掛毯 (TPR) 2026 Q4 法說會逐字稿

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

各位好，歡迎參加本次 Tapestry 電話會議。今天的電話會議將被錄音。（接線員指示）

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.

現在，進行開場致詞與介紹，我想把電話交給全球投資人關係主管 Christina Colone。

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

早安。感謝各位加入我們。今天與我一同討論第四季與全年業績、策略以及展望的有：Tapestry 執行長 Joanne Crevoiserat；以及 Tapestry 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，本次電話會議將包含若干前瞻性陳述，其定義依據《私人證券訴訟改革法》（Private Securities Litigation Reform Act）。其中包括對我們在本季或未來季度或會計年度業務的預測。前瞻性陳述並非保證，我們的實際結果可能與前瞻性陳述中明示或暗示的內容存在重大差異。請參閱我們的 Form 10-K 年度報告、我們今早發布的新聞稿，以及我們向美國證券交易委員會提交的其他文件，以取得可能影響我們未來業績與表現之風險及其他重要因素的完整清單。

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

我們今天的評論與簡報投影片中包含非 GAAP 財務衡量指標。如需與相對應 GAAP 財務資訊的完整調節表，請造訪我們的網站 www.tapestry.com/investors，並查看今日發布的財報新聞稿與簡報。

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

現在，讓我概述本次電話會議的講者與主題。Joanne 將先分享 Tapestry 及各品牌的重點摘要。Scott 接著將說明財務結果、資本配置優先事項，以及未來展望。之後我們將進行問答環節，屆時 Coach 執行長兼品牌總裁 Todd Kahn 也將加入。問答結束後，Joanne 將以簡短結語作結。

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

現在我想把電話交給 Tapestry 執行長 Joanne Crevoiserat。

Good morning. Thank you, Christina, and welcome, everyone. Fiscal 2026 was a defining year for Tapestry. We meaningfully exceeded expectations, achieving the three-year revenue, operating margin, and earnings per share commitments we established at our Investor Day two years ahead of plan. We delivered strong growth and record results while continuing to invest in our brands, our people, and the capabilities that will shape our future.

早安。謝謝你，Christina，也歡迎各位。2026 會計年度是 Tapestry 的關鍵一年。我們大幅超越預期，並且比原計畫提前兩年達成在投資人日所提出的三年營收、營業利益率與每股盈餘承諾。我們在持續投資於品牌、人才以及將塑造未來的能力之同時，交出強勁成長與創紀錄的成果。

More important than what we accomplished is what we've built. Through intentional choices, disciplined execution, and a deep understanding of the consumer, we have built a stronger, more focused organization who, every day, bring our Amplify strategy to life, delivering creativity, value, and relevance at scale, strengthening our connections with consumers.

比起我們完成了什麼，更重要的是我們打造了什麼。透過有意識的選擇、紀律性的執行，以及對消費者的深刻理解，我們建立了一個更強大、更聚焦的組織；每天都讓我們的 Amplify 策略落地，以規模化方式提供創意、價值與相關性，並強化我們與消費者的連結。

These efforts continue to compound extending our competitive advantage while driving durable growth and long-term shareholder value. In a world where consumer expectations, technology, and competitive dynamics continue to evolve, the combination of our direct consumer relationships, data-driven decision-making, global scale, and agile operating model has become increasingly valuable and differentiated.

這些努力持續累積，延伸我們的競爭優勢，同時推動持久成長與長期股東價值。在消費者期待、科技與競爭態勢持續演變的世界中，我們與消費者的直接關係、數據驅動的決策、全球規模，以及敏捷的營運模式之組合，變得愈發有價值且更具差異化。

With that, let me touch on some highlights for the year. We achieved revenue of $8 billion, growing 17% on a pro forma constant currency basis, expanded operating margin by 340 basis points to over 23%, and increased earnings per share by 38% to $7.05. Growth was fueled by customer acquisition as we welcomed 11 million new customers to our brands, led by Gen Z.

接下來，我簡要說明本年度的一些亮點。我們達成 80 億美元營收，以備考（pro forma）固定匯率基礎成長 17%；營業利益率擴張 340 個基點至 23% 以上；每股盈餘成長 38% 至 7.05 美元。成長主要由客戶獲取所帶動，我們為各品牌迎來 1,100 萬名新客戶，其中以 Z 世代為主。

Importantly, we accelerated growth in our core leather goods category with AUR and unit growth. Luxury leather goods remains one of the most attractive categories within the consumer space because of its enduring demand, compelling economics and significant runway for growth. In addition, we delivered broad-based double-digit growth across key regions, gaining share and expanding the market. Our agile, direct-to-consumer led operating model drove double-digit revenue growth and increasing profitability across both digital and stores.

重要的是，我們在核心皮革商品品類加速成長，AUR 與銷量（units）皆成長。奢華皮革商品仍是消費領域中最具吸引力的品類之一，因其需求持久、經濟效益具吸引力，且仍有顯著的成長空間。此外，我們在主要區域實現廣泛的兩位數成長，提升市占並擴大市場。我們以直面消費者（direct-to-consumer）為主導的敏捷營運模式，推動數位與門市雙通路皆達成兩位數營收成長並提升獲利能力。

Further, Tapestry is committed to embracing AI to enhance the magic of our people and our brands. To that end, we continue to build proprietary technology and AI capabilities that differentiate how we operate and empower our teams. During the year, we secured our first AI patent building on our previously patented data fabric technology. Together, they reflect our culture of innovation and more than a decade of investment in data, decision intelligence and enterprise technology.

此外，Tapestry 致力於擁抱 AI，以強化我們的人才與品牌所帶來的魅力。為此，我們持續打造自有技術與 AI 能力，以差異化我們的營運方式並賦能團隊。本年度，我們在先前已取得專利的資料織網（data fabric）技術基礎上，取得了第一項 AI 專利。兩者共同反映了我們的創新文化，以及十多年來在數據、決策智慧與企業技術上的投資。

Overall, our fiscal year '26 results demonstrate the power of our approach to brand building. We continue to win with consumers at the point of market entry welcoming younger customers who transact at higher AURs, have stronger retention and influence purchasing behavior across generations. This reinforces our confidence that our greatest opportunities lie ahead. Now moving to our results by brand.

整體而言，我們 2026 會計年度的成果展現了我們品牌打造方法的力量。我們持續在市場切入點贏得消費者，迎來交易 AUR 更高、留存更強，且能影響跨世代購買行為的年輕客群。這也強化了我們的信心：我們最大的機會仍在前方。接下來談各品牌的表現。

Coach delivered another strong quarter with constant currency revenue growth of 14% and increasing profitability. This capped an exceptional year and reinforced the enduring strength of our iconic 85-year-old brand. Several factors underscore the durability of our growth. We drove new customer acquisition around the world, welcoming over 2 million new consumers in the quarter and nearly $9 million for the full year. Growth was led by Gen Z whose influence extended across generations. At the same time, existing customers continue to drive strong sales.

Coach 再次交出強勁的一季，固定匯率營收成長 14%，獲利能力亦提升。這為卓越的一年畫下句點，並再次印證我們這個擁有 85 年歷史的經典品牌之持久實力。多項因素凸顯我們成長的韌性。我們在全球推動新客戶獲取，本季迎來超過 200 萬名新消費者，全年接近 900 萬名。成長由 Z 世代帶動，其影響力延伸至各世代。同時，既有客戶也持續帶來強勁銷售。

Underpinning these results is Coach's consumer-led approach, consistently translating deep consumer insights into action to build lasting emotional connections with the brand. Our core leather goods assortment continued to lead in Q4 with handbag AUR increasing at a mid-teens rate and unit volumes roughly in line with the prior year, both consistent with expectations and our deliberate strategy to prioritize brand health and reduce promotions. For the year, handbag AUR rose mid-teens and units increased low double digits demonstrating the multifaceted nature of our growth. Looking ahead, we continue to see opportunity to grow both AUR and units while staying true to the values and the value proposition that define Coach.

支撐這些成果的是 Coach 以消費者為導向的方法：持續將深度消費者洞察轉化為行動，與品牌建立長久的情感連結。我們的核心皮革商品組合在第四季持續領先，手袋 AUR 以中十位數（mid-teens）幅度提升，而銷量大致與去年同期持平；兩者皆符合預期，也符合我們優先維護品牌健康並降低促銷的既定策略。全年而言，手袋 AUR 上升中十位數，銷量增加低兩位數，展現我們成長的多面向特質。展望未來，我們仍看見同時提升 AUR 與銷量的機會，並將持續忠於定義 Coach 的價值觀與價值主張。

Further, our strong results continued across key geographies in the fourth quarter, including North America, up 10%; Greater China rising 30% and Europe increasing 25%, highlighting the global resonance of the brand. Coach is bringing new consumers into the category and growing the market. Given the strength of the brand and our large addressable market, we continue to see a clear path to Coach becoming a $10 billion brand.

此外，第四季我們在主要地區的強勁表現亦持續，包括北美成長 10%；大中華區上升 30%；歐洲增加 25%，凸顯品牌在全球的共鳴。Coach 正在為該品類帶來新消費者並推動市場成長。鑑於品牌實力與我們龐大的可服務市場，我們仍清楚看見 Coach 成為 100 億美元品牌的明確路徑。

Now to cover our fourth quarter results in more detail. Our creative teams continue to execute with clarity and purpose, delivering product innovation that is resonating with consumers. Our icons continued to outperform, consistent with our strategy with broad-based strength across the assortment. The New York family, including Brooklyn, Empire and Chelsea, along with the Tabby and Teri families drove strong Gen Z acquisition and reinforced Coach's leadership in its core category with a robust innovation pipeline ahead. Structurally, we concentrate product innovation behind core families that build over time while remaining disciplined in our pursuit of growth.

接下來更詳細說明我們第四季的業績。我們的創意團隊持續以清晰且有目的的方式執行，推出能引起消費者共鳴的產品創新。我們的經典款（icons）持續優於整體表現，符合我們的策略，且產品組合呈現廣泛的強勢。New York 系列（包括 Brooklyn、Empire 與 Chelsea），以及 Tabby 與 Teri 系列，帶動強勁的 Z 世代獲取，並在核心品類中鞏固 Coach 的領導地位；同時，前方仍有強健的創新產品管線。在結構上，我們將產品創新集中於能隨時間累積的核心系列，同時在追求成長上保持紀律。

More broadly, our results reflect the strategic choices we've made to strengthen the brand. Perhaps the most significant has been our One Coach strategy. By deliberately blurring the traditional industry lines between retail and outlet channels, bringing collection product at full price into outlet and unifying our digital experience through a single coach.com, we've aligned our approach with how consumers shop today creating a stronger, more consistent global expression of the brand. This has driven customer acquisition, higher AURs and growth around the world.

更廣泛而言，我們的成果反映了我們為強化品牌而做出的策略性選擇。其中最重要的或許是我們的 One Coach 策略。透過刻意模糊零售與暢貨中心（outlet）通路之間的傳統產業界線，將正價系列商品引入暢貨中心，並透過單一 coach.com 統一我們的數位體驗，我們已使自身作法與當今消費者的購物方式一致，打造更強大且更一致的全球品牌呈現。這推動了客戶獲取、更高的 AUR，以及全球各地的成長。

Next, turning to footwear. We delivered high teens growth in the quarter with increasing demand from Gen Z. Sneakers continued to fuel the growth driven by the success of the Soho family, along with continued strength of Margot. Footwear remains a long-term growth opportunity for Coach, given our brand strength, low share of the market and the categories relevance to our target consumer.

接著談到鞋履。本季我們實現了高十位數的成長，且來自 Z 世代的需求持續增加。運動鞋在 Soho 系列成功的帶動下持續推動成長，同時 Margot 也延續強勁表現。鑑於我們的品牌實力、市占率仍低，以及該品類對目標消費者的相關性，鞋履仍是 Coach 的長期成長機會。

Turning to marketing. Our strategic investments continue to generate compounding benefits this quarter. We increased marketing spend by approximately 20% versus the prior year with a continued shift toward top-of-funnel brand building to support sustained customer acquisition.

再來談行銷。我們的策略性投資在本季持續產生複利效益。相較去年，我們將行銷支出提高約 20%，並持續轉向漏斗上層（top-of-funnel）的品牌建設，以支持持續的客戶獲取。

Coach's Explore Your Story campaign continued to resonate, supporting increased unaided awareness and reinforcing Coach's top of mind presence among Gen Z. Building on this momentum, we launched &Coach, a campaign co-created with Gen Z that celebrates moments of becoming and the confidence a Coach bag can champion along the way. Additionally, our partnerships extended Coach's reach into new communities and cultural conversations as we launched the second season of our WNBA partnership, strengthening the brand's connection at the intersection of fashion, sports and culture.

Coach 的「Explore Your Story」活動持續引發共鳴，帶動未提示品牌知名度（unaided awareness）提升，並強化 Coach 在 Z 世代心中的優先想起（top of mind）地位。在此動能之上，我們推出 &Coach——一個與 Z 世代共同創作的活動，慶祝「成為」的時刻，以及一路上 Coach 包款所能支持的自信。此外，我們的合作夥伴關係也將 Coach 的觸及延伸至新的社群與文化對話；我們啟動與 WNBA 合作的第二季，強化品牌在時尚、運動與文化交會處的連結。

Collectively, these actions are reinforcing Coach's cultural relevance and driving customer acquisition. More importantly, they strengthen a competitive advantage, a deep understanding of the consumer and an ability to consistently translate those insights into demand creation at scale.

整體而言，這些行動正在強化 Coach 的文化相關性並推動客戶獲取。更重要的是，它們強化了一項競爭優勢：對消費者的深刻理解，以及能夠持續將這些洞察轉化為可規模化需求創造的能力。

And finally, we deepen consumer engagement through distinctive brand experiences. We continue to roll out our expressive luxury store concept globally. These stores are driving higher traffic and longer dwell times, particularly among Gen Z consumers, supporting our plan to expand the concept to impact approximately 80% of our traffic by fiscal year '30. In addition, Coach Play continues to serve as both a destination for consumers and a source of inspiration for our broader store strategy. New Coach Play locations in Chicago, Atlanta and Lumiere in Paris are helping build brand desire with our target consumers.

最後，我們透過獨特的品牌體驗深化消費者互動。我們持續在全球推進具表現力奢華（expressive luxury）的門店概念。這些門店帶來更高的人流與更長的停留時間，尤其在 Z 世代消費者中更為明顯，支持我們的計畫：到 2030 財年使該概念影響約 80% 的客流。此外，Coach Play 持續同時作為消費者的目的地與我們更廣泛門店策略的靈感來源。位於芝加哥、亞特蘭大，以及巴黎 Lumiere 的新 Coach Play 據點，正協助在目標消費者中建立品牌渴望。

Together, these investments reflect our conviction that physical retail remains one of our most powerful opportunities to express the brand as consumers invite us into their world to share important moments in their life extending the connection well beyond a transaction.

綜合而言，這些投資反映了我們的信念：實體零售仍是我們最有力的機會之一，用以表達品牌——當消費者邀請我們進入他們的世界、分享人生重要時刻時，這份連結將遠遠超越一次交易。

In closing, my confidence in the future of Coach is grounded in the combination of an iconic brand, a deep understanding of today's consumer and an organization that continues to thoughtfully steward and evolve the brand, preserving what makes it distinctive while ensuring it remains relevant for new generations of consumers. I believe that combination positions Coach for continued leadership, meaningful growth and long-term value creation.

總結來說，我對 Coach 未來的信心，建立在以下組合之上：一個具代表性的標誌性品牌、對當代消費者的深刻理解，以及一個持續以審慎方式管理並演進品牌的組織——在保留其獨特性之餘，也確保它對新世代消費者仍具相關性。我相信，這樣的組合使 Coach 得以持續領先、實現有意義的成長，並創造長期價值。

Turning to Kate Spade, our strategy for Kate Spade has been deliberate and phased, streamlining the business, solidifying the foundation and positioning the brand to scale. At its core, that means building greater brand desire and relevance to drive sustainable, profitable growth.

接著談到 Kate Spade。我們對 Kate Spade 的策略是有意識且分階段推進的：精簡業務、鞏固基礎，並讓品牌具備擴張規模的定位。其核心在於建立更高的品牌渴望與相關性，以推動可持續且具獲利性的成長。

In fiscal year '26, we remain disciplined in executing that strategy, making choices that improve the quality of the business. Although top line progress was more gradual than we planned, our experience has given us greater clarity on where consumers are responding where our investments are driving results and where we need to focus going forward.

在 2026 財年，我們仍以紀律執行該策略，做出能提升業務品質的選擇。儘管營收端（top line）的進展比我們規劃的更為漸進，但我們的經驗讓我們更清楚：消費者在哪些方面有回應、我們的投資在哪些方面帶來成果，以及未來需要聚焦的方向。

Now, turning to our strategic pillars and fourth-quarter results, first, we are committed to fueling brand desirability supported by marketing. During the fourth quarter, we focused on increasing the reach and relevance of our full funnel marketing activities, which resulted in higher brand consideration among Gen Z and our latest US brand health tracker.

現在談到我們的策略支柱與第四季成果。首先，我們致力於在行銷支持下提升品牌吸引力。在第四季，我們聚焦於提升全漏斗行銷活動的觸及與相關性，這使得 Z 世代的品牌考慮度提高，並反映在我們最新的美國品牌健康度追蹤（brand health tracker）中。

In addition, our first creator led YouTube campaign drove an increase in purchase intent well ahead of the platform benchmark showing traction in our work. We also know that we need more consumers to engage with our content as unaided brand awareness more broadly has not yet improved. And this is a key part of driving acquisition and ultimately growth.

此外，我們首個由創作者主導的 YouTube 活動，帶動購買意圖的提升，明顯領先平台基準，顯示我們工作的成效。我們也知道，需要讓更多消費者與我們的內容互動，因為整體而言未提示品牌知名度（unaided brand awareness）尚未改善。而這是推動獲客並最終帶動成長的關鍵一環。

As we enter fiscal year '27, we'll build on these learnings through creator partnerships and activations that drive brand awareness and desire. We're also pleased to welcome Alison Badea as Chief Marketing Officer, who brings deep brand-building experience from the luxury and beauty industries.

進入 2027 財年後，我們將透過創作者合作與行銷啟動（activations）延續這些學習，以提升品牌知名度與品牌渴望。我們也很高興歡迎 Alison Badea 擔任首席行銷長（Chief Marketing Officer），她在奢侈品與美妝產業擁有深厚的品牌建設經驗。

Next, we continue to build a more focused assortment grounded in consumer insights. Our handbag blockbusters, led by the Margot, 454 and Duo families contributed to continued improvement in handbags and drove customer acquisition, particularly among Gen Z consumers.

接下來，我們持續打造更聚焦、以消費者洞察為基礎的產品組合。我們的手袋爆款（blockbusters）——以 Margot、454 與 Duo 系列為首——促成手袋品類的持續改善並推動客戶獲取，尤其是在 Z 世代消費者之中。

We welcomed over 450,000 new customers during the quarter and approximately 2 million for the full year, with these consumers transacting at higher AURs in the balance of the customer base, a foundational element of our strategy.

本季我們迎來超過 45 萬名新客戶，全年約 200 萬名；這些消費者的交易 AUR 高於其餘客群，這是我們策略的基礎要素之一。

Finally, we continue to focus on creating compelling omnichannel experiences. Our light touch renovation program designed to bring more color and emotion to our stores continue to drive a lift in sales through improvements in conversion and average transaction value, and we're expanding those learnings across additional locations.

最後，我們持續聚焦於打造具吸引力的全通路體驗。我們的輕量翻新計畫（light touch renovation program）旨在為門店帶來更多色彩與情感，並透過轉換率與平均交易金額的改善持續帶動銷售提升；我們也正將這些經驗擴展至更多據點。

Looking ahead, as we move from streamlining to solidifying our foundation and preparing to scale, we're focused on further strengthening our creative execution and product and storytelling. The appointment of Jonathan Saunders, as Executive Creative Director working alongside Eva will advance our efforts to bring uplifting luxury to life for a new generation of consumers with the distinctiveness of joy and femininity inherent in this iconic brand.

展望未來，隨著我們從精簡走向鞏固基礎並準備擴張規模，我們將聚焦於進一步強化創意執行，以及產品與敘事能力。任命 Jonathan Saunders 擔任執行創意總監（Executive Creative Director），並與 Eva 並肩合作，將推進我們的努力：以這個標誌性品牌內在的喜悅與女性特質之獨特性，為新世代消費者具體呈現振奮人心的奢華（uplifting luxury）。

To close, Kate Spade has significant long-term potential, and our conviction in that opportunity remains unchanged. We continue focusing our efforts and investment behind the initiatives that are strengthening the brand and positioning it for sustainable, profitable growth over time.

最後總結，Kate Spade 具備顯著的長期潛力，我們對這項機會的信念依然不變。我們將持續把努力與投資聚焦在那些正在強化品牌、並使其隨時間推進可持續且具獲利性成長的關鍵舉措上。

Before turning it over to Scott, I'd like to come back to Tapestry's vision to give more people the power to bring their own style and story into the world. Throughout fiscal 2026, we realized that vision by welcoming millions of new consumers to our brands, deepening our relationships with existing consumers and delivering the creativity, value and relevance that inspire self-expression across generations and geographies. Our success is by design. We will continue to stay curious, remain focused and earn the trust of consumers every day. This is how we will continue to build advantages that compound delivering durable growth and long-term shareholder value.

在交棒給 Scott 之前，我想回到 Tapestry 的願景：讓更多人有力量把自己的風格與故事帶到世界上。在 2026 財年，我們透過歡迎數百萬新消費者加入我們的品牌、深化與既有消費者的關係，並提供能啟發跨世代與跨地域自我表達的創意、價值與相關性，實現了這一願景。我們的成功是經由設計而來。我們將持續保持好奇、維持專注，並每天贏得消費者的信任。這就是我們將如何持續建立可複利累積的優勢，帶來持久的成長與長期股東價值。

With that, I'll now hand it to Scott.

接下來，我把時間交給 Scott。

Thanks, Joanne, and good morning, everyone. As Joanne highlighted, we achieved the financial commitments we established at Investor Day two years ahead of plan, driving a step change in our earnings power and cash flow generation. From this stronger foundation, we entered fiscal 2027 confident in our ability to deliver mid-single-digit annual revenue growth, continued operating margin expansion and low double-digit EPS growth, consistent with our long-term commitments. Importantly, our competitive advantages translate into a differentiated financial model. We operate in an attractive category with durable demand and compelling margin characteristics.

謝謝，Joanne，各位早安。正如 Joanne 所強調的，我們比原計畫提前兩年達成在投資人日所建立的財務承諾，推動我們的獲利能力與現金流創造能力實現躍升式提升。在這更強健的基礎上，我們以十足信心邁入 2027 會計年度，並有能力交付每年中個位數的營收成長、持續的營業利益率擴張，以及低雙位數的 EPS 成長，與我們的長期承諾一致。重要的是，我們的競爭優勢轉化為差異化的財務模型。我們所處的品類具吸引力，需求具韌性，且擁有令人信服的利潤率特性。

As we continue to welcome new customers to our brands and category, we generate higher quality growth and strong cash flow supported by disciplined capital allocation. That combination gives us the power and flexibility to consistently invest in the business while returning meaningful capital to shareholders.

隨著我們持續迎接新客戶加入我們的品牌與品類，我們在嚴謹的資本配置支持下，創造更高品質的成長與強勁的現金流。這樣的組合賦予我們持續投資業務的能力與彈性，同時向股東回饋具意義的資本。

With that, let me walk through our fourth-quarter results in more detail, starting with revenue trends on a pro forma constant currency basis. Sales increased 11% compared to the prior year, highlighted by strong global momentum. North America sales rose 7% compared to the prior year, driven by a 10% increase at Coach, where we continue to drive healthy growth at expanding gross margins. In Europe, revenue grew 19% versus last year, fueled by continued strength in our direct business and robust new customer acquisition, particularly among Gen Z.

接下來，我將更詳細地說明我們第四季的業績，先從以備考（pro forma）固定匯率基礎衡量的營收趨勢談起。銷售額較去年同期成長 11%，亮點在於全球動能強勁。北美銷售額較去年同期成長 7%，主要由 Coach 成長 10% 所帶動；我們持續在擴大的毛利率下推動健康成長。在歐洲，營收較去年成長 19%，受惠於我們直營業務的持續強勁表現與穩健的新客戶獲取，尤其是在 Z 世代族群。

Local consumers continue to drive growth, contributing to meaningful market share gains in the region. Given our relatively low penetration, we believe Europe remains a compelling long-term growth opportunity.

在地消費者持續帶動成長，促成我們在該區域取得顯著的市占提升。鑑於我們目前的滲透率相對偏低，我們認為歐洲仍是極具吸引力的長期成長機會。

Now turning to Greater China. Revenue rose 28%, driven by broad-based growth across channels, led by digital and strong customer acquisition. We are winning with Gen Z consumers through compelling creativity and relevant activations, contributing to significant market share gains. Given the size of the opportunity and the momentum we're seeing in the business, we're continuing to make strategic investments in the region, positioning us for long-term growth in this important market. In other Asia, revenue increased 22%, led by growth in South Korea and Australia. And in Japan, sales declined 4%, as expected, reflecting our intentional pullback in promotions.

接著談大中華區。營收成長 28%，由各通路的廣泛成長所驅動，其中以數位通路與強勁的新客戶獲取為主。我們透過具吸引力的創意與貼近需求的行銷活動贏得 Z 世代消費者，帶動顯著的市占提升。考量機會規模以及我們在業務上看到的動能，我們持續在該區域進行策略性投資，使我們在這個重要市場中為長期成長做好布局。在亞洲其他地區，營收成長 22%，主要由南韓與澳洲的成長帶動。而在日本，銷售額如預期下滑 4%，反映我們有意縮減促銷活動。

Now, touching on revenue by channel for the quarter. Our D2C led model continued to drive strong results with direct-to-consumer revenue increasing 11%. Digital sales grew approximately mid-single digits, while global brick-and-mortar sales increased in the mid-teens. Importantly, all channels delivered strong and increasing profitability.

接著簡要說明本季按通路別的營收表現。我們以 D2C 為主導的模式持續帶來強勁成果，直面消費者（direct-to-consumer）營收成長 11%。數位銷售約成長中個位數，而全球實體門市銷售成長達中雙位數。重要的是，所有通路皆實現強勁且持續提升的獲利能力。

Moving down the P&L, we continue to drive healthy gross margin expansion, delivering a fourth quarter gross margin of 78.1%, up 180 basis points versus last year. This was driven by an operational increase of 170 basis points as well as a favorable 60 basis point impact from the divestiture of Stuart Weitzman. These benefits more than offset a tariff and duty headwind of approximately 60 basis points, including approximately 30 basis points at Coach and approximately 250 basis points at Kate Spade.

往下看損益表，我們持續推動健康的毛利率擴張，第四季毛利率為 78.1%，較去年提升 180 個基點。這主要來自營運面帶動的 170 個基點提升，以及出售 Stuart Weitzman 帶來的 60 個基點正面影響。上述利多已足以抵銷約 60 個基點的關稅與稅費不利因素，其中 Coach 約 30 個基點，Kate Spade 約 250 個基點。

Overall, our strong gross margin remains a core element of our value creation model supported by an agile supply chain that enables us to deliver craftsmanship at scale, one of Tapestry's key competitive advantages.

整體而言，我們強勁的毛利率仍是價值創造模型的核心要素，並由敏捷的供應鏈所支撐，使我們能以規模化方式交付精湛工藝，這也是 Tapestry 的關鍵競爭優勢之一。

Turning to SG&A, expenses increased 8% while leveraging 80 basis points versus last year. This was inclusive of a 130-basis point increase in marketing, which represented 14% of sales in the quarter. Together, this reflects strong operational discipline and our continued ability to invest behind growth while expanding profitability.

接著看 SG&A，費用成長 8%，同時較去年實現 80 個基點的槓桿效益。其中包含行銷費用增加 130 個基點，本季行銷費用占銷售額 14%。綜合而言，這反映出強勁的營運紀律，以及我們在擴大獲利能力的同時，持續投資以支持成長的能力。

Overall, operating margin expanded 250 basis points in the quarter, driving a 25% increase in operating income and exceeding our expectations. Fourth-quarter EPS of $1.32 increased 28% versus last year, also exceeding our guidance despite a headwind of more than $0.05 from a higher tax rate versus plan due to a number of discrete items.

整體而言，本季營業利益率擴張 250 個基點，帶動營業利益成長 25%，並超出我們的預期。第四季 EPS 為 1.32 美元，較去年成長 28%，同樣超出我們的指引；儘管相較於原計畫，因若干一次性項目導致稅率較高，帶來超過 0.05 美元的不利影響。

Now turning to shareholder returns. In fiscal '26, we returned $1.7 billion to shareholders. This included $326 million in dividends and $1.35 billion in share repurchases, representing approximately 11.5 million shares at an average price of $1.18 per share.

接著談股東報酬。在 2026 會計年度，我們向股東回饋 17 億美元。其中包含 3.26 億美元股利，以及 13.5 億美元股票回購，約回購 1,150 萬股，平均價格為每股 1.18 美元。

Turning to fiscal '27, we expect to return another $1.7 billion to shareholders. Our Board approved a 16% increase in the dividend to an annualized rate of $1.85 per share and we expect to repurchase approximately $1.35 billion of shares, underscoring our confidence in the future. Our ability to return significant capital to shareholders while continuing to invest for growth reflects the strength of our business and the consistency of our free cash flow.

展望 2027 會計年度，我們預期將再向股東回饋 17 億美元。董事會核准將股利提高 16%，年化股利率提升至每股 1.85 美元；同時我們預期回購約 13.5 億美元的股票，彰顯我們對未來的信心。我們在持續投資成長的同時仍能向股東回饋可觀資本，反映出我們業務的實力以及自由現金流的一貫性。

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. 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 share repurchase authorization.

在進入資產負債表與現金流細節之前，我想重申我們的資本配置優先順序，並未改變。我們有兩項基礎承諾。第一，投資於我們的品牌與業務，以支持長期可持續成長；並透過股利向股東回饋資本，且長期目標是提高股利，至少與盈餘成長同步。在這兩項基礎承諾之外，我們強勁的現金流創造能力為我們提供資產負債表彈性以創造價值。這包括在先前公布的股票回購授權下進行回購活動的機會。

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

最後，運用我們嚴謹的「四鏡頭」框架，我們持續評估策略性投資組合管理的機會。重要的是，且如先前所溝通，在推進任何併購之前，我們將確保 Coach 維持強勁表現，且 Kate Spade 已恢復可持續的營收成長。這些清晰的資本配置優先順序，建立在我們對穩健投資等級評等的堅定承諾之上，並維持我們長期總槓桿目標低於 2.5 倍。

Now turning to the details of our balance sheet and cash flows. We ended the year with nearly $1.2 billion in cash and short-term investments and total borrowings of $2.4 billion, representing net debt of $1.2 billion. Our gross debt to adjusted EBITDA leverage ratio was 1.1 times, more than a full turn below our long-term target. Adjusted free cash flow totaled $1.86 billion for the year, and CapEx and cloud computing costs were $217 million. Inventory levels at year-end were 4% below prior year, slightly below expectations due to a shift in receipt timing into Q1. For fiscal '27, we expect inventory levels to increase year-over-year in support of our growth ambition.

接著說明我們資產負債表與現金流的細節。年末我們持有近 12 億美元的現金與短期投資，總借款為 24 億美元，淨負債為 12 億美元。我們的總負債對調整後 EBITDA 槓桿比率為 1.1 倍，較我們的長期目標低超過整整 1 個倍數。全年調整後自由現金流合計 18.6 億美元，資本支出（CapEx）與雲端運算成本為 2.17 億美元。年末庫存水位較去年低 4%，因收貨時點部分移轉至第一季而略低於預期。對於 2027 會計年度，我們預期庫存水位將較去年增加，以支持我們的成長企圖。

Now, moving to our guidance for fiscal '27, which is provided on a non-GAAP and comparable 52-week versus 52-week basis. Our full-year guidance remains consistent with the long-term financial algorithm we established at Investor Day.

現在，轉到我們對 2027 會計年度的指引；該指引以非 GAAP 以及可比的 52 週對 52 週基礎提供。我們的全年指引仍與我們在投資人日所建立的長期財務演算法一致。

Now, turning to the details. For the fiscal year, we expect revenue of $8.4 billion to $8.5 billion, representing mid-single-digit growth on a nominal and constant currency basis. FX is expected to be at 40 basis point tailwind for the year.

接著說明細節。就該會計年度而言，我們預期營收為 84 億至 85 億美元，名目與固定匯率基礎皆為中個位數成長。預期匯率（FX）將為全年帶來 40 個基點的順風。

Touching on sales details by region on a constant currency basis. As we've previously discussed, our long-term algorithm contemplates disciplined growth in North America and an increasing contribution from international markets, where our brands remain underpenetrated, and we see substantial opportunity over time. In North America, we expect revenue to increase low single digits. In both Europe and Greater China, we expect growth of mid-teens. In Japan, we're forecasting a return to growth. And in other Asia, we anticipate high single-digit gains. By brand, this guidance incorporates high single-digit growth at Coach and a high single-digit decline at Kate Spade.

補充以固定匯率基礎按地區拆分的銷售細節。如我們先前所討論，我們的長期演算法考量北美的紀律性成長，以及國際市場日益提升的貢獻；在這些市場中，我們的品牌仍有不足滲透，我們也看到隨時間推進的重大機會。在北美，我們預期營收將以低個位數成長。在歐洲與大中華區，我們預期成長為十幾個百分點（mid-teens）。在日本，我們預測將重回成長。在其他亞洲地區，我們預期將有高個位數增長。按品牌來看，此指引包含 Coach 的高個位數成長，以及 Kate Spade 的高個位數下滑。

In addition, our outlook assumes operating margin expansion of 50 basis points to nearly 24%, driven by both an increase in gross margin and SG&A leverage. This reflects our continued ability to invest behind our brands while expanding profitability. We expect gross margin to increase by approximately 30 basis points, driven by operational improvements and favorable geographic and brand mix. Embedded in our outlook is the assumption for a mid-20s percent tariff rate on US imports for fiscal '27 resulting in a roughly net neutral P&L impact year over year, including mitigating actions. On SG&A, we expect approximately 20 basis points of leverage, reflecting disciplined expense management while continuing to invest behind brand growth.

此外，我們的展望假設營業利益率擴張 50 個基點至接近 24%，動能來自毛利率提升與 SG&A 槓桿效益。這反映我們在擴大利潤率的同時，仍能持續投資於品牌。我們預期毛利率約提升 30 個基點，主要由營運改善以及有利的地理與品牌組合所帶動。我們的展望中亦納入假設：2027 會計年度美國進口關稅稅率約為 20% 多（mid-20s%），在包含因應措施後，損益表（P&L）年對年影響約為淨中性。在 SG&A 方面，我們預期約有 20 個基點的槓桿效益，反映在持續投資品牌成長的同時，仍維持嚴謹的費用管理。

For some texture on operating profit by brand, we expect Coach to maintain its best-in-class operating margin of nearly 36%. At Kate Spade, we expect a modest operating loss, reflecting continued investment in the brand. Corporate expenses are expected to leverage for the year, a trend we expect to continue.

就各品牌的營業利益提供一些補充：我們預期 Coach 將維持其同業最佳、接近 36% 的營業利益率。在 Kate Spade，我們預期將出現小幅營業虧損，反映持續對該品牌的投資。公司費用預期在全年將呈現槓桿效益，我們也預期此趨勢將持續。

Moving to below the line expectations for the year. Net interest expense is expected to be approximately $55 million. The tax rate is expected to be approximately 18.5%, and our weighted average diluted share count for the year is expected to be approximately 203 million shares. Taken together, we expect EPS of $7.80 to $7.90, representing low double-digit growth versus the prior year. As a reminder, our guidance is provided on a comparable 52-week basis. Fiscal 2027 includes a 53rd week, which is expected to contribute approximately 1 percentage point of annual revenue growth and have neutral impact on operating margin.

接著談全年線下（below the line）項目的預期。淨利息費用預期約為 5,500 萬美元。稅率預期約為 18.5%，全年加權平均稀釋後股數預期約為 2.03 億股。綜合以上，我們預期 EPS 為 7.80 至 7.90 美元，較前一年為低雙位數成長。提醒一下，我們的指引是以可比 52 週基礎提供。2027 會計年度包含第 53 週，預期將貢獻約 1 個百分點的全年營收成長，且對營業利益率影響中性。

Moving on, we anticipate adjusted free cash flow to approach $1.7 billion. And finally, we expect CapEx and cloud computing costs to be in the area of $300 million or 3% to 4% of revenue. This reflects a step-up in investment to support future growth, including incremental investment in Coach's store fleet through new openings and renovations. Approximately 70% of our spend will be related to growing and enhancing our fleet with the balance primarily supporting our ongoing technology and digital investments.

再往下，我們預期調整後自由現金流將接近 17 億美元。最後，我們預期資本支出（CapEx）與雲端運算成本約為 3 億美元，或占營收的 3% 至 4%。這反映為支持未來成長而提高投資，包括對 Coach 門市網絡的新增開店與翻新所帶來的增量投資。約 70% 的支出將用於擴張並提升我們的門市網絡，其餘主要用於支持我們持續的科技與數位投資。

Before turning to the first quarter, let me briefly comment on our approach to guidance and the shape of the year. Our current quarter guidance reflects our latest thinking, while the balance of the year embeds in aggregate the long-term financial algorithm we've established. On the phasing of the year, keep in mind that we continue to operate in an environment of macro uncertainty and evolving tariff dynamics alongside shifts in the cadence of our marketing investments. As a result, quarterly profitability will be uneven, with tariffs providing a modest benefit in the first half of the year before becoming a headwind in the second half.

在轉到第一季之前，我先簡要說明我們對指引的做法以及全年節奏。我們對當季的指引反映我們最新的看法，而全年其餘期間則在整體上納入我們已建立的長期財務演算法。就全年節奏而言，請記住我們仍在宏觀不確定、關稅動態持續演變的環境中營運，同時我們的行銷投資節奏也在調整。因此，季度獲利將不均衡：關稅在上半年將帶來小幅助益，但在下半年將轉為逆風。

Generally, revenue is forecasted to grow high single digits in the first half of the year and mid-single digits in the second half with Q4 above Q3 given prior year compares. From an EPS standpoint, we're incorporating low double-digit growth in both the first and second half.

整體而言，我們預測上半年營收將以高個位數成長、下半年為中個位數成長；由於去年同期比較基期因素，第四季將高於第三季。就 EPS 而言，我們在上、下半年皆納入低雙位數成長。

Touching on Q1 guidance specifically. We expect revenue growth of high single digits on both a nominal and constant currency basis versus prior year pro forma revenue. This includes low teens growth at Coach, which represents mid-30s growth on a two-year stack basis. And at Kate Spade, we've embedded a low double-digit decline.

具體談第一季指引。相較前一年備考（pro forma）營收，我們預期第一季在名目與固定匯率基礎皆為高個位數成長。其中包含 Coach 的低十幾個百分點成長；以兩年疊加（two-year stack）基礎計算約為 30% 多的成長。而在 Kate Spade，我們已納入低雙位數下滑。

Turning to margins, we expect gross margin to increase by 120 basis points in Q1, offset by higher SG&A due entirely to continued increases in marketing, resulting in operating margin in line with prior year. Taken together, Q1 EPS is forecasted to be approximately $1.55 a low-teens increase.

轉到利潤率，我們預期第一季毛利率將提升 120 個基點，但會被 SG&A 上升所抵銷；SG&A 上升完全來自行銷持續增加，因此營業利益率預期與前一年持平。綜合而言，第一季 EPS 預測約為 1.55 美元，為低十幾個百分點的增長。

In closing, fiscal 2026 demonstrated both the quality and potential of our business. We achieved Tapestry's revenue, operating margin and EPS commitments established at our Investor Day 2 years ahead of plan, while continuing to invest in our brands, capabilities and future growth and returning $1.7 billion to shareholders. We enter fiscal 2027 with confidence. Our outlook is consistent with the long-term financial algorithm we established at Investor Day, reflecting the durability of our model and the quality of our growth.

最後總結，2026 會計年度展現了我們業務的品質與潛力。我們在持續投資品牌、能力與未來成長的同時，並向股東回饋 17 億美元，且比原計畫提前兩年達成我們在投資人日所承諾的 Tapestry 營收、營業利益率與 EPS 目標。我們帶著信心進入 2027 會計年度。我們的展望與投資人日所建立的長期財務演算法一致，反映我們模式的韌性與成長品質。

The strength of our category, our brands and our operating model gives us the power and flexibility to consistently invest for growth while returning meaningful capital to shareholders. These advantages continue to compound driving durable growth and long-term shareholder value.

我們所處品類、品牌與營運模式的強勁表現，賦予我們持續投資成長並向股東回饋可觀資本的力量與彈性。這些優勢持續累積，推動具韌性的成長與長期股東價值。

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

接下來我想開放大家提問。

(Operator Instructions) Matthew Boss, JPMorgan.

（接線員指示）Matthew Boss，摩根大通。

Congrats on a nice quarter. So, Joanne, you delivered a very strong fiscal '26 and are guiding the first quarter to continued strong growth, particularly at Coach, but the full year outlook does embed some moderation as the year progresses. Could you just walk us through how you're thinking about the setup for fiscal '27, including current demand at the Coach brand relative to that low teens guide for the first quarter? And what gives you confidence in the durability of growth in the back half and beyond from here?

恭喜繳出漂亮的一季。所以，Joanne，你們在 2026 會計年度表現非常強勁，且對第一季的指引仍是延續強勁成長，特別是在 Coach；但全年展望確實隨著年度推進而納入一些降溫。你能否帶我們梳理一下你們對 2027 會計年度的布局思考，包括 Coach 品牌目前的需求狀況，相對於第一季低十幾個百分點的指引？以及是什麼讓你們對下半年及更往後的成長韌性有信心？

Matt, we're incredibly confident in the durability of our growth. And as we think about the setup for fiscal '27, I'll just step back and provide a little context. As you mentioned, we had a strong fiscal '26 where we achieved our Investor Day commitments two years ahead of plan while strengthening the company for the long term, and this is a critical point because we see that our greatest opportunities are still ahead of us. In fiscal '27 and beyond, we're growing from a higher base while maintaining our algorithm, the algorithm that we rolled out at our Investor Day, we're maintaining that algorithm for durable growth into the future. And more important than the results we delivered last year, which are incredible.

Matt，我們對成長的韌性非常有信心。在思考 2027 會計年度的布局時，我先退一步提供一些背景。如你所提到，我們在 2026 會計年度表現強勁，比原計畫提前兩年達成投資人日承諾，同時也為公司的長期發展強化體質；這點非常關鍵，因為我們認為最大的機會仍在前方。在 2027 會計年度及之後，我們是在更高的基礎上成長，同時維持我們的演算法，也就是我們在投資人日推出的那套演算法；我們將維持該演算法，以支持未來具韌性的成長。而且比起我們去年所交出的成果（確實非常出色），更重要的是……

It's the business we built to deliver them. Over the last several years, we've strengthened our brands, we've deepened our direct consumer relationships, and we've expanded our global reach and build differentiated capabilities, as I said in my prepared remarks, in data, decision intelligence and AI. We also meaningfully improved profitability and cash generation, which increases our capacity to invest behind future growth. These are the capabilities that matter because they extend beyond a single quarter. They help us translate those consumer insights to action at scale and deliver that creativity, the value and the relevance to consumers around the world.

這是我們為了交付它們而打造的業務。在過去幾年裡，我們強化了品牌、加深了與消費者的直接關係，並擴大全球觸及，同時如我在事先準備的發言中所說，我們也在數據、決策智能與 AI 方面建立了差異化能力。我們也顯著提升了獲利能力與現金創造力，這提高了我們投資未來成長的能力。這些能力之所以重要，是因為它們的影響不只是一個季度。它們幫助我們把消費者洞察轉化為可規模化的行動，並把創意、價值與相關性帶給全球各地的消費者。

So as we enter fiscal '27, we see that strength continuing led by Coach where our performance remains strong across new and existing customers and in our core category, our core leather goods category. So the takeaway is that fiscal '26 demonstrated the power of our strategy and our Q1 and fiscal '27 outlook reinforces our confidence in the durability of what we've built into the future. But I'll turn it over to Scott to cover the details and the cadence of our guidance.

因此，當我們進入 27 財年時，我們看到這股強勁態勢仍在延續，並由 Coach 帶動；我們在新客與既有客、以及核心品類——核心皮革製品品類——的表現依然強勁。所以重點是，26 財年展現了我們策略的力量，而我們對第一季與 27 財年的展望也強化了我們對於我們所打造之成果在未來具備持久性的信心。不過我會把時間交給 Scott，請他說明指引的細節與節奏。

Just building on what Joanne just said. We had a great '26, and we're a bigger business, we're more profitable. We're generating more cash which really puts us in a position of strength as we think about our entry into '27 and the guide. And our outlook reflects that confidence but also discipline in how we give guidance and how we plan. Q1 does capture our current estimates for the business.

我接著 Joanne 剛才所說的補充一下。我們的 26 財年表現非常出色，我們的業務規模更大、獲利能力更強。我們創造了更多現金，這讓我們在思考進入 27 財年以及提供指引時，確實處於更有利的位置。我們的展望反映了這份信心，但也反映了我們在提供指引與規劃方式上的紀律。第一季確實反映了我們目前對業務的估計。

We expect low-teens revenue growth at Coach. That's consistent with what we delivered in Q4. So the momentum continues. And importantly, our full year guide doesn't require us to keep that same level of growth at Coach for the balance of the year. So we believe, as we sit here today, that's a prudent approach.

我們預期 Coach 的營收將呈現低十位數百分比成長。這與我們在第四季交出的表現一致。因此動能仍在延續。而且重要的是，我們的全年指引並不要求 Coach 在今年剩餘期間維持同樣的成長水準。所以以我們今天所掌握的情況來看，我們認為這是審慎的做法。

For fiscal '27, we expect mid-single-digit revenue growth, continued operating margin expansion and low double-digit EPS growth. At Tapestry, that's consistent with the long-term framework we established at our Investor Day from a meaningfully higher base. At Coach, we continue to expect growth above our Brands Investor Day framework at best-in-class margins. So we're comping the comp. So put it simply, Q1 reinforces our confidence. We've built the full-year outlook to reflect the breadth, flexibility and discipline of the model that we've built.

就 27 財年而言，我們預期營收中個位數百分比成長、營業利益率持續擴張，以及 EPS 低雙位數成長。以 Tapestry 而言，這與我們在投資人日所建立的長期框架一致，而且是建立在顯著更高的基期之上。以 Coach 而言，我們仍預期在同業最佳的利潤率水準下，成長將高於我們在品牌投資人日框架中的預期。所以我們是在「對比中的對比」。簡而言之，第一季再次強化了我們的信心。我們建立的全年展望反映了我們所打造之模式的廣度、彈性與紀律。

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Congrats on a great quarter. I wanted to focus from a guidance perspective on what you're assuming from a unit versus AUR perspective after such strong AUR growth in recent years. And can you also just dive into in the fourth quarter if units were flat and kind of what was driving that?

恭喜你們交出很棒的一季。我想從指引角度聚焦一下：在近年 AUR 成長如此強勁之後，你們對於「銷量（units）」相對於「AUR」的假設是什麼？另外也請你們說明一下第四季，若銷量是持平的話，背後主要驅動因素是什麼？

First time participate with Scott. We love the mix on AUR and units that we delivered in the fourth quarter. And I think, again, what's important is the quality of our sales. We are very focused durability and quality. And what you saw in the fourth quarter is a lot of our growth came from AUR, and we were in line on units, which was by design. We had fewer promotion days in the fourth quarter.

我第一次和 Scott 一起參與。我們很喜歡第四季在 AUR 與銷量之間所交出的組合。而且我認為，再次強調，重要的是我們銷售的品質。我們非常聚焦於持久性與品質。你在第四季看到的是，我們的成長很大一部分來自 AUR，而銷量與我們預期一致，這是刻意為之。我們在第四季的促銷天數更少。

And one of our strategies that we talked a lot about, you heard it in Joanne's prepared remarks is our One Coach strategy. Remember what One Coach allows us to do. It recognizes the consumer, sees brands and not channels. So that has allowed us to put our collection product in our outlet stores, obtaining higher AURs and (inaudible). And you're going to continue to see that.

而我們談了很多的一項策略——你也在 Joanne 的事先準備發言中聽到——就是我們的 One Coach 策略。請記得 One Coach 讓我們能做什麼。它能辨識消費者，看到的是品牌而不是通路。因此這讓我們能把正價系列的商品放進 outlet 門市，取得更高的 AUR，並且(聽不清楚)。而你們會持續看到這點。

So throughout the year ahead, we'll see AUR games across the globe, and you also see unit gains. But what we're not going to do, we have no need to do is churn units to make our numbers. And you see that in this world-class gross margin that we're maintaining. So I feel very good about our mix. And ultimately, as we continue to bring new customers into the category, because remember, Coach is growing the category globally.

所以在接下來的一整年裡，你會看到全球各地的 AUR 提升，同時也會看到銷量增加。但我們不會做、也沒有必要做的是：為了達成數字而去「衝」銷量。你也能從我們維持的世界級毛利率看出這點。所以我對我們的組合感到非常有信心。最終，隨著我們持續把新客帶進這個品類——因為請記得，Coach 正在全球擴大這個品類——

That will, over time, increase our unit counts as well.

這也會隨著時間推進而提高我們的銷量。

Yes. And I'll just make a quick build on Todd's comment, Alex. First of all, Q4 came exactly like we expected as it relates to units. Remember, we had some shifting of timing promotional events and also we had exceptional sell-through in Q3, which took some of those units from Q4 to Q3. So as it relates to the unit dynamic that occurred exactly as we expected.

是的。Alex，我也快速補充一下 Todd 的評論。首先，就銷量而言，第四季的表現完全符合我們的預期。請記得，我們有一些促銷活動時點的移動，另外第三季的銷售轉換率（sell-through）非常出色，將部分原本會落在第四季的銷量提前到第三季。因此，就銷量的動態而言，實際發生的情況完全如我們所預期。

Actually, we beat the guide in total and actually did a little bit better on an overall basis for Coach. And I just want to reiterate going forward. Our expectation, what's embedded in our guidance assumes both unit and AUR growth in '27 and beyond.

實際上，我們在總體上超越了指引，而且 Coach 整體表現也略優於預期。我也想重申，展望未來。我們的預期——也就是我們指引中所內含的假設——在 27 財年及之後同時包含銷量與 AUR 的成長。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

A couple of questions. I'll fit into one question on North America. So basically, Coach North America, you guys have been moderating off of the big growth rates that you put up pretty smoothly. I think it was mid-20s in the first half, mid-teens in the back half. I'm just curious how you're thinking about the normalization of domestic growth at Coach.

有幾個問題。我會把它們整合成一個關於北美的問題。基本上，Coach 北美的成長率你們一直在相當平順地從先前的高成長逐步降溫。我記得上半年大概是 20% 多的中段水準，下半年是十幾%的中段水準。我想了解你們如何看待 Coach 在本土市場成長的常態化（normalization）。

And to that point, up 10% in the fourth quarter. How much of a headwind was there to North America growth on some of the ships you had called out last quarter? And then what kind of North America growth underpins that first quarter low teens global Coach guide you guys gave?

另外就這點，第四季成長 10%。上季你們提到的一些出貨（ships）因素，對北美成長造成了多大的逆風？以及你們給出的第一季 Coach 全球低十位數成長指引，其背後所隱含的北美成長大概是多少？

Yes. We love the position we have at Coach in North America. And again, when Scott just indicated some of the North America foundational, we had an outstanding third quarter and took a lot of units. And then in the fourth quarter, we intentionally reduced our promotion base. So we feel very good about our North America growth. We're going to -- you're going to see us grow. We grew beyond the category in the fourth quarter. So that's an important milestone.

是的。我們很喜歡 Coach 在北美所處的位置。而且如 Scott 剛才所提到的一些北美基本面，我們第三季表現非常出色，帶動了大量銷量。然後在第四季，我們刻意降低了促銷基礎。因此我們對北美的成長感到非常有信心。我們會——你們會看到我們持續成長。我們在第四季的成長超越了品類。所以這是一個重要的里程碑。

And what we love is what we said we were going to do. We're two years ahead of our plan. We are delivering something on a much higher base. We took the global floor up from mid-single digits to high single digits for this year. And remember what we told you we would do.

而我們喜歡的是，我們正在做我們說過要做的事。我們比原先的計畫提前了兩年。我們正在以更高的基礎交付成果。我們把今年的全球底線從中個位數上調到高個位數。也請記得我們告訴過各位我們會做什麼。

70% of our growth is coming internationally. That said, we love our North America position, and you're going to continue to see us grow in North America, but we're going to -- we're growing on a very large base, and we're going to grow very intentionally not degrading the brand, not degrading our margin and continuing to focus on bringing new customers into the category.

我們的成長有70%來自國際市場。話雖如此，我們很喜歡我們在北美的布局，你們也會持續看到我們在北美成長，但我們是在非常大的基礎上成長，而且我們會非常有意識地成長——不稀釋品牌、不犧牲毛利率，並持續專注於把新客帶進這個品類。

A quick build on the numbers. If you look at the Coach guide for North America, again, as Todd said, it's really above our Investor Day expectations for '27. And a little bit more on that. If you look at the two-year stack for North America Coach in both Q4, Q1 and the full-year guide, it's about 30%, right? So we're comping the comp.

快速補充一下數字。如果你看Coach在北美的指引，再次如Todd所說，確實高於我們在投資人日對27財年的預期。再多說一點。如果你看北美Coach在第四季、第一季以及全年指引的兩年疊加，大約是30%，對吧？所以我們是在「對比中的對比」。

We're consolidating the exceptional growth from last year and compounding that as we look forward into '27, and that's embedded in our guide here, so the strong momentum in Coach continues, and we have a lot of confidence in our growth. Not only in Coach overall, but in Coach North America specifically.

我們正在鞏固去年卓越的成長，並在展望27財年時把它再複利放大，而這已經反映在我們的指引中；因此Coach的強勁動能仍在延續，我們對成長非常有信心。不僅是Coach整體，尤其是Coach北美。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

First off, let me just say thanks for bringing us out to headquarters tomorrow. Look forward to seeing you guys learning about AI. Can I just ask a little clarification on a question. Should we think about a 30% 2-year stack on the North America Coach business in the first quarter. And then we just kind of pencil that through the rest of the year is kind of hold best stability against those tough compares that continue through the year.

首先，先謝謝你們明天邀請我們到總部。很期待見到各位並了解AI。我想就一個問題請你們再澄清一下。我們是否應該把北美Coach業務在第一季的兩年疊加視為30%？然後我們就把這個假設延伸到今年其餘時間，也就是在全年持續面對艱難比較基期時，大致維持最好的穩定性？

And then maybe just a little bit on the gross margin bridge. I think it implies almost no expansion after first quarter despite, I think, a lot of the growth coming from the Coach brand, from China, from the high gross margin categories? Maybe just a bit of a bridge on the growth throughout the year?

另外也想請教一下毛利率的橋接。我認為這暗示在第一季之後幾乎沒有擴張，儘管我想成長有很大一部分來自Coach品牌、來自中國、以及來自高毛利品類？能否稍微說明一下全年各季成長對毛利率的橋接？

Yes. So we can't wait for you guys to come a couple of dozen of our closest friends going to see what we're doing in the AI world and and really talk about how this is really a competitive advantage for Tapestry. Joanne mentioned it, and we're excited to talk about it because we think it's truly a part of the moat of what makes Tapestry special. Yes. So for gross margins, listen, it's going to be a little lumpy through the year.

是的。所以我們非常期待各位來——大概二十幾位我們最親近的朋友——來看看我們在AI領域做的事情，並真正談談這如何成為Tapestry的競爭優勢。Joanne提到過，我們也很興奮想談，因為我們認為這確實是構成Tapestry獨特護城河的一部分。是的。至於毛利率，坦白說，今年會有些起伏不平。

We also talked in my prepared remarks about the impact of tariffs, which are benefiting the first half and that tailwind in the second half, kind of a push on a year-on-year basis. I think the important thing to take away here is we are growing gross margin about 30 bps for the year, it's implied in our guidance. And the structural drivers of gross margin, which we talked about over and over, the strength of our brands, AUR, AUC, the fact that international margins are higher and we're growing more outside the US, all those structural drivers are unchanged and remain just as true today as they have been. As we sit here today, we think the guidance we've given is prudent looking how much real estate we have, but don't take away from that, any change in terms of those structural growth drivers. They're still in place.

我們也在事先準備的發言中談到關稅的影響：上半年受惠，而下半年這個順風在年對年比較上會變成某種程度的抵銷。我認為這裡最重要的重點是：我們全年毛利率約成長30個基點，這已隱含在我們的指引中。而我們一再談到的毛利率結構性驅動因素——品牌力、AUR、AUC、以及國際市場毛利率更高且我們在美國以外成長更快——這些結構性驅動因素都沒有改變，今天仍然同樣成立。以我們目前所見，我們認為在考量我們可運用的空間下，所給出的指引是審慎的；但請不要因此解讀為那些結構性成長驅動因素有任何改變。它們仍然存在。

Okay. And then the North America?

好的。那北美呢？

In terms of North America, well, I think you reiterated what I said in terms of -- we see low single-digit growth in North America, overall, that's consistent with our long-term algorithm. But as I said earlier, Coach at mid-single digit in both Q1 and for the full year is really above our expectations, and really continues the momentum that we've seen in North America specifically.

就北美而言，我想你其實重述了我剛才說的——我們預期北美整體是低個位數成長，這與我們的長期演算法一致。但如我先前所說，Coach在第一季與全年都達到中個位數成長，確實高於我們的預期，也確實延續了我們在北美特別看到的動能。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

I was just wondering if we could shift a bit and spend some time just expanding on the international growth. I guess, specifically in Europe and in China, sort of what you're seeing in both markets and just the expectations on how to drive those businesses for this -- in fiscal '27 and beyond?

我想知道我們是否可以稍微轉換一下，花點時間更深入談談國際成長。我想特別是在歐洲與中國，想請你們分享在兩個市場各自看到的情況，以及對於在27財年及之後如何推動這些業務的預期？

Thanks, Bob. Maybe I'll start and then pass it to Todd for some color. We just reported a strong fourth quarter and an amazing fiscal year. Our business was strong around the world, and we're seeing broad-based strength. We just talked a lot about the strength we're seeing in North America, and we see that continuing for Coach with further growth ahead.

謝謝你，Bob。也許我先開始，然後再請Todd補充一些細節。我們剛公布了強勁的第四季以及非常出色的財年。我們在全球各地的業務都很強勁，而且我們看到的是廣泛的強勢表現。我們剛才談了很多北美的強勁表現，而我們也看到Coach在北美將持續如此，未來仍有進一步成長。

But as we look forward, international does become a larger contributor to our growth, and we see continued opportunity. So in China, as an example, we delivered over 30% growth on the year in China. We're driving that through new customer acquisitions that growth is broad-based across the market.

但往前看，國際市場會成為我們成長更大的貢獻者，而我們也看到持續的機會。以中國為例，我們在中國全年實現了超過30%的成長。我們透過新客獲取來推動這一點，而且這個成長在整個市場上是廣泛分布的。

And we are well outpacing the industry in China, and we see tremendous opportunity as we move forward in China to continue to drive growth just based on our relatively low brand awareness in the market and the opportunity that we see for further penetration, more new customer acquisition and the traction that we have, particularly with the young consumer.

而且我們在中國的表現明顯領先產業，我們也看到在中國往前推進仍有巨大的機會，主要基於我們在當地相對較低的品牌知名度，以及我們看到的進一步滲透空間、更多新客獲取的機會，還有我們特別在年輕消費者族群中所取得的動能。

And if I shift to Europe, the opportunity is the same. We have relatively low penetration in the market. We are gaining traction with a local and younger consumer, and we have an opportunity to continue to drive growth in Europe as well. But maybe, Todd, send it to you for a little bit more color on how you're thinking about that growth.

如果我轉到歐洲，機會也是一樣的。我們在當地市場的滲透率相對較低。我們正在獲得本地與更年輕消費者的青睞，也有機會在歐洲持續推動成長。不過，Todd，也許把問題交給你，請你再補充一些你對這個成長的看法。

Thanks, Joanne. Let's -- I'll kick off where you left off Europe. I mean we've had multiple years of double-digit growth. And truly early innings. When we even talk about Europe, we're only penetrated in any material way into the UK and some wholesale in the marketplace. We now are taking France. We opened a new store in Lumiere, a Coach Play Store, which is the heart of where young people shop. It's a good beacon for our brand, but the 35 or 40 countries that we can still tackle in Europe gives us a huge runway.

謝謝，Joanne。我們——我就從你剛才談到的歐洲接著說。我的意思是，我們已經連續多年維持雙位數成長。而且其實才剛開始。即便我們談歐洲，我們真正有實質滲透的也只有英國，以及市場上一些批發業務。我們現在正進軍法國。我們在Lumiere開了一家新店——Coach Play Store——那裡是年輕人購物的核心地帶。這對我們品牌而言是一個很好的燈塔，而歐洲仍有35或40個國家可以攻克，這給了我們非常長的成長跑道。

And what's important about the Coach brand positioning in Europe, and in China is the value and value proposition. The absolute underlying value of our product, our bags is cutting through and it's clear. That's why we're winning, and that's why we're competing. And we're supporting that by incredible storytelling and marketing. And if I go to China now, we underinvested in China over the years.

而關於 Coach 品牌在歐洲以及在中國的定位，重要之處在於「價值」與「價值主張」。我們產品、我們包款的絕對內在價值正在穿透市場，而且非常清晰。這就是我們能夠勝出、也是我們能夠競爭的原因。我們並透過出色的敘事與行銷來支撐這一點。而如果我現在去看中國，我們過去多年在中國的投資不足。

Today, we're trying to bring our marketing in line with our overall marketing expense. And that is the fuel that creates demand in the market. So our marketing is a driver of business. And what I love is our position in China, again, I'll remind everybody, we've been there for 25 years. We have deep roots in China. We have rich teams in China who understand the culture, we make sure that our brand, our product offering resonates with that customer, and we're also not limited because of our expressive luxury position to simply go where traditional European luxury goes. We go where the Gen Z customers want to shop. That's a huge unlock for us, and you're going to see us grow materially in China, in Europe and continue to grow in rest of Asia as well.

今天，我們正努力讓行銷投入與我們整體的行銷費用水準一致。而那正是創造市場需求的燃料。因此，我們的行銷是業務成長的驅動力。我很喜歡的是我們在中國的定位；再次提醒大家，我們在那裡已經 25 年了。我們在中國有深厚的根基。我們在中國有優秀的團隊，理解當地文化；我們確保品牌與產品供給能與那位顧客產生共鳴；同時，因為我們「表達式奢華」的定位，我們也不受限於只能去傳統歐洲奢侈品牌會去的地方。我們會去 Gen Z 顧客想要購物的地方。這對我們而言是巨大的解鎖，你們將會看到我們在中國、在歐洲實質性成長，並且也會在亞洲其他地區持續成長。

Jay Sole, UBS.

Jay Sole，瑞銀（UBS）。

You talked a lot about your confidence and maintain the momentum at Coach brand. Can you talk a little bit more about product. Like I say, the Brooklyn family has been such a great product franchise for the brand. Can you talk about some of the ideas you have -- that you have confidence in the future and what we're going to see from a product standpoint that give you that confidence that the momentum can continue?

你談了很多你對 Coach 品牌維持動能的信心。能否再多談一點產品？就像我說的，Brooklyn 系列一直是這個品牌非常成功的產品主力。你能談談你有哪些想法——也就是你對未來有信心的原因，以及從產品角度我們將會看到什麼，讓你相信這股動能可以延續？

Sure. I'll even open the aperture just a bit -- a little bit about my confidence because I want to remind everybody, we're an 85-year-old brand. And even as an 85-year-old brand, this last year, we recruited 9 million new customers. That's powerful. But we're not resting on our history or relying on our momentum.

當然。我甚至想把視角再稍微拉大一點——談談我信心的來源，因為我想提醒大家，我們是一個有 85 年歷史的品牌。即便是 85 年的品牌，在過去一年，我們仍然招募了 900 萬名新顧客。這很有力量。但我們並沒有躺在歷史上，或只依賴既有動能。

What gives me confidence overall is the clarity that we bring to all facets of our business, the clarity of our purpose, our customers, our product, our marketing, our people and our culture. And I will say that clarity is greater today than any time in my 19 years here at Coach and quite honestly, greater than anything I've seen in 30 years in this industry. And it does start with our purpose.

讓我整體有信心的是：我們在業務各個面向所帶來的清晰度——我們的使命、顧客、產品、行銷、人員與文化的清晰度。我會說，這種清晰度在今天比我在 Coach 的 19 年任何時候都更高；坦白說，也比我在這個產業 30 年所見過的任何情況都更清晰。而這一切確實始於我們的使命。

And I know sometimes with this crowd and the investment crowd talking about purpose, your eyes sometimes glass over, but it matters. Our purpose and our courage to be real, and our aspiration of being the most inclusive authentic and loved fashion brand matters to our people, and it is a rallying cry and it drives outcomes. That leads to our customers.

我知道有時候在這個場合、在投資圈談使命，你們可能會覺得有點無感，但它很重要。我們的使命、我們「勇於真實」的勇氣，以及我們立志成為最具包容性、最真誠且最受喜愛的時尚品牌——這對我們的人很重要；它是一個凝聚人心的號召，也會驅動成果。這就引導到我們的顧客。

We have clarity of who we are designing for. At this point of market entry, where you heard Joanne and Scott talk about, which is a large TAM that we can go after 25 million women turning 18 every year in the markets we play that could afford our bags, which leads back to your -- the essence of your question, which is our product. And what Stuart Vevers and our design teams and our merchant teams are doing is phenomenal. We are building on diverse yet very clear platforms of product. We talk about our [ICON tabu].

我們很清楚我們是為誰而設計。在目前這個市場切入點——你們聽到 Joanne 和 Scott 談到的——我們面前有很大的 TAM（可服務總市場）：在我們所參與的市場中，每年有 2,500 萬名女性滿 18 歲，且有能力負擔我們的包款；這也回到你——你問題的核心，也就是我們的產品。而 Stuart Vevers 以及我們的設計團隊與商品團隊所做的事情非常出色。我們正在建立多元但非常清晰的產品平台。我們談到我們的[ICON tabu]。

We have a lot of runway to continue to evolve Tabby, and we have not seen any slowdown in Tabby. Similarly, our New York family. Brooklyn is doing extraordinarily well. And again, it's a multichannel concept that we sell at full price across many different. Frankly, all of our different avenues of sale.

我們還有很大的空間可以持續演進 Tabby，而我們也沒有看到 Tabby 有任何放緩。同樣地，我們的 New York 系列。Brooklyn 的表現非常出色。而且再次強調，這是一個多通路概念，我們在許多不同通路以正價銷售。坦白說，涵蓋我們所有不同的銷售管道。

And even under the New York family, we've expanded ideas like our Chelsea bag, which all of a sudden was only a year old, but is now appearing on the top 10. So these very large platforms as well as Teri, we sometimes refer to them as TNT here, which has led to this explosive growth. We feel very good about our product offering and our assortment backed by our marketing stories.

即便在 New York 系列之下，我們也擴展了像 Chelsea 包這樣的概念；它突然之間——上市才一年——但現在已經進入前 10 名。因此，這些非常大的平台，再加上 Teri（我們有時在這裡把它們稱為 TNT），帶動了這種爆發式成長。我們對產品供給與組合很有信心，並且有行銷故事作為支撐。

So net-net, the product is strong, the clarity of our messaging is strong. And I think we have an incredible setup, not just for the year ahead, but for our aspirations of $10 billion. And I'm starting to think about how much further we go beyond $10 billion.

所以總結來說，產品很強、我們訊息傳遞的清晰度也很強。我認為我們不僅為接下來一年做好了非常好的布局，也為我們 100 億美元的願景做好了準備。而我也開始思考，我們在 100 億美元之後還能走多遠。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊（Barclays）。

Congrats, very nicely done. Todd and/or Joanne, I'm probably going to stay on that topic. When I look at the metrics that you reported, I expected the ones on the P&L the one that really surprised it was nicely to surprising was the customer acquisition. To me, that represents sort of future demand and kind of gives me some confidence about this flywheel. So that being said, can you talk about just the white space in pricing, entry level pricing, the Gen Z that you're going after? And then geographies?

恭喜，做得非常漂亮。Todd 和／或 Joanne，我可能會延續這個話題。當我看你們公布的指標時，我原本預期損益表（P&L）上的那些；真正讓我意外——而且是令人驚喜的意外——是顧客獲取。對我來說，那代表某種未來需求，也讓我對這個飛輪更有信心。在此基礎上，你們能否談談定價上的空白地帶、入門級定價、你們鎖定的 Gen Z？以及地理區域？

Because when I look at it, I just don't -- I can't come up with a really good competitor on any of those fronts. So can you talk about how you think -- who do you look over your shoulder and you're worried about just to talk about that.

因為當我看這些面向時，我就是——我想不出在任何一個面向有真正很強的競爭對手。所以你們能否談談你們怎麼看——你們會回頭看誰、會擔心誰？就談談這一點。

And then also for Scott, what's the implied advertising as a percent of sales for the FY27 because that's kind of also helping the flywheel? And then also on the guidance, is Coach North America for mid-single digit? Is that for Q1? Or is that for the year or for both Q1 and the year?

另外也想請教 Scott，FY27 的隱含廣告費用占銷售額的百分比是多少？因為那也在幫助飛輪。還有關於指引，Coach 北美的「中個位數」成長是指 Q1 嗎？還是指全年？或是 Q1 與全年都適用？

We've got a lot in there, Adrienne. I'm going to kick it off. I think this will be a three-parter. I'll kick it off and I'll pass it to Todd for a little bit of color if there's anything left after I talk, and then Scott will clean it up with some of your guidance questions. You're hitting on the kernel that is driving our growth, and that is new customer acquisition.

Adrienne，你這裡面包含很多問題。我先開頭。我想這會分成三個部分。我先講，然後把話交給 Todd 補充一些細節——如果在我講完之後還有剩下的部分——接著 Scott 會把你一些關於指引的問題收尾。你點到了驅動我們成長的核心，而那就是新顧客獲取。

We have become just obsessed with our customer. This customer obsession starts with understanding them and then delivering product and marketing and storytelling and experiences that are relevant to our target customer. And that muscle, that brand building muscle that we're building at Tapestry, it's a playbook that is repeatable. We continue to invest in the capabilities to deepen our understanding of the consumer and then move from insight to action.

我們已經對顧客變得近乎「著迷」。這種對顧客的著迷，始於理解他們，然後提供與我們目標顧客相關的產品、行銷、敘事與體驗。而我們在 Tapestry 正在打造的那塊肌肉——品牌建設的肌肉——是一套可以複製的作戰手冊。我們持續投資能力，以加深對消費者的理解，並把洞察轉化為行動。

And that's where it matters for our customers to deliver something that our customers that resonates with them that they fall in love with. And these new customers who were acquiring, we talked about 11 million new customers in the last fiscal year are joining at higher-than-average AUR. They're a younger consumer base, this point of market entry strategy that we have not only is an opportunity to retain these customers and drive lifetime value. But what we're finding and what we know, I think we all know that the young consumer, the youngest generation influences all generations, and we're seeing that play out in our business because our existing customer base is also growing.

而這正是對我們客戶而言最關鍵之處：交付能與他們產生共鳴、讓他們愛上的產品與體驗。而我們正在獲取的這些新客戶——我們談到上一財年新增了1,100萬名新客戶——他們加入時的平均單價（AUR）高於平均水準。他們是更年輕的消費族群；我們的這個市場切入策略，不僅是留住這些客戶並提升終身價值的機會。但我們正在發現、也都知道的是，年輕消費者、最年輕的一代會影響所有世代；我們也看到這點在我們的業務中發酵，因為我們既有的客戶基礎也在成長。

So the flywheel of driving new customer acquisition and then giving them such a terrific experience that they come back. We're seeing those retention rates among the highest retention rates in our customer file. So they're loving our brands, they're staying with our brands, and they're influencing all generations, and we're continuing to invest behind those capabilities so that we can continue to drive that flywheel.

因此，這個飛輪效應就是推動新客獲取，然後提供極佳的體驗讓他們願意回流。我們看到這些客群的留存率，位居我們客戶資料庫中最高的留存率之列。所以他們喜愛我們的品牌、持續與我們的品牌同行，並且影響所有世代；我們也持續加碼投資這些能力，以便持續推動這個飛輪。

It's happening in North America. We spent a lot of time talking about North America growth today, but we also see a tremendous opportunity in international markets to drive new customer acquisition. We're bringing more customers into the market. So we're growing the market, and we're growing our share. And that's a phenomenal place to be.

這正在北美發生。我們今天花了很多時間談北美的成長，但我們也看到在國際市場推動新客獲取有巨大的機會。我們正把更多客戶帶進市場。因此我們是在擴大市場，同時也在提升我們的市占。而這是一個非常理想的位置。

Todd, I don't know if there's anything you want to add from a color perspective.

Todd，我不確定你是否想從補充說明的角度再加點內容。

You touched on so many good things. But I do want to tackle the one thing you didn't talk about, which is competition. And for me, there are no barriers of entry in our space, but that's just a truism that we recognize every day. It almost doesn't matter. What we -- the most we are building are about that connective tissue to our customer where we spend 12% on advertising.

你提到了很多很棒的點。但我確實想談你沒提到的一件事，也就是競爭。對我而言，我們這個領域沒有進入門檻，但這只是我們每天都認知到的一個事實。這幾乎不那麼重要。我們——我們最主要在打造的是與客戶之間的連結紐帶；我們在行銷上投入12%。

And I think my marketing team will be mad because I use the word advertising, it's not advertising. It's story building, it's brand driving. It's not just go buy our bag. It's a richness that makes it compelling.

我想我的行銷團隊會生氣，因為我用了「廣告」這個詞，其實不是廣告。這是在打造故事、推動品牌。不只是「去買我們的包」。而是一種豐富性，讓它更具吸引力。

When we say we're going to invest in our store fleet and refurbish, we are going to tackle 80% by traffic of our store fleet between now and FY30. That's an investment into the future that makes us relevant and continues to attract that younger consumer globally. And that's why we're so excited about this rollout of expressive luxury. So couple that with the fact that we are an 85-year-old brand. September, Stuart is going to show a fashion show celebrating our 85th anniversary. Those are things that are hard to replicate.

當我們說要投資門市據點並進行翻新時，我們將在現在到FY30之間，針對我們門市組合中按客流量計約80%的門市進行改造。這是面向未來的投資，讓我們保持相關性，並持續在全球吸引更年輕的消費者。這也是為什麼我們對「表現型奢華」（expressive luxury）的推廣如此興奮。再加上我們是一個有85年歷史的品牌。9月，Stuart將舉辦一場時裝秀，慶祝我們的85週年。這些都是很難被複製的。

And that's why I -- finally, I go back and talked a lot about our culture. Our winning culture, a team that understands a team that's been together, we have stability of leadership, we have stability of design. Those are important drivers of long-term profitability. So I love our setup. We are going to be very focused on that $200 to $500 space.

也因此我——最後我回到並談了很多我們的文化。我們的致勝文化；一個彼此理解、長期合作的團隊；我們有領導層的穩定性，也有設計端的穩定性。這些都是長期獲利能力的重要驅動因素。所以我很喜歡我們目前的佈局。我們將非常聚焦在200到500美元這個價位帶。

Yes, we have some amazing bags above that. But that clarity of brand positioning is what is driving our customer acquisition and retention. Scott, I don't know if I left you anything.

是的，我們也有一些高於這個價位帶的驚艷包款。但這種清晰的品牌定位，正是推動我們新客獲取與留存的關鍵。Scott，我不確定我是不是還留了什麼給你補充。

All right. You left me a little bit. There was a spoiler alert. You threw out the 12% is indeed a set of demand creation that's both in -- we hit that in '26, and we're building upon that. It's the flywheel we talked about, right?

好。你還是留了一點給我。這裡有個「劇透」。你提到的12%，確實是一套需求創造（demand creation）的投入；我們在'26達到那個水準，並在此基礎上持續加碼。這就是我們談到的飛輪，對吧？

Our -- we grow gross margins. We have discipline across the rest of the business so we can invest back in things like demand creation, which are the engine that drive our new customer acquisition, doing all of that with 50 basis points of operating margin expansion. So 12%, another data point there, it's about $1 billion in advertising. So you think about where we were five years ago versus today in terms of demand creation. That's a big number because to Todd's point, while there's no barriers to entry, there are barriers to scale and those barriers are getting higher. And companies who have a business model that can reinvest and create demand in the way that we can, with this is the moment we prepared for, for a long time, really sets us apart and is a competitive advantage.

我們——我們提升毛利率。我們在業務其他部分保持紀律，讓我們能把資源再投回像需求創造這類事項；而這些正是推動新客獲取的引擎，同時在營業利益率擴張50個基點的情況下完成這一切。所以12%這個數字，另一個資料點是：大約相當於10億美元的廣告投入。因此你去想五年前相較於今天，在需求創造方面我們所處的位置。這是一個很大的數字，因為如Todd所說，雖然沒有進入門檻，但有規模化的門檻，而且這些門檻正在變得更高。而擁有能夠再投資、並以我們這種方式創造需求的商業模式的公司——這正是我們長期準備的時刻——確實讓我們脫穎而出，並形成競爭優勢。

And I'm glad you asked for clarification on Coach. I want to try to be very clear here. So Coach, we expect in Q1 to grow mid-single digits. We also expect full year Coach to grow at mid-single digits. And the point I made earlier is we're comping the comp or compounding on the growth.

我也很高興你要求釐清Coach的部分。我想在這裡盡量說得非常清楚。因此，Coach方面，我們預期在Q1將實現中個位數成長。我們也預期Coach全年將實現中個位數成長。而我先前提到的重點是：我們是在既有成長之上再做比較，也就是在成長基礎上再成長（comping the comp / compounding on the growth）。

So whether we look at North America Q4 last year, Q1 this year or full year this year, that's about a 30% 2-year comp for North America. So not only are we a much bigger business, we're growing significantly on top of that big business.

所以不論我們看去年北美Q4、今年北美Q1，或是今年全年，北美兩年期同店比較（2-year comp）大約是30%。因此我們不僅是規模更大的業務，還是在這個大體量之上持續顯著成長。

And when you think about Todd, you got a huge North American business, over $4 billion, we can talk about percentages. This is real growth. And at our margins and at the flow-through that we have based on the efficiency of the model, it's a really important part of our financial story. One of the reasons we have confidence is a North American Coach business.

而當你想到Todd，你擁有一個龐大的北美業務，超過40億美元，我們可以談百分比。這是真實的成長。以我們的利潤率，以及基於模型效率所帶來的利潤流入（flow-through），這是我們財務敘事中非常重要的一部分。我們有信心的原因之一，就是北美的Coach業務。

And just to be abundantly clear because I want to make sure we're talking mid single digits in North America for the Coach brand; we're talking in the first quarter, low teens; and for the full year for the Coach brand overall, we are talking high single digits. I didn't want any of my BU heads to think they got off the hook on the phone call. So those are the floors that we've set for this year. And I think our track record of beating out the floors are quite substantial.

另外，為了非常明確——因為我想確保我們的說法一致——我們談的是Coach品牌在北美的中個位數成長；我們談的是第一季低十位數成長；而就Coach品牌整體的全年而言，我們談的是高個位數成長。我不希望任何事業單位（BU）主管在電話會議上以為自己可以鬆一口氣。所以這些就是我們為今年設定的底線。而我認為我們過去超越底線的紀錄相當可觀。

Your track record is great indeed.

你的確有很好的紀錄。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Just first on marketing. You did not delever as much as you had guided in the fourth quarter. Could you just clarify how much of that is shift in timing versus realizing some greater efficiencies and how that then plays into fiscal '27? And then separately, the CapEx step up, the reinvestment in the fleet, how should we be modeling or thinking about net door growth for Coach in fiscal '27? And how does that play out by region?

先談行銷。你們在第四季的費用槓桿化（delever）幅度沒有像先前指引那麼大。能否釐清其中有多少是時點移轉， versus 實現了更高的效率？以及這會如何影響到'27財年？另外，資本支出（CapEx）上調、對門市組合的再投資方面，我們應該如何建模或思考Coach在'27財年的淨開店成長（net door growth）？以及這在各區域會如何展開？

Yes. So I'll take the first part of that, Mark. Yes, listen, with marketing, there's always a little bit of timing. And we created a model, I'll get back to the flywheel that allows us the flexibility to be opportunistic and lean in when the data tells us we have opportunities, but we don't just spend to spend. Also timing of things like production and whatnot can be a little bit different on a quarter-by-quarter basis.

是的。Mark，我先回答這部分。是的，你知道，在行銷方面，時機總是有些講究。我們建立了一個模型——我會再回到飛輪——讓我們具備彈性，能在數據告訴我們有機會時把握並加大投入，但我們不會為了花錢而花錢。另外，像是生產等事項的時點，在每一季之間也可能會有些差異。

So you're right, we came in with a little more leverage in marketing. We still spend a lot of money, and I'll remind you, we spent 12% of sales in 2026.

所以你說得沒錯，我們在行銷上確實帶來了更高一些的槓桿。我們仍然投入了很多資金，我也提醒各位，我們在2026年行銷支出占銷售額的12%。

I think the much bigger issue as you look going forward is we are and will continue to invest in marketing as a key part of our demand creation and it's a key part of driving a native brand awareness, which is a key to new customer acquisition. So the flywheel is intact, and we will continue to invest in marketing. And I think Todd is going to want to say something about the fleet, but just give you some numbers. Between 40 and 50 doors is our expectation on a net basis at Coach. And you're right, we have stepped up a bit our CapEx.

我認為往前看更大的重點是：我們正在且將持續把行銷投資作為需求創造的關鍵一環；同時它也是推動原生品牌認知度的關鍵，而這又是獲取新客戶的關鍵。因此飛輪仍然完整運轉，我們也會持續投資行銷。我想Todd也會想談談門店網絡，但先給你一些數字。Coach在淨增基礎上，我們的預期是增加40到50家門店。而你說得對，我們的資本支出（CapEx）確實有所提高。

But still, as we look at our overall guidance -- our overall expectations from Investor Day, still very much in line as we look at our forward CapEx spending. And I'll remind you, we've got a lot more cash, too. So our free cash flow is significantly higher even with these investments. But Todd, to you, maybe a little color on what you're doing.

但即便如此，從我們整體指引——也就是投資者日所提出的整體預期——來看，我們對未來資本支出投入的規劃仍然非常一致。我也提醒各位，我們的現金也更多了。因此即使有這些投資，我們的自由現金流仍顯著更高。不過Todd，交給你，也許補充一些你們正在做的事情。

Yes. I love that this year, we will go over the 1,000 door count for Coach globally, and 75% of those 50 doors that Scott talked about will be international, 25% will be domestic. But remember what we're doing, we are elevating the fleet with our expressive luxury design. We started a design that we introduced in the first 6 months of last year, we pause, which was really smart. What we did was we listened to the consumer.

是的。我很喜歡今年我們將在全球讓Coach的門店數突破1,000家，而且Scott提到的那50家門店中，有75%會在國際市場、25%在本土市場。但請記得我們在做什麼：我們正以「表現力奢華」設計來提升整體門店網絡。我們在去年上半年推出了一套設計，之後我們暫停了一下，這其實非常明智。我們所做的是傾聽消費者。

We evolved our thinking. And now based on that data and that input, we're able to go roll it out, sometimes slow to smooth, smooth to fast. We're going to be able to go much faster now that we have clarity of what the design looks like, how it operates and how the consumer responds.

我們調整並演進了我們的想法。而現在基於那些數據與回饋，我們能夠把它推廣出去；有時候慢就是為了更順，順了就能更快。現在我們對設計長什麼樣、如何運作，以及消費者如何回應都有了清晰認知，因此我們接下來能更快推進。

In addition, we're adding 1 for MSA, no more than 1 per MSA, what we call our play concepts. And you'll see the most recent version of that was in Paris. You have a new one that we did in Chicago, one in Atlanta. So again, these beacons of Coach, which allows the consumer to interact, some of those play ideas then evolve into expressive luxury. So I feel very good about investing in the fleet.

此外，我們在每個MSA新增1家——每個MSA不超過1家——也就是我們所稱的「play」概念店。你會看到最新的版本是在巴黎。我們也在芝加哥做了一家新的，在亞特蘭大也有一家。所以再一次，這些Coach的燈塔門店讓消費者能夠互動，而其中一些play的想法也會進一步演進成表現力奢華。因此我對投資門店網絡非常有信心。

One of the things we know, Gen Z love being in the real world. And if our stores -- and I want our stores to be as engaging as the product, and that's what the expressive luxury design is doing for us. So I'm very excited about the future growth of being a direct-to-retailer and seeing our stores, and I hope you get to visit many of them in the upcoming year.

我們知道的一件事是，Z世代喜歡在真實世界中體驗。而如果我們的門店——我希望我們的門店能像產品一樣引人入勝——這正是表現力奢華設計正在為我們帶來的效果。所以我對未來以直營零售（direct-to-retailer）推動成長非常期待，也期待看到我們的門店；希望你在接下來一年能去參觀其中許多家。

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

謝謝。問答環節到此結束。接下來我將把時間交給Joanne Crevoiserat做結語。

Thanks, Liam. I want to close by reiterating my confidence in the future. The strength of our results and more importantly, the strength of our organization are driving durable growth and long-term shareholder value. Our advantages continue to compound, and I believe our greatest opportunities are ahead of us. So our global teams, thank you for the creativity, focus and commitment you bring every day.

謝謝你，Liam。我想在結尾再次重申我對未來的信心。我們業績表現的強勁，更重要的是我們組織的實力，正在推動可持續的成長與長期股東價值。我們的優勢持續累積放大，我相信我們最大的機會仍在前方。因此，全球團隊，感謝你們每天帶來的創意、專注與承諾。

Your work is reflected in everything we've accomplished and in the opportunities we're creating for the future. And everyone who joined us today, thank you for your interest in Tapestry. Have a great day.

你們的努力體現在我們所達成的一切成果，以及我們為未來所創造的機會之中。也感謝今天加入我們的每一位，謝謝你們對Tapestry的關注。祝各位有美好的一天。

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

以上為Tapestry財報電話會議的全部內容。感謝各位的參與。