Foot Locker Inc (FL) 2024 Q3 法說會逐字稿

Good morning, and welcome to Foot Locker's third-quarter 2024 financial results conference call.

早安，歡迎參加 Foot Locker 2024 年第三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 the 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.

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、客戶偏好以及公司媒體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，包括最近提交的表格10-K 或表格10-Q。

Any changes in such assumptions or factors could produce significantly different results, and actual results may differ materially from those contained in the forward-looking statements.

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

Please note this conference call is being recorded.

請注意，本次電話會議正在錄音。

I would now like to turn the call over to Mr. Robert Higginbotham, Senior Vice President, Corporate Finance, Investor Relations and Treasurer.

我現在想將電話轉給公司財務、投資者關係和財務主管資深副總裁 Robert Higginbotham 先生。

You may begin, sir.

您可以開始了，先生。

Thank you, operator.

謝謝你，接線生。

Welcome, everyone, to Foot Locker Inc.'s third-quarter earnings call.

歡迎大家參加 Foot Locker Inc. 的第三季財報電話會議。

We will begin with prepared remarks by Mary Dillon, our President and Chief Executive Officer.

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。

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 third-quarter results and our updated 2024 outlook.

然後，我們的執行副總裁兼財務長 Mike Baughn 將審查我們的第三季業績和更新的 2024 年展望。

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

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 will reference certain non-GAAP financial measures.

需要注意的是，今天的電話會議將參考某些非公認會計準則財務指標。

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，其中包含電話會議期間將參考的資訊。

Finally, for future planning purposes, we currently plan to release our fourth-quarter 2024 results on March 5, 2025.

最後，出於未來規劃的目的，我們目前計劃於 2025 年 3 月 5 日發布 2024 年第四季業績。

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 this morning with a high-level review of our third-quarter results and our full-year outlook.

今天早上我將首先對我們的第三季業績和全年展望進行高層審查。

I'll then provide another Lace Up plan initiatives.

然後我將提供另一個 Lace Up 計劃舉措。

Despite continued and meaningful progress, our third-quarter results did not meet our expectations.

儘管取得了持續且有意義的進展，但我們第三季的業績並未達到我們的預期。

As we consider this performance and the current promotional environment, we are taking a more cautious approach to our outlook and have revised our sales and earnings guidance for the year.

考慮到這一業績和當前的促銷環境，我們對前景採取更加謹慎的態度，並修改了今年的銷售和盈利指引。

While we are disappointed that we did not see as much sequential improvement in the business that we had anticipated three months ago, we are pleased to continue to demonstrate ongoing progress against our Lace Up plan as we delivered another quarter of positive comp results and meaningful gross margin improvement in the third quarter.

雖然我們對業務沒有看到三個月前預期的連續改善感到失望，但我們很高興繼續展示我們的 Lace Up 計劃的持續進展，因為我們又實現了一個季度的積極業績和有意義的總收入第三季利潤率有所改善。

Looking at our comp sales, our total comp increased 2.4% in the quarter was led by share gains from our global Foot Locker and Kids Foot Locker banner, which comped up 2.8%.

從我們的公司銷售額來看，本季度我們的總銷售額增長了2.4%，這主要得益於我們的全球Foot Locker 和Kids Foot Locker 品牌的份額增長，這兩個品牌的份額增長了2.8% 。

In addition, both our Champs Sports and WSS banners accelerated that to positive territory, up 2.8% and 1.8%, respectively, led by strength in the back-to-school period.

此外，我們的 Champs Sports 和 WSS 旗幟都加速了這一勢頭，在返校期間的強勢帶動下，分別上漲了 2.8% 和 1.8%。

In the quarter, we saw consumers being cautious with their discretionary dollars.

在本季度，我們看到消費者對其可自由支配的資金持謹慎態度。

More specifically, this translated to shoppers concentrating spending around the peak back-to-school selling season in August, and then pulling back in September and October, which we believe reflected consumers holding off on spending ahead of holiday events.

更具體地說，這意味著購物者將支出集中在 8 月返校銷售旺季期間，然後在 9 月和 10 月縮減支出，我們認為這反映了消費者在節日活動之前推遲支出。

Turning to gross margin, we saw an improvement of 230 basis points year over year, led by merchandise margin recovery against last year's higher level of promotions.

談到毛利率，我們看到年比提高了 230 個基點，這主要是由於商品利潤率相對於去年較高水準的促銷有所回升。

Our merchandise margin recapture accelerated versus the second quarter, although this recovery did not come through to the degree that we had anticipated.

與第二季相比，我們的商品利潤率恢復速度加快，儘管這種復甦並未達到我們預期的程度。

In the third quarter, we saw that the promotion environment was more elevated and widespread across channels than what we had anticipated three months ago.

第三季度，我們看到跨通路的促銷環境比我們三個月前的預期更加良好和廣泛。

At the same time, we continue to demonstrate disciplined expense management, including through the execution of our cost savings plan, which is now on pace to deliver $90 million in savings this year above our prior expectation of $80 million.

同時，我們繼續展示嚴格的費用管理，包括透過執行我們的成本節約計劃，該計劃今年預計將節省 9,000 萬美元，高於我們先前預期的 8,000 萬美元。

Our non-GAAP earnings per share in the quarter were $0.33, up from $0.30 last year, but below our guidance of approximately $0.40. As we look to the remainder of the year, we have updated our full-year non-GAAP EPS to be in the range of $1.20 to $1.30, down from our prior range of $1.50 to $1.70.

本季我們的非 GAAP 每股收益為 0.33 美元，高於去年的 0.30 美元，但低於我們約 0.40 美元的指引。展望今年剩餘時間，我們將全年非 GAAP 每股盈餘更新為 1.20 美元至 1.30 美元，低於先前的 1.50 美元至 1.70 美元。

Looking to the fourth quarter, we expect our customers to remain cautious with their discretionary dollars and to consolidate their spending over peak periods in the holiday season.

展望第四季度，我們預計客戶對可自由支配的美元保持謹慎，並在假期高峰期鞏固支出。

We also expect the elevated promotional activity we saw in the third quarter to continue through the holiday season.

我們也預計第三季促銷活動的增加將持續到整個假期季節。

On quarter-to-date trends, after a softer start to the season in the first three weeks of November, we saw a meaningful acceleration in trend during Thanksgiving week.

就季度至今的趨勢而言，在 11 月前三週的季節開局較為疲軟之後，我們在感恩節期間看到了趨勢的顯著加速。

Looking towards the remainder of the quarter, we anticipate benefiting from a favorable launch calendar, but remain cautious in light of the steeper lulls we saw with the consumer in the third quarter outside of peak selling periods.

展望本季剩餘時間，我們預計將受益於有利的發布日曆，但鑑於我們在第三季銷售高峰期之外看到消費者的急劇平靜，我們仍保持謹慎態度。

This is in addition to an overall heightened promotional environment and condensed holiday period.

除此之外，還有整體加強的促銷環境和小巧的假期時間。

We expect gross margin improvement in the quarter as with last year's elevated markdown levels in our business particularly in the apparel category.

我們預計，隨著去年我們業務（尤其是服裝類別）降價水準的提高，本季毛利率將有所改善。

However, we have moderated our expectations regarding our margin recapture opportunity in the quarter as we see elevated promotional dynamics inclusive of DTC and retail peers in both Europe and North America.

然而，由於我們看到包括歐洲和北美的 DTC 和零售同業在內的促銷力度加大，因此我們調整了對本季利潤回收機會的預期。

While we're disappointed to be adjusting our full year outlook, we're continuing to make progress against our Lace Up plan and are committed to meeting our longer-term financial targets including 8.5% to 9% EBIT margin target by 2028.

雖然我們對調整全年展望感到失望，但我們將繼續在 Lace Up 計劃上取得進展，並致力於實現我們的長期財務目標，包括到 2028 年實現 8.5% 至 9% 的息稅前利潤率目標。

Now with that, let me provide an update on our Lace Up plan and progress against our strategies in the third quarter.

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三季度策略的進展。

Starting with our first imperative, which is expand sneaker culture.

從我們的首要任務開始，那就是擴大運動鞋文化。

Let me start with our top partner, Nike.

讓我從我們的頂級合作夥伴耐吉開始。

We're pleased with how we've elevated our partnership over the last several quarters.

我們對過去幾季加強合作關係的方式感到滿意。

We look forward to building upon this momentum with Elliott Hill and his team at Nike.

我們期待與埃利奧特希爾 (Elliott Hill) 及其耐吉團隊一起鞏固這一勢頭。

We have a long-standing relationship with Elliott and are excited to work with him, given his passion for product, innovation, and athlete and consumer insights to help drive distinction in the marketplace.

我們與 Elliott 有著長期的合作關係，並且很高興與他合作，因為他對產品、創新以及運動員和消費者洞察的熱情有助於推動市場的脫穎而出。

Examples of our ongoing collaboration include the continued expansion of our work with Nike and Jordan Brand on The Clinic and our premier multi-brand in-store Foot Locker Home Court basketball experience.

我們持續合作的例子包括繼續擴大與 Nike 和 Jordan Brand 在 The Clinic 上的合作，以及我們首屈一指的店內 Foot Locker Home Court 籃球體驗。

In the near term, we remain on track to return to growth on an allocation basis with Nike in the fourth quarter, including a favorable launch calendar relative to both the third quarter and last year's fourth quarter.

短期內，我們仍有望在第四季度恢復與耐吉的分配基礎上的成長，包括相對於第三季和去年第四季有利的發布日曆。

That said, we know we're balancing challenges in the global marketplace this quarter.

也就是說，我們知道本季我們正在平衡全球市場的挑戰。

We're seeing higher promotional levels in the marketplace compared to our prior expectations, particularly out of DTC in addition to wholesale competitors.

與我們之前的預期相比，我們看到市場上的促銷水平更高，特別是除了批發競爭對手之外，DTC 之外的促銷水平也更高。

Over time, we do expect the degree of promotional intensity to abate, we don't think this is structural as inventory levels are rationalized and as a more appropriate balance of DTC and wholesale is achieved in the channel.

隨著時間的推移，我們確實預計促銷力度會減弱，但我們認為這不是結構性的，因為庫存水準已經合理化，而且通路中 DTC 和批發之間實現了更適當的平衡。

In the long term, we have full confidence in our largest partner in the strength of our partnership, how Nike is positioning the brand for the future and how that will benefit the category, the industry, and Foot Locker.

從長遠來看，我們對我們最大的合作夥伴充滿信心，對我們的合作夥伴關係的實力、耐吉如何定位品牌的未來以及這將如何有利於該類別、行業和 Foot Locker 充滿信心。

At the same time, our proposition as a multi-brand retailer is reinforced by our results as we continue to see our highest frequency customers purchasing a wider array of brands.

同時，我們作為多品牌零售商的主張得到了我們的業績的強化，因為我們繼續看到我們最頻繁的客戶購買更廣泛的品牌。

Also, in the quarter, sales of brands such as adidas, New Balance, On, HOKA, UGG, and ASICS were up strong double digits through a combination of door expansions as well as like-for-like gains.

此外，在本季度，透過門市擴張和同比增長，阿迪達斯、New Balance、On、HOKA、UGG 和 ASICS 等品牌的銷售額實現了兩位數的強勁增長。

In lifestyle, Adidas continues to see strength globally led by women's through the lens of Terrace.

在生活方式方面，阿迪達斯繼續透過 Terrace 的視角看到全球女性主導的力量。

In heritage running, we have expanded the number of doors with New Balance expansions compared to last year and strong comp gains across multiple footwear franchises across men's, women's, and kids.

在傳統跑步方面，與去年相比，我們透過 New Balance 擴張擴大了門市數量，男鞋、女鞋和童鞋等多個鞋類專營店的業績也實現了強勁增長。

In performance running, ASICS was one of our fastest-growing brands in the quarter, led by strong global momentum in multiple footwear franchises across men's, women's, and kids.

在高性能跑步方面，ASICS 是我們本季成長最快的品牌之一，其領先優勢是男鞋、女鞋和童鞋等多個鞋類系列在全球的強勁勢頭。

Similarly, we're seeing strong gains in On and HOKA, and we continue to plan for new doors for those brands as we look towards 2025 and beyond.

同樣，我們看到 On 和 HOKA 取得了強勁增長，展望 2025 年及以後，我們將繼續為這些品牌規劃新門。

Certainly, our controlled inventory levels give us a lot of flexibility and agility with how we're flowing product across multiple brand partners to better match our supply with customer demand.

當然，我們控制的庫存水準為我們在多個品牌合作夥伴之間流動產品提供了很大的靈活性和敏捷性，以更好地將我們的供應與客戶需求相匹配。

And finally, looking at our exclusive penetration in the quarter, it was 15%, down 100 basis points year over year as we lap the 25th anniversary of Nike TN.

最後，看看我們本季的獨家滲透率，在 Nike TN 成立 25 週年之際，該滲透率為 15%，較去年同期下降 100 個基點。

Moving to our second pillar, which is power up the portfolio.

轉向我們的第二個支柱，即增強投資組合。

A key objective of this pillar has been to reposition our Champs Sports banner towards the active athlete and sports style enthusiasts.

這個支柱的一個關鍵目標是將我們的冠軍運動旗幟重新定位為活躍的運動員和運動風格愛好者。

The banner outperformed our expectations in the quarter, with comps up 2.8%, the first positive comp sales results at the banner since its repositioning began.

該橫幅在本季度的表現超出了我們的預期，銷售額增長了 2.8%，這是該橫幅自重新定位開始以來首次取得積極的銷售額業績。

Another key objective in this pillar is to elevate and optimize our store experience through new door concepts as well as our refresh program as we continued our progress with both in the quarter.

這個支柱的另一個關鍵目標是透過新的門概念和更新計劃來提升和優化我們的商店體驗，因為我們在本季度繼續取得進展。

Our new store concepts, recall, we opened our 34th Street reimagined location in New York City in August.

我們的新店概念，回想一下，我們於 8 月在紐約市重新設計的第 34 街開設了新店。

We also opened reimagined doors in Melbourne and Delhi with the latter marking our entry into the Indian market with our license partners, Metro Brands and Nykaa Fashion.

我們還在墨爾本和德里開設了重新設計的大門，後者標誌著我們與我們的授權合作夥伴 Metro Brands 和 Nykaa Fashion 一起進入印度市場。

Just last week as well, we opened our second location in Europe in Utrecht in the Netherlands.

就在上週，我們在荷蘭烏特勒支開設了歐洲第二家分店。

With six reimagined stores now live across North America, Europe, and Asia, we're excited to see the Heart of Sneakers come to life through this globally scalable concept.

目前，六家經過重新設計的商店遍布北美、歐洲和亞洲，我們很高興看到「運動鞋之心」透過這個全球可擴展的概念得以實現。

In all these locations, we've generally seen higher conversion levels, basket sizes, and increased penetration of women's footwear compared to the balance of chain.

在所有這些地區，與其他連鎖店相比，我們普遍發現女鞋的轉換率、購物籃尺寸和滲透率都更高。

Next month, we're opening two additional reimagined doors here in the US at Bay Plaza in the Bronx and Holyoke Mall in Western Massachusetts.

下個月，我們將在美國布朗克斯灣廣場和馬薩諸塞州西部的霍利奧克購物中心開設另外兩扇重新設計的大門。

Once these stores are completed, we'll have reimagined concepts that represent the full range of our store formats and box sizes within our global Foot Locker store portfolio.

這些商店建成後，我們將重新構想代表我們全球 Foot Locker 商店組合中的全系列商店格式和盒子尺寸的概念。

That will bring our total reimagined concepts this year, and we look forward to testing and learning from these locations as we build reimagined plans for the future.

這將帶來我們今年全面重新構想的概念，我們期待在為未來制定重新構想的計劃時從這些地點進行測試和學習。

Turning to Home Court, we know that sneaker culture has long been influenced by sports and specifically basketball and certainly the category remains a key driver of business as we aim to be the go-to destination for all things basketball.

談到主場，我們知道運動鞋文化長期以來一直受到體育運動，特別是籃球的影響，當然，該類別仍然是業務的關鍵驅動力，因為我們的目標是成為所有籃球事物的首選目的地。

That's why we're pleased to continue rolling out Foot Locker Home Court experience developed in partnership with Nike and Jordan Brand in select reimagined locations.

這就是為什麼我們很高興繼續在選定的重新設計的地點推出與 Nike 和 Jordan Brand 合作開發的 Foot Locker Home Court 體驗。

Recall Home Court is our premier multi-branded basketball-focused experience version of Home Court was codesigned with Nike and Jordan Brand and features a visually striking experience meant to enhance our basketball storytelling.

Recall Home Court 是我們與 Nike 和 Jordan Brand 共同設計的首屈一指的以籃球為中心的多品牌體驗版本 Home Court，具有引人注目的視覺體驗，旨在增強我們的籃球故事講述。

It's currently live in our 34th Street and Melbourne reimagined locations and demonstrates our mutual commitment and shared vision to deliver the ultimate in-store basketball experience.

目前，它已在我們重新設計的第 34 街和墨爾本地點推出，體現了我們提供終極店內籃球體驗的共同承諾和共同願景。

We've been very pleased with the results from Home Court thus far, and we intend to accelerate our investment in this experience, especially through our reimagined concept going forward.

到目前為止，我們對 Home Court 的結果非常滿意，我們打算加快對這項體驗的投資，特別是透過我們重新構想的未來概念。

We continue to target 100 Foot Locker Home Courts by 2026.

我們的目標是到 2026 年擁有 100 個 Foot Locker 主場。

Our new concepts, including Foot Locker reimagined, now represent 17% of our global square footage, up from 13% last year and moving steadily towards our 2026 target of 20%.

我們的新概念（包括重新設計的 Foot Locker）目前占我們全球面積的 17%，高於去年的 13%，並穩步向 2026 年 20% 的目標邁進。

In addition to the reimagined concept, we made significant headway on our store refresh program, which aims to bring more of our fleet up to an elevated and consistent brand standard globally.

除了重新構想的概念外，我們在商店更新計劃方面也取得了重大進展，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。

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。

In the third quarter, we completed 167 refreshes, which was an acceleration from the 80 we did in the first half of the year.

第三季度，我們完成了 167 次刷新，比上半年的 80 次有所增加。

We remain on target for our goal of approximately 400 refreshes this year.

我們仍然致力於今年約 400 次更新的目標。

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 brand standard by the end of 2025.

除了新概念外，我們還進行了商店更新，我們致力於在 2025 年底之前將全球約三分之二的 Foot Locker 和 Kids Foot Locker 門提升至品牌標準。

And finally, we're making strides in our shift to off-mall.

最後，我們在向商場外的轉變方面取得了長足進步。

Penetration reached 41% of North American square footage, up 5 points from a year ago and closer to our goal of 50% by 2026.

滲透率達到北美面積的 41%，比一年前增加 5 個百分點，更接近我們 2026 年達到 50% 的目標。

Moving to our third pillar, which is deepen our relationship with our customers.

轉向我們的第三個支柱，即加深我們與客戶的關係。

Over the past several months, we've made steady progress driving awareness and relevancy for our banners with consumers.

在過去的幾個月裡，我們在提高橫幅廣告與消費者的認知度和相關性方面取得了穩步進展。

Our positioning has come to life through the rollout of brand platforms such as the Heart of Sneakers for Foot Locker and more recently, Sport For Life for Champs Sports.

我們的定位透過品牌平台的推出而得以實現，例如 Foot Locker 的 Heart of Sneakers 以及最近的 Champs Sports 的 Sport For Life。

And customers are responding to our brand campaigns and differentiated partnerships.

客戶對我們的品牌活動和差異化合作夥伴關係做出了回應。

As a result, we're seeing improvements in both awareness and consideration.

結果，我們看到了意識和考慮度的提高。

More recently, in September, we celebrated the 50th anniversary of the Foot Locker brand with a month-long campaign featuring exclusive products co-created with Nike, New Balance, adidas, PUMA, and Converse.

最近，在 9 月份，我們透過為期一個月的活動慶祝了 Foot Locker 品牌成立 50 週年，其中包括與 Nike、New Balance、adidas、PUMA 和 Converse 共同打造的獨家產品。

The campaign featured a strong omni and social media presence and culminated with an exclusive concert with the Grammy-nominated Coi Leray at our 34th Street reimagined store here in New York City.

該活動以強大的全方位和社交媒體影響力為特色，並以與格萊美提名的 Coi Leray 在我們重新設計的紐約市第 34 街商店舉行的獨家音樂會將活動推向高潮。

In total, the campaign earned us over 1.7 billion media impressions.

該活動總共為我們贏得了超過 17 億次媒體曝光。

As we move towards the NBA tip off in October, we began building upon the work we've done around our core basketball category.

隨著 10 月 NBA 比賽的臨近，我們開始圍繞核心籃球類別開展工作。

A year ago, we announced our agreement with the NBA to serve as an official league marketing partner here in the US.

一年前，我們宣布與 NBA 達成協議，成為美國的官方聯盟行銷合作夥伴。

We more recently launched a new partnership with the legendary Chicago Bulls franchise ahead of the '24/'25 NBA season.

最近，我們在 NBA '24/'25 賽季之前與傳奇的芝加哥公牛隊建立了新的合作夥伴關係。

We know that the Bulls have long been at the forefront of basketball and sneaker culture, particularly with their association with Michael Jordan and the Jordan brand and hold a shared commitment to basketball culture and the community.

我們知道，公牛隊長期以來一直處於籃球和運動鞋文化的前沿，特別是他們與邁克爾喬丹和喬丹品牌的聯繫，並對籃球文化和社區有著共同的承諾。

The partnership features community basketball events, exclusive in-store activations, and a co-branded Tunnel Walk series on social media, allowing fans to behind the scenes look as their favorite players as they're getting ready to take the court.

這項合作關係包括社區籃球活動、獨家店內活動以及社交媒體上的聯合品牌 Tunnel Walk 系列，讓球迷在幕後看起來像他們最喜歡的球員，準備好上場。

We'll continue in our basketball business through our partnerships with the NBA and the Bulls in addition to our Home Court experience.

除了我們的主場經驗之外，我們還將透過與 NBA 和公牛隊的合作夥伴關係繼續開展我們的籃球業務。

Looking at holiday, we launched a campaign in November called Step Into Your Gift which featured top NBA talent, including Anthony Edwards and LaMelo Ball along with Coi Leray.

就假期而言，我們在 11 月推出了一項名為“步入你的禮物”的活動，邀請了 NBA 頂尖人才，包括安東尼·愛德華茲、拉梅洛·鮑爾以及 Coi Leray。

Though the underscoring Foot Locker's role, the Heart of Sneakers as we embody the energy of gift-giving and sneaker culture this holiday season.

儘管強調了 Foot Locker 的作用，但運動鞋之心體現了這個假期的送禮和運動鞋文化的能量。

Moving on to loyalty. 27% of us in the third quarter were through our loyalty program, which was up 4 points compared to last year.

繼續忠誠。第三季度，27% 的人透過我們的忠誠度計劃，比去年增加了 4 個百分點。

Since the June relaunch of our FLX Rewards Program here in the US, we've been very pleased with our members' response across a variety of KPIs getting a higher pace of enrollment increased time redeemers and higher AOVs compared to non-loyalty members.

自 6 月在美國重新啟動 FLX 獎勵計劃以來，我們對會員在各種 KPI 方面的反應感到非常滿意，與非忠誠會員相比，會員註冊速度更快，兌換時間更長，AOV 更高。

Following an improvement in our sign-up experience in stores towards the end of October, we've seen a meaningful improvement in the sales capture rate in stores as we moved into November.

繼 10 月底商店註冊體驗得到改善之後，進入 11 月後，我們發現商店的銷售獲取率有了顯著改善。

This holiday, we're excited to continue to activate through the program, including a recent addition of members-only events in stores and online across banners.

這個假期，我們很高興能夠繼續透過該計劃進行激活，包括最近在商店和網上跨橫幅增加了僅限會員的活動。

We're already seeing these events drive value for the program in the pace of new enrollments and lifts in the sales capture rate.

我們已經看到這些活動在新註冊人數和銷售獲取率提升方面推動了該計劃的價值。

We look forward to sharing incremental insights as the program moves towards our 50% loyalty penetration by 2026.

隨著該計劃到 2026 年忠誠度滲透率達到 50%，我們期待分享增量見解。

Turning to our final pillar, be best-in-class omni.

轉向我們的最後一個支柱，成為一流的全方位。

In our stores, comp sales were up 2.2% in the quarter.

在我們的商店中，本季的商品銷售額成長了 2.2%。

While traffic proved more challenging, especially in September and October, we saw some of our highest convergent increases in stores year to date.

儘管事實證明客流量更具挑戰性，特別是在九月和十月，但我們看到了今年迄今為止商店中一些最高的聚合增長。

Speaking to how our initiatives around product, in-store experience and strive for education and trainings are working.

談論我們圍繞產品、店內體驗以及教育和培訓所採取的舉措如何發揮作用。

On an enterprise level, global digital comps were up 3.6% as we continued to make strides in our online conversion rate due to ongoing improvements to the customer experience, including better merchandising capabilities.

在企業層面，由於客戶體驗的持續改善（包括更好的銷售能力），我們的線上轉換率持續取得長足進步，全球數位比較成長了 3.6%。

Our digital penetration in the quarter increased 60 basis points year over year to 17.6% of sales as we continue to target around 25% e-commerce penetration by 2026.

我們本季的數位滲透率年增 60 個基點，佔銷售額的 17.6%，我們繼續目標是到 2026 年電子商務滲透率達到 25% 左右。

Last month, we are excited to roll out our new and improved mobile app across the US, which provides a faster, more modern shopping experience featuring richer content and improved launch experience.

上個月，我們很高興在美國推出經過改進的全新行動應用程序，該應用程式提供更快、更現代的購物體驗，內容更豐富，啟動體驗也得到改善。

Importantly, the app serves as the hub for our new loyalty program across both stores and online, making it that much easier for our members to track and access their points across channels.

重要的是，該應用程式充當我們跨商店和線上的新忠誠度計劃的中心，使我們的會員可以更輕鬆地跨渠道追蹤和獲取他們的積分。

While still very early days, the app has already seen a strong uptick in conversion levels, and we're confident that this improved experience can be a significant lever for us to drive both our digital and loyalty penetration over time.

雖然還處於早期階段，但該應用程式的轉換程度已經大幅上升，我們相信，隨著時間的推移，這種改進的體驗可以成為我們推動數位化和忠誠度滲透的重要槓桿。

In closing, despite continued and meaningful progress, our third quarter results did not meet our expectations.

最後，儘管我們取得了持續且有意義的進展，但我們第三季的業績並未達到我們的預期。

That said, we continue to see our sustained positive comps and gross margin expansion as proof points that the Lace Up plan is working across multiple dimensions.

也就是說，我們繼續將持續的積極績效和毛利率擴張視為 Lace Up 計劃在多個方面發揮作用的證據。

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 third-quarter product and brand partner performance, footwear comped positive high-single digits.

從第三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成長。

These gains were led by strong results out of the adidas, New Balance, On, HOKA, UGG, and ASICS brands while we are contending with some more recent softness out of our top partner, Nike.

這些成長得益於阿迪達斯、New Balance、On、HOKA、UGG 和 ASICS 品牌的強勁業績，而我們的頂級合作夥伴耐吉最近表現疲軟。

Within the basketball category, we continue to see strength within our portfolio of next-generation signature athletes such as Nike's Ja 2, Sabrina 2, adidas ae1, and PUMA's Melo 04, along with retro models such as Nike's Foamposite and Kobe.

在籃球類別中，我們繼續看到下一代簽名運動鞋產品組合的實力，例如 Nike 的 Ja 2、Sabrina 2、adidas ae1 和 PUMA 的 Melo 04，以及復古鞋款，例如 Nike 的 Foamposite 和 Kobe。

I should also note that we were thrilled to feature Anthony Edwards in our Foot Locker holiday marketing campaign, which is now in market and driving great engagement with consumers.

我還應該指出，我們很高興在我們的 Foot Locker 假日行銷活動中以 Anthony Edwards 為主角，該活動現已上市並與消費者產生了良好的互動。

We also introduced ANTA to several of our doors as well as online in the quarter and have been pleased with our customers' response to the KAI 1.

我們也在本季的幾家門市和網路上介紹了安踏，並對客戶對 KAI 1 的反應感到滿意。

We'll continue to test and learn with this exciting new partner in the seasons ahead.

在接下來的幾個賽季中，我們將繼續與這個令人興奮的新合作夥伴一起測試和學習。

As Nike rebalances their product mix, inventory levels in the near term across the basketball classics franchises, we are seeing some short-term negative impacts on our business.

隨著耐吉在短期內重新平衡籃球經典系列產品組合和庫存水平，我們看到了對我們業務的一些短期負面影響。

We are seeing higher promotional levels in the marketplace across both DTC and competition, which is having a cascading impact as we need to react and compete with those dynamics headed into the holiday season.

我們看到市場上 DTC 和競爭方面的促銷水平都在提高，這產生了連鎖反應，因為我們需要對即將到來的假期季節的動態做出反應並與之競爭。

However, as previously communicated, we do return to growth on an allocation basis during the holiday season with Nike and have a favorable launch calendar as well.

然而，正如之前所傳達的，我們在假期期間與耐吉的分配確實恢復了增長，並且也有一個有利的發布日曆。

Meanwhile, our overall inventory levels with them remain controlled, and we are working together closely to optimize new receipt flow, retail sell-through, and prioritize full-price selling as best possible.

同時，我們與他們的整體庫存水準仍然受到控制，我們正在密切合作，優化新收貨流程、零售銷售，並盡可能優先考慮全價銷售。

At a strategic level, we are confident in the strength of our partnership with Nike as we continue to engage with our new leadership team.

在策略層面上，隨著我們繼續與新的領導團隊合作，我們對與耐吉的合作關係充滿信心。

Serving our young, multicultural customers through our strategic platforms of basketball, sneaker culture, and kids continues to be the top priority for our partnership.

透過我們的籃球、運動鞋文化和兒童策略平台為年輕的多元文化客戶提供服務仍然是我們合作夥伴關係的首要任務。

Turning to the lifestyle category, adidas continues to lead the global Terrace trend, especially within our women's and kids segments.

談到生活方式類別，阿迪達斯繼續引領全球 Terrace 趨勢，特別是在我們的女裝和兒童細分市場。

Our order book and go-to-market plans remain very strong as we approach the holiday season as we continue to see robust consumer demand across our banners.

隨著假期季節的臨近，我們的訂單和上市計劃仍然非常強勁，因為我們繼續看到我們旗下品牌的強勁消費者需求。

In lifestyle running, New Balance continues to deliver strong momentum through a combination of door expansions as well as like for gains.

在生活方式跑步領域，新百倫繼續透過業務擴張和收益成長相結合，帶來強勁動力。

Franchises like the 9060 have quickly become new icons were younger, multicultural consumer across men's, women's, and kids.

像 9060 這樣的品牌很快就成為了年輕、多元文化的男裝、女裝和童裝消費者的新標誌。

Looking ahead, we continue to see room for growth with this important partner across all of our banners and geographies.

展望未來，我們繼續看到與這個重要合作夥伴在我們所有旗幟和地區的成長空間。

ASICS is another brand that is seeing strong global momentum across men's and women's as it leverages its authenticity in running through styles such as the GEL-NYC and the GT-2160.

ASICS 是另一個在男女鞋領域展現強勁全球勢頭的品牌，它在 GEL-NYC 和 GT-2160 等款式中充分利用了其真實性。

We look forward to working closely with ASICS leadership team to profitably grow our partnership globally.

我們期待與 ASICS 領導團隊密切合作，在全球擴展我們的合作夥伴關係並實現盈利。

Within performance running, On and HOKA are continuing to bring new consumers into sneaker culture, especially women and kids.

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're pleased to continue to drive strong double-digit gains with these partners as we selectively expand doors to reach new consumers while continuing to see strong like-for-like gains.

我們很高興能夠繼續與這些合作夥伴一起推動強勁的兩位數成長，因為我們有選擇地擴大接觸新消費者的大門，同時繼續看到強勁的同類增長。

Finally, as we look ahead to holiday season, the UGG brand continues to be a large part of our plans with classics such as the Tasman in addition to franchises like the Lowmel, UGG remains a key partner to drive consumer excitement during the gifting season.

最後，當我們展望假期季節時，UGG 品牌仍然是我們計劃的重要組成部分，除了 Tasman 等經典產品以及 Lowmel 等特許經營產品外，UGG 仍然是在禮品季節推動消費者興奮的關鍵合作夥伴。

Our go-to-market plans with UGG include engaging content and elevated in-store presentation, which we believe will capture our customers' attention.

我們與 UGG 的入市計劃包括引人入勝的內容和優質的店內展示，我們相信這將吸引客戶的注意。

Turning to the apparel business.

轉向服裝業務。

Challenges persisted with comp declines deepening to down in the low-20s.

挑戰依然存在，公司業績下滑幅度加深至 20 多歲。

As innovation within apparel is lagging compared to our footwear business, we see this manifest in a more promotional environment as consumers clearly are seeking more newness and innovation in the category.

由於服裝領域的創新與我們的鞋類業務相比滯後，我們看到這一點在促銷環境中得到體現，因為消費者顯然正在尋求該類別的更多新穎性和創新。

However, a bright spot continues to be our private-label apparel business, especially CSG and CSG Active and Champs Sports.

然而，我們的自有品牌服裝業務仍然是一個亮點，尤其是CSG、CSG Active 和Champs Sports。

We will continue to invest in our private label capabilities and assortment as it is driving outsized merchandise margins and offering styles and price points that our brand partners do not service.

我們將繼續投資於我們的自有品牌能力和品種，因為它正在推動巨大的商品利潤，並提供我們的品牌合作夥伴不提供服務的款式和價格點。

Finally, our accessories business comped up high-single digits as we continue to build the shoppers transaction through categories such as socks, headwear, and shoe care.

最後，隨著我們繼續透過襪子、頭飾和鞋類護理等品類建立購物者交易，我們的配件業務實現了高個位數成長。

Here again, the merchandise margins are attractive as we work through both branded partners and private label to deliver our plans in this category.

在這裡，商品利潤再次具有吸引力，因為我們透過品牌合作夥伴和自有品牌合作來實現我們在這一類別中的計劃。

Switching to channel performance.

切換到頻道效能。

Comparable sales in our stores increased 2.2%.

我們商店的可比銷售額成長了 2.2%。

While traffic was down year on year and down sequentially compared to the second quarter, we continued to see gains in conversion as well as average ticket, including positive AURs.

儘管與第二季度相比，流量同比下降，環比下降，但我們繼續看到轉換率和平均票價的增長，包括積極的 AUR。

Meanwhile, digital comps increased 3.6%.

同時，數字比較增加了 3.6%。

We continue to deliver higher digital conversion levels as our efforts to improve the customer digital experience continue.

隨著我們繼續努力改善客戶數位體驗，我們將繼續提供更高的數位轉換水準。

And as Mary mentioned, we recently upgraded our mobile app experience for Foot Locker in the US, where we are already seeing improved customer sentiment and the shopping experience alongside increasing conversion results.

正如瑪麗所提到的，我們最近升級了美國 Foot Locker 的行動應用程式體驗，我們已經看到客戶情緒和購物體驗得到改善，同時轉換結果也不斷提高。

Now, for performance by banner and geography.

現在，按橫幅和地理進行表演。

In North America, all comps were up 2.1%, including our Footlocker North America comp, up 1.6%.

在北美，所有公司均上漲 2.1%，其中 Footlocker 北美公司上漲 1.6%。

Our Foot Locker banner saw a strong back-to-school season across both men's and women's.

我們的 Foot Locker 橫幅在男士和女士的返校季中表現強勁。

The team drove excitement and engagement through the quarter with our compelling back-to-school campaign, our 50th anniversary celebration, and our basketball activations, including our Chicago Bulls announcement.

該團隊透過引人注目的返校活動、50 週年慶祝活動以及籃球活動（包括宣布芝加哥公牛隊消息），在整個季度激發了人們的熱情和參與度。

With share gains across men's and women's in the quarter, we feel well-positioned headed towards the remainder of the holiday season.

隨著本季男性和女性市場佔有率的成長，我們感覺在假日季剩餘時間處於有利地位。

Kids Foot Locker comped up 3.2% in the quarter.

Kids Foot Locker 本季上漲 3.2%。

Trends accelerated from the second quarter, led by a solid back-to-school season in August, as we we're better able to match product supply with demand.

在八月份返校季的強勁帶動下，趨勢從第二季開始加速，因為我們能夠更好地將產品供應與需求相匹配。

Customers responded to our assortments across multiple categories, including basketball, running, and seasonal, driving solid increases in our conversion levels.

客戶對我們的多個類別（包括籃球、跑步和季節性）的產品做出了回應，推動了我們的轉換水準穩步提高。

Looking to the fourth quarter, we believe our kids banner is well positioned to continue to take market share.

展望第四季度，我們相信我們的兒童橫幅有能力繼續佔據市場份額。

At Champs Sports, comps were up 2.8%, a nearly 7-point improvement from second-quarter results and the first positive banner comp since the repositioning.

Champs Sports 的業績成長了 2.8%，比第二季業績提高了近 7 個百分點，也是自重新定位以來首次出現積極的橫幅業績。

Conversion levels were positive year over year as customers responded to the banner's updated head-to-toe sports style positioning with differentiated assortments from partners such as New Balance, adidas, ASICS, and our CSG label.

由於客戶對橫幅從頭到腳更新的運動風格定位以及來自 New Balance、阿迪達斯、ASICS 和我們的 CSG 品牌等合作夥伴的差異化產品的反應，轉化率逐年上升。

Under its new brand platform, Sport For Life, Champs Sports is really celebrating the connection between sports and the on-the-go lifestyle of our active consumers.

在其新品牌平台「Sport For Life」下，Champs Sports 真正慶祝了運動與活躍消費者的忙碌生活方式之間的聯繫。

Last month, Champs Sports rolled out its holiday campaign featuring Aaron Judge for the Jordan Brand and Trea Turner for adidas, and we are seeing our marketing help Champs gain share with the active athlete and sports-style enthusiast consumer segments.

上個月，Champs Sports 推出了由 Jordan Brand 的 Aaron Judge 和 adidas 的 Trea Turner 主演的假日活動，我們看到我們的行銷幫助 Champs 在活躍運動員和運動風格愛好者消費者群體中贏得了份額。

Champs Sports also continues to distinguish itself in stores and in the community through its exclusive Run Club program.

Champs Sports 也透過其獨特的跑步俱樂部計劃繼續在商店和社區中脫穎而出。

Feedback from our brand partners as well as customers has been very positive, and the Champs team will continue to scale Run Club at holiday and into 2025.

我們的品牌合作夥伴和客戶的回饋非常積極，Champs 團隊將在假期和 2025 年繼續擴大 Run Club 規模。

Overall, we feel good about the traction Champs Sports continues to make under its new positioning as we head towards 2025 and are proud of the team leading that work.

總體而言，我們對 Champs Sports 在邁向 2025 年的新定位下繼續發揮的牽引力感到滿意，並為領導這項工作的團隊感到自豪。

Moving to WSS.

轉向 WSS。

We were pleased to see comps inflect to a positive 1.8%, led by a strong back-to-school performance in August.

我們很高興看到在 8 月返校後的強勁表現帶動下，年成長率達到 1.8%。

The banner's efforts to emphasize value for the full family through its compelling marketing and differentiated assortments, including below $80 footwear as well as global football and workwear continues.

該旗幟繼續努力透過其引人注目的營銷和差異化產品系列（包括 80 美元以下的鞋類以及全球足球和工作服）來強調整個家庭的價值。

While the overall macro backdrop remains tougher for our WSS customers, our team continues to position the banner with compelling assortments and competitive offers in the peak holiday periods.

雖然整體宏觀背景對我們的 WSS 客戶來說仍然更加嚴峻，但我們的團隊繼續在假期高峰期以引人注目的品種和有競爭力的報價來打響旗幟。

Turning to Europe, comps were up 6.4%.

轉向歐洲，年增 6.4%。

Promotional levels were elevated in the marketplace, especially in digital and in the apparel category and are active in the quarter to remain competitive.

市場上的促銷水平有所提高，特別是在數位和服裝類別中，並且在本季度非常活躍，以保持競爭力。

We continue to focus on elevating the consumer experience in our European business as we navigate the choppy environment.

在應對動盪的環境時，我們將繼續專注於提升歐洲業務的消費者體驗。

We opened our second Foot Locker reimagined store this quarter near Amsterdam, and we continue to invest in our store refresh program, which are performing well.

我們本季在阿姆斯特丹附近開設了第二家 Foot Locker 重新設計商店，並且我們繼續投資於我們的商店更新計劃，該計劃表現良好。

In Asia Pacific, comps were down 7.3%.

在亞太地區，年減 7.3%。

At our Foot Locker banner, comps fell 5.6%, reflecting ongoing headwinds in the Australian marketplace from a challenged consumer.

在我們的 Foot Locker 旗幟下，公司股價下跌了 5.6%，反映出澳洲市場受到消費者挑戰所帶來的持續阻力。

And finally, at Atmos, comps were down 11.2% reflecting accelerated shifts to our own digital site and away from less profitable third-party digital platforms and partnerships.

最後，在 Atmos，公司業績下降了 11.2%，反映出我們迅速轉向自己的數位網站，並遠離利潤較低的第三方數位平台和合作夥伴。

To conclude, we were pleased to deliver another quarter of positive comps and solid gross margin expansion in the quarter, led by our global Foot Locker and Kids Foot Locker banners but over returned to positive comps from Champs Sports and WSS.

總而言之，我們很高興在本季度再創一個季度的積極業績和穩健的毛利率擴張，這主要由我們的全球Foot Locker 和Kids Foot Locker 橫幅引領，但在Champs Sports 和WSS 的帶動下又恢復了積極的業績。

Our Lace Up strategies continue to take hold, and our assortments are well-positioned as we look towards the remainder of the holiday season, where we will continue to balance comp growth, margin expansion, and market share gains.

我們的 Lace Up 策略繼續佔據主導地位，我們的產品類別處於有利位置，展望假期季節的剩餘時間，我們將繼續平衡公司成長、利潤率擴張和市場份額成長。

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.

謝謝弗蘭克，大家早安。

In the third quarter, starting with revenue, total sales were down 1.4%, but were led by comps up positively at plus 2.4%.

第三季度，從營收開始，總銷售額下降了 1.4%，但在綜合成長率的帶動下，銷售額成長了 2.4%。

It was in line with the second quarter's results, but below our expectation of further acceleration.

這與第二季的業績相符，但低於我們進一步加速的預期。

We were pleased, however, that the Foot Locker North America, Kids Foot Locker, Champs Sports, WSS, and Foot Locker Europe banners all had positive comp sales.

然而，我們很高興的是，Foot Locker North America、Kids Foot Locker、Champs Sports、WSS 和 Foot Locker Europe 橫幅都實現了積極的比較銷售。

In terms of cadence, comps peaked in the August back-to-school period as customers consolidated their spending during those key selling moments, followed by softer trends in both September and October.

就節奏而言，比較在八月返校期間達到頂峰，因為客戶在這些關鍵銷售時刻鞏固了他們的支出，隨後在九月和十月出現了疲軟的趨勢。

As a result, August comps of positive high-single digits slowed to negative low single digits in both September and October.

因此，8 月的正高個位數經濟成長率在 9 月和 10 月均放緩至負低個位數。

Moving to margins.

轉向邊緣。

We were pleased to accelerate our year-over-year gross margin rate expansion in the quarter relative to our second-quarter trend, while also sustaining our positive comp trajectory.

我們很高興相對於第二季的趨勢加速了本季毛利率的年比擴張，同時也維持了我們正面的比較軌跡。

Gross margin for the quarter expanded 230 basis points to 29.6%, highlighting our continued progress in recovering last year's heightened promotions but falling short of our expectations.

本季的毛利率擴大了 230 個基點，達到 29.6%，突顯我們在恢復去年加大促銷力度方面取得的持續進展，但未達到我們的預期。

While we continue to make sequential improvement in the third quarter, we also ensured we were positioned competitively in the marketplace and didn't pull back as far as we had expected.

雖然我們在第三季繼續取得連續改進，但我們也確保了我們在市場上的競爭地位，並且沒有像我們預期的那樣退縮。

Merchandise margins were the full driver of the improvement as they increased 230 basis points, driven by fewer markdowns year over year.

商品利潤率是改善的全部推動力，由於降價年減，商品利潤率增加了 230 個基點。

Occupancy as a percent of sales was approximately flat on a rate basis.

以房價計算，入住率佔銷售額的百分比大致持平。

Approximately $15 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 1500 萬美元的毛利率。

For the third quarter, our SG&A rate came in at 24.6%, representing de-leverage of 210 basis points.

第三季度，我們的 SG&A 率為 24.6%，槓桿率降低了 210 個基點。

SG&A dollar growth of 8% landed below our prior expectation of a low-double-digit dollar increase as we continue to tightly manage expenses in addition to ongoing progress against our cost savings program.

SG&A 美元成長率為 8%，低於我們先前預期的低兩位數美元成長率，因為我們除了在成本節約計畫方面不斷取得進展外，還繼續嚴格管理開支。

Investments in technology and brand building increases drove the absolute dollar growth year on year.

技術和品牌建立投資的增加推動了絕對美元同比增長。

These increases were partially offset by $10 million in savings from our cost optimization program.

我們的成本優化計劃節省了 1000 萬美元，部分抵消了這些增長。

Collectively, our cost optimization program generated total savings of approximately $25 million in the quarter.

總的來說，我們的成本優化計劃在本季總共節省了約 2,500 萬美元。

Finally, our earnings loss per share was $0.34, and our non-GAAP earnings per share landed at $0.33.

最後，我們的每股收益損失為 0.34 美元，非 GAAP 每股收益為 0.33 美元。

Turning to the balance sheet.

轉向資產負債表。

We ended the quarter with $211 million of cash and total debt of $445 million.

本季結束時，我們的現金為 2.11 億美元，債務總額為 4.45 億美元。

At quarter end, inventories were down 6.3% versus last year as we remain committed to keeping our inventories control.

截至季末，庫存比去年下降 6.3%，因為我們仍然致力於保持庫存控制。

Despite the sales shortfall in the quarter, we remain pleased with the composition and quality of our inventory.

儘管本季銷售不足，但我們仍然對庫存的組成和品質感到滿意。

We've operated with reduced inventory for the last four quarters to more normalize comp position and overall levels of inventory.

過去四個季度，我們一直在減少庫存，以使成分狀況和整體庫存水準更加正常化。

And as we look forward, we continue to expect to end the year with inventories approximately flat to last year.

展望未來，我們繼續預期年底庫存將與去年基本持平。

I also want to highlight an update within our release regarding our noncash impairment charges within the quarter.

我還想強調我們發布的有關本季非現金減損費用的更新。

Following a strategic review, we took a $25 million noncash charge against the Atmos trade name, which is excluded from our non-GAAP.

經過策略審查後，我們對 Atmos 商標名稱收取了 2500 萬美元的非現金費用，該商標不包含在我們的非公認會計準則中。

While the Atmos business continues to perform well, the charge reflects our recent moderation of growth expectation.

雖然 Atmos 業務繼續表現良好，但這筆費用反映了我們最近放緩的成長預期。

The second is related to a $35 million noncash charge on our minority investment portfolio in our routine asset review.

第二個問題與我們在例行資產審查中對我們的少數投資組合收取的 3,500 萬美元非現金費用有關。

This charge flows through our other expense line, but is excluded from our non-GAAP earnings calculation.

這筆費用流經我們的其他費用項目，但不包括在我們的非公認會計原則收益計算中。

Moving on to our 2024 outlook.

繼續我們的 2024 年展望。

We are updating our full year non-GAAP EPS guidance to $1.20 to $1.30 from $1.50 to $1.70 previously.

我們將全年非 GAAP 每股盈餘指引從先前的 1.50 美元至 1.70 美元更新為 1.20 美元至 1.30 美元。

We expect full-year comps of plus 1% to plus 1.5% at the lower end of our plus 1% to 3% comp range.

我們預計全年比較將在加 1% 至 3% 比較範圍的下限處增加 1% 至加 1.5%。

Overall, our store count will be down approximately 4% in 2024, with square footage down approximately 2%.

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%。

We expect to open 27 new stores in the year and to close approximately 130.

我們預計今年將開設 27 家新店，並關閉約 130 家。

Including an approximate $100 million drag lapping the extra week, total sales for 2024 are now expected to be down 1% to down 1.5%.

包括額外一周約 1 億美元的拖累，目前預計 2024 年總銷售額將下降 1% 至 1.5%。

In terms of adjusted capital expenditure, we expect 2024 to be $320 million, slightly less than our previous expectations of $330 million.

調整後資本支出方面，我們預期 2024 年為 3.2 億美元，略低於我們先前預期的 3.3 億美元。

Now, let me turn to our fourth-quarter expectations.

現在，讓我談談我們對第四季的預期。

While the first three weeks of November underperformed our expectations, we did see an improved and nicely positive year-over-year trends during the Thanksgiving and Black Friday like-for-like week.

雖然 11 月的前三週表現低於我們的預期，但我們確實在感恩節和黑色星期五期間看到了同比趨勢的改善和積極的積極表現。

We've seen consistently solid and improving trends within our stores and are navigating a promotional environment, especially in digital.

我們在商店內看到了持續穩定且不斷改善的趨勢，並正在探索促銷環境，尤其是在數位領域。

In other words, the quarter is following the trend we have experienced all year, where customers are responding in the peak selling moments.

換句話說，本季遵循了我們全年經歷的趨勢，即客戶在銷售高峰時刻做出反應。

The combination of the slower starts in November, the positive Thanksgiving and Black Friday week, the elevated promotional environment, and the shortened holiday calendar have combined to inform our updated guidance.

11 月開局放緩、感恩節和黑色星期五週的積極發展、促銷環境的改善以及假期日曆的縮短，這些因素結合在一起，為我們更新了指引提供了資訊。

With that context in mind, for the fourth quarter, we expect our non-GAAP earnings per share to be in the range of $0.70 to $0.80. Our outlook assumes a comp of plus 1.5% to plus 3.5%.

考慮到這一背景，我們預計第四季度的非 GAAP 每股收益將在 0.70 美元至 0.80 美元之間。我們的前景假設公司股價上漲 1.5% 至 3.5%。

The middle end of the range assumes essentially a steady state from our third quarter comp trend.

從我們第三季的比較趨勢來看，該範圍的中間端基本上處於穩定狀態。

On gross margin, we assume improvement from the third quarter, with margins projected up 240 to 260 basis points year over year to 29.0% to 29.2%.

在毛利率方面，我們假設第三季有所改善，預期利潤率年增 240 至 260 個基點，達到 29.0% 至 29.2%。

With the backdrop more promotional than we anticipate this holiday, we're not able to dial back our promotions to the degree we expected 90 days ago.

由於這個假期的促銷活動比我們預期的要多，我們無法將促銷活動縮減到 90 天前的預期程度。

However, as highlighted by our outlook, we do still expect Q4 to be the most meaningful margin improvement year over year within 2024 as we don't anniversary some of the heavy promotional activity that we took last year, especially in the apparel category.

然而，正如我們的展望所強調的那樣，我們仍然預計第四季度將是 2024 年最有意義的利潤率同比改善，因為我們不會紀念去年開展的一些大型促銷活動，尤其是在服裝類別。

With margin performance last year, benefiting by 40 basis points from occupancy leverage from that extra week, the underlying margin improvement from the third quarter to the fourth quarter is expected to continue.

鑑於去年的利潤率表現，受益於額外一周的入住率槓桿提高了 40 個基點，預計第三季到第四季的基本利潤率改善將持續下去。

On expenses, we expect a 10 basis points of de-leverage to 10 basis points of leverage range of an SG&A rate of 22.3% to 22.5%.

在費用方面，我們預期去槓桿化幅度為 10 個基點，槓桿範圍為 10 個基點，SG&A 率為 22.3% 至 22.5%。

On an absolute dollar basis, we expect dollars down 2% to 3% as we continue to manage carefully benefit from our ongoing cost savings program and lap the extra week of expenses from last year.

以絕對美元計算，我們預計美元將下跌 2% 至 3%，因為我們將繼續謹慎管理我們持續的成本節約計劃帶來的效益，並比去年多一周的支出。

To close, while we are disappointed to be making changes to the full-year outlook, we are also encouraged by our ongoing positive comps and gross margin expansion within the quarter, which we still expect to maintain and accelerate in Q4 supported by the momentum we have in our Lace Up plan.

最後，雖然我們對全年前景的改變感到失望，但我們也對本季度持續的積極業績和毛利率擴張感到鼓舞，我們仍預計在第四季度保持並加速增長勢頭。

We remain committed to reaching our longer-term EBIT target of 8.5% to 9% by 2028.

我們仍致力於在 2028 年實現 8.5% 至 9% 的長期息稅前利潤目標。

We look forward to updating you on our progress next quarter.

我們期待向您通報下季的最新進展。

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

那麼，接線員，請打開提問電話。

(Operator Instructions) Tom Nikic, Needham.

（操作員說明）Tom Nikic，Needham。

Thanks very much for taking my question.

非常感謝您提出我的問題。

Mary, can you speak to the balance between sales and margin in the quarter?

瑪麗，您能談談本季銷售額和利潤之間的平衡嗎？

You were able to improve both comps and gross margin, but just not to the degree that you expected.

您能夠同時提高業績和毛利率，但只是沒有達到您預期的程度。

Can you kind of rationalize and contextualize the performance in the quarter and kind of drill down a little bit more into what fell short of expectation?

您能否對本季的業績進行合理化和背景化，並進一步深入了解未達到預期的情況？

Sure, Tom.

當然，湯姆。

Thank you for your question.

謝謝你的提問。

I'm happy to drill down further.

我很高興能進一步深入。

So you're right.

所以你是對的。

I mean, I guess the way I would think about it is there's two things that are true at once this quarter, which is that we are proud of the progress that we're making on the Lace Up plan and it was the second quarter that we had a consecutive positive comps, share gains, meaningful gross margin expansion, yet performance did fall below expectations.

我的意思是，我想我的想法是，本季度有兩件事同時成立，那就是我們對繫帶計劃所取得的進展感到自豪，而正是在第二季度我們連續取得了積極的業績，股價上漲，毛利率大幅成長，但業績確實低於預期。

Aspects of the Lace Up plan working well.

Lace Up 計劃的各方面運作良好。

I think it's evident starts with the comp gains of 2.4% and strong account gains across most of our banners, Foot Locker North America, Europe, Kids Foot Locker, Champs at 2.8%, WSS meaningful gross margin expansion and then also managing our inventories, while down 6%.

我認為這很明顯，首先是2.4％ 的比較收益和我們大多數橫幅的強勁帳戶收益，Foot Locker 北美、歐洲、Kids Foot Locker、Champs 為2.8％，WSS 有意義的毛利率擴張，然後還管理我們的庫存，而下降了6%。

And those are driven by things we're doing in the Lace Up plan.

這些都是由我們在 Lace Up 計劃中所做的事情所驅動的。

So progress in our stores through the refresh and reimagined, progress on digital through our new mobile app, progress at our customer relationships, I'd say loyalty and brand building, two really good examples.

因此，我們的商店透過更新和重新構想取得了進步，透過我們新的行動應用程式在數位化方面取得了進步，我們的客戶關係取得了進步，我想說的是忠誠度和品牌建設，這是兩個非常好的例子。

So the good news is the investments are driving returns and hitting our internal hurdle rates and our payback periods.

因此，好消息是投資正在推動回報並達到我們的內部門門檻率和投資回收期。

In fact, they drove the highest conversion gains we've seen all year.

事實上，他們帶來了我們全年所見的最高轉換率收益。

So to us, that means the Lace Up plan is working, and we're controlling the controllables and strengthening Foot Locker.

所以對我們來說，這意味著 Lace Up 計劃正在發揮作用，我們正在控制可控因素並加強 Foot Locker。

But we are operating in an environment that is, I would say, temporarily impacting our business and offsetting some of the progress.

但我想說，我們所處的營運環境暫時影響了我們的業務並抵消了一些進展。

So we talked about on the call, the overall macro and consumer spending behavior as well as the broader marketplace dynamics in the category were the offset.

因此，我們在電話會議上談到，整體宏觀和消費者支出行為以及該類別更廣泛的市場動態是抵消的。

So we talked about the consumer peaks and lulls, strong back-to-school.

所以我們討論了消費的高峰和低谷，以及強勁的返校季。

We had mid- to high-single-digit comps and share gains, but consumer fell off after early November soft, but then we did see improved nicely positive trends over Thanksgiving week.

我們的業績和股價漲幅為中高個位數，但消費者在 11 月初的疲軟之後有所下降，但隨後我們確實看到感恩節期間積極趨勢的改善。

So it's a broader marketplace dynamic on two levels, and there are elevated promotions, both at DTC and some elevated inventories in the industry.

因此，這是兩個層面上更廣泛的市場動態，DTC 的促銷力度加大，產業庫存也增加。

So we do expect that to continue into the fourth quarter, which is why we took a more concerned approach, but we will still see comp gains and gross margin expansion.

因此，我們確實預計這種情況將持續到第四季度，這就是我們採取更擔憂的方法的原因，但我們仍然會看到比較收益和毛利率擴張。

Bottom line is that the Lace Up plan is working.

底線是“Lace Up”計劃正在發揮作用。

We're committed to our longer-term plans and opportunities and targets.

我們致力於我們的長期計劃、機會和目標。

And that's just a little more color on the quarter.

這只是本季的色彩多一點而已。

Thanks, Mary.

謝謝，瑪麗。

That's very helpful.

這非常有幫助。

And if I could sneak in a follow-up on apparel.

如果我能偷偷地跟進一下服裝的話。

Obviously, there's a pretty big between solid growth fostered low-20s decline in apparel.

顯然，穩健的成長與 20 歲以下服裝業的下滑之間存在著相當大的差距。

And I know that you talked about the lack of innovation in the category.

我知道您談到了該類別缺乏創新。

But do you think weather also played a part?

但你認為天氣也起了一定作用嗎？

I know it's 75 degrees in New York on Halloween, probably not ideal for fall selling.

我知道萬聖節那天紐約的氣溫是 75 度，可能不適合秋季銷售。

Do you think that also contributed to the shortfall in apparel?

您認為這是否也是服裝短缺的原因之一？

Hey, Tom.

嘿，湯姆。

This is Frank.

這是弗蘭克.

So yes, the apparel business has clearly been a headwind for the business.

所以，是的，服裝業務顯然是該業務的逆風。

In Q3, we saw the comps down in the low-20s versus our overall business up in the low-single digits.

在第三季度，我們看到公司業績下降了 20 多歲，而我們的整體業務卻成長了個位數。

So weather has been the biggest driver or a headwind to our business.

因此，天氣一直是我們業務的最大推動因素或阻力。

We're not really a big player in the outerwear business.

我們並不是外套界的真正大玩家。

We're mostly a fleece tee, short sets and bottoms-based business.

我們主要經營抓絨 T 卹、短褲和下裝業務。

I think it really has to do more from a category perspective and the industry needing to be a little bit sharper by way of innovation, looking for new silhouettes, new materials, new colors to drive excitement with the consumer.

我認為從品類的角度來看，它確實需要做更多的事情，而且產業需要透過創新變得更加敏銳，尋找新的輪廓、新材料、新顏色來激發消費者的興奮感。

Also believe there's a bigger opportunity for connectivity to sneaker storytelling and collections and then just overall more excitement in terms of merchandising and how we go to market with partners.

我們也相信，在運動鞋故事講述和系列方面有更大的機會，然後在商品推銷以及我們如何與合作夥伴一起進入市場方面總體上會更加令人興奮。

That said, there were some continued positive signals out of our private label apparel business, and we're going to continue to invest in our PL capabilities as well as our go-to-market offense into '25 to make sure that we capture opportunities with the consumer, both from a category of silhouette as well as a price point standpoint.

也就是說，我們的自有品牌服裝業務持續發出一些積極信號，我們將繼續投資於我們的 PL 能力以及進入 25 年的市場攻勢，以確保我們抓住機會無論是從款式類別還是價格角度，都與消費者產生了共鳴。

So good news is our inventories in apparel are well under control and reflective of the sales trend, and we're pretty clean from that standpoint.

好消息是我們的服裝庫存得到了很好的控制，並反映了銷售趨勢，從這個角度來看，我們相當乾淨。

So we're working hard with our partners to share insights and ideas to get back on track in '25.

因此，我們正在與合作夥伴努力分享見解和想法，以便在 25 年重回正軌。

Thanks, everyone.

謝謝大家。

Happy Holidays, and best of luck on the holiday.

節日快樂，祝節日好運。

Thank you, Tom.

謝謝你，湯姆。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys.

嘿，夥計們。

Thanks for taking our question here.

感謝您在這裡提出我們的問題。

So as we think about the guidance for fourth quarter, I think Mary, you might have said it was the midpoint kind of lines up with what you saw in the third quarter.

因此，當我們考慮第四季度的指導時，我想瑪麗，您可能會說這是與您在第三季度看到的情況一致的中點。

But I think there was a few unusual things in the third quarter.

但我認為第三季有一些不尋常的事情。

It doesn't sound like weather was one of them, but I think the launch calendar, maybe a couple of important products or an important product might have moved on you that could have been a negative.

聽起來天氣並不是其中之一，但我認為發布日曆，也許一些重要產品或一個重要產品可能對你產生了影響，這可能會產生負面影響。

Is there -- as you think about placing the guidance in the fourth quarter in the middle of that range, is there -- are there other -- it seems like trends are improving now.

當你考慮將第四季度的指導放在該範圍的中間時，是否有——還有其他的嗎——現在趨勢似乎正在改善。

Are there other things we should be thinking about that you're baking in, in the fourth quarter or do you have more certainty in the launch calendar from here.

我們是否應該在第四季度考慮其他一些事情，或者您對從這裡開始的發布日曆有更多的確定性嗎？

Any other takes we should think about considering trends are improving now as you get into the true holiday period?

當您進入真正的假期期間時，考慮到趨勢正在改善，我們還應該考慮任何其他措施嗎？

And then as we -- I guess, bigger picture, as we think about what we learned here with third quarter and fourth quarter gross margins and look out past this year.

然後，當我們——我想，更大的前景，當我們思考我們從第三季和第四季的毛利率中學到的東西，並展望今年的過去。

Do you think this is -- you used the word temporary a few times.

你認為這是——你用過「臨時」這個詞幾次嗎？

Do you think this is a rebasing that we need to start to rebuild from this lower level or it looks like consensus numbers for next year are still below pre-COVID levels, and you've made some serious changes to merchandise, closed a lot of unprofitable doors, got chance back to positive, et cetera.

您是否認為這是一個我們需要從較低水平開始重建的基礎調整，或者看起來明年的共識數字仍低於新冠疫情前的水平，而您已經對商品進行了一些重大改變，關閉了很多商店無利可圖的門，有機會恢復正值，等等。

I'm trying to think about how to contextualize what we're learning here in the second half as we look out to next year.

當我們展望明年時，我正在嘗試思考如何將下半年所學到的知識結合在一起。

Michael, this is Mike.

邁克爾，這是麥克。

I'll start on your question.

我將從你的問題開始。

So from a Q4 guidance perspective, you're absolutely right, the midpoint of what we've communicated is really in line with the comp sales trend that we saw over the last 180 days across the second and third quarter.

因此，從第四季度指導的角度來看，您是絕對正確的，我們所傳達的內容的中點確實與我們在第二季度和第三季度的過去 180 天內看到的比較銷售趨勢一致。

From our standpoint, you mentioned a couple of things that our puts and takes within the quarter.

從我們的角度來看，您提到了我們在本季所做的一些事情。

Q3 did have some launch product move around but as we look to the fourth quarter, we do see Q4 launch from our view, to be a nice tailwind to the business.

第三季確實有一些推出產品的變動，但當我們展望第四季時，我們確實認為第四季的推出對業務來說是一個很好的推動力。

Some other things that where you've got incorporated into our guidance is our apparel business trajectory slowed in the third quarter versus the second quarter.

您納入我們指導的其他一些事情是我們的服裝業務軌跡在第三季比第二季放緩。

That was about a 50-basis-point quarter versus quarter drag on our business.

這對我們的業務造成了大約 50 個基點的季度拖累。

So our Q4 is assuming that apparel stays relatively tough.

因此，我們在第四季度假設服裝業保持相對堅挺。

Frank did call out earlier, though, that we do feel good about how the inventory is positioned, being down at a commensurate level to what the sales performance has been.

不過，弗蘭克早些時候確實指出，我們確實對庫存的定位感到滿意，庫存下降到與銷售業績相當的水平。

As we think about the quarter to date it was a softer start to the month in Q1 or in weeks one through three, and we underperformed our expectations.

考慮到本季迄今為止，第一季或第一周到第三週的開局較為疲軟，我們的表現低於我們的預期。

We did move to a nicely positive like-for-like comparison across the Thanksgiving and Black Friday week.

我們確實在感恩節和黑色星期五這一周進行了非常積極的同類比較。

And then obviously, we've seen the customer respond well in the peak selling moments.

顯然，我們看到客戶在銷售高峰時刻反應良好。

But we do expect things to be promotional as we think through the rest of the shortened holiday season here.

但考慮到這裡縮短的假期季節的剩餘時間，我們確實預計事情會促銷。

As we think about the context for 2025, obviously, we'll come back and give a much firmer view on this in March when we report.

顯然，當我們思考 2025 年的背景時，我們將在 3 月發布報告時對此給出更堅定的看法。

The updated margin guidance for the year assumes we recapture about 35% of that promotional activity that we saw in 2023.

今年更新的利潤指導假設我們重新獲得 2023 年促銷活動的約 35%。

So as we go into next year, we'd expect and our intention would be to continue to recover what we haven't gone back but obviously contingent on the promotional environment firming up to determine the degree of which we recover.

因此，當我們進入明年時，我們預計並且我們的意圖將是繼續恢復我們沒有恢復的狀態，但顯然取決於促銷環境的加強來確定我們恢復的程度。

I think the marketplace dynamics in our view right now, are transitory.

我認為，在我們看來，目前的市場動態是暫時的。

They're not structural, but obviously, more to come on the duration of that.

它們不是結構性的，但顯然，在此期間還會有更多的事情發生。

And then importantly, the down 6% inventory was our fourth consecutive quarter of managing inventory down 6% to down 10%.

重要的是，庫存下降 6% 是我們連續第四個季度管理庫存下降 6% 至 10%。

And even with the sales in the third quarter, underperforming our expectations a bit.

即使第三季的銷售額也略低於我們的預期。

We feel good about that positioning.

我們對這個定位感覺很好。

We feel good about ending the inventory flat year over year and heading into 2025.

我們對庫存同比持平並進入 2025 年感到滿意。

Okay, thank you.

好的，謝謝。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

I was hoping you could elaborate a bit more on Champs and WSS.

我希望您能詳細介紹一下 Champs 和 WSS。

Those have been two underperforming divisions and we saw them start to turn a corner.

這是兩個表現不佳的部門，我們看到他們開始扭轉局面。

So just a bit about what's working there may be different from the other banners.

因此，那裡的運作方式可能與其他橫幅有所不同。

And then within that, I'd be interested in any demographic trends that you're seeing.

然後，我會對您所看到的任何人口趨勢感興趣。

I know WSS in particular has higher lower-income consumer exposure.

我知道 WSS 尤其對低收入消費者有更高的影響力。

Just curious what you're seeing among income cohorts.

只是好奇你在收入群體中看到了什麼。

Thank you.

謝謝。

Hi, Janine.

嗨，珍妮。

Thanks for the question.

謝謝你的提問。

This is Frank.

這是弗蘭克.

I'll start with Champ.

我將從冠軍開始。

So clearly, the team has been making some really great traction with its efforts to reposition the banner towards the active athlete and the sports style enthusiasts.

很明顯，該團隊一直在努力將旗幟重新定位為活躍的運動員和運動風格愛好者，產生了一些真正巨大的吸引力。

And we're seeing the real payback and return on the more focused assortments and investments, particularly behind our in-store and digital experience there.

我們看到了更集中的品種和投資的真正回報和回報，特別是在我們的店內和數位體驗背後。

We saw a really strong back-to-school results, particularly over August, as the consumer responded to those assortments and the new positioning, which is Sport For Life.

我們看到了非常強勁的返校結果，特別是在八月份，因為消費者對這些品種和新定位（即「Sport For Life」）做出了反應。

And then recall that earlier in the year, we made some in-store improvements where we elevated 250 of the Champs fleet to represent the go-forward strategy and just do a better job in communicating that merchandising strategy and some of the key connectivity between footwear, apparel, and accessories.

然後回想一下，今年早些時候，我們做了一些店內改進，增加了 250 只 Champs 鞋款來代表前進戰略，並在傳達銷售策略和鞋類之間的一些關鍵聯繫方面做得更好。和配件。

As we head into holiday, I think the team feels very good about our leadership in head-to-toe looks, including footwear apparel accessories.

當我們進入假期時，我認為團隊對我們在從頭到腳的外觀（包括鞋類服裝配件）方面的領導地位感到非常滿意。

We've got really strong positions in some of our sneaker essentials and icons.

我們在一些運動鞋必需品和標誌方面擁有非常強大的地位。

And we're seeing really great consumer and brand partner response to our Run Club platform, which includes product assortment, community marketing as well as digital storytelling.

我們看到消費者和品牌合作夥伴對我們的 Run Club 平台反應非常好，其中包括產品分類、社群行銷以及數位敘事。

So overall, the quality assortment continues to improve.

整體而言，產品品質持續提高。

The banners demonstrating improved margins as well as sales recovery, of course.

當然，這些橫幅展示了利潤率的提高以及銷售的復甦。

And we're seeing a really great response from our vendor partners importantly.

重要的是，我們看到我們的供應商夥伴做出了非常好的回應。

So feel very good about that and expect that to continue.

所以對此感覺非常好，並期望這種情況能夠繼續下去。

Relative to WSS, we did make progress in the third quarter.

相對於WSS，我們在第三季確實取得了進展。

They too had a strong August, which drove the overall third quarter to a comp positive result.

他們的八月表現也很強勁，這推動第三季整體業績取得正面成果。

We continue to look very hard at our price and value proposition for the full family and include that in our messaging, our marketing campaigns and in-store pricing.

我們繼續認真審視針對全系列的價格和價值主張，並將其納入我們的訊息傳遞、行銷活動和店內定價中。

That said, you mentioned the consumer and some of the demographics and income.

也就是說，您提到了消費者以及一些人口統計和收入。

I'll remind everyone that nearly 60% of our shoppers at WSS have an income sub-$50,000.

我要提醒大家的是，WSS 近 60% 的購物者收入低於 5 萬美元。

So clearly, there's some extra pressure on those households.

顯然，這些家庭面臨一些額外的壓力。

The California market still represents about three quarters of the sales.

加州市場仍佔銷售額的約四分之三。

And clearly, the consumer pressure there, whether it's housing, whether it's fuel prices, utilities, et cetera, food, continues to sort of weigh on that consumer.

顯然，那裡的消費者壓力，無論是住房、燃料價格、公用事業或食品等，都持續對消費者造成壓力。

So I think the team has done a really good job navigating the headwinds from the consumer pressure there.

因此，我認為該團隊在應對消費者壓力的逆風方面做得非常好。

So we have made the appropriate slowdown in capital investments on store openings until such time as we feel we can reaccelerate.

因此，我們適當地放緩了開店的資本投資，直到我們認為可以重新加速。

But we continue to be bullish on WSS, the leadership team, and the overall proposition as we manage through some tough consumer headwinds in the short term.

但我們繼續看好 WSS、領導團隊和整體主張，因為我們在短期內應對了一些嚴峻的消費者逆風。

Sure, thanks so much.

當然，非常感謝。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hi.

你好。

This is Kelly on for Paul.

這是凱利替保羅發言。

Thank you for taking our question.

感謝您提出我們的問題。

Just could you elaborate a bit more on the higher promo in the quarter.

您能否詳細說明本季更高的促銷活動。

Were those sales footwear versus apparel?

這些銷售是鞋類還是服飾？

And it sounds like they were concentrated in Nike and you had to be more reactive based on Nike promotions in the Nike DTC channel.

聽起來他們主要集中在 Nike，你必須根據 Nike DTC 頻道中的 Nike 促銷活動做出更多反應。

Is that a fair assumption?

這是一個公平的假設嗎？

And when we -- when would you expect Nike inventory to be more balanced across the marketplace?

當我們—您預計耐吉庫存在整個市場上何時會更加平衡？

Hi, Kelly.

嗨，凱利。

Thanks for the call.

感謝您的來電。

This is Mike.

這是麥克。

I'll start on the answer.

我將從答案開始。

So within the quarter, from a promotional standpoint in Q3, it was really Europe and apparel that were higher than what we had anticipated.

因此，從第三季的促銷角度來看，本季內，歐洲和服裝的銷售量確實高於我們的預期。

We sort of flagged Europe being concentrated some apparel promotions that were occurring, still feeling good about the overall inventory composition.

我們有點標記歐洲正在集中進行一些服裝促銷活動，但對整體庫存組成仍然感覺良好。

But for the competitive nature and the ability to be able to respond to have some heightened promotions within there.

但出於競爭的本質和能夠應付內部晉升的能力。

And then as we think through our Q4 outlook that we've provided, we expect those trends to continue specifically in terms of Europe and apparel, but also have seen the pace of promotion within North America, particularly in DTC and then bleeding into the wholesale channels be elevated, and that's what our outlook is responding to.

然後，當我們思考我們提供的第四季度前景時，我們預計這些趨勢將持續下去，特別是在歐洲和服裝方面，但也看到了北美地區的促銷步伐，特別是在DTC 領域，然後滲透到批發領域管道得到提升，這就是我們的前景所做出的回應。

Got it.

知道了。

And just could you elaborate a bit more on the quarterly trend commentary, including your things at a weaker performance, our quarter trends running in line with guidance.

您能否詳細說明一下季度趨勢評論，包括您表現較弱的情況，我們的季度趨勢與指導一致。

Are you embedding in a deceleration in comp trends relative to where you're running today?

相對於你今天的表現，你是否陷入了競爭趨勢的減速之中？

Just any color there would be helpful.

任何顏色都會有幫助。

Thanks.

謝謝。

So our quarter-to-date trends inclusive of that slower start and then what we saw across Thanksgiving and Black Friday really was the foundation for what we ended up providing.

因此，我們季度至今的趨勢，包括起步較慢，以及我們在感恩節和黑色星期五看到的情況，確實是我們最終提供的產品的基礎。

Got it, thank you.

明白了，謝謝。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜·費爾南德斯，特爾西諮詢小組。

Hi.

你好。

Good morning.

早安.

I wanted to follow up on the prior question around mid-Nike trends you saw in the quarter.

我想跟進您在本季度看到的有關耐吉中期趨勢的先前問題。

It seems like some of the softness and the brand was more broad-based.

看起來有些柔軟，而且品牌基礎更廣泛。

Last quarter, you had talked about some of the key lifestyle franchise is still doing well for you.

上個季度，您曾談到一些關鍵的生活方式特許經營權仍然對您來說表現良好。

So can you talk about what you're seeing kind of broader with the brand and how it performed through the quarter?

那麼您能否談談您對該品牌的更廣泛看法以及該品牌在本季的表現如何？

And maybe I can start, and then Frank will add more.

也許我可以開始，然後弗蘭克會添加更多。

I'll just start at high level, which is that -- I mean, stepping back, we feel really great about our partnership with Nike and our key areas of strategic focus together around basketball, sneaker culture and kids.

我將從高水平開始，也就是說——我的意思是，退一步來說，我們對與耐吉的合作夥伴關係以及我們圍繞籃球、運動鞋文化和兒童的戰略重點領域感到非常高興。

And you've heard us talk about most recently The Clinic, which is a program in conjunction with Nike and Jordan Brand as well as the Home Court are just two good examples of that really coming in life through our Lace Up plan.

您已經聽過我們最近談論的 The Clinic，這是與 Nike 和 Jordan Brand 合作的一項計劃，而 Home Court 只是透過我們的 Lace Up 計劃真正實現這一目標的兩個很好的例子。

And Elliott and his team, I think, are absolutely taking the right actions for the brand in the overall marketplace and very confident in their actions that will benefit the Nike brand as well as our overall industry and partnerships.

我認為，埃利奧特和他的團隊絕對在整個市場上為該品牌採取了正確的行動，並且對他們的行動將有利於耐吉品牌以及我們整個行業和合作夥伴關係充滿信心。

So -- and we continue, as a brand -- as a wholesaler to make the right investments, we think for our partners to showcase their brands and make us as the strongest omnichannel retailer that we can be.

因此，作為一個品牌，我們繼續作為批發商進行正確的投資，我們認為我們的合作夥伴可以展示他們的品牌，並使我們成為最強大的全通路零售商。

I'll ask Frank to add a little bit more color on Nike.

我會請弗蘭克為耐吉添加更多顏色。

Yeah, I'll just start by, again, reiterating our excitement and optimism for Nike, the new leadership team there clearly strong brands with a ton of equity across both the Nike and Jordan platforms, and we're just really confident in the new offense that's being put in place.

是的，我首先要再次重申我們對耐吉的興奮和樂觀，新的領導團隊顯然是強大的品牌，在耐吉和喬丹平台上擁有大量的股權，我們對新的耐吉非常有信心正在實施的進攻。

And so while we work through some of the short-term pressure, on some of the sell-throughs and some of the classics and lifestyle running, we are seeing that sort of rightsized throughout the quarter.

因此，當我們努力克服一些短期壓力、一些銷售以及一些經典和生活方式的運作時，我們在整個季度都看到了這種規模的調整。

And as we work into 2025, feel that there'll be a better sort of some demand balance.

當我們邁入 2025 年時，我們感覺到需求會出現更好的平衡。

That said, we're not waiting.

也就是說，我們不會等待。

We're working very closely with the Nike team on our receipt intake on remerchandising our assortment to really distort the things that are newer and working better with the consumer.

我們正在與耐吉團隊密切合作，以重新銷售我們的產品組合，以真正扭曲更新的產品並更好地與消費者合作。

So I think Nike Vomero, Nike Shox platform, seeing some of the new Max Air and Dn perform well.

所以我認為Nike Vomero、Nike Shox平台、新款Max Air和Dn的一些表現都不錯。

And then across basketball, there's a lot to like in terms of signature athletes.

在籃球界，有許多標誌性運動員值得喜歡。

We talked about Ja, Sabrina, but also the Kobe franchise has been strong, Foamposite, and then DT Max has also been a recent addition to the assortment that's performing well.

我們談到了 Ja、Sabrina，而且還談到了Kobe 系列一直很強大的 Foamposite，然後 DT Max 也是最近添加到表現良好的產品系列中的。

So we're in a good inventory position with them, we'll work through some of this short-term turbulence and play the long game for sure, but we're ultimately incredible and appreciative of the partnership with Nike.

因此，我們與他們的庫存狀況良好，我們將克服一些短期的動盪，並肯定會進行長期的比賽，但我們最終對與耐吉的合作感到難以置信和感激。

Thanks for that color.

謝謝那個顏色。

And then my second question was around the refresh stores?

然後我的第二個問題是關於刷新商店的？

I know it's early the program started this year, but can you talk about if you're seeing those stores perform better than those that have not refreshed?

我知道今年該計劃啟動還為時過早，但您能否談談您是否看到這些商店的表現比那些未更新的商店更好？

Any insights there, at least year to date, on what you're seeing?

至少今年迄今為止，您對所看到的情況有什麼見解嗎？

Yeah, I'll start, and I'll ask Mike to perhaps add a little more if I miss anything, but there's kind of two things to think about here.

是的，我會開始，如果我錯過了什麼，我會請麥克補充一點，但這裡有兩件事需要考慮。

One is the reimagined stores that we talked about on the call.

其中之一是我們在電話中討論的重新設計的商店。

And by the end of the year, we'll have eight of those, and we're really pleased with the performance, both of reimagined and refresh.

到今年年底，我們將擁有其中八個，我們對性能非常滿意，無論是重新構想還是更新。

We're seeing meaningful increases in conversion and basket sizes and also penetration in women's footwear, particularly in the reimagined stores relative to the balance of chain.

我們看到轉換率和購物籃尺寸以及女鞋的滲透率顯著增加，特別是在相對於連鎖店重新設計的商店中。

And so we're opening up the last couple of stores this year, and we'd look to do more in the future.

因此，我們今年將開設最後幾家商店，並且我們希望在未來做得更多。

But at the end of the year, we'll have eight locations that will really scan the globe and various store formats and sizes, which is great.

但到今年年底，我們將擁有八個能夠真正覆蓋全球的門市以及各種商店格式和規模，這非常棒。

So we're feeling good about all those results.

所以我們對所有這些結果感覺良好。

And really, it's all consumer insight-driven in terms of a better layout, more intuitive shopping experience, better try-in experience, et cetera.

事實上，這一切都是由消費者洞察驅動的，包括更好的佈局、更直觀的購物體驗、更好的試戴體驗等等。

Refreshes same story.

刷新同一個故事。

There's sort of a reimagine is the blueprint for how we think about the whole look and feel of the fleet going forward.

我們對未來艦隊的整體外觀和感覺的看法有一種重新構想的藍圖。

Seeing positive impact on comps and gross margin.

看到對比較和毛利率的正面影響。

We're going to have about 400 of those done this year by the end of 2025.

到 2025 年底，我們今年將完成其中約 400 項。

We're looking to have two-thirds of the Foot Locker, Kids Foot Locker league, and we're pleased with what we're seeing in terms of return on that investment so far.

我們希望擁有 Foot Locker、Kids Foot Locker 聯盟的三分之二，並且我們對迄今為止所看到的投資回報感到滿意。

Yeah.

是的。

Mary, the only couple of things I'd add to that is just when you think of the flow of refreshes throughout this year, we only completed 80 of those in the first half.

瑪麗，我唯一要補充的幾件事是，當你想到今年全年的更新流程時，我們在上半年只完成了其中的 80 項。

So Q3 was 167.

所以第三季是 167。

So we're going to have a similar addition of refresh stores as the third quarter and the fourth quarter to get to that 400.

因此，我們將在第三季和第四季增加類似的刷新商店，以達到 400 家。

We've been really pleased with how efficiently the team has been doing this.

我們對團隊在這方面的效率感到非常滿意。

We're completing most of these in about 24 hours, so really minimizing the disruption within the stores.

我們將在大約 24 小時內完成大部分工作，因此真正最大限度地減少了商店內的干擾。

The combination of reimagined and refresh over time, we expect to be able to get two-thirds of our fleet to brand standard within the next couple of years.

隨著時間的推移，重新構想和更新相結合，我們預計能夠在未來幾年內使三分之二的機隊達到品牌標準。

And then finally, just speaking to the efficiency of the team, we announced today that our capital is going to come in a little bit lighter than what we had initially communicated.

最後，就團隊的效率而言，我們今天宣布我們的資本將比我們最初傳達的要少一些。

And a big chunk of that is just being able to do our refreshes a little bit more efficiently than we had initially thought.

其中很大一部分就是能夠比我們原先想像的更有效地進行刷新。

Eric Cohen, Gordon Haskett.

艾瑞克‧科恩，戈登‧哈斯克特。

Hi.

你好。

Thanks for taking the question.

感謝您提出問題。

You guys have called out for a few quarters, several quarters, strong growth in On, HOKA, New Balance, ASICS.

你們呼籲On、HOKA、New Balance、ASICS幾季、幾季強勁成長。

Just curious if these customers coming in and shopping these brands are new or incremental to Foot Locker brand rather than just buying these brands in lieu of, say, Nike or other legacy brands?

只是好奇這些進來購買這些品牌的顧客是否是 Foot Locker 品牌的新品牌或增量品牌，而不是僅僅購買這些品牌來代替耐吉或其他傳統品牌？

Are you seeing any sort of structural shift in the demographics of your customers?

您是否發現客戶的人口結構發生了任何結構性變化？

Yeah.

是的。

This is Frank.

這是弗蘭克.

I'll start with that one.

我將從那個開始。

So I think it's some of both.

所以我認為兩者都有。

I think we're seeing a consumer who's open to newness in terms of innovation and brands and their entire closet is now representing a multi-brand sort of situation.

我認為我們看到的是一位對創新和品牌持開放態度的消費者，他們的整個衣櫃現在代表著一種多品牌的情況。

So they're open to a variety of brands and categories, which is great for the health of us and for the health of the industry.

因此，他們對各種品牌和類別開放，這對我們和行業的健康都有好處。

That said, across HOKA and On, we are seeing and bringing a younger, more youthful, more multicultural consumer overall to both of those brands, and that's a function of, of course, our customer base, our real estate, and our digital marketing.

也就是說，在HOKA 和On 中，我們看到並為這兩個品牌帶來了更年輕、更年輕、更多樣化文化的消費者，當然，這是我們的客戶群、房地產和數位行銷的一個功能。

At the same time, we also see new consumers to us, net new consumers coming into our funnel, which is great.

同時，我們也看到新的消費者，淨新消費者進入我們的管道，這很棒。

So we think it's a win-win for both us and our brand partners.

因此，我們認為這對我們和我們的品牌合作夥伴來說都是雙贏的。

We're excited to represent those brands and have very thoughtful plans to increase door count as well as improve sell-throughs in existing door bases.

我們很高興能夠代表這些品牌，並制定了非常周到的計劃來增加門數並提高現有門座的銷售。

We've got some great holiday content and plans programmed as well as some longer-term growth plans across that category as well.

我們已經制定了一些很棒的假期內容和計劃，以及該類別的一些長期成長計劃。

So we're very pleased and happy with the results.

所以我們對結果非常滿意。

Great.

偉大的。

And then just on the loyalty penetration increase, can you just talk about this new FLX loyalty program bringing in new customers that were not shopping at Foot Locker?

關於忠誠度滲透率的提高，您能否談談新的 FLX 忠誠度計劃帶來了不在 Foot Locker 購物的新客戶？

Or is this just long-time customers now signing up?

還是這只是長期客戶現在註冊的？

And just any sort of quantitatively how much more these customers are spending or how much more frequently they're buying?

從數量上看，這些客戶的支出增加了多少，或是購買的頻率增加了多少？

Yeah.

是的。

So we're seeing, again, some of both.

所以我們再次看到兩者兼而有之。

I would say that because of the sign-up process and the convenience of our new in-store sign up, we are seeing what we're existing consumers now opting into our program because we've made it easier for them to do so, so that's been a net win.

我想說的是，由於註冊流程和新店內註冊的便利性，我們看到現有消費者現在選擇加入我們的計劃，因為我們讓他們更容易這樣做，所以這是淨勝利。

But of course, we also had some existing program members that we migrated over to the new platform.

當然，我們也將一些現有的計劃成員遷移到了新平台。

Overall, we're still, again, in the very early stages and effectively the second quarter of the rollout here in North America, but we are pleased with the engagement levels we've seen with consumers up and down the funnel.

總體而言，我們仍處於非常早期的階段，實際上是在北美推出的第二季度，但我們對通路上下消費者的參與感到滿意。

We are seeing increased spend, increased basket size, units per transaction.

我們看到支出增加，購物籃規模和每筆交易的單位數增加。

And then early, early, but also some good green shoots around frequency.

然後早、早，周圍也有一些好的綠芽頻率。

But again, we've got to need a few more quarters of data to demand that sort of categorically.

但同樣，我們還需要幾個季度的數據才能明確地提出這樣的要求。

But overall, the program is working and doing precisely what we thought it would be.

但總體而言，該程式正在運行，並且完全按照我們的預期進行。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Ms. Mary Dillon for any closing remarks.

我想將會議轉回給瑪麗·狄龍女士發表閉幕詞。

Please go ahead.

請繼續。

Thank you for joining us today.

感謝您今天加入我們。

I remain confident that our decisions and strategies are the right actions to put Foot Locker on the continued path towards sustainable growth.

我仍然相信，我們的決定和策略是正確的行動，可以讓 Foot Locker 走上持續可持續成長的道路。

I want to extend my thanks to the entire Foot Locker team and especially to our global striper community for their dedication and commitment in ensuring that we have a successful holiday across our stores, online and at our distribution centers.

我要向整個 Foot Locker 團隊，特別是我們的全球脫衣舞者社群表示感謝，感謝他們的奉獻和承諾，確保我們在商店、線上和配送中心度過一個成功的假期。

We look forward to updating you on our progress next quarter.

我們期待向您通報下季的最新進展。

Thank you, and goodbye.

謝謝你，再見。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。