Lululemon Athletica Inc (LULU) 2019 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議接線員。

Welcome to the lululemon athletica inc.

歡迎來到 lululemon sportsa inc。

First Quarter 2019 Conference Call.

2019 年第一季度電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給 lululemon sportsa Inc. 投資者關係副總裁 Howard Tubin。

Please go ahead, sir.

請繼續，先生。

Thank you and good afternoon.

謝謝你，下午好。

Welcome to lululemon's first quarter earnings conference call.

歡迎來到 lululemon 的第一季度財報電話會議。

Joining me today to talk about our results are Calvin McDonald, CEO; Stuart Haselden, COO and EVP International; and PJ Guido, CFO.

今天和我一起談論我們的結果的是首席執行官 Calvin McDonald； Stuart Haselden，首席運營官兼國際執行副總裁；和首席財務官 PJ Guido。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecasts of certain aspects of lululemon's future.

在開始之前，我想藉此機會提醒您，我們今天的講話將包括前瞻性陳述，反映管理層目前對 lululemon 未來某些方面的預測。

These statements are based on current information, which we have assessed but which, by its nature, is dynamic and subject to rapid and even abrupt changes.

這些陳述基於我們評估過的當前信息，但就其性質而言，這些信息是動態的，並且會發生快速甚至突然的變化。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

由於與我們的業務相關的風險和不確定性，包括我們在最近向美國證券交易委員會提交的文件中披露的內容，包括我們的 10-K 表格年度報告，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異以及我們關於 10-Q 表格的季度報告。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we expressly disclaim any obligation or undertaking to update or revise any of these statements as a result of new information or future events.

我們在本次電話會議上做出的任何前瞻性陳述均基於截至今天的假設，我們明確表示不承擔因新信息或未來事件而更新或修改任何這些陳述的任何義務或承諾。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in our quarterly report on Form 10-Q and in today's earnings press release.

GAAP 與非 GAAP 措施的對賬包含在我們的 10-Q 表格季度報告和今天的收益新聞稿中。

The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www.lululemon.com.

新聞稿和隨附的 Form 10-Q 季度報告可在我們網站 www.lululemon.com 的“投資者”部分獲取。

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

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第一季度主要財務運營統計數據的摘要以及我們的季度信息圖。

Today's call is scheduled for 1 hour.

今天的通話時間為 1 小時。

(Operator Instructions)

（操作員說明）

And now I will turn the call over to Calvin.

現在我將把電話轉給 Calvin。

Thank you, Howard, and welcome, everyone, to our first quarter earnings call.

謝謝霍華德，歡迎大家參加我們的第一季度財報電話會議。

As we begin, I would first like to say how much I enjoyed hosting our recent Analyst Day meeting in New York.

在我們開始之際，我首先想說說我非常喜歡最近在紐約主持我們的分析師日會議。

We are incredibly excited about the growth opportunities we have in front of us, and we look forward to delivering on our 5-year growth plan.

我們對擺在我們面前的增長機會感到無比興奮，我們期待著實現我們的 5 年增長計劃。

lululemon had another successful quarter, driven by many strengths in our business across product, channel and geography.

lululemon 又一個成功的季度，這得益於我們在產品、渠道和地域方面的許多業務優勢。

Our innovative merchandise assortments and our engagement with guests around the world enables the financial results we're proud to report to you today.

我們創新的商品分類以及與世界各地客人的互動使我們今天很自豪地向您報告財務業績。

On today's call, I'll start by sharing some of our key highlights from quarter 1, including how we're [leaning] into our product innovation and omni guest experience growth pillars.

在今天的電話會議上，我將首先分享我們第一季度的一些關鍵亮點，包括我們如何[傾向於]我們的產品創新和全方位的客戶體驗增長支柱。

Going forward, I will periodically ask a member of our senior leadership to join the call and provide an update on key strategic areas of the business.

展望未來，我將定期要求我們的高級領導成員加入電話會議，並提供有關業務關鍵戰略領域的最新信息。

Today, Stuart Haselden will join us to provide an update on our opportunities in China and other key international markets.

今天，Stuart Haselden 將與我們一起為我們在中國和其他主要國際市場提供最新機會。

As you know, earlier this year, Stuart's responsibilities were expanded to include serving as our EVP of International in addition to his role as Chief Operating Officer.

如您所知，今年早些時候，Stuart 的職責擴大到除了擔任首席運營官外，還包括擔任我們的國際執行副總裁。

Following the global update, PJ Guido will provide a detailed financial review as well as our guidance outlook.

在全球更新之後，PJ Guido 將提供詳細的財務審查以及我們的指導展望。

I'll then wrap up a few closing comments, and we'll be happy to take your questions.

然後，我將總結一些結束評論，我們很樂意回答您的問題。

Let's have a look at our first quarter results.

讓我們看看我們的第一季度業績。

We are very pleased to see continued strong momentum in the business.

我們很高興看到業務繼續保持強勁勢頭。

The Power of Three growth plan, which we detailed at Analyst Day, is serving as a driving force to move us forward to achieve our 5-year growth plans.

我們在分析師日詳細介紹的“三個力量”增長計劃正在成為推動我們實現 5 年增長計劃的動力。

Across the company, teams are executing at extremely high levels.

在整個公司中，團隊的執行水平非常高。

In Q1, our total revenue grew by 20%, constant dollar comps increased 16% on top of a 19% increase last year and earnings per share increased 35%.

在第一季度，我們的總收入增長了 20%，固定美元收益在去年增長 19% 的基礎上增長了 16%，每股收益增長了 35%。

Our guests responded well to both our men's and women's assortments.

我們的客人對我們的男裝和女裝系列都反應良好。

They engaged with us across channels as our store and digital businesses were both strong, and our brand continues to resonate well in our core North American market as well as in Europe and APAC.

他們通過渠道與我們互動，因為我們的商店和數字業務都很強大，而且我們的品牌繼續在我們的核心北美市場以及歐洲和亞太地區產生良好的共鳴。

Supporting our growth, we are leveraging the strategic infrastructure investments we're making across the business.

為了支持我們的增長，我們正在利用我們在整個業務中進行的戰略性基礎設施投資。

Our focus over the last several years to create efficiencies and to further segment our supply chain is paying off and tangibly contributing to our success.

過去幾年，我們專注於提高效率並進一步細分我們的供應鏈，這正在取得成效，並為我們的成功做出了切實貢獻。

As an example, our newest distribution center in Toronto opened on schedule in May and enables us to deliver product more effectively and efficiently in Eastern Canada.

例如，我們在多倫多的最新配送中心於 5 月如期開業，使我們能夠在加拿大東部更有效地交付產品。

As you know, the growth plans we discussed during Analyst Day are long term in nature, and the financial targets we provided are annual.

如您所知，我們在分析師日討論的增長計劃本質上是長期的，我們提供的財務目標是年度的。

I'm pleased 2019 is off to such a strong start, and we're beginning to live into our 5-year vision.

我很高興 2019 年開局如此強勁，我們開始實現我們的 5 年願景。

I'd now like to speak specifically about the Power of Three growth pillars: product innovation, omni guest experience and market expansion.

我現在想具體談談三大增長支柱的力量：產品創新、全方位客戶體驗和市場擴張。

As you recall, our 5-year vision details our path to double our men's business, double our digital business and quadruple our international business during this time.

您還記得，我們的 5 年願景詳細說明了我們在此期間將男士業務翻番、數字業務翻番和國際業務翻兩番的道路。

Let me now provide some highlights from quarter 1 for these drivers.

現在讓我為這些驅動程序提供第一季度的一些亮點。

When looking at our product innovation pillar, over the next 5 years, we expect annual growth in our core women's business to be in the low double digits, while men's is planned to grow at 20% per year.

從我們的產品創新支柱來看，未來 5 年，我們預計核心女性業務的年增長率將保持在兩位數的低位，而男性業務計劃以每年 20% 的速度增長。

In quarter 1, we continued to see robust performance in our women's business with particular strength in bottoms.

在第一季度，我們的女裝業務繼續保持強勁表現，尤其是下裝優勢。

This category remains one of our strongest with comps up over 19%, driven by both leggings and jogger styles.

在緊身褲和慢跑褲款式的推動下，這一類別仍然是我們最強的類別之一，佔比超過 19%。

Within the men's business, comps grew 26% with ongoing strength in both tops and bottoms.

在男裝業務中，comps 增長了 26%，上裝和下裝均持續強勁。

The business was led by our ABC franchise and 3 core short styles: T.H.E.

該業務由我們的 ABC 特許經營權和 3 種核心短款式主導：T.H.E.

Short, Pace Breaker and Surge.

短，節奏斷路器和浪湧。

Guests are responding well to our new boxers designed to address all 3 elements of the science of feel, touch, temperature and movement.

客人對我們的新平角內褲反應良好，這些內褲旨在解決手感、觸感、溫度和運動這三個科學要素。

Looking forward, I'm excited with the innovation we intend to bring into our assortments for both men and women.

展望未來，我對我們打算為我們的男女產品系列帶來的創新感到興奮。

Just to preview some of the upcoming highlights for men, we plan to launch a new and improved Metal Vent Tech collection.

只是為了預覽一些即將推出的男士亮點，我們計劃推出一個新的和改進的 Metal Vent Tech 系列。

And for women, we plan to further expand our technical bra offering with 2 high support styles in the coming months.

對於女性，我們計劃在未來幾個月內進一步擴展我們的技術文胸產品，提供 2 種高支撐款式。

The final component of our product innovation plan is to test into new categories.

我們產品創新計劃的最後一個組成部分是測試新的類別。

The main driver continues to be our core categories across both men's and women's.

主要驅動力仍然是我們在男裝和女裝中的核心類別。

However, we've identified several areas of whitespace where we can test the waters and bring innovation to our guests.

然而，我們已經確定了幾個空白區域，我們可以在這些區域試水並為我們的客人帶來創新。

One example of this is Selfcare, which we will roll out to 50 stores and online next week.

其中一個例子是 Selfcare，我們將在下週將其推廣到 50 家商店和網上。

Shifting now to omni guest experience.

現在轉向全方位的賓客體驗。

We had strong results across our channels with our store comps increasing 8% on top of 6% increase last year.

我們的渠道取得了強勁的業績，我們的商店收入在去年增加了 6% 的基礎上增加了 8%。

Our digital business grew 35%, which represents a more than doubling of the business over the last 2 years.

我們的數字業務增長了 35%，在過去 2 年中增長了一倍多。

Increased traffic in quarter 1 is driving our comps both in-store and online with increases of 8% and 41%, respectively.

第 1 季度流量的增加推動了我們的店內和在線業務，分別增長了 8% 和 41%。

We're excited about our vision to be the experiential brand that ignites a community of people living the Sweatlife.

我們很高興我們的願景是成為一個體驗式品牌，點燃一個生活在 Sweatlife 的人們的社區。

Next month, you'll see our first truly experiential store when we open Lincoln Park in Chicago.

下個月，當我們在芝加哥開設林肯公園時，您將看到我們第一家真正的體驗店。

This 20,000-square-foot store captures who we are as a brand as it will embody the Sweatlife through multiple studios, a meditation space, a healthy juice and food offering and areas for community gatherings.

這家 20,000 平方英尺的商店通過多個工作室、冥想空間、健康果汁和食品供應以及社區聚會區域體現了我們作為品牌的身份。

This distinct environment will provide us additional opportunities to explore and learn as we connect with our guests in a range of new and exciting ways.

這種獨特的環境將為我們提供更多探索和學習的機會，因為我們以一系列新的和令人興奮的方式與客人聯繫。

We also continue to test our membership program, and in May, we expanded to our third pilot city in Austin, Texas.

我們還繼續測試我們的會員計劃，並於 5 月擴展到德克薩斯州奧斯汀的第三個試點城市。

We are very encouraged by the results, and each city in our test has brought new learnings and innovations as we look to scale the program.

我們對結果感到非常鼓舞，我們測試中的每個城市都帶來了新的學習和創新，因為我們希望擴大計劃。

Looking now at our digital business.

現在看看我們的數字業務。

We further expanded our online-only size and color offerings for both men and women.

我們進一步擴大了針對男性和女性的僅限在線尺寸和顏色的產品。

We expanded our buy online, pick up in-store capability from 35 stores to 150 in quarter 1 with 80% of the orders ready for guest pickup in 1 hour.

我們在第一季度擴大了在線購買和店內提貨能力，從 35 家商店增加到 150 家，80% 的訂單可在 1 小時內為客人提貨。

We remain on track for a full rollout by the end of quarter 3. We also significantly improved our mobile point-of-sale capabilities so educators can complete our guest purchases from anywhere in the store.

我們仍有望在第三季度末全面推出。我們還顯著提高了我們的移動銷售點功能，因此教育工作者可以在商店的任何地方完成我們的客人購買。

Our strength and unique position is to activate great product across our omni guest experiences, leveraging our stores, community and events.

我們的優勢和獨特地位是利用我們的商店、社區和活動，在我們的全方位客戶體驗中激活優質產品。

Run is a key strategy for us and a great representation of how we will activate across our entire business to deliver an exceptional guest experience.

Run 是我們的一項關鍵戰略，它很好地代表了我們將如何在整個業務中激活以提供卓越的客戶體驗。

In addition to our strong and light bra franchise, we rolled out the Fast & Free run-oriented collection for men.

除了我們強大而輕便的文胸系列外，我們還推出了面向男士的 Fast & Free 跑步系列。

We highlighted the strength of our technical apparel with our global run campaign featuring our first global run ambassador, Charlie Dark.

我們在全球跑步活動中突出了我們技術服裝的優勢，其中包括我們的第一位全球跑步大使 Charlie Dark。

Our run-focused activations during the quarter included a presence at the Boston, Los Angeles and London marathons, and just last week, we celebrated Global Running Day by rallying our community to participate with their local run clubs or to join our 5K challenge on Strava.

本季度我們以跑步為重點的活動包括參加波士頓、洛杉磯和倫敦馬拉鬆比賽，就在上週，我們通過召集我們的社區與當地跑步俱樂部一起參與或加入我們在 Strava 上的 5K 挑戰來慶祝全球跑步日.

In the coming weeks, you'll see us sponsor our 10K runs in Toronto and Edmonton as we've done the last several years, and we plan to add more events going forward.

在接下來的幾週內，您將看到我們贊助我們在多倫多和埃德蒙頓的 10K 跑步，就像我們過去幾年所做的那樣，我們計劃在未來增加更多活動。

Run is an important category for us with significant potential, and we see opportunities to expand our share of wallet with current and future guests.

跑步對我們來說是一個具有巨大潛力的重要類別，我們看到了擴大我們在當前和未來客人中的錢包份額的機會。

Shifting gears now to our markets.

現在轉向我們的市場。

Let me share some highlights regarding performance in our core region of North America and then turn it over to Stuart to discuss growth in our international markets.

讓我分享一些關於我們在北美核心地區的表現的亮點，然後將其交給 Stuart 討論我們國際市場的增長。

First, our opportunities in North America, our largest region, remain significant.

首先，我們在最大的地區北美的機會仍然很大。

Our innovative merchandise assortment, agile store formats, inspiring brand activations and unique event offerings provide ample ways to engage with existing and new guests.

我們創新的商品分類、靈活的商店形式、鼓舞人心的品牌活動和獨特的活動產品為與現有和新客人互動提供了充足的方式。

In quarter 1, revenue in North America grew 18% as momentum in this region remains strong.

第一季度，由於該地區的勢頭依然強勁，北美的收入增長了 18%。

We opened 6 stores in the U.S. and Canada and remain on track to open 15 to 20 in 2019.

我們在美國和加拿大開設了 6 家門店，並有望在 2019 年開設 15 至 20 家。

Our guest stats remain robust with continued growth in new guest acquisition and increased spending across existing guests.

隨著新客人獲取的持續增長和現有客人的支出增加，我們的客人統計數據保持強勁。

Traffic to our stores in North America was strong and grew in the high single-digit range.

我們北美門店的客流量強勁，並以高個位數增長。

Last month, Stuart and I had the opportunity to visit our team in China and to see the incredible growth opportunities firsthand.

上個月，我和 Stuart 有機會訪問了我們在中國的團隊，並親眼目睹了令人難以置信的增長機會。

I'll let him share our insights and some of the results this quarter internationally.

我會讓他在國際上分享我們的見解和本季度的一些結果。

Stuart?

斯圖爾特？

Thanks, Calvin.

謝謝，卡爾文。

In May, I was able to spend nearly 2 weeks with our team in China.

5 月，我可以在中國與我們的團隊一起度過近 2 週的時間。

And while we are seeing exciting momentum across all of our international markets, China in particular is on track to post impressive growth this year.

雖然我們在所有國際市場都看到了令人振奮的勢頭，但尤其是中國，今年有望實現令人矚目的增長。

In Q1, our China team delivered nearly 70% market growth and entered 3 new cities with strong store openings in Chongqing, Xi'an and Xiamen.

第一季度，我們的中國團隊實現了近 70% 的市場增長，並進入了重慶、西安和廈門三個新開店的城市。

And we remain on track to open 10 to 15 stores in China this year.

今年我們仍有望在中國開設 10 至 15 家門店。

We also continue to invest in our digital capabilities here with the relaunch of our .cn site in Q1 to complement our presence on Tmall and WeChat.

我們還繼續投資我們的數字能力，在第一季度重新啟動我們的 .cn 網站，以補充我們在天貓和微信上的存在。

And these investments are paying off as we saw our China e-com revenues increase over 100% in Q1.

這些投資正在獲得回報，因為我們看到我們的中國電子商務收入在第一季度增長了 100% 以上。

These results also include the great success of our super brand day event with Tmall in April.

這些成果還包括我們在 4 月份與天貓舉辦的超級品牌日活動取得了巨大成功。

As part of this event, we invited 400 guests to join us at the InterContinental Shanghai Wonderland for sweat sessions, meditation classes and also a function show.

作為此次活動的一部分，我們邀請了 400 位賓客加入我們在上海仙境洲際酒店的汗水課程、冥想課程和功能表演。

The event garnered significant attention from the media and on social channels, and it was a great way for us to connect with both new and existing guests.

該活動引起了媒體和社交渠道的極大關注，這是我們與新老客人建立聯繫的好方法。

All of this contributed to a strong performance for our Asia Pacific region overall in Q1 with revenues for the region increasing approximately 40%.

所有這些都促成了我們亞太地區在第一季度的整體表現強勁，該地區的收入增長了約 40%。

Other highlights include the launch of our .jp and .kl websites, both of which are seeing strong starts.

其他亮點包括推出我們的 .jp 和 .kl 網站，這兩個網站都取得了強勁的開端。

Turning now to Europe.

現在轉向歐洲。

We posted strong double-digit comps across all channels driven by ongoing robust traffic increases.

在持續強勁的流量增長的推動下，我們在所有渠道上發布了強勁的兩位數組合。

These results helped us deliver over 40% market growth in Q1 across Europe.

這些結果幫助我們在第一季度在歐洲實現了超過 40% 的市場增長。

We're pleased to see our business gaining momentum as our community and brand-building efforts accelerate.

隨著我們的社區和品牌建設工作加速，我們很高興看到我們的業務發展勢頭良好。

We also opened a great new store in Amsterdam.

我們還在阿姆斯特丹開了一家很棒的新店。

At the grand opening, which I was able to attend in March, it was exciting to see firsthand the energy that our team in Europe is creating, which is reflected in the strong results we are now experiencing.

在三月份我能夠參加的盛大開幕式上，親眼目睹我們在歐洲的團隊正在創造的能量令人興奮，這反映在我們現在所經歷的強勁成果中。

And we remain on track to open 5 to 10 new stores this year across Europe.

我們今年仍有望在歐洲開設 5 到 10 家新店。

Overall, our international growth remains strong and accounts for an increasing portion of our total company growth.

總體而言，我們的國際增長依然強勁，在我們公司總增長中的佔比越來越大。

And finally, I'd like to offer my gratitude to our teams around the world.

最後，我要感謝我們在世界各地的團隊。

It's only with their great work that any of this is possible.

只有通過他們的出色工作，這一切才有可能。

And now I'll pass it to PJ.

現在我將把它傳遞給 PJ。

Thanks, Stuart.

謝謝，斯圖爾特。

Before I provide highlights on Q1 and our guidance outlook, I will refer you to the financial supplement posted on our Investors site for additional details.

在我提供第一季度的重點和我們的指導展望之前，我將向您推薦我們投資者網站上發布的財務補充以了解更多詳細信息。

For Q1, total net revenue rose 20% to $782 million, driven by strong execution across all parts of the business.

第一季度，總淨收入增長 20% 至 7.82 億美元，這得益於所有業務部門的強勁執行力。

In our store channel, we delivered an 8% constant dollar comp store sales increase on top of a 6% increase in Q1 of last year.

在我們的商店渠道中，我們在去年第一季度增長 6% 的基礎上實現了 8% 的固定美元綜合商店銷售額增長。

Square footage increased 15% versus last year, driven by the addition of 44 net new lululemon stores since Q1 of 2018.

由於自 2018 年第一季度以來新增了 44 家新 lululemon 商店，平方英尺與去年相比增加了 15%。

During the quarter, we opened 15 new stores.

本季度，我們開設了 15 家新店。

In our digital channel, we posted a 35% constant dollar comp increase on top of a very strong 60% increase last year.

在我們的數字渠道中，我們在去年強勁增長 60% 的基礎上公佈了 35% 的固定美元補償增長。

For the quarter, e-com contributed approximately $210 million of top line, reaching nearly 27% of total revenue.

本季度，電子商務貢獻了約 2.1 億美元的收入，佔總收入的近 27%。

And I'd add that the impact of foreign exchange decreased revenue by $12.5 million in the quarter.

我還要補充一點，外彙的影響使本季度的收入減少了 1250 萬美元。

Gross profit for the first quarter was $421.7 million or 53.9% of net revenue compared to 53.1% of net revenue in Q1 2018.

第一季度毛利潤為 4.217 億美元，占淨收入的 53.9%，而 2018 年第一季度占淨收入的 53.1%。

The gross profit rate in Q1 increased 80 basis points versus gross margin last year and was driven primarily by the following: a 190 basis point increase in overall product margin resulting from lower product costs, favorability in product mix and lower markdowns.

第一季度的毛利率比去年的毛利率增加了 80 個基點，主要受以下因素推動：由於產品成本降低、產品組合有利和降價幅度降低，整體產品利潤率增加了 190 個基點。

We are pleased with the product margin strength we continue to realize on top of the strong gains over the last several years.

我們對在過去幾年的強勁增長基礎上繼續實現的產品利潤率優勢感到滿意。

This increase was partially offset by a 60 basis point increase in product and supply team costs driven by ongoing investment in product development and supply chain and an increase in occupancy and depreciation expense of 20 basis points.

這一增長被產品開發和供應鏈的持續投資推動的產品和供應團隊成本增加 60 個基點以及佔用和折舊費用增加 20 個基點所部分抵消。

We also saw 30 basis points of unfavorable impact from foreign exchange.

我們還看到外匯帶來了 30 個基點的不利影響。

Moving down the P&L.

向下移動損益表。

SG&A expenses were $293 million or 37.4% of net revenue compared to 37% of net revenue for the same period last year.

SG&A 費用為 2.93 億美元，占淨收入的 37.4%，而去年同期占淨收入的 37%。

In Q1, we continued to use the strength in the business to invest in strategic priorities, brand awareness and initiatives that fuel current and long-term growth.

在第一季度，我們繼續利用業務優勢投資於戰略重點、品牌知名度和推動當前和長期增長的舉措。

This includes digital, loyalty and Selfcare.

這包括數字化、忠誠度和 Selfcare。

Foreign exchange, both revaluation and translation, leveraged by 30 basis points in Q1.

外匯，包括重估和換算，在第一季度被槓桿化了 30 個基點。

Operating income for the quarter was approximately $129 million or 16.5% of net revenue compared to 16.1% of net revenue in Q1 2018.

本季度的營業收入約為 1.29 億美元，占淨收入的 16.5%，而 2018 年第一季度占淨收入的 16.1%。

Tax expense for the quarter was $34.6 million or 26.4% of pretax earnings compared to an effective tax rate of 29.9% a year ago.

本季度的稅收支出為 3460 萬美元，佔稅前收益的 26.4%，而一年前的有效稅率為 29.9%。

The decrease in our effective tax rate relative to our guidance reflects the impact of higher tax deductions related to stock-based compensation.

相對於我們的指導，我們的有效稅率下降反映了與股票薪酬相關的更高稅收減免的影響。

These deductions benefited EPS in Q1 by approximately $0.02.

這些扣除使第一季度的每股收益受益約 0.02 美元。

We still expect our tax rate for 2019 to be approximately 28%.

我們仍然預計 2019 年的稅率約為 28%。

Net income for the quarter was $96.6 million or $0.74 per diluted share compared to earnings per diluted share of $0.55 for the first quarter of 2018.

本季度的淨收入為 9660 萬美元或每股攤薄收益 0.74 美元，而 2018 年第一季度的每股攤薄收益為 0.55 美元。

Capital expenditures were approximately $68 million for the quarter compared to approximately $34 million in the first quarter last year.

本季度的資本支出約為 6800 萬美元，而去年第一季度約為 3400 萬美元。

The increase relates primarily to store capital for new locations, relocations and renovations and IT and supply chain investment.

增長主要與用於新地點、搬遷和翻新以及 IT 和供應鏈投資的商店資本有關。

Turning to our balance sheet highlights.

轉向我們的資產負債表亮點。

We ended the quarter with $576 million in cash and cash equivalents.

我們在本季度結束時擁有 5.76 億美元的現金和現金等價物。

Inventory grew 19% and was $443 million at the end of Q1.

庫存增長 19%，在第一季度末達到 4.43 億美元。

I'd also note that pursuant to the new lease accounting standard, ASC 842, we added a lease-related asset of $627 million and lease-related liabilities totaling $665 million to our balance sheet.

我還注意到，根據新的租賃會計準則 ASC 842，我們在資產負債表中增加了 6.27 億美元的租賃相關資產和總計 6.65 億美元的租賃相關負債。

This new accounting standard has no impact on our income statement or cash flows.

這一新會計準則對我們的損益表或現金流量沒有影響。

We repurchased 1 million shares during the quarter at a cost of $163.5 million.

我們在本季度以 1.635 億美元的成本回購了 100 萬股股票。

Coming into 2019, our Board authorized a new $500 million share repurchase plan, of which approximately $337 million of authorization remains.

進入 2019 年，我們的董事會批准了一項新的 5 億美元股票回購計劃，其中約 3.37 億美元的授權仍然存在。

We believe that repurchasing our shares is an efficient and effective way to return excess cash to shareholders, and we'll continue to be opportunistic with our repurchase activity.

我們相信，回購我們的股票是向股東返還多餘現金的一種有效且有效的方式，我們將繼續在回購活動中投機取巧。

Turning now to our outlook.

現在轉向我們的前景。

For Q2, we expect revenues to be in the range of $825 million to $835 million.

對於第二季度，我們預計收入將在 8.25 億美元至 8.35 億美元之間。

This is based on a comparable sales percentage increase in the low double digits on a constant-dollar basis compared to the second quarter of 2018.

這是基於與 2018 年第二季度相比，按固定美元計算的低兩位數的可比銷售額百分比增長。

This also assumes 5 new store openings in the quarter.

這也假設本季度有 5 家新店開業。

We expect gross margin to be flat to up modestly versus Q2 of last year.

我們預計毛利率將與去年第二季度持平或小幅上升。

Our guidance reflects a modest impact from potential new tariffs and also additional costs to airfreight product in order to avoid anticipated port congestion in the Asia region due to the pending tariff increases.

我們的指引反映了潛在新關稅的適度影響以及空運產品的額外成本，以避免由於即將到來的關稅上調而導致亞洲地區預期的港口擁堵。

The negative impact of these costs will be approximately 20 to 25 basis points within gross margin and approximately $0.04 to $0.05 on EPS for the full year 2019.

這些成本的負面影響將是毛利率內約 20 至 25 個基點，以及 2019 年全年每股收益約 0.04 至 0.05 美元。

Most of the impact would come in the back half of the year with the majority in Q3.

大部分影響將發生在今年下半年，其中大部分發生在第三季度。

I should note that roughly $0.02 to $0.03 of this impact would be incurred regardless of whether new tariffs are imposed.

我應該指出，無論是否徵收新關稅，都會產生大約 0.02 至 0.03 美元的影響。

We are committing to higher airfreight usage as a hedge against disruption in ocean shipping lanes as we approach the key dates related to tariff increases.

隨著我們接近與關稅上調相關的關鍵日期，我們致力於提高空運使用率，以對沖海運航線的中斷。

This will ensure delivery of new product for our guests on time.

這將確保按時為我們的客人提供新產品。

We expect the SG&A rate in Q2 to be flat as we continue to invest in growth drivers for our business that fuel top line momentum.

我們預計第二季度的 SG&A 率將持平，因為我們將繼續投資於推動業務增長的增長動力，從而推動收入增長。

We see larger opportunity to leverage SG&A in the back half of the year and we continue to expect modest leverage on the year.

我們看到在今年下半年利用 SG&A 的機會更大，我們繼續預計今年會有適度的槓桿率。

Assuming a tax rate of 28% and approximately 131 million diluted weighted average shares outstanding, we expect diluted earnings per share in the second quarter to be in the range of $0.86 to $0.88 versus EPS of $0.71 a year ago.

假設稅率為 28%，稀釋後的加權平均流通股約為 1.31 億股，我們預計第二季度的稀釋後每股收益將在 0.86 美元至 0.88 美元之間，而一年前的每股收益為 0.71 美元。

For the full year 2019, we now expect revenue to be in the range of $3.73 billion to $3.77 billion.

對於 2019 年全年，我們現在預計收入將在 37.3 億美元至 37.7 億美元之間。

This is based on a comparable sales percentage increase in the low double digits on a constant-dollar basis.

這是基於在固定美元基礎上低兩位數的可比銷售額百分比增長。

We continue to expect to open approximately 40 to 50 company-operated stores in 2019.

我們繼續預計 2019 年將開設約 40 至 50 家公司自營店。

This includes 25 to 30 stores in our international markets and represents a square footage percentage increase in the mid-teens range.

這包括我們國際市場上的 25 到 30 家商店，並且在十幾歲左右的範圍內增加了平方英尺的百分比。

We expect gross margin for the year to expand modestly primarily driven by continued product margin improvement.

我們預計今年毛利率將溫和增長，主要受產品利潤率持續改善的推動。

We expect SG&A for the full year to leverage modestly.

我們預計全年的 SG&A 將適度利用槓桿。

We expect our fiscal year 2019 diluted earnings per share to be in the range of $4.51 to $4.58.

我們預計我們 2019 財年的攤薄後每股收益將在 4.51 美元至 4.58 美元之間。

Our EPS guidance is based on 131 million diluted weighted average shares outstanding for the year.

我們的每股收益指引基於 1.31 億股稀釋加權平均本年度流通股。

This range takes into account approximately $0.04 to $0.05 of additional costs within gross margin related to the tariffs and airfreight that I mentioned earlier.

這個範圍考慮了我前面提到的與關稅和空運相關的毛利率中大約 0.04 美元到 0.05 美元的額外成本。

We expect our adjusted effective tax rate to be approximately 28% in 2019.

我們預計 2019 年調整後的有效稅率約為 28%。

We assume the Canadian dollar at $0.75 to the U.S. dollar for 2019 as well as Q2.

我們假設 2019 年和第二季度的加元兌美元匯率為 0.75 美元。

We continue to expect capital expenditures to be approximately $265 million to $275 million for the fiscal year 2019.

我們繼續預計 2019 財年的資本支出約為 2.65 億美元至 2.75 億美元。

This increase versus 2018 reflects a ramp-up of our store renovation and relocation program, new store openings, technology investments and other corporate infrastructure projects.

與 2018 年相比，這一增長反映了我們的門店翻新和搬遷計劃、新店開業、技術投資和其他企業基礎設施項目的增加。

In closing, we remain excited with the momentum we're seeing in the business as our teams are executing our Power of Three strategic plan.

最後，我們對我們在業務中看到的勢頭感到興奮，因為我們的團隊正在執行我們的“三個力量”戰略計劃。

And now back to Calvin for some closing remarks.

現在回到 Calvin 來做一些結束語。

Thanks, PJ.

謝謝，PJ。

While it's been reported there is some recent softening in the apparel space, there is no doubt that 2019 is off to a great start for us.

雖然據報導，服裝領域最近出現了一些疲軟，但毫無疑問，2019 年對我們來說是一個良好的開端。

We are building upon momentum of the past year and instilling confidence in our long-term growth plans.

我們正在鞏固過去一年的勢頭，並為我們的長期增長計劃注入信心。

With each new market and innovation, we are inspired by the way in which our guests, both existing and new to the brand, are responding to lululemon.

對於每一個新的市場和創新，我們都會受到品牌現有和新客人對 lululemon 的反應方式的啟發。

Our vision to ignite a community of people to live the Sweatlife is resonating strongly with guests and provides many growth opportunities for us ahead.

我們的願景是點燃一個人的社區，過著 Sweatlife 的生活，這引起了客人的強烈共鳴，並為我們提供了許多未來的發展機會。

We remain laser focused on leveraging our strengths and creating opportunities to ensure lululemon continues to rise above the near-term challenges being faced by others.

我們仍然專注於利用我們的優勢和創造機會，以確保 lululemon 繼續超越其他人面臨的近期挑戰。

I'd like to thank our teams around the world for the passion and spirit they bring with them to work every day.

我要感謝我們世界各地的團隊，感謝他們每天為工作帶來的熱情和精神。

Their dedication to our guests and energy for our brand makes this level of sustained performance possible.

他們對我們的客人的奉獻和對我們品牌的能量使這種水平的持續表現成為可能。

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

有了這個，我們很樂意回答您的問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

The first question comes from Matthew Boss of JPMorgan.

第一個問題來自摩根大通的 Matthew Boss。

Congrats on another great quarter, guys.

恭喜你們又一個偉大的季度，伙計們。

I guess maybe first, could you elaborate on the current momentum that you're seeing in the business, if you've seen any impact from the recent lateral apparel softness that you mentioned and just how you'd rank back half opportunities maybe by category?

我想也許首先，您能否詳細說明您在業務中看到的當前勢頭，如果您已經看到您提到的最近橫向服裝柔軟度的任何影響，以及您如何按類別對後半機會進行排名?

Yes.

是的。

Sure, Matt.

當然，馬特。

In terms of Q2, we remain very happy with the momentum we're seeing in the business, which is reflected in our comp guidance of the plus low double digit, which is on top of a 19% last year.

就第二季度而言，我們仍然對我們在業務中看到的勢頭感到非常滿意，這反映在我們的正低兩位數的複合指導中，高於去年的 19%。

So the business has continued to see very strong trading into the quarter.

因此，該業務在本季度繼續保持非常強勁的交易。

And that growth is coming across all levers of the Power of Three.

這種增長正在跨越“三之力量”的所有槓桿。

In product, our men's business, as we shared, up 33%, continues to be very strong across all categories: tops, boxers and the bottom business.

正如我們所分享的，在產品方面，我們的男裝業務增長了 33%，在所有類別中繼續保持強勁勢頭：上衣、拳擊手和下裝業務。

And our women's business equally is showing very solid and very strong growth, in particular, bottoms, driven by leggings and joggers.

我們的女裝業務同樣呈現出非常穩固和非常強勁的增長，尤其是緊身褲和慢跑褲推動的下裝。

And we -- with what we're going to be launching in terms of newness, that momentum, we believe, will continue as we continue to feed the core with more innovation and test and learn into new categories and build out the key categories we want to win, being yoga, train and run.

而且我們——隨著我們將要推出的新品，我們相信，隨著我們繼續為核心提供更多創新、測試和學習新類別並建立我們的關鍵類別，這種勢頭將繼續下去想贏，做瑜伽，訓練和跑步。

So we feel very good about the product launches that are dropping and the momentum and the way the guest is reacting to the product as they see it.

因此，我們對正在下降的產品發布以及勢頭以及客人對產品的反應方式感到非常滿意。

The next question comes from Ike Boruchow of Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Let me add my congrats.

讓我補充一下我的祝賀。

I guess I'm going to throw this question to Stuart.

我想我要把這個問題扔給斯圖爾特。

It's very compelling stuff you've got on China with the .cn rollout.

隨著 .cn 的推出，您在中國獲得了非常引人注目的內容。

I guess just over time, Stuart, can you maybe talk about how you see the mix of your digital business in China, the .cn site versus Tmall, and then maybe relative profitability between the 2, if there's any nuances we should keep in mind?

我想隨著時間的推移，Stuart，您能否談談您如何看待您在中國的數字業務組合、.cn 網站與天貓，以及兩者之間的相對盈利能力，如果我們應該記住任何細微差別的話?

Sure, Ike.

當然，艾克。

So the business vision that we have for China is certainly more heavily considered from a digital standpoint than North America.

因此，從數字的角度來看，我們對中國的商業願景肯定比北美更受重視。

As we've said in some of our prior conversations, we can see the business in China being 50% online.

正如我們在之前的一些對話中所說，我們可以看到中國的業務有 50% 是在線的。

And the structure of the industry in China is also important in creating that environment to make that possible.

中國的行業結構對於創造這樣的環境也很重要。

And when I say that structure, I think part of that is the marketplace structure that we're all aware of with WeChat and Tmall and the dominance that they have in the Chinese market.

當我說這種結構時，我認為部分原因是我們都知道微信和天貓的市場結構以及它們在中國市場的主導地位。

So we participate in that, but we're very cognizant of how our brand is being introduced and developed.

所以我們參與其中，但我們非常了解我們的品牌是如何被引入和發展的。

And we take important steps to ensure that we have a very premium positioning for the brand.

我們採取重要措施確保我們對該品牌擁有非常優質的定位。

We see Tmall continuing to be an important part of the overall digital business mix for us.

我們認為天貓將繼續成為我們整體數字業務組合的重要組成部分。

We see our own .cn site and our WeChat site emerging and taking a larger proportion of our digital business in time.

我們看到我們自己的 .cn 網站和我們的微信網站正在興起，並及時佔據了我們數字業務的更大比例。

We're making investments now to make that possible, and we'll share those details with you as they develop.

我們現在正在進行投資以實現這一目標，我們將在開發過程中與您分享這些細節。

But the launch of the .cn site or the relaunch, I should say, of the .cn site that we mentioned in the first quarter is an important part of that.

但是我們在第一季度提到的.cn網站的啟動或重新啟動.cn網站應該說是其中的重要部分。

And generally, just the expansion of the store footprint will drive brand awareness.

一般來說，僅僅擴大店鋪足跡就會提高品牌知名度。

We're seeing great traction broadly across China and a lot of signals that are suggesting that our brand is gaining traction.

我們在中國看到了廣泛的吸引力，並且許多信號表明我們的品牌正在獲得牽引力。

So that will support and fuel traffic in our business across all channels.

因此，這將支持和推動我們所有渠道的業務流量。

So I think those are the things I'd point to in terms of just how we're thinking about the digital part of our business there.

因此，我認為這些就是我要指出的關於我們如何考慮我們業務的數字部分的事情。

Can you just elaborate on the margin structure of the .cn versus Tmall over time opportunity?

您能否詳細說明 .cn 與天貓隨著時間的推移機會的保證金結構？

Yes.

是的。

For sure.

當然。

Overall, there is an advantage of -- from a digital versus stores that is directionally consistent with what we see in North America in terms of the bottom line contribution margin for the digital business versus stores.

總體而言，就數字業務與商店的底線貢獻率而言，數字業務與商店的優勢在方向上與我們在北美看到的一致。

That said, there is incremental costs that we incur to operate on the Tmall platform, but it's still an attractive contribution margin that is still higher than what we see in our store business.

也就是說，我們在天貓平台上運營會產生增量成本，但這仍然是一個有吸引力的邊際貢獻，仍然高於我們在商店業務中看到的水平。

The next question comes from Kate Fitzsimons of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Kate Fitzsimons。

Yes.

是的。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

I guess my question would be the 2019 outlook on gross margin.

我想我的問題是 2019 年的毛利率前景。

Just how should we factor in some of these nonmerchandise items?

我們應該如何考慮其中一些非商品項目？

PJ, you did mention the 20, 30 basis points headwind from flying in goods ahead of the port congestion.

PJ，您確實提到了在港口擁堵之前空運貨物帶來的 20、30 個基點的逆風。

But can we think about some of these other merchandise items are items such as rent, occupancy and the product and supply chain costs as well?

但是我們是否可以考慮這些其他商品項目中的一些項目，例如租金、入住率以及產品和供應鏈成本？

Yes.

是的。

Kate, this is PJ.

凱特，這是 PJ。

So what's driving gross margin going forward, so the biggest driver does remain lower product costs.

那麼是什麼推動了毛利率的發展，所以最大的推動力仍然是降低產品成本。

We did have a pickup in markdown and mix.

我們確實在降價和混合方面有所回升。

We do see remaining opportunities in scale segmenting the supply chain, greater efficiency across the distribution network.

我們確實看到了規模分割供應鏈、提高整個分銷網絡效率的剩餘機會。

That said, so there are some pressures, and those pressures are related to DC investments.

也就是說，存在一些壓力，這些壓力與 DC 投資有關。

So we opened Toronto.

所以我們開了多倫多。

There were some startup costs there.

那裡有一些啟動成本。

Our collocated and our international stores carry higher rent, so we'll see a little bit of pressure from -- on occupancy and depreciation.

我們的並置店和國際店的租金較高，因此我們會看到來自入住率和折舊的一些壓力。

But that, for the quarter, was relatively minimal.

但是，對於本季度而言，這一數字相對較小。

And then going forward, we're going to continue to develop product, right, so new categories, bras, outerwear.

然後繼續前進，我們將繼續開發產品，對，新品類，胸罩，外套。

So we are spending money to continue to build out our product assortment.

因此，我們正在花錢繼續擴大我們的產品種類。

So again, net-net, we'll see modest expansion, as we've guided to, but there will be a little bit of pressure from those items I just mentioned.

再說一次，net-net，我們會看到適度的擴張，正如我們所引導的那樣，但我剛才提到的那些項目會帶來一點壓力。

The next question comes from Adrienne Yih of Wolfe Research.

下一個問題來自 Wolfe Research 的 Adrienne Yih。

Congratulations.

恭喜。

Great quarter.

很棒的季度。

Calvin, I was wondering if you can give us an update on the Robert Geller and lab collection.

卡爾文，我想知道你能否給我們介紹一下羅伯特蓋勒和實驗室收藏的最新情況。

And any learnings thus far for your go-forward strategy?

到目前為止，您對您的前進戰略有什麼學習嗎？

And then, PJ, just to clarify, the comments you made on the tariffs, were those the increase from 10% to 25% on List 3?

然後，PJ，只是為了澄清一下，你對關稅的評論是清單 3 中從 10% 增加到 25% 的嗎？

Or is this predicated on the List 4?

或者這是否基於列表 4？

And can you give us the amount of sourcing directly out of China at this point?

你能告訴我們目前直接從中國採購的數量嗎？

Great.

偉大的。

I'll kick off and just comment on both Robert Geller and lab.

我將開始對 Robert Geller 和實驗室發表評論。

On Robert Geller, we're very pleased with the results of the collaboration.

在羅伯特蓋勒身上，我們對合作的結果非常滿意。

And similar to many of the collaborations we've done, our guests are responding very favorably in general to this newness and an opportunity to either buy into a new category or a unique aesthetic.

與我們所做的許多合作類似，我們的客人總體上對這種新穎性和購買新品類或獨特美學的機會反應非常積極。

With Robert Geller, in particular, some of the key learnings was this one showed up very strong from an international perspective, in particular, in our Asia Pacific markets, which is really exciting when we think of the opportunity for these collabs going forward.

尤其是羅伯特蓋勒，一些關鍵的經驗是，從國際角度來看，這一經驗非常強大，特別是在我們的亞太市場，當我們想到這些合作未來的機會時，這真的很令人興奮。

The marketing buzz through social was significant behind this collaboration, which is exciting as we look for ways to continue to leverage our marketing and create an impact and acquire new guests and raise the awareness of the brand, which then leads to the final learning, which is it responded very well with recruiting new guests into the brand, but equally, our current guests were heavily engaged in the product, which is a great opportunity for us as we look for ways to continue to broaden and increase the share of wallet with our highly loyal and high spenders.

通過社交媒體的營銷熱潮在這次合作背後非常重要，這令人興奮，因為我們正在尋找方法來繼續利用我們的營銷並創造影響力並獲得新客人並提高品牌知名度，然後導致最終的學習，即是不是它在為品牌招募新客人方面反應很好，但同樣，我們的現有客人也大量參與了該產品，這對我們來說是一個很好的機會，因為我們正在尋找方法來繼續擴大和增加我們的錢包份額高度忠誠和高消費。

So overall, the collaboration performed very well with a lot of key learnings.

所以總的來說，合作表現非常好，有很多關鍵的學習。

In the lab, those ideas will feed into our lab, of which we shared earlier.

在實驗室中，這些想法將反饋到我們之前分享的實驗室中。

We're planning some shop-in-shops in the fall, and we'll continue to expand rollout from there.

我們計劃在秋季開設一些店中店，並將繼續擴大推廣範圍。

And then on the second question about tariffs, I'll point out just a few things.

然後關於關稅的第二個問題，我將指出幾件事。

So first, I think it's important to mention that our direct exposure to China is relatively small with 6% of our total finished goods exported for China to the U.S. and (inaudible) for tariffs.

因此，首先，我認為有必要提一下，我們對中國的直接敞口相對較小，我們向中國出口到美國的製成品總量的 6% 和（聽不清）關稅。

To answer your question, so currently, under the tranche 3 tariffs, only 1% of our finished goods are subject to that.

為了回答您的問題，目前，在第 3 檔關稅下，我們只有 1% 的製成品受此影響。

The balance, the additional 5%, would be subject -- that would be part of the tranche 4 tariffs.

餘額，即額外的 5%，將成為第 4 部分關稅的一部分。

So that's the direct impact.

這就是直接影響。

The better part of the expense is really coming from this indirect exposure we have.

大部分費用實際上來自我們擁有的這種間接曝光。

We're anticipating port congestion right around the timeframe, starting in that mid- to late July timeframe.

我們預計港口將在 7 月中下旬開始出現擁堵。

And we think it's prudent and important to deliver new product for our guests and protect the sales associated with those goods.

我們認為為我們的客人提供新產品並保護與這些商品相關的銷售是謹慎和重要的。

So really, the larger airfreight that I mentioned.

所以真的，我提到的更大的空運。

The next question comes from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

Curious, as you open stores in some of your less mature markets, if you're seeing a lift to your e-com business in that market?

好奇，當您在一些不太成熟的市場開設商店時，您是否看到該市場的電子商務業務有所提升？

And if there's any way for you to quantify that.

如果有任何方法可以讓你量化它。

And then second, what percent of your product sales come from new SKUs?

其次，您的產品銷售額中有多少來自新 SKU？

And what was that number in 1Q if you do try to quantify it that way?

如果您確實嘗試以這種方式量化它，那麼第一季度的數字是多少？

And I'm curious about what is your philosophy about what that percentage should be over time coming from new SKUs versus existing winners.

我很好奇你的理念是什麼，隨著時間的推移，來自新 SKU 與現有贏家的百分比應該是多少。

Paul, it's Stuart.

保羅，是斯圖爾特。

I'll speak to your first question on our less developed markets.

我將回答你關於我們欠發達市場的第一個問題。

What we see in our international regions is consistent with our experience in North America in that as we open new stores, we see our web business, our e-com business, accelerate in and around the trade area where we open those stores.

我們在國際地區看到的情況與我們在北美的經驗是一致的，因為當我們開設新店時，我們看到我們的網絡業務、我們的電子商務業務在我們開設這些商店的貿易區及其周邊地區加速發展。

The -- and we -- but we also use our digital business, our e-com business, as a guide to understand where we might open, look to open new stores, where our demand and brand awareness is gaining traction.

- 和我們 - 但我們也使用我們的數字業務，我們的電子商務業務，作為了解我們可能在哪裡開店的指南，希望開新店，我們的需求和品牌知名度正在獲得牽引力。

That is an indicator that factors into how we rate markets and trade areas as potential candidates for new stores.

這是一個指標，會影響我們如何將市場和貿易區域視為新店的潛在候選者。

So that experience has proven consistent in our international markets.

因此，這種經驗在我們的國際市場上已被證明是一致的。

And we really see a positive, synergistic effect of the footprint, the growing footprint of the store, the store fleet in driving awareness in traffic across both channels.

我們確實看到了足蹟的積極協同效應，商店的足跡不斷擴大，商店車隊在提高兩個渠道的流量意識方面。

And Paul, relative to the second part of your question, the majority of our sales growth is coming from our core products, our core franchises, that we either continue to innovate on or introduce new color pallets, which the guests are responding very favorably to.

保羅，關於你問題的第二部分，我們的大部分銷售增長來自我們的核心產品，我們的核心特許經營權，我們要么繼續創新，要么推出新的彩色托盤，客人對此反應非常積極.

We do introduce a number of drops on a weekly basis.

我們每週都會推出一些下降。

The guest responds very well to those.

客人對這些反應非常好。

We monitor but don't share sort of the makeup as a percentage of sales.

我們監控但不分享某種化妝品佔銷售額的百分比。

But overall, core is driving our business.

但總的來說，核心正在推動我們的業務。

We take franchises and innovate behind them, and I think we shared Metal Vent that's coming in Q3, tail end of Q2, which is a wonderful innovation on a very powerful, strong franchise.

我們採用特許經營權並在其背後進行創新，我認為我們分享了即將在第三季度、第二季度末推出的 Metal Vent，這是一個非常強大、強大的特許經營權的奇妙創新。

That will continue to drive.

這將繼續推動。

And as we test and learn into new categories, as we expand into yoga, train and run and OTC, which are the areas that we mentioned, our focus areas for the merchants and our product team to design into, the growth is coming from core.

隨著我們測試和學習新的類別，隨著我們擴展到瑜伽、訓練和跑步和 OTC，這些是我們提到的領域，我們為商家和產品團隊設計的重點領域，增長來自核心.

The next question comes from Omar Saad who's with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

I wanted to ask about the most recent round of the loyalty launch, what you're learning from that, and I think it's in the third iteration.

我想問一下最近一輪的忠誠度發布，你從中學到了什麼，我認為這是第三次迭代。

When do you expect to roll it out more broadly?

您預計何時更廣泛地推出它？

How are -- what kind of data are you accruing from the program at the local market level?

您在本地市場級別從該計劃中獲得了哪些數據？

And it's pretty incredible to me the results you're putting up without even really having that data -- customer-level data behind some of the decision making.

對我來說，你在沒有真正擁有這些數據的情況下提出的結果令人難以置信——一些決策背後的客戶級數據。

So intrigued to hear more how big of a lever that can be.

很想听到更多可以有多大的槓桿。

Great.

偉大的。

Thanks, Omar.

謝謝，奧馬爾。

We did roll out.

我們確實推出了。

So we're now testing in Edmonton, in Denver and Austin.

所以我們現在在埃德蒙頓、丹佛和奧斯汀進行測試。

And each market, we tweak the program slightly from the product that we make available to the guests to the price point.

在每個市場，我們都會對程序進行微調，從我們向客人提供的產品到價格點。

As you know, we raised the price point in our later tests to see how the guests would respond.

如您所知，我們在後來的測試中提高了價格點，以了解客人的反應。

We're playing with the events, which are the primary benefit from joining into the membership.

我們正在參與活動，這是加入會員的主要好處。

And in each market, the results have been well above our expectations going in, very favorable from the guests.

在每個市場，結果都遠遠超出了我們的預期，受到客人的好評。

And we continue to tweak and learn and do plan to roll into more markets, and we'll have more to announce at a later point in time.

我們將繼續調整和學習，併計劃進入更多市場，我們將在以後發布更多內容。

But 2020 is a year in which we see expanding into more markets.

但 2020 年是我們看到向更多市場擴張的一年。

And we are very excited about the potential of this membership and the platform to drive new guest acquisition, which is what we're seeing with the program, which is super exciting; driving guest loyalty and engagement into the brand, which is what we expected; but also, on the back of having to be a revenue stream for the business in a way in which we can achieve and drive that engagement through that system.

我們對這個會員資格的潛力和推動新客戶獲取的平台感到非常興奮，這就是我們在該計劃中看到的，這非常令人興奮；推動客戶忠誠度和品牌參與度，這是我們所期望的；而且，在必須成為業務收入來源的背景下，我們可以通過該系統實現並推動這種參與。

The next question comes from John Kernan who's with Cowen.

下一個問題來自與 Cowen 在一起的 John Kernan。

I wanted to go back to the buy online, pick up in-store.

我想回到網上購買，在店內取貨。

I think it's scaling from 35 to 150 stores.

我認為它正在從 35 家商店擴展到 150 家商店。

And it's a full rollout, I think, you said, by the end of the third quarter.

我認為，你說，到第三季度末，這是全面推出。

What are your learnings from this?

你從中學到了什麼？

And how much of a incremental driver of demand do you think this can be?

您認為這會增加多少需求增量？

I think -- so you're right.

我認為 - 所以你是對的。

We rolled up to 150 stores, and our plan is to have all stores up and running by end of Q3, which will put us in great standing for the holiday.

我們總共開設了 150 家門店，我們的計劃是在第三季度末讓所有門店都開業運營，這將使我們在節日期間保持良好狀態。

And I think we'll learn a lot when that happens.

我認為當這種情況發生時我們會學到很多東西。

As we're rolling out, we're happy with the results.

隨著我們的推出，我們對結果感到滿意。

Equally, internally, operationally, 80% of the orders that are placed are ready for pickup within 1 hour, which I think is an important internal metric for us because it just sort of talks to the operational readiness and engagement so that as the demand from the guests accelerates, we're ready to be there to service them.

同樣，在內部，在運營方面，80% 的訂單都可以在 1 小時內準備好取貨，我認為這對我們來說是一個重要的內部指標，因為它只是在討論運營準備情況和參與度，以便隨著需求客人加速，我們準備在那里為他們服務。

As we roll out to more stores, we're able to position it differently within the website experience and the checkout, making it a lot more known and really start to market it.

隨著我們向更多商店推出，我們能夠在網站體驗和結賬中對其進行不同的定位，使其更加知名並真正開始推銷它。

So early indication is encouraging.

因此，早期跡象令人鼓舞。

We think it's a necessity in leveraging our omni strategy, which is one of our pillars of growth.

我們認為這是利用我們的全方位戰略的必要條件，這是我們的增長支柱之一。

So we know we need to do it.

所以我們知道我們需要這樣做。

And I think this fourth quarter, when we're in full rollout and we're marketing it aggressively on our website and in the checkout, that guests really know it's an option across the full fleet, we'll really learn.

而且我認為在第四季度，當我們全面推出並在我們的網站和結賬時積極營銷時，客人真的知道這是整個車隊的一個選擇，我們真的會學習。

But I'm encouraged by it, and I think it'll be a wonderful way to continue to drive our traffic into the store, drive that incremental pickup and contribute to the top line.

但我對此感到鼓舞，我認為這將是一種很好的方式，可以繼續將我們的流量吸引到商店，推動增量提貨並為收入做出貢獻。

Got it.

知道了。

And then just on that topic.

然後就這個話題。

Obviously, the Lincoln Park store opening in Chicago, is this a test?

很明顯，芝加哥林肯公園店開業，這是一個考驗嗎？

Or is this like larger-scale, experiential-type store, something you think that you're considering scaling even greater?

或者這就像更大規模的體驗式商店，你認為你正在考慮擴大規模？

Well, it's definitely a test.

嗯，這絕對是一個考驗。

We -- as you know, our vision is to be an experiential brand.

我們——如您所知，我們的願景是成為一個體驗式品牌。

And we know we can deliver those experiences both within the store and outside of the store, and we do that very effectively across the fleet today.

而且我們知道我們可以在店內和店外提供這些體驗，而且我們今天在整個車隊中都非常有效地做到了這一點。

What Lincoln Park will allow us to do is to bring a lot of those experiences inside the 4 walls into the community on a consistent basis.

林肯公園將允許我們做的是將 4 堵牆內的許多體驗以一致的方式帶入社區。

So it is a test, and we will learn from that and then figure out how, within our flexible fleet that we have today from seasonal stores to small up to our large format, this, we believe, could become just another mix within our portfolio of how we go into a market and deliver our experience to our guests.

所以這是一個測試，我們將從中吸取教訓，然後弄清楚，在我們今天擁有的從季節性商店到小型到大型格式的靈活機隊中，我們相信，這可能成為我們產品組合中的另一種組合我們如何進入市場並向客人提供我們的體驗。

But it's a test.

但這是一個考驗。

We're going to learn, and we'll go from there.

我們要學習，我們將從那裡開始。

The next question comes from Camilo Lyon who's with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Camilo Lyon。

Really good job here.

在這里工作真的很好。

Calvin, I think in your comments about the strength of the women's business, you talked about the bottoms category continuing to be a leading category for you.

Calvin，我認為在您對女性業務實力的評論中，您談到了底褲類別繼續成為您的領先類別。

But what was interesting to us was the mention and callout of joggers.

但對我們來說有趣的是慢跑者的提及和標註。

Can you talk about how your female consumer is expanding their aperture with respect to your offering such that you're gaining a larger share of closet?

你能談談你的女性消費者是如何擴大他們對你的產品的興趣的，這樣你就可以獲得更大的壁櫥份額嗎？

It seems like that is starting to manifest in a way that could serve you well from the perspective of creating a bigger moat around the customer that you've invested in all these years.

從圍繞您多年來投資的客戶創造更大護城河的角度來看，這似乎開始以一種可以很好地為您服務的方式體現出來。

Yes.

是的。

No, for sure.

不，當然。

What I would tell you in terms of the (technical difficulty) of our business, both across men's and women's, but I'll speak specifically to women's, is the number of new guests we're seeing as well as our reactivated guests in addition to a current active guest.

關於我們業務的（技術難度），無論是男裝還是女裝，我要告訴你的是我們看到的新客人的數量以及我們重新激活的客人給當前活躍的客人。

So bottoms continues to be the #1 driver of new guest acquisition, and both leggings and joggers are performing incredibly well at achieving that, as well as we dial up our digital marketing initiatives and our e-mail campaigns.

因此，底褲仍然是吸引新客人的第一大驅動力，緊身褲和慢跑褲在實現這一目標方面表現得非常出色，而且我們也加大了數字營銷計劃和電子郵件活動的力度。

We're proving that many of those tactics are proving very effective to reactivate guests into the brand.

我們證明，其中許多策略對於重新激活客人進入品牌非常有效。

And then as you've mentioned, to grow that share of wallet, which is equally something that we're focused on and exciting.

然後正如你所提到的，增加錢包的份額，這同樣是我們關注和令人興奮的事情。

So bottoms really is a very balanced growth across those 3 pillars.

所以底部確實是這三個支柱之間非常平衡的增長。

When we look to building out our core and filling in the assortment opportunities we have around yoga, train and run as well as OTC, we expect that much of that will drive the share of wallet with our existing guests because what we're doing is truly bringing incremental assortment and choice to her and him, but in this case, to her in the categories in which she sweats today where we don't have product offering, but we know we have an opportunity to deliver it through our unique lens of science of feel.

當我們尋求建立我們的核心並填補我們在瑜伽、訓練和跑步以及 OTC 周圍的各種機會時，我們預計其中大部分將推動我們現有客人的錢包份額，因為我們正在做的是真正為她和他帶來更多的分類和選擇，但在這種情況下，在她今天出汗的類別中，我們沒有提供產品，但我們知道我們有機會通過我們獨特的鏡頭來提供它感覺科學。

So moving forward, we expect to continue to grow that share of wallet and, as you mentioned, depth of wardrobe and see a lot of opportunity to do that by just expanding into the sweat categories we already have a relationship for or with her today.

因此，展望未來，我們希望繼續增加錢包的份額，正如你提到的那樣，增加衣櫥的深度，並看到很多機會通過擴展到我們今天已經與她建立關係或與她建立關係的汗水類別來做到這一點。

Great.

偉大的。

And my follow-up question relates to the differences between your existing guests' purchasing behavior and the new guests that you're bringing into the store and into the brand.

我的後續問題涉及您現有客人的購買行為與您帶入商店和品牌的新客人之間的差異。

So is there any color you could provide in terms of this -- the average spend between those 2 cohorts?

那麼你有什麼可以提供的顏色嗎——這兩個群組之間的平均支出？

I think that would be helpful in determining what the opportunity is of taking that new guest up that spend curve and have that person or that guest look like a more mature, higher spending consumer over X amount of time or months or what have you.

我認為這將有助於確定將新客人帶到消費曲線上的機會是什麼，並讓那個人或那個客人看起來像一個更成熟、更高消費的消費者 X 時間或幾個月或你有什麼。

Yes.

是的。

We don't share sort of the average spend across our different guests.

我們不會分享不同客人的平均支出。

What I can tell you is, directionally, that our e-mail file growth continues to be very strong as well as our new guest acquisition.

我可以告訴你的是，在方向上，我們的電子郵件文件增長繼續非常強勁，以及我們的新客戶獲取。

And as we're building our CRM capability, our ability to then migrate or trade up those guests into new categories or deeper into the categories they're in is proving to be a very effective way in which we're keeping the guests very engaged and active as well as increasing their share of wallet but equally focused on our high-value guests, which we have incredible loyalty retention numbers within retail.

隨著我們建立 CRM 能力，我們將這些客人遷移或交易到新的類別或更深入到他們所在的類別的能力被證明是一種非常有效的方式，可以讓客人保持高度參與和活躍以及增加他們的錢包份額，但同樣關注我們的高價值客人，我們在零售業擁有令人難以置信的忠誠度保留數字。

So they're highly engaged.

所以他們非常投入。

The retention numbers are very high.

保留數字非常高。

And getting them to continue to engage in the category and drive growth is proving very (technical difficulty) was a big area of focus for us and something that we're really excited about as we look to yoga, train, run and OTC as categories where we can expand the assortment with that engagement and retention to be able to increase the share of wallet.

事實證明，讓他們繼續參與該類別並推動增長非常（技術難度）是我們關注的一個重要領域，當我們將瑜伽、訓練、跑步和 OTC 視為類別時，我們對此感到非常興奮我們可以通過參與度和留存率來擴大分類，從而增加錢包的份額。

That whole CRM initiative is a big area, and we're seeing some really good success from it.

整個 CRM 計劃是一個很大的領域，我們從中看到了一些非常好的成功。

The next question comes from Kimberly Greenberger who's with Morgan Stanley.

下一個問題來自摩根士丹利的 Kimberly Greenberger。

PJ, I wanted to just follow up on the potential port congestion.

PJ，我只想跟進潛在的港口擁堵情況。

I'm wondering what you're hearing from your production department around the risk of port congestion.

我想知道您從生產部門那裡聽到的關於港口擁堵風險的消息。

Is it that ocean cargo capacity is tight right now?

是不是現在海運運力緊張？

Or are there other signals that your production department is seeing that suggests we could see this port congestion either late second quarter, early third quarter?

還是您的生產部門看到的其他信號表明我們可能會在第二季度末或第三季度初看到港口擁堵？

And with regard to your deliveries in particular, it sounds like you've protected all of your deliveries from these potential delays, but I just want to confirm that you don't have any inventory on order that would be at risk of late delivery.

特別是關於您的交付，聽起來您已經保護了所有交付免受這些潛在延遲的影響，但我只想確認您沒有任何可能存在延遲交付風險的訂單庫存。

And then I wasn't sure if I missed it, but did you offer any color or guidance on the second quarter SG&A?

然後我不確定我是否錯過了它，但是您是否對第二季度的 SG&A 提供了任何顏色或指導？

Yes.

是的。

Thanks, Kimberly.

謝謝，金伯利。

So I'll take those one at a time.

所以我會一次拿一個。

So with regards to the airfreight, you're exactly right.

所以關於空運，你是完全正確的。

We are protecting our fall deliveries, and that's why we're doing it.

我們正在保護我們的秋季交付，這就是我們這樣做的原因。

It's a hedge.

這是一個樹籬。

So we're eliminating the risk.

所以我們正在消除風險。

I mean there's always summers, but we're eliminating most of it by utilizing airfreight and not getting caught up in the congestion, which is we've seen this before due to tariffs, companies trying to get out ahead of it.

我的意思是總是有夏天，但我們通過利用空運來消除大部分夏天，而不是陷入擁堵，這是我們之前因為關稅而看到的，公司試圖搶在它前面。

But there is also a broader issue with carriers consolidating cargo.

但是，承運人合併貨物還有一個更廣泛的問題。

They refer to it as transshipments.

他們將其稱為轉運。

But that's a separate issue that's related more to carriers.

但這是一個與運營商更多相關的單獨問題。

But that is an issue we're dealing with as well.

但這也是我們正在處理的問題。

So hopefully, that answers your question on port congestion.

所以希望這能回答你關於港口擁堵的問題。

On SG&A, so we are committed to modest SG&A leverage for the year.

在 SG&A 方面，因此我們致力於在今年保持適度的 SG&A 槓桿。

We remain focused on that.

我們仍然專注於此。

As we mentioned before, we're using strong performance to invest in current and long-term growth, and we're seeing a result from that.

正如我們之前提到的，我們正在利用強勁的業績來投資於當前和長期的增長，我們正在看到結果。

During this quarter, we leaned into digital marketing focused on building brand awareness, driving new guest acquisition.

在本季度，我們傾向於專注於建立品牌知名度、推動新客戶獲取的數字營銷。

As Calvin talked about, we're expanding our testing of new growth vehicles, loyalty, Selfcare focus.

正如 Calvin 所說，我們正在擴大對新增長工具、忠誠度、Selfcare 重點的測試。

And then we continue to invest in our North American online guest experience and data and analytics to drive conversion.

然後我們繼續投資於我們的北美在線客戶體驗以及數據和分析，以推動轉化。

So the last few quarters have seen -- we've ramped up our investment.

所以過去幾個季度已經看到——我們增加了投資。

We'll start to see the benefit of those in the back half.

我們將開始看到後半部分的好處。

And for Q2, we're calling for flat on SG&A.

對於第二季度，我們要求 SG&A 持平。

And we see the bigger opportunities in our biggest quarters, Q3, Q4, to add leverage to SG&A.

在我們最大的季度，第三季度，第四季度，我們看到了更大的機會來增加 SG&A 的影響力。

But for now, we're still making investments, and we still feel like that's the right strategy for the business.

但就目前而言，我們仍在進行投資，我們仍然認為這對企業來說是正確的戰略。

The next question comes from Brian Nagel who's with Oppenheimer.

下一個問題來自與奧本海默在一起的布賴恩·內格爾。

(inaudible) on another very nice quarter.

（聽不清）在另一個非常好的季度。

I want to dive a little (inaudible).

我想潛水一點（聽不清）。

If you look at the gross margin trajectory here in Q1, clearly, still very solidly positive year-on-year.

如果你看一下第一季度的毛利率軌跡，很明顯，同比仍然非常穩定。

But the rate of year-on-year increase has moderated a bit over the past few quarters or so.

但在過去幾個季度左右，同比增長速度有所放緩。

So my question there is if we can understand better, what's occurred to sort of facilitate that more modest rate or more modest pace of gross margin expansion?

所以我的問題是，如果我們能更好地理解，發生了什麼可以促進更溫和的毛利率或更溫和的毛利率擴張速度？

How should we think about that line going forward?

我們應該如何看待這條線的未來？

So Brian, it's Stuart.

所以布賴恩，是斯圖爾特。

Let me speak to that in terms of the drivers within our supply chain that have delivered the improvement over the last few years and then I think more specifically to your question more recently.

讓我談談我們供應鏈中的驅動因素，這些驅動因素在過去幾年中實現了改進，然後我想更具體地說明你最近提出的問題。

So we were able to build the programs that delivered the larger, more step function improvement in '16 and '17.

因此，我們能夠構建在 '16 和 '17 中提供更大、更多階躍功能改進的程序。

And we've been able to take that forward into '18 and '19.

我們已經能夠將其推進到 18 和 19 年。

And it's a part of our long-term guidance that PJ outlined at our Analyst Day to deliver modest gross margin improvement over the next few years.

這是 PJ 在分析師日概述的長期指導的一部分，以在未來幾年內實現適度的毛利率改善。

There's really 4 things that are driving that: scale, price breaks from volume increases; second thing is segmentation of our supply chain as we are able to drive more of our assortment into the lower-cost segments of our sourcing strategy; the third thing is transparency as we're able to drive greater degree of specific production standards and costing negotiations across a broader part of our assortment; and the fourth thing is the distribution efficiencies that PJ also mentioned.

確實有 4 件事在推動這一點：規模、價格與數量的增加相衝突；第二件事是我們供應鏈的細分，因為我們能夠將更多的產品分類推向我們採購戰略的低成本部分；第三件事是透明度，因為我們能夠在更廣泛的產品類別中推動更大程度的特定生產標準和成本談判；第四件事是 PJ 也提到的分配效率。

So those 4 things are the drivers of our gross margin improvement.

所以這四件事是我們毛利率提高的驅動力。

They -- we are lapping some very significant improvements.

他們——我們正在研究一些非常重要的改進。

They will naturally moderate into the future, but we still see significant opportunities over the next several years reflected in our guidance.

它們自然會緩和到未來，但我們仍然看到未來幾年的重大機遇反映在我們的指導中。

That's very helpful.

這很有幫助。

I appreciate it.

我很感激。

If I could slip maybe a quick follow-up in.

如果我能溜進去，也許可以快速跟進。

Just with regard to sales, I think -- Calvin, I think you mentioned in your prepared comments, you made reference to some of the soft lines or apparel-type weakness out there.

就銷售而言，我認為 - Calvin，我想你在準備好的評論中提到了一些軟線或服裝類型的弱點。

Clearly, that did not occur in the (inaudible).

顯然，這並沒有發生在（聽不清）。

But the question I have is as you look closer to your business, whether it be geographically across the country or even month-to-month, week-to-week, did you see any signs at all behind these very, very strong numbers of some stress in that consumer within the category?

但我的問題是，當您更深入地了解您的業務時，無論是在全國范圍內，還是逐月、逐週，您是否看到這些非常非常強大的數字背後有任何跡象？在那個類別內的消費者有些壓力？

I think when we look at Q1, and as we've shared, the balance across our product categories, both men's and women's, both bottoms and tops, our brand activations, be it some of the tests with membership or the event activity that we were doing, being able to leverage our improved data analytics and digital marketing, I mean, our guest was responding.

我認為當我們查看第一季度時，正如我們所分享的，我們產品類別的平衡，男裝和女裝，下裝和上裝，我們的品牌激活，無論是會員資格測試還是我們的活動活動正在做，能夠利用我們改進的數據分析和數字營銷，我的意思是，我們的客人正在回應。

And as we've shared, store traffic of plus 8% and over 40% in e-commerce is a good, healthy metric of a highly engaged guest.

正如我們所分享的，電子商務中超過 8% 和超過 40% 的商店客流量是高度參與客人的一個良好、健康的指標。

And we did not as we don't typically see in our business significant swings week-to-week or season-to-season or holiday-to-holiday.

而且我們沒有像我們通常在我們的業務中看到的那樣每週或每季或每季或假日到節假日的顯著波動。

So I would -- through Q1, we were very pleased with the momentum consistent with traffic driving a big piece of that business in both new guests as well as existing guests and balanced across our product range.

所以我會 - 在第一季度，我們對與流量一致的勢頭感到非常滿意，這在新客人和現有客人中推動了很大一部分業務，並在我們的產品範圍內保持平衡。

The next question comes from Dana Telsey with Telsey Advisory Group.

下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Congratulations on a terrific result.

恭喜取得了不起的成績。

As you look at the comps, beyond the traffic, how are the other components of comp?

當您查看比賽時，除了流量之外，比賽的其他組成部分如何？

And how did they compare to last quarter?

他們與上一季度相比如何？

What are you seeing?

你在看什麼？

And is there any more color on the merchandise margin and the progress there?

商品邊際和進度是否有更多顏色？

So Dana, it's PJ.

所以Dana，這是PJ。

So with regard to comp drivers, it is predominantly a traffic story.

所以關於補償司機，這主要是一個交通故事。

Again, traffic in store is up 8%; online, over 40%.

同樣，店內客流量增加了 8%；在線，超過 40%。

North American conversion online had shown significant improvement due to our ongoing investment there, so we're seeing a result there.

由於我們在北美的持續投資，北美在線轉換已顯示出顯著改善，因此我們在那裡看到了結果。

As far as AUR, UPT, they have effectively (technical difficulty) we had a relatively stable average order value or basket size.

就 AUR、UPT 而言，他們有效地（技術難度）我們有一個相對穩定的平均訂單價值或籃子大小。

So it's predominantly a traffic story.

所以它主要是一個交通故事。

This concludes time allocated for questions on today's call.

分配給今天電話會議問題的時間到此結束。

I'll now turn the conference back over to Howard Tubin for any closing remarks.

我現在將會議轉回給 Howard Tubin 來做任何閉幕詞。

Thanks for joining us, everyone.

謝謝大家加入我們。

We appreciate the time, and we look forward to speaking with you in about 3 months when we report our second quarter results.

我們很珍惜這段時間，我們期待在大約 3 個月後與您交談，屆時我們將報告我們的第二季度業績。

Thanks.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect your lines.

您現在可以斷開線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有愉快的一天。