掛毯 (TPR) 2026 Q2 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 the Global Head of Investor Relations, Christina Colone.

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

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

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

Before we begin, we must point out that this conference call will involve certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. This includes projections for our business in the current or future quarters or fiscal years. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements. Please refer to our annual report on Form 10-K, the press release we issued this morning, and our other filings with the Securities and Exchange Commission for a complete list of risks and other important factors that could impact our future results and performance.

在開始之前，我們必須指出，本次電話會議將涉及《私人證券訴訟改革法案》所界定的某些前瞻性陳述。這包括對我們當前或未來季度或財政年度業務的預測。前瞻性聲明並非保證，我們的實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。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.

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

Now let me outline the speakers and topics for this conference call. Joanne will begin with highlights for Tapestry and our brands. Scott will continue with our financial results, capital allocation priorities, and our outlook going forward. Following that, we will hold a question-and-answer session where we will be joined by Todd Kahn, CEO and Brand President of Coach. After Q&A, Joanne will conclude with brief closing remarks.

現在我來概述一下本次電話會議的發言人和議題。Joanne 將首先介紹 Tapestry 和我們旗下品牌的亮點。Scott將繼續介紹我們的財務表現、資本配置重點以及未來展望。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。

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

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

Good morning. Thank you, Christina, and welcome, everyone. Our second-quarter outperformance demonstrates the compounding impact of our Amplify strategies. During the key holiday period, we delivered pro forma revenue growth of 18%, expanded adjusted operating margin by 390 basis points, and grew earnings per share by 34% versus prior year, each exceeding our expectations. These standout results, combined with the momentum in our business, enabled us to confidently increase our outlook for the year. Reinforcing that our advantages are structural and sustainable in underscoring our commitment to driving durable growth and value creation.

早安.謝謝你，克里斯蒂娜，也歡迎各位。第二季的優異業績證明了我們 Amplify 策略的複合效應。在關鍵的假期期間，我們實現了 18% 的備考收入成長，調整後的營業利潤率提高了 390 個基點，每股收益比上年增長了 34%，均超出了我們的預期。這些優異的業績，加上我們業務的良好發展勢頭，使我們能夠自信地提高對今年的預期。我們強調自身優勢具有結構性和永續性，以此彰顯我們致力於推動持久成長和價值創造的承諾。

I want to recognize our exceptional global teams, their passion, creativity, and disciplined execution made these results possible.

我要表揚我們傑出的全球團隊，他們的熱情、創造力和嚴謹的執行力使這些成果成為可能。

Now turning to the strategic actions from the quarter, actions that are delivering results today while advancing our long-term growth ambition. First, we built emotional connections with consumers, acquiring over 3.7 million new customers globally in the quarter, driven by a strategic focus on Gen Z. This continues to be central to our healthy top-line growth, as engaging consumers earlier in their purchase journey enhances repeat purchasing and lifetime value over time.

現在讓我們來看看本季的策略行動，這些行動不僅在當下取得了成效，而且推進了我們的長期成長目標。首先，我們與消費者建立了情感聯繫，在本季全球新增了超過370萬名客戶，這主要得益於我們對Z世代的策略關注。這仍然是我們營收健康成長的核心，因為在消費者購買過程的早期階段與他們建立聯繫，可以提高複購率和長期客戶終身價值。

We also drove growth with our existing customer base, demonstrating broad-based strength. These dynamics reinforce a durable competitive advantage, our ability to consistently attract and retain new generations of consumers to our brands.

我們也透過現有客戶群實現了成長，展現了廣泛的實力。這些動態鞏固了我們持久的競爭優勢，即我們能夠持續吸引和留住新一代消費者，讓他們愛上我們的品牌。

Next, we delivered fashion innovation and product excellence, led by Coach, where desire and demand for the brand are strong. And we're winning in our core, with our leathergoods offering leading our growth, driven by higher AUR and unit volume. The combination of craftsmanship, creativity, and value we offer to consumers at scale continues to be a clear competitive and structural advantage of our business and brands. And we powered global growth through compelling experiences, delivering double-digit gains in North America, Greater China, and Europe, significantly outpacing the industry and growing market share in each of these regions.

接下來，我們推出了以 Coach 為代表的時尚創新和卓越產品，該品牌深受消費者喜愛和需求。我們在核心業務領域取得了成功，皮革製品業務引領了我們的成長，這得益於更高的平均售價和銷售量。我們向消費者大規模提供的工藝、創意和價值的結合，仍然是我們業務和品牌明顯的競爭優勢和結構優勢。我們透過引人入勝的體驗推動了全球成長，在北美、大中華區和歐洲實現了兩位數的成長，顯著超過了行業平均水平，並在這些地區不斷擴大市場份額。

Our direct-to-consumer model keeps us close to our customers, allowing a deeper understanding of their needs and enabling more relevant brand building, which, together with the agility of our teams, sharpens execution and fuels growth. This was evident again this quarter as we achieved double-digit growth in stores and online at strong and increasing profitability. Overall, we delivered record quarterly results with a business that is strong, differentiated, and well positioned for the future.

我們的直接面向消費者的模式讓我們與客戶保持緊密聯繫，從而更深入地了解他們的需求，並實現更具針對性的品牌建設，再加上我們團隊的敏捷性，提高了執行力，推動了成長。本季再次證明了這一點，我們在實體店和線上業務均實現了兩位數的成長，獲利能力強勁且不斷提高。總體而言，我們取得了創紀錄的季度業績，公司業務實力雄厚、差異化強，並為未來發展做好了充分準備。

Now moving to our results by brand. Turning to Coach. The brand delivered another exceptional quarter with revenue increasing 25% and margins expanding. Growth accelerated from the first quarter on a 1- and 2-year basis with several key indicators reinforcing the strength of the brand and the durability of its growth. Customer acquisition once again drove top line gains, welcoming 2.9 million new customers to the brand this quarter.

現在我們按品牌查看結果。轉向教練。該品牌又迎來了一個業績斐然的季度，營收成長了 25%，利潤率也隨之擴大。從第一季開始，1 年和 2 年的成長速度加快，幾個關鍵指標強化了品牌實力和成長的可持續性。客戶獲取再次推動了營收成長，本季品牌新增客戶 290 萬。

Rising meaningfully over the prior year, led by continued growth with our target Gen Z consumer. Our relevance with Gen Z is influencing all other generations, and we're driving healthy gains from existing customers, reflecting broad and increasing brand desire and reach. Growth was led by our core leathergoods assortment where we have deep expertise and clear differentiation with broad-based strength and no single-family accounting for more than 10% of sales.

與前一年相比實現了顯著成長，這主要得益於我們目標客戶 Z 世代消費者的持續成長。我們在 Z 世代中的影響力正在影響其他所有世代，我們正在從現有客戶中獲得健康的成長，這反映了品牌需求的廣泛成長和影響力的擴大。成長主要得益於我們的核心皮革製品系列，我們在該領域擁有深厚的專業知識和清晰的差異化優勢，產品基礎廣泛，沒有單一系列的銷售額佔比超過 10%。

Within leathergoods, growth was well diversified, with both average unit retail and unit volumes increasing at mid-teens rates, demonstrating multiple drivers of sustainable growth in the core. And momentum remains strong across key geographies, including North America, up 27%, Greater China rising 37%, and Europe increasing 26%, highlighting the global resonance of the brand and the effectiveness of our regional strategies.

在皮革製品領域，成長呈現多元化態勢，平均單位零售額和單位銷售量均以兩位數以上的速度成長，顯示核心業務存在多種永續成長的驅動因素。在北美（成長 27%）、大中華區（成長 37%）和歐洲（成長 26%）等主要地區，成長動能依然強勁，凸顯了該品牌的全球影響力以及我們區域策略的有效性。

With a large total addressable market of nearly 2 billion consumers, including 275 million at the point of market entry, we have under 1% share and meaningful opportunity ahead. Coach continues to benefit from its expressive luxury positioning, combining 85 years of heritage, craftsmanship, creativity, and value to build enduring customer relationships and support sustained growth.

面對近 20 億消費者的龐大潛在市場，其中 2.75 億消費者將在市場進入時成為消費者，而我們目前的市場份額不到 1%，未來發展潛力巨大。Coach 繼續受益於其富有表現力的奢華定位，將 85 年的歷史傳承、精湛工藝、創造力和價值相結合，以建立持久的客戶關係並支持持續成長。

Now to discuss our second-quarter results in more detail. Our creative teams are delivering compelling innovation to consumers through a blend of magic and logic that are the hallmarks of our brand. Our icons continued to lead consistent with our strategy.

現在來更詳細地討論一下我們第二季的業績。我們的創意團隊將魔幻與邏輯結合，為消費者帶來引人入勝的創新，這也是我們品牌的標誌。我們的標誌性元素持續引領潮流，與我們的策略保持一致。

In particular, the Tabby franchise, the New York family, including the Brooklyn and Empire, and Teri, Juliet, and Laurel outperformed, driven by accelerated Gen Z customer recruitment. By animating our proven hero silhouettes through new color ways, materials such as crystals and sizes, we built on our leadership in our core category and delighted our consumers during the key holiday season. Importantly, Coach's accelerated growth in leather goods highlights the enduring values of the brand and the value we offer in the luxury market.

特別是 Tabby 特許經營店、紐約家族（包括 Brooklyn 和 Empire 店）以及 Teri、Juliet 和 Laurel 店，由於 Z 世代顧客招募速度加快，表現尤為出色。透過採用新的配色方案、水晶等材質和尺寸，讓我們久經考驗的經典輪廓煥發活力，我們鞏固了在核心品類中的領先地位，並在重要的假期季節為消費者帶來了愉悅的購物體驗。重要的是，Coach 在皮革製品領域的快速成長凸顯了該品牌的持久價值以及我們在奢侈品市場提供的價值。

Looking forward, we have a strong product pipeline that we believe supports gains in both AUR and units, reinforcing the diversified drivers in place to support healthy and sustained growth while never compromising the value proposition we offer to consumers, a key structural advantage.

展望未來，我們擁有強大的產品線，我們相信這將支持平均使用率和銷售的成長，從而鞏固多元化的驅動因素，以支持健康、可持續的成長，同時始終不損害我們為消費者提供的價值主張，這是一個關鍵的結構性優勢。

Next, turning to footwear. We delivered high single-digit growth in the quarter, fueled by sneakers with the continued success of the Soho family. Building on our footwear assortment that is designed with the timeless Gen Z consumer in mind, we also successfully launched the Margot family, featuring sandals and sling bags. Footwear remains a long-term growth opportunity for Coach, given our brand strength, low share of the market, and the category's relevance to our target consumer.

接下來，我們來看看鞋類。本季我們實現了接近兩位數的成長，這主要得益於運動鞋業務的持續成功，尤其是 Soho 系列產品的暢銷產品。在我們的鞋履系列設計理念以永恆的 Z 世代消費者為中心的基礎上，我們也成功推出了 Margot 系列，其中包括涼鞋和斜背包。鑑於我們的品牌實力、較低的市場份額以及鞋類與我們目標消費者的相關性，鞋類仍然是 Coach 的長期成長機會。

Touching on marketing. The compounding benefits of our strategic brand investments were evident during the quarter with a clear focus on long-term demand creation. We increased marketing spend by approximately 40% versus the prior year with a continued shift to our top-of-funnel brand building to support sustained customer acquisition. This sustained investment in fueling brand desire, supported accelerating customer acquisition during the quarter even as we meaningfully reduced promotional messaging during the most discount-driven period of the year, demonstrating both our commitment to the strategy and its effectiveness.

談談市場行銷。本季度，我們策略品牌投資的複利效應顯而易見，我們明確地專注於創造長期需求。與前一年相比，我們的行銷支出增加了約 40%，並繼續增加對漏斗頂端品牌建立的投入，以支持持續的客戶獲取。這項持續投入以激發品牌渴望的舉措，即使在一年中折扣力度最大的時期大幅減少了促銷信息，也支持了本季度客戶獲取速度的加快，這既體現了我們對該戰略的承諾，也證明了該戰略的有效性。

Importantly, we continue to prioritize building emotional connections with Gen Z consumers globally through The Gift for New Adventures campaign, a new holiday campaign, positioning the brand as the ultimate destination for gifts that spark confidence and self-expression in the year ahead. The campaign featured a diverse global cast, including Oscar-nominated actor, Elle Fanning, actors Charles Melton and Koki, and K-pop Rapper, Soyeon, building cultural relevance and reach across key markets.

重要的是，我們將繼續優先透過「新冒險的禮物」活動（一項新的假期活動）與全球 Z 世代消費者建立情感聯繫，將品牌定位為在新的一年裡激發自信和自我表達的終極禮物目的地。這場宣傳活動匯集了來自世界各地的多元化演員陣容，包括奧斯卡提名演員艾麗·範甯、演員查爾斯·梅爾頓和 Koki，以及韓國流行說唱歌手 Soyeon，從而在主要市場建立了文化相關性和影響力。

In addition, to support growth acceleration in China, we launched a collaboration with CLOT, a leading Chinese streetwear and lifestyle brand. The partnership bridges heritage and street sensibility, fusing Coach's expressive spirit with CLOT's disruptive approach to daily wear, reinterpreting iconic Coach silhouettes through a China-specific streetwear lens. Collectively, these actions reflect a disciplined, long-term approach to brand building at scale, deepening cultural relevance, accelerating consumer acquisition at point-of-market entry, and reinforcing a growing brand moat around consumer understanding and sustainable demand creation.

此外，為了支持中國市場的成長加速，我們與中國領先的街頭服飾和生活風格品牌 CLOT 展開了合作。此次合作融合了品牌傳統與街頭潮流，將 Coach 的表現精神與 CLOT 對日常穿著的顛覆性理念相結合，透過中國街頭服飾的視角重新詮釋了 Coach 的標誌性輪廓。總的來說，這些舉措體現了一種嚴謹的、長期的品牌建設方法，旨在大規模地提升品牌影響力，加深文化相關性，加速在市場進入階段獲取消費者，並圍繞消費者理解和可持續需求創造來加強品牌護城河。

And finally, we are strengthening brand desire through distinctive, immersive retail experiences that elevate how consumers engage with Coach. We continue to bring expressive luxury to life through unique store formats, including our newly remodeled stores in Ginza, Yorkdale, Macau, and the Mall of Dubai. These locations reinforce brand desirability while providing valuable insights that will inform our future store investments and expansion.

最後，我們正在透過獨特的沉浸式零售體驗來增強消費者對 Coach 的品牌渴望，從而提升消費者與 Coach 的互動方式。我們持續透過獨特的店鋪形式，將富有表現力的奢華帶入生活，包括我們在銀座、約克戴爾、澳門和迪拜購物中心新裝修的店鋪。這些選址增強了品牌吸引力，同時也為我們未來的門市投資和擴張提供了寶貴的見解。

Our Coach coffee concepts at Jersey Gardens and Woodbury Commons also continue to perform ahead of expectations, resonating especially well with younger consumers.

我們在 Jersey Gardens 和 Woodbury Commons 的 Coach 咖啡概念店也繼續超越預期，尤其受到年輕消費者的歡迎。

In closing, Coach continues to deliver standout results, guided by a clear brand vision and a deep focus on the consumer. Our teams are operating with purpose and discipline, translating insights into meaningful action and impact. Importantly, this performance reinforces our conviction that Coach will be a $10 billion brand over time with best-in-class margins and an unwavering commitment to what makes the brand iconic, valued, and loved by consumers around the world.

綜上所述，Coach 在清晰的品牌願景和對消費者的深刻關注的指導下，繼續取得卓越的業績。我們的團隊目標明確、紀律嚴明，將洞察轉化為有意義的行動和影響力。重要的是，這一業績鞏固了我們的信念，即 Coach 終將成為一個價值 100 億美元的品牌，擁有業內最佳的利潤率，並堅定不移地致力於使該品牌成為全球消費者心中的標誌性品牌，並使其獲得價值和喜愛。

Now moving to Kate Spade. Our results for the quarter matched expectations from strategy to financial outcomes. In the second quarter, revenue declined 14%, reflecting in part, deliberate actions to reset the brand through a pullback in promotional activity. At the same time, we made incremental investments to advance the turnaround underway, remaining focused on strengthening the brand's foundation for long-term growth.

現在換到 Kate Spade。本季業績符合預期，從策略到財務結果都是如此。第二季營收下降了 14%，部分原因是公司透過減少促銷活動來重塑品牌形象。同時，我們逐步加大投資力度，推動正在進行的轉型，並始終專注於強化品牌的長期發展基礎。

Once again, where we placed our focus on investments, we drove progress as tracked against the leading KPIs we've previously outlined. We saw a lift in brand consideration with our holiday marketing 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're beginning to take hold.

我們再次將重點放在投資上，並按照我們之前概述的主要關鍵績效指標 (KPI) 推動了進展。我們的假期行銷活動提升了品牌認知度，並且透過手提包的銷售，改善了 Z 世代的購買趨勢。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。

To touch on our 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 the Gen Z Connector, our target customer.

讓我們更詳細地談談本季的業績。我們的首要策略重點是透過我們振奮人心的奢華定位來提升品牌熱度，從而成為我們目標客戶——Z世代連結者——心中的首選品牌，並與他們建立聯繫。

In the quarter, we stood behind our Spark Something Beautiful campaign featuring influential Gen Z celebrities. We updated the campaign with a holiday twist to make it festive while reinforcing a cohesive message over time. This campaign drove an improvement in purchase intent among Gen Z consumers, reinforcing our investment in brand building.

本季度，我們大力支持「Spark Something Beautiful」活動，該活動邀請了有影響力的 Z 世代名人參與。我們為這項宣傳活動增添了節日氣氛，使其更具喜慶感，同時隨著時間的推移，強化了連貫一致的訊息。這項行銷活動提高了 Z 世代消費者的購買意願，鞏固了我們在品牌建立方面的投入。

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, the Duo, Kayla, Margot, and 454, 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 positive signs 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，我們的手袋重磅產品 Duo、Kayla、Margot 和 454 的表現優於其他產品，平均銷售率更高，並且獲得了 Z 世代的青睞。這再次表明，我們的策略重點正在轉化為業務上的早期積極跡象。

And as we've discussed, we've also brought more focus to the assortment, reducing handbag styles by 40% this holiday, allowing us to stand behind our big ideas with clarity and intention while supporting a reduction in promotional activity, an increase in full price selling, and handbag AUR growth. These actions are consistent with our commitment to building a healthier brand.

正如我們之前討論過的，我們也更加註重產品系列，今年假日期間將手提包款式減少了 40%，這使我們能夠清晰而有目的地堅持我們的宏偉理念，同時支持減少促銷活動、增加全價銷售和手提包平均售價增長。這些措施與我們致力於打造更健康品牌的承諾是一致的。

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 elevates the brand and builds desire. As part of this work, we tested updates to the visual experience and merchandising in 10 locations. These stores experienced a lift in conversion in ADT and outperformed the balance of the chain. We plan to bring this format to additional locations in North America by fiscal year-end.

最後，我們來談談我們的第三個策略支柱，即最大限度地提升全通路消費者體驗。這項工作的關鍵部分在於透過連貫一致的訊息傳遞來消除選擇障礙，從而提升品牌形象並激發消費者的購買慾望。作為這項工作的一部分，我們在 10 個地點測試了視覺體驗和商品展示的更新。這些門市的 ADT 轉換率有所提升，並且優於該連鎖店的其他門市。我們計劃在本財年結束前將這種模式推廣到北美其他地區。

Overall, we are strengthening the fundamentals at Kate Spade to drive sustainable, profitable growth. This is a unique brand with heritage, distinctive positioning and meaningful long-term opportunities. With disciplined execution, the benefit of continued learnings from Coach's success, and Tapestry's brand-building capabilities, we're acting with focus to realize the brand's full and significant potential.

總體而言，我們正在加強 Kate Spade 的基本面，以推動可持續的獲利成長。這是一個擁有悠久歷史、獨特定位和意義深遠的長期發展機會的獨特品牌。憑藉著嚴謹的執行力、不斷從 Coach 的成功中汲取經驗以及 Tapestry 的品牌建立能力，我們正集中精力，努力實現品牌的全部巨大潛力。

In closing, Tapestry achieved another record quarter, and we raised our outlook for the year, showcasing the power of our Amplified growth agenda and that our structural advantages are enduring. As we move forward, we do so with momentum and confidence, we have the strategy, capabilities and team in place to drive growth and value creation for years to come.

最後，Tapestry 又實現了創紀錄的季度業績，我們提高了全年的業績預期，這充分展現了我們「放大成長」計畫的強大實力，以及我們結構性優勢的持久性。展望未來，我們充滿動力和信心，我們擁有必要的策略、能力和團隊，能夠在未來幾年推動成長和價值創造。

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. In Q2, we outperformed expectations across revenue, operating income and earnings, delivering record sales and EPS. In the quarter, on an adjusted basis, we achieved pro forma revenue growth of 18%, led by 25% growth at Coach. We expanded operating margin by 390 basis points, and we delivered earnings per share of $2.69, an increase of 34% versus last year.

謝謝喬安妮，大家早安。第二季度，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，經調整後，我們實現了 18% 的備考收入成長，其中 Coach 成長了 25%。我們的營業利潤率提高了 390 個基點，每股收益為 2.69 美元，比去年增長了 34%。

Turning to the details of the second quarter. I'll begin with a discussion of revenue trends on a pro forma constant currency basis. Sales increased 18% compared to the prior year and outperformed our expectations. These results reflect strong global momentum. By region, North America sales increased 17% compared to the prior year, ahead of plan and led by 27% growth at Coach, driving share gains. Importantly, we did this while expanding both gross and operating margins in the region.

接下來我們來看看第二季的具體情況。我將首先討論以固定匯率計算的收入趨勢。與前一年相比，銷售額成長了 18%，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，北美地區的銷售額比上年增長了 17%，高於預期，其中 Coach 的銷售額增長了 27%，帶動了市場份額的增長。重要的是，我們在該地區實現這一目標的同時，也提高了毛利率和營業利率。

In Europe, revenue grew 22% above last year, driven by strength in our direct business and reflecting market share gains in the region. 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.

在歐洲，營收比去年增長了 22%，這主要得益於我們直接業務的強勁增長，並反映了我們在該地區的市場份額提升。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 34%, driven by broad-based growth across channels and continued market share gains. Digital was a notable contributor with Coach ranking as a top-performing brand over the Double 11 period. Our results reflect the impact of our steadfast strategies and investments, and we are well positioned to drive sustained momentum in this key region.

在大中華區，營收超出預期，成長了 34%，這得益於各通路的全面成長和市佔率的持續提升。在「雙十一」促銷期間，Coach 品牌憑藉數位行銷取得了顯著成績，成為表現最佳的品牌之一。我們的業績反映了我們堅定不移的策略和投資的影響，我們已做好充分準備，在這個關鍵地區保持持續成長勢頭。

In other Asia, revenue increased 12%, led by growth primarily in Australia and South Korea. And in Japan, sales declined 6%, as expected, driven by an intentional pullback in promotions.

在亞洲其他地區，收入成長了 12%，主要得益於澳洲和韓國的成長。正如預期的那樣，在日本，由於有意減少促銷活動，銷售額下降了 6%。

Now touching on revenue by channel for the quarter. We delivered gains across channels, fueled by direct-to-consumer growth of 17% compared to the prior year. This included an increase in digital of approximately 20% and a mid-teens percentage increase in global brick-and-mortar sales, with all channels at strong and increasing profitability.

接下來我們來看看本季各通路的營收狀況。我們各通路均實現了成長，其中直接面向消費者的通路成長了 17%，與前一年相比成長了 17%。這其中包括數位通路成長約 20%，全球實體店銷售額成長十幾個百分點，所有通路的獲利能力都強勁且不斷提高。

Moving down the P&L. We continue to drive healthy margin expansion versus the prior year, delivering the second-quarter gross margin of 75.5%, 110 basis points above prior year. This was driven by operational expansion of approximately 250 basis points, as well as a benefit from the divestiture of Stuart Weitzman of 50 basis points. These benefits fully offset a negative tariff and duty impact of 190 basis points, which included approximately a 140 basis point impact on Coach's gross margin and a 520 basis point impact on Kate Spade's gross margin.

向下移動損益表。與去年同期相比，我們持續保持健康的利潤率成長，第二季毛利率達到 75.5%，比上年同期高出 110 個基點。這主要得益於營運擴張約 250 個基點，以及出售 Stuart Weitzman 股份帶來的 50 個基點收益。這些收益完全抵消了關稅和稅費帶來的 190 個基點的負面影響，其中包括對 Coach 毛利率的約 140 個基點的影響和對 Kate Spade 毛利率的約 520 個基點的影響。

Overall, 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.

總體而言，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工藝，這是 Tapestry 的核心競爭優勢。

Turning to SG&A. Expenses rose by 8% and leveraged by 270 basis points, reflecting our focused approach to reinvest in the business, notably in marketing, which represents 11% of sales, while maintaining strong operational discipline. So taken together, operating margin expanded 390 basis points in the quarter, driving profit expansion of 31% over the prior year, which was ahead of expectations. And our second-quarter EPS of $2.69, grew 34% over the prior year, also exceeding our guidance.

接下來是銷售、一般及行政費用。支出成長了 8%，槓桿率上升了 270 個基點，這反映了我們專注於對業務進行再投資，尤其是在行銷方面（行銷佔銷售額的 11%），同時保持了嚴格的營運紀律。綜上所述，本季營業利潤率成長了 390 個基點，推動利潤比去年同期成長了 31%，超出預期。我們第二季的每股盈餘為 2.69 美元，比去年同期成長了 34%，也超過了我們的預期。

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 $81 million in dividend payments for the quarter. Additionally, during the second quarter, we spent $400 million to repurchase approximately 3.6 million shares for a total of $900 million or approximately 8.3 million shares repurchased at an average stock price of $109 year-to-date.

現在來談談股東回報。首先是股息方面，我們的董事會宣布派發每股普通股 0.40 美元的季度現金股息，本季股息支付總額為 8,100 萬美元。此外，在第二季度，我們花了 4 億美元回購了約 360 萬股股票，總計回購了 9 億美元，約 830 萬股股票，年初至今的平均股價為每股 109 美元。

In fiscal '26, we now expect to return $1.5 billion or 100% of expected adjusted free cash flow to shareholders through dividends and share repurchases. This includes over $300 million in dividend payments for an annual rate of $1.60 per share, as well as $1.2 billion in share repurchases, which is an increase from our prior outlook of $1.0 billion.

在 2026 財年，我們預計將透過股利和股票回購向股東返還 15 億美元，即預期調整後自由現金流的 100%。這其中包括超過 3 億美元的股息支付，年股息率為每股 1.60 美元，以及 12 億美元的股票回購，這比我們之前預期的 10 億美元有所增加。

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. 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.

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。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。

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 under our previously announced $3 billion share repurchase authorization. And finally, utilizing our rigorous four lens framework we consistently evaluate opportunities for strategic portfolio management.

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。這包括根據我們先前宣布的 30 億美元股票回購授權進行股票回購活動的機會。最後，我們運用嚴謹的四重視角框架，持續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 nearly $1.1 billion in cash and investments and total borrowings of $2.4 billion. Together, this represents a net debt of $1.3 billion. At quarter end, our gross debt to adjusted EBITDA leverage ratio was 1.2 times more than a full turn below our long-term target. Adjusted free cash flow for the quarter was an inflow of $1.0 billion and CapEx and cloud computing costs were $54 million.

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，我們擁有近 11 億美元的現金和投資，總借款為 24 億美元。合計，淨債務為13億美元。截至季末，我們的總負債與調整後 EBITDA 槓桿率比我們的長期目標低 1.2 倍以上。本季調整後的自由現金流為流入 10 億美元，資本支出和雲端運算成本為 5,400 萬美元。

Inventory levels at quarter end were 4% below prior year on a reported basis and up mid-single digits, excluding the impact of Stuart Weitzman. As we enter the second half of the fiscal year, our inventory continues to be current and well positioned globally and by brand. For fiscal '26, we continue to expect inventory levels to be down modestly year over year on a reported basis.

以報告計算，季度末庫存水準比上年同期下降 4%；若不計入 Stuart Weitzman 的影響，則增長了中等個位數。隨著我們進入本財年的下半年，我們的庫存仍然保持最新狀態，並且在全球範圍內以及按品牌劃分都處於良好狀態。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小幅下降。

Now moving to our guidance for fiscal '26, which is provided on a non-GAAP basis and excludes the impact of Stuart Weitzman from fiscal '26 expectations. With the critical holiday period behind us, we are raising our full-year guidance, incorporating our Q2 outperformance and a stronger second half outlook.

現在轉向我們對 2026 財年的指引，該指引以非 GAAP 為基礎提供，並且不包括 Stuart Weitzman 對 2026 財年預期的影響。隨著關鍵的假期結束，我們提高了全年業績預期，這反映了我們第二季業績超出預期以及下半年前景更加樂觀。

Now turning to the details. For the fiscal year, we expect revenue of over $7.75 billion, representing pro forma growth of approximately 15% on a nominal basis or 14% constant currency with FX planned to be a 70 basis point tailwind.

現在來看細節。本財年，我們預計營收將超過 77.5 億美元，以名目基礎計算，預計成長約 15%，以固定匯率計算，預計成長約 14%，外匯匯率預計將帶來 70 個基點的利多。

Touching on sales details by region at constant currency on a pro forma basis. In North America, we now expect revenue to increase low double digits. In Europe, we expect growth in the area of 20%. In Greater China, we now expect to achieve over 25% growth versus the prior year. In Japan, we're forecasting a high single-digit decline. And in other Asia, we now anticipate low double-digit gains.

按地區劃分，以固定匯率計算的預估銷售詳情。在北美，我們現在預計營收將實現兩位數低段成長。在歐洲，我們預計該地區將成長 20%。在大中華區，我們預計今年將比上年實現超過 25% 的成長。在日本，我們預測會出現接近兩位數的下降。亞洲其他地區，我們預計也將出現兩位數的低成長。

And by brand, this guidance incorporates high teens percentage growth at Coach. At Kate Spade, we continue to embed a high single-digit decline in revenue for the year, with sequential improvement planned for the second half. In addition, our outlook assumes operating margin expansion of approximately 180 basis points. We now anticipate gross margin to increase in the area of 20 basis points, a meaningful improvement from our prior outlook and completely mitigating the impact of tariffs. This assumes operational gross margin expansion of roughly 180 basis points due primarily to improvements in AUR.

按品牌劃分，該指導包含了 Coach 的十幾個百分點的成長。Kate Spade 預計今年的收入將繼續出現高個位數百分比的下滑，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 180 個基點。我們現在預計毛利率將提高約 20 個基點，這比我們先前的預期有了顯著改善，並完全抵消了關稅的影響。這假設營運毛利率將成長約 180 個基點，主要原因是平均使用率 (AUR) 的提高。

Further, we expect to realize a 60 basis point structural tailwind to gross margin from the disposition of Stuart Weitzman. These planned margin drivers are now expected to fully offset a nearly 200 basis point headwind from incremental tariff and duties, as well as an FX headwind of 20 basis points.

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。這些計劃中的利潤率驅動因素預計將完全抵消近 200 個基點的增量關稅和稅收帶來的不利影響，以及 20 個基點的匯率不利影響。

On SG&A, we expect leverage of roughly 160 basis points favorable to our prior outlook. This reflects our diligent expense control, partially offset by ongoing growth-focused investments. To this end, we expect marketing as a percentage of sales to increase around 130 basis points versus last year, approaching 12% of revenue. We also realized a 20 basis point benefit to expenses from the sale of Stuart Weitzman.

關於銷售、一般及行政費用，我們預期槓桿率將比我們先前預期的高出約 160 個基點。這反映了我們對成本的嚴格控制，但部分被持續的以成長為導向的投資所抵消。為此，我們預計行銷費用佔銷售額的比例將比去年增加約 130 個基點，接近營收的 12%。出售 Stuart Weitzman 也使我們在費用方面獲得了 20 個基點的收益。

For some texture on operating profit by brand, we anticipate Coach will expand 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 previously mentioned.

為了更清楚了解各品牌的營業利潤情況，我們預計即使面臨關稅壓力和持續的品牌投資，Coach 的營業利潤率仍將有所提高。如前所述，考慮到關稅影響巨大以及品牌投資，Kate Spade 仍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 17%, and our weighted average diluted share count for the year is forecasted to be approximately 211 million shares, which includes the expectation for $1.2 billion in share repurchases. Taken together, we now expect EPS to be $6.40 to $6.45, representing growth over 25% compared to last year and well ahead of our prior outlook of $5.45 to $5.60.

轉向年度線下預期。預計淨利息支出約 6500 萬美元。預計稅率約為 17%，我們預計本年度加權平均稀釋股份數約為 2.11 億股，其中包括預計的 12 億美元股票回購。綜合來看，我們現在預計每股收益為 6.40 美元至 6.45 美元，比去年增長超過 25%，遠高於我們之前 5.45 美元至 5.60 美元的預期。

Moving on, we anticipate adjusted free cash flow in the area of $1.5 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 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約為 15 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% 的支出將用於門市開業、翻新和搬遷，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 of the back half of the year. For context, we raised our second half outlook based on the momentum in the business. We expect total pro forma revenue to increase at a low double-digit rate in the back half, which represents over 20% growth on a two-year stack basis, in line with the first half. This embeds mid-teens growth versus prior year at Coach in the second half or over 30% growth on a two-year stack basis, consistent with the first half.

探討下半年的發展方向。作為背景訊息，我們根據業務發展勢頭上調了下半年的業績預期。我們預計下半年總備考收入將以較低的兩位數成長率成長，以兩年累計計算成長超過 20%，與上半年持平。這表明 Coach 在下半年實現了與前一年相比的十幾個百分點的增長，或者說，兩年累計增長超過 30%，與上半年的情況一致。

At Kate Spade, we're continuing to incorporate a mid- to high single-digit decline in the second half compared to the prior year. For Q3 specifically, our sales trends to date remain strong and support the higher outlook we've given today. And from a modeling standpoint, we've incorporated a total sales increase in the area of 14% on a pro forma constant currency basis. FX is planned to be more than 150 basis point benefit to nominal sales. By brand, Coach has planned up high teens on a constant currency basis versus prior year, while Kate Spade is expected to decline high single digits.

與去年同期相比，Kate Spade 下半年的銷售額持續出現中高個位數的下滑。具體到第三季度，我們目前的銷售趨勢依然強勁，並支撐了我們今天給出的較高預期。從建模的角度來看，我們已將總銷售額以固定匯率計算成長了 14%。外匯交易預計將為名目銷售額帶來超過 150 個基點的收益。按品牌劃分，Coach 預計以固定匯率計算將比上年增長十幾個百分點，而 Kate Spade 預計將下降個位數百分比。

Turning to operating margin for the quarter. We expect expansion in the area of 70 basis points with over 150 basis points of SG&A leverage, offsetting a decline in gross margin due entirely to tariff-related headwinds. Q3 EPS is forecasted to be approximately $1.25, an increase of over 20%, including a tax rate of roughly 14%.

接下來來看看本季的營業利益率。我們預期毛利率將成長 70 個基點，銷售、一般及行政費用槓桿率將超過 150 個基點，抵銷完全由關稅相關不利因素導致的毛利率下降。第三季每股收益預計約為 1.25 美元，成長超過 20%，其中包括約 14% 的稅率。

So in closing, we delivered another record-breaking quarter, highlighted by strong top and bottom-line growth. From this position of strength, we raised our outlook for the year, a clear reflection of our proven strategies and our disciplined and consistent execution. Moving forward, our business is strong, and we have competitive and structural advantages to fuel durable growth and sustainable value creation for years to come.

綜上所述，我們又迎來了一個破紀錄的季度，營收和利潤均實現了強勁成長。基於這一優勢地位，我們提高了對今年的預期，這清楚地反映了我們行之有效的策略以及我們嚴謹而持續的執行力。展望未來，我們的業務實力雄厚，擁有競爭優勢和結構優勢，能夠推動未來數年的持續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) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

Congrats on a great quarter and this morning's material beat and raise. So your fiscal '26 earnings guide of $6.40 to $6.45, 15% or $0.80 higher than your forecast just three months back. Roughly 22% operating margin, that's roughly two years ahead of your Investor Day timeline. So Joanne, what are you seeing today that gives you confidence in this delivery? And what do you see as the path to continued or ongoing revenue and margin drivers from here?

恭喜公司本季業績出色，今天早上公佈的業績也超乎預期並實現了成長。因此，您 2026 財年的獲利預期為每股 6.40 美元至 6.45 美元，比三個月前的預測高出 15% 或 0.80 美元。營業利潤率約為 22%，比你們的投資者日計畫提前了大約兩年。喬安妮，你今天看到的哪些方面讓你對這次交付充滿信心？那麼，您認為從現在開始，持續推動營收和利潤成長的途徑是什麼？

Well, thanks, Matt, and good morning. This was truly a standout quarter, but it reflects the power of our strategies, our brands and our business model. The results we're delivering reflect our systemic approach to building our brands and our business for healthy and sustainable growth. And our efforts, as you can see, are compounding. These are outcomes of the work we've been doing methodically over years.

謝謝你，馬特，早安。這確實是一個出色的季度，但這反映了我們策略、品牌和商業模式的力量。我們所取得的成果體現了我們為實現健康永續成長所採取的系統性品牌和業務建立方法。正如你所看到的，我們的努力正在產生累積效應。這些都是我們多年來有條不紊地開展工作所取得的成果。

It starts with deeply understanding our consumer and then bringing the magic or in Tapestry fashion, bringing the magic and the logic together to deliver compelling product and experiences to consumers and then investing to scale our efforts, and that's driving customer acquisition, which is strong around the world. And that's what's driving our business today.

首先，我們要深入了解消費者，然後發揮其魔力（或者用 Tapestry 的方式來說，就是將魔力和邏輯結合起來），為消費者提供引人入勝的產品和體驗，然後投資擴大我們的規模，這就是我們在全球範圍內強勁的客戶獲取驅動力。這就是我們如今業務發展的驅動力。

And not only are we delivering healthy growth with expanding operating margins, as you pointed out. We're also increasing our marketing investments that are driving new customer acquisition both for today but also for the future. So what gives us confidence in the future is that our strategies and our execution are working.

正如您所指出的，我們不僅實現了健康成長，營業利潤率也不斷擴大。我們也在加大行銷投入，以推動新客戶的獲取，這不僅是為了滿足當前的需求，也是為了滿足未來的發展需求。因此，讓我們對未來充滿信心的是，我們的策略和執行正在發揮作用。

And we outlined at our Investor Day last September, we have a massive TAM with low share, and we're applying these disciplines around the world, we see a tremendous opportunity into the future to drive consistent and durable growth. And this momentum we have, we're confident in our capabilities and our brands and our team, and the financial outcomes are evident in our second-quarter results.

我們在去年九月的投資者日上概述道，我們擁有龐大的潛在市場規模，但市佔率卻很低。我們正在世界各地應用這些策略，我們看到了未來推動持續穩定成長的巨大機會。憑藉著這股發展勢頭，我們對自身的能力、品牌和團隊充滿信心，而第二季的業績也證明了這一點。

But I'll turn it to Scott to unpack what that means for our outlook.

但我會請斯科特來解讀這對我們的前景意味著什麼。

Yeah. Thanks, Joanne, and thanks for the question, Matt. I would just say this is a moment we prepared for. So we've been known for operational discipline for quite a while. But what you see in the results in Q2 and the outlook for the year is a new gear of growth. And when you add growth on top of this operational discipline, what you have is a really powerful machine.

是的。謝謝喬安妮，也謝謝你的提問，馬特。我只想說，這是我們為之準備的時刻。所以，我們一直以來都以嚴謹的營運紀律而聞名。但從第二季業績和全年展望來看，成長已進入新階段。在這種營運紀律的基礎上增加成長，你就會擁有一台真正強大的機器。

Just a few highlights I would point out. So thanks for the recap. $0.80 EPS increase, that's 15% over the prior guide. And $0.50 of that is the beat in Q2. But importantly, we also took up the second half by $0.30. And that's really based on the top line, right? So we took, again, the beat in Q2 on the top line and increased the second half. So now at 14% constant currency growth for the year, we've got a balance on a two-year stack, first half versus second half based on the confidence we see in the future.

我只想指出幾點重點。謝謝你的總結。每股收益成長 0.80 美元，比之前的預期成長 15%。其中 0.50 美元是第二季的超額收益。但重要的是，我們還以 0.30 美元的價格拿下了下半年的份額。這實際上是基於總收入計算的，對吧？所以我們再次在第二季頂線放慢了速度，並在下半場加大了力度。因此，以今年固定匯率計算，我們目前對兩年的預期收益進行了平衡，上半年與下半年的收益取決於我們對未來的信心。

And not only are we incorporating double-digit top line growth and operating margin with the investments in marketing that we mentioned, but also importantly, in this outlook, we're increasing our gross margin guide. So that means we've fully mitigated the impacts of tariffs this year based on the actions that we've taken and the strong AUR gains.

我們不僅將兩位數的營收成長和營業利潤率納入了我們提到的行銷投資中，而且更重要的是，在本次展望中，我們還提高了毛利率預期。這意味著，根據我們採取的行動和強勁的AUR成長，我們已經完全減輕了今年關稅的影響。

And lastly, when you put all that earnings and growth together, it's a cash machine. So $1.5 billion. That's $200 million better than we guided last quarter. And we're returning all of that $200 million, 100% of our free cash flow back to you, the shareholders, via additional repurchases. And I think that just speaks to the strength of the model and frankly, our confidence in the future.

最後，把所有這些收益和成長加起來，它就是一台印鈔機。也就是15億美元。這比我們上季的預期高出2億美元。我們將把這 2 億美元，也就是我們 100% 的自由現金流，透過額外的股票回購返還給各位股東。我認為這正體現了該模式的優勢，坦白說，也體現了我們對未來的信心。

But here's the best part, we're not done. You asked about the future. Think of this new guide fiscal '26 as the base -- the rebaseline for growth going forward. We've established mid-single-digit revenue and double-digit earnings EPS as our baseline. That's our floor. And with that, we see expanding gross margins and operating margins from here. Why? Global opportunities led by international that's accretive to margins, gross margin expansion driven by AUR and AUC, SG&A leverage based on the growth we see, operational discipline while we're investing back in marketing. So this new gear of growth with operational discipline, from our standpoint, yields exceptional TSR as you look forward.

但最精彩的部分來了，我們還沒完。你問起了未來。把這份新的 2026 財年指南看作是基準——是未來成長的重新基準。我們已將中等個位數的營收和兩位數的每股盈餘作為基準。那是我們的樓層。因此，我們預期毛利率和營業利潤率將從此不斷提高。為什麼？全球機會由國際市場引領，這將增加利潤率；毛利率擴張由平均使用率 (AUR) 和平均使用率 (AUC) 驅動；銷售、一般及行政費用槓桿作用基於我們所看到的增長；在重新投資營銷的同時保持運營紀律。因此，從我們的角度來看，這種以營運紀律為支撐的全新成長模式，將在未來帶來卓越的總股東報酬率。

Congrats again. Best of luck.

再次恭喜。祝你好運。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

What gives you confidence that the Coach brand can sustain its strong growth momentum in North America, particularly as you begin to cycle very tough comparisons?

您有哪些信心認為 Coach 品牌能夠在北美保持強勁的成長勢頭，尤其是在即將面臨非常嚴峻的同比數據比較之際？

Yeah. Maybe I'll let Todd jump in.

是的。或許我該讓托德加入進來。

I'm happy to take this question. I'm very confident in our growth momentum in North America and all over the world. And my confidence is grounded in facts and experience. I appreciate that there was some concern about our ability to comp the double-digit growth in the quarter, but not only did we comp the comp in the most critical holiday period, we did it the right and sustainable way with lower promotions, exceptional margins, and a 40% increase in marketing, which is primarily designed to create desirability for the brand in the future, not simply in the quarter.

我很樂意回答這個問題。我對我們在北美乃至全球的成長勢頭非常有信心。我的自信源於事實和經驗。我理解大家對我們能否在本季度實現兩位數增長有所擔憂，但我們不僅在最關鍵的假期期間實現了這一目標，而且我們以正確且可持續的方式做到了這一點，減少了促銷活動，提高了利潤率，並將營銷投入增加了 40%，這主要是為了在未來提升品牌吸引力，而不僅僅是為了本季度。

We were able to achieve these results because of the exceptional talent and passion of the seasoned Coach teams around the world. Every day, they drive the business and are focused on our consumers. It is their efforts that will deliver our $10 billion ambition in the future at best-in-class margins.

我們之所以能夠取得這些成果，是因為世界各地經驗豐富的教練團隊展現了卓越的才能和熱情。他們每天都在推動業務發展，並專注於我們的消費者。正是他們的努力，才能使我們未來以一流的利潤率實現 100 億美元的目標。

Now let me turn -- let's look at what I call our Confidence Performance Indicators, or CPI. First, we introduced at our Investor Day and Joanne mentioned earlier, we look at the TAM very differently. It's not just about swapping dollars from other brands, but the number of consumers we can bring into Coach and the category, and we're clearly doing that.

現在讓我來看看我稱之為信心績效指標（CPI）的東西。首先，正如我們在投資者日上介紹的，以及 Joanne 之前提到的，我們對 TAM 的看法截然不同。這不僅是從其他品牌爭取資金的問題，而是我們能為 Coach 和整個品類帶來多少消費者的問題，而我們顯然正在做到這一點。

When you examine the TAM through that lens, in North America, our market share is single digits. And globally, it's below 1%.

從這個角度來看，在北美，我們的市佔率只有個位數。全球範圍內，這一比例低於1%。

Second, our focus on acquisition, particularly with Gen Z and soon Gen Alpha. Not only are we winning with them, but they provided our brand with a heat halo that positively affects all other ages. So when we talk about gaining 2.9 million consumers in the quarter, the highest in our history, if we simply hold retention rate, it will have a compounding benefit in the future.

其次，我們專注於用戶獲取，特別是 Z 世代，很快也將納入 Alpha 世代。我們不僅贏得了他們的青睞，而且他們還為我們的品牌帶來了熱度光環，對所有其他年齡層的人都產生了積極的影響。所以，當我們談到本季新增 290 萬消費者（創歷史新高）時，如果我們維持住客戶留存率，未來將會產生複利效應。

Third, our growth is overwhelmingly coming from our core category, women's leathergoods. That said, it is extremely balanced across families and brand codes that can be built on and Amplify, with no single family accounting for more than 10% of our sales.

第三，我們的成長主要來自我們的核心品類──女式皮具。也就是說，各個系列和品牌代碼之間非常平衡，可以以此為基礎進行發展和推廣，沒有一個系列的銷售額佔超過 10%。

Fourth, AUR units equally contributed to the quarter. Our AUR today is where the brand was 15 years ago and 5 to 10 times below traditional European luxury. That said, we are clear-eyed in our sweet spot of the $200 to $500 price point to ensure we can continue to attract young consumers.

第四，AUR 單位對季度的貢獻相同。我們目前的 AUR 值相當於 15 年前的品牌水平，比傳統的歐洲奢侈品低 5 到 10 倍。也就是說，我們非常清楚 200 美元到 500 美元的價格區間是我們最理想的價格點，這樣才能確保我們能夠繼續吸引年輕消費者。

On units, we have significant runway. We are still below our pre-pandemic levels, 20% globally and 25% in North America. So to wrap it all up, our CPIs are strong and gives us the confidence that we will deliver long-term healthy growth into the future.

在單位方面，我們還有充足的緩衝空間。我們仍低於疫情前的水平，全球低20%，北美低25%。綜上所述，我們的消費者物價指數 (CPI) 表現強勁，這讓我們有信心在未來實現長期健康成長。

Great. Thanks so much.

偉大的。非常感謝。

Ike Boruchow, Wells Fargo Securities.

艾克·博魯喬夫，富國證券。

Congrats on my end as well. Maybe for Scott, two regional questions. First, China, 25% plus from low double, pretty impressive. Can you elaborate on the strength and outperformance you're seeing in that region? Is it share? Is it category? Is it both?

我這邊也恭喜你。或許對斯科特來說，有兩個地區性問題。首先是中國，比兩倍多成長了 25%，相當驚人。您能否詳細說明您在該地區觀察到的優勢和優異表現？這是共享嗎？這是類別嗎？兩者都是嗎？

And then I wanted to also ask, even though you didn't raise it, Europe holding at 20%, it's still pretty impressive. And there's actually several brands that have been reporting that have been talking down Europe a little bit, given what they've been seeing recently. Can you just comment on what you're seeing in the European market, how you're bucking the trend, and just how your kind of viewing the macro in that region? Thanks.

然後我還想問一下，雖然您沒有提到，但歐洲佔比達到 20%，這仍然相當令人印象深刻。事實上，鑑於最近發生的事情，一些品牌已經發表聲明，對歐洲的評價有所降低。您能否談談您對歐洲市場的觀察，您是如何逆勢而行的，以及您如何看待該地區的宏觀經濟狀況？謝謝。

It's Joanne. Maybe I'll jump in here and talk about strategically how we're thinking about international. As we talked about in our Investor Day, our international markets represent a considerable opportunity for us. And I think what you're seeing around the world is the global resonance of our brand and the effectiveness of our regional execution. We have teams on the ground, and we're building capabilities.

是喬安妮。或許我可以插句話，談談我們在國際戰略上是如何考慮的。正如我們在投資者日上所談到的，我們的國際市場對我們來說代表著相當大的機會。我認為你們在世界各地看到的，是我們品牌的全球影響力以及我們區域執行的有效性。我們在當地設有團隊，並且正在建立能力。

So to your point, we did accelerate in China in the quarter. China continues to represent long-term opportunity for our brand. We performed well ahead of our expectations, but we're also well outpacing the industry in China. So I'll pause there for a second and say what is driving our growth and our share gain -- significant share gains in the market is new customer acquisition, which is being led by Gen Z. So a consistent theme around the world.

所以正如你所說，我們本季在中國的業務確實加速成長了。中國市場對我們的品牌而言仍代表著長期的發展機會。我們的業績遠超預期，在中國也遠遠領先產業平均。所以我先停一下，說說是什麼推動了我們的成長和市場份額的提升——市場份額的顯著提升來自於新客戶的獲取，而這主要得益於Z世代的推動。這是一個全球性的共同主題。

We are seeing growth across channels in China, digital led the growth, which means we're meeting our customer where they are on the ground. And to your point, our updated guidance, we do expect over 25% growth for this year. We are growing share. But again, it continues to represent a significant long-term opportunity for us.

我們看到中國各管道都在成長，其中數位化管道的成長最為顯著，這意味著我們正在客戶所在的地方與他們互動。正如您所說，根據我們更新後的業績指引，我們預計今年的成長將超過 25%。我們的市場佔有率正在成長。但從長遠來看，這仍然代表著我們一個重要的機會。

And I'll touch on Europe, but then I'm going to toss it to Todd to give you a little bit of color of how we bring this to life because I think that's important. Europe is a consistent story, right? We have an opportunity to grow penetration in Europe. It's low penetration for us today, and we see long-term opportunity to continue to build our penetration in Europe. And we're taking the same strategies of doing diligent and disciplined brand building and attracting a local consumer that's who's driving our growth, and it's a young consumer again. And the tactics and execution on the ground in each of these regions has been at a very high level, getting to know their customers, and then as I say, bringing that magic and logic together to deliver compelling product and experiences.

我也會簡單談談歐洲，但之後我會把麥克風交給陶德，請他來跟大家介紹一下我們是如何把這一切變成現實的，因為我認為這很重要。歐洲的故事一直都很連貫，對吧？我們有機會擴大在歐洲的市場滲透率。目前我們在歐洲的市場滲透率較低，我們看到了長期的發展機遇，可以繼續提高我們在歐洲的市場滲透率。我們採取了同樣的策略，即勤勉自律地進行品牌建設，吸引本地消費者，正是他們推動了我們的成長，而這又是年輕消費者群體。在這些地區，他們的策略和執行力都非常高，他們了解客戶，然後正如我所說，將這種魔力和邏輯結合起來，提供引人入勝的產品和體驗。

But maybe, Todd, you can add a little color on how that's coming to life.

不過，托德，或許你可以補充一些關於它如何變成現實的描述。

Thanks, Joanne. Let's go around the world in 60 seconds. But first, China, as Joanne said, first, let's remember, we're building on an incredible base. We've been there for over two decades. We have hundreds of stores. We are very close to the Chinese consumer. We integrate our marketing campaigns to make sure they're responsive to the Chinese consumer needs.

謝謝你，喬安妮。讓我們在60秒內環遊世界。但首先，正如喬安妮所說，首先，我們要記住，我們是在一個巨大的基礎上發展。我們在那裡已經超過二十年了。我們擁有數百家門市。我們與中國消費者關係非常密切。我們整合行銷活動，確保它們能夠回應中國消費者的需求。

And I do think what continues to resonate is the idea that our value and values cut through. And then our relevancy, most recently, we did a collaboration with CLOT, a very cool streetwear brand in China that reinforced all of those attributes of Coach. So we feel very good. You'll see us re-up more marketing in China in a very targeted city approach, not global across all of China, but very tactical. And we measure it, and we see it works. And then it gives us the confidence to put more money in.

而我認為，真正能引起共鳴的是，我們的價值觀能夠脫穎而出。然後，我們與中國的潮流品牌 CLOT 進行了合作，進一步鞏固了 Coach 的所有特質，也體現了我們的相關性。我們感覺非常好。你會看到我們在中國加大行銷力度，採取非常有針對性的城市行銷方式，而不是覆蓋整個中國，而是採取非常有策略的行銷方式。我們進行了測量，發現它是有效的。這讓我們更有信心投入更多資金。

In Europe, it's such a fun and terrific story. Our team in Europe is doing a sensational job. And when you really look at Europe, we talk about Europe, but realistically, we're in England and a little bit elsewhere. So the opportunity to continue to expand, France is going to be our next big push. And there, we're doing things in so many right ways. We see a big wholesale opportunity.

在歐洲，這真是一個有趣又精彩的故事。我們在歐洲的團隊做得非常好。當你真正審視歐洲時，我們談論的是歐洲，但實際上，我們身處英國，以及其他地方。因此，我們有機會繼續擴張，法國將是我們下一個重點發展方向。而且，我們在那裡做事的方式有很多都是正確的。我們看到了龐大的批發商機。

So I think you know from Joanne, Scott, and myself, we don't like key money, and we don't like buying temples for real estate. So we love the approach of going into youthful neighborhoods where the stores can make money and/or wholesale and digital. And that approach is winning. And again, what is so important, the consumer sees the value of our offering. And ultimately, I think it will allow us to grow for many years in more and more countries in Europe.

所以我想你們從喬安妮、史考特和我這裡也知道，我們不喜歡用金錢當抵押，也不喜歡把寺廟當作房地產來購買。因此，我們喜歡進駐年輕人聚集的街區，讓商店透過批發和數位行銷賺錢。而這種方法正在奏效。再次強調，最重要的是，消費者看到了我們產品的價值。最終，我認為這將使我們能夠在歐洲越來越多的國家實現多年的發展。

Thanks, guys.

謝謝各位。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

I'll add my congrats as well. Can you provide a little more detail around AUR and the opportunities going forward? How do we think about the benefit from pricing? And is there anything to flag in terms of sales mix towards larger bags or certain quality materials that could be a swing factor for AUR moving forward?

我也要向你表示祝賀。您能否詳細介紹一下AUR以及未來的發展機會？我們如何看待定價帶來的好處？銷售組合方面，是否有任何跡象表明，大號包或某些優質材料可能會成為 AUR 未來發展的轉捩點？

I'll just hit the top of the waves, but let Todd talk about what's really driving AUR growth at Coach. But AUR at Tapestry is about driving healthy growth, and we are driving healthy growth. We're driving AUR growth in the quarter. We've been doing that consistently, and it's a function of brand heat and the investments we're making in our brands, the innovation we're delivering and the quality that we deliver. I think the value proposition of our brands is unmatched in the marketplace.

我就簡單說說，讓 Todd 來談談真正推動 Coach AUR 成長的因素。但 Tapestry 的 AUR 旨在推動健康成長，而我們正在推動健康成長。本季我們正推動平均用戶使用率 (AUR) 的成長。我們一直堅持這樣做，這與品牌熱度、我們對品牌的投資、我們提供的創新以及我們提供的品質息息相關。我認為我們品牌的價值主張在市場上是無與倫比的。

So AUR for us is not just a reaction to cost. It really is thoughtful about how we deliver a strong value proposition to consumers. And at the end of the day, AUR is a math equation. It's how the consumer votes, right? AUR is the average unit retail of where they're placing their dollars.

所以對我們來說，AUR 不僅僅是對成本的反應。它確實認真思考瞭如何為消費者提供強大的價值主張。歸根究底，AUR 就是一個數學方程式。這就是消費者的投票方式，對吧？AUR 是他們投資的平均單位零售價。

And we continue to stay close to consumers to make sure we understand and leverage those insights into the product and experiences we're delivering, and we're seeing our customers respond. New customers are coming in at higher AURs. So we're driving healthy growth, and we've got a great innovation pipeline to keep it going.

我們將繼續與消費者保持密切聯繫，確保我們了解並利用這些見解來改善我們提供的產品和體驗，我們也看到了客戶的正面回饋。新客戶的平均使用率較高。因此，我們正在推動健康成長，並且我們擁有強大的創新管道來保持這種成長勢頭。

But Todd, do you want to touch on that?

托德，你想談談這個嗎？

Sure. Thank you. Again, all the things that Joanne said are so relevant. But when you go down one more level. First, let's talk about our sweet spot, that $200 to $500 range. That's a lot of range to continue to take price where it makes sense. We also are constantly animating product. And that animation, we do it in a way that the consumer sees the value, and that's how we get it. This is not a march up to just increase AURs on like-for-like 10%, 10%, 10%, which we're seeing other people do, and we know what happens there. So our task is to really always reflect back on value.

當然。謝謝。喬安娜說的那些話真是太中肯了。但當你再往下走一層。首先，讓我們來談談我們最理想的價位，也就是 200 到 500 美元之間。價格波動範圍很大，可以根據實際情況繼續調整價格。我們也不斷地對產品進行動畫製作。我們製作動畫的方式，是讓消費者看到它的價值，這就是我們獲得成功的方式。這並不是像其他人一樣，簡單地將 AUR 逐級提高 10%、10%、10%，我們也知道這樣做的後果。所以我們的任務是始終反思價值。

We also benefit from mix. Mix is a big driver here. You've heard me talk about our One Coach strategy, bringing collection product into outlet stores raises AURs. We also are seeing a really interesting phenomenon, which is our customer, they may come in, buy Teri as their first bag. Their next bag is often a higher AUR bag opportunity. Because they've had such a great experience with Coach, they are aspiring to be even better. And that is so powerful for us.

混合模式也讓我們受益匪淺。混合是這裡的一個重要驅動因素。你們都聽我說過我們的「一個蔻馳」策略，將系列產品引入奧特萊斯門市可以提高平均銷售比率。我們也觀察到一個非常有趣的現象，那就是我們的顧客可能會把 Teri 作為他們的第一個包來購買。他們的下一個目標通常是獲得更高 AUR 值的目標。因為他們與教練的合作體驗非常好，所以他們渴望變得更好。這對我們來說意義非凡。

But there's two things that are important truth that I want to make sure everybody realizes. One, we are not going to compromise our value to drive AUR. We will always ensure that the value of the product is there. Similarly, we're not going to artificially drive units through promotion. That balance is how we achieve optimal results consistently over many quarters and years.

但有兩件重要的事實，我希望每個人都能明白。第一，我們不會為了推動 AUR 的發展而犧牲我們的價值。我們將始終確保產品的價值。同樣，我們也不會透過促銷活動人為地提高銷量。正是這種平衡，讓我們能夠在多個季度和數年內持續取得最佳業績。

Thank you very much.

非常感謝。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Huge congratulations, really powerful. Really kind of the message that's coming through here very clearly is that the model itself and the 10, 15 years of discipline is actually your moat. And so Joanne, with that, having said that, it seems like you've always been sort of forward on your forward foot in terms of what's coming next and where to invest. So from an IT perspective, how are you harnessing sort of the power of AI? How much of the CapEx IT is in these AI foundational investments? And how quickly can you see sort of some of the demand side payback, not necessarily the cost side efficiency?

恭喜！真的很有力量。這裡真正傳達出的信息非常明確，那就是這種模式本身以及 10 到 15 年的自律實際上就是你的護城河。所以，Joanne，綜上所述，你似乎一直都很有前瞻性，能夠預見未來發展方向和投資領域。那麼從IT的角度來看，你們是如何運用人工智慧的力量的呢？IT 資本支出中有多少用於這些人工智慧基礎投資？那麼，你能多快看到需求面的一些回報，而不是成本側的效率提升呢？

And then for Todd, the Kisslock I saw was back in stock in January. And then you mentioned that no product families are more than 10%. So really, I guess my question is, what's coming for newness this year? And how do you instill this culture of innovation, right, without letting any of these particular franchises get bigger than 10%? A lot of times, we kind of get risk averse when we're doing a little bit too well. So just what have you instilled in the entire creative organization that allows you to unleash that creativity?

至於 Todd，我看到的 Kisslock 在一月又有貨了。然後您提到，沒有任何產品系列佔比超過 10%。所以，我真正想問的是，今年會有哪些新東西出現？那麼，如何在不讓任何特定加盟店的規模超過 10% 的情況下，灌輸這種創新文化呢？很多時候，當我們做得太好了的時候，我們反而會變得有點規避風險。那麼，你究竟在整個創意組織中註入了什麼，才能釋放出這種創造力呢？

Thanks, Adrienne. Great question on AI. And I assume that I was going to get a question on AI today. So I would say this is something that -- as you mentioned, it's a competitive advantage for Tapestry. We are a direct-to-consumer business. We have a lot of data, and we've been working on harnessing that data and leveraging tools.

謝謝你，艾德琳。關於人工智慧，這是一個很好的問題。我猜今天應該會被問到關於人工智慧的問題。所以我覺得，正如你所說，這對 Tapestry 來說是一個競爭優勢。我們是一家直接面對消費者的企業。我們擁有大量數據，並且一直在努力利用這些數據和各種工具。

So we're already applying AI tools across the value chain from product development, as you know, to inventory management to pricing to marketing, AI tools are embedded. And what we've been focused on at Tapestry is putting the tools in the hands of the decision-makers in our organization, which is so critically important. And that is where -- I think that is the moat to have our teams understand, trust it and leverage those tools and those insights to make better decisions at Tapestry. And you're right, it does drive efficiency, but it's also driving growth. And we've invested for many years in these capabilities. In fact, we have a patented data fabric.

如您所知，我們已經在整個價值鏈中應用了人工智慧工具，從產品開發到庫存管理，再到定價和行銷，人工智慧工具都已嵌入其中。我們在 Tapestry 一直致力於將工具交到我們組織中的決策者手中，這至關重要。我認為，這就是我們團隊理解、信任並利用這些工具和見解，從而在 Tapestry 做出更好決策的關鍵。你說得對，這確實提高了效率，但也推動了成長。我們多年來一直致力於提升這些能力。事實上，我們擁有專利資料架構。

So this is not new to Tapestry. I do think it's a competitive advantage. What that does is it positions us well to adopt new technology. And our teams are insatiably curious. They're testing and learning with these tools, and it is driving more efficiency, but it's also driving creativity. And I'll give you just a couple of quick examples.

所以這對Tapestry來說並不新鮮。我認為這確實是競爭優勢。這樣做可以讓我們更好地採用新技術。我們的團隊求知欲極強。他們正在使用這些工具進行測試和學習，這不僅提高了效率，也激發了創造力。我舉幾個簡單的例子。

We have designers that are leveraging AI. They'll do a sketch. So there is still a human and a need for design eye, right? They do a sketch. But what AI helps is they can iterate on that sketch. They can do color multipliers. They can make design tweaks much faster than we could in the past. So the speed and the process of design inception and the idea through getting samples and working it through our process increases. And when speed increases in our supply chain and that product development timeline, that leads to better outcomes for our consumers and drives our growth.

我們有一些設計師正在利用人工智慧。他們會畫個草圖。所以，設計中仍然需要人類的眼光，對吧？他們畫了一張草圖。但人工智慧的優點在於，他們可以對草圖進行迭代。它們可以進行顏色倍增。他們現在可以比我們過去更快地進行設計調整。因此，從設計構思到獲取樣品，再到透過我們的流程進行完善，整個過程的速度和效率都提高了。當我們的供應鏈和產品開發速度加快時，這將為我們的消費者帶來更好的結果，並推動我們的成長。

We're also using it in marketing to harness consumer insights and ideate on content creation based on those insights. Again, human in the loop, that human creativity and translation of the insights to creative content is important. But these AI engines are helping us speed up the process of creating AI, do some testing, learn faster. And that speed is paying off in content creation as well. These tools are new, and our teams are aggressively testing and learning, and we'll see where it takes us. But we are well positioned to continue to drive with AI tools and with data.

我們也在行銷中利用它來獲取消費者洞察，並根據這些洞察來構思內容創作。再次強調，人的參與至關重要，人的創造力和將洞察力轉化為創意內容的能力非常重要。但這些人工智慧引擎正在幫助我們加快人工智慧的創建過程，進行一些測試，更快學習。這種速度在內容創作方面也帶來了回報。這些工具都是新的，我們的團隊正在積極測試和學習，讓我們拭目以待。但我們已經做好充分準備，繼續利用人工智慧工具和數據推動發展。

Fantastic.

極好的。

Maybe just a quick build, Adrienne, too, you asked about the investment. So of our $200 million of CapEx, we said -- over half of that was related to our stores and the remainder is in technology. That's not a real big number in a company that our size. It's because of what Joanne said. A lot of that tech debt is behind us, and we have the foundation. So it's more of a change management philosophy opportunity for us as opposed to a big investment challenge in terms of adopting AI.

也許只是快速搭建一個，艾德琳，你也問過投資的事。因此，在我們 2 億美元的資本支出中，我們表示——超過一半與我們的門市有關，其餘部分用於技術。對於我們這樣規模的公司來說，這不算是一個很大的數字。都是因為喬安娜說的話。我們已經擺脫了許多技術債務，並且打下了堅實的基礎。因此，對我們來說，這更多的是一個變革管理理念的機會，而不是在採用人工智慧方面面臨的巨大投資挑戰。

Sorry, Todd, over to you.

抱歉，托德，該你了。

No worries. One of the most pleasurable aspects of my job is to sit with Stuart, our Creative Director, our merchants and see what's coming. And the -- last night I did a walk-through for future product, it's just so good. You'll see it some of it next week at our runway show, which is where we push the envelope, new ideas, new innovation comes about.

不用擔心。工作中我最享受的部分之一就是和我們的創意總監史都華、我們的採購人員坐在一起，看看接下來會發生什麼事。昨晚我為未來的產品做了一次演示，它真的太棒了。下週您將在我們的時裝秀上看到其中的一些元素，在時裝秀上，我們將突破界限，產生新的想法和創新。

And what I love and what you've seen over the last probably almost dozen shows is the commercial aspect of our shows, taking down ideas from runway and making them big commercial ideas is how we're winning on product. And Stuart and the merchants are incredibly focused on making sure it's relevant to a timeless Gen Z consumer, while at the same time, putting it through the lens of, is it Coach.

而我所熱愛的，也是你們在過去十幾場秀中看到的，是我們秀的商業性，將T台上的創意轉化為大型商業創意，這就是我們在產品上取得成功的方式。Stuart 和商家們非常注重確保它與永恆的 Z 世代消費者息息相關，同時，他們也在思考：它是不是 Coach？

We don't just chase trends -- quite honestly, our team creates trend. And they're doing that with this consumer in mind. And this is the essence of what we've been saying probably 25 years now, balancing logic and magic. It's really good. If you like the Kisslock, you're going to love some of the new sizes that's coming in. I'm probably saying more than Stuart wants me to say at this point, but it's really good.

我們不僅追逐潮流——坦白說，我們的團隊創造潮流。他們這樣做就是以這類消費者為中心。這就是我們過去25年來一直在強調的本質：平衡邏輯與魔法。真的很好。如果你喜歡 Kisslock，你一定會喜歡即將推出的一些新尺寸。我現在說的可能比史都華想讓我說的還要多，但這真的很好。

Fantastic. Congrats again.

極好的。再次恭喜。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

I think this is for Todd, but generally, are you seeing any signs of demand slowdown in some of your signature styles like Tabby and Brooklyn, especially as you -- if there's competitor silhouettes that have been launched? And can you just talk a little more about your innovation? Do you think that it's strong enough to drive incremental growth from where we are?

我想這是問 Todd 的，但總的來說，你是否注意到像 Tabby 和 Brooklyn 這樣的標誌性款式的需求有所放緩，尤其是在競爭對手推出類似款式的情況下？能否再詳細談談您的創新之處？你認為它是否足夠強勁，能夠推動我們在現有基礎上穩步成長？

Yeah. Thanks, Bob. That's a good follow-up question to the one I just got. It's really interesting. Some of you have followed us for a long time. There was a period of time where maybe one silhouette or one colorway was pervasive. That's not the case today.

是的。謝謝你，鮑伯。這是對我剛才那個問題很好的後續問題。真有意思。有些朋友關注我們很久了。曾經有一段時間，可能只有一種款式或一種配色方案非常流行。但如今情況並非如此。

Today, we are so well balanced. And it was interesting, we were hindsighting literally earlier this week with our merchants and global buyers on the results of the last quarter, and we were looking at the future buys for the balance of this year and into next year. And when we honed in a Tabby, the New York family, and Teri, I looked at the team a little mystically, and I said, T&T equals explosive growth. That's where we are. That's what you'll see. These are icons that will continue to fuel what we're doing.

如今，我們的生活非常平衡。有趣的是，就在本週早些時候，我們和我們的商家和全球買家一起回顧了上個季度的業績，並展望了今年剩餘時間和明年的未來採購計劃。當我們鎖定 Tabby、紐約一家和 Teri 時，我帶著幾分神秘的眼神看著這個團隊，我說，T&T 等於爆炸式增長。這就是我們目前的處境。你會看到這樣的景象。這些標誌性人物將繼續激勵我們正在做的事情。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Congrats on the amazing results here. Scott, just on gross margin, can you talk about what's driving the outperformance on the operational side and how you're thinking about the opportunity there in the back half of the year? The guidance seems to incorporate maybe a bit of conservatism there, given the first half results, but trying to better understand some of the puts and takes and the timing.

恭喜你取得如此驚人的成績。Scott，就毛利率而言，你能談談營運方面業績超預期的原因，以及你如何看待下半年這方面的機會嗎？鑑於上半年的業績，該指導意見似乎包含了一些保守因素，但同時也試圖更好地理解一些買賣操作和時機把握。

Yeah, sure. Thanks for the question, Mark. Operational improvements, as we call them, are really driving the gross margin outperformance. So what does that mean? AUR is the biggest part of that.

當然可以。謝謝你的提問，馬克。我們稱之為營運改善的舉措，才是真正推動毛利率超額報酬的因素。那這意味著什麼？AUR是其中最重要的一環。

Also, we do have mitigating actions in the supply chain. Frankly, most of those start to accelerate as we get into next year. There are some mitigating actions related to tariffs that we see this year, but the lion's share of that next year.

此外，我們在供應鏈中也採取了緩解措施。坦白說，到了明年，其中大多數趨勢都會加速發展。今年我們會看到一些與關稅相關的緩解措施，但大部分措施要到明年才會推出。

And maybe I'll just give you a little bit of shaping. But before I do, let's not bury the lead. We just took up our outlook for gross margin year over year this year, fully offsetting the impact of tariffs on a full-year basis. And as we've said since Liberation Day, right, there's going to be quarter-by-quarter timing that's going to be a little noisy and messy, and we see that both in the guide for this year and as we think about going forward. And the reason for that is we -- at the time that the tariffs were imposed, you have inventory on hand, which needs to sell through and then the tariff goods as they come in, it takes a while for them to sell through.

或許我還可以稍微幫你做調整。但在此之前，我們先別急著把重點埋沒。我們剛剛對今年的毛利率進行了同比預測，完全抵消了關稅對全年業績的影響。正如我們從解放日以來一直所說的那樣，每個季度的進度安排都會有些混亂和嘈雜，我們在今年的指導方針以及我們展望未來時都看到了這一點。原因在於——在徵收關稅的時候，我們手邊有庫存需要售出，而加徵關稅的貨物運進來後，需要一段時間才能售出。

So we'll see the majority of that tariff impact for this year start to hit in the second half, specifically in Q3 and Q4, a little bit into next year and then you start to comp those impacts. And then again, compounding AUR gains along with some of the mitigating actions, which accelerate next year.

因此，我們將看到今年大部分關稅影響將在下半年開始顯現，尤其是在第三季和第四季度，甚至延續到明年，然後這些影響將開始顯現。此外，AUR 收益不斷累積，同時一些緩解措施也在推進，這些措施將在明年加速實施。

So all those things together give us the confidence this year to give a full-year guide of an increase in gross margin and also have the confidence to say next year, even off that base, we have confidence that we'll be able to continue to increase our gross margins as we look at fiscal '27 and beyond.

因此，所有這些因素加在一起，使我們今年有信心給出全年毛利率增長的預期，並且也有信心說，即使以此為基礎，我們也有信心在2027財年及以後繼續提高毛利率。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Let me add my congrats on this. I'm just curious on the units versus AUR. There was a lot of quarters in a row where the total growth at Coach looked exactly like the AUR growth in that mid-teens. And then last quarter, we saw the unit contribution looks like increased to about mid-singles, and now we're here in the mid-teens. Can you just talk to us a little bit about what's driven that acceleration and what you see is durable there?

我也要向你表示祝賀。我只是好奇單位和 AUR 的差別。連續好幾個季度，Coach 的總成長率都與 AUR 在十幾個百分點的成長率完全一致。然後上個季度，我們看到單位貢獻值似乎增加到了兩位數左右，而現在我們已經達到了十幾位。您能否簡單談談推動這種加速發展的因素，以及您認為哪些因素能持久有效？

And then I guess, Scott, looking out at the long-term model, earlier, someone mentioned you're getting close to your earnings guidance for '28 and the year is 2026 right now. I think '28 was guided to about $4.2 billion in SG&A. You'll get close this year, but SG&A is now guided to about 54% of revenues. So should we still think about SG&A at 55% of revenues on a higher base in '28? Or as we move to this new revenue level, is there a potential to show better leverage in the out years versus the plan?

然後我想，史考特，從長期模型來看，之前有人提到你即將實現 2028 年的獲利預期，而現在才到 2026 年。我認為2028年的銷售、管理及行政費用預期約為42億美元。今年應該能接近目標，但銷售、一般及行政費用預計將佔收入的 54% 左右。那麼，在 2028 年，我們是否仍應該考慮將銷售、一般及行政費用 (SG&A) 佔收入的 55%（基於更高的基數）？或者，隨著我們邁向新的收入​​水平，未來幾年是否有可能比計劃中展現出更好的槓桿效應？

Yeah. You want me to start with the second? Yeah. I'll take the exciting part first, Todd, and then I'll give you the more pedestrian part, just kidding, of course. (multiple speakers)

是的。你想讓我從第二個開始嗎？是的。陶德，我先講精彩的部分，然後再講比較平淡的部分，當然，我只是開玩笑啦。（多位發言者）

So yeah, Michael, I'm not -- we're not going to give new guidance right now, as you can imagine. I appreciate your recognition that we are moving ahead. And I'd just point you back to one thing that I would -- I hope is evident now is we found a new gear of growth, right? And as you think about how you think about Tapestry, how you think about this model, we've definitely moved into a higher echelon of growth. We talked about mid-single digits being our floor, and we're certainly moving or performing ahead of that.

所以，邁克爾，正如你所想，我們現在不會給出新的指導意見。感謝您認可我們正在向前邁進。我只想指出一點——我希望現在這一點已經很明顯了——那就是我們找到了新的成長動力，對吧？當你思考你對 Tapestry 的看法，思考你對這個模式的看法時，我們無疑地進入了更高的成長階段。我們之前討論過，個位數中段是我們的最低目標，而我們現在肯定已經超過了這個目標。

What it means for the future, I think you should take confidence, but we're not going to -- I'm not going to get into giving specifics.

至於它對未來意味著什麼，我認為你應該充滿信心，但我們不會——我不會給出具體細節。

As it relates to SG&A, I will say this. As we continue to grow with the operational discipline that we have in this organization, we would expect to continue to leverage in all non-growth-enhancing parts of the P&L. So there will be leverage as you think about going forward with the accelerated growth. We also have said consistently, we intend to keep investing back into the business and specifically in marketing. So do I expect leverage over time? Yes. In terms of what that looks like, we'll give you shaping as we get to the end of this year and look into next year.

關於銷售、一般及行政費用，我想說的是：隨著我們在這個組織中不斷發展壯大，並保持我們現有的營運紀律，我們希望繼續在損益表中所有非成長促進部分發揮槓桿作用。因此，在考慮如何加速發展時，您將擁有一定的槓桿作用。我們也一直表示，我們打算繼續投資於業務，特別是行銷。那麼，我預期隨著時間的推移，槓桿作用會如何呢？是的。至於具體細節，我們將在今年底前逐步明確，並展望明年。

Yeah. And when we look at unit growth, in handbags, they were both mid-teens, and we feel very good about that. Again, it goes back to this customer acquisition engine that we're driving. So that's driving units. We're not churning units on promotion. And that creates much more sustainable long-term growth for us. That's why I point out that unit count from FY19 is still materially down.

是的。當我們查看手提包的銷售成長時，兩者的成長率都達到了十幾個百分點，我們對此感到非常滿意。歸根究底，這還是取決於我們正在推進的客戶獲取機制。這就是驅動單元。我們沒有大量銷售促銷產品。這將為我們創造更永續的長期成長。這就是為什麼我要指出，2019財年的銷售量仍然大幅下降。

So if you think about the math for a minute, 2.3 million new -- 2.9 million new customers in the quarter. Again, retention rates, one of the things we've talked about, I'm giving a conservative guidance that the retention rates stay the same. What we're seeing with the younger customers, they actually are coming back a little bit more frequently. So that is a good news.

所以，如果你稍微算一下，這個季度新增了 230 萬至 290 萬客戶。再次強調，留存率是我們討論過的問題之一，我保守估計留存率將保持不變。我們發現，年輕顧客的回頭率確實較高一些。這是個好消息。

But even if you take the conservative retention rate, as we keep acquiring more and more customers and they maintain their retention rate, our unit count will go up. Then you take opportunities like that's one of the things we like about footwear. The frequency of footwear purchases is higher than handbags. So if we get them in through a handbag, they like footwear. Our productivity in our stores go up, our unit count goes up, and overall connectivity with our customer and the brand is sustainable for a long period of time.

但即使採用保守的留存率，隨著我們不斷獲得越來越多的客戶，並且他們保持著較高的留存率，我們的銷售量也會上升。然後你就會抓住這樣的機會，因為這是我們喜歡鞋類的原因之一。鞋類購買頻率高於手提包。所以如果我們透過手提包把它們帶進來，它們會喜歡鞋子。我們的門市生產力提高，銷售量增加，與顧客和品牌的整體連結得以長期維持。

So we've got a lot of room to go on units. But remember the two truisms I said, we're not going to drive artificially units through promotions. We're going to keep playing our game successfully over time, and I think that's how we'll win.

所以我們在單元方面還有很大的提升空間。但請記住我說過的兩條真理，我們不會透過促銷活動人為地提高銷售量。我們會繼續堅持自己的比賽方式，並取得成功，我認為這就是我們最終獲勝的方式。

Okay. Love it. Thank you so much, and congrats again on the quarter.

好的。愛它。非常感謝，再次恭喜你本季取得佳績。

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。

Thanks, Leo. As we shared this morning, our outperformance reflects the power of Tapestry, the result of deliberate strategies and disciplined execution over time that are driving our growth today and position us for the future. And I especially want to thank our exceptional global teams. This performance is yours, and it reflects the creativity and passion you bring for our customers every day.

謝謝你，Leo。正如我們今天早上分享的那樣，我們的優異表現反映了 Tapestry 的強大實力，這是經過深思熟慮的戰略和長期嚴格執行的結果，這些戰略和執行正在推動我們今天的增長，並為我們的未來奠定基礎。我尤其要感謝我們傑出的全球團隊。這場演出完全屬於你，它體現了你每天為我們的客戶所展現的創造力和熱情。

With strong fundamentals and momentum, we're moving forward with confidence, and we're focused on delivering sustainable growth and long-term shareholder value. Thank you for your interest in Tapestry and for joining us today.

憑藉著強勁的基本面和發展勢頭，我們充滿信心地向前邁進，並將專注於實現永續成長和長期股東價值。感謝您對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。