Lululemon Athletica Inc (LULU) 2024 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica, Inc., second quarter 2024 results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 Lululemon Athletica, Inc. 2024 年第二季業績電話會議。提醒一下，所有參與者都處於僅聽模式，並且正在錄製會議。 （操作員說明）

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

現在我想將會議交給 Lululemon Athletica 投資者關係副總裁 Howard Tubin。請繼續。

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

謝謝你，下午好。歡迎參加 Lululemon 第二季財報電話會議。今天與我一起談論我們的業績的是首席執行官卡爾文·麥克唐納 (Calvin McDonald)；和首席財務官梅根弗蘭克。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of Lululemon's future.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述，反映管理層目前對 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-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

這些陳述是基於我們評估的當前訊息，但其性質是動態的，並且會發生快速甚至突然的變化。由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果有重大差異，包括我們在最近向SEC 提交的文件中揭露的風險和不確定性，包括我們的10-K 表格年度報告以及我們的 10-Q 表格季度報告。

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

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 quarterly report on Form 10-Q and in today's earnings press release. In addition, the comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying quarterly report on Form 10-Q are available under the investors section of our website at www.lululemon.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 指標的調整包含在我們的 10-Q 表格季度報告和今天的收益新聞稿中。此外，今天電話會議上給出的可比較銷售指標是按美元不變計算的。新聞稿和隨附的 10-Q 表季度報告可在我們網站 www.lululemon.com 的投資者部分取得。

Before we begin the call, I'd like to remind our investors to visit our investor site, where you'll find a summary of our key financial and operating statistics for the second 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.

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，您可以在其中找到我們第二季度主要財務和營運統計數據的摘要以及我們的季度資訊圖表。今天的電話會議預計持續一小時，因此請一次只回答一個問題，以便其他人有機會得到解決。

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'm glad you could all join us on the call today to discuss our business in quarter two and our revised outlook for the second half of the year. On today's call, I will speak to the strength in our international business, I also will spend time discussing our business in the US, including some missed opportunities in women's, our assessment of the root causes, the plans underway to address these in the near term, and the many reasons for our continued optimism regarding our growth potential in the US.

謝謝你，霍華德。我很高興大家今天能加入我們的電話會議，討論我們第二季的業務以及我們修訂後的下半年前景。在今天的電話會議上，我將談到我們在國際業務方面的實力，我還將花時間討論我們在美國的業務，包括在女性領域錯失的一些機會、我們對根本原因的評估以及近期為解決這些問題而採取的計劃。

Next, I will speak to our recent brand campaigns and activations. Meghan will review our financials, and we will close by taking your questions. So let's get started. In the second quarter, total revenue increased 7% or 8% in constant currency.

接下來，我將談談我們最近的品牌活動和活化。梅根將審查我們的財務狀況，最後我們將回答您的問題。那麼就讓我們開始吧。第二季總營收以固定匯率計算成長 7% 或 8%。

By merchandise category, women's increased 6%, men's grew 11% and accessories increased 7%. Earnings per share increased 18%, driven by strong gross margin, which contributed to a 110 basis point increase in operating margin. In addition, demonstrating our continued confidence in the business, we repurchased $584 million of stock in quarter two, which brings us to $1.2 billion year to date.

依商品類別劃分，女裝成長 6%，男裝成長 11%，配件成長 7%。在強勁的毛利率推動下，每股盈餘成長 18%，營業利潤率成長 110 個基點。此外，為了展示我們對業務的持續信心，我們在第二季度回購了 5.84 億美元的股票，使我們今年迄今的股價達到 12 億美元。

Let's now discuss our regional performance beginning with our international business. In quarter two, we continued to see strengthen our international markets as the Lululemon brand resonates with guests around the world. Growing our business outside of North America remains one of our largest opportunities, and we remain on track to quadruple international revenue from 2021 levels by the end of 2026.

現在讓我們從國際業務開始討論我們的區域業績。第二季度，隨著 Lululemon 品牌與世界各地的客人產生共鳴，我們的國際市場繼續增強。拓展北美以外的業務仍然是我們最大的機會之一，我們仍有望在 2026 年底前將國際收入從 2021 年的水平翻兩番。

Momentum remained strong with total international revenue increasing 29% or 31% in constant currency. By region, our results were as follows. China Mainland increased 34% or 37% in constant currency. Rest of world grew 24% or 27% in constant currency.

國際總營收成長 29%，以固定匯率計算成長 31%，動能依然強勁。按地區劃分，我們的結果如下。中國大陸成長34%，以固定匯率計算成長37%。世界其他地區成長 24%，以固定匯率計算成長 27%。

In China Mainland, our business remained robust in the second quarter as we continued to bring new guests into the brand through our stores and multiple e-commerce platforms. In addition to our innovative product offering and omni operating model, we are requiring guests through our unique made to feel positioning which comes to life through our commitment to movement and community, all of which supports the Healthy China 2030 initiative.

在中國大陸，我們的業務在第二季度保持強勁，我們繼續透過我們的門市和多個電子商務平台為該品牌引入新客人。除了我們的創新產品和全方位運營模式外，我們還要求客人透過我們獨特的“量身定制”定位，透過我們對運動和社區的承諾來實現這一定位，所有這些都支持“健康中國2030”倡議。

In quarter two, we built upon the success of our summer sweat game series with our largest activation yet. This year, we expanded the games to more than 70 stores in nearly 40 cities with approximately 10,000 guests signing up to participate. The national finals were held this past week in Beijing.

在第二季度，我們在夏季汗水遊戲系列的成功基礎上，進行了迄今為止最大的活動。今年，我們將活動擴大到近40個城市的70多家門市，約有10,000名客人報名參加。全國總決賽上週在北京舉行。

Looking to quarter three, we will build upon last year's success and bring attention to the World Mental Health Day in October with unique activations across several cities in China Mainland. In addition, we will expand our activations to other markets this fall, including South Korea, Germany, the UK and the US. This is a great example of how our teams from around the world share ideas and activate global campaigns.

展望第三季度，我們將在去年的成功基礎上，透過在中國大陸多個城市開展獨特的活動來引起人們對十月世界精神衛生日的關注。此外，我們將於今年秋季將我們的活動擴展到其他市場，包括韓國、德國、英國和美國。這是我們來自世界各地的團隊如何分享想法和發起全球活動的一個很好的例子。

Shifting to our rest of world segment, where we continue to perform well in both EMEA and APAC. We expanded further in Southeast Asia with the opening of our second store in Thailand and our fourth in Malaysia. And in France, our Paris stores and the Lululemon brand overall benefited from the energy and excitement of the Olympics, which I'll speak to in more detail shortly.

轉向世界其他地區，我們在歐洲、中東和非洲和亞太地區繼續表現良好。我們在東南亞進一步擴張，在泰國開設了第二家商店，在馬來西亞開設了第四家商店。在法國，我們的巴黎商店和 Lululemon 品牌總體上受益於奧運會的活力和興奮，我很快就會詳細介紹這一點。

Turning to our business in the Americas, revenue increased 1% or 2% in constant currency. We continued to perform well in Canada, with revenue growth of 8% or 11% in constant currency, while revenue in the US was flat. This is a key area of focus for us, and I will now dive deeper into our US business.

談到我們在美洲的業務，以固定匯率計算，營收成長了 1% 或 2%。我們在加拿大繼續表現良好，以固定匯率計算收入成長 8% 或 11%，而美國收入持平。這是我們關注的關鍵領域，我現在將更深入地探討我們的美國業務。

Our brand remains strong in the US market. Traffic was up across both channels and Google search queries remain positive. Guests are looking for our product, coming into our stores, and visiting our e-commerce sites.

我們的品牌在美國市場依然強勁。兩個管道的流量都增加了，谷歌搜尋查詢仍然積極。客人正在尋找我們的產品，進入我們的商店，並造訪我們的電子商務網站。

While we continue to see growth in our men's business, we have experienced a slowdown in women's. We have improved our in-stocks in smaller sizes through Q2 and are entering Q3 better positions. As we've analyzed our women's business in more detail, we have determined the most significant factor was a product plan that introduce less newness across core and seasonal styles.

雖然我們的男裝業務持續成長，但女裝業務卻出現了放緩。我們在第二季改善了小尺寸的庫存，並進入第三季更好的位置。當我們更詳細地分析我們的女裝業務時，我們發現最重要的因素是產品計劃在核心款式和季節性款式上引入的新鮮感較少。

By newness, I'm referring to the seasonal updates we bring into the assortment typically expresses color, print, patterns, and silhouettes. I'm not referring to our pipeline of innovation, which remains full and the details of which I will share with you shortly.

我所說的新穎性是指我們在產品系列中引入的季節性更新，通常表現為顏色、印花、圖案和輪廓。我指的不是我們的創新管道，該管道仍然完整，我很快就會與您分享其細節。

As we have learned more it's become clear to us that this reduced newness, which is below our historical levels and stems from earlier product decisions has impacted conversion rates given the fewer new options available to our female guests.

隨著我們了解的越來越多，我們越來越清楚，由於女性客人可用的新選擇越來越少，由於早期的產品決策，新奇感的降低影響了轉換率，低於我們的歷史水平。

While this reduction was seen across our women's assortment, it had a more pronounced impact in bottoms. And in our online channel, the newness that we had performed well we simply did not have enough to inspire her to purchase.

雖然在我們的女裝系列中都出現了這種減少，但對下裝的影響更為明顯。在我們的線上管道中，我們表現良好的新鮮感根本不足以激發她購買。

As most of you know, we announced changes within our product organization in May of this year. We implemented a new reporting structure in which our global creative director, Jonathan Cheung reports to me and our Chief Merchant, Liz Binder reports to Nikki Neuburger in her expanded role as Chief Brand and Product Activation Officer.

正如你們大多數人所知，我們在今年 5 月宣布了產品組織的變化。我們實施了新的匯報結構，其中我們的全球創意總監 Jonathan Cheung 向我匯報，我們的首席商務官 Liz Binder 向 Nikki Neuburger 匯報，後者擔任首席品牌和產品激活官。

Since this shift, Nikki and I have both spent considerable time with the teams and we are pleased that this new structure puts design and merchandising on equal footing and reestablishes the healthy balance that must exist within a product organization. The teams are working well together and already in action.

自從這一轉變以來，Nikki 和我都在團隊中度過了相當多的時間，我們很高興這種新結構將設計和銷售置於平等的基礎上，並重新建立了產品組織內必須存在的健康平衡。這些團隊合作良好並且已經開始行動。

Our near term action plan leverages our capabilities in Chase and Fast Track design to bring more seasonal newness into our women's assortment as quickly as possible. The teams have been chasing into some of our strong performers, including a line leggings in colors and prints, our gold zip Scuba, and Softstreme and new silhouettes and seasonal fabrications.

我們的近期行動計畫利用我們在 Chase 和 Fast Track 設計方面的能力，盡快為我們的女裝系列帶來更多當季新鮮感。這些團隊一直在追逐我們的一些表現出色的產品，包括顏色和印花的線條緊身褲、我們的金色拉鍊 Scuba 和 Softtreme 以及新輪廓和季節性面料。

Our Fast Track design capability allows us to bring newness into our assortment quicker while also testing and learning from new silhouettes. For 2025, we are fast tracking several new styles within performance shorts, tops, and track suits. We are optimistic that we will begin to see the benefits of these strategies over the upcoming quarters and return to our historical levels of newness no later than spring 2025.

我們的快速通道設計能力使我們能夠更快地為我們的產品系列帶來新鮮感，同時還可以測試和學習新款式。 2025 年，我們將快速推出高性能短褲、上衣和運動服等多種新款式。我們樂觀地認為，我們將在未來幾季開始看到這些策略的好處，並在 2025 年春季之前恢復到歷史新水平。

Moving forward, I feel confident that the new structure and relationship between design and merchandising will lead to more ongoing conversations and consistent decision-making. And I'm excited about the newness and innovation that will be flowing into our upcoming product assortments.

展望未來，我相信設計和行銷之間的新結構和關係將帶來更多持續的對話和一致的決策。我對我們即將推出的產品系列中將出現的新鮮感和創新感到興奮。

While we are disappointed with the recent performance in women's, we see many strengths in our US business. Our store portfolio remains highly productive with significant opportunities ahead. Our industry-leading sales per foot, the success of our new stores, and the positive results from our optimization program, all underpin our comfort with our power 3 times two target of approximately 5% square footage growth annually in the Americas through 2026.

雖然我們對女裝業務最近的表現感到失望，但我們看到了我們美國業務的許多優勢。我們的商店組合仍然保持著高生產力，並面臨著巨大的機會。我們行業領先的每英尺銷售額、新店的成功以及優化計劃的積極成果，所有這些都支撐著我們對 2026 年美洲面積每年增長約 5% 的 3 倍二倍目標的信心。

We are only beginning to leverage the power of our membership program, which allows us to engage more deeply with our guests, drive loyalty and increase long term value. We now have more than 20 million essential members, and I'll share more in a moment about how we're expanding our offerings.

我們才剛開始利用會員計劃的力量，這使我們能夠更深入地與客人互動，提高忠誠度並增加長期價值。我們現在擁有超過 2000 萬重要會員，稍後我將分享更多有關我們如何擴展我們的產品的資訊。

And while we have experienced positive increases across our brand funnel metrics in the market, there is still substantial opportunity to drive unaided brand awareness, introducing Lululemon to new guest segments. As you can see, there are many reasons we feel optimistic about our US business and its growth potential.

儘管我們的品牌漏斗指標在市場上取得了積極的成長，但仍有大量的機會來提高獨立的品牌知名度，將 Lululemon 引入新的客戶群。正如您所看到的，我們對美國業務及其成長潛力感到樂觀的原因有很多。

Let's shift now to our recent and upcoming product innovations. Beginning with men's, the business remains robust and we continued to gain market share. In quarter two, we saw strength across the assortment, including Zeroed In which was launched this past spring and has quickly become a guest favorite and a top 3 performance franchise.

現在讓我們轉向我們最近和即將推出的產品創新。從男裝開始，業務依然強勁，我們繼續獲得市場份額。在第二季度，我們看到了整個系列的實力，包括去年春天推出的《Zeroed In》，它很快就成為了客人的最愛，並成為性能排名前三的系列。

Our Pace Breaker with the positive response to our shorts and our recently launched pant and jacket is performing very well. Our new ShowZero Polo, which virtually eliminates the appearance of sweat also launched this spring and has resonated well with guests and will benefit from increased inventory commitments this fall and into next year.

我們的 Pace Breaker 對我們的短褲以及我們最近推出的褲子和夾克的積極反響表現非常好。我們的新 ShowZero Polo 幾乎消除了汗水的出現，也在今年春季推出，引起了客人的良好共鳴，並將受益於今年秋季和明年庫存承諾的增加。

And our lounge offering, including Soft Jersey, Steady State, and Smooth Spacer continued to perform well, and we will fuel the momentum with additional styles and deeper inventory buys.

我們的休息室產品，包括 Soft Jersey、Steady State 和 Smooth Spacer 繼續表現良好，我們將透過更多款式和更深層的庫存購買來推動這一勢頭。

In women's, I'm excited with our product road map for fall, which includes an expansion of our train offering with the introduction of a new performance, fabric innovation and a tight, and expansion of our Wunder Under franchise offering our iconic legging and different fabrics, seasonal updates within our line franchise and an updated version of our Chargefeel footwear styles.

在女裝方面，我對我們秋季的產品路線圖感到興奮，其中包括通過引入新的性能、面料創新和緊身衣來擴展我們的訓練產品，以及擴展我們的Wunder Under 特許經營權，提供我們標誌性的緊身褲和不同的產品。

And our accessories business also remains positive on top of last year's strong performance. We have diversified into a compelling assortment of bags, including our new Crew and Double Zip backpacks and additional styles within the Everywhere franchise, including a backpack and Crossbody bags, which is fueling continued momentum in the category.

我們的配件業務在去年的強勁表現基礎上也保持著積極的勢頭。我們已經多元化推出了一系列引人注目的包袋，包括我們的新 Crew 和 Double Zip 背包，以及 Everywhere 系列中的其他款式，包括背包和斜挎包，這推動了該類別的持續發展勢頭。

One of our goals is to solve for the unmet needs of our guests with new and compelling technical innovations and this will continue to separate us from other brands. With this in mind, I want to touch on Breeze Through, a new product offering this quarter for guests who participate in hot yoga and other heat intensive workouts.

我們的目標之一是透過引人注目的新技術創新來解決客人未滿足的需求，這將繼續使我們與其他品牌區分開來。考慮到這一點，我想談談 Breeze Through，這是本季為參加熱瑜珈和其他高強度運動的客人提供的新產品。

It was a small buy. We view this as a test and learn. And while guests we're excited by the fabric, the design didn't meet their expectations. Listening to our guests is central to who we are and how we grow our brand, and we took the right step of pausing on sales and look forward to reintroducing the fabric in the future. This decision had a negligible impact on our performance in this quarter.

這是一筆小買賣。我們將此視為一次測驗和學習。雖然客人們對布料感到興奮，但設計並沒有達到他們的期望。傾聽客人的聲音對於我們是誰以及我們如何發展我們的品牌至關重要，我們採取了暫停銷售的正確步驟，並期待將來重新推出這種面料。這項決定對我們本季的業績影響可以忽略不計。

I'd now like to spend a few minutes speaking about our recent brand campaigns and activations. Increasing brand awareness and consideration remains one of our single biggest opportunities in almost every market in which we operate, so let me highlight a few examples now.

我現在想花幾分鐘談談我們最近的品牌活動和激活。在我們經營的幾乎每個市場中，提高品牌知名度和考慮度仍然是我們最大的機會之一，所以現在讓我重點介紹幾個例子。

As I mentioned earlier, we continue to offer many benefits to members of our free Essentials program. In early June, we hosted a members only weekend at Peloton Studios, New York. This exclusive sold-out event featured live classes of 5,000 run, sessions with our Peloton ambassadors, and a wrap up party.

正如我之前提到的，我們繼續為免費 Essentials 計劃的會員提供許多福利。六月初，我們在紐約 Peloton Studios 舉辦了會員專屬週末活動。這項獨家活動的門票全部售完，包括 5,000 人的現場課程、與我們的 Peloton 大使的會議以及總結派對。

We also launched partner perks for members. We partnered with 12 brands, including Aura and Barry's that offer our members exclusive perks and benefits, and the early feedback from guests has been very positive.

我們也為會員推出了合作夥伴福利。我們與 12 個品牌合作，包括 Aura 和 Barry's，為我們的會員提供專屬福利和福利，客人的早期回饋非常積極。

These strategies illustrate just a few of the ways we engage with our guests beyond a simple purchase transaction by offering exclusive experiences and benefits and helping them feel their best, all of which drives and deepens loyalty.

這些策略僅說明了我們與客人互動的幾種方式，超越了簡單的購買交易，透過提供獨特的體驗和福利並幫助他們感覺最好，所有這些都推動並加深了忠誠度。

Our partnership with the Canadian Olympic and Paralympic teams came to life with the games in Paris and continues for the next several days during the Paralympics. As a Canadian, I'm incredibly proud of our athletes and how our brands showed up during the games.

我們與加拿大奧運會和殘奧會團隊的合作關係在巴黎奧運會期間實現，並將在殘奧會期間的接下來幾天繼續下去。身為加拿大人，我為我們的運動員以及我們的品牌在比賽中的表現感到無比自豪。

Through our partnership, we outfit athletes for their off field activities and the Lululemon brand clearly benefit from the podium time the team achieved and the exposure during the opening and closing ceremonies.

透過我們的合作關係，我們為運動員提供場外活動裝備，而 Lululemon 品牌顯然受益於團隊登上領獎台的時間以及開閉幕式期間的曝光度。

We further leveraged our partnership with the pop-up shop in Canada house and by offering our team Canada collection in our nearby stores in Paris, across Canada in both stores and e-commerce, and in the US through our e-commerce channel. This partnership is a great example of how we are elevating the Lululemon brand on the world stage by associating with the lead athletes, gaining significant earned media and growing brand awareness globally.

我們進一步利用與 Canada house 快閃店的合作關係，在巴黎附近的商店、加拿大各地的商店和電子商務以及美國的電子商務管道中提供我們團隊的加拿大系列產品。此次合作是我們如何透過與頂尖運動員合作、獲得重要媒體支持並提高全球品牌知名度來提升 Lululemon 品牌在世界舞台上的一個很好的例子。

Another area of focus for us is back to school. Bringing younger guests and particularly men into the brand remains an opportunity as we increase awareness regarding the versatility of our merchandise and the breadth of our offering. Football players, DK Metcalf and Odell Beckham Junior star in this year's campaign in North America, and it features our loungewear offering for both men and women and our Cityverse sneaker.

我們關注的另一個領域是重返校園。隨著我們提高對商品多功能性和產品廣度的認識，吸引年輕顧客，尤其是男性加入品牌仍然是一個機會。足球員 DK Metcalf 和 Odell Beckham Junior 在今年的北美廣告活動中成為明星，其中包括我們的男女休閒服和 Cityverse 運動鞋。

Before I hand it over to Meghan to discuss our financials let me share our high level thinking on our guidance for the remainder of the year. For quarter three and the full year, excluding the 53rd week, we expect revenue growth of 6% to 7%, relatively in line with quarter two performance.

在我將其交給梅根討論我們的財務狀況之前，讓我分享一下我們對今年剩餘時間的指導的高層思考。對於第三季和全年（不包括第 53 週），我們預計營收成長 6% 至 7%，與第二季的業績相對一致。

Our full year revenue guidance acknowledges the uncertainty around the shorter holiday shopping season and the US election in quarter four. Our teams remain focused on the actions I detailed for you. We plan for our penetration of newness to improve in the second half of 2024, and we expect to be back to our historical levels of newness as we start 2025.

我們的全年收入指引承認較短的假期購物季和第四季度美國大選的不確定性。我們的團隊仍然專注於我為您詳細說明的行動。我們計劃在 2024 年下半年提高新穎性的滲透率，並預計在 2025 年開始時將恢復到歷史新穎性水準。

While you can see our focus on the US, other aspects of our business remains strong, and we are committed to delivering on our power of 3 times 2 target of doubling revenue from $6.25 billion in '21 to $12.5 billion in '26.

雖然您可以看到我們對美國的關注，但我們業務的其他方面仍然強勁，我們致力於實現3 倍2 的目標，即收入翻一番，從21 年的62.5 億美元增加到26 年的125 億美元。

Using our revised guidance for this year, our three year revenue growth CAGR from '21 to '24 is 19%, ahead of the 15% CAGR we laid out in our plan. I'm excited with our new leadership structure, driving product direction for '25 and our future pipeline of innovation. I feel optimistic we can accelerate growth in our US women's business while continuing to deliver strong performance in men's and international.

根據我們今年修訂後的指導，我們從 21 年到 24 年的三年收入複合年增長率為 19%，高於我們計劃中設定的 15% 複合年增長率。我對我們新的領導結構感到興奮，它將推動 '25 的產品方向和我們未來的創新管道。我對我們能夠加速美國女裝業務的成長，同時繼續在男裝和國際業務中取得強勁業績感到樂觀。

Meghan, over to you.

梅根，交給你了。

Thanks, Calvin. While revenue in Q2 remained strong in all of our international regions in Canada, the US business was softer for the reasons Calvin just detailed. Earnings per share exceeded our expectations, driven predominantly by strong gross margin.

謝謝，卡爾文。雖然加拿大所有國際地區第二季的營收依然強勁，但美國業務卻因 Calvin 剛才詳述的原因而疲軟。每股盈餘超出了我們的預期，主要是由於強勁的毛利率。

Markdowns were flat versus the prior year and better than expected. And when looking at expenses, we continue to manage the business prudently while protecting key investments for the long term.

降價幅度與上年持平，且優於預期。在考慮費用時，我們繼續謹慎管理業務，同時保護長期關鍵投資。

Let me now share the details of Q2 performance. For Q2, total net revenue rose 7% to $2.4 billion. In constant dollar, comparable sales increased 3%.

現在讓我分享一下第二季的業績細節。第二季總淨收入成長 7%，達到 24 億美元。以不變美元計算，可比銷售額成長了 3%。

Within our regions, results were as follows. Americas revenue increased 1% or 2% in constant currency, comparable sales declined 2%. China Mainland revenue increased 34% or 37% in constant currency, with comparable sales increasing 23%. And our rest of world segment revenue grew by 24% or 27% in constant currency, with comparable sales increasing by 20%.

在我們的地區內，結果如下。以固定匯率計算，美洲地區營收成長 1% 或 2%，可比銷售額下降 2%。中國大陸收入成長 34%，以固定匯率計算成長 37%，可比銷售額成長 23%。我們世界其他地區的收入成長了 24% 或以固定匯率計算 27%，可比銷售額成長了 20%。

In our store channel, total sales increased 11%, and we ended the quarter with 721 stores globally. Square footage increased 14% versus last year, driven by the addition of 49 net new Lululemon stores since Q2 of 2023. During the quarter, we opened 10 net new stores and completed 6 optimization.

在我們的商店通路中，總銷售額成長了 11%，本季末我們在全球擁有 721 家商店。自 2023 年第二季以來，由於淨新增 49 家 Lululemon 門市，平方英尺與去年相比增加了 14%。

In our digital channel, revenues increased 2% and contributed $900 million of top line or 38% of total revenue. And by category, men's revenue increased 11% versus last year and women's increased 6%, while accessories grew 7%.

在我們的數位管道中，營收成長了 2%，貢獻了 9 億美元的營收，佔總營收的 38%。按類別劃分，男裝收入比去年增長 11%，女裝增長 6%，配件增長 7%。

Gross profit for the second quarter was $1.4 billion or 59.6% of net revenue compared to 58.8% of net revenue in Q2 2023. The gross profit rate in Q2 increased 80 basis points, significantly better than our guidance and was driven primarily by the following.

第二季的毛利為14 億美元，佔淨收入的59.6%，而2023 年第二季則佔淨收入的58.8%。 ，主要由以下因素推動。

A 130 basis point increase in product margin, driven primarily by favorable IMU from lower product costs. Markdowns were flat year over year and better than expected. 30 basis points of net deleverage on fixed costs and 20 basis points of unfavorable impact from foreign exchange.

產品利潤率增加 130 個基點，主要是由產品成本降低帶來的有利 IMU 推動。降價同比持平，優於預期。固定成本淨去槓桿化30個基點，外匯不利影響20個基點。

I would also note that our pause on the sale of Breeze Through had a negligible impact on gross margin in the quarter. Relative to our guidance, which was a decline in gross margin of 100 basis points to 110 basis points, the upside was driven predominantly by prudent management of fixed expenses within gross margin, favorable mix and lower than expected markdowns.

我還要指出的是，我們暫停銷售 Breeze Through 對本季毛利率的影響可以忽略不計。相對於我們的指引（毛利率下降 100 個基點至 110 個基點），上漲主要是由於毛利率內固定費用的審慎管理、有利的組合和低於預期的降價。

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 $872 million or 36.8% of net revenue compared to 37% of net revenue for the same period last year.

轉向SG&A，我們的方法繼續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 8.72 億美元，佔淨收入的 36.8%，而去年同期則佔淨收入的 37%。

Foreign exchange contributed 10 basis points of deleverage. Overall, the 20 basis points of leverage in the quarter was below our guidance of 40 basis points to 60 basis points and resulted from the lower than expected top line.

外匯對去槓桿貢獻10個基點。整體而言，本季 20 個基點的槓桿率低於我們 40 至 60 個基點的指引，這是由於營收低於預期。

Operating income for the quarter was approximately $540 million or 22.8% of net revenue compared to 21.7% of net revenue in Q2 2023. Tax expense for the quarter was $165.3 million or 29.6% of pre-tax earnings compared to an effective tax rate of 29.8% a year ago.

本季營業收入約為5.4 億美元，佔淨收入的22.8%，而2023 年第二季佔淨收入的21.7%。為29.8 % 一年前。

Net income for the quarter was $393 million or $3.15 per diluted share compared to $2.68 for the second quarter of 2023. Capital expenditures were approximately $145 million for the quarter compared to approximately $146 million in the second quarter last year.

本季淨利為 3.93 億美元，即稀釋後每股收益 3.15 美元，而 2023 年第二季為 2.68 美元。

Q2 spend relates primarily to investments to support business growth, including our multiyear distribution center project, store capital for new locations, relocations and renovations, and technology investments.

第二季支出主要涉及支持業務成長的投資，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 $1.6 billion in cash and cash equivalents. Inventory declined 14%, in line with our expectations with the units declining in the mid-single digit range. We repurchased nearly 1.9 million in shares in Q2 at an average price of $310.

轉向我們的資產負債表亮點。本季結束時，我們擁有 16 億美元的現金和現金等價物。庫存下降 14%，符合我們的預期，單位數量下降幅度在中位數範圍內。我們在第二季以 310 美元的平均價格回購了近 190 萬股股票。

Year to date, we've repurchased approximately $1.2 billion of stock. Share repurchases remain our preferred method to return cash to shareholders. And currently, we have approximately $1 billion remaining on our repurchase program.

今年迄今為止，我們已回購了約 12 億美元的股票。股票回購仍然是我們向股東返還現金的首選方法。目前，我們的回購計畫還剩約 10 億美元。

Let me now share our detailed guidance outlook for the remainder of the year. At the highest level, we are assuming that revenue trends in the second half of the year remain fairly consistent with Q2, when excluding the 53rd week and the impact of a shorter holiday shopping season in Q4.

現在讓我分享我們對今年剩餘時間的詳細指導展望。在最高水準上，我們假設下半年的收入趨勢與第二季相當一致，排除第 53 週和第四季度假日購物季較短的影響。

I would also note that our pause in sale of Breeze Through had a negligible impact on our revenue and gross margin guidance for the year. We feel optimistic with the work our teams are doing to improve the newness we offer within our US women's assortment. But we continue to acknowledge the uncertainties in the macro environment and plan the business prudently.

我還要指出的是，我們暫停銷售 Breeze Through 對我們今年的營收和毛利率指引的影響可以忽略不計。我們對我們的團隊為提高美國女裝品種的新穎性所做的工作感到樂觀。但我們繼續承認宏觀環境的不確定性，審慎規劃業務。

Starting with the full year 2024, we now expect revenue to be in the range of $10.375 billion to $10.475 billion. This range represents growth of 8% to 9% relative to 2023. Excluding the 53rd week that we have in the fourth quarter of 2024, we expect revenue to grow 6% to 7%.

從 2024 年全年開始，我們目前預計營收將在 103.75 億美元至 104.75 億美元之間。這一範圍意味著相對 2023 年增長 8% 至 9%。

Also relating to Q4, we are assuming a negative impact of approximately 3 percentage points resulting from a shorter holiday shopping season relative to last year. We continue to expect to open 35 to 40 net new company operated stores in 2024 and completed approximately 40 co-located optimizations.

同樣與第四季相關，我們假設由於假日購物季相對於去年較短而產生約 3 個百分點的負面影響。我們繼續預計 2024 年將開設 35 至 40 家淨新公司自營商店，並完成約 40 項同地辦公優化。

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.

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 now expect gross margin to be approximately 20 basis points below our adjusted gross margin in 2023, due predominantly to deleverage on fixed costs associated with lower forecasted sales and an increase in freight costs relative to our prior estimates. We continue to expect markdowns to be relatively flat with last year.

就全年而言，我們目前預計2023 年毛利率將比調整後毛利率低約20 個基點，這主要是由於與我們先前估計相比，預測銷售額下降以及貨運成本增加相關的固定成本去槓桿化。我們仍然預計降價幅度將與去年持平。

Turning now to SG&A for the full year is now expected to be approximately flat versus 2023. We are prudently managing our expenses while continuing to invest strategically into our power 3 times 2 road map, including investments in marketing and brand building, is it 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SG&A，預計與2023 年大致持平。增加我們的知名度和吸引新客人、支持我們的國際成長和市場擴張的投資以及對技術基礎設施和數據分析能力的持續投資。

And looking at operating margin for the full year 2024, we now expect a decrease of 10 basis points to 20 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%.

考慮到2024 年全年的營業利潤率，我們現在預計2023 年調整後的營業利潤率將下降10 個基點至20 個基點，調整後的營業利潤率比2022 年擴大110 個基點。年，我們預計我們的有效稅率約為30%。

For the fiscal year 2024, we now expect diluted earnings per share in the range of $13.95 to $14.15 versus adjusted EPS of $12.77 in 2023. Our EPS guidance excludes the impact of any future share repurchases, but does include the impact of our repurchases year to date.

對於2024 財年，我們目前預計稀釋後每股收益將在13.95 美元至14.15 美元之間，而2023 年調整後每股收益為12.77 美元。 ，但確實包括我們回購年份至2023 年的影響。

But looking at inventory, we expect our inventory to increase in the mid-teens in Q3 as we begin to anniversary last year's decline. We continue to expect capital expenditures to be approximately $670 million to $690 million for 2024.

但就庫存而言，我們預計隨著去年的下降週年紀念日的到來，我們的庫存將在第三季度增加到十幾歲左右。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 multi-year distribution center projects, 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 Q3, we expect revenue in the range of $2.34 billion to $2.365 billion, representing growth of 6% to 7%. We expect to open 14 net new company operated stores in Q3. We expect gross margin in Q3 to decrease 50 basis points to 60 basis points relative to Q3 2023. The decrease will be driven predominantly by deleverage on fixed costs and our ongoing investment in our multiyear distribution center project.

現在轉向第三季度，我們預計營收在 23.4 億美元至 23.65 億美元之間，成長 6% 至 7%。我們預計第三季將淨開設 14 家新的公司自營店。我們預計第三季的毛利率將比 2023 年第三季下降 50 個基點至 60 個基點。

We expect product margin to be relatively flat with last year, inclusive of approximately 60 basis points of higher freight costs. We expect markdowns to be relatively flat with Q3 2023. In Q3, we expect our SG&A rate deleveraged by 40 basis points to 50 basis points relative to Q3 2023. This will be driven predominantly by leverage on top line and ongoing prudent expense management. When looking at operating margin for Q3, we expect deleverage of approximately 10 basis points to 20 basis points.

我們預計產品利潤率將與去年持平，其中包括約 60 個基點的較高運費。我們預計降價幅度將與2023 年第三季相對持平。持續審慎的費用管理推動。在考慮第三季的營業利潤率時，我們預期去槓桿化約為 10 個基點至 20 個基點。

Turning to EPS, we expect earnings per share in the third quarter to be in the range of $2.68 to $2.73 versus adjusted EPS of $2.53 a year ago. We expect our effective tax rate in Q3 to be approximately 30%.

至於每股收益，我們預計第三季每股收益將在 2.68 美元至 2.73 美元之間，而去年同期調整後每股收益為 2.53 美元。我們預計第三季的有效稅率約為 30%。

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。

Thanks, Meghan. Lululemon remains a strong and healthy brand and we have shown our ability to responsibly manage the business while seizing the many growth opportunities in front of us. We have a strong track record and we will continue to work to deliver for our shareholders, for our employees, and for our guests. Challenges are a natural part of accelerated growth, and I feel confident about emerging stronger from this period as we innovate for and inspire our guests.

謝謝，梅根。 Lululemon 仍然是一個強大而健康的品牌，我們已經展示了我們負責任地管理業務的能力，同時抓住了我們面前的許多成長機會。我們擁有良好的業績記錄，我們將繼續努力為我們的股東、員工和客人提供服務。挑戰是加速成長的自然組成部分，隨著我們為客人進行創新和激勵，我對從這段時期變得更加強大充滿信心。

In closing, I want to thank our leaders and our people for their passion and dedication to our brand and our business, both during this past quarter and with all that's ahead.

最後，我要感謝我們的領導者和員工在上個季度以及未來的所有時期對我們的品牌和業務的熱情和奉獻。

Thank you for joining us today. We will now take your questions. Operator?

感謝您今天加入我們。我們現在將回答您的問題。操作員？

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great. Thanks, and appreciate all the other color, Calvin. Maybe larger picture, what do you see as the revenue growth algorithm in North America once the dust settles? I think you talked about color sizing, some near-term execution.

偉大的。謝謝，並欣賞所有其他顏色，卡爾文。也許從更大的角度來看，一旦塵埃落定，您認為北美的營收成長演算法是什麼？我想你談到了顏色尺寸和一些近期執行。

And I think you cited all of this is more or less optimal on the women's side by the spring. And so maybe what do you see as the right revenue growth algorithm in North America once the dust is settled? And then what guardrails have you put into place to drive greater consistency over time in the region?

我認為你提到的所有這些在春季對女性來說或多或少都是最佳的。那麼，一旦塵埃落定，您認為北美正確的收入成長演算法是什麼？那麼，您採取了哪些措施來提高該地區的一致性？

Hey Matt. So in terms of how we view North America growth over time, we're still committed to our prior 3 times 2 plan, which had North America low double digit growth. What I would share, it's too soon to put a fine point on 2025. But what I would share is that we will obviously be up against an easier comparison this year.

嘿馬特。因此，就我們如何看待北美地區隨時間的成長而言，我們仍然致力於先前的 3 倍 2 計劃，該計劃使北美地區實現了兩位數的低成長。我想說的是，現在對 2025 年做出準確評價還為時過早。

And we still are excited about the long term growth opportunity we have in that market, particularly in terms of US in terms of brand awareness. So we have continued to protect investments that are aimed at building into that long term opportunity.

我們仍然對該市場的長期成長機會感到興奮，特別是在美國的品牌知名度方面。因此，我們繼續保護旨在建立長期機會的投資。

Yeah, Matt, in terms of the second part, the new product organization definitely sets a new balance between, as I mentioned, design and merchandising, which is going to lead to more creative conversations and outcomes.

是的，馬特，就第二部分而言，正如我所提到的，新的產品組織肯定在設計和行銷之間建立了新的平衡，這將帶來更具創造性的對話和結果。

And I've been in these meetings with the teams and already we're seeing the benefit of the new working relationships. And definitely a clarity around the ratio of newness tied to our product plans are a key part of that conversation and excited about the roadmap ahead to deliver on those and the opportunities we see in product and delivering on our guest needs.

我參加了與團隊的會議，我們已經看到了新工作關係的好處。毫無疑問，與我們的產品計劃相關的新穎性比率的明確性是對話的關鍵部分，並且對未來的路線圖感到興奮，以實現這些以及我們在產品中看到的機會並滿足客戶的需求。

Great. And then Meghan, maybe just a follow up. If you could just speak to your comfort with inventory on hand today exiting the quarter and maybe just touch on markdowns relative to plan in the second quarter or any change for the back half?

偉大的。然後梅根，也許只是後續行動。您是否可以談談您對今天退出本季度的現有庫存的滿意度，也許只是談談相對於第二季度計劃的降價或後半段的任何變化？

Yeah. So in terms of inventory, we came in with inventory down 14%. It was in line with expectations. And just a reminder, we're lapping some increases the last couple of years in terms of inventory with turns still slightly slower than history.

是的。因此，就庫存而言，我們的庫存下降了 14%。這符合預期。提醒一下，過去幾年我們的庫存有所增加，但周轉速度仍然比歷史記錄稍慢​​。

As we move into the second half of the year, we do expect inventory to be in the mid-teens at the end of Q3 and a similar growth rate, slightly higher as we end the year. I would say in terms of comfort with inventory, pleased with where we came in, in line with expectations, the opportunity would be in composition and that mixture that Calvin described in terms of newness, which the team is adjusting now.

隨著進入今年下半年，我們預計第三季末庫存將在十幾歲左右，成長率類似，年底時會略高。我想說的是，就對庫存的舒適度、對我們進入的位置感到滿意、符合預期而言，機會將在於卡爾文在新穎性方面所描述的組合和混合物，團隊現在正在調整。

And then in terms of markdowns, we did come in favorable relative to our expectations in Q2. So we did expect to see markdowns, similar slightly below what we saw in Q1. We were up 50 basis points year over year in Q1. We expected slightly lower in Q2.

然後就降價而言，我們確實相對於第二季的預期有利。因此，我們確實預計會出現降價，略低於我們在第一季看到的水平。第一季年增 50 個基點。我們預計第二季度會略有下降。

We did come in flat year-over-year, and that was really driven by strong sell-throughs on seasonal which is where we really take markdowns just to clear seasonal goods. When we look at the second half of the year, Q3 markdowns, I'd expect relatively in line with last year. And then Q4, slightly under last year, and we're still expecting flat markdowns for the full year.

我們的業績確實與去年同期持平，這實際上是由季節性的強勁銷售推動的，這就是我們真正採取降價措施來清除季節性商品的地方。當我們看到今年下半年第三季的降價時，我預計與去年相對一致。然後是第四季度，略低於去年，我們仍然預計全年降價將持平。

Great color, best of luck.

顏色很棒，祝你好運。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect. Thanks a lot for taking the question. Just on the revised full year guidance and where it's coming out of, it feels like that's mostly concentrated in the fourth quarter. Is that right? Or does your view on the third quarter change as well? And if you could just walk us through the puts and takes for looks almost a $0.50 reduction, that would be very helpful. Thanks a lot.

完美的。非常感謝您提出問題。就修訂後的全年指引及其來源而言，感覺主要集中在第四季度。是這樣嗎？或者您對第三季的看法也改變了嗎？如果您能向我們介紹看跌期權和看跌期權，看起來幾乎減少了 0.50 美元，那將非常有幫助。多謝。

Thanks, Alex. I would say the release -- our view on the relationship between Q3 and Q4 has not changed. And I would say we are guiding the second half in line essentially with the trend we're seeing in Q2, Q4 adjusted for the shorter holiday selling period and days between Thanksgiving and Christmas, which we estimate out at about a 3 point impact as well as the macroeconomic environment in the election in Q4.

謝謝，亞歷克斯。我想說的是，我們對第三季和第四季之間關係的看法沒有改變。我想說的是，我們對下半年的指導基本上與我們在第二季度、第四季度看到的趨勢一致，根據較短的假期銷售期以及感恩節和聖誕節之間的天數進行了調整，我們估計這也會產生大約3 個百分點的影響由於第四季度大選的宏觀經濟環境。

So the relationship of the two quarters has not changed, but we have lowered our outlook on the aggregates water line for the second half.

所以兩季的關係沒有改變，但我們下調了下半年總量水線的展望。

Got it. Maybe just one for Calvin is how much do you attribute sort of the revenue shortcoming in the quarter versus your expectation to like your own mistakes versus a macro? There's been a lot of discussion of kind of a weakening consumer. So just curious your thoughts on that.

知道了。也許對卡爾文來說，唯一的一個問題是，與你對自己的錯誤與宏觀的預期相比，你在多大程度上歸因於本季的收入缺陷？關於消費者疲軟的討論有很多。所以只是好奇你對此的想法。

I definitely see this as an opportunity based on decisions that we made that are within our control and being addressed. As I alluded to, it's across the globe, it really is focused to our US women's business and the gap and newness that we brought across color, print and silhouettes.

我絕對認為這是一個機會，基於我們所做的決定，這些決定在我們的控制範圍內並且正在解決。正如我所提到的，它是在全球範圍內，它確實專注於我們的美國女性業務以及我們在顏色、印花和輪廓方面帶來的差距和新穎性。

The newness we had sold very well. Guests was coming in. Traffic was positive across all channels and the opportunity was in conversion. So I see that as an opportunity that they were there with intent to spend, and there was a noticeable reduction in those historical levels of newness.

我們的新品賣得很好。客人不斷湧入。因此，我認為這是一個機會，他們在那裡有意圖消費，而且這些歷史新鮮感水平明顯下降。

So those were the product decisions that we made earlier and the new teams in action and as I alluded to the Chase. But definitely I think majority is within our control.

這些就是我們之前做出的產品決策以及正在採取行動的新團隊，正如我所提到的大通銀行。但我絕對認為大多數都在我們的控制範圍內。

Thanks a lot. Good luck.

多謝。祝你好運。

Thank you.

謝謝。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey guys, thanks. Can you talk about how the quarter progressed as you move through by region? What the exit rates were? Any comments on quarter two to date and are there any pockets of higher inventory? Just curious how you handle the whole Breeze Through where that product go, any financial impact on the back half. Thank you.

嘿夥計們，謝謝。能談談本季按地區劃分的進展嗎？退出率是多少？迄今為止對第二季度有什麼評論嗎？只是好奇你如何處理整個微風該產品的去向，對後半部分的任何財務影響。謝謝。

Thanks, Paul. So in terms of Q2, our May trend relatively in line with what we experienced in Q1 and then a softer business performance in June and July, with July being slightly above June. We haven't given any color by region within that.

謝謝，保羅。因此，就第二季而言，我們 5 月的趨勢與第一季的情況相對一致，然後 6 月和 7 月的業務表現較為疲軟，其中 7 月略高於 6 月。我們沒有按區域給出任何顏色。

But I would say in terms of quarter to date, we don't break down quarter-to-date performance by month but given what we experienced in Q2, the macroeconomic uncertainty in the second half of the year, we feel our guide at 6% to 7% is appropriate at this time.

但我想說，就季度迄今而言，我們不會按月細分季度至今的表現，但考慮到我們在第二季度經歷的情況以及下半年宏觀經濟的不確定性，我們認為我們的指導值為 6此時%~7%較為合適。

And then in terms of inventory, again, comfortable with the overall level, Breeze Through really negligible impact, a small test and learn and not a material financial impact.

然後在庫存方面，再次，對整體水準感到滿意，Breeze Through 的影響確實可以忽略不計，一個小的測試和學習並不會產生重大的財務影響。

Thanks, good luck.

謝謝，祝你好運。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey guys, thanks for taking the questions here. I guess maybe one for each. Meghan, can you just walk us through how the mechanics of the P&L work. I know you do a lot of scenario planning that you could keep the EBIT margins for the total company positive or we have a slower near term run rate in the US?

嘿夥計們，感謝您在這裡提出問題。我想也許每人一個。梅根，您能向我們介紹一下損益表的運作原理嗎？我知道您做了很多情境規劃，可以讓整個公司的息稅前利潤保持為正值，或者我們在美國的近期運行速度較慢？

And then Calvin, just on some of the comments made earlier, example, I'm wondering if you could give us an example of how design and merchandising teams are previously not on that equal 40 footing that you think you're on now and how that impacted the strategy in the consumers' eyes. Maybe just some of what prompted you to make some of the changes in the org chart that you did.

然後Calvin，就之前的一些評論而言，例如，我想知道您是否可以給我們一個例子，說明設計和銷售團隊以前如何不處於您認為現在所處的40 平等地位，以及如何做到這一點。也許只是一些促使您對組織結構圖進行一些更改的原因。

Michael, so in terms of P&L management, we're obviously closely monitoring business. We do run multiple scenarios. Our intention is to stay agile based on the way business is unfolding. You know, it's we're looking at this year and our revenue outlook, we are continuing to invest behind international performance, key to our long term strategy, an area of our business is clearly performing well.

邁克爾，就損益管理而言，我們顯然正在密切監控業務。我們確實運行了多個場景。我們的目的是根據業務開展的方式保持敏捷。你知道，我們正在關註今年和我們的收入前景，我們將繼續投資國際業績，這是我們長期策略的關鍵，我們的一個業務領域顯然表現良好。

And then as I mentioned, we also do see long term opportunity. Our outlook has not changed our long term opportunity in terms of brand awareness globally, but also within North America. And so we're continuing to protect investments in that long term brand building.

正如我所提到的，我們也確實看到了長期機會。我們的前景並沒有改變我們在全球品牌知名度方面的長期機會，而且在北美也是如此。因此，我們將繼續保護對長期品牌建設的投資。

At the same time, you know, we're looking for efficiency opportunities across the P&L and discretionary spend buckets as well as slowing down where that makes sense in terms of our capabilities roadmap go forward and all in line with our power 3 times 2 plan. So feel like we're well positioned as we navigate this year with the right balance of navigating the short term while protecting investments in our long term.

同時，您知道，我們正在尋找跨損益表和可自由支配支出的效率機會，並在對我們的能力路線圖前進有意義的地方放慢速度，所有這些都符合我們的力量 3 倍 2 計劃。因此，我們感覺今年我們處於有利的位置，在短期發展和保護長期投資之間取得了適當的平衡。

And Michael, in terms of your question, as you know, the previous structure, both design and merchandising rolled up to a single meter. And that product organization had served us well. As a high growth company, we have a 24% CAGR over the last five years from '18 to '23 to $10 billion in revenue.

邁克爾，就你的問題而言，正如你所知，以前的結構，設計和銷售都集中到一米。這個產品組織為我們提供了很好的服務。作為一家高成長公司，從 18 年到 23 年，我們的年複合成長率為 24%，營收達到 100 億美元。

But as we looked forward, we saw it as an opportunity to reset and take a different approach and what the new org does by having a stronger balance between design and merch, which will lead to more creative conversations and outcomes.

但展望未來，我們認為這是一個重新調整並採取不同方法的機會，以及新組織透過在設計和商品之間建立更強有力的平衡來做什麼，這將帶來更具創造性的對話和結果。

And in those conversations and the meetings that we have as to where am I seeing the difference in balance, you will see it executed in creation of some product challenging of the ratio between newness and core in the assortment and just the relationship between those two teams in terms of what's being created and how we're mixing it into the assortment and then bringing to market.

在我們就我在哪裡看到平衡差異進行的對話和會議中，您會看到它是在創建一些產品時執行的，這些產品挑戰了品種中的新穎性和核心之間的比例以及這兩個團隊之間的關係就正在創造什麼以及我們如何將其混合到產品類別中然後推向市場而言。

And so also with this change, we're seeing a much tighter relationship in the brand/ marketing organization with merchandising, which is really the whole sell side of the business being under one leader where before it was a handoff, those conversations are happening much sooner and aligned in terms of where we see the opportunity aligning it to, what we're buying deep into and creating plans for that demand creation earlier in the process.

因此，隨著這種變化，我們看到品牌/行銷組織與銷售的關係更加緊密，這實際上是業務的整個銷售方都在一個領導者的領導下，而在交接之前，這些對話發生得很多更快地調整我們看到的機會，我們正在深入購買什麼，並在過程的早期為需求創造制定計劃。

So I think there's really three benefits that are coming out of it on the brand to merchandising sell side as well as design. And seeing it in terms of just the creation of product and that ratio mix across the assortment that the guests has been looking for and excited to bring.

因此，我認為它對品牌行銷銷售方以及設計確實帶來了三個好處。從產品的創造以及客人一直在尋找並興奮地帶來的各種品種的比例組合來看。

Okay, thanks a lot for all the information, appreciate that.

好的，非常感謝您提供的所有信息，非常感謝。

Thank you..

謝謝..

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi, thanks for taking my questions. A couple of questions on the product innovation for the back half. I guess first on Breeze Through, it seems to us that the consumer really like the fabric, they just weren't in love with the fit. What's the time line for getting that back with some new -- some new fits and silhouette.

您好，感謝您回答我的問題。關於後半部產品創新的幾個問題。我想首先在 Breeze Through 上，在我們看來，消費者真的很喜歡這種布料，他們只是不喜歡合身。用一些新的東西——一些新的款式和輪廓來恢復這一點的時間是多少？

And then any parameters you can help provide around some of these new launches coming in the back half? It seems like the launch in training, it seems like that would be pretty big, just how to think about that in terms of the size and potential of that?

然後，您可以幫助提供有關後半部分推出的一些新產品的任何參數嗎？看起來培訓中的啟動似乎會相當大，只是如何從其規模和潛力來考慮它？

Thanks Janine. In terms of Breeze Through and the fabric, you're right, we're really excited about the guest response, not just in North America, but actually internationally, in particular in our APAC market where this fabric was really designed, as I shared for hot yoga, but we see it as versatility and high humid environments for a variety of activities.

謝謝珍妮。就Breeze Through 和布料而言，你是對的，我們對客人的反應感到非常興奮，不僅在北美，而且實際上在國際上，特別是在我們的亞太市場，這種面料是真正設計的，正如我分享的對於熱瑜伽，但我們將其視為適合各種活動的多功能性和高濕度環境。

So it is a very unique, exciting new fabric for us and the teams in work to bring it back in either a style that the guest already knows with the new fabric versus the sharper design lines that it was introduced in. So we got the read we wanted him.

因此，對於我們和工作團隊來說，這是一種非常獨特、令人興奮的新面料，無論是以客人已經熟悉的新面料風格還是引入的更清晰的設計線條，將其帶回來。得到了閱讀我們想要他。

And that the fabric, which is the real innovation behind it, landed and resonated very well, and they're working on being able to bring that back to market. You won't see it in '24 on and not calling it for '25, but know that that's a priority of the team, but they're equally looking on all the other innovation and creating as well.

這種面料是背後真正的創新，落地並引起了很好的共鳴，他們正在努力將其帶回市場。你不會在 24 年看到它，也不會在 25 年看到它，但要知道這是團隊的首要任務，但他們也同樣關注所有其他創新和創造。

So you alluded to a lot is happening within our train category. We have the Wunder Under which is a known silhouette style that we're bringing with some new fabrics that we're excited about. We do have a new performance train legging coming at the end of the year, which equally as innovative and we'll get a read on it.

所以你提到我們的火車類別中正在發生很多事情。我們有 Wunder Under，這是一種眾所周知的輪廓款式，我們帶來了一些令我們興奮的新面料。我們確實在今年年底推出了一款新的高性能訓練緊身褲，它同樣具有創新性，我們將對其進行閱讀。

But as I shared, we introduce these, we adjust it as a new innovation in fabric. We're very excited about it. And we'll get the guests read but we'll introduce that. And then we have some seasonal updates, which is a big part of the newness which has been missing in the first half is newness on our core styles that the guest resonates so much with.

但正如我所分享的，我們介紹這些，我們將其調整為面料的新創新。我們對此感到非常興奮。我們會讓客人閱讀，但我們會介紹這一點。然後我們有一些季節性的更新，這是上半年所缺少的新鮮感的一個重要部分，那就是我們的核心風格的新鮮感，而客人對此產生了很大的共鳴。

And we're seeing a lot of seasonal updates to our number 1 franchise being aligned. And so there's a lot of newness coming in as well as innovation on top of on some known silhouettes and franchises that we're excited about.

我們看到我們的第一大特許經營權的許多季節性更新正在協調一致。因此，除了一些我們感到興奮的已知款式和特許經營權之外，還有很多新鮮事物和創新。

Thanks for the color and best of luck.

感謝您的顏色和祝您好運。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thanks. Good afternoon. I know you said that it won't be until spring 2025 to get back to the historic levels of newness. But can you ramp that at all in the second half by accelerating orders? And does the guidance include any benefit from accelerating newness in the women's assortment in the coming quarters?

謝謝。午安.我知道你說過要到 2025 年春天才能恢復到歷史新奇水準。但你能在下半年透過加速訂單來提高這個水準嗎？該指導意見是否包括未來幾季女裝品種加速推陳出新帶來的任何好處？

In terms of the our action plan that we put in place and the teams have been working on that, as I alluded to, I think coming out of Q1, we saw some opportunity. The learning in Q2 was the missed opportunity in silhouettes, which was new news for us as we continue to analyze the business.

就我們制定的行動計劃和團隊一直在努力的方面而言，正如我所提到的，我認為從第一季開始，我們看到了一些機會。第二季的教訓是錯失了輪廓的機會，這對我們來說是新消息，因為我們繼續分析業務。

And the teams through that action plan of Chase, has been pulling forward and going into deeper on inventory that had been purchased that we're seeing the guests respond well to, as well as fast tracking some designs.

透過大通的行動計劃，團隊一直在推進並深入研究已購買的庫存，我們看到客人對此反應良好，並快速追蹤一些設計。

The chasing into will sequentially get stronger, and we will see that improve through Q3 into Q4. As I alluded to, I think spring '25, we know we'll be at our historical levels of newness as a mix of assortment, and it will sequentially get better through the back half of this year. And I'll let Meghan speak in terms of the tie to guidance.

追趕將依次變得更強，我們將看到這種情況從第三季到第四季有所改善。正如我所提到的，我認為 25 年春季，我們知道我們的產品組合將達到新的歷史水平，並且在今年下半年逐漸變得更好。我會讓梅根談談與指導的聯繫。

So in terms of guidance, we did guide the second half in line with Q2 when adjusting for that shorter holiday selling period and so I would say we don't have any meaningful impacts from newness in the second half of the year.

因此，就指導而言，在調整較短的假期銷售期時，我們確實按照第二季度的指導指導了下半年，所以我想說，下半年的新鮮事物不會對我們產生任​​何有意義的影響。

Thank you.

謝謝。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, as you think about your inventory positioning for the back half of the year, how do you break apart the third quarter and the fourth quarter? And with the Breeze Through, which was a small launch that you talked about, Calvin, are there -- is there any markdowns or any resets on the inventory numbers or gross margin impact of taking that down and eliminating it? Thank you.

你好，當你考慮下半年的庫存定位時，你如何區分第三季和第四季？ Calvin，你提到的 Breeze Through 是一個小型產品，庫存數量是否有任何降價或重置，或取消和消除它對毛利率的影響？謝謝。

Thanks, Dana. So in terms of inventory in Q3, we're expecting a mid-teens increase, in Q4 flatter or slightly above that level and feel well positioned as we move into the second half of the year. As Calvin mentioned, we'll be ramping newness as we move throughout that second half period and be back at historical levels by spring 2025.

謝謝，達納。因此，就第三季的庫存而言，我們預計第四季度的庫存將出現十幾歲左右的增長，第四季度將持平或略高於該水平，並且在進入今年下半年時感覺處於有利位置。正如 Calvin 所提到的，我們將在下半年不斷增加新內容，並在 2025 年春季恢復到歷史水平。

In terms of Breeze Through is a very small test and learn. So, you know, an immaterial, negligible impact on both Q2 and then our guidance for the balance of the year. So nothing notable there.

就 Breeze Through 而言，這是一個非常小的測試和學習。所以，你知道，這對第二季以及我們對今年剩餘時間的指導的影響都是無關緊要的，可以忽略不計。所以那裡沒有什麼值得注意的。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good afternoon and thank you for taking our question. Calvin, I was hoping you could speak to the trends that you saw in your US women's business by demographic or consumer type. Has the change in conversion is to year-to-date over indexed to any one age group or household incomes.

下午好，感謝您提出我們的問題。 Calvin，我希望您能按人口或消費者類型談談您在美國女性業務中看到的趨勢。年初至今的轉換變化是否與任何一個年齡層或家庭收入掛鉤。

And as we look to increase the level of newness over the next few quarters, do you see any specific opportunities to adapt your marketing and membership organization to better serve customers for demographic?

當我們希望在接下來的幾季提高新鮮度時，您是否看到任何具體的機會來調整您的行銷和會員組織，以更好地為客戶提供服務？

Thanks, Brooke. The guest profile, nothing meaningful in that -- we continued to grow our new guest base and continue to do it across the age demographics that we have been growing. What we did see in the conversion, a missed opportunity, a lot was with our existing guests across those age demographics where the guests who knows our brand, who has come in and was looking for that newness to add to their already owned collection of Lululemon and the gap in newness on color of those core items, on pattern and trim newness to those core items, or to some of the new silhouettes that we just added introduced around, to style around those core.

謝謝，布魯克。客人資料，沒有什麼意義——我們繼續擴大新的客人基礎，並繼續在我們一直在增長的年齡人口中做到這一點。我們在轉換中確實看到，錯失了機會，很多是我們現有的客人在這些年齡段的人口中，他們知道我們的品牌，進來並正在尋找新的東西來添加到他們已經擁有的 Lululemon 系列中以及這些核心商品的顏色、圖案和裝飾的新穎性方面的差距，或者我們剛剛添加的一些新輪廓的新穎性，以圍繞這些核心進行設計。

Those gaps is where we saw that missed opportunity. So she's still spending, visiting, we just missed the opportunity and that full conversion from what we've seen and directly linked to decisions we made in missed in that newness and opportunity but still growing on the guest base, still growing across the age demographic, and as I alluded to an opportunity.

這些差距就是我們錯失機會的地方。所以她仍在消費、拜訪，我們只是錯過了這個機會，以及我們所看到的完全轉變，並與我們在錯過新鮮事物和機會時做出的決定直接相關，但賓客群仍在增長，整個年齡段的人口仍在成長，正如我所提到的一個機會。

Going forward, from a marketing perspective because we still see very good engagement, low unaided awareness, we're definitely marketing and continuing to go after that. And as the product mix gets stronger in our women's as a percentage of newness, we know that conversion is what we'll be looking at and engaging our guests in terms of their spend.

展望未來，從行銷的角度來看，因為我們仍然看到非常好的參與度，較低的獨立意識，我們肯定會進行行銷並繼續追求這一點。隨著我們的女裝產品組合在新品中所佔的比例越來越強，我們知道我們將專注於轉換率，並根據客人的消費來吸引他們。

But I alluded to the current to men's campaign or lounge campaign, really it's for both him and her. We're very pleased with the early results. It starts to really increase in terms of exposure into September. But the early indication, particular in men's where we have those new franchises have Soft Jersey, SmoothCover, Steady State, he's responding very well to it.

但我提到了當前的男士運動或休息室運動，實際上這是為了他和她。我們對早期結果非常滿意。進入九月，曝光度開始真正增加。但早期跡象表明，特別是在男裝領域，我們擁有 Soft Jersey、SmoothCover、Steady State 等新系列，他對此反應非常好。

So we're going to continue to drive top of funnel, drive that unaided brand awareness. And we know that the strength of bringing in the newness will be the biggest lever for us, and we'll continue to increase that throughout the back half of this year and into next.

因此，我們將繼續推動漏斗頂部，提高獨立的品牌知名度。我們知道，引入新鮮事物的力量將是我們最大的槓桿，我們將在今年下半年和明年繼續增加這股力量。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Good afternoon and thank you for taking my question. Something you could provide a bit more perspective on China. Clearly, there's some still very strong growth rates there, but I think about a 10 point comp slowdown against an easier comparison, how should we think about sustainable comp growth rates there?

下午好，感謝您提出我的問題。你可以提供更多關於中國的觀點。顯然，那裡的成長率仍然非常強勁，但我認為與更簡單的比較相比，比較放緩了 10 個百分點，我們應該如何考慮那裡的可持續比較成長率？

I think others have talked about some more macro consumer pressure, you're feeling that as well. Any color on what's going on in stores and digital. Maybe just more broadly how you're planning comp growth by region for the remainder of the year. Thank you.

我認為其他人已經談到了一些更宏觀的消費者壓力，你也感受到了。商店和數位商店中發生的事情有任何顏色。也許只是更廣泛地規劃今年剩餘時間內按地區劃分的複合成長。謝謝。

Thanks, Mark. So we did still see very strong growth in China in Q2, so up 37% on a constant currency basis. The variance between Q1 and Q2 growth rates, the biggest factor would have been the shift in Chinese New Year.

謝謝，馬克。因此，我們確實看到第二季中國的成長非常強勁，以固定匯率計算成長了 37%。第一季和第二季成長率差異最大的因素是農曆新年的轉變。

So we had that in Q1 2024 and 2022, it was in Q4, so was non-comparable. And so still really healthy growth there across both channels. And here we haven't broken out our forward looking guide by region, but I would say still outsized growth in international and China being the key driver there.

所以我們在 2024 年第一季和 2022 年都有，這是在第四季度，所以不具有可比性。因此，兩個管道的成長仍然非常健康。在這裡，我們還沒有按地區列出前瞻性指南，但我想說，國際和中國的超額成長仍然是那裡的關鍵驅動力。

And I'll just add, we remain excited about the potential for Lululemon in Mainland China. While we're keeping an eye on the macro environment in the region, our business remains strong and we believe several factors will continue to benefit us.

我想補充一點，我們對 Lululemon 在中國大陸的潛力仍然感到興奮。在我們密切關注該地區的宏觀環境的同時，我們的業務仍然強勁，我們相信有幾個因素將繼續使我們受益。

One, it is still a small size relative to the market with a store base of 132 on the Mainland at the end of the quarter. We take a very localized approach to the brand building relationships through local fitness, instructors, influencers, some very unique events that are building awareness in the community on the back of our unique positioning, grounded in wellness and the positioning of the products.

第一，相對於市場而言，其規模仍然較小，截至本季末，內地門市數量為 132 家。我們採取非常在地化的方法來建立品牌關係，透過當地的健身、教練、影響者和一些非常獨特的活動，這些活動以我們獨特的定位為基礎，以健康和產品定位為基礎，在社區中建立知名度。

So we're monitoring it, have not seen any material impact to the business. And I do believe it's because we're very early in our growth there and see a lot of continual success across the Tier 1, Tier 2 and into Tier 3 cities where we've been opening, testing, and seeing very good response.

因此我們正在對其進行監控，尚未發現對業務有任何重大影響。我確實相信這是因為我們在該地區的發展還處於早期階段，並且在一線、二線和三線城市都取得了持續的成功，我們在這些城市進行了開業、測試，並看到了非常好的反響。

Thank you.

謝謝。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Thank you. Good afternoon. The question on the performance of core products. You called out a lack of inventory for certain styles and sizes entering the year. Did the same headwinds intensify in the second quarter or did you see new headwinds related to other products?

謝謝。午安.關於核心產品性能的問題。您指出，今年某些款式和尺寸的庫存不足。同樣的不利因素在第二季是否加劇了，或者您是否看到了與其他產品相關的新不利因素？

Just some clarity there would be great. And then secondly, you're seeing -- still seeing good growth for accessories, how should we think about the outlook there?

只要有一些清晰的說明就很好了。其次，你看到配件仍然有良好的成長，我們應該如何看待那裡的前景？

Thanks, Rick. In terms of the shift from Q1 to Q2 and the learning, color, print, and pattern continues to be an opportunity for us and we think of those through a couple of ways in which we executed. One is core styles and adding it through updates through color, print, silhouettes, fabric extensions, that has been a great driver for us to keep our guests engaged and keep adding to the Lululemon products for them, as well as seasonal new silhouettes and styles.

謝謝，瑞克。就從第一季到第二季的轉變以及學習而言，顏色、印刷和圖案對我們來說仍然是一個機會，我們透過幾種執行方式來考慮這些。一是核心款式，並透過顏色、印花、輪廓、布料延伸等更新來添加它，這對我們保持客人參與度、不斷為他們添加Lululemon 產品以及季節性新廓形和款式來說是一個巨大的推動力。

And I would say the shift from Q1 to Q2 is the gap in that as a percentage historically was greater in Q2 than in Q1 and was really than the notable difference between the two quarters (technical difficulty) sorry, sorry, Rick, and on accessories. And I think we've chatted about this for Everywhere Belt Bag was a very strong driver for us in the last few years, and we've cycled over some of the peaks of that volume.

我想說，從第一季到第二季的轉變是差距，因為歷史上第二季的百分比比第一季更大，而且確實比兩季之間的顯著差異（技術難度）抱歉，抱歉，瑞克，以及配件。我想我們已經討論過這個問題，因為 Everywhere Belt Bag 在過去幾年中對我們來說是一個非常強大的驅動力，並且我們已經經歷了該銷量的一些高峰。

But it continues to be a big driver. And as you mentioned, overall accessories in the quarter grew 7% and the team continues to introduce new styles, both within the Everywhere Belt Bag franchise, but new styles from our backpack collection. Just some travel bags to a totes, to the cactus leather introduction this week that the guests responded very well to.

但它仍然是一個重要的推動因素。正如您所提到的，本季配件整體成長了 7%，團隊繼續推出新款式，包括 Everywhere 腰包系列中的新款式，以及我們背包系列中的新款式。從一些旅行包到手提包，再到本週推出的仙人掌皮革，客人反應很好。

So we continue to be very excited about our accessories business, it's small percentage of our overall mix at 10, but definitely a significant opportunity. We're about 1% of market share, and we see opportunity to continue to grow that meaningfully moving forward.

因此，我們仍然對我們的配件業務感到非常興奮，它只占我們整體業務的一小部分（10），但絕對是一個重要的機會。我們約佔 1% 的市場份額，我們看到了繼續有意義地成長的機會。

And the team's doing it through creating very innovative products and the guests continue to respond very well to it in North America as well as globally. So excited about the product creation and what's coming spring?

該團隊透過創造非常創新的產品來做到這一點，而北美和全球的客人繼續對此做出很好的反應。對產品創造以及即將到來的春天感到興奮嗎？

Great, thank you.

太好了，謝謝。

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。

Good afternoon, thanks for taking the question. Meghan, I think a big beer price into the valuation of the company right now, it's the gross book. The gross margin rate is teething your SG&A rate, may need may need to move higher? How would you address those fears given the competitive environment in category right now.

下午好，感謝您提出問題。梅根，我認為現在公司的估值中啤酒價格很高，這是總帳面價值。毛利率正在影響您的 SG&A 率，可能需要調高？考慮到目前該類別的競爭環境，您將如何解決這些擔憂？

So I think we continue to see strength in both gross margin and SG&A. This year with our revenue growth guide at 8% to 9% and then 6% to 7% excluding the 53rd week, we're still delivering gross margin relatively in line with 2023. And as well as approximately flat SG&A.

因此，我認為我們繼續看到毛利率和銷售管理費用均強勁。今年，我們的營收成長指引為 8% 至 9%，然後 6% 至 7%（不包括第 53 週），我們的毛利率仍與 2023 年相對一致。

Our operating margin still very strong, 100 basis points above our 2020 results after two years. So we're really focused on driving into that bottom line and optimizing the bottom line. We're still committed to our power of 3 times 2 plan for modest operating margin expansion over the five year period.

兩年後，我們的營業利潤率仍然非常強勁，比 2020 年的業績高出 100 個基點。因此，我們真正專注於提高利潤並優化利潤。我們仍致力於實施 3 倍 2 計劃，在五年內實現適度的營業利潤率擴張。

I think too soon to put a fine point on the outer years, but certainly have some runway in front of us in terms of most importantly, revenue, but also looking at our costs and efficiencies across our P&L. We will continue to keep you updated.

我認為現在對外部年份做出明確的評價還為時過早，但在最重要的收入方面，我們面前肯定還有一些跑道，而且還要考慮我們整個損益表的成本和效率。我們將繼續為您提供最新資訊。

Understood. And Calvin, maybe a thought for you. Has your core customer in women's changed over the years? It seems like it's a more diverse cohort. Are they more challenging to plan and allocate for in terms of sizing and color and what are you learning? Some of that semantics of new customers we acquired?

明白了。卡爾文，也許是你的一個想法。多年來，您的女裝核心客戶有改變嗎？看起來這是一個更加多元的群體。它們在尺寸和顏色方面的規劃和分配是否更具挑戰性？我們獲得的新客戶的一些語義？

Yeah, we continue to acquire across all of our -- if you want to slice it through age demographic, I think I've mentioned in the past across different age demographics, we continue to acquire new guests across all of them. Alluded to the shift in our sizing profile earlier, I think the team's doing a good job in adjusting to that.

是的，我們繼續在所有年齡段中吸引新客人，如果你想按年齡人口統計進行劃分，我想我過去已經提到過在不同年齡段的人群中，我們將繼續在所有年齡段中吸引新客人。之前提到我們的尺寸資料的變化，我認為團隊在適應這一點方面做得很好。

We saw improvements through Q2 and really are entering Q3 with a better mix of sizing across our profile. We're going to continue to adjust, but I wouldn't say there's any macro shift that we're behind on now. And we continue to recruit and acquire guests across that, which means really across the age and the size profile.

我們在第二季度看到了改進，並且確實在進入第三季度時，我們的配置文件中的尺寸組合得到了更好的組合。我們將繼續調整，但我不會說我們現在落後於任何宏觀轉變。我們繼續招募和獲取不同年齡和體型的客人。

Understood. Thank you.

明白了。謝謝。

Thanks John.

謝謝約翰。

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。