Lululemon Athletica Inc (LULU) 2024 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc. first-quarter 2024 results 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. 2024 年第一季業績電話會議。 （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 first-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.

謝謝你，下午好。歡迎參加 Lululemon 第一季財報電話會議。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。

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 look statements due to risk and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC, with annual report on Form 10-K and our quarterly reports on Form 10-Q.

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、表格10-K 中的年度報告和我們的業務中揭露的風險和不確定性。

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 measures.

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今天的假設，我們明確表示不承擔因新資訊或未來事件措施而更新或修改任何這些陳述的義務或承諾。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。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銷售指標是按美元不變計算的。新聞稿和隨附的 10-Q 表格季度報告可在我們網站 www.lululemon.com 的投資者部分取得。

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 first 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一季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。今天的通話時間定為一小時。因此，請一次只回答一個問題，以便其他人有機會解決他們的問題。現在我想把電話轉給卡爾文。

Thank you, Howard. I'm happy to be here to discuss our Q1 results. As you've seen from our press release, our revenue growth was modestly ahead of our expectations, while EPS came in even stronger. On today's call, I'll share some highlights regarding our performance in Q1, including my perspective on our US business and what our teams have been working on.

謝謝你，霍華德。我很高興能在這裡討論我們第一季的業績。正如您從我們的新聞稿中看到的，我們的收入成長略高於我們的預期，而每股盈餘則更加強勁。在今天的電話會議上，我將分享有關我們第一季業績的一些亮點，包括我對我們美國業務以及我們團隊一直在做什麼的看法。

Next, I will speak to the recent departure of our Chief Product Officer and the opportunities our new structure unlocks for us. Then I'll provide some details on our product innovations and brand activations. In addition, Meghan will review our financials, and we will close out our time today by taking your questions. So let's get started.

接下來，我將談談我們首席產品長最近的離職以及我們的新結構為我們帶來的機會。然後我將提供一些有關我們的產品創新和品牌激活的詳細資訊。此外，梅根將審查我們的財務狀況，我們將透過回答你們的問題來結束今天的時間。那麼就讓我們開始吧。

In the first quarter, total revenue increased 10% or 11% in constant currency. By region, we saw continued strong momentum in our international business, with revenue in China, Mainland up 52% and rest of the world up 30%, both in constant currency.

第一季總營收成長 10%，以固定匯率計算成長 11%。按地區劃分，我們的國際業務繼續保持強勁勢頭，按固定匯率計算，中國內地和世界其他地區的收入增長了 52%，而世界其他地區的收入增長了 30%。

In the Americas, revenue increased 4% in constant currency with Canada up 12% in the US up 2%. By merchandise category, women's increased 10%, men's increased 15%, and accessories remains positive and up 2%, which is impressive given the exceptionally strong performance last year.

在美洲，以固定匯率計算，收入成長了 4%，其中加拿大成長了 12%，美國成長了 2%。以商品類別來看，女裝成長了 10%，男裝成長了 15%，配件依然保持積極成長 2%，考慮到去年的異常強勁表現，這一數字令人印象深刻。

Earnings per share were $2.54 versus EPS of $2.28 in Q1 last year. In addition, we repurchased nearly $300 million of stock in Q1, an additional $230 million in the second quarter thus far, and our Board recently increased our authorization by $1 billion, bringing our capacity to repurchase shares up to approximately $1.7 billion.

每股收益為 2.54 美元，去年第一季每股收益為 2.28 美元。此外，我們在第一季回購了近3 億美元的股票，第二季迄今又回購了2.3 億美元，而我們的董事會最近將我們的授權增加了10 億美元，使我們回購股票的能力達到約17 億美元。

As you can see, our business remains strong and our brand continues to resonate with guests around the world. We are engaging with them through our unique and compelling activations and brand campaigns, and we continue to drive the business with new product innovations. Let me now share some additional quarter one details by region.

正如您所看到的，我們的業務仍然強勁，我們的品牌繼續與世界各地的客人產生共鳴。我們透過獨特且引人注目的活動和品牌活動與他們互動，並繼續透過新產品創新推動業務發展。現在讓我按地區分享一些第一季的其他詳細資訊。

As I mentioned, our business remains strong in every international market in which we operate as our brand is resonating with guests across regions and geographies. Our approach to growth follows the model we've implemented so successfully in North America and includes omnichannel distribution via a highly productive stores in e-commerce sites, a product disortment which offers technical and versatile styles and is frequently updated with new innovations to enable our guests to sweat in any way they choose and a unique and compelling approach to building brand awareness, which includes local activations, as well as larger scale brand campaigns.

正如我所提到的，我們的業務在我們經營的每個國際市場中都保持強勁，因為我們的品牌與不同地區和地區的客人產生了共鳴。我們的成長方式遵循我們在北美成功實施的模式，包括透過電子商務網站中高生產力的商店進行全通路分銷，提供技術和多功能風格的產品分類，並經常更新新的創新，使我們能夠以他們選擇的任何方式揮灑汗水，並採用獨特且引人注目的方法來建立品牌知名度，其中包括本地活動以及更大規模的品牌活動。

Our international business remains underpenetrated and continues to represent a significant growth opportunity. For the full year 2023, international was only 21% of our business and over the long run, I see the potential for it to grow to 50% as we continue to expand our presence outside of North America.

我們的國際業務仍然滲透不足，並繼續代表著重大的成長機會。 2023 年全年，國際業務僅占我們業務的 21%，從長遠來看，隨著我們繼續擴大在北美以外的業務，我認為國際業務有可能成長到 50%。

Shifting now to the US. As we mentioned on our last call, we've seen a slower start to the year due to several internal factors, including missed opportunity in women's and bags, which we are actively addressing and to some ongoing choppiness in the consumer environment.

現在轉移到美國。正如我們在上次電話會議中提到的，由於一些內部因素，包括錯失女裝和箱包的機會（我們正在積極解決這些問題）以及消費環境中持續存在的一些波動，我們看到今年開局較慢。

Our men's business has maintained its momentum, driven by strong guest response to our innovations to cross performance, lounge and our ABC franchise. Our market share gains were strong in men's in quarter one and with unaided brand awareness of less than 20% in the US, our opportunity to continue to grow this business remain significant.

在賓客對我們跨表演、休息室和 ABC 特許經營創新的強烈反響的推動下，我們的男士業務保持了增長勢頭。第一季我們的男裝市佔率成長強勁，而且在美國，品牌知名度不到 20%，因此我們繼續發展這項業務的機會仍然很大。

When looking at women's, we did not maximize the business in the US, which was the result of several missed opportunities, including a color palette and our core assortment, particularly in leggings that was too narrow, where we had color guests responded well, we just needed more as they are looking for additional choices.

在女裝方面，我們沒有最大限度地擴大在美國的業務，這是由於錯失了幾個機會的結果，包括調色板和我們的核心品種，特別是太窄的打底褲，我們的彩色客人反響很好，我們只是需要更多，因為他們正在尋找更多選擇。

And we are also out of stock in some of our smaller sizes. And in addition, we saw a fantastic guest response to our newer styles of bags such as the two tone tote, but did not buy these styles with enough depth to fully capture the demand. Meghan will share a guidance with you later in the call. But as you've seen, we are maintaining our revenue guidance for the year.

而且我們的一些較小尺寸的產品也缺貨。此外，我們看到客人對我們新款式的包款（例如雙色手袋）反應熱烈，但沒有購買足夠深度的這些款式來充分滿足需求。梅根稍後將在電話中與您分享指導。但正如您所看到的，我們維持今年的收入指引。

In quarter two, we expect revenue growth of 9% to 10%, roughly in line with our Q1 growth rate. Our guidance for the full year continues to call for revenue growth of 10% to 11%, excluding the 53rd week and includes a modest step up in the second half.

我們預計第二季營收將成長 9% 至 10%，與第一季成長率大致一致。我們對全年的指導繼續要求收入成長 10% 至 11%（不包括第 53 週），並包括下半年的小幅成長。

In summary, we are moving in the right direction and understand the root cause of the issues. And with the lead times, we expect to be in a more optimal inventory position in the second half of 2024. In addition, our upcoming product launches and innovation flows, which I'll speak to shortly are skewed toward the back half of the year, which is another reason for our optimism.

總而言之，我們正在朝著正確的方向前進，並了解問題的根本原因。考慮到交貨時間，我們預計在 2024 年下半年將處於更優化的庫存狀態。另一個原因。

Looking out further, our growth opportunities in the US remain compelling. Our unaided brand awareness is only in the low 30s. Using our unique approach, which combines local engagement, community activations and larger scale brand campaigns, we continue to have a significant runway to introduce new guests to Lululemon and drive them to our store orders in e-commerce sites.

展望未來，我們在美國的成長機會仍然引人注目。我們的品牌知名度只有 30 多歲。利用我們獨特的方法，結合本地參與、社群活化和更大規模的品牌活動，我們繼續擁有重要的管道來向 Lululemon 介紹新客人，並吸引他們在電子商務網站上購買我們的商店訂單。

We are just beginning to leverage the power of our membership program, which now has approximately 20 million members in North America. By offering benefits like early access to product and invitations to exclusive events, we are increasing our member base and powerfully engaging with them, which will ultimately drive both spend and long term value.

我們剛開始利用我們的會員計劃的力量，該計劃目前在北美擁有約 2000 萬會員。透過提供提前獲得產品和邀請參加獨家活動等福利，我們正在擴大我們的會員基礎並與他們進行強有力的互動，最終將推動支出和長期價值。

Our stores remain highly productive with new locations performing well, and we continue to be pleased with our store optimization program. As a reminder, in 2024, our plan calls for 5 to 10 new store openings and 15 to 20 optimizations.

我們的商店保持高生產力，新地點表現良好，我們對商店優化計劃仍然感到滿意。提醒一下，到 2024 年，我們的計畫要求開設 5 至 10 家新店，並進行 15 至 20 項優化。

Looking beyond 2024, our real estate opportunities in the US remains significant and our plans include continuing both of our new store opening program and our optimization strategy. And we continue to gain market share with outsized strength in men's, where we outpaced the overall market in quarter one.

展望 2024 年後，我們在美國的房地產機會仍然很大，我們的計劃包括繼續我們的新店開業計劃和優化策略。我們憑藉在男裝領域的巨大實力繼續獲得市場份額，第一季我們的表現超過了整體市場。

Now let me speak about product innovation and some of the current shifts we recently announced within our organizational structure. As you know, our Chief Product Officer, Sanjay recently decided to leave Lululemon to take a job elsewhere in the industry. San and I had been in regular conversations. So I understood her personal and career goals. We regularly updated our succession plans, which allowed us to seamlessly step into our new plan leadership structure.

現在讓我談談產品創新以及我們最近宣布的組織結構中的一些當前轉變。如你所知，我們的首席產品長 Sanjay 最近決定離開 Lululemon，到業界其他地方工作。桑和我一直在定期交談。所以我了解她的個人和職業目標。我們定期更新我們的繼任計劃，這使我們能夠無縫地進入新的計劃領導結構。

I'm excited about how the new structure will bring new perspectives, curiosity, and leadership across our product teams. This approach will drive several meaningful benefits in the near and long term term, including increasing our speed of innovation, stimulating creativity, and enhancing team accountability around product flows in assortment.

我對新結構將如何為我們的產品團隊帶來新的視角、好奇心和領導力感到興奮。這種方法將在短期和長期內帶來一些有意義的好處，包括提高我們的創新速度、激發創造力以及增強圍繞分類產品流的團隊責任。

We have a strong and dynamic product team led by Jonathan Cheung, our global creative director, who now reports to me, and Liz Bender, our Chief Merchandising Officer, who now reports to Nikki Neuburger, as he steps into her expanded role as Chief Brand and Product Activation Officer. Jonathan, Liz and the entire product team will continue to drive innovation, design technical product that looks great and solve for the unmet needs of our guests.

我們擁有一支強大而充滿活力的產品團隊，由我們的全球創意總監Jonathan Cheung 和Liz Bender 領導，前者是我們的全球創意總監，現在向我匯報；後者是我們的首席營銷官，現在向Nikki Neuburger 匯報，因為Nikki Neuburger 將擔任首席品牌職務。喬納森、莉茲和整個產品團隊將繼續推動創新，設計看起來很棒的技術產品，並解決客人未滿足的需求。

And under Nikki's proven leadership, the merchant and the brand teams will be more fully integrated, which will streamline decision making and ensure we should go up powerfully and consistently for our guests across all markets. All of this is intended to speed the ideation process with regard to product storytelling and further improve our speed to market. And these ships will help maintain and enhance our pipeline of innovation.

在 Nikki 久經考驗的領導下，商家和品牌團隊將更加全面地整合，這將簡化決策並確保我們能夠為所有市場的客人提供強大而一致的服務。所有這些都是為了加快產品故事敘述的構思過程，並進一步提高我們的上市速度。這些船隻將有助於維持和加強我們的創新管道。

I want to now share several recent and upcoming product launches that continued to show our team's ability to create compelling product. In quarter one, in women's, our guests continue to respond very well to our key second layer franchises, including the fine Scuba in South Stream.

我現在想分享幾個最近和即將推出的產品，這些產品繼續展示了我們團隊創造引人注目的產品的能力。在第一季度，在女子方面，我們的客人繼續對我們主要的第二層特許經營項目反應良好，包括南溪的優質水肺潛水。

In addition, we continue to see strength in bottoms, led by bike shorts in our away from body styles. Looking forward, we're on track to bring significant innovation into our assortments beginning the end of Q2 and into the second half of the year.

此外，我們繼續看到下裝的優勢，其中以自行車短褲為主導。展望未來，我們預計從第二季末到今年下半年為我們的產品系列帶來重大創新。

Within women's, we have some exciting new launches planned within our leggings assortment. These include a new innovation design for hot, low impact workouts and made from a new performance fabric, one of our quickest drying and lightest weight to date.

在女裝方面，我們計劃在緊身褲系列中推出一些令人興奮的新品。其中包括針對高溫、低衝擊鍛鍊的全新創新設計，並採用新型高性能布料製成，是我們迄今為止乾燥速度最快、重量最輕的布料之一。

And late in the year, we'll launch another new tight, our most versatile since align, providing a completely different fields state, which will bring newness and innovation into our train assortment. The upcoming newness in leggings is a perfect example of how we continue to bring innovation into our core categories, where we already have significant strength. Our teams continue to expand our product offerings with new technical solutions, and I'm excited for you to see these new styles.

今年晚些時候，我們將推出另一款新的緊身衣，這是我們自 Align 以來最通用的緊身衣，提供完全不同的領域狀態，這將為我們的火車品種帶來新鮮感和創新。即將推出的緊身褲新品完美地展示了我們如何繼續將創新帶入我們已經擁有強大實力的核心品類。我們的團隊繼續透過新技術解決方案擴展我們的產品範圍，我很高興您能看到這些新款式。

Let's now take a look at Men's. In quarter one, we continue to see strong response to our lounge offering, including steady state and soft jersey. In addition, we recently launched a smooth space or hoodie, which provides a cooling sensation and is a great recovery piece to wear home after a workout.

現在我們來看看男士。在第一季度，我們繼續看到對我們的休息室產品的強烈反響，包括穩定狀態和軟球衣。此外，我們最近推出了一款光滑的連帽衫，它提供涼爽的感覺，是運動後穿回家的絕佳恢復單品。

We are pleased with the variety of and performance of our lounge offerings. We plan to fuel this strength by building our inventory levels and expanding the silhouettes offered in all three of these collections for fall.

我們對休息室服務的多樣性和性能感到滿意。我們計劃透過提高庫存水準並擴大這三個秋季系列的款式來增強這一優勢。

On the technical side of men's, we continue to see great response to our pace breaker and zeroed in franchises, both of which we will expand later this year. [Zero Din] is following in the footsteps of our other key technical styles for men and is quickly becoming a top performer in train. I also want to mention our new show zero technology, which we just launched in men's polo shirts.

在男裝技術方面，我們繼續看到對我們的步伐突破者的巨大反響，並將重點放在特許經營上，這兩項我們都將在今年晚些時候擴大。 [Zero Din] 正在追隨我們其他男士關鍵科技款式的腳步，並迅速成為訓練中的佼佼者。我還想提一下我們剛剛在男士 Polo 衫中推出的新 Show Zero 技術。

This fabric uses innovative construction to hide the appearance of sweat on the outside of the shirt. These polos are highly versatile and can be worn on the golf course, to the office or many other occasions.

這種布料採用創新結構，可隱藏襯衫外側的汗水。這些 Polo 衫用途廣泛，可以在高爾夫球場、辦公室或許多其他場合穿著。

And in footwear, our new city versatile has done extremely well, particularly in men's, where demand has exceeded our expectations. These are just the latest examples of the disruptive innovations we are known for and will continue to create.

在鞋類方面，我們的新城市多功能鞋表現非常出色，尤其是男士鞋類，需求超出了我們的預期。這些只是我們聞名並將繼續創造的顛覆性創新的最新例子。

Shifting now to brand awareness. As you know, our unaided brand awareness remains low in every country where we operate, except our home market of Canada. We will continue to activate across our grass roots in global platforms to increase awareness and bring new guests into the Lululemon brand. Let me share just a few examples.

現在轉向品牌知名度。如您所知，除了加拿大本土市場外，我們在開展業務的每個國家/地區的品牌知名度仍然較低。我們將繼續在全球平台上啟動我們的基層，以提高知名度並吸引新客人加入 Lululemon 品牌。讓我分享幾個例子。

In quarter one, we held several successful earned media activations, including launching our new city verse and beyond fuel footwear styles and New York, posting our further women's Ultra Marathon event near Palm Springs, California, and unveiling our kit for the Canadian Olympic and Paralympic athletes in Toronto.

在第一季度，我們成功舉辦了幾場贏得媒體活動，包括推出我們的新城市詩句以及超越燃料鞋款式和紐約，發布我們在加州棕櫚泉附近的進一步女子超級馬拉鬆比賽，以及推出我們的加拿大奧運和殘奧會裝備多倫多的運動員。

In quarter two, we will again host our successful summer sweat games in China, while also bringing a version of this event to our essentials members in North America with our membership summer series. And in quarter three will strategically test TV again with another men's campaign, building on the success of last year's campaign. This year, spot will focus on men and feature some high-profile personalities.

第二季度，我們將再次在中國舉辦成功的夏季汗水運動會，同時透過會員夏季系列活動為北美的 Essentials 會員帶來活動的一個版本。第三季度，我們將在去年競選活動成功的基礎上，透過另一場男性競選活動再次對電視進行策略性測試。今年，Spot 將重點關注男性，並以一些知名人士為主角。

Before I hand it over to Meghan to discuss our financials and guidance outlook, I'd like to share some additional launch(multiple speakers) Our pipeline of innovation and our launch cadence for the second half of 2024 is particularly strong.

在我將其交給梅根討論我們的財務和指導前景之前，我想分享一些額外的發布（多個發言者）我們的創新管道和 2024 年下半年的發布節奏特別強勁。

In the US, our teams have been making the appropriate adjustments in closing the inventory gaps in terms of color and sizing. Our brand awareness remains low, but is growing, and our store productivity remains among the best in the industry.

在美國，我們的團隊一直在進行適當的調整，以縮小顏色和尺寸方面的庫存缺口。我們的品牌知名度仍然較低，但正在不斷增長，我們的商店生產力仍然是行業中最好的。

We continue to engage with our guests and unique and compelling ways and inspire them with our differentiated product innovation. I'm optimistic with regards to our performance in the second half of the year and beyond, as we continue to execute well against our power of three times to goal of doubling our revenue in five years. Meghan, over to you.

我們繼續以獨特且引人注目的方式與客人互動，並透過我們差異化的產品創新激勵他們。我對我們下半年及以後的業績感到樂觀，因為我們繼續以三倍的力量實現五年內收入翻倍的目標。梅根，交給你了。

Thanks, Calvin. Our Q1 results exceeded our expectations, driven by above plan performance across the key areas of our PNL. Our business remain strong in our international regions in Canada, and then the US, we've seen a slower start to the year in line with our expectation.

謝謝，卡爾文。我們第一季的業績超出了我們的預期，這得益於我們損益關鍵領域高於計劃的業績。我們在加拿大和美國等國際地區的業務依然強勁，今年開局放緩，符合我們的預期。

As you've seen in our press release for maintaining our revenue guidance for the year, while increasing our EPS guidance. This reflects our optimism and our plans and strategies for 2024, many of which you just heard Calvin speak about.

正如您在我們的新聞稿中看到的那樣，我們維持了今年的收入指導，同時提高了每股收益指引。這反映了我們的樂觀態度以及我們對 2024 年的計劃和策略，其中許多您剛剛聽到 Calvin 談到。

In addition, we continue to plan for multiple scenarios and manage our business to protect against downside. Before sharing the details of our Q1 performance and our guidance outlook, let me provide a quick update on our Mexico operations.

此外，我們繼續針對多種情況進行規劃並管理我們的業務以防止下行風險。在分享我們第一季業績和指導前景的詳細資訊之前，讓我先快速介紹一下我們墨西哥業務的最新情況。

In May, we signed an agreement with our franchise partners who acquire the Lululemon Mexico operations in the 15 retail locations they currently operate. Our partner has built an incredible foundation for our brand in Mexico, and our acquisition will allow us to more efficiently continue to expand, grow our community, and enhance the guest experience.

5 月份，我們與特許經營合作夥伴簽署了一項協議，後者收購了 Lululemon 墨西哥公司目前經營的 15 個零售點的業務。我們的合作夥伴為我們在墨西哥的品牌奠定了令人難以置信的基礎，我們的收購將使我們能夠更有效地繼續擴展、發展我們的社群並增強賓客體驗。

We are acquiring the business for approximately $160 million in cash, and the deal is expected to close in the next several weeks, subject to customary closing conditions. From a P&L standpoint, we expect the transaction to have an immaterial impact on our financial results for the fiscal year 2024.

我們將以約 1.6 億美元現金收購該業務，預計交易將在未來幾週內完成，具體取決於慣例成交條件。從損益表的角度來看，我們預期此交易不會對我們 2024 財年的財務表現產生重大影響。

Let me now share the details of our Q1 performance. For Q1, total net revenue rose 10% to $2.2 billion and comparable sales increased 7%. And then our region's results were as follows. Americas revenue increased 3% on a reported basis or 4% in constant currency with comparable sales flat. China, Mainland revenue increased 45% on a reported basis or 52% in constant currency, with comparable sales increasing 33%.

現在讓我分享一下我們第一季業績的細節。第一季總淨收入成長 10%，達到 22 億美元，可比銷售額成長 7%。然後我們地區的結果如下。以報告計算，美洲地區營收成長 3%，以固定匯率計算成長 4%，可比銷售額持平。中國內地收入按報告計算成長 45%，以固定匯率計算成長 52%，可比銷售額成長 33%。

And our Rest of World segment revenue grew by 27% on a reported basis or 30% in constant currency with comparable sales increasing by 26%. In our store channel, total sales increased 12%. We ended the quarter with 711 stores across the globe. Square footage increased 14% versus last year, driven by the addition of 49 net new Lululemon stores versus Q1 of 2023.

我們的世界其他地區收入按報告基礎增長 27%，按固定匯率計算增長 30%，可比銷售額增長 26%。在我們的商店通路中，總銷售額成長了 12%。本季末，我們在全球擁有 711 家門市。與 2023 年第一季相比，淨新增 49 家 Lululemon 門市，帶動平方英尺面積比去年增加 14%。

During the quarter, we completed three optimization. In our digital channel, revenue increased 8% and contributed $906 million of top line or 41% of total revenue. The category, women's revenue increased by 10% versus last year, men's increased by 15%, and accessories grew 2% on top of a strong 67% last year.

本季我們完成了三項優化。在我們的數位管道中，營收成長了 8%，貢獻了 9.06 億美元的營收，佔總收入的 41%。在該品類中，女裝收入比去年增長了 10%，男裝增長了 15%，配件在去年 67% 的基礎上增長了 2%。

Gross profit for the first quarter was $1.28 billion or 57.7% of net revenue compared to 57.5% of net revenue in Q1 2023. Our gross margin increased 20 basis points relative to last year and was driven primarily by the following.

第一季的毛利為 12.8 億美元，佔淨收入的 57.7%，而 2023 年第一季佔淨收入的 57.5%。

A 120 basis point increase in overall product margin, driven primarily by lower product costs, lower air freight costs, and lower inventory provisions. Offset somewhat by a 50-basis-point increase in markdowns. The 120-basis-point increase in product margin was partially offset by 70 basis points of deleverage on fixed costs, and 30 basis points of deleverage on foreign exchange.

整體產品利潤率成長 120 個基點，主要是因為產品成本下降、空運成本下降和庫存準備金下降。降價幅度增加 50 個基點，在一定程度上抵消了這種影響。產品利潤率上升120個基點，被固定成本去槓桿70個基點和外匯去槓桿30個基點部分抵銷。

Moving to SG&A, our approach continues to be grounded and prudently managing our expenses, while also continuing to strategically invest in our long-term growth opportunity. SG&A expenses were approximately $842 million or 38.1% of net revenue compared to 37.4% of net revenue for the same period last year.

轉向SG&A，我們的方法繼續腳踏實地並審慎地管理我們的費用，同時繼續對我們的長期成長機會進行策略性投資。 SG&A 費用約為 8.42 億美元，佔淨收入的 38.1%，而去年同期則佔淨收入的 37.4%。

The 70 basis points of SG&A deleverage was better than our guidance of 130 to 140 basis points and was driven by timing slightly better top line and prudent management of expenses.

SG&A 去槓桿化的 70 個基點優於我們 130 至 140 個基點的指導，這是由於營收時機稍好和審慎的費用管理所推動的。

Foreign exchange with flat in the quarter. Operating income for the quarter was $433 million or 19.6% of net revenue compared to operating margin of 20.1% in Q1 2023. Tax expense for the quarter was $134.5 million or 29.5% of pre-tax earnings compared to an effective tax rate of 29.1% a year ago.

本季外匯交易持平。該季度的營業收入為4.33 億美元，佔淨收入的19.6%，而2023 年第一季的營業利潤率為20.1%。有效稅率為29.1%一年前。

The increase relative to last year is due primarily to a decrease in tax benefits associated with stock-based compensation and an increase in nondeductible expenses in international jurisdiction. Net income for the quarter was $321 million or $2.54 per diluted share compared to earnings per diluted share of $2.28 for the first quarter of 2023.

相對於去年的成長主要是由於與股票薪酬相關的稅收優惠減少以及國際管轄範圍內不可扣除費用的增加。本季淨利為 3.21 億美元，即稀釋後每股收益 2.54 美元，而 2023 年第一季稀釋後每股收益為 2.28 美元。

Capital expenditures were approximately $131 million for the quarter versus $137 million in Q1 last year. Q1 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.

本季資本支出約 1.31 億美元，去年第一季為 1.37 億美元。第一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項目、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 at $1.9 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory at the end of Q1 was $1.3 billion. We are pleased with our inventory levels, which declined 15% versus last year.

轉向我們的資產負債表亮點。截至本季末，我們的現金和現金等價物為 19 億美元，循環信貸額度下的可用容量接近 4 億美元。第一季末的庫存為 13 億美元。我們對庫存水準感到滿意，與去年相比下降了 15%。

Relative to our expectations, higher revenue and foreign exchange contributed to the decrease. During the quarter, we repurchased approximately 751,000 shares at an average price of $395. Year-to-date, we've repurchased approximately 500,000 of stock. (inaudible) purchases remain our preferred method to return cash to shareholders, and I'm happy that our Board has recently increased our authorization by $1 billion. With this new authorization, we now have approximately $1.7 billion of capacity to continue to buy back our shares.

相對於我們的預期，收入和外匯的增加導致了下降。本季度，我們以平均價格 395 美元回購了約 751,000 股股票。今年迄今為止，我們已經回購了大約 50 萬股庫存。 （聽不清楚）購買仍然是我們向股東返還現金的首選方法，我很高興我們的董事會最近將我們的授權增加了 10 億美元。有了這項新授權，我們現在有大約 17 億美元的能力繼續回購我們的股票。

Let me speak now to our guidance outlook. We remain excited with our pipeline of innovation, brand activations, and marketing plans for 2024. As it remains early in the year and the consumer environment in the US this dynamic, we continue to be prudent in our planning while also continuing to invest in our strategic roadmap, which will set us up well for both medium and long term.

現在讓我談談我們的指導前景。我們對 2024 年的創新、品牌活化和行銷計劃仍然感到興奮。我們的中長期發展奠定良好的基礎。

For the full year 2024, we continue to 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%.

對於 2024 年全年，我們仍然預計收入將在 107 億美元至 108 億美元之間。這一範圍意味著相對 2023 年增長 11% 至 12%。

We continue to 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.

我們繼續預計在 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。

Our new store openings in 2024 will include 5 to 10 stores in the Americas for the rest in our international markets, primarily in China, Mainland. For the full year, we continue to forecast gross margin to be approximately flat with adjusted gross margin in 2023. But then gross margin, we expect both markdowns in airfreight to be relatively flat with last year.

我們在 2024 年開設的新店將包括在美洲開設 5 至 10 家店，其餘在國際市場，主要在中國大陸。就全年而言，我們繼續預測毛利率將與 2023 年調整後毛利率大致持平。

Turning now to SG&A for the full year. We continue to forecast leverage of approximately 10 basis points versus 2023. We are prudently managing our expenses, while continuing to strategically advance our power 3 times to roadmap. For the investments in marketing and brand building and increasing our awareness and acquiring new guests, international growth and market expansion, technology and infrastructure and data analytics capabilities.

現在轉向全年的銷售、管理及行政費用。我們繼續預測槓桿率將比 2023 年提高約 10 個基點。用於行銷和品牌建立、提高我們的知名度和吸引新客人、國際成長和市場擴張、技術和基礎設施以及數據分析能力方面的投資。

And looking at operating margin for full year 2024, we continue to expect an increase of approximately 10 basis points versus adjusted operating margin in 2023, which expanded 110 basis points versus 2022. For the full year 2024, we expect our effective tax rate to be approximately [30%], an increase over the 2023 adjusted effective rate of 28.7%.

考慮到2024 年全年的營業利潤率，我們繼續預計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將比2022 年擴大110 個基點。全年，我們預計我們的有效稅率為約[30%]，比2023年調整後的有效率28.7%有所增加。

The increase relative to last year relates primarily to lower stock-based compensation deduction and that favorable adjustments we realized on filing our tax returns in 2023. For the fiscal year 2024, we now expect diluted earnings per share in the range of $14.27 to $14.47 versus adjusted EPS of $12.77 in 2023. Our EPS guidance excludes the impact of any future share repurchases. It does include the impact of our share repurchases year-to-date and also higher forecasted interest income.

相對於去年的成長主要與基於股票的薪酬扣除額降低以及我們在2023 年提交納稅申報表時實現的有利調整有關。之間，而2023 年調整後每股收益為 12.77 美元。它確實包括我們今年迄今為止的股票回購的影響以及更高的預測利息收入。

When looking at inventory, we expect dollar inventory to decline in the mid teens in Q2 and then increase in the second half of the year as we anniversary last year's decline. We continue to expect capital expenditures to be approximately $670 million to $690 million for 2024.

在查看庫存時，我們預計美元庫存將在第二季度下降，然後在下半年增加，因為我們正值去年的下降週年紀念日。我們仍預期 2024 年的資本支出約為 6.7 億至 6.9 億美元。

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.

這筆支出涉及支持業務成長的投資，包括延續我們多年的配送中心項目、新地點的商店資本、搬遷和翻新以及技術投資。

Shifting now to Q2. We expect revenue in the range of $2.4 billion to $2.42 billion, representing growth of 9% to 10%. We expect to open 14 net new company-operated stores in Q2. We expect gross margin in Q2 to decrease 100 to 110 basis points relative to Q2 2023. The decrease will be driven predominantly by deleverage on fixed costs and our ongoing investment in our multiyear distribution center projects.

現在轉向第二季。我們預計營收在 24 億美元至 24.2 億美元之間，成長 9% 至 10%。我們預計第二季淨新開 14 家公司自營店。我們預計第二季的毛利率將比 2023 年第二季下降 100 至 110 個基點。

We expect product margins to be relatively flat with last year, inclusive of an increase in markdowns, but a smaller increase than we saw in Q1 of this year. In Q2, we expect our SG&A rate to leveraged by 40 to 60 basis points relative to Q2 2023.

我們預計產品利潤率將與去年持平，包括降價幅度的增加，但增幅小於今年第一季的水平。在第二季度，我們預計 SG&A 利率將比 2023 年第二季提高 40 至 60 個基點。

This will be driven predominantly by favorable regional penetration, a shift in timing of spend related to certain brand campaigns from Q2 last year to Q1 this year, and leverage on top line and ongoing prudent expense management.

這主要是由於有利的區域滲透率、與某些品牌活動相關的支出時間從去年第二季度到今年第一季的轉變，以及對營收的槓桿作用和持續審慎的費用管理。

And looking at operating margin for Q2, we expect a decrease of approximately 50 to 60 basis points relative to last year. However, we continue to expect 10 basis points of operating margin expansion for the full year.

從第二季的營業利潤率來看，我們預計較去年下降約 50 至 60 個基點。然而，我們仍預期全年營業利潤率將擴大 10 個基點。

Turning to EPS, we expect earnings per share in the second quarter to be in the range of $2.92 to $2.97 versus EPS of $2.68 a year ago. We expect our effective tax rate in Q2 to be approximately 30%. And with that, I will turn it back over to Calvin.

至於每股收益，我們預計第二季每股收益將在 2.92 至 2.97 美元之間，而去年同期每股收益為 2.68 美元。我們預計第二季的有效稅率約為 30%。有了這個，我會把它轉回給卡爾文。

Thanks, Meghan. In closing, I want to say I am energized by the opportunities in front of us and excited for what the future holds for Lululemon. I was in China last week and when I'm traveling in markets around the world, I see how powerfully our brand resonates across cultures in geographies. While we make some strategic adjustment in the US, our leadership team continues to challenge ourselves and our teams by asking how high is high.

謝謝，梅根。最後，我想說我對眼前的機會感到充滿活力，並對 Lululemon 的未來感到興奮。上週我在中國，當我在世界各地的市場旅行時，我看到我們的品牌在不同地理的文化之間產生了多麼強烈的共鳴。雖然我們在美國進行了一些戰略調整，但我們的領導團隊繼續透過詢問自己和我們的團隊來挑戰多高才算高。

It's that mentality and passion for our brands that will enable us to navigate the near term as we build towards the long-term opportunities for Lululemon that we know exist. In closing, I want to thank the senior leaders of Lululemon, as well as our teams in every market around the world for your unyielding focus on creating amazing products and experiences for our guests. I'll look forward to taking your questions now. Operator?

正是這種對我們品牌的心態和熱情使我們能夠在短期內為 Lululemon 爭取我們所知道的長期機會。最後，我要感謝 Lululemon 的高級領導者以及我們在全球每個市場的團隊，感謝你們堅定不移地致力於為我們的客人創造令人驚嘆的產品和體驗。我現在期待回答您的問題。操作員？

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作員指令）布魯克·羅奇，高盛。

Good afternoon and thank you for taking our question. Calvin, you spoke about making some strategic adjustments in the US. Can you speak to your confidence in the Lululemon brand and the growth trajectory that you see in the US going forward, as well as the timing and magnitude of some of the strategic adjustments that you're making, and then perhaps contextualize the traffic and conversion trends that you saw in your US business as you move throughout the quarter? Thank you very much.

下午好，感謝您提出我們的問題。 Calvin，您談到在美國進行一些策略調整。您能否談談您對 Lululemon 品牌的信心以及您在美國看到的未來​​成長軌跡，以及您正在做出的一些策略調整的時機和幅度，然後也許可以將流量和轉換率結合起來隨著整個季度的發展，您在美國業務中看到了哪些趨勢？非常感謝。

Thanks, Brook. In terms of our excitement and optimism for growth in every market, including the US, it remains as strong today as it was at the beginning of this year and obviously coming off of 2023, which was a very strong year for us in the US in particular, there are a number of areas of growth that we still see that have not changed.

謝謝，布魯克。就我們對包括美國在內的每個市場的成長感到興奮和樂觀而言，今天的成長與今年年初一樣強勁，顯然是在 2023 年之後，2023 年對我們在美國來說是非常強勁的一年特別是，我們仍然看到許多成長領域沒有改變。

Continuing to acquire our guests, we have very low unaided brand awareness, as you know. Opportunities in categories across to wear occasions, as we tested and moved deeper into performance, as well as into lounge and social.

如您所知，隨著我們不斷吸引客人，我們的品牌知名度非常低。隨著我們測試並深入到表演、休閒和社交領域，各個類別的穿著場合都有機會。

Our accessories business and our men's and our store fleet, which is still early in terms of opportunity, not just in expanding, as well as optimizing and creating an even better environment for our product and our guests to shop.

我們的配件業務以及我們的男裝和我們的商店隊伍，就機會而言還處於早期階段，不僅僅是在擴張，以及優化和為我們的產品和客人創造更好的購物環境。

So in terms of the US, nothing has changed from the last few years into 2023 into the first quarter of this year. The opportunity for us, when I look at the business is men's has a number of new innovative launches that are resonating and he is responding very well too. In performance with the zero Den in continuing the success of the changes from last year on the pace breaker into some of the key categories we identified run, golf and train as well into some of the new franchises in the lounge category that we launched.

所以就美國而言，從最近幾年到2023年到今年第一季沒有任何變化。當我觀察男裝業務時，我們的機會是推出許多引起共鳴的創新產品，他的反應也很好。在零登的表現中，我們延續了去年在節奏突破方面的成功變化，進入了一些關鍵類別，我們確定了跑步、高爾夫和訓練，以及我們推出的休息室類別中的一些新特許經營項目。

He is responding incredibly well to that. And we saw that in our performance around the globe as well in the US, and we saw that in our share performance in the US where we saw outsized gains in men's. Our women's business, we had some missed opportunity. Really, in our color palette, in particular of key categories such as our legging business, where we didn't have enough color newness, the one color and newness we did have, she responded incredibly well, too. But she was looking for more in our palette that we chose was just a more limited than what she was looking for, as well as because of the success in Q4, we came in to the year with some missed opportunity across our size port file, particularly our smaller sizes.

他對此的反應非常好。我們在全球和美國的業績中都看到了這一點，在美國的股價表現中也看到了這一點，男性股的漲幅巨大。我們的女性業務，我們錯過了一些機會。確實，在我們的調色板中，特別是在我們的緊身褲業務等關鍵類別中，我們沒有足夠的顏色新穎性，而我們確實擁有的單一顏色和新穎性，她的反應也非常好。但她在我們的調色板中尋找更多，我們選擇的只是比她想要的更有限，而且由於第四季度的成功，我們在進入這一年時在我們的尺寸端口文件中錯失了一些機會，特別是我們較小的尺寸。

All of this is within our control. All of this, the teams have been chasing, and we expect much of that to be addressed in the second half of this year, as well as a lot of the newness and innovation. We did have plan for this year in our women's business was scheduled more for mid to back half of the year. We have some exciting new innovation coming in are leggings, in particular in the next few weeks.

這一切都在我們的掌控之中。所有這些，團隊一直在追求，我們預計其中大部分將在今年下半年解決，以及許多新穎和創新。我們今年的女性業務確實有計劃，計劃在今年中後半段進行。我們將在緊身褲方面推出一些令人興奮的新創新，特別是在接下來的幾週內。

Early July, we'll be launching a new innovation in leggings with hydrogen yard called (inaudible). So there was some missed opportunity in women, but in terms of the health of the brand, strength of the potential on the growth, nothing has changed. Traffic was positive in the quarter in the US.

七月初，我們將推出一項名為（聽不清楚）的氫碼緊身褲的新創新。因此，女性錯失了一些機會，但就品牌的健康狀況、成長潛力的強度而言，一切都沒有改變。美國本季的交通狀況良好。

We did see the opportunity and conversion, and we attribute that to, as I mentioned, the known missed opportunities as it relates to some missed opportunity in color in our women's business.

我們確實看到了機會和轉變，正如我所提到的，我們將其歸因於已知的錯失機會，因為它與我們女性業務中錯失的一些色彩機會有關。

Thanks so much. I'll pass it on.

非常感謝。我會把它傳遞下去。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect. Thanks for taking the question. I've got one for Calvin and maybe one for Meghan. (inaudible) Calvin, bigger picture. I feel like we rarely hear of assortment missteps in Lulu's history. So kind of what change or maybe what do you think provokes that this year?

完美的。感謝您提出問題。我有一本給卡爾文，也許也有一本給梅根。 （聽不清楚）卡爾文，更大的圖像。我覺得在露露的歷史上我們很少聽過分類失誤。那麼，您認為今年發生了什麼變化或可能是什麼引發了這種變化？

And then bigger picture maybe for Meghan, China, obviously, a key growth area for you all. Can you talk about how the competitive landscape is different or similar? And then how you think about the revenue potential for Lulu in that market over time? Thanks a lot.

對梅根來說，更大的前景可能是中國，顯然，這是你們所有人的關鍵成長領域。您能談談競爭格局有何不同或相似之處嗎？那麼隨著時間的推移，您如何看待 Lulu 在該市場的收入潛力？多謝。

Thanks, Alex. On in terms of on the track record of the team, I agree we have a very talented team across the product organization in both design and merchandising. And, you know, this was just a quarter where the chosen color palette was more narrow then I think the consumer coming into this year was looking for.

謝謝，亞歷克斯。就團隊的業績記錄而言，我同意我們在整個產品組織中在設計和銷售方面擁有一支非常有才華的團隊。而且，你知道，這只是一個季度，所選的調色板比我認為今年消費者想要的更窄。

We know that consumer environment remains dynamic with inflation, higher interest rates. So it's weighing on the mine to the consumer and we also know they will spend. But they're being selective. And I think with our color palette, it, we had opportunity because, where we had it, she responded incredibly well combined with the success we have seen in growing our guest base and broaden cross sizes.

我們知道，隨著通貨膨脹和利率上升，消費環境仍然充滿活力。因此，這給消費者帶來了壓力，我們也知道他們會花錢。但他們是有選擇性的。我認為透過我們的調色板，我們有機會，因為，在我們擁有它的地方，她的反應非常好，再加上我們在擴大客戶群和擴大跨尺寸方面所取得的成功。

The teams have been chasing into that to determine the go forward size profile across the sizes in the different styles in both performance, lounge and social. So I'm confident that those opportunities have been identified. I'm confident when I look to the innovation in the pipeline, as well as just how we bring newness to core in the back half of this year and forward that a lot of that learning has been addressed. And we were able to address it and control it.

各團隊一直在努力確定不同尺寸在表演、休息室和社交方面的未來尺寸概況。所以我相信這些機會已經被辨識出來。當我看到正在醞釀中的創新，以及我們如何在今年下半年和未來將新內容帶入核心時，我充滿信心，許多學習內容已經解決。我們能夠解決並控制它。

Thanks, Alex. From a China standpoint, and we're very pleased with our business in that market, continue to see very strong trends in Q1. So plus 52% constant currency, China Mainland. I would say from a competitive landscape, we continue to see strong business on our side, definitely closely monitoring the environment. But we're really still early in our growth journey there and no concerns at this point in time.

謝謝，亞歷克斯。從中國的角度來看，我們對我們在該市場的業務感到非常滿意，第一季繼續看到非常強勁的趨勢。所以加上52%的不變貨幣，中國大陸。我想說，從競爭格局來看，我們繼續看到強勁的業務，肯定會密切關注環境。但我們確實還處於成長之旅的早期階段，目前還沒有什麼擔憂。

Thanks a lot. Good luck.

多謝。祝你好運。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks. So maybe Calvin, just higher level or larger picture as we think about the US business. I mean, do you believe anything has structurally changed, if we're thinking about on a longer-term horizon? And then on the progression from here, just how best to think about progress to date you've already made, maybe with in-stock levels sizing and color and then just the cadence with each of those, as well as the product pipeline in the back half of the year. Just anything that you're really excited about that would support the sequential improvement as the year progresses?

萬分感謝。所以也許卡爾文，當我們思考美國業務時，只是更高層次或更大的圖像。我的意思是，如果我們從長遠角度考慮，您認為結構上有什麼變化嗎？然後從這裡開始，如何最好地考慮迄今為止已經取得的進展，也許是庫存水平、尺寸和顏色，然後是每一個的節奏，以及產品管道時間回到了半年。隨著時間的推移，是否有任何您真正感到興奮的事情會支持連續改進？

Great. Thanks, Matt. I'll start with absolutely nothing has changed in terms of the growth potential of this brand, not just internationally across all markets, but in the US. As you know, 2023 was a very strong market for us. Quarter four was a very strong quarter for us in the US and have identified some missed opportunities in Q1.

偉大的。謝謝，馬特。我首先要說的是，這個品牌的成長潛力絕對沒有任何變化，不僅在國際上所有市場，在美國也是如此。如您所知，2023 年對我們來說是一個非常強勁的市場。第四季對我們在美國來說是一個非常強勁的季度，並發現第一季錯失了一些機會。

We saw success in our men's business, where we did bring newness, innovation, color, and we had less of an impact on the size, status and very pleased with that growth, as well as that growth relative to the market and the outsized gains we saw in share.

我們在男裝業務上取得了成功，我們確實帶來了新鮮感、創新和色彩，而且我們對尺寸、地位的影響較小，並且對這種增長以及相對於市場的增長和巨大的收益感到非常滿意我們在分享中看到了。

In the accessories business, we know that we're cycling over the success of the everywhere Belt Bag, which is incredible. It really validates and shows what's possible for our brand in accessories, in particular in bags. And although that bag continues to perform well, not quite to the levels of last year, but the team has introduced a number of new styles of bags that the guests responded incredibly well to.

在配件業務中，我們知道我們正在經歷無處不在的腰包的成功，這是令人難以置信的。它確實驗證並展示了我們品牌在配件（尤其是包包）方面的可能性。儘管這款包包的表現仍然不錯，但還沒有達到去年的水平，但團隊推出了許多新款式的包包，客人們反應非常好。

We just didn't have the depth of inventory to satisfy the demand that could have offset some of the headwinds of the everywhere belt big success last year. That is something we can control. We know the newness is resonating and the guest is moving beyond just and everywhere belt big.

我們只是沒有足夠的庫存來滿足需求，而需求本來可以抵消去年無處不在的皮帶取得巨大成功所帶來的一些阻力。這是我們可以控制的。我們知道新鮮感正在引起共鳴，客人正在超越隨處可見的大帶。

And we have opportunity in the teams have been chasing into that and expect to be a better in-stock position in the back half. The two tone bag is a good example of that that sold-out almost immediately we are able to chase, bring some in, offer it as a essentials member, early access.

我們在球隊中擁有機會，一直在追逐這一目標，並期望在後半場獲得更好的庫存位置。兩音包就是一個很好的例子，幾乎立即售罄，我們能夠追逐，引入一些，將其作為必需品會員提供，搶先體驗。

It again sold and did incredibly well and we continue to chase into that. So we have a number of exciting, very successful bags in our accessory business on that, that we are chasing inventory and excited to see how that will continue to contribute to our growth.

它再次售出並表現得非常好，我們將繼續追求這一點。因此，我們的配件業務中有許多令人興奮、非常成功的包袋，我們正在追逐庫存，並很高興看到這將如何繼續為我們的成長做出貢獻。

And then in the women's business, traffic, as I mentioned, was positive engagement in the brand was positive where we had newness. She engaged incredibly well in some of the new innovation we brought. She continue to perform very well in some of the new activities that we've continued to lean in on tennis, golf, as well as our position in yoga and train and run. Have seen strength.

然後，在女裝業務中，正如我所提到的，流量是正面的，在我們有新鮮感的地方，品牌的參與度是正面的。她非常出色地參與了我們帶來的一些新創新。她在我們繼續關注的一些新活動中繼續表現出色，例如網球、高爾夫以及瑜伽、訓練和跑步方面的位置。見過實力。

We can really attribute the missed opportunity to a handful of categories leggings in particular, as I've mentioned, and really linked to color and less color than last year, which was a choice in a pilot, more narrow and based on where the consumer is this year and missed opportunity for us.

正如我所提到的，我們確實可以將錯失的機會歸因於少數類別的打底褲，這些類別與顏色和比去年更少的顏色有關，這是試點中的選擇，範圍更窄，並且基於消費者的位置今年我們錯過了機會。

But nothing from a brand from an opportunity to grow unaided awareness and engagement in the brand has fundamentally shifted and changed and I remain as optimistic and excited about our growth potential in the US, as I am in all of it or international markets.

但品牌從根本上提高品牌意識和參與度的機會並沒有發生根本性的轉變和改變，我對我們在美國的成長潛力保持樂觀和興奮，就像我在所有市場或國際市場一樣。

And we see that in the performance of this quarter with a fantastic growth in Mainland China, strong growth in the rest of the world, how the brand is continuing to grow, continuing to acquire guests and resonate and the uniqueness of our product.

我們在本季的業績中看到，中國大陸實現了驚人的成長，世界其他地區也實現了強勁成長，品牌如何持續成長，持續吸引客人並引起共鳴，以及我們產品的獨特性。

And I don't see anybody with product comparable from a positioning perspective. So I do believe the differentiation of the brand is the same. And we know what the opportunities are and what we can control and that's what the teams are focused on. It definitely will get stronger as we trade through this year.

從定位的角度來看，我沒有看到任何人擁有可比較的產品。所以我確實相信品牌的差異化是相同的。我們知道機會是什麼，我們可以控制什麼，這就是團隊的重點。隨著我們今年的交易，它肯定會變得更強。

That's great color, Calvin. Meghan, but maybe could you speak to health of current inventory and then just drivers of markdowns in the first quarter, how best to think about markdowns in the second quarter In the back half of the year?

那顏色真棒，卡爾文。梅根，但也許您可以談談當前庫存的健康狀況，以及第一季降價的驅動因素，如何最好地考慮下半年第二季度的降價？

Yeah, sure. The inventory, we were down 15% at the end of the quarter. So that was on the lower end of the range that we provided of high single digit to low double digit decline. We do expect the second half inventory will grow year-over-year, relatively in line with sales. I would say at this point, some are very pleased with the currency and composition of our inventory outside of some of the opportunity areas.

好，當然。季度末我們的庫存下降了 15%。因此，這是我們提供的高個位數到低兩位數下降範圍的下限。我們預計下半年庫存將年增，與銷售量相對一致。我想說，在這一點上，有些人對我們在一些機會領域之外的庫存的貨幣和組成非常滿意。

But Calvin mentioned and some well-positioned there from an overall perspective. In terms of markdowns, we were up 50 basis points year-over-year in Q1. We believe Q2 will be slightly above last year as well, though, less than Q1 and we are still expecting essentially flat markdowns for the year.

但加爾文提到，從整體角度來看，有些地方定位得很好。在降價方面，第一季我們比去年同期上漲了 50 個基點。我們認為第二季度也將略高於去年，但低於第一季度，我們仍然預計今年的降價將基本持平。

And with that and some of the opportunity areas that Calvin described in terms of color in sizing. We are continuing to chase into, as well as some other items that are working for us for the second half of the year and we've got some innovation teed up and believe that will and drive the gas towards the full price component of our assortment (inaudible) markdowns for the year.

由此以及卡爾文在尺寸顏色方面所描述的一些機會領域。我們正在繼續追逐下半年對我們有用的其他一些項目，我們已經準備好了一些創新，相信這將推動天然氣走向我們品種的全價部分（聽不清楚）今年的降價。

Great. Best of luck. Thank you.

偉大的。祝你好運。謝謝。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey, thanks. Congrats on nice quarter, guys. Maybe I can just continue that last question, Meghan, or could you speak a little bit of your confidence in the sustainability of the product margins in the US? And then I guess I'd be curious what you think are some of the difference is driving the GAAP results between Canada and the US, a little bit of a notable difference there?

嘿，謝謝。恭喜你們度過了美好的季度。也許我可以繼續最後一個問題，梅根，或者你能談談你對美國產品利潤可持續性的信心嗎？然後我想我很好奇您認為推動加拿大和美國之間 GAAP 結果的一些差異是什麼，那裡有一點顯著的差異？

And then maybe just a little help understanding the US consumer dynamics, Calvin bigger-picture, how is purchase frequency, UPT, AUR changed if at all, looking at is you have across the cohorts that you acquired pre-COVID, during COVID, after COVID? Are there any change in key customer behavior? You KPIs to point out?

And then maybe just a little help understanding the US consumer dynamics, Calvin bigger-picture, how is purchase frequency, UPT, AUR changed if at all, looking at is you have across the cohorts that you acquired pre-COVID, during COVID, after嚴重特殊傳染性肺炎?關鍵客戶行為是否有任何改變？你能指出KPI嗎？

Thanks, Michael. So in terms of US product margin, I don't see that changing over the long term. We run a highly full-price business plans to change our strategy there. So I would be some of the current challenges with assortment and slightly higher markdowns as temporary.

謝謝，麥可。因此，就美國產品利潤率而言，從長遠來看，我認為這種情況不會改變。我們運行一個高度全價的商業計劃來改變我們在那裡的策略。因此，我認為目前面臨的一些挑戰，包括品種和略高的降價，都是暫時的。

And and then from Canada, US perspective, the opportunity areas, the Calvin outlined in terms of color, sizing were more prominence drivers last year in the US, as well as ever about bandwidth and more popular item in the US as well. And so that's driving the difference in terms of trends.

然後從加拿大和美國的角度來看，卡爾文在顏色、尺寸方面概述的機會領域是去年在美國更加突出的驅動因素，以及頻寬和美國更受歡迎的商品。這推動了趨勢上的差異。

And with the consumer a sort of mentioned that, you know, obviously, we're monitoring the environment, and it remains dynamic. But we do know that the guest is be more selective, but we'll spend, where they choose. So we believe our product is differentiated in the marketplace, stands out in terms of quality, as well as the versatility, which I think the key element of the product of how it can be worn multiple, where occasions in use cases across other performance activities and or through social and lounge, which is our unique positions in the missed opportunities really what we did not provide her in terms of on the assortment she was looking for in certain area.

消費者提到，很明顯，我們正在監控環境，而且它仍然是動態的。但我們確實知道客人更有選擇性，但我們會在他們選擇的地方消費。因此，我們相信我們的產品在市場上與眾不同，在品質和多功能性方面脫穎而出，我認為產品的關鍵要素是如何多次佩戴，在其他表演活動的用例中的場合或透過社交和休息室，這是我們在錯失機會中的獨特地位，實際上我們沒有為她提供她在某些領域尋找的品種。

Obviously where we did, she responded incredibly well and he continued to. When I look at the overall mix, nothing really to call out UPT and AUR, no change, no fundamental shifts and changes there, really traffic was positive, as I mentioned.

顯然，我們所做的，她的反應非常好，他也繼續這樣做。當我查看整體組合時，沒有什麼真正值得稱道的 UPT 和 AUR，沒有變化，沒有根本性的轉變和變化，正如我所提到的，流量確實是積極的。

In the quarter, it was a conversion that we just saw an opportunity on with guests coming in. And, you know, either not acquiring as much and or as they didn't necessarily see the color in that product. But we believe the loyalty and the engagement with our guests over multiple years, which we've continued and coming off of Q4, this is a very short transition, as we course corrected, adjust some of these product opportunities and the teams have been in that work.

在本季度，我們剛剛看到了客人進來的機會。 而且，你知道，要么沒有獲得那麼多，要么因為他們不一定看到該產品的顏色。但我們相信多年來與客人的忠誠度和互動，我們從第四季度開始就一直保持這種忠誠度和參與度，這是一個非常短暫的過渡，因為我們糾正了方向，調整了其中一些產品機會，並且團隊一直在努力那個工作。

So nothing that I'm concerned about long term in terms of our ability. We have a very sticky guests with a brand that there's a lot of love for and differentiated product. And we know where the opportunity is and the teams have been chasing that for the back half of this year. So I'm not, have not seen anything and I'm not concerned with any fundamental shifts in the guest or the guest loyalty or retention with this brand.

因此，就我們的能力而言，我並不擔心長期的問題。我們有一群非常黏性的客人，他們的品牌深受喜愛，產品也與眾不同。我們知道機會在哪裡，今年下半年各團隊一直在追逐這個機會。所以我沒有，沒有看到任何事情，我不關心客人或客人對這個品牌的忠誠度或保留率的任何根本變化。

Thank you very much, guys.

非常感謝你們。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Hey, everyone, quick question. Let's talk about Matt's question about the markdown. So I'll just make sure I understand, Meghan. So the markdown your guided in three months ago for Q1 was, I believe, flat and then we'll retain them down to 50 (inaudible). Some kind of curious, number one, what exactly transpired in the quarter kind of drive the you know, obviously, you mean to beat the gross margin line, but that line item, what exactly happened?

嘿，大家好，快速提問。我們來談談馬特關於降價的問題。所以我會確保我理解，梅根。因此，我相信，您在三個月前指導的第一季降價是持平的，然後我們將把它們保持在 50（聽不清楚）。某種好奇，第一，在季度驅動力中到底發生了什麼，你知道，顯然，你的意思是超越毛利率線，但是該項目到底發生了什麼？

And then you're maintaining the full year flat, but you're coming off of the Q1 was down and then you're saying Q2 will be down against. So it just it just feels like now there is a back half like, maybe ramp up and and markdown versus build there wasn't. So I guess I'm just trying to understand like the progress of the full year for the gross margin as well.

然後你會保持全年持平，但你會從第一季的下降中走出來，然後你會說第二季將會下降。所以感覺就像現在有一個後半部分，也許斜坡上升和降價與構建沒有。所以我想我只是想了解全年毛利率的進展。

So in terms of markdowns for the first quarter. So I would say the challenges we saw with assortment and color and size thing and addition to that, the environment, we did see gas gravitate more towards the markdown proportion of our assortment. We saw a 50 basis points increase, we believe Q2 will be filled up to last year, but lower than a lower increase than Q1. Q1 is a relatively small portion of our markdowns for the year.

因此，就第一季的降價而言。所以我想說的是，我們在品種、顏色和尺寸方面看到的挑戰，除此之外，在環境方面，我們確實看到氣體更傾向於我們品種的降價比例。我們看到成長了 50 個基點，我們認為第二季將填補去年的水平，但增幅低於第一季。第一季是我們今年降價的相對較小的一部分。

So when we think about the full year, we are maintaining that essentially flat markdown rate for the full year, but we would see some opportunity in the second half. I'm just giving some of the actions we're taking to correct those pieces of the assortment in terms of the color sizing and then also some exciting innovation that Calvin spoke to, as well as other questions that they have (inaudible) chasing into better working for us today. It feel well positioned headed into the second half of the year.

因此，當我們考慮全年時，我們將維持全年基本持平的降價率，但我們將在下半年看到一些機會。我只是給了我們正在採取的一些行動來糾正顏色尺寸方面的這些分類，然後還有卡爾文談到的一些令人興奮的創新，以及他們（聽不清）追尋的其他問題今天為我們更好地工作。進入下半年，感覺處於有利位置。

It's mainly a function of Q1 versus an impactful for the year on the markdown rate?

這主要是第一季的函數與今年對降價率的影響？

Yes.

是的。

Okay, got it. Okay. Thanks a lot.

好，知道了。好的。多謝。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey, thanks, guys. We iterated your sales guidance for the year, but curious, have you changed your outlook in any of the regions versus how you were thinking at the beginning of the year? And you also talked about, they're not being any structural differences in US market, but curious how you characterize the competitive landscape near term in 1Q relative to what you saw in the second half of '23. Any changes in promotional cadence amongst competitors out there that you're paying more attention to? Thanks.

嘿，謝謝，夥計們。我們重申了您今年的銷售指導，但很好奇，您對任何地區的看法與年初的想法相比是否有所改變？您也談到，美國市場沒有任何結構性差異，但很好奇您如何描述第一季相對於 23 年下半年的競爭格局。您更關注競爭對手的促銷節奏有何變化？謝謝。

Thanks, Paul. I would say from (technical difficulty) So from a regional and country specific perspective, we have not changed our outlook materially for the balance of the year, I would say the slight Q1 over performance would have come from international region and primarily China.

謝謝，保羅。我想說的是，從（技術難度）來看，從地區和國家的具體角度來看，我們沒有實質地改變對今年剩餘時間的展望，我想說第一季業績的輕微增長將來自國際地區，主要是中國。

Yes, Paul, in terms of the competitive landscape, the second part I'll address first. I have not seen anything dramatically different from a promotional intensity perspective. There remains competitors in this space that use promo as a means to drive demand for their product.

是的，保羅，就競爭格局而言，我將首先討論第二部分。從促銷強度的角度來看，我沒有看到任何顯著的差異。該領域仍有競爭對手，他們利用促銷作為推動產品需求的手段。

We've seen that increase over the last few years, but I wouldn't say in this quarter, it's either gone deeper or pull back at sort of the same, which I would say is a heightened level from a few years ago, but nothing dramatic in the quarter. In competition in our space has always been there and been intense.

我們在過去幾年中看到了這種增長，但我不會說在本季度，它要么更深，要么以同樣的速度回落，我想說這是幾年前的更高水平，但是本季度沒有什麼戲劇性的事情。我們這個領域的競爭一直存在而且很激烈。

And we've always been able to continue to perform and compete and nothing has shifted from quarter four and 2023, where we saw our performance in the US be very strong into Q1. And I really there for point to the missed opportunities that we had versus it being a competitive impact on our business.

我們始終能夠繼續表現和競爭，與第四季度和 2023 年相比沒有任何變化，我們看到我們在美國的表現在第一季非常強勁。我確實指出了我們錯失的機會與它對我們業務的競爭影響。

Our men's business and there are competitors in the men's space performed very well, where we saw the outsized share gains because, the product, innovation and newness in the color palette was there. It resonated and very pleased with the success and momentum that has continued in that business.

我們的男裝業務以及男裝領域的競爭對手錶現非常好，我們看到了巨大的份額增長，因為產品、創新和調色板的新穎性都在那裡。它引起了共鳴，並對該業務持續取得的成功和勢頭感到非常滿意。

I shared the accessories and the excitement behind the newness, but lack of depth to satisfy that demand and the missed opportunity in women's, which is really, we control that, it's within our control and we've been chasing it. So competition's always been there. I haven't seen anything dramatically shift and change in the quarter and definitely not from Q4 to Q1 where we had a very strong quarter and therefore, I really do point to miss opportunities that we have.

我分享了配件和新穎背後的興奮，但缺乏滿足這種需求的深度，以及錯失的女裝機會，這實際上是我們控制的，它在我們的控制範圍內，我們一直在追逐它。所以競爭一直都存在。我在本季度沒有看到任何顯著的轉變和變化，絕對不是從第四季度到第一季度，我們有一個非常強勁的季度，因此，我確實指出我們會錯過我們所擁有的機會。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, good afternoon. I guess I'm curious if you've seen US trends, it kind of stabilize and become more predictable. And within the women's business, it wasn't clear to me whether you think you lost share within the quarter in the US or whether maybe the home market was a bit softer for the segment?

嗨，下午好。我想我很好奇你是否看到了美國的趨勢，它有點穩定並且變得更加可預測。在女裝業務中，我不清楚您是否認為本季在美國失去了份額，或者該細分市場的國內市場是否有點疲軟？

Thanks, Sharon. I would say in terms of US performance, it did come in as we expected in Q1. So I'd say to that from that standpoint, it was in line with our expectations.

謝謝，莎倫。我想說，就美國的表現而言，第一季的表現確實符合我們的預期。所以我想說，從這個角度來看，這符合我們的期望。

And in terms of share, in Q1, we did gain market share in both the US adult apparel industry, as well as the US adult active wear industry. We saw outside game to men's, where we significantly outperformed the overall market. And women's, we were flattish based on the missed opportunities that I identified.

就份額而言，第一季度，我們確實在美國成人服裝行業以及美國成人運動服裝行業都獲得了市場份額。我們看到了男裝的外線比賽，我們的表現明顯優於整體市場。在女性方面，根據我發現的錯失機會，我們表現平平。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good afternoon, everyone. Calvin and Meghan, as you think about store productivity levels in these stores in North America, is that changing at all from how you thought about it before and how our new stores opening?

嗨，大家下午好。卡爾文和梅根，當您考慮北美這些商店的生產力水平時，您的想法是否與我們之前的想法以及我們的新店開業方式相比有什麼變化？

And then lastly, as you think about the men's business, which seems to be growing very strongly, any difference in terms of what you're seeing overseas versus in North America for the men's business? Thank you.

最後，當您想到似乎成長非常強勁的男裝業務時，您在海外和北美看到的男裝業務有什麼不同嗎？謝謝。

Thanks, Dana. I would say in terms of new store openings, we continue to see opportunity and runway across all of our geographies. The US specifically, we see sales very productive sales per square foot above our average, which is around 1,600 per square foot. We can and to look at new stores is ramping into their full mature volume of our two to four year period. I would say we're continuing to see that, and we see ample runway in both the US, as well as our importantly, our international region.

謝謝，達納。我想說，就新店開業而言，我們繼續在所有地區看到機會和跑道。特別是在美國，我們看到每平方英尺的銷售量非常高，高於我們的平均水平，即每平方英尺 1,600 輛左右。我們可以觀察新店在兩到四年內是否已達到完全成熟的數量。我想說，我們將繼續看到這一點，我們在美國以及我們重要的國際地區都看到了充足的跑道。

Hi Dana. And, I'll chat with Matt. Just I'll just add in terms of the optimization of our doors around the world, including in the US, very excited with the results we see. The percentage of the portfolio that we still have available to be optimized. And obviously, the product innovative pipeline that is creating opportunities for these additional categories within that space and that's markets from APAC to Australia into the US.

嗨，達納。而且，我會和馬特聊天。我只想補充我們在世界各地（包括美國）的門的優化，我們對看到的結果感到非常興奮。我們仍然可以優化的投資組合的百分比。顯然，產品創新管道正在為該領域內的這些附加類別創造機會，從亞太地區到澳洲再到美國的市場。

So very excited about how we will continue to invest, optimize and showcase our product innovation in Asia, even some stronger fashion. In terms of men's, men's globally is performing very strong. Interestingly, it took us a number of years to get to our penetration of the men's business in North America, and we're seeing the international markets get there a lot quicker. So it really earlier on Lululemon is a dual gender brand in these markets and men are responding to the newness in the product and the innovation globally.

我們對如何繼續在亞洲投資、優化和展示我們的產品創新，甚至是一些更強大的時尚感到非常興奮。就男裝而言，全球男裝表現非常強勁。有趣的是，我們花了很多年的時間才滲透到北美的男裝業務，我們發現國際市場的滲透速度要快得多。因此，Lululemon 很早就在這些市場上成為了一個雙性別品牌，男性正在對全球產品和創新的新穎性做出反應。

In similar fashion, when we see the strength of the ABC, we see the strength of our performance franchises. Interestingly, when we see the success of the new launches, the Zero Den in on franchise or the expansion of pace, breaker are resonating around the globe in all of our markets. So excited to see the growth in men's globally, as well as in the US.

以類似的方式，當我們看到美國廣播公司的實力時，我們也看到了我們表演特許經營權的實力。有趣的是，當我們看到新產品的成功推出、Zero Den 的特許經營權或步伐的擴大時，斷路器正在全球所有市場中引起共鳴。很高興看到全球以及美國男裝市場的成長。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Thanks for squeezing me in. Congrats on nice quarter. Calvin, I think I heard you say international and still to reach 50% of sales. How does the complexion of that look on an omnichannel basis and geography basis?

謝謝你讓我加入。 Calvin，我想我聽到你說國際化並且仍要達到銷售額的 50%。從全通路和地理角度來看，情況如何？

I think from a geography perspective, we haven't broken it out. Obviously Mainland China, which continues to perform well for us, and we're still early in terms of the potential when we look at the number of doors we have, the potential of store locations, the success of our business online, unaided awareness internationally being as low as it is in every market we're in.

我認為從地理角度來看，我們還沒有突破它。顯然，中國大陸對我們來說繼續表現良好，當我們考慮我們擁有的門市數量、商店位置的潛力、我們在線業務的成功以及國際上的獨立意識時，我們的潛力還處於早期階段與我們所在的每個市場一樣低。

So really the growth possibility is on stores, digital, where we have a different degree of penetration of our digital channel, but I think all markets can be hitting 40% -plus on our digital channel in the years to come as a support and driver of that as we build out our store network and opportunity. The addition of new markets. But we're in the bulk of the right markets that are going to drive fundamentally the majority of that growth crossing APAC and Mainland China and we are just so early in that growth that when I look at the performance in the adoption and the reception of the brand where we are in unaided awareness, where we are in store penetration and growth and that potential and then look at some competitive other brands and where their ratio is, that's where our aspiration is see and that opportunity.

因此，成長的可能性實際上是在商店、數位管道上，我們對數位管道的滲透程度不同，但我認為在未來幾年裡，作為支持和驅動力，所有市場都可以在我們的數位管道上達到40% 以上當我們建立我們的商店網絡和機會時。增加新市場。但我們處於大部分合適的市場，這些市場將從根本上推動亞太地區和中國大陸的大部分增長，而且我們處於這種增長的早期階段，當我看到在採用和接受方面的表現時我們處於獨立意識的品牌，我們的商店滲透率和成長以及潛力，然後看看一些有競爭力的其他品牌及其比例，這就是我們的願望和機會。

Obviously, not in the current (inaudible), where our goal is to quadruple our business again on top of quadrupling at, but there is nothing systemic that to preventing the brand from achieving a 50% international, 50% North America penetration in the future.

顯然，目前不是（聽不清楚），我們的目標是在業務量翻兩番的基礎上再次翻兩番，但沒有任何系統性的因素可以阻止該品牌未來實現50% 的國際滲透率、50%的北美滲透率。

It's outstanding. How should we think about the omnichannel business in the Americas? You made some big investments in co-located stores. You're still growing square footage in Canada and United States. I guess, how should we think about the DCC platform, a tremendous scale, e-commerce with tremendous scale, providing that's the balance of stores and e-commerce going forward in North America?

它非常出色。我們該如何看待美洲的全通路業務？您對同地辦公商店進行了一些重大投資。加拿大和美國的面積仍在增加。我想，如果這是北美未來商店和電子商務之間的平衡，我們該如何看待DCC平台，一個巨大的規模，一個規模龐大的電子商務？

We haven't put a fine point on store versus e-com. What we shared in our current five-year plan is we expected e-com to grow by the ahead of our 15% CAGR and store it slightly below. But we are remaining agile and going to where the guest wants to shop with us as you mentioned, we've invested in omni channel capabilities and really look at it as a seamless experience across both. So to see slightly more opportunity in e-commerce over the longer term and will remain agile in how we approach a business.

我們還沒有對實體店與電子商務進行明確的區分。我們在目前的五年計畫中分享的是，我們預計電子商務的成長速度將超過我們 15% 的複合年增長率，並略低於我們的複合年增長率。但我們仍然保持敏捷性，正如您所提到的，我們會去客人想在我們這裡購物的地方，我們已經投資了全通路功能，並真正將其視為跨通路的無縫體驗。因此，從長遠來看，我們會在電子商務領域看到更多的機會，並將在開展業務時保持敏捷。

That's great. Thank you.

那太棒了。謝謝。

Thank you.

謝謝。

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。感謝您加入通話並祝您有愉快的一天。