Lululemon Athletica Inc (LULU) 2021 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議接線員。

Welcome to the lululemon athletica Second Quarter 2021 Earnings Conference Call.

歡迎參加 2021 年第二季度 lululemon sportsa 財報電話會議。

(Operator Instructions) The conference is being recorded.

（操作員說明）正在錄製會議。

(Operator Instructions) I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica.

（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。

Please go ahead.

請繼續。

Thank you, and good afternoon.

謝謝，下午好。

Welcome to lululemon's Second Quarter Earnings Conference Call.

歡迎來到 lululemon 的第二季度收益電話會議。

Joining me today to talk about our results are Calvin McDonald, CEO; Meghan Frank, CFO; and Celeste Burgoyne, President, Americas and Global Guest Innovation.

今天和我一起談論我們的結果的是首席執行官 Calvin McDonald；首席財務官梅根·弗蘭克；以及美洲和全球賓客創新總裁 Celeste Burgoyne。

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.

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。

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 changes.

這些陳述基於我們評估的當前信息，但其本質上是動態的，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.

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風險和不確定性，包括我們的 10-K 表格年度報告和我們在表格 10-Q 上的季度報告。

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.

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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.

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。

In addition, the comparable sales and store productivity metrics given on today's call are in constant dollars.

此外，今天電話會議上給出的可比銷售額和商店生產力指標均以美元為單位。

The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www.lululemon.com.

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 second quarter as well as our quarterly infographic.

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二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。

Today's call is scheduled for 1 hour (Operator Instructions).

今天的通話時間為 1 小時（操作員說明）。

And now I'd like to turn the call over to Cal.

現在我想把電話轉給 Cal。

Thank you, Howard, and I'd like to welcome everyone to our second quarter earnings call.

謝謝你，霍華德，我想歡迎大家參加我們的第二季度財報電話會議。

Our momentum continued into this quarter and our results remained robust with revenue growing more than 60% when compared to the same period last year.

我們的勢頭持續到本季度，我們的業績依然強勁，與去年同期相比，收入增長了 60% 以上。

And on a 2-year CAGR basis, we are pleased to see an acceleration relative to our first quarter.

在 2 年復合年增長率的基礎上，我們很高興看到相對於第一季度的加速。

These results reflect the ongoing strength across all major areas of the business.

這些結果反映了該業務所有主要領域的持續實力。

Our stores continued to rebound, generating a 2-year revenue CAGR of 9%, which is ahead of our expectations.

我們的門店繼續反彈，2 年收入複合年增長率為 9%，超出了我們的預期。

We delivered positive growth in e-commerce, which is even more impressive given the strong performance 1 year ago.

我們在電子商務方面實現了正增長，鑑於 1 年前的強勁表現，這更加令人印象深刻。

And we continue to deliver at a high level across all major categories and geographies.

我們繼續在所有主要類別和地區提供高水平的服務。

I also want to give some context around these numbers in the quarter after quarter performance we have been delivering.

我還想在我們一直提供的季度業績中提供有關這些數字的一些背景信息。

We are updating our guidance for the full year and based upon this revised forecast, I am pleased to share that we will surpass our 2023 revenue target by the end of this year, 2 years ahead of schedule.

我們正在更新全年的指導方針，根據這一修訂後的預測，我很高興地與大家分享，我們將在今年年底前超過 2023 年的收入目標，比計劃提前 2 年。

And we achieved these results based upon our performance before, during and as we emerge from COVID-19.

我們根據我們在 COVID-19 之前、期間和之後的表現取得了這些成果。

A few more details related to these results.

與這些結果相關的更多細節。

In 2020, we achieved our goal to double our e-commerce business.

2020年，我們實現了電子商務業務翻番的目標。

This year, we will likely achieve the goal we set to double our men's business.

今年，我們很可能會實現我們設定的將男裝業務翻一番的目標。

and we remain on track to quadruple our international business by 2023, if not sooner.

我們仍有望在 2023 年之前將我們的國際業務翻兩番，如果不是更早的話。

I am proud of our leaders and teams for enabling us to meet and exceed these goals.

我為我們的領導和團隊使我們能夠達到並超越這些目標感到自豪。

As I've said before, lululemon remains in the early innings of our growth story, and I continue to be inspired and excited with the momentum we're seeing across the business.

正如我之前所說，lululemon 仍處於我們增長故事的早期階段，我繼續對我們在整個業務中看到的勢頭感到鼓舞和興奮。

Results of this caliber enable us to now develop our next 5-year growth plan, and we'll come back to you next year with an updated view of what the future can hold for lululemon.

這種口徑的結果使我們現在能夠制定下一個 5 年增長計劃，我們將在明年回复您對 lululemon 未來的最新看法。

Looking at the second quarter, our results reflected broad-based strength across our channels, regions and product categories.

縱觀第二季度，我們的業績反映了我們渠道、地區和產品類別的廣泛實力。

A few key metrics tell the story.

幾個關鍵指標講述了這個故事。

First, we grew total revenue 28% on a 2-year CAGR basis to $1.5 billion.

首先，我們的總收入在 2 年的複合年增長率基礎上增長了 28%，達到 15 億美元。

This growth rate continues to outpace our 3-year CAGR of 19% leading up to the pandemic and also represents an acceleration from the 25% 2-year CAGR we reported in quarter 1 of this year.

這一增長率繼續超過我們在大流行前 19% 的 3 年復合年增長率，也比我們在今年第一季度報告的 25% 的 2 年復合年增長率有所加快。

In addition, our revenue increased across each of our major regions, up 26% in North America, and up 43% in our international markets, both on a 2-year CAGR basis.

此外，我們在每個主要地區的收入都有所增長，北美增長 26%，國際市場增長 43%，兩者均以 2 年復合年增長率為基礎。

Second, we saw a further improvement in our brick-and-mortar channel with open stores generating productivity in line with 2019.

其次，我們看到我們的實體渠道進一步改善，開店產生的生產力與 2019 年持平。

I'm very pleased to achieve this milestone faster than we anticipated.

我很高興能夠比我們預期的更快地實現這一里程碑。

Third, even with the recovery in our stores, our e-commerce business remains solid.

第三，即使我們的門店復甦，我們的電子商務業務依然穩健。

Comps increased 4% on top of the 157% increase last year.

Comps 在去年增長 157% 的基礎上增長了 4%。

And finally, I am pleased to share that our adjusted earnings per share for the quarter were $1.65 versus $0.96 in 2019, which is significantly ahead of our expectations.

最後，我很高興地分享，我們本季度調整後的每股收益為 1.65 美元，而 2019 年為 0.96 美元，大大超出了我們的預期。

Let me now share more color on our second quarter results, starting with product innovation.

現在讓我從產品創新開始分享我們第二季度業績的更多色彩。

From a performance standpoint, our momentum continued across categories with women's revenue increasing 26% and men's growing 31% on a 2-year CAGR basis.

從業績的角度來看，我們的勢頭在各個類別中持續增長，女性收入增長 26%，男性收入增長 31%，以 2 年的複合年增長率為基礎。

From a product standpoint, I'd like to take a moment to highlight 2 key launches: the AirSupport Bra and our latest yoga franchise, Instill.

從產品的角度來看，我想花點時間重點介紹兩個重要的發布：AirSupport 文胸和我們最新的瑜伽系列 Instill。

Bras remain an important expansion opportunity for us, thanks to our unique innovations across both fabrics and construction and powered by our proprietary research, we're very excited about our product positioning, and we know that bras is a wonderful category to drive loyalty with our guests.

胸罩對我們來說仍然是一個重要的擴張機會，這要歸功於我們在面料和結構方面的獨特創新，並由我們的專有研究提供支持，我們對我們的產品定位感到非常興奮，我們知道胸罩是一個很好的品類，可以提高我們的忠誠度客人。

Currently, the category represents mid-single digit penetration, and we see an opportunity to grow this category into the low to mid-teens in the coming years.

目前，該類別代表了中個位數的滲透率，我們看到了在未來幾年將該類別發展到中低端的機會。

This quarter, we launched the AirSupport Bra, our most tested bra to date, which was developed following 5 years of advanced research and development.

本季度，我們推出了 AirSupport 文胸，這是我們迄今為止經過測試最多的文胸，它是經過 5 年的高級研發而開發的。

It's made from a proprietary Ultralu fabric and expands our offering into the high-impact training category.

它由專有的 Ultralu 面料製成，並將我們的產品擴展到高影響力培訓類別。

As I've mentioned before, lululemon's unique approach to product innovation is driven by our Science of Feel innovation platform.

正如我之前提到的，lululemon 獨特的產品創新方法是由我們的 Science of Feel 創新平台驅動的。

With this strategy firmly in place, we've introduced fabrics and products that engineer specific on-body sensations.

憑藉這一戰略，我們推出了能夠設計特定身體感覺的面料和產品。

Our popular aligned franchise offers our most distraction-free and weightless sensation, and we've expanded to include tops and bras in addition to our popular type.

我們廣受歡迎的一致特許經營權提供我們最無干擾和最失重的感覺，除了我們流行的類型外，我們已經擴展到包括上衣和胸罩。

Just last week, we continued to build out our yoga offering through the introduction of the Instill franchise.

就在上週，我們通過引入 Instill 特許經營權繼續擴展我們的瑜伽產品。

Made from our newest innovation and technical performance fabric called SmoothCover, this fabric offers our Hugged Sensation, which provides incredible support through every pose in your practice.

該面料由我們最新的創新和技術性能面料製成，稱為 SmoothCover，提供我們的擁抱感覺，為您練習中的每個姿勢提供令人難以置信的支持。

It's a powerful and distinctive companion to our hugely successful Align product line and we will further solidify our leadership position within the yoga category.

它是我們非常成功的 Align 產品線的強大而獨特的伴侶，我們將進一步鞏固我們在瑜伽類別中的領導地位。

Last October, we launched our Impact Agenda, which outlines our strategies to address critical social and environmental issues over a multiyear period.

去年 10 月，我們啟動了影響議程，其中概述了我們在多年期間解決關鍵社會和環境問題的戰略。

I'm proud of our recent announcements to develop advanced raw materials that will help us live into our goals and create a healthier world.

我為我們最近宣布開發先進原材料而感到自豪，這將幫助我們實現我們的目標並創造一個更健康的世界。

These include our participation in the Mylo Consortium that will allow us to make products using an infinitely renewable material made from the root structure of mushrooms.

其中包括我們參與 Mylo Consortium，這將使我們能夠使用由蘑菇根部結構製成的無限可再生材料製造產品。

We expect to launch our first products using Mylo next year.

我們預計明年將使用 Mylo 推出我們的第一款產品。

Our partnership with LanzaTech, a biotech company, which allows us to create the world's first yarn and fabric using recycled carbon emissions.

我們與生物技術公司 LanzaTech 的合作夥伴關係使我們能夠使用回收的碳排放創造世界上第一種紗線和織物。

And just a few weeks ago, we announced our multiyear collaboration with Genomatica, a recognized leader in sustainable materials to create a lower impact plant-based nylon.

就在幾週前，我們宣布與可持續材料領域公認的領導者 Genomatica 進行多年合作，以創造一種低衝擊植物基尼龍。

I'm excited with these 3 new partnerships, and it's just the beginning of lululemon's commitment to be a leader in the industry related to product sustainability and innovation.

我對這 3 個新的合作夥伴關係感到興奮，這只是 lululemon 致力於成為與產品可持續性和創新相關的行業領導者的開始。

I would now like to speak to our supply chain and the issues facing the entire industry.

我現在想談談我們的供應鍊和整個行業面臨的問題。

Another wave of COVID-19 and related factory closures in Vietnam, ongoing issues at the ports and reduced airfreight capacity are contributing to some disruptions within the supply chain as well as increased costs.

越南的另一波 COVID-19 和相關工廠關閉、港口持續存在的問題以及空運能力下降導致供應鏈出現一些中斷以及成本增加。

We are monitoring this closely and leaning into the agility of our supply chain, the strength of our planning and allocations team and the powerful partnerships with our vendors to help mitigate the risks where we can.

我們正在密切監控這一點，並依靠我們供應鏈的敏捷性、我們的規劃和分配團隊的實力以及與我們的供應商的強大合作夥伴關係來幫助我們盡可能降低風險。

Our business was particularly strong in quarter 2, and our guidance calls for momentum to continue in the back half of the year.

我們的業務在第二季度特別強勁，我們的指導要求在今年下半年繼續保持勢頭。

But I think it's fair to say that our business would have been even stronger without these challenges facing the industry.

但我認為公平地說，如果沒有行業面臨的這些挑戰，我們的業務會更加強大。

Meghan will have more to share regarding inventory and costs in a few moments.

稍後，梅根將分享更多關於庫存和成本的信息。

Let me now shift to MIRROR.

現在讓我轉到鏡子。

We continue to be pleased with the performance of MIRROR, and let me highlight several initiatives we have on track for this year.

我們繼續對 MIRROR 的表現感到滿意，讓我強調一下我們今年的幾項舉措。

We now have MIRROR shop-in-shops in 150 lululemon stores and our plans call for 200 shops in time for the holiday season.

我們現在在 150 家 lululemon 商店中擁有 MIRROR 店中店，我們的計劃是在假期期間及時開設 200 家商店。

We will soon introduce MIRROR to guests in Canada where lululemon has an impressive level of recognition.

我們很快將向 lululemon 享有盛譽的加拿大客人介紹 MIRROR。

We recently opened our second production studio in New York, allowing us to double the number of live classes.

我們最近在紐約開設了第二個製作工作室，使我們的現場課程數量增加了一倍。

And MIRROR will launch a new e-commerce site in time for the holiday season this year.

而 MIRROR 將在今年的假日季節推出一個新的電子商務網站。

We are monitoring how macro factors currently impacting the cost of digital marketing are creating some pressure on customer acquisition costs at MIRROR.

我們正在監控當前影響數字營銷成本的宏觀因素如何對 MIRROR 的客戶獲取成本造成一些壓力。

We're enthusiastic about the opportunities that exist for the business.

我們對企業存在的機會充滿熱情。

We'll continue monitoring the rising costs associated with CAC while we move ahead with launching exciting new innovations and leveraging the synergies lululemon brings to the relationship.

我們將繼續監控與 CAC 相關的成本上升，同時繼續推出令人興奮的新創新並利用 lululemon 為雙方關係帶來的協同效應。

Combined, these give us a unique strength to keep growing MIRROR.

結合起來，這些為我們提供了不斷發展 MIRROR 的獨特優勢。

We will be competitive to attract new members, and we will continue to take a measured and responsible approach to the business.

我們將在吸引新成員方面具有競爭力，我們將繼續對業務採取謹慎和負責任的方式。

We are playing the long game and have much to unlock in the coming years.

我們正在玩漫長的遊戲，未來幾年還有很多事情要解鎖。

We're also excited about how MIRROR can be the vehicle through which we offer long-term benefits to our guests such as membership programs and special experiences.

我們也很高興 MIRROR 能夠成為我們為客人提供長期福利的工具，例如會員計劃和特殊體驗。

Given this strategic opportunity, we will suspend our membership test that has been underway and apply the learnings to how we build out the MIRROR platform for guests.

鑑於這一戰略機遇，我們將暫停正在進行的會員資格測試，並將所學到的知識應用於我們如何為客人構建 MIRROR 平台。

The learnings from our membership tests are considerable.

從我們的會員測試中學到的東西是相當可觀的。

Some examples include digital sweat classes and community events were top drivers of overall program engagement.

一些例子包括數字汗水課程和社區活動是整體項目參與的主要驅動力。

Guests want to engage deeper with us in each other, and they are willing to shift into the digital space to do so, and the program was embraced by men at a higher rate than we were expecting.

客人希望與我們更深入地互動，他們願意轉移到數字空間來這樣做，而且該計劃受到男性的歡迎，其速度比我們預期的要高。

These learnings were integral to our decision to complete the MIRROR acquisition and hold true today.

這些學習對於我們決定完成 MIRROR 收購併在今天仍然適用是不可或缺的。

We look forward to sharing more with you on the evolution of our loyalty programs at a later date.

我們期待在以後與您分享更多關於我們忠誠度計劃的演變的信息。

Switching now to international.

現在轉國際。

Our sales trends continue to be robust with all major regions generating strong double-digit sales growth on a 2-year CAGR basis.

我們的銷售趨勢繼續強勁，所有主要地區均在 2 年復合年增長率基礎上實現強勁的兩位數銷售增長。

We opened 8 stores outside of North America in quarter 2 and remain on track to open 35 to 40 stores this year internationally.

我們在第 2 季度在北美以外地區開設了 8 家門店，今年仍有望在國際上開設 35 至 40 家門店。

As you know, we also see continued growth opportunities within North America and I am pleased to now hand it over to Celeste, who will share some additional details with you on our stores and e-commerce business.

如您所知，我們在北美也看到了持續的增長機會，我很高興現在將其交給 Celeste，他將與您分享有關我們的商店和電子商務業務的更多細節。

Celeste?

塞萊斯特？

Thank you, Calvin.

謝謝你，卡爾文。

I'm happy to be on the call today to speak to our omni guest experience pillar and to share some additional details on our second quarter performance.

我很高興今天接到電話，與我們的全方位賓客體驗支柱交談，並分享有關我們第二季度業績的一些額外細節。

Looking at our store channel.

查看我們的商店頻道。

Total revenue increased 142% versus last year and 9% on a 2-year CAGR basis.

總收入與去年相比增長了 142%，在 2 年復合年增長率的基礎上增長了 9%。

Traffic was strong and increased over 150% versus last year.

流量強勁，與去年相比增長了 150% 以上。

In addition, I am thrilled that we are able to achieve productivity in our open stores equal to levels we saw in 2019 and happy to see these results sooner than we expected.

此外，我很高興我們能夠在我們的開放商店中實現與 2019 年水平相當的生產力，並且很高興看到這些結果比我們預期的要快。

This performance not only speaks to the success of our kick-starting our stores initiative and the strength of our merchandise assortment, but it also speaks to our educators and store teams who bring our brand to life every day for our guests.

這一表現不僅說明了我們啟動門店計劃的成功和我們商品分類的實力，而且還說明了我們的教育工作者和門店團隊，他們每天為我們的客人帶來我們的品牌。

Now let me take a moment to share with you a few highlights from several exciting community activations we recently hosted throughout the quarter.

現在讓我花點時間與您分享我們最近在整個季度舉辦的幾個激動人心的社區活動的一些亮點。

In Atlanta, we cohosted a charity event created in partnership with leading Atlanta fitness influencers, [Macaday] and [EJ Houston].

在亞特蘭大，我們與領先的亞特蘭大健身影響者 [Macaday] 和 [EJ Houston] 合作舉辦了一場慈善活動。

Guests took 3 back-to-back classes and lululemon matched all ticket sales, which were then donated to the Black Women's Health Imperative.

客人參加了 3 節背靠背課程，lululemon 匹配了所有門票銷售，然後將這些門票捐贈給了黑人婦女健康當務之急。

In Chicago, beginning in July and running through October, lululemon is partnering with Urban Juncture Foundation to host a community pop-up on Chicago's south side in the Boxville Marketplace.

在芝加哥，從 7 月開始一直持續到 10 月，lululemon 與 Urban Juncture Foundation 合作，在芝加哥南側的 Boxville Marketplace 舉辦社區快閃店。

Boxville is a very unique collection of shipping containers designed as a space for the community to gather and local businesses to engage in commerce.

Boxville 是一個非常獨特的集裝箱系列，旨在作為社區聚集和當地企業從事商業活動的空間。

Our activation pairs our ambassadors with fitness instructors in the local community to lead over 140 complementary fitness classes.

我們的活動將我們的大使與當地社區的健身教練配對，帶領 140 多個補充健身課程。

The turnout for these classes had been really positive.

這些課程的投票率非常積極。

And I'm really excited that we're celebrating the 10-year anniversary of our iconic series event with a virtual run later this month.

我真的很高興我們將在本月晚些時候通過虛擬跑步來慶祝我們標誌性系列活動的 10 週年。

We are really proud to be able to bring the lululemon brand to our guests in these unique and compelling ways and we are excited about what is yet to come.

我們非常自豪能夠以這些獨特而引人注目的方式將 lululemon 品牌帶給我們的客人，我們對即將到來的一切感到興奮。

Switching now to e-commerce.

現在轉向電子商務。

As Calvin mentioned, sales trends remain positive, with total digital comps up 4% in Q2.

正如 Calvin 所提到的，銷售趨勢仍然積極，第二季度的數字產品總數增長了 4%。

This result comes on top of the 157% increase in Q2 of last year, which benefited from our online warehouse sale, an event that we did not repeat this year.

這一結果是在去年第二季度增長 157% 的基礎上實現的，這得益於我們的在線倉庫銷售，這一事件我們今年沒有重複。

The enhancements we're continuing to make to our desktop and mobile sites, which include expanding our alternative payment methods, improved storytelling, more predictive search and a more seamless checkout, all combined to continue to elevate the online guest experience.

我們將繼續對我們的桌面和移動網站進行改進，包括擴展我們的替代支付方式、改進故事講述、更具預測性的搜索和更無縫的結賬，所有這些都將繼續提昇在線客戶體驗。

Before I hand it over to Meghan, I'd like to speak for a minute on labor and what we're seeing regarding store and call center staffing.

在我把它交給梅根之前，我想談談勞動力以及我們所看到的關於商店和呼叫中心人員配備的情況。

We have always supported and invested in our people.

我們一直支持並投資於我們的員工。

This was never more true than last year during the pandemic.

在大流行期間，這一點從未像去年那樣真實。

We prioritized our people and kept our teams intact by offering pay production, sick pay and other key people investments.

我們通過提供薪酬生產、病假工資和其他關鍵人員投資來優先考慮我們的員工並保持我們的團隊完好無損。

Not only were these initiatives the right thing to do for our people, but they kept our workforce whole and have enabled us to reopen stores with a full complement of educators and leadership teams.

這些舉措不僅對我們的員工來說是正確的事情，而且它們使我們的員工隊伍保持完整，並使我們能夠在配備完整的教育工作者和領導團隊的情況下重新開設商店。

And they are directly contributing to the strong results we've generated over the last several quarters.

它們直接促成了我們在過去幾個季度中取得的強勁業績。

That being said, we are carefully monitoring the current developments in labor markets, particularly in North America, and we remain committed to doing what's right for store and DC teams.

話雖如此，我們正在仔細監控勞動力市場的當前發展，特別是在北美，我們仍然致力於為商店和 DC 團隊做正確的事情。

We've recently announced that we will raise the minimum base pay for our store and guest education center roles in North America, taking our new base pay to $15 to $17 per hour, depending on the location enroll plus all levels are eligible for a monthly bonus on top of base pay.

我們最近宣布，我們將提高我們在北美的商店和客戶教育中心職位的最低基本工資，將我們的新基本工資提高到每小時 15 到 17 美元，具體取決於註冊地點以及所有級別都有資格獲得每月基本工資之上的獎金。

Our teams are incredibly deserving of this new rate, and we feel it sets us up strongly going into what will be a busy Q4.

我們的團隊非常值得這個新的費率，我們認為這讓我們在進入繁忙的第四季度時有了很大的信心。

In closing, I'd like to thank the entire lululemon family, especially our teams in stores and our guest education center and in our distribution centers around the world.

最後，我要感謝整個 lululemon 大家庭，特別是我們在商店和客戶教育中心以及我們在世界各地的配送中心的團隊。

These teams are the heart and soul of our brand, and they are responsible for the elevated experience our guests enjoy each and every time they engage with us.

這些團隊是我們品牌的核心和靈魂，他們負責為客人提供每次與我們互動時所享受的提升體驗。

We are so grateful for everyone's hard work and dedication.

我們非常感謝每個人的辛勤工作和奉獻精神。

And for that, I'd like to say thank you.

為此，我想說聲謝謝。

I will now turn it over to Meghan.

我現在把它交給梅根。

Thanks, Celeste.

謝謝，塞萊斯特。

Our momentum continued in Q2 with our top and bottom line results exceeding our expectations.

我們的勢頭在第二季度繼續保持，我們的頂線和底線結果超出了我們的預期。

Strong guest response to our merchandise offering and improving store trend and continued strength in e-commerce fueled our growth, and contributed to our increased outlook for the year, which I will take you through in a moment.

客戶對我們的商品供應和改善商店趨勢的強烈反應以及電子商務的持續強勢推動了我們的增長，並為我們增加了今年的前景做出了貢獻，我稍後將帶您了解這一點。

As Calvin mentioned, we continue to navigate industry-wide challenges with COVID-related factory closures, slowdowns at the ports and reduced airfreight capacity impacting our business as we move into the second half of the year.

正如 Calvin 所說，隨著我們進入下半年，我們將繼續應對與 COVID 相關的工廠關閉、港口放緩以及影響我們業務的空運能力下降等全行業挑戰。

I'll share some of the specific impacts of these issues with you as I take you through our Q2 financials and our guidance.

當我帶您了解我們的第二季度財務和我們的指導時，我將與您分享這些問題的一些具體影響。

Despite these headwinds, we expect both strong revenue and EPS for the year and we remain on track to deliver or in some cases, even exceed our goals as set forth in our Power of Three growth plan.

儘管有這些不利因素，我們預計今年的收入和每股收益都將保持強勁，我們仍有望實現或在某些情況下甚至超過我們在“三強”增長計劃中設定的目標。

Let me now share with you the details of our Q2 performance.

現在讓我與您分享我們第二季度的表現細節。

I will also discuss specifics on our balance sheet, including our cash position, liquidity and inventories.

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。

Please note that the adjusted financial metrics I will share include the operating results of MIRROR but exclude approximately $8.1 million of acquisition-related costs and our associated tax effect in Q2 2021.

請注意，我將分享的調整後財務指標包括 MIRROR 的經營業績，但不包括約 810 萬美元的收購相關成本以及我們在 2021 年第二季度的相關稅收影響。

And $11.5 million of acquisition-related costs and our associated tax effects in Q2 2020.

以及 2020 年第二季度 1150 萬美元的收購相關成本和我們相關的稅收影響。

You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

您可以參考我們的收益發布以了解更多信息以及與我們的 GAAP 指標的對賬。

For Q2, total net revenue increased 61% to $1.5 billion, above our expectations of $1.3 billion to $1.33 billion.

第二季度，總淨收入增長 61% 至 15 億美元，高於我們預期的 13 億美元至 13.3 億美元。

This included a 63% increase in North America and a 49% increase in our international business.

其中包括北美業務增長 63% 和國際業務增長 49%。

On a 2-year CAGR basis, total revenue increased 28% with North America up 26% and international increasing 43%.

在 2 年復合年增長率的基礎上，總收入增長 28%，其中北美增長 26%，國際增長 43%。

In our digital channel, revenues increased 66% on a 2-year CAGR basis, above our expectations of approximately 55% growth.

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 66%，高於我們預期的約 55% 的增長。

E-com contributed $597 million of top line or 41% of total revenue.

電子商務貢獻了 5.97 億美元的收入，佔總收入的 41%。

In our store channel, sales increased 9% on a 2-year CAGR basis, above our expectations of approximately flat.

在我們的門店渠道中，銷售額在 2 年的複合年增長率基礎上增長了 9%，高於我們預期的大致持平。

Productivity in stores returned to 2019 levels, representing continued improvement versus 88% productivity we realized in Q1 of this year.

商店的生產力恢復到 2019 年的水平，與我們在今年第一季度實現的 88% 的生產力相比持續提高。

At the end of the second quarter, we had 95% of our stores open.

在第二季度末，我們有 95% 的門店開業。

Square footage increased 8% versus last year, driven by the addition of 28 net new stores since Q2 of 2020.

由於自 2020 年第二季度以來新增了 28 家淨新店，平方英尺與去年相比增長了 8%。

During the quarter, we opened 11 net new stores.

本季度，我們淨開設了 11 家新店。

Gross profit for the second quarter was $843 million or 58.1% of net revenue compared to 54.2% of net revenue in Q2 2020 and 55% of net revenue in Q2 2019.

第二季度毛利潤為 8.43 億美元，占淨收入的 58.1%，而 2020 年第二季度占淨收入的 54.2%，佔 2019 年第二季度淨收入的 55%。

Our gross margin increase of 310 basis points relative to 2019 was driven by 290 basis points of leverage on occupancy, depreciation and product team costs and 60 basis points of favorability in foreign exchange, which was partially offset by a 40 basis point decrease in product margin, driven by a 120 basis point increase in airfreight related to COVID-19.

與 2019 年相比，我們的毛利率增加了 310 個基點，這是由 290 個基點的佔用率、折舊和產品團隊成本以及 60 個基點的外匯優惠推動的，這部分被產品利潤率下降 40 個基點所抵消，由與 COVID-19 相關的空運增加 120 個基點推動。

I would also note that markdowns decline relative to 2019.

我還要指出，降價幅度相對於 2019 年有所下降。

Moving to SG&A.

轉移到 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.

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 expenses were $541 million or 37.3% of net revenue compared to 39.1% of net revenue in Q2 2020 and 36% of net revenue in Q2 2019.

SG&A 費用為 5.41 億美元，占淨收入的 37.3%，而 2020 年第二季度占淨收入的 39.1%，佔 2019 年第二季度淨收入的 36%。

Leverage in the quarter versus Q2 2020 resulted from a sales increase relative to the COVID impacted quarter last year.

與 2020 年第二季度相比，本季度的槓桿率是由於銷售額相對於去年受 COVID 影響的季度有所增加。

The deleverage relative to Q2 2019 is the result of consolidation of MIRROR's results this year, but not in 2019 and deleverage on foreign exchange.

相對於 2019 年第二季度的去槓桿是 MIRROR 今年業績的合併結果，但不是 2019 年和外匯去槓桿的結果。

Adjusted operating income for the quarter was $299 million or 20.6% of net revenue compared to 15% of net revenue in Q2 2020 and 19% of net revenue in Q2 2019.

本季度調整後的營業收入為 2.99 億美元，占淨收入的 20.6%，而 2020 年第二季度占淨收入的 15%，佔 2019 年第二季度淨收入的 19%。

Adjusted tax expense for the quarter was $83.5 million or 27.9% of pretax earnings compared to an adjusted effective tax rate of 28.9% a year ago.

本季度調整後的稅費為 8350 萬美元，佔稅前收益的 27.9%，而一年前調整後的有效稅率為 28.9%。

The reduction relative to last year is due primarily to deductions related to stock-based compensation.

與去年相比的減少主要是由於與股票薪酬相關的扣除。

Adjusted net income for the quarter was $216 million or $1.65 per diluted share compared to adjusted earnings per diluted share of $0.74 in Q2 of 2020 and $0.96 in Q2 of 2019.

本季度調整後的淨收入為 2.16 億美元或每股攤薄收益 1.65 美元，而 2020 年第二季度和 2019 年第二季度的調整後每股攤薄收益分別為 0.74 美元和 0.96 美元。

Capital expenditures were $80 million for the quarter compared to $53 million in the second quarter last year.

本季度的資本支出為 8000 萬美元，而去年第二季度為 5300 萬美元。

Q2 spend relates primarily to store capital for new locations, relocations and renovations, supply chain investment and technology spend to support our business growth.

第二季度支出主要與新地點、搬遷和翻新、供應鏈投資和技術支出有關，以支持我們的業務增長。

Turning to our balance sheet highlights.

轉向我們的資產負債表亮點。

We ended the quarter with $1.6 billion of total liquidity.

我們在本季度結束時擁有 16 億美元的總流動資金。

We had approximately $1.2 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility.

在我們的循環信貸額度下，我們擁有大約 12 億美元的現金和現金等價物以及近 4 億美元的可用容量。

Inventory grew 17% versus last year, and was $790 million at the end of Q2.

庫存與去年相比增長了 17%，到第二季度末為 7.9 億美元。

This is below our expectations for a 25% to 30% increase due to our top line outperformance, coupled with industry-wide supply chain disruptions.

這低於我們預期的 25% 至 30% 的增長，因為我們的收入表現出色，加上全行業的供應鏈中斷。

However, on a 2-year CAGR basis, this represents inventory growth of 26% versus our expectation for 24% to 25% revenue growth in Q3 on a 2-year CAGR basis.

然而，在 2 年復合年增長率的基礎上，這意味著庫存增長 26%，而我們預期在 2 年復合年增長率的基礎上，第三季度收入增長 24% 至 25%。

As we've mentioned, we are seeing some delayed inventory receipts due to issues of the ports and also the recent COVID-related closures of certain factories in Southern Vietnam.

正如我們所提到的，由於港口問題以及最近與 COVID 相關的越南南部某些工廠的關閉，我們看到一些庫存接收延遲。

Our supply chain and product teams are working diligently to mitigate these risks by shifting production out of Vietnam, where possible with our vendors who operate in multiple countries, prioritizing production to ensure key fall holiday styles are produced first and strategically increasing our use of airfreight.

我們的供應鍊和產品團隊正在努力降低這些風險，方法是將生產轉移到越南以外，在可能的情況下與在多個國家經營的供應商合作，優先生產以確保首先生產關鍵的秋季假期款式，並戰略性地增加我們對空運的使用。

At the end of Q3, we expect inventory levels to increase approximately 15% to 20% relative to Q3 2020.

在第三季度末，我們預計庫存水平將相對於 2020 年第三季度增加約 15% 至 20%。

While this level of inventory can support our increased revenue guidance, I'm going to walk through in a moment, it is lower than we had initially targeted due to supply chain challenges.

雖然這種庫存水平可以支持我們增加的收入指導，但我稍後會介紹，由於供應鏈挑戰，它低於我們最初的目標。

In Q2, we repurchased 506,000 shares at an average price of $338.

第二季度，我們以 338 美元的平均價格回購了 506,000 股。

At the end of the quarter, we had $245 million of availability remaining on our current share repurchase authorization.

在本季度末，我們當前的股票回購授權剩餘 2.45 億美元。

Let me shift now to our outlook for Q3 and the full year 2021.

現在讓我談談我們對第三季度和 2021 年全年的展望。

The underlying demand for our brand is strong, and while we are navigating temporary headwinds in our supply chain, which are impacting both top line and gross margin, we are pleased with our momentum headed into the second half.

對我們品牌的潛在需求強勁，雖然我們正在應對供應鏈中的暫時逆風，這會影響收入和毛利率，但我們對進入下半年的勢頭感到滿意。

We currently have approximately 95% of our stores opened globally.

我們目前在全球開設了大約 95% 的門店。

We're engaging with guests inside our stores and through our community activations and our e-commerce business remains strong.

我們正在店內和通過社區活動與客人互動，我們的電子商務業務依然強勁。

For Q3, we expect revenue in the range of $1.4 billion to $1.43 billion, representing a 2-year CAGR of 24% to 25%.

對於第三季度，我們預計收入在 14 億美元至 14.3 億美元之間，2 年復合年增長率為 24% 至 25%。

We expect gross margin in Q3 to increase 50 to 100 basis points versus Q3 of 2019.

我們預計第三季度的毛利率將比 2019 年第三季度增加 50 至 100 個基點。

Relative to 2019, our gross margin is benefiting from a higher e-com penetration and leverage on occupancy and depreciation.

相對於 2019 年，我們的毛利率受益於更高的電子商務滲透率以及對入住率和折舊率的影響。

Our Q3 guidance reflects an impact of approximately 200 basis points of pressure from airfreight costs due to port congestion and capacity constraints.

我們的第三季度指引反映了由於港口擁堵和運力限制導致的空運成本壓力約 200 個基點的影響。

In Q3, we expect SG&A deleverage of approximately 300 to 350 basis points relative to 2019.

在第三季度，我們預計與 2019 年相比，SG&A 去槓桿率約為 300 至 350 個基點。

Drivers of the deleverage versus 2019 include consolidation of MIRROR's results this year but not in 2019, increased investments in brand building to slower growth initiatives and higher depreciation due to accelerated investment to support e-commerce business in 2020 and 2021.

與 2019 年相比，去槓桿化的驅動因素包括 MIRROR 今年但未在 2019 年合併業績，增加對品牌建設的投資以減緩增長計劃，以及由於加速投資以支持 2020 年和 2021 年的電子商務業務而導致的更高折舊。

Turning to EPS.

轉向EPS。

We expect adjusted earnings per share in the third quarter to be in the range of $1.33 to $1.38 versus adjusted EPS of $1.16 a year ago.

我們預計第三季度調整後的每股收益將在 1.33 美元至 1.38 美元之間，而一年前的調整後每股收益為 1.16 美元。

This includes operating results from MIRROR but excludes acquisition and integration-related costs.

這包括 MIRROR 的運營結果，但不包括與收購和整合相關的成本。

As a reminder, we reported EPS of $0.96 in Q3 of 2019.

提醒一下，我們報告的 2019 年第三季度每股收益為 0.96 美元。

For the full year 2021, we now expect revenue to be in the range of $6.19 billion to $6.26 billion.

對於 2021 年全年，我們現在預計收入將在 61.9 億美元至 62.6 億美元之間。

This range now assumes our e-commerce business grows in the mid-teens relative to the outsized strength we experienced in 2020.

這個範圍現在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。

Our annual range also assumes the factories we use to source product in Vietnam begin a phase reopening in mid-September.

我們的年度範圍還假設我們用於在越南採購產品的工廠在 9 月中旬開始重新開放階段。

When looking at total revenue, our guidance range implies a 2-year CAGR of approximately 25%, which is higher than our 3-year revenue CAGR of 19%, leading up to 2020 and is well ahead of the low teens CAGR we contemplated in our Power of Three growth plan.

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%，高於我們 19% 的 3 年收入複合年增長率，直到 2020 年，並且遠高於我們預期的低青少年復合年增長率我們的三個增長計劃的力量。

We continue to expect to open 45 to 55 net new company-operated stores in 2021.

我們繼續預計 2021 年將開設 45 至 55 家新的公司自營門店。

This includes approximately 35 to 40 stores that are international markets and represents a square footage percentage increase in the low teens.

這包括大約 35 到 40 家國際市場商店，代表了低青少年的平方英尺百分比增加。

We continue to expect gross margin for the year to expand between 150 to 200 basis points compared to the modest increase we saw in 2020.

與我們在 2020 年看到的小幅增長相比，我們繼續預計今年的毛利率將擴大 150 至 200 個基點。

For the year, the anticipated margin expansion now includes 150 to 200 basis points of negative impact from additional airfreight costs, but is still in excess of Power of Three growth plan, which assumes modest gross margin expansion annually.

今年，預期的利潤率增長現在包括額外空運成本帶來的 150 至 200 個基點的負面影響，但仍超過 Power of Three 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 now expect deleverage of 10 to 30 basis points versus 2020.

在查看全年的 SG&A 時，我們現在預計與 2020 年相比，去槓桿化幅度為 10 至 30 個基點。

Drivers of the deleverage continue to include our investment in MIRROR brand building.

去槓桿的驅動因素繼續包括我們對 MIRROR 品牌建設的投資。

We expect our adjusted effective tax rate for the year to be similar to 2020.

我們預計今年調整後的有效稅率將與 2020 年相似。

We now expect our fiscal year 2021 adjusted diluted earnings per share to be in the range of $7.38 to $7.48.

我們現在預計我們 2021 財年調整後的稀釋後每股收益將在 7.38 美元至 7.48 美元之間。

Our EPS guidance continues to assume modest dilution from MIRROR in the 3% to 5% range, excluding acquisition and integration-related costs.

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。

It also excludes the impact of any future share repurchases.

它還排除了任何未來股票回購的影響。

We continue to expect capital expenditures to be approximately $365 million to $375 million for 2021.

我們繼續預計 2021 年的資本支出約為 3.65 億美元至 3.75 億美元。

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.

與 2020 年相比的增長反映了我們對供應鏈、數字能力、新店開業和翻新的投資增加，包括 MIRROR 店中店以及其他技術和一般企業基礎設施項目。

Before handing it back to Calvin, I want to express my gratitude to the entire lululemon collective.

在把它還給 Calvin 之前，我想對整個 lululemon 集體表示感謝。

It is you who brings our brand to life every day and enables our strong financial results.

是您每天為我們的品牌注入活力，並為我們帶來強勁的財務業績。

And now back to Calvin for some closing remarks.

現在回到 Calvin 來做一些結束語。

Thank you, Meghan and Celeste.

謝謝你，梅根和塞萊斯特。

Before I open it up to questions, I wanted to take a look back on these results in the previous quarters and speak for a moment about the unique business model that drives our success, enables our strong performance and allows us to navigate COVID-19 and the current headwinds impacting our supply chain.

在我提出問題之前，我想回顧一下前幾個季度的這些結果，並談一談推動我們成功的獨特商業模式，實現我們的強勁表現，讓我們能夠駕馭 COVID-19 和當前影響我們供應鏈的不利因素。

Our vertically integrated model and high-margin structure allows us to use more airfreight while still delivering gross margin expansion.

我們的垂直整合模式和高利潤結構使我們能夠使用更多的空運，同時仍然實現毛利率擴張。

Our focus on technical athletic apparel allows us to benefit from trends in consumer behavior that are becoming more important year after year and our inventory, which leverages many key core styles with less seasonality helps us navigate and mitigate disruptions within the supply chain.

我們對技術運動服裝的關注使我們能夠從年復一年變得越來越重要的消費者行為趨勢中受益，而我們的庫存利用了許多季節性較少的關鍵核心款式，有助於我們駕馭和緩解供應鏈中的中斷。

Looking at our business over the course of the second quarter and the first half of the year, I continue to be excited about our day-to-day progress, our ability to sustain momentum quarter after quarter and year after year and the incredible long-term prospects for our brand.

縱觀我們第二季度和上半年的業務，我繼續對我們的日常進步感到興奮，我們能夠逐季和年復一年地保持勢頭，以及令人難以置信的長期-我們品牌的長期前景。

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

有了這個，我們很樂意回答您的問題。

Operator?

操作員？

(Operator Instructions) The first question comes from Adrienne Yih with Barclays.

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

Congratulations.

恭喜。

I mean these are just really stellar results.

我的意思是這些都是非常出色的結果。

I mean so much is going on, right, so many puts and takes.

我的意思是發生了很多事情，對，有很多投入和投入。

And I guess the question is with lead times that are generally, let's call 6 months plus, I'm wondering if you can give us some more details on the amount of exposure that you have maybe to Vietnam.

而且我想問題是交貨時間通常是 6 個月以上，我想知道您是否可以向我們提供更多關於您可能對越南的曝光量的詳細信息。

Is it really just products coming out of that country?

真的只是來自那個國家的產品嗎？

Or is it bleeding into the region?

還是它正在流入該地區？

And though you're going to airfreight products, is that airfreight for [old style] or the airfreight to potentially meet holiday demand?

雖然您要空運產品，但[老式] 的空運還是可能滿足假期需求的空運？

It's Meghan.

是梅根。

I'll actually take that.

我真的會接受的。

So in terms of Vietnam, we sourced approximately 30% of our finished goods and the impact of the Southern Vietnam closure is currently impacting approximately 20% of our second half inventory.

因此，就越南而言，我們採購了大約 30% 的成品，而越南南部關閉的影響目前正在影響我們下半年庫存的大約 20%。

We are leveraging airfreight to meet our guidance.

我們正在利用空運來滿足我們的指導。

And what's contemplated in our guidance is 150 to 200 basis points of deleverage for the full year in terms of airfreight impact.

就空運影響而言，我們的指引預計全年將去槓桿 150 至 200 個基點。

To the extent possible, the team is looking to multisource and leverage other countries as well as prioritize fall holiday key styles to the best of their ability, and airfreight is a muscle that as a growth company, we often leverage, and we continue to do so as we navigate the supply chain challenges in the second half.

在可能的範圍內，該團隊正在尋求多源和利用其他國家，並儘其所能優先考慮秋季假期的關鍵款式，而作為一家成長型公司，空運是我們經常利用的力量，我們將繼續這樣做因此，當我們在下半年應對供應鏈挑戰時。

The next question comes from Mark Altschwager with Baird.

下一個問題來自貝爾德的 Mark Altschwager。

Congrats on the results here.

恭喜這裡的結果。

So great to hear you're on track to pass the 2023 revenue target sooner than anticipated.

很高興聽到您有望比預期更快地實現 2023 年的收入目標。

Understanding we'll be hearing more next year, but just any initial thoughts you can share on how we should be thinking about your top line growth algorithm beyond 2021 and how, if at all, the drivers may change versus the prior plan.

了解我們明年會聽到更多消息，但您可以分享的任何初步想法，關於我們應該如何考慮您在 2021 年之後的收入增長算法，以及驅動因素可能會如何改變（如果有的話）與之前的計劃相比。

Mark, thanks.

馬克，謝謝。

And as you mentioned, with the revised guidance, we're looking to achieve between $6.2 billion, $6.3 billion this year, putting us 2 years ahead.

正如你所提到的，根據修訂後的指導方針，我們希望今年達到 62 億美元，63 億美元，使我們提前 2 年。

We achieved doubling our e-commerce business last year.

去年，我們的電子商務業務翻了一番。

We will double our men's business this year and our international business is ahead of the 4x growth we put out to be completed by the end of '23.

今年我們的男裝業務將翻一番，我們的國際業務領先於我們預計到 23 年底完成的 4 倍增長。

So it really supports the early innings and growth across multiple levers.

因此，它確實支持跨多個槓桿的早期階段和增長。

The Power of Three initiatives focusing on product, guest experience and market expansion are still the key areas of focus that we will drive our innovation through and, the growth targets within that is what you should continue to look forward beyond '21.

以產品、客戶體驗和市場擴張為重點的三項計劃的力量仍然是我們推動創新的關鍵領域，其中的增長目標是您在 21 年後應該繼續期待的。

But we do plan to come back with our long-term thinking next year and share more with you at that point.

但我們確實計劃在明年回歸我們的長期思考，並在那時與您分享更多信息。

And Calvin, just a quick follow-up.

還有卡爾文，只是快速跟進。

Can you expand a little bit on the plans for membership?

你能稍微擴展一下會員計劃嗎？

I guess I imagine it was a challenge to get reads on the tests given everything that's been going on in the last 18 months.

考慮到過去 18 個月發生的一切，我想我想讀取測試結果是一個挑戰。

But do you still see an opportunity to have a loyalty program that exists outside of the MIRROR platform?

但是您是否仍然看到在 MIRROR 平台之外建立忠誠度計劃的機會？

Or what form might that take?

或者可能採取什麼形式？

Great.

偉大的。

Yes.

是的。

No, absolutely, Mark, and thanks for the question.

不，絕對是，馬克，謝謝你的提問。

I'll break it into 2 things.

我會把它分成兩件事。

One, the membership test, we learned a lot.

一、會員測試，我們學到了很多。

In particular, the way the test was set up, as you know, is it was a paid membership program and our guests received a number of benefits linked to sweat.

特別是，如您所知，測試的設置方式是付費會員計劃，我們的客人獲得了許多與汗水相關的好處。

And from that, some of the behaviors that we were able to observe was how it drove brand love, their connection to the community, both the brand as well as to each other, which is really important, and you want that in these type of membership programs to drive that loyalty, any impact on their spend.

從那開始，我們能夠觀察到的一些行為是它如何推動品牌喜愛，它們與社區的聯繫，品牌以及彼此之間的聯繫，這非常重要，你希望在這些類型的會員計劃以提高忠誠度，對他們的支出產生任何影響。

And in fact, those behaviors is what gave us the conviction and confidence to go ahead with the MIRROR acquisition because we saw a natural synergy between the two, a paid membership program focused on sweat.

事實上，正是這些行為給了我們繼續收購 MIRROR 的信念和信心，因為我們看到了兩者之間的自然協同作用，這是一個專注於汗水的付費會員計劃。

And the membership tests although very effective, the challenge, COVID aside, was that it was challenged to scale.

成員資格測試雖然非常有效，但除了 COVID 之外，挑戰在於規模化挑戰。

It was rooted and physical, and we couldn't offer it everywhere.

它是有根有據的，我們無法在任何地方提供它。

And we always had visions of being able to bring that to the digital platform.

我們一直希望能夠將其帶入數字平台。

And seeing what we saw within the physical and our relationship with the MIRROR team gave us the confidence to proceed with that.

看到我們在身體上看到的東西以及我們與 MIRROR 團隊的關係讓我們有信心繼續進行下去。

And really, we always saw a convergence between these 2 strategies.

真的，我們總是看到這兩種策略之間的融合。

The membership test gave us access to thousands of guests that we're behaving in this way and MIRROR at the end of this year is going to give us access to hundreds of thousands.

會員資格測試使我們能夠接觸到我們以這種方式行事的成千上萬的客人，而今年年底的 MIRROR 將使我們能夠接觸到成千上萬的客人。

And we're excited about the ability to scale it.

我們對擴展它的能力感到興奮。

We're early.

我們來早了。

We're thinking long term, and that convergence was natural.

我們著眼長遠，這種融合很自然。

Outside of a paid subscription, the opportunity around loyalty absolutely exists, and it's something that we will share later as we share our plans for the future.

在付費訂閱之外，絕對存在關於忠誠度的機會，我們將在稍後分享我們未來的計劃時分享這一點。

The next question comes from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的 Brooke Roach。

I wanted to follow up on the international business and the momentum that you're seeing there.

我想跟進國際業務以及您在那裡看到的勢頭。

Can you provide some additional insight about what's working really well in those geographies?

您能否提供一些關於在這些地區真正運作良好的額外見解？

And perhaps a little bit more detail on your outlook for China momentum into the second half.

或許還有更多關於你對下半年中國勢頭的展望的細節。

Great.

偉大的。

Thank you, Brooke.

謝謝你，布魯克。

Very pleased with our international business.

對我們的國際業務非常滿意。

Very pleased with growth across every market we are in.

對我們所在的每個市場的增長感到非常滿意。

Now different markets have impacted -- have been impacted differently from COVID.

現在不同的市場受到了影響——受到的影響與 COVID 不同。

As you know, Australia, New Zealand, in particular right now is where the bulk of our global store closures are taking place.

如您所知，尤其是現在，澳大利亞、新西蘭是我們全球大部分門店關閉的地方。

But even with that, our online business is doing very well.

但即便如此，我們的在線業務也做得很好。

So overall, what's very exciting is the balance of growth across all international markets, meaning they are all contributing significant growth and into our goal of quadrupling our international business by '23.

因此，總體而言，非常令人興奮的是所有國際市場的增長平衡，這意味著它們都為顯著增長做出了貢獻，並實現了我們在 23 年前將國際業務翻兩番的目標。

China, in particular, is a market where we have leaned in on an investment.

尤其是中國，是我們依靠投資的市場。

We've opened a head office in Shanghai.

我們在上海開設了總部。

We are leaning in, in hiring and supporting local teams within that market and in our store expansion as well as our digital innovation and support.

我們在該市場、我們的商店擴張以及我們的數字創新和支持方面，正在努力招聘和支持本地團隊。

So China is definitely one of our key markets.

所以中國絕對是我們的主要市場之一。

We are seeing good growth.

我們看到了良好的增長。

We are investing in the country, supporting the teams and overall, the international business like our business in North America, and some of our category opportunities very early and growth across all channels in the markets and product categories.

我們正在該國投資，支持團隊和整體，支持我們在北美的業務等國際業務，以及我們的一些類別機會，並在市場和產品類別的所有渠道中實現增長。

So excited about what the future continues to hold for our international business.

對我們的國際業務的未來繼續持有感到非常興奮。

And if I could just follow up with a question from Meghan on the SG&A leverage outlook.

如果我能跟進梅根關於 SG&A 槓桿前景的問題。

There are a lot of moving pieces within the outlook, some investments in brand building, higher wages.

前景中有很多動人的因素，對品牌建設的一些投資，更高的工資。

Can you help us think through some of the puts and takes of that leverage component and SG&A into the back half of this year?

你能幫助我們思考一下今年下半年該槓桿部分和 SG&A 的一些看跌期權嗎？

Yes.

是的。

So in terms of SG&A, we guided for Q3 to 300 to 350 basis points deleverage relative to 2019.

因此，在 SG&A 方面，我們指導第三季度相對於 2019 年去槓桿 300 至 350 個基點。

So -- and that includes MIRROR consolidated in this year's numbers and not in 2019 as well as brand building, which should include both that MIRROR piece as well as our current field campaign.

所以——這包括在今年的數字中而不是在 2019 年合併的 MIRROR 以及品牌建設，這應該包括 MIRROR 作品以及我們當前的現場活動。

And then we also have higher depreciation relative to 2019, just given our investments behind digital and the strength of that business.

相對於 2019 年，我們的折舊率也更高，只是考慮到我們對數字技術的投資和該業務的實力。

When we look at the full year, we've got 10 to 30 basis points of deleverage for -- relative to 2020, and that is better than the 30 to 50 basis points that we disclosed previously.

當我們查看全年時，相對於 2020 年，我們有 10 到 30 個基點的去槓桿化，這比我們之前披露的 30 到 50 個基點要好。

And really driving that deleverage would be the consolidation of MIRROR for the full year as well as investments again behind our digital channel.

真正推動去槓桿化的將是 MIRROR 全年的整合以及我們數字渠道背後的再次投資。

But really pleased overall, I would say, with the operating flow-through of our business and remain on track to our Power of Three growth plan, as we've discussed.

但我想說，總體而言，我對我們業務的運營流程感到非常滿意，並且正如我們所討論的那樣，我們的“三人力量”增長計劃保持在軌道上。

The next question comes from Erinn Murphy with Piper Sandler.

下一個問題來自 Erinn Murphy 和 Piper Sandler。

Great.

偉大的。

Let me add my congratulations, excellent results.

讓我補充一下我的祝賀，出色的成績。

I have a follow-up first on the supply chain.

我首先對供應鏈進行了跟進。

Just as you look forward, could you just talk about if you see any of the current issues bleeding into spring?

正如您所期待的那樣，您能否談談您是否看到當前的任何問題滲入春天？

And when do some of the facilities that have currently been shuttered in Vietnam, need to start kind of ramping to hit kind of later holiday demand as well as spring?

越南目前已經關閉的一些設施什麼時候需要開始增加產能以滿足後期假期和春季的需求？

And then secondly for Meghan, on the second quarter comment you called out on open store productivity back at 2019 levels.

其次是梅根，在第二季度的評論中，你呼籲將開放式商店的生產力恢復到 2019 年的水平。

How are you planning that for the back half?

你是如何計劃後半場的？

Yes.

是的。

Thanks, Erinn.

謝謝，艾琳。

So in terms of supply chain, we are assuming that Southern Vietnam begins a phased reopening in mid-September, and that's what's implied in our guidance.

因此，在供應鏈方面，我們假設越南南部在 9 月中旬開始分階段重新開放，這就是我們的指導所暗示的。

Closely monitoring the situation at this point, we do anticipate that the airfreight environment will not improve for the balance of the year.

密切關注此時的情況，我們確實預計今年餘下時間的空運環境不會改善。

And thus, we've guided to the 150 to 200 basis points impact for this year, and we'll continue to update you as we move into '22.

因此，我們已經指導了今年 150 到 200 個基點的影響，隨著我們進入 22 年，我們將繼續為您提供最新信息。

And then in terms of open store productivity, can you just remind me of the details to your question there?

然後在開店生產力方面，你能提醒我你的問題的細節嗎？

I was just curious, you said you were back in 2019 levels in the second quarter, which was ahead of plan.

我只是好奇，您說您在第二季度回到了 2019 年的水平，這超出了計劃。

How are you planning store productivity for open stores in the back half?

您如何規劃後半部開放商店的商店生產力？

So for Q3, we are planning to be slightly above last year 2019 levels for the quarter.

因此，對於第三季度，我們計劃在該季度略高於去年 2019 年的水平。

When we look to Q4, we're really pushing into our omnichannel strength and will be agile across both channels, meaning the demand where it comes to us, but we are sharing slightly above 2019 productivity for Q3.

當我們展望第四季度時，我們確實在推進我們的全渠道實力，並將在兩個渠道上保持敏捷，這意味著我們的需求，但我們分享的第三季度生產力略高於 2019 年。

The next question comes from Ike Boruchow with Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Let me add my congrats.

讓我補充一下我的祝賀。

Great results.

偉大的結果。

Calvin or Meghan, I guess, can you elaborate a little bit on the CAC commentary you gave.

我想，Calvin 或 Meghan，您能否詳細說明您對 CAC 的評論。

Can you just talk about the idea if changes and how it's impacted MIRROR?

您能否談談這個想法是否發生了變化以及它對 MIRROR 的影響？

Are the opt-in rates a little bit lower than what you had expected?

選擇加入率是否比您預期的低一點？

Is this kind of what you thought?

你是這樣想的嗎？

And then I guess just to wrap that question up, how does this impact the concept's ability to reach breakeven?

然後我想只是為了總結這個問題，這如何影響概念達到盈虧平衡的能力？

Does it kind of push it out a little bit more?

它是不是有點把它推得更遠了？

Do you view this as transitory?

你認為這是暫時的嗎？

Just any color around that would be really helpful.

周圍的任何顏色都會很有幫助。

Great.

偉大的。

Thanks, Ike.

謝謝，艾克。

I'll handle the first half and then handle the second part to your question on breakeven over to Meghan.

我將處理前半部分，然後處理你關於梅根盈虧平衡的問題的第二部分。

I continue to be very encouraged with the usage numbers and engagement numbers that we're seeing with the MIRROR community.

我們在 MIRROR 社區中看到的使用人數和參與人數繼續讓我感到非常鼓舞。

And I'll start there because I think those to me are the most important and signal the health and the engagement of the community, both with each other as well as near the product.

我將從那裡開始，因為我認為這些對我來說是最重要的，並且表明社區的健康和參與，無論是彼此之間還是靠近產品。

And we continue to see the members use of MIRROR, number of sweats, number of members per household sweating increase and hold very high numbers.

我們繼續看到使用 MIRROR 的會員、出汗次數、每戶出汗的會員人數增加並保持非常高的數字。

So very excited about how any guests, any member that purchases it, is using it and all the things we love about the versatility, the genre and the appeal to a number are all playing out as well as our conversion numbers are very healthy.

非常高興看到任何客人、任何購買它的會員、正在使用它，以及我們喜歡的多功能性、類型和對數字的吸引力的所有事情都在發揮作用，而且我們的轉化率非常健康。

The challenge right now with a variety of changes that have happened in the digital marketing space is the cost CPM, the cost to get MIRROR, which has low awareness right now, and we're working towards in front of guests.

隨著數字營銷領域發生的各種變化，目前面臨的挑戰是成本 CPM，獲得 MIRROR 的成本，目前認知度較低，我們正在努力在客人面前。

Those costs in the market are rising, which has an impact ultimately into CAC.

市場上的這些成本正在上升，這最終對 CAC 產生了影響。

But the number of guests that are converting when they see those ads and ultimately convert to buy once they work their way down through the funnel are all at or above where we've been trending and very healthy.

但是，當他們看到這些廣告並最終轉化為購買時的客人數量都在我們的趨勢水平或以上，並且非常健康。

So it is a reflection of the industry.

所以這是行業的反映。

We are, as I mentioned, managing accordingly.

正如我所提到的，我們正在相應地進行管理。

We have our eyes on the long game with MIRROR and the community we're building.

我們著眼於與 MIRROR 的長期博弈以及我們正在建立的社區。

We're just ramping up synergies like the 200 stores that play to our strength and the key leads in each of those locations.

我們只是在加強協同效應，比如發揮我們的優勢的 200 家商店以及每個地點的關鍵線索。

So we're excited heading into the holiday, but I did want to call it out because we're monitoring it.

所以我們很高興進入假期，但我確實想把它說出來，因為我們正在監控它。

And as I mentioned, we're going to stay within the guidance we gave on dilution, and we're going to leverage the strength of the synergy and learn a ton this holiday.

正如我所提到的，我們將保持在我們給出的稀釋指導範圍內，我們將利用協同效應的力量並在這個假期學到很多東西。

But the general metrics and guest member usage are very, very strong.

但是一般指標和來賓成員的使用非常非常強大。

In terms of breakeven, we haven't put a fine point on that, but we are focused, as Calvin mentioned, on rolling out initiatives for 2021, including store ramp, Canada entry and e-commerce website rebound.

在盈虧平衡方面，我們並沒有明確指出這一點，但正如 Calvin 所說，我們專注於推出 2021 年的舉措，包括商店增加、加拿大進入和電子商務網站反彈。

The path to profitability there for MIRROR is very much within our control, and we're investing behind the strength and momentum in that business as well as our overall financial strength.

MIRROR 的盈利之路在很大程度上在我們的控制範圍內，我們正在對該業務的實力和勢頭以及我們的整體財務實力進行投資。

And we'll share more as we move through the peak holiday season and into '22.

隨著假期旺季進入 22 年，我們將分享更多信息。

The next question comes from Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

Let me add my congrats on a really nice quarter.

讓我祝賀一個非常好的季度。

Two quick ones, I guess, on gross margin sustainability.

我想，關於毛利率的可持續性，有兩個快速的。

The gross margins in 2Q are above what you typically do for holiday quarter pre-COVID, which is where there's a lot of leverage in the business.

第二季度的毛利率高於您通常在 COVID 之前的假日季度所做的，這是業務中有很大影響力的地方。

Can you talk about your confidence in sustaining this level beyond the recovery period?

您能談談您對在恢復期之後維持這一水平的信心嗎？

And what we should think about as the puts and takes for gross margin just thematically as we look out beyond '21?

當我們展望 21 年後，我們應該從主題上考慮毛利率的看跌期權和收益？

And then, Calvin, on international, when we gathered to the Analyst Day and you gave us the initial guidance of quadrupling revenues by 2023, I think the comment was that international was going to reach breakeven in 2018 and would be 10% to 15% of earnings by 2023.

然後，Calvin，關於國際，當我們聚集到分析師日時，你給了我們到 2023 年收入翻兩番的初步指導，我認為評論是國際將在 2018 年達到盈虧平衡，並將達到 10% 到 15%到 2023 年的收入。

So I think that embedded about 1,000 to 1,500 basis points of margin expansion in international.

所以我認為這在國際上嵌入了大約 1,000 到 1,500 個基點的利潤率擴張。

You told us tonight you're on track to quadruple the revenues.

你今晚告訴我們，你的收入有望翻兩番。

But maybe you could just give us some thoughts on the path of the profitability of the international business to go with that comment just to bring us up to date.

但是，也許您可以就國際業務的盈利路徑給我們一些想法，並附上該評論，以使我們了解最新情況。

Mike, I'll take the first part of that question.

邁克，我會回答這個問題的第一部分。

So in terms of gross margin, 150 basis points to 200 basis points expansion was where we guided for the full year.

因此，就毛利率而言，150 個基點至 200 個基點的擴張是我們全年的指導。

And we're pleased, I would say, overall, with that relative to 2020 performance.

我想說，總的來說，相對於 2020 年的表現，我們很高興。

It's really driven through our performance on top line and leverage on occupancy and depreciation.

這實際上是通過我們在頂線的表現以及對入住率和折舊率的影響來推動的。

And then we do, at this point in time, we're maintaining our Power of Three growth plan, which calls for modest expansion in gross margin as we look out.

然後我們確實，在這個時間點，我們正在維持我們的“三強”增長計劃，正如我們所期待的那樣，這需要適度擴大毛利率。

And as Calvin mentioned, we'll come back and update that plan as we move into next year.

正如 Calvin 所提到的，我們將在進入明年時回來更新該計劃。

And in terms of overall international profitability, we are profitable overall in international.

就整體國際盈利能力而言，我們在國際整體上是盈利的。

And still see a lot of opportunity there relative to the maturation of the international business in terms of its comparison to North America, particularly pleased with the growth rate we're experiencing in China and see opportunity for both revenue and gross margin expansion and operating margin as that business expands.

與北美相比，相對於國際業務的成熟，仍然看到很多機會，特別是對我們在中國經歷的增長率感到滿意，並看到收入和毛利率擴張和營業利潤率的機會隨著該業務的擴展。

The next question comes from Lorraine Hutchinson with Bank of America.

下一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to focus on the men's business for a minute.

我想專注於男士業務一分鐘。

The 2-year CAGR continues to accelerate.

2 年復合年增長率繼續加快。

I was just curious where you've seen success and then what you're excited about for the back half and into next year vis-a-vis then?

我只是好奇你在哪裡看到了成功，然後你對後半場和明年的比賽感到興奮嗎？

Lorraine, it's Calvin.

洛林，是卡爾文。

As you alluded, we're very happy with the overall growth in our men's business to your CAGR of 31%.

正如您所提到的，我們對男裝業務的整體增長達到 31% 的複合年增長率感到非常滿意。

I'm sure you remember last year when heading into COVID, our men's business was leading growth over women's.

我相信您還記得去年進入 COVID 時，我們的男性業務領先於女性業務的增長。

And then with the shutting of our stores and other shifts that were happening as a result, we saw that business slow both in the industry as well as with ourselves, even though we were putting on market share.

然後隨著我們商店的關閉和其他隨之而來的轉變，我們看到行業和我們自己的業務都在放緩，儘管我們正在擴大市場份額。

And at the time I sort of indicated that it would just be a matter of time.

當時我有點表示這只是時間問題。

We didn't see anything systemic in our men's business that raised any concerns for us.

在我們的男裝業務中，我們沒有看到任何引起我們擔憂的系統性問題。

And those scenarios played out as stores opened.

這些場景隨著商店的開業而上演。

He came back into the store, which stores still remain a wonderful acquisition vehicle for us to get new men into the business and into the brand.

他回到了商店，這些商店仍然是我們吸引新人進入業務和品牌的絕佳收購工具。

And it has just continued to gain momentum through each quarter and then with Q2 being sort of back at that great growth where we're going to double our business at the end of this year, 2 years early from when we started at the beginning of 2019.

而且它在每個季度都繼續保持增長勢頭，然後隨著第二季度的強勁增長，我們將在今年年底將我們的業務翻一番，這比我們年初開始的時間提前了 2 年。 2019 年。

And when I look at the growth, it did balance across all the categories, which is very healthy.

當我查看增長時，它確實在所有類別中保持平衡，這是非常健康的。

They're obviously between bottoms and tops and shorts and outerwear and some of the accessories, you see a slight variance in growth.

它們顯然介於下裝和上裝、短褲、外套和一些配飾之間，你會看到增長略有不同。

But overall, they're all double digit, all very, very strong, and it's a reflection of building deeper relationships with our existing guys and spending more and continuing to acquire and bring in a new male guest into the business.

但總的來說，他們都是兩位數，都非常非常強大，這反映了與我們現有的人建立更深的關係，花更多的錢，繼續獲得和引進新的男性客人進入這個行業。

And we will share the role men's plays in our future growth plans early next year when we sort of reset.

我們將在明年初重新設置時分享男性在我們未來增長計劃中的作用。

But it continues to be very strong, very strong across all markets around the globe.

但它仍然非常強勁，在全球所有市場都非常強勁。

And it's driven both by current spending more and our acquisition of new guests.

它是由當前支出增加和我們獲得新客人共同推動的。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Congrats on another great quarter.

祝賀另一個偉大的季度。

So maybe, Calvin, as we think about 28% revenue growth relative to 2019 in the second quarter, mid-20s in the first quarter, is there a way to rank the drivers of the outperformance that you're seeing relative to that 19% pre-pandemic?

所以也許，卡爾文，當我們認為相對於 2019 年第二季度（第一季度 20 年代中期）的 28% 收入增長時，有沒有辦法對你所看到的相對於 19% 的出色表現的驅動因素進行排名大流行前？

Or maybe said differently, do you believe the TAM coming out of this crisis is larger, broadly multiyear for the lulu brand?

或者換一種說法，你認為從這場危機中走出來的 TAM 對 lulu 品牌來說更大，更廣泛地說是多年嗎？

Or are you taking accelerated market share?

或者你正在加速佔領市場份額？

Or is it a combination of both?

還是兩者兼而有之？

Great.

偉大的。

Thanks, Matt.

謝謝，馬特。

It's definitely a combination of both.

這絕對是兩者的結合。

We've shared and continue to see our brand gaining market share across categories, men's and women's.

我們已經分享並繼續看到我們的品牌在男裝和女裝品類中獲得市場份額。

Equally, we know that the pandemic drove forward, accelerated some of the guest behaviors that played the strength of our brand.

同樣，我們知道大流行向前推進，加速了一些發揮我們品牌實力的客人行為。

One is general fitness awareness to being well, living well to the importance of functional apparel, which is critical and again, plays to our strength.

一個是對健康的普遍健身意識，對功能性服裝的重要性生活得很好，這很關鍵，並且再次發揮我們的力量。

And third is really the roles in categories that our brand play in and how the guests are wearing and using the gear.

第三是我們品牌在類別中扮演的角色以及客人如何穿著和使用裝備。

So I think the -- I know the TAM has been impacted by those macro trends.

所以我認為 - 我知道 TAM 受到了這些宏觀趨勢的影響。

We're well positioned within that TAM to address it in a very effective, leading way.

我們在該 TAM 中處於有利位置，能夠以非常有效、領先的方式解決它。

And I think that, combined with our ability to gain market share against our competitors is helping to fuel the business and will continue as we look forward to the years.

我認為，再加上我們在與競爭對手競爭中獲得市場份額的能力，這有助於推動業務發展，並將在我們展望未來的過程中繼續下去。

And you've heard me say this before, this brand is early innings across product with activities where we focus on run, train, yoga and OTM categories within those activities and both our men's and women's business, markets, North American international and channels, online and stores.

你以前聽我說過，這個品牌是跨產品的早期產品，我們專注於這些活動中的跑步、訓練、瑜伽和 OTM 類別，以及我們的男女業務、市場、北美國際和渠道，在線和商店。

So we are early innings in our growth.

因此，我們處於成長的早期階段。

That's why we see such balanced growth across markets, channels and product categories.

這就是為什麼我們在市場、渠道和產品類別中看到如此平衡的增長。

And the impact that COVID has had on TAM plays to the strengths and plays to our growth story and the opportunity that we see ahead for our brand.

COVID 對 TAM 的影響發揮了優勢，並發揮了我們的成長故事和我們為品牌預見未來的機會。

Great.

偉大的。

Congrats again, early innings is a great thing.

再次恭喜，早期的一局是一件很棒的事情。

Thank you.

謝謝你。

The next question comes from Jay Sole with UBS.

下一個問題來自瑞銀的 Jay Sole。

Great.

偉大的。

Calvin, I just wanted to follow up on that last answer.

卡爾文，我只是想跟進最後一個答案。

There's some large public companies who have bought athleisure brands over the past couple of months.

在過去的幾個月裡，有一些大型上市公司購買了運動休閒品牌。

Just wondering how you think that impacts the company's ability to continue to reach its goals.

只是想知道您認為這會如何影響公司繼續實現其目標的能力。

And can you remind us what is it about lululemon that continues to allow you to be a leader when a lot of other companies are going to be -- big companies with big resources are going to be making investments in this category.

你能否提醒我們，當許多其他公司將成為領導者時，lululemon 是什麼讓你繼續成為領導者——擁有大量資源的大公司將在這一類別中進行投資。

Great.

偉大的。

Thanks, Jay.

謝謝，傑。

There's a lot in that question, and I'll unpack a bit of it.

這個問題有很多，我會解開一點。

But those brands that have been acquired have been in the market.

但那些被收購的品牌已經上市。

We've competed against them before, and we've always liked our unique in differentiation within what has been a crowded marketplace, and yet we continue to put up the results we've put up in the past number of years.

我們以前與他們競爭過，我們一直喜歡我們在擁擠的市場中的獨特差異化，但我們繼續提出我們在過去幾年中提出的結果。

And that really is rooted in a number of very unique attributes to our brand, one, starting with our product, the premium nature of it, the focus and obsession on innovation through Science of Feel that truly creates product that performs in a unique way to the guest and provides a sensorial experience that's unique and different with the quality that they know they're getting for what they buy and pay.

這確實植根於我們品牌的許多非常獨特的屬性，一個，從我們的產品開始，它的優質性質，通過感覺科學對創新的關注和痴迷，真正創造出以獨特方式執行的產品並提供獨特的感官體驗，與他們知道他們所購買和支付的東西的質量不同。

And that has always driven our business.

這一直推動著我們的業務。

It's what separates us from others and I don't see that changing with the landscape of who's out there and who owns who's out there.

這就是我們與其他人的區別，我認為這不會隨著誰在外面以及誰擁有誰的情況而改變。

Our obsession with raw material and our investment in our product is what we do.

我們對原材料的痴迷和對產品的投資是我們所做的。

It's what we obsess about.

這是我們所痴迷的。

And it's really what drives why the guests feel different and continue to sort of be loyal to this product and brand.

這確實是推動客人感到與眾不同並繼續忠於該產品和品牌的真正原因。

And the second is the power of human connection through our educators to the strength of our community and the investments we make at grassroots through our people, through our ambassador community and then the exciting addition of MIRROR into that community.

第二個是通過我們的教育工作者與我們社區的力量建立人際聯繫的力量，以及我們通過我們的員工、我們的大使社區在基層進行的投資，然後是令人興奮的 MIRROR 加入該社區。

But everything we do around human connection, Science of Feel that's fueling that continues to differentiate the brand and its unique position as premium, but through quality innovation.

但是，我們圍繞人際關係所做的一切，通過質量創新不斷推動品牌及其獨特地位的差異化。

We believe continue to be unique differentiators and drivers of the brand and have obviously been in place and fueled the growth that we've seen so far.

我們相信將繼續成為該品牌的獨特差異化因素和驅動力，並且顯然已經到位並推動了我們迄今為止所看到的增長。

Got it.

知道了。

That's helpful.

這很有幫助。

If I could just ask one more question, switching gears for a second.

如果我可以再問一個問題，換一秒鐘。

If we think about the holiday environment, Calvin, how are you thinking about maybe some opportunities that could be presented around pricing if we are in an environment where a lot of companies are having trouble sourcing the units they need or they would want to really fulfill the demand -- the consumer demand that's out there.

如果我們考慮假期環境，Calvin，如果我們處於許多公司在採購他們需要的單位時遇到困難或者他們想要真正滿足的環境中，你如何考慮可能圍繞定價提出的一些機會需求——存在的消費者需求。

Does it create opportunity to take some pricing to offset cost increases, whether it's in labor or other areas?

它是否創造了採取一些定價來抵消成本增加的機會，無論是在勞動力還是其他領域？

And how do you think that the overall environment will respond to a situation where everybody is being challenged by supply chain issues in Asia.

您認為整體環境將如何應對亞洲每個人都受到供應鏈問題挑戰的情況。

Yes.

是的。

We take pricing obviously, seriously and that we're constantly monitoring and testing, driven out of the innovation of the product.

我們顯然認真地對待定價，並且我們不斷地監控和測試，被產品的創新所驅使。

We're well aware of the inputs of inflation and costs and have that in our guidance that Meghan has provided.

我們非常了解通貨膨脹和成本的輸入，並且在梅根提供的指導中也有這一點。

We look for opportunities, both where we could price up and/or price down to be positioned in the marketplace based on assortment and range work.

我們尋找機會，我們可以根據分類和範圍工作來定價和/或降價以定位於市場。

So it's pretty fluid, Matt, and we're comfortable -- sorry, Jay, very fluid and we're comfortable with sort of how we're positioned today in addressing it, but all and any pricing changes would be in Meghan's guidance, and there's nothing of significant plan or that you should expect.

所以它非常流暢，馬特，我們很舒服 - 對不起，傑伊，非常流暢，我們對我們今天解決它的方式感到舒服，但所有和任何定價變化都將在梅根的指導下，並且沒有什麼重要的計劃或你應該期待的。

The next question comes from John Kernan with Cowen.

下一個問題來自 John Kernan 和 Cowen。

Excellent.

出色的。

Congrats on all the momentum.

祝賀所有的勢頭。

Calvin, can you talk about the investments in renewable materials and the stance on sustainability that you're taking.

Calvin，您能談談對可再生材料的投資以及您對可持續發展的立場嗎？

How much of a percentage of the assortment can this represent over time?

隨著時間的推移，這可以代表多少百分比的分類？

How is the margin profile of the sustainable product look versus the current assortment?

與當前分類相比，可持續產品外觀的利潤率如何？

And I have a quick follow-up for Meghan.

我對梅根有一個快速的跟進。

Good.

好的。

Thanks, John.

謝謝，約翰。

As you know, in our Impact Agenda that we published our first one last year on our "be human, be well, be planet" pillars.

如您所知，在我們的影響議程中，我們去年發布了我們的第一個關於“成為人類、健康、成為地球”支柱的議程。

In our be planet, our commitment is to make 100% of our products with sustainable materials by 2030 as well as investing into circularity, which is extending the life of our products and providing options and choices to our guests.

在我們的地球上，我們的承諾是到 2030 年使我們的產品 100% 使用可持續材料，並投資於循環性，這將延長我們產品的使用壽命，並為我們的客人提供選擇和選擇。

And there's been a lot of fantastic innovations and partnerships in that space with the pilot around our resell program, the partnerships, be it with Mylo, LanzaTech or Genomatica announced this past quarter in the super cluster.

在這個領域有很多很棒的創新和合作夥伴關係，我們的轉售計劃是試點，合作夥伴關係，無論是與 Mylo、LanzaTech 還是 Genomatica 上個季度在超級集群中宣布的合作夥伴關係。

So it is a very important driver of innovation for our business.

因此，它是我們業務創新的一個非常重要的驅動力。

We've established plans to improve the planet that we're committed to.

我們已經制定了改善我們承諾的地球的計劃。

And as these scale and as we continue to drop collections and learn, we are not anticipating or how we factored in a margin pressure result.

隨著這些規模的擴大以及我們繼續減少收藏和學習，我們沒有預料到或我們如何考慮利潤壓力的結果。

And we've established multiyear targets.

我們已經制定了多年目標。

We are working with the right partners to help in the manufacturing and the creation and therefore, the commercialization of these goods.

我們正在與合適的合作夥伴合作，以幫助製造和創造這些商品，從而實現這些商品的商業化。

So I would not factor in any marginal impact, and our goals speak for themselves.

所以我不會考慮任何邊際影響，我們的目標不言而喻。

We want to be, by 2030, 100% of our products made with sustained materials, and that's what these partnerships are gearing and working towards for us.

我們希望到 2030 年，我們的產品 100% 由可持續材料製成，而這正是這些合作夥伴正在為我們準備和努力的方向。

That's exciting things.

這是令人興奮的事情。

Meghan, maybe just a quick follow-up on the increased outlook for airfreight.

梅根，也許只是對空運前景增加的快速跟進。

I think that everybody is seeing, I think it's now 150 to 200 basis point negative impact for the year.

我認為每個人都看到了，我認為現在對今年有 150 到 200 個基點的負面影響。

How should we think about this in terms of recovery?

在恢復方面，我們應該如何看待這個問題？

It seems like most of this is cyclical and much of this can be recovered fairly quickly as the supply chain begins to open up.

似乎其中大部分是周期性的，隨著供應鏈開始開放，其中大部分都可以很快恢復。

Is that the right way to think about this, is that some -- the gross margin would obviously be a lot higher without some of these supply chain pressures and that some of this is just a cyclical rather than structural.

這是思考這個問題的正確方法嗎？如果沒有這些供應鏈壓力，毛利率顯然會高得多，而且其中一些只是周期性的而不是結構性的。

Yes.

是的。

I would say, definitely view it as temporary in nature.

我會說，絕對將其視為暫時的。

Obviously, the environment is really dynamic and fluid today.

顯然，今天的環境確實是動態的和流動的。

As I mentioned, we anticipate it will be with us for the balance of the year and we'll update on 2022.

正如我所提到的，我們預計它將在今年餘下時間與我們同在，我們將在 2022 年更新。

There will be some likely some puts and takes in margin as we move forward, and we do remain committed to the margin target that was in our Power of Three growth plan of modest expansion annually.

隨著我們的前進，可能會有一些投入和投入的利潤，我們確實仍然致力於實現我們每年適度擴張的“三力量”增長計劃中的利潤目標。

That's all the time we have for questions today.

這就是我們今天的所有提問時間。

Thank you for joining the call, and have a nice day.

感謝您加入電話會議，祝您有美好的一天。