Lululemon Athletica Inc (LULU) 2023 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc. Fourth Quarter 2023 Conference Call. (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 年第四季電話會議。 （操作員指示）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 fourth 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 第四季財報電話會議。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。

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

在我們開始之前，我想藉此機會提醒您，我們今天的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。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。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, and we expressly disclaim any obligation or undertaking to update or revise any of these statements as a result of new information or future events.

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。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。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our annual report on Form 10-K and in today's earnings press release. In addition, the comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying report on Form 10-K are available under the Investors section of our website at www.lululemon.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 10-K 表格年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銷售指標是按美元不變計算的。新聞稿和 10-K 表格隨附報告可在我們網站 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 fourth quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour. (Operator Instructions)

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四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。今天的通話預計持續 1 小時。 （操作員說明）

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

現在我想把電話轉給卡爾文。

Thank you, Howard. I am pleased to be here today to discuss our Q4 and full year 2023 results, which represent another solid finish to another strong year for lululemon. We will also discuss our business in Q1 and our outlook for 2024.

謝謝你，霍華德。我很高興今天能夠在這裡討論我們的第四季度和 2023 年全年業績，這代表著 lululemon 又一個強勁的一年取得了堅實的成果。我們也將討論第一季的業務以及 2024 年的展望。

As you've heard from others in our industry, there has been a shift in the U.S. consumer behavior of late, and we're navigating what has been a slower start to the year in this market. We view this as an opportunity to keep playing offense as we lean into investments that will continue our growth trajectory.

正如您從我們行業其他人那裡聽到的那樣，美國消費者行為最近發生了轉變，而我們正在應對這個市場今年開局較慢的情況。我們認為這是一個繼續進攻的機會，因為我們傾向於投資以延續我們的成長軌跡。

Outside the U.S., our business remains strong in all our international markets in Canada. Meghan will take you through our guidance shortly, and I will share with you some of the initiatives that we have planned specifically for the U.S. as well as our overall plans for product and marketing.

在美國以外，我們在加拿大所有國際市場的業務仍然強勁。梅根很快就會向您介紹我們的指導，我將與您分享我們專門為美國計劃的一些舉措以及我們的產品和行銷總體計劃。

What you'll hear from me is a message that remains consistent. We have an impressive pipeline of innovation. Our opportunity to increase our brand awareness remains significant. And we will continue to grow and optimize our store base within the Americas and around the world. And we remain ahead of our Power of Three x2 goals.

你將從我這裡聽到的是始終如一的訊息。我們擁有令人印象深刻的創新管道。我們提高品牌知名度的機會仍然很大。我們將繼續發展和優化我們在美洲和世界各地的商店基礎。我們仍然領先於「三倍力量」x2 目標。

So let's begin. As you read in our press release, our Q4 results, both top and bottom line, exceeded the updated guidance we provided in January. Our growth remained balanced across channels, regions and product categories. And we continue to see strong increase in traffic at our stores and e-commerce sites.

那麼就讓我們開始吧。正如您在我們的新聞稿中所讀到的那樣，我們第四季度的業績（無論是頂線還是底線）都超過了我們在一月份提供的更新指導。我們的成長在各個通路、地區和產品類別上保持平衡。我們的商店和電子商務網站的流量持續強勁成長。

In the fourth quarter, total revenue increased 16%. By region, the Americas increased 9%, China Mainland increased 78%, and the rest of the world increased 36%. By merchandise category, women's increased 13%, men's grew 15% and accessories increased 40%. And earnings per share were $5.29 versus adjusted EPS of $4.40 in Q4 last year.

第四季總營收成長16%。分地區看，美洲成長9%，中國大陸成長78%，世界其他地區成長36%。依商品類別劃分，女裝成長 13%，男裝成長 15%，配件成長 40%。每股收益為 5.29 美元，而去年第四季調整後每股收益為 4.40 美元。

When looking at our product performance in Q4, the trends we have seen in the business over the last several quarters continued. We saw strength in key franchises, including, for women: Scuba, Define, Softstreme and Wunder Puff. For men: Steady State, Soft Jersey and ABC as well as License to Train and Pace Breaker. And in accessories, our overall bag assortment continues to perform well.

從我們第四季的產品表現來看，我們在過去幾季看到的業務趨勢仍在持續。我們看到了主要特許經營權的優勢，包括針對女性的：Scuba、Define、Softstreme 和 Wunder Puff。男士：Steady State、Soft Jersey 和 ABC 以及 License to Train 和 Pace Breaker。在配件方面，我們的整體包款系列繼續表現良好。

And we continue to build our Essentials membership program in North America, which has now grown to more than 17 million members in the first year. This quarter, we offered them exclusive benefits, including early access to our Black Friday styles, member-only shop nights and invitations to participate in experiences such as our Move for You activation with Peloton at the Mall of America.

我們繼續在北美建立 Essentials 會員計劃，目前該計劃第一年的會員數量已超過 1,700 萬。本季度，我們為他們提供了獨家福利，包括搶先體驗我們的黑色星期五款式、僅限會員的商店之夜以及邀請參加諸如在美國購物中心與 Peloton 合作的 Move for You 活動等體驗。

We remain excited with our membership program as it offers us new ways to engage with our guests and increase both spend and LTV. I'm pleased that we're seeing positive results so far on all of these objectives.

我們對我們的會員計劃仍然感到興奮，因為它為我們提供了與客人互動並增加支出和生命週期價值的新方式。我很高興到目前為止我們在所有這些目標上都看到了積極的成果。

Now turning to our full year 2023 results. Revenue increased 19% versus last year to $9.6 billion, with the Americas, up 12%; China Mainland, up 67%; and Rest of World growing 43% versus last year. Adjusted operating margin increased 110 basis points while adjusted earnings per share increased 27% versus 2022.

現在轉向我們 2023 年全年業績。營收較去年成長 19%，達到 96 億美元，其中美洲成長 12%；中國大陸，成長67%；世界其他地區與去年相比成長了 43%。與 2022 年相比，調整後營業利益率成長 110 個基點，調整後每股盈餘成長 27%。

As you know, 2023 was the second full year of our Power of Three x2 growth plan. When looking at these 2 years collectively, I'm pleased that we have grown revenue at a 24% CAGR, fueled by a 44% CAGR in our international regions, expanded our adjusted operating margin by 120 basis points, grown adjusted EPS at a 28% CAGR and continued to gain market share. These results speak to the strength of the lululemon brand in all markets where we operate and illustrate the significant opportunities we have in front of us as we remain in the early innings of our growth story.

如您所知，2023 年是我們「三倍成長」計畫的第二個完整年度。綜合來看這兩年，我很高興我們的營收以24% 的複合年增長率成長，在國際地區複合年增長率44% 的推動下，調整後的營業利潤率擴大了120 個基點，調整後的每股收益成長了 28 個基點。% 複合年增長率並繼續獲得市場份額。這些結果證明了 lululemon 品牌在我們經營的所有市場中的實力，並說明了我們在成長故事的早期階段所面臨的重大機會。

Let me now speak to quarter 1 of 2024 and what we're seeing in the business. We are pleased that our sales remain strong in most regions across the globe. Consistent with what we've seen from others in the market, the consumer environment in the United States has been somewhat challenging. However, despite the market dynamics, we remain optimistic about our opportunities to grow our business in the U.S. in 2024 and to continue to gain market share.

現在讓我談談 2024 年第一季以及我們在業務中看到的情況。我們很高興我們的銷售在全球大多數地區保持強勁。與我們從市場上其他國家看到的情況一致，美國的消費環境有些具有挑戰性。然而，儘管市場充滿活力，我們仍然對 2024 年在美國發展業務並繼續獲得市場份額的機會感到樂觀。

We have robust plans in place to further strengthen our position. We will continue to open and optimize our stores with plans for 5 to 10 new store openings and 15 to 20 optimizations. With U.S. sales per square foot above our overall average of $1,600, our stores remain among the most productive in the industry.

我們制定了強有力的計劃來進一步鞏固我們的地位。我們將繼續開店和優化門市，計劃新開5至10家店，優化15至20家。由於美國每平方英尺的銷售額高於 1,600 美元的總體平均水平，我們的商店仍然是業內生產力最高的商店之一。

In addition, our stores facilitate a direct connection with our guests, help us attract new guests into the brand and act as hubs in our local communities. We will continue to invest into the market to increase our brand awareness as we continue to activate both community-based events and larger brand campaigns.

此外，我們的商店促進與客人的直接聯繫，幫助我們吸引新客人加入品牌，並充當當地社區的中心。我們將繼續投資市場，以提高我們的品牌知名度，同時繼續進行社區活動和更大的品牌活動。

We see other areas within the business to further strengthen our positioning. We are successfully growing our business across all age demographics, including our younger guests. As we have attracted more younger guests into the brand, we have seen strong sell-through of our smaller sizes and our offering of color.

我們認為業務中的其他領域可以進一步加強我們的定位。我們正在成功地在所有年齡層的人群中發展我們的業務，包括我們的年輕客人。隨著我們吸引了更多年輕客人加入品牌，我們看到小尺寸和顏色產品的銷售強勁。

We don't yet know how high is high with this demographic, and our teams are chasing into these areas of the assortment so we can better maximize the business. And our product pipeline is compelling, both within the U.S. and across the globe. In fact, 2024 will be another year of significant product innovation.

我們還不知道這個人群的水平有多高，我們的團隊正在追逐這些領域的分類，以便我們可以更好地最大化業務。我們的產品線在美國和全球範圍內都很引人注目。事實上，2024 年將是另一個重大產品創新的一年。

We started the year strong with the launch of our expanded footwear collection in early February. Building on the initial success of our women's line, we hosted a media event in New York City to unveil new styles of both technical and casual footwear, including our first shoes designed for men.

我們在二月初推出了擴大的鞋類系列，開啟了強勁的一年。在女裝系列的初步成功基礎上，我們在紐約舉辦了一場媒體活動，推出了新款式的科技鞋和休閒鞋，包括我們第一款專為男鞋設計的鞋款。

Our new styles available for both men and women include the cityverse, designed for all-day comfort and bringing the best of technical performance to a casual sneaker; beyondfeel, a new running shoe that offers superior cushioning, ventilation and support; and beyondfeel trail, our newest road to trail running shoe.

我們為男士和女士推出的新款式包括 cityverse，專為全天舒適而設計，為休閒運動鞋帶來最佳的技術性能； Beyondfeel，一款全新跑鞋，提供卓越的緩衝、通風和支撐；以及 Beyondfeel Trail，我們最新的公路越野跑鞋。

We are very pleased with the initial reaction to our new styles. We were seeing a particularly strong response to cityverse from our male guests in North America and in China, and the guest response is exceeding our expectations. Our teams are chasing into this initial strength, and we'll build upon this momentum with additional footwear innovations planned throughout the year.

我們對新款式的初步反應感到非常滿意。我們看到北美和中國的男客人對 cityverse 的反應特別強烈，客人的反應超出了我們的預期。我們的團隊正在追逐這一最初的優勢，我們將在這一勢頭的基礎上，並計劃全年推出更多鞋類創新。

Our strategy with footwear is the same as apparel. We lead with technical innovations that solve for the unmet needs of our guests. We can then leverage our expertise in raw material innovation and technical construction to offer versatile styles designed for everyday use.

我們對鞋類的策略與服裝相同。我們以科技創新為先，解決客人未滿足的需求。然後，我們可以利用我們在原材料創新和技術構造方面的專業知識，提供適合日常使用的多功能款式。

In addition, within our 2024 product pipeline, we will continue to be a leader in fabric innovation with new fabrics planned within both our yoga and train categories. Also for women, we will continue to maximize our largest franchise, Align, as we explore new silhouettes across both tops and bottoms. And we will continue to expand our popular train franchise, License to Train.

此外，在 2024 年的產品線中，我們將繼續成為布​​料創新的領導者，並計劃在瑜珈和火車類別中推出新布料。對於女性來說，我們將繼續最大化我們最大的特許經營權 Align，同時探索上衣和下裝的新輪廓。我們將繼續擴大我們廣受歡迎的火車特許經營權，即“火車執照”。

On the men's side, this year, we are launching the most innovation I've seen in the last number of years across categories and activities. A few highlights include new fabric innovations within our golf category and continuing to build upon the success of soft jersey with additional styles.

在男子方面，今年我們推出了過去幾年來跨類別和活動最多的創新。一些亮點包括我們高爾夫類別中的新面料創新，以及繼續在柔軟球衣的成功基礎上推出更多款式。

Also, we have recently leveraged our iconic Pace Breaker into a complete collection with the launch of a Pace Breaker jacket and pad to bring new solves into the men's run category. Our product and our ability to bring new technical solutions into our assortment on a consistent basis is one of our biggest competitive advantages.

此外，我們最近將標誌性的 Pace Breaker 融入了一個完整的系列，推出了 Pace Breaker 外套和護墊，為男性跑步類別帶來了新的解決方案。我們的產品以及持續將新技術解決方案引入我們的產品組合的能力是我們最大的競爭優勢之一。

I'm excited with the innovations we have on top for 2024, which will continue to enable our guests to sweat in any way they choose. Let me now shift to our brand and marketing strategies. As you know, our brand awareness remains low across most markets, which represents a significant opportunity for us to attract new guests.

我對 2024 年我們的創新感到興奮，這些創新將繼續讓我們的客人以他們選擇的任何方式流汗。現在讓我談談我們的品牌和行銷策略。如您所知，我們的品牌知名度在大多數市場仍然較低，這對我們來說是吸引新客人的重要機會。

Starting with our FURTHER event, which began just before International Women's Day and concluded last week. FURTHER was a first-of-its-kind women's ultramarathon in which 10 athletes from our ambassador collective set out to run the furthest distances of their careers. The activation was a huge success as world records were set by athletes wearing our apparel and footwear and is a great example of what makes lululemon unique.

從我們的 FURTHER 活動開始，活動在國際婦女節之前開始，並於上週結束。 FURTHER 是一場史無前例的女子超級馬拉鬆比賽，來自我們大使集體的 10 名運動員開始跑出她們職業生涯中最遠的距離。這項活動取得了巨大成功，穿著我們服裝和鞋類的運動員創造了世界紀錄，也是 lululemon 獨特之處的一個很好的例子。

For example, how we create authentic community activations like no other brand, which result in increased brand awareness through significant earned and social media attention and also how we continue to innovate with athletes and for athletes and introduce new technical solutions into our assortment. As part of FURTHER, we designed 36 products through a female-first lens, many of which we will introduce into our mainline assortment over the coming seasons.

例如，我們如何像其他品牌一樣創造真實的社群活動，透過大量的社群媒體關注來提高品牌知名度，以及我們如何繼續與運動員一起創新，為運動員創新，並將新技術解決方案引入我們的產品系列中。作為 FURTHER 的一部分，我們透過女性優先的視角設計了 36 款產品，其中許多產品我們將在未來幾季引入我們的主線產品系列。

Looking forward, next month in advance of the Paris Olympics and Paralympic Games, we'll be revealing our kit for Team Canada. As you know, in 2021, we announced a multiyear partnership with the Canadian Olympic Committee and the Canadian Paralympic Committee. After our inaugural 2022 Winter Games, we're now set to launch our first Team Canada summer collection, outfitting the athletes and coaches with our product. I've seen what we've created, and it's amazing for both our Olympians and Paralympians.

展望未來，下個月巴黎奧運和殘奧會之前，我們將公佈加拿大隊的球衣。如您所知，2021 年，我們宣布與加拿大奧委會和加拿大殘奧委會建立多年合作夥伴關係。在 2022 年首屆冬季奧運會結束後，我們現在準備推出首個加拿大隊夏季系列，為運動員和教練配備我們的產品。我已經看到了我們所創造的東西，這對我們的奧運選手和殘奧會選手來說都是令人驚嘆的。

In addition to supporting Canadian athletes, this partnership is another example of lululemon's deep relationships with elite athletes. It showcases our brand on the global stage and is a compelling strategy to grow awareness and bring new guests into the brand. I'd like to spend a moment on the success and growth within our international business.

除了支持加拿大運動員之外，此次合作也是 lululemon 與菁英運動員深厚關係的又一例證。它在全球舞台上展示我們的品牌，是提高知名度和吸引新客人加入品牌的引人注目的策略。我想花一點時間談談我們國際業務的成功和發展。

We experienced strength across all of our international markets in Q4, and we expect business to remain robust in 2024. International, which includes our China Mainland and Rest of World segments, continues to be underpenetrated and represents only 21% of our business. We operate a total of 273 stores in all of our international markets combined, which clearly speaks to the opportunity we have ahead of us.

我們在第四季度的所有國際市場都表現強勁，我們預計 2024 年業務將保持強勁。國際市場（包括中國大陸和世界其他地區）的滲透率仍然較低，僅占我們業務的 21%。我們在所有國際市場上總共經營 273 家商店，這清楚地說明了我們面臨的機會。

In 2024, we'll open approximately 30 stores outside of North America, and we will continue with our strategies to increase our brand awareness. And while not part of the Power of Three x2 growth plan, over the long term, we expect international to represent approximately half of our overall revenue.

到 2024 年，我們將在北美以外開設約 30 家商店，我們將繼續實施提高品牌知名度的策略。雖然不是「三倍力量」x2 成長計畫的一部分，但從長遠來看，我們預計國際業務將占我們總收入的大約一半。

As you can see, we have many reasons to be optimistic about the future. We entered 2024 from a position of strength. We exceeded our Power of Three x2 revenue target in 2023. And based upon our guidance, we will remain ahead of schedule in 2024. We are excited that our strategies to build brand awareness are working.

正如您所看到的，我們有很多理由對未來感到樂觀。進入 2024 年，我們處於強勢地位。我們在 2023 年超越了「三倍的力量」x2 收入目標。根據我們的指導，我們將在 2024 年繼續提前完成計劃。我們很高興我們建立品牌知名度的策略正在發揮作用。

Over the past year through our strategic investments in brand campaigns and community activations, we have successfully grown our unaided awareness in key markets. The U.S. went from 25% to 31%, and China went from 9% to 14%. We will continue these strategies in 2024. And we will continue to strategically invest across all markets, including the U.S., which will set us up well for this year and beyond.

在過去的一年裡，透過我們對品牌活動和社區活動的策略性投資，我們成功地提高了我們在關鍵市場的獨立意識。美國從25%上升到31%，中國從9%上升到14%。我們將在 2024 年繼續實施這些策略。我們將繼續在包括美國在內的所有市場進行策略性投資，這將為我們今年及以後的發展奠定良好的基礎。

Given we are in the early innings of our growth with low unaided awareness and significant market share potential, all of us on the lululemon leadership team are tremendously excited for what lies ahead for our brand. We are investing for growth with a pipeline of innovation that is full. We are playing offense while many others in our sector are not. And these advantages will further enhance our standing in the marketplace in the U.S. and around the globe.

鑑於我們正處於成長的早期階段，獨立意識較低且市場份額潛力巨大，lululemon 領導團隊的所有人都對我們品牌的未來感到非常興奮。我們正在透過一條完整的創新管道來投資成長。我們正在進攻，而我們行業的許多其他人卻沒有。這些優勢將進一步提高我們在美國和全球市場的地位。

With that, I'll turn it over to Meghan for a review of our financials and our 2024 guidance.

接下來，我將把它交給梅根，讓她審查我們的財務狀況和 2024 年的指導。

Thanks, Calvin. We closed out 2023 on a strong note, with our Q4 results exceeding the updated guidance we provided in mid-January. As Calvin mentioned, we've seen a slower start to Q1 in the U.S. while we continue to see strength in all other regions. While we navigate the consumer environment in the U.S., we see several opportunities to maximize our performance.

謝謝，卡爾文。我們以強勁的勢頭結束了 2023 年，第四季度的業績超出了我們 1 月中旬提供的最新指引。正如卡爾文所提到的，我們看到美國第一季的開局較慢，而我們繼續看到所有其他地區的強勁勢頭。當我們探索美國的消費者環境時，我們看到了一些最大化我們績效的機會。

Our teams are focused on executing against our strategies and delivering for our guests throughout 2024. As we have always done, we continue to plan for multiple scenarios. We are positioning ourselves to both maximize our performance in the short and long term and manage our business to protect against downside.

我們的團隊專注於執行我們的策略，並在 2024 年為我們的客人提供服務。正如我們一貫所做的那樣，我們繼續針對多種場景進行規劃。我們的定位是既要最大限度地提高短期和長期績效，也要管理我們的業務以防止下行風險。

Before sharing the details of our Q4 performance and our guidance outlook, let me provide an update on our segment reporting. With the evolution of our business, the meaningful opportunity we have in our international regions and our omnichannel operating model, we've changed our reporting segments from channel to geography.

在分享我們第四季度業績和指導前景的詳細資訊之前，讓我先介紹一下我們的分部報告的最新情況。隨著我們業務的發展、我們在國際地區擁有的有意義的機會以及我們的全通路營運模式，我們已經將報告細分從管道改為地域。

In our 2023 10-K, you will see our new segments, which are Americas, China Mainland and Rest of World. In the earnings release and on today's call, we will still provide comparable sales metrics by channel so you'll have the data to close out your models for 2023. However, going forward, we'll be reporting revenue metrics and profit on a regional basis.

在我們的 2023 年 10-K 中，您將看到我們的新細分市場，即美洲、中國大陸和世界其他地區。在財報發布和今天的電話會議中，我們仍將按管道提供可比較的銷售指標，以便您擁有數據來結束 2023 年的模型。但是，展望未來，我們將報告某個區域的收入指標和利潤基礎。

Let me now share the details of our Q4 performance. For Q4, total net revenue rose 16% to $3.2 billion, and comparable sales increased 12%. Within our regions, results were as follows: Americas revenue increased 9%, with comparable sales increasing 7%. China Mainland revenue increased 78%, with comparable sales increasing 60%. And in our Rest of World segment, revenue grew by 36%, with comparable sales increasing by 31%.

現在讓我分享一下我們第四季業績的細節。第四季度，總淨收入成長 16%，達到 32 億美元，可比銷售額成長 12%。在我們的地區內，結果如下：美洲收入成長 9%，可比銷售額成長 7%。中國大陸營收成長78%，可比銷售額成長60%。在世界其他地區，收入成長了 36%，可比銷售額成長了 31%。

In our store channel, total sales increased 15%, with comparable store sales increasing 6%. We ended the quarter with a total of 711 stores across the globe. Square footage increased 15% versus last year, driven by the addition of 56 net new lululemon stores since Q4 of 2022.

在我們的商店通路中，總銷售額成長了 15%，可比商店銷售額成長了 6%。本季末，我們在全球共有 711 家門市。自 2022 年第四季以來，淨新增 56 家 lululemon 門市，帶動面積較去年增加 15%。

During the quarter, we opened 25 net new stores and completed 15 optimizations. In our digital channel, revenues increased 17% and contributed $1.7 billion of top line or 52% of total revenue. By category, women's revenue increased by 13% versus last year, men's increased by 15%, and accessories grew 40%.

本季度，我們淨開設了 25 家新店，並完成了 15 項優化。在我們的數位管道中，營收成長了 17%，貢獻了 17 億美元的營收，佔總營收的 52%。以類別來看，女裝收入較去年成長 13%，男裝成長 15%，配件成長 40%。

We also experienced ongoing strength in traffic across channels, with stores and e-commerce both increasing by approximately 20%. This speaks to the strength of our omni operating model as we engage with our guests in ways most convenient to them. Gross profit for the fourth quarter was $1.9 billion or 59.4% of net revenue compared to the adjusted rate of 57.4% of net revenue in Q4 2022.

我們也經歷了跨通路流量的持續強勁，商店和電子商務均成長了約 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。第四季毛利為 19 億美元，佔淨收入的 59.4%，而 2022 年第四季調整後的毛利佔淨收入的 57.4%。

Our adjusted gross margin increased 200 basis points relative to last year and was driven primarily by the following: a 210 basis point increase in overall product margin, driven primarily by lower air and ocean freight costs as well as lower airfreight usage, offset slightly by 10 basis points of deleverage on foreign exchange.

我們調整後的毛利率較去年增長了 200 個基點，主要由以下因素推動： 總體產品利潤率增長 210 個基點，主要是由於空運和海運成本下降以及空運使用率下降，略微抵消了 10 個基點外匯去槓桿基點。

Markdowns in Q4 were relatively flat with last year. Gross margin was favorable to our updated guidance of 120 to 130 basis points, driven predominantly by 40 basis points of leverage on fixed costs, 20 basis points of favorability in product margin driven mostly by lower freight costs and 10 basis points of favorability in FX.

第四季的降價幅度與去年相對持平。毛利率有利於我們更新的 120 至 130 個基點的指導，主要是由於固定成本槓桿 40 個基點，產品利潤率有利 20 個基點，主要是由於貨運成本下降和外匯有利 10 個基點。

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 $990 million or 30.9% of net revenue compared to 29% of net revenue for the same period last year.

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成長機會進行策略性投資。 SG&A 費用約為 9.9 億美元，佔淨收入的 30.9%，而去年同期則佔淨收入的 29%。

The deleverage in SG&A was driven by our continued strategic investments in brand building, technology and foundational infrastructure, in addition to increased depreciation and amortization related to investments made in 2022 and 2023. This was partially offset by savings related to the evolution of our lululemon Studio business model.

SG&A 去槓桿化的推動因素是我們對品牌建設、技術和基礎設施的持續戰略投資，以及與2022 年和2023 年投資相關的折舊和攤銷增加。這部分被與lululemon 工作室發展相關的節省所抵消商業模式。

Foreign exchange contributed 40 basis points to the deleverage in the quarter. Operating income for the quarter was $914 million or 28.5% of net revenue compared to an adjusted operating margin of 28.3% in Q4 2022.

外匯對本季去槓桿貢獻了40個基點。該季度的營業收入為 9.14 億美元，佔淨收入的 28.5%，而 2022 年第四季調整後的營業利潤率為 28.3%。

Tax expense for the quarter was $262 million or 28.1% of pretax earnings compared to an adjusted effective tax rate of 28.7% a year ago. The decrease relative to last year is due primarily to an increase in tax benefits related to stock-based compensation and some favorable adjustments upon the filing of income tax returns. This was partially offset by an increase in accrued withholding tax on earnings in Canada.

該季度的稅務費用為 2.62 億美元，佔稅前收益的 28.1%，而一年前調整後的有效稅率為 28.7%。與去年相比下降的主要原因是與股票薪酬相關的稅收優惠增加以及提交所得稅申報表時的一些有利調整。這被加拿大收入應計預扣稅的增加部分抵銷。

Net income for the quarter was $669 million or $5.29 per diluted share compared to adjusted earnings per diluted share of $4.40 for the fourth quarter of 2022. Capital expenditures were approximately $207 million for the quarter, flat with Q4 last year. Q4 spend relates primarily to investments that support business growth, including our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

本季淨利為6.69 億美元，即稀釋後每股收益5.29 美元，而2022 年第四季調整後每股攤薄收益為4.40 美元。本季資本支出約為2.07 億美元，與去年第四季持平。第四季支出主要與支持業務成長的投資有關，包括我們的多年配送中心專案、新地點的商店資本、搬遷和翻新以及技術投資。

Turning to our balance sheet highlights. We ended the quarter with $2.24 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory at the end of Q4 was $1.3 billion. We are pleased with our inventory levels, which declined 9% versus last year. Relative to our expectations, higher revenue and foreign exchange contributed to the decrease. On a unit basis, inventory increased approximately 1%.

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 22.4 億美元的現金和現金等價物以及近 4 億美元的可用容量。第四季末的庫存為 13 億美元。我們對庫存水準感到滿意，與去年相比下降了 9%。相對於我們的預期，收入和外匯的增加導致了下降。以單位計算，庫存增加約 1%。

During the quarter, we repurchased approximately 120,000 shares at an average price of $450. In the full year 2023, we repurchased approximately $550 million of stock at an average price of approximately $375. At the end of Q4, we had approximately $1.2 billion of capacity remaining on our share repurchase authorization.

本季度，我們以 450 美元的平均價格回購了約 120,000 股股票。 2023 年全年，我們以約 375 美元的平均價格回購了約 5.5 億美元的股票。截至第四季末，我們的股票回購授權剩餘產能約為 12 億美元。

Let me now shift to our guidance outlook. As I said at the start of my remarks, we're being disciplined and agile with our planning for 2024. Our teams are focused on maximizing our performance in the current environment and delivering for our guests this year and beyond.

現在讓我談談我們的指導前景。正如我在發言開始時所說，我們對 2024 年的規劃嚴格而敏捷。我們的團隊致力於在當前環境下最大限度地提高我們的績效，並在今年及以後為我們的客人提供服務。

We remain committed to our Power of Three x2 growth plan. Beginning with the full year 2024, we expect revenue to be in the range of $10.7 billion to $10.8 billion. This range represents growth of 11% to 12% relative to 2023. Excluding the 53rd week that we have in the fourth quarter of 2024, we expect revenue to grow 10% to 11%.

我們仍然致力於「三倍力量」成長計畫。從 2024 年全年開始，我們預計營收將在 107 億美元至 108 億美元之間。這一範圍意味著相對 2023 年將成長 11% 至 12%。排除 2024 年第四季的第 53 週，我們預計營收將成長 10% 至 11%。

We expect to open 35 to 40 net new company-operated stores in 2024 and complete approximately 40 co-located optimizations. This will contribute to overall square footage growth in the low double digits. Our new store openings in 2024 will include 5 to 10 stores in the Americas, with the rest in our international markets, primarily in China Mainland.

我們預計在 2024 年將淨開設 35 至 40 家新的公司自營店，並完成約 40 家同地辦公優化。這將有助於整體面積以低兩位數成長。我們2024年新開的門市將包括5至10家位於美洲的門市，其餘位於國際市場，主要是中國大陸。

For the full year, we forecast gross margin to be approximately flat with adjusted gross margin in 2023. Within gross margin, we expect both markdowns and airfreight to be relatively flat with last year.

就全年而言，我們預計 2023 年毛利率將與調整後毛利率大致持平。在毛利率範圍內，我們預計降價和空運將與去年相對持平。

Turning now to SG&A for the full year. We forecast leverage of approximately 10 basis points versus 2023. We are prudently managing our expenses while continuing to invest strategically into our Power of Three x2 road map, including investments in marketing and brand building aimed at increasing our awareness and acquiring new guests, investments to support our international growth and market expansion and continued investment in technology infrastructure and data analytics capabilities.

現在轉向全年的銷售、管理及行政費用。我們預計槓桿率將比2023 年提高約10 個基點。我們正在審慎管理開支，同時繼續對我們的「三個力量x2 路線圖」進行策略性投資，包括旨在提高我們的知名度和吸引新客人的營銷和品牌建立投資，以及支持我們的國際成長和市場擴張以及對技術基礎設施和數據分析能力的持續投資。

When looking at operating margin for the full year of 2024, we expect it to increase by approximately 10 basis points versus adjusted operating margin in 2023, which expanded 110 basis points versus 2022. To date, in our Power of Three x2 plan, we are tracking above our operating margin target of modest expansion annually.

在考慮2024 年全年的營業利潤率時，我們預計2023 年調整後的營業利潤率將比2022 年增加約10 個基點，調整後的營業利潤率比2022 年擴大110 個基點。迄今為止，在在我們的「三力量x2」計畫中，我們高於我們每年適度擴張的營業利潤率目標。

For the full year 2024, we expect our effective tax rate to be approximately 30%, an increase over the 2023 adjusted effective tax rate of 28.7%. The increase relative to last year relates primarily to lower stock-based compensation deductions and the favorable adjustments we realized when filing our tax returns in 2023. For Q1, we expect our effective tax rate to be 29% to 29.5%.

對於 2024 年全年，我們預計有效稅率約為 30%，較 2023 年調整後的 28.7% 的有效稅率有所提高。相對於去年的成長主要與股票薪酬扣除額的降低以及我們在 2023 年提交納稅申報表時實現的有利調整有關。對於第一季度，我們預計有效稅率為 29% 至 29.5%。

For the fiscal year 2024, we expect diluted earnings per share in the range of $14 to $14.20 versus adjusted EPS of $12.77 in 2023. Our EPS guidance excludes the impact of any future share repurchases. When looking at inventory, we expect dollar inventory to decline in the high single to low double-digit percent in the first half of the year and then increase in the second half of the year as we anniversary last year's declines.

對於 2024 財年，我們預計稀釋後每股收益將在 14 至 14.20 美元之間，而 2023 年調整後每股收益為 12.77 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。在查看庫存時，我們預計今年上半年美元庫存將以高個位數百分比下降到低兩位數百分比，然後在下半年增加，因為我們正值去年的下降週年紀念日。

We expect capital expenditures to be approximately $670 million to $690 million for 2024. This spend relates to 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.

我們預計 2024 年的資本支出約為 6.7 億至 6.9 億美元。這筆支出涉及支持業務成長的投資，包括延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。

Shifting now to Q1. We expect revenue in the range of $2.175 billion to $2.2 billion, representing growth of 9% to 10%. We expect to open one net new company-operated store in Q1. We expect gross margin in Q1 to be approximately flat with Q1 2023, with markdowns relatively flat with last year.

現在轉向第一季。我們預計營收將在 21.75 億美元至 22 億美元之間，成長 9% 至 10%。我們預計第一季將淨開設一家新的公司自營店。我們預計第一季的毛利率將與 2023 年第一季大致持平，降價幅度與去年相對持平。

In Q1, we expect our SG&A rate to deleverage by 130 to 140 basis points relative to Q1 2023. This will be driven predominantly by increased investments to grow brand awareness and acquire new guests and higher depreciation resulting from technology investments made in 2022 and 2023.

與2023 年第一季相比，我們預計第一季的SG&A 率將去槓桿化130 至140 個基點。這主要是由於為提高品牌知名度和吸引新客人而增加的投資以及2022 年和2023 年技術投資帶來的更高折舊所推動的。

Let me share some additional details on our investments to grow brand awareness. Within Q1, we will be activating 3 relatively large brand events: our footwear launch and Further ultra marathon, which already took place and our Team Canada kit launch later in the quarter.

讓我分享一些有關我們為提高品牌知名度而進行的投資的更多細節。在第一季度，我們將啟動 3 項相對較大的品牌活動：我們的鞋類發布會和已舉辦的「Further 超級馬拉松」活動，以及我們在本季稍後推出的加拿大隊球衣發布會。

These events, plus some other strategic investments in brand building, are contributing to the deleverage. Looking at quarters 2 through 4, we do not anticipate SG&A deleverage. And as I previously stated, we expect 10 basis points of SG&A leverage for the full year.

這些事件，加上品牌建立的其他一些策略投資，都有助於去槓桿化。從第二季到第四季來看，我們預期銷售管理及行政費用不會去槓桿化。正如我之前所說，我們預計全年 SG&A 槓桿為 10 個基點。

When looking at operating margin for Q1, we expect it to decline 130 to 140 basis points year-over-year, driven by our SG&A investments. I'd also note that operating margin in Q1 2023 expanded by 400 basis points, driven predominantly by airfreight savings. In addition, we did not start accelerating our investments into our strategic road map until the second quarter of last year.

在考慮第一季的營業利潤率時，我們預計在 SG&A 投資的推動下，營業利潤率將年減 130 至 140 個基點。我還注意到，2023 年第一季的營業利潤率擴大了 400 個基點，這主要是由於空運節省所致。此外，我們直到去年第二季才開始加速對策略路線圖的投資。

And as I stated previously, we expect operating margin to expand modestly for the full year on top of the 110 basis points of operating margin expansion in 2023. Turning to EPS. We expect earnings per share in the first quarter to be in the range of $2.35 to $2.40 versus EPS of $2.28 a year ago.

正如我之前所說，我們預計全年營業利潤率將在 2023 年營業利潤率擴張 110 個基點的基礎上小幅擴張。轉向每股收益。我們預計第一季每股收益將在 2.35 美元至 2.40 美元之間，而去年同期每股收益為 2.28 美元。

And with that, I will turn it back over to Calvin.

有了這個，我會把它轉回給卡爾文。

Thank you, Meghan. In summary, I'm proud of how we closed out 2023 and the way in which we have continued to expand around the world, deliver against our Power of Three x2 strategies and create momentum in the business. I'm optimistic that the investments we're making in the business will contribute to another year of growth in 2024.

謝謝你，梅根。總而言之，我對我們結束 2023 年的方式以及我們在全球範圍內繼續擴張、實現我們的「三個力量 x2」策略並創造業務動力的方式感到自豪。我樂觀地認為，我們對該業務的投資將有助於 2024 年又一個成長年。

In closing, I want to thank the members of our global collective, particularly our employees in our stores, distribution and guest education centers as well as our store support centers, who engage with our guests every day and bring our brand to life. They are responsible for driving these results, and they will be the engine that will fuel all we will accomplish going forward.

最後，我要感謝我們全球集體的成員，特別是我們商店、分銷和顧客教育中心以及商店支援中心的員工，他們每天與我們的顧客互動，為我們的品牌注入活力。他們負責推動這些成果，他們將成為推動我們未來實現的一切目標的引擎。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions) The first question comes 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。

Great. I just wanted to hone in on the comments on the challenging consumer behavior. Just wondering, are you seeing that in some pockets of the business more than others? Or is it broad-based? Is it a traffic or a conversion problem? Or how do you see that?

偉大的。我只是想深入探討有關具有挑戰性的消費者行為的評論。只是想知道，您是否在企業的某些領域比其他領域看到更多這種情況？或它的基礎廣泛嗎？是流量問題還是轉換問題？或者你怎麼看？

And then does that mean that the business is currently running at the 1Q guide, like that 9% to 10%, I believe? Or how should we think about that comment in relation to the first quarter guidance?

那麼這是否意味著該業務目前正按照第一季的指導運行，我認為是 9% 到 10%？或者我們應該如何看待與第一季指引相關的評論？

Thanks, Alex. In terms of what we're seeing, as I mentioned, all international markets, including Canada, are continuing their strong momentum into Q1. And in the U.S. is where we're really navigating the dynamic retail environment with the consumer. That is a little soft coming into the year.

謝謝，亞歷克斯。正如我所提到的，就我們所看到的情況而言，包括加拿大在內的所有國際市場都在第一季繼續保持強勁勢頭。在美國，我們真正與消費者一起駕馭動態的零售環境。今年的情況有點軟。

I think we have an opportunity. I know we have an opportunity in this market, in particular, some in and around our product. As I mentioned, our sizing, in particular, in 0 to 4 is something we're chasing into. Color, where we had color, it performed well. And honestly, we just did not have enough. And both of these attributes overindexed in the U.S., which is where I see the opportunity, and we're going to continue to play offense in the market.

我認為我們有機會。我知道我們在這個市場上有機會，特別是在我們的產品內部和周圍。正如我所提到的，我們的尺寸，特別是 0 到 4 的尺寸是我們正在追求的。顏色，我們有顏色的地方，它表現得很好。老實說，我們還不夠。這兩個屬性在美國都被過度索引，這是我看到機會的地方，我們將繼續在市場上進攻。

The innovation product pipeline remains very strong for this year, and we have some exciting brand initiatives in addition. Where that's showing up, we're seeing a slowdown in traffic in the U.S., but it's still positive, and conversion is down slightly. And I'd link that to some of the product opportunities we have in the sizing and color, which, as I said, we will -- we are chasing into and get stronger through the quarters.

今年的創新產品線仍然非常強勁，此外我們還有一些令人興奮的品牌舉措。在這種情況下，我們看到美國的流量有所放緩，但仍然是積極的，而且轉換率略有下降。我會將其與我們在尺寸和顏色方面擁有的一些產品機會聯繫起來，正如我所說，我們將在幾個季度中追逐並變得更加強大。

Great. And Alex, I'd just add, on the Q1 guide relative to current trends, we don't speak to inter-quarter trends. But as Calvin shared, we were off to a soft start in the U.S., with all other regions performing strongly, and did guide to the 9% to 10% growth, which we feel is appropriate given what we're seeing in terms of trends.

偉大的。亞歷克斯，我只是補充一下，在相對於當前趨勢的第一季指南中，我們不討論季度間趨勢。但正如 Calvin 所說，我們在美國起步較軟，所有其他地區都表現強勁，並確實實現了 9% 至 10% 的成長，考慮到我們所看到的趨勢，我們認為這是適當的。

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)。

I was hoping you could provide a state of the union on the men's business. Growth stabilized after decelerating a bit last year. Where do you see the largest opportunity is to defend and grow share in the men's business?

我希望你能就男士事務發表一份國情咨文。成長在去年略有放緩後趨於穩定。您認為捍衛和擴大男裝業務份額的最大機會在哪裡？

Great. Thanks, Lorraine. As I mentioned, I'm very excited about the product pipeline for men's this year. Last year, our men's business did increase, as you indicated, in the Q4, which was great to see that momentum back into our men's business.

偉大的。謝謝，洛林。正如我所提到的，我對今年男裝產品線感到非常興奮。正如您所指出的，去年我們的男裝業務在第四季度確實有所增長，很高興看到我們的男裝業務恢復了這種勢頭。

Total year was 15% growth. And 2 years into our Power of Three x2 plan, we've grown our men's revenue at a 21% CAGR, so ahead of that goal. We continue to put on share through all of last year. We did see the male guest in general pull back a little bit in the category of apparel and athletic. And I think Q4, we are seeing him being drawn back in on innovation, which I will highlight a few that, for this year, I'm very encouraged by.

全年總成長率為 15%。在我們的「三倍力量 x2」計畫實施兩年後，我們的男士收入以 21% 的複合年增長率增長，提前實現了這一目標。去年全年我們持續增持股票。我們確實看到男性客人在服裝和運動方面總體上有所退縮。我認為第四季度，我們看到他在創新方面有所退步，我將重點放在一些今年令我深受鼓舞的創新。

One is, as you know, in our ABC franchise, both the trouser and 5 pocket, it was only a few years ago that we had one fabric offering, and that was Warpstreme. Since then, we've added Utilitech, we've added WovenAir, and we are launching a VersaTwill product this year, which is -- feels more -- it's a proprietary performance base. So it feels more of a hand feel of a cotton. So it's fantastic for the lighter, warmer months. And it really is a completely incremental offering for us in a silhouette and a brand and a franchise that he loves.

一是，如您所知，在我們的 ABC 特許經營中，無論是褲子還是 5 口袋，僅在幾年前我們才提供一種面料產品，那就是 Warpstreme。從那時起，我們添加了 Utilitech，添加了 WovenAir，今年我們將推出 VersaTwill 產品，感覺更多的是，它是專有的性能基礎。所以摸起來更像是棉質的手感。因此，在天氣晴朗、溫暖的月份裡，它非常適合。這對我們來說確實是一個完全增量的產品，包括他喜歡的輪廓、品牌和特許經營權。

Our Lounge product in men's is just getting stronger. We launched Soft Jersey last fall. We've been chasing since then. In the next few weeks, we'll really be fully in an in-stock position to represent.

我們的男士 Lounge 產品正變得越來越強大。我們去年秋天推出了 Soft Jersey。從那時起我們就一直在追逐。在接下來的幾週內，我們將真正擁有充足的庫存來代表。

We've added Steady State and Smooth Spacer. So our Lounge offering for him is the strongest it's been. And we've equally launched some performance product that's performing incredibly well: Zeroed In, which is a new train franchise; and the Pace Breaker, which is our most versatile hero short item, bringing that into a track bottom and top to round out the needs for him.

我們添加了穩態和平滑墊片。因此，我們為他提供的休息室是有史以來最強大的。我們同樣推出了一些表現非常出色的高性能產品：Zeroed In，這是一個新的火車系列； Pace Breaker，這是我們最通用的英雄短款單品，將其融入賽道底部和頂部，以滿足他的需求。

So all those are checking very positively. We're seeing very encouraging demand on the newness. And I'm very confident in our product pipeline and what we're going to see.

所以所有這些都非常積極地進行檢查。我們看到對新穎性的需求非常令人鼓舞。我對我們的產品線和我們將看到的東西非常有信心。

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。

I was hoping you could elaborate on what you're seeing in the China market today and your outlook for growth there this year. Additionally, could you provide updated thoughts on opportunity for further profitability improvement in the region this year?

我希望您能詳細介紹一下您今天在中國市場看到的情況以及今年的成長前景。此外，您能否提供有關今年該地區進一步提高盈利能力的機會的最新想法？

Thanks, Brooke. I'll take the first half. We remain excited about the potential for lululemon in China. In Q4, our revenue increased 78% in Mainland China. Part of that was driven by the COVID-related store closures we experienced in quarter '22. But in the full year, our business grew 67%.

謝謝，布魯克。我就拿上半場來說吧我們對 lululemon 在中國的潛力仍然感到興奮。第四季度，我們在中國大陸的營收成長了 78%。部分原因是我們在 22 年季度經歷了與新冠疫情相關的商店關閉。但全年我們的業務成長了 67%。

So while we're keeping a close eye on the macro environment in the region, our business remains very strong, and we believe several factors benefit us in China. One, we are building from a smaller base. We have 127 stores on Mainland at the end of the quarter, and we see opportunity to continue to add.

因此，儘管我們密切關注該地區的宏觀環境，但我們的業務仍然非常強勁，我們相信有幾個因素對我們在中國有利。第一，我們是在較小的基礎上進行建設的。截至本季末，我們在大陸擁有 127 家門市，並且我們看到了繼續增加的機會。

We have and take a localized approach to our brand, leveraging relationships locally in the community through ambassadors, instructors and influencers that has really resonated locally. And some of our most exciting activations come from that market and an ongoing strategy to keep opening new stores.

我們對我們的品牌採取了本地化的方法，透過在當地引起真正共鳴的大使、講師和影響者來利用當地社區的關係。我們最令人興奮的活動來自該市場以及不斷開設新店的持續策略。

So our unaided brand awareness, we did see good improvements last year. We started the year at 9%. We ended at 14%. But 14% in a market of that size, we have a lot of opportunity to continue to grow, see great momentum in the brand and excited about how that team is activating and growing and optimistic with our potential in that market.

因此，我們的品牌知名度在去年確實看到了良好的進步。我們年初的成長率為 9%。我們的收盤價為 14%。但在如此規模的市場中，我們有很多機會繼續成長，看到品牌的巨大勢頭，並對團隊如何激活和成長感到興奮，並對我們在該市場的潛力感到樂觀。

And then, Brooke, I'd add, though we don't break out regional outlooks, in terms of China, we believe that growth rate will be significantly above our guide of 10% to 11% for the full year, excluding the 53rd week. So coming off of a 78% growth in Q4 and feel well positioned as we move into '24.

然後，布魯克，我想補充一點，雖然我們沒有公佈地區前景，但就中國而言，我們相信全年增長率將大大高於我們的指導值 10% 至 11%（不包括第 53 個國家）星期。因此，在第四季度實現 78% 的成長之後，當我們進入 24 世紀時，我們感覺自己處於有利位置。

And then in terms of improving profitability in that region, our near-term priority is really to grow top line and capture, as Calvin mentioned, the unaided brand awareness opportunity we see there and go after new guest acquisition this year. So we've looked to continue those investments as we look into '24, but certainly see opportunity over the longer term to continue to grow that operating margin product.

然後，就提高該地區的獲利能力而言，我們近期的首要任務實際上是增加營收，並抓住我們在那裡看到的獨立品牌知名度機會，並在今年爭取新客戶。因此，在展望 24 世紀的過程中，我們希望繼續進行這些投資，但從長遠來看，我們確實看到了繼續成長營業利潤率產品的機會。

The next question comes from Mark Altschwager with Baird.

下一個問題來自貝爾德 (Baird) 的馬克‧阿爾特施瓦格 (Mark Altschwager)。

I wanted to ask you about inventory. I guess this is the first time in a while, I think, I've heard you speak to stock-outs in certain sizes and styles perhaps weighing on sales growth. So how do you feel about the level and the mix of your current inventory? What are your plans for inventory growth this year?

我想問你關於庫存的問題。我想這是我一段時間以來第一次聽到您談到某些尺寸和款式的缺貨可能會影響銷售成長。那麼您對目前庫存水準和組合有何看法？今年的庫存成長計畫是什麼？

And given that things seem to be fairly lean, why wouldn't there be an opportunity to perhaps drive lower markdowns in 2024? Maybe walk us through some of the puts and takes you're thinking about there.

鑑於情況似乎相當精簡，為什麼 2024 年沒有機會降低降價？也許可以帶我們來了解您正在考慮的一些看跌期權和看跌期權。

Yes. Thanks, Mark. So inventory, we came in negative 9% on a dollar basis and plus 1 on a unit basis. We feel pleased with the level and currency composition of our inventory overall. Calvin did talk about a few pockets in the U.S. where we feel like we've got an opportunity to accelerate what's working in terms of inventory, but we still feel well positioned from an overall perspective.

是的。謝謝，馬克。因此，庫存方面，以美元計算，我們的庫存為負 9%，以單位計算，我們的庫存增加了 1%。我們對整體庫存水準和貨幣組成感到滿意。卡爾文確實談到了美國的一些地區，我們認為我們有機會加快庫存方面的工作，但從整體角度來看，我們仍然感覺處於有利地位。

I would say, from a markdown perspective, we run a very low markdown rate. Generally speaking, 2023 was flat to '22 and 2019, which is a healthy water line for us. That's our expectation for 2024. So at this point in time, given we're very early in the year, we're not changing our thinking on markdowns, but we'll continue to keep updated there.

我想說，從降價的角度來看，我們的降價率非常低。總體來說，2023年與22年和2019年持平，這對我們來說是一個健康的水線。這是我們對 2024 年的期望。因此，鑑於我們還處於今年的早期，我們不會改變對降價的想法，但我們將繼續保持更新。

The next question comes from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

Could you speak to multiyear drivers of positive comp growth in the Americas maybe relative to the high single digits last year or just areas that you see could take continued market share regardless of the macro?

您能否談談美洲地區相對於去年高個位數成長的多年驅動因素，或者您認為無論宏觀經濟如何，都可以持續佔據市場份額的領域？

Matt, I think the beginning of your question cut off. Do you mind just repeating it?

馬特，我認為你問題的開頭就被切斷了。你介意重複一遍嗎？

Yes, sure. Yes, I think the operator held it on. So what I was asking is on the early innings growth story that I know, Calvin, that you speak to, just how the Americas fits into that? And as we think about same-store sales growth in the Americas relative to the high singles this year, just how best to think about multiyear drivers or areas to take continued market share regardless of what the Americas macro may look like?

是的，當然。是的，我認為運營商保留了它。所以我要問的是我所知道的早期幾局的成長故事，卡爾文，你和你交談過，美洲是如何融入其中的？當我們考慮美洲的同店銷售成長相對於今年的高單品銷售時，無論美洲宏觀形勢如何，如何最好地考慮多年驅動因素或領域以獲取持續的市場份額？

Yes. Thanks, Matt. Definitely still view across all markets being early innings in our growth story. When we look at Americas, as I mentioned, Canada is continuing its strong momentum into quarter 1. And within the U.S., we're navigating what we see as a dynamic retail environment and a consumer that's a little bit softer.

是的。謝謝，馬特。毫無疑問，所有市場仍然處於我們成長故事的早期階段。當我們看美洲時，正如我所提到的，加拿大在第一季繼續保持強勁勢頭。而在美國，我們看到零售環境充滿活力，而消費者則稍微疲軟。

But there are a lot of areas that we are focused on and we know can continue to drive our business, that being product innovation and the unaided awareness, which, in the U.S., is still very low. I think, combined, it's less than 50%, in the 40% range, with a lot of exciting initiatives. Plan to continue to make progress on that awareness metric.

但我們關注很多領域，我們知道可以繼續推動我們的業務，那就是產品創新和獨立意識，而這在美國仍然很低。我認為，加起來，它不到 50%，在 40% 的範圍內，有很多令人興奮的舉措。計劃繼續在該認知度指標上取得進展。

So when we look across the metric, when we look across our categories, which I've always talked to before in terms of the balanced approach across men's and women's and accessories in the pipeline and the ability to grow and where we are from an awareness perspective, no change in U.S., no change in our strategy. And with this guidance, not only did we complete '23 ahead of our Power of Three x2 goals, but with the guidance, 2024, we will still be ahead of our Power of Three x2 goals, and we don't see a change in that.

因此，當我們審視指標時，當我們審視我們的類別時，我之前一直談到男裝、女裝和配飾的平衡方法，以及成長的能力以及我們的意識水平從角度來看，美國沒有變化，我們的策略也沒有變化。有了這個指導，我們不僅提前完成了“23 年的三倍力量 x2 目標”，而且有了 2024 年的指導，我們仍將領先於“三倍力量 x2”目標，而且我們沒有看到任何變化那。

And Matt, I'd just add, we shared a long-term target of low double-digit CAGR for North America. We're tracking ahead of that to date in our plan. I feel comfortable with that long-term target. And then from a sales per square foot perspective, the U.S. is the highest in terms of sales per square foot by store. So -- and was -- continue to grow when we went through 2023. So we still feel like stores are an important part of that strategy.

我想補充一點，馬特，我們共同設定了北美低兩位數複合年增長率的長期目標。到目前為止，我們正在計劃中提前追蹤。我對這個長期目標感到滿意。然後從每平方英尺銷售額的角度來看，美國的商店每平方英尺銷售額最高。因此，當我們進入 2023 年時，我們仍然在繼續成長。因此，我們仍然認為商店是該策略的重要組成部分。

That's great. Meghan, just one follow-up. Could you elaborate, this year, on SG&A, just efficiencies or flexibility in this year's P&L to leverage on the low double-digit revenues? I think, historically, it's mid-teens to see SG&A and operating margin leverage.

那太棒了。梅根，只是一個後續行動。您能否詳細說明今年的銷售、一般費用、今年損益表的效率或靈活性，以利用兩位數的低收入？我認為，從歷史上看，SG&A 和營業利潤率槓桿率大約在十幾歲左右。

Yes. So we guided for the year to 10 basis points operating margin expansion. We were up against a 110 basis point expansion in 2023. So really pleased with the leverage we saw in 2023.

是的。因此，我們預計今年營業利潤率將擴大 10 個基點。我們預計 2023 年將擴張 110 個基點。我們對 2023 年看到的槓桿率感到非常滿意。

When we looked at our 2024 plans, we've made some reductions to discretionary spend while continuing to invest behind market expansion as well as going after unaided guest awareness and new guest acquisition. So we're really looking at driving into the long-term opportunity there as we also move through 2024.

當我們審視 2024 年計畫時，我們對可自由支配支出進行了一些削減，同時繼續投資於市場擴張以及提高獨立賓客意識和新賓客獲取。因此，隨著 2024 年的到來，我們確實正在考慮抓住那裡的長期機會。

The next question comes from Dana Telsey with Telsey Group.

下一個問題來自 Telsey Group 的 Dana Telsey。

Can you talk a little bit about the marketing investment and how you're thinking about this year compared to last year? And then the membership program, any update on the rollout of the membership program, the profile of the guests that you're seeing and getting?

您能談談今年的行銷投資以及您對今年與去年相比的看法嗎？然後是會員計劃，會員計劃推出的任何更新，您所見和得到的客人的資料嗎？

Dana, from a marketing campaign perspective, as we've signaled, we continue to lean in to a variety of activations as a means to get at that unaided brand awareness. Building on the successes that we saw last year, we continue to test and learn. We did an Align campaign beginning of last year, very pleased with the results, followed up with an ABC campaign for him in the fall. Very pleased with that activation.

達納，從行銷活動的角度來看，正如我們所表示的那樣，我們將繼續依靠各種活動作為獲得獨立品牌知名度的手段。在去年成功的基礎上，我們繼續測試和學習。我們去年年初開展了 Align 活動，對結果非常滿意，隨後在秋季為他開展了 ABC 活動。對這次啟動非常滿意。

We had a number of activations in Mainland China. All of those are contributing to the growth that we've seen in unaided awareness. So we know that we are acquiring guests, and these top-of-funnel activations are performing. And heading into this year, we have a number that we will continue to innovate and create and bring.

我們在中國大陸進行了多次激活。所有這些都有助於我們在獨立意識方面的成長。所以我們知道我們正在吸引客人，而這些漏斗頂部的活化正在發揮作用。進入今年，我們將繼續創新、創造和帶來一些數字。

So we've kicked off this year already with our cityverse activation, which we were able to leverage quite a bit of earned media behind. That's off to a strong start, as I mentioned, in particular, overindexing with our male guests.

因此，我們今年已經開始了城市宇宙的激活，我們能夠利用大量的免費媒體。正如我所提到的，這是一個好的開端，尤其是對我們的男客人的過度索引。

FURTHER, which another earned media opportunity supported. Interestingly, with FURTHER is we showcased up to 36 unique innovative items that will, over the next coming months, appear in our lineup for run, with the first being an incredible bra innovation that we'll be launching in Q3.

此外，另一個贏得媒體機會的支持。有趣的是，我們在FURTHER 上展示了多達36 種獨特的創新產品，這些產品將在接下來的幾個月中出現在我們的跑步產品陣容中，第一個是我們將在第三季度推出的令人難以置信的胸罩創新產品。

The COC or the Canadian Olympic Committee, which really, we know, from the Beijing Games had a great impact on the brand from a global scale. So there are a lot of exciting activations that we will continue to really gear towards that more top-of-funnel unaided awareness. And as I shared with you, we're seeing success on that. I know we have a long way to go, early innings on what the potential of the brand is in driving unaided into that consideration.

我們知道，COC或加拿大奧委會確實從北京奧運會上對這個品牌在全球範圍內產生了巨大的影響。因此，我們將繼續進行許多令人興奮的活動，以實現更多漏斗頂部的無輔助意識。正如我與您分享的那樣，我們在這方面看到了成功。我知道我們還有很長的路要走，在早期階段，我們還需要了解該品牌在獨立推動這項考慮方面的潛力。

Membership program, I mentioned we now have 17 million active members, and that's from really the program was just 1 year -- launched 1 year earlier. So a significant number of our guests, and the program is geared to drive LTV and to drive spend. And we do that through a variety of activations as well as benefits.

會員計劃，我提到我們現在有 1700 萬活躍會員，而這實際上是該計劃僅一年前推出的一年。因此，我們的客人數量相當多，該計劃旨在提高生命週期價值並推動支出。我們透過各種活化和福利來做到這一點。

It can be early access to product. It can be access to some of our events, leveraging our partners, be it physically in local communities or, as we did in January with Peloton, having a back-to-sweat activation. And that is driving engagement, and it's having an impact on the LTV and spend metrics. So we're going to continue in that work. But it's only been less than 1.5 years since we launched it and very encouraged with the results so far and excited to continue building that program.

它可以儘早獲得產品。它可以是參與我們的一些活動，利用我們的合作夥伴，無論是在當地社區進行實體活動，還是像我們一月份在 Peloton 上所做的那樣，進行一場背水一戰的活動。這正在推動參與度，並對 LTV 和支出指標產生影響。所以我們將繼續這項工作。但距離我們啟動該專案還不到 1.5 年，我們對迄今為止的結果感到非常鼓舞，並很高興繼續建立該專案。

And Dana, I'd just add, in terms of marketing investment, our marketing as a percent of sales for 2023 was 4.5. And we're expecting to be in the range of 4.5 to 5 in 2024 and looking forward at this point in time.

達納（Dana），我只是補充一下，就行銷投資而言，我們的行銷佔 2023 年銷售額的百分比為 4.5。我們預計 2024 年該數字將在 4.5 至 5 之間，並展望這一時間點。

The next question comes from John Kernan with Cowen.

下一個問題來自約翰·克南和考恩。

So Calvin, we've seen new entrants in the space. They didn't slow your momentum over the holiday in Q4. But can you talk to the durable competitive advantage that lululemon maintains in terms of materials innovation, scale, the depth of the offering for both men and women?

Calvin，我們看到了這個領域的新進者。他們並沒有減緩第四季假期的勢頭。但您能談談 lululemon 在材料創新、規模、男女產品深度方面保持的持久競爭優勢嗎？

Yes. Thanks, John. I'll break that down into how I view it, which is really 2 components. One is what's fueling the momentum in the business? And obviously, what are the unique strengths or the moat of the brand and how unique are we when we look and compare ourselves to others?

是的。謝謝，約翰。我將把它分解為我的看法，這實際上是兩個組成部分。一是什麼推動了業務的發展動能？顯然，品牌的獨特優勢或護城河是什麼？當我們將自己與他人比較時，我們有多獨特？

So from a momentum perspective, we know that our unique approach to innovating, putting unmet needs of the guests first and delivering the solutions through science of feel, beginning with fabrics, but into fit and overall into performance and then into that product, which then drives the engagement and -- with our community and guest relationships, which then unlocks further unmet needs, is really the momentum driver of this business.

因此，從動力的角度來看，我們知道我們獨特的創新方法，首先將客人未滿足的需求放在首位，並透過感覺科學提供解決方案，從面料開始，然後進入合身性和整體性能，然後進入產品，然後推動與我們的社區和客戶關係的參與，從而進一步釋放未滿足的需求，這確實是這項業務的動力驅動力。

And when I look at where we sit in terms of the innovation, the product and the activation with our guests and how they're engaging in any and all activations we do and the relationships with our stores, with our educators, NPS scores, very, very positive, good momentum across all markets when I look at those attributes.

當我看到我們在創新、產品和與客人的激活方面的情況，以及他們如何參與我們所做的任何和所有激活以及與我們的商店、我們的教育工作者、NPS 分數的關係時，非常當當我看到這些屬性時，所有市場的勢頭都非常積極、良好。

And then when I look at what makes lululemon unique, I really stack it and build it across both our model and our brand. And I think the uniqueness is all of these elements combined. Other competitors or brands may have elements of these. But when I look at our model and our product and the consistency of true innovation at the performance level, not at a fashion level, but at a performance level, into our community and the way in which we activate across our partner platform and then through our stores and our ambassadors, the scale in which we're able to do that compared to others.

然後，當我了解 lululemon 的獨特之處時，我真的將其疊加起來，並在我們的模型和品牌中建立它。我認為獨特之處在於所有這些元素的結合。其他競爭對手或品牌可能也有這些元素。但是，當我審視我們的模式和產品，以及性能層面上真正創新的一致性時，不是時尚層面，而是性能層面，進入我們的社區以及我們在合作夥伴平台上激活的方式，然後通過我們的商店和我們的大使，與其他公司相比，我們能夠做到這一點的規模。

And then combined with our D2C model, where not only do we own the relationship with our guests, but there are inherent benefits of margin structure that allows us to invest other ways in our business to further differentiate. And then into brand, being a dual-gender brand that has permission across wear occasions, from Pinnacle, Podium, Sweat all the way through of Lounge and Social, we believe, is incredibly unique.

然後結合我們的 D2C 模式，我們不僅擁有與客人的關係，而且還有利潤結構的固有優勢，使我們能夠以其他方式投資於我們的業務，以進一步實現差異化。然後進入品牌，作為一個雙性品牌，可以在各種穿著場合使用，從 Pinnacle、Podium、Sweat 一直到 Lounge 和 Social，我們相信，這是非常獨特的。

And we bring that performance perspective to all those needs of the guests and then into the agelessness of the brand, where, if you look -- and I've said before, you go to stores, mom, daughter and grandma can be shopping in the brand and are actually advocates of the brand to the others. And I think that's rooted in the notion of the solutions that we offer and provide for.

我們將這種性能視角融入客人的所有這些需求中，然後融入品牌的永恆之中，如果你看——我之前說過，你去商店，媽媽、女兒和奶奶可以在裡面購物品牌，並且實際上是該品牌向其他人的擁護者。我認為這植根於我們提供和提供的解決方案的概念。

That stack, when I go through the competitor list, I don't see anyone that compares to that. And we think that is really the strength of this brand and where we look to disrupt ourselves, where we look to invest and definitely fuel and plugs into our momentum. But that's how we compare and look at ourselves and see a lot of strengths in that and the ability to keep driving our business.

當我瀏覽競爭對手名單時，我沒有看到任何人可以與之相比。我們認為這確實是這個品牌的優勢，我們希望顛覆自己，我們希望進行投資，並且肯定會增強我們的動力。但這就是我們如何比較和看待自己，並看到其中的許多優勢以及繼續推動我們業務的能力。

That's very helpful. Meghan, just a follow-up, maybe shifting more towards the model. The decision to go towards a geographic-level disclosure versus the channel disclosure before, how should we think about omnichannel comps going forward?

這非常有幫助。梅根，只是一個後續者，也許會更多地轉向模特兒。與先前的通路揭露相比，決定進行地理層面的揭露，我們該如何考慮未來的全通路比較？

You've obviously made some big investments across stores and digital. I think a lot -- you focus more on co-located stores recently and larger stores. How should we think about the balance between corporate store sales and DTC now?

顯然，您已經在商店和數位領域進行了一些重大投資。我想了很多——你最近更關注同地辦公的商店和更大的商店。現在我們該如何思考企業門市銷售與DTC之間的平衡？

Yes. So we had shared, when we set out this Power of Three x2 plan, that we expected e-comm to grow slightly ahead of our CAGR of 15% sales CAGR, and store is slightly below. I would say, over the long-term time period, that view hasn't changed.

是的。因此，當我們制定「三強 x2」計畫時，我們預計電子商務的成長將略高於我們 15% 的銷售複合年增長率，而商店的成長略低於我們。我想說，在很長一段時間內，這種觀點沒有改變。

We've seen, I would say, strength in both channels coming off of '23: e-comm total growth, 17%, stores 21%; e-comm comped at 17%, and stores at 9%. So continue to see opportunity across both channels and leveraging that on the ecosystem.

我想說，我們已經看到了 23 年以來兩個管道的實力：電子商務總成長 17%，商店成長 21%；電子商務佔 17%，商店佔 9%。因此，請繼續在兩個管道中尋找機會，並在生態系統中利用這些機會。

The next question comes from Paul Lejuez with Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. Just wanted to follow up on the slowdown that you're seeing in the U.S. currently. Is one category or gender driving the slowdown? Or is it more broad-based?

這是凱利替保羅發言。只是想跟進您目前在美國看到的經濟放緩情況。是某一類別或性別導致經濟放緩嗎？或者它的基礎更廣泛？

And then secondly, just curious if you're assuming some pickup in traffic in the U.S. as a result of some of these marketing investments you're making in 1Q as we move throughout the year.

其次，我想知道，隨著我們全年的發展，您是否認為美國的流量會因為您在第一季進行的一些行銷投資而有所回升。

Kelly, I would say, the slowdown we're experiencing in the U.S. is fairly broad-based. As Calvin mentioned, we have identified some opportunities that we can go after and product specifically on color and on women sizing, so on the 0 to 4 size range.

凱利，我想說，美國正在經歷的經濟放緩是相當廣泛的。正如 Calvin 所提到的，我們已經確定了一些我們可以追求的機會，並專門針對顏色和女性尺寸進行生產，因此在 0 到 4 尺寸範圍內。

And then in terms of traffic, we do have -- you'll see in our guidance, Q2 through Q4 is the growth rate is slightly ahead of what we're guiding to in Q1, given Q1 guide at 9 to 10, and then the full year at 10 to 11, excluding the 53rd week.

然後就流量而言，我們確實有- 您會在我們的指導中看到，第二季度到第四季度的增長率略高於我們在第一季度的指導，鑑於第一季度的指導為9 到10，然後全年 10 日至 11 日，不包括第 53 週。

And just to clarify, is that being driven by what you would expect to be an improvement in the U.S. relative to what you're seeing in 1Q?

需要澄清的是，這是否是由您預期美國經濟相對第一季的情況有所改善所推動的？

Yes. We'd expect some marginal improvement.

是的。我們預計會有一些邊際改善。

The next question comes from Abbie Zvejnieks with Piper Sandler.

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

Just a follow-up to that one. I mean what exactly is driving those 2Q through 4Q improvements in the U.S.? Is it product? Was there something that we're lapping in 1Q that we should think about? Any color you have there?

只是那個的後續。我的意思是，到底是什麼推動了美國第二季到第四季的改善？是產品嗎？我們在第一季的表現是否有一些值得我們考慮的事情？你那裡有什麼顏色嗎？

Yes. I would say it's a modest acceleration Q2 through Q4 and really points to some of the investments we're making on the marketing side in terms of new guest acquisition as well as some of the product opportunities that Calvin pointed to would be drivers of that.

是的。我想說，這是第二季到第四季的適度加速，這確實表明我們在行銷方面進行了一些投資，以吸引新客戶，以及卡爾文指出的一些產品機會將成為這一趨勢的驅動因素。

Yes. I'll just add some of the products. As we obviously mentioned that we're chasing color and size. And we expect that, that will continue to improve starting in Q2 through. In fact, we're seeing -- and as color hits now, the guests respond incredibly well to it.

是的。我只會添加一些產品。正如我們顯然提到的，我們正在追求顏色和尺寸。我們預計，從第二季開始，這一情況將繼續改善。事實上，我們看到，隨著顏色的出現，客人對此的反應非常好。

Q2, our business shifts from leggings, still an important part, but shorts and skirts plays a much greater role. And we're seeing good results in that assortment in response to the guests now, and then the innovation that I alluded to.

Q2，我們的業務從緊身褲轉向，仍然是重要的一部分，但短褲和裙子發揮了更大的作用。現在，我們在客人的反應中看到了該品種的良好效果，然後是我提到的創新。

We have a hydrogen yarn legging coming out in summer for yoga. We have the support code bra, which is one of our further proprietary technology innovations coming out later in Q3. And then we have another innovation in leggings for the back half in the train category. So there's quite a bit of product innovation. I mentioned men's, just highlighted women's that we see playing a positive through the back half of this year.

我們有一款適合夏季瑜珈的氫紗緊身褲。我們有支援代碼bra，這是我們在第三季稍後推出的進一步專有技術創新之一。然後我們在訓練褲類別的後半部分緊身褲上有另一個創新。所以有相當多的產品創新。我提到了男裝，只是強調了女裝，我們認為女裝在今年下半年發揮了積極作用。

The last question comes from Ike Boruchow with Wells Fargo.

最後一個問題來自富國銀行的 Ike Boruchow。

I guess, maybe for Meghan or Calvin, is there any way you're able to let us know what comp you're specifically modeling for Q1 and for the full year, specifically based on your guidance?

我想，也許對於梅根或卡爾文來說，你有什麼辦法可以讓我們知道你為第一季和全年專門建模的補償，特別是根據你的指導？

And then just a follow-up to that, maybe this one's for Meghan. Gross margin is flat for Q1 and the year, but clearly, lots of outperformance overseas. We know that's a higher-margin channel. I'm assuming that means the Americas gross margins are going the other way. I guess just could you comment on that if that's correct? Is there something that's driving that? Is it markdown? Is it just deleverage? Just kind of curious how you would think about that.

然後是後續的，也許這個是給梅根的。第一季和全年的毛利率持平，但顯然，海外市場表現出色。我們知道這是一個利潤率較高的管道。我認為這意味著美洲的毛利率正在走向相反的方向。我想如果這是正確的，你能對此發表評論嗎？有什麼東西在驅動它嗎？是降價嗎？僅僅是去槓桿嗎？只是有點好奇你會怎麼想。

Thanks, Ike. So we aren't providing forward-looking comps, but we would share that we see North America below the guided growth range and then international significantly above.

謝謝，艾克。因此，我們不提供前瞻性的比較，但我們會分享，我們認為北美低於指導增長範圍，然後國際顯著高於指導增長範圍。

In terms of margins, as I mentioned, relatively flat markdowns year-over-year. And as you mentioned, we do have an overpenetration in our international regions. We are still investing behind our DC, distribution center network. That's a multiyear investment. So that would be embedded in our gross margin guide that we've provided.

就利潤率而言，正如我所提到的，同比降價相對穩定。正如您所提到的，我們在國際地區的滲透率確實過高。我們仍在投資我們的配送中心網路。這是一項多年投資。因此，這將嵌入我們提供的毛利率指南中。

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，祝您有愉快的一天。