Foot Locker Inc (FL) 2022 Q2 法說會逐字稿

Good morning, everyone, and welcome to Foot Locker's Second Quarter 2022 Financial Results Conference Call. (Operator Instructions)

大家早上好，歡迎參加 Foot Locker 2022 年第二季度財務業績電話會議。 （操作員說明）

This conference call 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 releases and reports filed with the SEC, including the most recently 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 obtained -- contained in the forward-looking statements.

本次電話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美國證券交易委員會提交的新聞稿和報告中，包括最近提交的表格 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所獲得的結果大不相同。

Please also note today's conference call is being recorded. At this time, I would like to turn the floor over to Robert Higginbotham, Vice President, Investor Relations. Mr. Higginbotham, you may begin.

另請注意，今天的電話會議正在錄音中。現在，我想請投資者關係副總裁 Robert Higginbotham 發言。 Higginbotham 先生，您可以開始了。

Thank you, operator. Welcome, everyone, to Foot Locker, Inc.'s second quarter earnings call. Today's call will reference certain non-GAAP measures. A reconciliation of GAAP to non-GAAP results is included in this morning's earnings release. To remind everyone, last quarter, we updated our definition of non-GAAP earnings to exclude all minority investment gains and losses, and our second quarter and year-to-date non-GAAP results for 2021 have been recast to reflect that. Also note, we have a slide presentation posted on our Investor Relations website with information that will be referenced during the call.

謝謝你，接線員。歡迎大家參加 Foot Locker, Inc. 的第二季度財報電話會議。今天的電話會議將參考某些非公認會計原則的措施。 GAAP 與非 GAAP 結果的對賬包含在今天上午的收益發布中。為了提醒大家，上個季度，我們更新了我們對非 GAAP 收益的定義，以排除所有少數股權投資損益，我們對 2021 年第二季度和年初至今的非 GAAP 業績進行了重新調整以反映這一點。另請注意，我們在投資者關係網站上發布了幻燈片演示文稿，其中包含將在電話會議期間引用的信息。

Today, we'll begin our prepared remarks with Dick Johnson, Chairman and Chief Executive Officer. Frank Bracken, Executive Vice President and Chief Operating Officer, will provide more color on our operations and some of our strategic initiatives. Andrew Page, Executive Vice President and Chief Financial Officer, will then review our quarterly results and financial position in more detail and provide color on our updated 2022 guidance. Following our prepared remarks, Dick, Frank and Andrew will respond to your questions.

今天，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。執行副總裁兼首席運營官 Frank Bracken 將為我們的運營和我們的一些戰略舉措提供更多色彩。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季度業績和財務狀況，並為我們更新的 2022 年指引提供色彩。在我們準備好的發言之後，迪克、弗蘭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. Before we dive into the discussion of our second quarter results, I'd like to speak briefly about the other news we announced this morning: my planned retirement and the appointment of Mary Dillon as Foot Locker's next CEO. The changes we announced today are the culmination of a thorough and thoughtful succession planning process that the rest of the Board and I have worked on together.

謝謝你，羅布。大家早上好，感謝您加入我們。在我們深入討論第二季度業績之前，我想簡要談談我們今天早上宣布的其他消息：我計劃退休以及任命瑪麗狄龍為 Foot Locker 的下一任首席執行官。我們今天宣布的變更是我和董事會其他成員共同製定的全面而深思熟慮的繼任計劃流程的結晶。

We have made significant progress against our strategic objectives in recent years, which has allowed us to broaden our customer base while deepening our connection to the sport and sneaker communities. With the ongoing momentum we have built in our business, the Board and I believe now is the right time to complete the CEO transition. We are thrilled that Mary will join the Foot Locker team and are confident she is the ideal person to lead the company into the future. I know Mary is familiar to all of you. She has established a remarkable track record over a career spanning more than 3 decades that has included leadership roles at companies, including Ulta, McDonald's and PepsiCo.

近年來，我們在戰略目標方面取得了重大進展，這使我們能夠擴大客戶群，同時加深我們與運動和運動鞋社區的聯繫。憑藉我們在業務中建立的持續動力，董事會和我相信現在是完成 CEO 交接的正確時機。我們很高興 Mary 將加入 Foot Locker 團隊，並相信她是帶領公司走向未來的理想人選。我知道瑪麗對你們大家都很熟悉。她在超過 3 年的職業生涯中建立了卓越的業績記錄，其中包括在 Ulta、麥當勞和百事可樂等公司擔任領導職務。

Mary has a passion for serving customers, and her expertise in developing attractive brand portfolios and delivering a superior experience is deeply aligned with Foot Locker's priorities and strategy. She is an inspiring leader who has not only been responsible for growing businesses but has also shown a commitment to fostering inclusive and collaborative cultures that are impactful for organizations and customers alike. We expect a smooth transition with a continued focus on our strategic imperatives and business goals.

Mary 熱衷於為客戶服務，她在開發有吸引力的品牌組合和提供卓越體驗方面的專業知識與 Foot Locker 的優先事項和戰略高度契合。她是一位鼓舞人心的領導者，她不僅負責發展業務，而且還致力於培養對組織和客戶都有影響的包容和協作文化。我們期望平穩過渡，繼續關注我們的戰略要務和業務目標。

I'll be staying with the company through January 31, 2023, as Executive Chair of the Board and then as a senior adviser until early April of next year. In connection with the leadership transition, the Board will be separating the Chair and CEO roles, and our current Lead Independent Director, Dona Young, will serve as Nonexecutive Chair effective February 1 next year.

我將在公司任職至 2023 年 1 月 31 日，擔任董事會執行主席，然後擔任高級顧問，直至明年 4 月初。在領導層交接方面，董事會將把主席和首席執行官的角色分開，我們現任首席獨立董事 Dona Young 將擔任非執行主席，從明年 2 月 1 日起生效。

I've had the privilege of spending the largest part of my career, the last 30 years, as part of the Foot Locker family and nearly 8 rewarding years as CEO. It has been an honor to lead this remarkable team and be part of building Foot Locker into the global leader it is today, sitting right at the heart of sport and sneaker communities.

在過去的 30 年裡，作為 Foot Locker 家族的一員，我有幸在我職業生涯的大部分時間裡度過了一段時光，並在擔任 CEO 的時間裡度過了將近 8 年收穫頗豐。很榮幸能夠領導這支卓越的團隊，並參與將 Foot Locker 打造成今天的全球領導者，並成為運動和運動鞋社區的核心。

Over the years, we have turned a brick-and-mortar company into a broad house of brands with an increasingly engaged and interactive online retail community. We have a tremendous foundation, and I'm excited to see Mary take the business to its next level. I'll certainly be cheering Foot Locker on in its future successes and as the team continues to advance the company's core purpose of inspiring and empowering youth culture. I appreciate the support of the analyst and investor community and look forward to the opportunity to connect with many of you ahead of my retirement.

多年來，我們已經將一家實體公司轉變為擁有越來越多參與和互動的在線零售社區的廣泛品牌之家。我們有一個巨大的基礎，我很高興看到 Mary 將業務提升到一個新的水平。我肯定會為Foot Locker 未來的成功而歡呼，隨著團隊繼續推進公司激勵和賦能青年文化的核心目標。我感謝分析師和投資者社區的支持，並期待在我退休之前有機會與你們中的許多人聯繫。

And with that, I'll turn now to discuss our financial results. As we turn to our Q2 results, let me thank our team for their solid execution in an increasingly difficult macroeconomic environment. The consumer is undoubtedly under pressure, especially at the lower end income range, which we began to see in our business as we progressed through the quarter. Despite those headwinds, our team's hard work and dedication drove very strong results with total sales down 9.2% versus the record year last year, but up 16.4% versus 2019. And our non-GAAP EPS of $1.10 for the quarter takes the overall first half to more than 20% above 2019 levels.

有了這個，我現在要討論我們的財務業績。當我們轉向我們的第二季度業績時，讓我感謝我們的團隊在日益困難的宏觀經濟環境中的穩健執行。消費者無疑面臨壓力，尤其是在低端收入範圍內，隨著我們本季度的進展，我們開始在我們的業務中看到這一點。儘管存在這些不利因素，但我們團隊的辛勤工作和奉獻精神推動了非常強勁的業績，總銷售額與去年的創紀錄水平相比下降了 9.2%，但與 2019 年相比增長了 16.4%。我們本季度的非公認會計原則每股收益為 1.10 美元，佔整個上半年比 2019 年的水平高出 20% 以上。

Our strategies are working. We are further diversifying our merchandise and vendor mix. We're pivoting our real estate off-mall and expanding our key growth banners, and we're enhancing our omnichannel offerings and capabilities. And we're executing our strategy in spite of the tough macro backdrop. I will focus on our merchandising and vendor mix, and then Frank will update you on our real estate, key banner growth and our omnichannel capabilities.

我們的策略正在奏效。我們正在進一步多樣化我們的商品和供應商組合。我們正在將我們的房地產轉向非購物中心並擴大我們的關鍵增長橫幅，並且我們正在增強我們的全渠道產品和能力。儘管宏觀背景嚴峻，我們仍在執行我們的戰略。我將專注於我們的營銷和供應商組合，然後弗蘭克將向您介紹我們的房地產、關鍵橫幅增長和我們的全渠道能力。

To remind you, our strategic direction of expanding our customer base through our diversified product offering is supported by 3 key pillars: first, consumers want choice, and they value a multi-brand experience; second, we are underpenetrated in virtually all of our brands outside of our top vendor; and third, we have superior brand equity in the marketplace that we are leveraging to capture new customers across our portfolio of banners. Our second quarter results continue to validate those 3 pillars and demonstrate that our increasing ability to grow our customer base by bringing the consumer a broader and richer product offering across our brands, categories and channels is yielding positive results.

提醒您，我們通過多元化產品擴大客戶群的戰略方向得到三個關鍵支柱的支持：第一，消費者想要選擇，他們重視多品牌體驗；其次，除了頂級供應商之外，我們幾乎所有品牌的滲透率都不足；第三，我們在市場上擁有卓越的品牌資產，我們正在利用這些資產在我們的橫幅產品組合中吸引新客戶。我們第二季度的業績繼續驗證了這三大支柱，並表明我們通過為消費者提供跨品牌、類別和渠道的更廣泛和更豐富的產品來擴大客戶群的能力正在產生積極的結果。

While our overall comps were down 10.3%, our non-Nike sales and our core banners were actually up high single digits, with many of our top 20 vendors posting strong gains. For example, we continue to see outsized gains in brands like Converse and Vans, which were both up over 20%, and New Balance and Crocs, which were both up over 50% this quarter, with Crocs continuing to benefit from successful projects like Crocs and SZA and the Crocs General Mills collection.

雖然我們的整體銷售額下降了 10.3%，但我們的非 Nike 銷售額和核心橫幅廣告實際上增長了個位數，我們的前 20 名供應商中的許多都實現了強勁增長。例如，我們繼續看到 Converse 和 Vans 等品牌的大幅增長，這兩個品牌均上漲了 20% 以上，而 New Balance 和 Crocs 本季度均上漲了 50% 以上，Crocs 繼續受益於 Crocs 等成功項目以及 SZA 和 Crocs General Mills 系列。

Also, our partnership with PUMA, including exclusive access to LaMelo Ball products, continues to drive new heat to the basketball category with the MB.01 remaining one of our best-selling shoes. We continue to see success in growing our apparel and accessories business with the categories outcomping footwear by 800 basis points. Part of that strength is coming from our control brands, which grew over 40% as we fill in gaps in the branded assortment to round out our offering to consumers with unique products, including our partnerships with Don C and Melody Ehsani.

此外，我們與 PUMA 的合作夥伴關係，包括獨家獲得 LaMelo Ball 產品，繼續為籃球類別帶來新的熱度，MB.01 仍然是我們最暢銷的鞋款之一。我們繼續看到我們的服裝和配飾業務取得成功，其類別比鞋類高出 800 個基點。部分優勢來自我們的控製品牌，隨著我們填補品牌分類中的空白以完善我們向消費者提供的獨特產品，包括我們與 Don C 和 Melody Ehsani 的合作夥伴關係，該品牌增長了 40% 以上。

Given our strong heritage, brand equity and our knowledgeable sales force, we operate as a validator of trends and brands in the sneaker community, which is an important part of our value proposition to both consumers and to brands. One great example of that is the performance running footwear category, where we are working with some of the fastest-growing brands to help them connect with a younger consumer while also helping us extend our consumer reach.

鑑於我們深厚的傳統、品牌資產和知識淵博的銷售隊伍，我們作為運動鞋社區趨勢和品牌的驗證者，這是我們對消費者和品牌的價值主張的重要組成部分。其中一個很好的例子是性能跑鞋類，我們正在與一些發展最快的品牌合作，幫助他們與年輕消費者建立聯繫，同時幫助我們擴大消費者範圍。

As we announced last quarter, this summer, we began rolling out HOKA to select stores and online at footlocker.com, and we are extremely pleased with the reception so far in the early days. We just added On Running to our first European Foot Locker stores and now have the brand in 95 doors globally and continue to grow the presence of that exciting brand with strong results. And both Brooks and ASICS grew 40% or more this past quarter despite the tough environment. Our elevated partnership with adidas is still in the early days, but it is off to a great start with the brand being given stronger positioning in most of the fleet, enhanced presentation starting to be rolled out and more collaborative marketing plans being developed.

正如我們上個季度宣布的那樣，今年夏天，我們開始將 HOKA 推廣到精選商店和在 footlocker.com 上的在線服務，我們對早期迄今為止的接收情況非常滿意。我們剛剛在我們的第一家歐洲 Foot Locker 商店中添加了 On Running，現在該品牌在全球 95 家門店中擁有該品牌，並繼續擴大這一令人興奮的品牌的影響力，並取得了強勁的業績。儘管環境艱難，布魯克斯和亞瑟士在過去一個季度都增長了 40% 或更多。我們與阿迪達斯的合作關係仍處於初期階段，但這是一個良好的開端，該品牌在大多數車隊中獲得了更強大的定位，開始推出增強型展示，並且正在製定更多協作營銷計劃。

The work on our global partnership continues, and we remain optimistic about where the enhanced relationship will take us. As we develop new partnerships and add more choice and excitement to our portfolio, we are confident in our ability to both deepen our relationships with existing customers and grow our customer base.

我們全球夥伴關係的工作仍在繼續，我們對加強後的關係將把我們帶到哪裡保持樂觀。隨著我們發展新的合作夥伴關係並為我們的產品組合增加更多選擇和興奮，我們對加深與現有客戶的關係和擴大客戶群的能力充滿信心。

Now let me touch on the current environment and recent trends. After a strong start in May, we saw trends slow in June, which continued through mid-July. As trends soften, the promotional environment has become more intense, especially in apparel, but also in footwear. In the back half of July, trends started to pick up meaningfully, especially in our earliest back-to-school markets. So as we look to the third quarter, we are excited about back-to-school and the strong start so far as well as the energy we are bringing to the market this fall and holiday seasons with upcoming releases like LaMelo Ball's MB.02, the Trae Young 2 as well as new introductions from New Balance and key launches from Jordan and YEEZY.

現在讓我談談當前的環境和最近的趨勢。在 5 月份的強勁開局之後，我們看到 6 月份的趨勢放緩，這種趨勢一直持續到 7 月中旬。隨著趨勢的緩和，促銷環境變得更加激烈，尤其是在服裝領域，在鞋類領域也是如此。 7 月下半月，趨勢開始顯著回升，尤其是在我們最早的返校市場。因此，當我們展望第三季度時，我們對返校和迄今為止的強勁開局以及我們在今年秋季和假日季節為市場帶來的能量以及即將發布的 LaMelo Ball 的 MB.02 等版本感到興奮， Trae Young 2 以及 New Balance 的新介紹以及 Jordan 和 YEEZY 的主要發布。

One of our strengths is the ability to win in key buying periods like back-to-school and holiday when there is a real call to action. Our view is that the back-to-school season will be strong, but we do see increased uncertainty from them until the holiday season begins given the more challenging macroeconomic environment. Andrew will update you on our outlook shortly.

我們的優勢之一是能夠在真正需要行動的關鍵購買期（例如返校和假期）中獲勝。我們的觀點是，返校季將會很強勁，但鑑於宏觀經濟環境更具挑戰性，我們確實看到在假期開始之前，它們的不確定性會增加。安德魯將很快向您介紹我們的展望。

Despite a tougher backdrop, we remain enthusiastic about our business, both near term and long term. Our strategies are working and are all the more relevant. Providing more choice to consumers is important as they make their more challenging decisions on how to allocate their dollars. Our ability to connect with consumers in a more personalized way through our community stores is a unique offering in the marketplace.

儘管背景更加嚴峻，但我們對近期和長期的業務仍然充滿熱情。我們的策略正在發揮作用，而且更加相關。為消費者提供更多選擇非常重要，因為他們會在如何分配資金方面做出更具挑戰性的決定。我們通過社區商店以更加個性化的方式與消費者建立聯繫的能力是市場上獨一無二的產品。

And our broad offering across price points, including the value that WSS provides, gives our customers more options to engage with us, depending on their spending power. Our categories continue to have very persistent secular tailwinds that will help drive growth. The trend towards casualization is alive and well. And even as people return to the office, we see sneakers as a permanent part of the work uniform across locations. Also, we believe the growing emphasis on fitness and self-care will continue to drive demand for workout gear, including sneakers and activewear. We have a number of strategic assets at our disposal, including strong vendor relationships, which we can use to manage our order flow, and a flexible real estate portfolio to allow us to adjust our banner fleet.

我們跨價格點的廣泛產品，包括 WSS 提供的價值，為我們的客戶提供了更多與我們互動的選擇，具體取決於他們的消費能力。我們的類別繼續擁有非常持久的長期順風，這將有助於推動增長。休閒化的趨勢仍然存在並且很好。即使人們回到辦公室，我們仍將運動鞋視為不同地點工作制服的永久組成部分。此外，我們相信對健身和自我保健的日益重視將繼續推動對運動裝備的需求，包括運動鞋和運動服。我們擁有許多可供我們支配的戰略資產，包括強大的供應商關係，我們可以用它來管理我們的訂單流，以及靈活的房地產投資組合，讓我們能夠調整我們的旗幟車隊。

Finally, I want to update you on some of our ESG efforts, ahead of the release of our fiscal year 2021 Impact Report next week. Earlier this year, we made our strongest environmental pledge to date by issuing a net-zero greenhouse gas emissions ambition by 2050 or sooner in alignment with climate scientists recommendations. We have also recently passed the second anniversary of our lead commitment to support the Black community, including a pledge to invest $200 million over 5 years. So far through this effort, we have invested over $50 million to support Black-owned brands and creators, venture capital firms and efforts to create pathways for over 70 persons of color to work in our corporate offices through an internship program.

最後，我想在下週發布我們的 2021 財年影響報告之前向您介紹我們的一些 ESG 工作。今年早些時候，我們根據氣候科學家的建議發布了到 2050 年或更早實現溫室氣體淨零排放的目標，從而做出了迄今為止最強有力的環境承諾。我們最近還通過了我們支持黑人社區的主要承諾兩週年，其中包括承諾在 5 年內投資 2 億美元。到目前為止，通過這項努力，我們已投資超過 5000 萬美元來支持黑人擁有的品牌和創作者、風險投資公司，並努力通過實習計劃為 70 多名有色人種在我們的公司辦公室工作創造途徑。

ESG is not just a program at Foot Locker. It is embedded in how we strive towards positive outcomes for our team members, the communities we serve, our customers, suppliers, shareholders and the planet, and I'm especially proud of our accomplishments in these areas. With our strategies working and a category that remains vibrant, we couldn't be more excited about the direction and potential of our business going forward.

ESG 不僅僅是 Foot Locker 的一個項目。它植根於我們如何努力為我們的團隊成員、我們所服務的社區、我們的客戶、供應商、股東和地球取得積極成果，我為我們在這些領域取得的成就感到特別自豪。隨著我們的戰略奏效和一個保持活力的類別，我們對我們業務未來的方向和潛力感到無比興奮。

Now I'll pass the call over to Frank to discuss our banners growth, recent changes to our portfolio, our loyalty program and our omnichannel evolution.

現在，我將把電話轉給弗蘭克，討論我們的橫幅廣告增長、我們投資組合的最新變化、我們的忠誠度計劃和我們的全渠道發展。

Thank you, Dick, and good morning, everyone. Starting with our off-mall pivot and banner portfolio, we remain confident in our strategies as we deliver additional proof points across our community and power doors, test new large-format consumer experiences, grow our WSS and atmos banners and expand internationally. In the second quarter, we opened or converted 25 new Foot Locker Community and Power Stores, giving us nearly 100 doors in these formats, on the way towards our goal of 300 globally by 2024.

謝謝你，迪克，大家早上好。從我們的非商場支點和橫幅產品組合開始，我們對我們的戰略充滿信心，因為我們在我們的社區和電動門中提供更多的證明點，測試新的大型消費者體驗，發展我們的 WSS 和 atmos 橫幅並在國際上擴張。在第二季度，我們開設或改造了 25 家新的 Foot Locker 社區和電力商店，為我們提供了近 100 家此類形式的門，朝著我們到 2024 年在全球開設 300 家的目標邁進。

This global strategy manifested locally in the second quarter, including new store openings in Washington, D.C., Houston, Paris, Berlin, Florence and Melbourne. Our ability to connect and serve consumers in a hyperlocalized way through these stores is giving us a unique competitive advantage in the marketplace, a strategy that both consumers and our vendor partners are giving us credit for.

這一全球戰略在第二季度在當地得到體現，包括在華盛頓特區、休斯頓、巴黎、柏林、佛羅倫薩和墨爾本開設新店。我們通過這些商店以超本地化的方式連接和服務消費者的能力使我們在市場上擁有獨特的競爭優勢，消費者和我們的供應商合作夥伴都對這一戰略給予了讚譽。

Our Community and Power Stores continue to deliver sales above their plan and to outcomp their regional benchmarks in the fleet, giving us ongoing conviction in our rollout of the formats. Our new Homefield Community Store concept in Pembroke Pines outside of Miami continues to perform well in its early months of testing. Homefield provides an elevated consumer experience across sport performance and sport lifestyle for the modern athlete through an off-mall, large-format concept.

我們的社區和電力商店繼續提供超出計劃的銷售額，並在車隊中超過他們的區域基準，這使我們對推出這些格式充滿信心。我們在邁阿密郊外彭布羅克派恩斯的新 Homefield 社區商店概念在其最初幾個月的測試中繼續表現良好。 Homefield 通過非商場的大型概念為現代運動員提供跨運動表現和運動生活方式的提升消費者體驗。

The consumer reception so far has been very strong, with both conversion and average ticket well above the company average and increasing sales momentum within our performance-based assortment, led by performance running, performance basketball and cleated footwear. We are pleased with the results so far and continue to evaluate the potential of the concept to serve sport-inspired consumers and elevate innovation and storytelling for our industry.

到目前為止，消費者的接受度非常高，轉化率和平均門票均遠高於公司平均水平，並且在我們基於性能的產品系列中，以性能跑步、性能籃球和防滑鞋為主導的銷售勢頭不斷增長。我們對迄今為止的結果感到滿意，並繼續評估該概念在為受體育啟發的消費者服務以及提升我們行業的創新和講故事方面的潛力。

We are also seeing promising results from our Kids Foot Locker Community Store concept, which we call House of Play. This test store in an underserved neighborhood in the Miami market is a large-format, elevated experience, which enables us to expand our assortment, provide community connectivity to kids and their parents and test new ideas and brands. The traffic, conversion rate and customer satisfaction at this concept store put it amongst the top doors in our entire fleet.

我們還看到了我們稱之為“遊戲之家”的兒童儲物櫃社區商店概念帶來的可喜成果。這家位於邁阿密市場服務不足社區的測試店是一種大型、提升的體驗，這使我們能夠擴展我們的產品種類，為孩子及其父母提供社區連接，並測試新的想法和品牌。這家概念店的客流量、轉化率和客戶滿意度使其在我們整個車隊中名列前茅。

We have also been able to test new brands like Steve Madden, which led to a larger store rollout in Q3 for back-to-school. And the larger format allows us to test additional size and apparel categories, such as our baby assortment, which again tested well and led to a larger store program. Combined with our strong community activation and engagement, we look forward to opening 2 more House of Play doors in time for the holiday season in the Baltimore community as well as our first on-mall test store in Miami.

我們還能夠測試史蒂夫·馬登（Steve Madden）等新品牌，從而在第三季度推出更大的返校門店。更大的格式使我們能夠測試更多的尺碼和服裝類別，例如我們的嬰兒分類，這再次得到很好的測試並導致了更大的商店計劃。結合我們強大的社區活躍度和參與度，我們期待在巴爾的摩社區以及我們在邁阿密的第一家購物中心測試店的到來之前，及時在巴爾的摩社區再開設 2 家 House of Play 門。

As we continuously optimize our banner portfolio and sharpen our banner positionings, in June, we announced some updates regarding our Eastbay business. First, we announced the sale of our Eastbay Team Sales business, historically approximately 1% of our annual sales, which will enable our enterprise to be more efficient in capital and resource allocation and service of our consumer-led strategies.

隨著我們不斷優化我們的橫幅組合併加強我們的橫幅定位，我們在 6 月宣布了有關我們 Eastbay 業務的一些更新。首先，我們宣佈出售我們的 Eastbay Team Sales 業務，歷史上約占我們年銷售額的 1%，這將使我們的企業在資本和資源分配以及我們以消費者為主導的戰略的服務方面更有效率。

Second, we confirm that we will be fully consolidating our Eastbay consumer e-commerce business into Champ Sports as one banner, completing the integration of those 2 banners that began in 2019. The full integration of the Eastbay retail business into our Champs Sports banner will allow us to more effectively serve the modern athlete, being more efficient with marketing spend and our operating model.

其次，我們確認將把Eastbay消費電商業務全面整合到ChampSports旗下，完成2019年開始的2條banner整合。Eastbay零售業務全面整合到Champs Sports旗下讓我們能夠更有效地為現代運動員服務，提高營銷支出和運營模式的效率。

WSS, our large-format, off-mall value banner focused on Hispanic communities, continues to perform above our original plans. WSS has opened 9 new stores this year, including 2 openings in the first week of the third quarter. We are well on track to have approximately 120 stores open by the end of this year and 200 stores opened by 2024 as we deliver against our $1 billion sales target.

WSS 是我們專注於西班牙裔社區的大型非商場價值橫幅，其表現繼續超出我們最初的計劃。 WSS今年新開了9家店，其中2家在第三季度的第一周開張。我們有望在今年年底前開設大約 120 家門店，到 2024 年開設 200 家門店，實現我們 10 億美元的銷售目標。

In Q2, we also opened our second distribution center dedicated to replenishing WSS stores in Texas and to support future expansion Eastward. And in the third quarter, we will open our first WSS stores on the East Coast as we look to serve and connect with the diverse Hispanic communities of South Florida.

在第二季度，我們還開設了第二個配送中心，專門用於補充德克薩斯州的 WSS 商店並支持未來向東擴張。在第三季度，我們將在東海岸開設第一家 WSS 商店，因為我們希望為南佛羅里達州的多元化西班牙裔社區提供服務並與之建立聯繫。

Our business at atmos continues to deliver impressive results and add new consumer access and capabilities to our enterprise. Strong omnichannel traffic in Japan and key partner markets enabled atmos to deliver another quarter of double-digit sales growth. A steady calendar of collaborations and consumer engagement drove even deeper connections with consumers, including our first NFT launch in partnership with Karafuru and HYPEBEAST as well as exclusive access and pop-up retail with our partners at New Balance. And finally, we opened the first atmos pink women's concept shop outside of Japan in Jakarta, Indonesia.

atmos 的業務繼續取得令人矚目的成果，並為我們的企業增加了新的消費者訪問權限和功能。日本和主要合作夥伴市場強勁的全渠道流量使 atmos 實現了又一個季度的兩位數銷售增長。穩定的合作日程和消費者參與推動了與消費者更深層次的聯繫，包括我們與 Karafuru 和 HYPEBEAST 合作推出的首次 NFT 以及與我們在 New Balance 的合作夥伴的獨家訪問和彈出式零售。最後，我們在印度尼西亞雅加達開設了日本以外的第一家 atmos pink 女裝概念店。

Elsewhere in Asia, we continue to grow into untapped markets through new licensing arrangements. This month, we expanded our licensing partnership with MAP Active, which successfully operates our stores in Indonesia. Our partners will now introduce Foot Locker and the best of sneaker culture to local consumers in Thailand and the Philippines beginning in the fourth quarter this year. We are excited to be growing our relationship with the proven operators at MAP Active as this partnership will enable a capital-efficient means to expand Foot Locker's geographic footprint and drive incremental EBIT.

在亞洲其他地方，我們通過新的許可安排繼續發展到尚未開發的市場。本月，我們擴大了與 MAP Active 的授權合作夥伴關係，後者在印度尼西亞成功運營了我們的商店。我們的合作夥伴現在將從今年第四季度開始向泰國和菲律賓的當地消費者介紹 Foot Locker 和最好的運動鞋文化。我們很高興能與 MAP Active 久經考驗的運營商發展我們的關係，因為這種合作夥伴關係將為擴大 Foot Locker 的地理足跡和推動增加的息稅前利潤提供一種資本高效的方式。

Our omnichannel consumer experience evolution also continues to make strong progress. In the first week of the third quarter, we completed the global rollout of our new Foot Locker e-commerce platform with the successful implementation in Singapore and Malaysia. Our "build once, deploy many" technology strategy will enable us to efficiently deliver experience upgrades while also enabling further geographic expansion.

我們的全渠道消費者體驗演變也繼續取得強勁進展。在第三季度的第一周，我們完成了新的Foot Locker電子商務平台的全球推廣，並在新加坡和馬來西亞成功實施。我們的“一次構建，多次部署”技術戰略將使我們能夠有效地提供體驗升級，同時還能實現進一步的地域擴張。

Meanwhile, our FLX membership program continues to help us better know and serve consumers. FLX serves as a platform to capture consumers' data and better understand their wants and needs, enabling greater personalization. We are now capturing over 70% of sales through our members in the U.S., up from 50% just 2 years ago. And we have also expanded the FLX program across 6 key countries in Europe. In addition to personalization benefits, FLX also acts to incentivize our best consumers to stay engaged with our banners and shop more with us as our members continue to spend 10% more than nonmembers.

同時，我們的 FLX 會員計劃繼續幫助我們更好地了解和服務消費者。 FLX 作為一個平台來捕獲消費者的數據並更好地了解他們的需求，從而實現更大的個性化。我們現在通過我們在美國的會員獲得了超過 70% 的銷售額，而兩年前這一比例為 50%。我們還在歐洲 6 個主要國家/地區擴展了 FLX 計劃。除了個性化福利外，FLX 還採取行動激勵我們最好的消費者保持與我們的橫幅互動並與我們一起購物，因為我們的會員繼續比非會員多消費 10%。

Lastly, we also continued to roll out our drop ship program across vendors and regions to give our consumers a seamless extension of choice and to allow us to test new products and categories. One of the partnerships in the program that we are incredibly excited about is with Fanatics, a digital sports platform and global leader in licensed sports merchandise. Starting this fall, our customers will be able to shop a much more extensive selection online for their favorite fan gear across major sports leagues and teams at footlocker.com, kidsfootlocker.com and champssports.com in the U.S. The partnership and assortment will grow through the fall season as we add more leagues, more teams and more athletes heading into the important holiday shopping season. And as customers build their show of pride outfits, they will also be able to find a new pair of sneakers and other activewear to complete the look.

最後，我們還繼續在供應商和地區推出我們的直銷計劃，為我們的消費者提供無縫擴展選擇，並允許我們測試新產品和類別。我們非常興奮的計劃中的合作夥伴之一是與數字體育平台和許可體育商品的全球領導者 Fanatics。從今年秋天開始，我們的客戶將能夠在美國的 footlocker.com、kidsfootlocker.com 和 champssports.com 上在線購買更多他們喜愛的球迷裝備，購買他們最喜歡的主要體育聯盟和球隊。合作夥伴關係和分類將通過秋季，隨著我們增加更多聯賽、更多球隊和更多運動員進入重要的假日購物季。隨著客戶打造他們的驕傲服裝展示，他們還可以找到一雙新的運動鞋和其他運動服來完成外觀。

So in summary, we are making meaningful progress across all of our banners and regions to better know and serve consumers through choice, convenience and community. I'll now hand the call over to Andrew.

總而言之，我們在所有橫幅和地區都取得了有意義的進展，以通過選擇、便利和社區更好地了解和服務消費者。我現在將把電話交給安德魯。

Thank you, Frank, and good morning, everyone. Our second quarter results continue to reflect our progress in elevating our customers' experiences and growing our customer base. The pace of change in the retail market is fluid.

謝謝你，弗蘭克，大家早上好。我們的第二季度業績繼續反映我們在提升客戶體驗和擴大客戶群方面取得的進展。零售市場的變化步伐是流動的。

Looking back at our results. When we reported our first quarter on May 20, our recent sales trends were at the high end of our expectations within the context of still lapping stimulus. And we then finished May stronger than we had originally planned.

回顧我們的結果。當我們在 5 月 20 日報告第一季度時，我們最近的銷售趨勢處於我們預期的高端，而刺激措施仍在繼續。然後我們完成了比我們最初計劃的更強大的五月。

But into June, we saw a slowdown versus our expectations in traffic amid the rapid uptick in inflation, especially in the U.S. Although more dramatic in our lower income customer base, the softening was across the board. That more pronounced softening in our lower income customer base was a trend we saw in our core business as well as our customer segments at WSS. That trend continued into the first half of July. But the back half of July began to improve, particularly in the early back-to-school markets.

但到了 6 月，在通貨膨脹迅速上升的情況下，我們看到客流量的放緩與我們的預期相比，尤其是在美國。雖然我們的低收入客戶群更為顯著，但這種疲軟是全面的。我們的低收入客戶群更加明顯的疲軟是我們在核心業務以及 WSS 客戶群中看到的趨勢。這種趨勢一直持續到 7 月上半月。但 7 月後半月開始好轉，尤其是在早期的返校市場。

While the back-to-school trends are very encouraging, given the uncertainty in the macroeconomic environment, we are still tempering our expectations for the balance of the year. With that context, let me walk through the details of the quarter. Our second quarter total sales decreased 9.2% compared to the record levels achieved last year but were up 16.4% compared to 2019. Excluding the impact of foreign currency, total sales were down 6.1%.

雖然返校趨勢非常令人鼓舞，但鑑於宏觀經濟環境的不確定性，我們仍在調整對今年餘下時間的預期。在這種情況下，讓我來看看這個季度的細節。我們第二季度的總銷售額與去年的創紀錄水平相比下降了 9.2%，但與 2019 年相比增長了 16.4%。不計外匯影響，總銷售額下降了 6.1%。

On a comparable basis, sales declined 10.3%, though non-Nike sales in our core business grew high single digits as we remain on strategy with rebalancing our product assortment. By month, comps were down high single digits in May, which slowed to down low teens in June and then improved to down high single digits in July. For the quarter, our global fleet was open 99% of available days versus approximately 90% last year.

在可比的基礎上，銷售額下降了 10.3%，儘管我們的核心業務中的非耐克銷售額增長了高個位數，因為我們繼續採取重新平衡產品分類的戰略。按月計算，5 月份的組合下降了高個位數，6 月份放緩至低位青少年，然後在 7 月改善至高個位數。本季度，我們的全球機隊有 99% 的可用天數開放，而去年這一比例約為 90%。

Comparable sales in our stores fell 6% with store traffic in our global fleet up low double digits and conversion down approximately 10%. When comparing to 2019, while our brick-and-mortar traffic is down, our conversion is actually still meaningfully higher, showing a high level of intent from our customers when they visit our stores and the strong execution by our merchandising and in-store teams. Our digital penetration was 16.9% in the second quarter this year, down from 20.1% last year, but above the 14.3% from 2019. Total units were down high single digits in our core banners while average selling prices fell by high single digits on higher apparel penetration but also a decline in footwear.

我們門店的可比銷售額下降了 6%，而我們全球車隊的門店客流量增長了兩位數，轉化率下降了約 10%。與 2019 年相比，雖然我們的實體店客流量有所下降，但我們的轉化率實際上仍然明顯更高，這表明我們的客戶在訪問我們的商店時的高度意圖以及我們的銷售和店內團隊的強大執行力.今年第二季度，我們的數字化滲透率為 16.9%，低於去年的 20.1%，但高於 2019 年的 14.3%。我們的核心橫幅中的總單位數下降了高個位數，而平均售價則下降了高個位數服裝滲透率也下降了鞋類。

Now turning to our results by geography and banner. North America comps overall were down 16.1% given last year, we're still benefiting from heavy fiscal stimulus in the U.S. Foot Locker Canada was up low single digits, while Foot Locker U.S. was down low double digits, and Kids Foot Locker and Champs were both down high teens. Overall comps in EMEA grew 4.5% with strength across markets, particularly in France, where our investments in elevated real estate and local marketing drove double-digit growth. Tourist centers across the region performed above average, though we saw broad-based strength across nontourist markets as well.

現在轉向我們的地理和橫幅結果。與去年相比，北美的整體銷售額下降了 16.1%，但我們仍然受益於美國的大規模財政刺激措施。Foot Locker Canada 的業績下降了個位數，而 Foot Locker 美國的業績下降了兩位數，Kids Foot Locker 和 Champs兩者都處於青少年時期。歐洲、中東和非洲地區的整體收入增長了 4.5%，各個市場都表現強勁，尤其是在法國，我們對高檔房地產和本地營銷的投資推動了兩位數的增長。該地區的旅遊中心表現高於平均水平，但我們也看到了非旅遊市場的廣泛實力。

In APAC, comps were up 17.7%, with strong performance in both Pacific and Asia regions as we lapped some store closures in Australia and parts of Asia benefited from reduced travel restrictions. While not yet in our reported comp base, WSS and atmos continued to perform strongly. WSS, which contributed $137 million in sales for the quarter, comped down low single digits, well ahead of our other U.S. banners despite fiscal stimulus having a meaningful impact on that business and being the most exposed to recent low-income consumer weakness. atmos, which contributed $48 million of sales, grew low double digits versus their results last year, continuing its strong trends.

在亞太地區，comps 增長了 17.7%，在太平洋和亞洲地區表現強勁，因為我們在澳大利亞關閉了一些商店，亞洲部分地區受益於旅行限制的減少。儘管 WSS 和 atmos 尚未進入我們報告的比較基數，但仍表現強勁。 WSS 在本季度貢獻了 1.37 億美元的銷售額，儘管財政刺激措施對該業務產生了有意義的影響，並且最容易受到近期低收入消費者疲軟的影響，但該季度的銷售額仍低於我們的其他美國旗幟。 atmos 貢獻了 4800 萬美元的銷售額，與去年的業績相比增長了兩位數，延續了其強勁的趨勢。

Moving down the income statement. Gross margin declined 340 basis points. Merchandise margins fell by 260 basis points driven by higher markdowns as the promotional environment quickly picked up to more normalized levels in the quarter, higher supply chain costs and the addition of WSS and atmos. In addition, occupancy deleveraged by 80 basis points on down comps. As a reminder, WSS and atmos carry a somewhat lower merchandise margin, though lower occupancy makes them overall gross margin-neutral.

向下移動損益表。毛利率下降 340 個基點。商品利潤率下降了 260 個基點，原因是本季度促銷環境迅速回升至更加正常化的水平、更高的供應鏈成本以及 WSS 和 atmos 的增加，導致降價幅度更大。此外，入住率降低了 80 個基點。提醒一下，WSS 和 atmos 的商品利潤率略低，儘管較低的入住率使它們的整體毛利率中性。

At quarter end, our inventories were 52% above last year and up 34% compared to 2019 as flow of products has improved and previously delayed products came in. For the second quarter, our SG&A rate came in at 21.9% representing deleverage of approximately 210 basis points driven by labor wage inflation, which continues to pressure our cost base more than anticipated. Depreciation expense was $51 million versus $48 million last year driven mainly by the inclusion of WSS and atmos.

在季度末，我們的庫存比去年增加了 52%，與 2019 年相比增加了 34%，因為產品流有所改善，並且之前延遲的產品進來了。第二季度，我們的 SG&A 率為 21.9%，這意味著去槓桿化約為 210由勞動力工資通脹驅動的基點，這繼續對我們的成本基礎造成超出預期的壓力。折舊費用為 5100 萬美元，而去年為 4800 萬美元，主要是由於包含 WSS 和 atmos。

Interest expense increased to $5 million from $2 million in the prior year due to the incremental expense from the company's bond issuance last year. And our non-GAAP tax rate came in at 30.0%, above last year's rate of 27.4%, driven by the geographic mix of our income.

由於公司去年發行債券的費用增加，利息費用從去年的 200 萬美元增加到 500 萬美元。我們的非公認會計原則稅率為 30.0%，高於去年的 27.4%，這是由我們收入的地理組合驅動的。

Now turning to our balance sheet. We ended the quarter with $386 million of cash and $455 million of debt. During the quarter, we repurchased 1.4 million shares of our common stock for $40 million and paid $38 million in dividends.

現在轉向我們的資產負債表。我們在本季度結束時擁有 3.86 億美元的現金和 4.55 億美元的債務。在本季度，我們以 4000 萬美元的價格回購了 140 萬股普通股，並支付了 3800 萬美元的股息。

Turning to our updated 2022 financial outlook. We are pleased with our solid performance in Q2, especially against last year's record performance. We are front-footed in running our strategy, which includes diversifying our assortment, our real estate and our omnichannel offering as we successfully expand our customer base. We spaced and navigated a number of headwinds that were not contemplated in our guidance that we provided in May, most notably the rapid uptick in inflation, which has more quickly forced our customers to make difficult spending desistance.

轉向我們更新的 2022 年財務展望。我們對第二季度的穩健表現感到滿意，尤其是與去年的創紀錄表現相比。我們在實施戰略方面處於領先地位，其中包括隨著我們成功擴大客戶群而使我們的產品種類、房地產和全渠道產品多樣化。我們在 5 月份提供的指導中沒有考慮到一些不利因素，其中最明顯的是通貨膨脹的迅速上升，這更快地迫使我們的客戶做出艱難的支出停止。

Based upon our current visibility, we expect these macro headwinds to put pressure on consumer spending through the back half of the year. As such, we now expect to achieve the lower end of our original comp and earnings guidance. Starting with sales, we have adjusted our guidance for several factors. The macroeconomic backdrop primarily driven by inflation has become more challenged. Foreign exchange rates have become less favorable, and we sold our Team Sales business which, while only approximately 1% annually, does impact our total sales range for the back half.

根據我們目前的能見度，我們預計這些宏觀逆風將在今年下半年給消費者支出帶來壓力。因此，我們現在希望實現我們最初的薪酬和收益指導的低端。從銷售開始，我們針對幾個因素調整了我們的指導。主要由通脹驅動的宏觀經濟背景變得更加嚴峻。外匯匯率變得不那麼優惠了，我們出售了我們的團隊銷售業務，雖然每年只有大約 1%，但確實影響了我們後半部分的總銷售範圍。

We still expect to see comps down 8% to 9% for the year, which embeds the better second quarter performance, offset by a softer-than-expected back half, which we now assume will be down approximately 10% to 12% with Q4 still expected to be the toughest comp. Our total sales range for the year, however, does come down given less favorable foreign exchange rates and the divestiture of our Team Sales business. So we now expect a sales range of down 6% to 7% versus the prior upper end of down 4% to 6%.

我們仍然預計今年的業績將下降 8% 至 9%，這意味著第二季度的業績較好，但被弱於預期的後半部分所抵消，我們現在假設第四季度將下降約 10% 至 12%仍然有望成為最艱難的比賽。然而，由於匯率不利以及我們團隊銷售業務的剝離，我們今年的總銷售範圍確實有所下降。因此，我們現在預計銷售額範圍將下降 6% 至 7%，而之前的上限為下降 4% 至 6%。

We plan to open approximately 100 new doors in 2022, including 40 Community and Power Stores, while closing a total of 190 stores. WSS and atmos have experienced some construction timing delays, and we now see 20 new WSS stores and 2 new atmos stores, down slightly from our original expectations for the year, though having no impact on our long-term view of the banners. Overall, 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 家新門店，包括 40 家社區和電力商店，同時關閉總共 190 家商店。 WSS 和 atmos 經歷了一些建設時間延遲，我們現在看到 20 家新 WSS 商店和 2 家新 atmos 商店，略低於我們對今年的最初預期，但對我們對橫幅的長期看法沒有影響。總體而言，到 2022 年，我們的門店數量將減少約 3%，面積減少不到 2%。

On gross margin, we are adjusting our outlook to account for better occupancy trends as our occupancy mix of stores in the portfolio has developed better than we expected; somewhat better supply chain costs for the balance of the year, which are partially offset by the pickup in the promotional environment. We feel good about our inventory in terms of quality and newness and think it puts us in position for a strong back-to-school season, but we do have to compete in the more promotional environment. Therefore, we are factoring in more pressure. As a result, we are now estimating a 320 to 330 basis point decline in overall gross margin for the year, better than our prior range of down 360 basis points to 380 basis points.

在毛利率方面，我們正在調整我們的前景以考慮更好的入住率趨勢，因為我們投資組合中商店的入住率組合發展得比我們預期的要好；今年剩餘時間的供應鏈成本有所改善，這部分被促銷環境中的回升所抵消。我們對我們的庫存在質量和新穎性方面感覺良好，並認為這使我們能夠迎接一個強勁的返校季，但我們確實必須在更具促銷性的環境中競爭。因此，我們正在考慮更大的壓力。因此，我們現在估計今年整體毛利率將下降 320 至 330 個基點，好於我們之前下降 360 個基點至 380 個基點的範圍。

Note, we expect inventory growth to slow from here but remain up at the end of the year as we diversify our assortment. In terms of managing through the macroeconomic volatility, we have a number of levers at our disposal to utilize, if needed, leveraging the strength of our relationships with our vendors.

請注意，我們預計庫存增長將從這裡開始放緩，但隨著我們品種多樣化，到年底仍會保持上升。在管理宏觀經濟波動方面，我們可以利用許多槓桿，如果需要，可以利用我們與供應商的關係優勢。

On SG&A, we announced our cost optimization initiative during Q1, and we are now in the final development stages of this initiative. We still expect the program to generate $200 million of annual savings once fully executed with the benefits to begin in Q3 and build into Q4.

在 SG&A 方面，我們在第一季度宣布了我們的成本優化計劃，我們現在處於該計劃的最後開發階段。我們仍然預計該計劃一旦完全執行，每年將節省 2 億美元，其收益將從第三季度開始並持續到第四季度。

Outside of these efforts, we continue to see cost increase at a faster-than-expected rate, particularly in labor. As a result, we now see our expense rate in the range of up 60 to 70 basis points compared to 2021, up from the prior range of flat to up 20 basis points. We, therefore, expect our non-GAAP EPS in 2022 to come in at the lower end of our original earnings guidance or a more explicit range of $4.25 to $4.45, which reflects that we expect the back half to be more challenged than we originally anticipated at the beginning of the year.

除了這些努力之外，我們繼續看到成本增長速度快於預期，尤其是在勞動力方面。因此，我們現在看到與 2021 年相比，我們的費用率在 60 至 70 個基點的範圍內，高於之前的持平至 20 個基點。因此，我們預計我們在 2022 年的非公認會計原則每股收益將低於我們最初的盈利指導或更明確的 4.25 美元至 4.45 美元的範圍，這反映出我們預計後半部分將比我們最初預期的更具挑戰在年初。

Our balance sheet remains a strategic asset for our business, with nearly $400 million in cash and $600 million undrawn on our credit facility and strong coverage and leverage metrics. Our CapEx plan for 2022 remains unchanged at $275 million to be used towards new store openings and ongoing technology and omnichannel investments, which include the new distribution facilities we are opening in Reno, Nevada to serve the core business and the WSS facility we just opened in Houston.

我們的資產負債表仍然是我們業務的戰略資產，有近 4 億美元的現金和 6 億美元的未提取信貸額度以及強大的覆蓋率和槓桿指標。我們 2022 年的資本支出計劃保持不變，為 2.75 億美元，用於新店開業以及持續的技術和全渠道投資，其中包括我們在內華達州里諾開設的新分銷設施，以服務於核心業務和我們剛剛開設的 WSS 設施休斯頓。

Before I close out our prepared remarks, let me say, on behalf of the entire Foot Locker family, Dick, thank you for your caring leadership, friendship and long-lasting impacts you have made on this organization.

在結束我們準備好的評論之前，讓我代表整個 Foot Locker 家族說，迪克，感謝您對這個組織的關懷領導、友誼和長期影響。

In closing, we will remain steadfast on controlling the controllables, and we look forward to updating you in November. With that, operator, please open the call for questions.

最後，我們將堅定不移地控制可控因素，我們期待在 11 月為您提供更新。有了這個，接線員，請打開電話提問。

(Operator Instructions) Our first question today comes from Jonathan Komp from Baird.

（操作員說明）我們今天的第一個問題來自 Baird 的 Jonathan Komp。

Dick, congrats on a long, storied and successful career.

迪克，恭喜你擁有漫長、傳奇和成功的職業生涯。

Thanks, Jon.

謝謝，喬恩。

Yes. And maybe sticking with that point first, Dick, I'm just curious to hear your perspective on bringing in the next leader from externally versus internally. And really, as you've interacted with Mary initially, any thoughts on her broad view of the company and what attracted her to the role?

是的。也許首先堅持這一點，迪克，我只是想听聽你對從外部和內部引進下一任領導者的看法。真的，正如您最初與瑪麗的互動一樣，您對她對公司的廣泛看法以及她對這個角色的吸引力有什麼想法？

Well, I won't speak for Mary, Jonathan. But clearly, the Board and I have gone through a long process of thinking about succession and timing, et cetera. And as we look at where we are from the company, the strong momentum that we've got, the foundation that's been built, the transformation that the team is leading and ultimately, the strength of the team, we decided that now is the right time to make this transition. And Mary is a person that I've known through my association with RILA and has values similar to our core values, and the company continues to be focused on retail, which is so important, and understands off-mall retail.

好吧，喬納森，我不會為瑪麗說話。但顯然，董事會和我經歷了關於繼任和時間安排等的漫長過程。當我們審視我們從公司所處的位置、我們所擁有的強勁動力、已經建立的基礎、團隊正在領導的轉型以及最終團隊的實力時，我們認為現在是正確的是時候進行這種轉變了。 Mary 是我通過與 RILA 的合作認識的人，其價值觀與我們的核心價值觀相似，公司繼續專注於零售，這非常重要，並且了解非商場零售。

And certainly, beauty was a little bit different than sneakers. But ultimately, I think that she's a great leader and will be a strong asset to the company. I'm going to be around and help with that transition, and it's the right time. It's good for me. I'm approaching 65 in February. So I'm ready to certainly keep turning the page to the next chapter.

當然，美與運動鞋有點不同。但最終，我認為她是一位偉大的領導者，並將成為公司的重要資產。我將在周圍幫助過渡，現在是正確的時間。這對我有好處。 2 月份我快 65 歲了。所以我已經準備好繼續翻到下一章了。

Certainly well deserved. Maybe just a follow-up question. I wanted to get your current thoughts on really the state of the consumer. I know this has been a topic now for several calls. But just based on what you've seen over the last few months and now with back-to-school maybe trending a little bit better but still tempering your outlook, just, Dick, what are your broader thoughts on the current health of the consumer and especially as you look forward to holiday, the ability to really withstand some of the external pressures out there?

當然當之無愧。也許只是一個後續問題。我想了解您當前對消費者狀況的看法。我知道這已經是幾個電話的話題了。但是，僅基於您在過去幾個月中所看到的情況以及現在返校的趨勢可能會好一些，但仍會緩和您的前景，只是，迪克，您對當前消費者的健康狀況有什麼更廣泛的想法尤其是當您期待假期時，是否有能力真正承受一些外部壓力？

Well, there's a lot of external pressures. We know the consumer has -- is feeling that pressure. But ultimately, we see our opportunity to win in those almost forced buying periods, right? I mean there's a reason for people to be buying at back-to-school. The traffic is up because people are sending their kids back to school and people are going back to school with new sneakers, new backpacks, new shorts, new T-shirts, new fleece. So during that time period when people are out, we know that we win with the consumer.

嗯，有很多外部壓力。我們知道消費者已經 - 正在感受到這種壓力。但最終，我們看到了在那些幾乎被迫購買的時期獲勝的機會，對吧？我的意思是人們有理由在返校購買。交通量增加了，因為人們送孩子回學校，人們帶著新運動鞋、新背包、新短褲、新 T 卹、新羊毛回到學校。因此，在人們外出的那段時間裡，我們知道我們贏得了消費者。

We expect that will happen in holiday. The caution, and I think Andrew talked about it, I talked about it, and I think Frank did as well, that it's really those times when there's not a superior call to action from the consumer that we worry a little bit about the duress that they're under economically. But we're prepared. We've got strong inventory positions. We've got great relationships with our vendor partners. It's pretty competitive out there from a promotional point of view, and we'll participate as we need to. But given our assortment, given our connectivity with the consumer, given the engagement in the communities, we think that we win in these times when the consumers are out and shopping.

我們預計這將在假期發生。謹慎，我認為安德魯談到了它，我談到了它，我認為弗蘭克也談到了，正是在那些沒有消費者強烈呼籲採取行動的時候，我們才有點擔心會受到脅迫他們經濟不景氣。但我們已經準備好了。我們擁有強大的庫存狀況。我們與供應商合作夥伴建立了良好的關係。從促銷的角度來看，它的競爭非常激烈，我們會根據需要參與。但考慮到我們的產品種類，考慮到我們與消費者的聯繫，考慮到對社區的參與，我們認為我們在消費者外出購物的時代取得了勝利。

That makes sense. I appreciate the color, and best of luck with your transition.

那講得通。我很欣賞這種顏色，祝你過渡好運。

Thanks, Jonathan.

謝謝，喬納森。

Our next question comes from Cristina Fernández from Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢集團的 Cristina Fernández。

Also, congratulations on your retirement and the hiring of Mary Dillon. I wanted to ask about the inventory composition. Can you provide more color of how good the inventory is? I mean you did mention that some inventory arrived late. So is it inventory that was supposed to come for spring, summer? Or is it fall? Just more color there would be helpful.

此外，祝賀您退休並聘用 Mary Dillon。我想問一下庫存構成。你能提供更多關於庫存有多好的顏色嗎？我的意思是你確實提到了一些庫存遲到了。那麼，是應該在春季、夏季到來的庫存嗎？還是秋天？只是更多的顏色會有幫助。

Thanks for the question, Cristina. And clearly, we don't have a lot of heavily seasonal business. So the timing just ends up and sort of came through the supply chain in lumps this spring, and the inventory is up, but we feel really good about it in terms of it being good quality product from great vendor partners and the consumer certainly having an appetite for it. So probably the biggest challenge that we saw in inventory was when the apparel pieces didn't come in that synced with a footwear launch. But again, still very salable product and nothing that we're concerned about. And we don't have heavy-duty spring product. Our consumers' uniform is sort of sneakers, T-shirts, shorts and a fleece piece, right? And we're well positioned in all of those categories. The freshness is good for us, and the content feels good.

謝謝你的問題，克里斯蒂娜。很明顯，我們沒有很多季節性很強的業務。因此，時機剛剛結束，今年春天供應鏈中出現了一些問題，庫存增加了，但我們對它感到非常滿意，因為它是來自優秀供應商合作夥伴的優質產品，而消費者肯定有對它的胃口。因此，我們在庫存中看到的最大挑戰可能是服裝沒有與鞋類發布同步出現。但同樣，仍然非常暢銷的產品，沒有什麼我們擔心的。而且我們沒有重型彈簧產品。我們消費者的製服是運動鞋、T 卹、短褲和羊毛衫，對吧？我們在所有這些類別中都處於有利地位。新鮮度對我們有好處，內容感覺很好。

And then as my follow-up, can you expand on the promotional environment that you're seeing at the moment? And what do you expect for the back half? Do you think we -- the industry will go back to 2019 levels? Or are we still looking at somewhere in between where it was last year in 2019?

然後作為我的後續行動，您能否擴展一下您目前看到的促銷環境？你對後半部分有什麼期待？你認為我們——這個行業會回到 2019 年的水平嗎？還是我們仍在尋找介於去年 2019 年的某個地方？

I'll start and then Andrew will jump in, I'm sure, because again, we look at it pretty directly. I mean the market got pretty promotional when you look at what happened in June and the first half of July. I think we're back near the 2019 levels, but my hope -- and again, there's not a lot of science behind it because everybody has different situations with their inventory levels. My hope is that the industry learned that we can sell full-price product, and the consumer has an appetite for it. So I think it's a little bit temporary as people fight their way through some of the inventory bulges that you've heard reported and the numbers that we talked about today. But again, I think the inventory is rationalized. It's marked down cadence a little bit.

我會開始，然後 Andrew 會加入，我敢肯定，因為我們再次非常直接地看待它。我的意思是，當您查看 6 月和 7 月上半月發生的事情時，市場變得非常促銷。我認為我們回到了 2019 年的水平附近，但我希望——再說一次，它背後沒有太多的科學依據，因為每個人的庫存水平都有不同的情況。我希望業界知道我們可以銷售全價產品，並且消費者對此有胃口。因此，我認為這有點暫時，因為人們正在努力克服您所聽到的一些庫存膨脹以及我們今天討論的數字。但同樣，我認為庫存是合理的。它稍微降低了節奏。

Yes. I think, Dick, spot on with regard to what we're seeing in the promotional environment, definitely came into the year anticipating that the promotional environment would pick up and really had a belief that it would pick up and not be on par where it was in 2019. But really, we're seeing the promotional environment really be fairly in line with where it was in 2019. And as a result of that, I mean, we definitely thank the opportunities from a more favorable-than-expected promotional environment in the front half of the year and reflected in our updated guidance, what we anticipate to be a more promotional environment in the back half of the year.

是的。我認為，迪克，就我們在促銷環境中看到的情況而言，在進入這一年時肯定會期待促銷環境會好轉，並且真的相信它會好轉，而不是與現在的水平相提並論是在 2019 年。但實際上，我們看到促銷環境確實與 2019 年的情況相當一致。因此，我的意思是，我們絕對感謝比預期更有利的促銷活動帶來的機會上半年的環境，並反映在我們更新的指導中，我們預計下半年將是一個更具促銷性的環境。

We still believe that our guidance reflects the increased promotional environment. And with that, it's reflected in our guidance. But to Dick's point, we're hoping and anticipating this. As the supply chain opened up in a very uneven pattern, there is some buildup of inventory in the market. And the hope is that as retailers get through that uneven flow of inventory, that will hope to moderate as we move into 2023.

我們仍然認為我們的指導反映了促銷環境的增加。因此，它反映在我們的指導中。但就迪克而言，我們希望並期待這一點。由於供應鏈以非常不平衡的模式開放，市場上存在一些庫存積聚。希望隨著零售商度過不平衡的庫存流動，隨著我們進入 2023 年，這種情況有望緩和。

Our next question comes from Alex Straton from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alex Straton。

Congrats on a nice quarter. I just wanted to dig into the assortment as it relates to apparel. We've noticed it increasingly becoming what seems like a higher percentage of the assortment through our store checks. So can you just talk about the bigger strategy there? And then if it's possible, quantify kind of how much of that inventory growth you saw this quarter is in apparel versus footwear.

祝賀一個不錯的季度。我只是想深入研究與服裝相關的分類。我們注意到，通過我們的商店檢查，它在分類中的比例越來越高。那麼你能談談那裡的更大戰略嗎？然後，如果可能的話，量化你在本季度看到的庫存增長中有多少是服裝與鞋類。

Yes. Thanks for the question, Alex. I'll start, and then Frank will jump in. One of our intended growth pillars is apparel and accessories. And we've devoted more space. We've devoted more open to buy. We've created some great stories around footwear and apparel connectivity, which has allowed that apparel -- I'm glad you're seeing it in the stores quite honestly. And that's great intention to do that. So our inventory in footwear, in the growth, we're about equal in footwear and apparel, but our commitment on the apparel front continues to be that we're going to grow that as a percentage of our business.

是的。謝謝你的問題，亞歷克斯。我會開始，然後弗蘭克會加入。我們預期的增長支柱之一是服裝和配飾。我們已經投入了更多的空間。我們投入了更多的開放購買。我們創造了一些關於鞋類和服裝連接性的精彩故事，這使得服裝成為可能——我很高興你能誠實地在商店裡看到它。這是一個很好的意圖。因此，我們的鞋類庫存，在增長中，我們在鞋類和服裝方面大致持平，但我們在服裝方面的承諾仍然是我們將在我們的業務中增加這一比例。

Yes, I think that's right. I think it's a reflection of a very deliberate strategy to grow our apparel business across all genders, men's, women's and kids'. I think it's also a reflection of how the consumer shops in terms of mixed basket opportunities and shopping at cadence. We know that when consumers have a multiunit basket, that over 40% of those trips have multiple brands as well. So it's very much in service of our apparel growth strategy as well as delivering against our vision of being a true house of brands. So we feel very comfortable with how we're set up as we go through back-to-school.

是的，我認為這是正確的。我認為這反映了一個非常深思熟慮的戰略，即在所有性別、男裝、女裝和童裝領域發展我們的服裝業務。我認為這也反映了消費者在混合購物籃機會和節奏購物方面的購物方式。我們知道，當消費者有一個多單元購物籃時，超過 40% 的旅行也有多個品牌。因此，它非常符合我們的服裝增長戰略，也違背了我們成為真正品牌之家的願景。因此，當我們回到學校時，我們對我們的設置感到非常滿意。

Our next question comes from Corey Tarlowe from Jefferies.

我們的下一個問題來自 Jefferies 的 Corey Tarlowe。

Dick, congratulations on a great career and on your -- I wish you the best of luck in your retirement.

迪克，祝賀你取得了偉大的職業生涯和你的——我祝你退休後好運。

Thanks.

謝謝。

First question, as it relates to -- yes. And first question, as it relates to the non-Nike sales momentum that you've seen, you called out some really robust momentum, it sounds like, in performance running. Are there any other categories or brands where you've seen really much better-than-expected momentum that you want to call out?

第一個問題，因為它涉及 - 是的。第一個問題，因為它與你所看到的非耐克銷售勢頭有關，你提到了一些非常強勁的勢頭，聽起來像是在性能運行中。是否有任何其他類別或品牌的勢頭比預期的要好得多？

Yes, I think we hit on a lot of those in our prepared remarks, Corey, right? Our work with New Balance, our work with PUMA, the accessibility that we've got and the exclusivity that we've got with the LaMelo Ball product has been significant. The Crocs business has been explosive for us. I called out HOKA and On in the running category, really trying to -- they're trying to connect with the younger consumer. We're giving them that access. At the same time, we're broadening that assortment and bringing new product to our existing customers. ASICs and Brooks both grew tremendously. We've got a number of apparel brands that hook up with that. And as we continue to grow our adidas relationship, we're seeing good movement on the adidas side as well.

是的，我認為我們在準備好的評論中提到了很多，科里，對吧？我們與 New Balance 的合作、與 PUMA 的合作、我們所擁有的可訪問性以及 LaMelo Ball 產品所擁有的排他性都非常重要。 Crocs 業務對我們來說是爆炸性的。我在跑步類別中叫出了 HOKA 和 On，他們確實在嘗試與年輕消費者建立聯繫。我們正在為他們提供訪問權限。與此同時，我們正在擴大產品種類，並將新產品帶給我們現有的客戶。 ASICs 和 Brooks 都獲得了巨大的增長。我們有許多與之相關的服裝品牌。隨著我們繼續發展與阿迪達斯的關係，我們也看到阿迪達斯方面的良好動向。

So again, truly, as we become more of a house of brands, we continue to see strong performance from Nike, certainly, but we continue to grow other brands faster. Frank?

再說一次，真的，隨著我們成為更多的品牌之家，我們繼續看到耐克的強勁表現，當然，但我們繼續更快地發展其他品牌。坦率？

Yes. There's also great examples of where the power of our portfolio is really serving a purpose against the consumer. When you think about WSS and the work wear occasion, a great momentum around work wear, Eurostar, which is our private label boot, Caterpillar and Carhartt, also great brands that are growing rapidly. And then we mentioned Homefield, which is our expression to serve the modern athlete in champssports.com, great momentum in cleated footwear across multiple brands. So that's another category that we believe is -- performance and innovation becomes an increasingly part of the consumer's closet.

是的。還有一些很好的例子表明我們的投資組合的力量實際上是針對消費者的。當你想到 WSS 和工作服場合時，工作服方面的勢頭很大，我們的自有品牌靴子 Eurostar、Caterpillar 和 Carhartt 也是快速增長的偉大品牌。然後我們提到了 Homefield，這是我們在 champssports.com 上為現代運動員服務的表達方式，在跨多個品牌的防滑鞋方面勢頭強勁。所以這是我們認為的另一個類別——性能和創新越來越成為消費者壁櫥的一部分。

Very helpful. And then just as a follow-up, on the gross margin guide, it sounds like you're taking the gross margin guide up a little bit but revising the earnings guide down. So within the gross margin line and with the expectation that the promotional environment is likely to get a little bit worse, maybe just walk us through a little bit of the puts and takes within that line that drive your increased confidence in why gross margin should be higher from where you initially expected it to be.

非常有幫助。然後作為後續行動，在毛利率指南上，聽起來您將毛利率指南提高了一點，但將收益指南下調了。因此，在毛利率範圍內，並預計促銷環境可能會變得更糟，也許只是讓我們了解一下該線內的一些看跌期權和收益，這會增加您對為什麼毛利率應該是的信心比您最初預期的要高。

Sure. Definitely. I mean, if you look at the gross margin line, I mean, we are anticipating and feeling from the merch side about 60 bps of improvement from a supply chain perspective. We are seeing about -- and that's offset by about 80 bps of pressure on the merchandise side. Now the other thing that goes into our gross margin is occupancy. And if you think about occupancy and our mix of occupancy, we see leverage. And as you think about the stores that we've added online and the stores that we've taken off-line, we ended up having a better occupancy leverage in that change in mix of our stores. So about 50 bps improvement on the occupancy side, 80 bps of pressure on the markdown side and 60 bps of improvement on the supply chain side.

當然。確實。我的意思是，如果你看一下毛利率線，我的意思是，從供應鏈的角度來看，我們從商品方面預期並感覺到大約 60 個基點的改善。我們正在看到——這被商品方面約 80 個基點的壓力所抵消。現在進入我們毛利率的另一件事是入住率。如果您考慮入住率和我們的入住率組合，我們會看到槓桿作用。當您考慮我們在網上添加的商店和我們已經離線的商店時，我們最終在我們商店組合的這種變化中擁有更好的入住率。因此，入住率提高了大約 50 個基點，降價方面的壓力提高了 80 個基點，供應鏈方面的壓力提高了 60 個基點。

Understood. Best of luck and congratulations again, Dick.

明白了。再次祝你好運和祝賀，迪克。

Thanks, Corey.

謝謝，科里。

Our next question comes from Paul Lejuez from Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

Curious if there have been any changes or further developments on the timing of the lower Nike allocation, just what that looks like for the back half of the year. Also I'm wondering if there were any supply chain issues that impacted the flow of product during the second quarter that might have influenced the sales one way or another.

很好奇耐克分配較低的時間是否有任何變化或進一步發展，就像今年下半年的情況一樣。此外，我想知道是否有任何供應鏈問題影響了第二季度的產品流動，這些問題可能以某種方式影響了銷售。

Well, again, the supply chain, as I think Andrew called out in our prepared remarks, got better during the quarter, but it still was not as predictable as it was prior to some of the problems that we faced in '20 and '21. So inventory came in a little bit lumpy at times. We'd starve and then we'd overeat. And it just was not as smooth as we'd like.

好吧，正如我認為安德魯在我們準備好的評論中所說的那樣，供應鏈在本季度有所改善，但它仍然不像我們在 20 和 21 年面臨的一些問題之前那樣可預測.因此，庫存有時會有點混亂。我們會餓死，然後吃得過飽。它只是沒有我們想要的那麼順利。

But again, the Nike trajectory is built into and factored into our guidance, and we continue to work with Nike as we find the right glide path to where we'll end up. But again, we feel comfortable with the guidance, and that Nike shift is included in that. And we also continue to work well with all of the other brands as we look to offset some of that allocation change.

但同樣，耐克的軌跡已經融入並納入我們的指導，我們將繼續與耐克合作，尋找通往最終目標的正確滑行路徑。但同樣，我們對指導感到滿意，耐克的轉變也包含在其中。我們還繼續與所有其他品牌合作良好，因為我們希望抵消一些分配變化。

Got it. And when you talk about the performance of non-Nike product versus Nike this quarter, was that consistent with what inventory looked like in Nike versus non-Nike brands?

知道了。當你談到本季度非耐克產品與耐克的表現時，這與耐克與非耐克品牌的庫存情況是否一致？

We don't really double-click into the content of our inventory. But again, the consumer votes every time they go in the store. And ultimately, our team is working hard to make sure that we grow all brands, right? They do the best job that they can with Nike. They do the best job that they can with the other brands that we represent in the stores. So again, we feel really good about the content of our inventory. And obviously, the consumer voted in the quarter pretty positively when they were out shopping for back-to-school.

我們並沒有真正雙擊我們的庫存內容。但同樣，消費者每次去商店都會投票。最終，我們的團隊正在努力確保我們發展所有品牌，對嗎？他們與耐克一起盡其所能。他們與我們在商店中代表的其他品牌一起盡其所能。再說一次，我們對庫存的內容感覺非常好。顯然，當消費者外出購物返校時，他們在本季度的投票非常積極。

Got it. Best of luck, Dick.

知道了。祝你好運，迪克。

Thank you.

謝謝你。

Our next question comes from Susan Anderson from B. Riley.

我們的下一個問題來自 B. Riley 的 Susan Anderson。

I was wondering if you could maybe give some more color on the European business and what you're seeing from the consumer over there and if you've seen improvement particularly as they opened up more this summer.

我想知道您是否可以為歐洲業務以及您從那裡的消費者那裡看到的情況提供更多色彩，以及您是否看到了改善，特別是隨著他們今年夏天開放的更多。

Yes, it's a great question. I mean we saw really nice traffic patterns change in many of the tourist cities, but as Andrew talked about, even in the nontourist cities, we saw growth in traffic, which, again, the 99% open days this year versus 90% last year, a lot of those closures from a year ago were in Europe. So as we cycled through those, the traffic numbers look good, but more importantly, the buying pattern looks good. And clearly, there's inflation in EMEA as well, but the consumer is out, they're shopping.

是的，這是一個很好的問題。我的意思是，我們看到許多旅遊城市的交通模式發生了非常好的變化，但正如安德魯所說，即使在非旅遊城市，我們也看到了交通量的增長，今年的開放日為 99%，而去年為 90% ，一年前的很多關閉都在歐洲。因此，當我們循環瀏覽這些內容時，流量數字看起來不錯，但更重要的是，購買模式看起來不錯。很明顯，歐洲、中東和非洲也存在通貨膨脹，但消費者不在，他們在購物。

And the product patterns are a little bit different. They're clearly more about the running silhouette and indoor soccer silhouettes that have always been important in Europe. A little less on the performance basketball. But certainly, the premium basketball, the retros, Air Force 1s, AJ 1s continue to be really important. So Frank's probably got some comments as well.

並且產品模式有點不同。他們顯然更多地關注在歐洲一直很重要的跑步剪影和室內足球剪影。對性能籃球少了一點。但可以肯定的是，優質籃球、復古、Air Force 1s、AJ 1s 仍然非常重要。所以弗蘭克可能也有一些評論。

Yes. It really was a pretty broad-based recovery across Europe. A lot of the key markets, including France, Germany, Italy and Spain drove strong gains. But as you look at even at the market level, a couple of dozen markets were up double digits across the quarter. The only softness was in the U.K., it's well documented, the sort of inflation and the pound there and some of the struggles with the consumer base there. But across Continental Europe, very, very good results. And a lot of the investments we've made in real estate, I mentioned a few, Paris, Berlin, Florence, across some of our key cities are paying real dividends, elevating the experience, driving traffic and also providing a better conversion opportunity for our consumers.

是的。這確實是整個歐洲範圍內相當廣泛的複蘇。包括法國、德國、意大利和西班牙在內的許多主要市場推動了強勁上漲。但從市場層面來看，有幾十個市場在本季度實現了兩位數的增長。唯一的疲軟是在英國，有據可查，那裡的通貨膨脹和英鎊，以及那裡與消費者基礎的一些鬥爭。但在整個歐洲大陸，結果非常非常好。我們在房地產方面的很多投資，我提到了一些，在我們的一些主要城市，巴黎、柏林、佛羅倫薩正在支付真正的紅利，提升體驗，增加流量，並為我們的消費者。

Our next question comes from Adrienne Yih from Barclays.

我們的下一個問題來自巴克萊的 Adrienne Yih。

Let me add my congratulations, Dick, on your well-earned retirement and a great addition with Mary.

讓我祝賀你，迪克，你來之不易的退休和瑪麗的一個偉大的補充。

Thank you.

謝謝你。

I guess my first question is actually something that's probably smaller kind of, I think, in the long-term strategic plan. But I was interested in your NFT launch and how important that is to your core customer. What's the kind of go-forward strategy with that?

我想我的第一個問題實際上可能是長期戰略計劃中可能較小的問題。但我對你的 NFT 發布以及這對你的核心客戶的重要性很感興趣。什麼樣的前進戰略呢？

And then for Andrew, much more specific questions on inventory. How much of the end of quarter inventory is average unit cost increase, call it, inflation versus safety stock? Are you seeing more favorable vendor terms, either markdown money or return to -- RTV, return to vendor, that gives you confidence that kind of at the end of the calendar year, you can start to see some kind of sales to inventory dollar parity.

然後對於 Andrew，關於庫存的更具體的問題。季度末庫存中有多少是平均單位成本增加，稱之為通貨膨脹與安全庫存？您是否看到更有利的供應商條款，無論是降價還是返還 - RTV，返還給供應商，這讓您有信心在日曆年結束時，您可以開始看到某種銷售與庫存美元平價.

Yes. Thanks, Adrienne. This is Frank. So as it relates to NFTs, certainly, one of the big impetus of our atmos acquisition was the ability to be able to test and lean into that faster consumer. And if you think about the home market of Japan, South Korea, where the brand is also very strong, we have a very digitally savvy, very progressive consumer. And so it was natural to test NFTs in those markets first through the atmos brand. Had very good results. Sellouts were within the day. But we really look at it as a learning opportunity and something, as we think about future capabilities, as you cited, something we're going to continue to test and innovate and learn.

是的。謝謝，阿德里安。這是弗蘭克。因此，當它與 NFT 相關時，當然，我們收購 atmos 的一大推動力是能夠測試並依賴於更快的消費者。如果你想想日本、韓國的本土市場，那裡的品牌也很強大，我們有一個非常精通數字、非常進步的消費者。因此，首先通過 atmos 品牌在這些市場測試 NFT 是很自然的。取得了非常好的結果。當天就賣光了。但我們確實將其視為一個學習機會，當我們考慮未來的能力時，正如你所引用的，我們將繼續測試、創新和學習。

I think there's many, many opportunities to bundle NFTs with actual physical products, and that's part of the journey that (inaudible). So we're very pleased with the initial results, more importantly, the capability and the ability to test and innovate into the future.

我認為有很多很多的機會將 NFT 與實際的物理產品捆綁在一起，這是旅程的一部分（聽不清）。因此，我們對初步結果感到非常滿意，更重要的是，我們對未來進行測試和創新的能力和能力感到滿意。

All right. So thank you. With regard to inventory, as we talked about in our prepared remarks, inventory is up about 52% compared to the prior year and up in the mid-30s compared to 2019. With regard to the composition of that inventory and how it affects our -- how it affects that growth, about mid-single digits is related to price. The rest of it is obviously units. We expect that -- our inventory growth to slow as we go through the year. We still expect it to be up at year-end but meaningfully lower than what you're seeing at the end of Q2.

好的。所以謝謝。關於庫存，正如我們在準備好的評論中談到的那樣，庫存與去年相比增加了約 52%，與 2019 年相比在 30 年代中期增加了。關於庫存的構成及其如何影響我們 - - 它如何影響增長，大約中個位數與價格有關。其餘的顯然是單位。我們預計——我們的庫存增長將在今年放緩。我們仍然預計它會在年底上漲，但明顯低於您在第二季度末看到的水平。

We -- as a matter of ability to pull levers, over the last 2 years, especially during COVID, a lot of the opportunities to pull different levers were not available. Right now as we look at our inventory, again, we feel really good about the freshness of it. We feel really good about how it's going to be responsive to consumer demand for back-to-school and during the holiday season.

我們——就拉動槓桿的能力而言，在過去的 2 年裡，尤其是在 COVID 期間，很多拉動不同槓桿的機會都沒有。現在，當我們再次查看庫存時，我們對它的新鮮度感到非常滿意。我們對它將如何響應消費者對返校和假期的需求感到非常滿意。

And to the extent that -- as we lean into leverage, the ability to take advantage of vendor allowances, the ability to take advantage of cancellations, the ability to take advantage of returns, those things have -- those opportunities have come back into play as we now start to exit the supply constraints that many retailers were experiencing during the pandemic.

並且在某種程度上 - 當我們傾向於利用槓桿，利用供應商津貼的能力，利用取消的能力，利用退貨的能力，這些東西已經 - 這些機會重新發揮作用因為我們現在開始擺脫許多零售商在大流行期間遇到的供應限制。

And ladies and gentlemen, our last question today comes from Omar Saad from Evercore.

女士們先生們，我們今天的最後一個問題來自 Evercore 的 Omar Saad。

This is actually Warren Cheng on the line for Omar. So Dick, first, congratulations on your retirement and also on the many exciting announcements this morning. You gave some great color on the why now question for the CEO succession and also just some of the key reasons why Mary is such a good fit for the role. I was wondering if there are particular areas from a strategy perspective, whether it's on the digital side or brand strategy or store experience, that were more heavily prioritized in your decision-making process?

這實際上是Warren Cheng為Omar上線的。所以，迪克，首先，祝賀你退休，也祝賀你今天早上發布了許多令人興奮的消息。您對 CEO 繼任的原因以及為什麼 Mary 非常適合該職位的一些關鍵原因給出了一些很好的說明。我想知道從戰略的角度來看，是否有特定領域在您的決策過程中更受重視，無論是數字方面、品牌戰略還是商店體驗？

Well, again, as I talked about earlier, the Board made the decision based on a broad search, internal and external. And certainly, as we think about the digital opportunity, as we think about the things that Mary accomplished with Ulta, her understanding of off-mall retailing and big-box retailing, all things that we're moving towards, she became a logical choice and, I think, a great choice to take the leadership over at the company and move us into the next chapter and the next phase. And again, those things are all strengths that she's got and she aligns very much.

好吧，正如我之前所說，董事會根據內部和外部的廣泛搜索做出了決定。當然，當我們想到數字機會時，當我們想到 Mary 與 Ulta 一起完成的事情時，她對非商場零售和大賣場零售的理解，以及我們正在朝著的所有事情，她成為了一個合乎邏輯的選擇而且，我認為，接管公司領導層並將我們帶入下一章和下一階段是一個很好的選擇。再說一次，這些都是她所擁有的優勢，而且她非常一致。

As I talked about, strategically, she understands where we're going. Certainly, she'll come in and take a look at the work we've got in progress. But she's such a quality leader, a quality person that I think that I'm very confident about the timing of this and the candidate that we've selected.

正如我所說，從戰略上講，她知道我們要去哪裡。當然，她會進來看看我們正在進行的工作。但她是一位如此高素質的領導者，一位高素質的人，我認為我對這次的時機和我們選擇的候選人非常有信心。

That's very great insight. And then my follow-up, I wanted to ask about how you see your fastest-growing concepts, more experiential concepts like the community and power and Homefield concepts fitting into your ultimate footprint. They seem to be doing really well. Is there an update you can give on how they're performing as kind of profitable commercial concepts and how big they can be ultimately within your overall footprint?

這是非常好的洞察力。然後我的後續行動，我想問你如何看待你發展最快的概念，更多的體驗概念，如社區和權力以及 Homefield 概念適合你的最終足跡。他們似乎做得很好。您是否可以提供有關它們作為一種有利可圖的商業概念的表現以及它們最終在您的整體足跡中可以有多大的更新？

Yes. Thanks, Warren, for the question. So we have a stated objective of 300 Power and Community Stores globally by 2024. And it's really part of our omni offense that we have. The great thing about these experiences, they're elevated. They provide great storytelling, great opportunity to introduce innovation, which is something very important to our vendors as well as to consumers. But they also drive a digital halo we know.

是的。謝謝，沃倫，這個問題。因此，我們的既定目標是到 2024 年在全球開設 300 家電力和社區商店。這確實是我們全方位進攻的一部分。這些經歷的偉大之處在於，它們被提升了。它們提供了精彩的故事講述、引入創新的絕佳機會，這對我們的供應商和消費者來說都非常重要。但它們也推動了我們所知道的數字光環。

So while the stores themselves not only are outperforming our expectations and outperforming their regional comps, they also create an omni effect, which is really, really important as you think about return on investment for us. So we're very happy with the different expressions across Homefield, across House of Play, in our Foot Locker Community Stores, which is a global strategy. So thanks for the question.

因此，雖然商店本身的表現不僅超出了我們的預期，也超出了他們的區域業績，它們還創造了一種全方位的效果，當您考慮對我們的投資回報時，這真的非常重要。因此，我們對 Homefield、House of Play、Foot Locker 社區商店的不同表達方式感到非常滿意，這是一項全球戰略。所以謝謝你的問題。

Congratulations again, Dick, and good luck.

再次恭喜迪克，祝你好運。

Thank you.

謝謝你。

And ladies and gentlemen, at this time, I'd like to turn the conference call back over to Mr. Robert Higginbotham for closing remarks.

女士們，先生們，此時，我想將電話會議轉回給 Robert Higginbotham 先生做閉幕詞。

Thank you for joining us today. Please join us again for our next earnings call, which we anticipate will take place at 9:00 a.m. on Friday, November 18. The call will follow the release of our third quarter results earlier that morning. Thank you, and goodbye.

感謝您今天加入我們。請再次加入我們的下一次收益電話會議，我們預計將於 11 月 18 日星期五上午 9:00 舉行。電話會議將在當天上午早些時候發布我們的第三季度業績之後舉行。謝謝，拜拜。

And this concludes today's conference call. We thank you for participating. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開線路。