Lululemon Athletica Inc (LULU) 2007 Q2 法說會逐字稿

Good afternoon. My name is Dustin, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Lululemon second quarter and fiscal 2007 earnings conference call. Today's call is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. (OPERATOR INSTRUCTIONS) And now at this time, it is my pleasure to turn the floor over to your host, Ms. Jean Fontana of ICR. Please go ahead.

午安.我叫達斯汀，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Lululemon 第二季和 2007 財年財報電話會議。今天的通話正在錄音。所有線路均已靜音，以防止任何背景噪音。演講者發言結束後，將進入問答環節。 （操作員說明）現在，我很高興將發言權交給東道主，ICR 的 Jean Fontana 女士。請繼續。

Thank you. Good afternoon. Before we get started, I would like to remind you of the Company's Safe Harbor language, which I'm sure you are all familiar with. The statements contained in this conference call which are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝。午安.在我們開始之前，我想提醒您注意公司的安全港語言，我相信您都熟悉它。本次電話會議中所包含的非歷史事實的陳述可能構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Actual future results might differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the Company's filings with the SEC. And now I would like to turn the call over to Lululemon's founder and Chairman and Chief Product Designer, Chip Wilson.

由於許多風險和不確定性，未來的實際結果可能與此類聲明中預測的結果有重大差異，所有這些風險和不確定性都在公司向 SEC 提交的文件中進行了描述。現在我想把電話轉給 Lululemon 的創辦人兼董事長兼首席產品設計師 Chip Wilson。

Thank you. Well, I want to first say I'm very proud of our people and our product. And I think the resulting pricing ICPO is due to our real passion for athletic apparel, the training of our staff and really our expertise in vertical retailing. I can't say enough about our love and passion for vertical retailing.

謝謝。好吧，我首先想說的是，我為我們的員工和產品感到非常自豪。我認為 ICPO 的定價是由於我們對運動服裝的真正熱情、員工的培訓以及我們在垂直零售方面的專業知識。我無法表達我們對垂直零售的熱愛和熱情。

Maybe a few months ago those of you that watched the unveiling of the secret on Oprah will understand something I'm going to talk about now called the law of attraction. But I think everything about Lululemon is about quality and greatness. And we have a quality product and we have a great training department and, of course, with that we've been able to attract incredible people to Lululemon, and then I think what's resulted out of that is phenomenal profits.

也許幾個月前看過歐普拉揭曉秘密的人會明白我現在要講的東西，叫做吸引力法則。但我認為 Lululemon 的一切都與品質和偉大有關。我們擁有優質的產品，我們擁有出色的培訓部門，當然，我們已經能夠吸引令人難以置信的人才加入 Lululemon，我認為由此帶來的利潤是驚人的。

That attracted capital investors and even better management and then created even better cash flow for us. We got what I think are the best investment bankers in the world, and through that we expect to have the best analysts and, therefore, the greatest and best long-term investors. I would like to thank everyone who helped us get to where we are and definitely to where we're going. So thank you, again.

這吸引了資本投資者和更好的管理，然後為我們創造了更好的現金流。我們擁有我認為世界上最好的投資銀行家，透過這些，我們期望擁有最好的分析師，從而擁有最偉大和最好的長期投資者。我要感謝所有幫助我們到達現在的位置並且絕對幫助我們到達目的地的人。所以再次謝謝你。

Hello this is Bob Meers. Good afternoon and thank you for joining us to discuss our second quarter results. In addition to Chip today, I'm joined by John Currie, our CFO, and a group of other senior managers in the Company. Following my opening remarks, I will turn the call over to John to review our financial highlights. We will then open up the call up to questions.

大家好，我是鮑伯米爾斯。下午好，感謝您加入我們討論我們的第二季業績。今天除了 Chip 之外，我們的財務長 John Currie 以及公司的其他高階主管也加入了我的行列。在我的開場白之後，我將把電話轉給約翰，回顧我們的財務亮點。然後我們將開放電話提問。

First, I want to briefly highlight the results of the second quarter. We're pleased to begin our public debut with a strong second quarter performance. We experienced better then expected sales growth across all revenue streams. Revenue increased over 80% to $58.7 million with a 30% increase in comp store sales for the quarter, outperforming our expectations. Operating income increased $6.6 million, or roughly 200% to $9.8 million driven by both gross margin expansion, as well as SG&A leverage.

首先，我想簡單介紹一下第二季的業績。我們很高興以強勁的第二季業績開始我們的公開亮相。我們所有收入來源的銷售成長都比預期好。本季營收成長了 80% 以上，達到 5,870 萬美元，比較店銷售額成長了 30%，超出了我們的預期。在毛利率擴張以及 SG&A 槓桿的推動下，營業收入增加了 660 萬美元，約 200%，達到 980 萬美元。

Our strong results confirm our successful approach to retail, which we believe differentiates us in the marketplace and creates sustainable points of difference for Lululemon. We have developed a distinctive community-based strategy that we believe enhances our brand and reinforces customer loyalty, while we focus on the rapidly growing fitness market.

我們強勁的業績證實了我們成功的零售方式，我們相信這種方式使我們在市場上脫穎而出，並為 Lululemon 創造了可持續的差異點。我們制定了獨特的基於社群的策略，我們相信該策略可以增強我們的品牌並增強客戶忠誠度，同時我們專注於快速成長的健身市場。

The key elements of our strategy are to design and to develop innovative fitness apparel and position each Lululemon store as an integral part of its community, creating an inviting and memorable educational store experience for our guests, and our marketing is totally grass roots led by our local ambassadors as both product testers and advocates for our brand in their community. Our sales have been strong and this has created a level of inventory depletion, but we are well positioned to continue our growth throughout the rest of the year.

我們策略的關鍵要素是設計和開發創新的健身服裝，並將每家Lululemon 商店定位為社區不可或缺的一部分，為我們的客人創造誘人且難忘的教育商店體驗，我們的行銷完全由我們的草根領導當地大使作為產品測試員和我們品牌在其社區的倡導者。我們的銷售一直強勁，這造成了一定程度的庫存消耗，但我們有能力在今年剩餘時間內繼續成長。

Our international and domestic supply chain strategy has held up with on-time deliveries which are obviously shown in our sales performance, as well as our ability to open new stores. During the quarter, our management team is gelling wonderfully into a cohesive unit and has performed well during this high growth period.

我們的國際和國內供應鏈策略堅持按時交貨，這在我們的銷售業績以及開設新店的能力中得到了明顯體現。在本季度，我們的管理團隊完美地凝聚成一個有凝聚力的團隊，並在這個高速成長時期表現良好。

We continue to open new stores in Canada and the U.S., including this past weekend with new stores opening in Tyson Corner, Virginia, Natick, Massachusetts, and Manhattan Beach, California. All successfully received. This follows additional successful openings in Berkeley, California, Branch Street just off of Union Square in San Francisco, and Corte Madera in Marin County.

我們繼續在加拿大和美國開設新店，包括上週末在維吉尼亞州泰森角、馬薩諸塞州內蒂克和加州曼哈頓海灘開設的新店。全部成功接收。此前，在加州伯克利、舊金山聯合廣場旁的布蘭奇街和馬林縣科爾特馬德拉也成功開設了更多門市。

Our strategy is to cluster in key strategic markets. We continue to focus on growing our store base in North America, primarily in the United States. Our store growth model focuses on strengthening existing markets and entering strategic new markets, as well. During the quarter, we opened six stores in North America for a total of eight so far this fiscal year. We plan on opening 25 new stores this year in North America, and we remain on track to achieve this goal, as well as opening 30 to 35 stores in fiscal year '08.

我們的策略是集中在關鍵策略市場。我們繼續專注於擴大我們在北美（主要是美國）的商店基礎。我們的商店成長模式著重於加強現有市場並進入策略性新市場。本季度，我們在北美開設了 6 家門市，本財年迄今，門市總數已達 8 家。我們計劃今年在北美開設 25 家新店，我們仍有望實現這一目標，並在 08 財年開設 30 至 35 家店。

We are pleased with the productivity level of our newer stores, and we believe the success of our recent openings further demonstrate the portability of our brand and retail concept into the U.S., and then eventually around the world. Now I would like to turn the discussion over to John Currie to go through the details of the quarter.

我們對新店的生產力水平感到滿意，我們相信最近開業的成功進一步證明了我們的品牌和零售理念可移植到美國，並最終擴展到世界各地。現在我想將討論轉交給約翰·柯里 (John Currie)，他會詳細介紹本季的細節。

Thanks, Bob. Let me start by taking a few minutes to provide some color around our second quarter income statement and balance sheet. Beginning with revenue. Our total revenue was $58.7 million for the quarter, an increase of 80% over the second quarter of 2006.

謝謝，鮑伯。首先，讓我花幾分鐘時間對我們第二季的損益表和資產負債表做一些說明。從收入開始。本季我們的總營收為 5,870 萬美元，比 2006 年第二季成長了 80%。

Our corporate-owned store sales represented 90.5% of this total at $53.1 million, an increase of 98% over 2006. This increase was driven by a combination of a 43% increase in our store base, coupled with a comparable store sales increase of 30%.

我們的企業自有商店銷售額佔總銷售額的90.5%，達到5,310 萬美元，比2006 年增長98%。這一增長是由我們的商店基數增長43% 以及可比商店銷售額增長30% 共同推動的。 %。

The strengthening of the Canadian dollar against the U.S. dollar contributed 5% of this comparable store sales growth meaning that on a constant dollar basis, our comparable store sales increased 25%. Other revenues, which include franchise, wholesale, phone sales, and showrooms represented the other 9.5% of total revenue at $5.6 million. This was an 18% decrease from 2006, but this is a direct result of the buyback of our three Calgary franchise stores on April 1, 2007.

加幣兌美元走強貢獻了可比商店銷售額增長的 5%，這意味著在美元不變的基礎上，我們的可比商店銷售額增長了 25%。其他收入（包括特許經營、批發、電話銷售和陳列室）佔總收入的 9.5%，為 560 萬美元。這比 2006 年下降了 18%，但這是我們於 2007 年 4 月 1 日回購三家卡加利特許經營店的直接結果。

Gross profit for the second quarter increased 97% to $31.2 million. Higher revenues allowed leveraging of our design, production, occupancy and depreciation costs driving gross margin expansion up 430 basis points to 53.2%. SG&A expenses were $21.5 million for the quarter, or 36.6% of total revenues versus 39% in the second quarter of last year. This 240-basis-point improvement was in part driven by leveraging administrative costs, which included one-time consulting fees in the prior year.

第二季毛利成長 97%，達到 3,120 萬美元。更高的收入使我們能夠充分利用我們的設計、生產、佔用和折舊成本，推動毛利率成長 430 個基點，達到 53.2%。本季的 SG&A 費用為 2,150 萬美元，佔總營收的 36.6%，而去年第二季為 39%。這一 240 個基點的改善部分是由於管理成本的利用，其中包括上一年的一次性諮詢費用。

SG&A in Q2 was also lower than expected as short-term delays in the timing of new store openings shifted anticipated new store pre-opening expenses from Q2 into Q3. Our stronger then expected top line growth coupled with controlled and delayed spending on SG&A, led to a 202% increase in operating income to $9.8 million in the second quarter. Our operating margin improved to 16.6% from 10% last year.

第二季的銷售管理費用也低於預期，因為新店開幕時間的短期延遲將預期的新店開幕前費用從第二季轉移到了第三季。我們比預期更強勁的營收成長，加上 SG&A 支出的控制和延遲，導致第二季營業收入成長 202%，達到 980 萬美元。我們的營業利潤率從去年的 10% 提高到 16.6%。

Tax expense was $4.8 million for the quarter, or 49% versus 40% last year. We continue to see higher then statutory tax rates primarily as a result of our current inter-Company transfer pricing structure between our Canadian and U.S. companies. The resulting net income available to common stockholders was $5.1 million, or $0.07 per share. Our weighted average diluted shares outstanding for the quarter were $69 million.

本季稅費為 480 萬美元，佔 49%，去年同期為 40%。我們繼續看到高於法定稅率的主要原因是我們加拿大和美國公司之間目前的公司間轉讓定價結構。由此產生的普通股股東淨收益為 510 萬美元，即每股 0.07 美元。本季我們的加權平均稀釋後流通股為 6,900 萬美元。

As you're all aware, we completed our very successful IPO on July 26 with a settlement date of August 2, 2007. As a result, the share count in the July 31 balance sheet in general did not reflect the results of the IPO, under which in addition to the secondary offering of shares by existing shareholders, the Company issued 2.3 million shares at $18 per share. Net proceeds to the Company, after IPO-related costs, were $31.8 million. This transaction will be reflected in our third quarter financial statements.

如大家所知，我們在 7 月 26 日非常成功地完成了 IPO，結算日為 2007 年 8 月 2 日。因此，7 月 31 日資產負債表中的股數總體上並未反映 IPO 的結果，除現有股東二次發行股票外，公司還以每股18 美元的價格發行了230 萬股股票。扣除 IPO 相關費用後，公司淨收益為 3,180 萬美元。該交易將反映在我們第三季的財務報表中。

Turning to the key balance sheet highlights, we ended the second quarter with cash and cash equivalents totaling approximately $9.7 million. Again, remember this cash balance does not reflect the net proceeds from the IPO. Inventory at the end of the quarter was $23.8 million, or up 12% from the end of the second quarter last year. Raw materials comprised $0.7 million, or 3% of total inventory at quarter end, a decline of 86% from $4.9 million last year.

談到關鍵的資產負債表亮點，第二季末我們的現金和現金等價物總計約為 970 萬美元。再次請記住，該現金餘額並不反映 IPO 的淨收益。本季末庫存為 2,380 萬美元，比去年第二季末成長 12%。截至季末，原料成本為 70 萬美元，佔總庫存的 3%，比去年的 490 萬美元下降了 86%。

This decline in raw materials reflects our continued drive to have all manufacturers supplying product on an FOB basis. Excluding raw materials, inventory increased 57% from the second quarter last year, which is more in line with our revenue growth.

原材料的下降反映了我們繼續推動所有製造商以離岸價格供應產品。剔除原料後，庫存比去年第二季增加了57%，這與我們的收入成長更相符。

Capital expenditures for the second quarter were $7 million, an increase of 88% from last year. The increase in CapEx reflects our new store build-out costs and costs related to the implementation of our new ERP system which will become operational in February of 2008.

第二季資本支出為700萬美元，較去年成長88%。資本支出的增加反映了我們的新店擴建成本以及與實施新 ERP 系統相關的成本，該系統將於 2008 年 2 月投入運作。

Turning to our outlook, for fiscal 2007 we expect net revenue to be in the range of $240 million to $246 million. This incorporates a mid to high teens comparable store sales increase and 25 new store openings in North America. We anticipate a 16% to 17.5% operating margin. And our effective tax rate is expected to be approximately 47%, leading to expected diluted earnings per share to be in the range of $0.30 to $0.33. We also anticipate diluted weighted average shares outstanding of approximately $17 million for 2007.

談到我們的展望，我們預計 2007 財年的淨收入將在 2.4 億美元至 2.46 億美元之間。其中包括中高位的可比較商店銷售額成長以及在北美開設的 25 家新店。我們預計營業利益率為 16% 至 17.5%。我們的有效稅率預計約為 47%，預計攤薄後每股收益將在 0.30 美元至 0.33 美元之間。我們也預計 2007 年稀釋後加權平均流通股約為 1,700 萬美元。

Within this guidance for the full 2007 fiscal year, there are certain items to note which should be expected in our third quarter. Specifically, our new store openings for the balance of the year are concentrated in the latter half of Q3 and the beginning of Q4. As a result, there will be a significant concentration in new store pre-opening costs incurred in Q3.

在整個 2007 財年的指導中，有一些值得注意的事項預計會在第三季出現。具體來說，我們今年剩餘時間的新店開張集中在第三季下半年和第四季初。因此，第三季新店開業前的成本將大幅集中。

Our tax rate in Q3 will likely be high, in the low 50s range, due to the additional unbenefited tax losses in the U.S. resulting from these new store pre-opening costs in the quarter. Additional costs relating to our new public company status will, of course, commence to be incurred in Q3.

我們第三季的稅率可能會很高，在 50 多美元的範圍內，因為本季這些新店開業前的成本導致了美國額外的未受益稅收損失。當然，與我們新的上市公司地位相關的額外成本將在第三季開始產生。

As a result in Q3, expect mid to high teens comparable store sales growth, with modest revenue from the new stores set to open in the latter half of the quarter, operating margins in the 14% to 15% range, and diluted EPS in the range to $0.05 to $0.06 per share for the quarter. With that, I'll now turn the call back to Bob.

因此，第三季的結果是，預計可比商店銷售額將增長中至高位，本季後半段新開商店的收入將適度增長，營業利潤率在14% 至15% 範圍內，攤薄後每股收益將在本季每股範圍為 0.05 美元至 0.06 美元。這樣，我現在將電話轉回給鮑伯。

Thanks, John. As we move into the third quarter, we continue to drive through executing our store growth plan, improving our supply chain system, as well as maximizing our inventory investment. The founding principals established by Chip drive our distinctive corporate culture and promote a set of core values that attracts passionate and motivated employees.

謝謝，約翰。進入第三季度，我們將繼續推動執行門市成長計畫、改善供應鏈系統以及最大化庫存投資。 Chip 創立的創辦人推動了我們獨特的企業文化，並推廣了一套吸引熱情和積極進取的員工的核心價值。

We believe the passion and dedication of our employees allows us to successfully execute and continue to execute on our business strategy, and enhance our brand loyalty, and create a distinctive connection with our customers. We continue to focus on growing our store base in North America and longer term you should be looking for us to have between 200 and 300 stores in North America alone. Operator, we can now open this call up for questions.

我們相信，員工的熱情和奉獻精神使我們能夠成功執行並繼續執行我們的業務策略，提高我們的品牌忠誠度，並與客戶建立獨特的聯繫。我們繼續專注於擴大我們在北美的商店基礎，從長遠來看，您應該會發現我們僅在北美就擁有 200 到 300 家商店。接線員，我們現在可以打開此電話詢問問題。

Thank you, sir. Today's question-and-answer session will be conducted electronically. (OPERATOR INSTRUCTIONS) We'll go first today with Margaret Mager with Goldman Sachs.

謝謝你，先生。今天的問答環節將以電子方式進行。 （操作員說明）今天我們先邀請高盛的瑪格麗特‧馬格。

Hi, good afternoon, and congrats on the IPO and a nice start as a public company. Can you talk a little bit about your same-store sales, which are well ahead of what we had been expecting, up 30%. What are some of the key drivers of that and as you look at the second half of the year can you talk about new merchandising programs that will be rolling in that will be important to continuing strong double-digit same-store sales increases?

大家好，下午好，祝賀首次公開募股以及作為上市公司的良好開端。您能否談談您的同店銷售額，該銷售額遠遠超出我們的預期，成長了 30%。其中的一些關鍵驅動因素是什麼？當您展望今年下半年時，您能否談談即將推出的新商品計劃，這些計劃對於持續強勁的兩位數同店銷售額增長非常重要？

Yes, Margaret, this is Bob. First of all, in our same-store sales, we're experiencing, obviously, very successful comp store increases. Historically, we see a falloff in [low-on] pants sales in the warmer months because of the heat of the product, but that's offset by the growth of the category and the acceptance of the brand. What we have seen is we have successfully introduced new fabrics into our product mix.

是的，瑪格麗特，這是鮑伯。首先，在我們的同店銷售中，我們顯然正在經歷非常成功的同店銷售成長。從歷史上看，我們發現在溫暖的月份，由於產品的熱度，[低幫]褲子的銷量會下降，但這被該類別的增長和品牌的接受度所抵消。我們所看到的是，我們已經成功地將新面料引入我們的產品組合。

We have seen warm weather fabrics that have performed exceptionally well in the summer, Vita-C which has been accepted very well by our customer base. Silverescent, our guests are very enthusiastic about accepting our running collection, as well as our men's business growing.

我們看到了在夏季表現出色的溫暖天氣面料，Vita-C 已被我們的客戶群很好地接受。 Silverescent，我們的客人非常熱衷於接受我們的跑步系列，以及我們的男裝業務不斷成長。

Now as we come out of the summer our [low-on] sales on pants have historically have a significant uptrend which will, obviously, be fed by the growing market. But we don't know how these lighter-weight fabrics will perform coming into the colder months, but will be offset by our introduction of our very extensive jacket and outerwear line.

現在，隨著夏季的結束，我們褲子的[低位]銷售歷史上一直呈現顯著的上升趨勢，顯然，這將受到不斷增長的市場的推動。但我們不知道這些輕質面料在寒冷月份的表現如何，但我們推出的非常廣泛的夾克和外套系列將抵消這些影響。

Okay. That's helpful, and as far as the new store openings are going, is there any update that you would give on how they're doing relative to your pro formas?

好的。這很有幫助，就新店開業而言，您是否會提供有關他們相對於您的備考情況的最新情況？

Let John take that one.

讓約翰拿那個吧。

Yes, on average our new stores are coming in at or above our expectations. You've seen our new store model economics which looks like at the bare minimum, and our stores in many cases are exceeding our expectations, but overall slightly above what we would have expected.

是的，平均而言，我們的新店業績達到或高於我們的預期。您已經看到了我們新商店模式的經濟效益，它看起來像是最低限度的，而且我們的商店在許多情況下都超出了我們的預期，但總體上略高於我們的預期。

That's both in U.S. and Canada.

美國和加拿大都是如此。

Okay. And then last if I could ask about the guidance looking out to 3Q, 4Q and for the year. If we're thinking $0.05 to $0.06 in the third quarter, would that be implying something in the $0.15 range for the fourth quarter or can you speak to that at this point or not?

好的。最後，我是否可以詢問第三季、第四季和全年的指導。如果我們認為第三季的價格為 0.05 美元至 0.06 美元，這是否意味著第四季度的價格為 0.15 美元，或者您現在可以談論這一點？

Yes, just looking at the two quarters behind us in Q3 that implies $0.14, $0.15 cents in Q4.

是的，只要看看第三季度的兩個季度，就意味著第四季度的價格為 0.14 美元、0.15 美元。

Okay. All right, good, well, congrats, again, on a great start and I may come back in at the end for another question. Thanks.

好的。好吧，很好，再次恭喜，有一個好的開始，我可能會在最後回來回答另一個問題。謝謝。

Thank you.

謝謝。

We'll take our next question from Lorraine Maikis with Merrill Lynch.

我們將接受美林證券的洛林‧邁基斯 (Lorraine Maikis) 提出的下一個問題。

Thank you. Good afternoon. Just wanted to hear a little bit more about about your gross margin expansion potential, not only for this year but over the next few years. How high do you think that could go and where do you see the benefits coming from?

謝謝。午安.只是想更多地了解您的毛利率擴張潛力，不僅是今年，而且是未來幾年。您認為這可以達到多高？您認為好處來自哪裡？

Historically, if you look back over the past several years, our gross margins have been in the 51% range. During the IPO process, we indicated that we saw maybe 100 to 200 basis points of leverage in the gross margin. Now having said that, we showed that much and a little bit more in Q2. And again that shows, with our sales in Q2 it shows our ability to leverage those costs, but beyond that, we don't see dramatic further improvement in gross margin. We still guide you to the low 50s as gross margin.

從歷史上看，如果你回顧過去幾年，我們的毛利率一直在 51% 左右。在IPO過程中，我們表示毛利率可能存在100到200個基點的槓桿。話雖如此，我們在第二季度展示了這一點，而且還多了一點。這再次表明，我們第二季的銷售額表明我們有能力利用這些成本，但除此之外，我們看不到毛利率的進一步大幅改善。我們仍將您的毛利率引導至 50 左右。

My direction would be to keep looking in that 200 basis point leverage off of the 51 we've historically produced.

我的方向是繼續關注我們歷史上產生的 51 個基點槓桿率的 200 個基點槓桿。

Okay, and then you mentioned a few store opening delays. Can you just give us a little bit more detail on why that was and --

好的，然後你提到了一些商店開業延遲的情況。你能否提供我們更多細節來解釋為什麼會這樣——

We don't open a lot of malls and so consequently we're dealing in building permits and occupancy permits that are unique to individual real estate owners and towns and street locations, and we've had to adjust our new store opening occupancy rates and we think we've adequately taken care of that for the end of this year and the beginning of '08.

我們不會開設很多購物中心，因此我們正在處理針對個人房地產所有者以及城鎮和街道位置所特有的建築許可證和入住許可證，我們不得不調整新店開業的入住率和我們認為我們已經在今年年底和08 年初充分解決了這個問題。

Thank you.

謝謝。

We'll take our next question from Lyn Walther with Wachovia.

我們將接受聯準會林恩沃爾特 (Lyn Walther) 提出的下一個問題。

Hi, guys. Couple things. You mentioned in your prepared remarks that inventory was depleted. I'm just wondering, do you have enough inventory to drive comps higher than the mid to high-teens number that you gave us? And then also, on your older stores, can you just talk about how they're comping relative to the newer ones?

嗨，大家好。夫婦的事情。您在準備好的發言中提到庫存已耗盡。我只是想知道，你們是否有足夠的庫存來推動競爭高於你們給我們的中高青少年數字？另外，對於您的老店，您能否談談它們相對於新店的比較？

Yes, so this is Bob. We do have adequate inventory in two shapes. One, the big decrease in inventory came in raw materials as we've shifted our factory to an FOB base and moved away from carrying large inventory of just raw material, which has historically shown up in our numbers, and so consequently we have a good uptick in fresh, new merchandise.

是的，這就是鮑伯。我們確實有兩種形狀的充足庫存。第一，原材料庫存大幅減少，因為我們將工廠轉移到了離岸價基地，不再只持有大量原材料庫存，這在我們的數據中已經有所體現，因此我們擁有良好的業績新鮮、新商品的增加。

We also have adequately planned in the latter half the year for air freighting out of our Asian operation to be able to chase any sales that we don't want to invest in the inventory in and our supply chain has been able to keep up with our growth and we've been able to adequately get production capacity and raw materials in place to be able to react to that. We do not see a difference in the comps of our new stores versus our older stores. We still haven't found how high is up.

我們還在下半年對亞洲業務的空運進行了充分的計劃，以便能夠追逐我們不想投資庫存的任何銷售，並且我們的供應鏈已經能夠跟上我們的需求增長，我們已經能夠充分獲得生產能力和原材料，以便能夠對此做出反應。我們沒有看到新店與舊店的比較有什麼不同。我們還沒有發現到底有多高。

Okay, and just to follow-up on the air freight. You said your planned air freight. Is that in your guidance then if you have to air freight?

好的，只是跟進空運情況。你說的是你計劃的空運。如果您必須空運，這在您的指導中嗎？

Yes, no change to the guidance. It's already accounted for.

是的，指南沒有變化。已經算了。

And we'll go next to Liz Dunn with Thomas Weisel Partners.

接下來我們將與 Thomas Weisel Partners 一起討論 Liz Dunn。

Hi. Good afternoon, thank you. Congratulations on a great quarter. My question relates to -- my first question relates to the tax rate. It was a bit lower than I think some of the analysts had anticipated. Does that mean that your U.S. profitability was higher and is that primarily a result of those store openings being pushed, or is your U.S. profitability a little bit higher than you would have anticipated [ex.] the store openings?

你好。下午好，謝謝。恭喜您度過了一個美好的季度。我的問題涉及——我的第一個問題涉及稅率。我認為這個數字比一些分析師的預期要低一些。這是否意味著您在美國的盈利能力較高，這主要是由於這些商店開業的推動，還是您在美國的盈利能力比您預期的[例如]商店開業要高一些？

And then my second question relates to the inventory. Sort of a follow-up on Lorraine's question, which is do you think that you're really optimizing inventory because I know in New York, they're always out of sizes 4, 6, 8. How do you think about that and I also was shopping the stores yesterday in Chicago and found that there wasn't any running product despite the fact that the half marathon was here in Chicago yesterday.

我的第二個問題與庫存有關。有點像 Lorraine 問題的後續，你認為你真的在優化庫存嗎，因為我知道在紐約，他們總是缺貨 4、6、8 號。你對此有何看法？昨天也在芝加哥逛商店，發現儘管昨天芝加哥有半程馬拉松，但沒有任何跑步產品。

Where do you think you are in terms of optimizing your inventory and how are you addressing some of these concerns? Thank you.

您認為您在優化庫存方面處於什麼位置？您如何解決其中一些問題？謝謝。

Okay, Bob wants to take the tax question --

好的，鮑伯想回答稅務問題——

I'll do the taxes and John can do the inventory. (laughter)

我負責報稅，約翰負責清點庫存。 （笑聲）

Actually you're pretty much staying on. The tax rate was maybe a little lower than you might have anticipated because with high comps the U.S. stores were more profitable. With new store openings slightly delayed and those costs shifted into Q3, it didn't have the impact on our tax rate which it would have had which would be to increase it.

事實上，你幾乎會留下來。稅率可能比您預期的要低一些，因為美國商店的利潤較高，因此利潤較高。由於新店開業略有延遲，這些成本轉移到了第三季度，這並沒有對我們的稅率產生影響，而稅率本來會增加。

So that is the reason the tax rate was a bit lower. Again, I want to remind you and others that haven't had this conversation that the tax rate resulting from us generating tax losses in the U.S. is really coming primarily from our inter-company pricing and it's there in spite of the fact that the new stores -- the existing stores in the U.S. are, in fact, profitable.

這就是稅率低一點的原因。再次，我想提醒您和其他沒有進行過這次對話的人，我們在美國產生的稅收損失所產生的稅率實際上主要來自我們公司間的定價，儘管新的稅率確實存在，但它仍然存在。商店－美國現有的商店實際上是獲利的。

So, I guess by default, I'll handle the inventory question. Obviously, I think as we told you in the road show that our inventory issue in the store is our forecasting issue, not a supply chain issue. We did not anticipate a planned inventory for our 30% comps and we're noticing, particularly in the United States, that our brand is building beautifully because the athletic sizes are selling out way above -- way above our anticipation.

所以，我想預設情況下，我會處理庫存問題。顯然，我認為正如我們在路演中告訴您的那樣，我們商店的庫存問題是我們的預測問題，而不是供應鏈問題。我們沒有預料到我們 30% 的商品會有計劃庫存，而且我們注意到，尤其是在美國，我們的品牌建立得非常好，因為運動尺寸的銷售量遠遠超出了我們的預期。

Obviously, with the sales increase, it shows we have the capability of getting inventory into the stores and then we're tweaking our size curve and delivery system to be able to catch up with it.

顯然，隨著銷售額的增加，這表明我們有能力將庫存引入商店，然後我們正在調整我們的尺寸曲線和交付系統，以便能夠趕上它。

As far as the Chicago goes, I know that we did both on Michigan Avenue and in Halstead make a major push to back the half marathon and the success of that was, obviously, seen in a full sellout of our inventory, which we take as a positive, and particularly take as a positive as we take a look at our men's business, not only the 4s, 6s, and 8s in women's being out of stock, but no matter how we try and curve our XLs, X XLs and Larges in the men's sizes we keep chasing, as well, but showing a 35% increase. So we're dealing with a Class A problem of more sales then forecasted.

就芝加哥而言，​​我知道我們在密西根大道和霍爾斯特德都為支持半程馬拉松做出了重大努力，而這一成功顯然體現在我們的庫存全部售空，我們將其視為這是一個積極的因素，尤其是當我們審視我們的男裝業務時，我們發現不僅女裝的4、6 和8 碼缺貨，而且無論我們如何嘗試彎曲我們的XL、X XL 和大碼在男士尺碼方面，我們也一直在追求，但增加了35%。因此，我們正在處理一個 A 類問題，即銷售量超出預期。

Okay. Great. Thanks and good luck.

好的。偉大的。謝謝，祝你好運。

Thanks.

謝謝。

We'll go next to Sharon Zackfia with William Blair.

接下來我們將與威廉·布萊爾一起前往莎朗·扎克菲亞。

Hi, good afternoon. I wanted to move back to the store development delays that we've seen a little bit this year. I guess of the 17 stores that you're opening of the latter half, what's the breakout by quarter? And I think you said it was mostly permit delays. So how much cushion, kind of, do you have for next year in terms of the openings that you are guiding to and what actually might be in the works, if you will?

嗨，下午好。我想回到今年我們看到的商店開發延遲問題。我猜你們下半年要開的17家店，按季度的突破情況是怎樣的？我想你說過這主要是許可證延誤。那麼，就您正在指導的職位空缺以及實際可能正在進行的工作而言，您對明年有多少緩衝？如果您願意的話？

Let me do that. What we've done is we've put an additional 45-day cushion into the guidance for '08 because we continue to open predominantly in street locations in new lifestyle enters. Malls, obviously, are less of an issue to opening because permitting is much less volatile.

讓我這樣做。我們所做的是，我們在 08 年的指導中額外增加了 45 天的緩衝期，因為我們繼續主要在新生活方式進入的街道地點開業。顯然，購物中心的開業問題不那麼大，因為許可證的波動性要小得多。

In terms of the balance of the stores, I believe we have nine that are planned to open in Q3 and the balance at the beginning of Q4, all geared to open on or before U.S. Thanksgiving.

就剩餘商店而言，我相信我們有九家計劃在第三季度開業，其餘的則在第四季度初開業，所有商店都計劃在美國感恩節或之前開業。

Okay, and then I just wanted to clarify on the comps. John, did you say mid to high-teens for both the third quarter and the full year?

好吧，然後我只是想澄清一下比較。約翰，你是說第三季和全年的業績都在中高點嗎？

For the third quarter and the full year. That does imply a slightly lower comp in Q4 to get to that average for the year.

第三季和全年。這確實意味著第四季度的薪酬要略低才能達到今年的平均水準。

Okay. And then, I guess this is a hard question to answer, but following up on a lot of the inventory questions. Do you guys have any way of trying to guesstimate (sic) kind of your lost sales from inventory out of stocks? The sizes here in Chicago have obviously been an issue. How do you try to get your arms around what sales you're losing and where you might see advantages as we go forward with better inventory planning?

好的。然後，我想這是一個很難回答的問題，但要跟進很多庫存問題。你們有什麼方法可以試著猜測（原文如此）因庫存缺貨而造成的銷售損失嗎？芝加哥這裡的規模顯然是一個問題。當我們繼續進行更好的庫存規劃時，您如何努力解決您正在失去的銷售額以及您可能會在哪些方面看到優勢？

We do not quantify lost sales. Everyone in the Company works at retail, so we're at retail, including Chip and myself, at a minimum of two days a week, as well as our designers, our merchandisers and, obviously, our operational team. And we do not have the systems to be able to track lost sales. As we put our ERP system in place the beginning of next year, that tool will be available to us.

我們不量化銷售損失。公司裡的每個人都從事零售工作，所以我們，包括奇普和我自己，每週至少工作兩天，還有我們的設計師、跟單員，當然還有我們的營運團隊。而且我們沒有能夠追蹤銷售損失的系統。當我們明年初部署 ERP 系統時，我們就可以使用該工具。

And when do you think the ERP system really will start to hit its stride?

您認為 ERP 系統什麼時候才能真正開始大步前進？

February of '08.

08 年 2 月。

Thank you.

謝謝。

We'll go next to Michelle Tan with UBS.

接下來我們將介紹瑞銀集團的 Michelle Tan。

Can you just give us any details behind how the comps performed differently by region? So was there any notable difference between the Canadian stores and the U.S. stores in terms of comp, and then also any learnings that you're getting between -- on the differences between the U.S customer versus the Canadian customer? How they shop, what type of customer it is and as you go forward?

您能否向我們詳細介紹各地區的比較表現有何不同？那麼，加拿大商店和美國商店在競爭方面是否存在任何顯著差異，以及您在美國客戶與加拿大客戶之間的差異方面獲得的任何經驗教訓？他們如何購物，他們是什麼類型的客戶以及您的下一步？

Yes, we don't give guidance split out that way and I don't think we will. The question in terms of the U.S. customer versus the Canadian customer, we're noticing in the U.S. a quicker acceptance of the brand, predominantly with men. More frequent, and higher purchase cycle in the U.S. So there seems to be a heavier shopping pattern, and the main difference in the Canadian customer is the brand build and people recognizing Lululemon and buying it for streetwear as well as for athletic activities, which we don't experience currently in the U.S.

是的，我們不會以這種方式提供指導，我認為我們不會。關於美國客戶與加拿大客戶的問題，我們注意到在美國，人們對這個品牌的接受速度更快，主要是男性。美國的購買週期更頻繁、週期更長，因此似乎有更重的購物模式，而加拿大客戶的主要區別在於品牌建設以及人們認可Lululemon 併購買它用於街頭服飾以及體育活動，我們對此進行了研究。目前在美國沒有經歷過

Great. As far as the faster acceptance, I guess many of us are of the impression that U.S. stores will generally be of lower -- do lower sales productivity than the Canadian stores. Is that likely to be the case or given the fact that you're seeing this higher ramp of acceptance would you think that you can potentially be as productive in the U.S. as in Canada?

偉大的。就接受速度而言，我想我們許多人的印像是美國商店的銷售效率通常低於加拿大商店。情況是否可能如此，或者考慮到您看到這種更高的接受度，您是否認為您在美國可能會像在加拿大一樣富有成效？

We see no reason why the U.S. cannot be as productive as the Canadian stores in the future.

我們認為美國商店未來沒有理由不能像加拿大商店一樣有效率。

Okay. Great. Thank you.

好的。偉大的。謝謝。

We'll go next to Sujata Shekar with CIBC World Markets.

接下來我們將前往 CIBC 世界市場的 Sujata Shekar。

Yes, good afternoon. My question first was on the distribution center shift in Vancouver. Was that accomplished smoothly and how did that go?

是的，下午好。我的第一個問題是關於溫哥華配送中心的轉移。進展順利嗎？進展如何？

That's going as we speak. We look for it beginning of October when with some luck the end of September. What's holding us up is nothing. I was out there last week and it is rip roaring and ready to go and all we need are the telephone lines hooked up.

我們說話的時候就是這樣。我們在十月初尋找它，幸運的是九月底。阻礙我們的是什麼都沒有。上週我去了那裡，那裡正在咆哮，準備出發，我們所需要的只是連接電話線。

Okay, and you would be running parallel processes during the transition? Is that right?

好的，您會在過渡期間運行並行進程嗎？是對的嗎？

Absolutely.

絕對地。

Okay. The other question I had was really linked to all the inventory-related issues and questions on this call. Do you see, since things are selling out so quickly, do you see an opportunity tweak your prices in any way, perhaps raise them further? Do you see any elasticity there?

好的。我提出的另一個問題確實與本次電話會議中所有與庫存相關的問題和問題有關。您是否認為，由於商品賣得如此之快，您是否認為有機會以任何方式調整價格，甚至進一步提高價格？你看到那裡有彈性嗎？

We do selectively already do that, and we take into consideration, not only price elasticity but we want fair value for the product we sell. We do take into consideration material cost increases, freight increases and whatever it is that would affect our margin, but, so we already have that in play.

我們已經有選擇地這樣做了，我們不僅考慮價格彈性，而且我們希望我們銷售的產品具有公允價值。我們確實考慮了材料成本增加、運費增加以及任何會影響我們利潤的因素，但是，所以我們已經在考慮這一點了。

Okay. And my last question was, again, on the store openings. I understood that all your lease contracts are in place for the rest of the year and through about half of next year. Is that correct?

好的。我的最後一個問題又是關於新店開業的。據我所知，在今年剩餘時間和明年大約一半的時間裡，你們的所有租賃合約都已生效。那是對的嗎？

All of our leases are done for this year and slightly now over half of our leases are either in or in LOI form for '08.

我們今年的所有租賃均已完成，現在略多於一半的租賃是 08 年的意向書形式。

So the delays in the actual openings, are they -- help me understand exactly what they are related to?

那麼，實際開業的延遲是否能幫助我準確地理解它們與什麼有關？

Occupancy permits, opening inspections, just that we are not dealing predominantly with malls. So we have these one-off situations with landlord idiosyncrasies, town idiosyncrasies, signage idiosyncrasies that you would not experience in a mall-based retailer, and we have suggested our model to take that into consideration.

入住許可、開業檢查，只是我們不主要與購物中心打交道。因此，我們遇到了這些一次性情況，包括房東特質、城鎮特質、標誌特質，這些是你在商場零售商中不會遇到的，我們建議我們的模型考慮到這一點。

Okay, so the delays for the most part would be, perhaps, from one quarter to the other?

好吧，那麼大部分的延誤可能是從一個季度到另一個季度？

We have slippage in weeks, not years.

我們的下滑是幾週而不是幾年。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

(OPERATOR INSTRUCTIONS) We will go next to Paul Lejuez with Credit Suisse.

（接線員說明）我們將前往瑞士信貸銀行 (Credit Suisse) 的 Paul Lejuez 旁。

Hi, guys, congrats. Just a couple of questions. One, how much did currency help on the EPS line, if you might be able to share that with us? And how do you plan for that going forward? How do you incorporate that into your guidance?

嗨，夥計們，恭喜。只是幾個問題。第一，貨幣對每股盈餘線有多大幫助，如果您能與我們分享的話？您對此有何計劃？您如何將其納入您的指導中？

Okay. As I indicated, currency helped our comp store sales by 5% of the 30% increase. So, obviously, it's helping that top line. It's helping our gross margin at least slightly because more of our sales are in Canadian dollars compared to our product costs, which is in U.S. dollars.

好的。正如我所指出的，貨幣幫助我們的商店銷售額成長了 30%，其中 5% 成長了。所以，顯然，這對營收有所幫助。這至少對我們的毛利率有所幫助，因為與以美元計價的產品成本相比，我們有更多的銷售額以加幣計價。

On the other hand, most of our SG&A is in Canadian dollars. So that offsets that. To be honest, I don't have the calculation of how much exactly it has impacted our EPS, but in general the stronger Canadian dollar has helped us. I would have to follow-up to do the math on the exact amount.

另一方面，我們的 SG&A 大多是加幣。這樣就抵消了這一點。老實說，我沒有計算過它對我們的每股盈餘有多大影響，但總的來說，加幣走強對我們有幫助。我必須跟進計算確切的金額。

Okay.

好的。

In terms of how do we think about that going forward? You know, we are, I believe, looking at economic forecasts. Looking at a fairly stable Canadian dollar at this level. Having said that, we are carefully analyzing the impact of a further improvement or a further decline in the Canadian dollar and determining at what point and to what extent it might make sense for us to hedge, but we have not made any decisions on that.

我們如何看待未來的發展？你知道，我相信我們正在研究經濟預測。在此水準上看加元相當穩定。話雖如此，我們正在仔細分析加元進一步改善或進一步下跌的影響，並確定在什麼時候以及在多大程度上對我們進行對沖可能有意義，但我們尚未就此做出任何決定。

Got it, and can you talk about how much of the SG&A line you consider fixed versus variable, and I guess, in other words, what dollar amount is going to kind grow at a much slower rate allowing you to get leverage as you open more square footage?

明白了，你能談談你認為固定的 SG&A 線與可變的 SG&A 線有多少，換句話說，我猜美元金額將以更慢的速度增長，讓你在開更多倉時獲得槓桿平方英尺？

We haven't broken out the fixed versus variable. Of course, there's a lot of store-based costs in the "S" part of SG&A. So all of our floor staff and our store operating costs are mostly variable.

我們還沒有區分固定與可變。當然，SG&A 的“S”部分有很多基於商店的成本。因此，我們所有的樓層員工和商店營運成本大多是可變的。

So with a high-growth Company it's very difficult to try to put your finger on exactly what sort of leverage you get from the fixed G&A. Obviously, you saw some of it this quarter, but again we haven't provided and wouldn't be comfortable providing guidance on that.

因此，對於一家高成長的公司，很難準確地了解從固定管理費用中獲得的槓桿作用。顯然，您在本季度看到了其中的一些內容，但我們再次沒有提供，也不願意提供這方面的指導。

Got it. And then I'm not sure if you've looked -- or if you've talked about much beyond a year or two in terms of operating margins, but have you shared at all a long-term goal for the operating margin line?

知道了。然後我不確定您是否看過——或者您是否談論過超過一兩年的營業利潤率，但您是否分享過營業利潤線的長期目標？

Yes, through the IPO we talked about getting to a 19%, 20% operating margin.

是的，透過 IPO，我們談到了要達到 19%、20% 的營業利潤率。

What time frame is that?

那是什麼時間範圍？

Over two, three years.

兩三年多了。

Great. Thanks, and good luck.

偉大的。謝謝，祝你好運。

Thank you.

謝謝。

We'll go next to Howard Tubin with RBC Capital Markets.

接下來我們將採訪加拿大皇家銀行資本市場部的霍華德‧圖賓 (Howard Tubin)。

Thanks very much. Can you guys just give us an update on where you stand on some of your smaller merchandise categories like men's and accessories, where they'll be maybe as a percent of the store at the end of this year? And maybe at the end of next year and where you want to take those to as a percent of the store eventually?

非常感謝。你們能為我們介紹一下你們在男士和配件等一些較小商品類別上的最新情況嗎？到今年年底，它們可能佔商店的百分比？也許在明年年底，您最終希望將它們佔商店的百分比？

Both of them continue to run between 10% and 12% of the store sales. Both are growing -- while men's growing at around 35%, accessories growing slightly less then that, and they're not taking over a larger percentage of the store sales because our women's business continues to grow quite successfully.

兩者的銷售額繼續佔商店銷售額的 10% 至 12%。兩者都在增長——男裝的增長約為 35%，配件的增長略低於這個數字，而且它們並沒有佔據商店銷售額的更大比例，因為我們的女裝業務繼續相當成功地增長。

Long term we think that our men's business could and should be about 20% of our business. We have allocated the right amount of floor space currently for that to be achieved, and our accessory business probably around 15% of our business at full bloom.

從長遠來看，我們認為男裝業務可以而且應該占我們業務的 20% 左右。目前，我們已經分配了適當的佔地面積來實現這一目標，而我們的配件業務在全面發展時可能占我們業務的 15% 左右。

Great. Thanks very much.

偉大的。非常感謝。

We'll go next to Michelle Tan with UBS.

接下來我們將介紹瑞銀集團的 Michelle Tan。

Great. Thanks. I just had a really quick follow-up. On the SG&A and the shift of the pre-opening expense, can you give us a sense of what that number is in dollars. How much is shifting from second into third?

偉大的。謝謝。我剛剛進行了非常快速的跟進。關於 SG&A 和開業前費用的變化，您能否讓我們了解一下這個數字是多少（美元）。從第二位到第三位的轉變有多少？

It's roughly $750,000 that's shifted from Q2 to Q3.

從第二季轉移到第三季的金額約為 75 萬美元。

Great. Thanks.

偉大的。謝謝。

We'll return to Margaret Mager with Goldman Sachs.

我們將回到高盛的瑪格麗特·馬格。

Hi, so, a couple questions. Canada versus the U.S., can you tell us where your revenues for the quarter and the six months -- how that splits?

你好，有幾個問題。加拿大與美國相比，您能告訴我們本季和六個月的收入在哪裡—如何分配？

That's broken out in the Q? -- Sorry, just give me a minute, Margaret.

這在Q中就被打破了？ ——抱歉，請等一下，瑪格麗特。

While you're looking for that one, a little bit more strategic question. Bob, could you just speak again to the new markets that were opened in this quarter and the new markets that will be opened in 3Q, and then, with regard to your seeding a market. You opened up your studios.

當你在尋找這個問題時，還有一個更具戰略意義的問題。鮑勃，您能否再談談本季開放的新市場和第三季將開放的新市場，然後是關於您播種市場的問題。你開設了你的工作室。

Is that going along plan as you look out to 4Q? And is there any other marketing around new store openings that you can talk to a bit? And then lastly on the whole opening program, looking out to 2008, how do you feel about your pipeline out into '08? Thanks.

您展望第四季時，這是否符合計畫？還有其他關於新店開幕的行銷活動可以談談嗎？最後，關於整個開業計劃，展望 2008 年，您對 08 年的籌備工作有何看法？謝謝。

So, the markets that we opened this quarter so far really is in the Washington, D.C. market, and we've now got a couple of stores operating in the Washington, D.C. market. We've been able to add stores in Boston and in Chicago. The new markets that we'll enter in Q3 and Q4 will be Texas and in Florida, and as we get out into '08 we've got plenty of work to continue to expand in Northern California, Southern California.

因此，我們本季迄今開設的市場實際上是在華盛頓特區市場，現在我們在華盛頓特區市場開設了幾家商店。我們已經能夠在波士頓和芝加哥增加商店。我們將在第三季和第四季進入的新市場將是德州和佛羅裡達州，當我們進入 08 年時，我們還有大量工作需要繼續在北加州和南加州擴張。

Texas, we will in addition to Dallas be opening in Houston and Austin, and Florida we will have four stores out next year. And then the only new markets that we're starting to cluster in because of very successful performance would be in the Northwest. So we're going to be putting more stores in the Seattle and Portland market, which we did not -- we did not draw attention to on the road show and that's again, obviously, because of sales growth and very good productivity.

德州，除了達拉斯之外，我們明年還將在休士頓和奧斯汀開設四家商店，而佛羅裡達州我們將在明年開設四家商店。由於非常成功的業績，我們開始聚集的唯一新市場將是西北地區。因此，我們將在西雅圖和波特蘭市場開設更多商店，但我們沒有——我們沒有在路演中引起人們的注意，這顯然是因為銷售成長和非常好的生產力。

So your first market in Florida will be where?

那麼您在佛羅裡達州的第一個市場將在哪裡？

We have Aventura Mall that's opening in November and then we're doing the Walkway up in Jacksonville and then followed very quickly by Naples.

我們的 Aventura 購物中心將於 11 月開業，然後我們將在傑克遜維爾建造走道，然後很快那不勒斯也將緊隨其後。

Okay, and as far as the salons or the studios that you like to open first to get your brand at least grounded before you actually open up your first store, can you talk a little bit about what you're doing on that front in Florida and Texas specifically, since those are your next two new markets?

好的，至於您希望在實際開設第一家商店之前先開設沙龍或工作室，以便至少讓您的品牌紮根，您能談談您在佛羅裡達州在這方面所做的事情嗎特別是德克薩斯州，因為那是您接下來的兩個新市場？

Florida, all of the markets are already open. So our showrooms have already been opened and our seeding the market and have been for the past few months. The strategy we outlined to you is alive and well and operating.

佛羅裡達州所有市場都已經開放。因此，我們的陳列室已經開放，我們在過去的幾個月裡一直在播種市場。我們向您概述的策略是有效的、良好的並且正在運作。

There's no change to it, and in addition to that our ambassadors have been chosen for the stores. We have used our ambassadors as we're interviewing our educators, our store managers are already in Vancouver for their six-week training program, and our community relations people are already tieing into local events. So no change in the strategy and no blip in the execution.

沒有任何變化，除此之外，我們還為商店挑選了大使。我們在採訪我們的教育工作者時使用了我們的大使，我們的商店經理已經在溫哥華參加為期六週的培訓計劃，我們的社區關係人員已經參與了當地的活動。因此，策略沒有改變，執行也沒有障礙。

Okay, and then e-commerce came up quite a bit on my side anyway during the road show and just wondering if you can give us your latest thinking on e-commerce because it seems like it would be a great way to leverage the brand?

好吧，無論如何，在路演期間，電子商務在我這邊出現了很多，只是想知道您是否可以向我們提供您對電子商務的最新想法，因為這似乎是利用品牌的好方法？

Yes, well, two things. As we said on the road show that we didn't want to add another moving part into what we needed to do to be successful in our execution by taking on a whole new business model. But the way we talk about e-commerce is our call-in center.

是的，嗯，有兩件事。正如我們在路演中所說，我們不想透過採用全新的商業模式來在我們需要做的事情中添加另一個移動部分，以確保我們的執行成功。但我們談論電子商務的方式是我們的呼叫中心。

We believe very strongly that our guests become more satisfied when they can be educated, when they can be coordinated and when they can have a great shopping experience, and what we have in our call-in center is the same guest experience you would get in a face-to-face contact in the store and that is our e-commerce solution. What we did find on the road show was our 800 number was the best kept secret in North America and we plan on changing that.

我們堅信，當我們的客人能夠接受教育、能夠得到協調、能夠獲得良好的購物體驗時，他們會變得更加滿意，而我們的呼叫中心所提供的客戶體驗與您在呼叫中心所獲得的客戶體驗是一樣的在商店裡進行面對面的接觸，這就是我們的電子商務解決方案。我們在路演中發現，我們的 800 號碼是北美保守得最好的號碼，我們計劃改變這一現狀。

Good. Okay, anything on the Canada/U.S. split?

好的。好的，關於加拿大/美國的任何事情分裂？

Yes, going back to that question, Margaret, Canada was 82.5% in the quarter. U.S. was 16.2% and the balance, 1.3%, was international, being Australia and Japan. And that's outlined on page 15 of our 10-Q filing.

是的，回到那個問題，加拿大瑪格麗特本季的利用率為 82.5%。美國佔 16.2%，其餘 1.3% 是國際市場，即澳洲和日本。我們的 10-Q 文件第 15 頁對此進行了概述。

Okay. We'll definitely take a look at that. Okay, thanks. And I haven't met a person yet who hasn't absolutely loved your product whose had a chance to try it out. So good luck going for it, guys.

好的。我們一定會去看的。好的謝謝。我還沒有遇到一個不絕對喜歡你的產品並有機會嘗試的人。夥計們，祝你好運。

Thank you, Margaret.

謝謝你，瑪格麗特。

We'll take our next question from Hardy Bowen with Arnhold & Bleichroeder.

我們將回答 Hardy Bowen 與 Arnhold 和 Bleichroeder 提出的下一個問題。

I do think the product is great, but in coming into the United States do you expect that the SG&A costs are going to be higher in labor and rent in the United States, and do you expect ultimately that the sales per store are going to be higher?

我確實認為該產品很棒，但是進入美國後，您是否預計美國的勞動力和租金方面的 SG&A 成本會更高，您是否預計最終每家商店的銷售額將會是更高？

Yes and yes. Our SG&A level and store rents are higher coming into the United States and we do believe that our sales productivity can equal the Canadian.

是的，是的。進入美國後，我們的 SG&A 水平和商店租金更高，我們相信我們的銷售效率可以與加拿大的銷售生產力相當。

And, Bob, when we're talking about 200-basis-point potential in gross margin, are we speaking of the supply side just the ability to double or triple the volume and share those benefits with our suppliers or are we speaking of other things, as well?

而且，鮑勃，當我們談論毛利率 200 個基點的潛力時，我們是在談論供應方將產量增加一倍或三倍並與我們的供應商分享這些利益的能力，還是在談論其他事情，還有？

We're speaking of other things, as well. We're speaking of leverage, as well as supply side. We have time for one more question and then we've got to terminate the call. I apologize for that.

我們也在談論其他事情。我們談論的是槓桿，以及供給面。我們還有時間再問一個問題，然後我們必須終止通話。我對此表示歉意。

We'll take our last question today from Sandy Colen, with Apex Capital.

今天我們將回答來自 Apex Capital 的 Sandy Colen 的最後一個問題。

Yes, you mentioned carrying more outerwear product going forward. I'm wondering, kind of looking out a couple years, how much do you think outerwear and casual non-active wear could represent as a total part of the business?

是的，您提到未來將推出更多外套產品。我想知道，展望幾年，您認為外套和休閒非運動服在整個業務中能佔多大比例？

We actually -- this is Chip. We actually don't want it to be a big part. The casual wear. We're a technical clothing company and we know if we get into the casual wear then we become a fashion company and then the possibility of becoming a fad that occurs where if you stick with -- we just don't think technical function ever goes out of style.

我們實際上——這是奇普。我們實際上不希望它成為一個重要的部分。休閒裝。我們是一家科技服裝公司，我們知道如果我們進入休閒服裝領域，那麼我們就會成為一家時尚公司，然後有可能成為一種時尚，如果你堅持下去——我們只是認為科技功能永遠不會消失過時。

With the outerwear, I was in that business for many, many years in the snow boarding business, and I do know the downfalls of it and I know the greatness of it. We found a sweet spot in there and we also know that the idea is to get the product in September and be out of it in mid-October. We don't want to be an end of year inventory company for outerwear.

就外套而言，我在滑雪板行業從事了很多年，我確實知道它的缺點，也知道它的偉大之處。我們在那裡找到了一個最佳點，我們也知道我們的想法是在 9 月獲得該產品，並在 10 月中旬停止生產。我們不想成為年終外套庫存公司。

So suffice it to say it should be less than 10% of the business combined, casual and outerwear?

那麼可以說它應該少於商務休閒和外套總和的 10% 嗎？

Yes.

是的。

Okay. Great, thanks so much.

好的。太好了，非常感謝。

Thank you very much.

非常感謝。

And at this time I would like to turn the call back to our speakers for any additional or closing comments.

此時，我想將電話轉回給我們的發言人，以徵求任何補充或結束意見。

I want to thank everybody for coming. This is, Bob, and I appreciate the in-depth of the questions and we'll be available to answer any follow-on questions that you might have today and tomorrow.

我要感謝大家的到來。我是鮑勃，我很欣賞這些深入的問題，我們將可以回答您今天和明天可能提出的任何後續問題。

And this is very exciting for me. My very first time and I hope you got what you wanted and stick with us.

這對我來說非常令人興奮。這是我的第一次，我希望你得到你想要的東西並堅持與我們合作。

What you didn't get you can get from John. (laughter)

你沒有得到的東西可以從約翰那裡得到。 （笑聲）

Okay. Thank you.

好的。謝謝。

Bye.

再見。

Again, that does conclude today's conference call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝您的參與。此時您可以斷開連線。