Lululemon Athletica Inc (LULU) 2024 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica, Inc., third-quarter two024 results conference call. (Operator Instructions) 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 年第三季業績電話會議。 （操作員指示）會議正在錄音。 （操作員說明）

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

我現在想將會議交給 Lululemon 投資者關係副總裁 Howard Tubin。請繼續。

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

謝謝你，下午好。歡迎參加 Lululemon 第三季財報電話會議。今天與我一起談論我們的業績的是首席執行官卡爾文·麥克唐納 (Calvin McDonald)；和首席財務官梅根弗蘭克。

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

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述，反映管理層目前對 Lululemon 未來某些方面的預測。這些陳述是基於我們已經評估過的當前訊息，但其性質是動態的，並且會發生快速甚至突然的變化。

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.

由於與我們業務相關的風險和不確定性，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，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，包括我們的10-K 表格年度報告和我們的季度報告採用 10-Q 表格。

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。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 third quarter as well as our quarterly infographic. Today's call is scheduled for one hour, so please limit yourself to one question at a time to give others the opportunity to have their questions addressed.

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，您可以在其中找到我們第三季度主要財務和營運統計數據的摘要以及我們的季度資訊圖表。今天的電話會議預計持續一小時，因此請一次只回答一個問題，以便其他人有機會得到解決。

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

現在我想把電話轉給卡爾文。

Thanks, Howard. I'm happy to be here today to discuss our quarter three results, which exceeded our expectations as well as our outlook for the holiday season and the fourth quarter overall. On today's call, I'll start with some highlights from Thanksgiving and Black Friday weekend. I'll then discuss our quarter three performance, beginning with North America and the progress we are making in our US business,

謝謝，霍華德。我很高興今天在這裡討論我們第三季的業績，該業績超出了我們的預期，以及我們對假期和第四季度整體的展望。在今天的電話會議上，我將從感恩節和黑色星期五週末的一些亮點開始。然後我將討論我們第三季的業績，從北美開始，以及我們在美國業務的進展，

Next, I'll share insights on our international business, where momentum remains very strong. Then I'll speak to product, Meghan will review our financials and guidance outlook, and we will close by taking your questions.

接下來，我將分享對我們國際業務的見解，該業務的勢頭仍然非常強勁。然後我將談論產品，梅根將回顧我們的財務狀況和指導前景，最後我們將回答您的問題。

So let's get started. We are pleased with our business over the extended Thanksgiving weekend and the traffic trends we saw across both our store and e-commerce channels. In fact, on Black Friday, we had the most visits ever to our Shop app and e-commerce site.

那麼就讓我們開始吧。我們對延長感恩節週末的業務以及我們在商店和電子商務管道看到的流量趨勢感到滿意。事實上，在黑色星期五，我們的商店應用程式和電子商務網站的訪問量是有史以來最多的。

Unlike others in this space, we do not run sale events across our entire store. We leveraged the increased traffic over this period to clear through product we are not taking forward and to feature full-price style.

與這個領域的其他人不同，我們不會在整個商店舉辦促銷活動。我們利用這段時期增加的流量來清理我們不繼續銷售的產品，並以全價風格為特色。

We are happy with how the guests responded to both with full price sales driven by some of our key franchises, including Define. While we feel good about the start of the holiday season, we still have large volume weeks in front of us and given the shorter holiday shopping season, we continue to be thoughtful in our planning for quarter four overall.

我們很高興客人對由我們的一些主要特許經營商（包括 Define）推動的全價銷售的反應。雖然我們對假期季節的開始感覺良好，但我們面前的周銷量仍然很大，而且考慮到假期購物季節較短，我們在第四季度的總體規劃中繼續深思熟慮。

Now looking at quarter three. Total revenue increased 9% or 8% in constant currency. By region, China Mainland increased 39% or 36% in constant currency. The rest of world grew 27% or 23% in constant currency, and the Americas increased 2%.

現在看第三季。總營收成長 9%，以固定匯率計算成長 8%。按地區劃分，中國大陸成長39%，以固定匯率計算成長36%。世界其他地區成長 27%，以固定匯率計算成長 23%，美洲成長 2%。

The -- by merchandise category, men's increased 9% and women's and accessories both increased 8%. Adjusted operating margin increased 70 basis points to 20.5% and adjusted earnings per share increased 13%.

依商品類別劃分，男裝成長 9%，女裝和配件均成長 8%。調整後營業利益率成長 70 個基點，達到 20.5%，調整後每股盈餘成長 13%。

In addition, demonstrating our continued confidence in the business, our Board recently authorized a $1 billion increase in our share repurchase program. In quarter three, we repurchased $409 million of stock, which brings us to $1.4 billion year-to-date. Including the additional authorization, we have $1.8 billion available to repurchase our shares.

此外，我們的董事會最近授權在我們的股票回購計畫中增加 10 億美元，這表明了我們對業務的持續信心。第三季度，我們回購了價值 4.09 億美元的股票，今年迄今回購金額達到 14 億美元。包括額外授權在內，我們有 18 億美元可用於回購我們的股票。

I'll now turn to the details about our quarter three, beginning with our performance by region. In the Americas, revenue increased 2% on both a reported and constant currency basis. Positive momentum continued in Canada, where revenue increased 9%. In the US, revenue was flat, which was consistent with our performance in quarter two and in line with our expectations.

現在我將詳細介紹第三季的情況，首先是按地區劃分的業績。在美洲，以報告匯率和固定匯率計算的收入均成長了 2%。加拿大持續保持積極勢頭，收入成長 9%。在美國，營收持平，這與我們第二季的業績一致，也符合我們的預期。

Last quarter, I laid out our plans to drive improvement in our US business. These plans include implementing a new reporting structure within our product team, increasing the penetration of seasonal newness within our assortments by quarter one 2025 and chasing into updated colors, prints and patterns to provide guests with more options in the second half of this year.

上個季度，我制定了推動美國業務改善的計畫。這些計劃包括在我們的產品團隊內實施新的報告結構，到2025 年第一季提高季節性新品在我們產品類別中的滲透率，並在今年下半年追求更新的顏色、印花和圖案，為客人提供更多選擇。

So let me share the progress we are seeing. When looking at our product team, we are beginning to see the efficiencies and anticipated benefits of our new reporting structure with our Global Creative Director reporting to me and our Chief Merchandising Officer reporting to Nikki Neuberger in her expanded role as Chief Brand and Product Activation Officer.

因此，讓我分享我們所看到的進展。在審視我們的產品團隊時，我們開始看到新報告結構的效率和預期收益，我們的全球創意總監向我匯報，我們的首席行銷長向 Nikki Neuberger 匯報，後者擔任首席品牌和產品激活官。 。

Our merchandising and brand teams are now more fully integrated, which leads to better coordination and faster decision-making regarding how we bring our innovation to life. I'm proud of how our leaders and teams push forward this quarter and how we have made meaningful progress in creating the product organization to drive our future success.

我們的行銷和品牌團隊現在更加全面地整合，這使得我們能夠更好地協調並更快地制定如何將創新變為現實的決策。我為我們的領導者和團隊在本季度取得的進展以及我們在創建產品組織以推動我們未來的成功方面取得的有意義的進展感到自豪。

When looking at the composition of our assortment, we are on track with our efforts to increase the penetration of seasonal newness and expect to be in line with historical levels in quarter one 2025. I feel good about the quality and quantity of newness the teams have planned, and I believe we are well positioned for spring.

從我們的品種組成來看，我們正在努力提高季節性新品的滲透率，並預計在 2025 年第一季度達到歷史水平。好了準備。

Finally, our teams have been agile and have been chasing into seasonal colors, prints and patterns. I'm sure you've seen several examples across our key franchises. These efforts have contributed to the sequential improvement in newness within our assortment in the back half of the year.

最後，我們的團隊非常敏捷，一直在追求季節性的色彩、印花和圖案。我相信您已經在我們的主要特許經營權中看到了幾個例子。這些努力有助於我們下半年產品種類的新奇性不斷提高。

We continue to see significant potential for growth in the US. Our guest retention remains high, and we see an opportunity to drive higher revenue per guest with more newness in the assortment. We continue to grow our membership program, and we are now 24 million members strong.

我們繼續看到美國的巨大成長潛力。我們的客人保留率仍然很高，我們看到了透過更多新品種來提高每位客人收入的機會。我們繼續擴大會員計劃，目前會員數已達 2,400 萬。

Our variety of benefits, including early access, partner perks and members-only events are resonating well. And our unaided brand awareness remains low in the US at 36%, which provides a significant opportunity for growth as we continue to open and optimize stores and launch new brand campaigns and activations.

我們的各種福利，包括搶先體驗、合作夥伴福利和會員專屬活動，引起了良好的迴響。我們在美國的獨立品牌知名度仍然較低，僅為 36%，這為我們繼續開設和優化商店以及推出新的品牌活動和激活提供了重要的成長機會。

In summary, I'm pleased with our progress so far as our teams are in action to return our level of newness back to historical levels in quarter one 2025. The -- in addition, we are benefiting from and seeing the efficiencies from the new leadership structure within our product team with the rest of our regions performing well, I feel confident in our growth plans and strategies for 2025.

總而言之，我對我們的進展感到滿意，因為我們的團隊正在採取行動，在2025 年第一季將我們的新穎性水平恢復到歷史水平 此外，我們還受益於新的技術，並看到了新技術帶來的效率。

I -- turning to our international business. Momentum remains strong in all of our markets as we continue to see great acceptance of the Lululemon brand across the globe. Overall, we saw international revenue increased 33% and -- or 30% on a constant currency basis. Here are some highlights.

我——轉向我們的國際業務。隨著我們繼續看到 Lululemon 品牌在全球範圍內廣泛接受，我們所有市場的勢頭依然強勁。總體而言，我們的國際收入成長了 33%，以固定匯率計算成長了 30%。以下是一些亮點。

In China Mainland, our brand positioning of made to feel allows us to authentically connect with gas by offering technical product that helps enable them to live an active and healthy lifestyle and bring to life compelling activations focused on movement and well-being.

在中國大陸，我們的品牌定位“made to Feel”，使我們能夠透過提供技術產品與天然氣真正建立聯繫，幫助他們過上積極健康的生活方式，並為生活帶來關注運動和福祉的引人注目的活動。

This aligns well with the government's Healthy China 2030 initiative. In quarter three, our local team executed our largest activation yet centered around World Mental Health Day, and the release of our fourth annual global well-being report.

這與政府提出的「健康中國2030」倡議高度契合。第三季度，我們的當地團隊圍繞著世界心理健康日進行了迄今為止最大規模的活動，並發布了第四份年度全球福祉報告。

We hosted events in nine cities anchored by our activation in Shanghai. For one week in early October, we hosted a variety of sessions for guests, including sweat sessions and experiences along the West Bund. In total, we had 15,000 guests participate in our activations across the Mainland, and we generated $3.8 billion impressions.

我們在上海舉辦活動，並在九個城市舉辦了活動。十月初的一周，我們為客人舉辦了各種活動，包括汗水課程和西岸體驗活動。總共有 15,000 名客人參與了我們在大陸各地的活動，我們產生了 38 億美元的印象。

I'm excited with the success and scale of this activation, one example of many from our team in China Mainland, which are intended to increase brand awareness, which remains low but is growing, bring new guests into the brand and increase engagement and loyalty with existing guests.

我對這次活動的成功和規模感到興奮，這是我們中國大陸團隊的許多活動的一個例子，旨在提高品牌知名度（雖然品牌知名度仍然較低但正在增長），為品牌帶來新客人，並提高參與度和忠誠度與現有的客人。

Now let's focus on the Rest of the World segment, which is comprised of APAC and EMEA regions. We remain in the early stages of growth in these markets and have significant opportunity to expand our footprint through new store openings and expansion of key locations. In our more established international markets, we are leveraging the success of our North America optimization program.

現在讓我們專注於世界其他地區，其中包括亞太地區和歐洲、中東和非洲地區。我們在這些市場仍處於成長的早期階段，並且有很大的機會透過開設新店和擴張關鍵地點來擴大我們的足跡。在我們更成熟的國際市場中，我們正在利用北美優化計劃的成功。

For example, in Australia, we are seeing meaningful benefits from the strategy, including an enhanced and more premium shopping experience for our guests, an increase in our men's business through additional square footage and improved visual merchandising and an increase in online sales as these stores help attract both local guests and tourists into the brand.

例如，在澳大利亞，我們從該策略中看到了有意義的好處，包括為我們的客人提供增強和更優質的購物體驗，透過增加面積和改進視覺行銷來增加我們的男裝業務，以及隨著這些商店的線上銷售的增加有助於吸引當地客人和遊客加入該品牌。

Our new store in the Emporium Mall in Melbourne is a terrific illustration of the effectiveness of this strategy. At 11,000 square feet, it is our largest store in APAC and is on track to be our number one store in the region in terms of revenue. We opened our first store in Australia more than 20 years ago, and this shows the growth that is possible even within our more established markets.

我們在墨爾本 Emporium 購物中心的新店很好地說明了這個策略的有效性。它佔地 11,000 平方英尺，是我們在亞太地區最大的商店，並且預計將成為我們在該地區收入第一的商店。 20 多年前，我們在澳洲開設了第一家商店，這表明即使在我們更成熟的市場中也有可能實現成長。

In EMEA, we are also executing against our store optimization strategy as we recently increased the size of our stores in Berlin and Oslo and we're happy with the performance of both. I'm thrilled with the response we are seeing from guests as we improved the shopping experience in markets where we currently operate.

在歐洲、中東和非洲地區，我們也在執行商店優化策略，因為我們最近擴大了柏林和奧斯陸商店的規模，我們對兩者的表現都很滿意。我對客人的反應感到非常興奮，因為我們改善了我們目前經營的市場的購物體驗。

This is a key strategy for us across all regions, including North America, as it allows us to better position our store portfolio to support our product plans, continue to drive success in key growth categories, including men's, accessories, outerwear and footwear and -- and drive overall sales while continuing to deliver best-in-class store productivity.

這是我們在包括北美在內的所有地區的一項關鍵策略，因為它使我們能夠更好地定位我們的商店組合以支持我們的產品計劃，繼續推動關鍵增長類別的成功，包括男裝、配件、外套和鞋類，以及 - - 推動整體銷售，同時繼續提供一流的商店生產力。

In addition to maximizing existing markets, we have significant opportunity to bring Lululemon to new countries across the globe. Our plans for 2025 include opening in Italy as a new company-operated market and in Denmark, Belgium, Turkey, and the Czech Republic under a franchise model.

除了最大限度地擴大現有市場之外，我們還有很大的機會將 Lululemon 帶到全球新的國家。我們的 2025 年計畫包括在義大利作為新的公司經營市場開展業務，並以特許經營模式在丹麥、比利時、土耳其和捷克共和國開展業務。

Let me shift now and spend a few minutes on product. In quarter three, in women's, we saw strength in short skirts and leggings and seasonal colors, while in men's, guests continue to respond well to our Pace Breaker and Zeroed In franchises and performance and key lounge franchises.

現在讓我花幾分鐘時間討論產品。第三季度，在女裝方面，我們看到了短裙、緊身褲和季節性色彩的強勢，而在男裝方面，客人繼續對我們的Pace Breaker 和Zeroed In 特許經營以及表演和主要休息室特許經營做出良好反應。

In accessories, bags continued to perform well, driven by backpacks in the cross-body styles. We built upon our success this past spring in Gulf by focusing on another play category, tennis, when we dropped our Lululemon tennis club collection during the US opened in New York this quarter.

在配件方面，包款在斜背包的帶動下繼續表現出色。今年春天，我們在海灣地區取得成功的基礎上，專注於另一個運動類別——網球，本季度在紐約美國開業期間，我們放棄了 Lululemon 網球俱樂部系列。

Based on the strong guest response we continue to see an opportunity to grow our play activities and intend to evolve our strategy from a seasonal approach to one where we introduced newness into these collections consistently throughout the year. And we have been pleased with the performance of two strategic partnerships we launched recently, Fanatics in the National Hockey League and Disney.

基於客人的強烈反響，我們繼續看到了擴大遊戲活動的機會，並打算將我們的策略從季節性方法發展為全年不斷地為這些系列引入新鮮感的方法。我們對最近推出的兩個策略合作夥伴關係（國家冰球聯盟 Fanatics 和迪士尼）的表現感到滿意。

As you are aware, we have a targeted strategic sales business where we sell product to select partners, including fitness studios and university bookstores. Our Fanatics and NHL partnership builds upon the success of our campus strategy. We know there is an opportunity to bring a premium option to sports fans, which allows them to celebrate their favorite teams through our most iconic styles.

如您所知，我們有一個有針對性的策略銷售業務，我們向精選的合作夥伴銷售產品，包括健身工作室和大學書店。我們 Fanatics 和 NHL 的合作夥伴關係建立在我們校園策略的成功之上。我們知道有機會為體育迷帶來優質選擇，讓他們能夠透過我們最具標誌性的風格來慶祝他們最喜歡的球隊。

Our limited edition product collaboration with Disney combines iconic Disney imagery with our best-in-class technical apparel and taps into the appreciation guests have for both brands. As I step back and look at our entire product assortment, I'm excited with the newness we have planned. Our technical product is a key competitive advantage for us and our positioning as a premium athletic brand offering high-style, high-performance product truly differentiates us from others.

我們與迪士尼合作的限量版產品將標誌性的迪士尼形象與我們一流的技術服裝相結合，並充分利用了客人對這兩個品牌的讚賞。當我退後一步查看我們的整個產品系列時，我對我們計劃的新穎性感到興奮。我們的科技產品是我們的關鍵競爭優勢，我們作為提供高風格、高性能產品的優質運動品牌的定位真正使我們與眾不同。

Before I turn it over to Meghan to discuss our financials, let me say that we remain committed to delivering on our Power of Three X2 revenue target of $12.5 billion in 2026, and we remain ahead of schedule. Using our revenue guidance for 2024, which we updated today, our three-year revenue growth CAGR from 2021 through 2024 is 19%, ahead of the 15% CAGR target in our plan.

在我將其交給梅根討論我們的財務狀況之前，我要說的是，我們仍然致力於實現 2026 年 125 億美元的 Power of Three X2 收入目標，並且我們仍然領先於計劃。根據我們今天更新的 2024 年收入指引，我們從 2021 年到 2024 年的三年收入複合年增長率為 19%，超過了我們計劃中 15% 的複合年增長率目標。

The solid results this quarter show the inherent strength of our brand and highlights the continued opportunity for Lululemon around the world with existing and new guests.

本季的穩健業績展現了我們品牌的內在實力，並突顯了 Lululemon 在全球範圍內與現有和新客人的持續機會。

Meghan, now over to you.

梅根，現在輪到你了。

Thanks, Calvin. In Q3, both revenue and EPS exceeded our expectations. Top line strength was driven by continued momentum in our international regions in Canada, while EPS also benefited from stronger-than-expected gross margin. Looking at Q4, as Calvin mentioned, we're pleased with the results over Thanksgiving weekend and the start of the holiday season.

謝謝，卡爾文。第三季度，營收和每股盈餘均超出我們的預期。營收成長得益於加拿大國際地區的持續成長勢頭，而每股盈餘也受益於高於預期的毛利率。看看第四季度，正如卡爾文所提到的，我們對感恩節週末和假期開始的結果感到滿意。

I would also keep in mind that nearly 2/3 of the quarter remains in front of us and the macro environment remains dynamic. As such, we continue to plan the business prudently, and I'll share our detailed Q4 guidance shortly.

我還要記住，本季還有近 2/3 的時間即將到來，宏觀環境仍然充滿活力。因此，我們將繼續謹慎規劃業務，我很快就會分享我們詳細的第四季度指導。

Let me also mention that we closed on the purchase of our Mexico franchise. The transaction closed on September 10 and -- and had an immaterial impact on our Q3 financials. However, you will see an increase of 15 stores in our company-operated store count related to Mexico. These stores were not included in our new store opening plans or square footage growth guidance for the year, hence they're additive.

我還想提一下，我們已經完成了墨西哥特許經營權的收購。該交易於 9 月 10 日結束，並且對我們第三季的財務狀況產生了無關緊要的影響。但是，您會看到我們公司自營的墨西哥相關商店數量增加了 15 家。這些商店未包含在我們今年的新店開業計劃或面積增長指導中，因此它們是累加性的。

Let me now share the details of our Q3 performance. For Q3, total net revenue rose 9% or 8% in constant currency to $2.4 billion and constant dollar comparable sales increased 3%. Within our regions, the results were as follows: Americas revenue increased 2% with a comparable sales decline of 2%; China Mainland revenue increased 39% or 36% in constant currency with comparable sales increasing 24% and -- and in our Rest of World segment, revenue grew by 27% or 23% in constant currency with comparable sales increasing by 20%.

現在讓我分享我們第三季業績的詳細資訊。第三季度，淨收入總成長 9%，以固定匯率計算 8%，達到 24 億美元，以固定匯率計算可比銷售額成長 3%。在我們的地區內，結果如下： 美洲收入成長 2%，可比銷售額下降 2%；中國大陸收入成長 39% 或以固定匯率計算 36%，可比銷售額成長 24%，而在世界其他地區，以固定匯率計算收入成長 27% 或 23%，可比銷售額成長 20%。

In our store channel, total sales increased 13% and -- and we ended the quarter with 749 stores globally. Square footage increased 16% versus last year, driven by the addition of 63 net new Lululemon stores since Q3 of 2023. We -- during the quarter, we opened 13 net new stores and completed 14 optimizations.

在我們的商店通路中，總銷售額成長了 13%，本季結束時，我們在全球擁有 749 家商店。自 2023 年第三季以來，由於淨新增 63 家 Lululemon 商店，平方英尺與去年相比增加了 16%。

In addition, as I mentioned, we added 15 stores in Mexico, which are included in the 63 net new stores and $0.16 square footage growth metrics. In our digital channel, revenue increased 4% and contributed $945 million of top line or 39% of total revenue. And by category, men's revenue increased 9% versus last year, while women's and accessories both increased 8%.

此外，正如我所提到的，我們在墨西哥增加了 15 家商店，這些商店包含在 63 家淨新商店和 0.16 美元平方英尺的成長指標中。在我們的數位管道中，收入成長了 4%，貢獻了 9.45 億美元的營收，佔總收入的 39%。以類別來看，男裝收入較去年成長 9%，女裝和配件均成長 8%。

Gross profit for the third quarter was $1.4 billion or 58.5% of net revenue compared to adjusted gross margin of 58.1% in Q3 2023. The adjusted gross profit rate in Q3 increased 40 basis points, ahead of our guidance and was driven primarily by the following: a 50 basis point increase in product margin, driven by lower inventory provision expense versus last year and favorable IMU offset by higher freight costs. Markdowns were flat year over year. 20 basis points of net deleverage on fixed costs and 10 basis points of favorable impact from foreign exchange.

第三季的毛利為14 億美元，佔淨收入的58.5%，而2023 年第三季調整後的毛利率為58.1%。的指導，主要由以下因素推動：產品利潤率增長 50 個基點，這是由於庫存撥備費用較去年降低以及有利的 IMU 被較高的運費成本所抵消。降價幅度與去年同期持平。固定成本淨去槓桿化20個基點，外匯有利影響10個基點。

Relative to our guidance, which was for a decline in gross margin of 50 to 60 basis points, the upside was driven predominantly by prudent management of fixed expenses within gross margin, better IMU, lower DC operating costs and the timing of expenses related to certain store real estate projects.

相對於我們的指導（即毛利率下降50 至60 個基點），上漲的主要原因是毛利率內固定費用的審慎管理、更好的IMU、較低的DC 運營成本以及與某些相關的費用的時間安排。

Moving to SG&A. Our approach continues to be granted and prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were approximately $910 million or 38% of net revenue compared to 38.2% of net revenue for the same period last year. SG&A was slightly worse than our guidance of 40 to 50 basis points of leverage due to approximately 20 basis points of negative impact from foreign exchange.

轉向 SG&A。我們的方法繼續得到認可並審慎管理我們的費用，同時繼續對我們的長期成長機會進行策略性投資。 SG&A 費用約為 9.1 億美元，佔淨收入的 38%，而去年同期則佔淨收入的 38.2%。由於外匯帶來約 20 個基點的負面影響，SG&A 略低於我們 40 至 50 個基點槓桿的指引。

Operating income for the quarter was approximately $491 million or 20.5% of net revenue compared to adjusted operating margin of 19.8% in Q3 2023. Tax expense for the quarter was $153 million or 30.2% of pretax earnings compared to an adjusted effective tax rate of 28.1% a year ago.

該季度的營業收入約為4.91 億美元，佔淨收入的20.5%，而2023 年第三季調整後的營業利潤率為19.8%。 %，而調整後的有效稅率為28.1% % 一年前。

Net income for the quarter was $352 million or $2.87 per diluted share compared to adjusted EPS of $2.53 for the third quarter of 2023. Capital expenditures were approximately $178 million for the quarter compared to approximately $163 million in the third quarter last year.

本季淨利為3.52 億美元，即稀釋後每股收益2.87 美元，而2023 年第三季調整後每股收益為2.53 美元。為1.63 億美元。

Q3 spend relates primarily to investments in support business growth including our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

第三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 $1.2 billion in cash and cash equivalents. Inventory increased 8%, lower than our guidance for an increase in the mid-teens. We repurchased 1.58 million shares in Q3 at an average price of $259. Year-to-date, we've repurchased approximately $1.4 billion of stock.

轉向我們的資產負債表亮點。本季結束時，我們擁有 12 億美元的現金和現金等價物。庫存增加 8%，低於我們對 10% 左右增幅的預期。我們在第三季以 259 美元的平均價格回購了 158 萬股股票。今年迄今為止，我們已回購了約 14 億美元的股票。

Share repurchases remain our preferred method to return cash to shareholders, and we currently have approximately $1.8 billion remaining on our repurchase program, including the recent $1 billion increase in authorization.

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剩餘約 18 億美元，其中包括最近增加的 10 億美元授權。

Let me now share our detailed guidance outlook for the remainder of the year. As I mentioned, we are pleased with our performance at the start of the holiday season, but given fewer shopping days between Thanksgiving and Christmas and an uncertain macro environment, we continue to plan the business prudently. Starting with full year 2024, we now expect revenue to be in the range of $10.452 billion to $10.487 million. This range represents growth of 9% relative to 2023.

現在讓我分享我們對今年剩餘時間的詳細指導展望。正如我所提到的，我們對假期開始時的表現感到滿意，但考慮到感恩節和聖誕節之間的購物日減少以及宏觀環境的不確定性，我們將繼續謹慎規劃業務。從 2024 年全年開始，我們目前預計營收將在 104.52 億美元至 1,048.7 萬美元之間。該範圍較 2023 年增長 9%。

Excluding the 53rd week that we have in the fourth quarter, we expect revenue to grow 7%. We -- I'd also note that our revenue range now includes an incremental $20 million of negative impact related to recent fluctuations in foreign exchange rates.

排除第四季的第 53 週，我們預計營收將成長 7%。我還要指出的是，我們的收入範圍現在包括與近期外匯匯率波動相關的 2000 萬美元增量的負面影響。

We expect to open approximately 40 net new company-operated stores in 2024, excluding Mexico, and complete approximately 40 colocated optimizations. Excluding Mexico, we expect square footage to grow in the low double digits and including Mexico, we expect overall square footage growth in the low teens.

我們預計在 2024 年將淨開設約 40 家新的公司自營店（不包括墨西哥），並完成約 40 項託管優化。不包括墨西哥，我們預計建築面積將以兩位數增長，而包括墨西哥在內，我們預計整體建築面積增長將在十幾歲以下。

Our new store openings in 2024 will include approximately 10 stores in the Americas, inclusive of 2 company-operated stores in Mexico in Q4 with the rest of our openings planned in our international markets, primarily in China Mainland.

我們在 2024 年開設的新店將包括在美洲開設約 10 家商店，其中包括第四季度在墨西哥開設的 2 家公司自營商店，其餘新店計劃在國際市場（主要是中國大陸）開設。

For the full year, we now expect gross margin to increase approximately 10 to 20 basis points versus our adjusted gross margin in 2023. We continue to expect markdowns to be relatively flat with last year.

對於全年，我們現在預計毛利率將比 2023 年調整後的毛利率增加約 10 至 20 個基點。

Turning to SG&A for the full year. We expect it to be 20 to 30 basis points higher versus 2023. We are prudently managing our expenses while continuing to invest strategically into our Power of Three X2 road map including investments in marketing and brand building aims at increasing our awareness and acquiring new guests, investments to support our international growth and market expansion and continued investment in technology infrastructure and data analytics capabilities.

轉向全年的SG&A。我們預計這一數字將比2023 年高出20 到30 個基點。在提高我們的知名度並吸引新客人，投資支持我們的國際成長和市場擴張，以及對技術基礎設施和數據分析能力的持續投資。

When looking at operating margin for the full year 2024, we continue to expect a decrease of 10 to 20 basis points versus adjusted operating margin in 2023, which expanded 110 basis points versus 2022.

在考慮 2024 年全年的營業利潤率時，我們繼續預期 2023 年調整後的營業利潤率將下降 10 至 20 個基點，而 2023 年調整後的營業利潤率將比 2022 年擴大 110 個基點。

For the full year 2024, we continue to expect our effective tax rate to be approximately 30%. For the fiscal year 2024, we now expect diluted earnings per share in the range of $14.08 and to $14.16 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 年全年，我們仍然預計有效稅率約為 30%。對於2024 財年，我們目前預計稀釋後每股收益將在14.08 美元至14.16 美元之間，而2023 年調整後每股收益為12.77 美元。 ，但確實包括我們當年回購的影響。

When looking at inventory, we continue to expect dollar inventory to increase in the mid-teens in Q4. We continue to expect capital expenditures to be approximately $670 million to $690 million for 2024. We -- the spend relates to investments to support business growth, including a continuation for a multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

在查看庫存時，我們繼續預計第四季度美元庫存將增加。我們仍預期 2024 年的資本支出約為 6.7 億至 6.9 億美元。投資。

Shifting now to Q4. We expect revenue in the range of $3.475 billion to $3.51 billion, representing growth of 8% to 10% or 3% to 4%, excluding the 53rd week. This range includes the incremental negative $20 million impact from foreign exchange I've previously mentioned. We expect to open 18 net new company-operated stores in Q4, including two in Mexico.

現在轉向第四季。我們預計營收在 34.75 億美元至 35.1 億美元之間，成長 8% 至 10% 或 3% 至 4%（不包括第 53 週）。這個範圍包括我之前提到的外匯帶來的 2000 萬美元的增量負面影響。我們預計第四季將淨開設 18 家新的公司自營店，其中 2 家位於墨西哥。

We expect gross margin in Q4 to decrease 20 to 30 basis points relative to Q4 2023. We -- the decrease will be driven predominantly by deleverage on fixed costs and our ongoing investment in store growth and our multiyear distribution center project. We expect product margin to increase 60 to 70 basis points, inclusive of approximately 40 basis points of higher freight costs. We continue to expect markdowns to be slightly improved versus Q4 2023.

我們預計第四季度的毛利率將比 2023 年第四季下降 20 至 30 個基點。我們預計產品利潤率將增加 60 至 70 個基點，其中包括約 40 個基點的較高運費。我們繼續預計降價幅度將較 2023 年第四季略有改善。

We -- in Q4, we expect our SG&A rate to deleverage by 90 to 100 basis points relative to Q4 2023. We -- this will be driven predominantly by increased foundational investments and related depreciation and also strategic investments, including those to build brand awareness to support future growth. When looking at operating margin for Q4, we expect deleverage of approximately 110 to 130 basis points.

我們預計第四季度的銷售、管理及行政費用率將比 2023 年第四季降低 90 至 100 個基點。以支持未來的成長。在考慮第四季度的營業利潤率時，我們預計去槓桿化約為 110 至 130 個基點。

Turning to EPS. We expect earnings per share in the fourth quarter to be in the range of $5.56 to $5.64 versus adjusted EPS of $5.29 a year ago. We expect our effective tax rate in Q4 to be approximately 29.5%.

轉向每股收益。我們預計第四季度每股收益將在 5.56 美元至 5.64 美元之間，而一年前調整後每股收益為 5.29 美元。我們預計第四季的有效稅率約為 29.5%。

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. As you can see from our results, our business continues to deliver across our international markets, and we are pleased with the start to the holiday season in North America.

謝謝，梅根。正如您從我們的業績中看到的，我們的業務繼續在國際市場上交付，我們對北美假期季節的開始感到高興。

Looking ahead, we are excited about the work underway across our product organization to create the pipeline of newness that guests expect from us, both in the near and long term, and as we build our brand awareness and continue to strategically expand globally, the opportunities in front of us are significant.

展望未來，我們對整個產品組織正在進行的工作感到興奮，這些工作旨在創造客人對我們的近期和長期期望的新產品，並且隨著我們建立品牌知名度並繼續在全球範圍內進行戰略性擴張，機會擺在我們面前的意義重大。

As we head into the final weeks of the year, I want to thank our teams around the world who made these results possible. I continue to be impressed by the agility and resilience of our teams who demonstrate why Lululemon is one of the enduring growth stories within retail.

當我們進入今年的最後幾週時，我要感謝我們世界各地的團隊，是他們讓這些結果成為可能。我們團隊的敏捷性和韌性給我留下了深刻的印象，他們證明了為什麼 Lululemon 是零售業持久成長的故事之一。

Thank you all for joining us. Meghan and I look forward to taking your questions now. Operator?

感謝大家加入我們。梅根和我現在期待回答您的問題。操作員？

(Operator Instructions) Alex Straton, Morgan Stanley.

（操作員指示）Alex Straton，摩根士丹利。

Perfect. Congrats on a great quarter. Thanks for taking the question. I just wanted to focus on US sales. It looks like they stabilized on a quarter-over-quarter basis. So I'm just curious, do you view this as a bottom for that geography? And should it improve from here? And maybe thoughts on the longer-term growth rate of that business? Thanks a lot.

完美的。恭喜您度過了一個出色的季度。感謝您提出問題。我只是想專注於美國的銷售。看起來它們環比穩定。所以我很好奇，你認為這是該地區的底部嗎？應該從這裡開始改進嗎？也許對該業務的長期成長率有何想法？多謝。

Thanks, Alex. In terms of quarter three, as you mentioned, performance was what we had expected in our plan on our newness was equally on our expectations. In Q4, our newness is getting sequentially stronger. And as mentioned, we're off to a good start, the holiday and happy with our regular price performance over the Thanksgiving weekend.

謝謝，亞歷克斯。就第三季而言，正如您所提到的，業績符合我們在計劃中的預期，我們的新鮮感同樣符合我們的預期。在第四季度，我們的新鮮感逐漸增強。如前所述，我們在假期中有一個良好的開端，並對感恩節週末的正常價格表現感到滿意。

We continue to see good response to newness from our guests, and we're on plan to hit that historical number by quarter one. And when I look at our guests, I'm happy with the absolute growth number. Our retention with our guests remains very strong, and the opportunity remains, as I've spoken to in the past revenue per guest related to newness.

我們繼續看到客人對新鮮事物的良好反響，我們計劃在第一季達到這個歷史數字。當我看到我們的客人時，我對絕對成長數字感到滿意。我們對客人的保留率仍然非常高，機會仍然存在，正如我在過去與新奇相關的每位客人收入中所說的那樣。

And when I look at brand awareness and our opportunities of category expansion, we still see growth in the US market and know that it's within our control and focused on the product decisions, and that's what the team is focused on. And in terms of our Power of Three X2 growth guidance numbers and our view of North America, nothing has changed.

當我審視品牌知名度和品類擴張機會時，我們仍然看到美國市場的成長，並知道它在我們的控制範圍內，並專注於產品決策，這就是團隊所關注的。就我們的 Power of Three X2 成長指引數字和我們對北美的看法而言，一切都沒有改變。

Thanks a lot and good luck.

非常感謝，祝你好運。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good afternoon. Meghan, can you talk about the reasons for the mid-teens inventory growth in the fourth quarter? How much of this is holding on the slower moving core versus chasing seasonal color and pattern? And how are you planning inventory for the first half of '25

謝謝。午安.梅根，您能談談第四季庫存成長的原因嗎？與追逐季節性色彩和圖案相比，這在多大程度上是堅持移動較慢的核心？你們如何規劃 25 年上半年的庫存

Thanks, Lorraine. So we came in at plus 8% at the end of Q3. We actually guided to the mid-teens for inventory. And our view on Q4 hasn't changed. We're expecting to end Q4 in the mid-teens growth rate.

謝謝，洛林。因此，我們在第三季末的成長率為 8%。我們實際上指導了十幾歲左右的庫存。我們對第四季的看法沒有改變。我們預計第四季末的成長率將達到十幾歲左右。

I would say, over the longer term, we aim to manage inventory in line with our sales growth. We are chasing into seasonal newness. So definitely is impacting, I would say, our growth rate at the end of the year to set us up for our goal of reflecting the business and specifically the US as we move into the first half of next year.

我想說，從長遠來看，我們的目標是根據銷售成長來管理庫存。我們正在追求季節性的新鮮感。因此，我想說，這肯定會影響我們年底的成長率，以便我們在進入明年上半年時實現反映業務，特別是美國業務的目標。

As you -- if you look at our inventory turns, they're pretty much in line with history a little bit slower than history actually. So we feel well positioned as we move into Q4 and then into '25 as well.

正如您所說，如果您查看我們的庫存週轉率，您會發現它們與歷史非常一致，但實際上比歷史要慢一些。因此，當我們進入第四季度以及進入 25 年時，我們感覺處於有利位置。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Good afternoon and let me add my congrats. Calvin, maybe just to piggyback on Alex's question, just comps are still negative, which is obviously not ideal, but your tone and your confidence on the trajectory of what's going on in the region sounds better. It sounds like the confidence is building. So maybe can you just maybe unpack some of the KPIs or whatever it is you look at that can help us understand exactly why we should be confident that the negative comp trend will, in fact, inflect come next spring?

下午好，讓我表示祝賀。卡爾文，也許只是順應亞歷克斯的問題，只是比較仍然是負面的，這顯然不理想，但你的語氣和你對該地區正在發生的事情的軌蹟的信心聽起來更好。聽起來信心正在建立。那麼，也許您可以解開一些關鍵績效指標（KPI）或您所看到的任何可以幫助我們準確地理解為什麼我們應該相信負面競爭趨勢實際上會在明年春天發生的變化？

Okay. Thanks, Ike. It -- the confidence is rooted in a few of the key data points that I have shared. I'll point to a guest who is still very engaged with our brand remain very loyal and are reacting very well to the newness that the teams are delivering. And we know that, that newness as a percentage of our overall assortment and mix is below our historical levels.

好的。謝謝，艾克。這種信心源自於我分享的一些關鍵數據點。我要指出的是，一位仍然對我們的品牌非常感興趣的客人仍然非常忠誠，並且對團隊提供的新鮮事物做出了很好的反應。我們知道，新穎性占我們整體品種和組合的百分比低於我們的歷史水平。

So when we see the newness, he and she is responding well to it. And seeing the work the team has been doing, the quality and quantity of that newness as a mix of our core assortment heading into Q1 of next year and through 2025 is where I get the confidence that we're back at the historical levels, that we have a guest that's still very much engaged in the brand and, quite frankly, is waiting for us to hit those historical levels. and we're seeing that through their spending pattern.

因此，當我們看到新鮮事物時，他和她對此反應良好。看到團隊一直在做的工作，以及從明年第一季到 2025 年我們核心產品組合的新產品的質量和數量，我確信我們已經回到了歷史水平，我們有一位客人仍然非常熱衷於該品牌，坦白說，他正在等待我們達到這些歷史水平。我們透過他們的消費模式看到了這一點。

Our overall guest growth has been strong. I'm pleased with it. We now have over 24 million members in our central membership program, and we're continuing to see very good matriculation per our plan of our younger recently acquired guests. And then it's the core guests that the team is very much focused on who's responding, but waiting for us to bring that newness so she can continue to add to her Lululemon collection.

我們的整體賓客成長強勁。我對此很滿意。目前，我們的核心會員計劃已擁有超過 2400 萬會員，根據我們的計劃，我們將繼續看到最近獲得的年輕客人的良好入學率。然後，團隊非常關注哪些核心客人做出了回應，但正在等待我們帶來新鮮感，以便她可以繼續添加到她的 Lululemon 系列中。

That's what gives me the confidence. I truly believe it's decisions made with our product, and we are addressing it with the new structure, the talent, the new talent and the team and feel good with what I see heading into '25.

這就是給我信心的原因。我堅信這是我們的產品做出的決定，我們正在透過新的結構、人才、新人才和團隊來解決這個問題，我對進入 25 年的情況感到滿意。

Got it. Thank you.

知道了。謝謝。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi. Thanks for taking my question and congrats on the progress. I wanted to ask a bit more on the women's business. It picked up nicely from Q2. Maybe a little bit more about what's going on there?

你好。感謝您提出我的問題並祝賀我的進展。我想多問一些關於女性事務的問題。從第二季開始，情況好轉。也許更多地了解那裡發生的事情？

And then I think you called out leggings, which is the first time we've heard that as a positive callout in a while. So just would love some more color around what's going on with the lagging business and what we can expect for Q4 into next year? Thank you.

然後我想你提到了緊身褲，這是我們一段時間以來第一次聽到這種正面的稱呼。那麼，我想了解一下落後業務的情況以及我們對明年第四季的預期嗎？謝謝。

Thanks, Janine. Our women's business globally, and I'll start globally is performing very well, as is our men's as well as our accessories business, really balanced growth globally. And we continue to see in all of our international markets, growth across all the categories, including our bottoms in our leggings business.

謝謝，珍妮。我們的女裝業務在全球範圍內（我將從全球範圍內開始）表現非常出色，我們的男裝業務以及配件業務也是如此，在全球範圍內實現了真正平衡的增長。我們繼續在所有國際市場看到所有類別的成長，包括我們的緊身褲業務。

In North America, particularly in the US, because we saw very strong growth in Canada, the women's business, and when we look at newness, again, we saw good growth. It's the missed historical levels of newness where we see that opportunity. When we look at the legging business, the bottom business and how she has responded to newness through color, print and pattern, she responds very well.

在北美，特別是在美國，因為我們看到加拿大的女性業務成長非常強勁，當我們審視新事物時，我們再次看到了良好的成長。正是在錯過的歷史新境界中，我們看到了這個機會。當我們審視緊身褲業務、打底業務以及她如何透過顏色、印花和圖案來應對新事物時，她的反應非常好。

And we did gain share in both men's and women's globally as well as in the US in the premium activewear category. So we know that she is responding well to that newness, and that's what the team is focused on to continue to bring. But we are seeing growth across those categories.

我們確實在全球以及美國的高檔運動服類別中增加了男裝和女裝的份額。所以我們知道她對這種新鮮感反應良好，這就是團隊致力於繼續帶來的東西。但我們看到這些類別的成長。

And I just want to remind that when we talk newness, it is colors on top of our core colors and core franchises. It's not unseen, unproven newness. We do bring that in as a percentage of our overall assortment. But a lot of what drives the newness and our guest responds to is the franchises, the silhouette and hero items that he and she loves.

我只是想提醒一下，當我們談論新鮮感時，它是我們核心顏色和核心特許經營之上的顏色。這並不是看不見的、未經證實的新鮮事。我們確實將其作為我們整體品種的百分比納入其中。但推動新鮮感和我們的客人回應的許多因素是他和她喜歡的特許經營、輪廓和英雄物品。

But bringing it through different colors and prints and trims and other ways in which we are adding newness to those that have always been a good driver of our business and we've been at lower than historical levels, and that's what the team is focused on in driving.

但是，透過不同的顏色、印花和裝飾以及其他方式，我們可以為那些一直是我們業務良好驅動力的東西添加新意，而我們的水平一直低於歷史水平，這就是團隊所關注的在駕駛中。

Thanks so much and good luck for the holiday.

非常感謝，祝假期愉快。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey, guys. Thanks for taking our question and congrats on the next quarter. Just a quick one on the model. The -- it looks like one of the key drivers of the gross margin in third quarter was lower inventory provisions. Could you just remind us how influential that could be in the fourth quarter?

嘿，夥計們。感謝您提出我們的問題，並祝賀下個季度。只是簡單介紹一下模型。 - 看起來第三季毛利率的主要驅動因素之一是庫存準備金減少。您能否提醒我們這對第四季的影響有多大？

And then maybe just stepping back a little bit on the gross margin, unpacking a little bit more. Maybe what's under the surface on the product margin. I think you said one of the big pieces there, Megan, was upside to the guidance was good control of fixed cost on the product side.

然後也許只是毛利率下降一點，增加一點。也許是產品利潤表層之下隱藏著的東西。我想你說過，梅根，指導的一大好處是對產品方面固定成本的良好控制。

Is that -- I'm curious how sustainable that is with the high fixed cost base in North America and the negative comps in that market. Is that -- is that something that's as controllable in the fourth quarter? Or was there something unique to the third quarter that let that be a bigger lever for you while the comps remain negative in your biggest market?

我很好奇，在北美固定成本較高的情況下，以及該市場的負面競爭情況下，這種情況的可持續性如何。這是第四季可控的事情嗎？或者，第三季是否有一些獨特的因素，讓這對你來說是一個更大的槓桿，而你最大的市場的比較仍然是負面的？

Great. Thanks, Michael. In terms of inventory provisions, we provided for some inventory that's sold through in the quarter and we've released some provisions. We're also lapping a higher comparison last year. We're not expecting to see big movement year over year in inventory provision specifically when we move to Q4.

偉大的。謝謝，麥可。在庫存撥備方面，我們撥備了本季已售完的一些庫存，我們已經釋放了一些撥備。去年我們也取得了更高的比較。我們預計庫存供應不會有年比大幅變動，特別是進入第四季時。

If we look at what drove our Q3 margin 50 basis points was from product margin, it was from the lower provisions, as you mentioned. We saw some benefit in higher IMU, partially offset by higher freight and the markdowns were flat. We did have a little bit of deleverage on fixed costs and then a little bit of favorability on FX, so 20 basis points deleverage on fixed costs, 10 basis points favorable on FX.

如果我們看看推動第三季利潤率上升 50 個基點的因素是產品利潤率，那麼正如您所提到的，這是來自較低的準備金。我們看到較高的 IMU 帶來了一些好處，部分被較高的運費所抵消，降價持平。我們確實對固定成本進行了一點去槓桿化，然後對外匯進行了一點優惠，因此固定成本去槓桿化了 20 個基點，對外匯有利了 10 個基點。

And -- when we look at Q4, we guided to a decrease of 20 to 30 basis points and in that, we are expecting a benefit in product margin of about 50 to 60 basis points was marked down slightly under last year and then offset partially by some deleverage on fixed costs with store growth in DC, specifically on a little bit of a lower revenue trend.

而且，當我們看第四季度時，我們預計下降 20 至 30 個基點，因此，我們預計產品利潤率將比去年略有下降約 50 至 60 個基點，然後被部分抵消隨著華盛頓商店的增長，特別是收入略有下降的趨勢，對固定成本進行了一些去槓桿化。

Thank you very much.

非常感謝。

Thanks, Michael.

謝謝，麥可。

John Kernan, Cowen.

約翰·克南，考恩。

Hey, good afternoon. Thanks for taking my question and congrats on a solid quarter. We're all over in China or most of us were over there with you back in October. Can you talk to what you're seeing on the ground in China both from a top-line and margin perspective? I think in the first half of the year, the China segment contribution margin was in line with America. I was just wondering how you're planning out for the back half of the year.

嘿，下午好。感謝您提出我的問題，並祝賀本季表現穩定。我們都在中國，或者說我們中的大多數人十月就和你們在一起了。您能從營收和利潤的角度談談您在中國的實際情況嗎？我認為今年上半年，中國業務的貢獻率與美國持平。我只是想知道你下半年的計畫如何。

Yeah. Thanks, John. So we've been really pleased and continue to be pleased with our China performance. So our China Mainland growth on a constant currency basis is 37% in Q2, 36% in Q3. And we saw a positive impact from a bottom line perspective, we are seeing really healthy operating margin expansion with revenue exceeding our expectations to a degree.

是的。謝謝，約翰。因此，我們對我們在中國的表現感到非常高興並將繼續感到高興。因此，我們中國大陸的成長率以固定匯率計算，第二季為 37%，第三季為 36%。從獲利角度來看，我們看到了正面的影響，我們看到營運利潤率確實健康成長，收入在一定程度上超出了我們的預期。

I think as I've mentioned before, it's not a region where we're looking right now to optimize operating margin, really focused on driving our long-term trend, but certainly see opportunity there over the longer term. And I think we'll put a finer point on how we see the regions playing out as we get into March and then 2025.

我認為正如我之前提到的，這不是我們現在尋求優化營業利潤率的地區，真正專注於推動我們的長期趨勢，但從長遠來看肯定會看到那裡的機會。我認為，當我們進入 3 月和 2025 年時，我們將更詳細地闡述我們如何看待這些地區的發展。

And then I would share we continue to be pleased with our China trends as we move into Q4. And we do expect that we're not offering specific guidance by region, China to be above 30% growth rate again in the quarter.

然後我想分享的是，隨著進入第四季度，我們仍然對中國趨勢感到滿意。我們確實預計，我們不會提供按地區劃分的具體指導，中國本季的成長率將再次超過 30%。

Got it. And maybe just a quick follow-up on the Rest of The World. It sounds like you're more confident in store openings in some new markets. Maybe talk to some of the investments you're making there and the confidence you have in those markets.

知道了。也許只是對世界其他地區的快速跟進。聽起來您對在一些新市場開店更有信心了。也許可以談談您在那裡進行的一些投資以及您對這些市場的信心。

Yeah. On -- as I mentioned, plan for next year, which will be an own market in Italy. And then on the success of some of the markets with our franchise model, we'll be opening Denmark, Belgium, Turkey and Czech Republic through our franchise model and partnerships. And it really is the confidence we have in the brand momentum in every market we're in globally.

是的。正如我所提到的，明年的計劃將是義大利自己的市場。然後，隨著我們的特許經營模式在一些市場取得成功，我們將透過我們的特許經營模式和合作夥伴關係打開丹麥、比利時、土耳其和捷克共和國的市場。這確實是我們對全球每個市場的品牌動能的信心。

And we continue to monitor markets and look for opportunities to expand. We look for readiness in terms of, obviously, spending power, but also interest within the activities that we play into. So that sweat readiness in these markets. And we know we're early in the markets we're in, both in terms of awareness and market share, and we want to continue to fuel and drive those.

我們將繼續監控市場並尋找擴張機會。顯然，我們會根據消費能力來尋找準備情況，但也會根據我們所從事的活動的興趣來尋找準備情況。讓這些市場做好準備。我們知道，無論是在認知度還是市場份額方面，我們都處於市場的早期階段，我們希望繼續推動和推動這些發展。

But these are markets that have definitely -- we've seen a nice progression in readiness for our business and our brand and want to continue to add to our international portfolio and build on that momentum we're seeing.

但這些市場肯定——我們已經看到我們的業務和品牌的準備工作取得了良好的進展，並且希望繼續增加我們的國際投資組合，並在我們所看到的勢頭的基礎上再接再厲。

As you know, I've spoken to our international business is performing incredibly well in every market. We're getting pulled into markets versus pushing ourselves into, and it's still a low percentage of our overall mix of revenue, and we're excited about continuing to drive it, grow it and see it representing a much greater percentage of the overall revenue of the company. And these market growth are just addition to that momentum that we see coming in '25 and beyond.

如你所知，我已經說過我們的國際業務在每個市場都表現得非常好。我們是被拉入市場，而不是推動自己進入市場，但它在我們整體收入組合中所佔的比例仍然很低，我們很高興能夠繼續推動它、發展它，並看到它在整體收入中所佔的比例大很多。這些市場成長只是我們看到的 25 年及以後的勢頭的補充。

Awesome. Thank you.

驚人的。謝謝。

Thanks.

謝謝。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. Thanks. So Calvin, could you elaborate maybe on the cadence of traffic in North America as the third quarter progressed and into holiday? And maybe just speak to new customer acquisition and also the start to holiday internationally.

偉大的。謝謝。 Calvin，您能否詳細說明一下隨著第三季的進展和假期進入北美的交通節奏？也許只是談論新客戶的獲取以及國際假期的開始。

In terms of traffic trends throughout the quarter, we don't actually disclose monthly traffic. But I'd say overall, there, Matt, we were pleased globally with traffic across both channels. And in terms of the US specifically, e-com channel remains positive and our stores were slightly lower than last year, but the US did come in overall in line with our expectations for Q3.

從整個季度的流量趨勢來看，我們實際上並沒有揭露每月的流量。但我想說，總的來說，馬特，我們對全球兩個管道的流量感到滿意。具體就美國而言，電商通路依然樂觀，我們的門市略低於去年，但美國整體情況確實符合我們對第三季的預期。

And as Calvin mentioned earlier, guest retention continues to be strong. The opportunity remains in revenue for guests as well as conversion and we've been pleased with the holiday period.

正如卡爾文之前提到的，客人保留率仍然很高。機會仍然存在於客人收入和轉換方面，我們對假期感到滿意。

Yeah. I'll just add. And I know it's been a few calls since we shared the membership number. And I'll remind you that 24 million membership base, that is just North America. So we're really excited in terms of that number and that initiative as a driver of guest engagement retention.

是的。我就補充一下。我知道自從我們分享會員號碼以來已經打了幾通電話。我要提醒您的是，2400 萬會員基礎僅在北美。因此，我們對這個數字和作為保留賓客參與度的驅動力的舉措感到非常興奮。

We've recently added membership perks to it using some of our third-party partners and studio players.

我們最近透過一些第三方合作夥伴和工作室玩家為其添加了會員福利。

So we're excited about continuing to build that out to drive engagement, loyalty and retention or being an additional factor. But guest growth in the US and North America and obviously, internationally has been good this year, and we're very pleased with that. And internationally, holiday in general for us, we're pleased with the start. It's early.

因此，我們很高興繼續建立這一點，以提高參與度、忠誠度和保留率，或成為一個額外因素。但今年美國和北美以及國際上的客人成長勢頭良好，我們對此感到非常滿意。在國際上，對我們來說，總體來說是假期，我們對這個開始感到滿意。現在還早。

There's still a lot of the quarter ahead, and we're on a shortened holiday period, but pleased with the start, pleased with the mix between markdowns and regular price.

本季還有很多時間，我們正處於縮短的假期，但對開始感到滿意，對降價和正常價格之間的結合感到滿意。

As you know, we really drive and we'll always drive our business through regular price through newness and innovation. Markdowns we use as a means to clear out end of season. but pleased with the results and arguably a promotional period.

如您所知，我們確實在推動並將始終透過新穎和創新以正常價格推動我們的業務。我們使用降價作為清理季末的一種手段。但對結果和可以說是促銷期感到滿意。

I think it just shows the way the brand resonates, the way newness resonates with our guests and how we continue to build a premium brand and allow our unique differentiated product. And that's resonating around the world, and we're pleased with the start to the holiday.

我認為它只是展示了品牌產生共鳴的方式，新鮮感與我們的客人產生共鳴的方式，以及我們如何繼續建立優質品牌並提供獨特的差異化產品。這在世界各地引起了共鳴，我們對假期的開始感到高興。

Great. And then, Meghan, just what's your confidence in your modest annual operating margin expansion target multiyear? Or is there a way to think about areas of expense flexibility relative to different revenue scenarios?

偉大的。那麼，梅根，您對多年以來適度的年度營業利潤率擴張目標有何信心？或者有沒有辦法考慮相對於不同收入狀況的費用彈性領域？

Yeah. I mean I would say we're deep in planning for '25. Too early to put a fine point on that. We still remain committed to our modest operating margin target over the five-year time horizon. We'll obviously come back in March and share more and certainly is revenue dependent. And the team is really focused and energized on driving the inflection into '25.

是的。我的意思是，我們正在深入規劃 25 年。對此提出明確的觀點還為時過早。我們仍然致力於在五年內實現適度的營業利潤率目標。顯然我們會在三月回來分享更多，當然這取決於收入。團隊非常專注並充滿活力，致力於推動 25 年的轉折點。

And I think -- we're pleased with our results this year despite revenues being lower than we expected. We've done quite a bit of management of expenses and and managed operating margin pretty much in line with last year. So pleased with where we're ending up.

我認為，儘管收入低於我們的預期，但我們對今年的業績感到滿意。我們已經做了相當多的費用管理，管理的營業利潤率與去年基本一致。對我們的結局非常滿意。

Great. Best of luck.

偉大的。祝你好運。

Thank you.

謝謝。

Paul Lejuez, Citi Research.

Paul Lejuez，花旗研究部。

Hey. Thanks, guys. I think you mentioned e-com in the US was still positive -- stores were lower. Can you talk about that e-commerce store dynamic in your other key regions?

嘿。謝謝，夥計們。我認為你提到美國的電子商務仍然是積極的——商店價格較低。您能談談其他主要地區的電子商務商店動態嗎？

And then second, can you also talk about the competitive landscape, what you saw in terms of promotions out there during the third quarter and what you expect for 4Q? Thanks.

其次，您能否談談競爭格局，您在第三季的促銷活動方面看到了什麼以及您對第四季的期望？謝謝。

Yeah. So in terms of traffic, that was specific to the US, my color. I would say overall, traffic trends, both positive in the rest of world in terms of e-common stores.

是的。所以就流量而言，這是美國特有的，我的顏色。我想說，總體而言，就電子普通商店而言，世界其他地區的流量趨勢都是正面的。

Yeah, Paul. And in terms of the overall promotional intensity, I think it's -- we know it's a very promotional period, more intense than throughout the year. . From a year-over-year perspective, I don't think the overall market is any more intense. There's pockets where certain brands and retailers are more promotional and where others are less. I think it obviously depends on the momentum in their business coming in of how they've chosen to play that.

是的，保羅。就整體促銷強度而言，我認為我們知道這是一個非常促銷的時期，比全年都更加激烈。 。從同比的角度來看，我認為整體市場並沒有變得更加激烈。在某些領域，某些品牌和零售商的促銷活動較多，而有些則較少。我認為這顯然取決於他們選擇的業務發展勢頭。

But when I look at the premium athletic space, we've continued to play a non-promotional markdown only reg price business unlike others within this space and pleased to see the results to kick off the holiday and the way the guest responds to our product.

但是，當我觀察優質運動空間時，我們繼續開展非促銷降價業務，與該空間中的其他人不同，我們很高興看到假期開始的結果以及客人對我們產品的反應方式。

Meghan, just on the e-commerce stores, can you just explain what you're outperforming in your major regions?

梅根，關於電子商務商店，您能解釋一下您在主要地區的表現如何嗎？

We haven't broken down the specific regions in terms of traffic by e-comm and stores.

我們還沒有按電子商務和商店的流量來細分特定區域。

All right. Thanks. Good luck.

好的。謝謝。祝你好運。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi. Good afternoon. I guess I'm curious, given the election paradigm in the US, how you're thinking about any potential tariff impact as it relates to next year? And if you think you're a better or worse positioned than your peers on the dynamic.

你好。午安.我想我很好奇，考慮到美國的選舉模式，您如何考慮與明年相關的任何潛在關稅影響？如果您認為自己在動態方面比同齡人處於更好或更差的位置。

Thanks, Sharon. So we've obviously been closely monitoring and early to say what will come to fruition. But I can share, we have very limited exposure in China, it's approximately -- we sourced approximately 3% of goods from China. So exposure there is relatively small. Our sourcing from Mexico is less than half of percentage, and we don't source anything from Canada.

謝謝，莎倫。因此，我們顯然一直在密切關注並儘早宣布將取得成果。但我可以分享的是，我們在中國的業務非常有限，我們大約有 3% 的商品來自中國。所以那裡的曝光度相對較小。我們從墨西哥採購的比例不到一半，而且我們不從加拿大採購任何東西。

So also a very small exposure there as well. So I would expect those are probably under some of the competitive landscape. And then obviously, if tariffs were levied on imports from all countries into the US that would obviously have a more significant impact on our costs. We are closely monitoring, and we'll look at opportunities across our P&L to manage through that as well.

因此，那裡的曝光也非常小。所以我預期這些可能是在一些競爭格局下發生的。顯然，如果對所有國家進口到美國的商品徵收關稅，這顯然會對我們的成本產生更重大的影響。我們正在密切監控，並將在損益表中尋找機會來管理此問題。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hi. Good afternoon. I, too, like to add my congratulations on a nice quarter.

你好。午安.我也想對這個美好的季度表示祝賀。

Thank you.

謝謝。

The question I have, I know it's going to be a little bit repetitive, so I apologize. We're talking a lot about newness, particularly as you look towards early '25. So is there a way to quantify -- I mean as you think about with the product, particularly domestically, what the product is going to look like in early '25. I mean how different is going to be than what you've had historically? So just maybe quantify better this newness dynamic.

我的問題，我知道這會有點重複，所以我很抱歉。我們談了很多關於新鮮感的話題，尤其是當你展望 25 年初的時候。那麼有沒有一種方法可以量化——我的意思是當你考慮產品時，特別是在國內，產品在 25 年初會是什麼樣子。我的意思是，這將與您歷史上的經歷有何不同？因此，也許可以更好地量化這種新鮮動態。

And then along those same lines, where you have introduced new products already, could you quantify how much better the sales have been there versus sort say, a baseline?

然後，沿著同樣的思路，在您已經推出新產品的情況下，您能否量化銷售情況與基準相比好多少？

Thanks, Brian. We don't share the absolute number, but I had indicated in terms of the internal views that we look at. So when I reference newness, as a percentage of our overall merchandising mix, that could be a combination of core with different colors, different patterns in print. It could be new franchises, hero items that we've introduced that we plan to carry forward. Good examples Zeroed In, Soft Jersey to name a few.

謝謝，布萊恩。我們不分享絕對數字，但我已經根據我們所看到的內部觀點指出了這一點。因此，當我提到新穎性時，作為我們整體商品組合的百分比，這可能是不同顏色、不同印刷圖案的核心組合。這可能是我們計劃繼續推出的新系列、英雄物品。很好的例子包括《Zeroed In》、《Soft Jersey》等。

Or it could be items that we just sprinkle in on the season to just provide that unpredictable. And some of those can be test and learn for future seasons.

或者，我們可能只是在季節中添加一些物品，以提供不可預測的效果。其中一些可以為未來的賽季進行測試和學習。

The bulk of newness is still in that new innovative hero items or franchises as well as color pattern print extensions of core. So when we look at it from a -- and that's why our markdown management is something we're able to continue to do because this is building upon the items that the consumer knows, but giving them through silhouettes, other ways, reasons to purchase.

大部分新穎之處仍然在於新的創新英雄物品或特許經營權以及核心的彩色圖案印刷延伸。因此，當我們從一個角度來看時，這就是為什麼我們能夠繼續進行降價管理，因為這是建立在消費者了解的商品之上，但透過輪廓、其他方式、購買理由向他們提供。

We have been below those historical numbers as a percentage of our mix through much of this year. it's sequentially getting stronger and come Q1 of next year, we'll be back at those historical levels. Although I'm not sharing a number with you, if it's to say, what would I see when I come into the store, I would say the mix of the assortment will feel more historically '23, '22 in previous years because that's what the team is working to as a ratio.

在今年的大部分時間裡，我們在我們的組合中所佔的百分比一直低於歷史數字。它將依次變得更強，到明年第一季度，我們將回到歷史水平。雖然我不會與你分享一個數字，但如果要說的是，當我走進商店時我會看到什麼，我會說，品種的組合會更有歷史感，因為這就是前幾年的“ 23」、「22」該團隊正按照比例進行工作。

Obviously, breadth of color and as I mentioned, across those. So, those are the parameters that we look at internally, and I think that's what you should expect to see. When you go into our store today versus when you go into our store in the quarter is back to that historical mixture of color and the other items that I've described of how we think of newness across color, but also truly newer just in and out for the season.

顯然，顏色的廣度，正如我所提到的，跨越這些。因此，這些是我們在內部查看的參數，我認為這就是您應該看到的。當您今天走進我們的商店時，與您在本季度走進我們的商店時相比，您會回到歷史上顏色和我所描述的其他商品的混合，我們如何看待跨顏色的新穎性，但也確實是新的缺席本季。

No. That's very helpful, Calvin. And then just what you're seeing now? Because I think you have mentioned that clearly, like you just said, the bigger shift of newness is going to happen early next year, but you've had some new product now. How is that product performing?

不，這很有幫助，卡爾文。然後就是你現在看到的？因為我認為您已經清楚地提到，就像您剛才所說，更大的新穎性轉變將在明年初發生，但您現在已經有了一些新產品。該產品的表現如何？

Yeah. No, as I mentioned, we are very pleased and seeing a good guest response to the newness that we put in. It is still below our historical levels. But if you were to go into the stores today or look online some of the holiday items that we bring in, the detailing on our defined jackets or the Velvet collection the China line collection, building on the aligned franchise, the Wonder most talks and the Satin Shine Running Tight and Short are examples where we bring that and the guest is responding very well to that as well as in our performance with our Waffle-Knit styles across long sleeve and jogger silhouettes, tops in the Swiftly, Rulu and Restless franchises and our Fast & Free and in our footwear as well.

是的。不，正如我所提到的，我們非常高興看到客人對我們投入的新鮮事物做出了良好的反應。但是，如果您今天走進商店或在網上查看我們推出的一些度假商品，我們定義的夾克或天鵝絨系列的細節，中國系列系列，建立在一致的特許經營權上，最受談論的奇蹟和Satin Shine Running Tight 和Short 就是我們帶來的例子，客人對此反應非常好，我們的華夫格針織款式包括長袖和慢跑廓形，以及Swiftly、Rulu 和Restless 系列的上衣，以及我們的Fast & Free 以及我們的鞋類也是如此。

So there is lots of -- and those are for our women's business. And then similar on our men's, we have the newness and the guest is responding well to it. And as I mentioned on the Thanksgiving weekend, we saw and we're very pleased with our regular business growth in a very heavily promoted period of time.

所以有很多——這些都是為了我們的女性業務。與我們的男裝類似，我們有新意，客人對此反應良好。正如我在感恩節週末提到的，我們看到並且對我們在大力促銷期間的正常業務成長感到非常滿意。

So good response, still below historical, still below where we'll be in Q1. But throughout this year, the guest has always responded to newness. It's been the level that we've had, which has been the opportunity, and we've been addressing and chasing in all the initiatives I shared with you in terms of structure, the talent changes and the focus of the team.

反應非常好，但仍低於歷史水平，仍低於第一季的水平。但今年以來，客人總是對新鮮事物做出反應。這就是我們所擁有的水平，這就是機會，我們一直在解決和追逐我與你們分享的所有舉措，包括結構、人才變化和團隊的重點。

But that's where I get confident in what I'm seeing in Q1 as well as confident in the metrics as to what we control and what the team is focused on to drive the inflection in our women's business in the US.

但這就是我對第一季所看到的情況充滿信心的地方，也對我們控制的指標以及團隊重點關注的指標充滿信心，以推動我們在美國女性業務的轉變。

I appreciate all the color. Thank you.

我欣賞所有的顏色。謝謝。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good afternoon and thank you for taking my question. Calvin, can you speak to your learnings on the increased investment in marketing spend this year? How should we be thinking about advertising and marketing going forward as a percent of sales as you look to expand that brand awareness?

下午好，感謝您提出我的問題。 Calvin，您能談談您今年行銷支出增加投資的體會嗎？當您希望擴大品牌知名度時，我們應該如何考慮廣告和行銷佔銷售額的百分比？

And then perhaps as a related follow-up, wondering if you can talk to the results of the targeted strategies that you're implementing to reengage lapsed customers in the US. Thank you.

然後也許作為相關的後續行動，想知道您是否可以談談您正在實施的旨在重新吸引美國流失客戶的目標策略的結果。謝謝。

Brooke, I'll just take the marketing spend quickly. So we have been managing marketing, essentially in line with 4.5% to 5% of sales. we do expect will tick up a little bit closer to 5.5% given -- this year, given we have held our marketing campaigns intact just as we've navigated the top line pressure because we're really focused on driving into the long term there. And then I'll have Calvin add some color here.

布魯克，我會盡快接受行銷支出。所以我們一直在管理行銷，基本上與銷售額的4.5%到5%保持一致。我們確實預計今年的成長率將接近 5.5%，因為我們在克服頂線壓力的同時保持了完整的行銷活動，因為我們真正專注於推動長期發展。然後我會讓卡爾文在這裡添加一些顏色。

Yeah. In terms of the overall initiatives that we deploy the incremental investments and it really is across a lot of the levers that have driven and grown this brand and that is in all markets, but it's including North America, in community events at the local level with our ambassador relationships in pool there and into more mid top-of-funnel initiatives as we look to acquire and keep acquiring new guests.

是的。就我們部署增量投資的總體舉措而言，它確實跨越了許多推動和發展該品牌的槓桿，並且在所有市場中，但它包括北美，在地方層面的社區活動中當我們希望獲得併不斷獲得新客人時，我們的大使關係就在那裡，並進入了更多中層管道的計劃中。

We use ROAs as a measurement against all and most of those spends, and we're pleased, and that's why we continue to lean in and on top of funnel, we're pleased with not just our new guest acquisition, but as well as the movement we've seen in all markets with our unaided brand awareness, which in the US is now 36% percent. So we've continued to move that needle in a meaningful way.

我們使用 ROA 作為所有和大部分支出的衡量標準，我們很高興，這就是為什麼我們繼續依靠漏斗頂部的原因，我們不僅對新客戶的獲取感到滿意，而且對我們在所有市場中都看到了這一趨勢，我們的品牌知名度在美國目前為36%。因此，我們繼續以有意義的方式推動這項進程。

So we're going to continue to play and test and learn across those initiatives, leading with community, leading with relationship and playing with initiatives at top of funnel to keep acquiring, knowing that product is our ultimate hook. So always leading in these campaigns with a product message.

因此，我們將繼續在這些舉措中進行嘗試、測試和學習，以社區為主導，以關係為主導，並在漏斗頂部的舉措中發揮作用，以不斷獲取客戶，因為我們知道產品是我們的最終吸引力。因此，在這些活動中始終以產品資訊為主導。

In terms of lapsed guests, the teams are always working on a variety of direct initiatives. What I would tell you where I'm excited about Q1 when we continue to bring newness and get back to those historical levels is our opportunity is not an incremental or growth in our lapsed guests. We have very strong high loyal gas, high retention. The opportunity is in our revenue per guest bed because we've had less newness to bring to her.

對於流失的客人，團隊始終致力於各種直接措施。我要告訴你的是，當我們繼續帶來新鮮感並回到歷史水平時，我對第一季感到興奮的地方是，我們的機會並不是流失客人的增量或成長。我們有很強的高忠誠氣、高留存率。機會在於我們每張客床的收入，因為我們為她帶來的新鮮感較少。

So the team's ability to bring that newness to her and the way that she has continued to respond this year to the newness we have had, when we get back to having more of the historical by having quite a bit of that newness in our performance activities across yoga, run and train, and tennis, and Play, I'm encouraged with the opportunity.

因此，團隊有能力為她帶來新鮮感，以及她今年繼續對我們所擁有的新鮮感作出反應的方式，當我們通過在表演活動中獲得更多的新鮮感來回歸更多的歷史時瑜伽、跑步、訓練、網球和玩耍，我對這個機會感到鼓舞。

Because we're not trying to bring guests back into the brand. She's remained, what we are doing is leveraging newness to have her continue to engage and spend the way she has, knowing that we have more at the historical level. So that is where I feel excited about what the team is planning and we'll be able to do.

因為我們並不是想讓客人重新認識這個品牌。她留下來了，我們正在做的是利用新鮮感讓她繼續以她現有的方式參與和消費，因為我們知道我們在歷史層面上還有更多。因此，這就是我對團隊正在計劃的事情以及我們將能夠做的事情感到興奮的地方。

That's all the time we have for questions today. Thank you for joining the call and enjoy the rest of your day.

這就是我們今天提問的全部時間。感謝您加入通話，祝您有個愉快的一天。