lululemon athletica inc. (LULU) 2026 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 2026 earnings conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica. Please go ahead.

感謝您耐心等候。我是本次電話會議的主持人。歡迎參加 lululemon athletica inc. 2026 會計年度第二季財報電話會議。(主持人指示) 本次會議將被錄音。(主持人指示) 現在我想把會議交給 lululemon athletica 投資人關係副總裁 Howard Tubin。請開始。

Thank you, and good afternoon. Welcome to lululemon's second quarter earnings conference call. Joining me today are Meghan Frank, Interim Co-CEO and CFO; and Andre Maestrini, interim Co-CEO, President and Chief Commercial Officer.

謝謝，大家午安。歡迎參加 lululemon 第二季財報電話會議。今天與我一同出席的有臨時共同執行長兼財務長 Meghan Frank，以及臨時共同執行長、總裁暨首席商務長 Andre Maestrini。

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.

在開始之前，我想藉此機會提醒各位，我們今天的發言將包含前瞻性陳述，反映管理層對 lululemon 未來若干面向的最新預測。這些陳述係基於我們已評估的現有資訊，但其本質具有動態性，且可能快速甚至突然變化。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

由於與我們業務相關的風險與不確定性（包括我們在最近向美國證券交易委員會（SEC）提交的文件中所揭露者，包含 Form 10-K 年度報告與 Form 10-Q 季度報告），實際結果可能與這些前瞻性陳述所載或所暗示者存在重大差異。

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. 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 our earnings press release.

我們在本次電話會議中所作的任何前瞻性陳述均基於截至今日的假設；對於因新資訊或未來事件而更新或修訂任何此等陳述，我們明確聲明不承擔任何義務或承諾。在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之調節表載於我們的 Form 10-Q 季度報告及財報新聞稿中。

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，今天電話會議中提供的可比銷售（comparable sales）指標係以固定匯率（constant dollar）基礎計算。新聞稿及隨附的 Form 10-Q 季度報告可於我們網站 www.lululemon.com 的「投資人」專區取得。

On today's call, Meghan and Andre will begin by discussing recent business developments across our regions and the plans and strategies we are implementing to drive improved performance. Meghan will then discuss our detailed Q2 financials, the impact recent trends are anticipated to have on our performance for the remainder of the year and our revised guidance outlook. And then the team will be happy to take your questions.

在今天的電話會議中，Meghan 與 Andre 將先就各區域近期的業務進展，以及我們為推動績效改善所採取的計畫與策略進行說明。接著 Meghan 將說明第二季的詳細財務表現、近期趨勢預期對今年剩餘期間績效的影響，以及我們更新後的財測展望。之後團隊將很樂意回答各位的提問。

Before I turn the call over to Meghan, I'd like to remind investors to visit our investor site, where you'll find a summary of our key financial and operating statistics for the second quarter as well as our quarterly infographic. Meghan, over to you.

在我把電話會議交給 Meghan 之前，我想提醒投資人造訪我們的投資人網站，您可在那裡找到第二季關鍵財務與營運統計摘要，以及我們的季度資訊圖表。Meghan，交給你。

Thanks, Howard. Welcome, everyone, and thank you for joining us. I want to start the call by taking you through Q2 results. What we're seeing in the business today and how this is informing our decision to lower our guidance for the full year.

謝謝你，Howard。歡迎各位，感謝大家加入我們。我想先帶各位回顧第二季的結果。以及我們目前在業務上所看到的情況，並說明這些因素如何促使我們決定下調全年財測。

Then Andre and I will spend most of our time discussing North America and China Mainland, what's happened since our last earnings call and the actions we are taking across these markets to improve the trajectory of the business.

接著 Andre 和我將把大部分時間放在北美與中國大陸市場，說明自上次財報電話會議以來發生了什麼，以及我們在這些市場採取哪些行動來改善業務走勢。

As you recall, we began the year with an action plan focused on three pillars: Product creation, product activation and enterprise enablement. A key objective of our plan is to strengthen our full-price sales trajectory and position the company for long-term growth.

如各位所記得，我們在年初啟動了一項行動計畫，聚焦三大支柱：產品創造、產品啟動（activation）以及企業賦能（enterprise enablement）。該計畫的一項關鍵目標，是強化我們的正價銷售走勢，並使公司具備長期成長的定位。

In Q1, we saw some encouraging signs indicating we were moving in the right direction to strengthen performance in North America while continuing to expand our global growth engine. As we moved into Q2, we faced negative commentary in the media and social channels, which impacted traffic and softer than planned response to some new product launches, which contributed to a moderating sales trend.

在第一季，我們看到一些令人鼓舞的跡象，顯示我們正朝著強化北美績效的正確方向前進，同時持續擴大全球成長引擎。進入第二季後，我們面臨媒體與社群渠道的負面評論，影響了客流；此外，部分新品上市的反應也較原先規劃疲弱，進而導致銷售趨勢放緩。

As you've seen from our press release, Q2 revenue came in below our expectations with the shortfall driven predominantly by China Mainland, where revenue grew 4%. North America finished down 8% for Q2, slightly ahead of our guidance.

如各位從我們的新聞稿所見，第二季營收低於我們的預期，缺口主要由中國大陸所致，該市場營收成長 4%。北美第二季下滑 8%，略優於我們的財測指引。

As we move into Q3, while we are seeing good guest reaction to our activations and some of our newer styles, the overall response to our product launches remains inconsistent. And we've continued to see pressure on the brand in both of our largest markets.

展望第三季，雖然我們看到顧客對我們的活動推廣以及部分較新的款式反應良好，但整體而言，市場對我們新品上市的回應仍不一致。同時，我們在兩個最大市場的品牌面臨壓力的情況仍在持續。

Based on our assessment of these current trends, we've updated our guidance for the remainder of the year. At the enterprise level, we have several key actions underway to improve our performance. Andre and I will get into the regional detail in a moment.

基於我們對目前趨勢的評估，我們已更新今年剩餘期間的財測指引。在企業層面，我們正推動數項關鍵行動以改善績效。稍後 Andre 和我會進一步說明各區域的細節。

Our product teams are chasing into strong performers, including our Groove and Define styles more aggressively than in the past and working with vendors to strategically manage future inventory flows. On brand, we are moving forward with our increased marketing investments in the back half of the year.

我們的產品團隊正比以往更積極地加碼補貨於表現強勁的品項，包括 Groove 與 Define 系列，並與供應商合作，以策略性方式管理未來的庫存流向。在品牌方面，我們將持續推進下半年增加的行銷投資。

We're seeing strong community engagement with our recent campaigns and activations. And while we haven't yet seen an impact on the top line trajectory, we are encouraged by the response. And on expenses, we've been continuing to drive efficiency across the organization. Given current trends, we've heightened that focus in the back half of the year, while protecting investments in product and brand.

我們看到近期行銷活動與推廣帶來強勁的社群參與度。雖然我們尚未看到對營收走勢的影響，但對於市場回應感到鼓舞。在費用方面，我們持續推動全組織的效率提升。鑑於目前趨勢，我們在下半年加大了這方面的聚焦，同時保護在產品與品牌上的投資。

We're excited our incoming CEO, Heidi O'Neill, joins us next week. And we expect she will take a deep dive into the business, evaluating our strategy and current action plans. And we look forward to the fresh perspective she will bring to define the path forward for lululemon's next chapter. In the near term, our teams remain focused on execution.

我們很高興即將上任的執行長 Heidi O'Neill 將於下週加入我們。我們預期她將深入檢視業務，評估我們的策略與目前的行動計畫。我們也期待她帶來的新視角，為 lululemon 下一個篇章界定前進方向。在短期內，我們的團隊仍專注於落實執行。

As we look to the future, we remain confident in the underlying strength of lululemon's brand, the connection we have to our highly engaged community of guests and ambassadors and the equity we have built. We believe our greatest opportunity is to build on this foundation through continued investment in product innovation, reinforcing our premium positioning and the long-term brand health.

展望未來，我們仍對 lululemon 品牌的內在實力、我們與高度投入的顧客與品牌大使社群之連結，以及我們所建立的品牌資產充滿信心。我們相信最大的機會在於持續投資產品創新、強化我們的高端定位，以及長期的品牌健康度，以此在既有基礎上再向上提升。

At the same time, our strong financial position allows us to invest in near-term actions that support full price sales and top line improvement while remaining focused on the significant growth opportunities ahead.

同時，我們強健的財務狀況使我們得以投資於短期行動，以支持正價銷售與營收改善，同時仍聚焦於前方重大的成長機會。

I'll now share an update on our action plan and then hand it over to Andre to discuss regional performance. The markets we operate in are competitive, which makes it imperative for us to focus on unique and innovative ways to inspire our guests.

接下來我將更新我們的行動計畫，然後交由 Andre 說明各區域的表現。我們所營運的市場競爭激烈，因此我們必須聚焦以獨特且創新的方式來啟發我們的顧客。

As you know, we've been working on this through our action plan with a focus on product and brand. We anticipated our plan would take some time to gain traction as we bring in new innovations, elevate our store and digital experience and increase and redirect our marketing spend. But we expected a better response than we are seeing as we enter the second half of the year. So let me share some details starting with product.

如各位所知，我們一直透過行動計畫來推進這項工作，並聚焦於產品與品牌。我們預期，隨著導入新創新、提升門市與數位體驗，以及增加並重新配置行銷支出，我們的計畫需要一些時間才能發揮效果、取得動能。但在進入下半年之際，我們原本預期會看到比目前更好的回應。因此，讓我先從產品開始分享一些細節。

As we stated on prior calls, a top priority for the management team is returning to full price sales growth as we focus on restoring and protecting our brand health for the long term. Despite the headwinds we are experiencing, we are moving forward with our actions in this area, which will include bringing updates to our core franchises, introducing new styles, overall SKU reductions and tightly managing inventory levels.

正如我們在先前的電話會議中所述，管理團隊的首要重點之一，是在我們專注於長期恢復並保護品牌健康的同時，回到正價銷售成長。儘管我們正面臨逆風，我們仍持續推進在此領域的行動，包括為核心系列帶來更新、推出新款式、整體SKU縮減，以及嚴格管理庫存水位。

In addition, we are leaning into our chase capabilities. As we discussed on prior calls, faster chase times allow us to read and react to guest demand and get back into certain strong-performing styles more quickly. We're chasing approximately 20% more volume this year relative to last year.

此外，我們正加大運用追單（chase）能力。如同我們在先前的電話會議中討論，更快的追單週期讓我們能讀取並回應顧客需求，並更快補回某些表現強勁的款式。相較去年，我們今年追單的量約增加20%。

In Q2, while we're seeing green shoots in product, particularly within some of our newer away-from-body bottoms for women, we are also seeing an inconsistent performance in our assortment overall. This included a greater-than-expected slowdown in some of our core categories, particularly leggings. In women's tops, guests are responding well to Scuba and Steady State, now offered in our SuperLoft fabric and our Define franchise continues to perform well.

在第二季，雖然我們在產品端看到一些回溫跡象，特別是在女性部分較寬鬆、非貼身（away-from-body）的新款下身品類，但我們整體商品組合的表現仍不一致。其中包括部分核心品類的放緩幅度高於預期，尤其是緊身褲（leggings）。在女性上衣方面，顧客對Scuba與Steady State反應良好，這些款式目前以我們的SuperLoft面料提供；同時，我們的Define系列持續表現穩健。

In men's, we are seeing strength in Metal Vent Tech Tees and our golf tops. Supported by the storytelling campaigns we developed around some of our elite ambassadors, including Lewis Hamilton and Min Woo Lee. We're also pleased with the halo effect designed for golf tops are having on our ABC bottoms as they pair well together and provide guests with a versatile and technical solution on the golf course.

在男性品類方面，我們看到Metal Vent Tech T恤與高爾夫上衣表現強勁。這得益於我們圍繞部分頂尖品牌大使（包括Lewis Hamilton與Min Woo Lee）所打造的故事行銷活動。我們也很高興看到高爾夫上衣所帶來的光環效應（halo effect）對ABC下身品類的帶動，兩者搭配性佳，為顧客在球場上提供兼具多用途與機能性的解決方案。

Let me now spend a moment on our women's bottoms business, where performance has been mixed. Leggings trends so far this year have been below our expectations with sales declining approximately 20% in Q2. While we have been planning into lower legging sales, and we are seeing good traction in several of our away from body styles, we are not yet able to fully offset these declines.

接下來我想花點時間談談我們的女性下身業務，目前表現好壞參半。截至今年目前為止，緊身褲趨勢低於我們預期，第二季銷售約下滑20%。雖然我們已在規劃中納入較低的緊身褲銷售預期，且在多款非貼身（away-from-body）款式上看到良好動能，但目前仍無法完全抵消這些下滑。

Leggings remain an important category for us where we remain the market leader. The wellness trend is strong. We continue to be a leader in technical fabric development and guests continue to purchase our leggings for their exercise and training needs, particularly yoga and Pilates. We remain committed to the category, but there are shifts occurring with guests looking for away from body silhouettes.

緊身褲仍是我們的重要品類，我們也仍是市場領導者。健康與身心療癒（wellness）趨勢依然強勁。我們持續在機能面料研發上領先，顧客也持續為運動與訓練需求購買我們的緊身褲，尤其是瑜伽與皮拉提斯。我們仍致力於此品類，但顧客偏好正在轉變，更多人尋求較寬鬆、非貼身的輪廓版型。

We're happy with the performance of several new away-from-body styles we've recently introduced, including the Groove Wide-Leg, the Align Foldover Jogger, the Breezily and our updated Dance Studio Pants. All are trending well, and we expect momentum to build in the back half of the year and into 2027.

我們對近期推出的多款新非貼身（away-from-body）款式表現感到滿意，包括Groove寬褲（Wide-Leg）、Align Foldover Jogger、Breezily，以及我們更新版的Dance Studio長褲。這些款式皆呈現良好趨勢，我們預期動能將在今年下半年並延續至2027年持續增強。

As we look at the second half of the year, in addition to away-from-body bottoms, we'll continue to focus on new and updated styles across our activities. You'll see updates across run with new cold weather innovations in outerwear featuring Wunder Puff and our Featherweight Down franchise and a new version of our popular Big Cozy, to highlight just a few.

展望今年下半年，除了非貼身下身品類外，我們也將持續聚焦於各項運動場景中的新款與更新款式。你將看到跑步系列的更新，包括外套品類中的新冷天氣創新，涵蓋Wunder Puff與Featherweight Down系列，以及我們受歡迎的Big Cozy新版本等，僅舉幾例。

I also wanted to mention accessories where we experienced a 13% decline in Q2. While backpacks are strong, we are seeing overall softness in bags. In addition, we are strategically editing the overall accessories assortment to better align with our go-forward vision for the brand.

我也想提到配件品類，我們在第二季下滑13%。雖然後背包表現強勁，但我們看到包袋整體需求偏弱。此外，我們正策略性地精簡整體配件商品組合，以更好地與品牌未來發展願景對齊。

Moving now to product activations and marketing. We are working to strengthen brand relevance, desirability and demand by engaging more directly with guests through social channels and differentiated community experiences while using those platforms to tell richer stories about our brand, products and innovation. We held several successful events in Q2 and into Q3, and engagement levels are encouraging.

接著談產品啟動（activations）與行銷。我們正透過社群渠道與差異化的社群體驗，更直接地與顧客互動，同時利用這些平台更豐富地講述我們的品牌、產品與創新故事，以強化品牌相關性、吸引力與需求。我們在第二季及進入第三季舉辦了數場成功活動，互動參與度令人鼓舞。

Let me highlight two. In June, we celebrated our foundation in yoga with a launch for summer series. We partnered with leading yoga, Pilates and sculpt instructors to bring free classes to tens of thousands of guests across 70 cities in the US and Canada.

我想重點分享其中兩項。6月，我們以夏季系列的發布來慶祝我們源自瑜伽的品牌根基。我們與領先的瑜伽、皮拉提斯與雕塑訓練（sculpt）教練合作，在美國與加拿大70座城市為數以萬計的顧客提供免費課程。

More recently, in August, we brought back our SeaWheeze Half Marathon and Festival for the first time since 2019. The reaction from guests to the local community and across social media was outstanding. Nearly 10,000 runners from 24 countries ran the half marathon and approximately 14,000 attendees joined us for an evening of movement and music headlined by DJ John Summit.

更近期在8月，我們自2019年以來首次重新舉辦SeaWheeze半程馬拉松與嘉年華。顧客在在地社群與社群媒體上的反應非常熱烈。來自24個國家的近10,000名跑者參加半程馬拉松，約14,000名參與者加入我們的夜間活動，結合運動與音樂，並由DJ John Summit擔任壓軸演出。

This event brought incredible energy to our hometown market of Vancouver and through our virtual SeaWheeze challenge on Strava, we extended participation well beyond race weekend with more than 85,000 participants from 120 countries around the world.

這項活動為我們的家鄉市場溫哥華帶來驚人的能量；同時透過Strava上的虛擬SeaWheeze挑戰，我們將參與度延伸至賽事週末之外，全球共有來自120個國家的超過85,000名參與者。

Based on the strong response, we already made the decision to bring back SeaWheeze again next summer. Guest engagement in events like this demonstrate the passion for our brand and the strength of our connections with the communities we serve. We are increasing our marketing investment in the back half of the year to drive improved brand heat, guest acquisition, traffic and overall top line performance.

基於強勁回響，我們已決定明年夏天再次舉辦SeaWheeze。此類活動的顧客參與度展現了對我們品牌的熱情，以及我們與所服務社群之間連結的強度。我們將在今年下半年提高行銷投資，以帶動更高的品牌熱度、顧客獲取、來客數與整體營收表現。

We are investing more heavily in mid-funnel, creator and social content to build relevance, engagement and product consideration. One recent example is our YouTube series featuring some of our elite athletes. We remain confident these investments will help to reignite our sales trends over time as we continue to elevate our product and marketing execution.

我們將更大幅度投資於中層漏斗（mid-funnel）、創作者與社群內容，以建立相關性、互動度與產品考量度。近期一個例子是我們在YouTube推出的系列內容，呈現部分頂尖運動員。我們仍有信心，隨著我們持續提升產品與行銷執行力，這些投資將隨時間推進重新點燃銷售趨勢。

Let me now speak to our enterprise enablement and cost management initiatives. We've been reducing our expense base and working across the enterprise to operate as efficiently as possible. Given current top line trends and our expectations for the back half, we are taking an even more aggressive stance on expense management. Our ongoing initiatives continue, efficiencies across our supply chain and non-merchandise procurement and implementation of new technologies, including AI powered systems and automation.

接下來談我們的企業賦能（enterprise enablement）與成本管理計畫。我們一直在降低費用基礎，並在全公司範圍內努力以最高效率營運。鑑於目前營收端趨勢以及我們對下半年的預期，我們正採取更積極的費用管理立場。我們持續推進既有計畫，包括供應鏈與非商品採購的效率提升，以及導入新技術（包含AI驅動系統與自動化）。

On discretionary spending, we are driving new efficiencies across travel, professional fees, store labor hours and headcount growth moderation. On real estate, we continue to scrutinize every deal across all new store openings and optimizations. We're now planning approximately 35 net new store openings this year, down from our guidance of approximately 40 last quarter.

在可自由裁量支出方面，我們正於差旅、專業費用、門市工時以及人力編制成長放緩等面向推動新的效率提升。在不動產方面，我們持續審視所有新店開設與優化案的每一筆交易。我們目前規劃今年淨新增約35家門市，低於上季指引的約40家。

And our plans call for a significant reduction in pop-up stores from 65 at the end of last year to approximately 40 by the end of 2026. We're being intentional with our cost management strategies and looking to drive enduring efficiencies beyond this year. We won't take steps that will negatively impact the brand or our long-term growth potential, but we recognize that current top line trends necessitate a smaller expense profile, and we are acting accordingly.

此外，我們的計畫也包括將快閃店數量大幅降低，從去年底的65家降至2026年底約40家。我們在成本管理策略上採取審慎且有意識的作法，並希望推動超越今年的長期效率提升。我們不會採取會對品牌或長期成長潛力造成負面影響的措施，但我們也認知到目前營收端趨勢需要更小的費用規模，因此我們正據此採取行動。

We know there is much more work to be done. Our management team leaders and employees are focused on serving our guests and executing initiatives to drive an inflection in our business. Now let me turn it over to Andre to discuss regional performance in more detail. Andre?

我們知道還有更多工作要做。我們的管理團隊領導者與員工正專注於服務顧客，並執行各項計畫以推動業務出現轉折點。現在我把時間交給Andre，請他更詳細說明各區域表現。Andre？

Thanks, Meghan. It's good to be here with you today to discuss our results and the work underway across the business. While we are focused on improving the trajectory of the business in the short term, we are also making the appropriate decision to strengthen our foundation and drive more sustainable growth over the medium and long term.

謝謝你，Meghan。很高興今天能與你一同在此，討論我們的業績表現以及全公司正在推進的工作。在我們專注於短期內改善業務走勢的同時，我們也正做出適當的決策，以強化基礎，並在中長期推動更可持續的成長。

Let me provide more details about our regional performance beginning with North America. In Q2, revenue declined 8%, slightly ahead of our expectations. In the US, we saw a decrease of 8%, while in Canada, revenue was down 11% on a reported basis and down 9% on a constant currency basis.

我先從北美開始，提供更多關於各地區表現的細節。第二季營收下滑8%，略優於我們的預期。在美國，我們看到下滑8%；而在加拿大，按報告基礎營收下滑11%，按固定匯率基礎下滑9%。

Meghan already spoke to our global product and brand initiatives that we expect will benefit all regions. So let me spend a few moments updating you on our strategies to enhance the guest experience in store and online.

Meghan已談到我們的全球產品與品牌計畫，我們預期這些將使所有地區受益。因此，我想花幾分鐘向各位更新我們在門市與線上提升顧客體驗的策略。

We are seeing good results in our store, where we are implementing new ways to elevate the guest experience through updated fixture package, further reductions in SKU density and increased localization of assortment. We're also better organizing the guest journey by changing product adjacencies and merchandising by activity.

我們在門市端看到不錯的成果；我們正透過更新的陳列設備方案、進一步降低SKU密度，以及提高商品組合的在地化程度，以新的方式提升顧客體驗。我們也透過調整商品相鄰配置，並以活動情境進行陳列，來更好地規劃顧客動線。

In digital, we have a sharp focus on storytelling and driving conversion when guests visit our e-commerce sites. We recently redesigned our homepage as well as category detail page. And in the next few weeks, we will be updating also our product detail page.

在數位端，我們高度聚焦於內容敘事，並在顧客造訪我們電商網站時提升轉換率。我們近期重新設計了首頁以及品類詳情頁。並且在接下來幾週，我們也將更新商品詳情頁。

Shifting now to China Mainland. As Meghan mentioned, we have seen several issues impacting brand sentiment in product in China, which have hurt traffic and overall sales momentum. This began with spikes of negative commentary in the media and on social channels at the end of Q1 and early Q2 and was compounded by the additional commentary post our Q1 call related to an event we held on the Great Wall of China.

接著談中國大陸。如Meghan所提到，我們在中國的產品與品牌情緒受到多項問題影響，進而衝擊客流與整體銷售動能。這始於第一季末與第二季初媒體及社群渠道負面評論的激增，並在我們第一季電話會議後，因與我們在中國長城舉辦的一場活動相關的額外評論而加劇。

These factors have contributed to softness in both our store and digital channels. Performance in e-commerce further impacted by a decision made by Tmall not to anniversary their 618 event in the same way as last year. In addition, we did not participate in promotions following this event.

這些因素導致我們的門市與數位渠道表現轉弱。電商表現亦受到天貓決定不以與去年相同方式延續其618活動的影響。此外，我們在該活動之後也未參與促銷。

In Q2, revenue increased by 4% on a reported basis and declined 2% on a constant currency basis, well below our expectation. As you know, we've experienced rapid growth in China Mainland over the last several years. But while we are disappointed with the current performance in the region, we are focused across both product and brand efforts to drive inflection.

第二季，按報告基礎營收成長4%，但按固定匯率基礎下滑2%，遠低於我們的預期。如各位所知，過去幾年我們在中國大陸經歷了快速成長。然而，儘管我們對該地區目前的表現感到失望，我們仍在產品與品牌兩方面聚焦推動轉折。

And we remain confident in our teams, our strategy, the underlying strength of our brand and the opportunity China Mainland continues to hold for Lululemon's future. End of Q2, we were pleased with the guest response to our Together Feels Better campaign. This featured both in-store and online moments with the highlight being a live stream event simultaneously broadcast across five platforms.

我們仍對團隊、策略、品牌的內在實力，以及中國大陸對Lululemon未來所持續提供的機會充滿信心。在第二季末，我們對顧客對「Together Feels Better」活動的反應感到滿意。該活動在門市與線上皆有亮點，其中重點是一場同步在五個平台播出的直播活動。

We featured lululemon ambassador and world champion swimmer, Wang Shun, along with other athletes to bring to life our campaign message. And we are building further our credibility in tennis and we're excited to celebrate with lululemon ambassador, Guo Hanyu, the first Chinese athlete in our ambassador roster to win a Grand Slam Tennis title during Wimbledon.

我們邀請了lululemon品牌大使、世界冠軍游泳選手汪順，以及其他運動員，共同呈現活動訊息。我們也進一步建立在網球領域的公信力，並很高興與lululemon品牌大使郭涵煜一同慶祝——她是我們大使陣容中首位在溫布頓期間贏得大滿貫網球冠軍的中國運動員。

Looking ahead, we will strengthen our brand narrative and messaging through a multilayered approach, including key new store openings with associated activations, partnering with Tmall for a Super Brand Day event and leverage our thought leadership in the well-being space with an event for World Mental Health Day.

展望未來，我們將以多層次方式強化品牌敘事與訊息傳遞，包括重點新店開幕及相關啟動活動、與天貓合作舉辦「超級品牌日」活動，以及在世界心理健康日舉辦活動，運用我們在身心健康領域的思想領導力。

And this momentum and the guest engagement, we continue to see with these campaigns and activations show the underlying strength of lululemon in the market and the potential that exists for us in China Mainland.

而我們在這些行銷活動與啟動活動中持續看到的動能與顧客參與度，展現了lululemon在市場中的內在實力，以及我們在中國大陸所具備的潛力。

Next, I will spend a few minutes on our Rest of the World segment, comprised of EMEA and APAC. In total, Q2 revenue in Rest of the World increased 5% on a reported basis and 6% in constant currency. Let me share a few more details beginning with South Korea. This market continues to be one of our strongest across the globe, and we were excited to celebrate our tenth anniversary in August.

接下來我將用幾分鐘談談我們的「世界其他地區」分部，包含EMEA與APAC。整體而言，第二季世界其他地區營收按報告基礎成長5%，按固定匯率基礎成長6%。我先從南韓分享一些細節。該市場仍是我們全球最強勁的市場之一，我們也很高興在8月慶祝進入該市場的十週年。

We reopened our first-ever store in this market with our new design concept and hosted a special evening event and a series of movement classes attended by guests and ambassadors. In Australia, our top line performance has been impacted as we've seen the market grow increasingly promotional.

我們以全新的設計概念重新開幕了在該市場的第一家門市，並舉辦了一場特別的晚間活動，以及一系列由顧客與品牌大使參與的運動課程。在澳洲，由於市場促銷氛圍日益加劇，我們的營收表現受到影響。

As we are not joining in with promotional events, we have seen a slowing in guest purchase behavior, but we continue to see strong guest engagement with our events with a recent example being our Sydney Marathon activations.

由於我們未參與促銷活動，我們看到顧客購買行為放緩；但我們仍持續看到顧客對我們活動的高度參與，近期例子包括我們在雪梨馬拉松的系列啟動活動。

In Japan, while the market is still experiencing reduced traffic of tourism, our brand remains strong. We recently opened our largest store in APAC in Tokyo, Harajuku district, and it's seen a great response from guests.

在日本，儘管旅遊人流仍偏低，我們的品牌依然強勁。我們近期在東京原宿開設了APAC最大的門市，並獲得顧客熱烈回響。

And lastly, in EMEA, while our Middle East franchise business continues to be impacted by the conflict in the region as does tourism in Europe, we remain excited about our potential in the region. Beginning last week, we launched our first marketing collaboration with the online leader Zalando across 12 markets in Europe and will be showing up in unique ways at the Berlin Marathon later this month.

最後，在EMEA方面，儘管我們在中東的加盟業務持續受到區域衝突影響，歐洲旅遊也同樣受影響，我們仍對該地區的潛力感到振奮。自上週起，我們與歐洲線上領導者Zalando在歐洲12個市場推出首次行銷合作，並將於本月稍晚在柏林馬拉松以獨特方式亮相。

And we continue to expand our presence through recent franchise store openings in Athens, Greece and in Bucharest, Romania. This market expansion speaks to the still untapped demand for our brand in new markets as we look at our longer-term plans. I will now hand it back to Meghan to share more details about our financial performance.

我們也透過近期在希臘雅典與羅馬尼亞布加勒斯特開設的加盟門市，持續擴大據點。隨著我們檢視更長期的規劃，這樣的市場擴張顯示在新市場中對我們品牌仍存在尚未被充分滿足的需求。接下來我把時間交還給Meghan，請她分享更多關於我們財務表現的細節。

Thanks, Andre. Let me now get into the Q2 financial review and our updated guidance outlook. For Q2, total net revenue decreased 4% or 5% in constant currency to $2.4 billion and comparable sales decreased 10%. Within our regions and channels, results were as follows: North America revenue decreased 8% with comparable sales down 12%.

謝謝你，Andre。接下來我將進入第二季財務回顧以及更新後的財測展望。第二季總淨營收下滑4%，或按固定匯率基礎下滑5%，至24億美元；同店銷售下滑10%。按地區與渠道拆分，結果如下：北美營收下滑8%，同店銷售下滑12%。

By country, revenue decreased 11% or 9% in constant currency in Canada and decreased 8% in the US China Mainland revenue increased 4% or decreased 2% in constant currency, with comparable sales decreasing 8%. And in our Rest of World segment, revenue increased by 5% or 6% in constant currency with comparable sales decreasing 3%.

按國家來看，加拿大營收下滑11%，或按固定匯率基礎下滑9%；美國營收下滑8%。中國大陸營收按報告基礎成長4%，或按固定匯率基礎下滑2%，同店銷售下滑8%。而在世界其他地區分部，營收成長5%，或按固定匯率基礎成長6%，同店銷售下滑3%。

In our store channel, total sales decreased 6%, and we ended the quarter with 825 stores globally. Square footage increased 11% versus last year, driven by the addition of 41 net new lululemon stores since Q2 of 2025. During the quarter, we opened nine net new stores and completed 12 optimizations.

在門市渠道，總銷售下滑6%，季度末我們全球共有825家門市。相較去年，營業面積增加11%，主要由自2025年第二季以來新增41家淨新開lululemon門市所帶動。本季度期間，我們淨新開9家門市，並完成12項優化調整。

In our digital channel, revenues decreased 6% and contributed $0.9 billion of top line or 39% of total revenue. And by category, men's revenue decreased approximately 1% versus last year and women's decreased 4%, while accessories and other declined by 13%.

在我們的數位通路，營收下降 6%，貢獻了 9 億美元的營收（top line），約占總營收的 39%。按品類來看，男裝營收較去年約下降 1%，女裝下降 4%，而配件及其他則下降 13%。

Gross profit for the second quarter was $1.46 billion, or 60.5% of net revenue compared to 58.5% in Q2 2025. Gross margin increased 200 basis points compared to last year and was driven primarily by the following: 560 basis points of benefit from IEEPA tariff refunds, a 150 basis point decline in overall product margin driven predominantly by tariff impact and markdowns.

第二季毛利為 14.6 億美元，或占淨營收的 60.5%，相較於 2025 年第二季的 58.5%。毛利率較去年提升 200 個基點，主要由以下因素帶動：IEEPA 關稅退稅帶來 560 個基點的利多；整體產品毛利率下降 150 個基點，主要受關稅影響與折扣（markdowns）所致。

Tariffs exclusive of the refund had a gross negative impact of 160 basis points in the quarter, offset by 100 basis points related to our enterprise efficiency initiatives. Markdowns increased 70 basis points. Deleverage on fixed costs was 230 basis points, driven by ongoing investments in our store, fleet and regional mix and additional fulfillment costs as we optimize our North America DC network.

扣除退稅後，關稅在本季對毛利率的負面影響為 160 個基點，其中有 100 個基點由我們的企業效率計畫所抵銷。折扣（markdowns）增加 70 個基點。固定成本去槓桿為 230 個基點，主要因我們持續投資於門市、店舖組合與區域組合，以及在優化北美配送中心（DC）網路時增加的履約成本。

Foreign exchange had 20 basis points of favorable impact. Excluding the tariff refund, gross margin was 50 basis points better than our guidance for a 410 basis point decline driven by 40 basis points related to the reversal of an incentive compensation accrual and favorable channel and category mix, offset by slightly higher markdowns.

外匯帶來 20 個基點的正面影響。若排除關稅退稅，毛利率較我們指引好 50 個基點；我們原先預期毛利率將下降 410 個基點，其中 40 個基點與回轉一筆獎酬（incentive compensation）應計費用以及有利的通路與品類組合有關，但被略高的折扣所抵銷。

Moving to SG&A. Our approach continues to be grounded in prudently managing our expenses while also strategically investing to strengthen our foundation and position lululemon for future growth. SG&A expenses were approximately $1.01 billion, or 41.7% of net revenue compared to 37.7% of net revenue for the same period last year.

接著談 SG&A（銷售、一般及行政費用）。我們的作法仍以審慎管理費用為基礎，同時也策略性投資以強化根基，並讓 lululemon 為未來成長做好定位。SG&A 費用約為 10.1 億美元，或占淨營收的 41.7%，相較去年同期占淨營收的 37.7%。

The increase of 400 basis points relates to fixed cost deleverage, continued investment in guest experience, including store labor hours, marketing spend and fees related to the proxy contest. These were partially offset by an incentive compensation accrual reversal and our ongoing initiatives to prudently manage costs across the enterprise.

增加的 400 個基點與固定成本去槓桿、持續投資顧客體驗（包括門市工時）、行銷支出，以及與委託書爭奪戰（proxy contest）相關的費用有關。上述部分被獎酬應計費用回轉，以及我們持續推動在全企業審慎控管成本的措施所抵銷。

Relative to our guidance for SG&A deleverage of 500 basis points, the improvement was driven by lower incentive compensation and additional actions to manage costs across the business. Operating income for the quarter was $454 million or 18.8% of net revenue compared to 20.7% of net revenue in Q2 2025. This result includes $134.5 million pretax benefit from IEEPA tariff refunds, which added 560 basis points to operating margin.

相較於我們對 SG&A 去槓桿 500 個基點的指引，本次改善主要來自較低的獎酬費用，以及更多跨業務的成本管理行動。本季營業利益為 4.54 億美元，或占淨營收的 18.8%，相較於 2025 年第二季占淨營收的 20.7%。此結果包含 IEEPA 關稅退稅帶來的 1.345 億美元稅前利益，使營業利益率增加 560 個基點。

Tax expense for the quarter was $138.1 million, or 29.6% of pretax earnings compared to an effective tax rate of 30.5% a year ago. The decrease was primarily due to a decrease in nondeductible expenses in international jurisdictions partially offset by adjustments upon the filing of income tax returns. Net income for the quarter was $329 million or $2.92 per diluted share compared to $3.10 for the second quarter of 2025.

本季所得稅費用為 1.381 億美元，或占稅前盈餘的 29.6%，相較於一年前的有效稅率 30.5%。下降主要因國際司法管轄區不可扣抵費用減少，部分被申報所得稅申報表時的調整所抵銷。本季淨利為 3.29 億美元，或稀釋後每股盈餘 2.92 美元，相較於 2025 年第二季的 3.10 美元。

Tariff refunds and associated interest net of tax, contributed $0.86 to EPS. Capital expenditures were approximately $150 million for the quarter compared to approximately $178 million in the second quarter last year. Q2 spend relates primarily to investments to support long-term business growth including our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

關稅退稅及相關利息（稅後淨額）對 EPS 貢獻 0.86 美元。本季資本支出約為 1.5 億美元，相較去年第二季約 1.78 億美元。第二季支出主要與支持長期業務成長的投資相關，包括我們多年期的配送中心專案、新店開設、搬遷與翻新之門市資本支出，以及科技投資。

Turning to our balance sheet highlights. We ended the quarter with $1.4 billion in cash and cash equivalents and nearly $600 million of available capacity under our committed revolving credit facility. Inventory at the end of Q2 is $1.7 billion, a decrease of 1% on a dollar basis.

接著看資產負債表重點。本季末我們持有 14 億美元的現金及約當現金，並在已承諾的循環信用額度下有接近 6 億美元的可用額度。第二季末存貨為 17 億美元，以金額計較去年下降 1%。

On a unit basis, inventory decreased approximately 7%. The difference between dollar inventory growth and unit inventory growth relates predominantly to higher tariff costs and foreign exchange. We repurchased approximately 2.7 million shares at an average price of $120.

以件數（unit）計，存貨約下降 7%。金額存貨變動與件數存貨變動之差異，主要與較高的關稅成本及外匯有關。我們以平均每股 120 美元的價格回購約 270 萬股。

Let me shift now to our guidance for Q3, which has gotten off to a slow start. While we are working hard to change the trajectory of the business and adapting our action plan in light of current trends, we're taking a prudent approach to our outlook for the second half of the year.

接下來我轉到第三季指引；第三季開局偏慢。雖然我們正努力改變業務走勢，並因應當前趨勢調整行動計畫，但對於下半年展望我們採取審慎態度。

At the highest level, our revenue guidance for the second half assumes a slower trend relative to Q2 in our North America business and performance relatively consistent with Q2 trends in international. And while our teams remain hard at work executing our plans across product, brand and guest experience, and we strive to do better, we have not factored this potential into our financial outlook.

整體而言，我們對下半年營收的指引假設：北美業務的趨勢相較第二季更為放緩，而國際市場的表現大致與第二季趨勢一致。此外，儘管團隊仍在產品、品牌與顧客體驗等面向全力執行計畫並力求改善，我們尚未將這些潛在改善納入財務展望。

For Q3, we expect revenue in the range of $2.29 billion to $2.32 billion, representing a decline of 10% to 11%. We expect to open approximately 17 net new company-operated stores and complete 15 optimizations. By region, on a reported basis, we expect North America to decline in the mid-teens, the US also in that range and Canada lower.

第三季我們預期營收介於 22.9 億至 23.2 億美元，代表下降 10% 至 11%。我們預期將淨新增約 17 家自營門市，並完成 15 項優化。按區域（以報告口徑）來看，我們預期北美將下滑約十幾個百分點（mid-teens），美國也在相同區間，加拿大降幅較小。

We expect the China Mainland and the Rest of World to increase 3% to 5%. We expect gross margin in Q3 to decrease approximately 250 basis points compared to Q3 of 2025. While we expect an improvement in product margin, this will be offset by deleverage on fixed costs and ongoing investment in store openings, optimizations and our distribution network.

我們預期中國大陸與世界其他地區將成長 3% 至 5%。我們預期第三季毛利率較 2025 年第三季下降約 250 個基點。雖然我們預期產品毛利率將改善，但將被固定成本去槓桿，以及持續投資於開店、優化與配送網路所抵銷。

When looking specifically at markdowns, we expect an increase of approximately 60 basis points versus last year. While we continue to focus on improving full price selling, the slower-than-expected top line trends will necessitate additional seasonal clearance. In Q3, we expect our SG&A rate to deleverage by 800 basis points relative to Q3 2025.

就折扣（markdowns）而言，我們預期較去年增加約 60 個基點。雖然我們持續聚焦提升正價銷售，但低於預期的營收趨勢將需要額外的季節性清倉。第三季我們預期 SG&A 率相較 2025 年第三季去槓桿 800 個基點。

This increase will be driven primarily by deleverage associated with lower sales than initially expected, increased marketing and expense timing versus last year. And we will continue to invest strategically in our growth initiatives in IT infrastructure. When looking at operating margin for Q3, we expect it to be approximately 6.5% versus 17% in Q3 2025 for the reasons I just mentioned.

此增加主要由於銷售低於原先預期所造成的去槓桿、行銷增加，以及相較去年費用認列時點的差異。我們也將持續在 IT 基礎設施的成長計畫上進行策略性投資。就第三季營業利益率而言，基於我剛提到的原因，我們預期約為 6.5%，相較於 2025 年第三季的 17%。

Turning to EPS. We expect earnings per share in the third quarter to be in the range of $0.93 to $0.98 versus EPS of $2.59 a year ago. We expect our effective tax rate in Q3 to be approximately 30%. When looking at inventory at the end of Q3, we expect dollar growth to be in the low single-digit range with units down slightly.

接著談 EPS。我們預期第三季每股盈餘介於 0.93 至 0.98 美元，相較一年前 EPS 為 2.59 美元。我們預期第三季有效稅率約為 30%。就第三季末存貨而言，我們預期以金額計成長為低個位數，件數則略為下降。

Turning to our full year 2026 guidance outlook. We now expect revenue to be in the range of $10.35 billion to $10.5 billion, down 5% to 7% relative to 2025. By region, we now expect revenue in North America to be down in the low double digits with the US also in that range and Canada slightly lower. We now expect revenue in China Mainland to be up in the high single digits. And in Rest of World, we now expect revenue to increase in the mid-single digits.

接著看 2026 全年指引展望。我們目前預期營收介於 103.5 億至 105 億美元，較 2025 年下降 5% 至 7%。按區域來看，我們目前預期北美營收將下降低雙位數百分比，美國也在相同區間，加拿大略低一些。我們目前預期中國大陸營收將成長高個位數。而在世界其他地區，我們目前預期營收將成長中個位數。

Globally, we now expect to open approximately 35 net new company-operated stores in 2026 and continue to expect to complete approximately 35 optimizations. This will contribute to overall square footage growth of approximately 10%. Our new store openings in 2026 will include approximately 10 stores in North America, including seven in Mexico and approximately 25 in our international markets.

在全球範圍內，我們目前預期在 2026 年將淨新增約 35 家由公司直營的門市，並仍預期完成約 35 項優化。這將帶動整體營業面積約 10% 的成長。我們在 2026 年的新店開設將包括北美約 10 家門市，其中包含墨西哥 7 家，以及我們國際市場約 25 家。

For the full year, we now expect gross margin to decrease approximately 80 basis points relative to last year. We expect an improvement in product margin, driven by a 130 basis point positive impact related to the Q2 tariff refund plus ongoing benefits from our mitigation strategies. These benefits are expected to be offset by deleverage on fixed costs and ongoing investment on our new store openings, optimizations and our distribution center network.

就全年而言，我們目前預期毛利率將較去年下降約 80 個基點。我們預期產品毛利率將改善，主要受第二季關稅退稅帶來 130 個基點的正面影響，以及我們緩解策略持續帶來的效益所驅動。預期上述效益將被固定成本去槓桿化，以及我們在新店開設、優化與配送中心網路上的持續投資所抵銷。

When looking at markdowns, we expect an increase for the full year of 40 basis points. When looking at tariffs more closely for the full year, our guidance now assumes a rate of 10% to 12.5% through September, and we continue to assume a rate of 20% for the remainder of the year. In addition, while we continue to participate in the refund process, our guidance assumes no additional recovery of tariffs paid under IEEPA.

就折價（markdowns）而言，我們預期全年將增加 40 個基點。更細看全年關稅，我們目前的指引假設 9 月前稅率為 10% 至 12.5%，並仍假設今年剩餘期間稅率為 20%。此外，儘管我們仍持續參與退稅流程，我們的指引假設不會再額外收回任何依 IEEPA 已支付的關稅。

Turning now to SG&A for the full year. While we intend to realize significant savings related to the enterprise enablement pillar of our action plan, we now expect an increase of approximately 450 basis points versus 2025.

接著談全年 SG&A（銷售、一般及行政費用）。雖然我們打算實現與行動計畫中「企業賦能」支柱相關的顯著節省，但我們目前預期相較 2025 年將增加約 450 個基點。

This will be driven by increased deleverage associated with our updated view on top line, increased marketing spend and continued strategic investments in our business to support future growth, including market expansion and improving the guest experience by enhancing our omni capabilities.

這將由以下因素驅動：與我們對營收（top line）最新看法相關的去槓桿化程度提高、行銷支出增加，以及持續對業務進行策略性投資以支持未來成長，包括市場擴張，並透過強化全通路能力來改善顧客體驗。

When looking at operating margin for the full year 2026, we now expect it to decrease by approximately 530 basis points versus last year, which includes the 130 basis point benefit from tariff refunds recognized in the second quarter.

就 2026 全年營業利益率而言，我們目前預期將較去年下降約 530 個基點，其中包含第二季認列的關稅退稅帶來 130 個基點的效益。

For the full year 2026, we expect our effective tax rate to be approximately 30% versus our 2025 effective tax rate of 29.5%. For the fiscal year 2026, we now expect diluted earnings per share in the range of $9.48 to $9.73 versus EPS of $13.26 in 2025. This updated range includes an $0.86 benefit from tariff refunds recognized in the second quarter, but does not include the impact of any potential additional refunds through the balance of the year.

就 2026 全年而言，我們預期有效稅率約為 30%，相較於 2025 年有效稅率 29.5%。就 2026 會計年度而言，我們目前預期稀釋後每股盈餘（EPS）介於 9.48 美元至 9.73 美元之間，相較 2025 年 EPS 為 13.26 美元。此更新後區間包含第二季認列的關稅退稅帶來 0.86 美元的效益，但不包含今年剩餘期間任何可能額外退稅的影響。

Our EPS guidance also excludes the impact of any future share repurchases. When looking at inventory, we expect dollar growth to be up in the mid-single-digit range with units approximately flat. At the end of Q2, we had approximately $713 million remaining on our share repurchase program, which we will continue to utilize. Share repurchases remain our preferred method of returning cash to shareholders, and we continue to expect our repurchase levels in 2026 to be in line with 2025.

我們的 EPS 指引亦不包含任何未來庫藏股回購的影響。就庫存而言，我們預期以金額計的成長將為中個位數百分比區間，而件數約持平。截至第二季末，我們的庫藏股回購計畫尚餘約 7.13 億美元額度，我們將持續運用。庫藏股回購仍是我們回饋股東現金的首選方式，我們也持續預期 2026 年的回購水準將與 2025 年一致。

Finally, for the full year, we now expect capital expenditures to be approximately $680 million to $700 million. The spend reflects investments to support business growth, including capital for new locations, relocations and renovations, DC and technology investments.

最後，就全年而言，我們目前預期資本支出約為 6.8 億至 7.0 億美元。此支出反映為支持業務成長所做的投資，包括新據點、搬遷與翻新所需資本支出，以及配送中心（DC）與科技投資。

Before we take your questions, I want to emphasize that we know there is significant work ahead for us. We're applying what we're learning this year to how we operate globally going forward. Our teams are executing against our action plan now chasing into what's working, investing into brand and community and running a tighter expense base.

在我們開始回答各位問題之前，我想強調我們知道前方仍有大量工作要做。我們正把今年所學應用到未來在全球的營運方式上。我們的團隊正依照行動計畫執行：加碼投入有效的作法、投資品牌與社群，並以更精實的費用基礎來營運。

Andre and I are confident in our leadership teams across every market, and we believe that with the right adjustments to our product assortment, marketing and community activations improved revenue trends will follow. One thing is certain to me, our brand has real opportunity ahead of it.

Andre 和我對各市場的領導團隊充滿信心，我們相信只要對產品組合、行銷與社群活動做出適當調整，營收趨勢就會改善。有一點我很確定：我們的品牌未來仍有真正的機會。

We've seen this with a response to SeaWheeze and engagement with our campaigns and in the strength of our teams around the world. We know our guests continue to love the brand, and we need to consistently give them the product and experience they can expect from lululemon. And as Heidi joins us next week, I'm confident that she'll help us realize this opportunity.

我們已從對 SeaWheeze 的回應、對我們行銷活動的參與度，以及全球各地團隊的強勁表現中看見這一點。我們知道顧客仍持續喜愛這個品牌，而我們需要持續穩定地提供他們可期待從 lululemon 獲得的產品與體驗。隨著 Heidi 下週加入我們，我有信心她將協助我們實現這個機會。

Finally, I want to thank the leaders and employees of our company for their determination to make progress every day and for operating in a way that's consistent with our values as we innovate for our guests. Operator, we'll now take your questions.

最後，我想感謝公司各位領導者與員工每天都堅定推動進展，並在為顧客創新時，以符合我們價值觀的方式營運。接線員，我們現在開始回答問題。

(Operator Instructions)

（接線員指示）

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Can you just talk about from a strategic perspective, like where you're at in your journey with stores and reducing SKUs and making it a better experience, and any fleet rationalization considerations going forward? I know you took the targets down. But as you think about it bigger picture and longer term?

你能否從策略角度談談，例如你們在門市布局、減少 SKU、打造更佳體驗方面目前進展到哪一步，以及未來是否有任何門市組合（fleet）合理化的考量？我知道你們下調了目標。但從更宏觀與更長期的角度來看呢？

Great. Thanks, Alex. I'll give some details on just stores overall, and then Andre is going to provide a little bit of color. So in terms of stores, we are scrutinizing every deal. We're opening 35 net new stores this year, about 10 of those net new stores in North America, seven of those are in Mexico.

好的。謝謝你，Alex。我先就門市整體提供一些細節，接著 Andre 會補充一些說明。就門市而言，我們正在審慎檢視每一筆交易。我們今年將淨新增 35 家門市，其中約 10 家淨新增門市在北美，當中有 7 家在墨西哥。

Of the openings, we've got in North America, about half of them are pop-up conversions where we've got evidence of strong productivity and then the balance would be strategic presence and then key market saturation. So we'll continue to take that posture as we move throughout '27, as well, really scrutinizing every deal. And then I'll pass it to Andre to provide more color.

在北美的開店中，約一半是快閃店（pop-up）轉為正式門市，因為我們已有強勁生產力的證據；其餘則是策略性據點布局以及重點市場的飽和度提升。因此，當我們邁向 2027 年時也會持續採取這樣的立場，確實審慎檢視每一筆交易。接著我把時間交給 Andre 來補充更多說明。

Yes, absolutely. And what -- to really enhance the guest experience in our stores, specifically in North America, we have made several enhancements to premiumize this experience. It includes a lesser dense presentation, so we decreased SKUs by 15% and now we are rolling it out in the rest of the fleet. We'll have a sharper focus on merchandising and VM.

是的，當然。為了真正提升我們門市中的顧客體驗，特別是在北美，我們已做出多項強化，以提升體驗的高端感。其中包括降低陳列密度，因此我們將 SKU 減少了 15%，目前正推廣到其餘門市。我們也會更聚焦於商品陳列（merchandising）與視覺陳列（VM）。

We've seen that organizing the store by activities on one side and lifestyle has improved the storytelling and the engagement of the guest to the range. And in addition, we have a smaller subset of doors where we are testing additional enhancements that include further SKU reductions, more curated assortment based on local taste and preferences, new fixtures packages and also using more imagery and activity mannequins. So once the formula is nailed, we will scale it to the rest of the fleet.

我們看到，將門市一側依活動分類、另一側依生活風格分類，已改善敘事呈現，並提升顧客對產品系列的互動與參與。此外，我們在少部分門市測試更多強化措施，包括進一步減少 SKU、依在地口味與偏好提供更精選的商品組合、新的陳列道具套件，並使用更多影像素材與活動情境模特。一旦公式確立，我們將擴大到其餘門市。

Maybe just one quick follow-up on your promotion comments and how you guys not being promotional is potentially impacting you. Is that a global phenomenon or in certain markets? And also is it in certain categories?

也許再追問一個關於你們對促銷的評論，以及你們不做促銷可能對你們造成的影響。這是全球性的現象，還是只發生在某些市場？另外，是否集中在某些品類？

Yes. I think what Andre was referring to was in certain markets where we're seeing them be more promotional, for example, Australia, and we are not participating in those promotions. I would say, overall, our goal has been to return to a healthy full-price penetration of business.

是的。我認為 Andre 指的是在某些市場，我們看到他們更偏向促銷，例如澳洲，而我們並未參與那些促銷。我會說，整體而言，我們的目標一直是回到健康的正價銷售滲透率。

Clearly, with revenue, not where we expected this year, we have more seasonal product to clear through by year-end, and that's reflected in our guide. So it's not promotions driving that. It's seasonal clearance primarily at end of season.

很明顯地，由於營收未達我們今年的預期，我們在年底前需要清理更多季節性商品，這也反映在我們的指引中。所以並不是促銷在推動這件事。主要是季末的季節性清倉。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

I'm not sure if this is for you, Meghan, but I kind of wanted to ask a bigger picture question about the cost structure of the business. Given the underperformance on top line and the fact that it doesn't feel like that's been fully diagnosed yet, the deleverage you guys are seeing is kind of indicative of a model that is built to be comping fairly positive.

我不確定這題是不是問你，Meghan，但我想從更宏觀的角度問一個關於公司成本結構的問題。考量到營收端表現不如預期，而且感覺這還沒有被完全診斷清楚，你們目前看到的槓桿劣化，某種程度上顯示這個模型是建立在同店需要相當正向成長的前提之上。

How quickly can you adjust the cost structure? And I don't know if that's getting out of leases or looking at the store base. But just curious, the timing of that because if the top line trajectory doesn't turn in the next couple of quarters, it just feels like this could get a bit messier as you kind of get into next year. So just curious of your thoughts.

你們能多快調整成本結構？我不確定這是否涉及退出租約或檢視門市基礎。但我只是好奇時程，因為如果接下來幾個季度營收走勢沒有扭轉，感覺進入明年時情況可能會更棘手。所以想聽聽你們的看法。

Thanks, Ike. Yes, as I mentioned, we are in action on the cost side. We have had an active work stream in cost management throughout this year, really focused on supply chain, procurement, technology. We have taken some near-term steps to manage discretionary expense. So across some of the buckets I mentioned, like travel, professional fees, store labor hours, moderating headcount growth.

謝謝你，Ike。是的，如我提到的，我們在成本端已經採取行動。今年我們一直有一條積極的成本管理工作流，重點聚焦在供應鏈、採購、科技。我們也採取了一些短期措施來管理可自由裁量的費用。因此在我提到的一些項目上，例如差旅、專業費用、門市工時，以及放緩人力增長。

I would say, given current trends, we are taking a deeper look to right size the cost base to the current business with still protecting the long-term trajectory of the business and really primarily product and brand, where we feel like we really need to move on the sentiment side as well as support our product engine moving into '27. So I think too early to share beyond the guidance that we shared for '26, but we are taking a hard look across all aspects of our business model.

我會說，基於目前的趨勢，我們正在更深入檢視，將成本基礎調整到符合目前的業務規模，同時仍要保護公司的長期發展軌跡，尤其是產品與品牌——我們認為在情緒面（sentiment）需要推進，同時也要支援我們的產品引擎邁向 2027 年。所以我認為現在還太早，無法在我們已分享的 2026 年指引之外再多透露，但我們確實正在全面、嚴格地檢視商業模式的各個面向。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通。

So Meghan, on the sequential softening in Mainland China and Rest of World, how much do you attribute to macro relative to product assortment. And can you elaborate on August trends? Or just what gives you confidence in the third quarter as the trough?

Meghan，關於中國大陸與世界其他地區的表現按季轉弱，你認為有多少是宏觀因素、相對於產品組合所致？以及你能否談談 8 月的趨勢？或是是什麼讓你對第三季作為谷底有信心？

Yes. So in terms of China, I would say we're really looking at primarily brand noise impacting brand sentiment as well as a softer 618 Tmall event that Andre mentioned. And then we are seeing across the globe newness not perform at expectations. So I would say macro has been challenging in China for some time. We're not pointing to macro specifically as a key issue.

是的。就中國而言，我會說我們主要看到的是品牌雜音影響了品牌情緒，以及 Andre 提到的 618 天貓活動表現較弱。另外，我們也看到全球範圍內，新品表現未達預期。所以我會說，中國的宏觀環境具挑戰性已經有一段時間了。我們不會特別把宏觀因素指認為關鍵問題。

As we look to the second half, I would say our quarter-to-date trend does support how we've looked at the international business towards the back half of the year as well as China. And maybe I'll ask Andre to add a few more details on how we're actioning China in the second half.

展望下半年，我會說我們截至目前（quarter-to-date）的趨勢，支持我們對今年下半年國際業務以及中國的看法。也許我請 Andre 再補充一些細節，說明我們下半年在中國會如何採取行動。

Yes. In China, we are really focusing on implementing continuous activations of the brand just in the upcoming weeks. We'll have new store openings with the associated activations in key locations of top Tier 1 cities. We also are conducting a Super Brand Day around our outerwear and Wunder Puff icon so a big activation there.

好的。在中國，我們接下來幾週會非常聚焦於持續推動品牌的各項啟動活動（activations）。我們會在一線城市的關鍵地點開設新店，並搭配相關的啟動活動。我們也會圍繞我們的外套與 Wunder Puff 經典款舉辦 Super Brand Day，會有一個大型的啟動活動。

And also early October, we are leveraging our leadership in World Mental Health Day activation to keep positioning our brand on wellness, that's the underlying trend there. So all that to counter this initial negative noise that Meghan referred in Q2.

此外在 10 月初，我們會運用我們在世界心理健康日活動上的領導地位，持續把品牌定位在健康（wellness）上，這是背後的趨勢。以上這些都是為了對沖 Meghan 在第二季提到的初期負面雜音。

And Meghan, just as a follow-up on the 12% comp decline in the Americas in the second quarter and the inconsistency that you cited, are there any green shoots that you've seen in August with product newness now restored to your targeted levels?

Meghan，追問一下：第二季美洲地區同店下滑 12%，你提到表現不一致。現在新品供給已恢復到你們目標水準，8 月是否看到任何正向訊號（green shoots）？

Yes. I would say August, as reflected in our guidance, has gotten off to a bit of a slow start. That said, we are seeing some green shoots in product, particularly in our away-from-body assortment, including our Groove Pants, Align Foldover Jogger, new Dance Studio. We're also reordering into some silhouettes to Define.

是的。我會說，8 月如同我們指引所反映的，開局稍微偏慢。不過，我們確實在產品端看到一些正向訊號，特別是在我們的非貼身（away-from-body）品類組合，包括 Groove Pants、Align Foldover Jogger、新的 Dance Studio。我們也在對一些接近 Define 的版型加單補貨。

We've got a new Scuba offering that's launched and Steady State that's doing well. So what we've reflected in our guidance is what we're currently seeing in the trend, but we are aggressively, as we've mentioned, reordering into what's working and any upside from that would not be reflected.

我們推出了新的 Scuba 產品，Steady State 也表現不錯。因此我們在指引中反映的是目前看到的趨勢；但如我們提到的，我們正積極對表現好的品項加單補貨，而由此帶來的任何上行空間並未反映在其中。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，美國銀行。

Understanding that most of your leases are signed for this year, as you look out into next year, are you pausing any of your store opening plans for China or store expansions in the US until you can stabilize those businesses?

理解你們今年大多數租約都已簽訂。展望明年，在你們能讓中國業務或美國的門市擴張更穩定之前，你們是否會暫停任何在中國的開店計畫或在美國的門市擴張？

Lorraine, I would say we're taking a very measured approach to store expansion. So China, I would say we still see tremendous opportunity from a market expansion standpoint there in terms of square footage and store footprint, and we are taking a hard look at that, obviously, given business trends, but taking a long-term view of the opportunity in that market.

Lorraine，我會說我們對門市擴張採取非常審慎的做法。就中國而言，我會說從市場擴張的角度——無論是面積（square footage）或門市版圖——我們仍看到巨大的機會；當然，鑑於業務趨勢，我們也在嚴格檢視，但同時對該市場的機會採取長期視角。

In North America, as I mentioned, we just have a handful of new store openings this year, half of which are pop-up conversions where we've really tested that market and it has productivity that supports a full-time location. And then in addition to that, we just have a handful of strategic stores where we feel we need a presence in that market, whether that's a new location or saturation of an existing market that's performing well.

在北美，如我提到的，今年我們只有少數幾家新店開幕，其中一半是快閃店（pop-up）轉為正式店，因為我們已在該市場充分測試，其生產力足以支撐常設據點。此外，我們也只有少數幾家策略性門市，因為我們認為需要在該市場建立據點，不論是新地點，或是在表現良好的既有市場提高密度。

I would say we're taking that approach into and we're just taking a hard look at everything given current performance of business, and we will share more about how we see square footage growth for '27, when we give guidance in March.

我會說我們會把這樣的做法延續下去；同時，鑑於目前的業務表現，我們也在嚴格檢視所有事項。我們會在 3 月提供指引時，分享更多我們對 2027 年面積成長（square footage growth）的看法。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Meghan, I think just a quick one on the model. Your guidance, I think, if I got my math right, it implies a slight improvement in markdowns sequentially from 2Q in each quarter. Are you -- can you just talk us through how you think the seasonal clearance mix will go? Does that roll off by the end of 3Q? And then maybe in China, if we could get a sense of the monthly cadence given your comments around some of the Tmall event 16 -- 618, sorry.

Meghan，我想快速問一個關於模型的問題。我認為依照你的指引，如果我算得沒錯，代表你們每一季的折扣（markdowns）相較第二季會按季略有改善。你能否帶我們理解一下，你認為季節性清倉的組合會如何演變？這會在第三季末就結束嗎？另外在中國，基於你對天貓活動 16——抱歉，是 618 的評論，我們能否了解一下每月的節奏（monthly cadence）？

If the macro persists there or if the brand issues persist there, is the right thing to do for the brand? Or how are you thinking about whether you'd refrain from promoting again as we get into some of those next Tmall windows, like some of the bigger ones in November?

如果宏觀環境在那裡持續不利，或品牌相關問題在那裡持續存在，對品牌而言正確的做法是什麼？或者你們如何思考，當我們進入接下來一些天貓的檔期（例如 11 月一些較大的檔期）時，是否會避免再次做促銷？

Yes, Michael. So in terms of markdowns by quarter, we were up 70 basis points year-over-year in Q2. We're expecting 60 basis point increase in Q3, so a slight moderation. And then we are against -- up against a high water line in Q4. So we're expecting markdowns to be approximately flat in the fourth quarter and then 40 basis points up for the year.

是的，Michael。就按季度來看折扣（markdowns），我們在第二季年增 70 個基點。我們預期第三季增加 60 個基點，因此會略為趨緩。而第四季我們將面對一個高基期。因此我們預期第四季的折扣大致持平，而全年則增加 40 個基點。

So that's the shape of that, and it is based on seasonal clearance of goods that haven't moved during '26. In terms of China, we saw some pressure in May. It's subsided to some degree in June, and we also saw more pressure in July. And then I'll ask Andre to just comment on Tmall.

以上就是其走勢，主要是基於對 26 年度期間未能售出的商品進行季節性清庫。就中國而言，我們在 5 月看到一些壓力。6 月在某種程度上有所緩解，但 7 月我們也看到更大的壓力。接著我請 Andre 就天貓補充說明。

Yes. We're definitely with a hyperfocus on the regular price increase in China, and I think we had a healthy performance there. So we continue to use Tmall, it's shop-in-shop, and it's not promotion related. When I refer to the Super Brand Day, it's a full price event on our icons, which is the Wunder Puff to launch our outerwear season.

是的。我們在中國非常聚焦於正價（regular price）提升，我認為那裡的表現是健康的。因此我們持續使用天貓，以店中店（shop-in-shop）的形式運作，且不涉及促銷。當我提到「超級品牌日」時，那是針對我們的經典款（icons）所做的全價活動，也就是以 Wunder Puff 來啟動我們的秋冬外套季。

And looking for the end of the quarter and beginning Q4 the 11/11 event, we will just participate as normal to anniversary our previous year's business that we've been doing last year.

而展望季末與第四季初的 11/11 活動，我們會照常參與，以延續並紀念我們去年所做的業務成果。

Paul Lejuez, Citi.

Paul Lejuez，花旗。

Curious, at a high level, if you think you've got a traffic problem that can be solved by increased marketing? Or would you say that you have more of a product problem that requires a little bit more adjustment and time? And how does that answer differ if you think about it region by region?

我想從高層次問一下，你們是否認為目前有一個「流量」問題，可以透過增加行銷來解決？或者你們會說其實更像是「產品」問題，需要更多調整與時間？如果按地區來看，你們的答案會有何不同？

Thanks, Paul. I would say, predominantly, we're seeing the pressure in traffic. We're also seeing negative year-over-year conversion, but we're not seeing that worsen. So we've really pointed to two opportunities. So one being we've seen some pressure on brand heat and sentiment, and we are investing into marketing and some of the activations that we've had throughout this summer.

謝謝，Paul。我會說主要看到的壓力在流量。我們也看到轉換率年對年為負，但沒有看到它進一步惡化。因此我們確實指出兩個機會點。第一是我們看到品牌熱度與情緒（sentiment）有些壓力，因此我們正在加大行銷投入，以及今年夏天我們所做的一些活動（activations）。

And then we've got some things in front of us including currently, we're right now at the US Open with an activation. We've got fall marathon season coming up. New York, Chicago, Toronto, we'll have a presence with those and then we'll continue some of our social activations through new episodes on our content series there.

另外我們也有一些即將展開的事項，包括目前我們正在美國網球公開賽（US Open）做一個活動。接下來是秋季馬拉松季。紐約、芝加哥、多倫多，我們都會參與並露出，並且會透過我們內容系列的新集數，持續進行一些社群活動（social activations）。

From a conversion perspective, product, we continue to learn from what's working, not working, reordering aggressively into what is working. And so we're looking to move the needle, I would say, on both fronts with those actions.

從轉換率的角度、也就是產品面，我們持續從哪些有效、哪些無效中學習，並對有效的品項積極追加訂單。因此我會說，透過這些行動，我們希望在兩個面向都能帶來改善。

Was that all comment about the Americas? Or is that -- you talking globally, Meghan?

你剛才的評論是只針對美洲嗎？還是——Meghan，你是在談全球？

Yes, I can take for China. The main issue was more the events that impacted the brand sentiment. So the focus there is to restore the consideration of the brand at levels that were prior to these events. And that's the main driver to restore traffic -- organic traffic and bring back the demand we've been experiencing.

是的，我可以談中國。主要問題更多是一些影響品牌情緒的事件。因此那裡的重點是把品牌的考慮度（consideration）恢復到這些事件發生前的水準。而這是恢復流量——自然流量（organic traffic）——並帶回我們原本所看到需求的主要驅動因素。

So we'll have the swing there and the additional work on newness in products will also benefit China. But the first reason is the main focus there definitely.

因此我們會在那裡看到回升，而在產品新品（newness）上的額外工作也會讓中國受益。但第一個原因絕對是那裡的主要重點。

I'd say, Paul, the traffic being the biggest driver is across both regions.

我會說，Paul，流量是最大驅動因素，這點在兩個地區都一樣。

Got it. And then just market growth by region? How do you view the market that you're playing in, in each region?

了解。那再問一下各地區的市場成長？你們如何看待各地區所處的市場？

Yes. I would say the market continues to be competitive across all regions. And we really need to be differentiated, offering new innovation. So our actions are geared towards the market we're operating in, in both North America and China, and I would say both competitive markets.

是的。我會說各地區的市場競爭仍然激烈。我們確實需要做出差異化，提供新的創新。因此我們的行動是針對我們在北美與中國所處的市場環境而制定的，我會說兩者都是競爭激烈的市場。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

I guess my first question is, often times, when you get into sort of the trends, the first thing you go back to is sort of the customers, what do they want from you? How are they thinking about the brand. So as you do your kind of customer feedback, what are you finding out about the current customer today and what they need from the brand?

我想我的第一個問題是，很多時候當你們談到趨勢時，第一件事會回到顧客：他們想從你們這個品牌得到什麼？他們如何看待這個品牌？所以當你們做顧客回饋時，你們對當前顧客以及他們需要品牌提供什麼，有哪些新的發現？

My second question is, a lot of the fixes that we're talking about today, stores are sort of at the end of the process, like what do we do about inventory today? Can you talk to us about how you're thinking about the innovation process, the development process, lead times and kind of from the origin, right? What's different about that product development process.

我的第二個問題是，我們今天談到的許多修正，門市其實是在流程的末端，例如：我們現在要如何處理庫存？你能否談談你們如何思考創新流程、開發流程、交期（lead times），以及從源頭開始的角度？也就是說，產品開發流程有哪些不同？

Thanks, Adrienne. So I would say in terms of guest feedback, we certainly use that to inform our actions. So we have been doing some consumer research. And I would say what we're hearing is they're looking for new and differentiated product from us, innovation, and they are also looking for those community engagements that we offered.

謝謝，Adrienne。我會說就顧客（guest）回饋而言，我們確實用它來指引我們的行動。因此我們一直在做一些消費者研究。而我會說我們聽到的是：他們希望我們提供更新且更具差異化的產品、創新，同時也希望我們提供那些社群參與（community engagements）的活動。

And some of the examples that I provided this summer really show some momentum in that engagement, including SeaWheeze at the level of 10,000 runners -- sorry, 85,000 Strava participants, really some positive momentum in terms of engagement with the brand as well as our summer series. So I would say we are really embedding what we're hearing from our guests into that action plan.

我今年夏天提供的一些例子，確實顯示這種參與度有一些動能，包括 SeaWheeze，規模達到 10,000 名跑者——抱歉，是 85,000 名 Strava 參與者——在與品牌互動方面呈現非常正向的動能，以及我們的夏季系列活動。因此我會說，我們正把從顧客那裡聽到的內容，真正嵌入到行動計畫中。

And then in terms of our pipeline, we have made some improvements, as we mentioned, to our go-to-market process to reduce lead times. So that is underway. I think that will continue to improve over time as well as we've really leaned into our chase capabilities. We are reordering into about 20% more than last year.

至於我們的產品管線（pipeline），如同我們提到的，我們已對上市流程（go-to-market process）做了一些改善，以縮短交期。因此這項工作正在進行中。我認為隨著時間推進它也會持續改善，同時我們也更倚重我們的追單能力（chase capabilities）。我們對暢銷品的追加訂單比去年多了約 20%。

So we've really augmented our capabilities there. And then also from a fast track design perspective, looking to get back into product with a faster lead time from a design to market perspective as well. So certainly looking at improving that over time.

因此我們確實強化了這方面的能力。另外從快速設計（fast track design）的角度，我們也希望回到能以更短交期，從設計到上市更快推出產品。所以我們當然也會隨時間持續改善。

Okay. And then my follow-up is on the marketing. You talked about increasing some marketing investments in the back half of the year. Just wondering if you don't know that the product is kind of really kind of resonating, are those marketing kind of higher level? Are they more social? Can you talk about like how that return on that advertising spend, how you're considering that going into that period?

好的。那我的追問是關於行銷。你提到在下半年會增加一些行銷投資。我想知道，如果你們還不確定產品是否真的能引起共鳴，這些行銷會是比較高層次的品牌行銷嗎？會更偏社群嗎？你能談談在那段期間，你們如何看待廣告投放回報（return on advertising spend）嗎？

Yes. I would say given the challenges we've seen with -- from both the brand heat and product perspective, we do feel strongly that we need to continue to keep our investment level in marketing. I would say we're looking at more mid-funnel, top-of-funnel activations, community engagement, things such as what I've mentioned in terms of SeaWheeze, summer series, going after fall marathon season, our US open activation the content series as well as social. So it's definitely brand-building marketing efforts.

是的。我會說，鑑於我們從品牌熱度與產品面向所看到的挑戰，我們確實強烈認為需要持續維持我們在行銷上的投資水準。我會說，我們正在著眼於更多中漏斗、上漏斗的啟動活動、社群參與，例如我提到的 SeaWheeze、夏季系列、鎖定秋季馬拉松季、我們的美網啟動活動、內容系列以及社群媒體。所以這絕對是以品牌建設為主的行銷投入。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

As you talk about the product and the response to some of the new products that are out there, Meghan, you had mentioned in the prepared remarks a little about adjustments are being made. What are you seeing in response to the new product for men's, women's, tops and bottoms?

當你談到產品以及市場對一些新產品的反應時，Meghan，你在事先準備的發言中提到了一些正在進行的調整。你在男裝、女裝、上身與下身的新產品反應上看到了什麼？

I know you talked about leggings for women's down 20%. What adjustments do you see need to be made? What's the time line of them being made and did pricing factor into any of it? And then I have a follow-up.

我知道你提到女款緊身褲下滑 20%。你認為需要做哪些調整？這些調整的時間表是什麼？以及定價是否是其中任何一部分的因素？然後我還有一個追問。

Thanks, Dana. So in terms of what's working today, away from body I mentioned is working, Define, Scuba are working. We did see some positive reception to our golf assortment and some attachment to our ABC Pants. We are experiencing some other new products that are not resonating as well.

謝謝，Dana。就目前哪些在奏效而言，我提到的 away-from-body 表現不錯，Define、Scuba 也表現不錯。我們確實看到市場對我們的高爾夫產品組合有一些正面回饋，且 ABC Pants 也有一些帶動搭配購買。我們也正在經歷一些其他新產品，市場共鳴沒有那麼好。

So we're adjusting to that and reordering what is working. And then we've also seen some decline greater than we expected in some of our core categories, including leggings that we mentioned. And there, it's also relevant that we're shifting into away-from-body. We've really seen some positive response to that, and the shift has been happening over time, but it was a little more than we expected in Q2.

因此我們正在據此調整，並對表現良好的品項追加訂單。此外，我們也看到部分核心品類的下滑幅度高於預期，包括我們提到的緊身褲。在這裡也相關的是，我們正在轉向 away-from-body。我們確實看到對此有相當正面的反應，這個轉變是隨時間逐步發生的，但在第二季的幅度比我們預期更大一些。

So we're chasing into that and overall bottoms trends are down in the mid-single digits. So we're offsetting to a degree, but not entirely. So we're looking to improve our position in away-from-body over time.

因此我們正在加速跟進這一塊，而整體下身品類的趨勢下滑約在中個位數百分比。所以我們在某種程度上有所抵消，但並非完全抵消。因此我們希望隨時間推進，改善我們在 away-from-body 的布局。

Got it. And then when you think about channel stores and online. Is there at all a difference in the performance of stores and online and traffic patterns to each for the brand?

了解。接著當你思考通路、門市與線上。門市與線上的表現，以及品牌在兩者的流量型態，是否有任何差異？

I'd say we've overall seen traffic pressure in both channels as well as some conversion pressure in both channels as well. So it's been relatively consistent, I would say, in terms of where we've seen the impact and really connects back to our priorities of getting after brand sentiment with some of the activations we have planned as well as some conversion actions we have both in product and the improvements we're making there.

我會說，我們在兩個通路都整體看到流量壓力，也在兩個通路都看到一些轉換率壓力。所以就我們看到影響的落點而言，我會說相對一致；而這也確實回扣到我們的優先事項：透過我們規劃的一些啟動活動來改善品牌情緒，同時也透過產品以及我們正在做的改進來推動一些轉換行動。

And then some of the experience pieces that Andre spoke to in terms of store shopability and as well as the e-commerce enhancements we've made toward the look and feel of our website.

另外還有 Andre 提到的一些體驗面向，包括門市的可逛性，以及我們在電商端針對網站外觀與感受所做的強化。

Operator, we'll take one more question.

接線員，我們再接一個問題。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Maybe just one more on the shape of the year for the guide, backing into Q4. I think the revenue trends imply pretty similar, but you are baking in less margin pressure. Could you just help bridge that for us? I know you said you expect the promotion piece to get a little bit better, but what are the other factors we should be considering there like with the cost actions that you outlined and other factors? And then I have a follow-up.

也許再問一個關於全年指引的走勢，回推到第四季。我認為營收趨勢暗示相當類似，但你們在模型中納入的毛利壓力較小。能否幫我們把這之間的差異串起來？我知道你說你預期促銷會稍微改善，但還有哪些因素我們應該納入考量，例如你提到的成本行動以及其他因素？然後我還有一個追問。

Yes. Thanks, Mark. Yes. So for Q4, we're expecting around 250 basis points in operating margin pressure. So it is moderated from Q3. We are expecting to see gross margin slightly ahead of last year, and that's really driven by, first of all, we have a higher water line from a revenue perspective in Q4, so less fixed cost deleverage.

是的。謝謝，Mark。是的。就第四季而言，我們預期營業利益率壓力約 250 個基點。因此相較第三季有所緩和。我們預期毛利率會略高於去年，而這主要由以下因素驅動：首先，第四季在營收面有較高的基準水位，因此固定成本分攤不利（deleverage）較少。

We also have a tariff benefit, so more of our mitigation actions come into play as we move throughout this year. So we're seeing an accelerating benefit there and essentially flat markdowns and where we've got some pressure in Q2 and Q3. And then from an expense perspective, we will still have deleverage, but it will be much less, I would say, than the Q3.

我們也有關稅效益，因此隨著今年進程推進，我們更多的緩解行動開始發揮作用。所以我們看到那方面的效益加速，且折扣（markdowns）基本持平；而我們在第二季與第三季那裡承受了一些壓力。另外在費用面，我們仍會有分攤不利，但我會說會比第三季小得多。

Okay. And then on tariffs, the Q says you paid about $230 million in IEEPA tariffs. You've received $135 million back. I guess, what's the process and the realistic timing on the remainder? And is there a reason you wouldn't ultimately receive the rest of back?

好的。接著關於關稅，Q 裡提到你們支付了約 2.30 億美元的 IEEPA 關稅。你們已經收回 1.35 億美元。我想問，剩餘部分的流程與較為實際的時間點是什麼？以及是否有任何原因會導致你們最終無法把剩餘款項收回？

Yes. So we did receive $134 million back in Q2. We have not reflected the remaining $105 million in our forward guidance. There remains some uncertainty in the process that we are actively participating.

是的。所以我們在第二季確實收回了 1.34 億美元。我們尚未在我們的前瞻指引中反映剩餘的 1.05 億美元。該流程仍存在一些不確定性，而我們也正在積極參與其中。

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

今天的提問時間就到這裡。感謝各位參加今天的電話會議，祝各位有美好的一天。