Foot Locker Inc (FL) 2022 Q1 法說會逐字稿

Good morning, everyone, and welcome to Foot Locker's First Quarter 2022 Financial Results Conference Call. (Operator Instructions)

大家早上好，歡迎參加 Foot Locker 2022 年第一季度財務業績電話會議。 （操作員說明）

This conference may contain forward-looking statements that reflect management's current views of future events and financial performance. Management undertakes no obligation to update these forward-looking statements, which are based on many assumptions and factors, including the impact of COVID-19, effects of currency fluctuations, customer preferences, economic and market conditions worldwide and other risks and uncertainties described more fully in the company's press releases and reports filed with the SEC, including the most recently filed Form 10-K or Form 10-Q.

本次會議可能包含反映管理層當前對未來事件和財務業績的看法的前瞻性陳述。管理層不承擔更新這些前瞻性陳述的義務，這些陳述基於許多假設和因素，包括 COVID-19 的影響、貨幣波動的影響、客戶偏好、全球經濟和市場狀況以及更全面描述的其他風險和不確定性在公司向美國證券交易委員會提交的新聞稿和報告中，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，實際結果可能與前瞻性陳述中包含的結果大不相同。

Please note today's conference is being recorded.

請注意今天的會議正在錄製中。

At this time, I'd like to turn the floor over to Robert Higginbotham, Vice President, Investor Relations. Mr. Higginbotham, you may begin.

在這個時候，我想把發言權交給投資者關係副總裁 Robert Higginbotham。 Higginbotham 先生，您可以開始了。

Thank you, operator. Welcome, everyone, to Foot Locker Inc.'s First Quarter Earnings Call.

謝謝你，接線員。歡迎大家參加 Foot Locker Inc. 的第一季度財報電話會議。

Today's call will reference certain non-GAAP measures. A reconciliation of GAAP to non-GAAP results is included in this morning's earnings release. Please note, we have updated our definition of non-GAAP earnings to exclude all minority investment gains and losses. You can find the appropriate adjustments to our reported 2021 non-GAAP earnings in the footnotes of the release.

今天的電話會議將參考某些非公認會計原則的措施。 GAAP 與非 GAAP 結果的對賬包含在今天上午的收益發布中。請注意，我們更新了我們對非公認會計原則收益的定義，以排除所有少數股權投資收益和損失。您可以在新聞稿的腳註中找到對我們報告的 2021 年非公認會計原則收益的適當調整。

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

另請注意，我們在投資者關係網站上發布了幻燈片演示文稿，其中包含將在電話會議期間引用的信息。

Today, we'll begin our prepared remarks with Dick Johnson, Chairman and Chief Executive Officer. Frank Bracken, Executive Vice President and Chief Operating Officer, will provide more color on our operations and some of our strategic initiatives. Andrew Page, Executive Vice President and Chief Financial Officer, will then review our quarterly results and financial position in more detail and provide color on our updated 2022 guidance. Following our prepared remarks, Dick, Frank and Andrew will respond to your questions.

今天，我們將與董事長兼首席執行官迪克約翰遜開始我們準備好的講話。執行副總裁兼首席運營官 Frank Bracken 將為我們的運營和我們的一些戰略舉措提供更多色彩。執行副總裁兼首席財務官安德魯佩奇隨後將更詳細地審查我們的季度業績和財務狀況，並為我們更新的 2022 年指引提供色彩。在我們準備好的發言之後，迪克、弗蘭克和安德魯將回答您的問題。

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

有了這個，我現在把它交給迪克。

Thank you, Rob. Good morning, everyone, and thank you for joining us.

謝謝你，羅布。大家早上好，感謝您加入我們。

We're off to a great start in 2022, reporting a solid quarter against the tough comparisons of fiscal stimulus and historically low promotions from last year. Despite those headwinds, we grew our total sales by 1%, with comps down only 1.9%, and we delivered non-GAAP EPS of $1.60 per share, down from the record results in 2021 but up nicely from 2019, our last pre-COVID first quarter.

我們在 2022 年有了一個良好的開端，與去年財政刺激和歷史低位促銷活動的艱難比較相比，我們報告了一個穩健的季度。儘管存在這些不利因素，但我們的總銷售額增長了 1%，銷售額僅下降了 1.9%，我們實現了每股 1.60 美元的非公認會計原則每股收益，低於 2021 年的創紀錄業績，但與 2019 年（我們最後一次疫情前的業績）相比有了很好的增長第一季度。

Let me start by thanking our team for the hard work, dedication and commitment that drove these results. I always say we have the best team in retail, and that is no more evident than this quarter as our team continues to execute exceptionally well in a volatile environment.

首先讓我感謝我們的團隊為推動這些成果的辛勤工作、奉獻精神和承諾。我總是說我們擁有最好的零售團隊，這一點並不比本季度更明顯，因為我們的團隊在動蕩的環境中繼續表現出色。

Last quarter, we announced an acceleration in some of our key initiatives. We are happy to report significant progress against our objectives to further diversify our merchandise and vendor mix, pivot our real estate off mall and expand our key growth banners and enhance our omnichannel offerings and capabilities.

上個季度，我們宣布加快一些關鍵舉措。我們很高興地報告我們的目標取得了重大進展，以進一步多樣化我們的商品和供應商組合，將我們的房地產轉移到購物中心之外，擴大我們的關鍵增長橫幅，並增強我們的全渠道產品和能力。

Our first quarter results continue to demonstrate our growing ability to expand our customer base and delight them with a broader and richer product offering as we diversify our business across brands, categories and channels.

隨著我們跨品牌、類別和渠道實現業務多元化，我們的第一季度業績繼續證明我們擴大客戶群並通過更廣泛和更豐富的產品來取悅他們的能力不斷增強。

With our overall comps down 1.9%, the majority of our top 20 vendors posted sales gains in the quarter with strength from some of our biggest brands like adidas and PUMA and even more outsized growth from brands like New Balance, Crocs and Converse, all of which were up over 50%.

由於我們的整體銷售額下降了 1.9%，我們排名前 20 的供應商中的大多數在本季度實現了銷售額增長，這得益於我們的一些最大品牌，如阿迪達斯和 PUMA，以及來自 New Balance、Crocs 和 Converse 等品牌的更大增長，所有這些漲幅超過 50%。

Importantly, let me take a moment to congratulate Nike on its 50th anniversary, an incredible milestone for the brand that has had such an important impact on sport and sneaker culture. Nike has been a driving force in shaping the industry that we know and love today, and we look forward to the next 50 years working with them to continue to excite consumers, elevate the marketplace and fuel sneaker culture.

重要的是，讓我花點時間祝賀耐克成立 50 週年，對於這個對運動和運動鞋文化產生如此重要影響的品牌來說，這是一個令人難以置信的里程碑。耐克一直是塑造我們今天所了解和喜愛的行業的推動力，我們期待在未來 50 年與他們合作，繼續激發消費者的興趣，提升市場並推動運動鞋文化。

Our efforts to grow our apparel and accessories business continue to yield results with the categories well outpacing footwear once again, comping up over 10% despite difficult year-over-year comparisons. Private label continues to be an important driver of our apparel business with Locker and Cozi continuing to gain traction in their early days and co-created brands like All City and Melody Ehsani performing well with new drops in March and April.

我們努力發展我們的服裝和配飾業務繼續取得成果，這些類別再次遠遠超過鞋類，儘管難以進行同比比較，但仍增長了 10% 以上。自有品牌繼續成為我們服裝業務的重要推動力，Locker 和 Cozi 在早期繼續獲得牽引力，並且聯合創建的品牌如 All City 和 Melody Ehsani 在 3 月和 4 月的新下降中表現良好。

I now want to spend some time walking through the opportunity we have with our brand diversification efforts, which have been successful to date and holds significant potential going forward.

我現在想花一些時間來了解我們在品牌多元化方面所擁有的機會，這些努力迄今為止取得了成功，並且具有巨大的發展潛力。

Our strategic direction to diversify our offering is supported by 3 key pillars: Number one, consumers want choice and value a multibrand experience. Two, we are underpenetrated in virtually all of our brands outside of our top vendor. And three, we have superior brand equity in the marketplace that we can leverage to capture incremental share across our portfolio.

我們多元化產品的戰略方向得到了 3 個關鍵支柱的支持：第一，消費者想要選擇並重視多品牌體驗。第二，我們在我們頂級供應商之外的幾乎所有品牌中都滲透不足。第三，我們在市場上擁有卓越的品牌資產，我們可以利用這些資產在我們的產品組合中獲取增量份額。

Starting with choice. As we analyze the baskets of our identified customers, we see that nearly 40% of transactions that have more than 1 item actually contain multiple brands, meaning consumers mix and match their selections across brands, whether it's multiple footwear brands or a head-to-toe outfit of 2 or more brands.

從選擇開始。當我們分析已識別客戶的購物籃時，我們發現近 40% 的超過 1 件商品的交易實際上包含多個品牌，這意味著消費者將他們的選擇混合併匹配多個品牌，無論是多個鞋類品牌還是一對一2個或更多品牌的腳趾裝備。

Also, 50% of footwear sales from our identified customers come from those who buy from us more than 4x over a 2-year period. 80% of those frequent shoppers are multi-brand consumers. And overall, they purchased approximately 3 different footwear brands on average.

此外，我們已確定客戶的鞋類銷售額的 50% 來自在 2 年內從我們這裡購買超過 4 倍的客戶。這些頻繁購物者中有 80% 是多品牌消費者。總體而言，他們平均購買了大約 3 個不同的鞋類品牌。

So we know that our customers want multiple options and as a house of brands, we are in a strong position to serve those needs in the marketplace. But when we look at our brand mix historically, we have not been offering them enough choice such that we have below our average market share in nearly all of our brands. According to the data from The NPD Group, our overall share of the U.S. active footwear wholesale market is approximately 16%. But outside of our top vendor, our share is only 5%, suggesting a significant opportunity to capture share of other brands.

因此，我們知道我們的客戶需要多種選擇，並且作為一個品牌之家，我們在滿足市場需求方面處於有利地位。但是，當我們從歷史上看我們的品牌組合時，我們並沒有為他們提供足夠的選擇，以至於我們幾乎所有品牌的市場份額都低於平均水平。根據 NPD 集團的數據，我們在美國活躍的鞋類批發市場的整體份額約為 16%。但在我們的頂級供應商之外，我們的份額僅為 5%，這意味著抓住其他品牌份額的重要機會。

Our confidence in our ability to capture those sales is rooted in the superior brand equity we have built in the marketplace over nearly 50 years. Let me share with you a few metrics that illustrate our powerful brand positioning.

我們對獲得這些銷售額的能力的信心植根於我們近 50 年來在市場上建立的卓越品牌資產。讓我與您分享一些說明我們強大品牌定位的指標。

The Foot Locker brand has over 12 million Instagram followers in the U.S. While a big number, what's more impressive is that it is over 5x our top 4 competing third-party retail banners combined with the next closest having only 1 million followers. Broader measures of our brand health relative to our competition also show a meaningful advantage. Measuring metrics such as awareness, consideration and purchasing, a recent third-party study shows that Foot Locker's brand health index stands more than 20% above the average of its peer set.

Foot Locker 品牌在美國擁有超過 1200 萬的 Instagram 追隨者。雖然這個數字很大，但更令人印象深刻的是，它是我們排名前 4 名的競爭第三方零售橫幅廣告的 5 倍以上，而緊隨其後的只有 100 萬追隨者。相對於我們的競爭對手，更廣泛地衡量我們的品牌健康狀況也顯示出有意義的優勢。最近的一項第三方研究衡量了意識、考慮和購買等指標，顯示 Foot Locker 的品牌健康指數比同行的平均水平高出 20% 以上。

Our iconic brand positioning and our strong customer base allow us to build scale for our vendors, enabling us to, in turn, broaden and deepen our relationships with them in order to expand our customer base further and capture incremental share.

我們標誌性的品牌定位和強大的客戶群使我們能夠為我們的供應商建立規模，從而使我們能夠擴大和加深與他們的關係，以進一步擴大我們的客戶群並獲得增量份額。

As a prime example, Foot Locker and adidas recently announced a newly enhanced partnership that will take our decades-long relationship to new heights as we combine forces to develop and build product franchises, deliver more energy and hype launches and create compelling experiences for consumers in a much more integrated way than we've ever done before.

作為一個典型的例子，Foot Locker 和阿迪達斯最近宣布了一項新加強的合作夥伴關係，這將把我們長達數十年的合作關係推向新的高度，因為我們將聯合力量開發和建立產品特許經營權，提供更多的能量和大肆宣傳，並為消費者創造引人入勝的體驗。一種比我們以往任何時候都更加集成的方式。

This enhanced relationship will establish Foot Locker as the lead partner for adidas in the basketball category as well as improve the development and expansion of key franchises across women's, kids and apparel. Including all of our banners across all of our geographies, this new effort will target over $2 billion in annual retail sales by 2025, nearly tripling levels from 2021.

這種增強的合作關係將使Foot Locker 成為阿迪達斯在籃球領域的主要合作夥伴，並促進女裝、童裝和服裝等主要特許經營權的發展和擴張。包括我們在所有地區的所有橫幅，這項新工作的目標是到 2025 年實現超過 20 億美元的年零售額，是 2021 年的近三倍。

We are incredibly excited about what we can accomplish together under this closer relationship designed to better serve the sport and sneaker community, give adidas greater access to our customers and expand our customer base even further.

我們對在這種更緊密的合作關係下能夠共同完成的事情感到無比興奮，這種關係旨在更好地服務於運動和運動鞋社區，讓阿迪達斯有更多機會接觸我們的客戶，並進一步擴大我們的客戶群。

But that is not the end of our work to elevate and expand our product portfolio. We are continuing to develop new and enhanced partnerships with many other brands and vendors. PUMA and New Balance continued to drive outpaced growth and are becoming a significantly bigger part of our current and future business. Key product allocation from New Balance continues to accelerate. And exclusive partnerships like LaMelo Ball drives the PUMA business.

但這並不是我們提升和擴展產品組合工作的結束。我們將繼續與許多其他品牌和供應商發展新的和加強的合作夥伴關係。 PUMA 和 New Balance 繼續推動增長，並正在成為我們當前和未來業務的重要組成部分。 New Balance 的重點產品配置繼續加速。像 LaMelo Ball 這樣的獨家合作夥伴關係推動了 PUMA 的業務發展。

According to The NPD Group, the performance running footwear market in the U.S. and Canada generated a combined $4.5 billion in revenue for fiscal 2021. This is a category where Foot Locker has not yet fully participated. We are working with some of the fastest-growing brands in that category to help them connect with the younger customer, while also helping us extend our customer reach.

根據 NPD 集團的數據，美國和加拿大的高性能跑鞋市場在 2021 財年共創造了 45 億美元的收入。這是 Foot Locker 尚未完全參與的類別。我們正在與該類別中一些增長最快的品牌合作，以幫助他們與年輕客戶建立聯繫，同時也幫助我們擴大客戶範圍。

Beginning this summer, we will be partnering with Deckers Brands to launch footwear product from HOKA in our Foot Locker banner. Starting with footlocker.com and select Foot Locker doors in the U.S., this will be an important step towards a longer-term strategic relationship between the brand and Foot Locker, Inc. We are also continuing to develop our relationship with On Running where we've nearly doubled the store count where we carry the brand and look to continue to grow further from here.

從今年夏天開始，我們將與 Deckers Brands 合作，在我們的 Foot Locker 橫幅中推出 HOKA 的鞋類產品。從footlocker.com 開始並在美國選擇Foot Locker 門，這將是邁向該品牌與Foot Locker, Inc. 之間長期戰略關係的重要一步。我們還將繼續發展與On Running 的關係。我們經營該品牌的商店數量幾乎翻了一番，並希望從這裡進一步發展。

As we develop new partnerships and add more choice and excitement to our portfolio, we are confident in our ability to both expand our share with existing customers and grow our customer base. We couldn't be more excited about the direction and potential of our business going forward.

隨著我們發展新的合作夥伴關係並為我們的產品組合增加更多選擇和興奮，我們對擴大與現有客戶的份額並擴大客戶群的能力充滿信心。我們對未來業務的方向和潛力感到無比興奮。

Lastly, while the macroeconomic environment has become more uncertain in many ways over the past few months with interest rates and inflation increasing rapidly, our consumer has remained resilient. And we have not seen a material change in consumer behavior to indicate a softening in demand for our category.

最後，雖然過去幾個月宏觀經濟環境在許多方面變得更加不確定，利率和通貨膨脹迅速上升，但我們的消費者仍然保持彈性。而且我們還沒有看到消費者行為發生重大變化，表明對我們類別的需求有所減弱。

Now I'll pass the call over to Frank to discuss our off-mall strategy, our banner growth in omnichannel evolution.

現在我將把電話轉給弗蘭克，討論我們的非商場戰略，我們在全渠道發展中的旗幟性增長。

Thank you, Dick, and good morning, everyone.

謝謝你，迪克，大家早上好。

Starting with our real estate, we are increasingly confident in our off-mall strategies as we collect more and more proof points across our community and power doors, grow our WSS and atmos banners and test new large-format concepts. In the first quarter, we opened or converted 9 community and power stores, bringing our total to over 70 on the way towards our goal of 300 globally in the next 3 years.

從我們的房地產開始，隨著我們在社區和電動門收集越來越多的證明點，發展我們的 WSS 和 atmos 橫幅並測試新的大幅面概念，我們對我們的非商場戰略越來越有信心。第一季度，我們開設或改造了 9 家社區和電力商店，使我們的總數達到 70 多家，朝著未來 3 年全球 300 家的目標邁進。

One of those was our first community store in Continental Europe, which opened near Paris in Saint-Denis in April. The community response has been phenomenal as we connect with consumers through sneaker culture, basketball, a localized product assortment and locally inspired events and activations.

其中之一是我們在歐洲大陸的第一家社區商店，於 4 月在巴黎附近的聖但尼開業。當我們通過運動鞋文化、籃球、本地化的產品分類以及受當地啟發的活動和活動與消費者建立聯繫時，社區的反應是驚人的。

As consumers expect more and more personalization and connection with the brands and retailers that serve them, this hyper-local approach is helping us create lasting customer relationships in a way that is lacking in the marketplace. Backed by a field structure that is designed to support the customer experience at the market level, these stores are giving us a sharp competitive advantage in the markets where we have executed the strategy so far. As a whole, community and power stores are delivering sales over 10% above their plan in the past 12 months and outcomping their regional benchmarks in the chain, giving us the ongoing conviction in our rollout of the format.

隨著消費者期望越來越多的個性化和與為他們服務的品牌和零售商建立聯繫，這種超本地化的方法正在幫助我們以市場上缺乏的方式建立持久的客戶關係。在旨在支持市場層面客戶體驗的現場結構的支持下，這些商店在我們迄今為止執行該戰略的市場中為我們提供了強大的競爭優勢。總體而言，社區和電力商店在過去 12 個月中的銷售額比他們的計劃高出 10% 以上，並且超過了他們在連鎖店中的區域基準，這讓我們對推出這種形式充滿信心。

In April, we also opened our first test store of our new Champs Homefield concept in Pembroke Pines outside of Miami. This off-mall, large-format store provides a one-stop shop across sport lifestyle, sport performance and nutrition and wellness, including rich interactive experiences for the modern athlete. While very early days, this first store is performing well, and the consumer engagement from the community has been strong.

4 月，我們還在邁阿密郊外的彭布羅克派恩斯開設了第一家新的 Champs Homefield 概念測試店。這家非商場大型商店提供涵蓋運動生活方式、運動表現以及營養和健康的一站式商店，包括為現代運動員提供的豐富互動體驗。雖然很早的時候，這家第一家商店表現良好，社區的消費者參與度很高。

WSS continues to perform incredibly well as our large-format, off-mall value banner focused on Hispanic communities. Same-store sales continue to outpace the rest of our fleet. And overall performance continues to run ahead of our original forecast, putting us well on track to achieve $1 billion of top line sales by 2024 or a 20% CAGR from an expected $650 million top line this year.

作為我們專注於西班牙裔社區的大型非商場價值橫幅，WSS 繼續表現出色。同店銷售額繼續超過我們其他車隊。整體業績繼續超出我們最初的預測，使我們有望在 2024 年實現 10 億美元的收入，或在今年預計收入 6.5 億美元的基礎上實現 20% 的複合年增長率。

That growth will be fueled by robust same-store sales growth and new units where we see the potential to more than double the current store base of roughly 100 stores, including more stores in existing markets in the West and Southwest as well as entering new markets in Florida and Puerto Rico.

這一增長將受到強勁的同店銷售增長和新單位的推動，我們認為現有約 100 家門店的門店數量有可能增加一倍以上，包括在西部和西南現有市場的更多門店以及進入新市場在佛羅里達和波多黎各。

atmos also had a very good start to the year with strong comp sales and the elevation of our store experience in the home market of Japan. This included the remodeling of our adidas x atmos concept shop in Harajuku as well as the opening of 3 new atmos pink stores, which are dedicated to serving the female consumer. atmos continues to perform ahead of our investment forecast, and we will continue to review opportunities to unlock even greater value globally.

atmos 也有一個非常好的開端，強勁的comp 銷售和提升我們在日本本土市場的商店體驗。這包括改造我們在原宿的adidas x atmos 概念店，以及開設3 家新的atmos pink 專賣店，專門為女性消費者服務。 atmos 的表現繼續超出我們的投資預測，我們將繼續審查在全球範圍內釋放更大價值的機會。

Our FLX membership program continues to help us better serve consumers, including now having 5 key countries in Europe on the FLX platform. Our FLX program serves as a tool to capture consumer data and better understand their wants and needs. We are now capturing over 70% of sales through our members in the U.S., up from 50% just 2 years ago, allowing us to better track, connect with and ultimately serve our customers better. FLX also acts to incentivize our best consumers to stay engaged with our brands and shop more with us as our members continue to spend over 10% more than our nonmembers.

我們的 FLX 會員計劃繼續幫助我們更好地為消費者服務，包括現在在 FLX 平台上擁有 5 個歐洲主要國家。我們的 FLX 計劃可作為一種工具來捕獲消費者數據並更好地了解他們的需求。我們現在通過我們在美國的會員獲得了超過 70% 的銷售額，而僅 2 年前這一比例為 50%，這使我們能夠更好地跟踪、聯繫並最終更好地服務於我們的客戶。 FLX 還採取行動激勵我們最好的消費者與我們的品牌保持互動並與我們一起購物，因為我們的會員繼續比我們的非會員多花費 10% 以上。

Our omnichannel consumer experience evolution continues to make strong progress, including our drop ship program and our partnership with GOAT. We continue to roll out our drop ship program across vendors and regions to give our consumers a seamless extension of choice. Drop ship also allows us to test new products and categories in consideration of adding them to the assortment in a bigger way, including in our stores.

我們的全渠道消費者體驗發展繼續取得強勁進展，包括我們的直銷計劃和我們與 GOAT 的合作夥伴關係。我們繼續在供應商和地區推出我們的直銷計劃，為我們的消費者提供無縫擴展的選擇。 Drop ship 還允許我們測試新產品和類別，以考慮以更大的方式將它們添加到分類中，包括在我們的商店中。

In the first quarter, we added several major brands to the platform across our core U.S. and EMEA banners, including brands in health and wellness that were new to us, like Muscle Foods and iFIT.

在第一季度，我們在美國和歐洲、中東和非洲的核心橫幅上向平台添加了幾個主要品牌，包括對我們來說新的健康和保健品牌，如 Muscle Foods 和 iFIT。

Finally, an update on our partnership with GOAT. As we continue to expand access and rewards for our FLX members, we will begin to test offers and promotions on select products from the GOAT platform. This initiative will enable Foot Locker to reward its high-value customers, providing more access to products that our members love. We will keep you updated as this test progresses and we continue to explore other ways the two platforms can create value together.

最後，更新我們與 GOAT 的合作夥伴關係。隨著我們繼續擴大 FLX 會員的訪問權限和獎勵，我們將開始測試來自 GOAT 平台的精選產品的優惠和促銷活動。這一舉措將使Foot Locker 能夠獎勵其高價值客戶，提供更多獲得我們會員喜愛的產品的機會。隨著測試的進行，我們會及時通知您，並且我們會繼續探索這兩個平台可以共同創造價值的其他方式。

In summary, we are making meaningful progress to better serve and uplift our consumers' communities, to get closer to our best consumers through our membership program, and to build more choice for our consumers through our connected drop ship partnerships.

總而言之，我們正在取得有意義的進展，以更好地服務和提升我們的消費者社區，通過我們的會員計劃更接近我們最好的消費者，並通過我們的互聯直航合作夥伴關係為我們的消費者建立更多選擇。

I'll now hand the call over to Andrew.

我現在將把電話交給安德魯。

Thank you, Frank, and good morning, everyone.

謝謝你，弗蘭克，大家早上好。

Our first quarter results continue to demonstrate our ability to rebalance our business across brands and categories and to expand our reach and connection with our customers. Our first quarter total sales increased 1%. Excluding the impact of foreign currency, total sales were up 3%.

我們的第一季度業績繼續證明我們有能力在品牌和類別之間重新平衡我們的業務，並擴大我們與客戶的聯繫和聯繫。我們第一季度的總銷售額增長了 1%。剔除外匯影響，總銷售額增長 3%。

On a comparable basis sales declined 1.9%. Comp declines in the U.S. as we lapped sizable fiscal stimulus from last year were partially offset by strong comp gains in other regions, particularly Europe, where we were up against a significant amount of store closures from a year ago.

在可比基礎上，銷售額下降了 1.9%。由於我們從去年開始實施大規模財政刺激措施，美國的薪酬下降部分被其他地區的強勁薪酬增長所抵消，尤其是歐洲，我們在一年前面臨大量商店關閉的情況。

While our overall comps were down 1.9%, our non-Nike comps increased in the high teens as we continue the efforts to rebalance our assortment.

雖然我們的整體組合下降了 1.9%，但隨著我們繼續努力重新平衡我們的品類，我們的非耐克組合在青少年時期有所增加。

The quarter started with a high teens comp gain in February, then slowed to down high single digits in both March and April as we began to lap fiscal stimulus. For the quarter, our global fleet was opened 98% of available days versus approximately 80% last year.

該季度從 2 月份的青少年薪酬增長開始，然後在 3 月和 4 月隨著我們開始實施財政刺激措施而放緩至高個位數。本季度，我們的全球機隊開放了 98% 的可用天數，而去年這一比例約為 80%。

Comparable sales in our stores grew 7.9%, with store traffic up approximately 25%, while conversion was down approximately 10% versus last year. When comparing to 2019, while our brick-and-mortar traffic is down, our conversion is actually meaningfully higher, showing a high level of intent from our customers when they visit our stores and the great work by our in-store teams.

我們門店的可比銷售額增長了 7.9%，門店客流量增長了約 25%，而轉化率與去年相比下降了約 10%。與 2019 年相比，雖然我們的實體店客流量有所下降，但我們的轉化率實際上明顯更高，這表明我們的客戶在訪問我們的商店時的高度意圖以及我們店內團隊的出色工作。

Our digital penetration was 18.3% in the first quarter this year, down from 24.8% last year. Total units were down slightly, while average selling prices fell by mid-single digits on higher apparel penetration and a mix shift within footwear.

今年第一季度，我們的數字滲透率為 18.3%，低於去年的 24.8%。總單位略有下降，而平均售價下降了中個位數，原因是服裝滲透率提高和鞋類產品組合轉變。

Before we get into our breakdown of sales by geography, I want to start by expressing our deepest sympathies to those affected by the conflict and crisis in Ukraine. Foot Locker has partnered with the International Rescue Committee to help those impacted and to aid in their resettlement and recovery. Additionally, our European team members have really stepped up by launching a series of grassroots support efforts.

在我們按地區劃分銷售之前，我想首先對受烏克蘭衝突和危機影響的人們表示最深切的同情。 Foot Locker 與國際救援委員會合作，幫助受影響的人並幫助他們重新安置和恢復。此外，我們的歐洲團隊成員通過發起一系列基層支持工作，真正加強了行動。

From a business perspective, we have no direct exposure to Ukraine or Russia. And while we have some stores in nearby countries in Eastern Europe that we operate with our JV partners, it is a very small part of our European operations.

從商業角度來看，我們沒有直接接觸烏克蘭或俄羅斯。雖然我們在東歐附近國家有一些商店與我們的合資夥伴合作經營，但這只是我們歐洲業務的一小部分。

Now turning to our results by geography and banner. North America comps were down 11.8%. Given last year benefited from heavy fiscal stimulus in the U.S., Foot Locker Canada was up mid-single digits, while Foot Locker U.S. was down high single digits and Kids Foot Locker and Champs were both down low double digits.

現在轉向我們的地理和橫幅結果。北美組合下降了 11.8%。鑑於去年受益於美國的大規模財政刺激，Foot Locker Canada 增長了中個位數，而 Foot Locker U.S. 下降了高個位數，Kids Foot Locker 和 Champs 均下降了低兩位數。

Overall, comps in EMEA grew over 50% as open store days improved to 97% from 39% last year.

總體而言，隨著開放店天數從去年的 39% 提高到 97%，歐洲、中東和非洲地區的銷售額增長了 50% 以上。

And in APAC, comps were up 10% with strong performance in both Pacific and Asia regions as COVID-related restrictions eased across our markets there.

在亞太地區，由於與 COVID 相關的限制在我們那裡的市場有所放寬，因此在太平洋和亞洲地區的表現強勁，comps 增長了 10%。

While not yet in our reported comp basis, WSS and atmos continue to perform strongly. WSS, which contributed $138 million in sales for the quarter comped down only mid-single digits, well ahead of our other U.S. banners despite fiscal stimulus having a meaningful impact on that business. atmos, which contributed $49 million to sales, comped up high teens, also outperforming other banners in Asia Pacific.

雖然尚未在我們報告的比較基礎上，但 WSS 和 atmos 繼續表現強勁。 WSS 在本季度貢獻了 1.38 億美元的銷售額，但僅下降了中個位數，儘管財政刺激對該業務產生了有意義的影響，但仍遠遠領先於我們的其他美國旗幟。 atmos 為銷售額貢獻了 4900 萬美元，與青少年相比，其表現也優於亞太地區的其他橫幅。

Moving down the income statement. Gross margin declined 80 basis points. While occupancy was flat as a percentage of sales, merchandise margins fell by 80 basis points driven by higher supply chain costs, slightly higher markdowns and the addition of WSS and atmos. Note, WSS and atmos carry a somewhat lower merchandise margin though lower occupancy makes them overall gross margin neutral.

向下移動損益表。毛利率下降 80 個基點。雖然入住率佔銷售額的百分比持平，但由於供應鏈成本上升、降價幅度略高以及 WSS 和 atmos 的增加，商品利潤率下降了 80 個基點。請注意，WSS 和 atmos 的商品利潤率略低，儘管較低的入住率使其整體毛利率保持中性。

At quarter end, our inventories were 37% above last year. While the supply chain picture remains volatile, we benefited from the improved receipt flow during the quarter, which positions us well to fulfill demand going forward.

在季度末，我們的庫存比去年增加了 37%。儘管供應鏈狀況仍然不穩定，但我們受益於本季度收貨流量的改善，這使我們能夠很好地滿足未來的需求。

For the first quarter, our SG&A rate came in at 21.3%, representing deleverage of approximately 190 basis points, driven by labor wage inflation and technology spend. Depreciation expense was $55 million versus $45 million last year, driven mainly by the inclusion of WSS and atmos. Interest expense increased to $5 million from $2 million in the prior year due to the incremental expense from the company's bond issuance late last year.

第一季度，在勞動力工資通脹和技術支出的推動下，我們的 SG&A 率為 21.3%，意味著去槓桿化了約 190 個基點。折舊費用為 5500 萬美元，而去年為 4500 萬美元，主要受 WSS 和 atmos 的影響。由於去年底公司債券發行增加了費用，利息費用從上一年的 200 萬美元增加到 500 萬美元。

Moving to our tax rate. Our non-GAAP tax rate came in at 29.8%, above last year's rate of 28.7% and due to the geographic mix of our income.

轉向我們的稅率。我們的非 GAAP 稅率為 29.8%，高於去年的 28.7%，並且是由於我們收入的地域組合。

Now turning to our balance sheet. We ended the quarter with $551 million of cash and $456 million of debt. During the quarter, we repurchased 2.7 million shares of our common stock for $89 million and paid $38 million in dividends.

現在轉向我們的資產負債表。我們在本季度結束時擁有 5.51 億美元的現金和 4.56 億美元的債務。在本季度，我們以 8900 萬美元的價格回購了 270 萬股普通股，並支付了 3800 萬美元的股息。

Turning to our updated 2022 financial outlook. Following our solid results from the first quarter, our inventory position going into the remainder of the year and our strengthening vendor relationships. Based on our current visibility, we now expect to achieve the upper end of our revenue and earnings guidance for the full year.

轉向我們更新的 2022 年財務展望。繼第一季度的穩健業績之後，我們的庫存狀況進入今年剩餘時間，我們加強了供應商關係。根據我們目前的能見度，我們現在預計全年收入和盈利指導將達到上限。

While supply chain volatility continues, we are pleased with our receipt flow so far this year, which gives us incremental confidence in our ability to fill demand for the balance of the year. We, therefore, now see the upper end of the prior sales guidance for a total decline of 4% to 6% and a comparable sales decline of 8% to 10%.

儘管供應鏈波動仍在繼續，但我們對今年迄今為止的收貨流量感到滿意，這使我們對我們滿足今年剩餘需求的能力越來越有信心。因此，我們現在看到之前銷售指導的上限總體下降 4% 至 6%，可比銷售額下降 8% 至 10%。

Note, we still expect Q2 and Q4 to be our toughest comparisons of the year. Q2 faces ongoing stimulus headwinds and now anniversaries a mostly fully open Europe. Q4 marks the beginning of our reduced allocations from Nike.

請注意，我們仍然預計第二季度和第四季度將是我們今年最艱難的比較。第二季度面臨持續的刺激逆風，現在是歐洲基本完全開放的周年紀念日。第四季度標誌著我們從耐克減少分配的開始。

While we don't typically give quarter-to-date comments, so far in May, we are tracking in line with our expectations.

雖然我們通常不會給出季度至今的評論，但截至 5 月為止，我們正在按照我們的預期進行跟踪。

We still plan to open approximately 100 new doors in 2022, including 40 community and power stores, 27 WSS and 9 atmos stores while closing a total of 190 stores. Our store count will be down approximately 3% in 2022, with square footage down less than 2%.

我們仍計劃在 2022 年開設約 100 家新門店，包括 40 家社區和電力商店、27 家 WSS 和 9 家 atmos 商店，同時關閉總共 190 家商店。到 2022 年，我們的門店數量將減少約 3%，面積減少不到 2%。

On gross margin, following better-than-expected markdown performance in the first quarter, we are now estimating a 360 to 380 basis point decline in overall gross margin for the year versus our initial range of down 410 to 430 basis points. We still assume that markdowns will begin to normalize through the year as we come off of the historically low markdowns that persisted in 2021, but they have been slower to materialize than we originally expected. We still expect supply chain cost to be a drag on our margins as well with that dynamic playing out about as we expected so far.

在毛利率方面，在第一季度降價表現好於預期之後，我們現在估計今年整體毛利率將下降 360 至 380 個基點，而我們最初的下降幅度為 410 至 430 個基點。我們仍然假設，隨著我們擺脫 2021 年持續的歷史低位降價，全年降價將開始正常化，但它們實現的速度比我們最初預期的要慢。我們仍然預計供應鏈成本也會拖累我們的利潤率，而這種動態正如我們迄今為止所預期的那樣上演。

On SG&A, we have seen costs, particularly in labor, increase at a faster rate than we originally expected. We now see our expense rate in the range of flat to 2021 to up 20 basis points versus our prior range of 30 to 50 basis points of leverage, which still includes benefits from our cost optimization work later in the year. We kicked off our cost optimization initiative during Q1 with our external partners, and we are in our early stages of development. We still expect to begin realizing savings in the back half of the year towards our $200 million annualized target.

在 SG&A 方面，我們看到成本，尤其是勞動力成本的增長速度比我們最初預期的要快。我們現在看到我們的費用率在 2021 年到 2021 年的平穩範圍內上升 20 個基點，而我們之前的槓桿率範圍是 30 到 50 個基點，這仍然包括我們在今年晚些時候的成本優化工作帶來的好處。我們在第一季度與外部合作夥伴啟動了成本優化計劃，我們正處於開發的早期階段。我們仍然希望在今年下半年開始實現節省，以實現我們 2 億美元的年化目標。

As a result of our increased top line visibility, we now expect our non-GAAP EPS in 2022 to come in at the upper end of our prior $4.25 to $4.60 range.

由於我們提高了頂線能見度，我們現在預計我們在 2022 年的非公認會計原則每股收益將達到我們之前 4.25 美元至 4.60 美元區間的上限。

Our balance sheet remains a strategic asset for our business with over $500 million in cash and $600 million undrawn on our credit facility, and strong coverage and leverage metrics. Our CapEx plan for 2022 remains unchanged at $275 million towards new store openings and ongoing technology and omnichannel investments, which include the new distribution facility we are opening in Reno, Nevada to serve the core business and in Houston, Texas to support the growth in WSS.

我們的資產負債表仍然是我們業務的戰略資產，擁有超過 5 億美元的現金和 6 億美元的未提取信貸額度，以及強大的覆蓋率和槓桿指標。我們 2022 年的資本支出計劃保持不變，為 2.75 億美元，用於新店開業以及持續的技術和全渠道投資，其中包括我們在內華達州里諾開設的新分銷設施，以服務於核心業務，並在德克薩斯州休斯頓開設以支持 WSS 的增長.

In closing, we are excited about the direction we are taking with the business and the progress we're making against our key priorities to enhance our value as a house of brands and expand our customer base.

最後，我們對我們在業務方面所採取的方向以及我們在關鍵優先事項方面取得的進展感到興奮，以提高我們作為品牌之家的價值並擴大我們的客戶群。

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

有了這個，接線員，請打開電話提問。

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

（操作員說明）我們今天的第一個問題來自古根海姆的 Bob Drbul。

I guess I was just wondering on the inventory, when you look at sort of the sales numbers and your expectations for the next quarter and the rest of the year, can you just -- a couple of questions on the inventory. But can you back out how much of that is from WSS or atmos? And I'd be curious to see if -- do you feel like you have much excess in that inventory bucket that you have? Just trying to keep our hands around any more markdown risk that you see? I know you took the gross margin guidance up. But any more color on that would be very helpful.

我想我只是想知道庫存，當您查看銷售數字以及您對下一季度和今年剩餘時間的預期時，您能否就庫存問題提出幾個問題。但是，您能取消其中有多少來自 WSS 或 atmos 嗎？我很想知道 - 你是否覺得你的庫存桶中有很多多餘的東西？只是試圖讓我們避免您看到的任何降價風險？我知道你提高了毛利率指導。但任何更多的顏色都會非常有幫助。

Well, Bob, I appreciate the question. And we feel good about where our inventory is at. We haven't broken out specifically WSS and atmos inventory. But again, remember that a year ago, I would say that we were overselling our inventory position. So the comparison of being up 37% with good flow and good fresh receipts, we feel good about. We've said all along, and we said it today again that we expect markdowns will continue to normalize. I don't expect that they'll be back to 2020 levels but they will normalize more towards back to 2019 levels, although we have not seen that materialize yet.

好吧，鮑勃，我很欣賞這個問題。我們對我們的庫存狀況感到滿意。我們還沒有具體列出 WSS 和 atmos 庫存。但是，請記住，一年前，我會說我們過度銷售我們的庫存頭寸。因此，與良好的流量和良好的新收據相比，上漲 37%，我們感覺很好。我們一直在說，今天我們再次表示，我們預計降價將繼續正常化。我預計它們不會回到 2020 年的水平，但它們會更加正常化，回到 2019 年的水平，儘管我們還沒有看到這種情況實現。

So again, we feel good about our inventory positioning. It's been a little bit harder to forecast as sort of gluts of inventory get released through the ports and they show up. But we feel good about the quality and the quantity of our inventory going into the second quarter.

因此，我們再次對我們的庫存定位感到滿意。隨著大量庫存通過港口釋放並出現，預測起來有點困難。但我們對進入第二季度的庫存質量和數量感覺良好。

Great. And if I could just sneak another one in. As you push along with other new vendors outside of Nike, when you think about the marketing reach or the marketing spend, demand creation wallets of these other players, can you just talk about how you feel like the partnerships will evolve over the next few quarters and years just on the marketing side and the reach as you try to expand that?

偉大的。如果我可以偷偷溜進去。當你與耐克以外的其他新供應商一起推動時，當你考慮營銷範圍或營銷支出時，這些其他參與者的需求創造錢包，你能談談你的感受嗎就像在接下來的幾個季度和幾年裡，合作夥伴關係會在營銷方面和你試圖擴大的範圍內發展？

Yes, Bob, we know that we've got to be demand creators, right, with all of our brand partners. We're out there trying to tell great stories. We're building product that supports those stories.

是的，鮑勃，我們知道我們必須與我們所有的品牌合作夥伴一起成為需求創造者。我們在那裡試圖講述偉大的故事。我們正在構建支持這些故事的產品。

And we talked about it in our prepared remarks, the number of Instagram followers that we have multiplied by the number of followers that other -- of our vendor partners have, we believe the reach will be significant. And we do know that we're going to have to spend against that, right? But that's all factored into our plans and into our guidance.

我們在準備好的評論中談到了這一點，我們的 Instagram 關注者數量乘以其他供應商合作夥伴擁有的關注者數量，我們相信影響力將是巨大的。而且我們確實知道我們將不得不為此付出代價，對嗎？但這一切都納入了我們的計劃和指導。

So there's really nothing incremental in it. It's just leveraging the connectivity that our brands have, our brand partners have and the connectivity that we have and the deep engagement that we have with our consumers.

因此，它實際上沒有任何增量。它只是利用我們的品牌所擁有的連接性，我們的品牌合作夥伴擁有的連接性以及我們擁有的連接性以及我們與消費者的深度接觸。

Our next question comes from Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

We just wanted to maybe better understand some of the apparel strength that you saw during the quarter. It's just been flagged as an area for certain other retailers that have been more difficult because of weather trends. Is there a way to dimensionalize how apparel looks in different regions and different banners?

我們只是想更好地了解您在本季度看到的一些服裝實力。它只是被標記為由於天氣趨勢而變得更加困難的某些其他零售商的區域。有沒有一種方法可以確定服裝在不同地區和不同橫幅上的外觀？

Well, I'll start that, Kate, and then Frank will probably jump in with a couple of comments.

好吧，我將開始，凱特，然後弗蘭克可能會發表一些評論。

But our apparel is not heavily seasonal driven, right? The heaviest product that we have for winter is fleece, and that really has become a year-round sort of product for our consumers. So we saw a little bit of a slower start with shorts and t-shirts as the weather didn't really materialize into a normal spring pattern across most of our geographies.

但我們的服裝並不是受季節性因素影響很大，對吧？我們冬天最重的產品是羊毛，它確實已經成為我們消費者全年使用的產品。因此，我們看到短褲和 T 恤的開始有點慢，因為我們大部分地區的天氣並沒有真正成為正常的春季模式。

But we see a resurgence, quite honestly, in licensed apparel. We've talked about Pro Standard before, and they continue to extend their licensed options and that's being relevant to our consumers. So the pattern is very similar around our geographies. Obviously, Australia and New Zealand are in the -- approaching winter as opposed to approaching summer. So a little bit of seasonality difference there.

但老實說，我們看到了許可服裝的複蘇。我們之前討論過 Pro Standard，他們繼續擴展他們的許可選項，這與我們的消費者相關。因此，我們所在地區的模式非常相似。顯然，澳大利亞和新西蘭正處於即將到來的冬季，而不是即將到來的夏季。所以那裡有一點季節性差異。

But Frank, anything to add on the apparel front?

但是弗蘭克，在服裝方面有什麼要補充的嗎？

Yes. We certainly experienced some longer selling in some of our fleece and core key items across some of our big global brands. We did towards the end of the quarter get a better ability to set up our shorts and tees and some of our seasonal key items. So as those flow into the stores and spring sort of blossomed, we saw some good sell-throughs and good consumer reaction.

是的。在我們的一些全球大品牌中，我們的一些羊毛和核心關鍵產品當然經歷了更長的銷售。我們確實在本季度末獲得了更好的能力來設置我們的短褲和 T 卹以及我們的一些季節性關鍵物品。因此，隨著那些流入商店和春天的開花，我們看到了一些良好的銷售和良好的消費者反應。

The other thing that's been very positive has been our controlled brand offense, particularly around the LCKR brand and Cozi and then also in Eastbay performance. And that's been a very intentional strategy to dimensionalize our apparel business across categories and price points.

另一件非常積極的事情是我們控制的品牌進攻，特別是圍繞 LCKR 品牌和 Cozi 以及 Eastbay 的表現。這是一個非常有意的策略，可以跨類別和價格點對我們的服裝業務進行維度化。

Okay. And my second question is just around the supply chain. It is encouraging to hear that you feel like you are in a good position when it comes to inventory. I think that came through in the first quarter as well.

好的。我的第二個問題是關於供應鏈的。聽到您覺得自己在庫存方面處於有利位置令人鼓舞。我認為這在第一季度也是如此。

But just in terms of how you're managing costs there, what's the level of increase and whether it be just supply chain or fuel or anything else that you saw in the first quarter versus maybe what you had originally expected and what you expect for the year from a cost standpoint?

但就您如何管理那裡的成本而言，增加的程度是多少，無論是供應鏈還是燃料還是您在第一季度看到的其他任何東西，可能與您最初的預期以及您對第一季度的預期相比從成本的角度來看一年？

Yes. Thanks, Kate. This is Andrew. So from a supply chain perspective, we had built in, and we talked about it at the end of -- when we gave our initial guidance, we had built in some supply chain drag that we expected during the year. That is operating as expected. We've generally seen the drag that we had expected. We've -- in the past, our supply chain costs have continued to be something that has been able to be passed through sometimes to the consumers. And so we think it will be a drag. It's built into our guidance and it's really performing as expected right now.

是的。謝謝，凱特。這是安德魯。因此，從供應鏈的角度來看，我們已經建立了，並且我們在結束時談到了它 - 當我們給出我們的初步指導時，我們已經建立了一些我們在這一年中預期的供應鏈阻力。這是按預期運行的。我們通常已經看到了我們預期的阻力。我們 - 在過去，我們的供應鏈成本一直是有時能夠傳遞給消費者的東西。所以我們認為這將是一個拖累。它內置在我們的指導中，並且現在確實按預期運行。

We -- again, we were pleased with the first quarter flow and that gave us confidence going into the back end of the year that we have the right product fresh inventory available to really get after back-to-school in the summer selling season.

我們 - 再次，我們對第一季度的流量感到滿意，這讓我們有信心進入今年年底，我們擁有合適的產品新鮮庫存，可以在夏季銷售旺季開學後真正獲得。

Our next question comes from Corey Tarlowe from Jefferies.

我們的下一個問題來自 Jefferies 的 Corey Tarlowe。

Can you talk a little bit more about what drove the strength in women's broadly across both footwear and apparel actually outperforming men's?

您能否多談談是什麼推動了女性在鞋類和服裝方面的實力實際上超過了男性？

Well, part of that outperformance of men's and the strong female participation is that we've expanded our assortment right? We've given her more choices. So she is -- she's been in our stores. She hasn't been pleased. We're trying to -- through broader vendor penetration find the right products for her. At the same time, she's very much become a sneaker girl and Air Force 1s, AJ 1s, critically important to her as well.

嗯，男性和女性的強大參與的部分錶現是我們擴大了我們的分類，對嗎？我們給了她更多的選擇。所以她是——她去過我們的商店。她一直不高興。我們正在嘗試通過更廣泛的供應商滲透來為她找到合適的產品。與此同時，她已經成為了一個運動鞋女郎，Air Force 1s、AJ 1s 對她來說也至關重要。

So we've also added more women's apparel. Frank talked about our Cozi brand, which is a proprietary brand, and the work that we're doing with Melody Ehsani on her assortment that she's got in our stores. So I think it's a combination of us finally getting some things right in women's, expanding the assortment, adding apparel into the store -- more stores for her to choose from and she's responding well. So it's good to see the team has done a great job to identify her, bringing the right brands and support her choices.

所以我們還增加了更多的女裝。 Frank 談到了我們的 Cozi 品牌，這是一個專有品牌，以及我們與 Melody Ehsani 合作的她在我們商店中的分類。所以我認為這是我們最終在女裝方面做對一些事情的結合，擴大了產品種類，在商店裡增加了服裝——更多的商店供她選擇，她的反應很好。所以很高興看到團隊在識別她方面做得很好，帶來了正確的品牌並支持她的選擇。

Great. And then on the cost savings plan, can you just provide some incremental details as to how that should be affecting the P&L ahead?

偉大的。然後關於成本節約計劃，您能否提供一些增量細節，說明這將如何影響未來的損益表？

Yes. Thank you. This is Andrew. We haven't given specific details on how that's going to affect the P&L. What I can say is that we expect to start to see some of that optimization start to flow through the P&L in the back half of this year. As we talked about, our target is $200 million in annualized savings. We are focused on many of the areas in our SG&A cost structure. We look forward to really bringing that plan to fruition. But at this point, from a category perspective, we're not in a position to add much more color on which categories and dimensionalize from a P&L perspective. But do understand that we expect to start to see that flow through the P&L in the back half of the year.

是的。謝謝你。這是安德魯。我們還沒有具體說明這將如何影響損益表。我能說的是，我們預計在今年下半年開始看到一些優化開始流向損益表。正如我們所說，我們的目標是每年節省 2 億美元。我們專注於 SG&A 成本結構中的許多領域。我們期待著真正實現該計劃。但在這一點上，從類別的角度來看，我們無法在哪些類別上添加更多顏色，並從損益表的角度進行維度化。但請理解，我們預計將在今年下半年開始看到這種情況出現在損益表中。

Our next question comes from John Kernan from Cowen.

我們的下一個問題來自 Cowen 的 John Kernan。

Andrew, maybe you could talk to what you're seeing from a broader consumer environment. There's been a lot of changes in the way, particularly lower-income consumers are shopping, there's changes in basket, there's changes in traffic patterns. Just curious what you're seeing from a broader consumer perspective. I would think your comps being down only 2% is a little bit better than speared for the quarter. So what are you seeing from just the general macro consumer perspective as inflationary trends really pick up?

安德魯，也許你可以談談你從更廣泛的消費者環境中看到的東西。方式發生了很多變化，尤其是低收入消費者的購物方式，購物籃發生了變化，交通模式發生了變化。只是好奇你從更廣泛的消費者角度看到了什麼。我認為您的業績僅下降 2% 比本季度的預期要好一些。那麼，隨著通脹趨勢真正回升，您從總體宏觀消費者的角度看到了什麼？

Yes, it's a great question and 1 that we talk an awful lot around our tables or virtual calls, John. Clearly, we have a wide, wide customer base.

是的，這是一個很好的問題，並且 1 我們在牌桌或虛擬電話中談論了很多，約翰。顯然，我們擁有廣泛的客戶群。

So our customers fill the economic spectrum. So the inflation rate, the impact is different for each of those groups. And we provide our core customer with what I would call accessible luxury, right? Regardless of what's going on in the world, they sort of use a new pair of kicks or a new fleece piece or new hat to really say that things with me are okay.

因此，我們的客戶涵蓋了經濟領域。所以通貨膨脹率，對每個群體的影響是不同的。我們為我們的核心客戶提供我所說的無障礙奢侈品，對吧？不管世界上發生了什麼，他們都會用一雙新鞋、一件新羊毛衫或一頂新帽子來真正說我沒事。

So again, as we look at traffic patterns, as we look at baskets, I'll complement our WSS team. They've got a customer that is a little bit more impacted, but they've been very good with having some tent sales, doing some promotional events, understanding exactly what their customer is going through because they're so deeply embedded in the community.

同樣，當我們查看流量模式時，當我們查看籃子時，我將補充我們的 WSS 團隊。他們的客戶受到的影響更大，但他們非常擅長進行一些帳篷銷售，舉辦一些促銷活動，準確了解他們的客戶正在經歷的事情，因為他們深深地融入了社區.

So again, we are very conscious of interest rate increases. We're very conscious of the inflation increases, but our customer has been positive, traffic seems to be holding steady, and we have not seen a trade down in product choices.

再次重申，我們非常關注加息。我們非常清楚通貨膨脹的增加，但我們的客戶一直很積極，流量似乎保持穩定，而且我們沒有看到產品選擇下降。

So Frank, do you want to jump in?

所以弗蘭克，你想跳進去嗎？

Yes. Thanks, Dick. So I'll add to the consumer perspective that Dick just got outlined, and I'll come at it a little bit differently because the reality is we're all going to have to confront these sort of macro exogenous factors. We don't have a choice in that. I think the real question is have we been able to adapt our operating model, do we have the flexibility and the resiliency built into our plans for '22.

是的。謝謝，迪克。因此，我將補充迪克剛剛概述的消費者觀點，並且我會有所不同，因為現實是我們都將不得不面對這些宏觀外生因素。對此我們別無選擇。我認為真正的問題是我們是否能夠調整我們的運營模式，我們是否在 22 年的計劃中具備靈活性和彈性。

So I'll start by reminding everybody the last 2 years have been anything but predictable and easy in the marketplace. And throughout the pandemic, I think our enterprise has learned how to be agile and flexible, how to react to what's happening in the marketplace in shorter time increments. So what's happening in the next 30 days, the next 90 days and how do we win and position ourselves with consumers. And that's a muscle that we've honed and we're going to lean on as we operate into Q2 and the back half of the year.

因此，我首先要提醒大家，過去 2 年在市場上絕非可預測和容易的。在整個大流行期間，我認為我們的企業已經學會瞭如何變得敏捷和靈活，如何在更短的時間內對市場上發生的事情做出反應。那麼接下來的 30 天、接下來的 90 天會發生什麼，以及我們如何在消費者中贏得和定位自己。這是我們磨練出來的一塊肌肉，我們將在第二季度和下半年運作時依靠它。

Now behind that agility muscle is a pretty robust set of real-time predictive analytics that we use in the business. We look at traffic trends, conversion rates, our add to cart, abandonment rates, effectiveness of promotions. We've got a machine learning sales forecasting model. And we use those insights to regulate our receipt flow, our merchandise mix to throttle performance marketing and obviously adjust our pricing.

現在，在敏捷性的背後是我們在業務中使用的一組非常強大的實時預測分析。我們關注流量趨勢、轉化率、我們添加到購物車、放棄率、促銷效果。我們有一個機器學習銷售預測模型。我們利用這些洞察力來規範我們的收貨流程、我們的商品組合來限制績效營銷並明顯調整我們的定價。

And so all of that agile management of the business plus the cost reduction work that Andrew just talked about, means that we'll be playing what I'll call really good defense. Our teams have become very adept at that.

因此，所有敏捷的業務管理加上 Andrew 剛剛談到的降低成本的工作，意味著我們將進行我所說的非常好的防守。我們的團隊已經非常擅長這一點。

I think what really excites me, though, is that we've been anticipating this moment over the course of the last 12 months. And I think Dick mentioned it that as a management team, we knew that comping stimulus and winning consumers would be challenging.

不過，我認為真正讓我興奮的是，在過去的 12 個月裡，我們一直在期待這一刻。而且我認為迪克提到它作為一個管理團隊，我們知道同時刺激和贏得消費者將是具有挑戰性的。

So we've been playing some really great offense on the other side of the ball in order to meet this moment. Our merchants have done an incredible job building a high percentage of our on order that's either exclusive models or exclusive concepts. So that's a product that's only available at our Foot Locker banners. And we know that scarcity and exclusivity is a winning strategy in any market condition.

因此，為了迎接這一刻，我們一直在球的另一側進行一些非常出色的進攻。我們的商家在建立高比例的訂單中完成了令人難以置信的工作，這些訂單要么是獨家模型，要么是獨家概念。所以這是一種僅在我們的 Foot Locker 橫幅上提供的產品。我們知道，在任何市場條件下，稀缺性和排他性都是一種制勝策略。

And then next to that, we built a merch plan that has more dimension, more choice than ever before, including more brands and more price points. So -- and then as I mentioned earlier on the previous question, we're very intentionally develop our private label apparel brands, Locker, Cozi, Eastbay, to deliver value to consumers.

接下來，我們制定了一個比以往任何時候都具有更多維度、更多選擇的商品計劃，包括更多品牌和更多價格點。所以 - 然後正如我之前在上一個問題中提到的那樣，我們非常有意識地開發我們的自有品牌服裝品牌 Locker、Cozi、Eastbay，以便為消費者創造價值。

So -- and the last thing is we focus really intently on consumer conversion, both digitally and in stores at that moment of truth with consumers.

所以 - 最後一件事是我們真正專注於消費者轉換，無論是數字化還是在商店中與消費者的關鍵時刻。

So all of that to say, we've been very thoughtful about our plans and strategies with a merchandising concept and a new agility muscle that allows us to play both good defense as well as importantly, very good offense in this turbulent market.

綜上所述，我們對我們的計劃和戰略進行了深思熟慮，採用了商品營銷概念和新的敏捷性肌肉，使我們能夠在這個動蕩的市場中發揮出色的防守以及重要的出色進攻能力。

That's really helpful. Just one follow-up. You're obviously accelerating the partnership with adidas. Their guidance calls for the biggest acceleration that they've seen in their North American business really since the Stan Smith superstar craze started back in 2015. What gives you the confidence that their basketball offering in that brand is going to resonate as strongly as you think it will? What signs are you seeing as we go into the back half of this year?

這真的很有幫助。只是一個後續。你顯然正在加速與阿迪達斯的合作。他們的指導要求自 2015 年 Stan Smith 超級巨星熱潮開始以來，他們在北美業務中看到的最大加速。是什麼讓你有信心，他們在該品牌中提供的籃球產品將像你想像的那樣引起強烈共鳴它會？當我們進入今年下半年時，您看到了哪些跡象？

Well, we're excited about basketball in general, right? It's a strong category. And as I've talked about before, our consumer migrates to where the best product is. So we've seen -- the work that Jerry Lorenzo and the Fear of God and adi basketball are doing. We know that there's some great product coming, but we're equally excited about adding other brands to that basketball category as well. The exclusive that PUMA has with LaMelo Ball that we have seen great product in. We're going to have a LaMelo low coming out. The New Balance the New Balance work around their basketball. And we've got the deal that we signed with ABG around Reebok basketball.

好吧，總的來說，我們對籃球感到興奮，對吧？這是一個強大的類別。正如我之前所說，我們的消費者會遷移到最好的產品所在的地方。所以我們已經看到了——傑里洛倫佐和對上帝的恐懼以及阿迪籃球正在做的工作。我們知道有一些很棒的產品即將推出，但我們同樣對將其他品牌添加到該籃球類別感到興奮。 PUMA 與 LaMelo Ball 的獨家產品，我們已經看到了很棒的產品。我們將推出 LaMelo 低點。 The New Balance New Balance 圍繞他們的籃球工作。我們已經與 ABG 簽署了關於 Reebok 籃球的協議。

So classics, performance, we just feel good about basketball in general and firmly believe that adidas is going to be one of the key players along with our existing portfolio of Nike, hot silhouettes and the others that I mentioned. So it's basketball sort of on the rise, but adidas will certainly be a participant in that rise.

所以經典，性能，我們對籃球的總體感覺很好，並堅信阿迪達斯將成為關鍵球員之一，以及我們現有的耐克、熱門款式和我提到的其他產品組合。所以這是籃球運動的興起，但阿迪達斯肯定會成為這種崛起的參與者。

Our next question comes from Lorraine Hutchinson from Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

I was hoping to get your updated thoughts on the promotional environment, seems to be in check in the first quarter. What your expectations are around that? And as apparel becomes a bigger part of the mix, if you see any change in the need to promote product from here?

我希望得到您對促銷環境的最新想法，似乎在第一季度得到了控制。您對此有何期望？隨著服裝在產品組合中的佔比越來越大，您是否發現從這裡推廣產品的需求有任何變化？

Well, Lorraine, I appreciate the question. And as we talked about in our prepared remarks, the first quarter promotional environment was a little bit better than expected, quite honestly. And we expect promotions to go back to normalized throughout this year.

好吧，洛林，我很欣賞這個問題。正如我們在準備好的評論中談到的那樣，第一季度的促銷環境比預期的要好一些，老實說。我們預計促銷活動將在今年全年恢復正常。

The shift to apparel, a little bit bigger apparel penetration, certainly presents the opportunity for more markdowns. But as I said a minute ago, we don't have the high seasonal turnover. And generally speaking, apparel markdowns come when you get caught out of season or a season shifts faster than you expect or product doesn't flow as expected.

向服裝的轉變，更大的服裝滲透率，無疑為更多的降價提供了機會。但正如我在一分鐘前所說，我們沒有很高的季節性營業額。一般而言，當您被趕出季節或季節變化快於您的預期或產品未按預期流動時，服裝降價就會出現。

So our consumers' core apparel consists of shorts, tees, fleece and headwear. And we have the ability and the levers to pull presentation in-store and online based on which is the most seasonal at the moment. So right now, obviously, tees and shorts are an important piece of it. Doesn't mean we don't sell the fleece that we've got in our stores and online. So I'm not concerned about apparel creating a huge markdown risk. It really is just our ability to flex our presentation and our sales opportunities with our consumers as we go through the season.

因此，我們消費者的核心服裝包括短褲、T 卹、抓絨和頭飾。我們有能力和手段根據目前最季節性的情況在店內和在線進行展示。所以現在，很明顯，T 恤和短褲是其中的重要組成部分。並不意味著我們不出售我們在商店和網上購買的羊毛。所以我不擔心服裝會產生巨大的降價風險。這真的只是我們在整個季節期間向消費者展示我們的展示和銷售機會的能力。

And our next question comes from Omar Saad from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

I wanted to follow up a little bit deeper into the adidas -- expanded adidas partnership. Maybe you could talk about what you and your merchants team think of -- to me, there's 2 key pieces of the basketball, the new Jerry Lorenzo product that's out there. Some have got a chance to see that in Germany. Curious what you think of that. And how it fits maybe into your overall offering given some of the areas that Nike is pulling back on?

我想更深入地了解阿迪達斯——擴大阿迪達斯的合作夥伴關係。也許你可以談談你和你的商家團隊的想法——對我來說，籃球有兩個關鍵部分，那就是 Jerry Lorenzo 的新產品。有些人有機會在德國看到這一點。很好奇你對此有何看法。考慮到耐克正在撤退的一些領域，它如何適合您的整體產品？

And then also when it comes to the adidas Originals brand, is that going to be more of the apparel side? Is that going to be more of some of the key marquee footwear franchises and getting off expanded offerings there. Love to just know a little bit deeper of how that Originals piece is going to fit into your store base?

那麼當談到阿迪達斯 Originals 品牌時，這是否會更多地體現在服裝方面？這是否會更多地成為一些關鍵的跑鞋專營權，並在那裡擴大產品範圍。想要更深入地了解 Originals 作品將如何融入您的商店基礎？

Well, the basketball work that I just commented on, Omar, again, the team has seen much of the work and the work bringing adidas, bringing Jerry into be the lead in their basketball category clearly connects a lot of elements from the court to the casual lifestyle to his Fear of God brand. And the team sees great product there.

好吧，我剛才評論的籃球工作，奧馬爾，再次，球隊已經看到了很多工作和工作讓阿迪達斯，讓傑里成為他們籃球領域的領頭羊，顯然將很多元素從球場到他的 Fear of God 品牌的休閒生活方式。團隊在那裡看到了很棒的產品。

At the same time, we've got other adidas opportunities that you talked about. Originals is both footwear and apparel. Certainly, we expect to drive more adidas Originals apparel than we've seen today. There's classic basketball. There's the superstar trend that we're reintroducing superstars and Stan Smiths to new customers and a new generation of customers every season, quite honestly, every year, certainly.

同時，我們還有您談到的其他阿迪達斯機會。 Originals 既是鞋類又是服裝。當然，我們預計會推出比我們今天看到的更多的 adidas Originals 服裝。有經典的籃球。有一種超級巨星趨勢，我們每個賽季都會將超級巨星和 Stan Smiths 重新介紹給新客戶和新一代客戶，老實說，每一年，當然。

And I want to be clear that adidas doesn't replace Nike, right? We have a great relationship with Nike. We've got great basketball product that we're going to continue to sell from them. And our basketball category, as I talked about, is much more than just a Nike adding adi to it. There are many, many players in basketball, just like there are in all of the other categories. And our consumer migrates through brands and some of the facts that we shared about our consumers being multi-branded buyers wanting to have more choice, this just supports that positioning is the work that we've been undertaking, and we're now seeing an acceleration going.

我想明確一點，阿迪達斯不會取代耐克，對吧？我們與耐克的關係很好。我們有很棒的籃球產品，我們將繼續從他們那裡銷售。正如我所說，我們的籃球類別不僅僅是耐克在其中添加了阿迪。籃球有很多很多的球員，就像所有其他類別的球員一樣。我們的消費者通過品牌遷移，以及我們分享的一些關於我們的消費者是希望有更多選擇的多品牌買家的事實，這只是支持定位是我們一直在進行的工作，我們現在看到加速前進。

Got it. That's great color. And then maybe, Dick, to the broader conversation around share of different brands and how that has evolved over time, is it possible kind of in the column of unintended consequences that obviously, it's great to have so much Nike inventory and represents such a big piece of your business. But maybe it wasn't the healthiest balance for both you and Nike and the channel for it to be so dominant in terms of the inventory on the floor. And possibly a good thing for both sides and to some extent, to pull back and have a bit more of a balanced assortment across brands, not just for you, but for them as well. Is that a possible way to think about it?

知道了。這顏色真好。然後，迪克，關於不同品牌的份額以及隨著時間的推移如何演變的更廣泛的對話，是否有可能在意想不到的後果列中，很明顯，擁有如此多的耐克庫存並代表如此大的一塊你的生意。但也許這對你和耐克來說並不是最健康的平衡，也不是它在地板庫存方面如此占主導地位的渠道。對雙方來說可能是一件好事，在某種程度上，退後一步，在品牌之間擁有更多平衡的分類，不僅對你，對他們也一樣。這是一種可能的思考方式嗎？

Well, I would look at it a little bit differently, Omar. I think the customer has always made the decisions, right? And I think that our offering more choices to the customer will, in fact, make us stronger. But Nike does a tremendous job. They've done -- we talked about their 50th year anniversary and they create great product, they create great stories and our consumer has followed that, and we follow that with our consumer. As we add more brands to the portfolio, I do believe that we'll be stronger, and I believe that the overall sneaker marketplace will certainly be stronger.

好吧，奧馬爾，我會以不同的方式看待它。我認為客戶總是做出決定，對吧？而且我認為，我們為客戶提供更多選擇實際上會讓我們變得更強大。但耐克做得非常出色。他們已經做到了——我們談到了他們的 50 週年紀念日，他們創造了偉大的產品，他們創造了偉大的故事，我們的消費者也遵循了這一點，我們也與我們的消費者一起遵循了這一點。隨著我們在產品組合中添加更多品牌，我相信我們會變得更強大，而且我相信整個運動鞋市場肯定會變得更強大。

Our next question comes from Jay Sole from UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

I wanted to follow up on the new partnership with adi and the growth that they're talking about this year. Will that growth show up for Foot Locker in 4Q? Because Andrew, I think you mentioned the beginning of the reduction of allocation from Nike really impacts 4Q. Is it possible that some of that increase from adi will help offset the reduction from Nike?

我想跟進與阿迪的新合作夥伴關係以及他們今年談論的增長。第四季度Foot Locker會出現這種增長嗎？因為安德魯，我認為你提到耐克開始減少分配確實影響了第四季度。是否有可能來自阿迪的部分增長將有助於抵消來自耐克的減少？

We -- our plan included growth in our non-Nike brands all along. So no doubt, all of our brands, we're planning for them all to grow and adidas will contribute to that. We're not anticipating a significant jump in our planned 4Q as a result of this. This will flow through in its natural course. But it's given us more visibility but we're not modeling in a significant jump but we -- that was not already modeled in our guidance.

我們——我們的計劃一直包括我們非耐克品牌的增長。所以毫無疑問，我們所有的品牌，我們都在計劃讓它們都成長，而阿迪達斯將為此做出貢獻。因此，我們預計我們計劃的第四季度不會出現顯著增長。這將順其自然。但這給了我們更多的可見性，但我們並沒有在顯著的跳躍中進行建模，但是我們 - 這還沒有在我們的指導中建模。

Jay, this is Dick. I would just reiterate, right, that we've got a lot of great brand growth going on. Certainly, the relationship with adidas continues to grow. But our consumers seem to be incredibly excited as they hear about this LaMelo low program from PUMA, got the PUMA Slipstream with Invader, which is an exclusive basketball classic. We've got the New Balance 550 acceleration coming. We're going to expand our performance running with On and HOKA. We've got YEEZY launches. So we've had a lot of other brand growth built into our plan. So again, we're going to work to continue to accelerate receipts where appropriate and drive sales as the customer finds more choice in our stores.

傑，這是迪克。我只想重申，對，我們正在進行很多偉大的品牌增長。當然，與阿迪達斯的關係繼續發展。但是，當我們的消費者聽到 PUMA 推出的這款 LaMelo 低幫計劃時，他們似乎非常興奮，他們獲得了帶有 Invader 的 PUMA Slipstream，這是一款獨家籃球經典。我們已經獲得了 New Balance 550 加速功能。我們將使用 On 和 HOKA 擴展我們的性能。我們推出了 YEEZY。因此，我們的計劃中包含了許多其他品牌增長。因此，我們將再次努力在適當的情況下繼續加快收貨速度，並隨著客戶在我們的商店中找到更多選擇來推動銷售。

And our next question comes from Michael Binetti from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

I just want to ask -- thanks for the help on the detail here in intra-quarter. March and April, down high single digits, but maybe you could unpack the comment that May is tracking in line with expectations since I don't think we have a 2Q expectation externally that we can look at. I think we've heard broadly across the space that May has accelerated. Maybe just some context there. I don't want a guide for the quarter, but just some idea of how much you've seen that improve.

我只是想問一下-感謝您在本季度提供的有關詳細信息的幫助。 3 月和 4 月，下降了高個位數，但也許你可以解開 5 月跟踪符合預期的評論，因為我認為我們沒有可以看到的第二季度外部預期。我認為我們已經廣泛聽到五月加速的空間。也許只是那裡的一些背景。我不想要本季度的指南，而只是想知道你已經看到了多少改進。

And then on the SG&A for the guidance, I think the rest of the year, we've guided down about $120 million to $140 million on a 1-year basis, and that's with 2 acquisitions in the base, right? So WSS and atmos SG&A dollars. Can you just walk us through what some of the -- what some of the flex down is there? I know you haven't given too much context around the $200 million in savings, but maybe just some of the broad brush strokes to get comfortable with that as we look to the rest of the year on SG&A.

然後關於 SG&A 的指導，我認為今年餘下的時間，我們在 1 年的基礎上指導了大約 1.2 億美元至 1.4 億美元，這是在基礎上進行的 2 次收購，對吧？所以 WSS 和 atmos SG&A 美元。你能告訴我們一些 - 那裡有一些彎曲嗎？我知道您沒有就節省的 2 億美元提供太多背景信息，但也許只是一些粗略的筆觸，以便我們在 SG&A 上展望今年餘下的時間時對此感到滿意。

Yes. So going back to your initial question as it relates to the comments that I made about May. Remember what we were saying is that we saw continued excitement and demand from our consumers in Q1. And as we got into May, we have not seen a material change in our consumer behavior, just to give you a little bit of color as to how things are shaping up for Q2. That's what that comment reflected to.

是的。回到你最初的問題，因為它與我對 May 的評論有關。請記住我們所說的是，我們在第一季度看到了消費者的持續興奮和需求。隨著我們進入五月，我們還沒有看到我們的消費者行為發生重大變化，只是為了讓您了解第二季度的情況如何。這就是該評論所反映的內容。

As we think about our cost structure being down in the back half of the year, remember, that also includes the cost optimization initiatives that we're talking about. Our cost structure does have flex as it relates to revenue. We've generally talked about a 10% to 15% flex. So as that -- as our revenue flexes, that will flex with that.

當我們考慮到今年下半年我們的成本結構下降時，請記住，這還包括我們正在談論的成本優化計劃。我們的成本結構確實具有靈活性，因為它與收入有關。我們通常談論的是 10% 到 15% 的彈性。因此 - 隨著我們的收入變化，這將隨之變化。

And then as we talked about, our square footage will be down somewhat 3% for this year. So -- 2%, I apologize. But -- so those are some of the things as far as visibility that we're seeing in the back half of the year that show that we have opportunities to perform better in the remaining 3 quarters on a cost basis as it relates to deleverage versus first quarter.

然後正如我們所說，今年我們的建築面積將下降 3%。所以-- 2%，我很抱歉。但是——就我們在今年下半年看到的可見性而言，這些事情表明我們有機會在剩餘的 3 個季度在成本基礎上表現得更好，因為這與去槓桿與第一季度。

Michael, this is Dick. I would just add that as you think about Q2 and May, remember that stimulus from a year ago has a tail to it, right? I mean not everybody got the stimulus checks at the same time, not everybody spent them at the same time. So again, it's just that the behavior has stayed fairly consistent as we jump into May and get started in Q2.

邁克爾，這是迪克。我只想補充一點，當您考慮第二季度和五月時，請記住一年前的刺激措施有尾巴，對嗎？我的意思是不是每個人都同時獲得刺激檢查，也不是每個人都同時使用它們。再說一次，只是當我們進入 5 月並在第二季度開始時，行為保持相當一致。

Our biggest call out is that our model contemplated some of the stimulus lapping and we feel like we're still on plan as it relates to that.

我們最大的呼籲是，我們的模型考慮了一些刺激因素，我們覺得我們仍在計劃中，因為它與此相關。

Okay. If I could sneak one in on the AUR down mid-singles, apparel penetration and mix shift within footwear. Could you unpack that a little bit and maybe just some thoughts on how the footwear AUR could trend as you look to some of the diversification of product effort as you're flowing in as we get into the fall and as the Nike mix comes down?

好的。如果我能在 AUR 中偷偷摸摸中單，服裝滲透和鞋類內的混合變化。你能不能稍微解釋一下，也許只是一些關於鞋類 AUR 可能會如何流行的想法，因為你會在我們進入秋季和耐克組合下降時看到產品努力的一些多樣化？

Well, we fully expect that AURs will be down a bit, right, as we trade out of some of the highest price marquee product, and replace it with other brands. At the same time, I don't think it's going to be significant, right? We continue to model our mix of expected footwear and sales and -- certainly, we'll see it go down as apparel becomes a bigger part of the mix. Clearly, T-shirts and shorts have a different price point rhythm. One of the benefits that we've got in our business is that we do sell $80 to $100 fleece pieces, which helps from an AUR perspective. But we will see certainly a little bit of AUR degradation throughout the year, but I wouldn't -- I don't think it's going to be significant.

好吧，我們完全預計 AUR 會下降一點，對，因為我們會淘汰一些價格最高的天棚產品，並用其他品牌取而代之。同時，我認為這不會很重要，對吧？我們繼續模擬我們預期的鞋類和銷售組合，當然，隨著服裝在組合中所佔的比例越來越大，我們會看到它下降。顯然，T恤和短褲有著不同的價位節奏。我們在業務中獲得的好處之一是我們確實銷售了 80 到 100 美元的羊毛件，這從 AUR 的角度來看是有幫助的。但我們肯定會在一年中看到 AUR 的一點點退化，但我不會——我認為這不會很重要。

Our last question comes from Tom Nikic from Wedbush Securities.

我們的最後一個問題來自 Wedbush Securities 的 Tom Nikic。

I just wanted to ask about driving the growth in the non-Nike brands, very strong this quarter, strong in Q4 as well. I mean, is this really just a function of sort of allocating more marketing towards these brands? I mean I've noticed on social media, you definitely see much more of a focus on some of the non-Nike vendors. Is it stuff that you're doing in stores? Like how do you kind of continue to sort of drive these with these secondary brands to mitigate the headwinds that you're going to see from Nike?

我只是想問一下推動非耐克品牌增長的問題，本季度非常強勁，第四季度也很強勁。我的意思是，這真的只是一種為這些品牌分配更多營銷的功能嗎？我的意思是我在社交媒體上註意到，你肯定會看到更多關註一些非耐克供應商。這是你在商店裡做的事情嗎？就像你如何繼續用這些二級品牌推動這些，以減輕你將從耐克看到的逆風？

Well, it's all of the above, right? We continue to promote great storytelling. Our merchant team continues to build exclusive products and concepts with our vendor partners. We do storytell both online and on store and through our social engagement with our consumers. It's how you lay out the store, it's how our store associates talk about all of the products, our in kind sort of marketing will go back and forth with all of these brands.

嗯，以上都是，對吧？我們繼續推廣精彩的故事講述。我們的商家團隊繼續與我們的供應商合作夥伴建立獨家產品和概念。我們通過在線和商店以及與消費者的社交互動來講故事。這是您佈置商店的方式，這是我們的商店員工談論所有產品的方式，我們的實物營銷將與所有這些品牌來回走動。

But it really is reinforced by the statistics that I shared during my prepared remarks that our consumers want choice. And historically, we have not displayed the amount of choice that they've been looking for. We still have a number of customers that love the Nike product, and they're going to continue to love Nike product.

但我在準備好的評論中分享的統計數據確實加強了這一點，即我們的消費者想要選擇。從歷史上看，我們沒有展示他們一直在尋找的選擇數量。我們仍然有許多喜歡耐克產品的客戶，他們將繼續喜歡耐克產品。

At the same time, as I shared, our multiple buyers, our multiple footwear buyers buy almost 3 different brands over a 2-year period. So again, it is a little bit of giving our consumers what they're asking for. Finally, they don't have to hunt -- in fact, we've got better display, et cetera. And I know Frank's got some strong thoughts on this as well.

同時，正如我所分享的，我們的多個買家，我們的多個鞋類買家在 2 年內購買了近 3 個不同的品牌。再說一次，這只是為我們的消費者提供他們所要求的東西。最後，他們不必狩獵——事實上，我們有更好的展示，等等。我知道弗蘭克對此也有一些強烈的想法。

Yes. Tom, I'd just sort of remind everybody that the idea that sneaker culture is advertising and that there's a massive tailwind in terms of athlete, which means that it's not just sneakerheads and enthusiasts, that there is a broadening of the consumer [portfolio]. And when you think about how we've deployed our portfolio of brands, Foot Locker, Kids, Champs, WSS, atmos, that creates the landscape to capture and address more consumer opportunities with more brands, more price points, more categories. So it's not just about that core sneakerhead, it's actually about broadening and connecting with more consumers.

是的。湯姆，我只是想提醒大家，運動鞋文化是廣告的想法，並且在運動員方面有巨大的順風，這意味著不僅僅是運動鞋迷和愛好者，消費者[投資組合] .當您考慮我們如何部署我們的品牌組合時，Foot Locker、Kids、Champs、WSS、atmos 創造了一個環境，以更多的品牌、更多的價格點、更多的類別來捕捉和解決更多的消費者機會。所以這不僅僅是關於核心運動鞋迷，它實際上是關於擴大和與更多消費者建立聯繫。

At this time, I'd like to turn the floor back over to Mr. Robert Higginbotham for closing remarks.

在這個時候，我想請羅伯特·希金博瑟姆先生結束髮言。

Thank you for joining us today. Please join us again for our next earnings call, which we anticipate will take place at 9 a.m. on Friday, August 19. The call will follow the release of our second quarter results earlier that morning. Thank you, and goodbye.

感謝您今天加入我們。請再次加入我們的下一次收益電話會議，我們預計將於 8 月 19 日星期五上午 9 點舉行。電話會議將在當天上午早些時候發布我們的第二季度業績之後舉行。謝謝，拜拜。

This concludes today's conference. We thank you for participating. You may now disconnect your lines.

今天的會議到此結束。我們感謝您的參與。您現在可以斷開線路。