Foot Locker Inc (FL) 2023 Q4 法說會逐字稿

Good morning, and welcome to Foot Locker's Fourth Quarter 2023 financial results conference call.

早上好，歡迎參加 Foot Locker 2023 年第四季財務業績電話會議。

(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.

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。

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 release.

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中更全面描述的其他風險和不確定性的影響。

And reports filed with the SEC, including the most recently filed Form 10-K or Form 10-Q .

以及向 SEC 提交的報告，包括最近提交的 10-K 表格或 10-Q 表格。

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.

此類假設或因素的任何變化都可能產生顯著不同的結果，實際結果可能與前瞻性陳述中包含的結果有重大差異。

Please note, today's conference call is being recorded, and I'd like to turn the floor over to Robert Higginbotham.

請注意，今天的電話會議正在錄製中，我想將發言權交給羅伯特·希金博特姆 (Robert Higginbotham)。

Robert Higginbotham you may begin.

羅伯特希金波坦姆，你可以開始了。

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

謝謝業者，歡迎大家參加 Foot Locker Inc 第四季財報電話會議。

We'll begin with prepared remarks by Mary Dillon, our President and Chief Executive Officer; Frank Bracken, our Executive Vice President and Chief Commercial Officer, will then give more detail on our results across our banners and geographies.

我們將首先由我們的總裁兼執行長瑪麗狄龍 (Mary Dillon) 準備好講話；我們的執行副總裁兼首席商務長 Frank Bracken 隨後將詳細介紹我們在各個領域和地區的表現。

Then Mike Baughn, our Executive Vice President and Chief Financial Officer, will review our fourth quarter results in more detail our 2024 outlook and our updated financial targets.

然後，我們的執行副總裁兼財務長 Mike Baughn 將回顧我們第四季度的業績，更詳細地介紹我們的 2024 年展望和更新的財務目標。

Following our prepared remarks, Mary Frank and Mike will take your question.

在我們準備好的發言之後，瑪麗·弗蘭克和麥克將回答你的問題。

To note, today's call will reference certain non-GAAP measures.

需要注意的是，今天的電話會議將參考某些非公認會計原則措施。

A reconciliation of GAAP to non-GAAP results is included in this morning's earnings release.

今天早上的財報中包含了 GAAP 與非 GAAP 業績的調整表。

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

我們還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。

Finally, for future planning purposes, we tentatively plan to release our first quarter 2024 results on Thursday, May 30.

最後，出於未來規劃的目的，我們暫定於 5 月 30 日星期四發布 2024 年第一季業績。

And now I will turn it over to Mary.

現在我將把它交給瑪麗。

Thank you, Rob.

謝謝你，羅布。

I'll start with our fourth quarter results and then provide an update on the advances.

我將從第四季度的業績開始，然後提供最新進展。

Our team continues to make on the lease plan at a high level, we're entering 2024 with solid momentum.

我們的團隊繼續以高水準制定租賃計劃，我們將以強勁的勢頭進入 2024 年。

While the macro and retail environments remain dynamic, our lease-up initiatives are taking root and we're seeing positive results across the business.

雖然宏觀和零售環境仍然充滿活力，但我們的租賃計劃正在紮根，我們在整個業務中看到了積極的成果。

We've demonstrated that when we focus our efforts and investments in the right places, we can generate meaningful operational improvements and financial returns for our businesses.

我們已經證明，當我們將努力和投資集中在正確的地方時，我們可以為我們的企業帶來有意義的營運改善和財務回報。

Our focus in 2024 is on sustaining this momentum and continuing to invest in key areas of the business as we lay the foundation for sustainable, profitable growth.

我們 2024 年的重點是保持這一勢頭，並繼續投資於業務的關鍵領域，為可持續的獲利成長奠定基礎。

Turning to our results in the fourth quarter, sales trends came in above our expectations, with comps declining 0.7%, far better than our comp guidance of down 7% to 9%.

轉向我們第四季的業績，銷售趨勢超出我們的預期，年減 0.7%，遠優於我們下降 7% 至 9% 的同比指引。

Notably, this included a 210 basis point headwind from the repositioning of our Champs Sports banner. non-gaap earnings per share of $0.38 also came in ahead of our $0.26 to $0.36 guidance range.

值得注意的是，這其中包括因冠軍體育旗幟重新定位而帶來的 210 個基點的逆風。非公認會計準則每股收益為 0.38 美元，也高於我們 0.26 美元至 0.36 美元的指導範圍。

Our topline trends accelerated meaningfully from the third quarter, particularly at our Foot Locker and Kids Foot Locker banners.

從第三季開始，我們的營收趨勢大幅加速，特別是在我們的 Foot Locker 和 Kids Foot Locker 橫幅廣告上。

These gains were led by ongoing progress in our conversion rates as customers responded to our strong assortments and our digital and in-store initiatives.

這些收益是由於客戶對我們強大的產品組合以及數位和店內計劃的反應，我們的轉換率不斷提高。

And in digital, we outperformed our plans in the fourth quarter including double digit gains in customer acquisition.

在數位領域，我們在第四季度的表現超出了計劃，包括客戶獲取方面實現了兩位數的成長。

We also improved across multiple KPIs during the quarter, including higher Net Promoter Scores across stores, digital and fulfillment, rising engagement and consideration through our brand campaigns, digital momentum and online customer acquisition and higher conversion levels.

本季我們的多個關鍵績效指標(KPI) 也有所改善，包括各個商店、數位化和履行的淨推薦值更高、透過我們的品牌活動提高參與度和考慮度、數位動力和線上客戶獲取以及更高的轉化水準。

As we saw trends accelerate from the third quarter, we were pleased to see the sequential improvement driven by both our full-price and promotional businesses.

當我們看到趨勢從第三季開始加速時，我們很高興看到全價和促銷業務推動的連續改善。

Encouragingly, we achieved positive AURs in the quarter, even with elevated promotional levels as customers responded to our compelling holiday assortments, especially in footwear as our sales performed better than we expected.

令人鼓舞的是，我們在本季度實現了積極的AUR，儘管由於客戶對我們引人注目的假日產品系列做出了反應而提高了促銷水平，特別是在鞋類方面，因為我們的銷售表現好於我們的預期。

We proactively reinvested into selected markdowns, particularly in apparel to end the year at a solid inventory position.

我們主動對選定的降價產品進行再投資，特別是在服裝領域，以確保年底庫存狀況穩定。

This enabled us to achieve leaner inventory levels versus our expectations and sets us up nicely to begin gross margin recovery in 2024.

這使我們能夠實現比預期更精簡的庫存水平，並為我們在 2024 年開始毛利率復甦做好準備。

Looking back on the holiday season, we were pleased to see the green shoots from our strategies, multiply and gain momentum.

回顧假期，我們很高興看到我們的策略初露端倪、倍增並獲得動力。

And we're just getting started.

我們才剛開始。

It's been over 18 months as I joined Footlocker and a year since we announced our lease plan, I'm impressed by how quickly.

我加入 Footlocker 已經超過 18 個月了，距離我們宣布租賃計劃也已經一年了，速度之快給我留下了深刻的印象。

This team and the plan has come together to start showing early results that will ultimately drive our long-term success.

這個團隊和該計劃齊心協力，開始展示早期成果，最終將推動我們的長期成功。

I am more confident than ever that Lisa is the right plan to make Foot Locker a consumer-led, modern omnichannel retailer at the heart of all things sneakers now a year into executing a lease plan.

我比以往任何時候都更有信心，Lisa 的計劃是正確的，可以使Foot Locker 成為以消費者為主導的現代全渠道零售商，成為運動鞋所有產品的核心，現在執行租賃計劃已經一年了。

We've made some meaningful progress in terms of our organization and our strategies, including first, we've begun to evolve our channel mix and improve our customers' digital journey.

我們在組織和策略方面取得了一些有意義的進展，包括首先，我們開始發展我們的管道組合併改善客戶的數位化旅程。

We've been pleased to see our digital channel build momentum through the year, exiting the fourth quarter with an 8.9% digital channel comp, excluding Eastbay results from last year, the gains were led by double digit increases in online customer acquisition and improving conversion.

我們很高興看到我們的數位管道在今年取得了強勁的勢頭，第四季度的數位管道業績增長了8.9%（不包括去年Eastbay 的業績），這一增長是由線上客戶獲取的兩位數增長和轉換率的提高帶動的。

Our digital channel penetration now sits at nearly 20% equity in the year, up 180 basis points from a year ago, excluding Eastbay second, we're deepening our relationship with customers through our brand-building and loyalty efforts.

我們的數位管道滲透率今年已接近 20%，比一年前成長了 180 個基點（不包括排名第二的 Eastbay），我們正在透過品牌建立和忠誠度努力加深與客戶的關係。

During the year, we were pleased to globally launch our new brand platform, the heart of sneakers, our first campaign height for the holidays, soft early increases in our already high levels of brand awareness and consideration.

在這一年中，我們很高興在全球推出我們的新品牌平台，這是運動鞋的核心，我們在假期中的第一個活動高潮，我們已經很高水平的品牌知名度和考慮度的早期軟增長。

We kicked off our new FLX loyalty pilot launch in Canada to positive response and are excited to roll it out to the remainder of North America later this year.

我們在加拿大啟動了新的 FLX 忠誠度試點項目，並得到了積極回應，並很高興今年稍後將其推廣到北美其他地區。

Third, we're strengthening our basketball leadership.

第三，我們正在加強我們的籃球領導力。

We announced last fall or exciting return as an official lead marketing partner of the NBA in the US.

去年秋天，我們宣布作為 NBA 在美國的官方主要行銷合作夥伴令人興奮地回歸。

We will have a loud and proud presence at key NBA moments during this year.

今年，我們將在 NBA 的關鍵時刻大聲且自豪地亮相。

During NBA All-Star 2024, for example, we debuted along with our partners at Nike and Jordan brand, a breakthrough year-long basketball program called the clinic in our stores.

例如，在 2024 年 NBA 全明星期間，我們與 Nike 和 Jordan 品牌的合作夥伴一起首次推出了一項突破性的為期一年的籃球計劃，稱為我們商店中的診所。

We launched home court, our new basketball focus experience and are pleased with the initial results.

我們推出了主場，這是我們新的籃球焦點體驗，並對初步結果感到滿意。

Next, we continue to simplify our business.

接下來，我們繼續簡化我們的業務。

Our lease plan is based on the framework of simplifying our business and investing to grow in 2023 we wound down the sidestep banner and at most presence in the US.

我們的租賃計劃基於簡化業務和投資以在 2023 年實現成長的框架，我們將減少迴避旗幟，最多在美國開展業務。

In addition, we converted select Asian markets to a licensing model.

此外，我們將部分亞洲市場轉變為授權模式。

These actions position us into 2024 and beyond for greater focus on our core banners and regions.

這些行動使我們能夠在 2024 年及以後更加關注我們的核心旗幟和地區。

Further, we've evolved our talent mix and organization structure.

此外，我們也改進了人才結構和組織結構。

Since I joined, we've made swift progress on assembling our executive leadership team, a winning combination of seasoned Footlocker and catagory veterans, along with new executives with deep functional expertise, all working together with a winning agile and enterprise mindset.

自從我加入以來，我們在組建高管領導團隊方面取得了迅速進展，這是一支由經驗豐富的Footlocker 和品類資深人士以及具有深厚職能專業知識的新高管組成的成功組合，所有人都以製勝的敏捷和企業思維共同努力。

We also made changes to the structure of our merchant and buying teams as well as our finance organization to ensure inventory, accountability and enhanced forecasting.

我們還對商家和採購團隊以及財務組織的結構進行了更改，以確保庫存、問責制和增強的預測。

These changes have elevated our approach with our brand partners as we lead with customer insights and collaborate with them on multiyear growth plans.

這些變化提升了我們與品牌合作夥伴的合作方式，我們以客戶洞察為主導，並與他們就多年增長計劃進行合作。

We're already seeing these efforts build with the quality of our assortments headed into spring season and beyond and finally, we're rightsizing our cost structure.

我們已經看到這些努力隨著我們進入春季及以後的產品品質而努力，最後，我們正在調整我們的成本結構。

We made progress against our $350 million cost savings program in 2023, achieving roughly $135 million last year alone, and we expect to make ongoing progress against our savings plan here in 2024.

我們在 2023 年的 3.5 億美元成本節約計畫方面取得了進展，光是去年就實現了約 1.35 億美元，我們預計在 2024 年我們的成本節約計畫將繼續取得進展。

As we look ahead to 2024, our focus is on sustaining our current momentum as we execute our strategies, we have seen that when we focus our efforts and our investment dollars in the right places, we're swiftly generating operational improvements and financial returns for our business.

展望 2024 年，我們的重點是在執行策略時維持當前的勢頭，我們已經看到，當我們將努力和投資資金集中在正確的地方時，我們將迅速實現營運改善和財務回報我們的業務。

Therefore, 2024 will be another year of significant investment for us as we continue to emphasize strategic areas of improvement across digital store experience loyalty and brand-building.

因此，2024 年對我們來說將是另一個重大投資的一年，因為我們將繼續強調數位商店體驗忠誠度和品牌建立的策略改進領域。

As we continue our investment focus this year, we remain focused on our allies and balancing the near-term needs of the business with longer-term objectives.

在我們今年繼續專注於投資的同時，我們仍然關注我們的盟友，並平衡業務的近期需求與長期目標。

We know this discipline is correct as we lay the foundation for accelerating performance into 2025 and 2026 and for long term sustainable profitable growth.

我們知道這項原則是正確的，因為我們為 2025 年和 2026 年加速業績以及長期可持續獲利成長奠定了基礎。

I'd like to now provide more details on what we achieved during the fourth quarter as part of release of plan.

作為計劃發布的一部分，我現在想提供有關我們在第四季度取得的成就的更多詳細資訊。

As we discussed, there's four strategic pillars to lease up.

正如我們所討論的，有四個戰略支柱可供租賃。

The first is to expand sneaker culture by serving more sneaker occasions, providing more choice and driving greater distinction.

首先是透過服務更多的運動鞋場合、提供更多的選擇並推動更大的差異化來擴展運動鞋文化。

Now as we continue to execute on this imperative, a key priority for this management team has been strengthening the way we communicate and collaborate with our partners.

現在，當我們繼續執行這項命令時，該管理團隊的首要任務是加強我們與合作夥伴的溝通和協作方式。

For example, last month, we hosted our first ever Partner Summit, which was met with enthusiastic response.

例如，上個月，我們舉辦了首屆合作夥伴高峰會，引起了熱烈反響。

We shared insights about our leasing progress and priorities, plans for enhanced data sharing, designed to identify opportunities to mutually grow our businesses and opportunities for multi-season marketing to help us collectively tell compelling brand stories across consumer segments.

我們分享了有關租賃進度和優先事項的見解、增強數據共享的計劃，旨在尋找共同發展我們業務的機會以及多季節營銷的機會，以幫助我們共同講述跨消費者群體的引人注目的品牌故事。

Our improved strategic planning is strengthening our brand partnerships.

我們改進的策略規劃正在加強我們的品牌合作夥伴關係。

And as we build out our loyalty and CRM muscles, we look forward to what's ahead.

當我們增強忠誠度和 CRM 實力時，我們對未來充滿期待。

We also recognize it's important to protect and win in our core, and that includes a healthy basketball business.

我們也認識到，保護我們的核心並贏得勝利非常重要，其中包括健康的籃球業務。

That's why we are especially excited about strengthening our basketball leadership.

這就是為什麼我們對加強我們的籃球領導感到特別興奮。

We celebrated the NBA All-Star 2024 for a few weeks ago with a 50,000 square foot interactive pop-up Footlocker home court experience in downtown Indianapolis, along with partners, including Nike, Jordan Brand, Adidas, Puma, Converse and underarm, where we hosted the largest basketball activation in our history.

幾週前，我們與Nike、Jordan Brand、Adidas、Puma、Converse 和Underarm 等合作夥伴一起在印第安納波利斯市中心舉辦了50,000 平方英尺的互動式快閃Footlocker 主場體驗活動，慶祝了2024 年NBA 全明星賽。舉辦了我們史上最大規模的籃球活動。

In total, exciting activations and events from the weekend earned Foot Locker and our partners over 1 billion media impressions.

週末令人興奮的活動和活動總共為 Foot Locker 和我們的合作夥伴贏得了超過 10 億次媒體曝光。

These included events with athletes including Victor one by Yamaha and Paulo Banchero.

其中包括雅馬哈維加一號 (Victor one by Yamaha) 和保羅·班加羅爾 (Paulo Banchero) 等運動員參加的活動。

Additionally, we joined forces with Nike and Prime Video to host a private screening of eOn U.S. and Tontine Campos documentary, Janos.

此外，我們也與 Nike 和 Prime Video 聯手舉辦了 eOn U.S. 和 Tontine Campos 紀錄片《Janos》的私人放映。

The marvelous journey.

奇妙的旅程。

We used the weekend to debut the clinic, our first of its kind year-long program with the NIKE and Jordan brands that will enable fans to interact with us in new and innovative ways.

我們利用這個週末推出了這個診所，這是我們與耐吉和喬丹品牌合作的第一個為期一年的項目，它將使粉絲能夠以新穎和創新的方式與我們互動。

Clinique will celebrate the culture of basketball through interactive activations, high Reach Media realized basketball clinics, social media content, community events, and more providing unique way for fans to interact with these leading basketball brands.

倩碧將透過互動活動、高影響力媒體實現的籃球診所、社群媒體內容、社區活動等來慶祝籃球文化，為球迷提供與這些領先籃球品牌互動的獨特方式。

We kicked it off with our first NBA ad spot, starring Nike's Kevin Durant and Jordan brands, Jayson Tatum, which is now airing on broadcast and social media channels and will continue throughout the NBA season.

我們以第一個 NBA 廣告開始，由耐吉的凱文杜蘭特和喬丹品牌傑森塔圖姆主演，該廣告現已在廣播和社交媒體頻道上播出，並將持續整個 NBA 賽季。

And in our stores, we launched our multi-branded basketball focused Footlocker home court experience this year and ended 2023 with just under 30 locations in key markets.

在我們的商店中，我們今年推出了以籃球為主的多品牌 Footlocker 主場體驗，截至 2023 年，我們在主要市場的門市數量已不到 30 個。

We're very pleased with the initial results, including sales uplift and higher NPS in the stores with the home court will accelerate our investment in this concept targeting over 100 of these specialized experiences by 2026.

我們對初步結果感到非常滿意，包括銷售額的提升和帶有主場的商店更高的 NPS，這將加速我們對這一概念的投資，目標是到 2026 年提供 100 多種此類專業體驗。

Turning to our brands, let's start with our largest partner, Nike.

談到我們的品牌，讓我們從我們最大的合作夥伴耐吉開始。

We're excited to return to growth with them later this year as we focus on our core pillars of basketball, kids and sneaker culture in 2024, we'll look to celebrate key basketball moments with them through the clinic as well as throughout the year, including Air Max Day later this month.

我們很高興能在今年稍後與他們一起恢復成長，因為我們將在 2024 年專注於籃球、兒童和運動鞋文化的核心支柱，我們將在診所以及全年與他們一起慶祝關鍵的籃球時刻，包括本月晚些時候的Air Max Day。

Turning to our brand diversification plans.

談到我們的品牌多元化計劃。

Sales from brands outside our biggest brand, Nike increased to 40% in the fourth quarter of '23, up from 37% last year as we grow our door count with vendors such as Adidas New Balance and running HoReCa and out a few highlights from the fourth quarter include New Balance, which is now our fourth biggest brand, grew again in excess of 100% with strength across genders and franchises.

隨著我們與阿迪達斯 New Balance 等供應商的合作數量增加，以及營運 HoReCa 等，來自我們最大品牌 Nike 以外的品牌的銷售額在 2023 年第四季度從去年的 37% 增至 40%，並從第第四季包括New Balance，它現在是我們的第四大品牌，其成長再次超過100%，在性別和特許經營方面都有優勢。

The launch of our Anthony Edwards exclusive.

安東尼愛德華茲 (Anthony Edwards) 獨家發售。

A one was added to us along with strong demand for on-trend.

隨著對流行趨勢的強烈需求，我們添加了一款。

Tara Stiles continued success with Puma and Le Montrose MBO. three add momentum with us, particularly among our female consumers.

Tara Stiles 憑藉 Puma 和 Le Montrose MBO 繼續取得成功。其中三個為我們增添了動力，尤其是在我們的女性消費者中。

Importantly, with the diversity of our brand mix now at our 40% target exiting the fourth quarter, we're planning for growth across all our partner segments in 2024 and beyond, helping to drive distinction for Foot Locker.

重要的是，隨著我們的品牌組合多樣性在第四季度達到 40% 的目標，我們計劃在 2024 年及以後實現所有合作夥伴細分市場的成長，幫助推動 Foot Locker 脫穎而出。

Our exclusive penetration in the quarter was 15%, led by franchises such as Nike's Tuned Air Puma MLOs MBO. three and was added as the introduction of the E. one as we refine our buying and merchandising team strategies under our new team structure.

我們本季的獨家滲透率為 15%，其中 Nike 的 Tuned Air Puma MLO 的 MBO 等特許經營品牌領先。我們在新的團隊結構下完善採購和銷售團隊策略時，增加了三個，並作為 E 的引入而添加。

We now think an exclusive penetration closer to 20% is appropriate for our business rather than our prior 2026 target of 25%.

我們現在認為接近 20% 的獨家滲透率適合我們的業務，而不是我們之前 2026 年 25% 的目標。

This reflects our belief that putting our shelf space in inventory dollars behind fewer but bigger exclusive franchises with powerful marketing and storytelling, we'll better support us in expanding sneaker culture.

這反映了我們的信念，即透過強大的行銷和講故事，將我們的貨架空間（以庫存美元計）背後的更少但更大的獨家特許經營權，我們將更好地支持我們擴展運動鞋文化。

Second pillar of lease-up is power up the portfolio, which means transforming our real estate footprint and creating clear lanes for our banners on real estate transformation.

租賃的第二個支柱是加強投資組合，這意味著改變我們的房地產足跡，並為我們的房地產轉型旗幟創造清晰的通道。

We're thrilled to be launching our first store of the future next month in Willowbrook, New Jersey with three more planned later this year.

我們很高興下個月將在新澤西州威洛布魯克開設我們未來的第一家商店，並計劃在今年稍後再開設三家商店。

These immersive retail experiences bring to life a unique, differentiated store environment with powerful brand storytelling and informed by our customer insights elements from these stores will be applied to our 2025 openings and beyond.

這些身臨其境的零售體驗帶來了獨特、差異化的商店環境，具有強大的品牌故事講述能力，並透過我們的客戶洞察元素提供訊息，這些商店的元素將應用於我們2025 年及以後的開業。

While we're excited about our stores of the future, we know we need to focus on our stores of the now.

雖然我們對未來的商店感到興奮，但我們知道我們需要專注於現在的商店。

And that means taking a closer look at our existing fleet in the back half of 2023, we piloted nearly 100 refreshes of select Foot Locker and Kids Foot Locker doors with enhanced merchandising, branding and fixturing.

這意味著在 2023 年下半年，我們將仔細審視我們現有的機隊，對精選 Foot Locker 和 Kids Foot Locker 門進行了近 100 次更新，並增強了行銷、品牌和設施。

Early results have been very encouraging on both a productivity and margin basis.

早期結果在生產力和利潤率方面都非常令人鼓舞。

As a result, we're accelerating this refresh work to create a more consistent and elevated brand experience globally across approximately two thirds of our global Foot Locker and Kids Foot Locker doors over the next few years.

因此，我們正在加快這項更新工作，以便在未來幾年內為全球約三分之二的 Foot Locker 和 Kids Foot Locker 門創造更一致和提升的品牌體驗。

We also continue to make progress rolling out our new format, which now represents 16% of our global footage, up from 11% last year and moving further towards our 2026 target of 20%.

我們也繼續在推出新格式方面取得進展，目前占我們全球鏡頭的 16%，高於去年的 11%，並進一步朝著 2026 年 20% 的目標邁進。

Additionally, we're making strides in our shift to off-mall penetration reached 39% of North America square footage, up 5 points from a year ago.

此外，我們在向商場外的轉變方面取得了長足進步，滲透率達到了北美面積的 39%，比一年前增加了 5 個百分點。

And closer to our goal of 50% by 2026.

更接近我們在 2026 年達到 50% 的目標。

Within simplifying and creating distinct lanes, our repositioning of Champs Sports continues to take hold.

透過簡化和創造獨特的車道，我們對 Champs Sports 的重新定位繼續佔據主導地位。

Comps declined 10.4% in the fourth quarter, far better than the Q1 through Q3 trend as our new emphasis on the app to the athlete consumer started to resonate in the quarter.

第四季比較下降了 10.4%，遠遠好於第一季到第三季的趨勢，因為我們對運動員消費者的應用程式的新重視在本季度開始引起共鳴。

The team accelerated real estate efforts by further rationalizing the store base with roughly 70 Champs stores closures, while at the same time investing in the ongoing fleet through nearly 200 merchandising resets now headed into 2024.

團隊透過進一步合理化門市基礎，關閉了約 70 家 Champs 門市，加快了房地產開發工作，同時透過目前預計到 2024 年的近 200 家商品重置，對現有門市進行投資。

We're targeting roughly 40 store closures, including 15 in the first half with a more distinct store experience and an even sharper viewpoint on our assortment buys into spring and summer.

我們的目標是關閉約 40 家商店，其中上半年關閉 15 家商店，這些商店將提供更獨特的商店體驗，並且對春夏季的採購品類有更清晰的看法。

We remain optimistic about Champs Sports potential in the marketplace.

我們對冠軍運動的市場潛力保持樂觀。

Our third pillar is deepen 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 and building brand equity.

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，涵蓋更廣泛的客戶群，增強我們的忠誠度計劃和整體 CRM 能力，並建立品牌資產。

In November, we launched our exciting new global platform, the heart of sneakers as our uniting vision for the Foot Locker brand.

11 月，我們推出了一個令人興奮的新全球平台，即運動鞋的核心，作為 Foot Locker 品牌的統一願景。

Our first campaign height for the holidays earned over 2 billion media impressions, and we're particularly excited to see views and engagement on our social media channels surpass our expectations.

我們在假期中的首次行銷活動獲得了超過 20 億次媒體曝光，我們特別高興地看到我們的社群媒體管道上的瀏覽量和參與度超出了我們的預期。

2023 made clear that by investing in our brand and top-of-the-funnel marketing efforts, we're driving greater consideration brand awareness and customer acquisition at strong incremental returns underscoring this progress.

2023 年明確表明，透過投資我們的品牌和頂級行銷工作，我們正在以強勁的增量回報推動更大的品牌知名度和客戶獲取，突顯了這一進展。

Our online customer acquisition again grew strong double digits in North America in the fourth quarter and helped fuel our digital outperformance.

第四季度，我們在北美的線上客戶獲取量再次實現兩位數的強勁成長，並幫助推動了我們在數位領域的卓越表現。

This work has given us the confidence to increase our marketing and brand-building spend in 2024.

這項工作讓我們有信心在 2024 年增加行銷和品牌建立支出。

This will include a campaign focused on a more fashion-forward female customer launching next month and a new brand platform for our Champs Sports banner planned for later this year.

這將包括下個月推出的一項針對更時尚前衛女性客戶的活動，以及計劃於今年稍後推出的 Champs Sports 橫幅的新品牌平台。

Turning to loyalty, 21% of our sales in the fourth quarter were through our currently loyalty program.

談到忠誠度，我們第四季 21% 的銷售額是透過我們目前的忠誠度計畫實現的。

Similar to last year ahead of us rolling out our enhanced program.

與去年類似，我們推出了增強計畫。

We launched our FLX cash pilot program in Canada last fall and have been pleased with results across a variety of KPI.s, including higher engagement with first time Redeem offers higher AOVs, higher UPTs and higher trip frequency.

去年秋天，我們在加拿大啟動了 FLX 現金試點計劃，並對各種 KPI 的結果感到滿意，包括首次兌換的更高參與度，提供更高的 AOV、更高的 UPT 和更高的出行頻率。

We look forward to a wider rollout of the FLX. cash program across North America later this year and globally in 2025 as we advance our goal of 50% loyalty penetration by 2026.

我們期待 FLX 得到更廣泛的推廣。今年晚些時候，我們將在北美推出現金計劃，並於 2025 年在全球範圍內推出現金計劃，以推進到 2026 年忠誠度滲透率達到 50% 的目標。

And our final pillar is pursuing best-in-class Omni, which means improving our digital presence and better integrating our channel seamlessly.

我們的最後一個支柱是追求一流的 Omni，這意味著改善我們的數位形象並更好地無縫整合我們的管道。

Our digital penetration in the quarter increased to 19.5%, up 180 basis points year over year, excluding Eastbay.

本季我們的數位滲透率增至 19.5%，年增 180 個基點（不包括 Eastbay）。

On an enterprise level, global digital comps were up nearly 9%, excluding the impact of our Eastbay exit last year.

在企業層面，排除去年 Eastbay 退出的影響，全球數位化公司成長了近 9%。

Our digital conversion continues to push towards new highs, and we continue to see room for improvement.

我們的數位轉換繼續推向新高，並且我們繼續看到改進的空間。

Looking out in 2024, our focus is on additional improvements in the customer experience, including enhanced search and discovery capabilities, product listing detail pages, improved storytelling and continued cart optimization improvements.

展望 2024 年，我們的重點是客戶體驗的進一步改進，包括增強的搜尋和發現功能、產品清單詳細資訊頁面、改進的故事講述以及持續的購物車優化改進。

We're also excited to roll out a new Footlocker mobile app later this year, which will provide a smoother shopping experience, drive greater connectivity with stores and create a seamless experience with our loyalty integration.

我們也很高興在今年稍後推出新的 Footlocker 行動應用程序，它將提供更流暢的購物體驗，推動與商店的更好連接，並透過我們的忠誠度整合創造無縫體驗。

Our progress to date on our digital transformation means that we are on track to achieve about 25% e-commerce penetration by 2026.

迄今為止，我們在數位轉型方面的進展意味著我們預計在 2026 年實現約 25% 的電子商務滲透率。

Switching to stores at Foot Locker, we know our strikers are essential to the overall experience with our NPS in stores already at 90.

切換到 Foot Locker 的商店後，我們知道我們的前鋒對於我們商店 NPS 的整體體驗至關重要，該商店的 NPS 已經達到 90。

In the third quarter, we launched a global collection of new training and tools focus on driving advanced Omni selling behaviors designed to ensure that we meet our customers' needs every time one quarter into the program.

在第三季度，我們在全球推出了一系列新的培訓和工具，專注於推動先進的 Omni 銷售行為，旨在確保我們在該計劃的每個季度都能滿足客戶的需求。

We've already seen improvements with in-store conversion levels, omnichannel orders and AOVs.

我們已經看到店內轉換水準、全通路訂單和 AOV 方面的改進。

We're continuing to build on this program in the first quarter to further enhance the overall customer experience.

我們將在第一季繼續完善該計劃，以進一步增強整體客戶體驗。

To sum up, I'm confident we're evolving Footlocker to become the go-to destination for discovering and buying all things sneakers globally.

總而言之，我相信我們正在將 Footlocker 發展成為在全球範圍內發現和購買所有運動鞋的首選目的地。

Our strategies are continuing to point us in the right direction as we continue our investment focus areas in 2024 were on the path towards driving sustainable and profitable long-term growth and shareholder value.

我們的策略繼續為我們指明正確的方向，我們將繼續將 2024 年的投資重點領域放在推動永續和獲利的長期成長和股東價值的道路上。

Now let me hand it over to Frank to provide more details on our category and banner performance.

現在讓我將其交給弗蘭克，以提供有關我們的類別和橫幅表現的更多詳細資訊。

Thank you, Mary, and good morning, everyone.

謝謝你，瑪麗，大家早安。

Starting with fourth quarter performance by category footwear comped positive low-single digits, an improvement from negative high single digits last quarter.

從第四季開始，鞋類類別的表現呈現正低個位數，較上季負高個位數有所改善。

We were encouraged to see the acceleration in our footwear comps driven by full-price selling, especially in our North American business challenges persisted in our apparel business with comps down low double digits.

我們很高興看到全價銷售推動鞋類產品的加速成長，特別是在我們的服裝業務持續面臨北美業務挑戰的情況下，產品價格下降了兩位數。

As we know, we have work to do to stabilize the category.

眾所周知，我們還有很多工作要做來穩定該類別。

Finally, accessories comped flattish in footwear we continued to see the culture of basketball connect with consumers through models like Nike's Air Force One & Done the Air Jordan one and along with tumors, Mello MBO. three in the audience 80 E. one.

最後，配件在鞋類方面表現平平，我們繼續看到籃球文化透過耐吉的空軍一號和完成的空氣喬丹一號以及腫瘤Mello MBO等型號與消費者聯繫起來。觀眾中的三名80 E.一。

And as we continue to invest in the basketball category through our NBA partnership and brand partner program, I mean, like the clinic with the Nike and Jordan brands.

隨著我們繼續透過 NBA 合作夥伴和品牌合作夥伴計劃投資籃球類別，我的意思是，就像耐吉和喬丹品牌的診所一樣。

We are confident that we will strengthen our position in basketball culture and continue to be the leading destination for all things basketball.

我們相信，我們將加強我們在籃球文化中的地位，並繼續成為籃球領域的領先目的地。

Meanwhile, New Balance continued connect with multiple consumer segments as we again double the business in the fourth quarter, marking nearly 200% growth on a two year basis.

同時，New Balance 繼續與多個消費族群建立聯繫，第四季業務再次翻番，兩年成長近 200%。

This growth was driven by innovation and well orchestrated marketing campaigns across men's, women's and kids categories.

這一增長是由男士、女士和兒童類別的創新和精心策劃的營銷活動推動的。

And we're excited about building on this momentum into 2024 as we grow our door base in women's and kids and continue to more deeply connect a new balanced brand with a new generation of sneaker Mavens and fashion-forward consumers.

我們很高興能夠在 2024 年繼續保持這一勢頭，擴大女裝和童裝領域的業務基礎，並繼續將新的平衡品牌與新一代運動鞋行家和時尚前衛消費者更深入地聯繫起來。

We also continue to see momentum with the Autodesk Terrace trends.

我們也繼續看到 Autodesk Terrace 趨勢的勢頭。

We saw strong sell-throughs of key silhouettes such as the Samba Gazelle and campus as our inventory and in-stock positions improved throughout the quarter.

隨著我們的庫存和庫存狀況在整個季度有所改善，我們看到 Samba Gazelle 和 Campus 等關鍵款式的銷售強勁。

Our investment in these AudioPlus franchises will continue to drive growth into 2024 as we elevate the in-store presentation and connect with consumers in our spring trend campaign and our back-to-school messaging.

我們對這些 AudioPlus 特許經營權的投資將繼續推動到 2024 年的成長，因為我們將提升店內展示效果，並透過春季趨勢活動和返校訊息與消費者建立聯繫。

On the lifestyle front, book played a meaningful role in our business.

在生活方式方面，書籍在我們的業務中發揮了有意義的作用。

This holiday with must-have styles such as the Tasman and Ultra mini blog was one of the most in-demand footwear brands, especially for our fashion-forward expression, is led by the teen girl consumer.

這個節日的必備款式，如 Tasman 和 Ultra mini blog 是最受歡迎的鞋類品牌之一，尤其是我們的時尚前衛表達，是由青少年女孩消費者主導的。

We also continue to see consumers gravitate towards new ideas in the running category, led by brands such as on poker and Asics.

我們也繼續看到消費者傾向於以 on poker 和 Asics 等品牌為主導的跑步類別中的新創意。

We will continue to scale these brands through door expansion and allocation increases as well as connecting them to our consumers through integrated marketing campaigns.

我們將繼續透過擴張門市和增加分配來擴大這些品牌的規模，並透過整合行銷活動將它們與我們的消費者聯繫起來。

And we are especially pleased to introduce the Hooker brands to kids earlier this quarter at our Kids Foot Locker and Foot Locker banners, we are very confident that we will continue to make progress as a best in class retailer to all of our brand partners.

我們特別高興在本季早些時候透過 Kids Foot Locker 和 Foot Locker 橫幅向孩子們介紹 Hooker 品牌，我們非常有信心，作為所有品牌合作夥伴的一流零售商，我們將繼續取得進步。

Our first-of-its-kind brand partner summit in February, enabled us to showcase our new incoming capabilities and align it in 2024 go-to-market priorities and the positive feedback we received on our store environments.

我們在 2 月舉辦了首次此類品牌合作夥伴高峰會，使我們能夠展示我們新推出的功能，並將其與 2024 年上市優先事項以及我們收到的有關商店環境的積極反饋進行調整。

Our digital capabilities and partner marketing was very validating of our plans.

我們的數位能力和合作夥伴行銷非常驗證我們的計劃。

Switching to channel performance.

切換到頻道效能。

Comparable sales in our stores decreased 2%, while store traffic remained down year over year.

我們商店的可比銷售額下降了 2%，而商店客流量仍較去年同期下降。

We were pleased to see steady improvements in our conversion levels, driven by our updated service behaviors.

我們很高興看到在我們更新的服務行為的推動下，我們的轉換水準穩步提高。

Average ticket also saw gains as we increased our AURs.

隨著我們提高 AUR，平均票價也有所增加。

While UPTs were down slightly, digital comps increased 5% or nearly 9%, excluding Eastbay.

雖然 UPT 略有下降，但數字比較增加了 5% 或接近 9%（不包括 Eastbay）。

The online only banner we exited late in 2022.

我們於 2022 年底退出了唯一的線上橫幅。

As Mary mentioned, digital penetration during the quarter increased to 19.5% of sales, up 180 basis points year on year, excluding Eastbay.

正如 Mary 所提到的，本季數位滲透率增至銷售額的 19.5%，較去年同期成長 180 個基點（不包括 Eastbay）。

Now for performance by banner and geography, in North America.

現在在北美按旗幟和地理表演。

Overall comps were down 0.7%, including a 310 basis point negative impact from the Champs Sports repositioning efforts.

整體比較下降了 0.7%，其中包括 Champs Sports 重新定位工作帶來的 310 個基點的負面影響。

Our North America Foot Locker and Kids Foot Locker banners strengthened in the holiday quarter as both stores and online benefited from improved merchandising as well as our enhanced marketing and digital efforts at Footlocker North America comps rose by 4.8%, driven by a strengthening in our core base business compared to the third quarter.

我們的北美Foot Locker 和Kids Foot Locker 橫幅在假日季度得到加強，因為商店和線上商店都受益於商品銷售的改善以及我們加強的營銷和數位化工作，在我們核心業務的加強的推動下，Foot Locker North America 的銷售額成長了4.8%基礎業務與第三季相比。

Kids Foot Locker comps were up 6.9%, led by a strong holiday season in November and December in both stores and online.

在 11 月和 12 月假期旺季的帶動下，Kids Foot Locker 的商店和網路商店的銷售額上漲了 6.9%。

At Champs Sports, comps were down 10.4% as repositioning efforts drove moderating comp declines versus the Q1 to Q3 trend.

在Champs Sports，由於重新定位的努力，與第一季至第三季的趨勢相比，公司的薪酬下降幅度有所放緩，因此公司的薪酬下降了10.4%。

Towards the end of the quarter, we accelerated some store merchandising reset activity, further enhancing the brand's reimagining positioning as the home of sports style.

接近季度末，我們加快了一些門市商品陳列的重置活動，進一步強化了品牌作為運動風格之家的重新定位。

We're head to toe looks sneaker essentials and performance are fused to serve the Sport Inspired consumer.

我們將運動鞋從頭到腳的外觀和性能融為一體，為熱愛運動的消費者提供服務。

We executed roughly 70 Champs Sports store closures in addition to nearly 200 merchandising resets during the quarter with our Champs Sports store fleet rationalized and improved product on order and a new brand platform launching later this year, we are optimistic we will continue to stabilize the banner and further drive the new consumer positioning in 2024.

本季度，我們關閉了大約70 家Champs Sports 商店，此外還進行了近200 家商品重置，我們的Champs Sports 商店隊伍得到了合理化並改進了訂單產品，並且今年晚些時候推出了新的品牌平台，我們樂觀地認為，我們將繼續穩定旗幟並在2024年進一步驅動新的消費者定位。

Moving to WSS, the banner saw comps down 6.1% in Q4 as the macro environment continued to weigh on the WSS consumer.

轉向 WSS，由於宏觀環境繼續對 WSS 消費者造成壓力，該公司的股價第四季度下跌了 6.1%。

We were pleased to open 28 new locations in 2023, including 12 in the fourth quarter, and we've been thrilled with the recent progress that WSS is making under its new leadership team.

我們很高興在 2023 年開設 28 個新地點，其中包括第四季度開設的 12 個，並且我們對 WSS 在新領導團隊領導下最近的進展感到非常興奮。

That said, it's clear 2023 proved challenging for the WSS banner with full year comps down 6.8% as its core customer base felt the impacts of a tough macro and higher inflation most acutely as we navigate the economic environment and its impacts on the WSS. consumer, we believe it's appropriate in the near term to temporarily reduce capital for our new store openings.

也就是說，很明顯，2023 年對於WSS 旗幟來說是充滿挑戰的，全年業績下降了6.8%，因為在我們應對經濟環境及其對WSS 的影響時，其核心客戶群最強烈地感受到了嚴峻的宏觀經濟和通膨上升的影響。對消費者來說，我們認為短期內暫時減少新店開幕的資金是適當的。

As a result, our revised plans for 2024 include 20 new doors at WSS while we still very much believe and opportunities for the banner longer term in serving the fastest growing consumer segment in the U.S., we believe this is a prudent approach in the near term.

因此，我們修訂後的 2024 年計畫包括在 WSS 開設 20 個新門，同時我們仍然非常相信橫幅有機會為美國成長最快的消費者群體提供長期服務，我們認為這是近期的謹慎做法。

Turning to Europe, comps for our Footlocker banner were up 0.3%.

轉向歐洲，我們的 Footlocker 旗幟的比較上漲了 0.3%。

The environment remained challenging and promotionally driven across many parts of Europe.

歐洲許多地區的環境仍然充滿挑戰並受到促銷推動。

The team is focused on improving the in-store experience through refreshes and an edited assortment this spring.

今年春天，團隊致力於透過更新和編輯品種來改善店內體驗。

They also continue to drive conversion improvements through new service behaviors and improved allocation methods in Asia Pacific comps were down 0.2%.

他們也繼續透過新的服務行為和改進的分配方法來推動轉換率的提高，亞太地區的公司下降了 0.2%。

The Foot Locker banner saw comps up 0.6%, reflecting a promotional Australian marketplace.

Foot Locker 的股價上漲了 0.6%，反映出澳洲市場的促銷活動。

And finally, at Atmel's comps were down 1.8% in part, reflecting Japanese consumer pressure from a weaker yen.

最後，Atmel 的公司股價下跌 1.8%，部分反映了日圓疲軟對日本消費者的壓力。

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.

謝謝你，弗蘭克。

And good morning, everyone. in the fourth quarter, starting with revenue, total sales rose 2%, including an approximate $100 million.

大家早安。第四季度，從營收開始，總銷售額成長了2%，其中約1億美元。

Revenue contribution from the 53rd week comps declined 0.7%, substantially better than our expectation of declines in the 7% to 9% range.

第 53 週比較的收入貢獻下降了 0.7%，大大優於我們預期的 7% 至 9% 的下降幅度。

As Mary noted, the Champs Sports repositioning represented a 210 basis point comp headwind by month.

正如瑪麗指出的那樣，Champs Sports 的重新定位代表著每月 210 個基點的競爭逆風。

November was positive, low single digits.

11 月表現良好，較低個位數。

December was down slightly and January trends moderated to down mid-single digits, including some impacts of inclement weather earlier in the month.

12 月略有下降，1 月趨勢放緩至中個位數下降，其中包括本月早些時候惡劣天氣的一些影響。

Moving to margins, gross margin for the quarter declined 350 basis points to 26.6%.

利潤率方面，本季毛利率下降 350 個基點至 26.6%。

Merchandise margins fell by 400 basis points, driven by higher promotions to ensure we ended the year with appropriate levels of inventory occupancy as a percent of sales leveraged 50 basis points on the higher sales volumes, including the 53rd week, approximately $10 million of gross margin savings from our cost optimization programs also flowed through our cost of goods line.

商品利潤率下降了400 個基點，原因是促銷力度加大，以確保我們在年底時保持適當的庫存佔用水平，因為銷售額的百分比在銷量增加的基礎上提高了50 個基點，其中包括第53週的毛利率約為1,000 萬美元我們的成本優化計劃節省的資金也流經了我們的商品成本線。

For the fourth quarter, our SG&A rate came in at 22.4%, representing deleverage of 10 basis points, with savings from the cost optimization program of approximately $10 million, more than offset by inflation and wage and technology invest collectively, our cost optimization program generated total savings of approximately $20 million within the fourth quarter.

第四季度，我們的SG&A 率為22.4%，相當於去槓桿化了10 個基點，成本優化計劃節省了約1000 萬美元，遠遠被通貨膨脹以及工資和技術投資共同抵消，我們的成本優化計劃產生了第四季度總計節省約 2000 萬美元。

Finally, non-GAAP earnings came in at $0.38 above the high end of our $0.26 to $0.36 outlook.

最後，非 GAAP 收益為 0.38 美元，比我們預期的 0.26 美元至 0.36 美元的上限高出 0.38 美元。

The quarter also included a $0.12 EPS contribution from the 53rd week.

該季度還包括第 53 週的 0.12 美元每股收益貢獻。

Turning to the balance sheet, we ended the quarter with $297 million of cash and total debt of $447 million at quarter end, inventories were down 8.2% versus last year far better than the 10.5% increase at the start of the quarter and our guidance of flat to down slightly year over year, putting us in a good position to begin margin recovery in 2024.

轉向資產負債表，本季末我們的現金為 2.97 億美元，季末總負債為 4.47 億美元，庫存比去年下降 8.2%，遠遠好於本季初 10.5% 的成長以及我們對同比持平或略有下降，使我們處於有利位置，可以在2024 年開始利潤率復甦。

Lastly, on the quarter, I want to point you to today's announcement on our $478 million non-cash charge on our minority investment portfolio, which flows through our other expense line, but is excluded from our non-GAAP earnings calculation.

最後，關於本季度，我想向您指出今天關於我們少數派投資組合的 4.78 億美元非現金費用的公告，該費用流經我們的其他費用項目，但不包括在我們的非 GAAP 收益計算中。

And as we did our annual impairment review, we felt it appropriate to reassess the value of our portfolio of minority investments and thus took the charge highlighted in today's release.

當我們進行年度減損審查時，我們認為重新評估少數股權投資組合的價值是適當的，因此承擔了今天發布的新聞稿中強調的費用。

Moving on to our 2024 outlook.

繼續我們的 2024 年展望。

At a high level, we expect to return to sales growth and gross margin expansion this year.

在較高水準上，我們預計今年將恢復銷售成長和毛利率擴張。

But we anticipate another year significant investment as we work to build on our core momentum for the year.

但我們預計今年還會有重大投資，因為我們將努力鞏固今年的核心動力。

We are issuing guidance for non-GAAP EPS of $1.50 to $1.70, representing growth of approximately 15% to 30% from the [$1.30] we reported in 2023 on a 52-week basis.

我們發布的非 GAAP 每股盈餘指引為 1.50 美元至 1.70 美元，較我們 2023 年報告的 52 週基礎上的 [1.30 美元]增長約 15% 至 30%。

This guidance includes a nonrecurring charge of $0.1 from the revaluation of our outstanding FLX. points in North America as we roll out our broader CastlePoint's program this year.

本指導意見包括對我們未償付的 FLX 進行重估而收取的 0.1 美元的非經常性費用。今年我們將在北美推出更廣泛的 CastlePoint 計劃。

This outlook embeds the following drivers.

這種前景包含以下驅動因素。

We expect comps of plus 1% to plus 3%, with comps flat to down low single digits in the first quarter and building momentum as we move through the year.

我們預計第一季的比較將成長 1% 至 3%，第一季的比較將持平或下降至低個位數，並隨著全年的發展勢頭不斷增強。

This will be driven by several factors, including the refresh activity in the stores, returns in our ongoing brand building and marketing efforts to launch of our new mobile app, the rollout of our new loyalty program and a return to growth with Nike.

這將受到多種因素的推動，包括商店的更新活動、我們為推出新的行動應用程式而持續進行的品牌建設和行銷工作的回報、我們新的忠誠度計劃的推出以及與耐吉一起恢復增長。

Overall, our store count will be down approximately 4% in 2024 with square footage down approximately 1%.

總體而言，到 2024 年，我們的商店數量將減少約 4%，面積將減少約 1%。

We expect to add roughly 35 new stores in the year and to close approximately 140, including an approximate 1 point drag from lapping the extra week.

我們預計今年將新增約 35 家新店，並關閉約 140 家，其中包括因多一周而造成的約 1 個百分點的拖累。

Total sales for 2024 are expected to be down 1% to up 1%.

2024 年總銷售額預計將下降 1% 至成長 1%。

Turning to our gross margins, we expect gross margin expansion of 210 basis points to 230 basis points to a rate of 29.8% to 30.0% for the year.

談到毛利率，我們預計今年毛利率將成長 210 個基點至 230 個基點，達到 29.8% 至 30.0%。

As we begin to recapture the gross margin compression for 2023 due to elevated promotions.

由於促銷活動增多，我們開始重新獲得 2023 年毛利率的壓縮。

I would note a few important dynamics to our gross margin expectations for the year.

我想指出我們今年毛利率預期的一些重要動態。

First, while our inventory has been brought down to healthy levels.

首先，我們的庫存已降至健康水準。

It will take some time to transition consumer expectations away from those higher promotional levels.

消費者的期望從較高的促銷水平轉變需要一些時間。

We therefore expect to see ongoing merch margin pressure through the first quarter, but improving as we move through the year.

因此，我們預計第一季的商品利潤率將持續面臨壓力，但隨著全年的推移，壓力將有所改善。

Second, the rollout of our enhanced loyalty program will impact our gross margins in the following way.

其次，我們增強忠誠度計畫的推出將透過以下方式影響我們的毛利率。

During the second quarter as we rollout our enhanced FLX loyalty program, we will take an approximate $15 million charge to convert our existing member points to the new program.

在第二季度，當我們推出增強型 FLX 忠誠度計畫時，我們將收取約 1500 萬美元的費用，將現有會員積分轉換為新計畫。

This new program provides our members with more value for the points that they have already earned.

這項新計劃為我們的會員已經獲得的積分提供了更多價值。

Next, as the new loyalty program ramps in the back half, we expect to see a modest gross margin drag as points are initially accrued that we anticipate the program to be gross margin rate neutral and gross profit dollar accretive over time.

接下來，隨著新的忠誠度計劃在下半年逐步推廣，我們預計毛利率將出現小幅拖累，因為我們預計該計劃的毛利率將保持中性，並且隨著時間的推移，毛利將不斷增加。

On SG&A, we expect deleverage between 170 basis points and 190 basis points to a range of 24.4% to 24.6%, driven by our ongoing investments in technology, digital and brand-building as well as a return to more normalized levels of incentive compensation.

在SG&A方面，我們預計去槓桿率將在170個基點至190個基點之間，達到24.4%至24.6%的範圍，這得益於我們對技術、數位和品牌建設的持續投資以及回歸到更正常的激勵薪酬水準。

Our plans include ongoing progress in our cost optimization plans, including an additional $80 million and cost savings targeted this year.

我們的計劃包括成本優化計劃的持續進展，包括今年額外增加 8,000 萬美元和節省成本。

Switching to cash flows, our capital expenditure outlook for the year is approximately $345 million, slightly above the $335 million CapEx average for 2024 through 2026, we discussed in early 2023.

轉向現金流，我們今年的資本支出前景約為 3.45 億美元，略高於我們在 2023 年初討論的 2024 年至 2026 年 3.35 億美元的平均資本支出。

This is driven by our plans to pull forward select investments, especially on the store experience front, while annual CapEx figures may vary in the next few years, we are still committed to that cumulative $1 billion figure through 2026 and would still target that $335 million average further, we also project working capital be roughly neutral for the year.

這是由我們推進精選投資的計劃推動的，特別是在商店體驗方面，雖然未來幾年的年度資本支出數字可能會有所不同，但我們仍然致力於到2026 年實現累計10 億美元的數字，並且仍將目標定為3.35 億美元進一步平均，我們也預計今年的營運資金大致為中性。

Looking at the quarters.

看著宿舍。

Let me also provide some additional context for our expectations on the shape of the year.

讓我還為我們對今年情況的期望提供一些額外的背景資訊。

For the first quarter, we expect comps of flat to down low single digits with momentum building through the year to reach plus 1% to plus 3% for the year.

對於第一季度，我們預計公司的比較將持平或下降到低個位數，並且全年勢頭將增強，全年將達到+ 1％至+ 3％。

On gross margin, we expect pressure to continue into the first quarter as we strategically employ markdowns to help transition our consumer.

在毛利率方面，我們預計壓力將持續到第一季度，因為我們策略性地採用降價措施來幫助消費者轉變。

But we expect gross margins to improve as the year progresses.

但我們預計毛利率將隨著時間的推移而改善。

Given those drivers, we expect first quarter EPS to represent approximately 5% to 10% of annual earnings for the second quarter we expect approximately breakeven earnings given the $15 million or $0.1 charge from our initial FOX loyalty transition that will fall into the second quarter having a compressing impact on earnings within that period.

考慮到這些驅動因素，我們預計第一季每股收益將佔第二季年收益的5% 至10% 左右，考慮到我們最初的福克斯忠誠度過渡將在第二季度產生1500 萬美元或0.1 美元的費用，我們預期收益將達到損益兩平。對該時期內的收益產生壓縮影響。

As well as the tax rate significantly above the annual rate similar to last year, given the lower level of income within the quarter.

鑑於本季收入水準較低，稅率也遠高於去年的年稅率。

As noted previously, we expect our comp trends to improve from Q1's trend as the year progresses and as our initiatives around store refresh digital, including our new mobile app loyalty and our return to NIKE drive improved returns and margins, especially within the back half of the year.

如前所述，隨著時間的推移以及我們圍繞商店更新數位化的舉措（包括我們新的行動應用程式忠誠度和我們回歸耐吉）推動回報和利潤率的提高，特別是在下半年，我們預計我們的比較趨勢將比第一季的趨勢有所改善。那一年。

Looking beyond 2024, we wanted to take the time to update investors on how we are thinking about the longer-term financial profile of our business given a lower starting point exiting 2023, it's important to note that our 2026 operational targets from lace up remain the same.

展望 2024 年後，我們希望花時間向投資者通報我們如何考慮我們業務的長期財務狀況，因為 2023 年退出的起點較低，值得注意的是，我們的 2026 年營運目標仍然是相同的。

We still target 40% plus penetration in our business beyond our top brand, Nike by 2026, digital at 25% of our mix, building exclusive penetration towards 20%, down from our prior target of 25% loyalty at over 50% of sales by 2026 and 70% of sales.

我們的目標仍然是，到2026 年，除我們的頂級品牌Nike 外，我們的業務滲透率將達到40% 以上，數位化占我們產品組合的25%，將獨家滲透率提高到20%，低於我們先前的目標，即 25% 的忠誠度（佔銷售額的50% 以上）。2026 年，銷售額的 70%。

Longer-term off-mall at 50% of our North American square footage and new concepts at 20% of global square footage as we focus more on the store of the future as well as the refresh program in 2024.

長期的商場外面積占我們北美面積的 50%，新概念佔全球面積的 20%，因為我們更加關注未來的商店以及 2024 年的更新計劃。

This means footage growth from our larger power and community DOORS is likely to be pushed out towards 2025 and 2026 as we focus on our core fleet.

這意味著我們更大的電力和社區 DOORS 的鏡頭增長可能會推遲到 2025 年和 2026 年，因為我們專注於我們的核心機隊。

As a result, we expect to build towards our prior plus 5% to plus 6% top-line target into 2026 and beyond.

因此，我們預計到 2026 年及以後將實現先前的 5% 至 6% 的營收目標。

On margins, we still see our original 8.5% to 9% operating margin target as achievable.

在利潤率方面，我們仍然認為最初 8.5% 至 9% 的營業利潤率目標是可以實現的。

But with the timing of reaching that goal being pushed out by two years to 2028.

但實現這一目標的時間被推遲了兩年，即 2028 年。

Turning to capital allocation.

轉向資本配置。

As noted, we anticipate making additional investments in 2024 as we work to build on our current momentum.

如前所述，我們預計在 2024 年進行額外投資，以鞏固目前的勢頭。

While we are entering the year positioned for recovery.

當我們進入復甦之年。

We are currently prioritizing a rebuilding our cash position to ensure we maintain ample flexibility to support the continued execution of our lease-up plan.

我們目前正在優先重建我們的現金狀況，以確保我們保持足夠的靈活性來支持我們租賃計劃的持續執行。

As such, we are not resuming a dividend.

因此，我們不會恢復派息。

At this time, we will reevaluate our returns to shareholders as we move through the year and have greater visibility on our sales and margin recovery and the trajectory of free cash flow into 2025 and beyond.

目前，我們將在這一年中重新評估我們對股東的回報，並對我們的銷售和利潤恢復以及 2025 年及以後的自由現金流軌跡有更清晰的了解。

Returning capital to shareholders remains an important priority, and we continue to believe that the business can support and sustain a dividend at a competitive 30% to 35% payout over time by leaning into our strategic investments.

向股東返還資本仍然是一個重要的優先事項，我們仍然相信，隨著時間的推移，透過我們的策略投資，該業務可以支持並維持具有競爭力的 30% 至 35% 的股息。

In the near term, we'll be better positioned to realize the longer-term earnings potential of our business.

在短期內，我們將能夠更好地實現我們業務的長期獲利潛力。

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

那麼，接線員，請打開提問電話。

Ladies and gentlemen, we'll now begin the question and answer session.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions) Our first question today comes from Bob Drbul from Guggenheim.

（操作員說明）今天我們的第一個問題來自古根漢的鮑伯‧德布爾（Bob Drbul）。

Please go ahead with your question.

請繼續你的問題。

Hi, good morning.

早安.

And so the question that I have really is when you look at the '24 expectations on.

所以我真正的問題是當你看看 24 週年的期望。

I think the sales, the sales guidance is probably a little better than we anticipated.

我認為銷售、銷售指導可能比我們預期的要好一些。

Gross margins are definitely a little better when you look at the expense rate on as '24 progresses.

當你觀察 24 世紀的費用率時，毛利率肯定會好一些。

Just if you could give us a little more color around more of those expenses and through the need and sort of a level of on investment that you're making?

您是否可以透過您正在進行的投資的需求和投資水平，為我們提供更多有關這些費用的更多資訊？

I think that would be helpful.

我認為這會有幫助。

Thank you, Rob.

謝謝你，羅布。

I'll just start high level.

我將從高水平開始。

And just say as we look at 24, it's an important year that I think accomplishes a couple of things.

就我們而言，24 週年是重要的一年，我認為我們完成了幾件事。

We see strong results happening with our latest plan, and we are committed to continue to invest in those tracks.

我們看到我們的最新計劃取得了強勁的成果，我們致力於繼續投資於這些領域。

And the green shoots we're seeing encourage us that this is the right path for us and to really drive us in terms of being a really sustainable long term, great omnichannel retailer so that those strategies are super important.

我們看到的萌芽鼓勵我們，這對我們來說是正確的道路，並真正推動我們成為一個真正可持續的長期、偉大的全通路零售商，因此這些策略非常重要。

We also have 24.

我們也有24個。

As you know, we are showing top line improvement comp growth as well as EBIT margin expansion.

如您所知，我們顯示了營收的改善、複合成長以及息稅前利潤率的擴張。

So it we believe it's the right path to continue to move us down the path to achieve our lease-up plan goals.

因此，我們相信這是繼續推動我們實現租賃計劃目標的正確道路。

And so that's how we've constructed the plan and feel good about it.

這就是我們制定計劃並對此感覺良好的方式。

And Mike, would you like to have more?

麥克，你想要更多嗎？

Yes, Bob, good morning.

是的，鮑勃，早安。

This is Mike.

這是麥克。

As you think through the pace of investments for us in 2024 for those, the expense component does somewhat and over-index in the first half of the year, obviously taken into consideration with our guidance flow.

當你仔細考慮我們 2024 年的投資步伐時，你會發現上半年的費用部分確實有所上升，而且指數過高，這顯然已考慮到我們的指導流程。

We have IT costs year over year that are somewhat weighted towards the first half of the year.

我們的 IT 成本逐年增加，某程度上偏向上半年。

On the margin side, we did talk about loyalty one-timer in Q2 and then some ongoing parts in the second half within margin, our real estate and refresh really picks up through the year from.

在利潤方面，我們確實在第二季度討論了一次性忠誠度，然後在下半年在利潤範圍內討論了一些正在進行的部分，我們的房地產和更新確實在這一年中有所回升。

And from an order of magnitude standpoint, the return of variable comp is the biggest swing factor when you think of the year-over-year movements.

從數量級的角度來看，當你考慮到年比變動時，可變薪酬的報酬率是最大的波動因素。

Beyond that, our marketing and brand-building investments and technology investments combined add something similar, the next overall pieces, those loyalty costs inclusive of the one-time piece.

除此之外，我們的行銷和品牌建立投資以及技術投資相結合，增加了類似的東西，下一個整體部分，這些忠誠度成本包括一次性部分。

And then finally, general labor inflation and the expense component of our refresh activity around and out from an order of magnitude perspective, our investments.

最後，整體勞動力通膨以及我們的更新活動的費用部分從數量級的角度來看，是我們的投資。

Right.

正確的。

Thank you.

謝謝。

Our next question comes from Michael Binetti from Evercore ISI.

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

Please go ahead with your question.

請繼續你的問題。

And thanks for taking our questions here.

感謝您在這裡提出我們的問題。

Congrats on the nice comp in the quarter.

恭喜本季的出色表現。

Mike, I guess maybe I'll just following on unpacked that SG&A will occur.

麥克，我想也許我會繼續了解 SG&A 將會發生的情況。

I think last year.

我想去年。

If we look at it, it was a little bit of detail on a per-foot basis.

如果我們看一下，就會發現每英尺都有一些細節。

Sg&a ended the year maybe 4%of 6% lower.

SG&A 年末可能下降 4% 至 6%。

And what you had initially guided.

以及您最初的指導。

So I guess a bigger picture question is you showed good ability to flex that lower when sales net sales came in actually a little differently than you had hoped.

因此，我想一個更大的問題是，當銷售淨銷售額實際上與您希望的略有不同時，您表現出了良好的降低較低水平的能力。

I guess can you speak to whether maybe flexibility in the SG&A plan this year?

我想您能談談今年的銷售管理及行政費用計畫是否具有彈性嗎？

Do you have like a mid-single digit ability to flex that a little room or push investments out if the sales trend comes in lower, would you would you after pull forward investments if the sales trend comes in a little higher than you thought?

如果銷售趨勢低於您的預期，您是否有中等個位數的能力來調整一點空間或推出投資？如果銷售趨勢比您想像的稍高一點，您會提前投資嗎？

Yes, Michael, great question.

是的，邁克爾，好問題。

I think from our standpoint, hopefully, we've shown you the discipline that when we do have movement in our sales off of our plan, that we will flex our expenses appropriately and we do have some movement within there that we can that we can achieve.

我認為，從我們的角度來看，希望我們已經向您展示了這樣的紀律：當我們的銷售確實超出了我們的計劃時，我們將適當地調整我們的開支，並且我們確實有一些我們可以做到的變化達到。

We're obviously very focused on our cost optimization program, and you'll continue to see us make progress in there and I think the thing that we do want to call out though is that 2024 is a year where we will continue to make the appropriate investments.

顯然，我們非常關注我們的成本優化計劃，您將繼續看到我們在這方面取得進展，我認為我們確實想要指出的是，2024 年我們將繼續在這方面取得進展適當的投資。

And again, making those investments.

再次進行這些投資。

There is an SG&A component to it that we feel is a really prudent investment to be making this year to allow us to accelerate our performance going into 2025 and 2026.

其中有一個 SG&A 組成部分，我們認為今年的投資非常謹慎，可以讓我們在 2025 年和 2026 年加快業績。

And so again, we will have a flex point within our SG&A and we will adjust accordingly as we see trends in the business change but also want to make sure that we're focused on making the right investments for the long term.

同樣，我們將在銷售、管理及行政費用內設定一個彈性點，當我們看到業務趨勢發生變化時，我們將進行相應調整，但我們也希望確保我們專注於進行正確的長期投資。

Okay.

好的。

Thanks a lot for all the detail there.

非常感謝那裡的所有細節。

Our next question comes from Cristina Fernández from TAG.

我們的下一個問題來自 TAG 的 Cristina Fernández。

Please go ahead with your question.

請繼續你的問題。

Yes, good morning.

是的，早安。

And for the question.

對於這個問題。

I wanted to ask about the positive comp for this year.

我想問一下今年的積極薪酬。

What's underpinning that from an industry perspective, did you see better product innovation, inventories cleaner across the marketplace?

從產業角度來看，您是否看到市場上更好的產品創新、更乾淨的庫存，這背後的支撐是什麼？

So how much is the industry itself getting better versus some of the company-specific initiatives you have in place.

那麼，與您實施的一些針對公司的措施相比，產業本身的改善程度有多大。

And yes, I feel this one thing we feel very good about is that we can see a direct path of between our conversion improvements and the strategies that we've been implementing in our lease-up plan.

是的，我覺得我們感覺非常好的一件事是，我們可以看到我們的轉換改進和我們在租賃計劃中實施的策略之間的直接路徑。

So for example, digital our conversions at an all-time high, and that's driven by improvements that we have specifically made as it relates to how we operate our digital strategies and our store conversion, Omni order traffic, Omni average order volume.

例如，我們的數位化轉換率達到歷史最高水平，這是由我們專門做出的改進所推動的，因為它與我們如何經營數位化策略和商店轉換率、全向訂單流量、全向平均訂單量有關。

All Other, we could see that directly tracking with things that we're doing in terms of Omni selling behaviors in our stores as well as our merchants are doing a great job on assortment.

所有其他方面，我們可以看到，直接追蹤我們在商店以及我們的商家中的 Omni 銷售行為方面所做的事情在分類方面做得很好。

So we feel that a lot of the top line was really driven by strategies that we're beginning to see the green shoots from.

因此，我們認為許多收入確實是由我們開始看到萌芽的策略所驅動的。

In addition, certainly, the industry was promotional in the fourth quarter, especially around holiday, as are we and with the fact that we had positive AURs demonstrated that our customer is willing to pay full price for items as well.

此外，當然，第四季度該行業正在促銷，尤其是在假期前後，我們也是如此，而且我們的 AUR 為正，這表明我們的客戶也願意為商品支付全額。

So I think it's a real balance of promotion that we think is appropriate for what was required in the quarter as well as taking control of our destiny with our own strategies.

因此，我認為這是一種真正的促銷平衡，我們認為適合本季度的要求，並且透過我們自己的策略控制我們的命運。

As we saw our demand continue to be strong in the quarter, we did take the opportunity to get more aggressive on making taking markdowns in areas that we were more challenged from an inventory perspective, especially apparel.

當我們看到本季的需求持續強勁時，我們確實藉此機會在庫存角度面臨更大挑戰的領域（尤其是服裝）更加積極地進行降價。

And that is a great outcome for us.

這對我們來說是一個很好的結果。

That we ended with inventory down 8% for the quarter.

截至本季度，我們的庫存下降了 8%。

And then a follow-up question on though on the gross margin outlook for 2024.

然後是關於 2024 年毛利率前景的後續問題。

And could you break down how much of the merchandise margin recovery versus other factors that are helping I'd drive that improvement?

能否詳細說明商品利潤率恢復與其他幫助我推動改善的因素相比有多少？

Yes, this is this is Mike.

是的，這就是麥克。

So obviously, we're planning a margin recapture of 210 basis points to 230 basis points coming out of this year where we and the industry leaned into promotions in recent quarters, Mary just alluded to the appropriate steps that we took to improve our inventory position.

很明顯，我們計劃今年將利潤率重新提高 210 個基點到 230 個基點，我們和行業在最近幾個季度傾向於促銷，瑪麗剛剛提到了我們為改善庫存狀況而採取的適當措施。

I really wanted to call out that they were both proactive and surgical in nature, really leaving us with the inventory position we were looking for in both terms of quality and volume of that inventory.

我真的很想指出，它們本質上都是積極主動的和外科手術式的，真正讓我們在庫存品質和數量方面都處於我們正在尋找的庫存位置。

And even with that, that healthier inventory level, though we aren't modeling a full recapture of promotional activity in 2023 we know that moving the consumer off of higher promotions will take some time to what we're calling out that in Q1, we do expect to see some ongoing year-over-year pressure.

即便如此，更健康的庫存水平，儘管我們沒有對2023 年促銷活動的全面重現進行建模，但我們知道，讓消費者遠離更高的促銷活動將需要一些時間才能達到我們在第一季所呼籲的目標，我們預計會出現一些持續的同比壓力。

We do expect that to improve through the year.

我們確實預計這一情況將在今年有所改善。

A couple of other nuances that we've highlighted is that that FLX rollout had the $15 million one-time impact in Q2.

我們強調的其他一些細微差別是，FLX 的推出在第二季產生了 1500 萬美元的一次性影響。

And then as the new program ramps in the back half, we do expect a modest drag on initial accruals.

然後，隨著新計劃在下半年的推進，我們確實預計初始應計項目將受到適度拖累。

And I do expect that program to be both a rate neutral margin dollar accretive over time for the year on shrink within there, we expect to be relatively neutral year over year as you think through the 2024 gross margin build directly of the 220 basis point midpoint's, about 200 basis points of it are a little more than that 2020 is the we expect to recapture about 75% of the promotional activity that we experienced within the year that, as Alex hit, is about a 20 basis points offset within there.

我確實預計該計劃將成為利率中性的，隨著時間的推移，利潤率美元會在年內收縮，隨著時間的推移，我們預計該計劃將同比相對中性，因為你可以考慮到2024 年毛利率直接建立在220 個基點中點的基礎上，其中約200 個基點比2020 年要多一點，我們預計將重新獲得我們在這一年中經歷的促銷活動的約75％，正如Alex 所言，其中大約有20 個基點的抵銷。

And then occupancy, we expect to be about a 20 basis point help to us.

然後入住率，我們預計會對我們有大約 20 個基點的幫助。

We do lose a little bit from the extra week, but we'll gain a little bit on the low.

我們確實從額外的一周中損失了一些，但我們會在低點時獲得一些。

So Alex, the low single digit sales comp and the cost savings initiatives that we have in place.

所以亞歷克斯，低個位數的銷售補償和我們實施的成本節約計劃。

Thank you.

謝謝。

Our next question comes from Janine Stichter from BTIG.

我們的下一個問題來自 BTIG 的 Janine Stichter。

Please go ahead with your question.

請繼續你的問題。

And good morning, and wanted to ask about your plans to drive exclusive to 20% from the 25% previously, what have been some of the learnings there that are causing you to change this target?

早安，我想問一下你們計劃將獨佔率從之前的 25% 提高到 20%，有哪些經驗教訓導致你們改變了這一目標？

And just how should we think about the relationship between exclusives and your susceptibility to the broader promotional environment?

我們應該如何思考獨家產品與您對更廣泛的促銷環境的敏感度之間的關係？

Thank you.

謝謝。

Good morning.

早安.

Thanks for the questions, Frank.

謝謝你的提問，弗蘭克。

Yes, so it really the change in the target was predicated on some of the learnings from 2023 as we embarked on our store refresh program, we looked at space and skew capacity and then also just the productivity of SKUs and categories and determined that sometimes more and always more in all cases.

是的，所以目標的改變確實是基於 2023 年我們開始商店更新計劃時的一些經驗教訓，我們研究了空間和傾斜容量，然後也只是 SKU 和類別的生產力，並確定有時更多並且在所有情況下總是更多。

And so what we really want to do is focus in on bigger and better stories and make sure that we've got in-store and digital capacity to tell those stories, the marketing investment behind it and then give them a little bit more room to breed with the consumer so that with some of the key learnings that informed that change in the target long term, I will tell you, though, that we're very pleased with the composition results of our exclusive programs in 23.

因此，我們真正想做的是專注於更大更好的故事，並確保我們有店內和數位能力來講述這些故事，背後的行銷投資，然後給他們更多的空間與消費者一起培育，以便透過一些關鍵知識來通知長期目標的變化，但我會告訴你，我們對23 中獨家計劃的組成結果感到非常滿意。

And then what we have on our on order and on the programming calendar for 2024, we continue to work very hard as we broaden our consumer in our brand portfolio with all of our partners.

然後我們在 2024 年的訂單和節目日曆上，我們將繼續努力工作，與所有合作夥伴一起擴大我們品牌組合中的消費者。

Our positions in basketball are only strengthening in 2024, but we're also bringing that to market, some really powerful kids focused ideas for our KFL. and our North America banners specifically.

到 2024 年，我們在籃球領域的地位只會得到加強，但我們也會將其推向市場，為我們的 KFL 提供一些真正強大的以孩子為中心的想法。特別是我們的北美橫幅。

So feel great about that.

所以對此感覺很好。

And then the other thing is that the learnings about how we tag and market the exclusivity, I think we can do a little bit better job again by up by being a little more discerning in what's programmed on the calendar.

另一件事是，關於我們如何標記和行銷排他性的學習，我認為我們可以透過對日曆上的程式內容更加挑剔來再次做得更好。

Okay.

好的。

And then just a follow-up.

然後只是後續行動。

As you think about the 28 target of 8.5% to 9% operating margin, what are some of the guideposts that we should think about.

當您思考 8.5% 至 9% 營業利潤率的 28 個目標時，我們應該考慮哪些指導方針。

And to clarify your comments about the reacceleration in square footage growth in 2026, should that be the year when we really start to see margins ramping towards that target?

為了澄清您對 2026 年建築面積重新加速成長的評論，我們是否應該在這一年真正開始看到利潤率朝著該目標攀升？

Thank you.

謝謝。

Jeanine, this is Mike.

珍妮，這是麥克。

So I yes, from a from a ramp perspective, I think 2026 is going to be where you know, 2025 into 2026, you'll see us make progress across that timeframe in terms of our EBIT margin recapture on the way to the 8.5% to 9% by 2028.

所以我是的，從斜坡的角度來看，我認為2026 年將是你知道的，2025 年到2026 年，你會看到我們在EBIT 利潤率重新獲得8.5% 的道路上在這段時間內取得進展到 2028 年將達到 9%。

I think the way that we think about the path from 2024 is, obviously, as we get into 2025, we'll have the recapture of the onetime as well point hit that we called out.

我認為我們對 2024 年之後道路的思考方式顯然是，當我們進入 2025 年時，我們將重新奪回我們所呼籲的一次性打擊。

We'll also have further gross margin recovery of the promo pressure not currently contemplated within our 2024 guidance we'll continue to have ongoing progress in our cost optimization program over the time also have tech costs begin to taper after we get through some of the major initiatives here early on, we'll see that normalize a bit down.

我們還將進一步恢復目前在 2024 年指導中未考慮到的促銷壓力的毛利率，隨著時間的推移，我們將繼續在成本優化計劃方面取得持續進展，並且在我們完成一些早期的重大舉措，我們會看到正常化程度下降。

We'll continue to have real estate rationalization, which will be margin enhancing over time and then ultimately getting to that sales growth in the 5% to 6% range in 2026 and going forward will allow us to drive leverage down through the P&L.

我們將繼續進行房地產合理化，這將隨著時間的推移提高利潤率，最終在 2026 年實現 5% 至 6% 的銷售成長，未來將使我們能夠透過損益表降低槓桿率。

Great.

偉大的。

Thanks so much for all the color and best of luck for you.

非常感謝所有的顏色，祝你好運。

Our next question comes from Alex Stratton from Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓。

Please go ahead with your question.

請繼續你的問題。

Great.

偉大的。

Thanks a lot.

多謝。

Just a couple for me here.

這裡只給我幾個。

So just on the quarter and quarter-to-date trend, it looks like comps decelerated sequentially in the quarter.

因此，就本季和本季至今的趨勢來看，本季的經濟成長率似乎連續放緩。

Maybe what do you make about December step-down from November?

也許您對 12 月從 11 月降級有何看法？

And can you just clarify how trends have evolved quarter to date?

您能澄清一下迄今為止的趨勢是如何演變的嗎？

And then separately, what gives you confidence that the comp can accelerate as promotions come off?

另外，是什麼讓您有信心隨著促銷的進行，競爭會加速？

So Alex, thank you for the call.

亞歷克斯，謝謝你的來電。

This is Mike.

這是麥克。

So from a from a January deceleration perspective, we did have a little bit of weather within our performance, but we were really pleased with the results we saw in November and December.

因此，從 1 月減速的角度來看，我們的表現確實受到了一些天氣因素的影響，但我們對 11 月和 12 月看到的結果感到非常滿意。

And we really look at that combined period as the holiday timeframe.

我們確實將這段合併期間視為假期時間範圍。

And again, we're pleased with that overall results from a year-to-date perspective, we're not going to address that specifically other than obviously, our trends to date are incorporated within how we approach the guide for the year.

再說一次，我們對今年迄今為止的整體結果感到滿意，我們不會具體解決這個問題，但顯然，我們迄今為止的趨勢已納入我們今年指南的處理方式中。

And as a reminder, for Q1, we're calling out flat to down low single digits in terms of the top line within Q1.

提醒一下，對於第一季度，我們預計第一季的營收將持平至低個位數。

And then as we think through the comp growth for 2024, and I think it's really about us continue to make the right investments and those right investments starting to come to life throughout the year.

然後，當我們思考 2024 年的複合成長時，我認為這實際上是我們繼續進行正確的投資，而這些正確的投資在全年中開始發揮作用。

So as we build to the top line, obviously, our refresh activity will help that.

因此，當我們達到頂線時，顯然我們的刷新活動將對此有所幫助。

We'll launch our mobile app in North America, we have the loyalty enhanced version in North America will continue to benefit from the ongoing brand.

我們將在北美推出我們的行動應用程序，我們在北美擁有忠誠度增強版本，將繼續受益於現有品牌。

Building within our marketing team will have the buys and assortments from our reorganized merchant team and then obviously the returned to growth with NIKE later in the year.

我們行銷團隊的建設將包括來自我們重組後的商人團隊的購買和分類，然後顯然在今年晚些時候與耐吉一起恢復成長。

Thanks a lot.

多謝。

Good luck.

祝你好運。

Thank you.

謝謝。

Our next question comes from Jonathan Komp from Baird.

我們的下一個問題來自貝爾德 (Baird) 的喬納森康普 (Jonathan Komp)。

Please go with your question.

請回答你的問題。

Your Hi, good morning.

你好，早安。

I might just one follow up on that.

我可能只是對此進行跟進。

On the gross margin topic come.

關於毛利率的話題就來了。

Can you maybe just clarify as you look over the next couple of years, how much total your markdown related merchandise pressure you expect to get back any further color when we think about the 2028 margin targets, what sort of gross margin, what range you're embedding within that?

您能否澄清一下，當您展望未來幾年時，當我們考慮 2028 年的利潤率目標、毛利率是多少、您的範圍是多少時，您期望獲得進一步的降價相關商品壓力是多少？重新嵌入其中？

So thanks, Jonathan.

所以謝謝，喬納森。

Appreciate the question.

感謝這個問題。

I think from our standpoint, the promotional pressure that we've seen year over year really tied to the elevated in elevated inventory that not only we had, but was in the industry.

我認為從我們的角度來看，我們逐年看到的促銷壓力確實與庫存的增加有關，這不僅與我們的庫存增加有關，而且與整個行業的庫存增加有關。

We don't see that as structural also over the next couple of years.

我們認為未來幾年這不會成為結構性的。

We are planning to recover that.

我們正計劃恢復它。

And I think beyond that, we expected to have continued benefits from our reorganized buying teams and then also operating here from a cleaner inventory position we expect to be able to maintain that and then improve our turn over time.

我認為除此之外，我們預計將繼續受益於重組的採購團隊，然後以更清潔的庫存狀況在這裡運營，我們預計能夠維持這一點，然後隨著時間的推移提高我們的周轉率。

I think in 2023, we turn to two six or to seven from a cost standpoint, and we expect to be able to work that up to three overtime.

我認為，從成本的角度來看，到 2023 年，我們會轉向兩個六或七個，我們預計能夠最多加班三個小時。

In terms of the exact components within the P&L in 2028, that's not something that we're going to comment on at this time.

就 2028 年損益表的具體組成部分而言，我們目前不會對此發表評論。

But we're we definitely expect to be able to continue to drive healthy margins that allow us to get to that 8.5% to 9% EBIT.

但我們肯定希望能夠繼續推動健康的利潤率，使我們能夠實現 8.5% 至 9% 的息稅前利潤。

Understood.

明白了。

Appreciate that.

感謝。

And maybe one broader follow up just on the integration with brands and specifically, Nike, I'm curious just to hear more about the evolution with the marketing partnership with Nike here and how we should view that in context, I know the discussion is returning to growth with Nike home.

也許還有一個更廣泛的後續行動，只是關於與品牌的整合，特別是與耐吉的整合，我很好奇只是想了解更多關於與耐吉的營銷合作夥伴關係的演變，以及我們應該如何在上下文中看待這一點，我知道討論正在回歸與耐吉家居一起成長。

I think that's maybe a couple of quarters behind the original target in terms of timing.

我認為就時間而言，這可能比最初的目標落後了幾個季度。

So just thoughts on that, that return to growth, but the timing and the visibility in conjunction with the new partnership here.

因此，請考慮一下，恢復成長，以及與這裡的新合作關係相關的時機和可見性。

Thank you.

謝謝。

Sure, thank you.

當然可以，謝謝。

Thank you for the question.

感謝你的提問。

I'd say we mentioned this in the comments as well that overall approach to working with our brand partners.

我想說，我們在評論中也提到了這一點，以及與我們的品牌合作夥伴合作的整體方法。

I think we've elevated this year and really the Keystone was our partner summit as we're taking a consumer-led view and multiyear growth planning approach with all of our brand partners.

我認為今年我們的水平有所提高，基石實際上是我們的合作夥伴高峰會，因為我們正在與所有品牌合作夥伴採取以消費者為主導的觀點和多年成長規劃方法。

It's important to note our relationship, our partnership with Nike is strong.

值得注意的是我們與耐吉的合作關係非常牢固。

And I think that for sure, the areas that we really align around our basketball kids and sneaker culture, especially with the fact that we have a younger, multicultural consumer that we bring to the party.

我認為，可以肯定的是，我們真正圍繞著籃球孩子和運動鞋文化的領域，特別是考慮到我們有一個年輕的、多元文化的消費者來參加聚會。

And so a perfect example of how we're working together is activation.

因此，我們如何合作的一個完美例子就是激活。

We just had with them of the All Star 2024 weekend in India and the launch of something called the clinic, which is a Foot Locker, Nike Jordan Brand sponsored year-long events, and that will have activations and community social media as well as a piece of advertising that's running right now in the MBA with Kevin Durant and Jason paid them.

我們剛剛與他們一起參加了印度的2024 年全明星週末，並啟動了一個名為“診所”的活動，這是Foot Locker、Nike Jordan Brand 贊助的為期一年的活動，將有活動和社區社交媒體以及凱文杜蘭特和傑森付錢給他們的MBA廣告現在正在播放。

So we're exciting to we're very excited to work together with Nike to really elevate basketball culture, sneaker culture, and we expect to return to growth with Nike on an allocation basis later this year during the holiday quarter.

因此，我們很高興能夠與耐吉合作，真正提升籃球文化、運動鞋文化，我們預計在今年稍後的假期期間，將在分配的基礎上與耐吉恢復增長。

The rest of the we'll see there's some uncertainty in the marketplace and we know that as we get into the year.

剩下的，我們會看到市場存在一些不確定性，進入今年我們就知道這一點。

And so we'll see how that goes.

所以我們會看看情況如何。

But we definitely see growth that happening on an allocation basis later in the year in the holiday quarter.

但我們肯定會在今年稍後的假期季度看到分配基礎上出現的成長。

Okay.

好的。

Thank you very much.

非常感謝。

And our final question today comes from Abbie Zvejnieks from Piper Sandler.

今天我們的最後一個問題來自 Piper Sandler 的 Abbie Zvejnieks。

Please go ahead with your question facing question.

請繼續您面臨的問題。

My question is there just any color you can give on what you're contemplating in the full year guide for on specifically in North America in a Foot Locker Foot Locker kids versus and Champs and s in terms of comp?

我的問題是，對於您在全年指南中考慮的內容，特別是在北美的 Foot Locker Foot Locker 兒童與 Champs 和 s 的比較方面，您可以給出任何顏色嗎？

Thank you.

謝謝。

I think Savi, on from this standpoint, I'm not going to comment on the banner specific comps that we're planning through the year.

我認為薩維，從這個角度來看，我不會對我們今年計劃的橫幅特定比賽發表評論。

I think we were pleased that in Q4, several of our banners obviously outperformed our expectations to lead to the health.

我認為我們很高興在第四季度，我們的幾個橫幅明顯超出了我們的預期，從而帶來了健康。

So we think we have momentum really across the portfolio within there.

因此，我們認為我們的投資組合確實具有動力。

Obviously, WSS was a little softer, and I think we're pleased with what the management team there is doing to stabilize that going into the next year.

顯然，WSS 的情況要軟一些，我認為我們對管理團隊為穩定進入明年所做的努力感到滿意。

Okay.

好的。

And then just sorry, a follow-up on digital.

抱歉，這是數位化的後續行動。

Can you talk about what exactly led on the comps there in the fourth quarter was it anything to do with higher launch product versus the prior year or anything you're doing on a marketing side that you think led to that?

您能否談談第四季度的比較結果到底是什麼導致了與前一年相比更高的發布產品有關，或者您在行銷方面所做的任何事情您認為導致了這一點？

Thank you.

謝謝。

Yes, digital is really all about conversion, which is at all-time high, and that's driven by improvements at our teams have been making on things that we can see a direct effect.

是的，數位化確實與轉換有關，轉換率處於歷史最高水平，這是由我們團隊在我們可以看到直接效果的事情上所做的改進所推動的。

So be it mobile cart, navigation, urgency, indicator, size, filters and some feel those types of tactics are really driving our conversion.

因此，無論是行動購物車、導航、緊迫性、指示器、尺寸、過濾器，還是一些人認為這些類型的策略確實推動了我們的轉換。

As we know there's quantifiable scale revenue impacts that we're seeing with improvements on our digital sites as well as investment in digital media.

眾所周知，我們看到數位網站的改進以及數位媒體的投資對收入產生了可量化的規模影響。

Okay.

好的。

Thank you.

謝謝。

Sure.

當然。

So let's I think we need to wrap up.

所以我認為我們需要總結一下。

Thank you.

謝謝。

Thank you for joining us today.

感謝您今天加入我們。

As when to sum up, we're evolving Footlocker to be the global destination go-to destination for discovering and buying all things sneakers we could by continuing to execute on the laser plan we are confident we're on the path towards driving sustainable, profitable, long-term growth and shareholder value.

總而言之，我們正在將 Footlocker 發展成為全球首選目的地，透過繼續執行雷射計劃，我們可以發現和購買所有運動鞋，我們相信我們正在推動可持續發展的道路上，盈利、長期增長和股東價值。

I just want to extend my gratitude to the entire Foot Locker team and in particular, our global Striker community for what they do every day, working with excellence across our stores, online, our distribution centers, and we look forward to updating you on our progress next quarter.

我只想向整個 Foot Locker 團隊，特別是我們的全球 Striker 社區表示感謝，感謝他們每天所做的事情，在我們的商店、網上、配送中心的出色工作，我們期待向您通報我們的最新情況下個季度取得進展。

Thank you.

謝謝。

And ladies and gentlemen, with that, we'll be concluding today's conference call and presentation.

女士們、先生們，我們今天的電話會議和演示就到此結束。

We thank you for joining.

我們感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。