Foot Locker Inc (FL) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Foot Locker's Fourth Quarter 2021 Financial Results Conference Call. (Operator Instructions)

女士們先生們，早上好，歡迎參加 Foot Locker 2021 年第四季度財務業績電話會議。 （操作員說明）

This conference may contain forward-looking statements that reflect management's current views of future events and financial performance. Management undertakes no obligation to update these forward-looking statements, which are based on many assumptions and factors, including the impact of COVID-19, effects of currency fluctuations, customer preferences, economic and market conditions worldwide and other risks and uncertainties described more fully in the company's press release and reports filed with the SEC, including the most recently filled (sic) [filed] Form 10-K or Form 10-Q. Any changes in such assumptions or factors could produce significantly different results, and actual results may differ materially from those contained in the forward-looking statements.

本次會議可能包含反映管理層當前對未來事件和財務業績的看法的前瞻性陳述。管理層不承擔更新這些前瞻性陳述的義務，這些陳述基於許多假設和因素，包括 COVID-19 的影響、貨幣波動的影響、客戶偏好、全球經濟和市場狀況以及更全面描述的其他風險和不確定性在公司向 SEC 提交的新聞稿和報告中，包括最近填寫的（原文如此）[提交的]表格 10-K 或表格 10-Q。此類假設或因素的任何變化都可能產生顯著不同的結果，實際結果可能與前瞻性陳述中包含的結果大不相同。

Please note this conference is being recorded.

請注意，本次會議正在錄製中。

I would now like to turn the call over to Robert Higginbotham, Vice President, Investor Relations. Mr. Higginbotham, you may begin.

我現在想把電話轉給投資者關係副總裁 Robert Higginbotham。 Higginbotham 先生，您可以開始了。

Thank you, operator. Welcome, everyone, to Foot Locker, Inc.'s fourth quarter earnings call.

謝謝你，接線員。歡迎大家參加 Foot Locker, Inc. 的第四季度財報電話會議。

As described in today's earnings release, we reported fourth quarter net income of $103 million, inclusive of the recent purchase of both WSS and atmos, compared to net income of $123 million in the fourth quarter of the prior year. On a per share basis, fourth quarter earnings were $1.02 compared with $1.17 the prior year. During the fourth quarter of 2021, the company recorded $72 million of pretax adjustments to earnings, primarily including store impairments, store closing costs, the write-down of minority investments and acquisition-related expenses.

正如今天的收益報告所述，我們報告第四季度淨收入為 1.03 億美元，其中包括最近購買的 WSS 和 atmos，而去年第四季度的淨收入為 1.23 億美元。按每股計算，第四季度收益為 1.02 美元，而去年同期為 1.17 美元。在 2021 年第四季度，該公司記錄了 7200 萬美元的稅前收益調整，主要包括商店減值、商店關閉成本、少數股權投資減記和收購相關費用。

On a non-GAAP basis, earnings per share were $1.67, including a $0.20 gain in our Retailors Ltd. investment, compared to $1.55 for the fourth quarter of 2020.

按非公認會計原則計算，每股收益為 1.67 美元，其中包括我們的 Retailors Ltd. 投資收益 0.20 美元，而 2020 年第四季度為 1.55 美元。

Unless otherwise noted, the figures and rates mentioned during our call today will be based on non-GAAP results. A reconciliation of GAAP to non-GAAP results is included in this morning's earnings release.

除非另有說明，我們今天電話會議中提到的數字和費率將基於非公認會計原則的結果。 GAAP 與非 GAAP 結果的對賬包含在今天上午的收益發布中。

Additionally, we have a slide presentation posted on our Investor Relations website with highlights on the quarter, including some sales details typically cited on our earnings call.

此外，我們在投資者關係網站上發布了幻燈片演示，其中包含本季度的亮點，包括我們的財報電話會議中通常引用的一些銷售細節。

We'll begin our prepared remarks with Dick Johnson, Chairman and Chief Executive Officer. Andrew Page, Executive Vice President and Chief Financial Officer, will then review our fourth quarter results and financial position in more detail and provide color on the 2022 guidance we issued in our press release this morning. Following our prepared remarks, Dick and Andrew will respond to your questions.

我們將與董事長兼首席執行官迪克約翰遜開始我們準備好的講話。執行副總裁兼首席財務官安德魯佩奇隨後將更詳細地審查我們的第四季度業績和財務狀況，並為我們今天上午在新聞稿中發布的 2022 年指引提供色彩。在我們準備好的發言之後，迪克和安德魯將回答您的問題。

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

有了這個，我現在把它交給迪克。

Thank you, Rob. Good morning, everyone, and thank you for joining us. This morning, we will review our fourth quarter and full year results, including the progress we've made against our key strategic objectives, as well as talk to some changes in our business and the strategies we are accelerating that are well underway.

謝謝你，羅布。大家早上好，感謝您加入我們。今天上午，我們將回顧我們的第四季度和全年業績，包括我們在關鍵戰略目標方面取得的進展，並討論我們業務的一些變化以及我們正在加速推進的戰略。

We closed out a record year by delivering solid fourth quarter results that reflect the ongoing momentum we have built in our business. Our total sales grew by 6.9% this quarter and almost 19% in 2021 to approximately $9 billion, the highest in Foot Locker's history.

我們通過提供穩健的第四季度業績來結束創紀錄的一年，這反映了我們在業務中建立的持續動力。本季度我們的總銷售額增長了 6.9%，到 2021 年增長了近 19%，達到約 90 億美元，是 Foot Locker 歷史上的最高水平。

We remain committed to our purpose to inspire and empower youth culture and further our connection to the sport and sneaker communities. Throughout 2021, we made great strides to do just that by diversifying our product mix across brands and categories.

我們將繼續致力於激發和賦予青年文化力量的目標，並進一步加強我們與運動和運動鞋社區的聯繫。在整個 2021 年，我們通過跨品牌和類別的產品組合多樣化，在這方面取得了長足的進步。

We also extended our distribution across channels and banners by enhancing our omnichannel offerings. And we broadened our customer base through acquisitions of scalable new banners to strengthen our portfolio of retail brands.

我們還通過增強我們的全渠道產品來擴展我們跨渠道和橫幅的分銷。我們通過收購可擴展的新橫幅擴大了我們的客戶群，以加強我們的零售品牌組合。

Starting with product. We know that our consumer demands choice across a variety of brands and categories. So we continue to work to broaden our selection, including leaning into brands where we are underpenetrated, a bigger focus on apparel and the introduction of new, third-party brands as well as our own private labels.

從產品開始。我們知道，我們的消費者需要在各種品牌和類別中進行選擇。因此，我們繼續努力擴大我們的選擇範圍，包括向我們滲透不足的品牌傾斜，更加關注服裝以及引入新的第三方品牌以及我們自己的自有品牌。

In the fourth quarter, we saw great vendor diversity with the majority of our top 20 vendors posting gains and driving excitement in their respective categories. Not only were we excited by the amount of brands that showed improvement, resulting in non-Nike comp growth of greater than 30%, we also remain encouraged by the size of the business we are building with our major partners, which has grown consistently over the years. The momentum of brands like adidas, PUMA, New Balance, Timberland, UGG and Crocs during 2021 showcased the expanding breadth of our consumer sneaker closet covering athletic, outdoor and seasonal.

在第四季度，我們看到了巨大的供應商多樣性，我們的前 20 家供應商中的大多數都在各自的類別中取得了收益並推動了興奮。我們不僅對錶現出改善的品牌數量感到興奮，導致非耐克產品的增長超過 30%，我們還對我們與主要合作夥伴建立的業務規模感到鼓舞，該業務規模持續增長這些年。 2021 年阿迪達斯、PUMA、New Balance、Timberland、UGG 和 Crocs 等品牌的發展勢頭展示了我們消費者運動鞋衣櫥的廣度不斷擴大，涵蓋運動、戶外和季節性。

Also, our push into apparel continues to yield strong results with the category growing 30% in the fourth quarter and reaching $1.4 billion in annual sales for the first time in the company's history. And within our controlled brand strategy, following up on our successful menswear launch of LCKR in the third quarter, in December we launched Cozi, our newest womenswear private brand, which is off to a great start.

此外，我們在服裝領域的進軍繼續產生強勁的業績，該類別在第四季度增長了 30%，年銷售額在公司歷史上首次達到 14 億美元。在我們控制的品牌戰略中，繼第三季度成功推出 LCKR 男裝之後，我們於 12 月推出了我們最新的女裝自有品牌 Cozi，這是一個良好的開端。

In addition to our owned labels, we continue to develop exclusive partnerships to create energy and connect with new consumers. We launched All City by Just Don, an exclusive lifestyle basketball brand that is inspired by the spirit of community that has immediately resonated with the next generation of streetwear enthusiasts. We continue to have curated drafts by Melody Ehsani, our Creative Director of our women's business, as we expand our offerings and make streetwear more accessible to younger female consumers.

除了我們的自有品牌外，我們還繼續發展獨家合作夥伴關係，以創造能量並與新消費者建立聯繫。我們推出了 All City by Just Don，這是一個獨特的生活方式籃球品牌，其靈感來自社區精神，並立即引起了下一代街頭服飾愛好者的共鳴。隨著我們擴大產品範圍並讓年輕女性消費者更容易接觸街頭服飾，我們將繼續由我們的女性業務創意總監 Melody Ehsani 策劃草稿。

In omnichannel, we continue to enhance our consumer experience with new features like payment options and launch capabilities. And outside the U.S., we hit significant milestones in transitioning to our new e-commerce platform, completing the rollout across Foot Locker Europe. We also continue to expand our drop ship program where we added more vendors during the fourth quarter to expand our assortment and availability online.

在全渠道方面，我們繼續通過支付選項和啟動功能等新功能來提升我們的消費者體驗。在美國以外，我們在過渡到新的電子商務平台方面達到了重要的里程碑，完成了在 Foot Locker Europe 的推廣。我們還繼續擴大我們的直銷計劃，我們在第四季度增加了更多供應商，以擴大我們的分類和在線可用性。

Our integrated FLX reward program continues to build momentum. In Europe, we continue to roll out the program across the region, adding Italy, Spain and Germany in Q4 with 5 more countries planned for 2022. Overall, on an annual basis, we saw over 50% growth in active members. The difference between member and nonmember spend has increased year-over-year. And the sales capture rate increased from 50% last year to nearly 70% this year.

我們的綜合 FLX 獎勵計劃繼續發展勢頭。在歐洲，我們繼續在整個地區推出該計劃，並在第四季度增加了意大利、西班牙和德國，併計劃在 2022 年再增加 5 個國家。總體而言，我們看到活躍成員的年增長率超過 50%。會員和非會員支出之間的差異逐年增加。並且銷售捕獲率從去年的50%提高到今年的近70%。

On the M&A front, we added 2 tremendous brands and high-growth companies, WSS and atmos, to the Foot Locker family. These strategic acquisitions expand our customer base and geographic reach, strengthen our store footprint and further diversify our product mix across consumers and price points. WSS gives us a strong off-mall presence in fast-growing markets with a full family offering and a special connection to the Hispanic community, while atmos provides us with a foothold in Japan and a key launching point into the rest of Asia. While not yet in the company's overall consolidated comp base, both businesses comped up double digits in the fourth quarter.

在併購方面，我們在 Foot Locker 家族中增加了 2 個巨大的品牌和高增長公司 WSS 和 atmos。這些戰略性收購擴大了我們的客戶群和地理範圍，加強了我們的商店足跡，並進一步使我們的產品組合在消費者和價格點上多樣化。 WSS 為我們提供了在快速增長的市場中強大的場外業務，提供完整的家庭產品和與西班牙裔社區的特殊聯繫，而 atmos 為我們提供了在日本的立足點和進入亞洲其他地區的重要起點。雖然尚未進入公司的整體綜合薪酬基礎，但兩項業務在第四季度均實現了兩位數的增長。

Looking ahead, our customer-centric framework demands that we adapt and mold the business to where the customer is headed. Gen Z in particular craves uniqueness to project their individualism, which we are well equipped to serve with our multi-brand model.

展望未來，我們以客戶為中心的框架要求我們根據客戶的發展方向調整和塑造業務。 Z 世代尤其渴望通過獨特性來展現他們的個人主義，我們有能力通過我們的多品牌模式來服務。

While we seek to provide more variety, our largest vendor is accelerating its DTC strategy. We expect their concentration to decline meaningfully in the fourth quarter this year to a level that will continue into 2023.

在我們尋求提供更多品種的同時，我們最大的供應商正在加速其 DTC 戰略。我們預計他們的集中度將在今年第四季度顯著下降至將持續到 2023 年的水平。

We continue to have a strong relationship with Nike, and they remain an important partner for our business, especially in basketball, kids and sneaker culture, where we have an unrivaled connection with our consumers. As we remix our business, 2022 will reflect an acceleration of preexisting strategies that are well underway and have already been yielding success.

我們繼續與耐克保持著牢固的關係，他們仍然是我們業務的重要合作夥伴，特別是在籃球、兒童和運動鞋文化方面，我們與消費者有著無與倫比的聯繫。隨著我們重新組合我們的業務，2022 年將反映出現有戰略的加速發展，這些戰略正在順利進行並且已經取得成功。

On the product front, we will continue to work to further diversify our merchandise and vendor mix, including new brands and elevating brands and categories where we are underpenetrated. We continue to strengthen our consumer concept offense to deliver exclusive product storytelling driven by our extensive consumer insights. These will include big, global programs from adidas and Stripe Life and the Trefoil State of Mind; exciting storytelling with New Balance around our 574 Life concept; and exciting third-party partnerships with the likes of Pokémon and PUMA and Carrots and Crocs, among others.

在產品方面，我們將繼續努力使我們的商品和供應商組合進一步多樣化，包括新品牌和提升我們未充分滲透的品牌和類別。我們繼續加強我們的消費者概念攻勢，以提供由我們廣泛的消費者洞察力驅動的獨家產品故事。其中將包括來自阿迪達斯和 Stripe Life 以及 Trefoil State of Mind 的大型全球項目； New Balance 圍繞我們的 574 Life 概念講述激動人心的故事；以及與 Pokémon 和 PUMA 以及 Carrots 和 Crocs 等令人興奮的第三方合作夥伴關係。

We will build out our basketball leadership position with the continuation of our exclusive LaMelo Ball program with PUMA; our new exclusive partnership with Reebok featuring the iconic Iverson and Shaq franchises; and our Nike exclusive basketball concepts in [Got Next], legacy and the tunnel walk.

我們將通過繼續與 PUMA 合作的獨家 LaMelo Ball 計劃來鞏固我們的籃球領導地位；我們與 Reebok 的全新獨家合作夥伴關係具有標誌性的艾弗森和沙克特許經營權；以及我們在 [Got Next]、遺產和隧道步行中的 Nike 獨家籃球概念。

We will also be continuing to grow our exclusive controlled brands to enrich and add dimension to our apparel offering to connect with consumers and add uniqueness to our assortments.

我們還將繼續發展我們的獨家控製品牌，以豐富和增加我們的服裝產品的維度，以與消費者建立聯繫並為我們的產品系列增添獨特性。

Another area is our shift to bigger-box off-mall formats and our rollout of key growth banners, both of which we are accelerating in 2022. Based on the success of our first 50 Global Community & Power Stores, we will be growing these formats to approximately 300 locations over the next 3 years. Our community and power stores enhance both our off-mall presence as well as our connection with communities by bringing life to a wider and richer, more locally relevant product assortment. These stores help us build authentic relationships with our customer at the hyperlocal level by incorporating local elements into the physical designs, partnering with local businesses and organizations and engaging local artists, athletes and influencers. Product from local designers is given special activation, and stores are staffed with local personnel to deepen the ties to the community.

另一個領域是我們轉向更大型的非商場形式以及我們推出關鍵增長橫幅，我們將在 2022 年加速這兩者。基於我們前 50 家全球社區和電力商店的成功，我們將發展這些形式在接下來的 3 年中，將擴展到大約 300 個地點。我們的社區和電力商店通過為更廣泛、更豐富、更貼近當地的產品分類帶來生機，增強了我們在場外的存在以及我們與社區的聯繫。這些商店通過將當地元素融入實體設計、與當地企業和組織合作並吸引當地藝術家、運動員和影響者參與，幫助我們在超當地層面與客戶建立真正的關係。當地設計師的產品被特別激活，商店配備當地人員，以加深與社區的聯繫。

Additionally, WSS is now expected to reach $1 billion in sales by 2024, supported by accelerated store openings and strong same-store sales growth. The company also expects to grow atmos by approximately 50% to nearly $300 million over the next 3 years by scaling in existing markets and expanding internationally.

此外，在加速開店和強勁的同店銷售增長的支持下，WSS 現在預計到 2024 年銷售額將達到 10 億美元。該公司還預計，通過擴大現有市場和國際擴張，未來 3 年 atmos 將增長約 50% 至近 3 億美元。

We are excited to soon be opening our first Homefield store in South Florida. Our new off-mall, large-format concept store provides a one-stop shop across sport lifestyle, sport performance and nutrition and wellness, including rich interactive experiences with energy stations, a focus on wellness, dedicated training zones, coaching clinics, training sessions and more. We have four pilot stores planned for this year and believe this presents another exciting opportunity to further diversify our consumer base and product assortments.

我們很高興很快將在南佛羅里達開設我們的第一家 Homefield 商店。我們全新的非商場大型概念店提供涵蓋運動生活方式、運動表現以及營養和健康的一站式商店，包括與能量站的豐富互動體驗、專注於健康、專門的培訓區、教練診所、培訓課程和更多。我們今年計劃開設四家試點店，相信這為進一步豐富我們的消費者基礎和產品種類提供了另一個令人興奮的機會。

We will also be accelerating our omnichannel evolution efforts. As part of our investment in GOAT Group, the companies are in active discussions to create programs aimed at enhancing the value proposition and consumer experience of both platforms, including creating a more intentional connection between the two companies, prioritizing loyalty and membership benefits. While details are still coming together, we are incredibly excited to be working with our partners at GOAT and finding the best ways the two platforms can create value together. We will keep you updated on our progress.

我們還將加速我們的全渠道發展努力。作為我們對 GOAT Group 投資的一部分，兩家公司正在積極討論制定旨在增强两個平台的價值主張和消費者體驗的計劃，包括在兩家公司之間建立更有意的聯繫，優先考慮忠誠度和會員福利。雖然細節仍在整理中，但我們非常高興能與 GOAT 的合作夥伴合作，並找到兩個平台共同創造價值的最佳方式。我們會及時通知您我們的進展。

Separately, the company will be accelerating its rollout of drop ship across vendors, banners and regions through 2022, which allows us to add to our assortment and availability, effectively creating an endless aisle for the consumer while not increasing our working capital needs.

另外，到 2022 年，該公司將加速在供應商、橫幅和地區推出直接運輸，這使我們能夠增加產品種類和可用性，有效地為消費者創造無盡的通道，同時不增加我們的營運資金需求。

As part of our efforts to drive productivity, another of our key strategic imperatives, we are announcing a new cost savings program. This new cost savings initiative is expected to generate savings of approximately $200 million on an annualized basis and is designed to better align the company's cost structure to its needs to remain nimble and able to invest appropriately as the consumer landscape evolves. Andrew will provide more detail on this program in a moment.

作為我們努力提高生產力的一部分，這是我們的另一個關鍵戰略要務，我們宣布了一項新的成本節約計劃。這項新的成本節約計劃預計每年可節省約 2 億美元，旨在更好地調整公司的成本結構，使其能夠隨著消費者環境的變化保持靈活並能夠進行適當的投資。 Andrew 稍後將提供有關此程序的更多詳細信息。

As we look forward beyond 2022, we are confident that the remixing of our business aligns us well with the consumers' desire for variety of both product and experiences. Our strengths remain our unique affinity with our customers across our portfolio of retail brands and our growing ability for them to engage with us in multiple ways.

展望 2022 年以後，我們有信心重新組合我們的業務，使我們能夠很好地滿足消費者對多樣化產品和體驗的渴望。我們的優勢仍然是我們在零售品牌組合中與客戶的獨特親和力，以及我們不斷增強他們以多種方式與我們互動的能力。

Our balance sheet remains strong, and we have made tremendous progress in reducing our mall exposure as we shift stores off-mall, which Andrew will detail in a moment.

我們的資產負債表仍然強勁，隨著我們將商店轉移到商場外，我們在減少商場曝光方面取得了巨大進展，安德魯稍後將詳細介紹。

Foot Locker is one of the truly iconic retail brands in the industry with a special place in the market as a destination for great selection and product discovery. We will meet our customers where they need us and want us to be with a multi-brand omnichannel experience that is more relevant than ever as we continue to foster connectivity with the communities that we serve.

Foot Locker 是業內真正標誌性的零售品牌之一，在市場上佔有特殊的地位，是絕佳選擇和產品發現的目的地。我們將在客戶需要我們的地方與他們會面，並希望我們提供比以往任何時候都更加相關的多品牌全渠道體驗，因為我們將繼續促進與我們所服務的社區的聯繫。

Finally, before I turn the call over to Andrew, I want to extend a heartfelt thanks to our entire team who did a great job throughout the quarter and a record year. Their commitment and great effort made our tremendous results possible.

最後，在我將電話轉給 Andrew 之前，我要衷心感謝我們整個團隊，他們在整個季度和創紀錄的一年中表現出色。他們的承諾和努力使我們取得了巨大的成果。

I'd also like to welcome Rob Higginbotham to Foot Locker as our new Vice President, Investor Relation. Rob joined us last month and looks forward to getting to know all of you. We thank Jim Lance for leading our IR effort over the past several years, and Jim remains an integral part of our finance team.

我還要歡迎 Rob Higginbotham 加入 Foot Locker 擔任我們新的投資者關係副總裁。 Rob 上個月加入了我們，期待與大家結識。我們感謝 Jim Lance 在過去幾年中領導我們的 IR 工作，Jim 仍然是我們財務團隊不可或缺的一部分。

Let me now pass the call over to Andrew.

現在讓我把電話轉給安德魯。

Thank you, Dick, and good morning, everyone. Our fourth quarter results demonstrate our progress in rebalancing our business across brands and categories as well as investing in new banners and formats that increase our reach and connection with our customers.

謝謝你，迪克，大家早上好。我們第四季度的業績表明我們在重新平衡品牌和類別的業務以及投資新的橫幅和格式以增加我們的影響力和與客戶的聯繫方面取得了進展。

Our fourth quarter comparable sales across channels grew 0.8% with total sales up 6.9% and up 8.2% excluding the impact of foreign currency. As a reminder, our recently completed fourth quarter was the first full quarter for both WSS and atmos, which contributed $139 million and $49 million, respectively, to sales in the quarter.

我們第四季度跨渠道的可比銷售額增長了 0.8%，總銷售額增長了 6.9%，不包括外幣的影響增長了 8.2%。提醒一下，我們最近完成的第四季度是 WSS 和 atmos 的第一個完整季度，分別為該季度的銷售額貢獻了 1.39 億美元和 4900 萬美元。

After starting the quarter strong with November comps up high teens, December slowed significantly with comps down high single digits. In addition to consumers shopping earlier and pulling some December activity into November, our December receipts slowed as a result of supply chain disruptions, and certain launches were shifted out of December into the spring. December shopping patterns were further complicated with the ramp-up of the Omicron variant. January comps improved to essentially flat as receipts remained a drag but picked up through the month, resulting in inventories ending the quarter in a strong position, up 37% over last year.

在以 11 月的比賽開始強勁的季度開始後，12 月的比賽大幅放緩，比賽的收入下降了個位數。除了消費者提早購物並將 12 月的一些活動拉到 11 月外，由於供應鏈中斷，我們 12 月的收入放緩，並且某些發布從 12 月轉移到春季。隨著 Omicron 變體的增加，12 月的購物模式變得更加複雜。 1 月份的收入基本持平，因為收據仍然是拖累，但整個月有所回升，導致本季度末庫存處於強勁狀態，比去年同期增長 37%。

For the quarter, our global fleet was open 97% of available days versus 87% last year. Comparable sales in our stores grew 8.8% with store traffic up approximately 25%, while conversion was down high teens.

本季度，我們的全球機隊有 97% 的可用天數開放，而去年這一比例為 87%。我們門店的可比銷售額增長了 8.8%，門店客流量增長了約 25%，而轉化率則下降了十幾歲。

Digital penetration was 21.6% compared to 27.4% in 2020 and 18.7% in 2019. Units increased high single digits while average selling prices fell by high single digits as ongoing improvements in full-price selling was offset by a higher mix of apparel in 2021.

數字滲透率為 21.6%，而 2020 年和 2019 年分別為 27.4% 和 18.7%。由於全價銷售的持續改善被 2021 年更高的服裝組合所抵消，單位數量增加了高個位數，而平均售價則下降了高個位數。

Turning to our results by geography and banner. North American comps overall were down 4.5% with an accelerated drag from the wind-down of Footaction. Foot Locker Canada led the way, up low double digits, with Foot Locker U.S. up low single digits. Kids Foot Locker and Champs were down low single digits.

通過地理和橫幅轉向我們的結果。由於 Footaction 的結束加速拖累，北美的比賽總體下降了 4.5%。 Foot Locker Canada 以兩位數的低位領先，Foot Locker U.S. 的一位數低位。 Kids Foot Locker 和 Champs 下降了個位數。

In EMEA, overall comps grew high teens as operating days improved to 93% versus 63% last year.

在歐洲、中東和非洲地區，隨著營業天數從去年的 63% 提高到 93%，總體收入增長了十幾倍。

And in APAC, comps were up over 20% with strong performance in both Pacific and Asia regions. While doors were mostly reopened during the quarter, travel restrictions in Asia continue to impact the recovery in this region.

在亞太地區，由於在太平洋和亞洲地區的強勁表現，comps 增長了 20% 以上。儘管本季度大部分大門重新開放，但亞洲的旅行限制繼續影響該地區的複蘇。

Moving down the income statement. Gross margin declined 10 basis points. Occupancy delevered 110 basis points as a result of lapping elevated rent abatements in the prior year. This deleverage was offset by 100 basis points improvements in merchandise margin driven by the still-favorable promotional backdrop. Excluding rent abatements, occupancy was relatively flat and our gross margins were up year-over-year and versus 2019.

向下移動損益表。毛利率下降 10 個基點。由於上一年租金減免幅度較大，入住率下降了 110 個基點。這種去槓桿化被仍然有利的促銷背景推動的商品利潤率提高了 100 個基點所抵消。不包括租金減免，入住率相對持平，我們的毛利率與 2019 年相比同比上升。

For the fourth quarter, our SG&A rate came in at 22.4%, representing deleverage of approximately 140 basis points. The deleverage was driven by higher labor costs, marketing and technology spends.

第四季度，我們的 SG&A 利率為 22.4%，代表去槓桿化約 140 個基點。去槓桿是由更高的勞動力成本、營銷和技術支出推動的。

Depreciation expense was $55 million versus $44 million last year driven mainly by the inclusion of WSS and atmos.

折舊費用為 5500 萬美元，而去年為 4400 萬美元，主要是由於包含 WSS 和 atmos。

Interest expense increased to $6 million from $2 million in the prior year due to the incremental expense from the company's new bond issuance.

由於公司發行新債券的費用增加，利息費用從上一年的 200 萬美元增加到 600 萬美元。

Within other income, we recorded a benefit related to the mark-to-market of our investment in Retailors Ltd., our partner in the joint venture that manages our Foot Locker stores in select Eastern and Central European markets as well as our franchise partner in Israel.

在其他收入中，我們記錄了與我們對 Retailors Ltd. 的投資按市值計價的收益，Retailors Ltd. 是我們在特定東歐和中歐市場管理我們的 Foot Locker 商店的合資企業的合作夥伴，也是我們在東歐和中歐市場的特許經營合作夥伴。以色列。

Moving to our tax rate. Our non-GAAP tax rate came in at 24.2% compared to last year's rate of 25.4%.

轉向我們的稅率。我們的非公認會計原則稅率為 24.2%，而去年的稅率為 25.4%。

Now turning to our balance sheet. We ended the quarter with $804 million of cash. With receipts picking up through the quarter, we ended the year with inventory up 37% versus 2020 and up approximately 5% versus 2019, putting us in a strong position to meet demand heading into 2022.

現在轉向我們的資產負債表。我們以 8.04 億美元的現金結束了本季度。隨著整個季度的收入回升，我們年底的庫存比 2020 年增加了 37%，比 2019 年增加了約 5%，這使我們在滿足進入 2022 年的需求方面處於有利地位。

During the quarter, we repurchased 4 million shares of our common stock for $178 million and paid $29 million in dividends.

在本季度，我們以 1.78 億美元回購了 400 萬股普通股，並支付了 2900 萬美元的股息。

Turning to our 2022 financial outlook, which we laid out in our press release earlier this morning.

談到我們在今天上午早些時候發布的新聞稿中提出的 2022 年財務展望。

Our guidance includes a meaningful vendor mix shift. Beginning in the fourth quarter of 2022 and going forward, we do not expect any one vendor to comprise more than 55% of our product spend. By comparison, this is down from approximately 65% in the fourth quarter of 2021.

我們的指導包括有意義的供應商組合轉變。從 2022 年第四季度開始並展望未來，我們預計任何一家供應商都不會占我們產品支出的 55% 以上。相比之下，這一比例低於 2021 年第四季度的約 65%。

This change reflects Nike's accelerated strategic shift to DTC and Foot Locker's ongoing brand and category diversification efforts. For the full year of 2022, this would equate to approximately 60% Nike concentration, down from 70% for 2021 and 75% for 2020. Though we typically don't provide vendor concentration on a quarterly basis, we want to give as much transparency as possible to put our 2022 outlook in context.

這一變化反映了耐克加速向 DTC 的戰略轉變以及 Foot Locker 正在進行的品牌和品類多元化努力。對於 2022 年全年，這相當於耐克的集中度約為 60%，低於 2021 年的 70% 和 2020 年的 75%。雖然我們通常不會按季度提供供應商集中度，但我們希望提供盡可能多的透明度盡可能將我們的 2022 年展望放在上下文中。

We are also lapping the benefit of stimulus from last year that will put pressure on our results in 2022. As such, we are guiding total sales decline of 4% to 6% with comparable sales down 8% to 10%.

我們還受益於去年的刺激措施，這將對我們 2022 年的業績造成壓力。因此，我們指導總銷售額下降 4% 至 6%，可比銷售額下降 8% 至 10%。

We plan to open approximately 100 new stores in 2022, including 40 community and power stores, 27 WSS stores and 9 atmos stores, while closing a total of 190 stores. Our store count will be down approximately 3% in 2022 with square footage down less than 2%.

我們計劃在 2022 年開設大約 100 家新店，包括 40 家社區和電力店、27 家 WSS 店和 9 家 atmos 店，同時關閉總共 190 家店。到 2022 年，我們的門店數量將減少約 3%，而面積減少不到 2%。

Taking a look at gross margin. We do not expect the favorable promotional environment and historically low markdowns that persisted in 2021 to continue into 2022. Combined with occupancy deleverage and higher supply chain costs, we expect 2022 gross margins to decline by 410 to 430 basis points. When compared to a more normalized 2019, we expect gross margins to decline 150 to 170 basis points as increased supply chain costs more than offset improvements in product costs.

看看毛利率。我們預計 2021 年持續的有利促銷環境和歷史低位降價促銷不會持續到 2022 年。結合入住率去槓桿和更高的供應鏈成本，我們預計 2022 年的毛利率將下降 410 至 430 個基點。與更加正常化的 2019 年相比，我們預計毛利率將下降 150 至 170 個基點，因為供應鏈成本的增加超過了產品成本的改善。

SG&A for the full year is expected to leverage 30 to 50 basis points, which includes a partial year benefit from the company's cost optimization plan, which we announced in our press release. With input from our outside partners, this program is expected to reduce overall cost and enable the company to move with more agility in the execution of our strategic imperatives. We are in the early phase of the plan, and we'll provide more details on our first quarter earnings call.

全年的 SG&A 預計將利用 30 至 50 個基點，其中包括我們在新聞稿中宣布的公司成本優化計劃的部分年度收益。在我們外部合作夥伴的投入下，該計劃有望降低總體成本，並使公司能夠更加靈活地執行我們的戰略要務。我們正處於計劃的早期階段，我們將在第一季度財報電話會議上提供更多細節。

We expect our non-GAAP EPS range for 2022 to be $4.25 to $4.60, which is comparable to our 2019 earnings per share of $4.93.

我們預計我們 2022 年的非公認會計原則每股收益範圍為 4.25 美元至 4.60 美元，這與我們 2019 年的每股收益 4.93 美元相當。

As we enter 2022, our balance sheet remains a strategic asset for our business, opening the year with over $800 million in cash, $600 million undrawn on our credit line and strong coverage and leverage metrics.

隨著我們進入 2022 年，我們的資產負債表仍然是我們業務的戰略資產，年初時現金超過 8 億美元，我們的信貸額度未動用 6 億美元，覆蓋面和槓桿指標也很強大。

Looking forward, our cash flow remains robust and our capital allocation priorities remain the same: invest in the growth of our business and return cash to our shareholders through our periodic dividend payments and opportunistic share repurchase program. Yesterday, our Board approved a $0.40 per share quarterly dividend and a new share repurchase authorization of $1.2 billion.

展望未來，我們的現金流仍然強勁，我們的資本配置優先事項保持不變：投資於我們的業務增長，並通過我們的定期股息支付和機會性股票回購計劃向股東返還現金。昨天，我們的董事會批准了每股 0.40 美元的季度股息和 12 億美元的新股票回購授權。

Our CapEx plan for 2022 is $275 million, which includes: our new store openings, our ongoing technology and omnichannel investments as well as a new distribution center in Reno, Nevada and a new WSS facility in Houston, Texas, to support growth in that banner.

我們 2022 年的資本支出計劃為 2.75 億美元，其中包括：我們的新店開業、我們正在進行的技術和全渠道投資以及在內華達州里諾市的新配送中心和德克薩斯州休斯頓市的新 WSS 設施，以支持該旗幟的增長.

In addition, our real estate portfolio provides us with a tremendous amount of flexibility as we move forward. Over the past several years, we have increased our off-mall mix in North America to 21%, up from 14% in 2018. And we expect that, that mix will continue to move up as we open up power and community stores as well as the potential ramp of Homefield stores. At the same time, we have reduced our overall lease life in North America to approximately 3 years, down from 4 years in 2018. These relatively short termed leases have allowed us and will continue to allow us flexibility to optimize our real estate decisions in a cost-effective manner.

此外，我們的房地產投資組合在我們前進的過程中為我們提供了極大的靈活性。在過去的幾年裡，我們將北美的非商場組合從 2018 年的 14% 增加到 21%。我們預計，隨著我們開設電力和社區商店，這種組合將繼續上升作為 Homefield 商店的潛在坡道。與此同時，我們已將北美的整體租賃期限從 2018 年的 4 年縮短至約 3 年。這些相對較短的租約使我們能夠並將繼續使我們能夠靈活地優化我們的房地產決策。具有成本效益的方式。

In closing, we are continuing our journey in diversifying our business. With our fourth quarter and full year 2021 results as proof points of our progress, we are confident that our customers and product diversification efforts will continue to drive differentiation and connection with our customers and scale with our vendors. Our team is focused, and we look forward to sharing our progress throughout this year.

最後，我們將繼續我們的業務多元化之旅。憑藉我們第四季度和 2021 年全年的業績作為我們進步的證明，我們相信我們的客戶和產品多樣化努力將繼續推動差異化和與客戶的聯繫，並與我們的供應商擴大規模。我們的團隊專注，我們期待在今年分享我們的進展。

With that, operator, please open the call for questions.

有了這個，接線員，請打開電話提問。

(Operator Instructions) Our first question comes from Jonathan Komp with Robert W. Baird.

（操作員說明）我們的第一個問題來自 Jonathan Komp 和 Robert W. Baird。

I just want to understand a little bit better the changes to the vendor mix that you highlighted and maybe just thinking through the major changes you've seen in that relationship, if any, specifically with Nike, and the significance of the fourth quarter of '22, why you're calling that out as sort of the shift in mix that you expect.

我只是想更好地理解你強調的供應商組合的變化，也許只是想一想你在這種關係中看到的重大變化，如果有的話，特別是與耐克，以及第四季度的重要性。 22，為什麼你把它稱為你所期望的混合變化。

And then going forward, when you think about -- I think you disclosed the total penetration for your top 5. How should we think about the next vendors within the top 5 that aren't Nike, how you expect the mix of those vendors to change?

然後展望未來，當您考慮時-我認為您披露了前 5 名的總滲透率。我們應該如何考慮前 5 名中的下一個不是耐克的供應商，您如何期望這些供應商的組合改變？

Sure. Thanks for the question, Jonathan. And again, as we reflect back on 2021, there was an awful lot of focus with us and our vendor partners around inventory management, prioritization of the key products and editing of SKU lines. As we continue to bail through the pandemic, there was a heavy, heavy concentration in a very few SKUs, and that clearly allowed us to be successful in '20 and '21.

當然。謝謝你的問題，喬納森。同樣，當我們回顧 2021 年時，我們和我們的供應商合作夥伴非常關注庫存管理、關鍵產品的優先級和 SKU 線的編輯。隨著我們繼續在大流行中度過難關，極少數 SKU 高度集中，這顯然使我們能夠在 20 年和 21 年取得成功。

As we went through our normal planning process with all of our vendors, which we do in November, December, January, as we set up the next fiscal year for us, it became clear that allocations as we got to the back half of the year were changing. And again, as we talked about in our prepared remarks, some of that is the Nike move to DTC that they've talked about and, again, I believe, has been able to accelerate during COVID. But some of it is truly our -- part of our ongoing journey to create a true house of brands that we are.

當我們在 11 月、12 月和 1 月與所有供應商一起完成正常的計劃流程時，當我們為我們設置下一個財政年度時，很明顯，當我們進入下半年時，分配正在改變。再一次，正如我們在準備好的評論中談到的那樣，其中一些是他們談到的耐克向 DTC 的轉變，而且我相信，在 COVID 期間已經能夠加速。但其中一些確實是我們的——我們正在進行的創建一個真正的品牌之家的旅程的一部分。

We've got very high in our concentration, and many of you have called it out. And as we shifted -- and I think that Q3 and Q4 were great proof points for us that we saw great growth outside of our Nike and Jordan business -- the next group of vendors, most of our top 20 vendors all had strong double-digit growth, and we were able to drive the business.

我們的專注力非常高，你們中的許多人都說出來了。隨著我們的轉變——我認為第三季度和第四季度對我們來說是一個很好的證明，證明我們在耐克和喬丹業務之外看到了巨大的增長——下一組供應商，我們的前 20 名供應商中的大多數都有強勁的雙-數字增長，我們能夠推動業務發展。

So again, as we look forward to -- Q4 is really in the planning process where we saw the first impact that we mentioned, and we want to be as transparent as we can with you all. So again -- but this is certainly part of accelerating our product assortment and vendor assortment changes that -- I believe Q4 was a great proof point in how successful we've been so far.

因此，正如我們所期待的那樣，第四季度確實處於規劃過程中，我們看到了我們提到的第一個影響，我們希望對你們所有人盡可能透明。再說一遍 - 但這肯定是加速我們的產品分類和供應商分類變化的一部分 - 我相信第四季度是我們迄今為止取得成功的一個很好的證明點。

And if I could just follow up. The comps guidance for the year, down 8% to 10%. Could you maybe disaggregate how much of that outlook reflects expectations that the private label initiatives and the other brands won't make up for the lost Nike product? And how much of it is sort of the general assumptions you're making for the environment and cycling stimulus and everything else that's not related to the vendor change?

如果我能跟進。今年的補償指南下降了 8% 至 10%。您能否分解一下這種前景在多大程度上反映了自有品牌計劃和其他品牌無法彌補失去的耐克產品的期望？其中有多少是您對環境和循環刺激以及其他與供應商變更無關的一般假設？

See, our -- it's a combination, Jonathan, and we haven't parsed it out for public consumption. But it is a piece of all of those. We've got the, certainly, inflation that we're all seeing. We've got the stimulus that won't be repeated in '22. There's still a fair amount of supply chain disruption when you think about between 60 and 70 vessels still anchored off Long Beach in L.A. trying to get in. So again, it's a combination of all of those things that you called out.

看，我們的 - 這是一個組合，喬納森，我們還沒有將它解析出來供公眾使用。但它是所有這些的一部分。當然，我們已經看到了我們都看到的通貨膨脹。我們得到了 22 年不會重複的刺激措施。考慮到仍有 60 到 70 艘船隻停泊在洛杉磯的長灘附近，試圖進入時，供應鏈仍然存在相當多的中斷。所以再說一次，這是你所呼籲的所有這些事情的結合。

But we have a high degree of confidence that our private brands, our shift to apparel, our bigger pivot off-mall -- again, one of the reasons that we pivot off-mall is so that we can create more space for these great stories that our teams tell. And ultimately, those bigger spaces connected with our omnichannel and digital efforts create a stronger demand creation opportunity for us, which, again, I think the down comps is reflective of all of those elements that you called out, Jonathan.

但我們對我們的自有品牌、我們向服裝的轉變、我們更大的非商場轉型充滿信心——同樣，我們轉向非商場的原因之一是我們可以為這些偉大的故事創造更多空間我們的團隊告訴我們。最終，與我們的全渠道和數字化努力相關的那些更大的空間為我們創造了更強大的需求創造機會，我認為這再次反映了你所說的所有這些元素，喬納森。

Our next question comes from Paul Kearney with Barclays.

我們的下一個問題來自巴克萊的 Paul Kearney。

Just a quick one. What is embedded in the sales and EPS contribution from WSS and atmos to your FY '22 guide?

只是一個快速的。 WSS 和 atmos 對您的 22 財年指南的銷售額和 EPS 貢獻中包含什麼內容？

Yes. If you'll recall, when we initially had forecasted approximately $0.40 to $0.48 contribution from those, that has scaled up, and that number that's embedded in is approximately $0.60 to -- $0.65 to $0.75.

是的。如果您還記得，當我們最初預測這些貢獻大約為 0.40 美元到 0.48 美元時，已經擴大了，嵌入的數字大約是 0.60 美元到 - 0.65 美元到 0.75 美元。

Okay. Great. And then just a quick follow-up. Can you just provide some commentary on what you're seeing on consumer, if we see weakening demand in -- as cost inflation kind of roll through or price increases that you're seeing just throughout your merchandise? What do you kind of expect the consumer reaction will be? And what has it been historically?

好的。偉大的。然後只是快速跟進。如果我們看到需求疲軟，您能否就您在消費者方面看到的情況發表一些評論——因為成本上漲或您在整個商品中看到的價格上漲？您預計消費者的反應會是什麼？它在歷史上是什麼？

Well, our consumer has been very -- has been able to fend off some of these inflationary trends, it seems like. And again, as the marketplace opens more and they get more active, we'll see what happens. But clearly, traffic was up significantly in the fourth quarter. The consumer has shown a tremendous amount of resiliency. We all -- and as it relates to our specific category, we all wait for the tax return money to start flowing in Q1.

好吧，我們的消費者已經非常 - 似乎能夠抵御其中一些通脹趨勢。再一次，隨著市場的開放程度越來越高，它們變得越來越活躍，我們將拭目以待。但很明顯，第四季度的流量顯著增加。消費者表現出極大的彈性。我們所有人——由於它與我們的特定類別有關，我們都在等待納稅申報單在第一季度開始流動。

So again, I think that there's a lot of upside with our consumer. They have not been hesitant to shop the stores and shop our digital sites. So it depends on how long and how rampant the inflation gets. Again, clearly, with some of the geopolitical things going on, there's a wait-and-see. Is -- what the impact to that, that will be to the broader global market. But again, the consumer has been very resilient.

再說一次，我認為我們的消費者有很多好處。他們毫不猶豫地購買商店和購買我們的數字網站。因此，這取決於通貨膨脹持續多長時間和猖獗程度。再一次，很明顯，隨著一些地緣政治事件的發生，人們需要觀望。是 - 對此有何影響，這將對更廣泛的全球市場產生影響。但同樣，消費者一直非常有彈性。

Our next question comes from Tom Nikic with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Tom Nikic。

From a modeling perspective, when we think about this year, should we assume that the worst quarters from a comp perspective should be Q2 when you're lapping stimulus and Q4 when the vendor change really happens? And should we assume that comps are negative in all 4 quarters of the year?

從建模的角度來看，當我們考慮今年時，我們是否應該假設從比較的角度來看，最糟糕的季度應該是您實施刺激計劃的第二季度和真正發生供應商變更時的第四季度？我們是否應該假設一年中所有 4 個季度的業績都是負數？

Well, I think your assumption around Q2 and Q4 is correct. Again, I think stimulus is going to play a little havoc with everybody in the marketplace. But certainly, we expect some pressure there. And then obviously, the pressure that we talked about with the allocation changes in Q4 will play into that.

好吧，我認為您對 Q2 和 Q4 的假設是正確的。同樣，我認為刺激措施將對市場上的每個人造成一點破壞。但可以肯定的是，我們預計會有一些壓力。然後很明顯，我們談到的第四季度分配變化的壓力將發揮作用。

Q1 and Q3, flattish to down slightly, I think, is the way that our model is built. And again, a lot of it is dependent on the flow of tax return money. A lot of it is dependent on the resiliency that I just talked about in the customer that stayed strong so far. But -- just go ahead, Andrew.

我認為，Q1 和 Q3 略有下降，這是我們構建模型的方式。再說一次，其中很大一部分取決於納稅申報表的資金流向。其中很大一部分取決於我剛才談到的客戶的彈性，到目前為止保持強勁。但是 - 繼續吧，安德魯。

No, I agree. Flattish in Q1 to Q3, pressure from the stimulus and the allocation shift in Q2 and Q4.

不，我同意。第一季度至第三季度持平，第二季度和第四季度來自刺激和分配轉變的壓力。

Understood. And as we look out to FY '23, I mean, I know we're a long way from there, but -- so if the vendor mix change is happening in -- or if it's really happening to a great extent in Q4, that would suggest there would also be some wraparound into 2023 as well. And -- am I thinking about that correctly?

明白了。當我們展望 23 財年時，我的意思是，我知道我們離那裡還有很長的路要走，但是——所以如果供應商組合發生變化——或者如果它真的在很大程度上發生在第四季度，這表明到 2023 年也會有一些變化。而且——我的想法正確嗎？

Yes. As we said in our prepared remarks, we see the levels in Q4 wrapping around. And again, that's with one specific vendor. But we also expect that the growth that we've seen from our other initiatives around our other brand partners, our private label brands, our drive into apparel and this off-mall pivot into bigger store base will be some of the offset there.

是的。正如我們在準備好的評論中所說，我們看到第四季度的水平正在回升。再一次，這是與一個特定的供應商有關。但我們也預計，我們從圍繞其他品牌合作夥伴、我們的自有品牌、我們對服裝的推動以及這種非商場轉向更大的商店基礎的其他舉措中看到的增長將在一定程度上抵消這一點。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Great. I just want to ask you about just some of the vendor changing that's happening. Could you elaborate a little bit on what type of products are going to be on different allocation, really specifically apparel versus footwear? Maybe just to start with that one.

偉大的。我只是想問你一些正在發生的供應商變化。您能否詳細說明一下不同分配的產品類型，特別是服裝與鞋類？也許只是從那個開始。

Yes. As I talked about during '21 and '22, Jay, there was a concentration into some very specific styles and the hype -- the heat from certain styles that Nike certainly drives through their DTC, and that's where the allocation pressure will be. We still have access to all of those products. We'll just see different quantities flowing our way.

是的。正如我在 21 年和 22 年所說的那樣，傑伊（Jay）專注於一些非常具體的款式和炒作——耐克肯定會通過他們的 DTC 驅動某些款式的熱量，這就是分配壓力的地方。我們仍然可以使用所有這些產品。我們只會看到不同的數量流向我們。

And part of the effort that we've had ongoing with Nike is to diversify our mix with them as well because we got very concentrated in those silhouettes. And again, part of it was the thought of -- in 2020, the thought of survival and having to focus on the inventory management, the prioritization of those key products. And as I said, it allowed us to be very successful in '20 and '21. But as we got further into '21, it became very clear that we needed to diversify our offering for our consumers, and that coincides with Nike's DTC growth.

我們與耐克合作的部分努力也是為了多樣化我們與他們的搭配，因為我們非常專注於這些款式。再一次，部分原因是在 2020 年，生存的想法和必須專注於庫存管理，這些關鍵產品的優先級。正如我所說，它讓我們在 20 和 21 年非常成功。但隨著我們進入 21 世紀，很明顯我們需要為消費者提供多樣化的產品，這與耐克的 DTC 增長不謀而合。

So again, it's -- it really is -- Jay, you've been around the business long enough. You know the key styles and where the heat comes. And again, we'll still have access. We'll just see fewer units in those SKUs. But we will, in fact, continue to diversify our business with Nike, and we'll continue to grow our other brand partners.

再說一遍，這真的是——傑伊，你在這個行業已經足夠長的時間了。你知道關鍵款式和熱量來自哪裡。再說一次，我們仍然可以訪問。我們只會在這些 SKU 中看到更少的單位。但事實上，我們將繼續與耐克的業務多樣化，我們將繼續發展我們的其他品牌合作夥伴。

Yes, Jay. And I can't overemphasize as much, I mean, enough as what Dick pointed out, is as we move through the pandemic, you saw elevated access in some of those styles, especially as it relates to early part of 2021. And so getting back down to a more sustainable mix of product even in those styles is what a lot of this shift looks at. But there was elevated access and -- during the pandemic years of 2020 and 2021.

是的，傑。而且我不能過分強調，我的意思是，正如迪克所指出的那樣，在我們度過大流行病的過程中，您看到其中一些風格的訪問量增加了，尤其是與 2021 年初有關的情況。所以得到回到更可持續的產品組合，即使是這些風格，也是這種轉變的大部分內容。但是在 2020 年和 2021 年的大流行期間，訪問量有所增加。

Got it. Maybe then just to follow up on that, I mean, because you mentioned the word sustainable. I mean can you put in context this change versus last year with some of the Footaction stores closing or a big percentage of the Footaction stores closing? Like is this sort of now like just the one change where now you're at a sustainable level with Nike going forward? Or do you feel like that maybe there should be some more tweaks and adjustments to the allocation going forward?

知道了。也許只是為了跟進，我的意思是，因為你提到了可持續發展這個詞。我的意思是你能把這個變化與去年相比，一些Footaction商店關閉或大部分Footaction商店關閉嗎？就像現在這樣的變化就像現在你在耐克前進的可持續水平上的一個變化？或者你覺得可能應該對未來的分配進行更多的調整和調整？

I'd separate those things, Jay, quite honestly, right? I mean we looked at our marketplace with Footaction, Champs and Foot Locker, and part of what had happened during the pandemic is that we had gotten even closer together with those three banners. So our decision to close Footaction was really driven by not having enough separation and not seeing that we could create enough separation with those three adult male banners fast enough.

傑伊，老實說，我會把這些東西分開，對吧？我的意思是，我們用 Footaction、Champs 和 Foot Locker 來看待我們的市場，而在大流行期間發生的部分事情是，我們與這三個橫幅更加緊密地聯繫在一起。所以我們決定關閉 Footaction 的真正原因是沒有足夠的分離，也沒有看到我們可以足夠快地用這三個成年男性橫幅創造足夠的分離。

So given some of the flexibility that we had with leases, and Andrew called out that we continue to lever down the length of our, in effect, leases, we chose to close Footaction. And now we've got 2 really strong banners when you think about the Foot -- 3 strong banners in North America: Kids Foot Locker, Foot Locker and Champs and Eastbay. And we will continue to utilize our allocations at the geographic level to assort appropriately and grow our other brands as relevant. And again, Champs has always had a little bit of a broader product assortment because they've got more space for apparel in their traditional stores and more space for more branded footwear.

因此，考慮到我們在租約方面的一些靈活性，並且 Andrew 呼籲我們繼續縮短實際上的租約期限，我們選擇關閉 Footaction。現在，當您想到 Foot 時，我們有 2 個非常強大的橫幅 - 北美的 3 個強大橫幅：Kids Foot Locker、Foot Locker 和 Champs 以及 Eastbay。我們將繼續利用我們在地理層面的分配來適當地分類和發展我們的其他相關品牌。再說一次，Champs 一直擁有更廣泛的產品種類，因為他們在傳統商店中擁有更多的服裝空間和更多品牌鞋履的空間。

So again, we feel good about the portfolio. And the allocation discussion and the Footaction discussion are really two separate discussions, Jay.

因此，我們再次對投資組合感覺良好。 Jay，分配討論和 Footaction 討論實際上是兩個獨立的討論。

And Jay, just kind of going down to the allocation. When you think about vendor concentration and sustainable business models going forward, we talked about no single vendor going forward having -- yes, having more than a 55% penetration. And that's kind of the direction that we're modeling our business around as we move forward right now.

傑伊，有點像分配問題。當您考慮供應商集中度和未來的可持續商業模式時，我們談到沒有一家供應商在未來擁有 - 是的，滲透率超過 55%。這就是我們現在正在向前發展的業務建模的方向。

Our next question comes from Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

I wanted to ask, is Foot Locker still considered a strategic partner for Nike? Or has that classification changed over the last year? And secondarily, could you just talk about the productivity of the new brands that are coming in to fill the floor space that Nike is leaving behind?

我想問，Foot Locker 是否仍被視為耐克的戰略合作夥伴？或者該分類在去年發生了變化？其次，您能否談談新品牌的生產力，這些新品牌正在填補耐克留下的地板空間？

Thanks for the question, Kimberly. And again, we continue to be a strong partner, a strategic partner of Nike's, and we are working on building complementary strategies to their DTC growth. Their support of us in specifically basketball kids and sneaker culture continues to be elevated. So again, I feel great about the relationship. We have ongoing dialogues with them as we plan our business.

謝謝你的問題，金伯利。同樣，我們將繼續成為強大的合作夥伴，耐克的戰略合作夥伴，我們正在努力製定與其 DTC 增長相輔相成的戰略。他們在特別是籃球孩子和運動鞋文化方面對我們的支持不斷提高。再說一次，我對這段關係感覺很好。在我們規劃業務時，我們會與他們進行持續對話。

And this has been something that's been in process for a while as we've continued to shift our business and focus on the things that we need to do for our company. So again, strong relationship there.

隨著我們繼續轉變業務並專注於我們需要為公司做的事情，這已經進行了一段時間。再說一次，那裡有牢固的關係。

And again, part of the pull model that works in our industry is the scarcity model. And again, it's -- one of the things that Nike does the best is they control the flow of these high-heat products into the marketplace, which keeps the demand high. So again, they will certainly benefit their DTC with some of that. We'll continue to benefit from that. But our biggest benefit will be broadening our assortment with them and bringing other brand partners in.

再一次，在我們行業中起作用的拉動模型的一部分是稀缺模型。再說一次，耐克做得最好的一件事是他們控制這些高溫產品進入市場，從而保持高需求。同樣，他們肯定會從中受益於他們的 DTC。我們將繼續從中受益。但我們最大的好處將是擴大我們與他們的分類並引入其他品牌合作夥伴。

Now the second part of your question, Kimberly, around the productivity of those second -- that next tier of vendors, the product across the board doesn't turn quite as fast as the Nike product. But that being said, we just had a great LaMelo Ball launch with PUMA. We bring in high-heat collaborations, Crocs and Carrots. And we do those things and drive heat and demand with those type of offerings, which, again, turn pretty quick. So I would say in general, a little bit less productive.

現在你的問題的第二部分，Kimberly，圍繞第二個供應商的生產力——即下一級供應商，產品的全面轉向不如耐克產品那麼快。但話雖如此，我們剛剛與 PUMA 合作推出了很棒的 LaMelo Ball。我們帶來了高熱度的合作，Crocs 和 Carrots。我們做這些事情並通過這些類型的產品推動熱度和需求，這些產品再次變得非常快。所以我會說一般來說，生產力要低一些。

But again, one of the hottest brands in our market right now certainly continues to be New Balance, and that's in all of our geographies. So there's puts and takes as we help brands develop and really create that demand. We see their productivity accelerate. But there is nothing like a retro Jordan launch that comes in on a Friday and sells on a Saturday, right? I mean that's a tough dynamic to overcome. But again, I think there is enough heat, and we do a great job with storytelling and demand creation that we will continue to be productive in our boxes and our omnichannel efforts.

但同樣，目前我們市場上最熱門的品牌之一肯定仍然是 New Balance，而且在我們所有的地區。因此，當我們幫助品牌發展並真正創造這種需求時，就有了投入和投入。我們看到他們的生產力在加速。但是沒有什麼能比得上週五發售週六發售的複古 Jordan 鞋款了，對吧？我的意思是這是一個難以克服的動力。但同樣，我認為有足夠的熱度，我們在講故事和創造需求方面做得很好，我們將繼續在我們的盒子和我們的全渠道努力中保持生產力。

Okay. Great. And then just thinking more broadly about the store fleet with downsizing of the Nike business. Does it cause you to take an assessment of the store fleet for potentially additional closures in future years, noting, of course, that it sounded like you're shrinking square footage by 3% in the upcoming year and you effectively shortened your average lease life? Should we take these as signals perhaps that over time you plan to continue to downsize the fleet?

好的。偉大的。然後在縮小耐克業務規模的情況下更廣泛地考慮商店車隊。這是否會導致您對未來幾年可能額外關閉的商店車隊進行評估，當然請注意，聽起來您在來年將平方英尺減少了 3%，並且您有效地縮短了平均租賃壽命?我們是否應該將這些視為信號，也許隨著時間的推移您計劃繼續縮小機隊規模？

Well, Kimberly, we've been a net door closer for a decade now, right? If you look a decade ago, we had probably 4,000 stores or close to 4,000 stores, and we have continually looked for our opportunities to get into the -- get the right-size store in the right marketplace to serve the consumer.

好吧，金伯利，十年來我們一直是一個淨閉門器，對吧？如果你看看十年前，我們可能有 4,000 家商店或接近 4,000 家商店，我們一直在尋找機會進入——在合適的市場中找到合適規模的商店來服務消費者。

And just a slight correction. Our square footage is going to be down about 2%. Our door count will be down about 3%. So -- but we -- our team does a great job proactively managing our portfolio. And when we see the opportunity to exit a lease early because the store is not as productive as we'd like or we can't afford to put the capital into that specific marketplace, we've done that -- I think, a really good job of that over the years, and we'll continue to do that. But I do expect that we will continue to see door count go down, square footage stay flat to slightly down.

而且只是輕微的修正。我們的建築面積將減少約 2%。我們的門數將減少約 3%。所以 - 但我們 - 我們的團隊在積極管理我們的投資組合方面做得很好。當我們看到有機會提前退出租約時，因為商店的生產力不如我們希望的那樣，或者我們無力將資金投入特定的市場，我們已經做到了——我認為，真的多年來做得很好，我們將繼續這樣做。但我確實預計我們將繼續看到門數下降，建築面積持平或略有下降。

Yes, I was going to say as it relates to the lease life, I mean, that's -- you should read that as an indication of our -- as a proxy as part of our omnichannel journey. Like the -- as digital engagement goes up and as we continue to increase our digital penetration, thinking of that full omni circle, we need to consider our physical footprint. And given (sic) [giving] ourselves leverage in that physical footprint to flex up or flex down and get out of leases in a cost-effective manner, as Dick pointed out, has been a journey and has been an effort that we've been on for a while. And that continues to really, really help us to make the right real estate decisions.

是的，我要說的是，因為它與租賃期限有關，我的意思是，你應該把它讀作我們的指示——作為我們全渠道旅程的一部分。就像 - 隨著數字參與度的提高以及我們繼續增加我們的數字滲透率，考慮到整個全方位的循環，我們需要考慮我們的物理足跡。正如迪克指出的那樣，鑑於（原文如此）[給]我們自己在物理足跡上的槓桿作用，以一種具有成本效益的方式向上或向下彎曲並退出租約，這是一段旅程，也是我們一直在努力的有一段時間了。這繼續真的，真的幫助我們做出正確的房地產決策。

One other thing about the door count as we look at 2022 and beyond will be the growth of the WSS stores, right? We've made a great acquisition of a fast-growing brand, very connected to a specific consumer. And we will -- over the next 3 years, are planning to double that door count.

展望 2022 年及以後，關於門數的另一件事將是 WSS 商店的增長，對吧？我們成功收購了一個快速增長的品牌，該品牌與特定的消費者有著密切的聯繫。我們將 - 在接下來的 3 年中，計劃將門數增加一倍。

So again, we'll expand much slower with atmos because it's really a digitally led brand. But WSS, there's an awful lot of white space as it relates to that consumer and where they're not. They've begun -- we've begun the migration out of Southern California, but we've just stuck our toe in the water in Texas. We've got South Florida that's going to open up with WSS. So again, we see tremendous growth opportunities there. So there's always puts and takes across the portfolio.

再說一次，atmos 的擴張速度會慢得多，因為它確實是一個以數字為主導的品牌。但是 WSS，有大量的空白區域，因為它與消費者相關，而與消費者無關。他們已經開始了——我們已經開始從南加州遷出，但我們只是在德克薩斯州的水中扎了腳。我們有南佛羅里達州，它將與 WSS 一起開放。因此，我們再次看到了巨大的增長機會。因此，在投資組合中總是存在看跌期權。

Our next question comes from Brian McNamara with Berenberg Capital Markets.

我們的下一個問題來自 Berenberg Capital Markets 的 Brian McNamara。

Clearly, these vendor decisions aren't made overnight. I'm just curious, kind of when did you get the indication or when did Nike -- or when did you give Nike an indication that things are kind of headed this way? Has it been the last couple of months as you previously mentioned? Or has it been kind of over the last couple of years? I'm just curious the time line of the vendor decision.

顯然，這些供應商決策並非一蹴而就。我只是好奇，你是什麼時候得到指示的，或者耐克什麼時候得到的——或者你什麼時候給耐克暗示事情正在朝著這個方向發展？像你之前提到的那樣，最近幾個月了嗎？或者在過去的幾年裡是這樣的？我只是好奇供應商決策的時間線。

Well, we started this journey just prior to COVID. If you go back to our Investor Day in March '19, we started to show some of the vendor changes there. But certainly, as it relates to the numbers that we talked about today, our '22 plan and the wraparound into '23, those discussions really happened during January -- late January, actually, when we were in our regular planning process with Nike.

好吧，我們在 COVID 之前就開始了這段旅程。如果你回到 19 年 3 月的投資者日，我們開始在那裡展示一些供應商的變化。但可以肯定的是，由於它與我們今天討論的數字、我們的 '22 計劃以及對 '23 的總結有關，這些討論確實發生在 1 月——實際上是 1 月下旬，當時我們正在與耐克進行常規規劃過程。

So again, it's sort of an acceleration again that I believe is driven by their success with DTC, certainly. But I think that COVID has allowed us all to see that the consumer is changing, that consumer behaviors are changing. Our consumer is clearly saying that they want choice and that multi-brand destinations matter. And when 70-plus percent of your -- 75% of your purchases are with one vendor, it doesn't leave a lot of space in your store for choice. So that's part of what we're looking at.

再說一次，我相信這又是一種加速，這當然是由他們在 DTC 方面的成功所驅動的。但我認為 COVID 讓我們所有人都看到消費者正在改變，消費者的行為正在改變。我們的消費者明確表示他們想要選擇，多品牌目的地很重要。而且，當您 70% 以上—— 75% 的採購是從一個供應商處購買時，它不會在您的商店中留下很多可供選擇的空間。這就是我們正在研究的部分內容。

So really, it's an acceleration of conversations that's been going on for a couple of years, and it was late January when we worked on the planning for 2022.

所以真的，這是幾年來一直在加速的對話，當我們制定 2022 年的計劃時，已經是 1 月下旬了。

And just a quick follow-up on the 55%. Is that a number you expect to continue to drift lower over time? How should we think about that on a kind of a longer-term outlook?

並且只是對 55% 的快速跟進。這個數字是否會隨著時間的推移繼續下降？我們應該如何從長遠的角度來考慮這一點？

Yes. We don't expect it to go up from there. We would expect it to probably drift slightly lower. But again, that depends on where we take the brand, where the -- where we work with the brand to move forward, to meet our customer expectations, how their DTC business progresses, et cetera. So again, that 50% to 55% -- and if you reflect back to the mid-2000s, 2006/'10 -- to 2010, that's about where we were, in the mid-40s to upper 50s. And I think that we will create a healthier business by spreading our choice for our consumers out to a broader vendor base.

是的。我們預計它不會從那裡上升。我們預計它可能會略微下降。但同樣，這取決於我們將品牌帶到哪裡，我們與品牌合作在哪裡向前發展，以滿足我們的客戶期望，他們的 DTC 業務如何進展等等。再說一次，從 50% 到 55%——如果你回顧 2000 年代中期，2006/10 年——到 2010 年，這就是我們所處的位置，從 40 年代中期到 50 年代上半。我認為，通過將我們為消費者提供的選擇擴展到更廣泛的供應商群，我們將創造一個更健康的業務。

And Brian, it's math and it's obvious. But remember, that penetration is the penetration our buy. We expect to grow our non-Nike brands at a much faster rate. And so, therefore, that penetration could go down as -- just as a sheer result of the growth of our other businesses.

布賴恩，這是數學，很明顯。但請記住，滲透是我們購買的滲透。我們希望以更快的速度發展我們的非耐克品牌。因此，由於我們其他業務的增長，這種滲透率可能會下降。

Our next question comes from Michael Binetti with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

I guess we've gone over the vendor mix quite a bit here, but -- so maybe I'll focus on the model for a minute. Can you help us just reconcile between the comps down 8% to 10%, footage down 1% to 2% more on top of that, but revenue is only down 4% to 6%? I think there's a gap there. And maybe you can just help us clearly understand the footage down 1% to 2% or how the acquisitions fit into that number.

我想我們已經在這裡討論了很多供應商組合，但是——所以也許我會專注於模型一分鐘。你能幫我們調和一下壓縮比下降 8% 到 10%，素材下降 1% 到 2%，但收入只下降 4% 到 6% 嗎？我認為那裡有一個差距。也許你可以幫助我們清楚地了解下降 1% 到 2% 的鏡頭，或者收購如何適應這個數字。

And I would also love a little bit of help understanding the cadence of gross margin this year and how much we should expect the gross margin compression to be concentrated around the fourth quarter vendor mix.

而且我也希望能在了解今年毛利率的節奏以及我們預計毛利率壓縮將集中在第四季度供應商組合上的程度方面有所幫助。

Yes. I'll jump on the first part of that question, Michael, and then Andrew can jump in. But again, part of the sales change, the comp change and the square footage change is being driven by our acquisition of WSS and atmos, right? So atmos does a bigger percentage of their sales digitally. They're a double-digit comp grower. WSS has been a teens comp grower, and we expect that to continue and add square footage there. So that's sort of the relationship.

是的。我會跳到這個問題的第一部分，邁克爾，然後安德魯可以跳進去。但同樣，我們對 WSS 和 atmos 的收購推動了部分銷售變化、組合變化和平方英尺變化，對吧?因此 atmos 以數字方式完成了更大比例的銷售。他們是兩位數的comp種植者。 WSS 一直是青少年補償種植者，我們希望這種情況繼續下去，並在那裡增加平方英尺。所以就是這樣的關係。

We expect -- as we talked about in the prepared remarks, we expect doors to be down about 3%; square footage, in that 1% to 2% range. And productivity, because of a broader offering in our off-mall community stores and power stores, we expect that's going to help cover some of the overall sales change, as will WSS as we expand their footprint.

我們預計——正如我們在準備好的評論中談到的那樣，我們預計門將下降約 3%；平方英尺，在 1% 到 2% 的範圍內。和生產力，由於我們的非商場社區商店和電力商店提供更廣泛的產品，我們預計這將有助於覆蓋一些整體銷售變化，隨著我們擴大其足跡，WSS 也將如此。

And just to add a little bit on the footprint because we're opening bigger formats. So you can be down and closing at a faster rate of stores than as you open stores in bigger footprint. WSS is a bigger footprint. The community and Homefield stores are bigger footprints. So that's why the square footage is declining at a slower rate.

只是為了增加一點足跡，因為我們正在開放更大的格式。因此，與在更大範圍內開設商店相比，您可以以更快的速度關閉和關閉商店。 WSS 的足跡更大。社區和 Homefield 商店的足跡更大。所以這就是為什麼平方英尺以較慢的速度下降的原因。

Now as it relates to gross margin, from a margin perspective, there is -- we called about 400 to 410 bps decline in gross margin. And as you think about that, about 130 of that relates to occupancy deleverage as it -- as you think about the revenue coming down and us moving out of -- and us having that occupancy footprint. So there's going to be some deleverage there. And then on the merch side, approximately 280-ish on the merch side. And of that 280 on the merch side, approximately 100 bps is really driven by increased freight costs.

現在，由於它與毛利率有關，從利潤率的角度來看，我們稱之為毛利率下降了大約 400 到 410 個基點。當你考慮到這一點時，其中大約 130 項與入住率去槓桿化有關——當你考慮到收入下降和我們搬出時——而我們擁有這種入住率。所以那裡會有一些去槓桿化。然後在商品方面，在商品方面大約有 280 個。在商品方面的 280 個基點中，大約 100 個基點實際上是由運費增加推動的。

How would you break down the remainder of that -- the other 180 then?

你會如何分解剩下的部分——那麼剩下的 180 個呢？

In again, there's going to be some distribution center costs. And the rest of it is really distribution center costs, increased acquisition-related costs. And...

再次，將有一些配送中心成本。其餘的實際上是配送中心成本，增加了與採購相關的成本。和...

And we -- and I think then...

我們——然後我想……

Yes. And markdowns, yes. Yes, you're going to see some markdowns.

是的。和降價，是的。是的，你會看到一些降價。

We'll see markdowns just a little bit.

我們會看到一點點降價。

Yes, you're going to see markdowns.

是的，你會看到降價。

We've run at historical lows during 2021. And we don't expect that the -- the marketplace to get overly promotional, but we do expect it to be more promotional than it has been in 2021.

我們在 2021 年處於歷史低點。我們預計市場不會過度促銷，但我們確實預計它會比 2021 年更具促銷性。

Right, just a little bit, yes.

對，只是一點點，是的。

And just so I'm crystal clear, the footage down 1% to 2% is taking the endpoint from 2021 with WSS and atmos in it and the end point of 2022? That delta will be down 1% to 2% when we add all the components up?

就這樣我很清楚，從 2021 年開始，鏡頭下降 1% 到 2% 是終點，其中包含 WSS 和 atmos 以及 2022 年的終點？當我們將所有組件加起來時，這個增量會下降 1% 到 2%？

That's correct.

這是正確的。

Correct, yes.

正確，是的。

Our next question comes from Cristina Fernandez with Telsey.

我們的下一個問題來自 Cristina Fernandez 和 Telsey。

I wanted to talk about the vendor mix change. But think about the apparel-versus-footwear composition. Apparel, on my math, with about 16% of sales last year. As you look about -- as to how the business is changing, do you see that being materially higher as we move over the next couple of years?

我想談談供應商組合的變化。但是想想服裝與鞋類的組合。服裝，據我計算，去年約佔銷售額的 16%。正如您所看到的 - 至於業務如何變化，您是否認為隨著我們在未來幾年內的發展會顯著提高？

Yes, we absolutely do both from a branded perspective and our private and controlled brands. Again, one of the benefits of moving off-mall into slightly square -- bigger-square-footage doors is that we can do a better job of storytelling for apparel -- for all the great apparel brands that we work with. As we brought in our LCKR product and our Cozi product in, in Q3 and Q4, we saw great acceptance from our consumers. We've got many brands that we work with to drive apparel as well.

是的，我們絕對從品牌角度和我們的自有品牌和受控品牌的角度來做。同樣，將商場外搬到稍微方形的好處之一——更大平方英尺的門是我們可以更好地講述服裝的故事——對於我們合作的所有偉大的服裝品牌。當我們在第三季度和第四季度引入我們的 LCKR 產品和 Cozi 產品時，我們看到了消費者的極大接受。我們也有許多與我們合作來推動服裝的品牌。

So I think that the more square footage really allows us to do a better job of the storytelling and demand creation around apparel. And working with great collaborators like Melody Ehsani, Don C, those all drive our apparel team, and we'll continue to leverage that across all of our brands.

所以我認為，更多的平方英尺確實讓我們能夠更好地圍繞服裝講故事和創造需求。並與 Melody Ehsani、Don C 等偉大的合作者合作，他們都推動了我們的服裝團隊，我們將繼續在我們所有的品牌中利用這一點。

And as a follow-up, can you talk about the power stores that you've opened so far? How are they performing relative to the stores in malls? And any details you can share about how the vendor mix is in those stores and the apparel penetration that will help so think about as you transition to more off-mall stores, how that's going to help the business?

作為後續，你能談談你迄今為止開設的電力商店嗎？相對於購物中心的商店，他們的表現如何？您可以分享有關供應商組合在這些商店中的情況以及服裝滲透率的任何細節，這將有助於您在過渡到更多的非商場商店時思考，這將如何幫助業務？

Yes. We haven't broken down the specifics inside each of those power store boxes. But suffice it to say that we've been very pleased with the results of the first 50. That's why we're accelerating our expansion of those.

是的。我們還沒有分解每個電力儲存箱內的細節。但只要說我們對前 50 名的結果感到非常滿意就足夠了。這就是我們加速擴展這些結果的原因。

If you think about our -- really our first 181st Street, Eight Mile Road in Detroit, Compton, Dallas, Crenshaw, Philadelphia -- in U.K., we've opened up Brixton -- we've seen a broader distribution of brands in those stores because we have more square footage. We've seen a higher penetration of women's and kids because we can do a more full family presentation in those doors. And we've seen greater connectivity from our consumers. As they come into those doors, spend more time shopping, their dwell time is longer, et cetera.

如果你想想我們的——實際上是我們在底特律、康普頓、達拉斯、克倫肖、費城的第 181 街，八英里路——在英國，我們已經開放了布里克斯頓——我們已經看到這些品牌的分佈範圍更廣商店，因為我們有更多的平方英尺。我們已經看到女性和兒童的滲透率更高，因為我們可以在這些門中進行更完整的家庭展示。我們已經從消費者那裡看到了更大的聯繫。當他們進入這些門時，花更多的時間購物，他們的停留時間更長，等等。

So again, we've really been on this journey, the 181st Street store in the Heights opened up in 2019, 2018 -- 2019. And we've been on this proof-of-concept journey, and you have to test it around the globe, you have to test it in a lot of different ways. But the brand expansion, the square footage expansion, the ability to take care of full family shoppers with full family offerings has really been the strength of the power stores and community stores.

再說一次，我們真的一直在這段旅程中，高地的第 181 街商店於 2019 年、2018 年 - 2019 年開業。我們一直在進行這個概念驗證之旅，你必須四處測試它地球，你必須用很多不同的方式來測試它。但品牌擴張、面積擴張、以全家庭產品照顧全家庭購物者的能力確實是電力商店和社區商店的強項。

And of course, the deep connection with the community, bringing in local managers to run big, big boxes. Historically, we would have brought a manager who had experience running that size store. We're now looking for local managers to make sure that they've got that deep connectivity with the community.

當然，還有與社區的深厚聯繫，引進當地經理來經營大盒子。從歷史上看，我們會請一位有經營那種規模商店的經驗的經理。我們現在正在尋找當地經理，以確保他們與社區建立了深厚的聯繫。

Our next question comes -- our last question comes from Robert Drbul with Guggenheim Securities.

我們的下一個問題來了——我們的最後一個問題來自古根海姆證券公司的羅伯特·德布爾。

A couple of quick questions. A couple of quick questions. I think the first one is, when you think about some of the vendor shift, the marketing expense requirements, I don't know if it's cooperative marketing or co-op dollars, et cetera, can you just talk about your plan and need to invest in some of these smaller, I would say, the iconic brands or players that you're partnering up with in that relationship?

幾個快速的問題。幾個快速的問題。我認為第一個是，當您考慮一些供應商轉移時，營銷費用要求，我不知道是合作營銷還是合作資金等等，您能否談談您的計劃和需要投資一些較小的，我想說的是，你在這種關係中與之合作的標誌性品牌或參與者？

And I guess the second question is, when you look -- and this is probably for Andrew, but when you think about the transition underway in the business, it does sort of strike me that the range of rates that you're forecasting for '22 is rather tight versus your historical expectations for like a full year. So I just wonder, if you can just address that visibility, the confidence in gross margin, 20 basis point range, SG&A range, just broadly speaking, that would be helpful.

我想第二個問題是，當你看的時候——這可能是給安德魯的，但是當你考慮到業務中正在進行的過渡時，你預測的利率範圍確實讓我感到震驚' 22 與您對一整年的歷史預期相比相當緊張。所以我只是想知道，如果你能解決這種可見性、對毛利率的信心、20 個基點範圍、SG&A 範圍，從廣義上講，那將是有幫助的。

So I'll start, Bob, and then I will hand over to Andrew for the second part of the question. But clearly, we believe that part of our role in the market is to be a demand-creation tool, right? So we're working with smaller vendors, we're working with all of the vendors that we have great products from to create better stories and create more connectivity.

所以我開始吧，Bob，然後我將把問題的第二部分交給 Andrew。但很明顯，我們相信我們在市場中的部分角色是成為需求創造工具，對嗎？因此，我們正在與較小的供應商合作，我們正在與我們擁有出色產品的所有供應商合作，以創造更好的故事並創造更多的連接性。

Part of our marketing -- we've got great digital marketing and great social connectivity with our consumers. Our followership is significant. And we continue to leverage our FLX program to speak to our best consumers more often.

我們營銷的一部分——我們擁有出色的數字營銷和與消費者的良好社交聯繫。我們的追隨者很重要。我們繼續利用我們的 FLX 計劃更頻繁地與我們最好的消費者交談。

So we start with exclusive concepts that we're creating with all of these vendors. We communicate that digitally and socially and through FLX. And as we get further and further along that FLX journey, we'll be able to have enough data that we can truly personalize the connectivity with our consumers.

因此，我們從與所有這些供應商一起創建的獨家概念開始。我們通過 FLX 以數字和社交方式進行溝通。隨著我們在 FLX 旅程中越走越遠，我們將能夠擁有足夠的數據，從而真正實現與消費者的個性化連接。

So I think that we've got the right elements in place, and we've got very willing partners to continue to grow with us so -- and invest with us.

所以我認為我們已經有了正確的元素，並且我們有非常願意繼續與我們一起成長的合作夥伴 - 並與我們一起投資。

So I think certainly a bit of a shift. The truth is that you don't have to spend a lot of marketing dollars on certain high-heat profile silhouettes. We will deploy those marketing dollars to be more effective as we work against our consumer preferences and the exclusivity of the concepts that we're going to bring to bear in our stores.

所以我認為肯定有點轉變。事實是，您不必在某些高熱輪廓輪廓上花費大量營銷費用。我們將利用這些營銷資金來提高效率，因為我們反對我們的消費者偏好和我們將在我們的商店中推廣的概念的排他性。

Now I'll turn it -- Bob, I'll turn it over to Andrew to talk you through some of the ranges and margins.

現在我把它交給——鮑勃，我會把它交給安德魯，讓你了解一些範圍和邊距。

Yes, sure. So as you think about our 2022 guidance and some of the information that we put out with regards to 2022, our confidence in our ability to really look at our market and look at our offerings, look at our product bottoms-up perspective and really get a fairly good perspective on our top line, we obviously have a lot of information on our margins.

是的，當然。因此，當您考慮我們的 2022 年指導以及我們發布的有關 2022 年的一些信息時，我們對我們有能力真正審視我們的市場並審視我們的產品，審視我們的產品自下而上的觀點並真正獲得對我們的收入有相當好的看法，我們顯然有很多關於我們的利潤的信息。

Obviously, we're in an MSRP environment, and so our ability to really drive margin is -- it has a ceiling and it has a floor. And as you think about our ability to really get close to the pin on that, what we've done is we feel confident in our numbers, but we also have built in lapping stimulus. We've also built in what we believe is slower velocity of some of our non-Nike accounts that -- some of our non-Nike product that will now be elevated. And we believe that we have a really good pulse on that.

顯然，我們處於 MSRP 環境中，因此我們真正提高利潤率的能力是——它有一個上限，也有一個下限。當您考慮我們真正接近這一點的能力時，我們所做的是我們對我們的數字充滿信心，但我們也建立了研磨刺激。我們還建立了我們認為我們的一些非耐克賬戶的較慢速度 - 我們的一些非耐克產品現在將被提升。我們相信我們對此有很好的把握。

And so this is the information that we put out for 2022. I think it does provide a relatively -- range that's appropriate for full year guidance. So I think that -- so I think there's some -- a specific line item that you want to talk about. I'm happy to focus on it.

這就是我們為 2022 年發布的信息。我認為它確實提供了一個適合全年指導的相對范圍。所以我認為 - 所以我認為有一些 - 你想談論的特定項目。我很高興能專注於它。

No. I mean I think generally, especially just, I think, the margin piece of it -- the gross margin piece of it seems narrow with a lot of the change.

不，我的意思是我認為一般來說，尤其是我認為它的利潤部分 - 它的毛利率部分看起來很窄，有很多變化。

But I guess the other piece that I would ask, Andrew, is with the share repurchase program, the $1.2 billion. I guess can you just maybe address the thought process at this point in time on the share repurchase? And I guess what's in this forecast, the financial outlook for '22 that you have in there today?

但我想我要問的另一件事，安德魯，是關於股票回購計劃的，12 億美元。我想你能不能及時解決一下關於股票回購的思考過程？我猜這個預測是什麼，你今天對 22 年的財務前景有什麼看法？

Yes. So as you know, our share repurchase is and always has been an opportunistic share repurchase. So in our -- yes, we don't forecast or guide share repurchase. We'll obviously lean into those opportunities to return value to the shareholder as the market conditions allow. But we have not modeled in a particular share repurchase amount in the guidance that we've provided.

是的。如您所知，我們的股票回購一直是機會主義的股票回購。所以在我們的 - 是的，我們不預測或指導股票回購。在市場條件允許的情況下，我們顯然會利用這些機會向股東回報價值。但我們沒有在我們提供的指導中模擬特定的股票回購金額。

Our -- I would like to turn the call back to Mr. Robert Higginbotham for any closing remarks.

我們的 - 我想將電話轉回給 Robert Higginbotham 先生，以發表任何結束語。

Thank you for joining us today. Please join us again for our next earnings call, which we anticipate will take place at 9 a.m. on Friday, May 20. The call will follow the release of our first quarter results earlier that morning. Thank you and goodbye.

感謝您今天加入我們。請再次加入我們，參加我們的下一次財報電話會議，我們預計將於 5 月 20 日星期五上午 9 點舉行。電話會議將在當天上午早些時候發布我們的第一季度業績之後舉行。謝謝，拜拜。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。