Foot Locker Inc (FL) 2022 Q3 法說會逐字稿

Good morning, and welcome to Foot Locker's Third Quarter 2022 Financial Results Conference Call.

早上好，歡迎來到 Foot Locker 2022 年第三季度財務業績電話會議。

(Operator Instructions)

（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 release 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 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。管理層沒有義務更新這些前瞻性陳述，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的新聞稿和向美國證券交易委員會提交的報告中，包括最近提交的 10-K 表格或 10-Q 表格。此類假設或因素的任何變化都可能產生截然不同的結果，實際結果可能與前瞻性陳述中包含的結果存在重大差異。

Please note that this conference call is being recorded. I will now turn the call over to Robert Higginbotham, Vice President of Investor Relations. Mr. Higginbotham, you may begin.

請注意，此電話會議正在錄音中。我現在將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 Third 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, in our first quarter release, we updated our definition of non-GAAP earnings to exclude all minority investment gains and losses, and our third 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，運營商。歡迎大家參加 Foot Locker Inc. 的第三季度財報電話會議。今天的電話會議將參考某些非 GAAP 措施。 GAAP 與非 GAAP 結果的對賬包含在今天上午的收益發布中。提醒大家，在我們的第一季度發布中，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，並且我們對 2021 年第三季度和年初至今的非 GAAP 業績進行了重新調整，以反映.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，其中包含電話會議期間將參考的信息。

Today, we'll begin our prepared remarks with Mary Dillon, President and Chief Executive Officer; Frank Bracken, Executive Vice President and Chief Operating Officer will discuss our operations and progress on our growth initiatives in more detail. 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, Mary, Frank and Andrew will respond to your questions. With that, I'll now turn it over to Mary.

今天，我們將與總裁兼首席執行官 Mary Dillon 一起開始準備好的發言；執行副總裁兼首席運營官 Frank Bracken 將更詳細地討論我們的運營和增長計劃的進展。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 年指南提供色彩。在我們準備好的發言之後，瑪麗、弗蘭克和安德魯將回答您的問題。有了這個，我現在將它交給瑪麗。

Thank you, Rob, and good morning, everyone. Thank you for joining us. Let me start by saying how honored I am to join Foot Locker in the fast-growing industry at such a dynamic time and with such momentum on our business. Thanks to the hard work, dedication and expertise of our teams across the organization as well as a resilient customer base, we delivered better-than-expected results despite operating in a volatile environment, including inflationary pressure on the consumer around the globe. Our total sales, excluding changes in currency, increased by 3.3%, with comps up 0.8% against record results from last year, driving adjusted EPS of $1.27 above our original expectations.

謝謝羅布，大家早上好。感謝您加入我們。首先讓我說一下，在這樣一個充滿活力的時代，在我們的業務發展勢頭強勁的情況下，我很榮幸能加入 Foot Locker 這個快速發展的行業。得益於我們整個組織團隊的辛勤工作、奉獻精神和專業知識以及堅韌的客戶群，儘管在動蕩的環境中運營，包括全球消費者面臨的通脹壓力，我們仍取得了好於預期的業績。我們的總銷售額（不包括貨幣變動）增長了 3.3%，比去年創紀錄的業績增長了 0.8%，使調整後每股收益達到 1.27 美元，高於我們最初的預期。

And given strong momentum coming out of the quarter, we are increasing our outlook for the rest of the year, which Andrew will review later in the call. But first, I want to provide an overview on a few topics. Why I chose to join Foot Locker, how I've spent my time during the first 90 days, the opportunities I see ahead, some of the early actions we've taken and finally, an update on our brand performance, diversification efforts and vendor relationships. So why did I choose to join Foot Locker? Let me start with the category, sneakers are fun. I come in with a true love for the product, which has only grown every day that I've been here, along with the number of sneakers that I have.

鑑於本季度的強勁勢頭，我們正在提高對今年剩餘時間的展望，安德魯將在電話會議的晚些時候對此進行審查。但首先，我想概述幾個主題。我為什麼選擇加入 Foot Locker，前 90 天我是如何度過的，我看到的未來機會，我們採取的一些早期行動，最後，我們的品牌績效、多元化努力和供應商的最新情況關係。那我為什麼選擇加入Foot Locker呢？讓我從類別開始，運動鞋很有趣。我是帶著對產品的熱愛來到這裡的，隨著我擁有的運動鞋數量的增加，我來這裡的每一天都在增長。

And this is a growth category with a long runway ahead where the intersection of sport, fitness, fashion and the casualization of society and the tailwinds for sneakers, I believe, will be persistent for many years to come. And much like Beauty's sneaker category is driven by passionate enthusiasts who are deeply engaged in the category, products that allow for individual expressions that are fun to shop for and where newness and innovation matters. Also, sneakers are affordable luxury, a dynamic that we believe is helping to keep our category resilient in the face of steep inflationary pressures. Also like Beauty, this is a category where shoppers value both in brick-and-mortar and digital experience.

這是一個有很長跑道的增長類別，運動、健身、時尚和社會休閒化的交叉點以及運動鞋的順風，我相信，將在未來許多年持續存在。就像 Beauty 的運動鞋品類是由熱衷於該品類的熱情愛好者所推動的，產品可以表達個性，購買起來很有趣，而且新鮮和創新很重要。此外，運動鞋是負擔得起的奢侈品，我們認為這種動態有助於在面臨急劇的通脹壓力時保持我們的品類彈性。與美妝一樣，這是一個購物者同時重視實體和數字體驗的類別。

Now on to Foot Locker itself with nearly 50 years of heritage after playing a key role in making the category what it is today, Foot Locker has a tremendous amount of brand awareness and latent brand equity that I believe is not yet fully tasked. We are grounded in the history and culture of street basketball, youth culture, sneakerhead coolness and Foot Locker's squarely at the intersection of sports, fashion and trend, making our brand equity more relevant than ever.

現在，Foot Locker 本身擁有近 50 年的傳統，在使該類別成為今天的關鍵角色之後，Foot Locker 擁有巨大的品牌知名度和潛在的品牌資產，我認為這些任務尚未完全完成。我們植根於街頭籃球、青年文化、酷炫運動鞋和 Foot Locker 的歷史和文化，正處於運動、時尚和潮流的交匯點，使我們的品牌資產比以往任何時候都更具相關性。

In addition to the company's rich heritage, our people are a true asset. The frontline store associates are stripers and blue shirts, love sneaker culture and our experts in the category. And this creates an energy in the stores that is a key competitive advantage. Also, we have one of the most diverse young workforces in retail, and we have thousands of associates throughout our company that have built their careers here in the field and corporate offices often after starting as part timers in high school.

除了公司豐富的傳統，我們的員工也是一筆真正的財富。一線店員是脫衣舞者和藍色襯衫，熱愛運動鞋文化和我們的品類專家。這在商店中創造了一種能量，這是一個關鍵的競爭優勢。此外，我們擁有零售業最多元化的年輕員工隊伍之一，我們公司有數千名員工在高中時開始做兼職後，在該領域和公司辦公室建立了自己的職業生涯。

Lastly, Foot Locker is a company that has a strong commitment to community, which is an important part of both the corporate culture and how we go to market. So during my first 90 days, I've spent my time visiting stores and getting to know the skill team addressing the company's overall capabilities and specifically our technology needs, getting to know many of our vendors as well as talking to investors to understand their perspective and what they would like to see from us.

最後，Foot Locker 是一家對社區有著堅定承諾的公司，這是企業文化和我們進入市場的方式的重要組成部分。因此，在我入職的頭 90 天裡，我花了很多時間參觀商店，了解解決公司整體能力，特別是我們的技術需求的技能團隊，了解我們的許多供應商，並與投資者交談以了解他們的觀點以及他們希望從我們這裡看到什麼。

So what are the opportunities I see? My early assessments have certainly validated all the reasons I was excited to join the company and have also shed light on where I see opportunities to become more efficient and more relevant in order to grow both our top and bottom lines. At a high level, that starts with looking for ways to simplify the business to make sure we're focused on the areas that hold the most strategic value and will generate the most return. And it also includes shifting our approach in many ways from being product-led to consumer-led, which will allow us to create a consumer-driven demand engine that can grow our market share and even the category by expanding our customer base as well as our share of wallet with existing customers.

那麼我看到的機會是什麼？我的早期評估肯定證實了我很高興加入公司的所有原因，也闡明了我認為可以提高效率和相關性以增加我們的收入和利潤的機會。在較高的層面上，首先要尋找簡化業務的方法，以確保我們專注於最具戰略價值並將產生最大回報的領域。它還包括在許多方面將我們的方法從產品主導轉變為消費者主導，這將使我們能夠創建一個消費者驅動的需求引擎，通過擴大我們的客戶群以及我們與現有客戶的錢包份額。

The areas where we will be the most focused are our omni-channel presence and capabilities, our loyalty program and overall digital marketing strategies and the technology platform, which enables those efforts as well as continuing our cost-optimization work. Now one of the biggest opportunities we have is to create a richer omni-channel experience starting with e-commerce. Without having a specific target in mind yet, I believe at 16%, our e-commerce penetration is below where it should and can be, which means there's an opportunity to capture more online-only sales and more importantly, build our omni-channel customer base. Our current omni-channel customers in the U.S. spend nearly 4x the amount of our single-channel shoppers. Yet they represent only 6% of our customer base, which leads to a vast opportunity to improve our engagement with customers across our channels and attract more of their spending dollars.

我們將最關注的領域是我們的全渠道存在和能力、我們的忠誠度計劃和整體數字營銷戰略以及技術平台，這使得這些努力以及繼續我們的成本優化工作成為可能。現在，我們擁有的最大機會之一是從電子商務開始創造更豐富的全渠道體驗。在沒有具體目標的情況下，我相信 16%，我們的電子商務滲透率低於它應該和可以達到的水平，這意味著有機會獲得更多的在線銷售，更重要的是，建立我們的全渠道客戶群。我們目前在美國的全渠道客戶的支出是我們單渠道購物者的近 4 倍。然而，他們只占我們客戶群的 6%，這為我們提供了一個巨大的機會來改善我們在各個渠道與客戶的互動，並吸引他們更多的消費資金。

I also see a tremendous opportunity to further refine and evolve our FLX loyalty program that was launched just a few years ago. While we're already capturing a considerable amount of our sales through members of FLX, I see more opportunity to improve the value proposition of the program, drive more engagement with our members through personalization and ultimately attract more members and capture more share of wallet of our existing customers. In technology, we're in the process of reviewing our foundational needs as well as making sure we're building the right tools and capabilities to support those efforts in omni-channel and marketing. Having a stronger backbone and technology enablers will be a key priority for us going forward.

我還看到了進一步完善和發展我們幾年前推出的 FLX 忠誠度計劃的巨大機會。雖然我們已經通過 FLX 會員獲得了相當大的銷售額，但我看到了更多機會來改善該計劃的價值主張，通過個性化推動與我們會員的更多互動，並最終吸引更多會員並獲得更多的錢包份額我們現有的客戶。在技術方面，我們正在審查我們的基本需求，並確保我們正在構建正確的工具和功能來支持全渠道和營銷方面的這些努力。擁有更強大的骨幹力量和技術支持將是我們前進的關鍵優先事項。

While many plans are still taking shape, we've begun to take some early actions in some of the key areas I just discussed. Given the importance of technology and marketing, we've made some leadership changes in those areas and are in the process of actively recruiting best-in-class talent for key roles. As part of our effort to simplify the business and focus on the most productive uses of our resources, we've decided to halt Foot Locker's entry into Japan, and we have also decided to wind down 2 of our joint ventures in Europe. And Frank will elaborate on these strategic actions in a moment.

雖然許多計劃仍在形成中，但我們已經開始在我剛才討論的一些關鍵領域採取一些早期行動。鑑於技術和營銷的重要性，我們在這些領域進行了一些領導層變動，並正在積極招聘一流人才擔任關鍵職位。作為簡化業務和專注於最有效地利用我們資源的努力的一部分，我們決定停止 Foot Locker 進入日本市場，我們還決定結束我們在歐洲的 2 家合資企業。稍後 Frank 將詳細說明這些戰略行動。

Touching now on our assortment, some of our brand highlights and our vendor relationships. As the quarter progressed, we identified strong demand signals within basketball, sneaker culture and kids, and we were able to partner with Nike to serve more customers in those categories, a trend we expect to continue into the fourth quarter. We, therefore, expect to end the year with a higher mix of Nike sales than we originally anticipated in addition to the strong demand we've seen across our portfolio.

現在談談我們的產品系列、我們的一些品牌亮點和我們的供應商關係。隨著本季度的推進，我們發現了籃球、運動鞋文化和兒童領域的強勁需求信號，我們能夠與耐克合作為這些類別的更多客戶提供服務，我們預計這一趨勢將持續到第四季度。因此，除了我們在整個產品組合中看到的強勁需求外，我們預計今年年底耐克的銷售組合將高於我們最初的預期。

Also in coming to Foot Locker, I was excited to see expanding brand diversification of the company because as in other consumer categories with high engagement like Beauty, choice and variety is something that consumers demand. As the category grows and customers realize they can build a sneaker wardrobe, their appetite for variety and desire for choice is growing, and we know that 80% of our best customers already buy 3 or more brands. Given we are underpenetrated in virtually all of our brands outside of our top vendor, we continue to see opportunity to bring the customer a broader and richer set of product offerings across brands and categories. And we believe our third quarter results are further evidence that our efforts to broaden our portfolio are driving growth across multiple brands and helping us expand our customer base.

同樣在來到 Foot Locker 時，我很高興看到公司不斷擴大品牌多元化，因為與美容等其他高參與度的消費品類一樣，選擇和多樣性是消費者的需求。隨著品類的增長和顧客意識到他們可以建立一個運動鞋衣櫥，他們對多樣性的胃口和選擇的慾望也在增長，我們知道 80% 的最佳顧客已經購買了 3 個或更多品牌。鑑於我們在頂級供應商之外的幾乎所有品牌中的滲透率都不足，我們繼續看到機會為客戶提供跨品牌和類別的更廣泛和更豐富的產品組合。我們相信我們第三季度的業績進一步證明，我們擴大產品組合的努力正在推動多個品牌的增長，並幫助我們擴大客戶群。

Our overall comps increased by 0.8% as we continue to see momentum in our non-Nike sales at our core banners, which were up mid-single digits, with most of our top 20 vendors posting strong growth. As we continue to deepen our partnerships across our portfolio, let me congratulate Bjørn Gulden as the next CEO of Adidas, which grew mid-single digits in the quarter. As one of our biggest brands, we are excited to work with Bjørn and team to continue our enhanced relationship, including deeper product access across their portfolio as well as enhanced store presentations, which will reach approximately 300 doors globally by the end of this fiscal year.

我們的整體收入增長了 0.8%，因為我們繼續看到我們核心橫幅的非耐克銷售額增長勢頭，增長了中個位數，我們前 20 大供應商中的大多數都實現了強勁增長。隨著我們繼續深化我們在產品組合中的合作夥伴關係，讓我祝賀 Bjørn Gulden 成為阿迪達斯的下一任首席執行官，該公司在本季度實現了中等個位數的增長。作為我們最大的品牌之一，我們很高興能與 Bjørn 及其團隊合作，繼續加強我們的關係，包括更深入地訪問他們的產品組合以及加強商店展示，到本財年末，這將在全球範圍內達到約 300 家門店.

I'd also like to congratulate Arne Freundt for his appointment as the new CEO of Puma, which grew high single digits. Earlier this week, we're excited to announce an expanded partnership with Puma to reach next-generation customers through exclusive basketball and other elevated collaborations. Building on the success of the LaMelo Ball franchise, we are continuing our exclusive access with the MB.02, which launched last month. Beyond basketball, we'll be launching several collaborative projects with musicians and fashion designers as well as an exclusive partnership with Coco Melon and Kids. And will be adding even more energy to the category and our Puma assortment through incremental hype drops, more exclusive, shared marketing partnerships and elevated experiences in-store and online.

我還要祝賀 Arne Freundt 被任命為 Puma 的新任 CEO，業績增長達到了高個位數。本週早些時候，我們很高興地宣布與 Puma 擴大合作夥伴關係，以通過獨家籃球和其他高級合作來吸引下一代客戶。在 LaMelo Ball 特許經營權的成功基礎上，我們將繼續獨家訪問上個月推出的 MB.02。除了籃球之外，我們還將推出多個與音樂家和時裝設計師的合作項目，以及與 Coco Melon and Kids 的獨家合作夥伴關係。並將通過漸進式炒作、更獨家、共享的營銷合作夥伴關係以及提升店內和網上體驗，為該品類和我們的 Puma 系列增添更多活力。

Moving on to the rest of the portfolio. We continue to see outsized gains in brands like New Balance, which was up nearly 70% this quarter. Crocs and Converse, which were both up over 25% and UGG, which grew nearly 50%. And while apparel overall was softer this quarter, our control brands continue to perform, growing over 50%, driven by strong fleet and outerwear performance through our CSG and Locker brands. And Pro Standard, one of the black-owned brands we support through our lead program has grown into a top-10 apparel brand through its successful local market streetwear focus on the license business.

繼續投資組合的其餘部分。我們繼續看到 New Balance 等品牌的巨大收益，該品牌本季度增長了近 70%。 Crocs 和 Converse 的漲幅均超過 25%，UGG 的漲幅接近 50%。雖然本季度服裝整體表現疲軟，但我們的控製品牌繼續表現出色，增長超過 50%，這得益於我們的 CSG 和 Locker 品牌強勁的機隊和外套表現。 Pro Standard 是我們通過主導計劃支持的黑人擁有的品牌之一，通過其成功的本地市場街頭服飾專注於許可業務，已經成長為前 10 大服裝品牌。

Now overall, we are very proud of the progress we're making in remixing our vendor brand portfolio to be a more comprehensive multibrand retailer and serving consumers with more sneaker choice.

現在總的來說，我們為我們在重新混合我們的供應商品牌組合以成為更全面的多品牌零售商並為消費者提供更多運動鞋選擇方面取得的進展感到非常自豪。

Looking at the holiday, we are encouraged by the momentum in the business, and we're excited about our plans for holiday across our product assortment and how we'll be connecting with customers. With product, we have a strong launch lineup, including key releases of Jordan Retros, follow-up launches of Melo Ball 2, new Crocs collabs with Ron English and Puma x Paw Control to name just a few. UGG will also be a key brand for us this season as it continues to dominate the holiday time period through their comfort icon. New Balance continues to become a much larger part of our business, and we're very happy about the holiday and 2023 product pipeline. And we're excited for Champ Sports to partner with Jim Shark around a unique opportunity to be the first brick-and-mortar retailer to carry that dynamic fitness apparel brand in the U.S. We also continue our rollout of ON and HOKA, both of which are getting traction with our existing customers and helping us attract new customers, and we continue to partner with them to build accelerated growth plans in the seasons ahead.

展望假期，我們對業務的發展勢頭感到鼓舞，我們對我們的產品種類假期計劃以及我們將如何與客戶建立聯繫感到興奮。在產品方面，我們擁有強大的發布陣容，包括 Jordan Retros 的主要發布、Melo Ball 2 的後續發布、與 Ron English 和 Puma x Paw Control 的新 Crocs 合作等等。 UGG 也將成為本季我們的主要品牌，因為它繼續通過其舒適圖標主導假期。 New Balance 繼續成為我們業務的重要組成部分，我們對假期和 2023 年的產品線感到非常高興。我們很高興 Champ Sports 與 Jim Shark 合作，圍繞成為美國第一家銷售該充滿活力的健身服裝品牌的實體零售商的獨特機會。我們還繼續推出 ON 和 HOKA，兩者都是正在吸引我們現有客戶並幫助我們吸引新客戶，我們將繼續與他們合作，在未來幾個季度製定加速增長計劃。

In marketing, for holiday this year, we are launching our first ever truly integrated global campaign with Foot Locker holiday house-party, featuring a holiday party for sneaker fans around the world, this campaign leads with Foot Locker as a brand by showcasing our stripers in addition to musicians and online personalities to position Foot Locker as yours sneaker home for the holiday. Also, we're entering the Medivir by launching a Kids Foot Locker House of Play experience within Club Roblox, where virtual stripers will encourage players through a series of mini games in order to earn points to buy virtual sneakers.

在營銷方面，對於今年的假期，我們將推出我們的第一個真正整合的全球活動，包括 Foot Locker 假日家庭派對，為世界各地的運動鞋迷舉辦節日派對，該活動通過展示我們的脫衣舞鞋，以 Foot Locker 作為品牌引領除了音樂家和網絡名人之外，Foot Locker 也將其定位為您假期的運動鞋之家。此外，我們通過在 Club Roblox 中推出 Kids Foot Locker House of Play 體驗進入 Medivir，虛擬脫衣舞者將通過一系列迷你游戲鼓勵玩家獲得積分來購買虛擬運動鞋。

In summary, in addition to continuing down the path of offering an exciting range of brand options for our customers, giving incremental focus to our omni-channel capabilities and loyalty programs, continuing the cost-optimization work that's underway and further simplifying our business, I see a tremendous amount of opportunity ahead for Foot Locker, Inc., and I look forward to updating you on our new strategies as we move forward.

總之，除了繼續為我們的客戶提供一系列令人興奮的品牌選擇、更加關注我們的全渠道能力和忠誠度計劃、繼續正在進行的成本優化工作並進一步簡化我們的業務之外，我看到 Foot Locker, Inc. 的巨大機遇，我期待著在我們前進的過程中向您介紹我們的新戰略。

And now let me hand it over to Frank to discuss some of our operations and growth drivers in more detail.

現在讓我把它交給弗蘭克來更詳細地討論我們的一些運營和增長動力。

Thank you, Mary, and good morning, everyone. This morning, I will take you through an update of our banner performance and our real estate strategies then discuss our supply chain network upgrade and finally, the moves we've taken to simplify our business. Starting with performance by our portfolio of banners and geographies. In North America, our overall comps declined modestly by 1.1%, with Foot Locker up high single digits on strong basketball trends and gains in all major back-to-school markets. Kids Foot Locker increased mid-single digits, driven by broad-based strength across brands and effective marketing campaigns around back-to-school. Champs Sports was down low double digits, though still up compared to 2019, as we distorted inventory to our Foot Locker and Kids Foot Locker banners. WSS, our off-mall value banner focused on Hispanic communities contributed $162 million in sales for the quarter, and comps up low single digits, improving from the down low single digits in the second quarter.

謝謝你，瑪麗，大家早上好。今天早上，我將帶您了解我們的橫幅廣告業績和房地產戰略的最新情況，然後討論我們的供應鍊網絡升級，最後討論我們為簡化業務而採取的措施。從我們的橫幅和地理位置組合的表現開始。在北美，我們的整體收入小幅下降了 1.1%，而 Foot Locker 在強勁的籃球趨勢和所有主要返校市場的增長中都出現了高個位數的增長。 Kids Foot Locker 的銷售額增長了中等個位數，這得益於跨品牌的廣泛實力和圍繞返校開展的有效營銷活動。 Champs Sports 的銷售額下降了兩位數，但與 2019 年相比仍有所上升，因為我們扭曲了 Foot Locker 和 Kids Foot Locker 橫幅的庫存。 WSS，我們專注於西班牙裔社區的商場外價值橫幅在本季度貢獻了 1.62 億美元的銷售額，並且從第二季度的低個位數下降到低個位數。

While the WSS consumer continues to be pressured and traffic remains impacted, our execution in-store helped drive conversion improvement, resulting in positive comp growth for the banner, despite the tough environment. Importantly, the new WSS stores we opened so far in 2022 are performing in line with their sales plans. And we continue to see encouraging results from our WSS loyalty program, which is delivering over 80% of sales across the entire fleet. This past quarter marked the first full year of Foot Locker owning this well-positioned business. And 1 year later, as we strategically expand the WSS store footprint, we continue to gain confidence in the business. The Hispanic population is the fastest-growing demographic segment in the United States, with the Census Bureau projecting the Hispanic American population to reach $72 million by the end of this decade, an addition of 10 million consumers from 2020.

儘管 WSS 消費者繼續承受壓力並且流量仍然受到影響，但我們的店內執行幫助推動了轉化率的提高，儘管環境艱難，但仍為橫幅帶來了正的補償增長。重要的是，我們在 2022 年迄今為止開設的新 WSS 商店的表現符合他們的銷售計劃。我們繼續從我們的 WSS 忠誠度計劃中看到令人鼓舞的結果，該計劃提供了整個車隊 80% 以上的銷售額。上個季度標誌著 Foot Locker 擁有這家定位良好的企業的第一個完整年度。 1 年後，隨著我們戰略性地擴大 WSS 商店的足跡，我們繼續獲得對業務的信心。西班牙裔人口是美國增長最快的人口群體，人口普查局預計，到本十年末，西班牙裔美國人的收入將達到 7200 萬美元，比 2020 年增加 1000 萬消費者。

With its special connection to that community, and only 108 stores today, WSS has an incredible runway for growth in both its core markets in the West and Southwest as well as new regions where the Hispanic population is forecasted to grow the fastest. We will mark the beginning of our expansion into the Southeast region with our first Florida store later this quarter. We still expect to deliver approximately $600 million of sales this year, and we are confident in favorable consumer demographics, strong market planning and merchandising plans and a robust loyalty program will make WSS the next $1 billion retail banner in our portfolio.

憑藉與該社區的特殊聯繫，如今只有 108 家門店，WSS 在其西部和西南部的核心市場以及預計西班牙裔人口增長最快的新地區擁有令人難以置信的增長跑道。我們將在本季度晚些時候開設第一家佛羅里達商店，標誌著我們向東南地區擴張的開始。我們仍預計今年將實現約 6 億美元的銷售額，我們相信有利的消費者人口統計數據、強大的市場規劃和銷售計劃以及強大的忠誠度計劃將使 WSS 成為我們產品組合中下一個 10 億美元的零售旗幟。

Moving on to other regions. Overall comps in Europe grew 0.8% with ongoing strength in key markets, led by France, Italy and Spain. We also began our rollout of BOPIS in Europe, elevating our omni-channel experience in approximately 400 stores across the region. In Asia Pacific, comps increased 36.5%, driven by the ongoing loosening of travel restrictions in some Asian markets, lapping some store closures last year due to COVID and improving inventory and receipt flow. And finally, atmos continued its strong trends in connection to sneaker culture, contributing $40 million to sales, up double digits versus their results last year, led by a strong performance in their core market, Japan.

轉移到其他地區。在以法國、意大利和西班牙為首的主要市場持續走強的情況下，歐洲的整體收入增長了 0.8%。我們還開始在歐洲推出 BOPIS，提升我們在該地區約 400 家商店的全渠道體驗。在亞太地區，受一些亞洲市場持續放寬旅行限制、去年因 COVID 導致一些商店關閉以及庫存和收貨流程改善而導致的收入增長 36.5%。最後，atmos 繼續保持與運動鞋文化相關的強勁趨勢，貢獻了 4000 萬美元的銷售額，與去年的業績相比增長了兩位數，這主要得益於其核心市場日本的強勁表現。

Moving on to real estate. While our fleet includes a strong portfolio of mall-based stores, we also continue to deliberately pivot our business off-mall, where it makes sense to be more closely connected to our consumers and communities as well as provide us the opportunity to build a larger store that can offer a better expression of brands, categories and genders. Our community and power store rollout is an important part of that strategy. In the third quarter, we opened or converted nearly 20 new Foot Locker community and power stores across the globe, giving us approximately 150 doors in these formats on the way towards our goal of 300 globally by 2024.

轉向房地產。雖然我們的車隊包括強大的商場商店組合，但我們也繼續有意將我們的業務轉向商場以外的地方，與我們的消費者和社區建立更緊密的聯繫並為我們提供機會建立更大的商場是有意義的能夠更好地表達品牌、類別和性別的商店。我們的社區和電力商店的推出是該戰略的重要組成部分。在第三季度，我們在全球開設或改造了近 20 家新的 Foot Locker 社區和大型商店，為我們提供了大約 150 扇這些形式的門，朝著我們到 2024 年在全球擁有 300 扇門的目標邁進。

Our community and power stores continue to deliver sales, both above their plan and to outcome their regional benchmarks in the fleet by several hundred basis points, giving us ongoing conviction in our strategy. Including WSS, we expect our store count in North America to be approximately 25% off-mall by the end of the year. And we will continue to push that penetration higher over time as we roll out more community and power doors, expand WSS and strategically pivot other stores off-mall as well.

我們的社區和電力商店繼續實現銷售，既高於他們的計劃，也比他們在車隊中的區域基準高出數百個基點，這讓我們對我們的戰略充滿信心。包括 WSS 在內，我們預計到今年年底，我們在北美的門店數量將減少約 25%。隨著我們推出更多社區和電動門、擴展 WSS 並戰略性地將其他商店轉向購物中心外，我們將隨著時間的推移繼續提高這種滲透率。

Next, I want to update you on our distribution network in the United States, our largest retail market as we work to optimize our supply chain and get closer to our customers in order to better serve them. With the full wind down of East Bay operations to be complete by year's end, we will be closing our Wausau, Wisconsin distribution facility at the end of our fiscal year.

接下來，我想向您介紹我們在美國的分銷網絡，這是我們最大的零售市場，我們正在努力優化供應鏈並拉近與客戶的距離，以便更好地為他們服務。隨著東灣業務的全面關閉將在年底前完成，我們將在本財年末關閉位於威斯康星州沃索的配送設施。

Prior to 2021, we serve the entire country out of that facility and another centrally located DC in Kansas and therefore, had 2-day delivery coverage of only 38% of the U.S. In Q3 2021, we opened our Camp Hill facility in Pennsylvania to serve the East Coast more directly, which improved our standard 2-day delivery coverage to 75% of the U.S. And I'm now happy to announce the opening of our new state-of-the-art distribution center in Reno, Nevada, which will serve the western part of the country, cutting shipping times in the area by more than 50%. With the Reno opening, we now have a truly regional network system, which will take our 2-day standard shipping coverage to over 95% of the United States.

在 2021 年之前，我們通過該設施和位於堪薩斯州中心的另一個配送中心為整個國家提供服務，因此，2 天送達覆蓋率僅為美國的 38%。2021 年第三季度，我們在賓夕法尼亞州開設了坎普希爾設施，以服務東海岸更直接，這將我們標準的 2 天送貨覆蓋範圍提高到美國的 75% 我現在很高興地宣布我們在內華達州里諾開設了最先進的新配送中心，這將服務於該國西部地區，該地區的運輸時間縮短了 50% 以上。隨著里諾的開業，我們現在擁有了一個真正的區域網絡系統，這將使我們的 2 天標準運輸覆蓋範圍達到美國 95% 以上。

As we explore ways to enhance our omni-channel capabilities to better serve consumers, this distribution backbone and ability to deliver a 2-day shipping promise to most of the country will be an important foundation. Lastly, as Mary mentioned in her opening comments, we are intently looking for ways to simplify our business model so that we can invest resources and allocate capital to their highest and best use. As part of that effort, we have decided to hault the Foot Locker banners and [trade] into Japan, which was scheduled for Q4 of this year.

在我們探索增強全渠道能力以更好地為消費者服務的方法時，這種分銷骨乾和向全國大部分地區提供 2 天送貨承諾的能力將成為重要的基礎。最後，正如瑪麗在她的開場白中提到的，我們正在專心尋找方法來簡化我們的商業模式，以便我們可以投資資源並將資本分配給它們的最高和最佳用途。作為這項努力的一部分，我們決定高舉 Foot Locker 的旗幟並[交易]進入日本，計劃於今年第四季度進行。

I would like to thank and commend our teams for their great work in preparing us to enter that market. However, given the strong presence and performance of atmos in Japan, we have decided to reallocate capital to elevate the atmos omni-channel experience to grow and serve consumers in this vibrant sneaker-culture market. We have also wound down 2 separate joint ventures we previously had in Europe: one, where we were minority partners in stores operating in the Benelux region; and another where we were majority partners in a venture that operated stores in Eastern Europe.

我要感謝並讚揚我們的團隊為我們進入該市場所做的出色工作。然而，鑑於 atmos 在日本的強大影響力和表現，我們決定重新分配資金以提升 atmos 全渠道體驗，以便在這個充滿活力的運動鞋文化市場中發展和服務消費者。我們還關閉了我們之前在歐洲擁有的 2 個獨立的合資企業：一個是我們在比荷盧經濟聯盟地區經營的商店中的少數合夥人；在另一個地方，我們是一家在東歐經營商店的合資企業的主要合夥人。

These moves are in addition to the sale of our East Bay team sales business this summer and the wind down of the eastbay.com consumer business that will be complete by the end of this year. Taken together, these moves helped to simplify our business operations and allow us to focus our teams and corporate services on our largest and most profitable banners and operating units. So in summary, our core banners delivered solid results during the third quarter, led by the performance of our community and power stores as we continue to strategically pivot our business off-mall. We continue to remain excited about the growth potential we see in our WSS banner, serving the Hispanic community. We've enhanced our distribution network to better serve both our stores and our online customers in our critical U.S. market. And we are simplifying our operations so that we can continue to invest in the banners and regions that generate the greatest return on capital and effort. I'll now hand the call over to Andrew.

這些舉措是在今年夏天出售我們的東灣團隊銷售業務以及將於今年年底完成的 eastbay.com 消費者業務的結束之外進行的。總而言之，這些舉措有助於簡化我們的業務運營，並使我們能夠將我們的團隊和企業服務集中在我們最大和最賺錢的旗幟和運營部門上。因此，總而言之，我們的核心橫幅廣告在第三季度取得了可喜的成績，這得益於我們的社區和電力商店的表現，因為我們繼續戰略性地將我們的業務轉向購物中心。我們繼續對我們在 WSS 旗幟上看到的增長潛力感到興奮，為西班牙裔社區服務。我們增強了我們的分銷網絡，以更好地為我們在關鍵的美國市場的商店和在線客戶提供服務。我們正在簡化我們的運營，以便我們可以繼續投資於產生最大資本和努力回報的旗幟和地區。我現在將電話轉給安德魯。

Thank you, Frank, and good morning, everyone. Our third quarter is a wonderful demonstration of Foot Locker's positioning in the market. Our solid execution and further evidence that our strategies are working. When we updated you last quarter, we discussed the strong start to back-to-school being preceded by a much softer-than-expected June and early July such that we were hesitant to over extrapolate the strong late July and early August trends beyond the back-to-school season. But given solid demand, improved access to inventory and the execution of our teams, we were able to sustain much of that momentum throughout the quarter, with August up mid-single digits; September up low single digits; and October, up against our toughest multiyear comparison of the quarter, down mid-single digits.

謝謝你，弗蘭克，大家早上好。我們的第三季度很好地展示了 Foot Locker 在市場中的定位。我們紮實的執行力和進一步的證據表明我們的戰略正在發揮作用。當我們在上個季度更新您的情況時，我們討論了開學後的強勁開端之前的 6 月和 7 月初比預期的要軟得多，因此我們猶豫是否過度推斷 7 月底和 8 月初的強勁趨勢超出了返校季。但鑑於穩定的需求、更好的庫存獲取方式和我們團隊的執行力，我們能夠在整個季度保持大部分勢頭，8 月份增長了中等個位數； 9月漲幅低個位數；和 10 月，與我們本季度最艱難的多年比較相比，下降了中個位數。

Overall, our third quarter total sales decreased slightly 0.7% compared to the record levels achieved last year, but were up 3.3%, excluding the impact of foreign currency. On a comparable basis, sales increased 0.8% with our non-Nike sales in our core banners growing mid-single digits as we remain on strategy with the rebalancing of our product assortment. By category, footwear comped up low single digits, while apparel and accessories fell mid-single digits.

總體而言，與去年創紀錄的水平相比，我們第三季度的總銷售額略微下降了 0.7%，但不包括外彙的影響，增長了 3.3%。在可比的基礎上，銷售額增長了 0.8%，我們的核心橫幅廣告中的非耐克銷售額增長了中等個位數，因為我們繼續實施重新平衡產品種類的戰略。按品類劃分，鞋類產品的銷量下降了低個位數，而服裝和配飾則下降了中等個位數。

Comparable sales in our stores increased 4.7%. Our digital channel comped down 14.5% with overall penetration at 16.3%. This is down from 19.8% last year, but still above the 15.3% from 2019. Moving down the income statement. Gross margin for the quarter declined 270 basis points to 32.0%. Merchandise margins fell by 280 basis points, driven by higher markdowns as the promotional environment remained elevated. Occupancy leveraged slightly by 10 basis points still aided somewhat by the layering of WSS and atmos into our base.

我們商店的可比銷售額增長了 4.7%。我們的數字渠道下降了 14.5%，整體滲透率為 16.3%。這低於去年的 19.8%，但仍高於 2019 年的 15.3%。下移損益表。本季度毛利率下降 270 個基點至 32.0%。商品利潤率下降了 280 個基點，這是由於促銷環境仍然高漲導致降價幅度加大。由於 WSS 和 atmos 分層進入我們的基地，入住率略微提高了 10 個基點。

As a reminder, WSS and atmos carry somewhat lower merchandise margin though lower occupancy makes them overall gross-margin-neutral to our total business. At quarter end, our inventories were 29.5% above last year but down from the 52% year-over-year increase we noted at the end of Q2.

提醒一下，WSS 和 atmos 的商品利潤率略低，但較低的入住率使它們的整體毛利率對我們的整體業務而言是中性的。在季度末，我們的庫存比去年同期增長 29.5%，但低於我們在第二季度末注意到的 52% 的同比增幅。

On SG&A, let me start by providing you with an update on our $200 million cost-optimization program. This is the largest, most comprehensive review of our cost structure the company has ever pursued. And I am incredibly proud of the team's work and progress in both identifying a wide range of opportunities and beginning to execute on them. This has truly been an enterprise-wide effort that is intended to not only take cost out of the business but to also ensure that we can remain nimble in a dynamic industry across business cycles. Given the scope of the effort, the opportunities we are targeting are very broad and will span efficiencies at corporate and store levels, including everything from procurement to store operations. In order to properly implement, we have slowed execution in some areas that we still expect to fully realize the full $200 million over time.

在 SG&A 方面，讓我首先向您介紹我們 2 億美元的成本優化計劃的最新情況。這是公司有史以來對我們的成本結構進行的規模最大、最全面的審查。我為團隊在識別廣泛機會和開始執行這些機會方面的工作和進步感到無比自豪。這確實是一項企業範圍的努力，不僅旨在降低業務成本，而且還確保我們能夠在跨業務週期的動態行業中保持敏捷。鑑於工作範圍，我們瞄準的機會非常廣泛，將跨越公司和商店層面的效率，包括從採購到商店運營的所有方面。為了正確實施，我們在某些領域放慢了執行速度，我們仍然希望隨著時間的推移完全實現全部 2 億美元。

In the fourth quarter, we expect to realize approximately $9 million of SG&A savings from the program on top of the approximately $9 million we realized in the third quarter, bringing the total for the year to approximately $18 million. For the third quarter, our SG&A rate came in at 21.5%, representing deleverage of approximately 60 basis points, driven mostly by labor wage inflation, which continues to grow at a rapid pace. This deleverage was offset by approximately $9 million of savings from our cost-optimization program. Depreciation expense was $52 million versus $49 million last year, driven mainly by the inclusion of WSS and atmos.

在第四季度，除了我們在第三季度實現的約 900 萬美元之外，我們預計將從該計劃中實現約 900 萬美元的 SG&A 節省，使全年總額達到約 1800 萬美元。第三季度，我們的 SG&A 率為 21.5%，意味著去槓桿化約為 60 個基點，主要受勞動力工資通脹的推動，該通脹繼續快速增長。我們的成本優化計劃節省了大約 900 萬美元，抵消了這種去槓桿化。折舊費用為 5200 萬美元，而去年為 4900 萬美元，這主要是由於包含 WSS 和 atmos。

Our non-GAAP tax rate came in at 31.7% above last year's rate of 28.0%, driven by the geographic mix of our income. Now turning to our balance sheet. We ended the quarter with $351 million of cash and $454 million of debt. We paid $37 million in dividends and did not repurchase any stock during the quarter, given our historical preference to remain relatively net-debt neutral.

我們的非 GAAP 稅率比去年的 28.0% 高出 31.7%，這主要受我們收入的地域組合的推動。現在轉向我們的資產負債表。本季度結束時，我們擁有 3.51 億美元的現金和 4.54 億美元的債務。我們支付了 3700 萬美元的股息，並且在本季度沒有回購任何股票，因為我們一直傾向於保持相對的淨債務中性。

Moving on to our outlook for the rest of the year. Following our better-than-expected results in the third quarter, the solid momentum in demand and our strong inventory position, we are increasing our forecast for the fourth quarter and the full year. For the year, we are raising our guidance for non-GAAP EPS to the range of $4.42 to $4.50, up from our prior range of $4.25 to $4.45. Given it is the last quarter of the year, we are also providing updated guidance in terms of the fourth quarter, though we will not be providing quarterly guidance on an ongoing basis.

繼續我們對今年剩餘時間的展望。繼第三季度好於預期的業績、強勁的需求勢頭和強勁的庫存狀況之後，我們上調了對第四季度和全年的預測。今年，我們將非 GAAP 每股收益的指引從之前的 4.25 美元至 4.45 美元上調至 4.42 美元至 4.50 美元。鑑於現在是今年的最後一個季度，我們還將提供有關第四季度的最新指導，但我們不會持續提供季度指導。

Now for guidance on the fourth quarter. With our non-Nike sales in core banners up mid-single digits in the third quarter and nearly 10% year-to-date, our efforts in elevating and driving growth in other brands has progressed more quickly than we expected at the beginning of the year. Meanwhile, as Mary mentioned, we've been able to partner with Nike to fulfill incremental demand that we've identified in that brand. Overall, we feel good as we ended Q3 with a strong inventory and receipt position in high-quality products.

現在為第四季度提供指導。隨著我們在核心橫幅廣告中的非耐克銷售額在第三季度增長了中等個位數，今年迄今增長了近 10%，我們在提升和推動其他品牌增長方面的努力進展得比我們年初預期的要快年。與此同時，正如瑪麗提到的，我們已經能夠與耐克合作，以滿足我們在該品牌中確定的增量需求。總的來說，我們感覺良好，因為我們在第三季度結束時在高質量產品方面擁有強勁的庫存和收貨狀況。

As a result, we now expect our fourth quarter comps to decline by 6% to 8%, which has improved from our prior expectation of down double digits. That improvement is despite a roughly $50 million negative impact from no longer selling YEEZY. We plan to open approximately 20 new doors in the fourth quarter while closing a total of approximately 85 stores. Overall, our store count will be down approximately 4% in 2022 with square footage down slightly as we convert more stores to larger formats.

因此，我們現在預計第四季度的收入將下降 6% 至 8%，這比我們之前預期的兩位數下降有所改善。儘管不再銷售 YEEZY 造成了大約 5000 萬美元的負面影響，但這種改善仍然存在。我們計劃在第四季度開設約 20 家新店，同時關閉總共約 85 家門店。總體而言，隨著我們將更多商店轉換為更大的格式，我們的商店數量將在 2022 年減少約 4%，面積略有下降。

With FX as an ongoing drag and having fully anniversary the acquisitions of WSS and atmos, we expect our total sales to fall by 8% to 10% or 2 percentage points below our comp. We expect our gross margin to decline by 370 to 400 basis points to 29.0% to 29.3%, driven by occupancy deleverage on the down comp and somewhat larger markdown pressure compared to Q3, but in line with our expectations.

由於 FX 持續拖累，並且收購 WSS 和 atmos 已滿週年，我們預計我們的總銷售額將下降 8% 至 10% 或比我們的公司低 2 個百分點。我們預計我們的毛利率將下降 370 至 400 個基點，至 29.0% 至 29.3%，這主要是受向下競爭的入住率去槓桿化以及與第三季度相比更大的降價壓力的推動，但符合我們的預期。

Note that while the promotional environment has continued to intensify, we are receiving more support from our vendors to help fund markdown dollars. Historically, we've managed a collection of 4 basic inventory levers, cancellations, RTVs, push outs and vendor allowances or VAs. We've worked closely with all of our brand partners to balance all of these levers. Each brand partner utilizes all of them. But this year, based on heavier overall inventory levels, VAs are higher than usual.

請注意，雖然促銷環境不斷加強，但我們正在從供應商那裡獲得更多支持，以幫助籌集降價資金。從歷史上看，我們已經管理了 4 個基本庫存槓桿、取消、RTV、推出和供應商津貼或 VA。我們與所有品牌合作夥伴密切合作，以平衡所有這些槓桿。每個品牌合作夥伴都利用它們。但今年，基於較重的整體庫存水平，VAs 高於往常。

At the end of the year, we still expect our inventories to remain up versus last year, which will put us in a strong position to start 2023. I should also note that the removal of the YEEZY product does not have a material impact on our gross margin as the margin on that product looked close to the company average.

到今年年底，我們仍然預計我們的庫存將比去年高，這將使我們在 2023 年開始時處於有利地位。我還應該指出，移除 YEEZY 產品不會對我們產生實質性影響毛利率，因為該產品的利潤率看起來接近公司平均水平。

Moving to SG&A. We expect to deleverage by 90 to 100 basis points to 23.3% to 23.4%, driven by ongoing wage inflation and the deleverage from the down comp, partially offset by an estimated approximately $9 million of savings from our cost-optimization program. Note, we do not expect to buy back any shares during the fourth quarter. As a result, we expect our fourth quarter non-GAAP earnings per share to be in the range of $0.45 to $0.53.

搬到 SG&A。我們預計將去槓桿化 90 至 100 個基點至 23.3% 至 23.4%，受持續的工資通脹和下降補償的去槓桿化的推動，部分被我們的成本優化計劃估計節省約 900 萬美元所抵消。請注意，我們預計第四季度不會回購任何股票。因此，我們預計第四季度非 GAAP 每股收益將在 0.45 美元至 0.53 美元之間。

Lastly, while we won't be given 2023 guidance until we report our fourth quarter earnings in February, we do want to remind everyone that we will have a 53rd week in our 2023 fiscal year. In closing, we are excited about the momentum in the business, the resiliency we have seen in our customers and our growing ability to better serve them. And we look forward to updating you on our progress in Q4. With that, operator, please open the call for questions.

最後，雖然我們在 2 月份報告第四季度收益之前不會獲得 2023 年的指導，但我們確實想提醒大家，我們將在 2023 財年度過第 53 週。最後，我們對業務的發展勢頭、我們在客戶身上看到的彈性以及我們不斷增長的更好地為他們服務的能力感到興奮。我們期待著向您通報我們在第四季度的進展情況。有了這個，接線員，請打開問題電話。

(Operator Instructions)

（操作員說明）

And our first question will come from Bob Drbul of Guggenheim.

我們的第一個問題將來自古根海姆的 Bob Drbul。

And Mary, congrats to joining Foot Locker, welcome, and congrats on a great quarter.

瑪麗，恭喜加入 Foot Locker，歡迎並祝賀一個偉大的季度。

Thank you, Bob. I appreciate that.

謝謝你，鮑勃。我很感激。

I guess the first question I had actually for you, Mary, is can you just help us understand your plan for working with Nike and managing that relationship? Can we just start there?

瑪麗，我想我實際上問你的第一個問題是，你能否幫助我們了解你與耐克合作並管理這種關係的計劃？我們可以從那裡開始嗎？

Sure. Well, first of all, thank you for your comments, and I'm really proud and honored to be the new CEO of Foot Locker. I'm really proud of the quarter that our team delivered, the momentum that we see in our business. And actually, one of the things that really struck me is very smart as I started was I love our brand diversification efforts. I mean, I know from other consumer categories like Beauty, choice is something that consumers want, and we see that at Foot Locker, right, that our best guests are buying multiple brands.

當然。好吧，首先，感謝您的評論，我為成為 Foot Locker 的新任首席執行官感到非常自豪和榮幸。我為我們團隊交付的季度以及我們在業務中看到的勢頭感到非常自豪。事實上，真正打動我的一件事是我開始時非常聰明，我喜歡我們的品牌多元化努力。我的意思是，我從美容等其他消費品類了解到，選擇是消費者想要的東西，我們在 Foot Locker 看到，我們最好的客人購買多個品牌。

And so a large part of our momentum is driven by the fact that we have elevated a number of brands, partner with them, have a lot of new brands to the assortment. Having said that, of course, our relationship with Nike is very important. It's strong. We've been able to partner with Nike to provide our customers with some increased demand signals that we saw in the quarter in areas that we do particularly well together, basketball, sneaker culture, kids. So to me, I see this as a multifaceted relationship over many years that I'll continue to build on.

因此，我們的勢頭很大一部分是由於我們提升了許多品牌，與他們合作，擁有許多新品牌。話雖如此，當然，我們與耐克的關係非常重要。它很強大。我們已經能夠與耐克合作，為我們的客戶提供一些我們在本季度看到的需求增加的信號，這些信號是我們合作得特別好的領域，籃球、運動鞋文化、兒童。所以對我來說，我認為這是我將繼續建立多年的多方面關係。

Great. And just on a follow-up to that. I don't know if this is for you or for Andrew, but I think both may comment to improved access to other inventory. Can you just maybe address that and elaborate a little bit more what you've seen and sort of what you've been able to get your hands on that you didn't have sort of in the quarter or going into the quarter?

偉大的。並就此採取後續行動。我不知道這是給你還是給安德魯的，但我認為兩者都可能評論改進對其他庫存的訪問。你能不能解決這個問題，並詳細說明你所看到的，以及你在本季度或進入本季度時沒有得到的東西？

Great. I'll let Frank take that. Frank?

偉大的。我會讓弗蘭克接受的。坦率？

Bob, it's Frank. So look, we're constantly communicating and looking for opportunities together with our partners in Nike's, especially around the sharp points of the basketball category, sneaker culture and then, of course, our kids business. So you heard in my opening comments around the strength of our power and community stores and how well they're performing with the core consumer base. .

鮑勃，是弗蘭克。所以看，我們一直在與我們在耐克的合作夥伴一起溝通和尋找機會，特別是圍繞籃球類別、運動鞋文化的尖銳點，當然還有我們的兒童業務。所以你在我的開場評論中聽到了關於我們的力量和社區商店的實力以及它們在核心消費者群中的表現。 .

And then think about House of Hoops and the share point provides basketball. And then you guys know KFL is the only kids-focused concept in athletic specialty. So those are strategies that are highly complementary to Viking's strategy. And then finally, as Mary said, we saw some demand signals, and we were collectively able to pick up on the signals and react together in a way that was on strategy for both companies. And to me, that's the definition of a strong partnership. So that's what happened throughout the quarter.

然後想想House of Hoops 和共享點提供籃球。然後你們知道 KFL 是運動專業中唯一以孩子為中心的概念。因此，這些戰略與 Viking 的戰略高度互補。最後，正如瑪麗所說，我們看到了一些需求信號，我們能夠共同接收這些信號，並以符合兩家公司戰略的方式共同做出反應。對我來說，這就是牢固夥伴關係的定義。這就是整個季度發生的事情。

The next question comes from Tom Nikic of Wedbush Securities.

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

I guess following up on the Nike point there. I think at the start of the year, you said that Nike would fall below 55% of total sales by the end -- I guess, by the fourth quarter and you're kind of coming in better than that. Is the plan that Nike will still kind of fall below that 55% level over time? And it's just -- I mean, taking a little bit longer because you kind of working with them a little bit closer? Or do you think maybe the overall reduction in the Nike penetration will not be as dramatic as you communicated at the start of this fiscal year?

我想跟進那裡的耐克點。我想在今年年初，你說耐克到年底將跌至總銷售額的 55% 以下——我想，到第四季度，你的表現要好於此。隨著時間的推移，耐克的計劃是否仍會低於 55% 的水平？只是——我的意思是，花的時間稍微長一點是因為你和他們的工作距離更近了一點？或者您認為耐克滲透率的總體下降可能不會像您在本財年開始時所說的那樣劇烈？

Tom, thank you for the question. So overall, I would say, high level, our diversification strategy remains on track. But I'd also say that probably moving towards more of a soft landing, I guess, if you will. So our Nike mix was down in the third quarter. We expect it to be down in the fourth quarter, but just to a lesser extent, I guess, I'd say that we originally expected. And beyond that, yes, we can -- we will see the mix continue to mix down to around that 55% of sales that we spoke about but I'd say just be more gradual about it. And as we see a steady increase in other brands, and that's how it's playing out.

湯姆，謝謝你的提問。所以總的來說，我想說，高水平，我們的多元化戰略仍在軌道上。但我也想說，如果你願意的話，我想可能會更多地走向軟著陸。所以我們的耐克組合在第三季度有所下降。我們預計它會在第四季度下降，但我想只是程度較小，我會說我們最初的預期。除此之外，是的，我們可以——我們將看到組合繼續混合到我們談到的銷售額的 55% 左右，但我想說的是更加漸進。正如我們看到其他品牌的穩步增長，這就是它正在發揮作用的方式。

Got it. And just a quick follow-up. Obviously, you're calling for much less of a comp decline in Q4 than what you were sort of communicating earlier this year. Is that primarily because you're not having the hard landing with Nike? Or is it also because the non-Nike brands are outperforming your expectations and expect -- you expect them to do better in the fourth quarter than what you previously thought?

知道了。并快速跟進。顯然，與今年早些時候的交流相比，您要求第四季度的薪酬下降幅度要小得多。這主要是因為您沒有與耐克硬著陸嗎？還是因為非耐克品牌的表現超出了您的預期和期望——您預計它們在第四季度的表現會好於您之前的預期？

Yes, I'd say all of the above. I mean the good news is the consumer, the customer at Foot Locker is showing great resilience and momentum for the category and for the range -- the array of brands that we're offering. So it really is a combination of some of our other brands, a number of brands that we're partnering with to continue to have even more momentum than we might have predicted and then somewhat more partnership that we're seeing with Nike in the quarter in terms of some of these demand signals that we're seeing in the marketplace. So together, that gives us confidence for the quarter.

是的，我會說以上所有內容。我的意思是好消息是消費者，Foot Locker 的客戶對這個類別和範圍——我們提供的一系列品牌——表現出巨大的彈性和動力。所以這真的是我們其他一些品牌的結合，我們正在與之合作的一些品牌繼續擁有比我們預期更多的勢頭，然後我們在本季度看到與耐克的合作關係有所增加就我們在市場上看到的一些需求信號而言。因此，這使我們對本季度充滿信心。

The next question comes from Kate McShane of Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

Mary, you had mentioned one of your priorities that you were focused on was deepening your online penetration. But I know that you do have a customer that does tender quite a bit with cash still. So I wondered if you had any thoughts around any kind of limitations to the online penetration because of that? And how do you address it?

瑪麗，你提到過你關注的優先事項之一是加深你的在線滲透率。但我知道您確實有一位客戶仍然用現金進行投標。所以我想知道您是否對因此而對在線滲透造成的任何限制有任何想法？你如何解決它？

Kate, thank you for the question. What's really true of this category is that both brick-and-mortar and online matter. That's for sure for our customers. So we see our best guests are buying in both channels for different reasons, right? Sometimes it's to go in and try and explore. Sometimes people are paying with cash and that's not the majority, but sometimes. But then also, everybody knows that there's a digital experience that surrounds every decision that people make in every category, but certainly in sneakers.

凱特，謝謝你的提問。這個類別的真實情況是實體和在線都很重要。這對我們的客戶來說是肯定的。所以我們看到我們最好的客人出於不同的原因在兩個渠道購買，對吧？有時是進去嘗試探索。有時人們用現金支付，這不是大多數，但有時是這樣。但同時，每個人都知道，人們在每個類別中做出的每個決定都有一種數字體驗，當然在運動鞋中。

So for us, I don't know that there's a limitation. I mean, right now, I think we're still in the early innings of how high is up on our online penetration. We know that there's, frankly, improvements that we can do in the overall experience, and we're focused on that. And so I don't have a specific target in terms of where I see it going, but it will definitely be higher than today. And again, the best guests will engage in both channels.

所以對我們來說，我不知道有什麼限制。我的意思是，現在，我認為我們仍處於在線滲透率有多高的早期階段。我們知道，坦率地說，我們可以在整體體驗上做一些改進，並且我們專注於此。因此，就我所看到的發展方向而言，我沒有具體的目標，但肯定會比今天更高。再一次，最好的客人將參與這兩個渠道。

Okay. And then I had a question for Andrew. Just with regards to the savings program, how we should be thinking about the cadence of the $200 million in savings over time?

好的。然後我有一個問題要問安德魯。就儲蓄計劃而言，我們應該如何考慮隨時間推移節省 2 億美元的節奏？

Yes. Thanks, Kate. I appreciate it. Yes. As I mentioned in my prepared remarks, that our savings program, it's wide-ranging, a very large scope. We'll see approximately $18 million of SG&A pickup this year. We still see a realization of the $200 million savings. It's going to be a little longer than anticipated. I would expect that it's going to go a little bit beyond 2023, probably realizing in 2024 but it is a very extensive program picking up traction in 2023 and fully realized beyond 2023.

是的。謝謝，凱特。我很感激。是的。正如我在準備好的發言中提到的那樣，我們的儲蓄計劃範圍很廣，範圍很大。今年我們將看到大約 1800 萬美元的 SG&A 提貨。我們仍然看到 2 億美元的節省得以實現。這將比預期的要長一點。我預計它會超過 2023 年，可能會在 2024 年實現，但這是一個非常廣泛的計劃，將在 2023 年獲得牽引力，並在 2023 年以後完全實現。

The next question comes from John Kernan of Cowen.

下一個問題來自 Cowen 的 John Kernan。

Congrats on the momentum. Andrew, back to you, Foot Locker is one of the few retailers and businesses that we look at that's really still in line with their pre-COVID gross margin levels even with decline this year on the hard comparisons. When you look at gross margin, what do you see as the biggest opportunities long term? Obviously, the buying and occupancy leverage can come with better comps, is there something in the merchandise margin that you see as a potential driver for upside in the coming years?

祝賀勢頭。安德魯，回到你身邊，Foot Locker 是我們看到的為數不多的零售商和企業之一，即使今年在硬比較中有所下降，它們的毛利率水平仍然與 COVID 之前的水平保持一致。當您查看毛利率時，您認為最大的長期機會是什麼？顯然，購買和入住槓桿可以帶來更好的補償，您認為商品利潤率中有什麼是未來幾年上漲的潛在驅動力嗎？

Well, I mean, you mentioned one of the things. Obviously, included in our gross margin is occupancy. And we will continue -- I believe as we continue to pivot off-mall, get larger format, spaces will continue to pick up momentum in our total gross margin as it relates to occupancy. With regard to our private label and exclusivity, I see that as key opportunities for us to pick up points on the merch side given the fact that we can control kind of the cost and the pricing on that side and therefore, realize better margins. But in a retail space beyond that, a bit constrained because we go to market at MSRP. And so therefore, a little less control on some of the other pricing levers that you have outside of retail.

嗯，我的意思是，你提到了其中一件事。顯然，我們的毛利率中包括入住率。我們將繼續 - 我相信隨著我們繼續轉向購物中心，獲得更大的格式，空間將繼續在我們的總毛利率中獲得增長勢頭，因為它與入住率有關。關於我們的自有品牌和獨家經營權，我認為這是我們在商品方面獲得積分的關鍵機會，因為我們可以控制那方面的某種成本和定價，從而實現更高的利潤率。但在零售空間之外，有點受限，因為我們以 MSRP 進入市場。因此，您對零售以外的其他一些定價槓桿的控制有所減少。

Got it. And then maybe just one follow-up, going from a down 10 to an up 1 is an impressive feat. And just curious if you could zero in on the biggest drivers of the comp acceleration, particularly in the first 2 months of the quarter that got you to this result.

知道了。然後也許只是一個跟進，從下降 10 到上升 1 是一項令人印象深刻的壯舉。只是好奇您是否可以將 comp 加速的最大驅動因素歸零，特別是在本季度的前 2 個月讓您獲得這個結果。

Yes. I mean I think as we entered the quarter and we talked a little bit about this coming out of Q2. We started to see definite traffic pick up as we exited July and got into the early back-to-school seasons. But as you look at our biggest format, KFL and Foot Locker, as we moved through the quarter, we continue to see strong resiliency from our consumers in those large formats. Our conversions definitely help with shoppers coming into our stores with more intentionality in their shopping decisions. So much higher conversions, definitely higher traffic that we saw. And so when you combine the increased traffic in our large formats, the higher conversion rate in those large formats. And then Mary talked about it, and Frank talked about it, the continued casualization and strong tailwinds in our sectors continue to give us confidence and momentum as we go into the fourth quarter.

是的。我的意思是，我認為當我們進入本季度時，我們討論了一些關於第二季度的問題。當我們離開 7 月並進入早期返校季節時，我們開始看到明顯的交通回升。但是當你看看我們最大的格式，KFL 和 Foot Locker，隨著我們在本季度的移動，我們繼續看到這些大型格式的消費者的強大彈性。我們的轉化肯定有助於購物者在做出購物決定時更加有意識地進入我們的商店。如此高的轉化率，我們看到的絕對是更高的流量。因此，當您結合我們的大型格式增加的流量時，這些大型格式的轉化率更高。然後瑪麗談到了這一點，弗蘭克談到了這一點，在我們進入第四季度時，我們行業的持續休閒和強勁的順風繼續給我們信心和動力。

The next question comes from Michael Binetti of Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

Just a quick one on the model, and then I have a bigger picture one for you, Mary. Fourth quarter earnings is usually pre-COVID, I think you said when we talked earlier that, you see some shopping patterns that look more like pre-COVID. In pre-COVID, your earnings are always 40% to 60% higher in fourth quarter than third quarter. I know there's a lot going on, but Andrew, maybe you can help us just reconcile that a little bit. And then did -- were there other parts of SG&A that moved up in the fourth quarter? It looks like leverage point is a little different there.

只是一個快速的模型，然後我有一個更大的圖片給你，瑪麗。第四季度的收益通常是 COVID 之前的，我想你在我們之前談過時說過，你看到一些購物模式看起來更像 COVID 之前。在 COVID 之前，第四季度的收入總是比第三季度高 40% 到 60%。我知道發生了很多事情，但是安德魯，也許你可以幫助我們稍微調和一下。然後 - SG&A 的其他部分是否在第四季度有所上升？看起來槓桿點在那裡有點不同。

And then I guess bigger picture, Mary, can you just speak to the culture of this business of a high-profile sneaker launch events? It's been something that drives a lot of energy with your customer, the chase, the winning, the prize of it. What does that part of the business look like after Nike reset and the YEEZY access, some of the higher profile products that we saw you guys launching over the last few years?

然後我想更大的圖景，瑪麗，你能談談這個備受矚目的運動鞋發布活動的企業文化嗎？它已經為您的客戶、追逐、勝利和獎品帶來了巨大的能量。在 Nike 重置和訪問 YEEZY 之後，我們看到你們在過去幾年推出的一些更引人注目的產品之後，這部分業務是什麼樣子的？

Yes. I guess I'm not exactly sure. What I would say is that certainly, signature launches and partnering with our brand partners will always be a part of the equation because that's what customers want, right? So we will continue -- I mean, we have a great relationship with LeMelo Ball. We're launching the MB.02 in the fourth quarter, many collaborations that we have across all of our brand partners. So we'll always participate in part of that. It's a broad market. We're not -- we're not the only place that people can buy these things, certainly, but that will be a key part of our strategy going forward. Is there anything, Frank, you want to add to Michael's questions?

是的。我想我不太確定。我要說的是，簽名發布和與我們的品牌合作夥伴的合作將永遠是等式的一部分，因為這是客戶想要的，對吧？所以我們將繼續——我的意思是，我們與 LeMelo Ball 有著良好的關係。我們將在第四季度推出 MB.02，這是我們與所有品牌合作夥伴之間的許多合作。所以我們將始終參與其中的一部分。這是一個廣闊的市場。當然，我們不是——我們不是唯一可以讓人們購買這些東西的地方，但這將是我們未來戰略的關鍵部分。弗蘭克，你有什麼想補充邁克爾的問題嗎？

I think the other thing is as we dimensionalize our consumer and the assortment, it's launched in our core base business and both are important and both can be successful. So those things can be simultaneously true. When you think about the introduction of innovation into the category, the adoption of Crocs within the sneaker culture, the UGG brand, the great work that the team at New Balance is doing. Mary mentioned Puma, On Running, HOKA, it's bringing new customers into the category, which is really exciting.

我認為另一件事是，當我們將消費者和分類維度化時，它是在我們的核心基礎業務中推出的，兩者都很重要，而且都可以成功。所以這些事情可以同時為真。當你想到將創新引入該類別時，在運動鞋文化中採用 Crocs，UGG 品牌，New Balance 團隊正在做的偉大工作。 Mary 提到了 Puma、On Running、HOKA，它正在為該類別帶來新客戶，這真的很令人興奮。

So we're not as dependent on a launch calendar per se. We can have that and we can have a really strong flow of innovation that recruits new customers into the category. And I'll just mention with regards to ON, HOKA, we've seen great gender diversity and retention and acquisition of the female consumer has been exceptional on those 2 brands, which again, just speaks to this trend of the broadening of steeper culture and more consumers wanting to participate.

所以我們本身並不依賴於發布日曆。我們可以擁有它，我們可以擁有真正強大的創新流程，將新客戶吸引到該類別中。關於 ON、HOKA，我只想提一下，我們已經看到這兩個品牌的性別多樣性和女性消費者的保留率和獲取率都非常出色，這再次說明了更陡峭文化擴大的趨勢以及更多的消費者願意參與。

And then, Michael, getting back to some of your model questions. I appreciate your call out on the walk from third quarter to fourth quarter. But do remember, this fourth quarter is the first big impact of the Nike drop in allocation. So you're -- that's why you see comps very similar coming down against your expectations in the fourth quarter compared to the third quarter. We do expect, obviously, some continued growth in SG&A against -- even as you compare it against 2019. So SG&A, we expect to be similar in Q3 to Q4. But on the deleverage on the comp side, that's really reflective of the fact that this is the first quarter of the big step down as it relates to Nike.

然後，邁克爾，回到你的一些模型問題。感謝您在從第三季度到第四季度的步行中發出的呼籲。但請記住，第四季度是耐克分配下降的第一個重大影響。所以你 - 這就是為什麼你看到 comps 在第四季度與第三季度相比非常相似地低於你的預期。顯然，我們確實預計 SG&A 的一些持續增長——即使你將它與 2019 年進行比較。所以 SG&A，我們預計第三季度與第四季度相似。但在 comp 方面的去槓桿化方面，這確實反映了一個事實，即這是與耐克相關的重大舉措的第一季度。

The next question comes from Lorraine Hutchinson of Bank of America.

下一個問題來自美國銀行的 Lorraine Hutchinson。

Mary, I thought your outlook on some things that you hope to change was very interesting. I was just wondering, on the cost side, are there any big investments needed in IT or marketing as you see it, to really realize this -- some of your goals on the better omnipresence, loyalty, digital marketing? Anything that we need to think about either from a CapEx or SG&A standpoint over the next several years to fund these changes?

瑪麗，我認為你對一些你希望改變的事情的看法非常有趣。我只是想知道，在成本方面，如您所見，是否需要在 IT 或營銷方面進行大量投資才能真正實現這一點——您的一些目標是更好的無所不在、忠誠度和數字營銷？在接下來的幾年裡，我們需要從資本支出或 SG&A 的角度考慮什麼來為這些變化提供資金嗎？

Sure. Well, I am really excited about the possibility of unleashing more capability around demand creation, using our loyalty program to even greater effect or customer data and data analytics, improving some of the experience in the omni-channel world that we're in. So we're in the early stages, I'd say, of determining what the investment levels might need to be. Now the good news is we're already on aggressive cost reduction plan, right, as Andrew talked about in his work. So that's good.

當然。好吧，我真的很高興有可能圍繞需求創造釋放更多的能力，使用我們的忠誠度計劃來產生更大的效果或客戶數據和數據分析，改善我們所處的全渠道世界中的一些體驗。所以我想說，我們正處於確定可能需要的投資水平的早期階段。現在好消息是，正如安德魯在他的工作中所說的那樣，我們已經在製定積極的成本削減計劃。所以這很好。

That will give us some sources of investment. And it's pretty clear that whatever we do is going to be manageable from a cash flow perspective. And really from an OpEx perspective, anything we choose to spend on would be sales drivers with clear ROIs attached to them. So more to come, I understand you're probably trying to build out the modeling, but I think we will come to conclusion soon, but we think we have it well at hand.

這將為我們提供一些投資來源。很明顯，無論我們做什麼，從現金流的角度來看都是可管理的。實際上，從 OpEx 的角度來看，我們選擇花費的任何東西都將成為銷售驅動因素，並附帶明確的投資回報率。所以還有更多，我知道你可能正在嘗試構建模型，但我認為我們很快就會得出結論，但我們認為我們已經掌握了它。

The next question comes from Jay Sole of UBS.

下一個問題來自瑞銀集團的 Jay Sole。

Andrew, I think you mentioned that the YEEZY impact would be about $50 million in Q4. I think there's been some talk by Adidas that they would rebrand the product and maybe start delivering it again. Can you just talk about that strategy and how it impacts Foot Locker, especially as we look into Q1, Q2, Q3 of next year, do you expect to continue to have a negative impact from the removal of YEEZY? Or will there be some way to sort of offset that with the rebranding?

安德魯，我想你提到 YEEZY 的影響在第四季度約為 5000 萬美元。我認為阿迪達斯已經說過他們會重新命名產品並可能再次開始交付它。你能談談這個策略及其對 Foot Locker 的影響嗎，尤其是當我們研究明年第一季度、第二季度和第三季度時，你是否預計 YEEZY 的移除會繼續產生負面影響？還是會有某種方法可以通過品牌重塑來抵消這種影響？

Yes. I mean as we talked -- as you noted, there's about a $50 million expected impact in Q4, which we have built into our guidance, and we're comfortable with our guidance, excluding YEEZY. As it relates to going forward, we have -- we're not planning to -- we don't have that planned in the fourth quarter, and that's -- we have -- we're comfortable with our decision. We're comfortable with where Adidas landed on that, and we feel we're moving forward. We've moved on past that.

是的。我的意思是，正如我們所說的那樣——正如你所指出的，第四季度的預期影響約為 5000 萬美元，我們已將其納入我們的指導方針，我們對我們的指導方針感到滿意，YEEZY 除外。關於未來，我們有——我們不打算——我們在第四季度沒有計劃，那就是——我們有——我們對我們的決定感到滿意。我們對阿迪達斯在這方面的進展感到滿意，我們覺得我們正在向前邁進。我們已經過去了。

Yes, I think it's probably a better question, honestly for the Adidas team, to be perfectly candid. But what I can tell you is we've got a full assortment of Adidas products, everything from boost to nomad to classic basketball and there's a great partnership that they launched with Jerry Lorenzo and Fear of God, it's holiday. So we'll lean into and partner and continue to collaborate, tell great stories and plenty of other franchises across the Adidas brand.

是的，我認為這可能是一個更好的問題，老實說，對於阿迪達斯團隊來說，完全坦誠。但我可以告訴你的是，我們有各種各樣的阿迪達斯產品，從 boost 到 nomad 再到經典籃球，應有盡有，他們與 Jerry Lorenzo 和 Fear of God 建立了良好的合作夥伴關係，這是假期。因此，我們將深入合作並繼續合作，講述精彩的故事以及阿迪達斯品牌的許多其他特許經營權。

Got it. And maybe if I can ask one more. Andrew, where do you see inventory at the end of 4Q? Do you see it being back in line with the sales trend? Or will maybe you need one more quarter?

知道了。也許我可以再問一個。安德魯，你在哪裡看到第四季度末的庫存？您是否看到它重新與銷售趨勢保持一致？或者您可能還需要一個季度？

Yes. I mean an inventory at the end of Q4 is still going to be up. It's going to be up in the similar range as we talked about and you saw in the mid-30%, low 30% for Q3. So we expect inventory to still be up.

是的。我的意思是第四季度末的庫存仍將增加。它將在我們談到的類似範圍內上升，你在第三季度看到了 30% 的中間，低 30%。因此，我們預計庫存仍將增加。

The next question comes from Matthew Boss of JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

So Mary, while clearly early days, how do you view Foot Locker as a destination for the consumer today maybe high level, what do you see as low-hanging fruit to expand the customer file or drive incremental customer traffic and then just for Andrew, as we think about bottom-line profitability, your guide for this year calls for just over 7% operating margin. Could you help bridge the gap maybe to roughly 9% pre-pandemic? Or are there any structural hurdles that you see preventing multiyear opportunity to meet or potentially exceed that level pre-pandemic?

所以瑪麗，雖然很早，但您如何將 Foot Locker 視為當今消費者的目的地，也許是高層次的，您認為什麼是容易實現的目標，可以擴大客戶檔案或推動增加客戶流量，然後僅對安德魯而言，當我們考慮底線盈利能力時，您今年的指南要求營業利潤率略高於 7%。您能否幫助將差距縮小到大流行前的大約 9%？或者您認為是否有任何結構性障礙阻止多年機會達到或可能超過大流行前的水平？

Well, Matthew, I'll start. Thank you for asking because I am super excited about the possibilities ahead. We operate in a category that's obviously very exciting and dynamic with secular tailwinds around the casualization of society, which is a global trend. I happen to be of the mindset that there's a lot of folks who don't even know they can have an entire sneaker wardrobe i.e., me. Anyways, but I just say, I really feel like there's a lot of possibilities in chapters ahead. It's a category that we have great leadership in, great equity and history.

好吧，馬修，我要開始了。感謝您的提問，因為我對未來的可能性感到非常興奮。我們經營的類別顯然非常令人興奮和充滿活力，隨著社會休閒化的長期順風，這是一種全球趨勢。我碰巧認為有很多人甚至不知道他們可以擁有整個運動鞋衣櫃，比如我。無論如何，但我只是說，我真的覺得未來的章節有很多可能性。在這個類別中，我們擁有出色的領導力、出色的公平性和歷史。

We really authentically own street basketball and youth culture, and we're at the intersection of fitness and trend and sport. And I think yet there's a lot of folks who probably don't know Foot Locker, believe it or not, right? So we've got strong brand awareness, but maybe somewhat latent equities. And I think as we think about certainly the momentum we're already seeing with the diversification of brands, and I think Frank said it well, we're seeing things with new brands, bringing new customers, women getting more attracted to Foot Locker, and we're really just getting started.

我們真正擁有街頭籃球和青年文化，我們正處於健身、潮流和運動的交匯點。而且我認為還有很多人可能不知道 Foot Locker，信不信由你，對吧？所以我們有很強的品牌知名度，但可能有些潛在的資產。而且我認為，當我們肯定地考慮我們已經看到的品牌多元化的勢頭時，我認為 Frank 說得很好，我們正在看到新品牌帶來的東西，帶來新客戶，女性越來越被 Foot Locker 吸引，我們真的才剛剛開始。

So a combination of what we do in our stores, what we do online, the products that we offer. And then, as I said earlier, how we use tools to really create a demand engine that's bigger than just the products that we sell, although those are very important, but really attracting new customers to Foot Locker and current customers to come more often and give us a bigger share of their wallet. I mean there's a lot of places that you can buy sneakers, but I'm convinced that we're going to continue to make Foot Locker the destination for all things sneakers.

因此，結合了我們在商店所做的事情、我們在網上所做的事情以及我們提供的產品。然後，正如我之前所說，我們如何使用工具來真正創造一個比我們銷售的產品更大的需求引擎，雖然這些非常重要，但真正吸引新客戶到 Foot Locker 和現有客戶更頻繁地來給我們更大份額的他們的錢包。我的意思是有很多地方可以買到運動鞋，但我相信我們會繼續讓 Foot Locker 成為所有運動鞋的目的地。

Yes. And then speaking to profit and margins, we're not speaking to the guidance beyond 2022. So we feel very comfortable with where we are. We're definitely looking forward to getting on the fourth quarter call and providing future outlook, we're not to be conclude guidance beyond 2022 at this point.

是的。然後談到利潤和利潤率，我們沒有談到 2022 年以後的指導。所以我們對自己的處境感到非常自在。我們非常期待參加第四季度電話會議並提供未來展望，此時我們不會得出 2022 年以後的指導意見。

The next question comes from Corey Tarlowe of Jefferies.

下一個問題來自 Jefferies 的 Corey Tarlowe。

Congrats on a great quarter. So could you maybe talk a little bit about the promotional environment? It sounds like markdown pressure is expected to get slightly worse, could you generally talk about what you're seeing presently? Is it slightly worse maybe in apparel versus footwear? Any color there would be appreciated.

祝賀一個偉大的季度。那麼，您能否談談促銷環境？聽起來降價壓力預計會略有惡化，您能大致談談您目前看到的情況嗎？與鞋類相比，服裝可能稍差一些嗎？那裡的任何顏色都會受到讚賞。

Yes, sure. I'll start, and I'll ask Frank to jump in with some more color. Well, no question that we know across all sectors of consumers right now that there's a promotional environment. Inflation is high. Fortunately, unemployment is low and wages are rising, we're seeing this category and our shoppers to be pretty resilient and very resilient and picking us and prioritizing. That said, it's a promotional time, and I think we'll expect that to continue through the fourth quarter. And the good news is at Foot Locker, our promotions are working well, and our shoppers are responding. I'd ask Frank, if there's anything else you'd like to add to the question?

是的，當然。我要開始了，我會請弗蘭克加入更多顏色。好吧，毫無疑問，我們現在在所有消費者群體中都知道存在促銷環境。通貨膨脹率很高。幸運的是，失業率很低，工資在上漲，我們看到這一類別和我們的購物者非常有彈性，非常有彈性，他們會選擇我們並優先考慮。也就是說，現在是促銷時間，我認為我們預計這種情況會持續到第四季度。好消息是 Foot Locker，我們的促銷活動運作良好，我們的購物者也有反應。我想問 Frank，你是否還有什麼要補充的？

Yes. I would just say that within our guidance, we've allowed ourselves some flexibility to be able to be (inaudible) and react to be competitive and continue to see the sell-through because both the top line as well put us in the inventory position that we're forecasting for the end of the year. And then obviously, there's a great partnership in collaboration with the vendors to make sure that we're delivering value and the price value is there in terms of the marketplace.

是的。我只想說，在我們的指導下，我們允許自己有一些靈活性，以便能夠（聽不清）並做出反應以保持競爭力並繼續看到銷售，因為頂線也讓我們處於庫存狀態我們預測今年年底。然後很明顯，與供應商建立了良好的合作夥伴關係，以確保我們提供價值，並且價格價值在市場方面存在。

So the last thing is our inventory is very fresh and healthy, very seasonally relevant, the merchant team has worked very hard and the supply chain has normalized. We're not back to pre-COVID, but it's certainly gotten significantly better so the flow of goods and being seasonally relevant, things like winter boots, fleece are showing up, and we've got in stores, and we're well stocked to capture the cold weather markets for the holiday season.

所以最後一件事是我們的庫存非常新鮮和健康，非常季節性相關，商家團隊非常努力，供應鏈已經正常化。我們還沒有回到 COVID 之前的狀態，但它肯定變得更好了，所以商品的流動和季節性相關，冬靴、羊毛之類的東西出現了，我們已經進店了，我們的庫存充足為假日季節捕捉寒冷的天氣市場。

Great. And then just on the fourth quarter commentary, it sounds like October comps were, I believe, down mid-single digits, but the guide is for kind of down mid- to high singles. Is that just a reflection of kind of conservatism? Just any color there would be helpful.

偉大的。然後就第四季度的評論而言，我認為 10 月的收入似乎下降了中等個位數，但該指南適用於中等到高等值的下降。這是否只是一種保守主義的反映？任何顏色都會有幫助。

Really, it kind of goes back to my answer earlier on the fact that this is -- the fourth quarter will be the first meaningful quarter -- first steep quarter in the Nike allocation drop.

真的，這有點回到我早些時候的回答，這是——第四季度將是第一個有意義的季度——耐克分配下降的第一個急劇下降的季度。

Our last question will come from Paul Lejuez of Citi.

我們的最後一個問題將來自花旗銀行的 Paul Lejuez。

Curious if you could frame the size of the YEEZY business for us for the first 3 quarters of next year, just to understand the hole that you might be facing without that product. And then also curious, when you have a sale from a signature launch, what does the attachment rate look like or UPTs tied to that launch versus a transaction outside of the signature launch?

想知道您是否可以為我們勾勒出明年前 3 季度 YEEZY 業務的規模，只是為了了解如果沒有該產品您可能會面臨的困境。然後也很好奇，當您通過簽名發布進行銷售時，附加率或與該發布相關的 UPT 與簽名發布之外的交易相比如何？

Yes, I'll start off with kind of sizing the YEEZY business, about $120 million business for us in 2022, like I said, of which $50 million was going to be allocated to the fourth quarter. We expect that while not giving guidance in 2023, we expected that to be a somewhat larger proportion going into 2023.

是的，我將從某種程度上衡量 YEEZY 業務的規模開始，就像我說的那樣，2022 年我們的業務約為 1.2 億美元，其中 5000 萬美元將分配給第四季度。我們預計雖然不會在 2023 年給出指導，但我們預計到 2023 年這一比例會更大一些。

Yes. As it relates to launch, footwear launching an attachment. Certainly, the brands are great storytellers and I think Jordan brand, the Puma brand, the Nike brand. One of the things that has been challenging candidly throughout COVID has been supply chain disruption and the ability to deliver apparel connectivity with the footwear launch. That has significantly improved. We saw that improve sequentially throughout Q3 and back-to-school, and we're pretty confident in Q4, we're going to have much better alignment, which for us means the online in stores, we can tell that full story and complement the consumer and drive that better basket. So I think holiday, we'll see improvement in that front.

是的。因為它涉及發射，鞋類發射附件。當然，這些品牌很會講故事，我認為 Jordan 品牌、Puma 品牌、Nike 品牌。在整個 COVID 期間，坦率地挑戰的事情之一是供應鏈中斷以及提供與鞋類發布的服裝連接的能力。這已經有了顯著改善。我們在整個第三季度和返校期間看到了這種情況的連續改善，我們對第四季度非常有信心，我們將有更好的一致性，對我們來說意味著在線商店，我們可以講述完整的故事和補充消費者並推動更好的購物籃。所以我認為假期，我們會看到這方面的改善。

Got it. And then just a clarification, Andrew, the $120 million that you mentioned, is that -- that was what was supposed to happen in '22 and then will be back $50 million out of that, so it's like $70 million in quarters 1 through 3?

知道了。然後澄清一下，安德魯，你提到的 1.2 億美元，是——那是 22 年應該發生的事情，然後將從中收回 5000 萬美元，所以第一季度到第三季度大約是 7000 萬美元？

Yes.

是的。

This concludes our question-and-answer session. I would like to turn the conference back over to Robert Higginbotham for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Robert Higginbotham 作任何閉幕詞。

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, February 24. The call will follow the release of our fourth quarter earnings 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財報電話會議，我們預計將於 2 月 24 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第四季度財報後舉行。謝謝，拜拜。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。