Lululemon Athletica Inc (LULU) 2013 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the lululemon athletica Q4 2013 results conference call.

女士們、先生們，美好的一天，歡迎參加 lululemon Athletica 2013 年第四季業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder this conference call is being recorded.

謹此提醒，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, David Negus, you may begin.

現在我想介紹一下今天會議的主持人 David Negus，您可以開始了。

Good morning, everybody, and thank you for joining us on the fourth-quarter 2013 conference call.

大家早安，感謝您參加我們 2013 年第四季的電話會議。

A copy of today's press release is available on the investors 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 的投資者部分獲取，或以 8-K 表格形式提交給 SEC，並在委員會網站 SEC.gov 上獲取。

Shortly after we end this morning a recording of today's call will be available as a replay for 30 days on the investors section of the website.

今天早上結束後不久，今天的電話會議錄音將在網站的投資者部分提供 30 天的重播。

Hosting our call today is Laurent Potdevin, the Company's CEO; John Currie, the Company's CFO.

今天主持我們電話會議的是公司執行長 Laurent Potdevin；約翰柯里，公司財務長。

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

我們的首席產品長 Tara Poseley 也將出席電話會議的問答部分。

We would like to remind everybody 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.

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 may 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預測的結果有重大差異，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。

For today's call we've got a limit of one hour, so please limit yourself to one question at a time to give others the opportunity to have their questions addressed.

今天的電話會議時間限制為一小時，因此請一次只回答一個問題，以便其他人有機會解決他們的問題。

And with that, I will now turn it over to Laurent.

現在，我將把它交給洛朗。

Good morning, everyone.

大家，早安。

When I spoke to you back in December at the time of my announcement as CEO, I shared my excitement and enthusiasm about joining and leading such an exceptional brand and group of people.

去年 12 月，當我宣布擔任執行長時，我與你們交談時，我分享了加入並領導這樣一個卓越品牌和團隊的興奮和熱情。

After now a couple of months under my belt I'm even more inspired as I have started to discover the lululemon culture, the passion, the energy and the commitment of its people.

經過幾個月的努力，我更加受到啟發，因為我開始發現 lululemon 的文化、員工的熱情、活力和承諾。

I have worked with exceptional individuals and fantastic brands over the past 20 years.

在過去的 20 年裡，我與傑出的個人和出色的品牌合作。

And the connection and engagement of the team at lululemon, both in the stores and here in Vancouver is clearly unique.

無論是在商店還是在溫哥華，lululemon 團隊的聯繫和參與顯然都是獨一無二的。

As we move into 2014, we are reflecting on our learnings with humility, and are entirely focused on our future.

進入 2014 年，我們謙虛地反思我們的經驗教訓，並完全專注於我們的未來。

2014 is an investment year, with an emphasis on strengthening our foundation, reigniting our product engine and accelerating sustainable and controlled global expansion.

2014年是投資年，重點在於夯實基礎、重燃產品引擎、加速可持續、可控制的全球擴張。

Lululemon's magic has been built by creating technical beautiful products and sharing our distinct culture with our communities.

Lululemon 的魔力是透過創造技術精美的產品並與我們的社區分享我們獨特的文化而建立的。

The emotional connection that lululemon creates is at the very heart of what we stand for.

lululemon 所創造的情感連結是我們所主張的核心。

And we are being relentless in our commitment to delivering a distinct and authentic experience for our guest that is unlike any other.

我們堅持不懈地致力於為我們的客人提供與眾不同的獨特而真實的體驗。

Lululemon is an originator brand and we are refocusing our energy as a relevant disruptor in the space we created.

Lululemon 是一個原創品牌，我們正在重新集中精力，成為我們所創建的領域的相關顛覆者。

It means being audacious, it means being curious, it means stretching our minds to invent the future and deliver the exceptional product that our guests are expecting from us.

這意味著大膽，意味著好奇，意味著拓展我們的思維，創造未來，並提供我們的客人所期望的卓越產品。

I plan to make sure that all of our core values that make this business such a success remain in place, and are leveraged and amplified as we turn lululemon into a global brand for both men and women.

我計劃確保我們所有使這項業務如此成功的核心價值仍然存在，並在我們將 lululemon 打造成男女通用的全球品牌的過程中得到充分利用和放大。

Looking forward, I see significant potential to grow both domestically and internationally as we leverage this Company's outstanding business model.

展望未來，我看到隨著我們利用該公司出色的商業模式，在國內和國際上都有巨大的成長潛力。

And I intend to accelerate our global expansion.

我打算加速我們的全球擴張。

We see clear evidence of demand, both in Asia and Europe, with several countries ready for store.

我們在亞洲和歐洲都看到了明顯的需求證據，有幾個國家已經準備好儲存。

And we are currently onboarding in Vancouver our General Manager of Asia who is driving new store openings as well as seeding new markets, and who will be back in Hong Kong in the next couple of weeks.

我們目前正在溫哥華任命我們的亞洲總經理，他負責推動新店開業並開拓新市場，並將在未來幾週內返回香港。

Additionally, we have opportunities to build partnerships to increase speed to market and accelerate our international expansion in regions that are either too complex or don't have enough scale for us to have a direct presence in.

此外，我們還有機會建立合作夥伴關係，以加快進入市場的速度，並加速我們在過於複雜或規模不足以讓我們直接開展業務的地區的國際擴張。

In Europe we will be opening our first store in London next week.

在歐洲，我們下週將在倫敦開設第一家商店。

Our team on the ground has been celebrating with the community for several weeks now, including hosting yoga at the Royal Opera House.

我們的現場團隊已經與社區一起慶祝了幾週，包括在皇家歌劇院舉辦瑜伽活動。

On Saturday, March 9, 700 people started queuing up for the event two hours before it started.

3 月 9 日星期六，700 人在活動開始前兩小時就開始排隊。

And once these 350 spots were filled, the guests who didn't get a spot were engaged in additional community activities like cheeky yoga, a day of complimentary yoga classes offered throughout the city of London.

一旦這 350 個名額被填滿，那些沒有名額的客人就會參加額外的社區活動，例如厚顏無恥的瑜伽，這是倫敦市各地提供的一天免費瑜伽課程。

The enthusiasm from the community has been clearly contagious and I can't wait to see it live next week.

社區的熱情顯然具有感染力，我迫不及待地想在下週看到它的上線。

We have plans to open a second store in London by the end of 2014, recognizing it is a tremendous platform to showcase lululemon not only in Europe but to the rest of the world.

我們計劃在 2014 年底在倫敦開設第二家商店，因為我們認識到這是一個巨大的平台，不僅可以在歐洲而且可以向世界其他地區展示 lululemon。

As we embark on growing lululemon beyond our current footprint we are strengthening our foundation to unlock our full potential.

隨著我們開始將 lululemon 發展到超出目前的規模，我們正在加強我們的基礎，以釋放我們的全部潛力。

This means having our brands and our world-class product engine both back where they belong.

這意味著我們的品牌和世界一流的產品引擎都回到了它們所屬的位置。

Product has always been paramount to our success and will remain at the very epicenter of all we do.

產品始終對我們的成功至關重要，並將繼續成為我們一切工作的中心。

Our product is insane, innovative, technical and beautiful.

我們的產品瘋狂、創新、技術精湛且美觀。

Going forward, we are refocusing the organization on being design-led.

展望未來，我們將重新將組織的重點放在設計主導上。

It's about getting back to our roots of inventing the future and we are doing that by fostering and promoting the healthy tension between technical innovation, style, function and beauty.

這是為了回歸我們創造未來的根源，我們透過培育和促進技術創新、風格、功能和美觀之間的健康張力來做到這一點。

There will be no compromising and it will bring out the best in us.

不會有任何妥協，這會激發我們最好的一面。

We are being relentless in building great product and are pushing technical innovation.

我們堅持不懈地打造卓越的產品，並推動技術創新。

B, through leveraging our vendors' expertise in raw materials, development and construction, to capitalizing on our in-house capabilities with our new white space workshop.

B，透過利用我們供應商在原材料、開發和建造方面的專業知識，透過我們新的空白車間利用我們的內部能力。

We are generating excitement at the store level with capsules and celebrations.

我們透過膠囊和慶祝活動在商店層面引發興奮。

Like our lab colab offering, and most recently our handbook capsule, which I'm sure you have read about, which enjoyed intense success in premium athletic styling.

就像我們的實驗室合作產品，以及最近我們的手冊膠囊，我相信您已經閱讀過，它在優質運動造型方面取得了巨大的成功。

The success of the indoor capsule validates our guest's appetite for progressive athletic products, beautiful (inaudible).

室內膠囊的成功證實了我們的客人對先進的運動產品的興趣，美麗的（聽不清楚）。

Tara Poseley, our Chief Product Officer, brings tremendous experience, an enormous amount of passion and vision to the product organization.

我們的首席產品長 Tara Poseley 為產品組織帶來了豐富的經驗、巨大的熱情和遠見。

And you will get a broader look into our product vision at the analyst and investor day in April.

您將在四月份的分析師和投資者日更廣泛地了解我們的產品願景。

Her near-term focus is on the balance of our product mix, both [grow] and seasonal, as well as our planning and allocation strategy.

她的近期重點是我們的產品組合（成長）和季節性的平衡，以及我們的規劃和分配策略。

As our business matures in North America, we see increased demand and success of our seasonal product that is taking a larger share of our overall product mix.

隨著我們在北美業務的成熟，我們看到季節性產品的需求不斷增加並取得成功，該產品在我們的整體產品組合中佔據了更大的份額。

Guests are responding so well to our seasonal product offerings that we are experiencing sell-through at a rate 4 times faster than anticipated.

客人對我們的季節性產品反應非常好，我們的銷售速度比預期快 4 倍。

Which brings me to our scarcity model.

這讓我想到了我們的稀缺模型。

It has always been a strength and we'll continue to focus on it.

它一直是我們的優勢，我們將繼續關注它。

And while we don't mind our guests being hungry for our product we don't want them to starve for it.

雖然我們不介意客人對我們的產品感到飢餓，但我們也不希望他們挨餓。

Tara is working on short-term solutions using our fast-turn pod to provide short-term opportunity while bridging the gap with our long-term product vision.

Tara 正在研究短期解決方案，利用我們的快速週轉艙提供短期機會，同時縮小與我們長期產品願景的差距。

Impeccable quality is deeply rooted in our DNA.

無可挑剔的品質深深植根於我們的 DNA 中。

We are laser focused on ensuring we have a world-class quality supply chain and sourcing organization to support our current business and product platform for continued global growth.

我們專注於確保擁有世界一流的優質供應鏈和採購組織，以支援我們目前的業務和產品平台，以實現持續的全球成長。

As we continue to build on the great work that has been done, we are seeing constantly increasing level of our product meeting our very high quality standards.

隨著我們繼續在已經完成的偉大工作的基礎上繼續發展，我們看到我們的產品水平不斷提高，滿足我們非常高的品質標準。

Our ability to get this done over a short period of time is a true testament to the team's efforts, the strength of our vendors, and the partnerships we have with them.

我們在短時間內完成這項工作的能力真正證明了團隊的努力、供應商的實力以及我們與他們的合作關係。

This is further enhanced by the lululemon presence we have built on the ground, both in our mills and our Taiwan and Hong Kong offices.

我們在工廠以及台灣和香港辦事處建立的 lululemon 業務進一步增強了這一點。

There will be continued focus and investment in this area to ensure we're building a product development platform that will allow us to unlock our full global potential.

我們將繼續關注這一領域並進行投資，以確保我們正在建立一個產品開發平台，使我們能夠充分釋放我們的全球潛力。

I would now like to touch on an area that is very close to me and which I refer to as our treasure chest of amazing stories.

現在我想談談離我很近的一個領域，我稱之為我們奇妙故事的寶庫。

In the past two months there hasn't been a day where I have not discovered an untold story that embodies the values of lululemon.

在過去的兩個月裡，我無時無刻都發現了體現 lululemon 價值觀的不為人知的故事。

From our SeaWheeze half marathon race that sold over 10,000 spots in 56 minutes, with 45 percent of the guests registering from outside of Canada, the unconditional support that we provide to more than 100 Olympians through yoga and goal setting, to the countless ambassadors, over 900 of them, that embody the best of who we are in communities across North America.

從我們的SeaWheeze 半程馬拉鬆比賽在56 分鐘內售出超過10,000 個名額，其中45% 的客人來自加拿大境外報名，我們透過瑜珈和目標設定為100 多名奧運選手提供無條件的支持，再到無數的大使，其中 900 名代表了我們在北美社區中最好的一面。

There are so many examples of how we connect with our communities and what we stand for as a brand.

有很多例子可以說明我們如何與社群建立聯繫以及我們作為一個品牌所代表的意義。

We've been voiceless for too long.

我們已經沉默太久了。

And I'm anxious to have all of us share more broadly who we are, what we stand for, with confidence and humility.

我渴望讓我們所有人以自信和謙遜的態度更廣泛地分享我們是誰、我們代表什麼。

We have created a category with fantastic product.

我們創建了一個擁有出色產品的類別。

And our guests and ambassadors have been spreading our message since day one.

我們的客人和大使從第一天起就一直在傳播我們的訊息。

Up until last year, our grassroots communication strategies delivered exceptional results.

直到去年，我們的基層溝通策略取得了非凡的成果。

Now is the time to amplify our voice, complement our grassroot approach, and ensure that we claim back our share of the voice in the market we created.

現在是時候放大我們的聲音，補充我們的草根方法，並確保我們在我們創造的市場中奪回我們的聲音份額。

Lululemon is an incredibly human brand that makes people cry, laugh and love.

Lululemon 是一個令人難以置信的人性化品牌，讓人哭泣、歡笑和愛。

Those of you who saw the No Humbug video that we shared at the ICR conference, or who have seen our Made in Sri Lanka video on the website, will know what I am talking about.

那些看過我們在 ICR 會議上分享的「No Humbug」影片的人，或者看過我們在網站上發布的「斯里蘭卡製造」影片的人，就會知道我在說什麼。

This past week alone I attended TED, which made its debut in Vancouver.

光是上週，我就參加了在溫哥華首次亮相的 TED。

And I was so proud that we provided TED participants with a true lululemon experience daily, morning and afternoon by creating a well-being program featuring many of our incredible ambassadors, including Ryan Leier, Maria Filippone, and New York City's very own Taryn Toomey, founder of The Class workout.

我感到非常自豪的是，我們每天早上和下午都為TED 參與者提供了真正的lululemon 體驗，我們創建了一個由我們許多令人難以置信的大使參與的健康計劃，其中包括Ryan Leier、Maria Filippone 和紐約市的Taryn Toomey，課堂運動的創始人。

Taryn certainly found a way to kick my butt and inspire me at the same time.

塔林當然找到了一種方法來踢我的屁股，同時激勵我。

And for those of you in New York, I dare you to attend her class.

對於那些在紐約的人，我敢說你們一定要去參加她的課程。

During the five-day conference we provided more than 25 classes including yoga, run and meditation in both Vancouver and Whistler.

在為期五天的會議期間，我們在溫哥華和惠斯勒提供了超過 25 個課程，包括瑜伽、跑步和冥想。

This ability to authentically connect with our communities is what makes lululemon unique.

這種與社區建立真實聯繫的能力正是 lululemon 的獨特之處。

And you can expect to hear more of this in the year to come.

您可以期待在未來的一年裡聽到更多這樣的消息。

Another strategic focus that we are exhibiting immediately is how we engage with our guests across all touch points, both in stores and online.

我們立即展示的另一個策略重點是我們如何在商店和網路上的所有接觸點與客人互動。

Our guests are passionate and loyal.

我們的客人熱情而忠誠。

I have experienced it in many stores and see it across our social channels.

我在許多商店都體驗過，並在我們的社交管道上看到過。

The minute we add exciting new seasonal product to our assortment, the response we see from guests is astounding.

當我們在我們的產品系列中添加令人興奮的新季節性產品時，我們看到客人的反應令人震驚。

However, unlike a few years ago we are not the only game in town.

然而，與幾年前不同的是，我們並不是城裡唯一的遊戲。

And while we've created this category and continue to lead it, we understand that our guests have choice, and sustaining that loyal relationship is a priority.

雖然我們創建了這個類別並繼續引領該類別，但我們知道我們的客人有選擇，維持這種忠誠關係是首要任務。

I believe this will come from ensuring that we really focus on creating a best-in-class guest experience.

我相信這將來自於確保我們真正專注於創造一流的賓客體驗。

The strength of our vertical model is having a direct response with every guest, allowing us to be innovative, distinct and authentic in our interactions.

我們垂直模式的優勢在於與每位客人直接回應，使我們能夠在互動中保持創新、獨特和真實。

And we are investing in technology that will help us better understand our guest and deliver a seamless yet personalized experience.

我們正在投資技術，以幫助我們更好地了解客人並提供無縫且個人化的體驗。

Our 10,000 educators, who are 100% committed to delivering an outstanding experience, had to play defense for most of last year.

我們的 10,000 名教育工作者 100% 致力於提供卓越的體驗，但去年的大部分時間都必須防守。

We are now empowering them to drive the business in their local markets with an emphasis on listening and delighting our guests, and bringing forward the passion, the caring and the creativity that has set lululemon apart.

我們現在正在幫助他們推動當地市場的業務，重點是傾聽和取悅我們的客人，並發揮 lululemon 與眾不同的熱情、關懷和創造力。

In closing, 2014 is an investment year.

總之，2014年是投資年。

We are returning to our design-led roots, strengthening our supply chain and sourcing, providing an exceptional and inclusive guest experience, and, finally, sharing the stories of who we are and what we stand for with confidence and humility.

我們正在回歸以設計為主導的根源，加強我們的供應鏈和採購，提供卓越和包容的賓客體驗，最後，自信和謙遜地分享我們是誰以及我們所代表的故事。

And with that, I will turn it over to John to go through the quarter and provide guidance for 2014.

接下來，我將把它交給 John，讓他回顧這個季度並為 2014 年提供指導。

Thank you, Laurent.

謝謝你，洛朗。

I'll begin by reviewing the details of our fourth quarter of 2013 and then I'll update you on our outlook for the first quarter and the full year of FY14.

我將首先回顧 2013 年第四季的詳細情況，然後向您介紹我們對 2014 財年第一季和全年的最新展望。

For the fourth quarter, total net revenue rose 7.3% to $521 million from $485.5 million in the fourth quarter of 2012.

第四季總淨收入從 2012 年第四季的 4.855 億美元成長 7.3% 至 5.21 億美元。

The increase in revenue was driven by the addition of 43 net new corporate-owned stores since Q4 of 2012 -- of those, 33 new stores are in the US, 2 stores in Canada, 4 stores in Australia and New Zealand, and 4 new ivivva store; direct-to-consumer sales, which increased by 24.9% or $19.5 million, were offset by comparable store sales decline of 2% on a constant dollar basis.

營收成長的推動因素是自 2012 年第四季以來淨新增 43 家企業直營店，其中 33 家新店在美國，2 家在加拿大，4 家在澳洲和紐西蘭，4 家在澳洲和紐西蘭。伊維瓦商店；直接面向消費者的銷售額成長了 24.9%，即 1,950 萬美元，但被以固定美元計算的可比商店銷售額下降 2% 所抵消。

And on a combined basis, including both physical stores and ecommerce, our total comp increased 4% on a constant dollar basis; a weaker Canadian and Australian dollar, which had the effect of decreasing reported revenues by $13.4 million or 2.6%.

綜合考慮，包括實體店和電子商務，我們的總營收以固定美元計算增長了 4%；加幣和澳元走弱，導致報告收入減少 1,340 萬美元，即 2.6%。

And, finally, a reminder that there was an additional 53rd week which contributed $26.2 million in total sales during the fourth quarter of 2012.

最後，提醒大家的是，還有一個額外的第 53 週，在 2012 年第四季貢獻了 2,620 萬美元的總銷售額。

During the quarter we opened four corporate-owned lululemon stores in the US, one in Canada, one in New Zealand, and one ivivva store.

本季度，我們在美國開設了 4 家公司自營的 lululemon 商店，在加拿大開設了 1 家，在新西蘭開設了 1 家，還有 1 家 ivivva 商店。

We ended the year with 254 total stores versus 211 a year ago.

截至年底，我們的門市總數為 254 家，而一年前為 211 家。

There are 199 stores in our comp base -- 39 of those in Canada, 129 in the United States, 23 in Australia, and 8 ivivva.

我們的比較基地共有 199 家商店，其中 39 家在加拿大，129 家在美國，23 家在澳大利亞，8 家在 ivivva。

At the end of the year we also have 69 showrooms in operation, 17 of them outside of North America -- 2 in Australia, 6 in Asia, and 9 in Europe.

截至今年年底，我們還有 69 個展廳在運營，其中 17 個在北美以外，2 個在澳大利亞，6 個在亞洲，9 個在歐洲。

Corporate-owned stores represented 75.9% of total revenue or $395.2 million, versus 77.9% or $378 million in the fourth quarter of last year.

企業自營商店佔總營收的 75.9%，即 3.952 億美元，而去年第四季為 77.9%，即 3.78 億美元。

Revenues from our direct-to-consumer channel totaled $97.8 million, or 18.8% of total revenue, versus $78.3 million, or 16.1% of total revenue, in the fourth quarter of last year.

我們的直接面向消費者管道的收入總計 9,780 萬美元，佔總收入的 18.8%，而去年第四季為 7,830 萬美元，佔總收入的 16.1%。

Other revenue, which includes wholesale, showrooms and outlets, totaled $28 million, or 5.4% of revenue, for the fourth quarter, versus $29.2 million, or 6% of revenue, in the fourth quarter last year.

第四季其他收入（包括批發、陳列室和直銷店）總計 2,800 萬美元，佔營收的 5.4%，而去年第四季為 2,920 萬美元，佔營收的 6%。

Gross profit for the fourth quarter was $278.8 million, or 53.5% of net revenue, compared to $274.5 million or 56.5% of net revenue in Q4 2012.

第四季的毛利為 2.788 億美元，佔淨收入的 53.5%，而 2012 年第四季的毛利潤為 2.745 億美元，佔淨收入的 56.5%。

The factors which contributed to this 300 basis point decrease in gross margin were a product margin decline of 270 basis points attributable to a variety of factors, including a shift in product selling mix to seasonal lower-margin items; increased air freight usage; higher inventory provisions; and foreign exchange due to the weaker Canadian and Australian dollar.

導致毛利率下降 300 個基點的因素是產品利潤率下降 270 個基點，其原因有很多，包括產品銷售組合轉向季節性低利潤產品；空運使用量增加；庫存準備金增加；由於加幣和澳元走軟，外匯也受到影響。

Deleverage of 30 basis points on fixed cost including occupancy and depreciation, and product and supply chain team costs.

固定成本（包括佔用率和折舊以及產品和供應鏈團隊成本）去槓桿化 30 個基點。

SG&A expenses were $124.6 million or 23.9% of revenue compared with $121.9 million or 25.1% of net revenue for the same period last year.

SG&A 費用為 1.246 億美元，佔營收的 23.9%，去年同期為 1.219 億美元，佔淨收入的 25.1%。

The higher SG&A dollar spend included an increase in store compensation and operating expenses associated with new stores, showrooms and outlets; increased variable operating costs associated with our ecommerce business, consistent with the year over year revenue growth; and increases in expenses at our store support center, including salaries, administrative expenses and professional fees.

SG&A 美元支出增加包括商店補償以及與新商店、陳列室和直營店相關的營運費用的增加；與我們的電子商務業務相關的可變營運成本增加，與同比收入成長一致；我們商店支援中心的費用增加，包括薪資、管理費用和專業費用。

These were offset by a $9.1 million reversal and true-up of management incentive bonuses and stock-based compensation; $11.1 million in foreign exchange gains in our Canadian operating entity, which was offset against overall SG&A; and a weaker Canadian and Australian dollar, which decreased SG&A by $5.1 million.

這些被管理層激勵獎金和股票薪酬的 910 萬美元沖銷和調整所抵消；我們加拿大營運實體的外匯收益為 1,110 萬美元，抵銷了整體 SG&A；加幣和澳元走弱，導致 SG&A 減少 510 萬美元。

So, although we are reporting 120 basis points of leverage of SG&A expenses, this leverage resulted from the nonrecurring impact of the incentive compensation true-up and the foreign exchange gain.

因此，儘管我們報告的 SG&A 費用槓桿為 120 個基點，但這種槓桿是由激勵薪酬調整和外匯收益的非經常性影響造成的。

As a result, operating income for the fourth quarter was $154.1 million, or 29.6% of net revenue, compared with $152.6 million, or 31.4% of net revenue in 2012.

因此，第四季營業收入為 1.541 億美元，佔淨收入的 29.6%，而 2012 年為 1.526 億美元，佔淨收入的 31.4%。

Tax expense for the quarter was $46 million, or a tax rate of 29.5%, compared to $44.7 million, or a tax rate of 29% for the fourth quarter of 2012.

本季的稅務費用為 4,600 萬美元，即稅率為 29.5%，而 2012 年第四季的稅務費用為 4,470 萬美元，即稅率為 29%。

Net income for the quarter was $109.7 million or $0.75 per diluted share.

本季淨利為 1.097 億美元，或攤薄後每股收益 0.75 美元。

This compares with net income of $109.4 million or $0.75 per diluted share for the fourth quarter of 2012.

相比之下，2012 年第四季的淨利潤為 1.094 億美元，即稀釋後每股收益 0.75 美元。

Our weighted average diluted shares outstanding for the quarter were 146 million versus 145.8 million a year ago.

本季我們的加權平均稀釋後流通股數為 1.46 億股，去年同期為 1.458 億股。

Capital expenditures were $34.5 million for the quarter compared to $21.2 million in the fourth quarter last year, with the increase associated with new stores, renovations and IT and head office capital.

本季資本支出為 3,450 萬美元，而去年第四季為 2,120 萬美元，成長與新店、裝修以及 IT 和總部資本相關。

Turning to highlights for our full FY13 performance, net revenue rose 16.1% to $1.591 billion from $1.37 billion in FY12.

轉向我們 2013 財年整體業績的亮點，淨收入從 2012 財年的 13.7 億美元增長 16.1% 至 15.91 億美元。

Our annual store comp was 4% on a constant dollar basis.

以不變美元計算，我們的商店年利潤為 4%。

And including ecommerce our annual comp was 9%.

包括電子商務在內，我們的年利潤為 9%。

Ecommerce sales totaled $263.1 million or 16.5% of total sales.

電子商務銷售額總計 2.631 億美元，佔總銷售額的 16.5%。

Gross profit was $840.1 million, or 52.8% of net revenue, compared to $762.8 million, or 55.7% of net revenue in FY12.

毛利為 8.401 億美元，佔淨收入的 52.8%，而 2012 財年毛利為 7.628 億美元，佔淨收入的 55.7%。

Net income for the year was $279.6 million, or $1.91 per diluted share, compared to $270.6 million, or $1.85 per diluted share for FY12.

本年度淨利為 2.796 億美元，即稀釋後每股收益 1.91 美元，而 2012 財年淨利為 2.706 億美元，即稀釋後每股收益 1.85 美元。

Looking at our balance sheet highlights, we ended the year with $698.6 million in cash and cash equivalents, an increase of $108.5 million over FY12 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 6.986 億美元，比 2012 財年年底增加了 1.085 億美元。

Inventory at the end of the fourth quarter was $186.1 million, or 19.9% higher than at the end of the fourth quarter of 2012.

第四季末庫存為 1.861 億美元，比 2012 年第四季末成長 19.9%。

This is slightly higher than optimal.

這略高於最佳值。

However, the composition weighted more towards core items, which will typically sell throughout the year at full price and balance inventory levels by reducing future orders.

然而，其組成更偏重於核心商品，這些商品通常會全年以全價銷售，並透過減少未來訂單來平衡庫存水準。

This now leads me to our outlook for the first quarter and full year of 2014.

現在我對 2014 年第一季和全年的展望進行展望。

As I mentioned on the last earnings call, commencing with 2014 we will begin aligning with standard industry practice in reporting total comparable sales that include both stores and ecommerce.

正如我在上次財報電話會議上提到的，從 2014 年開始，我們將開始按照標準行業慣例報告包括商店和電子商務在內的可比總銷售額。

As Laurent discussed earlier, we have seen a demand shift from our guests towards seasonal product, which is becoming a larger proportion of our sales mix.

正如勞倫特之前討論的那樣，我們看到客人的需求轉向季節性產品，這在我們的銷售組合中所佔的比例越來越大。

Although this has resulted in strong and fast sell-throughs in numerous styles, we will not have the depth to capture the demand in these categories in the first half of 2014, as the buys were replaced six to nine months ago.

儘管這導致了眾多款式的強勁而快速的銷售，但我們在 2014 年上半年無法深入捕捉這些類別的需求，因為購買已在六到九個月前被替換。

While we are actively pursuing opportunities to chase and fast turn product, which will help mitigate some of this gap, our ability to buy deeper to rebalance our assortment to the shift in guest demand is weighted towards the back half of the year.

雖然我們正在積極尋找機會追逐和快速週轉產品，這將有助於縮小部分差距，但我們購買更多產品以重新平衡我們的品種以適應客戶需求變化的能力將在今年下半年得到重視。

So, with that in mind, for the first quarter of 2014 we expect revenue to be in the range of $377 million to $382 million.

因此，考慮到這一點，我們預計 2014 年第一季的營收將在 3.77 億美元至 3.82 億美元之間。

Our sales guidance assumes a flat comparable sales percentage on a constant dollar basis, which, as I stated earlier, includes both stores and ecommerce.

我們的銷售指導假設以固定美元為基礎的可比銷售百分比持平，正如我之前所說，這包括商店和電子商務。

For comparison purposes, we have included a table in the press release to show comparable sales results for 2013 including ecommerce.

出於比較目的，我們在新聞稿中包含了一個表格，顯示 2013 年的可比較銷售結果（包括電子商務）。

Our outlook assumes a Canadian dollar at CAD0.90 with the US dollar and nine new store openings -- three in the US, one in Australia, one in Europe, and four ivivva.

我們的前景假設加幣兌美元匯率為 0.90 加元，並開設 9 家新店——3 家在美國，1 家在澳大利亞，1 家在歐洲，4 家 ivivva。

We anticipate our gross margin in the first quarter to be between 50% and 51%.

我們預計第一季的毛利率在 50% 至 51% 之間。

While we will lap the Luon write-off from Q1 last year, the shift in our selling mix from core to seasonal product, which has a higher cost, will negatively impact gross margin this year.

雖然我們將從去年第一季開始沖銷 Luon，但我們的銷售組合從核心產品轉向成本較高的季節性產品，將對今年的毛利率產生負面影響。

In addition, the decline in the Canadian and Australian dollars by over 10% from a year ago will reduce gross margin on our sales in those regions.

此外，加幣和澳元較去年同期下跌超過10%，將降低我們在這些地區銷售的毛利率。

We expect to be flat as a percentage of sales in occupancy and depreciation, but we expect deleverage in product and supply chain team costs as we continue to make the necessary investments to enhance these functions.

我們預計入住率和折舊率佔銷售額的百分比將持平，但隨著我們繼續進行必要的投資以增強這些功能，我們預計產品和供應鏈團隊成本將實現去槓桿化。

We expect SG&A deleverage as a percentage of revenue compared with the first quarter of 2013, which is driven primarily from the run rate of key investments and headcount made in 2013 and additional strategic initiatives in 2014.

與 2013 年第一季相比，我們預期 SG&A 去槓桿化佔收入的百分比，這主要是由 2013 年關鍵投資和員工人數的運作率以及 2014 年其他策略舉措推動的。

Our SG&A also reflects preopening costs related to the nine stores planned to open in Q1, and additional stores plan to open in early Q2 2014.

我們的 SG&A 也反映了與計劃在第一季開設的 9 家商店以及計劃在 2014 年第二季初開設的其他商店相關的開業前成本。

Assuming a tax rate of 30% and 146.2 million diluted average shares outstanding, we expect diluted earnings per share in the first quarter to be in the range of $0.31 to $0.33 per share.

假設稅率為 30%，稀釋後平均流通股為 1.462 億股，我們預期第一季稀釋後每股盈餘將在每股 0.31 美元至 0.33 美元之間。

For the full FY14 we're targeting to open up to 42 corporate-owned stores, including Australia and the UK, and up to 10 new ivivva stores.

在整個 2014 財年，我們的目標是開設最多 42 家企業自營商店，包括澳洲和英國，以及最多 10 家新的 ivivva 商店。

We expect our annualized combined comp to be in the low to mid single digits, and therefore project net revenue to be in the range of $1.77 billion to $1.82 billion.

我們預計我們的年化合併利潤將處於中低個位數，因此預計淨收入將在 17.7 億美元至 18.2 億美元之間。

For the year, we expect gross margin to be in the low 50%s due primarily to a rebalancing of our product assortment to meet guest demands, continued investment in our supply chain and operating and product operations functions to create a product development engine for global business, and also foreign exchange impact from a weaker Canadian dollar.

今年，我們預計毛利率將在 50% 以下，這主要是由於我們重新平衡了產品種類以滿足客人的需求，以及對供應鏈、營運和產品營運職能的持續投資，以創建全球產品開發引擎。商業，以及加幣疲軟的外匯影響。

We're opening a second distribution center in Columbus, Ohio in the second half of 2014 to enhance efficiency and improve service levels to ecommerce and store guests in the eastern US.

我們將於 2014 年下半年在俄亥俄州哥倫布市開設第二個配送中心，以提高效率並改善對美國東部電子商務和商店客人的服務水準。

However, the startup period costs and increased capacity will initially delever our gross margin by 30 to 40 basis points in 2014.

然而，啟動期成本和產能增加最初將使我們 2014 年的毛利率下降 30 至 40 個基點。

We expect SG&A deleverage as a percentage of revenue compared to 2013.

我們預期與 2013 年相比，SG&A 去槓桿化佔營收的百分比。

Keep in mind we incurred foreign exchange gains and reduced management incentive compensation in 2013, that should be considered nonrecurring and therefore not assumed in our forward projections.

請記住，我們在 2013 年產生了外匯收益並減少了管理層激勵薪酬，這應被視為非經常性的，因此在我們的前瞻性預測中不予假設。

While continuing to invest in our infrastructure, we will also be rebalancing our investments to focus on key priorities to drive growth in areas such as brand, product innovation and guest experience.

在繼續投資基礎設施的同時，我們也將重新平衡投資，並專注於關鍵優先事項，以推動品牌、產品創新和賓客體驗等領域的成長。

As a result we expect our overall operating margin to deleverage from 2013, and our fiscal year diluted earnings per share to be approximately $1.80 to $1.90.

因此，我們預計我們的整體營業利潤率將從 2013 年開始去槓桿化，我們財年的攤薄每股收益約為 1.80 美元至 1.90 美元。

This is based on 146.3 million diluted weighted average shares outstanding and it assumes our effective tax rate of 30%.

這是基於 1.463 億股稀釋加權平均已發行股票，並假設我們的有效稅率為 30%。

We expect capital expenditures to be between $110 million and $115 million for FY14, reflecting new store buildouts, renovation and relocation capital for existing stores, IT systems and other head office capital.

我們預計 2014 財年的資本支出將在 1.1 億美元至 1.15 億美元之間，反映新店擴建、現有商店翻新和搬遷資本、IT 系統和其他總部資本。

And with that, operator, I think we can open it up for questions.

接線員，我想我們可以開放提問了。

(Operator Instructions)

（操作員說明）

Anna Andreeva, Oppenheimer.

安娜·安德烈耶娃，奧本海默。

Great, good morning.

太好了，早安。

Thank you for taking my question.

感謝您回答我的問題。

And welcome to Laurent.

歡迎來到洛朗。

I was hoping to understand some of the investments for 2014.

我希望了解2014年的一些投資。

Maybe if you could talk about some of the buckets between the sourcing of marketing and international.

也許你可以談談行銷採購和國際採購之間的一些問題。

And how permanent are those in nature?

這些在自然界中的持久性如何？

In other words, could we expect SG&A to be more in line with sales in 2015?

換句話說，我們是否可以預期 SG&A 與 2015 年的銷售額會更加一致？

And then just a follow-up on comp guidance, for flat for the first quarter, what does that imply for store comp?

然後是補償指導的後續行動，第一季持平，這對商店補償意味著什麼？

And is that what you guys are running currently or do you need trends to accelerate to get there?

這就是你們目前正在運行的，還是你們需要趨勢來加速實現這一目標？

Thanks so much.

非常感謝。

Okay, maybe I can take some of the investment bucket dollar items.

好吧，也許我可以拿一些投資桶美元項目。

International in 2013, the net negative was, I think, mid to high single-digit millions.

我認為 2013 年國際市場的淨負值是中高個位數數百萬。

That will probably be up $10 million and a little bit more in 2014.

2014 年這一數字可能會增加 1,000 萬美元甚至更多。

Compared to a run rate, I think you'll see brand-related investments $10 million to $15 million higher than you'd otherwise see.

與運行率相比，我認為您會看到與品牌相關的投資比其他方式高出 1000 萬至 1500 萬美元。

And then the other area I'd say quite a significant increase in the product and supply chain team costs.

然後在另一個領域，我想說的是產品和供應鏈團隊成本的顯著增加。

We built feel those teams significantly during 2013.

2013 年，我們對這些團隊有了顯著的感受。

So you've got the run rate of those new hires and investments in 2014, as well as significant ongoing additions to those teams.

您已經了解了 2014 年新員工和新投資的運作率，以及這些團隊的持續重大新增人員。

So I'd say those are the primary buckets.

所以我想說這些是主要的桶子。

Turning to the comp guidance, in Q1 the breakout of stores is low single-digit negative percent.

談到比較指導，第一季商店的突破率為低個位數負百分比。

And I think your question was how it progresses throughout the year.

我認為你的問題是全年進展如何。

We do see store comp gradually improving from where we have it in Q1.

我們確實看到商店競爭比第一季逐漸改善。

Adrienne Tennant, Janney Capital.

艾德麗安‧坦南特，珍尼資本。

Good morning, everybody.

大家早安。

And welcome, Laurent.

歡迎，勞倫特。

Laurent, my question is on the longer-term operating margin structure.

勞倫特，我的問題是關於長期營業利潤率結構。

Historically we've thought about the business as a mid 20% margin business.

從歷史上看，我們一直認為該業務是利潤率 20% 左右的業務。

As you've explored and taken a look at the business, do you believe that that is still the longer-term margin structure?

當您探索並審視該業務時，您是否認為這仍然是長期利潤結構？

And then what's your philosophy on perhaps more aggressive marketing and advertising?

那麼您對於更積極的營銷和廣告的理念是什麼？

And then, really quickly, for John, can you just talk about the inventory -- obviously at the end of the quarter a little bit higher -- the composition of it?

然後，很快，約翰，你能談談庫存——顯然在季度末略高一些——它的組成嗎？

And then when we should start to see that inventory come down over the course of the year.

然後我們應該開始看到庫存在一年中下降。

Thank you very much.

非常感謝。

To answer your question, I think that long term our target is still to hit the mid 20%s.

回答你的問題，我認為長期目標仍然是達到20%左右。

Short term, we're going to have to build our infrastructure internationally, which really hasn't been done both in Europe and in Asia.

短期來看，我們將不得不在國際上建造我們的基礎設施，而歐洲和亞洲實際上還沒有這樣做。

And we're going to be investing in brand.

我們將投資於品牌。

But I don't expect us to do large marketing investments.

但我不期望我們進行大量的行銷投資。

It's really a matter of amplifying what we do really well at the grassroots level, and amplifying that through PR and through communication.

這實際上是一個擴大我們在基層做得很好的事情，並透過公關和溝通來擴大這一點的問題。

But not going to expensive traditional marketing tools.

但不會使用昂貴的傳統行銷工具。

So, we're building the product engine.

因此，我們正在建立產品引擎。

We're re-igniting the product engine, both from a design standpoint, but also from a quality and sourcing standpoint.

我們正在重新點燃產品引擎，無論是從設計的角度，還是從品質和採購的角度。

And we're investing to grow our international platform, which really has a lot of demand.

我們正在投資發展我們的國際平台，該平台確實有很大的需求。

But long term we should be going back to those mid 20% numbers.

但從長遠來看，我們應該會回到 20% 左右的數字。

Thank you.

謝謝。

Yes.

是的。

And I think within that, I've always talked about 55% gross, 25% operating margin.

我認為其中，我總是談論 55% 的毛利率和 25% 的營業利潤率。

There could be some shift between gross and operating as we go forward.

隨著我們的前進，總體和運營之間可能會發生一些轉變。

As we've been discussing, increasing our seasonal mix probably would mean product margin down a bit.

正如我們一直在討論的，增加季節性組合可能意味著產品利潤率略有下降。

But I think the efficiencies that we're building in that we'll gain long term will bring gross margin back.

但我認為，從長遠來看，我們正在建立的效率將使毛利率回升。

As Laurent says, there's no reason to change our thinking about a mid 20% operating margin.

正如 Laurent 所說，沒有理由改變我們對 20% 左右營業利潤率的看法。

Adrienne, in terms of your question on inventory composition, as I said, it's a little higher than we'd normally want to be at, but the excess is really in core.

艾德麗安，就你關於庫存構成的問題而言，正如我所說，它比我們通常想要的要高一些，但過剩確實是核心問題。

It's the product that we order on a continual, monthly basis.

這是我們每月連續訂購的產品。

And it's quite easy to just reduce future orders to bring that down to the right number of inventory turns.

而且很容易減少未來的訂單，將其降低到正確的庫存週轉次數。

In terms of any stragglers, seasonal or aged items, we're actually very clean because whatever we've had seasonally the guest has been buying very quickly.

就任何落後的、季節性的或陳舊的物品而言，我們實際上非常乾淨，因為無論我們有什麼季節性的物品，客人都很快就購買了。

We actually feel quite good about where the inventory stands.

事實上，我們對庫存狀況感覺很好。

Great.

偉大的。

Thank you very much.

非常感謝。

And best of luck.

祝你好運。

Lindsay Drucker Mann, Goldman Sachs.

林賽·德魯克·曼，高盛。

Hi, everyone.

大家好。

Thanks.

謝謝。

Laurent, I was just hoping that you could talk a little bit more about the international rollout and how we should -- since you've already been seeding some of these markets, and you probably have a pulse on brand awareness, how you're thinking about that strategy, and how you plan to really convey the authentic grassroots lulu message as you roll that out.

勞倫特，我只是希望你能多談談國際推廣以及我們應該如何做——因為你已經在其中一些市場上播種了，而且你可能對品牌知名度、你的品牌知名度有把握。考慮該策略，以及在推出該策略時計劃如何真正傳達真正的草根露露訊息。

Thanks.

謝謝。

Having done that with a few brands in the past, I think that's what's critical to the international building of a global brand, which is very different from a North American brand selling its product outside of the United States.

過去曾對一些品牌做過這樣的事情，我認為這對全球品牌的國際化建設至關重要，這與在美國境外銷售其產品的北美品牌有很大不同。

It's to really build deep, local knowledge in those market, and having those local talent understand the lululemon secret magic.

這是為了真正在這些市場建立深厚的本地知識，並讓這些本地人才了解 lululemon 的秘密魔力。

And what we've done in the past is that we have taken some of our key talent and decentralized them in the region, hoping they would learn the regions.

我們過去所做的就是將一些關鍵人才分散到該地區，希望他們能夠了解該地區的情況。

And we're switching this mindset to really bring great local talent in the regions.

我們正在轉變這種思維方式，真正為這些地區帶來優秀的本地人才。

And right now the hiring and onboarding of our general manager in Asia is a great example of hiring the guy that knows the market, that understand how to adapt lululemon, what's very unique to lululemon to a market and ramp it up very quickly.

目前，我們亞洲總經理的招募和入職就是一個很好的例子，我們聘用了一位了解市場、了解如何適應 lululemon、了解 lululemon 市場的獨特之處并快速提升市場的人。

We've got Ken back in Asia looking at locations for us.

我們讓肯回到亞洲為我們尋找地點。

And we're going through the same process in Europe.

我們在歐洲也正在經歷同樣的過程。

And in areas of the world where either the market is complex or maybe doesn't have the scale for us to have a direct presence, we'll be looking at partners.

在世界上市場複雜或沒有規模讓我們直接開展業務的地區，我們將尋找合作夥伴。

The Middle East might be a good example for that.

中東可能就是一個很好的例子。

Okay, thanks.

好的謝謝。

And then just a follow-up question.

然後是一個後續問題。

On the investments you mentioned that you're making to enhance the in-store experience and in-store selling, and learning more about your customer to improve selling, can you give us some of the specifics, technology or otherwise, where you're planning to put money to work?

關於您提到的為增強店內體驗和店內銷售而進行的投資，以及更多地了解客戶以改善銷售，您能否向我們提供一些具體信息、技術或其他方面，您在哪裡打算把錢投入工作嗎？

I think most of these investments right now really are centered around CRM and really creating a seamless experience between online and brick-and-mortar, and also understanding our guests at a more micro level so that we can have a more personalized experience with them.

我認為現在大部分投資實際上都以 CRM 為中心，真正在線上和實體之間創建無縫體驗，並在更微觀的層面上了解我們的客人，以便我們可以為他們提供更個性化的體驗。

Okay, thank you.

好的謝謝。

Omar Saad, ISI Group.

奧馬爾·薩阿德，ISI 集團。

Thank you, good morning.

謝謝你，早安。

Laurent, I wanted to ask you about some of the comments you made in your opening remarks.

勞倫特，我想問您在開場白中發表的一些評論。

You mentioned -- voiceless for too long, taking back share of voice.

你提到——沉默太久，收回發言權。

And you also seem to imply in one of your answers to another question the grassroots -- sticking with the grassroots strategy rather than shifting or amplifying with more traditional brand building.

您似乎還在另一個問題的回答中暗示了草根——堅持草根策略，而不是透過更傳統的品牌建立來轉變或擴大。

Help us understand what you meant by your comments, why you're comfortable with the existing marketing and brand-building strategies.

幫助我們理解您的評論的含義，以及為什麼您對現有的行銷和品牌建立策略感到滿意。

Especially given how much the brand has transformed over the last several years, doesn't the brand-building strategy need to transform?

尤其是考慮到品牌在過去幾年中發生了多大的轉變，品牌建立策略是否需要轉變？

Thank you.

謝謝。

When you think about, when you go back a year, lululemon's met the headlines every other week and has not participated in pretty much any of those discussions.

當你回想一年前，lululemon 每隔一周就會成為頭條新聞，但幾乎沒有參與任何此類討論。

And that was one of the largest findings, or one of the biggest findings, that I discovered spending time here, is that lululemon is an incredibly authentic brand.

這是我在這裡度過的最大的發現之一，或者說最大的發現之一，就是 lululemon 是一個非常真實的品牌。

It's doing very unique, distinct, meaningful work in its communities.

它在其社區中做著非常獨特、獨特、有意義的工作。

We have a set of 900 ambassadors that we support in North America, some outside of North America.

我們在北美有 900 名大使，其中一些在北美以外。

And we just haven't given these people a voice.

我們只是沒有給這些人發聲的機會。

And I think that our grassroots strategy, our grassroots communication strategy has resonated incredibly well with people.

我認為我們的草根策略、我們的草根溝通策略與人們產生了非常好的共鳴。

But we need to amplify that.

但我們需要擴大這一點。

I don't think we really need to -- actually, we know we don't need to go to traditional marketing strategies, but we need to take control of the discussion around lululemon, and really share more proudly and with humility who we are and what we stand for, which really differentiate us from everybody else.

我認為我們真的不需要——實際上，我們知道我們不需要採用傳統的營銷策略，但我們需要控制圍繞 lululemon 的討論，並真正更自豪、更謙遜地分享我們是誰以及我們所代表的東西，這確實使我們與眾不同。

Thanks.

謝謝。

Brian Tunick, JPMorgan.

布萊恩·圖尼克，摩根大通。

Thanks very much, and good morning.

非常感謝，早安。

Two questions.

兩個問題。

I know it changes season to season but where should the seasonal product that you're talking about, Laurent, as a percentage of the business run optimally?

我知道它會隨著季節的變化而變化，但是勞倫特，你所說的季節性產品在業務中所佔的比例應該在哪裡才能最佳運作？

And what kind of supply chain and store work do you think the organization will need to quicken the lead times and inventory turns from already some of the industry best?

您認為組織需要什麼樣的供應鏈和商店工作來加快交貨時間和庫存週轉（已經是業界最佳的企業）？

And maybe for John, just on some store performance metrics, can you talk about things that you're seeing from a regional perspective?

也許對約翰來說，就一些商店績效指標而言，您能談談您從區域角度看到的事情嗎？

Can you talk about Canada, the newer versus the older stores?

能談談加拿大的新店與舊店嗎？

Just trying to understand what's happening to the different class of stores over the last year.

只是想了解去年不同類別的商店發生了什麼事。

Thanks very much.

非常感謝。

If I can talk briefly about product, it's a movie that I've seen before, either in the luxury industry or in the action sports industry.

如果我可以簡單地談談產品，這是我以前看過的電影，無論是在奢侈品行業還是在極限運動行業。

When a brand becomes really iconic and is centered around a staple product, its consumer evolves and so are their needs.

當品牌變得真正具有標誌性並以主打產品為中心時，它的消費者就會發生變化，他們的需求也會改變。

And there is stronger and stronger demand for seasonal product.

對季節性產品的需求也越來越強烈。

I think we need to really redefine the language that we use around core and seasonal.

我認為我們需要真正重新定義我們圍繞核心和季節性使用的語言。

But our guests are clearly speaking for more freshness and more or better product in our line.

但我們的客人顯然希望我們的產品線更新鮮、更多或更好。

And our fast-turn pod are allowing us to do that short term, interior building, global organization both from a design but also from an organizing and planning standpoint that will allow us to address these needs and address them with short lead times.

我們的快速週轉吊艙使我們能夠從設計以及組織和規劃的角度進行短期的室內建築、全球組織，這將使我們能夠滿足這些需求並在短時間內解決它們。

Tara, do want to add to that?

塔拉，你想補充一下嗎？

No, I think you articulated it well.

不，我認為你表達得很好。

I think that, again, roughly probably about 50/50 for a seasonal to core product.

我再次認為，對於季節性到核心產品來說，大約是 50/50。

But as Laurent is saying, our guest is really responding well to our seasonal product, and we're excited about that.

但正如 Laurent 所說，我們的客人對我們的季節性產品反應非常好，我們對此感到興奮。

And we are chasing into what we can for Q2.

我們正在為第二季度盡我們所能。

And making sure that in the back half of the year we are getting that balance of core and seasonal nicely adjusted.

確保在今年下半年我們能夠很好地調整核心和季節性的平衡。

And making sure that we are not running out so quickly in our beautiful seasonal product.

並確保我們美麗的季節性產品不會很快用完。

I think that what's been really exciting is that while we don't have the scale to make as much of that product as we'd like to, and while our scarcity is a little too scarce, the responses we're getting for our product really validates the fact that we know how to answer our guests' needs.

我認為真正令人興奮的是，雖然我們沒有足夠的規模來生產我們想要的那麼多產品，而且我們的稀缺性有點太稀缺，但我們對產品的反應確實證明了我們知道如何滿足客人的需求。

And your question on store performance, the factors impacting our store performance are impacting the entire market.

還有你關於商店業績的問題，影響我們商店業績的因素正在影響整個市場。

The product assortment mix is across the board.

產品種類組合全面。

Any impact of negative PR is across the board.

負面公關的影響是全面的。

And that's generally what we're seeing.

這通常就是我們所看到的。

A much smaller impact, I think, is things like weather.

我認為影響較小的是天氣等因素。

The only reference point I have there, when I look at the regions where even in Q4 we had double-digit positive comps -- LA, Hawaii, South Texas, Florida, the deep South regions -- I think there's a little bit of weather impacting some regions more than others.

我在那裡唯一的參考點是，當我查看即使在第四季度我們也有兩位數積極競爭的地區時——洛杉磯、夏威夷、南德克薩斯、佛羅裡達、南部腹地地區——我認為有一點天氣對某些地區的影響大於其他地區。

In terms of new and old, again -- and I think this is intuitive, the newer age classes of stores -- seem to be less impacted than the older ones.

就新舊而言，我認為這是直觀的，較新年齡層的商店似乎比較舊的商店受到的影響更小。

I think that make sense because in new regions the guest is still establishing her core wardrobe.

我認為這是有道理的，因為在新的地區，客人仍在建立她的核心衣櫃。

So, the lack of newness is not as much an impact in these newer stores.

因此，缺乏新鮮感對這些新店的影響並不大。

And then even more so in terms of our new stores that are not in the comp base yet, they're performing actually well above our plan.

更重要的是，就我們尚未納入比較基礎的新商店而言，它們的表現實際上遠高於我們的計劃。

And I think in terms of any way you want to measure new store performance, whether it's percentage of the comp base, productivity, or just dollars per square foot, the new stores are actually performing quite strong.

我認為，無論是衡量新店業績的任何方式，無論是佔比較基數的百分比、生產率還是每平方英尺的美元，新店實際上表現都相當強勁。

We've been $1,100 to $1,200 a square foot for the last couple years, and it's actually edging above that.

在過去的幾年裡，我們的價格一直是每平方英尺 1,100 美元到 1,200 美元，而且實際上已經超出了這個水平。

So that's a positive sign in these new regions.

所以這對這些新地區來說是一個正面的訊號。

Thanks so much.

非常感謝。

See you guys in a couple weeks.

幾週後見。

Camilo Lyon, Canaccord Genuity.

卡米洛·里昂，Canaccord Genuity。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

I wanted to understand a little bit more about the expected improvement, the gradual improvement in comps, as we should expect them to improve in the back half.

我想更多地了解預期的改進，比較的逐步改進，因為我們應該期望他們在後半段有所改進。

How do we get any comfort that the work that's being done on the supply chain will yield those results?

我們如何確信供應鏈上所做的工作將產生這些結果？

And as we look to that back half comp trajectory improving, what could go better than expected?

當我們期待後半段比賽軌跡有所改善時，什麼會比預期更好？

Is it more production from these incremental mills that are being added to the mix?

這些增量工廠的產量是否會增加？

Is it shifting towards seasonal product?

是否正在轉向季節性產品？

Help us understand how we could think about that improving incrementally as we go to the back half.

幫助我們理解當我們進入後半部分時，我們如何考慮逐步改進。

Maybe Tara can talk about the product mix part of it and I can add some more boring numbers after she finishes.

也許塔拉可以談談其中的產品組合部分，我可以在她講完後添加一些更無聊的數字。

Obviously Q1 and Q2 were purchased about eight to nine months ago.

顯然 Q1 和 Q2 是大約八到九個月前購買的。

Starting in December, January timeframe, seeing the guest response in Q4 to the seasonal product really began looking at third and fourth quarter with the teams, looking at sell-throughs of current product, going back and adjusting the back half, getting the core inventories in line, shifting out receipts, taking a look at all of core for Q3 and Q4, and really understanding where we had opportunity to update.

從12 月、1 月的時間範圍開始，看到第四季度客人對季節性產品的反應，真正開始與團隊一起研究第三和第四季度，查看當前產品的銷售情況，回過頭來調整後半部分，獲取核心庫存排隊，移出收據，查看第三季度和第四季度的所有核心內容，並真正了解我們有機會更新的地方。

Because, quite frankly, it shouldn't matter whether it's core or if it seasonal, I want to have beauty and technical in every single product that touches our floor.

因為，坦白說，無論它是核心產品還是季節性產品都不重要，我希望接觸我們地板的每一件產品都具有美觀性和技術性。

So, that's why you'll see that gradual increase as we get into the back half of the year.

因此，這就是為什麼當我們進入下半年時，您會看到逐漸增加的原因。

As we get the core more in line, we've been chasing into, even trying to chase into seasonal product in late Q2, getting more prints and textures in our bottoms, which have been trending very well.

隨著我們讓核心更加一致，我們一直在追逐，甚至試圖在第二季末追逐季節性產品，在我們的底部獲得更多的印花和紋理，這些趨勢一直非常好。

John, I don't know if there's anything else?

約翰，我不知道還有什麼嗎？

In terms of the quarterly comp trend, remember, it's really starting Q2 where there's a significant impact of Luon shortage last year.

就季度比較趨勢而言，請記住，實際上是從第二季度開始，去年 Luon 短缺造成了重大影響。

So we're going to be lapping that.

所以我們要對其進行研磨。

As well as lapping delivery challenges and bad PR in the second half.

以及下半場的交付挑戰和糟糕的公關。

So there is a lot of opportunity for positive comps over a week second half in 2013.

因此，2013 年下半年一週內有許多機會獲得正面的補償。

Great.

偉大的。

And just one follow-up for Laurent, if I could, following up on a question asked earlier Also mentioned a few times in your script was the word humility.

如果可以的話，我只想對勞倫特做一個後續行動，跟進之前提出的一個問題。在你的劇本中也多次提到了「謙遜」這個詞。

And I was wondering, how do you plan to convey that to consumers that might have been impacted by the PR issues of the last year?

我想知道，您打算如何向可能受到去年公關問題影響的消費者傳達這一點？

I think it starts with the guest experience.

我認為這要從賓客體驗開始。

I think it's taking the time.

我認為這需要時間。

Obviously we've reflected on last year and we've learned from last year.

顯然，我們已經反思了去年，並從去年中吸取了教訓。

And we've done that.

我們已經做到了。

We've actually done that with humility.

事實上，我們已經謙虛地做到了這一點。

And I think that lululemon is -- you go back to our mission, which is really elevating the world to greatness.

我認為 lululemon 是－你回到我們的使命，這確實是讓世界變得偉大。

And I think to do that well we need to be inclusive.

我認為要做到這一點，我們需要包容。

This past year we stumbled a couple times and we had to be defensive.

在過去的一年裡，我們跌倒了幾次，我們必須採取防禦措施。

But I think we're very proud of what we do.

但我認為我們對我們所做的事情感到非常自豪。

We're going to talk about that with confidence.

我們將充滿信心地談論這個問題。

And we're really -- one of our largest assets is clearly our educators on the floor in our stores.

我們最大的資產之一顯然是我們商店裡的教育工作者。

And I visited a lot of them in the past two months and they are the most committed people to the lululemon brand.

在過去的兩個月裡，我拜訪了他們中的許多人，他們是對 lululemon 品牌最忠誠的人。

It's just empowering them to get back on their feet and speak about the brand, the product and who we are, what we stand for with confidence, humility.

這只是讓他們重新站起來，自信、謙遜地談論品牌、產品、我們是誰、我們代表什麼。

But really with the mindset of making our guests right, listening to them, and being inclusive.

但真正的心態是讓我們的客人正確，傾聽他們的意見，並具有包容性。

Thanks.

謝謝。

All the best in 2014.

2014 年一切順利。

Kimberly Greenberger, Morgan Stanley,.

金伯利格林伯格，摩根士丹利。

Great, thank you.

太好了謝謝。

Good morning.

早安.

Laurent, I'm wondering if you can look out over the next one, two, three years and just help us understand what a realistic level of acceleration in international store openings that we should be keeping in mind.

勞倫特，我想知道您是否可以展望未來一年、兩年、三年，幫助我們了解我們應該牢記的國際商店開業加速的現實水平。

And then you talked about, in your introductory remarks, some speed or flexibility in the supply chain.

然後您在介紹性發言中談到了供應鏈的某些速度或靈活性。

Maybe you could just help us understand a little bit better exactly what you have in mind there.

也許你可以幫助我們更理解你的想法。

And if two years from now you're successful in this initiative how will your sourcing and supply chain be different than it is today?

如果兩年後您在這項措施中取得成功，您的採購和供應鏈將與今天有何不同？

Thanks.

謝謝。

I can't really speak beyond 2014 at this point.

目前我無法談論 2014 年之後的情況。

But what I can tell you is that building -- the foundational work that we're doing both in Asia and in Europe will allow us to accelerate that footprint.

但我可以告訴你的是，我們在亞洲和歐洲所做的基礎性工作將使我們能夠加速這一足跡。

And I think we are going to evolve from a strategy of having a sequential approach to countries and regions.

我認為我們將從對國家和地區採取順序方法的策略演變。

And building the foundation in both Europe and Asia will allow us to actually attack different regions and different countries, especially if you think about Western Europe, at the same time.

在歐洲和亞洲建立基礎將使我們能夠真正攻擊不同地區和不同國家，特別是同時考慮西歐。

So, I think that's where we are going to be able to see significant acceleration of building our footprint and really leveraging our store strategy, which has been successful in seeding and growing markets, but doing that at a faster pace and simultaneously in different countries.

因此，我認為我們將能夠看到我們的足跡顯著加速，並真正利用我們的商店策略，該策略在播種和發展市場方面取得了成功，但在不同國家以更快的速度同時進行。

Jaime Katz, Morningstar.

海梅·卡茨，晨星。

Good morning.

早安.

Thanks for taking my call.

感謝您接聽我的電話。

I'm curious about what you guys are thinking about the evolution of the ecommerce channel as it becomes a bigger part of sales.

我很好奇你們對電子商務通路的演變有何看法，因為它已成為銷售的重要組成部分。

Are there changes that you're making to make it easier or more friendly to adapt to new consumers?

您是否正在做出一些改變，以便更容易或更友善地適應新消費者？

I think we're looking at that constantly.

我想我們一直在關注這個問題。

Especially as we grow our product offering, as we grow our men's business, and as we start touching different regions, our ecommerce environment is really going to be a platform where we can engage the guest in much broader assortment.

特別是當我們增加產品供應時，當我們發展男士業務時，當我們開始接觸不同地區時，我們的電子商務環境確實將成為一個平台，讓我們可以讓客人參與更廣泛的分類。

And Tara has actually got a lot of great ideas in achieving that, right?

塔拉實際上有很多很棒的想法來實現這一目標，對吧？

Right.

正確的。

I think, as we grow, our goal is to have an ecommerce site that would have the full breadth of our assortment.

我認為，隨著我們的成長，我們的目標是擁有一個擁有我們品種齊全的電子商務網站。

And then as we go into countries or regions of the United States, how we parcel that broader assortment up will be very related to the community, and what is the appropriate product in that community.

然後，當我們進入美國的國家或地區時，我們如何分配更廣泛的品種將與社區以及該社區中合適的產品密切相關。

And we're very excited about that going forward.

我們對此感到非常興奮。

As you know, we've tested a lot of different capsules through the years, from tennis to golf.

如您所知，多年來我們測試了許多不同的膠囊，從網球到高爾夫。

And as you think about going into southern markets or into warmer climates, or even really amplifying Australia, how we can mix these different capsules within our core and our seasonal product is really quite exciting to me.

當你考慮進入南方市場或氣候溫暖的地區，甚至真正擴大澳洲時，我們如何將這些不同的膠囊與我們的核心和我們的季節性產品混合在一起，這對我來說真的非常令人興奮。

Thank you.

謝謝。

Howard Tubin, RBC Capital Markets.

霍華德‧圖賓，加拿大皇家銀行資本市場。

Thanks, guys.

多謝你們。

Maybe just another question, maybe for you, Tara, on the capsules that you have planned for maybe this year for spring and into fall, without diverging too much.

也許只是另一個問題，也許是針對你的，塔拉，關於你今年春天和秋天計劃的膠囊系列，沒有太大的分歧。

Will you continue to test new and smaller product categories over the next couple of seasons?

您會在接下來的幾個季節繼續測試新的和較小的產品類別嗎？

Absolutely.

絕對地。

Obviously I don't want to play all my cards, but definitely I am a huge believer and advocate of the capsule.

顯然我不想打出所有牌，但我絕對是膠囊的忠實信徒和倡導者。

I think it's a great way to test new concepts.

我認為這是測試新概念的好方法。

At the end of the day I just want to bring extreme beauty and technical to every sport our guest does.

歸根結底，我只想為我們的客人所做的每項運動帶來極致的美感和技術。

And to me that's exciting and we're going to keep experimenting with that.

對我來說，這很令人興奮，我們將繼續對此進行試驗。

You can see our And Go collection that we launched.

您可以看到我們推出的 And Go 系列。

Probably you saw the press around that in spring.

也許你在春天就看到這方面的媒體報導。

Fantastic guest response there and you will continue to see us experiment and grow that piece of the business.

客人的反應非常好，您將繼續看到我們嘗試並發展該業務。

Thanks.

謝謝。

And then maybe, Laurent, you mentioned growing the brand, both for men and women.

然後，勞倫特，你可能會提到要發展這個品牌，無論是男性還是女性。

How are you viewing the men's business?

您如何看待男裝產業？

And do you still think that in 2016 you'll have a separate standalone men's store?

您還認為 2016 年您會擁有一家獨立的男裝店嗎？

Actually, we're looking this year at three locations that are going to be fully dedicated to men's, one in Miami, one in Vancouver.

事實上，我們今年正在考慮三個專門經營男裝的地點，一個在邁阿密，一個在溫哥華。

Sorry, I should clarify.

抱歉，我得澄清一下。

There are going to be three locations that are going to be a much bigger footprint with an expanded men's section within.

三個地點的佔地面積將更大，其中還擴大了男士專區。

Right -- in Vancouver, Miami and Santa Monica.

對——溫哥華、邁阿密和聖莫尼卡。

And we're seeing, we've done tremendous work on our product.

我們看到，我們在產品上做了大量的工作。

Our product is resonating with the guys incredibly well.

我們的產品與人們產生了令人難以置信的共鳴。

I think we have a great opportunity to play with our brand identity and define our brand identity in a way that's going to resonate better with the guys and attach more to their activities and what they want to do.

我認為我們有一個很好的機會來發揮我們的品牌形象，並以一種能夠更好地與人們產生共鳴並更多地關注他們的活動和他們想做的事情的方式來定義我們的品牌形象。

And we're working on that right now.

我們現在正在努力解決這個問題。

Great, thank you.

太好了謝謝。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Thank you, good morning.

謝謝你，早安。

Can I ask you to speak in more detail around where you are with the evolution of the supply chain?

我可以請您更詳細地談談您對供應鏈演進的了解嗎？

Are you happy with the quality-control process, where it is right now?

您對目前的品質控制流程滿意嗎？

Is the product flow now normalized such that merchandise assortments are cohesive?

產品流程現在是否標準化，使得商品種類有凝聚力？

And then, in more detail, what needs to happen to make the supply chain accommodate this shift to more seasonal product?

然後，更詳細地說，需要做什麼才能使供應鏈適應這種向季節性產品的轉變？

I think throughout 2014 you'll continue to see us really build the foundation of our supply chain and shore that up.

我認為整個 2014 年，您將繼續看到我們真正建立供應鏈的基礎並為其提供支撐。

I just really want to stress that we're still continuing to build that muscle within the organization.

我只是想強調，我們仍在持續增強組織內部的力量。

From a quality standpoint, every stopgap is in place so there will not be any bad quality getting to our customer, our guest.

從品質的角度來看，每一個權宜之計都已到位，因此我們的客戶、我們的客人不會有任何不良品質。

As you talk about the supply chain, one of the things that I've noticed coming into lululemon is that we have one go-to-market calendar, which is an eight- to nine-month calendar.

當您談論供應鏈時，我注意到 lululemon 的一件事是我們有一個上市日曆，即八到九個月的日曆。

In past companies -- and this is what I'm going to be really focusing on -- what I've spelled is I would have three distinct calendars.

在過去的公司中——這就是我真正關注的——我拼寫的是我會有三個不同的日曆。

You have one that is more for the core, which might be slightly longer.

你有一個更適合核心的，可能會稍長一些。

Then you have one that's more for the seasonal product, that is shorter.

然後你就有了一個更適合季節性產品的、更短的。

And then you have a fast calendar.

然後你就有了一個快速日曆。

And, so, I think as this year, as we really fine-tune and get our main calendar strong, then we will begin, as we move into 2015 and 2016, to continue to shore up these two other tracts of bringing our product to the market.

因此，我認為，今年，當我們真正進行微調並使我們的主要日曆變得強大時，當我們進入2015 年和2016 年時，我們將開始繼續支持這兩個領域，將我們的產品推向市場。市場。

Okay.

好的。

Tara, are you happy with the product flow that you're seeing now?

Tara，您對現在看到的產品流程滿意嗎？

Clearly you're light on some of the seasonal items but are things hitting stores at the appropriate times?

顯然，您對某些季節性商品的採購較少，但商品是否在適當的時間上市？

Yes.

是的。

Definitely improvement over last year.

肯定比去年有進步。

And, really, right now it's the result of, it's not from fall-out, it's just again we bought the product nine months ago and hindsight's 20/20.

而且，實際上，現在的結果不是因為後果，而是我們九個月前再次購買了該產品，事後看來是 20/20。

We would have invested more heavily in the product so it wasn't running out so quickly in the seasonal.

我們會在該產品上投入更多資金，這樣它就不會在季節中這麼快用完。

Other than over the last two weeks, outside of our control, there's been a truckers strike at the Port of Vancouver.

除了過去兩週之外，在我們的控制之外，溫哥華港還發生了卡車司機罷工。

So, all of our Canadian product flow has been somewhat disrupted.

因此，我們所有的加拿大產品流都受到了一定程度的干擾。

But I understand that strike ended last night.

但我知道罷工昨晚結束了。

Okay.

好的。

And then last question.

然後是最後一個問題。

It's for both John and Tara.

這是給約翰和塔拉的。

On the supply chain, given that you're still in the very early innings here, it would seem that perhaps down the road there's margin opportunity as you evolve the supply chain.

在供應鏈方面，鑑於您仍處於早期階段，隨著供應鏈的發展，似乎未來可能存在利潤機會。

Is that an illogical thought process?

這是一個不合邏輯的思考過程嗎？

That's exactly the way I think about it.

這正是我的想法。

As I said earlier, I think appropriately we're adding more newness and seasonality into our line that might deliver a lower product margin.

正如我之前所說，我認為我們適當地在我們的產品線中添加更多的新穎性和季節性，這可能會降低產品利潤。

But the efficiencies that we'll gain from the steps that Tara and Jennifer and their teams are making, we're going to see tremendous upside, again, longer term in terms of lower air freight, lower cost of cancellations, et cetera.

但是，我們將從塔拉和珍妮佛及其團隊正在採取的步驟中獲得的效率，我們將再次看到巨大的上行空間，從長遠來看，在降低航空運費、降低取消成本等方面。

And just a lot of efficiencies.

而且效率很高。

Thank you.

謝謝。

Matthew McClintock, Barclays.

馬修·麥克林托克，巴克萊銀行。

Hi, good morning.

早安.

And also welcome, Laurent.

也歡迎，勞倫特。

I was just wondering, you highlighted a little bit, you acknowledged some of the enhanced competition in your prepared remarks.

我只是想知道，您在準備好的演講中強調了一點，承認了一些加劇的競爭。

And I was just wondering if you could talk about that perhaps from more of a seasonal category basis, and also more of a core category basis, what you're saying from that perspective.

我只是想知道您是否可以從更多的季節性類別基礎以及更多的核心類別基礎來談論這個問題，您從這個角度所說的內容。

Thank you.

謝謝。

I think we're certainly not the only game in town anymore.

我想我們肯定不再是鎮上唯一的遊戲了。

But as we get back to our roots of really focusing on innovation, I don't want to spend too much time worrying about our competitors.

但當我們回到真正專注於創新的根源時，我不想花太多時間擔心我們的競爭對手。

I certainly want to know what they are doing.

我當然想知道他們在做什麼。

It's a validation of the strength of our market and its global relevance and its growth in every single global market.

這是對我們市場實力及其全球相關性及其在每個全球市場的成長的驗證。

But we're going to get back to what we do best, which is inventing the future and really focusing on the magic that is very unique to lululemon, which is combining beautiful as well as technical innovation.

但我們將回到我們最擅長的領域，那就是創造未來，真正專注於 lululemon 獨特的魔力，將美麗與技術創新相結合。

So, certainly something that we are aware of, but something that we're going to look forward rather than over our shoulder.

所以，我們當然知道這一點，但我們會向前看，而不是回頭看。

Thank you.

謝謝。

Look forward to seeing you in a couple weeks.

期待幾週後見到您。

Faye Landes, Cowen and Company.

費耶·蘭德斯 (Faye Landes)、考恩公司 (Cowen and Company)。

Hi.

你好。

Just hoping you can elaborate a little bit more on the international strategy, Laurent.

只是希望你能詳細闡述國際戰略，勞倫特。

You said you're going to in effect ultimately accelerate the international rollout, which is a bit of a change in the algorithm.

您說您實際上將最終加速國際推廣，這是演算法上的一點變化。

Can you just talk to us about milestones that we should be looking for along the way as you do that?

您能和我們談談在您這樣做的過程中我們應該尋找的里程碑嗎？

And also, can you address the issue of the cost of real estate overseas, the fact that you haven't opened stores in some markets, like Hong Kong, where you've had a showroom for a very long time?

另外，您能否解決一下海外房地產成本的問題，即您在某些市場（例如香港）已經很長時間沒有開設商店的事實？

I think maybe I will let John speak to that.

我想也許我會讓約翰來談談這個問題。

But before I do that, I think that, to go back to the international strategy, we've opened showrooms and we have worked in a very sequential way.

但在我這樣做之前，我認為，為了回​​到國際戰略，我們已經開設了陳列室，並且我們以非常連續的方式開展工作。

So, we open showrooms, then we look at stores, and then we look at building the staff.

因此，我們開設陳列室，然後考察商店，然後考察員工隊伍。

And I think it's really going back to what I said earlier -- it really does not have to be a sequential process.

我認為這確實回到了我之前所說的——它實際上不一定是一個連續的過程。

The showrooms are a really good way to see the market.

陳列室是了解市場的好方法。

But at the time we open the showrooms we need to get the right staff on the ground and we need to start looking at locations.

但當我們開放陳列室時，我們需要在當地找到合適的工作人員，我們需要開始尋找地點。

And I have a very clear time frame by which we'll be moving forward.

我有一個非常明確的時間表，我們將在該時間表內繼續前進。

So, just working in parallel rather than in a serial fashion will allow us to accelerate that in markets where we know we are going to have a presence.

因此，僅僅並行工作而不是串行工作將使我們能夠在我們知道我們將佔有一席之地的市場上加速這一進程。

In terms of international real estate, as you say, lots of regions, Hong Kong in particular, rent per square foot is extremely high.

就國際房地產而言，正如你所說，很多地區，特別是香港，每平方英尺的租金非常高。

It's high in London, as well.

倫敦的房價也很高。

We're setting our pricing, et cetera, to adjust for that.

我們正在製定定價等，以適應這一點。

But when we look at Hong Kong, I think the reason that we've moved more slowly than we'd like is not simply sticker shock on the rent.

但當我們看看香港時，我認為我們的行動速度比我們希望的要慢的原因不僅僅是租金的高昂價格。

I think, as we move into different regions, we have to be a little bit flexible in terms of what our store looks like in those regions.

我認為，當我們進入不同的地區時，我們必須在這些地區的商店外觀方面保持一點靈活性。

And I think that's maybe a shift in our mindset.

我認為這可能是我們心態的轉變。

If the 3,000 square foot on one level isn't really available in Hong Kong, we have to look at what's the best type of store layout for lululemon in that market.

如果香港確實沒有 3,000 平方英尺的一層，我們必須看看 lululemon 在該市場的最佳商店佈局類型是什麼。

And I think that openness will help us accelerate.

我認為開放將幫助我們加速發展。

And that, if I might add, that value comes with having the local deep expertise that we mentioned earlier.

如果我可以補充一點的話，這種價值來自於擁有我們之前提到的當地深厚的專業知識。

It's not how is Hong Kong going to adapt to lululemon, but how is lululemon going to adapt to Hong Kong.

問題不是香港如何適應lululemon，而是lululemon如何適應香港。

And that's going to open a lot of doors to accelerate our international growth.

這將為加速我們的國際成長打開許多大門。

Oliver Chen, Citigroup.

奧利佛陳，花旗集團。

Hi, everyone, this is Nancy filling in for Oliver Chen.

大家好，我是 Nancy，取代 Oliver Chen。

Can you just give us a little more insight in terms of the in-store traffic, and just decipher if it's recovered from the negative PR, or where we are in that process?

您能否給我們更多關於店內客流量的了解，並解讀它是否已從負面公關中恢復，或者我們在這個過程中處於什麼位置？

And then if you could talk a little bit about a ivivva and the adjacent businesses, like swim, and how they are performing?

那麼您是否可以談談 ivivva 和鄰近的業務（例如游泳）以及它們的表現如何？

Okay., In terms of store traffic, our overall comp performance is basically traffic-driven, as it has been in the past.

好吧，就店鋪流量而言，我們整體的業績基本上是流量驅動的，就像過去一樣。

So, the negative has come from lower traffic.

因此，負面影響來自於流量減少。

I wouldn't say that that's really rebounded, and that's reflected in my first-quarter guidance.

我不會說這真的反彈了，這反映在我的第一季指引中。

But we do expect some gradual improvement as the year progresses.

但我們確實預期隨著時間的推移，情況會逐漸改善。

In terms of ivivva, again, it gets lost but it's a real bright spot.

就 ivivva 而言，它再次迷失，但它確實是一個亮點。

ivivva comping double digits.

ivivva 計算兩位數。

Ended the year just under $900 a square foot.

截至年底，每平方英尺售價略低於 900 美元。

And as I think I've alluded to in the past, we're really putting our foot on the gas a bit on the rollout of ivivva stores.

正如我想我過去已經提到過的那樣，我們確實在 ivivva 商店的推出上加了一點力氣。

We ended the year with 12 and we'll add up to 10 in 2014.

今年年底我們的數量為 12 個，2014 年將增加到 10 個。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究中心。

Good morning, everyone.

大家，早安。

And welcome, Laurent.

歡迎，勞倫特。

I had a couple of questions.

我有幾個問題。

First, as far as the infrastructure building for international growth, will that pressure at the SG&A line beyond 2014?

首先，就國際成長的基礎建設而言，2014 年後SG&A 線是否會面臨壓力？

And overall the investment spending that you're talking about, will that carry into 2015?

您所談論的整體投資支出會延續到 2015 年嗎？

And, hi, Tara.

還有，嗨，塔拉。

I was wondering if you could talk about your comfort level with the fashion assortments been aligned by the third quarter?

我想知道您是否可以談談您對第三季調整的時尚品種的舒適度？

And if that would mitigate the need for the air freighting that you're now incurring?

這是否會減輕您現在對空運的需求？

And, John, if you could just talk to us about what your leverage point of SG&A is, that would help.

而且，約翰，如果您能與我們談談您的 SG&A 槓桿點是什麼，那將會有所幫助。

Thank you.

謝謝。

Okay, I think that was four questions but we'll try to cover as many of them as we can.

好的，我認為這是四個問題，但我們將盡力涵蓋其中盡可能多的問題。

Your question about international investment and does that impact -- I think you said does that impact SG&A going into 2015?

您對國際投資的問題以及這是否會影響——我想您說過這是否會影響 2015 年的 SG&A？

Yes, that's absolutely true because, in fact, as we accelerate new store openings in Europe and Asia, initially that will compress our margins.

是的，這絕對是真的，因為事實上，隨著我們加速在歐洲和亞洲開設新店，最初這將壓縮我們的利潤。

But, of course, the faster we go, the faster we get to a point of leverage in those markets.

但是，當然，我們走得越快，我們在這些市場上達到槓桿點的速度就越快。

But certainly through 2015 the international rollout will be a negative in terms of the income and margins, as you'd expect.

但正如您所預料的那樣，到 2015 年，國際推廣對收入和利潤率肯定會產生負面影響。

And overall SG&A leverage, John?

約翰，整體 SG&A 槓桿率如何？

I always struggle with that question when we're in such a growth mode because so much of what we're spending is discretionary.

當我們處於這樣的成長模式時，我總是為這個問題而苦苦掙扎，因為我們的大部分支出都是可自由支配的。

But in terms of the delta, low single-digit comps would leverage us normally.

但就增量而言，低個位數的比較通常會利用我們。

But, again, there's so much going on beyond just the run rate that I just can't really give you a clear answer on that.

但是，再說一次，除了運行率之外，還有很多事情發生，我無法真正給你一個明確的答案。

Okay, thank you.

好的謝謝。

Thank you.

謝謝。

I am showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I'd like to hand the call back to Laurent for any closing remarks.

我想將電話轉回給 Laurent，讓其結束語。

I want to thank you all for your time this morning.

我要感謝大家今天早上抽出寶貴的時間。

And I really look forward to speaking and meeting with many of you over the course of this year and next month at our Analyst Day, and continuing this discussion on realizing our vision for lululemon 's future growth.

我真的很期待在今年和下個月的分析師日上與你們中的許多人交談和會面，並繼續討論如何實現我們對 lululemon 未來成長的願景。

Thank you.

謝謝。

Ladies and gentlemen, thanks for participating in today's conference.

女士們、先生們，感謝您參加今天的會議。

This does conclude today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連線。

Have a great day, everyone.

祝大家有個美好的一天。