Lululemon Athletica Inc.(LULU) 首席执行官 Calvin McDonald 在 2019年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月14日 · 11 次阅读

Lululemon Athletica Inc. (NASDAQ:LULU) Q1, 2019 Earnings Call June 12, 2019 4:30 PM ET

Lululemon Athletica Inc.(纳斯达克股票代码:[LULU])2019年第一季度收益电话会议2019年6月12日美国东部时间下午4:30

公司参与者

Howard Tubin - Vice President, Investor Relations
Calvin McDonald - Chief Executive Officer and Director
Stuart Haselden - Chief Operating officer and VP of International
PJ Guido - Chief Financial Officer

  • Howard Tubin - 投资者关系副总裁
  • Calvin McDonald - 首席执行官兼董事
  • Stuart Haselden - 首席运营官兼国际副总裁
  • PJ Guido - 首席财务官

电话会议参与者

Matthew Boss - JPMorgan
Ike Boruchow - Wells Fargo
Kate Fitzsimons - RBC Capital Markets
Adrienne Yih - Wolfe Research
Paul Lejuez - Citi
Omar Saad - Evercore ISI.
John Kernan - Cowen and Company
Camilo Lyon - Canaccord Genuity
Kimberly Greenberger - Morgan Stanley
Brian Nagel - Oppenheimer
Dana Telsey - Telsey Advisory Group.

  • Matthew Boss - 摩根大通
  • Ike Boruchow - 富国银行
  • 凯特菲茨西蒙斯 - 加拿大皇家银行资本市场
  • Adrienne Yih - 沃尔夫研究
  • Paul Lejuez - 花旗
  • Omar Saad - Evercore ISI。
  • 约翰克南 - 考恩和公司
  • Camilo Lyon - Canaccord Genuity
  • 金伯利格林伯格 - 摩根士丹利
  • Brian Nagel - 奥本海默
  • 达纳特尔西 - 特尔西咨询集团。

会议主持员

Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc First Quarter 2019 Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. [Operator Instructions]
I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for Lululemon Athletica Inc. Please go ahead, sir.

谢谢你的支持。 这是会议运营商。 欢迎来到Lululemon Athletica公司2019年第一季度电话会议。 提醒一下,所有参与者都处于只听模式,正在录制会议。 [操作说明]

我现在想把会议转交给Lululemon Athletica公司投资者关系部副总裁Howard Tubin。请继续,先生。

霍华德·图宾

Thank you, and good afternoon. Welcome to Lululemon's first quarter earnings conference call. Joining me today to talk about our results are Calvin McDonald, CEO; Stuart Haselden, Stuart Haselden and EVP International; and PJ Guido, CFO.
Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecasts of certain aspects of Lululemon's future. 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. 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.
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. The press release and accompanying report on Form 10-K are available under the Investors section of our website at www.lululemon.com. Before we begin the call, I'd like to remind our investors to visit our Investors site where you'll find a summary of our key financial operating statistics for the first quarter as well as our quarterly infographic. Today's call is scheduled for one hour. So please limit yourself to one question at a time to give others the opportunity to have their questions addressed.
And now, I'd turn the call over to Calvin.

谢谢,下午好。欢迎来到Lululemon第一季度财报电话会议。今天和我一起谈论我们的成果的是首席执行官卡尔文麦克唐纳

凯文麦当劳

Thank you, Howard and welcome everyone to our first quarter earnings call. As we begin, I'd first like to say how much enjoyed hosting our recent Analyst Day meeting in New York. We are incredibly excited about the growth opportunities we have in front of us. And we look forward to delivering on our five year growth plan. Lululemon had another successful quarter driven by many strengths in our business across product, channel and geography. Our innovative merchandize assortments and our engagement with guests around the world enable us the financial results we are proud to report you today.
On today's call, I'll start by sharing some of our key highlights from quarter one including how we are leaning into our product innovation and omni guest experience growth pillars. Going forward, I'll periodically ask a member of senior leadership to join the call and provide an update on key strategic areas of the business. Today, Stuart Haselden will join us to provide an update on our opportunities in China and other key international markets. As you know, earlier this year, Steward's responsibilities were expanded to include serving as our EVP of International in addition to his role as Chief Operating Officer.
Following the global update, PJ Guido will provide a detailed financial review, as well as our guidance outlook. I'll then wrap a few closing comments and will be happy to take your questions.
Let's have a look at our first quarter results. We are very pleased to see continued strong momentum in the business. The Power of Three Growth plan which we detailed at Analyst Day is serving as a driving force to move us forward to achieve our five year growth plan. Across the company, teams are executing at extremely high levels. In Q1, our total revenue grew by 20%, constant dollar comps increased 16% on top of 19% increase last year and earnings per share increased 35%.
Our guest responded well to both our men's and women's assortments. They engaged with us across channels as our store and digital businesses were both strong. And our brand continues to resonate well in our core North American market as well as in Europe and APAC. Supporting our growth, we are leveraging the strategic infrastructure investments we're making across the business. Our focus over the last several years to create efficiencies and to further segment our supply chain is paying off, intangibly contributing to our success. As an example, our newest distribution center in Toronto opened on schedule in May enables us to deliver product more effectively and efficiently in Eastern Canada
As you know, the growth plans we discussed during Analysts Day are long-term in nature, and the financial targets we provided are annual. I'm pleased 2019 is off to such a strong start and we're beginning to live into our five-year vision. I'd now like to speak specifically about the power of three growth pillars, product innovation, and omni guest experience and market expansion. As you recall, our five-year vision details our path to double our men's business, double our digital business and quadruple our international business during this time.

感谢Howard,欢迎大家来到我们的第一季度财报电话会议。在我们开始的时候,我首先要说的是,我们最近在纽约主办了最近的分析师日会议。我们对摆在我们面前的增长机会感到非常兴奋。我们期待实现我们的五年增长计划。 Lululemon在产品,渠道和地理方面的业务领域取得了许多优势。我们创新的商品分类以及我们与世界各地客人的互动使我们能够为您提供今天的财务报告。

在今天的电话会议上,我将从第一季度开始分享我们的一些重要亮点,包括我们如何融入我们的产品创新和全方位客户体验增长支柱。展望未来,我会定期要求高级领导的成员加入电话会议,并提供有关业务关键战略领域的最新信息。今天,Stuart Haselden将与我们一起提供有关我们在中国和其他主要国际市场的机会的最新信息。如您所知,今年早些时候,Steward的职责范围扩大到除了担任首席运营官之外还担任国际执行副总裁。

在全球更新后,PJ Guido将提供详细的财务审查以及我们的指导展望。然后我将结束几条结束语,并乐意回答你的问题。

我们来看看我们的第一季度业绩。我们很高兴看到业务持续强劲势头。我们在分析师日详细介绍的三力发展计划是推动我们实现五年增长计划的动力。整个公司,团队正在以极高的水平执行。在第一季度,我们的总收入增长了20%,在去年增长19%的基础上增长了16%,每股收益增长了35%。

我们的客人对我们的男士和女士分类都做出了很好的反响。他们与我们跨渠道互动,因为我们的商店和数字业务都很强大。我们的品牌继续在我们的核心北美市场以及欧洲和亚太地区引起共鸣。为了支持我们的增长,我们正在利用我们在整个业务中进行的战略性基础设施投资。过去几年来,我们一直致力于提高效率并进一步细分供应链,这些都为我们的成功做出了巨大贡献。例如,我们在多伦多的最新配送中心在5月按计划开放,使我们能够在加拿大东部更有效地提供产品

如您所知,我们在分析师日期间讨论的增长计划属于长期性质,我们提供的财务目标是年度目标。我很高兴2019离开这么强大的开始,我们开始实现我们五年的愿景。我现在想具体谈谈三大增长支柱的力量,产品创新,全方位客户体验和市场拓展。如您所知,我们的五年愿景详细介绍了我们将业务翻番,数字业务翻番和在此期间翻两番国际业务的途径。

Let me now provide some highlights from quarter one for these drivers. When looking at our product innovation pillar, over the next five years we expect annual growth in our core women's business to be in the low double digits while men's is planned to grow at 20% per year. In quarter one, we continue to see robust performance in our women's business with particular strengths in bottoms. This category remains one of our strongest with comps up over 19% driven by both leggings and jogger styles. Within the men's business, comps grew 26% with ongoing strength in both tops and bottoms. The business was led by our ABC franchisee and three core short styles.
T.H.E short, Paced Breaker and Surge. Guests are responding well to our new boxers designed to address all three elements of the science of feel, touch, temperature and movement. Looking forward, I'm excited with the innovation we intend to bring into our assortment for both men and women. Just to preview some of the upcoming highlights for men, we plan to launch a new and improved Metal Vent Tech collection and for women we plan to further expand our technical bra offering with two high support styles in the coming months.
The final component of our product innovation plan is to test into new categories. The main driver continues to be our core categories across both men's and women's. However, we've identified several areas of white space where we can test the waters and bring innovation to our guests. One example of this is self-care, which we will roll out to 50 stores and online next week.
Shifting now to omni guests' experience, we had strong results across our channels with our store comps increasing 8% on top of 6% increase last year. Our digital business grew 35% which represents a more than doubling of the business over the last two years. Increased traffic in quarter one is driving our comps both in-store and online with increases of 8% and 41% respectively. We're excited about our vision to be the experience of brand that ignites a community of people living the Sweatlife. Next month, you'll see our first truly experiential store when we open Lincoln Park in Chicago. This 20,000 square foot store captures who we are as a brand as it will embody the Sweatlife through multiple studios, a meditation space, a healthy juice and food offering and areas for community gatherings.
This distinct environment will provide us additional opportunities to explore and learn as we connect with our guests in a range of new and exciting ways. We also continue to test our membership program and in May we expanded to our third pilot city in Austin, Texas. We are very encouraged by the results in each city and our tests have brought new learnings and innovations as we look to scale the program. Looking now at our digital business, we further expanded our online only size and color offerings for both men and women. We expanded our buy online, pick up in store capability from 35 stores to 115 in quarter one with 80% of the orders ready for guest pickup in one hour.

现在让我为这些司机提供第一季的一些亮点。在考虑我们的产品创新支柱时,在未来五年内,我们预计核心女性业务的年增长率将低至两位数,而男性则计划以每年20%的速度增长。在第一季度,我们继续看到女性业务的强劲表现,特别是底部优势。这一类别仍然是我们最强劲的类别之一,由紧身裤和慢跑者风格驱动的比例超过19%。在男士的业务范围内,comps增长了26%,其中包括顶部和底部的持续强度。该业务由我们的ABC特许经营商和三个核心短款式领导。

T.H.E简短,Paced Breaker和Surge。客人对我们的新拳击手反应良好,旨在解决感觉,触觉,温度和运动科学的所有三个要素。展望未来,我对我们打算为男士和女士分类的创新感到兴奋。为了预览一些即将到来的男装亮点,我们计划推出一个新的和改进的Metal Vent Tech系列,对于女性,我们计划在未来几个月内进一步扩展我们的技术文胸产品,提供两种高支撑方式。

我们的产品创新计划的最后一个组成部分是测试新的类别。主要驱动因素仍然是我们男性和女性的核心类别。然而,我们已经确定了几个白色区域,我们可以测试水域并为我们的客人带来创新。其中一个例子就是自我护理,下周我们将推出50家商店和网上商店。

现在转向全方位客户的体验,我们在我们的渠道中取得了很好的成绩,我们的店铺比去年增加了8%,而去年增长了6%。我们的数字业务增长了35%,这是过去两年业务增长一倍多。第一季度的流量增加正在推动我们的店内和网上赠品分别增长8%和41%。我们很高兴我们的愿景是成为品牌体验,点燃了生活在Sweatlife中的人们。下个月,当我们在芝加哥开设林肯公园时,您将看到我们的第一家真正的体验店。这个20,000平方英尺的商店捕捉到我们作为一个品牌的人,因为它将通过多个工作室,冥想空间,健康的果汁和食品以及社区聚会区域体现Sweatlife。

当我们以一系列令人兴奋的新方式与客人联系时,这个独特的环境将为我们提供额外的探索和学习机会。我们还继续测试我们的会员计划,并在5月扩展到我们位于德克萨斯州奥斯汀的第三个试点城市。我们对每个城市的成果感到非常鼓舞,我们的测试带来了新的学习和创新,因为我们希望扩展该计划。现在看看我们的数字业务,我们进一步扩大了男士和女士的在线尺寸和颜色供应。我们扩大了在线购买,在第一季度将商店从35家商店增加到115家,其中80%的订单在一小时内准备好接待客人。

We remain on track for a full rollout by the end of quarter three. We also significantly improved our mobile point-of-sale capabilities so educators can complete our guests purchases from anywhere in the store. Our strengths and unique position is to activate great product across our omni guest experiences, leveraging our stores, community and events. Run is the key strategy for us and a great representation of how we will activate across our entire business to deliver an exceptional guest experience.
In addition to our strong and light bra franchise ,we rolled out the fast and free run oriented collection for men. We highlighted the strength of our technical apparel with our global run campaign featuring our first global run ambassador, Charlie Dark. Our run focused activations during the quarter included a presence at the Boston, Los Angeles and London marathons and just last week we celebrated a global running day by rallying our community to participate with their local run clubs or to join our 5k challenge on Strava.
In the coming weeks, you'll see a sponsor our 10k runs in Toronto and Edmonton as we've done in the last several years. And we plan to add more events going forward. Run is an important category for us with significant potential. And we see opportunities to expand our share of wallet with current and future guests.
Shifting gears now to our markets. Let me share some highlights regarding performance in our core region of North America and then turn it over to Stuart to discuss growth in our international markets. First, our opportunities in North America, our largest region remain significant. Our innovative merchandise assortment, agile store formats, inspiring brand activations and unique event offerings provide ample ways to engage with existing and new guests.
In quarter one, revenue in North America grew 18% as the momentum in this region remained strong. We open six stores in the US and Canada and remain on track to open 15 to 20 in 2019. Our guest stats remain robust with continued growth in new guest acquisition and increased spending across existing guests. Traffic to our stores in North America was strong and grew in the high single digit range. Last month, Stuart and I had the opportunity to visit our team in China and to see the incredible growth opportunities firsthand. I'll let him share our insights and some of the results this quarter internationally. Stuart?

我们将在第三季度末完成全面推广。我们还显着改善了我们的移动销售点功能,因此教育工作者可以在商店的任何地方完成我们的客人购物。我们的优势和独特地位是通过我们的全方位客户体验激活优质产品,充分利用我们的商店,社区和活动。 Run是我们的关键策略,也是我们如何激活整个业务以提供卓越客户体验的绝佳代表。

除了强大而轻盈的文胸专营权外,我们还推出了针对男士的快速免费运行系列。我们的全球竞选活动中展示了我们的技术服装的实力,我们的第一个全球运营大使Charlie Dark。本季度我们的重点活动包括参加波士顿,洛杉矶和伦敦的马拉松比赛,上周我们通过召集我们的社区参加当地的跑步俱乐部或加入我们对Strava的5k挑战来庆祝全球运行日。

在接下来的几周里,你会看到我们在多伦多和埃德蒙顿举办的10k跑步赞助商,就像我们在过去几年里所做的一样。我们计划在未来增加更多活动。对于我们来说,跑步是一个重要的潜力。我们看到有机会扩大我们与当前和未来客人的钱包份额。

现在转向我们的市场。让我分享一些关于北美核心区域业绩的亮点,然后将其转交斯图尔特讨论我们国际市场的增长。首先,我们在北美的机会仍然很大,这是我们最大的地区。我们创新的商品分类,敏捷的商店形式,鼓舞人心的品牌激活和独特的活动提供了充足的方式来吸引现有和新客人。

第一季度,北美地区的收入增长了18%,因为该地区的势头依然强劲。我们在美国和加拿大开设了六家门店,并将在2019年开设15至20家门店。我们的客户统计数据依然强劲,新客户收购持续增长,现有客人的支出增加。我们在北美的商店的交通非常强劲,并且在高单位数范围内增长。上个月,斯图尔特和我有机会访问我们在中国的团队,并亲眼目睹了令人难以置信的增长机会。我将让他在本季度分享我们的见解和部分结果。斯图尔特?

Stuart Haselden

Thanks Calvin. In May, I was able to spend nearly two weeks with our team in China. And while we are seeing exciting momentum across all of our international markets, China in particular is on track to post impressive growth this year. In Q1, our China team delivered nearly 70% market growth and entered three new cities with strong store openings in Chongqing, Xi'an and Xiamen. And we remain on track to open 10 to 15 stores in China this year.
We also continue to invest in our digital capabilities here with the relaunch of our .cn site in Q1 to complement our presence on Tmall and WeChat. And these investments are paying off as we saw our China e-com revenues increase over 100% in Q1. These results also include the great success of our super Brand Day Event with Tmall in April. As part of this event, we invited 400 guests to join us at the Intercontinental Shanghai Wonderland for sweat sessions, meditation classes and also a function show. The event garnered significant attention from the media and on social channels. And it was a great way for us to connect with both new and existing guests.
All of this contributed to a strong performance for Asia-Pacific region overall in Q1 with revenues for the region increasing approximately 40%. Other highlights include the launch of our dot JP and dot KR websites both of which are seeing strong starts.
Turning now to Europe. We posted strong double-digit comps across all channels driven by ongoing robust traffic increases. These results helped us deliver over 40% market growth in Q1 across Europe. We're pleased to see our business gaining momentum as our community and brand building efforts accelerate. We also opened a great new store in Amsterdam at the grand opening which I was able to attend in March. It was exciting to see firsthand the energy that our team and Europe is creating which is reflected in the strong results we are now experiencing.
And we remain on track to open 5 to 10 new stores this year across Europe. Overall, our international growth remains strong and accounts for an increasing portion of our total company growth. And finally, I'd like to offer my gratitude to our teams around the world. It's only with their great work that any of this is possible. And now I'll pass it to PJ.

谢谢凯文。 5月份,我和我们的团队在中国度过了将近两周的时间。虽然我们在所有国际市场都看到令人振奋的动力,但中国特别有望在今年取得令人瞩目的增长。第一季度,我们的中国团队实现了近70%的市场增长,进入了三个新的城市,在重庆,西安和厦门开设了强大的店铺。我们今年仍将继续在中国开设10至15家门店。

我们还继续在这里投资我们的数字功能,重新推出我们的.cn网站,以补充我们在天猫和微信上的存在。我们看到第一季度中国电子商务收入增长超过100%,这些投资得到了回报。这些成果还包括我们4月份与天猫的超级品牌日活动取得的巨大成功。作为此次活动的一部分,我们邀请了400位嘉宾参加上海洲际洲际酒店的汗水课程,冥想课程和功能表演。该活动引起了媒体和社交渠道的极大关注。这对我们来说是一个很好的方式来连接新客户和现有客人。

所有这些都促成了第一季度整体亚太地区的强劲表现,该地区的收入增长了约40%。其他亮点包括我们的点JP和点KR网站的推出,这两个网站都看到了强劲的开端。

现在转向欧洲。由于持续强劲的流量增长,我们在所有渠道上发布了强劲的两位数补偿。这些结果帮助我们在欧洲第一季度实现了超过40%的市场增长。随着社区和品牌建设的加速发展,我们很高兴看到我们的业务增长势头良好。我们还在阿姆斯特丹的一个盛大的开幕式上开了一家很棒的新店,我可以在三月份参加。能够直接看到我们的团队和欧洲正在创造的能量,这反映在我们现在正在经历的强劲结果中,这是令人兴奋的。

我们今年仍将继续在欧洲开设5至10家新店。总体而言,我们的国际增长仍然强劲,占公司总增长的比例越来越大。最后,我要感谢全世界的团队。只有通过他们出色的工作才能实现这一切。现在我将它传递给PJ。

PJ Guido

Thanks Stuart. Before I provide highlights on Q1 and our guidance outlook, I will refer you to the financial supplement posted on our Investor site for additional details. For Q1, total net revenue rose 20% to $785 million, driven by strong execution across all parts of the business. In our store channel, we delivered an 8% constant comp store sales increase on top of a 6% increase in Q1 of last year. Square footage increased 15% versus last year driven by the addition of 44 net new Lululemon stores since Q of 2018. During the quarter, we opened 15 new stores.
In our digital channel, we posted 35% in constant dollar comp increase on top of a very strong 60% increase last year. For the quarter, E-COM contributed approximately $210 million of top-line reaching nearly 27% of total revenue. And I'd add that the impact of foreign exchange decreased revenue by $12.5 million in the quarter. Gross profit for the first quarter was $421.7 million or 53.9% of net revenue compared to 53.1% of net revenue in Q1, 2018.
The gross profit rate in Q1 increased 80 basis points versus gross margin last year and was driven primarily by the following. A 190 basis point increase in overall product margin resulting from lower product costs, favorability and product mix and lower markdowns. We are pleased with the product margin strength we continue to realize on top of the strong gains over the last several years. This increase was partially offset by a 60 basis point increase in product and supplied team costs driven by ongoing investment in product development and supply chain, and an increase in occupancy and depreciation expense of 20 basis points.
We also saw 30 basis points of unfavorable impact from foreign exchange. Moving down the P&L, SG&A expenses were $293 million or 37.4% of net revenue compared to 37% of net revenue for the same period last year. In Q1, we continued to use the strength in the business to invest in strategic priorities, brand awareness and initiatives that fuel current and long-term growth. This includes digital loyalty and self care. Foreign exchange both revaluation and translation leverage by 30 basis points in Q1. Operating income for the quarter was approximately $129 million or 16.5% of net revenue compared to 16.1% of net revenue in Q1, 2018.
Tax expense for the quarter was $34.6 million or 26.4% of pretax earnings compared to an effective tax rate of 29.9% a year ago. The decrease in our effective tax rate relative to our guidance reflects the impact of higher tax deductions related to stock-based compensation. These deductions benefited EPS in Q1 by approximately $0.02. We still expect our tax rate for 2019 to be approximately 28%.
Net income for the quarter was $96.6 million or $0.74 per diluted share compared to earnings per diluted share of $0.55 for the first quarter of 2018. Capital expenditures were approximately $68 million for the quarter compared to approximately $34 million in the first quarter last year. The increase relates primarily to store capital for new locations, relocations and renovations and IT and supply chain investment.

谢谢斯图尔特。在我提供关于第一季度和我们的指导展望的重点之前,我将向您推荐我们在投资者网站上发布的财务补充,以获取更多详细信息。第一季度,由于业务各部门的强劲执行,总净收入增长了20%,达到7.85亿美元。在我们的商店渠道中,除了去年第一季度增长6%之外,我们还提供了8%的固定销售额增长。自2018年Q季度以来新增44家Lululemon新店后,平方镜头比去年增加了15%。本季度,我们开设了15家新店。

在我们的数字渠道中,除了去年非常强劲的60%增长之外,我们在不断增加的美元汇率中增加了35%。本季度,E-COM贡献了大约2.1亿美元的收入,占总收入的近27%。而且我补充一点,外汇的影响在本季度减少了1250万美元的收入。第一季度的毛利润为4.217亿美元,占净收入的53.9%,而2018年第一季度的净收入为53.1%。

第一季度毛利率较去年毛利率增加80个基点,主要受以下因素影响。由于较低的产品成本,优惠性和产品组合以及较低的降价,整体产品利润率提高了190个基点。我们对在过去几年强劲增长的基础上继续实现的产品利润率感到满意。由于产品开发和供应链的持续投资以及20个基点的入住率和折旧费用的增加,产品和供应团队成本增加了60个基点,这部分抵消了这一增长。

我们还看到30个基点的外汇不利影响。降低损益,SG&A费用为2.93亿美元,占净收入的37.4%,而去年同期为净收入的37%。在第一季度,我们继续利用业务优势,投资战略优先事项,品牌知名度和推动当前和长期增长的举措。这包括数字忠诚度和自我照顾。第一季度外汇的重估和翻译杠杆均为30个基点。本季度的营业收入约为1.29亿美元,占净收入的16.5%,而2018年第一季度的营业收入为16.1%。

本季度的税收支出为3460万美元,占税前收入的26.4%,而一年前的有效税率为29.9%。相对于我们的指导,我们的有效税率下降反映了与股票薪酬相关的更高税收减免的影响。这些扣除使第一季度每股盈利约0.02美元。我们仍然预计2019年的税率约为28%。

本季度的净收入为9660万美元或每股摊薄收益0.74美元,而2018年第一季度的每股摊薄收益为0.55美元。本季度的资本支出约为6800万美元,而去年第一季度约为3400万美元。这一增长主要涉及新地点的商店资本,搬迁和装修以及IT和供应链投资。

Turning to our balance sheet highlights. We ended the quarter with $576 million in cash and cash equivalents. Inventory grew 19% and was $443 million at the end of Q1. I'd also note that pursuant to the new lease accounting standard ASC 842, we added a lease related asset of $627 million and lease related liabilities totaling $665 million to our balance sheet. This new accounting standard has no impact on our income statement or cash flows.
We repurchased 1 million shares during the quarter at a cost of $163.5 million. Coming into 2019, our Board authorized a new $500 million share repurchase plan of which approximately $337 million of authorization remains. We believe that repurchasing our shares is an efficient and effective way to return excess cash to shareholders and will continue to be opportunistic with our repurchase activity.
Turning now to our outlook. For Q2, we expect revenues to be in the range of $825 million to $835 million. This is based on a comparable sales percentage increase in the low double digits on a constant dollar basis, compared to the second quarter of 2018. This also assumes five new store openings in the quarter. We expect gross margin to be flat to up modestly versus Q2 of last year. Our guidance reflects a modest impact from potential new tariffs and also additional costs to airfreight product in order to avoid anticipated port congestion in the Asia region due to the pending tariff increases.
The negative impact of these costs will be approximately 20 to 25 basis points within gross margin and approximately $0.04 to $0.05 on EPS for the full year 2019. Most of the impact would come in the back half of the year with the majority in Q3. I should note that roughly $0.02 to $0.03 of this impact would be incurred regardless of whether new tariffs are imposed. We are committing to higher airfreight usage at the hedge against disruption in ocean shipping lanes as we approach the key dates related to tariff increases.
This will ensure delivery of new product for our guests on time. We expect the SG&A rate in Q2 to be flat as we continue to invest in growth drivers for our business that fuel top-line momentum. We see larger opportunity to leverage this SG&A in the back half of the year and we continue to expect modest leverage on the year. Assuming a tax rate of 28% and approximately 131 million diluted weighted average shares outstanding, we expect diluted earnings per share in the second quarter to be in the range of $0.86 to $0.88 versus EPS of $0.74 a year ago.
For the full year 2019, we now expect revenue to be in the range of $3.73 billion to $3.77 billion. This is based on a comparable sales percentage increase in the low double digits on a constant dollar basis. We continue to expect to open approximately 40 to 50 company operated stores in 2019. This includes 25 to 30 stores in our international markets and represents a square footage percentage increase in the mid-teens range. We expect gross margin for the year to expand modestly, primarily driven by continued product margin improvement. We expect SG&A for the full year to leverage modestly.

转到我们的资产负债表亮点。我们在本季度结束时的现金和现金等价物为5.76亿美元。库存增长19%,第一季度末为4.43亿美元。我还注意到,根据新的租赁会计准则ASC 842,我们在资产负债表中增加了6.27亿美元的租赁相关资产和总额为6.65亿美元的租赁相关负债。该新会计准则对我们的损益表或现金流量没有影响。

我们在本季度回购了100万股,成本为1.635亿美元。进入2019年,我们的董事会批准了一项新的5亿美元股票回购计划,其中约有3.37亿美元的授权仍然存在。我们认为,回购我们的股票是向股东返还多余现金的有效方式,并将继续对我们的回购活动投机取巧。

现在谈谈我们的展望。对于第二季度,我们预计收入将在8.25亿美元至8.35亿美元之间。这是基于与2018年第二季度相比,以不变美元计算的低两位数的可比销售百分比增长。这也假设该季度有五家新店开业。我们预计毛利率将与去年第二季度相比持平。我们的指导意见反映了潜在新关税的适度影响以及航空货运产品的额外成本,以避免由于关税增加而导致亚洲地区预期的港口拥堵。

这些成本的负面影响在毛利率约为20至25个基点,2019年全年每股盈利约为0.04美元至0.05美元。大部分影响将在今年下半年出现,其中大部分在第三季度。我应该注意到,无论是否征收新的关税,都会产生大约0.02美元到0.03美元的这种影响。当我们接近与关税增加相关的关键日期时,我们承诺在对冲海运航线中断时更高的空运费用。

这将确保按时为我们的客人提供新产品。我们预计第二季度的SG&A利率将持平,因为我们将继续投资于我们业务的增长动力,从而推动收入增长。我们看到在今年下半年利用这个SG&A的机会更大,我们继续预计今年会有适度的杠杆。假设28%的税率和约1.31亿美元的稀释加权平均流通股,我们预计第二季度每股摊薄收益将在0.86美元至0.88美元之间,而一年前的每股收益为0.74美元。

对于2019年全年,我们现在预计收入将在37.3亿美元至37.7亿美元之间。这是基于以固定美元为基础的低两位数的可比销售百分比增长。我们继续预计2019年将开设约40至50家公司经营的商店。这包括我们国际市场上的25至30家商店,并且代表了青少年中期的平方英尺百分比增长。我们预计今年的毛利率将适度扩大,主要受持续产品利润率改善的推动。我们预计全年的SG&A将适度利用。

We expect our fiscal year 2019 diluted earnings per share to be in the range of $4.51 to $4.58. Our EPS guidance is based on 131 million diluted weighted average shares outstanding for the year. This range takes into account approximately $0.04 to $0.05 of additional cost within gross margin related to the tariffs and airfreight that I mentioned earlier. We expect our adjusted effective tax rate to be approximately 28% in 2019. We assume the Canadian dollar at $0.75 to the US dollar for 2019, as well as Q2. We continue to expect capital expenditures to be approximately $265 million to $275 million for the fiscal year 2019.
This increased versus 2018 reflects a ramp up of our store renovation and relocation program, new store openings, technology investments and other corporate infrastructure projects. In closing, we remain excited with the momentum we're seeing in the business as our teams are executing our new power of three strategic plans. And now back to Calvin for some closing remarks.

我们预计2019财年每股摊薄收益在4.51美元至4.58美元之间。我们的每股盈利预测基于当年已发行的1.31亿股摊薄加权平均股票。该范围考虑了与我之前提到的关税和空运相关的毛利率中约0.04美元至0.05美元的额外费用。我们预计2019年调整后的有效税率约为28%。我们假设2019年和第二季度的加元兑美元汇率为0.75美元。我们继续预计2019财年的资本支出约为2.65亿美元至2.75亿美元。

相对于2018年的增长反映了我们的商店翻新和搬迁计划,新店开张,技术投资和其他企业基础设施项目的增加。最后,我们仍然对我们在业务中看到的势头感到兴奋,因为我们的团队正在执行三项战略计划的新力量。现在回到加尔文发表一些结束语。

凯文麦当劳

Thanks PJ. While it's been reported there is some recent softening in the apparel space, there is no doubt that 2019 is off to a great start for us. We're building upon the momentum of the past year and instilling confidence in our long-term growth plans. With each new market and innovation, we are inspired by the way in which our guests, both existing and new to the brand are responding to Lululemon. Our vision to ignite a community of people to live the Sweatlife is resonating strongly with guests and provides many growth opportunities for us ahead.
We remain laser focused on leveraging our strengths and creating opportunities to ensure Lululemon continues to rise above the near term challenges being faced by others. I'd like to thank our teams around the world for the passion and spirit they bring with them to work every day. Their dedication to our guests and energy for our brand makes us level of sustained performance possible.
And with that, we'll be happy to take your questions. Operator?

谢谢PJ。虽然据报道服装领域最近出现了一些疲软,但毫无疑问,2019年对我们来说是一个良好的开端。我们正在建立在过去一年的势头,并对我们的长期增长计划充满信心。随着每一个新的市场和创新,我们的灵感来自我们的客人,无论是现有的还是新的品牌都对Lululemon做出了回应。我们的愿景是点燃人们生活在瑞士人生活中,与客人产生强烈共鸣,为我们提供许多增长机会。

我们仍然专注于利用我们的优势并创造机会,以确保Lululemon继续超越其他人面临的近期挑战。我要感谢我们世界各地的团队,他们带着他们每天工作的热情和精神。他们对我们客人的奉献精神和对我们品牌的热情使我们能够保持持续的绩效水平。

有了这个,我们很乐意回答你的问题。操作?

问答环节

[Operator Instructions]
The first question comes from Matthew Boss of JPMorgan. Please go ahead, sir.

[操作说明]

第一个问题来自摩根大通的Matthew Boss。 请继续,先生。

****MatthewBoss

Thanks and congrats on another great quarter, guys. I guess maybe first could you elaborate on the current momentum that you're seeing in the business? If you've seen any impact from the recent lateral apparel softness that you mentioned. And just how you rank back half opportunities maybe by category?

伙计们,谢谢并祝贺另一个伟大的季度。 我想首先你可以详细说明你在业务中看到的当前势头吗? 如果你看到你提到的最近的侧面服装柔软度有任何影响。 你是如何按类别排名一半的机会?

****CalvinMcDonald

Yes, sure, Matt. In terms of Q2, we remain very happy with the momentum we're seeing in the business which is reflected in our comp guidance of the plus low double-digit, which is on top of a 19% last year. So the business has continued to see very strong trading into the quarter. And that growth is coming across all levers of the power of three. In product, our men's business as we shared up 33% continues to be very strong across all categories. Tops, boxers and the bottom business and our women's business equally are showing very solid and very strong growth and particular bottoms driven by leggings and joggers. And we -- with what we're going to be launching in terms of newness that momentum we believe will continue as we continue to feed the core with more innovation and test and learn into new categories and build out the key categories we want to win being yoga, train and runs.
So we feel we feel very good about the product launches that are dropping and the momentum and the way the guest is reacting to the product as they see it.

是的,当然,马特。就第二季度而言,我们仍然对我们在业务中看到的势头感到非常满意,这反映在我们的加权低两位数指标中,去年该指数高达19%。因此,该业务继续看到该季度的交易非常强劲。这种增长正在实现三种力量的所有杠杆。在产品方面,我们分享33%的男性业务在所有类别中仍然非常强劲。上衣,拳击手和底层业务以及我们女性的业务同样表现出非常稳固和强劲的增长,以及由紧身裤和慢跑者推动的特殊裤子。我们 - 我们将在新的方面推出我们认为将继续发展的势头,因为我们将继续为核心提供更多的创新和测试,并学习新的类别并构建我们想要赢得的关键类别瑜伽,火车和跑步。

所以我们觉得我们对正在下降的产品发布以及客户对产品的反应方式以及他们看到的产品的反应方式感觉非常好。

会议主持员

The next question comes from Ike Boruchow of Wells Fargo. Please go ahead, sir.

接下来的问题来自富国银行的Ike Boruchow。 请继续,先生。

****IkeBoruchow

Hey. Let me add my congrats. I guess I'm going to throw this question to Stuart, it's very compelling stuff you've got on China with the .cn roll out. I guess this over time, Stuart, can you maybe talk about how you see the mix of your digital business in China the .cn site versus Tmall and may be relative profitability between the two? If there's any nuances we should keep in mind. Thanks.

嘿。 让我加恭喜。 我想我会把这个问题提交给斯图尔特,这是非常引人注目的东西,你已经在中国推出了.cn。 我想,随着时间的推移,Stuart,您是否可以谈谈您如何看待中国数字业务与.cn网站与天猫的混合,并且可能是两者之间的相对盈利? 如果有任何细微差别我们应该记住。 谢谢。

****StuartHaselden

Sure, Ike. So the business vision that we have for China is certainly more heavily considered from a digital standpoint than North America. As we've said in some of our prior conversations, we can see the business in China being 50% online and the structure of the industry in China is also important and creating that environment to make that possible. And when I say that structure I think part of that is the marketplace structure that we're all aware of with WeChat and Tmall and the dominance that they have in the Chinese market.
So we participate in that but we're very cognizant of how our brand is being introduced and developed, and where we take important steps to ensure that we have a very premium positioning for the brand. We see Tmall continuing to be an important part of the overall digital business mix for us, but we see our own .cn site and our WeChat site emerging and taking a larger proportion of our digital business in time. We're making investments now to make that possible and we'll share those details with you as they develop. But the launch of the .cn site or the relaunch I should say of the dots cn site that we mentioned in the first quarter is an important part of that.
And generally just the expansion of the store footprint will drive brand awareness. We're seeing great traction broadly across China and a lot of signals that are suggesting that our brand is gaining traction. So that will --that will support and fuel truck traffic and our business across all channels. So I think those are things I'd point to in terms of just how we're thinking about the digital part of our business there.

当然,艾克。因此,从数字的角度来看,我们对中国的商业愿景肯定比北美更重要。正如我们在之前的一些对话中所说,我们可以看到中国的业务在线占50%,而中国的行业结构也很重要,并创造了实现这一目标的环境。当我说这个结构时,我认为其中一部分是我们都知道微信和天猫的市场结构以及他们在中国市场的主导地位。

所以我们参与其中,但我们非常了解我们的品牌如何被引入和开发,以及我们采取重要措施以确保我们对品牌有非常优质的定位。我们认为天猫仍然是我们整体数字业务组合的重要组成部分,但我们看到我们自己的.cn网站和我们的微信网站正在兴起,并及时占据了我们数字业务的更大比例。我们现在正在进行投资以实现这一目标,我们会随着您的发展与您分享这些细节。但是.cn网站的推出或重新启动我应该说我们在第一季度提到的点cn网站是其中的一个重要部分。

通常只是商店足迹的扩大将推动品牌知名度。我们在整个中国都看到了很大的吸引力,而且很多信号表明我们的品牌正在获得牵引力。这将是 - 将支持和推动所有渠道的卡车流量和我们的业务。所以我认为,就我们如何考虑我们业务的数字部分而言,这些都是我所指出的。

****IkeBoruchow

And could you just elaborate on the margin structure of the .cn versus Tmall over time opportunity?

你能否详细说明随着时间的推移,.cn与天猫的边际结构?

****StuartHaselden

Yes, for sure. Overall, there is an advantage from a digital versus stores that is directionally consistent with what we see in North America in terms of the bottom-line contribution margin for the digital business versus stores. That said, there is incremental cost that we incur to operate on the Tmall platform but it's still an attractive contribution margin that is still higher than what we see in our store business.

是肯定的。 总体而言,数字与商店的优势在于,与数字业务与商店的底线贡献率相比,我们在北美看到的方向一致。 也就是说,我们在天猫平台上运营会产生增量成本,但它仍然是一个有吸引力的贡献率,仍然高于我们在商店业务中看到的。

会议主持员

The next question comes from Kate Fitzsimons of RBC Capital Markets. Please go ahead.

下一个问题来自RBC Capital Markets的Kate Fitzsimons。 请继续。

****KateFitzsimons

Yes, hi, guys. Congratulations on the strong results. I guess my question would be the 2019 outlook on gross margin. Just how should we factor in some of these non merchandize items. PJ, you did mention the 20, 30 the headwind from flying in goods ahead of the port congestion, but we think about these other merchandise items such as rent, occupancy and the product and supply chain cost as well? Thank you.

是的,嗨,伙计们。 祝贺结果强劲。 我想我的问题是2019年的毛利率前景。 我们应该如何考虑这些非商品项目中的一些。 PJ,你确实提到了在港口拥堵之前货物飞行的逆风20,30,但我们考虑其他商品项目,如租金,入住率以及产品和供应链成本? 谢谢。

****PJGuido

Yes. Hey, Kate, this is PJ. So what's driving gross margin going forward so the biggest driver does remain lower product cost. We did have a pickup and markdown and mix. Would you see remaining opportunities in scale segmenting the supply chain, greater efficiency across the distribution network. That said so there are some pressures and those pressures are related to DC investment. So we open Toronto. There was some start-up costs there - are co-located in our international stores carry higher rent. So we'll see a little bit of pressure from occupancy and depreciation, but that for the quarter was relatively minimal.
And then going forward, we're going to continue to develop product, right. So with the new categories bras, outerwear. So we are spending money to continue to build out our product assortment. So again net-net we will see modest expansion as we've guided to but there will be a little bit of pressure from those items I just mentioned.

是。 嘿,凯特,这是PJ。 因此,推动毛利率向前发展的因素是最大的推动因素仍然是降低产品成本。 我们确实有一个拾取和降价和混合。 您是否会看到在规模分割供应链方面留下的剩余机会,提高整个分销网络的效率。 这就是说有一些压力,这些压力与直流投资有关。 所以我们打开多伦多。 那里有一些启动费用 - 我们的国际商店共同拥有更高的租金。 所以我们会看到入住和折旧带来的一点压力,但本季度的压力相对较小。

然后继续,我们将继续开发产品,对吧。 所以新款胸罩,外套。 所以我们花钱继续建立我们的产品分类。 所以再次网络我们将看到我们所指导的适度扩张,但我刚才提到的那些项目会有一点压力。

会议主持员

The next question comes from Adrienne Yih of Wolfe Research. Please go ahead.

接下来的问题来自Wolfe Research的Adrienne Yih。 请继续。

****AdrienneYih

Good afternoon. Congratulations, great quarter. Calvin, I was wondering if you can give us an update on the Robert Geller and lab collections. And any learning thus far for your go forward strategy? And then PJ just to clarify the comments you made on the tariff were those increase from 10% to 25% on list three or is this predicated on the list four? And can you give us the amount of sourcing directly out of China at this point? Thank you.

下午好。 恭喜,很棒的一刻。 凯文,我想知道你能不能给我们罗伯特盖勒和实验室收藏的最新消息。 到目前为止,您的前进策略是什么? 然后PJ只是澄清你对关税的评论是那些在第三列上从10%增加到25%还是在这四个名单上的预测? 您能否直接向我们提供从中国直接采购的数量? 谢谢。

****CalvinMcDonald

Great. I'll kick off and just comment on both Robert Geller and lab. On Robert Geller, we're very pleased with the results of the collaboration and similar to many of the collaborations we've done, our guests are responding very favorably in general to this newness in an opportunity to either buy into a new category or a unique aesthetic. With Robert Geller in particular, some of the key learnings was this one showed up very strong from an international perspective in particular in our Asia-pacific markets, which is really exciting when we think of the opportunity for these collabs going forward.
The marketing buzz through social was significant behind this collaboration which is exciting as we look for ways to continue to leverage our marketing and create an impact in acquiring new guest and raise the awareness of the brand which then leads to the final in a learning which is -- it responded very well with recruiting new guests into the brand, but equally our current guests were heavily engaged in the product which is a great opportunity for us as we look for ways to continue to broaden and increase the share of wallet with our highly loyal and high spenders.
So overall the collaboration performed very well with a lot of key learnings. In the lab, those ideas will feed into our lab of which we shared earlier we're planning some shopping shops in the fall. And we'll continue to expand and roll out from there.

非常好。我将开始对Robert Geller和实验室发表评论。在罗伯特盖勒,我们对合作的结果非常满意,与我们所做的许多合作类似,我们的客人总体上非常赞赏这种新的机会,无论是购买新类别还是购买新类别独特的审美。特别是罗伯特·盖勒(Robert Geller),其中一些关键的学习是从国际视角出发,特别是在我们的亚太市场中表现得非常强大,当我们想到这些合作的机会向前发展时,这真的很令人兴奋。

通过社交进行的营销活动在这次合作背后非常重要,因为我们正在寻找方法继续利用我们的营销并在获取新客户方面产生影响并提高品牌知名度,然后在学习中获得最终结果。 - 它在招募新客人进入品牌方面做出了很好的反应,但同样我们现在的客人也大量参与了这个产品,这对我们来说是一个很好的机会,因为我们正在寻找方法继续扩大和增加钱包的份额。忠诚和高消费者。

总的来说,这项合作在很多重要的学习中表现得非常好。在实验室中,这些想法将进入我们之前分享的实验室,我们计划在秋季开设一些购物商店。我们将继续扩展并从那里推出。

****PJGuido

Great and then on the second question about tariffs, I'll point out just a few things. So first, I think it's important to mention that our direct exposure to China is relatively small with 6% of our total finished goods exported for China to the US and so for tariff. To answer your question, so currently under the Tranche Three tariffs only 1% of our finished goods are subject to that. The balance, the additional 5% would be subject -- that would be part of the transport tariff.
So that's the direct impact. The better part of the expense is really coming from this indirect exposure we have. We're anticipating port congestion right around the timeframe starting in that mid to late July timeframe and we think it's prudent and important to deliver new product for our guests and protect the sales associated with those goods. So really the larger airfreight that I mentioned.

很好,然后关于关税的第二个问题,我会指出一些事情。 首先,我认为值得一提的是,我们对中国的直接投资规模相对较小,我们向中国出口的成品总量的6%用于关税。 要回答您的问题,因此目前根据第三部分关税,只有1%的成品受此限制。 余额,额外的5%将受到影响 - 这将是运输关税的一部分。

这就是直接的影响。 费用的更大部分实际上来自我们的间接曝光。 我们预计在7月中下旬开始的时间范围内就会出现港口拥堵,我们认为为客人提供新产品并保护与这些商品相关的销售是谨慎和重要的。 所以真的是我提到的更大的空运。

会议主持员

The next question comes from Paul Lejuez who is with Citigroup. Please go ahead, Paul.

接下来的问题来自花旗集团的Paul Lejuez。 请继续,保罗。

****PaulLejuez

Hey, thanks guys. I'm curious as you open stores in some of your less mature markets, if you're seeing a lift to your e-com business in that market? If there's any way could you quantify that? And second what percent of your product sales come from new SKUs and what was that number in 1Q and if you do try to quantify it that way. And I'm curious about what is your philosophy about what that percentage should be over time coming from new SKUs versus existing winners? Thanks.

嘿,谢谢你们。 如果您在该市场看到电子商务业务的升级,我会对您在一些不太成熟的市场开设商店感到好奇吗? 如果有什么方法可以量化那个? 第二,你的产品销售的百分之几来自新的SKU以及第一季的数字,如果你确实试图以这种方式量化它。 而且我很好奇你对新SKU与现有获胜者之间的百分比应该是什么样的理念? 谢谢。

****StuartHaselden

Hey, Paul. It's Stuart. I'll speak to your first question on our less developed markets. What we see in our international region is consistent with our experience in North America in that. As we open new stores we see our web business, our e-com business accelerate in and around the trade area where we open the stores. And we -- but we also use our digital business, our e-com business as a guide to understand where we might open, look to open new stores, where our demand and brand awareness is gaining traction. That is an indicator that factors into how we rate markets and trade areas as potential candidates for new stores.
So that experience has proven consistent in our international markets. And we really see a positive synergistic effect of the footprint, the growing footprint of the store, the store fleet in driving awareness in traffic across both channels.

嘿,保罗。 这是斯图尔特。 我将就我们欠发达市场的第一个问题发言。 我们在国际区域看到的与我们在北美的经验是一致的。 当我们开设新店时,我们看到了我们的网络业务,我们的电子商务业务在我们开设商店的贸易区内和周围加速。 我们 - 但我们也使用我们的数字业务,我们的电子商务业务作为指导,了解我们可能在哪里开业,寻找开设新店,我们的需求和品牌知名度正在提升。 这是一个指标,它影响我们如何评价市场和贸易区域作为新店的潜在候选人。

因此,我们的国际市场证明了这种经验是一致的。 我们确实看到了足迹的积极协同效应,商店不断增长的足迹,商店车队在提高两个渠道的交通意识方面。

****CalvinMcDonald

And Paul relative to the second part of your question, the majority of our sales growth is coming from our core products. Our core franchises that we either continue to innovate on or introduce new color palettes which the guests are responding very favorably to. We do introduce a number of drops on a weekly basis, the guest responds very well to those. We monitor but don't share sort of the makeup as a percentage of sales, but overall core is driving our business. We take franchises and innovate behind them and I think we shared metal bend that's coming in Q3, tail end of Q2 which is a wonderful innovation on a very powerful strong franchise that will continue to drive.
And as we test and learn into new categories as we expand into yoga, train and run, an OTC which is the areas that we mentioned our focus areas for the merchants and our product teams to design into. The growth is coming from core.

保罗相对于问题的第二部分,我们的大部分销售增长来自我们的核心产品。 我们的核心特许经营权,我们要么继续创新,要么推出新的调色板,客人对此非常满意。 我们确实每周推出一些降价,客人对这些降价非常好。 我们监控但不分享化妆品占销售额的百分比,但整体核心正在推动我们的业务。 我们采取特许经营并在他们身后进行创新,我认为我们分享了第三季度的第三季度金属弯曲,这是一个非常强大的强大特许经营权的一个奇妙的创新,将继续推动。

当我们扩展到瑜伽,训练和跑步时,我们测试和学习新的类别,OTC是我们提到商业和我们的产品团队设计的重点领域。 增长来自核心。

会议主持员

The next question from Omar Saad who's with Evercore ISI. Please go ahead.

来自Omar Saad的下一个问题是Evercore ISI。 请继续。

****OmarSaad

Hey, thanks for taking my question. I wanted to ask about the most recent round of the loyalty launch. What you're learning from that? Now I think it's in the third iteration. When do you expect to roll it out more broadly/ How are -- what kind of data are you accruing from the program at the local market level? It's pretty incredible to me the results you're putting up without even really having that data, customer level data behind some of the decision-making. So intrigued to hear more and how big of a lever that could be? Thanks.

嘿,谢谢你提出我的问题。 我想询问最近一轮的忠诚度发布。 你从中学到了什么? 现在我认为这是在第三次迭代中。 您何时希望更广泛地推广/如何 - 您从当地市场的计划中获得了哪些数据? 对我来说,如果没有真正拥有这些数据,一些决策背后的客户级别数据,那就非常令人难以置信。 如此感兴趣的是听到更多以及可能有多大的杠杆? 谢谢。

****StuartHaselden

Great. Thanks, Omar. We did roll out so we're now testing in Edmonton in Denver and Austin and each market we tweak the programs slightly from the product that we make available to the guests to the price point that we make available to the guests to the price point as you know we raise the price point in our later tests to see how the gust would respond. We are playing with the events which are the primary benefit from joining in to the membership. And in each market, the results have been well above our expectations going in very favorable from the guests and we continue to tweak and learn and do plan to roll into more markets. And we'll have more to announce at a later point in time.
But 2020 is year in which we see expanding into more markets and we are very excited about the potential of this membership in the platform to drive new guest acquisition, which is what we're seeing with the program which is super exciting, driving guest loyalty and engagement into the brand, which is what we expected. But also on the back of having to be a revenue stream for the business in a way in which we can achieve and drive that engagement through that system.

非常好。谢谢,奥马尔。我们确实推出了,所以我们现在正在丹佛和奥斯汀的埃德蒙顿进行测试,每个市场我们都会根据我们向客人提供的产品略微调整程序,以价格点向客人提供价格点。你知道我们在后来的测试中提高了价格点,看看阵风会如何反应。我们正在参与这些活动,这些活动是加入会员的主要好处。在每个市场中,结果都远远高于我们的期望值,非常有利于客人,我们继续调整和学习,并计划进入更多市场。我们将在稍后的时间点宣布更多内容。

但是2020年是我们看到扩展到更多市场的一年,我们对这个会员资格在推动新客户收购方面的潜力感到非常兴奋,这是我们所看到的超级刺激计划,推动客户忠诚度并参与品牌,这是我们所期望的。但同时也必须成为业务的收入来源,以便我们能够通过该系统实现并推动这种参与。

会议主持员

The next question comes from John Kernan who's with Cowen. Please go ahead, sir.

接下来的问题来自John Cownan和Cowen。 请继续,先生。

****JohnKernan

Good afternoon. Thank you taking my question. I wanted to go back to the buy online, pick up in store. I think it's scaling from 35 to 150 stores and it's a full rollout I think you said by the end of the third quarter. What are your learnings from this and how much of it incremental driver of demand do you think this can be?

下午好。 谢谢你提出我的问题。 我想回到网上买,在商店买。 我认为它正在从35家商店扩展到150家商店,而且我认为你会在第三季度末完成推广。 您从中学到了什么?您认为这可以是多少需求的增量驱动因素?

****CalvinMcDonald

And I think -- so you're right, we rolled up to 150 stores and our plan is to have all stores up and running by end of Q3 which will put us in great standing for the holiday. And I think we'll learn a lot when that happens and as we're rolling out, we're happy with the results, equally internally operationally 80% of the orders that are placed are ready for pick up within one hour, which I think is an important internal metric for us because it just sort of talks to the operational readiness and engagement so that as the demand from the guests accelerates, we're ready to be there to service them. As we roll out to more stores we're able to position it differently within the website experience and the checkout making it a lot more known and really start to market it.
So early indication is encouraging. We think it's a necessity and leveraging our omni strategy which is one of our pillars of growth. So we know we need to do it and I think this fourth quarter when we're in full rollout and we're marketing it aggressively on our website and in the checkout a guest really know it's an option across the full fleet will really learn, but I'm encouraged by it and I think it would be a wonderful way to continue to drive our traffic into the store, drive that incremental pickup and in contribute to the top-line.

而且我认为 - 所以你是对的,我们累计到150家商店,我们的计划是在第三季度结束时让所有商店运转起来,这将使我们在假期中享有很高的地位。而且我认为当这种情况发生时我们会学到很多东西,当我们推出时,我们对结果很满意,同样在内部操作上,80%的订单都可以在一小时内准备好接收,我我们认为这是一个重要的内部指标,因为它只是谈论运营准备和参与,以便随着客人的需求加速,我们准备在那里为他们提供服务。随着我们向更多商店推出,我们能够在网站体验和结账方面对其进行不同的定位,使其更加为人所知并真正开始营销。

因此,早期迹象令人鼓舞。我们认为这是必要的,并利用我们的全方位战略,这是我们增长的支柱之一。所以我们知道我们需要这样做,而且我认为第四季度我们正在全面推出并且我们在我们的网站上积极推销它并且在结账时客人真的知道它是整个车队的一个选项将真正学习,但我很受鼓舞,我认为这将继续推动我们的流量进入商店,推动增量提升并为顶线做出贡献。

****JohnKernan

Got it and then just on that topic, obviously the Lincoln Park store opening in Chicago, is this a test or is this like larger scale experiential type store something you think is that you're considering scaling even greater?

得到它,然后只是在那个话题,显然林肯公园商店在芝加哥开业,这是一个测试还是像大规模的体验式商店,你认为你正在考虑扩大规模?

****CalvinMcDonald

Well, it's definitely a test. We, as you know, our vision is just to be an experiential brand and we know we can deliver those experiences both within the store and outside of the store. And we do that very effectively across the fleet today. What Lincoln Park will allow us to do is to bring a lot of those experiences inside the four walls into the community on a consistent basis. So it is a test and we will learn from that. And then figure out how within our flexible fleet that we have today from seasonal stores to small up to our large format. This we believe could become just another mix within our portfolio of how we go into a market and deliver our experience to our guests. But it's a test we're going to learn and we'll go from there.

嗯,这绝对是一个考验。 我们,如您所知,我们的愿景只是成为一个体验品牌,我们知道我们可以在商店内外为商店提供这些体验。 我们今天在整个舰队中非常有效地做到了这一点。 林肯公园允许我们做的是将四面墙内的大量经验一致地带入社区。 所以这是一个测试,我们将从中学习。 然后弄清楚我们今天从季节性商店到小型到大型格式的灵活机队。 我们相信这可能成为我们如何进入市场并为我们的客人提供体验的另一个组合。 但这是我们将要学习的测试,我们将从那里开始。

会议主持员

The next question comes from Camilo Lyon who's with Canaccord Genuity. Please go ahead.

接下来的问题来自Camilo Lyon和Canaccord Genuity。 请继续。

****CamiloLyon

Thank you. Good afternoon, everyone. Really great job here. Calvin, I think in your comments about the strength of the women's business, you talked about the bottoms category continuing to be a leading category for you. But what was interesting to us was the mention and call out of joggers. Can you talk about how your female consumer is expanding their aperture with respect to your offering such that you're giving the larger share of closet? It seems like that is starting to manifest in a way that could serve you well from the perspective of creating a bigger moat around the customer that you've invested in all these years.

谢谢。 大家下午好。 这里真的很棒。 凯文,我认为在您对女性业务实力的评论中,您谈到了底部类别仍然是您的主要类别。 但对我们来说有趣的是提及并召唤出慢跑者。 您能否谈谈您的女性消费者如何扩大您的产品口径,以便您获得更大份额的衣柜? 从这些年来你投资的客户周围创造一个更大的护城河的角度来看,这似乎开始以一种可以很好地为你服务的方式表现出来。

****CalvinMcDonald

Yes. No for sure. What I would tell you in terms of our business both across men's and women's, but I'll speak specifically to women's is the number of new guests we're seeing, as well as our reactivated guests in addition to a current active guests. So bottoms continues to be the number one driver of new guest acquisition and both leggings and joggers are performing incredibly well at achieving that, as well as we dial up our digital marketing initiatives and our email campaigns, we're proving that many of those tactics are proving very effective to reactivate guests into the brand.
And then as you've mentioned to grow that share wallet which is equally something that we're focused on in exciting. So bottoms really are a very balanced growth across those three pillars. When we look to building out our core and filling in the assortment opportunities we have around yoga, train and run as well as OTC, we expect that much of that will drive the share of wallet with our existing guests because what we're doing is truly bringing incremental assortment in choice to her and him but in this case to her in the categories in which she sweats today, where we don't have product offering but we know we have an opportunity to deliver it through our unique lens of science of fields.
So moving forward we expect to continue to grow that share of wallet. And as you mentioned depth of wardrobe and see a lot of opportunity to do that by just expanding into the sweat categories we already have a relationship for or with her today.

是。不确定。无论男女,我都会告诉你我们的业务,但我会特别谈到女性,我们看到的新客人数量,以及我们重新激活的客人以及当前活跃的客人。因此,底部仍然是新客户收购的头号驱动因素,并且绑腿和慢跑者在实现这一目标方面表现非常出色,我们拨打了数字营销计划和电子邮件活动,我们证明了其中许多策略证明非常有效地重新激活客人进入品牌。

然后正如你所提到的那样,增加共享钱包,这同样是我们关注的令人兴奋的事情。因此,这三个支柱的底部确实是非常平衡的增长。当我们寻求建立我们的核心并填补我们在瑜伽,火车和跑步以及场外交易方面的各种机会时,我们希望其中的大部分能够带来我们现有客人的钱包份额,因为我们正在做的是真正为她和他带来了增量分类选择,但在这种情况下,她在今天出汗的类别中,我们没有提供产品,但我们知道我们有机会通过我们独特的科学领域。

因此,我们期待继续增加钱包的份额。正如你提到衣柜的深度,看到很多机会通过扩展到汗水类别我们已经与她今天或与她的关系。

****CamiloLyon

Great, thank you. And my following question relates to the differences between your existing guests purchasing behavior and the new guests that you're bringing into the store and into the brand. So is there any color you can provide in terms of this -- the average trend between those two cohorts? I think it would be helpful in determining what the opportunity is of taking that new guests up that spend curve and have that person or that guest look like a more mature higher spending consumer over x amount of time or month or what have you.

太好了谢谢。 我的以下问题涉及您现有的客人购买行为与您带入商店和品牌的新客人之间的差异。 那么你可以提供任何颜色 - 这两个队列之间的平均趋势吗? 我认为这有助于确定吸引新客户花费曲线的机会是什么,让那个人或那个客人看起来像一个更成熟的更高消费消费者超过x时间或月份或你有什么。

****CalvinMcDonald

Yes. We don't share sort of the average spend across our different guests. What I can tell you are directionally that our email file growth continues to be very strong, as well as our new guest acquisition. And as we're building our CRM capability, our ability to then migrate or trade up those guests into new categories or deeper into the categories they're in is proving to be a very effective way in which we're keeping the guests very engaged and active, as well as increasing the share of wallet. But equally focus on our high value guest which we have incredible loyalty retention numbers within retail.
So they're highly engaged. Their retention numbers are very high and getting them to continue to engage in the category and drive growth is proving very [Technical Difficulty] is a big area focus for us and something that we're really excited about as we look to yoga, train and run and OTC as categories where we can expand the assortment with that engagement and retention to be able to increase the share of wallet that whole CRM initiative is a big area. We're seeing some really good success from it.

是。我们不会分享不同客人的平均消费。我可以告诉你的是,我们的电子邮件文件增长仍然非常强劲,以及我们的新客户收购。当我们构建我们的CRM能力时,我们将这些客户迁移或交易到新类别或更深入到他们所处类别的能力证明是一种非常有效的方式,我们让客人非常投入并积极,以及增加钱包的份额。但同样关注我们的高价值客户,我们在零售业中拥有令人难以置信的忠诚度保留数字。

所以他们高度敬业。他们的保留数量非常高,让他们继续参与这个类别并推动增长是非常的[技术难度]对我们来说是一个很大的领域焦点,我们真的很兴奋,因为我们期待瑜伽,训练和运行和OTC作为类别,我们可以通过参与和保留来扩展分类,以便能够增加整个CRM计划占主导地位的钱包份额。我们看到它取得了一些非常好的成功。

会议主持员

The next question comes from Kimberly Greenberger who is with Morgan Stanley. Please go ahead.

接下来的问题来自摩根士丹利的金伯利格林伯格。 请继续。

****KimberlyGreenberger

Great. Thank you so much. PJ, I wanted to just follow up on the potential port congestion. I'm wondering what you're hearing from your production department around the risks of port congestion. Is it the ocean cargo capacity is tight right now or is there other signals that your production department is seeing that suggests we could see this port congestion either late second quarter early third quarter? And with regard to your early third quarter and with regards to your deliveries in particular, it sounds like you've protected all of your deliveries from these potential delays but I just want to confirm that you don't have any inventory on order that would be at risk of late delivery.
And then I wasn't sure if I missed it but did you offer any color guidance on the second quarter SG&A? Thanks so much.

非常好。 非常感谢。 PJ,我想跟进潜在的港口拥堵。 我想知道你在生产部门听到的关于港口拥堵风险的内容。 现在海洋货物运输能力是否紧张,或者您的生产部门是否有其他信号表明我们可以在第二季度第二季度末看到这个港口拥堵? 关于你的第三季度早期以及特别是你的交付情况,听起来你已经保护了所有的交货免受这些潜在的延误,但我只是想确认你订单上没有任何库存。 有延迟交货的风险。

然后我不确定我是否错过了它,但你是否在SG&A第二季度提供任何颜色指导? 非常感谢。

****PJGuido

Yes. Thanks, Kimberly. So I'll pick those one at a time. So with regards to the airfreight, you're exactly right. We are protecting our fall deliveries. And that's why we're doing it, it's a hedge. So we're eliminating the risk. I mean there's always summers but we're eliminating most of it by utilizing airfreight and not getting caught up in the congestion which is we've seen this before due to tariffs companies trying to get out ahead of it, but there is also a broader issue with carriers consolidating cargo. They refer to it as trans shipments but that's a separate issue that's related more to carriers but that is an issue we're dealing with as well.
So hopefully that answers your question on port congestion. On SG&A, so we are committed to modest SG&A leverage for the year. We remain focused on that. As we mentioned before, we're using strong performance to invest in current and long-term growth. And we're seeing a result from that. During this quarter, we leaned into digital marketing, focused on building brand awareness, driving the guest acquisition as Calvin talked about we're expanding our testing of new growth vehicles, loyalty, self care focus. And then we continue to invest in our North American online guest experience. And that data and analytics to drive conversion.
So the last few quarters have seen -- we've ramped up our investment. We'll start to see the benefit of those in the back half and for Q2, we're calling for flat on SG&A and we see the bigger opportunities in our biggest quarters Q3 and Q4 to add leverage to SG&A. But for now we're still making investments and we still feel like that's the right strategy for the business.

是。谢谢,金伯利。所以我会一次挑选一个。所以关于空运,你是完全正确的。我们正在保护我们的秋季交付。这就是为什么我们这样做,这是一个对冲。所以我们正在消除风险。我的意思是总是夏天,但是我们通过利用空运来消除大部分时间,而不是陷入拥挤状态,这是我们之前看到过的,因为关税公司试图超越它,但也有更广泛的运营商合并货物的问题。他们将其称为转运,但这是一个与运营商有关的单独问题,但这也是我们正在处理的问题。

所以希望能回答你关于港口拥堵的问题。在SG&A上,我们致力于为年度提供适度的SG&A杠杆。我们仍然专注于此。正如我们之前提到的,我们正在利用强劲的业绩来投资当前和长期的增长。我们正在看到这样的结果。在本季度,我们倾向于数字营销,专注于建立品牌知名度,推动客户收购,因为Calvin谈到我们正在扩大我们对新增长车辆,忠诚度,自我关注焦点的测试。然后我们继续投资我们的北美在线客户体验。而那些数据和分析可以推动转换。

所以过去几个季度都看到了 - 我们加大了投资力度。我们将开始看到后半部分和第二季度的利益,我们要求在SG&A持平,我们看到我们最大的第三季度和第四季度有更大的机会为SG&A增加杠杆。但是现在我们仍然在进行投资,我们仍然认为这是正确的业务战略。

会议主持员

The next question comes from Brian Nagel who's with Oppenheimer. Please go ahead, Brian.

接下来的问题来自Brian Nagel和Oppenheimer。 请继续,Brian。

****BrianNagel

Yes. Congrats on very nice quarter. I want to get a little [Indiscernible] if you look at the gross margin trajectory here in Q1 clearly still very solidly positive year-over-year, but the rate of your increase has moderated that over the past a few quarters or so. My question there is if we can understand better with what's occurred to sort of say facilitate that more modest rate of -- more modest pace of gross margin expansion. And how should we think about that line going forward?

是。 恭喜非常好的季度。 如果你看一下Q1的毛利率轨迹明显仍然非常稳定,我希望得到一点[音频不清晰],但是你的增长率在过去的几个季度左右已经有所缓和。 我的问题是,如果我们能够更好地理解所发生的事情,那么就可以促进更温和的利率 - 更适度的毛利率扩张速度。 我们该如何思考这条路线呢?

****StuartHaselden

Hey, Brian, it's Stuart. Let me speak to that in terms of the drivers within our supply chain that are -- that had delivered the improvement over the last few years. And then I think more specifically to your question more recently, so we were able to build the programs that delivered the larger more step function improvement in 2016 and 2017. And we've been able to take that forward into 2018 and 2019 and it's a part of our long-term guidance that PJ outlined at our Analyst Day to deliver modest gross margin improvement over the next few years.
There are really four things that are driving that. Scale, price breaks from volume increases. Second thing is segmentation of our supply chain as we are able to drive more of our assortment into the lower cost segments of our sourcing strategy. The third thing is transparency as we're able to drive greater degree of specific production standards and costing negotiations across a broader part of our assortment. And the fourth thing is the distribution efficiencies that PJ also mentioned. So those four things are the drivers of our gross margin improvement. They -- we are lapping some very significant improvements. They will naturally moderate into the future but we still see significant opportunities over the next several years reflected in our guidance.

嘿,Brian,这是Stuart。让我谈谈我们供应链中的驱动因素 - 这些驱动因素在过去几年中得到了改善。然后我更加具体地考虑你的问题,因此我们能够在2016年和2017年建立能够提供更大步骤功能改进的计划。我们已经能够将其推进到2018年和2019年,这是一个PJ在我们的分析师日概述的长期指导的一部分,以在未来几年内实现适度的毛利率改善。

实际上有四件事正在推动这一切。规模,价格突破量增加。第二件事是我们供应链的细分,因为我们能够将更多的产品分类到我们采购战略的低成本部分。第三件事是透明度,因为我们能够推动更大程度的具体生产标准,并在我们的各个部门中进行谈判。第四件事是PJ也提到的分配效率。所以这四件事是我们毛利率改善的驱动因素。他们 - 我们正在进行一些非常重要的改进。他们自然会适应未来,但我们仍然看到在我们的指导中反映的未来几年的重大机遇。

****BrianNagel

That was very helpful, I appreciate it. If I could slip in maybe a quick follow up then. Just with regards to sales, I think Calvin I think you mention in your prepared comments in which you made reference to some of the soft lines or apparel type weakness out there and clearly that did not occur in the Lulu results as we are looking at the results day, but the question I have is as you look closer to business whether it be geographically across the country or even month-to-month, week-to-week, could you see any signs at all behind these very, very strong numbers of some stress on that consumer within the category.

这非常有帮助,我很感激。 如果我可以随便进行快速跟进。 关于销售问题,我认为Calvin我认为你在准备好的评论中提到了你在那里提到的一些软线或服装类型的弱点,并且很明显在Lulu结果中没有出现,因为我们正在看 结果那一天,但我的问题是,当你看起来更接近商业时,无论是在全国各地,甚至是每月,每周,你都能看到这些非常强大的数字背后的任何迹象 对该类别中的消费者施加一些压力。

****CalvinMcDonald

I think when we look at Q1 and as we've shared the balance across our product categories both men's and women's, both bottoms and tops, our brand activations be at some of the tests with membership or the event activity that we're doing being able to leverage our improved data analytics and digital marketing. I mean our guest was responding and as we shared store traffic of plus 8% in over 40% in e-commerce is a good healthy metric of a highly engaged guest. And we did not as we don't typically see in our business significant swings week-to0week or season-to-season or holiday-to-holiday.
So I would through Q1 we were very pleased with the momentum consistent with traffic driving a big piece of that business in both new guests as well as existing guests and balanced across our product range.

我认为,当我们看第一季度时,由于我们在产品类别(包括男士和女士,包括裤子和上衣)之间分享了平衡,我们的品牌激活是在我们正在进行的会员或活动的某些测试中进行的。 能够利用我们改进的数据分析和数字营销。 我的意思是我们的客人正在回应,因为我们共享超过40%的商店流量超过40%的电子商务是一个高度敬意的客人的良好健康指标。 而我们并没有像往常那样在我们的业务中看到一周至周或季节或假日假期的重大波动。

因此,通过第一季度,我们非常满意与新客人和现有客人共同推动业务发展的流量,并在我们的产品系列中保持平衡。

会议主持员

The next question comes from Dana Telsey with Telsey Advisory Group. Please go ahead.

接下来的问题来自Dana Telsey和Telsey Advisory Group。 请继续。

****DanaTelsey

Good afternoon, everyone and congratulations on the terrific results. As you look at the comp beyond the traffic how are the other components of comp and how did they compare the last quarter what you're seeing? And is there any more color on the merchandize margin and the progress there? Thank you.

大家下午好,祝贺所有人都取得了不错的成绩。 当您看到超出流量的组件时,comp的其他组件如何,以及他们如何比较您所看到的最后一个季度? 商品利润和那里的进展还有更多的颜色吗? 谢谢。

****PJGuido

Hey, Dana, it's PJ. So with regard to comp drivers, it is predominantly a traffic story. Again traffic in stores update percent online over 40%. The North American conversion online has shown significant improvement due to our ongoing investment there. So we're seeing a result there. As far as AUR and UPT, they have effectively -- we have a relatively stable average order value or basket size. So it's predominantly a traffic story.
End of Q&A

嘿,达娜,这是PJ。 因此,对于comp驱动程序,它主要是交通故事。 商店中的流量再次在线更新百分比超过40%。 由于我们在那里的持续投资,北美在线转换显示出显着改善。 所以我们在那里看到了一个结果。 就AUR和UPT而言,它们是有效的 - 我们有一个相对稳定的平均订单价值或购物篮规模。 所以它主要是一个交通故事。

问答结束

会议主持员

This concludes time allocated for questions on today's call. I'll now turn the conference back over to Howard Tubin for any closing remarks.

这就是为今天的电话问题分配的时间。 现在,我将把会议转回霍华德·图宾的任何结束语。

霍华德·图宾

Thanks for joining us everyone. We appreciate the time and we look forward to speaking with you in about three months when we report our second quarter results. Thanks.

感谢大家加入我们。 我们感谢您的时间,我们期待在报告第二季度业绩的三个月内与您交谈。 谢谢。

会议主持员

This concludes today's conference call. You may now disconnect your line. Thank you for participating and have a pleasant day.

今天的电话会议结束了。 您现在可以断开线路了。 感谢您的参与,祝您度过愉快的一天。

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