Lululemon Athletica Inc (LULU) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc. third-quarter 2025 financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 Lululemon Athletica Inc. 2025 年第三季財務業績電話會議。（操作員指示）會議正在錄音。（操作說明）

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

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

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

謝謝，下午好。歡迎參加 Lululemon 第三季財報電話會議。今天和我一起討論我們業績的有麥當勞執行長卡爾文·麥當勞和財務長梅根·弗蘭克。

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

在正式開始之前，我想藉此機會提醒各位，我們今天的發言將包含一些前瞻性陳述，反映了管理層目前對 Lululemon 未來某些方面的預測。這些聲明是基於我們評估過的當前訊息，但訊息的本質是動態的，容易發生快速甚至突發的變化。

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

由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性聲明中包含或暗示的結果存在重大差異，包括我們在最近向美國證券交易委員會提交的文件（包括我們的 10-K 表格年度報告和 10-Q 表格季度報告）中披露的風險和不確定性。我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，我們明確聲明不承擔因新資訊或未來事件而更新或修改任何此類陳述的任何義務或責任。

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。GAAP 與非 GAAP 指標的調整表已包含在我們的 10-Q 表格季度報告和今天的獲利新聞稿中。

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.

此外，今天電話會議上給出的可比較銷售指標均以不變美元為基礎。新聞稿和隨附的 10-Q 季度報告可在我們網站 www.lululemon.com 的「投資者」部分查閱。

Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial and operating statistics for the third quarter as well as our quarterly infographic. Today's call is scheduled for one hour so please limit yourself to one question at a time to give others the opportunity to have their questions addressed.

在電話會議開始之前，我想提醒各位投資者訪問我們的投資者網站，您可以在那裡找到我們第三季度主要財務和營運統計數據的摘要以及我們的季度資訊圖表。今天的電話會議安排為一小時，所以請每次只提一個問題，以便讓其他人也有機會提出問題。

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

現在我想把電話交給卡爾文。

Thank you, Howard. It's good to be here with all of you today. In just a few minutes, Meghan and I will provide an overview of our results for the third quarter, our performance over the Thanksgiving weekend as well as an updated guidance for the fourth quarter and full year.

謝謝你，霍華德。今天能和大家聚在一起真是太好了。幾分鐘後，我和梅根將概述我們第三季的業績、感恩節週末的表現，以及對第四季和全年的最新預測。

But let me begin with sharing more about the news that after more than seven amazing years, I will step down from my role as CEO of Lululemon on January 31. In my conversations with the Board, we carefully considered what's ahead for the company and for my own journey. Together, we agreed that the timing is right for a change as we near the end of our five-year plan cycle.

但首先我想和大家分享一個消息：在擔任 Lululemon 執行長七年多後，我將於 1 月 31 日卸任。在與董事會的對話中，我們認真考慮了公司未來的發展方向以及我個人的發展道路。我們一致認為，隨著五年計畫週期接近尾聲，現在是進行變革的合適時機。

I'm incredibly proud of what we have accomplished together over the past seven years. Lululemon is a very different and much stronger company today than when I first joined the organization in August of 2018. I enjoy helping organizations set big, ambitious goals and growth targets and working towards achieving them.

我為我們過去七年來共同取得的成就感到無比自豪。如今的 Lululemon 與我 2018 年 8 月剛加入公司時相比，已經截然不同，也強大得多。我喜歡幫助企業設定遠大的目標和成長目標，並努力實現這些目標。

Since 2018, Lululemon tripled its annual revenue, and we expect to generate $11 billion this fiscal year. We have broadened our global reach from 18 to over 30 geographies and grown the company's China Mainland business into our second largest market. We expanded the horizon for what's possible for Lululemon, quadrupling our international business, growing our men's business as well as our online channel and extending into new categories and activities.

自 2018 年以來，Lululemon 的年收入成長了兩倍，我們預計本財年將創造 110 億美元的收入。我們的全球業務範圍已從 18 個地區擴大到 30 多個地區，並將公司在中國大陸的業務發展成為我們的第二大市場。我們拓展了 Lululemon 的發展前景，使我們的國際業務成長了四倍，發展了男裝業務和線上管道，並拓展到新的類別和活動。

And I am proud we are the number one women's active apparel brand in the United States. We have done this while increasing our profitability. Based on our guidance for 2025, we will achieve a compound annual growth rate in EPS of approximately 20% from 2018 to 2025. And the company has strong cash flow and a balance sheet with $1 billion in cash and no debt.

我為我們是美國排名第一的女性運動服裝品牌而感到自豪。我們在提高獲利能力的同時做到了這一點。根據我們對 2025 年的預測，從 2018 年到 2025 年，我們的每股盈餘複合年增長率將達到約 20%。該公司現金流充裕，資產負債表顯示擁有10億美元現金且無負債。

So Lululemon is in a very good position going forward. But beyond the numbers, there is so much opportunity ahead for the company. which is poised to innovate new products and experiences and welcome more markets and guests. The teams have been addressing opportunities head on and making meaningful progress from product creation and activation to enterprise efficiency. And we've got a leadership team in place that is ready to author the next horizon of what's possible.

因此，Lululemon 的未來發展前景非常有利。但除了這些數字之外，公司未來還有龐大的發展機遇，它蓄勢待發，準備推出新產品和新體驗，並開拓更多市場，吸引更多顧客。各團隊積極應對各種機遇，並在產品創建和推廣以及企業效率提升方面取得了實質進展。我們已經組建了一支領導團隊，他們準備開創未來無限可能。

Together, we built a foundation of innovation, creativity, and connection at Lululemon that has transformed the athletic apparel industry and will continue to drive it forward.

我們共同在 Lululemon 建立了創新、創造力和聯繫的基礎，這改變了運動服裝行業，並將繼續推動其向前發展。

As you've seen in our press release, Marty Morfitt will serve as Executive Chair, Meghan and Andre Maestrini will serve as Co-CEOs supporting all aspects of the business until the next CEO steps into their role. I will continue to serve as an adviser to the company through March of next year to support a smooth transition and assist the leadership team on executing against our business strategies, and I look forward to sharing more about my next chapter.

正如您在我們新聞稿中看到的，Marty Morfitt 將擔任執行主席，Meghan 和 Andre Maestrini 將擔任聯席首席執行官，支持公司各個方面的業務，直到下一任首席執行官上任。我將繼續擔任公司顧問至明年三月，以支持平穩過渡並協助領導團隊執行我們的業務策略，我期待與大家分享我人生的下一個篇章。

I appreciate the support of our Board of Directors, our management team and everyone at Lululemon for their support over the past seven years. As we step into this transition period, I am confident in the company's senior leaders. And I know that Meghan and Andre will do an extraordinary job.

我感謝董事會、管理團隊以及 Lululemon 的每一位員工在過去七年中給予我的支持。在我們步入這個過渡時期之際，我對公司的高階領導充滿信心。我知道梅根和安德烈一定會做得非常好。

This leadership team will play an important role in creating the future for Lululemon. I believe the outstanding product pipeline we have built and the action plan now in place will yield positive results going forward. I cannot wait to see it come to fruition and deliver value to shareholders in the months and years ahead.

這個領導團隊將在創造 Lululemon 的未來中發揮重要作用。我相信我們已經建立的出色產品線和目前已製定的行動計劃將在未來取得積極成果。我迫不及待地想看到它最終實現，並在未來幾個月和幾年為股東創造價值。

I've described in CEO of Lululemon is my dream job. It truly has lived up to every expectation and given me the opportunity of a lifetime.

我在文章中描述過，擔任 Lululemon 的 CEO 是我的夢想職業。它確實不負眾望，給了我一生難得的機會。

With that, Meghan and I will now share more about our business results. I'll speak to our Q3 results and then discuss our performance over the Thanksgiving weekend, which was encouraging. Next, I will turn it over to Meghan to build upon the foundation we laid out on our Q2 earnings call regarding the action plan to drive inflection in our US business, and Meghan will then share our detailed Q3 financials and our Q4 outlook before we take your questions.

接下來，我和梅根將與大家分享更多關於我們業務成果的資訊。我將先談談我們第三季的業績，然後再討論我們在感恩節週末的表現，那次表現令人鼓舞。接下來，我將把發言權交給梅根，讓她在我們第二季財報電話會議上提出的關於推動美國業務轉型行動計劃的基礎上，進一步闡述我們的策略。之後，梅根將分享我們詳細的第三季財務數據和第四季展望，然後我們再回答大家的問題。

So let's begin with quarter three. When looking at our US business, our guest metrics remain consistent. We continue to see growth in both total and retained guests, and we are acquiring new guests and retaining existing guests across all age demographics, where we continue to have opportunity is increasing the frequency of visits and spend with our high-value guests.

那麼，讓我們從第三季開始。從我們在美國的業務來看，我們的客戶指標保持穩定。我們持續看到顧客總數和顧客留存率的增長，並且我們正在吸引新顧客並留住各個年齡層的現有顧客，我們仍然有機會提高高價值顧客的到訪頻率和消費額。

In the Americas, in Q3, we saw total revenue declined 2% and with the US down 3% in Canada, negative 1%, in line with our expectations. From a product standpoint, we continue to lead with technical innovations and saw growth in our performance activities led by run and train, Guests also responded well to our outerwear assortment with performance up strong double digits.

在美洲，第三季總收入下降了 2%，其中美國下降了 3%，加拿大下降了 1%，這與我們的預期相符。從產品角度來看，我們持續引領技術創新，跑步和訓練等運動表現類產品銷售成長顯著。顧客對我們的外套系列產品也反應良好，銷售量實現了兩位數的強勁成長。

Shifting to international, where our momentum remains strong, revenue increased 33% and fueled by 46% growth in China Mainland and 47% on a constant currency basis. Our Rest of World segment also saw nice momentum with revenue growing 19% in constant currency. Looking forward, we now expect revenue in China Mainland to be at or better than the high end of our range of 20% to 25% revenue growth for the year, excluding the 53rd week.

轉向國際市場，我們的成長動能依然強勁，營收成長了 33%，其中中國大陸市場成長了 46%，按固定匯率計算成長了 47%。我們的「世界其他地區」業務部門也取得了良好的成長勢頭，以固定匯率計算，營收成長了 19%。展望未來，我們現在預計中國大陸的收入將達到或超過我們先前預測的全年收入將成長20%至25%的上限（不包括第53週）。

For Q4, we expect revenue growth to be below the Q3 trend due to calendar shifts, which benefited Q3 and will have a negative impact on Q4. In our Rest of World segment, I would highlight the recent Gingham store opening in Seoul, South Korea and the strong guest response we've seen in the initial weeks. This store reflects our new design ethos that celebrates our Pacific Northwest heritage while modernizing the in-store experience. And in EMEA, our franchise partner recently opened the third leg lemon store in Istanbul, and we have plans to enter several additional markets in 2026.

由於日曆變化，我們預期第四季的營收成長將低於第三季的趨勢，而日曆變化對第三季有利，但會對第四季產生負面影響。在我們的「世界其他地區」部分，我想重點介紹最近在韓國首爾開設的 Gingham 門市，以及我們在最初幾週看到的顧客的強烈反響。這家店體現了我們全新的設計理念，既傳承了太平洋西北地區的傳統，也實現了店內體驗的現代化。在歐洲、中東和非洲地區，我們的特許經營合作夥伴最近在伊斯坦堡開設了第三家 Leg Lemon 門市，我們計劃在 2026 年進入其他幾個市場。

Let me now share some highlights from Thanksgiving. We're pleased with our performance over the Thanksgiving shopping period. I traveled with Carla Anderson, our new GM of North America; and other members of our leadership team to several stores over the weekend and saw our educators in action, bringing our brand to life and providing guests with a seamless shopping experience. Our final stop was our new SoHo location.

現在讓我來分享一些感恩節的精彩時刻。我們對感恩節購物季的表現感到滿意。上週末，我和北美新任總經理卡拉·安德森以及我們領導團隊的其他成員一起走訪了幾家門店，親眼目睹了我們的教育人員如何生動地展現我們的品牌，並為顧客提供無縫的購物體驗。我們的最後一站是位於SoHo的新店。

This store offers improved visual merchandising and adjacencies and offers a truly elevated shopping experience. Given the competitive environment, we know guests are looking for value. With the increased traffic over the holiday period, we had the opportunity to clear through some seasonal and end-of-life product which helps position us well from an inventory standpoint as we exit quarter four and enter spring. We also dropped new full-price product, including special edition training gear, which met with good guest response.

這家商店透過改進視覺陳列和佈局，提供真正優質的購物體驗。鑑於競爭激烈的市場環境，我們知道顧客都在追求性價比。由於假期期間客流量增加，我們有機會清理一些季節性和報廢產品，這有助於我們在第四季末和春季到來之際，從庫存角度來看處於有利地位。我們也推出了新的全價產品，包括特別版訓練裝備，受到了顧客的良好回應。

And relative to last year, we offered our Black Friday product to our members a week earlier this year. Not only did this help drive traffic to our e-commerce sites, but also fuel a significant number of app downloads and new sign-ups for our membership program. Despite the earlier start, Black Friday was still our biggest volume day ever on our e-commerce sites.

與去年相比，我們今年提前一周向會員提供了黑色星期五特惠產品。這不僅有助於為我們的電子商務網站帶來流量，而且還推動了大量的應用程式下載和會員計劃的新註冊。儘管黑色星期五的銷售高峰來得更早，但它仍然是我們電子商務網站有史以來交易量最大的一天。

I also want to acknowledge, we have seen trends slow a bit since Thanksgiving, which we've taken into account in our Q4 guidance. However, despite this, we expect revenue trends in the US in Q4 to be modestly improved relative to Q3.

我還要指出，自感恩節以來，我們看到一些趨勢有所放緩，我們在第四季度業績預期中已經考慮到了這一點。不過，儘管如此，我們預計美國第四季的營收趨勢將比第三季略有改善。

Before I turn it over to Meghan, I want to take a moment to speak to the three pillars of the action plan underway to drive an inflection in the business. We are focused on product creation. I've been working with Jonathan Cheung, our Creative Director and our design and innovation teams on our product pipeline. As I've shared, we know that our current merchandising mix, particularly in North America does not fully reflect the go-forward vision we have for our brand.

在將發言權交給梅根之前，我想花一點時間談談正在進行的行動計劃的三大支柱，以推動業務的轉變。我們專注於產品研發。我一直在與我們的創意總監 Jonathan Cheung 以及我們的設計和創新團隊一起研究我們的產品線。正如我之前所說，我們知道我們目前的商品組合，尤其是在北美，並不能完全反映我們對品牌的未來願景。

The team has been in the work and I believe that we have a strong pipeline of innovation and approach to new style creation. You'll see the impact of this work beginning in spring 2026 and continue to strengthen throughout the year. Product activation, where we are improving the in-store and online experience, engaging our high-value guests in new ways and better aligning our brand and marketing activities with product inflections and drops.

團隊一直在努力，我相信我們擁有強大的創新管道和新風格創造方法。從 2026 年春季開始，您將看到這項工作的影響，並且這種影響將在全年持續增強。產品激活，即我們正在改善店內和線上體驗，以新的方式吸引我們的高價值客戶，並更好地將我們的品牌和行銷活動與產品變化和發布相結合。

And enterprise efficiency, ensuring we are operating as efficiently as possible as we work to inflect the US business, particularly in light of the new tariff environment. We believe these priorities position us well for the near term and will continue to set Lululemon up for long-term sustainable growth.

提高企業效率，確保我們在努力影響美國業務的同時，盡可能有效率地運營，尤其是在新的關稅環境下。我們相信這些優先事項使我們在近期內處於有利地位，並將繼續為 Lululemon 的長期永續發展奠定基礎。

Meghan, over to you.

梅根，該你了。

Thank you, Calvin. I'm grateful for your leadership over the last seven years. It has been a privilege to be part of your team during your tenure to see how you immediately made an impact on this organization to go after and deliver against incredible goals. I appreciate your support as we step into this transition.

謝謝你，卡爾文。我非常感謝您過去七年的領導。在您任職期間，能夠成為您團隊的一員是我的榮幸，我親眼見證了您如何迅速對這個組織產生影響，並追求和實現令人難以置信的目標。感謝您在我們過渡時期給予的支持。

I'm excited to partner with Andre Maestrini as Interim Co-CEO and to work closely with Marty Morfitt, in her expanded role as Executive Chair. In addition, I have full confidence in our entire leadership team as we guide Lululemon through this important period.

我很高興能與 Andre Maestrini 合作擔任臨時聯席首席執行官，並與 Marty Morfitt 密切合作，她將擔任執行主席這一擴大後的職位。此外，我對我們整個領導團隊充滿信心，相信我們能夠帶領 Lululemon 順利度過這段重要時期。

Let's now spend a few minutes on the details of our action plan we have in place to drive improvement in the US. As you know, our teams are focused on inflecting our business, on our Q2 earnings call, we laid out actions we have in place, and today, I'd like to share with you a more formal framework for the strategies underway and add some detail to our prior discussion.

現在讓我們花幾分鐘時間詳細了解我們為推動美國局勢改善而製定的行動計劃。如您所知，我們的團隊正專注於調整業務，在第二季財報電話會議上，我們闡述了我們正在採取的行動，今天，我想與大家分享一個更正式的戰略框架，並補充我們之前討論的一些細節。

At the highest level, the goals of our plan are simple. We are working to drive acceleration in our US business, maintain momentum in our international regions and protect operating margin in the near term and drive improvement over the long term. We began this work last year as we saw the US business slow and we expect to see the most significant benefits of our work streams in 2026.

從最高層面來看，我們計畫的目標很簡單。我們正努力加速美國業務的發展，維持國際市場的良好勢頭，並在短期內保護營業利潤率，同時推動長期業績的改善。去年，我們看到美國業務放緩，於是開始了這項工作，我們預計到 2026 年，我們的各項工作將帶來最顯著的效益。

As Calvin mentioned, we are executing against three pillars, which are product creation, product activation and enterprise efficiency. We believe this plan will enable us to deliver improved differentiated products to our guests, allow our teams to read and react more quickly based on style performance, elevate our in-store and online experience and refine our marketing approach to ensure new existing guests are aware of the products and innovations coming in 2026.

正如 Calvin 所提到的，我們正圍繞著三大支柱開展工作，即產品創造、產品活化和企業效率。我們相信，該計劃將使我們能夠為顧客提供更優質的差異化產品，使我們的團隊能夠根據款式表現更快地閱讀和做出反應，提升我們的店內和線上體驗，並改進我們的營銷方法，以確保新老顧客了解 2026 年即將推出的產品和創新。

Let's now get into the details beginning with product creation. Our teams have been in the work to reenergize our product engine bringing new energy into our assortment and increase our speed and agility. So let me give you a few examples. We are increasing the frequency and breadth of new styles and remain on track to new style penetration to 35% next spring.

現在讓我們從產品創建開始，深入了解細節。我們的團隊一直在努力重振產品引擎，為我們的產品系列注入新的活力，並提高我們的速度和靈活性。讓我舉幾個例子。我們正在增加新款式的推出頻率和種類，並預計在明年春季實現新款式滲透率達到 35%。

The teams have already begun this work with some recent examples being Mile Maker, Shake It Out, Tumble Fleece and Scuba Waffle. In addition, we recently debuted our Team Canada kit for the Milan 2026 Winter Olympic Games. Looking forward and under the direction of our design team, we will be updating several of our key franchises while also maintaining a strong pipeline of new innovations across our performance offering.

各團隊已經開始了這項工作，最近的一些例子包括 Mile Maker、Shake It Out、Tumble Fleece 和 Scuba Waffle。此外，我們最近也發布了加拿大隊參加2026年米蘭冬季奧運的隊服。展望未來，在我們的設計團隊的指導下，我們將更新幾個關鍵的特許經營產品，同時保持我們性能產品系列中強大的創新產品線。

We'll have a focus on train coming in early 2026, and we'll be bringing newness and novelty across some of our most important franchises, including Swiftly, Day Drift and Steady State. Next, we're increasing our speed to market. Our mainline product development process currently runs 18 to 24 months, and we are working to reduce it to 12 to 14 months.

我們將重點關注 2026 年初推出的火車遊戲，並將為我們一些最重要的系列遊戲帶來新的元素和創新，包括 Swiftly、Day Drift 和 Steady State。接下來，我們將加快產品上市速度。我們目前的主線產品開發流程需要 18 到 24 個月，我們正在努力將其縮短到 12 到 14 個月。

In addition, we've been enhancing our speed lanes. This includes our chase capabilities, which will allow us to get back into select strong-performing styles within six to eight weeks and also our fast track design process. Finally, it's important to keep in mind that the assortments you currently see in stores and online include certain styles that are not representative of our go-forward vision for the brand.

此外，我們也一直在改進我們的快速車道。這包括我們的追趕能力，這將使我們能夠在六到八週內重新採用某些表現強勁的款式，以及我們的快速設計流程。最後，需要注意的是，您目前在商店和網路上看到的商品系列中包含某些款式，這些款式並不代表我們品牌未來的發展方向。

There are many elements that we like and our guests are responding well to. However, as we said on our last call, we've let product life cycles run too long within some of our key franchises. And we have not inspired our high-value guests to purchase as we had in the past. I'm looking forward to 2026 as we will begin to see the excitement our creative team is bringing into our assortments.

我們喜歡這裡的許多元素，我們的客人也反應良好。但是，正如我們在上次電話會議中所說，我們的一些主要特許經營產品的產品生命週期過長了。我們未能像過去那樣激發高價值客戶的購買慾望。我期待著 2026 年的到來，因為我們將開始看到我們的創意團隊為我們的產品系列帶來的活力。

In addition, given our improved agility, we'll be better able to read, react and adjust our assortments based on guest response to our offering.

此外，憑藉我們不斷提高的靈活性，我們將能夠更好地了解顧客對我們產品的回饋，並據此調整我們的產品組合。

Shifting now to our second pillar, product activation, where we have several initiatives underway.

現在我們來談談第二個支柱——產品激活，目前我們正在進行多項舉措。

First, we are elevating the store experience by improving our ability to curate our assortment by store and by market. In May of this year, we began testing an updated approach to the in-store experience and have seen good initial results. Our intention is to use these learnings to enhance our ability to have locally relevant assortments in all stores.

首先，我們正在提升門市體驗，透過提高我們按門市和市場甄選商品的能力來改善門市體驗。今年五月，我們開始測試一種更新的店內體驗方法，並已看到良好的初步結果。我們的目標是利用這些經驗來提高我們所有門市提供符合當地需求的商品種類的能力。

The strategy goes beyond assorting stores based on climate differences alone, and we'll be better able to maximize the impact of our assortments through strategic curation, which takes into account local guesses. We plan to reduce the density of our assortment on a local basis to better highlight styles that are most relevant. T

此策略不僅限於根據氣候差異對商店進行分類，我們還可以透過策略性選項來更好地發揮商品組合的影響力，其中會考慮當地的實際情況。我們計劃在各地降低商品種類密度，以便更好地突出最相關的款式。T

his will enable improved visual merchandising for the styles we know are most important to the gas in each local market. And we are working to improve our in-store storytelling by shifting product to adjacencies and category flow to ensure the guest is seeing the versatility and coordination across our assortment.

這將有助於改進視覺行銷，以更好地展現我們知道在每個本地市場對汽油最重要的風格。我們正在努力改進店內故事敘述，將產品移至相鄰區域和品類流線，以確保顧客能夠看到我們產品系列的多樣性和協調性。

Second, we're improving our digital experience. We recently rolled out a website redesign with enhanced visual merchandising and elevated storytelling, offering an overall more modern guest experience to inspire purchase and increased conversion.

其次，我們正在改善我們的數位體驗。我們最近推出了網站重新設計，增強了視覺行銷和故事講述能力，提供了更現代化的客戶體驗，以激發購買慾望並提高轉換率。

Next, we're rolling out new sales to engage our high-value guests. We have several initiatives underway to get with this objective, but there are two timely ones I'd highlight for you. These include the updates we've recently rolled out to our membership program and our new partnership with the Amex Platinum card.

接下來，我們將推出新的促銷活動來吸引我們的高價值客戶。我們正在進行多項措施來實現這一目標，但我想專注於向您介紹其中兩項非常及時的舉措。其中包括我們最近推出的會員計畫更新以及與美國運通白金卡的新合作關係。

Finally, under the product activation pillar, our brand building and marketing activities will continue as we invest in integrated marketing efforts around the world. With a planned focus on driving awareness and excitement for both product newness and innovation across all athletic activities as well as lifestyle. We'll leverage our ambassadors as well as brand right creators and talent with a sharp focus on engaging guests through social channels and community activations.

最後，在產品活化支柱下，我們將繼續在全球範圍內投資整合行銷活動，從而推動品牌建立和行銷活動。計劃重點在於提高人們對所有運動活動和生活方式中產品新品和創新的認識和熱情。我們將充分利用我們的品牌大使以及合適的創作者和人才，並專注於透過社交管道和社區活動與顧客互動。

The final pillar of our action plan is enterprise efficiency. This work stream is not new for us, however, in a world with higher tariffs and the removal of the de minimis provision. And while we work to inflect the US net, we have a heightened focus on ensuring we're operating as efficiently as possible across the enterprise.

我們行動計畫的最後一個支柱是企業效率。然而，在關稅更高、最低限度條款被取消的今天，這項工作對我們來說並不陌生。在努力影響美國網路的同時，我們更加重視確保整個企業盡可能有效率地運作。

As we've said, we're taking actions in both the near term and long term to mitigate the increased tariff costs. These include strategic pricing actions, supply chain initiatives, including vendor negotiations and DC network efficiency, and enterprise-wide savings inactives. I will also note that we benefit from strong cash flow generation and a balance sheet with $1 billion in cash and no debt. This enables us to keep our eye on the long term and prudently invest in our growth initiatives while navigating the near term.

正如我們所說，我們正在採取短期和長期措施來緩解不斷上漲的關稅成本。這些措施包括策略定價行動、供應鏈措施（包括供應商談判和配送中心網路效率）以及企業範圍內的節省措施。我還要指出，我們受益於強勁的現金流產生能力，以及擁有 10 億美元現金且無債務的資產負債表。這使我們能夠著眼長遠，謹慎地投資於我們的成長計劃，同時應對短期挑戰。

Let's now turn to our financials and guidance outlook, starting with Q3. For Q3, total net revenue rose 7% to $2.6 billion on both a reported and constant currency basis. Comparable sales increased 2%. Within our regions, results were as follows: Americas revenue decreased 2% on both a reported and constant currency basis with comparable sales down 5%.

現在讓我們來看看財務狀況和業績展望，首先從第三季開始。第三季度，總淨收入按報告匯率和固定匯率計算均成長7%，達到26億美元。同店銷售額成長2%。在我們各個區域，結果如下：美洲地區的收入按報告匯率和固定匯率計算均下降了 2%，可比銷售額下降了 5%。

By country, revenue decreased 3% in the US and was up 1% on a reported basis and flat on a constant currency basis in Canada. China Mainland revenue increased 46% or 47% in constant currency, with comparable sales increasing 25%. Better-than-expected guest response to our merchandise assortment, particularly outerwear, coupled with an earlier start to 11-11 events on our third-party e-commerce platforms contributed to this above plan performance.

按國家/地區劃分，美國的收入下降了 3%，按報告匯率計算增長了 1%，而按固定匯率計算則與上年持平。中國大陸地區營收成長 46% 或以固定匯率計算成長 47%，同店銷售額成長 25%。顧客對我們商品種類（尤其是外套）的反應優於預期，再加上我們在第三方電子商務平台上提前啟動了 11-11 促銷活動，促成了這一超出計劃的業績。

And in the Rest of World, revenue grew by 19% on a reported and constant currency basis with comparable sales increasing by 9%. In our store channel, total sales were flat, and we ended the quarter with 796 stores globally. Square footage increased 12% versus last year, driven by the addition of 47 net new Lululemon stores since Q3 2024. During the quarter, we opened 12 net new stores and completed 16 optimizations.

在世界其他地區，以報告匯率和固定匯率計算，收入成長了 19%，可比銷售額成長了 9%。在我們的實體店，總銷售額持平，本季末我們在全球擁有 796 家門市。與去年相比，門市面積增加了 12%，這主要得益於自 2024 年第三季以來新增的 47 家 Lululemon 門市。本季度，我們淨增開設了 12 家門市，並完成了 16 項優化改造。

In our digital channel, revenues increased 13% and contributed $1.1 billion of top line or 42% of total revenue. By category, men's revenue increased 8% versus last year, women's increased 6% and accessories and other grew 12%.

在我們的數位管道中，收入成長了 13%，貢獻了 11 億美元的收入，佔總收入的 42%。按類別劃分，男裝收入比去年增長了 8%，女裝增長了 6%，配件和其他增長了 12%。

Gross profit for the third quarter was $1.43 billion, or 55.6% of net revenue compared to 58.5% in Q3 2024. The gross profit rate in Q3 decreased 290 basis points and was driven primarily by the following: a 290 basis point decrease in overall product margin driven predominantly by the tariff impact and higher markdowns, markdowns increased 90 basis points. In addition, foreign exchange had a 10 basis point unfavorable impact.

第三季毛利為 14.3 億美元，佔淨收入的 55.6%，而 2024 年第三季為 58.5%。第三季毛利率下降了 290 個基點，主要原因是：整體產品毛利率下降了 290 個基點，主要原因是關稅影響和更高的降價幅度，降價幅度增加了 90 個基點。此外，外匯波動產生了10個基點的不利影響。

There were several smaller items within gross margin, the net of which contributed 10 basis points of positive impact. Relative to our guidance for a decline of gross margin of approximately 410 basis points, the upside was driven predominantly by leverage on higher-than-expected top line, lower net tariff impact and prudent management of the fixed expenses within gross margin.

毛利率包含幾個較小的項目，這些項目的淨收益貢獻了 10 個基點的正面影響。相對於我們先前預測的毛利率下降約 410 個基點，實際成長主要得益於高於預期的營收成長、較低的淨關稅影響以及對毛利率內固定費用的審慎管理。

Moving to SG&A. Our approach continues to be grounded in prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $988 million, or 38.5% of net revenue compared to 38% of net revenue for the same period last year. This was favorable to our guidance for deleverage of approximately 150 basis points, driven by top line leverage and prudent management of expenses.

移至銷售、一般及行政管理部門。我們的方法仍然是謹慎地控制支出，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 9.88 億美元，佔淨收入的 38.5%，去年同期淨收入佔 38%。這與我們先前預測的去槓桿化幅度約為 150 個基點的目標相符，主要得益於營收槓桿率的降低和審慎的費用管理。

Operating income for the quarter was $436 million or 17% of net revenue compared to 20.5% of net revenue in Q3 2024. Tax expense for the quarter was $135 million or 30.5% of pretax earnings compared to an effective tax rate of 30.2% a year ago.

本季營業收入為 4.36 億美元，佔淨收入的 17%，而 2024 年第三季淨收入的 20.5%。本季稅項支出為 1.35 億美元，佔稅前利潤的 30.5%，而去年同期的實際稅率為 30.2%。

Net income for the quarter was $307 million or $2.59 per diluted share compared to $2.87 for the third quarter of 2024. Capital expenditures were approximately $167 million for the quarter compared to approximately $178 million in the third quarter last year. Q3 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.

本季淨收入為 3.07 億美元，即每股攤薄收益 2.59 美元，而 2024 年第三季為 2.87 美元。本季資本支出約為 1.67 億美元，而去年第三季約為 1.78 億美元。第三季支出主要與支持業務成長的投資有關，包括我們的多年配送中心專案、新店址的資金、搬遷和翻新以及技術投資。

Turning to our balance sheet highlights. We ended the quarter with $1 billion in cash and cash equivalents, Inventory increased 11% and was $2 billion at the end of Q3. On a unit basis, inventory increased approximately 4%, below our estimate for an increase in the low double digits. Lower-than-expected inventory was driven predominantly by higher-than-planned sales and timing of receipts.

接下來來看看我們的資產負債表要點。本季末，我們持有現金及現金等價物10億美元，庫存成長11%，第三季末達到20億美元。按單位計算，庫存增加了約 4%，低於我們先前預估的兩位數低增幅。庫存低於預期主要是由於銷售額高於計劃以及收貨時間安排。

The difference between dollar inventory growth and unit inventory growth relates predominantly to higher tariff rates relative to last year and foreign exchange. We repurchased approximately 1 million shares at an average price of $181 during the quarter. Including the recently approved $1 billion increase to our authorization we now have approximately $1.6 billion in capacity to repurchase shares.

美元庫存成長與單位庫存成長之間的差異主要與去年相比更高的關稅稅率和外匯匯率有關。本季我們以平均每股 181 美元的價格回購了約 100 萬股股票。加上最近批准的10億美元增額，我們現在大約有16億美元用於回購股票。

Let me now share our updated guidance outlook for the full year 2025. We now expect revenue to be in the range of $10.96 billion to $11.05 billion. This range represents growth of 4% relative to 2024. Excluding the 53rd week that we had in the fourth quarter of 2024, we expect revenue to grow 5% to 6%. By region, excluding the 53rd week and on a constant currency basis, we continue to expect the US to be within our guidance range of negative 1% to 2%.

現在讓我來分享我們對2025年全年的最新業績展望。我們現在預計營收將在 109.6 億美元至 110.5 億美元之間。此範圍代表相對於 2024 年成長 4%。除去 2024 年第四季的第 53 週，我們預計營收將成長 5% 至 6%。按地區劃分，不包括第 53 週，按固定匯率計算，我們繼續預期美國經濟將保持在 -1% 至 2% 的指導範圍內。

We continue to expect the Americas to be flat to down 1% in Canada to be flat. We now expect China Mainland to be at or above the high end of our guidance range of 20% to 25%, and we now expect Rest of World to be up in the high teens. When looking at China Mainland, Q3 results were strong and ahead of our expectations.

我們仍預期美洲經濟將持平或下降 1%，加拿大經濟也將持平。我們現在預計中國大陸的成長率將達到或超過我們先前預測的 20% 至 25% 的上限，而世界其他地區的成長率將達到 10% 以上。從中國大陸市場來看，第三季業績強勁，超乎我們的預期。

However, let me remind you that there are two discrete calendar shifts, which will negatively impact Q4, namely the early start of 11/11 events, which benefited Q3 and a later Chinese New Year relative to last year. As a result, we expect revenue growth in the fourth quarter to be below the Q3 trend. We expect to open approximately 46 net new company-operated stores this year and complete approximately 36 optimizations. We expect overall square footage growth in the low double digits.

不過，我要提醒各位，有兩個獨立的日曆變化會對第四季度產生負面影響，即 11/11 事件的提前開始（這對第三季度有利）以及春節比去年晚。因此，我們預計第四季度營收成長將低於第三季的趨勢。我們預計今年將淨增加約 46 家公司自營門市，並完成約 36 項優化改造。我們預計整體建築面積成長率將達到兩位數低點。

Our new store openings in 2025 include approximately 15 stores in the Americas with 9 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. While stores remain an important part of our omni ecosystem, we acknowledge the revenue trends in the US are not where we'd like, and we are closely looking at all potential store openings as we plan for 2026.

我們計劃在 2025 年在美洲開設約 15 家新店，其中 9 家計劃在墨西哥開設。我們其餘的新店計劃開設在國際市場，其中大部分將位於中國。雖然實體店仍然是我們全通路生態系統的重要組成部分，但我們也意​​識到美國的收入趨勢並不盡如人意，因此在製定 2026 年計劃時，我們會密切關注所有潛在的門市開業情況。

For the full year, we now expect gross margin to decrease approximately 270 basis points versus 2024. Relative to our prior guidance for a 300 basis point decrease, the improvement is being driven by lower estimated tariff impact. We now expect markdowns to be approximately 70 basis points higher than last year.

我們現在預計全年毛利率將比 2024 年下降約 270 個基點。與我們先前預測的下調 300 個基點相比，此次改善主要得益於關稅影響的預期降低。我們現在預計降價幅度將比去年高出約 70 個基點。

Turning to SG&A for the full year. We expect deleverage of approximately 120 basis points versus 2024, above our prior guidance of 80 to 90 basis points. While we continue to manage expenses prudently, we're investing further in marketing in Q4 to help drive traffic and continue to build brand awareness. When looking at operating margin for the full year 2025, we now expect a decrease of approximately 390 basis points versus 2024, in line with our prior guidance.

全年轉為銷售、一般及行政費用。我們預計到 2024 年，去槓桿化幅度將達到約 120 個基點，高於我們先前 80 至 90 個基點的預期。在繼續謹慎控制支出的同時，我們將在第四季度加大對行銷的投入，以幫助提升流量並繼續提高品牌知名度。展望 2025 年全年營業利潤率，我們現在預計與 2024 年相比將下降約 390 個基點，這與我們先前的預期一致。

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 $12.92 to $13.02 versus our prior guidance of $12.77 to $12.97 and EPS of $14.64 in 2024. Our EPS guidance excludes the impact of any future share repurchases. It does include the impact of our repurchases year to date. We expect capital expenditures to be near the low end of our $700 million to $720 million range in 2025.

我們預計 2025 年全年實際稅率仍約為 30%。我們現在預計 2025 財年的稀釋後每股收益將在 12.92 美元至 13.02 美元之間，而我們之前的預期為 12.77 美元至 12.97 美元，2024 年的每股收益為 14.64 美元。我們的每股盈餘預期不包括未來任何股票回購的影響。其中包括我們今年迄今的回購行動的影響。我們預計 2025 年資本支出將接近 7 億美元至 7.2 億美元範圍的下限。

Shifting now to Q4. Looking at Q4, we expect revenue in the range of $3.5 billion to $3.59 billion. This represents a range of negative 3% to negative 1% relative to 2024. Including the 53rd week that we had in the fourth quarter of 2024, we expect revenue to grow 2% to 4%. We expect to open approximately 17 net new company-operated stores and complete optimizations in Q4.

現在進入第四季。展望第四季度，我們預計營收將在 35 億美元至 35.9 億美元之間。這相當於相對於 2024 年下降 3% 到 1%。包括 2024 年第四季的第 53 週在內，我們預計營收將成長 2% 至 4%。我們預計將在第四季淨增約 17 家公司自營門市，並完成優化工作。

We expect gross margin in Q4 to decrease approximately 580 basis points relative to Q4 2024. The decrease will be driven predominantly by the impact of increased tariffs and the removal of the de minimis exemption, deleverage on fixed costs and our ongoing investment in store growth and our multiyear distribution center project. The impact from tariffs and de minimis combined will be approximately 410 basis points.

我們預計第四季毛利率將比 2024 年第四季下降約 580 個基點。下降的主要原因是關稅增加和取消最低限度豁免的影響、固定成本的去槓桿化以及我們對門市成長和多年配送中心專案的持續投資。關稅和最低限度限制加起來的影響約為 410 個基點。

We expect markdowns to be 100 basis points higher than 2024. In Q4, we expect our SG&A rate to deleverage by approximately 100 basis points relative to Q4 2024. This will be driven predominantly by increased foundational investments and related depreciation and strategic investments, including those to build brand awareness.

我們預計降價幅度將比 2024 年高出 100 個基點。我們預計，第四季我們的銷售、一般及行政費用率將比 2024 年第四季下降約 100 個基點。這將主要由基礎投資增加以及相關的折舊和策略投資（包括建立品牌知名度的投資）所驅動。

When looking at operating margin for Q4, we expect deleverage of approximately 680 basis points with 410 basis points related to tariffs and de minimis. Turning to EPS. We expect earnings per share in the fourth quarter to be in the range of $4.66 to $4.76 versus EPS of $6.14 a year ago. We expect our effective tax rate in Q4 to be approximately 30%.

從第四季的營業利潤率來看，我們預期去槓桿化幅度約為 680 個基點，其中 410 個基點與關稅和最低限度支出有關。轉向每股收益。我們預計第四季每股收益將在 4.66 美元至 4.76 美元之間，而去年同期每股收益為 6.14 美元。我們預計第四季的實際稅率約為30%。

When looking at inventory, we expect units to increase in the high single digits in Q4. We with dollar inventories up in the high teens due in large part to the impact of higher tariff rates and foreign exchange.

從庫存情況來看，我們預計第四季銷售將實現接近兩位數的成長。由於關稅稅率上升和外匯匯率波動的影響，我們的美元庫存上升了十幾個百分點。

As we look out to next year, we are planning inventory units below sales. Our aim is to increase full price penetration and utilize our chase capabilities to minimize markdown risk.

展望明年，我們計劃的庫存量將低於銷售量。我們的目標是提高全價滲透率，並利用我們的追價能力來最大限度地降低降價風險。

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

好了，現在我把麥克風交還給加爾文。

Thank you, Meghan. I want to conclude my remarks for this earnings call by expressing my deep appreciation to the leaders and teams across Lululemon. I have so much confidence in what you all will achieve going forward. This has been an extraordinary experience for me over the past seven years, and I look forward to supporting our leadership team over the coming months as we work to deliver for our shareholders, our guests and for each other in both the near and long term.

謝謝你，梅根。在本次財報電話會議的最後，我想對 Lululemon 的各位領導和團隊表達我深深的感謝。我對你們未來所取得的成就充滿信心。過去七年對我來說是一段非凡的經歷，我期待在接下來的幾個月裡支持我們的領導團隊，努力為我們的股東、賓客以及彼此創造近期和長期的利益。

With that, we'll open it up for questions.

接下來，我們將開放提問環節。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

So in the US, could you speak to the cadence of demand that you saw in the third quarter, elaborate on trends quarter to date, maybe notably the slowing trend that you cited post Black Friday? And just larger picture, the timeline that you see is reasonable for the product assortment to be fully optimized as we look to next year?

那麼，在美國，您能否談談您在第三季度觀察到的需求節奏，詳細說明本季至今的趨勢，特別是您提到的「黑色星期五」之後的放緩趨勢？從更宏觀的角度來看，您認為我們明年全面優化產品組合的時間表是否合理？

Thanks, Matt. I would say in terms of US demand, the quarter progressed pretty much as we expected. We did come in line with our Q3 expectation. The best month was August, the softest month was October, but that was planned just based on some activities last year and did come in overall in line with expectation.

謝謝你，馬特。就美國需求而言，我認為本季進展基本上符合我們的預期。我們第三季的業績符合預期。最好的月份是八月，最淡的月份是十月，但這只是根據去年的一些活動計劃的，總體上也符合預期。

In terms of quarter to date, we're really pleased and saw a strong Thanksgiving period result. We have seen some pullback in demand post-Thanksgiving in terms of traffic. We've reflected that in our guidance. And then in terms of the longer picture, we are, as we mentioned, focused on activating the newness that we have in the assortment as we move into Q1.

就本季迄今的表現而言，我們非常滿意，感恩節期間的業績表現強勁。感恩節後，我們看到交通需求回落。我們在指導方針中體現了這一點。從長遠來看，正如我們之前提到的，我們正專注於在第一季啟動我們產品組合中的新產品。

We'll start to see the benefits of that in Q1 in terms of getting our newness penetration up. And then we're also leaning into those activation pieces we mentioned in terms of ensuring we get eyeballs in terms of marketing on that newness in our assortment across all of our channels in terms of stores and e-com.

我們將在第一季開始看到這樣做的好處，即提高新產品的滲透率。此外，我們還將著重於進行先前提到的那些推廣活動，以確保透過我們所有管道（包括實體店和電商平台）的行銷活動，讓消費者關注我們產品系列中的新品。

Great. And then, Meghan, just taking all that into account on the product assortment changes, are there any puts and takes for us to consider as we model operating margins relative to this year? Any reinvestments for us to think about maybe as it relates to your comments on experience and activating newness as you outlined as we think about next year?

偉大的。梅根，考慮到產品組合的變化，在模擬今年的營業利潤率時，我們有哪些需要考慮的因素？鑑於您剛才提到的關於經驗和激發創新的評論，我們在考慮明年發展時，是否有任何再投資值得我們考慮？

Yes. There will be some puts and takes in terms of margin as we look into '26, and obviously, we'll offer more color as we get into March, see some initial results in response to our assortment. And we will have a full year of increased tariffs and the removal of the de minimis provision, offset obviously by the actions the team is taking to mitigate those expenses, and we have been making some good progress there.

是的。展望 2026 年，利潤率方面會有一些波動，顯然，到了 3 月份，我們會提供更多顏色，看看我們的產品組合能帶來哪些初步結果。我們將面臨一整年的關稅上漲和最低限度條款取消，當然，團隊正在採取措施來減輕這些支出，而我們在這方面取得了一些良好的進展。

We will need to layer in back some certain expenses we reduced in '25, including incentive comp, and we're going after, I would say, expense savings overall and looking for efficiencies across the business. Bottom line, I would say that the negative factors that were the positives as we move into '26, but the team continues to work on the efficiency side, and we'll give an update in March there.

我們需要恢復一些我們在 2025 年削減的開支，包括激勵性薪酬，而且我認為，我們正在追求整體上的開支節約，並在整個業務範圍內尋求效率提升。總而言之，我認為，展望 2026 年，一些負面因素反而變成了正面因素，但團隊仍在努力提高效率，我們將在 3 月發布相關更新。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

As you think about the segment, how did the segment perform this quarter versus how you performed? And then as you think about the newness that's flowing in, which segments should we be seeing first? What are you thinking about bottoms, about tops, about men's and women's? Any more clarification on that? And what are you looking for in the new CEO? What are you looking for in the new leader as you move forward?

在思考這個細分市場時，該細分市場本季的表現與貴公司整體表現相比如何？那麼，在思考不斷湧現的新事物時，我們該先關注哪些領域呢？你對下裝、上裝、男裝和女裝有什麼看法？關於這一點，還需要進一步說明嗎？您希望新任CEO具備哪些特質？展望未來，你希望新領導者俱備哪些特質？

Thanks, Dana. I'll take the first two parts of the question. In terms of the flow-through and what we've seen in the overall marketplace. We continue to see sort of pressure in the apparel space. We held share in premium athletic and lost some slight share in the performance apparel as we see guest behavior and trading down.

謝謝你，達娜。我來回答問題的前兩部分。就市場流通情況以及我們在整體市場中所看到的而言。我們持續看到服裝業面臨某種壓力。我們在高端運動服領域保持了一定的市場份額，但在運動服裝領域略有失分，因為我們觀察到顧客的行為正在轉向購買更低價位的產品。

From a newness perspective, I'm pleased with the innovation pipeline and what you've seen and we'll see this quarter in terms of some of the updates to franchises like SBA in lounge become a are new introductions that are performing well and in performance, the Mile Maker as well as Shake It Out. And as you know, as we head into spring, we're moving our new style penetration to 35%.

從創新角度來看，我對創新管道以及你們已經看到和我們將在本季度看到的一些特許經營更新感到滿意，例如休息室中的 SBA 等新推出的產品，它們表現良好，Mile Maker 和 Shake It Out 等產品也表現出色。如您所知，隨著春季的到來，我們將把新款式的滲透率提高到 35%。

That's going to be a balance of both innovation behind our performance active categories where we continue to see growth through Q3 as well as some other new items and new innovations across lifestyle, and we're going to be kicking off the year with the train campaign followed by some new introductions to some of our core franchises, including Scuba, Swiftly and ABC that the team is excited about.

這將體現在我們高性能運動品類的創新上，我們在第三季將繼續看到這些品類的成長，以及生活方式領域的一些新產品和創新。我們將以火車主題活動拉開新年的序幕，隨後推出一些核心系列的新產品，包括 Scuba、Swiftly 和 ABC，團隊對此感到非常興奮。

And in terms -- Dana, in terms of the CEO, the search has begun. The Board intends to do a thorough process and really focused on a leader with experience and growth and transformation.

至於執行長人選－達娜，遴選工作已經開始。董事會打算進行徹底的遴選過程，並真正專注於尋找一位具有經驗、能夠促進成長和改變的領導者。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Yes. Calvin, thank you for all the hard work over the years and all the successful strategies in place going forward. I guess, let me start with kind of the new products pipeline and the things that you'll be doing, how much of that new product has been sort of informed from primary research and from the customer directly?

是的。卡爾文，感謝你多年來的辛勤付出，以及你為未來制定的所有成功策略。我想，就從新產品研發和你們將要進行的工作說起吧，這些新產品有多少是根據一手研究和直接來自客戶的回饋而設計的？

And then Meghan, can you talk about kind of price increases, what you've done season to date and any additional price increases for spring. And you had mentioned kind of maintaining operating margins or supporting them at current levels next year. Can you give us a little bit more color on what that entails? Best of luck, Calvin.

梅根，你能談談價格上漲的情況嗎？你們本季至今的價格上漲情況如何？春季還會有額外的價格上漲嗎？您之前提到過，明年要維持營業利潤率在目前的水平。能再詳細解釋一下這具體包含哪些內容嗎？祝你好運，卡爾文。

Thank you and thanks for the best wishes. From a product innovation perspective, our process always begins with research really focusing on solving for the unmet needs. And I believe the pipeline has a lot of those solutions, both across our activities. We continue to put our performance activity categories and initiatives. First, cross-run, train, yoga, golf and tennis, you'll see a lot of innovation across all five of those activities.

謝謝，也謝謝你的美好祝福。從產品創新的角度來看，我們的流程始終從研究開始，並真正專注於解決尚未滿足的需求。我相信，無論是在我們所進行的各項活動中，這條產品線都能提供許多這樣的解決方案。我們將繼續制定績效活動類別和措施。首先，交叉跑、訓練、瑜珈、高爾夫和網球，你會發現這五項活動中都有許多創新。

In the yoga category as well, we're kicking off, as I mentioned, train. And we have a new performance fabric that's specifically designed for weight training that we're excited for. And then there's the ongoing updates to our core franchises as we've addressed and looked in using data to really look at our high-value guests into our core franchises and opportunities to bring ones and refresh those swiftly.

正如我之前提到的，瑜珈類計畫我們也即將開始訓練。我們推出了專為肌力訓練設計的新型高性能布料，我們對此感到非常興奮。此外，我們也不斷更新我們的核心特許經營業務，利用數據來真正了解我們核心特許經營業務中的高價值客戶，以及引進新客戶和快速更新現有業務的機會。

Some updates are ABC pants for him as well as building on the success of Waffle, Scuba seeing opportunities to innovate. So the team definitely focuses in targets using both our own data of our gas behavior as well as research with our actors and collective community as to where the opportunities are.

一些更新包括為他推出 ABC 褲子，以及在 Waffle 成功的基礎上，Scuba 看到了創新的機會。因此，團隊肯定會利用我們自己的氣體行為數據以及與我們的參與者和集體社區的研究，來確定機會所在，從而專注於目標。

In terms of pricing, we haven't taken any other further pricing actions relative to what we discussed last quarter. So we took a small amount of the assortment up modestly -- we've been pleased with the price elasticity on those actions, I would say, in line with our expectations from a revenue and margin perspective. It's an area we continue to keep our eye on osteoarthritis where the competitive landscape goes, but no imminent plans to go further there.

在定價方面，我們沒有採取任何與上個季度討論的定價措施相關的其他進一步定價行動。因此，我們小幅上調了部分商品的價格——從收入和利潤率的角度來看，我們對這些措施的價格彈性感到滿意，符合我們的預期。我們將繼續關注骨關節炎領域的競爭格局，但目前沒有進一步進入該領域的計畫。

In terms of 2026 operating margin it is fair to assume that the negatives will outweigh a positive. The margin push though will be a multiyear effort looking at efficiencies. It will be our first full year of tariffs, and we are looking for offsets. The team has been making some progress there. But I would assume we have some pressure next year, and we will be focused on it from a multiyear perspective.

就 2026 年的營業利潤率而言，可以合理地假設不利因素將大於有利因素。但提高利潤率將是一個需要多年時間、著眼於效率提升的過程。這將是我們徵收關稅的第一個完整年度，我們正在尋求抵銷措施。團隊在那方面取得了一些進展。但我認為我們明年會面臨一些壓力，我們會從多年角度來應對這個問題。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Calvin, Meghan, I was hoping you could speak to the performance of your largest franchises, both in the performance category and in Lounge and Social. Are these businesses large enough that you think that they warrant a reset in order to let the new product innovation shine and the new design language pop out to the consumer in a bigger way in '26 and beyond?

Calvin、Meghan，我希望你們能談談你們最大的特許經營店在表演類和休閒社交類方面的表現。這些企業的規模是否足夠大，以至於您認為它們需要進行重組，以便在 2026 年及以後，讓新產品創新大放異彩，讓新的設計語言以更大的方式展現給消費者？

And what proof points in the new design language are you currently seeing that gives you confidence that the new styles launching in '26 will change the trend rate that you're seeing in the US today?

您目前在新設計語言中看到了哪些證據點，讓您相信 2026 年推出的新款式將改變您今天在美國看到的流行趨勢？

Thanks, Brooke. In terms of the overall focus of the team it's definitely balanced across our activity areas of run, train, yoga, golf and tennis with some lifestyle. And when we look at the core franchises today, as I've shared -- we continue to see growth across our performance activity categories. And we have innovation behind those categories as well as next year as that is definitely our leading strategy. So you'll see innovation in our bottom legging business.

謝謝你，布魯克。就團隊的整體重點而言，我們在跑步、訓練、瑜伽、高爾夫和網球等活動領域以及一些生活方式方面都做到了平衡。正如我之前分享的，當我們審視當今的核心特許經營業務時，我們看到我們在各個業績活動類別中持續成長。我們在這些領域以及明年都有創新舉措，因為這絕對是我們的主要策略。所以你會看到我們在緊身褲業務上的創新。

You'll see innovation across our top business all geared towards these key activities and unmet needs of our athletes. And then on the lifestyle side, we continue to see growth in social, both on the back of the newness that we have brought in Day Drift being a good example. And we have additional innovation next year in our men's bottom business updating the ABC and bringing that silhouette as well for her that the team is excited about with some new fabric innovation.

你會看到我們所有核心業務都在進行創新，所有這些都是為了滿足運動員的這些關鍵活動和未被滿足的需求。在生活方式方面，我們看到社交領域持續成長，這得益於我們引入的新功能，Day Drift 就是一個很好的例子。明年，我們在男士下裝業務方面還將推出更多創新產品，更新 ABC 款式，並將這種輪廓也帶給女性，團隊對此感到非常興奮，並採用了一些新的面料創新。

And then lounge, which has been our core franchises where we've seen the greatest headwind. We can see that updating Scuba with new materials and silhouette changes, we see great response. So the team is leaning and doing more of that as well in China. Mainland China, we activated it and saw great results. So we know even internationally, a lot of these core franchises, although in North America, they have more saturation internationally and global, they don't yet.

然後是休閒酒廊，這是我們的核心特許經營業務，也是我們遇到的最大阻力。我們可以看到，透過採用新材質和改變外形設計來更新 Scuba，我們得到了很好的迴響。所以，這支隊伍正在藉鏡並在中國開展更多這方面的工作。我們在中國大陸地區啟用了這項服務，並取得了顯著成效。所以我們知道，即使在國際上，很多核心特許經營權，雖然在北美已經更加飽和，但在國際和全球範圍內，它們還沒有達到飽和。

So it's a balance to make sure we continue to drive the growth there and then reinvent here in North America. And that really brings us to the overall balance and solution that the consumer is bringing.

所以，我們需要找到一種平衡，既要確保我們繼續推動那裡的成長，也要確保我們在北美進行革新。而這最終引出了消費者所帶來的整體平衡和解決方案。

To your last point, Meghan mentioned there's a lot of work going on in terms of in-store visual merchandising. We have some small tests going on in L.A. Miami. They are very much focused on exactly what you said, curating the stores, desorting taking product out so that we could put focus on the newness and the guests can see that.

關於你最後一點，梅根提到，店內視覺陳列方面有很多工作正在進行中。我們在洛杉磯和邁阿密進行了一些小規模測試。他們非常注重你剛才說的，精心挑選店鋪，整理商品，把產品下架，這樣我們就可以專注於新品，讓顧客看到。

And we're seeing very good results, and we're excited and plan to roll that out. That would be a key initiative so that our guests in the physical space can see the newness better than today. And online with the launch of our new web design, the teams have a lot more levers than they've ever had before through guest navigation and storytelling to put the newness front and center in front of the guests.

我們看到了非常好的結果，我們感到很興奮，並計劃推廣這項技術。這將是一項關鍵舉措，讓身處實體空間的顧客比現在更能感受到新事物。隨著我們全新網頁設計的推出，在線上，團隊擁有了比以往任何時候都多的手段，可以透過訪客導航和故事講述，將新內容置於訪客面前的核心位置。

And there, we're already seeing good results as well in terms of the adoption and the visibility to the newness. We'll continue to play those levers into the next year as the new product comes.

而且，在推廣和提高新產品知名度方面，我們也已經看到了良好的效果。隨著新產品的推出，我們明年將繼續運用這些策略。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

I was hoping to hear more about the [NFL] partnership. Can you quantify the impact to sales and margins? And then talk about, if it attracted a new or reengaged guest in line with your expectations?

我原本希望聽到更多關於[NFL]合作關係的消息。你能量化對銷售額和利潤率的影響嗎？然後討論一下，它是否按照你的預期吸引了新客人或再次光顧的客人？

Great. Thanks, Lorraine. I'll take the first or the second part of your question and then hand it over to Meghan. But from an expectation point of view, we've been pleased with it. We went in -- similar to some of the partnerships and initiatives we do very much focused on guest acquisition and being able to grow both our men's guests as well as our female guest in, I would say, on this partnership, although it's early, we're pleased with the results in the number of new guests that we've seen come through this partnership.

偉大的。謝謝你，洛琳。我會先回答你問題的第一部分或第二部分，然後再交給梅根。但從預期效果來看，我們對此感到滿意。我們進行的合作與我們的某些合作項目類似，非常注重吸引新客戶，並努力增加男性和女性客戶的數量。我想說，雖然現在還處於早期階段，但我們對透過此次合作帶來的新客戶數量感到滿意。

Yes. And I would say in terms of the numbers, it's a relatively small part -- exciting part, a small part of our business. We haven't broken out specifics but I would say we're pleased overall with the profitability of the program. We do have a share in the credit and that is a reduction to revenue.

是的。就數字而言，我認為這只是我們業務中相對較小的一部分——令人興奮的一部分，也是我們業務的一小部分。我們沒有公佈具體細節，但總的來說，我們對該項目的盈利能力感到滿意。我們確實享有部分信貸，這將導致收入減少。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Congrats, Calvin to the next steps. I think, Calvin, you did mention there were some tens of trade down in third quarter. I was just curious if you had any additional thoughts that you could share there? And if that adds anything to your thoughts on using pricing as the lever for the mitigation efforts as we go forward.

恭喜卡爾文邁向新的階段。卡爾文，我想你確實提到第三季有幾十筆交易。我只是好奇您是否有其他想法可以分享？如果這能為我們如何利用價格作為緩解措施的槓桿這一問題提供一些新的思路的話。

And then I guess as we look at the next year, I know you guys have been working on some of the multiyear DC projects for a while. I think there was a pretty big one in Canada that you been working on for a long time, that is scheduled to come online next year. There's been some questions about whether maybe that was originally intended to be used for some of the de minimis business.

然後，我想當我們展望明年時，我知道你們已經為了一些DC的多年專案努力了一段時間。我認為你在加拿大一直在開發一個相當大的項目，該項目計劃明年上線。有人質疑，這是否最初是打算用於一些微不足道的業務。

And I wonder if that's something you have to reposition on at this point? Or how you're thinking about that distribution center?

我想知道，在這一點上，你是否需要重新調整立場？或者，你對那個配送中心有什麼想法？

Thanks, Michael. Thanks for the best wishes. I'll take the first part, Meghan will take the DC network configuration. And in terms of the -- sorry yes, sorry, just in terms of trading down, we've seen a bit of that behavior throughout the year. I've talked about the uncertain be the consumer in.

謝謝你，麥可。謝謝您的美好祝福。我負責第一部分，梅根負責資料中心網路配置。至於——抱歉，是的，抱歉，就降級交易而言，我們今年已經看到了一些這種行為。我談到了消費者所面臨的不確定性。

We're seeing a little bit in terms of how they're responding to the promotional activity in the marketplace today. and they're definitely looking for ways in which they can save and value. And it's behavior we've seen throughout the year and continued into Q3.

我們已經初步觀察到他們對當前市場促銷活動的反應。他們顯然在尋找能夠節省開支和提升價值的方法。這種現像我們全年都在觀察，並且一直延續到第三季。

And I would say in terms of pricing, we've been really strategic with the pricing moves we've made. As I mentioned, we're pleased with the elasticities we've seen and are in line with our expectations from a sales and margin perspective. So I don't see any concern there related to what Calvin just mentioned. And again, we'll take that same stance as we move forward on an item-by-item basis.

就定價而言，我認為我們採取的定價策略非常具有策略性。正如我之前提到的，我們對目前看到的彈性感到滿意，從銷售和利潤率的角度來看，這符合我們的預期。所以，我看不出這跟卡爾文剛才提到的內容有任何關聯。我們將繼續採取同樣的立場，逐項推進。

In terms of the DCs, I would say, given the news on de minimis, the team is deep in the work on evaluating the network. I don't think it means we won't have a presence in Canada, but I do think it means some changes to our DC network and we will make sure we're as most efficient as possible. I think we can share more as we move into '26 and the team is further along in that workstream.

就資料中心而言，鑑於有關最低限度的消息，我認為團隊正在深入網路評估工作。我不認為這意味著我們將不會在加拿大開展業務，但我確實認為這意味著我們的資料中心網路需要進行一些調整，我們將確保盡可能提高效率。我認為隨著我們進入 2026 年，團隊在該工作流程中取得更大進展，我們可以分享更多資訊。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Curious if you could talk a little bit more about the kind of business, what you saw in e-comm performance versus stores? And also curious how you would characterize the athletic apparel market in China in general? And if there are any big differences by city peers?

能否請您再詳細談談您的業務類型，以及您在電商業績與實體店業績對比方面觀察到的差異？另外，您如何評價中國的運動服飾市場？如果是同類型城市，是否有顯著差異？

Thanks, Paul. In terms of the performance of our business in China and obviously, as the results indicate we continue to see very good momentum, very pleased with the overall results. There were a couple of timing opportunities and shifts to platform activations that helped us in the quarter. But on those when we activate, we show up as a brand with the least amount of discounting. We actually have a large number of reg sales as a percentage of our business.

謝謝你，保羅。就我們在中國的業務表現而言，顯然，正如結果所示，我們繼續保持著非常好的發展勢頭，並對整體結果非常滿意。本季出現了一些時機把握和平台激活方面的轉變，這對我們有所幫助。但當我們在這些活動中啟動時，我們會以折扣最少的品牌形像出現。實際上，我們的常規銷售額佔總業務量的比例很高。

We were able to use that event to activate Scuba and as you know, we also have a lower outlet to store ratio, and we use these channels to exit some of our markdown products. So those levers and that mix works well for that market. And obviously, we were really pleased with the overall results. We also saw very good success to our outerwear business, which is a very key important category within that market, and we continue to see guests respond very well to both existing Wonder puff and styles as well as our new invasion, be feather weight and other styles and silhouettes that we bring out.

我們利用那次活動啟動了 Scuba，而且如您所知，我們的門市與零售店的比例也較低，我們利用這些通路來銷售一些降價產品。所以這些手段和組合對這個市場來說效果很好。顯然，我們對最終結果非常滿意。我們的外套業務也取得了非常好的成功，這是該市場中一個非常重要的類別，我們繼續看到顧客對現有的 Wonder 羽絨服和款式以及我們新推出的輕盈羽絨服和其他款式和輪廓的反應都非常好。

Overall, we're definitely gaining share, gaining momentum in that marketplace and the team there is executing very well, and we're seeing success across all tier cities. And we definitely, as we enter into the Tier 2, Tier 3 deeper see the business and the brand continue to resonate and perform well.

總的來說，我們肯定正在擴大市場份額，在這個市場中獲得發展勢頭，那裡的團隊執行得非常好，我們在各個層級的城市都取得了成功。我們確信，隨著我們進入第二層級、第三層級，業務和品牌將繼續引起共鳴並表現良好。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

First off, Calvin, best of luck. It's been a pleasure working with you.

首先，卡爾文，祝你好運。和您一起工作非常愉快。

Thanks, Brian.

謝謝你，布萊恩。

So with the leadership change, and we've been talking for a while now about our product refreshes and particularly a lot of new products set to hit in early '26. So I guess a two-part question. I mean does the leadership change the timing or any aspects of those product launches?

隨著領導階層的更迭，我們已經討論了一段時間的產品更新，特別是許多將於 2026 年初上市的新產品。所以我想這個問題應該要包含兩個部分。我的意思是，領導階層是否會改變產品發布的時機或其他任何方面？

And then I guess the follow-up, and I think this may be a bit of a follow-up. But I mean, what are you seeing now as far as consumer reception to the new products you have introduced are you -- is there a marked difference in how the consumers reacted to those products versus some of your legacy items?

然後我想應該是後續問題，我認為這可能算是後續問題。但我的意思是，就您推出的新產品而言，您現在看到的消費者反應如何？消費者對這些新產品的反應與您之前的一些產品相比，是否有明顯的差異？

Great. Thanks, Brian. In terms of the team and confidence in the work that they've been working on for the past year there's no change, and this shouldn't be perceived in terms of any lack of excitement and work that, that team has been creating. As I shared, I think, early on, the first season spring when I go back from -- to spring of this year, and we had all our regional teams in, the energy in the room was contagious and exciting.

偉大的。謝謝你，布萊恩。就團隊以及他們過去一年來所做的工作而言，他們的信心沒有任何變化，但這不應該被理解為該團隊缺乏熱情和創造力。正如我之前分享的，我認為，在賽季初期，也就是今年春天我回到球隊的時候，我們所有的區域隊都來了，房間裡的氣氛非常熱烈，令人興奮。

There is enthusiasm for the newness that's coming and shifting that mix to 35%. And there's work the team still has to do as we work and offset the life cycle of some of our core franchises. And that's the work they will continue to be in and have been in as the year progresses from season to season. And relative to the newness, no change. We continue to see newness what we believe to be future core items drive outsized growth in the US.

人們對即將到來的新事物充滿熱情，並將這種混合比例調整至 35%。團隊還有一些工作要做，我們需要努力平衡一些核心特許經營權的生命週期。而隨著一年又一年賽季的推進，他們也一直從事這項工作，並且將繼續從事這項工作。就新穎性而言，沒有變化。我們持續看到，我們認為未來核心產品的創新將推動美國市場的超額成長。

And we're seeing our high-value guests as well as all of our guests respond and react well to those. And we know as a mix that is increasing next year, and that's just not the existing styles, but it's more styles to come. So overall, the batting average on the newness is very good, and the guest response is very strong, encouraging, pleased with that and encourage that we have more of that is a composition of our mix moving forward.

我們看到，我們的高價值客人以及所有客人都對這些措施做出了良好的回應和反應。我們知道，明年這種混合風格會更加多樣化，而且不僅僅是現有的風格，還有更多即將出現的風格。所以總的來說，新品的受歡迎程度非常高，顧客的反應也非常強烈，這令人鼓舞，我們對此感到滿意，並鼓勵我們繼續將這種特色融入到未來的產品組合中。

And the teams are focused on the areas where they're going to continue to offset where we see some of the headwinds.

各隊都專注於那些他們將繼續努力抵消不利因素的領域。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

My question is on the co-CEO structure that exists now. Calvin, given your transition in select transition, who is design reporting to who is merchandise reporting to, who's ultimately going to make the fund decision on what happens in terms of product and what gets made and what goes into the stores?

我的問題是關於目前存在的聯合執行長架構。Calvin，鑑於你正在進行部分過渡工作，設計部門向誰報告？商品部門向誰報告？最終誰來決定產品方面的資金投入，哪些產品會生產，哪些產品會進入商店？

Thanks, Jay. First of all, it's a very strong leadership team that I have huge confidence in. And in terms of the co-CEO structure, Andre, taking on the Chief Commercial Officer role and being able to provide his leadership globally to our markets and to our GMs will really continue in that capacity. And excited to have him work with Carla and the North American team and bring new perspective and new insights on share from some of the other global markets where we've seen momentum and success.

謝謝你，傑伊。首先，這是一個非常強大的領導團隊，我對他們充滿信心。至於聯席執行長的架構，安德烈將繼續擔任首席商務官一職，在全球範圍內為我們的各個市場和總經理提供領導力。很高興他能與卡拉和北美團隊合作，並為我們在其他一些已經取得發展勢頭和成功的全球市場帶來新的視角和新的見解。

And the other team members will report to Meghan through the search process. So product, both merchandising and design will report into Meghan as well as brand. And we've operated as a team of peers and challenging each other. And I expect and know that, that will continue to be the dynamics and look forward to how they continue to drive the business forward.

其他團隊成員將在遴選過程中向梅根報告工作。因此，產品（包括商品銷售和設計）將向梅根和品牌報告。我們一直以同級團隊的形式運作，互相挑戰。我預計並知道，這種動態將會持續下去，我期待他們如何繼續推動業務向前發展。

What I would want to just remind you of is the dates. A lot of the decisions around design, product merchandising, the team has made, in particular, to the first half of next year. The teams are just completing the winter buy for '26. So the work has happened and a lot of that foundation is in place as the search occurs.

我只想提醒你一下日期。團隊已經就設計、產品銷售等方面做出了許多決定，特別是針對明年上半年。各隊正在完成 2026 年冬季的採購工作。因此，前期工作已經完成，在搜尋工作進行的同時，許多基礎工作也已經到位。

So I think the team will work and execute the plan through the action plan that Meghan laid out, both on how to activate and leverage a lot of the test and learn initiatives that are underway. But a lot of the solid plans are in place to create the inflection that I know they've been working towards.

所以我認為團隊將按照梅根制定的行動計劃開展工作並執行該計劃，包括如何啟動和利用正在進行的許多測試和學習舉措。但許多切實可行的計劃已經到位，以實現他們一直努力追求的轉變。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

And good luck to Calvin. A question for Meghan, just on the puts and takes as we think about margins next year. Can you speak to how you're thinking about markdowns? They came in a little bit higher than expected in Q3. It looks like they step up a bit in Q4. Maybe talk about what you saw there?

祝卡爾文好運。梅根，我想問你一個關於明年利潤率的問題，關於買賣操作。能談談您對 Markdown 的看法嗎？第三季他們的業績略高於預期。看來他們在第四季有所進步。或許可以聊聊你在那裡看到了什麼？

And then as you talk about aiming to increase full price penetration next year, just speak to your confidence in that? And is that more of that we would see in the back half? Or could we see that as early as the first half?

那麼，當您談到明年提高全價滲透率的目標時，請談談您對此的信心？下半季我們會繼續看到這種情況嗎？或者我們最早在上半場就能看到這種情況嗎？

Thanks, Janine. So this year, as you know, sales haven't met our expectations, and therefore, we have more seasonal inventory that we're clearing from that's reflected in our markdown expectations. As we started planning next year, we are taking a more conservative posture on inventory.

謝謝你，珍妮。如您所知，今年的銷售額並未達到我們的預期，因此，我們有更多季節性庫存需要清理，這也反映在我們的降價預期中。在開始規劃明年時，我們對庫存採取了更保守的態度。

We will manage inventory units below our sales plans in an effort to mitigate more and use those chase capabilities I described to chase the trend the upside. I would expect and we're planning for that dynamic to start in Q1. That said, we have multiple scenarios if the trend ends up being different than we think. But we are definitely taking, I would say, a more conservative prudent posture in terms of inventory management.

我們將把庫存單位控制在銷售計劃以下，以努力減少損失，並利用我所描述的追趕能力來追趕上漲趨勢。我預計，而且我們也正在計劃，這種動態將從第一季開始。也就是說，如果最終趨勢與我們預想的不同，我們還有多種因應方案。但就庫存管理而言，我們無疑採取了更保守謹慎的態度。

Right. We'll take one more question.

正確的。我們再回答最後一個問題。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

And Calvin, best wishes for your next chapter. My question is for Meghan. I just was hoping we could zoom in specifically on the tariff de minimis piece. Last quarter, you gave us some dollar figures for gross and net this year, next year. It sounds like you're making some progress. I guess where are you seeing the progress? And would you be willing to share some updated figures and how you're thinking about the gross net impact both this year and next year?

卡爾文，祝福你人生下一階段一切順利。我的問題想問梅根。我只是希望我們能重點討論一下最低限度關稅這部分內容。上個季度，你們提供了今年和明年的毛利潤和淨利潤的美元數據。聽起來你已經取得了一些進展。我想問你覺得進展在哪裡？您能否分享一些最新的數據，以及您如何看待今年和明年的淨影響總額？

Yes. Thanks, Mark. So our outlook has improved this year in terms of tariffs. So we had 220 basis points of pressure on an annual basis in our last guidance. We've updated that to 190 million. It's about $210 million net impact. When we think about next year, we offered a 320 number. We're not giving a specific number update there.

是的。謝謝你，馬克。因此，就關稅而言，我們今年的前景有所改善。因此，我們在上一次的業績指引中，年度壓力為 220 個基點。我們已將數字更新為 1.9 億。淨影響約2.1億美元。當我們考慮明年時，我們給了 320 這個數字。我們目前不提供具體的數位更新。

As I mentioned, we are making progress. I would say some of the areas we're working on still are in the vendor negotiation space as well as our DC network and inventory placement to offset some of those costs as well as just efficiencies across the business. There will be some puts and takes in terms of next year's operating margin that we went through, and we're really focused on inflecting the business. So we'll give you more of an update there in March.

正如我所說，我們正在取得進展。我想說，我們目前仍在努力的方向包括供應商談判、資料中心網路和庫存佈局，以抵消部分成本，以及提高整個業務的效率。明年的營業利潤率會有一些波動，我們目前正專注於調整業務。所以我們會在三月為您帶來更多最新消息。

In terms of our operating margin, productive for next year.

就我們的營業利潤率而言，明年將是一個有利可圖的年份。

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

今天提問時間就到此為止了。感謝您參加電話會議，祝您今天愉快。