Foot Locker Inc (FL) 2023 Q3 法說會逐字稿

Good morning and welcome to Foot Locker's Third Quarter 2023 Financial Results Conference Call. (Operator Instructions)

早安，歡迎參加 Foot Locker 2023 年第三季財務業績電話會議。 （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 effects of global, economic and market conditions, currency fluctuations, customer preferences 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.

本次電話會議可能包含前瞻性陳述，反映管理層對未來事件和財務表現的當前看法。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，包括全球、經濟和市場狀況、貨幣波動、客戶偏好以及公司新聞稿和中更全面描述的其他風險和不確定性的影響。向 SEC 提交的報告，包括最近提交的表格 10-K 或表格 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. Please note this conference is being recorded.

此類假設或因素的任何變化都可能產生顯著不同的結果，並且實際結果可能與前瞻性陳述中包含的結果有重大差異。請注意，本次會議正在錄製中。

I would now like to turn the call over to Mr. Robert Higginbotham, Senior Vice President, FP&A, Investor Relations and Treasurer, Mr. Higginbotham, you may begin.

現在我想將電話轉給羅伯特·希金博特姆 (Robert Higginbotham) 先生，他是 FP&A、投資者關係部高級副總裁兼財務主管，希金博特姆 (Higginbotham) 先生，請開始。

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. Note, we have a slide presentation posted on our Investor Relations website with information that will be referenced during the call.

謝謝你，接線生。歡迎大家參加 Foot Locker, Inc. 第三季財報電話會議。今天的電話會議將參考某些非公認會計原則措施。今天早上的財報中包含了 GAAP 與非 GAAP 業績的調整表。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資訊。

Today, we'll begin our prepared remarks with Mary Dillon, President and Chief Executive Officer. Frank Bracken, Executive Vice President and Chief Commercial Officer, will then give more detail on our operating results across our banners and geographies. And then Mike Baughn, Executive Vice President and Chief Financial Officer will review our quarterly results in more detail and provide color on our fourth quarter and updated 2023 guidance. Following our prepared remarks, Mary, Frank and Mike will respond to your questions.

今天，我們將由總裁兼執行長瑪麗狄龍開始我們準備好的演講。隨後，執行副總裁兼商務長 Frank Bracken 將詳細介紹我們各個品牌和地區的營運表現。然後，執行副總裁兼財務長 Mike Baughn 將更詳細地審查我們的季度業績，並為我們的第四季度和更新的 2023 年指導提供顏色。在我們準備好的演講之後，瑪麗、法蘭克和麥克將回答您的問題。

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

有了這個，我現在就把它交給瑪麗。

Thank you, Rob. Good morning, everyone, and thank you for joining us today for a discussion of our third quarter financial results, our outlook for the holiday season and an update on the advances our team continues to make on our Lace Up initiative.

謝謝你，羅布。大家早安，感謝您今天加入我們討論我們的第三季度財務業績、我們對假期的展望以及我們團隊在 Lace Up 計劃上繼續取得的進展的最新情況。

While the operating environment remains uncertain, momentum behind the Lace Up plan is beginning to unlock wins as our team executes in a customer and brand partner focused, collaborative and agile manner. It's been over a year since I joined Foot Locker, and while we recognize that we have work ahead of us, I'm encouraged by the progress we've been making in this reset year. I continue to be confident that we're executing the right strategies as we simplify and focus our business and invest in the capabilities that will enable Foot Locker to be the best omnichannel retailer at the intersection of sneakers and sneaker culture, as we say in our new brand platform, The Heart of Sneakers.

儘管營運環境仍存在不確定性，但隨著我們的團隊以以客戶和品牌合作夥伴為中心、協作和敏捷的方式執行，Lace Up 計劃背後的動力已開始釋放勝利。自從我加入 Foot Locker 已經一年多了，雖然我們認識到我們還有很多工作要做，但我對我們在這個重置的一年中取得的進展感到鼓舞。我仍然相信，我們正在執行正確的策略，因為我們簡化並專注於我們的業務，並投資於能力，使Foot Locker 成為運動鞋和運動鞋文化交叉點上最好的全通路零售商，正如我們在我們的《策略》中所說的。新品牌平台「運動鞋之心」。

In the third quarter, comps declined 8%, including a 3-point comp headwind from the repositioning of our Champs Sports banner. We delivered earnings per share ahead of our expectations at $0.30. Trends in the quarter accelerated from our first half run rate, driven by a strong back-to-school in our Kids Foot Locker banner. We also delivered sequential improvement in our conversion rates across stores, and our digital channel outperformed our expectations, including a positive trend in October.

第三季度，對比下降了 8%，其中包括冠軍體育旗幟重新定位帶來的 3 分對比逆風。我們的每股收益為 0.30 美元，超出了我們的預期。在 Kids Foot Locker 旗幟下的強勁返校活動推動下，本季的趨勢比上半年的運行率加快。我們也實現了各商店轉換率的連續改善，我們的數位管道的表現超出了我們的預期，包括 10 月的正面趨勢。

Importantly, we continue to exercise disciplined expense management and made further progress in executing our cost savings plan. Based on the results we've generated year-to-date, combined with our outlook for the fourth quarter, we are narrowing our bottom-line guidance to $1.30 to $1.40 for the full year as we balance early successes in our Lace Up initiatives with the uncertainty we're seeing in the external environment and our internal inventory goals.

重要的是，我們繼續實行嚴格的費用管理，並在執行成本節約計劃方面取得進一步進展。根據我們今年迄今得出的結果，結合我們對第四季度的展望，我們將全年的利潤指引縮小至 1.30 美元至 1.40 美元，因為我們平衡了 Lace Up 計劃的早期成功與我們在外部環境和內部庫存目標中看到的不確定性。

As we enter the fourth quarter, our teams have stayed agile as we learn from and build upon recent progress. We know we're buying for wallet share with a value-conscious consumer this holiday season. While our customers remain discerning with their discretionary dollars and we expect that will continue through the season, we're also seeing them respond to newness at key moments. Quarter-to-date, we've been pleased with the trends as consumers respond to our full-price holiday assortments in addition to our compelling deals. As a team, we continue to make strides as our customer-facing and support teams are well synced and executing at an elevated level into the holiday season.

當我們進入第四季度時，我們的團隊在學習和借鑒最近進展的同時保持敏捷。我們知道，在這個假期，我們購買的產品是為了與注重價值的消費者分享錢包。雖然我們的客戶仍然對可自由支配的資金保持敏銳的洞察力，我們預計這種情況將持續整個季節，但我們也看到他們在關鍵時刻對新鮮事物做出反應。本季迄今為止，我們對趨勢感到滿意，因為消費者對我們的全價假日產品以及我們引人注目的優惠做出了反應。作為一個團隊，我們不斷取得進步，因為我們面向客戶的團隊和支援團隊在假期期間保持良好同步並以更高的水平執行。

Over the Thanksgiving week period, we saw solid traffic levels and conversion gains in our stores and online. While customers have responded to our competitive offers, we also saw nice gains in ticket and basket size as our customer is willing to pay full price when the product is new, compelling and trend right. While we're encouraged by our building momentum, we acknowledge that much of the holiday season is still ahead of us, and we factored in our quarter-to-date performance into our fourth quarter plans. While there is still uncertainty in the macro backdrop, we're encouraged by the building momentum against our strategic initiatives, as I'll discuss in more detail in a few moments.

在感恩節期間，我們的商店和網路上看到了穩定的流量水準和轉換率成長。雖然客戶對我們的競爭性報價做出了反應，但我們也看到了門票和購物籃尺寸的大幅增長，因為當產品新穎、引人注目且符合潮流時，我們的客戶願意支付全額。雖然我們對我們的發展勢頭感到鼓舞，但我們承認假期的大部分時間仍在我們前面，並且我們將本季度迄今的業績納入了我們的第四季度計劃。儘管宏觀背景仍然存在不確定性，但我們對我們的策略舉措不斷增強的勢頭感到鼓舞，我將在稍後更詳細地討論這一點。

To summarize, however, we name a few key wins, including solid strides in our digital performance, including improving conversion levels and double-digit gains in new customer acquisition, increases in our already high brand awareness levels, suggesting our top of funnel marketing and brand building efforts are resonating, stabilizing conversion trends in stores as product flows resonate and our in-store execution improves, strides in Champs Sports with banner comps actually outperforming our original plans from the start of the year, and finally, early positive readout of our loyalty pilot launch in Canada.

然而，總而言之，我們列舉了一些關鍵的勝利，包括我們的數位績效的堅實進步，包括提高轉換水平和新客戶獲取方面的兩位數增長，我們已經很高的品牌知名度水平的提高，這表明我們的頂級漏斗行銷和品牌建立工作正在引起共鳴，隨著產品流的共鳴和店內執行的改善，穩定了商店的轉化趨勢，冠軍運動的橫幅廣告實際上超越了我們年初的原始計劃，最後，我們的早期積極讀數在加拿大推出忠誠度試點。

All in, looking ahead, we know that by continuing to lean into our Lace Up plan, we're on the right path towards longer-term shareholder value creation.

總而言之，展望未來，我們知道，透過繼續致力於我們的 Lace Up 計劃，我們正走在創造長期股東價值的正確道路上。

Now before we dig into our Lace Up progress, I want to take a moment to talk specifically about our basketball business. Sneaker culture has long been influenced by sports and specifically basketball, and that's why we are so excited about our recent agreement with the NBA for Foot Locker to serve as an official league marketing partner here in the U.S. Foot Locker and the NBA have a nearly 25-year history of working together, and we're thrilled to be building on that in the years to come with this new partnership.

現在，在我們深入探討 Lace Up 的進展之前，我想花點時間具體談談我們的籃球業務。運動鞋文化長期以來一直受到運動，特別是籃球的影響，這就是為什麼我們對最近與 NBA 達成協議，讓 Foot Locker 成為美國官方聯盟行銷合作夥伴感到如此興奮。Foot Locker 和 NBA 擁有近 25一年的合作歷史，我們很高興能夠在未來的幾年裡繼續建立這項新的合作關係。

This season, you'll see Foot Locker and the NBA collaborate around exciting content, on-court virtual signage featuring our iconic Striper logo and activations around marquee events such as the NBA All-Star game. We'll also be focused on social engagement, and we're excited about reaching the NBA's 84 million followers on Instagram, along with other platforms with our brand building and commerce driving content. We'll focus on creating collaborative content, highlighting our basketball products and point of view.

本賽季，您將看到 Foot Locker 和 NBA 圍繞著激動人心的內容、帶有我們標誌性 Striper 標誌的場上虛擬​​標牌以及圍繞 NBA 全明星賽等大型活動的激活進行合作。我們還將專注於社交參與，我們很高興能夠透過我們的品牌建立和商業驅動內容在 Instagram 以及其他平台上吸引 NBA 的 8400 萬粉絲。我們將專注於創建協作內容，突出我們的籃球產品和觀點。

The NBA will connect directly into our loyalty FLX program and will provide additional benefits and access to our customers in new and exciting ways. Our kick-off to announce the partnership featured a special basketball activation event in Times Square that featured over 50 members of our Striper Hype crew.

NBA 將直接連接到我們的忠誠度 FLX 計劃，並將以令人興奮的新方式為我們的客戶提供額外的福利和接觸機會。我們在時代廣場舉辦了一場特別的籃球激活活動，宣布合作夥伴關係，屆時我們的 Striper Hype 工作人員將有 50 多名成員參加。

In early November, we also rolled out our new global brand platform, the Heart of Sneakers, which is uniting our vision around the Foot Locker brand. This was a global launch with all our regions going live simultaneously and the response has been amazing. To-date, we've earned over 1 billion media and influencer impressions since the campaign's launch. Our first campaign with the platform is our holiday campaign called Hype for the Holidays, which includes a star-studded roster of NBA All Stars. We know that when we win basketball, it's good for us and importantly, it's good for our brand partners. We've been thrilled by the support they're showing in response to our basketball initiatives.

11 月初，我們還推出了新的全球品牌平台“Heart of Sneakers”，該平台將我們的願景統一到 Foot Locker 品牌周圍。這是一場全球性的發布，我們所有地區同時上線，反應非常驚人。迄今為止，自活動啟動以來，我們已經獲得了超過 10 億次媒體和影響者印象。我們在該平台上的第一個活動是名為 Hype for the Holidays 的假期活動，其中包括 NBA 全明星的明星陣容。我們知道，當我們贏得籃球比賽時，這對我們有好處，更重要的是，對我們的品牌合作夥伴也有好處。他們對我們的籃球計劃所表現出的支持讓我們感到非常興奮。

Another key example of our basketball focus is the rollout of our new home court experience at our Foot Locker banner. This is a unique multi-branded basketball experience with elevated merchandising, storytelling and experiences. While still early days and in only a handful of our top basketball doors, early response by our customers has been very positive, and we're continuing to invest in the concept.

我們關注籃球的另一個重要例子是在 Foot Locker 橫幅上推出新的主場體驗。這是一種獨特的多品牌籃球體驗，具有提升的行銷、故事敘述和體驗。雖然還處於早期階段，只有少數頂級籃球門，但我們客戶的早期反應非常積極，我們將繼續投資於這個概念。

We will have more to report on in basketball in future quarters, but I hope you're taking away from my comments today how much all of us here at Foot Locker are looking forward to further enhancing our customers' experiences and strengthening our already dominant basketball leadership in the months and years ahead.

在未來的幾個季度中，我們將有更多關於籃球的報道，但我希望您能從我今天的評論中了解到，Foot Locker 的所有人都非常期待進一步增強客戶體驗並加強我們已經佔據主導地位的籃球業務未來幾個月和幾年的領導力。

I'd like to now provide more details on the progress we're making within our Lace Up plan and the early wins we're achieving both in stores and online. As you know, there are 4 strategic pillars to Lace Up. So let me walk you through the momentum we're building in each of them. Our first is to expand sneaker culture by serving more sneaker occasions, providing more choice and driving greater distinction. A key part of servicing our customers is making sure we're strong partners to all the brands we work with. This means collaborating with them on multi-year growth plans and consumer-facing marketing ideas while also investing to mutually grow our businesses.

我現在想提供更多關於我們在 Lace Up 計劃中取得的進展以及我們在商店和網上取得的早期勝利的更多細節。如您所知，Lace Up 有 4 個策略支柱。因此，讓我向您介紹我們在每個專案中建立的勢頭。我們的首要目標是透過服務更多的運動鞋場合、提供更多選擇並推動更大的差異化來擴展運動鞋文化。為客戶提供服務的關鍵部分是確保我們成為所有合作品牌的強大合作夥伴。這意味著與他們在多年增長計劃和麵向消費者的營銷理念上進行合作，同時也進行投資以共同發展我們的業務。

Within Nike, we're seeing strong partnership between our teams as we build growth plans around our key pillars, basketball, kids and sneaker culture. As I noted earlier, we believe the future of basketball is bright for Foot Locker, and we're encouraged that the culture of basketball also continues to connect with consumers through models like the Air Force 1, Air Jordan 1 and Nike Dunk. Retro sell-throughs remained solid in the third quarter, albeit with lower units compared to last year.

在耐吉內部，當我們圍繞籃球、兒童和運動鞋文化等關鍵支柱制定成長計劃時，我們的團隊之間建立了牢固的合作夥伴關係。正如我之前指出的，我們相信 Foot Locker 的籃球未來是光明的，我們感到鼓舞的是，籃球文化也繼續透過 Air Force 1、Air Jordan 1 和 Nike Dunk 等鞋款與消費者建立聯繫。儘管銷量低於去年，但第三季復古銷量依然強勁。

We're also celebrating key moments with Nike, including the 25th anniversary launch of the Nike Tuned Air franchise, one of our key exclusives with Nike and a core anchor in sneaker culture, especially across EMEA, where there is a rich heritage with this franchise.

我們也與Nike 一起慶祝重要時刻，包括Nike Tuned Air 特許經營權推出25 週年，這是我們與Nike 合作的主要獨家產品之一，也是運動鞋文化的核心支柱，尤其是在歐洲、中東和非洲地區，該特許經營權在該地區擁有豐富的傳統。

With Adidas, we continue to build momentum with their Terrex and Skate franchises, including the Samba, Gazelle and Campus. Together with our exclusive Anthony Edwards basketball shoe launch this December, we have some powerful holiday moments ahead with Adidas. And as we think about strengthening our position in basketball, we were pleased with the recent launch of the PUMA x LaMelo 3, and we're also excited about Puma's renewed collaboration with Rihanna which will be launching in stores and online tomorrow.

與阿迪達斯一起，我們繼續利用其 Terrex 和 Skate 特許經營權（包括 Samba、Gazelle 和 Campus）來增強勢頭。連同我們今年 12 月推出的獨家 Anthony Edwards 籃球鞋，我們將與阿迪達斯一起度過一些激動人心的假期時刻。當我們考慮加強我們在籃球領域的地位時，我們對最近推出的 PUMA x LaMelo 3 感到很高興，我們也對 Puma 與 Rihanna 的重新合作感到興奮，該合作將於明天在商店和網上發售。

New Balance continued its strong run as we once again achieved well over 100% year-over-year sales increase in the third quarter with multiple franchises performing well across men's, women's and kids. We continue to see door expansion opportunities in New Balance as we build on the share gains we've seen in this exciting brand.

New Balance 持續保持強勁勢頭，第三季銷售額年增幅再次超過 100%，多個品牌在男裝、女裝和童裝領域均表現出色。隨著我們在這個令人興奮的品牌中看到的份額增長，我們繼續看到新百倫的門擴張機會。

Within Performance Running, we continue to push ahead with our growth plans on On and HOKA. On is now in 420 doors ahead of our earlier plans for 350 doors this year as together, we accelerated expansion plans to meet the strong consumer response to their unique and innovative products. With HOKA, we've added 50 doors since last quarter, bringing our total door count to 150 ahead of holiday. We remain bullish on our partnership with these exciting newer brands, and we're planning for even more door count expansion across these 2 brands next year.

在 Performance Running 方面，我們繼續推動 On 和 HOKA 的成長計畫。現在比我們今年早些時候計劃的 350 門提前了 420 門，我們加快了擴張計劃，以滿足消費者對其獨特和創新產品的強烈反應。自上個季度以來，我們透過 HOKA 增加了 50 個門，使我們的總門數在假期前達到 150 個。我們仍然看好與這些令人興奮的新品牌的合作關係，並計劃明年在這兩個品牌上擴大更多的門數。

At the same time, we also continued to achieve strong gains with brands like Asics and Brooks in Performance Running. And we're seeing gains from brands such as Crocs and UGG on the more lifestyle side as our customers are looking to us to offer brands that fit their whole lifestyle needs. Helping to drive distinction for Foot Locker, our exclusive's penetration in the quarter was 15%, similar to last year, led by key franchises such as Nike's Tuned Air and Puma's LaMelo Ball.

同時，我們也與 Asics 和 Brooks 等品牌在 Performance Running 領域持續取得強勁成果。我們看到 Crocs 和 UGG 等品牌在更多生活方式方面的收益，因為我們的客戶希望我們提供適合他們整體生活方式需求的品牌。為了幫助提高 Foot Locker 的知名度，我們的獨家產品在本季度的滲透率為 15%，與去年相似，其中主要特許經營商如 Nike 的 Tuned Air 和 Puma 的 LaMelo Ball 領先。

Finally, in our quest to meet our customers' desire for multiple brands across multiple occasions, the diversity of our brand mix outside of our top brand, Nike, increased to 36% of sales from 32% last year, making good progress towards our goal of over 40% by 2026.

最後，為了滿足客戶在多種場合對多個品牌的需求，我們的頂級品牌 Nike 以外的品牌組合的多樣性從去年的 32% 增加到了 36%，在實現我們的目標方面取得了良好進展到2026 年將超過40%。

Our second imperative, Power Up the Portfolio is about transforming our real estate footprint through new formats and shifting off mall, while also simplifying our portfolio of banners and creating clear lanes for each of them. On real estate transformation, we opened or converted 13 new Foot Locker community and Power stores across the globe in the third quarter, giving us 198 stores in these newer formats. We continue to see comp trends in these locations outperform the remainder of the fleet with higher levels of traffic, conversion and ticket. We also see a double-digit e-commerce halo in the markets around these locations.

我們的第二個當務之急是“增強投資組合”，即透過新的業態改變我們的房地產足跡並擺脫購物中心，同時簡化我們的橫幅組合併為每個橫幅創建清晰的通道。在房地產轉型方面，第三季我們在全球開設或改造了 13 家新的 Foot Locker 社區和 Power 商店，使我們擁有 198 家新業態的商店。我們持續看到這些地區的競爭趨勢優於其他地區，客流量、轉換率和票務水準更高。我們也看到這些地區週邊市場呈現兩位數的電子商務光環。

All-in, our new formats now represent approximately 13% of our global square footage, up from 10% last year and making progress against our 2026 target of 20%. Additionally, we're making strides with our overall shift to more off-mall exposure. Penetration reached 36% of North American square footage, up 3 points from a year ago and making progress towards our goal of 50% by 2026. As to WSS, our off-mall banner that is the leading retailer focused on athletic footwear for the Latino family, this year, we're on track to open 26 net new locations with 4 new locations in the third quarter and 5 year-to-date in the Miami, Florida market. Lastly, as part of our real estate transformation, we closed 14 underperforming stores during the quarter.

總而言之，我們的新業態目前約占我們全球面積的 13%，高於去年的 10%，並朝著我們 2026 年 20% 的目標取得了進展。此外，我們正在向更多的非商場曝光的整體轉變取得進展。滲透率達到北美面積的 36%，比一年前增加 3 個百分點，並朝著 2026 年 50% 的目標邁進。至於 WSS，我們的商場外旗幟是專注於拉丁裔運動鞋的領先零售商今年，我們預計將淨開設26 家新店，其中第三季將開設4 家新店，今年迄今將在佛羅裡達州邁阿密市場開設5 家新店。最後，作為我們房地產轉型的一部分，我們在本季度關閉了 14 家表現不佳的商店。

Within simplifying and creating distinct lanes, during the quarter, we announced the closure of our 3 U.S. atmos stores and its website, which will be wound down in January. And as we think about the Lace Up framework of simplifying and investing to grow, this applies to Atmos as we focus its growth in its core market.

在簡化和創建不同的通道的過程中，我們在本季宣布關閉 3 家美國 atmos 商店及其網站，該網站將於 1 月關閉。當我們思考 Lace Up 的簡化和投資成長框架時，這也適用於 Atmos，因為我們將其成長重點放在其核心市場。

At Champs, we continue to make headway with our repositioning work. While comps declined by approximately 20% in the third quarter, the banner is actually tracking better than we originally expected at the beginning of the year, including a meaningful improvement in the October exit rate compared to the first half trend. The team is getting even sharper with Champs' positioning towards the active athlete, including positive early results from store refreshment in the third quarter that has planned for an accelerated rollout into year-end. With a more distinct store experience and an even sharper viewpoint on its assortment buys into the spring, we remain optimistic about the Champs Sports' potential in the marketplace.

在Champs，我們的重新定位工作持續取得進展。雖然第三季的比較下降了約 20%，但該橫幅實際上比我們年初預期的要好，包括與上半年趨勢相比，10 月的退出率出現了有意義的改善。隨著Champs對活躍運動員的定位，團隊變得更加敏銳，包括第三季商店更新的正面早期成果，並計劃在年底加速推出。憑藉更獨特的商店體驗以及對其春季採購品種更加敏銳的看法，我們對 Champs Sports 在市場上的潛力保持樂觀。

Our third pillar is deepening our relationship with our customers, which is focused on building brand equity, reaching a broader set of customers and enhancing our loyalty program and overall CRM capabilities. On building brand equity, we are better articulating and celebrating our brand proposition via our brand building, storytelling and marketing. In fact, we've seen gains in our unaided brand awareness, showing that our top of the funnel marketing and brand-building efforts are resonating and driving greater mindshare with consumers.

我們的第三個支柱是深化與客戶的關係，重點是建立品牌資產、接觸更廣泛的客戶並增強我們的忠誠度計劃和整體 CRM 能力。在建立品牌資產方面，我們透過品牌建立、說故事和行銷更好地闡明和慶祝我們的品牌主張。事實上，我們已經看到了我們的品牌知名度的提高，這表明我們的漏斗行銷和品牌建立頂部的努力正在引起消費者的共鳴並推動更大的關注度。

I noted earlier the launch of our global brand platform and our Hype for the Holidays campaign, which was named one of the best campaigns for holiday this year by Adweek. In the campaign, you'll see globally shared content featuring our Stripers as a hype crew dedicated to boosting up every day sneaker lovers with the help of some very high-profile NBA athletes such as Kevin Durant, Anthony Edwards, LaMelo Ball and Steph Curry, along with international recording artist, Enisa.

我早些時候注意到我們的全球品牌平台和節日宣傳活動的推出，該活動被《廣告周刊》評為今年最佳節日活動之一。在此次活動中，您將看到全球共享的內容，其中包括我們的Stripers 作為炒作團隊，在凱文·杜蘭特(Kevin Durant)、安東尼·愛德華茲(Anthony Edwards)、拉梅洛·鮑爾(LaMelo Ball) 和斯蒂芬·庫裡(Steph Curry) 等知名NBA 運動員的幫助下，致力於提升日常運動鞋愛好者的水平，以及國際唱片藝術家 Enisa。

The campaign kicked off to tremendous success. As I noted earlier, we've seen over 1 billion impressions since our campaign launch. We're already seeing brand perception lift against key attributes such as trend, style and service since the media launch. This work we're doing around greater top of funnel marketing, including incremental marketing investment is driving consideration and customer acquisition at strong incremental returns. Case in point, once again, our online customer acquisition grew strong double digits in the third quarter in North America and helped fuel our digital outperformance in the quarter.

該活動一開始就取得了巨大成功。正如我之前指出的，自從我們的活動啟動以來，我們的展示次數已超過 10 億次。自從媒體發布以來，我們已經看到品牌認知度針對趨勢、風格和服務等關鍵屬性的提升。我們正在圍繞漏斗行銷的更大範圍開展這項工作，包括增量行銷投資，以強勁的增量回報推動考慮和客戶獲取。舉個例子，我們在北美第三季的線上客戶獲取量再次實現了兩位數的強勁成長，並幫助推動了我們在本季的數位表現。

On loyalty, 23% of our sales in the third quarter were through our current loyalty program compared to 22% last year. We're excited to launch our FLX Cash test pilot in Canada in September, and we've been pleased with the early results. Encouragingly, we've seen a rise in active members, higher average order values versus non-loyalty and a significant number of FLX Cash redemptions by first-time users, suggesting broader appeal as we refocus it to offer benefits beyond primarily launch access.

在忠誠度方面，第三季 23% 的銷售額來自我們目前的忠誠度計劃，而去年這一比例為 22%。我們很高興在 9 月在加拿大推出 FLX Cash 測試試點，我們對早期結果感到滿意。令人鼓舞的是，我們看到活躍會員數量有所增加，平均訂單價值相對於非忠誠會員而言更高，並且首次用戶進行了大量FLX 現金兌換，這表明隨著我們重新將重點放在提供除主要啟動存取權限之外的其他好處，這表明它具有更廣泛的吸引力。

As we learn from our pilot here in 2023, we're making progress on our plans to roll it out to the remainder of North America in 2024 and globally in 2025. And our final pillar is to be best-in-class omni, which means improving our digital presence as well as better integrating our channels with each other. Our digital penetration in the quarter increased to 17%, up 150 basis points year-over-year when excluding East Bay, which we closed late last year.

正如我們從2023 年試點中了解到的那樣，我們的計劃正在取得進展，計劃於2024 年將其推廣到北美其他地區，並於2025 年在全球範圍內推廣。我們的最後一個支柱是成為一流的全向服務，意味著改善我們的數位形像以及更好地整合我們的管道。本季我們的數位滲透率增至 17%，若不包括去年底關閉的東灣，年增 150 個基點。

For the second consecutive quarter, combined digital comps, we're positive in our Foot Locker and Kids Foot Locker banners in North America. And given our improved digital execution, especially in mobile and traction with new customers, company-wide, we saw an accelerating nicely positive comp for all of global e-commerce in the month of October.

連續第二個季度，綜合數字比較，我們對北美的 Foot Locker 和 Kids Foot Locker 橫幅持樂觀態度。鑑於我們在全公司範圍內數位執行力的提高，特別是在行動領域和對新客戶的吸引力，我們看到 10 月份全球電子商務的整體業績加速成長。

Our focus on site experience enhancements continues to generate significant wins, adding up to nearly $80 million in projected incremental annual sales with reduced friction points and improved experiences and features. Moving forward, we'll continue to upgrade our site experience with improvements to our product listing and detailed pages through elevated content, merchandising and badging.

我們對網站體驗增強的關注繼續帶來重大勝利，透過減少摩擦點並改進體驗和功能，預計年銷售額將增加近 8000 萬美元。展望未來，我們將繼續透過提升內容、推銷和徽章來改進我們的產品清單和詳細頁面，從而升級我們的網站體驗。

Our plans for 2024 include the rollout of a new Foot Locker app with a new design intended to enable smoother, cleaner shopping experiences. We are focused on improving the product launch experience, driving greater connectivity with the stores and greater loyalty integration. This work in combination with our marketing efforts gives us increasing confidence in our ability to achieve 25% e-commerce penetration over time.

我們 2024 年的計劃包括推出新的 Foot Locker 應用程序，該應用程式採用新設計，旨在實現更順暢、更乾淨的購物體驗。我們專注於改善產品發布體驗，推動與商店的更好連結以及更大的忠誠度整合。這項工作與我們的行銷工作相結合，讓我們對隨著時間的推移實現 25% 的電子商務滲透率的能力越來越有信心。

Switching to stores. When you think about Foot Locker, our Stripers are essential to the overall customer experience. They are product and service experts who create a positive in-store experience with our NPS in stores already above 90%. We want to maintain and even increase their passion and impact, which is why we keep them engaged in learning and ensure they have the tools they need to serve our customers.

切換到商店。當您想到 Foot Locker 時，我們的 Stripers 對於整體客戶體驗至關重要。他們是產品和服務專家，他們創造了積極的店內體驗，我們的 NPS 門市比例超過 90%。我們希望保持甚至增強他們的熱情和影響力，這就是為什麼我們讓他們參與學習並確保他們擁有為客戶服務所需的工具。

In the third quarter, we were pleased to launch a collection of new trainings and tools for our Stripers across the globe, specifically focused on driving advanced omni-selling behaviors with a mantra of Always On, Never No. While fully launched later in the quarter, we're beginning to see improved engagement and conversion in the stores.

在第三季度，我們很高興為全球的Stripers 推出了一系列新的培訓和工具，特別專注於以「永遠在線，永不拒絕」的口號推動先進的全方位銷售行為。雖然在本季度晚些時候全面推出，我們開始看到商店的參與度和轉換率有所提高。

We also finished a rollout or upgraded handheld to all North American stores. The technology gives our Stripers improved visibility on inventory, access to product information and ability to check out customers and improve in-store conversion. To sum up, while the retail environment remains dynamic, our teams are focused on staying nimble, particularly through this important holiday season.

我們也完成了在所有北美商店的手持設備的推出或升級。該技術使我們的 Stripers 能夠更好地了解庫存、獲取產品資訊以及了解客戶並提高店內轉換率。總而言之，雖然零售環境仍然充滿活力，但我們的團隊致力於保持靈活性，特別是在這個重要的假期期間。

Even as we focus on supporting our top line and closely managing our inventory through the near term, we're continuing to go after the big future opportunities we see for our business. I'm confident we're evolving Foot Locker to truly be all things sneakers and to be a competitive omnichannel retailer that can drive sustainable and profitable long-term growth and shareholder value.

儘管我們在短期內專注於支持我們的營收並密切管理我們的庫存，但我們仍將繼續追求我們所看到的業務未來的巨大機會。我相信，我們正在將 Foot Locker 發展成為真正的運動鞋全品類，並成為一家具有競爭力的全通路零售商，能夠推動可持續且盈利的長期成長和股東價值。

Now let me hand it over to Frank to provide more detail on our performance by banner.

現在讓我將其交給弗蘭克，以按橫幅提供有關我們表現的更多詳細資訊。

Thank you, Mary, and good morning, everyone. Now let me comment on our third quarter performance. By category, footwear comped down high single digits, while apparel fell mid-teens, and accessories comped positive low single digits. Starting with basketball, we are seeing continued strength in court classics and retro styles from Nike and Jordan. This includes Jordan Retro, AJ 1, Air Force 1 and Dunk, which provided a meaningful connection to the culture of basketball for our men's, women's and our kids consumer during the back-to-school season.

謝謝你，瑪麗，大家早安。現在讓我評論一下我們第三季的業績。按類別劃分，鞋類的銷售額下降了高個位數，而服裝的銷售額下降了十幾歲左右，配件的銷售額則出現了低個位數的正增長。從籃球開始，我們看到耐吉和喬丹在球場經典和復古風格方面的持續強勢。其中包括 Jordan Retro、AJ 1、Air Force 1 和 Dunk，它們在返校季期間為我們的男士、女士和兒童消費者提供了與籃球文化有意義的聯繫。

Our signature basketball business also started to rebound in the third quarter. Puma's Melo Ball 2 led our signature business in Q3 and was flanked by strong performance from the Nike JA 1, LeBron and Jordan's Tatum 1.

我們的招牌籃球業務也從第三季開始反彈。 Puma 的 Melo Ball 2 在第三季度引領了我們的標誌性業務，Nike JA 1、勒布朗和喬丹的 Tatum 1 也表現強勁。

Switching gears to the running category. New Balance continues to drive impressive growth across all banners and geographies. Importantly, this growth is fueled by multiple footwear franchises and is registering across our men's, women's and kids' consumer. We were pleased to once again gain market share with the New Balance brand in Q3 and fully expect that trend to continue into the holiday season. We also remain excited about our consumers' continued response to the HOKA brand and On Running. We continue to see these brands bring new customers into sneaker culture, while our banners help bring younger, more multicultural consumers to their brands.

切換到跑步類別。 New Balance 繼續在所有品牌和地區推動令人印象深刻的成長。重要的是，這種增長是由多個鞋類專營權推動的，並且在我們的男士、女士和兒童消費者中都有體現。我們很高興在第三季再次獲得新百倫品牌的市場份額，並完全預期這一趨勢將持續到假期季節。我們也對消費者對 HOKA 品牌和 On Running 的持續反應感到興奮。我們不斷看到這些品牌將新客戶帶入運動鞋文化，而我們的橫幅則有助於為他們的品牌帶來更年輕、更多元文化的消費者。

We expanded our door base with both brands in Q3 ahead of the holiday season, enabling access to more consumers. And we are excited to partner with HOKA as they became the presenting sponsor of our 44th Annual Foot Locker Cross Country Championships. Thousands of elite high school runners have been treated to footwear and apparel kits from HOKA, and we partner to create on-site activations and content creation to fuel our social channels.

我們在假期季節前的第三季擴大了這兩個品牌的門市數量，從而接觸到更多消費者。我們很高興與 HOKA 合作，因為他們成為我們第 44 屆年度 Foot Locker 越野錦標賽的贊助商。數以千計的精英高中跑步者獲得了 HOKA 的鞋類和服裝套件，我們合作進行現場活動和內容創作，為我們的社交管道提供動力。

Meanwhile, challenges remain within some lifestyle running platforms. It was in these areas that we remain promotional and working through inventory levels to get cleaned by the end of the year. While we still have work to do, I was encouraged by our results in the first weeks of November and especially during a strong Black Friday week.

同時，一些生活方式跑步平台仍面臨挑戰。正是在這些領域，我們繼續進行促銷，並努力降低庫存水平，以便在年底前清理乾淨。雖然我們還有工作要做，但我對 11 月前幾週的結果感到鼓舞，尤其是在黑色星期五的強勁表現期間。

From a lifestyle standpoint, UGG played a meaningful role in our business this back-to-school, especially for our female consumers. With a compelling assortment and must-have styles such as the Tasman, UGG quickly became one of our top footwear vendors for the quarter. Their strong brand connection to the fashion-forward consumer gives us confidence that this trend will continue through the holiday season.

從生活方式的角度來看，UGG 在我們返校期間的業務中發揮了有意義的作用，特別是對於我們的女性消費者而言。憑藉引人注目的品種和 Tasman 等必備款式，UGG 迅速成為本季頂級鞋類供應商之一。他們與時尚前衛消費者的緊密品牌聯繫讓我們相信這種趨勢將持續整個假期季節。

Moving to apparel. We continue to see the consumer reacting positively to key items like Nike Tech Fleece and Nike Club Fleece, and our private label brands, [LCKR] and CSG, also delivered strong sales productivity. However, the consumer has many options when it comes to apparel, and we will continue to be appropriately promotional this holiday season as we work through inventory and adjust our assortment strategies for 2024.

轉向服裝。我們繼續看到消費者對 Nike Tech Fleece 和 Nike Club Fleece 等關鍵產品做出積極反應，而我們的自有品牌 [LCKR] 和 CSG 也實現了強勁的銷售效率。然而，消費者在服裝方面有很多選擇，我們將在這個假期繼續適當促銷，同時清理庫存並調整 2024 年的品類策略。

As we look ahead to this holiday season, we are enthusiastic about a number of premium footwear opportunities we are seeing resonate with our consumers, including the scaling of Nike and Jordan Signature Basketball models at holiday and the excitement around our new NBA marketing partnership and the storytelling platform that it brings.

當我們展望這個假期時，我們對許多與消費者產生共鳴的優質鞋類機會充滿熱情，包括在假期期間推出 Nike 和 Jordan Signature 籃球鞋款，以及圍繞我們新的 NBA 行銷合作夥伴關係和它帶來的說故事平台。

The December launch of the Jordan Retro 11 gratitude, the exclusive launch of Anthony Edwards signature basketball shoe with Adidas, the AE 1, enhanced brand presentation, inventory levels and marketing with the New Balance brand, Rihanna's newest collaboration with Puma, the Fenty Creeper Phatty launching tomorrow, both online and in stores, increased supply of trend-right Adidas models like Samba, Gazelle and Campus, seasonally relevant concepts and classics from UGG and the continued momentum that we are experiencing and running through the HOKA and On brands.

12 月推出 Jordan Retro 11 感謝版、與 Adidas 獨家推出 Anthony Edwards 簽名籃球鞋 AE 1、與 New Balance 品牌加強品牌展示、庫存水平和營銷、Rihanna 與 Puma 最新合作款 Fenty Creeper Phatty明天在網上和商店推出，增加了Samba、Gazelle 和Campus 等阿迪達斯潮流款式的供應，UGG 的季節性相關概念和經典，以及我們透過HOKA 和On 品牌體驗和運行的持續勢頭。

By channel, comparable sales in our stores decreased 8.5%. Traffic remained down year-on-year, and we continue to see some pressure on average ticket. Encouragingly, our conversion levels while still down year-on-year, saw steady sequential improvement each month of the quarter as customers responded to our promotional efforts as well as our flow of premium must-have items.

按通路劃分，我們門市的可比銷售額下降了 8.5%。客流量年比仍下降，平均票價仍面臨一些壓力。令人鼓舞的是，我們的轉換水準雖然仍同比下降，但隨著客戶對我們的促銷活動以及我們的優質必備品流量的反應，本季每個月的轉換率都在穩步改善。

Digital comps fell by 5.6%. However, excluding East Bay, the digital-only banner we wound down last year, digital comps were up 0.4%, including positive digital comps in October as our top of funnel marketing and efforts to improve conversion drove gains. We're also pleased that our Foot Locker North America and Kids Foot Locker banners once again saw combined positive digital comps in the quarter.

數位公司下跌 5.6%。然而，不包括我們去年取消的純數位旗幟東灣，數位比較增加了 0.4%，其中包括 10 月積極的數位比較，因為我們的頂部漏斗行銷和提高轉換率的努力推動了收益。我們也很高興我們的 Foot Locker North America 和 Kids Foot Locker 橫幅在本季再次看到了正面的數字比較。

By banner in geography, in North America, overall comps declined by 9.5%, including a 3.8% negative impact from the Champs Sports repositioning efforts in the region. At Foot Locker North America, comps fell by 4.9%, driven by ongoing consumer and product headwinds in lifestyle running and apparel, offsetting strength in the culture of basketball and running innovation. Encouragingly, our power and community stores continue to outcomp the balance of chain in Q3, reinforcing our confidence in those new concepts.

從地理分佈來看，北美地區的整體表現下降了 9.5%，其中包括冠軍運動在該地區的重新定位工作帶來的 3.8% 的負面影響。在Foot Locker North America，由於生活風格跑步和服裝領域持續的消費者和產品逆風，抵消了籃球文化和跑步創新的優勢，該公司的表現下降了4.9%。令人鼓舞的是，我們的電力和社區商店在第三季度繼續超越連鎖店的平衡，增強了我們對這些新概念的信心。

Kids Foot Locker comps were up 5%, led by a strong back-to-school in August in both stores and online. With a compelling assortment and strong back-to-school marketing, our KFL banner clearly connected with the youth consumer and their parents this season as well as the teen girl. With best-in-class partnerships with Nike, Jordan, New Balance and UGG, KFL is well positioned to finish the year strong as we enter the holidays.

Kids Foot Locker 的股價上漲了 5%，主要得益於 8 月商店和網路商店返校季的強勁勢頭。憑藉引人注目的品種和強大的返校行銷，我們的 KFL 橫幅明顯與本季的青年消費者及其父母以及少女聯繫在一起。憑藉與 Nike、Jordan、New Balance 和 UGG 的一流合作夥伴關係，KFL 已做好充分準備，在假期到來之際以強勁的表現結束這一年。

At Champs Sports, comps were down 20% as we preferred the Foot Locker banner for key launches and constrained supply of Nike, Inc. products during the reset. We were pleased to see comps at Champs Sports improve from first half trends, especially into the month of October. In fact, as Mary noted, the banner comped ahead of our internal plans last quarter.

在 Champs Sports，我們的業績下降了 20%，因為我們更喜歡在重要發布中使用 Foot Locker 橫幅，並且在重置期間 Nike, Inc. 產品的供應受到限制。我們很高興看到 Champs Sports 的比賽比上半年的趨勢有所改善，尤其是進入十月份。事實上，正如瑪麗所指出的，該橫幅的效果超出了我們上季度的內部計劃。

Each season, the Champs team continues to sharpen its positioning as the home of sports style where they've used sport-inspired apparel, sneaker essentials and performance to serve the needs of the sport-inspired consumer. Looking ahead to the holiday quarter, we're encouraged by the early reads from recent capital light store refresh activity and are accelerating that work later in the fourth quarter. In fact, by year-end, we expect over 240 of the Champs Sports locations will be refreshed.

每個賽季，Champs 團隊都會不斷強化其作為運動風格發源地的定位，他們使用運動風格的服裝、運動鞋必需品和性能來滿足運動風格消費者的需求。展望假期季度，我們對最近資本輕商店刷新活動的早期數據感到鼓舞，並將在第四季度晚些時候加快這項工作。事實上，我們預計到年底，Champs Sports 的 240 多個地點將進行翻新。

We are also slightly adjusting our store closure plans for 2024. We will still close approximately 85 doors by the end of the year. However, we will push about 30 store closures into Q1 and Q2 next year so that we can continue to liquidate inventory and also spread some of the operational burden of those store closures over a slightly longer time period.

我們還在稍微調整 2024 年的門市關閉計畫。到今年年底，我們仍將關閉約 85 家門市。不過，我們將把關閉約 30 家商店推遲到明年第一季和第二季度，以便我們能夠繼續清理庫存，並在稍長的時間內分攤這些商店關閉帶來的部分營運負擔。

Moving to WSS. The banner saw comps down 9.4% in Q3 as the macro environment continues to weigh on that lower-income consumer or WSS over indexes. During the quarter, we opened 3 new doors, bringing our total to 129 and are on track to open 26 net new stores for the year or growth of approximately 20%. With still roughly 2/3 of stores in California, we continue to see regional growth opportunities for WSS over time.

轉向 WSS。由於宏觀環境持續對低收入消費者或 WSS 而非指數構成壓力，第三季公司股價下跌 9.4%。本季度，我們新開了 3 家門市，使門市總數達到 129 家，並預計在今年淨開設 26 家新店，增幅約為 20%。由於仍有大約 2/3 的商店位於加州，隨著時間的推移，我們將繼續看到 WSS 的區域成長機會。

This holiday, the WSS team launched an integrated marketing campaign themed More Joy for Everyone. This is the first-ever integrated WSS campaign to include online to offline content and connection points, including several connected TV and digital spots during key customer moments. While the short term remains challenged due to macroeconomics, we remain confident in our WSS banner, which is squarely positioned against the fastest-growing consumer segment in America.

這個假期，WSS團隊推出了一場以「更多歡樂，為大家」為主題的整合行銷活動。這是有史以​​來第一個整合的 WSS 活動，其中包括線上到線下的內容和連接點，包括關鍵客戶時刻的多個連網電視和數位點。儘管短期內仍面臨宏觀經濟的挑戰，但我們對 WSS 旗幟仍然充滿信心，該旗幟完全針對美國成長最快的消費者群體。

Turning to Europe. Overall comps were down 4.2%. As the macro environment remains challenging across many parts of Europe, the team is focused on improving the in-store experience, conversion levels and inventory management. The European team is also focused on reigniting the Foot Locker brand in key markets. And like here in the U.S., we're seeing traction with our global brand campaign, our holiday assortments as well as the store refreshes that we've completed thus far.

轉向歐洲。整體比較下降了 4.2%。由於歐洲許多地區的宏觀環境仍充滿挑戰，該團隊專注於改善店內體驗、轉換水準和庫存管理。歐洲團隊也致力於在關鍵市場重新點燃 Foot Locker 品牌。就像在美國一樣，我們的全球品牌活動、節日產品組合以及迄今為止已完成的商店更新都取得了良好的結果。

In Asia-Pacific, comps were down slightly at a negative 0.5%. The Foot Locker banner saw comps down 1.2% owing to the promotional marketplace dynamics and lower consumer confidence, especially in Australia. And finally, at atmos compete were up 0.8% as the business continues to connect with sneaker enthusiasts and delivers compelling innovation and brand stories from our partners.

在亞太地區，比較小幅下降，為負 0.5%。由於促銷市場動態和消費者信心下降（尤其是在澳洲），Foot Locker 品牌的股價下跌了 1.2%。最後，隨著公司繼續與運動鞋愛好者建立聯繫，並從我們的合作夥伴那裡提供引人注目的創新和品牌故事，atmos競爭上漲了0.8%。

Finally, we hope you saw this morning's announcement about our expansion into India in 2024. We're thrilled to be bringing our multi-brand sneaker experience to India's rapidly growing consumer class with the help of our new partners, Metro Brands Limited and Nykaa Fashion. This new partnership will enable the renowned Foot Locker brand and Striper to further expand sneaker culture, one of our core Lace Up strategies in a capital-efficient manner while also generating incremental licensing royalties.

最後，我們希望您看到今天早上關於我們將於2024 年向印度擴張的公告。我們很高興在我們的新合作夥伴Metro Brands Limited 和Nykaa Fashion 的幫助下，將我們的多品牌運動鞋體驗帶給印度快速成長的消費者階層。這項新的合作關係將使著名的 Foot Locker 品牌和 Striper 能夠以資本高效的方式進一步擴大運動鞋文化，這是我們的核心 Lace Up 策略之一，同時還能產生增量的許可使用費。

So in summary, while the environment remains dynamic, our teams continue to balance the delivery of must-have full-price premium assortment this holiday alongside strong omnichannel marketing programs, while at the same time, remaining extremely vigilant about our inventory and gross margin management.

總而言之，雖然環境仍然充滿活力，但我們的團隊將繼續平衡這個假期必備的全價優質商品的交付與強大的全渠道營銷計劃，同時對我們的庫存和毛利率管理保持高度警惕。

I'll now hand the call over to Mike to go over the financials and guidance in more detail.

我現在將把電話轉給麥克，以更詳細地了解財務和指導。

Thank you, Frank, and good morning, everyone. Now turning to third quarter results. Starting with revenue, our total sales fell by 8.6% on a comp decline of 8%, which was better than both our first half trend and our prior annual outlook of comps down 9% to 10%. As noted previously, the repositioning of Champs Sports represented a 3-point comp headwind witnessed in the quarter.

謝謝弗蘭克，大家早安。現在轉向第三季業績。從收入開始，我們的總銷售額下降了 8.6%，年減 8%，這好於我們上半年的趨勢和我們先前同比下降 9% 至 10% 的年度預期。如前所述，Champs Sports 的重新定位代表了本季出現的 3 分競爭逆風。

By month, August comps were down high single digits, September also was down high single digits and October declines moderated to down mid-single digits. While traffic and conversion remain headwinds year-over-year in the third quarter, we saw steady improvements in our conversion. This was especially true in September and October as customers responded to our promotional efforts and importantly, as our efforts to drive greater digital and in-store conversion took hold. While we saw our launch business be less of a headwind in the third quarter versus the second quarter trend, we also saw some stabilization in our base business as customers responded to our fresh fall receipts in addition to our compelling promotions.

按月來看，8 月的比較下降了高個位數，9 月也出現了高個位數的下降，10 月的下降幅度放緩至中個位數。儘管第三季的流量和轉換率仍年減，但我們看到轉換率穩定提高。九月和十月尤其如此，因為客戶對我們的促銷活動做出了回應，更重要的是，我們推動更高數位化和店內轉換的努力取得了成效。雖然我們看到我們的推出業務在第三季度與第二季度的趨勢相比沒有那麼逆風，但我們也看到我們的基礎業務有所穩定，因為除了我們引人注目的促銷活動之外，客戶也對我們新的秋季收據做出了反應。

Moving down the income statement. Gross margin for the quarter declined 470 basis points to 27.3%. Merchandise margins fell by 370 basis points, with the majority of the decline driven by higher promotions to move through inventory and to reach our price-sensitive shopper. We also continued to see elevated shrink levels.

將損益表向下移動。該季度毛利率下降 470 個基點至 27.3%。商品利潤率下降了 370 個基點，其中大部分下降是由於為了清理庫存並吸引對價格敏感的購物者而進行的促銷活動增加所致。我們也繼續看到收縮水平上升。

Outside of merchandise margin, occupancy costs deleveraged by 100 basis points on the sales decline. Approximately $5 million of gross margin savings from our cost optimization programs helped offset a portion of the pressure from promos, shrink and occupancy deleverage.

除了商品利潤之外，由於銷售額下降，入住成本也降低了 100 個基點。我們的成本優化計劃節省了約 500 萬美元的毛利率，幫助抵消了促銷、縮減和入住率去槓桿化帶來的部分壓力。

For the third quarter, our SG&A rate came in at 22.5%, representing deleverage of 100 basis points with savings from the cost optimization program of approximately $25 million, more than offset by deleverage on the sales decline, inflation and investments in frontline wage and technology. Collectively, our cost optimization program generated total savings of approximately $30 million in the third quarter, and we still expect to capture approximately 40% of the total $350 million targeted savings within this year.

第三季度，我們的 SG&A 率為 22.5%，去槓桿化了 100 個基點，成本優化計劃節省了約 2500 萬美元，但被銷售下降、通貨膨脹以及一線工資和技術投資的去槓桿化所抵消。 。總的來說，我們的成本優化計劃在第三季節省了約 3,000 萬美元的總成本，我們仍預計今年將節省 3.5 億美元目標節省總額的約 40%。

Finally, non-GAAP earnings came in at $0.30, above our initial expectations as improving conversion levels, especially on digital, drove a better-than-expected comp decline in addition to our cost savings measures.

最後，非 GAAP 收益為 0.30 美元，高於我們最初的預期，因為除了我們的成本節約措施之外，轉換水準的提高（尤其是數位轉換水準）推動了公司業績下降幅度好於預期。

Moving on to our outlook for the full year and the fourth quarter. Given the trends we are seeing in November, we are narrowing our full year non-GAAP EPS to a range of $1.30 to $1.40 from $1.30 to $1.50 previously. Our outlook now embeds an $0.11 EPS contribution in the fourth quarter from the 53rd week, down from $0.15 previously as we've refined our [view] and finalized our commercial planning assumptions around the extra week.

接下來是我們對全年和第四季的展望。鑑於 11 月的趨勢，我們將全年非 GAAP 每股收益從先前的 1.30 美元至 1.50 美元縮小至 1.30 美元至 1.40 美元。我們的展望現在包括從第53 週開始的第四季度每股收益0.11 美元，低於之前的0.15 美元，因為我們已經完善了我們的[觀點]並在額外的一周內最終確定了我們的商業規劃假設。

With the extra week adding approximately a 1 percentage point lift to sales, total sales for the 53rd week year are expected to fall by 8% to 8.5%. Overall, our store count will be down approximately 7% in 2023 with square footage down approximately 2% as we convert more stores to larger formats. Within the fourth quarter, our outlook embeds non-GAAP earnings per share in the range of $0.26 to $0.36. Our outlook assumes a comp of down 7% to down 9%.

由於額外一週的銷售額增加了約 1 個百分點，預計第 53 週的總銷售額將下降 8% 至 8.5%。總體而言，隨著我們將更多商店改造成更大的業態，到 2023 年，我們的商店數量將減少約 7%，面積將減少約 2%。我們對第四季非 GAAP 每股盈餘的預期為 0.26 美元至 0.36 美元。我們的前景假設公司股價下跌 7% 至 9%。

Note, the lower end continues to contemplate macro risk this holiday season and the upper end continues to reflect ongoing positive response to our holiday assortments and the wins we are seeing from our strategic initiatives. On gross margin, we expect declines of approximately 290 to 310 basis points towards a range of 27.0% to 27.2%. On expenses, we expect deleverage of approximately 40 to 70 basis points toward a range of 22.7% to 23.0% on the sales declines. Finally, our CapEx outlook for the year is now at $275 million, down from $290 million previously due to the timing of real estate projects.

請注意，下端繼續考慮這個假期的宏觀風險，上端繼續反映對我們的假期品種的持續積極反應以及我們從戰略舉措中看到的勝利。毛利率方面，我們預計將下降約 290 至 310 個基點，範圍為 27.0% 至 27.2%。在費用方面，我們預期銷售額下降的情況下，去槓桿化程度約為 40 至 70 個基點，範圍為 22.7% 至 23.0%。最後，由於房地產項目的時間安排，我們今年的資本支出展望目前為 2.75 億美元，低於先前的 2.9 億美元。

Turning to the balance sheet. We ended the quarter with $187 million of cash and total debt of $449 million. At quarter end, our inventories were 10.5% above last year, down slightly from the 11% level at the start of the quarter. It's important to note that our inventory balance includes an approximate 6-point impact from the strategic pull-forward of inventory to ensure smooth product flows ahead of the holiday season.

轉向資產負債表。本季結束時，我們的現金為 1.87 億美元，債務總額為 4.49 億美元。截至季末，我們的庫存比去年同期成長 10.5%，略低於季初 11% 的水準。值得注意的是，我們的庫存平衡包括策略性庫存前移帶來的大約 6 個點的影響，以確保假期前的產品流通順暢。

We are reaffirming our expectation to end the year with inventory flat to slightly down versus last year. In terms of shareholder distributions within the quarter, we paid $38 million in dividends and did not repurchase any stock. As we announced last quarter, our Board made the decision to pause dividends beyond the third quarter's payment to ensure financial flexibility and support of our strategic projects. We still expect to update investors around our longer-term capital allocation goals and financial targets when we report fourth quarter results early next year.

我們重申，我們預計年底庫存將與去年持平或略有下降。在本季股東分配方面，我們支付了3,800萬美元的股息，並且沒有回購任何股票。正如我們在上季度宣布的那樣，我們的董事會決定暫停第三季支付後的股息，以確保財務靈活性和對我們策略項目的支持。我們仍希望在明年初報告第四季業績時向投資者通報我們的長期資本配置目標和財務目標的最新情況。

And with that, operator, please open the call for questions.

那麼，接線員，請打開電話提問。

(Operator Instructions) Today's first question comes from Cristina Fernandez with Telsey Advisory Group.

（操作員說明）今天的第一個問題來自 Telsey Advisory Group 的 Cristina Fernandez。

2 questions. First one, I wanted to see if you could talk further about the improvement that you've seen in October. It seems a lot of it is company specific versus the consumer better. So if you look at the product allocation that you're getting or execution or response to promotions, I guess, how would you rank what's driving the business?

2 個問題。第一個，我想看看您是否可以進一步談談您在 10 月看到的改進。看起來很多都是公司特定的，而不是消費者更好的。因此，如果您查看您獲得的產品分配或執行或對促銷的回應，我想您會如何對推動業務的因素進行排名？

And then the second question I had was, if you could talk about the composition of the inventory. As you look at where you expect to end the year, I guess, how much clearance promotional activity you expect to continue in 2024?

我的第二個問題是，您是否可以談談庫存的組成。當你看到你預計今年結束時，我猜你預計 2024 年將繼續進行多少清倉促銷活動？

Great. Cristina well, let me start with, we did exit the third quarter with improved trends. And I think one of the highest for us was the positive digital comps that we saw globally in October, and that really was driven by really, I think, some traction we're seeing with our Lace Up initiatives and some of the improvements that we're making in digital.

偉大的。克里斯蒂娜，首先，我們確實以改善的趨勢退出了第三季。我認為對我們來說最高的數字之一是我們在10 月在全球範圍內看到的積極的數字比較，我認為這確實是由我們在Lace Up 計劃中看到的一些牽引力以及我們所做的一些改進所推動的。正在數位化製作。

And as we got into the Black Friday weekend, I'll just say what we're continuing to see is we saw solid traffic levels and conversion improvements. We're seeing customers come out -- you asked about assortment. I'd say it's both for great holiday promotional deals as well as our full price holiday assortment. So the assortment is working well.

當我們進入黑色星期五週末時，我只想說我們繼續看到的是我們看到了穩定的流量水準和轉換率的提高。我們看到顧客出來了——你問的是品種。我想說，這既適用於很棒的假期促銷優惠，也適用於我們的全價假日品種。因此，該品種運作良好。

But we're particularly pleased with our conversion trends online. I think as I said, we're doing a better job of converting the solid traffic levels that we have with an improved customer experience. So we see the customer remaining pretty discerning and event-driven and responding both to holiday promotions as well as full price signature key items that are selling well.

但我們對線上轉換趨勢特別滿意。我認為正如我所說，我們在轉換現有的穩定流量水準方面做得更好，並改善了客戶體驗。因此，我們看到客戶仍然具有相當的洞察力和事件驅動力，並對假日促銷以及暢銷的全價標誌性關鍵商品做出反應。

In terms of the inventory strategy, let me just start and maybe Mike, you can add. I'd say we talked about this, we certainly have made a deliberate effort to be vocal around our holiday promotions to continue to move through our inventory. As Mike mentioned, we also made the decision to pull forward some inventory buys into the third quarter to make sure we have a smooth product flow during the holiday weeks of some of these key in-demand items. And again, that's allowing us to capture both deal-seeking customers and those looking for innovation and on trend.

在庫存策略方面，讓我開始，也許麥克，你可以補充。我想說，我們討論過這一點，我們當然已經刻意努力在假日促銷活動中發聲，以繼續清理我們的庫存。正如麥克所提到的，我們還決定將一些庫存採購推遲到第三季度，以確保我們在假期期間擁有一些關鍵需求商品的順暢產品流。同樣，這使我們能夠吸引尋求交易的客戶以及尋求創新和趨勢的客戶。

The bottom line is we are confident with the guidance range and our inventory targets, which is to end the year flat to slightly down.

最重要的是，我們對指導範圍和庫存目標充滿信心，即年底持平或略有下降。

Yes Mary the only thing I'd add, as we look at the trend throughout the quarter, I think interestingly, as we look at October versus some of the other retailers, we saw the trend improvement come through footwear. Within our business, apparel was actually a slightly trend softening versus August and September. As we think through our inventory composition today, the majority of our plus 10.5% is concentrated in footwear. Apparel is only up slightly.

是的，瑪麗，我唯一要補充的是，當我們審視整個季度的趨勢時，我認為有趣的是，當我們對比10 月份與其他一些零售商的情況時，我們看到趨勢的改善來自鞋類。在我們的業務中，與八月和九月相比，服裝的趨勢實際上略有減弱。當我們思考今天的庫存組成時，我們發現 10.5% 的大部分都集中在鞋類產品上。服裝僅略有上漲。

And then as we think through our guidance for this year, we've kept the promotional levels intact really to help continue to make progress on inventory and the year flat to slightly down. We feel that's a good level of inventory to operate going into next year. And obviously, as we think through 2024, a lot of promotional activity will be dependent on how the overall customer is performing and inventories in the channel in general.

然後，當我們思考今年的指導時，我們保持促銷水平不變，確實有助於繼續在庫存方面取得進展，並且全年持平或略有下降。我們認為，對於明年的營運來說，這是一個很好的庫存水準。顯然，我們認為到 2024 年，許多促銷活動將取決於整體客戶的表現和管道的庫存情況。

The next question is from Alex Straton with Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

Perfect. Congrats on some improvement here in the quarter. I wanted to focus on the sales guidance quickly here. Just it looks like it assumes the underlying trend might get worse quarter-over-quarter. That's how it looks, but I asked because it doesn't seem to contemplate the 53rd week benefit. So maybe if you can just walk us through the puts and takes there as you arrived at that. It would be super helpful. Then I've just got one follow-up.

完美的。恭喜本季取得的一些進步。我想在這裡快速關注銷售指導。只是看起來它假設潛在趨勢可能會逐季度變得更糟。看起來就是這樣，但我問了，因為它似乎沒有考慮第 53 週的福利。因此，也許您可以在您到達那裡時向我們介紹看跌期權和看跌期權。這將會非常有幫助。然後我就得到了一個後續行動。

Sure, Alex. This is Mike. From a top line guidance perspective into Q4, we called out in the prepared remarks that our low end really is just continuing to acknowledge that there is some macro and customer risk and that the high end of how we're approaching things really is reflecting the momentum we're seeing within the Lace Up plan tied to our strategic initiatives and continue to improve conversion and items like that.

當然，亞歷克斯。這是麥克。從第四季度的頂線指導角度來看，我們在準備好的評論中指出，我們的低端實際上只是繼續承認存在一些宏觀和客戶風險，而我們處理事情的高端確實反映了我們在Lace Up計劃中看到的勢頭與我們的策略舉措緊密相關，並繼續提高轉換率和類似項目。

I think we continue to expect this holiday to be competitive and promotional. As we looked at the quarter, as we go into December here, obviously, we've said we feel good about the trajectory of our business right now. We're also acknowledging we're against a tougher compare in the month of December, which is inclusive of a launch headwind as well. So that was everything we took into consideration there, but I feel we've appropriately bracketed our performance in Q4.

我認為我們仍然期望這個假期具有競爭力和促銷性。當我們回顧這個季度時，當我們進入 12 月時，顯然，我們已經說過我們對目前的業務軌跡感覺良好。我們也承認，我們不會在 12 月進行更艱難的比較，其中也包括發布的逆風。這就是我們在那裡考慮的一切，但我認為我們已經適當地對第四季度的表現進行了劃分。

Great. And then just one quick one on inventory, just a follow-up. I want to make sure I understand in terms of your use of getting new flow versus using promos, like how do you feel about the assortment now compared to 3 months ago? Have you cleared through more of the excess that you've had the promo or not? And then also on that, I think one of the comments around Champs is that you could be liquidating into the first half. So should I interpret that as you'll have inventory as a pressure point through the first half of next year? Or how do I think about that?

偉大的。然後只是一個關於庫存的快速的，只是一個後續行動。我想確保我了解您對獲取新流程與使用促銷的使用情況，例如與 3 個月前相比，您對現在的產品類別有何看法？您是否已清除了促銷活動中更多的多餘費用？然後，關於這一點，我認為圍繞冠軍的評論之一是你可能會在上半場清算。那麼我是否應該將其解釋為明年上半年庫存將成為壓力點？或者說我怎麼看待這個問題？

Yes. This is Frank. I'll jump in here. So I think we're operating really at 2 dimensions here. We talked, I think, already about how we're using our promotional engine and demand creation to continue to liquidate through inventory that needs a little bit of help and a little bit of encouragement with consumers. At the same time, the majority, if not all, of the receipt pull forward and the composition of our holiday assortments are the strongest that we've had all year. And that's what gave us the confidence to do some of the pull forward and also substantiates the guidance that we're going in here to year-end.

是的。這是弗蘭克.我會跳到這裡。所以我認為我們實際上是在二維上運作的。我想，我們已經討論過我們如何利用我們的促銷引擎和需求創造來繼續透過庫存進行清算，這需要一點幫助和對消費者的一點鼓勵。同時，大部分（如果不是全部）收據都提前了，我們的假日品種的組成是我們全年中最強的。這讓我們有信心向前推進一些工作，也證實了我們到年底的指導方針。

I'd add on to that versus 90 days ago, we've also been able to secure some additional vendor support on the back end, which gives us confidence that we are going to, in fact, deliver against our end-of-year inventory targets and start off '24 from a position of strength.

我想補充一點，與 90 天前相比，我們還能夠在後端獲得一些額外的供應商支持，這讓我們相信我們實際上將在年底前交付庫存目標並從 24 年開始處於強勢地位。

As it relates to Champs, it's really less a reflection of inventory management and more around the fact that because we are having a strong and busy holiday season, we want to smooth out a little bit of the wind down of some of those stores to take off some of that burden on our store ops team so that we can be very thoughtful about moving goods around redeploying our Stripers and our Champs associates appropriately and being very empathetic there, but also capturing some of the strong demand at the same time. So hence, the change in the strategy there.

就Champs而言，它實際上並不是庫存管理的反映，而是更多地圍繞這樣一個事實：因為我們正經歷一個強勁而繁忙的假期季節，我們希望緩和一些商店的停業情況減輕我們商店運營團隊的一些負擔，讓我們可以非常周到地轉移貨物，適當地重新部署我們的Stripers 和Champs 員工，並非常同情那裡，同時也抓住一些強勁的需求。因此，策略發生了變化。

The next question comes from Janine Stichter with BTIG.

下一個問題來自 BTIG 的 Janine Stichter。

Congrats on the progress. I wanted to ask your insights into what you're seeing with the lower income consumer where you have pretty significant exposure. Wondering if you're seeing it get a bit better there. And then also, I recall when you talked at the Analyst Day, there was some discussion around growing your exposure with middle income consumers. So wondering if you're seeing any change in your consumer cohorts.

祝賀取得的進展。我想問一下您對低收入消費者的看法，您在這些消費者中擁有相當大的曝光率。想知道你是否看到那裡的情況有所改善。然後，我還記得當您在分析師日講話時，有一些關於擴大與中等收入消費者的接觸的討論。所以想知道您的消費者群體是否有任何變化。

Yes, Janine. I'd start with a general view of the consumer. There certainly is a lot of different factors coming at people, I think, of any household income, right? So persistent inflation, higher interest rates, some reduced savings, student loan repayments. We have -- our customer, 50% of our customers are under $50,000 or so household income. So the monthly pressure is real.

是的，珍妮。我將從消費者的整體觀點開始。我認為，任何家庭收入肯定會受到許多不同因素的影響，對嗎？所以持續的通貨膨脹，更高的利率，有些人減少了儲蓄，學生貸款的償還。我們的客戶，50% 的客戶家庭收入低於 50,000 美元左右。所以每個月的壓力是真實存在的。

But having said that, what we're seeing is people just all year being pretty discerning on how and when to spend being event-driven, things like back-to-school, things like Black Friday, Cyber Monday, but also seeing indication that there's a lot of interest and demand in key items that are full price as well. I would say that we're -- we feel that we're in a good place in terms of our assortment and our promotions planned as we get through holiday and feel that, in fact, we're actually seeing some indication that some of our customers are more willing to cut back on experiences than our category.

但話雖如此，我們看到人們一整年都對如何以及何時進行事件驅動的消費非常有洞察力，比如返校、黑色星期五、網絡星期一等，但也看到了跡象對全價的關鍵商品也有很多興趣和需求。我想說的是，我們覺得我們在假期期間的產品種類和促銷計劃方面處於一個很好的位置，並且事實上，我們實際上看到了一些跡象，其中一些與我們的類別相比，我們的客戶更願意減少體驗。

So we'll see how it plays out. I think it's a little early to say that we've changed -- had much impact on income cohort, but certainly, our proposition appeals to people of all income levels. But we feel we've got a good handle on how our customer is feeling and also how they're responding positively to what we're offering.

所以我們會看看結果如何。我認為現在說我們已經改變還為時過早——對收入群體產生了很大影響，但當然，我們的主張對所有收入水平的人都有吸引力。但我們認為我們已經很好地掌握了客戶的感受以及他們對我們所提供的產品的積極反應。

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

下一個問題來自美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I wanted to focus on the NBA agreement. Are there financial obligations that Foot Locker will have to cover that?

我想重點關注 NBA 協議。 Foot Locker 是否需要承擔財務義務？

Lauren, this is Frank. Yes, so it is a multiyear agreement. There are contractual obligations on both sides. One, obviously, from a cash and a media commitment standpoint on our side, and in turn, from the NBA, the commitment and access to content creation to events and activations and to collaborations to bring really great compelling storytelling and consumer experiences. So one of the tenets of our Lace Up plan behind Foot Locker is reaffirming our basketball leadership. And we think that the brand Foot Locker and the NBA brand sort of go hand in glove.

勞倫，這是弗蘭克。是的，這是一項多年期協議。雙方都有合約義務。顯然，從我們這邊的現金和媒體承諾的角度來看，反過來，從NBA 的角度來看，我們對內容創作、活動和活動以及合作的承諾和訪問，以帶來真正精彩的引人入勝的故事講述和消費者體驗。因此，Foot Locker 背後的 Lace Up 計劃的宗旨之一就是重申我們的籃球領導地位。我們認為 Foot Locker 品牌和 NBA 品牌是密切相關的。

And so we're very excited to reestablish that relationship, which has a 25-year history. I think it will be a very compelling proposition for our consumers. The outreach and the support we've already gotten from our brand partners has been terrific. And you'll already see some of our activations here heading into the end of the year as we get into the holiday games and into All-Star Weekend in February of 2024. So we're very excited about this partnership.

因此，我們非常高興能夠重新建立這種有著 25 年歷史的關係。我認為這對我們的消費者來說將是一個非常有吸引力的主張。我們從品牌合作夥伴那裡得到的外展和支持非常棒。隨著我們進入假日比賽和 2024 年 2 月的全明星週末，您已經在今年年底看到了我們的一些活動。因此，我們對這種合作夥伴關係感到非常興奮。

Yes. And I would only add that a great part of the value of this partnership is media value. And so even just for example, exposure to NBA's Instagram followers, which is 84 million people, right, so it gives us an amazing platform to amplify the natural partnership between Foot Locker and the NBA. And we're already seeing some real positive traction.

是的。我只想補充一點，這種合作關係的很大一部分價值是媒體價值。因此，即使只是舉個例子，接觸到 NBA 的 Instagram 粉絲（8400 萬人，對吧），所以它為我們提供了一個令人驚嘆的平台來擴大 Foot Locker 和 NBA 之間的天然合作夥伴關係。我們已經看到了一些真正積極的推動力。

And then just a follow-up then, you've got a lot of costs out over the past year or so. As you think about SG&A next year and in the coming years, how do you see the trade-offs between further cost cuts or building back some of these marketing and other buckets?

然後只是後續行動，在過去一年左右的時間裡你已經節省了大量成本。當您考慮明年和未來幾年的銷售、一般行政費用時，您如何看待進一步削減成本或重建部分行銷和其他業務之間的權衡？

Yes, Lorraine, this is Mike. So from a cost standpoint, I think we've highlighted that we think in total, there's $350 million that we can take out, and we're still very confident that this year, we'll take out about 40% of that total. As we think about SG&A going forward, there is -- about 2/3 of that will be reinvested back into the business as we think through both technology and then marketing and brand building and items like that.

是的，洛林，這是麥克。因此，從成本的角度來看，我認為我們已經強調，我們認為總共可以拿出 3.5 億美元，而且我們仍然非常有信心今年我們將拿出其中的 40% 左右。當我們考慮未來的 SG&A 時，大約 2/3 的資金將重新投資回業務，因為我們將考慮技術、行銷、品牌建立以及類似的項目。

So I think as we get back and return to growth here, there's an opportunity for us to continue to leverage SG&A, and that's how we're thinking about it going forward.

因此，我認為，當我們恢復成長並恢復成長時，我們有機會繼續利用 SG&A，這就是我們未來的想法。

The next question is from Tom Nikic with Wedbush Securities.

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

Tom, you might be on mute. Operator, we can take the next call. Operator, we can take the next question.

湯姆，你可能處於靜音狀態。接線員，我們可以接聽下一個電話。接線員，我們可以回答下一個問題。

And our next question today will come from Tom Nikic of Wedbush Securities.

今天我們的下一個問題將來自韋德布希證券公司的湯姆尼克奇。

Can you hear me now?

你聽得到我嗎？

We were waiting for you. Thank you.

我們一直在等你。謝謝。

I'm sorry. I apologize for that. I wanted to ask about the Nike relationship. And I know, Mary, at the Investor Day later this year, you talked about reinvigorating that relationship. Should we still think that you resume growth with Nike next year in 2024?

對不起。我對此表示歉意。我想問一下與耐吉的關係。我知道，瑪麗，在今年稍後的投資者日上，您談到了重振這種關係。我們是否仍認為您會在明年 2024 年與 Nike 恢復成長？

Thank you, Tom. Yes, listen, our relationship with Nike is strong, and I'd say we're very aligned on the areas that we can complement each other in the marketplace and drive growth. So you've heard us talk about basketball, kids and sneaker culture, especially with the young multicultural customer base that Foot Locker brings to the marketplace. So in Nike as well as all of our brand partners, I think, appreciate the investment that we're placing in the Lace Up plan, which is simply raising our game as a retailer of the ecosystem.

謝謝你，湯姆。是的，聽著，我們與耐吉的關係非常牢固，我想說，我們在市場上可以相互補充並推動成長的領域非常一致。您已經聽過我們談論籃球、兒童和運動鞋文化，尤其是 Foot Locker 為市場帶來的年輕多元文化客戶群。因此，我認為耐吉以及我們所有的品牌合作夥伴都非常欣賞我們對 Lace Up 計劃的投資，這只是提高了我們作為生態系統零售商的競爭力。

So we're focused on leading with -- focus on customer insights and how we can uniquely drive growth together, elevating the customer's retail experience, and you heard us talk about our store refreshes, power, community doors, all out-comping rest of the fleet.

因此，我們專注於領先——專注於客戶洞察，以及我們如何以獨特的方式共同推動成長，提升客戶的零售體驗，您聽到我們談論我們的商店更新、電力、社區大門，以及所有其他方面的出色表現船隊。

The third focus is elevating our digital and loyalty experiences, and then, of course, which Frank just commented on, investing in our brand and specifically our basketball leadership position. So the NBA partnership, The Heart of Sneakers, Home Court. In fact, I think Nike, like other brand partners, was pleased to hear about our partnership, and they immediately partnered with us to provide one of their premier NBA partners, Kevin Durant, for our Heart of Sneakers campaign.

第三個重點是提升我們的數位和忠誠體驗，當然，弗蘭克剛才評論道，投資我們的品牌，特別是我們的籃球領導地位。所以 NBA 合作夥伴，球鞋之心，主場。事實上，我認為耐吉和其他品牌合作夥伴一樣，很高興聽到我們的合作夥伴關係，他們立即與我們合作，為我們的“運動鞋之心”活動提供他們的頂級NBA 合作夥伴之一凱文·杜蘭特。

So that said, all of that said, we're still in the midst of a reset year. And together, we're looking forward to 2024 and beyond, stabilizing and returning to growth. We're in the early planning stages. And I'd say we'll be in a better position to get more specific as we report our fourth quarter results and talk about '24 and beyond.

話雖如此，總而言之，我們仍處於重置的一年之中。我們共同期待 2024 年及以後實現穩定並恢復成長。我們正處於早期規劃階段。我想說，當我們報告第四季業績並談論 24 年及以後的情況時，我們將能夠更好地提供更具體的資訊。

The next question is from Michael Binetti with Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Binetti。

Congrats on the comments on Thanksgiving. It's nice to hear. I guess just as I kind of think back about some of the questions that have been asked here on the Nike reset, when that can become less of a headwind in some of the moving parts here, it seems at least some of the comp improvement you've seen lately is coincidence to you guys driving your promotional levers to the consumers responding. But it didn't sound like your answer to, I think, Alex, before meant that you want us to believe inventories are necessarily going to be high to suggest promos will need to be elevated into early '24. But you did lower your expectations for the very last week of the year, the 53rd week in January.

恭喜您對感恩節的評論。很高興聽到。我想，就像我回想一下關於耐吉重置的一些問題一樣，當這對這裡的一些移動部件來說不再是一個阻力時，看起來至少有一些補償的改進最近看到你們利用促銷手段來吸引消費者的反應是巧合。但亞歷克斯，我想，你的回答聽起來並不意味著你希望我們相信庫存一定會很高，以表明促銷活動需要提高到 24 年初。但您確實降低了今年最後一周（1 月第 53 週）的預期。

I'm just wondering how do you think about the path to positive same-store sales that the consensus models are thinking about for next year, if you think that inventories will dictate lower promotions as we get into 2024 and the other moving parts that you've spoken about in Q&A.

我只是想知道，如果您認為進入 2024 年時庫存將決定較低的促銷活動以及您認為的其他變動因素，那麼您如何看待共識模型在明年考慮的同店積極銷售之路？在問答中談到過。

Michael, this is Mike. From our standpoint, I think as we look at Q4, again, we expect things to remain promotional, and we've accounted for that within our guidance. As within the 53rd week specifically, really, as we got closer to the fourth quarter here, we finalized our commercial planning, and the update there is really a reflection of that.

邁克爾，這是麥克。從我們的角度來看，我認為當我們再次審視第四季度時，我們預計事情將繼續促銷，並且我們已經在我們的指導範圍內考慮到了這一點。具體來說，在第 53 週內，當我們接近第四季度時，我們最終確定了我們的商業計劃，那裡的更新確實反映了這一點。

I think what we're committing to today is that you will see inventory continue to progress down throughout this quarter and will be flat to slightly down, which we feel is in a good position to operate heading into 2024. And then as we think through 2024 expectations and how we're approaching that, we'll come back on that in a couple of months and update you.

我認為我們今天的承諾是，您將看到整個季度的庫存繼續下降，並將持平甚至略有下降，我們認為這在進入 2024 年之前處於有利的運營位置。然後，當我們思考時2024 年的期望以及我們將如何實現這一目標，我們將在幾個月後回來向您通報最新情況。

Okay. And if I could ask one just near term on the model in fourth quarter the gross margin, can you speak a little bit to how we should think about the merch margin versus buying occupancy? Any reason occupancy won't be similar to down 100 basis points on the negative 8 comp in the third quarter or maybe a little better with an extra week?

好的。如果我可以問一下第四季度該模型的近期毛利率，您能否談談我們應該如何考慮商品利潤率與購買佔用率？有什麼原因導致入住率不會像第三季的負 8 相比下降 100 個基點，或者多一周後入住率可能會好一點？

So we do get some occupancy benefits within gross margin due to the 53rd week. I think we -- I think the year-over-year change of $290 million to $300 million from a merch margin standpoint, occupancy would be less of a pressure because of the 53rd week is how I'd model it.

因此，由於第 53 週，我們確實在毛利率範圍內獲得了一些入住效益。我認為，從商品利潤率的角度來看，從 2.9 億美元到 3 億美元的年比變化，入住率的壓力會較小，因為第 53 週就是我的建模方式。

The next question comes from Bob Drbul with Guggenheim.

下一個問題來自古根漢的鮑伯‧德布爾（Bob Drbul）。

I was just wondering if you could share a little bit more on the exclusives, the roadmap from 15% to 25%. And are there any early wins either this holiday or early next year that you could share with us around just the drivers for that exclusive increase?

我只是想知道您是否可以分享更多關於獨家內容、從 15% 到 25% 的路線圖。在這個假期或明年初，您是否可以與我們分享有關獨家增長的驅動因素的任何早期勝利？

Yes, Bob, it's a great question. So a couple of examples. Exiting the third quarter, we celebrated the 25th anniversary of the Nike Tuned air franchise, which was a global celebration and has long been an exclusive position for Foot Locker and some incredible consumer activation sell-through and, ultimately, great commercial results out of that franchise. As we head into the fourth quarter, I can note the launch of the Puma Melo 3, which has also been our #1 signature athlete for the second season straight here.

是的，鮑勃，這是一個很好的問題。舉幾個例子。第三季結束時，我們慶祝了Nike Tuned Air 特許經營權25 週年，這是全球性的慶祝活動，長期以來一直是Foot Locker 的獨家地位，並帶來了一些令人難以置信的消費者激活銷售，並最終取得了巨大的商業成果特許經營權。當我們進入第四季度時，我可以注意到 Puma Melo 3 的推出，它也連續第二個賽季成為我們的#1 簽名運動員。

And then we're looking very much forward in December to the launch of the Adidas Anthony Edwards 1, AE 1 as it's called. And so, he's been playing incredibly well, and we think he's going to be a great ambassador and another weapon in the signature arsenal portfolio. So those are some of the examples in the near term as it relates to holiday that we feel very, very strongly about.

然後我們非常期待 12 月阿迪達斯 Anthony Edwards 1（即 AE 1）的推出。因此，他的表現非常出色，我們認為他將成為一名偉大的大使，並成為標誌性武器庫中的另一個武器。這些是近期的一些例子，因為它與我們非常非常強烈地感受到的假期有關。

The next question is from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

It's Paul Kearney on for Adrienne. Can you speak to the margin performance of the overall business, excluding Champs? Clearly, the occupancy deleverage is more Champs? Are you seeing merchandise margin pressure even across banners? And I guess bottom line, are you seeing an improvement in merchandise margin at core Foot Locker? And then I have a quick follow-up.

保羅·科爾尼 (Paul Kearney) 替補艾德麗安 (Adrienne)。您能談談Champs以外的整體業務的利潤率表現嗎？顯然，入住去槓桿更香？即使是橫幅廣告，您是否也看到了商品利潤壓力？我想最重要的是，您是否看到核心 Foot Locker 的商品利潤率有所改善？然後我會進行快速跟進。

I guess -- Paul, good morning, this is Mike. From our standpoint, I mean, I would consider that as you look through the promotional activity that we've been taking on, we are doing it pretty consistently across banners. I think when we talk to a lot of the wins we're seeing within full price selling and a lot of the key items, a lot of that is focused within the Foot Locker banner.

我想——保羅，早安，這是麥克。從我們的角度來看，我的意思是，當你瀏覽我們一直在進行的促銷活動時，我會認為我們在各個橫幅上的做法非常一致。我認為，當我們談論全價銷售和許多關鍵商品的許多勝利時，其中許多都集中在 Foot Locker 旗幟下。

And a quick follow-up was, I think you just mentioned that you're seeing increased levels of vendor support. Was that increased levels relative to last year, and is that both in footwear and apparel?

快速跟進是，我想您剛剛提到您看到供應商支援水平有所提高。與去年相比，這一水準是否有所提升？鞋類和服裝領域都是如此嗎？

Yes, Paul, this is Frank. So the comment I made was in regards to inventory management and some of the relief and support that we're going to get at the end of the year to help with some of our aging and some of our lesser performing goods. So that's an increase both to last year as well as a new point of view from 90 days ago. So we continue to flow in new and positive receipts, but also know that our partners are also along for the journey with us here to make sure that we end the year clean.

是的，保羅，這是法蘭克。因此，我發表的評論是關於庫存管理以及我​​們將在年底獲得的一些救濟和支持，以幫助解決我們的一些老化和一些性能較差的商品。因此，這既是去年的成長，也是 90 天前的新觀點。因此，我們繼續帶來新的積極收入，但也知道我們的合作夥伴也與我們一起踏上旅程，以確保我們在這一年結束時乾淨利落。

Our last question today comes from Gaby Carbone with Deutsche Bank.

今天我們的最後一個問題來自德意志銀行的 Gaby Carbone。

Just was wondering if you can talk to any changes in store expansion plans beyond this year? I understand the shift in Champs. But is there anything else that we should be thinking about beyond '23?

只是想知道您是否可以談談今年之後商店擴張計劃的任何變化？我理解冠軍的轉變。但除了 23 年後，我們還有什麼該考慮的嗎？

Well, I mean, I guess I would say we'd reiterate that part of our Lace Up plan is really re-shifting the portfolio, right? Investing in key banners. And actually what I'd say mainly the big difference being Foot Locker, increasing the number of stores that we have off-mall as a percent of total as well as our new formats of community and the Power doors. So we're -- as well as House of Play for Kids Foot Locker. So there is format shifts that we are still on the path on for our Lace Up plan that early indications are that they're actually outperforming the rest of the comp, the fleet, which is great.

好吧，我的意思是，我想我會重申，我們的 Lace Up 計劃的一部分實際上是重新調整產品組合，對嗎？投資關鍵橫幅。事實上，我想說的主要區別是 Foot Locker，增加了我們在商場外的商店數量佔總數的百分比，以及我們新的社區形式和 Power Door。所以我們——以及 House of Play for Kids Foot Locker。因此，我們的 Lace Up 計劃仍在進行格式轉變，早期跡象表明它們實際上優於其他產品，這很棒。

We also mentioned that we're doing some store refreshes right now that we're pulling forward as rapidly as we can to really increase just the overall visual storytelling inside the store, the shopability. And that's early days, but we're actually seeing that as quite positive, and in the case of Champs, also realigning and really focusing on the active athlete.

我們還提到，我們現在正在進行一些商店更新，我們正在盡可能快地推進，以真正增加商店內的整體視覺故事敘述和可購買性。這還處於早期階段，但我們實際上認為這是非常積極的，就Champs而言，我們也在重新調整並真正專注於活躍的運動員。

So we're doing kind of many things in process in terms of refreshing the current store fleet as well as continuing to introduce new formats consistent with the Lace Up plan targets that we communicated before.

因此，我們正在做很多事情，更新目前的商店隊伍，並繼續推出與我們先前溝通的 Lace Up 計畫目標一致的新業態。

I would like to turn the call back to Mary Dillon for closing remarks.

我想將電話轉回給瑪麗·狄龍，讓她發表結束語。

Thank you for joining us today. And I'd just like to close by thanking our over 45,000 Foot Locker employees, in particular, our Striper community as they get our stores, website and DCs ready for the remainder of the holiday season. We look forward to updating you on our progress next quarter and happy holidays to everybody listening. Thank you.

感謝您今天加入我們。最後，我想感謝我們超過 45,000 名 Foot Locker 員工，特別是我們的 Striper 社區，他們為我們的商店、網站和配送中心做好了迎接假日季剩餘時間的準備。我們期待向您通報下季度的最新進展，並祝各位聽眾節日快樂。謝謝。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。