Lululemon Athletica Inc (LULU) 2022 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc. Third Quarter 2022 Conference Call. (Operator Instructions) The conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 Lululemon Athletica Inc. 2022 年第三季度電話會議。 （操作員說明）會議正在錄製中。演示結束後，將有機會提問。 （操作員說明）

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

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

Thank you, and good afternoon. Welcome to Lululemon's third quarter earnings conference call. Joining me today to talk about our results are Calvin McDonald, CEO; and Meghan Frank, CFO.

謝謝，下午好。歡迎來到 Lululemon 第三季度財報電話會議。今天和我一起談論我們的結果的是首席執行官 Calvin McDonald；和首席財務官梅根弗蘭克。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of Lululemon's future. These statements are based on current information, which we have assessed but by which its nature is dynamic and subject to rapid and even abrupt changes.

在我們開始之前，我想藉此機會提醒您，我們今天的評論將包括反映管理層當前對 Lululemon 未來某些方面的預測的前瞻性陳述。這些陳述基於當前的信息，我們已經評估了這些信息，但其性質是動態的，並且會發生快速甚至突然的變化。

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

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

Any forward-looking statements 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.

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

During this call, we will present both GAAP and non-GAAP financial measures. Reconciliation of GAAP to non-GAAP measures is included in our quarterly report on Form 10-Q and in today's earnings press release. In addition, the comparable sales metrics given on today's call are on a constant dollar basis.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的調節包含在我們的 10-Q 表季度報告和今天的收益新聞稿中。此外，今天電話會議上給出的可比銷售指標是按固定美元計算的。

The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website, www.lululemon.com. Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial operating statistics for the third quarter as well as our quarterly infographic.

新聞稿和隨附的 10-Q 表季度報告可在我們網站 www.lululemon.com 的“投資者”部分獲取。在我們開始通話之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第三季度主要財務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 one hour, so please limit yourself to one question at a time to give others the opportunity to have their questions addressed. And now I'd like to turn the call over to Calvin.

今天的電話會議安排了一個小時，所以請您一次只回答一個問題，以便讓其他人有機會提出他們的問題。現在我想把電話轉給卡爾文。

Thank you, Howard. I'm happy to be here today to discuss our third quarter results, which, as you've seen from our press release, continue to be strong and resilient while we navigate an external environment that remains challenging. At Lululemon, innovation is at our core. We create apparel, footwear and gear that offers technical solutions to our guests as well as versatility and comfort with a variety of end uses, but that's just the starting point for us.

謝謝你，霍華德。我很高興今天能來這裡討論我們的第三季度業績，正如您從我們的新聞稿中看到的那樣，在我們應對仍然充滿挑戰的外部環境時，該業績繼續保持強勁和彈性。在 Lululemon，創新是我們的核心。我們創造服裝、鞋類和裝備，為我們的客人提供技術解決方案，並為各種最終用途提供多功能性和舒適性，但這只是我們的起點。

Lululemon is a brand that stands for community with connection firmly at our core. We connect with guests through our educators and ambassadors through our well-being offerings and local events and now through our new membership program in Lululemon Studio. It is this combination of innovation and connection that differentiates Lululemon from our peers and contribute meaningfully to the continued and sustained momentum we see across the business.

Lululemon 是一個以社區為核心的品牌。我們通過我們的教育工作者和大使通過我們的福利和當地活動與客人聯繫，現在通過我們在 Lululemon Studio 的新會員計劃。正是這種創新與聯繫的結合使 Lululemon 與我們的同行區分開來，並為我們在整個業務中看到的持續發展勢頭做出了有意義的貢獻。

Over the next few minutes, I'll highlight for you the trends we've experienced over the recent Thanksgiving weekend on what we're seeing in our business at the start of the holiday season. Then I'll discuss quarter 3 and speak to the balanced strength we continue to see across our business in terms of geography, channel and merchandise categories.

在接下來的幾分鐘內，我將向您重點介紹我們在最近的感恩節週末所經歷的趨勢，以及我們在假期開始時在我們的業務中看到的趨勢。然後我將討論第 3 季度，並談到我們在地理、渠道和商品類別方面繼續看到的整個業務的平衡實力。

Next, I'll update you on the supply chain environment and our inventories, and then I'll speak to our product pipeline. And finally, I'll speak to the benefits of our direct-to-consumer model and several of the unique ways we enabled connection with our community. So let's jump in. I will start with our performance over Thanksgiving as I'm sure it's top of mind for all of you.

接下來，我將向您介紹供應鏈環境和我們的庫存，然後我將談談我們的產品管道。最後，我將談談我們直接面向消費者模式的好處，以及我們與社區建立聯繫的幾種獨特方式。那麼讓我們開始吧。我將從我們在感恩節的表現開始，因為我相信這是你們所有人的首要考慮。

I'm pleased with our results and performance over the extended Thanksgiving weekend and as we start the holiday season. Over the past 2 weeks, I have traveled with several senior leaders across North America to cities, including Phoenix, Tampa, Orlando, New York and Toronto. We visited several stores in each market and saw a tremendous level of engagement from our team members, our guests in every store.

我對我們在延長的感恩節週末和假期開始時的結果和表現感到滿意。在過去的 2 周里，我與北美的幾位高級領導人一起訪問了鳳凰城、坦帕、奧蘭多、紐約和多倫多等城市。我們參觀了每個市場的幾家商店，並看到我們的團隊成員以及每家商店的客人的高度參與。

In fact, Black Friday was the biggest day ever in our history in terms of revenue and traffic driven by our results in both North America and around the world, with guests responding well to the innovation we offer across our product assortment.

事實上，黑色星期五是我們歷史上收入和客流量最大的一天，受我們在北美和世界各地的業績推動，客人對我們在產品系列中提供的創新反應良好。

Our performance across markets and geographies shows that consumers are seeking brands like Lululemon that offer innovative, versatile product and a strong community connection that they can't find anywhere else. We also recognize that the external environment remains challenging with several high-volume weeks still in front of us. That being said, I'm encouraged with the beginning of our holiday season and I am confident in how our brand is positioned in the near and long term.

我們在各個市場和地區的表現表明，消費者正在尋找像 Lululemon 這樣的品牌，這些品牌提供他們在其他任何地方都找不到的創新、多功能產品和強大的社區聯繫。我們還認識到，外部環境仍然充滿挑戰，我們面前還有幾週的高交易量週。話雖如此，我對假期的開始感到鼓舞，並且我對我們的品牌在近期和長期的定位充滿信心。

Now I will speak to our performance in quarter 3. Meghan will go through the details in a few moments, but I'll share with you some of the financial highlights. Our revenue growth remains strong and balanced across several drivers as follows: all on a 3-year CAGR basis. Stores increased 16%, while e-commerce grew 46%, by region, North America grew 24% and international increased 42%. Revenue in Mainland China grew nearly 70% and we experienced strength across merchandise categories with men's up 28%, women's up 23% and accessories growing at 52%. Adjusted earnings per share increased 23% versus last year and 28% on a 3-year CAGR basis. And our market share gains continue. While the adult active apparel industry decreased its U.S. revenue by 4% in fiscal quarter 3 '22 compared to the same period last year, Lululemon gained 1.5 points of market share in the U.S. over this time, the most of any brand in this market according to the NPD Group's consumer tracking service.

現在我將談談我們在第三季度的表現。Meghan 將在稍後詳細介紹，但我將與您分享一些財務亮點。我們的收入增長在以下幾個驅動因素中保持強勁和平衡：均以 3 年復合年增長率為基礎。商店增長 16%，而電子商務增長 46%，按地區劃分，北美增長 24%，國際增長 42%。中國大陸的收入增長了近 70%，我們在商品類別中表現強勁，男裝增長 28%，女裝增長 23%，配飾增長 52%。調整後每股收益比去年增長 23%，按 3 年復合年增長率計算增長 28%。我們的市場份額繼續增加。雖然成人運動服裝行業在 22 財年第 3 季度的美國收入與去年同期相比下降了 4%，但 Lululemon 在此期間在美國的市場份額增加了 1.5 個百分點，是該市場所有品牌中最多的NPD 集團的消費者跟踪服務。

These results are only possible due to the strength and dedication of our people around the world. To our teams in our stores, in our distribution centers and call centers and in our store support centers, I'd like to express my gratitude on behalf of the entire leadership team. You connect with our guests every day, execute against our growth plan and continue to support one another, all of which enable the financial results we deliver quarter after quarter.

這些結果的取得離不開我們在世界各地的員工的力量和奉獻精神。對於我們商店、配送中心和呼叫中心以及商店支持中心的團隊，我想代表整個領導團隊表示感謝。您每天與我們的客人保持聯繫，執行我們的增長計劃並繼續相互支持，所有這些都使我們能夠逐季交付財務業績。

Turning now to supply chain and our inventories. We continue to see improvements across our supply chain. Our factories have now returned to pre-pandemic levels of production efficiency. In addition, ocean delivery times are continuing to improve from the 70 days we experienced last quarter. I'm also excited to share that we recently opened our Tilbury distribution center located near Vancouver to support demand in Western Canada. This DC is a great example of our ongoing investment in strategic foundational infrastructure projects that will help fuel our "Power of Three x2" growth plan.

現在轉向供應鍊和我們的庫存。我們繼續看到整個供應鏈的改進。我們的工廠現在已經恢復到大流行前的生產效率水平。此外，海運時間從我們上個季度的 70 天開始持續縮短。我也很高興與大家分享，我們最近開設了位於溫哥華附近的蒂爾伯里配送中心，以支持加拿大西部的需求。該 DC 是我們持續投資於戰略性基礎設施項目的一個很好的例子，這些項目將有助於推動我們的“三力 x2”增長計劃。

In terms of inventory, we ended quarter 3 with dollar inventory up 85% on a 1-year basis and units up 38% on a 3-year CAGR basis, both metrics in line with our expectations. As we discussed, our inventory levels were too lean last year, and we made the strategic decision to build inventories this year, which enabled the strong top line growth we have delivered.

在庫存方面，我們在第 3 季度末以美元庫存按 1 年增長 85%，單位按 3 年復合年增長率增長 38%，這兩個指標都符合我們的預期。正如我們所討論的那樣，我們去年的庫存水平太低了，我們今年做出了增加庫存的戰略決策，這使我們實現了強勁的收入增長。

Meghan will share additional details, and we remain comfortable with both the quality and quantity of our inventory. We continue to leverage our core styles, which account for approximately 45% of our total inventory and carry limited seasonal markdown risk. I'd also note that quarter 3 will represent the high point for our inventory on a 1-year dollar basis. And as we enter quarter 4, we are well positioned to be in stock throughout the holiday season.

梅根將分享更多細節，我們對庫存的質量和數量保持滿意。我們繼續利用我們的核心款式，這些款式約占我們總庫存的 45%，並且具有有限的季節性降價風險。我還要指出，按 1 年美元計算，第 3 季度將代表我們庫存的高點。當我們進入第 4 季度時，我們已準備好在整個假期期間備貨。

I will now spend a few minutes speaking about product. As you know, innovation at Lululemon is fueled by our science of field development platform. Our team's focus first on identifying the unmet needs of our guests and then we view them through the lens of activities to develop new franchises and other hero items that are versatile and innovative.

我現在將花幾分鐘時間談談產品。如您所知，Lululemon 的創新是由我們的現場開發平台科學推動的。我們團隊的重點首先是確定客人未滿足的需求，然後我們通過活動的鏡頭來審視他們，以開發新的特許經營權和其他多功能和創新的英雄項目。

Quarter 3 had some great examples of how we bring this strategy to life. In footwear, we launched our fourth style, Strongfeel. Like the other technical styles rolled out this year, Strongfeel was designed for women first, which differentiates us from many of our peers who create shoes for men and then adapt them for women. Strongfeel is a technical training shoe designed to keep the foot anchored and secured during workouts and we're encouraged by the initial guest response.

第 3 季度有一些很好的例子說明我們如何將這一戰略付諸實踐。在鞋類方面，我們推出了第四款款式 Strongfeel。與今年推出的其他技術款式一樣，Strongfeel 首先是為女性設計的，這使我們有別於許多為男性設計鞋子然後再為女性設計鞋子的同行。 Strongfeel 是一款技術訓練鞋，旨在在鍛煉期間保持腳部固定和固定，我們對客人最初的反應感到鼓舞。

As I've mentioned before, footwear is a test-and-learn category for us, and it represents a small portion of the growth we anticipate over the next 5 years. This allows us to build into the potential at an appropriate pace as we learn and make adjustments. That being said, we're excited about the potential opportunity in this category, and we were pleased to be recognized by Footwear News with the Launch of the Year Award presented during their 36th Annual Achievement Awards last week in New York.

正如我之前提到的，鞋類對我們來說是一個測試和學習的類別，它只占我們未來 5 年預期增長的一小部分。這使我們能夠在學習和做出調整時以適當的速度發揮潛力。話雖這麼說，我們對這一類別的潛在機會感到興奮，我們很高興在上周於紐約舉行的第 36 屆年度成就獎頒獎典禮上獲得了《鞋類新聞》的認可，頒發了年度發布獎。

Turning now to franchises. It's great to see how our teams continue to build out our range of Wunder Puff offerings. We started with a single women's jacket and have expanded into 11 styles within this outerwear franchise across women's, men's and accessories. Our results show that our guests respond extremely well to the breadth of options. While last year, we were constrained in terms of inventory, particularly in outerwear, we are well positioned with Wunder Puffs for the holiday season and expect to meet guest demand.

現在轉向特許經營。很高興看到我們的團隊如何繼續擴展我們的 Wunder Puff 產品系列。我們從一款女式夾克開始，在這個涵蓋女裝、男裝和配飾的外套系列中擴展到 11 種款式。我們的結果表明，我們的客人對廣泛的選擇反應非常好。去年，我們在庫存方面受到限制，尤其是在外套方面，但我們通過 Wunder Puffs 為節日季做好了準備，並有望滿足客人的需求。

As we look forward, franchise development represents a unique and distinctive opportunity for Lululemon with Align, Scuba and Define as a few examples, all of them beginning with a singular style and then expanding into popular multiple style offerings. And this is just the beginning. We will continue to introduce, expand and grow our franchise business into the future.

正如我們所期待的那樣，特許經營發展為 Lululemon 提供了一個獨特而獨特的機會，例如 Align、Scuba 和 Define，所有這些都是從單一風格開始，然後擴展到流行的多種風格產品。而這僅僅是個開始。我們將在未來繼續引進、擴大和發展我們的特許經營業務。

Let me now shift gears and speak to another one of Lululemon's key competitive advantages, our D2C model. Our ability to connect directly with guests in real time and across both our physical and digital channels gives us a number of ways to engage beyond a purchase transaction. In quarter 3, we launched our new membership program, began to hold local 10-K races for the first time since the pandemic began, and we brought focus to World Mental Health Day around the world with a notable activation in China.

現在讓我換檔談談 Lululemon 的另一個主要競爭優勢，即我們的 D2C 模式。我們通過物理和數字渠道實時直接與客人聯繫的能力為我們提供了多種方式來參與購買交易之外的活動。在第三季度，我們推出了新的會員計劃，開始舉辦自大流行開始以來的首次本地 10-K 比賽，並且我們在全球範圍內關注世界心理健康日，並在中國開展了顯著活動。

Some highlights are, in early October, we successfully launched our new 2-tier membership program in North America. The essential tier is free to everyone and offers unique benefits to members, including early access to product drops, exchange or credit on sale items and invitations to virtual community events.

一些亮點是，10 月初，我們在北美成功推出了新的 2 級會員計劃。基本層對所有人免費，並為會員提供獨特的好處，包括提前獲得產品掉落、交換或銷售商品的信用以及虛擬社區活動的邀請。

The premium tier of the program, Lululemon Studio represents the evolution of Mirror into a much more engaging hybrid fitness offering. We've extended our collective by partnering with some of the best fitness studios and instructors to bring even more classes to our members, both digitally and in real life.

該計劃的高級層 Lululemon Studio 代表了 Mirror 向更具吸引力的混合健身產品的演變。我們通過與一些最好的健身工作室和教練合作來擴展我們的集體，為我們的會員帶來更多的數字和現實生活課程。

To join, members purchased a Lululemon Studio Mirror, agreed to a $39 monthly subscription and received many exciting new benefits.

要加入，會員需要購買 Lululemon Studio Mirror，同意每月支付 39 美元的訂閱費用，並獲得許多令人興奮的新福利。

Another way we engage with guests is through our 10-K runs. We sponsored 2 races in Atlanta and in Houston and we're excited by the response. We paused these experiences during the pandemic. So I'm thrilled that we have been able to hold these large-scale community activations once again, bringing together our guests, local teams and ambassadors to extend our community connection.

我們與客人互動的另一種方式是通過我們的 10-K 跑步。我們在亞特蘭大和休斯敦贊助了兩場比賽，我們對反響感到興奮。我們在大流行期間暫停了這些體驗。因此，我很高興我們能夠再次舉辦這些大型社區活動，將我們的客人、當地團隊和大使聚集在一起，以擴大我們的社區聯繫。

And in China, we brought attention to World Mental Health Day in October with a month-long campaign aimed at inspiring people to take positive actions towards improving their physical, mental and social well-being. This included in real life events focused on wellness, media partnerships and the launch of a digital well-being hub on WeChat. These examples bring to life the unique ways we connect with our guests and our communities across the globe.

在中國，我們在 10 月開展了為期一個月的活動，旨在鼓勵人們採取積極行動，改善他們的身心健康和社會福祉，從而引起人們對世界精神衛生日的關注。這包括以健康為重點的現實生活活動、媒體合作夥伴關係以及在微信上推出數字健康中心。這些示例生動地展示了我們與全球賓客和社區建立聯繫的獨特方式。

This enduring strength of Lululemon demonstrates our ability to be globally strong and regionally relevant as we foster a deeper relationship with Lululemon for existing and importantly, new guests. All of this increases brand awareness, drives traffic to our stores and websites and ultimately results in higher purchase consideration engagement with Lululemon.

Lululemon 的這種持久實力表明我們有能力在全球範圍內發揮強大的作用，並在我們與 Lululemon 為現有客戶和重要的新客戶建立更深層次的關係時發揮區域相關性。所有這些都提高了品牌知名度，增加了我們商店和網站的流量，並最終導致與 Lululemon 的購買考慮度更高。

Before handing it over to Meghan, I wanted to speak further about our international business. As you know, our plans call for a quadrupling of international revenue over 5 years from 2021 to 2026, and I'm very pleased with how our leaders and local teams are executing against that goal. This was reinforced for me during my recent visits to the United Kingdom and Australia. I toured both markets with our local leaders and team members and got to experience firsthand the energy and excitement of our stores and our recently optimized locations in Australia.

在交給梅根之前，我想進一步談談我們的國際業務。如您所知，我們的計劃要求在 2021 年至 2026 年的 5 年內將國際收入翻兩番，我對我們的領導者和當地團隊如何實現這一目標感到非常滿意。在我最近訪問英國和澳大利亞期間，這一點對我來說得到了加強。我與我們當地的領導和團隊成員一起參觀了這兩個市場，並親身體驗了我們商店的活力和興奮以及我們最近在澳大利亞優化的地點。

It's also exciting to see how we are elevating the guest experience in these markets with the recent rollout of ship from store and enhanced endless aisle capabilities in both regions. With strong leaders in each of these markets and across our international business, I'm energized by our ability to continue to strategically expand Lululemon across geographies. The potential is considerable.

看到我們如何通過最近在這兩個地區推出的商店發貨和增強的無盡通道功能來提升這些市場的客人體驗，也令人興奮。在每個市場和我們的國際業務中都有強大的領導者，我對我們繼續戰略性地跨地區擴張 Lululemon 的能力感到鼓舞。潛力巨大。

And building upon the momentum from our recent market entry into Spain, we opened another iconic location in Europe just last week with a store on the Champs-Elysees in Paris. In the heart of one of the city's main shopping districts, this store will enable us to grow brand awareness, both in France and across Europe, given this is such a popular tourist destination.

在我們最近進入西班牙市場的勢頭的基礎上，我們上週在歐洲開設了另一個標誌性地點，在巴黎香榭麗舍大街開設了一家商店。鑑於這是一個如此受歡迎的旅遊目的地，這家商店位於該市主要購物區之一的中心地帶，將使我們能夠在法國和整個歐洲提高品牌知名度。

While our growth prospects are balanced across geographies, international represents a key piece of our "Power of Three x2" growth plan. We're off to a great start, and I look forward to sharing more with you on future earnings calls. With that, I'll now turn it over to Meghan.

雖然我們的增長前景在各個地區是平衡的，但國際是我們“三倍力量”增長計劃的關鍵部分。我們有了一個良好的開端，我期待在未來的財報電話會議上與您分享更多信息。有了這個，我現在把它交給梅根。

Thanks, Calvin. I'm pleased that our momentum continued in Q3, and we were able to deliver both top and bottom line results, which exceeded our guidance.

謝謝，卡爾文。我很高興我們在第三季度繼續保持勢頭，並且我們能夠實現超出我們指導的頂線和底線結果。

The holiday season is also off to a good start with strong traffic over the extended Thanksgiving weekend, and a positive guest response to our holiday merchandise assortment. In addition, we're in a much better inventory position this year to meet guest demand. However, I also want to acknowledge that we have several large volume weeks ahead of us, and our teams remain focused on connecting and engaging with our guests.

假期也有了一個良好的開端，延長的感恩節週末客流量大增，客人對我們的假期商品分類反應也很積極。此外，我們今年的庫存狀況要好得多，可以滿足客人的需求。但是，我也想承認，我們還有幾週的大量工作要做，我們的團隊仍然專注於與客人建立聯繫和互動。

Let me now share the details of our Q3 performance. I will also discuss specifics on our balance sheet, including our inventory and cash position. Please note that when comparing the financial metrics for Q3 2022 with Q3 2021, the adjusted operating results for Q3 2021 exclude $0.18 of expense related to the acquisition of Mirror. You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

現在讓我分享我們第三季度業績的細節。我還將討論我們資產負債表上的細節，包括我們的庫存和現金狀況。請注意，在比較 2022 年第三季度與 2021 年第三季度的財務指標時，2021 年第三季度調整後的經營業績不包括與收購 Mirror 相關的 0.18 美元費用。您可以參考我們的收益發布，了解更多信息以及與我們的 GAAP 指標的對賬。

For Q3, total net revenue increased 28% to $1.86 billion, ahead of our guidance. Comparable sales increased 25% with a 17% increase in stores and a 34% increase in digital. On a 3-year CAGR basis, total revenue increased 27%. In our store channel, sales increased 28% on a 1-year basis and 16% on a 3-year CAGR basis. Productivity continues to trend above 2019 levels. And although we had 22 stores closed in Mainland China in the last week of November, we currently have 99% of our fleet open globally.

第三季度，總淨收入增長 28% 至 18.6 億美元，高於我們的指引。可比銷售額增長了 25%，其中門店增長了 17%，數字業務增長了 34%。按 3 年復合年增長率計算，總收入增長 27%。在我們的商店渠道中，銷售額在 1 年的基礎上增長了 28%，在 3 年的複合年增長率基礎上增長了 16%。生產率繼續呈高於 2019 年水平的趨勢。儘管我們在 11 月的最後一周關閉了中國大陸的 22 家門店，但目前我們 99% 的門店在全球範圍內營業。

We ended the quarter with a total of 623 stores across the globe. Square footage increased 19% versus last year, driven by the addition of 71 net new stores since Q3 of 2021. During the quarter, we opened 23 net new stores and completed 7 co-located optimizations.

本季度末，我們在全球共有 623 家門店。在自 2021 年第三季度以來淨增 71 家新店的推動下，建築面積比去年增加了 19%。在本季度，我們淨開了 23 家新店並完成了 7 家同地優化。

In our digital channel, revenues increased 46% on a 3-year CAGR basis and contributed $767 million of top line or 41% of total revenue. Within North America, revenue increased 24% and within international, we saw a 42% increase, both on a 3-year CAGR basis. And by category, men's revenue increased 28% on a 3-year CAGR basis, women's increased 23% and accessories grew 52% on the same basis.

在我們的數字渠道中，收入以 3 年復合年增長率計算增長了 46%，貢獻了 7.67 億美元的收入，佔總收入的 41%。在北美，收入增長了 24%，在國際範圍內，我們看到了 42% 的增長，均按 3 年復合年增長率計算。按類別劃分，男裝收入按 3 年復合年增長率增長 28%，女裝收入增長 23%，配飾增長 52%。

I'm also excited that we continue to see strength in traffic across both channels. In stores, traffic increased nearly 25%. And in our digital business, traffic to our e-commerce sites and apps globally increased nearly 50%. On a 3-year CAGR basis, traffic is up 9% in stores and over 41% in e-commerce. This speaks to the strength of our omni operating model as we engage with our guests in ways most convenient to them.

我也很高興我們繼續看到兩個渠道的流量強勁。在商店中，客流量增加了近 25%。在我們的數字業務中，全球電子商務網站和應用程序的流量增長了近 50%。按 3 年復合年增長率計算，實體店客流量增長 9%，電子商務客流量增長超過 41%。這說明了我們全方位運營模式的優勢，因為我們以最方便的方式與客人互動。

Gross profit for the third quarter was $1.04 billion or 55.9% of net revenue compared to 57.2% of net revenue in Q3 2021. Our gross margin decrease of 130 basis points relative to last year was driven primarily by 60 basis points of deleverage from foreign exchange within gross margin, which was somewhat offset by a 20 basis point FX benefit within SG&A. A 40 basis point decrease in product margin, driven primarily by higher markdowns and inventory provisions relative to low levels last year, partially offset by lower air freight expense. And 30 basis points of deleverage on fixed costs, driven primarily by investments in our product teams and distribution centers, offset somewhat by leverage on occupancy and depreciation.

第三季度的毛利潤為 10.4 億美元，占淨收入的 55.9%，而 2021 年第三季度為淨收入的 57.2%。我們的毛利率較去年下降 130 個基點，主要是由於外匯去槓桿化 60 個基點在毛利率內，這在一定程度上被 SG&A 內 20 個基點的外匯收益所抵消。產品利潤率下降 40 個基點，這主要是由於相對於去年較低水平的降價和庫存撥備增加，部分被空運費用下降所抵消。固定成本去槓桿化 30 個基點，這主要是由對我們的產品團隊和配送中心的投資推動的，但在一定程度上被入住率和折舊的槓桿作用所抵消。

When looking at markdowns versus 2019, they were relatively flat and in line with our expectations. The decline in gross margin was larger than our guidance of 50 to 70 basis points, driven predominantly by FX and regional revenue mix. From a regional standpoint, while revenue growth in China was strong for the quarter, it was below our expectations due to COVID-19 impacts.

與 2019 年相比，降價幅度相對持平，符合我們的預期。毛利率的下降幅度大於我們 50 至 70 個基點的指引，主要受外彙和區域收入組合的推動。從區域的角度來看，雖然本季度中國的收入增長強勁，但由於 COVID-19 的影響，低於我們的預期。

Moving to SG&A. Our approach continues to be grounded in prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $684 million or 36.8% of net revenue compared to 37.6% of net revenue in Q3 2021. The leverage in the quarter versus Q3 2021 resulted from leverage in our stores and other channels on corporate SG&A and on foreign exchange. This was offset somewhat by an increase in depreciation and amortization.

搬到 SG&A。我們的方法繼續以審慎管理我們的費用為基礎，同時也繼續對我們的長期增長機會進行戰略投資。 SG&A 費用為 6.84 億美元，占淨收入的 36.8%，而 2021 年第三季度為淨收入的 37.6%。與 2021 年第三季度相比，本季度的槓桿率來自我們商店和其他渠道對公司 SG&A 和外彙的槓桿作用。這在一定程度上被折舊和攤銷的增加所抵消。

Operating income for the quarter was $352 million or 19% of net revenue compared to adjusted operating margin of 19.4% last year. Tax expense for the quarter was $97 million or 27.6% of pretax earnings compared to an adjusted effective tax rate of 25.1% a year ago. The increase relative to last year is due primarily to an accrual for withholding taxes on a portion of fiscal 2022's Canadian earnings and a decrease in tax deductions related to stock-based compensation.

本季度營業收入為 3.52 億美元，占淨收入的 19%，而去年調整後的營業利潤率為 19.4%。本季度的稅收支出為 9700 萬美元，佔稅前利潤的 27.6%，而去年同期調整後的有效稅率為 25.1%。與去年相比的增長主要是由於 2022 財年加拿大部分收入的預扣稅應計，以及與股票薪酬相關的稅收減免減少。

Net income for the quarter was $255 million or $2 per diluted share compared to adjusted earnings per diluted share of $1.62 in Q3 of 2021. Capital expenditures were $176 million for the quarter compared to $123 million in the third quarter last year. Q3 spend relates primarily to investments to support business growth, including our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

本季度淨收入為 2.55 億美元或攤薄後每股收益 2 美元，而 2021 年第三季度調整後的攤薄後每股收益為 1.62 美元。本季度資本支出為 1.76 億美元，而去年第三季度為 1.23 億美元。第三季度支出主要與支持業務增長的投資有關，包括我們的多年配送中心項目、新地點的商店資本、搬遷和翻新以及技術投資。

Turning to our balance sheet highlights. We ended the quarter with $353 million in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory at the end of Q3 was $1.7 billion, in line with our expectations. This reflects 1-year dollar growth of 85% and a 3-year unit CAGR of 38%.

轉向我們的資產負債表亮點。本季度末，我們在循環信貸額度下擁有 3.53 億美元的現金和現金等價物以及近 4 億美元的可用容量。第三季度末的庫存為 17 億美元，符合我們的預期。這反映了 1 年 85% 的美元增長率和 38% 的 3 年單位複合年增長率。

In-transit inventory is up relative to 2019 and is contributing approximately 3 percentage points to the 3-year unit growth rate. I'd also note that core seasonless product continues to make up approximately 45% of our inventory. We remain pleased with our inventory levels, which position us well to fulfill guest demand in Q4.

在途庫存相對於 2019 年有所增加，為 3 年單位增長率貢獻了大約 3 個百分點。我還注意到，核心的季節性產品繼續占我們庫存的大約 45%。我們仍然對我們的庫存水平感到滿意，這使我們能夠很好地滿足第四季度的客人需求。

Looking forward, on a 1-year dollar basis, we expect the inventory growth rate at the end of Q4 to begin to moderate and increase approximately 60% relative to last year. On a 3-year CAGR basis, we expect unit growth to be approximately 39% at the end of Q4.

展望未來，以 1 年美元計算，我們預計第四季度末的庫存增長率將開始放緩，並比去年增長約 60%。在 3 年復合年增長率的基礎上，我們預計第四季度末的單位增長率約為 39%。

During the quarter, we repurchased approximately 55,000 shares at an average price of approximately $311. At the end of Q3, we had approximately $812 million remaining on our recently authorized $1 billion repurchase program.

本季度，我們以平均約 311 美元的價格回購了約 55,000 股股票。在第三季度末，我們最近批准的 10 億美元回購計劃中剩餘約 8.12 億美元。

Let me now shift to our guidance outlook. We're pleased with the start of the holiday season. However, the environment remains dynamic, and we still have approximately 2/3 of the quarter ahead of us. For Q4, we expect revenue in the range of $2.605 billion to $2.655 billion, representing 1 year growth of 22% to 25% and a 3-year CAGR of 23% to 24%. We expect to open approximately 30 net new company-operated stores in Q4. We expect gross margin in Q4 to increase 10 to 20 basis points relative to Q4 of 2021. We expect to see an improvement year-over-year in product margin, driven by lower airfreight expense, which will be partially offset by continued FX pressure and the timing of expenses related to our supply chain investments. We expect markdowns to be in line with 2019 levels.

現在讓我轉向我們的指導展望。我們對假期的開始感到高興。然而，環境仍然充滿活力，我們還有大約 2/3 的季度要完成。對於第四季度，我們預計收入在 26.05 億美元至 26.55 億美元之間，代表 1 年增長 22% 至 25%，3 年復合年增長率為 23% 至 24%。我們預計在第四季度淨開設約 30 家新的公司經營店面。我們預計第四季度的毛利率將比 2021 年第四季度增加 10 至 20 個基點。我們預計產品利潤率將同比提高，這主要是由於空運費用下降，這將被持續的外匯壓力和部分抵消與我們的供應鏈投資相關的費用的時間安排。我們預計降價幅度將與 2019 年的水平保持一致。

In Q4, we expect our SG&A rate to leverage 30 to 50 basis points relative to Q4 2021. Turning to EPS. We expect adjusted earnings per share in the fourth quarter to be in the range of $4.20 to $4.30 versus adjusted EPS of $3.37 a year ago. For the full year 2022, we now expect revenue to be in the range of $7.944 billion to $7.994 billion. This range assumes our e-commerce business continues to grow approximately 30% relative to 2021.

在第四季度，我們預計我們的 SG&A 率相對於 2021 年第四季度將槓桿化 30 到 50 個基點。轉向每股收益。我們預計第四季度調整後每股收益將在 4.20 美元至 4.30 美元之間，而一年前調整後每股收益為 3.37 美元。對於 2022 年全年，我們現在預計收入將在 79.44 億美元至 79.94 億美元之間。該範圍假設我們的電子商務業務相對於 2021 年繼續增長約 30%。

When looking at total revenue, our guidance implies a 3-year CAGR of 26%, which continues to be higher than our 3-year revenue CAGR of 19%, leading up to 2020 and higher than the target of approximately 15% growth we set forth in our new "Power of Three x2" growth plan.

在查看總收入時，我們的指導意味著 3 年復合年增長率為 26%，這將繼續高於我們 19% 的 3 年收入複合年增長率，直至 2020 年，並高於我們設定的約 15% 的增長目標在我們新的“三倍力量 x2”增長計劃中得到體現。

We now expect to open 79 net new company-operated stores in 2022, up modestly from our prior guidance of 75. Our new store openings in 2022 will include 45 to 50 stores in our international markets and represent a square footage increase in the low 20% range in total.

我們現在預計到 2022 年將淨開設 79 家公司經營的新店，略高於我們之前指導的 75 家。我們 2022 年新開的店將包括在我們的國際市場上的 45 到 50 家店，並代表低 20 的平方英尺增加總計百分比範圍。

For the full year, we forecast gross margin to decrease between 100 and 140 basis points versus 2021. The reduction relative to last year is driven predominantly by foreign exchange. A more normalized level of markdowns relative to the low levels we experienced last year and increased investment in our DC network. Turning to SG&A for the full year. We forecast leverage of 100 to 140 basis points versus 2021 driven predominantly by increased sales. And when looking at adjusted operating margin for the full year 2022, we expect it to be approximately flat versus last year.

就全年而言，我們預計毛利率將比 2021 年下降 100 至 140 個基點。與去年相比下降的主要原因是外匯。相對於我們去年經歷的低水平和增加對我們的 DC 網絡的投資，降價水平更加正常化。轉向全年的 SG&A。我們預計 2021 年的槓桿率將達到 100 至 140 個基點，這主要是受銷售額增長的推動。在考慮 2022 年全年的調整後營業利潤率時，我們預計它與去年基本持平。

For the full year 2022, we expect our effective tax rate to be 28% to 28.5%. For Q4, we expect our effective tax rate to be approximately 28.5%. For the fiscal year 2022, we expect adjusted diluted earnings per share in the range of $9.87 to $9.97 versus adjusted EPS of $7.79 in 2021. Our EPS guidance excludes the impact of any future share repurchases and the gain on the real estate sale we realized in Q2.

對於 2022 年全年，我們預計我們的有效稅率為 28% 至 28.5%。對於第四季度，我們預計我們的有效稅率約為 28.5%。對於 2022 財年，我們預計調整後的稀釋每股收益在 9.87 美元至 9.97 美元之間，而 2021 年調整後的每股收益為 7.79 美元。我們的每股收益指引不包括任何未來股票回購的影響以及我們在Q2。

We now expect capital expenditures to be approximately $630 million to $655 million for 2022. The increase versus 2021 reflects increased investment in our supply chain, digital capabilities, new store openings and renovations as well as other technology and general corporate infrastructure projects, including our multiyear project to increase our distribution capabilities to support our future volume and growth. And we are also ramping up our square footage growth relative to last year and now intend to open 79 stores versus our prior expectation of 75. Our range of $630 million to $655 million is approximately 8% of revenue, in line with our current "Power of Three x2" (inaudible). Thank you. And with that, I'll turn it back over to Calvin for some closing remarks.

我們現在預計 2022 年的資本支出約為 6.3 億美元至 6.55 億美元。與 2021 年相比的增長反映了對我們供應鏈、數字能力、新店開業和翻新以及其他技術和一般企業基礎設施項目的投資增加，包括我們的多年項目以提高我們的分銷能力，以支持我們未來的銷量和增長。我們還加快了與去年相比的平方英尺增長，現在打算開設 79 家商店，而我們之前的預期是 75 家。我們的 6.3 億美元至 6.55 億美元的範圍約為收入的 8%，符合我們目前的“權力”三個 x2"（聽不清）。謝謝你。然後，我將把它轉回給 Calvin 作一些結束語。

Thank you, Meghan. In closing, I just want to reiterate how pleased we are to see the continued momentum in the business and our strong start to our "Power of Three x2" growth strategy. As we look to quarter 4 and into 2023, I am confident in both our near- and long-term plans that will enable us to deliver on our goals while continuing to successfully navigate whatever comes our way. I look forward to taking your questions now. Operator?

謝謝你，梅根。最後，我只想重申我們很高興看到業務的持續發展勢頭以及我們“三倍 x2 的力量”增長戰略的強勁開局。展望第 4 季度和 2023 年，我對我們的近期和長期計劃充滿信心，這些計劃將使我們能夠實現我們的目標，同時繼續成功應對我們遇到的任何問題。我期待著現在回答你的問題。操作員？

(Operator Instructions) Our first question is from Adrienne Yih with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Adrienne Yih。

And may I say congratulations, very well done. Calvin, I wanted to focus a little bit on China. You talked about kind of strong growth there. You're opening lots of stores out there (inaudible) probably for next year. What are you seeing then-- what is the breakdown between stores and e-commerce (inaudible).

我可以說恭喜，做得很好。卡爾文，我想稍微關註一下中國。你談到了那裡的強勁增長。您可能會在明年開設很多商店（聽不清）。那麼你看到了什麼——商店和電子商務之間的細分是什麼（聽不清）。

Adrienne, thanks for the question. We're seeing very good growth across both store channel and our dot-com channel. We don't share the ratio between those 2 but both contributed to growth in the quarter. And as you indicated, the market continued to grow very strongly for us even with their ongoing challenges with COVID where we saw store closures, reduced operating hours comparable to what we saw in quarter 2. They're improving, but just recently, and the team is doing a wonderful job managing through that. But the momentum in the brand across the categories in both genders and both channels remains very strong. And we're very excited about the potential of the brand to be able to continue to drive it through this year as we have and how the guest is responding to it. So we remain very, very excited about the potential and the role that will play in quadrupling our international business with Mainland China playing a big part of that performance.

艾德麗安，謝謝你的提問。我們在商店渠道和我們的網絡渠道都看到了非常好的增長。我們不分享這兩者之間的比率，但兩者都為本季度的增長做出了貢獻。正如您所指出的，即使他們在 COVID 方面面臨持續挑戰，我們看到商店關閉、營業時間減少與我們在第二季度看到的情況相當，但市場對我們來說繼續強勁增長。他們正在改善，但就在最近，而且團隊在管理方面做得很好。但該品牌在兩個性別和兩個渠道的類別中的勢頭仍然非常強勁。我們對該品牌的潛力感到非常興奮，因為它能夠像我們一樣在今年繼續推動它的發展，以及客人對此的反應。因此，我們對將我們的國際業務翻兩番的潛力和作用感到非常非常興奮，而中國大陸在這一業績中發揮了重要作用。

Okay. Can you give the percent of sales (inaudible)?

好的。你能給出銷售額的百分比（聽不清）嗎？

In terms of growth in the quarter? Or... No, no, sorry, we don't share that.

在本季度的增長方面？或者……不，不，對不起，我們不同意。

The next question is from Alex Straton with Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

Great. And of course, congrats on another great quarter. I wanted to just start with what you mentioned on the early holiday performance. It sounds like you guys have been delivering a really impressive result compared to what we've heard across other specialty retailers this earnings season and even at our conference earlier this week. So you guys are really kind of bucking the trend here. What would you attribute Lulu's quarter-to-date outperformance to so far?

偉大的。當然，祝賀又一個偉大的季度。我想從你提到的提前假期表演開始。與我們在本財報季甚至在本週早些時候的會議上聽到的其他專業零售商的情況相比，聽起來你們已經取得了令人印象深刻的結果。所以你們真的有點逆潮流而動。到目前為止，您認為 Lulu 季度迄今的出色表現歸因於什麼？

Thanks for the question. I'll break it into 2 parts that are driving the momentum both in Q3 as well as to the start of Q4, where our guest metrics have been consistent, as I've shared and remain very healthy across traffic, new guest acquisition, dollar spend, and the balance across our regions, our channels, our categories and activities.

謝謝你的問題。我將把它分成兩部分，這兩個部分在第三季度和第四季度初都推動了勢頭，我們的客人指標一直保持一致，正如我所分享的那樣，並且在流量、新客人獲取、美元方面保持非常健康支出，以及我們地區、渠道、類別和活動之間的平衡。

But I think one of the primary drivers of our brand and momentum relative to others really sits with the brand positioning and the uniqueness of our brand with product focused on technical solutions, fabrics through our innovative approach of science of feel and the versatility of how the guest uses our product from not just sweating but through on the move.

但我認為我們品牌的主要驅動力之一和相對於其他品牌的勢頭確實在於品牌定位和我們品牌的獨特性，我們的產品專注於技術解決方案，通過我們創新的手感科學方法和麵料的多功能性客人使用我們的產品不僅是為了出汗，而且是在移動中。

Our D2C model and community and that connection that we have with the guest in quarter 3, we were able to turn some of those physical connections back on and connected to the launch of membership. So they're really distinct aspects of the brand that separate us from many others in this space and within the athletic, within retail, hence, I think the share gains and the overall success.

我們的 D2C 模型和社區以及我們在第 3 季度與客人建立的聯繫，我們能夠重新打開其中一些物理連接並連接到會員資格的啟動。因此，它們確實是品牌的獨特方面，將我們與這個領域、運動領域、零售領域的許多其他品牌區分開來，因此，我認為份額增加和整體成功。

I also think some of the decisions we made as a management team early on. Decisions around pricing, decisions around (inaudible) to have the products and our decision around inventory has allowed us to continue to deliver on the demand side that we're seeing as we continue to see new guest acquisition strong and the pricing decisions to really manage pricing, to not move pricing aggressively, has allowed us to continue to sell our regular price, not be forced into unnecessary markdowns or course correcting with promotional play like we're seeing happen in the marketplace. So great products, regular price is still selling, driven off of the uniqueness of the overall brand and position in the market.

我還認為我們早期作為管理團隊做出的一些決定。關於定價的決定，關於（聽不清）擁有產品的決定以及我們關於庫存的決定使我們能夠繼續在我們看到的需求方面提供服務，因為我們繼續看到新客人的強勁增長以及真正管理的定價決策定價，為了不激進地調整價格，使我們能夠繼續以正常價格出售，而不是像我們在市場上看到的那樣被迫進行不必要的降價或通過促銷活動來糾正路線。如此優質的產品，正常價格仍在銷售，這推動了整體品牌的獨特性和市場地位。

That's super great color. Maybe one just final one for me. I wanted to touch on inventory. Similarly, juxtaposing you guys against some of the peers, we've seen many be able to work inventory levels down on a year-over-year basis. Can you just talk about why Lulu is more similar to the last quarter? And then also I think you may have taken the fourth quarter outlook up a little bit on inventory, maybe from 60% to 55% -- from 55% to 60%. So I think a little bit higher than last time. Correct me if I'm wrong, but can you guys just talk about that dynamic for us?

那是超級棒的顏色。也許對我來說只是最後一個。我想談談庫存。同樣，將你們與一些同行並列，我們看到許多人能夠逐年降低庫存水平。能不能簡單說說為什麼Lulu跟上一季比較像？然後我認為你可能已經將第四季度的庫存展望提高了一點，可能從 60% 到 55% -- 從 55% 到 60%。所以我覺得比上次高一點。如果我錯了，請糾正我，但是你們能為我們談談這種動態嗎？

Yes, absolutely. So end of Q4 inventory was in line with our expectations. We were under inventory last year. So as Calvin mentioned, we strategically positioned inventory to be able to capture guest demand this year. We've really been focused on that 3-year unit CAGR, which is 38% at the end of the quarter with 3 points driven by in transit. We are continuing to experience supply chain environment improving and vendor readiness improving. So the team is adjusting to that new reality. That is reflected in the 60% color that we gave for year-end.

是的，一點沒錯。因此，第四季度末的庫存符合我們的預期。去年我們庫存不足。因此，正如 Calvin 提到的那樣，我們對庫存進行了戰略定位，以便能夠在今年捕捉到客人的需求。我們真正關注的是 3 年單位複合年增長率，在本季度末為 38%，其中 3 個點是由運輸驅動的。我們正在繼續體驗供應鏈環境的改善和供應商準備的改善。所以團隊正在適應新的現實。這反映在我們為年底提供的 60% 顏色中。

So as we said, a little bit higher than the 55% to 60%, we gave at the end of last quarter for end of year inventory driven by that improving supply chain environment and vendor readiness.

因此，正如我們所說，略高於 55% 至 60%，我們在上個季度末給出了由於改善供應鏈環境和供應商準備情況而推動的年末庫存。

The next question is from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的布魯克羅奇。

Calvin, the innovation pipeline at Lululemon has been particularly strong this year. I was wondering if you could talk a little bit more about that into next year? And where you think the product resonance can really improve as you think about managing consistent growth across your business and particularly in North America. Maybe within that, you could reflect on the glide path between the very strong 1- and 3-year CAGRs that you're performing now versus the longer-term target of 15% and how you think about that growth may be normalizing over the course of the next few years to that long-term target?

Calvin，今年 Lululemon 的創新渠道特別強大。我想知道你是否可以在明年再多談談這個問題？當您考慮管理整個業務（尤其是北美）的持續增長時，您認為產品共鳴可以真正改善的地方。也許在其中，您可以反思您現在執行的非常強勁的 1 年和 3 年復合年增長率與 15% 的長期目標之間的下滑路徑，以及您如何看待這種增長可能會在整個過程中正常化未來幾年的長期目標？

Great. Thanks, Brooke. So in terms of the product pipeline, this year was definitely an exciting year across both our own categories and activities, our play activities, launch of footwear, Q3, like the first half of this year saw a number of new innovations, both in new fabrics, fabrications into our proven franchises like the Align. And Q4, equally, we have some exciting innovation that has hit and will continue to, and the guest is responding very well. That's a proven formula for us. And when I look forward to 2023, we continue to and will continue to drop innovation across the core activities that we've identified of run, train, yoga of the play tennis, golf and hike, and it's both new franchise (inaudible) items as well as extensions of some of our proven very successful franchises. A great example of that is the Align franchise, one of our strongest with the Lulu fabrication and there's Lulu Ribbed that dropped at the end of Q3, available now in Q4 and the guests are responding incredibly well to that.

偉大的。謝謝，布魯克。因此，就產品線而言，今年絕對是我們自己的類別和活動令人興奮的一年，我們的遊戲活動、鞋類產品的推出、第三季度，就像今年上半年一樣，我們看到了許多新的創新，無論是在新面料，製作成我們經過驗證的特許經營權，如 Align。同樣，第四季度，我們有一些令人興奮的創新已經並將繼續，客人的反應非常好。這對我們來說是行之有效的公式。當我展望 2023 年時，我們將繼續並將繼續在我們確定的核心活動中放棄創新，這些核心活動包括跑步、訓練、網球瑜伽、高爾夫和徒步旅行，這都是新的特許經營（聽不清）項目以及我們一些經過驗證的非常成功的特許經營權的擴展。一個很好的例子是 Align 特許經營權，這是我們最強大的 Lulu 製造商之一，還有 Lulu Ribbed 在第三季度末推出，現在在第四季度上市，客人對此反應非常好。

So we have a number of innovative opportunities across creating completely new items and category extensions through franchise as well as building on the ones. And '23 is another very strong year of innovative launches, which I'm excited about continuing to bring to market. And as you mentioned, we are after the first 3 quarters of this year, trending above the guidance of the "Power of Three x2" growth plan, which we're excited to see how the brand is responding and the guests are reacting to the newness in our new guest acquisition. We haven't changed our outlook and the commitment on the "Power of Three x2", but obviously, very pleased with our performance to date and as we look forward into next year.

因此，我們有許多創新機會，可以通過特許經營創建全新的項目和類別擴展，也可以在此基礎上進行構建。而 23 年又是一個非常強勁的創新發布年，我很高興能繼續將其推向市場。正如你所提到的，我們在今年前 3 季度之後，趨勢超過了“三倍 x2”增長計劃的指導，我們很高興看到品牌的反應以及客人對我們新客戶獲取的新穎性。我們沒有改變我們對“三乘以 2”的展望和承諾，但顯然，我們對迄今為止的表現以及我們對明年的展望感到非常滿意。

And if I could just squeeze one more in for Meghan. Meghan, can you help us with the approximate sizing of the airfreight FX and supply chain investment that is going into the gross margin in 4Q? And remind us how much of those pressures will be persisting into 2023?

如果我能再擠一個給梅根就好了。梅根，你能幫我們估算一下第四季度毛利率的空運外彙和供應鏈投資的大致規模嗎？並提醒我們這些壓力中有多少會持續到 2023 年？

Yes. So as we look at Q4, we do expect that overall operating margin will have similar pressure as we did in Q3 in terms of FX. So we had a net pressure of 40 basis points in Q3. We're expecting something similar for Q4. When we look overall at our operating margin for Q4, we see it expanding year-over-year in the 40 to 70 basis point range with our guidance versus last year in gross margin, we gave color of 10 to 20 basis points. We're seeing a benefit on product margin driven by lower air freight, which will be partially offset by normalized markdowns in line with our 2019 levels and then also mix of business. We also had that negative impact from FX. And then we'll also have some pressure in gross margin related to fixed costs, particularly the timing of our DC investments, which are really positioned to enable our scale of the business over the next 5 years.

是的。因此，當我們看第四季度時，我們確實預計整體營業利潤率將面臨與我們在第三季度外匯方麵類似的壓力。因此，我們在第三季度面臨 40 個基點的淨壓力。我們期待第四季度出現類似的情況。當我們從整體上看我們第四季度的營業利潤率時，我們看到它在 40 到 70 個基點範圍內同比增長，我們的指導與去年的毛利率相比，我們給出了 10 到 20 個基點的顏色。我們看到空運費下降推動了產品利潤率的提高，這將被符合我們 2019 年水平的標準化降價以及業務組合所部分抵消。我們也受到外彙的負面影響。然後，我們也會在與固定成本相關的毛利率方面面臨一些壓力，特別是我們 DC 投資的時機，這些投資確實能夠在未來 5 年內實現我們的業務規模。

And then on the SG&A side, we're expecting 30 to 50 basis points of leverage, which would be driven by higher sales as well as a little bit of a benefit on the FX side within SG&A.

然後在 SG&A 方面，我們預計槓桿率將達到 30 到 50 個基點，這將受到銷售額增加以及 SG&A 外匯方面的一點好處的推動。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Great. Congrats on another nice quarter. So Calvin, on the material market share gains that you cited, where do you see the largest share opportunities remaining maybe across categories? And then just to elaborate on the start of the fourth quarter, could you just provide any color on the cadence of shopping that you're seeing, maybe stores versus digital? And then just given the comments on the encouraging start of 4Q, is it fair to say you've embedded moderation in the growth CAGR for the remaining 2/3 of the quarter relative to your start?

偉大的。祝賀又一個不錯的季度。那麼 Calvin，關於您提到的材料市場份額增長，您認為跨類別的最大份額機會在哪裡？然後只是為了詳細說明第四季度的開始，您能否提供您所看到的購物節奏的任何顏色，也許是商店與數字？然後只是給出了關於 4Q 令人鼓舞的開端的評論，可以說你已經在本季度剩餘 2/3 的增長複合年增長率中嵌入了相對於你的開始的適度嗎？

Thanks, Matt. So on the last piece in terms of the start of the quarter and what we're seeing, traffic was very strong for us across both our online channel as well as stores in Q3, and we're pleased with the continuation of strong traffic numbers into this quarter. And there's still a lot of the quarter ahead. So as we shared, we had a very strong Thanksgiving shopping weekend and saw good results of our regular priced merchandise and there are some critical weeks ahead. So the teams just remain focused in managing accordingly as we get ready for the holiday season. So that's our approach and how we're monitoring and managing through.

謝謝，馬特。因此，就本季度初和我們所看到的最後一篇文章而言，第三季度在線渠道和商店的流量對我們來說都非常強勁，我們對持續強勁的流量數字感到滿意進入本季度。而且還有很多未來的季度。因此，正如我們分享的那樣，我們度過了一個非常強勁的感恩節購物週末，我們的正價商品取得了不錯的成績，接下來還有一些關鍵的幾週。因此，當我們為假期做好準備時，團隊將繼續專注於相應的管理。這就是我們的方法以及我們如何監控和管理。

And the first part of the question, right, market share. Got it. When I look forward in terms of our continual opportunity to grow market share, it's a combination of both in men's and women's categories and our key activities that we've identified across run, train, yoga, tennis, golf and hike. We shared at our Analyst Day our opportunity in unaided brand awareness with Him. We have seen an improvement in that, but it's well below what the potential is and other brands in our category space. So we know as we continue to drive awareness behind the brand in consideration, it's having an impact on our men's business, pleased with the growth in the quarter of 28% but really just getting started in terms of the potential of more being aware of and considering Lululemon in addition to, as we continue to build out some of the assortment and unmet needs that we have around those core activities that we focused on.

問題的第一部分，對，市場份額。知道了。當我期待我們不斷增加市場份額的機會時，它結合了男性和女性類別以及我們在跑步、火車、瑜伽、網球、高爾夫和徒步旅行中確定的主要活動。我們在分析師日與他分享了我們在獨立品牌知名度方面的機會。我們已經看到了這方面的改進，但它遠低於我們類別空間中的潛力和其他品牌。所以我們知道，隨著我們繼續推動所考慮的品牌背後的知名度，它正在對我們的男士業務產生影響，對本季度 28% 的增長感到滿意，但就更多人的意識和潛力而言，這才剛剛開始考慮到 Lululemon，因為我們繼續圍繞我們關注的那些核心活動構建一些分類和未滿足的需求。

And for Her, although we have a better unaided brand awareness, we are still below, again, others in our category space. So we still have opportunity. And women's OTM for us is an exciting opportunity to expand that relationship share of wallet and continue to drive market share. So market share gains, one through unaided awareness and improving that to continue to drive our new guest acquisition, innovating within our core activities as we've identified, as I mentioned before, we're still early innings on the unmet needs and the potential that we see to continue to bring to market and then the option and the opportunity we have around women's OTM is a really exciting one for us, for her as well. So a lot of opportunities that we have to continue to drive market share.

對於 Her，雖然我們有更好的獨立品牌知名度，但我們仍然低於我們類別空間中的其他人。所以我們還有機會。對我們來說，女性 OTM 是一個令人興奮的機會，可以擴大錢包的關係份額並繼續推動市場份額。因此，市場份額的增加，一個是通過獨立的意識和改進，以繼續推動我們的新客戶獲取，在我們已經確定的核心活動中進行創新，正如我之前提到的，我們仍處於未滿足需求和潛力的早期階段我們看到將繼續推向市場，然後我們圍繞女性 OTM 擁有的選擇和機會對我們來說也是一個非常令人興奮的選擇，對她來說也是如此。所以我們有很多機會繼續推動市場份額。

The next question is from Lorraine Hutchinson with Bank of America.

下一個問題來自美國銀行的 Lorraine Hutchinson。

Just wanted to ask a few more follow-ups on gross margin. Do you still expect airfreight to be a 10 basis point benefit to the full year? And have you changed your view at all on markdowns for the fourth quarter given the more promotional environment?

只是想再問幾個關於毛利率的後續問題。您是否仍預計空運會為全年帶來 10 個基點的收益？考慮到更多的促銷環境，您是否改變了對第四季度降價促銷的看法？

Lorraine, so we are expecting airfreight to be slightly better for the full year. So we had said 10 basis points last time, and it's come up to 50. That is being offset by a negative impact from FX both for Q3 and Q4. And then in terms of markdowns, we've been expecting markdowns to be in line with 2019 levels. We did see that in Q3, and that remains our expectation in Q4. And we view that as a more normalized level for us as we compare to 2019. And still, as Calvin mentioned, very healthy full price sell-throughs and no changes in plans for markdown.

洛林，所以我們預計全年空運會略有好轉。所以我們上次說了 10 個基點，現在達到了 50 個。這被第三季度和第四季度外彙的負面影響所抵消。然後在降價方面，我們一直期待降價與 2019 年的水平保持一致。我們確實在第三季度看到了這一點，這仍然是我們對第四季度的預期。與 2019 年相比，我們認為這對我們來說是一個更正常的水平。而且，正如 Calvin 提到的那樣，全價銷售非常健康，降價計劃沒有變化。

The next question is from Rick Patel with Raymond James.

下一個問題來自 Rick Patel 和 Raymond James。

Can you help us think about profitability by region? I'm just curious how that's tracking given your strong demand globally versus strategic investments that you're also making and where you see the most opportunity as you look out to the next year?

你能幫我們考慮按地區劃分的盈利能力嗎？我很好奇，鑑於您在全球範圍內的強勁需求與您也在進行的戰略投資以及您展望明年的機會在哪裡，我很好奇這是如何追踪的？

Thanks, Rick. So we are profitable across both our international and North America regions. We were pleased that Europe hit profitability last year. We continue to see opportunity across both North America and international over the longer term. We're obviously in earlier stages in our international business. So we'd expect to see more expansion there as we scale, but the opportunities with scale across both regions.

謝謝，里克。因此，我們在國際和北美地區都實現了盈利。我們很高興歐洲去年實現了盈利。從長遠來看，我們繼續在北美和國際上看到機會。我們顯然處於國際業務的早期階段。因此，我們希望隨著規模的擴大在那裡看到更多的擴張，但在這兩個地區都有規模的機會。

The next question is from Abbie Zvejnieks with Piper Sandler.

下一個問題來自 Abbie Zvejnieks 和 Piper Sandler。

I was wondering if you had any category commentary. I know that last year, you were significantly under inventory in some categories like outerwear, but any shifts you're seeing there? And then maybe commentary on Everywhere Belt Bag.

我想知道你是否有任何類別評論。我知道去年，您在某些類別（例如外衣）上的庫存嚴重不足，但是您看到那裡有什麼變化嗎？然後可能會評論 Everywhere Belt Bag。

Yes. I would say in terms of categories, we are seeing pretty balanced growth across our men's, women's and accessories business, all in the double-digit range. We did have pockets of inventory where we were under last year, notably, I call it outerwear where we've seen more positive performance and believe we're in a strong inventory position as we enter Q4.

是的。我想說的是，就品類而言，我們看到男裝、女裝和配飾業務的增長相當均衡，都在兩位數範圍內。去年我們確實有一些庫存，特別是我稱之為外套，我們看到了更積極的表現，並且相信我們在進入第四季度時處於強勁的庫存狀態。

In terms of the Everywhere Belt Bag, it's been a great style for us. Accessories growth, obviously, very strong. It's our #1 sale and we continue to innovate across all of our assortments as we move into Q4 and then into 2023 as well.

就 Everywhere 腰包而言，它對我們來說是一種很棒的款式。顯然，配件增長非常強勁。這是我們的#1 銷售，隨著我們進入第四季度，然後進入 2023 年，我們將繼續在我們所有的產品組合中進行創新。

The next question is from John Kernan with Cowen.

下一個問題來自 John Kernan 和 Cowen。

Congrats on navigating a tricky environment. Thanks for all the commentary on gross margin and inventory. I guess when we look at the level of units but also the cost on the balance sheet, is there anything lingering in the cost of goods sold into next year from some of the higher sourcing costs earlier this year that might be a source of pressure on gross margin? Or do you -- are there offsets to that as we -- from supply chain as we go into next year?

恭喜你在一個棘手的環境中航行。感謝您對毛利率和庫存的所有評論。我猜想，當我們查看單位數量以及資產負債表上的成本時，今年早些時候採購成本較高導致明年銷售的商品成本中是否存在任何揮之不去的問題，這可能是壓力的來源毛利率？或者你 - 是否有抵消我們 - 從我們進入明年的供應鏈？

Yes. Thanks, John. I would say we're pleased with the inventory level as we move into Q4, we're obviously seeing some improvement in the supply chain environment. In terms of airfreight, we have seen that moderate throughout the year. We do have a large portion of our inventory that is core, about 45%, so that benefits us. We're not putting a fine point on margin for next year but remain committed to modest operating margin expansion over the longer term. And we'll come back and share more details on our outlook on our March call.

是的。謝謝，約翰。我會說我們對進入第四季度的庫存水平感到滿意，我們顯然看到供應鏈環境有所改善。在空運方面，我們看到全年都保持溫和。我們確實有很大一部分庫存是核心庫存，大約 45%，這對我們有利。我們不會為明年的利潤率設定一個很好的點，但仍致力於在長期內適度擴大營業利潤率。我們將回來分享更多關於我們 3 月份電話會議展望的細節。

Got it. I guess just a quick follow-up. Would supply chain cost being more of a benefit this year -- or next year, excuse me, as some of the container costs come down, airfreight, obviously, already coming down (inaudible)?

知道了。我想只是快速跟進。今年供應鏈成本是否會帶來更多好處 - 或者明年，對不起，隨著一些集裝箱成本的下降，空運顯然已經下降（聽不清）？

Yes. So I -- there's 2 pieces of the supply chain cost. So one is usage and then one is CPU. We are seeing lead times improve. We had called out 70 days on average last quarter. We're seeing them improve modestly, I'd say they're still not back to historical levels there. But we are seeing some positive movement on the CPU front. So we continue to view that as an opportunity as we move into next year.

是的。所以我 - 有兩部分供應鏈成本。所以一個是使用率，然後一個是 CPU。我們看到交貨時間有所改善。上個季度我們平均停工 70 天。我們看到它們略有改善，我想說它們還沒有回到歷史水平。但我們在 CPU 方面看到了一些積極的變化。因此，我們繼續將其視為進入明年的機會。

The next question is from Mark Altschwager with Baird.

下一個問題來自 Mark Altschwager 和 Baird。

Great. I'm curious what the early takeaways have been from the broader rollout of the Like New initiative? What are you seeing in terms of guest spend for those who have turned in used product. And similarly, curious if you can share anything else regarding the Lululemon Studio launch and maybe shed some light on your expectations for the Studio Mirror revenue for this year and next.

偉大的。我很好奇 Like New 計劃更廣泛推出的早期收穫是什麼？對於那些上交二手產品的客人，您看到了什麼？同樣，想知道您是否可以分享有關 Lululemon Studio 發布的任何其他信息，並可能闡明您對今年和明年 Studio Mirror 收入的預期。

Great. Thanks for the question. So with the Like New, it's currently live in 50 states in an approximately 390 stores and we're not sharing specific performance details, but where we are pleased with the results we're seeing is really a twofold: one, guest acquisition on the resale side, new to the brand and the opportunity to enter at a different price point. And then with our current guests, their spending based on trade-in, where they come in and get a variety of different trade-in values and gift cards, we are monitoring and seeing a positive response to that.

偉大的。謝謝你的問題。因此，對於 Like New，它目前在 50 個州的大約 390 家商店中使用，我們不會分享具體的性能細節，但我們對我們看到的結果感到滿意的地方實際上是雙重的：第一，客戶獲取轉售方面，品牌新手以及以不同價位進入的機會。然後對於我們現有的客人，他們的支出基於以舊換新，他們進來並獲得各種不同的以舊換新價值和禮品卡，我們正在監控並看到對此的積極回應。

So it's a new pilot rollout initiative for us, and we're pleased with the early results, and we'll continue to monitor. But early, it's been positive. And from -- sorry. On the Studio side, I'll break it down into 2. From the essential membership tier, which is our free membership program, if you remember on Analyst Day, we indicated that we aim to have 80% of our guests to sign up for the program. And based on our glide path to that as guests come into our channels, be it online or in store, we're running ahead of that. So we're very happy with the sign-ups at this point. And it's going to allow us to engage with that guest base through a variety of new benefits that we offer in a very exciting, positive way. And with the introduction, the re-branding of Mirror into Studio as well, very pleased with the response, continuing to test and learn but we're excited how the platform fits within community, fits within our essential membership program and allows us to continue to innovate behind community and the connection with our guests. So it's early, only a few months, but encouraged with the results we're seeing.

因此，這對我們來說是一項新的試點推出計劃，我們對早期結果感到滿意，我們將繼續監控。但早期，它是積極的。來自——抱歉。在 Studio 方面，我將其分為 2 個部分。從基本會員級別開始，這是我們的免費會員計劃，如果您還記得在分析師日，我們表示我們的目標是讓 80% 的客人註冊該程序。當客人進入我們的渠道時，無論是在網上還是在商店，根據我們的滑行路徑，我們正在領先。所以我們對此時的註冊非常滿意。這將使我們能夠通過我們以一種非常令人興奮、積極的方式提供的各種新福利與客戶群互動。隨著介紹，Mirror 也重新命名為 Studio，對響應非常滿意，繼續測試和學習，但我們很高興該平台如何融入社區，融入我們的基本會員計劃並允許我們繼續在社區和與客人的聯繫背後進行創新。所以現在還早，只有幾個月，但我們看到的結果令人鼓舞。

The next question is from Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

Congrats on a great quarter. Meghan, I guess just a housekeeping one. When do you think FX pressure to the gross margin can start to get better here given where rates are moving lately? And then I guess I'm just curious if you could help us unpack the gross margin a little bit more for next year. I know you answered it a little bit, but it seems like the industry is looking to get clean on inventory, so there should be some recapture opportunity there. Obviously, of freight, you spoke about a little bit and I'm curious how long you think that pressure on the fixed cost line within gross margin that flipped over to a negative this quarter on a nice comp. Does that roll forward with us for a few quarters?

祝賀一個偉大的季度。梅根，我想只是一個家政服務人員。考慮到最近利率的變化，您認為外匯對毛利率的壓力何時會開始好轉？然後我想我只是好奇你是否可以幫助我們在明年進一步提高毛利率。我知道你回答了一點，但似乎這個行業正在尋求清理庫存，所以那裡應該有一些重新奪回的機會。顯然，關於運費，你談到了一點點，我很好奇你認為本季度毛利率內固定成本線的壓力在一個不錯的補償上轉為負值有多長時間。這會與我們一起推進幾個季度嗎？

Great. Thanks. I would say in terms of FX, our outlook is that Q4 is more similar than not to Q3. I think hard to put a fine point on next year, but I would view it as an opportunity over the longer-term time horizon.

偉大的。謝謝。我想說，就外匯而言，我們的展望是第四季度與第三季度更相似。我認為很難對明年做出精確的評價，但我認為這是一個長期的機會。

In terms of gross margin next year, again, do view airfreight as a benefit but we're also committed really to that bottom line operating income expansion on a modest basis. We'll continue to balance opportunities and investments in the business, really focused on driving into our long-term goals, both of revenue growth and being able to scale with the business and support that long-term opportunity that we see.

就明年的毛利率而言，再次將空運視為一項收益，但我們也真正致力於在適度的基礎上實現底線營業收入增長。我們將繼續平衡業務機會和投資，真正專注於實現我們的長期目標，即收入增長和能夠與業務一起擴展並支持我們看到的長期機會。

And then I would say fixed costs, particularly on the DC side, we have some upfront investments in our DC capabilities and footprint in order to support that long-term volume. So we'll see some pressure in the near term and then see that start to leverage over time as we move through our 5-year plan. It is a multiyear road map. So we'll continue to offer some color there as we move through that.

然後我會說固定成本，特別是在 DC 方面，我們對我們的 DC 能力和足跡進行了一些前期投資，以支持長期數量。因此，我們將在短期內看到一些壓力，然後隨著我們完成 5 年計劃，隨著時間的推移開始發揮槓桿作用。這是一個多年期路線圖。因此，我們將繼續在那裡提供一些顏色。

If I could sneak one in on the fourth quarter just -- I think you embedded in the comp for fourth quarter, particularly between the channel stores and e-comm, considering where traffic is, how much it's up based on some of the metrics you gave us and how busy your stores get over the next few weeks here. Maybe just a little bit on how you're thinking about the 2 channels.

如果我能在第四季度偷偷加入一個——我認為你嵌入了第四季度的競爭中，特別是在渠道商店和電子商務之間，考慮流量在哪裡，根據你的一些指標，流量增加了多少給了我們以及你們的商店在接下來的幾周里有多忙。也許只是關於您如何看待這 2 個渠道的一點點。

Yes, we didn't break down the channels for Q4. What we did offer was 23% to 24% sales growth overall. And we did give some color for the year on e-commerce at approximately 30% growth, which would embed both our Q3 results and our expectations for Q4.

是的，我們沒有分解第四季度的渠道。我們確實提供了 23% 到 24% 的整體銷售額增長。我們確實以大約 30% 的增長率為今年的電子商務提供了一些色彩，這將包含我們第三季度的業績和我們對第四季度的預期。

The next question is from Omar Saad with Evercore Partners.

下一個問題來自 Evercore Partners 的 Omar Saad。

I wanted to ask my first question on pricing, actually. I know you guys have been -- haven't been too aggressive or haven't had really the need to use pricing lever even in this inflationary environment. But as you see COGS, inflation, freight, FX impacting the gross margin. Maybe talk about your appetite and the brand strength and the brand's capability to use pricing as a tool as needed? And then maybe also dive in deeper on China. It seems like the form they were pretty solid despite all the COVID closures going on there? Maybe talk about what the outlook will be once -- what your expectations are for that business once the -- who knows when it will be, but once the kind of market and economy and consumer spending and retail environment opens up there?

實際上，我想問我的第一個關於定價的問題。我知道你們一直 - 即使在這種通脹環境下也沒有太激進或沒有真正需要使用定價槓桿。但正如您所見，銷貨成本、通貨膨脹、運費、外匯影響毛利率。也許談談你的胃口和品牌實力以及品牌根據需要使用定價作為工具的能力？然後也許還可以更深入地了解中國。儘管那裡進行了所有 COVID 關閉，但看起來它們的形式還是相當穩固的？也許談談前景會是什麼——你對那個企業的期望是什麼——誰知道它會是什麼時候，但是一旦市場和經濟、消費者支出和零售環境在那裡開放？

Omar, on pricing, as we've stated, we only increased around 10% of our assortment mix this year as we priced in and we continue to evaluate and look for opportunity. And we separate cost of goods and any pressure we're seeing there with short-term cost of supply chain logistics. And what we don't want to do is react too aggressively and create any impact on the demand of our product.

奧馬爾，正如我們所說，在定價方面，我們今年只增加了大約 10% 的產品組合，因為我們已經定價，我們將繼續評估並尋找機會。我們將商品成本和我們在那裡看到的任何壓力與供應鏈物流的短期成本分開。我們不想做的是反應過於激進，對我們產品的需求造成任何影響。

And we're going to continue to take that approach, comfortable on the inflationary pressures we're seeing on cost of goods and how we're priced in. And as I said, we'll adjust on the other. And I think as we've seen through the 3 quarters of this year, the decision so far has been the right decision, where others that priced up are now heavily discounting and giving away any of that perceived gain and more so and having to mark goods down where we're able to continue to sell our product at regular price, not react and our markdown performance has been in our guidance in line with what we indicated we would be from a 2019 perspective.

我們將繼續採取這種方法，對我們在商品成本上看到的通脹壓力以及我們的定價方式感到滿意。正如我所說，我們將在另一方面進行調整。而且我認為，正如我們在今年三個季度所看到的那樣，到目前為止的決定是正確的，其他定價過高的人現在正在大幅打折並放棄任何感知到的收益，甚至更多，並且不得不標記我們能夠繼續以正常價格銷售我們的產品，而不是做出反應，並且我們的降價表現一直在我們的指導中，這與我們從 2019 年的角度來看的表現一致。

So I -- we continue to monitor it, but our pricing decisions, I think, have helped to fuel our momentum this year, and we'll continue to take a similar approach as we look out to next year. And on China, we remain very excited. Our new store openings, we opened 9 stores in the quarter in Mainland China. We have 88 now in market. Their performance continues to exceed -- beat expectations. In markets where we don't have constraints related to COVID, the store performance and online performance is very strong. So we remain very excited about the market, committed to the market and know that it will play a strong role in our growth of quadrupling international through our "Power of Three x2" growth strategy.

所以我 - 我們繼續監控它，但我認為我們的定價決定有助於推動我們今年的勢頭，我們將繼續採取類似的方法來展望明年。在中國，我們仍然非常興奮。我們的新店開業，本季度我們在中國大陸開設了 9 家門店。我們現在有 88 個在市場上。他們的表現繼續超出預期。在我們沒有與 COVID 相關的限制的市場中，商店業績和在線業績非常強勁。因此，我們仍然對市場感到非常興奮，致力於市場，並且知道它將通過我們的“三倍 x2 的力量”增長戰略在我們的四倍國際增長中發揮重要作用。

Just to clarify, in terms of pricing, so it's not that you don't think the Lululemon brand has the pricing power, but you just don't see the need given some of the transitional nature of some of the inflation going on there to chase pricing given the environment. Is that a fair characterization?

澄清一下，在定價方面，並不是說你認為 Lululemon 品牌沒有定價權，但你只是看不到這種需要，因為一些通貨膨脹的過渡性質正在發生追逐定價環境。這是一個公平的表徵嗎？

It's a fair characteristic, but I'd also indicate when we mentioned the 10% of assortment that we've moved pricing on, throughout this year, we've looked at our new innovation and priced it accordingly relative to where we see opportunity in the marketplace. So we absolutely know that this is a premium brand. We have pricing power. We're able to launch and introduce exciting new innovation that is priced to support the technology and the innovation that is into the product. And we are being cautious in managing our regular pricing accordingly with the promotional nature of the market so that we're able to continue to sort of drive the demand at regular price that we're seeing, and we'll manage accordingly. But absolutely, it's not a reflection of what we believe the pricing power of the brand is. In fact, I think the way the brand is performing in a heavily promoted environment actually supports the power of the pricing position that we have at Lululemon.

這是一個公平的特徵，但我還要指出，當我們提到我們已經調整定價的 10% 的產品組合時，在今年全年，我們已經研究了我們的新創新，並根據我們在其中看到的機會對其進行了相應定價市場。所以我們絕對知道這是一個優質品牌。我們有定價權。我們能夠推出和推出令人興奮的新創新，其定價能夠支持產品中的技術和創新。我們在根據市場的促銷性質相應地管理我們的常規定價方面持謹慎態度，以便我們能夠繼續以我們看到的常規價格推動需求，我們將進行相應的管理。但絕對不是我們認為品牌定價能力的反映。事實上，我認為該品牌在大力推廣的環境中的表現方式實際上支持了我們在 Lululemon 的定價地位的力量。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

The next question is from Jay Sole with UBS.

下一個問題來自瑞銀的 Jay Sole。

Great. Calvin, I'm just wondering if you could talk a little bit more about what you've seen from the footwear business when you think about the Strongfeel versus Blissfeel versus Chargefeel? Have you seen the consumer adopt one style versus the other? I mean, have you seen certain colors or SKUs do better? And are you looking to expand the assortment as you get into next year?

偉大的。 Calvin，我只是想知道當您考慮 Strongfeel 與 Blissfeel 與 Chargefeel 時，您是否可以多談談您從鞋類業務中看到的內容？您是否看到消費者採用一種風格而不是另一種風格？我的意思是，您是否看到某些顏色或 SKU 做得更好？您是否希望在進入明年時擴大產品種類？

Thanks, Jay. We're pleased with the results to date. As you indicated, we have 4 SKUs within our footwear and each have performed well. It's a combination. We're seeing certain guests purchase multiple styles, and we're seeing new guests enter either into Blissfeel or Chargefeel or into Strongfeel or Restfeel. Restfeel being our first dual-gender offering for both Him and Her and the other 3 being specific for our female guest built off of a last design on Her foot.

謝謝，傑伊。我們對迄今為止的結果感到滿意。正如您所指出的，我們的鞋類產品有 4 個 SKU，每個都表現良好。這是一個組合。我們看到某些客人購買了多種款式，我們看到新客人進入 Blissfeel 或 Chargefeel，或者進入 Strongfeel 或 Restfeel。 Restfeel 是我們為 Him 和 Her 提供的第一個雙性別產品，另外 3 個是專門為我們的女性客人設計的，基於她腳上的最後一個設計。

As we look forward, I'm excited about continuing to test and learn as we indicated, it doesn't play a big role in our "Power of Three x2" growth plan that we shared on Analyst Day, and it's an exciting category for us. And we have the ability and we'll take the ability to pace, to learn but we started with a very innovative, unique positioning, and we'll build from that. And colors -- from the color (inaudible) responding very well to the colors. I think that's one of the unique positionings of it is our core colors of black and white are strong, but a lot of the unique color waves, She's responded very well to. So it's early for us, excited about the results, and we'll continue to test and learn and share more.

正如我們所期待的那樣，我很高興能夠像我們指出的那樣繼續測試和學習，它在我們在分析師日分享的“三倍 x2 的力量”增長計劃中並沒有發揮重要作用，它是一個令人興奮的類別我們。我們有能力，我們會採取步伐，學習的能力，但我們從一個非常創新、獨特的定位開始，我們將以此為基礎。和顏色——從顏色（聽不清）對顏色的反應非常好。我認為這是它的獨特定位之一是我們的核心顏色黑色和白色很強烈，但是很多獨特的顏色波浪，她的反應非常好。所以現在對我們來說還早，對結果感到興奮，我們將繼續測試、學習和分享更多。

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

這就是我們今天所有的提問時間。感謝您加入電話會議，祝您有美好的一天。