威富公司 (VFC) 2022 Q3 法說會逐字稿

Hello, and welcome to the V.F. Corporation Third Quarter Fiscal 2022 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Allegra Perry, Vice President, Investor Relations. Allegra, please go ahead.

您好，歡迎來到 V.F.公司 2022 財年第三季度電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係副總裁 Allegra Perry。阿萊格拉，請繼續。

Good morning, and welcome to VF Corporation's Third Quarter Fiscal 2022 Conference Call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.

早上好，歡迎參加 VF Corporation 2022 財年第三季度電話會議。今天電話會議的參與者將做出前瞻性陳述。這些陳述基於當前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期提交給 SEC 的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we have defined in the press release that was issued this morning. We use adjusted constant dollar amounts as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business.

除非另有說明，否則今天電話會議中提及的金額將以調整後的固定美元為基礎，我們已在今天上午發布的新聞稿中定義了這一點。我們在討論中使用調整後的固定美元金額作為領先數字，因為我們相信它們更準確地代表了我們業務的真實運營績效和基本結果。

You may hear us refer to reported amounts, which are in accordance with U.S. GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management's view of why this information is useful to investors.

您可能會聽到我們提及按照美國公認會計原則報告的金額。 GAAP 措施與調整後金額的對賬可以在新聞稿中包含的補充財務表格中找到，該表格確定並量化了所有排除項目，並提供管理層對這些信息為何對投資者有用的看法。

Due to the significant impact of the coronavirus pandemic on prior year figures, today's call will also contain certain comparisons to the same period in fiscal 2020 for additional context. These comparisons are all on a reported dollar basis.

由于冠狀病毒大流行對上一年數據的重大影響，今天的電話會議還將包含與 2020 財年同期的某些比較，以獲取更多背景信息。這些比較都是在報告的美元基礎上進行的。

On June 28, 2021, the company completed the sale of its Occupational Workwear business. Accordingly, the company has reported the related held-for-sale assets and liabilities of this business as assets and liabilities of discontinued operations and included the operating results and cash flows of this business in discontinued operations for all periods through the date of the sale. Unless otherwise noted, results presented on today's call are based on continuing operations.

2021年6月28日，公司完成了其職業工作服業務的出售。據此，本公司已將該業務的相關持有待售資產和負債作為終止經營的資產和負債列報，並將該業務的經營成果和現金流量計入終止經營直至出售之日的所有期間。除非另有說明，否則今天電話會議上的結果均基於持續運營。

Joining me on the call will be VF's Chairman, President and Chief Executive Officer, Steve Rendle; and EVP and CFO, Matt Puckett. Following our prepared remarks, we'll open the call for questions. Steve?

與我一起參加電話會議的還有 VF 的董事長、總裁兼首席執行官 Steve Rendle；執行副總裁兼首席財務官 Matt Puckett。在我們準備好的評論之後，我們將打開提問的電話。史蒂夫?

Thank you, Allegra, and good morning, everyone. Welcome to our third quarter call. We delivered strong results in Q3 with organic revenue growth of 16% and organic earnings growth of 32% amidst continuing macro headwinds. Our business is strong and healthy. We achieved our Q3 plan driven by a robust holiday performance and an exceptional quarter from the North Face which gained further momentum and surpassed $1.2 billion in revenue, a record in its history.

謝謝你，Allegra，大家早上好。歡迎來到我們的第三季度電話會議。在持續的宏觀逆風中，我們在第三季度取得了強勁的業績，有機收入增長 16%，有機收益增長 32%。我們的業務強勁而健康。我們實現了第三季度計劃，這得益於強勁的假日業績和 North Face 的出色季度，該季度獲得了進一步的發展勢頭，收入超過了 12 億美元，創下歷史新高。

I continue to be inspired by the incredible efforts our teams are making across the globe to advance our transformation strategy while navigating unprecedented challenges. We've come a long way during a difficult 24 months, continuing to invest in the business to generate exciting broad-based momentum across the portfolio while maintaining financial discipline. I'm confident we are well positioned for accelerated growth moving forward.

我繼續受到我們團隊在全球範圍內為推進我們的轉型戰略同時應對前所未有的挑戰所做的令人難以置信的努力的鼓舞。在艱難的 24 個月中，我們取得了長足的進步，繼續投資於業務，以在整個投資組合中產生令人興奮的廣泛動力，同時保持財務紀律。我相信我們已經做好了加速增長的準備。

I'll start off my prepared remarks with a brief update on the consumer environment. Globally, we continue to see robust demand for outdoor and active categories. Outdoor participation continues to grow, supported by secular trends towards more active, healthy lifestyles.

我將首先簡要介紹一下消費者環境的最新情況。在全球範圍內，我們繼續看到對戶外和活動類別的強勁需求。在更積極、更健康的生活方式的長期趨勢的支持下，戶外參與持續增長。

Across the Americas and EMEA regions, consumers started the holiday season early and were returning to in-store shopping prior to surges in the Omicron variant, which negatively impacted retail store traffic later in the quarter. Given the more pronounced macro disruption we have seen unfolding in the APAC region for consecutive quarters, I want to spend some time unpacking the situation in China and what our teams are actively doing to navigate these headwinds.

在美洲和歐洲、中東和非洲地區，消費者提前開始了假日季節，並在 Omicron 變體激增之前返回店內購物，這對本季度晚些時候的零售店客流量產生了負面影響。鑑於我們連續幾個季度在亞太地區看到了更為明顯的宏觀破壞，我想花一些時間來了解中國的情況以及我們的團隊正在積極採取哪些措施來應對這些逆風。

Following the strong rebound in the first half of 2021, the Chinese economy has seen slowing growth, reflecting the government's aggressive policy response to virus surges, pressuring consumption in the back half of the calendar year. To mitigate these headwinds, our teams are maximizing new social commerce opportunities to offset lower traffic on certain digital titan platforms, with plans to amplify key festival activations, with new targeted marketing stories and product drops. We're focused on increasing conversion in owned and partner brick-and-mortar stores through operational enhancements, while improving partner inventory levels. I'm confident in the capabilities we are building to advance our transformation and growth strategy in China.

繼 2021 年上半年強勁反彈後，中國經濟增長放緩，反映出政府對病毒激增的積極政策應對，在下半年給消費帶來壓力。為了緩解這些不利因素，我們的團隊正在最大限度地利用新的社交商務機會來抵消某些數字巨頭平台上較低的流量，併計劃擴大關鍵的節日活動，提供新的有針對性的營銷故事和產品下降。我們專注於通過改進運營來提高自有和合作夥伴實體店的轉化率，同時提高合作夥伴的庫存水平。我對我們正在建設的能力以推進我們在中國的轉型和增長戰略充滿信心。

Following the move of our brand leadership to Shanghai, our teams are focused on increasing product relevance and evolving channel and product segmentation, embracing new emerging channels, elevating store formats and omnichannel integration. Longer term, we continue to see significant distribution and brand awareness opportunity in China with a rapidly growing consumer base and outsized interest in our core categories. I remain confident in our strategy to generate profitable growth in this important region.

隨著我們的品牌領導層移至上海，我們的團隊專注於提高產品相關性、發展渠道和產品細分、擁抱新興渠道、提升門店形式和全渠道整合。從長遠來看，我們繼續在中國看到重要的分銷和品牌知名度機會，消費者基礎迅速增長，對我們的核心品類產生了極大的興趣。我對我們在這個重要地區實現盈利增長的戰略仍然充滿信心。

Moving into our brand highlights for the quarter. I'll start with the North Face, our largest brand this quarter, representing over 1/3 of VF's Q3 revenues. TNF delivered the largest quarter in its history, surpassing $1 billion for the first time with revenues of over $1.2 billion in the period. This was truly a fantastic performance during the brand's highest volume quarter of the year. Global TNF revenues grew 27% above pre-pandemic levels with continued broad-based strength across regions, channels and product categories. The North Face also delivered significant improvements in profitability with strong brand positioning driving higher quality sales. All regions were ahead of plan and surpassed prior peak levels.

進入我們本季度的品牌亮點。我將從本季度我們最大的品牌 North Face 開始，佔 VF 第三季度收入的 1/3 以上。 TNF 實現了其歷史上最大的一個季度，首次超過 10 億美元，該期間的收入超過 12 億美元。在該品牌一年中銷量最高的季度，這確實是一個了不起的表現。全球 TNF 收入比大流行前水平增長 27%，跨地區、渠道和產品類別繼續保持廣泛的實力。 The North Face 的盈利能力也顯著提高，強大的品牌定位推動了更高質量的銷售。所有地區都超前並超過了之前的峰值水平。

We continue to see broad-based growth across categories with snow sports, sportswear and logowear all growing over 20%. On-mountain products grew strongly, particularly in products offering key technologies. VECTIV and FUTURELIGHT continued to resonate with consumers in footwear and outerwear. And the athletic-inspired Wander collection continues to see significant growth.

我們繼續看到各個類別的廣泛增長，雪上運動、運動服和標誌性服裝均增長超過 20%。山地產品增長強勁，尤其是提供關鍵技術的產品。 VECTIV 和 FUTURELIGHT 繼續在鞋類和外套領域引起消費者的共鳴。以運動為靈感的 Wander 系列繼續顯著增長。

Off-mountain lifestyle products also showed ongoing strong momentum. The newly launched tech wear line, mountain-inspired clothes designed for the city, had sell-through in excess of 60%. SELF almost grew over 60%, and lifestyle footwear grew 30%. The brand is truly driving broad-based strength across categories.

非山地生活方式產品也顯示出持續強勁的勢頭。新推出的科技服裝系列，為城市設計的山地風格服裝，銷量超過 60%。 SELF 幾乎增長了 60% 以上，生活方式鞋類增長了 30%。該品牌真正推動了跨類別的廣泛實力。

Limited edition releases continued to drive brand heat. The second chapter of the TNF-Gucci collaboration has generated over 2 billion impressions since launching in December. In the campaign, it's more than a jacket launched this fall, which has been one of the most successful campaigns in terms of audience reach and engagement, earning nearly 200 media placements and driving 1 billion impressions, spurred by celebrity and influencer endorsements. The campaign included strong product stories, including Conrad Anker's 3-piece collection drop, which is nearly 100% sell-through.

限量版繼續推動品牌熱度。自 12 月推出以來，TNF-Gucci 合作的第二章已經產生了超過 20 億的印象。在該活動中，它不僅僅是今年秋天推出的一件夾克，它在受眾範圍和參與度方面是最成功的活動之一，在名人和影響者代言的推動下，獲得了近 200 個媒體展示位置和 10 億次展示。該活動包括強大的產品故事，包括康拉德·安克 (Conrad Anker) 的 3 件套系列下降，銷售率接近 100%。

The Explorer Pass loyalty program grew exponentially this quarter, adding 1.1 million new members and 33% more sign-ups during holiday weeks relative to last year, driven by the digital channel. Total membership is now approaching 9 million, growing about 30% fiscal year-to-date. Highly engaged loyalty members continue to drive higher AOV versus nonmembers with higher order frequency and now represent the majority of revenue in each D2C channel. We remain encouraged by the brand's broad-based momentum fueled by innovation, increasing year-round relevancy and ongoing tailwinds for the outdoor marketplace.

在數字渠道的推動下，Explorer Pass 忠誠度計劃在本季度呈指數級增長，與去年相比，在假期期間增加了 110 萬新會員和 33% 的註冊人數。會員總數現在接近 900 萬，本財年迄今增長約 30%。與具有更高訂單頻率的非會員相比，高度參與的忠誠會員繼續推動更高的 AOV，並且現在佔每個 D2C 渠道的大部分收入。我們仍然對該品牌在創新、全年相關性增加和戶外市場持續順風的推動下的廣泛發展勢頭感到鼓舞。

Looking ahead, following the strong holiday outperformance at TNF, we're raising our full year 2022 outlook to growth of 29% to 30% representing 18% to 19% growth relative to fiscal '20. This compares to our previous expectation of 16% to 18% growth versus fiscal '20.

展望未來，在 TNF 假期表現強勁之後，我們將 2022 年全年展望上調至 29% 至 30%，相對於 20 財年增長 18% 至 19%。相比之下，我們之前預計與 20 財年相比增長 16% 至 18%。

Before moving on to Vans, I want to take a moment to address the TNF leadership change underway. As we announced earlier this month, Steve Murray is retiring and will be replaced by Nicole Otto later this summer. Nicole's experience and deep understanding of consumer engagement strategies make her ideally suited to take the helm and further accelerate growth. We're excited to welcome her to the VF family. And of course, thank you, Steve Murray, for all that you've accomplished during your long successful career at VF. You're leaving TNF with exceptionally strong brand momentum.

在轉到 Vans 之前，我想花點時間來談談正在進行的 TNF 領導層變動。正如我們本月早些時候宣布的那樣，史蒂夫·默里即將退休，並將在今年夏天晚些時候由妮可·奧托接任。 Nicole 的經驗和對消費者參與策略的深刻理解使她非常適合掌舵並進一步加速增長。我們很高興歡迎她加入 VF 大家庭。當然，感謝 Steve Murray，感謝您在 VF 長期成功的職業生涯中所取得的成就。您將帶著異常強勁的品牌勢頭離開 TNF。

Moving on to Vans, which grew 8% in Q3, representing modest growth relative to pre-pandemic levels. Global digital growth continues to be strong, up 54% relative to fiscal '20 driving 9% D2C growth relative to pre-pandemic levels. In the first 9 months of the year, Vans generated an additional $232 million revenue across its digital platforms relative to fiscal '20. While we have made great progress in certain regions and products, on a global basis, Vans did not meet expectations in Q3 with mixed holiday performance, reflecting heightened disruption across China and a slower-than-expected recovery in Classics footwear. The Americas business was a highlight, delivering a sequential improvement with the U.S. market posting its first positive growth versus fiscal '20 since the start of the pandemic, fueled by digital growth of approximately 50%.

轉向 Vans，第三季度增長 8%，與大流行前水平相比增長適度。全球數字增長繼續強勁，相對於 20 財年增長 54%，推動 D2C 相對於大流行前水平增長 9%。與 20 財年相比，今年前 9 個月，Vans 通過其數字平台創造了額外的 2.32 億美元收入。雖然我們在某些地區和產品上取得了長足的進步，但在全球範圍內，Vans 在第三季度的假期表現並沒有達到預期，反映出中國各地的混亂程度加劇以及 Classics 鞋類的複蘇慢於預期。美洲業務是一大亮點，在數字增長約 50% 的推動下，美國市場實現了自大流行開始以來與 20 財年相比的首次正增長，實現了連續改善。

Global Classics footwear showed encouraging sequential improvement but remains below pre-pandemic levels. While we're making strides to reignite this category, we are simultaneously driving growth in other areas of the brand, which are gaining share within the mix. We continue to see broad-based strength across the Progression footwear line highlighted by MTE up 56% and Ultra range up 30% relative to fiscal '20 levels. Progression now represents nearly 1/4 of the Vans footwear mix.

Global Classics 鞋類表現出令人鼓舞的連續改善，但仍低於大流行前的水平。雖然我們正在大踏步地重新點燃這一類別，但我們同時也在推動品牌其他領域的增長，這些領域正在獲得更多份額。相對於 20 財年的水平，我們繼續看到 MTE 強調的 Progression 鞋類產品線的廣泛實力增長了 56%，Ultra range 增長了 30%。 Progression 現在佔 Vans 鞋履組合的近 1/4。

Apparel grew 29% in Q3, representing 12% growth versus fiscal '20 with broad-based, diversified growth across customer segments, including increased traction in use. Vans continues to develop exciting product stories, which will launch in coming months. Main skate story will be the Lizzie, the first signature shoe from Olympic athlete, Lizzie Armanto, reinforcing the brand's leadership position in skating and to women's sport. The Lizzie will incorporate eco-cushioning and the new 3D vera cap toe for increased durability, micro-waffle thread and stick rubber for maximum grip.

服裝在第三季度增長了 29%，與 20 財年相比增長了 12%，在客戶群中實現了廣泛、多樣化的增長，包括使用牽引力的增加。 Vans 繼續開發令人興奮的產品故事，這些故事將在未來幾個月推出。主要的滑板故事將是 Lizzie，這是奧運會運動員 Lizzie Armanto 的第一款簽名鞋，鞏固了該品牌在滑冰和女子運動領域的領導地位。 Lizzie 將結合生態緩沖和新的 3D 維拉鞋頭以提高耐用性、微華夫格螺紋和橡膠棒以提供最大的抓地力。

The Progression pipeline is also strong with several key launches ready for fiscal '23, including Circle B launching next month. This is a new silhouette for Vans and is the brand's first shoe designed around the concept of circularity. Vans consumers remain highly engaged with the brand. Vans Family membership is approaching 21 million globally, increasing nearly 50% over the past 12 months with growing activations across all regions.

Progression 管道也很強大，為 23 財年準備了幾個關鍵的發布，包括下個月發布的 Circle B。這是 Vans 的全新鞋型，也是該品牌首款圍繞圓形概念設計的鞋款。 Vans 消費者對該品牌的參與度仍然很高。 Vans Family 會員在全球範圍內接近 2100 萬，在過去 12 個月中增加了近 50%，所有地區的活躍度都在增加。

While we are encouraged by the sequential improvement of the business fundamentals, we acknowledge that the Vans brand continues to perform below the expectations set in May '21. Our teams are focused on 3 drivers of the weaker-than-expected performance: China, plastics footwear and brand heat.

雖然我們對業務基本面的連續改善感到鼓舞，但我們承認 Vans 品牌的表現繼續低於 21 年 5 月設定的預期。我們的團隊專注於表現弱於預期的 3 個驅動因素：中國、塑料鞋類和品牌熱度。

Starting with China. We are delivering China-relevant product and content through a greater level of localization, evolving our digital strategy, including leveraging social commerce opportunities, elevating our in-store environment and operations to drive traffic and conversion and deepening community engagement with our growing customer base, including Vans Family initiatives, where we now have close to 2 million members added since launch in July.

從中國開始。我們正在通過更高水平的本地化提供與中國相關的產品和內容，發展我們的數字戰略，包括利用社交商務機會，提升我們的店內環境和運營以推動流量和轉化，以及加深與我們不斷增長的客戶群的社區互動，包括 Vans Family 計劃，自 7 月推出以來，我們現在已經增加了近 200 萬會員。

Moving to Classics. We are returning to an always-on Classics demand creation model with a higher degree of innovation and design supported by enhanced and targeted marketing support with a dedicated campaign launching globally throughout this year starting with the U.S. market next month. Applying learnings from the skate high campaign was launched during back-to-school and has led to over 20% growth over the past 2 quarters from that silhouette.

轉向經典。我們正在回歸一種始終在線的經典需求創造模式，具有更高程度的創新和設計，並得到增強和有針對性的營銷支持的支持，今年全年將在全球範圍內推出一項專門的活動，下個月從美國市場開始。應用從滑板高中運動中學到的知識是在返校期間發起的，並在過去兩個季度中從該輪廓中獲得了超過 20% 的增長。

And finally, brand heat. While Vans brand health is strong, its brand heat remains below pre-pandemic levels and has significant potential and scope to be reignited. To address this, we are focused on increasing the flow of innovation and product stories, increasing wearing occasions for existing consumers and investing in attracting and retaining new consumers. We remain encouraged by the early results of our 52-week drop strategy, which we are leveraging to reward our loyalty members with early access to new product stories and to drive energy and engagement with new and existing consumers. We believe the pivot in our Classics marketing underway will play a key role here as well. Vans has a long history of success with a rich heritage and strong brand equity. I'm confident there is a long runway ahead for future growth.

最後，品牌熱度。雖然 Vans 品牌健康狀況良好，但其品牌熱度仍低於疫情前的水平，並具有重新點燃的巨大潛力和空間。為了解決這個問題，我們專注於增加創新和產品故事的流量，增加現有消費者的穿著場合，並投資於吸引和留住新消費者。我們仍然對我們 52 周放棄策略的早期結果感到鼓舞，我們正在利用該策略獎勵我們的忠誠會員，讓他們及早接觸新產品故事，並推動能量和與新老消費者的互動。我們相信，我們正在進行的經典營銷的支點也將在這裡發揮關鍵作用。 Vans 擁有悠久的成功歷史，擁有豐富的傳統和強大的品牌資產。我相信未來的增長還有很長的路要走。

Timberland delivered 11% growth in Q3, led by a very strong sellout season with key accounts in the U.S. and with our own channel. Key wholesale partners continue to rebuild inventory levels as retailers and consumers remain hungry for the brand's iconic products. This demand pull dynamic continues to support strong margin performance across the business. We continue to see the strength from the Green Stride innovation platform, which drove strong sell-through across all regions globally. We've also seen encouraging performance in women's across core hiking and heritage boots. Apparel growth has accelerated globally, led by newness, highlighted by approximately 90% growth in the Americas.

Timberland 在第三季度實現了 11% 的增長，這得益於美國主要客戶和我們自己的渠道的銷售旺季。由於零售商和消費者仍然渴望品牌的標誌性產品，主要批發合作夥伴繼續重建庫存水平。這種需求拉動動態繼續支持整個業務的強勁利潤率表現。我們繼續看到 Green Stride 創新平台的實力，該平台推動了全球所有地區的強勁銷售。我們還看到女式核心遠足靴和傳統靴子的表現令人鼓舞。在新品的帶動下，全球服裝增長加速，其中美洲約 90% 的增長尤為突出。

In addition to these bright spots, successful collaborations continue to deliver brand heat highlighted by Timberland Supreme, who sold out globally in 48 hours across all SKUs. The recent collaboration with Tommy Hilfiger also drove strong engagement through unique storytelling around sustainability and progressive authentic style. We are pleased with the building momentum at Timberland. And looking ahead, we remain confident in the brand's long-term potential for profitable growth.

除了這些亮點之外，成功的合作繼續帶來 Timberland Supreme 所強調的品牌熱度，其所有 SKU 在 48 小時內全球售罄。最近與 Tommy Hilfiger 的合作也通過圍繞可持續性和漸進式正宗風格的獨特故事講述推動了強烈的參與。我們對 Timberland 的建設勢頭感到滿意。展望未來，我們對品牌的長期盈利增長潛力充滿信心。

Moving to Dickies, which grew 14% versus fiscal '20 levels, driven by continued strength in the Americas. Elevated sell-through and strong demand signals indicated the brand's evolving integrated marketplace segmentation is delivering as planned, and the brand continues to see growth from both the workwear and work-inspired segments. We're also pleased to see the brand profitability continuing to improve ahead of plan.

轉向 Dickies，與 20 財年的水平相比增長了 14%，這得益於美洲的持續增長。較高的銷售量和強勁的需求信號表明該品牌不斷發展的綜合市場細分正在按計劃交付，並且該品牌繼續看到工作服和工作靈感細分市場的增長。我們也很高興看到品牌盈利能力繼續提前提高。

And finally, the Supreme brand continues to see strong demand and sell-through, both online and in its stores. The brand delivered nearly $200 million in revenue in Q3, despite closing doors globally at various stages due to pandemic surges. We had a strong close to the fall season as the Supreme teams, partnering with VF supply chain, were able to align inventory flow with their revised drop schedule.

最後，Supreme 品牌繼續在網上和門店看到強勁的需求和銷售。該品牌在第三季度實現了近 2 億美元的收入，儘管由於大流行病激增而在全球各個階段關門大吉。由於 Supreme 團隊與 VF 供應鏈合作，能夠使庫存流與他們修改後的下降時間表保持一致，因此我們在秋季臨近時表現強勁。

The Supreme team remains highly focused on their store-led geographic expansion strategy as a key element in showcasing the brand and its unique collection. The brand opened 2 stores in Europe this year, in Milan and Berlin, executing against its international expansion strategy. The team continues to stay the course and create brand awareness in an intentional and authentic way. We're excited about Supreme's longer-term potential as a key brand within the VF portfolio.

Supreme 團隊仍然高度關注以門店為主導的地域擴張戰略，將其作為展示品牌及其獨特系列的關鍵要素。該品牌今年在歐洲開設了 2 家門店，分別位於米蘭和柏林，執行其國際擴張戰略。團隊繼續堅持到底，以有意識和真實的方式創造品牌知名度。我們對 Supreme 作為 VF 產品組合中關鍵品牌的長期潛力感到興奮。

I'm proud of how our organization continues to manage through this uncertain environment and pleased with the continued resiliency of our people and our operating model. Our fiscal '22 outlook today is stronger, both top and bottom line, relative to our initial commitment at the beginning of the year despite facing new challenges in the macro environment. Following significant reshaping over the past 5 years, our business is sharper than ever. We delivered a strong quarter and maintained our earnings outlook for the year as a result of broad-based momentum achieved across our diversified family of brands. We are well positioned to continue driving profitable growth and elevated returns to our shareholders.

我為我們的組織如何繼續在這種不確定的環境中進行管理感到自豪，並對我們的員工和運營模式的持續彈性感到滿意。儘管在宏觀環境中面臨新的挑戰，但相對於我們在年初的最初承諾，我們今天的 22 財年前景更加強勁，無論是頂線還是底線。經過過去 5 年的重大變革，我們的業務比以往任何時候都更加清晰。由於我們多元化的品牌家族取得了廣泛的發展勢頭，我們實現了強勁的季度業績並維持了全年的盈利前景。我們有能力繼續推動盈利增長並為股東帶來更高的回報。

And now I'll turn it over to Matt.

現在我將把它交給馬特。

Thanks, Steve. Good morning, everyone. I want to start by welcoming Allegra to the team. It's great to have you on board, and I'm excited about this opportunity for you to help us refine our communication approach and drive our overall investor engagement strategy. Welcome to you.

謝謝，史蒂夫。大家，早安。我想首先歡迎阿萊格拉加入球隊。很高興有您加入，我很高興您有機會幫助我們改進我們的溝通方式並推動我們的整體投資者參與戰略。歡迎您。

I'm pleased with our overall performance during the key holiday quarter. We delivered strong organic top line and EPS growth relative to pre-pandemic levels and ahead of our outlook, leveraging our unique capabilities to overcome ongoing macro pressures. And as a reminder, this was against a record holiday season for VF back in fiscal 2020.

我對我們在關鍵假日季度的整體表現感到滿意。相對於大流行前的水平，我們實現了強勁的有機收入和每股收益增長，並且領先於我們的前景，利用我們獨特的能力來克服持續的宏觀壓力。提醒一下，這與 VF 在 2020 財年創紀錄的假日季節背道而馳。

I continue to be hugely impressed by the resiliency of our people and our organization, which have continued to adapt with agility and speed to ongoing challenges. A major focus during my first year as CFO has been on managing the P&L, which we've achieved during this volatile period. Our profitability recovery in fiscal '22 is a major highlight for VF, a testament to the resiliency and optionality of our model. We expect gross margins to approach pre-pandemic levels this year, an amazing feat considering the significant additional costs incurred from expedited freight, higher underlying freight rate and currency headwinds.

我繼續對我們的員工和組織的彈性印象深刻，他們繼續以敏捷和速度適應持續的挑戰。在我擔任首席財務官的第一年，我的主要工作重點是管理損益表，這是我們在這個動盪時期實現的。我們在 22 財年的盈利能力恢復是 VF 的一大亮點，證明了我們模型的彈性和選擇性。我們預計今年毛利率將接近大流行前的水平，考慮到加急運費、更高的基本運費和貨幣逆風所產生的大量額外成本，這是一個了不起的壯舉。

We've also been able to flex SG&A while distorting investment into areas where we have the opportunity to accelerate growth and accelerate our digital transformation. Our actions, coupled with the strength of our model, are leading to profitability in line with our strong pre-pandemic levels despite higher demand creation spend and significant macro headwinds.

我們還能夠靈活調整 SG&A，同時將投資扭曲到我們有機會加速增長和加速數字化轉型的領域。儘管需求創造支出增加和宏觀逆風顯著，但我們的行動，再加上我們模型的優勢，正在使盈利能力與我們在大流行前的強勁水平保持一致。

Moving into the operating environment update across regions. First, I'll start with the supply chain. Our teams continue to be resourceful in optimizing our extensive supply chain platform capabilities to act with agility, creativity and speed in order to best manage a challenging environment. Our teams continue to diversify our supply footprint and are making earlier commitments on raw materials and inventory purchases to optimize supply moving forward.

跨區域進入操作環境更新。首先，我將從供應鏈開始。我們的團隊繼續足智多謀地優化我們廣泛的供應鏈平台能力，以敏捷、創造性和速度行動，以最好地管理充滿挑戰的環境。我們的團隊繼續使我們的供應足跡多樣化，並在原材料和庫存採購方面做出早期承諾，以優化供應向前發展。

The logistics network remains under pressure as our teams continue to face unprecedented port congestion, labor shortages and equipment constraints. We expect these logistics challenges will remain with us throughout most, if not all, of 2022. However, we're taking active measures to mitigate the impact, leveraging our relationships to secure additional capacity and equipment, utilizing more ports and more carriers and even chartering full-size jetliners when economical.

由於我們的團隊繼續面臨前所未有的港口擁堵、勞動力短缺和設備限制，物流網絡仍面臨壓力。我們預計這些物流挑戰將在 2022 年的大部分時間（如果不是全部的話）中繼續存在。但是，我們正在採取積極措施來減輕影響，利用我們的關係來確保額外的容量和設備，利用更多的港口和更多的運營商，甚至在經濟的情況下租用全尺寸噴氣式客機。

Our DC associates continue to work tirelessly to deliver on strong consumer demand. Steve and I had the pleasure of visiting some of our DCs this quarter. It is exciting to see our investments in robotics and automation in action within these critical facilities. Our distribution network is a key component of our digital value chain, and we executed best-in-class delivery times with click-to-deliver times averaging 3 business days during the recent holiday peak. Our teams throughout the supply chain remain adaptive, resourceful and deeply committed to execution. The supply chain has and will continue to be a key competitive advantage for VF, supporting and enabling growth as we move forward.

我們的 DC 員工繼續孜孜不倦地工作，以滿足強勁的消費者需求。史蒂夫和我有幸在本季度參觀了我們的一些配送中心。看到我們對機器人和自動化的投資在這些關鍵設施中發揮作用是令人興奮的。我們的分銷網絡是我們數字價值鏈的關鍵組成部分，在最近的假期高峰期間，我們執行了一流的交付時間，點擊交付時間平均為 3 個工作日。我們在整個供應鏈中的團隊保持適應性強、足智多謀並且堅定地致力於執行。供應鏈已經並將繼續成為 VF 的關鍵競爭優勢，在我們前進的過程中支持和促進增長。

Moving on to the Americas region. Overcoming lower foot traffic, the U.S. broadly delivered a record holiday season driven by a healthy and resilient U.S. consumer. The Americas region grew 18% organically, representing mid-single-digit growth relative to fiscal '20. Our businesses saw a strong early start to the season. However, the fast spread of the Omicron variant during the quarter impacted retail store traffic and consumer confidence, particularly in December. Overall, a strong holiday performance and clean inventory levels across channels will support continued momentum in the region during fiscal '23 and beyond.

繼續前往美洲地區。美國克服了客流量減少的問題，在健康和有彈性的美國消費者的推動下，總體上實現了創紀錄的假日季節。美洲地區有機增長了 18%，相對於 20 財年而言是個位數的中位數增長。我們的業務在本季的早期開局強勁。然而，本季度 Omicron 變體的快速普及影響了零售店客流量和消費者信心，尤其是在 12 月。總體而言，強勁的假日表現和跨渠道的清潔庫存水平將支持該地區在 23 財年及以後的持續發展勢頭。

The EMEA region continued to show great momentum this quarter with our business delivering 25% organic growth versus last year and 23% growth relative to fiscal '20, with strength across all key markets. The latest virus surge has spurred new restrictions across Europe, namely in Austria, the Netherlands, Germany and the U.K. This has contributed to declining consumer confidence, deteriorating traffic and stretched retail staff in our stores. Our D2C brick-and-mortar business was able to deliver positive growth above prior peak levels despite a deterioration in traffic to 40% below fiscal '20 levels during the final weeks of the quarter. This is a clear testament to strong consumer demand and our ability to continue executing in-store with high levels of conversion.

歐洲、中東和非洲地區本季度繼續呈現強勁勢頭，我們的業務與去年相比實現了 25% 的有機增長，與 20 財年相比增長了 23%，在所有主要市場都表現強勁。最新的病毒激增引發了歐洲各地的新限制，即在奧地利、荷蘭、德國和英國。這導致消費者信心下降、客流量惡化以及我們商店的零售人員緊張。儘管在本季度的最後幾週，流量惡化至比 20 財年水平低 40%，但我們的 D2C 實體業務仍能實現高於先前峰值水平的正增長。這清楚地證明了強勁的消費者需求以及我們繼續在店內執行高轉化率的能力。

Moving on to the APAC region. As Steve covered, our teams are actively working to navigate a more challenging than anticipated environment in China as COVID-related lockdowns continue to drive volatility in retail traffic. Outside of China, other markets in Asia performed better, recording positive growth this quarter as restrictions were gradually lifted in Malaysia, Taiwan and Northern Asia. We've seen a nice acceleration in Korea and double-digit growth in Japan.

繼續前進到亞太地區。正如史蒂夫所說，我們的團隊正在積極努力應對中國比預期更具挑戰性的環境，因為與 COVID 相關的封鎖繼續推動零售流量的波動。在中國以外，亞洲其他市場表現較好，本季度錄得正增長，因為馬來西亞、台灣和北亞的限制逐步解除。我們已經看到韓國的加速增長和日本的兩位數增長。

When we set our APAC outlook in October, we expected to see an improving environment as we entered the fourth quarter. This timing is now less certain, and we expect the Chinese New Year holiday to be impacted by constrained travel and consumption. As a result, we now expect low single-digit growth for China in fiscal '22 with China representing about 8% of VF revenue this fiscal year. We remain very confident in VF's long-term growth prospects in China and the broader APAC region. We're confident the business is well positioned to accelerate beyond this disruptive period.

當我們在 10 月份設定亞太地區展望時，我們預計進入第四季度時環境會有所改善。這個時機現在不太確定，我們預計中國新年假期將受到旅行和消費受限的影響。因此，我們現在預計 22 財年中國的低個位數增長，中國占 VF 本財年收入的 8% 左右。我們對 VF 在中國和更廣泛的亞太地區的長期增長前景仍然充滿信心。我們相信，該業務已做好準備，能夠加速超越這一顛覆性時期。

Now moving into the highlights from our third quarter. I'm pleased with our execution and our ability to deliver against our outlook provided in October amidst a more challenging than anticipated environment. VF revenue increased 22% in Q3, representing 16% organic growth or 9% organic growth relative to fiscal 2020. B2C and wholesale each surpassed pre-pandemic levels. Digital grew 61% organically relative to fiscal '20, driven by strength across our largest brands and outsized digital growth from our emerging brands group. When combined with digital wholesale, VF's total digital penetration was roughly 30% as compared to about 20% in fiscal '20, reflecting investments made in digital infrastructure and talent, enhanced merchandising capabilities and omnichannel services.

現在進入我們第三季度的亮點。在比預期更具挑戰性的環境中，我對我們的執行力和實現 10 月份展望的能力感到滿意。 VF 收入在第三季度增長了 22%，相對於 2020 財年，有機增長 16% 或 9%。B2C 和批發均超過了大流行前的水平。與 20 財年相比，數字化有機增長了 61%，這得益於我們最大品牌的實力以及我們新興品牌集團的超大數字化增長。與數字批發相結合，VF 的總數字滲透率約為 30%，而 20 財年約為 20%，這反映了在數字基礎設施和人才、增強的銷售能力和全渠道服務方面的投資。

Gross margins expanded 60 basis points to 56.3%, including a 20 basis point benefit from Supreme. Relative to pre-pandemic levels, underlying organic gross margins expanded 150 basis points offset by 260 basis points of expedited freight and FX. This strong underlying performance highlights the full price realization, a testament to the health of our brands in the marketplace.

毛利率擴大 60 個基點至 56.3%，其中包括來自 Supreme 的 20 個基點。相對於大流行前的水平，基本有機毛利率擴大了 150 個基點，被加急運費和外彙的 260 個基點所抵消。這種強勁的潛在表現突出了全價的實現，證明了我們品牌在市場上的健康。

Including Supreme, operating margin was 17.7% in Q3, representing modest expansion relative to pre-pandemic levels while increasing organic strategic investment by 12% versus fiscal '20, a strong achievement, overcoming meaningful headwinds from the disruptive supply chain and the drag from weaker near-term store productivity. We delivered EPS of $1.35 in Q3, representing 45% earnings growth relative to last year or high single-digit organic EPS growth relative to strong pre-pandemic levels, a significant recovery in a challenging environment and a testament to our robust operating model.

包括 Supreme 在內，第三季度的營業利潤率為 17.7%，相對於大流行前的水平而言是適度擴張，同時與 20 財年相比增加了 12% 的有機戰略投資，這是一個強勁的成就，克服了來自顛覆性供應鏈的重大逆風和疲軟的拖累近期商店生產力。我們在第三季度實現了每股收益 1.35 美元，與去年相比，盈利增長了 45%，或者相對於大流行前的強勁水平，實現了高個位數的有機每股收益增長，在充滿挑戰的環境中實現了顯著復甦，並證明了我們穩健的運營模式。

Before moving into our revised fiscal '22 outlook, I want to provide a few quick updates on our balance sheet. We successfully renewed our $2.25 billion revolver in the quarter, extending the term to 2026 and redeemed $500 million in term debt, which was due later this calendar year. During the quarter, we executed about $300 million in share repurchases, a signal to our confidence in our plans and commitment to continuing to return of cash to shareholders. Combined with our dividend, we returned nearly $500 million to shareholders this quarter.

在進入我們修訂的 22 財年展望之前，我想提供一些關於我們資產負債表的快速更新。我們在本季度成功續訂了價值 22.5 億美元的左輪手槍，將期限延長至 2026 年，並贖回了本日曆年晚些時候到期的 5 億美元定期債務。在本季度，我們執行了約 3 億美元的股票回購，這表明我們對我們的計劃充滿信心，並承諾繼續向股東返還現金。加上我們的股息，我們本季度向股東返還了近 5 億美元。

We maintain a strong cash and liquidity position, with $1.3 billion in cash and $3.6 billion in liquidity available at the end of the quarter. We do expect to end the year with net leverage of between 2.5 and 3x providing us with meaningful capital allocation optionality. There are no changes to our capital allocation priorities. We're focused on investing in our organic business while continuously looking for ways to optimize our brand portfolio. We remain committed to our strong dividend and we'll opportunistically deploy share repurchases to return excess cash to shareholders.

我們保持強勁的現金和流動性頭寸，截至本季度末有 13 億美元的現金和 36 億美元的流動性可用。我們確實預計年底時的淨槓桿率在 2.5 到 3 倍之間，為我們提供有意義的資本配置選擇權。我們的資本配置優先事項沒有變化。我們專注於投資有機業務，同時不斷尋找優化品牌組合的方法。我們仍然致力於我們的強勁股息，我們將機會性地部署股票回購，將多餘的現金返還給股東。

Now moving into our revised fiscal '22 outlook. As you saw in this morning's release, we are adjusting the shape of our fiscal '22 outlook in light of the changes in the operating environment since our call in October. Bottom line, our earnings outlook is unchanged, as certain areas of the business have performed better than expected and others are still recovering, a unique balance which gives evidence of the strength of our diversified portfolio platform.

現在進入我們修訂後的 22 財年展望。正如您在今天上午的新聞稿中看到的那樣，我們正在根據自 10 月電話會議以來運營環境的變化調整我們的 22 財年展望。歸根結底，我們的盈利前景沒有改變，因為某些業務領域的表現好於預期，而其他領域仍在復蘇，這種獨特的平衡證明了我們多元化投資組合平台的實力。

At a high level, the reduction in our sales and gross margin guidance is entirely driven by macro factors, namely China, the additional air freight and FX. Our new outlook is for VF revenue to approximate $11.85 billion, representing 28% growth relative to fiscal '21 and 13% growth relative to fiscal '20. This implies a Q4 outlook of about 10% growth relative to last year.

在較高的水平上，我們的銷售和毛利率指引的降低完全是由宏觀因素驅動的，即中國、額外的空運和外匯。我們的新展望是 VF 收入約為 118.5 億美元，相對於 21 財年增長 28%，相對於 20 財年增長 13%。這意味著與去年相比，第四季度的增長前景約為 10%。

By brand, we are raising our outlook for The North Face to 29% to 30% growth and adjusting our outlook for Vans to 21% to 22% growth. By region, we are adjusting our EMEA growth to 28% to 30%, reflecting FX and pandemic-related disruptions, including some shipments that have shifted out of Q4 into Q1 of next year. We're reducing our APAC outlook to high single-digit growth driven entirely by the environment changes in China we've discussed today. By channel, we are adjusting our D2C outlook to 32% to 34% growth, primarily reflecting the challenges in the China market. VF digital growth is now expected to exceed 15%.

按品牌劃分，我們將 The North Face 的增長預期上調至 29% 至 30%，並將 Vans 的增長預期上調至 21% 至 22%。按地區劃分，我們將歐洲、中東和非洲地區的增長率調整為 28% 至 30%，這反映了與外彙和大流行相關的中斷，包括一些已從第四季度轉移到明年第一季度的出貨量。我們正在將亞太地區的前景降至個位數的高增長，這完全是我們今天討論的中國環境變化所驅動的。按渠道劃分，我們將 D2C 前景調整為 32% 至 34% 的增長，主要反映了中國市場的挑戰。 VF 數字增長現在預計將超過 15%。

We now expect gross margin to exceed 55% approaching prior peak levels. The reduction in gross margin outlook from our prior guidance reflects incremental FX and expedited freight headwinds relative to our expectations in October. We are raising our operating margin outlook to at least 13%, a strong testament to our commitment to SG&A control and the optionality within our model. This is being achieved amidst continued pandemic-related disruption and less than ideal business mix with Vans in China performing below potential. We expect the D2C ecosystem to deliver stronger margins than we had in fiscal '20, supported by the mix shift to digital. We anticipate this mix shift will continue to be a structurally accretive profitability driver over the long term.

我們現在預計毛利率將超過 55%，接近之前的峰值水平。與我們之前的指引相比，毛利率前景的下降反映了相對於我們 10 月份預期的外匯增加和貨運逆風加速。我們將營業利潤率前景提高到至少 13%，這有力地證明了我們對 SG&A 控制的承諾以及我們模型中的可選性。這是在與大流行相關的持續中斷和不太理想的業務組合中實現的，Vans 在中國的表現低於潛力。在向數字化轉型的支持下，我們預計 D2C 生態系統將提供比 20 財年更高的利潤率。我們預計，從長遠來看，這種組合轉變將繼續成為結構性的盈利驅動因素。

Finally, we are holding EPS guidance unchanged at $3.20, supported by the resiliency in our operating margin performance and a slightly more favorable expected tax rate of about 14%. This represents organic EPS growth of 128% versus last year and double-digit growth versus pre-pandemic earnings.

最後，我們將每股收益指引維持在 3.20 美元不變，這得益於我們的營業利潤率表現的彈性和約 14% 的略好預期稅率。這代表每股收益與去年相比有機增長了 128%，與大流行前的收益相比實現了兩位數的增長。

Our fiscal '22 has evolved differently than we expected back in May of 2021. The recovery has not been linear in parts of the Vans business. The China market has been challenging, and we've seen more pressure on the supply chain network than we anticipated. But our teams are navigating this, and the value of our diversified portfolio is fully on display in a disruptive year like this with certain parts of our business overdelivering, offsetting pressures in other areas. TNF is our biggest contributor during the quarter, having seen a significant acceleration across regions and delivering a record quarter, and both Timberland and Dickies have delivered meaningful improvements in profitability well ahead of schedule.

我們 22 財年的發展與我們在 2021 年 5 月的預期不同。Vans 部分業務的複蘇並不是線性的。中國市場一直充滿挑戰，我們看到供應鍊網絡面臨的壓力比我們預期的要大。但我們的團隊正在駕馭這一點，我們多元化投資組合的價值在這樣一個顛覆性的一年中得到充分展示，我們的某些業務超額交付，抵消了其他領域的壓力。 TNF 是我們在本季度的最大貢獻者，在各地區實現了顯著加速並實現了創紀錄的季度，Timberland 和 Dickies 都提前實現了盈利能力的顯著改善。

Collectively, despite all of the unforeseeable challenges, our fiscal '22 guidance today is stronger, both top and bottom line, relative to where it was at the onset of the year. I'm proud of how our teams have effectively managed and driven our business through uncertainty. I'm pleased with our control over the P&L, and I'm confident that our broad-based momentum across the portfolio will enable us to continue to deliver against our strategy into fiscal '23.

總的來說，儘管存在所有不可預見的挑戰，但我們今天的 '22 財年指導方針在頂線和底線方面都比年初時更強。我為我們的團隊如何在不確定性中有效地管理和推動我們的業務感到自豪。我對我們對損益表的控制感到滿意，我相信我們在整個投資組合中的廣泛發展勢頭將使我們能夠繼續按照我們的戰略進入 23 財年。

Let's open the line for your questions.

讓我們為您的問題打開線路。

(Operator Instructions)

（操作員說明）

Our first question today is coming from Michael Binetti from Credit Suisse.

我們今天的第一個問題來自瑞士信貸的 Michael Binetti。

Let me ask you just a couple quick ones on Vans in the U.S. and then I have a bigger picture question. It looks like U.S. D2C stores for Vans started to recover, and that's been a really tough part of the thesis for several quarters. The year accelerated and the quarter nicely there. What are you seeing there in stores? I know that's been difficult.

讓我問你幾個關於美國 Vans 的快速問題，然後我有一個更大的問題。看起來 Vans 在美國的 D2C 商店開始復蘇，這在幾個季度以來一直是論文中非常艱難的部分。這一年加速了，這個季度很好。你在商店裡看到了什麼？我知道這很困難。

And then on Vans U.S., on the wholesale side, I'm curious how much of it you think was supply chain disruption and what visibility you have on that. I thought it was interesting that wholesale for Vans was still down, but North Face wholesale picked up. I'm sure you had to make some decisions because the North Face stuff really needs to be at market in the winter and maybe Vans -- and brands like Vans can move around a little bit. But I'm wondering if we get past that period, does wholesale from Vans start to pick up to look closer to North Face as we go forward from here?

然後在 Vans 美國，在批發方面，我很好奇你認為供應鏈中斷有多少，你對此有什麼知名度。我覺得有趣的是，Vans 的批發量仍在下降，但 North Face 的批發量回升了。我相信你必須做出一些決定，因為 North Face 的東西確實需要在冬天上市，也許 Vans —— 像 Vans 這樣的品牌可以稍微移動一下。但我想知道我們是否能度過那個時期，隨著我們從這裡向前發展，Vans 的批發是否會開始回升以更接近 North Face？

And then just bigger picture, Steve, for you. I'm trying to think as we look out to next year, I know you gave us some shape for '23, but if the unaffected EPS this year, if we try to take out some of the supply chain costs and the virus and everything, it would have been higher than $3.20. Maybe we could do some math to figure it out. But is it safe to say you can guide closer to the algorithm for next year off of an unaffected number this year? Or how would you tell us at this point knowing what you know to think about the shape for next year?

然後是更大的圖景，史蒂夫，給你。我試圖在我們展望明年的時候思考，我知道你給了我們一些 23 年的情況，但是如果今年的每股收益不受影響，如果我們試圖消除一些供應鏈成本和病毒等等，它會高於 3.20 美元。也許我們可以做一些數學來弄清楚。但是可以肯定地說，您可以在今年未受影響的數字中引導更接近明年的算法嗎？或者，在這一點上，您如何告訴我們您對明年形狀的看法？

Michael, good morning. That was a lot, but I appreciate the question. So let me start with Vans and the Americas part, and then we'll move from there. So yes, brick-and-mortar, I guess, first of all, really happy to see the progress there. And our overall direct-to-consumer business in the Americas for Vans was inflected positively versus prepandemic levels, I think, up sort of mid-single digits in the quarter. And brick-and-mortar has been a driver of that in terms of the recovery that we're seeing there in the business.

邁克爾，早上好。那是很多，但我很欣賞這個問題。所以讓我從 Vans 和美洲部分開始，然後我們將從那裡開始。所以，是的，我想，實體店，首先，很高興看到那裡的進展。我認為，與大流行前的水平相比，我們在美洲的 Vans 直接面向消費者的整體業務受到了積極影響，在本季度中上升了個位數。就我們在業務中看到的複蘇而言，實體店一直是其中的推動力。

And I think it's as we've anticipated really all through the last several quarters, we expect a sequential improvement for a number of reasons as consumers continue to come back in stores as we get a little bit better positioned from an inventory standpoint, and obviously, as the work that we've been doing around demand creation begins to -- begins the impact.

而且我認為這正如我們在過去幾個季度中一直預期的那樣，我們預計隨著消費者繼續回到商店，因為從庫存的角度來看，我們的定位更好一些，因此我們預計會出現連續的改善，顯然，隨著我們圍繞需求創造所做的工作開始——開始產生影響。

So we've seen a nice consistent recovery in that part of the business, which is -- which we're really happy about. And we're seeing the same obviously flow-through from a profitability standpoint as those stores recover. We're still not all the way back but we're really encouraged with where we are. And honestly, we're probably a little bit ahead of plan, if you look at our sort of year-to-date performance in our brick-and-mortar business in Vans, both globally but really in the Americas in particular.

因此，我們已經看到這部分業務的持續復甦很好，我們對此感到非常高興。從盈利的角度來看，隨著這些商店的複蘇，我們也看到了同樣的明顯流動。我們還沒有完全回到過去，但我們真的對我們所處的位置感到鼓舞。老實說，如果你看看我們今年迄今為止在 Vans 實體業務中的表現，無論是在全球範圍內，還是在美洲，我們都可能有點超前。

In terms of wholesale, I think, again, I would say, we're genuinely sort of on our plans and what we thought would occur. I wouldn't get so hung up on quarter-to-quarter. The progression that we expected to see has been there. There has been some choppiness for sure related to some of the supply chain challenges and choices that we've had to have made through this.

在批發方面，我想，我想說，我們真的有點在我們的計劃和我們認為會發生的事情上。我不會每季度都如此掛斷電話。我們期望看到的進展已經存在。肯定有一些波動與我們必須通過此做出的一些供應鏈挑戰和選擇有關。

Certainly, as we -- I think full transparency, and as Steve alluded to in his prepared remarks, there's some challenges relative to the Classics, the core Classics part of the business, that we'd like to see that moving a little faster and some of the brand heat behind that. And I think we feel confident we've identified those issues, and we're working really aggressively and pretty tactically around fixing that and beginning to move that. But certainly, there's some impact there in that wholesale business as a result of that.

當然，正如我們 - 我認為完全透明，正如史蒂夫在他準備好的講話中所暗示的那樣，與經典業務相關的核心經典部分存在一些挑戰，我們希望看到它移動得更快一點，並且這背後的一些品牌熱度。而且我認為我們有信心我們已經確定了這些問題，並且我們正在非常積極和非常有策略地解決這個問題並開始解決這個問題。但可以肯定的是，這會對批發業務產生一些影響。

Good morning, Michael. On your question towards next year in the algo that you can expect, I think you can see already, we're back to our LRP top line this year. And the earnings growth that we were able to maintain, I think, should give you confidence that we have line of sight based on a broad-based success of the portfolio, the strength that we see in our North Face business, Dickies, Timberland picking up momentum. And Vans will continue to see sequential improvement. We're very comfortable with our ability to maintain that long-term algorithm and how that will manifest itself in next year's plan, which we'll be talking to you here in May.

早上好，邁克爾。關於您可以期待的算法中明年的問題，我想您已經看到，我們今年回到了 LRP 頂線。我認為，我們能夠保持的盈利增長應該讓你相信，我們的視線基於投資組合的廣泛成功，我們在 North Face 業務、Dickies、Timberland 採摘中看到的實力上漲勢頭。 Vans 將繼續看到連續改進。我們對我們維持該長期算法的能力以及這將如何在明年的計劃中體現出來感到非常滿意，我們將在 5 月在這裡與您交談。

Yes, Mike, Yes. Maybe just one thing there to add because I've said a couple of times, and I'll say it again here, given the question is, we certainly expect expanding gross margins next year, given the structural benefits that we've enjoyed and continue to enjoy from a mix standpoint will be there. There's clearly some puts and takes in terms of headwinds and tailwinds that we're all facing. But overall, we expect margins to expand. And we've proven this year that we can drive SG&A leverage in our model and, at the same time, continue to make the really important and critical investments in our brands and in our strategy. So we're confident -- I'm not going to get into the pieces and the parts, but we're confident at the VF level and our ability to drive both revenue and earnings in line with our LRP.

是的，邁克，是的。也許只有一件事要補充，因為我已經說過幾次了，我會在這裡再說一遍，鑑於問題是，鑑於我們享有的結構性優勢，我們當然預計明年的毛利率會擴大，並且從混合的角度繼續享受將在那裡。在我們都面臨的逆風和順風方面，顯然有一些看跌期權。但總體而言，我們預計利潤率會擴大。今年我們已經證明，我們可以在我們的模式中推動 SG&A 槓桿作用，同時繼續對我們的品牌和戰略進行真正重要和關鍵的投資。所以我們有信心——我不會深入討論這些細節，但我們對 VF 水平以及我們推動收入和收益與 LRP 保持一致的能力充滿信心。

Our next question today is coming from Matthew Boss from JPMorgan.

我們今天的下一個問題來自摩根大通的 Matthew Boss。

Great. So maybe to follow up on Vans. As we think about the reduction to 3% to 4% growth from 7% to 9%, I guess if we dumb it down, what percentage of this cut do you believe is tied to increased disruption in the APAC region maybe relative to the Classics category? And then, Steve, what's the time line you see for an overall fix here as you did cite the brand heat? Or is there any change to double-digit growth at Vans, which you cited on the last call for next year?

偉大的。所以也許會跟進 Vans。當我們考慮將增長從 7% 降至 9% 至 3% 至 4% 時，我想如果我們把它放低，您認為這種減少的百分比與亞太地區的中斷增加有關，可能相對於經典類別？然後，史蒂夫，當你提到品牌熱度時，你在這裡看到的整體修復的時間線是什麼？或者你在明年的最後一次電話會議中提到的 Vans 的兩位數增長是否有任何變化？

Let me unpack the outlook change there real quick and hopefully answer that part of it, Matt, good morning, then I'll turn it to Steve. So you're right. The majority of the change in the Vans outlook is coming from the APAC region and principally China. Obviously, it's a pretty challenging environment there. And we expect that's going to sort of continue for us through Q4 and to some degree into next year in some ways.

讓我快速解開前景變化，並希望能回答其中的一部分，馬特，早上好，然後我將把它交給史蒂夫。所以你是對的。 Vans 前景的大部分變化來自亞太地區，主要是中國。顯然，那裡的環境非常具有挑戰性。我們預計這種情況會持續到第四季度，並在某種程度上以某種方式持續到明年。

EMEA has had some impact on the reduction both at the VF level and certainly for Vans. A couple of things there. Currency. Our assumptions on the euro for the back half of the year have proven to be a little aggressive with sort of the strengthening of the dollar that occurred back in the last couple of months. There's a little bit of timing shifts. That's the one region where we're seeing a little bit of timing shifting out of Q4 into Q1 next year. And then as I said, the Omicron impacts have been -- there's a little bit of choppiness there, particularly in the European markets, and I talked about some of that in the prepared remarks.

EMEA 對 VF 水平的下降產生了一些影響，當然對 Vans 也是如此。那裡有幾件事。貨幣。事實證明，我們對下半年歐元的假設有點激進，就像過去幾個月美元走強一樣。有一點時間變化。這是我們看到明年第四季度到第一季度的一點時間轉移的一個地區。然後正如我所說，Omicron 的影響一直存在——那裡有一點波動，特別是在歐洲市場，我在準備好的評論中談到了其中的一些。

And then so on a longer -- your broader question on Vans. I guess I'd start out, Matthew. I mean there are strong trends outside of China, if you look at the rest of the world, is on plan. Our EMEA business is up low double digits versus fiscal '20. And that region continues to be a strong performer and an important performer. Our Americas business returned to pre-COVID levels for the first time. And I think a good marker here is the global B2C is sequentially improving. We're up high single digits versus fiscal '20, again, supported by EMEA in North America. But that global digital number up 54% to fiscal '20 and the dollars that have been added year-to-date I think just as validation that the brand is -- it remains strong.

然後等等更長的時間 - 你關於 Vans 的更廣泛的問題。我想我會開始的，馬修。我的意思是，如果你看看世界其他地區，中國以外的趨勢也很強勁。與 20 財年相比，我們的 EMEA 業務增長了兩位數。該地區繼續表現強勁和重要。我們的美洲業務首次恢復到 COVID 之前的水平。我認為這裡的一個很好的標誌是全球 B2C 正在逐步改善。在北美歐洲、中東和非洲地區的支持下，與 20 財年相比，我們的股價再次上升了個位數。但是，到 20 財年，全球數字數字增長了 54%，而且我認為年初至今增加的美元就像驗證了該品牌的實力一樣——它仍然很強勁。

What we called out in my prepared remarks is the recent brand heat particularly guided to Classics, and most importantly, the core Classics portion of the line is the issue that the team is very, very focused on today, and there's a sense of urgency here. We're dialing up additional marketing. In the last 2 quarters, you've heard us talk about the success of skate high, up a little over 20% each quarter. And that's where they have been applying their marketing dollars as well as some innovation. There were 4 new skate high styles launched over those 2 quarters, all at higher MSRP than the core item. And we've seen strong consumer acceptance and demand. And with the always-on marketing that we will begin to elevate now, but you'll really start to see it pick up in March and throughout the rest of the year, just a heightened focus on Classics.

我們在準備好的評論中提到了最近的品牌熱度，特別是針對 Classics，最重要的是，該系列的核心 Classics 部分是團隊今天非常非常關注的問題，這裡有一種緊迫感.我們正在撥打額外的營銷電話。在過去的兩個季度中，您聽說過我們談論滑板高地的成功，每個季度都有超過 20% 的增長。這就是他們一直在應用營銷資金和一些創新的地方。在這兩個季度推出了 4 款新的滑板鞋款，均高於核心產品的建議零售價。我們已經看到了強烈的消費者接受度和需求。隨著我們現在將開始提升的永遠在線營銷，但你會真正開始看到它在 3 月和全年剩餘時間裡回升，只是更加關注經典。

The innovation engine happening within Progression, the success we see with MTE and UltraRange and Pro Skate, which has a direct impact on Classics over time. That's have a lot of really positive energy there and strong growth. And in fact, if you go back to Beaver Creek, we talked about the need to diversify the product offer and elevate those styles within Progression, elevate apparel and you get a more balanced offer. And we really see that coming to life today. Progression is now, this quarter, about 25% of total revenue. So there's confidence here in the brand.

Progression 中的創新引擎，我們在 MTE、UltraRange 和 Pro Skate 中看到的成功，隨著時間的推移對 Classics 產生了直接影響。那裡有很多真正的正能量和強勁的增長。事實上，如果你回到 Beaver Creek，我們談到需要多樣化產品供應，並在 Progression 中提升這些風格，提升服裝，你會得到更平衡的報價。我們今天真的看到了這一點。現在，本季度的進度約佔總收入的 25%。所以對這個品牌有信心。

We see the issues with Classics in China. And China is related to a large degree to the larger macroeconomic issues tied to COVID. And I think the work that we're doing there to become more local for local, you see that in The North Face results. We understand the playbook there. I think the key here is Classics. And with Classics comes brand heat, but we also will continue to innovate new styles within Progression. And there's 4 new offers coming this year, one of which is directly linked back to a classic style.

我們看到了中國經典的問題。中國在很大程度上與與 COVID 相關的更大的宏觀經濟問題有關。而且我認為我們在那裡所做的工作是為了讓當地人更加本地化，你可以在 The North Face 結果中看到這一點。我們了解那裡的劇本。我認為這裡的關鍵是經典。 Classics 帶來了品牌熱度，但我們也將繼續在 Progression 中創新新款式。今年還有 4 項新優惠即將推出，其中一項與經典款式直接相關。

So as I said, there's a sense of urgency here. This is an important brand to VF. It's not the only brand. And as we look at the broad-based performance of the other top 4, top 5, there's a lot of confidence here in our ability to maintain that LRP.

正如我所說，這裡有一種緊迫感。這是VF的一個重要品牌。它不是唯一的品牌。當我們查看其他前 4 名、前 5 名的廣泛表現時，我們對保持該 LRP 的能力充滿信心。

Great. And then, Matt, just to put these margin pieces that you cited together, is there any change to your gross margin forecast for at least 50 basis points expansion next year? And then is the long-term target for low teens earnings growth, is that still reasonable for next year?

偉大的。然後，馬特，把你引用的這些利潤率放在一起，你對明年至少增長 50 個基點的毛利率預測有什麼變化嗎？然後是低青少年收入增長的長期目標，明年這仍然合理嗎？

Yes. I would say, Matt, I'd say, yes to both of those questions.

是的。我會說，馬特，我會說，對這兩個問題都是肯定的。

Our next question is coming from Erinn Murphy from Piper Stanley.

我們的下一個問題來自 Piper Stanley 的 Erinn Murphy。

And welcome, Allegra. Just one follow-up on Vans. On the profitability of just the overall active segments, EBIT margins are down about 500 basis points versus pre-pandemic, whereas, you referenced sales are up. So just curious if you can talk a little bit more about what's going on under the hood. From a promotional activity perspective, any other kind of key investments or input costs we need to be thinking about for that segment? And when do you expect profitability to be back on par with the pre-pandemic level for this segment?

歡迎，阿萊格拉。只是對 Vans 的一次跟進。僅就整體活躍部門的盈利能力而言，息稅前利潤率與大流行前相比下降了約 500 個基點，而您提到的銷售額則上升了。所以只是好奇你是否可以多談談引擎蓋下發生的事情。從促銷活動的角度來看，我們需要為該細分市場考慮其他類型的關鍵投資或投入成本嗎？您預計該細分市場的盈利能力何時會回到大流行前的水平？

Yes, Sure. First of all, maybe discounts and promotional activity is in line with prior years. So I think that's an important point to get out there. We're not being more promotional, which I'll remind you is not a lot, right? We don't promote a lot in this brand. So I think that's the first thing. Certainly, there has been some pressure on the profitability. I would say there's a couple of things there to consider.

是的，當然。首先，也許折扣和促銷活動與往年一致。所以我認為這是走出去的重要一點。我們不會進行更多促銷，我會提醒您，這不是很多，對吧？我們沒有在這個品牌上做很多宣傳。所以我認為這是第一件事。當然，盈利能力存在一定壓力。我想說有幾件事需要考慮。

First of all, the China business, which has been more challenged, is a very profitable business, right? So from a mix standpoint, there's a little bit of an impact there. Our brick-and-mortar profitability, while improving and quite strong actually in terms of the absolute numbers, it's still a little bit below where it was pre-pandemic but recovering really nicely. And we expect that will be back sort of in line as we move in to next year.

首先，受到更大挑戰的中國業務是一個非常有利可圖的業務，對吧？所以從混合的角度來看，那裡有一點影響。我們的實體盈利能力雖然在絕對數字上有所改善且相當強勁，但仍略低於大流行前的水平，但恢復得非常好。我們預計，隨著我們進入明年，這將恢復一致。

And then the other thing is the impact of the supply chain challenges, the airfreight, in particular. On a year-to-date basis, our EBIT margins in the segment and particularly in Vans, which is probably obviously where you're interested, certainly a little bit lower than historical levels. But I would remind you that what we're really proud of is that the overall VF operating margins are right in line or will be in line this year with where we were pre-pandemic. So despite some challenges there in the active segment, we've seen really nice progression of profitability in both the outdoor and the work segment. And obviously, we're showing the ability to leverage SG&A across the enterprise.

另一件事是供應鏈挑戰的影響，尤其是空運。從年初至今，我們在該細分市場，尤其是 Vans 的 EBIT 利潤率，這顯然是您感興趣的領域，肯定比歷史水平略低。但我要提醒你，我們真正引以為豪的是，VF 的整體營業利潤率與今年大流行前的水平保持一致或將保持一致。因此，儘管活躍領域存在一些挑戰，但我們已經看到戶外和工作領域的盈利能力取得了非常好的進展。顯然，我們展示了在整個企業中利用 SG&A 的能力。

Great. That's very helpful. And then just my follow-up is on the Omicron variant and the pressure you saw in the latter part of December, has that pressure continued into January? And then what's the baseline that you're using for your implied fourth quarter outlook for traffic and just store closures and any other kind of environmental things we need to be mindful of?

偉大的。這很有幫助。然後我的後續行動是關於 Omicron 變體和你在 12 月下旬看到的壓力，這種壓力是否一直持續到 1 月？然後，您在第四季度的隱含交通前景和商店關閉以及我們需要注意的任何其他類型的環境問題中使用的基線是什麼？

Yes. Yes. I think it certainly has continued a little bit. I think we probably gradually see that maybe having a little bit of a less impact. Also, you got to remember that store volumes are much lower as you get into January and February than where they are in November and December, so just relatively speaking, maybe a little bit of a lesser impact in that regard from a mix standpoint.

是的。是的。我認為它肯定已經持續了一點。我想我們可能會逐漸看到它的影響可能會小一些。此外，您必須記住，1 月和 2 月的商店數量比 11 月和 12 月要低得多，所以相對而言，從混合的角度來看，這方面的影響可能會小一些。

Certainly, China, though, I think it's probably -- maybe that's a different answer for China. We continue to see a lot of variability there in terms of government reactions and these lockdowns or micro shutdowns or shutdowns of cities and certainly restrictions on travel. We expect the Chinese New Year kind of environment is going to be pretty muted in terms of travel and consumption versus what it would be in a normal year. As it relates to Q4, we've assumed -- maybe the easiest way to say that is we've assumed sort of comparable kind of performance as to what we saw in Q3.

當然，中國，不過，我認為這可能——也許這對中國來說是一個不同的答案。我們繼續看到政府反應和這些封鎖或微型關閉或城市關閉以及旅行限制方面存在很大差異。我們預計，與正常年份相比，中國新年的旅遊和消費環境將相當平靜。由於它與第四季度有關，我們假設 - 也許最簡單的說法是我們假設與我們在第三季度看到的類似的表現。

Next question today is coming from Laurent Vasilescu from BNP Paribas.

今天的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Congratulations regarding Nicole's onboarding as TNF's first female Global Brand President. Steve, can you talk about her vision for the brand, especially since she's coming from Nike? Should we see her further push into greater spring and summer categories, maybe efforts on DTC? And on the innovation front, you've launched FUTURELIGHT, VECTIV, but should we expect more innovation platforms under Nicole's watch for FY '23?

祝賀 Nicole 成為 TNF 首位女性全球品牌總裁。史蒂夫，你能談談她對這個品牌的願景嗎，尤其是因為她來自耐克？我們是否應該看到她進一步推動更大的春夏類別，也許是在 DTC 上的努力？在創新方面，你們推出了 FUTURELIGHT、VECTIV，但我們是否應該期待在 Nicole 的 23 財年有更多的創新平台？

Good morning, Laurent. Thank you for this question. Let me first say, we're really excited with the appointment of Nicole for the reasons that you called out. So she brings an industry experience and an understanding of consumer engagement that's very unique and very applicable to where North Face is today. I think it's early to be able to talk about her vision. She'll be here in June. And at that point, we'll be able to start to articulate that, and you'll see her at our Investor Day.

早上好，勞倫特。謝謝你的這個問題。首先讓我說，由於您提出的原因，我們對 Nicole 的任命感到非常興奮。因此，她帶來了行業經驗和對消費者參與度的理解，這非常獨特，非常適用於 North Face 今天的情況。我認為現在談論她的願景還為時過早。她將在六月來到這裡。到那時，我們將能夠開始闡明這一點，您將在我們的投資者日見到她。

But I think the success that you see happening with the North Face today will be things that she'll build on, but this is the work that Steve Murray has been doing and that's to get the brand to be more of a 365-relevant brand. And that comment around spring/summer, we see very strong results with our core sportswear, our logowear, bags. All of that has applicability into that spring/summer season as well as footwear. The VECTIV launched this last year has really given the North Face a platform to build from, and there's a lot of energy behind that.

但我認為你今天看到的 North Face 取得的成功將是她將建立的基礎，但這是 Steve Murray 一直在做的工作，這是為了讓該品牌成為一個 365 度相關品牌.圍繞春夏的評論，我們看到我們的核心運動服、標誌性服裝和包包取得了非常強勁的成果。所有這些都適用於那個春夏季節以及鞋類。去年推出的 VECTIV 確實為 North Face 提供了一個可以構建的平台，這背後有很多能量。

I think what you'll see her focus on is the elevation of D2C, the focus on the digital aspect of D2C but really that omni connectivity and how to continue the work that the TNF team has been doing to get a higher frequency of flow with stronger storytelling and to drive that engagement, leveraging the consumer insights and building that loyalty program. So I think the foundation that Steve has been able to really solidify and hand to Nicole, her skills and background are really well suited and the right leader coming in at the right time to continue the momentum you see really taking place in a broad-based manner across regions, channels and product categories, for sure.

我想你會看到她關注的是 D2C 的提升，關注 D2C 的數字方面，但實際上是全方位的連接，以及如何繼續 TNF 團隊一直在做的工作，以獲得更高的流量頻率更強有力的講故事並推動這種參與，利用消費者洞察力並建立忠誠度計劃。所以我認為史蒂夫能夠真正鞏固並交給妮可的基礎，她的技能和背景非常適合，合適的領導者在合適的時間進來，以繼續你在廣泛基礎上真正發生的勢頭跨地區、跨渠道和跨產品類別的方式，這是肯定的。

That's great to hear. And then, Matt, some modeling questions here. But I think, in 2Q, you had about $200 million shifted into 3Q due to supply chain constraints. I think you said in your prepared remarks there was some -- we should anticipate some shift from 4Q to 1Q. Could you possibly quantify if there was a shift from 3Q to 4Q and 4Q to 1Q? And then on freight, how do we think about the implied 4Q GM in terms of the bridge to get to the full year gross margin?

聽到這個消息我很高興。然後，馬特，這裡有一些建模問題。但我認為，在第二季度，由於供應鏈限制，您有大約 2 億美元轉移到第三季度。我認為您在準備好的評論中說過，我們應該預期從第四季度到第一季度的一些轉變。您能否量化是否從 3Q 到 4Q 以及從 4Q 到 1Q 的轉變？然後在貨運方面，我們如何看待隱含的 4Q GM 以達到全年毛利率？

Yes. So first, in terms of timing shift, yes, there was some shift from Q3 into Q4, a much, much smaller number, probably even maybe a little less than 25% of what we saw in Q2 to Q3, so something but a much more modest number. I would tell you as it relates to the outlook, what's implied in the outlook relative to Q4 into Q1, around 20% of that reduction which is $150 million total, around 20% or so of that, I think, I'd say, is timing related, much of which, by the way, is in the European region. So that's the thing there.

是的。因此，首先，就時間轉移而言，是的，從第三季度到第四季度有一些轉變，這個數字要小得多，甚至可能比我們在第二季度到第三季度看到的 25% 少一點，所以不是很多比較適中的數字。我會告訴你，因為它與前景有關，相對於第四季度到第一季度的前景中隱含的內容，大約是 1.5 億美元的減少量的 20%，大約 20% 左右，我想，我會說，是時間相關的，順便說一下，其中大部分是在歐洲地區。所以這就是那裡的事情。

In terms of gross margins in Q4, I would say, most of the change is really related to -- some of the vast majority is related to additional airfreight that we've -- that we now have line of sight to support. We will continue to be really strong demand signals in the business, in particular, in the outdoor segment. So more airfreight implied. And then there's obviously a little bit of headwind from mix as it relates to China being the driver of -- and internationally, generally, being the driver of the reduction.

就第四季度的毛利率而言，我想說，大部分變化確實與 - 其中一些與我們擁有的額外空運有關 - 我們現在有視線支持。我們將繼續在業務中發出強烈的需求信號，特別是在戶外領域。所以意味著更多的空運。然後顯然有一點來自混合的逆風，因為它與中國是驅動因素有關 - 並且在國際上，一般來說，是減少的驅動因素。

Next question today is coming from Jim Duffy from Stifel.

今天的下一個問題來自 Stifel 的 Jim Duffy。

I want to ask about the moderation of the D2C and digital outlook. I'm curious, is that a reflection of trends that you're seeing in China and trends in the Vans brands? What are the components that are weighing on that relative to your previous expectations?

我想問一下 D2C 和數字前景的適度性。我很好奇，這是否反映了你在中國看到的趨勢以及 Vans 品牌的趨勢？相對於您之前的期望，有哪些因素會影響這一點？

Yes, Jim, it's really all China. I think it's probably the simplest way to say that. Yes, what I talked a little bit about some choppiness in terms of traffic related to Omicron, and that's true. But offsetting that, we've seen really good performance a little bit ahead of where we thought we would be, as I said, even in like the Vans Americas brick-and-mortar business, The North Face business in the U.S. generally across both channels has been a little bit better, which has helped to offset, again, some choppiness that we've seen related to Omicron in Europe. And obviously, the China story though is really the driver of the change.

是的，吉姆，這真的是全中國。我認為這可能是最簡單的說法。是的，我談到了與 Omicron 相關的流量方面的一些波動，這是真的。但抵消了這一點，正如我所說，即使在 Vans Americas 的實體業務中，美國的 The North Face 業務通常在這兩個領域都取得了非常好的表現。渠道稍微好一點，這再次有助於抵消我們在歐洲看到的與 Omicron 相關的一些波動。顯然，中國故事確實是改變的驅動力。

And China is the pressure on the digital outlook, Matt?

中國是數字前景的壓力，馬特？

Yes, it is. Yes.

是的。是的。

Yes.

是的。

Your next question today is coming from Camilo Lyon from BTIG.

您今天的下一個問題來自 BTIG 的 Camilo Lyon。

I have a couple of questions. I guess the first one, just sticking on the China thing here. Given what's going on in the athletic sector and the move towards more domestic brands in favor of global brands. Is there some of that that's also playing out with Vans? And if that's the case, is there any visibility or any traction that you're seeing or expect to see on how that can improve?

我有一些問題。我猜是第一個，只是在這裡堅持中國的事情。鑑於運動領域正在發生的事情以及向更多國內品牌轉向全球品牌的趨勢。 Vans 中是否也有一些這樣的情況？如果是這種情況，您是否看到或期望看到如何改善這種情況？

And then my second question is more on the U.S. side with TNF and Timberland, given how strong the 2 brands performed this quarter. Any sort of commentary that you can provide with respect to how order patterns are unfolding for next year? And how you think about supplying very lean channel inventories but still maintaining brand heat would be helpful?

然後我的第二個問題更多地是關於 TNF 和 Timberland 的美國方面，因為這兩個品牌在本季度的表現如此強勁。關於明年的訂單模式如何展開，您可以提供任何評論嗎？您如何看待提供非常精簡的渠道庫存但仍保持品牌熱度會有所幫助？

Yes, Camilo, I'll take the first question, and Matt can grab the second one. So on your question around the Chinese consumer, what we see going on there are a few things. Certainly, there's been quite a bit of impact to consumer behavior, consumer sentiment and retail traffic tied to the macroeconomic impacts of COVID, to Matt's earlier comment. There's a higher percent of closures today than there were 3 months ago. And that is -- that's a point in time that won't last forever, but that's having an impact for sure.

是的，卡米洛，我會回答第一個問題，馬特可以回答第二個問題。所以關於你關於中國消費者的問題，我們看到有一些事情發生。當然，根據馬特早些時候的評論，與 COVID 的宏觀經濟影響相關的消費者行為、消費者情緒和零售流量都受到了相當大的影響。與 3 個月前相比，今天的關閉百分比更高。那就是 - 這是一個不會永遠持續的時間點，但這肯定會產生影響。

I think as you think about what the consumers thinking about, this rise of nationalism that's talked about, there's something there. But from a brand standpoint within our portfolio, you've heard us talk about this, we monitor week by week consumer sentiment linked to brand origin. And we've not seen any impact there or any uptick in sentiment change based on where our brands really are anchored.

我認為，當您考慮消費者的想法時，人們所談論的民族主義的興起，那裡有一些東西。但從我們產品組合中的品牌角度來看，您已經聽到我們談論這一點，我們每週監測與品牌來源相關的消費者情緒。我們還沒有看到那裡有任何影響，也沒有看到基於我們品牌真正定位的地方的情緒變化有任何上升。

I mean I think why that's important is -- and this is an important part of our go-forward strategy is, really speaking to the Chinese consumer as a Chinese consumer and elevating our local-for-local product creation, demand creation and really tailoring events that are relevant to them and their needs.

我的意思是我認為這很重要——這是我們前進戰略的重要組成部分，真正以中國消費者的身份與中國消費者交談，並提升我們本地對本地產品的創造、需求創造和真正的定制與他們和他們的需求相關的事件。

There's also -- you can see this with our North Face business, quite a bit of momentum and tailwinds in the outdoor space and the investments the Chinese government is making for young people to get outdoors and certainly, the Olympics is a catalyst there. But there's a lot of energy in the outdoor space and maybe lesser energy in some of the athletic space. But there's a rise in Chinese consumers' focus on health and well-being.

還有——你可以從我們的 North Face 業務中看到這一點，戶外空間的發展勢頭和順風順水，以及中國政府為年輕人戶外活動所做的投資，當然，奧運會是那裡的催化劑。但是在戶外空間有很多能量，而在某些運動空間中能量可能較少。但中國消費者對健康和福祉的關注度有所上升。

And anything to do with activity will be central to how our teams there in China are thinking about driving their businesses forward. And this is where our -- moving our teams to Shanghai, the appointment of Winnie Ma as our leader and just the deep understanding and skill capability locally within China is paying dividends. Our North Face team has been domiciled there for many years. And I think they've been the ones that have been able to really react and pivot to more direct local-for-local presentation of our product offer and our demand creation.

與活動有關的任何事情都將是我們在中國的團隊如何考慮推動業務發展的核心。這就是我們的——將我們的團隊搬到上海，任命馬雲為我們的領導者，以及中國本土的深刻理解和技能能力正在發揮作用的地方。我們的 North Face 團隊已經在那裡定居多年。而且我認為他們已經能夠真正做出反應並轉向更直接的本地對本地展示我們的產品提供和我們的需求創造。

And as it relates to your question on Timberland and The North Face in the U.S. market, I think, in particular, probably, if you're looking at channel sec, I'm sure you're hearing that the inventories are really clean and lean and probably, in some cases, clamoring for more inventory in both of those brands. So that's really good. I mean we met our commitments for what we got delivered in fall and holiday and put us in a better overall assortment position during that -- during the last quarter than where we've been in the first half of the year. But those commitments were constrained a little bit in terms of probably not being able to deliver everything that some of the accounts may have liked and certainly could have supported more reorder demand if we'd had the inventory.

由於這與您關於美國市場上 Timberland 和 The North Face 的問題有關，我認為，特別是，如果您正在查看 channel sec，我相信您聽說庫存真的很乾淨，而且精益，在某些情況下，可能會要求這兩個品牌都增加庫存。所以這真的很好。我的意思是，我們兌現了我們在秋季和假期交付的產品的承諾，並在此期間使我們處於更好的整體分類位置——在最後一個季度，我們比上半年的情況要好。但這些承諾受到了一些限制，因為可能無法交付某些客戶可能喜歡的所有東西，如果我們有庫存，當然可以支持更多的再訂購需求。

So we -- really strong, probably historically high sell-through levels in both of those brands. So that's really, really encouraging. And yes, it does set us up well for next year, right, in terms of the -- I'm not going to get into the details there of the order books but you can be assured that they both look pretty strong. Even starting in spring, and as we head to the all-important fall holiday season next year. We're in a really good position with those brands.

所以我們 - 這兩個品牌的銷售水平非常強大，可能是歷史最高水平。所以這真的非常令人鼓舞。是的，它確實為我們明年做好了準備，對，就 - 我不會詳細介紹訂單簿，但你可以放心，它們看起來都很強大。甚至從春天開始，當我們即將進入明年最重要的秋季假期時。我們在這些品牌中處於非常有利的位置。

And from a supply chain perspective, I think we've done a lot of work to -- from a sourcing perspective as well as on the logistics side to ensure we're better equipped and better positioned to support the business next year. And so I think we'll be -- we're ready and excited about what's to come next year for those 2 brands.

從供應鏈的角度來看，我認為我們已經做了很多工作——從採購角度以及物流方面，以確保我們有更好的裝備和更好的定位來支持明年的業務。所以我認為我們會 - 我們已經準備好並為這兩個品牌明年的發展感到興奮。

And Steve, if I could follow up just on the -- or maybe Matt, too, just on the Vans. I think last quarter, there was discussion that there was an opportunity to take advantage of empty shelves where competitors were just not in an inventory position to meet that demand. Is that still the case? And I think that, that was predominantly a U.S. comment, but if that's happening elsewhere around the world, I'd be curious to hear your thoughts there.

史蒂夫，如果我可以跟進——或者馬特，也可以，就在 Vans 上。我認為上個季度，有人討論過有機會利用空貨架，而競爭對手只是沒有庫存來滿足這種需求。還是這樣嗎？我認為這主要是美國的評論，但如果世界其他地方也發生這種情況，我很想听聽你的想法。

Yes. Yes, there has been some of that, and we've been able to support, I think, part of that for sure. I mean the supply chain challenges maybe hampered that a bit. But that's been predominantly in what I'll call the sports and buyer channels within the U.S. market is where we've seen that, which is obviously really good news. It speaks, I would say, too, to some of Steve's earlier comment through the increasing strength of the progression part of the footwear line. A lot of those products are performing really well in those channels and driving really strong growth in that part of the line, which is a good thing.

是的。是的，其中有一些，我認為我們肯定能夠支持其中的一部分。我的意思是供應鏈挑戰可能會阻礙這一點。但這主要是在我所說的美國市場的體育和買家渠道中，我們已經看到了這一點，這顯然是個好消息。我會說，這也說明了史蒂夫早些時候的一些評論，通過鞋類產品線的進步部分的力量不斷增加。其中許多產品在這些渠道中的表現非常好，並推動了該部分產品線的強勁增長，這是一件好事。

We've talked about Classics, and we're really focused there on reigniting that and beginning to drive growth as we always have, and we're confident we'll do that. But importantly, during this disruptive time, we've seen the Progression part of the footwear line as well as the apparel part of the business really be strong. And so as the whole thing comes back together here, it puts us in a really good position from a diversification standpoint as you think about moving forward.

我們已經談到了經典，我們真的專注於重新點燃它並開始像往常一樣推動增長，我們相信我們會做到這一點。但重要的是，在這個顛覆性的時期，我們已經看到鞋類產品線的進步部分以及業務的服裝部分確實很強大。因此，當整個事情回到這裡時，從多元化的角度來看，當您考慮向前發展時，它使我們處於一個非常好的位置。

Next question today is coming from Ike Boruchow from Wells Fargo.

今天的下一個問題來自富國銀行的 Ike Boruchow。

Two for me, maybe both for Matt. Just we talked a lot about the Vans and the Vans margin. I guess I wanted to ask more about North Face, given the momentum you're seeing there. I believe that business was low double-digit margin, roughly pre-COVID. Can you comment on kind of where that brand is today or your aspirations for where that margin trajectory can go? Are your aspirations moving up based on what you're seeing? Just kind of curious how you kind of frame that up on a positive note.

兩個給我，也許兩個都給馬特。剛才我們談了很多關於 Vans 和 Vans 利潤的事情。鑑於您在那裡看到的勢頭，我想我想更多地詢問有關 North Face 的信息。我相信該業務的利潤率很低，大約是在 COVID 之前。您能否評論一下該品牌今天的位置或您對利潤率軌蹟的期望？你的願望是否基於你所看到的而上升？只是有點好奇你是如何把它放在一個積極的音符上的。

And then, Matt, you've given us some building blocks for next year, which is super helpful. Is there a shape of the year, first half, back half? Should one of those outpace the other any kind of meaningful layer as we kind of start to think about the model?

然後，馬特，你給了我們明年的一些積木，這非常有幫助。有沒有一年的形狀，上半年，下半年？當我們開始考慮模型時，其中一個是否應該超過另一個有意義的層？

Yes. So -- yes. Let me start with the second part of your question in the -- in terms of the shape of next year. I would suggest that just think -- it's a little bit tricky probably because you got COVID impacting this year and you got supply disruptions and you got timing of shipments and all that. But I would say, generally speaking, I would expect a little bit stronger growth in half 1 and then moderating probably in half 2 as the business has normalized a lot more in this year's half 2. So I think it will be relatively consistent, but maybe a little bit stronger in the first half of the year, overall, is probably the way I would term that.

是的。所以——是的。讓我從你問題的第二部分開始——就明年的情況而言。我建議你想想——這有點棘手，可能是因為你今年受到了 COVID 的影響，供應中斷，發貨時間等等。但我想說，一般來說，我預計上半年會有一點增長，然後可能會在下半年放緩，因為今年下半年的業務已經正常化了很多。所以我認為它會相對一致，但是總體而言，上半年可能會稍強一些，這可能是我所說的方式。

In terms of TNF profitability, yes, we're really happy there. I don't know if it's changed our long-term expectations or what we think the potential is here, which I would say is we've said it's sort of high teens in that range. I will tell you, this year, we're going to be north of 15%.

就 TNF 的盈利能力而言，是的，我們真的很高興。我不知道這是否改變了我們的長期期望或我們認為潛力在這裡，我想說的是我們已經說過它在那個範圍內是高青少年。我會告訴你，今年，我們將超過 15%。

Our next question today is coming from Jonathan Komp from Baird.

我們今天的下一個問題來自 Baird 的 Jonathan Komp。

Can I just ask a follow-up question on some of the margin levers for this year? I mean it looks like you raised the operating margin target for this year, slightly despite the lower gross margin. So could you just maybe a little more specifically talk about the SG&A levers? And then from the actions this year, anything that's sort of temporary versus structural and sustainable within some of those actions?

我可以就今年的一些保證金槓桿問一個後續問題嗎？我的意思是看起來你提高了今年的營業利潤率目標，儘管毛利率較低。那麼您能否更具體地談談 SG&A 槓桿？然後從今年的行動來看，在其中一些行動中，有什麼是暫時的、結構性的和可持續的？

Yes. So great question. I think what we've seen -- and first of all, I've said and we've proven that our model will drive SG&A leverage, and we've talked about all year the ability to do that and our expectation we'd expect the year in that kind of position, and certainly, that's what we're doing. Nothing that we're doing, I would say, are one-offs that are going to swing back and hit us in the face necessarily next year. So I think that's probably important.

是的。這麼好的問題。我認為我們所看到的——首先，我已經說過並且我們已經證明我們的模式將推動 SG&A 的影響力，我們全年都在討論這樣做的能力以及我們的期望期待這一年處於那種位置，當然，這就是我們正在做的事情。我想說，我們所做的一切都不是明年必然會反彈並打擊我們的一次性行為。所以我認為這可能很重要。

What are we doing? I think it's a sharp prioritization towards the most important strategic choices. We continue to invest in our digital transformation. We certainly make the investments that are necessary to continue to drive our direct-to-consumer business, which I think we're really pleased with that and from a penetration standpoint. Demand creation is actually up a little bit even from a percent of revenue standpoint than where we were pre-COVID and certainly in product and innovation. And Steve has talked a lot about some of the innovations that are out there and coming.

我們在做什麼？我認為這是對最重要的戰略選擇的明確優先級。我們繼續投資於我們的數字化轉型。我們當然會進行必要的投資，以繼續推動我們的直接面向消費者的業務，我認為從滲透的角度來看，我們對此感到非常滿意。即使從收入百分比的角度來看，需求創造實際上也比我們在 COVID 之前的情況以及產品和創新方面有所增加。史蒂夫談了很多關於一些已經存在和即將到來的創新。

We haven't talked a whole lot about it necessarily, but we launched our Enable program last year, which was $125 million kind of target over 3 years, and we're well on track. Sort of 1.5 years into that. We're well on track in terms of generating those savings, but we're really tied to efficiencies and how we work and beginning to ensure that we're transitioning all of our business functions to support this move toward a more direct-to-consumer business.

我們並沒有對此進行過多的討論，但我們去年啟動了 Enable 計劃，這是 3 年內 1.25 億美元的目標，我們進展順利。大約1.5年。我們在節省這些成本方面進展順利，但我們確實與效率和我們的工作方式息息相關，並開始確保我們正在轉變我們所有的業務職能，以支持這一轉變，朝著更直接的方向發展。消費業務。

And then probably the last thing is just throughout COVID, we had to get really efficient. We had to get really smart. And I think we've learned some things there that are -- will be with us moving forward. Sometimes iron sharpens iron, in a way, right? And we had to really be pretty aggressive in some of those things have created some learnings for us.

然後可能最後一件事就是在整個 COVID 期間，我們必須變得非常高效。我們必須變得非常聰明。而且我認為我們已經學到了一些東西 - 將與我們一起前進。有時鐵會磨鐵，在某種程度上，對吧？我們必須在其中一些事情上非常積極進取，這為我們創造了一些經驗。

Maybe from a tactical standpoint, we're getting benefits from digital product creation. We've talked a lot about that from an investment. You think about reduced sample costs. You think about more meetings that you can do virtually versus always having to be together, prototypes, all those things, some savings there. Certainly through the pandemic, we've been more aggressive about closing underperforming brick-and-mortar doors that were a bit of a drag on profitability and certainly higher SG&A ratios.

也許從戰術的角度來看，我們正在從數字產品的創造中獲益。我們從投資中談了很多。您考慮降低樣品成本。你會考慮更多可以虛擬進行的會議，而不是總是必須在一起，原型，所有這些東西，在那裡節省一些錢。當然，通過大流行，我們更加積極地關閉表現不佳的實體門，這對盈利能力和更高的 SG&A 比率造成了一定的拖累。

And we've offset that with much larger digital businesses. lease negotiations throughout the fleet, lease negotiations and in evaluating our overall footprint at a VF level, all those kinds of things, I would say, Jon, come into that. And we're really happy with what we've been able to get done. And most importantly, we're happy that we've been able to ensure that we're making the right investment against our brands and supporting the growth that we have today and what we expect moving forward.

我們已經通過更大的數字業務抵消了這一點。整個船隊的租賃談判、租賃談判以及在 VF 級別評估我們的整體足跡時，我想說，喬恩，所有這些事情都會涉及到。我們對能夠完成的工作感到非常滿意。最重要的是，我們很高興能夠確保我們對我們的品牌進行正確的投資，並支持我們今天的增長和我們對未來的期望。

Yes. That's really helpful, Matt. And then just one other follow-up on Vans, if I could. I think the Classics or heritage footwear business at peak was something above 70% of sales for the brand. Just wondering, as you work to get back the heat and build the Classics back. Some of that peak, was that driven by a customer that you think you've lost? Or do you think you can win them back? And then as you look at inventory across the channel, is there any headwind or sort of pockets of excess that you're still working through?

是的。這真的很有幫助，馬特。如果可以的話，然後只是對 Vans 的另一項後續行動。我認為巔峰時期的經典或傳統鞋類業務佔該品牌銷售額的 70% 以上。只是想知道，當您努力恢復熱量並重建經典時。某些高峰，是由您認為已經失去的客戶驅動的嗎？或者你認為你能贏回他們嗎？然後，當您查看整個渠道的庫存時，是否有任何逆風或某種過剩的口袋，您仍在努力解決？

Great. So I'll go ahead and grab that question, and I appreciate it. When a brand is hot and as hot as the brand was pre-COVID, you have new consumers coming in, for sure. And those are consumers that you hope to be able to take from early purchasers to loyal consumers. But in reality, that's not always the case. And I think the proof here for us as we look to reignite Classics and the icon management approach that has really been the discipline that Vans has utilized over the years is to stay very focused on the flow of the core Classics, how we complement that with seasonal classics but, more importantly, how we continue to innovate in the Progression area.

偉大的。所以我會繼續回答這個問題，我很感激。當一個品牌很火爆並且像新冠疫情之前的品牌一樣火爆時，你肯定會有新的消費者進來。這些是您希望能夠從早期購買者那裡吸引到忠實消費者的消費者。但實際上，情況並非總是如此。我認為，當我們希望重新點燃 Classics 以及 Vans 多年來一直採用的圖標管理方法時，我們的證據就是保持非常專注於核心 Classics 的流動，我們如何補充它季節性經典，但更重要的是，我們如何在 Progression 領域繼續創新。

And I mentioned there's 4 new styles coming in this next year to land in that back-to-school area. And some of those sit right squarely in those Ultra categories, MTE, but one will also be more pointed towards Classics. We -- our job is to innovate and give consumers new reasons to purchase. The Vans Family growth, up over 50% this year, I think, is a proof of over 20 million individuals now part of the Vans Family. They have a higher frequency, higher AOV and are just a much loyal consumer and the work that's going on with the 52-week drop program is to really speak to them, provide them access and visibility to what's coming and give them kind of first shot at being able to consume these new styles. And we've seen really strong success with the early reads of the 52-week drop.

我提到明年有 4 種新款式將登陸那個返校區。其中一些正好屬於那些 Ultra 類別，MTE，但也有一些更指向經典。我們——我們的工作是創新並為消費者提供新的購買理由。我認為，今年 Vans 家族的增長超過 50%，證明了現在有超過 2000 萬個人是 Vans 家族的一部分。他們有更高的頻率、更高的 AOV，並且只是一個非常忠誠的消費者，而 52 週投放計劃正在進行的工作是真正與他們交談，為他們提供對即將發生的事情的訪問和可見性，並為他們提供第一槍能夠消費這些新風格。我們已經看到了 52 週下跌的早期解讀取得了巨大的成功。

So -- to your question, yes, there are some of those consumers that we don't see today, but we continue to see a lot of new consumers come in and become part of that Vans Family loyalty program.

所以——對於你的問題，是的，有些消費者我們今天看不到，但我們繼續看到很多新消費者進來並成為 Vans Family 忠誠度計劃的一部分。

In terms of inventory, I think probably specific to Vans was your question there, no, no real big issues there. I mean, in fact, there's still places where we're pretty lean, especially in Europe and the U.S. I mean you can imagine we're probably a little bit higher than where we'd like to be in China, given what we've seen there, pretty precipitous change in the trajectory of that business over the last couple of quarters, but nothing that's not manageable.

在庫存方面，我認為您的問題可能是 Vans 特有的，不，那裡沒有真正的大問題。我的意思是，事實上，我們仍然有一些地方很瘦，尤其是在歐洲和美國在過去的幾個季度中，該業務的發展軌跡發生了相當大的變化，但沒有什麼是無法控制的。

And I will say our supply chain teams have done a terrific job of actually repositioning some inventory and rerouting things, so to speak, from a future production standpoint to get more inventory to the western world and as we rebalance things. So overall, we're comfortable with where we are from an inventory standpoint, both within Vans and then globally -- with probably the idea that we could probably use a little more TNF and Timberland, in particular, in the U.S.

我要說的是，我們的供應鏈團隊在實際重新定位一些庫存和重新安排路線方面做得非常出色，可以說，從未來生產的角度來看，為西方世界提供更多庫存以及我們重新平衡事物。所以總的來說，從庫存的角度來看，無論是在 Vans 內部還是在全球範圍內，我們都對我們的位置感到滿意——可能認為我們可能會使用更多的 TNF 和 Timberland，特別是在美國。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

我們的問答環節結束了。我想把地板翻過來，以便有任何進一步的結束評論。

Great. Well, thank you, everybody, for joining us today. I'm very pleased with the robust and broad-based results we delivered here in Q3. These results really position us for an even stronger fiscal '22 outlook than we started the year with. Today, our business is more agile, more diversified than ever, and our teams have demonstrated the passion and commitment and adaptability that's gotten us here. I'm confident in our near and long-term future. We'll continue to invest in driving long-term profitable growth to generate those elevated returns for our shareholders. So again, thank you for joining us, and we look forward to speaking to you again at the end of the year.

偉大的。好吧，謝謝大家今天加入我們。我對我們在第三季度在這裡交付的穩健且基礎廣泛的結果感到非常滿意。這些結果確實使我們的 22 財年前景比年初時更加強勁。今天，我們的業務比以往任何時候都更加靈活、更加多元化，我們的團隊已經展示了讓我們走到今天這一步的熱情、承諾和適應能力。我對我們近期和長期的未來充滿信心。我們將繼續投資於推動長期盈利增長，為我們的股東帶來更高的回報。再次感謝您加入我們，我們期待在年底再次與您交談。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。