z 世代購買趨勢的改善。雖然目前仍處於轉型初期，但這些關鍵績效指標的改善表明我們正在執行我們的策略，而這些策略開始奏效。為了更詳細地談談我們的策略和本季的業績，我們的首要策略重點是透過我們令人振奮的奢侈品定位來提升品牌熱度，從而成為我們目標消費者（Z世代連結者）的首選並與之相關。

In the quarter, we launched our fall campaign, Spark Something Beautiful, featuring influential Gen Z celebrities, Ice Spice, Charli D'Amelio, Laufey and Reign Judge. The campaign had strong organic engagement as the most watched video on social channels for Kate Spade and drove higher brand consideration and purchase intent. This campaign will continue into holiday building with festive additions as we remain focused on driving cut-through by increasing brand media through a spike and sustained strategy.

本季度，我們推出了秋季宣傳活動“Spark Something Beautiful”，邀請了有影響力的 Z 世代名人 Ice Spice、Charli D'Amelio、Laufey 和 Reign Judge 參與。該活動獲得了強大的自然互動，成為 Kate Spade 在社交媒體頻道上觀看次數最多的視頻，並提高了品牌認知度和購買意願。這項活動將持續到假日季，並增添節日元素，我們將繼續專注於透過突增和持續的策略來增加品牌媒體曝光，從而提高品牌影響力。

Next, we advanced our strategy to build handbag blockbusters with a consumer-informed assortment that is more relevant and focused. During the quarter, we made important progress. Our handbag blockbusters outperformed the balance of the offering with higher AUR and strong Gen Z acquisition. This is another example of how our strategic focus is translating into early green shoots in the business.

接下來，我們推動了我們的策略，透過更貼近消費者需求、更具針對性的商品組合，打造熱銷的手袋產品。本季我們取得了重要進展。我們的手提包大賣產品表現優於其他產品，平均售價更高，並且深受 Z 世代消費者的喜愛。這再次表明，我們的策略重點正在轉化為業務的早期成長勢頭。

In Q1, we launched Duo, the hero of our fall campaign, which became the top-performing style in retail, winning with consumers on versatility and value. We also successfully introduced the 454 family in outlet and on-trend silhouette reimagined from our archives. At the same time, we continued to animate DECO and Kayla, pillars of the assortment that are supporting new Gen Z acquisition.

第一季度，我們推出了 Duo，這是我們秋季行銷活動的明星產品，它成為零售市場表現最佳的款式，憑藉其多功能性和價值贏得了消費者的青睞。我們也成功地在奧特萊斯推出了 454 系列，該系列採用了我們檔案庫中重新構思的潮流輪廓。同時，我們繼續推廣 DECO 和 Kayla，它們是產品系列的支柱，有助於吸引新的 Z 世代消費者。

And as we continue to bring more innovation to the offering, we are streamlining, reducing handbag styles by 40% by holiday, allowing us to stand behind our big ideas with clarity and intention. Importantly, we are embedding deeper consumer insights and a rigorous test before we invest approach to all aspects of our work, ensuring that methodical consumer testing drives greater relevancy and impact across the entire assortment.

隨著我們不斷為產品帶來更多創新，我們正在精簡流程，在節假日之前將手提包款式減少 40%，這使我們能夠清晰而有目的地支持我們的宏偉構想。重要的是，我們將更深入的消費者洞察和嚴格的測試方法融入我們工作的各個方面，確保有條不紊的消費者測試能夠提升整個產品系列的關聯性和影響力。

Finally, touching on our third strategic pillar, to maximize compelling omnichannel consumer experiences. A critical part of this work involves removing deselection barriers with cohesive messaging that builds the brand through desire, and we're moving in the right direction, evidenced by the higher full price selling we delivered in the quarter, a building block to scale in a healthy way.

最後，我們來談談第三個策略支柱，也就是最大限度地提升全通路消費者的體驗。這項工作的關鍵部分在於透過連貫的訊息傳遞消除選擇障礙，從而透過激發慾望來建立品牌，而我們正朝著正確的方向前進，本季度更高的全價銷售額就證明了這一點，這是以健康的方式擴大規模的基石。

We know that staying disciplined on discounting will impact our top-line results, especially in promotional and highly competitive time periods like holiday, and we are committed to this strategy as we position ourselves for sustainable growth over the long term.

我們知道，嚴格控制折扣力度會對我們的營收業績產生影響，尤其是在促銷和競爭激烈的時期，例如假日，我們將致力於這項策略，為長期可持續成長做好準備。

Overall, we are strengthening the brand's foundation for long-term profitable growth. While turnarounds take time, Kate Spade is a unique brand with significant runway. To unlock this potential, we have a focused strategy, targeting investments and clear KPIs to track our progress. We remain confident in our path forward and the brand's opportunity to deliver sequential improvement in the back half of the fiscal year and return to profitable growth in fiscal year '27.

總而言之，我們正在加強品牌的基礎，以實現長期獲利成長。雖然品牌轉型需要時間，但 Kate Spade 是一個獨特的品牌，擁有廣闊的發展空間。為了釋放這種潛力，我們制定了重點策略，有針對性的投資和明確的關鍵績效指標來追蹤我們的進展。我們仍然對未來的發展道路充滿信心，並相信該品牌有機會在本財年下半年實現持續成長，並在 2027 財年恢復獲利成長。

In closing, Tapestry achieved a record quarter, and we raised our outlook for the year, exemplifying the strength of our model. Our Amplify growth agenda is working, and our structural advantages are enduring. We operate in a large market where our runway is significant, and we have the strategy, capabilities, and team in place to drive durable growth and value creation for years to come. Our vision to give more people the power to bring their own style and story into the world is fueled by our systemic approach to brand building. This is what guides us and drives our success.

最後，Tapestry 實現了創紀錄的季度業績，我們提高了全年的業績預期，這充分體現了我們商業模式的優勢。我們的「Amplify」成長計畫正在奏效，我們的結構性優勢也將持續存在。我們身處一個市場廣闊、發展空間巨大的領域，並且我們擁有必要的策略、能力和團隊，能夠在未來幾年內推動永續成長和價值創造。我們致力於讓更多人能夠將自己的風格和故事帶入世界，而我們系統性的品牌建立方法正是實現這個願景的動力。這就是我們前進的動力，也是我們成功的驅動力。

I'll now turn it over to Scott.

現在我把麥克風交給史考特。

Thanks, Joanne, and good morning, everyone. Our first-quarter performance reflects the compounding momentum behind our strategic growth initiatives and the discipline of our execution. In Q1, we outperformed expectations across revenue, operating income, and earnings, delivering record sales and EPS. In the quarter, we achieved pro forma revenue growth of 16%, led by 21% growth at Coach. We drove adjusted operating margin expansion of 200 basis points and we delivered adjusted earnings per share of $1.38, an increase of 35% versus last year.

謝謝喬安妮，大家早安。第一季的業績反映了我們策略性成長舉措的持續動能以及我們執行的嚴謹性。第一季度，我們在營收、營業收入和獲利方面均超出預期，實現了創紀錄的銷售額和每股盈餘。本季度，我們實現了 16% 的預估營收成長，其中 Coach 成長了 21%。我們實現了調整後營業利潤率成長 200 個基點，調整後每股收益為 1.38 美元，比去年增長 35%。

Turning to the details of the first quarter. I'll begin with a discussion of revenue trends on a pro forma constant currency basis. Sales increased 16% versus the prior year and outperformed our expectations. These results reflect strong global momentum. By region, North America sales accelerated, increasing 18% compared to the prior year, led by 26% growth at Coach.

接下來我們來看第一季的具體情況。我將首先討論以固定匯率計算的收入趨勢。銷售額比上年增長了16%，超出了我們的預期。這些結果反映了強勁的全球發展勢頭。按地區劃分，北美地區的銷售額加速成長，比上年增長了 18%，其中 Coach 的增長幅度為 26%。

Importantly, both gross and operating margin in the region also rose versus last year. In Europe, revenue grew 32% above last year, with increases across all channels, led by growth in our direct business. Strong new customer acquisition, particularly among Gen Z and increased local consumer spending continued to fuel our momentum. Given our market positioning and low penetration, we see significant opportunities for further growth in this large and attractive market.

值得注意的是，該地區的毛利率和營業利率均較去年增加。在歐洲，營收比去年成長了 32%，所有通路均實現成長，其中直接業務的成長最為顯著。強勁的新客戶獲取，尤其是在 Z 世代客戶中，以及本地消費者支出的增加，持續推動我們的發展勢頭。鑑於我們目前的市場定位和較低的市場滲透率，我們認為在這個龐大且具吸引力的市場中存在著巨大的進一步成長機會。

In Greater China, revenue outperformed our expectations, increasing 19%, with notable strength in digital. Our strong performance in China underscores that our strategic initiatives and investments are working and our business remains well positioned for long-term sustainable growth. In other Asia, revenue increased 3%, led by growth in Australia, New Zealand, and South Korea. And in Japan, sales declined 10% as expected, amid a challenging consumer backdrop.

在大中華區，營收超出預期，成長了 19%，其中數位業務表現尤為強勁。我們在中國的強勁業績表明，我們的策略舉措和投資正在發揮作用，我們的業務仍然處於長期可持續成長的良好位置。在亞洲其他地區，收入成長了 3%，其中澳洲、紐西蘭和韓國的成長最為顯著。在日本，受嚴峻的消費環境影響，銷售額如預期下降了 10%。

Now touching on revenue by channel for the quarter. We delivered gains across all channels, fueled by direct-to-consumer growth of 16% compared to the prior year which included a mid-teens percentage increase in both digital and global brick-and-mortar sales at strong and increasing profitability.

接下來我們來看看本季各通路的營收狀況。我們在所有通路都取得了成長，這主要得益於直接面向消費者的銷售額比上一年增長了 16%，其中包括數位銷售額和全球實體店銷售額均實現了 15% 的增長，並且盈利能力強勁且不斷提高。

Moving down the P&L, we continue to drive healthy margin expansion versus the prior year delivering a first-quarter gross margin of 76.5%, 120 basis points above prior year. This expansion was driven by operational improvements of approximately 170 basis points, as well as a benefit from the divestiture of Stuart Weitzman of 70 basis points.

從損益表來看，我們持續維持健康的利潤率成長，與去年同期相比，第一季毛利率達到 76.5%，比去年同期高出 120 個基點。此次擴張得益於營運效率的提升（約 170 個基點），以及出售 Stuart Weitzman 公司帶來的收益（70 個基點）。

These tailwinds were partially offset by a negative tariff and duty impact of 70 basis points and a currency headwind of 60 basis points. Our strong gross margin remains a core element of our value creation model, supported by our agile supply chain, which delivers craftsmanship at scale, a core competitive advantage of Tapestry.

這些利多因素被70個基點的關稅和稅收負面影響以及60個基點的匯率不利影響部分抵消。我們強勁的毛利率仍然是我們價值創造模式的核心要素，這得益於我們靈活的供應鏈，它能夠大規模地提供精湛的工藝，這是 Tapestry 的核心競爭優勢。

Turning to SG&A. Expenses rose 11%, driven primarily by an increase in marketing investment, which represented 11% of sales. Even with this investment, we drove 80 basis points of expense leverage reflecting our disciplined cost control while growing our top line. So taken together, operating margin expanded 200 basis points in the quarter, driving profit expansion of 24% over the prior year which was ahead of expectations, and our first-quarter EPS of $1.38 grew 35% over the prior year and exceeded our guidance.

接下來是銷售、一般及行政費用。支出成長了 11%，主要原因是行銷投入增加，佔銷售額的 11%。即使進行了這項投資，我們仍然實現了 80 個基點的費用槓桿，這反映了我們在成長收入的同時，嚴格控制了成本。綜上所述，本季營業利潤率成長了 200 個基點，推動利潤比上年同期成長了 24%，超出預期；第一季每股收益為 1.38 美元，比去年同期成長了 35%，超過了我們的預期。

Now turning to shareholder returns. Starting with our dividend, our Board of Directors declared a quarterly cash dividend of $0.40 per common share, representing $83 million in dividend payments for the quarter Additionally, during the first quarter, we spent $500 million to repurchase over 4.7 million shares. In fiscal '26, we now expect to return $1.3 billion or 100% of expected adjusted free cash flow to shareholders through dividends and share repurchases.

現在來談談股東回報。首先說說我們的股息，董事會宣布每股普通股派發 0.40 美元的季度現金股息，本季股息支付總額為 8,300 萬美元。此外，在第一季度，我們花了 5 億美元回購了超過 470 萬股股票。在 2026 財年，我們預計將透過股利和股票回購向股東返還 13 億美元，即預期調整後自由現金流的 100%。

This includes approximately $300 million in dividend payments for an annual rate of $1.60 per share as well as $1 billion in share repurchases, which is an increase from our original outlook of $800 million. Our significant return of capital to shareholders is a testament to our strong organic business and robust cash flow generation and underscores our confidence in the future. And now before turning to the details of our balance sheet and cash flows, I'd like to reiterate our capital allocation priorities, which are unchanged.

這其中包括約 3 億美元的股息支付，年股息率為每股 1.60 美元，以及 10 億美元的股票回購，這比我們最初預期的 8 億美元有所增加。我們向股東返還大量資本，證明了我們強大的內生業務和穩健的現金流生成能力，也突顯了我們對未來的信心。在詳細介紹我們的資產負債表和現金流量之前，我想重申我們的資本配置優先事項，這些優先事項保持不變。

We have two foundational commitments. First, to invest in our brands and business to support long-term sustainable growth and to return capital to shareholders via our dividend with the goal over time to increase the dividend at least in line with earnings growth. Beyond these two 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 includes our previously announced $3 billion share repurchase authorization.

我們有兩項基本承諾。首先，我們將投資於我們的品牌和業務，以支持長期可持續成長，並透過股息向股東返還資本，目標是隨著時間的推移，使股息至少與獲利成長保持同步成長。除了這兩項基本承諾之外，我們強勁的現金流量產生能力為我們的資產負債表提供了靈活性，從而能夠創造價值。這包括股票回購活動的機會，其中包括我們先前宣布的 30 億美元股票回購授權。

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

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

Now turning to the details of our balance sheet and cash flows. We ended the quarter with $743 million in cash and investments and total borrowings of $2.64 billion, including $240 million outstanding borrowings under our newly established commercial paper program. Together, this represented net debt of $1.9 billion.

現在來看我們資產負債表和現金流量表的詳細情況。本季末，我們擁有現金和投資 7.43 億美元，總借款為 26.4 億美元，其中包括根據我們新設立的商業票據計劃未償還的 2.4 億美元借款。合計，淨債務為19億美元。

At quarter end, our gross debt-to-adjusted EBITDA leverage ratio was 1.5 times, a full turn below our target. Adjusted free cash flow for the quarter was an inflow of $103 million and CapEx and cloud computing costs were $38 million. Inventory levels at quarter end were 1% below prior year on a reported basis and up high-single digits, excluding the impact of Stuart Weitzman.

季度末，我們的總負債與調整後 EBITDA 槓桿率為 1.5 倍，比我們的目標低了一整倍。本季調整後的自由現金流為流入 1.03 億美元，資本支出和雲端運算成本為 3,800 萬美元。以報告計算，季度末庫存水準比上年同期下降 1%；若不計入 Stuart Weitzman 的影響，則庫存水準實現了接近兩位數的成長。

As we enter the holiday season, our inventory continues to be current and well positioned globally and by brand. For fiscal '26, we continue to expect inventory levels to be modestly down year over year on a reported basis. Now moving to our guidance for fiscal '26, which is provided on a non-GAAP basis and excludes the impact of Stuart Weitzman from our fiscal '26 expectations.

隨著假期季節的到來，我們的庫存依然保持最新狀態，並在全球範圍內按品牌進行了優化佈局。對於 2026 財年，我們仍然預期庫存水準按報告資料計算將同比略有下降。現在轉向我們對 2026 財年的指引，該指引以非 GAAP 為基礎提供，並且從我們對 2026 財年的預期中排除了 Stuart Weitzman 的影響。

We are raising our fiscal 2026 outlook, which incorporates our first-quarter outperformance and our momentum quarter to date. We view this guidance as prudent and achievable, balancing the realities of an uncertain external environment with the significant opportunities we see for our business.

我們上調了 2026 財年的業績預期，其中包含了我們第一季的優異表現以及本季迄今的良好勢頭。我們認為這項指導原則是審慎且可行的，它平衡了不確定的外部環境的現實與我們所看到的業務發展的巨大機會。

Now turning to the details. For the fiscal year, we expect revenue to be in the area of $7.3 billion representing pro forma growth of 7% to 8% on a nominal basis or 6% to 7% in constant currency with FX planned to be a 70 basis point tailwind. Touching on sales details by region at constant currency on a pro forma basis, in North America, we now expect revenue to increase mid- to high-single digits. In Europe, we expect growth in the area of 20%. In Greater China, we now expect to achieve low-double-digit growth over the prior year.

現在來看細節。本財年，我們預計營收將在 73 億美元左右，以名目匯率計算成長 7% 至 8%，以固定匯率計算成長 6% 至 7%，預計匯率將帶來 70 個基點的利多。按固定匯率和備考基準，我們按地區劃分銷售詳情，在北美，我們現在預計收入將實現中高個位數成長。在歐洲，我們預計該地區將成長 20%。在大中華區，我們預計今年將實現比上年低兩位數的成長。

In Japan, we're forecasting a high-single-digit decline. And in other Asia, we anticipate high-single-digit gains. And by brand, this guidance now incorporates low-double-digit growth at Coach. At Kate Spade, we continue to embed a high-single-digit decline in revenue for the year with sequential improvement planned in the second half. In addition, our outlook assumes operating margin expansion of approximately 50 basis points.

在日本，我們預測會出現接近兩位數的下降。亞洲其他地區，我們預計也將實現接近兩位數的成長。按品牌劃分，該指導意見目前涵蓋了 Coach 的低兩位數增長。Kate Spade 預計今年的收入將繼續出現高個位數的下滑，但計劃在下半年實現環比改善。此外，我們的展望假設營業利潤率將擴大約 50 個基點。

We anticipate gross margin to decline in the area of 50 basis points an improvement from our prior outlook. This assumes operational gross margin expansion of 140 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.

我們預計毛利率將下降約 50 個基點，這比我們先前的預期有所改善。這假設營運毛利率成長 140 個基點，主要原因是平均可用性 (AUR) 的提高，但部分被 20 個基點的匯率不利因素所抵銷。此外，我們預計出售 Stuart Weitzman 將為毛利率帶來 60 個基點的結構性利多。

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 $170 million in the fiscal year, which assumes we mitigate 30% of the annualized run rate of $250 million.

抵銷這些計劃中的利潤成長因素的是來自增量關稅和稅費的 230 個基點的不利影響，其中包括政策實施時間、產品銷售和正在進行的緩解措施。作為參考，這相當於本財年 1.7 億美元的不利因素，假設我們能緩解 2.5 億美元年度運行率的 30%。

I remain confident in our ability to offset these headwinds fully over time given the strength of our business and supply chain. On SG&A, we expect at least 100 basis points of leverage. This reflects our diligent expense control, partially offset by ongoing growth-focused investments in our strategic priorities. To this end, we expect marketing as a percentage of sales to increase around 90 basis points versus last year, reaching over 11% of revenue. We will also realize a 20 basis point benefit to expenses from the sale of Stuart Weitzman.

鑑於我們業務和供應鏈的實力，我對我們最終完全克服這些不利因素的能力仍然充滿信心。在銷售、一般及行政費用方面，我們預期槓桿率至少為 100 個基點。這反映了我們對成本的嚴格控制，但部分被我們持續進行的、以成長為導向的策略重點投資所抵消。為此，我們預計行銷費用佔銷售額的比例將比去年增長約 90 個基點，達到營收的 11% 以上。出售 Stuart Weitzman 也將使我們的費用減少 20 個基點。

All in, this means operational SG&A leverage is expected to be at least 170 basis points. 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 continue to expect a modest profit loss given the outsized tariff impacts and brand investments, as mentioned.

總而言之，這意味著營運銷售、一般及行政費用槓桿率預計至少為 170 個基點。為了更清楚了解各品牌的營業利潤情況，我們預期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。正如前面提到的，考慮到關稅的巨大影響和品牌投資，Kate Spade 仍然預計會出現小幅利潤下滑。

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 212 million shares, which includes the expectation for $1 billion in share repurchases. Taken together, we now expect EPS to be $5.45 to $5.60, representing 7% to 10% growth compared to last year.

低於今年的預期。預計淨利息支出約 6500 萬美元。預計稅率約為 18%，我們預計本年度加權平均稀釋股份數約為 2.12 億股，其中包括預計的 10 億美元股票回購。綜合來看，我們現在預計每股收益為 5.45 美元至 5.60 美元，比去年增長 7% 至 10%。

Moving on, we anticipate adjusted free cash flow of $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 relating to our ongoing IT and digital investments.

接下來，我們預計調整後的自由現金流為 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、翻新和搬遷有關，其餘部分主要用於我們正在進行的 IT 和數位投資。

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 the tariff and duty impacts work their way through the P&L. Now to our current assumptions, we expect pro forma constant currency revenue growth throughout the year, led by the first half.

展望今年的發展趨勢，首先，鑑於瞬息萬變的市場動態，值得注意的是，我們可能會經歷季度波動，尤其是在利潤方面，因為關稅和稅收的影響會逐漸滲透到損益表中。現在來看我們目前的假設，我們預計全年以固定匯率計算的收入將持續成長，其中上半年將帶動成長。

For Q2 specifically, we're anticipating a pro forma total sales growth in the area of 7%, which includes an FX tailwind of nearly 50 basis points. This incorporates the expectation for low-double-digit revenue growth at Coach or mid-20% growth on a two-year stack basis, consistent with Q1 and a mid-teens revenue decline at Kate Spade.

具體到第二季度，我們預期按備考計算的總銷售額成長約為 7%，其中包括近 50 個基點的匯率利多。這其中包括對 Coach 營收成長低兩位數或兩年內成長 20% 左右的預期（與第一季一致），以及對 Kate Spade 營收下降 15% 左右的預期。

Turning to margin. We anticipate reported gross margin in Q2 to decline by approximately 50 basis points due entirely to tariff and duty headwinds while SG&A is expected to leverage by over 100 basis points in the quarter. Together, we expect operating margin to increase roughly 80 basis points in the quarter.

轉向邊距。我們預計第二季報告的毛利率將下降約 50 個基點，這完全是由於關稅和稅收的不利因素造成的，而銷售、一般及行政費用預計將在本季度上升超過 100 個基點。我們預計本季營業利潤率將提高約 80 個基點。

In the second half, operating margins are planned in line with prior year despite tariff and duty pressure. And finally, taking a prudent approach to our guidance, we expect Q2 EPS to grow high single digits to approximately $2.15. This includes a projected tax rate in the area of 20% for the quarter.

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持平。最後，出於謹慎考慮，我們預計第二季每股收益將實現高個位數成長，達到約 2.15 美元。這其中包括預計本季稅率約為 20%。

In closing, we delivered another record-breaking quarter, highlighted by strong top- and bottom-line growth. This outperformance positioned us to raise our outlook for the year, clear evidence of the power of our Amplify growth agenda and our disciplined and consistent execution. Moving forward, our foundation is strong, and we have competitive and structural advantages to fuel durable growth and sustainable value creation in the year ahead and for years to come.

綜上所述，我們又實現了破紀錄的季度業績，其中營收和利潤均實現了強勁增長。這一優異表現使我們能夠提高對今年的預期，這清楚地證明了我們的 Amplify 成長計畫的強大力量以及我們嚴謹而持續的執行力。展望未來，我們的基礎穩固，我們擁有競爭優勢和結構優勢，能夠推動未來一年及未來幾年的持久成長和永續價值創造。

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

現在我想開放提問環節。

(Operator Instructions) Ike Boruchow, Wells Fargo.

（操作說明）艾克·博魯喬夫，富國銀行。

I guess high level, I'd like to start. Maybe, Joanne, just can you elaborate more on the drivers of the accelerated growth that you're seeing and really more about the sustainability, the momentum? And I know compares are going to start getting more difficult for you come holiday. And really, at Coach specifically, what gives you the confidence that you can sustain double-digit revenue growth as you start to cycle those comparisons?

我想從高層次開始。喬安妮，您能否更詳細地闡述您所看到的加速成長的驅動因素，以及這種成長的可持續性和勢頭？我知道到了假期，比較數據對你來說會變得越來越困難。具體到 Coach 公司，是什麼讓您有信心在進行這些比較週期時能夠保持兩位數的收入成長？

This was a powerful start to our Amplify growth agenda. Our results are clearly differentiated in the market. And I'll start by sending a thank you to our teams who continue to focus on what matters, and that is the lighting consumers all around the world.

這是我們「Amplify」成長計畫的一個強而有力開端。我們的業績在市場上有明顯的差異化優勢。首先，我要感謝我們的團隊，他們始終專注於真正重要的事情，那就是服務世界各地的照明消費者。

But to comment on the durability of our results overall, the beat and raise that we delivered this quarter reinforces that our advantages are structural, and they're sustainable over the long term. At our Investor Day, we highlighted that we play in an attractive TAM with massive headroom, and we're focused on that new customer acquisition at point of market entry.

但就我們整體業績的持久性而言，本季度我們取得的業績超出預期並上調了預期，這進一步證實了我們的優勢是結構性的，並且能夠長期持續下去。在我們的投資者日上，我們強調我們所處的市場規模極具吸引力，並且還有巨大的成長空間，我們專注於在市場進入階段獲取新客戶。

And as we showed in the first quarter, we're winning with this next generation of consumers, and that's expanding the market. We're taking share, but it's also giving us the opportunity to drive higher lifetime value. And this is compounding. We're seeing increases in both acquisition and retention.

正如我們在第一季所展示的那樣，我們正在贏得新一代消費者的青睞，這正在擴大市場。我們正在搶佔市場份額，但這同時也給了我們創造更高終身價值的機會。而且這種情況還在不斷惡化。我們看到用戶獲取量和用戶留存率都在成長。

And I think that's an important point to note, and we're managing the business for the long term. We're continuing to invest behind these capabilities at scale, which is expanding our competitive moat and it's ensuring that our performance continues well into the future. But let me turn it to Todd to talk about the durability of the Coach momentum more specifically. Todd?

我認為這一點很重要，我們是在著眼長遠經營這項業務。我們將繼續大規模投資於這些能力，這將擴大我們的競爭優勢，並確保我們的業績在未來能夠持續成長。但我想請托德更具體地談談教練動能能否持續下去。托德？

Thanks, Joanne. Let me give you five proof points to support my conviction for long-term sustainable growth. They are the key five Ps of our business. These Ps are foundational to how we win in our space. First, it starts with product.

謝謝你，喬安妮。讓我列舉五點來佐證我對長期可持續成長的信念。它們是我們業務的關鍵五大要素。這些「P」是我們在這個領域取得成功的基礎。首先，一切都從產品開始。

The innovation pipeline of our product that our designers and merchants are developing is remarkable. You saw it on display at our most recent fashion show in September. And I have the benefit of seeing our development a year in advance, and it will continue to build on our Icon strategy and the product is fantastic.

我們的設計師和商家正在開發的創新產品線非常出色。您已經在九月我們最近舉辦的時裝秀上看到它了。而且我有幸提前一年看到我們的發展，它將繼續鞏固我們的 Icon 策略，產品也非常棒。

Second is our people. We are nearly 90% direct-to-consumer, and our people know how to engage our customers on a global scale. A few weeks ago, I participated in our Asian store manager conference. The enthusiasm and shared understanding of our mission and our brand positioning empowers and uplifts our people.

其次是我們的人民。我們近 90% 的業務都是直接面向消費者，我們的員工知道如何在全球與客戶互動。幾週前，我參加了我們亞洲門市經理會議。員工們對我們的使命和品牌定位充滿熱情並達成共識，激勵和鼓舞了他們。

Third is place. Because of our focus on Gen Z, we know that they love to shop in the real world and our almost 1,000 directly operated stores are the environments to best express the world of Coach. Additionally, we are no longer restricted to only traditional malls and outlets and have the right to win in new locations where Gen Z shop.

第三名。因為我們專注於 Z 世代，我們知道他們喜歡在現實世界中購物，而我們近 1000 家直營店是展現 Coach 世界的最佳環境。此外，我們不再局限於傳統的購物中心和奧特萊斯，我們有權在Z世代購物的新地點贏得市場。

Fourth, promotion or marketing our purpose-led storytelling resonates with our consumers. In Q1, we spent almost 11% on marketing, a 43% increase in actual dollars from the prior year. Since our marketing activities are primarily focused on customer acquisition, that does not immediately take place in the quarter. This investment future-proofs new customer acquisition.

第四，推廣或行銷我們以目標為導向的故事能夠引起消費者的共鳴。第一季度，我們在行銷的支出佔總支出的近 11%，比去年同期實際支出增加了 43%。由於我們的行銷活動主要集中在客戶獲取方面，因此不會在本季立即實現。這項投資為未來獲取新客戶奠定了基礎。

And finally, price. Our brand position of expressive luxury and the sweet spot of the $200 to $500 range ensures that we have room to grow AUR while maintaining our compelling value proposition. So overall, I feel great about our growth potential. We're just hitting our stride. And not only will we comp the comp, but the path to $10 billion is well within our sight.

最後，就是價格。我們以「表現主義的奢華」為品牌定位，並將價格區間控制在 200 美元到 500 美元之間，這確保了 AUR 在保持其引人注目的價值主張的同時，還有成長的空間。總的來說，我對我們的成長潛力感到非常樂觀。我們正漸入佳境。我們不僅能夠實現同業競爭，實現 100 億美元目標的道路也已近在眼前。

Thank you.

謝謝。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on a great quarter. So Scott, at the Coach brand, 21% revenue growth represented 800 basis points of acceleration on the two-year stack. I think every single geography accelerated sequentially. So first, can you break down the drivers of the material two-year inflection this quarter?

恭喜你本季表現出色。因此，在 Coach 品牌，Scott 表示，21% 的營收成長相當於兩年內成長了 800 個基點。我認為每個地理區域的發展速度都是依序加快的。首先，您能否分析本季推動兩年來實質轉折點的因素？

And then second, is there anything beyond just prudent macro planning that you've embedded in the back half guide, which embeds moderation on that two-year stack?

其次，除了審慎的宏觀規劃之外，您在後半部指南中是否還融入了其他內容，例如對兩年計畫進行適度調整？

Yeah. Matt, thanks for the question. So first of all, I'd just remind you what Joanne and Todd just said about the structural advantages, the fact that this is a methodical approach to brand building, and you see it on display. But maybe I'll give you some numbers behind some of that growth inflection that we saw in Q1. So you're right, we grew 21% in Coach in Q1 and 26% in North America.

是的。馬特，謝謝你的提問。首先，我想提醒大家 Joanne 和 Todd 剛才提到的結構優勢，這是一種有條不紊的品牌建立方法，你們也能看到。但我或許可以提供你們一些數據，來解釋我們在第一季看到的成長轉折點。所以你說得對，Coach品牌在第一季成長了21%，在北美成長了26%。

And we also talked about AUR being up mid-teens. So what that means is we had a significant inflection in units. And this has been a multi-quarter pattern that we've seen with -- for a while, we were talking about growth without the units and driven by AUR, we've now seen a meaningful acceleration in units. And I think tying that back to more than 2 million new customers acquired who we know are transacting at higher AURs and driving more transactions in the Coach franchise that's driving both AUR and unit growth.

我們也討論了AUR漲幅達到十幾個百分點。這意味著我們的單位數量出現了顯著的轉折點。我們已經看到這種持續多個季度的模式——一段時間以來，我們一直在談論沒有銷售增長而由平均使用率 (AUR) 驅動的增長，現在我們已經看到銷量出現了顯著的加速增長。我認為，這與我們獲得的 200 多萬新客戶聯繫起來，我們知道這些客戶的平均交易量 (AUR) 更高，並推動了 Coach 特許經營店的更多交易，從而推動了平均交易量和銷量的增長。

And then geographic expansion, right? We grew significantly, as you mentioned, in every one of our major geographies, really led by North America and China, but for the Coach brand, almost 40% in Europe, which is a huge opportunity. So putting those things together, continued AUR growth opportunities, new customer acquisition and an inflection in units, significant geographic growth. That's one of the things that allowed us to take our -- to have a beat and raise, take our guidance up.

然後就是地域擴張，對吧？正如您所提到的，我們在每個主要地區都實現了顯著增長，其中北美和中國市場表現尤為突出，而 Coach 品牌在歐洲的增長接近 40%，這是一個巨大的機會。綜上所述，AUR持續成長機會、新客戶獲取和銷售轉折點、顯著的地理成長。正是這一點讓我們能夠──停下來，提高，接受指導。

And remember, we're talking about now a double-digit growth on top of double-digit growth one year ago, right, based on the guidance we have. And you asked about the balance of the year. So we're one year in, we're 25% through the year, and our biggest quarter of the year is coming up with holidays.

記住，根據我們目前的預測，我們現在談論的是在一年前兩位數成長的基礎上，再實現兩位數成長，對吧？你問到了今年剩餘的時間安排。一年過去了，我們已經度過了 25% 的一年，而一年中最重要的季度即將到來，那就是假日。

So I'll just take you back and remind you how we guided to the year, we looked at what we could see in the current quarter in Q1, and we also looked at a two-year stack. So our balance of the year is the same approach that we entered this year, which is we're fairly consistent on a two-year stack. The reality is in Q1, we saw a significant inflection.

所以，我帶大家回顧我們今年的規劃，我們展望了第一季的狀況，也展望了未來兩年的發展方向。因此，我們今年的剩餘時間將沿用年初以來的方法，即我們相當穩定地採用兩年期投資組合。事實上，我們在第一季看到了一個顯著的轉折點。

And quarter to date, we see that trend continue, even though it's early in the quarter. We still -- we're not through the peak months in holiday, but we see nothing in our business that gives us any concern. We just feel like 25% of the year. It's prudent to maintain that.

儘管本季才剛開始，但我們看到這一趨勢仍在繼續。雖然假期高峰期尚未過去，但我們目前在業務方面沒有看到任何令人擔憂的情況。我們感覺一年只有25%的時間是這樣的。保持這種做法是明智的。

Let's get through holiday. We'll come back. We'll re-evaluate and we'll give you guys an update on the picture for the balance of the year.

讓我們順利度過假期。我們會回來的。我們會重新評估，並向大家報告今年剩餘時間的情況。

Great color.

顏色很棒。

I know you asked the question for Scott. I will tell you, our brand is one of -- we say what we do and we do what we say. We said that in our Investor Day. And we tend to have a conservative outlook, but I want to reinforce it as the person running the brand.

我知道你是替斯科特問的這個問題。我可以告訴你，我們的品牌理念是──言行一致。我們在投資者日上也說過這一點。我們傾向保守的觀點，但身為品牌負責人，我想強化這種觀點。

As Scott said, we feel very good about our positioning, where we're at, what we're seeing in the quarter. We're -- the first quarter in, we're team way ahead, but we've got a lot of games to still play. So that's how we prepare you, but I feel very good about where we're at.

正如斯科特所說，我們對自身的定位、現狀以及本季的發展前景都感到非常滿意。第一節比賽結束了，我們隊遙遙領先，但我們還有很多比賽要打。這就是我們為你做準備的方式，但我對我們目前的進展感到非常滿意。

Sounds great. Thanks, Todd.

聽起來不錯。謝謝你，托德。

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Perfect. I just wanted to focus quickly just on the gross margin pieces in the year. So it looks like you're assuming gross margin falls a bit after expansion in the first quarter. Can you just walk through kind of the puts and takes and the factors there and in the shape, if there's a difference from 2Q to 4Q?

完美的。我只想快速地把重點放在今年的毛利率部分。所以看來你是假設第一季擴張後毛利率會稍微下降。可以簡單介紹一下買賣雙方的動向以及影響股價走勢的因素嗎？第二季和第四季的股價走勢是否有差異？

And then maybe just one for Joanne, just on industry trends. I think some experts are calling for a luxury resurgence. So just curious how you think about any implications for your business there? Or maybe what you're focused on from just an industry dynamics perspective.

然後也許可以給喬安娜一個關於產業趨勢的問題。我認為一些專家正在呼籲奢侈品市場復興。所以，我很好奇您認為這會對您在那邊的業務產生什麼影響？或者，也許你關注的只是產業動態方面的問題。

Yeah, Alex, I'll start on your specific gross margin question. So first of all, this is very consistent the way we've guided our gross margin, our understanding of the cost of tariffs or we've got our arms around that. It's essentially unchanged. I'll remind you, we're making progress. And we just took our gross margin guidance up by 20 basis points for the year. Very strong performance in the first quarter.

好的，Alex，我先從你提出的毛利率問題開始回答。首先，這與我們一直以來指導毛利率的方式非常一致，我們對關稅成本的理解，或者說我們已經掌握了這一點。基本沒有變化。我提醒你，我們正在取得進展。我們剛剛將今年的毛利率預期上調了 20 個基點。第一季表現非常強勁。

So we continue to make progress against the impact of tariffs and have great confidence in our ability to grow our gross margins as we go into '27. And I'll remind you, even this year, with those tariff pressures, we're growing our operating margins. So if you look at the second half, about two-thirds of the pressure versus last year is tariff related.

因此，我們繼續在應對關稅影響方面取得進展，並且對進入 2027 年後提高毛利率的能力充滿信心。我還要提醒各位，即使在今年面臨關稅壓力的情況下，我們的營業利潤率仍在成長。因此，如果你看一下下半年，你會發現與去年相比，大約三分之二的壓力與關稅有關。

Again, that's not new news. That's unchanged. And there's a little bit of noise on tax based on some timing issues in the second half.

這也不是什麼新鮮事了。這一點沒有改變。下半年由於一些時間安排問題，稅務方面也出現了一些波動。

And I'll pick up the second part of your question, Alex. Our business is strong and growing, and we've been growing through what I would call a dynamic landscape. So to your point, what we're seeing in the background or in the market more generally is that the category, the handbag category inflected to growth in the last quarter.

接下來，我來回答你問題的第二部分，Alex。我們的業務發展強勁，並且一直在不斷成長，而我們一路走來，所處的環境可謂瞬息萬變。所以，正如您所說，我們在背景或更廣泛的市場中看到的是，手提包類別在上個季度呈現成長趨勢。

And so there is a more constructive backdrop developing, particularly in places like China, where we saw it also inflect to growth with 1% growth in the market we estimate. And we welcome a more constructive environment, but that doesn't define our actions. We laid out a very compelling plan going forward and how we're building our business with this strong -- building on the emotional connection consumers have in the category, but building those emotional connections to our brands.

因此，一個更具建設性的背景正在形成，尤其是在中國等地，我們看到市場也出現了成長，我們估計市場成長率為 1%。我們歡迎更具建設性的環境，但這並不決定我們的行動。我們制定了一個非常有說服力的未來計劃，以及我們如何利用這一強大的優勢來發展我們的業務——建立消費者對該品類的情感聯繫，並將這些情感聯繫與我們自己的品牌聯繫起來。

And that's what's driving and powering our growth. You saw us grow through really difficult when the market was down, we were putting up substantial growth, and we're continuing to outperform the market very consistently. So we're seeing a customer who is resilient. They are being choiceful and cautious, as we've talked about before, but they're active around the world and where we're delivering innovation and emotion we are winning.

這就是推動和促進我們發展的動力。您看到了我們在市場低迷時期艱難發展，實現了大幅增長，並且我們一直在持續地跑贏市場。所以我們看到的是一位適應力很強的客戶。正如我們之前討論過的，他們行事謹慎，但他們在世界各地都很活躍，只要我們帶來創新和情感，我們就能夠取得成功。

And again, that's success attracting more young consumers to the brand. They're coming in, in a healthy way. And we're actually seeing them come back with more frequency. Our retention rates are higher among Gen Z, but they're also higher and growing in non-Gen Z cohorts. And Coach is really firing on all cylinders. Maybe I'll toss it to Todd to give you some color on how he's thinking about the market and our growth going forward.

再次證明，這能成功吸引更多年輕消費者關注該品牌。他們正在以健康的方式到來。事實上，我們看到他們回來的頻率越來越高了。我們在 Z 世代用戶中的留存率更高，但在非 Z 世代用戶群中的留存率也更高，並且還在不斷增長。教練現在狀態極佳，火力全開。或許我會把這個問題丟給托德，讓他來談談他對市場和我們未來發展的看法。

Thanks, Joanne. I'd like to say we play our own game. We're happy to see the category grow. That's why we love this category. It's -- the durability of it is fantastic. 1% globally, but we grew 21%. North America, we grew 26%. We think the category grew 4%. And it's exactly what Joanne said, it's about bringing new customers into the category.

謝謝你，喬安妮。我想說，我們玩的是自己的遊戲。我們很高興看到這一品類不斷發展壯大。這就是我們喜歡這個類別的原因。它的耐用性非常出色。全球成長率為1%，但我們成長了21%。在北美，我們成長了26%。我們認為該類別成長了 4%。正如喬安妮所說，關鍵在於為這個品類吸引新客戶。

And we're achieving this incredible top-line growth at some of our best margins in history. I had to go back 20 years, and I still couldn't find a better first quarter overall than what we delivered. So the good news is we're playing our own game. We love our brand positioning. We're bringing in new customers into the brand. That's how we're going to keep winning.

而且，我們實現瞭如此驚人的營收成長，同時利潤率也達到了歷史最佳水準。我回顧了過去 20 年，仍然找不到比我們今年第一季整體表現更好的例子。所以好消息是我們玩的是自己的遊戲。我們很喜歡目前的品牌定位。我們正在為品牌吸引新客戶。這就是我們繼續獲勝的秘訣。

Thanks a lot. Good luck.

多謝。祝你好運。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Let me add my hearty congratulations to the entire team throughout. Joanne and Todd, kind of a more of a kind of (inaudible) question on the European market. Europe has historically been kind of extremely discerning, hard to penetrate you really seem like you're at kind of a tipping point in the positive direction.

讓我向整個團隊致以衷心的祝賀。Joanne 和 Todd，這有點像是關於歐洲市場的（聽不清楚）問題。歐洲歷來都非常挑剔，很難打入，但你現在似乎正處於一個積極的轉折點。

Todd, what is going on in terms of kind of the brand positioning, the younger audience? And how much of the marketing are you spending in Europe? What's the kind of potential kind of penetration there? And then, Scott, can you just kind of talk about Kate's merchandise margin progress, excluding the tariff impact? We seem to have seen some stabilization in promotional activity, at least that's a markdown side of things. I'm wondering if that's an accurate reflection of the merch margin there.

Todd，就品牌定位和年輕受眾群體而言，目前的情況如何？你們在歐洲的營銷投入有多少？那裡的潛在滲透程度如何？那麼，史考特，你能否談談凱特的商品利潤率進展情況，不考慮關稅的影響？促銷活動似乎已經趨於穩定，至少在降價促銷方面是如此。我想知道這是否準確反映了那裡的商品利潤率。

Great. Thanks for the question. You're right. We seem to materially inflect in Europe, and I love seeing that 39% growth in the quarter. And what's really working is what's working globally. Our value proposition and our purpose campaigns are cutting through.

偉大的。謝謝你的提問。你說得對。歐洲市場似乎出現了實質的轉折，我很高興看到本季成長了 39%。真正有效的方法是在全球範圍內行之有效的方法。我們的價值主張和我們的目標宣傳活動正在發揮成效。

And again, what I said earlier, we're playing our own game. We're not just chasing a traditional European model. We are building this through customer acquisition, (inaudible) incredible value. We're opening stores, not just on high streets where we look for adjacencies. We're building it digitally. We're building it where the customer is.

再說一遍，就像我之前說的，我們玩的是自己的遊戲。我們並非只是在效法傳統的歐洲模式。我們正在透過客戶獲取來建立這一目標，（聽不清楚）提供巨大的價值。我們開設門市的方式多種多樣，不僅限於商業街，我們會尋找合適的鄰近店面。我們正在以數位化方式建構它。我們在客戶所在的地方進行建造。

So we feel very good. We have a lot of potential in Europe. And again, we're doing it at fantastic margins. So I feel -- I don't want to give you how big is big yet, but we feel very good about where we're going and the opportunities. And what I often say is a great bag, it's a great bag, and it's a great bag in London, Shanghai, or New York.

我們感覺非常好。我們在歐洲擁有巨大的潛力。而且，我們的利潤率非常高。所以我覺得——我現在還不想告訴你「很大」到底有多大，但我們對未來的發展方向和機會感到非常樂觀。我常說，一個好包，就是一個好包，無論是在倫敦、上海或紐約，它都是一個好包。

Yeah, Adrienne, I'll address your question on Kate Spade. I'm glad that you asked it that way because, yeah, we're taking care to reduce discounting in the Kate Spade brand. We know that has an impact on the top line. But we also know that's the formula for long-term sustainable growth.

是的，艾德琳，我會回答你關於凱特絲蓓的問題。很高興你這樣問，因為，是的，我們正在努力減少 Kate Spade 品牌的折扣。我們知道這會對營收產生影響。但我們也知道，這是實現長期永續成長的秘訣。

So we are making progress. We're early days. And when you look at the margin pressure, it's really two things, right? It's the tariffs which were even more disproportionately an impact at Kate. And it's, frankly, the investments we're making in customer engagement and all of these factors together are focused toward long-term growth at Kate.

所以我們正在取得進展。現在還處於早期階段。當你審視利潤率壓力時，你會發現它實際上包含兩個方面，對吧？關稅對凱特的影響尤其嚴重。坦白說，我們對客戶互動方面的投資，以及所有這些因素，都旨在實現 Kate 的長期成長。

Fantastic. Thank you very much. Best of luck.

極好的。非常感謝。祝你好運。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Appreciate all the [help] here today. I want to ask you on the AUR versus units. You touched on this a little bit. It was notable that this was the first quarter where the units really seemed to have inflected relative to the total growth at Coach, 21% of Coach mid-teens AUR.

感謝今天大家提供的協助。我想問一下關於 AUR 與單位的問題。你剛才稍微提到了這一點。值得注意的是，這是 Coach 的銷量相對於其整體成長真正出現轉機的第一個季度，佔 Coach 十幾歲平均年銷量的 21%。

As you build to the rest of the year, should -- and the comments that you gave us for the rest of the year, Scott. Should we think about continuing that wider spread of Coach total growth to AUR, so similar big unit spread like that? Is that truly incremental upside to the revenue that you were planning earlier in the year?

隨著你對今年剩餘時間的規劃，應該——以及你對今年剩餘時間的展望，斯科特。我們是否應該考慮繼續擴大教練總成長到 AUR 的規模，從而實現類似的大規模成長？這真的是比你年初計畫的收入增加的幅度嗎？

And then I'd love to just ask on Kate Spade. What's driving the sequential improvement in North America? I thought it was notable that you just said you are accelerating revenues there while reducing promos a little bit. How long is that promotional hold back continue? Is there a scenario where Kate North America could return to positive one quarter this year?

然後我很想問 Kate Spade 的情況。是什麼因素推動了北美地區的持續成長？我覺得值得注意的是，你剛才提到你們在稍微減少促銷活動的同時，也在加速提高那邊的收入。促銷優惠活動將持續多久？Kate北美公司今年有可能出現一個季度扭虧為盈的情況嗎？

Yeah. I would say, tactically, on the first question. We've said as part of our guidance that we expect to balance between AUR and units. I would say that the magnitude of the inflection in Q1 is significant and is a good indicator of the potential for improved outlook on the second half. So it's a very encouraging sign that points in the right direction.

是的。從策略角度來說，關於第一個問題。我們在指導意見中已經說過，我們希望在 AUR 和單位之間取得平衡。我認為第一季拐點的幅度非常顯著，這很好地預示著下半年前景可能會有所改善。所以這是一個非常令人鼓舞的跡象，指向了正確的方向。

We haven't fully baked in that level of inflection for our guide, but should that continue, then that would be a good thing for us.

我們還沒有完全將這種語調融入我們的指南中，但如果這種情況繼續下去，對我們來說將是一件好事。

Okay. And on Kate, Michael, the actions to reset the brands are underway. Our focus is on resetting our foundation for durable and profitable growth going forward. As you noted, reducing our discounting footprint is an important part of that. And where we focused our strategy and investments this quarter, we did drive progress.

好的。至於 Kate 和 Michael，品牌重塑工作正在進行中。我們的重點是重塑基礎，以實現未來持久且獲利的成長。正如您所指出的，減少折扣活動是其中的重要組成部分。本季度，我們在策略和投資重點領域取得了進展。

We saw a lift in consideration from our fall campaign. We saw improvement in Gen Z acquisition trends driven by handbags, and our handbag blockbusters are outperforming at higher AUR. And importantly, we are seeing an improvement in full price sell-through as well, and that's helping with the improvement. But we know turnarounds take time. And so we are confident in our path forward.

我們看到秋季推廣活動後，消費者考慮度有所提升。我們看到，受手提包的推動，Z世代的購買趨勢有所改善，我們的手提包大賣產品以更高的平均售價 (AUR) 脫穎而出。更重要的是，我們看到全價銷售率也有所提高，這也有助於業績的提升。但我們知道，扭轉局面需要時間。因此，我們對未來的道路充滿信心。

We expect to deliver sequential improvement in the back half of this fiscal year, while holiday will be impacted by our reduction of discounting and then a return -- we expect to return to profitable growth in fiscal year '27.

我們預計本財年下半年業績將環比改善，而假日季將受到我們減少折扣的影響，之後折扣力度將有所回升——我們預計在 2027 財年將恢復盈利增長。

Thanks for all the help.

感謝大家的幫忙。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just a couple of questions on the product side. Just the footwear business in Coach and then the Charms business, are those consistent globally as well? Just curious on the penetration with both of those categories.

關於產品方面，我還有幾個問題。Coach 的鞋履業務和飾品業務在全球範圍內是否也保持一致？只是好奇這兩個類別的滲透率。

Bob, thank you. Yeah, is the short answer. We -- our more mature markets, China and North America, we have more space for footwear. And -- but we're seeing -- particularly our focus on sneakers is winning globally. And it's winning across both genders.

鮑勃，謝謝你。是的，這就是簡短的回答。我們－我們較成熟的市場，如中國和北美，對鞋類產品的需求空間更大。而且——但我們看到——尤其是在運動鞋領域，我們正在全球範圍內取得成功。而且它在男女兩性中都廣受歡迎。

So we feel very good about that and the long-term value of that customer acquisition, we know if they come to the brand through footwear, we tend to get them as a multiple purchase across multiple categories. So we love that. We love the back churn. You'll see us have a fulsome presentation for the holiday, everything from beloved cherries to our plushie bag charms, whether it's mini rexy, a carat, or other things that I don't fully understand, but the young consumer does, which is much more important.

所以我們對此感到非常滿意，並且對這種客戶獲取方式的長期價值感到欣慰。我們知道，如果他們透過鞋類產品了解了我們的品牌，我們往往會讓他們在多個類別中進行多次購買。我們很喜歡這一點。我們喜歡這種反沖式攪拌。你會看到我們為節日準備了琳瑯滿目的商品，從深受喜愛的櫻桃到我們的毛絨包掛飾，無論是迷你雷克斯、克拉，還是其他我不太了解但年輕消費者了解的東西，這才是最重要的。

So we feel very good about those add-ons and they're meaningful. And what we love about it is, while it may not always be a UPT driver at the point of sale when they buy the bag, they're often coming back a week or two later to buy the charm, to buy something else. So that gives us another bite at the apple. And what I love is our salespeople know how to convert if we get them back a second time.

所以我們對這些附加功能非常滿意，它們很有意義。我們喜歡它的一點是，雖然顧客在購買包包時可能不總是 UPT 司機，但他們通常會在一兩週後回來購買吊墜或其他商品。這樣我們就又有了再次嘗試的機會。我最喜歡的一點是，我們的銷售人員知道如何讓客戶第二次光顧並最終促成交易。

Thank you.

謝謝。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

I want to dig into the topic of AURs a little bit more and more focused on the short term. So you did -- you've talked about the long-term opportunity to keep raising AURs at your Investor Day and that makes sense. But more short term, you did a mid-teens AUR raise led by North America specifically. And now North America is coming up against those tougher compares with mid-teens for Q2 to 4.

我想更深入地研究一下 AUR 這個主題，並且更專注於短期目標。所以你們確實做到了——你們在投資者日上談到了持續籌集 AUR 的長期機會，這很有道理。但就短期而言，你們實現了十幾個百分點的平均年化收益率（AUR）成長，這主要得益於北美地區的推動。現在北美市場正面臨更嚴峻的挑戰，第二季到第四季的年比數據都在十幾個百分點左右。

I know you don't specifically target AUR, but how are you thinking about the risk of that AUR growth in North America starting to moderate into these tougher compares and more difficult consumer sentiment environment. And then perhaps the second part of this, perhaps for Scott, AUR is the single biggest driver of your gross margin guidance. So if you were to see that AUR growth come in a little bit lower than expected, are there other levers on margin that you can lean on to maintain your margin guidance or could it be a risk to gross margins as well?

我知道你們並沒有專門針對AUR進行指標分析，但是，在目前比較基數更高、消費者信心更弱的環境下，你們如何看待北美AUR成長開始放緩的風險？那麼，對 Scott 來說，AUR 或許是影響毛利率預期的最主要因素。因此，如果平均營業額成長略低於預期，是否有其他槓桿可以維持利潤率預期，或者這是否也會對毛利率構成風險？

Maybe I'll kick it off, Aneesha, and start with just the big picture here. Our AUR growth is driven from our understanding of the consumer the balance of magic and logic. There are a lot of factors that go into our ability to drive this AUR growth. The creativity that our teams are bringing, it's not just knowing the consumer, but it's what you do with that information and bringing the creativity together, understanding the consumer, and delivering incredible innovation into the marketplace is driving our AUR growth.

阿妮莎，或許我可以先拋磚引玉，先從大局說起。我們的 AUR 成長源自於我們對消費者的理解，即魔法與邏輯之間的平衡。影響我們實現 AUR 成長的因素有很多。我們團隊的創造力，不僅是了解消費者，而是如何利用這些訊息，將創造力結合起來，了解消費者，並將令人難以置信的創新帶入市場，這才是我們平均用戶收入成長的驅動力。

Also what's driving it is our ability to step away from discounting and the way we use data to make better, higher quality decisions contributes to our better management of inventory, which contributes to a cleaner presentation for the consumer, and they start to build on each other. So that is the more functional, I guess, description of our AUR growth and the disciplines that underpin our AUR.

此外，推動這一趨勢的因素還包括我們擺脫折扣策略的能力，以及我們利用數據做出更好、更高品質決策的方式，這有助於我們更好地管理庫存，從而為消費者提供更清晰的產品展示，而這兩者又相互促進。所以，我想，這才是對我們 AUR 發展歷程以及支撐我們 AUR 的學科更實際的描述。

Maybe I'll send it over to Todd to talk about the more emotional -- the magic side of the business and how we're thinking about driving AUR growth, both from the innovation we're delivering but also how we're managing the brand across channels. Todd?

也許我會把它發給托德，讓他談談更感性、更神奇的一面——業務的魔力，以及我們如何思考推動 AUR 成長，既包括我們正在提供的創新，也包括我們如何跨渠道管理品牌。托德？

Thanks, Joanne. And Joanne, really focus on the big drivers. The only -- and it is an emotional business, and we have that opportunity to continue to engage emotionally with our customer. One of the structural changes here, which we talked about at our Investor Day that is going to be a driver for AUR even when we comp the comp in a meaningful way is our One Coach strategy.

謝謝你，喬安妮。喬安妮，你一定要專注於那些主要驅動因素。唯一—而且這是一個情感化的行業，我們有機會繼續與客戶建立情感連結。我們在投資者日上談到的結構性變化之一，即使我們以有意義的方式進行比較，也將成為 AUR 的驅動力，那就是我們的「一位教練」策略。

Remember what we introduced, we talked about bringing collection product into some of our largest stores globally. So if we can get them, and we're seeing it win, we're seeing the consumer trade up because the consumer comes in, whether it's a Woodbury Commons, [Sograph], Bicester Village, they want to come and when they're in those magnificent outlet stores that have the service levels of any coach store globally, they want to buy the Tabby bag. They want to buy Brooklyn and they're buying them.

還記得我們之前介紹過的內容嗎？我們討論過將系列產品引入我們在全球一些最大的門市。所以如果我們能讓他們買得起，而且我們看到它確實成功了，我們看到消費者正在升級換代，因為消費者走進伍德伯里購物中心、索格拉夫購物中心、比斯特購物村，他們都想來，當他們身處那些擁有全球任何一家蔻馳專賣店服務水平的豪華奧特萊斯商店時，他們都想購買Tabby包。他們想買下布魯克林，而且他們正在買下它。

So that has a wonderful effect of lifting our overall AUR globally. Additionally, as something Joanne highlighted, we are far less promotional than ever before. And that raises the floor. So we don't have to give up the sweet spot of that $200 to $500 to still have massive AUR growth in the quarters and years to come. What we have to do is just do what we're delivering now, One Coach, lower discounting, continue to innovate.

因此，這將對我們全球整體AUR的提升產生極佳的效果。此外，正如喬安娜所強調的那樣，我們現在的宣傳力度比以往任何時候都要小得多。這樣就提高了底線。因此，我們不必放棄 200 到 500 美元的最佳區間，就能在未來幾季和幾年內實現 AUR 的大幅成長。我們現在要做的就是繼續做好我們正在做的事情：一位教練，降低折扣，繼續創新。

Yeah. And I think, Aneesha, you had a question for me about margin sustainability of AUR, et cetera. So first of all, just an observation, this is a team that really is focused on gross margin in case you haven't noticed. We -- this is the vernacular of our organization. We talk about it a lot, and growth is number one, but gross margin is right behind it, and I think you see that in the results.

是的。我想，Aneesha，你之前問我關於AUR利潤可持續性等方面的問題。首先，我注意到一點，這支球隊非常注重毛利率，如果你還沒注意到的話。我們——這是我們組織的慣用語。我們經常談到這一點，成長固然重要，但毛利率緊隨其後，我認為這一點可以從結果中看出。

And we're looking at it very carefully. And a question we frequently get asked is kind of the opposite side of this is given the size of the AUR, should we even take more? I'd say we're getting it pretty right. When you look at the inflection of units, and 15% or mid-teens AUR growth. We're looking very carefully and listening to our consumers, they ultimately decide what they're going to pay.

我們正在非常仔細地研究這個問題。我們經常被問到的一個問題恰恰相反，考慮到 AUR 的規模，我們是否應該接收更多？我覺得我們做得相當不錯。當你觀察單位數量的拐點，以及 15% 或十幾個百分點的平均年化報酬率成長。我們正在非常仔細地觀察和傾聽消費者的意見，最終由他們決定他們願意支付多少錢。

And I think we're going to fairly right, right? When you look at the inflection of the business, we're finding ways to grow AUR, but we're also growing units. This is our moment, right? We're grabbing significant share and we're looking at this very carefully. So do we have other levers? Yeah, we do.

我認為我們應該會做得相當不錯，對吧？從業務轉型的角度來看，我們正在尋找提高平均用戶活躍度 (AUR) 的方法，同時也在增加銷售量。這是屬於我們的時刻，對嗎？我們正在搶佔相當大的市場份額，我們正在非常謹慎地研究這個問題。那我們還有其他辦法嗎？是的，我們有。

We didn't even talk about AUC. We've got the best supply chain in the business. We're always fighting for cost opportunities very closely with the merchants and the brand teams. And we are finding those opportunities, right? We're driving efficiency throughout the business.

我們甚至都沒討論AUC。我們擁有業界最好的供應鏈。我們始終與商家和品牌團隊緊密合作，爭取降低成本的機會。我們正在尋找這些機會，對吧？我們正在提高整個企業的效率。

So we have a lot of levers to protect our gross margin over time. But the most important thing is making sure that what Todd mentioned, that value equation that the consumer sees and is relating to is in balance and that we're delivering innovation and superior product, which they're willing to pay for it. That's number one, and that's the thing that we're maniacally focused on right now.

因此，我們有許多手段來長期保護我們的毛利率。但最重要的是要確保 Todd 提到的那種價值等式——消費者看到並與之相關的價值等式——是平衡的，並且我們要提供他們願意為此付費的創新和優質產品。這是最重要的事，也是我們現在瘋狂關注的重點。

Thank you. Very helpful.

謝謝。很有幫助。

Brook Roach, Goldman Sachs.

Brook Roach，高盛集團。

Joanne, Scott, Todd, I was hoping you could speak to customer acquisition and retention that you're seeing across various income cohorts. Are you seeing the same strength with the value-sensitive customer across the portfolio, particularly in outlet beyond the success that you're seeing in the collection strategy.

Joanne、Scott、Todd，我希望你們能談談你們在不同收入群中觀察到的客戶獲取和留存情況。除了您在產品組合中看到的收款策略的成功之外，您是否在整個產品組合中，尤其是在奧特萊斯，都看到了對價值敏感的客戶群所擁有的同樣優勢？

Yeah. Great question, Brook. I know on everybody's mind. And what's been powerful about our model is we are seeing strong customer acquisition, strong retention across not only Gen Z, but all age groups, and we're not seeing any meaningful difference between income cohorts and the performance of our business and our brands.

是的。問得好，布魯克。我知道這是每個人都在想的事情。我們的模式之所以強大，是因為我們看到了強勁的客戶獲取和留存，不僅在 Z 世代，而且在所有年齡段都是如此，而且我們沒有看到收入群體與我們的業務和品牌表現之間存在任何實質性差異。

So the platform that we have, we reach a broad cross-section of consumers with our brands, and we're winning with all consumers right now.

因此，憑藉我們擁有的平台，我們的品牌可以觸及廣泛的消費者群體，而我們目前贏得了所有消費者的青睞。

Thank you so much.

太感謝了。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

I wanted to follow up on the One Coach topic. Any more color that you can share on the performance of the collection product in outlet? Where is that mix? Where do you think it can go? And just relatedly on the real estate pipeline, given the One Coach initiatives here, maybe speak to where you see the opportunity regionally and how you're thinking about different store formats.

我想就「一位教練」這個主題進行後續探討。關於該系列產品在奧特萊斯的表現，您還有什麼可以分享的嗎？混音在哪裡？你覺得它會去哪裡？另外，關於房地產開發項目，鑑於 One Coach 的各項舉措，能否談談您認為該地區有哪些機會，以及您如何看待不同的門市形式？

Great. We're really pleased. I mean, we're only about a year into introducing for the first time last -- a year ago summer. We introduced Tabby some outlets. Today, it's more than just Tabby. It's really talking about the full lifestyle of Coach.

偉大的。我們非常高興。我的意思是，我們推出這個計畫才一年左右——那是去年夏天。我們給塔比介紹了一些出口。如今，它不僅僅是Tabby一家。它真正講述的是教練的完整生活方式。

So you see us then [followed] up with One Coach strategy in sneakers. You're going to see us do similar things with some of the tertiary categories, jewelry in the spring will become more and more One Coach price point. So you're going to see us penetrate quite substantially. I don't want to put a number out there yet.

所以你會看到我們隨後推出了 One Coach 運動鞋策略。你會看到我們對一些次要類別也採取類似的措施，春季的珠寶價格將越來越趨向於「一個蔻馳」的價位。所以你們將會看到我們有相當大的突破。我現在不想透露具體數字。

Let's deliver it. But we feel very good that this is going to be a meaningful contributor to growth. On real estate, what we said to you in September at our Investor Day is we see a lot of growth coming from international. 70% of our future growth is going to come from international. We have inorganic growth, particularly in China, we're going to launch probably close to 100 stores in the next three years.

我們去送貨吧。但我們非常有信心，這將對成長做出有意義的貢獻。關於房地產，我們在九月的投資者日上已經說過，我們認為國際市場將是成長的主要來源。未來70%的成長將來自國際市場。我們實現了非內生性成長，尤其是在中國，未來三年我們可能會開設近 100 家門市。

Remember, Scott for one, If you model it, these to be some smaller format stores, but what I love about our strategy, which is very different from our historic norms, is this idea, we have the right to win in places in neighborhoods and locations we had never played before. And that's a global phenomenon.

記住，斯科特，如果你建立模型，這些應該是一些規模較小的門市，但我喜歡我們策略的一點，這與我們以往的慣例截然不同，那就是我們有權在以前從未涉足的社區和地區取得成功。這是一個全球現象。

So you're going to see us introduced stores and new store formats and food and beverage, particularly coach coffee shops and outlets, those are all going to be incremental to our growth, and we're going to do a lot of experimenting. But one thing you can (inaudible) on from this team, we fundamentally -- and I think Joanne and I both said this four or five years ago. We believe that stores are profit centers, not marketing activities.

所以你們將會看到我們推出新的門市和門市形式，以及食品和飲料，特別是蔻馳咖啡店和專賣店，這些都將逐步促進我們的成長，我們將進行大量的試驗。但有一點你可以從這支隊伍中（聽不清楚），我們從根本上來說——而且我認為我和喬安妮在四、五年前就說過這一點。我們認為門市是利潤中心，而不是行銷活動場所。

So our stores are going to open. They're going to be profitable. They're going to be engaging. And they're going to attract a new consumer.

所以我們門市將會開業。它們將會盈利。他們會積極參與。他們會吸引新的消費者。

Thank you.

謝謝。

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

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

Thank you, Leo. As we shared this morning, this quarter's outperformance reinforces that our Amplify strategies are not only working, they're winning. And I want to, again, thank our talented global teams for their creativity, discipline, and relentless drive. These standout results are yours.

謝謝你，Leo。正如我們今天早上分享的那樣，本季的優異表現進一步證明，我們的 Amplify 策略不僅有效，而且還取得了成功。我再次感謝我們才華橫溢的全球團隊，感謝他們的創造力、自律精神和不懈努力。這些卓越的成果都屬於你。

Looking forward with strong fundamentals and momentum, we are focused and committed to delivering sustainable growth and lasting shareholder value. Thank you for your continued interest in Tapestry and for joining us today.

展望未來，憑藉強勁的基本面和發展勢頭，我們將專注於實現永續成長和持久的股東價值。感謝您一直以來對 Tapestry 的關注，也感謝您今天蒞臨我們的節目。

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

Tapestry的財報電話會議到此結束。感謝您的參與。