Back to ELPrepared Highlights
- 第三季度有机净销售额同比增长2%，主要由香水品类双位数增长驱动 (CEO) (CFO)
- 香水品类有机销售额实现双位数增长，所有地区均增长，Le Labo、TOM FORD、BALMAIN、KILIAN PARIS表现突出 (CEO) (CFO)
- 中国大陆有机零售额实现高个位数增长，连续第三个季度跑赢高端美妆市场 (CEO)
- 海南旅游零售零售额实现强劲双位数增长，10个品牌实现双位数增长 (CEO)
- 美国零售额实现中个位数增长，在总量份额上所有品类均有所提升 (CEO)
- 线上渠道有机销售额实现双位数增长，财年至今增长10%，预计跑赢高端美妆线上渠道 (CEO)
- 毛利率为76.4%，同比扩大140个基点，主要受PRGP净收益和销售杠杆改善推动 (CFO)
- 营业利润率为15%，同比扩大360个基点，得益于非消费者面向支出减少4%及销售增长 (CFO)
- 稀释每股收益为0.91美元，同比增长40%，包含中东业务中断带来的0.02美元摊薄影响 (CFO)
- 前9个月经营活动净现金流为12亿美元，较去年同期的6.71亿美元显著改善 (CFO)
- PRGP重组计划累计录得11亿美元费用，预计总费用上调至15亿至17亿美元（税前） (CFO)
- 官方指引：上调2026财年展望，预计有机净销售额增长约3%（此前指引区间高端），营业利润率10.7%至11%，稀释每股收益2.35至2.45美元 (CEO) (CFO)
- 初步2027财年展望：预计净销售额增长3%至5%，营业利润率12.5%至13.0% (CEO) (CFO)
Mgmt quotes
- “我们上调了2026财年展望，并提供了对2027财年的初步看法。我们这样做是基于对业务发展轨迹的信心，因为第三季度业绩延续了我们强劲的年初至今表现，并且我们开始实现‘一个运营生态系统’的效益。” (CEO)
- “2026财年有望成为我们预期的关键一年，在这一年里，我们将恢复有机销售增长，并四年来首次扩大营业利润率。” (CEO)
- “我们实现了PRGP项目重组的一个重要里程碑，截至季度末，已批准的举措旨在实现目标总节约范围的高端。” (CEO)
- “总体而言，我们本季度表现强劲，实现了销售增长、利润率持续扩张和强劲的现金生成。” (CFO)
- “我们仍专注于执行长期战略，成为最佳的以消费者为中心的高端美妆公司，明确优先事项为销售增长、利润率改善和强劲的现金生成。” (CFO)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| 第三季度有机净销售额增长 | 2% | (CFO) |
| 第三季度毛利率 | 76.4% | (CFO) |
| 第三季度毛利率同比扩张 | 140个基点 | (CFO) |
| 第三季度营业利润率 | 15% | (CFO) |
| 第三季度营业利润率同比扩张 | 360个基点 | (CFO) |
| 第三季度稀释每股收益 | $0.91 | (CFO) |
| 第三季度稀释每股收益同比增长 | 40% | (CFO) |
| 前9个月经营活动净现金流 | 12亿美元 | (CFO) |
| 前9个月资本支出 | 3.06亿美元 | (CFO) |
| 前9个月资本支出同比变化 | 下降23% | (CFO) |
| 2026财年全年有机净销售额增长预期 | 约3% | (CFO) |
| 2026财年全年营业利润率预期 | 10.7% 至 11% | (CFO) |
| 2026财年全年稀释每股收益预期 | $2.35 至 $2.45 | (CFO) |
| 2027财年初步净销售额增长预期 | 3% 至 5% | (CFO) |
| 2027财年初步营业利润率预期 | 12.5% 至 13.0% | (CFO) |
| PRGP累计重组费用（截至3月31日） | 11亿美元 | (CFO) |
| PRGP预计总重组及其他费用（税前） | 15亿 至 17亿美元 | (CFO) |
Q&A Batch (1-5 of 6)
Q1 — Dara Mohsenian
- Topic: Long-term margin potential and path beyond FY27
- Key points:
- Margin expanded 500 bps from Beauty Reimagined start (8%) to FY27 preliminary view (12.5%-13%); FY26 could finish ~11%.
- Gross margin expanded 140 bps in the quarter; non-consumer-facing SG&A reduced 4%.
- FY27 organic sales preliminary view 3%-5%; at mid-to-high point, company expects market share gains.
- Mgmt stance: Bullish — management sees margin recovery as a milestone, not a sprint, with P&L leverage from growth, emerging markets, and online.
Q2 — Filippo Falorni
- Topic: Geographic and category growth acceleration for FY27
- Key points:
- 3 of 4 regions posted growth over last 9 months; fragrances double-digit, online double-digit, priority markets double-digit.
- China: fifth consecutive quarter of market share gain; 6 brands in double-digit growth in the quarter (TOM FORD, Le Labo, etc.).
- U.S.: all 4 categories gaining volume share; The Ordinary and 5 makeup brands gaining value share.
- Mgmt stance: Bullish — category resilience, diversification across geography/category, and strong retail momentum support FY27 outlook.
Q3 — Rupesh Parikh
- Topic: North America growth trajectory and inventory destocking
- Key points:
- Expects North America to turn from decline to stabilization to acceleration; 4 categories in volume share gain in the quarter.
- M·A·C launched in Sephora (4 weeks old) already gained 10 points of market share in the quarter; 12 brands on Amazon performing well.
- Inventory in North America in "very good position"; shipping to demand; only 1-2 SKUs above desired levels.
- Mgmt stance: Bullish — confident in return to growth next year, citing channel rebalancing, innovation, and retail partner support.
Q4 — Lauren Lieberman
- Topic: U.S. channel strategy and department store exposure
- Key points:
- 70% of PRGP expansion (employee workforce reduction) from dilutive channels (department stores, freestanding stores).
- Bobbi Brown exiting some channels to focus on high-growth channels (Amazon, specialty-multi); brand growing in Asia.
- Globally, online is ~1/3 of business; in U.S., online ~40%, direct-to-consumer >30%.
- Mgmt stance: Bullish — actively rightsizing channels, moving to high-growth platforms (Amazon, Sephora, Ulta), leading market transformation.
Q5 — Christopher Carey
- Topic: EUKEM segment growth drivers and U.K. performance
- Key points:
- Emerging markets double-digit growth; India "phenomenal"; Vietnam, Indonesia, Turkey doing well.
- Middle East: UAE most affected by conflict; Saudi flat in sales with only 2% decline in March.
- U.K. back to positive territory (sequential improvement); Continental Europe consumer sentiment most affected globally.
- Mgmt stance: Neutral to bullish — navigating disruptions with targeted investments (Double Wear, The Ordinary); U.K. improving but not yet at target.
Q&A Batch (6-6 of 6)
Q6 — Bonnie Herzog
- Topic: 2026财年EBIT利润率驱动因素及北京/上海机场免税店变动影响
- Key points:
- 管理层对3%至5%的销售增长加速有信心，并认为大规模成本转型（结构性成本节约及日常效率提升）是利润率扩张的重要工具。
- 利润率指引基于风险调整，考虑了销售区间上限、下限甚至销售未完全兑现的情景。
- 旅游零售业务本季度实现低个位数增长，环比改善；北京和上海机场零售商过渡的影响小于最初预期。
- 海南零售额增长超30%，6个品牌实现双位数增长；同时正在加速全球旅游零售布局（如希思罗、戴高乐、新加坡等机场）。
- Mgmt stance: 中性偏乐观，因成本计划本身即为巨大的利润率扩张器，且旅游零售业务已趋于稳定并加速复苏。