Lululemon Athletica Inc (LULU) 2020 Q4 法說會逐字稿

Thank you for standing by, this is the conference operator. Welcome to the lululemon athletica Inc. Fourth Quarter and Year-end 2020 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.

感謝您的等候，我是會議接線員。歡迎參加 lululemon sportsa Inc. 2020 年第四季度和年終電話會議。 （操作員指示）會議正在錄製中。 （操作員指示）我現在想將會議轉交給 lululemon Attica 投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's Fourth Quarter Earnings Conference Call. Joining me today to talk about our results are Calvin McDonald, CEO; Sun Choe, Chief Product Officer; Meghan Frank, CFO; and Alex Grieve, VP and Controller.

謝謝你，下午好。歡迎參加 lululemon 第四季度收益電話會議。今天與我一起談論我們的業績的是首席執行官卡爾文·麥克唐納 (Calvin McDonald)； Sun Choe，首席產品官；梅根·弗蘭克，首席財務官；以及副總裁兼財務總監 Alex Grieve。

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 by which in nature is dynamic and subject to rapid and even abrupt changes. 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.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述，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，但這些信息本質上是動態的，並且會發生快速甚至突然的變化。由於與我們業務相關的風險和不確定性，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，包括我們在最近向 SEC 提交的文件中披露的風險和不確定性，包括我們的 10-K 表年度報告和 10-Q 表季度報告。我們在本次電話會議中做出的任何前瞻性陳述均基於截至目前的假設，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義務或承諾。

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

在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 10-K 表格年度報告和今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調節表。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不變為基礎。新聞稿和隨附的 10-K 表格年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 operating statistics for the fourth quarter as well as our quarterly infographic. (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，您可以在其中找到我們第四季度主要財務運營統計數據的摘要以及我們的季度信息圖。 （接線員說明）現在我想將電話轉給 Calvin。

Thanks, Howard. I'm excited to be with you today. I'm proud of how lululemon navigated this past year and delivered for our employees, guests and shareholders. I believe 2020 has been a pinnacle moment for lululemon as we developed and delivered exciting new innovations that create even more opportunities for us into the future. Our continued growth demonstrates our ability to win, both before, during and after COVID-19.

謝謝，霍華德。我很高興今天能和你們在一起。我對 lululemon 在過去的一年中的表現以及為我們的員工、客人和股東提供的服務感到自豪。我相信 2020 年是 lululemon 的巔峰時刻，因為我們開發並提供了令人興奮的新創新，為我們的未來創造了更多機會。我們的持續增長證明了我們在 COVID-19 之前、期間和之後獲勝的能力。

Our business has many strengths and growth opportunities. We are just in the early innings of our potential. In fact, the pandemic has accelerated our progress and the opportunities we have within each of our Power of Three growth initiatives.

我們的業務擁有許多優勢和增長機會。我們正處於發揮潛力的早期階段。事實上，這一流行病加速了我們的進步，並加速了我們在每項“三力量”增長計劃中所擁有的機會。

Over the course of today's call, we'll discuss our strong performance in the fourth quarter and the full year, and we'll also share our road map for 2021. I'm pleased to be joined on the call today by Sun Choe, our Chief Product Officer, who will provide an update on our product innovations; Meghan Frank, our Chief Financial Officer, who will speak to our fourth quarter financials and offer our guidance outlook for quarter 1 and the fiscal year of 2021; and Alex Grieve, our Controller, will also be available to answer any questions that you may have during the Q&A portion of the call.

在今天的電話會議中，我們將討論我們在第四季度和全年的強勁表現，我們還將分享 2021 年的路線圖。我很高興能夠參加今天的電話會議，我們的首席產品官 Sun Choe 將提供有關我們產品創新的最新信息；我們的首席財務官梅根·弗蘭克 (Meghan Frank) 將介紹我們第四季度的財務狀況，並提供我們對第一季度和 2021 財年的指導展望；我們的財務總監 Alex Grieve 也將在電話問答部分回答您可能提出的任何問題。

Let me start now by looking at 2020. Last year was another good reminder of the strength of our core product assortment. Even as guest apparel needs evolve throughout the year, our positioning around technical athletic product remained extremely relevant. People will always want to sweat and stay active, and our focus on innovative performance fabrics will continue to deliver unique solutions. We continue to execute against our growth plans, culminating with several notable wins in the fourth quarter. Meghan will share the financial metrics with you, but I wanted to give you a couple of highlights.

現在讓我開始展望 2020 年。去年再次很好地提醒了我們核心產品種類的實力。儘管賓客服裝需求全年不斷變化，但我們對技術運動產品的定位仍然非常重要。人們總是希望出汗並保持活躍，我們對創新性能面料的關注將繼續提供獨特的解決方案。我們繼續執行我們的增長計劃，最終在第四季度取得了幾項重大勝利。梅根將與您分享財務指標，但我想向您介紹一些亮點。

Starting with our e-commerce performance, which grew 92% on top of 41% growth in the previous year. We grew our women's business by nearly 20%, fueled by strong performance across all categories. And our international revenues grew 47% with growth across all regions, indicating just how well our brand translates across cultures and geographies. When looking at the full year, a few accomplishments really stand out for me. We grew total revenue by 11% in 2020 and with our second half growth accelerating to 23%, in the full year, we more than doubled our e-commerce business. We continue to bring product innovation to our guests, including a relaunch of our Everlux fabric, our recent launch of DrySense as well as further strengthening our assortment in our key activities of run, train and yoga. The guest response was very strong across all these product initiatives, and we'll continue to strengthen our pipeline of innovation in 2021 and beyond.

首先是我們的電子商務業績，在去年 41% 的基礎上增長了 92%。在所有類別的強勁表現的推動下，我們的女裝業務增長了近 20%。隨著所有地區的增長，我們的國際收入增長了 47%，這表明我們的品牌跨文化和地域的轉化程度。回顧全年，有一些成就對我來說確實很突出。 2020 年，我們的總收入增長了 11%，下半年增速加快至 23%，全年電子商務業務增長了一倍多。我們繼續為客人帶來產品創新，包括重新推出 Everlux 面料、最近推出的 DrySense 以及進一步加強我們在跑步、訓練和瑜伽等關鍵活動中的產品組合。客人對所有這些產品計劃的反應非常強烈，我們將在 2021 年及以後繼續加強我們的創新渠道。

We gained market share over the course of the fiscal year, as indicated by our nearly 1 point gain in retailer market share of the adult activewear market in the U.S. according to the NPD Group consumer tracking service. This was our largest annual share gain in recent history and was driven by gains in both men's and women's. We led powerfully through COVID-19, providing pay protection to our employees, creating our ambassador relief fund and honoring our financial commitments to both landlords and vendors. We successfully completed the MIRROR acquisition. We accelerated our work related to inclusion, diversity and equity. We released our first Impact Agenda, which details our goals related to how we will create positive change to support people, create access to well-being and our sustainability initiatives. And we achieved all of this and strengthened our financial position, ending the year with $1.2 billion of cash.

根據 NPD 集團消費者跟踪服務，我們在本財年中獲得了市場份額，美國成人運動服市場零售商市場份額增長了近 1 個百分點。這是我們近年來最大的年度份額增長，並且是由男性和女性的增長推動的。我們在應對新冠肺炎 (COVID-19) 疫情期間發揮了強有力的領導作用，為員工提供薪資保障，設立大使救濟基金，並履行我們對房東和供應商的財務承諾。我們成功完成了對 MIRROR 的收購。我們加快了與包容性、多樣性和公平相關的工作。我們發布了第一個影響議程，其中詳細介紹了我們的目標，包括如何創造積極的變革來支持人們、創造獲得福祉的機會以及我們的可持續發展計劃。我們實現了所有這些目標並增強了我們的財務狀況，年底現金達到 12 億美元。

When looking back at 2020, the fundamental drivers of our performance have been the same for the past 3 years, and the pandemic has only accelerated their importance in the lives of our guests. In addition, the trends that existed before the pandemic are even more important now and will only continue to grow post the pandemic. For example, people wanting to live an active and healthy lifestyle, combined with the growth in demand for technical athletic apparel that performs, and finally, the innate need to feel part of a community and to share a human connection with one another.

回顧 2020 年，我們業績的基本驅動力在過去 3 年中是相同的，而疫情只會加劇它們在客人生活中的重要性。此外，大流行之前存在的趨勢現在變得更加重要，並且在大流行之後只會繼續增長。例如，人們想要過一種積極健康的生活方式，加上對具有功能性的技術運動服裝的需求不斷增長，最後，人們天生需要感受到自己是社區的一部分，並與他人分享人與人之間的聯繫。

Even with these growing trends, you might have expected our on-the-move and casual products to have had a compelling impact on our success in 2020. However, that was not the case. In fact, our product design for performance represented approximately 67% of our total merchandise mix last year, which was a 4 point increase in penetration from the previous year. We keep creating unique and differentiated product solutions for our guests and their evolving needs. This success in developing technical innovation is guided by our proprietary Science of Feel platform. Consumer and health trends are only increasing, and we are in the early innings of our growth potential across channels, across regions, across genders and across activities.

即使趨勢不斷增長，您可能仍期望我們的移動和休閒產品會對我們 2020 年的成功產生引人注目的影響。但事實並非如此。事實上，去年我們的產品性能設計約占我們總商品組合的 67%，滲透率比前一年增加了 4 個百分點。我們不斷為我們的客人及其不斷變化的需求創造獨特和差異化的產品解決方案。技術創新的成功開發是由我們專有的“Science of Feel”平台引導的。消費者和健康趨勢只會增加，我們正處於跨渠道、跨地區、跨性別和跨活動增長潛力的早期階段。

So let's look at the year ahead. The foundational strategies of our Power of Three growth plan remain unchanged and continue to drive the innovation across the business. I'll now touch on our plans for stores, e-commerce, product, international and MIRROR. Our stores and the physical connection they provide to our guests remain incredibly important to us and are an integral part of our omnivision. In 2021, we'll be implementing a number of exciting initiatives, starting with the initiative to kickstart our stores. As operating constraints are removed, our teams are focused on accelerating our store productivity. We have a number of guests that only shop our stores, and we are focused on reengaging with them at the frequency they shopped with us before COVID-19.

那麼讓我們展望一下未來的一年。我們的“三強”增長計劃的基本戰略保持不變，並繼續推動整個業務的創新。我現在將談談我們在商店、電子商務、產品、國際和 MIRROR 方面的計劃。我們的商店及其為客人提供的物理聯繫對我們來說仍然非常重要，並且是我們全方位視野不可或缺的一部分。 2021 年，我們將實施一系列令人興奮的舉措，首先是啟動我們的商店。隨著運營限制的消除，我們的團隊專注於提高商店的生產力。我們有許多客人只在我們的商店購物，我們致力於以他們在 COVID-19 之前在我們商店購物的頻率重新與他們互動。

In addition, we have a significant number of new guests who engaged with us for the first time online last year. We are focused on extending our omni-relationship with them so they can more fully experience the brand and community connection our stores offer.

此外，我們還有大量去年首次在線與我們互動的新客人。我們致力於擴展與他們的全方位關係，以便他們能夠更充分地體驗我們商店提供的品牌和社區聯繫。

We will also be expanding our store base. We continue to be underpenetrated from a brick-and-mortar perspective across all our markets, including North America and around the world. We benefit considerably from the agile retail formats. And in 2021, we will fully leverage this strength, opening 40 to 50 new mainline lululemon locations globally. And finally, we will continue to enhance our omni-capabilities.

我們還將擴大我們的商店基礎。從實體角度來看，我們在所有市場（包括北美和世界各地）的滲透率仍然較低。我們從靈活的零售業態中受益匪淺。 2021 年，我們將充分利用這一優勢，在全球開設 40 至 50 個新的 lululemon 主線門店。最後，我們將繼續增強我們的全方位能力。

I'm excited to build upon the success of these new strategies we've rolled out towards the end of last year, including curbside pickup, virtual waitlist and the appointment shopping. These became guest favorites that elevated our in-store experience and demonstrated an area of opportunity going forward. I look forward to sharing more with you next quarter as Celeste Burgoyne and her team demonstrate the power of our stores.

我很高興能在去年年底推出的這些新策略取得成功的基礎上再接再厲，這些策略包括路邊取貨、虛擬候補名單和預約購物。這些成為客人的最愛，提升了我們的店內體驗，並展示了未來的機遇領域。我期待下個季度與您分享更多內容，因為 Celeste Burgoyne 和她的團隊將展示我們商店的力量。

2020 was an outstanding year for our e-commerce business as guest behavior accelerated. As a result, we are now able to reevaluate how high is high for our digital growth, especially in our international markets. 2020 has reset our expectations for what is possible. For example, our digital comps more than doubled for the full year and grew 92% in the fourth quarter, driven by a healthy combination of increases in traffic and conversion. These results were significantly ahead of our initial expectations and enabled us to achieve, 3 years early, our 2023 goal of doubling our e-commerce revenue from 2018 levels. We now have a very meaningful e-commerce business that is driving both new guest acquisition as well as strengthening our omni-guest relationships. Our channel investments will continue to focus on elevating the guest experience and further strengthening our foundation while we also test and learn new capabilities.

2020 年對於我們的電子商務業務來說是出色的一年，賓客行為加速。因此，我們現在能夠重新評估我們的數字增長有多高，尤其是在我們的國際市場上。 2020 年我們重新設定了對可能發生的事情的期望。例如，在流量和轉化率健康增長的推動下，我們的數字銷售額全年增長了一倍多，第四季度增長了 92%。這些結果大大超出了我們最初的預期，使我們提前 3 年實現了 2023 年電子商務收入比 2018 年水平翻一番的目標。我們現在擁有非常有意義的電子商務業務，它既能推動新客戶的獲取，又能加強我們的全方位客戶關係。我們的渠道投資將繼續專注於提升賓客體驗並進一步鞏固我們的基礎，同時我們還將測試和學習新功能。

The relationship we have with our guests in-store is unique and special for our brand. And our e-commerce vision is to create our online version of that relationship as well. Specifically, in 2021, our key e-commerce strategies are to elevate the guest experience by introducing more immersive category and franchise shops, investing in our product details page and enhancing our storytelling to bring the Science of Feel to life with new types of content and creative. We will continue to drive conversion by continuing to optimize the guest experience with further enhancements to search, browse, checkout, personalization and payment methods. We will accelerate our investments into the strength of our international business as we expand our omni-capabilities and localize the guest experience through local payment and delivery options. And we will keep investing to scale our foundation and enhance the guest experience by evolving our BOPUS and curb pickup capabilities, piloting same-day delivery from our stores in 9 key markets and refining and scaling our digital educator program.

我們與店內客人的關係對於我們的品牌來說是獨一無二的。我們的電子商務願景也是創建這種關係的在線版本。具體來說，2021年，我們的主要電子商務戰略是通過引入更多沉浸式品類和特許經營店、投資於我們的產品詳細信息頁面以及增強我們的故事講述來提升賓客體驗，以新型內容和創意將感覺科學帶入生活。我們將通過進一步增強搜索、瀏覽、結帳、個性化和支付方式來繼續優化賓客體驗，從而繼續推動轉化。隨著我們擴大全方位能力並通過本地支付和交付選項實現本地化客戶體驗，我們將加快對國際業務實力的投資。我們將繼續投資，通過發展我們的 BOPUS 和遏制提貨能力、在 9 個主要市場的商店試行當日送達服務以及完善和擴展我們的數字教育計劃，來擴大我們的基礎並增強賓客體驗。

Turning now to product. I couldn't be more excited with the pipeline and innovation the teams have untapped for 2021 and beyond. As I mentioned, we launched several new items last year: a combination of new fabrics, additional offerings in our key activities as well as ongoing enhancements to our core assortments. What's exciting about our product launch strategies is that they are bigger than just any single item. These launches, whether new franchise opportunities or strengthening our position within our key activities, provide significant future growth opportunities that we will keep innovating on. Building upon this momentum, in 2021, we will continue to leverage the Science of Feel platform to bring new technical solves across our assortments for both men and women. We are launching our Dual-Gender Run campaign this week. We're also introducing new tops within Train and On The Move. We are further expanding our core franchises, including Align and we are building towards the early 2022 launch of our technical footwear, which will allow us to provide guests with head-to-toe solutions. We expect another strong year of growth in 2021, with exciting launches planned across men's, women's, key categories and activities, all driven through innovation. We will have more to share with you as the year proceeds, and Sun will speak to you further in just a moment.

現在轉向產品。我對團隊在 2021 年及以後尚未開發的渠道和創新感到非常興奮。正如我所提到的，我們去年推出了幾款新產品：新面料的組合、我們關鍵活動中的附加產品以及對我們核心品種的持續增強。我們的產品發布策略的令人興奮之處在於它們比任何單一產品都更大。這些產品的推出，無論是新的特許經營機會還是加強我們在關鍵活動中的地位，都提供了重要的未來增長機會，我們將繼續創新。在此勢頭的基礎上，2021 年，我們將繼續利用 Science of Feel 平台，為我們的男士和女士產品系列帶來新的技術解決方案。我們本週將啟動雙性別跑步活動。我們還在 Train 和 On The Move 中推出了新的上衣。我們正在進一步擴大我們的核心特許經營權，包括 Align，並且我們正在努力於 2022 年初推出我們的技術鞋類，這將使我們能夠為客人提供從頭到腳的解決方案。我們預計 2021 年將是又一個強勁增長的一年，計劃在男裝、女裝、關鍵類別和活動中推出令人興奮的產品，所有這些都是通過創新驅動的。隨著這一年的進展，我們將與您分享更多內容，Sun 稍後將與您進一步交談。

I would now like to shift to our business outside of North America. In 2020, our international revenues grew 31%, and we remain on track to quadruple the business from 2018 levels in 2023. At only 14% penetration, we are in the very early days of our journey outside of North America. The growth is incredibly strong and we are showing how well our brand translates across cultures and geographies.

我現在想轉移到北美以外的業務。 2020 年，我們的國際收入增長了 31%，並且我們仍有望在 2023 年將業務量從 2018 年的水平翻兩番。我們的滲透率僅為 14%，正處於北美以外地區發展的初期階段。增長速度非常強勁，我們正在展示我們的品牌在不同文化和地域之間的轉化程度。

Our key 2021 strategies include organizing into 3 regions, led by our new EVP of International, Andre Maestrini. The regions, EMEA, Asia Pacific and China, each have respected regional leaders with clear accountability and responsibility for driving distinct growth plans. In EMEA, this includes building upon the strong online growth in 2020 as well as leaning into key markets such as Germany and the United Kingdom. In Asia Pacific, the opportunities include growing in critical markets such as Korea and Japan and in our long-established market of Australia and New Zealand. And in China, we will open our largest number of new stores this year, with the goal of adding 15 to 20 stores across both Tier 1 and Tier 2 cities in the mainland. The health and wellness trend is growing in this market, yet remains nascent. So there are considerable opportunities ahead for us.

我們 2021 年的關鍵戰略包括劃分為 3 個區域，由新任國際執行副總裁 Andre Maestrini 領導。歐洲、中東和非洲、亞太地區和中國等地區都尊重地區領導人，他們對推動獨特的增長計劃有明確的責任和責任。在歐洲、中東和非洲地區，這包括以 2020 年強勁的在線增長為基礎，以及向德國和英國等關鍵市場傾斜。在亞太地區，機遇包括在韓國和日本等關鍵市場以及我們歷史悠久的澳大利亞和新西蘭市場的增長。在中國，我們今年將開設最多的新店，目標是在內地一二線城市增加15至20家門店。該市場的健康趨勢正在增長，但仍處於萌芽階段。因此，我們面臨著巨大的機遇。

And on a regional basis, similar to how we currently operate in North America, we'll have a singular view of inventory by the end of the year. Not only will this enable us to leverage inventory across channels, but it will pave the way for the implementation of transactional omni-capabilities, starting with ship-from-store in the U.K. and Australia by the end of the year. I look forward to having Andre join us on some upcoming calls.

在區域基礎上，類似於我們目前在北美的運營方式，到年底我們將擁有單一的庫存視圖。這不僅使我們能夠跨渠道利用庫存，而且將為實現交易全方位功能鋪平道路，從今年年底開始在英國和澳大利亞從商店發貨。我期待安德烈加入我們參加即將舉行的一些電話會議。

I will now turn to the newest member of the family, MIRROR. We are very pleased with the performance of MIRROR in quarter 4 and over the course of the entire year as well. MIRROR generated approximately $170 million in revenue in 2020, including the period prior to our acquisition.

現在我要談談這個家族的最新成員，鏡子。我們對 MIRROR 第 4 季度以及全年的表現非常滿意。 MIRROR 在 2020 年創造了約 1.7 億美元的收入，包括我們收購之前的時期。

I'm excited about the long-term outlook for the at-home sweat industry. We started the process to purchase MIRROR before the global pandemic began because we believe in the opportunity to strengthen our community, further connect with our guests in their homes and provide new solutions for their workout needs. I don't expect the pandemic tailwinds to disappear once mass vaccinations have occurred. Guests were seeking more convenient at-home options before COVID-19, and they will continue to seek these options post the pandemic. And simply put, MIRROR is the most versatile at-home fitness platform available on the market today. We offer more live classes across more workouts than any other product. And our guests are responding with more than 2 users per household and the average member taking over 6 different types of workouts each month. This versatility drives frequent engagement and truly positions MIRROR as having something for everyone within every household. This unique position will continue to translate into meaningful growth as we strengthen our member relations, further engage with our community and drive financial performance. And we plan to continue to invest further into this advantage by adding even more live classes across more workout options while also investing in the overall guest experience in building this powerful community.

我對家庭汗水行業的長期前景感到興奮。我們在全球大流行開始之前就開始了購買 MIRROR 的過程，因為我們相信有機會加強我們的社區，進一步與我們的客人在家中建立聯繫，並為他們的鍛煉需求提供新的解決方案。我不認為一旦大規模接種疫苗，大流行的順風就會消失。在新冠肺炎 (COVID-19) 疫情爆發之前，客人一直在尋求更方便的居家選擇，而在疫情過後，他們將繼續尋求這些選擇。簡而言之，MIRROR 是當今市場上功能最齊全的家庭健身平台。與任何其他產品相比，我們提供更多的現場課程和更多的鍛煉。我們的客人的反應是，每個家庭有超過 2 名用戶，平均每個成員每月都會進行 6 種以上不同類型的鍛煉。這種多功能性推動了頻繁的參與，並真正將 MIRROR 定位為適合每個家庭中每個人的東西。隨著我們加強會員關係、進一步與社區互動並推動財務業績，這一獨特的地位將繼續轉化為有意義的增長。我們計劃繼續進一步投資於這一優勢，在更多鍛煉選項中添加更多現場課程，同時還投資於整體賓客體驗，打造這個強大的社區。

I would like now to share some of our key 2021 MIRROR strategies, starting with studios. We are adding 2 more production studios so that by the end of the year, we will have 3 studios allowing us to triple the number of live classes compared to our current offering. We now have 15 instructors on MIRROR with plans to add up to 7 more across multiple workout activities and all instructors are lululemon ambassadors. We'll continue to launch community engagement initiatives. We recently added the Community Camera feature, allowing members and instructors to see each other during the workout. This month, we added the Face-off feature, which allows 2 members to compete head-to-head during the class. We are kicking off our international expansion plans, starting with Canada, launching in time for the holiday period this year. And we will continue to leverage the lululemon ecosystem to raise awareness for MIRROR which remains one of our biggest opportunities. We will expand our shop-in-shop strategy to more than 200 locations in North America this year. We have many more exciting guest-facing innovations plan that we'll share throughout the year. Brin Putnam and her team at MIRROR continue to drive these exciting results and initiatives. I'm very pleased with the performance of MIRROR, a business that launched only 3 years ago. We see the opportunity to strategically invest in the business further by continuing to innovate the guest experience, drive guest acquisition and leverage the lululemon ecosystem for further market expansions. Meghan will provide some additional financial detail in a few moments, but we're anticipating another year of strong growth for MIRROR, with revenue expected to increase 50% to 65% to $250 million to $275 million in 2021.

我現在想分享我們 2021 年 MIRROR 的一些關鍵策略，首先從工作室開始。我們將再增加 2 個製作工作室，到今年年底，我們將擁有 3 個工作室，使我們的現場課程數量比目前的課程數量增加兩倍。我們現在在 MIRROR 上有 15 名教練，併計劃在多項鍛煉活動中增加 7 名教練，所有教練都是 lululemon 大使。我們將繼續發起社區參與計劃。我們最近添加了社區攝像頭功能，允許會員和教練在鍛煉期間看到彼此。本月，我們添加了對戰功能，允許 2 名成員在課堂上進行正面競爭。我們正在啟動國際擴張計劃，首先從加拿大開始，並在今年的假期期間及時推出。我們將繼續利用 lululemon 生態系統來提高對 MIRROR 的認識，這仍然是我們最大的機會之一。今年我們將把店中店戰略擴展到北美 200 多個地點。我們還有更多令人興奮的面向賓客的創新計劃，我們將在全年分享。 Brin Putnam 和她在 MIRROR 的團隊繼續推動這些令人興奮的成果和舉措。我對 MIRROR 這個剛推出三年的業務的表現感到非常滿意。我們看到了通過繼續創新客戶體驗、推動客戶獲取並利用 lululemon 生態系統進一步擴展市場的機會，進一步對業務進行戰略投資。梅根將在稍後提供一些額外的財務細節，但我們預計 MIRROR 又將迎來強勁增長的一年，預計 2021 年收入將增長 50% 至 65%，達到 2.5 億至 2.75 億美元。

Let me now turn it over to Sun. But before I do, I want to acknowledge the incredible work this team continues to create. I'm proud of how Sun and the team adjusted plans this past year to ensure a strong flow of product newness in 2020. In March and April last year, our teams reevaluated and reflowed our merchandise buys for the second half of the year. We continue to bring in new innovation to our guests while we leaned into our core styles and reduced the more seasonal elements of the assortment. Looking forward, we're using our learnings from last year to inform future buys. I'm excited with our product strategies that include an increased flow of newness and technical innovations relative to last year. Sun, over to you.

現在讓我把它交給Sun。但在此之前，我想感謝這個團隊繼續創造的令人難以置信的工作。我為 Sun 和團隊在過去的一年中調整計劃以確保 2020 年新產品的強勁流動感到自豪。去年 3 月和 4 月，我們的團隊重新評估並重新安排了下半年的商品採購。我們繼續為客人帶來新的創新，同時專注於我們的核心風格並減少品種中更多的季節性元素。展望未來，我們將利用去年的經驗教訓為未來的購買提供信息。我對我們的產品戰略感到興奮，其中包括與去年相比增加的新產品和技術創新。太陽，交給你了。

Thanks, Calvin. I'm happy to be here to share details regarding our product innovation road map for the year ahead. 2020 was a great year for us from an innovation standpoint, but it wasn't perfect as we were forced to navigate the COVID-19 environment. We have significant opportunity in 2021 to increase our cadence of innovation. Our product team will continue to bring to market merchandise that is technical, while also offering the versatility that our guests demand as they add new dimensions to the way they live the sweat life. We continue to leverage our Science of Feel innovation platform to solve guests' unmet needs and drive expansion in our 4 major product areas across Run, Train, Yoga and On The Move.

謝謝，卡爾文。我很高興能在這里分享有關我們未來一年產品創新路線圖的詳細信息。從創新的角度來看，2020 年對我們來說是偉大的一年，但它並不完美，因為我們被迫應對 COVID-19 環境。 2021 年，我們有重大機會加快創新節奏。我們的產品團隊將繼續向市場推出技術性產品，同時提供客人所需的多功能性，因為他們為汗水生活的方式增添了新的維度。我們繼續利用 Science of Feel 創新平台來解決賓客未滿足的需求，並推動跑步、訓練、瑜伽和移動等 4 個主要產品領域的擴張。

Last year, while guests adapted to the new normal of working and sweating from home, their desire for technical athletic apparel that seamlessly transitions with them from activity to activity remains strong, and we delivered. Highlights include a relaunch of our proprietary Everlux fabric in new styles, expanding our Align franchise into tops with the launch of the Align Tank and for the first time, we offered some of our best-performing styles in a more inclusive size range.

去年，雖然客人適應了在家工作和出汗的新常態，但他們對能夠在不同活動之間無縫過渡的技術運動服裝的渴望仍然強烈，我們做到了。亮點包括重新推出我們專有的 Everlux 面料的新款式、通過推出 Align Tank 將我們的 Align 專營權擴展到上衣領域，以及我們首次以更具包容性的尺碼範圍提供一些性能最佳的款式。

In men's, we saw particular strength in shorts with our 3 core styles, the T.H.E., Surge and Pace Breaker, all performing well throughout the year. Also exciting is our recent launch of the License to Train shorts. This short expands our train offering for men, is made from abrasion-resistant fabric and is suitable for many types of sweaty pursuits, including weight training and trail running. Guest response has been strong, and the License To Train shorts is helping grow our big 3 core shorts for men into the big 4.

在男裝方面，我們看到了短褲的特殊優勢，我們的 3 種核心款式（T.H.E.、Surge 和 Pace Breaker）全年都表現出色。同樣令人興奮的是我們最近推出的“培訓許可證”短片。這款短褲擴展了我們的男士訓練服系列，採用耐磨面料製成，適合多種出汗運動，包括舉重訓練和越野跑。顧客反響強烈，License To Train 短褲正在幫助我們將男式 3 大核心短褲發展成為 4 大核心短褲。

In Q4, our guests responded well to our holiday merchandise offerings, which included special edition products across our highly coveted Wunder Under and Align franchises in women's and our City Sweat and In My franchises for men. We saw broad-based strength across all of our major merchandise categories with high teens revenue growth in women's, men's and accessories.

第四季度，我們的客人對我們的節日商品反應良好，其中包括我們備受追捧的 Wunder Under 和 Align 女裝專營店以及我們的 City Sweat 和 In My 男裝專營店的特別版產品。我們看到所有主要商品類別都有廣泛的實力，女裝、男裝和配飾的青少年收入增長強勁。

Drilling down a bit, outerwear, shorts, bras, underwear and equipment were particularly strong classifications, all experiencing revenue growth in excess of the high teens. Our men's business continued to strengthen with Q4 being our strongest quarter of the year. The resurgence we saw in our fixed waistband bottom towards the end of Q3 continued and as men generally prefer to shop our brick-and-mortar channel, we look for further strengthening as our stores remain open and capacity constraints subside.

深入研究一下，外套、短褲、胸罩、內衣和裝備是特別強勁的類別，所有類別的收入增長都超過了十幾歲。我們的男裝業務繼續加強，第四季度是我們今年最強勁的季度。我們在第三季度末看到固定腰帶底部的複蘇仍在繼續，並且由於男性普遍更喜歡在我們的實體渠道購物，隨著我們的商店保持開放和產能限制的消退，我們尋求進一步加強。

Let me shift gears and share some highlights on our product outlook for 2021. We firmly believe that the desire to live an active and healthy lifestyle has only strengthened over the last year. Our apparel, developed under the Science of Feel innovation lens, is designed to offer technical solve while also providing versatility and comfort. This positions us extremely well as our guests continue to find new ways to sweat now and in the future.

讓我換個話題，分享一下我們 2021 年產品展望的一些亮點。我們堅信，在過去的一年裡，人們對積極健康生活方式的渴望有增無減。我們的服裝是在“感覺科學”創新鏡頭下開發的，旨在提供技術解決方案，同時提供多功能性和舒適性。這使我們處於非常有利的地位，因為我們的客人現在和將來都會繼續尋找新的出汗方式。

Looking forward, we have plenty of innovation on the way for 2021, and we have hit the ground running. In Q1, we made some major moves in men's tops with 2 very exciting franchises, the Fundamental T and DrySense. The Fundamental top, which comes in long sleeve, short sleeve and sleeveless, offers a perfect combination of technicality and comfort. The fabric offers stretch, abrasion resistance, anti-stink and quick dry, all while having a cottony soft feel on the skin. While we made the short to expand our On The Move assortment, the versatility of the design also makes it perfect for hikes, runs, cross-training and other sweaty pursuits.

展望未來，我們在 2021 年將推出大量創新，並且已經開始行動。在第一季度，我們在男士上衣領域做出了一些重大舉措，推出了兩個非常令人興奮的系列：Fundamental T 和 DrySense。 Fundamental 上衣有長袖、短袖和無袖款式，完美結合了技術性和舒適性。該面料具有彈性、耐磨、防臭和快乾的特點，同時給皮膚帶來棉質柔軟的感覺。雖然我們製作這款短褲是為了擴大我們的 On The Move 系列，但其多功能性設計也使其非常適合遠足、跑步、交叉訓練和其他出汗活動。

Our DrySense franchise expands our train assortment and offers unique solutions for our guests through exceptional moisture wicking and additional technical features, including underarm gussets for increased mobility, a locker loop for easy hanging and the polyester component of the fabric is completely recycled.

我們的 DrySense 特許經營權擴大了我們的火車產品種類，並通過卓越的吸濕排汗和附加技術功能為我們的客人提供獨特的解決方案，包括用於增加活動性的腋下角撐板、易於懸掛的鎖環以及完全回收的面料聚酯成分。

In women, we'll continue to bring technical solves across our major categories of Run, Train, Yoga and On The Move. In Q1, we further leveraged our Align franchise and we now offer pockets in both long and short styles. Guests loved this added feature to our #1 pant franchise and response in the launch has been fantastic. I'm also excited with the recent launch of our Swift Speed running tight. It's made from a proprietary Luxtreme fabric, which offers low friction, is breathable, wicks sweat and is cool to the touch. In addition, there are no inseams which provides for a distraction-free run.

對於女性，我們將繼續在跑步、訓練、瑜伽和運動等主要類別中提供技術解決方案。在第一季度，我們進一步利用了 Align 專營權，現在提供長款和短款的口袋。客人們非常喜歡我們排名第一的褲子系列的這一附加功能，並且在發布後的反響非常好。我也對最近推出的 Swift Speed 運行緊緻感到興奮。它由專有的 Luxtreme 面料製成，摩擦力低、透氣、排汗且觸感涼爽。此外，沒有內縫，讓跑步時不會分心。

Later this year, we'll be launching our new high support bras, solving from movement management during runs and beyond. The air support bra is made with our proprietary Untralu fabric for a barely-there feel and was developed with insights from your signature movement experience that measured guest's unique movement profiles.

今年晚些時候，我們將推出新款高支撐文胸，解決跑步期間及之後的運動管理問題。空氣支撐文胸採用我們專有的 Untralu 面料製成，具有幾乎不存在的感覺，並且是根據您的標誌性運動經驗的見解而開發的，該經驗測量了客人獨特的運動輪廓。

We're also excited to reveal our special accessories capsule featuring Mylo, an infinitely renewable mycelium that highlights the role sustainable innovation can play in the future of fashion and retail.

我們還很高興地展示我們的特殊配飾膠囊，其中包含 Mylo，這是一種無限可再生的菌絲體，強調可持續創新在未來時尚和零售業中可以發揮的作用。

In closing, I'm thrilled that our Science of Feel innovation platform, which has fueled our momentum for the past several years, has only gotten stronger. Our brand is perfectly positioned to help our guests live into the sweat life any way they choose as our product not only offers technicality, but also comfort, versatility and beauty. Our pipeline of innovation for the coming year is robust, and we're already off to a strong start. I'd like to thank our product teams across the globe for their unwavering dedication to finding new technical solves for our guests and their invaluable contribution to our strong financial results. And now over to Meghan to take you through our financials. Meghan?

最後，我很高興我們的感覺科學創新平台在過去幾年中推動了我們的發展勢頭，並且變得更加強大。我們的品牌完全定位於幫助我們的客人以他們選擇的方式享受汗水生活，因為我們的產品不僅提供技術性，而且提供舒適性、多功能性和美觀性。我們來年的創新渠道非常強勁，並且已經有了一個良好的開端。我要感謝我們遍布全球的產品團隊堅定不移地致力於為我們的客人尋找新技術解決方案，並為我們強勁的財務業績做出了寶貴貢獻。現在請梅根帶您了解我們的財務狀況。梅根？

Thanks, Sun. We are proud of our 2020 results in a challenging environment and are entering 2021 in a strong financial position. We pivoted our investments in 2020 to ensure we were prepared for multiple operational scenarios over our peak holiday period. The fourth quarter was impacted by more COVID-19-related store closures and capacity constraints than we originally anticipated. And we were pleased to deliver revenue growth of 24%, ahead of our expectations.

謝謝，孫。我們對在充滿挑戰的環境中取得的 2020 年業績感到自豪，並以強勁的財務狀況進入 2021 年。我們在 2020 年調整了投資，以確保為假期高峰期的多種運營場景做好準備。第四季度受到與 COVID-19 相關的商店關閉和產能限制的影響比我們最初預期的要多。我們很高興實現 24% 的收入增長，超出了我們的預期。

In looking at 2021, we're excited about our momentum headed into the year and the opportunities in front of us. And we expect our top line growth to exceed the annual targets as laid out in our Power of Three growth plan. Also, as Calvin mentioned, we're very pleased with the performance of MIRROR, which has exceeded our initial expectations and we have made the strategic decision to continue investing in innovation and building brand awareness to drive the long-term value of the MIRROR business. This will have near-term implications for SG&A, but I will touch on it further in a moment.

展望 2021 年，我們對今年的勢頭和麵前的機遇感到興奮。我們預計我們的收入增長將超過我們的“三動力增長計劃”中規定的年度目標。此外，正如 Calvin 提到的，我們對 MIRROR 的表現非常滿意，它超出了我們最初的預期，我們已做出戰略決策，繼續投資創新和建立品牌知名度，以推動 MIRROR 業務的長期價值。這將對 SG&A 產生短期影響，但我稍後會進一步討論。

Let me share with you the details of our Q4 performance. I will also discuss specifics on our balance sheet, including our cash position, liquidity and inventories. Please note that the adjusted Q4 financial metrics I will share include the operating results of MIRROR but excludes $7.8 million of acquisition-related costs and our associated tax effect. You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

讓我跟大家分享一下我們第四季度業績的細節。我還將討論我們資產負債表的具體細節，包括我們的現金狀況、流動性和庫存。請注意，我將分享的調整後的第四季度財務指標包括 MIRROR 的運營業績，但不包括 780 萬美元的收購相關成本和我們的相關稅收影響。您可以參閱我們的收益發布，了解更多信息以及我們的 GAAP 指標的調節情況。

For Q4, total net revenue increased 24% to $1.7 billion, above our expectations for a mid-to-high teens increase. This included a 21% increase in North America and a 47% increase in our international business. In our digital channel, we posted a 92% comp increase on top of a 41% increase last year. e-com contributed approximately $900 million of top line or 52% of total revenue. We continue to see notable strength in traffic and conversion. Traffic was driven by channel shift, coupled with investments in digital marketing, and conversion continues to benefit from guest response to our product and the investments we've made in our global digital platform to improve guest experience.

第四季度，總淨收入增長 24%，達到 17 億美元，高於我們對中高青少年增長的預期。其中北美業務增長 21%，國際業務增長 47%。在我們的數字渠道中，我們公佈的薪酬增幅比去年的 41% 還要高出 92%。電子商務貢獻了約 9 億美元的營收，佔總收入的 52%。我們繼續看到流量和轉化率的顯著增長。流量是由渠道轉變以及數字營銷投資推動的，而轉化率繼續受益於賓客對我們產品的反應以及我們為改善賓客體驗而在全球數字平台上進行的投資。

In our store channel, we had 88% of our stores open on average and saw productivity of 71% of last year's volume, in line with our expectations. Square footage increased 11% versus last year, driven by the addition of 30 net new stores since Q4 of 2019. During the quarter, we opened 6 net new stores and completed 9 planned optimizations. Gross profit for the fourth quarter was approximately $1 billion or 58.6% of net revenue compared to 58% of net revenue in Q4 2019. Our gross margin increase of 60 basis points was driven by 190 basis points of leverage on occupancy, depreciation and product team costs and 20 basis points of favorability in foreign exchange. This was partially offset by an 80 basis point decrease in product margin, primarily due to higher airfreight costs related to COVID-19 and higher markdowns, and 70 basis points of deleverage on DC costs, predominantly related to COVID-19.

在我們的商店渠道中，我們的商店平均開業率為 88%，生產率為去年銷量的 71%，符合我們的預期。自 2019 年第四季度以來，淨新開店 30 家，推動面積較去年增加 11%。本季度，我們淨開設 6 家新店，並完成 9 項計劃優化。第四季度的毛利潤約為 10 億美元，占淨收入的 58.6%，而 2019 年第四季度占淨收入的 58%。我們的毛利率增長了 60 個基點，這得益於入住率、折舊和產品團隊成本的 190 個基點的槓桿以及 20 個基點的外匯優惠。這被產品利潤率下降 80 個基點部分抵消，主要是由於與 COVID-19 相關的空運成本上升和降價幅度加大，以及主要與 COVID-19 相關的 DC 成本去槓桿化 70 個基點。

Moving to SG&A. Our approach in the current environment has been to prudently manage our expenses while also ensuring we continue to invest in our long-term growth opportunities. SG&A expenses were $545 million or 31.5% of net revenue compared to 28.2% of net revenue in Q4 2019. The deleverage in the quarter resulted predominantly from marketing investment associated with MIRROR, coupled with the impact of store closures, capacity constraints and COVID-19-related costs, partially offset by leverage on corporate overhead due to our 2020 expense reduction initiatives and strength of our top line. Foreign exchange also had a negative impact on SG&A in the quarter.

轉向 SG&A。在當前環境下，我們的做法是審慎管理開支，同時確保我們繼續投資於長期增長機會。 SG&A 費用為 5.45 億美元，占淨收入的 31.5%，而 2019 年第四季度占淨收入的 28.2%。本季度的去槓桿化主要來自與 MIRROR 相關的營銷投資，再加上商店關閉、產能限制和 COVID-19 相關成本的影響，部分被我們 2020 年費用削減計劃和營收實力所帶來的公司管理費用槓桿所抵消。外匯也對本季度的銷售、管理和管理費用產生了負面影響。

Adjusted operating income for the quarter was $466 million or 26.9% of net revenue compared to 29.8% of net revenue in Q4 2019. Adjusted tax expense for the quarter was $127 million or 27.4% of pretax earnings compared to an effective tax rate of 28.8% a year ago. The reduction in tax rate relative to last year was primarily due to additional deductions obtained in select international jurisdictions. Adjusted net income for the quarter was $337 million or $2.58 per diluted share compared to earnings per diluted share of $2.28 in Q4 of 2019. Capital expenditures were $58 million for the quarter compared to $69 million in the fourth quarter last year. Q4 spend relates primarily to digital channel and analytics capabilities, supply chain investment, technology spend to support our business growth and store capital for new locations, relocations and renovations.

本季度調整後營業收入為 4.66 億美元，占淨收入的 26.9%，而 2019 年第四季度占淨收入的 29.8%。本季度調整後稅務費用為 1.27 億美元，佔稅前收益的 27.4%，而一年前的有效稅率為 28.8%。稅率相對於去年的下降主要是由於在某些國際司法管轄區獲得的額外扣除。本季度調整後淨利潤為 3.37 億美元，即稀釋後每股收益 2.58 美元，而 2019 年第四季度稀釋後每股收益為 2.28 美元。本季度資本支出為 5800 萬美元，去年第四季度為 6900 萬美元。第四季度的支出主要涉及數字渠道和分析能力、供應鏈投資、支持我們業務增長的技術支出以及用於新地點、搬遷和翻新的商店資本。

Turning to our balance sheet highlights. We ended the quarter with over $1.5 billion of total liquidity. We had approximately $1.2 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory grew 25% versus last year and was $647 million at the end of Q4. We expect levels at the end of Q1 to increase approximately 15% relative to Q1 2020. While we are seeing some delayed inventory receipts due to the issues at the ports, we are comfortable with the level and composition of our inventory and we are positioned well as we enter the spring season. I'll provide additional detail on this when I offer our gross margin guidance.

轉向我們的資產負債表亮點。本季度結束時，我們的流動資金總額超過 15 億美元。我們的循環信貸額度下擁有約 12 億美元的現金和現金等價物以及近 4 億美元的可用能力。截至第四季度末，庫存比去年增長 25%，達到 6.47 億美元。我們預計第一季度末的水平將比 2020 年第一季度增加約 15%。雖然我們看到由於港口問題導致一些庫存接收延遲，但我們對庫存水平和構成感到滿意，並且在進入春季時我們處於有利位置。當我提供毛利率指導時，我將提供更多詳細信息。

We have $500 million of availability on our current share repurchase authorization. We've repurchased nearly $1.4 billion of our stock over the last 6 years, and we continue to believe share repurchases are an effective method of returning cash to shareholders.

我們目前的股票回購授權有 5 億美元的可用空間。過去 6 年裡，我們回購了近 14 億美元的股票，我們仍然相信股票回購是向股東返還現金的有效方法。

Let me shift now to our outlook for Q1 and the full year 2021. We're excited with our sales trend as we enter the new year. We have more stores opened now than we did in Q4, and our guests are responding well to our new innovations as well as the core styles in our spring assortment. We remain focused on continuing to leverage our omni model and digital strength. And we're planning for multiple operational scenarios as we navigate the continued uncertainties stemming from COVID-19.

現在讓我談談對第一季度和 2021 年全年的展望。進入新的一年，我們對我們的銷售趨勢感到興奮。我們現在新開的商店比第四季度多，我們的客人對我們的新創新以及春季產品系列的核心款式反應良好。我們仍然專注於繼續利用我們的全方位模式和數字優勢。在應對 COVID-19 帶來的持續不確定性時，我們正在規劃多種運營場景。

As we anniversary store closures, we are focused on 2-year top line CAGRs to normalize for the disruption of business trends last year. I will also offer some color on gross margin and SG&A relative to 2019 for Q1 given the significant impact from store closures we experienced during the first half of 2020.

在我們關閉商店週年紀念日之際，我們將重點放在兩年營收復合年增長率上，以應對去年業務趨勢的中斷。考慮到我們在 2020 年上半年經歷的商​​店關閉所帶來的重大影響，我還將對 2019 年第一季度的毛利率和銷售管理費用進行一些說明。

For Q1, we expect revenue in the range of $1.1 billion to $1.13 billion, representing a 2-year CAGR of 19% at the midpoint. In terms of stores, we currently have approximately 96% of our stores open across the globe, an improvement relative to Q4. However, we continue to experience the effects of COVID-19 in several markets. On a 2-year CAGR basis, we expect stores to be flat to slightly negative, with e-com growing at approximately 50%. We expect gross margin in Q1 to increase significantly from last year's COVID-impacted quarter and also be 50 to 100 basis points higher than Q1 of 2019. Relative to 2019, our gross margin is benefiting from a higher e-com penetration and leverage on occupancy and depreciation due to pulling back somewhat on new store openings in 2020 as well as a level of rent reductions. Our Q1 guidance reflects pressure from air freight costs due to port congestion and capacity constraints. We are strategically using airfreight to ensure we are able to meet guest demand, and we'll continue to closely monitor as we move throughout 2021.

對於第一季度，我們預計收入在 11 億美元至 11.3 億美元之間，兩年復合年增長率中點為 19%。就門店而言，目前我們約 96% 的門店遍布全球，較第四季度有所改善。然而，我們仍在多個市場中感受到新冠肺炎 (COVID-19) 的影響。根據 2 年復合年增長率計算，我們預計商店的複合年增長率將持平或略有下降，其中電子商務的增長率約為 50%。我們預計第一季度的毛利率將比去年受新冠疫情影響的季度大幅增加，也將比 2019 年第一季度高出 50 到 100 個基點。與 2019 年相比，我們的毛利率受益於電子商務滲透率的提高以及由於 2020 年新店開張數量有所回落以及租金降低水平而對入住率和折舊的槓桿作用。我們第一季度的指引反映了由於港口擁堵和運力限製而帶來的空運成本壓力。我們戰略性地利用空運來確保能夠滿足客人的需求，並且我們將在 2021 年的行動中繼續密切關注。

In Q1, we expect SG&A leverage versus 2020, but deleverage of approximately 400 basis points relative to 2019. Drivers of the deleverage versus 2019 include: COVID-related costs, including labor and PPE; higher depreciation due to accelerated investments to support our e-com business in 2020 and 2021; consolidation of MIRROR's results this year but not in the prior year; and our strategic decision to increase investment in MIRROR in 2021. While the business is still in its early stages and represents less than 5% of our total revenue, MIRROR sales exceeded our initial expectations in 2020. Given the current momentum in the at-home fitness category, we now see an even greater opportunity than we did at the time of the acquisition. The value in the MIRROR business model is the lifetime value of their guests, and we're going to invest into the current category strength to maximize the long-term value of this asset.

在第一季度，我們預計 SG&A 槓桿率與 2020 年相比，但相對 2019 年去槓桿化約為 400 個基點。與 2019 年相比，去槓桿化的驅動因素包括： 與新冠病毒相關的成本，包括勞動力和 PPE；由於 2020 年和 2021 年為支持我們的電子商務業務而加速投資，折舊率更高；合併 MIRROR 今年的業績，但不合併上一年的業績；以及我們在 2021 年加大對 MIRROR 投資的戰略決策。雖然該業務仍處於早期階段，占我們總收入的比例還不到 5%，但 MIRROR 2020 年的銷售額超出了我們最初的預期。鑑於目前家庭健身類別的勢頭，我們現在看到了比收購時更大的機會。 MIRROR 商業模式的價值是其客人的終生價值，我們將投資於當前的類別優勢，以最大限度地提高該資產的長期價值。

Turning to EPS. We expect adjusted earnings per share in the first quarter to be in the range of $0.86 to $0.90 versus EPS of $0.22 a year ago. This includes operating results from MIRROR but excludes acquisition and integration-related costs. As a reminder, we reported EPS of $0.74 in Q1 of 2019. For the full year 2021, we expect revenue to be in the range of $5.55 billion to $5.65 billion. This range includes $250 million to $275 million from MIRROR and assumes our e-com business grows modestly relative to the outsized strength we experienced in 2020 as we expect the majority of stores to be opened in 2021.

轉向每股收益。我們預計第一季度調整後每股收益將在 0.86 美元至 0.90 美元之間，而去年同期每股收益為 0.22 美元。這包括 MIRROR 的運營結果，但不包括收購和整合相關成本。提醒一下，我們報告的 2019 年第一季度每股收益為 0.74 美元。對於 2021 年全年，我們預計收入將在 55.5 億美元至 56.5 億美元之間。這一範圍包括來自 MIRROR 的 2.5 億至 2.75 億美元，並假設我們的電子商務業務相對於我們在 2020 年經歷的巨大實力而言略有增長，因為我們預計大多數商店將於 2021 年開業。

By quarter, we expect the most robust e-com growth in Q1, a decline in Q2 as we anniversary the height of COVID-related channel shift in our online warehouse sale and then modest growth in Q3 and Q4. When looking at total revenue, our guidance range implies a 2-year CAGR of 19% at the midpoint, which is in line with our 3-year revenue CAGR of 19%, leading up to 2020 and is ahead of the low-teens CAGR contemplated in our Power of Three growth plan.

按季度來看，我們預計第一季度電子商務增長最為強勁，第二季度將出現下滑，因為我們的在線倉庫銷售中與新冠病毒相關的渠道轉變達到了高峰，然後第三季度和第四季度將出現溫和增長。在考慮總收入時，我們的指導範圍意味著中點的 2 年復合年增長率為 19%，這與我們截至 2020 年的 3 年收入複合年增長率 19% 一致，並且領先於我們的“三動力”增長計劃中設想的低雙位數複合年增長率。

We expect to open 40 to 50 net new company-operated stores in 2021. This includes approximately 30 to 35 stores in our international markets and represents a square footage percentage increase in the low double digits. We expect gross margin for the year to expand between 100 and 150 basis points compared to the modest increase we saw in 2020. We expect gross margin increases relative to 2020 in each quarter of the year, with the largest increase expected in Q1. For the year, the anticipated margin expansion includes approximately 50 basis points of negative impact from additional freight costs, but is still in excess of our Power of Three growth plan, which assumes modest gross margin expansion annually. The outperformance is expected to be driven primarily by a shift relative to our initial plans and investment from new store openings and remodels towards digital capabilities, which impacts SG&A.

我們預計到 2021 年將淨開設 40 至 50 家公司自營商店。這包括我們國際市場上的約 30 至 35 家商店，面積百分比以低兩位數增長。與 2020 年的小幅增長相比，我們預計今年的毛利率將擴大 100 至 150 個基點。我們預計今年每個季度的毛利率將較 2020 年有所增長，預計第一季度的增幅最大。今年預期的利潤率擴張包括額外貨運成本帶來的約 50 個基點的負面影響，但仍超過我們的“三冪”增長計劃，該計劃假設毛利率每年適度增長。預計業績優異主要是由於我們最初的計劃和投資從新店開業和改造轉向數字化能力的轉變，這影響了銷售管理費用。

When looking at SG&A for the year, we expect deleverage of 50 to 100 basis points versus 2020, which is in excess of what was contemplated within our Power of Three plan. Drivers of the deleverage include consolidation of MIRROR for the full year and increased investment in MIRROR brand building. Relative to 2020, we expect predominantly all the deleverage to impact the second and third quarters. We expect our effective tax rate for the year to be similar to 2020, with the Q1 rate being lower than the other quarters. We expect our fiscal year 2021 adjusted diluted earnings per share to be in the range of $6.30 to $6.45. Our EPS guidance assumes modest dilution from MIRROR in the range of 3% to 5%, excluding acquisition and integration-related costs. We're excited with the momentum we're seeing in this business, particularly the growing community of people sweating with MIRROR, which contributes to increased brand awareness and strong long-term financial returns. But as I mentioned earlier, MIRROR remains early in its life cycle and we've made the strategic decision to invest more than initially anticipated to build long-term value in this business.

在考慮今年的銷售管理、一般行政費用時，我們預計與 2020 年相比，去槓桿化將達到 50 至 100 個基點，這超出了我們“三力”計劃中的預期。去槓桿化的驅動因素包括MIRROR全年的整合以及MIRROR品牌建設投資的增加。相對於 2020 年，我們預計所有去槓桿化將主要影響第二和第三季度。我們預計今年的有效稅率與 2020 年類似，第一季度的稅率低於其他季度。我們預計 2021 財年調整後的稀釋每股收益將在 6.30 美元至 6.45 美元之間。我們的 EPS 指引假設 MIRROR 適度稀釋在 3% 至 5% 範圍內，不包括收購和整合相關成本。我們對這項業務的發展勢頭感到興奮，特別是不斷壯大的 MIRROR 社區，這有助於提高品牌知名度和強勁的長期財務回報。但正如我之前提到的，MIRROR 仍處於其生命週期的早期階段，我們已做出戰略決策，進行比最初預期更多的投資，以在該業務中建立長期價值。

Capital expenditures are expected to be approximately $335 million to $345 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.

2021 年的資本支出預計約為 3.35 億至 3.45 億美元。與 2020 年相比的增長反映了我們對供應鏈、數字能力、新店開業和翻修（包括 MIRROR 店中店以及其他技術和一般企業基礎設施項目）的投資增加。

I've already provided our guidance on Q1, but let me share some additional details to keep in mind as we model out the rest of the year. Taking into account my prior remarks on gross margin, SG&A and tax, you will see that we expect adjusted EPS growth in each quarter of the year relative to 2020, with the rate of growth likely below that currently implied by FactSet consensus in Q2 and Q3 and relatively in line with consensus in Q4. As I mentioned earlier, we're pleased with our momentum at the start of the year, and we are excited with the opportunities in front of us in 2021.

我已經提供了第一季度的指導，但讓我分享一些額外的細節，在我們對今年剩餘時間進行建模時要記住。考慮到我之前對毛利率、SG&A 和稅收的評論，您會發現我們預計今年每個季度相對於 2020 年調整後的每股收益增長，增長率可能低於 FactSet 目前在第二季度和第三季度的共識所暗示的水平，與第四季度的共識相對一致。正如我之前提到的，我們對年初的勢頭感到滿意，並對 2021 年擺在我們面前的機遇感到興奮。

Before handing it back to Calvin, I want to thank our teams across the globe for their agility and commitment to our brand every day, which drives our financial strength. And now back to Calvin for some closing remarks.

在將其交還給 Calvin 之前，我要感謝我們全球各地的團隊每天的敏捷性和對我們品牌的承諾，這推動了我們的財務實力。現在回到卡爾文做一些結束語。

Thanks, Meghan. In closing, I would like to reiterate how pleased we are with how lululemon performed over the quarter and the full year. We see many opportunities to build upon this year's performance by leaning into our strengths: innovative product, expanding our omni-capabilities and continuing to grow around the world. As I mentioned, when we look back at 2020, I believe we will see this as a pinnacle moment for lululemon when we were able to pull forward many future innovations that will create upside for the brand well into the future. All of us on the leadership team are grateful for the continued support and loyalty of our employees, our ambassadors and our guests who continue to be there for one another and make these results possible. And with that, Sun, Meghan, Alex and I would be happy to take your questions. Operator?

謝謝，梅根。最後，我想重申我們對 lululemon 在本季度和全年的表現感到非常滿意。我們看到了許多機會，可以通過發揮我們的優勢來鞏固今年的業績：創新產品、擴展我們的全方位能力以及在全球範圍內繼續發展。正如我所提到的，當我們回顧 2020 年時，我相信我們將把這視為 lululemon 的巔峰時刻，屆時我們將能夠推進許多未來創新，為該品牌在未來創造上行空間。我們領導團隊的所有人都感謝我們的員工、大使和客人的持續支持和忠誠，他們繼續相互支持，使這些成果成為可能。孫、梅根、亞歷克斯和我很樂意回答你們的問題。操作員？

(Operator Instructions) The first question comes from Lorraine Hutchinson with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Lorraine Hutchinson。

I want to just focus on the investments in MIRROR for a minute. The 3% to 5% dilution, you're obviously above what you had initially expected and I think what we were all expecting. So in light of that, can you just maybe frame out your expectations for the long-term opportunities of the business that are getting you so excited about this -- the ability to invest now in the content?

我想重點關註一下 MIRROR 的投資。 3% 到 5% 的稀釋，顯然超出了您最初的預期，我認為也是我們所有人的預期。因此，有鑑於此，您是否可以闡述一下您對業務長期機會的期望，這些機會讓您對此感到如此興奮——現在投資於內容的能力？

Yes. Lorraine, it's Meghan. So as we mentioned, MIRROR sales in 2020 exceeded our initial expectations at approximately $170 million. And we did guide to $250 million to $275 million for 2021. They are still very early in their life cycle and the path to profitability there is very much within our control. That said, looking at the business, the value is really in the long term and the long-term value of the subscription revenue. So we've learned a lot since we purchased the business and COVID created an even greater opportunity than we saw at that time. And we're going to invest behind the momentum we see in that business to really drive that long-term value. And you heard Calvin talk a little bit about some of the key investment areas that include adding production studios, adding an instructor -- instructors to the base, launching new features and then expansion into Canada as well as importantly, over 200 shop-in-shops in our North America lululemon stores. In terms of the long-term opportunity for the business, I think we'll continue to learn a lot in 2021. We're not going to put a time point on it right now, but we'll continue to share more as we create our plans for 2022 and beyond.

是的。洛林，是梅根。正如我們提到的，MIRROR 2020 年的銷售額超出了我們最初的預期，約為 1.7 億美元。我們確實指導 2021 年的收入為 2.5 億至 2.75 億美元。它們仍處於生命週期的早期階段，盈利之路在我們的控制範圍內。也就是說，從業務角度來看，價值確實是長期的，也是訂閱收入的長期價值。因此，自從我們購買了該業務以來，我們學到了很多東西，而新冠疫情創造了比我們當時看到的更大的機會。我們將投資於我們在該業務中看到的勢頭，以真正推動長期價值。你聽到 Calvin 談到了一些關鍵投資領域，包括增加製作工作室、增加一名講師（基地講師）、推出新功能，然後擴展到加拿大，以及重要的是，在我們的北美 lululemon 商店中開設 200 多家店中店。就業務的長期機會而言，我認為我們將在 2021 年繼續學到很多東西。我們現在不會設定時間點，但在製定 2022 年及以後的計劃時，我們將繼續分享更多信息。

The next question comes from Mark Altschwager with Baird.

下一個問題來自貝爾德 (Baird) 的馬克·阿爾特施瓦格 (Mark Altschwager)。

So with respect to the 2021 guide, I think it implies kind of EBIT margins that are a couple hundred basis points below 2019. Maybe just break that down for us a little bit more. I guess, how much of that compression is the MIRROR investments versus your outlook for the core? And then just bigger picture with respect to the Power of Three and the longer-term goals. Obviously, well ahead when it comes to digital, but just maybe give us a sense of what, if anything, has changed in terms of the longer-term ambitions and how that might flow through the P&L over the next couple of years?

因此，就 2021 年指南而言，我認為這意味著息稅前利潤率比 2019 年低幾百個基點。也許我們可以稍微細分一下。我猜，與您對核心的展望相比，MIRROR 投資的壓縮程度有多少？然後是關於“三者之力”和長期目標的更大藍圖。顯然，在數字化方面遙遙領先，但也許只是讓我們了解長期目標方面發生了哪些變化（如果有的話），以及未來幾年這些變化將如何影響損益表？

Mark, it's Meghan. So if you take into consideration the color I offered on guidance, lululemon operating margin is slightly above 2019. So on track, essentially for our Power of Three growth plans. And that dilution really is driven by the MIRROR investment that I just outlined and really geared towards investing into that business to drive the long-term value.

馬克，這是梅根。因此，如果您考慮到我在指導中提供的顏色，lululemon 營業利潤率略高於 2019 年。因此，基本上符合我們的“三動力”增長計劃。這種稀釋實際上是由我剛才概述的 MIRROR 投資驅動的，並且真正致力於投資該業務以推動長期價值。

In terms of Power of Three, you're right, we're further along, as Calvin mentioned, than we anticipated in terms of digital strength. We aren't revising our plan right now. But as you can see, we're in good shape to meet that plan.

就三的力量而言，你是對的，正如卡爾文提到的，我們在數字實力方面比我們預期的要走得更遠。我們現在不修改我們的計劃。但正如您所看到的，我們有能力實現該計劃。

A quick follow-up there. Can you talk about your progress towards scaling the business in China? And just from a -- maybe from a margin perspective, where that sits relative to the company average and how you're planning that progression?

那裡有一個快速跟進。您能談談您在擴大中國業務方面的進展嗎？僅僅從——也許從利潤率的角度來看，相對於公司平均水平而言，你是如何規劃這一進展的？

Mark, it's Calvin. Just quickly on the Power of Three initiatives, doubling men's, doubling digital, quadrupling international, and then I'll quickly jump into certain markets. We're on pace on men's, on pace on international and arriving early ahead on our digital, as we said. So as Meghan alluded to, we're in a very good position at this point in our commitments and excited about the momentum in the business and opportunities to keep investing in innovation, investing in growth. MIRROR is one of those areas that because the business is doing well, we're choosing to invest in a business that we know will add value through further guest relationships, building out that community and the value of the subscription model. So excited about those.

馬克，這是卡爾文。只要快速實施“三個力量”計劃，將男士業務增加一倍，將數字業務增加一倍，將國際業務增加四倍，然後我將迅速進入某些市場。正如我們所說，我們在男裝、國際比賽上都處於領先地位，並且在數字方面也處於領先地位。因此，正如梅根所提到的，我們目前在承諾方面處於非常有利的位置，並對業務的勢頭和繼續投資創新、投資增長的機會感到興奮。 MIRROR 是這樣的領域之一，因為業務表現良好，我們選擇投資於我們知道將通過進一步的客戶關係、建立社區和訂閱模式的價值來增加價值的業務。對此感到非常興奮。

And China is equal to those opportunities for us to invest in. We are very happy with our business and growth. We've shared multiple times last year, the growth in both our store-based business and international. As well, I mentioned that heading into '21, our plan is to open more stores in the market than we've ever opened in the 15 to 20 range. That would put us well over 50 stores at this point in time. And we're very pleased with both the top line, bottom line performance in that market, and we keep investing in that market local head office to empower the teams to drive relevancy. So I'm excited about our international business in all markets.

中國對我們來說有同樣的投資機會。我們對我們的業務和增長感到非常滿意。去年我們多次分享了我們的實體店業務和國際業務的增長情況。另外，我提到，進入 21 年，我們的計劃是在市場上開設比我們以往開設的 15 到 20 家商店更多的商店。這將使我們目前擁有超過 50 家商店。我們對該市場的頂線和底線表現都非常滿意，並且我們繼續投資於該市場的本地總部，以使團隊能夠提高相關性。因此，我對我們在所有市場的國際業務感到興奮。

The next question comes from Erinn Murphy with Piper Sandler.

下一個問題來自艾琳·墨菲和派珀·桑德勒。

Calvin, for you, you talked about gaining a point of share in 2020. I'm curious to how you think about your ability to continue to gain market share in 2021, particularly as several large global brands are doubling down on their women's business. And then maybe just a clarification on MIRROR. What have you seen in terms of the consumer appetite on some of the pricing that you've played around with? I think during the holiday season, if you were to buy it in store, there were different promotional opportunities to get it slightly cheaper. Are you pleased with the current price position of the MIRROR just before you scale it out to more doors this year?

Calvin，對於你來說，你談到了在 2020 年獲得一定份額。我很好奇你如何看待自己在 2021 年繼續獲得市場份額的能力，特別是在幾個大型全球品牌正在加倍投入女裝業務的情況下。然後也許只是對 MIRROR 進行澄清。您認為消費者對您嘗試過的一些定價的興趣如何？我認為在假期期間，如果你在商店購買，會有不同的促銷機會，可以稍微便宜一點。在今年將其擴展到更多門之前，您對 MIRROR 目前的價格狀況感到滿意嗎？

Okay. Thanks, Erinn. First, on market share, very optimistic with the product that Sun indicated that we will continue to grow share across both men's and women's. We did so in 2020. I believe we were the only of the major brands to do -- to achieve that goal. And we have a very strong business in women's. And I understand that others are identifying and seeing that as a growth potential. But we have a very strong commitment with our guests, very strong franchises, but equally, if not even more important, a very significant pipeline of newness that we're going to continue to build out and delight that guest with in terms of activities into yoga, further into train and run and introducing some new activities. So I'm very confident in our ability through innovation and knowing what we're bringing, that we're going to see growth and success both with men and women and then the men, the opportunity, as we've shared in the past, is really driving that awareness. And we have some exciting initiatives that we'll share, further plan this year to continue to engage, drive awareness and consideration for our male guests as we continue to build out and drive that relationship and success with our women's.

好的。謝謝，艾琳。首先，在市場份額方面，Sun對產品非常樂觀，表示我們將繼續增加男裝和女裝的份額。我們在 2020 年做到了這一點。我相信我們是主要品牌中唯一實現這一目標的品牌。我們在女裝方面的業務非常強勁。我知道其他人正在識別並將其視為增長潛力。但我們對客人有非常堅定的承諾，非常強大的特許經營權，但同樣，如果不是更重要的話，我們將繼續建立一個非常重要的新渠道，並在瑜伽活動、進一步訓練和跑步以及引入一些新活動方面讓客人感到高興。因此，我對我們通過創新的能力非常有信心，並且知道我們將帶來什麼，我們將看到男性和女性的成長和成功，然後男性，機會，正如我們過去分享的那樣，真正推動了這種意識。我們將分享一些令人興奮的舉措，並進一步計劃今年繼續參與，提高對男性客人的認識和考慮，同時我們繼續與女性客人建立和推動這種關係並取得成功。

Yoga and our female guests, we know are critical parts. And as we look to grow into other areas and opportunity, just know that the team is 100% focused on maintaining and growing that relationship in those segments as well. And in terms of MIRROR, we did do some interesting testing, and we continue to. The benefit of the business being new is that we're doing a lot with Brent and team on test and learn, on both how to acquire and drive the awareness, which remains a big opportunity and price, elasticity behind the product. And right now positioned at the retail price point with a free shipping offering resonates very well. The guest prefers that sort of combination. And then we pulse in a variety of promotional opportunities when it's either competitively appropriate to do so or we see an opportunity. We've tried a number from a discount of $200 to $300 being the peak. So the net price being $1,200. And as well as bundling opportunities. And feedback from the guest is very encouraging that a number of levers -- of registers with them. So it gives us the ability to not just sort of play 1 promotional lever in order to drive that opportunity to invest into the MIRROR. So we have a number of levers that we've tested and validated that we'll continue to do. We have a good price position in and around the $1,200 to $1,500 that they respond well to. And we'll continue to operate with that as well as we look to expansion in the Canadian market price accordingly.

我們知道瑜伽和我們的女客人是關鍵部分。當我們尋求發展到其他領域和機會時，我們的團隊也 100% 專注於維持和發展這些領域的關係。在 MIRROR 方面，我們確實做了一些有趣的測試，並且我們會繼續這樣做。新業務的好處是，我們與布倫特和團隊一起做了很多測試和學習，如何獲得和提高認知度，這仍然是產品背後的巨大機會和價格、彈性。現在定位在零售價位並提供免費送貨服務非常能引起共鳴。客人更喜歡這種組合。然後，當競爭合適或我們看到機會時，我們會提供各種促銷機會。我們嘗試了從 200 美元到 300 美元（最高）的折扣。所以淨價是 1,200 美元。還有捆綁機會。客人的反饋非常令人鼓舞，他們註冊了許多槓桿。因此，它使我們能夠不僅僅發揮 1 促銷槓桿的作用，以推動投資 MIRROR 的機會。因此，我們已經測試和驗證了許多槓桿，我們將繼續這樣做。我們的價格處於 1,200 至 1,500 美元左右，他們對此反應良好。我們將繼續以此為基礎開展業務，並相應地擴大加拿大市場價格。

The next question comes from Paul Trussel with Deutsche Bank.

下一個問題來自德意志銀行的保羅·特魯塞爾。

Just wanted to ask about what you're seeing today in terms of store traffic and productivity? And how are you thinking about the cadence of store productivity over the course of the year? And then second, you did mention that air freight, higher markdowns and distribution expenses were headwinds in this current period, offsetting some of the occupancy leverage and other savings. Just speak to the extent that when these headwinds may continue.

只是想問一下您今天看到的商店客流量和生產力如何？您如何看待全年商店生產力的節奏？其次，您確實提到空運、更高的降價和分銷費用是當前時期的不利因素，抵消了部分入住率和其他節省。只是說這些逆風何時可能持續。

Paul, it's Meghan. So in terms of productivity, we saw productivity in stores of 71% in Q4, which was in line with our expectations. We do now, in Q1, have more stores open at 96% and we are not in our peak traffic period. So the constrained impact is lessening. We do expect that to improve as we move throughout the year, but we are planning as we did in 2021 -- or in 2020 for multiple scenarios so that we're able to meet our omni-guest demand. So we'll continue to iterate on that as we move throughout 2021. In terms of margin rates, we offered that we see expansion on a year of 100 to 150 basis points. Included in that is 50 basis points of pressure related to airfreight. We don't see that as a barrier to revenue upside. We'll continue to strategically leverage airfreight to drive revenue and continue to closely monitor that throughout the year.

保羅，這是梅根。因此，就生產率而言，我們看到第四季度商店的生產率為 71%，這符合我們的預期。現在，在第一季度，我們有更多的商店開業，開張率達到 96%，而且我們還沒有處於客流量高峰期。因此，受限影響正在減弱。我們確實希望隨著全年的發展，這種情況會有所改善，但我們正在像 2021 年或 2020 年那樣針對多種場景進行規劃，以便能夠滿足我們的全方位客戶需求。因此，我們將在 2021 年繼續重申這一點。就保證金率而言，我們預計這一年將增長 100 至 150 個基點。其中包括與空運相關的 50 個基點的壓力。我們認為這不會成為收入增長的障礙。我們將繼續戰略性地利用空運來增加收入，並繼續全年密切監控這一情況。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

Great. And congrats again on the nice quarter. Calvin, maybe as we think about recovery post pandemic, so do you anticipate -- or maybe are you seeing signs of pent-up demand for technical innovation on the sweat side of the business as in-person or maybe people begin to think about in-person fitness again? And then I'm curious how you see lulu's lifestyle assortment positioned to take market share if casualization is, in fact, greater post pandemic?

偉大的。再次祝賀這個美好的季度。卡爾文，也許當我們考慮大流行後的複蘇時，您是否預計——或者您是否看到了面對面健身方面對技術創新的壓抑需求的跡象，或者人們開始再次考慮面對面健身？然後我很好奇，如果大流行後休閒化實際上更大，您如何看待露露的生活方式品種定位以佔據市場份額？

Great. Thanks, Matthew. As I indicated, our technical performance of our product all through 2020 was the drivers of our growth predominantly. And I don't see that diminishing in any way. I think people are finding ways to sweat, they've adopted new ways to sweat. And when the world opens up, and they'll be able to go back to their gyms and their studios, they'll just have a balance of ways in which they're engaging. And we have a lot more new guests or existing guests using a lot more of our technical product. That is going to just drive an appreciation for and loyalty to the uniqueness of how it performs.

偉大的。謝謝，馬修。正如我所指出的，我們產品的技術性能在整個 2020 年是我們增長的主要驅動力。我不認為這種情況會以任何方式減少。我認為人們正在尋找出汗的方法，他們已經採用了新的出汗方式。當世界開放時，他們將能夠回到健身房和工作室，他們將在參與方式上取得平衡。我們有更多的新客人或現有客人使用更多我們的技術產品。這只會激發人們對其獨特性能的欣賞和忠誠。

So from a recovery standpoint, I feel all the momentum in the business behind driving even more adoption and success of our technical performance as we saw in 2020, and I think it's only going to be more pronounced moving forward.

因此，從復甦的角度來看，我感覺到業務的所有動力都在推動我們的技術性能得到更多采用和成功，正如我們在 2020 年看到的那樣，而且我認為這一趨勢只會更加明顯地向前發展。

From an OTM perspective, we're early in our development of OTM in our women's category. The team has been building that for the last few years and adding assortment, and we test and launched a key product next year, we will add more to the assortment this year and in the years to come. So we're very early that we're well positioned through our technical apparel to build that business as guests look to shift, but when they shift back to more other casual wear, they're going to be looking for something that I believe is unique and different in the technical apparel fashion, and some of the team are creating and building that. And men's -- that's been 1 of our strengths in men's. Women's is going to catch up to our men's offering. And we have full confidence in our success and strength in men's in that OTM business and the work and the product that's following that is going to keep fueling the OTM. At the heart and the core, the technical performance gear did perform, is performing, and I think it's only going to perform more moving forward.

從 OTM 的角度來看，我們在女子類別中處於 OTM 開發的早期階段。該團隊在過去幾年中一直在構建這一產品並增加品種，我們明年測試並推出了一款關鍵產品，我們將在今年和未來幾年增加更多品種。因此，我們很早就做好了準備，通過我們的技術服裝來建立業務，因為客人希望轉變，但當他們轉向更多其他休閒服裝時，他們將尋找一些我認為在技術服裝時尚中獨特和不同的東西，而一些團隊正在創造和建設它。男裝——這是我們在男裝方面的優勢之一。女裝將趕上男裝。我們對我們在男裝 OTM 業務方面的成功和實力充滿信心，我們的工作和後續產品將繼續推動 OTM 的發展。從本質上講，技術性能齒輪確實發揮了作用，正在發揮作用，而且我認為它只會在未來表現得更好。

Great. And then maybe just a follow-up on SG&A. Meghan, so outside of MIRROR and the pull forward that you've cited of the DTC investments, I guess my question is on an underlying basis, is there any change to the annual plan, I think that you laid out at the Analyst Day, for modest SG&A leverage on low teens revenues this year? And then as you see it today, is there any reason the model doesn't return to that plan on a reported basis after this year?

偉大的。然後也許只是 SG&A 的後續行動。梅根，所以除了 MIRROR 和你提到的 DTC 投資的前瞻之外，我想我的問題是從根本上來說的，我認為你在分析師日制定的年度計劃是否有任何變化，以實現今年對青少年低收入的適度 SG&A 槓桿？然後，正如您今天看到的那樣，該模型是否有任何理由在今年之後沒有按照報告的基礎恢復到該計劃？

Yes. Thanks, Matt. So as I mentioned, if you consider the color I provided, from an operating income perspective, lululemon is essentially in line with Analyst Day. And we have a bit more expansion in margin and a bit more pressure on SG&A, and that's because of the shift in investment profile between channels. So pulling back somewhat on store openings and investing behind digital, the store expenses show up in gross margin and the digital expenses show up in SG&A. So I'd say a little bit of a near-term impact, and we continue to monitor that for the long term, and we're really focused on optimizing the bottom line of our business.

是的。謝謝，馬特。正如我所提到的，如果你考慮我提供的顏色，從營業收入的角度來看，lululemon 基本上與分析師日一致。我們的利潤率有更多的擴張，SG&A 的壓力也更大，這是因為渠道之間投資狀況的轉變。因此，稍微減少開店和數字化投資，商店費用體現在毛利率中，數字費用則體現在銷售管理費用中。所以我想說一點短期影響，我們會繼續長期監控，我們真正專注於優化我們業務的底線。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

Certainly. The next question comes from Ike Boruchow with Wells Fargo.

當然。下一個問題來自富國銀行的 Ike Boruchow。

So I just wanted to talk about men's versus women's. Men's seem to be underperforming through the year. And just because your women's business was just so much stronger. I think you kind of leveled out in 4Q. I'm just trying to look at the filing now, but can you kind of explain what was going on between the 2 genders in your business? And is there anything that's changed as you come into 2021? And again, I don't know if that's just behavior or if that's just product or innovation. Just anything you could elaborate on, Calvin, would be great.

所以我只想談談男性與女性。男裝今年似乎表現不佳。僅僅因為你們的女性業務更加強大。我認為你在第四季度已經趨於平穩。我現在只是想看看這份文件，但你能解釋一下你的企業中兩種性別之間發生了什麼嗎？進入 2021 年，有什麼變化嗎？再說一遍，我不知道這只是行為還是只是產品或創新。卡爾文，只要你能詳細說明任何事情，那就太好了。

Yes. No, for sure. Thanks, Ike. We've -- I would tell you, our assessment is 100% behavior. Looking at his behavior at the beginning of the pandemic and shifts of where he was purchasing, how he was purchasing drove a lot of the declines in apparel that the industry saw in the men's categories. And that started to pick up throughout the year. Our impact was less in the industry at the beginning, and it picked up quicker at the tail end. In our fourth quarter, our men's business trailed our women's business, but it was the narrowest gap from the entire year that we saw. And as Meghan indicated, the start of this year has been very, very strong for us, and the men's business continues that road to recovery. So it -- in my opinion, was 100% behavior and as stores come online and we're seeing that shift back into apparel, that it will come back to where we were in terms of performance and growth driving. Even with that, we are on pace to double our men's business per our commitment in our 5-year and seeing very good results and strength back to the men's business already to start this year.

是的。不，當然。謝謝，艾克。我們——我會告訴你，我們的評估是 100% 的行為。看看他在大流行開始時的行為以及他購買地點的變化，他的購買方式導致了該行業在男裝類別中看到的服裝的大量下降。並且這一數字在全年中開始回升。我們一開始在行業中的影響力較小，但到了後期，影響力就恢復得更快了。在第四季度，我們的男士業務落後於女士業務，但這是我們看到的全年差距最小的。正如梅根所說，今年的開局對我們來說非常非常強勁，男裝業務繼續走復甦之路。因此，在我看來，這是 100% 的行為，隨著商店上線，我們看到這種趨勢又回到了服裝領域，在業績和增長驅動方面，它將回到我們原來的水平。即便如此，我們仍將按照我們的承諾在五年內將男裝業務翻一番，並看到今年已開始的男裝業務取得了非常好的成果和實力。

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

這就是我們今天提問的全部時間。感謝您加入通話，祝您有美好的一天。