Lululemon Athletica Inc (LULU) 2021 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. Third Quarter 2021 Earnings Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎來到 lululemon sportsa inc。 2021 年第三季度收益電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）我現在想將會議轉交給 lululemon 的投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's Third Quarter Earnings Conference Call. Joining me to talk about our results are Calvin McDonald, CEO; and Meghan Frank, CFO.

謝謝，下午好。歡迎來到 lululemon 的第三季度收益電話會議。和我一起談論我們的結果的是首席執行官 Calvin McDonald；和首席財務官梅根·弗蘭克。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of lululemon's future. These statements are based on current information, which we have assessed, but which by its nature, is dynamic and subject to rapid and even abrupt change.

在開始之前，我想藉此機會提醒您，我們今天的講話將包括前瞻性陳述，反映管理層當前對 lululemon 未來某些方面的預測。這些陳述基於我們已經評估過的當前信息，但就其性質而言，這些信息是動態的，並且會發生快速甚至突然的變化。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, and we expressly disclaim any obligation or undertaking to update or revise any of these statements as a result of new information or future events.

由於與我們的業務相關的風險和不確定性，包括我們在最近向美國證券交易委員會提交的文件中披露的內容，包括我們的 10-K 表格年度報告，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異以及我們關於 10-Q 表格的季度報告。我們在本次電話會議上做出的任何前瞻性陳述均基於截至今天的假設，我們明確表示不承擔因新信息或未來事件而更新或修改任何這些陳述的任何義務或承諾。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our quarterly report on Form 10-Q and in today's earnings press release. In addition, the comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www.lululemon.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在我們的 10-Q 表格季度報告和今天的收益新聞稿中。此外，今天電話會議上給出的可比銷售指標是以不變美元為基礎的。新聞稿和隨附的 Form 10-Q 季度報告可在我們網站 www.lululemon.com 的“投資者”部分獲取。

Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial and operating statistics for the third quarter as well as our quarterly info graph. Today's call is scheduled for 1 hour. (Operator Instructions) And now I'd like to turn the call over to Calvin.

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第三季度主要財務和運營統計數據的摘要以及我們的季度信息圖表。今天的通話時間為 1 小時。 （操作員說明）現在我想把電話轉給 Calvin。

Thank you, Howard, and welcome, everyone, to our third quarter conference call. I'm excited to be here to discuss our results and share highlights of our performance at the start of the holiday season.

謝謝你，霍華德，歡迎大家參加我們的第三季度電話會議。我很高興來到這裡討論我們的結果並分享我們在假期開始時的表現亮點。

Our momentum remained strong in the quarter, reflecting the continued growth potential for lululemon in both the near term and the long term. I'm especially pleased with how our leaders and teams continue to successfully execute against our Power of Three growth plan while we navigate the supply chain issues within the industry. Relative to last year, revenue grew 30% and on a 2-year CAGR basis, increased 26%.

本季度我們的勢頭保持強勁，反映了 lululemon 在短期和長期內的持續增長潛力。我對我們的領導者和團隊如何在解決行業內的供應鏈問題時繼續成功地執行我們的“三個力量”增長計劃感到特別高興。與去年相比，收入增長了 30%，在 2 年復合年增長率的基礎上增長了 26%。

Our strength continues to be broad-based and balanced across every facet of our business, including channel, category, activity, gender and geography. Before discussing more details about quarter 3, I would like to share some highlights on the 3 topics: our performance over the recent Thanksgiving holiday, inventory levels and the current labor market.

我們的實力在我們業務的各個方面繼續廣泛和平衡，包括渠道、類別、活動、性別和地理。在討論第三季度的更多細節之前，我想分享三個主題的一些亮點：我們在最近感恩節假期的表現、庫存水平和當前的勞動力市場。

Starting with Thanksgiving, we were pleased with our performance over the holiday weekend. For the 5 days spanning Thanksgiving through Cyber Monday, both our digital and brick-and-mortar channels performed well. E-commerce delivered record-breaking days in several key metrics, including sales, traffic and conversion. And I'm excited to share that this year, Thanksgiving Day was our highest-volume e-commerce day ever. The investments we have made over the last several years are enabling the acceleration we're seeing in the digital business and contributing to the growth this year on top of last year's outsized performance. While we still have several large volume weeks ahead of us, it was great to see our guests respond well to our merchandise offering as we kicked off the holiday season.

從感恩節開始，我們對假期週末的表現感到滿意。從感恩節到網絡星期一的 5 天裡，我們的數字和實體渠道都表現良好。電子商務在銷售、流量和轉化等幾個關鍵指標上創造了破紀錄的天數。我很高興與大家分享，今年感恩節是我們電子商務交易量最高的一天。我們在過去幾年中所做的投資正在推動我們在數字業務中看到的加速，並在去年的出色表現基礎上為今年的增長做出了貢獻。雖然我們還有幾個星期的銷量很大，但很高興看到我們的客人在假期開始時對我們提供的商品反應良好。

Shifting to our supply chain. We continue to face the same issues as much of the industry, including port slowdowns and increased costs associated with airfreight. In Vietnam, I am pleased to share that all of our factories have reopened and continued to ramp up their capacity. While the summer closures caused some delays, our total inventory at the end of Q3 was up 22%, slightly ahead of our most recent expectations of 15% to 20%.

轉移到我們的供應鏈。我們繼續面臨與該行業相同的問題，包括港口放緩和與空運相關的成本增加。在越南，我很高興地分享我們所有的工廠都已經重新開工並繼續提高產能。雖然夏季關閉造成了一些延誤，但我們在第三季度末的總庫存增加了 22%，略高於我們最近預期的 15% 至 20%。

As you are aware, approximately 40% of our inventory is comprised of core seasonless product which helps us make our inventory management and flow decisions. This coupled with the well-established partnerships we have with our vendors is allowing us to mitigate many of the current supply chain risks. I'm extremely proud of how our teams have and continue to successfully navigate through this dynamic environment. While we're comfortable with both the quality and quantity of our inventory, I continue to believe that demand for our brand is outpacing supply, and our business could have been even stronger without the supply chain challenges.

如您所知，我們大約 40% 的庫存由核心的無季節性產品組成，這有助於我們做出庫存管理和流動決策。再加上我們與供應商建立的良好合作夥伴關係，使我們能夠減輕當前的許多供應鏈風險。我為我們的團隊如何擁有並繼續成功地在這個動態環境中導航感到非常自豪。雖然我們對庫存的質量和數量感到滿意，但我仍然相信對我們品牌的需求正在超過供應，如果沒有供應鏈挑戰，我們的業務可能會更加強大。

Turning to the labor market. We are well positioned this holiday to meet guest demand. As you know, the hiring environment has been very competitive this season, and I'm pleased that we have been able to hire more than 7,000 employees within our stores, DCs and guest education centers in the lead up to the holiday. Our strong employee offering, highlighted by our Pay Protection Program through COVID-19 and recent increases in minimum wage, has enabled us to perform well in the current environment.

轉向勞動力市場。我們在這個假期做好了充分的準備，可以滿足客人的需求。如您所知，本賽季的招聘環境競爭非常激烈，我很高興我們能夠在假期前在我們的商店、配送中心和賓客教育中心招聘 7,000 多名員工。我們強大的員工服務，特別是通過 COVID-19 實施的薪酬保護計劃和最近提高的最低工資，使我們能夠在當前環境中表現良好。

Let me now share some highlights from our Q3 results. First, our total revenue of $1.5 billion represents growth of 26% on a 2-year CAGR basis. Second, we continue to build on the strength in our store channel with productivity levels above what we achieved in 2019. Third, our e-commerce business comped up 21%, which on top of the 93% last year, translates into a 2-year CAGR of 54%. And finally, our adjusted earnings per share were $1.62 versus $0.96 in 2019, which was above expectations. This level of performance continues to demonstrate how lululemon is a brand positioned for consistent growth quarter after quarter.

現在讓我分享我們第三季度業績的一些亮點。首先，我們的總收入為 15 億美元，在 2 年的複合年增長率基礎上增長了 26%。其次，我們繼續鞏固我們商店渠道的實力，生產力水平高於我們在 2019 年取得的水平。第三，我們的電子商務業務增長了 21%，高於去年的 93%，轉化為 2-年復合增長率為 54%。最後，我們調整後的每股收益為 1.62 美元，而 2019 年為 0.96 美元，高於預期。這種水平的表現繼續證明 lululemon 是一個如何定位於一個季度一個季度的持續增長的品牌。

Next, I will provide some additional details on our results, starting with product innovation. Our momentum remains strong across all of our major categories, with women's revenue increasing 24%, men's growing 29% and accessories up 40%, all on a 2-year CAGR basis. We continue to leverage the Science of Feel to bring product newness and innovation to our guests.

接下來，我將提供一些關於我們結果的更多細節，從產品創新開始。我們所有主要品類的增長勢頭都保持強勁，女性收入增長 24%，男性增長 29%，配飾增長 40%，均以 2 年復合年增長率為基礎。我們繼續利用感覺科學為我們的客人帶來產品新穎性和創新性。

I'm particularly proud of our recently announced multiyear partnership with the Canadian Olympic Committee and Paralympic Committee. This is important to us in several ways. First, it allows us to showcase the lululemon brand and our technical expertise within apparel on the world stage. Next, it is a compelling platform that we can leverage to continue to grow our brand presence in Canada, our most mature market. And finally, it offers a new and exciting test and learn opportunity to increase our brand awareness and consideration with men, both inside and outside of Canada.

我為我們最近宣布與加拿大奧委會和殘奧委員會建立多年合作關係感到特別自豪。這在幾個方面對我們很重要。首先，它讓我們能夠在世界舞台上展示 lululemon 品牌和我們在服裝領域的技術專長。接下來，它是一個引人注目的平台，我們可以利用它繼續在我們最成熟的市場加拿大擴大我們的品牌影響力。最後，它提供了一個新的、令人興奮的測試和學習機會，以提高我們在加拿大境內外的品牌知名度和對男性的考慮。

Our product teams worked with athletes for 18 months and developed more than 30 styles to help each team member feel and perform their best during the games. As a Canadian and lifelong fan of the games, I want to share that all of us at lululemon are honored to play a role in helping to inspire and unite people through sport.

我們的產品團隊與運動員合作了 18 個月，開發了 30 多種款式，以幫助每個團隊成員在比賽中感受和發揮最佳狀態。作為一名加拿大人和這項運動的終生粉絲，我想與大家分享，lululemon 的所有人都很榮幸能夠在通過運動幫助激勵和團結人們方面發揮作用。

Let me now move on to MIRROR. Our core lululemon business continues to be strong. Driving innovation and growth in our core remains our primary focus, and our results demonstrate the ongoing effectiveness of our initiatives. This success allows us to invest in new opportunities to enable future growth, and MIRROR is one of those examples. Our vision for MIRROR is to assist in building and extending our lululemon community and helping us drive both retention and spend. It's an evolution of our membership program to propel our core business at lululemon, for lululemon. We have only just begun our journey with MIRROR, and we will continue to roll out initiatives that deliver on this goal.

現在讓我繼續討論鏡子。我們的核心 lululemon 業務繼續強勁。在我們的核心推動創新和增長仍然是我們的主要關注點，我們的結果證明了我們舉措的持續有效性。這一成功使我們能夠投資於新的機會以實現未來的增長，而 MIRROR 就是其中之一。我們對 MIRROR 的願景是幫助建立和擴展我們的 lululemon 社區，並幫助我們提高保留率和支出。這是我們會員計劃的演變，以推動我們在 lululemon 的核心業務，對於 lululemon。我們的 MIRROR 之旅才剛剛開始，我們將繼續推出實現這一目標的舉措。

As you know, 2021 has been a challenging year for digital fitness. And as I mentioned on our last earnings call, we have seen increasing pressures on CAC that are impacting the entire industry. One of the unique advantages we bring to the space is the many ways we can build brand awareness for MIRROR. As we unlock these synergies, we see a clear path to engage with the more than 10 million lululemon guests who live the sweat life.

如您所知，2021 年對於數字健身來說是充滿挑戰的一年。正如我在上次財報電話會議上提到的那樣，我們看到 CAC 面臨的壓力越來越大，這正在影響整個行業。我們為該領域帶來的獨特優勢之一是我們可以通過多種方式為 MIRROR 建立品牌知名度。隨著我們釋放這些協同效應，我們看到了一條清晰的道路，可以與超過 1000 萬流汗生活的 lululemon 客人進行互動。

We will not chase growth at any cost. We simply don't need to, but we will invest to define our unique proposition and to bring MIRROR to market through our owned marketing channels. We demonstrated this with our recent launch in Canada and the introduction of our innovative connected weights, both of which are off to a great start. We can and will stand out in a crowded space and leverage all that's unique about lululemon.

我們不會不惜一切代價追逐增長。我們根本不需要，但我們將投資以定義我們獨特的主張，並通過我們自己的營銷渠道將 MIRROR 推向市場。我們最近在加拿大推出並引入了我們創新的連接權重，這證明了這一點，這兩者都是一個良好的開端。我們可以而且將會在擁擠的空間中脫穎而出，並利用 lululemon 的所有獨特之處。

With this context, we are lowering our revenue guidance for MIRROR for the year to $125 million to $130 million. Given the seasonality of their business, which skews heavily to quarter 4, the timing of this revision is appropriate given the line of sight we have on its performance. Importantly, we are maintaining our dilution estimate of 3% to 5%.

在這種情況下，我們將今年 MIRROR 的收入指導下調至 1.25 億美元至 1.3 億美元。鑑於其業務的季節性嚴重偏向第 4 季度，鑑於我們對其業績的看法，此次修訂的時機是適當的。重要的是，我們維持 3% 至 5% 的稀釋估計。

With this said, I'm pleased that we will have grown our subscribers by 40% year-over-year and will end 2021 with a meaningful subscription base to build upon. MIRROR represents less than 3% of our revenue this year. Although we do not require it to deliver our Power of Three goals, we see MIRROR as an opportunity to engage with our guests in new ways that we will continue to evolve and refine over time. We are still early in creating our vision of a loyalty community that captures the best of lululemon. This is not a sprint for us, and we will maintain a steady pace forward that realizes our vision.

話雖如此，我很高興我們的訂戶將同比增長 40%，並將在 2021 年底建立一個有意義的訂閱基礎。 MIRROR 占我們今年收入的不到 3%。儘管我們不需要它來實現我們的三個目標，但我們將 MIRROR 視為以新方式與客人互動的機會，我們將隨著時間的推移繼續發展和完善。我們仍處於早期創建我們的忠誠社區的願景，該社區捕捉到 lululemon 的精華。這對我們來說不是衝刺，我們將保持穩步前進，實現我們的願景。

Switching now to our store channel. Total revenue increased 38% versus last year and 10% on a 2-year CAGR basis. Traffic increased over 50% versus last year. We're pleased with the start of the holiday season in stores, and our educators are thrilled to be engaging with the guests in person. We continue to leverage and enhance our in-store and omni capabilities, including enhancing our mobile app to facilitate curbside pickup for guests, make our in-store handheld units more intuitive for our educators to help speed guests through transactions and continue to offer our online digital educator service at no cost, providing a personal shopping experience for guests who can't make it into our stores.

現在切換到我們的商店頻道。總收入與去年相比增長了 38%，在 2 年復合年增長率的基礎上增長了 10%。與去年相比，流量增加了 50% 以上。我們對商店假期的開始感到高興，我們的教育工作者很高興能親自與客人互動。我們將繼續利用和增強我們的店內和全方位功能，包括增強我們的移動應用程序以方便客人在路邊取貨，使我們的店內手持設備對我們的教育工作者更加直觀，以幫助客人加快交易速度，並繼續提供我們的在線服務免費數字教育服務，為無法進入我們商店的客人提供個人購物體驗。

Turning to our e-commerce business. Sales trends remain robust with total digital comps up 21% in Q3. This result comes on top of the 93% increase in the same quarter last year. We continue to enhance the experience for our guests on our websites and apps, which is the direct result of the investments we have made over the last 18 months, and it is paying off for us.

轉向我們的電子商務業務。銷售趨勢依然強勁，第三季度總數字組合增長了 21%。這一結果是在去年同一季度增長 93% 的基礎上實現的。我們繼續在我們的網站和應用程序上提升客人的體驗，這是我們在過去 18 個月中所做投資的直接結果，並且正在為我們帶來回報。

For example, when I was in stores over Thanksgiving weekend, each store was doing an impressive volume of orders through both BOPUS and BBR. This is enabled by the visibility we have to our inventory across our network which allows us to meet guest demand and exceed their expectations. It's a great example of how we are realizing our omni, vision and potential.

例如，當我在感恩節週末在商店時，每家商店都通過 BOPUS 和 BBR 完成了令人印象深刻的訂單量。這得益於我們對整個網絡中庫存的可見性，這使我們能夠滿足客人的需求並超出他們的期望。這是我們如何實現全方位、遠見和潛力的一個很好的例子。

Looking forward to the fourth quarter, we feel good about our ability to handle the increased volume of traffic based on the significant investments we've made over the last several years. In technology, IT infrastructure, our guest education center and DCs, all of which continue to produce results.

展望第四季度，基於過去幾年的大量投資，我們對處理不斷增加的流量的能力感到滿意。在技術、IT 基礎設施、我們的客戶教育中心和數據中心，所有這些都在繼續產生成果。

Regarding our international business, we continue to be excited by the level of performance across each region, which shows how well our brand translates across borders and beyond North America. It's clear that there is a vast opportunity for lululemon as we expand further into EMEA, in China and in the Asia Pacific region.

關於我們的國際業務，我們繼續對每個地區的業績水平感到興奮，這表明我們的品牌在跨國界和北美以外的翻譯效果如何。很明顯，隨著我們進一步擴展到歐洲、中東和非洲、中國和亞太地區，lululemon 擁有巨大的機會。

In Q3, we saw strength across every major region, with each generating strong double-digit sales growth on a 2-year CAGR basis. In China, our 2-year CAGR growth of more than 70% significantly outpaced the performance we saw overall in international as we continue to see compelling guest response to our merchandise assortment online and in our stores. Our team also continues to maintain a steady pace of new store openings in the market.

在第三季度，我們看到每個主要地區都表現強勁，每個地區的銷售額都在 2 年的複合年增長率基礎上實現了兩位數的強勁增長。在中國，我們超過 70% 的 2 年復合年增長率顯著超過了我們在國際上看到的整體表現，因為我們繼續看到客戶對我們的在線和商店商品分類的強烈反應。我們的團隊還繼續在市場上保持穩定的新店開業步伐。

And in Europe, our 2-year CAGR revenue growth of over 20% was driven by broad-based strength across most of our key markets coupled with an improving brick-and-mortar business in the United Kingdom following very prolonged COVID-19-related closures. We are on track to open 40 to 45 stores in our international regions this year and are excited by the significant runway for growth across our key markets outside of North America.

在歐洲，我們的 2 年 CAGR 收入增長超過 20%，這得益於我們大部分主要市場的廣泛實力，以及在長期與 COVID-19 相關的情況下英國實體業務的改善關閉。今年我們有望在我們的國際地區開設 40 至 45 家門店，並對我們在北美以外的主要市場的顯著增長感到興奮。

Before handing it over to Meghan, who will provide additional details on our Q3 financials and our guidance outlook, I want to bring our inaugural Impact report to your attention. One year ago, we published our Impact Agenda, which details our vision and strategy to help transform our industry and create a healthier world. It is structured into 3 interconnected pillars, Be Human, Be Well and Be Planet, each with a set of specific goals and strategies.

在將其移交給梅根之前，梅根將提供有關我們第三季度財務狀況和指導展望的更多詳細信息，我想提請您注意我們的首份影響報告。一年前，我們發布了影響議程，其中詳細說明了我們的願景和戰略，以幫助改變我們的行業並創造一個更健康的世界。它由 3 個相互關聯的支柱構成：做人、做人、做地球，每個支柱都有一套具體的目標和戰略。

We will report annually on our progress towards these goals and I hope you will take the time to visit the Sustainability section of our website to learn more. We recognize that it will take continuous learning and sustained dedication to achieve our goals. We are firmly committed to accountability, transparency and doing the necessary work to help build a safer and healthier world.

我們將每年報告我們在實現這些目標方面取得的進展，我希望您能花時間訪問我們網站的可持續發展部分以了解更多信息。我們認識到，實現我們的目標需要不斷學習和持續奉獻。我們堅定地致力於問責制、透明度和做必要的工作，以幫助建立一個更安全、更健康的世界。

And with that, I'll turn it over to Meghan.

有了這個，我會把它交給梅根。

Thanks, Calvin.

謝謝，卡爾文。

Our business remained strong in Q3. The trend in stores continued to improve with productivity above 2019, while our e-commerce business continues to comp positively over the growth we experienced last year. I will share our guidance outlook with you in a few minutes, but I think it's important for our investors to know that we are raising our guidance for the year despite increasing airfreight costs and a more conservative view on revenue for MIRROR. This is a testament to the underlying strength of our core business and to our teams around the globe who enable this impressive performance.

我們的業務在第三季度保持強勁。商店的趨勢繼續改善，生產力高於 2019 年，而我們的電子商務業務繼續與去年的增長相比呈正增長。我將在幾分鐘內與您分享我們的指導展望，但我認為重要的是我們的投資者要知道，儘管空運成本增加並且對 MIRROR 的收入看法更為保守，但我們正在提高今年的指導。這證明了我們核心業務的潛在實力以及我們在全球範圍內實現這一令人印象深刻的業績的團隊。

Let me now share with you the details of our Q3 performance. I will also discuss specifics on our balance sheet, including our cash position, liquidity and inventories. Please note that the adjusted financial metrics I will share include the operating results of MIRROR, but exclude approximately $24 million of acquisition-related costs and our associated tax effect in Q3 2021, and $8.5 million of acquisition-related costs and their associated tax effect in Q3 2020. You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

現在讓我與您分享我們第三季度業績的細節。我還將討論我們資產負債表的細節，包括我們的現金狀況、流動性和庫存。請注意，我將分享的調整後財務指標包括 MIRROR 的經營業績，但不包括大約 2400 萬美元的收購相關成本和我們在 2021 年第三季度的相關稅收影響，以及 850 萬美元的收購相關成本及其相關稅收影響2020 年第三季度。您可以參考我們的收益發布，了解更多信息以及與我們的 GAAP 指標的對賬。

For Q3, total net revenue increased 30% to $1.45 billion, above our expectations of $1.4 billion to $1.43 billion. This included a 28% increase in North America and a 40% increase in our international business. On a 2-year CAGR basis, total revenue increased 26%. This was better than our expectation of a 24% to 25% 2-year CAGR growth and continues to outpace our 3-year CAGR of 19%, leading up to the pandemic.

第三季度，總淨收入增長 30% 至 14.5 億美元，高於我們預期的 14 億美元至 14.3 億美元。其中包括北美業務增長 28% 和國際業務增長 40%。在 2 年復合年增長率的基礎上，總收入增長了 26%。這好於我們預期的 24% 至 25% 的 2 年 CAGR 增長，並繼續超過我們 19% 的 3 年 CAGR，導致大流行。

Within North America, revenue increased 23% and within international, we saw a 42% increase, both on a 2-year CAGR basis. In our digital channel, revenues increased 54% on a 2-year CAGR basis and contributed $587 million of top line or 40% of total revenue. In our store channel, sales increased 10% on a 2-year CAGR basis. Productivity in stores exceeded 2019 levels and continues the trend of improving productivity we've seen throughout the year. On average, we had 96% of our stores opened throughout Q3 and 99% opened at the end of the quarter. Square footage increased 11% versus last year, driven by the addition of 37 net new stores since Q3 of 2020. During the quarter, we opened 18 net new stores.

在北美，收入增長了 23%，在國際範圍內，我們看到了 42% 的增長，兩者均以 2 年復合年增長率為基礎。在我們的數字渠道中，收入在 2 年復合年增長率的基礎上增長了 54%，貢獻了 5.87 億美元的收入或總收入的 40%。在我們的商店渠道中，銷售額以 2 年的複合年增長率增長了 10%。商店的生產力超過了 2019 年的水平，並延續了我們全年看到的提高生產力的趨勢。平均而言，我們有 96% 的門店在整個第三季度開業，99% 的門店在季度末開業。由於自 2020 年第三季度以來新增 37 家淨新店，面積比去年增加了 11%。在本季度，我們開設了 18 家淨新店。

Gross profit for the third quarter was $829 million or 57.2% of net revenue compared to 56.1% of net revenue in Q3 2020 and 55.1% of net revenue in Q3 2019. Our gross margin increase of 210 basis points relative to 2019 was driven by 230 basis points of leverage on occupancy, depreciation and product team costs and 30 basis points of favorability in foreign exchange, which was partially offset by a 50 basis point decrease in product margin. Excluding a 230 basis point increase in airfreight related to industry supply chain challenges, product margin would have increased versus 2019. I would also note that markdowns declined relative to 2019.

第三季度的毛利潤為 8.29 億美元，占淨收入的 57.2%，而 2020 年第三季度占淨收入的 56.1%，佔 2019 年第三季度淨收入的 55.1%。相對於 2019 年，我們的毛利率增加了 210 個基點，這是由 230佔用率、折舊和產品團隊成本的槓桿率以及 30 個基點的外匯優惠，這被產品利潤率下降 50 個基點部分抵消。不包括與行業供應鏈挑戰相關的空運增加 230 個基點，產品利潤率將比 2019 年增加。我還要注意到，降價幅度相對於 2019 年有所下降。

Moving to SG&A. Our approach continues to be grounded in prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $545 million or 37.6% of net revenue compared to 36.8% of net revenue in Q3 2020 and 35.9% of net revenue in Q3 2019. The deleverage in the quarter versus Q3 2020 resulted from increased investments in people and brand building to support our growth initiatives, coupled with deleverage on foreign exchange. The deleverage relative to Q3 2019 is primarily the result of consolidation of MIRROR's results this year but not in 2019, and modest deleverage on depreciation, amortization and foreign exchange.

轉移到 SG&A。我們的方法繼續以謹慎管理我們的開支為基礎，同時繼續戰略性地投資於我們的長期增長機會。 SG&A 費用為 5.45 億美元，占淨收入的 37.6%，而 2020 年第三季度占淨收入的 36.8%，佔 2019 年第三季度淨收入的 35.9%。與 2020 年第三季度相比，本季度的去槓桿化是由於對人員和品牌建設的投資增加以支持我們的增長舉措，加上外匯去槓桿化。相對於 2019 年第三季度的去槓桿化主要是由於 MIRROR 今年而非 2019 年的業績合併，以及對折舊、攤銷和外彙的適度去槓桿化。

Adjusted operating income for the quarter was $282 million or 19.4% of net revenue compared to 19.1% of net revenue in Q3 2020 and 19.2% of net revenue in Q3 2019. Adjusted tax expense for the quarter was $71 million or 25.1% of pretax earnings compared to an adjusted effective tax rate of 28.9% a year ago. The reduction relative to last year is due primarily to a reduction in nondeductible expenses in international jurisdictions, an increase in tax deductions related to stock-based compensation, and a reduction in adjustments upon the filing of certain tax returns.

本季度調整後營業收入為 2.82 億美元，占淨收入的 19.4%，而 2020 年第三季度占淨收入的 19.1%，佔 2019 年第三季度淨收入的 19.2%。本季度調整後的稅費為 7100 萬美元，佔稅前收入的 25.1%相比之下，一年前調整後的有效稅率為 28.9%。與去年相比的減少主要是由於國際司法管轄區的不可扣除費用減少，與股票薪酬相關的稅收減免增加，以及提交某些納稅申報表時的調整減少。

Adjusted net income for the quarter was $211 million or $1.62 per diluted share compared to adjusted earnings per diluted share of $1.16 in Q3 of 2020 and $0.96 in Q3 of 2019. Capital expenditures were $122 million for the quarter compared to $66 million in the third quarter last year. Q3 spend relates primarily to store capital for new locations, relocations and renovations, supply chain investment and technology spend to support our business growth.

本季度調整後淨收入為 2.11 億美元或每股攤薄收益 1.62 美元，而 2020 年第三季度和 2019 年第三季度的調整後每股攤薄收益分別為 1.16 美元和 0.96 美元。本季度資本支出為 1.22 億美元，而第三季度為 6600 萬美元去年。第三季度支出主要與用於支持我們業務增長的新地點、搬遷和翻新、供應鏈投資和技術支出的商店資本有關。

Turning to our balance sheet highlights. We ended the quarter with $1.4 billion of total liquidity. We had approximately $1 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory grew 22% versus last year and was $944 million at the end of Q3. This is slightly higher than our expectations for a 15% to 20% increase, reflecting the efforts of our supply chain and product teams to mitigate industry-wide supply chain risk by prioritizing production to ensure key styles are produced first and strategically increasing our use of airfreight. At the end of Q4, we expect inventory levels to increase approximately 20% to 25% relative to Q4 of 2020.

轉向我們的資產負債表亮點。我們在本季度結束時擁有 14 億美元的總流動資金。在我們的循環信貸額度下，我們擁有大約 10 億美元的現金和現金等價物以及近 4 億美元的可用容量。庫存與去年相比增長了 22%，到第三季度末為 9.44 億美元。這略高於我們對增長 15% 至 20% 的預期，反映了我們的供應鍊和產品團隊通過優先生產以確保首先生產關鍵款式並戰略性地增加我們對空運。在第四季度末，我們預計庫存水平將相對於 2020 年第四季度增加約 20% 至 25%。

In Q3, we repurchased approximately 582,000 shares at an average price of $406. At the end of the quarter, we had approximately $509 million of availability remaining on our current share repurchase authorization, which includes the recent $500 million increase our Board of Directors approved in early October.

在第三季度，我們以 406 美元的平均價格回購了大約 582,000 股。在本季度末，我們當前的股票回購授權剩餘約 5.09 億美元，其中包括我們董事會在 10 月初批准的最近 5 億美元的增加。

Let me shift now to our outlook for Q4 and the full year 2021. While we're pleased with our performance over Thanksgiving, it's important to acknowledge that the macro environment remains uncertain, and we have several large volume weeks ahead of us. I'd also note that as the industry-wide supply chain issues have been well publicized, consumers may have started their holiday shopping earlier this year.

現在讓我談談我們對第四季度和 2021 年全年的展望。雖然我們對感恩節的表現感到滿意，但重要的是要承認宏觀環境仍然不確定，我們還有幾個星期的大量交易量。我還要指出，由於全行業的供應鏈問題已經得到廣泛宣傳，消費者可能在今年早些時候開始了他們的假日購物。

To account for these variables, as we have done throughout the COVID period, we continue to plan the business for multiple scenarios. For Q4, we expect revenue in the range of $2.125 billion to $2.165 billion, representing a 2-year CAGR of 23% to 24%. We expect gross margin in Q4 to be flat with Q4 of 2019. Our Q4 guidance reflects an impact of approximately 450 basis points of pressure from airfreight costs due to poor congestion and capacity constraints. This represents an increase in airfreight expense relative to our prior guidance.

為了考慮這些變量，正如我們在整個 COVID 期間所做的那樣，我們將繼續為多種場景規劃業務。對於第四季度，我們預計收入在 21.25 億美元至 21.65 億美元之間，2 年復合年增長率為 23% 至 24%。我們預計第四季度的毛利率將與 2019 年第四季度持平。我們的第四季度指引反映了由於交通擁堵和運力限制導致空運成本壓力約 450 個基點的影響。相對於我們之前的指導，這代表了空運費用的增加。

In Q4, we expect SG&A deleverage of approximately 200 to 250 basis points relative to 2019. Drivers of the deleverage versus 2019 include consolidation of MIRROR's results this year but not in 2019 and higher depreciation due to accelerated investments to support our e-commerce business in 2020 and 2021.

在第四季度，我們預計與 2019 年相比，SG&A 去槓桿化約為 200 至 250 個基點。與 2019 年相比，去槓桿化的驅動因素包括 MIRROR 今年的業績合併，但在 2019 年沒有合併，以及由於加速投資以支持我們在2020 年和 2021 年。

Turning to EPS. We expect adjusted earnings per share in the fourth quarter to be in the range of $3.25 to $3.32 versus adjusted EPS of $2.58 a year ago. This includes operating results from MIRROR but excludes acquisition and integration-related costs. As a reminder, we reported EPS of $2.28 in Q4 of 2019.

轉向EPS。我們預計第四季度調整後的每股收益將在 3.25 美元至 3.32 美元之間，而一年前的調整後每股收益為 2.58 美元。這包括 MIRROR 的運營結果，但不包括與收購和整合相關的成本。提醒一下，我們報告的 2019 年第四季度每股收益為 2.28 美元。

For the full year 2021, we expect revenue to be in the range of $6.25 billion to $6.29 billion. This represents an increase from our prior guidance range of $6.19 billion to $6.26 billion and includes our more conservative view on MIRROR revenue for the year of approximately $125 million to $130 million. This range also assumes our e-commerce business grows in the mid-teens relative to the outsized strength we experienced in 2020.

對於 2021 年全年，我們預計收入將在 62.5 億美元至 62.9 億美元之間。這比我們之前的 61.9 億美元至 62.6 億美元的指導範圍有所增加，並且包括我們對 MIRROR 年度收入約 1.25 億美元至 1.3 億美元的更為保守的看法。該範圍還假設我們的電子商務業務相對於我們在 2020 年所經歷的巨大實力增長了十幾歲。

When looking at total revenue, our guidance range implies a 2-year CAGR of approximately 25% to 26%, which is higher than our 3-year revenue CAGR of 19%, leading up to 2020 and is well ahead of the low teens CAGR contemplated in our Power of Three growth plan. We now expect to open 50 to 55 net new company-operated stores in 2021. This includes approximately 40 to 45 stores in our international markets and represents a square footage percentage increase in the low teens.

在查看總收入時，我們的指導範圍意味著 2 年的複合年增長率約為 25% 至 26%，高於我們 19% 的 3 年收入複合年增長率，直到 2020 年，並且遠遠領先於青少年的低複合年增長率在我們的“三個力量”增長計劃中進行了考慮。我們現在預計到 2021 年將開設 50 至 55 家新的公司自營商店。這包括我們在國際市場的約 40 至 45 家商店，這代表了低青少年的平方英尺百分比增加。

For the full year, we are forecasting gross margin to expand between 100 to 150 basis points compared to the modest increase we saw in 2020. The reduction relative to our prior guidance of an increase of 150 to 200 basis points is driven by an increase in airfreight expense to 200 to 250 basis points for the year. Despite the increase in airfreight expense year-over-year, we continue to anticipate gross margin expansion in excess of our Power of Three growth plan, which assumes modest gross margin expansion annually.

與我們在 2020 年看到的小幅增長相比，我們預計全年毛利率將增長 100 至 150 個基點。相對於我們之前的增長 150 至 200 個基點的指引，毛利率的下降是由全年空運費用為 200 至 250 個基點。儘管空運費用同比增加，但我們繼續預計毛利率增長將超過我們的“三強”增長計劃，該計劃假設毛利率每年適度增長。

When looking at SG&A for the full year, we are forecasting leverage of 50 to 100 basis points versus 2020. We now expect our adjusted effective tax rate for the year to be approximately 27%. For the fiscal year 2021, our revised range for adjusted diluted earnings per share is $7.69 to $7.76 versus our prior range of $7.38 to $7.48. Our EPS guidance continues to assume modest dilution from MIRROR in the 3% to 5% range, excluding acquisition and integration-related costs.

在查看全年的 SG&A 時，我們預測與 2020 年相比，槓桿率為 50 至 100 個基點。我們現在預計，我們今年調整後的有效稅率約為 27%。對於 2021 財年，我們調整後的稀釋後每股收益範圍為 7.69 美元至 7.76 美元，而之前的範圍為 7.38 美元至 7.48 美元。我們的每股收益指引繼續假設 MIRROR 在 3% 至 5% 的範圍內適度稀釋，不包括收購和整合相關成本。

Despite our more conservative view on MIRROR revenue, we are being prudent with our expenditures, particularly related to digital marketing and this is enabling us to maintain the dilution percentage in the range we've been guiding to all year. Our updated EPS range also excludes the impact of any future share repurchases.

儘管我們對 MIRROR 收入的看法更為保守，但我們對支出持謹慎態度，特別是與數字營銷相關的支出，這使我們能夠將稀釋百分比保持在我們全年指導的範圍內。我們更新後的每股收益範圍還排除了任何未來股票回購的影響。

We now expect capital expenditures to be approximately $375 million to $385 million for 2021. The increase versus 2020 reflects increased investment in our supply chain, digital capabilities, new store openings and renovations including MIRROR shop-in-shops as well as other technology and general corporate infrastructure projects.

我們現在預計 2021 年的資本支出約為 3.75 億美元至 3.85 億美元。與 2020 年相比，這一增長反映了我們對供應鏈、數字能力、新店開業和翻新（包括 MIRROR 店中店）以及其他技術和一般企業基礎設施項目。

Thank you. And with that, I'll turn the call back over to Calvin for some closing remarks.

謝謝你。有了這個，我會把電話轉回給 Calvin 做一些結束語。

Thank you, Meghan.

謝謝你，梅根。

I am very pleased with the high-level performance of lululemon across every major metric in category, which allows us to deliver such a strong quarter. We have begun the fourth quarter with the inventory, staffing and strategies in place to enable us to finish 2021 in a position of strength as we expect to pass the $6 billion annual revenue level for the first time.

我對 lululemon 在類別中每個主要指標上的高水平表現感到非常滿意，這使我們能夠實現如此強勁的季度業績。我們已經在第四季度開始了庫存、人員配備和戰略，使我們能夠在 2021 年結束時處於強勢地位，因為我們預計年收入將首次超過 60 億美元。

The way we continue to grow and expand is a testament to the commitment and passion of the people of lululemon. I am particularly proud of our agility throughout this year and over the course of the pandemic and how the leadership team continues to build upon the momentum in the business.

我們不斷發展壯大的方式證明了 lululemon 人的承諾和熱情。我為我們在今年和整個大流行期間的敏捷性以及領導團隊如何繼續在業務發展勢頭上繼續發揚光大感到特別自豪。

And with that, we'll be happy to take your questions. Operator?

有了這個，我們很樂意回答您的問題。操作員？

(Operator Instructions) Our first question comes from Adrienne Yih of Barclays.

（操作員說明）我們的第一個問題來自 Barclays 的 Adrienne Yih。

And great job navigating what's a tremendously difficult environment. Calvin, I wanted to start by talking about average initial retails, what you think the pricing power there is? And most of retail didn't really touch their initial retails in 2021, but they are going to start touching the like-for-likes in 2022. So just wondering kind of how you're thinking about that and lululemon relative to that pricing? Meghan, given that 40% is core in the ongoing supply chain issues, is there an increase in weeks of supply scheduled for spring of 2022 as a safety stock?

在極其困難的環境中導航非常出色。卡爾文，我想先談談平均初始零售額，你認為定價能力如何？大多數零售業在 2021 年並沒有真正觸及他們的初始零售額，但他們將在 2022 年開始觸及同類產品。所以只是想知道你是如何考慮這個和 lululemon 相對於那個定價的？梅根，鑑於 40% 是當前供應鏈問題的核心，計劃在 2022 年春季作為安全庫存的供應週數是否會增加？

Thanks, Adrienne. On pricing, we have no plans to change our pricing strategy at this time. As you know, we lead with technical innovation and price our garments accordingly. We're always studying the marketplace and make pricing adjustments as necessary based on the competitive dynamics and opportunities that exist, but we have no plans to make a change heading into 2022.

謝謝，阿德里安。在定價方面，我們目前沒有改變定價策略的計劃。如您所知，我們以技術創新為先導，並相應地為我們的服裝定價。我們一直在研究市場，並根據存在的競爭動態和機會進行必要的定價調整，但我們沒有計劃在 2022 年之前做出改變。

Adrienne, in terms of inventory, we do have an advantage in the proportion of our inventory that sits in core product. And while we aren't sharing details on our 2022 plans today, the team is actively looking at opportunities to capitalize on that core assortment and pull that forward where that makes sense for us.

Adrienne，在庫存方面，我們在核心產品中的庫存比例確實有優勢。雖然我們今天沒有分享我們 2022 年計劃的細節，但團隊正在積極尋找機會，以利用該核心分類，並在對我們有意義的地方推進它。

Our next question comes from Matthew Boss of JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

And congrats on another nice quarter. So Calvin, revenues year-to-date up 60% versus 2019, and you've mentioned demand exceeding supply now for the second straight quarter. Could you speak to new customer acquisition and drivers of the balance that you're seeing between stores and digital, which point in your view to sustainable strength of the brand?

並祝賀另一個不錯的季度。所以卡爾文，今年迄今為止的收入與 2019 年相比增長了 60%，你已經提到現在連續第二個季度供不應求。您能否談談新客戶獲取以及您在商店和數字之間看到的平衡的驅動因素，您認為哪些是品牌的可持續實力？

Yes. Thanks, Matthew. There are a number of the overall driving metrics that point to that. The obvious one is the challenge we've seen in inventory. And even though we've been able to achieve these results, product drops, some of the product innovation and the way in which the design team's intended our activities and our categories to be launched for the guest just haven't materialized pretty much the entire and we've been chasing into that. So we know there's an upside to being able to represent and present the product the way in which it was designed and intended to.

是的。謝謝，馬修。有許多總體驅動指標表明了這一點。顯而易見的挑戰是我們在庫存中看到的挑戰。儘管我們已經取得了這些成果，但產品下降、一些產品創新以及設計團隊打算為客人推出的活動和類別的方式並沒有實現幾乎全部我們一直在努力。因此，我們知道能夠以設計和預期的方式來展示和展示產品是有好處的。

That said, when we look at our new guest acquisition, it remains very strong as before the pandemic during and post. We continue to see new guests come into the brand. We continue to have success migrating those new guests up through different categories and their spend journey and the retention of our high-spending loyal lululemon guest remain incredibly strong.

也就是說，當我們查看我們的新客戶獲取時，它在大流行期間和發布期間仍然非常強勁。我們繼續看到新客人加入該品牌。我們繼續成功地將這些新客人遷移到不同的類別，他們的消費旅程和我們高消費的忠誠 lululemon 客人的保留仍然非常強勁。

What we alluded to during the early pandemic when stores were closed was that we -- we're seeing more of our store only shift into omni. We are seeing our omni-guest spend more. And because we have such a strong position with digital, that enabled them to engage in the brand and do purchasing. And we know there were some store-only guests that could not have access or chose not to. Now that the stores are up and operating, we're very pleased with seeing them return back to the brand as we continue to grow.

在大流行初期，當商店關閉時，我們提到的是我們——我們看到更多的商店只是轉向全能。我們看到我們的全能客人花費更多。而且因為我們在數字方面擁有如此強大的地位，這使他們能夠參與品牌並進行購買。我們知道有一些僅限商店的客人無法訪問或選擇不訪問。現在商店已經開業並開始營業，我們很高興看到他們在我們不斷發展的過程中重返品牌。

We referenced stores being great acquirer of men's. Now that they're up and you've seen our men's business has come back incredibly strong, and we see new guests through that and having our stores perform above our 2019 numbers while maintaining our digital is really a factor of all those inputs, predominantly new guests, migration of guests and retention of gas, all very healthy. And we know our product positioning is only going to get stronger, and the team did a wonderful job chasing it, but it wasn't our best -- it was a good foot and it was -- we had a bigger intention even behind what we were able to get out.

我們提到商店是男裝的重要收購者。現在他們已經崛起，您已經看到我們的男裝業務恢復得非常強勁，我們看到了新客人，我們的商店在保持我們的數字化的同時表現超過了 2019 年的數字，這確實是所有這些投入的一個因素，主要是新客人，遷客人，留氣，都很健康。而且我們知道我們的產品定位只會變得更強大，團隊在追逐它方面做得非常出色，但這不是我們最好的——它是一個很好的腳，它是——我們有一個更大的意圖，即使在什麼背後我們能夠出去。

That's great color. It's perfect lead into my second question on the product positioning. Could you elaborate on trends that you've seen so far in the fourth quarter? And given your inventory position, but then the proactive steps that you took to airfreight in product, what is your ability to chase demand if momentum exceeds plan? And to your point on product positioning, what do you wish you had more of or maybe changes that in an ideal world to meet that outsized demand?

這顏色真好。這完美地引出了我關於產品定位的第二個問題。您能否詳細說明到目前為止您在第四季度看到的趨勢？考慮到您的庫存狀況，以及您在產品空運方面採取的積極措施，如果勢頭超出計劃，您追逐需求的能力是什麼？至於你關於產品定位的觀點，你希望你在理想世界中有更多或可能改變什麼來滿足這種巨大的需求？

Yes. No, thank you. Overall, on product, there haven't been any dramatic shifts to the trends that we saw coming in. We've seen great growth across men's and women's, very balanced growth across categories, top, second layer, bottom, short skirts and into the men's sweat categories and across our activities. So again, and as I've mentioned before, our growth remains very balanced across men's, women's, across each category, across all the activities we've identified and are innovating into and across every region that we are doing business in and across our channels, be it stores and digital.

是的。不，謝謝。總體而言，在產品方面，我們看到的趨勢並沒有發生任何顯著變化。我們已經看到男裝和女裝的巨大增長，各個類別的增長非常平衡，上衣、第二層、下裝、短裙和進入男士汗水類別和我們的活動。再說一次，正如我之前提到的，我們的增長在男裝、女裝、每個類別、我們已經確定的所有活動中保持非常平衡，並且在我們開展業務的每個地區和整個地區進行創新。渠道，無論是商店還是數字渠道。

What would I have wanted more of, there are some products that we are light on. Outerwear is a category that has performed incredibly well for us this season. And we didn't have the depth there that we would have wanted. Some of our second layer categories, OTM leading into the holiday have been delayed, some of our early fall receipts. But overall, because of our balance in inventory core, we've been able to and we have learned in. We've made sure through airfreight to have those goods.

我想要更多的是，有些產品我們很輕。外套是本季對我們來說表現非常出色的一個類別。而且我們沒有我們想要的深度。我們的一些第二層類別，導致假期的 OTM 已經延遲，我們的一些初秋收據。但總的來說，由於我們在庫存核心方面的平衡，我們已經能夠並且我們已經吸取了教訓。我們已經通過空運確保擁有這些貨物。

And they are our fuel and drivers, and they continue to be and we're in a good position, but there are definitely certain items in areas where we've seen the delay as a result of the shutdown, but we have more than enough balance and key growth across our entire portfolio that is able to keep fueling the results that we achieved.

他們是我們的燃料和司機，他們繼續存在，我們處於有利位置，但在我們看到由於關閉而延誤的地區肯定有某些項目，但我們有足夠的我們整個投資組合的平衡和關鍵增長能夠繼續推動我們取得的成果。

Matt, and I'd just add on there. We did with inventory up 22%, which was above our expectation of 15% to 20% growth and really reflective of the team's supply chain and product teams leveraging airfreight. We do make those decisions about 6 weeks out. Certainly don't have as much flexibility as a normal environment just with supply chain constraints, but it is something we're actively managing where we do have opportunity.

馬特，我想補充一下。我們的庫存增長了 22%，高於我們預期的 15% 到 20% 的增長，並且真正反映了團隊的供應鍊和產品團隊利用空運。我們確實會在大約 6 週後做出這些決定。當然，沒有供應鏈限制的正常環境那麼靈活，但這是我們在有機會的地方積極管理的事情。

Our next question comes from Ike Boruchow of Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

I guess, Meghan, I just wanted to dig into the airfreight dynamic a bit more. Is there any way you could possibly share with us based on spring orders, what kind of pressure you guys should expect or we should expect you guys to see in the first half of next year? And then I guess if you don't want to get too specific, I guess for the full year, you're saying 200 to 250 basis points of pressure. How much of that based on what you know today is reasonable for us to expect for you guys to kind of recapture in 2022?

我想，梅根，我只是想深入了解空運動態。有沒有什麼辦法可以和我們分享一下春季訂單，你們應該期待什麼樣的壓力，或者我們應該期待你們在明年上半年看到嗎？然後我想如果你不想太具體，我想全年，你說的壓力是 200 到 250 個基點。根據你們今天所知道的情況，我們期望你們在 2022 年重新奪回多少是合理的？

Thanks, Ike. I think a little soon to put a fine point on 2022, but we do expect that the supply chain pressures will be with us as we move into the first half of the year. That said, we think there'll be some puts and takes in our gross margin, and we are right now maintaining our commitment to modest margin expansion next year. Certainly, airfreight presents an opportunity over the long term, but there will be some normalization of historically high full-price sell-throughs and low markdowns as well as other investments in our business to maintain that modest margin expansion goal, and we'll share more in spring '22 on our next 5-year outlook.

謝謝，艾克。我認為很快就會對 2022 年提出一個很好的看法，但我們確實預計，隨著我們進入上半年，供應鏈壓力將伴隨著我們。也就是說，我們認為我們的毛利率會有一些看跌期權，我們現在正在維持我們對明年適度擴大利潤率的承諾。當然，從長遠來看，空運提供了一個機會，但歷史上的高全價銷售和低降價以及對我們業務的其他投資將會正常化，以保持適度的利潤率擴張目標，我們將分享22 年春季更多關於我們未來 5 年展望的信息。

Meghan, is it fair to say that this should be the peak of the airfreight pressure in Q4?

梅根，可以說這應該是第四季度空運壓力的峰值嗎？

I believe so.

我相信是這樣。

Our next question comes from Mark Altschwager of Baird.

我們的下一個問題來自 Baird 的 Mark Altschwager。

So to start out, I mean, you sound very pleased with the start to the holiday season. Were there any changes to your approach to the Black Friday, Cyber Monday period this year versus prior years, especially in light of the supply chain disruption? And then relatedly, you've talked about how you may have left some sales on the table in the quarter given the inventory constraints, but you're also mindful of some potential pull-forward in sales that might be happening. So maybe just talk about your level of confidence of potentially building on the Q3 growth rates.

所以首先，我的意思是，你聽起來對假期的開始很滿意。今年與往年相比，您對黑色星期五、網絡星期一期間的處理方式是否有任何變化，尤其是考慮到供應鏈中斷？然後相關地，您談到了鑑於庫存限制，您可能如何在本季度留下一些銷售，但您也注意到可能發生的一些潛在的銷售增長。所以也許只是談談你對可能建立第三季度增長率的信心水平。

Thanks, Mark. In terms of our Thanksgiving shopping over Black Friday and Cyber Monday, there was really no change to our strategy and tactic. In that by, I mean, we didn't take further markdowns. We don't play promotionally, as you know. The teams definitely worked hard to get the stores and online in a good inventory position. To satisfy demand, we made sure that we were ready. We've been investing for months, quite frankly, going back to the beginning of the pandemic to get our digital channel ready to anticipate the sort of volume.

謝謝，馬克。就我們在黑色星期五和網絡星期一的感恩節購物而言，我們的戰略和戰術確實沒有改變。我的意思是，我們沒有進一步降價。如您所知，我們不進行促銷活動。團隊確實努力使商店和在線商店處於良好的庫存狀態。為了滿足需求，我們確保我們已做好準備。坦率地說，我們已經投資了幾個月，可以追溯到大流行的開始，以使我們的數字渠道準備好預測這種數量。

And as I alluded to in my opening remarks, we had the largest volume day in the history of lululemon on Thursday, and the site performed incredibly well, as has our DCs and the full support. So there wasn't anything unique, there wasn't anything artificial to drive demand. Just all good work and hard work to get ready for the demand and getting our core product out there with traditional markdown activity. And we saw that the volume and we are anticipating a pull-forward.

正如我在開幕詞中提到的那樣，週四我們迎來了 lululemon 歷史上交易量最大的一天，該網站的表現令人難以置信，我們的 DC 和全力支持也是如此。所以沒有任何獨特的東西，也沒有任何人為的東西來推動需求。只需所有出色的工作和辛勤工作，即可為需求做好準備，並通過傳統的降價活動將我們的核心產品推向市場。我們看到了成交量，我們期待著向前推進。

So we are continuing to monitor the weeks ahead. As Meghan mentioned, there are some big weeks ahead. We're pleased with our position. We're pleased coming out of November. We knew that we needed to have a strong start to the quarter, and we achieved that. And we're continuing to monitor and get ready for the coming weeks.

因此，我們將繼續監測未來幾週。正如梅根所說，未來還有幾個星期。我們對我們的立場感到滿意。我們很高興從 11 月出來。我們知道我們需要在本季度有一個強勁的開端，我們做到了。我們將繼續監控並為未來幾週做好準備。

And Mark, I'd just add in terms of Q3 growth in next year, I think the guest metrics and growth that Calvin was pointing to in both new and existing engagement give us confidence in our ability to continue to grow on top of this baseline as well as our international and North America omni expansion strategies. And again, we'll share more in spring '22 on our next 5-year outlook.

馬克，我只想補充一下明年第三季度的增長，我認為卡爾文在新的和現有的參與中指出的客戶指標和增長讓我們對我們在這個基線上繼續增長的能力充滿信心以及我們的國際和北美全方位擴張戰略。再一次，我們將在 22 年春季分享更多關於我們下一個 5 年的展望。

And just a quick follow-up on MIRROR, if I could. Can you just give us some perspective on how you're thinking about balancing the growth and profitability for the platform for 2022? I guess, would you expect it to be net dilutive to EPS next year?

如果可以的話，只是對 MIRROR 的快速跟進。您能否就您如何考慮平衡 2022 年平台的增長和盈利能力給我們一些看法？我猜，你會期望它明年對每股收益產生淨稀釋嗎？

Sure. So in terms of MIRROR in 2022, we're not going to share specifics today, but I would offer that we -- the path to profitability is very much within our control. We'll remain prudent in our investments as we have been this year. And we do expect dilution to begin to decrease next year.

當然。因此，就 2022 年的 MIRROR 而言，我們今天不打算分享具體細節，但我會提出，盈利之路在我們的控制範圍內。我們將像今年一樣謹慎投資。我們確實預計稀釋度將在明年開始減少。

Our next question comes from Erinn Murphy of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Erinn Murphy。

I was hoping you could talk a little bit more about what you're seeing in the competitive landscape in China for the lulu brand. Just are you seeing any change in dynamic between global brands versus national brands there? And then relatedly, any early reads on 11/11 in that market?

我希望您能多談談您在 lulu 品牌在中國的競爭格局中所看到的情況。您是否看到全球品牌與國內品牌之間的動態變化？然後與此相關的是，該市場對 11/11 的任何早期閱讀？

Yes. Thanks, Erinn. We haven't seen any notable change from our brand perspective in the China market. As you heard in my opening remarks in terms of the performance, we continue to be very pleased with the results, 2-year CAGR of 70%. We continue to invest in China, opening stores, invest in our headquarters in Shanghai and creating in-country roles and jobs to really help support that business. Continue to connect with the community, which is our unique way of working with. And we see a real opportunity to continue and to push for the sweat life and the healthy initiatives that exist within that market and feel we play a very unique role in doing that. So from our perspective, we're pleased and pleased with the investments we're making in the connection with the community.

是的。謝謝，艾琳。從我們在中國市場的品牌角度來看，我們沒有看到任何顯著的變化。正如你在我的開場白中聽到的那樣，我們仍然對結果感到非常滿意，2 年復合年增長率為 70%。我們繼續在中國投資，開設門店，投資我們在上海的總部，並在國內創造職位和就業機會，以真正幫助支持該業務。繼續與社區聯繫，這是我們獨特的合作方式。我們看到了一個真正的機會，可以繼續並推動該市場中存在的汗水生活和健康計劃，並認為我們在這方面發揮了非常獨特的作用。因此，從我們的角度來看，我們對我們在與社區聯繫方面所做的投資感到高興和高興。

Yes. And I'd say in terms of 11/11, Erinn, generally in line with our expectations. We're not going to share specifics, but as Calvin mentioned, strong performance in China with approximately 70% to your CAGR in Q3, so we've been pleased.

是的。我想說的是 11/11，Erinn，總體上符合我們的預期。我們不會分享具體細節，但正如 Calvin 所說，在中國的強勁表現，第三季度的複合年增長率約為 70%，所以我們很高興。

Great. And then if I could just follow up on your footwear initiative. Is that still planned for next year? And how material are you thinking about the investment behind building that platform out?

偉大的。然後，如果我能跟進你的鞋類倡議。明年還有計劃嗎？您認為構建該平台背後的投資有多重要？

Thanks, Erinn. Yes, we're still on track for a spring '22 launch. And just as a reminder, and consistent with how we've shared it, it's a test and learn for us. We're excited about it, excited about the opportunity and our unique position. But it's not required in the Power of Three growth commitments that we've shared and therefore, are taking a growth approach to this new initiative.

謝謝，艾琳。是的，我們仍有望在 22 年春季推出。作為提醒，並且與我們分享它的方式一致，這對我們來說是一個測試和學習。我們對此感到興奮，對機會和我們獨特的地位感到興奮。但在我們分享的“三個力量”增長承諾中並沒有要求，因此，我們正在對這一新舉措採取增長方法。

Our next question comes from Lorraine Hutchinson of Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

Just building on Erinn's question, can you give us an update on the margin performance of the international business? And how do you think about the path to parity with North America margins given the investments you're making there?

基於 Erinn 的問題，您能否向我們介紹一下國際業務的利潤率表現？鑑於您在北美進行的投資，您如何看待與北美利潤率持平的道路？

Lorraine, thanks. We are profitable in our international business overall. We are still on the path to profitability in Europe. We had pushed out that date to '22 just given the impact of store closures that we experienced throughout 2020 and then continuing into the first half of '21. And sorry, can you remind me the second half of your question?

洛林，謝謝。我們的國際業務總體上是有利可圖的。我們仍在歐洲盈利的道路上。考慮到我們在整個 2020 年經歷的商店關閉的影響，我們已將該日期推遲到 22 年，然後持續到 21 年上半年。對不起，你能提醒我你問題的後半部分嗎？

Yes. Just looking at the path to parity overall, given all the investments you're planning to make in Asia.

是的。考慮到您計劃在亞洲進行的所有投資，只要看看總體上實現平等的道路。

Yes. We certainly see opportunity in the international margin. That said, we also see opportunity for expansion in our North America margin. So expect it to sit below, and there are some structural rent items that are a little bit more pressure, I would say, in our international region relative to North America.

是的。我們當然看到了國際利潤的機會。也就是說，我們也看到了擴大北美利潤的機會。因此，預計它會位於下方，並且相對於北美而言，在我們的國際地區，有一些結構性租金項目的壓力更大一些。

Our next question comes from John Kernan of Cowen.

我們的下一個問題來自 Cowen 的 John Kernan。

Nice job on the quarter. So what enabled you to outperform your expectations by this much given the reduction to MIRROR -- I guess in the core business, what outperformed your expectations from the last time you gave revenue guidance versus where we are now and what's a pretty difficult environment out there given the supply chain headwinds?

本季度幹得不錯。那麼，考慮到 MIRROR 的減少，是什麼讓你的表現超出了你的預期——我猜在核心業務中，與你上次提供收入指導時相比，與我們現在的情況相比，是什麼超出了你的預期，以及那裡的環境非常困難考慮到供應鏈的逆風？

Yes. I'd say, John, it's really been broad-based. So we've -- our performance has come both from channels and e-comm as well as across women's, men's and accessories. And I think we've been particularly pleased, I'd say, with our store performance, so exceeding 2019 productivity in Q3 which was up from flat in Q2 and then 88% of 2019 in Q1. So we've seen some nice acceleration there. At the same time, e-commerce business has continued to be very strong. So we were up 22% year-over-year in Q3 and then 54% on a 2-year CAGR basis, so really pleased, I'd say, across the board.

是的。我會說，約翰，它確實是廣泛的。所以我們——我們的表現來自渠道和電子商務，以及女裝、男裝和配飾。而且我認為我們對我們的商店表現感到特別滿意，因此超過了 2019 年第三季度的生產力，從第二季度的持平和 2019 年第一季度的 88% 上升。所以我們在那裡看到了一些不錯的加速。與此同時，電子商務業務繼續保持強勁勢頭。所以我們在第三季度同比增長了 22%，然後在 2 年的複合年增長率基礎上增長了 54%，我想說，真的很高興，全面。

Excellent. Quick follow-up, just on SG&A dollars. It looks like the expectations implied for SG&A expense are a little bit lower versus where they were last quarter. Can you talk to the drivers of that? Are you dialing back some of the investments in MIRROR and some of the acquisition costs there? Any comments on SG&A as obviously, the gross margin headwinds picked up a bit on airfreight.

優秀的。快速跟進，只需 SG&A 美元。與上一季度相比，對 SG&A 費用的預期似乎要低一些。你能和那個司機談談嗎？您是否正在撤回對 MIRROR 的一些投資以及那裡的一些購置成本？顯然，對 SG&A 的任何評論，毛利逆風在空運方面有所回升。

Yes. So we did experience CAC for MIRROR in excess of our LTV to CAC ratio parameters in Q3 that continued into Q4. So we have made a strategic pullback there. And then there has been also some efficiencies identified on the lululemon side that are contributing to that SG&A line as well.

是的。因此，我們確實在第三季度經歷了 MIRROR 的 CAC 超過了我們的 LTV 與 CAC 比率參數，並一直持續到第四季度。因此，我們在那裡進行了戰略性回調。然後，在 lululemon 方面也發現了一些效率，這些效率也有助於該 SG&A 線。

Our next question comes from Paul Lejuez of Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

Curious, can you just give us an update on the number of MIRROR shop-in-shops you have currently? Anything you could share in terms of what that does to the stores that they're in, connectivity to the customer and maybe just what your future plans are for shop-in-shops as you look out to next year?

好奇，你能告訴我們你目前擁有的 MIRROR 店中店的數量嗎？關於這對他們所在的商店有什麼作用，與客戶的聯繫，以及您對明年店中店的未來計劃，您可以分享任何內容嗎？

Thanks, Paul. We did achieve our goal of 200 stores, that's both across the U.S. and in Canada. I think the Canadian number is around 48 is the final number. So call it 152 and 48. We have been and we're almost at the full MIRROR leads in each of those stores, which is a critical component to really activating the MIRROR and driving guest engagement and demonstrations. We saw -- we're very pleased with the results in Canada when we launched, which has only been the last few weeks. And we really wanted to test and learn and launch just through the lululemon channels and synergies, leveraging both online already guest relationships that we had in the store channel and very pleased with the start of the results of that initiative.

謝謝，保羅。我們確實實現了在美國和加拿大開設 200 家門店的目標。我認為加拿大的數字大約是 48 是最終數字。所以稱它為 152 和 48。我們已經並且我們幾乎在這些商店中的所有 MIRROR 領先，這是真正激活 MIRROR 並推動客人參與和演示的關鍵組成部分。我們看到 - 我們對在加拿大推出時的結果感到非常滿意，這只是最近幾週。我們真的很想通過 lululemon 渠道和協同效應來測試、學習和發布，利用我們在商店渠道中擁有的在線客戶關係，並對這項計劃的開始結果感到非常滿意。

And then I'd say across all very encouraging, and it's early in this, but we know it is one of our huge advantages of how we unlock synergies and tackle what remains the #1 opportunity, which is just general awareness behind this product in this category and the uniqueness of our proposition. One example is in-store demonstrations have a 6% conversion to sale, which is very encouraging.

然後我想說的是，這一切都非常令人鼓舞，現在還很早，但我們知道這是我們如何釋放協同效應並解決仍然是第一大機會的巨大優勢之一，這只是該產品背後的普遍意識這個範疇和我們命題的獨特性。一個例子是店內演示有 6% 的轉化為銷售，這是非常令人鼓舞的。

When you think of traditional retail conversion numbers of foot traffic in, our ability to convert 6% of those engaging in demonstrations with the MIRROR, it's a very encouraging number, which is why that MIRROR key lead is critical. In higher volume doors, having 2 key MIRROR leads to support the store in 7 days a week operation. And again, we're early. We see our unique point of view and the impact it's having on performances, and we're going to continue to invest where it makes sense and play our unique role and keep building this business forward.

當您想到傳統的零售客流量轉化數字時，我們有能力轉化 6% 的參與 MIRROR 演示的人，這是一個非常令人鼓舞的數字，這就是 MIRROR 關鍵線索至關重要的原因。在更高容量的門中，有 2 個關鍵的 MIRROR 導致支持商店每週 7 天的運營。再說一次，我們還早。我們看到了我們獨特的觀點及其對業績的影響，我們將繼續在有意義的地方進行投資，發揮我們獨特的作用，繼續推動這項業務向前發展。

And how has your thinking evolved just in terms of maybe using the existing customer base of the MIRROR to actually sell lulu product, if that's something on the horizon that you're going to be doing a little bit more on?

以及你的想法是如何演變的，可能只是利用 MIRROR 的現有客戶群來實際銷售 lulu 產品，如果這是你將要做的更多的事情？

I think there's definitely the aspirational, which is we want everybody sweating on a MIRROR to be in lululemon, and we want everybody sweating with lululemon to be engaging and using a MIRROR. And that's an aspirational vision, but it's to say there's opportunity on both sides. As we continue to move forward, more and more of these guests are already or have shopped with lululemon, which is good because a big part of the role MIRROR plays with us is as a membership community that drives loyalty, retention and spend with our lululemon guests.

我認為肯定有一個抱負，那就是我們希望每個在鏡子上出汗的人都在 lululemon，我們希望每個在 lululemon 出汗的人都參與並使用鏡子。這是一個雄心勃勃的願景，但這意味著雙方都有機會。隨著我們繼續前進，越來越多的客人已經或曾經在 lululemon 購物，這很好，因為 MIRROR 與我們一起扮演的很大一部分角色是作為一個會員社區，推動忠誠度、保留和消費我們 lululemon客人。

We know the more they sweat with us, the more they spend with us. And our core business is our priority and will always remain our priority, and MIRROR is a way in which we drive that business forward. So we are seeing those dynamics play out. There is an opportunity. There are new guests we acquire and see come in to the family through MIRROR and we'll be able to convert them over. But the collective play is about retention, loyalty and increased spend, and we're pleased with those dynamics so far.

我們知道他們和我們一起流汗越多，他們和我們一起度過的就越多。我們的核心業務是我們的首要任務，並且將永遠是我們的首要任務，而 MIRROR 是我們推動該業務向前發展的一種方式。因此，我們看到這些動態正在發揮作用。有機會。我們獲得併看到通過 MIRROR 進入家庭的新客人，我們將能夠將他們轉換過來。但集體遊戲是關於保留、忠誠度和增加支出的，到目前為止，我們對這些動態感到滿意。

Our next question comes from Michael Binetti of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

Meghan, would you -- could you guys give us some thoughts on what you think are some of the realistic scenarios for that store productivity number you referenced a few times as you look into 4Q? I know they get quite crowded as you get very close to the holiday. But maybe if there's a pull-forward, maybe that actually would have helped if there was any capacity issues in a normal season. But how should we think about what -- some of the scenarios you thought about as far as what the stores can do on a productivity basis fourth quarter?

梅根，你能不能給我們一些想法，你認為你在研究第四季度時多次提到的商店生產力數字的一些現實場景是什麼？我知道當你離假期很近時，他們會變得很擁擠。但也許如果有一個前拉，如果在正常季節出現任何容量問題，也許這實際上會有所幫助。但是，我們應該如何考慮——您所考慮的一些場景，即商店在第四季度的生產力基礎上可以做什麼？

And then I guess, Calvin, if you can help us just back up if we think to the 2023 plan with the SG&A, I think if we look at the financial model from the Analyst Day, the thought was 13%, 14% type revenue growth and some SG&A leverage every year, maybe 10 basis points about. And I think you've delivered obviously, revenue growth has been much different than that because they're much higher than that because of the pandemic. But I know a lot of moving parts in there, but you mentioned a lot of times you pulled forward a lot of spend, particularly to fulfill on e-commerce.

然後我想，Calvin，如果我們考慮到 SG&A 的 2023 年計劃，如果你能幫助我們，我想如果我們從分析師日看財務模型，想法是 13%、14% 類型的收入每年的增長和一些 SG&A 槓桿，可能大約 10 個基點。而且我認為您顯然已經實現了，收入增長與此有很大不同，因為由於大流行，收入增長遠高於此。但我知道那裡有很多活動部分，但你提到很多次你提出了很多支出，特別是在電子商務方面。

As we look out, excluding the MIRROR business, just at the core, is it -- or is the back end of that Analyst Day period a bigger SG&A leverage period because you got to those investments earlier and they generated bigger revenue returns than you thought? Or do you start looking at '24 and '25 investments and pulling those in as you look at '22 and '23?

正如我們所看到的，不包括核心業務的 MIRROR 業務是否——或者是分析師日的後端是一個更大的 SG&A 槓桿期，因為你更早地進行了這些投資，它們產生的收入回報比你想像的要大?或者您是否開始關注 24 和 25 年的投資，並在您查看 22 年和 23 年時將其納入？

Michael, thanks it's Meghan. So in terms of store productivity for Q4, we are managing our business from an omni perspective and really looking at multiple scenarios. I would say store productivity, I would say, flat to 2019 to up slightly. It's probably a good baseline scenario, though, again, we are planning for multiple scenarios to flex where the demand comes to us. And I'll also take the long-term question in terms of SG&A.

邁克爾，謝謝是梅根。因此，就第四季度的門店生產力而言，我們正在從一個全方位的角度來管理我們的業務，並真正著眼於多個場景。我會說商店的生產力，我會說，與 2019 年持平到小幅上升。這可能是一個很好的基準情景，不過，我們再次計劃多種情景來靈活調整需求。我還將從 SG&A 的角度提出長期問題。

Sure.

當然。

So we did have modest SG&A expansion in our long-term plan. At this point, we remain on that commitment. And what we're really focused on is our operating income and growing our operating income in excess of sales growth. We have had some shift in dynamic of our business with more investment in e-comm to support the accelerated growth there, of which depreciation sits in SG&A and we've also had some lower occupancy and expenses, and so some more gross margin leverage come through. We'll continue to balance our investments to grow our operating income, and we'll share more on our next 5-year outlook again in spring of '22.

因此，我們的長期計劃中確實有適度的 SG&A 擴張。在這一點上，我們仍然堅持這一承諾。我們真正關注的是我們的營業收入，以及我們的營業收入增長超過了銷售增長。我們的業務動態發生了一些轉變，對電子商務進行了更多投資以支持那裡的加速增長，其中折舊位於 SG&A 中，我們也有一些較低的入住率和費用，因此會有更多的毛利率槓桿作用通過。我們將繼續平衡我們的投資以增加我們的營業收入，我們將在 22 年春季再次分享更多關於我們下一個 5 年的展望。

Our next question comes from Brooke Roach of Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

You spoke in your prepared remarks earlier to strong new guest acquisition and retention. As you think about the profile of the guests that you're acquiring today, can you talk to how that incremental new guest might differ in terms of demographics or preferred activities versus the customer that you acquired in prior years? What is your outlook for new guest acquisition going forward?

您之前在準備好的評論中談到了強大的新客戶獲取和保留。當您考慮您今天獲得的客人的概況時，您能否談談增加的新客人與您前幾年獲得的客戶在人口統計或偏好活動方面可能有何不同？您對未來新客戶獲取的前景如何？

Thanks, Brooke. From a general demographic perspective, we remain healthy across all the different demographic profiles from age, gender, and I will touch on the activity lens. But a lot of the initiatives we continue to deploy are resonating with younger consumers, very pleased with the health of new younger guest acquisition into the brand. And then as I mentioned, the migration and retention of the guests are very, very strong here at lululemon.

謝謝，布魯克。從一般人口統計的角度來看，我們在年齡、性別的所有不同人口統計資料中都保持健康，我將談談活動鏡頭。但我們繼續部署的許多舉措都引起了年輕消費者的共鳴，他們對品牌獲得新的年輕顧客的健康狀況感到非常滿意。然後正如我提到的，客人的遷移和留存在 lululemon 非常非常強大。

So when we look at activity, 2 points: one, the versatility of our product is our -- one of our greatest strengths, and it allows for guests to find what they need for their sweat life across multiple categories, be it bottoms, tops, second layer, shorts. And as you know, we've defined a very clear activities that we want to own and have significant share of mind, share of wallet position in and that is Run, Train and Yoga. And then we've identified what we call play categories, be it golf, tennis, and hike.

因此，當我們查看活動時，有 2 點：第一，我們產品的多功能性是我們最大的優勢之一，它允許客人在多個類別中找到他們需要的汗水生活，無論是下裝還是上裝，第二層，短褲。如你所知，我們已經定義了一個非常明確的活動，我們想要擁有並擁有重要的思想份額，錢包地位份額，即跑步、訓練和瑜伽。然後我們確定了我們所謂的遊戲類別，無論是高爾夫、網球還是遠足。

And these are businesses that equally, we're seeing our guests spend into and are helping to drive. But it's the versatility of the product and a very defined activity strategy linked to our product innovation that's helping to drive not just new guests, but spend with existing guests. And we are very early in those strategies.

這些業務同樣是我們看到我們的客人投入並正在幫助推動的業務。但正是產品的多功能性和與我們的產品創新相關的非常明確的活動策略不僅有助於吸引新客人，還有助於吸引現有客人。我們在這些策略上還很早。

As you know, we just launched a brand-new yoga franchise for our female guest at the beginning of this quarter, the InStill Tight, which delivers a completely different feel sensation through our smooth cover material. And it's just one example of our approach of building franchises that deliver on feel states through these key core activities that are driving both new guest acquisition and spend with our existing guests.

如您所知，我們剛剛在本季度初為我們的女性客人推出了全新的瑜伽系列 InStill Tight，它通過我們光滑的覆蓋材料提供完全不同的感覺。這只是我們建立特許經營權方法的一個例子，這些特許經營權通過這些推動新客戶獲取和與現有客戶消費的關鍵核心活動來傳遞感覺狀態。

Operator, we'll take one more question. Thanks.

接線員，我們再回答一個問題。謝謝。

Certainly. Our final question comes from Kimberly Greenberger of Morgan Stanley.

當然。我們的最後一個問題來自摩根士丹利的金伯利格林伯格。

Okay. Great. Meghan, can I just start on a follow-up on gross margin. I think you indicated that you had 230 basis points of airfreight here in the third quarter and that really accounted for more than the 50 basis point decline in your product margin. If I back that inbound airfreight charge or cost out, am I right in doing so to get to, let's say, a gross merchandise margin increase in the quarter of 180 basis points? Is that an okay way for me to think about it?

好的。偉大的。梅根，我可以開始跟踪毛利率嗎？我認為您表示您在第三季度有 230 個基點的空運，這確實佔您產品利潤率下降 50 個基點的原因。如果我支持入境空運費用或成本，我這樣做是否正確，比如說，在該季度商品毛利率增加了 180 個基點？我可以這樣想嗎？

Kimberly, I would think about also if you're looking for a baseline for future planning, just that we had historically high full-price sell-throughs and lower markdown rates. So when we look into the future, we will have some puts and takes within our gross margin rates. And right now, we're committed to that modest margin expansion as we outlined in our Power of Three growth plan.

金伯利，如果您正在尋找未來規劃的基準，我也會考慮一下，我們的全價銷售量和降價率處於歷史最高水平。因此，當我們展望未來時，我們將在我們的毛利率範圍內進行一些看跌期權。現在，我們致力於實現適度的利潤率擴張，正如我們在“三強”增長計劃中概述的那樣。

Okay. Got it. So you'll hopefully get back a good chunk of that airfreight next year in the third quarter, but perhaps the 180 -- they'll be as well, maybe a small bit of get back on markdowns or the pure merchandise margin, okay. Understood. Did you quantify the potential airfreight costs for Q4 in basis points, Meghan, I'm not sure if I heard that.

好的。知道了。因此，您有望在明年第三季度收回大部分空運貨物，但也許 180 - 他們也會，也許會從降價或純商品利潤中收回一小部分，好吧。明白了。您是否以基點量化了第四季度的潛在空運成本，梅根，我不確定我是否聽說過。

Yes, we did. So 450 basis points of pressure in Q4 relative to 2019. And then also for the full year, 200 to 250 basis points relative to 2020.

是的我們做了。因此，與 2019 年相比，第四季度的壓力為 450 個基點。對於全年而言，相對於 2020 年，壓力為 200 至 250 個基點。

Okay. Thanks so much. And my last question for Calvin. I heard you on the pricing philosophy, and that makes a ton of sense, Calvin, I think, to price for the performance that you're putting into the product year after year. We're starting to hear from some of our colleagues in supply chain that some of the OEMs in Asia are experiencing higher cost for either labor, utilities, raw materials. Would lululemon philosophically try to price for any actual increase in the cost of goods that your suppliers might be feeling? Would you think that, that would be an appropriate way to also raise price to the end consumer?

好的。非常感謝。我對卡爾文的最後一個問題。我聽說過你的定價理念，我認為 Calvin 為你年復一年地投入到產品中的性能定價是很有意義的。我們開始從供應鏈中的一些同事那裡聽到，亞洲的一些原始設備製造商正在經歷更高的勞動力、公用事業和原材料成本。 lululemon 會在哲學上嘗試為供應商可能感受到的商品成本的任何實際增加定價嗎？您認為這也是向最終消費者提價的合適方式嗎？

I mean, I think -- we really do price to market, and there are obviously a variety of inputs and considerations, and you've alluded to some. But as a business that is positioned as a premium brand that has much innovation built into the product. We look at a variety of factors to make our pricing decisions and it's just not -- we won't just do it unilaterally because of those pressures, we'll look at other ways to manage the overall mix and maintain our committed margins.

我的意思是，我認為 - 我們確實按市場定價，顯然有各種各樣的投入和考慮因素，你已經提到了一些。但作為一家定位為高端品牌的企業，產品中有很多創新。我們會考慮各種因素來做出定價決定，但事實並非如此——我們不會因為這些壓力而單方面這樣做，我們將尋找其他方法來管理整體組合併保持我們承諾的利潤率。

That is all the time we have for questions today. Thank you for joining the call, and have a nice day.

這就是我們今天的所有提問時間。感謝您加入電話會議，祝您有美好的一天。