Lululemon Athletica Inc (LULU) 2023 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc. Third Quarter 2023 Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for Lululemon Athletica. Please go ahead.

謝謝你的支持。這是會議操作員。歡迎參加 Lululemon Athletica Inc. 2023 年第三季電話會議。 （操作員指示）會議正在錄音。 （操作員指示）我現在想將會議轉交給 Lululemon Athletica 投資者關係副總裁 Howard Tubin。請繼續。

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

謝謝你，下午好。歡迎參加 Lululemon 第三季財報電話會議。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。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，反映管理層目前對 Lululemon 未來某些方面的預測。這些陳述是基於我們已經評估過的當前訊息，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有重大差異，包括我們在最近向SEC 提交的文件中揭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 表格季度報告。

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. 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 store 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.

我們在本次電話會議中所做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資訊或未來事件而更新或修改任何這些陳述的義務或承諾。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 指標的調整表。此外，今天電話會議上給出的可比較商店銷售指標是按美元不變計算的。新聞稿和隨附的 10-Q 表季度報告可在我們網站 www.lululemon.com 的投資者部分取得。

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 third quarter as well as our quarterly infographic. Today's call is scheduled for one hour, so please limit yourself to one question at a time to give others the opportunity to have their questions addressed. And now I'd like to turn the call over to Calvin.

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三季度主要財務和營運統計數據的摘要以及我們的季度資訊圖表。今天的電話會議預計持續一小時，因此請一次只回答一個問題，以便其他人有機會得到解決。現在我想把電話轉給卡爾文。

Thank you, Howard. I'd like to welcome everyone to the call today, and I'm happy to discuss our quarter 3 results. On today's call, I'll share some highlights regarding our performance over the Thanksgiving weekend and the start of the holiday season. Next, I'll speak to our quarter 3 results, then you'll hear from Meghan with a review of the financials and an update on guidance, and finally, we'll take your questions. So let's get started with Thanksgiving. We are very pleased with our results over the holiday weekend. In fact, this Black Friday was the single biggest day in company history, with strength across our store and e-commerce channels.

謝謝你，霍華德。我歡迎大家今天參加電話會議，我很高興討論我們第三季的業績。在今天的電話會議上，我將分享有關我們在感恩節週末和假期開始期間表現的一些亮點。接下來，我將談論我們第三季度的業績，然後您將聽到梅根的財務回顧和指導更新，最後，我們將回答您的問題。那麼，讓我們從感恩節開始吧。我們對假日週末的結果非常滿意。事實上，這個黑色星期五是公司歷史上最重要的一天，我們的商店和電子商務管道都表現強勁。

Along with several members of the leadership team, I visited stores in Houston, Dallas and Los Angeles, and we were thrilled to join our local teams and experience their energy and excitement firsthand. Our stores were very busy, and our overall performance is driven by strength across both full price and markdown merchandise. This year, we extended an additional benefit to our Essentials members who received early access to our Black Friday styles via our Shop app. This strategy drove a significant spike in app downloads with virtually no incremental marketing costs.

我和領導團隊的幾位成員一起參觀了休士頓、達拉斯和洛杉磯的商店，我們很高興能加入當地團隊並親身體驗他們的活力和興奮。我們的商店非常繁忙，我們的整體業績是由全價和降價商品的實力推動的。今年，我們為 Essentials 會員提供了額外的福利，他們可以透過我們的商店應用程式提前獲得我們的黑色星期五款式。這項策略在幾乎沒有增加行銷成本的情況下推動了應用程式下載量的大幅成長。

We also visited several recently remodeled locations that showed the benefits of our ongoing co-located optimization strategy, including enhanced merchandising of men's, increased traffic flow and improved throughput due to additional guest services and fitting rooms. Finally, our overall success was enabled by the ongoing foundational investments we've been making to our DC network and IT infrastructure to enhance the guest experience, both in stores and online.

我們還參觀了幾個最近改建的地點，這些地點顯示了我們正在進行的同地辦公優化策略的好處，包括加強男裝銷售、增加交通流量以及由於額外的賓客服務和試衣間而提高吞吐量。最後，我們的整體成功得益於我們對 DC 網路和 IT 基礎設施的持續基礎投資，以增強顧客在商店和網路上的體驗。

And while there is nearly 2/3 of the quarter still ahead of us, we are encouraged by our trends at the start of the holiday season. Now looking back at quarter 3. As you saw from our press release, our results remain strong and balanced as both our top and bottom line exceeded our expectations. Revenue increased 19% versus last year, comparable sales grew 9% in stores and 19% in our e-commerce business and adjusted EPS increased 27% versus the same period last year, and our Board recently authorized a new $1 billion share repurchase program, which reflects our optimism in the growth trajectory of the business. Meghan will share the detailed financials later in the call, and I think it's clear our performance continues to speak to the strong response to the Lululemon brand in our markets across the globe and how we remain in the early innings of our growth story.

儘管本季還有近 2/3 的時間尚未到來，但我們對假期季節開始時的趨勢感到鼓舞。現在回顧第三季。正如您從我們的新聞稿中看到的那樣，我們的業績仍然強勁且平衡，因為我們的收入和利潤都超出了我們的預期。營收比去年同期成長19%，商店可比銷售額成長9%，電子商務業務成長19%，調整後每股收益比去年同期成長27%，我們的董事會最近批准了一項新的10 億美元股票回購計劃，這反映了我們對業務成長軌蹟的樂觀態度。梅根稍後將在電話會議中分享詳細的財務數據，我認為很明顯，我們的業績繼續說明了 Lululemon 品牌在全球市場上的強烈反響，以及我們如何保持成長故事的早期階段。

Now let's look at quarter 3 in more detail as I share highlights in 3 areas: product innovation, brand building strategies and regional performance. Let's begin with product. One of our competitive advantages is our ability to consistently bring newness and innovation into our assortment. Our product teams work with our athletes and ambassadors, leverage our Science of Feel innovation platform and solve for the unmet needs of our guests. Quarter 3 was no exception as we introduced several new styles into our assortment. Let me highlight just a few.

現在讓我們更詳細地了解第三季度，我將分享三個領域的亮點：產品創新、品牌建立策略和區域績效。我們先從產品開始吧。我們的競爭優勢之一是我們能夠始終如一地為我們的產品系列帶來新穎和創新。我們的產品團隊與我們的運動員和大使合作，利用我們的 Science of Feel 創新平台，解決客人未滿足的需求。第三季也不例外，我們在產品系列中引進了多種新款式。讓我強調幾個。

In quarter 3, our women's business increased 19%, fueled by new product launches, strength in bottoms and ongoing performance in key franchises. As we shared on our last earnings call, we mentioned the launch of a new franchise for women. In quarter 3, we introduced Wundermost, our new collection of bodywear made in our softest fabric ever. By leveraging our expertise in raw materials development, fabric innovation and technical construction, our product teams engineered a brand-new sensation and unique (inaudible) for our guests. And I'm pleased to share that Wundermost launch has been met with great initial response from our guests and we're excited to keep bringing innovation into this new franchise.

第三季度，我們的女裝業務成長了 19%，這得益於新產品的推出、下裝的強勁以及主要特許經營業務的持續表現。正如我們在上次財報電話會議上分享的那樣，我們提到了針對女性推出的新特許經營權。在第三季度，我們推出了 Wundermost，這是我們採用最柔軟面料製成的全新緊身衣系列。透過利用我們在原料開發、布料創新和技術建設方面的專業知識，我們的產品團隊為我們的客人創造了一種全新的感覺和獨特的（聽不清楚）。我很高興地告訴大家，《Wundermost》的推出得到了我們客人的初步反響，我們很高興能夠繼續為這個新系列帶來創新。

Other quarter 3 product highlights on the women's side include bottoms and second layers. Within bottoms, both tights and away-from-body styles performed well, including Align, Wunder Train and the Dance Studio Jogger. In addition, we continue to see success in our key second layer franchises, including Define, Scuba and Softstreme. Looking at quarter 4, you will see fresh seasonal takes on several of our guest favorite franchises, including Scuba, Align and Wunder Train. Shifting now to men's, we saw growth of 15% in quarter 3. Similar to during the COVID-19 period, we see that when there is some uncertainty in the macro environment, men can become a bit more conservative in their apparel purchases. However, growth in our international regions remains very strong.

女裝方面的其他第三季產品亮點包括下裝和第二層。下裝方面，緊身褲和離身款式均表現出色，包括 Align、Wunder Train 和 Dance Studio Jogger。此外，我們繼續看到我們的關鍵第二層特許經營權取得成功，包括 Define、Scuba 和 Softtreme。展望第 4 季度，您將看到我們深受賓客喜愛的幾款系列的全新季節性演繹，包括 Scuba、Align 和 Wunder Train。現在轉向男裝，我們看到第三季度增長了 15%。與 COVID-19 期間類似，我們看到，當宏觀環境存在一些不確定性時，男性在服裝購買方面可能會變得更加保守。然而，我們國際地區的成長仍然非常強勁。

And in North America, our market share gains continue, and we know our guests respond well to product innovation and compelling marketing campaigns. In quarter 3, we launched 2 new men's franchises, Steady State and Soft Jersey. These collections build out our lounge offering and continue to bring versatility across our men's assortment. Guest response has been very strong, and we are chasing into additional inventory for these 2 new hit franchises. Following the holidays, our stores and e-commerce sites will have a back-to-gym focus. For men, we'll feature items from our Pace Breaker and License to Train franchises to support our guests as they live into their New Year fitness and well-being resolutions.

在北美，我們的市場份額持續成長，我們知道我們的客人對產品創新和引人注目的行銷活動反應良好。在第三季度，我們推出了 2 個新的男裝系列：Steady State 和 Soft Jersey。這些系列豐富了我們的休閒產品，並繼續為我們的男士系列帶來多功能性。客人的反應非常強烈，我們正在為這兩個新的熱門系列增加庫存。假期結束後，我們的商店和電子商務網站將專注於重返健身房。對於男士，我們將推出來自 Pace Breaker 和 License to Train 特許經營產品，以支持我們的客人實現新年健身和幸福目標。

We're also gearing up to launch men's footwear in the first quarter of 2024, which will be an important moment for Lululemon. We'll have much more to share as our pipeline of innovation continues to generate newness and versatility for our male guests. When looking at men's brand awareness, it remains low, approximately 13% in the U.S., 12% in Australia and single digits everywhere else outside of North America. Building awareness and consideration remains top of mind for us, and we see ample opportunity to increase the media and brand-building commitment to the men's business. An example of this strategy is our recent targeted TV campaign. In quarter 3, we tested TV in the U.S. with a campaign focused on bringing new male guests into the brand and featuring our iconic ABC bottoms. We are encouraged by the early results and the buzz created by this targeted investment, and we plan to continue the campaign next year.

我們也準備在 2024 年第一季推出男鞋，這對 Lululemon 來說將是一個重要時刻。隨著我們的創新管道不斷為男性客人帶來新鮮感和多功能性，我們將有更多內容可以分享。就男士品牌知名度而言，這一比例仍然很低，在美國約為 13%，在澳洲約為 12%，在北美以外的其他地方僅為個位數。建立意識和考慮仍然是我們的首要任務，我們看到了充足的機會來增加媒體和品牌建立對男裝業務的承諾。這項策略的一個例子是我們最近的有針對性的電視活動。第三季度，我們在美國測試了電視廣告活動，重點是為品牌引入新的男嘉賓，並以我們標誌性的 ABC 下裝為特色。我們對這項有針對性的投資的早期成果和引起的轟動感到鼓舞，我們計劃明年繼續這項活動。

In 2024, our marketing calendar has other men's moments planned, such as the footwear launch, and we will continue to leverage ways that paid media can raise our awareness among men who have yet to wear Lululemon. I would also like to mention our accessories business, which continues to perform well. In quarter 3, our bag assortment grew in the strong double digits, and the Everywhere Belt Bag posted solid growth on top of last year's standout performance. I remain excited with our pipeline of innovation for the remainder of quarter 4 and into next year.

2024 年，我們的行銷日曆還規劃了其他男士時刻，例如鞋類發布，我們將繼續利用付費媒體的方式來提高尚未穿過 Lululemon 的男士對我們的認識。我還想提一下我們的配件業務，該業務繼續表現良好。第三季度，我們的包款品種實現了兩位數的強勁增長，其中 Everywhere 腰包在去年的出色表現基礎上實現了穩健增長。我對第四季度剩餘時間和明年的創新管道仍然感到興奮。

Our foundational principle remains, when you feel your best, you perform your best. Our teams continue to live into that principle for our technical gear, and we are also leveraging it as we expand our lounge and on-the-move offerings. I'd now like to spend a few minutes and share some of the ways we connect with our local communities in quarter 3. As we've discussed in the past, we continue to lean into our grassroots approach to building community and engaging with guests on a local and one-on-one basis. In addition, we recognized the opportunity to raise unaided awareness and attract new guests through larger scale activations and brand campaigns, both within North America and across our international markets.

我們的基本原則仍然是，當你感覺最好時，你就會表現得最好。我們的團隊在我們的技術裝備中繼續遵循這一原則，並且在擴展我們的休息室和移動服務時也充分利用了這一原則。現在，我想花幾分鐘時間分享我們在第三季度與當地社區建立聯繫的一些方式。正如我們過去討論的那樣，我們繼續採用草根方法來建立社區並與客人互動在本地和一對一的基礎上。此外，我們認識到有機會在北美和國際市場上透過更大規模的活動和品牌活動來提高獨立意識並吸引新客人。

Let me share a few examples. To bring attention to World Mental Health Day, we released our third annual global well-being report in September. This global survey conducted in 14 markets looks at how people around the world are approaching their physical, mental and social well-being. And while a majority of people say they are making well-being a priority, you feel it is where it should be. To support our guests, we created well-being focused experiences in key markets and a highlight was a one-of-a-kind activation in China that encompass 32 cities and 76 stores.

讓我分享幾個例子。為了引起人們對世界心理健康日的關注，我們在 9 月發布了第三份年度全球福祉報告。這項全球調查在 14 個市場進行，著眼於世界各地的人們如何實現身體、心理和社會福祉。雖然大多數人說他們把幸福放在第一位，但你覺得這是應該的。為了支持我們的客人，我們在主要市場打造了以福祉為中心的體驗，其中一大亮點是在中國開展了一項獨一無二的活動，涵蓋 32 個城市和 76 家門市。

The pinnacle expression took place in Shanghai as we took over the West Bund for an entire week with events and experiences over a 3-kilometer stretch of this popular destination on the waterfront. The results of this activation were phenomenal and included more than 1,600 pieces of press coverage with 3 billion impressions, significant engagement on social media and approximately 12,000 guests participating in person. This event was a very unique and compelling way to drive unaided brand awareness in the market.

巔峰表現發生在上海，我們在西岸度過了整整一周的時間，在這個海濱熱門目的地的 3 公里範圍內舉辦了各種活動和體驗。這次活動的結果是驚人的，包括超過 1,600 條新聞報導、30 億次曝光、社交媒體上的大量參與以及約 12,000 名嘉賓親自參與。這次活動是一種非常獨特且引人注目的方式，可以在市場上提高品牌知名度。

Also in October to support and help launch our new partnership with Peloton, we hosted a 3-day experience at our Lincoln Park store in Chicago. More than 2,000 guests joined us and it was exciting to see our local Lululemon community come together with the Peloton community to celebrate our new relationship. The success of this event represents the potential of the partnership to leverage the strength of both our highly engaged communities. As you can see, we are taking multiple paths to building brand awareness and consideration across our global markets.

同樣在 10 月，為了支持和幫助啟動我們與 Peloton 的新合作夥伴關係，我們在芝加哥林肯公園商店舉辦了為期 3 天的體驗活動。超過 2,000 位賓客加入了我們，很高興看到我們當地的 Lululemon 社區與 Peloton 社區齊聚一堂，慶祝我們的新關係。這項活動的成功代表了合作關係的潛力，可以充分利用我們兩個高度參與的社區的力量。正如您所看到的，我們正在採取多種途徑在全球市場上建立品牌知名度和關注度。

Quarter 3 was a terrific example of this strategy, and you can expect more of this type of marketing execution from us going forward. Shifting now to our regional performance. We continue to see solid results across markets with revenue in North America growing 12% and international increasing 49%. We remain pleased with our business in North America, which is in line with our Power of Three x2 targets despite the dynamic operating environment. The quarter began strong as guests responded well to our back-to-school product innovations and our strategies to connect with younger guests through dedicated digital marketing and targeted activations and our market share gains continued.

第三季是這項策略的一個很好的例子，您可以期待我們今後更多地進行此類行銷執行。現在轉向我們的區域表現。我們持續看到各市場的穩健業績，北美營收成長 12%，國際營收成長 49%。我們對北美的業務仍然感到滿意，儘管營運環境充滿活力，但這仍符合我們的「三倍力量」目標。本季開局強勁，客人對我們的返校產品創新以及我們透過專門的數位行銷和有針對性的活動與年輕客人建立聯繫的策略反應良好，並且我們的市場份額持續增長。

In quarter 3 2023, the adult active apparel industry decreased its U.S. revenue compared to the same period last year. Over the same time period, Lululemon gained 1.5 points of market share in the U.S. with gains in both men's and women's according to Circana's consumer tracking service. North America remains a significant and compelling opportunity for Lululemon. With unaided awareness of only 25%, we have several ways to bring new guests into the brand, including ongoing innovation within our product assortment, new store openings and optimizations and our unique approach toward connection encompassing both local activation and larger-scale marketing campaigns.

2023 年第三季度，成人運動服飾產業在美國的收入與去年同期相比有所下降。根據 Circana 的消費者追蹤服務，在同一時期，Lululemon 在美國的市佔率增加了 1.5 個百分點，其中男性和女性市佔率均有所成長。對於 Lululemon 來說，北美仍然是一個重要且引人注目的機會。獨立認知度僅 25%，我們有多種方法將新客人帶入品牌，包括產品種類的持續創新、新店開業和優化，以及包括本地激活和大規模營銷活動在內的獨特聯繫方式。

Switching now to international. We remain excited and optimistic regarding the potential for the Lululemon brand. In quarter 3, all regions grew in strong double digits, including a 53% increase in Greater China. While we are keeping a close eye on the macro environment in China, our business remains strong. We believe several factors benefit us in this important market, including our relatively small size with room to grow beyond our 114 stores in Mainland China at the end of the quarter, the localized nature of our brand as we leverage our relationships with local fitness studios, instructors and influencers and our local and community-based events.

現在切換到國際。我們對 Lululemon 品牌的潛力仍然感到興奮和樂觀。第三季度，所有地區均實現了兩位數的強勁成長，其中大中華區成長了 53%。儘管我們密切關注中國的宏觀環境，但我們的業務依然強勁。我們相信，在這個重要市場中，有幾個因素對我們有利，包括我們的規模相對較小，到本季末有成長空間，超越我們在中國大陸的114 家門市；我們品牌的在地化性質，因為我們利用與當地健身工作室的關係，講師和影響者以及我們的本地和社區活動。

We are excited with the brand acceptance we're seeing globally as we continue to execute against our plan to quadruple our international business from 2021 levels by the end of 2026. And with that, I'll turn it over to Meghan for a review of our financials and our updated guidance.

我們對在全球範圍內看到的品牌接受度感到興奮，因為我們將繼續執行我們的計劃，即到2026 年底將我們的國際業務從2021 年的水平翻兩番。這樣，我將把它交給梅根進行審查我們的財務狀況和最新的指導。

Thanks, Calvin. We continue to be pleased with our performance across channel, geography and merchandise category. Despite an uncertain macro backdrop, our teams are executing at a high level, which contributed to our upside in Q3. As Calvin mentioned, we're happy with our start to the holiday season, but with nearly 2/3 of the quarter still in front of us, we remain prudent in our planning. Let me now share the details of our Q3 performance.

謝謝，卡爾文。我們仍然對我們在通路、地域和商品類別方面的表現感到滿意。儘管宏觀背景不確定，我們的團隊仍保持著高水準的執行力，這為我們第三季的上漲做出了貢獻。正如 Calvin 所提到的，我們對假期的開始感到滿意，但由於本季還有近 2/3，我們在計畫中仍然保持謹慎。現在讓我分享我們第三季業績的詳細資訊。

Please note that when comparing the financial metrics for Q3 2023 with Q3 2022, adjusted earnings per share for Q3 2023 excludes $72.1 million of after-tax expense related to the impairment and restructuring costs associated with the Lululemon Studio business. I'll provide more detail on these charges shortly, and you can refer to our earnings release and Form 10-Q for more information and reconciliations to our GAAP metrics. For Q3, total net revenue rose 19% to $2.2 billion. Comparable sales increased 14% with a 9% increase in stores and a 19% increase in digital. In our store channel, sales increased 19%. We ended the quarter with a total of 686 stores across the globe. Square footage increased 17% versus last year, driven by the addition of 63 net new Lululemon stores since Q3 of 2022.

請注意，在比較2023 年第三季與2022 年第三季的財務指標時，2023 年第三季的調整後每股盈餘不包括與Lululemon Studio 業務相關的減損和重組成本相關的7,210 萬美元稅後費用。我將很快提供有關這些費用的更多詳細信息，您可以參閱我們的收益發布和 10-Q 表，以了解更多信息以及我們的 GAAP 指標的調節情況。第三季總淨收入成長 19%，達到 22 億美元。可比銷售額成長 14%，其中實體店銷售額成長 9%，數位銷售額成長 19%。在我們的商店通路中，銷售額成長了 19%。截至本季末，我們在全球共有 686 家門市。自 2022 年第三季以來，淨新增 63 家 Lululemon 門市，帶動面積較去年增加 17%。

During the quarter, we opened 14 net new stores and completed 8 optimizations. In our digital channel, revenues totaled $908.1 million or 41% of total revenue. Within North America, revenue increased 12% versus last year. Within International, we saw a 49% increase versus last year with Greater China increasing 53%. By category, women's revenue increased 19% versus last year, men's increased 15% and accessories grew 29%. It's also great to see ongoing strength in traffic across channels, with stores up nearly 25% and e-commerce increasing 20%. This speaks to the strength of our omni-operating model as we engage with our guests in ways most convenient to them.

本季度，我們淨新開14家門市，完成8項優化。在我們的數位管道中，收入總計 9.081 億美元，佔總收入的 41%。在北美地區，營收比去年成長了 12%。在國際範圍內，我們看到與去年相比成長了 49%，其中大中華區成長了 53%。按類別劃分，女裝收入比去年增長 19%，男裝增長 15%，配件增長 29%。很高興看到跨通路流量持續強勁，商店成長了近 25%，電子商務成長了 20%。這證明了我們全方位營運模式的優勢，因為我們以最方便的方式與客人互動。

Adjusted gross profit for the third quarter was $1.28 billion, or 58.1% of net revenue compared to 55.9% of net revenue in Q3 2022. The adjusted gross profit rate in Q3 increased 220 basis points versus last year and was driven primarily by the following: a 250 basis point increase in overall product margin driven primarily by lower freight costs as well as lower air freight usage. Fixed costs deleveraged 20 basis points in the quarter. We also saw 10 basis points of unfavorable impact from foreign exchange.

第三季調整後毛利為12.8 億美元，佔淨收入的58.1%，而2022 年第三季則佔淨收入的55.9%。第三季調整後毛利率較去年增加220 個基點，主要由以下因素推動：整體產品利潤率成長了 250 個基點，這主要是由於貨運成本下降以及空運使用率下降所致。本季固定成本去槓桿化了 20 個基點。我們也看到外匯帶來了 10 個基點的不利影響。

Moving to SG&A. Our approach continues to be granted and prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $843 million or 38.2% of net revenue compared to 36.8% of net revenue for the same period last year. We achieved better-than-expected deleverage in the quarter, while at the same time 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。我們的方法繼續得到認可並審慎管理我們的費用，同時繼續對我們的長期成長機會進行策略性投資。 SG&A 費用為 8.43 億美元，佔淨收入的 38.2%，而去年同期則佔淨收入的 36.8%。我們在本季度實現了好於預期的去槓桿化，同時繼續投資於我們的策略舉措，以在我們加速的額外投資中建立品牌知名度，以推動我們的「三力量 x2」路線圖。

Foreign exchange, both translation and revaluation, contributed 30 basis points of leverage in the quarter. Adjusted operating income was $436 million or 19.8% of net revenue, an increase of 80 basis points compared to Q3 2022. Adjusted tax expense for the quarter was $125.3 million or 28.1% of pretax earnings compared to an effective tax rate of 27.6% a year ago. Adjusted net income for the quarter was $320.8 million or $2.53 per diluted share compared to $2 for the third quarter of 2022. Capital expenditures were approximately $163 million for the quarter compared to approximately $176 million for the third quarter last year. The spend relates primarily to store capital for new locations, relocations and renovations and technology and supply chain investments.

外匯（包括換算和重估）在本季貢獻了 30 個基點的槓桿作用。調整後營業收入為4.36 億美元，佔淨收入的19.8%，與2022 年第三季相比增加了80 個基點。本季調整後稅務費用為1.253 億美元，佔稅前收益的28.1%，而一年有效稅率為27.6%前。本季調整後淨利為3.208 億美元，即稀釋後每股收益2.53 美元，而2022 年第三季為2 美元。本季資本支出約為1.63 億美元，去年第三季資本支出約為1.76 億美元。支出主要涉及新地點、搬遷和翻新的商店資本以及技術和供應鏈投資。

Before turning to our balance sheet highlights, let me spend a moment on the charges we took related to the Lululemon Studio business. As you know, in September, we announced a new 5-year partnership with Peloton. Under this arrangement, Peloton has become the exclusive digital fitness content provider for Lululemon Studio, and we have become Peloton's primary apparel provider. In addition, while we will still provide service and support to owners of the Lululemon Studio Mirror Device, we've recently stopped selling the hardware. As we will no longer be producing content or selling Mirror hardware, we recognized a post-tax asset impairment and other charges related to Lululemon Studio, totaling $72.1 million during the third quarter.

在討論我們的資產負債表重點之前，讓我花一點時間討論一下我們與 Lululemon Studio 業務相關的費用。如您所知，9 月份，我們宣布與 Peloton 建立新的 5 年合作夥伴關係。根據這項安排，Peloton 成為 Lululemon Studio 的獨家數位健身內容提供商，而我們也成為 Peloton 的主要服裝提供者。此外，雖然我們仍將為 Lululemon Studio Mirror Device 的所有者提供服務和支持，但我們最近已停止銷售該硬體。由於我們將不再製作內容或銷售 Mirror 硬件，因此我們在第三季度確認了與 Lululemon Studio 相關的稅後資產減值和其他費用，總計 7,210 萬美元。

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 $1.66 billion at the end of Q3, down 4% versus last year and lower than our guidance. The lower inventory relative to our guidance relates predominantly to higher revenue, the provision we took against our remaining Lululemon Studio hardware inventory, timing of certain receipts and foreign exchange. On a unit basis, inventory increased approximately 5%.

轉向我們的資產負債表亮點。截至本季末，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。第三季末庫存為 16.6 億美元，比去年下降 4%，低於我們的指引。相對於我們的指導，庫存較低主要與收入增加、我們針對剩餘 Lululemon Studio 硬體庫存提取的準備金、某些收款時間和外匯有關。以單位計算，庫存增加約 5%。

We remain comfortable with both the quality and quantity of our inventory. At the end of Q4, we expect inventory on a dollar basis to be flat to down slightly versus last year, with units flat to up slightly. We repurchased approximately 553,000 shares at an average price of $381. At the end of Q3, we had approximately $243 million remaining on our prior repurchase program. In addition, as Calvin mentioned, our Board of Directors recently authorized a new $1 billion plan. We remain optimistic in our outlook for the business and continue to use share repurchases as our preferred method to return cash to shareholders.

我們對庫存的品質和數量保持滿意。在第四季末，我們預計庫存以美元計算將與去年持平或略有下降，單位數量持平或略有上升。我們以 381 美元的平均價格回購了約 553,000 股股票。截至第三季末，我們先前的回購計畫剩餘約 2.43 億美元。此外，正如 Calvin 所提到的，我們的董事會最近批准了一項新的 10 億美元計畫。我們對業務前景保持樂觀，並繼續使用股票回購作為向股東返還現金的首選方法。

Over the last 5 years, we have repurchased approximately $2 billion worth of our shares. Let me shift now to our guidance outlook. As I mentioned, we're pleased with the trends we've seen at the start of the holiday season. That being said, the majority of the quarter remains in front of us. We remain aware of the uncertainties in the macro environment, and we continue to plan the business for multiple scenarios. So let me begin with Q4. We expect revenue in the range of $3.135 billion to $3.170 billion, representing growth of 13% to 14%. We expect to open approximately 25 net new company-operated stores in Q4. We expect gross margin in Q4 to increase 90 to 120 basis points relative to Q4 of 2022. This will be driven by lower freight expense and regional mix, 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.

在過去 5 年裡，我們回購了價值約 20 億美元的股票。現在讓我談談我們的指導前景。正如我所提到的，我們對假期季節開始時看到的趨勢感到滿意。話雖如此，本季的大部分時間仍在我們面前。我們依然清醒地認識到宏觀環境的不確定性，持續多場景規劃業務。讓我從第四季開始。我們預計營收在 31.35 億美元至 31.70 億美元之間，成長 13% 至 14%。我們預計第四季將淨開設約 25 家新的公司自營商店。我們預計第四季度的毛利率將比2022 年第四季成長90 至120 個基點。這將由較低的運費和區域組合推動，但在一定程度上被支持未來成長的策略投資所抵消，包括供應鏈配送中心和產品團隊。以及對入住率和折舊的適度去槓桿化。

In Q4, we expect our SG&A rate to deleverage by 160 to 190 basis points relative to Q4 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 Q4, we expect approximately 70 basis points of contraction relative to last year. Turning to EPS. We expect earnings per share in the fourth quarter to be in the range of $4.85 to $4.93 versus adjusted EPS of $4.40 a year ago. Shifting to full year 2023, we now expect revenue to be in the range of $9.549 billion to $9.584 billion. This range represents growth of 18% relative to 2022 and exceeds the revenue target in our Power of Three x2 growth plan. We expect to open approximately 55 net new company-operated stores in 2023 and complete approximately 25 to 30 co-located remodels.

與2022 年第四季相比，我們預計第四季度的SG&A 率將去槓桿化160 至190 個基點。這種去槓桿化繼續反映了我們投資於成長計畫的策略決策，包括那些提高全球品牌知名度的計劃。在考慮第四季的營業利潤率時，我們預計會比去年收縮約 70 個基點。轉向每股收益。我們預計第四季度每股收益將在 4.85 美元至 4.93 美元之間，而一年前調整後每股收益為 4.40 美元。轉向 2023 年全年，我們現在預計營收將在 95.49 億美元至 95.84 億美元之間。該範圍較 2022 年增長 18%，超出了我們的「三倍力量」x2 增長計劃中的收入目標。我們預計在 2023 年將淨開設約 55 家新的公司自營店，並完成約 25 至 30 家同地改造。

This will contribute to overall square footage growth in the low to mid-teens. Our new store openings in 2023, will include approximately 35 stores in our international markets, with the majority of these planned for China. For the full year, we continue to forecast adjusted gross margin to increase between 190 to 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 220 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.

這將有助於整體面積增長到十幾歲左右。我們將於 2023 年開設新店，其中國際市場上將開設約 35 家門市，其中大部分計劃在中國開設。對於全年，我們繼續預測調整後的毛利率將比 2022 年增加 190 至 210 個基點。相對於去年的擴張主要是由航空貨運費用下降所推動的。就全年而言，我們現在預計空運量將比 2022 年下降約 220 個基點。在考慮全年降價時，我們仍然預計 2019 年將與去年相對一致。

Turning to SG&A for the full year. We now forecast deleverage of 120 to 140 basis points versus 2022. While we continue to plan the business prudently, our sales trend has enabled us to invest into our Power of Three x2 growth pillars while also delivering operating margin ahead of our goal for modest expansion annually. When looking at adjusted operating margin for the full year 2023, we now expect it to increase approximately 70 basis points versus last year. For the full year 2023, we expect our effective tax rate to be approximately 29.5%.

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120 至140 個基點。在我們繼續審慎規劃業務的同時，我們的銷售趨勢使我們能夠投資於「三倍力量」x2 成長支柱，同時在我們實現適度擴張的目標之前實現營業利潤率每年。在考慮 2023 年全年調整後的營業利潤率時，我們現在預計將比去年增加約 70 個基點。 2023 年全年，我們預計有效稅率約為 29.5%。

For Q4, we expect our effective tax rate to be approximately 30%. For the fiscal year 2023, we now expect adjusted diluted earnings per share in the range of $12.34 to $12.42 versus adjusted EPS of $10.07 in 2022. Our EPS guidance excludes the impact of any future share repurchases. We expect capital expenditures to be approximately $670 million to $690 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. 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%. With that, I will turn it back over to Calvin.

對於第四季度，我們預計有效稅率約為 30%。對於2023 財年，我們目前預計調整後稀釋每股收益將在12.34 美元至12.42 美元之間，而2022 年調整後每股收益為10.07 美元。我們的每股收益指引不包括任何未來股票回購的影響。我們預計2023 年的資本支出約為6.7 億至6.9 億美元。與2022 年相比的成長反映了支持業務成長的投資，包括延續我們的多年期配送中心項目、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%，與我們目前 7% 至 9% 的「三倍冪」x2 目標一致。這樣，我會將其轉回給卡爾文。

Thank you, Meghan. As you can see, Lululemon had another strong quarter, and we are energized about the many opportunities ahead. We are pleased with the strength and resilience of our brand across markets, channels and categories, and are well positioned to deliver against our Power of Three x2 growth strategy. In addition, we are happy with the start to the holiday season, and our teams are ready to deliver for our guests in quarter 4. And I want to mention that as we have demonstrated over recent years, we are actively planning the business so that we respond to any changes in guest behavior that could occur related to the dynamic macro environment.

謝謝你，梅根。正如您所看到的，Lululemon 又一個強勁的季度，我們對未來的眾多機會充滿信心。我們對我們品牌在市場、通路和品類上的實力和彈性感到滿意，並且有能力實現我們的「三倍力量」成長策略。此外，我們對假期季節的開始感到高興，我們的團隊已準備好在第四季度為我們的客人提供服務。我想提一下，正如我們近年來所證明的那樣，我們正在積極規劃業務，以便我們會對與動態宏觀環境相關的賓客行為的任何變化做出反應。

In closing, I want to express my sincere gratitude to our people across the Lululemon, who make these consistently strong results possible as we deliver for our guests and build towards the future. With that, we can now take your questions. Operator?

最後，我要向 Lululemon 的員工表示誠摯的謝意，是他們在我們為客人提供服務並建立未來的過程中，使這些持續強勁的成果成為可能。至此，我們現在可以回答您的問題了。操作員？

(Operator Instructions) The first question is from Alex Straton with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Alex Straton。

Perfect. My question was actually on the remodeled locations with the co-locations within them. I was wondering if there are any metrics you can share on how those stores perform compared to the legacy fleet? Then also, if you have any update on how much of the fleet is in that format now in North America and if all the new locations are in that format?

完美的。我的問題實際上是關於改造後的地點及其內部的託管地點。我想知道您是否可以分享一些關於這些商店與傳統車隊相比表現如何的指標？另外，您是否有關於目前北美有多少機隊採用這種格式的最新信息，以及是否所有新地點都採用這種格式？

Thanks, Alex. We've got about 150 stores co-located. Our plans this year have ticked up slightly to 25 to 30 co-located remodels, up from 25. These are stores where we have very high traffic and sales productivity and see an opportunity to capitalize on that traffic and drive incremental volume. We tend to look over a 2- to 3-year time horizon in terms of maturation of store, and we will see a slightly lower sales productivity from those boxes, but very strong returns and healthy sales per square foot. And so pleased overall with that strategy. And you'll continue to see more of that from us. We are much further along on that in North America, and that strategy is still largely in front of us in our international business.

謝謝，亞歷克斯。我們有大約 150 家商店位於同一地點。我們今年的計劃已從 25 個略微增加到 25 至 30 個同地改造。這些商店的客流量和銷售效率非常高，我們看到了利用客流量並推動銷售增量的機會。我們傾向於在 2 到 3 年的時間範圍內考慮商店的成熟度，我們會看到這些盒子的銷售效率略有下降，但回報非常強勁，每平方英尺的銷售額也很健康。總體而言，我對這項策略感到非常滿意。您將繼續從我們這裡看到更多這樣的內容。我們在北美在這方面走得更遠，而且在我們的國際業務中，這項策略仍然在很大程度上擺在我們面前。

Our next question is from Rick Patel with Raymond James.

我們的下一個問題來自里克·帕特爾和雷蒙德·詹姆斯。

Just had a question on what's implied with fourth quarter guidance. So I'm just hoping if you can provide some guardrails on how we should think about stores versus direct and North America versus international? I'm curious which segments may have a different trend versus the growth that you've seen year-to-date?

只是對第四季指導的含義有疑問。所以我只是希望您能否提供一些指導，告訴我們應該如何考慮商店與直營、北美與國際？我很好奇哪些細分市場可能與您今年迄今看到的成長趨勢不同？

Yes. Rick, so in terms of Q4 guidance, we're guiding at 13% to 14% growth. As Calvin mentioned, very pleased with the Thanksgiving weekend, still have about 2/3 of the quarter in front of us, so being prudent in our planning there. We haven't broken down specifics, but what I'd share is very strong continued double-digit growth in international and then on North America, high single digits.

是的。 Rick，就第四季的指導而言，我們的指導成長率為 13% 至 14%。正如 Calvin 所提到的，對感恩節週末非常滿意，我們還有大約 2/3 的季度時間，因此在計劃時要謹慎。我們沒有詳細說明具體細節，但我想分享的是國際市場持續強勁的兩位數成長，然後是北美的高個位數成長。

The next question is 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)。

I wanted to follow up on the prior question. The high single-digit North America sales guidance is below your typical algorithm (inaudible) guidance. Can you talk to what you're seeing in the business or hearing from your customer that's informing this posture?

我想跟進之前的問題。高個位數的北美銷售指導低於典型演算法（聽不清楚）的指導。您能否談談您在業務中看到的情況或從客戶那裡聽到的情況，這些情況表明了這種態度？

Yes. Thanks, Lorraine. Yes, I would say coming off of a strong Q3 performance, we did experience some very strong performance during our Cyber Five period. We are mindful of the macroeconomic environment as we move into the balance of Q4 and still with 2/3 of the quarter in front of us, being mindful of the pressures out there and contemplating that and how we are guiding. We are also planning the business for multiple scenarios to be able to capitalize on any potential upside.

是的。謝謝，洛林。是的，我想說的是，在第三季的強勁表現之後，我們在網路五期間確實經歷了一些非常強勁的表現。當我們進入第四季度的平衡期時，我們會關注宏觀經濟環境，本季還有 2/3 的時間就在我們面前，我們會關注外部的壓力，並思考這一點以及我們的指導方式。我們也針對多種場景規劃業務，以便能夠利用任何潛在的優勢。

The next question is from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的布魯克·羅奇。

Calvin, I was hoping you could talk a little bit more about what you're seeing in terms of the consumer behavior with the brand. You've talked a little bit about being mindful about the macro backdrop a few times. But has there been any shift in consumer behavior conversion or engagement with the brand that shifted relative to what you saw 90 days ago?

Calvin，我希望你能多談談你所看到的品牌消費者行為。您曾多次談到要注意宏觀背景。但是，與 90 天前相比，消費者行為轉換或品牌參與度是否發生了變化？

Brooke, in terms of guest metrics, we're still seeing growth in both spend from new and existing guests. So still really pleased, I would say, overall, and just looking out over Q4, again, 2/3 of the quarter in front of us, so planning the business prudently. But I would say, overall, really pleased with what we're seeing in terms of guest behavior.

布魯克，就客人指標而言，我們仍然看到新客人和現有客人的支出都在增加。因此，總體而言，我仍然非常高興，並且再次展望第四季度，我們面前的季度的 2/3，因此請謹慎規劃業務。但我想說，總的來說，我們對客人行為所看到的感到非常滿意。

The only one I'd add, Brooke, relative to when we look at the overall market is, as I mentioned, in the men's business. And that is our business internationally remains very strong, our growth well above industry average and putting on share in North America. But when we look at the macro category within North America, we do see that he is spending less in apparel in general. We continue to put on market share. But if I was to point to just one trend that we're observing and monitoring, it is that guest behavior that we're seeing in a macro condition.

布魯克，當我們審視整個市場時，我唯一要補充的是，正如我所提到的，是男裝業務。也就是說，我們的國際業務仍然非常強勁，我們的成長遠高於行業平均水平，並提高了北美市場的份額。但當我們觀察北美的宏觀類別時，我們確實發現他在服裝上的整體支出有所減少。我們繼續擴大市場份額。但如果我要指出我們正在觀察和監控的一個趨勢，那就是我們在宏觀條件下看到的客人行為。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Great. And congrats on another nice quarter. So maybe, Calvin, could you just elaborate on the cadence of business that you saw as the third quarter progressed in North America? Maybe if you could speak to stores versus digital. And where do you see the largest market share opportunities next year across the assortment? And then Meghan, any constraints to modest operating margin expansion on the mid-teens revenue growth multi-year? Or are there just -- are there any geography considerations on the margin front as we think about gross margin relative to SG&A beyond this year that we should be thinking about?

偉大的。恭喜又一個美好的季度。那麼，Calvin，您能否詳細說明您所看到的北美第三季的業務節奏？也許你可以談談商店和數位商店。您認為明年該產品類別中最大的市佔率機會在哪裡？那麼梅根，多年來十幾歲左右的收入成長對營業利潤率的適度擴張有什麼限制嗎？或者，當我們考慮今年之後相對於銷售、管理和行政費用的毛利率時，我們應該考慮利潤率方面的地理因素嗎？

Thanks, Matt. I'll talk about sort of just the trends through the quarter and then share gains, and then I'll let Meghan pick up the other part of it. I think you snuck in 5 or 6 questions there, but let's take our time.

謝謝，馬特。我將只討論本季度的趨勢，然後分享收益，然後我將讓梅根討論另一部分。我想你偷偷問了 5 到 6 個問題，但讓我們慢慢來。

We have a little bit of -- we have some time here, Matt. But on the quarter, we dropped some new innovation to begin in August, and had some targeted campaigns, both digitally, some activations around back-to-school and the guests, both in our female and male guests responding incredibly well to that and the newness. I would say that momentum moderated a little bit in September and then accelerated again in October when once again, some newness and innovation was dropped with Wundermost. We activated with our men's campaign around the ABC franchise targeted for top-of-funnel guest acquisition. So it definitely sort of progressed through the quarter like that healthy across but with the peak sort of being in August and October and driven by either newness and our campaign to activate and go after unaided awareness.

我們有一點——我們在這裡有一些時間，馬特。但在本季度，我們放棄了從八月份開始的一些新創新，並開展了一些有針對性的活動，無論是數位形式，還是圍繞返校和客人的一些活動，我們的女性和男性客人對此反應非常好，新奇。我想說，這種勢頭在 9 月有所放緩，然後在 10 月再次加速，當時 Wundermost 再次放棄了一些新鮮事物和創新。我們圍繞 ABC 特許經營權啟動了男性行銷活動，旨在吸引管道頂部的客戶。因此，整個季度的進展肯定是健康的，但高峰出現在八月和十月，受到新鮮感和我們激活和追求獨立意識的活動的推動。

When I think of share next year, our plans are still very much reflective of the being early innings across our business. We do expect to see our men's business continue to be strong and put on share at unaided awareness below 25%. It's 13%, in fact, in North America. We're going to continue to put on share across all of our categories and playing to our strengths in bottoms and some of our core franchises and the new franchises like Soft Jersey and Steady State, which is really resonating. We're chasing into that inventory, and we're seeing both our existing guests and new guests come in through that franchise. And then with women's and accessories, similar story. We have a lot of runway and opportunity in our bottoms business as well as tops and accessories. So there's not a specific category that we think will drive share but a very balanced approach and performance as we've experienced and really pointed to the fact that we're in early innings of growth across all of those categories in both genders.

當我想到明年的份額時，我們的計劃仍然在很大程度上反映了我們業務的早期階段。我們確實預計我們的男裝業務將繼續強勁，並且在無人知曉的情況下將市場份額提升到低於 25%。事實上，在北美，這一比例為 13%。我們將繼續在所有類別中增加份額，並發揮我們在底部和一些核心特許經營權以及新特許經營權（如 Soft Jersey 和 Steady State）方面的優勢，這確實引起了共鳴。我們正在追尋該庫存，我們看到現有的客人和新客人都透過該特許經營權進入。女裝和配件也有類似的故事。我們的下裝業務以及上衣和配件業務有很多發展空間和機會。因此，我們認為沒有一個特定的類別可以推動份額，而是一種非常平衡的方法和績效，正如我們所經歷的那樣，並且確實指出了這樣一個事實：我們在所有這些類別中都處於成長的早期階段。

And then in terms of operating margin expansion, so we're up 70 basis points -- our guide of 70 basis points above 2022 on an annual basis. So we're really pleased with our performance this year, which is above our target. We remain committed to our target. We still see opportunities with scale of business and efficiencies in our cost structure, e-com penetration is a benefit to us. And then air freight that we've largely recovered the air freight spend. We still have about 20 basis points above 2019 levels. So obviously, we'll share more on '24 as we close out the year, but still remain comfortable with our long-term posture there.

然後，在營業利潤率擴張方面，我們成長了 70 個基點——我們的指導方針是比 2022 年成長 70 個基點。因此，我們對今年的表現非常滿意，超越了我們的目標。我們仍然致力於我們的目標。我們仍然看到業務規模和成本結構效率的機會，電子商務的滲透對我們來說是一個好處。然後是空運，我們已經基本上收回了空運支出。我們仍比 2019 年水準高出約 20 個基點。顯然，我們將在今年結束時分享更多有關 24 年的信息，但仍對我們的長期態勢保持滿意。

The next question is from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

Great. Let me add my congratulations to the stores, look great, and I love the (inaudible). Calvin, so my question for you is on the Power of Three x2, the portion that is 4x international. Obviously, we see the strength in China. Just wondering what role does Europe play in that? And is there a time when we'll hear from you a little bit more aggressive rollout in Europe? And then my second one is pretty quick. Meghan, just remind us of the timing of the gross margin pressure last year. I think it was post Christmas that we start to see some liquidation activity. And does that remain sort of an opportunity as we get to the latter part of the quarter?

偉大的。讓我對商店表示祝賀，它們看起來很棒，而且我很喜歡（聽不清楚）。卡爾文，所以我要問你的問題是關於“三的冪 x2”，即 4 倍國際的部分。顯然，我們看到了中國的實力。只是想知道歐洲在其中扮演什麼角色？我們是否會在某個時候聽到您在歐洲進行更積極的推廣？然後我的第二個就很快了。梅根，請提醒我們去年毛利率壓力的時間。我認為聖誕節後我們開始看到一些清算活動。當我們進入本季後半段時，這仍然是一個機會嗎？

Thanks, Adrienne. In terms of our international growth and the markets that -- regions that will contribute to the quadruple, it really is balanced across all. Clearly, China has emerged as the significant region outside of North America. But every market we're in within APAC and within EMEA is growing double digit, contributing to growth and has single-digit unaided brand awareness. So I believe every market will continue to contribute next year. We are leaning in on certain markets, continue to lean on China to accelerate that growth potential.

謝謝，艾德麗安娜。就我們的國際成長和將為四倍成長做出貢獻的市場而言，所有地區確實是平衡的。顯然，中國已成為北美以外的重要地區。但我們在亞太地區和歐洲、中東和非洲地區的每個市場都在以兩位數的速度成長，為成長做出了貢獻，並且在獨立品牌知名度方面擁有個位數的成長。所以我相信明年每個市場都會繼續做出貢獻。我們正在依靠某些市場，繼續依靠中國來加速成長潛力。

As you know, we've opened up some markets in EMEA. We'll continue to invest behind those. As Meghan mentioned, see co-located opportunities in some of our key markets as we go back and reinvest and open stores, the ones we've done that in, be it (inaudible) performed incredibly well. We see some opportunities in London to bring that co-located strategy to some of our proven doors there. We're seeing success both locally and with tourism and then in the APAC market.

如您所知，我們已經在歐洲、中東和非洲地區開闢了一些市場。我們將繼續在這些方面進行投資。正如梅根所提到的，當我們回去再投資和開設商店時，我們會在一些關鍵市場看到協同定位的機會，我們已經這樣做的那些（聽不清楚）表現得非常好。我們在倫敦看到了一些機會，可以將同地辦公室策略引入我們在那裡的一些經過驗證的大門。我們在本地、旅遊業以及亞太市場都看到了成功。

We've opened up Thailand, but all of our key markets. Australia is an interesting one where a few years ago, we prioritized and leaned in with an optimization strategy and seeing significant benefits and gains from that and what had been our most mature international market. We've opened up a new DC that allowed us to service better, service the stores. We've optimized a number of our doors there. They're performing incredibly well and very pleased. So it really shows our ability to keep growing in our most mature but still very underdeveloped. And growth is coming from every market we're in, in the double digit, and we'll continue '24 and beyond and contribute to that quadrupling.

我們已經開放了泰國以及我們所有的主要市場。澳洲是一個有趣的市場，幾年前，我們優先考慮並傾向於優化策略，並從中看到了顯著的好處和收益，而這裡是我們最成熟的國際市場。我們開設了一個新的配送中心，使我們能夠更好地為商店提供服務。我們在那裡優化了一些門。他們的表現非常好並且非常高興。所以它確實顯示了我們在最成熟但仍很不發達的情況下不斷成長的能力。我們所在的每個市場都實現了兩位數的成長，我們將在 24 年及以後繼續為這一成長做出四倍的貢獻。

And then in terms of margin and markdowns, yes, you're correct. It was those peak Christmas week where we started to see guest behavior gravitate towards -- more towards markdown sales and more towards the more highly discounted goods that we're offering with similar in penetration to 2019. We were comparing to Q4 of 2021, which was a low point in terms of markdown rate. So in the end, Q4 was just slightly above 2019. At this point in time, just given we've got about 2/3 of the quarter in front of us, we are guiding to 90 to 120 basis points of gross margin expansion and markdowns essentially in line with last year as part of that, being mindful of the proportion of the quarter that's still ahead.

然後就利潤和降價而言，是的，你是對的。正是在聖誕節高峰期，我們開始看到客人的行為更傾向於降價銷售，更傾向於我們提供的高折扣商品，這些商品的滲透率與2019 年相似。我們與2021 年第第四季度進行了比較，降價率處於低點。因此，最終，第四季度的業績略高於 2019 年。此時，考慮到本季度的時間還剩 2/3，我們預計毛利率將增長 90 至 120 個基點，作為其中一部分，降價基本上與去年一致，並考慮到本季仍處於領先地位的比例。

The next question is from Abbie Zvejnieks with Piper Sandler.

下一個問題是 Abbie Zvejnieks 和 Piper Sandler 提出的。

Great. Just 2 questions for me to follow up on the previous question on gross margins. Just -- was there any strategy for Black Friday or maybe being a little bit more visible for that shopping occasion and shifting some of those promotions maybe more towards the Black Friday period versus those Christmas weeks last year? And then secondly, can you just talk about your inventory management, I think that was a little bit better than expected and how you got there?

偉大的。我只有兩個問題來跟進上一個有關毛利率的問題。只是 - 是否有針對黑色星期五的策略，或者可能在該購物場合更加引人注目，並將其中一些促銷活動可能更多地轉向黑色星期五期間而不是去年的聖誕節週？其次，您能談談您的庫存管理嗎？我認為這比預期要好一些，以及您是如何做到這一點的？

Thanks, Abbie. I'll take the first part. We did pull some volume forward on Black Friday, making it available in early access to our central members. It was an initiative to have a membership of reward benefit. Exciting behind that was we saw a significant increase in app downloads, which was the way in which members needed to be able to access that and obviously did that at no incremental cost. So I think over 250,000 app downloads into that membership base. So it was a benefit of reward. We pulled some volume forward, which allowed our infrastructure and DCs to manage very well through the weekend.

謝謝，艾比。我將採取第一部分。我們確實在黑色星期五提前了一些交易量，以便我們的核心會員可以提前使用。這是一項獎勵會員資格的倡議。令人興奮的是，我們看到應用程式下載量顯著增加，這是會員需要能夠存取應用程式的方式，而且顯然不需要增加成本。因此，我認為該會員群中有超過 250,000 次應用程式下載。所以這是獎勵的好處。我們提前了一些交易量，這使得我們的基礎設施和資料中心在周末能夠很好地管理。

But in terms of other than that initiative, you would have seen on our sites, the similar language, not calling out sale. You would have seen in our stores, no signage, traditional merchandising, full price product at the front of the store. I thought the stores look fantastic. The Winter Whites and the newness in the product really punched through, and we saw some very nice balance sales, as I alluded to, in terms of regular price and our markdown. And markdowns were at the back traditionally done, really didn't deploy anything more and happy with how the guests responded to both options and through the entire Cyber Five weekend.

但就除該舉措之外的其他方面而言，您會在我們的網站上看到類似的語言，而不是呼籲銷售。您會在我們的商店中看到，商店前面沒有標誌、傳統的銷售、全價產品。我覺得這些商店看起來棒極了。冬季白色和產品的新穎性確實發揮了作用，正如我所提到的，就正常價格和降價而言，我們看到了一些非常好的平衡銷售。降價是在後面按照傳統方式完成的，實際上沒有部署更多東西，並且對客人在整個網絡五週末對這兩個選項的反應感到滿意。

And then in terms of inventory management, so we ended the quarter down 4% in inventory, and it was lower than our expectation of high single to low double-digit increase. That was driven by higher sales, the studio inventory write-off, some timing on receipts as well as FX. Important to keep in mind, we still have opportunity in our inventory turns relative to 2019. That is our goal over the longer term. And then looking at our inventory CAGR relative to 2019 versus our sales, we're relatively in line at the end of the quarter.

然後在庫存管理方面，本季末我們的庫存下降了 4%，低於我們預期的高個位數到低兩位數的成長。這是由更高的銷售額、工作室庫存沖銷、一些收據時機以及外匯推動的。重要的是要記住，相對於 2019 年，我們的庫存週轉率仍然有機會。這是我們的長期目標。然後看看我們相對於 2019 年的庫存複合年增長率和銷售額，我們在本季末的情況相對穩定。

Our expectation at the end of Q4 will be inventory balance flat to slightly down on a cost basis and then flat to slightly up on a unit basis, again, still opportunity from (inaudible) perspective, and we feel pleased with the level and currency of the inventory, both at the end of Q3 and then at the end of Q4 as well.

我們預計第四季度末的庫存餘額將在成本基礎上持平至略有下降，然後在單位基礎上持平至略有上升，同樣，從（聽不清）的角度來看，這仍然是機會，我們對庫存水準和貨幣感到滿意庫存，分別在第三季末和第四季末。

The next question is from Paul Lejuez with Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Can you talk about store comps, how it shook out from a traffic versus ticket perspective and I guess the same question for e-com. And then I'm curious if you can share any early thoughts on store growth for '24 specifically, how are you thinking about China?

您能談談商店的比較嗎？從流量與門票的角度來看，它是如何產生變化的，我想電子商務也有同樣的問題。我很好奇您能否具體分享一下關於 24 世紀商店成長的早期想法，您對中國有何看法？

Paul, so in terms of KPIs in stores and e-com, we saw similar to the start of the year, very strong traffic performance, so up 20% plus in both channels. With that traffic, we're still pleased with the absolute conversion but seeing a little bit of a comp decrease in terms of conversion and then relatively stable basket size. We haven't shared any specifics. Obviously, we'll do that at the end of the quarter in terms of store growth for '24, but we remain committed overall to our store growth target in the low double digits.

Paul，就商店和電子商務的 KPI 而言，我們看到與年初類似，流量表現非常強勁，因此兩個管道都增長了 20% 以上。有了這樣的流量，我們仍然對絕對轉換率感到滿意，但看到轉換率略有下降，然後購物籃規模相對穩定。我們尚未分享任何具體細節。顯然，我們將在本季末實現 24 年門市成長目標，但我們仍然致力於實現低兩位數的門市成長目標。

Can you talk about in-store productivity in China in this year's (inaudible)?

能談談今年中國的店內生產力嗎（聽不清楚）？

The stores in China continue to exceed (inaudible) as we open. So we're pleased with both the new stores we're opening. They are beating pro forma, both on a total revenue perspective, obviously, on a dollar per square foot, and that's across Tier 1, Tier 2, Tier 3 cities, which we continue to test into. We went back and optimized and continue to see opportunity, as Meghan alluded to, predominantly in Shanghai and Beijing to go back in and start optimizing and collating some of our locations.

隨著我們的開業，中國的門市數量持續超過（聽不清楚）。因此，我們對即將開設的兩家新店感到滿意。從總收入的角度來看，顯然，從每平方英尺一美元的角度來看，他們的表現都超過了預估，而且這是在我們繼續測試的一線、二線、三線城市中實現的。正如梅根所提到的，我們回去進行優化並繼續尋找機會，主要是在上海和北京回去並開始優化和整理我們的一些地點。

We did our Kerry Center store in Shanghai, and the results have been very, very strong. So we know that our business there is growing. And in a lot of these locations, we've hit that productivity level where it's time to go back and invest and expand the assortment and continue to drive the overall results in those stores. But the openings of these new stores continue to sort of exceed and beat plan, which is very encouraging and excited to see the ability to go back and optimize some of the locations.

我們在上海開了嘉里中心店，效果非常非常好。所以我們知道我們在那裡的業務正在成長。在許多這樣的地點，我們已經達到了生產力水平，是時候回去投資和擴大品種，並繼續推動這些商店的整體表現了。但這些新店的開幕繼續超出了計劃，看到能夠回去優化一些店面是非常令人鼓舞和興奮的。

The next question is from (inaudible) with Evercore ISI.

下一個問題來自 Evercore ISI（聽不清楚）。

Congrats on a great quarter. I just want to go back, I know you spoke to North America high single digits in the fourth quarter. I know you said that -- Calvin, you later mentioned that trends are accelerating nicely with some newness in October. I guess (inaudible) that the fourth quarter deceleration baked into the guidance is maybe just being prudent against the macro you're seeing here. But it's a little bit below the Power of Three algorithm that you gave us. Is there any reason that North America wouldn't be at that low double-digit algorithm you gave us in 2024. Is it conservative and contained to the fourth quarter? And then I'm curious if there's anything you're seeing in the business today on the competitive set to inform you as to whether you may or may not see the consumer break towards some of those value purchases that you saw right before the holiday last year?

恭喜您度過了一個出色的季度。我只想回去，我知道你在第四季談到了北美的高個位數。我知道你說過－Calvin，你後來提到趨勢正在加速加速，十月出現了一些新鮮事。我猜（聽不清楚）第四季度的減速納入指導可能只是對您在這裡看到的宏觀政策持謹慎態度。但它略低於您提供給我們的三冪演算法。北美地區是否有任何理由不會達到您在 2024 年提供的低兩位數演算法？它是否保守並僅限於第四季度？然後我很好奇你今天在競爭中看到的業務中是否有任何東西可以告訴你你是否可能會或可能不會看到消費者突破你在去年假期前看到的一些有價值的購買年？

Thanks. So right at this point in time, we're guiding to 13% to 14% for Q4. I'm just being mindful of the proportion of the quarter that's in front of us. We were really pleased with our Q3 performance in North America despite some macro challenges in North American market, still picking up share, still growing at 12%, so in line with Power of Three x2 target. We remain committed to that, I would say, for the year and as we move forward and managing from a portfolio approach perspective, any near-term pressures, but I think appropriate and prudent, given where we are in the quarter at this point.

謝謝。因此，就目前而言，我們預計第四季度的成長率為 13% 至 14%。我只是注意到我們面前的季度所佔的比例。儘管北美市場面臨一些宏觀挑戰，但我們對北美第三季的表現感到非常滿意，但我們的份額仍在上升，仍以 12% 的速度增長，因此符合三倍的力量 x2 目標。我想說，今年我們仍然致力於這一點，隨著我們從投資組合方法的角度前進和管理，任何近期壓力，但考慮到我們目前在本季度的情況，我認為這是適當和謹慎的。

And I'll just chat a little bit about the competitiveness and the guest behavior. We have not seen a dramatic shift as it relates to our product and our assortment. I've mentioned the men's behavior from a macro perspective within the category within North America. But within our assortment, our guests, we continue to see very healthy full price, continue to see very healthy reaction to newness and innovation. I think those are both very positive signs that indicate if the guest is trading down to value, they are equally trading up or holding onto purchases that I think play to the strength of our product, which is versatility, quality and innovation.

我將簡單談談競爭力和客人行為。我們還沒有看到與我們的產品和品種相關的巨大轉變。我已經從宏觀角度提到了北美這一類別中男性的行為。但在我們的品種中，我們的客人，我們繼續看到非常健康的全價，繼續看到對新穎和創新的非常健康的反應。我認為這些都是非常積極的跡象，表明如果客人降價購買，他們也會同樣升級或保留購買，我認為這發揮了我們產品的優勢，即多功能性、品質和創新。

When you purchase our product, you get multiple wear occasions, multiple uses out of it. That's the versatility and the quality and the innovation behind it and still is resonating. And he and she is still responding very well to the newness that we drop, be it the new franchises in men's, which we're chasing into far exceeded our expectations, launch of new initiatives like Wundermost or just how we are assembling and bringing product of our core, be it through our Winter Whites or other initiatives, responding very well. So encouraged, we'll continue to monitor and be agile, but not seeing a behavioral shift within our assortment mix with our guests.

當您購買我們的產品時，您將獲得多種佩戴場合、多種用途。這就是背後的多功能性、品質和創新，並且仍然引起共鳴。他和她仍然對我們放棄的新鮮事物反應良好，無論是我們正在追求的男裝新特許經營權遠遠超出了我們的預期，推出了像 Wundermost 這樣的新舉措，還是我們如何組裝和帶來產品我們的核心，無論是透過我們的冬季白色還是其他舉措，反應都非常好。受到如此鼓舞，我們將繼續監控並保持敏捷，但不會看到我們與客人的品種組合發生行為轉變。

The next question is from Dana Telsey with Telsey Group.

下一個問題來自 Telsey Group 的 Dana Telsey。

When you think about the market share and obviously, your market share opportunities, Calvin and you're continuing to gain market share, are there new players who you see that you're taking market share from and that you see opportunity moving forward? And then is there a different market share opportunities in different areas of the world that you see? And then just lastly, when you think about categories and outerwear, which has been a focus, how is that category performing and how is it contributing to AUR?

當你考慮市場份額時，顯然，你的市場份額機會，卡爾文和你正在繼續獲得市場份額，你是否認為有新的參與者正在從他們那裡奪取市場份額，並且你看到了未來的機會？那麼您認為在世界不同地區是否存在不同的市佔機會？最後，當您考慮一直以來關注的品類和外套時，該品類的表現如何以及它對 AUR 有何貢獻？

All right. Thanks, Dana. In terms of market share gains, by the very nature of where we are in our product innovation and creation and unneeded awareness, we really do continue to grow across both men's and women's across all categories in all markets, including North America and especially internationally. Now market share data internationally in certain markets, it's harder to get than in North America, but our growth when we compare it to other peers that report, we know is definitely above and therefore, putting on both through our guest acquisition market share gains.

好的。謝謝，達納。就市場份額的成長而言，由於我們在產品創新和創造方面的本質以及不必要的意識，我們確實在所有市場（包括北美，尤其是國際市場）的所有類別的男裝和女裝上繼續增長。現在，某些市場的國際市場份額數據比北美更難獲得，但當我們將其與報告的其他同行進行比較時，我們知道我們的成長絕對高於，因此，透過我們的客戶獲取市場份額收益來實現兩者。

So feel very encouraged by that continuation, the balanced nature of we're growing market share. A couple of call-outs. I don't see any shift in change within men's and women's and the core strengths that the brand has, be it bottoms and in our performance activities. And there are a lot of categories, as you mentioned, where we have below market share when I compare some of those strengths to us. Accessories is one good example. It's a $110 billion global category. We have less than 1% share. And what we're proving and continuing to see through newness and innovation is it's more than just the Everywhere Belt Bag. That is a core item that is resonated, has and continues to perform incredibly well for us. But we're building out a very solid bag business with a lot of opportunity of growth moving forward.

因此，我們對市場份額不斷增長的持續性和平衡性感到非常鼓舞。幾個呼喚。我認為男裝和女裝以及該品牌的核心優勢沒有任何變化，無論是底部還是我們的性能活動。正如您所提到的，當我將其中一些優勢與我們進行比較時，我們在許多類別中的市場份額都低於我們。配件就是一個很好的例子。這是一個價值 1100 億美元的全球類別。我們的份額還不到1%。我們正在證明並繼續透過新穎性和創新來證明它不僅僅是無處不在的腰包。這是一個引起我們共鳴的核心項目，已經並將繼續為我們帶來令人難以置信的良好表現。但我們正在建立一個非常穩固的箱包業務，未來有很多成長機會。

And we think other players have 2% to 3% in that category. So we see that as being a nice contributor and driver of growth. And our other categories, be it lounge. And you mentioned outerwear, we have a very sizable outerwear business as we look across all, not just cold weather, but activity based, rain. We don't report the category specifically, but if we were to, we are a significant player in outerwear and see a lot of opportunity to continue to develop into those across the performance needs of our guests, rain as an opportunity and then building upon our growing credibility and success in cold weather with the Wunder Puff, which we're seeing very good success internationally, in China in particular right now. I'm very pleased how we're set up in North America with success. And obviously, climate has been slightly different, but we're not pointing to that and we're excited where we see opportunity to grow that business. So outerwear will be another key growth driver for us (inaudible) but look to the core to continue to grow, continue to put our market share.

我們認為其他參與者在該類別中佔 2% 到 3%。因此，我們認為這是一個很好的貢獻者和成長動力。還有我們的其他類別，無論是休息室。您提到了外套，我們擁有非常龐大的外套業務，因為我們不僅考慮寒冷的天氣，還考慮基於活動的雨天。我們不會具體報告該類別，但如果我們這樣做的話，我們是外套領域的重要參與者，並且看到很多機會繼續發展到滿足客人性能需求的領域，以雨為機會，然後在此基礎上繼續發展我們在寒冷天氣中推出 Wunder Puff 的信譽不斷提高，並取得了成功，我們在國際上看到了非常好的成功，尤其是現在在中國。我很高興我們在北美取得了成功。顯然，氣候略有不同，但我們並不是指這一點，我們很高興看到發展該業務的機會。因此，外套將成為我們的另一個關鍵成長動力（聽不清楚），但要著眼於核心業務繼續成長，繼續擴大我們的市場份額。

Operator, We'll take one more question.

接線員，我們再回答一個問題。

The next question is from Jay Sole with UBS.

下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

I just have a 2-part question. First, you touched on competition, but just in Q3 and over the Black Friday holiday, how does the competitive landscape impact your approach to pricing and promotions (inaudible) Calvin, if you could give us a little bit of a -- little deeper dive on footwear, what you see in the women's footwear business, what gives you confidence to launch the men's footwear business, that would be super helpful.

我只有一個由兩個部分組成的問題。首先，您談到了競爭，但就在第三季和黑色星期五假期期間，競爭格局如何影響您的定價和促銷方式（聽不清）Calvin，如果您能給我們一些更深入的了解的話在鞋類方面，您在女鞋業務中看到的內容，是什麼讓您有信心開展男鞋業務，這將非常有幫助。

Great. Thanks, Jay. In terms of competitiveness in the marketplace, what I saw was a lot of discounting. I saw a lot of discounting early. I saw deeper discounts. And I saw some early and young players in this space discount consistently in days, weeks leading into and over the Cyber Five weekend. That's what I observed. We didn't change our approach or strategy, as I mentioned. We didn't use sale language. We led with an early access, which had great value in the downloads of the app, which we know delivers a much greater value with our guests.

偉大的。謝謝，傑伊。就市場競爭力而言，我看到的是大量的折扣。早早就看到了很多折扣。我看到了更大的折扣。我看到這個領域的一些早期和年輕的參與者在網路五週末之前的幾天、幾週內持續折扣。這就是我觀察到的。正如我所提到的，我們沒有改變我們的方法或策略。我們沒有使用銷售語言。我們率先進行了搶先體驗，這對於應用程式的下載具有巨大的價值，我們知道這可以為我們的客人帶來更大的價值。

We're excited to be able to use a benefit to drive that strategy within our essential membership base. And we continue to sell and see very good regular price sales. So I definitely saw a more dynamic promotionally driven environment by some of our peers, by some of the new entries into this category. We didn't deviate. We didn't change. And our results I talked to, I was very pleased with and indicated we didn't need to. Guest still responds to innovative products and that's what our pipeline is full.

我們很高興能夠利用一項福利在我們的重要會員基礎上推動這項策略。我們繼續銷售，並看到非常好的正常價格銷售。因此，我確實看到了我們的一些同行以及該類別的一些新進入者創造了一個更具活力的促銷驅動環境。我們沒有偏離。我們沒有改變。我對我們的結果非常滿意，並表示我們不需要這樣做。客人仍然對創新產品做出反應，這就是我們的產品線。

It's what we continue to deliver, and we'll continue to drive our growth into the oncoming quarters and through our Power of Three x2 strategy. And then relative to footwear, we're early and we're pleased where we are in our footwear journey. It's a small category for us, especially in our Power of Three x2 growth plan in terms of the role that it plays in our growth targets. I'm glad we're in footwear. I'm excited with what we're learning and how we're seeing and some of the early successes as we continue to test and learn.

這是我們繼續提供的服務，我們將透過我們的「三乘二」策略繼續推動未來幾季的成長。相對於鞋類，我們處於領先地位，我們對我們在鞋類旅程中所處的位置感到高興。對我們來說，這是一個很小的類別，特別是在我們的「三倍力量」x2 成長計畫中，就其在我們的成長目標中所扮演的角色而言。我很高興我們穿著鞋。我對我們正在學習的內容、我們所看到的內容以及我們在繼續測試和學習過程中取得的一些早期成功感到興奮。

We updated Blissfeel and Chargefeel this year. We continue to see success with our Restfeel across both men's and women's. We're trying an (inaudible) on Restfeel in additional locations, seeing great response this holiday period. So we continue to be excited about footwear and the newness that the team has in the category that we'll be bringing forward and our current plans are to launch men's in quarter 1 of 2024. We'll continue to test and learn. But we're seeing enough positive signals in response from the guests that we have an opportunity in this category, and we're going to take a long-term view and build it, but excited about what we're seeing so far.

我們今年更新了 Blissfeel 和 Chargefeel。我們的 Restfeel 繼續在男士和女士方面取得成功。我們正在其他地點嘗試（聽不清楚）Restfeel，在這個假期期間看到了很好的反響。因此，我們仍然對鞋類以及團隊在該類別中的新穎性感到興奮，我們將推出這些產品，目前的計劃是在 2024 年第一季推出男裝。我們將繼續測試和學習。但我們從客人的反應中看到了足夠的積極信號，表明我們在這一類別中有機會，我們將採取長期觀點並建立它，但對我們迄今為止所看到的感到興奮。

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

這就是我們今天提問的全部時間。感謝您加入通話，祝您有美好的一天。