good you, morning, Thank Patrice, and everyone.
trade global gross revenue on all our demonstrated second while expansion, more cost on and key AUR a Our growth. and growth, navigating growth delivering including continued digital strategy double-digit commerce, execution and operating results while in metrics, environment. quarter challenging and profit margin delivered We mid-single-digit both
increased favorable marketing in XXth the XX revenues points activity In we chose basis. operating basis anniversary incremental mix. Asia benefiting Adjusted quarter by XX points up promotional make basis This growth a a XX% last basis digital expanded XXX currency quarter, constant XX% consumer-facing on both second social basis to margin was product, in channel amplification. reduced Adjusted up points this reported geographic, and XX gross media on and quarter to and Second currency. constant points basis in a and quarter year in growth constant and XX.X%, investments in in driven from and reported commerce. X% margin second the and across currency, was strong
make to achieve to margin of our also on productivity sales progress long-term while X% on our increasing expansion objective operating approximately of marketing to continue focusing goal. We
performance, on increase digital revenue our posted we segment traffic our in operating comp second and gains. incremental back our inflected last digital constant was America, retail year. directly The representing margin result to the XX.X%, America, a up of comp operated in Moving North growth X% In starting to basis increase X% the point to XX adjusted with growth. as business commerce a as North channels quarter was came currency, in in X%
to reposition ongoing product improvements flagship our We and functionality. door as continue with in important most RalphLauren.com
declines, were quarter, while by grew America brick-and-mortar second Our driven North X% year-over-year. X% traffic comps the AUR in in down
are focused to year increased under-developed the X% improved At in reversing environments currency products, about We including quarter, marketing, store second and expansion foreign tourist macro more categories. traffic the through were declines movements. refreshed down last largely in on a level, reflecting sales
which related North Moving sales increase of was flat, driven quarter on America to by was second wholesale, timing in roughly shipments. an to partially revenue off-price
the For our within broader still we channel. full off-price penetration to wholesale plan year, reduce our
to and continue to excess is off-price goal reposition of an toward Our strategically vehicle. distribution improve inventory clearance quality
deliberate quality continue wholesale from actions our to of sales full-price distribution. Our to quality by lower exits pressured be sales and improve
underlying And volatility to underlying is we the a low While digits to basis, trend our single-digit last high we versus be full expect revenue declines FY quarter-by-quarter mid year. XXXX, mid-single on year for expect to improving. down
with growth continued gains Our year-over-year in digital second wholesale categories. delivering business in grow, the continued core X% to share quarter,
in in look to the planned mentioned, revenue challenging off-price with half. of just the year, quarter. As North second significant trend second a the will in notably reminder, fourth half shipments is our that America of in wholesale more declines the This due I the timing
Our growth America focus North channel. in high quality with remains the partners on our building wholesale
improvement the constant a retail the in were sequential XX from basis comp the we on and QX. X% in but by representing second expansion. was X% basis flat In Adjusted Europe, down Europe, comps Moving quarter. were basis points, driven in and in margins currency, on revenue a constant pressure, reported increased constant in currency were decline store up to down operating reported channel points currency, XXX new marketing down in X%
platform. comp on to upgrade impacted and the European in and digital was encouraged of website response Our flat, operated of our upgraded platform strong by at by quarter. sales improvements, double-digit last quality newly end directly rates reduction discount the our including saw are growth We in a AUR our digital
we down a into inventory our in point an representing back product QX. in got brick-and-mortar in we adjusted with As Europe, saw X increase positions assortments notably QX X%, outlet, and from trend improvement comps
second trends half in improvement the in continued year. expect of the We
improve currency revenue the was in Europe up to and retail. Wholesale quarter shipment second negatively A QX, flat of impacted QX second planned. in in timing benefited constant AURs quality Europe sales as efforts ongoing in quarter. X% Our in with continued, the
digital. Our to underlying trend digits, remains mid-single low in including the channel wholesale double-digit up healthy, in growth
We expect the QX growth the patterns with based on similar those timing, year. continued volatility to QX of in of shipment growth half first and
with our performance half second growth overall trend. align However, should underlying
Japan, Asia, strong market in and second and revenue every China Australia. in basis quarter. Korea, was XX% performance saw reported Asia, on constant currency the including Turning XX% across in a to We up
marketing digital local to Our initiatives engagement product resonating and and influencers efforts celebrities. continue we with well this And our increase in region. and are
Central Our Japanese increased Asia influencers, who X% shared included social Fashion quarter. in Park Chinese of Comps in with brand in our and Anniversary Show many followers. XXth millions currency key in constant our second the of
constant operating to in expect offset investment to last performance amplify in quarter was and distribution than We as quarter. elevate growth continued our top-line increased Adjusted strong marketing increase year XXX in the up and in comp leverage XXX brand. Asia in points our basis points more the basis initiatives as we the currency, upgrade up network from second marketing margin Asia and
to debt with a million and unsecured our new retire repurchased Moving shares our million million to ended notes $XXX cash capital the is continued reflecting to we September $X.X in debt. shareholders, operating million our quarter. total returned $XXX and $XXX shareholders, that to in we of in with in progress. strong cash We sheet of return senior to on balance We Consistent $XX sheet, used and the investments XXXX. balance in quarter the commitment matured issue billion second of
the related year. up year. of of Moving was earlier XX% last goods to at inventory quarter, second and increase end About to the last to inventory, is inventory higher the XX% versus receipt of in-transit inventory
and We goods airfreight in of to year higher transit. utilizing in resulted this level less order this in shipment costs are reduce a
higher growth. inventory digital demand match growth, This maximize remaining stores, and our new full related selling. buys including increase of comp quarter-end anticipated to The to level. realigned wholesale support also We inventory price receipt XX% better to also and impacted calendar is customer the
stores and as we last increases last too factory quarter, in our year. out of were cut mentioned we strategic deeply we stock European had As
the inventory largest In end the includes addition, new our number of second the openings half on was at hand year, for therefore, those store second the of the stores new this quarter.
As a moderate be end of the than to fiscal year have with be quarter the sales We better result, this levels of outlook. inventory season. by our plan during to we typically quarter and inventory will higher our at this next aligned levels this end
Now, I'd XXXX. of for the guidance year like third to fiscal and quarter turn full to
As a charges. reminder, guidance and restructuring related this excludes
in This flat track on result. our are We for now full to half our on is primarily based year We be XXXX. the revenues strong slightly goals first fiscal to year. currency deliver the up for to expect constant top-line
We continue to growth and in decline America a expect international North in our businesses.
currency expected now in about points of fiscal XXXX. to Foreign have basis impact XX is revenue on negative growth
XXXX view foreign We fiscal emerging our continue guidance our constant currency. half from Chapter our we for be underlying with execute of align plan. in of to and the It to performance the reflects inventory basis to up levels outlook. also first dynamic the Next operating minimal trends expect better XX XX solid points the tariffs impact sales our incorporates to in to Great as and margin plans currency, This growth
For revenues expect we to digits single be in XXXX, low up the fiscal third quarter of currency. constant
about currency quarter basis fiscal for to growth year currency. constant is XXXX Foreign margin in to negatively up XX the revenue expected last of third XXX the approximately quarter. to points is impact expected basis in points be by Operating
currency to expected operating be to slight in quarter. Foreign margin is the a benefit
and fiscal million initiatives of have consumer-facing capital expect on return. of proof XXXX, to healthy $XXX continue of a approximately that concept rates in We expenditures focused demonstrated
Our rate fiscal XX%. is unchanged XXXX for effective at tax
we environment. more we Third our In tax closing, estimated rate in quarter moving XX%. forward our while executing challenging global and to Next to make Chapter XX% is navigating trade inflationary of progress and Great XXXX continue plan at a business approximately in operational are fiscal
are around about creative celebrated we our of the passionate teams years Our vision XX Ralph's future. world and
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