Retail sales trend for the prestige beauty industry in Asia travel retail also did not improve during the fourth quarter. This was most notable in Hainan, where retail sales in the beauty market declined over 40%, despite a more favorable comparison to the previous period as the quarter unfolded.

Aug 19, 2024 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2024-08-19 | transcript c77e3511-6d14-4415-9f3d-3025c18a4315 | chars 5385-5682 | segment 5

You know, when we have, especially in the second quarter, obviously, you know, when we have big events like 11-11 and you have holiday and, you know, and in the case, you know, for us when, you know, those events don't go as well as expected, obviously, retailers pull back on and we pull back on some of the shipments that we have to those retailers in order to So you will see from a quarter-to-quarter standpoint, there may be some disconnects related to that. But, you know, it averages out over the course of a year. So we don't have any issues in any other markets like what we have been experiencing in Asia Travel Retail for you all to be concerned about.

Feb 5, 2024 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2024-02-05 | transcript 75f8c2fe-fd53-43a6-a335-45fda475d907 | chars 51157-51820 | segment 51

And on the construction market, our focus is on travelers and travelers' conversion. And that is getting better and better around the world.

Feb 5, 2024 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2024-02-05 | transcript 75f8c2fe-fd53-43a6-a335-45fda475d907 | chars 51821-51961 | segment 52

We made meaningful progress. with trade inventory levels in Asia travel retail, and continue to expect to be at normalized trade inventory levels by the end of the third quarter of this fiscal year.

Feb 5, 2024 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2024-02-05 | transcript 75f8c2fe-fd53-43a6-a335-45fda475d907 | chars 2269-2467 | segment 2

Let me now discuss the third pillar, to capture demand from the returning individual travel in Asia travel retail.

Nov 1, 2023 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2023-11-01 | transcript c300ad00-55d7-4045-9779-fcbc5725279b | chars 10956-11070 | segment 11

In closing, in fiscal year 2024, we will remain focused on driving momentum in our markets of strength, returning to growth in the U.S., normalizing our Asia travel retail trade inventory and expanding Prestige Beauty's share further in mainland China from our calendar two-year date gains, while accelerating our profit recovery plan for a robust acceleration of profitability in fiscal years 2025 and 2026.

Nov 1, 2023 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2023-11-01 | transcript c300ad00-55d7-4045-9779-fcbc5725279b | chars 13925-14333 | segment 14

Our global travel retail business drove the decline, as expected, with organic sales lowered by 51%, given the combination of trade inventory reduction and a structured market containment.

Nov 1, 2023 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2023-11-01 | transcript c300ad00-55d7-4045-9779-fcbc5725279b | chars 2638-2826 | segment 2

As part of this, we continue to expect to reset retail inventory in Asia Travel Retail by the end of the third quarter.

Nov 1, 2023 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2023-11-01 | transcript c300ad00-55d7-4045-9779-fcbc5725279b | chars 4273-4392 | segment 4

This reflects double-digit sales growth in the Asia Pacific region, including mainland China, as well as in EMEA, excluding Asia travel retail.

May 3, 2023 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2023-05-03 | transcript db4288f9-f619-4767-953b-72d3b3a5da47 | chars 22510-22653 | segment 22

While we are lowering our full-year outlook to reflect continued decline in net sales in Asia travel retail, including the tightening of inventory by certain retailers, we plan to invest in markets where traffic and consumption are returning, and expect to return to overall net sales growth in the fourth quarter.

May 3, 2023 / CEO / receipt, needs a key / Fabrizio Freda, CEO | earnings call 2023-05-03 | transcript db4288f9-f619-4767-953b-72d3b3a5da47 | chars 22195-22509 | segment 22

With air travel still largely curtailed, we are focused on meeting demand locally across the brick-and-mortar and online channels, as well as in localized destinations of travel retail.

Aug 20, 2020 / CEO / receipt, needs a key / Fabricio Freda, CEO | earnings call 2020-08-20 | transcript e5af51e3-64ad-470b-b595-eaf275ac4790 | chars 12014-12199 | segment 11