Foot Locker Inc (FL) 2024 Q4 法說會逐字稿

(audio in progress)

（音訊正在播放）

Please note that this conference is being recorded.

請注意，本次會議正在錄音。

I will now turn the call over to Mr. Robert Higginbotham, Senior Vice President, Corporate Finance, Investor Relations and Treasurer. Sir, you may begin.

現在我將電話轉給公司財務、投資人關係和財務主管資深副總裁羅伯特‧希金博坦先生。先生，您可以開始啦。

Thank you, operator. Welcome, everyone, to Foot Locker Inc.'s fourth-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 fourth quarter results and our 2025 outlook. Following our prepared remarks, Mary, Frank and Mike will take your questions.

謝謝您，接線生。歡迎大家參加 Foot Locker Inc. 第四季財報電話會議。我們將首先由總裁兼執行長瑪麗狄龍發表準備好的演講。我們的執行副總裁兼首席商務長 Frank Bracken 將詳細介紹我們在各個品牌和地區的表現。然後，我們的執行副總裁兼財務長 Mike Baughn 將回顧我們的第四季業績和 2025 年展望。在我們準備好發言之後，瑪麗、法蘭克和麥克將回答大家的問題。

To note, today's call will reference certain non-GAAP financial 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 first quarter 2025 results on May 29, 2025.

值得注意的是，今天的電話會議將參考某些非 GAAP 財務指標。今天早上的收益報告中包含了 GAAP 與非 GAAP 結果的對帳表。我們還在投資者關係網站上發布了幻燈片演示，其中包含電話會議中將參考的資訊。最後，為了未來規劃的目的，我們目前計劃在 2025 年 5 月 29 日發布 2025 年第一季的業績。

And now, I will turn it over to Mary.

現在，我將把話題交給瑪麗。

Thank you, Rob. I'll start this morning with a review of our financial results and outlook, and then we'll provide an update on the progress we continue to make with our Lace Up plan. At a high level, we made meaningful progress with our Lace Up strategy in 2024 and closed out the year with performance in the fourth quarter that was better than our previously revised expectations. Our team's execution during the year helped drive 3 consecutive quarters of positive comp sales and year-over-year gross margin expansion. Our performance demonstrates that our strategies are driving results even as we navigate an increasingly dynamic external environment.

謝謝你，羅布。今天早上我將首先回顧我們的財務表現和前景，然後我們將更新我們的 Lace Up 計劃的進展。從高層次來看，我們在 2024 年的 Lace Up 策略方面取得了有意義的進展，並以第四季度優於我們先前修改後的預期的業績結束了這一年。我們團隊在這一年的執行力幫助公司連續三個季度實現同店銷售額正成長，毛利率也較去年同期成長。我們的業績表明，即使我們面對的是日益動態的外部環境，我們的策略仍能取得成果。

As we look ahead in 2025 and beyond, we're focused on continuing our progress and further advancing towards our long-term operational and financial goals. We are confident we have the right plans in place to continue to drive profitable market share gains over time as we maintain our disciplined approach to managing and investing in the business.

展望 2025 年及以後，我們將專注於繼續取得進步，並進一步朝著我們的長期營運和財務目標邁進。我們相信，我們已經制定了正確的計劃，以便在我們保持嚴謹的業務管理和投資方式的同時，繼續推動盈利的市場份額隨著時間的推移而增長。

Turning to our results. Our total comp increase of 2.6% in the fourth quarter was in line with our expectations and led by share gains out of our global Foot Locker and Kids Foot Locker banners, which comped up 3.6%, a strong build during peak holiday sales drove the gains.

談到我們的結果。我們第四季的總營收成長了 2.6%，符合我們的預期，其中全球 Foot Locker 和 Kids Foot Locker 品牌的份額成長推動了這一成長，共成長 3.6%，假日銷售高峰期的強勁成長推動了這一成長。

At Champ Sports, the fourth quarter marked the second consecutive quarter of positive comps since the banners repositioning began with comps up 1.8%.

對於 Champ Sports 來說，第四季是自橫幅重新定位以來連續第二季實現同店銷售額成長 1.8%。

Next on gross margin, we saw an improvement of 300 basis points year-over-year led by merchandise margin recovery against the prior year's higher level of promotions and ahead of our revised expectations. This was despite an elevated promotional environment across both the DTC and wholesale channels. At the same time, we continued the execution of our cost savings plan, which generated $35 million in total into the fourth quarter.

其次，在毛利率方面，我們看到毛利率較上年同期提高了 300 個基點，這得益於商品利潤率的回升，相比上年同期的更高水平的促銷，並且超出了我們修改後的預期。儘管 DTC 和批發管道的促銷環境都較為良好，但情況仍然如此。同時，我們繼續執行成本節約計劃，第四季共產生3500萬美元的成本節約效果。

Our non-GAAP earnings per share in the quarter were above our revised expectations at $0.86 compared to our $0.70 to $0.80 guidance.

本季我們的非公認會計準則每股收益高於我們修正後的預期，為 0.86 美元，而我們的預期為 0.70 至 0.80 美元。

As we reflect on 2024, I'm proud of the progress we've made with our Lace Up and what's proven to be a dynamic consumer and category backdrop. During the year, we achieved some important financial milestones, including a return to positive enterprise comp sales growth, gross margin expansion and positive free cash flow, all of which we expect to continue into 2025. Similarly, through our continued execution of the Lace Up plan, we made significant progress in 2024, and we'll look to build upon these efforts in 2025.

回顧 2024 年，我為我們在 Lace Up 方面取得的進步以及已被證明的動態消費者和類別背景感到自豪。在這一年中，我們實現了一些重要的財務里程碑，包括企業同店銷售額恢復正成長、毛利率擴大和自由現金流恢復正成長，我們預計這些趨勢將持續到 2025 年。同樣，透過繼續執行 Lace Up 計劃，我們在 2024 年取得了重大進展，我們希望在 2025 年繼續努力。

First, in stores, we're upgrading our customers' experience through both our new reimagined concept and extensive store refresh program, both of which remain an important part of our plans looking ahead, which I'll speak to in a few minutes. We now have 8 reimagined doors open across North America, Europe and Asia. The response to our reimagined doors has been extremely positive from our customers, our brand partners and our landlords, and we're accelerating our focus on reimagined as part of our efforts in 2025.

首先，在商店中，我們透過新的重塑概念和廣泛的商店更新計劃來提升顧客體驗，這兩者仍然是我們未來計劃的重要組成部分，我將在幾分鐘後談到這一點。目前，我們在北美、歐洲和亞洲開設了 8 家門市。我們的客戶、品牌合作夥伴和房東對我們重新設計的門的反應非常積極，作為 2025 年努力的一部分，我們正在加快對重新設計的關注。

In 2024, we also completed over 400 refreshes, which elevated and improved consistency across our global Foot Locker and Kids Foot Locker doors, and we're planning for roughly 300 more refreshes in 2025.

2024 年，我們也完成了 400 多次更新，提升並改進了我們全球 Foot Locker 和 Kids Foot Locker 門的一致性，我們計劃在 2025 年再進行約 300 次更新。

In digital, we made meaningful advancements in the customer experience, including the rollout of our new mobile app in the U.S. in November and increased our digital penetration 100 basis points to 18.2%.

在數位領域，我們在客戶體驗方面取得了有意義的進步，包括11月在美國推出我們的新行動應用程序，並將我們的數位滲透率提高了100個基點，達到18.2%。

Moving to loyalty. We relaunched our FLX Rewards Program in the U.S. midyear and we've been pleased with adoption by new and existing members as well as improvements across a variety of KPIs, including increased frequency of purchase. After some improvements to the enrollment process this fall, we saw a meaningful step-up in our sales capture rate in the fourth quarter, reaching 49% of sales in North America in the quarter and just under our 50% 2026 target 2 years ahead of plan.

走向忠誠。我們在年中在美國重新啟動了 FLX 獎勵計劃，我們對新舊會員的採用感到滿意，同時各種 KPI 也有所改善，包括購買頻率的增加。今年秋季對招生流程進行了一些改進後，我們看到第四季度的銷售佔有率有了顯著提升，達到了本季度北美地區銷售額的 49%，略低於我們計劃的 2026 年 50% 的目標。

Next, we're continuing to strengthen our basketball leadership through marketing partnerships such as the NBA and Chicago Bulls. We've also elevated our collaborations through the clinic with Nike and Jordan brand as well as the rollout of our codesigned Home Court experience in select reimagined doors.

接下來，我們將透過與 NBA 和芝加哥公牛隊等行銷合作繼續加強我們在籃球領域的領導地位。我們也透過與 Nike 和 Jordan 品牌的診所以及在精選的重新設計的門中推出我們共同設計的 Home Court 體驗，提升了我們的合作。

Additionally, we made strides against our cost structure. In 2024, we achieved $100 million in savings as part of our $350 million cost savings plan, which was ahead of our expectations of $90 million in the year and we're targeting incremental savings of $60 million to $70 million in 2025.

此外，我們在成本結構方面也取得了進展。2024 年，作為 3.5 億美元成本節約計畫的一部分，我們實現了 1 億美元的節約，這超出了我們當年 9,000 萬美元的預期，我們的目標是到 2025 年逐步節省 6,000 萬至 7,000 萬美元。

Further, we continue to take actions to optimize our business and real estate footprint. In 2024, we announced our plan to exit international markets, including South Korea and Norway, Sweden and Denmark. We also made the decision to convert select markets in Europe to a licensed model.

此外，我們將繼續採取行動優化我們的業務和房地產足跡。2024年，我們宣布退出國際市場的計劃，包括韓國、挪威、瑞典和丹麥。我們也決定將歐洲的部分市場轉變為授權模式。

Overall, we made meaningful strides with our strategies in 2024, and we're looking ahead in 2025 to continue to execute our Lace Up plan and drive our comp sales and gross margin progress. That said, as we moved through February, we saw consumers be more cautious and sensitive, which has impacted our business quarter to date. We're seeing consumers respond and come out to spend during compelling activations, key shopping events and product launches or newness. They spend when there's a call to action, but they're more cautious in those in-between periods.

總體而言，我們在 2024 年的策略中取得了有意義的進展，我們展望 2025 年，繼續執行我們的 Lace Up 計劃，推動我們的同店銷售額和毛利率成長。儘管如此，隨著二月的到來，我們發現消費者變得更加謹慎和敏感，這已經影響了我們迄今為止的業務季度。我們看到消費者在引人注目的活動、關鍵購物活動和產品發布或新品發布期間做出反應並消費。當有行動號召時他們會花錢，但在行動號召間隙他們會更加謹慎。

Within the approach we've taken heading into 2025, we've adjusted some of our capital and spending plans to further prioritize where we're generating the strongest returns on investment. More specifically, we're maintaining our focus on our customer-facing investments, which have been driving our return to comp growth and share gains and are also exceeding our hurdle rates. At the same time, we'll be slowing the investment cadence of some of our technology investments to ensure an appropriate pacing of these expenses against our top line. Our teams have been making great progress in updating our core technology stack, but we have decided to slow the cadence going forward.

在我們邁向 2025 年的方法中，我們調整了部分資本和支出計劃，以進一步確定產生最高投資回報的領域。更具體地說，我們將繼續專注於面向客戶的投資，這一直推動著我們實現同店成長和份額成長，同時也超出了我們的最低收益率。同時，我們將放慢一些技術投資的投資節奏，以確保這些支出與我們的營收保持適當的平衡。我們的團隊在更新核心技術堆疊方面取得了巨大進展，但我們決定放慢未來的步伐。

To be clear, we're continuing to prioritize our Lace Up strategies and execution, but we're balancing the near and longer-term business needs as we make our investments. And we believe the adjustments we are making to our investments will best position us to continue to deliver on the top line while also continuing to make progress toward our longer-term financial goals.

需要明確的是，我們將繼續優先考慮我們的 Lace Up 策略和執行，但我們在投資時將平衡短期和長期業務需求。我們相信，我們對投資所做的調整將使我們處於最佳位置，繼續實現營收目標，同時繼續朝著我們的長期財務目標邁進。

Now let me turn to the progress we've made with our Lace Up plan in the quarter and how we're further advancing our initiatives in 2025. Starting with our first imperative, which is expand sneaker culture. We're continuing to strengthen our basketball leadership through our strategic partnerships and collaborations. As we know, basketball is a category our customers are passionate about. Now in year 2 of our NBA partnership, we just hosted one of our largest basketball activations ever at NBA All-Star 2025 in San Francisco with a [two-story] interactive multi-brand experience.

現在，讓我談談本季度我們 Lace Up 計畫所取得的進展，以及我們如何在 2025 年進一步推進我們的計畫。從我們的首要任務開始，那就是擴大運動鞋文化。我們將透過策略合作夥伴關係和合作繼續加強我們在籃球領域的領導地位。我們知道，籃球是我們客戶最熱衷的一個類別。如今，我們與 NBA 合作已進入第二年，我們剛剛在舊金山舉行的 2025 年 NBA 全明星賽上舉辦了有史以來規模最大的籃球活動之一，並帶來了 [兩層] 互動式多品牌體驗。

We showed a bigger and bolder this year and had lines wrapped around the block for 4 days throughout the activation. We hosted over 20,000 visitors and the excitement we generated across customers and the industry at large earned Foot Locker 3 billion media impressions.

今年，我們展示了更大更大膽的活動，在整個活動期間，排隊繞著街區持續了四天。我們接待了超過 20,000 名遊客，我們在客戶和整個行業中引起的興奮為 Foot Locker 贏得了 30 億次媒體曝光。

We had great support from our brand partners, including Nike, Jordan Brand, adidas, PUMA, Converse, Crocs, New Era, and ANTA as we launch high-heat sneaker drops and feature top NBA talent appearances, all designed to connect with the basketball community and inspire the next generation on and off the court.

我們得到了耐吉、喬丹品牌、阿迪達斯、彪馬、匡威、Crocs、New Era 和安踏等品牌合作夥伴的大力支持，我們推出了耐吉運動鞋，並邀請了頂級 NBA 球星亮相，所有這些都是為了與籃球界建立聯繫，並在球場內外激勵下一代。

We also brought back the clinic, our program with Nike and Jordan Brand, featuring an LED court, our daily basketball programming with top athletes reinforcing the strength of our partnership. As always, our engaging stripers brought the energy and inspired our customers throughout the weekend. This immersive experience further cemented our position as a leader in basketball and sneaker culture.

我們還恢復了與耐吉和喬丹品牌合作的訓練營和項目，該項目設有 LED 球場，並與頂級運動員一起進行日常籃球訓練，以加強我們合作的力度。像往常一樣，我們迷人的脫衣舞孃在整個週末為我們的顧客帶來了活力和靈感。這種沉浸式的體驗進一步鞏固了我們在籃球和運動鞋文化領域的領先地位。

Turning to Nike. Our partnership is strong and fully reset and serving our multicultural customers continues to be a top priority for both our businesses. Our Lace Up strategies, coupled with their building product pipeline and focus on storytelling, will position both our businesses for growth longer term.

轉向耐吉。我們的合作關係牢固且已完全重建，為多元文化客戶提供服務仍然是我們雙方業務的首要任務。我們的 Lace Up 策略，加上他們建立的產品線和對故事敘述的關注，將使我們兩個業務都獲得更長期的成長。

That said, we know we're balancing marketplace and category dynamics as we move into 2025 and to make way for future innovations to come later in the year and into 2026. Looking out, we have full confidence in our partnership and the steps the Nike team has taken for the brand and marketplace longer term.

儘管如此，我們知道，在邁入 2025 年之際，我們正在平衡市場和類別動態，為今年稍後和 2026 年的未來創新鋪平道路。展望未來，我們對我們的合作夥伴關係以及耐吉團隊為品牌和市場長期發展所採取的措施充滿信心。

In addition, our results with brands such as adidas, New Balance, On, HOKA, ASICS, Saucony, Crocs, UGG and Timberland continue to reinforce our proposition as a multi-brand retailer. Sales in those brands were up a combined double digits in the fourth quarter across men's, women's and kids, and we continue to have room for growth on both an allocation and door count basis with a multitude of brands as we look to 2025.

此外，我們與阿迪達斯、New Balance、On、HOKA、ASICS、Saucony、Crocs、UGG 和 Timberland 等品牌的合作成果繼續強化了我們作為多品牌零售商的地位。第四季度，男裝、女裝和童裝等品牌的銷售額合計增長了兩位數，展望 2025 年，憑藉眾多品牌，我們在分配量和門市數量方面仍具有增長空間。

And finally, looking at our exclusive penetration in the quarter, it was 15%, in line with last year. We continue to target exclusive progress as we look to 2025 and still aim for about 20% penetration by 2026.

最後，看看我們本季的獨家滲透率，為 15%，與去年持平。展望 2025 年，我們將繼續以獨家進展為目標，到 2026 年，我們仍將目標定為滲透率達到 20% 左右。

Moving to our second pillar, which is power up the portfolio. Taking a step back, our teams have made a lot of progress in optimizing our real estate portfolio over the last several years. Since 2019, we've closed over 20% of our global doors, including the exiting of noncore banners in the exit or conversion of select international markets. In the last 2 years alone, we've also pared back our store exposure at the Champs Sports banner as part of its repositioning. While we are continuing some of that closure work in 2025, it's important to note that after this year, we will be at a new baseline in our fleet and go forward, we'll be operating with a tighter, stronger store base, reduce exposure to lower tier malls.

轉到我們的第二支柱，即增強投資組合。回顧一下，過去幾年來，我們的團隊在優化房地產投資組合方面取得了很大進展。自 2019 年以來，我們關閉了超過 20% 的全球門市，包括退出或轉換特定國際市場時非核心品牌的銷售。僅在過去兩年間，作為重新定位的一部分，我們還削減了在 Champs Sports 品牌下的店鋪曝光率。雖然我們將在 2025 年繼續進行一些關閉工作，但值得注意的是，今年之後，我們的門市數量將達到新的基線，未來，我們將以更緊密、更強大的門市基礎運營，減少對二三線商場的敞口。

Now among that optimized fleet, a key objective in this pillar is to elevate, optimize and standardize our store experience and to bring the fleet to our newly designed brand standard. We began this journey for our refresh program, which was our capital-light and quickest mechanism to impact a large percentage of the fleet swiftly with elevated and consistent signage featuring to support brand partner storytelling and an improved customer experience. We did this while testing and ultimately proving out our new reimagined concept, which builds upon those same design principles to deliver a customer-centric experience, support brand storytelling, create fun and immersive customer experiences and enhance the power of our stripers, including with technology tools.

現在，在優化的車隊中，這項支柱的一個關鍵目標是提升、優化和標準化我們的店鋪體驗，並使車隊達到我們新設計的品牌標準。我們為我們的更新計劃開始了這一旅程，這是我們的輕資本和最快捷的機制，可以迅速影響很大一部分車隊，並以提升和一致的標牌功能來支持品牌合作夥伴的故事講述和改善的客戶體驗。我們在測試並最終驗證我們重新構想的新概念時做到了這一點，該概念建立在相同的設計原則之上，以提供以客戶為中心的體驗，支持品牌故事講述，創造有趣和身臨其境的客戶體驗，並增強我們脫衣舞孃的力量，包括使用技術工具。

In 2025, we intend to refresh approximately 300 doors, and this is on top of the over 400 refreshes we accomplished in 2024, including 160 in the fourth quarter. Coming out of 2025, there will be over 800 stores that we've elevated through our refresh program in a 2.5-year time frame.

2025 年，我們計劃更新約 300 扇車門，這是在我們 2024 年完成的 400 多次更新的基礎上進行的，其中包括第四季度的 160 扇車門。到 2025 年，我們將在兩年半的時間內透過更新計畫升級超過 800 家門市。

With our refresh program set to slow after 2025, now our focus shifts to scaling our reimagined concept going forward. As such, we expect to open or convert 80 additional reimagined locations by the end of 2025 on top of the 8 we ended with in 2024. We intend to at least maintain, if not accelerate that pace, of reimagined openings as we look out the next few years. We anticipate the majority of our reimagined projects to be completed via conversions or relocations of existing locations.

由於我們的更新計劃將在 2025 年後放緩，現在我們的重點將轉移到擴大我們重新構想的概念。因此，我們預計到 2025 年底，將在 2024 年底開設或改造 8 家門市的基礎上，再開設或改造 80 家門市。展望未來幾年，我們打算至少保持（如果不加快的話）重新構想開業方式的步伐。我們預計，大多數重新構想的項目將透過現有地點的轉換或遷移來完成。

We're making this deliberate push given the strong returns these projects are delivering as detailed in our investor presentation. Through the efforts we've made so far, as of the end of 2024, we now have 44% of our footage at brand standard, representing 44% of sales. Going forward, we expect to reach approximately 65% of our footage at brand standard and over 70% of sales by year-end 2026, including both refreshes and reimagined.

正如我們在投資者介紹中詳細介紹的那樣，鑑於這些項目帶來的豐厚回報，我們正刻意推動這項舉措。透過我們迄今為止的努力，截至 2024 年底，我們現在有 44% 的鏡頭符合品牌標準，佔銷售額的 44%。展望未來，我們預計到 2026 年底，約 65% 的鏡頭將達到品牌標準，銷售額將達到 70% 以上，包括更新和重新設計。

Turning to our off-mall exposure. In the quarter, our penetration was up 3 percentage points from a year ago to 42% of North American square footage and closer to our goal of 50% by 2026.

轉向我們的場外曝光。本季度，我們的滲透率比一年前上升了 3 個百分點，達到北美面積的 42%，並且更接近我們 2026 年達到 50% 的目標。

Now moving to our third pillar, which is deepen our relationship with our customers. Focusing on loyalty, we made meaningful progress after the relaunch of our FLX Rewards Program in the U.S. mid-2024, with our loyalty penetration in North America at 49% of our sales in the fourth quarter, which was up nearly 30 percentage points compared to last year and just under our 50% 2026 Lace Up target. Improvements to the FLX sign-up process in stores towards the end of the third quarter drove that meaningful improvement in the sales capture rate as well as the pace of new enrollment.

現在轉到我們的第三個支柱，即加深我們與客戶的關係。我們專注於忠誠度，在 2024 年中期在美國重新啟動 FLX 獎勵計劃後，我們取得了有意義的進展，我們在北美的忠誠度滲透率在第四季度達到我們銷售額的 49%，比去年增長了近 30 個百分點，略低於我們 2026 年 50% 的 Lace Up 目標。第三季末，商店中 FLX 註冊流程的改善推動了銷售捕獲率和新註冊速度的顯著提升。

We also expanded on how we're activating around the program in the holiday quarter, including through the use of member-only events in stores and online across banners. In the quarter, we added 3.2 million FLX members here in North America and we're coming into 2025 with the loyalty mix in our business at a fundamentally higher baseline.

我們也擴大了假日季該計畫的進行方式，包括在實體店和線上舉辦會員專屬活動。本季度，我們在北美增加了 320 萬 FLX 會員，進入 2025 年，我們業務的忠誠度組合將處於更高的基線。

Further, at just a few quarters into the enhanced FLX rewards program, we've been pleased with adoption by new and existing members as well as response across a variety of KPIs, including frequency of purchase. We're excited about the progress we made with loyalty in 2024 and expect to build upon that further in 2025, including through bringing the program to Europe later this year.

此外，在增強型 FLX 獎勵計劃實施僅幾個季度後，我們就對新舊會員的採用以及對各種 KPI（包括購買頻率）的回應感到滿意。我們對 2024 年忠誠度計畫的進展感到非常興奮，並期望在 2025 年進一步取得進展，包括在今年稍後將該計畫引入歐洲。

And turning to our final pillar, be best-in-class omni. In stores, comp sales were up slightly positive in the quarter. Traffic outside of the key selling periods proved more challenging. That said, we continue to see conversion increases in the quarter as our initiatives around product, in-store experience, striper training and planning tools drove results.

我們最後的支柱是，成為一流的全能型企業。在商店中，本季同店銷售額略有上漲。在關鍵銷售期之外，流量變得更具挑戰性。儘管如此，由於我們圍繞產品、店內體驗、脫衣舞培訓和規劃工具的舉措推動了業績，我們本季的轉換率持續上升。

Turning to digital. Global enterprise digital comps were up 12.4% in the fourth quarter, as we saw increases in organic traffic, AOV and conversion. Customers responded to our proved experience, particularly through our new mobile app, which launched in November as well as inventory depth in key styles.

轉向數位化。由於自然流量、AOV 和轉換率的提高，全球企業數位銷售額在第四季度增長了 12.4%。客戶對我們經過驗證的經驗做出了積極的回應，尤其是透過我們 11 月推出的新行動應用程式以及主要款式的庫存深度。

Our digital penetration in the quarter increased 230 basis points year-over-year to 21.8% of sales, and we continue to target about 25% e-commerce penetration by 2026. Particularly, for our mobile savvy and younger customer base, having a new and improved mobile app across the U.S. that provides a faster, more modern shopping experience is a key advantage, and we look forward to building upon network in 2025, including through the launch of store mode capabilities, which enables customers to scan product SKUs in-store and check out product availability, including sizes. We plan to roll out enhanced mobile apps for our Champs Sports and Kids Foot Locker banners later this quarter.

本季我們的數位滲透率年增 230 個基點，達到銷售額的 21.8%，我們繼續瞄準 2026 年電子商務滲透率達到 25% 左右。特別是對於我們精通行動裝置的年輕客戶群來說，在全美擁有一個提供更快、更現代購物體驗的全新改進的行動應用程式是一個關鍵優勢，我們期待在 2025 年進一步擴大網絡，包括透過推出商店模式功能，使客戶能夠在店內掃描產品 SKU 並查看產品的可用性（包括尺寸）。我們計劃在本季稍後為我們的 Champs Sports 和 Kids Foot Locker 橫幅推出增強型行動應用程式。

We're confident based on the results to date that an improved mobile experience across multiple banners can be a significant lever for us to drive both our digital and loyalty penetration over time.

根據迄今為止的結果，我們有信心，跨多個橫幅的改進移動體驗可以成為我們隨著時間的推移推動數位和忠誠度滲透的重要槓桿。

So in closing, we were pleased with our progress in the fourth quarter and 2024 overall led by completing the year with 3 consecutive quarters of comp sales growth and year-over-year gross margin expansion. Our Lace Up plan is delivering results across multiple aspects of the business and our disciplined approach is driving free cash flow. In 2025, we're planning to build off those results.

最後，我們對第四季和 2024 年整體取得的進展感到滿意，連續 3 個季度實現了同店銷售成長和毛利率同比擴大。我們的 Lace Up 計劃正在為業務的多個方面帶來成果，而我們嚴謹的方法正在推動自由現金流。2025 年，我們計劃繼續鞏固這些成果。

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

現在，讓我將主題交給 Frank，讓他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 fourth quarter product and brand partner performance, footwear comped positive high single digits. Gains in both our base business as well as a strong launch calendar drove comp sales in the quarter. These gains were led by growth and momentum from a broad portfolio of our brand partners. The Jordan Brand delivered gains, thanks to very compelling launches in the quarter and a complementary sportswear business.

謝謝你，瑪麗，大家早安。從第四季的產品和品牌合作夥伴業績來看，鞋類銷售額取得了高個位數的正成長。基礎業務的成長和強勁的產品發布推動了本季的同店銷售額。這些成長主要得益於我們廣泛的品牌合作夥伴的成長和發展勢頭。由於本季推出非常引人注目的產品以及互補的運動服裝業務，喬丹品牌實現了成長。

Meanwhile, adidas, New Balance, On, HOKA, ASICS, Saucony, Crocs, UGG and Timberland all contributed meaningfully to the success of our footwear business at holiday.

同時，阿迪達斯、New Balance、On、HOKA、ASICS、Saucony、Crocs、UGG 和 Timberland 都為我們假期鞋類業務的成功做出了重大貢獻。

As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business. Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ 1. And as we look to 2025, we are encouraged by their innovation pipeline across basketball, performance running, Shox and the reinvigoration of the Max Air business. Our recent NBA All-Star activation in San Francisco demonstrated again the power of our brands coming together to elevate consumer experiences, serve athletes and push sneaker culture forward. Lineups and community excitement for the Nike All-Star Black Pack, the Kobe 6 and Galaxy Foamposite demonstrated just how powerful the Nike brand is to our core consumer.

為了讓未來的創新讓路，耐吉在短期內重新平衡其產品組合和庫存水平，我們將繼續應對對我們業務的一些影響。在此過程中，我們繼續與他們保持密切合作，優化我們的商品組合和庫存水平，以支持全價銷售，並與他們合作，使 Air Force 1、Dunk 和 AJ 1 等關鍵消費者係列恢復健康。展望 2025 年，他們在籃球、高性能跑步、Shox 和 Max Air 業務重振方面的創新管道令我們感到鼓舞。我們最近在舊金山舉辦的 NBA 全明星活動再次證明了我們品牌共同提升消費者體驗、服務運動員和推動運動鞋文化的力量。Nike All-Star Black Pack、Kobe 6 和 Galaxy Foamposite 的陣容和社群的興奮證明了 Nike 品牌對我們核心消費者的強大影響力。

Now turning to performance by footwear category. Within the basketball category, customers continue to respond to next-gen signature athletes such as Nike's Ja 2, Sabrina 2, adidas' AE1 and PUMA's MELO 04. We also had a phenomenal launch result with the Nike Kobe franchise, which brought renewed energy to the marketplace. And as mentioned, Jordan delivered a powerful launch assortment this quarter led with premium executions of the Retro 9, Retro 3 and the Carolina Blue Retro 11, all of which were sell-outs with consumers.

現在來談談鞋類類別的表現。在籃球類別中，消費者繼續對下一代簽名運動員做出反應，例如 Nike 的 Ja 2、Sabrina 2、adidas 的 AE1 和 PUMA 的 MELO 04。我們的Nike Kobe 系列產品發表也取得了非凡的成績，為市場注入了新的活力。如前文所提到的，Jordan 本季推出了一系列強大的新品，其中以 Retro 9、Retro 3 和 Carolina Blue Retro 11 等高端產品最為搶眼，這些產品均被消費者搶購一空。

Moving to lifestyle footwear, adidas continues to see strength as they lead the [Terry's] trend, especially within our women's and kids segments. And we were pleased that this momentum occurred on a global scale, positively impacting all geos and banners. In 2025, we will continue to diversify this category with energy from Handball Spezial and Superstar.

轉向生活風格鞋類，阿迪達斯繼續展現實力，引領[Terry's]潮流，尤其是在女鞋和兒童鞋領域。我們很高興看到這種勢頭在全球範圍內出現，對所有地區和橫幅產生了積極影響。2025 年，我們將繼續藉助 Handball Spezial 和 Superstar 的活力，實現該類別的多樣化。

Turning to the running category. New Balance continues to see momentum across women's, men's and kids. Franchises like the 9060 have consistently ranked among our top sellers, and we were pleased with the performance of other styles like the 1906 and 530 in which premium executions resonated strongly with our sneaker (inaudible) and fashion-forward consumers. Brand searches, full-price selling and a pipeline of innovation give us confidence that New Balance will continue to be one of the fastest-growing brands in the industry.

轉向跑步類別。New Balance 在女鞋、男鞋和童鞋領域持續保持強勁發展勢頭。9060 等系列一直位居我們的暢銷產品之列，我們對 1906 和 530 等其他款式的表現也感到滿意，它們的優質執行力與我們的運動鞋（聽不清）和時尚消費者產生了強烈共鳴。品牌搜尋、全價銷售和創新管道讓我們相信 New Balance 將繼續成為業界成長最快的品牌之一。

ASICS continues to see global momentum across men's and women's with running inspired styles such as the GEL-NYC, the 1130 and the GT-2160. We're adding doors, elevating the presentation and ramping up our marketing with ASICS as we look into 2025. We expect both globally and across multiple banners in North America that ASICS will continue to trend with young multicultural consumers and remain excited about growth potential with this important partner.

ASICS 憑藉 GEL-NYC、1130 和 GT-2160 等以跑步為靈感的款式，繼續在男女運動鞋領域保持全球領先地位。展望 2025 年，我們將增加車門、提升展示效果，並加強與 ASICS 的行銷合作。我們預計，無論是在全球還是在北美，ASICS 都將繼續受到年輕多元文化消費者的青睞，並對與這一重要合作夥伴的成長潛力感到興奮。

As lifestyle running continues to be a powerful connection point with consumers, we are proactively bringing in new ideas to keep the consumer engaged. We recently introduced Saucony into the assortment and have been pleased with customers' response to styles such as the ProGrid Omni 9 and Millennium.

由於生活方式跑步繼續成為與消費者的強大聯繫點，我們正在積極引入新想法以保持消費者的參與。我們最近將 Saucony 引入了產品系列，並對客戶對 ProGrid Omni 9 和 Millennium 等款式的反應感到非常滿意。

Within performance running, On and HOKA are continuing to resonate in our business. We continue to see healthy sales gains with these partners and we plan to expand doors with them globally in 2025.

在高性能跑步領域，On 和 HOKA 繼續在我們的業務中產生共鳴。我們與這些合作夥伴的合作持續帶來健康的銷售成長，我們計劃在 2025 年與他們一起拓展全球業務。

Within seasonal, UGG played a leading role in our business this quarter, especially within our global Foot Locker banner. With exciting content and must-have styles such as the Tasman and Ultra Mini, UGG continues to drive excitement during the [gifting] season, and the success we had with the sneaker inspired Lowmel gives us confidence that there is a broader opportunity with this brand moving forward.

從季節角度來看，UGG 在本季度的業務中發揮了主導作用，尤其是在我們的全球 Foot Locker 品牌中。憑藉令人興奮的內容和 Tasman 和 Ultra Mini 等必備款式，UGG 繼續在（送禮）季節引起轟動，而以運動鞋為靈感的 Lowmel 所取得的成功讓我們有信心，這個品牌未來將擁有更廣闊的機會。

Also within the boot category, we saw strength in Timberland as customers responded to their exciting collaborations and marketing.

此外，在靴子類別中，我們看到了 Timberland 的實力，因為客戶對其令人興奮的合作和行銷做出了積極的回應。

Turning to the apparel business. Challenges persisted with comp declines down in the mid-teens. While we continue to see innovation within apparel lagging compared to the footwear business, we are beginning to be even more aggressive in pursuing our private label strategy, which has worked for us in recent quarters, particularly in Champs Sports.

轉向服裝業務。挑戰依然存在，薪資下降至十幾歲的水平。儘管我們仍然看到服裝領域的創新落後於鞋類業務，但我們開始更加積極地推行自有品牌策略，這項策略在最近幾季對我們很有效，特別是在 Champs Sports。

Alongside that, we will continue to work upstream with our brand partners to encourage more newness in materials, silhouette, sneaker connectivity and speed to market. We know that apparel allows for more exciting retail presentations, better integrated storytelling and an opportunity to build the consumer's basket.

除此之外，我們將繼續與品牌合作夥伴進行上游合作，以推動材料、輪廓、運動鞋連接性和上市速度的更多創新。我們知道，服裝可以提供更令人興奮的零售展示、更好的綜合故事敘述​​以及建立消費者購物籃的機會。

Finally, our accessories business comped up high single digits as we see shoppers respond to our refreshed assortments through categories such as socks, headwear and shoe care.

最後，我們的配件業務取得了高個位數的成長，因為我們看到購物者對我們透過襪子、頭飾和鞋類護理等類別更新的產品組合做出了反應。

Switching to channel performance. comparable sales in our stores were up slightly. While traffic was down to last year, we continue to see gains in conversion as well as average ticket led by positive AUR. A special thank you to our amazing striper teams who delivered great customer service while driving conversion increases during the holiday season.

切換到頻道表演。我們商店的同店銷售額略有上升。儘管流量較去年有所下降，但我們繼續看到轉換率以及平均票價在正 AUR 的推動下有所增長。特別感謝我們出色的脫衣舞團隊，他們在節日期間提供了優質的客戶服務，同時提高了轉換率。

Meanwhile, digital comps rose 12.4%. We saw increases in traffic, AOV and conversion as our efforts to improve the customer digital experience continue to resonate. This included the launch of our new Foot Locker app, which immediately drove conversion gains and an improved customer shopping experience.

同時，數位同店銷售額上漲 12.4%。隨著我們改善客戶數位體驗的努力不斷取得成效，我們看到流量、AOV 和轉換率都有所增加。其中包括推出我們的新 Foot Locker 應用程序，該應用程式立即提高了轉換率並改善了客戶購物體驗。

Now for performance by geography and banner. In North America, overall comps were up 3.6%, including our Foot Locker North America banner comping up 5.5%. Our Foot Locker banner saw a record-breaking build in the business in the final week leading up to Christmas led by gains in running, seasonal as well as strong launches. The combination of reimagined stores, refresh stores, our new digital capabilities and the power of our Heart of Sneakers platform clearly registered with consumers.

現在按地域和橫幅來劃分績效。在北美，整體同店銷售額上漲 3.6%，其中 Foot Locker 北美分店銷售額上漲 5.5%。在聖誕節前的最後一周，我們的 Foot Locker 品牌的業務取得了破紀錄的成長，這得益於跑步、季節性以及強勁推出的產品的成長。重新設計的商店、刷新的商店、我們新的數位能力以及我們 Heart of Sneakers 平台的強大功能相結合，得到了消費者的充分認可。

Kids Foot Locker comped up 4% in the quarter. Growing in both stores and online, KFL delivered a strong performance in the quarter, mirroring many of the same dynamics driving the Foot Locker banner. In fact, towards the end of the quarter, we opened our first stand-alone Kids Foot Locker reimagined location at Bay Plaza in the Bronx. We are thrilled to have our first KFL reimagined store in the heart of New York City sneaker culture as a way to introduce our youngest sneaker enthusiasts to the category. While very early days, results from the Bay Plaza store have been very positive, which is validating of our reimagined strategy as we look to add additional locations in 2025 and beyond.

Kids Foot Locker 本季銷售額上漲 4%。KFL 在實體店和線上通路均實現成長，本季表現強勁，與 Foot Locker 的許多發展動力相同。事實上，在本季末，我們在布朗克斯的海灣廣場開設了第一家獨立的 Kids Foot Locker 重塑店。我們很高興能在紐約市運動鞋文化中心開設第一家 KFL 重新設計商店，以此向我們最年輕的運動鞋愛好者介紹這個類別。雖然還處於早期階段，但 Bay Plaza 店的業績非常積極，這驗證了我們重新制定的策略，我們希望在 2025 年及以後增加更多門市。

At Champs Sports, comps were up 1.8%, which marks the second quarter in a row of positive banner comp since the repositioning. Customers are responding to the banner's updated head-to-toe sports style positioning with differentiated assortments from partners such as Nike, New Balance, adidas, ASICS, Brooks and our CSG label.

冠軍運動的同店銷售額上漲了 1.8%，這是重新定位以來連續第二季橫幅廣告銷售額實現正成長。客戶對品牌從頭到腳更新的運動風格定位做出了積極響應，他們從合作夥伴那裡獲得了差異化的產品組合，例如 Nike、New Balance、adidas、ASICS、Brooks 和我們的 CSG 品牌。

Champs Sports also continues to build momentum with its Run Club program and strong positioning of performance and lifestyle running product. Champs held 12 Run Club events in 2024 with strong brand partnership support from Nike, ASICs and Brooks. And in 2025, the team is looking to scale this program to over 30 events and include even more brand partners as cosponsors of Run Club. We are confident that our improved assortments and sharper brand positioning will continue to support Champ Sports momentum into 2025, and we are proud of the team leading that work.

Champs Sports 也繼續憑藉其 Run Club 計劃以及強大的性能和生活方式跑步產品定位來增強發展勢頭。在 Nike、ASICs 和 Brooks 的強大品牌合作支持下，Champs 於 2024 年舉辦了 12 場跑步俱樂部活動。到 2025 年，該團隊希望將該計劃擴展到 30 多個活動，並吸收更多品牌合作夥伴作為跑步俱樂部的共同贊助商。我們相信，我們改進的產品組合和更清晰的品牌定位將繼續支持 Champ Sports 的發展勢頭進入 2025 年，我們為領導這項工作的團隊感到自豪。

Moving to WSS. Comparable sales were down 3.3%. Despite strong results over the Black Friday sales period, we saw our WSS customers be cautious with their discretionary dollars into December and January as they contend with ongoing inflation as well as impacts from the Los Angeles fires. Our WSS team continues to position the banner with compelling assortments with an emphasis on value, including below $80 footwear as well as global football and work wear as they support the local communities and neighborhoods they serve. Nonetheless, we will continue to take a prudent approach to capital with the WSS banner in 2025 when it comes to new store openings.

移至 WSS。可比銷售額下降 3.3%。儘管黑色星期五促銷期間業績強勁，但我們發現 WSS 客戶在 12 月和 1 月對可自由支配的資金持謹慎態度，因為他們要應對持續的通貨膨脹以及洛杉磯大火的影響。我們的 WSS 團隊繼續以引人注目的產品系列定位品牌，注重價值，包括低於 80 美元的鞋類以及全球足球和工作服，以支持他們所服務的當地社區和街區。儘管如此，在 2025 年開設新店時，我們將繼續對 WSS 品牌的資本採取審慎的態度。

As such, we are planning for one new store opening in 2025 for WSS as we shift investment into other real estate projects that are driving higher returns. Longer term, we still believe in the unit growth potential of the WSS banner, but we do believe a more conservative review in the near term is the right path.

因此，我們計劃在 2025 年為 WSS 開設一家新店，同時我們將投資轉向其他能帶來更高回報的房地產項目。從長遠來看，我們仍然相信 WSS 品牌的單位成長潛力，但我們確實認為短期內更保守的審查是正確的道路。

Turning to Europe, comps were up 1.9%. The environment in Europe was choppy and competitive throughout the quarter and the promotional environment included aggressive actions in both the footwear and apparel categories. Looking ahead, our team in Europe plans to continue to invest prudently in store refreshes to elevate the customer experience and improve our competitive positioning. Simultaneously, we will work with our brand partners to move back towards a pull market with more full price selling, but we do expect that 2025 will be a transition year in the European marketplace.

轉向歐洲，同店銷售額上漲 1.9%。整個季度，歐洲的環境動盪且競爭激烈，促銷環境包括鞋類和服裝類別的積極行動。展望未來，我們歐洲的團隊計劃繼續審慎投資於店面更新，以提升客戶體驗並提高我們的競爭地位。同時，我們將與我們的品牌合作夥伴共同努力，重新走向以全價銷售為主的拉動市場，但我們預計 2025 年將是歐洲市場的過渡年。

In Asia Pacific, comps were down 7.6%. At our Foot Locker banner, comps fell 7.2%, reflecting competitive marketplace dynamics in Australia as consumers there continue to deal with prolonged inflation. A reminder that we began to wind down our business in South Korea during the quarter, including shutting down our e-commerce operations at the end of the calendar year, and we expect that our store operations will largely be wound down by the end of the fiscal first quarter of 2025.

在亞太地區，同店銷售額下降了 7.6%。在我們的 Foot Locker 品牌下，同店銷售額下降了 7.2%，這反映了澳洲消費者繼續應對長期通貨膨脹所帶來的市場競爭動態。提醒一下，我們在本季開始逐步結束在韓國的業務，包括在日曆年末關閉我們的電子商務業務，我們預計我們的實體店業務將在 2025 財年第一季末基本結束。

And finally at atmos, comps were down 8.7%, reflecting our decision to shift sales to our own digital site and away from less profitable third-party digital platforms.

最後，atmos 的同店銷售額下降了 8.7%，這反映了我們決定將銷售轉移到我們自己的數位網站，而不是利潤較低的第三方數位平台。

To close, 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 and sustained strength at our Champs Sports banner. Our Lace Up strategies continue to gain traction. And in 2025, we will continue working closely with our brand partners to be led by consumer insights while we elevate the consumer experience across channels. And we are taking a prudent and agile approach this year by focusing on capital investments with the highest returns while maintaining inventory and expense discipline.

最後，我們很高興在本季度再次取得了積極的業績和穩健的毛利率增長，這得益於我們全球 Foot Locker 和 Kids Foot Locker 品牌的銷售以及 Champs Sports 品牌的持續強勁表現。我們的 Lace Up 策略繼續獲得關注。2025年，我們將持續與品牌合作夥伴密切合作，以消費者洞察為主導，提升跨通路的消費者體驗。今年我們採取了審慎且靈活的做法，專注於回報最高的資本投資，同時保持庫存和費用紀律。

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

現在我將把電話交給麥克，讓他更詳細地討論財務狀況和指導。

Thank you, Frank, and good morning, everyone. In the fourth quarter, starting with revenue, total sales were down 5.8% with the majority of the decline led by the lapping of the 53rd week in 2023 along with additional pressures from foreign currency headwinds and store closures.

謝謝你，弗蘭克，大家早安。第四季度，從收入開始，總銷售額下降了 5.8%，其中大部分降幅是由於 2023 年第 53 週的重疊，以及外匯逆風和商店關閉帶來的額外壓力。

Our total comp was positive 2.6%, which was in line with the midpoint of our guidance and led by our global combined Foot Locker and Kids Foot Locker banners at plus 3.6%. This represented our third consecutive quarter of positive comps.

我們的整體獲利為正 2.6%，與我們的預期中位數一致，其中，由我們全球合併的 Foot Locker 和 Kids Foot Locker 品牌帶動，正獲利為 3.6%。這是我們連續第三個季度實現正成長。

In terms of cadence, November was down mid-single digits. December comps accelerated to positive mid-single digits, partly due to the shift in Cyber Monday. And finally, January was positive mid-single digits as well. Moving to margins. Gross margin for the quarter expanded 300 basis points versus last year to 29.6%, which was ahead of our revised expectations and highlighting our progress in recovering last year's heightened promotions despite elevated sector inventories.

從節奏來看，11 月下降了中等個位數。12 月的同店銷售額加速成長至正個位數中段，部分原因是由於網路星期一的轉變。最後，一月也達到了正個位數的中段。移至邊緣。本季的毛利率較去年同期擴大了 300 個基點，達到 29.6%，高於我們修正後的預期，並凸顯了儘管行業庫存增加，但我們在恢復去年加大的促銷力度方面取得了進展。

Merchandise margins were up 300 basis points year-over-year due to lower markdown levels while occupancy as a percent of sales was flat on a year-over-year basis. Approximately $10 million of gross margin savings from our cost optimization programs also flowed through our cost of goods line.

由於降價幅度較低，商品利潤率較去年同期上升了 300 個基點，而入住率佔銷售額的百分比與去年同期持平。我們的成本優化計劃所帶來的約 1000 萬美元的毛利率節省也流向我們的商品成本線。

On SG&A, our fourth quarter rate came in at 22.3%, representing an improvement of 10 basis points versus last year. SG&A dollar declines of 6% was better than our prior expectation of dollars down approximately 2% to 3% as we made additional progress against our cost savings program along with tightly managed expenses and lower incentive compensation levels. Our cost optimization program generated $25 million in savings within our SG&A line. Collectively, our cost optimization program generated total savings of approximately $35 million in the fourth quarter and $100 million for fiscal 2024, which was ahead of our prior expectation of approximately $90 million.

就銷售、一般及行政開支而言，我們第四季的稅率為 22.3%，比去年同期提高了 10 個基點。銷售、一般及行政開支下降 6%，優於我們先前預期的下降約 2% 至 3%，因為我們在成本節約計劃方面取得了進一步進展，同時嚴格管理費用並降低激勵薪酬水平。我們的成本優化計劃在我們的銷售、一般和行政開支項目內節省了 2500 萬美元。總的來說，我們的成本優化計畫在第四季共節省了約 3,500 萬美元，在 2024 財年節省了 1 億美元，高於我們先前預期的約 9,000 萬美元。

Finally, our earnings per share from continuing operations was $0.57, and our non-GAAP earnings per share was $0.86.

最後，我們的持續經營每股收益為 0.57 美元，非公認會計準則每股收益為 0.86 美元。

Turning to the balance sheet. We ended the quarter with $401 million of cash and total debt of $446 million. At quarter end, inventories were up 1.1% versus last year, slightly ahead of our expectation for approximately flat levels exiting the year as we pulled forward spring receipts to ensure smooth product flows into the first quarter.

轉向資產負債表。截至本季末，我們的現金餘額為 4.01 億美元，總債務為 4.46 億美元。截至季度末，庫存較去年同期上漲了 1.1%，略高於我們對年底庫存大致持平的預期，因為我們提前接收春季庫存，以確保第一季產品流通順暢。

From a composition and aging standpoint, our inventories are well positioned as we head into 2025. For the year, we improved our inventory turns, turning the business at approximately 2.8x, a 5% improvement versus 2023, while acknowledging we still have room to improve that further as we continue to make progress relative to our medium-term goal of approximately 3x.

從成分和陳化角度來看，我們的庫存在邁向 2025 年時已經處於有利地位。今年，我們提高了庫存週轉率，業務週轉率達到約 2.8 倍，較 2023 年提高了 5%，同時我們承認，我們仍有進一步改進的空間，因為我們將繼續朝著約 3 倍的中期目標取得進展。

This emphasis on inventory control and working capital management support our free cash flow generation with the business having generated $105 million in free cash flow in fiscal 2024.

對庫存控制和營運資本管理的重視支持了我們的自由現金流產生，該業務在 2024 財年產生了 1.05 億美元的自由現金流。

Moving on to our 2025 outlook. At a high level, following our performance over the last 3 quarters of 2024, we expect ongoing comp sales growth and margin expansion into 2025. That said, we recognize heightened levels of the consumer and marketplace uncertainties as we move into the new fiscal year.

接下來是我們對 2025 年的展望。從高層次來看，根據我們在 2024 年最後三個季度的業績，我們預計到 2025 年同店銷售額將持續成長且利潤率將擴大。儘管如此，隨著我們進入新的財政年度，我們認識到消費者和市場不確定性的程度加劇。

As Mary noted, we saw a softer start to the year in February. We've seen customers respond well to peak moments such as NBA All-Star Weekend, holidays and trending product in key launches like the Retro 12 last week. We've also seen our customers sensitive to external factors like the timing of tax refunds and we've experienced increased pressure in the lulls between key events. As such, we've incorporated this consumer dynamic into our 2025 outlook.

正如瑪麗所說，二月的開局較為疲軟。我們看到客戶對 NBA 全明星週末、假日等高峰時刻以及上週 Retro 12 等重要發布會上的流行產品做出了積極的反應。我們也發現我們的客戶對退稅時間等外部因素很敏感，我們在關鍵事件之間的間歇期感受到了越來越大的壓力。因此，我們將這項消費者動態納入了我們的 2025 年展望中。

For the year, we are issuing guidance for non-GAAP EPS of $1.35 to $1.65, representing growth of approximately 10% at the midpoint relative to the $1.37 we reported in fiscal 2024. Our guidance also assumes approximately $0.05 in foreign currency headwinds.

我們預計今年非公認會計準則每股收益為 1.35 美元至 1.65 美元，相較於 2024 財年報告的 1.37 美元，中間值則成長約 10%。我們的指導還假設外匯逆風約為 0.05 美元。

Our outlook embeds the following drivers. Total sales for 2025 are expected to be from down 1% to up 0.5%, including a roughly 100 basis point adverse impact of changes in foreign currency exchange rates. We expect comps of between plus 1% to plus 2.5%. The upper end of our comp range assumes we continue to drive comps at our more recent run rate for the last 3 quarters, led by the impact of our strategic initiatives and a relatively stable macro backdrop. The lower end does factor in some impacts related to marketplace and consumer uncertainty.

我們的展望包含以下驅動因素。預計 2025 年總銷售額將下降 1% 至成長 0.5%，其中包括外匯匯率變動約 100 個基點的不利影響。我們預計同店銷售額將成長 1% 至 2.5%。我們的同店銷售額範圍上限假設我們將繼續以過去 3 個季度較近期的運行率推動同店銷售額，這主要得益於我們的戰略舉措和相對穩定的宏觀背景的影響。下端確實考慮了與市場​​和消費者不確定性相關的一些影響。

Overall, our store count is expected to be down approximately 4% in 2025 with square footage down approximately 2%. We expect to add roughly 20 new stores in a year and to close approximately 110.

總體而言，預計到 2025 年，我們的商店數量將下降約 4%，面積將下降約 2%。我們預計一年內將新增約 20 家門市，並關閉約 110 家門市。

As Mary noted, following our net closure trajectory over the last several years combined with our store investments, including refresh and reimagined, we expect that 2025 will be a year where we've appropriately rebaselined to a healthier store fleet size from which we can operate in the near term and grow in the future. We expect to end the year with a meaningful portion of our tighter and optimized fleet at brand standard, which we expect can continue to fuel positive comps and competitive share gains over time.

正如瑪麗所說，根據我們過去幾年的淨關閉軌跡，結合我們的門市投資（包括更新和重新設計），我們預計 2025 年將是我們適當調整到更健康的門市規模的一年，我們可以在此基礎上在短期內運營並在未來實現增長。我們預計，今年年底，我們更加緊湊、優化的車隊將有相當一部分達到品牌標準，我們預計，隨著時間的推移，這將繼續推動積極的同比和有競爭力的份額增長。

Turning to gross margin. We expect gross margin expansion of between 40 to 80 basis points to a rate of 29.3% to 29.7%. While we expect margin recapture this year, our expectations are being somewhat tempered by the elevated consumer uncertainty and marketplace backdrop.

轉向毛利率。我們預計毛利率將擴大 40 至 80 個基點，達到 29.3% 至 29.7%。儘管我們預計今年利潤率將恢復，但我們的預期在一定程度上受到消費者不確定性和市場背景加劇的影響。

On SG&A, we expect deleverage between 20 and 40 basis points to a rate of 24.3% to 24.5%. Excluding some ongoing normalization of our incentive compensation levels in 2025, we do expect modest leverage on an underlying basis within our cost structure. Our plans include ongoing progress in our cost optimization efforts, including an additional $60 million to $70 million in cost savings targeted this year, after which our $350 million savings plan will be completed.

對於銷售、一般及行政費用，我們預計去槓桿率將在 20 至 40 個基點之間，至 24.3% 至 24.5%。除 2025 年我們的激勵薪酬水準持續正常化之外，我們確實預期在我們的成本結構中基礎基礎上會出現適度的槓桿作用。我們的計畫包括持續推進成本優化工作，包括今年額外節省 6,000 萬至 7,000 萬美元的成本，之後我們將完成 3.5 億美元的節省計畫。

Switching to cash flows. Our adjusted capital expenditure outlook for the year is approximately $300 million, which is lower than the average implied $330 million to $340 million in our prior $1 billion cumulative CapEx guidance from 2024 through 2026. Recognizing the need to better match our capital spending with our top line, we're moderating our CapEx spend as we come into 2025 with an emphasis on our customer-facing investments. Embedded in that $300 million figure is a greater emphasis on our store projects, including reimagined and refreshes versus the prior year.

轉換為現金流。我們對今年調整後的資本支出預期約為 3 億美元，低於我們先前對 2024 年至 2026 年 10 億美元累計資本支出指引中預測的平均 3.3 億至 3.4 億美元。我們認識到需要更好地將我們的資本支出與我們的營收相匹配，因此，在進入 2025 年時，我們將調整我們的資本支出，重點放在面向客戶的投資上。3 億美元的數字意味著我們更加重視門市項目，包括與前一年相比的重新設計和更新。

As you can see highlighted within our investor presentation, the reason why we are leaning into these investments is because of the solid cash-on-cash returns and favorable paybacks they are generating.

正如您在我們的投資者介紹中所強調的那樣，我們傾向於這些投資的原因在於它們能夠產生穩定的現金回報和有利的回報。

For our average reimagined location, we are seeing roughly $4 million to $5 million in sales and 20% EBITDA margins in year 1, and are generating cash-on-cash returns of approximately 50%.

對於我們重新設計後的平均門市，我們在第一年看到大約 400 萬至 500 萬美元的銷售額和 20% 的 EBITDA 利潤率，並且產生約 50% 的現金回報率。

For our refreshes, we are also seeing attractive cash-on-cash returns of 35% to 45%, driven by annualized sales productivity lift in the low to mid-single-digit dollar growth range and mid-single-digit lift in merchandise profit dollars.

就我們的更新而言，我們還看到了 35% 至 45% 的誘人現金回報率，這得益於年化銷售生產率提升至低至中等個位數的美元增長範圍以及商品利潤提升至中等個位數的美元增長。

As we complete 300-plus refreshes in 2025 following over 400 last year, we will shift to investing in reimagined formats going forward and expect our store investments to continue to drive returns and generate cash for the business.

繼去年完成 400 多次更新之後，2025 年我們將完成 300 多次更新，未來我們將轉向投資重新構想的業態，並期望我們的門市投資將繼續推動回報並為企業創造現金。

While our technology investments will continue in the next few years, we are adjusting the timing of some of the noncustomer-facing technology investments so we can prioritize the projects with highest cash-on-cash returns in the medium term.

雖然我們的技術投資將在未來幾年繼續進行，但我們正在調整一些非面向客戶的技術投資的時間安排，以便我們能夠優先考慮中期現金回報率最高的項目。

For the year, we expect to continue to be free cash flow generative in 2025 as our sales and margin recovery continues, along with our broader inventory and working capital management efforts.

隨著銷售額和利潤率持續回升，以及庫存和營運資本管理力度加大，我們預計 2025 年將繼續產生自由現金流。

Moving on to our assumptions on the shape of the year. Recall that we will be lapping the nonrecurring FLX charge in the second quarter of 2024, which will get back in this year's results. That charge represented an approximate $11 million revenue, but not comp headwind in the second quarter, a 40 basis point drag on our gross margin in the quarter and a $0.09 detriment to our EPS last year.

接下來我們來談談今年情勢的假設。回想一下，我們將在 2024 年第二季收回非經常性 FLX 費用，這將在今年的業績中得到體現。該費用約佔 1,100 萬美元的收入，但不會對第二季的業績造成不利影響，而是對我們本季的毛利率造成 40 個基點的拖累，並對去年的每股收益造成 0.09 美元的損失。

With our strategic initiatives building through the year, specifically in real estate, we expect comps to accelerate from the first half to the second, with the first half closer to the lower end and the second half closer to the upper end of our guidance. We expect our gross margin improvement to be greater in the second half compared to the first half as our initiatives continue to build and allow us to pare back on promotional levels.

隨著我們全年策略性舉措的不斷實施，特別是在房地產領域，我們預計同店銷售額的成長將從上半年到下半年加速，上半年將更接近我們預期的低端，而下半年將更接近我們預期的高端。我們預計，下半年的毛利率改善將比上半年更大，因為我們的措施將繼續實施，並使我們能夠削減促銷水準。

On earnings, we expect our first half earnings in total flat compared to the prior year, inclusive of lapping of that $0.09 FLX charge in the second quarter. As such, our earnings growth is expected to be weighted towards the second half of the year. Within the first half of the year specifically, we expect profitability to be weighted towards the second quarter as we lapped a nonrecurring FLX charge last year.

就收益而言，我們預計上半年收益總額與去年同期持平，其中包括第二季 0.09 美元的 FLX 費用。因此，預計我們的獲利成長將主要集中在下半年。具體來說，在今年上半年，我們預計獲利能力將集中在第二季度，因為我們去年已經承擔了一項非經常性 FLX 費用。

Before we turn it over to questions, I want to reiterate that we remain confident in our execution of the Lace Up plan as well as the profitable market share gains we are seeing as we implement our strategies and manage our expense and investment profile to generate sustainable shareholder value creation. We look forward to updating you on our progress against our goals next quarter.

在我們開始提問之前，我想重申，我們對 Lace Up 計劃的執行仍然充滿信心，而且我們在實施策略、管理費用和投資組合以創造可持續的股東價值的過程中也看到了有利可圖的市場份額增長。我們期待下個季度向您通報我們實現目標的進展。

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

接線員，請開始提問。

(Operator Instructions) Anna Andreeva, Piper Sandler.

（操作員指示）安娜·安德烈耶娃、派珀·桑德勒。

Great. Thank you for all the color and taking our question. First, to Mary, just on quarter-to-date, can you provide a bit more color on what you're seeing? You mentioned the more cautious consumer. Are you seeing that across demos and regions?

偉大的。感謝您提供這麼多資訊並回答我們的問題。首先，瑪麗，就本季迄今為止的情況，您能否詳細介紹一下您所看到的情況？您提到了更加謹慎的消費者。你在各個演示和地區中都看到了這一點嗎？

And Mike, what are you factoring into outlook for 1Q? And can you guys also speak to what you're expecting for Nike, either for the year or the first half as they continue to rationalize the marketplace here in the first -- in the near term.

麥克，您對第一季的前景有何看法？你們能否談談對耐吉今年或上半年的期待？短期內，耐吉將繼續合理化市場。

Thank you, Anna. I'll start with your question about the consumer quarter-to-date. Coming out of holiday, we felt really good about the momentum in the business. And January, in fact, was the strongest month of the quarter. Our global comps for the quarter were plus 2.6%.

謝謝你，安娜。我首先要回答您關於本季迄今為止的消費者問題。假期結束後，我們對業務的發展勢頭感到非常滿意。事實上，一月是本季表現最強勁的月份。本季我們的全球同店銷售額成長了 2.6%。

So it felt good.

所以感覺很好。

As we came into February, I'd say we just started to see some consumer uncertainty begin to pick up. I'd say that was kind of across the board. It led to some choppy performance. So what we're seeing is, for sure, people coming out to buy when there's an exciting call to action, but cautious in between those times.

進入二月，我想說我們開始看到一些消費者的不確定性開始增加。我想說，這是一個全面的現象。這導致了一些性能不穩定。因此，我們看到的情況是，當有令人興奮的行動號召時，人們肯定會出來購買，但在那段時間之外人們會變得謹慎。

So we talked about just now, our All-Star Weekend activation, Valentine's Day, last weekend, we had a Jordan Retro 12, all of those were really exciting call to action for consumers and worked well. I'd say, in between, what we're just looking at is consumers with some uncertainty. So our customers are young. By definition, they're more limited in their discretionary budget. This is, for sure, a category that they prioritize in their lives.

所以我們剛才談到了我們的全明星週末活動、情人節，上週末，我們推出了 Jordan Retro 12，所有這些都是對消費者真正令人興奮的號召，並且效果很好。我想說，在這之間，我們所關注的只是那些具有一些不確定性的消費者。所以我們的客戶都很年輕。從本質上講，他們的可自由支配的預算受到很大限制。這肯定是他們生活中優先考慮的一個類別。

But we're watching as they're thinking about overall cost of living plus some uncertainty about tariffs.

但我們觀察到他們正在考慮整體生活成本以及關稅的一些不確定性。

So we factored that into our 2025 outlook, reiterating we know our Lace Up strategies are working, and our customers are responding really well to those. So we're going to continue to drive those this year, whether it's a store improvements, digital, loyalty, et cetera.

因此，我們將其納入了 2025 年的展望中，重申我們的 Lace Up 策略正在發揮作用，並且我們的客戶對此反應良好。因此，我們今年將繼續推動這些舉措，無論是店面改善、數位化、忠誠度等等。

So I'll turn it to Mike to give a little more detail about the assumptions about the consumer and our guidance.

因此，我將請麥克更詳細地介紹有關消費者和我們的指導的假設。

I think when we think about the full year outlook, really, in our guide of 1% to 2.5% comp, really at the lower end, we're factoring in some of that recent consumer uncertainty that Mary just highlighted. And at the higher end, it's really where we've run for the last 3 quarters and it factors in our initiatives continuing to perform in a more stable macro environment. I think as you think about our initiatives for the year, it's important to think they're both the wraparound benefits from what we did in '24 and the new benefits that we'll add in '25.

我認為，當我們考慮全年前景時，實際上，在我們的 1% 到 2.5% 的可比增長率指導範圍內，實際上處於低端，我們正在考慮瑪麗剛才強調的一些近期消費者不確定性。而在較高端，這實際上是我們過去三個季度一直保持的水平，它決定了我們的舉措在更穩定的宏觀環境中繼續發揮作用。我認為，當您考慮我們今年的舉措時，重要的是要想到它們既是我們在'24 年所做工作的綜合效益，也是我們在'25 年將增加的新效益。

From a refresh standpoint, the 400 stores we did in '24 were really back half loaded. And we called out in our investor presentation, they're generating low to mid-single-digit sales and profit slightly above that. And then from a store investment in '25, 90% of the refresh and reimagined that we will complete will really occur in the first 3 quarters of the year.

從更新的角度來看，我們在 24 年開設的 400 家門市實際上已經恢復了一半的營運。我們在投資者演示中指出，他們的銷售額處於低到中等個位數，利潤則略高於這個數字。從 25 年的門市投資來看，我們將完成的 90% 的更新和重新設計實際上將在今年前三個季度進行。

Across the digital space, our mobile app really launched in November of '24 within the U.S., and then we'll have that expand into KFL and Champs in the first part of the year. FLX was really a midyear benefit in the U.S. from the new program, and we'll add that midyear in EMEA in '25 as well. And then we'll continue to add doors with key and trending brands like On and HOKA.

在數位領域，我們的行動應用程式於 2024 年 11 月在美國正式推出，然後我們將在今年上半年將其擴展到 KFL 和 Champs。FLX 實際上是新計畫在美國帶來的年中福利，我們也將在 25 年將這一年中福利加入 EMEA 地區。然後，我們將繼續增加與 On 和 HOKA 等主要流行品牌合作的門市。

So a lot of initiatives that are supporting our comp build, but what should be acknowledged there is some consumer uncertainty that we're seeing in the beginning part of the year. As we think about the marketplace more generally, I think in -- coming into 2025, channel inventories do seem to be in better shape, the promotional [tenor] in DTC specifically seems to be moderating as we come through the year. And then as we move through the year, closer to back-to-school and holiday, we do think the pace of innovation and newness will keep moving in the right direction, which should be supportive of more full price selling.

因此，有許多舉措支持我們的公司發展，但應該承認的是，我們在今年年初看到一些消費者的不確定性。當我們更普遍地思考市場時，我認為——進入 2025 年，通路庫存似乎確實狀況更好，而 DTC 的促銷[基調]似乎隨著這一年的到來而有所緩和。然後，隨著一年的過去，越來越接近開學和假期，我們確實認為創新和新穎的步伐將繼續朝著正確的方向發展，這應該會支持更多的全價銷售。

Okay. That's terrific. And can I ask just a follow-up to Mike. On SG&A, I guess, why aren't you guys seeing bigger cost savings coming through a bit more? Why aren't we seeing more SG&A leverage this year?

好的。太棒了。我能否向麥克問一個後續問題？我想，就銷售、一般和行政費用而言，為什麼你們沒有看到更大的成本節約呢？為什麼今年我們沒有看到更多的銷售、一般和行政費用槓桿？

Absolutely, Anna. So acknowledging a lot of moving pieces in our results. Structurally, we have made progress, but also acknowledge that 24% SG&A is not supportive of our long-term profit targets, and we'll continue to make steps to lower that. Our '25 guide is modestly leveraged, excluding the normalization of some incentive comp. And said differently, if you sort of look at what we comped or what we guided coming into '24 versus what we're guiding into '25, which would have normalized incentives, we are showing some leverage within the SG&A category, and you'll continue to see us work on that going forward.

當然，安娜。因此，我們要承認結果中存在著許多變動因素。從結構上看，我們已經取得了進展，但也承認 24% 的銷售、一般和行政費用無法支持我們的長期利潤目標，我們將繼續採取措施降低這一水平。除掉部分激勵補償的正常化外，我們的 25 年指導價是適度槓桿的。換句話說，如果您看一下我們在24年之前的補償或指導以及我們對25年的指導，這將具有正常的激勵措施，我們在銷售、一般和行政費用 (SG&A) 類別中顯示出一些槓桿作用，並且您將繼續看到我們在未來在這方面做出努力。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. And congrats on the progress. Mary, I wanted to talk about the Nike relationship and sort of -- I'll use the word, surprise or for us like during the quarter, that's how promotional they got in their own channel, which then created kind of a halo of promotionality. According to their guidance, they are sort of really taking a lot more gross margin hit in this next quarter. And so I know there's a delay between the marketplace and their business.

偉大的。並祝賀你的進展。瑪麗，我想談談與耐吉的關係，以及——我會用「驚喜」這個詞，或者對我們來說，就像在本季度一樣，這就是他們在自己的管道中進行的促銷，然後創造了一種促銷光環。根據他們的指導，下個季度他們的毛利率將遭受更大的打擊。所以我知道市場和他們的業務之間有延遲。

How far along is this big 3 franchise management through in the system, in the marketplace? And if you can talk about, you're probably starting to see some of the new innovation coming down the pipeline for fall/winter. So if you can talk about anything that you're seeing there that is surprisingly exciting.

這三大特許經營管理在體系和市場上進展到什麼程度了？如果您可以談論一下，您可能已經開始看到一些即將在秋冬季推出的新創新。所以如果你可以談論你在那裡看到的任何令人驚奇的令人興奮的事情。

And then really quickly, I have to ask the tariff question. I know the answer, but I've got to ask it anyway. Can you talk about kind of your direct exposure to China, Mexico and Canada? And then in the last iteration of it in 2018, '19, how well were you able to negotiate kind of to partner and kind of split some of that cost or pass it along?

然後我必須很快問一下關稅問題。我知道答案，但無論如何我都必須問。能談談您對中國、墨西哥和加拿大的直接影響嗎？然後在 2018 年或 2019 年的最後一次迭代中，您與合作夥伴的談判情況如何，如何分攤部分成本或將其轉嫁出去？

Great. It's a big two-parter question. I'll start with the tariffs first. And I mean, certainly, this is a rapidly evolving situation, and it's on consumers' minds. We're watching it closely, of course, how this would impact overall cost and pricing for consumers across multiple categories could have impact.

偉大的。這是一個由兩個部分組成的大問題。我先談關稅問題。我的意思是，這是一個快速發展的情勢，也是消費者所關注的問題。當然，我們正在密切關注這將如何影響整體成本以及跨類別消費者的定價。

I would say, first of all, the industry has done some good work over the years to diversify portfolio outside of China. So that's an advantage. And also I would say that our direct exposure is pretty moderate to small, and I'll have Mike add a little bit more detail on that. But what we're doing is really just working with our brand partners in communication regularly as the situation continues to unfold.

我想說，首先，多年來，該行業在實現中國以外投資組合多元化方面做出了一些很好的工作。所以這是一個優勢。而且我想說的是，我們的直接曝光程度相當中等到較小，我會讓麥克對此進行更詳細的說明。但我們所做的實際上只是隨著情況的發展，與我們的品牌合作夥伴定期溝通。

Mike, do you want to add some more?

麥克，你還要加一些嗎？

Just a couple of specifics. Within our direct business, we do have some modest exposure to China. It's about half of our private label business. But for total Foot Locker, it's really a low single-digit percentage of our sales. We also do have some minor exposure tied to fixtures across China, Mexico and Canada.

僅舉幾個具體例子。在我們的直接業務中，我們確實對中國有一定的業務往來。這約占我們自有品牌業務的一半。但對 Foot Locker 整體而言，這只占我們銷售額的很低的個位數百分比。我們也有一些與中國、墨西哥和加拿大的賽事相關的小規模投資。

Pretty modest impact to how we're thinking about our capital plans this year and our return profile for those investments are still very healthy. So we'll continue to monitor that as we go.

這對我們如何考慮今年的資本計劃以及這些投資的回報狀況影響相當小，仍然非常健康。因此，我們將繼續監控這一情況。

Great. And then just on Nike, let me step back, big picture, and then I'll also ask Frank to add more. But one of the things I'm just -- I'm really proud about the strength of our partnership is we're focused on our key pillars of basketball, kids and sneaker culture. We have a nice strategic partnership with the clinic and Home Court with Nike and Jordan Brand. And also our weekend activation, I think, is a great example of the power of our partnership.

偉大的。然後就耐吉而言，讓我回顧一下大局，然後我還會讓弗蘭克補充更多內容。但令我感到非常自豪的是，我們之間的合作非常緊密，我們專注於籃球、兒童和運動鞋文化這幾個關鍵支柱。我們與診所建立了良好的策略合作夥伴關係，與 Home Court 以及 Nike 和 Jordan Brand 建立了良好的策略合作夥伴關係。而且我認為，我們週末的活動很好地體現了我們的合作力量。

We have a lot of faith in [Elliott] and his team. The actions they're taking, we think, are good for the brand and the overall marketplace and longer term for us as we rebalance our portfolio to make way for the future innovations. And we feel good about what's in the pipeline, I'd say, at a high level. And there's been some real recent wins like the Black Label path, the Jordan Retro 12, et cetera.

我們非常信任[Elliott]和他的團隊。我們認為，他們採取的行動對品牌和整個市場都有利，對我們來說也有長遠利益，因為我們正在重新平衡我們的投資組合，為未來的創新鋪平道路。我想說，我們對正在進行的工作感到十分滿意。最近也有一些真正的勝利，例如 Black Label 路徑、Jordan Retro 12 等等。

So we did return to allocation growth in the fourth quarter. But now we're actually really focused on longer-term strategies and growth plans between our 2 companies, which we're quite excited about.

因此，我們確實在第四季度恢復了配置成長。但現在我們實際上真正專注於我們兩家公司之間的長期策略和成長計劃，我們對此感到非常興奮。

I might just add, though, that, of course, we're also leaning into our wider product portfolio, which still remains very much in focus for us. It's reflected in what our consumers want, which is seeing (inaudible), I guess, all being sneakers, we like to say, and we've seen double-digit growth in the rest of the portfolio led by adidas, New Balance, ASICS, On, HOKA, UGG, Timberland. So all drove really positive comps in the quarter. So we're balancing that well, I would say.

不過，我還要補充一點，當然，我們也傾向於更廣泛的產品組合，這仍然是我們關注的重點。這反映在我們的消費者想要什麼，也就是看到（聽不清楚），我想，我們喜歡說，所有都是運動鞋，我們看到以阿迪達斯、New Balance、ASICS、On、HOKA、UGG、Timberland 為首的其他產品組合都實現了兩位數的增長。因此，所有因素都推動了本季的業績表現十分正面。所以我想說，我們正在很好地平衡這一點。

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

我會讓弗蘭克補充一些有關耐吉的信息。

Sure. Yes. As Mary said, very happy with the partnership and the level of engagement with Nike. As we said in the prepared remarks, we did return to allocation growth in Q4, and you saw that read through in our results in the Jordan Brand and our launch business. So we really do consider the business to be reset, so to speak.

當然。是的。正如瑪麗所說，我對與耐吉的合作和參與程度感到非常滿意。正如我們在準備好的發言中所說的那樣，我們確實在第四季度恢復了分配成長，並且您可以在喬丹品牌和發布業務的業績中看到這一點。因此，我們確實考慮重置業務，可以這麼說。

This year, as you mentioned, we're really focused on optimizing our merchandise mix and do see sequential top line as well as gross margin recovery with the Nike partnership. We're definitely supportive of the actions being taken on those big 3 basketball classic franchises, and we're actually quite bullish on some of the innovation and storytelling that's coming in the latter part of the year and think that we'll be net benefactors of that delivery.

正如您所說，今年我們非常專注於優化我們的商品組合，並且透過與耐吉的合作，我們確實看到了連續的營收和毛利率的復甦。我們絕對支持對這三大籃球經典系列採取的行動，並且我們實際上非常看好今年下半年即將推出的一些創新和故事敘述，並認為我們將成為這些交付的淨受益者。

Meanwhile, very excited about the future in terms of innovation, Nike Shox, the running construct with Peg, Vomero and Structure, all looks incredible and the recent launches have been well received by the consumer. Basketball, of course, continues to see diversification, (inaudible), Kobe all performing well with consumers. And then the Max Air franchise, again, we're launching DNA later this week and super excited about our go-to-market plans globally for that franchise.

同時，人們對未來的創新感到非常興奮，Nike Shox、帶有 Peg、Vomero 和 Structure 的跑步構造都看起來令人難以置信，最近推出的產品受到了消費者的一致好評。當然，籃球繼續呈現多樣化，（聽不清楚），Kobe在消費者中表現都很出色。然後是 Max Air 特許經營權，我們將在本週晚些時候推出 DNA，並且對於該特許經營權的全球上市計劃感到非常興奮。

So we're very clear eyed and working closely with our Nike partners in '25 to improve the performance of the business. More importantly, the long-term outlook is very strong with our partners there.

因此，我們目光非常清晰，並將在25年與我們的耐吉合作夥伴密切合作，以提高業務績效。更重要的是，我們在那裡的合作夥伴擁有非常強勁的長期前景。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

So as we look at the guidance you just gave, at the high end this year, the algorithm is 2.5% same-store sales growth, with EBIT margins up 60 basis points on that level of comp and SG&A levering 30 basis points. Obviously, the first quarter and the first half are below that rate. But is that a rate that you can look at and say, this is the high end of this rate you've referred to a couple of times as normal. Is that a normal algorithm? Can you do 60 basis points of EBIT on a 2 to 3 comp going forward?

因此，當我們查看您剛剛給出的指導時，今年的最高演算法是同店銷售額增長 2.5％，息稅前利潤率在該水平上上漲 60 個基點，銷售、一般及行政費用上漲 30 個基點。顯然，第一季和上半年都低於這一水平。但是，您可以看到這個利率並說，這是您幾次提到的正常利率的高端。這是一個正常的演算法嗎？您能在未來 2 到 3 個同類產品上實現 60 個基點的息稅前利潤嗎？

And should we think about it for next year for 2026 when the consensus model has, I think, only 30 basis points of total margin expansion? Particularly considering, I think, with this year's guidance, gross margins will still be more than 200 basis points below 2019 levels.

我們是否應該考慮明年，也就是 2026 年，那時共識模型的總利潤率擴張幅度只有 30 個基點？特別是考慮到，我認為，按照今年的指導，毛利率仍將比 2019 年的水準低 200 個基點以上。

Michael, this is Mike. We do feel comfortable with that algorithm, especially in the next few years as we're continuing to recapture some improvement in margin that we owe. We'll continue to make SG&A leverage as we continue to focus on our cost structure. And I think the other thing that will be supportive of that, Mary alluded to it in her earlier comments, is just the health of our store fleet and the work that we've done to have a tighter, healthier store portfolio. But the high end of that comp range and the 60 basis points of EBIT rate growth, we do feel comfortable with.

邁克爾，我是麥克。我們確實對該演算法感到滿意，特別是在未來幾年，因為我們將繼續重新獲得我們所欠的利潤的一些改善。我們將持續關注成本結構，同時持續提高銷售、一般及行政費用的槓桿作用。我認為另一個支持這一點的因素，瑪麗在她之前的評論中提到過，就是我們的門市隊伍的健康狀況，以及我們為建立更緊密、更健康的門市組合所做的工作。但對於該比較範圍的高端和 60 個基點的息稅前利潤率成長，我們確實感到滿意。

And if I -- let me ask you about the store. You're going to add -- you're going to refresh 300 more this year. We heard the reimagined plan. I'm curious, it seems like they're fairly low touch, not disruptive, refreshes. I think the capital was quite low, and you didn't have to have them closed for long.

如果我—讓我問你有關商店的問題。你要添加——今年你還要刷新 300 多個。我們聽到了重新制定的計劃。我很好奇，看起來他們的接觸相當少，沒有破壞性，只是刷新了一下。我認為資本相當低，你不必讓它們關閉很長時間。

Why slow to 300 this year from 400, given the over 2,000 stores globally? And I understand the brand standard math you're doing as we think about more of the fleet being refreshed and reimagined. But can you talk about the bottom part of the fleet? What do you think you need for the stores that aren't eligible for refresh or won't be converted into reimagined? How do you think about what to do with the bottom part of the fleet to help it contribute more to the overall P&L of the company going forward?

既然全球已經有超過 2,000 家門市，為什麼今年會從 400 家減少到 300 家呢？當我們考慮更新和重新設計更多的機隊時，我理解您正在進行的品牌標準計算。但是你能談談艦隊的底部嗎？您認為對於那些沒有資格進行更新或無法進行重塑的商店，您需要做些什麼？您認為該如何處理船隊的底部，以幫助它在未來為公司的整體損益做出更多貢獻？

Yes. So Michael, this is Mike. A couple of things tied to that. One is the 800 stores from a refresh standpoint that will be completed by the end of this year are really the store portfolio or the store composition that we feel comfortable can generate the returns that we committed to within our investor profile.

是的。邁克爾，我是麥克。有幾件事與此相關。一是從更新的角度來看，今年年底前將完成的 800 家門市實際上是我們認為可以產生我們在投資者概況中承諾的回報的門市組合或門市結構。

As we look forward with the reimagined concept, we do have stores that would have been more costly to do from a refresh standpoint and are in markets or locations that are worthy of the full reimagined scope.

展望重新構想的概念，我們確實有一些商店，從更新的角度來看，其成本會更高，而且這些商店位於值得進行全面重新構想的市場或位置。

I think as we think through our broader portfolio, one of the things that we're really pleased with is when you look at, I think, 2019 versus 2024, we have about 20 points more of our penetration into the higher-end [A, B malls] and off-mall and we've really reduced our exposure into the underperforming or the lower-tiered malls.

我認為，當我們思考我們更廣泛的投資組合時，我們真正感到高興的事情之一是，當你回顧 2019 年與 2024 年時，我認為，我們對高端（A、B 購物中心）和非購物中心的滲透率提高了約 20 個百分點，並且我們確實減少了對錶現不佳或較低購物中心的敞口。

So again, I'd like you to take away from this that we feel really good about the construct of our real estate portfolio, especially with the remaining actions we take to close another set of stores this year.

因此，我再次希望你們能夠明白，我們對我們的房地產投資組合的構建感到非常滿意，尤其是考慮到我們今年將關閉另一批商店。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

As a follow-up to the real estate piece of things, it sounds like you're reallocating CapEx to new concepts, refreshes and then flowing back on some of the IT spend. Can you just elaborate on the areas that you're pulling back in and how you think about the tech investments or IT investments that might be needed over the medium term?

作為對房地產部分的後續關注，聽起來您正在將資本支出重新分配給新概念、更新，然後將部分 IT 支出回流。您能否詳細說明您正在重新涉足的領域，以及您如何看待中期可能需要的技術投資或 IT 投資？

Janine, this is Mike. So we are, from a technology perspective, very much maintaining the consumer-facing side of our technology investments and the aspects that would be tied to the digital experience and the mobile app and setting up FLX in EMEA, for example. So we're very focused on that. We do have core technology pieces that we are really moderating or adjusting the timing of that, just acknowledging that we do have these investments that are paying back quicker than we want to lean into.

珍妮，這是麥克。因此，從技術角度來看，我們非常重視技術投資的面向消費者方面以及與數位體驗和行動應用相關的方面，例如在歐洲、中東和非洲地區設立 FLX。因此我們非常關注這一點。我們確實有一些核心技術，我們正在慢慢調整或改進它們的時間，只是承認我們這些投資的回報速度比我們想要的要快。

So I would -- I'd like you to take away from this, the reinvestments or the reallocation into more consumer-facing and strong cash-on-cash return projects and an elongation of the technology investments that are more sort of back of house related.

所以我希望你們能夠從中吸取教訓，將再投資或重新分配到更多面向消費者和強勁的現金回報項目中，並延長與後台相關的技術投資。

Great. And then maybe just on WSS. Obviously, the consumer has been pressured there and you're pulling back on the store growth. What do you think is the fix there? And what would it take for you to reaccelerate the unit growth there?

偉大的。然後可能只在 WSS 上。顯然，消費者承受著壓力，所以你正在抑製商店的成長。您認為該如何解決？那麼您需要做些什麼才能重新加速那裡的單位成長？

Yes, it's Frank. I'll jump in there. So first of all, I think the team has been very focused on the consumer and been sensitive to some of the conditions that they've been going through, prolonged inflation, particularly in the state of California, where more than 2/3 of our store fleet lies, but also just some of the recent dynamics going on with the consumer, which has caused them to be even more cautious.

是的，是弗蘭克。我會跳進去。因此首先，我認為團隊一直非常關註消費者，並且對他們經歷的一些情況很敏感，長期通貨膨脹，特別是在加利福尼亞州，我們超過 2/3 的門市都位於該州，而且最近消費者的一些動態也使他們更加謹慎。

So we are doubling down on our value proposition, so really recommitting to sub-$100 footwear, really tapping into some of the passion points of global football, but also acknowledging work wear is a key category and instrument of growth for us. We're doing a lot of work on the merchandise mix and our pricing strategy, and we continue to connect with the consumer at a very local level.

因此，我們加倍強調我們的價值主張，真正重新致力於 100 美元以下的鞋類，真正挖掘全球足球的一些熱情點，同時也承認工作服是我們成長的關鍵類別和工具。我們正在對商品組合和定價策略進行大量工作，並繼續在本地層面與消費者建立聯繫。

So we're being very prudent as we talked about in terms of capital allocation. So really only one new store in 2025. And our focus is really on improving the profitability and productivity of our existing fleet here while we go through this transitory period with the consumer.

因此，我們在談論資本配置時非常謹慎。所以 2025 年其實只會開設一家新店。在與消費者一起度過這段過渡期的同時，我們的重點是提高現有車隊的獲利能力和生產力。

Long term, we have a lot of faith in that [Hispanic] community in terms of what they mean to the marketplace and their purchase power. And so we're going to stay the course and work through this.

從長遠來看，我們對西班牙裔群體抱有很高的信心，相信他們對市場和購買力具有重要意義。因此，我們將堅持下去，並努力解決這個問題。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Maybe if you could elaborate a little bit on what you're seeing in Europe and the differences there between Europe and North America? That would be super helpful.

您能否稍微詳細說明一下您在歐洲看到的情況以及歐洲和北美之間的差異？那將會非常有幫助。

Yes. I can jump in. It's Frank again. So it's been a challenging macro, both from an economic as well as a political environment, very choppy and volatile to say the least. That said, we're really proud of the work that the team did, turning in a 2% comp gain in Q4 and comp positive sales for the year with good market share gains in the footwear category.

是的。我可以跳進去。又是弗蘭克。因此，無論從經濟或政治環境來看，這都是一個充滿挑戰的宏觀環境，至少可以說是非常動盪和不穩定。儘管如此，我們為團隊所做的工作感到非常自豪，第四季度實現了 2% 的同店銷售額增長，全年銷售額為正，鞋類市場的份額也獲得了良好的增長。

We do feel that while it was relatively promotional in both footwear and apparel, we are seeing channel inventories clean up and directionally headed in the right direction. We also, as Mike mentioned, have an aggressive refresh program in 2025. So over 2/3 of the refreshes will happen in Western Europe and the U.K. So that's going to significantly improve the productivity as we've seen in terms of sell-through margins and cash-on-cash returns in that marketplace. And then meanwhile, we're working very closely with our brand partners upstream on new ideas in both footwear and apparel to excite the consumer and make sure inventories stay fresh and our margin in top line continues to move in the right direction.

我們確實感覺到，雖然鞋類和服裝的促銷活動都比較活躍，但我們看到通路庫存正在清理，並且正朝著正確的方向發展。正如麥克所提到的，我們還將在 2025 年制定一項積極的更新計劃。因此，超過 2/3 的更新將發生在西歐和英國。因此，這將顯著提高生產力，正如我們在該市場的銷售利潤率和現金回報率方面所看到的那樣。同時，我們正與上游的品牌合作夥伴密切合作，在鞋類和服裝領域推出新創意，以激發消費者的興趣，確保庫存保持新鮮，並確保我們的營業利潤率繼續朝著正確的方向發展。

Got it. And then could you just clarify the comments on the guidance for the first half of the year. What -- how should we think about Q1 really in that context?

知道了。那麼您能否澄清一下對上半年指引的評論。在這種背景下，我們究竟該如何思考問題 1？

Jay, this is Mike. So I think from the -- really articulating that, we think the first half in general is going to be flattish overall from a profit standpoint to what we had versus last year in Q2 from a year-over-year standpoint would benefit from the FLX charge (inaudible), which is worth $0.09. So that does put some pressure on how we're thinking about the first quarter.

傑伊，這是麥克。因此我認為從——真正明確地說，我們認為從利潤的角度來看，上半年總體上將與去年第二季度持平，從同比的角度來看，這將受益於 FLX 費用（聽不清），價值 0.09 美元。所以這確實給我們對第一季的思考帶來了一些壓力。

Got it. And then is there a difference in the sales growth expectation for Q1 versus Q2?

知道了。那麼第一季和第二季的銷售成長預期有何不同？

I would say across, if you think about the guidance of the first half being at the lower end and the second half being at the higher end of our guide, we would expect somewhat of a ramp across the Q1 to Q2.

我想說的是，如果您認為上半年的指導處於我們的指導範圍的低端，而下半年的指導處於我們的指導範圍的高端，那麼我們預計第一季到第二季度會出現一定程度的上升。

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.

我們的問答環節到此結束。我想將會議交還給瑪麗·狄龍女士，請她作最後發言。請繼續。

Thanks, everybody, for joining us today. We remain confident that our strategies and actions are putting Foot Locker on the continued path towards sustainable growth. I want to extend my thanks to the entire Foot Locker team, from our global striper community to those working on distribution centers to our headquarters for their dedication, passion and commitment every day. We look forward to updating you on our progress next quarter, and thank you.

感謝大家今天的參與。我們堅信，我們的策略和行動將使 Foot Locker 繼續走上可持續成長的道路。我要向整個 Foot Locker 團隊表示感謝，從我們全球的脫衣舞社群到那些在配送中心和總部工作的人，感謝他們每天的奉獻、熱情和承諾。我們期待下個季度向您通報我們的進展，謝謝。

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。