Lululemon Athletica Inc (LULU) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. first-quarter 2025 financial results conference call. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 lululemon athletica inc. 2025 年第一季財務業績電話會議。（操作員指示）

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

現在，我想將會議交給 lululemon 投資者關係副總裁 Howard Tubin。請繼續。

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

謝謝，下午好。歡迎參加 lululemon 第一季財報電話會議。今天與我一起討論我們業績的有執行長 Calvin McDonald 和財務長 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 which by 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，反映管理層對 lululemon 未來某些方面的當前預測。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，並且會快速甚至突然發生變化。

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 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 表季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。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為基礎的。新聞稿和隨附的 10-Q 表季度報告可在我們網站 www.lululemon.com 的投資者部分找到。

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

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，您可以在其中找到我們第一季的主要財務和營運統計數據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，因此請您每次只提出一個問題，以便其他人有機會得到解答。

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. It's good to be here with you today to discuss our first-quarter results. As you've seen from our press release, our revenue growth for the quarter came in at the high end of our guidance range. I'm pleased with this performance, which was relatively consistent with quarter four. I'd also note that our revenue in the United States grew 2%, which is an improvement in the trend we've seen over the last several quarters.

謝謝你，霍華德。很高興今天能和大家一起討論我們的第一季業績。正如您從我們的新聞稿中看到的，本季度我們的收入成長達到了預期範圍的高端。我對這個表現很滿意，它與第四季的表現相對一致。我還要指出的是，我們在美國的收入成長了 2%，這與過去幾季的趨勢相比有所改善。

Based on our quarter one revenue performance and what we're seeing thus far in quarter two, we are maintaining our revenue guidance for the full year. As we look ahead, we will continue to leverage our financial strength and our position in the marketplace to play offense, remain agile, and successfully manage the environment around us. I'll begin by sharing the details of our quarter-one performance, including high-level financial metrics and key highlights regarding our regional performance, product innovation, and our brand campaigns and activations.

根據我們第一季的營收表現以及迄今為止第二季的情況，我們維持全年收入預期。展望未來，我們將繼續利用我們的財務實力和市場地位來進攻，保持敏捷，並成功管理我們周圍的環境。我將首先分享我們第一季業績的細節，包括高級財務指標和有關我們區域業績、產品創新以及我們的品牌活動和激活的關鍵亮點。

Next I'll provide insights into the planning and strategies we're deploying related to the increase in tariffs, Meghan will speak to the specific financial implications, and I'll share some insights into the opportunities we have across the business. I'll then share my thoughts on quarter two and the remainder of the year, Meghan will review our financials and our updated guidance, and we will conclude by taking your questions. So let's get started.

接下來，我將提供與關稅增加有關的我們正在部署的計劃和策略的見解，梅根將談到具體的財務影響，我將分享一些關於我們整個業務所面臨的機會的見解。然後，我將分享我對第二季和今年剩餘時間的想法，梅根將回顧我們的財務狀況和最新指導，最後我們將回答您的問題。那麼就讓我們開始吧。

In quarter one, total revenue increased 7% or 8% on a constant currency basis. Gross margin increased 60 basis points to 58.3% and earnings per share were $2.60, ahead of our expectations. In addition, in quarter one, we continued repurchasing shares and bought back another $430 million of stock. Our ongoing repurchases demonstrate the strength of our balance sheet and our continued confidence in the long-term prospects for lululemon.

第一季度，總收入以固定匯率計算成長了 7% 或 8%。毛利率增加 60 個基點至 58.3%，每股收益為 2.60 美元，超出我們的預期。此外，第一季我們繼續回購股票，又回購了4.3億美元的股票。我們正在進行的回購證明了我們資產負債表的強勁以及我們對 lululemon 長期前景的持續信心。

Looking at our regional performance, we continue to see strength across markets driven by our high-performance, high-style merchandise and the compelling ways we engage with our guests through brand activations and community events. In North America, momentum continued in Canada where sales grew 9% in constant currency, and in the United States, revenue growth improved to 2%.

縱觀我們的區域表現，我們繼續看到各個市場都表現強勁，這得益於我們高性能、高風格的商品，以及我們透過品牌激活和社區活動與客人互動的引人注目的方式。在北美，加拿大的銷售動能持續良好，以固定匯率計算，其銷售額成長了 9%，而在美國，營收成長率提高至 2%。

We are making progress on our assortment, and we've seen good response to many of our new innovations. But my sense is that in the U.S., consumers remain cautious right now, and they are being very intentional about their buying decisions. Even with this, we gained market share across both men's and women's in the premium-athletic-wear markets in the United States.

我們的產品種類不斷增加，許多新創新也獲得了良好的迴響。但我的感覺是，在美國，消費者現在仍然保持謹慎，他們在購買決策時非常謹慎。即便如此，我們在美國高端運動服市場中男裝和女裝的市場份額仍然有所增長。

In China Mainland, revenue increased 22% in constant currency. As you are aware, Chinese New Year shifted from quarter one of this year to Q4 of last year. While we estimate that this calendar shift had a negative impact of about 4 percentage points on Q1 revenue growth, we remain pleased with the underlying momentum in this very important growth market.

在中國大陸，以固定匯率計算，收入成長了 22%。如您所知，農曆新年從今年第一季移至去年第四季。雖然我們估計這種日曆變化對第一季的營收成長產生了約 4 個百分點的負面影響，但我們仍然對這個非常重要的成長市場的潛在發展勢頭感到滿意。

And in the Rest of World, revenue increased 17% in constant currency as we continue to see a strong acceptance of our brand by guests across the APAC and EMEA regions. We are executing against our strategy to maximize our existing markets, expand in newer markets while also seeding others for future growth. I'm excited by the recent store openings in two of our franchise markets, Denmark and Turkey, which are off to a strong start, and we remain on track to enter Italy as a new company-operated market in Belgium and the Czech Republic under a franchise model later this year.

在世界其他地區，由於我們繼續看到亞太地區和歐洲、中東和非洲地區的客人對我們品牌的強烈接受，收入按固定匯率計算增長了 17%。我們正在執行我們的策略，最大限度地擴大現有市場，拓展新市場，同時也為未來成長播下種子。我很高興看到我們最近在丹麥和土耳其這兩個特許經營市場開設了新店，這兩個市場開局良好，而且我們仍有望在今年晚些時候以特許經營模式進入意大利這個新的公司運營市場，以及比利時和捷克共和國的市場。

When looking at the full year, our view on revenue is unchanged, and we continue to expect 7% to 8% growth. By region, we continue to anticipate revenue in North America to increase in the low-to-mid-single-digit range, China Mainland to grow in the 25% to 30% range, and revenue in the Rest of World segment to increase about 20%.

展望全年，我們對收入的看法保持不變，我們仍然預期將成長 7% 至 8%。按地區劃分，我們繼續預期北美地區收入將成長低至中等個位數，中國大陸地區收入將成長 25% 至 30%，世界其他地區收入將成長約 20%。

Key to our success within all our markets is our product, which offers unique and innovative solves for guests across both athletic and lifestyle product categories. Throughout quarter one, guests responded well to the newness we introduced into our assortment. For women, our defined franchise continues to perform well across our markets globally, and we are pleased with the response to our recent launches, including Daydrift, Shake It Out, and BeCalm. For men, we're seeing strength in several of our key franchises, including Zeroed In, Smooth Spacer, and ShowZero.

我們在所有市場取得成功的關鍵是我們的產品，它為運動和生活方式產品類別的客戶提供獨特和創新的解決方案。在整個第一季度，客人對我們推出的新品反應良好。對於女性來說，我們指定的特許經營權在全球市場上繼續表現良好，我們對近期推出的 Daydrift、Shake It Out 和 BeCalm 等產品的反應感到滿意。對於男性來說，我們看到我們幾個主要的係列產品表現強勁，包括 Zeroed In、Smooth Spacer 和 ShowZero。

In May to celebrate the 10-year anniversary of our Align franchise, we launched Align No Line. which offers the same fit and feel as the iconic legging but without a front seam. We're pleased with the guests' response both online and in the 80 doors where it was offered. We plan to build on this momentum for the fall when we roll it to all stores.

今年 5 月，為了慶祝 Align 特許經營 10 週年，我們推出了 Align No Line。它提供與標誌性緊身褲相同的貼合度和感覺，但沒有前縫。我們對網路和 80 家門市的客人反應感到非常滿意。我們計劃在秋季將這項舉措推廣到所有商店，以此鞏固這一勢頭。

I'm excited with the innovations we've rolled out this year and will continue to bring to market going forward. We have significant opportunity to expand all five of our key activities, yoga, run, train, golf, and tennis and become the top-of-mind destination for guests who enjoy these activities. Recent examples include our new Fast and Free running short for men. And for women, we launched additional styles, which leverage the research and development our teams conducted last year for our further ultramarathon event.

我對我們今年推出的創新感到非常興奮，並將在未來繼續將其推向市場。我們有重大機會擴大我們的五項主要活動，即瑜伽、跑步、訓練、高爾夫和網球，並成為享受這些活動的客人的首選目的地。最近的例子包括我們為男士推出的新款 Fast and Free 跑步短褲。對於女性，我們推出了更多款式，這些款式利用了我們的團隊去年為我們的進一步超級馬拉松賽事進行的研究和開發。

Switching now to our brand activations. Our teams continue to develop unique and compelling brand campaigns and community events that engage our guests, increase brand awareness, and support our product launches. Let me highlight a recent example.

現在轉向我們的品牌激活。我們的團隊繼續開發獨特且引人注目的品牌活動和社群活動，以吸引我們的客人，提高品牌知名度並支持我們的產品發布。讓我重點介紹一個最近的例子。

To support the launch and to celebrate Align's anniversary, we created our Summer of Align campaign. This fully integrated campaign included traditional and social media, exclusive experiences and events, and featured several influencers and ambassadors. We hosted events around the world, including our lululemon Roller Rink Activation at the BottleRock Festival in Napa Valley and our largest-ever yoga experience in China, attended by 5,000 people in Beijing.

為了支持此次發布並慶祝 Align 週年紀念日，我們發起了「Align 之夏」活動。這場全面整合的活動涵蓋了傳統媒體和社群媒體、獨家體驗和活動，並邀請了許多有影響力的人物和大使。我們在世界各地舉辦了活動，包括在納帕谷 BottleRock 音樂節上舉辦的 lululemon 溜冰場活動，以及在中國舉辦的史上最大規模的瑜伽體驗活動，在北京有 5,000 人參加。

This campaign and the other events we activated in quarter one is a great example of how we remain focused on our grassroots approach to guest engagement while at the same time, leveraging traditional media assets, and our roster of ambassadors to support product launches and build our brand. In fact, our unaided brand awareness in the United States grew from the mid-30s in quarter four to 40% in quarter one.

這次活動以及我們在第一季啟動的其他活動是一個很好的例子，說明我們如何繼續專注於以草根方式與客人互動，同時利用傳統媒體資產和我們的大使名冊來支持產品發布和打造我們的品牌。事實上，我們在美國獨立的品牌知名度從第四季度的 35% 左右增長到了第一季的 40%。

I would now like to talk for a moment about the current environment related to tariffs. Meghan will speak to our assumptions and the implications of potentially higher rates during her guidance discussion, but I first want to spend a few minutes sharing our approach.

現在我想談談當前與關稅有關的環境。梅根將在她的指導討論中談到我們的假設以及可能更高利率的影響，但我首先想花幾分鐘時間分享我們的方法。

The current tariff paradigm has brought uncertainty into the retail environment as consumers try to assess the impact they will have on daily life. As businesses evaluate these impacts as well, I believe we are better positioned than most to navigate the near term while also maintaining our focus on investing in our growth potential over the long term. We are operating from a position of strength. Our brand remains strong, our guest engagement is high, and we offer a compelling value proposition, and we are a highly profitable business.

當消費者試圖評估關稅模式對日常生活的影響時，當前的關稅模式為零售環境帶來了不確定性。當企業評估這些影響時，我相信我們比大多數企業更有能力應對短期影響，同時也能專注於長期投資於我們的成長潛力。我們正以強勢地位開展業務。我們的品牌依然強勁，我們的客戶參與度很高，我們提供引人注目的價值主張，而且我們是一家利潤豐厚的企業。

Let me share a few details. We have an industry-leading operating margin. This allows us to continue investing across our strategic road map to enable long-term growth while managing any increased costs associated with tariffs. Our balance sheet is strong with $1.3 billion in cash and no debt, which provides us significant financial flexibility.

讓我分享一些細節。我們的營業利潤率處於行業領先地位。這使我們能夠繼續投資於我們的策略路線圖，實現長期成長，同時管理與關稅相關的任何增加的成本。我們的資產負債表強勁，擁有 13 億美元現金且沒有債務，這為我們提供了極大的財務彈性。

We are making progress with our newness, have a robust pipeline of innovation, and our guests are responding well to many of the new solutions we are bringing into our assortment. And our premium positioning in the performance athletic apparel category yields different elasticity for our products relative to fashion-oriented brands. We believe our guests will continue to live an active and healthy lifestyle and turn to us for the technical apparel we are known for.

我們正在憑藉創新不斷進步，擁有強大的創新管道，我們的客人對我們引入產品系列的許多新解決方案反應良好。而且，我們在高性能運動服裝類別中的高端定位使我們的產品相對於時尚品牌具有不同的彈性。我們相信我們的客人將繼續過著積極健康的生活方式，並向我們提供我們所熟知的科技服裝。

Shifting now to how we have been navigating this situation. Over the past few months, our teams have been looking across the enterprise for how we can offset increased tariff rates. Our work streams include prudently managing expenses, identifying efficiencies within our supply chain, and evaluating our position in the marketplace related to pricing. During COVID, we developed a strong muscle across our teams to be agile, pull levers across the business within a rapidly changing external environment and simultaneously planned for multiple scenarios.

現在來談談我們如何應對這種情況。在過去的幾個月裡，我們的團隊一直在整個企業中尋找如何抵消關稅上調的影響。我們的工作流程包括審慎管理費用、確定供應鏈中的效率以及評估我們在定價方面的市場地位。在疫情期間，我們在整個團隊中培養了強大的能力，使其能夠敏捷地在快速變化的外部環境中推動整個業務的發展，並同時為多種情況制定計劃。

We are applying the same approach now as we maintain a disciplined focus on expenses, look across our supply chain, leverage our dual sourcing capabilities and engage in costing discussions with our vendors and reviewing pricing scenarios to ensure we sit where we want in the market. Our pricing appropriately for the innovation in our assortment and maximize any opportunity to gain market share. We have always been and will continue to be very intentional with our pricing decisions. These actions will be targeted and will reflect the work we've done on style elasticity. We remain nimble in our approach and feel we are well-positioned during this period with many levers to pull.

我們現在採用相同的方法，嚴格關注費用，審視我們的供應鏈，利用我們的雙重採購能力，與我們的供應商進行成本討論並審查定價方案，以確保我們在市場上佔據我們想要的位置。我們的定價適合我們產品組合的創新，並最大限度地利用任何機會來獲得市場份額。我們一直以來都非常謹慎地制定定價決策，並且將繼續如此。這些行動將是有針對性的，並將反映我們在風格彈性方面所做的工作。我們的方法仍然靈活，並且感覺我們在此期間處於有利地位，可以利用多種槓桿。

Before handing it over to Meghan to discuss our financials, I wanted to share my perspective on quarter two and the remainder of the year. It's been approximately a year since we've made the changes in our product organization, and I'm pleased with our evolved structure, the way the teams are working together and the efficiencies we're seeing across our processes. We still have work to do to create new products that have the potential to grow into core franchises and further optimize our merchandise mix.

在交給梅根討論我們的財務狀況之前，我想分享我對第二季和今年剩餘時間的看法。自從我們對產品組織進行變革以來已經過去了大約一年的時間，我對我們的發展結構、團隊合作方式以及我們在整個流程中看到的效率感到滿意。我們仍需努力創造有潛力發展成為核心特許經營產品的新產品，並進一步優化我們的商品組合。

However, we are moving in the right direction and looking at the remainder of 2025, our teams are focused on strengthening our product pipeline and bringing more innovation into our core assortment while also introducing new styles with the potential to become key franchises and core items in the future, expanding deeper and bringing new technical solves into our five key activities while further developing our lifestyle assortment, engaging more deeply with our guests through community activations, brand campaigns and leveraging our membership program, and expanding our highly productive square footage profile through new store openings and optimizations.

然而，我們正朝著正確的方向前進，展望 2025年剩餘時間，我們的團隊將專注於加強我們的產品線，為我們的核心產品系列帶來更多創新，同時推出有潛力成為未來主要特許經營產品和核心產品的新款式，進一步擴展並將新的技術解決方案引入我們的五項關鍵活動，同時進一步開發我們的生活方式產品系列，通過社區活動、品牌活動和利用我們的會員計劃與我們的客人進行更高效的

As I hand it over to Meghan, I want to also say that while we recognize that quarter two has some pressures related to our planned business investments and additional expenses related to tariffs, we feel good about the full year and our ability to maintain our revenue guidance for 2025. There is considerable opportunity ahead for lululemon and we're intent on successfully navigating the near term while we plan for and invest in the long term.

當我把權力移交給梅根時，我還想說，雖然我們認識到第二季度與計劃的業務投資和與關稅相關的額外費用有關，但我們對全年以及維持 2025 年收入指導的能力感到滿意。lululemon 未來有相當大的機會，我們致力於成功駕馭短期機遇，同時規劃和投資長期目標。

With that, I'll now hand it over to Meghan.

現在，我將把麥克風交給梅根。

Thanks, Calvin. I'm happy we delivered Q1 results that exceeded our expectations. Guests are responding well to our product newness and innovations. And as a result, we are maintaining our revenue guidance for the full year.

謝謝，卡爾文。我很高興我們第一季的業績超出了我們的預期。客人對我們的產品新穎性和創新性反應良好。因此，我們維持全年收入預期不變。

Given the uncertainties in the macro environment, our approach to planning remains balanced by managing the dynamics of the current year while also maintaining our focus on the long term. We are managing expenses prudently while also continuing to invest to drive long-term growth and set ourselves up for future success. This includes new store openings and optimizations, new market entries, growing brand awareness, and ensuring we have adequate capacity across our supply chain. I'll share a detailed guidance with you in a moment, but let's first take a look at our Q1 results in detail.

鑑於宏觀環境的不確定性，我們的規劃方法仍然保持平衡，即管理當前年度的動態，同時著眼於長期發展。我們審慎管理開支，同時繼續投資以推動長期成長並為未來的成功做好準備。這包括開設新店和優化、進入新市場、提高品牌知名度以及確保我們的整個供應鏈擁有足夠的產能。我稍後會與您分享詳細的指導，但讓我們先詳細了解我們的第一季業績。

For Q1, total net revenue rose 7% or 8% in constant currency to $2.4 billion. Comparable sales increased 1%. Within our regions results were as follows: Americas revenue increased 3% or 4% in constant currency with comparable sales down 1%. By country, revenue increased 4% or 9% in constant currency in Canada and increased 2% in the U.S. China Mainland revenue increased 21% or 22% in constant currency with comparable sales increasing 8% and in the Rest of World, revenue grew by 16% or 17% in constant currency with comparable sales increasing by 7%.

第一季度，總淨收入成長 7%（以固定匯率計算為 8%），達到 24 億美元。可比銷售額成長了 1%。我們所處區域的結果如下：美洲地區的營收以固定匯率計算成長了 3% 或 4%，而可比銷售額下降了 1%。按國家/地區劃分，加拿大收入增長 4% 或按固定匯率計算增長 9%，美國收入增長 2%。中國大陸收入成長 21% 或以固定匯率計算成長 22%，可比銷售額成長 8%；全球其他地區營收成長 16% 或以固定匯率計算成長 17%，可比銷售額成長 7%。

In our store channel, total sales increased 8% and we ended the quarter with 770 stores globally. Square footage increased 14% versus last year, driven by the addition of 59 net new lululemon stores since Q1 2024. During the quarter, we opened three net new stores and completed four optimizations. In our digital channel, revenue increased 6% and contributed $961 million of top line or 41% of total revenue. And by category, men's revenue increased 8% versus last year, while women's increased 7% and accessories and other grew 8%.

在我們的商店管道，總銷售額成長了 8%，本季末我們在全球擁有 770 家商店。與去年相比，面積增加了 14%，這得益於自 2024 年第一季以來新增 59 家 lululemon 門市。本季度，我們淨增開三家新店，並完成四項優化。在我們的數位管道，收入成長了 6%，貢獻了 9.61 億美元的營業收入，佔總收入的 41%。從類別來看，男裝收入較去年同期成長 8%，女裝收入成長 7%，配件及其他收入成長 8%。

Gross profit for the first quarter was $1.4 billion, or 58.3% of net revenue compared to gross margin of 57.7% in Q1 2024. The gross profit rate in Q1 was ahead of our guidance and increased 60 basis points, driven primarily by the following: a 130-basis-point increase in product margin, driven predominantly by lower product costs, improved damages and improved markdowns, offset somewhat by higher airfreight, 20 basis points negative impact from foreign exchange and 50 basis points of net deleverage on fixed costs. Relative to our guidance, which was for gross margin approximately flat with last year, the upside was driven predominantly by lower product costs, leverage on fixed costs, and slightly better markdowns.

第一季毛利為 14 億美元，佔淨收入的 58.3%，而 2024 年第一季的毛利率為 57.7%。第一季的毛利率超出了我們的預期，增加了 60 個基點，主要原因是：產品利潤率增加了 130 個基點，這主要是由於產品成本降低、損害賠償改善和降價改善，但被空運費用增加、外匯帶來的 20 個基點的負面影響和固定成本淨去槓桿 50 個基點所抵消。相對於我們的預期，毛利率與去年基本持平，上漲主要得益於產品成本降低、固定成本槓桿以及略微更好的降價。

Moving to SG&A. Our approach continues to be granted in prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $943 million or 39.8% of net revenue compared to 38.1% of net revenue for the same period last year. SG&A was above our guidance of 120 basis points of deleverage due predominantly to the negative impact from an FX revaluation loss.

轉向銷售、一般及行政費用 (SG&A)。我們將繼續採取審慎管理開支的方法，同時繼續對長期成長機會進行策略性投資。銷售、一般及行政費用為 9.43 億美元，佔淨收入的 39.8%，而去年同期該費用佔淨收入的 38.1%。銷售、一般及行政費用高於我們預期的 120 個基點的去槓桿率，這主要歸因於外匯重估損失的負面影響。

Operating income for the quarter was $439 million or 18.5% of net revenue compared to operating margin of 19.6% in Q1 2024. Tax expense for the quarter was $136 million or 30.2% of pretax earnings compared to an effective tax rate of 29.5% a year ago. Net income for the quarter was $315 million, or $2.60 per diluted share compared to EPS of $2.54 for the first quarter of 2024. Capital expenditures were $152 million for the quarter compared to $131 million for the first quarter last year. Q1 spend relates primarily to investments to support business growth, including our multiyear distribution center project store capital for new locations, relocations and renovations and technology investments.

本季營業收入為 4.39 億美元，佔淨收入的 18.5%，而 2024 年第一季的營業利潤率為 19.6%。本季稅費為 1.36 億美元，佔稅前盈餘的 30.2%，去年同期有效稅率為 29.5%。本季淨收入為 3.15 億美元，即每股攤薄收益 2.60 美元，而 2024 年第一季每股收益為 2.54 美元。本季資本支出為 1.52 億美元，而去年第一季為 1.31 億美元。第一季的支出主要與支持業務成長的投資有關，包括我們多年的配送中心專案商店資本，用於新地點、搬遷和翻新以及技術投資。

Turning to our balance sheet highlights. We ended the quarter with approximately $1.3 billion in cash and cash equivalents. Dollar inventory, which was impacted by higher AUC related to tariffs and foreign exchange increased 23%. When looking at units inventory increased 16%. We repurchased 1.36 million shares in Q1 at an average price of $316. Share repurchases remain our preferred method to return cash to shareholders and we currently have approximately $1.1 billion remaining on our repurchase program.

轉向我們的資產負債表重點。本季末，我們的現金和現金等價物約為 13 億美元。受關稅和外匯相關的 AUC 上升的影響，美元庫存增加了 23%。從單位來看，庫存增加了 16%。我們在第一季以平均 316 美元的價格回購了 136 萬股。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 11 億美元。

Let me now share our updated guidance outlook for the full-year 2025. We continue to expect revenue 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%. We continue to expect 40 to 45 net new company-operated stores in 2025 and to complete approximately 40 optimizations.

現在，讓我分享我們對 2025 年全年的最新指導展望。我們繼續預期營收將在 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%。我們仍預計 2025 年將新增 40 至 45 家公司自營店，並完成約 40 項優化。

We expect overall square footage growth in the low double digits. Our new store openings in 2025 will include approximately 10 to 15 stores in the Americas for the rest of our openings planned in our international markets, the majority of which will be in China.

我們預計整體建築面積成長率將達到兩位數。我們計劃於 2025 年在美洲開設約 10 至 15 家新店，其餘新店則計劃在國際市場開設，其中大部分將位於中國。

For the full year, we now expect gross margin to decrease approximately 110 basis points versus 2024. Relative to our prior guidance for a 60-basis-point decrease, we expect the additional 50 basis points of deleverage to be driven predominantly by increased tariffs, offset somewhat by our enterprise-wide efforts to mitigate these costs and slightly higher markdowns. When looking specifically at tariffs, the assumptions we've made regarding rates include 30% incremental tariffs on China and an incremental 10% on the remaining countries where we source.

就全年而言，我們目前預計毛利率將比 2024 年下降約 110 個基點。相對於我們先前預測的 60 個基點的降幅，我們預計額外的 50 個基點的去槓桿將主要由關稅上調所驅動，而我們為降低這些成本而採取的全企業範圍的努力和略高的降價將在一定程度上抵消這一影響。當具體研究關稅時，我們對稅率的假設包括對中國徵收 30% 的增量關稅，對我們採購的其餘國家徵收 10% 的增量關稅。

From a mitigation standpoint, as Calvin said, we've looked across the enterprise and have identified several levers which will help offset much of the impact of these higher rates. Based on our implementation strategies, we expect our mitigation efforts to be most impactful in the second half of the year.

從緩解的角度來看，正如卡爾文所說，我們已經審視了整個企業，並確定了幾個有助於抵消這些較高利率影響的槓桿。根據我們的實施策略，我們預計我們的緩解措施將在下半年產生最大效果。

Turning to SG&A for the full year. We expect deleverage of approximately 50 basis points versus 2024, relatively in line with our prior guidance, driven by FX headwinds and ongoing investments into our Power Three x2 road map, including investments in marketing and brand building aimed at increasing our awareness and acquiring new guests, investments to support our international growth and market expansion, and continued investment in technology.

談談全年的銷售、一般及行政費用 (SG&A)。我們預計，與 2024 年相比，去槓桿率將下降約 50 個基點，與我們先前的指引基本一致，這主要得益於外匯逆風和對 Power Three x2 路線圖的持續投資，包括旨在提高知名度和吸引新客戶的營銷和品牌建設投資、支持我們的國際增長和市場擴張的投資，以及對技術的持續投資。

Looking at operating margin for the full-year 2025, we now expect a decrease of approximately 160 basis points versus 2024. For the full-year 2025, we continue to expect our effective tax rate to be approximately 30%. For the fiscal year 2025, we now expect diluted earnings per share in the range of $14.58 to $14.78 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.

展望 2025 年全年的營業利潤率，我們預計與 2024 年相比將下降約 160 個基點。對於 2025 年全年，我們繼續預期有效稅率約為 30%。對於 2025 財年，我們目前預計每股攤薄收益將在 14.58 美元至 14.78 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，但包括今年迄今的回購的影響。

We expect capital expenditures to be approximately $740 million to $760 million in 2025. The spend relates to investments to support business growth, including a continuation of our multiyear distribution center project, store capital for new locations, relocations and renovations, and technology investments.

我們預計 2025 年的資本支出約為 7.4 億至 7.6 億美元。該支出與支持業務成長的投資有關，包括延續我們多年的配送中心項目、新店的店鋪資本、搬遷和翻新以及技術投資。

Shifting now to Q2. We expect revenue in the range of $2.535 billion to $2.56 billion, representing growth of 7% to 8%. We expect to open 14 net new company-operated stores in Q2 and complete 9 optimizations. We expect gross margin in Q2 to decline approximately 200 basis points relative to Q2 2024, driven predominantly by increased occupancy and depreciation, higher tariff rates, modestly higher markdowns, and foreign exchange.

現在轉向第二季。我們預計營收將在 25.35 億美元至 25.6 億美元之間，成長率為 7% 至 8%。我們預計第二季將淨增加14家自營店，並完成9項優化。我們預計第二季的毛利率將較 2024 年第二季下降約 200 個基點，主要原因是入住率增加和折舊增加、關稅稅率提高、降價幅度略有提高以及外匯影響。

In Q2, we expect our SG&A rate to deleverage by 170 to 190 basis points relative to Q2 2024. This will be driven predominantly by increased foundational investments and related depreciation and strategic investments, including those to build brand awareness. In addition, as I mentioned last quarter, we were layering back in certain expenses, including store labor hours, which are having a more pronounced impact on Q2 relative to the remainder of the year.

在第二季度，我們預期銷售、一般及行政費用率將比 2024 年第二季去槓桿 170 至 190 個基點。這將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的投資。此外，正如我上個季度提到的那樣，我們正在削減某些費用，包括商店工時，這對第二季度的影響比今年剩餘時間更為明顯。

When looking at operating margin for Q2, we expect a year-over-year decrease of approximately 380 basis points. I wanted to add some additional context on our operating margin guidance. In Q2 last year, margin improved by 110 basis points, which was our strongest performance of the year. This year, as I mentioned, we are also being impacted by external factors, namely tariffs, where our mitigation efforts are more pronounced in the back half and foreign exchange.

從第二季的營業利潤率來看，我們預計將年減約 380 個基點。我想補充一些關於我們營業利潤率指引的額外背景資訊。去年第二季度，利潤率提高了 110 個基點，這是我們今年最強勁的表現。正如我所提到的，今年我們也受到了外部因素的影響，即關稅（下半年我們的緩解措施更加明顯）和外匯。

In addition, we are continuing to invest in our strategic road map to set ourselves up for ongoing success. While these items are having an outsized impact on Q2, when looking at the full year, the decrease in operating margin is significantly less.

此外，我們將繼續投資我們的策略路線圖，為持續的成功做好準備。雖然這些項目對第二季產生了巨大影響，但從全年來看，營業利潤率的下降幅度要小得多。

Turning to EPS. We expect earnings per share in the second quarter to be in the range of $2.85 to $2.90 versus EPS of $3.15 a year ago. We expect our effective tax rate in Q2 to be approximately 30%. When looking at inventory, we expect units to increase in the low double digits in Q2, with dollar inventories up in the low 20s and due in large part to the impact of higher tariff rates and foreign exchange. We expect a similar dynamic in inventory growth for the remainder of the year.

轉向 EPS。我們預計第二季每股收益將在 2.85 美元至 2.90 美元之間，而去年同期每股收益為 3.15 美元。我們預計第二季的有效稅率約為 30%。從庫存來看，我們預計第二季庫存量將以兩位數低點增長，美元庫存量將以 20% 低點增長，這在很大程度上是由於關稅稅率和外匯上漲的影響。我們預計今年剩餘時間內庫存成長將呈現類似的動態。

In Q2, the low double-digit unit growth reflects our investments in newness and innovation, in addition, we are comping a 6% decline in units in the prior year. We are pleased with both the level and composition of our inventory, which positions us well.

在第二季度，較低的兩位數單位成長反映了我們對新產品和創新的投資，此外，我們的單位數量與去年同期相比下降了 6%。我們對庫存水準和組成都很滿意，這讓我們處於有利地位。

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

說完這些，我會把話題交還給卡爾文。

Thank you, Meghan. I feel we are well-positioned to navigate the current period. We intend to leverage our strong financial position and competitive advantages to play offense while making deliberate decisions and continuing to invest in our growth opportunities. In closing, I want to thank our talented leaders and teams who make these results possible and demonstrate their agility and passion each day.

謝謝你，梅根。我認為我們已經做好了應對當前情況的準備。我們打算利用我們強大的財務狀況和競爭優勢來發起進攻，同時做出深思熟慮的決定並繼續投資我們的成長機會。最後，我要感謝我們才華洋溢的領導和團隊，是他們讓這些成果成為可能，並且每天都展現出他們的敏捷和熱情。

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。（操作員指示）

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good afternoon, everyone. As you think about the guidance for the balance of the year and the pressure on Q2 before you have some mitigation efforts in the back half of the year. Can you expand on those mitigation efforts and what you're thinking about, whether it's price increases, diversifying sourcing? How should we think about it?

大家好，下午好。在考慮今年剩餘的指導方針以及第二季度的壓力之前，您需要在下半年採取一些緩解措施。您能否詳細說明這些緩解措施以及您正在考慮的措施，無論是提高價格還是實現採購多樣化？我們該如何思考這個問題？

And then when you think about just the U.S. business, any category trends that you saw with the newness that you offered and any early indications on the no line align, which frankly, have seen good sell-throughs. Thank you.

然後，當您考慮美國業務時，您看到的任何類別趨勢與您提供的新產品以及無線產品線的任何早期跡象相一致，坦白說，這些都看到了良好的銷售業績。謝謝。

Thanks, Dana. I think given the dynamic of the year in terms of Q2 relative to the full year, it's important to anchor in the full year, where we guided to a decline of 160 basis points versus our prior guide of 100, which is really related to the net impact of tariffs as well as a slight increase in markdowns.

謝謝，達娜。我認為，考慮到第二季相對於全年的動態，重要的是要錨定全年，我們預計全年將下降 160 個基點，而我們先前的預測是下降 100 個基點，這實際上與關稅的淨影響以及降價幅度略有增加有關。

When we think about the tariff impact to mitigation actions, I'd highlight, one would be pricing. We are planning to take strategic price increases looking item by item across our assortment as we typically do, and it will be price increases on a small portion of our assortment, and they will be modest in nature. And then on the sourcing side, we are also pursuing some efficiency actions there, some of which will impact the second half of this year, and then we are also focused on that into '26 as well.

當我們考慮關稅對緩解行動的影響時，我想強調的是，其中一個因素是定價。我們計劃像往常一樣，對整個產品系列逐一進行策略性提價，而且只會對一小部分產品系列進行提價，而且幅度不會太大。在採購方面，我們也正在採取一些效率行動，其中一些將影響今年下半年，然後我們也會將重點放在26年。

And I'll pass it over to Calvin on the product side.

我將把它交給產品方面的 Calvin。

Yes. Thanks, Dana. In terms of category trends on newness, what's very encouraging is that it's balanced. It's balanced across our activity in lifestyle, new item introductions, as well as new and updates to our current. So to just walk through a few of these.

是的。謝謝，達娜。就新品類趨勢而言，令人鼓舞的是，它是平衡的。它在我們的生活方式活動、新產品介紹以及新產品和更新方面保持平衡。我們只需簡單介紹一下其中的幾個。

1On the lifestyle side of our business, as you've seen and introduced at the beginning of Q1 and sold out pretty much in all doors was our Daydrift trouser, which used performance fabrics with a unique, updated style, and she responded incredibly well to that. And we will be back in stock fully with some expanded silhouettes for September. So we're very encouraged and believe we have a future core success on our hands become another new core -- future core introduction that she responded very well to both had great rating reviews.

1在我們業務的生活方式方面，正如您在第一季初看到並推出的，我們的 Daydrift 長褲幾乎在所有門市都銷售一空，它採用了具有獨特、更新風格的高性能面料，她的反響非常好。9 月份，我們將恢復全部庫存，並提供一些擴展的款式。因此，我們感到非常鼓舞，並相信我們在未來的核心領域會取得成功，成為另一個新的核心——未來核心的介紹，她對此反應良好，並獲得了很高的評價。

On the activity side of our business, we balance between new as well as updates on the new side, Glow Up was well received, good reviews, continues to gain momentum and again, introduced with a limited set of colors and we continue to build and expand into that. And again, feel we have a very unique legging creating a unique sensation and unmet need that -- for train and seeing good success.

在我們業務的活動方面，我們在新品和新品更新之間取得平衡，Glow Up 受到了好評，評價良好，繼續獲得發展勢頭，並再次推出了有限的顏色，我們將繼續構建和擴展。再次，感覺我們有一條非常獨特的緊身褲，創造了一種獨特的感覺和未滿足的需求——用於訓練並取得良好的成功。

And then on updates to our existing core, Align No Line is a great example of that. And early results, but very encouraging, as you alluded to. And we only had it distributed to 80 doors. So again, we are chasing and we'll be in full store distribution by September. You'll see it get stronger and distributed more throughout the quarter. But this is one, in which across all of these. And when I referenced the response to newness is encouraging.

然後，對於我們現有的核心進行更新，Align No Line 就是一個很好的例子。正如您所提到的，早期的結果非常令人鼓舞。我們只分發到 80 戶。因此，我們再次努力，並將於 9 月全面實現店內分銷。您會看到它在整個季度中變得更加強大並且分佈更加廣泛。但這是其中之一，跨越了所有這些。當我提到對新鮮事物的反應時，這是令人鼓舞的。

And these being some of the strong hits both from a newness and innovation standpoint, definitely, we saw a sellout and are chasing and excited about what that means for the back half. But balanced across activity, lifestyle, new as well as updates. So we know the newness is resonating and working well, and the team is busy chasing into these what appear to be future hits for us.

從新穎性和創新性的角度來看，這些都是一些強勁的熱門產品，毫無疑問，我們看到了銷售一空，並且正在追逐並對後半部分意味著什麼感到興奮。但在活動、生活方式、新鮮事物和更新方面保持平衡。因此，我們知道新事物正在引起共鳴並且運作良好，團隊正在忙於追逐這些看起來將成為我們未來熱門的產品。

Thank you.

謝謝。

Janine Stitcher, Jefferies.

珍妮‧史提徹 (Janine Stitcher)，傑弗里斯 (Jefferies)。

Hi, thanks for taking my question. I Was hoping you could dig in a little bit more to the comp drivers of the top line drivers. I think last quarter, you had talked about traffic falling off, but income improvements in transaction size and solid performance in conversion. Wondering if you're still seeing the same thing? And then maybe any update on the progression of the quarter, what you saw in April into May. Thank you.

你好，謝謝你回答我的問題。我希望您能對頂級驅動程式的電腦驅動程式進行更深入的了解。我認為上個季度您談到了流量下降，但交易規模的收入有所提高，轉換率也有所提高。想知道您是否仍然看到相同的事情？然後也許可以更新本季的進展情況，看看您在 4 月到 5 月看到了什麼。謝謝。

Hi Janine. So in terms of comp drivers, as we talked about on the last call, we did see a decline in store traffic, particularly in the U.S. as we move from Q4 into Q1. We did see that moderate somewhat, but we did still for the first quarter, see a lower traffic trend in stores relative to Q4.

你好，Janine。因此，就競爭驅動因素而言，正如我們在上次電話會議上所討論的那樣，我們確實看到商店客流量有所下降，尤其是在美國，因為從第四季度進入第一季。我們確實看到這種情況有所緩和，但第一季相對於第四季度，商店的客流量趨勢仍然較低。

Conversion trends remained relatively consistent, a little bit of a decline year over year. And then also, we did see an uptick in terms of average dollars per transaction in the first quarter. And then in terms of how it's progressing April into May, we don't share specifics on Q2, but I would say nothing materially different.

轉換趨勢保持相對一致，較去年同期略有下降。而且，我們確實看到第一季每筆交易的平均金額上升。至於 4 月到 5 月的進展情況，我們不會分享第二季的具體情況，但我想說沒有什麼實質的差異。

Great thanks so much.

非常好，非常感謝。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hi, good afternoon. So a couple of questions. I'm going to merge them together, both tied around kind of tariffs and your strategy for tariffs. I guess the first question, if I hear you correctly, I mean, as you're looking at these tariffs, it sounds like you're going to take the biggest hit on margins.

嗨，下午好。有幾個問題。我將把它們合併在一起，兩者都與關稅類型和關稅策略有關。我想第一個問題是，如果我沒聽錯的話，我的意思是，當你考慮這些關稅時，聽起來你的利潤率將受到最大的打擊。

So the question I have is why not, at least initially, or -- do more with price? And then secondly, as we look at the guidance now and sort of say the bigger disconnect between top and bottom line, is that all -- is that mostly tariffs? Or I think you did mention some other investment spend in there. Thanks.

所以我的問題是為什麼不至少在最初階段在價格上做更多改變？其次，當我們查看現在的指導意見時，我們發現頂線和底線之間的差距越來越大，這主要是因為關稅嗎？或者我認為您確實提到了其中的一些其他投資支出。謝謝。

Thanks, Brian. So in terms of top line versus bottom line, so for the full year, we maintained our revenue guide, so $11.15 billion to $11.3 billion. We did lower our op margin for the full year from 100 basis points decline year over year to 160. That's all driven by the net impact of tariffs. So the tariff impact then with some offsets, as I mentioned, in pricing and supply chain.

謝謝，布萊恩。因此，就全年營收和利潤而言，我們維持了收入預期，即 111.5 億美元至 113 億美元。我們確實將全年營業利潤率從年減 100 個基點降至 160 個基點。這一切都是由關稅的淨影響所驅動的。因此，正如我所提到的，關稅的影響會在定價和供應鏈方面得到一些抵消。

And then a slight increase also in markdowns. There are not any meaningful changes in terms of our expense posture. We're maintaining our focus on the long term. And as I mentioned, we do have some mitigation actions on tariffs that will also come into play as we get into '26.

降價幅度也略有增加。我們的支出狀況沒有任何有意義的變化。我們將繼續關注長期發展。正如我所提到的，我們確實採取了一些關稅緩解措施，這些措施在進入26年時也會發揮作用。

In terms of price, as Calvin mentioned, we're really looking at this as operating from a position of strength, being strategic in our pricing, looking at our elasticities and where we have opportunity. And we'll continue to take a look at that as the year progresses, but feeling comfortable with our positioning at the state.

在價格方面，正如 Calvin 所提到的，我們確實將其視為從優勢地位出發進行運營，在定價方面具有戰略性，考慮我們的彈性以及我們的機會所在。隨著時間的推移，我們將繼續關注這一點，但我們對我們在州​​內的定位感到滿意。

Okay. Thank you.

好的。謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So Calvin, maybe could you elaborate on the progression of comps that you saw over the course of the first quarter? And on the start to the second quarter that you cited, I guess if we think about it relative to first quarter performance in the Americas and in China, does the 7% to 8% revenue guidance for the quarter, does that embed a moderation in June and July trends relative to what you've seen in May, just given the uncertainty and the dynamic backdrop.

太好了，謝謝。那麼 Calvin，您能否詳細說明一下您在第一季看到的業績進展？關於您提到的第二季度初的情況，我想如果我們將其與美洲和中國第一季的表現進行比較，那麼本季度 7% 至 8% 的收入預期是否意味著 6 月和 7 月的趨勢相對於 5 月有所放緩，考慮到不確定性和動態背景。

Okay, Matt, so in terms of how the quarter progressed, no material changes in terms of trend month to month in Q1. As we look to Q2, we don't guide to specific in Q2, but what I can share is I would say, similar trends in the U.S. relative to Q1.

好的，馬特，就本季的進展而言，第一季的月度趨勢沒有實質變化。展望第二季度，我們沒有給出具體的指導，但我可以分享的是，美國的趨勢與第一季類似。

As you know, China was impacted by the timing of Chinese New Year in Q1, which was about a four-point delta. So I would say our expectation and current trends would be in line with our annual color we offered on China performance, which should be in the 25% to 30% range.

眾所周知，中國第一季受到了農曆新年時間的影響，幅度約為 4 個百分點。因此，我想說，我們的預期和當前趨勢將與我們對中國業績的年度預期一致，即在 25% 到 30% 的範圍內。

Great. And then maybe, Meghan, just a follow-up as it relates to second-quarter guidance in the full year. I guess, could you elaborate on the slight increase in markdowns now contemplated in the full-year outlook? and maybe just how you see the progression in the second quarter versus back half?

偉大的。然後也許，梅根，這只是與全年第二季度指導相關的後續問題。我想，您能否詳細說明一下目前在全年展望中考慮的降價幅度略有增加的原因？也許您只是認為第二節與後半段的進展如何？

Yes. In terms of markdowns, we did actually see a decline in markdowns in the first quarter. So we haven't seen an uptick in markdowns in our results to date. We were down 10 basis points in Q1, but given consumer confidence and macroeconomic concerns as we move into the second half of the year, we feel it's prudent to tick up our forecast slightly on the markdown line. We would be in the range of 10 to 20 basis points above last year, so not meaningfully higher than our last year water line, which was relatively, I would say, in line with history.

是的。就降價而言，我們確實看到第一季降價幅度有所下降。因此，到目前為止，我們還沒有看到降價幅度的上升。我們在第一季下降了 10 個基點，但考慮到進入下半年的消費者信心和宏觀經濟擔憂，我們認為在降價線上稍微上調我們的預測是明智之舉。我們的水平將比去年高出 10 到 20 個基點，因此不會比去年的水線高出太多，我認為這與歷史水平相對一致。

But you're saying first quarter and so far into the second quarter, you haven't seen the need to take the markdowns. It's just an assumption that you've baked in given the backdrop?

但是您說第一季以及到目前為止的第二季度，您還沒有看到降價的必要。這僅僅是你根據當時的背景而做出的假設嗎？

Yes, I would say on our actuals in Q1, we saw a downward trend, 10 basis points, and our markdown positioning in Q2 would be embedded in our guidance.

是的，我想說，根據我們第一季的實際情況，我們看到了下降趨勢，下降了 10 個基點，而我們第二季的降價定位將嵌入我們的指導中。

Okay, that's great color. Thank you.

好的，顏色很棒。謝謝。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good afternoon and thank you for taking our question. Calvin, given some of the success of some of the new launches that you've seen year to date, can you elaborate on your latest thoughts about returning the U.S. business to sustainable comp growth and whether or not that differs at all in your Canada versus U.S. as you contemplate North America reported comps? Thank you.

下午好，感謝您回答我們的問題。卡爾文，鑑於您今年迄今看到的一些新產品的成功，您能否詳細說明一下您對讓美國業務恢復可持續增長的最新想法，以及當您考慮北美報告的可比較數據時，加拿大和美國的情況是否有任何不同？謝謝。

Thanks, Brooke. When I look at what we control, in terms of our mix of newness and how that's performing, especially the new intended core and the way the guest is responding to that definitely positive and feel good about those reactions to it. And the team knows and is working on what they can continue to add and innovate to that.

謝謝，布魯克。當我審視我們所控制的內容時，就我們的新意組合及其表現而言，特別是新的核心目標以及客人對此的反應方式，我感到十分積極，並對這些反應感到滿意。團隊知道並正在努力繼續添加和創新。

When I look at our performance versus the market, our performance -- we gained market share in the premium active wear with strong performance against our peers in this segment of the market where we compete. And the macro consumer is different. We continue to see a more cautious, discerning consumer. We're definitely not happy where the growth is in the U.S., but relative to the market and our performance versus others, pleased that we're putting on share, pleased with the reaction to the newness.

當我將我們的業績與市場進行比較時，我們的業績——我們在高端運動服領域獲得了市場份額，並且在我們競爭的這一細分市場中表現強勁。而宏觀消費者則不同。我們繼續看到消費者變得更加謹慎、更加挑剔。我們當然對美國的成長不滿意，但相對於市場和我們與其他公司相比的表現，我們很高興看到我們的市場份額有所提高，也很高興看到市場對新產品的反應。

And with the mix of newness that's coming, as we continue to get back into stock on the new core that she's reacting to and making those adjustments and the newness that we have planned. And I think a bit of the delta between the Canadian and the U.S. market and the consumer we see is we're not seeing the same discerning consumer in Canada as we are seeing in the U.S. in terms of traffic as well as some other metrics that we monitor.

隨著新事物的出現，我們將繼續重新關注她所反應的新核心，並做出那些調整和我們所計劃的新事物。我認為加拿大和美國市場以及我們所看到的消費者之間存在一些差異，即在流量以及我們監控的其他一些指標方面，加拿大的消費者並不像美國消費者那樣挑剔。

So we continue to monitor that. But the newness in both markets are responding very well, and the team is very focused on what the guest is reacting to. And bringing that to the consumer and the market in the back half.

因此我們會繼續監控。但這兩個市場的新產品反應都很好，團隊非常關注客人的反應。並在後半段帶給消費者和市場。

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

非常好，非常感謝。我會傳達的。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey, thanks for taking my question. Two questions. I think first for Calvin. So I appreciate on the product side, the commentary on what's working both in lifestyle and performance. But at the end of the day, the comps are up 1%. So clearly, there's got to be some things that are not working. Could you just maybe help us what exactly are the parts that are lagging that you're hoping to improve?

嘿，謝謝你回答我的問題。兩個問題。我首先想到的是加爾文。因此，我很欣賞產品方面對於生活方式和性能方面有效的評論。但最終，同店銷售額還是漲了 1%。顯然，有些事情肯定沒有發揮作用。您能否幫助我們，您希望改進哪些滯後的部分？

And then Meghan, maybe just back to Matt's question, part of the guidance revision down is markdown, but it sounds like you're saying that you're not seeing any markdown yet, but you're planning it. So I guess maybe I'm just a little confused. Is it because of the inventory build that you're expecting markdown to accelerate. I guess I'm just confused why you're taking a more cautious approach on that? Like what's the leading indicator that's making you think that if you're not seeing it yet? Thanks.

然後梅根，也許回到馬特的問題，指導修訂的一部分是降價，但聽起來你說你還沒有看到任何降價，但你正在計劃它。所以我想也許我只是有點困惑。您是否預計降價會加速，是因為庫存增加嗎？我想我只是感到困惑，為什麼你要對此採取更謹慎的態度？如果您還沒有看到它，那麼是什麼領先指標讓您這麼想呢？謝謝。

Thanks, Ike. In terms of the balance of the mix, I would say the overall traffic numbers are having an impact on the general mix of the assortment in the U.S. From a new guest perspective, we grew our new guests from, and I think Meghan mentioned this, from an AOV UPT, both positive from a market share across all categories. We saw growth in our premium segment.

謝謝，艾克。就產品組合的平衡而言，我想說整體客流量對美國產品組合的整體影響很大。從新顧客的角度來看，我們的新顧客有所增加，我想梅根也提到過這一點，從平均客流量（AOV）來看，所有類別的市場份額都呈現積極態勢。我們的高端市場實現了成長。

I think where there continues to be opportunity is with our core -- the seasonal colors. We're seeing the guest shift to the truly new styles, as I mentioned, the Glow Up, the Align No Line, the Daydrift, the BeCalm, and have opportunities. But overall, it really is the macro discerning consumer that we're seeing through traffic in the store, the behavior, how they're shopping and reacting, I think, is definitely showing good indication. And as I alluded to, the growth in market share is indicating we are gaining and winning relative to the marketplace and how the consumer is spending.

我認為我們的核心——季節性色彩——仍存在著機會。我們看到客人轉向真正的新風格，正如我所提到的，Glow Up、Align No Line、Daydrift、BeCalm，並且有機會。但總體而言，我們透過商店客流量、行為、他們的購物方式和反應看到的確實是宏觀挑剔的消費者，我認為，這肯定顯示出良好的跡象。正如我所提到的，市場佔有率的成長表明我們在市場和消費者支出方面正在獲得收益和勝利。

And I would add, Ike, similar on the markdown front. So the traffic trends, I would say, would be the leading indicator on why we've taken that positioning in terms of consumer confidence and macro uncertainty in the second half as well.

我想補充一下，艾克，降價方面也有類似的情況。因此，我想說，流量趨勢將成為我們在下半年消費者信心和宏觀不確定性方面採取這一定位的主要指標。

Okay, thank you.

好的，謝謝。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey. Thanks, guys. Can you maybe give a little bit more detail about inventory by geography? And if there are any specific regions that you're seeing potentially more margin pressure, markdown pressure. Where is that coming from? Is that just the U.S.? Or is it more global? And is there anything on the competitive landscape front that you see across your different global markets that make you think that things might heat up from a promotional perspective. Thanks.

嘿。謝謝大家。您能否提供一些按地區劃分的庫存詳細資訊？如果您發現任何特定地區可能會面臨更大的利潤壓力和降價壓力。這是從哪裡來的？這只是美國的情況嗎？或者說它更加全球化？從促銷角度來看，您是否看到全球不同市場的競爭格局有所升溫？謝謝。

Thanks, Paul. So in terms of inventory, I'd say again, we haven't seen markdown pressure to date, down 10 basis points year over year in Q1. But when we think about traffic trends and headwinds, they would be predominantly in the U.S. So I'd say that's where I'd probably place a little bit more of the risk as we move into the second half of the year in terms of what we've layered in, in terms of markdowns.

謝謝，保羅。因此，就庫存而言，我想再說一遍，到目前為止我們還沒有看到降價壓力，第一季同比下降了 10 個基點。但是當我們考慮流量趨勢和逆風時，它們主要集中在美國。因此，我想說，隨著我們進入下半年，就我們所採取的措施和降價措施而言，我可能會在美國承擔更多風險。

And from a competitive perspective, there's nothing we're seeing globally on a price promotional play other than in the U.S., where I would say we continue to monitor that closely because we do see ongoing promotional activity across the market, across the competitors as we've seen the certain consumer the more cautious.

從競爭的角度來看，除了美國以外，我們在全球範圍內沒有看到任何價格促銷活動，我想說我們會繼續密切關注這一點，因為我們確實看到整個市場、競爭對手都在進行促銷活動，因為我們看到某些消費者更加謹慎。

We know that to lever others pull and we continue to monitor it and quite frankly, anticipating a bit of a spike in the back half if the macro headwinds continue. But we are a full-price business, and we'll lead with innovation and our core assortment, we'll continue to play that. But we are seeing and do anticipate probably a dynamic competitive market in the U.S.

我們知道，要利用其他人的力量，我們會繼續監測它，坦白說，如果宏觀逆風持續下去，我們預計下半年會出現一些飆升。但我們是一家全價企業，我們將以創新和核心產品系列為主導，我們將繼續發揮這一點。但我們看到並預期美國市場可能會出現一個充滿活力的競爭市場。

Yeah, I mean, Right. I just followed it. Have you adjusted purchases at all? Just considering where your inventories are and the tariff situation, maybe taking price up a little bit. Have you also taking your purchase assumptions down for the back half?

是的，我的意思是，對的。我只是跟著它。您是否調整過購買量？只要考慮一下您的庫存情況和關稅情況，價格可能會稍微上漲一點。您是否也降低了下半年的購買假設？

I would say we're always adjusting purchases and reflecting the current environment. We do benefit from about 40% of our purchases in core product so that's an area we flex as we move forward. So I would say we always are doing that. We've done that to some degree. We'll continue to keep a close eye on inventory levels and sales trends.

我想說我們一直在調整採購並反映當前的環境。我們確實從核心產品採購的約 40% 中受益，因此這是我們未來發展的一個靈活領域。所以我想說我們一直都在做這件事。在某種程度上我們已經做到了這一點。我們將繼續密切關注庫存水準和銷售趨勢。

Thank you. Good luck.

謝謝。祝你好運。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Great, thanks so much. Maybe for either of you, where do newness levels stand in total? Like are they back where you want them to be? And then if that's not inflecting Americas comp to positive, are you exploring maybe other potential drivers for what to do to get it there? And maybe related for Meghan on that one, is a positive comp for Americas possible this year? Or with your view on the macro? Is that something that is more kicked out?

太好了，非常感謝。也許對你們任何一個人而言，新鮮度總體處於什麼水平？他們回到了你希望他們回到的地方嗎？如果這不能對美國企業產生積極影響，您是否正在探索其他潛在驅動因素，以實現這一目標？也許與梅根有關的是，今年美洲的業績有可能出現正面的成長嗎？或從宏觀角度來看？那是不是更像被踢出去的東西？

Thanks, Alex. In terms of the composition of our merchandise mix, we are back at our newness percentages -- historical newness percentages of the sum. I think the way the guest is reacting and responding within that newness, she is reacting very positively to the new core or intended core silhouette styles that she has not seen before, alluded to Glow Up, the Align No Line, the Daydrift, the BeCalm to name just a few, and there's a number of those.

謝謝，亞歷克斯。就我們的商品組合組成而言，我們又回到了我們的新品百分比——總和的歷史新品百分比。我認為客人對新事物的反應和回應方式，她對以前從未見過的新核心或預期核心輪廓風格的反應非常積極，例如 Glow Up、Align No Line、Daydrift、BeCalm 等等，還有很多這樣的風格。

Those as a percentage of our newness mix, we are increasing in the back half so that we're reacting to what the guest is responding to. And as a result, we are shifting some of the seasonal colors, patterns and graphics in the remaining core to maintain that sort of ratio that we're seeing.

這些是我們新品組合的百分比，我們在後半部增加了這些百分比，以便我們能夠對客人的反應做出反應。因此，我們正在改變剩餘核心中的一些季節性顏色、圖案和圖形，以保持我們所看到的這種比例。

But as I look to the back half, the percentage of newness remains strong, above historical, as we lean into a little bit of these areas where the guest has really responded well, and we weren't at full store distribution. We sold out of many of these styles and silhouettes and have very strong rating reviews on them.

但當我展望後半部分時，新店的比例仍然很高，高於歷史水平，因為我們稍微傾向於顧客反應良好的這些領域，而且我們還沒有進行全面的店鋪分銷。這些款式和輪廓的許多產品均已售罄，並且獲得了非常高的評價。

So I'm pleased with the newness mix and the work the team has done. And what we have seen is the consumer respond very well to the completely new styles that she hasn't seen before, and that's sort of the mix that you will see us continue to do heading into the back half of this year.

因此，我對新意和團隊所做的工作感到滿意。我們看到，消費者對以前從未見過的全新款式反應非常好，而這種組合也是我們在今年下半年將繼續推行的。

And Alex, I'd add, we're not guiding specifically to comps for the year. But our view on the full-year revenue for the Americas hasn't changed, so low-single digit to mid-single digit and feel we're well-positioned to capitalize if the consumer environment improves as well. So that's what we're offering today.

亞歷克斯，我想補充一點，我們並不是專門針對今年的業績進行指導。但我們對美洲全年收入的看法沒有改變，因此收入將處於低個位數到中等個位數之間，並且如果消費環境也得到改善，我們將能夠充分利用這一機會。這就是我們今天所提供的內容。

Thanks a lot. Good luck.

多謝。祝你好運。

Thank you.

謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. Thank you so much. My question is about China. Given the comp in China, you've opened a lot of stores how much more store growth opportunity do you see in China before you start worrying about cannibalizing your existing store base given the level of comp right here? Like can you tell us how many stores you have now. What you expect by the end of the year? And then maybe kind of what you're thinking about as the store growth rate going forward? Thank you.

偉大的。太感謝了。我的問題是關於中國的。考慮到中國市場的競爭情況，您已經開設了很多門市，考慮到目前的競爭水平，在您開始擔心蠶食現有門市基礎之前，您認為中國還有多少門市成長機會？例如，您能告訴我們您現在有多少家商店嗎？您對今年底有什麼期望？那麼，您可能對未來的商店成長率有什麼看法？謝謝。

Yes. So in terms of China, I would say, still feel we're early in our journey there. So we've got 154 stores today. We had a goal of approximately 200 in our current Power Three x2 plan and saw growth beyond that. Really pleased with the performance on new stores.

是的。因此，就中國而言，我想說，我們仍然感覺在中國的旅程才剛開始。所以今天我們有 154 家商店。我們目前的 Power Three x2 計劃的目標是約 200，但實際成長已經超出了這一目標。對新店的表現非常滿意。

And I'd also mention we are early in terms of our co-located strategies, so where we have stores with high traffic, high sales per square foot and see an opportunity to expand the size of stores to have a more holistic assortment across men's, women's, accessories, capitalize on that traffic. We're underway in that strategy in North America to a larger degree, and it's largely still in front of us in terms of China.

我還要提到，我們在共置策略方面還處於起步階段，因此，如果我們的商店客流量大、每平方英尺的銷售額高，我們就有機會擴大商店規模，以便更全面地提供男裝、女裝和配件等商品，我們就可以利用這些客流量。我們在北美已在較大程度上實施該戰略，而在中國，該戰略的實施仍有很大進展。

Got it. And can you talk about what the traffic trends were in China if you talked about what the traffic trends were in the U.S.

知道了。如果您談論美國的交通趨勢，您能否談談中國的交通趨勢如何？

We have --we don't break out specifically on traffic trends, but I would say still seeing strong double-digit growth in terms of the China market and nothing notable there.

我們沒有具體公佈流量趨勢，但我想說，中國市場仍然保持著強勁的兩位數成長，沒有什麼值得注意的。

Got it. Thank you so much.

知道了。太感謝了。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great, thank you very much. My question is on the inventory. The inventory does have some tariff impact at FX of the delta from units to dollars at about 7%. How much of that is tariff and how much of that would be the FX? And then secondarily, I guess as a follow-on, are you expecting that tariff inventory to sort of hit the P&L sort of late June and July? And is that when we should expect the commensurate price impact? Thank you.

太好了，非常感謝。我的問題是關於庫存的。庫存確實對外匯產生了一些關稅影響，單位數與美元數之間的差額約為 7%。其中有多少是關稅，有多少是外匯？其次，我想作為後續問題，您是否預期關稅庫存會在 6 月底和 7 月影響損益表？那麼，我們是否應該預期相應的價格影響呢？謝謝。

Hey, Adrienne, so in terms of the impact on dollar inventory, so it is predominantly driven by higher AUCs related to tariffs and then FX, I would say, we haven't broken out the details, but not too far off from each other in terms of relativity. And then in terms of the impact on tariffs, we do have, as I mentioned, a more pronounced impact in Q2 in terms of the P&L to 60 basis points in Q2 because the mitigation actions come in the second half.

嘿，艾德麗安，就對美元庫存的影響而言，它主要是由與關稅和外匯相關的更高的 AUC 驅動的，我想說，我們還沒有詳細說明，但就相對性而言，彼此之間的差距並不太大。然後就對關稅的影響而言，正如我所提到的，我們在第二季度的損益表方面受到了更明顯的影響，達到 60 個基點，因為緩解措施是在下半年採取的。

For the second half of the year -- or sorry, for the full year, the FX -- or sorry, the tariff headwind is 40 basis points. with the mitigation actions coming into play towards the second half of the year. I would say in terms of pricing, those actions will start rolling out towards the second half of this quarter and into Q3.

對於下半年——或者抱歉，對於全年，外匯——或者抱歉，關稅逆風是 40 個基點。緩解措施將在下半年發揮作用。我想說，就定價而言，這些行動將在本季下半段和第三季開始實施。

Okay. Great. And then my other question is on the lower product costs, what is driving that? Was it freight or cost engineering? And do you assume that, that will neutralize as we go into the back half of the year? Thanks.

好的。偉大的。我的另一個問題是，產品成本降低的原因是什麼？是貨運還是成本工程？您是否認為，進入下半年，這種趨勢將會消除？謝謝。

Yes. So in terms of product costs, it would be predominantly driven by mix of business relative to expectations. So I would say right now, what's reflected in our guide reflects our forecast in terms of mix of business in the second half of the year. And I wouldn't call out product costs as a variance driver for the full year at this point in time.

是的。因此，就產品成本而言，它主要受相對於預期的業務組合所驅動。所以我現在想說，我們的指南中反映的內容反映了我們對下半年業務組合的預測。目前，我不會將產品成本視為全年差異的驅動因素。

Okay, great. Thanks so much. Best of luck.

好的，太好了。非常感謝。祝你好運。

Thank you.

謝謝。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good afternoon. I wanted to focus on SG&A for a minute. It looks quite high in the second quarter. Is there anything changing in your view of the investment needed to drive growth? Or is this just timing versus planned investments in the second half?

謝謝。午安.我想集中討論一下銷售、一般和行政費用 (SG&A)。第二季看起來相當高。您對推動成長所需的投資的看法有什麼改變嗎？還是這只是與下半年計畫投資的時間安排有關？

Thanks, Lorraine. Yes. So in terms of Q2, so there are a few factors that are impacting Q2. So I think important to zoom out to the full year. So for the full year, we did guide revenue in line with last time, so $11.5 million to $11.3 million. And the operating margin relative to last time is about up 60 basis points, driven by just tariffs and markdown changes.

謝謝，洛林。是的。就第二季而言，有幾個因素正在影響第二季。因此我認為將目光放長遠到全年來看是很重要的。因此，對於全年而言，我們確實預期收入與上次一致，即 1,150 萬美元至 1,130 萬美元。與上次相比，營業利潤率上漲了約 60 個基點，這僅受到關稅和降價變化的影響。

So when you look at Q2 specifically, first, I'd note that we did expand our operating margin last year by 110 basis points. It was higher than our full-year expansion, which was 50%. So therefore, we had assumed some pressure on our operating margin as we planned the year. And then if you look specifically at the year-over-year SG&A, that would be driven by increased foundational investments and depreciation, strategic investments.

因此，當您具體看第二季度時，首先，我會注意到我們去年的營業利潤率確實擴大了 110 個基點。這高於我們全年 50% 的擴張幅度。因此，我們在製定年度計劃時就考慮到了營業利潤率會面臨一些壓力。然後，如果你特別看一下同比銷售、一般和行政費用，你會發現這是由基礎投資、折舊和策略投資的增加所驅動的。

And then those add-backs that we discussed last quarter in terms of expenses, for example, store labor that we added back from a normalized perspective. So relative to the full year, 170 to 190 basis points deleverage in Q2 and 50 basis points for the full year.

然後，我們在上個季度討論了費用方面的加回，例如，我們從正常化角度加回的商店勞動力。因此，相對於全年而言，第二季的去槓桿率為 170 至 190 個基點，全年去槓桿率為 50 個基點。

Thank you.

謝謝。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

Thank you. I want to go back to China. Meghan, you talked about your store growth there, but I'm wondering if you can share some color around the comp growth. There's been a pretty sizable deceleration year over year. Can you share some color around what that's being driven by? Is it a macro slowdown or something else? And I know there were some tough compares last Q1 as those compares ease in China as well as in Rest of World, do you expect to see an acceleration in the comp in the next couple of quarters? Thank you.

謝謝。我想回中國。梅根，你談到了那裡的商店增長情況，但我想知道你是否可以分享一些有關公司成長的情況。與去年同期相比，成長速度明顯放緩。您能否分享一下背後的原因？這是宏觀經濟放緩還是其他原因？我知道去年第一季有一些艱難的比較，因為這些比較在中國以及世界其他地區都很輕鬆，您是否預計未來幾季的比較會加速？謝謝。

Yes. So in terms of China, we did see a slowdown both in trend and comp. We did have a four-point impact from timing of Chinese New Year. We did also have an outsized performance, I would say, in terms of non-comp new store openings as well as the smaller portion that we do of co-located strategy there. We had an outperformance in terms of revenue growth last year.

是的。因此就中國而言，我們確實看到趨勢和成長均有所放緩。中國農曆新年的時間確實為我們帶來了四個百分點的影響。我想說，就非同業新店開設以及我們在那裡實施的較小規模的共置策略而言，我們確實也有著出色的表現。去年我們的營收成長表現優異。

So we've been looking at Q4 to Q1, we were at 39% growth in Q4, so well above expectations. So I would say still pleased with China trends, still strong double-digit growth. and do still have the same expectation for the full year of 25% to 30% growth rate for China.

因此，我們一直在關注第四季與第一季的對比，第四季的成長率為 39%，遠高於預期。因此，我仍然對中國的趨勢感到滿意，仍然保持強勁的兩位數成長。並且對中國全年的成長率仍抱持 25％至 30％的相同預期。

And if I can just follow up. Is China still your best full price market globally?

我是否可以跟進一下。中國仍然是您全球最好的全價市場嗎？

It's still our lowest markdown, yes. So highest full price.

是的，這仍然是我們的最低降價。因此全價最高。

Thank you.

謝謝。

The next question is from John Kernan. Oh, pardon me.

下一個問題來自約翰·克南。噢，對不起。

Alright, we'll just take one more question. Thanks.

好的，我們再回答一個問題。謝謝。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

All right, thanks for squeezing me in, Howard. Just to stay on China and rest of world, obviously, you just talked about it in relation to Aneesha's question, but there was a sizable decel in the two-year stack. That's the best way to look at it.

好的，謝謝你抽出時間給我，霍華德。繼續談論中國和世界其他地區，顯然，您剛才談到與 Aneesha 的問題有關的問題，但兩年的堆疊出現了相當大的減速。這是看待這個問題的最好方式。

But do you think you're becoming more susceptible to macro environment in China now that you're pushing by the end of the year, to be pushing $1.7 billion in revenue. And what are you seeing in rest of world, there was a decel there as well? Thank you.

但是，您是否認為，由於您力爭在年底前實現 17 億美元的營收，因此您會更容易受到中國宏觀環境的影響？那麼，您在世界其他地方看到了什麼？那裡的經濟成長也出現了放緩嗎？謝謝。

Thanks, John. In terms of our view of our international opportunities, nothing has changed. When I look at our performance in the quarter and our guide for the year across Mainland China, our Rest of World and we look at our EMEA and APAC markets, they continue to perform incredibly strong, double-digit momentum.

謝謝，約翰。就我們對國際機會的看法而言，一切都沒有改變。當我回顧我們本季的業績以及我們對中國大陸、世界其他地區以及歐洲、中東和非洲地區和亞太地區的年度指引時，我們發現它們繼續保持著令人難以置信的強勁兩位數成長勢頭。

We're early relative to market share, early relative to unaided brand awareness, continue to see very healthy new guest acquisition and matriculation with our existing guests, and the way the guest is responding to both our newness as well as our long lineup of core items. So nothing has changed from our vantage point.

就市場佔有率而言，我們處於早期階段，就無輔助品牌知名度而言，我們繼續看到非常健康的新客人獲取和現有客人的加入，以及客人對我們的新產品以及我們的核心產品系列的反應。所以從我們的角度來看，一切都沒有改變。

I think as Meghan indicated, in some of the markets we had outsized growth last year, but very, very healthy, strong numbers and relative to peer sets and with our market share gains, very excited and see a long runway of growth and opportunity. As I've alluded before, we ended last year at 25% of our business being international and have opportunity, we think, for a 50-50 ratio into the future. So definitely, lululemon's a global brand underdeveloped in these markets and seeing great momentum, a very strong growth and anticipate that to continue.

我認為，正如梅根所指出的那樣，去年我們在某些​​市場實現了超額增長，但業績非常非常健康，相對於同行而言，我們的業績強勁，而且隨著我們市場份額的增加，我們非常興奮，看到了長期的增長和機遇。正如我之前提到的，去年年底我們的國際業務佔比為 25%，我們認為，未來我們有機會將這一比例提高到 50%。因此，毫無疑問，lululemon 是一個在這些市場尚未充分發展的全球品牌，但它發展勢頭強勁，成長勢頭強勁，預計這種勢頭將持續下去。

Meghan, did you give the markdown impact embedded in the gross margin guidance on a basis point level?

梅根，您是否給出了毛利率指引中包含的降價影響的基點水準？

It did. For the full year, 10 to 20 basis points up to last year.

確實如此。全年比去年上漲10至20個基點。

Got it thank you.

明白了，謝謝。

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

今天我們的提問時間就到這裡了。感謝您的加入，祝您有愉快的一天。