Lululemon Athletica Inc (LULU) 2023 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. First Quarter 2023 Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 lululemon athletica inc. 2023 年第一季度電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）

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

我現在想把會議轉交給 lululemon athletica 投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's first 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 第一季度收益電話會議。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，包括我們在最近提交給美國證券交易委員會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 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. The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www.lululemon.com.

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-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。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。

Before we begin the call, I'd like to remind our investors to visit our Investors site where you'll find a summary of our key financial and operating statistics for the 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本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, and welcome, everyone, to our call today. I'm happy to be here to discuss quarter 1 and share with you our strong start to 2023, which shows the continued momentum in the business. As you've read in our press release, we delivered top and bottom line results that exceeded our guidance. We continue to engage with guests across the globe and drive our business with new and innovative technical products.

謝謝你，霍華德，歡迎大家參加我們今天的電話會議。我很高興來到這裡討論第一季度並與您分享我們到 2023 年的強勁開局，這表明業務的持續發展勢頭。正如您在我們的新聞稿中所讀到的那樣，我們交付的頂線和底線結果超出了我們的指導。我們將繼續與全球各地的客人互動，並通過創新的技術產品推動我們的業務發展。

On today's call, I'll provide updates on our quarter 1 performance, our community-based model, which is powered by our new membership program. I'll also share highlights on our product performance as well as our international business. And then I'll turn it over to Meghan for a review of our financials and a guidance update. Then we'll take your questions. So lots to share. Let's get started.

在今天的電話會議上，我將提供我們第一季度業績的最新情況，這是我們基於社區的模式，由我們的新會員計劃提供支持。我還將分享我們的產品性能和國際業務的亮點。然後我會把它交給梅根來審查我們的財務狀況和指導更新。然後我們會回答你的問題。有很多東西可以分享。讓我們開始吧。

In quarter 1, as I mentioned, the business delivered strength across both the top and bottom line. Revenue increased 24% versus last year, balanced across category, channel and region. Women's was up 22%, men's was up 17%, and accessories was up 67%. Comparable sales grew 16% in stores and 18% in our e-commerce business. And by region, North America grew 17% and international increased 60%.

正如我所提到的，在第一季度，該業務在收入和利潤方面都表現強勁。收入與去年相比增長了 24%，在品類、渠道和地區之間保持平衡。女裝上漲 22%，男裝上漲 17%，配飾上漲 67%。商店的可比銷售額增長了 16%，我們的電子商務業務增長了 18%。按地區劃分，北美增長 17%，國際增長 60%。

Within international, we saw a meaningful acceleration in the Greater China business with revenue increasing 79%. EPS was strong as well, increasing 54% versus last year to $2.28. This strength was driven by revenue, gross margin and SG&A, all coming in better than our guidance. So a great start to the year, fueled by our product and people.

在國際業務方面，我們看到大中華區業務顯著加速，收入增長 79%。每股收益也很強勁，比去年增長 54% 至 2.28 美元。這種優勢是由收入、毛利率和 SG&A 推動的，所有這些都好於我們的指導。在我們的產品和人員的推動下，今年開局不錯。

For today, I'd like to devote some time to talk about our community-based model. Not only does our approach allow us to connect uniquely and authentically with our guests, it also drives incrementality of spend and increases LTV as guests engage more with our brand. We are celebrating our 25th anniversary this year, and community has been at the core of our brand since day 1.

今天，我想花點時間談談我們基於社區的模式。我們的方法不僅使我們能夠與客人建立獨特而真實的聯繫，而且隨著客人更多地與我們的品牌互動，它還推動了支出的增量並增加了生命週期價值。今年是我們慶祝成立 25 週年，社區從第一天起就是我們品牌的核心。

Within North America, 8 months ago, we embarked on an expansion of our model with our Essentials membership program. Through this free-to-join program, we gained deeper knowledge on how our guests like to sweat and what aspects of our brand are most meaningful to them. We can leverage the data and insights to help develop future activations, invite them to the events that are most relevant to them and inform our product pipeline with opportunities around unmet needs.

在北美，8 個月前，我們開始通過 Essentials 會員計劃擴展我們的模式。通過這個免費加入的計劃，我們更深入地了解了客人喜歡如何出汗以及我們品牌的哪些方面對他們最有意義。我們可以利用數據和見解來幫助開發未來的激活，邀請他們參加與他們最相關的活動，並為我們的產品管道提供有關未滿足需求的機會。

Our stores are an integral part of this ecosystem as they provide connection points within local communities across the world and serve many purposes, including allowing our guests to interact with our educators to learn about our product, the technical innovations that can be found within our assortment and the unmet needs they solve.

我們的商店是這個生態系統不可或缺的一部分，因為它們提供了世界各地當地社區的連接點並服務於多種用途，包括讓我們的客人與我們的教育工作者互動以了解我們的產品以及我們產品系列中的技術創新以及他們解決的未滿足需求。

Secondly, our stores act as hubs for our local ambassadors and fitness studios. Guests looking for new ways to sweat in their neighborhood need only enter the local lululemon store where our educators will point them to the best studios in town.

其次，我們的商店充當我們當地大使和健身工作室的中心。在附近尋找新出汗方式的客人只需進入當地的 lululemon 商店，我們的教育人員會在那里為他們指明鎮上最好的工作室。

Thirdly, our stores are the focal point for local events that range from hosting run clubs and other sweat sessions to parties and community celebrations.

第三，我們的商店是當地活動的焦點，這些活動從舉辦跑步俱樂部和其他運動會到派對和社區慶祝活動不等。

And finally, our stores provide support for some of our larger-scale activations, such as our 10K runs, product launches, including footwear and our lululemon Studio launch last fall.

最後，我們的商店為我們的一些更大規模的活動提供支持，例如我們的 10K 跑步、產品發布，包括鞋類和去年秋天我們的 lululemon Studio 發布。

In quarter 1, we saw a meaningful increase in the number of community events compared to the same period last year, and this brings us back to the prepandemic levels. Key celebrations in the quarter included our Align Campus Haul Pass event to increase awareness of our new Align styles with our younger guests. And exclusively for Essential members, we ran 6 events across 3 cities, in Houston, Chicago and Boston, which were a great success and hugely oversubscribed.

在第一季度，與去年同期相比，我們發現社區活動的數量顯著增加，這使我們回到了大流行前的水平。本季度的主要慶祝活動包括我們的 Align Campus Haul Pass 活動，以提高年輕客人對我們新的 Align 風格的認識。我們專為 Essential 會員舉辦了 6 場活動，橫跨 3 個城市，分別是休斯頓、芝加哥和波士頓，這些活動取得了巨大的成功並獲得了巨大的超額認購。

Most recently, May has been a big month for activations. We went live with our new lululemon Studio digital app earlier this week. The app, which will help us broaden our TAM, offers guests in the U.S. access to our industry-leading content for only $12.99 per month without needing to purchase hardware.

最近，五月是激活的重要月份。本週早些時候，我們上線了新的 lululemon Studio 數字應用程序。該應用程序將幫助我們擴大我們的 TAM，讓美國的客人無需購買硬件即可以每月僅 12.99 美元的價格訪問我們行業領先的內容。

We announced our FURTHER initiative. Further will demonstrate how far women can go when they're supported with resources and product innovations typically reserved for men. This initiative will include a scientific research program which takes a holistic approach to addressing the existing sex and gender data gap in endurance performance, new women's first product innovations, community activations and a giveback component to support young women. In addition, the program will culminate in a multiday women's-only ultramarathon starting on the International Women's Day 2024. At its core, this initiative supports lululemon's commitment to innovation, solving for unmet needs and driving brand awareness.

我們宣布了我們的進一步倡議。 Further 將展示女性在獲得通常為男性保留的資源和產品創新的支持下可以走多遠。該計劃將包括一項科學研究計劃，該計劃採用整體方法來解決耐力表現中現有的性別數據差距、新女性的第一個產品創新、社區活動以及支持年輕女性的回饋部分。此外，該計劃的高潮是從 2024 年國際婦女節開始的為期多天的僅限女性參加的超級馬拉鬆比賽。該計劃的核心是支持 lululemon 致力於創新、解決未滿足的需求並提高品牌知名度。

In addition, we tapped into dupe culture with our Align Legging Dupe Swap event in L.A. Our team set up a 2-day pop-up at the Century City Mall and asked guests to trade in their dupe leggings for a pair of our iconic Align Leggings. For us, the primary purpose of this event was new guest acquisition and increasing brand awareness for being the original in leggings.

此外，我們通過在洛杉磯舉辦的 Align Legging Dupe Swap 活動深入了解欺騙文化。我們的團隊在世紀城購物中心舉辦了為期 2 天的快閃店活動，要求客人用他們的欺騙性緊身褲換取我們標誌性的 Align 緊身褲.對我們來說，這次活動的主要目的是吸引新客人並提高品牌知名度，讓他們成為緊身褲的原創者。

Overall, it was a resounding success. It generated more than 1 billion earned media impressions and was covered by national and international media outlets in addition to creating viral social media buzz. About 50% of the guests who traded in dupes are new to our brand. Approximately half of the guests who attended, some of whom started waiting in lines as early as 3 a.m., were under 30 years old. And while I won't get into specifics, the leggings that guests traded in ran the gamut in terms of brands and price points.

總的來說，這是一個巨大的成功。它產生了超過 10 億的媒體印象，並被國內和國際媒體報導，並在社交媒體上引起轟動。大約 50% 的被騙交易的客人是我們品牌的新手。約半數出席的賓客（其中一些人凌晨 3 點就開始排隊）年齡在 30 歲以下。雖然我不會詳細說明，但客人交易的緊身褲在品牌和價位方面都有所涉獵。

We view our community model as one of our biggest competitive advantages. With connection points across both the physical and digital, our ecosystem powered by membership supports our leadership position in developing and cultivating omni guest relationships. We engage with guests in ways that are more than just transactional by creating deeper connections and more holistic relationships. This in turn builds our brand awareness, drives purchases and contributes to our strong financial performance.

我們將我們的社區模式視為我們最大的競爭優勢之一。憑藉跨越物理和數字的連接點，我們由會員提供支持的生態系統支持我們在發展和培養全方位客戶關係方面的領導地位。我們通過建立更深層次的聯繫和更全面的關係，以不僅僅是交易的方式與客人互動。這反過來又建立了我們的品牌知名度，推動了購買，並為我們強勁的財務業績做出了貢獻。

Let's shift now to our product innovation. Guests responded well to our spring merchandise assortment as we continue to bring compelling innovation across our core and play activities in footwear. In women's, we saw continued strength in many of our key franchises, including Scuba, Define and Align.

現在讓我們轉向我們的產品創新。客人對我們的春季商品分類反應良好，因為我們繼續在鞋類的核心和遊戲活動中帶來引人注目的創新。在女性方面，我們看到許多主要特許經營權的持續增長，包括 Scuba、Define 和 Align。

When looking specifically at women's bottoms, we saw growth of 22%. While women's bottoms is our most mature category, our teams continue to update and enhance existing styles, bring innovation via new fabric technologies and create new styles and silhouettes that solve for unmet needs. In quarter 1, our strength in women's bottoms was driven by our iconic Dance Studio pants, which has always been a guest favorite and is currently experiencing a resurgence in popularity; the newest additions to our Align franchise, including the Mini Flare and Wide Leg; and our incredibly soft and smooth Softstreme bottoms.

在專門研究女性下裝時，我們看到了 22% 的增長。雖然女士下裝是我們最成熟的類別，但我們的團隊繼續更新和增強現有款式，通過新面料技術帶來創新，並創造新款式和款式來解決未滿足的需求。在第 1 季度，我們在女褲市場的實力受到我們標誌性的 Dance Studio 褲子的推動，該褲子一直深受客人喜愛，目前正重新流行起來；我們的 Align 特許經營權的最新成員，包括 Mini Flare 和 Wide Leg；以及我們令人難以置信的柔軟光滑的 Softstreme 泳褲。

In men's, guests continue to respond well to our iconic ABC, Commission and Pace Breaker franchises. In accessories, I'm thrilled with the strength we continue to see across our assortment. While it is the smallest of our 3 major merchandise categories, it is a growing piece of our business that we fuel with innovation, just as we do across women's and men's. In quarter 1, guests responded well to our collection of bags, backpacks and duffles.

在男裝方面，客人繼續對我們標誌性的 ABC、Commission 和 Pace Breaker 特許經營權反應良好。在配飾方面，我對我們繼續在我們的產品系列中看到的實力感到興奮。雖然它是我們 3 大商品類別中最小的一個，但它是我們業務中不斷增長的一部分，我們通過創新來推動它，就像我們在女裝和男裝上所做的那樣。在第一季度，客人對我們的手袋、背包和行李箱系列反應良好。

And we continue to bring newness and innovation into our footwear assortment. In quarter 1, we launched an updated and enhanced version of the Blissfeel running shoe. And just last week, we launched the Blissfeel Trail. This shoe was our first road-to-trail running shoe designed to offer traction and durability for guests who love to run on the trails and off the road.

我們繼續為我們的鞋類產品帶來新穎和創新。在第一季度，我們推出了 Blissfeel 跑鞋的更新增強版。就在上週，我們推出了 Blissfeel Trail。這款鞋是我們的第一款公路越野跑鞋，旨在為喜歡在小徑和越野跑的客人提供牽引力和耐用性。

Our Be Planet initiatives are also driving product innovation in support of our 2030 goal to make 100% of our products with sustainable materials and end-of-use solutions. For Earth Day in April, we debuted our first capsule collection made with plant-based nylon in collaboration with Geno, a leader in the sustainable material space. More recently, we announced a new partnership with Australian and viral tech start-up, Samsara Eco, to scale circularity through textile-to-textile recycling, which is a very cool technology. Together with Samsara, we're working towards recycling our apparel back into new products, bringing us one step closer to our end-to-end vision of circularity. This partnership, along with our other Be Planet initiatives, including Like New and our collaboration with Geno, is the latest example of how we are taking a leadership position in our sector and driving toward a circular ecosystem by 2030.

我們的 Be Planet 計劃也在推動產品創新，以支持我們 2030 年的目標，即 100% 使用可持續材料和終端使用解決方案製造我們的產品。在 4 月的地球日，我們與可持續材料領域的領導者 Geno 合作推出了第一個採用植物尼龍製成的膠囊系列。最近，我們宣布與澳大利亞和病毒式科技初創公司 Samsara Eco 建立新的合作夥伴關係，通過紡織品到紡織品的回收來擴大循環，這是一項非常酷的技術。我們與 Samsara 一起努力將我們的服裝回收利用，重新製成新產品，使我們離端到端的循環願景更近了一步。這種夥伴關係以及我們的其他 Be Planet 計劃，包括 Like New 和我們與 Geno 的合作，是我們如何在我們的行業中佔據領導地位並推動到 2030 年實現循環生態系統的最新例子。

Turning now to our product pipeline. Let's take a look at quarter 2. We're continuing to build out our golf and tennis collections with versatile styles that can be worn both on and off the course and court. The second installment of our Get Into It campaign launched 2 weeks ago and featured both technical shorts and new on-the-move styles for both him and her. And for men, we'll be expanding our offering of train tops with new styles using our Drysense fabric technology. These are just a few examples of how we continue to bring innovation into all areas of our assortment, solve for the unmet needs of our guests, increase wallet share and grow our brand awareness.

現在轉向我們的產品線。讓我們來看看第 2 季度。我們將繼續打造我們的高爾夫和網球系列，款式多樣，可在球場內外穿著。我們的 Get Into It 活動的第二部分於 2 週前推出，其中包括為他和她設計的技術短褲和新的移動款式。對於男裝，我們將使用我們的 Drysense 面料技術，以新款式擴展我們的火車上衣產品。這些只是我們如何繼續將創新引入我們產品系列的所有領域、解決客人未被滿足的需求、增加錢包份額並提高我們的品牌知名度的幾個例子。

Before I turn it over to Meghan to discuss our financials, I'll take a moment to share some geographical highlights with you. As you know, 1 of the 3 key pillars of our Power of Three x2 plan is international. We have a target to quadruple our business outside North America between 2021 and 2026. This will be driven predominantly by our existing markets, but we'll be entering some exciting new markets as well.

在我轉交給梅根討論我們的財務狀況之前，我將花點時間與您分享一些地理亮點。如您所知，我們的三力 x2 計劃的 3 個關鍵支柱之一是國際性的。我們的目標是在 2021 年至 2026 年之間將北美以外的業務翻兩番。這將主要由我們現有的市場推動，但我們也將進入一些令人興奮的新市場。

In 2022, international represented only 16% of our revenue, and I remain optimistic about our runway of global growth. As I stated earlier, our business remained strong in North America and across our international regions. In quarter 1, revenue in North America increased 17%, while we saw a 60% growth in international. In Greater China, we experienced a significant sequential acceleration in the business relative to quarter 4 as the effects of COVID-19 subsided. In total, revenue in Greater China increased 79% in quarter 1, ahead of our expectations and just one more sign of the potential within this market.

到 2022 年，國際收入僅占我們收入的 16%，我對我們的全球增長跑道仍然持樂觀態度。正如我之前所說，我們在北美和國際地區的業務依然強勁。第一季度，北美收入增長 17%，而國際收入增長 60%。在大中華區，隨著 COVID-19 的影響消退，我們的業務相對於第四季度出現了顯著的連續加速。總的來說，第一季度大中華區的收入增長了 79%，超出了我們的預期，這只是該市場潛力的又一個跡象。

I had a chance to visit Shanghai in mid-April for the first time in 3 years, and it was great to see how much our brand has grown in the city. We walked through the neighborhoods we serve, visited our new stores, and I was impressed by the incredible brand experiences we are bringing to the local community. In addition, spending time with our educators as they engage with guests and bring our culture to life is always one of my favorite parts of being in market.

我有機會在 4 月中旬訪問上海，這是 3 年來的第一次，很高興看到我們的品牌在這座城市的發展有多大。我們走過我們服務的社區，參觀了我們的新店，我們為當地社區帶來的令人難以置信的品牌體驗給我留下了深刻的印象。此外，與我們的教育工作者共度時光，因為他們與客人互動並將我們的文化帶入生活，這始終是我在市場上最喜歡的部分之一。

In EMEA, we're off to a great start in Spain, a market that we entered last fall. And with the help of a franchise partner, we recently opened our first store in Tel Aviv with Israel becoming the 24th market globally for lululemon. We know that the Israeli guest has been engaging with our brand while traveling to other regions, and now we'll be able to bring our product innovation and community and guest experiences directly to them in their home market.

在歐洲、中東和非洲地區，我們在西班牙取得了良好的開端，這是我們去年秋天進入的市場。在特許經營合作夥伴的幫助下，我們最近在特拉維夫開設了第一家門店，以色列成為 lululemon 的全球第 24 個市場。我們知道，以色列客人在前往其他地區旅行時一直在使用我們的品牌，現在我們能夠將我們的產品創新以及社區和客人體驗直接帶到他們的本土市場。

In APAC, business remains robust as well. And in the coming months, I'm pleased that we will enter Thailand with our first store in Bangkok. Our approach to increasing brand awareness and growing revenue internationally is rooted in the same tenets as what has fueled our success in North America. This includes our multichannel direct-to-consumer model, our community-based approach to brand building, our innovative product assortment and the deep and direct connections we have with our guests. I'm excited for what the future holds for our global business as we continue to execute the Power of Three x2 growth plan.

在亞太地區，業務也依然強勁。在接下來的幾個月裡，我很高興我們將在曼谷開設我們的第一家商店進入泰國。我們在國際上提高品牌知名度和增加收入的方法植根於與推動我們在北美取得成功的相同原則。這包括我們的多渠道直接面向消費者的模式、我們以社區為基礎的品牌建設方法、我們創新的產品組合以及我們與客人之間深入而直接的聯繫。隨著我們繼續執行三倍增長計劃的力量，我對我們全球業務的未來感到興奮。

And 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 happy to be here today to discuss our recent financial performance and provide you with our outlook for Q2 and our updated guidance for the year.

謝謝，卡爾文。我很高興今天能在這裡討論我們最近的財務業績，並為您提供我們對第二季度的展望和我們今年更新的指導。

In Q1, sales, gross margin, SG&A, EPS and inventory all came in better than our guidance. Guests responded well to our spring merchandise assortment, we saw sales trends accelerate in Greater China, and we connected with our guests via multiple activations throughout the quarter. 2023 is off to a strong start, and based on our guidance, we continue to see solid momentum in Q2.

第一季度，銷售額、毛利率、SG&A、EPS 和庫存都好於我們的指導。客人對我們的春季商品分類反應良好，我們看到大中華區的銷售趨勢加速，我們通過整個季度的多次活動與客人建立聯繫。 2023 年開局良好，根據我們的指導，我們繼續看到第二季度的強勁勢頭。

Let me now share the details of our Q1 performance. Total net revenue rose 24% to $2 billion driven by continued strong execution across all parts of the business. Comparable sales increased 17%. In our store channel, comparable store sales increased 16%. We ended the quarter with a total of 662 stores across the globe. Square footage increased 22% versus last year driven by the addition of 83 net new lululemon stores since Q1 of 2022. During the quarter, we opened 7 net new stores and completed 3 optimizations.

現在讓我分享我們第一季度業績的細節。在業務各部門持續強勁執行的推動下，總淨收入增長 24% 至 20 億美元。可比銷售額增長了 17%。在我們的商店渠道中，可比商店銷售額增長了 16%。本季度末，我們在全球共有 662 家門店。自 2022 年第一季度以來，lululemon 淨增 83 家新店，佔地面積比去年增加了 22%。本季度，我們淨開了 7 家新店並完成了 3 項優化。

In our digital channel, comps increased 18% and contributed $835 million of top line or nearly 42% of total revenue. Within North America, revenue increased 17% versus last year. And within international, we saw a 60% increase versus last year with Greater China increasing 79%. And by category, women's revenue increased 22% versus last year, men's increased 17%, and accessories grew 67%.

在我們的數字渠道中，收入增長了 18%，貢獻了 8.35 億美元的收入，佔總收入的近 42%。在北美，收入比去年增長了 17%。在國際市場，我們看到與去年相比增長了 60%，其中大中華區增長了 79%。按品類劃分，女裝收入比去年增長 22%，男裝增長 17%，配飾增長 67%。

It's also great to see ongoing strength in traffic across both channels. In both stores and digital channels, traffic increased approximately 30%. 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。在商店和數字渠道中，客流量增加了約 30%。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 first quarter was $1.15 billion or 57.5% of net revenue compared to 53.9% of net revenue in Q1 2022. The gross profit rate in Q1 increased 360 basis points versus last year and was driven primarily by the following: a 430 basis point increase in product margin, resulting predominantly from lower airfreight as well as regional mix. Markdowns were in line with last year. Occupancy and depreciation leveraged 10 basis points in the quarter. These improvements were partially offset by a 30 basis point increase in product and supply chain costs driven by ongoing investment in product development and supply chain. In addition, FX deleveraged by 50 basis points, which was predominantly offset by a 40 basis point FX benefit within SG&A.

第一季度的毛利潤為 11.5 億美元，占淨收入的 57.5%，而 2022 年第一季度為淨收入的 53.9%。第一季度的毛利率與去年同期相比增長了 360 個基點，主要受以下因素推動：430 個基點產品利潤率的點增加，主要是由於較低的空運以及區域組合。減價與去年一致。入住率和折舊在本季度產生了 10 個基點的槓桿作用。這些改進部分被產品和供應鏈成本增加 30 個基點所抵消，這是由對產品開發和供應鏈的持續投資推動的。此外，外匯去槓桿化了 50 個基點，這主要被 SG&A 中 40 個基點的外匯收益所抵消。

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 $748 million or 37.4% of net revenue compared to 37.7% of net revenue for the same period last year. SG&A came in better than expected due to leverage on higher-than-planned sales and, to a lesser extent, a shift in timing of certain investments.

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 7.48 億美元，占淨收入的 37.4%，而去年同期占淨收入的 37.7%。 SG&A 的收益好於預期，原因是對高於計劃的銷售額的槓桿作用，以及在較小程度上改變了某些投資的時機。

Operating income for the quarter was $401 million or 20.1% of net revenue compared to 16.1% of net revenue in Q1 2022. Tax expense for the quarter was $119 million or 29.1% of pretax earnings compared to an adjusted effective tax rate of 27% a year ago. The increase relative to last year is due primarily to accruing for withholding tax on our unremitted earnings in Canada and a decrease in tax deductions related to stock-based compensation.

本季度營業收入為 4.01 億美元，占淨收入的 20.1%，而 2022 年第一季度為淨收入的 16.1%。本季度的稅收支出為 1.19 億美元，佔稅前收入的 29.1%，而調整後的有效稅率為 27%一年前。與去年相比的增長主要是由於我們在加拿大未匯出的收入產生了預扣稅，以及與股票薪酬相關的稅收減免減少。

Net income for the quarter increased 54% to $290 million or $2.28 per diluted share compared to $1.48 for the first quarter of 2022. Capital expenditures were $137 million for the quarter compared to $111 million in the first quarter last year. The increase relates primarily to store capital for new locations, relocations and renovations and also technology and supply chain investments.

與 2022 年第一季度的 1.48 美元相比，本季度淨收入增長 54% 至 2.9 億美元或每股攤薄收益 2.28 美元。本季度的資本支出為 1.37 億美元，而去年第一季度為 1.11 億美元。增加主要與新地點、搬遷和翻新的商店資本以及技術和供應鏈投資有關。

Turning now to our balance sheet highlights. We ended the quarter with $951 million in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory grew 24%, in line with sales growth and was $1.58 billion at the end of Q1.

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擁有 9.51 億美元的現金和現金等價物以及近 4 億美元的可用容量。庫存增長 24%，與銷售增長一致，第一季度末為 15.8 億美元。

We remain comfortable with our inventories, and we're well positioned to continue to fulfill guest demand. At the end of Q2, we expect inventory growth of approximately 20%. And we continue to expect inventory growth to be relatively in line with sales growth in the second half of 2023.

我們對我們的庫存保持滿意，並且我們有能力繼續滿足客人的需求。在二季度末，我們預計庫存增長約 20%。我們繼續預計 2023 年下半年庫存增長將與銷售增長相對一致。

We repurchased approximately 300,000 shares at an average price of $336. At the end of Q1, we had $646 million remaining on our $1 billion repurchase program.

我們以平均 336 美元的價格回購了大約 300,000 股股票。在第一季度末，我們的 10 億美元回購計劃中剩餘 6.46 億美元。

Let me shift now to our guidance outlook. We continue to be mindful of the uncertainties in the macro environment, and as a result, we remain prudent as it relates to planning the business. That being said, we're pleased with the strength we experienced across the business in Q1 and also the start we've seen to Q2. The strength affords us the opportunity to invest in our strategic growth pillars while also delivering on our financial commitments we've laid out in our Power of Three x2 growth plan.

現在讓我轉向我們的指導展望。我們繼續關注宏觀環境的不確定性，因此，我們在規劃業務方面保持審慎。話雖如此，我們對第一季度整個業務的實力以及第二季度的開端感到滿意。這種實力使我們有機會投資於我們的戰略增長支柱，同時也實現了我們在三倍增長計劃中做出的財務承諾。

Let me begin with Q2. We expect revenue in the range of $2.14 billion to $2.17 billion, representing growth of 15% to 16%. We expect to open 9 net new company-operated stores in Q2. We expect gross margin in Q2 to increase 200 to 220 basis points relative to Q2 of 2022. This will be driven by lower airfreight expense, offset somewhat by strategic investments to support future growth, including supply chain, distribution centers and product teams as well as modest deleverage on occupancy and depreciation.

讓我從第二季度開始。我們預計收入在 21.4 億美元至 21.7 億美元之間，增長 15% 至 16%。我們預計在第二季度將淨開設 9 家新的公司自營店。我們預計第二季度的毛利率將比 2022 年第二季度增加 200 至 220 個基點。這將受到空運費用下降的推動，但在一定程度上被支持未來增長的戰略投資所抵消，包括供應鏈、配送中心和產品團隊以及對入住率和折舊率的適度去槓桿化。

In Q2, we expect our SG&A rate to deleverage by 190 to 210 basis points relative to Q2 of 2022. While a portion of this deleverage relates to the timing shift of certain investments, it also reflects our strategic decision to invest more in initiatives to grow brand awareness relative to our initial expectations. These initiatives include top-of-funnel brand building and community activations.

在第二季度，我們預計我們的 SG&A 利率將相對於 2022 年第二季度去槓桿化 190 至 210 個基點。雖然這種去槓桿化的一部分與某些投資的時間轉移有關，但它也反映了我們的戰略決策，即更多地投資於增長計劃品牌知名度相對於我們最初的期望。這些舉措包括頂級渠道品牌建設和社區激活。

When looking at operating margin for Q2, we expect approximately 10 basis points of expansion, inclusive of our decision to increase investment into certain of our strategic initiatives.

在考慮第二季度的營業利潤率時，我們預計將增長約 10 個基點，包括我們決定增加對某些戰略計劃的投資。

Turning to EPS. We expect earnings per share in the second quarter to be in the range of $2.47 to $2.52 versus adjusted EPS of $2.20 a year ago.

轉向每股收益。我們預計第二季度每股收益將在 2.47 美元至 2.52 美元之間，而一年前調整後的每股收益為 2.20 美元。

Shifting now to the full year 2023. We now expect revenue to be in the range of $9.44 billion to $9.51 billion. This range represents growth of 16% to 17% relative to 2022 and is better than our Power of Three x2 growth plan. We expect to open approximately 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 teens. Our new store openings in 2023 will include 30 to 35 stores in our international markets with the majority of these being planned for China.

現在轉到 2023 年全年。我們現在預計收入將在 94.4 億美元至 95.1 億美元之間。該範圍表示相對於 2022 年增長 16% 至 17%，優於我們的三倍增長計劃。我們預計到 2023 年將淨開設約 50 家新的公司經營門店，並完成約 25 家同地改造。這將有助於低青少年的整體平方英尺增長。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 now forecast gross margin to increase between 180 to 200 basis points versus 2022. The expansion relative to last year is driven predominantly by lower airfreight expense. For the full year, we now expect airfreight to be down approximately 190 basis points versus 2022. When looking at markdowns for the full year, we continue to expect them to be relatively in line with last year in 2019.

對於全年，我們現在預測毛利率將比 2022 年增加 180 到 200 個基點。與去年相比的擴張主要是由較低的空運費用推動的。對於全年，我們現在預計空運將比 2022 年下降約 190 個基點。在考慮全年降價時，我們繼續預計它們將在 2019 年與去年持平。

Turning to SG&A for the full year. We now forecast deleverage of 150 to 170 basis points versus 2022. While we continue to plan the business prudently, our sales trend has been strong. As I mentioned earlier, this gives us the opportunity to invest behind our Power of Three x2 growth pillars while also delivering operating margin this year ahead of our goal for modest expansion annually.

轉向全年的 SG&A。我們現在預測與 2022 年相比，去槓桿化將達到 150 至 170 個基點。在我們繼續審慎規劃業務的同時，我們的銷售趨勢一直強勁。正如我之前提到的，這使我們有機會投資於我們的三倍 x2 增長支柱的力量，同時還實現了今年的營業利潤率，超過了我們每年適度擴張的目標。

When looking at operating margin for the full year of 2023, we now expect it to increase by 30 to 50 basis points versus last year. 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 Q2, we expect our effective tax rate to be approximately 30%.

在查看 2023 年全年的營業利潤率時，我們現在預計它將比去年增加 30 至 50 個基點。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。對於第二季度，我們預計我們的有效稅率約為 30%。

For the fiscal year 2023, we now expect diluted earnings per share in the range of $11.74 to $11.94 versus adjusted EPS of $10.07 in 2022. Our EPS guidance excludes the impact of any future share repurchases.

對於 2023 財年，我們現在預計攤薄後每股收益在 11.74 美元至 11.94 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。

We continue to 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 project, store capital for new locations, relocations and renovations and technology investments. A 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%.

我們繼續預計 2023 年的資本支出約為 6.6 億至 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項目的延續、新地點的商店資本、搬遷和翻新以及技術投資. 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。

With that, I'll turn the call back over to Calvin.

有了這個，我會把電話轉回給卡爾文。

Thank you, Meghan. Across lululemon, we are excited about the opportunity ahead of us. We continue to monitor the environment around us, but 2023 is off to a strong start, and we're pleased with our trends as we've entered quarter 2. Given the strength of our product pipeline, our unique approach to building communities, our international growth prospects and our initiatives to grow brand awareness, I'm optimistic that we will continue to deliver on the goal set forth in our Power of Three x2 growth plan.

謝謝你，梅根。在 lululemon，我們對擺在我們面前的機會感到興奮。我們繼續監測我們周圍的環境，但 2023 年開局良好，我們對進入第二季度的趨勢感到滿意。鑑於我們產品線的實力、我們構建社區的獨特方法、我們的國際增長前景和我們提高品牌知名度的舉措，我樂觀地認為我們將繼續實現我們的三倍增長計劃中設定的目標。

And in closing, I want to express my deep gratitude to the leaders and teams across lululemon who continue to deliver these results and bring our culture to life. I look forward to taking your questions now. Operator?

最後，我想對 lululemon 的領導者和團隊表示深深的感謝，他們繼續取得這些成果並將我們的文化帶入生活。我期待著現在回答你的問題。操作員？

(Operator Instructions) The first question comes from Rick Patel with Raymond James.

（操作員說明）第一個問題來自 Rick Patel 和 Raymond James。

Can you dig a little deeper into the sources of the revenue beat versus your expectations? And as you look ahead, which categories and geographies do you have the most confidence in as we think about the rest of the year?

您能否更深入地了解超出預期的收入來源？展望未來，在我們考慮今年剩餘時間時，您對哪些類別和地區最有信心？

Great. Thanks, Rick. I'll talk about the drivers overall of our business and then chat quickly on how I see sort of the different regions continue to perform the rest of the year. At a high level, our business model is uniquely different versus our peers with some key competitive advantages, which begin with our D2C omni operating model.

偉大的。謝謝，瑞克。我將談談我們業務的整體驅動因素，然後快速聊聊我如何看待不同地區在今年餘下時間繼續表現。在較高的層面上，我們的商業模式與我們的同行有著獨特的不同，具有一些關鍵的競爭優勢，這些優勢始於我們的 D2C 全運營模式。

Second is clearly our product driven by our innovation platform of Science of Feel. And then within that, our product assortment is supported with a large portion which is nonseasonal; the versatility and multiple wear occasions, which cross both sweat and social; as well as the frequency of our new innovative drops that guests wait for and have become accustomed to; and finally, the community connection that we drive through a lot of our initiatives and then recently, the launch of our Essential memberships program and lululemon Studio.

其次顯然是由我們的 Science of Feel 創新平台驅動的產品。然後在其中，我們的產品種類有很大一部分是非季節性的；兼顧汗水和社交的多功能性和多種穿著場合；以及客人等待並習慣的我們新的創新掉落的頻率；最後，我們通過我們的許多舉措以及最近推出的 Essential 會員計劃和 lululemon Studio 推動了社區聯繫。

And if we zoom out, the drivers of our business pre, during and post the pandemic are still very relevant today, and that is the importance of product versatility as it relates to apparel; guests living an active and healthy lifestyle; convenience expected by our guests, which really speaks to our strength in an omni operating model that we've been investing in for many years; and then finally, focus on both physical, mental and social well-being, all supporting the brand positioning. And those continue to be the drivers that separate us from others and fuel our performance.

如果我們縮小範圍，我們在大流行之前、期間和之後的業務驅動因素在今天仍然非常重要，這就是產品多功能性與服裝相關的重要性；過著積極健康的生活方式的客人；客人期望的便利，這真正說明了我們多年來一直在投資的全方位運營模式的優勢；最後，關注身體、心理和社會福祉，所有這些都支持品牌定位。這些仍然是將我們與其他人區分開來並推動我們表現的驅動因素。

And when I look at regional performance, as we've shared, strong growth in North America, internationally -- with international all at double-digit growth. And I expect that to continue as we see balanced growth in every market across gender, category and activity. And with the product pipeline, I don't see that; changing. So I think still balanced and very healthy growth ahead.

當我看區域表現時，正如我們所分享的那樣，北美和國際的強勁增長——國際都以兩位數的速度增長。我預計這種情況會持續下去，因為我們看到每個市場在性別、類別和活動方面都實現了均衡增長。對於產品線，我看不到；改變。所以我認為未來仍然是平衡且非常健康的增長。

The next question comes from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations on a great start to the year. Calvin, I wanted to talk about sort of kind of entry-level pricing strategy as you enter new markets, China, Spain. How do you price into those markets at the onset? And then how do you think about building price on a long-term basis, being able to raise those in those markets over time?

祝賀今年開局良好。卡爾文，我想談談進入中國、西班牙等新市場時的入門級定價策略。一開始你如何為這些市場定價？然後，您如何考慮在長期基礎上建立價格，隨著時間的推移能夠提高這些市場的價格？

And then, Meghan, if you could just talk to us about kind of the relative segment margin, how we should think about the relativity between North America, APAC/China, I guess, would be the primary driver there, and EMEA.

然後，梅根，如果你能和我們談談相對細分市場利潤率的問題，我們應該如何考慮北美、亞太地區/中國之間的相關性，我想，這將是那裡的主要驅動力，以及歐洲、中東和非洲。

Thanks, Adrienne. On pricing, we enter markets with our similar premium positioning of the brand with the intent to sell at full price with markdowns being used only as a means to exit through seasonal shifts in product and not leverage promotional discounting in order to fuel and create demand. We go in with the intent of having parity -- a close range of parity around markets. And then we make adjustments either because of cost of operating within the market, it could be import taxes or other elements. And there may be a slight shift as a result of local competition and strategically. But a tight band and always with the intent of selling full price with moderate discounting, leveraging markdowns as a typical course to exit. So a very similar policy in positioning of supporting full price.

謝謝，艾德麗安。在定價方面，我們以與品牌類似的高端定位進入市場，目的是以全價銷售，降價僅用作通過產品季節性變化退出市場的一種手段，而不是利用促銷折扣來刺激和創造需求。我們的目的是實現平價——圍繞市場的近距離平價。然後我們根據市場運營成本進行調整，可能是進口稅或其他因素。由於當地競爭和戰略，可能會有輕微的轉變。但是一個緊張的範圍，總是以適度折扣全價銷售為目的，利用降價作為退出的典型途徑。所以在支持全價的定位上非常相似的政策。

Great. And Adrienne, in terms of regional profitability, we saw meaningful expansion in our operating margin for the quarter relative to last year and would have experienced that across both our channels and our regions. And then in terms of how we think about the relative margin rates by region, North America is our most profitable, followed by APAC, China within that is the highest, and then EMEA.

偉大的。而 Adrienne，就區域盈利能力而言，我們看到本季度的營業利潤率與去年相比有了顯著的增長，並且我們的渠道和地區都會經歷這種增長。然後就我們如何考慮按地區劃分的相對利潤率而言，北美是我們最賺錢的，其次是亞太地區，其中中國最高，然後是歐洲、中東和非洲。

Great. Congrats again.

偉大的。再次恭喜。

Thanks.

謝謝。

The next question comes from Mark Altschwager with Baird.

下一個問題來自 Baird 的 Mark Altschwager。

Really nice acceleration in the international business. I guess as we think about the revenue guidance for the year, obviously, you raised overall today, but just curious if there have been any changes to your thinking relative to 3 months ago in terms of the contribution from North America versus international over the remaining quarters.

國際業務的真正加速。我想當我們考慮今年的收入指導時，很明顯，你今天整體上調了，但只是想知道你的想法相對於 3 個月前在北美與國際對剩餘收入的貢獻方面是否有任何變化宿舍。

And then kind of just drilling down in China, you've had some unique activation events over the past few months. I'm curious your learnings there. And any data or anecdotes you have on how the brand is being perceived in some of the newer markets you've entered? Any differences in what the product mix looks like in core versus fashion or sweat versus on-the-move in some of these newer markets and newer consumers?

然後深入了解中國，在過去的幾個月裡，你經歷了一些獨特的激活事件。我很好奇你在那裡學到的東西。您是否有關於品牌在您進入的一些新市場中的認知度的任何數據或軼事？在這些新市場和新消費者中，核心產品組合與時尚產品組合或汗水與移動產品組合有何不同？

Thanks, Mark. So in terms of top line for the balance of the year, we're obviously coming off of a very strong quarter, which exceeded our expectations at 24% growth. We did guide to 15% to 16% for Q2 and then 16% to 17% for the full year, so both above our Power of Three x2 targets. So feeling well positioned for the balance of the year.

謝謝，馬克。因此，就今年餘下時間的收入而言，我們顯然迎來了一個非常強勁的季度，超出了我們 24% 的預期。我們確實指導了第二季度的 15% 到 16%，然後是全年的 16% 到 17%，因此都高於我們的三倍 x2 目標。因此，為今年餘下的時間做好準備。

We're not breaking out the regional performance, but still see meaningful opportunity across both our North America and international regions, obviously, international being a bit outsized, as Calvin mentioned, given the strength we continue to experience and see, particularly in our China region.

我們並沒有打破區域表現，但仍然在我們的北美和國際區域看到了有意義的機會，顯然，國際市場有點過大，正如卡爾文提到的，考慮到我們繼續體驗和看到的實力，特別是在我們的中國地區。

I'll -- on China and the activations that you referenced, as you know, our go-to-market strategy is about building community relationships in connection locally, either through ambassadors and then into -- and with our guests. And that strategy is working incredibly well in China. We've done a number of activations both at the local level, store level as well as larger events. We have a few planned for this summer and into the fall. And those are driving the brand awareness, which I think I've shared with everyone before is in the single digit. So we have a huge opportunity to keep building brand awareness and consideration.

我會——關於中國和你提到的活動，正如你所知，我們的進入市場戰略是在當地建立社區關係，要么通過大使，然後進入——以及與我們的客人。而這一戰略在中國運作得非常好。我們已經在本地級別、商店級別以及大型活動中進行了多次激活。我們為今年夏天和秋天制定了一些計劃。這些正在推動品牌知名度，我想我之前與大家分享的是個位數。因此，我們有很大的機會繼續建立品牌知名度和考慮度。

As we enter new markets, that is one way as well that we are driving brand awareness and consideration. We have good success in our Tier 1 cities and ability to keep building stores as well as in Tier 2. And in each of those cases, stores are performing -- all stores are performing ahead of plan. So we're very pleased with the way the brand is being received, built upon that community model and driving momentum in all new markets that we enter. We now have 101 stores with plans to continue to open this year and then into next moving forward.

當我們進入新市場時，這也是我們提高品牌知名度和考慮度的一種方式。我們在一線城市取得了良好的成功，並且有能力繼續在一線城市和二線城市建設門店。在每一種情況下，門店都在表現——所有門店的表現都超出了計劃。因此，我們對該品牌的接受方式感到非常滿意，該品牌建立在該社區模型的基礎上，並在我們進入的所有新市場中推動了勢頭。我們現在有 101 家商店，計劃今年繼續開業，然後進入下一個階段。

When I look at the overall mix, I'd say our men's and women's business is almost similar to that of North America, which is good considering the age of the brand there. So it's becoming quicker, earlier, the North America dual-gender brand. And we're pleased with the balance between both OTM and sweat. The brand is still rooted as a performance premium brand, and it's playing to our strength of versatility and wear occasions across lounge and social that we're seeing in that market. So very pleased with how product is being received and the momentum, and it really is built upon community activations as you alluded to.

當我看整體組合時，我會說我們的男裝和女裝業務與北美的業務幾乎相似，考慮到品牌在北美的歷史，這很好。所以它變得更快，更早，北美雙性品牌。我們對 OTM 和汗水之間的平衡感到滿意。該品牌仍然植根於性能優質品牌，並且它正在發揮我們在該市場上看到的跨休息室和社交場合的多功能性和穿著場合的優勢。對產品的接受方式和勢頭非常滿意，正如您提到的那樣，它確實建立在社區激活的基礎上。

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

下一個問題來自美國銀行的 Lorraine Hutchinson。

Meghan, can you talk about some of the investments that you're pulling forward? What do they pertain to? And then maybe just a little bit more detail on plans to increase brand awareness in China outside of just opening stores.

梅根，你能談談你正在推進的一些投資嗎？它們與什麼有關？然後可能只是關於在中國開設商店之外提高品牌知名度的計劃的更多細節。

Great. Thanks, Lorraine. So in terms of SG&A investments, we're obviously experiencing strong top line, and we've seen some recovery in our airfreight expense for the balance of the year. So we see an opportunity to push into investments into our road map behind our Power of Three x2 growth pillars. So specifically, those would be in market expansion in our international regions, enhancing, I would say, guest experience, omni capabilities as well as digital and guest support and then important foundational investments across the business. And these would also include brand awareness opportunities where we continue to push in there for the balance of the year and then also higher depreciation on current and prior year investments in terms of capital expenditure. And then can you remind me the second part of your question, Lorraine?

偉大的。謝謝，洛林。因此，就 SG&A 投資而言，我們顯然正在經歷強勁的頂線，並且我們已經看到今年餘下時間的空運費用有所回升。因此，我們看到了一個機會，可以將投資投入到我們的三倍增長支柱背後的路線圖中。具體來說，這些將是在我們國際地區的市場擴張，我想說，增強客戶體驗、全方位能力以及數字和客戶支持，然後是整個業務的重要基礎投資。這些還包括品牌知名度機會，我們將在今年餘下時間繼續推動品牌知名度機會，然後在資本支出方面對當前和上一年的投資進行更高的折舊。然後你能提醒我你問題的第二部分嗎，洛林？

The plans to build brand awareness in China.

在中國建立品牌知名度的計劃。

I'll take that, Lorraine. So in addition to the stores, as you mentioned, which are one of our top vehicles to do and achieve brand awareness and consideration, we also activate a number of campaigns and do so locally. So they may take a global campaign and then activate it locally, build upon it. That's the example of the Get Into It campaign that we did globally, which was all around our women's leggings initiative.

我會接受的，洛林。所以除了商店，正如你提到的，這是我們做和實現品牌知名度和考慮的主要工具之一，我們還啟動了一些活動，並在當地進行。因此，他們可能會開展全球活動，然後在當地激活它，並以此為基礎。這就是我們在全球開展的 Get Into It 活動的例子，它圍繞著我們的女性緊身褲倡議展開。

They also will create a market-specific activation campaign, which we're in right now called Worn By Us, which is a fantastic campaign where they are celebrating and highlighting all the ambassadors that we have relationships with, their favorite products and telling their story of inspiration and how they live a well-being life. And we have many more of those plans. So we definitely invest in campaign and traditional brand marketing in that market to achieve the awareness and consideration opportunity.

他們還將創建一個針對特定市場的激活活動，我們現在正在開展這個活動，稱為 Worn By Us，這是一個很棒的活動，他們在慶祝和突出與我們有關係的所有大使，他們最喜歡的產品並講述他們的故事的靈感以及他們如何過上幸福的生活。我們還有更多這樣的計劃。因此，我們肯定會在該市場投資於活動和傳統品牌營銷，以獲得知名度和考慮機會。

And leveraging digital, which is a big part of our business. We expanded channels. We have .cn. We have Tmall. We added JD. We continue to innovate and do a variety of initiatives across WeChat, leveraging the WeCom platform for a lot of our one-to-one and one-to-many initiatives and plugging into our community. So there are a lot of exciting things.

並利用數字技術，這是我們業務的重要組成部分。我們拓寬了渠道。我們有.cn。我們有天貓。我們加了京東。我們繼續創新並在微信上開展各種舉措，利用 WeCom 平台開展許多一對一和一對多的舉措，並融入我們的社區。所以有很多令人興奮的事情。

And as you know, we have a leader in [Sanyan] that is based in Mainland China, in Shanghai. We have a specific SSE office where we have talent and resources that are specifically focused on driving these initiatives and building the business in Greater China and Mainland China.

如您所知，我們在 [三燕] 有一個領導者，總部設在中國大陸，在上海。我們有一個專門的上海證交所辦事處，我們的人才和資源專門專注於推動這些舉措並在大中華區和中國大陸開展業務。

So those are just a few of the initiatives that have been executed -- executing, but we have a team on the ground that's empowered to build that business.

所以這些只是已經執行的一些舉措——正在執行，但我們在當地有一個團隊有權建立該業務。

The next question comes from Dana Telsey with Telsey Group.

下一個問題來自 Telsey Group 的 Dana Telsey。

Congratulations on the results. As you think about the benefit in the margin of the 430 basis points, I believe, of freight reduction, how should we think of that through the year? And what are you seeing in terms of AUR? And with the extensive product innovation this year, how are you planning AUR? And are you seeing any difference regionally, and even globally, in terms of level of reception to new products and consumer differentiation?

祝賀結果。當你考慮 430 個基點的利潤時，我相信，運費減少，我們應該如何看待這一年？你在 AUR 方面看到了什麼？隨著今年廣泛的產品創新，您如何規劃 AUR？在新產品的接受水平和消費者差異化方面，您是否看到地區乃至全球的差異？

Thanks, Dana. In terms of airfreight, so we are expecting it to be down 190 basis points now for the year. So that is now 50 basis points above 2019 levels. So we made some great headway there. We did experience 430 basis points product margin expansion in Q1, which was primarily driven by airfreight. We will see the year-over-year comparison moderate throughout the year with Q4 being close to flat to last year, and we'll continue to monitor and push into opportunities there. I'd say in terms of AUR, we're not expecting any material change to our AUR strategy in terms of the assortment. And then I'll let Calvin take the last part.

謝謝，達娜。在空運方面，我們預計今年將下降 190 個基點。所以現在比 2019 年的水平高出 50 個基點。所以我們在那裡取得了很大的進展。我們確實在第一季度經歷了 430 個基點的產品利潤率增長，這主要是由空運推動的。我們將看到全年的同比比較溫和，第四季度與去年持平，我們將繼續監測並抓住那裡的機會。我想說，就 AUR 而言，我們預計我們的 AUR 戰略不會在分類方面發生任何重大變化。然後我會讓 Calvin 來做最後一部分。

Yes. Dana, in terms of product newness and how it may differ globally, one of the benefits of our business is that, predominantly, a global assortment strategy drives the momentum across every market and region. And obviously, there's a huge number of benefits to that. And there are a few nuances by market and some that we designed into.

是的。 Dana，就產品的新穎性及其在全球範圍內的差異而言，我們業務的優勢之一是，全球分類策略主要推動了每個市場和地區的發展勢頭。顯然，這樣做有很多好處。市場有一些細微差別，有些是我們設計的。

So one in particular in APAC is fit, where we have a whole different fit classification for our leggings, for our bras and for inseams on the men's bottoms. And we introduced that a few years ago, and it has really helped in driving those categories in those markets.

因此，在亞太地區特別適合，我們的緊身褲、文胸和男褲內接縫採用完全不同的合身分類。我們在幾年前推出了它，它確實有助於推動這些市場中的這些類別。

Footwear, as you know, we've rolled out in only a few international markets. So even though we see demand in -- for that category and guests asking for it, as of now, it's in Mainland China, it's in the U.K. and in North America. Seasonality is an obvious factor.

如您所知，我們只在少數幾個國際市場推出了鞋類產品。因此，儘管我們看到了這一類別的需求和客人的要求，但截至目前，它在中國大陸、英國和北美。季節性是一個明顯的因素。

And then the only other difference that I would call out is we can see and do see differences globally based on the power of social media in certain platforms. So in markets in which a lot of the U.S.-based social influencers have a large voice, we see similar trends, the Everywhere Belt Bag, the Define Jacket. And in markets where we don't see the same type of U.S.-based social media influence, there are other trends, and we don't see quite the distortion in these items. But overall, I think the main message is outside of fit, which is, by design, a global assortment strategy that is more similar than not and drives the momentum across every market.

然後我要指出的唯一其他區別是我們可以看到並且確實看到了全球範圍內基於某些平台中社交媒體的力量的差異。因此，在許多美國社會影響者擁有很大話語權的市場中，我們看到了類似的趨勢，即 Everywhere 腰包和 Define 夾克。在我們看不到同樣類型的美國社交媒體影響的市場中，還有其他趨勢，我們看不到這些項目的扭曲。但總的來說，我認為主要信息是不合適的，從設計上講，這是一種全球分類策略，它比不相似並推動每個市場的勢頭。

The next question comes from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. First, I was wondering if you could tell us the progression in the quarter by month and whether you saw any falloff at all in the U.S. business as some others have seen. And then secondly, I was just hoping you could give us your current views on the competitive landscape in the U.S. and the macro backdrop.

Tracy Kogan 代替了 Paul。首先，我想知道您能否告訴我們每個季度的進展情況，以及您是否像其他人所看到的那樣看到美國業務出現任何下滑。其次，我只是希望你能告訴我們你目前對美國競爭格局和宏觀背景的看法。

Thanks, Tracy. In terms of months, so we don't break out monthly performance specifically. But what I would share is that we saw double-digit comp increases each month of the quarter. February was our strongest month, followed by April and then March. And coming off of the 24% sales growth, we're pleased to be able to guide to 15% to 16% in Q2 and then 16% to 17% for the full year. Obviously, planning multiple scenarios as we move into the balance of the year but feel well positioned.

謝謝，特蕾西。就月份而言，所以我們不會具體列出每月的表現。但我要分享的是，我們看到本季度每個月的薪酬都有兩位數的增長。 2 月是我們最強勁的月份，其次是 4 月，然後是 3 月。從 24% 的銷售增長中脫穎而出，我們很高興能夠在第二季度實現 15% 至 16% 的增長，然後在全年實現 16% 至 17% 的增長。顯然，隨著我們進入今年餘下的時間，我們計劃了多種方案，但感覺定位良好。

And in terms of competitive and macro, we continue to, as we always have, monitor the actions that are taking place both in the competitive land -- I think I've talked before about pricing. That was a strategic decision last year to take very minimal price activity, and that allowed us to continue to support our full-price selling, in particular, when most others had to course-correct and pull the promotional lever to adjust. And we're going to continue to manage that.

在競爭和宏觀方面，我們一如既往地繼續監控競爭領域正在發生的行動——我想我之前已經談過定價。這是去年採取非常小的價格活動的戰略決定，這使我們能夠繼續支持我們的全價銷售，特別是當大多數其他人不得不糾正路線並拉動促銷槓桿進行調整時。我們將繼續管理它。

We are seeing inventory levels come in better positioning. So although I'm anticipating further discounting in the marketplace, I don't expect it will be worse than it has been, and our business has continued to perform well during that heavily promoted period. And as you saw, we got our inventory this quarter ahead of guidance and in line with our revenue number.

我們看到庫存水平處於更好的位置。因此，儘管我預計市場會進一步打折，但我預計情況不會比以前更糟，而且我們的業務在大力促銷期間繼續表現良好。正如您所看到的，我們本季度的庫存比預期提前，並且與我們的收入數字一致。

So from a competitive perspective, I think we're well positioned and have an exciting, innovative pipeline of product to come for the back half of this year, and that always fuels our business. And I'm excited with what I see and what's coming for both the male guest and our female guest.

因此，從競爭的角度來看，我認為我們處於有利地位，並且在今年下半年將推出令人興奮的創新產品線，這始終為我們的業務提供動力。我對我所看到的以及男性嘉賓和我們的女性嘉賓即將發生的事情感到興奮。

On macro, with the uncertainty, as we've done for the past 2 years, we're going to continue to plan the business for multiple scenarios, monitor it. Our guest metrics were healthy in Q1 in terms of both traffic transaction and new guest acquisition, but we're continuing to monitor and we'll adjust as we need to.

在宏觀上，由於存在不確定性，就像我們過去兩年所做的那樣，我們將繼續為多種情況規劃業務，並對其進行監控。我們的訪客指標在第一季度的流量交易和新訪客獲取方面都很健康，但我們會繼續監控並根據需要進行調整。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Congrats on another great quarter. So Calvin, on the broad-based global strength of the brand, have you seen any change with the North America core consumer? Can you elaborate on drivers of the outside store comps that you're seeing? And just any overall change in global momentum that you've seen here in May?

祝賀又一個偉大的季度。那麼 Calvin，就該品牌廣泛的全球實力而言，您是否看到北美核心消費者有任何變化？您能否詳細說明您所看到的外部商店補償的驅動因素？您在 5 月份在這裡看到的全球勢頭有何總體變化？

And then Meghan, with markdowns 40 basis points favorable to 2019 in the first quarter, I guess, can you elaborate on full-price selling trends, your better-than-planned inventory? And just does this create potential opportunity in the back half of the year as we think about markdowns and the opportunity in terms of a year ago?

然後梅根，第一季度 2019 年降價 40 個基點，我想，你能詳細說明全價銷售趨勢，你的好於計劃的庫存嗎？當我們考慮降價和一年前的機會時，這是否會在下半年創造潛在機會？

I'll take the first part. In terms of our guest metrics, they remain very strong. We've seen no change in our cohort behavior in terms of frequency of purchase or engagement. In addition, in quarter 1, transactions by existing guests increased 22%, and our transactions by new guests increased 28%. And traffic was also strong across both channels with stores up over 30% and e-comm up approximately 30%.

我先講第一部分。就我們的客人指標而言，它們仍然非常強勁。我們沒有發現我們的群組行為在購買或參與頻率方面有任何變化。此外，在第一季度，現有客人的交易量增長了 22%，新客人的交易量增長了 28%。兩個渠道的流量也很強勁，實體店增長超過 30%，電子商務增長約 30%。

And when I look globally across every region, that behavior, we don't share the numbers specifically, but the general behavior of very healthy new guest acquisition, very healthy transaction and engagement with existing guests as well as traffic to both channels continue. Some of the differences, what's driving, one, brand awareness and consideration is low and represents a significant runway of growth and opportunity for our business. And as we build new doors, as we continue to feed incredible, exciting, innovative product, that is helping to fuel our business and will continue to, as I've alluded to. I mean international was 16% of our revenue and represents a significant opportunity for us, as we all know, going forward for this brand.

當我在全球範圍內觀察每個地區時，這種行為，我們不會具體分享數字，但非常健康的新客人獲取、非常健康的交易和與現有客人的互動以及兩個渠道的流量的一般行為仍在繼續。一些差異，驅動因素之一，品牌知名度和考慮度低，代表了我們業務增長和機會的重要跑道。當我們建造新的門時，當我們繼續提供令人難以置信的、令人興奮的、創新的產品時，這有助於推動我們的業務，並將繼續，正如我提到的那樣。我的意思是國際業務占我們收入的 16%，這對我們來說是一個重要的機會，眾所周知，這個品牌要向前發展。

And then from a store performance versus our peer set, while we're equally able to continue to grow, our online business speaks to the strength of our omni guest relationship and strategies. It's really immaterial where they choose to shop, and the technology links both channels together for a very frictionless fluid flow. And we have guests coming to us and into both channels and interacting with the brand accordingly. And that's obviously supported by a D2C model that allows them to do that and not have any other intermediary getting in the way of the relationships we have.

然後從商店業績與我們的同行相比，雖然我們同樣能夠繼續增長，但我們的在線業務證明了我們全方位客戶關係和戰略的優勢。他們選擇在哪裡購物並不重要，而且該技術將兩個渠道連接在一起以實現非常順暢的流動。我們有客人來找我們，進入兩個渠道，並相應地與品牌互動。這顯然得到了 D2C 模型的支持，該模型允許他們這樣做，並且沒有任何其他中介妨礙我們建立關係。

So I think those are a few of the drivers. But very, very strong guest metrics shared across the regions with opportunity with brand awareness to keep building our business moving forward.

所以我認為這些是一些驅動因素。但是，非常非常強大的客人指標在各地區共享，並有機會獲得品牌知名度，以繼續推動我們的業務向前發展。

Great. And then in terms of markdowns, so we were pleased with our performance in Q1. So markdowns flat to 2022, and then as you mentioned, slightly under 2019. Our expectation right now embedded in our guidance is that we continue to expect markdowns to be generally flat year-over-year, which will also make a slot to 2019 levels. And really pleased with our performance in top line in Q1 as well as the full-price trend that was embedded in that. And we'll continue to closely monitor.

偉大的。然後在降價方面，所以我們對第一季度的表現感到滿意。所以減價持平到 2022 年，然後正如你提到的，略低於 2019 年。我們目前的預期是，我們的指導意見是，我們繼續預計減價將與去年同期基本持平，這也將達到 2019 年的水平.對我們在第一季度的頂級表現以及其中嵌入的全價趨勢感到非常滿意。我們將繼續密切關注。

The next question comes from Ike Boruchow with Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Meghan, just 2 quick ones on the model for me just to kind of follow up Matt's question. 3 months ago, you had said you expected higher markdowns year-over-year in 1Q through 3Q. They were flat in 1Q. Now you're kind of saying that it should be flat the rest of the year. So just where did that -- I'm just kind of curious if you could comment on the improvement that you thought versus 3 months ago. And then now with the airfreight up to 190, is there any additional airfreight potential upside into fiscal '24? Or would that kind of give you like fully recaptured freight dynamics at that point?

梅根，對我來說，只有 2 個快速模型可以跟進馬特的問題。 3 個月前，您曾表示您預計第一季度至第三季度的降價幅度會比去年同期更高。他們在第一季度持平。現在你有點說今年剩下的時間應該持平。那麼這是在哪裡做的——我很好奇你是否可以評論一下你認為與 3 個月前相比的改進。然後現在空運量高達 190，是否有額外的空運潛力進入 24 財年？或者那樣會給你帶來那種在那個時候完全重獲貨運動力的感覺嗎？

Great. Thanks. Yes, I'd say the change in markdown performance really came through the outperformance on top line and the portion of that, that came through full-price sales. So when we look at the balance of the year, we're expecting generally in line for the full year, but there is an outperformance in Q1.

偉大的。謝謝。是的，我會說降價表現的變化確實來自於頂線的出色表現，而其中一部分來自全價銷售。因此，當我們查看今年的餘額時，我們預計全年總體上符合預期，但第一季度表現出色。

And then for airfreight, we are now 190 basis points down to last year, still 50 basis points above 2019 levels. We do expect over the longer term to continue to push into recouping all of that airfreight amount. So I think too soon to put a fine point on 2024, but we continue to make good progress on that line item, and we'll continue to look for opportunities to optimize.

然後對於空運，我們現在比去年下降了 190 個基點，仍然比 2019 年的水平高 50 個基點。從長遠來看，我們確實希望繼續推動收回所有空運金額。因此，我認為將 2024 年定為一個很好的點還為時過早，但我們在該項目上繼續取得良好進展，我們將繼續尋找優化的機會。

The next question comes from Alex Straton with Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

Congrats on another great quarter. Just firstly, did you guys observe any deviation in purchase behavior by household income level across the quarter? And then secondly, just zooming out, margins sit hundreds of basis points above pre-COVID levels. It's really amazing. So can you just walk us through the puts and takes of that? Is it just sales leverage or other pieces -- moving pieces there would be helpful.

祝賀又一個偉大的季度。首先，你們是否觀察到整個季度家庭收入水平的購買行為有任何偏差？然後其次，只是縮小，利潤率比 COVID 之前的水平高出數百個基點。真是太神奇了。那麼，您能帶我們了解一下嗎？它只是銷售槓桿還是其他部分——移動部分會有幫助。

Great. In terms of guest metrics, nothing material by household income. We were pleased, I would say, overall guest metrics, both existing and new gas metric trends, above 20% for the quarter. And then can you remind me, sorry, of the second part of your question?

偉大的。就客人指標而言，家庭收入並不重要。我們很高興，我想說，本季度的總體客人指標，包括現有和新的氣體指標趨勢，都超過 20%。抱歉，你能提醒我你問題的第二部分嗎？

Just margin sitting so much higher than pre-COVID levels, yes, the key puts and takes there.

只是利潤率比 COVID 之前的水平高得多，是的，關鍵是放在那裡。

And sorry, are you speaking specifically to gross margin?

抱歉，您是專門針對毛利率說的嗎？

Both gross and operating.

毛和操作。

Yes. So our operating margin is pretty flat to 2019 levels. And then I'd say in terms of gross margin, we're well above given the composition of our business has shifted to be -- we pulled back somewhat on new store openings. The cost of that is within gross margin. And then we've invested more deeply behind the digital portions of our business. It's in SG&A. And then, obviously, a big piece through scale and revenue outperformance.

是的。因此，我們的營業利潤率與 2019 年的水平持平。然後我要說的是，就毛利率而言，考慮到我們的業務構成已經轉變為——我們在新店開張上有所縮減，我們的毛利率遠高於此。其成本在毛利率之內。然後，我們對業務的數字部分進行了更深入的投資。它在 SG&A 中。然後，很明顯，通過規模和收入跑贏大盤。

The next question comes from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的布魯克羅奇。

Calvin, I was hoping you could speak to the opportunity to build on the success of the platform strategy that you've built so far. How are you thinking about balancing new innovation within key platforms like the Align versus building out new product platforms that can be built upon in the future?

卡爾文，我希望你能談談在你迄今為止建立的平台戰略成功的基礎上再接再厲的機會。您如何考慮在 Align 等關鍵平台內平衡新創新與構建可在未來構建的新產品平台？

And then, Meghan, can you elaborate on your inventory outlook? What is the path to improve inventory turn from here? And how should we be thinking about the time line to repacing that prepandemic inventory turnover rate?

然後，梅根，你能詳細說明一下你的庫存前景嗎？從這裡改善庫存周轉的路徑是什麼？我們應該如何考慮重新調整大流行前庫存周轉率的時間表？

Brooke, in terms of product, we definitely think of it through the lens of a hero item strategy, a franchise expansion strategy and then newness that could either show up as a new item and/or franchise. So that's what has been fueling our business. And then equally in that, not only bringing newness but going back as well as updating, like we did in this quarter, for instance, on our Pace Breaker short, for instance, for him where we took a fantastic single hero item and we've innovated it with a number of changes that have been incredibly well received.

Brooke，就產品而言，我們絕對是通過英雄項目戰略、特許經營擴張戰略以及可能表現為新項目和/或特許經營權的新穎性來考慮的。這就是推動我們業務發展的原因。然後同樣地，不僅帶來新鮮感，而且回歸和更新，就像我們在本季度所做的那樣，例如，在我們的 Pace Breaker 短片中，例如，我們為他帶來了一個很棒的單一英雄項目，我們'我們對它進行了一些創新，並進行了一些非常受歡迎的更改。

In the franchise lineup, we're always looking at strengths and ways in which the positioning of that, either through fit, versatility, functionality and/or fabric can be extended into additional unmet needs for the guest. The Align being one of our strongest franchises, we introduced the Align dress this quarter, which was incredibly well received. And equally building new franchises, either through the introduction like we did last year with footwear, which we've declared as a test and learn for us. But we're excited with the initial results and success in being able to build that forward into a very positive business in general. And there are additional ones that we'll be launching later this year that really fit into that franchise category that we're really, really excited about.

在特許經營陣容中，我們一直在尋找優勢和定位的方式，無論是通過合身性、多功能性、功能性和/或面料可以擴展到客人未滿足的額外需求。 Align 是我們最強大的特許經營權之一，我們在本季度推出了 Align 連衣裙，受到了難以置信的好評。同樣地建立新的特許經營權，或者像我們去年對鞋類所做的那樣進行介紹，我們已經宣布這是對我們的測試和學習。但我們對能夠將其發展成為一個非常積極的業務的初步結果和成功感到興奮。我們將在今年晚些時候推出更多真正適合我們非常非常興奮的特許經營類別的產品。

So we definitely take a strategy across category activity, hero item franchise, look for ways to expand, look for ways to update and then obviously ways to create new and then -- and build from that.

因此，我們肯定會採取跨類別活動、英雄項目特許經營的策略，尋找擴展的方法，尋找更新的方法，然後顯然是創建新的方法，然後——並以此為基礎進行構建。

Great. And then in terms of inventory, so our expectation is we'll be approximately 20% at the end of Q2 and then inventory in line with sales in the second half of the year. We will still have opportunities, as you mentioned, to get our inventory turns back to historical levels. We have seen some material improvements in supply chain and lead times but not all the way back to historical positioning. So too soon to say when we'll move back to those levels, but that would be the goal over the longer term.

偉大的。然後就庫存而言，我們的預期是我們將在第二季度末達到約 20%，然後庫存將與下半年的銷售額保持一致。正如您所提到的，我們仍然有機會讓我們的庫存周轉率回到歷史水平。我們已經看到供應鍊和交貨時間有了一些實質性的改善，但並沒有完全回到歷史定位。現在說我們什麼時候會回到這些水平還為時過早，但這將是長期目標。

The next question comes from Abbie Zvejnieks with Piper Sandler.

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

Just on the growth of the Other segment, can you break out, I guess, or just comment on what of that is driven by lululemon Studio versus other components? And then any numbers you can give on early subscriptions or learnings or loyalty numbers?

就其他部分的增長而言，我猜你能否突破，或者只是評論一下由 lululemon Studio 與其他組件驅動的是什麼？然後您可以提供有關早期訂閱或學習或忠誠度數字的任何數字？

Yes. In terms of the Other segment, we aren't breaking out lululemon Studio as a portion of that. But that bucket also contains strategic sales, seasonal stores and outlets, which would be a larger revenue component and the material driver in that bucket. And then in terms of early statistics?

是的。就其他部分而言，我們並沒有將 lululemon Studio 作為其中的一部分。但該桶還包含戰略銷售、季節性商店和奧特萊斯，這將是該桶中更大的收入組成部分和物質驅動因素。然後就早期統計數據而言？

Well, we just launched -- so a couple of things in terms of that. We just launched a few days ago our digital app for lululemon Studio, which is $12.99 a month and gives guests access to the same content that you can get but without the hardware purchase. We're excited to introduce that. We think it will expand the TAM and allow us to offer that offering into the membership program.

好吧，我們剛剛推出 - 就此而言有幾件事。幾天前，我們剛剛推出了 lululemon Studio 數字應用程序，每月收費 12.99 美元，客人可以訪問與無需購買硬件即可獲得的相同內容。我們很高興介紹它。我們認為這將擴大 TAM 並允許我們將該產品提供到會員計劃中。

Last quarter, I talked to the membership number of essentials, which after 6 months was a real strong start, over 8 million. We're not going to share that number quarterly, but I will indicate it's continued very strong momentum and continue to grow. So we're excited about Essential memberships, how it's going to support our community, fit into lululemon Studio, the benefit of sweat and other means to interact with our guests and drive both LTV and incrementality. And early with having these tools all supporting the membership program, we'll share more as we move forward, but excited as we continue to see strength in that Essential membership base grow.

上個季度，我談到了 essentials 的會員數量，6 個月後這是一個真正的強勁開端，超過 800 萬。我們不會每季度分享這個數字，但我會指出它繼續保持非常強勁的勢頭並繼續增長。因此，我們對 Essential 會員資格感到興奮，它如何支持我們的社區，融入 lululemon Studio，汗水的好處以及與我們的客人互動並推動 LTV 和增量的其他方式。隨著這些工俱全部支持會員計劃的早期，我們將隨著我們的前進分享更多，但隨著我們繼續看到 Essential 會員基礎的增長，我們感到很興奮。

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。