(LULU) 2022 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 2022 Conference Call. (Operator Instructions) and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 lululemon sportsa inc。 2022 年第二季度電話會議。 （操作員說明）並且正在錄製會議。演講結束後，將有機會提問。 （操作員說明）

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

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

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

謝謝，下午好。歡迎來到 lululemon 第二季度財報電話會議。今天和我一起談論我們的結果的是首席執行官 Calvin McDonald；和首席財務官梅根·弗蘭克。

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

在開始之前，我想藉此機會提醒您，我們今天的講話將包括前瞻性陳述，反映管理層當前對 lululemon 未來某些方面的預測。這些陳述基於我們已經評估的當前信息，但其性質是動態的，並且會發生快速甚至突然的變化。

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

由於與我們的業務相關的風險和不確定性，包括我們在最近提交給美國證券交易委員會的文件中披露的內容，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中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。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. A reconciliation of GAAP to non-GAAP measures is included in our quarterly report on Form 10-Q and in today's earnings press release. In addition, the comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying quarterly report on Form 10-Q are available under our Investors section of our website at www.lulemon.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 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。此外，今天電話會議上給出的可比銷售指標是以不變美元為基礎的。新聞稿和隨附的 Form 10-Q 季度報告可在我們網站 www.lulemon.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 and operating statistics for the second quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour. (Operator Instructions)

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二季度主要財務和運營統計數據的摘要以及我們的季度信息圖。今天的通話時間為 1 小時。 （操作員說明）

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

現在我想把電話轉給 Calvin。

Thank you, Howard. I am excited to be here today to highlight our second quarter results and the continued momentum we're experiencing at lululemon. While the external environment around us has been challenging, we are seeing our guests respond strongly to our product innovations, our community activations and our omni operating model, which allows us to meet and exceed their expectations. During the next few minutes, I will discuss the factors that are driving our broad-based strength. Next, I'll discuss the current supply chain environment, then our pipeline of product innovation, and I'll conclude with an update on our growth within the international business.

謝謝你，霍華德。我很高興今天能在這裡強調我們第二季度的業績以及我們在 lululemon 所經歷的持續發展勢頭。雖然我們周圍的外部環境一直充滿挑戰，但我們看到客人對我們的產品創新、社區活動和全方位運營模式反應強烈，這使我們能夠滿足並超越他們的期望。在接下來的幾分鐘裡，我將討論推動我們廣泛實力的因素。接下來，我將討論當前的供應鏈環境，然後是我們的產品創新渠道，最後我將介紹我們在國際業務中的增長情況。

As you've seen from our press release, the momentum in our business remained strong in the second quarter. Revenue increased 29% versus last year and 28% on a 3-year CAGR basis representing an acceleration from quarter 1. Adjusted earnings per share increased 33% and 32% on the same basis. And based on our guidance, we anticipate a high level of performance to continue in quarter 3.

正如您從我們的新聞稿中看到的那樣，我們的業務在第二季度保持強勁勢頭。收入與去年相比增長了 29%，在 3 年復合年增長率的基礎上增長了 28%，這比第一季度有所加速。調整後的每股收益在同一基礎上增長了 33% 和 32%。根據我們的指導，我們預計第三季度將繼續保持高水平的業績。

These results are even more compelling considering the difficult macroeconomic environment in which we are operating. Our performance was only possible because of our teams across the globe. Their dedication, their agility and their enthusiasm for our brand, which enable us to consistently deliver for our guests and report these above-plan financial results. Meghan will share the detailed performance metrics with you shortly, but I'd like to give you my perspective on what's driving the strength and specifically speak to guest engagement.

考慮到我們所處的艱難的宏觀經濟環境，這些結果更加引人注目。我們的表現之所以成為可能，是因為我們遍布全球的團隊。他們的奉獻精神、敏捷性和對我們品牌的熱情使我們能夠始終如一地為客人提供服務並報告這些超出計劃的財務業績。 Meghan 將很快與您分享詳細的績效指標，但我想就推動優勢的因素向您說明我的觀點，並特別談談客人的參與度。

Given the current macro backdrop, we have been looking closely at our guest data and metrics to identify any shifts in spending patterns, behaviors or habits. And to date, I'm pleased to show that we are not seeing any meaningful variation in cohort behavior or the metrics we track in this area of the business. New guest acquisition remains strong with transactions by first-time guests increasing over 20% in quarter 2. Transactions by existing guests increased in the high teens.

鑑於當前的宏觀背景，我們一直在密切關注我們的客人數據和指標，以確定消費模式、行為或習慣的任何變化。迄今為止，我很高興地表明，我們沒有看到同類群組行為或我們在該業務領域跟踪的指標有任何有意義的變化。新客人的獲取依然強勁，第 2 季度首次入住的客人的交易量增長了 20% 以上。現有客人的交易量在青少年時期有所增加。

Traffic across channels remains robust with store traffic up over 30% and e-commerce traffic increasing over 40%. And importantly, we are not creating this traffic through markdowns or price promotions. lululemon remains predominantly a full-price business, and we have not changed our promotional cadence or markdown strategy and we have no plans to do so. While we haven't seen anything on our internal dashboards to suggest any changes, we continue to monitor our guest behavior closely, and we remain agile in how we plan the business.

跨渠道流量保持強勁，商店流量增長超過 30%，電子商務流量增長超過 40%。重要的是，我們不是通過降價或價格促銷來創造這種流量。 lululemon 仍然主要是全價業務，我們沒有改變促銷節奏或降價策略，我們也沒有計劃這樣做。雖然我們沒有在內部儀表板上看到任何更改建議，但我們會繼續密切監控客人的行為，並且我們在規劃業務時保持敏捷。

Shifting topics, like others in the industry, we continue to navigate challenges throughout the supply chain. That said, we are pleased to see some promising signs of improvement yet recognize further normalization within the supply chain will take some time. We currently have no closures across our vendor base. And in China, vendors who had to close their slow production in quarter 1 due to COVID-19 are beginning to catch up.

與業內其他人一樣，不斷變化的主題，我們繼續在整個供應鏈中應對挑戰。話雖如此，我們很高興看到一些有希望的改善跡象，但也認識到供應鏈的進一步正常化需要一些時間。目前，我們的供應商基礎沒有關閉。在中國，因 COVID-19 而不得不在第一季度關閉緩慢生產的供應商開始迎頭趕上。

Ocean delivery times are improving, although they remain significantly elevated compared to the pre-COVID period. And while we continue to strategically leverage airfreight to help ensure timely delivery of product into our distribution centers, we are seeing these rates begin to come down.

海運時間正在改善，儘管與 COVID 之前的時期相比，它們仍然顯著增加。雖然我們繼續戰略性地利用空運來幫助確保及時將產品交付到我們的配送中心，但我們看到這些費率開始下降。

In terms of inventory, we remain comfortable with both our quality and quantity, and we are well positioned for the fall season. As you recall, for much of last year, we were under-inventoried and not able to fully maximize our business. This year, we are in a much better position to deliver product innovation to our guests wherever and however they shop with us.

在庫存方面，我們對質量和數量都感到滿意，我們為秋季做好了準備。您還記得，在去年的大部分時間裡，我們庫存不足，無法充分發揮我們的業務。今年，我們處於更好的位置，可以為我們的客人提供產品創新，無論他們以何種方式在我們這裡購物。

We remain in the early innings of our growth and we have multiple levers that we can pull to continue our momentum, particularly when looking at product. In quarter 2, we drove expansion across our core play and new categories. Let me now share some highlights of our recent and upcoming product innovations.

我們仍處於增長的早期階段，我們可以利用多種槓桿來繼續保持我們的勢頭，尤其是在產品方面。在第二季度，我們推動了核心業務和新類別的擴張。現在讓我分享一下我們最近和即將推出的產品創新的一些亮點。

In our core product categories, we launched SenseKnit, our new proprietary fabric technology offering zone compression for runners and we saw great success in our core scuba and define franchises for women and in our ABC and commission franchises for men.

在我們的核心產品類別中，我們推出了 SenseKnit，這是我們新的專有面料技術，為跑步者提供區域壓縮，我們在核心水肺潛水和女性專營權以及我們的 ABC 和男性佣金專營權方面取得了巨大成功。

Switching now to our play categories. Our strategy is to solve for our guests' unmet needs across their secondary sweat activities such as golf, tennis and hike. We roll out targeted innovations while also leveraging the versatility of our core assortment. This not only builds our credibility within the activity, but it also allows us to drive overall sales while effectively managing SKUs.

現在切換到我們的遊戲類別。我們的策略是解決客人在高爾夫、網球和遠足等次要出汗活動中未得到滿足的需求。我們推出有針對性的創新，同時還利用我們核心產品的多功能性。這不僅建立了我們在活動中的信譽，而且還使我們能夠在有效管理 SKU 的同時推動整體銷售。

Our hike collection, which we launched in quarter 2, is another example of how we are executing our play strategy well. Hike is an activity that grew in popularity with guests during the pandemic, and we are excited to now be able to serve our guests as they hit the trails. We are thrilled by the early reaction to our hike collection with strong response from both guests and the media.

我們在第二季度推出的遠足系列是我們如何很好地執行我們的遊戲策略的另一個例子。在大流行期間，遠足是一項越來越受客人歡迎的活動，我們很高興現在能夠在客人上路時為他們提供服務。我們對我們的遠足系列的早期反應感到非常興奮，並得到了客人和媒體的強烈反響。

And finally, let me update you on footwear. Blissfeel, the first style we launched in March, continues to perform well. We improved our inventory position after the strong guest response at launch, and we're seeing continued excitement around this technical running shoe. In quarter 2, we launched our next 2 footwear styles: Restfeel, our dual gender slide; and Chargefeel, our hybrid training shoe for women.

最後，讓我向您介紹鞋類的最新情況。 Blissfeel 是我們三月份推出的第一個款式，繼續表現良好。在推出時客戶反應強烈後，我們改善了庫存狀況，我們看到這款技術跑鞋持續令人興奮。在第 2 季度，我們推出了接下來的 2 款鞋類款式：Restfeel，我們的雙性別幻燈片；和 Chargefeel，我們的女性混合訓練鞋。

Similar to Blissfeel, Chargefeel was designed specifically for women. Our teams developed a dynamic workout shoe to be used across a wide range of training activities, and we're excited about the initial response from both the media and our guests.

與 Blissfeel 類似，Chargefeel 專為女性設計。我們的團隊開發了一款動態鍛煉鞋，可用於各種訓練活動，我們對媒體和客人的初步反應感到興奮。

Looking forward, our pipeline of innovation remains robust, and I'm excited with what the teams have developed for the second half of the year, including a further expansion of apparel for run with new styles offering heat retention and reflective detailing to enable outdoor runs in cooler and low light conditions as the season shift. With the exception of a few outerwear styles and accessories, we've never had a [solve] for cold weather runs. The upcoming expansion of our assortment is a great example of the ongoing opportunity to build out our core categories and provide new solutions for our guests.

展望未來，我們的創新渠道依然強勁，我對團隊在下半年開發的成果感到興奮，包括進一步擴展跑步服裝，採用新款式提供保溫和反光細節，以實現戶外跑步隨著季節的變化，在涼爽和低光照條件下。除了一些外套款式和配飾外，我們從來沒有 [解決] 寒冷天氣跑步。我們即將推出的品類擴展是一個很好的例子，證明了我們不斷有機會建立我們的核心品類並為我們的客人提供新的解決方案。

Next, we will continue to expand our new hike category to include heavier styles to protect against the elements during cold weather outings. We will also continue our throwback strategy with the relaunch of our popular unicorn tears print in select styles. This print has not been available since 2012 and has been one of the most requested by our guests, and we're thrilled to be bringing it back for a limited time.

接下來，我們將繼續擴大我們新的遠足類別，以包括更重的款式，以在寒冷的天氣外出時抵禦惡劣天氣。我們還將繼續我們的回歸戰略，重新推出精選款式的流行獨角獸眼淚印花。該印刷品自 2012 年以來一直沒有提供，並且一直是我們的客人要求最多的印刷品之一，我們很高興能在有限的時間內將其帶回。

And finally, we'll launch our fourth footwear style, Strongfeel, a technical training shoe designed to keep the foot anchored and secured during multidirectional training workouts. While our product is clearly a key point of differentiation, our direct-to-consumer model also provides us with a compelling competitive advantage. Our own channels, both brick-and-mortar and digital, allow us to connect directly with our guests, foster deeper relationships and engage with them in many ways beyond just a purchase transaction.

最後，我們將推出我們的第四款鞋款 Strongfeel，這是一款技術訓練鞋，旨在在多向訓練鍛煉期間保持足部固定和固定。雖然我們的產品顯然是差異化的關鍵點，但我們的直接面向消費者的模式也為我們提供了引人注目的競爭優勢。我們自己的實體渠道和數字渠道使我們能夠直接與客人聯繫，培養更深層次的關係，並以多種方式與他們互動，而不僅僅是購買交易。

During the pandemic, we evolved our approach and developed new ways to connect digitally with our guests and communities. Now as we're moving into post-COVID world, we're once again connecting with our guests in person while also continuing to leverage new ways to engage digitally.

在大流行期間，我們改進了方法並開發了新的方法來與我們的客人和社區建立數字聯繫。現在，隨著我們進入後 COVID 世界，我們再次與客人親自聯繫，同時繼續利用新的方式進行數字化互動。

Our new 2-tier membership program, which we'll be launching shortly, is a perfect example of our ability to connect with guests in new ways. As we discussed at our Analyst Day, we will be rolling out a free program that will offer members benefits across the lululemon ecosystem, and we will be evolving MIRROR into lululemon studio, which will represent the paid tier of the program.

我們即將推出的新 2 級會員計劃是我們以新方式與客人聯繫的能力的完美示例。正如我們在分析師日討論的那樣，我們將推出一個免費計劃，為會員提供整個 lululemon 生態系統的利益，我們將把 MIRROR 發展為 lululemon 工作室，這將代表該計劃的付費層。

Community connection is at the core of lululemon. Our ongoing outreach and engagement with our guests not only deepen our relationship, but also drive purchases. I'm particularly excited with the opportunity we have in front of us with our new membership program in lululemon studio to activate our community and enhance the connection to our guests across both our physical and digital platforms.

社區聯繫是 lululemon 的核心。我們與客人的持續外展和互動不僅加深了我們的關係，還推動了購買。 Lululemon Studio 的新會員計劃能夠激活我們的社區，並通過我們的實體和數字平台加強與客人的聯繫，這讓我感到特別興奮。

Before turning it over to Meghan to discuss our quarter 2 financials and guidance outlook, let me share some insights into our international business. Overall momentum in our international business remains strong, with revenue increasing 35% versus last year and 40% on a 3-year CAGR basis. In China, after a slower start to the year given COVID-19-related closures and capacity constraints, we have seen a rebound in the region. Revenue grew over 30% versus last year, and we saw a nearly 70% increase on a 3-year CAGR basis. We remain in the early innings of growth in China and consistent with our approach in all other markets, we are leveraging our D2C model to grow our brand and attract new guests.

在將它交給梅根討論我們的第二季度財務和指導展望之前，讓我分享一些對我們國際業務的見解。我們國際業務的整體勢頭依然強勁，收入與去年相比增長了 35%，在 3 年復合年增長率的基礎上增長了 40%。在中國，由於與 COVID-19 相關的關閉和產能限制，在今年開局放緩之後，我們看到該地區出現反彈。收入與去年相比增長了 30% 以上，我們看到在 3 年復合年增長率的基礎上增長了近 70%。我們在中國仍處於增長的早期階段，並且與我們在所有其他市場的方法保持一致，我們正在利用我們的 D2C 模式來發展我們的品牌並吸引新客人。

In quarter 2, in our brick-and-mortar channel, we opened 8 stores in China Mainland. We now operate 40 stores in Tier 1 cities, 25 stores in Tier 2 cities and 14 stores in Tier 3 cities and continue to see strength across this entire portfolio.

第二季度，在我們的實體渠道中，我們在中國大陸開設了 8 家門店。我們現在在一線城市運營 40 家門店，在二線城市運營 25 家門店，在三線城市運營 14 家門店，並繼續在整個投資組合中看到實力。

In our e-commerce channel, we recently launched a digital flagship store on JD.com, a leading online retailer in China. JD's customer base skews more heavily towards men and represents a compelling new guest acquisition tool for us as we continue to grow our brand in the region.

在我們的電子商務渠道中，我們最近在中國領先的在線零售商京東開設了一家數字旗艦店。京東的客戶群更傾向於男性，這對我們來說是一種引人注目的新客戶獲取工具，因為我們將繼續在該地區發展我們的品牌。

I'm also thrilled with how our local teams continue to build community, increase our brand awareness and deepen the relationship we have with our guests. A great illustration of this is our summer sweat games 2022. This event saw more than 2,000 guests participate in over 60 events in 20 cities across the China Mainland. Activities included outdoor yoga, dancing and surfing experiences. In addition, more than 100,000 guests participated in sweat sessions offered by our ambassadors on Keep, a leading fitness app in China.

我也很高興我們的本地團隊如何繼續建立社區，提高我們的品牌知名度並加深我們與客人的關係。我們的 2022 夏季運動會就是一個很好的例子。這次活動有超過 2,000 名嘉賓參加了中國大陸 20 個城市的 60 多項活動。活動包括戶外瑜伽、舞蹈和衝浪體驗。此外，超過 100,000 名賓客在中國領先的健身應用 Keep 上參加了我們的大使提供的汗水課程。

Shifting now to Europe, where our momentum is also strong, revenue increased 20% and 22% on a 1- and 3-year CAGR basis, respectively. We are all excited that lululemon is entering Spain, our first new market in the region in 3 years. Our local e-commerce site is up and running, and our first 2 stores in Barcelona and Madrid are gearing up to open shortly, and we expect Spain to be a strong market for us going forward.

現在轉移到歐洲，我們的勢頭也很強勁，收入在 1 年和 3 年復合年增長率的基礎上分別增長了 20% 和 22%。我們都很高興 lululemon 進入西班牙，這是我們 3 年來在該地區的第一個新市場。我們當地的電子商務網站已經啟動並運行，我們在巴塞羅那和馬德里的前 2 家門店即將開業，我們預計西班牙將成為我們未來的強大市場。

In total, we are now operating 40 stores and 5 websites in Europe. International expansion is one of the key pillars of our Power of Three x2 growth plan, which calls for a quadrupling of our business from 2021 levels by the end of 2026, and we are off to a great start.

我們現在總共在歐洲經營 40 家商店和 5 個網站。國際擴張是我們的三個力量 x2 增長計劃的關鍵支柱之一，該計劃要求到 2026 年底，我們的業務在 2021 年的水平上翻兩番，我們有了一個良好的開端。

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

有了這個，我現在把它交給梅根。

Thanks, Calvin. I'm pleased that we continue to see broad-based strength across our business. Traffic to both our stores and digital channels is strong and guests are responding well to our product innovations. We're in a better inventory position relative to last year, which is also helping to drive our top line strength. And looking at Q3, we're happy with the start to the fall season, which is reflected in the updated guidance I'll take you through shortly.

謝謝，卡爾文。我很高興我們繼續在我們的業務中看到廣泛的實力。我們商店和數字渠道的客流量都很強勁，客人對我們的產品創新反應良好。與去年相比，我們的庫存狀況更好，這也有助於推動我們的收入增長。看看第三季度，我們對秋季的開始感到滿意，這反映在我很快會帶你完成的更新指南中。

Let me now share with you the details of our Q2 performance. I will also discuss specifics on our balance sheet, including our inventory and cash position. Please note that when comparing the financial metrics for Q2 2022 and Q2 2021, the adjusted operating results for Q2 2022 exclude a $0.06 gain related to the disposition of an office building, while the adjusted operating results for Q2 2021 excludes $0.06 of expense related to the acquisition of MIRROR. You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

現在讓我與您分享我們第二季度的表現細節。我還將討論我們資產負債表上的細節，包括我們的庫存和現金狀況。請注意，在比較 2022 年第二季度和 2021 年第二季度的財務指標時，2022 年第二季度的調整後經營業績不包括與辦公樓處置相關的 0.06 美元收益，而 2021 年第二季度的調整後經營業績不包括與收購鏡子。您可以參考我們的收益發布以了解更多信息以及與我們的 GAAP 指標的對賬。

For Q2, total net revenue increased 29% to $1.87 billion, ahead of our guidance. Comparable sales increased 25% with an 18% increase in stores and a 32% increase in digital. On a 3-year CAGR basis, total revenue increased 28%, an acceleration from our 27% 3-year CAGR in Q1. In our store channel, sales increased 30% on a 1-year basis and 16% on a 3-year CAGR basis. Productivity continues to trend above 2019 levels. On average, we had 98% of our stores opened throughout Q2, and we currently have 99% open. We ended the quarter with a total of 600 stores across the globe, a milestone we are all extremely proud of.

第二季度，總淨收入增長 29% 至 18.7 億美元，高於我們的預期。可比銷售額增長了 25%，其中商店增長了 18%，數字增長了 32%。在 3 年復合年增長率的基礎上，總收入增長了 28%，高於我們第一季度 27% 的 3 年復合年增長率。在我們的商店渠道中，銷售額在 1 年基礎上增長了 30%，在 3 年 CAGR 基礎上增長了 16%。生產力繼續高於 2019 年的水平。平均而言，我們在整個第二季度有 98% 的門店開業，目前我們的門店開業率為 99%。本季度末，我們在全球共有 600 家門店，這是我們都非常自豪的里程碑。

Square footage increased 19% versus last year, driven by the addition of 66 net new stores since Q2 of 2021. During the quarter, we opened 21 net new stores and completed 6 co-located optimizations. In our digital channel, revenues increased 53% on a 3-year CAGR basis. We contributed $775 million of top line or 42% of total revenue.

由於自 2021 年第二季度以來新增 66 家淨新店，面積比去年增加了 19%。在本季度，我們開設了 21 家淨新店並完成了 6 項協同定位優化。在我們的數字渠道中，收入在 3 年復合年增長率的基礎上增長了 53%。我們貢獻了 7.75 億美元的收入或總收入的 42%。

Within North America, revenue increased 26%. And within international, we saw a 40% increase, both on a 3-year CAGR basis. And by category, men's revenue increased 30% on a 3-year CAGR basis, women's increased 25% and accessories grew 50% on the same basis. I'm also excited that we continue to see strength in traffic across both channels. And stores traffic increased over 30% on top of the 150% increase in traffic we experienced last year. And in our digital business, traffic to our e-commerce sites and apps globally increased over 40%. On a 3-year CAGR basis, traffic is up 8% in stores and over 40% in e-commerce. This speaks to the strength of our omni operating model as we engage with our guests in ways most convenient to them.

在北美，收入增長了 26%。在國際範圍內，我們看到了 40% 的增長，兩者均以 3 年的複合年增長率為基礎。按類別劃分，男裝收入在 3 年復合年增長率基礎上增長 30%，女裝增長 25%，配飾增長 50%。我也很高興我們繼續看到兩個渠道的流量增長。在我們去年經歷的 150% 的客流量增長的基礎上，商店客流量增加了 30% 以上。在我們的數字業務中，我們電子商務網站和應用程序的全球流量增長了 40% 以上。在 3 年復合年增長率的基礎上，商店的客流量增長了 8%，電子商務的客流量增長了 40% 以上。這說明了我們全方位運營模式的優勢，因為我們以最方便的方式與客人互動。

Gross profit for the second quarter was $1.06 billion or 56.5% of net revenue compared to 58.1% of net revenue in Q2 2021. Our gross margin decrease of 160 basis points relative to last year was driven primarily by a 150 basis point decrease in product margin. Q2 product margin included an increase of approximately 130 basis points in airfreight related to macro supply chain challenges, which was slightly better than our guidance of 150 basis points. Markdowns were 30 basis points higher than Q2 2021, given low inventory levels and out of stocks last year. Relative to 2019, markdowns are flat. We also experienced 40 basis points of deleverage from foreign exchange. This was partially offset by 30 basis points of leverage on fixed costs, driven primarily by occupancy and depreciation.

第二季度毛利潤為 10.6 億美元，占淨收入的 56.5%，而 2021 年第二季度占淨收入的 58.1%。與去年相比，我們的毛利率下降 160 個基點，主要是由於產品利潤率下降 150 個基點.第二季度產品利潤率包括與宏觀供應鏈挑戰相關的空運增加約 130 個基點，略好於我們 150 個基點的指導。鑑於去年庫存水平低且缺貨，降價幅度比 2021 年第二季度高 30 個基點。相對於 2019 年，降價幅度持平。我們還經歷了 40 個基點的外匯去槓桿。這部分被固定成本的 30 個基點槓桿所抵消，主要受入住率和折舊的推動。

Moving to SG&A. Our approach continues to be grounded in prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $662 million or 35.4% of net revenue compared to 37.3% of net revenue in Q2 2021. Leverage in the quarter versus Q2 2021 resulted from leverage in our store and digital channels and modest leverage on foreign exchange, somewhat offset by increased investments in corporate SG&A and depreciation.

轉移到 SG&A。我們的方法繼續以謹慎管理我們的開支為基礎，同時繼續戰略性地投資於我們的長期增長機會。 SG&A 費用為 6.62 億美元，占淨收入的 35.4%，而 2021 年第二季度占淨收入的 37.3%。與 2021 年第二季度相比，本季度的槓桿率是由於我們商店和數字渠道的槓桿率以及對外彙的適度槓桿率，但在一定程度上被增加的投資所抵消在公司 SG&A 和折舊方面。

Adjusted operating income for the quarter was $391 million or 20.9% of net revenue compared to adjusted operating margin of 20.6% in Q2 2021 and inclusive of approximately 130 basis points of additional airfreight expense. Adjusted tax expense for the quarter was $110 million or 28.2% of pretax earnings compared to an adjusted effective tax rate of 27.9% a year ago. The increase relative to last year is due primarily to a decrease in tax deductions related to stock-based compensation and an accrual for withholding taxes on a portion of our fiscal 2022 Canadian earnings.

本季度調整後的營業收入為 3.91 億美元，占淨收入的 20.9%，而 2021 年第二季度調整後的營業利潤率為 20.6%，其中包括約 130 個基點的額外空運費用。本季度調整後的稅費為 1.1 億美元，佔稅前收益的 28.2%，而一年前調整後的有效稅率為 27.9%。與去年相比的增長主要是由於與股票薪酬相關的稅收減免減少以及我們 2022 財年加拿大部分收入的預扣稅的應計。

Adjusted net income for the quarter was $281 million or $2.20 per diluted share compared to adjusted earnings per diluted share of $1.65 in Q2 of 2021. Capital expenditures were $145 million for the quarter compared to $80 million in the second quarter last year. Q2 spend relates primarily to investments to support business growth, including our multiyear distribution center project, store capital for new locations, relocations and renovations and technology investments.

本季度調整後的淨收入為 2.81 億美元或每股攤薄收益 2.20 美元，而 2021 年第二季度的調整後每股攤薄收益為 1.65 美元。本季度的資本支出為 1.45 億美元，而去年第二季度為 8000 萬美元。第二季度的支出主要與支持業務增長的投資有關，包括我們的多年配送中心項目、新地點的商店資本、搬遷和翻新以及技術投資。

Turning to our balance sheet highlights. We ended the quarter with $499 million in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory grew 85% versus last year and was $1.46 billion at the end of Q2. We continue to strategically use airfreight to help mitigate industry-wide supply chain issues and support our top line momentum, with these higher costs having an impact on inventory when looked at on a dollar basis. We also believe that 2019 is the most relevant comparison point given supply chain challenges since the beginning of the pandemic.

轉向我們的資產負債表亮點。我們在本季度結束時擁有 4.99 億美元的現金和現金等價物，以及我們循環信貸額度下的近 4 億美元可用產能。庫存與去年相比增長了 85%，到第二季度末為 14.6 億美元。我們繼續戰略性地使用空運來幫助緩解全行業的供應鏈問題並支持我們的收入增長勢頭，這些較高的成本以美元為基礎對庫存產生影響。我們還認為，鑑於大流行開始以來的供應鏈挑戰，2019 年是最相關的比較點。

On a 3-year CAGR basis, unit inventory increased 38% relative to 2019 at the end of Q2. In-transit inventory is up relative to 2019 and is contributing approximately 2 percentage points to the 3-year unit CAGR of 38%. I'd also point out that we likely left guest demand on the table last year as we were under inventory due to supply chain issues, and we continue to leverage our core assortment, which comprises approximately 45% of our inventory. Looking forward, on a 1-year dollar basis, we expect the inventory growth rate at the end of Q3 to be slightly higher than the levels we saw at the end of Q2 before the growth rate moderates to 50% to 60% at the end of Q4.

在 3 年復合年增長率的基礎上，單位庫存相對於 2019 年第二季度末增長了 38%。在途庫存相對於 2019 年有所上升，對 38% 的 3 年單位複合年增長率貢獻了約 2 個百分點。我還要指出，由於供應鏈問題，我們可能會在去年將客人的需求放在桌面上，因為我們的庫存不足，我們繼續利用我們的核心品種，其中約占我們庫存的 45%。展望未來，以 1 年美元計算，我們預計第三季度末的庫存增長率將略高於我們在第二季度末看到的水平，然後增長率將在年底放緩至 50% 至 60%第四季度。

Our expectation of Q3 ending inventory now being the high-water line, when looked at on a 1-year basis, is being driven by better on-time performance at our vendors, which is allowing us to receive products sooner than we initially expected. This is also allowing us to use less airfreight as we now expect airfreight for the full year 2022 to be 10 basis points under last year versus our prior expectation of 30 basis points above last year.

從 1 年的角度來看，我們對第三季度期末庫存的預期現在是高水位線，這是由於我們供應商的準時表現更好，這使我們能夠比我們最初預期的更快地收到產品。這也使我們能夠使用更少的空運，因為我們現在預計 2022 年全年的空運將比去年低 10 個基點，而我們之前的預期是比去年高 30 個基點。

On a 3-year CAGR basis, we expect unit growth to remain consistent with Q2 levels in Q3 and moderate somewhat in Q4. In Q2, we repurchased approximately 420,000 shares at an average price of $298. At the end of the quarter, we had approximately $830 million remaining on our recently authorized $1 billion repurchase program.

在 3 年復合年增長率的基礎上，我們預計第三季度的單位增長將與第二季度的水平保持一致，並在第四季度有所放緩。在第二季度，我們以 298 美元的平均價格回購了大約 420,000 股。在本季度末，我們最近授權的 10 億美元回購計劃中剩餘約 8.3 億美元。

I'm excited with our continued strong performance despite the challenges presented by the current macro environment. Our teams across the business are executing at a high level. However, as we did throughout the pandemic, we continue to plan the business for multiple scenarios, so we are ready should we see any change in guest behavior. We have multiple levers to pull when it comes to discretionary expenses and capital expenditures. And as Calvin said, we are monitoring our guest metrics very closely to determine if we need to make any adjustments.

儘管當前宏觀環境面臨挑戰，但我對我們持續強勁的表現感到興奮。我們整個業務的團隊都在高水平執行。然而，正如我們在整個大流行期間所做的那樣，我們將繼續為多種場景規劃業務，因此如果我們看到客人行為發生任何變化，我們已做好準備。在可自由支配的費用和資本支出方面，我們有多個槓桿可以拉動。正如卡爾文所說，我們正在非常密切地監控我們的客人指標，以確定我們是否需要進行任何調整。

Let me shift now to our outlook for Q3 and the full year 2022. For Q3, we expect revenue in the range of $1.78 billion to $1.81 billion, representing 1 year growth of 23% to 24% and a 3-year CAGR of approximately 25. We expect to open 25 net new company-operated stores in Q3. We expect gross margin in Q3 to be down 50 to 70 basis points relative to Q3 of 2021. While we expect to see leverage on airfreight expense relative to last year, this will be offset by the timing of expenses related to our supply chain initiatives as well as a more normalized level of markdowns relative to the low levels we experienced last year.

現在讓我談談我們對第三季度和 2022 年全年的展望。對於第三季度，我們預計收入在 17.8 億美元至 18.1 億美元之間，1 年增長 23% 至 24%，3 年復合年增長率約為 25 . 我們預計第三季度淨新開 25 家自營店。我們預計第三季度的毛利率將相對於 2021 年第三季度下降 50 至 70 個基點。雖然我們預計與去年相比，空運費用將受到影響，但這將被與我們的供應鏈計劃相關的費用時間所抵消，因為相對於我們去年經歷的低水平，降價水平更加正常化。

In Q3, we expect our SG&A rate to be relatively flat with Q3 2021. Based on the timing of our investments, we would expect SG&A to be relatively flat with last year in Q4 as well. Turning to EPS. We expect adjusted earnings per share in the third quarter to be in the range of $1.90 to $1.95 versus adjusted EPS of $1.62 a year ago. For the full year 2022, we now expect revenue to be in the range of $7.87 billion to $7.94 billion. This range assumes our e-commerce business grows in the low- to mid-20s relative to 2021.

在第三季度，我們預計我們的 SG&A 率將與 2021 年第三季度相對持平。根據我們的投資時機，我們預計 SG&A 在第四季度也將與去年持平。轉向EPS。我們預計第三季度調整後的每股收益將在 1.90 美元至 1.95 美元之間，而一年前的調整後每股收益為 1.62 美元。對於 2022 年全年，我們現在預計收入將在 78.7 億美元至 79.4 億美元之間。這個範圍假設我們的電子商務業務相對於 2021 年在 20 年代中期到 20 年代中期增長。

When looking at total revenue, our guidance implies a 3-year CAGR of approximately 26%, which continues to be higher than our 3-year revenue CAGR of 19% leading up to 2020 and higher than the target of approximately 15% growth we set forth in our new Power of Three x2 growth plan. We now expect to open approximately 75 net new company-operated stores in 2022, up modestly from our prior guidance of approximately 70. Our new store openings in 2022 will include approximately 45 stores in our international markets and represents a square footage increase in the low 20% range in total.

在查看總收入時，我們的指導意味著 3 年復合年增長率約為 26%，這繼續高於我們到 2020 年 19% 的 3 年收入複合年增長率，也高於我們設定的約 15% 的增長目標在我們新的“三之力量”x2 增長計劃中。我們現在預計到 2022 年將淨開設約 75 家公司經營的新店，略高於我們之前的約 70 家指導。我們在 2022 年新開的店將包括我們國際市場的約 45 家店，這代表了低位地區的平方英尺增加總共 20% 的範圍。

For the full year, we are forecasting gross margin to decrease between 100 to 130 basis points versus 2021. The reduction relative to last year is driven predominantly by increased investment in our DC network, and a more normalized level of markdowns relative to the low levels we experienced last year while still below 2019 levels.

對於全年，我們預測毛利率將比 2021 年下降 100 至 130 個基點。與去年相比的下降主要是由於我們對 DC 網絡的投資增加，以及相對於低水平的更正常的降價水平我們去年經歷過，但仍低於 2019 年的水平。

Turning to SG&A for the full year. We are now forecasting leverage of 100 to 130 basis points versus 2021, driven predominantly by increased sales. And when looking at adjusted operating margin for the full year 2022, we expect it to be approximately flat to up slightly versus last year. For the full year, we expect our effective tax rate to be 28% to 28.5%. For Q3, we expect our effective tax rate to be approximately 28%. For the fiscal year 2022, we expect adjusted diluted earnings per share in the range of $9.75 to $9.90 versus adjusted EPS of $7.79 in 2021. Our EPS guidance excludes the impact of any future share repurchases and the gain on the real estate sale we realized in Q2.

轉向 SG&A 全年。我們現在預測，與 2021 年相比，槓桿率將達到 100 至 130 個基點，主要受銷售額增長的推動。在查看 2022 年全年調整後的營業利潤率時，我們預計與去年相比將大致持平或略有上升。全年，我們預計我們的有效稅率為 28% 至 28.5%。對於第三季度，我們預計我們的有效稅率約為 28%。對於 2022 財年，我們預計調整後的每股攤薄收益在 9.75 美元至 9.90 美元之間，而 2021 年調整後的每股收益為 7.79 美元。我們的每股收益指引不包括任何未來股票回購的影響以及我們在Q2。

We now expect capital expenditures to be approximately $610 million to $635 million for 2022. The increase versus 2021 reflects increased investment in our supply chain, digital capabilities, new store openings and renovations as well as other technology and general corporate infrastructure projects. Notably, this includes our new multiyear project to increase our distribution capabilities to support our future volume and growth and increased square footage growth relative to last year. A range of $610 million to $635 million is approximately 8% of revenue, in line with our current Power of Three x2 target of 7% to 9%.

我們現在預計 2022 年的資本支出約為 6.1 億美元至 6.35 億美元。與 2021 年相比，這一增長反映了我們對供應鏈、數字能力、新店開業和翻新以及其他技術和一般企業基礎設施項目的投資增加。值得注意的是，這包括我們新的多年項目，以提高我們的分銷能力，以支持我們未來的銷量和增長，以及相對於去年增加的平方英尺增長。 6.1 億美元至 6.35 億美元的範圍約為收入的 8%，符合我們當前 7% 至 9% 的三倍功率 x2 目標。

Thank you. And with that, I'll turn it back over to Calvin for some closing remarks.

謝謝你。有了這個，我會把它交給 Calvin 做一些結束語。

Thanks, Meghan. As you can see from our results, lululemon continues to perform at a high level, and I am consistently impressed by the ability of our teams to anticipate, meet and exceed the needs of our guests. And across the business, we're seeing that our guests are eager to welcome us into new categories, styles and markets, which speaks to the significant growth potential for lululemon going forward. We are off to a very good start as we embark upon our Power of Three x2 growth plan, and there's a clarity and focus on the work underway across the company.

謝謝，梅根。正如您從我們的結果中看到的那樣，lululemon 繼續保持高水平的表現，我一直對我們團隊預測、滿足和超越客人需求的能力印象深刻。在整個業務中，我們看到我們的客人渴望歡迎我們進入新的類別、風格和市場，這說明了 lululemon 未來的巨大增長潛力。隨著我們著手實施我們的“三之力量”x2 增長計劃，我們有了一個非常好的開始，並且清晰並專注於整個公司正在進行的工作。

And in closing, I want to express my gratitude to everyone at lululemon for your hard work and the passion that continues to show all of us the power of our people and company. Operator?

最後，我要感謝 lululemon 的每一個人，感謝你們的辛勤工作和熱情，繼續向我們所有人展示我們的員工和公司的力量。操作員？

(Operator Instructions) The first question is from Adrienne Yih with Barclays.

（操作員說明）第一個問題來自 Barclays 的 Adrienne Yih。

Congratulations, another just remarkable quarter. Calvin, I guess I wanted to talk about there was a lot of intra-quarter chatter about kind of promotions across the space and kind of a slowing in the athleisure. We've obviously talked about how lulu is more of a brand rather than sort of a retailer. But I really want to understand what are -- what is the method that you're using to address some of the promotions that are going on around you? You no longer do warehouse sales. You're just doing sort of the online clearance, but you're not even calling that out as an online warehouse sale. So just what are the methods that you're using to move through the aged inventory that's allowing you to keep up the brand equities?

恭喜，又是一個非凡的季度。卡爾文，我想我想談談季度內有很多關於整個空間的促銷活動以及運動休閒的放緩。我們顯然已經談到了 lulu 如何更像是一個品牌，而不是某種零售商。但我真的很想了解什麼是——你用什麼方法來解決你周圍正在進行的一些促銷活動？你不再做倉庫銷售。您只是在進行某種在線清關，但您甚至沒有將其稱為在線倉庫銷售。那麼，您使用哪些方法來處理陳舊的庫存，讓您保持品牌資產？

Thanks, Adrienne. In terms of methods, there's been no change to our approach on markdowns. As you know, we were -- we took modest price increases on a small percentage of our range of product. We continue to closely monitor that. And our markdown activity is in line with past penetrations 2019 pre-pandemic. And it really is -- our momentum is driven through the pillars of growth and innovation of our product. So the positioning around unique innovative products through our core is resonating with our guests and our markdown behavior has not changed with no plans to change and the quarter's results were driven by full price selling prices.

謝謝，阿德里安。在方法方面，我們對降價的方法沒有改變。如你所知，我們是——我們對一小部分產品進行了適度的價格上漲。我們將繼續密切關注這一點。我們的降價活動與過去 2019 年大流行前的滲透率一致。確實如此——我們的動力是通過我們產品的增長和創新支柱來驅動的。因此，通過我們的核心圍繞獨特創新產品的定位正在引起我們的客人的共鳴，我們的降價行為沒有改變，也沒有改變計劃，本季度的業績受到全價銷售價格的推動。

The next question is from Mark Altschwager with Baird.

下一個問題來自貝爾德的 Mark Altschwager。

So really encouraging to hear you haven't seen any major shifts in consumer behavior. Given the choppier macro backdrop versus a few months ago that many others have called out, maybe just speak a little bit more to what you're seeing in your business that's giving you the confidence to actually raise the implied back half growth outlook?

聽到您沒有看到消費者行為發生任何重大變化，真是令人鼓舞。鑑於與幾個月前相比，許多其他人呼籲的宏觀背景更加動盪，也許只是多談談您在業務中看到的情況，這讓您有信心實際提高隱含的後半增長前景？

Thanks, Alex. One of the areas that continue to fuel our momentum and give us the confidence and the momentum heading into the back half of this year is the balanced growth that we're seeing across all of our pillars in the Power of Three x2 growth initiatives. And I'll quickly break them down because it really does support that narrative and the fact that we're in early innings of growth, and we have multiple levers to pull to grow our business that we are innovating into through our strategies, and they are resonating.

謝謝，亞歷克斯。繼續推動我們發展勢頭並給我們信心和進入今年下半年的勢頭的領域之一是我們在“三個力量”x2 增長計劃的所有支柱中看到的平衡增長。我會很快將它們分解，因為它確實支持這種說法以及我們處於增長早期階段的事實，我們有多種槓桿可以拉動我們通過我們的戰略創新的業務，他們正在引起共鳴。

So from a product perspective, when you look at our business across activities, categories and gender, where our men's business was up 27%, our women's business was up 24%, accessories was up 80%. We were seeing very balanced growth in all of those activities driving and through innovation. On the guest side, the omni guest key initiatives, our new guests were up 24% existing. We're transacting at a 17% increase rate. Traffic was incredibly strong with stores up 30%, e-com up 40 and strong sales comps across both our e-com in-store business, again, very balanced. And then at the regional level, North America, up 28%; international up 35%.

所以從產品的角度來看，當你從活動、類別和性別來看我們的業務時，我們的男性業務增長了 27%，我們的女性業務增長了 24%，配飾增長了 80%。我們看到所有這些推動和通過創新的活動都實現了非常平衡的增長。在客人方面，全方位客人關鍵計劃，我們的新客人增加了 24%。我們正在以 17% 的增長率進行交易。流量非常強勁，商店增長了 30%，電子商務增長了 40 家，而且我們的電子商務店內業務的銷售業績也很強勁，再次非常平衡。然後在地區層面上，北美增長了 28%；國際增長 35%。

So the plan that we've been working on is we are early innings of the execution, but it's resonating, it's working and the business is growing across all of these levers in a very balanced way that's allowing us to achieve the results, contributing the momentum. In the back half, when I look at product innovation and innovation across the guest with the launch of our membership program and our expansion into the regions gives us the confidence that we can keep the momentum in our business strong and hence, the guidance that we've shared.

因此，我們一直在製定的計劃是我們處於執行的早期階段，但它正在引起共鳴，它正在發揮作用，並且業務以非常平衡的方式在所有這些槓桿上增長，這使我們能夠實現結果，貢獻勢頭。在後半部分，隨著我們會員計劃的推出以及我們向各地區的擴張，當我審視客戶的產品創新和創新時，我們相信我們可以保持強勁的業務勢頭，因此，我們的指導已分享。

Great. And congrats to you and the team on the strong results.

偉大的。並祝賀你和團隊取得了驕人的成績。

The next question is from Alex Straton with Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

Great. And congrats on another great quarter. I wanted to dig into the international result, amazing at 35% year-over-year. Can you just talk about the key drivers there? If there were specific geographies or more broad-based? And also, as it becomes a bigger part of lululemon's revenue over time, can you just talk about what the margin implications would be?

偉大的。並祝賀另一個偉大的季度。我想深入了解國際結果，驚人的同比增長 35%。你能談談那裡的關鍵驅動因素嗎？如果有特定的地理區域或更廣泛的基礎？而且，隨著時間的推移，它在 lululemon 收入中所佔的比重越來越大，你能談談對利潤的影響嗎？

Well, absolutely. Very pleased with our international business. As you know, our 5-year plan is to quadruple it. And across every market we're in, we continue to see very strong results for the brand, the way it's resonating in the market. And excited about the investment strategies we have in a rolling out across -- in Europe. We're seeing good growth across all countries. We opened our dot-com site in Spain. We actually opened our first store in Barcelona tomorrow. We opened Madrid in a few weeks. We're opening in Champs-Elysees later this year.

嗯，絕對的。對我們的國際業務非常滿意。如您所知，我們的 5 年計劃是將其翻兩番。在我們所處的每個市場中，我們繼續看到該品牌取得了非常強勁的成果，它在市場上引起共鳴的方式。並對我們在歐洲推出的投資策略感到興奮。我們在所有國家都看到了良好的增長。我們在西班牙開設了 .com 網站。實際上，我們明天在巴塞羅那開了第一家店。我們在幾週內開設了馬德里。我們將於今年晚些時候在香榭麗舍大街開業。

So excited about the opportunities we continue to see in Europe. Across Asia Pacific, in Australia with some of the new stores that we've opened. And China, which continues to be one of our big market opportunities even with ongoing operational challenges, we saw an acceleration in the quarter, with China growing 30%. And excited about the way the new stores are working in the market, the way that product continues to resonate, new guest acquisition and activating through communities. So in every market where we're in, we're seeing a very balanced contribution to our growth and are early in the opportunities that we see in each of these markets.

我們對在歐洲繼續看到的機會感到非常興奮。在整個亞太地區，在澳大利亞，我們開設了一些新店。即使面臨持續的運營挑戰，中國仍然是我們巨大的市場機遇之一，我們在本季度看到了加速增長，中國增長了 30%。並對新店在市場上的運作方式、產品繼續引起共鳴的方式、新客戶的獲取和通過社區激活的方式感到興奮。因此，在我們所處的每個市場中，我們都看到了對我們增長的非常平衡的貢獻，並且處於我們在這些市場中看到的機會的早期階段。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Congrats on a really nice quarter. So Calvin, on the high 20s revenue CAGR that you posted in the first half and taking into account the new customer acquisition metrics that you cited, so do you think the performance that you're seeing relative to the remainder of the market, is this a combination of a larger TAM, but then also company-specific market share gains? And then Meghan, I guess more near term, have you seen any notable change in momentum in either stores or digital so far in August?

祝賀一個非常好的季度。因此，Calvin，關於您在上半年發布的 20 年代高收入複合年增長率，並考慮到您引用的新客戶獲取指標，您認為相對於市場其餘部分的表現，您認為這是一個更大的 TAM 的組合，而且還增加了公司特定的市場份額？然後是梅根，我猜是近期，你有沒有看到 8 月到目前為止商店或數字商店的勢頭有任何顯著變化？

Thanks, Matthew. I'll take the first half. We've definitely seen market share gain according to NPD. We've -- we are the largest share gainer in the quarter at 1.4 points. So we're very pleased with our performance, our performance relative to our peer sets. And I think the first half of this year is really a consistent narrative of new category expansion, driving awareness through a number of earned media opportunities as well as us continuing our investment in collective and community and reactivating some events, great product that's driving new guest acquisition and an existing guest that continues to be engaged in the expansion of both our core and play activities, be it golf, tennis, hike, those are resonating very well. They're lifting our core sales. So it's a combination of the levers that we've been working towards, and it has translated into market share gain in the quarter.

謝謝，馬修。我要上半場。根據 NPD，我們肯定看到了市場份額的增長。我們已經 - 我們是本季度最大的股票漲幅為 1.4 點。所以我們對我們的表現非常滿意，我們相對於同行的表現。而且我認為今年上半年確實是新品類擴張的一貫敘述，通過許多贏得媒體機會提高知名度，以及我們繼續對集體和社區進行投資並重新激活一些活動，這是推動新客人的偉大產品收購和繼續參與擴展我們的核心和娛樂活動的現有客人，無論是高爾夫、網球、遠足，這些都引起了很好的共鳴。他們正在提升我們的核心銷售額。所以這是我們一直在努力的槓桿的組合，它已經轉化為本季度的市場份額增長。

And Matt, I'd add on Q3 -- so we're happy with the start of the quarter. I'm comfortable with the guidance we provided, which was a 3-year revenue CAGR of 25%. And as Calvin mentioned, we are seeing continued strength in our guest behavior and metrics there, which we continue to monitor closely. And I'd say within that, pleased with the performance of stores and digital that you asked about. And obviously, the macro environment is dynamic. We continue to plan the business based on multiple scenarios and feel well positioned as we enter Q3.

還有馬特，我會在第三季度添加 - 所以我們對本季度的開始感到滿意。我對我們提供的指導感到滿意，這是 25% 的 3 年收入複合年增長率。正如 Calvin 所提到的，我們看到那裡的客人行為和指標持續強勁，我們將繼續密切監控。我想說的是，對您詢問的商店和數字商店的表現感到滿意。顯然，宏觀環境是動態的。我們繼續基於多個場景規劃業務，並在進入 Q3 時感覺良好。

Congrats again. Best of luck.

再次恭喜。祝你好運。

The next question is from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的 Brooke Roach。

Calvin, I was wondering if you could reflect on the very strong new customer acquisition trends that you've been seeing in this quarter. Can you speak to more detail on what specifically is driving that new guest acquisition? Are the demographics of that customer changing versus your historical new guests? And how important are these new product categories or select accessory items in driving that engagement?

Calvin，我想知道您是否可以反思一下您在本季度看到的非常強勁的新客戶獲取趨勢。您能否詳細談談推動新客戶獲取的具體原因？該客戶的人口統計數據與您的歷史新客戶相比是否發生了變化？這些新產品類別或精選配件在推動這種參與方面有多重要？

Thanks, Brooke. As you've indicated, very healthy new guest acquisition numbers at plus 24%. And I would say the majority of their first purchases have been very consistent with our traditional categories that we're seeing, very strong bottoms business and very strong in women's and new guest in men. So very pleased with the balance. The success of the everywhere belt bag has added to new guest acquisition. So we're excited to see that as a way to bring even more into our collective and with our guests.

謝謝，布魯克。正如您所指出的，非常健康的新客人獲取數量增加了 24%。我想說他們的大部分首次購買都與我們看到的傳統類別非常一致，非常強大的底部業務和非常強大的女性和男性新客人。所以對平衡非常滿意。無處不在的腰包的成功增加了新的客人獲取。所以我們很高興看到這是一種為我們的集體和我們的客人帶來更多的方式。

But the bulk and the majority of the driver as it is with our sales growth is our core traditional. When we expand into new categories and as we expand deeper into play, it really resonates with our existing guests, which is a big part of the positioning of the strategy, and we saw that through existing guests increasing transactions with us at plus 17%, very healthy. So the strategy is, obviously, bring them in, new guests, migrate them up and expand and increase the share of wallet. And innovation is doing both in pulling new guests in as well as migrating them up in their spend. And we're seeing a very healthy balance across all of those levers.

但我們銷售增長的大部分和大部分驅動因素是我們的核心傳統。當我們擴展到新的類別時，隨著我們向遊戲的深入擴展，它確實與我們現有的客人產生了共鳴，這是戰略定位的重要組成部分，我們看到通過現有的客人與我們的交易增加了 17% 以上，非常健康。所以很明顯，策略是把他們引進來，新客人，向上遷移，擴大和增加錢包的份額。創新既可以吸引新客人，也可以增加他們的消費。我們在所有這些槓桿上都看到了非常健康的平衡。

The next question is from Lorraine Hutchinson with Bank of America.

下一個問題來自美國銀行的 Lorraine Hutchinson。

Can you talk a little bit about the reaction to the limited price increases you've taken so far this year? And then any expectations for the back half or into '23 to continue along the path of price increases?

你能談談對今年迄今為止你所採取的有限價格上漲的反應嗎？然後對後半部分或 23 年繼續沿著價格上漲的道路有任何期望嗎？

Lorraine, as we mentioned, we've taken modest increases -- or we were taking throughout the year of modest increases on approximately 10% of the assortment. We haven't, to date, experienced any price resistance. We continue to closely monitor and don't have any plans to change our markdown cadence as we move throughout the year, still very high, healthy full price sell-throughs.

洛林，正如我們所提到的，我們已經採取了適度的增長——或者我們全年對大約 10% 的品種進行了適度的增長。迄今為止，我們還沒有遇到任何價格阻力。我們將繼續密切關注，並且沒有任何計劃改變我們全年的降價節奏，仍然非常高，健康的全價銷售。

The next question is from Dana Telsey with Telsey Advisory Group.

下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Congratulations on the impressive results. As you see -- as you take a look at freight, it seems like it's moderated from the first quarter to the second quarter. How do you see freight going through the balance of the year? And then just next thing on -- Calvin, the core product, obviously, is 45% of sales. The new collections that are coming in are certainly driving conversion and interest. How do you see core as a percent of the business going forward given the solid receptivity to new categories?

祝賀令人印象深刻的結果。如您所見-當您查看運費時，它似乎從第一季度到第二季度有所緩和。您如何看待今年餘下的貨運情況？接下來就是——Calvin，很明顯，核心產品佔銷售額的 45%。即將推出的新系列肯定會推動轉換和興趣。鑑於對新品類的強烈接受度，您如何看待核心業務佔未來業務的百分比？

Thanks, Dana. So in terms of airfreight, yes, we've started to see it moderate. As I mentioned, we are starting to see higher on-time deliveries from our vendors as well as some shorter lead times. So we have amended the color that we provided on airfreight to be 10 basis points under last year for the full year. And then that compares to 30 basis points above that we previously guided to.

謝謝，達娜。所以在空運方面，是的，我們已經開始看到它適度。正如我所提到的，我們開始看到供應商的交貨準時率更高，交貨時間也更短。因此，我們已將我們提供的空運顏色修改為比去年全年低 10 個基點。然後與我們之前指導的高出 30 個基點相比。

We still see airfreight as an opportunity over the longer term. It still sits 280 basis points above 2019. But we'll continue to see that moderate through the second half of the year, and the team is looking for opportunities wherever possible to be as efficient as fees well there.

從長遠來看，我們仍然認為空運是一個機會。它仍比 2019 年高出 280 個基點。但我們將在今年下半年繼續看到這種溫和，並且團隊正在盡可能地尋找機會，以提高那裡的收費效率。

And Dana, on the question around core, we have not seen a material shift in that nor does the strategy and the success of the strategy to suggest we should. If anything, as we continue to create depth and strength in our core, it could increase as a percentage of our overall business. And as I shared, we have opportunity within some of our core own activities such as run, train and yoga to keep developing core items. And the play activities that we launched across golf, tennis and hike are designed to and absolutely achieved in the results, the goal of using unique innovation to bring in awareness, interest, credibility into these activities, but to ultimately still drive core as much of our core and the versatility of the product can be used in those sweat activities.

Dana，在圍繞核心的問題上，我們沒有看到這方面的實質性轉變，戰略和戰略的成功也沒有表明我們應該這樣做。如果有的話，隨著我們繼續在核心中創造深度和實力，它可能會增加占我們整體業務的百分比。正如我所分享的，我們有機會在我們自己的一些核心活動中，如跑步、訓練和瑜伽，繼續發展核心項目。我們在高爾夫、網球和徒步旅行方面推出的遊戲活動旨在並在結果中完全實現，目標是使用獨特的創新將意識、興趣和可信度帶入這些活動，但最終仍要盡可能多地推動核心我們的核心和產品的多功能性可以用於那些汗水活動。

And the strategy has worked in the first half of the year as we continue to innovate and lean in. So very niche and small number of SKUs, leveraging core, which holds at 45%. And as we expand opportunities in some of the core activities, I expect that number to hold, if not improve.

隨著我們繼續創新和精益求精，該策略在今年上半年奏效了。因此，非常小眾和少量的 SKU，利用核心，佔 45%。隨著我們在一些核心活動中擴大機會，我預計這個數字將保持不變，如果沒有改善的話。

The next question is from John Kernan with Cowen & Company.

下一個問題來自 Cowen & Company 的 John Kernan。

Congrats on phenomenal results. Maybe if you go back to international, it's obviously a huge portion of your future growth when you quadruple that. Just curious what is enabling you to outperform all of your peers in China to such an extent in the most recent quarter?

祝賀驚人的結果。也許如果你回到國際市場，當你翻兩番時，這顯然是你未來增長的很大一部分。只是好奇是什麼讓您在最近一個季度中能夠如此出色地超越中國所有同行？

Thanks, John. I think it's no different than the ability of us to put on market share and outperform the market -- in our most mature market being North America, where we are still early and have the opportunity to grow. We are early in brand awareness. The product led by innovation is resonating.

謝謝，約翰。我認為這與我們擴大市場份額並超越市場的能力沒有什麼不同——在我們最成熟的市場是北美，我們還處於起步階段並有機會成長。我們處於品牌知名度的早期階段。以創新為主導的產品正在引起共鳴。

Our investment in our guest relationships, I shared a little bit about the sweat games and the number of guests that participate in that both physical as well as digitally, over 100,000 online with us. And the investment (inaudible) exciting to keep seeing the success, share the tier cities. We're in now in Tier 1 and Tier 2 and Tier 3, all resonating, responding well.

我們對客人關係的投資，我分享了一些關於汗水游戲以及參與實體和數字遊戲的客人數量，超過 100,000 名在線與我們分享。投資（聽不清）令人興奮，繼續看到成功，分享一線城市。我們現在處於第 1 層、第 2 層和第 3 層，都引起了共鳴，反應良好。

So our D2C model is unique versus our peers and other brands in that market. It's rooted in relationships, building the community, which has how we built our business and great innovative product that is differentiated and unique in the marketplace. So it is our formula. It is resonating in that, and we have an incredible team led by [San Yan] leading it and across the stores and a very strong culture. So we're excited, but it really is the lululemon formula that's resonating and delivering the results.

因此，我們的 D2C 模式與該市場的同行和其他品牌相比是獨一無二的。它植根於人際關係，建立社區，這就是我們建立業務的方式以及在市場上與眾不同且獨一無二的出色創新產品。所以這是我們的公式。這引起了共鳴，我們擁有一支由 [San Yan] 領導的令人難以置信的團隊，領導它並跨越了商店和非常強大的文化。所以我們很興奮，但確實是 lululemon 公式引起了共鳴並帶來了結果。

The next question is from Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

Congrats on a great quarter. Meghan, on the gross margin, we're just trying to do a little bit of the math you gave us here in the second half. It looks like the overall gross margin range you're giving us for the back half is pretty close to what it was before. But I think you have about 60 basis points less airfreight pressure on a 1-year basis in the back half. Any callouts as to the offset there just so we can kind of track along with you on the build there? And then in the back half on airfreight pressure, how locked in are you in the guidance that you gave versus -- fixed versus variable that could change here given how much spot rates have been moving around lately?

祝賀一個偉大的季度。梅根，在毛利率方面，我們只是在嘗試做一些你在下半年給我們的數學。看起來你給我們後半部分的整體毛利率範圍非常接近以前的水平。但我認為你在後半段一年的空運壓力減少了大約 60 個基點。關於那裡的偏移量的任何標註，以便我們可以與您一起跟踪那裡的構建？然後在空運壓力的後半部分，您在給出的指導與固定與可變之間的鎖定程度如何？

Yes. Thanks, Michael. So we guided to 10 basis points under last year in airfreight versus the 30 basis points higher than we experienced that we had shared on the last call. So we are starting to see both the impact of the early deliveries as well as the rates coming down, and the team continues to look for opportunities there. We will continue as the business expands to look at pulling forward investments that are part of our road map as we move to our next 5-year trajectory.

是的。謝謝，邁克爾。因此，我們將空運業務引導至比去年低 10 個基點，而比我們在上次電話會議上分享的高出 30 個基點。因此，我們開始看到早期交付的影響以及費率的下降，團隊繼續在那裡尋找機會。隨著業務的擴展，我們將繼續考慮推動投資，這是我們在邁向下一個 5 年軌跡時路線圖的一部分。

So we have improved our margin guide for the year from 100 to 150 basis points down year-over-year to 100 to 130. So continue to feel like we're moving in the right direction, and airfreight represents a big opportunity for us over the longer term, still 280 basis points above 2019 levels.

因此，我們將今年的保證金指南從 100 個基點提高到 150 個基點，同比下降到 100 個基點到 130 個基點。所以繼續感覺我們正朝著正確的方向前進，空運對我們來說是一個很大的機會從長期來看，仍比 2019 年水平高出 280 個基點。

The next question is from Sharon Zackfia with William Blair.

下一個問題來自莎朗·扎克菲亞（Sharon Zackfia）和威廉·布萊爾（William Blair）。

I guess, first on the SG&A. I think, Meghan, originally, you expected SG&A leverage in the fourth quarter. I heard you say flattish now. I'm just wondering if you're pulling forward or accelerating any investments? And then kind of a conjunct to that. I know at the Analyst Day, you had talked about a coordinated marketing campaign this fall. Is that still on tap? And can you give us kind of an idea of what we'll see when that launches?

我想，首先是 SG&A。我認為，Meghan，最初，您預計第四季度的 SG&A 槓桿。我聽到你說現在平淡無奇。我只是想知道您是否正在推進或加速任何投資？然後有點與此相關。我知道在分析師日，你談到了今年秋天的協調營銷活動。那還在用嗎？你能告訴我們當它啟動時我們會看到什麼嗎？

Yes. So in terms of SG&A, we haven't previously provided Q4 guidance. We've got some timing, I would say, on investments. And again, as we look at our full year outlook, looking to pull forward some investments that are part of our road map as we look towards our next 5-year trajectory. So we are guiding now to 100 to 130 basis points of leverage for the full year versus our prior guide at 50 to 100. We -- yes. And then Calvin is going to chime in here on the marketing.

是的。因此，就 SG&A 而言，我們之前沒有提供第四季度的指導。我想說，我們在投資方面有一些時機。再一次，當我們審視我們的全年展望時，希望在展望下一個 5 年軌跡時推進一些投資，這些投資是我們路線圖的一部分。因此，我們現在將全年的槓桿率指導為 100 到 130 個基點，而我們之前的指導是 50 到 100 個基點。我們——是的。然後 Calvin 將在這裡插話市場營銷。

Yes. On the marketing, there's a couple of exciting initiatives planned in the back half. One is around our launch of our 2-tier membership program shortly. And that is more of a North American focus, but we're excited to bring that to our guests. And Nikki was referencing, as we continue to look at ways of just bringing a coordinated global message, our approach to holiday this year in some key categories.

是的。在營銷方面，後半部分計劃了一些令人興奮的舉措。一個是我們即將推出我們的 2 層會員計劃。這更像是北美的焦點，但我們很高興能把它帶給我們的客人。 Nikki 正在參考我們今年在一些關鍵類別中的假期方法，因為我們繼續尋找只是帶來協調的全球信息的方法。

There's not a material change in spend, but we continue to find effective ways to deliver a strong, powerful product, community-led message around the globe. We're making gains on that. Helped in the first half, and we'll continue to do so in the second half and moving forward.

支出沒有實質性變化，但我們繼續尋找有效的方法來在全球範圍內傳遞強大、強大的產品、社區主導的信息。我們在這方面有所收穫。在上半場有所幫助，我們將在下半場繼續這樣做並繼續前進。

The next question is from Tom Nikic with Wedbush.

下一個問題來自韋德布什的 Tom Nikic。

Meghan, I want to ask about the inventory growth. I know that there's kind of a lot of puts and takes here. And one of the things is increased transit times and things like that. When we kind of look at inventory, I guess, beyond the end of this year, like I mean, do you think that just structurally, you're going to carry more inventory on the balance sheet relative to the sales level? Or do you think when we kind of get beyond this year and things kind of normalize a little bit, maybe going forward, you would grow inventory at a slower rate relative to sales and you would see turnover improve?

梅根，我想問一下庫存增長。我知道這裡有很多看跌期權。其中一件事是增加運輸時間和類似的事情。當我們看一下庫存時，我想，在今年年底之後，就像我的意思一樣，你是否認為只是在結構上，相對於銷售水平，你會在資產負債表上持有更多的庫存？或者你認為當我們超過今年並且事情有點正常化時，也許未來，你會以相對於銷售的較慢速度增加庫存，你會看到營業額有所改善？

Thanks, Tom. Yes. So inventory this year, when you look at it on a 1-year basis includes higher usage of airfreight impacting our AUC as well as comparisons to out of stocks last year. And then as I mentioned, we're starting to experience earlier deliveries, both vendor readiness and then also lead times. So there is quite a bit of a dynamic nature when specifically looking on a 1-year basis, which is why we've been really focused on that 3-year unit CAGR. I do see opportunity over the longer term for us to manage inventory below at some point, our sales trend -- as some of these trends normalize. And then over the longer term, we aim to manage our inventory in line with sales.

謝謝，湯姆。是的。因此，當您以 1 年為基礎查看時，今年的庫存包括影響我們 AUC 的空運使用量的增加以及與去年缺貨的比較。然後正如我提到的，我們開始體驗更早的交付，包括供應商準備情況和交貨時間。因此，在特別關注 1 年的基礎上，有相當多的動態性質，這就是我們真正專注於 3 年單位 CAGR 的原因。從長遠來看，我確實看到了我們在某個時候管理庫存低於我們的銷售趨勢的機會——因為其中一些趨勢正常化。然後從長遠來看，我們的目標是根據銷售情況管理我們的庫存。

The next question is from Jay Sole with UBS.

下一個問題來自瑞銀的 Jay Sole。

Great. I want to -- Meghan, I want to follow up on the last point. Just talking about receiving inventory sooner. Can you give us an idea of how long it's taking now to receive goods and sort of how long it was taking it to peak? And what would be normal going forward? What would be a normal amount of time to receive the goods?

偉大的。我想-- Meghan，我想跟進最後一點。只是談論盡快接收庫存。您能否告訴我們現在收到貨物需要多長時間以及達到頂峰需要多長時間？什麼是正常的？收到貨物的正常時間是多少？

Yes. There's a couple of dynamics going on. One would be we are seeing vendor readiness metrics improve. So that's one impact. And then the other impact, I would say, is ocean lead times. So we typically have seen, and this is on average about 45 days. These have gone up to 90 days plus during the kind of peak disruption. We've seen them drop approximately to 70 days. So not back to where they were, but definitely improvement to what we've seen. So that, coupled with the earlier vendor readiness provides some opportunities for us to switch modes, which you see reflected in our guidance.

是的。有一些動態正在發生。一是我們看到供應商準備指標有所改善。所以這是一個影響。我想說的另一個影響是海運交貨時間。所以我們通常已經看到了，平均大約是 45 天。在這種高峰中斷期間，這些時間已長達 90 天。我們已經看到它們下降到大約 70 天。所以不要回到他們原來的位置，但肯定會改善我們所看到的。因此，再加上較早的供應商準備就緒，我們為我們提供了一些切換模式的機會，您可以在我們的指導中看到這一點。

Got it. And if I can just maybe, Calvin, asked you one question about accessories. You mentioned the belt bag, and just the success overall of the company adding new categories. Can you just talk about accessories, what's the opportunity to continue to segment that category to offer price points in bags maybe above $200 versus kind of what you're offering now, which is sort of like lower price relative to a lot of the competition that's out there selling tool bags and backpacks and things like that?

知道了。如果我可以的話，Calvin，問你一個關於配飾的問題。您提到了腰包，以及公司增加新品類的整體成功。你能談談配件嗎，有什麼機會繼續細分該類別以提供可能高於 200 美元的袋子價格點，而不是你現在提供的那種，這有點像相對於很多競爭對手的更低價格那裡賣工具包和背包之類的東西？

Yes. No. We're excited about the opportunity in our accessories business and definitely have plans across a number of the categories. Everywhere belt bag is a lower price point item. We're seeing it being a great driver across existing guests as well as guest acquisition. I think accessories, in general, has played a role like that and could continue to play a stronger role.

是的。不。我們對配件業務的機會感到興奮，並且肯定有多個類別的計劃。無處不在的腰包是價格較低的商品。我們看到它是現有客人和客人獲取的重要推動力。我認為，總的來說，配飾已經發揮了這樣的作用，並且可以繼續發揮更強大的作用。

The team has done a wonderful job in the last few years, bringing great innovation into the sock business, and we have a very strong growing innovative product line in the sock category. Bags, being one of the biggest opportunities, we are dropping and innovating incrementally in the pipeline for the foreseeable future is to continue to develop out that category where we all agree we can do even more and have a great opportunity across.

該團隊在過去幾年做得非常出色，為襪子業務帶來了巨大的創新，我們在襪子類別中擁有非常強大的不斷增長的創新產品線。手袋是最大的機遇之一，在可預見的未來，我們正在逐步放棄和創新，以繼續開發我們都同意我們可以做得更多並擁有巨大機會的類別。

As you said, backpacks, we have a lot of on-the-move bags for sport, but also a variety of unmet needs that the teams are innovating into. So bags is definitely on our road map of product pipeline, building on the everywhere belt bag, but accessories in general is a great opportunity to keep growing, contributing and guest acquisition.

正如你所說，背包，我們有很多運動包，還有團隊正在創新的各種未滿足的需求。因此，包包絕對是我們產品線的路線圖，以無處不在的腰包為基礎，但總體而言，配飾是保持增長、貢獻和吸引客人的絕佳機會。

Operator, we'll take one more.

接線員，我們再拿一個。

The next question is from Paul Lejuez with Citi.

下一個問題來自花旗的 Paul Lejuez。

Just looking at the reported sales numbers and comps, I think you got a spread of about 600 basis points, but your square footage is up around 19%. So just wanted to understand what accounts for the difference there, why there isn't a bigger between comps and total sales growth and maybe tie in how you're feeling about the new store performance as you're opening in some of these international markets.

僅查看報告的銷售數字和比較，我認為您的價差約為 600 個基點，但您的平方英尺增加了約 19%。所以只是想了解導致差異的原因，為什麼comps和總銷售額增長之間沒有更大的差異，也許與您在其中一些國際市場開業時對新店業績的感受有關.

Thanks, Paul. Yes, I'd say there's a nuance there and looking at it from an omni perspective with our -- the size of our e-commerce business. That said, what I'd share is we're really pleased with the productivity of both our existing store base. We've gotten above 2019 levels. We continue to see opportunity for further expansion over the longer term.

謝謝，保羅。是的，我想說那裡有細微差別，並從我們的電子商務業務規模的全方位角度來看。也就是說，我要分享的是，我們對現有商店基礎的生產力感到非常滿意。我們已經超過了 2019 年的水平。從長遠來看，我們繼續看到進一步擴張的機會。

I'm really pleased with our new store expansion strategy. We did raise our guidance from 70 new stores to 75 for the full year with some exciting opportunity in front of us, both in our North America and international regions. So stores, I would say, remain a very important and productive part of our business model, including the operating margin, which we've seen get into the high 20s in the quarter.

我對我們新的門店擴張戰略感到非常滿意。我們確實將全年的指導從 70 家新店提高到 75 家，我們面前有一些令人興奮的機會，無論是在我們的北美地區還是在國際地區。因此，我想說，商店仍然是我們商業模式中非常重要和富有成效的部分，包括營業利潤率，我們已經看到該季度達到了 20 多歲。

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

這就是我們所擁有的——這就是我們今天所有的提問時間。感謝您加入電話會議，祝您有美好的一天。