Lululemon Athletica Inc (LULU) 2020 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica Inc. Third Quarter 2020 Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 lululemon athletica Inc. 2020 年第三季度電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica. Please go ahead.

我現在想將會議轉交給 lululemon athletica 投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's third quarter earnings conference call. Joining me today to talk about our results are Calvin McDonald, CEO; Celeste Burgoyne, President of Americas and Global Guest Innovation; Meghan Frank, CFO; and Alex Grieve, VP, Controller.

謝謝，下午好。歡迎來到 lululemon 第三季度財報電話會議。今天和我一起談論我們的結果的是首席執行官 Calvin McDonald；美洲和全球客戶創新總裁 Celeste Burgoyne；梅根·弗蘭克，首席財務官；和財務總監副總裁 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 which by its nature is dynamic and subject to rapid and even abrupt changes.

在我們開始之前，我想藉此機會提醒您，我們今天的評論將包括反映管理層當前對 lululemon 未來某些方面的預測的前瞻性陳述。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。

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，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，包括我們關於 10-K 表格的年度報告以及我們關於 10-Q 表格的季度報告。

Any forward-looking statements 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.

我們在此次電話會議上所做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任何義務或承諾因新信息或未來事件而更新或修改任何這些陳述。

During this call, we will present both GAAP and non-GAAP financial measures. Reconciliation of GAAP to non-GAAP measures is included in our quarterly report on Form 10-Q and in today's earnings press release.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的調節包含在我們的 10-Q 表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 on a constant dollar basis. The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website, www.lululemon.com.

此外，在今天的電話會議上給出的可比銷售額和商店生產力指標均以固定美元為基礎。新聞稿和隨附的 10-Q 表季度報告可在我們網站 www.lululemon.com 的“投資者”部分獲取。

Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial and operating statistics for the third quarter as well as our quarterly infographic.

在我們開始通話之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第三季度主要財務和運營統計數據的摘要以及我們的季度信息圖。

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 Calvin.

現在，我想把電話轉給卡爾文。

Thank you, Howard. I am pleased to speak with you today about our performance in the third quarter, which exceeded our expectations. I'm incredibly proud of how our teams around the globe have continued to execute on the strategies that underpin our Power of Three growth plan as we navigate this unprecedented year.

謝謝你，霍華德。我很高興今天能和大家談談我們在第三季度的表現，這超出了我們的預期。在我們度過這個空前的一年之際，我為我們在全球的團隊如何繼續執行支撐我們三力增長計劃的戰略而感到無比自豪。

Joining me on the call today is Celeste Burgoyne, who was recently appointed to serve as our first President and will provide an update on our omni-guest experiences. In addition, Meghan Frank, who was recently promoted to Chief Financial Officer, will speak to our third quarter financials and provide some color on our outlook for the fourth quarter. And Alex Grieve, our VP Controller, will be available for Q&A.

今天和我一起參加電話會議的是 Celeste Burgoyne，他最近被任命為我們的第一任總裁，他將介紹我們全方位賓客體驗的最新情況。此外，最近晉升為首席財務官的梅根·弗蘭克 (Meghan Frank) 將介紹我們第三季度的財務狀況，並對我們第四季度的前景進行一些展望。我們的副總裁 Alex Grieve 將出席問答環節。

On today's call, I will provide an overview of our third quarter results and share some highlights with you from our Thanksgiving week. Then I'll give an update on our international business and product innovations, including MIRROR before turning the call over to Celeste and Meghan.

在今天的電話會議上，我將概述我們第三季度的業績，並與您分享感恩節這一周的一些亮點。然後，在將電話轉給 Celeste 和 Meghan 之前，我將介紹我們的國際業務和產品創新的最新情況，包括 MIRROR。

Let me begin by providing an overview of our business performance in the third quarter. Total revenue increased 22% to $1.1 billion, driven by a combined comp increase of 18%. The revenue increased across our major regions with growth of 19% in North America and 45% in our international markets. In the store channel, productivity increased to 82% of last year's volume, better than our expectation of 75%. Our e-commerce business remained strong with comps of 93%. In addition, gross margin increased 100 basis points, and adjusted earnings per share increased 21% to $1.16 versus $0.96 last year, significantly ahead of our expectations.

首先讓我概述一下我們第三季度的業務表現。在綜合收入增長 18% 的推動下，總收入增長 22% 至 11 億美元。我們主要地區的收入均有所增長，北美增長 19%，國際市場增長 45%。在門店渠道，生產率增至去年的 82%，好於我們預期的 75%。我們的電子商務業務保持強勁，達到 93%。此外，毛利率增長 100 個基點，調整後每股收益從去年的 0.96 美元增長 21% 至 1.16 美元，大大超出我們的預期。

I'm also excited that in fiscal Q3, our share performance continued with our strongest quarterly market share gain in recent history. We grew our retailer market share of the U.S. adult active apparel market by 1.4 points over last year, according to the NPD Group's consumer tracking service.

我也很高興在第三財季，我們的股票表現繼續保持近期歷史上最強勁的季度市場份額增長。根據 NPD 集團的消費者跟踪服務，我們在美國成人運動服裝市場的零售商市場份額比去年增長了 1.4 個百分點。

In summary, these results demonstrate that our brand is becoming stronger, and I'd like to touch on the 6 key drivers of our performance this quarter. First, many of our loyal female guests are shopping our entire collection, extending beyond bottoms as we continue to innovate our offering across categories, including bras and on-the-move. Second, we continue to deliver a steady pipeline of new products to our guests every month as we leverage our Science of Feel development platform. Third, our teams managed our inventory flows extremely well through the COVID store closures to ensure we had ample inventory to support the increased demand. Fourth, we provided pay protection to our educators to protect their well-being, which ensured we were ready to reopen stores and successfully launch new guest-facing services, such as our virtual waitlist appointment shopping and mobile POS. Fifth, we have been investing in our digital capabilities and enhancing the experience of our e-commerce sites for several years, which enabled us to quickly respond to the accelerated shift to omni this year. And finally, we successfully showed how well lululemon translates and connects with guests across cultures and geographies, with growth in both North America and around the world. These drivers will continue to carry us forward into 2021 and beyond as we work to fuel our momentum.

總而言之，這些結果表明我們的品牌正在變得更強大，我想談談本季度業績的 6 個關鍵驅動因素。首先，我們的許多忠實女性客人都在購買我們的整個系列，隨著我們不斷創新跨類別的產品（包括文胸和運動褲），我們的產品範圍不僅僅局限於下裝。其次，我們利用我們的 Science of Feel 開發平台，繼續每月為客人提供穩定的新產品。第三，我們的團隊在 COVID 商店關閉期間非常好地管理我們的庫存流，以確保我們有充足的庫存來支持不斷增長的需求。第四，我們為我們的教育工作者提供薪酬保護以保護他們的福祉，這確保我們準備好重新開放商店並成功推出新的面向客人的服務，例如我們的虛擬等候名單預約購物和移動 POS。第五，我們多年來一直在投資於我們的數字能力和增強我們電子商務網站的體驗，這使我們能夠快速響應今年加速向全網的轉變。最後，我們成功地展示了 lululemon 在北美和世界各地的增長如何很好地翻譯和連接不同文化和地區的客人。這些驅動因素將繼續推動我們前進到 2021 年及以後，因為我們努力推動我們的勢頭。

Before providing broad comments by category and channel, I wanted to also touch on our performance over the recent holiday. For the week that included Thanksgiving and Black Friday, we delivered a record-breaking performance in our e-commerce channel, which offset declines in store traffic. Response to our full-price offering was extremely good with many of our classic franchise items such as the Align pant, the defined jacket and the ABC jogger as well as new franchises, including Wunder Train and Invigorate all performing well, and our markdown penetration was relatively in line with last year.

在按類別和渠道提供廣泛評論之前，我還想談談我們在最近假期的表現。在包括感恩節和黑色星期五在內的一周內，我們在電子商務渠道中取得了創紀錄的業績，抵消了商店客流量的下降。我們的全價產品反響非常好，我們的許多經典特許經營商品（例如 Align 褲子、defined 夾克和 ABC 慢跑褲）以及新特許經營商品（包括 Wunder Train 和 Invigorate）都表現良好，我們的降價滲透率是與去年基本持平。

There are several large volume weeks ahead for us in the fourth quarter, and we recognize that uncertainties remain due to COVID-19. As we have throughout the year, we continue to plan for multiple scenarios yet the unknowns make forecasting the business more difficult. That being said, we are focused on the levers we control such as pulling forward our holiday messaging and leveraging the key drivers I mentioned a few moments ago that led to our success in the third quarter.

第四季度我們還有幾個大交易量週，我們認識到由於 COVID-19，不確定性仍然存在。正如我們全年所做的那樣，我們繼續為多種情況進行規劃，但未知因素使業務預測變得更加困難。話雖如此，我們專注於我們控制的槓桿，例如推進我們的假期信息和利用我剛才提到的導致我們在第三季度取得成功的關鍵驅動因素。

We are excited about how the holiday season has begun with continued demand for our product offerings, and we have confidence in our ability to execute during this period.

我們對假期如何隨著對我們產品的持續需求而開始感到興奮，並且我們對我們在此期間的執行能力充滿信心。

Switching now to international. I'd like to start by mentioning that Andre Maestrini will join lululemon in January to serve as our new EVP International. He will have responsibility for leading and driving growth in our international markets, including China and the broader APAC and EMEA regions. I speak for myself as well as our leaders in the regions when I say I'm thrilled to have Andre as part of the team. He's joining us at an exciting time in our international business, and we remain committed to quadrupling revenues from 2018 levels by 2023.

現在切換到國際。首先，我想提一下 Andre Maestrini 將於 1 月份加入 lululemon，擔任我們新的國際執行副總裁。他將負責領導和推動我們國際市場的增長，包括中國以及更廣泛的亞太地區和歐洲、中東和非洲地區。當我說我很高興安德烈成為團隊的一員時，我代表我自己以及我們在該地區的領導者說話。他在我們國際業務激動人心的時刻加入我們，我們仍然致力於到 2023 年將收入從 2018 年的水平翻兩番。

Looking at our international business in the third quarter, I'm especially pleased that total revenue increased 45%.

看看我們第三季度的國際業務，我特別高興的是總收入增長了 45%。

In APAC, business was strong across all major markets and particularly in China, where total revenue increased by more than 100%. This was driven by the performance in both our store and e-commerce channels. Over the last 2 years, we have tripled the number of stores we operate in Mainland China, and I'm thrilled with how our brand is resonating across both Tier 1 and Tier 2 cities.

在亞太地區，所有主要市場的業務都很強勁，尤其是在中國，總收入增長超過 100%。這是由我們的商店和電子商務渠道的表現推動的。在過去的兩年裡，我們在中國大陸經營的門店數量增加了兩倍，我很高興我們的品牌在一線和二線城市產生共鳴。

In Europe, guests continue to actively engage with us online as our store traffic remains below last year's level. e-commerce comps increased by nearly 160%. And for the second quarter in a row, these results more than offset declines in our store channel to drive positive revenue growth in the region.

在歐洲，由於我們的商店客流量仍低於去年水平，客人繼續積極在線與我們互動。電子商務收入增長了近 160%。連續第二個季度，這些結果抵消了我們商店渠道的下滑，推動了該地區的收入正增長。

Shifting now to product innovation. We continue to leverage our Science of Feel platform to bring new technical merchandise to our guests. Since the early days of the pandemic, our guests have been demanding technical product that offers comfort and versatility as they spend more time working and sweating from home.

現在轉向產品創新。我們繼續利用我們的 Science of Feel 平台為我們的客人帶來新的技術商品。自大流行初期以來，我們的客人一直要求能夠提供舒適性和多功能性的技術產品，因為他們花更多的時間在家工作和流汗。

Within women's, business was particularly strong as we saw a return to pre-COVID growth rates. In total, women's grew 22% with strength in both tops and bottoms. Within men's, total revenue grew 14%, which represents further improvement from the trends in quarter 1 and quarter 2. I'm excited that we're seeing strength in the bottoms category with our male guests returning to our fixed waistband styles, including ABC and commission while our joggers also continue to perform well. And within accessories, we will continue to lean into our strong performance with opportunities to grow our equipment offerings with new products. As an example, in the coming months, we will launch a 3D yoga mat, one of the first in the world designed with a textured surface to better enable body alignment during your practice.

在女裝方面，業務特別強勁，因為我們看到了恢復到 COVID 之前的增長率。總體而言，女裝增長了 22%，上裝和下裝的銷量均有所增長。在男裝中，總收入增長了 14%，與第一季度和第二季度的趨勢相比有了進一步的改善。我很高興我們看到下裝類別的實力，因為我們的男性客人回歸我們的固定腰帶款式，包括 ABC和佣金，而我們的慢跑者也繼續表現良好。在配件方面，我們將繼續依靠我們的強勁表現，並有機會通過新產品擴大我們的設備供應。例如，在接下來的幾個月裡，我們將推出一款 3D 瑜伽墊，這是世界上首款採用紋理表面設計的瑜伽墊之一，可以在您練習時更好地調整身體。

Looking forward, I'm thrilled with our pipeline of innovation. For the holidays, we are offering special edition product in many of our key franchises. And over the course of 2021, you'll see us scaling the Science of Feel to bring more technical innovations across our major categories. As I've said before, we are in the early stages of growth within our product innovation pillar, and we have ample ways to expand our key categories of run, train, yoga and on the move.

展望未來，我對我們的創新渠道感到興奮。對於假期，我們在我們的許多主要特許經營店中提供特別版產品。在 2021 年期間，您將看到我們擴展感覺科學，為我們的主要類別帶來更多技術創新。正如我之前所說，我們正處於產品創新支柱增長的早期階段，我們有充足的方法來擴展跑步、訓練、瑜伽和移動等關鍵類別。

I'm also happy to share an update on MIRROR. Since the acquisition 5 months ago, we have made steady progress on the integration, and we are pleased with the brand's performance in Q3 and with how the holiday season has begun. We continue to expect MIRROR to generate in excess of $150 million in revenue in 2020.

我也很高興分享有關 MIRROR 的更新。自 5 個月前的收購以來，我們在整合方面取得了穩步進展，我們對該品牌在第三季度的表現以及假期的開始方式感到滿意。我們繼續預計 MIRROR 將在 2020 年產生超過 1.5 億美元的收入。

Over the course of the third quarter, we began to leverage the lululemon ecosystem to raise awareness for MIRROR. We launched the dedicated MIRROR U.S. e-comm site, including a hyperlink for guests to complete a purchase transaction, and we have included MIRROR in our e-mail marketing campaigns.

在第三季度，我們開始利用 lululemon 生態系統來提高 MIRROR 的知名度。我們推出了專門的 MIRROR 美國電子商務網站，包括供客人完成購買交易的超鏈接，並且我們已將 MIRROR 納入我們的電子郵件營銷活動。

Also in November, we created shop-in-shops in 18 of our U.S. locations to test and learn how to refine our in-store selling experience, and we plan to expand this to several hundred stores next year. One of our store managers in Santa Monica described it best. Our guests are blown away by the sleek design and functionality of MIRROR that is as innovative and unique as our own products.

同樣在 11 月，我們在美國的 18 個地點創建了店中店，以測試和學習如何改進我們的店內銷售體驗，我們計劃明年將此擴展到數百家商店。我們在聖莫尼卡的一位商店經理描述得最好。我們的客人被 MIRROR 的時尚設計和功能所震撼，它與我們自己的產品一樣具有創新性和獨特性。

We are just at the beginning of our journey with MIRROR, and we are thrilled with the current momentum and excited with what this can mean for next year and beyond.

我們與 MIRROR 的旅程才剛剛開始，我們對目前的勢頭感到興奮，並對明年及以後的意義感到興奮。

Before turning the call over to Celeste, I want to highlight the launch of our impact agenda in October. This is our first long-term strategy focused on how lululemon will become a more sustainable and equitable business. minimize harm to the environment and accelerate positive change, both inside and outside of our company over time.

在將電話轉給 Celeste 之前，我想強調一下我們在 10 月份啟動的影響議程。這是我們的第一個長期戰略，專注於 lululemon 如何成為一個更具可持續性和公平性的企業。隨著時間的推移，最大限度地減少對環境的危害並加速我們公司內外的積極變革。

To help us deliver on these commitments, Stacia Jones joined lululemon this quarter and will lead our work related to inclusion, diversity, equity and action, what we call IDEA. Stacia has extensive experience in this area including having served in the role of Chief Diversity and Inclusion Officer. I look forward to sharing with you our progress on the impact agenda and IDEA commitments going forward.

為了幫助我們兌現這些承諾，Stacia Jones 本季度加入了 lululemon，並將領導我們與包容性、多樣性、公平和行動相關的工作，我們稱之為 IDEA。 Stacia 在這一領域擁有豐富的經驗，包括擔任首席多元化和包容性官。我期待與您分享我們在影響議程和 IDEA 承諾方面取得的進展。

Let me now turn it over to Celeste to speak to our omni guest experience pillar. Our approach toward guest engagement and our ability to deliver unique experiences across both physical and digital environments is a key competitive advantage for lululemon. Celeste?

現在讓我把它交給 Celeste 來談談我們全方位的客戶體驗支柱。我們對客人參與的方法以及我們在物理和數字環境中提供獨特體驗的能力是 lululemon 的關鍵競爭優勢。塞萊斯特？

Thank you, Calvin. I'm pleased to be on the call today to speak to our omni-guest experience pillar and to share some details on our third quarter performance, both in our store and our e-commerce channel.

謝謝你，加爾文。我很高興今天能在電話中與我們的全方位客戶體驗支柱交談，並分享我們第三季度在我們的商店和電子商務渠道中的表現的一些細節。

Over the past several years, we have shifted our organization to be focused on the omni-guest experience rather than focusing on specific channels. This served us very well in the COVID-19 environment. We know that guest behavior is dynamic, and our goal is to create opportunities in both the physical and the digital worlds that offer compelling experiences. We have leveraged our channels, put the guest at the center of all we do and have enhanced the ways we engage with our guests, whether via a transaction, a personal development session, community connection or on the MIRROR platform.

在過去的幾年裡，我們已經將我們的組織轉移到專注於全客戶體驗，而不是專注於特定渠道。這在 COVID-19 環境中為我們提供了很好的服務。我們知道客人的行為是動態的，我們的目標是在物理世界和數字世界中創造機會，提供引人入勝的體驗。我們充分利用了我們的渠道，將客人置於我們所做一切的中心，並增強了我們與客人互動的方式，無論是通過交易、個人發展會議、社區聯繫還是在 MIRROR 平台上。

Looking at our store channel, we are bullish on stores as physical retail remains an important part of the lululemon growth story. We continue to be focused on and invest in our in-store experience, our stores, our hubs and our local communities, creating a space for engagement among our guests, educators and ambassadors and allowing us to educate and story tell our product in a powerful way. In addition, we leverage our stores to facilitate our omni capabilities, including BOPIS and ship from store, and they continue to be an important vehicle for new guest acquisition. We remain on track to open 30 to 35 net new stores globally in 2020.

看看我們的商店渠道，我們看好商店，因為實體零售仍然是 lululemon 增長故事的重要組成部分。我們繼續關注並投資我們的店內體驗、我們的商店、我們的樞紐和我們的當地社區，為我們的客人、教育工作者和大使之間創造一個參與的空間，並允許我們以強大的方式教育和講述我們的產品方式。此外，我們利用我們的商店來促進我們的全能能力，包括 BOPIS 和從商店發貨，它們仍然是獲取新客人的重要工具。我們仍有望在 2020 年在全球淨開設 30 至 35 家新店。

In Q3, we had 97% of our stores open. Currently, we are still at approximately 97%, but we've seen a tightening of capacity constraints in several markets due to spikes in COVID-19 While these constraints can lead to lines outside stores during peak shopping times, I'm proud of how we have successfully implemented several strategies to improve the guest experience and reduce wait times. These include: first, the virtual waitlist, so guests no longer need to physically wait in line and can be notified by text when it's their turn to enter the store; second, mobile POS, which allows certain transactions such as returns, exchanges and purchasing gift cards to all occur just outside of the store; third, buy online, pick up in store at door or at curbside, offering flexibility and choice for our guests; fourth, appointment shopping that can be scheduled both before, during and after a store's normal operating hours; and fifth is our digital educator program, which is designed to assist guests who would rather continue engaging with us online. This allows a guest to have a quick online chat or schedule an appointment for a personal or group shopping experience.

在第三季度，我們有 97% 的門店開業。目前，我們仍然處於大約 97%，但由於 COVID-19 的激增，我們已經看到幾個市場的容量限制收緊了雖然這些限制可能導致在購物高峰期在商店外排隊，但我很自豪我們已經成功實施了多項策略來改善客人體驗並減少等待時間。其中包括：首先，虛擬等候名單，客人不再需要排隊等候，輪到他們進店時可以收到短信通知；第二，移動 POS，允許退貨、換貨和購買禮品卡等某些交易都在商店外進行；第三，在線購買，到店門口或路邊取貨，為我們的客人提供靈活性和選擇；第四，預約購物，可以在商店正常營業時間之前、期間和之後安排；第五是我們的數字教育計劃，旨在幫助那些願意繼續在線與我們互動的客人。這允許客人進行快速在線聊天或安排個人或團體購物體驗的約會。

I'm also excited that we continue to successfully execute our ship-from-store capabilities to leverage our inventory across channels. In fact, we achieved our highest volume ever with ship-from-store orders over the Thanksgiving and Black Friday holiday week. I'm so proud of how our educators are embracing and executing these new initiatives and further enhancing the guest experience.

我也很高興我們繼續成功地執行我們的商店發貨功能，以跨渠道利用我們的庫存。事實上，我們在感恩節和黑色星期五假期週的店內發貨訂單量達到了歷史最高水平。我為我們的教育工作者如何接受和執行這些新舉措並進一步提升賓客體驗而感到自豪。

Another strategic area for us has been leaning more aggressively into our pop-up store strategy with our largest number of seasonal stores this holiday. In Q3, nearly 70 were operating. And in Q4, we plan to increase that number to approximately 100. We have leveraged pop-up successfully for the last several years to bring our product and community to life in markets where we don't have a year-round physical presence. In addition, this year, we're using pop-ups to help alleviate capacity constraints at high-volume stores in key malls across North America, including centers such as Somerset Collection near Detroit and Shenu Center in Calgary. In total, we have opened 14 pop-ups within close proximity to existing stores, and we're also operating 9 gifting hubs and malls where we already have a mainline location. These temporary locations not only help support an improved guest experience, but they also attract new guests into the brand.

我們的另一個戰略領域是更積極地傾向於我們的快閃店戰略，在這個假期我們擁有最多的季節性商店。在第三季度，將近 70 個在運營。在第四季度，我們計劃將這個數字增加到大約 100。在過去的幾年裡，我們成功地利用了彈出窗口，使我們的產品和社區在我們沒有全年實體存在的市場中栩栩如生。此外，今年，我們使用快閃店來幫助緩解北美主要購物中心的大批量商店的容量限制，包括底特律附近的 Somerset Collection 和卡爾加里的 Shenu 中心等中心。總共，我們在現有商店附近開設了 14 家快閃店，我們還在運營著 9 個禮品中心和購物中心，我們已經在這些地方開設了主線門店。這些臨時地點不僅有助於改善賓客體驗，還可以吸引新賓客加入該品牌。

Switching now to e-commerce. As Calvin mentioned, sales trends remain robust with total digital comps up 93% in Q3, driven by a healthy mix of new and existing guests. Even with stores being open for a majority of the quarter, we continue to see historically retail-only guests now shopping with us online. In the spring, as we recognize the dramatic behavior shift towards e-commerce, we layered on additional investments in IT infrastructure, fulfillment capabilities and our guest education center, all to ensure we are ready for a spike in traffic over the holiday season. And I'm thrilled that we are seeing these investments paying off.

現在轉向電子商務。正如 Calvin 提到的那樣，在新老客人健康組合的推動下，第三季度的總數字收入增長了 93%，銷售趨勢依然強勁。即使商店在本季度的大部分時間都在營業，我們仍然看到過去只零售的客人現在在網上購物。在春季，當我們認識到人們的行為向電子商務發生了巨大轉變時，我們對 IT 基礎設施、履行能力和我們的客戶教育中心進行了額外投資，所有這些都是為了確保我們為假期期間的流量激增做好準備。我很高興我們看到這些投資得到回報。

Throughout Q3, we continued to see both traffic and conversion remain strong even as the majority of our stores were open throughout the quarter. The enhancements we're delivering to our guests include increased and improved storytelling and product education, more predictive search and a more seamless checkout. In addition, we recently partnered with Afterpay in North America, which is now live on our site, and we have enabled direct checkout functionality on Instagram and Facebook. These features offer our guests new methods to engage and transact with us, which -- while also helping us acquire new guests.

在整個第三季度，我們繼續看到流量和轉化率都保持強勁，即使我們的大多數商店在整個季度都在營業。我們為客人提供的增強功能包括增加和改進講故事和產品教育、更具預測性的搜索和更無縫的結賬。此外，我們最近與北美的 Afterpay 合作，現已在我們的網站上線，並且我們在 Instagram 和 Facebook 上啟用了直接結賬功能。這些功能為我們的客人提供了與我們互動和交易的新方法，同時也幫助我們吸引了新客人。

Before handing it over to Meghan to take you through our financials, let me give you a quick update on our membership program.

在交給梅根讓您了解我們的財務狀況之前，讓我快速向您簡要介紹一下我們的會員計劃。

In September, we launched in Toronto and began enrolling members for the second year of the program in Denver, Chicago and Edmonton. We are very pleased with the number of guests who have joined us across these 4 cities as they enjoy a higher level of engagement with lululemon and gain access to a more complete expression of our brands. We remain in test-and-learn mode with membership, and we continue to iterate the program such as the recent expansion of our digital offering. Benefits now include virtual workshops focused on emotional fitness, including a recent session hosted by our global ambassador, Gabby Bernstein, which was attended by over 500 members. We will continue to study the ways guests are engaging with us in our test cities, and we'll use these learnings as we evolve the program going forward.

9 月，我們在多倫多啟動，並開始在丹佛、芝加哥和埃德蒙頓為該項目的第二年招募成員。我們對在這 4 個城市加入我們的客人數量感到非常高興，因為他們與 lululemon 的互動度更高，並且能夠更全面地展示我們的品牌。我們仍處於會員制的測試和學習模式，並且我們繼續迭代該計劃，例如最近擴展我們的數字產品。現在的福利包括專注於情緒健康的虛擬研討會，包括最近由我們的全球大使 Gabby Bernstein 主持的有 500 多名成員參加的會議。我們將繼續研究客人在我們的測試城市中與我們互動的方式，並且我們將在未來發展該計劃時使用這些知識。

I'm also very excited about the opportunities MIRROR could bring to our membership program. We look forward to sharing more in the future about how we plan to leverage these 2 platforms to bring new experiences to our guests and MIRROR members.

我也很高興 MIRROR 可以為我們的會員計劃帶來機會。我們期待在未來分享更多關於我們計劃如何利用這兩個平台為我們的客人和 MIRROR 會員帶來新體驗的信息。

In closing, I'd like to thank the entire lululemon family. It truly takes a village -- from our product teams to our e-commerce teams to our technology teams and to so many across the company. We are so grateful for everyone's hard work and dedication. And I would like to especially thank our store, guest education center and distribution center teams, who are on the front lines, providing an amazing guest experience during a challenging year.

最後，我要感謝整個 lululemon 家族。它確實需要一個村莊——從我們的產品團隊到我們的電子商務團隊再到我們的技術團隊以及整個公司的許多團隊。我們非常感謝每個人的辛勤工作和奉獻精神。我要特別感謝我們的商店、賓客教育中心和配送中心團隊，他們在前線，在充滿挑戰的一年中提供了令人驚嘆的賓客體驗。

And with that, I also want to congratulate my colleague, Meghan Frank, on being named to serve as our CFO. I will now turn it over to Meghan.

與此同時，我還要祝賀我的同事梅根弗蘭克被任命為我們的首席財務官。我現在把它交給梅根。

Thanks, Celeste. Let me first say how happy I am to be here as lululemon's newly appointed CFO. I'm excited to continue to partner with Calvin and our talented senior leadership team to execute on our Power of Three growth plans, and I look forward to keeping you up-to-date on our progress on future earnings calls.

謝謝，塞萊斯特。首先讓我說一下，作為 lululemon 新任命的首席財務官，我有多麼高興來到這裡。我很高興能繼續與 Calvin 和我們才華橫溢的高級領導團隊合作，執行我們的三力增長計劃，我期待著讓您了解我們在未來財報電話會議上的最新進展。

Let me now provide you with the details on our Q3 performance. And although we are not offering specific guidance, I will provide some color on our outlook for the remainder of the year. I will also discuss specifics on our balance sheet, including our cash position, liquidity and inventories. Please note that the adjusted Q3 financial metrics I will share include the operating results of MIRROR but exclude $8.5 million of acquisition-related costs and our associated tax effect. You can refer to our earnings release and Form 10-Q for more information and reconciliations to our GAAP metrics.

現在讓我向您提供有關我們第三季度業績的詳細信息。雖然我們沒有提供具體的指導，但我將對今年剩餘時間的展望提供一些色彩。我還將討論我們資產負債表的細節，包括我們的現金狀況、流動性和庫存。請注意，我將分享的調整後的第三季度財務指標包括 MIRROR 的經營業績，但不包括 850 萬美元的收購相關成本和我們的相關稅收影響。您可以參考我們的收益發布和 10-Q 表格，了解更多信息以及與我們的 GAAP 指標的對賬。

For Q3, total net revenue increased 22% to $1.1 billion, above our expectations for a mid- to high single-digit increase. In our digital channel, we posted a 93% comp increase on top of a 30% increase last year. In our store channel, we had 97% of our stores open and saw productivity increase to 82% of last year's volume, better than our expectation of 75%.

第三季度，總淨收入增長 22% 至 11 億美元，高於我們對中高個位數增長的預期。在我們的數字渠道中，我們在去年增加了 30% 的基礎上增加了 93%。在我們的門店渠道，我們有 97% 的門店開業，生產率提高到去年銷量的 82%，好於我們預期的 75%。

Square footage increased 13% versus last year, driven by the addition of 36 net new stores since Q3 of 2019. During the quarter, we opened 9 net new stores and completed -plan optimizations.

在自 2019 年第三季度以來淨增 36 家新店的推動下，建築面積比去年增加了 13%。在本季度，我們淨開了 9 家新店並完成了計劃優化。

In terms of our digital channel, e-comm contributed $478 million of top line or 43% 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 gaps response to our product and the investments we have made in our global digital platforms to improve guest experience.

就我們的數字渠道而言，電子商務貢獻了 4.78 億美元的收入，佔總收入的 43%。我們繼續看到流量和轉化率顯著增強。流量是由渠道轉移驅動的，加上對數字營銷和轉換的投資繼續受益於對我們產品的差距響應以及我們在全球數字平台上為改善客戶體驗所做的投資。

Gross profit for the third quarter was $627 million or 56.1% of net revenue compared to 55.1% of net revenue in Q3 2019. The gross margin increase of 100 basis points was driven by 170 basis points of leverage on occupancy and depreciation and 10 basis points of favorability in foreign exchange. This was partially offset by 80 basis points of deleverage in product margin, primarily due to higher airfreight costs related to COVID-19 and higher markdowns.

第三季度的毛利潤為 6.27 億美元，占淨收入的 56.1%，而 2019 年第三季度為淨收入的 55.1%。毛利率增長 100 個基點，原因是 170 個基點的入住率和折舊槓桿以及 10 個基點外匯方面的優惠。這部分被產品利潤率去槓桿化 80 個基點所抵消，這主要是由於與 COVID-19 相關的更高空運成本和更高的降價幅度。

Moving to SG&A. Our approach in the current environment has been to protect against downside while also ensuring we continue to invest in our long-term growth opportunities. SG&A expenses were $412 million or 36.8% of net revenue compared to 35.9% of net revenue in Q3 2019. The deleverage in the quarter resulted predominantly from marketing investment associated with MIRROR, partially offset by leverage on higher-than-expected sales.

搬到 SG&A。我們在當前環境下的做法是防止下行，同時確保我們繼續投資於我們的長期增長機會。 SG&A 費用為 4.12 億美元，占淨收入的 36.8%，而 2019 年第三季度占淨收入的 35.9%。本季度的去槓桿化主要是由於與 MIRROR 相關的營銷投資，部分被高於預期的銷售槓桿所抵消。

Adjusted operating income for the quarter was $213 million or 19.1% of net revenue compared to 19.2% of net revenue in Q3 2019. Adjusted tax expense for the quarter was $62 million or 28.9% of pretax earnings compared to an effective tax rate of 29.1% a year ago.

本季度調整後營業收入為 2.13 億美元，占淨收入的 19.1%，而 2019 年第三季度為淨收入的 19.2%。本季度調整後的稅費為 6200 萬美元，佔稅前利潤的 28.9%，而有效稅率為 29.1%一年前。

Adjusted net income for the quarter was $151 million or $1.16 per diluted share compared to earnings per diluted share of $0.96 in Q3 of 2019. Capital expenditures were $66 million for the quarter compared to $78 million in the third quarter last year. Q3 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.

本季度調整後淨收入為 1.51 億美元或攤薄後每股收益 1.16 美元，而 2019 年第三季度的攤薄後每股收益為 0.96 美元。本季度資本支出為 6600 萬美元，而去年第三季度為 7800 萬美元。第三季度支出主要與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有關。

Turning to our balance sheet highlights. We ended the quarter with nearly $1.2 billion of total liquidity. We have $482 million of cash and cash equivalents and $700 million of available capacity under our committed revolving credit facilities. However, subsequent to quarter end, and based on the strength of our financial position and our outlook for future cash flows, we've given notice to cancel the $300 million short-term credit facility we put in place at the time of the MIRROR acquisition. We continue to maintain our 5-year revolving credit facility of $400 million, which matures in 2023. Inventory grew 23% versus last year and was $771 million at the end of Q3. We continue to expect levels at the end of Q4 to increase in the 20% to 30% range.

轉向我們的資產負債表亮點。我們在本季度結束時擁有近 12 億美元的總流動資金。在我們承諾的循環信貸額度下，我們擁有 4.82 億美元的現金和現金等價物以及 7 億美元的可用能力。然而，在季度末之後，根據我們的財務狀況和對未來現金流量的展望，我們已發出通知，取消我們在收購 MIRROR 時設立的 3 億美元短期信貸額度.我們繼續維持 4 億美元的 5 年期循環信貸額度，該額度將於 2023 年到期。庫存比去年增長 23%，在第三季度末為 7.71 億美元。我們繼續預計第四季度末的水平將增加 20% 至 30%。

As we announced today, our Board of Directors has authorized an increase in our share repurchase program from $264 million to $500 million. We've repurchased nearly $1.4 billion of our stock for the last 6 years, and we continue to believe share repurchases are an effective method of returning cash to shareholders.

正如我們今天宣布的那樣，我們的董事會已授權將我們的股票回購計劃從 2.64 億美元增加到 5 億美元。在過去的 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 now shift to current trends and share with you some color on how we are looking at the fourth quarter. Due to the dynamic nature of the macro environment, we are not yet returning to our historical cadence of providing specific guidance for the current quarter and fiscal year. We remain focused on leveraging our omni model and digital strength as we navigate the uncertainties stemming from COVID-19. While the majority of our stores remain open, we have continued to see guest shift between channels, which has driven outsized growth on our e-commerce sites. As we've mentioned, we pulled forward investments in our digital channel to ensure our guests continue to receive an elevated experience when shopping our sites and to maximize holiday business.

現在讓我轉向當前趨勢，並與您分享我們對第四季度的看法。由於宏觀環境的動態性，我們尚未回到為當前季度和財政年度提供具體指導的歷史節奏。在應對 COVID-19 帶來的不確定性時，我們仍然專注於利用我們的全方位模型和數字優勢。雖然我們的大部分商店仍然營業，但我們繼續看到顧客在渠道之間轉移，這推動了我們電子商務網站的超額增長。正如我們所提到的，我們推進了對數字渠道的投資，以確保我們的客人在我們的網站購物時繼續獲得更高的體驗，並最大限度地提高假日業務。

In terms of stores, we currently have approximately 97% of our stores open across the globe, in line with Q3. However, as we're seeing a resurgence of COVID-19 in several markets, We've experienced a higher number of government-mandated capacity restrictions in November and December relative to Q3. Given our historically high levels of productivity, particularly during the holiday season, these constraints clearly limit the number of guests who can enter our stores at any given time. Therefore, when looking at Q4, overall, we are expecting productivity to be approximately 70% of last year's levels, with trends in line with Q3 during nonpeak weeks.

在門店方面，我們目前在全球開設了約 97% 的門店，與第三季度一致。然而，由於我們看到 COVID-19 在幾個市場中捲土重來，與第三季度相比，我們在 11 月和 12 月經歷了更多的政府強制產能限制。鑑於我們歷史上的高生產力水平，尤其是在假期期間，這些限制顯然限制了在任何給定時間可以進入我們商店的客人數量。因此，總體而言，我們預計第 4 季度的生產率將達到去年水平的 70% 左右，在非高峰週的趨勢與第 3 季度一致。

When looking at new store openings for 2020, we remain on track to open 30 to 35 net new stores, with 24 net new stores opened through the end of Q3. These openings will contribute to a low double-digit increase in square footage for the year. In addition, we continue to execute on our seasonal store strategy with nearly 70 seasonal stores operating in Q3 and and plans to operate approximately 100 in Q4.

在考慮 2020 年的新店開張時，我們仍有望淨開 30 至 35 家新店，到第三季度末淨新開 24 家店。這些空缺將有助於今年的建築面積實現兩位數的低增長。此外，我們繼續執行我們的季節性商店戰略，第三季度有近 70 家季節性商店在運營，併計劃在第四季度運營約 100 家。

Looking at Q4 specifically, we expect total sales to increase in the mid- to high teens. This is above our prior expectation of a high single to low double-digit increase and assumes e-commerce growth remains strong but likely moderate modestly from levels we saw in Q3. This also assumes the majority of our stores remain open throughout the fourth quarter.

具體來看第四季度，我們預計總銷售額將在中高位增長。這高於我們之前對高個位數到低兩位數增長的預期，並假設電子商務增長仍然強勁，但可能與我們在第三季度看到的水平相比適度溫和。這還假設我們的大部分商店在整個第四季度都保持營業。

When looking at MIRROR, we continue to expect revenue for the full year 2020 to be in excess of $150 million with strong results during Thanksgiving week. 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. In terms of gross margin, we continue to believe it will be flat to up modestly versus last year in Q4. When looking at SG&A, we continue to expect deleverage in Q4 as store traffic remains below last year's levels, and we continue to invest in marketing for MIRROR to take advantage of current trends towards sweating from home to drive the long-term value of this business. Given the seasonality of this investment, we expect to deleverage in Q4 to exceed what we experienced in Q3.

在觀察 MIRROR 時，我們繼續預計 2020 年全年的收入將超過 1.5 億美元，並在感恩節期間取得強勁業績。我們對我們在這項業務中看到的勢頭感到興奮。特別是越來越多的人為 MIRROR 出汗，這有助於提高品牌知名度和強勁的長期財務回報。就毛利率而言，我們仍然認為第四季度與去年同期相比將持平或小幅上升。在查看 SG&A 時，我們繼續預計第四季度會出現去槓桿化，因為商店客流量仍低於去年的水平，我們將繼續投資 MIRROR 的營銷，以利用當前在家出汗的趨勢來推動這項業務的長期價值.鑑於這項投資的季節性，我們預計第四季度的去槓桿化將超過我們在第三季度的經歷。

With regard to Q4 earnings per share, compared to a year ago, the growth rate in adjusted EPS is now expected to increase in the mid-single-digit range, up from our prior expectation for a modest decline. This includes operating results from MIRROR but excludes acquisition and integration-related costs. In terms of capital spending, we now expect CapEx for 2020 to come in somewhat below last year's level.

關於第四季度每股收益，與一年前相比，調整後每股收益的增長率現在預計將在中等個位數範圍內增長，高於我們之前預期的適度下降。這包括 MIRROR 的經營業績，但不包括與收購和整合相關的成本。在資本支出方面，我們現在預計 2020 年的資本支出將略低於去年的水平。

Before handing it back to Calvin, I'd like to reiterate that we believe we are well positioned from an omni perspective for the high-volume weeks that remain ahead of us this holiday season. We're excited with the performance we saw over Thanksgiving week, but acknowledge the environment remains uncertain, particularly given COVID-19-related capacity constraints.

在將其交還給 Calvin 之前，我想重申，我們相信從全方位的角度來看，我們已經做好準備迎接這個假期即將到來的高流量週。我們對感恩節一周的表現感到興奮，但承認環境仍然不確定，特別是考慮到與 COVID-19 相關的產能限制。

We have planned for multiple scenarios and we'll continue to be agile as we serve our guests where and when they want to shop. I'd also like to thank our teams for their dedication and hard work and for enabling these results we reported today. And now back to Calvin for some closing remarks.

我們已經針對多種情況進行了規劃，並且我們將繼續保持敏捷，因為我們會在客人想要購物的時間和地點為他們提供服務。我還要感謝我們的團隊的奉獻精神和辛勤工作，感謝他們促成我們今天報告的這些結果。現在回到加爾文做一些結束語。

Thanks, Meghan. Before we take your questions, I also wanted to mention that this quarter, we were pleased to welcome Courtney Gibson to our Board of Directors. Courtney is President of Loop Capital Markets, one of the largest privately held investment banking, brokerage and advisory firms headquartered in the United States. She brings a wealth of consumer and market insights to lululemon, and I look forward to her counsel.

謝謝，梅根。在我們回答您的問題之前，我還想提一下，本季度，我們很高興歡迎考特尼·吉布森 (Courtney Gibson) 加入我們的董事會。 Courtney 是 Loop Capital Markets 的總裁，該公司是總部位於美國的最大的私人投資銀行、經紀和諮詢公司之一。她為 lululemon 帶來了豐富的消費者和市場洞察力，我期待著她的建議。

Let me close by reiterating that we are positioned well for the big volume days during the holiday season. Since the early days of COVID-19, our management team has been preparing for multiple possible scenarios, and we are ready to serve our guests where and when they want to connect with us.

最後，我要重申，我們為假期期間的大批量交易做好了準備。自 COVID-19 初期以來，我們的管理團隊一直在為多種可能的情況做準備，我們已準備好在客人希望與我們聯繫的時間和地點為他們提供服務。

In our store channel, we will leverage our seasonal stores, virtual waitlist, mobile point-of-sale and appointment shopping to ease capacity constraints and continue to protect the safety of our store teams. And in e-commerce, our investments are paying off as our sites have demonstrated the ability to more than handle the anticipated spike in volume.

在我們的商店渠道中，我們將利用我們的季節性商店、虛擬候補名單、移動銷售點和預約購物來緩解容量限制並繼續保護我們商店團隊的安全。在電子商務方面，我們的投資正在取得回報，因為我們的網站已經證明能夠處理預期的數量激增。

In closing, I want to once again thank our teams around the world for continuing to be there for our guests and for one another. Their resilience, tenacity and creativity throughout 2020 have been a continued source of inspiration for me and our entire leadership team. This sets us up well for the coming months and quarters ahead.

最後，我想再次感謝我們在世界各地的團隊繼續為我們的客人和彼此服務。他們在整個 2020 年的韌性、堅韌和創造力一直是我和我們整個領導團隊的靈感源泉。這讓我們為接下來的幾個月和幾個季度做好了準備。

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

因此，我們很樂意回答您的問題。操作員？

(Operator Instructions) The first question comes from Mark Altschwager with Baird.

（操作員說明）第一個問題來自 Baird 的 Mark Altschwager。

Congrats on the strong results here. Really nice to see the digital momentum. I was hoping you could talk about e-commerce capacity in Q4 and really your ability to sustain the type of growth rates you've been seeing given the much higher sales base in the fourth quarter.

祝賀這裡取得了很好的成績。真的很高興看到數字勢頭。我希望你能談談第四季度的電子商務能力，以及你在第四季度的銷售基礎要高得多的情況下維持你所看到的增長率的能力。

And then separately, I just wanted to touch on men's. I think the growth rate there has lagged the overall company year-to-date. I was hoping you could dig into the drivers there a bit more. Is it a function of just the work-from-home and lower demand for some of the core products like ABC or just any other high-level learnings there and how you see the men's business potentially reaccelerating from here?

然後分別，我只想談談男裝。我認為今年迄今為止那裡的增長率落後於整個公司。我希望你能深入了解那裡的驅動程序。這是否只是因為在家工作和對 ABC 等核心產品或那裡的任何其他高級學習的需求下降，以及你如何看待男性業務可能從這裡重新加速？

Great. Thanks, Mark. It's Meghan. I'll take the e-comm capacity and then hand it over to Calvin for men's.

偉大的。謝謝，馬克。是梅根。我將負責電子通信能力，然後將其移交給 Calvin 負責男裝。

So as we mentioned, we have been planning for multiple scenarios for Q4, and we feel well positioned to capture e-comm opportunity, depending on where the guest wants to shop with us. And we do see it moderating slightly from what we experienced in Q3 just in line with our overall guidance of mid- to high-teens growth relative to our 22% increase in Q3.

因此，正如我們提到的，我們一直在為第 4 季度的多個場景進行規劃，我們感覺自己處於抓住電子商務機會的有利位置，這取決於客人希望與我們一起購物的地方。我們確實看到它比我們在第三季度經歷的情況略有緩和，這與我們相對於第三季度 22% 的增長的中高青少年增長的總體指導一致。

Great. And on men's, Mark, we're really happy with the progression we've seen through Q1, Q2 through to Q3. Moving from Q2 to Q3, the men's business accelerated almost at the same rate as women's. So although it's slightly behind our women's growth, it has, in fact, accelerated faster from the Q1 impact from COVID. And it's predominantly driven by he just wasn't shopping to the same degree out of the gate as she was. And that's in the market. We continue to put on share with our men's business. We've seen him respond well to strengthen our shorts, our sweats and our hoodies. And we have seen in Q3, our fixed waistband business getting much stronger. So I'm very pleased with the acceleration of the men's business, his response to the product and see no concern. And we remain committed to our power of doubling our men's business by '23.

偉大的。在男士方面，馬克，我們對我們從第一季度、第二季度到第三季度所看到的進展感到非常滿意。從第二季度到第三季度，男性業務的增長速度幾乎與女性業務相同。因此，儘管它略微落後於我們女性的增長，但事實上，它在 COVID 的第一季度影響下加速得更快。這主要是因為他沒有像她那樣在門口購物。那是在市場上。我們繼續分享我們的男裝業務。我們已經看到他對加強我們的短褲、運動衫和連帽衫的反應很好。我們在第三季度看到，我們的固定腰帶業務變得更加強大。所以我對男裝業務的加速發展感到非常高興，他對產品的反應並不令人擔憂。我們仍然致力於在 23 年前將我們的男裝業務翻一番。

That's great. And maybe, Calvin, just a quick bigger picture one. Just thinking ahead to next year, vaccine is on the way, but probably some time before we return to normal buying patterns. Could you just speak to how you're planning the business in terms of inventory flows, maybe pace of product introductions, anything on the marketing front as we head into spring of 2021.

那太棒了。也許，卡爾文，只是一個快速的更大的圖景。展望明年，疫苗即將問世，但可能還需要一段時間才能恢復正常的購買模式。在我們進入 2021 年春季時，您能否談談您如何根據庫存流量、產品推出速度以及營銷方面的任何方面來規劃業務。

Yes. In terms of -- as we look through multiple scenarios into next year, we talked earlier about our inventory position coming out of Q1 and where we are coming out of Q3. And we continue to feel very good about our position, up 23%, down from 41% in Q1. We have the product to satisfy the demand, and our product is predominantly core, less seasonal. So we're well positioned, and we've continued to lean in to make sure that we have the product to satisfy the demand.

是的。就-當我們審視明年的多種情況時，我們早些時候談到了第一季度的庫存狀況以及第三季度的庫存狀況。我們繼續對自己的地位感到非常滿意，從第一季度的 41% 上升了 23%。我們有滿足需求的產品，我們的產品主要是核心產品，季節性較低。因此，我們處於有利地位，並且我們一直在努力確保我們擁有滿足需求的產品。

Our newness and innovation pipelines remain healthy, very strong, and we haven't pulled back on any of those. And that will continue to hit and flow. So we feel very good, and we're excited about the opportunity with new guests entering this category. The new guests that we've acquired through 2020 continue to build upon that and look the ways to amplify the brand.

我們的新穎性和創新渠道保持健康、非常強大，而且我們沒有撤回任何一條。這將繼續打擊和流動。所以我們感覺非常好，我們很高興有新客人進入這一類別的機會。我們在 2020 年獲得的新客人將繼續以此為基礎，並尋找擴大品牌影響力的方法。

So again, not knowing the next few months, we feel very good about our position, the flow of product, our guest engagement, our ability to continue to fuel the business and growth forward.

因此，在不知道接下來幾個月的情況下，我們對自己的地位、產品流、客人參與度以及繼續推動業務和增長的能力感到非常滿意。

That's great. Best of luck, and congrats, Meghan, on the new role.

那太棒了。祝你好運，並恭喜梅根擔任新角色。

Thank you.

謝謝。

The next question comes from Erinn Murphy with Piper Sandler.

下一個問題來自 Erinn Murphy 和 Piper Sandler。

I guess, first, just a clarification for Meghan. On the productivity in the fourth quarter stepping down to 70% in store, what is all being taken account to here? Is it just what you're seeing currently or just your anticipation of further capacity constraints to come?

我想，首先，只是對梅根的澄清。關於第四季度店面產能下調至70%，這裡都考慮到了什麼？這只是您目前看到的情況，還是您對未來進一步容量限制的預期？

And then Calvin, as we just think about the product road map into next year, any update on footwear and any other kind of key product innovation, things we should be mindful of?

然後是 Calvin，我們只是在考慮明年的產品路線圖，鞋類的任何更新和任何其他類型的關鍵產品創新，我們應該注意什麼？

Thanks, Erinn. I'll start on productivity. So we did see average productivity in our stores in Q3 at 82%, which was higher than our expectation of 75%. But given we are seeing a resurgence with COVID-19 in some markets and we are also seeing stricter capacity constraints, government-mandated capacity constraints in several markets as we head into these peak weeks, we are expecting productivity overall for the quarter to be at approximately 70%, but reaching trends in line with Q3 during non-peak weeks. And it's really driven by just the volume of store sales in Q4. In a typical year, we see a 40% to 50% lift from Q3 to Q4, which given capacity constraints and traffic impact clearly limits our opportunity to service that traffic in our stores. .

謝謝，艾琳。我將從生產力開始。因此，我們確實看到第三季度我們門店的平均生產力為 82%，高於我們預期的 75%。但鑑於我們在某些市場看到 COVID-19 的複蘇，並且在我們進入這些高峰週時，我們也看到更嚴格的產能限制、政府規定的產能限制，我們預計本季度的整體生產率將達到大約 70%，但在非高峰周達到與第三季度一致的趨勢。它實際上僅受第四季度商店銷售量的推動。在典型的一年中，我們看到從第三季度到第四季度有 40% 到 50% 的提升，考慮到容量限制和流量影響，這顯然限制了我們為商店中的流量提供服務的機會。 .

And on our product pipeline, I'll first touch on footwear. So we anticipate the back half of next year introducing the -- our introduction into the category with selling in early '22. So we're excited to share our unique point of view and innovation in that category. And as it relates to all others, the pipeline is full, and we will continue through what we've expressed before of OTM, the sizing expansion. But as we continue to invest in our activity base, be it run, train or yoga, across the categories, there's a number of innovations that we'll introduce throughout the year that will continue to fuel growth in the business.

在我們的產品線中，我將首先介紹鞋類。因此，我們預計明年下半年將推出——我們在 22 年初銷售的類別中的介紹。因此，我們很高興能分享我們在該類別中的獨特觀點和創新。由於它與所有其他人相關，管道已滿，我們將繼續通過我們之前表達的 OTM，規模擴張。但隨著我們繼續投資於我們的活動基礎，無論是跑步、訓練還是瑜伽，在各個類別中，我們將在全年推出許多創新，這些創新將繼續推動業務增長。

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'd like to follow up on your comments around the air freight pressure in 3Q. Do you expect this to persist? And then can you also comment on the availability of air freight capacity just to make sure that you can land enough inventory to meet holiday demand and then into the early spring?

我想跟進您對第三季度空運壓力的評論。你希望這種情況持續下去嗎？然後您是否也可以評論一下空運能力的可用性，以確保您可以降落足夠的庫存來滿足假期需求，然後進入早春？

Sure, Lorraine. It's Meghan. So we have seen higher air freight market rates, but generally sufficient availability. We do expect that we'll continue to have some air freight rate pressure in Q4, and that is reflected in the guidance that we provided of a modest increase in Q4.

當然，洛林。是梅根。因此，我們看到了更高的空運市場價格，但總體上有足夠的可用性。我們確實預計我們將在第四季度繼續承受一些空運費率壓力，這反映在我們提供的第四季度適度增長的指導中。

Have you found enough capacity to meet demand?

您是否找到了足夠的容量來滿足需求？

I'm sorry. I think I missed the second part of that question. Can you repeat that?

對不起。我想我錯過了那個問題的第二部分。你可以再說一遍嗎？

Sure. Have you been able to find enough capacity to meet demand for the holiday and then into the early spring launches?

當然。您是否能夠找到足夠的容量來滿足假期的需求，然後進入早春發布？

Yes. Yes. We don't have any capacity limitations at this point.

是的。是的。我們目前沒有任何容量限制。

The next question comes from Matt McClintock with Raymond James.

下一個問題來自 Matt McClintock 和 Raymond James。

Congrats both Celeste and Meghan and even Courtney. I guess there is some good news in 2020. The question I have, actually, Calvin, and it's a little bit different angle than what Mark went with. But you -- your women's business still seems to be growing pretty exceptionally And there's a lot of people out there that think that you're ultimately going to need men's to grow fast at some point. But your women's business has proven that it can consistently grow faster than anyone's ever thought for years. So you actually put up a nice slide back at that Investor Day a couple of years ago. I'm talking about TAM, total addressable market.

恭喜 Celeste 和 Meghan，甚至 Courtney。我想 2020 年會有一些好消息。實際上，我的問題是 Calvin，它的角度與 Mark 提出的問題有點不同。但是你 - 你的女性業務似乎仍然在異常增長而且有很多人認為你最終將需要男性業務在某個時候快速增長。但是您的女性業務已經證明，多年來它可以比任何人想像的更快地持續增長。所以你實際上在幾年前的那個投資者日放了一張漂亮的幻燈片。我說的是 TAM，總可尋址市場。

So how have your thoughts on the total addressable market changed or evolved now that we're in a COVID world or a post-COVID world? That's my first question.

那麼，既然我們處於 COVID 世界或後 COVID 世界，您對整個潛在市場的看法有何變化或演變？這是我的第一個問題。

Great. Thanks, Matt. I mean it's definitely with the inflections that we've seen this year through COVID with guests living a more active, healthy life and looking for more versatility in their apparel clothing, I think that all bodes well for the addressable market that we shared at the time. And what we shared at the time was we are early innings of our share of that addressable market. So I do think there are 2 forces. We will continue to gain share the addressable market, as we did in this quarter, and we shared achieving among our largest gains in our recent history. So that said, even with guests coming in and looking for versatility, we are winning at a greater rate than others. And I do believe that addressable market will only get larger.

偉大的。謝謝，馬特。我的意思是，這絕對是我們今年通過 COVID 看到的變化，客人們過著更積極、更健康的生活，並在他們的服裝中尋找更多功能，我認為這對我們在時間。我們當時分享的是我們在這個可尋址市場中的份額處於早期階段。所以我認為有兩種力量。正如我們在本季度所做的那樣，我們將繼續在目標市場中獲得份額，並且我們分享了我們近期歷史上最大的收益。也就是說，即使客人進來並尋求多功能性，我們也比其他人以更高的速度獲勝。而且我確實相信可尋址市場只會變得更大。

So I think both will continue to add fuel for our business. And we're happy with our men's business and the acceleration and the growth moving forward. We know that's a big opportunity for us as a percent of share of sales as well as just awareness. And as you've indicated, our women's business is far from -- at its potential. And what we saw this quarter was new guests coming in and our existing guests broadening out from some of the core categories as we've introduced newness, as we also innovate behind those. We introduced the cloud bra. Bras has been a big opportunity for us that we see with our female guests, and they responded incredibly well -- responded and the total category lifted. And we saw a really strong share growth. So I'm excited about the continual growth in women's both through new guests as well as migrating them into new categories, fueled by our innovation, fueled by versatility of apparel, the growth of TAM and our market share potential.

所以我認為兩者都將繼續為我們的業務增添動力。我們對我們的男性業務以及向前發展的加速和增長感到滿意。我們知道這對我們來說是一個很大的機會，無論是銷售額的百分比還是意識。正如您所指出的，我們的女性業務遠未發揮其潛力。我們在本季度看到的是新客人的加入，以及我們的現有客人從一些核心類別中擴大，因為我們引入了新事物，因為我們也在這些背後進行創新。我們推出了雲文胸。胸罩對我們來說是一個很大的機會，我們看到我們的女性客人，她們的反應非常好——反應和總類別提升。我們看到了非常強勁的份額增長。因此，在我們的創新、服裝的多功能性、TAM 的增長和我們的市場份額潛力的推動下，通過新客人以及將她們遷移到新類別，女性的持續增長讓我感到興奮。

But just as a follow-up question. On MIRROR specifically, you meaningfully increased your guidance for MIRROR last quarter. I think 50%, $100 million to $150 million plus this year, and yet you kept the earnings the same, the accretion dilution, the same in terms of guidance. And you said that was going to go into marketing.

但就像一個後續問題。特別是在 MIRROR 上，你有意義地增加了上個季度對 MIRROR 的指導。我認為今年是 50%，1 億到 1.5 億美元，但你保持收益不變，增長稀釋，在指導方面相同。你說這將進入市場營銷。

So I'm just actually curious, can you give us an update in terms of the returns that you're seeing on the marketing dollars that you're actually putting to work at MIRROR?

所以我真的很好奇，你能告訴我們你在 MIRROR 實際投入的營銷資金的回報方面的最新情況嗎？

Absolutely. We're really pleased with the holiday that MIRROR is having. We guided and raised it in the last earnings call, and we've reinforced the - in excess to that number. We're off to a very good holiday with MIRROR through November. There's lots of content and experiential innovation that's rolling out that we're announcing, for example, sweat dates, which is very unique and differentiated on the platform. We've only started rolling it out within the lululemon network. We have 18 stores today that we're learning and is becoming a great beacon and brand building opportunity and rolling it into other lululemon channels, with plans next year of going to hundreds of stores, continuing to build upon the platform. And there are some big weeks ahead.

絕對地。我們對 MIRROR 的假期感到非常滿意。我們在上次財報電話會議上指導並提高了它，並且我們加強了 - 超過了這個數字。整個 11 月，我們都將與 MIRROR 一起度過一個非常愉快的假期。我們宣布推出許多內容和體驗創新，例如汗水日期，這在平台上非常獨特且與眾不同。我們才剛剛開始在 lululemon 網絡中推出它。我們今天有 18 家商店，我們正在學習並正在成為一個很好的燈塔和品牌建設機會，並將其推廣到其他 lululemon 渠道，併計劃明年進入數百家商店，繼續在該平台上進行建設。未來還有幾個重要的星期。

So I like our position. I like where we are in the quarter, and there is very solid momentum behind it. And we bet with the team on inventory numbers that allow us to have units. So we're in a good stock position with 2-week SLAs. So I'm encouraged. And there are some big weeks ahead with some uncertainty. But all indication is very positive with guest response and the momentum that's fueling and building behind MIRROR.

所以我喜歡我們的立場。我喜歡我們在本季度的位置，它背後有非常穩固的勢頭。我們與團隊打賭庫存數量可以讓我們擁有單位。因此，我們在 2 週 SLA 方面處於良好的庫存狀態。所以我很受鼓舞。未來幾週還有一些不確定性。但所有跡像都非常積極，客人的反應以及 MIRROR 背後推動和建立的勢頭。

I actually look forward to using -- wearing my lululemon shoes that Erinn Murphy talked about with MIRROR.

我真的很期待使用 - 穿著 Erinn Murphy 與 MIRROR 談到的我的 lululemon 鞋。

The next question comes from Paul Lejuez with Citi.

下一個問題來自花旗的 Paul Lejuez。

Curious, you mentioned stores operating at around down 18%. I just want to make sure I understand if that number is being hurt more by weaker traffic or not being able to handle the traffic that is showing up, just given the smaller store size. And I think maybe related to that, you've got these pop-up stores. I just want to make sure I understand the accounting of those sales. Are those -- is that going to be included in comps if they are near to an existing store? And just how does that tie in to the spread that we see between comps and total sales as we look to 4Q?

奇怪的是，你提到商店的營業額下降了 18% 左右。我只是想確保我了解這個數字是否因交通較弱而受到更大的傷害，或者無法處理正在出現的交通，只是考慮到較小的商店規模。我認為可能與此有關，你有這些彈出式商店。我只是想確保我了解這些銷售額的會計核算。那些 - 如果它們靠近現有商店，是否會包含在補償中？當我們展望第 4 季度時，這與我們在 comps 和總銷售額之間看到的價差有何關係？

So I would say in terms of store traffic, there are lower industry trends. And I think generally speaking, more traffic is shifting to e-comm. I think that said, we do have capacity constraints, and that's impacting also our ability to put traffic to our stores. As you mentioned, we are opening approximately 100 seasonal locations that will have an operation through Q4. Those do not show up in our comp sales. They will show up on our other channels. And as you mentioned, some of those are within markets and centers where we have existing locations so that we can capitalize on that traffic flow through Q4. .

所以我想說，就商店流量而言，行業趨勢較低。而且我認為一般來說，更多的流量正在轉向電子商務。我認為，我們確實有容量限制，這也影響了我們為商店帶來流量的能力。正如您提到的，我們將開設大約 100 個季節性地點，這些地點將在第四季度營業。這些不會出現在我們的補償銷售中。他們將出現在我們的其他頻道上。正如您提到的，其中一些位於我們現有位置的市場和中心內，以便我們可以利用第四季度的流量。 .

The next question comes from Paul Trussell with Deutsche Bank.

下一個問題來自德意志銀行的 Paul Trussell。

My congratulations as well on the quarter and the new roles by Celeste, Meghan, Stacia and Courtney.

我也祝賀 Celeste、Meghan、Stacia 和 Courtney 的季度業績和新角色。

My question is on e-commerce. You continue to experience, obviously, really strong growth in that channel with over 40% of sales this period. While that likely changes when the environment normalizes, just how has your view on investing in and rolling out stores changed, if at all? And are there areas of capabilities online where you need to invest further?

我的問題是關於電子商務的。很明顯，您繼續在該渠道中體驗到非常強勁的增長，這段時間的銷售額超過 40%。雖然當環境正常化時這種情況可能會發生變化，但您對投資和開設商店的看法是否發生了變化（如果有的話）？是否有您需要進一步投資的在線功能領域？

And just lastly on that, how does a higher e-commerce mix kind of impact the P&L over the long term?

最後一點，更高的電子商務組合如何長期影響損益？

Great. Thanks, Paul. I'll talk to the -- our current strategic thinking through the balance of the channels and then hand it off to Meghan to talk about mix.

偉大的。謝謝，保羅。我將通過渠道平衡與我們當前的戰略思考進行討論，然後將其交給梅根來討論混合。

We are obviously incredibly excited about the omni guest that has joined lululemon this year. Equally, the stores will remain a very important strategy and presence within how we service our guests, how we recruit and acquire new guests. There's been no dramatic change to our forward view of that. We always open a conservative number of new stores on an annual basis. They are small, highly productive and have the role of more than just transacting. They are building in the community, connecting to our guests and our ambassador community and really being a marketing driver, while at the same point, servicing and selling at high productivity. And we are early in the size of our store network. So we're going to continue to be opportunistic.

我們顯然對今年加入 lululemon 的全能嘉賓感到無比興奮。同樣，在我們如何為客人提供服務、如何招募和吸引新客人方面，商店仍將是一個非常重要的戰略和存在。我們對此的前瞻性看法沒有發生重大變化。我們每年都會開設保守數量的新店。它們體積小，生產率高，並且不僅僅是交易。他們在社區中建設，與我們的客人和我們的大使社區建立聯繫，真正成為營銷推動者，同時以高生產力提供服務和銷售。而且我們的商店網絡規模還處於早期階段。因此，我們將繼續保持機會主義。

I think there's going to be exciting opportunities for us next year with the state of retail. And our balance of cities, our balance of mall to non-mall is healthy, and our fleet remains healthy, and we will continue to take that conservative opportunistic view.

我認為明年零售業將為我們帶來激動人心的機會。我們的城市平衡，我們的購物中心與非購物中心的平衡是健康的，我們的車隊保持健康，我們將繼續採取保守的機會主義觀點。

And then with digital, we did a lot of innovation this year that the team will just build upon. You can go to the site today, you can interact with one of our incredible store educators live on demand through video. You can schedule a concierge, not to mention that traditional omni connectivity of buying online, picking up in store. So we're going to continue to invest in that digital connection of the ecosystem, both on how the guest transacts but also bring to our digital the human connection that is so unique within our store environment. So we're excited about our innovation and continue to feel the success in both channels, both which play a key critical role in our omni strategy.

然後在數字方面，我們今年做了很多創新，團隊將以此為基礎。您今天可以訪問該站點，您可以通過視頻點播與我們一位令人難以置信的商店教育者互動。您可以安排禮賓服務，更不用說在線購買、店內提貨的傳統全方位連接。因此，我們將繼續投資於生態系統的數字連接，既關注客人的交易方式，也為我們的數字帶來我們商店環境中如此獨特的人際關係。因此，我們對我們的創新感到興奮，並繼續感受到這兩個渠道的成功，這兩個渠道在我們的全方位戰略中發揮著關鍵作用。

And Meghan, if you want to talk about mix?

梅根，如果你想談談混合？

Yes. So in terms of e-comm penetration impact on operating margin, we do, as you noted, see a higher operating margin in that channel. However, stores, which have historically been approximately 70% of our mix have seen decline in traffic and revenue. So that's contributed to some deleverage and impacted the overall profitability in the near term.

是的。因此，就電子商務滲透率對營業利潤率的影響而言，正如您所指出的，我們確實看到該渠道的營業利潤率更高。然而，歷史上約占我們組合 70% 的商店的客流量和收入有所下降。因此，這導致了一些去槓桿化，並在短期內影響了整體盈利能力。

As we look into the future, we do aim to manage the business on an omni basis and remain committed to our Power of Three growth plan, which includes operating margin slightly above revenue growth over the long term. And as we mentioned, we've been planning into multiple scenarios, and that channel penetration dynamic is an important piece of that.

展望未來，我們的目標是全面管理業務，並繼續致力於我們的三力增長計劃，其中包括長期略高於收入增長的營業利潤率。正如我們所提到的，我們一直在規劃多個場景，渠道滲透動態是其中重要的一部分。

You mentioned the loyalty program earlier. Can you just provide any additional details on spend per shopper enrolled in the program versus others? Any further color on rollout plans to additional cities and just any tweaks or changes you've made to the program of late?

您之前提到了忠誠度計劃。您能否提供任何額外的詳細信息，說明參加該計劃的每位購物者與其他購物者的支出對比？關於向其他城市推出計劃的任何進一步顏色以及您最近對計劃所做的任何調整或更改？

Yes. Thanks, Matt. It's Celeste. I'll take that question. So obviously, as I mentioned, we're operating currently in 4 cities across North America with our membership program. And we are really pleased with not only the number of guest but also the engagement of guests. So we are not going to talk about any specifics on spend or any of that stuff, but really happy overall with their engagement.

是的。謝謝，馬特。是塞萊斯特。我會回答這個問題。很明顯，正如我提到的，我們目前在北美的 4 個城市開展會員計劃。我們不僅對來賓人數感到滿意，而且對來賓的參與度也感到非常滿意。所以我們不會談論任何關於支出的細節或任何類似的東西，但總體上對他們的參與感到非常高興。

We did have a really great event in October. We had Gabby Bernstein, one of our global ambassadors who led an hour-long wellness and mental well-being session. We had over 500 members from across those 4 cities joined. So just an example of how we're really leveraging this program, and our guests are really enjoying participating and connecting with us across our entire ecosystem and really through the entire Sweatlife.

我們確實在 10 月份舉辦了一場非常棒的活動。我們有加比·伯恩斯坦 (Gabby Bernstein)，她是我們的全球大使之一，主持了長達一個小時的健康和心理健康會議。我們有來自這 4 個城市的 500 多名成員加入。這只是我們如何真正利用這個計劃的一個例子，我們的客人真的很喜歡在我們的整個生態系統和整個 Sweatlife 中參與並與我們聯繫。

We're really using these markets in these cities to continue to test and iterate. Obviously, a pivot to digital during this current environment has been a huge area of pivot. But one of the things that we're really excited about is also the opportunities that MIRROR can bring to our membership program. So we'll have more to share on that in the future. But definitely, the teams are hard at work ensuring that we really create and continue to iterate this program.

我們真的在利用這些城市的這些市場來繼續測試和迭代。顯然，在當前環境下，轉向數字化是一個巨大的轉向領域。但我們真正感到興奮的一件事也是 MIRROR 可以為我們的會員計劃帶來的機會。所以我們將來會有更多的分享。但可以肯定的是，團隊正在努力確保我們真正創建並繼續迭代這個程序。

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 nice quarter. So Calvin, could you elaborate on comp trends that you've seen since the close of the third quarter. Black Friday, I think you said record weeks sounds great. Have you seen overall comps accelerate relative to high-teens performance in the third quarter? And has store performance to date exceeded the embedded 70% full quarter forecast?

祝賀又一個不錯的季度。那麼 Calvin，你能否詳細說明自第三季度末以來你所看到的補償趨勢。黑色星期五，我想你說創紀錄的幾週聽起來很棒。您是否看到整體公司在第三季度相對於十幾歲的表現有所加速？迄今為止的門店業績是否超過了嵌入式 70% 的全季度預測？

Matt, it's Meghan. I'll take that. So we were pleased with the performance we saw during Thanksgiving week, and we did intentionally pull forward some seasonal activity, just given the capacity constraints as we moved further into the quarter. And we remain comfortable with the level of guidance we gave for Q4. That said, there is some uncertainty ahead of us, both with the virus and impact on store closures as well as store trends and guest behavior. So that's why our outlook for the balance of the quarter is a little lower than what we've seen to date. .

馬特，是梅根。我會接受的。因此，我們對我們在感恩節期間看到的表現感到滿意，我們確實有意提前了一些季節性活動，只是考慮到我們進一步進入本季度時的產能限制。我們對第四季度的指導水平仍然感到滿意。也就是說，我們面臨著一些不確定性，包括病毒和對商店關閉的影響以及商店趨勢和顧客行為。因此，這就是為什麼我們對本季度餘額的展望略低於我們迄今為止所看到的。 .

Okay. Great. And then just maybe for SG&A. On the accelerated e-commerce investments that I believe are tied to the higher digital penetration that you're seeing. Is this spending -- or is this basically incremental dollars relative to the 5-year plan laid out at your Analyst Day? Or should we think about this as more of a pull forward of some of the multiyear expenses and investments that were already preplanned within that 5-year plan?

好的。偉大的。然後可能只是為了 SG&A。我認為加速的電子商務投資與你所看到的更高的數字滲透率有關。這是支出 - 還是相對於您在分析師日制定的 5 年計劃而言，這基本上是增量美元？或者我們是否應該將這更多地視為該 5 年計劃中已經預先計劃的一些多年支出和投資的推進？

I would think about it as more of a pull forward. And as I mentioned, we'll look -- we look to manage the business from an omni perspective. And as e-comm has accelerated, we've also somewhat pulled back on store openings, and so we'll look to balance our portfolio over the longer term as well.

我認為它更像是一種推動力。正如我提到的，我們會看——我們希望從全方位的角度管理業務。隨著電子商務的加速發展，我們也在一定程度上縮減了開店的速度，因此我們也會尋求在長期內平衡我們的投資組合。

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 nice quarter. Maybe I'll just dovetail off Matt's question. Could you talk about how the SG&A in the fourth quarter, maybe what the book ends at the different range of the scenarios you planned? Or what were some of the -- what are some of the big swing factors between the high end and the low end of the scenarios you're thinking about in the quarter?

讓我對一個不錯的季度表示祝賀。也許我會直接回答 Matt 的問題。你能談談第四季度的 SG&A 嗎，也許這本書在你計劃的不同場景範圍內結束了什麼？或者你在本季度考慮的場景的高端和低端之間的一些重大搖擺因素是什麼？

And then I guess, looking out to next year, Calvin, how would you stratify -- I guess, with what you've learned this year and how your customers changed, how would you stratify what you think are the incremental growth drivers to lean into?

然後我想，展望明年，Calvin，你將如何分層——我想，根據你今年學到的知識以及你的客戶如何變化，你將如何分層你認為是精益的增量增長驅動力進入？

And I guess, referencing Matt's question, as you think about investing coming off this, given that the growth next year pivots back to stores, that's where you have the majority of your fixed cost and leverage, is there a scenario where the SG&A could grow faster than revenues next year to get back on track to that 5-year plan?

我想，參考馬特的問題，當你考慮投資時，考慮到明年的增長將回到商店，這是你擁有大部分固定成本和槓桿的地方，是否存在 SG&A 可能增長的情況比明年的收入更快才能回到 5 年計劃的軌道上？

So I'll take the first part of your question. So in terms of SG&A, we're not providing specific guidance for Q4. But as I mentioned, we do expect Q4 to deleverage slightly more than what we experienced in Q3. And we do -- we do plan the business prudently and manage costs effectively as we move through the fourth quarter. That really is driven by 2 pieces that deleverage. So the first would be due to this pressure on store traffic remaining below last year's levels and the impact that has on the P&L. And the second piece would be our investment in MIRROR.

所以我會回答你問題的第一部分。因此，就 SG&A 而言，我們沒有為第四季度提供具體指導。但正如我所提到的，我們確實預計第四季度的去槓桿化程度將略高於我們在第三季度的經歷。我們確實做到了——在我們進入第四季度時，我們確實審慎地規劃業務並有效地管理成本。這實際上是由兩個去槓桿化的因素驅動的。因此，首先是由於商店流量的壓力仍然低於去年的水平以及對損益的影響。第二部分是我們對 MIRROR 的投資。

So as we mentioned, we see MIRROR as being modestly dilutive to earnings in 2020. The majority of that dilution will impact Q3 and Q4 given the seasonality of the business and the investment that we've been discussing in terms of marketing to capture new guests with the benefit really coming over the long term in that business.

因此，正如我們所提到的，我們認為 MIRROR 會適度稀釋 2020 年的收益。考慮到業務的季節性以及我們一直在討論的用於吸引新客人的營銷投資，這種稀釋的大部分將影響第三季度和第四季度從長遠來看，該業務確實會帶來好處。

And I'll just add, in terms of the multiple scenarios, we've looked at, there are a number of growth drivers that we anticipate will continue and accelerate from '20 into '21.

我只想補充一點，就我們已經研究過的多種情況而言，我們預計有許多增長動力將繼續並從 20 世紀加速到 21 年。

As I mentioned, we're excited about the growth in women's, the growth coming from not just a strong bottoms business, but an acceleration in the additional adjacent categories. And those categories are ones in which the team has been working on, newness and innovation for the past few years in bras, in tops for example, in OTM. And next year, the innovation and the addition into those categories continues as we also continue to launch newness into our bottoms business.

正如我所提到的，我們對女裝的增長感到興奮，這種增長不僅來自強大的下裝業務，還來自其他相鄰類別的加速發展。這些類別是過去幾年團隊一直在研究的類別，在胸罩方面的新穎性和創新性，例如在 OTM 中的上衣。明年，這些類別的創新和增加將繼續進行，因為我們也將繼續為我們的下裝業務推出新產品。

So I see a continual growth in the women's business. Men's is showing the pace in which it's reaccelerating, and I anticipate next year that it will be back at its momentum coming into '20 as we resume to some degree of normalcy.

所以我看到了女性業務的持續增長。男裝正在顯示其重新加速的步伐，我預計明年隨著我們恢復到某種程度的常態，它將恢復到 20 世紀的勢頭。

The international business incredibly strong. We've learned so much this year about the power of e-commerce. And I think that will continue to allow us to drive our omni initiatives across many markets into next year.

國際業務異常強大。今年我們對電子商務的力量了解了很多。而且我認為這將繼續讓我們能夠將我們在許多市場的全能計劃推向明年。

And I'll just end with guest. We've acquired a number of exciting guests through COVID this year. One that came to us through e-commerce and haven't shopped our physical store because of a variety of constraints and the ability to migrate them into the store and have them become an omni guest. And then the increase in our omni guest portfolio within our existing a store-only guests became omni and shopped with us online and how we leverage those opportunities and continue to drive the share of spend with us going into next year.

我將以客人結束。今年，我們通過 COVID 吸引了許多令人興奮的客人。一個通過電子商務來到我們這裡並且由於各種限製而沒有在我們的實體店購物的人以及將他們遷移到商店並讓他們成為全能客人的能力。然後，在我們現有的僅限商店的客人中，我們的全方位客人組合的增加變成了全方位，並在網上與我們一起購物，以及我們如何利用這些機會並繼續推動我們進入明年的支出份額。

So multiple scenarios but all very positive on the back of product and the innovation that we're launching heading into next year.

所以有多種情況，但在我們明年推出的產品和創新的支持下，所有情況都非常積極。

The next question comes from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations on the performance and everybody on their promotions. Well-earned.

祝賀你們的表現和每個人的晉升。應得的。

Calvin, I guess my first question for you is, traditionally, showrooms and brand strength itself has been the driving force of advertising. Wondering as you become a global brand with a huge little footprint, what's your philosophy on investing more in demand creation?

卡爾文，我想我要問你的第一個問題是，傳統上，陳列室和品牌實力本身一直是廣告的驅動力。想知道當你成為一個足跡很小的全球品牌時，你在創造需求方面進行更多投資的理念是什麼？

And then Meghan, for you, what have you learned about attachment rate of product purchases in combination with MIRROR sales? And what portion of the MIRROR customer file overlaps with that of lulu?

然後梅根，對你來說，你從產品購買的依戀率和 MIRROR 銷售中了解到什麼？ MIRROR 客戶文件的哪一部分與 lulu 的重疊？

I believe we have an exciting opportunity with our brand to drive awareness to, therefore, drive consideration and help fuel guest acquisition and add to the growth potential that lululemon has.

我相信我們的品牌有一個令人興奮的機會來提高知名度，從而推動考慮並幫助推動客戶獲取並增加 lululemon 的增長潛力。

We talk a lot about the unaided awareness within men's and the opportunity to recruit more men to drive the awareness behind the brand and recruit. But that also exists for women. And it exists even in our more mature markets like the U.S. and Canada, not to mention international.

我們談論了很多關於男性內部的獨立意識以及招募更多男性以推動品牌背後的意識和招募的機會。但這也適用於女性。它甚至存在於我們更成熟的市場，如美國和加拿大，更不用說國際了。

So as you know, Nicky Neuberger joined us in the new role of Chief Brand Officer earlier this year, and she has already made an impact in assembling the talent of that team. And I'm excited how we're positioned heading into next year to drive into some of those initiatives and opportunities.

如您所知，尼基·紐伯格 (Nicky Neuberger) 今年早些時候加入我們擔任首席品牌官的新職位，她已經在組建該團隊的人才方面發揮了影響。我很高興我們如何定位進入明年以推動其中的一些舉措和機會。

We see a huge opportunity around earned media, and doing more with that as well as just the current initiatives we deploy to drive awareness and recruit. So you'll definitely see in '21 an increased effort and tactics of how we go within North America, but also internationally to tackle some of the opportunities we have with the brand and driving awareness and consideration.

我們看到了贏得媒體的巨大機會，並利用它做更多的事情，以及我們為提高知名度和招聘而部署的當前計劃。因此，您肯定會在 21 年看到我們在北美以及國際上採取的更多努力和策略，以應對我們在品牌方面擁有的一些機會，並提高知名度和考慮度。

And in terms of MIRROR and overlap with lululemon, I'd say we're still very early in our integration with 18 stores open and learning a lot there. But what we did see in diligence was approximately a 50% overlap. So we do believe that the brands are very compatible, and we're excited about what we can create in the future.

就 MIRROR 和與 lululemon 的重疊而言，我想說我們在與 18 家開業商店的整合方面還處於早期階段，並在那裡學到了很多東西。但我們在盡職調查中確實看到了大約 50% 的重疊。所以我們確實相信這些品牌非常兼容，我們對未來可以創造的東西感到興奮。

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

這就是我們今天所有的提問時間。感謝您加入電話會議，祝您有美好的一天。