Lululemon Athletica Inc (LULU) 2022 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. Fourth Quarter 2022 Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎來到 lululemon athletica inc. 2022 年第四季度電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）我現在想將會議轉交給 lululemon athletica 投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's fourth 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 的第四季度收益電話會議。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. 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. 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.

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

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 措施的對賬包含在我們的 10-K 表格年度報告和今天的收益新聞稿中。

In addition, the comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying annual report on Form 10-K are available under the Investors section of our website at www.lululemon.com.

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。新聞稿和隨附的 10-K 表格年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 investor site where you'll find a summary of our key financial and operating statistics for the fourth quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour (Operator Instructions)

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四季度主要財務和運營統計數據的摘要以及我們的季度信息圖。今天的通話時間安排為 1 小時（操作員說明）

And now I'd like to turn the call over to Calvin.

現在我想把電話轉給卡爾文。

Thank you, Howard. I am pleased to be here today to discuss our strong finish to another strong year for lululemon. As you've seen from our press release, our adjusted quarter 4 results came in ahead of our January guidance update, and our adjusted full year results represent a very solid start to our Power of Three x2 growth plan. I'm also excited that we continue to see strength and momentum across the business so far in quarter 1. None of this would have been possible without our lululemon collective, our employees, our vendor partners, our ambassadors and our guests, all of whom are integral to our continued success. I want to express my gratitude on behalf of all of the senior leaders to our incredible teams around the world. Thank you for your ongoing commitment to lululemon. We are ready for all the future holds for our brand in 2023 and beyond.

謝謝你，霍華德。我很高興今天能來到這裡，討論我們為 lululemon 又一個強勁的一年畫上了圓滿的句號。正如您從我們的新聞稿中看到的那樣，我們調整後的第 4 季度業績早於 1 月份的指導更新，而我們調整後的全年業績代表了我們的三倍 x2 增長計劃的良好開端。我也很興奮，到目前為止，我們在第一季度繼續看到整個業務的實力和勢頭。如果沒有我們的 lululemon 集體、我們的員工、我們的供應商合作夥伴、我們的大使和我們的客人，這一切都不可能實現是我們持續成功不可或缺的一部分。我想代表所有高級領導向我們在世界各地的出色團隊表示感謝。感謝您對 lululemon 的持續承諾。我們已為我們品牌在 2023 年及以後的所有未來做好準備。

On today's call, I plan to cover several topics: our quarter 4 and full year results; our product pipeline for 2023; an update our membership program; our recent market share gains; and finally, insights across our international business. So let's get started.

在今天的電話會議上，我計劃討論幾個主題：我們的第 4 季度和全年業績；我們 2023 年的產品線；更新我們的會員計劃；我們最近的市場份額增長；最後，對我們國際業務的見解。讓我們開始吧。

Our momentum continued in quarter 4, with revenue increasing 30% versus last year and 26% on a 3-year CAGR basis. We managed the business very well through an environment that was highly promotional, and our markdowns were only up a modest 40 basis points versus 2019. I am pleased that as we progressed out of the holidays and began to transition to new spring merchandise, regular price sales returned to our normal levels. This speaks to the power of our brand, the appeal of our merchandise assortment and the strength of our operating model. And as you can see from our guidance, business remains good in quarter 1, and we are looking forward to another strong year in 2023.

我們的勢頭在第 4 季度繼續保持，收入比去年增長 30%，按 3 年復合年增長率計算增長 26%。我們在高度促銷的環境中很好地管理了業務，與 2019 年相比，我們的降價幅度僅上升了 40 個基點。我很高興隨著假期的結束並開始過渡到新的春季商品，正常價格銷售額恢復到正常水平。這說明了我們品牌的力量、我們商品種類的吸引力以及我們運營模式的優勢。正如您從我們的指引中看到的那樣，第一季度的業務依然良好，我們期待著 2023 年又是一個強勁的一年。

Our business continues to be well balanced across product category, channel and region. Revenue increased in quarter 4 on a 3-year CAGR basis as follows. Women's was up 23%. Our men's business was up 26%, and accessories was up 44%. We saw a 10% increase in company-operated stores and our e-commerce grew 46%. And by region, North America grew 24%, and international increased 39%. When looking at adjusted earnings per share, we continue to deliver strong gains as well, with quarter 4 EPS increasing 31% versus last year and 25% on a 3-year CAGR basis.

我們的業務在產品類別、渠道和地區之間繼續保持平衡。第 4 季度的收入按 3 年 CAGR 增長如下。女性增長了 23%。我們的男裝業務增長了 26%，配飾增長了 44%。我們看到公司經營的商店增加了 10%，我們的電子商務增長了 46%。按地區劃分，北美增長 24%，國際增長 39%。在查看調整後的每股收益時，我們也繼續取得強勁收益，第 4 季度每股收益比去年增長 31%，按 3 年復合年增長率計算增長 25%。

I would also like to spend a moment on our full year 2022 results. As you know, we launched our new 5-year Power of Three x2 growth plan last spring. At the highest level, this plan assumes 15% CAGR revenue growth and modest operating margin expansion annually.

我還想花點時間談談我們 2022 年的全年業績。如您所知，我們於去年春天推出了新的 5 年三乘法 x2 增長計劃。在最高水平上，該計劃假設收入複合年增長率為 15%，營業利潤率每年適度增長。

In 2022, our revenue increased 30% compared to 2021 and 27% on a 3-year CAGR basis. Adjusted operating margin increased 10 basis points, while adjusted EPS increased 29% and 27% on a 1- and 3-year CAGR basis, respectively. It is a testament to the strength of our brand that for the full year 2022, we were able to significantly exceed our annual revenue goal and deliver adjusted operating margin in line with our target. And we achieved these results despite the challenging macro backdrop, supply chain issues and the pressure of COVID-19 in China.

2022 年，我們的收入比 2021 年增長 30%，按 3 年復合年增長率計算增長 27%。調整後的營業利潤率增加了 10 個基點，而調整後的每股收益按 1 年和 3 年復合年增長率分別增長了 29% 和 27%。這證明了我們品牌的實力，在 2022 年全年，我們能夠大大超過我們的年度收入目標，並實現符合我們目標的調整後營業利潤率。儘管中國面臨充滿挑戰的宏觀背景、供應鏈問題和 COVID-19 的壓力，我們還是取得了這些成果。

Now let's shift to product innovation. 2022 was a strong year for product newness and innovation. We continue to expand our core categories with the launch of SenseKnit fabric technology and cold weather run styles. We grew our play categories with our golf, tennis and hike capsules, and we entered a new category with the launch of footwear. Looking forward into 2023, I continue to be incredibly excited by the pipeline of innovation developed by our product teams. Several of our ideas this year include franchise growth, category expansions and building upon the success of some recently launched collections.

現在讓我們轉向產品創新。 2022 年是產品新穎和創新的重要一年。我們通過推出 SenseKnit 面料技術和寒冷天氣跑步款式繼續擴展我們的核心類別。我們通過高爾夫、網球和遠足膠囊拓展了遊戲品類，並通過推出鞋類產品進入了一個新品類。展望 2023 年，我對我們產品團隊開發的創新渠道繼續感到無比興奮。我們今年的幾個想法包括特許經營增長、品類擴張以及在最近推出的一些系列的成功基礎上再接再厲。

First, in the coming weeks, we will launch our Get Into It campaign featuring our popular and versatile Align franchise. As you know, Align began with a single style, a legging, which we grew to be our #1 performing bottom. We then expanded the collection to include shorts, tanks and bras. More recently, we added away from body styles, including wide leg and mini flare. We will support this product story with an integrated global marketing campaign.

首先，在接下來的幾週內，我們將推出我們的 Get Into It 活動，展示我們廣受歡迎且用途廣泛的 Align 特許經營權。如您所知，Align 從單一款式開始，即緊身褲，後來我們將其發展成為我們排名第一的下裝。然後我們擴展了系列，包括短褲、背心和文胸。最近，我們添加了遠離身體的款式，包括闊腿和迷你喇叭褲。我們將通過整合的全球營銷活動來支持這個產品故事。

We will also be expanding our Men's franchise, License to Train, into women's later this year, which will complement our accessible Wunder Train franchise. In men's, we continue to innovate within our core activities with new versions of the Metal Vent tee and the Pace Breaker short. Updates to fit, function and aesthetic have modernized these guest favorites.

我們還將在今年晚些時候將我們的男士專營權“訓練許可”擴展到女性專營權，這將補充我們無障礙的 Wunder Train 特許經營權。在男裝方面，我們繼續在我們的核心活動中進行創新，推出新版本的 Metal Vent T 恤和 Pace Breaker 短褲。對合身性、功能和美學的更新使這些客人的最愛變得現代化。

And in footwear, we recently introduced an updated version of Blissfeel, which incorporates learnings from the initial launch, and it's already receiving the same kind of positive media reviews that we have seen throughout our footwear rollout. In May, we will launch Blissfeel Trail, our first road-to-trail shoe, and this summer, we'll introduce an updated version of Chargefeel. Related to footwear, we are pleased with our performance and guest response. Looking forward, we're excited to continue expanding our offerings for her and also launch our men's lineup in 2024.

在鞋類方面，我們最近推出了 Blissfeel 的更新版本，它吸收了最初發佈時的經驗教訓，並且已經收到了與我們在整個鞋類產品推出過程中看到的相同的正面媒體評論。 5 月，我們將推出 Blissfeel Trail，這是我們的第一款公路越野跑鞋，今年夏天，我們將推出更新版的 Chargefeel。在鞋類方面，我們對我們的表現和客人的反應感到滿意。展望未來，我們很高興繼續為她擴大我們的產品範圍，並在 2024 年推出我們的男裝系列。

These are just a few examples of how we solve for the unmet needs of our guests. The versatility of our merchandise assortment is one of the key competitive advantages for lululemon. One thing to add is that we do not drive our top line growth through discounts or promotions, and we have no intentions to do so. We run a full-price business with markdowns strategically used to clear seasonal and other select product, and this will remain our approach in the future.

這些只是我們如何解決客人未滿足需求的幾個例子。我們商品種類的多樣性是 lululemon 的主要競爭優勢之一。要補充的一件事是，我們不會通過折扣或促銷來推動我們的收入增長，我們也無意這樣做。我們經營全價業務，戰略性地使用降價來清算季節性產品和其他精選產品，這將是我們未來的做法。

Now I would like to update you on membership. We launched our new 2-tier membership program in North America this past October, and throughout the holiday season, we gained many learnings and insights regarding how our guests engage with our brand.

現在我想向您更新會員資格。去年 10 月，我們在北美推出了新的 2 級會員計劃，在整個假期期間，我們獲得了許多關於客人如何與我們的品牌互動的知識和見解。

Let me start with our Essentials program, which is offered to guess at no cost. While we do not intend to release this metric regularly. I wanted to share that the number of sign-ups is significantly exceeding our expectations. In the first 5 months, we have already enrolled more than 9 million members. This demonstrates the significant potential behind this program. While the Essentials tier offers several compelling benefits and access to content, no discounts are involved. The rapid rate of sign-up speaks to the incredible loyalty of our guests, and the early results show our membership program increases the frequency of guests engaging with us. For example, more than 30% of members have already participated in at least one of the benefits of the program, and we expect this engagement to drive retention and incremental purchasing behavior going forward.

讓我從我們的 Essentials 計劃開始，該計劃提供免費猜測。雖然我們不打算定期發布此指標。我想分享一下，註冊人數大大超出了我們的預期。在前 5 個月，我們已經註冊了超過 900 萬會員。這證明了該計劃背後的巨大潛力。雖然 Essentials 層提供了多項引人注目的優勢和內容訪問權限，但不涉及折扣。註冊速度之快說明了我們客人難以置信的忠誠度，早期結果表明我們的會員計劃增加了客人與我們互動的頻率。例如，超過 30% 的會員已經參與了該計劃的至少一項福利，我們預計這種參與將推動保留和增加購買行為。

Related to the lululemon Studio tier of our membership program, we have also gained valuable insights that are informing our next steps. As we mentioned in our press release, we are taking an impairment charge related to assets and goodwill associated with MIRROR. Meghan will share more details with you in a moment.

與我們會員計劃的 lululemon Studio 層級相關，我們還獲得了寶貴的見解，這些見解為我們的後續步驟提供了信息。正如我們在新聞稿中提到的，我們正在對與 MIRROR 相關的資產和商譽相關的減值費用。梅根稍後會與您分享更多詳情。

As you know, we tested a paid city-based membership program in North America prior to our acquisition of MIRROR. Through that experience, we saw how guests were eager to engage with us through some of the sweat options we provided to participants. Not only did members enjoy these benefits, but we also saw increased member engagement, new guest acquisition and an increase in member spend. These learnings were the basis for our acquisition in 2020.

如您所知，在收購 MIRROR 之前，我們在北美測試了一個基於城市的付費會員計劃。通過那次經歷，我們看到了客人是如何渴望通過我們為參與者提供的一些汗水選項與我們互動的。會員不僅享受了這些好處，而且我們還看到了會員參與度的提高、新客人的獲取和會員支出的增加。這些經驗是我們 2020 年收購的基礎。

The recent launch of lululemon Studio has provided a new way to scale a paid membership program. Our best-in-class content helps build on our community of engaged guests, deepens our connection with them and drives incremental purchases of lululemon product. In fact, after studying the behavior of members, our initial analysis suggests that their spend on lululemon product increases approximately 9%, and this 9% is incremental. However, as you know, since our acquisition, the at-home fitness space has been challenging. While members love our content, hardware sales did not match our expectations, and even though our CAC has continued to improve, it has not improved enough to maintain the current level of investment.

最近推出的 lululemon Studio 提供了一種擴展付費會員計劃的新方法。我們一流的內容有助於建立我們的參與客人社區，加深我們與他們的聯繫，並推動對 lululemon 產品的增量購買。事實上，在研究會員的行為後，我們的初步分析表明，他們在 lululemon 產品上的支出增加了大約 9%，而這 9% 是增量的。但是，如您所知，自我們被收購以來，家庭健身空間一直充滿挑戰。雖然會員喜歡我們的內容，但硬件銷售沒有達到我們的預期，而且儘管我們的 CAC 不斷提高，但還不足以維持目前的投資水平。

As we continue to invest prudently in this business, we are evolving the model from being focused on hardware only to offering content through a digital and app-based solution as well. The new more efficient app-based model will launch this summer at a lower monthly subscription rate and when combined with our 9 million and growing Essentials members will allow us to expand our total addressable market for potential members. We view lululemon Studio in the same way we view any innovation. We test. We learn, and we evolve as necessary. Although the acquisition has not fully materialized as originally intended, we're in a much better position in our understanding of the community and our new membership program as a result.

隨著我們繼續審慎地投資這項業務，我們正在將模式從僅關注硬件發展為通過數字和基於應用程序的解決方案提供內容。新的更高效的基於應用程序的模型將在今年夏天以較低的月訂閱率推出，當與我們 900 萬和不斷增長的 Essentials 會員相結合時，我們將能夠為潛在會員擴大我們的總目標市場。我們以看待任何創新的方式看待 lululemon Studio。我們測試。我們學習，並根據需要進化。儘管此次收購併未按原定計劃完全實現，但我們對社區和新會員計劃的了解更加深入。

Shifting gears, I want to speak to the strength of the lululemon brand and the gains we are seeing in market share. Let me share a few metrics with you. When looking at transactions, our growth continues to be well balanced across new and existing guests. In quarter 4, we delivered a nearly 30% increase in transactions by new guests and more than 35% increase in transactions by existing guests. For the full year, these results contributed to a mid- to high 20% increase for both metrics.

換檔，我想談談 lululemon 品牌的實力以及我們在市場份額方面看到的收益。讓我與您分享一些指標。在查看交易時，我們的增長在新客人和現有客人之間繼續保持平衡。在第 4 季度，我們的新客人交易量增加了近 30%，現有客人的交易量增加了 35% 以上。在全年中，這些結果使這兩個指標都實現了 20% 的中高增長。

Next, I will touch on our recent and continued gain in market share. In fiscal quarter 4, 2022, the adult active apparel industry decreased its U.S. revenue by 5% compared to the same period last year. And over this time period, lululemon gained 2.3 points of market share in the U.S., the most of any brand in this market according to NPD Group's consumer tracking service. This is the highest quarterly market share gain we've achieved since we began tracking these numbers in 2020, and it caps a year in which we grew our market share every quarter. This speaks to our growth in the U.S., a key market within North America. And as we detailed at Analyst Day, we have significant opportunity to grow our brand awareness in North America and markets around the world.

接下來，我將談談我們最近和持續增加的市場份額。 2022 年第 4 財季，成人運動服裝行業在美國的收入與去年同期相比下降了 5%。根據 NPD Group 的消費者跟踪服務，在此期間，lululemon 在美國獲得了 2.3 個百分點的市場份額，是該市場上所有品牌中最多的。這是自 2020 年我們開始跟踪這些數字以來我們實現的最高季度市場份額增長，這標誌著我們每個季度的市場份額都在增長的一年。這說明了我們在美國的增長，美國是北美的一個重要市場。正如我們在分析師日詳細介紹的那樣，我們有重要的機會來提高我們在北美和世界各地市場的品牌知名度。

Just since last April, we have seen increases in awareness in some of our key growth regions. We added 5 points to our unaided awareness in Australia from 19% to 24%, 2 points in China from 7% to 9% and 2 points in the U.K., taking us to 16% in the market. As you can see from these numbers, significantly more consumers in these regions are currently unaware of our brand compared to those who are, which highlights this meaningful opportunity.

就在去年 4 月以來，我們已經看到一些主要增長地區的意識有所提高。我們在澳大利亞的獨立認知度增加了 5 個百分點，從 19% 增加到 24%，在中國增加了 2 個百分點，從 7% 增加到 9%，在英國增加了 2 個百分點，使我們在市場上的佔有率達到 16%。正如您從這些數字中看到的那樣，與那些知道我們品牌的消費者相比，這些地區目前有更多的消費者不了解我們的品牌，這凸顯了這一意義重大的機會。

As I mentioned earlier, our business remained strong in both our North America and international markets. In quarter 4 and full year 2022, revenue in North America increased 29%, while our international business generated 35% growth in quarter 4 and for the full year as well.

正如我之前提到的，我們的業務在北美和國際市場都保持強勁。在第四季度和 2022 年全年，北美的收入增長了 29%，而我們的國際業務在第四季度和全年也實現了 35% 的增長。

I would like to turn to our results in China where our potential continues to be significant. We have been investing in foundational infrastructure, people in stores that have fueled considerable growth in the market. As the impacts of COVID-19 normalize, we are seeing our momentum accelerate, and we are excited for the opportunities in the region in 2023 and beyond.

我想談談我們在中國的成果，我們的潛力仍然很大。我們一直在投資於基礎設施，商店中的人員推動了市場的可觀增長。隨著 COVID-19 的影響正常化，我們看到我們的勢頭在加速，我們為 2023 年及以後在該地區的機會感到興奮。

In quarter 4, revenue in China increased more than 30% versus last year and over 50% on a 3-year CAGR basis. While COVID-19 impacted revenue in December, we had a strong finish to the quarter and have seen momentum accelerate in quarter 1. We have a solid foundation in the region across our brick-and-mortar and digital channels and is supported by exceptional talent on which we continue to build. We recently opened our largest store in Asia Pacific, Kerry Center in Shanghai. It's an incredible expression of our brand, reflecting our commitment to the market, and it now brings our store count in China to nearly 100 locations. It's clear our growth strategies are on track, and we remain early in our journey across our international markets.

第 4 季度，中國的收入比去年增長了 30% 以上，按 3 年復合年增長率計算超過 50%。雖然 COVID-19 影響了 12 月的收入，但我們在本季度結束時表現強勁，並且在第一季度看到了增長勢頭。我們在該地區的實體和數字渠道擁有堅實的基礎，並得到傑出人才的支持我們繼續在此基礎上進行建設。我們最近在上海開設了亞太區最大的門店——上海嘉里中心。這是我們品牌令人難以置信的表現，反映了我們對市場的承諾，現在它使我們在中國的門店數量達到近 100 家。很明顯，我們的增長戰略正在走上正軌，而且我們在國際市場的征程中仍處於早期階段。

With that, I'll now turn it over to Meghan.

有了這個，我現在把它交給梅根。

Thanks, Calvin. I'm excited to be here today to discuss our Q4 results. We finished 2022 on a strong note with our adjusted results exceeding the updated guidance we provided in mid-January. This was enabled by an acceleration in our sales trend, along with the normalization of purchasing behavior relative to full price and markdown product.

謝謝，卡爾文。我很高興今天能來這裡討論我們第四季度的業績。我們以強勁的勢頭結束了 2022 年，調整後的結果超過了我們在 1 月中旬提供的更新指導。這是由於我們的銷售趨勢加速，以及相對於全價和降價產品的購買行為正常化。

Looking at Q1, our business continues to be robust. Our inventory growth will continue to moderate, and we expect to realize significant gross margin expansion driven by lower air freight.

展望第一季度，我們的業務繼續保持強勁。我們的庫存增長將繼續放緩，我們預計在空運費下降的推動下實現毛利率的顯著增長。

Let me now share the details of our Q4 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 Q4 2022 with Q4 2021, adjusted earnings per share for Q4 2022 exclude $3.46 of expense related to impairment charges associated with the MIRROR business. Adjusted earnings per share for Q4 2021 exclude $0.01 of expense related to the acquisition of MIRROR. I will provide more detail on the Q4 2022 impairment charge shortly. And you can refer to our earnings release and Form 10-K for more information and reconciliations to our GAAP metrics.

現在讓我分享我們第四季度業績的細節。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 年第四季度與 2021 年第四季度的財務指標時，2022 年第四季度的調整後每股收益不包括與 MIRROR 業務相關的減值費用相關的 3.46 美元費用。 2021 年第四季度的調整後每股收益不包括與收購 MIRROR 相關的 0.01 美元費用。我將很快提供有關 2022 年第四季度減值費用的更多詳細信息。您可以參考我們的收益發布和 10-K 表格，了解更多信息以及與我們的 GAAP 指標的對賬。

For Q4, total net revenue rose 30% to $2.8 billion. Comparable sales increased 30% with a 17% increase in stores and a 39% increase in digital. On a 3-year CAGR basis, total revenue increased 26%. In our store channel, sales increased 26% on a 1-year basis and 10% on a 3-year CAGR basis. Productivity remains above 2019 levels. We ended the quarter with a total of 655 stores across the globe. Square footage increased 21% versus last year, driven by the addition of 81 net new lululemon stores since Q4 of 2021. During the quarter, we opened 32 net new stores and completed 13 optimizations.

第四季度，總淨收入增長 30% 至 28 億美元。可比銷售額增長了 30%，其中門店增長了 17%，數字業務增長了 39%。按 3 年復合年增長率計算，總收入增長 26%。在我們的商店渠道中，銷售額在 1 年的基礎上增長了 26%，在 3 年的複合年增長率基礎上增長了 10%。生產率仍高於 2019 年的水平。本季度末，我們在全球共有 655 家門店。自 2021 年第四季度以來，lululemon 淨增 81 家新店，佔地面積比去年增加了 21%。本季度，我們新開了 32 家新店並完成了 13 項優化。

In our digital channel, revenues increased 46% on a 3-year CAGR basis and contributed $1.4 billion of top line or 52% of total revenue. Within North America, revenues increased 29% versus last year and 24% on a 3-year CAGR basis. Within international, we saw a 35% increase versus last year and 39% on a 3-year CAGR 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 14 億美元的收入，佔總收入的 52%。在北美，收入比去年增長了 29%，按 3 年復合年增長率計算增長了 24%。在國際範圍內，我們看到與去年相比增長了 35%，3 年復合年增長率為 39%。

And by category, men's revenue increased 22% versus last year and 26% on a 3-year CAGR basis. Women's increased 30% versus last year and 23% on a 3-year CAGR basis. And accessories grew 69% and 44% on the same basis.

按類別劃分，男裝收入比去年增長 22%，按 3 年復合年增長率計算增長 26%。女性與去年相比增長了 30%，按 3 年復合年增長率計算增長了 23%。配件在同一基礎上增長了 69% 和 44%。

It's also great to see ongoing strength in traffic across both channels. In stores, traffic increased over 30%; and in our digital business, traffic to our e-commerce sites and apps globally increased over 45%. On a 3-year CAGR basis, traffic is up 7% in stores and 40% 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.

很高興看到兩個渠道的流量持續增長。在商店中，客流量增加了 30% 以上；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加了 45% 以上。按 3 年復合年增長率計算，實體店客流量增長 7%，電子商務增長 40%。這說明了我們全方位運營模式的優勢，因為我們以對客人最方便的方式與他們互動。

Adjusted gross profit for the fourth quarter was $1.59 billion or 57.4% of net revenue compared to 58.1% of net revenue in Q4 2021. Adjusted gross margin decreased 70 basis points relative to last year. This was driven primarily by the following factors: 50 basis points of deleverage from foreign exchange within gross margin, which was offset by a 50 basis point FX benefit within SG&A and 50 basis points of deleverage on fixed costs. This was driven primarily by investments in our product teams and DC, offset somewhat by leverage on occupancy and depreciation. These were partially offset by a 30 basis point increase in product margin. This increase was driven primarily by lower air freight expense, partially offset by higher markdowns and merchandise mix.

第四季度調整後毛利為 15.9 億美元，占淨收入的 57.4%，而 2021 年第四季度為 58.1%。調整後毛利率較去年下降 70 個基點。這主要是由以下因素驅動的：毛利率內的外匯去槓桿化 50 個基點，這被 SG&A 內的 50 個基點外匯收益和固定成本的 50 個基點去槓桿化所抵消。這主要是由對我們的產品團隊和 DC 的投資推動的，但在一定程度上被對入住率和折舊的影響所抵消。這些被產品利潤率增加 30 個基點部分抵消。這一增長主要是由較低的空運費用推動的，部分被較高的降價和商品組合所抵消。

When looking at markdowns relative to 2019, for Q4, they were up 40 basis points, contributing to markdowns being relatively flat for the full year versus 2019. Adjusted gross margin was favorable to our updated guidance, which was a decline of 90 to 110 basis points due predominantly to favorability and markdowns in air freight in addition to leverage from higher-than-planned sales.

在考慮相對於 2019 年的降價幅度時，第四季度上升了 40 個基點，導致全年降價幅度與 2019 年相比相對持平。調整後的毛利率有利於我們更新的指引，即下降 90 至 110 個基點分數主要是由於空運的受歡迎程度和降價，以及高於計劃的銷售帶來的槓桿作用。

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 approximately $803 million or 29% of net revenue compared to 30.2% of net revenue for the same period last year. The leverage in the quarter versus Q4 2021 resulted from leverage in our operating channels and a benefit from FX I mentioned earlier. This was offset somewhat by increased corporate SG&A and a modest 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 費用約為 8.03 億美元，占淨收入的 29%，而去年同期占淨收入的 30.2%。本季度與 2021 年第四季度相比的槓桿作用是由於我們運營渠道的槓桿作用以及我之前提到的外匯帶來的好處。這在一定程度上被公司 SG&A 的增加以及折舊和攤銷的適度增加所抵消。

Adjusted operating income for the quarter was approximately $785 million or 28.3% of net revenue compared to 27.8% of net revenue in Q4 2021. Adjusted tax expense for the quarter was $226.5 million or 28.7% of pretax earnings compared to an adjusted effective tax rate of 26.4% a year ago. The increase relative to last year is due primarily to accruing for Canadian withholding taxes on a portion of fiscal 2022 Canadian earnings and some benefit we had last year upon the filing of income tax returns. Adjusted net income for the quarter was $562.5 million or $4.40 per diluted share compared to adjusted earnings per diluted share of $3.37 for the fourth quarter of 2021.

本季度調整後的營業收入約為 7.85 億美元，占淨收入的 28.3%，而 2021 年第四季度為淨收入的 27.8%。本季度調整後的稅收支出為 2.265 億美元，佔稅前收益的 28.7%，而調整後的有效稅率為一年前為 26.4%。與去年相比的增長主要是由於對 2022 財年加拿大收入的一部分產生了加拿大預扣稅，以及我們去年在提交所得稅申報表時獲得的一些收益。本季度調整後淨收入為 5.625 億美元或每股攤薄收益 4.40 美元，而 2021 年第四季度調整後每股攤薄收益為 3.37 美元。

Capital expenditures were approximately $207 million for the quarter compared to approximately $128 million in Q4 of last year. Q4 spend relates primarily to investments that support business growth, including our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

本季度的資本支出約為 2.07 億美元，而去年第四季度約為 1.28 億美元。第 4 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。

Before turning to our balance sheet highlights, let me spend a moment on the charges we took related to the MIRROR business. As you know, the overall at-home fitness space remains challenged. MIRROR hardware sales during the holiday season came in below our expectations, therefore, we ran an impairment test at the end of Q4. Based upon this test, we took charges related to the impairment of goodwill and certain long-lived assets and a provision for MIRROR hardware. These charges totaled approximately $443 million, net of tax, or $3.46 per share. The valuations used in the impairment calculation are based on an evaluation of MIRROR on a stand-alone basis.

在轉向我們的資產負債表要點之前，讓我花點時間談談我們與 MIRROR 業務相關的費用。如您所知，整體家庭健身空間仍然面臨挑戰。假日期間 MIRROR 硬件銷售低於我們的預期，因此，我們在第四季度末進行了減值測試。基於此測試，我們計提了與商譽和某些長期資產減值相關的費用以及 MIRROR 硬件的準備金。這些費用總計約 4.43 億美元（稅後淨額）或每股 3.46 美元。減值計算中使用的估值是基於對 MIRROR 的獨立評估。

We are pivoting away from the hardware-centric business that we acquired to also focus on a more efficient app-based model. While we see Studio as a key component of our membership strategy, which will help drive incremental revenue, the stand-alone valuation of MIRROR doesn't fully reflect the incremental revenue. Looking forward, we remain excited about our membership program. As Calvin shared, we already have over 9 million members in our Essentials program, and we continue to see opportunity to build our community, increase engagement and drive incremental spend.

我們正從我們收購的以硬件為中心的業務轉向專注於更高效的基於應用程序的模型。雖然我們將 Studio 視為我們會員戰略的關鍵組成部分，這將有助於推動增量收入，但 MIRROR 的獨立估值並不能完全反映增量收入。展望未來，我們仍然對我們的會員計劃感到興奮。正如 Calvin 分享的那樣，我們的 Essentials 計劃已經擁有超過 900 萬會員，我們繼續看到建立社區、增加參與度和推動增量支出的機會。

Turning now to our balance sheet highlights. We ended the quarter with $1.2 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory at the end of Q4 was $1.4 billion, modestly under our expectations for 60% growth. This reflects 1 year dollar growth of 50% or 57%, excluding the provision for MIRROR hardware.

現在轉向我們的資產負債表亮點。本季度末，我們的循環信貸額度下有 12 億美元的現金和現金等價物以及近 4 億美元的可用容量。第四季度末庫存為 14 億美元，略低於我們對 60% 增長的預期。這反映了 1 年美元增長 50% 或 57%，不包括 MIRROR 硬件的準備金。

I would also like to note that core seasonless product continues to make up approximately 45% of our inventory. We remain pleased with our inventory levels. In 2023, our inventory growth will continue to moderate, while we maintain our full price selling model, and we remain well positioned to fulfill guest demand. At the end of Q1, on a 1-year dollar basis, we expect inventory to increase approximately 30% to 35% relative to last year. Looking further out, we expect inventory growth to be relatively in line with sales growth in the second half of 2023.

我還想指出，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。到 2023 年，我們的庫存增長將繼續放緩，同時我們將保持全價銷售模式，並且我們仍處於滿足客人需求的有利位置。在第一季度末，以 1 年美元計算，我們預計庫存將比去年增加約 30% 至 35%。展望未來，我們預計 2023 年下半年庫存增長將與銷售增長相對一致。

During the quarter, we repurchased approximately 213,000 shares at an average price of $323. At the end of Q4, we had approximately $744 million remaining on our $1 billion repurchase program.

本季度，我們以平均 323 美元的價格回購了大約 213,000 股股票。到第四季度末，我們 10 億美元的回購計劃還剩下大約 7.44 億美元。

Let me shift now to our guidance outlook. While we are mindful of the ongoing macro uncertainties and we continue to plan the business prudently, we're excited with our sales trends in Q1 and also the benefits we expect to realize in 2023 from lower air freight and our new lululemon Studio model. We have the opportunity to invest into our Power of Three x2 growth pillars while also delivering operating margin in 2023, slightly ahead of our goal for modest expansion annually.

現在讓我轉向我們的指導展望。雖然我們注意到持續存在的宏觀不確定性並繼續審慎地規劃業務，但我們對第一季度的銷售趨勢以及我們預計在 2023 年從較低的空運費和我們新的 lululemon Studio 模型中實現的收益感到興奮。我們有機會投資於我們的三倍增長支柱的力量，同時在 2023 年實現營業利潤率，略高於我們每年適度擴張的目標。

In 2023, we expect revenue to be in the range of $9.3 billion to $9.41 billion. This range represents growth of 15% to 16% relative to 2022 and is in line to slightly better than our Power of Three x2 growth plan. We expect to open 45 to 50 net new company-operated stores in 2023 and complete approximately 25 co-located remodels. This will contribute to overall square footage growth in the low double digits. Our new store openings in 2023 will include 30 to 35 stores in our international markets with the majority of these planned for China.

2023 年，我們預計收入將在 93 億美元至 94.1 億美元之間。該範圍表示相對於 2022 年增長 15% 至 16%，並且略好於我們的三倍 x2 增長計劃。我們預計到 2023 年將淨開設 45 至 50 家公司自營新店，並完成約 25 家同地改造。這將有助於整體平方英尺以低兩位數的速度增長。我們在 2023 年開設的新店將包括在我們的國際市場開設 30 至 35 家門店，其中大部分計劃在中國開設。

For the full year, we forecast gross margin to increase between 140 to 160 basis points versus 2022. The expansion relative to last year was driven predominantly by lower air freight expense. For the full year, we expect air freight to be down approximately 150 basis points versus 2022. When looking at markdowns for the full year, we expect them to be in line with last year in 2019.

就全年而言，我們預測毛利率將比 2022 年增加 140 至 160 個基點。與去年相比的擴張主要是由於空運費用下降所致。對於全年，我們預計空運費將比 2022 年下降約 150 個基點。在考慮全年降價時，我們預計它們將在 2019 年與去年持平。

Let me also share some additional detail on our multiyear distribution center project. We began this project in 2022 with the opening of our new Tilbury DC near Vancouver. For the year overall, this project had a negative 30 basis point impact on gross margin. In 2023, we will continue investing in our distribution network to support future growth. Projects include building a new DC in the Greater Los Angeles area and also expanding 2 of our existing DCs in Columbus and Toronto. Included in our gross margin guidance for the year is 20 basis points of deleverage associated with these initiatives.

讓我也分享一些關於我們的多年配送中心項目的額外細節。我們於 2022 年在溫哥華附近開設了新的 Tilbury DC，開始了這個項目。就全年而言，該項目對毛利率產生了 30 個基點的負面影響。 2023 年，我們將繼續投資我們的分銷網絡以支持未來的增長。項目包括在大洛杉磯地區建設一個新的配送中心，以及擴建我們在哥倫布和多倫多的 2 個現有配送中心。我們今年的毛利率指引中包括與這些舉措相關的 20 個基點的去槓桿化。

Turning now to SG&A for the full year. We forecast deleverage of 120 to 140 basis points versus 2022, driven predominantly by increased investments to support market expansion, improve our guest experience by enhancing our omni capabilities and continuing to make foundational investments to support future growth. In addition, we expect higher depreciation due to current and prior year investments.

現在轉向全年的 SG&A。我們預測與 2022 年相比，去槓桿化將達到 120 至 140 個基點，這主要是由於增加投資以支持市場擴張、通過增強我們的全方位能力來改善我們的客戶體驗以及繼續進行基礎投資以支持未來增長所推動的。此外，我們預計由於當前和上一年的投資，折舊率會更高。

When looking at operating margin for the full year 2023, we expect it to increase by 20 to 40 basis points versus last year. This would be slightly ahead of our Power of Three x2 long-term target of a modest expansion annually.

在考慮 2023 年全年的營業利潤率時，我們預計它將比去年增加 20 至 40 個基點。這將略高於我們每年適度擴張的三倍 x2 長期目標。

For the full year 2023, we expect our effective tax rate to be approximately 30%, an increase over the 2022 adjusted effective tax rate of 28.1%. This is in line with our longer-term tax rate expectations we provided as part of our Power of Three x2 plan and reflects the increase we expect as a result of accruing for Canadian withholding taxes. For Q1, we expect our effective tax rate to be approximately 30%.

對於 2023 年全年，我們預計我們的有效稅率約為 30%，高於 2022 年調整後的 28.1% 的有效稅率。這符合我們作為三倍 x2 計劃的一部分提供的長期稅率預期，並反映了我們預期因加拿大預扣稅而產生的增長。對於第一季度，我們預計我們的有效稅率約為 30%。

For the fiscal year 2023, we expect diluted earnings per share in the range of $11.50 to $11.72 versus adjusted EPS of $10.07 in 2022. Our EPS guidance excludes the impact of any future share repurchases. We expect capital expenditures to be approximately $660 million to $680 million for 2023. The increase versus 2022 reflects investments to support business growth including a continuation of our multiyear distribution center expansion, store capital for new locations, relocations and renovations, and technology investments. Our range of $660 million to $680 million is approximately 7% of revenue, in line with our current Power of Three x2 target of 7% to 9%.

對於 2023 財年，我們預計稀釋後每股收益在 11.50 美元至 11.72 美元之間，而 2022 年調整後每股收益為 10.07 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。我們預計 2023 年的資本支出約為 6.6 億美元至 6.8 億美元。與 2022 年相比的增長反映了支持業務增長的投資，包括我們多年配送中心的持續擴張、新地點的商店資本、搬遷和翻新以及技術投資。我們 6.6 億美元至 6.8 億美元的範圍約為收入的 7%，符合我們目前 7% 至 9% 的三倍乘方目標。

Shifting now to Q1. We expect revenue in the range of $1.89 billion to $1.93 billion, representing 1 year growth of 17% to 20%. We expect to open 5 to 10 net new company-operated stores in Q1. We expect gross margin in Q1 to increase 290 to 320 basis points relative to Q1 of 2022. This will be driven by lower air freight expense offset somewhat by strategic investments in supply chain and distribution centers as well as foreign exchange. In Q1, we expect our SG&A rate to deleverage by 60 to 80 basis points relative to Q1 2022, related to the investments I just described.

現在轉移到第一季度。我們預計收入在 18.9 億美元至 19.3 億美元之間，相當於 1 年增長 17% 至 20%。我們預計在第一季度新開 5 到 10 家公司自營門店。我們預計第一季度的毛利率將比 2022 年第一季度增加 290 至 320 個基點。這將受到空運費用下降的推動，而空運費用在一定程度上被對供應鍊和配送中心以及外彙的戰略投資所抵消。在第一季度，我們預計我們的 SG&A 利率將相對於 2022 年第一季度去槓桿化 60 至 80 個基點，這與我剛才描述的投資有關。

When looking at operating margin for Q1, we expect expansion of approximately 200 basis points. We expect earnings per share in the first quarter to be in the range of $1.93 to $2 versus adjusted EPS of $1.48 a year ago.

在考慮第一季度的營業利潤率時，我們預計將擴大約 200 個基點。我們預計第一季度每股收益將在 1.93 美元至 2 美元之間，而一年前調整後的每股收益為 1.48 美元。

With that, I will wrap up my remarks and turn it back over to Calvin.

至此，我將結束我的發言並將其轉回給 Calvin。

Thank you, Meghan. In 2022, we passed $8 billion in revenue for the first time driven by balanced growth across categories, channels and markets. Our product pipeline driven by innovation is very strong. More than 9 million guests signed up for our Essentials membership program in the first 5 months, which further strengthens the opportunity to keep building our community, strengthen our guest relationship and drive long-term value. Our market share gains show our brand is able to expand and attract new guests, and yet our unaided awareness remains low, which demonstrates the runway in front of us. And we're seeing strong momentum in every market where we operate, and we continue to successfully expand into new geographies. These are just some of the reasons I'm excited about all that's in front of us, both in 2023 and over the coming years.

謝謝你，梅根。 2022 年，在跨品類、渠道和市場的平衡增長的推動下，我們的收入首次超過 80 億美元。我們由創新驅動的產品線非常強大。前 5 個月，超過 900 萬客人註冊了我們的 Essentials 會員計劃，這進一步加強了繼續建設社區、加強客戶關係和推動長期價值的機會。我們的市場份額增加表明我們的品牌能夠擴大和吸引新客人，但我們的獨立意識仍然很低，這表明我們面前的跑道。我們在我們經營的每個市場都看到了強勁的勢頭，並且我們繼續成功地擴展到新的地區。這些只是我對 2023 年和未來幾年我們面前的一切感到興奮的部分原因。

I look forward to taking your questions now. Operator?

我期待著現在回答你的問題。操作員？

(Operator Instructions) The first question comes from Adrienne Yih from Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations, everybody, for stellar year and great momentum coming into the first quarter. Calvin, I was wondering if you can help expand upon that notion of unaided brand awareness. I think that's a really powerful concept there. What was your advertising spend as a percent of sales last year? And what avenues are you going to be using sort of to expand that brand awareness.

祝賀大家，祝賀我們在第一季度迎來了輝煌的一年和巨大的發展勢頭。卡爾文，我想知道你是否可以幫助擴展獨立品牌知名度的概念。我認為這是一個非常強大的概念。去年您的廣告支出佔銷售額的百分比是多少？您將使用什麼途徑來擴大品牌知名度。

And then Meghan, really quickly, if you can just expand upon the notion of flat promos, I think you said to last year and 2019, just trying to understand those 2 comparisons. And that is a nice improvement, I think, from kind of ICR when maybe, I think, we were in a little bit more of a promotional kind of backdrop or notion of promotions coming into the year.

然後梅根，真的很快，如果你能擴展平面促銷的概念，我想你對去年和 2019 年說過，只是想了解這兩個比較。這是一個很好的改進，我認為，從某種 ICR 開始，我認為，我們可能更多地處於促銷背景或促銷概念中。

Thanks, Adrienne. In terms of unaided brand awareness, as you highlighted, it's exciting to see both our improvements in it, but also the runway of growth and potential we have. So we know that our approach is working as well as we know that it's going to continue to fuel our ability to acquire guests and drive the overall momentum in the business across all markets, including North America and the U.S.

謝謝，艾德麗安。正如您所強調的，就獨立的品牌知名度而言，看到我們在這方面的改進以及我們擁有的增長和潛力的跑道令人興奮。因此，我們知道我們的方法正在發揮作用，而且我們知道它將繼續增強我們吸引客人的能力，並推動包括北美和美國在內的所有市場的整體業務發展勢頭。

Our current spend is in around the 4% range. And at this point, we're planning to maintain the percentage of sales relatively consistent. How we deploy it? It's a combination of opening stores, which is a wonderful vehicle to drive that awareness and acquire guests, connecting with guests and ambassadors in our local communities and investing in both our community activations as well as these relationships; expanding our relationships with lead athletes around the world, which we continue to make great contributions and add into our collective; and then finally, like you will see with the Get Into It campaign, executing more deliberate and coordinated global brand campaigns, which I'm excited for you to see that. Those are just some of the examples the way in which we activate our brand and product first through most of the messaging and that we've seen our success and excited for what we have planned in '23.

我們目前的支出在 4% 左右。在這一點上，我們計劃保持銷售額的百分比相對一致。我們如何部署它？這是開店的組合，這是提高知名度和吸引客人的絕佳工具，與我們當地社區的客人和大使建立聯繫，並投資於我們的社區活動和這些關係；擴大我們與世界各地主要運動員的關係，我們將繼續做出巨大貢獻並加入我們的集體；最後，就像您將在 Get Into It 活動中看到的那樣，執行更加深思熟慮和協調的全球品牌活動，我很高興您能看到這一點。這些只是我們首先通過大部分消息傳遞來激活我們的品牌和產品的方式的一些例子，我們已經看到了我們的成功，並對我們在 23 年的計劃感到興奮。

In terms of markdowns, our full year 2022 markdowns came in, in line with 2019. And we're expecting to be relatively flat in 2023 on a full year basis. We do have the biggest opportunity in Q4, which will be offset somewhat by Q1 through Q3 markdowns. But that 2019 waterline, we view, is a healthy level for us. And then we'll also see inventory, as we mentioned, 30% to 35% growth at the end of Q1 and then coming in line with sales in the second half of 2023.

在降價方面，我們的 2022 年全年降價與 2019 年一致。我們預計 2023 年全年將相對持平。我們在第四季度確實有最大的機會，這將在一定程度上被第一季度到第三季度的降價所抵消。但我們認為，2019 年的水線對我們來說是一個健康的水平。然後，正如我們提到的，我們還將看到庫存在第一季度末增長 30% 至 35%，然後與 2023 年下半年的銷售額持平。

The next question comes from Lorraine Hutchinson from Bank of America.

下一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to focus on China for a minute. It was about 8% of sales last year. How are you thinking about the growth cadence there? And can you give an update for us on profitability of the region?

我想花一分鐘時間來關注中國。這大約是去年銷售額的 8%。您如何看待那裡的增長節奏？您能否為我們提供有關該地區盈利能力的最新信息？

Lorraine, in terms of China, we haven't put a fine point on China in 2023. However, what I'd say is we still had a degree of COVID disruption in both Q4 and full year '22, when we were at a 30% growth rate. We have seen that trend accelerate as we moved out of Q4 and into 2023, particularly Q1. So we are above that 30% growth. And then in terms of profitability, we are profitable in China. We haven't put a fine point on it beyond that.

洛林，就中國而言，我們還沒有在 2023 年對中國提出一個很好的觀點。但是，我要說的是，我們在第四季度和 22 年全年仍然受到一定程度的 COVID 干擾，當時我們處於30%的增長率。隨著我們走出第四季度進入 2023 年，尤其是第一季度，我們已經看到這種趨勢在加速。所以我們超過了 30% 的增長率。然後在盈利能力方面，我們在中國是盈利的。除此之外，我們還沒有對它提出一個很好的觀點。

The next question comes from Brian Nagel from Oppenheimer.

下一個問題來自 Oppenheimer 的 Brian Nagel。

Great quarter. Congratulations.

偉大的季度。恭喜。

Thank you.

謝謝。

So I just want to -- my question -- I just want to focus on inventories because I know that has been a big topic for lululemon as well as the sector. So you had fantastic results here in the fourth quarter. I'm looking at the math you. You ended the year, inventory is up, I guess, just around 50%. So as we think about '23, within the context of the guidance you gave, how should we expect that inventory to moderate? And is it -- are you essentially saying you're just going to work through that primarily for the normal course of business without really any excess promotions?

所以我只想——我的問題——我只想關注庫存，因為我知道這一直是 lululemon 和該行業的一個重要話題。所以你在第四季度在這裡取得了出色的成績。我在看你的數學。你結束了這一年，庫存增加了，我猜，只有 50% 左右。因此，當我們考慮 23 年時，在您給出的指導範圍內，我們應該如何預期庫存會減少？是嗎——你的意思是說你主要是為了正常的業務過程而沒有任何額外的促銷活動嗎？

Yes. So in terms of inventory, we've been navigating obviously the dynamic supply chain environment. And we did place a number of core buys earlier to try to manage our air freight expense. We do have a higher proportion of our inventory in core, 45% versus 40% historically. We also saw increased air freight impacting our cost inventory balances. And then we also saw vendors who were shipping later than historically pivot to shipping more on time. So the team is still navigating and adjusting to that new reality.

是的。因此，就庫存而言，我們顯然一直在動態供應鏈環境中航行。我們確實早些時候進行了一些核心採購，以試圖管理我們的空運費用。我們的核心庫存比例確實更高，為 45%，而歷史上為 40%。我們還看到空運增加影響了我們的成本庫存餘額。然後我們還看到發貨時間比以往晚的供應商轉向更準時發貨。因此，該團隊仍在導航和調整以適應新的現實。

And I would say, at the end of Q1, we're going to see inventory moderate to 30% to 35% growth, and we expect it to come in line towards the second half of the year. Our goal overall is to manage our inventory in line with our revenue growth and believe we'll be there over time.

我會說，在第一季度末，我們將看到庫存溫和增長 30% 至 35%，我們預計它會在今年下半年出現。我們的總體目標是根據我們的收入增長來管理我們的庫存，並相信我們會隨著時間的推移實現這一目標。

The next question comes from Paul Lejuez from Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Can I just piggyback on the inventory question? Curious if you're a little bit heavier in certain geographies versus others and if it's going to take a little bit more time to clear and get to where you want to be in certain geographies. And then just separately, curious what you're looking at from a product cost perspective this year, first half versus second half, if you can share what you're anticipating on the AUC side.

我可以順便解決庫存問題嗎？好奇你在某些地區是否比其他地區更重一些，以及是否需要更多時間才能清理並到達某些地區你想去的地方。然後單獨地，好奇你今年從產品成本的角度來看，上半年與下半年，如果你能分享你對 AUC 方面的預期。

Yes. I would say nothing notable by geography in terms of inventory balances. We're pleased overall with the content composition, and we plan to, as we mentioned, have a healthy full price penetration as we move throughout the year. In terms of product costs, we haven't experienced any significant increases, and we don't expect any significant changes as we move throughout 2023, relatively stable.

是的。就庫存餘額而言，我不會說任何值得注意的地理位置。我們對內容構成總體上感到滿意，並且正如我們提到的那樣，我們計劃在全年移動時實現健康的全價滲透。在產品成本方面，我們沒有經歷任何顯著的增長，我們預計整個 2023 年不會有任何顯著變化，相對穩定。

The next question comes from Ike Boruchow from Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Congrats, everyone. Two-part question. Maybe first for Calvin just on the MIRROR hardware decision. Can you walk us through a little bit more about what you saw in the holiday, and I guess, the past several quarters that kind of informed your decision that you guys ultimately made to eliminate the hardware piece of the business? And then, Meghan, is there anything you can quantify in the P&L? What kind of revenue or operating losses are being removed by eliminating that piece of the business this year?

恭喜大家。兩部分的問題。也許首先對於 Calvin 來說只是關於 MIRROR 硬件的決定。您能否向我們詳細介紹一下您在假期中看到的情況，我想，過去幾個季度，你們最終做出了取消業務硬件部分的決定，這為您提供了信息？然後，梅根，您可以在損益表中量化什麼嗎？今年通過取消該業務可以消除什麼樣的收入或運營虧損？

Thanks, Ike. On MIRROR, I just want to clarify, we're not eliminating the hardware, but we are adding a app feature that will allow a guest to sign up and pay a lower monthly subscription fee and acts as the same content without having to purchase the hardware. So I just want to clarify that. And that will launch later this summer. And we think with the lower cost to entry, not being hardware restricted and the 9 million Essential members that we've built and will continue to build, it will allow us to more easily migrate and attract guests into it.

謝謝，艾克。在 MIRROR 上，我只是想澄清一下，我們並沒有消除硬件，而是添加了一個應用程序功能，允許訪客註冊並支付較低的月訂閱費，並作為相同的內容，而無需購買硬件。所以我只想澄清一下。這將在今年夏天晚些時候推出。我們認為，憑藉較低的進入成本、不受硬件限制以及我們已經建立並將繼續建立的 900 萬基本會員，這將使我們能夠更輕鬆地遷移並吸引客人加入。

We did see an improvement in our performance with the launch of lululemon Studio in October. But as we shared, it just didn't meet our expectations. And although CACs are improving, they're still not proving fast enough that we didn't -- that we felt it prudent to make this pivot to open up the TAM and appeal to a broader audience within our collective.

隨著 10 月份推出 lululemon Studio，我們確實看到了業績的改善。但是正如我們分享的那樣，它只是沒有達到我們的期望。儘管 CAC 正在改進，但它們仍然沒有足夠快地證明我們沒有——我們認為以開放 TAM 為重心並吸引我們集體中更廣泛的受眾是明智的。

In terms of the P&L, we don't break out MIRROR separately given it's now embedded in our membership program. But what I will share is that it's a very small portion of our revenue this year and was also a very small portion of our 5-year plan. We have moderated investment levels, and we'll continue to do so and continue to see dilution improving.

就損益而言，我們不會單獨分解 MIRROR，因為它現在已嵌入我們的會員計劃中。但我要分享的是，它只占我們今年收入的一小部分，也是我們 5 年計劃的一小部分。我們已經降低了投資水平，我們將繼續這樣做，並繼續看到稀釋改善。

The next question comes from Alex Straton from Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

Congrats on another good quarter. Two quick ones from me. The first is just on the big increase you mentioned in new guests. I think a 30% level or so. Could you share any learnings you have on how those new guests compare to existing guests? And then secondly, on the 40% to 45% of the business that's core, any insight you can give us on the split of the rest of the business, I guess, the newer categories and what they represent and whether they have similar full price sell-through rates to that legacy business?

祝賀又一個好季度。我的兩個快速的。第一個就是你提到的新客人的大幅增加。我認為 30% 左右。你能分享一下你對這些新客人與現有客人的比較有何了解嗎？其次，關於 40% 到 45% 的核心業務，您可以向我們提供有關其餘業務拆分的任何見解，我想，較新的類別及其代表的內容以及它們是否具有相似的全價舊業務的銷售率？

Thanks, Alex. In terms of the new guests, we have -- one of the benefits of the brand is we see good success across guests across all age demographics. So that remains very healthy, both acquisition as well as engagement. We have seen a very healthy growth in our younger guest base, in particular, over the past 12 and 18 months, and that continued. But overall, we would wait a little bit on the younger but very healthy overall and seeing, as I indicated, very healthy numbers in terms of engagement of existing guests, the new guests, how those cohorts are shopping and engaging on a frequent basis and migrating up through the category offering that we have.

謝謝，亞歷克斯。就新客人而言，我們擁有 - 該品牌的優勢之一是我們看到所有年齡段的客人都取得了良好的成功。所以這仍然非常健康，無論是收購還是參與。我們看到年輕客人群的增長非常健康，尤其是在過去 12 個月和 18 個月，而且這種情況還在繼續。但總的來說，我們會稍等一下年輕但總體上非常健康的人，正如我所指出的，在現有客人、新客人的參與度、這些群體如何頻繁購物和參與以及通過我們擁有的類別產品向上遷移。

And I'd share in terms of category breakdown of the balance of inventory outside of the 40% to 45% core, we're pleased with the seasonal nature of our product and the aging of that inventory. And in terms of by category, it'd be positioned relative to our Power of Three x2 plan in terms of category growth.

我會分享 40% 至 45% 核心庫存餘額的類別細分，我們對我們產品的季節性和庫存的老化感到滿意。就類別而言，它在類別增長方面將相對於我們的三乘法 x2 計劃進行定位。

The next question comes from Rick Patel from Raymond James.

下一個問題來自 Raymond James 的 Rick Patel。

Congrats on all the progress. I was hoping you could talk about your expectations for growth in North America for the new year. You've made a lot of progress already in the market. So I'm curious what you see as the strongest growth levers as we think about channels and product segments.

祝賀所有的進步。我希望你能談談你對北美新一年增長的期望。你已經在市場上取得了很大的進步。所以我很好奇，在我們考慮渠道和產品細分時，您認為什麼是最強大的增長槓桿。

So in terms of North America, we're looking at achieving our low double-digit expectation that we shared as part of our Power of Three x2. And sorry, can you remind me the second half of your question?

因此，就北美而言，我們正在尋求實現我們作為三人力量 x2 的一部分分享的低兩位數期望。抱歉，你能提醒我你問題的後半部分嗎？

Yes. Just what the strongest growth levers are as we think about channels and product segments.

是的。當我們考慮渠道和產品細分時，最強大的增長槓桿是什麼。

Yes. I would say I'd frame that also in that context. So we have our 15% average growth rate annually as part of that plan, with a goal of the 4x international business, double our men's business, double our e-commerce business, and that also included low double-digit North America growth as well as low double-digit women's and store growth.

是的。我會說我也會在那種情況下構建它。因此，作為該計劃的一部分，我們每年平均增長率為 15%，目標是國際業務增長 4 倍，男士業務翻一番，電子商務業務翻一番，其中還包括北美兩位數的低增長作為低兩位數的女裝和商店增長。

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

下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Congratulations on the results. As you think about the product margin puts and takes for 2023, how do you think about them and the markdowns which are normalized with 2019 levels, how do you see that evolving as we go through the year? Is there any cadence or shape that we should be mindful of?

祝賀結果。當您考慮 2023 年的產品保證金投入和投入時，您如何看待它們以及根據 2019 年水平標準化的降價，您如何看待我們在這一年中的演變？有沒有我們應該注意的節奏或形狀？

Thanks, Dana. So we're -- we shared color of 140 to 160 basis point increase in gross margin for the full year, and that would really be driven by a benefit from air freight down 150 basis points. We are expecting markdowns to be flat year-over-year, also flat to 2019 levels. And we have a little bit of pressure, as we mentioned, in our distribution center strategy that's really aimed at servicing our demand over time.

謝謝，達娜。所以我們 - 我們分享了全年毛利率增長 140 到 160 個基點的顏色，這實際上是由空運下降 150 個基點的好處推動的。我們預計降價幅度將同比持平，也持平於 2019 年的水平。正如我們所提到的，我們的配送中心戰略確實有點壓力，該戰略真正旨在隨著時間的推移滿足我們的需求。

In terms of cadence by quarter, I had mentioned earlier, we have the biggest opportunity in markdowns in Q4 offset by Q1 through Q3. And then in terms of air freight, our biggest opportunity will be Q1 in the range of 300 to 400 basis points. We will be higher -- we will have opportunity relative to the last year in Q2 and Q3, and then we're expecting, at this point in time, we'll be in line in Q4.

就季度節奏而言，我之前提到過，我們在第四季度的降價機會最大，被第一季度到第三季度抵消了。然後在空運方面，我們最大的機會將是 Q1 在 300 到 400 個基點的範圍內。我們會更高——相對於去年第二季度和第三季度，我們將有機會，然後我們預計，在這個時間點，我們將在第四季度排隊。

Got it. And then just, Calvin, on the new product rollouts that are coming this year, where do you see the most opportunity to have an influence on the overall category given that you're gaining share in a category that's a little more challenged now?

知道了。然後，Calvin，關於今年即將推出的新產品，考慮到您在一個現在更具挑戰性的類別中獲得份額，您認為哪裡最有機會對整個類別產生影響？

In terms of the product, what I'm anticipating is similar to what we've been seeing, which is balanced growth across men's and women's, across categories and activities. The innovation, a little bit of what I've shared is a balance of continuing to innovate on our core styles and franchises like the recent update to the men's Metal Vent and Pace Breaker short as well as adding additional styles to proven franchises like the Align campaign that I'm really energized and excited about. It's a fantastic expression of one of our powerhouses and excited to use it as a way to continue to recruit new guests and then building on new launches like footwear and then bringing successes in our men's business with the License to Train into our women's assortment.

就產品而言，我的預期與我們所看到的相似，即男性和女性、類別和活動的平衡增長。創新，我分享的一點點是在我們的核心款式和特許經營上繼續創新的平衡，例如最近對男士 Metal Vent 和 Pace Breaker 短褲的更新，以及為 Align 等久經考驗的特許經營添加其他款式讓我真正充滿活力和興奮的競選活動。這是我們其中一位強者的絕妙表達，我們很高興將其用作繼續招募新客人的一種方式，然後在鞋類等新產品的基礎上進一步發展，然後通過 License to Train 將我們的男裝業務成功帶入我們的女裝系列。

So I think it's another expression of the evolution we've had with our product strategy, which is early still, very balanced across the activities we identified expressed through categories and franchises across both men's and women's. So my anticipation is still very balanced growth both in North America, around the globe for product for us in '23 and beyond.

因此，我認為這是我們產品戰略演變的另一種表達方式，該戰略還很早，在我們確定的活動中非常平衡，這些活動通過男性和女性的類別和特許經營來表達。因此，我預計 23 世紀及以後的產品在北美和全球範圍內的增長仍然非常平衡。

The next question comes from Brooke Roach from Goldman Sachs.

下一個問題來自高盛的布魯克羅奇。

Calvin, I was wondering if you could contemplate the customer engagement that you're seeing with full price relative to discounted product and how that engagement may have changed over the course of the last few months, combined with your expectation for that for the rest of the year. Does that engagement rate differ by region, age or customer income demographic?

Calvin，我想知道你是否可以考慮一下你所看到的與打折產品相關的全價客戶參與度，以及在過去幾個月中這種參與度可能發生了怎樣的變化，以及你對其餘時間的期望那一年。該參與率是否因地區、年齡或客戶收入統計數據而異？

Brooke, in terms of markdown and full price penetration, we did see that normalize as we moved through the balance of January and then into Q1. We haven't seen any material differences by customer segment, and we do expect that we'll maintain that relationship of healthy full price in line with history that's reflected in the color we provided on markdowns being flat year-over-year, also flat to 2019, which we view as a healthy waterline for us.

Brooke，就降價和全價滲透而言，我們確實看到在我們度過 1 月餘下的時間然後進入第一季度時正常化。我們沒有看到客戶群有任何實質性差異，我們確實希望我們將保持健康的全價與歷史保持一致的關係，這反映在我們提供的降價顏色與去年同期持平，也持平到 2019 年，我們認為這是一條健康的水線。

The next question comes from Michael Binetti from Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

I'll add my congrats on a nice quarter and a nice update since ICR, Meghan. I guess on China, you built a lot of stores there since pre-COVID, and I think you've done -- I think you've -- you haven't had much time over there over the past 3 years, those stores operating in any kind of normal capacity. So if China was 8% of sales but it's 15% of your global store count, I'm just curious, if China was operating at normal productivity, would revenues be closer to that 15% store mix. Or do you think those stores -- any reason to think they should trend above or below global averages on sales per store or sales per flow? Just anything -- any way for us to think about the opportunity there with the assets you already have?

我要祝賀一個不錯的季度和自 ICR 以來的一個不錯的更新，梅根。我想在中國，自從 COVID 之前你在那裡建立了很多商店，我認為你已經完成了 - 我認為你已經 - 在過去的 3 年裡你沒有太多時間在那裡，那些商店以任何種類的正常能力運作。因此，如果中國占銷售額的 8%，但佔全球商店數量的 15%，我很好奇，如果中國以正常生產力運營，收入是否會接近 15% 的商店組合。或者你認為這些商店 - 有什麼理由認為它們的每家商店銷售額或每流量銷售額應該高於或低於全球平均水平？任何事情——我們可以通過任何方式考慮您已經擁有的資產的機會嗎？

And then Calvin, on thoughts on pricing in 2023, I know this hasn't been the most urgent lever for you to pull in recent quarters. You talked about that. Any change to that for 2023?

然後是 Calvin，關於 2023 年定價的想法，我知道這並不是你最近幾個季度最緊迫的槓桿。你談到了那個。 2023 年有什麼變化嗎？

Yes. In terms of China stores, definitely, we were impacted by COVID as we move throughout 2023. So I would expect that percentage to be higher. I would say our stores are highly productive there. They tend to be smaller than the balance of our fleet, particularly in North America, and we view that as an opportunity over time. We continue to have a long pipeline of store openings there. We also are very early in terms of store expansion strategy, which we've employed in North America to capitalize on where we see very strong and healthy sales per square foot and opportunities to expand the market.

是的。就中國商店而言，在整個 2023 年，我們肯定會受到 COVID 的影響。所以我預計這個百分比會更高。我會說我們的商店在那裡的生產力很高。它們往往小於我們機隊的平衡，特別是在北美，我們認為隨著時間的推移這是一個機會。我們繼續在那裡開店的渠道很長。我們在門店擴張戰略方面也很早，我們已經在北美採用該戰略，以利用我們看到每平方英尺非常強勁和健康的銷售以及擴大市場的機會。

And Michael, on pricing, I'll start with what we shared last year, which is going to be similar to our approach this year. And I'll start with I'm proud of the approach that the team took, and that is knowing we're a full price business. We only increased prices on a small percentage of our assortment so that we continue to lean in on full pricing and not rely on and have to pull the promo lever.

邁克爾，關於定價，我將從我們去年分享的內容開始，這將與我們今年的方法相似。首先，我為團隊採取的方法感到自豪，那就是知道我們是全價業務。我們只提高了一小部分產品的價格，以便我們繼續依靠全價定價，而不是依賴並且不得不拉動促銷槓桿。

What we saw in the industry was many other players price up and then heavily discount that back down. But it allowed us to manage margins, manage full price selling throughout with selective pricing. And heading into '23, it's a similar approach. We're not planning any drastic significant moves in pricing and continue to focus on full price with markdowns as a means to exiting seasonal product only.

我們在行業中看到的是，許多其他參與者先抬高價格，然後大幅打折。但它使我們能夠管理利潤率，通過選擇性定價管理全價銷售。進入 23 年，這是一種類似的方法。我們不打算在定價方面採取任何重大舉措，並將繼續關注全價和降價，作為僅退出季節性產品的一種手段。

The next question comes from Omar Saad from Evercore.

下一個問題來自 Evercore 的 Omar Saad。

Just a couple of quick follow-ups. Calvin, maybe you could touch on the strategy to use paid media and how that's going for you guys. The efficacy, is that something you're using in other markets like China as well? And maybe a quick update on some of the new categories, footwear, hike, golf, et cetera, would be helpful.

只是幾個快速跟進。卡爾文，也許你可以談談使用付費媒體的策略，以及這對你們有何影響。功效，您也在中國等其他市場使用嗎？也許對某些新類別（鞋類、遠足、高爾夫等）進行快速更新會有所幫助。

Right. Thanks, Omar. In terms of our approach to media, we'll always and continue to use a balance between paid and earned. And I think we've really made gains in the last few years in leveraging both of those with earned media playing very, very heavily for us, which is great on the back of innovation, and some compelling story. So we're going to continue to leverage both of those, leaning in when we do, do paid into digital in more direct and specific. And I think you'll see a lot of that expressed and executed through the Get Into It Align campaign.

正確的。謝謝，奧馬爾。就我們對媒體的態度而言，我們始終並將繼續在付費和賺取之間取得平衡。而且我認為，在過去幾年中，我們確實在利用免費媒體為我們播放非常、非常多的內容方面取得了進展，這在創新和一些引人入勝的故事的支持下非常棒。因此，我們將繼續利用這兩者，在我們這樣做時傾斜，以更直接和具體的方式支付給數字。我想你會看到很多通過 Get Into It Align 活動表達和執行的內容。

And Nikki and the team are also doing a wonderful job working with the regions in getting expression right through to the digital campaign, through to stores and in and around in local markets and amplifying that. So it just really fits and feels like a very omni expression, execution for the guests out of the store, in-store and across digital applications. So excited for you to see for that campaign expressed.

Nikki 和團隊在與地區合作方面也做得非常出色，通過數字營銷活動、商店以及當地市場內外的表達方式，並加以放大。所以它真的很適合併且感覺像是一個非常全方位的表達，為店外、店內和跨數字應用程序的客人執行。很高興看到您表達了該活動。

And your second part of the question was?

你的問題的第二部分是？

Just an update on some of the new categories, footwear, hike, golf.

只是一些新類別的更新，鞋類，遠足，高爾夫。

Perfect. On the play activities, and I'll start there, they've -- the guests have responded very well to them. And I'm excited, as I've shared with you, in particular, on tennis and golf, how they're designed. We know that, that is how our guests also sweat and offering product and offering for them helps us strengthen the relationship and extend our share of wallet with them.

完美的。在遊戲活動中，我將從那裡開始，他們已經 - 客人對他們的反應非常好。我很興奮，正如我與你們分享的那樣，特別是在網球和高爾夫方面，它們是如何設計的。我們知道，這就是我們的客人也流汗的方式，為他們提供產品和服務有助於我們加強關係並擴大我們與他們的錢包份額。

And on those two, they're really designed to selectively innovate into and then leverage our core assortment. And in both of those executions last year when we really kicked off and then through the year and then into spring when we've recently brought tennis back as well as about to do so in golf, we're seeing that strategy execute very well where we sell a lot more core wrapped around a golf or tennis execution. We're going to continue to do that. So it allows us to manage assortment and SKU additions, while at the same point, drive productivity and credibility into these activities.

在這兩個方面，它們的真正設計目的是有選擇地創新，然後利用我們的核心產品組合。在去年我們真正開始的這兩次執行中，然後是今年，然後是春季，當我們最近將網球帶回並即將在高爾夫中這樣做時，我們看到該戰略執行得非常好我們出售更多圍繞高爾夫或網球執行的核心。我們將繼續這樣做。因此，它使我們能夠管理分類和 SKU 添加，同時提高這些活動的生產力和可信度。

And on footwear, it's a test-and-learn category for us. We've just cycled over the first year. Very pleased with early guest response. Very pleased with industry recognition to disrupt and innovate and create something new within footwear for women. We've just updated with our Blissfeel 2.0, and both the industry is very positive on it as well as our guest, and excited about continuing to sort of test and learn. And as I indicated, we'll be launching a Blissfeel Trail later, an update to our Chargefeel, and then next year in '24, the introduction of our men's footwear business. So we're excited with the response and continue to test and learn and innovate into the category.

在鞋類方面，這對我們來說是一個測試和學習的類別。我們剛剛度過了第一年。對早期客人的反應非常滿意。非常高興獲得行業認可，以顛覆和創新並在女性鞋類領域創造新事物。我們剛剛更新了我們的 Blissfeel 2.0，業界和我們的客人都對此非常積極，並對繼續進行測試和學習感到興奮。正如我所指出的，我們稍後將推出 Blissfeel Trail，對我們的 Chargefeel 進行更新，然後在明年的 24 年推出我們的男鞋業務。因此，我們對響應感到興奮，並繼續測試、學習和創新該類別。

Last question comes from Jay Sole from UBS.

最後一個問題來自瑞銀的 Jay Sole。

Just curious about the sales cadence for the year. Q1 looks like it's around high teens. And then it seems like the guidance implies the growth rate goes into the mid-teens range by the end of the year. Just wondering if there's like a specific driver that's part of that forecast or was just assume that you go back into the long-term algo?

只是對今年的銷售節奏感到好奇。 Q1 看起來大約是十幾歲。然後，該指導似乎暗示到今年年底增長率將進入十幾歲左右。只是想知道是否有特定的驅動因素是該預測的一部分，或者只是假設您回到長期算法？

And then at the same time, just curious about accessories. You mentioned it's up 44% in Q4. Within that, I assume belt bags is a big driver. Calvin, I'm just worried about how you feel belt bags fits into the overall brand strategy and what you plan to do with that category going forward.

同時，只是對配飾感到好奇。你提到它在第四季度增長了 44%。其中，我認為腰包是一個很大的推動力。 Calvin，我只是擔心你覺得腰包如何融入整體品牌戰略，以及你打算如何處理這個類別。

Thanks, Jay. So in terms of cadence throughout the year, we are really pleased with our trends headed into Q1. And we're also mindful of the macroeconomic uncertainty. So our guidance reflects what we feel to be the appropriate direction at this time. The 16% to -- 15% to 16%, sorry, growth rate for the full year is slightly above our Power of Three x2 average of 15%. So we feel well positioned headed into the year.

謝謝，傑伊。因此，就全年的節奏而言，我們對進入第一季度的趨勢感到非常滿意。我們也注意到宏觀經濟的不確定性。因此，我們的指導意見反映了我們認為目前合適的方向。 16% 到 - 15% 到 16%，抱歉，全年增長率略高於我們的 3 倍 x2 平均值 15%。因此，我們在進入這一年時感覺很好。

And on accessories and the Everywhere Belt Bag, our accessories business is very healthy, and it's very balanced as well. It's not a one-hit wonder. That team has done a great job in building a compelling total bag business, not just that one particular item.

在配飾和 Everywhere 腰包方面，我們的配飾業務非常健康，也非常平衡。這不是一次性的奇蹟。該團隊在建立引人注目的整體包業務方面做得非常出色，而不僅僅是一件特定的物品。

We're pleased with that one item. Love the results. It's been a great driver of brand awareness as well as new guest acquisition. But we have an accessories business across all categories, not just bags, that continue to contribute and grow, and we're excited about its opportunity moving forward in our mix of the assortment for our guests.

我們對那一項感到滿意。喜歡結果。它極大地推動了品牌知名度和新客人的獲取。但我們的配飾業務涵蓋所有類別，而不僅僅是手袋，它們繼續做出貢獻並不斷發展，我們很高興它有機會在我們為客人提供的產品組合中向前發展。

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