Lululemon Athletica Inc (LULU) 2024 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. fourth-quarter and full-year 2024 financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的支持。這是會議主持人。歡迎來到 lululemon athletica inc.。 2024 年第四季及全年財務業績電話會議。（操作員指示）會議正在錄音。（操作員指令）

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 fourth-quarter earnings call. Joining me to talk about our results are Calvin McDonald, CEO; and Meghan Frank, CFO.

謝謝，下午好。歡迎參加 lululemon 第四季財報電話會議。與我一起討論我們的業績的有執行長 Calvin McDonald；以及財務長 Meghan Frank。

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，我們今天的發言將包括前瞻性陳述，反映管理層目前對 lululemon 未來某些方面的預測。這些聲明是基於我們評估過的當前訊息，但其性質是動態的，容易發生快速甚至突然的變化。

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

由於我們業務中存在風險和不確定性，包括我們在最近向美國證券交易委員會提交的文件中披露的風險和不確定性，包括我們的 10-K 表年度報告和 10-Q 表季度報告，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。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們明確表示不承擔因新資訊或未來事件而更新或修改任何這些陳述的義務或承諾。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 10-K 表年度報告和今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳表。此外，今天電話會議上給出的可比較銷售指標是以固定美元計算的。新聞稿和隨附的 10-K 表年度報告可在我們網站 www.lululemon.com 的投資者部分找到。

Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial and operating statistics for the fourth quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour, 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，您可以在此找到我們第四季度主要財務和營運統計數據摘要以及季度資訊圖表。今天的電話會議預計持續 1 小時，因此請您每次只提出一個問題，以便其他人的問題也有機會得到解答。

And now I would like to turn the call over to Calvin.

現在我想把電話轉給卡爾文。

Thank you, Howard. I'd like to welcome everyone to our fourth-quarter call. I'm pleased to be here to discuss our results, which contributed to another year of growth at lululemon and also speak to our outlook for 2025. On today's call, I'll start with our performance in quarter four, which exceeded the revised guidance we provided in January, and I'll also share some key highlights on our annual performance.

謝謝你，霍華德。歡迎大家參加我們的第四季電話會議。我很高興在這裡討論我們的業績，這有助於 lululemon 又一年的成長，同時也談談我們對 2025 年的展望。在今天的電話會議上，我將首先介紹我們第四季度的業績，我們的業績超出了我們在一月份提供的修訂後的指引，同時我還將分享我們年度業績的一些關鍵亮點。

Next, I'll provide insights into our product innovation and the strength of our pipeline. I'll then detail our strategies to raise our brand awareness, which remains a significant opportunity for us globally. Meghan will then review our financials and provide our guidance for the first quarter and full year of 2025. Then we'll take your questions.

接下來，我將深入介紹我們的產品創新和產品線實力。然後我將詳細介紹我們提高品牌知名度的策略，這對我們在全球範圍內仍然是一個重要的機會。隨後，梅根將審查我們的財務狀況，並為 2025 年第一季和全年提供指導。然後我們會回答你們的問題。

So let's get started. In quarter four, total revenue, excluding the 53rd week, increased 8% or 9% on a constant currency basis. Operating margin increased 40 basis points to 28.9% and earnings per share increased 16%. In addition, in quarter four, we repurchased $332 million of stock which brings our total repurchases in 2024 to $1.6 billion, which demonstrates our confidence in the long-term prospects for lululemon.

那麼就讓我們開始吧。第四季度，不包括第 53 週的總收入按固定匯率計算增長了 8% 或 9%。營業利益率增加40個基點至28.9％，每股收益增加16％。此外，第四季度我們回購了價值 3.32 億美元的股票，使我們 2024 年的總回購額達到 16 億美元，這表明我們對 lululemon 的長期前景充滿信心。

Shifting now to our full-year 2024 results, total revenue was $10.6 billion, and excluding week 53, increased by 8% or 9% in constant currency. Adjusted operating margin increased 50 basis points to 23.7% and adjusted earnings per share increased 15%.

現在轉向我們的 2024 年全年業績，總收入為 106 億美元，不包括第 53 週，按固定匯率計算增長了 8% 或 9%。調整後營業利益率增加 50 個基點至 23.7%，調整後每股盈餘增加 15%。

Since 2021, which is the base year of our current Power of Three x2 five-year plan, we have grown revenue at a 19% CAGR, increased adjusted operating margin by 170 basis points, and grew adjusted EPS at a CAGR of 23%. This puts us ahead of our targets for all these key metrics as we enter the fourth year of our plan. I want to thank our teams across the enterprise for their ongoing dedication and commitment to our company. If it wasn't for this global collective, we would not be able to deliver these results.

自 2021 年（即我們目前 Power of Three x2 五年計畫的基準年）以來，我們的收入以 19% 的複合年增長率增長，調整後的營業利潤率增加了 170 個基點，調整後的每股收益以 23% 的複合年增長率增長。在進入計劃的第四年時，這使我們所有這些關鍵指標都提前實現了目標。我要感謝我們整個企業的團隊對我們公司的持續奉獻和承諾。如果沒有這個全球集體，我們就無法取得這些成果。

I'd now like to spend a few minutes discussing our product and sharing some highlights from our pipeline of innovation. In quarter four, we were happy with our performance across merchandise categories. Outerwear and second layers performed well for both women and men. And within accessories, bags continued to be well-received. Overall, we were pleased with the guest response to the newness we brought into our core franchises for the holiday season.

現在，我想花幾分鐘討論我們的產品並分享我們創新過程中的一些亮點。第四季度，我們對各商品類別的表現感到滿意。外套和第二層衣服對於女性和男性來說都表現良好。在配件方面，包款繼續廣受歡迎。總體而言，我們對客人對於我們在假期季節為我們的核心特許經營帶來的新鮮感的反響感到滿意。

Looking at quarter one, we have increased our level of newness on par with the past. We believe this increase, along with a robust pipeline of innovation will enable us to meet the expectations of our guests, and I'm excited about what the product teams are bringing to market this spring and throughout the year.

縱觀第一季度，我們的新鮮度與過去相比有了很大的提升。我們相信，這種成長加上強大的創新管道將使我們能夠滿足客人的期望，我對產品團隊今年春季以及全年推向市場的產品感到非常興奮。

We started the year strong with the launch of several new innovations. Glow Up is our newest technical franchise for women. Made from a new version of our proprietary Ultralu fabric, the Glow Up tight offers a smooth and sculpted fit designed to be used for a variety of training workouts. We also introduced the tank top and intend to expand the line in future seasons.

我們以多項創新成果的推出，強勢開啟了新的一年。Glow Up 是我們最新推出的針對女性的技術特許經營產品。Glow Up 緊身褲採用我們專有的 Ultralu 面料的全新版本製成，具有光滑、貼身的設計，適用於各種訓練鍛鍊。我們還推出了背心，並打算在未來的季節擴大該系列。

Daydrift is our newest lifestyle trouser for women. Made from our Luxtreme fabric, this casual pant offers technical features that provide superior comfort and versatility. Initial response has been very strong, and we've been selling out across several sizes and colors. The teams are chasing into it now, and we have several additions planned for later this year. Based on this response and performance, we believe Daydrift will become a new core franchise.

Daydrift 是我們最新推出的女用休閒長褲。這款休閒褲採用我們的 Luxtreme 面料製成，具有提供卓越舒適性和多功能性的技術特性。最初的反應非常強烈，多種尺寸和顏色的產品都已銷售一空。各團隊目前正在努力，我們計劃在今年稍後增加幾項內容。根據此反應和表現，我們相信 Daydrift 將成為新的核心特許經營權。

And finally, there is BeCalm, the latest addition to our yoga assortment and offers incredible softness of relaxed fit and extreme comfort weather on or off the map. These are just some of the recent product launches, which have been well-received by our guests and demonstrate how we continue to innovate and bring newness into our core activities while also expanding our casual offerings.

最後，還有 BeCalm，這是我們瑜珈系列的最新成員，它提供了令人難以置信的柔軟度和輕鬆的貼身度，無論在地圖上還是地圖外的天氣下都能提供極致的舒適感。這些只是最近推出的一些產品，它們受到了我們客人的一致好評，並展示了我們如何不斷創新，為我們的核心活動帶來新鮮感，同時擴大我們的休閒產品。

We're pleased with the positive feedback from guests, which is in line with our expectations and consistent with past successful product launches. And we're excited about our product pipeline, and I'd like to share a few examples.

我們很高興收到客人的正面回饋，這符合我們的預期，並且與過去成功的產品發布一致。我們對我們的產品線感到非常興奮，我想分享幾個例子。

Within shorts, for men, we recently launched a new run franchise called Mile Maker, and we'll soon update License to Train to further lean into this franchise opportunity. For women, we'll update Fast and Free with new seasonal styles and colors later this year and will bring innovation into our Swiftly franchise including a new run short. We'll introduce a new fabric called [Lulu Linen], which has the look and field of linen and also includes some technical performance attributes we are known for.

在男士短褲方面，我們最近推出了一個名為“Mile Maker”的新跑步特許經營權，我們很快就會更新“License to Train”，以進一步利用這一特許經營機會。對於女性來說，我們將在今年稍後更新 Fast and Free，添加新的季節性款式和顏色，並將為我們的 Swiftly 系列帶來創新，包括一款新的運動短褲。我們將推出一種名為 [Lulu Linen] 的新布料，它具有亞麻的外觀和特性，還包含一些我們所熟知的技術性能特性。

And we're excited about the plans we have in place to celebrate the 10th anniversary of our iconic Align franchise. We recently introduced the palazzo pant and will expand further with other new bottoms, including a legging with no front seam. Our guests have been asking for this innovation, and we believe this style, along with all the other newness and innovation we are bringing to market will help drive new guest acquisition and increase purchase from existing guests as well.

我們對慶祝標誌性 Align 系列成立 10 週年的計劃感到非常興奮。我們最近推出了寬褲，並將進一步推出其他新下裝，包括一條無前縫的緊身褲。我們的客人一直在要求這種創新，我們相信這種風格以及我們推向市場的所有其他新穎性和創新性將有助於吸引新客人並增加現有客人的購買量。

As you can see, our teams have been hard at work, solving for the needs of our guests, and we feel good about our product pipeline for 2025. Our unique approach to innovation is grounded in creating technical apparel with wide ranging and adaptable use cases.

正如您所看到的，我們的團隊一直在努力工作，解決客人的需求，我們對 2025 年的產品線感到滿意。我們獨特的創新方法是建立在創造具有廣泛和適應性用途的技術服裝的基礎上。

The strength of our pipeline, along with seasonal updates to our core styles, brings newness into our assortment on a regular basis and helps drive guest loyalty, repeat purchase, and long-term value. I'm pleased with the styles we've launched so far this spring, and I'm looking forward to the innovations lined up for the remainder of the year.

我們強大的產品線以及核心款式的季節性更新定期為我們的商品帶來新鮮感，有助於提高顧客忠誠度、重複購買和長期價值。我對今年春季迄今為止推出的款式感到滿意，並期待今年剩餘時間推出的創新款式。

Shifting now to brand awareness, our teams have been delivering on our strategy to activate the lululemon brand across several of our markets around the world, particularly in the US. We continue to focus on increasing our brand awareness, which remains low in nearly every market in which we operate. For example, our unaided brand awareness in France, Germany, and Japan is in single digits. In China Mainland, it's in mid- to high-teens. In the UK and Australia, it's in the 20s. And in the US, unaided brand awareness is in the 30s.

現在轉向品牌知名度，我們的團隊一直在執行我們的策略，在全球多個市場（尤其是美國）啟動 lululemon 品牌。我們繼續致力於提高我們的品牌知名度，在我們經營的幾乎所有市場中，品牌知名度仍然很低。例如，我們在法國、德國和日本的無提示品牌知名度都只有個位數。在中國大陸，該數值處於十五六到十五左右。在英國和澳大利亞，這一數字在 20 多歲。而在美國，無輔助品牌知名度僅約 30%。

Increasing awareness and consideration is a meaningful opportunity. So I want to share some of the strategies we have in place to help us achieve this goal, including, first, the way we show up in our local communities through brand activations, local events and with our membership program; second, how we leverage relationships with our ambassadors; and finally, our global brand campaigns.

提高認識和考慮是一個有意義的機會。因此，我想分享一些我們為幫助我們實現這一目標而製定的策略，包括首先，我們透過品牌活化、當地活動和會員計畫出現在當地社區的方式；第二，我們如何利用與大使的關係；最後，我們的全球品牌活動。

Let's begin with our local community-based activations. These events allow us to engage directly with our guests in unique and exciting ways beyond a simple purchase transaction. Our activations are aimed at building loyalty with existing guests and attracting new guests into the brand. We've hit the ground running in 2025. Our teams have been busy bringing the lululemon brand to life in several of our markets around the world, particularly in the US where our opportunity to grow awareness remains significant.

讓我們從基於當地社區的活動開始。這些活動使我們能夠以獨特且令人興奮的方式直接與客人互動，而不僅僅是簡單的購買交易。我們的活動旨在建立現有客人的忠誠度並吸引新客人加入品牌。我們已在 2025 年開始行動。我們的團隊一直忙於在全球多個市場推廣 lululemon 品牌，特別是在美國，我們在那裡提升品牌知名度的機會仍然很大。

In February, we partnered with the Rock 'n' Roll half marathon in Las Vegas. We showed up in a big way along the strip with pre-race yoga, cheer stations on the course, co-branded product and a takeover of the Sphere.

二月，我們與拉斯維加斯搖滾半程馬拉松合作。我們在跑道上隆重亮相，包括賽前瑜伽、賽道上的加油站、聯合品牌產品以及對 Sphere 的接管。

Next, to launch our newest franchise, we opened a studio in SoHo, New York for two weeks across February and March. In addition to a launch party, we hosted a variety of Sweat classes for guests taught by several of our ambassadors sought-after trainers and local fitness instructors.

接下來，為了推出我們的最​​新特許經營權，我們在二月和三月期間在紐約蘇荷區開設了一個工作室，為期兩週。除了發表會之外，我們還為嘉賓舉辦了各種汗水課程，由我們的幾位大使、廣受歡迎的培訓師和當地健身教練授課。

In London, we celebrated our new collaboration with British fashion designer, Saul Nash, with a launch party during London Fashion Week. We also celebrated the opening of our newly optimized Regent Street store with the lululemon takeover of the giant video screens and newsstands in Piccadilly Circus.

在倫敦，我們在倫敦時裝週期間舉辦了一場發布會，慶祝我們與英國時裝設計師索爾·納什 (Saul Nash) 的新合作。我們還慶祝了我們全新優化的攝政街店的開業，lululemon 接管了皮卡迪利廣場的巨型視頻屏幕和報攤。

And beginning in mid-March and finishing this week, we ran Membership Madness. This event included member-only access to in-store events, free classes at studio partners, and the opportunity to win entry to unique experiences we will host throughout the year. This shows how we are innovating and testing premium ways to connect with our 28 million members and provide them with access to compelling and exclusive experiences.

從三月中旬開始到本週結束，我們舉辦了會員瘋狂活動。活動包括只有會員才能參加的店內活動、合作工作室的免費課程，以及贏得我們全年舉辦的獨特體驗的機會。這表明我們正在創新和測試優質方式與我們的 2800 萬會員建立聯繫，並為他們提供引人注目的獨特體驗。

In addition to our activations, we continue to explore and strengthen our relationships with our global ambassadors as we start the year. I'm very excited about the new ambassadors we have introduced to start 2025, including PGA Golf for Max Homa, professional tennis player, Frances Tiafoe, and Formula One champion, Lewis Hamilton. This elevated roster of ambassadors helps us connect with more guests, both existing and new, in markets across the globe.

除了活動之外，我們還將在新的一年繼續探索和加強與全球大使的關係。我對我們在 2025 年開始引入的新大使感到非常興奮，其中包括 PGA 高爾夫球手馬克斯·霍馬 (Max Homa)、職業網球運動員弗朗西斯·蒂亞福 (Frances Tiafoe) 和一級方程式賽車冠軍劉易斯·漢密爾頓 (Lewis Hamilton)。這群高級大使有助於我們與全球各市場上更多的新舊客人建立聯繫。

In quarter one, we showed how we can leverage these relationships in many ways, including activations and expressions of fan support at the Phoenix Open golf tournament, Indian Wells tennis tournament, and Formula One races in both Melbourne and Shanghai. These are great examples of how we support our athletes as they compete, grow lululemon's credibility and awareness across our growth activities, and allow our local teams to create fun and unique activations for our guests.

在第一季度，我們展示瞭如何透過多種方式利用這些關係，包括在鳳凰城公開賽高爾夫錦標賽、印第安維爾斯網球錦標賽以及墨爾本和上海的一級方程式賽車比賽中激活和表達球迷的支持。這些都是我們如何支持運動員參賽、如何透過我們的發展活動提升 lululemon 的信譽和知名度、以及如何讓我們的當地團隊為我們的客人創造有趣和獨特的活動的絕佳例子。

In addition, these events, along with the high level of activations in this period contributed to very strong reach and guest engagement in our own social channels to start quarter one. While our grassroots brand-building strategies remain very important to us, we use global campaigns to reinforce our brand positioning and bring new guests into lululemon.

此外，這些活動以及這段時期的高水準活化有助於在第一季開始時我們自己的社交管道實現非常強大的覆蓋範圍和訪客參與度。雖然我們的草根品牌建立策略對我們來說仍然非常重要，但我們使用全球活動來強化我們的品牌定位並為 lululemon 帶來新的客人。

We recently launched our new brand platform, Live like You Are Alive, with a campaign featuring 78-year-old fitness influencer, Joan MacDonald. We'll use Live Like You Are Alive as a foundation for our messaging and will bring new creative into the narrative throughout the year. Upcoming chapters include the celebration of Align's 10-year anniversary in quarter two and a run-focused campaign later in the year.

我們最近推出了新的品牌平台“Live like You Are Alive”，並發起了一場以 78 歲的健身影響者瓊·麥克唐納 (Joan MacDonald) 為主角的活動。我們將以「像活著一樣生活」作為我們傳遞訊息的基礎，並將在全年為敘事注入新的創意。即將到來的篇章包括第二季度慶祝 Align 成立 10 週年的活動和今年晚些時候以跑步為重點的活動。

Let me now spend a few moments on our US business and share my perspective as we head into 2025. As I have shared before, the missed opportunity from last year was the level of newness across our merchandise mix. The teams worked with our vendors chased into what was possible and improve the penetration of newness in the second half of 2024. These efforts contributed to a stabilization in the US business as the guests responded well to many of the updates we brought into the assortment. I would also note that, importantly, our new guest acquisition and retention metrics remain strong, and our opportunity is to drive increased revenue per guest as we continue to bring newness and innovation into the mix.

現在，請允許我花一點時間談談我們的美國業務，並分享我對 2025 年的看法。正如我之前所分享的，去年錯失的機會是我們的商品組合的新穎程度。我們的團隊與供應商合作，探索可能實現的目標，並在 2024 年下半年提高新產品的滲透率。這些努力有助於穩定美國業務，因為客人對於我們引入產品系列的許多更新反應良好。我還要指出的是，重要的是，我們的新客人獲取和保留指標仍然強勁，我們的機會是隨著我們繼續將新鮮事物和創新融入其中，提高每位客人的收入。

As you have seen, we started this year with several compelling new product launches, but we also believe the dynamic macro environment has contributed to a more cautious consumer. In fact, based on the survey we conducted earlier this month in conjunction with Ipsos, consumers are spending less due to increased concerns about inflation and the economy. This is manifesting itself into slower traffic across the industry in the US in quarter one, which we are experiencing in our business as well.

正如您所看到的，我們今年推出了幾款引人注目的新產品，但我們也相信動態的宏觀環境促使消費者更加謹慎。事實上，根據我們本月稍早與益普索共同進行的調查，由於對通貨膨脹和經濟的擔憂加劇，消費者正在減少支出。這表現為第一季美國整個產業的流量放緩，我們的業務也遇到了同樣的情況。

However, we see guests who visit us responding to the newness and innovations we've brought into our assortment. We believe this is a positive indication as we continue to flow new product engage with our guests through unique and compelling activations and launch brand campaigns. We are controlling what we can control, and we expect to see modest growth in US revenue for the full year of 2025.

然而，我們看到來訪的客人對我們產品系列的新穎性和創新性做出了積極的反應。我們相信這是一個積極的跡象，因為我們將繼續透過獨特、引人注目的激活方式和品牌活動，向客人推出新產品。我們正在控制我們能夠控制的事情，我們預計 2025 年全年美國收入將溫和成長。

Before handing it over to Meghan, I'd like to highlight our square footage growth plans for 2025. Stores remain an important part of our growth story. Not only are they highly productive but there are also hubs in our local communities and allow us to engage directly with our guests, which provides us with another important competitive advantage.

在將其交給梅根之前，我想強調一下我們 2025 年的平方英尺增長計劃。商店仍然是我們成長歷程中的重要部分。它們不僅生產力高，而且在我們當地社區設有中心，讓我們能夠直接與客人互動，這為我們提供了另一個重要的競爭優勢。

In 2025, we plan to grow square footage by approximately 10%, which will be driven by new store openings and our ongoing optimization program. We will continue to open stores in existing markets and enter several new countries this year, including Italy, as a new company-operated market, and Denmark, Belgium, Turkey and the Czech Republic under a franchise model.

到 2025 年，我們計劃將營業面積增加約 10%，這將由新店開業和我們正在進行的優化計劃推動。我們將繼續在現有市場開設門市，並在今年進入幾個新的國家，包括義大利（作為新的公司經營市場）以及丹麥、比利時、土耳其和捷克共和國（以特許經營模式）。

In terms of our optimization strategy, a recent and compelling example can be seen in London, with the relocation and expansion of our Regent Street store. This store, which now spans 14,000 square feet offers the largest pant wall and men's assortment in Europe. As a destination for both residents and tourists, our new store offers a pinnacle expression of our brand, and we expect it will continue to help us attract new guests into lululemon from the UK and across Europe.

就我們的優化策略而言，最近的一個引人注目的例子是在倫敦，即我們的攝政街商店的搬遷和擴建。該商店目前佔地 14,000 平方英尺，擁有歐洲最大的褲子牆和男裝系列。作為居民和遊客的目的地，我們的新店是我們品牌的巔峰表達，我們期望它將繼續幫助我們吸引來自英國和歐洲各地的新客人來到 lululemon。

We have much to be excited about in 2025. However, as you are aware, the external environment remains dynamic, and there continues to be considerable uncertainty driven by macro and geopolitical circumstances. That being said, we remain focused on what we can control. We've had a busy start to this year with product launches and event activations, and I feel confident with our plans for the remainder of the year.

2025 年有很多值得我們興奮的事情。然而，正如大家所知，外在環境仍然動態，宏觀和地緣政治環境仍然存在相當大的不確定性。話雖如此，我們仍然專注於我們能夠控制的事情。我們今年年初就忙於產品發布和活動激活，我對我們今年剩餘時間的計劃充滿信心。

Meghan, over to you.

梅根，交給你了。

Thanks, Calvin. We delivered Q4 results that exceeded our January guidance update as we saw strength across the key components of the P&L, including sales, gross margin, and SG&A. These results contributed to another year of solid performance while acknowledging product opportunities we have discussed in our US business.

謝謝，卡爾文。我們第四季度的業績超出了 1 月份的預期，因為我們看到損益表的關鍵組成部分（包括銷售額、毛利率以及銷售、一般及行政開支）均表現強勁。這些業績為我們又一年的穩健業績做出了貢獻，同時也承認了我們在美國業務中討論過的產品機會。

Key highlights in 2024 include revenue growth of 9%, excluding the 53rd week and in constant dollars, adjusted operating margin expansion of 50 basis points, and adjusted earnings per share growth of 15%. I'm proud we were able to deliver these strong results while continuing to invest in our strategic initiatives, including building brand awareness through our activations and brand campaigns, growing square footage 14%, and returning $1.6 billion to shareholders through share repurchases.

2024 年的主要亮點包括營收成長 9%（不包括第 53 週）和以不變美元計算），調整後的營業利潤率擴大 50 個基點，調整後的每股盈餘成長 15%。我很自豪我們能夠取得這些強勁的業績，同時繼續投資於我們的策略舉措，包括透過我們的活化和品牌活動來建立品牌知名度，將建築面積增加 14%，並透過股票回購向股東返還 16 億美元。

Looking at 2025, we are pleased with both the level and composition of our inventory as we enter the spring season, and we are seeing good guest response to newness and innovation we brought into our assortment. However, we also acknowledge the uncertainty in the retail environment as the consumer is now in a dynamic macroenvironment. While we expect both top- and bottom-line growth for the year, we continue to be thoughtful in our planning.

展望 2025 年，隨著我們進入春季，我們對庫存水準和組成都感到滿意，並且我們看到客人對我們在產品系列中引入的新穎性和創新性反應良好。然而，我們也承認零售環境存在不確定性，因為消費者現在處於動態的宏觀環境中。雖然我們預計今年的營收和淨利都會實現成長，但我們在製定規劃時仍會深思熟慮。

I'll take you through our guidance in a moment, but let me now share the financial details of Q4. For Q4, total net revenue rose 13% or 14% in constant currency to $3.6 billion. Excluding the 53rd week, net revenue increased 8% or 9% in constant currency and constant dollar comparable sales increased 4%.

稍後我將向您介紹我們的指導，但現在讓我分享第四季度的財務細節。第四季總淨收入成長 13%（以固定匯率計算為 14%），至 36 億美元。除第 53 週外，淨收入按固定匯率計算增長了 8% 或 9%，以固定美元計算可比銷售額增長了 4%。

Within our regions, excluding the 53rd week, results were as follows. Americas revenue increased 2% or 3% in constant currency, with comparable sales flat. By country, revenue increased 11% in constant currency in Canada and increased 1% in the US. China Mainland revenue increased 38% or 39% in constant currency with comparable sales increasing 27%. And in the Rest of World, revenue grew by 22% or 26% in constant currency with comparable sales increasing by 17%.

在我們地區內，除第 53 週外，結果如下。以固定匯率計算，美洲區營收成長 2% 或 3%，可比銷售額持平。按國家劃分，加拿大的收入按固定匯率計算增長了 11%，美國的收入增長了 1%。中國大陸地區營收成長 38%，以固定匯率計算成長 39%，可比銷售額成長 27%。在世界其他地區，收入增長了 22%（以固定匯率計算增長了 26%），可比銷售額增長了 17%。

In our store channel, total sales increased 13% on a constant dollar basis, excluding the 53rd week, and we ended the quarter with 767 stores globally. Square footage increased 14% versus last year, driven by the addition of 56 net new lululemon stores since Q4 of 2023.

在我們的商店管道，不包括第 53 週，總銷售額以固定美元計算增長了 13%，本季度結束時我們在全球擁有 767 家商店。與去年相比，面積增加了 14%，這得益於自 2023 年第四季以來新增了 56 家 lululemon 門市。

During the quarter, we opened 18 net new stores and completed 16 optimizations. In our digital channel, revenue increased 8% and 4%, excluding the 53rd week and contributed $1.8 billion of top line or 50% of total revenue. And by category, excluding the 53rd week, men's revenue increased 12% versus last year, while women's increased 6%, and accessories and other grew 9%.

本季度，我們淨開設了18家新店，並完成了16項優化。在我們的數位管道，收入成長了 8% 和 4%（不包括第 53 週），貢獻了 18 億美元的營業收入，佔總收入的 50%。而依類別來看，不包括第53週，男裝營收較去年同期成長12%，女裝成長6%，配件及其他成長9%。

Gross profit for the fourth quarter was $2.2 billion or 60.4% of net revenue compared to gross margin of 59.4% in Q4 2023. The gross profit rate in Q4 increased 100 basis points ahead of our guidance and was driven primarily by the following: a 160 basis point increase in product margin, driven predominantly by lower product costs, lower markdowns and improved shrink, offset somewhat by higher airfreight; 30 basis points negative impact from foreign exchange; and 30 basis points of net deleverage on fixed costs. Relative to our guidance, which was for a gross margin increase of approximately 30 basis points, the upside was driven predominantly by leverage associated with higher top line, prudent management of fixed expenses within gross margin and foreign exchange.

第四季毛利為 22 億美元，佔淨收入的 60.4%，而 2023 年第四季的毛利率為 59.4%。第四季的毛利率比我們的預期增加了 100 個基點，主要原因如下：產品利潤率增加了 160 個基點，主要原因是產品成本下降、降價幅度降低和損耗改善，但空運費上漲在一定程度上抵消了這一影響；外匯帶來30個基點的負面影響；固定成本淨去槓桿率為30個基點。相對於我們的預期，即毛利率增加約 30 個基點，上行主要得益於與更高營收相關的槓桿率、對毛利率內固定費用的審慎管理以及外匯。

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 $1.1 billion or 31.5% of net revenue compared to 30.9% of net revenue for the same period last year. SG&A was better than our guidance of 80 to 90 basis points of leverage due to higher top line and foreign exchange.

轉向銷售、一般及行政開支。我們的方法仍然是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。銷售、一般及行政開支約為 11 億美元，佔淨收入的 31.5%，而去年同期該費用佔淨收入的 30.9%。由於營業收入和外匯收入增加，銷售、一般和行政開支優於我們預期的 80 至 90 個基點的槓桿率。

Operating income for the quarter was approximately $1 billion or 28.9% of net revenue compared to operating margin of 28.5% in Q4 2023. Tax expense for the quarter was $309 million, or 29.2% of pretax earnings compared to an effective tax rate of 28.1% a year ago. The increase in tax rate relative to last year is due to a decrease in tax benefits related to stock-based compensation and increase in non-deductible expenses and an increase in profits outside of the US.

本季營業收入約為 10 億美元，佔淨收入的 28.9%，而 2023 年第四季的營業利潤率為 28.5%。本季稅費為 3.09 億美元，佔稅前盈餘的 29.2%，去年同期有效稅率為 28.1%。稅率較去年同期增加的原因是股票薪酬相關稅收優惠減少、不可扣除費用增加以及美國以外利潤增加。

Net income for the quarter was $748 million or $6.14 per diluted share compared to EPS of $5.29 for the fourth quarter of 2023. Capital expenditures were $235 million for the quarter compared to $207 million for the fourth quarter last year. Q4 spend relates primarily to investments that support business growth, including our multi-year distribution center project, store capital for new locations, relocations and renovations, and technology investments.

本季淨收入為 7.48 億美元，即每股攤薄收入 6.14 美元，而 2023 年第四季每股收益為 5.29 美元。本季資本支出為 2.35 億美元，去年第四季為 2.07 億美元。第四季的支出主要與支持業務成長的投資有關，包括我們的多年配送中心專案、新店址的店鋪資本、搬遷和翻新以及技術投資。

Turning to our balance sheet highlights. We ended the quarter with approximately $2 billion in cash and cash equivalents. Inventory increased 9%, slightly lower than our guidance for an increase in the low double digits. We repurchased 938,000 shares in Q4 at an average price of $354.

轉向我們的資產負債表重點。截至本季末，我們的現金和現金等價物約為 20 億美元。庫存增加了 9%，略低於我們預期的低兩位數增幅。我們在第四季以平均 354 美元的價格回購了 938,000 股。

For the full year, we repurchased approximately $1.6 billion of stock. Share repurchases remain our preferred method to return cash to shareholders, and we currently have approximately $1.3 billion remaining on our repurchase program.

全年我們回購了約 16 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式，目前我們的回購計畫剩餘約 13 億美元。

Let me now share our detailed guidance outlook for full year 2025. We expect revenue to be in the range of $11.15 billion to $11.3 billion. This range represents growth of 5% to 7% relative to 2024. Excluding the 53rd week that we had in the fourth quarter of last year, we expect revenue to grow 7% to 8%. And as Calvin said, we expect revenue growth in the US to be modestly positive for the year. I also note that we expect foreign exchange to have a negative 1 percentage point impact on our revenue growth rate for the year.

現在，讓我分享我們對 2025 年全年的詳細指導展望。我們預計營收在 111.5 億美元至 113 億美元之間。這一範圍代表著相對於 2024 年的增長 5% 至 7%。除去去年第四季的第 53 週，我們預計營收將成長 7% 至 8%。正如卡爾文所說，我們預計今年美國的收入將略有成長。我還注意到，我們預計外匯將對我們今年的收入成長率產生負 1 個百分點的影響。

We expect to open 40 to 45 net new company-operated stores in 2025 and complete approximately 40 optimizations. We expect overall square footage growth of approximately 10%. Our new store openings in 2025 will include approximately 10 to 15 stores in the Americas with the rest of our openings planned in our international markets, the majority of which will be in China.

我們預計在 2025 年新開設 40 至 45 家自營店，並完成約 40 項優化。我們預計總面積將成長約 10%。我們將於 2025 年開設新店，其中美洲地區開設約 10 至 15 家店，其餘新店則計劃開設在國際市場，其中大部分將在中國。

For the full year, we expect gross margins to decrease approximately 60 basis points versus 2024. We expect the decrease will be driven by deleverage on fixed costs, FX headwinds, and the impact of increased tariffs related to China and Mexico. For the full year, we expect markdowns to be relatively in line with 2024.

我們預計全年毛利率將較 2024 年下降約 60 個基點。我們預計，下降的原因將包括固定成本去槓桿、外匯逆風以及與中國和墨西哥相關的關稅上調的影響。就全年而言，我們預計降價幅度將與 2024 年相對一致。

Turning to SG&A for the full year, we expect deleverage of approximately 40 to 50 basis points versus 2024, driven by ongoing investments into our Power of Three x2 road map and FX headwinds. For the full year, we are planning investments in marketing and brand building aimed at increasing our awareness and acquiring new guests, investments to support our international growth and market expansion and continued investment in technology and data analytics capabilities.

談到全年的銷售、一般及行政費用，我們預計去槓桿率將比 2024 年降低約 40 至 50 個基點，這得益於我們對 Power of Three x2 路線圖的持續投資以及外匯逆風。全年，我們計劃在行銷和品牌建立方面進行投資，以提高我們的知名度和吸引新客人，投資以支持我們的國際成長和市場擴張，並繼續在技術和數據分析能力方面進行投資。

When looking at operating margin for the full year 2025, we expect a decrease of approximately 100 basis points versus 2024. While we remain thoughtful as we plan expenses, we also continue to invest in our strategic road map to enable future growth. As I mentioned, we are seeing headwinds from foreign exchange and tariffs while also absorbing some additional costs relative to last year as we layer back in certain expenses, including store labor hours, travel, and incentive comp. I would note that between 2021 and 2024, our operating margin increased 170 basis points, which is greater than our Power of Three x2 target of modest operating margin expansion annually.

當我們展望 2025 年全年營業利潤率時，我們預計該數字將較 2024 年下降約 100 個基點。我們在規劃開支時仍會深思熟慮，同時我們也將繼續投資於我們的策略路線圖，以實現未來的成長。正如我所提到的，我們正面臨外匯和關稅方面的阻力，同時由於我們減少了某些費用（包括商店工時、差旅和獎勵補償），因此與去年相比，我們也吸收了一些額外成本。我要指出的是，在 2021 年至 2024 年期間，我們的營業利潤率增加了 170 個基點，高於我們每年適度擴大營業利潤率的 Power of Three x2 目標。

For the full year 2025, we expect our effective tax rate to be approximately 30%. For the fiscal year 2025, we expect diluted earnings per share in the range of $14.95 to $15.15 versus EPS of $14.64 in 2024. Our EPS guidance excludes the impact of any future share repurchases but does include the impact of our repurchases year to date. I would also note that FX pressure relative to last year is a $0.30 to $0.35 drag on EPS in 2025.

就 2025 年全年而言，我們預計有效稅率約為 30%。對於 2025 財年，我們預計每股攤薄收益在 14.95 美元至 15.15 美元之間，而 2024 年每股收益為 14.64 美元。我們的每股盈餘指引不包括任何未來股票回購的影響，但包括了今年迄今回購的影響。我還要指出的是，與去年相比，外匯壓力將對 2025 年的每股收益造成 0.30 美元至 0.35 美元的拖累。

When looking at inventory, we expect dollar inventory to increase in the high teens in Q1 as we anniversary last year's declines. We expect capital expenditures to be approximately $740 million to $760 million in 2025. This spend relates to investments to support business growth, including a continuation of our multi-year distribution center project store capital for new locations, relocations and renovations, and technology investments.

從庫存來看，我們預計，隨著去年庫存下降的周年紀念，第一季美元庫存將以高位增長。我們預計 2025 年的資本支出約為 7.4 億至 7.6 億美元。這筆支出與支持業務成長的投資有關，包括繼續用於新地點、搬遷和翻新的多年配送中心專案商店資本以及技術投資。

Shifting now to Q1, we expect revenue in the range of $2.335 billion to $2.355 billion, representing growth of 6% to 7%. The growth rate in Q1 is being negatively impacted by 1 percentage point related to foreign exchange. We expect to open three net new company-operated stores in Q1.

現在轉到第一季度，我們預計營收在 23.35 億美元至 23.55 億美元之間，成長率為 6% 至 7%。第一季的成長率受到外匯相關1個百分點的負面影響。我們預計第一季將開設三家新的自營店。

We expect gross margin in Q1 to be approximately flat with Q1 2024. We expect a modest improvement in product margin, offset primarily by deleverage on fixed costs. Markdowns are planned to be relatively flat with last year.

我們預計第一季的毛利率將與 2024 年第一季大致持平。我們預計產品利潤率將略有提高，但主要會被固定成本的去槓桿所抵消。計劃降價幅度與去年基本持平。

In Q1, we expect our SG&A rate to deleverage by approximately 120 basis points relative to Q1 2024. 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 Q1, we expect deleverage of approximately 120 basis points.

我們預計第一季的銷售、一般及行政開支將較 2024 年第一季下降約 120 個基點。這主要得益於基礎投資和相關折舊以及策略投資的增加，包括建立品牌知名度以支持未來成長的投資。當我們查看第一季的營業利潤率時，我們預計去槓桿率約為 120 個基點。

Turning to EPS, we expect earnings per share in the first quarter to be in the range of $2.53 to $2.58 versus EPS of $2.54 a year ago. Our EPS guidance for the quarter includes approximately $0.06 of incremental negative impact from foreign exchange. We expect our effective tax rate in Q1 to be approximately 30%.

談到每股收益，我們預計第一季每股收益將在 2.53 美元至 2.58 美元之間，而去年同期的每股收益為 2.54 美元。我們對本季的每股盈餘預期包括外匯帶來的約 0.06 美元的增量負面影響。我們預計第一季的有效稅率約為 30%。

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

說完這些，我會把話題交還給 Calvin。

Thank you for your time today. I'm pleased with how we closed out 2024, delivering results that demonstrate our leadership, agility, and potential for growth. And I am proud of how we have started the year with new product innovations, collaborations and a steady drum beat of brand and community activations around the world. This energy will propel us forward as we navigate the current economic and political uncertainty, especially in the US. We will control what we can control, and we will focus on continuing to deliver the high level of newness and product innovations our guests expect from lululemon. .

感謝您今天抽出時間。我對我們 2024 年的成績感到滿意，我們的成績證明了我們的領導力、敏捷性和成長潛力。我為我們在新的一年以新產品創新、合作和在世界各地穩步開展品牌和社區活動而感到自豪。當我們應對當前的經濟和政治不確定性（尤其是在美國）時，這種能量將推動我們前進。我們會控制我們能夠控制的事情，並專注於繼續提供我們的客人對 lululemon 所期望的高水平新穎性和產品創新。。

I continue to feel confident in our Power of Three x2 strategy. And our people who will continue to excite and engage with our guests and drive us forward in 2025 and beyond.

我對我們的三倍力量 x2 策略仍然充滿信心。我們的員工將繼續為我們的客人帶來驚喜並與他們互動，推動我們在 2025 年及以後繼續前進。

We'll now take your questions. Operator?

我們現在來回答你們的問題。操作員？

Thank you. We'll now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Thanks so much, and congrats on a great quarter. I just wanted to focus, Calvin, on the modest US revenue growth you're expecting for the year. Can you just elaborate a little bit around how you define modest? And should that be consistent throughout the year? Any difference in cadence by quarter? And then just how you really arrive at that as the right level from here? Thanks a lot.

完美的。非常感謝，並祝賀您度過了一個美好的季度。卡爾文，我只是想關注你預計今年美國收入將溫和成長。能否稍微詳細說明一下您對「謙虛」的定義？這應該全年保持一致嗎？各季度的節奏有何差異？那麼，您如何才能真正達到正確的水平呢？多謝。

Thanks, Alex. I'll take the first, and then I'll pass it over to Meghan to go specifically into breaking down the growth number for you. But as I shared, in Q4, consistent with what we saw throughout the year, our guests responded well to the newness that we offered through our assortment, and our business continued to sequentially get stronger on the back of that newness.

謝謝，亞歷克斯。我將先回答第一個問題，然後我會將其交給梅根 (Meghan)，讓她為您具體分解增長數字。但正如我所分享的，在第四季度，與我們全年看到的情況一致，我們的客人對我們透過產品組合提供的新品反應良好，並且我們的業務在這種新品的支持下繼續逐步增強。

And as we transitioned into Q1, our newness is back to being on par where it's been in the past. As we indicated we would be in the -- guest has responded very well to a number of new product launches that I'm excited about continue to build into future franchises from Glow Up, Daydrift, BeCalm, Shake It Out as well as what lies ahead in our pipeline, which is very strong.

隨著我們進入第一季度，我們的新鮮感又回到了過去的水平。正如我們所指出的——客人對一系列新產品的發布反應非常好，我很高興繼續打造未來的系列產品，包括 Glow Up、Daydrift、BeCalm、Shake It Out，以及我們未來的產品線，這些產品線非常強大。

And I shared just a few of those with you with the 10th year anniversary for Align coming up, building on the palazzo pants that she's responded incredibly well to as well as offering a no-front-seam legging, which we know our guests have been asking and to offer that within the Align franchise as an opportunity to celebrate the 10th anniversary. We're excited about that as a means for our high-value guests as well as new guests to acquire and bring in.

在 Align 即將迎來十週年紀念之際，我只與大家分享了其中的一些內容，在廣受好評的寬腿褲的基礎上，我們還推出了一款無前縫打底褲，我們知道我們的客人一直在要求這款產品，因此在 Align 特許經營範圍內推出這款產品，以此作為十週年的機會。我們對此感到非常興奮，因為這可以幫助我們吸引和留住高價值客人以及新客人。

That being said, we are operating within a dynamic macroenvironment that's really contributed to a cautious consumer, where we've seen material impact to traffic across the industry. While we've experienced some of these traffic trends, the guest who is visiting have responded very well to our newness and innovation. When we look at UPT, average order size, both of these are positive. So the guests coming in are responding to the newness. They're buying more, and it's having an impact. So those are very good indicators.

話雖如此，我們是在動態的宏觀環境中運營的，這確實導致了消費者的謹慎，我們已經看到整個行業的流量受到了重大影響。雖然我們經歷了一些這樣的流量趨勢，但來訪的客人對我們的新穎性和創新性反應良好。當我們查看 UPT（平均訂單規模）時，這兩個都是正數。所以進來的客人都會對新鮮事做出反應。他們購買的更多了，而且產生了影響。這些都是非常好的指標。

And as we continue to flow the positive newness that we see throughout the year, as well as the activations, I want to touch on -- North America, in particular in the US, we've started the year with a fantastic rhythm and cadence of very unique community-based activations. So overall, there's a very good energy across the teams and the business and the guests are responding very well to product. And we're controlling and focused on what we can control. And I think we're well positioned as these macro challenges softened moving forward.

隨著我們繼續傳播我們在全年看到的積極新事物以及各種激活活動，我想提一下——北美，特別是在美國，我們以非常獨特的社區激活活動的絕佳節奏和韻律開啟了新的一年。因此整體而言，團隊和企業之間的氛圍非常好，客人對產品的反應也很好。我們控制並專注於我們能夠控制的事情。我認為，隨著這些宏觀挑戰逐漸減弱，我們已做好準備。

But I'll allow Meghan to just sort of put a little bit of color to the numbers as well.

但我也允許梅根對這些數字稍微添加一些色彩。

Great. Hi, Alex. So in terms of the US, we are offering color on North America, growing in the low-single-digit to mid-single-digit range for the full year, the US on the lower end of that and Canada higher.

偉大的。你好，亞歷克斯。因此就美國而言，我們為北美提供前景，全年成長率在低個位數到中個位數範圍內，美國成長率較低，加拿大成長率較高。

We're not breaking down the quarters. But what I would share is in terms of Q1, it's not trending materially differently than Q4. As Calvin mentioned, we did come into the quarter and saw a decline in traffic -- macro traffic that's impacting us as well. And we're also seeing some really positive performance in terms of newness, which we believe positions us well as that traffic environment improves. I would also note that the decline was more pronounced last year in the US in Q2. So we're up against our largest growth rate in '24 in Q1.

我們不會拆分宿舍。但我想分享的是，就第一季而言，其趨勢與第四季並沒有實質差異。正如卡爾文所提到的，我們確實進入了本季度並看到了流量的下降——宏觀流量也對我們產生了影響。我們也看到了創新方面的一些非常積極的表現，我們相信，隨著交通環境的改善，這將使我們處於有利地位。我還要指出的是，去年美國第二季的下滑趨勢更為明顯。因此，我們在第一季迎來了24年來的最大成長率。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good afternoon, and thank you for taking my question. Calvin, I was hoping you could elaborate on your marketing strategy from here. Are you seeing the response that you're hoping to get as you build into some of these additional customer acquisition vehicles such as Membership Madness week. And then can you speak to what that's driving in terms of consumer acquisition and retention, specifically in the US? Thank you.

下午好，感謝您回答我的問題。卡爾文，我希望你能從這裡詳細說明你的行銷策略。當您加入一些額外的客戶獲取工具（例如會員瘋狂週）時，您是否看到了您希望獲得的回應？那麼您能否談談這對消費者獲取和保留有何推動作用，特別是在美國？謝謝。

Thanks, Brooke. Overall, how we've started this year in the energy and really focusing in on -- in activating larger activations, community-based events, I'm very encouraged with the results that we're seeing. A lot of those are geared to both acquire new guests as well as drive loyalty and help in our retention and love for the brand with our high-value guests.

謝謝，布魯克。總的來說，我們今年的開局充滿活力，真正專注於啟動更大規模的活動和社區活動，我對所看到的結果感到非常鼓舞。其中許多都是為了吸引新客人以及提高忠誠度並幫助我們留住高價值客人並讓他們熱愛品牌。

Across all of the ones that we've started -- and I shared a few of those -- the fun activations, celebrating our ambassadors, be it where they compete around the world in Melbourne in the waste management, golf, Indian Wells as a means to activate and then some of the other activations we've done ourselves into the integrated marketing on the back of Glow Up Studio in New York. We had thousands of guests register.

在我們啟動的所有活動中——我分享了其中的一些——有趣的激活活動，慶祝我們的大使，無論是在墨爾本參加廢物管理、高爾夫、印第安維爾斯等世界各地的比賽，作為一種激活方式，然後是我們在紐約 Glow Up Studio 的支持下進行整合營銷的其他一些激活活動。我們有數千名嘉賓註冊。

For Membership Madness, we have over 15,000 guests that have signed up for community-based Sweat activations with our partners around North America, heavily in the US. We have a waiting list of over 1,000 for some of these activations in our communities. These are incredibly strong, rich engagement numbers, and we see through those, equally, a number of new guests. And that, to me, is one of the very unique aspects of our brand when I talk about our moat and what makes us unique.

對於會員瘋狂活動，我們有超過 15,000 位賓客與我們在北美各地（主要在美國）的合作夥伴一起報名參加以社區為基礎的 Sweat 活動。我們社區中一些活動的等候名單上有 1,000 多人。這些是令人難以置信的強勁、豐富的參與數字，我們同樣透過這些數字看到了新客人的數量。對我來說，當我談論我們的護城河以及我們的獨特之處時，這就是我們品牌非常獨特的方面之一。

The ability to activate a campaign, integrate it across our community, our ambassadors and bring to life is something we definitely see great value and plan to do even more of this year than last year. And I think you're just getting a flavor for what that looks like if you think of the first eight weeks of this year to start and the pace of those activations and the -- as I said, the engagement has been very strong. And then obviously, socially as well the -- both earned media as well as the halo we get from those and that bleeds to getting into that needed brand awareness.

啟動一項活動、將其整合到我們的社區和大使中並使其變為現實的能力確實具有巨大的價值，我們計劃今年比去年做更多的事情。如果您想想今年前八週的情況以及這些激活的速度，您就會對這種情況有所了解 - 正如我所說的，參與度非常高。顯然，從社交角度來看，我們從中得到的贏得的媒體和光環都有助於獲得所需的品牌知名度。

So you're going to see more of that. We think it's a unique approach, and we do it very strongly across our communities and allows for our stores, our ambassadors to be involved. It's unique, and it's having an impact on both retention and acquisitions. So I'm very pleased with how we've started this year.

所以你將會看到更多這樣的情況。我們認為這是一種獨特的方法，我們在整個社區中大力推行這種方法，並允許我們的商店和大使參與其中。它是獨一無二的，並且對保留和收購都有影響。所以我對我們今年的開局感到非常滿意。

I think the energy and the cadence is very strong, stronger than we've done in, I think, a number of years and really feels that we're on the offense in this market and guests are responding well and the newness, they're responding well to. And as Meghan said, we're focused on what we control and set up well for the rest of the year as the macro challenges soften and if they do.

我認為我們的活力和節奏非常強勁，比我們過去幾年的勢頭都要強勁，我們確實感覺到我們在這個市場上處於進攻狀態，客人的反響很好，他們對新鮮事物的反響也很好。正如梅根所說，我們將專注於我們可以控制的事情，並為今年剩餘時間的宏觀挑戰做好準備。

Great. And then Meghan, can you elaborate on the plants that you haven't had in your guidance for tariffs this year. If tariffs were to widen to a broader set of geographies, what are your mitigation strategies right now? And what is the quantification of the current tariff impact under what you're seeing today?

偉大的。然後梅根，你能否詳細說明一下今年關稅指導中沒有涉及的工廠？如果關稅擴大到更廣泛的地區，您現在的緩解策略是什麼？那麼，目前看到的情況是如何量化關稅影響的呢？

Yeah. Absolutely. So in terms of tariffs, we've got approximately 20 basis points of a headwind embedded in our guidance is reflective of current actions on China and Mexico imports. Closely monitoring the environment, we'll continue to look across our cost structure as well as to pricing, should the environment change. So definitely keeping a close eye on that.

是的。絕對地。因此，就關稅而言，我們的指引中存在著大約 20 個基點的逆風，反映了當前對中國和墨西哥進口的行動。我們密切監測環境，如果環境發生變化，我們將繼續關注我們的成本結構和定價。所以一定會密切注意這一點。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, Calvin. As you think about the effectiveness of the marketing and what you're seeing globally, I saw the new store in Tokyo, obviously, London also. How are you planning for international go-forward? And how do you think of the activations there?

你好，卡爾文。當您考慮行銷的有效性和您在全球範圍內看到的情況時，我看到了東京的新店，當然，還有倫敦。您如何規劃國際化發展？您如何看待那裡的活化？

And then Meghan, on the margins, the cadence of margins as we go through 2025, are there any puts and takes of what we should be mindful of? And just lastly, for the first quarter sales growth guidance, are you currently within those rates now? Thank you.

然後梅根，在邊緣方面，當我們進入 2025 年時，邊緣的節奏有哪些我們應該注意的呢？最後，對於第一季的銷售成長預期，您目前是否達到了預期水準？謝謝。

Thanks, Dana. I'll take the first part. The activations that I've referred to in the US is absolutely our go-to-market strategy around the globe. And we customize it based on the maturity of the market. Obviously, in the US, we have an opportunity to amplify deeper with bigger activations in communities in newer markets. We leverage and tap into the store base more and then build the momentum on the size and activate.

謝謝，達娜。我將選取第一部分。我提到的在美國開展的激活絕對是我們在全球範圍內的市場營銷策略。並且我們根據市場的成熟度進行客製化。顯然，在美國，我們有機會透過在新市場的社區中進行更大規模的活化來進一步擴大影響力。我們更多地利用和挖掘商店基礎，然後在規模上建立動力並激活。

But the general formula of leveraging local market communities, stores, educators, ambassadors, and there are a number, as you know, around the globe from Sweat Games in Mainland China to what we did with World Mental Health Day. In many markets that were shared, how we're activating around these global competitive events that our ambassadors compete in. We just did a few Formula One races in both Shanghai and Australia with Lewis Hamilton being one of our latest ambassadors, plan to do that across a lot of our activities. So that is absolutely one of our unique go-to-market strategies that I think we do better than most.

但利用當地市場社區、商店、教育工作者、大使的一般模式，正如你所知，從中國大陸的汗水運動會到我們在世界精神衛生日所做的活動，世界各地都有許多這樣的活動。在許多共享的市場中，我們如何圍繞我們的大使參加的這些全球競賽活動。我們剛剛在上海和澳洲參加了幾場一級方程式賽車比賽，劉易斯漢密爾頓是我們最新的形像大使之一，我們計劃在我們的許多活動中都這樣做。所以，這絕對是我們獨特的行銷策略之一，我認為我們比大多數公司做得更好。

And stores play a big part of that and how we activate those. And we're early in our optimization strategies and plans. If you look back over the last year, but even just the last few quarters, we've optimized a store in Melbourne, 11,000 square feet. And it's performing incredibly well.

商店在其中扮演著重要角色，也是我們啟動這些功能的方式。我們的優化策略和計劃才剛起步。如果回顧過去的一年，甚至只是過去的幾個季度，我們已經優化了墨爾本一家 11,000 平方英尺的商店。而且它的表現非常好。

You mentioned the store in Tokyo. We have exciting plans planned for Tokyo. Obviously, Japan is a big growth market for us. We have an exciting plan and opportunity in South Korea. And Region Street that just opened that's performing very well with an incredible activation, both on the back of Saul Nash and Fashion Week as well as the activations the store teams did.

您提到了東京的店。我們為東京製定了令人興奮的計劃。顯然，日本對我們來說是一個巨大的成長市場。我們在韓國有一個令人興奮的計劃和機會。剛開幕的 Region Street 表現非常出色，啟動效果驚人，這得益於索爾·納什 (Saul Nash) 和時裝週的支持，也得益於商店團隊的激活。

So that is a big part of how we go and activate. You're going to see more of that as well as these optimizations that continue to perform well and both acquire a local guests as well as welcome a global tourist guest into the brand that we acquire as well as they travel wanting to come in and see the brand and the product. So excited about the momentum in both internationally as well as in North America.

所以這是我們如何去激活的重要部分。您將會看到更多這樣的情況，這些優化措施將繼續發揮良好的作用，既能吸引本地客人，也能歡迎全球遊客來到我們收購的品牌，他們在旅行時也希望進來看看品牌和產品。我對國際和北美的勢頭感到非常興奮。

Great. And I'll take the margin piece. So in terms of op margin, we are guiding to a 100-basis-point decline for the year. At the highest level, I just call out FX and tariff headwinds are a little bit over 50% of that decline in op margin. Then we've got some investments in the business to add back some of the expense areas we pulled out in '24. So I would view those three buckets as incremental headwinds unique to this year. And then we also are continuing to invest into our Power of Three x2 road map with our confidence in the long term.

偉大的。我將佔據邊際部分。因此，就營業利潤率而言，我們預計今年的營業利潤率將下降 100 個基點。從最高層級來說，我認為外匯和關稅逆風對營業利潤率下降的影響略高於50%。然後，我們對業務進行了一些投資，以補充我們在24年撤出的一些支出領域。因此，我認為這三個面向是今年特有的增量阻力。然後，我們也將繼續投資我們的 Power of Three x2 路線圖，我們對長期發展充滿信心。

And in terms of quarters, we've got a little bit more pressure as we called out in terms of Q1. It is also related to Q1 being our highest revenue growth rate in '24. So we've got 120-basis-points decline in op margin there. Pretty similar story in terms of SG&A, so 120 basis points deleverage in Q1 and then 40 to 50 for the year. So I think that's the color I'd offer there.

就季度而言，正如我們在第一季所呼籲的那樣，我們面臨更大的壓力。這也與我們 24 年第一季的最高收入成長率有關。因此我們的營業利益率下降了 120 個基點。銷售、一般及行政開支的情況非常相似，因此第一季去槓桿率為 120 個基點，全年去槓桿率為 40 至 50 個基點。所以我認為那就是我會提供的顏色。

And then you also had a question, Dana, on quarter-to-date trend. We're not breaking out specifics on quarter-to-date trend, but I would share we're about 50% through the quarter and looking at current trend of business and mindful of the environment. We did guide to 6% to 7% growth for the quarter with 1 point also of an FX headwind embedded in that.

然後你還有一個關於季度迄今趨勢的問題，達娜。我們不會公佈本季迄今為止的具體趨勢，但我想說的是，我們已經完成了本季的 50% 左右，我們正在關注當前的業務趨勢並關注環境。我們確實預期本季成長率為 6% 至 7%，其中也包含 1 個百分點的外匯逆風。

(Operator Instructions)

（操作員指令）

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good afternoon. Have you included any improvement from the choppy first-quarter traffic performance in North America in the full-year guidance? And are there ways to be more aggressive on some of these marketing activations to drive stronger traffic as we move through the year?

謝謝。午安.您是否在全年預期中考慮了北美第一季波動的客運表現的任何改善？是否有辦法在全年中更積極地開展這些行銷活動以吸引更多流量？

Lorraine, I would say our balance of year outlook reflects similar trends to Q1 at this point in time. And I'll let Calvin chime in on marketing.

洛林，我想說，我們今年的平衡展望反映了目前與第一季類似的趨勢。我會讓卡爾文 (Calvin) 加入有關行銷的討論。

Yeah. And I think the -- we're always testing and learning and looking for ways to continue to invest within the parameters of our guidance to add to marketing. And I think I'm very pleased with the current response from our guests. Excited about the campaigns coming.

是的。我認為——我們一直在測試和學習，並尋找方法在我們的指導範圍內繼續投資以增加行銷。我認為我對我們客人目前的反應感到非常滿意。對即將到來的活動感到興奮。

As I mentioned, the Align 10th year anniversary will be a large activation around the globe, supported with a lot of product, new product, and ways that I think will engage both with new guests as well as our high-value guests and reasons to update their Align wardrobe. So we always look for ways to keep leaning in and investing.

正如我所提到的，Align 十週年慶典將在全球範圍內開展一次大型活動，將推出大量產品、新產品，以及一些我認為可以吸引新客人和高價值客人的方式，讓他們更新自己的 Align 衣櫥。因此，我們一直在尋找繼續傾斜和投資的方法。

And as I mentioned, the cadence and rhythm to start this year has been definitely on the offense. And I'm pleased with the results and those results around the globe. And we're going to continue to be on offense and support the product and the pipeline of newness that's coming and with our guests.

正如我所提到的，今年年初的節奏和韻律肯定是偏向進攻的。我對所取得的結果以及全球範圍內所取得的成果感到非常滿意。我們將繼續保持進攻勢頭，為即將推出的新產品和新管道提供支持，並歡迎我們的客人光臨。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Great. Thanks. So, Calvin, could you elaborate on sales metrics in the US as you've introduced recent newness? Just your confidence in this year's product pipeline with first quarter to date sales trends unchanged relative to the fourth quarter despite the softening macro that I know you cited.

偉大的。謝謝。那麼，Calvin，您能詳細說明一下您最近推出的新產品在美國的銷售指標嗎？儘管您提到了宏觀經濟疲軟，但您對今年的產品線充滿信心，第一季迄今的銷售趨勢與第四季相比沒有變化。

And then, Meghan, just your comfort with content and composition of inventory today? And what have you been -- what have you embedded for markdowns in the gross margin guide?

那麼，梅根，您對今天的庫存內容和組成感到滿意嗎？您在毛利率指南中嵌入了哪些降價內容？

Matt, so in terms of sales in the US, so we did come into the quarter and saw a negative traffic trend industry-wide, which is impacting us. Similar conversion, I'd say, to what we experienced in Q4 and then we've seen an improvement in AOV and specifically UPTs, really a reaction to the newness in our assortment. And again, feel that positions us well for when traffic rebounds. So Q1 trends for the US, not materially different than Q4.

馬特，就美國的銷售而言，我們確實進入了本季度並看到整個行業的流量趨勢呈負面，這對我們產生了影響。我想說，轉換率與我們在第四季度經歷的類似，然後我們看到 AOV 和特別是 UPT 的改善，這實際上是對我們產品系列新穎性的反應。再次，我覺得當流量反彈時，這將為我們帶來良好的定位。因此，美國第一季的趨勢與第四季沒有實質差異。

And then in terms of inventory, I'm pleased with the level and composition of the inventory. We offered some color on high-teens growth, and it's really related to just the cadence of our inventory as we move through this year, being in a good in-stock position in core, bringing in newness. And we also are expecting flat markdowns for both Q1 and the full year at this point in time.

就庫存而言，我對庫存的水平和組成感到滿意。我們對高十幾歲的成長提供了一些描述，這實際上與我們今年的庫存節奏有關，核心庫存狀況良好，帶來了新鮮感。目前，我們預計第一季和全年的降價幅度將持平。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi. Thanks for taking my question. Questions for Meghan. I was hoping you could just elaborate a bit on your SG&A philosophy. With the guidance you gave for deleverage of 40 to 50 basis points this year, if we see better sales, would we expect it to still be in that range? Or would you put more into SG&A? Or on the flip side, if we have sales come in weaker, maybe just elaborate on some of the areas where you might have some flat. Thank you.

你好。感謝您回答我的問題。向梅根提問。希望您能稍微詳細闡述您的銷售、一般和行政管理理念。您今年給了 40 至 50 個基點的去槓桿指導，如果我們看到更好的銷售情況，我們是否預期它仍會在這個範圍內？還是你會投入更多到銷售、一般及行政開支？或者另一方面，如果我們的銷售情況較差，也許只需詳細說明一些可能持平的領域。謝謝。

Yeah. Thank you. So as I mentioned, we do have a headwind in FX for the year and in terms of how that impacts SG&A, it's about half of the 40-basis-point FX headwind, so 20 basis points impacting SG&A. And then also, as I mentioned, we are still investing behind our Power of Three x2 road map, so continuing to support our international strategy, our store expansion strategy across the globe; marketing and brand, as Calvin mentioned, going after that unaided brand awareness piece. And then another one I'd mention was just tech in terms of foundational investments in data analytics.

是的。謝謝。正如我所提到的那樣，我們今年在外匯方面確實面臨阻力，就其對銷售、一般及行政費用的影響而言，它約佔 40 個基點外匯阻力的一半，因此 20 個基點對銷售、一般及行政費用有影響。而且，正如我所提到的，我們仍在投資我們的 Power of Three x2 路線圖，從而繼續支持我們的國際策略和全球門市擴張策略；正如 Calvin 所提到的那樣，行銷和品牌追求的是無助的品牌知名度。然後我要提到的另一個是數據分析基礎投資方面的技術。

I think it will depend on the environment and the business dynamics in terms of where SG&A moves, with either increasing or decreasing sales. We always have contingencies across the business, both on the upside and downside and will depend on the momentum we're seeing in the business and the current environment in terms of how we approach that.

我認為這將取決於環境和業務動態，即銷售、一般及行政開支的變動，銷售額是增加還是減少。我們的業務中總是存在意外情況，既有好的方面，也有壞的方面，而我們如何應對則取決於我們在業務中看到的勢頭和當前的環境。

Aneesha Sherman, Bernstein.

安妮莎·謝爾曼（Aneesha Sherman）、伯恩斯坦。

So Meghan, talking about the Americas versus international growth, you talked about a kind of low- to mid-single-digit outlook for the Americas. That would put international growth quite a bit lower than what you did in 2024. Can you give some color around where you may be seeing a slowdown internationally? Are there particular markets? And what gives you -- what your assumption is coming from?

梅根，在談到​​美洲與國際成長時，您談到了美洲的低至中等個位數成長前景。這將使國際成長率比 2024 年的成長率低很多。能否具體說明一下在哪些國際領域可能出現經濟放緩的情況？有特定的市場嗎？那麼，您的假設從何而來？

And then a quick follow-up on your levels of investments. You talked about foundational investments, strategic investments, marketing. Can you talk about how flexible the cost base is to the downside in the event of a tougher macro scenario, what would margin progression look like? Thank you.

然後快速跟進您的投資水平。您談到了基礎投資、策略投資、行銷。您能否談談，如果宏觀情況更加嚴峻，成本基礎對下行的影響有多大，利潤率的成長情況會是怎樣？謝謝。

Yeah. So in terms of revenue by geography, as I said, we're offering color on Americas low-single-digit to mid-single-digit for the year; and China, 25% to 30%; Rest of World, approximately 20%. So we're being thoughtful in our planning, looking at current trends of the business and the forward outlook in terms of the environment. So a little bit below what's embedded in our five-year CAGR, but we remain ahead of schedule and really pleased and committed to that long-term target there.

是的。因此，就按地區劃分的收入而言，正如我所說，我們預計美洲今年的收入將在低個位數到中個位數之間；中國則為25%至30%；世界其他地區，約20%。因此，我們在製定規劃時會深思熟慮，考慮當前的業務趨勢和未來的環境前景。因此，雖然略低於我們五年複合年增長率的目標，但我們仍領先於計劃，並且真的很高興並致力於實現這一長期目標。

And then in terms of flex across the P&L, as I just mentioned, we do have a number of contingency levers dependent on business outlook. At this point in time, I would say we remain really focused on the long term and driving into our long-term opportunity while navigating some near-term headwinds, particularly with FX and tariffs.

然後，就損益表的靈活性而言，正如我剛才提到的，我們確實有許多取決於業務前景的緊急槓桿。在目前這個時刻，我想說，我們仍然真正關注長期發展，並在應對一些短期阻力（特別是外匯和關稅方面）的同時，抓住長期機會。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Hey, guys. Thanks for taking our question here. So Meghan, you started the year guiding gross margin flat and finished up 65 basis points in the US slowed from where you thought it was going to be in the year. Can you help -- I know you offered some comments on 4Q, but when you look at the year in total you went different than you thought earlier in the year. Curious where, as you look at 2025, do those occupancy conservatism still exist? Or where do you see conservatism in the guidance for the year, both in gross margin again as well as in sales and SG&A?

嘿，大家好。感謝您在此回答我們的問題。所以梅根，今年年初你預計美國的毛利率是持平的，但最終卻上漲了 65 個基點，這比你預計的今年的水平要慢。你能幫忙嗎——我知道你對第四季度提出了一些評論，但當你從整體上看今年的情況時，你會發現它與今年早些時候的情況不同。好奇的是，當你展望 2025 年時，這些佔用保守主義是否仍然存在？或者，您認為今年的預期在哪些方面比較保守，包括毛利率、銷售額以及銷售、一般及行政費用？

Yeah. Thanks, Michael. So I would say in terms of what played out differently, top line, I think we saw a little bit of an outperformance as we move to close out the year, which would provide a little bit of leverage in terms of gross margin. We also mixed a little bit differently by category and saw an IMU benefit from that as well as some reduced freight rates impacting our gross margin in '24.

是的。謝謝，麥可。因此，我想說，就不同之處而言，我認為，在接近年底時，我們的營收表現略有優異，這將在毛利率方面提供一點槓桿作用。我們還根據類別進行了略微不同的混合，並從中受益的是 IMU，同時一些降低的運費也影響了我們'24年的毛利率。

So I believe we're well positioned in our guidance in terms of '25. The mix of business could come out different there as well as the top-line outlook could impact our leverage point. But I would say at this point in time, our current view on the mix of business and revenue outlook is embedded in our guidance call.

因此我相信，就 25 年而言，我們的指導處於有利地位。業務組合可能會有所不同，營業收入前景也可能影響我們的槓桿點。但我想說，目前，我們對業務和收入前景組合的當前看法已經體現在我們的指引中。

John Kernan, TD Cowen.

約翰·科南（TD Cowen）。

Good afternoon. Thanks for taking my question. Meghan, it looks like marketing went up to about 5% of sales this year. It's still below some of your bigger peers. I think it's up about 50 basis points year over year. How do you think about marketing within fiscal '25 and also long term? Is this something given all the activations that Calvin talked to you earlier that you could flex up to drive faster sales in the Americas?

午安.感謝您回答我的問題。梅根，看起來今年的行銷佔銷售額的比例上升了約 5%。它也低於一些規模更大的同行。我認為它比去年同期上漲了約 50 個基點。您如何看待 25 財年及長期的行銷？考慮到 Calvin 之前與您談到的所有激活措施，您是否可以靈活應對，以推動美洲地區的更快銷售？

Yeah. So marketing was an area where when we navigated last year and some of the challenges we had with newness and looked across our P&L investments, we maintained our investment in marketing, and we did see our penetration of sales tick up a little bit to that 5% range. That's what we're expecting as we move into '25.

是的。因此，行銷是一個領域，當我們回顧去年我們遇到的一些新挑戰並回顧我們的損益投資時，我們保持了對行銷的投資，我們確實看到我們的銷售滲透率略有上升至 5％ 的範圍內。這正是我們邁入25年的期望。

It is definitely an area we're closely monitoring. We've got a lot of excitement in terms of product newness and active marketing activations as we move throughout this year. So dependent on business trend, it's an area we would look to flex if that's appropriate.

這絕對是我們密切關注的領域。今年，我們在產品新穎性和積極的行銷活動方面感到非常興奮。因此，根據商業趨勢，如果合適，我們會考慮在這個領域進行彈性調整。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey. Thanks, guys. On the traffic slowdown, I think you specifically mentioned the US, but can you talk about what you saw in the other regions including Canada, including China, international, or Rest of World? And anything within the US that you could call out regionally? Obviously, there's been some unfavorable weather in the first quarter. Curious if you're seeing any impact from that. Thanks.

嘿。謝謝大家。關於流量放緩，我想您特別提到了美國，但您能談談包括加拿大、中國、國際或世界其他地區在內的其他地區的情況嗎？還有什麼您可以根據地區來呼籲美國嗎？顯然，第一季出現了一些不利的天氣。好奇您是否看到了任何影響。謝謝。

Yeah. So in terms of traffic, I would say the notable trend we saw with that shift in the US nothing materially different in terms of either Canada or the international markets. I would call out just the difference in Lunar New Year timing. The shift in the timing this year does have a little bit of a headwind on Q1 in terms of our China trends and overall international.

是的。因此就流量而言，我想說，我們在美國看到的這種轉變的顯著趨勢與加拿大或國際市場並沒有什麼實質的不同。我要指出的是農曆新年時間的不同。就中國趨勢和整體國際趨勢而言，今年時間的變化確實對第一季帶來了一點阻力。

And then in terms of US regional, we aren't seeing any meaningful differences regionally. And in terms of weather, I would say, really focused on what we can control.

就美國地區而言，我們沒有看到任何有意義的地區差異。就天氣而言，我想說，真正關注的是我們可以控制的事情。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey. Thanks for taking my question. Just keep going with the US, is what you're seeing more broad-based? Is it more on the women's side, more on the men's side, just kind of curious what you see there? And then given, Calvin, your talk of the innovation and newness flowing through, as the year progresses, it sounds like you're baking in like essentially no improvement in North America trend from here. Shouldn't we be expecting North America -- sorry -- US specifically to improve as there progresses given the merchandise flow that you're speaking to?

嘿。感謝您回答我的問題。繼續關注美國，您所看到的是否具有更廣泛的意義？它更多的是偏向女性方面，還是更多的是偏向男性方面，只是有點好奇你在那裡看到了什麼？然後，卡爾文，考慮到你提到的創新和新鮮事物的流動，隨著時間的推移，聽起來你認為從現在開始北美的趨勢基本上沒有任何改善。考慮到您所說的商品流通，我們難道不應該期待北美——抱歉——特別是美國——的情況會有所改善嗎？

Thanks, Ike. In terms of difference between the men's and women's business, we haven't seen any material notable change from the fourth quarter, which we talked about with women's up 6%, men's up 12%. The big opportunity in missed newness last year was really in our women's business. And we've gone back to at par on that, and she has responded, as I mentioned, across some of those metrics I shared, UPT, average order size.

謝謝，艾克。就男裝和女裝業務的差異而言，與第四季度相比，我們沒有看到任何顯著的重大變化，我們之前談到的女裝增長了 6%，男裝增長了 12%。去年錯失的新鮮感所帶來的巨大機會實際上就在我們的女性業務上。我們又回到了這個問題上，正如我提到的那樣，她對我分享的一些指標（UPT，平均訂單規模）做出了回應。

So I think that is definitely a positive for us. And being back in traditional mix newness and innovation across the assortment for her, we are seeing good results to that. And I'll let Meghan reference the second part.

所以我認為這對我們來說絕對是一件好事。她的系列重新回歸傳統，融合了新穎性和創新性，我們看到了良好的結果。我會讓梅根參考第二部。

Yes. So we are guiding 6% to 7% in Q1 and then 7% to 8% for the full year. The Americas came in at 3% growth for '24, and we offered color of low-single-digit to mid-single-digit. So I would say that range captures potential uptick there, but being thoughtful in terms of how we're planning the business, given some of the uncertainty this year.

是的。因此，我們預計第一季的成長率為 6% 至 7%，全年成長率為 7% 至 8%。2024年美洲地區的成長率為3%，我們提供的顏色成長率為低個位數到中個位數。因此，我想說，這個範圍抓住了潛在的上升空間，但考慮到今年的一些不確定性，我們在規劃業務時要深思熟慮。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Great. Thank you so much. Would it be possible to clarify on the square footage growth, how much square footage growth you're planning for the US this year, and also how much square footage drove you're planning for China? Thank you.

偉大的。太感謝了。您能否澄清一下面積成長情況，今年您計劃在美國增加多少面積，以及您計劃在中國增加多少面積？謝謝。

We're not breaking out the specifics on square footage growth, but what I can offer is we've got 40 to 45 net new openings for the year, square footage growth of 10%, which is in line with our Power of Three x2 target of low double digits. North America is about 10 to 15 openings within that; the balance is international. The majority of those would sit in China, and we'll continue to keep you updated as we move throughout the year.

我們沒有公佈建築面積增長的具體數字，但我可以提供的是，今年我們新開張的店舖有 40 到 45 家，建築面積增長率為 10%，這與我們的 Power of Three x2 目標（低兩位數）相一致。北美大約有10到15個空缺；平衡是國際性的。其中大部分將在中國，我們將在全年持續向您通報最新進展。

Got it. And then on some of the store adds, did the store ads happen in US? Are upsizing stores in the US this year?

知道了。然後在一些商店廣告中，商店廣告是在美國發布的嗎？今年美國的門市會擴大嗎？

Yeah. We continue to pursue our optimization strategy. So we had a total of globally 39 optimizations in 2024, and we're currently planning 40 for 2025 globally.

是的。我們將繼續推行優化策略。因此，我們在 2024 年在全球範圍內總共進行了 39 項優化，目前我們計劃在 2025 年在全球範圍內進行 40 項優化。

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

今天我們回答問題的時間就到此為止。感謝您加入電話會議，祝您有個愉快的一天。