Foot Locker Inc (FL) 2024 Q2 法說會逐字稿

Good morning! And welcome to Foot Locker's second quarter 2024 financial results conference Call. (Operator Instructions)

早安!歡迎參加 Foot Locker 2024 年第二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 or future events and financial performance. Management undertakes no obligation to update these forward-looking statements, which are based on any 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反映管理階層當前觀點或未來事件和財務績效的前瞻性陳述。管理層不承擔更新這些前瞻性陳述的義務，這些陳述基於任何假設和因素，包括全球、經濟和市場狀況、貨幣波動、客戶偏好以及公司聲明中更全面描述的其他風險和不確定性的影響。向SEC 提交的新聞稿和報告，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 those forward-looking statements. Please note this conference call 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，而實際結果可能與這些前瞻性陳述中包含的結果有重大差異。請注意，本次電話會議正在錄音。

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

現在我想將會議交給 FP&A、投資者關係和財務主管高級副總裁 Robert Higginbotham 先生。先生，您可以開始了。

Thank you, operator. Welcome everyone to Foot Locker Inc's second quarter earnings call. We will 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. Then Mike Baughn, our Executive Vice President and Chief Financial Officer, will review our second quarter results in more detail and our 2024 outlook. Following our prepared remarks, Mary, Frank, and Mike will take your questions.

謝謝你，接線生。歡迎大家參加 Foot Locker Inc 第二季財報電話會議。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。然後，我們的執行副總裁兼財務長 Mike Baughn 將更詳細地回顧我們第二季的業績和 2024 年的展望。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。

To note, today's call would reference certain non-GAAP measures. A reconciliation of GAAP to non-GAAP results is included in this morning's earnings release. We also have a slide presentation posted on our Investor Relations website with information that will be referenced during the call. Finally, for future planning purposes, we currently plan to release our third quarter 2024 results on Wednesday, December 4.

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。今天早上的財報中包含了 GAAP 與非 GAAP 業績的調整表。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。最後，出於未來規劃的目的，我們目前計劃於 12 月 4 日星期三發布 2024 年第三季業績。

And now I will turn it over to Mary.

現在我將把它交給瑪麗。

Thank you, Rob. I'll start this morning with a brief overview of our second quarter results. I'll then comment on some recent strategic and organizational updates, and we'll close with an update on our progress against our Lace Up Plan.

謝謝你，羅布。今天早上我將首先簡要概述我們第二季的業績。然後我將評論最近的一些策略和組織更新，最後我們將介紹我們的「繫帶計畫」進展的最新情況。

To start, the second quarter marks a meaningful inflection point in our business and the execution of our Lace Up Plan. In the quarter, we saw a return to positive total and comp sales growth, while also returning to gross margin expansion which demonstrates that our strategic investments in support of the Lace Up Plan are taking hold.

首先，第二季標誌著我們業務和「繫帶計畫」執行的一個有意義的轉折點。在本季度，我們看到總銷售額和比較銷售額恢復正成長，同時毛利率也恢復成長，這表明我們支持「繫帶計畫」的策略性投資正在站穩腳步。

Comps increased 2.6%, which was ahead of our expectations of flat to slightly positive. This was led by our global Foot Locker and Kids Foot Locker banners, which comped up 5.2%. Importantly, our comp trend strengthened as we moved through the quarter with July our strongest month as we saw a solid start to the back-to-school season, especially in our stores, and with that strength continuing into August.

同期比較成長 2.6%，超出了我們持平或小幅成長的預期。其中，我們的全球 Foot Locker 和 Kids Foot Locker 橫幅廣告引領了這一趨勢，成長了 5.2%。重要的是，隨著我們進入本季度，我們的比較趨勢有所加強，其中7 月是我們表現最強勁的月份，因為我們看到返校季節的良好開端，尤其是在我們的商店，並且這種強勁勢頭持續到8 月。

We were also particularly pleased to see stabilization in the Champs Sports banner, as the banner achieved meaningful comp improvement quarter-over-quarter as its repositioning continues to take fruit.

我們也特別高興地看到冠軍體育旗幟的穩定，因為隨著其重新定位繼續取得成果，該旗幟實現了季度環比的有意義的競爭改善。

Gross margin was up 50 basis points year-over-year, led by underlying improvement in merchandise margins from lower promotions as well as occupancy leverage, and offset by the planned impact of a non-recurring charge associated with our recent FLX Rewards Program transition.

毛利率年增 50 個基點，這主要是由於促銷活動和入住率下降導致商品利潤率的根本改善，並被我們最近的 FLX 獎勵計劃過渡相關的非經常性費用的計劃影響所抵消。

Finally, non-GAAP earnings per share was a loss of $0.05, including a $0.09 impact from the non-recurring FLX charge in the quarter, which was roughly in line with our expectations. As we look forward to the remainder of the year, we have momentum coming off our strong second quarter results, and we are approaching the back half of the year with confidence.

最後，非 GAAP 每股盈餘虧損 0.05 美元，其中包括本季非經常性 FLX 費用造成的 0.09 美元影響，大致符合我們的預期。當我們展望今年剩餘時間時，我們強勁的第二季業績帶來了動力，我們充滿信心地迎接今年下半年。

Our strategies across store experience, digital, loyalty, and brand building are continuing to take hold. The impact of our Lace Up Plan is accelerating. Our inventories are well-positioned, and we are flowing product to better match customer demands.

我們在商店體驗、數位化、忠誠度和品牌建立方面的策略正在繼續發揮作用。我們的「繫帶計畫」的影響正在加速。我們的庫存處於有利位置，並且我們正在流動產品以更好地滿足客戶需求。

As such, we are reiterating our full-year outlook, calling for a return to comp growth and EBIT margin expansion, and we are maintaining our guidance of non-GAAP EPS of $1.50 to $1.70. We remain focused on progressing against our Lace Up Plan this year and meeting our near and longer-term financial commitments including our 8.5% to 9% EBIT margin targets by 2028.

因此，我們重申全年展望，呼籲恢復複合成長和息稅前利潤率擴張，並維持 1.50 美元至 1.70 美元的非 GAAP 每股盈餘指引。我們今年仍專注於推進我們的 Lace Up 計劃，並實現我們的近期和長期財務承諾，包括 2028 年實現 8.5% 至 9% 的息稅前利潤率目標。

With that focus on delivering against our strategic and financial targets in mind, I'd like to comment on the changes we announced this morning to our international operations as well as our corporate real-estate footprint.

考慮到實現我們的策略和財務目標的重點，我想對我們今天早上宣布的國際業務以及公司房地產足跡的變化發表評論。

An overarching principle of our Lace Up Plan is to simplify and optimize our business to ensure that we can invest behind and focus our energy on our core banners and markets in order to drive sustainable growth. As part of the Lace Up Plan over the past few years, we've made meaningful strides in streamlining areas of our regional and banner portfolio that were adding complexity to our business while also diluting our overall levels of profitability.

我們的 Lace Up 計畫的首要原則是簡化和優化我們的業務，以確保我們能夠進行投資並將精力集中在我們的核心旗幟和市場上，以推動永續成長。作為過去幾年「Lace Up 計畫」的一部分，我們在簡化區域和橫幅產品組合方面取得了有意義的進展，這些領域增加了我們業務的複雜性，同時也削弱了我們的整體獲利水準。

In North America, we wound down banners such as Lady Foot Locker, Footaction, Eastbay, and Atmos limited US presence. In Europe, we closed our Runners Point and Sidestep banners. And in Asia, we converted our operations in Singapore and Malaysia to a licensed model.

在北美，我們取消了 Lady Foot Locker、Footaction、Eastbay 和 Atmos 等橫幅，限制了我們在美國的存在。在歐洲，我們關閉了 Runners Point 和 Sidestep 橫幅。在亞洲，我們將新加坡和馬來西亞的業務轉變為授權模式。

As we execute our Lace Up Plan, we've identified additional opportunities for streamlining our operations, leading to this morning's announcement regarding our international business. In our Asia-Pacific region, we will begin to wind down our stores in e-commerce operations in South Korea. In Europe, we will close our stores and e-commerce businesses in Denmark, Norway, and Sweden.

在執行「Lace Up 計畫」時，我們發現了簡化營運的其他機會，從而導致今天早上發布了有關我們國際業務的公告。在亞太地區，我們將開始關閉韓國的電子商務業務商店。在歐洲，我們將關閉丹麥、挪威和瑞典的商店和電子商務業務。

Further, we signed agreements to transfer our operations in Greece and Romania to Fourlis Group, a leading retail group and licensing partner in Southeast Europe. All of these changes are expected to be completed by mid-2025. I want to thank our teams and stripers in these markets who have worked with dedication and passion every day.

此外，我們也簽署了協議，將希臘和羅馬尼亞的業務轉移給東南歐領先的零售集團和授權合作夥伴 Fourlis Group。所有這些變更預計將於 2025 年中期完成。我要感謝這些市場中的我們的團隊和脫衣舞者，他們每天都以奉獻和熱情工作。

Additionally, our agreements with Fourlis Group include future stores and e-commerce expansion in Southeast Europe. Including expansion in Greece and Romania, the ambition is to open over 100 stores in the region over time.

此外，我們與 Fourlis Group 的協議包括未來在東南歐的商店和電子商務擴張。包括在希臘和羅馬尼亞的擴張，我們的目標是隨著時間的推移在該地區開設 100 多家商店。

In combination with our plans to enter India later this year with our licensed partners Metro Brands and Nykaa Fashion, the health and contribution of our global licensing portfolio is building as we profitably expand the global reach of our Foot Locker brand in higher growth markets with reduced levels of investment and risk.

結合我們今年稍後與我們的授權合作夥伴Metro Brands 和Nykaa Fashion 一起進入印度的計劃，我們的全球授權組合的健康和貢獻正在不斷增強，因為我們在高增長市場中以盈利方式擴大了Foot Locker品牌的全球影響力，並減少了成本。

Next, I want to address our intention to relocate our corporate headquarters to St. Petersburg, Florida, where we already have a meaningful executive and commercial presence in late 2025. We'll be expanding our footprint in St. Petersburg as we transition from New York City and plan to maintain only a limited presence in New York City going forward.

接下來，我想談談我們將公司總部遷至佛羅裡達州聖彼得堡的意圖，我們已經在2025 年底在那裡建立了有意義的行政和商業機構。 。

Separately, in September, we will celebrate the opening of our new Global Technology Services Hub in Dallas, which will be a key enabler of our technology infrastructure modernization under Lace Up.

另外，我們將在 9 月慶祝位於達拉斯的新全球技術服務中心開業，該中心將成為 Lace Up 旗下技術基礎設施現代化的關鍵推動者。

At Foot Locker, we are at our best when we support enterprise-level thinking and collaboration amongst our team members while also looking for ways to operate with financial discipline. Through these actions, we are ensuring ongoing strategic support of our Lace Up Plan and operational efficiency as we focus on driving long-term sustainable growth and shareholder value creation.

在 Foot Locker，當我們支援企業級思維和團隊成員之間的協作，同時尋找遵守財務紀律的營運方法時，我們就能做到最好。透過這些行動，我們確保為 Lace Up 計畫和營運效率提供持續的策略性支持，同時我們專注於推動長期永續成長和股東價值創造。

Now with that, let me provide an update on our Lace Up Plan and progress against our strategies in the second quarter. Starting with our first imperative, Expand Sneaker Culture, which aims to serve more customers and sneaker occasions through a curated assortment of premium brands and sneakers.

現在，讓我介紹一下我們的 Lace Up 計劃的最新情況以及我們第二季度策略的進展。從我們的首要任務開始，擴展運動鞋文化，旨在透過精選的優質品牌和運動鞋品種來服務更多的客戶和運動鞋場合。

With our return to positive comp sales in the second quarter led by our strong results in footwear, we're showing that we are growing our market share through our efforts to Expand Sneaker Culture.

在鞋類業務的強勁業績帶動下，第二季度我們的銷售業績恢復正值，這表明我們正在透過努力擴大運動鞋文化來擴大我們的市場份額。

As we return to growth in the second quarter and into the back half, we're excited about achieving growth across all aspects of our product portfolio, including a return to growth with Nike starting in the fourth quarter of this year and into 2025.

隨著我們在第二季和下半年恢復成長，我們對產品組合各個方面實現成長感到興奮，包括耐吉從今年第四季開始到 2025 年恢復成長。

We'll achieve this through our emphasis on our mutual pillars of basketball, kids, and sneaker culture and leading into our elevated storytelling and partnerships such as the NBA, Home Court, and The Clinic.

我們將透過強調我們在籃球、兒童和運動鞋文化方面的共同支柱，並加強我們的故事講述和合作夥伴關係（例如 NBA、Home Court 和 The Clinic）來實現這一目標。

For example, in the second quarter, we collaborated with Nike and Jordan brand to tap into the growing popularity of women's basketball through a clinic activation featuring WNBA Guard for the Atlanta Dream, Aerial Powers, former WNBA player Linnae Harper of the Chicago Sky, and Jordan brand athletes, including Mikaylah Williams of the LSU Tigers, Kiki Rice of the UCLA Bruins, and Kiyomi McMiller of Rutgers Scarlet Knights.

例如，在第二季度，我們與耐吉和喬丹品牌合作，透過由亞特蘭大夢想隊的 WNBA 後衛、Aerial Powers、芝加哥天空隊的前 WNBA 球員林奈哈珀和Jordan 品牌運動員包括路易斯安那州立大學老虎隊(LSU Tigers) 的米凱拉·威廉姆斯(Mikaylah Williams)、加州大學洛杉磯分校棕熊隊(UCLA Bruins) 的琪琪·賴斯(Kiki Rice) 和羅格斯猩紅騎士隊(Rutgers Scarlet Knights)的Kiyomi McMiller。

In July, we hosted a two-day activation in Phoenix featuring a skills and drills clinic with young women hoopers, followed by an engaging panel discussion. Our celebration of women's basketball with the clinic speaks to what we continue to see as a key opportunity for our business as we look ahead, namely our women's business.

七月，我們在鳳凰城舉辦了為期兩天的活動，其中包括與年輕女性籃球運動員一起舉辦的技能和訓練診所，隨後進行了一場引人入勝的小組討論。我們與診所一起慶祝女子籃球，這表明我們在展望未來時仍然將其視為我們業務的關鍵機遇，即我們的女性業務。

Women's has consistently been our fastest growing business for the past few years. Looking out, we continue to see ongoing opportunity in the women's category. As we tap into the women's opportunity broadly, our brand diversification efforts play an important role as we see more women come into our funnel through our wider brand selection.

過去幾年來，女裝業務一直是我們成長最快的業務。展望未來，我們繼續看到女子類別中持續存在的機會。當我們廣泛挖掘女性機會時，我們的品牌多元化努力發揮了重要作用，因為我們看到更多女性透過更廣泛的品牌選擇進入我們的管道。

In the second quarter, we introduced our first ever spring style and trend campaign in partnership with Adidas and New Balance. The campaign strategically targeted women and earned us nearly 3 billion media impressions.

在第二季度，我們與阿迪達斯和新百倫合作推出了首個春季風格和趨勢活動。該活動策略性地針對女性，為我們贏得了近 30 億次媒體曝光。

Looking ahead, next month marks the Foot Locker brand's 50th anniversary and we have some exciting plans to help celebrate our rich history at the heart of basketball and sneaker culture.

展望未來，下個月是 Foot Locker 品牌成立 50 週年，我們有一些令人興奮的計劃來幫助慶祝我們在籃球和運動鞋文化核心的悠久歷史。

With one-of-a-kind events and exclusive co-created products from Nike, New Balance, Adidas, Puma and Converse, we can't wait to celebrate where we've been and where we're headed throughout the next 50 years.

憑藉獨一無二的活動和與 Nike、New Balance、Adidas、Puma 和 Converse 共同打造的獨家產品，我們迫不及待地想要慶祝我們在未來 50 年中所取得的成就和前進的方向。

And finally, as we drive greater distinction in our assortments, our exclusive penetration in the quarter was 13%, down 100 basis points year-over-year against some tougher franchise comparisons and reflecting stronger relative strength from base aspects of our portfolio, especially among women and kids.

最後，隨著我們在產品類別上取得更大的差異化，本季我們的獨家滲透率為13%，與一些更嚴格的特許經營比較相比，同比下降了100 個基點，反映出我們投資組合的基礎方面更強的相對實力，尤其是在婦女和兒童。

The second pillar of Lace Up is Power Up the Portfolio, which means transforming our real-estate footprint and continuing to differentiate our banners. On real-estate transformation, we're continuing the progress we've made last quarter with our reimagined store concept. We followed up the successful opening of our first concept door in New Jersey this spring with our second concept door in Paris, La Defense in May.

Lace Up 的第二個支柱是 Power Up the Portfolio，這意味著改變我們的房地產足跡並繼續使我們的品牌脫穎而出。在房地產轉型方面，我們將透過重新構想的商店概念繼續上季度取得的進展。繼今年春天在新澤西州成功開設第一家概念門之後，我們在五月在巴黎拉德芳斯開設了第二家概念門。

Both stores truly bring the heart of sneakers to life. Response to this new concept has been very positive from our brand partners, stripers, and customers. In both locations, we've seen higher conversion levels and basket sizes and meaningfully increased penetration of women's footwear compared to the balance of chain.

兩家商店都真正將運動鞋的核心帶入生活。我們的品牌合作夥伴、脫衣舞者和客戶對這個新概念的反應非常積極。與其他連鎖店相比，我們在這兩個地點都看到了更高的轉換率和購物籃尺寸，並且女鞋的滲透率顯著提高。

We have formally named this new concept as Foot Locker Reimagined, and these concepts are intended to be the next evolution of our store formats and the go-forward expression of our brand. Just last week, we were thrilled to reopen our iconic 34th Street store in New York City as our third Foot Locker Reimagined door.

我們已將這一新概念正式命名為 Foot Locker Reimagined，這些概念旨在成為我們商店格式的下一個演變以及我們品牌的前進表達。就在上週，我們很高興地重新開設了位於紐約市的標誌性 34 街商店，這是我們的第三家 Foot Locker Reimagined 門市。

This location puts our best and most modern foot forward in the heart of Manhattan and redefines how we engage with sneaker enthusiasts. The store features a pivotal advancement with our new Home Court concept, which recall is our premier multi-branded basketball experience.

這個地點將我們最好、最現代的腳步置於曼哈頓中心，並重新定義了我們與運動鞋愛好者互動的方式。該商店以我們新的主場概念為特色，這是我們首要的多品牌籃球體驗的關鍵進步。

Home Court developed in partnership with Nike and Jordan brand embodies our vision to deliver the ultimate global multi-branded basketball experience through customer-centric design, immersive digital experiences, and enhanced technology, all with exceptional service by our strivers.

與Nike 和Jordan 品牌合作開發的Home Court 體現了我們的願景，透過以客戶為中心的設計、沉浸式數位體驗和增強的技術，以及我們奮鬥者的卓越服務，提供終極的全球多品牌籃球體驗。

We intend to roll out this latest version of Home Court in select stores going forward. 34th Street also features our updated Kids Foot Locker concept for the first time ever with a new look and feel.

我們打算今後在部分商店推出最新版本的 Home Court。 34th Street 也首次採用了我們更新的 Kids Foot Locker 概念，並具有全新的外觀和感覺。

Given the strong response we are seeing to our first few Reimagined doors, we are pulling forward three additional locations this year with a total of eight now planned to open in 2024. This will include our new store later this quarter in Delhi, India, which will mark our entry into this market in coordination with our licensing partners, Metro Brands Limited and Nykaa Fashion.

鑑於我們看到最初幾家 Reimagined 門市的強烈反響，我們今年將再開 3 家門店，目前計劃在 2024 年開設 8 家門市。標誌著我們與我們的授權合作夥伴Metro Brands Limited 和Nykaa Fashion 合作進入這個市場。

In addition to these new retail concepts, we continue to make headway on our store refresh program, which aims to bring even more of our fleet up to an elevated and consistent brand standard globally. Elements of our refresh program were informed by the same design brief as Reimagined, speaking to how Reimagined is serving as the blueprint of our future brand expression going forward.

除了這些新的零售概念之外，我們還繼續在商店更新計劃方面取得進展，該計劃旨在使我們更多的車隊達到全球更高且一致的品牌標準。我們的更新計劃的元素與 Reimagined 的設計簡介相同，講述了 Reimagined 如何作為我們未來品牌表達的藍圖。

In the second quarter, we completed 67 refreshes. These refreshes are in addition to the over 100 doors we've touched over the last few quarters as we've executed the program and will continue to scale as we move through the back half of the year. We remain on target to ramp the program as we go through the third and fourth quarter, especially given that our execution of these refreshes continues to improve, in some cases turned around in just 24 hours.

第二季度，我們完成了 67 次刷新。這些更新是我們在過去幾個季度執行該計劃時觸及的 100 多個門之外的補充，並將在今年下半年繼續擴大規模。我們仍然致力於在第三和第四季度擴大該計劃，特別是考慮到我們對這些更新的執行不斷改進，在某些情況下僅在 24 小時內就完成了任務。

From a capital return perspective, we continue to see these refreshes hitting our internal hurdle rates and payback periods, supported by both comps and gross margins outperforming the balance of chain.

從資本回報的角度來看，我們繼續看到這些更新觸及我們的內部障礙率和投資回收期，這受到了優於鏈平衡的比較和毛利率的支持。

Our new concepts, including Foot Locker Reimagined, now represent 17% of our global square footage, up from 12% last year and moving further towards our 2026 target of 20%. Adding our store refreshes on top of our new concepts, we're committed to elevating approximately two-thirds of our global Foot Locker and Kids Foot Locker doors up to our Reimagined brand standard by year-end 2025.

我們的新概念，包括 Foot Locker Reimagined，目前占我們全球面積的 17%，高於去年的 12%，並進一步朝著我們 2026 年 20% 的目標邁進。除了新概念之外，我們還對商店進行了更新，我們致力於在 2025 年底將全球約三分之二的 Foot Locker 和 Kids Foot Locker 門提升至我們的 Reimagined 品牌標準。

And finally, we're making strides in our shift to off mall. Penetration reached 40% of North American square footage, up 4 points from a year ago and closer to our goal of 50% by 2026. As we work to strengthen our portfolio, a key objective has been to stabilize the Champs Sports banner. As such, we were pleased to see progress with the repositioning of the banner in the second quarter.

最後，我們在向商場外的轉變方面取得了長足進步。滲透率達到北美面積的 40%，比一年前增加 4 個百分點，更接近我們到 2026 年實現 50% 的目標。因此，我們很高興看到第二季橫幅重新定位取得了進展。

Comps declined 3.9%, which was a meaningful improvement from the first quarter and reflecting positive footwear comps. As we make progress in the banner's repositioning, we're seeing increases in brand awareness and share of wallet among the active athlete customer segment.

比較下降了 3.9%，較第一季有了顯著改善，反映了鞋類比較的正面表現。隨著我們在橫幅重新定位方面取得進展，我們看到活躍運動員客戶群的品牌知名度和錢包份額增加。

During the quarter, we took another big step forward with the banner with the launch of Champs Sports new brand platform titled Sport for Life, which celebrates the powerful connection between sports and the on the go lifestyle of our active consumers.

在本季度，我們又向前邁出了一大步，推出了名為「Sport for Life」的 Champs Sports 新品牌平台，慶祝運動與我們活躍消費者的忙碌生活方式之間的強大聯繫。

With an assist from Micah Parsons of the Dallas Cowboys, Francisco Lindor of the New York Mets and Jaylen Waddle of the Miami Dolphins, response from customers and our brand partners to the elevated platform has been positive. We're excited about the expanded and elevated vision for the Champs Sports banner looking ahead, and we'll have more to share in future quarters about the banner's evolution.

在達拉斯牛仔隊的 Micah Parsons、紐約大都會隊的 Francisco Lindor 和邁阿密海豚隊的 Jaylen Waddle 的協助下，客戶和我們的品牌合作夥伴對這個高架平台的反應非常積極。我們對未來冠軍體育旗幟的擴展和提升願景感到興奮，我們將在未來幾季分享更多有關旗幟演變的資訊。

Our third pillar is deepen our relationship with our customers, with a key anchor being a redesigned loyalty program and development of overall CRM capabilities. To start, a key milestone for our business was the relaunch of our enhanced FLX rewards program in the US in mid-June. 24% of our sales in the second quarter were through our loyalty program, which was up 200 basis points compared to last year.

我們的第三個支柱是深化與客戶的關係，其中一個關鍵支柱是重新設計的忠誠度計畫和整體 CRM 功能的發展。首先，我們業務的一個重要里程碑是 6 月中旬在美國重新推出增強型 FLX 獎勵計畫。第二季 24% 的銷售額來自忠誠度計劃，比去年增加了 200 個基點。

Through the addition of point redemptions for cash discounts and other perks under the program, we expect to drive greater customer frequency and share of wallet. We've been very pleased with our members' response to date across a variety of KPIs, including an encouraging pace of enrollments, higher engagement with first-time redeemers, higher average order values compared to non-loyalty members, and higher units per transaction.

透過在該計劃下增加積分兌換現金折扣和其他福利，我們預計將提高客戶頻率和錢包份額。我們對會員迄今為止對各種KPI 的反應感到非常滿意，包括令人鼓舞的註冊速度、與首次兌換者的更高參與度、與非忠誠會員相比更高的平均訂單價值以及每筆交易的單位數更高。

As we move into the back-to-school and holiday selling periods, we're continuing to scale and activate the new program of benefits, and we look forward to sharing incremental insights as the program moves towards our 50% loyalty penetration target by 2026.

隨著我們進入返校和假期銷售期，我們將繼續擴大和激活新的福利計劃，隨著該計劃到 2026 年實現 50% 的忠誠度滲透率目標，我們期待分享增量見解。

And turning to our final pillar to be best-in-class omni, which means improving our digital presence and better integrating our customer journey across channels, our digital penetration in the quarter increased to 15.9%, up 40 basis points year-over-year, and we continue to target about 25% e-commerce penetration by 2026.

我們的最後一個支柱是成為一流的全方位服務，這意味著改善我們的數位化影響力並更好地整合我們的跨渠道客戶旅程，我們本季度的數位化滲透率增至15.9%，同比增長40 個基點，我們繼續目標是到 2026 年電子商務滲透率達到 25% 左右。

At an enterprise level, global digital comps were up nearly 4%, and we continue to make strides in our online conversion rate. In the second quarter, we made ongoing improvements to the online customer experience through elevated site content and messaging, enhanced navigation and search capabilities, and importantly, a product detail page redesign.

在企業層面，全球數位競爭成長了近 4%，我們的線上轉換率持續取得長足進步。在第二季度，我們透過提升網站內容和訊息、增強導航和搜尋功能，以及重要的是重新設計產品詳細資訊頁面，持續改善線上客戶體驗。

We remain on track to roll out a new Foot Locker mobile app later this year in the fourth quarter, which will provide a faster, more modern shopping experience, along with greater product inspiration and storytelling, and serve as a hub for our new loyalty program.

我們仍有望在今年第四季度推出新的Foot Locker 行動應用程序，該應用程式將提供更快、更現代的購物體驗，以及更多的產品靈感和故事講述，並作為我們新的忠誠度計劃的中心。

In our stores, comp sales accelerated meaningfully in the quarter as customers responded to our fresh summer assortments at full price. Our striper trainings focused on omni-channel selling behavior and product education tools that are driving increases in our store level conversion.

在我們的商店中，隨著顧客以全價購買我們的夏季新鮮品種，本季的商品銷售大幅成長。我們的 Striper 培訓重點在於全通路銷售行為和產品教育工具，這些工具正在推動我們商店層級的轉換。

In closing, we see a return to positive sales and comp growth in the quarter, as well as gross margin expansion as proof points that the Lace Up Plan is working. We're approaching the remainder of the year with confidence as our strategies are continuing to build momentum.

最後，我們看到本季銷售和比較成長恢復正值，以及毛利率擴張，證明「繫帶計畫」正在發揮作用。我們對今年剩餘時間充滿信心，因為我們的策略正在繼續累積動力。

And 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. Starting with second quarter product and brand partner performance, footwear comped positive high single digits. Within the basketball category, we continue to invest and see strength within our portfolio of next-gen signature athletes like Nike's Sabrina Ionescu, Devin Booker, and John Moran, along with the Jordan athlete and NBA champion Jayson Tatum.

謝謝你，瑪麗，大家早安。從第二季產品和品牌合作夥伴的業績開始，鞋類的業績實現了高個位數的成長。在籃球類別中，我們繼續投資並看到下一代簽名運動員組合的實力，例如耐吉的薩布麗娜·伊內斯庫、德文·布克和約翰·莫蘭，以及喬丹運動員和NBA 冠軍傑森·塔圖姆。

Next to that, we continue to drive energy and strong sell-throughs with the Adidas AE1 and the MB.03 from Puma. As we remain confident in the diversity and energy of our signature basketball portfolio and look forward to delivering even more innovation and excitement later this third quarter as the NBA season tips off.

除此之外，我們繼續透過阿迪達斯 AE1 和彪馬的 MB.03 來推動活力和強勁的銷售。我們對我們標誌性籃球產品組合的多樣性和活力仍然充滿信心，並期待隨著 NBA 賽季的結束，在第三季晚些時候提供更多的創新和興奮。

Importantly, the game of basketball and its influence continues to grow globally, as evidenced by the Olympic Games this past month. As the US women's and men's team both won gold medals, the tournament demonstrated how global, competitive, inclusive, and inspiring the sport has become, and the role it plays in driving both sport and culture across the globe.

重要的是，籃球運動及其影響力在全球範圍內持續增長，上個月的奧運會證明了這一點。美國女子隊和男隊雙雙獲得金牌，本屆賽事展示了這項運動的全球性、競爭性、包容性和啟發性，以及它在推動全球體育和文化方面發揮的作用。

Within the culture of basketball, Nike's Dunk and Air Force 1 and the Jordan AJ1 continue to be icons of the sneaker category and remain among our most important franchises with consumers. Likewise, our Jordan Retro business continues to be a critical connection point to a new generation of consumers who celebrate basketball culture and streetwear, and we saw strong sell-throughs as we exited the quarter and then the beginning of back to school.

在籃球文化中，Nike 的 Dunk 和 Air Force 1 以及 Jordan AJ1 仍然是運動鞋類別的標誌，並且仍然是我們對消費者最重要的特許經營產品之一。同樣，我們的 Jordan Retro 業務仍然是與崇尚籃球文化和街頭服飾的新一代消費者的關鍵聯繫點，在本季度結束和重返校園之初，我們看到了強勁的銷售量。

To ensure that Foot Locker stays at the forefront of the basketball category, we are thrilled to have opened our newest home court concept last week at our iconic 34th Street Foot Locker store in New York City. Designed in partnership with the Nike and Jordan brands, this elevated basketball experience brings together the best of signature, lifestyle, and retro basketball with one-of-a-kind consumer experiences.

為了確保 Foot Locker 保持在籃球領域的領先地位，我們很高興上週在紐約市標誌性的 34 街 Foot Locker 商店開設了我們最新的主場概念店。這種提升的籃球體驗是與 Nike 和 Jordan 品牌合作設計的，將最好的標誌性、生活方式和復古籃球與獨一無二的消費者體驗融為一體。

This concept will serve as the blueprint moving forward as we are on the journey to deliver 100 home court experiences globally by 2026. Combined with our NBA partnership and the support of all of our brand partners, Foot Locker will continue to lead as the undeniable destination for all things basketball.

這個概念將成為我們前進的藍圖，我們正致力於在2026 年在全球提供100 個主場體驗。的目的地。

Turning to the lifestyle category, Adidas continues to lead the global terrace trend, especially with our women's and kids consumers. Our business with Adidas strengthened in the second quarter as we flowed new colors and powerful retail stories through franchises such as the Samba, Campus, and Gazelle.

談到生活方式類別，阿迪達斯繼續引領全球露台趨勢，尤其是針對我們的女性和兒童消費者。我們與阿迪達斯的業務在第二季度得到加強，我們透過 Samba、Campus 和 Gazelle 等特許經營品牌推出了新的色彩和強大的零售故事。

Our order book and go-to-market plans remain very strong as we go through the back-to-school time period, and we are encouraged by the robust pipeline of innovation and creativity that Adidas has shared with us looking forward.

在返校期間，我們的訂單和上市計劃仍然非常強勁，阿迪達斯與我們分享的強勁創新和創造力管道讓我們深受鼓舞。

In lifestyle running, we continued our strong momentum with New Balance, through door expansions in women's and kids, as well as like-for-like gains. Our partners at New Balance continue to engage our shared consumers with strong product innovation, compelling assets and storytelling, and operational excellence to help scale the business.

在生活方式跑步方面，我們繼續保持 New Balance 的強勁勢頭，擴大了女裝和童裝的業務範圍，並實現了同比增長。 New Balance 的合作夥伴繼續透過強大的產品創新、引人注目的資產和故事敘述以及卓越的營運來吸引我們共同的消費者，以幫助擴大業務。

With multiple footwear franchises connecting in the marketplace and a commitment to sport, lifestyle and streetwear, we are confident that we will continue to grow with this important partner. Another strong brand that is leveraging its authenticity in running is ASICS. We are seeing strong global momentum with ASICS in multiple footwear franchises across men's, women's and kids.

憑藉多個鞋類特許經營商在市場上的聯繫以及對運動、生活方式和街頭服飾的承諾，我們相信我們將繼續與這個重要的合作夥伴共同成長。另一個在跑步中發揮真實性的強大品牌是 ASICS。我們看到亞瑟士 (ASICS) 在男裝、女裝和童裝多個鞋類專營店的全球勢頭強勁。

Next to that, Champ Sports has partnered with ASICS on their performance running line and also executed multiple run club events with consumers this year. With our partners at Nike, we continue to revitalize the Max Air business through their innovative platform, Dynamic Air. And in the back half of this year, we will increase door count for Air Max DN across all genders, and we are excited to flow new colors and stories into our business.

除此之外，Champ Sports 也與 ASICS 合作開發其高性能跑步產品線，並於今年與消費者舉辦了許多跑步俱樂部活動。我們與 Nike 的合作夥伴一起，透過他們的創新平台 Dynamic Air 繼續振興 Max Air 業務。今年下半年，我們將增加所有性別的 Air Max DN 的門數，我們很高興能為我們的業務注入新的色彩和故事。

Next to that, we continue to elevate our exclusive Tuned Air franchise globally, investing in digital content, consumer experiences and elevated in-store merchandising. We also saw momentum with Nike in our second quarter across heritage running franchises, including Vomero, V2K and P-6000.

除此之外，我們繼續在全球範圍內提升我們的獨家 Tuned Air 特許經營權，投資於數位內容、消費者體驗和提升店內銷售。第二季度，我們也看到了與 Nike 合作的傳統跑步系列產品的勢頭，包括 Vomero、V2K 和 P-6000。

Our door base and depth in these franchises is improving in our back-to-school selling period, as well as the fourth quarter, and we are pleased to dimensionalize the running business with them. Within performance running, On and Hoka are continuing to bring new consumers into sneaker culture, especially women and kids.

在我們的返校銷售期間以及第四季度，我們在這些特許經營中的門基礎和深度正在改善，我們很高興與他們一起開展經營業務。在高性能跑步領域，On 和 Hoka 不斷將新消費者帶入運動鞋文化，尤其是女性和兒童。

We grew with both of these brands on both a door and allocation basis in the second quarter, as we also see our retail banners as helping to introduce younger, more multicultural consumers to their brands. And while the vulcanized footwear category remains challenged overall, we're seeing encouraging trends out of the Vans brand, especially through their new school franchise.

第二季度，我們在門和分配的基礎上與這兩個品牌一起成長，因為我們也看到我們的零售橫幅有助於向更年輕、更多元文化的消費者介紹他們的品牌。雖然硫化鞋類整體仍然面臨挑戰，但我們看到 Vans 品牌的令人鼓舞的趨勢，特別是透過他們的新學校特許經營權。

We are building our stock levels in this compelling franchise as we navigate the back half of the year, and we will continue to work with them to connect their classics and innovation to our consumer base. Finally, as we look ahead to the fall and holiday season, brands like UGG will continue to be a larger part of our plans, especially for our female consumers.

今年下半年，我們正在建立這個引人注目的特許經營權的庫存水平，我們將繼續與他們合作，將他們的經典和創新與我們的消費者群聯繫起來。最後，當我們展望秋季和假期季節時，UGG 等品牌將繼續成為我們計劃的重要組成部分，特別是對於我們的女性消費者而言。

Next to that, we are excited for a strong boot season with Timberland this fall and holiday as they have done a tremendous job linking their iconic brand to fashion and culture, driving great consumer anticipation this fall.

除此之外，我們很高興能在今年秋季和假期與Timberland 合作推出強勁的靴子季，因為他們在將其標誌性品牌與時尚和文化聯繫起來方面做出了巨大的努力，推動了消費者對今年秋季的巨大期待。

Turning to the apparel business, challenges persisted with comps down [mid-teens]. While the promotional environment in apparel remains difficult, we believe we can do more to stabilize the category with greater key item and sneaker connectivity, while also filling in gaps in our assortments with a compelling private label offering.

轉向服裝業務，挑戰依然存在，競爭下降[十幾歲左右]。儘管服裝的促銷環境仍然很困難，但我們相信我們可以採取更多措施，透過增強關鍵商品和運動鞋的連接性來穩定該類別，同時透過引人注目的自有品牌產品填補我們品種的空白。

One of the standouts within our apparel business was our Champ Sports private label performance within CSG. CSG comped positive for the quarter, and we have delivered a compelling assortment for the back-to-school season, including new activewear styles as well as new assortments in bottoms.

我們服裝業務中的突出表現之一是我們在 CSG 中的 Champ Sports 自有品牌表現。 CSG 在本季度取得了積極的業績，我們為返校季提供了引人注目的產品系列，包括新的運動服款式以及新的下裝產品系列。

Finally, our accessories business comped up mid-single digits as we focused on our complementary socks, shoe care, and headwear categories, which is helping drive our UPTs and drive accretive merchandise margins.

最後，我們的配件業務實現了中個位數成長，因為我們專注於配套的襪子、鞋類護理和頭飾類別，這有助於推動我們的 UPT 並推動商品利潤的成長。

Switching to channel performance, comparable sales in our stores increased 2%. While traffic was down year-on-year, we continue to see gains in conversion, as well as average ticket, including both positive AURs from greater full price selling, footwear penetration, and higher UPTs.

轉向通路績效，我們商店的可比銷售額成長了 2%。雖然流量同比下降，但我們繼續看到轉換率和平均票價的成長，包括全價銷售增加、鞋類滲透率和 UPT 提高帶來的正 AUR。

Meanwhile, digital comps increased 4%. We saw growth again in our customer file in the quarter with both new and reactivated customers. We also delivered higher digital conversion levels for the quarter, as our efforts to improve the customer digital experience continue to take hold.

同時，數位銷售額成長了 4%。本季我們的客戶檔案再次成長，無論是新客戶還是重新啟動的客戶。隨著我們繼續努力改善客戶數位體驗，本季我們也實現了更高的數位轉換水準。

And as Mary mentioned, we look forward to delivering our new digital app experience later this year, which will upgrade the shopping experience for our customers, as well as more seamlessly integrate our FLX program.

正如 Mary 所提到的，我們期待在今年稍後提供新的數位應用程式體驗，這將升級我們客戶的購物體驗，並更無縫地整合我們的 FLX 計劃。

Now for performance by banner and geography. In North America, overall comps were up 1.7%, led by Foot Locker North America, which delivered a comp increase of 5.9%. With meaningful store refreshes completed and our inventories well-positioned, customers responded to our assortments and product flows at full price, particularly across women's, running, and the basketball categories.

現在按橫幅和地理進行表演。在北美，整體比較成長了 1.7%，其中 Foot Locker North America 領先，該公司實現了 5.9% 的比較成長。隨著有意義的商店更新的完成以及我們的庫存定位，客戶對我們全價的品種和產品流做出了反應，特別是在女裝、跑步和籃球類別中。

Our sustained brand building presence with our women's style campaign, our basketball activations with The Clinic and Summer Hoops, and our marketing investments with sneaker season in July, kept us top of mind throughout the quarter and headed into the early days of back-to-school.

我們透過女性風格活動進行持續的品牌建設，透過The Clinic 和Summer Hoops 進行籃球活動，以及對7 月的運動鞋季節進行行銷投資，這些都使我們在整個季度中保持領先地位，並進入了背靠背的早期階段。

Kids Foot Locker comps were flat in the quarter. Coming off a strong first quarter when we pulled forward receipts to match strong demand, it took some time to rebalance stock levels to fully meet demand here in the second quarter.

Kids Foot Locker 的業績在本季持平。第一季表現強勁，我們提前收貨以滿足強勁的需求，但我們需要一些時間來重新平衡庫存水平，以完全滿足第二季的需求。

We were able to partner with our vendors to ensure supply for the third quarter and have seen a nice acceleration in the banner in August as a result and believe we are well positioned for the balance of the year. At Champs Sports, comps were down 3.9%, a nearly 10-point improvement from the first quarter results as we're seeing signs of stabilization at the banner as its repositioning continues to take hold.

我們能夠與供應商合作，確保第三季的供應，並因此在 8 月看到了明顯的加速成長，並相信我們在今年餘下的時間裡處於有利地位。 Champs Sports 的業績下降了 3.9%，比第一季業績提高了近 10 個百分點，因為隨著重新定位的繼續深入，我們看到了旗幟穩定的跡象。

As Mary noted, Champs generated positive footwear comps in the quarter. In fact, the top 25 doors at Champs comped positive overall in Q2 with particular strength in July store conversion as assortments reflecting its updated sports style positioning really resonated.

正如瑪麗指出的那樣，Champs 在本季度取得了積極的鞋類業績。事實上，Champs 的前 25 家門市在第二季度總體表現積極，尤其是在 7 月的商店轉換中表現尤其強勁，因為反映其更新的運動風格定位的品種確實引起了共鳴。

The Champs team also continues to strengthen its brand partnerships and find differentiating consumer ideas to bring to market under its Sport for Life brand platform. For instance, the Champs Sports Run Club continues to gain momentum as the team elevates the assortment and executes consumer activations, including our largest event to date most recently with Nike.

Champs 團隊也持續加強其品牌合作夥伴關係，並尋找差異化的消費者創意，並在其 Sport for Life 品牌平台下將其推向市場。例如，Champs Sports Run Club 團隊不斷提升產品種類並進行消費者活動，包括我們最近與 Nike 合作舉辦的規模最大的活動，從而繼續獲得動力。

Additionally, the Champs team has been partnering with Adidas to deliver on the culture of sport and more specifically the look of soccer, including jerseys and jersey-inspired shirts, bottoms and terrace footwear. And as I mentioned briefly before, the Champs CSG assortment has helped deliver against consumer-right trends like lifestyle woven bottoms and activewear which is proving to be a hit with consumers.

此外，冠軍隊一直與阿迪達斯合作，傳遞體育文化，更具體地說是足球的外觀，包括球衣和球衣風格的襯衫、下裝和露台鞋。正如我之前簡單提到的，Champs CSG 系列有助於應對消費者權益趨勢，例如生活方式梭織下裝和運動服，事實證明，這些趨勢很受消費者歡迎。

With a strong back-to-school performance thus far, consumers are responding to Champs improved assortment, in-store presentation, and new brand platform, giving us confidence that we have stabilized this critical banner.

迄今為止，返校季表現強勁，消費者對 Champs 改進的品種、店內展示和新的品牌平台做出了回應，這讓我們相信我們已經穩定了這一關鍵旗幟。

Moving to WSS, comps declined by 6.2% in the second quarter, as ongoing inflationary pressures continue to impact the discretionary spend of the WSS shopper as reflected in shopping visits, especially in California. The WSS management team continues to focus on delivering compelling value and selection to their core consumer.

轉向 WSS，第二季度比較下降了 6.2%，因為持續的通膨壓力繼續影響 WSS 購物者的可自由支配支出（反映在購物次數上），尤其是在加州。 WSS 管理團隊繼續專注於為其核心消費者提供令人信服的價值和選擇。

However, as we navigate the challenging environment, we believe it's appropriate in the near term to reduce capital for new store openings at WSS, particularly given the strong returns we are seeing with new store concepts out of our other banners.

然而，當我們應對充滿挑戰的環境時，我們認為短期內減少 WSS 開設新店的資本是適當的，特別是考慮到我們從其他品牌的新店概念中看到的強勁回報。

As a result, our revised plan for 2024 now includes 13 new doors at WSS, down from 20, as we expect to temper our door growth plans in the near term, until we see greater signs of consumer stabilization and recovery. While we are taking this prudent approach in the near-term, we still very much believe in opportunities for the banner longer term and serving the fastest growing consumer segment in the US.

因此，我們修訂後的 2024 年計劃現在包括 WSS 的 13 個新門，從 20 個減少，因為我們預計在短期內調整我們的門增長計劃，直到我們看到消費者穩定和復甦的更大跡象。雖然我們在短期內採取了這種謹慎的態度，但我們仍然非常相信橫幅長期存在機會並為美國成長最快的消費者群體提供服務。

Turning to Europe, comps were up a strong 7.6%. The environment in Europe remains dynamic and somewhat promotional, especially within apparel. And we acknowledge there's more work to do in the region to drive greater levels of full-price sales.

轉向歐洲，較去年強勁上漲 7.6%。歐洲的環境仍然充滿活力，並且有些促銷性，尤其是在服裝領域。我們承認，要提高全價銷售水平，該地區還有更多工作要做。

However, our teams in the region saw tremendous success in the quarter in engaging consumers through our store refresh program, as well as compelling brand campaigns, including our Summer of Sport campaign, celebrating the Euro Cup, and of course the Olympics in France.

然而，我們在該地區的團隊在本季度透過我們的商店更新計劃以及引人注目的品牌活動（包括我們的夏季運動活動、慶祝歐洲杯，當然還有法國奧運會）在吸引消費者方面取得了巨大成功。

With our Foot Locker Reimagined store in Paris opening in the quarter and a second in Europe coming later this fall, we are laying the groundwork for elevating the consumer experience along with our store refresh program. Additionally, we continue to make progress with our new merchandising strategies and look forward to coming digital improvements that will elevate the digital experience.

隨著我們在巴黎的 Foot Locker Reimagined 商店將於本季度開業，並於今年秋天晚些時候在歐洲開設第二家商店，我們正在為提升消費者體驗以及商店更新計劃奠定基礎。此外，我們將繼續在新的行銷策略方面取得進展，並期待即將到來的數位改進，以提升數位體驗。

Finally, as mentioned, with the optimization of our footprint in the region, we can continue to focus more resources on the most meaningful European markets where we can drive sustainable and profitable growth.

最後，如上所述，透過優化我們在該地區的足跡，我們可以繼續將更多資源集中在最有意義的歐洲市場，在那裡我們可以推動永續和獲利的成長。

In Asia-Pacific, comps were down 4.5%. At our Foot Locker banner, comps fell 2.2%, reflecting ongoing consumer challenges in the Australian marketplace from higher inflation. Encouragingly, we did see an improving trend as we moved through the month of July.

在亞太地區，年減 4.5%。在我們的 Foot Locker 旗幟下，公司股價下跌 2.2%，反映出澳洲市場因通膨上升而持續面臨的消費者挑戰。令人鼓舞的是，隨著 7 月的到來，我們確實看到了改善的趨勢。

And finally, at Atmos, comps were down 9.6%, reflecting our decision to accelerate shifts from less profitable third-party digital platforms to our own digital site. We will continue this shift into the back half of the year and come out of this with stronger first-party customer relationships and data.

最後，Atmos 的比較下降了 9.6%，反映出我們決定加速從利潤較低的第三方數位平台轉向我們自己的數位網站。我們將在今年下半年繼續這種轉變，並以更強大的第一方客戶關係和數據來結束這一轉變。

To conclude, we were pleased to deliver a strong second quarter led by our global Foot Locker and Kids Foot Locker banners. Our merchandising and commercial teams are in sync and executing well with the support of our brand partners, leading to a solid back-to-school season thus far and giving us confidence as we look ahead to the holiday season.

總而言之，我們很高興在全球 Foot Locker 和 Kids Foot Locker 橫幅的帶領下實現了強勁的第二季業績。在我們的品牌合作夥伴的支持下，我們的銷售和商業團隊保持同步並執行良好，迄今為止，返校季表現良好，並讓我們在展望假期時充滿信心。

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. In the second quarter, starting with revenue, total sales increased 1.9% led by comps up 2.6%, which was slightly ahead of our prior guidance of flat to up slightly. Total revenues included an $11 million non-recurring charge associated with the rollout of the company's enhanced FLX program, which impacted our total sales line and not comps within the quarter.

謝謝你，弗蘭克。大家早安。第二季度，從營收開始，總銷售額成長 1.9%，年增 2.6%，略高於我們先前持平至小幅成長的指引。總收入包括與公司推出增強型 FLX 計劃相關的 1,100 萬美元非經常性費用，影響了我們的總銷售線，但不影響本季的業績。

In terms of monthly cadence, comps improved as we moved through the quarter with May comps down low single digits, June comps up mid-single digits, and July the strongest month of the quarter with comps up mid-single digits and slightly ahead of June.

就月度節奏而言，隨著我們整個季度的進展，比較有所改善，5 月份的比較下降了低個位數，6 月份的比較上升了中個位數，而7 月是本季度最強勁的月份，比較上升了中個位數，並且略高於6 月。

Moving to margins, we were pleased to return to gross margin rate expansion in the quarter and accomplishing that while also improving our comp trajectory. On a reported basis, gross margin for the quarter expanded 50 basis points to 27.6%. Merchandise margins were down 20 basis points. Occupancy as a percent of sales levered 70 basis points on the positive comp.

談到利潤率，我們很高興在本季恢復了毛利率擴張，並實現了這一目標，同時也改善了我們的比較軌跡。根據報告，本季毛利率成長 50 個基點，達到 27.6%。商品利潤率下降了 20 個基點。入住率佔銷售額的百分比在積極的比較基礎上提高了 70 個基點。

To note, the quarter included an approximate 40 basis point impact related to the non-recurring FLX charge taken in the quarter. Excluding the FLX charge, gross margin increased approximately 90 basis points, including 20 basis points of merchandise margin expansion due to the reduced promotional levels year-over-year.

值得注意的是，該季度包括與本季收取的非經常性 FLX 費用相關的約 40 個基點的影響。不計 FLX 費用，毛利率成長約 90 個基點，其中由於促銷水準年減，商品利潤率成長了 20 個基點。

Approximately $10 million of gross margin savings from our cost optimization programs also flowed through our cost of goods line.

我們的成本優化計劃還透過我們的商品成本線節省了約 1000 萬美元的毛利率。

For the second quarter, our SG&A rate came in at 25.1%, representing deleverage of 130 basis points. Investments in technology and brand building, as well as ongoing inflationary pressures were partially offset by savings from the cost optimization program of approximately $10 million. Collectively, our cost optimization program generated total savings of approximately $20 million in the second quarter.

第二季度，我們的 SG&A 率為 25.1%，去槓桿化達 130 個基點。成本優化計劃節省的約 1000 萬美元部分抵消了技術和品牌建設方面的投資以及持續的通膨壓力。總的來說，我們的成本優化計劃在第二季總共節省了約 2,000 萬美元。

Finally, our earnings loss per share was $0.13, and non-GAAP earnings per share landed at a loss of [$0.05] per share. Included in both our GAAP and non-GAAP earnings per share results was an approximate $0.09 impact from our non-recurring FLX charge.

最後，我們的每股盈餘虧損為 0.13 美元，非 GAAP 每股盈餘為每股虧損 [0.05 美元]。我們的 GAAP 和非 GAAP 每股盈餘結果中均包含非經常性 FLX 費用約 0.09 美元的影響。

Turning to the balance sheet, we ended the quarter with $291 million of cash and total debt of $445 million. At quarter end, inventories were down 10% versus last year, as we remained committed to keeping our inventories controlled, flowing product to better match demand and improving our inventory turns in 2024.

轉向資產負債表，本季末我們的現金為 2.91 億美元，負債總額為 4.45 億美元。截至季末，庫存比去年下降了 10%，因為我們仍然致力於控制庫存、流動產品以更好地滿足需求並改善 2024 年的庫存週轉率。

Turning to cash flows. Cash flow from operations was $68 million in the quarter, while capital expenditures were $56 million, yielding a positive free cash flow of $12 million in the second quarter, a significant improvement as compared to the prior year.

轉向現金流。本季營運現金流為 6,800 萬美元，資本支出為 5,600 萬美元，第二季產生 1,200 萬美元的正自由現金流，較上年有顯著改善。

We are pleased to see positive free cash flow in the quarter and remain on track to generate positive free cash flow for the year, moving on to the changes towards international operations as well as our corporate footprint that were announced this morning. The further streamlining and optimization of our international footprint will impact approximately 30 stores and is expected to be completed by mid-2025.

我們很高興看到本季出現正的自由現金流，並繼續在今年產生正的自由現金流，繼續推動今天上午宣布的國際業務和公司業務的變化。我們國際業務的進一步精簡和優化將影響約 30 家門市，預計將於 2025 年中期完成。

In 2023, these regions represented approximately 1% of global revenue and over $10 million in operating losses. In addition, we announced our intent to further optimize our corporate footprint by relocating our headquarters to St. Petersburg, Florida in 2025, while maintaining only a limited presence in New York City going forward.

2023 年，這些地區約佔全球收入的 1%，營業虧損超過 1,000 萬美元。此外，我們也宣布打算於 2025 年將總部遷至佛羅裡達州聖彼得堡，同時今後僅在紐約市保留有限的業務，以進一步優化我們的企業足跡。

We expect the combined savings from these actions to represent an over 20 basis point tailwind to EBIT margin into 2027 and beyond before contemplating any added benefit from higher royalty revenues over time.

我們預計，在考慮隨著時間的推移，更高的特許權使用費收入帶來的任何額外收益之前，這些行動帶來的綜合節省將在2027 年及以後為息稅前利潤率帶來超過20個基點的推動力。

On to our 2024 outlook. Given the strength of our first half results, we are reaffirming our full-year non-GAAP EPS guidance of $1.50 to $1.70. We still expect full year comps of plus 1% to plus 3%. Given our solid second quarter trends in June and July and supported by our performance through August, we still expect our comp momentum to build into the back half as our initiatives take hold.

展望 2024 年。鑑於我們上半年業績強勁，我們重申全年非 GAAP 每股收益指引為 1.50 美元至 1.70 美元。我們仍預計全年業績將成長 1% 至 3%。鑑於六月和七月第二季度的強勁趨勢以及八月份業績的支持，我們仍然預計，隨著我們的舉措落實，我們的競爭勢頭將在下半年建立。

Overall, our store count will be down approximately 4% in 2024, with square footage down approximately 2%. We expect to open roughly 30 new stores in the year and to close approximately 140. Including an approximate 1 point drag from lapping the extra week, total sales for 2024 are still expected to be down 1% to up 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 2%。我們預計今年將開設約 30 家新店，並關閉約 140 家。

On gross margin, we now expect gross margin expansion of 180 to 200 basis points to a rate of 29.5% to 29.7%, down from our prior assumption of a 29.8% to 30% gross margin rate for the year as we're seeing some promotional pressure in our international banners and in WSS, which we believe will impact the back half.

在毛利率方面，我們現在預計毛利率將成長 180 至 200 個基點，達到 29.5% 至 29.7%，低於我們先前對今年毛利率 29.8% 至 30% 的假設，因為我們看到一些我們的國際橫幅和WSS 中的促銷壓力，我們相信這將影響後半部分。

On SG&A, we expect deleverage between 140 and 160 basis points to a rate of 24.1% to 24.3%, better than the prior assumption of 24.4% to 24.6%. While we are continuing our investments in technology, digital and brand building, we are finding efficiencies and managing our expenses in order to maintain our bottom line. As an organization, we are committed to optimizing our investment dollars and focusing on driving efficiency to deliver on our financial and strategic objectives.

在SG&A方面，我們預期去槓桿率將在140至160個基點之間，達到24.1%至24.3%，優於先前24.4%至24.6%的假設。在我們繼續對技術、數位化和品牌建立進行投資的同時，我們也在尋找效率並管理我們的開支，以維持我們的利潤。作為一個組織，我們致力於優化我們的投資並專注於提高效率以實現我們的財務和策略目標。

As a part of that, we remain committed to operational and investment management with a constant eye on maximizing returns, coupled with ongoing progress on our cost optimization program through which we continue to target $80 million in savings this year.

作為其中的一部分，我們仍然致力於營運和投資管理，始終專注於回報最大化，同時我們的成本優化計劃不斷取得進展，透過該計劃，我們今年繼續實現節省 8000 萬美元的目標。

Switching to cash flows. Our adjusted capital expenditure outlook for the year is now $330 million, down from our previous guidance of $345 million, largely from our reduction in new WSS stores this year. It's important to note that the adjusted number includes approximately $55 million of IT investment that is not classified as CapEx from a GAAP perspective. Therefore, it will get reported in our CapEx line on our cash flow statement under investing activities will be approximately $275 million.

轉向現金流。我們調整後的今年資本支出前景目前為 3.3 億美元，低於先前 3.45 億美元的指導，這主要是因為我們今年減少了新的 WSS 商店。值得注意的是，調整後的數字包括約 5,500 萬美元的 IT 投資，從 GAAP 角度來看，這些投資並未歸類為資本支出。因此，投資活動項下現金流量表的資本支出行中所報告的金額約為 2.75 億美元。

The remaining $55 million represents software-as-a-service implementation costs, a portion of which is being amortized this year and which is embedded in our 2024 SG&A guidance. The balance that is not being amortized this year flows through our operating cash flows through the change in related asset accounts in our other net line item on the cash flow statement.

剩下的 5,500 萬美元代表軟體即服務實施成本，其中一部分將於今年攤銷，並納入我們的 2024 年 SG&A 指南中。本年未攤銷的餘額透過現金流量表中其他淨額項目中相關資產帳戶的變動流入我們的營運現金流量。

Taking a closer look at the back half, let me provide some additional detail on our expectations that will shape each quarter. On the top line, we expect comp momentum to continue to build as we move into the third and fourth quarters to reach our plus 1% to plus 3% comp gain for the year with the third quarter and fourth quarter being at roughly equivalent positive comp levels.

仔細看看後半部分，讓我提供一些關於我們每個季度的預期的額外細節。在營收方面，我們預計，隨著進入第三和第四季度，我們的競爭勢頭將繼續增強，以達到全年1% 至3% 的競爭收益，其中第三季度和第四季度的正競爭大致相當水平。

On gross margin, we expect gross margin expansion to ramp into the third quarter and even more so into the fourth quarter as we lap last year's higher markdowns, especially within apparel.

在毛利率方面，我們預計毛利率將在第三季大幅擴張，在第四季更是如此，因為我們經歷了去年更高的降價，尤其是在服裝領域。

On SG&A, we expect deleverage year-over-year in both the third and fourth quarters. On a year-over-year percent change basis, we expect SG&A dollar growth to be up in the low double digits in the third quarter and flat to slightly down in the fourth quarter when compared to last year's fourth quarter inclusive of the extra week.

在SG&A方面，我們預計第三季和第四季將年比去槓桿化。在同比百分比變化的基礎上，我們預計第三季度的銷售、管理及行政費用美元增長率將呈低位兩位數增長，與去年第四季度（包括額外一周）相比，第四季度將持平或略有下降。

For this reason, from an earnings perspective, we expect third quarter to be approximately $0.40 at the midpoint of our non-GAAP guidance range. Our strategies are building momentum as we move into the fall and holiday seasons, which is giving us confidence as we approach the remainder of the year in addition to our longer-term targets. We look forward to updating you on our Lace Up progress next quarter.

因此，從收益角度來看，我們預計第三季的營收約為 0.40 美元，處於我們的非 GAAP 指導範圍的中點。隨著秋季和假期的到來，我們的策略正在積聚動力，這讓我們在接近今年剩餘時間以及實現長期目標時充滿信心。我們期待在下個季度向您通報 Lace Up 的最新進展。

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

那麼，接線員，請打開電話提問。

(Operator Instructions) Janine Stichter, BTIG.

（操作員說明）Janine Stichter，BTIG。

Hi. Good morning. Thanks for taking my question and congrats on all the progress. So by all accounts, the environment remains really tough, but we're seeing that you're accelerating comps and you're also pulling back on promotions at the same time. Can you elaborate further on what you see is driving this? And then also curious, any changes you're seeing in your consumer base, particularly with lower income consumer that you see at WSS? Thank you.

你好。早安.感謝您提出我的問題並祝賀所有的進展。因此，從各方面來看，環境仍然非常艱難，但我們看到你們在加速競爭，同時也在縮減促銷活動。您能否進一步詳細說明您認為是什麼推動了這個趨勢？然後也很好奇，您在您的消費者群中看到了什麼變化，特別是您在 WSS 上看到的低收入消費者？謝謝。

Thank you, Janine. Well, first of all, yes, we're really pleased to be returning to positive total company comps and gross margin expansion as we're pulling back on promotions. And we've seen this broad base across all of our income cohorts, our regions, our formats. In fact, as we said to the script, our comp continued to improve through the quarter and continues as we get into back-to-school with strength.

謝謝你，珍妮。嗯，首先，是的，我們真的很高興在我們取消促銷活動的同時，公司整體業績和毛利率也恢復正值成長。我們在所有收入群體、地區和業態中都看到了這種廣泛的基礎。事實上，正如我們在劇本中所說，我們的比賽在整個季度持續改善，並且隨著我們帶著實力重返校園，我們的比賽繼續改善。

And in addition, our inventories are controlled. So as we said, down 10% year-over-year. So net-net, I would say our execution is getting better and meeting customer needs. And to us, that's good evidence that the Lace Up plan is working.

此外，我們的庫存受到控制。正如我們所說，年減 10%。因此，我想說我們的執行力正在變得更好並且滿足了客戶的需求。對我們來說，這是 Lace Up 計劃正在發揮作用的有力證據。

On the consumer side, I would say it's an important category to our consumers and they are prioritizing it right now as a discretionary category. With us, having the right offerings at the right time for the key buying occasions, they are responding.

在消費者方面，我想說這對我們的消費者來說是一個重要的類別，他們現在將其作為可自由支配的類別優先考慮。與我們一起，在正確的時間為關鍵的購買場合提供正確的產品，他們正在回應。

So whether it's the brands and products we are offering, offer they are buying at full price, our reimagine and refresh store experiences, omni-channel and digital and now FLX loyalty, it's really bringing these all together at once.

因此，無論是我們提供的品牌和產品、他們以全價購買的產品、我們重新構想和更新的商店體驗、全通路和數位化以及現在的 FLX 忠誠度，它確實將所有這些一次性結合在一起。

And for our customers, we have a young diverse customer base. Really critical to the industry frankly, because they are real trendsetters. They are often students who are early in their career, so their discretionary spending is by definition limited.

對於我們的客戶來說，我們擁有年輕、多元化的客戶群。坦白說，對這個行業來說確實至關重要，因為他們是真正的潮流引領者。他們通常是職業生涯早期的學生，因此他們的可自由支配支出本質上是有限的。

But I'd say -- and also like all consumers, they have experienced pressures from inflation, interest rate, et cetera. So again, as I said, this is a category they prioritize. And so, for the right proposition at the right time, our guests are showing up and I think its evidence in our comps and our positive AURs.

但我想說——和所有消費者一樣，他們也經歷過通貨膨脹、利率等方面的壓力。正如我所說，這是他們優先考慮的一個類別。因此，為了在正確的時間提出正確的建議，我們的客人出現了，我認為這在我們的比較和積極的 AUR 中得到了證明。

And I'd also note that our Lace Up strategies are inviting new customers into our business. So we're increasing the percentage of women, we're bringing in some higher income customers as well as gen-alpha shoppers. So in total, we think we've got a good handle on sort of showing up for our customers in the right way at the right time.

我還想指出，我們的 Lace Up 策略正在邀請新客戶加入我們的業務。因此，我們正在增加女性的比例，我們正在引入一些高收入客戶以及一代購物者。因此，總的來說，我們認為我們已經很好地掌握了在正確的時間以正確的方式為客戶提供服務的方式。

You also asked about WSS. And that's a household that I would say has even more pressure. A more concentration in a state like California. These are households that have multiple people in the household. So the discretionary dollars go even -- or have to be stretched even further. So that's why we're seeing more pressure with that customer side of the business. Thank you.

您也詢問了 WSS。我想說，這個家庭的壓力更大。更多集中在像加州這樣的州。這些家庭中有多人。因此，可自由支配的美元會持平——或者必須進一步增加。這就是為什麼我們看到客戶方面的業務壓力更大。謝謝。

Perfect. Thanks very much. And then just a follow-up on the guidance. You called out SG&A up low double digits in Q3. Is there anything shifting there from Q2 or maybe out of Q4? I just wanted to understand how to think about that because I think it was a little bit higher than you had talked about previously.

完美的。非常感謝。然後只是指導的後續行動。您稱第三季的銷售管理及行政費用 (SG&A) 為低兩位數。第二季或第四季有什麼變化嗎？我只是想了解如何思考這個問題，因為我認為它比你之前談到的要高一點。

Yeah Janine, this is Mike. So within Q3, a little bit of timing just in terms of how the year flowed with some technology projects. It's not an indication of anything in terms of our progress within it, but just a little bit of timing within the expenses.

是的，珍妮，這是麥克。因此，在第三季度，我們對一些技術項目的進展進行了一些調整。這並不表示我們在其中取得了任何進展，而只是費用方面的一點時間安排。

And then for the year, we do think Q3 is the peak at up double digits, but then we'll continue to make progress in Q4. Within Q4, we start to lap some of the brand building activities we have from a marketing perspective that really ramped up into Q4, and we start to anniversary that. So we'll make some progress going forward.

然後就今年而言，我們確實認為第三季是兩位數成長的峰值，但隨後我們將在第四季繼續取得進展。在第四季度，我們開始從行銷角度進行一些品牌建立活動，這些活動真正進入第四季度，我們開始慶祝這項活動。所以我們未來會取得一些進展。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah Good morning. This is Alex Conway on for John. Could you just walk through the thought process a little bit behind some of the decisions involving the international operations with the plans to close South Korea and Nordics and then converting Greece and Romania?

是的早安。我是亞歷克斯·康威（Alex Conway）替約翰發言。您能否簡單介紹一下涉及國際行動的一些決策背後的思考過程，包括關閉韓國和北歐，然後改變希臘和羅馬尼亞的計劃？

Sure. Alex, thank you for the question. I would step back and say that we're always evaluating the business and all levers that we have to pull in service of achieving the Lace Up Plan on strategic and financial goals. And for us, a key theme has been simplification and optimization, as that allows us to continue to focus on both being a global brand, but also focusing on the core market spanners that we think really will drive our future.

當然。亞歷克斯，謝謝你的提問。我想說的是，我們一直在評估業務以及我們必須利用的所有槓桿，以實現戰略和財務目標的「繫帶計劃」。對我們來說，一個關鍵主題是簡化和優化，因為這使我們能夠繼續專注於成為全球品牌，同時也專注於我們認為真正將推動我們未來的核心市場扳手。

So the lenses that we use are things like size and scale of a market, its growth potential, profitability, whether that's current or future potential, certainly fit within the customer segment priorities we've identified. And of course where we believe we'll get the best return on capital versus other investments.

因此，我們使用的視角是市場的規模和規模、其成長潛力、獲利能力，無論是當前還是未來的潛力，當然符合我們確定的客戶細分優先順序。當然，我們相信與其他投資相比，我們將獲得最佳的資本回報。

So these are not decisions that we take lightly. In fact, in all of these markets we have really terrific striper teams that have done a really fantastic job. But that said, the decisions on market, so for example, Korea growth potential, yes, but more challenge on profitability for us, and the Nordics was more about size and scale and lower growth potential.

因此，這些不是我們輕易做出的決定。事實上，在所有這些市場中，我們都有非常出色的脫衣舞團隊，他們的工作非常出色。但話雖如此，市場決定，例如韓國的成長潛力，是的，但對我們來說獲利能力面臨更多挑戰，而北歐更多的是規模和規模以及較低的成長潛力。

Whereas Southeast Europe, we do feel there's good potential there across the screens that we've used, but better served we think with a capital -- with a partner in terms of their capital and execution efficiency. So we feel good about where we sit on the portfolio today, but we will certainly continue to evaluate from time to time.

而東南歐，我們確實認為我們使用過的螢幕上有很大的潛力，但我們認為有資本的服務更好——有資本和執行效率方面的合作夥伴。因此，我們對今天的投資組合狀況感到滿意，但我們肯定會繼續不時進行評估。

Yeah. Thank you. That's helpful. And then, Mike, just quickly on the gross margin guidance. You called out the headwinds and WSS and international. Should we take that to mean that Foot Locker US margins are tracking as you planned? And just any more color on that line would be helpful. Thank you.

是的。謝謝。這很有幫助。然後，麥克，快速介紹一下毛利率指引。你指出了逆風、WSS 和國際。我們是否應該認為這意味著 Foot Locker 美國的利潤率正在按照您的計劃進行？只要這條線上再多一點顏色就會有幫助。謝謝。

Sure. So as we think through the gross margin guidance, just wanted to call out that while we are adjusting it down slightly, still forecasting and projecting a meaningful acceleration in our gross margin rate year-over-year in both Q3 and Q4.

當然。因此，當我們思考毛利率指引時，我想指出的是，雖然我們稍微下調了毛利率指引，但仍然預測和預測第三季和第四季的毛利率年比將出現有意義的加速。

We did call out the additional markdowns needed, concentrated in international and WSS. So I think we do feel good about how the North American promotional environment and our margin progression is occurring either our North American banners outside of WSS.

我們確實呼籲進行額外的降價，主要集中在國際和 WSS 領域。因此，我認為我們確實對北美促銷環境和我們的利潤成長感到滿意，無論是 WSS 以外的北美橫幅。

As we look to the back half, it's really the European environment still remains tougher and we're seeing promotional activity in apparel, in particular for us to be competitive there. And then at WSS, that consumer still remains in a tougher spot. So we're having to lean into a greater value messaging to drive demand.

展望下半年，歐洲的環境確實仍然更加嚴峻，我們看到服裝領域的促銷活動，特別是為了我們在那裡具有競爭力。而在 WSS，消費者仍處於更艱難的境地。因此，我們必須依靠更有價值的資訊來推動需求。

I think importantly, both company-wide and for these regions and banners in particular, we feel good about our inventory levels. Mary called out down 10% for the year. We'd expect inventories to remain in the down 6% to down 10% range as we go into Q3, which is where we've been operating at Q1 and Q2 levels.

我認為重要的是，無論是在全公司範圍內，還是在這些地區和橫幅上，我們對庫存水準感到滿意。瑪麗要求今年降價 10%。我們預計，進入第三季時，庫存將保持在下降 6% 至 10% 的範圍內，而我們一直在第一季和第二季的水平上運作。

So again, we feel really good about the progress we're making in terms of gross margin rate expansion but acknowledging some additional pressure in a couple of markets.

因此，我們對毛利率擴張方面取得的進展感到非常滿意，但也承認一些市場存在一些額外的壓力。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great. Let me add my congrats on the progress. I guess my first question is the move to St. Pete. I'm wondering if you can talk to us about where the distribution of kind of human capital -- human resources are? Obviously, they are in New York now. The design and the merchant team, how they get down there? And then what does remain in the New York market?

偉大的。讓我對所取得的進展表示祝賀。我想我的第一個問題是搬到聖彼得堡。請問您能否跟我們談談人力資本－人力資源的分佈在哪裡？顯然，他們現在在紐約。設計和商人團隊，他們是如何做到這一點的？那麼紐約市場還剩下什麼呢？

And then secondarily, when we talk about the inventory, just to follow-up on that, when you are looking at spring season and the buying of inventory as we enter 2025, when do you open to buy to give the -- give a little more oxygen to comp acceleration? Totally understand that you are playing it very disciplined, but just wondering whether that happens in spring of next year. Thank you very much.

其次，當我們談論庫存時，跟進一下，當你在考慮春季和我們進入 2025 年的庫存購買時，你什麼時候開放購買以給予——給一點更多氧氣來加速？完全理解你玩得很有紀律，但只是想知道明年春天是否會發生這種情況。非常感謝。

Thank you, Adrienne. I'll start on the corporate headquarters. So thank you for asking. What this really does is build on what already is a very meaningful commercial and executive team presence in the St. Pete market. We have a large center of gravity there already.

謝謝你，艾德麗安。我將從公司總部開始。謝謝你的提問。這樣做的真正目的是建立在聖彼得市場已經非常有意義的商業和管理團隊的基礎上。我們在那裡已經有一個很大的重心了。

Historically, that was originally the headquarters of Champs Sporting goods. So we have a large concentration of folks there already, and we think it's a great place for us to continue to grow and do business and continue to attract top talent.

歷史上，這裡原本是冠軍體育用品公司的總部。因此，我們已經在那裡聚集了許多人，我們認為這是我們繼續發展和開展業務並繼續吸引頂尖人才的好地方。

We will maintain a limited presence only in New York, but we will have a presence connecting us to sneaker culture, sports, fashion. We think this is going to continue to give us better opportunities both for further collaboration across the business, and there's some financial benefits over time as well. It'll be effective late 2025. We wanted to give some visibility to this now.

我們將僅在紐約保留有限的存在，但我們將透過存在將我們與運動鞋文化、運動和時尚聯繫起來。我們認為這將繼續為我們提供更好的機會，促進整個業務的進一步合作，並且隨著時間的推移將帶來一些財務收益。該法案將於 2025 年底生效。

One other thing I've noticed, we're not requiring relocation. So we really think we'll be able to attract or retain great talent. The details of what departments, where, we're still working through, but generally speaking, it's a move to enhance the center of gravity we have already, while maintaining a presence in New York.

我注意到的另一件事是，我們不需要搬遷。因此，我們確實認為我們將能夠吸引或留住優秀人才。關於哪些部門、在哪裡設立的細節，我們仍在研究中，但總的來說，這是為了增強我們已有的重心，同時保持在紐約的存在。

And then just following up on the inventory question around spring in '25. So we're certainly planning for growth across the enterprise in '25. At the same time, wanting to maintain the good inventory discipline as we look for margin recovery. So certainly, there are some brands that we've talked about in previous calls, and I'm sure will come up that we're planning aggressive growth with.

然後在 25 年春季左右跟進庫存問題。因此，我們當然計劃在 25 年實現整個企業的成長。同時，在我們尋求利潤率恢復的同時，希望保持良好的庫存紀律。當然，我們在之前的電話會議中討論過一些品牌，我相信我們會計劃積極成長。

We also do have the opportunity as our inventories are clean, to be opportunistic and pull forward as we see beats to our sales plans. Some of our partners also take some inventory positions on some key items that we're able to draw upon within the season.

我們也確實有機會，因為我們的庫存是乾淨的，當我們看到銷售計劃的成功時，我們可以抓住機會並向前邁進。我們的一些合作夥伴也對我們能夠在當季使用的一些關鍵商品持有一些庫存。

And then some of the key franchises are also on replenishment programs that allow us to draw down inventory. So those are some of the mechanisms that we use to try and accelerate the business when there's some tailwinds there.

然後，一些主要特許經營商也參與了補貨計劃，使我們能夠減少庫存。因此，這些都是我們在遇到一些不利因素時用來嘗試加速業務發展的一些機制。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

You mentioned the business strengthened during the quarter. So I'm curious if you could talk about the promotions and how they turned it during the quarter if you had to pull any promotional levers, specifically in the [Americas] business. And then second, can you talk about the role Nike plays in the third quarter, fourth quarter sales plan you've got? Thanks.

您提到本季業務有所加強。因此，我很好奇您是否可以談談促銷活動，以及如果您必須採取任何促銷手段，特別是在[美洲]業務中，他們在本季度如何扭轉促銷活動。其次，您能談談耐吉在您的第三季、第四季銷售計劃中扮演的角色嗎？謝謝。

Sure. Well, let me just say that actually I think it's evidenced by our comp results in our AUR improvements. It actually have been pulling back on promotions, particularly in North America. So the strengthening of our comp has really been driven by the confluence of all of the things that we're bringing together at once on our business.

當然。好吧，我只想說，實際上我認為我們的 AUR 改進結果證明了這一點。實際上，它一直在縮減促銷活動，尤其是在北美。因此，我們的競爭力的增強實際上是由我們在業務中同時整合的所有事物的融合所推動的。

So just to add to that, I'd say, we saw the business strengthen through the quarter and continue into August as we start back-to-school and that gives us confidence as we get into the second half of the year because improvements were broad based and really a function of all the initiatives coming together.

因此，我想說的是，補充一點，我們看到整個季度的業務都在增強，並持續到八月，因為我們開始返校，這讓我們在進入下半年時充滿信心，因為改進是基礎廣泛，確實是所有倡議共同作用的結果。

We know there's still some uncertainty out there for our customer, but coming ahead for the rest of the year, we're going to continue to scale things like the improved store experience, digital, loyalty just getting started on our relaunch. That'll continue to scale into the second half of the year including holiday.

我們知道我們的客戶仍然存在一些不確定性，但在今年剩餘的時間裡，我們將繼續擴大規模，例如改善商店體驗、數位化、忠誠度，這只是我們重新啟動的開始。這種情況將繼續擴大到今年下半年，包括假期。

We mentioned on the script, we'll be launching our new mobile app and returning to growth with Nike in the fourth quarter, and we feel really good about that order book and the launch calendar. That in conjunction with our inventories being well-controlled, we think gives us a lot of flexibility.

我們在劇本中提到，我們將推出新的行動應用程序，並在第四季度與耐吉一起恢復成長，我們對訂單簿和發布日曆感到非常滿意。我們認為，再加上我們的庫存受到良好控制，這給我們帶來了很大的靈活性。

So I guess, headline being less reliant on promotion and more about leading through the Lace Up Plan and playing our offense. With Nike, your question, I would just start by saying that I feel very good about our partnership and the momentum on the business.

所以我想，頭條新聞不太依賴晉升，而是更多地關注透過「繫帶計畫」並發揮我們的進攻作用。對於耐吉，你的問題，我首先要說的是，我對我們的合作夥伴關係和業務勢頭感到非常滿意。

We've been saying this for a while, that we really focus together on the areas that are very specific to both of our businesses, which is leading in basketball, kids, and sneaker culture. We gave some examples on the call about great collaboration that we're doing across our businesses, whether it's the Home Court, which is really about bringing the ultimate global multi-branded experience in basketball to our stores together in collaboration with Nike and Jordan brand.

我們已經說過一段時間了，我們確實共同專注於我們兩家業務的特定領域，即在籃球、兒童和運動鞋文化方面處於領先地位。我們在電話會議上舉了一些例子，說明我們在各個業務領域（無論是主場）進行的良好合作，這實際上是與耐吉和喬丹品牌合作，將終極的全球多品牌籃球體驗帶到我們的商店。

And then, The Clinic, which is really about taking the NBA to the community level and creating the next generation of [Hoopers]. So there's a lot happening between our businesses, and we feel good about the fact that we will be returning to growth in the fourth quarter and feel good about the composition of our order book.

然後是 The Clinic，它的真正目的是將 NBA 帶到社區層面並創造下一代 [Hoopers]。因此，我們的業務之間發生了很多事情，我們對第四季度將恢復成長感到滿意，並對我們的訂單組成感到滿意。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

I guess I just want to ask one more time on the second half gross margin reduction. You mentioned the promotions in international. It sounded like it was largely due to apparel. Is there anything beyond that, any issues with deliveries or Red Sea disruptions that would occur from some other brands?

我想我只是想再問一次關於下半年毛利率下降的問題。您提到了國際促銷活動。聽起來這主要是由於服裝。除此之外，還有其他品牌可能發生的任何交付問題或紅海中斷嗎？

Trying to -- I guess, gauge whether those issues are fairly transitory, and if you are seeing that gross margin pressure in the third quarter to date. And then also what the opportunity is from a cost perspective on the headquarters move or the EBITDA contribution from the Asia and Europe transitions?

我想，試圖衡量這些問題是否相當短暫，以及迄今為止第三季是否看到毛利率壓力。然後，從成本角度來看，總部搬遷或亞洲和歐洲轉型帶來的 EBITDA 貢獻是什麼？

Hey, Michael, this is Frank. I'll take the first part of that around Europe and then pass it to Mike on the cost question. So yeah, I mean, certainly, I think you know, there's a lot of regulations around pricing and promotion periods in Europe. And so, when we're on promotion, we really have to be sharp in terms of what the consumer is responding to as well as the competitive dynamics and that's part of the challenge operating the business there.

嘿，邁克爾，這是弗蘭克。我將在歐洲討論第一部分，然後將其傳遞給麥克關於成本問題。所以，是的，我的意思是，當然，我想你知道，歐洲有很多關於定價和促銷期的規定。因此，當我們進行促銷時，我們確實必須敏銳地了解消費者的反應以及競爭動態，這是在那裡經營業務的挑戰的一部分。

That said, there are probably some pockets of apparel inventory where we're still working through some of those challenges. And then, I'd say the other thing is France as a whole is a little more disappointing in the quarter than we had planned. And so, there's a little bit of the inventory that we had planned to sell through that we've got to work through here as we get to the back-to-school season.

也就是說，我們可能仍在應對一些服裝庫存中的一些挑戰。然後，我想說的另一件事是，整個法國在本季度的表現比我們計劃的要令人失望一些。因此，我們計劃在返校季節到來時，必須在此處處理一些我們計劃出售的庫存。

In terms of deliveries, Q2 was largely normalized. We did see at the end of July and into August some disruption from Red Sea shipments, and that's affecting all brands equally. So we're working through very closely with our partners to get that supply chain normalized as best possible and get new receipts into the business.

從交貨量來看，第二季基本上恢復正常。我們確實在 7 月底和 8 月看到了紅海運輸的一些中斷，這對所有品牌都產生了同樣的影響。因此，我們正在與合作夥伴密切合作，盡可能使供應鏈正常化，並為業務帶來新的收入。

So it's not something that we're flagging as a real risk to the quarter and holding our guidance and our forecast on the business there, but certainly something we're monitoring closely. So I'll turn it over to Mike.

因此，這並不是我們將其標記為本季度的真正風險並維持我們對該業務的指導和預測的事情，但肯定是我們正在密切監控的事情。所以我會把它交給麥克。

Yeah. Hey Michael, it's Mike. So from a ultimate financial benefit tied to both the corporate headquarters inclusive of the other changes that we're making within the international business. As we normalize that into 2027, it'll be worth 20 basis points of EBIT margin expansion or just above that and that's before we incorporate additional potential upside from royalty revenues from the new partnership as well.

是的。嘿邁克爾，我是麥克。因此，最終的財務利益與公司總部相關，包括我們在國際業務中所做的其他變革。當我們將其正常化到2027 年時，息稅前利潤率將擴大20 個基點或略高於此，而且這是在我們將新合作夥伴關係的特許權使用費收入的額外潛在增長納入考慮之前。

And then just to add on to the margin improvement question, I think as we look at year-to-date within the quarter specifically in Q2, as the sales improved to the mid single-digit levels, we did see margin rate accelerates -- margin rate improvement accelerates in that time period, which is a trend now that we've seen going back into the latter part of Q1. And we've also seen that trend continue here into August. So all of that's been incorporated into our thinking for the adjustments in the back half of the year.

然後，為了補充利潤率改善的問題，我認為，當我們回顧本季度的年初至今，特別是第二季度時，隨著銷售額提高到中等個位數水平，我們確實看到利潤率加速 -在此期間，利潤率改善加速，這是我們在第一季後半段看到的趨勢。我們也看到這種趨勢持續到八月。所以所有這些都已納入我們下半年調整的思維中。

Anna Andreeva, Piper Sandler.

安娜·安德烈娃，派珀·桑德勒。

Great. Thanks so much. Good morning, and congrats on making progress. Two quick ones from us. I wanted to follow up on the guide. So the $0.40 guided for the third quarter, there's a pretty big ramp expected in the fourth quarter to get to the annual guidance range. So can you talk about the confidence levels to get there? Should we think that SG&A decline is the biggest component within that?

偉大的。非常感謝。早上好，祝賀你取得了進步。我們的兩個快的。我想跟進該指南。因此，第三季的指導值為 0.40 美元，預計第四季將有相當大的成長才能達到年度指引範圍。那麼您能談談實現這目標的信心程度嗎？我們是否應該認為 SG&A 下降是其中最大的組成部分？

And secondly, it sounds like the loyalty program is resonating which is great. I think you said penetration was up 200 basis points in the short period of time. How should we think about that penetration ramping as we go through the year? Thanks so much.

其次，聽起來忠誠度計劃正在引起共鳴，這很棒。我想你說過滲透率在短時間內上升了 200 個基點。我們該如何看待這一年滲透率的上升？非常感謝。

Well, I'll just start in loyalty. Yeah. We're really pleased with the launch and it's going to continue to ramp. I mean, our goal was get to 50% in a couple of years and we're already gotten to 24% capture rate as you've seen. So that'll continue to ramp.

好吧，我將從忠誠開始。是的。我們對此次發布感到非常滿意，並且它將繼續增加。我的意思是，我們的目標是在幾年內達到 50%，正如您所看到的，我們已經達到 24% 的捕獲率。所以這將繼續增加。

And I'll just say that we're really pleased with it. The program is broadly appealing. Its cash for points and other perks, plus we keep the launch access. And some of the things that we've seen is an increase in the pace of enrollments, higher engagement with first time redeemers. So people have a reason to engage.

我只想說我們對此非常滿意。該計劃具有廣泛的吸引力。它可以用現金兌換積分和其他福利，而且我們保留啟動權限。我們看到的一些事情是註冊速度的加快，首次兌換者的參與度更高。所以人們有理由參與。

And then all the metrics that we really think are important of course. So spend per member driven by increased frequency, higher units per transaction, higher average order value. So all on track for us to continue to ramp and achieve our longer term goals there.

當然，我們真正認為重要的所有指標也是如此。因此，每位會員的支出是由增加的頻率、更高的每筆交易單位和更高的平均訂單價值所驅動的。因此，一切都有望繼續推進並實現我們的長期目標。

And then just from the Q3, Q4 perspective, the SG&A improvement is obviously a contribution to that. I would not mention it as the biggest one. I think as we go through there we do ramp in increasingly promotional time for us as we go into Q3 and Q4. And Q4 specifically, where we took a lot of specific actions last year to make sure that we got through the year with a clean inventory level.

從第三季、第四季的角度來看，SG&A 的改善顯然對此做出了貢獻。我不會將其視為最大的一個。我認為，當我們進入第三季和第四季時，我們的促銷時間確實會增加。特別是第四季度，我們去年採取了許多具體行動，以確保我們以乾淨的庫存水準度過這一年。

We do expect loyalty to ramp as we go through the back part of the year. We do expect a refresh activity to ramp as we go into the back part of the year. And I think we've got in Q4 and our app launch, return to growth with Nike. I think all that's incorporated into how we thought about the flow between Q3 and Q4.

我們確實預計，隨著今年下半年的到來，忠誠度將會上升。我們確實預計，隨著進入今年下半年，刷新活動將會增加。我認為我們已經在第四季度和我們的應用程式發布中與耐吉一起恢復了增長。我認為所有這些都融入了我們對第三季和第四季之間流程的思考。

This concludes our question-and-answer session. I would like to turn the conference back over to Ms. Mary Dillon for any closing remarks. Please go ahead, ma'am.

我們的問答環節到此結束。我想將會議轉回給瑪麗·狄龍女士發表閉幕詞。請繼續，女士。

Thanks, everybody, for joining us today. I remain confident that our decisions and our strategies are the right actions to put Footlocker on the new path towards sustainable growth and enhanced shareholder value. Our teams are executing well as we head into the peak back-to-school season.

謝謝大家今天加入我們。我仍然相信，我們的決定和策略是正確的行動，可以讓 Footlocker 走上可持續成長和提高股東價值的新道路。當我們進入返校高峰期時，我們的團隊表現良好。

And I just want to extend my thanks to the entire Foot Locker team, especially our global striper community for their passion and commitment to ensuring we have a great back-to-school season across our stores online and our distribution centers.

我只想向整個 Foot Locker 團隊表示感謝，特別是我們的全球脫衣舞者社區，感謝他們的熱情和承諾，確保我們的線上商店和配送中心度過一個美好的返校季。

I look forward to our team week next month and celebrating all of our key accomplishments with all of you. We look forward to updating you on our progress next quarter. So thank you.

我期待著下個月的團隊週，並與大家一起慶祝我們所有的關鍵成就。我們期待向您通報下季的最新進展。所以謝謝你。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。