Lululemon Athletica Inc (LULU) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. second quarter 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 年第二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 athletica. Please go ahead.

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

Thank you, and good afternoon. Welcome to lululemon's second quarter earnings conference call. Joining me today to talk about our results are Calvin McDonald, CEO; and Meghan Frank, CFO. Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of lululemon's future.

謝謝，下午好。歡迎參加 lululemon 第二季財報電話會議。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。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。

These statements are based on current information, which we have assessed but by which its nature is dynamic and subject to rapid and even abrupt changes. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

這些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。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。

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

我們在本次電話會議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 quarter as well as our quarterly infographic. Today's call is scheduled for one hour, so please limit yourself to 1 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，您可以在其中找到本季度主要財務和營運統計數據摘要以及季度資訊圖表。今天的電話會議安排為時一小時，因此請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, and welcome to our quarter two earnings call. As you've seen from our press release, while EPS this quarter exceeded our expectations, revenue fell short of our guidance and we are reducing our revenue and earnings expectations for the year.

謝謝你，霍華德，歡迎參加我們第二季的財報電話會議。正如您從我們的新聞稿中看到的，雖然本季度的每股收益超出了我們的預期，但收入卻低於我們的預期，因此我們正在下調今年的收入和盈利預期。

While we continue to see positive momentum overall in our international regions, we're not happy with the current results in the US business. lululemon has been in a period of hyper growth for several years, more than tripling our revenue in just six years, and we have successfully managed through a number of market shifts.

雖然我們在國際地區總體上繼續看到積極勢頭，但我們對美國業務的當前業績並不滿意。 lululemon 多年來一直處於高速增長期，短短六年內收入增長了兩倍多，並且我們成功應對了一系列市場變化。

We are facing yet another shift today within the industry. related to tariffs and the cost of doing business. The increased rates and removal of the de minimis provision have played a large part in our guidance reduction for the year.

今天，我們正面臨著產業內的另一次轉變，與關稅和營運成本有關。稅率的提高和最低限度規定的取消對我們今年的指導減少起到了很大的作用。

As we navigate current market dynamics, I see an opportunity to reset some key areas of the business as we continue to drive long-term growth. During our time together today, I will provide an update on our business and my perspective on the near term as we continue to plan and adapt for the future.

在我們應對當前市場動態的過程中，我看到了重置一些關鍵業務領域的機會，因為我們將繼續推動長期成長。今天我們聚在一起的時候，我將介紹我們的業務最新情況以及我對近期的看法，我們將繼續規劃和適應未來。

Specifically, I will share my insights on the state of the US business, our assessment of our current product offering, what we've learned, has worked and what has not worked and the actions our teams are taking to reaccelerate growth in the US, my perspective on our strength globally and the opportunities this continues to create for our brand going forward and the impact of the new trade environment, implications of higher tariffs and the removal of the de minimis exemption on our revised guidance. Finally, we'll conclude by taking your questions. So let's begin.

具體來說，我將分享我對美國業務狀況的見解、我們對當前產品的評估、我們學到的經驗、有效的方法和無效的方法以及我們的團隊為重新加速美國增長而採取的行動、我對我們全球實力的看法以及這將為我們的品牌未來繼續創造的機會以及新貿易環境的影響、更高關稅的影響以及取消最低限度對我們修訂指南的影響豁免。最後，我們將回答大家的提問。那麼就讓我們開始吧。

As I speak to the US, I'd like to set some context for you. During the second half of last year, our teams were focused on bringing our newness penetration back to historical levels. We achieved this, as we shared last quarter through a combination of new styles and an increase in seasonal color within our core styles.

當我與美國交談時，我想向你們介紹一些背景。去年下半年，我們的團隊致力於將新品滲透率恢復到歷史水準。正如我們上個季度所分享的，我們透過結合新風格和增加核心風格中的季節性色彩實現了這一目標。

While the guest is responding well to many of our new styles, they are not reacting as we had anticipated to the updated seasonal colors we brought into our core assortment.

雖然客人對我們的許多新款式反應良好，但他們對我們引入核心產品系列的更新季節性顏色的反應卻不如我們預期。

Given this, we have recently conducted a deeper product diagnostic, the results of which I will share with you today. I now believe we have let our product life cycles run too long within many of our core categories, particularly in lounge and social. We have become too predictable within our casual offerings and missed opportunities to create new trends.

有鑑於此，我們最近進行了更深入的產品診斷，今天我將與大家分享其結果。我現在認為，我們許多核心類別的產品生命週期太長了，尤其是休閒和社交產品。我們的休閒產品變得太容易預測，錯過了創造新潮流的機會。

At the same time, we are seeing shifts within the industry. The overall market for premium athletic wear in the US remains challenging with declines continuing in quarter two. Consumers are spending less on apparel overall, spending less in performance activewear and are being more selective in their purchases, seeking out truly new styles. This makes it even more important that we meet and exceed the expectations of our guests.

同時，我們也看到產業內部正在發生轉變。美國高端運動服整體市場仍面臨挑戰，第二季持續下滑。消費者在服裝上的整體支出減少，在高性能運動服上的支出減少，並且在購買時更加挑剔，尋找真正新穎的款式。這使得我們滿足並超越客人的期望變得更加重要。

For further context, let me provide some additional details on what we are seeing is working well and what is not working well within our product assortment. Our brand-building initiatives and several of our new product innovations are working.

為了進一步說明背景信息，請允許我提供一些額外的細節，說明我們的產品組合中哪些運作良好，哪些運作不佳。我們的品牌建立措施和多項新產品創新正在發揮作用。

In addition, we continue to see growth in our performance apparel. Within our brand initiatives, our brand health continues to be strong, with growth in both total and retained guests and we continue to acquire new guests and retain existing guests across all age demographics.

此外，我們的高性能服飾也持續成長。在我們的品牌計劃中，我們的品牌健康狀況持續強勁，總客人數和留存客人數均有所增長，並且我們繼續吸引新客人並留住各個年齡段的現有客人。

In addition, our membership program continues to build and now has approximately 30 million members. Within product, our guests continue to respond well to many of the new styles and innovations we bring into the assortment, including Align No Line, Daydrift and BeCalm.

此外，我們的會員計畫也不斷擴大，目前約有 3,000 萬名會員。在產品方面，我們的客人繼續對我們引入的許多新風格和創新做出良好的反應，包括 Align No Line、Daydrift 和 BeCalm。

By leveraging our science of field product development platform, our view is that these offerings demonstrate the impact of our approach to innovation and our ability to solve the unmet needs of our guests.

透過利用我們的現場科學產品開發平台，我們認為這些產品展示了我們的創新方法的影響以及我們解決客人未滿足需求的能力。

We also continue to differentiate lululemon from our competition with our performance apparel, and we're seeing continued growth overall across our key activities, yoga, run, train, golf and tennis. As you know, performance apparel is a key differentiator for us in the marketplace and an important launch pad for us to showcase innovation.

我們也繼續透過高性能服裝將 lululemon 與競爭對手區分開來，我們看到我們的主要活動，如瑜伽、跑步、訓練、高爾夫和網球等，整體上持續增長。如您所知，高性能服飾是我們在市場上脫穎而出的關鍵因素，也是我們展示創新的重要平台。

And importantly, we have continued to gain market share within performance apparel even as the sector has declined according to the latest Circana market share data for the US. Activewear space. So we know that we have a very loyal guest who continues to trust and prioritize the brand for their high-performance apparel needs and when we deliver new innovation across the assortment, they respond and are ready to purchase.

重要的是，根據最新的 Circana 美國市場份額數據，儘管該行業有所下滑，但我們在高性能服裝領域的市場份額仍在繼續增長。運動服空間。因此，我們知道我們擁有非常忠誠的顧客，他們會繼續信任並優先考慮該品牌，以滿足他們對高性能服裝的需求，當我們在整個產品系列中推出新的創新時，他們會做出回應並準備購買。

However, on the other side of the equation, let me now turn to what we believe has not been working well based upon our recent diagnostics. Our lounge and social product offerings have become stale and have not been resonating with guests.

然而，從另一個角度來看，根據我們最近的診斷，我認為哪些方面做得不夠好。我們的休息室和社交產品已經變得陳舊，並且沒有引起客人的共鳴。

Specifically, we have seen a less enthusiastic response to some core franchises across lounge and social, such as Scuba, Softstream and Dance Studio. And we feel that our opportunity remains in frequency and conversion, which is impacting their total spend. The data related to engagement and loyalty of our guests remain strong.

具體來說，我們發現一些休閒和社交領域的核心特許經營店的反應不太熱烈，例如 Scuba、Softstream 和 Dance Studio。我們認為我們的機會仍然在於頻率和轉換率，這會影響他們的總支出。與我們的客人參與度和忠誠度相關的數據依然強勁。

My view now is that we have relied on the same product playbook across certain categories for too long. The competitive landscape is different today than it was even two or three years ago. And while no single competitor is having a meaningful impact on our business, there are now many players in the market.

我現在的觀點是，我們在某些​​類別中依賴相同的產品策略已經太久了。當今的競爭格局與兩、三年前相比已經不同。雖然沒有任何一個競爭對手對我們的業務產生重大影響，但現在市場上已經有許多參與者。

This makes it imperative that we are consistently better and stronger than ever and create the right balance of our core product in new styles across our merchandise mix. Let me zoom out and speak to what we now see as the root causes of our current product challenges in the US.

這使得我們必須不斷變得更好、更強大，並在我們的商品組合中創造核心產品與新風格的適當平衡。讓我放寬視野，談談我們現在看到的美國當前產品面臨的挑戰的根本原因。

The primary cause is that we relied too heavily on some of our core franchises across lounge and social for too long. We did not have the appropriate balance between existing and new styles across our casual offerings and the guests stop responding as they had in the past.

主要原因是我們長期過度依賴休息室和社交領域的一些核心特許經營權。我們在休閒產品中沒有在現有風格和新風格之間取得適當的平衡，客人的反應不再像過去那樣。

I would also mention as a secondary cause that in the current environment, we have the opportunity to create more agility within our go-to-market process to allow us to go faster, to test new styles and to react to guest demand. We introduced several great new styles this spring, but couldn't chase into the demand quick enough and let some of our guests disappointed.

我還要提到的第二個原因是，在當前環境下，我們有機會在進入市場的過程中創造更多的靈活性，使我們能夠更快地發展，測試新的風格並對客人的需求做出反應。今年春天我們推出了幾款很棒的新款式，但未能及時滿足需求，讓一些客人感到失望。

Our teams are now focused on increasing the number and frequency of new styles we bring into the assortment and rebalancing our go-forward merchandise mix. I will now share details about the actions underway to elevate our product assortment and to improve how our teams continue to work to support our growing business.

我們的團隊現在專注於增加新款式的數量和頻率，並重新平衡我們未來的商品組合。我現在將分享我們正在採取的行動細節，以提升我們的產品種類並改善我們的團隊如何繼續工作以支持我們不斷成長的業務。

My view is that it's now time to reset many of our practices related to how we develop and create the range of products that will fuel the next phase of our growth. We have seen that when we get our product right, everything else can follow.

我的觀點是，現在是時候重新設定我們的許多實踐，這些實踐與我們如何開發和創造一系列產品有關，這些產品將推動我們下一階段的成長。我們已經看到，當我們的產品正確時，其他一切都會隨之而來。

lululemon is a beloved brand with deeply loyal guests who have come to expect unparalleled product from us in terms of design, fabrication, innovation and newness. And I'm excited by the work of our Global Creative Director, Jonathan Cheung, who joined us early last year.

lululemon 是一個深受喜愛的品牌，擁有眾多忠實的顧客，他們期待我們在設計、製造、創新和新穎性方面提供無與倫比的產品。我對去年年初加入我們的全球創意總監 Jonathan Cheung 的工作感到非常興奮。

In this time, he has built a strong team of lead designers for men and women who are infusing new energy into the lululemon product playbook. This is an essential investment in our future, both in terms of time and talent.

在此期間，他組建了一支強大的男女首席設計師團隊，為 lululemon 的產品策略注入了新的活力。無論從時間或人才的角度來說，這都是對我們未來的重要投資。

Some areas of focus for our new design team include maintaining our momentum in performance activities, designing into several new products across lounge and social and giving a fresh perspective to some of our most iconic items.

我們的新設計團隊重點關注的領域包括保持我們在表演活動中的勢頭，設計出休息室和社交領域的幾款新產品，並為我們的一些最具標誌性的產品提供新的視角。

As a result of their work, we intend to increase new styles as a percentage of our overall assortment from the current 23% and to approximately 35% next spring. We will continue to gauge guest behavior and adjust this penetration in future seasons based upon their response.

由於他們的努力，我們打算將新款式占我們整體產品種類的比例從目前的 23% 提高到明年春天的約 35%。我們將繼續評估客人的行為，並根據他們的反應在未來的季節調整滲透率。

We are also enhancing our capabilities to go faster within our go-to-market process. By working with our vendors, we have and will continue to improve our ability to chase into strong-performing styles outside of our mainline product development process.

我們也正在增強我們的能力，以加快我們的上市進程。透過與我們的供應商合作，我們已經並將繼續提高我們在主線產品開發流程之外追逐強勁表現風格的能力。

We have also improved our fast track design capabilities, which reduces lead times by several months for select styles. These have been fully incorporated into the upcoming seasons to give us added flexibility to anticipate, meet and potentially exceed guest response and demand.

我們也提升了快速設計能力，將特定款式的交貨時間縮短了幾個月。這些已完全融入即將到來的季節中，為我們提供了更大的靈活性，可以預測、滿足甚至超越客人的反應和需求。

And through these actions, we expect to create the anticipated improvement in our product portfolio and business performance with the most meaningful impact beginning in 2026.

透過這些行動，我們期望在2026年開始實現產品組合和業務績效的預期改善，並產生最有意義的影響。

I would also like to speak to the recent announcement that Ranju Das has joined lululemon as our new Chief AI and Technology Officer. This is a new role at lululemon and represents an elevated mandate to enable AI and technology to help expedite our product innovation process, improve our agility and speed to market, and increased personalization across our guest experience.

我還想談談最近宣布的 Ranju Das 加入 lululemon 擔任我們的新任首席人工智慧和技術長的消息。這是 lululemon 的新職位，代表著更高的授權，即利用人工智慧和技術來幫助加快我們的產品創新流程，提高我們的敏捷性和上市速度，並提高我們的客戶體驗的個人化。

I'm excited Ranju has joined us, and I look forward to partnering with him as he and our technology teams implement and accelerate these strategies.

我很高興 Ranju 加入我們，我期待與他合作，幫助他和我們的技術團隊實施並加速這些策略。

These plans create a clear path forward and are intended to create a better balance across our product assortment, reaccelerate our business in the United States, and we feel these will also benefit each market where we operate.

這些計劃開闢了一條清晰的前進道路，旨在使我們的產品組合更加平衡，重新加速我們在美國的業務，我們認為這些計劃也將使我們經營的每個市場受益。

Our teams have been working with the right sense of urgency and focus, and I'm excited about the enhancements we're making to some of our existing capabilities and the new ones we are developing to set up our next phase of growth.

我們的團隊一直以正確的緊迫感和專注力開展工作，我對我們正在對一些現有能力進行的增強以及我們正在開發的新功能感到興奮，這些新功能旨在為我們的下一階段的增長做好準備。

I want to also touch on our international business, where our momentum remains strong overall and where our market expansion efforts continue at a steady pace. In China, our second largest market, total revenue increased 25% and or 24% in constant currency.

我還想談談我們的國際業務，我們的發展勢頭總體上依然強勁，我們的市場擴張努力繼續穩步推進。在我們的第二大市場中國，總收入成長了 25%，以固定匯率計算成長了 24%。

We opened five new stores in China Mainland this quarter, and we continue to drive brand awareness through a variety of activations and experiences, including our fifth annual highly visible Summer Swipe Games.

本季度，我們在中國大陸開設了五家新店，並透過各種活動和體驗繼續提升品牌知名度，包括我們第五屆年度備受矚目的夏季滑動遊戲。

In our Rest of World segment, total revenue increased 19% and 15% on a constant currency basis. We continue to open new markets as part of our growth plans, including our new company-operated store in Italy, in Milan, as well as franchise locations in Turkey and Belgium.

在我們的世界其他地區，總收入按固定匯率計算增長了 19% 和 15%。作為我們成長計畫的一部分，我們將繼續開拓新市場，包括我們在義大利米蘭的新公司直營店，以及在土耳其和比利時的特許經營店。

And looking ahead, we announced the selection of our franchise partner for India with the goal of opening our first lemon store in this market in the second half of 2026.

展望未來，我們宣布了在印度選定特許經營合作夥伴，目標是在 2026 年下半年在這個市場開設第一家檸檬店。

We remain in the early stages of international growth and are seeing success across all our markets. The opportunity to drive unaided awareness, gain market share and grow our guest base is significant. And while our growth rates remain strong, I expect the changes I just detailed for you in the US will benefit our business across all these important markets as well.

我們仍處於國際成長的早期階段，並在所有市場都取得了成功。這是一個提升知名度、贏得市場份額和擴大客戶群的重要機會。雖然我們的成長率仍然強勁，但我預計我剛才在美國詳細介紹的變化也將使我們在所有這些重要市場的業務受益。

Before I turn it over to Meghan, I'd like to speak more about the macro environment and specifically the reality of the new tariffs and the removal of the de minimis provision. Companies across our industry are looking at various levers to navigate this period, including opportunities across their supply chains, expense management and strategic pricing actions.

在將時間交給梅根之前，我想多談談宏觀環境，特別是新關稅的現實情況以及最低條款的取消。我們行業中的公司正在尋找各種手段來度過這段時期，包括供應鏈、費用管理和策略定價行動中的機會。

We are doing the same, however, realizing additional benefits will take time. And given our financial strength and profitability, I am determined that we will not make any near-term decisions that could hurt or damage our brand positioning over the long term.

我們也正在做同樣的事情，但是，實現額外的好處還需要時間。鑑於我們的財務實力和盈利能力，我決心不做出任何可能在長期內損害或破壞我們品牌定位的短期決策。

For the year, we now expect revenue growth of 4% to 6%, excluding the 53rd week in 2024 and EPS to be in the range of $12.77 to $12.97. These reductions relative to our prior expectations are being driven predominantly by North America. In the US, we now expect a 1% to 2% decline in revenue and in China, we anticipate growth in the 20% to 25% range. We continue to expect Rest of World will grow approximately 20%.

我們目前預計，2024年全年營收成長4%至6%（不包括第53週），每股盈餘將在12.77美元至12.97美元之間。相較於先前預期，這些下調主要受北美市場影響。在美國，我們目前預計營收將下降 1% 至 2%，而在中國，我們預計營收將成長 20% 至 25%。我們繼續預計世界其他地區將成長約 20%。

When looking at China, quarter two revenue came in at the low end of our expectations. As we're beginning to see some signs of macro driven headwinds in Tier 1 cities. We have adjusted our guidance for the year to factor in this continued performance.

從中國來看，第二季的營收處於我們預期的低端。我們開始看到一線城市出現一些宏觀驅動的逆風跡象。我們已調整今年的指導方針，以將這種持續的表現考慮在內。

Looking out to 2026, I believe the product plans discussed today will benefit our business in China as well, given the importance of lounge and social products in this market. Meghan will share more with you on our revised guidance in just a few minutes.

展望 2026 年，鑑於休閒和社交產品在中國市場的重要性，我相信今天討論的產品計劃也將使我們在中國的業務受益。幾分鐘後，梅根將與您分享更多有關我們修訂後的指南的資訊。

In summary, I see this period as an opportunity for lululemon. We have a brand people love with extremely loyal guests who respond well to our new styles and innovation. And we are clear on the path forward to meet and potentially exceed the expectations of our guests. I believe we will leverage our financial strength and once again demonstrate our agility to navigate this period while we steadily make progress on the product opportunities discussed today. We have learned a lot as a leadership team this year, and we are a stronger organization as a result. I expect to see the most impact of our learnings and insights into 2026 and beyond.

綜上所述，我認為這個時期對lululemon來說是一個機會。我們的品牌深受人們喜愛，我們的顧客也非常忠誠，他們對我們的新風格和創新反應良好。我們明確了未來的道路，以滿足並可能超越客人的期望。我相信，我們將利用我們的財務實力，再次展示我們度過這段時期的靈活性，同時在今天討論的產品機會上穩步取得進展。作為領導團隊，我們今年學到了很多東西，因此我們的組織變得更加強大。我希望我們的學習和見解在 2026 年及以後能夠產生最大的影響。

With that, I will now hand it over to Meghan.

現在，我將把權力移交給梅根。

Thanks, Calvin. While Q2 earnings per share exceeded guidance, our top line results fell short of our expectations, driven predominantly by underperformance in North America. As you heard Calvin say, we have opportunity within our product assortment and the teams are in action on bringing in style newness, differentiation and increased agility, and you'll see the most meaningful impact of this work in 2026.

謝謝，卡爾文。雖然第二季每股收益超出預期，但我們的營收業績卻低於預期，主要原因是北美市場表現不佳。正如您所聽到的 Calvin 所說，我們的產品組合中充滿了機遇，團隊正在採取行動，帶來風格新穎、差異化和更高的靈活性，您將在 2026 年看到這項工作最有意義的影響。

In addition, we are navigating increased costs related to tariffs and the removal of the de minimis exemption. Given these factors, we believe it's appropriate to be prudent in our planning and financial outlook for the remainder of the year.

此外，我們也正在應對與關稅和取消最低限度豁免相關的成本增加。考慮到這些因素，我們認為對今年剩餘時間的規劃和財務前景採取謹慎態度是適當的。

We are taking actions in both the near term and long term to mitigate the increased tariff costs, including strategic pricing actions, supply chain initiatives, including vendor negotiations and enterprise-wide expense savings initiatives.

我們正在採取短期和長期行動來減輕增加的關稅成本，包括策略定價行動、供應鏈計劃（包括供應商談判）和全企業的費用節約計劃。

While implementing these cost-saving strategies, we do not plan to take our eye off the long-term growth potential for lululemon. Given the strength of our balance sheet and strong cash flow generation, we will continue to invest strategically in our growth initiatives to help ensure we realize the full potential of our brand while also navigating today's dynamic environment.

在實施這些節約成本的策略的同時，我們也不會忽視 lululemon 的長期成長潛力。鑑於我們資產負債表的實力和強勁的現金流產生能力，我們將繼續對我們的成長計畫進行策略性投資，以幫助確保我們充分發揮品牌的潛力，同時應對當今的動態環境。

I'll share our detailed guidance with you in a moment. But let's first take a look at our Q2 results in detail. For Q2, total net revenue rose 7% or 6% in constant currency to $2.5 billion. Comparable sales increased 1%. Within our region's results were as follows. Americas revenue increased 1% on both a reported and constant currency basis with comparable sales down 3%.

我稍後會與您分享我們的詳細指導。但讓我們先詳細了解我們的第二季業績。第二季度，總淨收入成長 7%（以固定匯率計算為 6%），達到 25 億美元。可比銷售額成長了 1%。我們地區的結果如下。美洲地區的營收按報告和固定匯率計算均成長了 1%，而可比較銷售額則下降了 3%。

By country, revenue increased 1% in Canada on both a reported and constant currency basis and was flat in the US. China Mainland revenue increased 25% or 24% in constant currency, with comparable sales increasing 16%. And in the Rest of World, revenue grew by 19% or 15% in constant currency with comparable sales increasing by 9%.

按國家劃分，加拿大的收入按報告和固定匯率計算均增長了 1%，而美國的收入則持平。中國大陸地區營收成長 25%，以固定匯率計算成長 24%，可比銷售額成長 16%。在世界其他地區，收入增長了 19%，按固定匯率計算增長了 15%，可比銷售額增長了 9%。

In our store channel, total sales increased 3% and we ended the quarter with 784 stores globally. Square footage increased 14% versus last year, driven by the addition of 63 net new lululemon stores since Q2 2024. The which includes 18 locations in Mexico. During the quarter, we opened 14 net new stores and completed six optimizations. In our digital channel, revenues increased 9% and contributed $1 billion of top line.

在我們的商店管道，總銷售額成長了 3%，本季末我們在全球擁有 784 家商店。與去年相比，面積增加了 14%，這得益於自 2024 年第二季以來新增 63 家 lululemon 門市。其中包括墨西哥的 18 個地點。本季度，我們淨開設了14家新店，並完成了六項優化。在我們的數位管道，營收成長了 9%，貢獻了 10 億美元的營業收入。

39% of total revenue. And by category, men's revenue increased 6% versus last year, women's increased 5% and accessories and other grew 15%. Gross profit for the second quarter was $1.48 billion or 58.5% of net revenue compared to 59.6% in Q2 2024.

佔總收入的39%。從類別來看，男裝收入較去年同期成長 6%，女裝收入成長 5%，配件及其他收入成長 15%。第二季毛利為 14.8 億美元，佔淨收入的 58.5%，而 2024 年第二季為 59.6%。

The gross profit rate in Q2 decreased 110 basis points and was driven primarily by the following. An 80 basis point decrease in overall product margin driven by higher markdowns and tariff impact, markdowns increased 60 basis points versus our expectations of 20 basis points to 40 basis points, 40 basis points of deleverage on fixed costs and 10 basis points of favorable impact from foreign exchange.

第二季毛利率下降110個基點，主要原因如下。由於降價幅度和關稅影響加大，整體產品利潤率下降了 80 個基點，降價幅度增加了 60 個基點，而我們預期的是 20 個基點至 40 個基點，固定成本去槓桿率為 40 個基點，外匯帶來 10 個基點的有利影響。

Relative to our guidance for a decline in gross margin of 200 basis points to 210 basis points, the upside was driven predominantly by favorable mix, lower ocean freight costs, print management and fixed expenses, lower-than-expected tariff impact related to timing and a stock-based compensation accrual reversal.

相對於我們預期的毛利率下降 200 個基點至 210 個基點而言，上行主要得益於有利的產品組合、較低的海運成本、印刷管理和固定費用、與時間相關的低於預期的關稅影響以及股票薪酬應計逆轉。

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 approximately $952 million or 37.7% of net revenue compared to 36.8% of net revenue for the same period last year. This was favorable to our guidance for deleverage of 170 basis points to 190 basis points due predominantly to the stock-based compensation accrual reversal.

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、一般及行政費用約為 9.52 億美元，佔淨收入的 37.7%，而去年同期該費用佔淨收入的 36.8%。這有利於我們預測的去槓桿率從 170 個基點降至 190 個基點，這主要歸因於股票薪酬應計逆轉。

Operating income for the quarter was approximately $524 million or 20.7% of net revenue compared to 22.8% of net revenue in Q2 2024. Tax expense for the quarter was $162.6 million or 30.5% of pretax earnings compared to an adjusted effective tax rate of 29.6% a year ago. Net income for the quarter was $371 million or $3.10 per diluted share compared to $3.15 for the second quarter of 2024.

本季營業收入約為 5.24 億美元，佔淨收入的 20.7%，而 2024 年第二季的淨收入為 22.8%。本季稅費為 1.626 億美元，佔稅前收益的 30.5%，而去年同期調整後有效稅率為 29.6%。本季淨收入為 3.71 億美元，即每股攤薄收入 3.10 美元，而 2024 年第二季為 3.15 美元。

The stock-based compensation reversal added $0.15 to Q2. Excluding this reversal, EPS would have been above our guidance range $2.85 to $2.90. Capital expenditures were approximately $178 million for the quarter compared to approximately $145 million in the second quarter last year. The increase relates primarily to the timing of store openings.

股票薪酬逆轉為第二季度增加了 0.15 美元。不計入此次逆轉，每股收益將高於我們2.85美元至2.90美元的預期範圍。本季資本支出約1.78億美元，去年第二季約為1.45億美元。成長主要與商店開業時間有關。

Turning to our balance sheet highlights. We ended the quarter with $1.16 billion in cash and cash equivalents. Inventory increased 21% and was $1.7 billion at the end of Q2. On a unit basis, inventory increased approximately 13% and was in line with our expectations. The difference between dollar inventory growth and unit inventory growth relates predominantly to higher tariff rates relative to last year as foreign exchange.

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為 11.6 億美元。庫存增加了 21%，第二季末達到 17 億美元。以單位計算，庫存增加了約 13%，符合我們的預期。美元庫存成長與單位庫存成長的差異主要與外匯相對於去年更高的關稅稅率有關。

We've repurchased approximately 1.13 million shares at an average price of $247 during the quarter. At the end of Q2, we had approximately $860 million remaining on our $1 billion repurchase program.

本季我們以平均 247 美元的價格回購了約 113 萬股。截至第二季末，我們的 10 億美元回購計畫還剩餘約 8.6 億美元。

Let me now share our updated guidance outlook for the full year of 2025. We now expect revenue to be in the range of $10.85 billion to $11 billion. This range represents growth of 2% to 4% relative to 2024. Excluding the 53rd week that we had in the fourth quarter of 2024, we expect revenue to grow 4% to 6%. By region, we now expect revenue in the Americas to be flat to down 1%, with the US down 1% to 2% and Canada approximately flat. China Mainland to be 20% to 25% and we continue to expect rest of world to be approximately 20%.

現在，讓我分享我們對 2025 年全年的最新指導展望。我們現在預計收入將在 108.5 億美元至 110 億美元之間。這一範圍代表相對於 2024 年的成長率為 2% 至 4%。除 2024 年第四季的第 53 週外，我們預計營收將成長 4% 至 6%。按地區劃分，我們現在預計美洲的收入將持平或下降 1%，其中美國的收入將下降 1% 至 2%，加拿大的收入將大致持平。中國大陸的比例為 20% 至 25%，我們繼續預期世界其他地區的比例約為 20%。

Our updated expectations for the Americas and China Mainland take into account the most recent trends we're seeing in those regions. Looking out to 2026, we would expect all markets to benefit from the product-driven strategies we are currently implementing.

我們對美洲和中國大陸的最新預期考慮到了我們在這些地區看到的最新趨勢。展望 2026 年，我們預期所有市場都將受益於我們目前正在實施的產品驅動策略。

We now expect to be at the high end of our 40 to 45 range for net new company-operated stores in 2025 and complete approximately 35 optimizations versus our prior guidance of 40. We expect overall square footage growth in the low double digits.

我們現在預計，2025 年新開設的公司自營店數量將達到 40 至 45 家的上限，並完成約 35 項優化，而我們先前的預測是 40 項。我們預計整體建築面積成長率將達到兩位數。

Our new store openings in 2025 will include approximately 15 stores in the Americas, with nearly half of those openings planned in Mexico. The remainder of our new stores are planned for our international markets, the majority of which will be in China. We remain pleased with our new store productivity and the results we are seeing from our optimization strategy.

2025 年我們將在美洲開設約 15 家新店，其中近一半計劃在墨西哥開設。我們其餘的新店計劃面向國際市場，其中大部分將在中國。我們對新店的生產力以及優化策略所取得的成果感到滿意。

While we are taking a disciplined approach to capital spending, we continue to see positive returns from new store openings and store expansions as these strategies contribute to an improved shopping experience for our existing guests and new guest acquisition, along with building brand awareness and community engagement.

雖然我們對資本支出採取了嚴謹的態度，但我們仍然看到新店開業和門市擴張帶來的正面回報，因為這些策略有助於改善現有顧客的購物體驗和吸引新顧客，同時建立品牌知名度和社區參與度。

For the full year, we now expect gross margin to decrease approximately 300 basis points versus 2024. Relative to our prior guidance for a 110 basis point decrease, we expect the additional 190 basis points decrease to be driven predominantly by increased tariffs, including the removal of the de minimis exemption offset somewhat by several of our enterprise-wide efforts to mitigate these costs.

就全年而言，我們目前預計毛利率將比 2024 年下降約 300 個基點。相對於我們先前預測的 110 個基點的降幅，我們預計額外的 190 個基點的降幅將主要由關稅上調所致，其中包括取消最低限度豁免，但我們在全企業範圍內為降低這些成本所採取的多項措施將在一定程度上抵消這一影響。

We now expect markdowns to be approximately 50 basis points higher than last year versus our prior expectation of 10 to 20 basis points. This change reflects higher levels of seasonal clearance but does not contemplate a change to our markdown and promotional strategy. We will continue to clear end of season and end-of-life products through our normal channels, including in-store, online or outlets and from time to time in the past, we've utilized warehouse sales.

我們現在預計降價幅度將比去年高出約 50 個基點，而我們之前預期的是 10 到 20 個基點。這項變更反映了季節性清倉水準的提高，但並不代表我們降價和促銷策略的改變。我們將繼續透過正常管道清理季末和停產產品，包括店內、網路或門市，並且過去我們有時會利用倉庫銷售。

Let me provide some additional details on the increased tariff expense, which now includes two components, higher reciprocal rates and the removal of the de minimis exemption. Our prior guidance assumed a mitigated impact of 40 basis points for the year based on 10% incremental tariffs on most countries where we source and 30% on China.

讓我提供一些有關增加關稅費用的更多細節，現在包括兩個部分：更高的互惠稅率和取消最低限度豁免。我們先前的指引假設，基於對我們採購的大多數國家徵收 10% 的增量關稅以及對中國徵收 30% 的增量關稅，今年的緩解影響為 40 個基點。

As rates in total have actualized higher, and the de minimis exemption has been removed. We now expect a 220 basis points or approximately $240 million mitigated impact on gross margin for the year. This impact reflects our best estimate, recognizing the actual effect could vary, depending on how conditions evolve and our mitigation efforts perform.

由於總體稅率實際上已經提高，並且最低限度豁免已被取消。我們現在預計今年的毛利率將下降 220 個基點，約 2.4 億美元。這種影響反映了我們的最佳估計，同時認識到實際效果可能會有所不同，這取決於情況的發展和我們的緩解措施的執行情況。

In terms of de minimis, given that we have DC infrastructure in Canada, we have been well positioned to shift some of our e-commerce orders to our US guests. As most of these shipments were under $800, they qualify for the de minimis exemption and we realized meaningful duty savings. This removal will have a significant impact on our gross margin and represents approximately 170 basis points of the 220 basis points tariff-related decline we now expect for the year.

就最低限度而言，鑑於我們在加拿大擁有 DC 基礎設施，我們已經準備好將部分電子商務訂單轉移給美國客戶。由於大多數貨物的價值低於 800 美元，因此符合最低限度豁免的條件，我們實現了可觀的關稅節省。此次取消將對我們的毛利率產生重大影響，約占我們目前預計今年關稅相關下降 220 個基點中的 170 個基點。

Keep in mind that in 2025, based on timing, we are only benefiting from half a year of mitigation strategies. As we look out to 2026, while offsetting all the incremental de minimis expense will not be possible we will benefit from a full year of mitigation and expect an approximate $320 million net impact on operating margins related to both higher tariffs and the removal of the minimums.

請記住，根據時間安排，到 2025 年，我們只能從半年的緩解策略中受益。展望 2026 年，雖然不可能抵消所有增量的最低限度費用，但我們將受益於整整一年的緩解措施，預計與提高關稅和取消最低限度相關的營業利潤率淨影響約為 3.2 億美元。

Turning to SG&A for the full year. We now expect deleverage of approximately 80 basis points to 90 basis points versus 2024, modestly above our prior guidance of 50 basis points. While we have implemented several enterprise-wide cost savings initiatives, the modest increase in deleverage is driven by the impact of lower top line, FX headwinds and ongoing investments into our Power of Three x2 road map, including investments to support market growth and international expansion, and continued investment in technology.

談談全年的銷售、一般及行政費用 (SG&A)。我們現在預計，到 2024 年，去槓桿率將下降約 80 個基點至 90 個基點，略高於我們先前預測的 50 個基點。雖然我們已經實施了幾項全企業範圍的成本節約舉措，但去槓桿率的溫和增長是受到營業收入下降、外匯逆風以及對 Power of Three x2 路線圖的持續投資的影響，包括支持市場增長和國際擴張的投資，以及對技術的持續投資。

When looking at operating margin for the full year of 2025, we now expect a decrease of approximately 390 basis points versus 2024. As I mentioned, 220 basis points of the decrease is driven by increased tariffs and the removal of de minimis.

當展望 2025 年全年的營業利潤率時，我們預計該數字將比 2024 年下降約 390 個基點。正如我所提到的，220 個基點的下降是由於關稅提高和最低限度的取消。

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 $12.77 to $12.97, which is 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.

對於 2025 年全年，我們繼續預期有效稅率約為 30%。對於 2025 財年，我們現在預計每股攤薄收益將在 12.77 美元至 12.97 美元之間，即 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 now expect capital expenditures to be approximately $700 million to $720 million in 2025 versus our prior estimate of $740 million to $760 million. This reduction reflects our discipline with regard to capital spend that 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.

我們現在預計 2025 年的資本支出約為 7 億至 7.2 億美元，而我們先前估計的是 7.4 億至 7.6 億美元。此次削減反映了我們在資本支出方面的紀律，這些支出與支持業務成長的投資有關，包括繼續進行多年配送中心項目商店資本建設，用於新地點、搬遷和翻新以及技術投資。

Shifting now to Q3. Looking at Q3, we expect revenue in the range of $2.47 billion to $2.5 billion, representing growth of 3% to 4%. We expect to open approximately 14 net new company-operated stores and complete 18 optimizations in Q3.

現在轉向第三季。展望第三季度，我們預計營收將在 24.7 億美元至 25 億美元之間，成長率為 3% 至 4%。我們預計第三季將開設約 14 家新公司自營店並完成 18 項優化。

We expect gross margin in Q3 to decrease approximately 410 basis points relative to Q3 2024. The decrease will be driven predominantly by the impact of increased tariffs and removal of de minimis, deleverage on fixed costs and our ongoing investment in our multiyear distribution center project.

我們預計第三季的毛利率將較 2024 年第三季下降約 410 個基點。下降的主要原因是關稅增加、取消最低限度關稅、固定成本去槓桿以及我們對多年配送中心專案的持續投資。

The impact from tariffs and de minimis combined will be approximately 230 basis points. We expect markdowns to be 80 basis points higher than 2024, driven by increased seasonal clearance. In Q3, we expect our SG&A rate to deleverage by approximately 150 basis points relative to Q3 2024. This will be driven predominantly by increased foundational investments and related depreciation and strategic investments, including those to build brand awareness.

關稅和最低限度措施的影響總計約為 230 個基點。我們預計，受季節性清倉活動增加的推動，降價幅度將比 2024 年高出 80 個基點。在第三季度，我們預計銷售、一般及行政費用率將比 2024 年第三季下降約 150 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。

When looking at operating margins in Q3, we expect deleverage of approximately 560 basis points with 230 basis points related to tariffs and minimums. Turning to EPS. We expect earnings per share in the third quarter to be in the range of $2.18 to $2.23 versus EPS of $2.87 a year ago.

從第三季的營業利潤率來看，我們預計去槓桿率約為 560 個基點，其中 230 個基點與關稅和最低限額有關。轉向 EPS。我們預計第三季每股收益將在 2.18 美元至 2.23 美元之間，而去年同期每股收益為 2.87 美元。

We expect our effective tax rate in Q3 to grow approximately 30.5%. And looking at inventory, we expect units to increase in the low double digits in Q3 and with dollar inventories up in the low 20s, 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.

我們預計第三季有效稅率將成長約 30.5%。從庫存來看，我們預計第三季庫存量將以兩位數低點增長，美元庫存將以 20% 低點增長，這在很大程度上是由於關稅稅率和外匯匯率上調的影響。我們預計今年剩餘時間內庫存成長將呈現類似的動態。

As we look out to next year, we aim to manage our inventory in line with sales trends, and we would expect our inventory growth on a unit basis to moderate beginning in Q1 2026. Before turning it back over to Calvin, I would emphasize that while there are external factors we are navigating, we know we can perform better, and we have several initiatives in place to reaccelerate our business, particularly in the US.

展望明年，我們的目標是根據銷售趨勢管理庫存，並預計從 2026 年第一季開始，庫存單位成長將會放緩。在將話題轉回 Calvin 之前，我想強調的是，雖然我們正在處理一些外部因素，但我們知道我們可以做得更好，而且我們已經採取了多項舉措來重振我們的業務，特別是在美國。

Looking out to 2026, I believe we will see improvements in our product assortment when we have the full impact of our new creative team. In addition, we'll continue to work on and pull to navigate the new realities of higher tariffs.

展望 2026 年，我相信當我們的新創意團隊充分發揮影響力時，我們的產品種類將會得到改善。此外，我們將繼續努力應對關稅上調的新現實。

I'll reiterate that while we're managing the near-term dynamics, we have the flexibility to keep our eyes on the future and continue to prudently and strategically invest in our growth potential. However, we are planning for multiple scenarios, and we continue to look across the enterprise for ways to operate more efficiently, including expense management, capital spend on, square footage growth and inventory management.

我要重申的是，在我們管理短期動態的同時，我們可以靈活地著眼於未來，並繼續審慎且策略性地投資於我們的成長潛力。然而，我們正在為多種情況做規劃，並將繼續在整個企業內尋找更有效的營運方式，包括費用管理、資本支出、面積成長和庫存管理。

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。

Thanks, Meghan. We look forward to taking your questions in just a moment. As you heard me say, we are not satisfied with the results for the quarter, and we know our brand can and will perform better than these results.

謝謝，梅根。我們期待著盡快回答您的問題。正如您所聽到的，我們對本季的業績並不滿意，我們知道我們的品牌能夠而且將會表現得比這些業績更好。

We are clear on our assessment of the situation, which takes into account the current dynamics within the consumer environment and competitive landscape. We are learning and adapting and are focused on the path forward to create and deliver product that lives into our high-performance and high style philosophy.

我們對情勢的評估很明確，考慮了當前的消費環境和競爭格局的動態。我們正在學習和適應，並專注於創造和提供符合我們高性能和高風格理念的產品。

I feel confident in our leadership team and the plans we have in place. The guest is responding well to many of our new styles, our future pipeline is strong and the positive impact of our new design vision remains in front of us. We will navigate this period successfully given the passion, commitment and agility of our leaders and teams. We will now take your questions.

我對我們的領導團隊和我們所製定的計劃充滿信心。客人對我們的許多新風格反應良好，我們未來的產品線很強大，我們新的設計願景的正面影響仍然在我們面前。憑藉著我們領導和團隊的熱情、承諾和敏捷，我們將成功度過這段時期。我們現在將回答大家的提問。

(Operator instructions)

（操作員指示）

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, thanks for Taking my question. We'll look to hear more about the product department changes you're making. First, I would love to hear about how you can impact the back half. It sounds like there's a lot of expectations around the first half of next year.

你好，謝謝你回答我的問題。我們將期待了解您所做的產品部門變動的更多資訊。首先，我很想聽聽你對後半部有何影響。聽起來人們對明年上半年有很多期待。

But what should we expect to see in the back half of the year? And then maybe help us understand how much of the assortment this casual piece where you're seeing the slower sales trends, how much of the assortment is that? And what gives you confidence that this is the piece that needs refixed? Thank you.

但我們應該期待在今年下半年看到什麼呢？然後也許可以幫助我們了解這種休閒服飾的種類有多少，您看到銷售趨勢較慢，這種服飾的種類有多少？是什麼讓您確信這是需要重新修復的部分？謝謝。

Janine, in terms of the product pipeline, the team's focused really across three key areas, supported by innovation and solving the unmet needs of our guests. The first is maintaining momentum in the performance activities, as I mentioned, those apparel categories are positive and growing through the quarter, and we want to continue that. team is focused on designing into several new styles across lounge and social. We do have in the back half two new items launching, [Lounge Full] and Big Cozy.

Janine，就產品線而言，團隊主要專注於三個關鍵領域，以創新為支撐，並解決客人未滿足的需求。首先是保持績效活動的勢頭，正如我所提到的，這些服裝類別在本季度表現積極並且不斷增長，我們希望繼續保持這種勢頭。團隊專注於設計休閒和社交領域的幾種新風格。我們在後半部確實推出了兩款新產品，[Lounge Full] 和 Big Cozy。

And then third is continue to give a fresh perspective to some iconic items that we know our guests love and the Scuba Waffle that was launched a few weeks ago is a good example of that. So the back half of this year, there is more new styles than we had in the first half.

第三，繼續以全新的視角呈現一些我們知道客人喜愛的標誌性產品，幾週前推出的 Scuba Waffle 就是一個很好的例子。因此，今年下半年的新款式比上半年還要多。

And as I mentioned, the spring 2026 has really been the focus of Jonathan since he joined last year and the team in bringing that new fresh energy across the product playbook, and we're very excited about these new styles and what we're seeing relative to the assortment and that mix of newness moving from 23% to 35%.

正如我所提到的，自去年喬納森加入以來，2026 年春季一直是他和團隊關注的重點，他為整個產品策略帶來了新鮮的活力，我們對這些新款式以及我們所看到的相對於產品種類和新品組合的比率從 23% 上升到 35% 感到非常興奮。

From a casual perspective, it's about 40% of the mix. 60% is performance on that performance, as I mentioned, sales are positive across those five key activities. And then within casual, there are new styles that are performing well, Day Drift, BeCalm and there our core franchises like Scuba, Softstreme and Dance Studio where we're seeing fatigue with the consumer, particularly our high-value consumer who's been with us longer.

從隨意的角度來看，它大約佔組合的 40％。 60％ 是表現，正如我所提到的，這五項關鍵活動的銷售額都是正面的。在休閒領域，一些新風格表現良好，如 Day Drift、BeCalm，以及我們的核心系列，如 Scuba、Softstreme 和 Dance Studio，我們發現消費者對這些品牌感到厭倦，尤其是那些與我們合作時間較長的高價值消費者。

And that's the split of the sales and where we're seeing some of those product headwinds within that casual mix of the assortment.

這就是銷售額的分佈情況，我們在隨意組合的商品組合中看到了一些產品阻力。

Great. And then maybe just a follow-up on tariffs. I'm curious what you've seen so far with some of the less price increases you've taken. And it sounds like you're cautious on raising price, but just be curious if the recent increase in tariffs change review on pricing into next year at all? Thank you.

偉大的。然後也許只是對關稅進行跟進。我很好奇，到目前為止，對於一些價格上漲幅度較小的產品，您看到了什麼變化。聽起來您對漲價持謹慎態度，但您是否好奇最近關稅的增加是否會改變明年的價格審查？謝謝。

Thanks, Janine. So we are instituting modest price increases, a small portion number assortment as we discussed last quarter. What's reflected in our guidance is still that positioning. We continue to look at pricing. I would say those actions are in the process of rolling out, and we're pleased with them to date but some still in front of us.

謝謝，珍妮。因此，我們正在實施適度的價格上漲，正如我們上個季度所討論的那樣，數量分類比例很小。我們的指導中反映的仍然是這種定位。我們繼續關注定價。我想說這些行動正在實施中，到目前為止我們對此感到滿意，但仍有一些行動需要我們完成。

We'll continue to look at it as a lever as we move through the second half of this year and into next.

在今年下半年和下半年，我們將繼續把它視為一個槓桿。

Thanks so much, and best of luck.

非常感謝，祝你好運。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect, thanks so much. Perfect. Maybe a follow-up just on that lifestyle point of being 40% or so of the assortment. Is that the right mix, do you think, over time? And are there any differences by geography? And then just separately, just on the performance versus casual kind of deviation.

非常好，非常感謝。完美的。也許只是對生活方式的後續關注，占到總數的 40% 左右。您認為，從長遠來看，這是正確的組合嗎？不同地域之間是否有差異？然後分別討論表現與隨意性的偏差。

It just feels like the performance franchises are longer dated versus like your later entry into cattle. So I'm just a little bit surprised by the fatigue there. So any color or thoughts on what's different would be helpful. Thanks so much.

感覺就像表演特許經營權的歷史更長，而不是後來進入牛業。所以我對於那裡的疲勞感到有點驚訝。因此，任何關於顏色或不同之處的想法都會有所幫助。非常感謝。

In terms of the right mix, I do think a 60-40 split, what we've historically seen is a good benchmark. We'll let the guest sort of judge based on the new styles that we bring as well as I've shared before, we have plans to continue to develop into the activity strategy where we see opportunity.

就正確的組合而言，我確實認為 60-40 的比例，從歷史上看是一個很好的基準。我們會讓客人根據我們帶來的新風格進行評判，正如我之前分享的那樣，我們計劃在看到機會的地方繼續發展活動策略。

We have a very good position and run. In yoga, we see an opportunity to continue to gain market share in train golf and tennis, not just in North America, US, but around the globe. So as we innovate and lean into those, we see that driving growth.

我們擁有非常好的位置和運行。在瑜珈方面，我們看到了繼續在訓練高爾夫和網球領域獲得市場份額的機會，不僅在北美、美國，而且在全球範圍內。因此，當我們創新並傾向於這些時，我們看到了推動成長的動力。

And on the casual side of the business, it really is split between social and lounge. Social has been an opportunity for us in our women's assortment. Daydrift is a good example of us playing with that high-performance, high-style blend.

在業務的休閒方面，它實際上分為社交和休閒。社交活動對於我們女裝系列的推出來說是一個機會。Daydrift 是我們追求高性能、高風格融合的一個很好的例子。

There are new styles planned for that. And we've had a very strong lounge business supported by some of these key franchises that, as I mentioned, are doing well with newer guests and our high-value guests that have these in their wardrobe are looking and reacting more to new, and we have new lounge coming.

我們計劃採用新的風格。而且，在一些主要特許經營店的支持下，我們的休息室業務非常強勁，正如我所提到的，這些特許經營店在新客人中表現良好，而我們的高價值客人的衣櫃裡有這些產品，他們對新產品的關注和反應更為積極，我們即將推出新的休息室。

So the 60-40 split, I think, is a good starting position for us, but we're constantly learning and adapting as we introduce new styles, we'll continue to do that through improved agility. Relative to growing in performance versus casual, we have a number of franchises in both of those segments that I would say, vary depending upon length of time.

因此，我認為 60-40 的分割對我們來說是一個很好的起點，但隨著我們引入新的風格，我們也在不斷學習和適應，我們將透過提高敏捷性來繼續做到這一點。相對於績效與休閒的成長，我們在這兩個領域都擁有一些特許經營權，我想說，這些特許經營權隨時間長度而變化。

Within performance because of the very nature of the fabrics and the innovations and solving the unmet needs of our guests, we've been able to update and provide a variety of variations as well as continue to bring in new solutions.

在性能方面，由於面料的本質以及創新和解決客人未滿足的需求，我們能夠更新和提供各種各樣的變化，並繼續帶來新的解決方案。

So it has been new styles and new innovation that has driven a lot of that growth and success that we're seeing especially in some of the newer activities for us. So I'm not surprised that we're seeing and able to generate growth on that side of the business.

因此，新的風格和新的創新推動了我們所看到的大量成長和成功，尤其是在一些較新的活動中。因此，當我們看到並能夠在該業務方面實現成長時，我並不感到驚訝。

And on the casual, it is attributed to some of these core franchises that we've had for a while that she's responding less to the core color interpretations and obviously to new and updates to those like the Scuba Waffle that I mentioned when it is truly something she has not seen before responding well.

從休閒角度來說，這歸因於我們已經擁有的一些核心系列產品，她對核心顏色解釋的反應較少，而對我提到的 Scuba Waffle 等新產品和更新的反應明顯較差，因為這些都是她以前從未見過的產品，所以她反應良好。

Thanks so much.

非常感謝。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good afternoon, and thank you for taking our question. Calvin, I was hoping that you could contextualize the magnitude of these key franchises that are down trending within the 40% of your business that is casual.

下午好，感謝您回答我們的問題。卡爾文，我希望您能夠將這些呈下降趨勢的關鍵特許經營權的規模具體化，這些特許經營權佔您休閒業務的 40%。

How are you thinking about the time line that it might take for new innovation to scale in your Spring '26 innovation pipeline to a large enough magnitude in which that newness will fully offset the incremental pressure that you're seeing from the select lounge and social platforms? Thank you.

您如何看待新創新在 2026 年春季創新管道中擴展到足夠大的規模所需的時間線，以便這些新事物能夠完全抵消您從精選休息室和社交平台看到的增量壓力？謝謝。

Thanks, Brooke. When we look at the merchandising mix heading into spring and the shift from 23% to 35%, that will be new styles that the guest has not seen. And I would say that slightly over indexes into the areas of opportunity we've seen, which has been social and lounge plus the newness that we've introduced this year that she has responded well to the drift the com franchise, plus those that we have coming, which are Big Cozy, our loungewear being a couple of those.

謝謝，布魯克。當我們觀察春季的商品組合以及從 23% 到 35% 的變化時，我們會發現這些都是客人從未見過的新款式。我想說的是，我們看到的機會領域略有增加，包括社交和休閒，加上我們今年推出的新品，她對 .com 特許經營的趨勢反應良好，再加上我們即將推出的 Big Cozy，我們的休閒服就是其中的幾個。

I feel that the mix is good to offset to give the guest choice and options around some of those core franchises. And we're obviously going to test and learn. And one of the key areas that I also mentioned is the agility to be able to chase into quicker the items that are successful. But I do think the mix of the assortment allows us to have the right new style and learn and see how the guests respond to it.

我認為這種組合可以很好地抵消為客人提供圍繞一些核心特許經營權的選擇和選項。我們顯然會進行測試和學習。我還提到的一個關鍵領域是敏捷性，能夠更快地追蹤成功的專案。但我確實認為，多種多樣的搭配讓我們擁有了正確的新風格，並讓我們了解並看到客人對此的反應。

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

太好了，非常感謝。我會傳達的。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much. Calvin, you talked a lot about supply chain initiatives in your prepared remarks, specifically around speed and getting faster. Can you talk specifically about how much faster lead times need to get where they are today, where you really want to take them ultimately?

太好了，非常感謝。卡爾文，您在準備好的發言中談了很多關於供應鏈計劃的問題，特別是關於速度和加快速度的問題。您能否具體談談，要達到目前的水平，交付週期需要縮短多少，以及您最終真正希望達到的水平？

And how are you going to manage that process of getting a company that's worked one way for a really long time around creating product, both in line and innovation into doing something really sounds pretty different? Thank you.

您將如何管理這個過程，讓一家長期以來以單一方式創造產品（包括生產線和創新）的公司去做一些聽起來非常不同的事情？謝謝。

Yeah. Thanks, Jay. The teams have been in that work. And we've been able to improve our go-to-market calendar over the last a few quarters with plans to continue to be able to adapt how they work. A couple of examples is aligning at the beginning of the season across our supply chain with our vendor partners and our merchants.

是的。謝謝，傑伊。這些團隊一直在從事這項工作。在過去的幾個季度中，我們已經能夠改進我們的上市日程表，並計劃繼續調整其工作方式。舉幾個例子，在季節開始時，我們的供應鏈就會與我們的供應商合作夥伴和商家協調。

Some of the key new items and fabrics and having our vendor base pull in some of those fabrics so we can move more quickly into action when we see and get a read from our guests.

一些關鍵的新商品和布料，以及我們的供應商基地引進的一些布料，這樣當我們看到並得到客人的閱讀時，我們可以更快地採取行動。

We've improved the ability to adjust within the process from a PO and a cut and sew into a different style or into a different silhouette depending upon, again, the read of the guest. So it is definitely a new way of working. It has been an area and focus for the team because we're excited about the new styles that we're bringing.

我們提高了在採購訂單和剪裁過程中根據客人的喜好進行調整的能力，可以調整成不同的風格或不同的輪廓。所以這絕對是一種新的工作方式。這一直是團隊關注的領域和重點，因為我們對我們帶來的新風格感到興奮。

We're excited about the percentage of our merchandising mix and obviously, we know that agility and our ability to react quickly is an important muscle and the teams have been focusing on that working both with vendor partner themselves.

我們對我們的商品組合的百分比感到非常興奮，顯然，我們知道敏捷性和快速反應的能力是重要的優勢，團隊一直專注於與供應商合作夥伴合作。

Equally, and as I mentioned, Ranju joined in a new role, which I'm very excited about, which really is a continuation of the focus that we put on our processes and technology to enable the teams to be able to have the right tools and processes to support this change and to move more quickly. And he'll be an important partner to the teams in driving that and leveraging technology to move even quicker.

同樣，正如我所提到的，Ranju 加入了一個新的角色，我對此感到非常興奮，這實際上延續了我們對流程和技術的關注，使團隊能夠擁有正確的工具和流程來支持這種變化並更快地採取行動。他將成為團隊的重要合作夥伴，推動這項進程並利用技術實現更快的發展。

Got it. And then if I could just ask a little bit about marketing because you mentioned, I think, in the pared remarks that if you get the product right, everything else kind of takes care of itself. But are there -- is there anything you pile you can do with on the marketing side? Would you be willing to increase marketing as a percent of sales to maybe create some more traffic in the store and more excitement around the brand?

知道了。然後，我可以問一些關於行銷的問題嗎？因為我認為，您在簡短的評論中提到過，如果您的產品正確，其他一切都會水到渠成。但是，在行銷方面，您能利用哪些資源嗎？您是否願意將行銷費用提高到銷售額的一定比例，以增加商店客流量並增強品牌吸引力？

We don't have plans to increase. It's 5% of our revenue. Plan is to maintain that. We definitely continue to test and learn, but lean into our grassroots community, local with some event activations and we're pleased with the engagement and the guest metrics on a year-to-date basis. Our brand remains very healthy and our guests are very loyal, as you know.

我們沒有增加的計劃。這是我們收入的5%。計劃就是維持這一點。我們肯定會繼續測試和學習，但會依靠我們的基層社區，在當地開展一些活動，我們對今年迄今為止的參與度和客人指標感到滿意。如您所知，我們的品牌保持著非常健康的狀態，我們的客人也非常忠誠。

And when I look at the guest data, we've continued to grow our guest base in the US across all age demographics through the quarter and year-to-date. And within our most recent guest cohort, those that are in our low to mid spend range, all are spending more with us year-over-year.

當我查看客人數據時，我發現本季和今年迄今為止，我們在美國各個年齡層的客人群都在持續增長。在我們最近的客人群中，那些消費水準處於中低水準的客人，其消費額逐年增加。

Opportunities are high-value guests. They're over-indexing on new styles and retention remains strong, but the opportunity is they're spending less with us linked, as I mentioned, to these core franchises predominantly in lounge and social.

機會是高價值的客人。他們對新款式的投入過多，保留率仍然很高，但機會在於他們在我們身上的支出減少了，正如我所提到的，主要集中在休閒和社交領域的這些核心特許經營權上。

And with this group, they've almost all opted in for direct marketing. So the teams are really focused on our ability to proactively showcase and present the new styles to them as they launch and we'll maintain our in-market activations around community and local, and we're seeing good success on brand awareness, and we'll continue playing that formula.

而對於這個群體，他們幾乎都選擇了直接行銷。因此，團隊真正關注的是我們在新產品發佈時主動展示和呈現新風格的能力，我們將圍繞社區和當地保持市場活動，我們在品牌知名度方面看到了良好的成功，我們將繼續採用這種方式。

Got it. Thank you so much.

知道了。太感謝了。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, thanks guys. Can you maybe talk about the gross pressure from the reciprocal tariffs as well as the de minimis on an annualized basis? And maybe can you just share how much are you relying on pricing as a mitigation tool. And maybe just help me maybe connect the dots between using price, but then also guiding for higher markdowns year-over-year?

嘿，謝謝大家。您能否談談互惠關稅以及年度最低限度關稅造成的整體壓力？您能否分享一下您在多大程度上依賴定價作為緩解工具？也許只是幫助我將價格與同比降價之間的點聯繫起來？

Yeah. Thanks, Paul. So in terms of 2026, we shared a $320 million mitigated impact. We are offsetting about half of the growth within that impact. I would say about half of the offset would be expense actions and the balance would be pricing and vendor negotiations, pricing being a little bit bigger than the vendor negotiation piece.

是的。謝謝，保羅。因此，就 2026 年而言，我們將減少 3.2 億美元的損失。我們正在抵消該影響範圍內約一半的成長。我想說大約一半的抵銷將是費用行動，其餘將是定價和供應商談判，定價比供應商談判部分大一點。

I would say we're being very mindful on a style-by-style basis looking at elasticities don't feel like there's overlap with the markdown pressure we're seeing this year.

我想說的是，我們非常注意逐一觀察各個款式的彈性，感覺這與我們今年看到的降價壓力沒有重疊。

I think it's really related to -- we have more seasonal inventory than we need based on our sales trend, and we're focused on clearing that by end of year. Definitely have an eye on the relationship between those 2 pieces and feel well positioned today. As I said, we'll keep our eye on pricing as both our pricing rolls out and the performance of that as well as how the competitive environment evolves.

我認為這確實與以下情況有關——根據我們的銷售趨勢，我們的季節性庫存比我們需要的多，我們致力於在年底前清理這些庫存。一定要注意這兩部分之間的關係，今天感覺位置很好。正如我所說，我們將密切關注定價，包括我們的定價推出及其表現以及競爭環境如何演變。

Got it. And then was the pricing changes be isolated to the US? Or do you think you have some pricing power globally that can help the mitigation tool?

知道了。那麼定價變動是否僅限於美國？或者您認為您在全球範圍內擁有一定的定價權，可以幫助緩解工具？

At this point isolated.

此時已孤立無援。

Yeah, thank you. Good luck.

是的，謝謝。祝你好運。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Good afternoon, Calvin, I guess my question is on the on the inventory kind of that's in the pipeline, what can you be doing sort of between now and 2026 when the fix has come into play? How can you kind of chase into things that are suggesting that they're working and make any kind of like course corrections kind of before we get to that point?

下午好，卡爾文，我想我的問題是關於庫存方面的，從現在到 2026 年修復開始生效期間您可以做些什麼？在我們到達那個點之前，您如何追蹤那些表明它們正在起作用的事情並做出任何類似的路線修正？

And then my other question is on the de minimis, and I'm not sure if we have enough information to back into it, but the e-commerce is roughly, call it, mid- to high 40% depending on the quarter. what portion of that comes into the US. So how should we think about what was being used on the de minimis exemption? Thank you very much.

然後我的另一個問題是關於最低限度的，我不確定我們是否有足夠的資訊來支持它，但電子商務大約是，根據季度的不同，稱之為 40% 中高。其中有多少部分進入美國。那麼，我們該如何看待最低限度豁免的使用呢？非常感謝。

On the inventory, a lot of what I laid out before, the new approach to being able to be quicker, faster has been in place. And although we still have some work and believe we can continue to refine and improve those items that we introduced through the second half of this year that we get a good read on. We'll be able to move quicker than we have in the past.

在庫存方面，我之前列出的許多內容，能夠更快、更快捷的新方法已經到位。儘管我們仍有一些工作要做，但我們相信我們可以繼續完善和改進我們在今年下半年推出的那些項目，我們會得到很好的解釋。我們將能夠比過去更快採取行動。

Some of the new processes I mentioned such as upfront working with vendors on fabrications and having them ready allow us to eliminate up to two months through our chase process. So those are in place and we'll be able to react. And we continue to look at ways in which we can improve that agility even more moving forward.

我提到的一些新流程，例如提前與供應商合作製造並做好準備，可以讓我們在追逐過程中節省最多兩個月的時間。這些都已到位，我們將能夠做出反應。我們將繼續尋找能夠進一步提高靈活性的方法。

And then in terms of de minimis, so we fulfill approximately two-third of our US e-commerce orders through Canada. Most of those shipments would have been under $800 and would have qualified for the exemption to some meaningful impact for us. I would share that we are looking actively at our DC network and part of our mitigation strategy is inventory placement and making sure we're most efficient as we move forward.

就最低限度而言，我們透過加拿大完成了大約三分之二的美國電子商務訂單。大多數貨物的價格都低於 800 美元，符合免稅條件，並且會對我們產生一些重大影響。我想說的是，我們正在積極關注我們的 DC 網絡，我們的緩解策略的一部分是庫存佈局，並確保我們在未來的工作中保持最高的效率。

Great, thank you very much. I'll pass along.

太好了，非常感謝。我會傳達的。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So Calvin, on your revised outlook in both the US and China for the year, could you elaborate on what you saw or how you saw traffic trends progress over the course of the second quarter? And any change so far in the third quarter that informed the more cautious outlook for the year?

太好了，謝謝。那麼 Calvin，關於您對今年美國和中國的展望的修訂，您能否詳細說明一下您看到的情況或您認為第二季度的客流量趨勢如何發展？那麼，第三季迄今發生的任何變化是否表明對今年的前景更加謹慎？

Matt, so in terms of KPI trends throughout the quarter, May was our strongest month and July was our weakest. So we did see the trend decelerate as we move through the quarter. We did see store and e-commerce traffic slow a bit as we move throughout the quarter.

馬特，就整個季度的 KPI 趨勢而言，5 月是我們表現最強勁的月份，而 7 月則是最弱的月份。因此，我們確實看到，隨著本季的推進，這一趨勢有所放緩。在整個季度中，我們確實看到商店和電子商務的流量有所放緩。

Conversion was relatively consistent and then AOV flat to slightly worse. I would share. Quarter-to-date, the US trend is generally in line with our annual guide. Canada is a little bit lower than our annual guide for the Canada region, and then China is on the higher end. We do expect Q4 China will be the lower end just given the shift of Chinese New Year out of Q4 and into Q1.

轉換率相對穩定，AOV 則持平甚至略有下降。我願意分享。本季度迄今為止，美國的趨勢總體上與我們的年度指導一致。加拿大的水平略低於我們對加拿大地區的年度指導水平，而中國的水平則處於較高水平。我們確實預計第四季度中國的數據將處於較低水平，因為中國新年將從第四季轉移到第一季。

Great. And then, Calvin, could you maybe just elaborate on some of your comments before on changes in the industry that I think you said is challenging your core assortment. And then regionally, I mean, what do you think is different here in the US relative to what you're seeing from the brand overseas?

偉大的。然後，卡爾文，您能否詳細說明您之前對行業變化的一些評論，我認為您說這些變化正在挑戰您的核心產品組合。然後從地區角度來看，您認為美國市場與您在海外看到的品牌相比有何不同？

Thanks, Matt. So from an industry or competitive position, what I'd say is our brand remains strong, our guests are loyal and our product is uniquely positioned. And as I've said before, there's lots of opportunity for us to keep growing across many categories. competition in our space has always been intense and there's lots of share for us to gain. And that said, competition is different today.

謝謝，馬特。因此，從行業或競爭地位來看，我想說的是，我們的品牌仍然強勁，我們的客人忠誠，我們的產品具有獨特的定位。正如我之前所說，我們有很多機會在多個類別中保持成長。我們這個領域的競爭一直很激烈，我們可以獲得很大的份額。話雖如此，但如今的競爭已經不同了。

There are more players across all the specialty and they're offering athleisure and performance solutions. Our product is uniquely positioned. And as we continue to drive our unique approach of solving that needs of our guests, when we deliver, we win and continuing to grow our performance apparel this quarter, I think, is a good example of that.

所有專業領域都有更多參與者，他們提供運動休閒和性能解決方案。我們的產品具有獨特的定位。當我們繼續推動我們獨特的方法來解決客人的需求時，當我們交付時，我們就贏了，並且本季度繼續增加我們的性能服裝，我認為這就是一個很好的例子。

And as we've learned and I've shared the opportunity with some of our lounge and social core franchises. As a reminder to the team that when we don't and the need for us to continue to create new styles so that we can stay ahead of those that are copying our successes. And we know we can do better for our guests, especially in these categories, and that's the focus.

正如我們所了解的，我已經與我們的一些休息室和社交核心特許經營店分享了這個機會。提醒團隊，當我們不這樣做時，我們需要繼續創造新的風格，以便我們能夠領先於複製我們成功的人。我們知道我們可以為我們的客人做得更好，特別是在這些類別上，這就是重點。

From a regional perspective, as I shared, our low to mid value consumers, the newer gas cohorts in the US, we continue to see increase in spend. And when I look across international regional markets. We are earlier in our growth earlier in share earlier in guest acquisition and our relationship with those guests.

從區域角度來看，正如我所分享的，我們的中低價值消費者，即美國較新的天然氣群體，我們的支出持續增加。當我放眼國際區域市場。我們在客戶獲取和與客戶建立關係方面較早實現了成長。

So I think the overall assortment continues to resonate and drive our momentum in our international business was strong in the quarter. And all the changes that the team has been in for next year will benefit and serve the entire globe because we know new styles are resonating everywhere. So very positive that will just have an impact across all of our markets.

因此，我認為整體產品組合將繼續產生共鳴，並推動我們本季國際業務的強勁發展勢頭。團隊明年進行的所有變革都將造福並服務於整個世界，因為我們知道新的風格在各地引起共鳴。這非常積極，它將對我們所有的市場產生影響。

Great, best of luck.

太好了，祝你好運。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Thank thanks for taking the question. Just a couple since we're on the international theme. Could you speak a little bit to Canada? I know in previous quarters, you said some of the issues you identified were identified were isolated to the US but your comment on the Canada trend recently. I just wanted to check if you're starting to see some of those issues in Canada or what's causing some slower trends there?

感謝您回答這個問題。由於我們討論的是國際主題，所以只有幾個。您能和加拿大講幾句話嗎？我知道在前幾個季度，您說過您發現的一些問題僅限於美國，但您最近對加拿大趨勢發表了評論。我只是想檢查一下您是否開始在加拿大看到一些這樣的問題，或者是什麼原因導致那裡的趨勢放緩？

And in China, maybe just a thought on where store profitability is today versus prior peak. So you can think about some of the guidance you gave within the context of how that market will affect the margins?

在中國，也許只是思考一下目前商店的獲利能力與之前的高峰相比處於什麼水平。那麼，您可以考慮一下您在該市場將如何影響利潤率的背景下給出的一些指導嗎？

And then I guess, Meghan, I don't want to exhaust this, but as you -- you gave us a lot of components to think about on the margin for 2026 between tariffs and de minimis. But strike as the mix of new product keeps moving higher, that usually comes with a placeholder for higher markdowns as well because you don't have as much data on what sell-through will be as you do for legacy products. Is that a fair assumption or any other building blocks that should be mindful of the wrap into next year?

然後我想，梅根，我不想窮盡這一點，但正如你所說——你給了我們很多關於 2026 年關稅和最低限度之間的利潤率的因素。但是，隨著新產品組合不斷增加，通常也會出現更高降價的情況，因為你沒有像傳統產品那樣掌握那麼多的銷售數據。這是一個合理的假設嗎？或者還有什麼其他基礎要素要注意，以備明年使用？

Thanks, Michael. I'll quickly go on Canada. We did see similar macro conditions in the Canadian market this quarter regarding some of the consumer uncertainties. And as guests are spending less overall, they are reacting well to new styles and spending less on styles they already have. And I expect the changes we're making in the US will benefit our business across all the important markets, including Canada.

謝謝，麥可。我將很快前往加拿大。本季我們確實看到加拿大市場存在類似的宏觀狀況，涉及一些消費者的不確定性。由於客人整體花費較少，他們對新款式反應良好，並且減少了對已有款式的花費。我希望我們在美國做出的改變將使我們在包括加拿大在內的所有重要市場的業務受益。

On China, we did see expansion in our operating margin in Q2. I would say in terms of where the growth came from, it was predominantly e-com, while our stores were a little bit more pressured in the quarter. So a little bit of opportunity, I would say, in our stores as we see the traffic there recover.

在中國，我們確實看到第二季的營業利潤率擴大。我想說，就成長來源而言，主要是電子商務，而我們的商店在本季面臨的壓力更大一些。因此，我想說，隨著客流量的恢復，我們的商店將迎來一些機會。

From a margin perspective, we are actively planning 2026. There's two components really that are impacting us. So the first is revenue and we're focused on driving that US inflection. We will see a healthy flow-through on operating margin as we see that business recover.

從利潤率角度來看，我們正在積極規劃2026年。有兩個因素確實對我們產生了影響。因此，首先是收入，我們專注於推動美國的成長。隨著業務復甦，我們將看到健康的營業利潤率流動。

However, acknowledging, as you mentioned, newness, and managing that dynamic. We are going to be very mindful of inventory as we get performance on the new styles and chase that trend on the upside. So definitely looking to maintain our focus on full price component of our business and managing the markdown piece.

然而，正如您所說，要承認新事物，並管理這種動態。我們將密切關注庫存，因為我們將關注新款式的表現並追逐上行趨勢。因此，我們肯定會繼續專注於業務的全價部分並管理降價部分。

And then the second large impact to our business is obviously tariffs and de minimis. So we continue to work on mitigation strategies there. and mentioned right now, our expectation is $320 million impact. And then there'll be some puts and takes as we go through our planning process. There are some pieces of expense that we've pulled out this year that will contemplate buybacks is appropriate and obviously, all with protecting long-term brand health and our potential for the brand.

對我們的業務的第二大影響顯然是關稅和最低限度。因此，我們將繼續在那裡制定緩解策略。正如剛才提到的，我們預計影響金額為 3.2 億美元。在我們進行規劃的過程中，會出現一些得失。我們今年取消了一些開支，將考慮回購是否合適，顯然，所有這些都是為了保護品牌的長期健康和品牌潛力。

Okay, thanks a lot for all the help guys.

好的，非常感謝大家的幫忙。

Operator will take one more question.

接線員將再回答一個問題。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, thanks for taking the question. I was curious, we saw e-commerce pace, retail stores for the first time, I think, since 203 in terms of growth. Are you seeing a change in the way that customers shopping a brand, or is that reflective of where you were choosing to do kind of the clearance activity? Thanks.

你好，謝謝你回答這個問題。我很好奇，我們第一次看到電子商務的步伐，零售店的成長，我想，自 203 年以來。您是否發現顧客購買品牌的方式發生了變化，或者這是否反映了您選擇進行清倉活動的方式？謝謝。

Yeah. I would say we saw traffic decline slightly in both stores and e-com. We did see a conversion uptick on e-com. I would say, a little bit of consumer behavior. And then also, we did see higher markdowns in the quarter. We tend to clear those more through our e-commerce channels, so that would be reflective there.

是的。我想說的是，我們看到商店和電子商務的流量都略有下降。我們確實看到電子商務的轉換率有所上升。我想說的是，有一點消費者行為。而且，我們確實看到本季降價幅度有所增加。我們傾向於透過我們的電子商務管道來清除這些問題，因此這將會反映出來。

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

今天我們的提問時間就到這裡了。感謝您參加電話會議，祝您有個愉快的一天。