Lululemon Athletica Inc (LULU) 2011 Q4 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Welcome to the lululemon athletica Q4 2011 results conference call.

歡迎參加 lululemon sportsa 2011 年第四季業績電話會議。

At this time all participants are in a listen-only mode.

此時所有參與者都處於只聽模式。

(Operator Instructions).

（操作員說明）。

As a reminder, today's conference is being recorded.

提醒一下，今天的會議正在錄製中。

I would now like to introduce your host for today's conference call.

現在我想介紹一下今天電話會議的主持人。

Therese Hayes, you may begin.

特蕾莎·海耶斯，你可以開始了。

Okay.

好的。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Thanks for joining us on the fourth-quarter and fiscal 2011 conference call.

感謝您參加我們第四季和 2011 財年的電話會議。

A copy of today's press release is available in the investor relations section of lululemon's website at www.lululemon.com, or furnished on Form 8-K with the SEC and available on the Commission's website at SEC.gov.

今天新聞稿的副本可在 lululemon 網站 www.lululemon.com 的投資者關係部分獲取，或透過 SEC 的 8-K 表格提供，並可在委員會網站 SEC.gov 上取得。

Shortly after we end this morning, a recording of today's call will be available as a replay for 30 days in the investor relations section of the company's website.

今天上午結束後不久，今天的電話會議錄音將在公司網站的投資者關係部分提供 30 天的重播。

Hosting our call today is Christine Day, the company's CEO and John Currie, the company's CFO.

今天主持我們電話會議的是公司執行長 Christine Day 和公司財務長 John Currie。

Sheree Waterson, our Chief Product Officer, will also be available during the Q&A portion of the call.

我們的首席產品長 Sheree Waterson 也將出席電話會議的問答部分。

We would like to remind everyone, of course, that statements contained on this call which are not historical facts may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

當然，我們想提醒大家，本次電話會議中包含的非歷史事實的陳述可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Actual 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.

由於存在許多風險和不確定性，實際結果可能與此類聲明中的預測存在重大差異，所有這些風險和不確定性均在公司向 SEC 提交的文件中進行了描述。

Also for today's call we've got a limit of one hour.

另外，今天的電話會議的時間限制為一小時。

So when we get back to the Q&A, please limit yourself to one question at a time to give others the opportunity to also have their questions addressed.

因此，當我們回到問答環節時，請一次只回答一個問題，以便其他人也有機會得到解決。

And with that I'll turn it over to Christine Day.

接下來我會把它交給克里斯汀戴 (Christine Day)。

Good morning, everyone, and thank you for joining us today to discuss our fourth-quarter results.

大家早安，感謝您今天加入我們討論我們的第四季業績。

By now you will have seen the headline of our releasee celebrating the cool revenue milestones, starting with (technical difficulty) and ending with 9 zeros.

到目前為止，您將看到我們發布者慶祝酷炫收入里程碑的標題，從（技術難度）開始到 9 個零結束。

We are proud of achieving this important milestone as a company.

作為一家公司，我們為實現這一重要里程碑而感到自豪。

But far more important than the number itself are the beliefs, values, culture and people that achieved it and our guests that value our products and our guest experience.

但比數位本身更重要的是實現這一數字的信念、價值觀、文化和人們，以及重視我們產品和賓客體驗的賓客。

Our success now and in the future is based on a culture of high performance and leadership development.

我們現在和未來的成功是基於高績效和領導力發展的文化。

We find the right talent, and power our employees, teach personal accountability and judgment and share our business strategy at every level across the business to ensure that we engage our employees and give them a sense of purpose.

我們尋找合適的人才，為我們的員工提供動力，教導個人責任感和判斷力，並在整個企業的各個層面分享我們的業務策略，以確保我們吸引員工並賦予他們使命感。

So when we achieve these kind of results, we know that it is the entire team that we have to thank.

因此，當我們取得這樣的成績時，我們知道我們必須感謝整個團隊。

The goals we set for 2011 were to grow same-store sales, add up to 30 high productivity new stores; evolve our e-commerce to a hybrid model; balance our inventory to meet demand; build a foundation to support the continued growth; and to deliver innovative products.

2011年我們設定的目標是增加同店銷售額，增加30家高生產力的新店；將我們的電子商務發展為混合模式；平衡我們的庫存以滿足需求；建立支持持續成長的基礎；並提供創新產品。

Our focus on execution delivered strong results for each of these objectives.

我們對執行的重視為每個目標帶來了強勁的成果。

We added 37 stores, and increased comparable store sales by 20% for the year, resulting in a record $2004 in sales per square foot for all of our retail businesses.

我們增加了 37 家商店，當年可比商店銷售額增加了 20%，我們所有零售業務的每平方英尺銷售額達到創紀錄的 2004 美元。

In addition, our new e-commerce site was launched in April and now represents 11% of total sales.

此外，我們的新電子商務網站於 4 月推出，目前佔總銷售額的 11%。

To put this achievement into perspective, in the 4th quarter alone we did $50 million in e-commerce sales compared to $57 million for the full year in 2010.

為了正確看待這項成就，光是第四季度我們的電子商務銷售額就達到了 5,000 萬美元，而 2010 年全年為 5,700 萬美元。

As discussed in our last call, to meet guest demand for Q4, we strategically increased our inventory position and bought the right mix of new styles and color.

正如我們在上次電話會議中所討論的，為了滿足第四季度的客人需求，我們策略性地增加了庫存狀況，併購買了新款式和顏色的正確組合。

Our strategy paid off and translated into a 26% comp for the quarter on top of a 28% last year.

我們的策略得到了回報，本季的利潤率在去年 28% 的基礎上增加了 26%。

We were also able to provide product to our outlets and return to our traditional warehouse sales and to explore smaller markets in Canada with 5 pop-up stores over the holiday season.

我們還能夠向我們的直銷店提供產品，恢復傳統的倉庫銷售，並在假期期間透過 5 家快閃店探索加拿大的較小市場。

Other than our planned scarcity philosophy we believe we met true demand 4th quarter.

除了我們計劃的稀缺理念之外，我們相信我們在第四季度滿足了真正的需求。

Our other key objective for the quarter was to enter 2012 with a strong inventory position to break the cycle of chase.

我們本季的另一個主要目標是進入 2012 年，保持強勁的庫存狀況，打破追逐週期。

And we are pleased to state that in Q1 2012 have strong sales momentum due to a clean inventory and a strong flow of product.

我們很高興地宣布，由於庫存充足和產品流量強勁，2012 年第一季銷售勢頭強勁。

We have found the right balance between delivering strong growth and maintaining our focus on innovation and execution.

我們在實現強勁成長和維持對創新和執行的關注之間找到了適當的平衡。

Buying more just to meet a number may deliver short-term results but also creates brand and operating risks.

為了滿足數量而購買更多產品可能會帶來短期效果，但也會帶來品牌和營運風險。

In Q4 we gained traction as our strategy is of investing in people and systems to support our growth.

在第四季度，我們獲得了關注，因為我們的策略是投資於人員和系統以支持我們的成長。

We added depth and breadth in product, IT, store support, and we enhanced our creative, digital and brand teams.

我們增加了產品、IT、商店支援的深度和廣度，並增強了我們的創意、數位和品牌團隊。

We also added business intelligence, HR and IT legacy system investments, building network and operational capability.

我們也增加了商業智慧、人力資源和 IT 遺留系統投資、建置網路和營運能力。

As previously discussed, these investments will continue throughout 2012.

如前所述，這些投資將持續到 2012 年。

Other key investments include product innovation and supply-chain enhancements.

其他關鍵投資包括產品創新和供應鏈增強。

We will continue to focus on a tight base of manufacturers to ensure the level of quality, innovation and functions that our guest expects.

我們將繼續專注於緊密的製造商基礎，以確保我們的客人所期望的品質、創新和功能水平。

We are always exploring new techniques in garment construction, new fabric technologies and finishings, which is one of the things that we believe that we are best in the world.

我們一直在探索服裝結構、新布料技術和後整理的新技術，這是我們認為自己是世界上最好的事情之一。

This requires continued investment and development and partnership with our factories to support these innovations.

這需要持續的投資和開發以及與我們工廠的合作來支持這些創新。

It is our practice to not take pricing as we seed new innovations, and while these investments may slightly decrease margins, they develop the strength of the brand in the long term.

我們的做法是在播種新創新時不進行定價，雖然這些投資可能會略微降低利潤，但從長遠來看，它們會增強品牌的實力。

Looking forward, we are excited about the potential we see for growth in the business in 2012 and beyond.

展望未來，我們對 2012 年及以後的業務成長潛力感到興奮。

Driving store productivity remains our key lever along with North American (technical difficulty).

與北美（技術難度）一樣，提高商店生產力仍然是我們的關鍵槓桿。

Technical product innovation will continue to drive both same-store sales and allow us to test things like [bi-ex-spin] and swim lines.

科技產品創新將繼續推動同店銷售，並使我們能夠測試 [bi-ex-spin] 和游泳線等產品。

We can refine the product, test the guest reaction and build ambassador networks, all key learnings for us as we explore the intersection between these opportunities and yoga, which will always be our core.

我們可以改進產品，測試客人的反應並建立大使網絡，這些都是我們在探索這些機會與瑜伽之間的交叉點時學到的關鍵知識，而瑜伽永遠是我們的核心。

We continue to leverage our strength of our business model by reinvesting in product innovation to create guest value and differentiation in our product lines and to enhance our leadership position for the long-term.

我們繼續透過對產品創新進行再投資，利用我們的業務模式優勢，在我們的產品線中創造客戶價值和差異化，並增強我們的長期領導地位。

We also have a solid North American footprint with 150 (technical difficulty) stores with additional opportunity, as we are less than halfway to reaching the 350-store potential we see in this market.

我們在北美也擁有穩固的足跡，擁有 150 家（技術難度）商店，還有更多機會，因為我們在這個市場上看到的 350 家商店潛力還不到一半。

We currently have 37 showrooms that contribute to increased brand awareness and help drive our very productive new store openings.

我們目前擁有 37 個展廳，有助於提高品牌知名度，並幫助推動我們高效的新店開幕。

Additional store growth objectives over the medium term include driving e-commerce to 15% of our North American store revenue, seeding international and growing our men's line and developing and testing product for future potential concepts.

中期的其他商店成長目標包括將電子商務占到我們北美商店收入的 15%、培育國際種子並發展我們的男裝系列以及開發和測試未來潛在概念的產品。

Throughout 2012 we will seed international markets.

2012 年我們將開拓國際市場。

We have already announced that we plan to open a showroom in London, slated for mid-April, and we are in the process of signing a lease for a new Hong Kong showroom.

我們已經宣布計劃於四月中旬在倫敦開設一個陳列室，並且我們正在簽署新的香港陳列室的租約。

If all goes well we could open the second Hong Kong showroom at the end of May.

如果一切順利，我們可以在五月底開設第二個香港陳列室。

E-commerce, already a significant part of our revenues, is also key for developing brand awareness and creating demand in secondary markets.

電子商務已經成為我們收入的重要組成部分，也是提高品牌知名度和創造二級市場需求的關鍵。

It is also a powerful tool to help inform our strategy as we expand internationally.

它也是一個強大的工具，可以幫助我們在國際擴張過程中製定策略。

We will introduce country-specific [stages] in Australia in May, and the UK and Hong Kong are also planned for 2012.

我們將於 5 月在澳洲推出針對特定國家的[階段]，英國和香港也計劃於 2012 年推出。

We are pleased to announce another key hire for our senior teams.

我們很高興地宣布我們高級團隊的另一位關鍵員工的任命。

Laura Klauberg, previously a top executive with Unilever, will be joining us as SVP Brand and Community.

聯合利華 (Unilever) 前高管勞拉·克勞伯格 (Laura Klauberg) 將加入我們，擔任品牌和社群高級副總裁。

We are also in the final offer stages with a new head of global e-commerce.

我們也正處於與新任全球電子商務主管的最終報價階段。

In addition to these key hires, there will be other additions throughout the organization for succession and growth.

除了這些關鍵員工之外，整個組織還將增加其他人員以實現繼任和發展。

In summary, we are very proud of the progress and the results achieved in 2011 and believe we are well positioned to continue that momentum in 2012 and beyond.

總之，我們對 2011 年的進展和成果感到非常自豪，並相信我們有能力在 2012 年及以後繼續保持這一勢頭。

So now over to John to go through the financial results.

現在請約翰查看財務表現。

Thanks, Christine.

謝謝，克里斯汀。

I will begin by reviewing the details of our 4th quarter of 2011, and then I will update you on our outlook for the first quarter and the full year of fiscal 2012.

我將首先回顧 2011 年第四季的詳細情況，然後向您介紹我們對 2012 財年第一季和全年的最新展望。

Please keep in mind that all comments with regard to share count and per-share amounts and our results and outlook are now on a post-stock split basis, as our shareholders approved a 2-for-1 stock split which took effect in early July of 2011.

請記住，所有有關股份數量和每股金額以及我們的業績和前景的評論現在都是在股票分割後的基礎上進行的，因為我們的股東批准了2 比1 的股票分割，並於7 月初生效2011 年。

So for the 4th quarter total net revenue rose 51.4% to $371.5 million from $245.4 million in the 4th quarter of 2010.

因此，第四季的總淨收入從 2010 年第四季的 2.454 億美元成長了 51.4%，達到 3.715 億美元。

The increase in revenue was driven by comparable store sales growth of 26% on a constant dollar basis.

營收成長的推動因素是以固定美元計算，可比商店銷售額成長 26%。

Our average comp store productivity ended the year at $2004 per square foot.

截至年底，我們的平均商店生產力為每平方英尺 2004 美元。

The addition of 29 net new corporate owned stores in North America, 7 net new corporate-owned stores in Australia and one in New Zealand since Q4 of 2010.

自 2010 年第四季以來，北美淨新增 29 家企業自營店，澳洲淨新增 7 家企業自營店，紐西蘭淨新增 1 家企業自營店。

We also reacquired the four remaining franchise stores in the US during the year.

年內我們也重新收購了美國剩餘的四家特許經營店。

Direct-to-consumer sales, which increased by 103.6% or $25.5 million, and offsetting this was a slightly weaker Canadian dollar, which had the effect of decreasing reported revenues by $2.3 million or 0.6%.

直接面向消費者的銷售額成長了 103.6%，即 2,550 萬美元，而加元略微疲軟抵消了這一增長，導致報告收入減少了 230 萬美元，即 0.6%。

During the quarter we opened two corporate-owned lululemon stores in the US, four in Australia, one in New Zealand, as well as two ivivva stores in Canada.

本季度，我們在美國開設了兩家公司自營的 lululemon 商店，在澳洲開設了四家，在新西蘭開設了一家，還在加拿大開設了兩家 ivivva 商店。

We ended the quarter with 174 total stores versus 137 a year ago.

本季結束時，我們的商店總數為 174 家，而一年前為 137 家。

There are 127 stores in our comp base, 42 of those in Canada, including two ivivva, 75 in the United States and 10 in Australia.

我們的比較基地有 127 家商店，其中 42 家在加拿大，包括兩家 ivivva，75 家在美國，10 家在澳洲。

Corporate-owned stores represented 78.7% of total revenue or $292.6 million versus 82.6% or $202.8 million in the 4th quarter of last year.

企業自營商店佔總營收的 78.7%，即 2.926 億美元，而去年第四季為 82.6%，即 2.028 億美元。

Revenues from our direct-to-consumer channel totaled $50.1 million or 13.5% of total revenue versus $24.6 million or 10% of total revenue in the 4th quarter of last year.

我們的直接面向消費者管道的收入總計 5,010 萬美元，佔總收入的 13.5%，而去年第四季為 2,460 萬美元，佔總收入的 10%。

Other revenue totaled $28.9 million or 7.8% of revenue for the 4th quarter versus $18 million or 7.4% of revenue in the 4th quarter of 2010.

其他收入總計 2,890 萬美元，佔第四季營收的 7.8%，而 2010 年第四季為 1,800 萬美元，佔營收的 7.4%。

In addition to wholesale, showrooms and outlets, this category also included $4.7 million in revenue generated from five temporary pop-up stores operating in Canada during the quarter as well as $5.4 million from the 2 warehouse sales held in January, one in Chicago and one in Ottawa.

除了批發、陳列室和專賣店外，這一類別還包括本季在加拿大運營的五家臨時快閃店產生的470 萬美元收入，以及1 月份舉辦的2 場倉庫銷售（一場在芝加哥，一場）產生的540 萬美元收入。在渥太華。

The prior-year number included sales to franchise stores, which were subsequently repurchased.

上一年的數字包括對特許經營店的銷售，這些特許經營店隨後被回購。

We ended the year with 37 showrooms in North America versus 49 a year ago, as well as one in Hong Kong, four in Australia and two in New Zealand.

去年年底，我們在北美擁有 37 個展廳，而一年前為 49 個，此外，香港還有 1 個，澳洲有 4 個，紐西蘭有 2 個。

Gross profit for the 4th quarter was $209 million or 56.3% of net revenue compared to $143.5 million or 58.5% of net revenue in Q4 2010.

第四季的毛利為 2.09 億美元，佔淨收入的 56.3%，而 2010 年第四季的毛利為 1.435 億美元，佔淨收入的 58.5%。

As anticipated, the factors which contributed to this 220-basis point decrease in gross margin were a product margin decline of 310 basis points; approximately 230 basis points was attributable to higher product costs due to inflationary pressures on raw materials and labor, and the remainder primarily from a more normalized rate of markdowns due to our improved inventory position.

如預期，導致毛利率下降 220 個基點的因素是產品利潤率下降 310 個基點；大約 230 個基點是由於原材料和勞動力的通膨壓力導致產品成本上升，其餘部分主要是由於我們的庫存狀況改善而導致降價更加正常化。

Leverage on occupancy, depreciation and product and supply chain team costs of 50 basis points.

入住率、折舊以及產品和供應鏈團隊成本的槓桿作用為 50 個基點。

And foreign exchange improvement of 40 basis points as the effective Canadian and Australian dollar rate within our product costs was still slightly higher than Q4 2010, as the exchange rate impact typically lags a quarter as it works through our cost of goods sold.

外匯改善了 40 個基點，因為我們產品成本中的加幣和澳元有效匯率仍略高於 2010 年第四季度，因為匯率影響通常落後四分之一，因為它影響到我們的銷售成本。

SG&A expenses were $93 million or 25% of net revenue compared to $72.2 million or 29.4% of net revenue for the same period last year.

SG&A 費用為 9,300 萬美元，佔淨收入的 25%，而去年同期為 7,220 萬美元，佔淨收入的 29.4%。

The $20.8 million SG&A dollar increase was due to an increase in store labor and operating expenses associated with higher sales volumes, as well as new stores that were added during the year, and an increase in store support center costs, which include management incentive-based compensation and stock-based compensation.

SG&A 美元增加 2,080 萬美元，原因是與銷售增加相關的商店勞動力和營運費用增加，以及年內增加的新商店，以及商店支援中心成本的增加，其中包括基於管理激勵的成本薪酬和股票薪酬。

During the quarter we increased our investments in training and development, IT operational infrastructure enhancements, IT systems roadmap planning, and e-commerce digital and creative asset development.

本季度，我們增加了對培訓和開發、IT 營運基礎設施增強、IT 系統路線圖規劃以及電子商務數位和創意資產開發的投資。

As a percentage of revenue our fourth-quarter SG&A decreased by 440 basis points due to lower e-commerce operating costs from the transition of our e-commerce solution to an in-house platform.

由於我們的電子商務解決方案過渡到內部平台，電子商務營運成本降低，我們第四季的 SG&A 佔營收的百分比下降了 440 個基點。

In addition, we leveraged on our store and other channel SG&A due to the higher volumes.

此外，由於銷售量較高，我們也利用了我們的商店和其他通路的 SG&A。

As a result, operating income for the 4th quarter was $116.1 million or 31.2% of net revenue compared to $71.3 million or 29.1% of net revenue in 2010.

因此，第四季營業收入為 1.161 億美元，佔淨收入的 31.2%，而 2010 年為 7,130 萬美元，佔淨收入的 29.1%。

Other income including net interest expense totaled $0.4 million compared to $0.5 million in the 4th quarter of 2010.

包括淨利息支出在內的其他收入總計為 40 萬美元，而 2010 年第四季為 50 萬美元。

Tax expense for the quarter was $42.6 million or a tax rate of 36.5% compared to $16.9 million or a tax rate of 23.5% in the 4th quarter of 2010.

本季的稅務費用為 4,260 萬美元，稅率為 36.5%，而 2010 年第四季的稅務費用為 1,690 萬美元，稅率為 23.5%。

The lower rate incurred in Q4 2010 was due to a one-time adjustment to tax expense as result of a revision to management's plans for repatriation of unremitted earnings of the Canadian operating subsidiary.

2010 年第 4 季發生的較低稅率是由於管理層對加拿大營運子公司未匯出收益匯回的計劃進行了修訂，從而對稅務費用進行了一次性調整。

Net income for the quarter was $73.5 million or $0.51 per diluted share.

本季淨利為 7,350 萬美元，或攤薄後每股收益 0.51 美元。

This compares with net income of $54.8 million or $0.38 per diluted share for the 4th quarter of 2010.

相比之下，2010 年第四季的淨利潤為 5,480 萬美元，即稀釋後每股收益 0.38 美元。

Our weighted average diluted shares outstanding for the quarter were 145.3 million versus 144.4 million a year ago.

本季我們的加權平均稀釋後流通股為 1.453 億股，去年同期為 1.444 億股。

Capital expenditures were $16 million for the quarter, related to new store buildouts, existing store renovations and IT capital expenditures.

本季資本支出為 1,600 萬美元，涉及新店擴建、現有商店翻新和 IT 資本支出。

Turning to the highlights for our full fiscal year 2011 performance, net revenue rose 40.6% to just over $1 billion from $711.7 million in fiscal 2010.

談到我們 2011 財年全年業績的亮點，淨收入從 2010 財年的 7.117 億美元增長了 40.6%，達到略高於 10 億美元。

Gross profit was $569.3 million or 56.9% of net revenue compared to $394.9 million or 55.5% of net revenue in fiscal 2010.

毛利為 5.693 億美元，佔淨收入的 56.9%，而 2010 財年毛利為 3.949 億美元，佔淨收入的 55.5%。

Net income for the year was $184.1 million or $1.27 per diluted share compared to $121.8 million or $0.85 per diluted share for fiscal 2010.

本年度淨利為 1.841 億美元，即稀釋後每股收益 1.27 美元，而 2010 財年淨利為 1.218 億美元，即稀釋後每股收益 0.85 美元。

Looking at our balance sheet highlights, we ended the year with $409.4 million in cash and cash equivalents, an increase of $93.2 million over fiscal 2010 year end.

從我們的資產負債表亮點來看，我們年底的現金和現金等價物為 4.094 億美元，比 2010 財年末增加了 9,320 萬美元。

Inventory at the end of the 4th quarter was $104.1 million or 81.1% higher than at the end of the 4th quarter of 2010.

第四季末的庫存為 1.041 億美元，比 2010 年第四季末高出 81.1%。

In terms of units this represents a 53.4% increase over 2010, which, given the inventory-constrained position we found ourselves at this time last year, leaves us in a very healthy inventory position coming into 2012.

就單位而言，這比 2010 年增加了 53.4%，考慮到去年這個時候我們發現自己的庫存狀況有限，這使我們在進入 2012 年時處於非常健康的庫存狀況。

This now leads me to our outlook for the first quarter of 2012.

現在我對 2012 年第一季的展望進行了展望。

This outlook assumes a Canadian dollar at par.

這前景假設加幣處於平價。

We anticipate revenue in the range of $265 million to $270 million.

我們預計營收在 2.65 億美元至 2.7 億美元之間。

This is based on comparable store sales percentage increase in the low 20s on a constant dollar basis compared to the first quarter of 2011.

這是基於與 2011 年第一季相比，以美元不變計算，可比商店銷售額百分比增加了 20%左右。

We plan to open four lululemon stores in the US, one in Australia and two ivivva stores in Canada during the first quarter.

我們計劃第一季在美國開設四家 lululemon 商店，在澳洲開設一家，在加拿大開設兩家 ivivva 商店。

For Q1 we expect our gross margin to be below 55%.

我們預計第一季的毛利率將低於 55%。

For comparison purposes, remember that in Q1 last year we incurred a one-time adjustment to product costs to recognize previously unrecorded benefits of certain input tax credits, which improved gross margin by 140 basis points in Q1.

出於比較目的，請記住，去年第一季我們對產品成本進行了一次性調整，以確認之前未記錄的某些進項稅抵免的好處，這使第一季的毛利率提高了140 個基點。

We expect gross margin compression in the first quarter to be driven by higher product costs from elevated labor and raw material costs, from normalized levels of markdowns and from slight duty deleverage as a larger portion of our business is weighted towards the US.

我們預計第一季毛利率壓縮的原因包括勞動力和原材料成本上升導致的產品成本上升、正常化的降價水平以及輕微的關稅去槓桿化，因為我們的大部分業務都集中在美國。

In addition, as Christine mentioned, additional innovation in fabrics, construction and features in our product line will temporarily reduce margins this year.

此外，正如克里斯汀所提到的，我們產品線的布料、結構和功能方面的額外創新將暫時降低今年的利潤率。

We expect modest SG&A leverage driven by cost efficiencies from the transition of our e-commerce platform to the in-house model, even while we will be increasing our reinvestment back into the e-commerce business to develop the necessary foundation and in-house development capability to achieve the potential growth trajectory in this channel.

儘管我們將增加對電子商務業務的再投資，以建立必要的基礎和內部發展，但我們預計，由於電子商務平台向內部模式轉型的成本效率，我們將實現適度的銷售、管理和行政費用槓桿在此管道中實現潛在成長軌跡的能力。

This is the last quarter where we will see the e-commerce leverage benefit as we anniversary the e-commerce transition this April.

這是我們將在今年四月慶祝電子商務轉型週年之際看到電子商務槓桿效益的最後一個季度。

We are assuming a tax rate of 36.5% and 145.4 million diluted average shares outstanding.

我們假設稅率為 36.5%，稀釋後平均流通股數為 1.454 億股。

This tax rate is up slightly from the 36% that we have previously been anticipating as a result of the strong growth and profitability in our US operations, which are subject to higher tax rates than we experience in Canada.

由於我們美國業務的強勁成長和獲利能力，該稅率比我們先前預期的 36% 略有上升，而美國業務的稅率高於我們在加拿大的稅率。

We expect earnings per share in the first quarter to be in the range of $0.28 to $0.29 per share.

我們預計第一季每股收益將在 0.28 美元至 0.29 美元之間。

For the full fiscal year 2012, we are targeting to open up to 37 corporate-owned stores, including our Australia and New Zealand stores and ivivva locations.

2012 財年，我們的目標是開設多達 37 家企業自營商店，包括我們的澳洲和紐西蘭商店以及 ivivva 門市。

We expect net revenue to be in the range of $1.3 billion to $1.325 billion, representing greater than 30% growth over 2011.

我們預計淨收入將在 13 億美元至 13.25 億美元之間，較 2011 年成長 30% 以上。

Our fiscal 2012 includes a 53rd business week which occurs late in the 4th quarter during the non-peak period of our business.

我們的 2012 財年包括第 53 個工作週，該工作週發生在我們業務非高峰期的第四季末。

This guidance assumes the impact to be approximately $20 million in revenue.

本指南假設收入影響約為 2000 萬美元。

For the year we expect gross margin right around our stated long-term target of 55%, and with seasonality we expect to be slightly below 55% in quarters one through three and above in Q4.

我們預計今年的毛利率將接近我們既定的 55% 的長期目標，考慮到季節性因素，我們預計第一季至第三季及第四季以上的毛利率將略低於 55%。

We expect to leverage SG&A slightly for the year due to the reasons mentioned earlier.

由於前面提到的原因，我們預計今年將小幅利用 SG&A。

As a result, we expect our overall operating margin to de-leverage somewhat from 2011 and our fiscal year earnings per share to be approximately $1.50 to $1.57.

因此，我們預計從 2011 年開始，我們的整體營業利潤率將有所下降，本財年的每股收益約為 1.50 美元至 1.57 美元。

This is based on 145.6 million diluted weighted average shares outstanding, and it assumes our effective tax rate of 36.5%.

這是基於 1.456 億股稀釋加權平均流通股計算的，並假設我們的有效稅率為 36.5%。

We expect capital expenditures to be between $70 million and $75 million for fiscal 2012, reflecting new store buildouts, renovation capital for existing stores, IT and other head office capital.

我們預計 2012 財年的資本支出將在 7,000 萬美元至 7,500 萬美元之間，反映新店擴建、現有商店翻新資本、IT 和其他總部資本。

With that, I will turn it back to Christine.

有了這個，我會把它轉回給克里斯汀。

Thanks, John.

謝謝，約翰。

I would just like to thank again everyone on the team that produced such outstanding results for the year and set us up so well for 2012.

我想再次感謝團隊中的每個人，他們在這一年中取得瞭如此出色的成績，並為我們 2012 年的發展奠定了良好的基礎。

I feel that we are better poised to execute than we ever have been before with the work that we've done on our supply chain, the innovation, our planning and merchandising teams and how they are driving product to the stores, our logistics teams, which have really built a tremendous amount of capacity to get our product to our customers on the e-commerce side.

我覺得我們比以往任何時候都更有能力執行我們在供應鏈、創新、規劃和銷售團隊以及他們如何將產品推向商店、我們的物流團隊、這確實建立了巨大的能力，可以將我們的產品提供給電子商務方面的客戶。

So I really feel, starting 2012, we have more capacity to execute our plan and our future than we have ever had before and we are tremendously excited.

所以我真的覺得，從 2012 年開始，我們比以往任何時候都有更多的能力來執行我們的計劃和我們的未來，我們感到非常興奮。

So with that we are going to turn it over to Q&A.

因此，我們將把它交給問答。

(Operator Instructions) Adrienne Tennant with Janney Capital Markets.

（操作員說明）Janney Capital Markets 的 Adrienne Tennant。

Congratulations on the quarter.

恭喜本季。

My question is, John, can you talk about the inventory that's up 81%?

我的問題是，John，你能談談上漲 81% 的庫存嗎？

How should we think about that in terms of the ability to drive what type of comp?

我們應該如何考慮驅動哪種類型的競爭的能力？

Should we assume that that type of inventory build should support a low 20% comp on a fairly sustainable basis?

我們是否應該假設這種類型的庫存建設應該在相當可持續的基礎上支持 20% 的低利潤率？

And then secondly, if you could talk a little bit about the average unit costs trends?

其次，能否談談平均單位成本趨勢？

I assume that they are going to start to abate in Q2 and maybe actually be down year on year starting in the back half of the year.

我認為它們將在第二季開始減弱，並且實際上可能從今年下半年開始逐年下降。

Thank you.

謝謝。

Okay.

好的。

Well, as I said in my prepared comments, the revenue dollar amount is up 81%, but in terms of units it's in the 50%s.

嗯，正如我在準備好的評論中所說，收入金額增長了 81%，但就單位而言，增長了 50%。

The difference, in part, because of cost inflation in our product costs as well as different mix of product with higher fit and finish.

造成這種差異的部分原因是我們的產品成本上漲，以及具有更高貼合度和光潔度的不同產品組合。

So relative to last year or looking at going forward, it does definitely support the low 20%s comp that I guided to.

因此，相對於去年或展望未來，它確實支持我指導的低 20% 的補償。

And we are feeling that, as we did coming into Q4, we are in a good, balanced inventory position, not too heavy, not to light.

我們感覺，正如我們進入第四季度時所做的那樣，我們的庫存狀況良好、平衡，既不太重，也不太輕。

Okay.

好的。

And then when the AUC -- should it be down year on year, probably Q3?

然後，當 AUC 是否應該同比下降時，可能是第三季？

You know, I don't anticipate it will be.

你知道，我預計不會是這樣。

I anticipate the product cost will remain fairly level through the year.

我預計全年產品成本將保持相當水平。

Again, we are not as cotton dependent as a lot of retailers who suffered more from the spike last year, and therefore they see relief this year.

再說一次，我們不像許多零售商那樣依賴棉花，去年棉花價格上漲給他們帶來了更大的損失，因此今年他們的情況有所緩解。

A lot more of our products are really oil-based.

我們的許多產品其實都是以石油為基礎的。

So I don't see that abating in the second half; I see the cost levels at this point probably fairly level through the year.

所以我認為下半年這種情況不會減弱。我認為目前的成本水平可能全年都處於相當水平。

Okay, great.

好的，太好了。

Thank you very much and good luck.

非常感謝，祝你好運。

Lorraine Hutchinson, BoA Merrill Lynch.

洛琳‧哈欽森，美國銀行美林。

Hi.

你好。

It's Paul Alexander for Lorraine.

這是洛林的保羅·亞歷山大。

Thanks for taking the question.

感謝您提出問題。

Could you guys speak a little bit about how you view the opportunity in the US and how you view the list of potential markets up to 300 or over that; and perhaps compare for us what the markets number 299 and 300 look like compared to the markets that you are opening now; and whether there is much of any difference to speak of between those markets?

你們能談談你們如何看待美國的機會以及你們如何看待 300 個或更多的潛在市場清單嗎？或許可以幫我們比較一下 299 號和 300 號市場與你們現在開設的市場相比是什麼樣子；這些市場之間是否有很大差異？

Thanks.

謝謝。

I think we feel that the North American market is getting stronger for us every day.

我認為我們感覺北美市場對我們來說每天都在變得越來越強大。

And we see more opportunity there every year than we've seen the year before.

我們每年都看到比前一年更多的機會。

So I think at build out, we are confident with our store count number.

所以我認為在擴建時，我們對我們的商店數量充滿信心。

And as far as the market, I think the things that we are testing right now -- is it better to put another store in a dense outer ring of a dense market, or is it better to go into the small markets?

至於市場，我認為我們現在正在測試的東西——是在密集市場的密集外環再開一家店更好，還是進入小市場更好？

The unit economics are different.

單位經濟效益不同。

But what we have been able to see in some of the smaller markets we have gone into is very strong revenue, lower operating costs for a really strong presence.

但我們在一些較小的市場中看到的是非常強勁的收入，較低的營運成本，真正強大的存在。

I think our question about store count isn't maybe unit economics; it's about what's that right level of brand presence and what's that right balance between e-commerce and what is emerging there and the full potential of that business.

我認為我們關於商店數量的問題可能不是單位經濟學；而是單位經濟學。這是關於什麼是適當的品牌影響力水平，以及電子商務與新興業務以及該業務的全部潛力之間的適當平衡。

So, frankly, that's more what we are monitoring, is what is the right way to drive the business to reach the guest.

因此，坦白說，這才是我們正在監控的，也是推動業務接觸客人的正確方式。

And the beauty is both of those channels for us are high-margin businesses.

美妙的是，這兩個通路對我們來說都是高利潤業務。

And that's really our focus is to keep the brand strong and not overbuild and create too much fixed cost while creating demand and strong unit economics.

我們真正的重點是保持品牌強大，而不是過度建造和創造過多的固定成本，同時創造需求和強勁的單位經濟效益。

And that's what we remain focused on doing.

這就是我們仍然專注於做的事情。

Thanks.

謝謝。

And just to follow up to that -- how many of the 300 are expected to be outlets?

緊隨其後——這 300 家中預計有多少家是直營店？

None.

沒有任何。

Yes, we don't include outlets in our store count.

是的，我們的商店數量不包括直營店。

Yes, those are in other.

是的，這些都在其他地方。

Thank you.

謝謝。

Michelle Tan with Goldman Sachs.

高盛 (Goldman Sachs) 的米歇爾譚 (Michelle Tan)。

So a couple things -- one, just following up on Adrienne's question, John, can you take us through the product cost impact year over year as you see it over the course of 2012?

有幾件事——第一，繼續回答 Adrienne 的問題，John，您能否向我們介紹您在 2012 年所看到的逐年產品成本影響？

And then from a warehouse sale perspective, I would imagine that returning to the warehouse sales had some impact on gross margin in Q4.

然後從倉庫銷售的角度來看，我認為重返倉庫銷售對第四季的毛利率產生了一些影響。

Can you talk about what the margins look like for a warehouse sale versus your overall margin?

能談談倉庫銷售的利潤與整體利潤的比較嗎？

And whether there are other quarters where we should expect warehouse sales to come back as we move through 2012?

當我們進入 2012 年時，是否還有其他季度我們應該預期倉庫銷售會回升？

And then finally, on the product reinvestment side, I think, clearly, you guys have great product in the store, as we've returned to this more normalized inventory sourcing pipeline.

最後，在產品再投資方面，我認為，很明顯，你們商店裡有很棒的產品，因為我們已經回到了這個更標準化的庫存採購管道。

Maybe help us think about how much of this kind of upgraded technology is really investing upfront from a margin perspective.

也許可以幫助我們思考，從利潤的角度來看，這種升級技術有多少是真正的前期投資。

And does that continue through 2012?

這種情況會持續到 2012 年嗎？

Does it escalate?

它會升級嗎？

How do we think about that?

我們對此有何看法？

Maybe I can do a little bit on the future and have Sherri add some pieces.

也許我可以為未來做一點事情，讓雪莉添加一些東西。

Then we'll have John maybe do the cost basis, Michelle, if that's okay with you?

然後我們會讓約翰做成本基礎，米歇爾，如果你同意的話？

Perfect, thanks.

很好，謝謝。

Okay.

好的。

So I think -- let's talk about what we are doing in some of our product strategies right now.

所以我想——讓我們談談我們現在在一些產品策略中正在做的事情。

So the first thing we're doing is we're introducing a lot more pods for both newness and flow, but we are also testing a lot of product in those concepts.

因此，我們要做的第一件事是引入更多的 Pod，以提高新穎性和流動性，但我們也在這些概念中測試大量產品。

And so it's those smaller runs, which are, by the way, higher-priced and dollar-margin items, but the percent is lower.

順便說一句，這些小批量的產品價格較高，利潤較高，但百分比較低。

So there's some trade-off that we are doing there, but we get a tremendous amount of learning about what are those future line extensions.

因此，我們正在做一些權衡，但我們對未來的產品線延伸有大量了解。

So for us, that is worth the trade-off on the gross margin, as we've always talked about -- staying in the leadership position and innovation in our category is one of our number one strategies, which makes the product desirable.

因此，對我們來說，在毛利率上進行權衡是值得的，正如我們一直在談論的那樣——保持我們類別中的領先地位和創新是我們的首要策略之一，這使得產品變得令人嚮往。

So we are always going to trade a little bit of margin for that investment and that newness when we feel it's appropriate.

因此，當我們認為合適時，我們總是會用一點利潤來換取投資和新鮮感。

And Sherri's team has done such a great job.

Sherri 的團隊做得非常出色。

We have a lot of things to test that will be flowing through this year.

今年我們有很多事情需要測試。

So we are really excited.

所以我們真的很興奮。

You saw our community line dropping earlier this quarter, and it was really well-received.

您看到我們的社區熱線在本季早些時候下降，並且非常受歡迎。

We developed a lot of really beautiful product for that.

我們為此開發了很多非常漂亮的產品。

And the learnings from that can be taken into all of our other lines.

從中學到的東西可以應用到我們所有的其他產品線。

But these are small runs of product.

但這些都是小批量的產品。

But again, they are higher-dollar price points because they are specialty items, a little bit lower margins.

但同樣，它們的價格較高，因為它們是特種產品，利潤率略低。

So the healthy base of our business is still at a high-margin -- and high-margin percentage, though we have seen some cost pressures which we have talked about before, and John can go into more detail with that.

因此，我們業務的健康基礎仍然處於高利潤率和高利潤率水平，儘管我們已經看到了我們之前討論過的一些成本壓力，約翰可以對此進行更詳細的闡述。

Now I'll talk markdowns for a minute.

現在我將討論一下降價。

I want to remind everybody that our markdowns aren't sales.

我想提醒大家，我們的降價不是銷售。

So where they come from, and as we flowed more newness in, when we have a broken size run of colors and we have a lot more color and smaller batch of units coming through, we do a first markdown on those broken size runs of color to keep the store fresh and clear.

因此，它們來自哪裡，當我們流入更多新東西時，當我們有破碎尺寸的顏色，並且我們有更多的顏色和較小批量的單位時，我們會對這些破碎尺寸的顏色進行第一次降價保持店鋪清新、乾淨。

So that's the more normalized markdown that we've talked about.

這就是我們討論過的更加標準化的降價。

We see that occurring.

我們看到這種情況正在發生。

We did do the warehouse sales to close out 2012 because we don't want to create a dependency on more outlets.

我們確實在 2012 年結束時進行了倉庫銷售，因為我們不想建立對更多銷售點的依賴。

We don't anticipate doing anymore this year.

我們預計今年不會再這樣做。

It's just simply that end of the year.

這只是歲末而已。

So we've always look at that and do what we need to do, but right now we have no plans to do additional.

因此，我們一直在關注這一點並做我們需要做的事情，但現在我們沒有計劃做更多的事情。

So that's kind of our product strategy.

這就是我們的產品策略。

And now I'll let John break out it; unless, Sheree, you want to add anything?

現在我讓約翰來解釋；除非，Sheree，你想補充什麼嗎？

Just that we continue to drive innovation, and we are going to double up on our capital that we flow this year because we are so excited about exploring some new technologies in terms of fabrics, styling and construction.

只是我們繼續推動創新，今年我們的流動資金將增加一倍，因為我們對探索面料、造型和結構方面的一些新技術感到非常興奮。

And that's all I can add to Christine's commenting.

這就是我對克里斯汀的評論所能補充的全部內容。

Okay.

好的。

And then on the margin side warehouse sales to gross margin is probably roughly around a 30% level.

然後在利潤方面，倉庫銷售與毛利率之比可能大約在 30% 左右。

So obviously has a negative impact on the overall gross margin.

因此顯然對整體毛利率產生了負面影響。

Don't forget the outlets in Q4 and through 2012 will also have product, whereas last year they were -- the shelves were pretty bare.

不要忘記，第四季和 2012 年的專賣店也會有產品，而去年是這樣的——貨架上空無一物。

Because we don't make products specifically for the outlets.

因為我們不專門為專賣店生產產品。

Gross margin for the year -- there's lots of ups and downs.

今年的毛利率有很多起伏。

There's currency, there's duty impacts.

有貨幣，有關稅影響。

The two big things -- and we've talked about them -- are inflation on the cost side, which took place mostly in 2011.

我們已經討論過的兩件大事是成本方面的通貨膨脹，這主要發生在 2011 年。

So if you look at 2012, the first half we are still anniversarying slightly lower inflation impact.

因此，如果你看看 2012 年，上半年我們仍然在慶祝通膨略低的影響。

I think as we look back at last year, I think it was about 150 basis points impact in the first half and 250 in the second half.

我認為，當我們回顧去年時，我認為上半年的影響約為 150 個基點，下半年的影響約為 250 個基點。

So if we go with the assumption that costs are level this year, there's still 100 basis points of deleverage in the first half and flat in the second half.

因此，如果我們假設今年成本不變，上半年去槓桿化仍有100個基點，下半年則持平。

The other one being markdowns, you saw some impact of markdowns, which is healthy, in Q4.

另一個是降價，您在第四季度看到了降價的一些影響，這是健康的。

Remember, Q1 through Q3 last year we were so short on product that markdowns were just minimal, so that will continue to be an impact on our gross margin this year.

請記住，去年第一季到第三季我們的產品非常短缺，降價幅度很小，因此這將繼續對我們今年的毛利率產生影響。

Those are the big pieces.

這些都是大塊。

Great.

偉大的。

Thanks, guys.

多謝你們。

Janet Kloppenburg with JJK Research.

JJK Research 的珍妮特·克洛彭堡 (Janet Kloppenburg)。

Good morning, everyone, and congratulations on a great quarter and a great year.

大家早安，恭喜您度過了美好的季度和美好的一年。

Sheree and Christine, if I could just have you talk a little bit more about the increased product flow and also about the margin on the technical product, I do see that you are increasing the innovation and the attributes of the product; and I'm wondering if, over time, as you do bigger production runs of this product, if you expect the margins to improve there, or if that premium product will always maintain a lower product margin.

Sheree 和 Christine，如果我能讓你們多談談增加的產品流量以及科技產品的利潤，我確實看到你們正在增加產品的創新和屬性；我想知道，隨著時間的推移，當您對該產品進行更大的生產時，您是否期望利潤率會提高，或者該優質產品是否將始終保持較低的產品利潤率。

I was always interested in your comments, Christine, about developing the men's business further and when we should expect to see, I guess, a higher SKU count there.

Christine，我一直對您關於進一步發展男裝業務以及我們何時應該看到（我猜）那裡的 SKU 數量更高的評論感興趣。

And Sheree, if you could talk about other new product introductions?

Sheree，可以談談其他新產品的介紹嗎？

I saw -- I am seeing more of the run skirts and such in the stores.

我看到——我在商店裡看到了更多的跑步裙之類的東西。

So if you could talk a little bit more about innovation and about the profitability of that?

那麼您是否可以多談談創新及其獲利能力？

And lastly, John, should we expect inventory levels to try to moderate as we go into 3rd quarter, or will it be more as we go into 4th quarter?

最後，約翰，我們是否應該預期庫存水準在進入第三季度時會有所放緩，還是在進入第四季度時增加？

Okay, so what happens in our innovation cycle is the first introduction and the small run might be lower.

好吧，我們的創新週期中發生的是第一次引入，小規模運行可能會更低。

But then, as we take those products and move them into some of our seasonal and key items and we do larger production runs of them, of course you get more leverage.

但是，當我們將這些產品轉移到我們的一些季節性和關鍵產品中，並且我們對它們進行更大規模的生產時，當然你會獲得更多的影響力。

But more importantly, what happens with those products is those innovations go into -- elements of those innovations go into other key and then ultimately core items, which is kind of like the Apple philosophy of constantly reinventing your core item.

但更重要的是，這些產品所發生的事情是這些創新的元素進入其他關鍵產品，然後最終成為核心產品，這有點像是蘋果不斷重塑核心產品的概念。

So we take pieces of those and reinvent our core, which keeps our core at a high margin and healthy.

因此，我們採取這些措施並重新發明我們的核心，這使我們的核心保持高利潤和健康。

So what we are doing is a complete product management cycle and really continuing to invest at every level so that we keep our product differentiated.

因此，我們正在做的是一個完整的產品管理週期，並真正繼續在各個層面進行投資，以便我們可以保持產品的差異化。

So this is a very important cycle.

所以這是一個非常重要的周期。

We have always talked about this is the reason why we want to keep some margin flexibility, because winning for the long term is what creates the value for the brand and keeping our products at that premium level.

我們一直在談論這就是我們希望保持一定的利潤靈活性的原因，因為長期獲勝才能為品牌創造價值並使我們的產品保持在優質水平。

And we don't want to compete on price with average product.

我們不想與普通產品在價格上競爭。

Right?

正確的？

That's not where we are going.

那不是我們要去的地方。

And our whole cycle is designed to do that.

我們的整個週期就是為了做到這一點而設計的。

Regarding men's, the sales achieved 14% currently; that's up from 12%.

男裝方面，目前銷售額達14%；高於 12%。

So we've seen strong uptick on men's, really on what we consider still a fairly premium line but really having refocused on the basics.

因此，我們看到男裝的強勁成長，實際上我們認為仍然是相當高端的產品線，但實際上已經重新關注基本款。

We've got a great merchant designer that now leads the men's pods.

我們有一位出色的商業設計師，現在領導男士系列。

We are so excited about some of the product that he's got coming on.

我們對他即將推出的一些產品感到非常興奮。

So I'll let Sheree talk maybe about when she sees the SKU counts increasing.

因此，我會讓 Sheree 談談她何時看到 SKU 數量增加的情況。

Sure.

當然。

In terms of men's SKU count broadening and actually the more depth in the key item categories, we will see that coming around Q4 of this year.

就男士 SKU 數量的擴大以及關鍵商品類別的深度加深而言，我們將在今年第四季左右看到這一點。

In terms of the new product introductions which you asked about, we are -- well, let me tell you a little bit about some of the innovations.

就您所詢問的新產品推出而言，我們——好吧，讓我告訴您一些有關一些創新的信息。

We are really looking at transformable garments being something that we are looking at to drive not only technical innovation but just some interesting transformability from sport to street and from sport to sport.

我們真正關注的是可變形服裝，我們不僅要推動技術創新，還要推動從運動到街頭、從運動到運動的一些有趣的轉變。

Super lightweight fabrics -- we continue to get really excited about having the runner feel like they are not wearing anything at all, which is the Holy Grail, of course.

超輕質面料——我們繼續對讓跑步者感覺他們根本沒有穿任何東西感到非常興奮，這當然是聖杯。

We are broadening our Silverescent line into the accessories area as well as the yoga area and so on.

我們正在將 Silverescent 產品線擴展到配件領域以及瑜伽領域等。

And then we are also exploring some more state-of-the-art anti-chase technologies, which you will be seeing coming up.

然後我們還在探索一些更先進的反追逐技術，您將會看到這些技術的出現。

In terms of the sports that we are looking at, we just did a function show for our board, and we were so excited (laughs) and could not wait to get some of this for ourselves.

就我們正在關注的體育項目而言，我們剛剛為我們的董事會做了一場功能展示，我們非常興奮（笑），迫不及待地想為自己獲得一些。

So the swim line that we've got coming up later on this quarter is absolutely incredible.

因此，我們在本季稍後推出的游泳產品線絕對令人難以置信。

It's not only swim but it's also certain components that we added to the line.

這不僅是游泳，也是我們添加到產品線中的某些組件。

We are looking at road biking in addition to commuting, which you just saw, spin, bar method and some cold weather gear that you will be seeing for Q4 of this coming year.

除了您剛剛看到的通勤之外，我們還關注公路自行車、旋轉、槓鈴方法和一些寒冷天氣裝備，您將在明年第四季度看到這些裝備。

So there's a lot going on.

所以發生了很多事情。

There is no shortage of ideas here at lululemon.

lululemon 不乏創意。

No.

不。

And I think on the men's SKUs, those would be increasing in count pretty much coming into the 3rd quarter, in the fall season.

我認為，就男士 SKU 而言，進入秋季第三季度，這些數量將會大幅增加。

And then, Janet, in terms of your question on inventory increase year over year, by the time we get to Q4 of this year, you should see inventory increase in line with sales because we were in a good inventory position in Q4.

然後，珍妮特，就您關於庫存逐年增加的問題而言，到今年第四季度時，您應該會看到庫存增加與銷售額一致，因為我們在第四季度的庫存狀況良好。

But prior to that, as you recall, we were under inventoried.

但在此之前，正如您所記得的，我們的庫存不足。

So you should see in Q2 and Q3 inventory increases year over year higher than the sales increase, but the most extreme example is this coming into Q1.

因此，您應該會看到第二季和第三季的庫存增幅同比高於銷售額增幅，但最極端的例子是第一季。

Stacy Pak with Barclays Capital.

史黛西·帕克 (Stacy Pak) 與巴克萊資本 (Barclays Capital) 合作。

Just, I guess, a couple -- first, just following up on the men's business, Christine, I was hoping you could expand a little bit more on who the customer is relative to the women's customer, what you're finding as you enter that space where there's arguably a lot more competition.

只是，我想，有幾個 - 首先，只是跟進男士業務，克里斯汀，我希望您能詳細說明一下客戶相對於女士客戶的關係，以及您進入時發現的內容可以說，這個領域的競爭更加激烈。

Is there a difference in the age of the customer?

顧客的年齡有差異嗎？

Is it a more or less profitable business?

這是利潤更高還是更低的業務？

I'm seeing it really take off here on the West Coast.

我看到它在西海岸真正起飛。

And then for you, John, just looking at the new store productivity, if my numbers are right, given what you said about other sales, it looks like it was not really any better than Q3, when you had some issues.

然後對你來說，約翰，只要看看新商店的生產力，如果我的數字是正確的，考慮到你所說的其他銷售，看起來它並沒有比第三季度更好，當你遇到一些問題時。

So could you speak to that as well?

那您也可以談談嗎？

Maybe we had better do that one first because we had no issues in Q3.

也許我們最好先這樣做，因為我們在第三季沒有遇到任何問題。

We have no issues (multiple speakers)

我們沒有問題（多個發言者）

Well, you had later openings, etc., and things that were being remodeled, which caused a weakness -- exactly.

好吧，你後來有了空缺，等等，以及正在改造的東西，這確實造成了弱點。

So if my -- maybe my numbers are wrong, but my numbers are showing the same sort of level of new store productivity in Q4.

因此，如果我的——也許我的數字是錯誤的，但我的數字顯示了第四季度新店生產力的相同水平。

Is there -- is that correct?

有嗎——這是正確的嗎？

I don't see your numbers.

我沒有看到你的號碼。

But I mean new stores -- we are thrilled with the way the new stores have been opening.

但我指的是新店——我們對新店的開幕方式感到非常興奮。

The new store openings through 2011, as I look at -- how is the best way to say it?

正如我所看到的，2011 年新店開業——最好的說法是什麼？

If I look at the US store base, because that's where all the new stores are, on average the new stores are opening somewhere in the 80% of the overall portfolio range.

如果我看一下美國的商店基地，因為所有新店都在那裡，平均而言，新開的商店佔整體投資組合範圍的 80%。

And we are pretty thrilled with that.

我們對此感到非常興奮。

Yes, and I think probably what's bringing your numbers down a little bit, Stacy, is ivivva openings and Australia openings.

是的，史黛西，我想可能是 ivivva 空缺職位和澳洲空缺職位讓您的數字有所下降。

So just remember there's more than just lululemon openings in that number now.

所以請記住，現在這個數字中不僅僅有 lululemon 空缺職位。

Okay; and were there any late openings?

好的;是否有較晚的空缺？

Well, I'm not sure what you mean by late.

嗯，我不知道你說的遲到是什麼意思。

Q4.

Q4。

I can't remember the exact timing, but they --

我不記得確切的時間，但他們——

Okay, well, did the openings open fairly equally in the quarter?

好吧，本季的空缺職位開放程度相當嗎？

Or were the openings weighted to the end of the quarter, which (multiple speakers)?

或者空缺職位是否加權到季度末（多個發言者）？

I don't have the dates in front of me.

我面前沒有日期。

I think they are posted on our website.

我認為它們已發佈在我們的網站上。

I hate to punt on it, but you can see the exact dates if you go to the website.

我討厭押注它，但如果你訪問該網站，你可以看到確切的日期。

Okay, all right.

好吧，好吧。

And then, Christine --?

然後，克里斯汀——？

Right, so men's.

對了，所以是男裝。

Who is the customer for men's?

男裝的顧客是誰？

We see that customer broadening tremendously.

我們看到客戶的範圍大大擴大。

I think we used to hit a slightly younger male, which I would say -- when I say that, about the 35-year-old.

我想我們曾經打過一位稍微年輕的男性，我想說的是——當我這麼說時，大約是 35 歲的男性。

And that's the target who we see driving the brand.

這就是我們看到的推動品牌發展的目標。

But we see that broadening very much across a much larger base to both younger and slightly older men.

但我們看到這種情況在更大的範圍內擴大到年輕和稍年長的男性。

So it's the same fitness enthusiasts that we see, people who work out on a regular basis, who appreciate the same high functionality when they work out and crossing over into street appeal.

因此，我們看到的是同樣的健身愛好者，定期運動的人，他們在運動時欣賞同樣的高功能性，並轉向街頭魅力。

And they really appreciate the anti-stink properties of the nylon and the Silverescence that we have versus polyester, which tends to attract and hold smell.

他們非常欣賞我們的尼龍和銀絲的防臭性能，而聚酯纖維往往會吸引並保持氣味。

So both in functionality and look of the garment is who we are appealing to.

因此，無論是服裝的功能性還是外觀，都是我們所吸引的。

And we are really seeing people not be as sensitive to it being a women's brand.

我們確實看到人們對它作為一個女裝品牌並不那麼敏感。

They are seeing it as a premium male's choice.

他們將其視為優質男性的選擇。

So we see one guy wear it to the gym; the guy -- another guy says I think I'll get some of that.

所以我們看到一個人穿著它去健身房；另一個人說我想我會得到一些。

They get it, they love it.

他們明白了，他們喜歡它。

And the cycle begins.

然後循環開始。

So we see more men shopping for themselves in our store every day and coming back repeatedly.

因此，我們每天都會看到越來越多的男士在我們的商店裡為自己購物，並反覆回來。

And they get a favorite of something, and we see them buy in bulk, which is a little different behavior than you see from our female customers.

他們喜歡某種東西，我們看到他們大量購買，這與你從我們的女性顧客那裡看到的行為有點不同。

So we definitely see that we've got huge adoption rates from the product once they try it.

因此，我們肯定會看到，一旦他們嘗試了該產品，我們就獲得了巨大的採用率。

And we see the consumer band growing and expanding.

我們看到消費群體不斷成長和擴大。

Just before we leave it, I want to go back to the new store question because, as I look at the quarter, remember we only opened two lululemon stores in the US in the quarter.

在我們離開之前，我想回到新店問題，因為當我查看本季時，記得我們本季只在美國開設了兩家 lululemon 店。

So the others -- four in Australia, one in New Zealand -- those are lower productivity stores at this point, as well as two ivivva.

因此，其他商店（澳洲有 4 家，紐西蘭有 1 家）目前生產力較低，還有兩家 ivivva。

So if you are getting a lower new store productivity number it's because it was just the two name brand lululemon stores in the quarter.

因此，如果您得到的新店生產力數字較低，那是因為本季只有兩家知名品牌 lululemon 店。

Kimberly Greenberger with Morgan Stanley.

摩根士丹利的金伯利·格林伯格。

I wanted to talk about the international markets, and I'm wondering if you can tell us whether you monitor tour shopping in your North American stores.

我想談談國際市場，我想知道您是否可以告訴我們您是否監控北美商店的旅遊購物。

And to the extent that you have any insight into the country of origin where you see most shopping by tourists, that would be very interesting if you could share that with us.

如果您對遊客購物最多的原產國有任何了解，如果您能與我們分享，那將非常有趣。

And beyond London and Hong Kong, are there some international locations that you think are particularly well-suited for either 2012 or 2013 showrooms?

除了倫敦和香港之外，您認為還有哪些國際地點特別適合設立 2012 年或 2013 年展廳？

We haven't made any decisions yet whether or not we would go to any additional showrooms in other countries.

我們還沒有做出任何決定是否要去其他國家的任何額外的陳列室。

But we do definitely have some markets that we are really trending and watching.

但我們確實有一些我們真正關注和關注的市場。

Germany is a very attractive market for us.

德國對我們來說是一個非常有吸引力的市場。

It allows us to have all of the layering properties that we have like in the Canadian market.

它使我們能夠擁有加拿大市場上的所有分層特性。

The guest is very athletic there.

客人在那裡非常運動。

There's a huge yoga community in Germany, so that's one of the key markets.

德國有一個龐大的瑜珈社區，因此是主要市場之一。

And that halo effect of Germany goes into Switzerland and Amsterdam and the north.

德國的光環效應進入了瑞士、阿姆斯特丹和北方。

What's easier for us to gauge is where we see international shopping from our e-commerce site, which right now is based out of the US, and those sales come into there.

對我們來說更容易衡量的是，我們從我們的電子商務網站上看到國際購物，目前網站位於美國，而這些銷售額來自那裡。

And we watch the markets and top markets that we see e-commerce sales coming from.

我們觀察電子商務銷售來源的市場和主要市場。

And there are tourist stores where we do see seasonally people come in.

在一些旅遊商店中，我們確實看到季節性的人們進來。

We see that obviously in our Hawaiian store.

我們在夏威夷商店中清楚地看到了這一點。

We see that at Whistler.

我們在惠斯勒看到了這一點。

We see that in New York City.

我們在紐約市看到了這一點。

And we do pay attention, but we don't have a tracking system where do we see that people coming from; but anecdotally, we do know that we are growing demand in Latin America, we are growing demand particularly from France; huge demand still in Japan, Hong Kong.

我們確實關注，但我們沒有追蹤系統，我們可以看到人們來自哪裡；但有趣的是，我們確實知道拉丁美洲的需求正在成長，尤其是法國的需求正在成長；日本、香港仍有龐大需求。

And we see it spreading across Asia now.

我們現在看到它正在整個亞洲蔓延。

We see a lot of tourists in our Hong Kong showrooms that are coming in from all across Southeast Asia and buying in bulk.

我們在香港的陳列室看到很多來自東南亞各地的遊客大量購買。

So we are very excited to get a store -- a showroom and then ultimately a store open in that market to begin to see where we are generating that demand.

因此，我們非常高興能在該市場開設一家商店——一個陳列室，然後最終開設一家商店，以開始了解我們在哪裡產生這種需求。

And then we follow it with e-commerce.

然後我們用電子商務來跟進。

Omar Saad with ISI Group.

ISI 集團的奧馬爾·薩阿德。

A quick follow-up on Kimberly's question and then I also wanted to ask something about store sizes.

快速跟進金伯利的問題，然後我還想問一些有關商店規模的問題。

In terms of the international market, what is the transition -- what is the process or the transition process to go from a showroom to when you start opening, actually, real stores on the ground?

就國際市場而言，過渡是什麼——從陳列室到你開始在當地開設真正的商店的過程或過渡過程是什麼？

Are there benchmarks you need to see, or things you need to see in the marketplace or systems that you need to have in place, operations you need to have in place?

是否有您需要看到的基準，或者您需要在市場中看到的東西，或者您需要到位的系統，您需要到位的營運？

And then my second question would be related to the store sizes.

我的第二個問題與商店規模有關。

You've got all these great opportunities across categories in running, in outdoor and men's and so on and so forth, but I don't know that the store sizes, at least a lot of the store sizes today are big enough to support that broad of a product kind of categorization.

你在跑步、戶外和男裝等各個類別中都擁有所有這些巨大的機會，但我不知道商店的規模，至少今天很多商店的規模是否足夠大來支持這一點產品類別的廣泛分類。

How are you thinking about store sizes going forward in the new stores that you are opening or in remodels of existing stores?

您如何看待即將開設的新店或現有商店改造中的商店規模？

Any answers to both those questions would be really helpful.

對這兩個問題的任何答案都會非常有幫助。

Thanks.

謝謝。

Great.

偉大的。

Omar, I don't want to give away all of our secrets, so I'm probably not going to answer your question to as much as you would like me to.

奧馬爾，我不想洩露我們所有的秘密，所以我可能不會像你希望的那樣回答你的問題。

But I will tell you that we have a very disciplined method of how -- it's a very integrated market development strategy that looks at a lot of different factors, including our internal readiness with employees.

但我會告訴你，我們有一個非常嚴格的方法——這是一個非常全面的市場開發策略，考慮了很多不同的因素，包括我們員工的內部準備。

We look at things like showrooms; we look at the e-commerce sales.

我們會關注諸如陳列室之類的東西；我們來看看電子商務的銷售情況。

And then there's a few other things that we really look at to make sure that we have market readiness.

然後，我們還需要真正考慮其他一些事情，以確保我們為市場做好準備。

And we always look at it as creating desire first, whether it's domestically or internationally.

我們始終將其視為首先創造慾望，無論是國內還是國際。

And a key part of that is building our ambassador network.

其中的關鍵部分是建立我們的大使網絡。

And that's what we are really focused on because it's about building long-term brand loyalty.

這就是我們真正關注的重點，因為它關係到建立長期的品牌忠誠度。

And the way that a guest is introduced to the brand, regardless of whether it's the first time in a market or not, creates a long-term relationship.

向客人介紹品牌的方式，無論是否是第一次進入市場，都會建立長期的關係。

And that's what we are after.

這就是我們所追求的。

So internationally we have been working in these markets for two to three years, as I've said, over time, planting the seeds, building the relationships, attending things like Yoga Journal conferences.

因此，正如我所說，在國際上，我們已經在這些市場上工作了兩到三年，隨著時間的推移，播下種子，建立關係，參加瑜伽期刊會議等活動。

So we create our brand awareness, and we are the brand they are waiting for.

因此，我們創造了我們的品牌知名度，而我們正是他們正在等待的品牌。

So -- and we are doing a lot of things behind the scenes here structurally to get ready.

因此，我們正在幕後做很多結構性的事情來做好準備。

Where I don't want to be and where I've seen a lot of growth stories go bad is where you rush into these markets, you don't have the infrastructure ready, you leverage up your fixed costs, and the next thing you know, you're having to make difficult choices about investing in your core business, whether it's renovations of stores; keeping things fresh; product margins; how you pay your people; and ultimately destroy a brand.

我不想成為這樣的地方，而且我看到很多成長故事都變壞了，那就是你衝進這些市場，你沒有準備好基礎設施，你槓桿化了你的固定成本，然後你的下一件事就是你要知道，您必須在投資核心業務方面做出艱難的選擇，無論是商店翻新；保持事物新鮮；產品利潤；您如何支付員工工資；並最終毀掉一個品牌。

So we are very disciplined and we do have a lot of metrics about how we go about entering markets.

因此，我們非常自律，確實有許多關於如何進入市場的指標。

And the same thing is true of our renovation and renewal strategy.

我們的改造和更新策略也是如此。

We're working 2-3 years ahead of time to secure renewals on key stores, to plan relocations.

我們提前 2-3 年進行工作，以確保主要商店的更新，並計劃搬遷。

And finally, in store size, we feel it's very important to the brand to have what we refer to as a kitchen party or a high energy feel inside of our stores.

最後，在商店規模方面，我們認為在商店內擁有我們所說的廚房聚會或高能量的感覺對品牌來說非常重要。

So that means a smaller footprint.

這意味著佔地面積更小。

We want to use our labor on the floor to educate the guest, not to cover a big footprint.

我們希望利用我們在地板上的勞動來教育客人，而不是佔據很大的足跡。

And we have been very adept at flowing product and improving our operations.

我們非常擅長流動產品和改善我們的營運。

You just have to look at a few of our Canadian stores, and the volume that we do out of what is basically 3500, 3300 square feet and, frankly, sometimes even 2500 square feet, gives us great confidence.

你只需看看我們在加拿大的幾家商店，我們的營業面積基本上是 3500、3300 平方英尺，坦白說，有時甚至是 2500 平方英尺，這給了我們很大的信心。

And we look at those stores and what we figured out for flow, and we do have a renewal strategy.

我們研究了這些商店以及我們對流量的計算結果，我們確實制定了更新策略。

And you've seen us execute it in Canada, which is why we had so many stores closed in Q3; where we will take an extra 300 square feet or maybe sometimes, if the store was only 2500 square feet we will take as much as 1000 square feet.

你已經看到我們在加拿大執行了這一舉措，這就是為什麼我們在第三季關閉瞭如此多的商店；我們會額外佔用 300 平方英尺，有時，如果商店只有 2500 平方英尺，我們會佔用多達 1000 平方英尺。

And that allows us to drive continued comps in the Canadian markets as well as then flow all of the new goods that we have.

這使我們能夠推動加拿大市場的持續競爭，然後流通我們擁有的所有新商品。

But we feel very strongly that we don't want, even in a future concept as we have developed these pods and these lines, to have stores that are bigger than 4000, maybe slightly more.

但我們強烈感覺到，即使在我們開發這些豆莢和這些產品線的未來概念中，我們也不希望擁有超過 4000 家甚至更多的商店。

But we are doing that work now and planning for that eventual future.

但我們現在正在做這項工作，並為最終的未來進行規劃。

But over the next 3 to 5 years, in North America particularly, we've got plenty of room to grow our business without doing huge relocations or taking massive (technical difficulty) stores.

但在接下來的 3 到 5 年裡，特別是在北美，我們有足夠的空間來發展我們的業務，而無需進行大規模搬遷或佔用大量（技術難度）商店。

Thanks, Christine.

謝謝，克里斯汀。

Good luck.

祝你好運。

Dana Telsey with Telsey Advisory Group.

達納·特爾西 (Dana Telsey) 與特爾西諮詢小組。

Can you talk a little bit about the buckets of SG&A investment, how you think of the timing of contribution, and then the comp drivers?

您能否談談 SG&A 投資的範圍，您如何看待貢獻的時機，以及薪資驅動因素？

And just lastly, any refreshment to the long-term targets, whether it's operating margin, e-com as a percent of sales number of stores or gross margin?

最後，長期目標是否有任何更新，無論是營業利潤率、電子商務佔商店銷售額的百分比還是毛利率？

Thank you.

謝謝。

Dana, could you refer that again?

達納，你能再提一下嗎？

So the comp drivers -- your first question was?

那麼補償驅動程式 - 您的第一個問題是？

Comp drivers, buckets of SG&A investment for 2012 and the timing of the contribution from them -- when should we see them complete or what should be the benefit down the road?

競爭驅動因素、2012 年 SG&A 投資的桶數以及它們貢獻的時間——我們什麼時候應該看到它們完成或未來應該有什麼好處？

So I think the main thing that we are working on right now is really two fronts on -- well, it will be ultimately three in the short-term -- buckets of SG&A in systems.

所以我認為我們現在正在做的主要事情實際上是兩個方面——好吧，短期內最終將是三個方面——系統中的SG&A。

The number one is our supply chain systems.

第一個是我們的供應鏈系統。

And part of that is also the flow to the stores and localized store planning to have a much better flow of localized products per store.

其中一部分也是商店和在地化商店的流量，計劃讓每個商店有更好的在地化產品流量。

And so it's that bottoms-up planning from the store that allows us to fine tune planning and allocation and get those right mix of products and differentiate each store a little bit more.

因此，正是商店自下而上的規劃使我們能夠微調規劃和分配，獲得正確的產品組合，並使每個商店更加與眾不同。

So, for instance, more colors and prints in Florida and more coats than layering systems in Halifax, right?

例如，佛羅裡達州有更多的顏色和印花，比哈利法克斯的分層系統有更多的外套，對吧？

So that's our model.

這就是我們的模型。

And so the planning systems to do that to continue to grow comps are critical, and that's what we are working on.

因此，實現持續成長的規劃系統至關重要，這就是我們正在努力的方向。

As well as capacity and flow back to our manufacturers, to really control our cost of goods, who has what manufacturing capacity, so that we can increase our chase and our flexibility.

還有產能和流量回流到我們的製造商，真正控制我們的貨物成本，誰有什麼製造能力，這樣我們就可以增加我們的追趕和我們的靈活性。

So the systems that allow us to do that are the first two priorities.

因此，讓我們能夠做到這一點的系統是前兩個優先事項。

We also have to work on our e-commerce.

我們還必須致力於電子商務。

So you are seeing us right now doing the work on the localized pages, so the infrastructure for that, the systems.

所以你現在看到我們在本地化頁面上做工作，所以基礎設施，系統。

We are opening a new IT center to support that in San Francisco because that allows us to gain the talent.

我們正在舊金山開設一個新的 IT 中心來支援這項工作，因為這使我們能夠獲得人才。

What we have noticed already, because the office lease is signed, we are in the hiring process -- we have 10 high-qualified applicants rather than two and taking us six months to close some of those IT positions.

我們已經注意到，由於辦公室租約已簽署，我們正在招聘過程中 - 我們有 10 名高素質申請人，而不是 2 名，並且我們花了六個月的時間來關閉其中一些 IT 職位。

So that's why you're seeing us gain some traction in the spend that we are doing because we are finally being able to hire the right people to drive our e-commerce business.

這就是為什麼你會看到我們正在做的支出獲得了一些牽引力，因為我們終於能夠僱用合適的人來推動我們的電子商務業務。

So that's also a critical growth driver.

所以這也是一個關鍵的成長動力。

So the returns show up in our comps pretty quickly.

因此，回報很快就會出現在我們的比較中。

But we've still got a lot of -- once we get those systems up and running -- but the investment period and the working period to implement those is 18 to 24 months for even just the first phases.

但是，一旦我們啟動並運行這些系統，我們仍然有很多工作要做，但即使只是第一階段，實施這些系統的投資期和工作期也需要 18 到 24 個月。

And because flow is so critical to us, you will see us continue to make investments there.

由於流量對我們如此重要，你會看到我們繼續在那裡投資。

Other investments are in our financial systems to be able to take on the complexity of additional channels, product lines and geography.

其他投資是對我們的金融系統的投資，以便能夠承擔額外管道、產品線和地理位置的複雜性。

And so those are a couple of year investments.

所以這些都是幾年的投資。

As we said earlier in the call, we do view 2012 as a heavy investment.

正如我們之前在電話會議中所說，我們確實將 2012 年視為一項重大投資。

We are also building our bench strength, particularly in the design and the merchandise areas, to allow us to again do that localized store strategy.

我們也正在建立我們的後備力量，特別是在設計和商品領域，以便我們能夠再次實施在地化商店策略。

And the comp drivers -- we've spoken to some of those already -- newness, flow.

而競爭驅動因素——我們已經和其中一些人談過了——新鮮感、流動性。

The big difference we see coming into this year is our ability to smooth out the flow on a weekly delivery of the product, which is giving us a much more consistent comp cadence than we've had in the past.

我們今年看到的最大變化是我們能夠平滑每週交付產品的流程，這使我們比過去更一致的節奏。

And because we've improved our internal processes, our factories are able to be more responsive in partnership with us, so we are not -- towards the back half of the year, we won't have to carry as much inventory because our flow will be improved.

因為我們改進了我們的內部流程，我們的工廠能夠與我們合作，做出更快的回應，所以我們不會——到今年下半年，我們將不必攜帶那麼多的庫存，因為我們的流程將會得到改善。

So comp drivers are mainly newness, that innovation that we've talked about, and just growing brand awareness and traffic in so many of our North American stores.

因此，競爭驅動因素主要是新鮮感，也就是我們談到的創新，以及我們許多北美商店的品牌知名度和流量的成長。

A tremendous amount of our comp still comes from traffic.

我們的收入很大一部分仍然來自流量。

And any update just on the long-term operating margin target?

關於長期營業利潤率目標有什麼更新嗎？

Well, we were really pleased to calculate Q4 and actually see that our net income margin was 19%, which was pretty close to our -- about 18 months ago, operating margin target of 20%.

嗯，我們真的很高興計算第四季度，實際上看到我們的淨利潤率為 19%，這非常接近我們大約 18 個月前的 20% 營業利潤率目標。

So I'll let John talk about where he thinks the target (multiple speakers)

所以我會讓約翰談談他認為目標在哪裡（多個發言者）

Again, I've been saying for a long time, since I upped our operating margin target from that 20% that a margin profile of 55% gross margin and 25% operating margin, while we are in a heavy investment and growth stage of the company's evolution, is still valid and there's no change to that.

再說一次，我已經說過很長一段時間了，自從我將我們的營業利潤率目標從20% 提高到55% 的毛利率和25% 的營業利潤率，而我們正處於公司的大量投資和增長階段。公司的演變仍然有效，沒有任何變化。

Thank you.

謝謝。

Congratulations.

恭喜。

Erika Maschmeyer with Robert W.

馬施梅爾 (Erika Maschmeyer) 與羅伯特‧W.

Baird.

貝爾德。

Thank you for squeezing me in and congratulations.

謝謝你讓我加入並祝賀你。

Could you talk a little bit about what your comp guidance assumes?

您能談談您的薪酬指南的假設嗎？

Does it assume the first-half trends continue through the remainder of your quarter?

是否假設上半年的趨勢會持續到本季的剩餘時間？

And a little bit in terms of thinking about the composition of your comp, on the comp driver front, how much of it is kind of innovation and newness versus growing brand awareness and maybe initial consumers buying more of those, the basic products, your black pants?

稍微考慮一下你的產品的組成，在產品驅動因素方面，其中有多少是創新和新穎性，而不是不斷增長的品牌知名度，也許最初的消費者會購買更多這些產品，基本產品，你的黑色產品。褲子？

And how does that look differently, I guess, in sort of Canada versus the US or mature stores versus newer stores?

我想，在加拿大與美國或成熟商店與新商店中，這看起來有何不同？

Let me start with the comp through the quarter, not that we give monthly or weekly guidance, but if you remember last year we started the year inventory constrained, became more inventory constrained, and March was probably the low point.

讓我從整個季度的比較開始，不是我們給出每月或每週的指導，但如果你還記得去年我們開始庫存緊張的一年，庫存變得更加緊張，三月份可能是最低點。

And then we got somewhat back in stock as April progressed.

隨著四月的到來，我們的庫存有所回升。

So our comp guidance and the tempo of it through the quarter is really looking at last year because the big driver this quarter is just availability of inventory in stock.

因此，我們的比較指導和整個季度的節奏實際上是在考慮去年，因為本季的主要推動因素只是庫存的可用性。

I think, if you just look at the timing for the year, last year we had great opportunity.

我認為，如果你只看今年的時機，去年我們有很好的機會。

Year over year we have great opportunity in the Q1 to anniversary that.

年復一年，我們在第一季到週年紀念日都有很好的機會。

But now we are going to be up against a 26% comp in Q4.

但現在我們將在第四季面臨 26% 的競爭。

So we definitely expect it to normalize over the back half of the year.

因此，我們肯定預計它將在今年下半年恢復正常。

And just the complexion of comp -- it's still being driven by very little pricing, increased pricing.

就比較而言，它仍然是由極低的定價和更高的定價所驅動的。

Increase comes from adding higher-value items in especially the seasonal and the new items that we are putting through.

成長來自於添加更高價值的商品，尤其是我們正在推出的季節性商品和新商品。

But a large part of it is traffic, and then a little bit in mix and ticket.

但其中很大一部分是流量，還有一點是組合和門票。

But the biggest driver is still traffic.

但最大的推動因素仍然是交通。

Howard Tubin with RBC Capital Markets.

加拿大皇家銀行資本市場部的霍華德‧圖賓 (Howard Tubin)。

Thanks, guys, great quarter.

謝謝，夥計們，很棒的季度。

How should we think about the showroom strategy?

我們該如何考慮展廳策略？

Should the showroom number kind of continue to decline modestly as you fill in some of these markets, or should it hang in there up around 30 or 40 going forward?

當您填補其中一些市場時，陳列室數量是否應該繼續小幅下降，還是應該在未來保持在 30 或 40 左右？

We do expect it to be a little bit more in the 30s, for a short period of time until you start to see us do more internationally.

我們確實預計這個數字會在 30 多歲左右，持續一段很短的時間，直到你開始看到我們在國際上做更多的事情。

And then that would probably drive the number back up, but that probably won't be in 2012.

然後這可能會推動這個數字回升，但 2012 年可能不會。

So for 2012 the mid-30s as we kind of open/close.

所以在 2012 年 30 年代中期，我們會開盤/收盤。

We are putting some in some more secondary markets, so you will see some flurries of a couple up.

我們正在將一些產品投放到更多的二級市場，因此您會看到一些熱潮。

But on the whole it will stay pretty constant to the mid-30s.

但總體而言，它將保持在 30 多歲左右。

Edward Yruma with KeyBank Capital.

愛德華·尤魯馬 (Edward Yruma) 與 KeyBank Capital 合作。

Can you talk a little bit about some of the investments in supply chain?

能談談供應鏈的一些投資嗎？

I know that at periods last year you've had some constraints, particularly around some of your proprietary materials.

我知道去年的一段時間你們遇到了一些限制，特別是在一些專有材料方面。

Do you have more dedicated manufacturing capacity?

你們有更專業的製造能力嗎？

And how can you improve some of those flows?

如何改進其中一些流程？

Thank you.

謝謝。

We actually have a team that forecasts fabric now, which is like -- as we talk about some of our SG&A investments, that we made investments in a new head of raw materials, we've made investments in the sourcing team, production team; we've brought on some additional factory capacity.

我們現在實際上有一個預測布料的團隊，就像我們談論我們的一些SG&A投資一樣，我們對新的原材料主管進行了投資，我們對採購團隊、生產團隊進行了投資；我們增加了一些工廠產能。

So the main part is the partnership with the mills that we work with and working with them with innovation.

因此，主要部分是與我們合作的工廠的合作夥伴關係，並與他們一起創新。

And we've also, frankly, held bigger inventories of fabric, which has then allowed us to have more choice and responsiveness.

坦白說，我們還擁有更多的布料庫存，這使我們擁有更多的選擇和響應能力。

Taposh Bari with Jefferies & Co.

塔波什·巴里 (Taposh Bari) 與 Jefferies & Co.

Hey, guys, nice quarter, nice year.

嘿，夥計們，美好的季度，美好的一年。

I guess two questions, one on just the -- it seems like a theme developing here is growth is not going to come primarily from stores.

我想有兩個問題，一個是——似乎這裡發展的一個主題是成長不會主要來自商店。

E-commerce is obviously a huge lever for you guys.

電子商務顯然對你們來說是一個巨大的槓桿。

So can you just give us some more color on how that mix of e-com versus brick and mortars varies versus some of your developed markets in perhaps Canada or the West Coast versus new markets?

那麼，您能給我們更多關於電子商務與實體店的組合與加拿大或西海岸的一些已開發市場與新市場之間的差異嗎？

Just trying to get a better understanding of how you capture that incremental demand via e-commerce, despite what seems to be a fairly constrained box at around 3000 square feet?

只是想更好地了解如何透過電子商務捕捉增量需求，儘管這似乎是一個大約 3000 平方英尺的相當有限的盒子？

Yes.

是的。

I mean I don't feel constrained by our box.

我的意思是我不覺得受到我們的盒子的限制。

Our average unit is $2000 a square foot.

我們的平均單位是每平方英尺 2000 美元。

We can flow a lot through that store.

我們可以透過那家商店進行很多活動。

So I'm not worried about our upside growth because our number-one lever that we've talked about is still driving comps in existing stores.

因此，我並不擔心我們的上行成長，因為我們所討論的第一槓桿仍在推動現有商店的競爭。

So as our US store-based matures, the comp growth that we've produced out of Canada in Q4 was a big driver of the upside.

因此，隨著我們以美國商店為基礎的成熟，我們在第四季度在加拿大以外地區實現的複合成長是上漲的一大推動力。

They are still in the low teens.

他們還只有十幾歲。

They're still in the low teens, so that we are not, I feel, constrained by our store size to grow.

它們仍處於十幾歲左右，因此我認為我們不會受到商店規模增長的限制。

The mix of e-commerce -- we are watching the consumer behaviors of like the 26 to 27-year-olds and watching what they are doing, how are they on mobile devices, etc., because we recognize the game is changing.

電子商務的組合——我們正在觀察 26 至 27 歲的消費者行為，觀察他們在做什麼、他們在行動裝置上的表現等等，因為我們認識到遊戲規則正在改變。

And what's happening in tertiary markets with real estate and where do you have viable centers.

房地產三級市場正在發生什麼以及哪裡有可行的中心。

So the whole landscape of real estate and it changing as consumer behaviors change.

因此，隨著消費者行為的變化，房地產的整體模式也會改變。

And what we want to be is really flexible and well poised to deal with how that consumer behavior is changing by watching, monitoring it and developing a really solid e-commerce site.

我們想要做到的是真正靈活，並做好準備，透過觀察、監控消費者行為的變化並開發一個真正可靠的電子商務網站來應對消費者行為的變化。

That's why we do five-year leases; it gives us a lot of flexibility.

這就是我們簽訂五年租約的原因；它給了我們很大的靈活性。

So our goal is to be well-positioned and flexible and ahead of that game, and we feel that we are.

因此，我們的目標是處於有利位置、靈活並領先這場比賽，我們感覺我們確實做到了。

That's helpful.

這很有幫助。

And Christine, I also just wanted to ask you a question about competition.

克莉絲汀，我也想問你一個關於競爭的問題。

So it seems like everybody wants to get into yoga apparel nowadays, everybody wants to be lululemon.

所以現在似乎每個人都想進入瑜珈服裝領域，每個人都想成為 lululemon。

So looking at apparel as a category, historically low barriers to entry, very competitive category.

因此，將服裝視為一個類別，歷史上進入門檻較低，競爭非常激烈。

You guys obviously continued to disprove that principle.

你們顯然繼續反駁這個原則。

So I'm just trying to get your sense on where you see competition.

所以我只是想了解您對競爭的看法。

Do you feel like it's increasing?

有沒有感覺越來越多了？

Do you think it's healthy for innovation for your company?

您認為這對貴公司的創新有好處嗎？

And I guess ultimately, what gives you the confidence that you will be able to sustain that high or 20%-plus-type operating margin environment, given the competitive dynamics that we've seen historically in this category?

我想最終，考慮到我們在這一類別中歷史上看到的競爭動態，是什麼讓您有信心維持這種高或 20% 以上的營業利潤率環境？

I think what you see us doing this quarter is the perfect response to what we see occurring.

我認為您看到我們本季所做的事情是對我們所看到的情況的完美回應。

I think if we started to settle and develop mediocre product and rely -- over rely on our core or fatigue our product and try to gain efficiencies with big bulk buys, we would allow competitive pressure to occur.

我認為，如果我們開始解決和開發平庸的產品，並過度依賴我們的核心產品或使我們的產品疲勞，並試圖透過大宗採購來提高效率，我們就會允許競爭壓力發生。

And ultimately, we would be competing on price.

最終，我們將在價格上競爭。

So we have clearly stated what our four brand pillars are, and we make investments in those, which is obviously the community, the technical product, keeping our stores fresh and our people.

因此，我們已經明確說明了我們的四大品牌支柱是什麼，並且我們對這些支柱進行了投資，這顯然是社區、技術產品、保持我們的商店新鮮度和我們的員工。

And I think our guest experience is pretty unparalleled in the retail world, and that is a big part of our success.

我認為我們的賓客體驗在零售界是無與倫比的，這是我們成功的重要組成部分。

So it's managing those points of differentiation, continuing to deepen the competitive moats and staying on top of our product.

因此，它正在管理這些差異點，繼續深化競爭護城河並保持我們產品的領先地位。

And the 55% gross margin in product is nothing to apologize for across the retail apparel world.

55% 的產品毛利率在服飾零售業並不值得道歉。

So I think we have a great opportunity with the rate of innovation we are doing, and we still have a lot of efficiencies to get in the supply chain.

因此，我認為以我們正在進行的創新速度來看，我們有一個很好的機會，而且我們在供應鏈中仍然有很大的效率可以提高。

So I'm not worried about continuing to deliver a north of 25% operating margin even as the more competitive environment, as long as we do the things we need to do to keep the guest excited about our product and our guest experience.

因此，即使競爭更加激烈，我也不擔心繼續提供超過 25% 的營業利潤率，只要我們採取必要措施，讓客人對我們的產品和客人體驗感到興奮即可。

Liz Dunn with Macquarie.

莉茲鄧恩與麥格理。

Let me add my congratulations.

讓我補充一下我的祝賀。

I'm really interested in the acceleration in comp trend that you saw in the 4th quarter and some of the factors behind that.

我對您在第四季度看到的比較趨勢的加速及其背後的一些因素非常感興趣。

Can you just talk about your learnings with color?

能談談您對色彩的學習嗎？

And you've already talked about some of the innovation.

您已經談到了一些創新。

But -- and I think when we spoke at [ITR], we talked a little bit about rationalizing some of the pant SKU's.

但是，我認為當我們在 [ITR] 上發言時，我們討論了一些關於合理化某些褲子 SKU 的問題。

Can you just talk about some of the learnings from the 4th quarter that translate into continuing that comp trend through 2012?

您能否簡單談談第四季度的一些經驗教訓，這些經驗教訓將轉化為在 2012 年繼續保持這種比較趨勢？

Really what we saw -- if you remember last year, the cadence was under inventoried, we chased.

確實是我們所看到的——如果你還記得去年的話，節奏是在庫存不足的，我們追逐的。

But when you are chasing, what you buy is what you can get; available capacity factors from your manufacturers and you don't necessarily of choice in fabrics, you don't have -- so we kind of, we felt, made do or limited guest availability.

但當你追的時候，你買的就是你能得到的；你買的就是你能得到的。製造商提供的可用產能因素，你不一定選擇布料，你沒有——所以我們感覺，湊合或限制客人的可用性。

And we felt that that slowed Canadian business maybe more than we anticipated.

我們認為這對加拿大業務的放緩可能比我們預期的還要嚴重。

And so what we really saw in Q4 was, as we really set up and drove great product innovation, great color and assortment, the rebound in the Canadian business for us, going from a mid-single digit comp to a low double-digit comp, shows that the guest was just hungry for great product.

因此，我們在第四季度真正看到的是，隨著我們真正建立並推動了偉大的產品創新、出色的色彩和品種，我們加拿大業務的反彈，從中個位數的競爭到低兩位數的競爭，顯示客人只是渴望獲得優質產品。

And that is what is also fueling our US business.

這也推動了我們美國業務的發展。

And we believe that the pods will continue to allow us to do that same thing both in Canada and in the US.

我們相信，這些吊艙將繼續讓我們在加拿大和美國做同樣的事情。

And we have rationalized some SKU's and the pant wall and being a little tighter about that, but the guest expects us to innovate as well.

我們對一些 SKU 和褲壁進行了合理化調整，並在這方面做得更加嚴格，但客人也希望我們能夠創新。

We are really clear about what core product is and making sure that we are constantly reinventing that and keeping it fresh for the guest.

我們非常清楚核心產品是什麼，並確保我們不斷地對其進行改造並為客人保持新鮮感。

So we feel really good about the product line assortment.

所以我們對產品線的分類感覺非常好。

You do see more flow of newness into the stores, but at the same time real focus on that core business.

你確實會看到更多的新鮮事物湧入商店，但同時真正專注於核心業務。

So I think we've got the balance right, right now.

所以我認為我們現在已經取得了平衡。

We feel really good about our product assortment.

我們對我們的產品種類感覺非常好。

The good sign is always when everybody in the office rushes up to the store on the product drop delivery days to grab the new stuff, and we see a lot of that around the office these days.

好兆頭總是在產品送貨日，辦公室裡的每個人都衝到商店去買新東西，這些天我們在辦公室周圍看到了很多這樣的事情。

So we're pretty excited.

所以我們非常興奮。

Hi, operator, we have time for just one more question.

您好，接線員，我們還有時間再問一個問題。

John Kernan with Cowen.

約翰·克南和考恩。

Just to follow up on e-commerce and ivivva and the initial reads there -- what was the contribution from ivivva did e-commerce growth this quarter?

只是為了跟進電子商務和 ivivva 以及最初的閱讀——ivivva 對本季電子商務成長的貢獻是什麼？

And then one quick follow-up on the core lululemon concept -- you have warehouses in Baton Rouge, Ann Arbor, Madison, Wisconsin, Knoxville and Charlottesville.

然後是對 lululemon 核心概念的快速跟進——您在巴吞魯日、安娜堡、麥迪遜、威斯康星州、諾克斯維爾和夏洛茨維爾設有倉庫。

What are the initial reads you are getting from that college-age consumer that's obviously outside of kind of the core avatar that you have talked about before?

您從那個顯然不屬於您之前討論過的核心化身的大學年齡消費者那裡得到的初步解讀是什麼？

Thanks.

謝謝。

You mean showrooms versus warehouses?

你是說陳列室還是倉庫？

Showrooms, sorry.

展廳，抱歉。

Okay, I was thinking, wow, I don't remember those.

好吧，我在想，哇，我不記得那些了。

Do we have fakes going out in those (laughs)?

我們裡面有假貨嗎（笑）？

We have had an extremely strong reaction from guests in the Midwest and a really strong product adoption.

我們得到了中西部客人的強烈反響以及非常強烈的產品採用率。

And frankly, we were a little surprised about that in the beginning.

坦白說，一開始我們對此感到有點驚訝。

So those showrooms, as John talked about, in Q4, we saw increased showroom sales across all the markets which contributed to our success.

因此，正如約翰所說，在第四季度，我們看到所有市場的陳列室銷售額都有所增加，這為我們的成功做出了貢獻。

So initial read in all of those markets has been very favorable.

因此，所有這些市場的初步解讀都非常有利。

And the question around ivivva/e-commerce -- it's doing fine, but it's not material to the overall number.

圍繞 ivivva/電子商務的問題——它做得很好，但對整體數字並不重要。

Did you mean e-commerce separate or ivivva e-commerce?

您指的是獨立電子商務還是 ivivva 電子商務？

Ivivva e-commerce.

伊維瓦電子商務。

Okay, yes, I mean it's very early in the induction.

好吧，是的，我的意思是現在還處於入門階段。

They exceeded our internal target for the 4th quarter and strong upswing in the US, but we are still at the very early stages of building brand awareness.

它們超出了我們第四季度的內部目標，並且在美國強勁成長，但我們仍處於建立品牌知名度的早期階段。

And for us, keeping it small, growing it at the right rate, really honing it for the customer, getting it right, continues just to be our focus there.

對我們來說，保持規模較小，以適當的速度成長，真正為客戶磨練，做到正確，仍然是我們的重點。

We have so much opportunity in North America that we want to make sure we are not distracted.

我們在北美擁有如此多的機會，因此我們希望確保我們不會分心。

We give things time in the new concepts in these tests that we are doing in product; time to perk so that we have the levers to pull when we want to pull a stronger growth trajectory.

我們在產品中進行的這些測試中，給了新概念一些時間；是時候振作起來了，這樣當我們想要拉動更強勁的成長軌跡時，我們就有了可以拉動的槓桿。

But we are not in a hurry.

但我們並不著急。

I want to be really clear about that, too.

我也想澄清這一點。

Okay, great.

好的，太好了。

Thanks, guys.

多謝你們。

I would now like to turn the conference back to the host for closing comments.

我現在想將會議轉回給主持人以徵求結束意見。

I want to thank everybody for joining us today.

我要感謝大家今天加入我們。

And we are, as I stated earlier, very excited about 2012 and the opportunities we see in front of us.

正如我之前所說，我們對 2012 年以及我們面前的機會感到非常興奮。

The infrastructure that we have built, the people that we've added, the depth and breadth of the team -- I feel more confident coming into 2012 than I think I have at any point in the company, about our team's capacity to deliver.

我們建立的基礎設施、我們增加的人員、團隊的深度和廣度——進入 2012 年，我對我們團隊的交付能力比我在公司的任何時候都更有信心。

And I'm so excited about our opportunity to drive the women's athletic technical and beautiful product category, which we believe that we are leading today.

我對我們有機會推動女子運動技術和美麗產品類別感到非常興奮，我們相信我們今天在這一領域處於領先地位。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this concludes today's presentation.

女士們、先生們，今天的演講到此結束。

You may now disconnect and have a wonderful day.

您現在可以斷開連接並度過美好的一天。