Lululemon Athletica Inc (LULU) 2018 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議接線員。

Welcome to the lululemon athletica First Quarter 2018 Conference Call.

歡迎參加 2018 年第一季度 lululemon 運動會電話會議。

(Operator Instructions) And the conference is being recorded.

（操作員說明）會議正在錄製中。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給 lululemon 的投資者關係副總裁 Howard Tubin。

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon.

謝謝，下午好。

Welcome to lululemon's First Quarter Earnings Conference Call.

歡迎來到 lululemon 的第一季度收益電話會議。

Joining me to talk about our results are Glenn Murphy, Executive Chairman, who's joining us via telephone; and Stuart Haselden, COO.

和我一起談論我們的結果的是執行主席格倫墨菲，他將通過電話加入我們；和首席運營官 Stuart Haselden。

We are also joined today by PJ Guido, our new CFO.

今天，我們的新首席財務官 PJ Guido 也加入了我們的行列。

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 forecasts of certain aspects of lululemon's future.

在開始之前，我想藉此機會提醒您，我們今天的講話將包括前瞻性陳述，反映管理層目前對 lululemon 未來某些方面的預測。

These statements are based on current information, which we have assessed but which, by its nature, is dynamic and subject to rapid and even abrupt changes.

這些陳述基於我們評估過的當前信息，但就其性質而言，這些信息是動態的，並且會發生快速甚至突然的變化。

Actual results may differ materially from those contained or implied by these forward-looking statements due to the 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.

由於與我們的業務相關的風險和不確定性，包括我們在最近向美國證券交易委員會提交的文件中披露的風險和不確定性，包括我們的 10-K 表格年度報告，實際結果可能與這些前瞻性陳述所包含或暗示的結果存在重大差異以及我們關於 10-Q 表格的季度報告。

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

我們在本次電話會議上做出的任何前瞻性陳述均基於截至今天的假設，我們明確表示不承擔因新信息或未來事件而更新或修改任何這些陳述的任何義務或承諾。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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.

GAAP 與非 GAAP 措施的對賬包含在我們的 10-Q 表格季度報告和今天的收益新聞稿中。

The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www.lululemon.com.

新聞稿和隨附的 Form 10-Q 季度報告可在我們網站 www.lululemon.com 的“投資者”部分獲取。

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 operating statistics for the first quarter as well as our quarterly infographic.

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第一季度主要財務運營統計數據的摘要以及我們的季度信息圖。

Today's call is scheduled for 1 hour.

今天的通話時間為 1 小時。

(Operator Instructions)

（操作員說明）

And now I'd like to turn the call over to Glenn.

現在我想把電話轉給格倫。

Thank you, Howard, and good afternoon, everybody.

謝謝霍華德，大家下午好。

I was thinking today as I was preparing for this call, I went on to our website where you can find an infographic of our Q1 results.

今天我在為這次電話會議做準備時在想，我去了我們的網站，在那裡你可以找到我們第一季度業績的信息圖。

And the comment I made on the last conference call of laminating Q4's performance was clearly premature.

我在上一次電話會議上就層壓 Q4 的性能發表的評論顯然為時過早。

If you read that on our website, you'll see that our revenue was up 25%.

如果您在我們的網站上閱讀，您會發現我們的收入增長了 25%。

I mean, that really speaks to the deepening engagement with existing guests, but equally important, as we invest in digital marketing, how much we've grown our customer acquisition, whether that's in our e-mail file or bringing people in through our app or through the website organically.

我的意思是，這確實說明了與現有客人的深入互動，但同樣重要的是，當我們投資於數字營銷時，我們已經增加了多少客戶獲取，無論是在我們的電子郵件文件中還是通過我們的應用程序吸引人們或通過網站有機地。

I mean, our gross margin expansion was greater than 250 basis points.

我的意思是，我們的毛利率擴張超過 250 個基點。

We're a premium brand, but that is still a phenomenal performance.

我們是一個高端品牌，但這仍然是一個非凡的表現。

And that really is our -- that's all about product.

這真的是我們的 - 這就是產品。

That's the design team, the merchant team and the supply team working together in a coordinated fashion to produce that kind of result on the gross margin line.

那就是設計團隊、商家團隊和供應團隊以協調的方式一起工作，以在毛利率線上產生這種結果。

We were able to achieve SG&A leverage of 130 basis points.

我們能夠實現 130 個基點的 SG&A 槓桿。

And the business and the leadership team understands we have a growth business here, 25% in the first quarter, growth that is.

業務和領導團隊了解我們這裡的業務增長，第一季度增長 25%，即增長。

So we know we have to make investments to drive growth and improve our business.

因此，我們知道我們必須進行投資以推動增長並改善我們的業務。

But at the same time, we're committed to looking for efficiencies, and that's where that performance comes through on the SG&A line.

但與此同時，我們致力於尋求效率，而這正是 SG&A 產品線的表現所在。

When you put that together, first quarter performance on earnings per share was an improvement of greater than 70% versus last year.

當你把這些放在一起時，第一季度的每股收益表現比去年提高了 70% 以上。

Now our management team is keenly aware that last year's first quarter results were below the standard we set for ourselves and what this brand can actually deliver quarter in, quarter out.

現在，我們的管理團隊敏銳地意識到，去年第一季度的業績低於我們為自己設定的標準，以及這個品牌在季度、季度中實際能夠提供的標準。

But if you combine it together and look at it, whether it's 2-year way or more whether you look at it stacked, or when you put the 2 quarters together, I mean, all key indicators were very positive, whether that's categories, channels or geographies.

但是如果你把它結合起來看，無論是2年或更長的時間，無論你是堆疊起來看，還是把兩個季度放在一起，我的意思是，所有關鍵指標都是非常積極的，無論是類別、渠道或地理。

Now we've been looking at this year, a general look at the first quarter and our performance to date, which Stuart will talk about, in the second quarter, we know we're operating inside of a good global consumer economy, and the athletic sector continues to benefit from really strong macro trends.

現在我們一直在關註今年，總體上看第一季度和我們迄今為止的表現，斯圖爾特將在第二季度談到，我們知道我們在良好的全球消費經濟中運營，並且體育行業繼續受益於真正強勁的宏觀趨勢。

This is not the athleisure trend, which is a trend inside of the larger macro trend, but which is benefiting our performance and really the entire sector, which is health and wellness.

這不是運動休閒趨勢，而是更大的宏觀趨勢中的趨勢，但它有利於我們的表現，實際上是整個行業，即健康和保健。

Even that aside, when you look -- with that as a backdrop, I mean, the last 3 quarters have been a stepped-up performance for lululemon when it comes to market share gains, and that's market share gains in our stores and in e-commerce.

即便如此，當你看時——在此背景下，我的意思是，在市場份額增長方面，過去 3 個季度 lululemon 的表現有所提升，這就是我們商店和電子行業的市場份額增長。 -商業。

So for me, as I spend time with the team as an interim appointment as Executive Chairman, the board wants to make sure that the management team just continues to push the business forward.

因此，對我而言，當我臨時任命執行主席期間與團隊共度時光時，董事會希望確保管理團隊繼續推動業務向前發展。

And if you look at Q1 -- if you look at Q4, clearly, the data points are that this is indeed happening.

如果你看看第一季度——如果你看看第四季度，很明顯，數據點是這確實發生了。

And the 3 leaders we have and the people who work alongside of them are definitely pushing the company and challenging everybody inside the business to move forward.

我們擁有的 3 位領導者和與他們一起工作的人無疑在推動公司並挑戰企業內部的每個人向前發展。

And the other part that's important noting for our investors and shareholders and analysts on the phone today, I just came back from a week in Vancouver.

今天在電話中對我們的投資者、股東和分析師來說重要的另一部分是，我剛從溫哥華一周回來。

And I was sort of looking for signs of possible complacency or overconfidence, and I can tell you nobody in Vancouver or in our stores, our distribution centers or our offices around the world, nobody's doing a victory lap.

我在尋找可能的自滿或過度自信的跡象，我可以告訴你，在溫哥華或我們的商店、我們的配送中心或我們在世界各地的辦公室裡，沒有人在跑勝利圈。

I mean, there's a senior management team who are heads down, executing on the 2018 strategic initiatives to take our business to a whole other level.

我的意思是，有一個高級管理團隊低著頭，執行 2018 年的戰略計劃，將我們的業務提升到一個全新的水平。

I thought I'd just pause for a second and give you an update on the CEO search.

我想我會暫停一下，然後向您介紹 CEO 搜索的最新情況。

I mean, it's progressing well.

我的意思是，進展順利。

We've met with a number of candidates who are both qualified and interested.

我們遇到了一些既合格又感興趣的候選人。

The whole board is together next week, and at that time, we will be discussing the candidates who have come forward and really getting agreement on how do we take this to the next level and to a whole another phase of the search, which is more getting closer to completion than trying to find who are the right candidates.

整個董事會下週將齊聚一堂，屆時，我們將討論那些挺身而出的候選人，並真正就我們如何將其提升到一個新的水平以及整個另一個搜索階段達成一致，這是更多比試圖找到合適的候選人更接近完成。

I think we can now take this search to the next step.

我認為我們現在可以將搜索帶入下一步。

Let me close off by saying on behalf of the Board of Directors, I really want to thank Celeste, Stuart and Sun for their stellar leadership over the past 4 months.

最後讓我代表董事會說，我真的要感謝 Celeste、Stuart 和 Sun 在過去 4 個月中的出色領導。

I mean, personally, I've thoroughly enjoyed working with them and mostly watching them lead our over 13,000 employees and educators who each in their own way have contributed to this latest surge in guest engagement and to the company's overall performance.

我的意思是，就我個人而言，我非常喜歡與他們合作，主要是看著他們領導我們超過 13,000 名員工和教育工作者，他們每個人都以自己的方式為賓客參與度的最新激增和公司的整體業績做出了貢獻。

With that said, let me pass the call over to Stuart, who will take you through more detail on our Q1 2018 performance.

話雖如此，讓我將電話轉給 Stuart，他將向您詳細介紹我們 2018 年第一季度的表現。

Stuart?

斯圖爾特？

Thanks, Glenn.

謝謝，格倫。

Let me reiterate how pleased we are with the performance in Q1.

讓我重申我們對第一季度的表現感到多麼高興。

We are successfully executing on our strategies and seeing consistent results across several key parts of the business that are now extending into Q2 and further setting the stage for us to achieve our 2020 goals.

我們正在成功地執行我們的戰略，並在業務的幾個關鍵部分看到一致的結果，這些部分現在延伸到第二季度，並進一步為我們實現 2020 年目標奠定了基礎。

While much work remains to be done, we are finding success in driving traffic and conversion increases at both stores and online across diverse geographies.

雖然還有很多工作要做，但我們在推動不同地區的商店和在線商店的流量和轉化率方面取得了成功。

Importantly, the supply chain and technology infrastructure investments we've made over the last few years offer us a stable platform to grow and scale the business globally.

重要的是，我們在過去幾年中進行的供應鍊和技術基礎設施投資為我們提供了一個穩定的平台，可以在全球範圍內發展和擴展業務。

And what I'd like our investors to hear is that the success we are seeing now is not merely the lapping of weak prior year comparisons.

我希望我們的投資者聽到的是，我們現在看到的成功不僅僅是與去年疲軟的比較相提並論。

What we are seeing is important momentum across the core areas of our business in channel, product and guest engagement.

我們看到的是我們業務核心領域在渠道、產品和客戶參與方面的重要勢頭。

This momentum reflects the structural long-term investments that we've made and continue to make to drive the comp and noncomp revenue increases that are enabling us to deliver on our multiyear plans.

這種勢頭反映了我們為推動補償和非補償收入增長而進行並繼續進行的結構性長期投資，這使我們能夠實現我們的多年計劃。

We would further offer that our current results are a validation of these strategies, and we now have even more opportunity to accelerate these investments in the areas that hold the greatest potential.

我們將進一步表示，我們目前的結果是對這些戰略的驗證，我們現在有更多機會在最具潛力的領域加速這些投資。

Let me offer a few highlights from Q1 that illustrate what I'm talking about.

讓我提供第一季度的一些亮點來說明我在說什麼。

First, in channel, we saw our investments in our website and mobile capabilities deliver e-commerce conversion increases of 20%.

首先，在渠道方面，我們看到我們對網站和移動功能的投資使電子商務轉化率提高了 20%。

This was further amplified by traffic increases of 30% that were driven by our improved product assortments and digital marketing efforts.

我們改進的產品分類和數字營銷工作推動了 30% 的流量增長，進一步放大了這一點。

Within our stores, this was the second quarter in a row of positive store traffic, which increased in the mid-single-digit range and drove the overall comp results.

在我們的門店中，這是連續第二個季度積極的門店客流量，在中個位數範圍內增加，並推動了整體業績。

And we continue to expand our international footprint with store openings in key markets, including Berlin and Seoul.

我們繼續擴大我們的國際足跡，在柏林和首爾等主要市場開設門店。

Next, within product, we posted double-digit positive comp increases in our core businesses for both men and women.

接下來，在產品方面，我們公佈了男性和女性核心業務的兩位數正增長。

Bras and accessories achieved double-digit comp growth as well while also accelerating meaningfully versus Q4.

胸罩和配飾也實現了兩位數的增長，同時與第四季度相比也顯著加速。

And finally, in guest engagement, we saw continued success in our community and digital strategies, which contributed to a 28% increase in guest acquisition in the quarter, fueling traffic gains across both stores and e-commerce.

最後，在客戶參與方面，我們的社區和數字戰略持續取得成功，這使得本季度的客戶獲取量增加了 28%，從而推動了商店和電子商務的流量增長。

These efforts combine to deliver a strong financial result for the first quarter with total revenue growing 25% to $650 million, our combined comps and dollar comp increasing 19%, with stores rising 6% and e-commerce up 60%, gross margin increasing 270 basis points versus adjusted gross margin last year as we saw both product margin expansion and leverage on our occupancy costs.

這些努力共同為第一季度帶來了強勁的財務業績，總收入增長 25% 至 6.5 億美元，我們的綜合收益和美元收益增長 19%，商店增長 6%，電子商務增長 60%，毛利率增長 270與去年調整後的毛利率相比，我們看到了產品利潤率的擴張和占用成本的槓桿作用。

And we are able to leverage SG&A by 130 basis points.

我們能夠利用 SG&A 提高 130 個基點。

These results contributed to a 16% operating margin and EPS of $0.55 or 72% growth versus the same period last year.

與去年同期相比，這些結果促成了 16% 的營業利潤率和 0.55 美元或 72% 的每股收益增長。

Given this continued progress, we are confident in our plans for Q2 and the remainder of the year, which is reflected in our updated guidance.

鑑於這一持續進展，我們對第二季度和今年剩餘時間的計劃充滿信心，這反映在我們更新的指導中。

Looking to the future, we remain firmly on track to achieve our ambition of $4 billion in revenue in 2020.

展望未來，我們將堅定不移地在 2020 年實現 40 億美元收入的雄心壯志。

As previously mentioned, the path we're taking to achieve this goal includes product innovation across categories with significant opportunity remaining in men's in particular, expanding the lululemon footprint in both North America and our international markets and continuing to accelerate our digital business.

如前所述，我們為實現這一目標而採取的途徑包括跨品類的產品創新，尤其是在男裝領域仍有重要機會，擴大 lululemon 在北美和我們的國際市場的足跡，並繼續加速我們的數字業務。

Let me now offer some color on our progress within each of these growth pillars in Q1 and looking forward.

現在讓我為我們在第一季度在這些增長支柱中的每一個方面取得的進展提供一些色彩，並展望未來。

We're excited about our product pipeline as we continue to drive category-defining innovation and solve problems for athletes.

隨著我們繼續推動定義類別的創新並為運動員解決問題，我們對我們的產品線感到興奮。

Some examples include our recently developed Out of Mind short liner in men's made from a lightweight, breathable mesh.

一些例子包括我們最近開發的由輕質透氣網眼製成的男士 Out of Mind 短襯裡。

This improved liner construction is now offered in our 3 core short styles: Surge, Pace Breaker and the T.H.E.

這種改進的襯裡結構現在以我們的 3 種核心短款提供：Surge、Pace Breaker 和 T.H.E.

short, which are all performing extremely well now into Q2.

簡而言之，現在進入第二季度，它們的表現都非常好。

We launched our City Sweat franchise for men, which includes a collection of hoodies and joggers made from our technical French Terry fabric.

我們推出了男士 City Sweat 特許經營權，其中包括由我們的技術法國特里面料製成的連帽衫和慢跑褲系列。

Guests responded well to this collection in Q1, and this paves the way for further opportunities in our office travel commute category for men's.

客人在第一季度對該系列反應良好，這為我們的男士辦公室旅行通勤類別的更多機會鋪平了道路。

For women, building on the success of Enlite, we see a compelling opportunity in the bra category.

對於女性而言，在 Enlite 成功的基礎上，我們在文胸類別中看到了令人信服的機會。

We're developing new styles with varying levels of support to broaden our overall assortment.

我們正在開發具有不同支持水平的新款式，以擴大我們的整體品種。

In Q1, we launched the Speed Up Bra featuring a new molded technology, and we have additional styles ready to introduce later this year.

在第一季度，我們推出了採用新模壓技術的 Speed Up 文胸，我們還準備在今年晚些時候推出更多款式。

We're also excited about our upcoming Embrace Movement collection.

我們也對即將推出的擁抱運動系列感到興奮。

This will be a technically driven line of bottoms for women and men offering zone compression, fully leveraging our ongoing work as part of the science of feel.

這將是一個技術驅動的男女底部系列，提供區域壓縮，充分利用我們正在進行的工作作為感覺科學的一部分。

Expect to hear more about this in the fall when we launch the line.

期待在秋季推出該產品線時聽到更多關於此的信息。

Shifting now to our North American stores.

現在轉移到我們的北美商店。

We posted another strong quarter with comps up 6%, driven by an accelerating traffic trend versus Q4.

我們發布了另一個強勁的季度，同比增長 6%，這得益於與第四季度相比加速的流量趨勢。

And we're happy to see this trend continuing now into Q2, reflecting our momentum in guest acquisition and in-store conversions.

我們很高興看到這種趨勢現在持續到第二季度，這反映了我們在客戶獲取和店內轉換方面的勢頭。

Our stores remain among the most productive in apparel retail, which is the direct result of the passion of our educators, our innovative product assortments, agile store formats and connection to our communities.

我們的商店仍然是服裝零售業中生產力最高的，這是我們教育工作者的熱情、我們創新的產品分類、靈活的商店形式和與我們社區的聯繫的直接結果。

In a moment, I'll discuss our digital business in more detail, but first, I want to say that a big part of our recent success has been our omnichannel focus on serving our guests and our ability to leverage this across channels.

稍後，我將更詳細地討論我們的數字業務，但首先，我想說的是，我們最近取得成功的很大一部分原因在於我們全渠道專注於為客人提供服務，以及我們跨渠道利用這一點的能力。

We continue to expand in this regard, with ship from store now available in nearly 300 locations.

我們在這方面繼續擴展，現在在近 300 個地點提供從商店發貨的服務。

And we remain on track to begin the rollout of buy online, pick up in-store during the second half of the year.

我們仍有望在下半年開始推出在線購買和店內提貨。

Switching now to our business outside of North America where we are still in the early innings of one of our most important growth strategies.

現在轉向我們在北美以外的業務，我們仍處於我們最重要的增長戰略之一的早期階段。

Asia continues to lead the way for us, and in Q1, we saw combined comps over 50%, which results in China particularly strong.

亞洲繼續引領我們，在第一季度，我們看到綜合佔比超過 50%，這導致中國特別強勁。

We successfully opened our third and fourth stores in Seoul, Korea with the most recent opening in the iconic Lotte World Mall.

我們在韓國首爾成功開設了第三家和第四家門店，最近在標誌性的樂天世界購物中心開業。

We continue to expect to open 15 to 20 stores in Asia in 2018 and also plan to launch a local e-commerce site in Korea later this year.

我們繼續預計 2018 年將在亞洲開設 15 至 20 家門店，併計劃於今年晚些時候在韓國推出本地電子商務網站。

In Europe, we saw strong growth as well with double-digit comps exceeding our plans.

在歐洲，我們也看到了強勁的增長，兩位數的組合超出了我們的計劃。

And in addition to the recent store openings in Berlin and Frankfurt, we added to our presence in the U.K. with a new store in Guildford outside of London.

除了最近在柏林和法蘭克福開設的門店外，我們還在英國倫敦以外的吉爾福德開設了一家新店，從而增加了我們在英國的業務。

And finally, I'd like to speak to the exciting progress we're seeing in our digital and e-commerce business.

最後，我想談談我們在數字和電子商務業務中看到的令人興奮的進展。

We posted e-commerce comps of 60% on a constant-dollar basis in Q1, driven by strong increases in traffic and conversion.

在流量和轉化率強勁增長的推動下，我們在第一季度按固定美元計算了 60% 的電子商務組合。

While our comparisons get more difficult in each subsequent quarter in 2018, we are pleased to see strong momentum extending into Q2.

雖然我們的比較在 2018 年隨後的每個季度都變得更加困難，但我們很高興看到強勁的勢頭延續到第二季度。

Looking at traffic, our digital teams are driving high-quality web and mobile traffic leveraging our e-mail file growth, improving our targeting capabilities and seeing more returned guests.

在流量方面，我們的數字團隊正在利用我們的電子郵件文件增長推動高質量的網絡和移動流量，提高我們的定位能力並看到更多的回頭客。

A few stats I'd like to highlight here.

我想在這裡強調一些統計數據。

Our e-mail file nearly doubled in the quarter.

我們的電子郵件文件在本季度幾乎翻了一番。

Direct marketing-related traffic to our site increased by more than 60%.

我們網站的直接營銷相關流量增加了 60% 以上。

And we saw an increase of over 50% in transactions made by existing guests.

我們看到現有客人的交易量增加了 50% 以上。

And as we are finding success in driving higher traffic levels, we're also delivering a better online experience for our guests.

隨著我們在推動更高的流量水平方面取得成功，我們也在為我們的客人提供更好的在線體驗。

We've elevated the overall guest experience with better landing pages, enhanced content and improved navigation and merchandising.

我們通過更好的登錄頁面、增強的內容以及改進的導航和銷售提升了整體賓客體驗。

We see additional opportunities in this area in the near term.

我們在短期內看到了該領域的更多機會。

For example, we began streamlining the checkout process in Q1 with further progress planned into Q2 and Q3.

例如，我們在第一季度開始簡化結帳流程，併計劃在第二季度和第三季度取得進一步進展。

And as I said on the last call, we are starting to bring data-driven insights into our core decision-making across the business, but particularly within the digital channel.

正如我在上次電話會議上所說的那樣，我們開始將數據驅動的見解帶入我們整個業務的核心決策中，尤其是在數字渠道中。

We're currently developing and rolling out more sophisticated and automated tools, which will allow us to take mobile, search, browse, e-mail and the post-purchase experience to new levels.

我們目前正在開發和推出更複雜和自動化的工具，這將使我們能夠將移動、搜索、瀏覽、電子郵件和購買後體驗提升到新的水平。

So overall, we're pleased with our e-commerce results and see progress building towards our strategic goals for this part of the business.

總的來說，我們對我們的電子商務結果感到滿意，並看到我們在這部分業務的戰略目標方面取得了進展。

A key enabler of our growth and continued guest engagement are the brand activations and events we host in our markets around the world.

我們在全球市場舉辦的品牌活動和活動是我們增長和持續客戶參與的關鍵推動力。

Building on our strong brand momentum, in Q1, we celebrated International Women's Day through events in key cities around the globe, including Washington, D.C., Melbourne and London.

在我們強大的品牌勢頭的基礎上，我們在第一季度通過在全球主要城市（包括華盛頓特區、墨爾本和倫敦）舉辦的活動來慶祝國際婦女節。

In Q2, to further engage with our run-focused guests, we are sponsoring 10-K races in Toronto and Edmonton, which sold out in less than 24 hours after registration opened.

在第二季度，為了進一步與關注跑步的客人互動，我們正在讚助多倫多和埃德蒙頓的 10-K 比賽，這些比賽在註冊開始後不到 24 小時內就售罄。

And earlier this month, I'm excited to announce that we launched our 360-degree run-focused campaign, Let Your Mind Run Free.

本月早些時候，我很高興地宣布，我們推出了以 360 度跑步為重點的活動，讓你的思想自由奔跑。

And as you know, one of the hallmarks of our company is our investment in people.

如您所知，我們公司的標誌之一是我們對人才的投資。

We have a long-standing commitment to leadership development, and we continue to roll out programs and experiences for all employees that bring to life the unique aspects of the lululemon culture.

我們長期致力於領導力發展，並繼續為所有員工推出計劃和體驗，讓 lululemon 文化的獨特方面栩栩如生。

Last year, we made a commitment to achieve pay equity for women and men across our organization by the end of 2018.

去年，我們承諾到 2018 年底在整個組織內實現男女薪酬平等。

Nearly 80% of our workforce is comprised of women, and we knew this was simply the right thing to do.

我們近 80% 的員工是女性，我們知道這是正確的做法。

I'm proud to report that last month, 9 months ahead of schedule, we delivered on this commitment and will maintain this standard moving forward.

我很自豪地報告說，上個月，比計劃提前 9 個月，我們兌現了這一承諾，並將繼續保持這一標準。

This puts us in a leadership position among companies across industries.

這使我們在各行各業的公司中處於領先地位。

Now before I share the specific details of our financial performance, it's my pleasure to introduce our new Chief Financial Officer, PJ Guido.

現在，在我分享我們財務業績的具體細節之前，我很高興介紹我們的新首席財務官 PJ Guido。

Some of you may be familiar with PJ given his 15 years of prior experience leading various finance functions at Fortune 500 retail organizations.

鑑於 PJ 在財富 500 強零售組織領導各種財務職能已有 15 年的經驗，你們中的一些人可能熟悉他。

I'll ask him to say a few words now.

我現在請他說幾句話。

PJ, welcome.

PJ，歡迎。

Thanks, Stuart, and a warm hello to all those on the call today.

謝謝，斯圖爾特，並向今天參加電話會議的所有人致以熱烈的問候。

I cannot express how energized I am to be joining such a powerful brand and talented team here at lululemon.

在 lululemon 加入如此強大的品牌和才華橫溢的團隊，我無法表達我是多麼的充滿活力。

I look forward to engaging with our investors and many of you on the phone as well in the coming months.

我期待在未來幾個月內與我們的投資者和你們中的許多人通過電話進行交流。

So far, I've spent the last few weeks immersed in the business and getting to know the teams across the company.

到目前為止，我在過去幾週都沉浸在業務中，並了解了整個公司的團隊。

I have even pulled several store shifts, and I can tell you they are absolutely pulsing with energy and excitement.

我什至拉了幾次商店輪班，我可以告訴你，他們絕對充滿活力和興奮。

I look forward to working with Stuart, the entire leadership team with those of you in the analyst and investor community.

我期待與分析師和投資者社區中的整個領導團隊 Stuart 一起工作。

And now I will turn it back to Stuart.

現在我將把它轉回給斯圖爾特。

Thanks, PJ.

謝謝，PJ。

Before I speak to our financials, I'd also like to thank Glenn for his guidance and strategic counsel, and in particular, Celeste and Sun for their partnership during this important time at the company.

在談到我們的財務之前，我還要感謝 Glenn 的指導和戰略顧問，特別是 Celeste 和 Sun 在公司這一重要時期的合作。

And speaking for the 4 of us, we want to thank our educators around the world for everything they do to bring lululemon to their guests every day.

代表我們 4 個人，我們要感謝世界各地的教育工作者為每天為客人帶來 lululemon 所做的一切。

I'll now offer some highlights on Q1, but please see the financial supplement posted on our investor site for additional details.

我現在將在第一季度提供一些亮點，但請參閱我們的投資者網站上發布的財務補充以了解更多詳細信息。

As I mentioned earlier, total net revenue rose 25% to $650 million with the increase in revenue resulting from strong performance across all parts of the business.

正如我之前提到的，總淨收入增長了 25%，達到 6.5 億美元，收入的增長得益於所有業務部門的強勁表現。

Our store channel delivered a 6% comp store sales increase on top of a 1% decline in Q1 last year.

我們的商店渠道在去年第一季度下降 1% 的基礎上實現了 6% 的綜合商店銷售額增長。

And in e-commerce, we posted a 60% comp increase.

在電子商務方面，我們公佈了 60% 的薪酬增長。

lululemon branded store square footage increased 14% versus last year, driven by the addition of 48 net new lululemon stores since Q1 of 2017.

由於自 2017 年第一季度以來淨新增 48 家 lululemon 門店，lululemon 品牌門店面積比去年增加了 14%。

And the impact of foreign exchange increased revenues by $9 million in the quarter.

外彙的影響使本季度的收入增加了 900 萬美元。

Gross profit for the first quarter is $344.7 million or 53.1% of net revenue compared to an adjusted 50.4% of net revenue in Q1 2017.

第一季度毛利潤為 3.447 億美元，占淨收入的 53.1%，而 2017 年第一季度調整後的淨收入為 50.4%。

The gross profit rate in Q1 increased 270 basis points versus adjusted gross margin last year.

與去年調整後的毛利率相比，第一季度的毛利率增加了 270 個基點。

This exceeded our expectations for the quarter, with the primary driver being a 120 basis point increase in overall product margin resulting from favorability in product mix, lower product costs and lower markdowns versus last year.

這超出了我們對本季度的預期，主要驅動因素是整體產品利潤率增加了 120 個基點，原因是產品組合的有利性、產品成本的降低和與去年相比的降價幅度降低。

I'm particularly pleased that this increase comes on top of a 380 basis point improvement in product margin last year.

我特別高興的是，這一增長是在去年產品利潤率提高 380 個基點的基礎上實現的。

We continue to see opportunities to gain cost efficiencies within our supply chain, enabled by several ongoing strategies across sourcing and distribution.

我們繼續看到在我們的供應鏈中獲得成本效率的機會，這得益於一些持續的採購和分銷戰略。

In addition, we realized 120 basis points of leverage on occupancy and depreciation and product and supply chain SG&A as a result of the strong top line results.

此外，由於收入強勁，我們在入住率和折舊以及產品和供應鏈 SG&A 方面實現了 120 個基點的槓桿率。

We also saw 30 basis points favorable impact related to foreign exchange in the quarter.

我們還看到本季度與外匯有關的 30 個基點的有利影響。

SG&A expenses were just over $240 million or 37% of net revenue compared to 38.3% of net revenue for the same period last year.

SG&A 費用略高於 2.4 億美元，占淨收入的 37%，而去年同期占淨收入的 38.3%。

We're pleased that we are able to deliver leverage above the high end of our expectations.

我們很高興我們能夠提供超出預期高端的槓桿。

More efficient spend in both our SSC and store channel, coupled with leverage from higher-than-planned sales, generated approximately 290 basis points of leverage.

在我們的 SSC 和商店渠道中更有效的支出，加上高於計劃的銷售的槓桿作用，產生了大約 290 個基點的槓桿作用。

This was partially offset by 160 basis points related to foreign exchange, with the majority of deleverage due to the lapping of FX gains in the prior period last year.

這被與外匯相關的 160 個基點部分抵消，其中大部分去槓桿是由於去年同期外匯收益的滯後。

Operating income for the quarter was approximately $104 million or 16.1% of net revenue compared to an adjusted 12.1% of net revenue in Q1 2017.

本季度的營業收入約為 1.04 億美元，占淨收入的 16.1%，而 2017 年第一季度調整後的淨收入為 12.1%。

Tax expense for the quarter was approximately $32 million or 29.9% of pretax earnings compared to an effective tax rate of 32.6% a year ago.

本季度的稅收支出約為 3200 萬美元，佔稅前收益的 29.9%，而一年前的有效稅率為 32.6%。

Our tax rate came in 90 basis points higher than we initially expected due to refinements in our estimates under the recent U.S. tax reforms.

我們的稅率比我們最初的預期高出 90 個基點，原因是我們根據最近的美國稅制改革對估計進行了改進。

Normalized for charges related to last year's ivivva restructuring, the adjusted effective tax rate for Q1 2017 was 30.8%.

與去年 ivivva 重組相關的費用正常化後，2017 年第一季度調整後的有效稅率為 30.8%。

Net income for the quarter was approximately $75.2 million or $0.55 per diluted share compared to earnings per diluted share of $0.23 for the first quarter of 2017.

本季度的淨收入約為 7520 萬美元或每股攤薄收益 0.55 美元，而 2017 年第一季度的每股攤薄收益為 0.23 美元。

Excluding charges related to the ivivva restructuring, adjusted EPS in Q1 2017 was $0.32.

不計與 ivivva 重組相關的費用，2017 年第一季度調整後的每股收益為 0.32 美元。

Capital expenditures were approximately $34 million for the quarter compared to approximately $20 million in the first quarter last year.

本季度的資本支出約為 3400 萬美元，而去年第一季度約為 2000 萬美元。

The increase relates primarily to new store renovations and relocation capital.

增加主要與新店裝修和搬遷資金有關。

Turning to our balance sheet highlights.

轉向我們的資產負債表亮點。

We ended the quarter with $967 million in cash and cash equivalents.

我們在本季度末擁有 9.67 億美元的現金和現金等價物。

Inventory at the end of the first quarter was $373 million or 23% higher than at the end of Q1 2017.

第一季度末的庫存為 3.73 億美元，比 2017 年第一季度末高出 23%。

Now turning to our updated outlook for the fiscal year 2018 and our outlook for the second quarter.

現在轉向我們對 2018 財年的最新展望和第二季度的展望。

And as a reminder, 2018 is a 53-week year for us.

提醒一下，2018 年對我們來說是 53 週的一年。

For the full year 2018, we now expect revenue to be in the range of $3.04 billion to $3.075 billion.

對於 2018 年全年，我們現在預計收入將在 30.4 億美元至 30.75 億美元之間。

This is based on a comparable sales percentage increase in the high single-digit range on a constant dollar basis.

這是基於以固定美元為基礎的高個位數範圍內的可比銷售百分比增長。

We continue to expect to open 40 to 50 company-operated lululemon stores in 2018.

我們繼續預計 2018 年將開設 40 至 50 家公司經營的 lululemon 門店。

This includes 20 to 30 stores in our international markets and represents a square footage increase in the low double digits.

這包括我們在國際市場的 20 到 30 家商店，這代表了低兩位數的平方英尺增長。

For the year, we continue to expect gross margin to expand modestly, primarily driven by product margin improvement and leverage on occupancy and other fixed costs.

今年，我們繼續預計毛利率將適度擴大，主要受產品利潤率改善以及對入住率和其他固定成本的影響。

We continue to expect SG&A for the full year to leverage modestly as we realize efficiencies within our cost structure.

隨著我們在成本結構中實現效率，我們繼續預計全年的 SG&A 將適度利用。

As you think about SG&A for the full year, please recall my comments from the Q4 call regarding our expectation for SG&A pressure in Q3.

當您考慮全年的 SG&A 時，請回想我在第四季度電話會議中關於我們對第三季度 SG&A 壓力的預期的評論。

We plan to make certain discrete investments that will create some SG&A headwind in the quarter.

我們計劃進行某些離散投資，這將在本季度造成一些 SG&A 逆風。

We now expect our fiscal year 2018 diluted earnings per share to be in the range of $3.10 to $3.18.

我們現在預計 2018 財年每股攤薄收益將在 3.10 美元至 3.18 美元之間。

Our EPS guidance is based on 136.3 million diluted weighted average shares outstanding.

我們的每股收益指引基於 1.363 億股稀釋加權平均流通股。

We also expect our effective tax rate to be approximately 30% in 2018.

我們還預計 2018 年我們的有效稅率約為 30%。

This is slightly higher than our previous guidance of 29% and is a result of the previously mentioned refinements under the U.S. tax reforms.

這略高於我們之前 29% 的指引，是前面提到的美國稅制改革細化的結果。

We are continuing to analyze the impact of the changes to the U.S. tax code, including how this affects our overall strategies for capital deployment.

我們將繼續分析美國稅法變更的影響，包括這將如何影響我們的整體資本部署戰略。

We have assumed the Canadian dollar at $0.765 to the U.S. dollar for 2018 as well as Q2.

我們假設 2018 年和第二季度的加元兌美元匯率為 0.765 美元。

We continue to expect capital expenditures to be approximately $240 million to $250 million for the fiscal year 2018.

我們繼續預計 2018 財年的資本支出約為 2.4 億至 2.5 億美元。

The increase relative to 2017 reflects a ramp-up of our renovation and relocation program, increased store openings in international markets, technology investments and other general corporate infrastructure projects.

相對於 2017 年的增長反映了我們翻新和搬遷計劃的增加、國際市場開店的增加、技術投資和其他一般企業基礎設施項目。

For Q2, we expect revenues to be in the range of $660 million to $665 million.

對於第二季度，我們預計收入將在 6.6 億美元至 6.65 億美元之間。

This is based on a comparable sales percentage increase in the high single-digit range on a constant-dollar basis compared to the second quarter of 2017.

這是基於與 2017 年第二季度相比，按固定美元計算的高個位數範圍內的可比銷售額百分比增長。

This also assumes 3 new store openings in the quarter.

這也假設本季度有 3 家新店開業。

We anticipate gross margin to increase by approximately 50 basis points versus Q2 of last year.

我們預計毛利率將比去年第二季度增加約 50 個基點。

Despite the strong increases in product margin last year that we're now anniversary-ing, we continue to see AUC opportunities, driven by our ongoing supply chain initiatives.

儘管去年產品利潤率強勁增長，我們現在是周年紀念日，但在我們正在進行的供應鏈計劃的推動下，我們繼續看到 AUC 的機會。

We expect to leverage SG&A in Q2 by approximately 50 basis points as we continue to gain efficiencies in our cost structure.

隨著我們繼續提高成本結構的效率，我們預計在第二季度將 SG&A 槓桿率提高約 50 個基點。

Assuming a tax rate of 30% and 136.3 million diluted weighted average shares outstanding, we expect diluted earnings per share in the second quarter to be in the range of $0.46 to $0.48 versus adjusted EPS of $0.39 a year ago.

假設稅率為 30% 和 1.363 億股稀釋加權平均流通股，我們預計第二季度的稀釋每股收益將在 0.46 美元至 0.48 美元之間，而一年前調整後的每股收益為 0.39 美元。

And with that, let's open the call for questions.

有了這個，讓我們開始提問。

Operator?

操作員？

(Operator Instructions) Our first question is from Matt McClintock with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Matt McClintock。

Yes, everyone, and welcome, PJ.

是的，大家，歡迎，PJ。

Doing a bang-up job so far.

到目前為止做的很棒。

So I guess, Stuart, my first question, just high-level, trying to understand the doubling in the e-mail file.

所以我想，斯圖爾特，我的第一個問題，只是高層次的，試圖理解電子郵件文件中的加倍。

That seems to be a pretty monumental accomplishment this quarter, given that your e-mail file was pretty large to begin with.

鑑於您的電子郵件文件一開始就非常大，這似乎是本季度一項非常具有紀念意義的成就。

Can you give us a sense for how much of that was international versus how much of that is North America?

你能告訴我們其中有多少是國際的，有多少是北美的嗎？

Yes, Matt.

是的，馬特。

The e-mail file trajectory has really been exciting and important.

電子郵件文件的軌跡確實令人興奮和重要。

The mix of that is largely weighted towards North America.

其中的組合主要集中在北美。

And the reason we've seen an inflection in it is we implemented new applications within our POS system in the third quarter of last year with new training for our store educators to be able to be armed in a better way with technology and training to capture guest e-mails at point-of-sale.

我們看到它發生變化的原因是我們在去年第三季度在我們的 POS 系統中實施了新的應用程序，為我們的商店教育工作者提供了新的培訓，以便能夠以更好的方式武裝技術和培訓來捕捉銷售點的來賓電子郵件。

And so that has been a big part of the inflection in how we have increased the e-mail capture rate.

因此，這是我們提高電子郵件捕獲率的重要部分。

That has then been complemented by the improvements in the website that were a part of the relaunch at the end of the third quarter last year.

然後，作為去年第三季度末重新啟動的一部分，網站的改進得到了補充。

So the combination of the improvements in the website and the improvements in the point-of-sale execution in-store has really been what's been driving that inflection and acceleration in the e-mail capture rate.

因此，網站的改進與店內銷售點執行的改進相結合，確實推動了電子郵件捕獲率的變化和加速。

So we'll lap that, some of those changes really as we get into the fourth quarter of this year, and we have initiatives beyond that to continue to fuel increases in how we're capturing e-mails with our guests.

因此，當我們進入今年第四季度時，我們將討論其中的一些變化，並且我們還有其他舉措，以繼續推動我們與客人一起捕獲電子郵件的方式。

Perfect.

完美的。

And then if I could, just a follow-up question.

然後，如果可以的話，只是一個後續問題。

You talked about new markets, Berlin, or new stores, Berlin and Seoul.

你談到了新市場，柏林，或新商店，柏林和首爾。

If I recall, you probably have a couple of stores in the comp base in South Korea and also in Germany by now.

如果我記得，您現在可能在韓國和德國的 Comp 基地有幾家商店。

And you talk about Asia comping up 50%.

你說亞洲佔了 50%。

Can you kind of give us a sense of how stores perform as they roll over in those 2 specific markets?

您能否讓我們了解一下商店在這兩個特定市場中的表現如何？

Because I assume the up 50% comp in Asia is primarily China.

因為我認為亞洲增長 50% 的主要是中國。

Well, the performance across Asia has been really strong.

嗯，整個亞洲的表現非常強勁。

We have some really strong store locations in other markets, including Hong Kong and Singapore, Tokyo.

我們在其他市場有一些非常強大的門店，包括香港和新加坡、東京。

But certainly, we have the greatest number of stores now in China with the greatest amount of new store openings happening in China.

但可以肯定的是，我們現在在中國擁有最多的門店，在中國開設的新店數量也最多。

So we're seeing strong comp performance across all those regions in Asia.

因此，我們在亞洲所有這些地區都看到了強勁的競爭表現。

The store locations in Seoul that we opened, we're very excited to reach additional guests in that particular market.

我們在首爾開設的門店，我們很高興能在該特定市場吸引更多客人。

We think it's an important market across Asia and important for us to show up strong in Seoul.

我們認為這是整個亞洲的一個重要市場，對我們在首爾表現出色也很重要。

Similarly, as we look at Europe, Berlin is an important city in Germany.

同樣，當我們放眼歐洲時，柏林是德國的一個重要城市。

As we think about the countries where we're focused in Europe, certainly, Germany, France and the U.K. are on top of the list, and so it's important for us to have a good foot forward and have some locations there that represent the brand and help build brand awareness.

當我們考慮我們專注於歐洲的國家時，當然，德國、法國和英國名列前茅，因此對我們來說，有一個良好的前進步伐並在那裡有一些代表品牌的地點是很重要的並幫助建立品牌知名度。

So I'm pleased with how all those stores have opened and the trajectory that they're on.

因此，我對所有這些商店的開業方式以及它們的發展軌跡感到滿意。

And as we've mentioned, the Asia stores have been off to a faster start in general, but we're pleased with the progress we're making in Europe.

正如我們所提到的，亞洲門店總體上起步較快，但我們對我們在歐洲取得的進展感到滿意。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

So as we think about lulu as a dual-gender global brand, I guess, versus the $4 billion 2020 revenue target, maybe Stuart, is there any way to just kind of speak to where you're tracking maybe versus plan on some of the key pieces, online, men's, international?

因此，當我們將 lulu 視為一個雙性別的全球品牌時，我想，與 40 億美元的 2020 年收入目標相比，也許是 Stuart，有什麼方法可以說明你正在追踪的地方，也許與計劃一些關鍵單品，在線，男士，國際？

That would be helpful.

那會很有幫助。

Absolutely.

絕對地。

We are very excited at the progress we're making against those 2020 goals that we had laid out.

我們對我們制定的 2020 年目標所取得的進展感到非常興奮。

I would say that overall, we're on track, if not a little bit ahead, versus those plans.

我想說，總體而言，與那些計劃相比，我們正在走上正軌，如果不是提前一點的話。

And you might recall, we set those goals over 2 years ago.

您可能還記得，我們在 2 年前就設定了這些目標。

And as you might expect, we're farther ahead in certain areas than others.

正如您所料，我們在某些領域比其他領域更領先。

Right now, what I would say is in our -- within our men's business and within e-commerce, we are running ahead of schedule, and I think that's reflected in the most recent performance that we just announced.

現在，我想說的是在我們的男士業務和電子商務中，我們正在提前運行，我認為這反映在我們剛剛宣布的最新業績中。

International, I would say it's taking a little longer than planned.

國際，我會說它需要的時間比計劃的要長一些。

Asia specifically is accelerating ahead of plan and ahead of schedule, but Europe is taking a little bit longer.

特別是亞洲正在提前計劃和提前加速，但歐洲需要更長的時間。

And we are assuming a very deliberate approach in Europe, but we're pleased with the double-digit comps that exceeded our budget in the first quarter for Europe.

我們假設在歐洲採取了一種非常慎重的方法，但我們對第一季度歐洲超出我們預算的兩位數補償感到滿意。

So we're pleased with the trajectory overall, and that we're confident that we're going achieve that $4 billion number as we had set it out.

因此，我們對整體發展軌跡感到滿意，並且我們有信心實現我們設定的 40 億美元的數字。

But the pieces and parts of how we get there might be a little different than we had originally envisioned.

但是我們如何到達那裡的部分和部分可能與我們最初設想的有點不同。

Great.

偉大的。

And then just a follow-up.

然後只是跟進。

On the store front, so clearly, material runway on the international side.

在店面，很明顯，國際一側的材料跑道。

I guess, could you touch on remaining opportunity that you see in North America, maybe both in terms of sales productivity catalysts as well as store saturation versus some of the legacy management targets that you've laid out?

我想，您能否談談您在北美看到的剩餘機會，無論是在銷售生產力催化劑方面還是在商店飽和度方面與您制定的一些遺留管理目標方面？

I think it's been a couple of years now.

我想現在已經有幾年了。

Yes, we see a lot of opportunity in North America.

是的，我們在北美看到了很多機會。

And in 2018, we'll actually execute more real estate projects than in any other prior year.

在 2018 年，我們實際上將執行比以往任何一年都多的房地產項目。

We mentioned in the prepared remarks, we're going to see a 14% increase in global square footage.

我們在準備好的評論中提到，我們將看到全球建築面積增加 14%。

We're going to see a healthy number of new store projects in North America.

我們將在北美看到大量的新店項目。

What's more exciting is some of the innovation that we've seen from our North American store team.

更令人興奮的是我們從北美商店團隊中看到的一些創新。

Specifically, the co-located strategy has been very important success, not only for extending the square footage runway that we have in North America, but also creating an important expansion of the retail guest experience that makes space for us to grow our men's business, to add new categories potentially such as shoes.

具體來說，共同定位戰略取得了非常重要的成功，不僅擴大了我們在北美的跑道面積，而且還創造了零售客戶體驗的重要擴展，為我們發展男裝業務提供了空間，可能會添加新的類別，例如鞋子。

So those new categories, we couldn't fit into a 3,000-square-foot box.

所以那些新的類別，我們無法裝進一個 3000 平方英尺的盒子裡。

And so that co-located strategy becomes really important more than just growing square footage, but creating that opportunity to expand the vision of our -- of what product categories we're able to execute in a physical environment.

因此，協同定位戰略變得非常重要，不僅僅是增加平方英尺，而是創造機會來擴大我們的視野——我們能夠在物理環境中執行哪些產品類別。

Beyond that, the seasonal store strategy has been a very strong success story for us.

除此之外，季節性商店策略對我們來說是一個非常成功的故事。

We did 24 of those in 2017.

我們在 2017 年做了 24 次。

Nine of those locations we kept into this year and are pursuing for permanent -- as permanent locations, and we're seeing really strong performance out of those locations.

我們今年保留了其中九個地點並正在尋求永久 - 作為永久地點，我們看到這些地點的表現非常強勁。

So we continue to find ways to innovate our store model in North America.

因此，我們繼續尋找方法來創新我們在北美的商店模式。

We really can't think of the business in that regard.

我們實在想不出這方面的業務。

It's just a static store count number off of a sort of a uniformed store layout.

這只是一種統一商店佈局的靜態商店計數。

It's very dynamic, and we're exploring even now and into next year new experiential strategies as part of that physical experience for our guests.

這是非常有活力的，我們甚至現在和明年都在探索新的體驗策略，作為我們客人身體體驗的一部分。

So we're really excited at what's -- what the team has been able to bring to the table.

所以我們對團隊能夠帶來的東西感到非常興奮。

And in many ways, we feel like we're just getting started.

在許多方面，我們覺得我們才剛剛開始。

Our next question is from Brian Tunick with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Brian Tunick。

I guess, you mentioned footwear before, but it's obviously a much bigger idea for your athletic peers versus lululemon.

我想，您之前提到過鞋類，但與 lululemon 相比，對於您的運動同齡人來說，這顯然是一個更大的想法。

So curious how footwear is doing.

很好奇鞋類的表現如何。

And could footwear be one of the pillars for the company beyond 2020?

鞋類能否成為 2020 年後公司的支柱之一？

And then the second question, in the shorter term, maybe Stuart, talk about the second half gross margin outlook.

然後第二個問題，在短期內，也許是斯圖爾特，談談下半年的毛利率前景。

What are some of the puts and takes that we should be thinking about in your guidance?

在您的指導中，我們應該考慮哪些看跌期權？

Sure.

當然。

On the footwear, Brian, it's, I guess, premature to call that as the major growth opportunity for us.

在鞋類方面，Brian 我想，將其稱為我們的主要增長機會還為時過早。

We've been pleased with the tests that we've done with APL, and I think we've learned a lot from it.

我們對使用 APL 完成的測試很滿意，我認為我們從中學到了很多東西。

We learned that our guest is interested in buying shoes from us.

我們了解到我們的客人有興趣從我們這裡購買鞋子。

That's one of the things we learned.

這是我們學到的東西之一。

We've also been able to develop an understanding of how to sell shoes in our stores, and in particular, where we don't carry inventory, how to execute the showrooming model.

我們還能夠了解如何在我們的商店銷售鞋子，特別是在我們沒有庫存的地方，如何執行陳列室模式。

So we feel like that's a learning we can take into other categories that will make -- that will open the door for us to accomplish different things from an inventory management standpoint across a number of categories.

所以我們覺得這是我們可以在其他類別中學到的東西——這將為我們從庫存管理的角度跨多個類別完成不同的事情打開大門。

So we've learned a lot from footwear.

所以我們從鞋類中學到了很多。

We're pleased with how it's performing.

我們對它的表現感到滿意。

We're looking for opportunities to expand it even with our relationship with APL.

即使我們與 APL 的關係，我們也在尋找擴大它的機會。

And it's an open strategy for us to explore as we step into the future.

這是一個開放的戰略，供我們在邁向未來時探索。

And then on your second question with regard to the gross margin outlook for the second half, we're really pleased with the results that we've seen.

然後關於你關於下半年毛利率前景的第二個問題，我們對我們看到的結果感到非常滿意。

The beat that we saw in the first quarter really came from the outperformance in mix and the lower markdowns.

我們在第一季度看到的節拍實際上來自於組合的出色表現和較低的降價幅度。

So we feel confident with the gross margin and product margin outlook that we offered.

因此，我們對我們提供的毛利率和產品利潤率前景充滿信心。

To the extent that mix and markdowns come in more favorably, there is an opportunity for us to do better.

如果混合和降價促銷更有利，我們就有機會做得更好。

But we believe that the guidance that we provided is appropriate based on what we know at this point.

但我們認為，基於我們目前所了解的情況，我們提供的指導是適當的。

And more broadly, I'm really pleased with just the journey we've seen with product margins.

更廣泛地說，我對我們在產品利潤率方面所看到的旅程感到非常滿意。

Much of the low-hanging fruit that we had talked about back in 2015 has been captured.

我們在 2015 年談到的許多唾手可得的成果已經被捕獲。

We now focus on driving our segment and supply chain strategy, which will continue to help us capture AUC improvements.

我們現在專注於推動我們的細分市場和供應鏈戰略，這將繼續幫助我們實現 AUC 的改進。

And we're now also shifting our attention from a supply chain standpoint to speed and to how do we reduce -- how we can reduce lead times and create new strategic flexibility in our business from a supply chain standpoint.

而且我們現在也將注意力從供應鏈的角度轉移到速度以及我們如何減少 - 我們如何從供應鏈的角度縮短交貨時間並在我們的業務中創造新的戰略靈活性。

And we're also exploring new exciting efforts to capture cost efficiencies in our distribution network, specifically how we fulfill e-com orders in North America.

我們還在探索新的激動人心的努力，以提高我們分銷網絡的成本效率，特別是我們如何在北美履行電子商務訂單。

So we're really looking at our supply chain end-to-end and finding opportunities.

因此，我們真正在端到端地審視我們的供應鏈並尋找機會。

And the combination of all this really connects to a multi-year road map for gross margin improvement that we see extending at least until 2020 and is contemplated in our long-range guidance that we shared previously.

所有這一切的結合確實與毛利率改善的多年路線圖相關，我們認為該路線圖至少會延續到 2020 年，並且在我們之前分享的長期指導中得到了考慮。

Our next question is from Adrienne Yih with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Adrienne Yih。

So I guess, Stuart, my first question is when you're doing sort of market research on international pieces of business, what do you do in terms of marketing, laying the groundwork?

所以我想，斯圖爾特，我的第一個問題是，當你對國際業務進行市場調查時，你在營銷方面做什麼，奠定基礎？

And then do you do any changes to the product?

然後你對產品做任何改變嗎？

And then, Glenn, for you, it's been a year since you joined, and the business is completely different today.

然後，格倫，對你來說，你加入已經一年了，今天的業務完全不同。

I was wondering if you can just look back on the past year, the biggest opportunity, the biggest change that you think has been made to the business.

我想知道您是否可以回顧過去的一年，最大的機會，您認為對業務做出的最大變化。

And then go forward in the next 2 years, to that 2020 target, what the next biggest leg of opportunity still remains.

然後在接下來的 2 年裡，朝著 2020 年的目標前進，下一個最大的機會仍然存在。

Adrienne, it's Stuart.

艾德麗安，我是斯圖爾特。

Why don't I address the first 2 questions that you directed my way?

為什麼我不解決你提出的前兩個問題？

Then what we can -- we can have Glenn join us for the next part of it.

然後我們能做的——我們可以讓 Glenn 加入我們的下一部分。

But the international market entry, we certainly do research for each trade area, for each market.

但是國際市場的進入，我們肯定會針對每個行業，針對每個市場做調研。

And the showroom model that we execute follows that market research.

我們執行的陳列室模型遵循市場研究。

One of the key indicators that we look at is the e-commerce penetration that we see, that gives us an indication of the overall brand awareness and latent demand within each market.

我們關注的關鍵指標之一是我們看到的電子商務滲透率，它讓我們了解每個市場的整體品牌知名度和潛在需求。

And so that's an important data point for us.

所以這對我們來說是一個重要的數據點。

But certainly, there are other factors that we consider, not only in international markets, but any market we enter.

但可以肯定的是，我們還考慮了其他因素，不僅在國際市場，而且在我們進入的任何市場。

And so the showrooming model gives us an opportunity to feed demand, to build awareness, to develop those communities in a proven way that has proved -- that has, in fact, proven very resilient and a good indicator of where we are ready to open a store.

因此，陳列室模式為我們提供了滿足需求、建立意識、以一種已被證明的方式發展這些社區的機會——事實上，這種方式被證明非常有彈性，並且很好地表明了我們準備在哪裡開業一家商店。

So that model, we continue to execute.

所以那個模型，我們繼續執行。

And from a product standpoint, tailoring products for the international markets, for the most part, it is a global assortment.

從產品的角度來看，為國際市場量身定制的產品，在很大程度上是一個全球性的分類。

Our regional merchants help tailor just the shape of the buy, if you will, for regional taste.

如果您願意，我們的區域商人會根據您的區域口味幫助定制購買的形狀。

We are exploring a limited number of Asia-only fits, that's a very small initial step.

我們正在探索有限數量的僅限亞洲的適合，這是一個非常小的初始步驟。

But as I said, for the most part, it's a global assortment.

但正如我所說，在大多數情況下，這是一個全球性的分類。

Let me pause there and see if Glenn would like to respond to your second question.

讓我暫停一下，看看格倫是否願意回答你的第二個問題。

Thanks, Stuart.

謝謝，斯圖爾特。

Yes, my view is that -- not to give you a history lesson because you all know the business well, but a year ago, the management team was just finishing some of the blocking and tackling work that they needed to get done as the new team and new talent got injected into the business and complemented the talent we had already inside the company.

是的，我的觀點是——不是給你上歷史課，因為你們都非常了解業務，但一年前，管理團隊剛剛完成了他們作為新員工需要完成的一些阻塞和處理工作團隊和新人才被注入業務，補充了我們公司內部已有的人才。

So you know all the work that was done, whether it's on the inventory side or the supply chain side.

因此，您了解已完成的所有工作，無論是在庫存方面還是在供應鏈方面。

And I think that was work that needed to be done because trying to build something off a weak foundation is just not smart.

我認為這是需要完成的工作，因為試圖在薄弱的基礎上建立一些東西是不明智的。

So I give the management and the board credit for trying to sequence them properly.

因此，我給予管理層和董事會的信任，因為他們試圖正確地對它們進行排序。

And in the last 12 months, as that work's been -- it's never completed.

在過去的 12 個月裡，就像這項工作一樣——它從未完成。

There's always, as Stuart said earlier, there's more we can do on some of those line items that the management team was focused on for about 24 months.

正如斯圖爾特之前所說，我們總是可以在管理團隊專注於大約 24 個月的一些項目上做更多的事情。

Here come new category initiatives, which have been helpful, focused on digital and part of new categories expansion of men's, which has been a big win for the business, starting to open up our thought process on what could this brand become internationally.

新品類計劃出現了，這些舉措很有幫助，專注於數字化和男裝新品類擴展的一部分，這對企業來說是一個巨大的勝利，開始開啟我們關於這個品牌如何走向國際的思考過程。

We can't just take our North American business and think we can transplant it into Asia, into Europe.

我們不能只拿我們的北美業務，然後認為我們可以將其移植到亞洲，移植到歐洲。

You certainly take a culture and what the company stands for and the heartbeat of lululemon.

你肯定會接受一種文化、公司的理念以及 lululemon 的心跳。

That is nonnegotiable.

那是沒有商量餘地的。

That has to go around the world.

那必須環遊世界。

But how we show up in parts of Asia, as you've heard Stuart reference some countries earlier, what are we going to do in Europe?

但是我們如何在亞洲部分地區出現，正如您之前聽到 Stuart 提到一些國家的那樣，我們將在歐洲做什麼？

It's opening up international.

它正在向國際開放。

So those 3 fronts are part of this 2020 plan.

所以這三個方面是這個 2020 計劃的一部分。

I really give the management team and the board credit for how it was sequenced.

我真的很感謝管理團隊和董事會是如何排序的。

And then looking forward, not to get too, ambitious, I think we're now committed to the 2020 plan, I think, what Stuart opened up a little bit in some of his commentary.

然後展望未來，不要過於雄心勃勃，我認為我們現在致力於 2020 年計劃，我認為，斯圖爾特在他的一些評論中打開了一點點。

What I really like about the management team, and especially the 3 leaders I've been working with, is we do spend time in Vancouver beyond looking at this quarter 2018 and the 2020 plan.

我真正喜歡管理團隊的地方，尤其是與我共事的 3 位領導者，除了查看 2018 年本季度和 2020 年計劃之外，我們確實在溫哥華度過了一段時間。

There has been some time invested.

已經投入了一些時間。

Where to from here?

從這裡到哪裡？

What else can the brand become?

品牌還能變成什麼？

That's not for today.

那不是今天的。

Adrienne, that will be for another day.

艾德里安，那將是另一天。

That won't be me, but it will be somebody else who articulated to shareholders and investors once we figure out what that is.

那不會是我，但一旦我們弄清楚那是什麼，它將是其他人向股東和投資者闡明。

But we do know we've got a special brand that can do a lot more than just its current gross margin success of the products in which we sell and the guest engagement that we developed.

但我們確實知道，我們擁有一個特殊的品牌，它可以做的不僅僅是目前我們銷售的產品的毛利率成功和我們開發的客戶參與度。

We know there's something more the business can do, but that's -- again, that's not for today but we've had some preliminary conversations about what that next step and act could be for lululemon.

我們知道企業可以做更多的事情，但那是 - 再說一遍，這不是今天的，但我們已經就 lululemon 的下一步和行動進行了一些初步對話。

And I'm sure the management team will fill in the people on the phone at the appropriate time once we have that figure out.

我敢肯定，一旦我們弄清楚了，管理團隊會在適當的時候通過電話聯繫這些人。

Our next question is from Oliver Chen with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Oliver Chen。

The lower markdowns were also impressive.

較低的降價幅度也令人印象深刻。

What are your thoughts on how that can be sustained?

您對如何保持這種狀態有何看法？

And also the other -- the related topic is your thoughts on the state of inventory and supply chain planning and allocation as there could be some opportunities to make sure that the assortments are right, in the right stores.

還有另一個 - 相關主題是您對庫存狀態和供應鏈計劃和分配的看法，因為可能有一些機會確保分類正確，在正確的商店中。

The other follow-up I have is just about product innovation and what we should think about for the back half in your pants business.

我的另一個後續行動是關於產品創新以及我們應該為你的褲子業務的後半部分考慮什麼。

The zone compression sounds like a big idea, too.

區域壓縮聽起來也是一個好主意。

How would you prioritize the innovation factors around product?

您將如何優先考慮圍繞產品的創新因素？

Oliver, thank you.

奧利弗，謝謝。

It's -- the lower markdown part of the story in Q1 was really great to see.

這是 - 第一季度故事中較低的降價部分真的很高興看到。

The level of full-priced markdowns, I think, reflects the health of the business and the success that we're having executing, not only on the product side, but just in our channel execution as well.

我認為，全價降價水平反映了業務的健康狀況和我們正在執行的成功，不僅在產品方面，而且在我們的渠道執行方面也是如此。

So that is putting us in a great place where we can continue to drive a very healthy full-priced business.

因此，這使我們處於一個可以繼續推動非常健康的全價業務的好地方。

We see that continuing into Q2 and to the balance of the year, and that's reflected in the guidance that we offered.

我們看到這種情況持續到第二季度和今年的餘額，這反映在我們提供的指導中。

From an inventory standpoint, very comfortable with the inventory position, the composition of it.

從庫存的角度來看，對庫存位置及其組成非常滿意。

It's very current.

這是非常流行的。

As we had mentioned on the Q4 call, we do expect to see some higher inventory balances in the first half of the year and in Q1 and Q2 before seeing it moderate into the second half of the year.

正如我們在第四季度電話會議中提到的那樣，我們確實預計今年上半年以及第一季度和第二季度的庫存餘額會有所增加，然後才會放緩到下半年。

Even with that, we're very comfortable with the inventory balances that we currently are seeing.

即便如此，我們對目前看到的庫存餘額感到非常滿意。

And from a product innovation standpoint and the product innovation pipeline, that is a critical part of our broader strategy.

從產品創新的角度和產品創新渠道來看，這是我們更廣泛戰略的關鍵部分。

That is something that we remain focused on as an organization, our Whitespace team, our design team, bringing newness and innovation to market that matters to our guests.

作為一個組織、我們的 Whitespace 團隊、我們的設計團隊，我們始終專注於這一點，將新鮮感和創新帶入對我們的客人很重要的市場。

And so you've seen some of that innovation from several key programs last year that we have yet to lap into this year with the ABC pant new style introductions in Q3, with the Everlux fabric introduction in the second half of last year.

所以你已經從去年的幾個關鍵項目中看到了一些創新，今年我們還沒有進入今年第三季度推出的 ABC 褲子新款式，以及去年下半年推出的 Everlux 面料。

The ever -- and the Enlite Bra success that we've seen and continue to ramp that opportunity into 2018 and complement it with additional styles.

我們所看到的 Enlite Bra 的成功，並繼續將這一機會推向 2018 年，並以其他款式對其進行補充。

The bra category in particular is one where we see a lot of opportunity.

尤其是文胸類別，我們看到了很多機會。

You're going to see new styles into the second half of the year as well as new in-store execution that -- and we view bras as a strategic part of our women's business and how we'll grow the penetration of our tops -- women's tops business.

您將在下半年看到新款式以及新的店內執行——我們將胸罩視為我們女性業務的戰略部分，以及我們將如何提高上衣的滲透率—— - 女裝上衣業務。

So that's certainly a focus for us.

所以這當然是我們關注的焦點。

And the other things that we mentioned in the prepared remarks in terms of the zone compression is another product area that we see a lot of potential, and we're excited to introduce that later in the fall.

我們在準備好的評論中提到的關於區域壓縮的其他事情是另一個我們認為有很大潛力的產品領域，我們很高興在秋季晚些時候推出它。

Our next question is from Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

A couple of questions on men's.

關於男裝的幾個問題。

Can you maybe talk about the men's business and the growth that you're seeing by region?

您能否談談男裝業務以及您在各個地區看到的增長情況？

Also, penetration by region, I'd be curious about.

另外，我很好奇按地區劃分的滲透率。

And also, what percent of the new customers that you talk about are men versus women?

而且，你談到的新客戶中有多少是男性和女性？

Yes.

是的。

We're really happy with how the men's business is performing, Paul.

我們對男裝業務的表現非常滿意，保羅。

I think that's reflected in a number of the stats that we quoted.

我認為這反映在我們引用的一些統計數據中。

We're seeing, on a regional basis, the men's and women's business are kind of accelerating proportionately in the same manner.

我們看到，在區域範圍內，男裝和女裝業務都在以同樣的方式按比例增長。

We're not seeing regional differences by gender or within genders.

我們沒有看到性別或性別內部的區域差異。

What I would say is we saw a really strong performance in Q1 in the Southeast in particular.

我想說的是，我們在東南部的第一季度看到了非常強勁的表現。

And that's probably related to weather, but that was a standout region across North America.

這可能與天氣有關，但那是北美的一個突出地區。

Otherwise, there was -- there weren't noteworthy regional differences.

否則，有 - 沒有值得注意的地區差異。

We still have seen somewhat of a headwind in Alberta, in Canada versus B.C. and Ontario.

我們仍然看到阿爾伯塔省、加拿大與不列顛哥倫比亞省之間存在一定的阻力。和安大略省。

But that's a continuation of a prior trend.

但這是先前趨勢的延續。

In terms of the percentage of new guests, we did see -- the new guests that we have acquired in the first quarter, about 30% of them were men.

在新客人的百分比方面，我們確實看到了——我們在第一季度獲得的新客人中，大約 30% 是男性。

So that was higher than the overall level of increase, a little bit higher than the number of women that we're attracting.

所以這高於整體增長水平，略高於我們吸引的女性人數。

So again, we're really pleased with our men's trajectory.

再說一次，我們對我們男子的軌跡感到非常滿意。

And as I mentioned earlier, we feel like we're in probably a little ahead of schedule with men's in terms of our 2020 goals.

正如我之前提到的，我們覺得就 2020 年的目標而言，我們可能比男子隊提前了一點。

Stuart, how about penetration in Europe and Asia in the men's business?

斯圖爾特，男裝業務在歐洲和亞洲的滲透率如何？

It's -- we're a little higher in Asia and a little lower in Europe.

這是 - 我們在亞洲略高，在歐洲略低。

And there's nothing that we would feel is alarming about that.

我們不會對此感到擔憂。

I think it is -- I wouldn't necessarily draw any big conclusions from that strategically.

我認為是——我不一定會從戰略上得出任何重大結論。

That's how the business is trending now.

這就是現在的業務趨勢。

But we still see both areas having deep opportunities for our men's business as we are able to gain success in driving awareness for it.

但是我們仍然看到這兩個領域都為我們的男士業務帶來了巨大的機會，因為我們能夠成功地提高人們對它的認識。

The next question is from Omar Saad with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

I actually wanted to ask you a follow-up to your conversation about the CEO search.

我實際上想問你關於 CEO 搜索的談話的後續內容。

With everything clearly hitting on all cylinders, the management team working so well together, has the urgency level at the board level changed around the CEO search?

一切都清楚地發生了，管理團隊合作得很好，董事會層面的緊迫性是否圍繞 CEO 搜索發生了變化？

Do you feel like you have more time and maybe even you're not necessarily wanting to disrupt the current equilibrium?

您是否覺得自己有更多時間，甚至您也不一定想破壞當前的平衡？

The short answer is no.

最簡潔的答案是不。

And with that said, look, the performance of the business and the leadership of Celeste, Stuart and Sun, and this is a number of the understatements you've heard on the call today, is a great comfort to the Board of Directors.

話雖如此，看，Celeste、Stuart 和 Sun 的業務表現和領導力，這是你們今天在電話會議上聽到的一些輕描淡寫，對董事會來說是極大的安慰。

So we don't have to feel that we're -- I've seen other companies go through a full-fledged panic when situations like this arise.

所以我們不必覺得我們是——我已經看到其他公司在出現這種情況時經歷了全面的恐慌。

So I think that the fact that the business is performing even better than our expectations and that the leadership and the steady hands of the 3 people we've asked to step up to take on more responsibility has been incredible.

因此，我認為，業務的表現甚至比我們的預期還要好，而且我們要求加強以承擔更多責任的 3 個人的領導力和穩定的雙手令人難以置信。

I mean, I've witnessed it in Vancouver.

我的意思是，我在溫哥華親眼目睹了它。

So that certainly gives us comfort and allows us, as I said, I think, on the first call when this came up, I said that we're not in a hurry, but we have a sense of urgency.

因此，這無疑給了我們安慰，並讓我們，正如我所說，我認為，在第一次打電話時，我說我們並不著急，但我們有一種緊迫感。

We do know that internally -- and mostly internally at the end of the day.

我們確實在內部知道這一點 - 並且主要是在一天結束時在內部。

I notice a lot of the people on the call who represent our external audiences.

我注意到有很多代表我們外部觀眾的人參加了電話會議。

But if you think of our internal audience first, getting clarity about the new leadership going forward is super important.

但是，如果您首先考慮我們的內部受眾，那麼了解未來的新領導層就非常重要。

But it's nice to have -- to be in this place where I think we'd all rather have somebody in place when the time is right.

但很高興——在這個地方，我認為我們都希望在合適的時候有人到位。

But I think it's really nice to be able to be in this place.

但我認為能夠在這個地方真是太好了。

The business is performing, and we have great leadership at the top.

業務表現良好，我們在高層擁有出色的領導力。

Got it.

知道了。

And then if I could ask just a quick follow-up.

然後，如果我可以要求快速跟進。

I think it was Paul's question around the new -- the huge number of new guests, 28%, I think, you said.

我認為這是保羅圍繞新客人提出的問題——我認為，新客人數量龐大，28%，你說。

Is that a big inflection from previous quarters?

與前幾個季度相比，這是一個很大的轉折點嗎？

And if it is, what's the catalyst for the sudden kind of inflection of new customers kind of discovering the brand?

如果是的話，新客戶突然發現品牌的催化劑是什麼？

Omar, it's Stuart.

奧馬爾，是斯圖爾特。

So there's a couple of things we would point to.

所以我們要指出幾件事。

The first is the success we're finding with our digital marketing strategy.

首先是我們通過數字營銷策略獲得的成功。

So we have -- we had just a more robust approach across a number of different elements of that digital strategy, which includes the e-mail, the success we're finding with e-mail.

所以我們有——我們在數字戰略的許多不同元素上都有一個更強大的方法，其中包括電子郵件，我們在電子郵件中發現的成功。

And I mentioned -- I described some of the factors that are giving rise to the acceleration in the e-mail capture, which is a part of the broader guest acquisition strategy.

我提到了——我描述了導致電子郵件捕獲加速的一些因素，這是更廣泛的客戶獲取策略的一部分。

But I think it's a combination of success in digital marketing and the success broadly of the business.

但我認為這是數字營銷的成功和業務的廣泛成功的結合。

As we're attracting -- as we're presenting more compelling product assortments, we're attracting more guests to the brand, and we're being more efficient in how we're engaging with them once we have attracted them either to our stores or to our website.

隨著我們的吸引——當我們展示更引人注目的產品組合時，我們正在為品牌吸引更多的客人，一旦我們將他們吸引到我們的商店或我們的網站。

And that's a function of some of the improvements that we've made, both on the website, through the relaunch as well as what I described in terms of the POS improvements in capturing e-mail.

這是我們在網站上通過重新啟動以及我在捕獲電子郵件方面的 POS 改進方面所做的一些改進的功能。

So it's the combination of a few things.

所以這是幾件事的結合。

I do think it's just one thing in particular.

我確實認為這只是一件事。

And it just reflects the broad momentum that we're seeing across the business.

它只是反映了我們在整個業務中看到的廣泛勢頭。

Our last question is from Sharon Zackfia with William Blair.

我們的最後一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

Just under the bell.

就在鐘聲下。

So a follow-up to that question on the 28% increase.

因此，對增加 28% 的問題進行後續處理。

Is there any difference in the demographics you're seeing of the new customers?

您看到的新客戶的人口統計數據有什麼不同嗎？

Is it skewing more male than female?

男性比女性更偏斜嗎？

Or any difference there?

或者那裡有什麼區別？

And then secondarily, on kind of the office travel collection that you've done so well within men's.

其次，關於你在男裝中做得很好的辦公室旅行系列。

It seems like there is more of that now occurring in the women's line.

似乎現在女性產品線中發生了更多這樣的事情。

Can you talk about what the opportunity is there?

你能談談有什麼機會嗎？

Sure, Sharon.

當然，莎朗。

And as I mentioned, the mix of gender, it's about 30% of the new guests are men or male.

正如我提到的，男女混合，大約 30% 的新客人是男性或男性。

And so that's a little more than what is in the base business.

因此，這比基礎業務中的要多一點。

So we're pleased to see a little higher percentage of guys being attracted to the brand.

因此，我們很高興看到該品牌吸引了更高比例的男性。

And otherwise, it's not a remarkable distinction versus our existing shareholder -- existing customer base or guest base, I should say, in terms of their demographic profile.

否則，就他們的人口統計資料而言，與我們現有的股東——現有的客戶群或客人群相比，這並不是一個顯著的區別。

And then to your other question regarding the office travel products that we've been exploring, the first thing I'd say there is we remain focused on solving problems for athletes.

然後對於您關於我們一直在探索的辦公室旅行產品的另一個問題，我要說的第一件事是我們仍然專注於為運動員解決問題。

And we are a performance-oriented apparel business.

我們是一家以績效為導向的服裝企業。

So the opportunity that we have identified to leverage the technical functionality, fabrics and construction that we see in our performance products into more multi-use products, and there's a few good examples.

因此，我們已經確定了將我們在性能產品中看到的技術功能、面料和結構用於更多用途產品的機會，並且有一些很好的例子。

The ABC pant in men's is probably one of the best.

男式 ABC 褲子可能是最好的之一。

It's clear that our guests have an appetite for this.

很明顯，我們的客人對此很感興趣。

We're being pulled into these categories versus pushing our way into them, if you will.

如果您願意，我們將被拉入這些類別而不是推動我們進入這些類別。

And it's not really new.

這並不是真正的新事物。

This has been a part of our assortments, both in men's and women's, for quite some time.

很長一段時間以來，這一直是我們男裝和女裝系列的一部分。

But we are identifying places where we can expand this.

但我們正在確定可以擴展的地方。

And again, it's where we're being pulled into.

再一次，這是我們被拉入的地方。

Our guests are asking for these types of products.

我們的客人要求這些類型的產品。

And it's been, I think, an interesting or a good part of how we're evolving our product assortments.

我認為，這是我們如何發展產品組合的一個有趣或很好的部分。

But suffice it to say, we remain focused on extending our position as a performance apparel business, and the multi-use products that we're exploring are a nice extension of those core technical capabilities that we have.

但可以這麼說，我們仍然專注於擴展我們作為高性能服裝業務的地位，我們正在探索的多用途產品是我們擁有的那些核心技術能力的一個很好的延伸。

This concludes the question-and-answer session.

問答環節到此結束。

I will turn the conference back over to the presenters for any closing remarks.

我會將會議轉回給演講者，以便發表任何結束語。

Thanks for joining us, everyone.

謝謝大家加入我們。

We appreciate your time, and we look forward to speaking to you in about 3 months when we report our second quarter results.

感謝您的寶貴時間，我們期待在大約 3 個月後與您交流，屆時我們將報告我們的第二季度業績。

Thanks.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

你可以斷開你的線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有愉快的一天。