(LULU) 2023 Q2 法說會逐字稿

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

謝謝你的支持。這是會議操作員。歡迎參加 lululemon sportsa Inc. 2023 年第二季度電話會議。 （操作員指示）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.

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

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

謝謝你，下午好。歡迎參加 lululemon 第二季度財報電話會議。今天與我一起談論我們的業績的是首席執行官卡爾文·麥克唐納 (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.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述，反映管理層當前對 lululemon 未來某些方面的預測。

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.

這些陳述基於我們已經評估過的當前信息，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，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，包括我們在最近向SEC 提交的文件中披露的風險和不確定性，包括我們的10-K 表格年度報告，以及我們的 10-Q 表季度報告。

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

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

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 10-Q 表格季度報告和今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調節表。

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.

此外，今天電話會議上給出的可比銷售指標是按美元不變計算的。新聞稿和隨附的 10-Q 表格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 investor site where you'll find a summary of our key financial and operating statistics for the second quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour so please limit yourself to 1 question at a time to give others the opportunity to have their questions addressed.

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，您可以在其中找到我們第二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。今天的電話會議預計持續 1 小時，因此請每次只提出 1 個問題，以便其他人有機會得到解答。

And now I would like to turn the call over to Calvin.

現在我想把電話轉給卡爾文。

Thank you, Howard. I'm pleased to be here with everyone to discuss our quarter 2 results. Today, I'll share the highlights of our recent performance and speak to some of the exciting product launches and activations we have planned for the second half of the year. As you've read in our press release, our second quarter results exceeded our expectations as our core product and new launches continue to resonate strongly with guests in markets around the world.

謝謝你，霍華德。我很高興能與大家一起討論我們第二季度的業績。今天，我將分享我們最近的業績亮點，並談談我們計劃在今年下半年推出的一些令人興奮的產品發布和活動。正如您在我們的新聞稿中所讀到的那樣，我們第二季度的業績超出了我們的預期，因為我們的核心產品和新產品繼續在世界各地市場的客人中引起強烈共鳴。

On today's call, I will provide details on our quarter 2 performance, I'll then speak to our outlook and the many opportunities we have across the business. Next, I'll turn it over to Meghan for a review of the financials and the guidance update, and then we'll take your questions.

在今天的電話會議上，我將提供有關我們第二季度業績的詳細信息，然後我將談論我們的前景以及我們在整個業務中擁有的許多機會。接下來，我會將其轉交給梅根，以審查財務狀況和指導更新，然後我們將回答您的問題。

So let's get started. Our business remained strong in quarter 2 with both revenue and EPS exceeding our expectations. Revenue increased 18% versus last year with strength across our portfolio. Comparable sales grew 9% in stores and 17% in our e-commerce business and adjusted EPS increased 22% versus the same period last year.

那麼讓我們開始吧。我們的業務在第二季度保持強勁，收入和每股收益都超出了我們的預期。我們的產品組合實力雄厚，收入較去年增長 18%。與去年同期相比，商店的可比銷售額增長了 9%，電子商務業務的可比銷售額增長了 17%，調整後的每股收益增長了 22%。

These results demonstrate the strength of the business and how we are well positioned for the second half of 2023. In fact, we are seeing our strong momentum continue into quarter 3 and expect revenue growth in the 17% to 18% range for the quarter. Meghan will share our detailed guidance with you later in the call.

這些結果展示了我們的業務實力以及我們在2023 年下半年的有利地位。事實上，我們看到我們的強勁勢頭持續到第三季度，並預計該季度的收入增長在17% 至18% 範圍內。梅根將在稍後的電話會議中與您分享我們的詳細指導。

Let's now look at quarter 2 in more detail as I share some highlights on product innovation, brand building strategies and regional performance. When looking at product, we posted strong double-digit growth across women's, men's and accessories as we bring newness and innovation into our assortment. Specifically in quarter 2, women's increased 16%, men's was up 15% and accessories increased 44%. In women's, guests are responding very well to our core franchises as well as our newer play activities.

現在讓我們更詳細地了解第二季度，我將分享有關產品創新、品牌建設戰略和區域業績的一些亮點。在產品方面，隨著我們將新鮮感和創新帶入我們的產品類別中，我們在女裝、男裝和配飾領域實現了兩位數的強勁增長。具體來說，在第二季度，女裝增長了 16%，男裝增長了 15%，配飾增長了 44%。在女性方面，客人對我們的核心特許經營以及我們更新的遊戲活動反響非常好。

We continue to see strength in our key franchises, including scuba, define and our dance studio jogger. In addition, Softstreme has emerged as another meaningful franchise for us. In quarter 2, we saw strength across the collection with guests responding well to our offering. Turning to play, our tennis and golf collections remain strong performers for us. As we've shared before, our strategy with plays to solve for our guests' unmet needs across their secondary sweat activities. We introduced styles designed specifically for these activities while continuing to leverage the versatility of our core assortment.

我們繼續看到我們的主要特許經營權的實力，包括水肺、定義和我們的舞蹈室慢跑者。此外，Softstreme 已成為我們另一個有意義的特許經營權。在第二季度，我們看到了整個系列的實力，客人對我們的產品反應良好。談到比賽，我們的網球和高爾夫系列仍然表現強勁。正如我們之前分享的，我們的策略是解決客人在次要出汗活動中未滿足的需求。我們推出了專為這些活動設計的款式，同時繼續利用我們核心品種的多功能性。

In men's, I'd like to highlight the ongoing strength we're seeing in our ABC franchise, 1 of our most popular for him. Our teams continue to expand and evolve the assortment, which now includes 4 styles and 4 fits and is available in 3 proprietary fabrics, Warpstreme, Utilitech and WovenAir with additional fabrics in solves for unmet needs planned for upcoming seasons.

在男裝方面，我想強調一下我們在 ABC 專營權中看到的持續實力，這是我們最受歡迎的專營權之一。我們的團隊不斷擴展和發展該品種，目前包括 4 種款式和 4 種版型，並提供 3 種專有面料：Warpstreme、Utilitech 和 WovenAir，以及其他面料，可解決下一季計劃中未滿足的需求。

As we expand this trusted franchise, we are gaining share of wallet from existing guests, while at the same time, attracting new guests to our brand.

隨著我們擴大這一值得信賴的特許經營權，我們正在從現有客人那裡獲得錢包份額，同時吸引新客人加入我們的品牌。

In accessories, our entire bag assortment is performing well. Crossbody styles, backpacks and small pouches are helping drive these results and contributed to the 44% growth in accessories in quarter 2. Our teams will continue to create innovative solutions over the coming months and seasons as we realize the meaningful opportunity to expand our bag assortment.

在配件方面，我們的整個包袋系列都表現良好。斜挎包、背包和小包有助於推動這些業績，並為第二季度配件增長44% 做出了貢獻。隨著我們意識到擴大包袋品種的重要機會，我們的團隊將在未來幾個月和幾季繼續創造創新解決方案。

Looking specifically at the Everywhere Belt Bag, I am pleased we generated strong double-digit growth on top of last year's strength. Consistent with our strategy to develop franchises from our most popular styles, our accessories team expanded our assortment of Everywhere Belt Bags across multiple sizes, color waves, prints and patterns and the guests are responding incredibly well.

特別是看看 Everywhere 腰包，我很高興我們在去年的基礎上實現了兩位數的強勁增長。根據我們從最受歡迎的款式中開發特許經營的戰略，我們的配飾團隊將 Everywhere 腰包的品種擴展到多種尺寸、顏色波浪、印花和圖案，客人的反應非常好。

Turning to footwear. We are making steady progress in this category, and I'm excited with how our team continues to evolve the offering. We recently introduced Chargefeel 2, an update to our most versatile run to train style, and we are gearing up for the launch of men's footwear next year.

轉向鞋類。我們在這一類別中正在穩步取得進展，我對我們的團隊如何繼續發展該產品感到興奮。我們最近推出了 Chargefeel 2，這是我們最通用的跑步訓練風格的更新，我們正在為明年推出男鞋做好準備。

Looking now at the second half of the year, I am pleased with our pipeline of innovation. In women's, we will launch an exciting new collection in the fall, which will show our continued ability to address the unmet needs of our guests. Stay tuned for additional details.

現在展望下半年，我對我們的創新渠道感到滿意。在女裝方面，我們將在秋季推出令人興奮的新系列，這將展示我們持續滿足客人未滿足需求的能力。請繼續關注更多詳細信息。

On the men's side, recently in quarter 3, we launched 2 new franchises, the steady state and our soft jersey collection, both of which are exceeding our expectations. Steady state is constructed from the same fabric used in our scuba franchise, and is a great example of how we can leverage our technical fabrics across genders. Our soft jersey collection includes several styles, all in our jersey fabric, which provides guests with incredible softness in his quick drying, stretchy and sweat-wicking.

在男裝方面，最近在第三季度，我們推出了 2 個新系列，即 stable state 和軟球衣系列，這兩個系列都超出了我們的預期。 Steady state 採用與我們的水肺系列產品相同的面料製成，是我們如何跨性別利用我們的技術面料的一個很好的例子。我們的柔軟平針織系列包括多種款式，全部採用平針織面料，為客人提供令人難以置信的柔軟、快乾、彈力和排汗功能。

These collections enhance our men's lounge offering and are consistent with how we view our overall On The Move assortment. These products are designed for lounge but made from technical fabric and offer performance features. Later in quarter 3, we will expand our outerwear offering with new styles of jackets and waterproof down. And in quarter 4, we will launch a new performance fabric design specifically for cold weather runs.

這些系列增強了我們的男士休息室產品，並與我們對整體 On The Move 產品系列的看法一致。這些產品專為休閒室設計，但由技術面料製成，具有高性能特點。在第三季度晚些時候，我們將擴大我們的外套產品範圍，推出新款夾克和防水羽絨服。在第四季度，我們將推出專為寒冷天氣跑步設計的全新高性能面料。

These are just a few examples of how we consistently bring innovation into our core while at the same time, expand into new categories. We are still in the early innings of our product journey and have significant opportunity ahead of us as we continue to solve for the unmet needs of our guests.

這些只是我們如何始終如一地將創新納入核心並同時擴展到新類別的幾個例子。我們仍處於產品旅程的早期階段，在我們繼續解決客人未滿足的需求的過程中，我們面臨著巨大的機遇。

While product innovation is a key tenet of our Power of Three x2 growth plan, we also have a real opportunity to increase our brand awareness. As we previously discussed, our unaided brand awareness is still only 25% in the United States. And with the exception of the U.K. and Australia, our unaided awareness remains in the single digits in every market in which we operate outside of North America.

雖然產品創新是我們“三倍力量”增長計劃的關鍵宗旨，但我們也有真正的機會來提高我們的品牌知名度。正如我們之前討論的，我們在美國的獨立品牌知名度仍然只有 25%。除英國和澳大利亞外，我們在北美以外開展業務的每個市場的獨立意識仍保持在個位數。

In 2023, we have accelerated our efforts to increase awareness and consideration for lululemon, and we are seeing gains in key growth markets across the globe. Last quarter, we spoke about several initiatives, including the initial phases of our Get Into It campaign, our Dupe Swap event in Los Angeles and the launch of the further initiative.

2023 年，我們加快了努力提高 lululemon 的認知度和考慮度，我們在全球主要增長市場中看到了增長。上季度，我們談到了多項舉措，包括 Get Into It 活動的初始階段、洛杉磯的 Dupe Swap 活動以及進一步舉措的啟動。

In quarter 3, we have several activations and campaigns on deck that will support our key product launches, begin to build excitement for the upcoming holiday season and increase overall awareness of the lululemon brand across the globe.

在第三季度，我們將開展多項激活和活動，以支持我們的關鍵產品發布，開始為即將到來的假日季節營造興奮感，並提高 lululemon 品牌在全球的整體知名度。

Let me share some highlights. Given the positive reception to our Get Into It campaign, we'll continue to highlight our leadership position in bottoms with another installment in quarter 3. For women, the campaign will focus on our core franchises and feature our global ambassador and professional tennis player, Leylah Fernandez.

讓我分享一些亮點。鑑於我們的“Get Into It”活動獲得了積極反響，我們將在第三季度的另一期活動中繼續強調我們在下裝領域的領導地位。對於女性，該活動將重點關注我們的核心特許經營權，並以我們的全球大使和職業網球運動員為主角，萊拉·費爾南德斯。

And for men, we'll elevate our ABC franchise with the support from some fun and exciting special guests. The campaign will include digital media assets across our stores and e-commerce sites as well will also test some targeted television in the U.S.

對於男士來說，我們將在一些有趣且令人興奮的特邀嘉賓的支持下提升我們的 ABC 特許經營權。該活動將包括我們商店和電子商務網站上的數字媒體資產，還將測試美國的一些目標電視。

In EMEA, we will build on our soft launch with Zalando in June with a larger consumer-facing launch on this popular e-commerce site. Our relationship with Zalando is not wholesale as we fulfill orders ourselves, and it is an excellent way for us to bring new guests into the lululemon brand across Europe, where Zalando is a strong and leading player.

在歐洲、中東和非洲地區，我們將在 6 月份與 Zalando 試運行的基礎上，在這個受歡迎的電子商務網站上面向消費者推出更大規模的產品。我們與 Zalando 的關係不是批發關係，因為我們自己履行訂單，這是我們將新客人帶入整個歐洲 lululemon 品牌的絕佳方式，而 Zalando 在歐洲是一個強大且領先的參與者。

And finally, we'll release our global well-being index in the coming weeks to raise awareness and celebrate World Mental Health Day in October. We are excited about the ongoing opportunity to grow brand awareness in the U.S. and across all our international markets. Our grassroots approach to building community and engaging with guests remains unchanged, but we are also increasing the number and frequency of larger scale activations and global brand campaigns. And we are doing this within the confines of our P&L and keeping overall marketing spend relatively stable as a percentage to sales on an annual basis.

最後，我們將在未來幾週內發布全球幸福指數，以提高人們的認識並慶祝十月份的世界心理健康日。我們對在美國和所有國際市場上持續提高品牌知名度的機會感到興奮。我們建立社區和與客人互動的草根方法保持不變，但我們也在增加大規模活動和全球品牌活動的數量和頻率。我們是在損益表的範圍內做到這一點的，並保持整體營銷支出佔年度銷售額的相對穩定。

In addition, the continued acceleration in our top line unlocks dollars that we are then able to strategically invest behind our initiatives to drive brand awareness, leveraging both earned and paid media in new and creative ways. Shifting now to our regional growth drivers. We continue to see broad-based strength. Specifically, revenue in North America grew 11% in quarter 2 and international increased 52%.

此外，我們收入的持續增長釋放了資金，然後我們能夠戰略性地投資於我們的舉措，以提高品牌知名度，以新的和創造性的方式利用免費媒體和付費媒體。現在轉向我們的區域增長動力。我們繼續看到基礎廣泛的力量。具體來說，第二季度北美地區的收入增長了 11%，國際地區的收入增長了 52%。

Within international, we delivered strong growth across all markets and continue to see great acceptance of our brand in Greater China, where revenue grew 61%.

在國際範圍內，我們在所有市場都實現了強勁增長，並且我們的品牌在大中華區繼續受到廣泛接受，收入增長了 61%。

Within North America, we remain pleased with the underlying strength of the business with double-digit growth in quarter 2, consistent with our Power of Three x2 target, and we continue to gain market share.

在北美，我們對第二季度業務的潛在實力感到滿意，實現了兩位數的增長，這與我們的“三倍力量”x2 目標一致，並且我們繼續獲得市場份額。

In quarter 2, the adult active apparel industry decreased its U.S. revenue compared to the same period last year. Over this time period, lululemon gained 1.3 points of market share in the U.S. with gains in both men's and women's according to Circana's consumer tracking service.

第二季度，成人運動服裝行業在美國的收入與去年同期相比有所下降。根據 Circana 的消費者跟踪服務，在此期間，lululemon 在美國的市場份額增加了 1.3 個百分點，其中男性和女性市場份額均有所增長。

In the back half of 2023, as I mentioned, we have a compelling pipeline of innovation planned. We will continue to focus on acquiring new guests as we solve for their unmet needs. And thus far in quarter 3, I can also share that we are seeing our business in North America accelerate relative to quarter 2.

正如我提到的，到 2023 年下半年，我們計劃推出一系列引人注目的創新產品。我們將繼續專注於吸引新客人，解決他們未滿足的需求。到目前為止，在第三季度，我還可以分享的是，我們在北美的業務相對於第二季度有所增長。

Turning to international. Our business remains strong and balanced across regions. In quarter 2, total international represented 22% of sales versus 17% in quarter 2 last year. And while expanding nicely, this penetration still remains below our long-term target, which reinforces just how early we are in our growth journey.

轉向國際化。我們的業務在各地區保持強勁和平衡。第二季度，國際銷售總額佔銷售額的 22%，而去年第二季度為 17%。儘管擴張良好，但這一滲透率仍低於我們的長期目標，這表明我們在增長之旅中還處於早期階段。

Let me now share some recent regional highlights. In China, we celebrated the National Fitness Day in August with the third installment of our summer sweat games. Through this activation, our local teams hosted regional competitions across the country which culminated in a national final held this past weekend in Shenzhen. This year, the games included 3,400 participants from more than 100 stores in 36 cities. Our APAC and EMEA region also continued to perform well.

現在讓我分享一些最近的區域亮點。在中國，我們通過第三屆夏季揮汗運動來慶祝八月份的全民健身日。通過這一活動，我們的當地團隊在全國范圍內舉辦了區域比賽，最終在上週末在深圳舉行的全國決賽中達到了頂峰。今年的比賽有來自36個城市的100多家商店的3,400名參與者。我們的亞太地區和歐洲、中東和非洲地區也繼續表現良好。

In Australia, we are beginning to reap the benefits of our store optimization program as well as the recent rollout of ship from store in this market. This is our most mature market outside of North America, and we still have ample opportunity to drive growth this year and into the foreseeable future.

在澳大利亞，我們開始受益於我們的商店優化計劃以及最近在該市場推出的商店發貨服務。這是我們在北美以外最成熟的市場，我們今年和可預見的未來仍有充足的機會推動增長。

We also opened our first store in Thailand in July, which marked the 100th location in the APAC region. The pent-up demand for the lululemon brand in this market was clear and the opening of the store in Bangkok was our strongest ever in the APAC region. In addition, we've seen a noticeable uptick in travel and tourism within APAC, which is also having a positive impact on our business.

我們還於 7 月在泰國開設了第一家門店，這標誌著我們在亞太地區開設了第 100 家門店。該市場對 lululemon 品牌被壓抑的需求顯而易見，曼谷專賣店的開業是我們在亞太地區有史以來最強勁的一次。此外，我們還看到亞太地區的旅行和旅遊業顯著增長，這也對我們的業務產生了積極影響。

And in EMEA, in August, we opened our second store in Amsterdam, which reflects our expanding community and our ongoing investment in this key European city to grow the lululemon brand. It's incredibly exciting for all of us at lululemon to see the strong acceptance of our brand across all markets within our international business. With each new store opening, we see a groundswell of support that welcomes lululemon into the community. Our runway for growth is substantial, and I am optimistic about the future as we continue to expand our business.

在歐洲、中東和非洲地區，我們於 8 月在阿姆斯特丹開設了第二家商店，這反映了我們不斷擴大的社區以及我們對這座歐洲重要城市的持續投資，以發展 lululemon 品牌。對於 lululemon 的所有人來說，看到我們的品牌在我們的國際業務中的所有市場上得到強烈接受，我們感到非常興奮。隨著每家新店的開業，我們都會看到歡迎 lululemon 加入社區的支持浪潮。我們的增長空間很大，隨著我們繼續擴大業務，我對未來感到樂觀。

And with that, I'll turn it over to Meghan for a review of our financials and our updated guidance.

這樣，我會將其交給梅根，以審查我們的財務狀況和更新的指導。

Thanks, Calvin. Our momentum remains strong in Q2, enabling us to exceed both our top and bottom line guidance. In addition, our inventory growth continued to moderate about 14% versus our guidance of approximately 20%, and it remains well positioned from both a level and composition standpoint. I'm also excited to see our sales strength continuing into Q3 as guests are responding well to our back-to-school and early fall product innovations.

謝謝，卡爾文。我們第二季度的勢頭依然強勁，使我們能夠超越我們的營收和利潤指導。此外，我們的庫存增長繼續放緩約 14%，而我們的指導約為 20%，而且從水平和構成的角度來看，庫存仍然處於有利位置。我也很高興看到我們的銷售實力持續到第三季度，因為客人對我們的返校和初秋產品創新反應良好。

Now let's dive into our Q2 financials. For Q2, total net revenue rose 18% to $2.2 billion, driven by broad-based strength across the business. Comparable sales increased 13% with a 9% increase in stores and a 17% increase in e-commerce.

現在讓我們深入了解第二季度的財務狀況。第二季度，在整個業務廣泛實力的推動下，總淨收入增長 18%，達到 22 億美元。可比銷售額增長 13%，其中商店增長 9%，電子商務增長 17%。

In our store channel, total sales increased 21% versus last year. We ended the quarter with a total of 672 stores across the globe. Square footage increased 19% versus last year, driven by the addition of 72 net new lululemon stores since Q2 of 2022.

在我們的商店渠道中，總銷售額比去年增長了 21%。截至本季度末，我們在全球共有 672 家門店。自 2022 年第二季度以來，淨新增 72 家 lululemon 門店，帶動平方英尺面積比去年增加 19%。

During the quarter, we opened 10 net new stores and completed 4 optimizations. In our digital channel, revenues totaled $894 million or 40% of total revenue. Within North America, revenue increased 11% versus last year. Within international, we saw a 52% increase versus last year with Greater China increasing 61%. And by category, women's revenue increased 16% versus last year, men's increased 15% and accessories grew 44%.

本季度，我們淨新開10家門店，完成4項優化。在我們的數字渠道中，收入總計 8.94 億美元，佔總收入的 40%。在北美地區，收入比去年增長了 11%。在國際範圍內，我們看到與去年相比增長了 52%，其中大中華區增長了 61%。按類別劃分，女裝收入比去年增長 16%，男裝增長 15%，配飾增長 44%。

It's also great to see ongoing strength in traffic across both channels. In both stores and digital channels, traffic increased over 20%. This speaks to the strength of our omni operating model as we engage with our guests and we as most convenient to them.

很高興看到兩個渠道的流量持續強勁。商店和數字渠道的客流量均增長了 20% 以上。這證明了我們全方位運營模式的優勢，因為我們與客人互動，並且為他們提供最方便的服務。

Gross profit for the second quarter was $1.3 billion or 58.8% of net revenue compared to 56.5% of net revenue in Q2 2022.

第二季度毛利潤為 13 億美元，占淨收入的 58.8%，而 2022 年第二季度則占淨收入的 56.5%。

The gross profit rate in Q2 increased 230 basis points versus last year and was driven primarily by the following: a 330 basis point increase in overall product margin resulting from freight favorability, we remain pleased with the product margin strength we continue to realize on top of the strong gains over the last several years. The combination of product and supply chain costs and occupancy deleveraged 70 basis points in the quarter, driven predominantly by ongoing investment in product development and supply chain. We also saw 30 basis points of unfavorable impact from foreign exchange.

第二季度的毛利率比去年增加了 230 個基點，主要是由以下因素推動的：由於運費優惠，整體產品利潤率增加了 330 個基點，我們對我們繼續實現的產品利潤率實力感到滿意過去幾年的強勁增長。本季度，產品和供應鏈成本以及入住率相結合去槓桿化了 70 個基點，這主要是由產品開發和供應鏈的持續投資推動的。我們還看到外匯匯率帶來了 30 個基點的不利影響。

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 $817 million or 37% of net revenue compared to 35.4% of net revenue for the same period last year. We achieved better-than-expected deleverage in the quarter, driven predominantly by our top line strength while continuing to invest behind our strategic initiatives to build brand awareness among additional investments we've accelerated to fuel our Power Of Three x2 road map.

轉向 SG&A。我們的方法仍然立足於審慎管理我們的開支，同時繼續對我們的長期增長機會進行戰略性投資。 SG&A 費用約為 8.17 億美元，占淨收入的 37%，而去年同期則占淨收入的 35.4%。我們在本季度實現了好於預期的去槓桿化，這主要是由我們的營收實力推動的，同時繼續投資於我們的戰略舉措，以建立品牌知名度，以及我們加速進行的額外投資，以推動我們的“三強x2”路線圖。

Foreign exchange, both translation and revaluation, contributed 60 basis points of leverage in the quarter. Operating income for the quarter was approximately $479 million or 21.7% of net revenue compared to adjusted operating margin of 20.9% of net revenue in Q2 2022.

外匯（包括換算和重估）在本季度貢獻了 60 個基點的槓桿作用。該季度的營業收入約為 4.79 億美元，占淨收入的 21.7%，而 2022 年第二季度調整後的營業利潤率為淨收入的 20.9%。

Tax expense for the quarter was $145 million, or 29.8% of pretax earnings compared to an effective tax rate of 28.2% a year ago. Net income for the quarter was $342 million or $2.68 per diluted share compared to adjusted EPS of $2.20 for the second quarter of 2022. Capital expenditures were approximately $146 million for the quarter compared to approximately $145 million in the second quarter last year.

該季度的稅費為 1.45 億美元，佔稅前收益的 29.8%，而去年同期的有效稅率為 28.2%。本季度淨利潤為3.42 億美元，即稀釋後每股收益2.68 美元，而2022 年第二季度調整後每股收益為2.20 美元。本季度資本支出約為1.46 億美元，去年第二季度資本支出約為1.45 億美元。

The spend in Q2 of this year relates primarily to store capital for new locations, relocations and renovations, technology and supply chain costs.

今年第二季度的支出主要涉及新地點的商店資本、搬遷和翻新、技術和供應鏈成本。

Turning to our balance sheet highlights. We ended the quarter with $1.1 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory was $1.7 billion at the end of Q2, up 14% versus last year. At the end of Q3, we expect inventory to be up in the high single to low double digits versus last year.

轉向我們的資產負債表亮點。截至本季度末，我們的循環信貸額度下擁有 11 億美元的現金和現金等價物以及近 4 億美元的可用容量。第二季度末庫存為 17 億美元，比去年同期增長 14%。到第三季度末，我們預計庫存將比去年增加高個位數到低兩位數。

The relatively low growth rate is due to the provision for MIRROR hardware we took in Q4 2022 and have not yet anniversaried. In Q4, we continue to expect inventory growth to be relatively in line with sales growth. We repurchased approximately 517,000 shares at an average price of $371. At the end of Q2, we had approximately $454 million remaining on our $1 billion repurchase program.

增長率相對較低是由於我們在 2022 年第四季度購買了 MIRROR 硬件，但尚未週年紀念日。第四季度，我們繼續預計庫存增長將與銷售增長相對一致。我們以 371 美元的平均價格回購了約 517,000 股股票。截至第二季度末，我們 10 億美元的回購計劃剩餘約 4.54 億美元。

Let me shift now to our guidance outlook. We continue to be very pleased with the strength of our business as Q2 exceeded our expectations, and Q3 is off to a solid start. The upside we've seen in the first half of the year allows us to invest into our strategic initiatives to set ourselves up for future growth, while at the same time, flowing some of that upside through to the bottom line.

現在讓我談談我們的指導前景。我們仍然對我們的業務實力感到非常滿意，因為第二季度超出了我們的預期，第三季度也有了一個良好的開端。我們在今年上半年看到的上行空間使我們能夠投資於我們的戰略舉措，為未來的增長做好準備，同時將部分上行空間轉化為利潤。

With that being said, we remain aware of the uncertainties that exist in the current macro environment and consistent with our approach over the last several years, we continue to be prudent and plan the business for multiple scenarios.

儘管如此，我們仍然意識到當前宏觀環境中存在的不確定性，並且與我們過去幾年的做法一致，我們繼續保持審慎並針對多種場景進行業務規劃。

Now let me begin with Q3. We expect revenue in the range of $2.165 billion to $2.19 billion, representing growth of 17% to 18%. We expect to open 23 net new company-operated stores in Q3. We expect gross margin in Q3 to increase 160 to 180 basis points relative to Q3 of 2022. This will be driven by lower freight 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.

現在讓我從第三個問題開始。我們預計收入在 21.65 億美元至 21.9 億美元之間，增長 17% 至 18%。我們預計第三季度淨新開 23 家公司自營店。我們預計第三季度的毛利率將比2022 年第三季度增加160 至180 個基點。這將由運費下降推動，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入住率和折舊率適度去槓桿化。

In Q3, we expect our SG&A rate to deleverage by 200 to 220 basis points relative to Q3 2022. This deleverage continues to reflect our strategic decision to invest in growth initiatives including those to grow brand awareness globally. When looking at operating margin for Q3, we expect approximately 40 basis points of contraction relative to last year.

在第三季度，我們預計SG&A 率將比2022 年第三季度去槓桿化200 至220 個基點。這種去槓桿化繼續反映了我們投資於增長計劃（包括提高全球品牌知名度的計劃）的戰略決策。在考慮第三季度的營業利潤率時，我們預計較去年收縮約 40 個基點。

Turning to EPS. We expect earnings per share in the third quarter to be in the range of $2.23 to $2.28 versus EPS of $2 a year ago.

轉向每股收益。我們預計第三季度每股收益將在 2.23 美元至 2.28 美元之間，而去年同期每股收益為 2 美元。

Shifting to the full year 2023. We now expect revenue to be in the range of $9.51 billion to $9.57 billion. This range represents growth of 17% to 18% relative to 2022 and exceeds the revenue target in our Power of Three x2 growth plan. We now expect to open approximately 55 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.

轉向 2023 年全年。我們現在預計收入將在 95.1 億美元至 95.7 億美元之間。這一範圍代表相對 2022 年增長 17% 至 18%，超出了我們的“三倍力量”x2 增長計劃中的收入目標。我們目前預計在 2023 年淨開設約 55 家新的公司自營店，並完成約 25 家同地改造。這將有助於整體面積的增長。

Our new store openings in 2023 will include approximately 35 stores in our international markets with the majority of these planned for China.

我們 2023 年新開的門店將包括國際市場上的約 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 190 and 210 basis points versus 2022. The expansion relative to last year is driven predominantly by lower air freight expense. For the full year, we now expect airfreight to be down approximately 210 basis points versus 2022.

對於全年，我們現在預測毛利率將比 2022 年增長 190 至 210 個基點。相對於去年的增長主要是由航空貨運費用下降推動的。我們現在預計全年航空貨運量將比 2022 年下降約 210 個基點。

When looking at markdowns for the full year, we continue to expect them to be relatively in line with last year in 2019.

在考慮全年降價時，我們仍然預計 2019 年降價將與去年相對一致。

Turning to SG&A for the full year. We continue to 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 into 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。我們繼續預測，與 2022 年相比，去槓桿化將達到 150 至 170 個基點。在我們繼續謹慎規劃業務的同時，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“三倍力量”增長支柱，同時在我們每年適度擴張的目標之前實現今年的營業利潤率。

When looking at operating margins for the full year 2023, we now expect it to increase 40 to 60 basis points versus last year.

在考慮 2023 年全年的營業利潤率時，我們現在預計其將比去年增加 40 至 60 個基點。

For the full year 2023, we continue to expect our effective tax rate to be approximately 30%. For Q3, we expect our effective tax rate to be approximately 30.5%. For the fiscal year 2023, we now expect diluted earnings per share in the range of $12.02 to $12.17 versus adjusted EPS of $10.07 in 2022. Our EPS guidance excludes the impact of any future share repurchases.

對於 2023 年全年，我們仍然預計有效稅率約為 30%。對於第三季度，我們預計有效稅率約為 30.5%。對於2023 財年，我們目前預計稀釋後每股收益將在12.02 美元至12.17 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 now expect capital expenditures to be approximately $670 million to $690 million for 2023. This increase versus 2022 reflects investments to support business growth, including the continuation of our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments. Our range of $670 million to $690 million is approximately 7% of revenue in line with our current Power of Three x2 target of 7% to 9%.

我們現在預計2023 年的資本支出約為6.7 億至6.9 億美元。與2022 年相比，這一增長反映了支持業務增長的投資，包括繼續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。我們的 6.7 億至 6.9 億美元範圍約為收入的 7%，符合我們當前 7% 至 9% 的“三倍冪”x2 目標。

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

這樣，我會將電話轉回卡爾文。

Thank you, Meghan. As these results demonstrate, we arrive at the midpoint of 2023 in a very strong position for what's ahead. We continue to deliver sustained growth in the business through a steady drumbeat of product category and market expansions that connects us with our guests on a regular basis. We recognize the significant opportunity in front of us and we remain focused on both delivering a successful 2023 and achieving our goals contained within the Power of Three x2 growth plan.

謝謝你，梅根。正如這些結果所表明的那樣，到 2023 年中點時，我們對未來的發展處於非常有利的位置。我們通過穩定的產品類別和市場擴張，定期與客人建立聯繫，繼續實現業務的持續增長。我們認識到擺在我們面前的重大機遇，我們將繼續專注於實現 2023 年的成功並實現“三個力量 x2 增長計劃”中包含的目標。

My confidence in our leadership and our people remains extremely high as we consistently demonstrate our ability to deliver for our guests and our shareholders.

我對我們的領導層和員工仍然充滿信心，因為我們不斷證明我們有能力為客人和股東提供服務。

I'm grateful to the many teams across lululemon who champion our brand every day and make these results possible.

我感謝 lululemon 的許多團隊每天都在捍衛我們的品牌，並使這些成果成為可能。

And now we look forward to taking your questions. Operator?

現在我們期待回答您的問題。操作員？

(Operator Instructions) The first question comes from Matthew Boss with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Matthew Boss。

And congrats on another nice quarter. So Calvin, could you elaborate on the broad-based global strength, notably customer demand that you saw in North America and China as the second quarter progressed. And then on more recent trends, could you just speak to drivers of the strong August momentum and the acceleration that you cited in North America?

祝賀又一個美好的季度。 Calvin，您能否詳細說明一下廣泛的全球實力，特別是隨著第二季度的進展，您在北美和中國看到的客戶需求。然後，關於最近的趨勢，您能否談談八月份強勁勢頭的驅動因素以及您在北美提到的加速增長？

Great. Thanks, Matt. Similar to the success through the first half of this year, which is really driven from our core product as well as our new innovation across both performance and OTM categories across both women's and men's -- so it continues to be that balanced growth across categories, channels, both stores, e-comm and all markets that's fueling the business.

偉大的。謝謝，馬特。與今年上半年的成功類似，這實際上是由我們的核心產品以及我們在女性和男性的性能和 OTM 類別上的新創新推動的 - 因此，跨類別的增長仍然是平衡的，渠道，包括商店、電子商務和所有推動業務發展的市場。

And heading into Q3, there's really no change to that formula, and the team is doing a wonderful job and guests are responding to the new innovation that we are launching. I referenced a few on the call the soft jersey, steady state for him.

進入第三季度，該公式實際上沒有任何變化，團隊做得非常出色，客人也對我們推出的新創新做出了回應。我在電話中提到了一些軟球衣，他的狀態穩定。

We have some exciting innovation still to come. So I think it's just a continuation of low unaided brand awareness, and we are launching initiatives to get at that opportunity, incredible product opportunity and the teams delivering on that on unmet needs and our international business, which, in addition to North America is still performing very strongly, double-digit in line with our Power of Three x2 growth targets, seeing acceleration across every market in the globe we're in. So -- it really is a reflection of my consistent message of us being early innings and balanced growth across all opportunity we have and a team that's delivering on that potential.

我們還有一些令人興奮的創新即將到來。因此，我認為這只是低獨立品牌知名度的延續，我們正在發起舉措來抓住這個機會，令人難以置信的產品機會，以及團隊在未滿足的需求和我們的國際業務上提供這一機會，除了北美之外，我們的國際業務仍然是表現非常強勁，實現了兩位數的增長，符合我們的三倍增長目標，在我們所處的全球每個市場都看到了加速發展。所以，這確實反映了我一貫的信息，即我們處於早期階段並保持平衡我們擁有的所有機會以及能夠發揮這種潛力的團隊都能夠實現增長。

That's great. And then, Meghan, could you just speak to the overall health and composition of your current inventory position as we head into the back half. And just how best to think about markdowns in the third quarter? Or are there any constraints to recapturing the markdown headwinds that you incurred in the fourth quarter a year ago?

那太棒了。然後，梅根，在我們進入後半部分時，您能談談您當前庫存狀況的整體健康狀況和構成嗎？如何最好地考慮第三季度的降價？或者，是否有任何限制可以重新應對一年前第四季度遭受的降價逆風？

Yes, absolutely, Matt. So in terms of inventory, so we came in up 14% at the end of the quarter, our expectation was approximately 20%. Relative to our expectation, there were a few items that drove that balance lower. So the first would be revenue upside above our expectations. Second being lower air freight costs and then the third being some timing implications. And in terms of how we're looking at inventory for the balance of the year, at the end of Q3, we're expecting high single to low double digits.

是的，絕對是，馬特。就庫存而言，季度末我們的庫存增長了 14%，我們的預期約為 20%。相對於我們的預期，有一些因素導致餘額下降。因此，首先是收入高於我們的預期。其次是空運成本降低，第三是一些時間影響。就我們如何看待今年剩餘時間的庫存而言，在第三季度末，我們預計庫存將達到高個位數到低兩位數。

And then in Q4, end of Q4, relatively in line with sales as we move into 2024. So I would say overall, we're really pleased with the currency and also the level of our inventory. In terms of markdowns, nothing really to note on the quarters. We're still expecting markdowns to be relatively flat on an annual basis for '23 over '22, and that's consistent also with our 2019 levels, which is a normalized healthy level for us. We run a low markdown penetration, high full price penetration business. We were flat in Q2, markdowns year-over-year, and I wouldn't expect any anomalies in Q3 and Q4.

然後在第四季度，第四季度末，與我們進入 2024 年時的銷售額相對一致。所以我想說，總的來說，我們對貨幣和庫存水平非常滿意。就降價而言，本季度沒有什麼值得注意的地方。我們仍然預計 23 年降價幅度比 22 年降價幅度相對持平，這也與我們 2019 年的水平一致，這對我們來說是正常的健康水平。我們經營降價滲透率低、全價滲透率高的業務。我們在第二季度持平，同比降價，我預計第三季度和第四季度不會出現任何異常情況。

The next question comes from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

Great. Congratulations. The results are really -- they really stand-alone. Calvin, so the business is being driven by innovation, product launches and newness, whereas sort of the competitive backdrop is a little bit more safe. And I'm just wondering how -- have you been able to sort of inspire that? It feels like you're innovating faster. Every time you get on a call, there's like another list of 5 new things that we didn't know about.

偉大的。恭喜。結果確實——它們確實是獨立的。卡爾文，所以業務是由創新、產品發布和新穎性推動的，而某種競爭背景則更安全一些。我只是想知道你是如何激發出這種靈感的？感覺你的創新速度更快了。每次你接到電話時，都會出現另一份我們不知道的 5 件新事情的清單。

So I'm just wondering, have you accelerated the innovation turnover time, the pipeline or the investment? And then Meghan, if you can just talk to us about kind of the China, the opportunity there, the sales are almost double sort of what you have in Canada and the year-to-date sales are roughly similar at $0.5 billion. So just kind of talking about the improvement there and what you think about the opportunities there?

所以我只是想知道，你們是否加快了創新周轉時間、渠道或投資？然後梅根，如果你能和我們談談中國的情況，那裡的機會，銷售額幾乎是加拿大的兩倍，今年迄今為止的銷售額大致相似，為 5 億美元。那麼，只是談談那裡的改進以及您對那裡機會的看法？

All right. Thanks, Adrienne. In terms of our speed of innovation, I would agree that the pipeline and the launches within each quarter continue to get very strong and excited about the balance across our accessories business, our women's business, our men's business. I think it is an execution of a very deliberate innovation strategy that we've been working through the Power of Three and into the Power of Three x2 strategy. You've heard me reference our play categories and being very deliberate in terms of what we design into and then leveraging our core, how we leverage versatility, but continue to innovate against some of those core hero franchises that he and she loves so that we don't simply launch and then just allow it to run without enhancements, improvements and adding to sharing across gender.

好的。謝謝，艾德麗安。就我們的創新速度而言，我同意每個季度的產品線和新品發布繼續變得非常強勁，並對我們的配飾業務、女裝業務和男裝業務之間的平衡感到興奮。我認為這是一個非常深思熟慮的創新戰略的執行，我們一直在通過“三的力量”和“三的力量x2”戰略來努力。你聽過我提到我們的遊戲類別，並且在設計內容和利用我們的核心、如何利用多功能性方面非常慎重，但繼續針對他和她喜歡的一些核心英雄系列進行創新，以便我們不要簡單地啟動然後就讓它運行而不進行增強、改進和添加跨性別共享。

For instance, in this quarter, we took our famous scuba fabric and brought that into a steady state for him, which was an opportunity we saw in our assortment that we were missing. So I think what you continue to see is just the team executing on the strategy.

例如，在本季度，我們採用了著名的潛水面料，並為他帶來了穩定的狀態，這是我們在我們的品種中看到的一個我們錯過的機會。所以我認為你繼續看到的只是執行戰略的團隊。

We have a horizon of innovation across horizons 1, 2, 3, which can be anywhere from 1 to 3, 4 years as we keep looking to solve the unmet needs of our guests and where and how, but we have a lot that we're able to bring forward and commercialize as well as having a lot that the team continues to work on for future quarters and future years. And feel very excited about our ability to sell through core, innovate core and then bring true innovation to the guest through that notion of unmet needs versus unmet wants. And I think that's driving our business that we're truly solving, which is a unique standout in this marketplace.

我們的創新範圍涵蓋第 1、2、3 個層面，可以是 1 到 3、4 年的任何時間，因為我們不斷尋求解決客人未滿足的需求以及在何處以及如何解決，但我們有很多東西我們能夠推進並商業化，並且團隊在未來幾個季度和幾年中將繼續開展許多工作。我們對我們通過核心銷售、核心創新，然後通過未滿足的需求與未滿足的需求的概念為客人帶來真正的創新的能力感到非常興奮。我認為這正在推動我們真正解決的業務，這在這個市場上是獨一無二的。

And then, Adrienne, in terms of China, we are really pleased with the performance there in the quarter, up 61% in Greater China. We have 100 stores today in China. We're opening 35 stores in an international region this year, the majority of those in the China market. As Calvin mentioned, we've had some exciting community activations still looking to build brand awareness and drive into that opportunity there. And then over the longer term, we've set approximately 200 stores at the end of our 5-year plan, and I think -- there's also beyond there as well in terms of still very early innings on our China growth.

然後，Adrienne，就中國而言，我們對本季度的表現非常滿意，大中華區增長了 61%。目前我們在中國擁有 100 家門店。今年我們將在國際地區開設 35 家門店，其中大部分位於中國市場。正如卡爾文提到的，我們已經進行了一些令人興奮的社區活動，仍在尋求建立品牌知名度並抓住那裡的機會。從長遠來看，我們在 5 年計劃結束時已經開設了大約 200 家商店，而且我認為，就我們在中國的增長仍處於早期階段而言，還有更多的目標。

Fantastic results. Best of luck.

非常棒的結果。祝你好運。

Thank you.

謝謝。

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

下一個問題來自美國銀行的洛林·哈欽森 (Lorraine Hutchinson)。

Meghan, you've pulled a lot of investments forward into 2023 as gross margins continue to be. Can you give us some examples of the most successful investments? And then also talk to your ability to generate leverage on this line item as we move into 2024?

梅根，您已經將大量投資推遲到 2023 年，因為毛利率仍然如此。您能給我們舉一些最成功投資的例子嗎？然後，當我們進入 2024 年時，還要談談您在該訂單項上產生槓桿作用的能力嗎？

Absolutely, Lorraine. So we've been really excited with the revenue momentum we've had and then also the progress that we've made on recouping air freight expense.

絕對是，洛林。因此，我們對我們所擁有的收入勢頭以及我們在收回空運費用方面取得的進展感到非常興奮。

So our guidance now on revenue is 17% to 18% growth ahead of our original target and then margin, guiding to 190 to 210 basis points with airfreight really being the driver there. So what it's done is it's given us the ability to invest behind our Power of Three x2 road map. So that would include market expansion, notably international, specifically China as a key focus there, improving guest experience and omni capabilities and then a foundational investments to drive the business forward. And I think coupled with that, what we're really excited with is you heard us talk on Analyst Day about the tremendous opportunity we have in brand awareness.

因此，我們現在對收入的指導是比我們最初的目標增長 17% 到 18%，然後是利潤率，指導為 190 到 210 個基點，其中空運確實是驅動因素。所以它所做的就是讓我們有能力投資我們的“三的力量 x2”路線圖。因此，這將包括市場擴張，特別是國際市場擴張，特別是中國作為重點關注點，改善賓客體驗和全方位能力，然後進行基礎投資來推動業務發展。我認為除此之外，我們真正感到興奮的是您在分析師日聽到我們談論我們在品牌知名度方面擁有的巨大機會。

And this upside has given us an opportunity, particularly in the second half of this year to invest in marketing activations to drive that brand awareness, really capitalizing on some of the key innovation moments we have coming up in the second half of the year. So that, we believe, will drive into our long-term opportunity and sustain our momentum. So we're a little bit ahead of where we were. We were expecting to be from a Power of Three x2 initiative road map, and then that's coupled with driving into some upside opportunity on brand awareness.

這種優勢給了我們一個機會，特別是在今年下半年，投資營銷活動以提高品牌知名度，真正利用我們下半年出現的一些關鍵創新時刻。我們相信，這將帶來我們的長期機遇並維持我們的勢頭。所以我們比以前稍微領先了一點。我們期望從“三的力量”x2 計劃路線圖出發，然後再結合推動品牌知名度的一些上昇機會。

In terms of leverage, we're really focused on operating margin and feel good about maintaining our commitment to modest operating margin expansion over the longer term. I think as we get closer to '24, we'll put a finer point on where we see the components of the P&L shaping up next year.

在槓桿方面，我們真正關注的是營業利潤率，並且對維持長期適度擴張營業利潤率的承諾感到滿意。我認為，隨著 24 年的臨近，我們將更詳細地闡述明年損益表的組成部分。

The next question comes from Paul Lejuez with Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Just want to talk about the China business. Would love to hear about what sort of volatility you saw in China over the quarter. And if you could talk about how stores performed versus e-comm? And where are store productivity levels running in China currently versus North America?

只是想談談中國業務。我很想知道本季度中國市場出現了什麼樣的波動。您能否談談商店與電子商務相比的表現如何？與北美相比，目前中國商店的生產力水平如何？

Paul, I would say in terms of China volatility, we really didn't experience any over the course of the quarter. I would say, really strong healthy growth across each of the 3 months of the quarter. And then I'll let Calvin comment on store and e-comm performance.

保羅，我想說，就中國的波動而言，我們在本季度確實沒有經歷過任何波動。我想說的是，本季度的 3 個月中的每一個月都實現了非常強勁的健康增長。然後我會讓卡爾文評論商店和電子商務的表現。

In terms of both channels, they're performing incredibly well in the market. We now have 107 stores in Mainland, China predominantly Tier 1, Tier 2 cities, but still see opportunity to grow as well as look to opportunities into Tier 3. Every store we've opened has exceeded plan, our optimization of some stores as we did with our Kerry Center location, which is really our first bigger, more experiential store in country is performing incredibly well. And as you know, online business in China is different than that of other markets where our .cn is a lower percentage of our overall business, and we do work through partners such as Tmall, JD to grow our business. But on the back of those platforms and leveraging some of the B2B and working direct and selling direct to our guests through their clienteling platform.

就這兩個渠道而言，它們在市場上的表現都非常好。我們現在在中國大陸擁有 107 家門店，主要是一二線城市，但仍然看到增長的機會，並尋找進入三線城市的機會。我們開設的每家門店都超出了計劃，我們對一些門店進行了優化我們的嘉里中心店確實是我們在該國的第一家更大、更具體驗感的商店，表現非常出色。如您所知，中國的在線業務與其他市場不同，我們的 .cn 在我們整體業務中所佔的比例較低，我們確實通過天貓、京東等合作夥伴來發展我們的業務。但在這些平台的支持下，利用一些 B2B 業務，通過他們的客戶平台直接向我們的客人銷售和銷售。

The team is doing some incredible initiatives and learnings for us globally and driving the overall e-commerce business. So very strong in both -- great guest acquisition in both -- it's helping us determine new markets, new opportunities and locations that we can continue to open and build into. And our stores are really driving the brand the way in which we traditionally do in all markets, which is grassroots community and through the educators.

該團隊正在全球範圍內為我們開展一些令人難以置信的舉措和學習，並推動整個電子商務業務的發展。在這兩個方面都非常強大——這兩個方面都吸引了大量的客戶——這有助於我們確定我們可以繼續開拓和建設的新市場、新機會和地點。我們的商店確實以我們在所有市場的傳統方式推動品牌發展，即草根社區和教育工作者。

And from a productivity standpoint, they're behind North America, but performing very well, just slightly behind. They're smaller in size, but we see a significant opportunity, obviously, in the success of that -- of our store footprint, both productivity driving the brand, coupled with e-comm. So very exciting and good and balanced growth across all of those levers.

從生產力的角度來看，他們落後於北美，但表現非常好，只是略微落後。它們的規模較小，但我們顯然看到了一個重要的機會，即我們商店足蹟的成功，生產力推動品牌發展，再加上電子商務。所有這些槓桿的增長非常令人興奮、良好且平衡。

So what's the profitability in that China market currently versus where you think it can go longer term?

那麼，與您認為長期來看中國市場的盈利能力相比，目前中國市場的盈利能力是多少？

Yes. I'd say we haven't broken out the profitability specifically. It's very healthy. Closest to our North America region. I think in the near term, what we're really focused on is capitalizing on the opportunity we have in that market, not necessarily in that operating margin, but that would present an opportunity also over the long term as we scale that market.

是的。我想說我們還沒有具體列出盈利能力。這是非常健康的。距離我們的北美地區最近。我認為，短期內，我們真正關注的是利用我們在該市場中擁有的機會，不一定是營業利潤率，但從長遠來看，隨著我們擴大該市場，這也將帶來機會。

The next question comes from John Kernan with TD Cowen.

下一個問題來自 TD Cowen 的 John Kernan。

Excellent. Calvin, when you talk to international up 52%, I think it's 23% of revenue now. I guess this dovetails into Paul's question, the margin structure of this business is seemingly very high. I think this is your highest quarterly gross margin in history in the second quarter. So maybe just talk to internationally broadly about how that's contributing to the margin expansion you're seeing this year?

出色的。 Calvin，當你談到國際增長 52% 時，我認為現在它佔收入的 23%。我想這與保羅的問題相吻合，該業務的利潤結構似乎非常高。我認為這是你們第二季度歷史上最高的季度毛利率。那麼，也許只是與國際範圍內廣泛討論這對您今年看到的利潤率擴張有何貢獻？

I'll tee up relative to the market, the success you mentioning at 23% of our sales and where we see the potential across the market. I'll let Meghan speak to the margin. I think we indicated on the last quarter that in every market, every region we're in, we're profitable and early innings of growth didn't seem that long ago when international was 14% of our total sales, 15% of our total sales.

我會根據市場情況，您提到的成功占我們銷售額的 23%，以及我們看到的整個市場的潛力。我會讓梅根在邊緣發言。我認為我們在上個季度表示，在我們所在的每個市場、每個地區，我們都實現了盈利，而且早期的增長似乎並不遙遠，當時國際銷售額占我們總銷售額的14%，佔我們總銷售額的15%。總銷售額。

So to be crossing the 20% consistently to have it contributing to the growth of the overall business is incredibly exciting to see every market we're in, the business growing double digit and consistently and having some of the lowest unaided brand awareness we have in the company. It's single digit in every market, except for Australia and the U.K. where we've been in the longest, but even there, it's in the teens. So we have a significant runway of growth in international business.

因此，能夠持續突破20%，為整體業務的增長做出貢獻，看到我們所處的每個市場，我們的業務持續以兩位數增長，並且擁有我們所擁有的最低的獨立品牌知名度，這令人非常興奮。公司。除了我們在澳大利亞和英國停留時間最長的市場之外，每個市場的這一數字都是個位數，但即使在那裡，這一數字也只有十幾歲。因此，我們在國際業務方面擁有顯著的增長跑道。

And at 23%, I think we really are just getting started. I've shared before that the potential of this brand is, I think, 50-50 beyond our current Power of Three x2. But I don't see anything that would hold us back from being a global brand to that scale, diversified and balanced in multiple markets. and all markets today being profitable with significant growth through product unaided brand awareness. And Meghan, if you want to touch on the margin mix?

23%，我認為我們真的才剛剛開始。我之前曾分享過，我認為這個品牌的潛力比我們目前的 Power of Three x2 高出 50-50。但我認為沒有任何事情會阻礙我們成為一個在多個市場實現如此規模、多元化和平衡的全球品牌。如今，所有市場都通過產品獨立的品牌知名度實現了顯著增長並實現盈利。梅根，你想談談利潤率組合嗎？

Yes, absolutely. So for the full year, we guided a 40 to 60 basis points of expansion in operating margin year-over-year. That's about 20 to 40 basis points above 2019 levels. So we're really pleased with that performance. Within that international is still below North America profitability. As I mentioned, China being the closest really looking to maximize that market. And then APAC and EMEA, still some opportunity in terms of operating margin expansion in the near term as we continue to scale those markets. So I would say, over the longer term, focused on driving into the brand awareness and revenue opportunity, store expansion we have in the international market, scaling and leveraging over time.

是的，一點沒錯。因此，我們預計全年營業利潤率將同比增長 40 至 60 個基點。這比 2019 年的水平高出約 20 至 40 個基點。所以我們對這樣的表現非常滿意。其中，國際市場的盈利能力仍低於北美市場。正如我所提到的，中國是最接近真正希望最大化該市場的國家。然後是亞太地區和歐洲、中東和非洲地區，隨著我們繼續擴大這些市場的規模，短期內運營利潤率擴張方面仍然存在一些機會。所以我想說，從長遠來看，重點是提高品牌知名度和收入機會、我們在國際市場上的商店擴張、隨著時間的推移進行規模化和利用。

Excellent. My 1 follow-up is just on other categories. It's obviously been a bigger driver of revenue. It should be well north of $1 billion annually this year. You talk to the growth of that category line item and how we should think about that going forward?

出色的。我的 1 次跟進只是針對其他類別。這顯然是收入的更大推動力。今年每年的收入應該會遠遠超過 10 億美元。您談到了該類別訂單項的增長以及我們應該如何考慮未來的發展？

Yes. So within our other categories that are franchise businesses as well as seasonal pop-ups, those would be the largest components. We also have outlets in lululemon Studio. I would say the growth being driven by new franchise markets as well as relatively consistent, I would say, performance in terms of seasonals and pop-ups. And so I would say we'll continue to scale markets within that bucket and capitalize on the opportunity we have there with our franchise model with another going forward.

是的。因此，在我們的其他類別中，即特許經營業務以及季節性快閃店，這些將是最大的組成部分。我們在 lululemon Studio 也設有銷售點。我想說，這種增長是由新的特許經營市場以及季節性和快閃店方面相對穩定的表現推動的。因此，我想說，我們將繼續擴大該領域的市場規模，並利用我們的特許經營模式與未來的另一個發展機會。

The next question comes from Brian Nagel with Oppenheimer.

下一個問題來自布萊恩·內格爾和奧本海默。

Congrats on another nice quarter. Two questions, I'll shove together. I mean first, I apologize if this is (inaudible), but you talked about the further strengthening of your business here into fiscal Q3, specifically August. So -- can you help us understand better? I mean, where -- what's driving that? Are there particular product categories, particularly geographies you're seeing that happen? Then I have a follow-up.

祝賀又一個美好的季度。兩個問題，我就放在一起吧。我的意思是，首先，如果這是（聽不清），我深表歉意，但您談到了在第三財季（特別是八月份）進一步加強您的業務。那麼——你能幫助我們更好地理解嗎？我的意思是，是什麼推動了這一點？是否有特定的產品類別，特別是您所看到的地區？然後我有一個後續行動。

Thanks, Brian. I think it's a combination of some of the new innovation that came out at the tail end of Q2 that is set up in position for sort of back half needs in men's. We've seen incredible response to the soft jersey and steady state were geared up for the ABC campaign of Get Into It, which I'm really excited about, having men's play along with women's being featured in that. We've activated accessories across our bags.

謝謝，布萊恩。我認為這是第二季度末出現的一些新創新的組合，旨在滿足男士後半部分的需求。我們看到了人們對柔軟的球衣和穩定狀態的令人難以置信的反響，這是為ABC 的《Get Into It》活動做好準備的，我對此感到非常興奮，因為男隊和女隊都在其中。我們已激活包袋中的配件。

We've done some digital campaigning in certain regions relative to back to campus, which has resonated well and driven some of our core products in terms of the bottoms in both women's and men's. So -- it's been a variety of activations, a combination of getting at unaided awareness through campaigning, leveraging our core as well as some newness and innovation that is resonating in both he and she are responding very well to and that's consistent across all markets, and we've seen a nice response in North America. So it's a similar formula, a similar approach to that, really driven, I think, from a North American business has responded well, I think, as we head into the fall and back to campus.

我們在某些地區開展了一些與重返校園有關的數字營銷活動，這引起了良好的反響，並推動了我們的一些核心產品在女裝和男裝方面的發展。因此，這是各種各樣的激活，通過活動獲得獨立意識的結合，利用我們的核心以及一些新奇和創新，這些新奇和創新在他和她中引起了很好的共鳴，並且在所有市場中都是一致的，我們在北美看到了良好的反響。因此，這是一個類似的公式，類似的方法，我認為，當我們進入秋季並返回校園時，我認為來自北美企業的真正驅動反應良好。

That's very helpful, Calvin. I appreciate that. And then my follow-up question with regard to inventory. So just look at the numbers and given your comments, I mean, you've done a phenomenal job of really rationalizing if you will, inventories. So my question, I mean, given the level of concern that was in the marketplace, say, just a few quarters ago about inventory, both on lulu and in the channel.

這非常有幫助，卡爾文。我很感激。然後是關於庫存的後續問題。因此，只要看看這些數字並給出您的評論，我的意思是，如果您願意的話，您在庫存方面做得非常出色。所以我的問題是，考慮到市場的擔憂程度，比如說，就在幾個季度前，lulu 和渠道上的庫存問題。

As you look at your inventories now, are we recognize your way you always have to manage inventories. But are we really now past that critical point. Is there some type of all clear with regard to your inventory and the cleanliness of that inventory?

當您現在查看庫存時，我們是否認識到您始終必須管理庫存的方式。但我們現在真的已經過了那個臨界點嗎？關於您的庫存及其清潔度是否有某種類型的明確信息？

Yes. I mean I would say we've made some significant progress. We still have some degree of elevated airfreight in our inventory balance on a cost basis. And so I would say not completely optimized and turns are a little bit slower than history, and our goal over the longer term would to get those inventory turns back to normalized historical rates. So still some opportunity, but I think the team has done a nice job in navigating what was a really dynamic supply chain and positioning inventory so that we were able to capitalize on the demand upside that we saw and experienced.

是的。我的意思是，我們已經取得了一些重大進展。從成本角度來看，我們的庫存餘額中空運運費仍有一定程度的上升。因此，我想說的是，沒有完全優化，周轉率比歷史數據要慢一些，我們的長期目標是讓這些庫存周轉率恢復到正常化的歷史水平。所以仍然有一些機會，但我認為團隊在引導真正動態的供應鍊和定位庫存方面做得很好，以便我們能夠利用我們看到和經歷的需求上升。

The next question comes from Dana Telsey with Telsey Group.

下一個問題來自 Telsey Group 的 Dana Telsey。

Congratulations on your terrific performance. It's great to see the progress. As you think about the traffic, which was so impactful, both for stores and for e-commerce. Any discussion regarding the loyalty programs? Is that a driver of this? And where do you stand on the loyalty programs with that enhancement? And then Calvin, as you're mentioning new product, I know outerwear is a big thing for last year. How do you see the AUR developing? And are we moving into a higher AUR zone going forward with some of the newness?

祝賀你的精彩表現。很高興看到進展。當你想到流量時，它對商店和電子商務都產生了巨大的影響。關於忠誠度計劃有任何討論嗎？是這個的司機嗎？您對這種增強的忠誠度計劃有何看法？然後 Calvin，當你提到新產品時，我知道外套是去年的一件大事。您如何看待 AUR 的發展？我們是否會帶著一些新鮮事物進入更高的 AUR 區域？

Thanks, Dana. As you mentioned, the traffic was very strong and pretty much completely in line across both stores and e-comm. So continuing to drive that omni strategy and have the guests connect with us wherever is convenient for them. has been a strategy of ours and continues to resonate and drive our business. And we're cycling over the success of some categories and items last year that really drove traffic. So very healthy, strong numbers on top of strong numbers, which is very encouraging as we look at just how the guests both new and existing are engaging with us.

謝謝，達納。正如您提到的，商店和電子商務的流量非常強勁，幾乎完全一致。因此，我們將繼續推動全方位戰略，讓客人在任何方便的地方與我們聯繫。一直是我們的一項戰略，並將繼續引起共鳴並推動我們的業務發展。我們正在回顧去年一些真正推動流量的類別和項目的成功。這是非常健康、強勁的數字，當我們看到新老客人如何與我們互動時，這是非常令人鼓舞的。

I think membership is a part of that. We've had it before membership, but with the membership program obviously is allowing us is more deliberate ways to engage with that guest. And I mentioned that it's not going to be a number we consistently share. But I will indicate that the program continues to far exceed our expectations. We launched this less than a year ago. And we now have 12 million of our guests signed up in North America to the Essentials membership program, which is a significant unlock for us, our teams, it allows us to play into our strength of community, relationship, allows us to leverage benefits that are unique to that guest to that member.

我認為會員資格是其中的一部分。我們在成為會員之前就已經有過這種經歷，但會員計劃顯然讓我們能夠以更審慎的方式與客人互動。我提到這不會是我們一貫分享的數字。但我要指出的是，該計劃繼續遠遠超出我們的預期。我們在不到一年前推出了這個產品。現在，我們在北美有 1200 萬客人註冊了 Essentials 會員計劃，這對我們和我們的團隊來說是一次重大的釋放，它使我們能夠發揮社區和關係的力量，使我們能夠利用以下優勢：對於該客人對該會員來說是獨一無二的。

And allows us to interact with data and communicate with them that is very effective for our digital marketing teams as well as our store teams and look at the history and assist the guests in the way in which we do.

並允許我們與數據進行交互並與他們進行溝通，這對於我們的數字營銷團隊以及我們的商店團隊非常有效，並以我們的方式查看歷史並為客人提供幫助。

So it is an exciting new program for us that we have a lot of ideas and initiatives plan how we will continue to leverage. I think it's a part of it. I wouldn't point all to it. I think ultimately, it's the success of the brand, success of our product and product innovation, why the guests comes to lululemon. And we see that continuing through for the Power of Three x2 period and beyond.

因此，這對我們來說是一個令人興奮的新計劃，我們有很多想法和舉措計劃如何繼續利用。我認為這是其中的一部分。我不會全部指出這一點。我認為歸根結底，客人來到 lululemon 的原因是品牌的成功、我們產品的成功和產品創新。我們看到這種情況持續到“三乘二”時期及以後。

The next question comes from Ike Boruchow with Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Just 2 clarification questions for me. Just on the quarter-to-date North America acceleration, is that full revenue comp or both? And then on China, 60% growth was great. Just kind of curious in terms of the revenue guidance for the remainder of the year, what kind of growth are you guys baking in for China for the back half?

只是向我提出兩個澄清問題。就季度至今的北美加速而言，這是全部收入補償還是兩者兼而有之？然後在中國，60% 的增長是巨大的。只是對今年剩餘時間的收入指導感到好奇，你們預計中國下半年的增長會是什麼樣的？

Thanks, Ike. So in terms of the acceleration in North America specifically, it would be total and comp. In terms of China, we haven't broken out the second half of the year by region. But we are coming off a very strong performance, 61% growth in Q1 -- sorry, Q2 in Greater China. And feeling well positioned as we move into the second half of the year, as I mentioned, 107 stores in China today, 35 stores international. And the majority of those being China openings. And I would say we're pleased with our performance in China as we move into this.

謝謝，艾克。因此，就北美地區的具體加速而言，這將是全面的和綜合的。就中國而言，我們還沒有按地區細分下半年情況。但我們的業績非常強勁，第一季度增長了 61%——對不起，第二季度是大中華區。正如我提到的，隨著進入下半年，我們感覺處於有利位置，目前中國有 107 家商店，國際有 35 家商店。其中大部分是在中國的空缺職位。我想說，隨著我們進入這一領域，我們對我們在中國的表現感到滿意。

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 elaborate on the composition of North America growth between new and existing customers. How are those customer cohorts performing as they enter the brand? And are you seeing any difference in customer behavior by age or income demographic?

卡爾文，我希望您能詳細說明北美新客戶和現有客戶之間增長的構成。這些客戶群進入該品牌後表現如何？您是否發現不同年齡或收入人群的客戶行為存在差異？

Thanks, Brooke. In terms of the overall composition, I'll speak directly to sort of how we view the cohorts. And I think I've mentioned before, that the new guest cohorts are performing and behaving very similar to how that cohort has behaved in past quarters, past years. That's very encouraging for us because we did see through the success last year of the Everywhere Belt Bag that it did pull in a younger guest to see them in the cohort and that cohort behaving similar nature of how they engage the frequency of engagement and the migration of their spend is encouraging.

謝謝，布魯克。就整體構成而言，我將直接談談我們如何看待這些群體。我想我之前已經提到過，新來賓群體的表現和行為與過去幾個季度、過去幾年的表現非常相似。這對我們來說非常令人鼓舞，因為我們去年確實看到了無處不在的腰包的成功，它確實吸引了年輕的客人來看到他們在隊列中，並且該隊列在參與頻率和遷移方面表現出相似的性質他們的支出令人鼓舞。

And we still see our business driven by new guests coming in as well as our team's ability to retain existing guests and increase share of wallet and spend with them. So nothing that would signal they're behaving differently in very healthy and contributing factor to the overall business, both with new existing very low retained, very high guest loyalty, longevity and engagement in the brand and responding to the newness and the innovation continues to sort of be that guest formula.

我們仍然看到我們的業務受到新客人的到來以及我們團隊留住現有客人並增加錢包份額和與他們一起消費的能力的推動。因此，沒有任何跡象表明他們在非常健康且對整體業務有貢獻的因素方面表現有所不同，無論是新的現有保留率非常低，還是客戶忠誠度非常高，品牌的壽命和參與度以及對新鮮事物和創新的持續響應有點像客人的公式。

Operator, we'll take 1 more question.

接線員，我們再回答 1 個問題。

The next question comes from Alex Straton with Morgan Stanley.

下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓。

Congrats on another good quarter. One for me. Just on the stores, it looks like they could be at over $6 million a pop in revenue or so on average this year. It's definitely a high number per box. So I'm just wondering, maybe Meghan, how do you think about the trajectory from here? What drives that number higher? And on a related note, how do you think about the store growth opportunity from here in North America specifically?

祝賀又一個美好的季度。給我一張。僅就商店而言，今年他們的平均收入可能會超過 600 萬美元左右。每盒的數量絕對是很高的。所以我只是想知道，也許梅根，你如何看待從這裡開始的軌跡？是什麼推動這個數字更高？與此相關的是，您如何看待北美地區的商店增長機會？

Thanks, Alex. So in terms of sales per store and sales per square foot, it's definitely a key part of our strategy to expand our box size in locations where we have high sales per square foot, high traffic to capitalize on that traffic. So we are opening approximately 25 what we call co-located stores, which are really expansion. It allows us to have a more holistic assortment across men's, women's accessories, footwear and as I mentioned, capitalize on that traffic trend. So it's a key strategy for us and one that we monitor closely. We're definitely further along in that strategy in North America than we are in our international markets, we're still very early days on that.

謝謝，亞歷克斯。因此，就每家商店的銷售額和每平方英尺的銷售額而言，在每平方英尺銷售額高、人流量大的地區擴大我們的盒子尺寸，以充分利用這些流量，這絕對是我們戰略的關鍵部分。因此，我們將開設大約 25 家我們稱之為“同地辦公”的商店，這實際上是一種擴張。它使我們能夠擁有更全面的男裝、女裝配飾、鞋類產品組合，正如我提到的，利用這一流量趨勢。因此，這對我們來說是一項關鍵戰略，也是我們密切關注的戰略。與國際市場相比，我們在北美的戰略無疑走得更遠，但我們仍處於早期階段。

But still runway, I would say, across both our North America and international region in terms of store expansion and a very measured and deliberate strategy. And then I would say -- sorry, can you remind me the second half of your question?

但我想說，在商店擴張和非常謹慎和深思熟慮的戰略方面，我們的北美和國際地區仍然處於跑道上。然後我會說——抱歉，你能提醒我你問題的後半部分嗎？

On the store growth opportunity in North America, specifically?

具體來說，關於北美的商店增長機會？

We haven't broken out the specifics, but I would say we're not dissimilar from this year and square footage growth in the low double digits range. Globally, high single digits in North America.

我們還沒有透露具體細節，但我想說，我們與今年沒有什麼不同，面積增長在低兩位數範圍內。從全球來看，北美地區的數字較高。

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

這就是我們今天提問的全部時間。感謝您加入通話，祝您有美好的一天。