威富公司 (VFC) 2021 Q4 法說會逐字稿

Greetings, and welcome to the VF Corporation Fourth Quarter and Full Fiscal Year 2021 Earnings Call.

您好，歡迎參加 VF Corporation 2021 年第四季及整個財年財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Joe Alkire, Vice President of Investor Relations, Corporate Development and Treasury for VF Corporation.

現在我想將會議轉交給東道主 Joe Alkire 先生，他是 VF Corporation 投資者關係、企業發展和財務部副總裁。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, and welcome to VF Corporation's Fourth Quarter Fiscal 2021 Conference Call.

早上好，歡迎參加 VF Corporation 2021 財年第四季電話會議。

Participants on today's call will make forward-looking statements.

今天電話會議的參與者將發表前瞻性聲明。

These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially.

這些陳述是基於目前的預期，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。

These uncertainties are detailed in documents filed regularly with the SEC.

這些不確定性在定期向 SEC 提交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 defined in the press release that was issued this morning.

除非另有說明，今天電話會議中提到的金額將以調整後的固定美元為基礎，我們在今天早上發布的新聞稿中對此進行了定義。

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.

我們在討論中使用調整後的固定美元金額作為主要數字，因為我們相信它們更準確地代表了我們業務的真實營運績效和基本結果。

You may also hear us refer to reported amounts, which are in accordance with U.S. GAAP.

您可能也會聽到我們提到根據美國公認會計原則 (U.S. GAAP) 計算的報告金額。

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.

新聞稿中包含的補充財務表格可以找到 GAAP 衡量指標與調整金額的調整表，該表格確定並量化了所有排除項目，並提供了管理層對為何此資訊對投資者有用的看法。

During the fourth quarter of 2020, the company determined that the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria.

2020年第四季度，本公司認定職業工作服業務符合持有待售和終止經營的會計標準。

Accordingly, the company has reported the related assets and liabilities of the Occupational Workwear business in discontinued operations as of the date noted above and included the operating results of this business in discontinued operations for all periods presented.

因此，本公司報告了截至上述日期的已終止經營業務中職業工作服業務的相關資產和負債，並將該業務在所有列報期間的經營業績納入已終止經營業務中。

Unless otherwise noted, results presented on today's call are based on continuing operations.

除非另有說明，今天電話會議上公佈的結果是基於持續經營業務。

Joining me on today's call will be VF's Chairman, President and Chief Executive Officer, Steve Rendle; and recently appointed Chief Financial Officer, Matt Puckett.

參加今天電話會議的還有 VF 董事長、總裁兼執行長 Steve Rendle；最近任命為財務長 Matt Puckett。

Following our prepared remarks, we'll open the call for questions.

在我們準備好的發言之後，我們將開始提問。

Steve?

史蒂夫？

Thank you, Joe, and good morning, everyone.

謝謝你，喬，大家早安。

Welcome to our fourth quarter call.

歡迎致電我們的第四季。

As always, I hope our comments today find you and your loved ones healthy and safe.

一如既往，我希望我們今天的評論能讓您和您所愛的人健康安全。

As we conclude our fiscal '21 year, I'm proud of the way both VF and our people navigated what turned out to be one of the most disruptive years in our company's 122-year history.

在我們結束 21 財年之際，我對 VF 和我們的員工在我們公司 122 年歷史上最具顛覆性的一年中度過的方式感到自豪。

We didn't know how the pandemic would unfold, and we didn't know how long it would last.

我們不知道疫情會如何蔓延，也不知道它會持續多久。

But we did know one thing.

但我們確實知道一件事。

We were determined not just to survive the situation, but to capitalize on the moment, emerge even stronger and position VF and our brands for the next chapter of growth and value creation.

我們決心不僅要生存下去，還要抓住機遇，變得更加強大，為 VF 和我們的品牌開啟新的成長和價值創造篇章。

Thanks to the incredible resilience and agility of our people, combined with our early actions to preserve liquidity and protect our balance sheet, today, I can say with confidence that VF is indeed emerging from this crisis as a stronger, smarter and more focused enterprise.

由於我們員工令人難以置信的韌性和敏捷性，再加上我們為保持流動性和保護資產負債表而採取的早期行動，今天我可以充滿信心地說，VF 確實正在擺脫這場危機，成為更強大、更聰明、更專注的企業。

Throughout fiscal '21, our teams remain sharply focused on executing their plans, and we continued to invest in our brands' greatest opportunities to drive growth.

在整個 21 財年，我們的團隊仍然高度專注於執行他們的計劃，我們繼續投資於我們品牌推動成長的最佳機會。

As you all know, our organic portfolio had strong momentum heading into this crisis, delivering 9% revenue and 19% earnings growth through the first 9 months of fiscal '20.

眾所周知，我們的有機投資組合在這場危機中表現強勁，在 20 財年的前 9 個月實現了 9% 的收入和 19% 的盈利增長。

All of the actions we've taken throughout fiscal '21 have been squarely focused on regaining the strong organic momentum as we exit the pandemic.

我們在 21 財年採取的所有行動都集中在疫情結束後重新獲得強勁的有機動力。

We also remain focused on driving inorganic growth by evolving our portfolio to align with near- and long-term market opportunities.

我們也繼續專注於透過發展我們的產品組合以適應近期和長期市場機會來推動無機成長。

This is exactly what we did by acquiring Supreme in late 2020, which we believe will deliver significant value creation for VF shareholders in the years to come.

這正是我們在 2020 年底收購 Supreme 所做的事情，我們相信這將在未來幾年為 VF 股東創造重大價值。

In addition, we announced late last month that we've entered into a definitive agreement to sell our Occupational Workwear businesses.

此外，我們上個月末宣布，我們已達成出售職業工作服業務的最終協議。

The sale of this business will provide greater financial flexibility to fuel the long-term strategic growth initiatives for our remaining portfolio.

出售該業務將提供更大的財務靈活性，以推動我們剩餘投資組合的長期策略成長計畫。

The continued effects of the pandemic forced an ongoing reaffirmation of our priorities.

疫情的持續影響迫使我們不斷重申我們的優先事項。

We've been actively working to accelerate our hyper-digital journey in fiscal '21, with the continued focus on a central consumer data platform that's accessible to our brands and that enables them to understand consumers more deeply and to engage them in more meaningful and personal ways.

我們一直在積極努力加快我們在21 財年的超數位化進程，繼續關注我們的品牌可以訪問的中央消費者數據平台，使他們能夠更深入地了解消費者，並讓他們參與更有意義和更有意義的活動。

And we leveraged new technologies and processes to further digitize our go-to-market approach, with advancements in 3D design and development, virtual product reviews and digital printing capabilities that shorten production calendars and accelerate our ability to flow newness and innovation.

我們利用新技術和流程進一步數位化我們的上市方法，透過 3D 設計和開發、虛擬產品審查和數位印刷功能方面的進步，縮短生產週期並加快我們推陳出新和創新的能力。

We also kicked off Project Enable, a multiyear initiative to evolve our organizational design to ensure we have the right capabilities, resources and talent in place to propel us forward.

我們還啟動了 Project Enable，這是一項多年計劃，旨在改進我們的組織設計，以確保我們擁有適當的能力、資源和人才來推動我們前進。

This work includes upskilling and reskilling parts of our workforce to equip them with the know-how to thrive in a digital-first world.

這項工作包括對我們部分員工進行技能提升和再培訓，讓他們掌握在數位優先世界中蓬勃發展的專業知識。

Project Enable will help us accelerate our business model transformation and reduce our global cost structure by about $125 million over 3 years.

Project Enable 將協助我們加速業務模式轉型，並在 3 年內將我們的全球成本結構減少約 1.25 億美元。

Along with our focus on business performance and advancing our strategy, we have remained determined to continue building our reputation as a purpose-led company that leads by example.

在我們專注於業務績效和推動策略的同時，我們仍然決心繼續打造我們作為一家以身作則、以目標為導向的公司的聲譽。

We continue to activate our people-first approach through fiscal '21.

我們在 21 財年繼續推行以人為本的方針。

We prioritize the health and safety of our people worldwide and went to great lengths to support their financial well-being.

我們優先考慮全世界人民的健康和安全，並竭盡全力支持他們的財務福祉。

I'm extremely proud to say that even during the darkest days of the crisis, when nearly all our stores around the world were closed for months on end, not one of our retail associates was laid off or furloughed because of the pandemic.

我非常自豪地說，即使在危機最黑暗的日子裡，我們在世界各地的幾乎所有商店都連續關閉數月，我們的零售員工也沒有因為疫情而被解僱或休假。

We also continue to meet our commitments to the communities we serve and the planet we all share.

我們也繼續履行對我們所服務的社區和我們共同居住的地球的承諾。

Last year was a year of tremendous progress in our efforts around the world to advance environmental sustainability.

去年是我們在世界各地推動環境永續發展的努力中取得巨大進展的一年。

We allocated the net proceeds from our EUR 500 million green bond, the first in the apparel footwear industry, toward VF's eligible sustainable projects worldwide.

我們將服裝鞋類產業首筆 5 億歐元綠色債券的淨收益分配給 VF 在全球符合資格的永續項目。

Collectively, these projects are helping to deliver meaningful environmental benefits.

總的來說，這些項目正在幫助實現有意義的環境效益。

In addition, we announced our goal to eliminate all single-use plastic packaging, including pol bags by 2025.

此外，我們也宣布了到 2025 年消除所有一次性塑膠包裝（包括 pol 袋）的目標。

Going forward, all remaining nonplastic packaging used by VF and our brands will originate from sustainable sources and be designed for reuse or recyclability.

展望未來，VF 和我們的品牌使用的所有剩餘非塑膠包裝都將來自永續來源，並設計為可重複使用或可回收。

We also published our first human rights report in alignment with the United Nations' Guiding Principles on Business & Human Rights.

我們也發布了第一份符合聯合國工商業與人權指導原則的人權報告。

We're very proud of this work, and we aim to continuously improve as we uphold human rights in all our operations and across our global supply chain.

我們對這項工作感到非常自豪，我們的目標是不斷改進，在我們的所有業務和整個全球供應鏈中維護人權。

Beyond the global pandemic, other events of last year laid bare the pervasive racial and social economic and justices that plague our world, especially as they impact people of color.

除了全球大流行之外，去年的其他事件暴露了困擾我們世界的普遍存在的種族和社會經濟和正義問題，特別是當它們影響有色人種時。

In response, VF and our brands took action to build on our inclusion and diversity work by establishing the Council to Advance Racial Equity, CARE.

作為回應，VF 和我們的品牌採取行動，建立了促進種族平等委員會 (CARE)，以加強我們的包容性和多元化工作。

Although CARE is still young, We believe it will be a galvanizing force for our entire company as we take collective actions in the years ahead to fight for racial equity and social justice.

儘管 CARE 還很年輕，但我們相信，隨著我們在未來幾年採取集體行動，爭取種族平等和社會正義，它將成為我們整個公司的一股激勵力量。

Operating as a purpose-led company is not just the right thing to do, it is what our employees and our consumers expect.

作為一家以目標為導向的公司，營運不僅是正確的事情，也是我們的員工和消費者的期望。

Brands are more than businesses which deliver product.

品牌不僅僅是提供產品的企業。

They have the ability to influence positive movements within their communities.

他們有能力影響社區內的正向運動。

This builds deeper connectivity and engagement between our brand and their consumers, supporting long-term profitable relationships.

這在我們的品牌與其消費者之間建立了更深的聯繫和互動，支持長期獲利的關係。

We are a purpose-led and performance-driven organization.

我們是一個以目標為導向、以績效為導向的組織。

Transitioning to our financial results, I want to start with a few highlights from this past year.

談到我們的財務業績，我想從去年的一些亮點開始。

By any measure, the collective work of our associates to navigate fiscal '21 was nothing short of remarkable.

無論以何種標準衡量，我們員工為因應 21 財年所做的集體努力都堪稱非凡。

Despite unprecedented challenges from rolling virus surges and lockdowns globally, we were able to deliver global revenues of $9.2 billion and adjusted earnings per share of $1.31, in line with our outlook shared in January.

儘管病毒激增和全球封鎖帶來了前所未有的挑戰，我們仍然實現了 92 億美元的全球收入和 1.31 美元的調整後每股收益，這與我們 1 月的展望一致。

Throughout the year, Digital and China propelled our business forward.

全年，數位化和中國推動了我們的業務向前發展。

Our DTC Digital business delivered 55% organic growth.

我們的 DTC Digital 業務實現了 55% 的有機成長。

And when combined with pure-play digital wholesale, our total Digital business grew over 40% and accounted for nearly 30% of total revenue.

與純數位批發相結合，我們的數位業務總額增加了 40% 以上，佔總收入的近 30%。

These figures demonstrate how quickly the world turned online and how well our teams adapted to the new reality with incredible speed and agility.

這些數字顯示了世界在線化的速度有多快，以及我們的團隊如何以令人難以置信的速度和敏捷性適應新的現實。

In fact, during a 5-month period, our digital technology teams engineered homegrown solutions to enhance our e-commerce platform and stand up a new omnichannel capabilities, including buy online, pickup in store; ship from store; and reserve online, buy in store programs.

事實上，在 5 個月的時間裡，我們的數位技術團隊設計了自主開發的解決方案，以增強我們的電子商務平台並建立新的全通路功能，包括線上購買、店內取貨；從商店出貨；以及線上預訂、店內購買計劃。

These new offerings further simplify the shopping experience for our consumers and enabled us to utilize retail inventory through our digital channels when stores were closed, all of which helped to generate around $50 million of incremental revenue this year.

這些新產品進一步簡化了消費者的購物體驗，並使我們能夠在商店關閉時透過數位管道利用零售庫存，所有這些都有助於今年創造約 5000 萬美元的增量收入。

Our China business also remained consistently strong throughout fiscal '21, growing 20% and surpassing $1 billion in revenue and exceeding our long-term plan targets.

我們的中國業務在整個 21 財年也始終保持強勁勢頭，成長了 20%，營收超過 10 億美元，超出了我們的長期計畫目標。

We bolstered our China operations by appointing VF's first-ever President of Greater China.

我們任命了 VF 首位大中華區總裁，以加強我們在中國的業務。

And we're in the process of restructuring our Asia Pacific operations by moving our brands' regional center from Hong Kong to Shanghai.

我們正在重組我們的亞太區業務，將我們品牌的區域中心從香港遷至上海。

This will enable our brands to strengthen their in-country presence and gain even deeper insights into our Chinese consumers.

這將使我們的品牌能夠加強其在國內的影響力，並更深入地了解中國消費者。

VF generated approximately $1 billion in free cash flow in fiscal '21, a testament to the resiliency of our portfolio and strong execution from our global teams.

VF 在 21 財年產生了約 10 億美元的自由現金流，證明了我們投資組合的彈性和全球團隊的強大執行力。

While many of our peers were forced to pause their dividend commitments, our strong balance sheet and command over free cash flow supported our ability to modestly raise our dividend this year, returning $760 million to shareholders.

雖然我們的許多同業被迫暫停股息承諾，但我們強大的資產負債表和對自由現金流的控制支持我們今年適度提高股息的能力，向股東返還 7.6 億美元。

A key objective throughout this year was to exit fiscal '21 in a clean inventory position.

今年的一個關鍵目標是在 21 財年結束時保持乾淨的庫存狀況。

I'm pleased to say that we ended this year with owned inventories down 18%.

我很高興地說，今年年底我們的自有庫存下降了 18%。

And our disciplined brand and marketplace management approach globally has resulted in clean inventory positions across channels.

我們在全球範圍內嚴格的品牌和市場管理方法已經實現了跨渠道的乾淨庫存狀況。

Turning to our outlook.

轉向我們的展望。

As you saw in this morning's release, we expect fiscal '22 revenue to be about $11.8 billion, representing more than 25% growth.

正如您在今天早上的新聞稿中看到的那樣，我們預計 22 財年的營收約為 118 億美元，成長超過 25%。

Excluding Supreme, this represents high single-digit organic revenue growth, above prior peak fiscal 2020 levels.

不包括 Supreme，這代表著較高的個位數有機收入成長，高於 2020 財年之前的高峰水準。

Said differently, we expect our Big 4 Brands to not only fully recover revenue loss during the pandemic, but to deliver strong growth relative to prior peak levels.

換句話說，我們預計四大品牌不僅能夠完全彌補疫情期間的收入損失，而且能夠實現相對於先前高峰水準的強勁成長。

Before getting into our fiscal '22 plan, I want to take a moment to address a specific question, which always is top of mind with this audience.

在討論我們的 22 財年計畫之前，我想花點時間解決一個具體問題，這個問題始終是聽眾最關心的問題。

What gives me confidence in Vans' ability to reaccelerate and deliver on its forward growth commitments?

是什麼讓我對 Vans 重新加速並兌現其未來成長承諾的能力充滿信心？

Throughout the past year, the Vans conversation has been focused on the disruption caused by supply delays, the outsized impact of store closures and the cumulative impact of inventory and marketing investment constraints.

在過去的一年裡，Vans 的話題一直集中在供應延遲造成的混亂、商店關閉的巨大影響以及庫存和行銷投資限制的累積影響。

As we have consistently discussed, these issues are all short term and episodic, which have no impact on the long-term runway for this brand.

正如我們一直討論的那樣，這些問題都是短期的、偶發的，對這個品牌的長期發展沒有影響。

As we enter fiscal '22, there are several near-term catalysts, which give me confidence in Vans' ability to regain momentum and return to the low double-digit growth path we laid out in 2019.

隨著我們進入 22 財年，有一些近期的催化劑，這讓我對 Vans 重新獲得動力並回到我們在 2019 年制定的低兩位數增長道路的能力充滿信心。

First, we know that the deep connectivity of Vans stores and associates are a distinct competitive advantage for the brand.

首先，我們知道 Vans 商店和員工之間的深度連結是該品牌的獨特競爭優勢。

Our stores drive higher loyalty member enrollment, greater purchase frequency and higher average order value.

我們的商店提高了忠誠度會員註冊率、購買頻率和平均訂單價值。

A return to in-store shopping will restore this advantage, growing the Vans community, while driving a higher annual spend per consumer.

店內購物的回歸將恢復這一優勢，擴大 Vans 社區，同時提高每位消費者的年度支出。

Second, a return to normal social usage occasions will accelerate purchases from depressed levels the brand experienced during the pandemic.

其次，恢復正常的社交使用場合將加速該品牌在大流行期間經歷的低迷水平的購買。

This is not just a return to in-person schooling for younger consumers.

這不僅僅是年輕消費者回歸面對面教育。

This is a return to seeing family and friends dining out, attending concerts and sporting events and traveling.

這是與家人和朋友外出用餐、參加音樂會、體育賽事和旅行的回歸。

We know Vans has remained top of mind for its core consumers who are ready to reengage with the brand as they return to a normal cadence of lifestyle activities.

我們知道，Vans 仍然是其核心消費者的首要考慮因素，他們準備在回歸正常的生活方式活動時重新使用該品牌。

And lastly, beginning next month, Vans will initiate a globally coordinated weekly drop cadence that marries both product and experiential demand creation to drive energy, excitement and brand heat.

最後，從下個月開始，Vans 將啟動全球協調的每週降價節奏，將產品和體驗需求創造結合起來，以激發活力、興奮感和品牌熱度。

A key learning from the past year has been the importance of flowing new product and associated storytelling to deepen engagement with existing consumers and attract new consumers to the brand.

過去一年的一個重要教訓是，流動新產品和相關故事敘述對於加深與現有消費者的互動並吸引新消費者加入品牌的重要性。

This will be accompanied by an elevated vans.com experience to enhance the consumer journey around these exciting drops.

同時，也將提升 vans.com 的體驗，以增強消費者圍繞這些令人興奮的下降的旅程。

While Vans is our largest brand, I don't want to lose sight of the momentum we're seeing across the remainder of our portfolio.

雖然 Vans 是我們最大的品牌，但我不想忽視我們在其他產品組合中看到的勢頭。

As Matt will unpack shortly, our recovery this quarter and the strength of our fiscal '22 plan is broad based.

正如馬特（Matt）很快將闡述的那樣，我們本季的復甦以及我們 22 財年計劃的實力是基礎廣泛的。

There is tremendous momentum at The North Face and Dickies, which we expect to accelerate.

The North Face 和 Dickies 的發展勢頭強勁，我們預計會加速發展。

We believe Timberland has reached an important inflection point.

我們相信 Timberland 已經到達了一個重要的轉折點。

And Supreme is off to a strong start, and its path for sustainable long-term growth and value creation could not be more clear.

Supreme 已經有了一個良好的開端，其可持續長期成長和價值創造的道路再清晰不過了。

Taken together, I'm entering this year with a strong sense of optimism.

總而言之，我帶著強烈的樂觀情緒進入今年。

We have a best-in-class portfolio of brands with momentum, a leadership team across our brands and enterprise that possesses the skills and capabilities to lead our teams and to deliver on our commitments.

我們擁有一流的充滿動力的品牌組合，我們的品牌和企業的領導團隊擁有領導我們的團隊並兌現我們的承諾的技能和能力。

There are tailwinds from both the strengthening consumer across the globe and in the categories where we are most present, and inventory levels are in good shape.

全球消費者的強勁成長以及我們最活躍的品類都帶來了推動力，庫存水準也處於良好狀態。

Each of our brands are uniquely positioned to thrive in the coming year and return to their respective long-range plans as we emerge from this crisis as a stronger company.

我們的每個品牌都處於獨特的地位，能夠在來年蓬勃發展，並隨著我們作為一家更強大的公司擺脫這場危機而回歸各自的長期計劃。

And now I'll turn it over to Matt.

現在我將把它交給馬特。

Good morning, everyone.

大家，早安。

And first, Steve, let me say how honored, excited and appreciative I am to have the opportunity to serve as CFO of this amazing 122-year-old company.

首先，Steve，讓我說一下，我非常榮幸、興奮和感激能夠有機會擔任這家擁有 122 年曆史的令人驚嘆的公司的首席財務官。

And to Scott, thank you for the many years of mentoring and encouraging and supporting my professional development.

感謝斯科特，感謝您多年來對我職業發展的指導、鼓勵和支持。

Rest assured, you've had an impact on VF that is immeasurable, and you will be missed by all, but by none more than me.

請放心，你對 VF 產生了不可估量的影響，所有人都會想念你，但沒有人比我更想念你。

Best wishes, my friend.

最美好的祝愿，我的朋友。

So let me start with an overview of the operating environment across geographic regions, starting with the Americas.

因此，讓我先概述一下跨地理區域的營運環境，首先是美洲。

The U.S. environment continues to improve with vaccine distribution, easing lockdown measures and a strengthening consumer.

隨著疫苗的分發、封鎖措施的放鬆和消費者的增強，美國的環境持續改善。

We started Q4 with about 15% of our doors closed in the region, mostly in California.

從第四季度開始，我們在該地區（主要是加州）關閉了大約 15% 的門市。

As we sit today, virtually all of these doors have reopened.

當我們今天坐下來時，幾乎所有這些門都已重新打開。

While store traffic remains depressed, conversion and AUR have been strong, and we have seen sequential improvement across the brick-and-mortar fleet, with a notable acceleration in March.

雖然商店客流量仍然低迷，但轉換率和 AUR 一直很強勁，我們看到實體店的銷售連續改善，三月份的成長率顯著加快。

Each of our largest brands returned to double-digit growth in the Americas, and our total DTC business increased 16%, led by 57% growth from Digital.

我們每個最大的品牌在美洲都恢復了兩位數成長，我們的 DTC 業務總量成長了 16%，其中 Digital 成長了 57%。

Wholesale channel inventories remain clean, particularly across outdoor categories, which will provide a strong backdrop to the U.S. Wholesale business as we progress through fiscal 2022.

批發通路庫存保持清潔，尤其是戶外品類，這將為 2022 財年的美國批發業務提供強勁的背景。

In EMEA, the region has been impacted by rolling store closures throughout the entirety of fiscal '21, and our teams continued to navigate this disruption during Q4.

在歐洲、中東和非洲地區，該地區在整個 21 財年都受到了商店輪流關閉的影響，我們的團隊在第四季度繼續應對這一干擾。

We started the quarter with about half of our doors closed and finished the quarter with about 60% of doors closed.

我們在本季開始時關閉了大約一半的業務，並在本季結束時關閉了大約 60% 的業務。

Key markets such as the U.K. and Germany were basically fully closed throughout the fourth quarter.

英國、德國等主要市場整個第四季基本全面休市。

Lockdowns are expected to ease beginning in May for most countries, except Germany and France, although a slower start to vaccine rollouts will likely hinder the pace of recovery in the coming months.

除了德國和法國外，大多數國家的封鎖預計將從 5 月開始放鬆，儘管疫苗推出速度較慢可能會阻礙未來幾個月的復甦步伐。

Despite this choppier brick-and-mortar recovery, our teams have continued to leverage Digital, driving 99% growth in that channel during the period, with broad-based strength across the portfolio, and Digital increased 92%; The North Face, 118%; and Timberland, 122%.

儘管實體經濟復甦較為不穩定，我們的團隊仍繼續利用數位化，在此期間推動該通路成長 99%，整個投資組合具有廣泛的實力，數位化成長了 92%；北面，118%；和 Timberland，122%。

Our strong partnerships with digital partners such as Asos and Zalando also delivered impressive growth, accelerating in the quarter.

我們與 Asos 和 Zalando 等數位合作夥伴的牢固合作夥伴關係也帶來了令人印象深刻的成長，並在本季度加速成長。

We expect strong underlying Digital momentum to translate into accelerated growth in fiscal 2022.

我們預計強勁的數位化勢頭將轉化為 2022 財年的加速成長。

The APAC region has demonstrated incredible resiliency throughout the past year, led by Greater China and a strong consumer.

過去一年，在大中華區和強勁消費者的帶動下，亞太地區展現了令人難以置信的彈性。

Our Greater China business surpassed the $1 billion milestone in fiscal '21, growing 20%, capped off by 70% growth in Q4.

我們的大中華區業務在 21 財年突破了 10 億美元的里程碑，成長了 20%，第四季成長了 70%。

Congratulations to our teams in the region for this important milestone.

恭喜我們在該地區的團隊取得了這一重要的里程碑。

This represents nearly 25% growth over our fiscal 2019 Q4 revenue, the prior peak before the impact of COVID.

這意味著我們的 2019 財年第四季營收成長了近 25%，這是新冠疫情影響之前的高峰。

All VF brands achieved growth in the region, led by 93% growth at The North Face and 107% growth at Dickies.

所有 VF 品牌均在該地區實現了成長，其中 The North Face 成長了 93%，Dickies 成長了 107%。

We continue to view China as the leading indicator of the broader recovery in our business.

我們繼續將中國視為我們業務全面復甦的領先指標。

And as our largest growth opportunity, we remain focused on maintaining momentum and continuing with investments focused toward our Distort to Asia strategy.

作為我們最大的成長機會，我們仍然致力於保持勢頭並繼續針對「扭曲亞洲」策略進行投資。

The transition of our brand leadership teams and commercial operations to Shanghai is on track, which includes standing up a digital hub and establishing a consumer-centric structure that will help us transform and advance our capability serving Greater China and the region.

我們的品牌領導團隊和商業營運向上海的過渡已步入正軌，其中包括建立數位中心並建立以消費者為中心的結構，這將有助於我們轉型和提升服務大中華區和該地區的能力。

Globally, our supply chain teams continue to navigate port congestion, capacity constraints, transitory cost pressures and elevated volatility across the network.

在全球範圍內，我們的供應鏈團隊繼續應對港口擁塞、產能限制、暫時的成本壓力和網路波動加劇的問題。

Our teams are working tirelessly to minimize the impact of these challenges.

我們的團隊正在不懈地努力，以盡量減少這些挑戰的影響。

However, we expect volatility and certain headwinds to continue for the foreseeable future.

然而，我們預期波動和某些不利因素在可預見的未來仍將持續。

Fortunately, we have one of the strongest supply chains in the industry and are prepared for this challenge, having successfully navigated the unprecedented disruption over the past year.

幸運的是，我們擁有業內最強大的供應鏈之一，並已做好應對這項挑戰的準備，並成功應對了過去一年前所未有的破壞。

Now moving into our fourth quarter highlights.

現在進入我們的第四季亮點。

As you may have seen in this morning's release, our Q4 results benefited from a 53rd week in fiscal 2021.

正如您可能在今天早上的發布中看到的那樣，我們的第四季度業績受益於 2021 財年的第 53 週。

The impact of this was contemplated in our 2021 outlook shared in January.

我們在 1 月分享的 2021 年展望中考慮了這一影響。

This benefit was magnified relative to Q4 due to the low base in the prior year and supply chain disruptions resulting from COVID-19.

由於前一年的基數較低以及 COVID-19 造成的供應鏈中斷，此效益相對於第四季有所放大。

Importantly, this dynamic is reflected in the fiscal 2022 planned growth rates we will cover shortly.

重要的是，這種動態反映在我們即將討論的 2022 財年計畫成長率中。

VF delivered 19% growth in Q4 or 12% organic growth despite headwinds from supply chain disruptions and more extended lockdowns throughout Europe.

儘管面臨供應鏈中斷和整個歐洲更長的封鎖帶來的阻力，VF 在第四季度實現了 19% 的成長或 12% 的有機成長。

The strength of our business was broad based, with 16% growth from the Big 4 Brands and acceleration from many of our emerging brands, highlighted by 53% growth from Ulta.

我們的業務實力基礎廣泛，四大品牌成長了 16%，許多新興品牌也加速成長，其中 Ulta 成長了 53%。

In its first quarter with VF, the Supreme brand contributed over $140 million of revenue, exceeding our expectations.

Supreme 品牌在 VF 的第一季貢獻了超過 1.4 億美元的收入，超出了我們的預期。

As expected, Vans inflected positively, delivering 10% global growth as strength in the Americas and APAC regions more than offset larger-than-expected headwinds from store closures in Europe.

正如預期的那樣，Vans 表現積極，實現了 10% 的全球成長，美洲和亞太地區的強勁勢頭足以抵消歐洲門市關閉帶來的超出預期的不利影響。

Globally, Vans is seeing balanced momentum and performance across heritage and progression footwear.

在全球範圍內，Vans 的傳統鞋款和進步鞋款都呈現出平衡的動力和性能。

During Q4, Sk8-Hi, Authentic and Old Skool heritage styles each grew double digits, while the Pro Skate and MTE progression lines each grew more than 30%.

第四季度，Sk8-Hi、Authentic 和 Old Skool 傳統款式均實現了兩位數成長，而 Pro Skate 和 MTE 漸進系列均成長了 30% 以上。

Apparel also performed well, including mid-teens growth in women's.

服裝也表現良好，其中女裝的銷售量增加了十幾歲。

Vans' Digital growth accelerated to 52%, including a growing contribution from omnichannel sales, which represented over 10% of Digital revenue in the Americas.

Vans 的數位成長加速至 52%，其中全通路銷售的貢獻不斷增長，佔美洲數位收入的 10% 以上。

Vans stores also returned to growth globally after sequential quarterly improvement throughout fiscal 2021.

在 2021 財年連續季度改善後，Vans 門市在全球也恢復了成長。

Vans' DTC consumers returned strongly during March, both in stores and online and across both existing and new consumers.

Vans 的 DTC 消費者在 3 月強勢回歸，無論是在商店還是在網路上，無論是現有消費者還是新消費者。

The Vans Family loyalty program added 1.2 million members in the U.S. in the last 4 months and now has nearly 15 million enrolled globally.

過去 4 個月，Vans Family 忠誠度計畫在美國新增了 120 萬名會員，目前全球註冊會員人數已接近 1,500 萬人。

With the reopening of Vans' store fleet, new membership growth has accelerated in March and April.

隨著 Vans 門市重新開業，三月和四月新會員成長加速。

The North Face delivered 23% growth, led by 56% growth in Digital.

The North Face 實現了 23% 的成長，其中數位業務成長了 56%。

TNF achieved double-digit growth across all regions and channels as outdoor category tailwinds remain robust globally.

由於戶外類別在全球範圍內保持強勁勢頭，TNF 在所有地區和通路均實現了兩位數成長。

From a product standpoint, the brand experienced relative strength from several on-mountain categories, including outerwear, led by our FUTURELIGHT offering; and footwear, led by our new VECTIV line.

從產品的角度來看，該品牌在多個山地類別中體驗到了相對優勢，包括以 FUTURELIGHT 產品為主導的外套；和鞋類，以我們新的 VECTIV 系列為主導。

We see continued validation of the brand's innovation engine, recently highlighted in Outside Magazine's 2021 Summer Buyers' Guide, which features 6 products from The North Face, including Gear of the Year awards for 2 VECTIV products, awarded the Best Trail Running and Hiking Shoes of 2021.

我們看到品牌創新引擎的持續驗證，最近《Outside》雜誌的2021 年夏季買家指南重點介紹了The North Face 的6 款產品，其中2 款VECTIV 產品榮獲年度裝備獎，並榮獲年度最佳越野跑和遠足鞋獎2021 年。

Momentum at The North Face also extends to the brand's off-mountain product portfolio, with strength from logowear and iconic franchises such as the Nuptse, which increased more than 75%.

The North Face 的發展勢頭也延伸到了品牌的越野產品組合，其中包括標誌服裝和標誌性特許經營產品（例如 Nuptse），增幅超過 75%。

The brand also wrapped up the Gucci collab with the largest earned media campaign in The North Face's history, with more than 17 billion impressions, yielding worldwide 100% sell-through of all collaboration outerwear.

該品牌也以 The North Face 史上最大規模的贏得媒體活動結束了與 Gucci 的合作，展示次數超過 170 億次，所有合作外套在全球的銷售率為 100%。

And lastly, due partially to an exceptionally strong first-responder program throughout fiscal 2021, The North Face's Digital business increased 63%, including 49% growth in new paid customers, by adding 1.6 million in new loyalty members in the Americas.

最後，由於整個 2021 財年異常強大的急救計劃，The North Face 的數位業務增長了 63%，其中新付費客戶增長了 49%，在美洲增加了 160 萬新忠誠會員。

Timberland increased 19%, with continued momentum behind outdoor footwear, apparel, Timberland Pro and an accelerating classics business.

Timberland 成長了 19%，戶外鞋類、服裝、Timberland Pro 和經典業務的成長勢頭持續強勁。

Digital increased 96%, with additional strength from key digital retail partners.

在主要數位零售合作夥伴的幫助下，數字增加了 96%。

The brand successfully rolled out several new product stories, including Green Stride, which has garnered strong early read.

該品牌成功推出了多個新產品故事，其中包括《Green Stride》，該故事獲得了廣泛的早期閱讀。

Timberland delivered 54% global Digital growth in fiscal 2021, and is entering this year with broad-based momentum across the product portfolio.

Timberland 在 2021 財年實現了 54% 的全球數位化成長，並在整個產品組合中呈現出廣泛的勢頭。

Finally, Dickies increased 19%, with continued strength across regions, channels and categories.

最後，Dickies 成長了 19%，在各個地區、通路和品類上持續強勁。

The brand continued its strong performance in APAC, highlighted by more than 120% growth in Greater China.

該品牌在亞太地區持續保持強勁表現，其中大中華區成長超過 120%。

Work-inspired lifestyle product increased at a double-digit rate across all regions and represented 40% of total revenue.

以工作為靈感的生活方式產品在所有地區均以兩位數的速度成長，佔總收入的 40%。

Despite headwinds from the pandemic, the brand delivered 7% growth in fiscal 2021 through strong execution against the strategic pillars of Digital, China and Work-inspired product categories.

儘管受到疫情的不利影響，該品牌透過對數位、中國和工作啟發產品類別等戰略支柱的強有力執行，在 2021 財年實現了 7% 的成長。

Fourth quarter adjusted EPS was $0.27, including a $0.06 contribution from Supreme, representing 89% organic growth and a strong start to our earnings recovery.

第四季調整後每股收益為 0.27 美元，其中包括 Supreme 的 0.06 美元貢獻，相當於 89% 的有機成長，是我們獲利復甦的強勁開端。

Our liquidity remains strong as we ended the year with approximately $1.45 billion in cash and short-term investment and approximately $2.2 billion remaining undrawn on our revolver.

我們的流動性仍然強勁，截至年底，我們擁有約 14.5 億美元的現金和短期投資，以及約 22 億美元的左輪手槍未動用資金。

As Steve referenced earlier, we've entered into a definitive agreement to sell our Occupational Workwear business to Redwood Capital Investments, which is expected to close in late Q1.

正如史蒂夫之前提到的，我們已經達成了一項最終協議，將我們的職業工作服業務出售給 Redwood Capital Investments，預計將在第一季末完成。

This will provide an additional source of liquidity and further reduce our net leverage position.

這將提供額外的流動性來源，並進一步降低我們的淨槓桿部位。

Moving now to our outlook for fiscal 2022.

現在轉向我們對 2022 財年的展望。

We expect total VF revenue to approximate $11.8 billion, representing about 28% of growth from fiscal '21 and a low double-digit increase relative to our prior peak revenue in fiscal 2020.

我們預計 VF 總營收約為 118 億美元，約佔 21 財年成長的 28%，相對於我們先前在 2020 財年的營收高峰而言，增幅較低，為兩位數。

This includes approximately $600 million of Supreme revenue.

其中包括約 6 億美元的 Supreme 收入。

Excluding the Supreme business, our fiscal 2022 outlook implies growth of about 23%, representing high single-digit growth relative to fiscal 2020.

不包括 Supreme 業務，我們對 2022 財年的展望意味著成長約為 23%，相對於 2020 財年呈現高個位數成長。

By brand, we expect Vans to generate between 26% and 28% growth, representing a 7% to 9% increase relative to prior peak revenue.

按品牌劃分，我們預計 Vans 將實現 26% 至 28% 的成長，相對於先前的營收高峰成長 7% 至 9%。

The North Face is expected to increase between 25% and 27%, representing 14% to 16% growth relative to fiscal 2020 and surpassing $3 billion in global brand revenue.

The North Face 預計將成長 25% 至 27%，相對 2020 財年成長 14% 至 16%，全球品牌營收將超過 30 億美元。

We expect Timberland to increase between 16% and 18%, which implies revenue in line with prior peak levels.

我們預計 Timberland 將成長 16% 至 18%，這意味著收入與先前的峰值水平一致。

Lastly, we expect continued strength from Dickies, with growth accelerating to between 10% and 12%, which implies revenue up about 20% from fiscal 2020.

最後，我們預計 Dickies 的業績將持續強勁，成長率將加速至 10% 至 12%，這意味著 2020 財年營收將成長約 20%。

By region, excluding Supreme, we expect Europe to increase about 30%, representing about 15% growth relative to prior peak revenue.

按地區劃分，不包括 Supreme，我們預計歐洲將成長約 30%，相對於先前的營收高峰成長約 15%。

We expect continued momentum in APAC, with close to 20% organic growth led by ongoing strength in China, where we expect growth to exceed 20%.

我們預計亞太地區將繼續保持成長勢頭，在中國持續強勁的帶動下，有機成長將接近 20%，我們預計中國的成長將超過 20%。

In the Americas, we expect organic revenue growth of greater than 20%.

在美洲，我們預計有機收入成長將超過 20%。

By channel, again, excluding Supreme, we expect our DTC business to increase between 28% and 30%, including about 15% growth in Digital.

同樣，按通路劃分，不包括 Supreme，我們預計 DTC 業務將成長 28% 至 30%，其中數位業務成長約 15%。

We expect approximately half of total VF revenue to come from DTC this year.

我們預計今年 VF 總收入的大約一半將來自 DTC。

And including pure-play digital wholesale, we expect our total digital penetration in fiscal 2022 to exceed 30%.

包括純數位批發在內，我們預計 2022 財年我們的總數位滲透率將超過 30%。

Finally, our Wholesale business is expected to grow at a high-teen rate, essentially recovering revenue lost over the past year and returning to prior peak levels.

最後，我們的批發業務預計將以高青少年速度成長，基本上恢復過去一年損失的收入並恢復到先前的高峰水準。

Moving down the P&L, we expect gross margin in excess of 56%, representing organic margins above prior peak levels.

從損益表來看，我們預計毛利率將超過 56%，這意味著有機利潤率高於先前的峰值。

We expect an operating margin of about 12.8%, which implies high single-digit organic growth in our SG&A spend relative to fiscal 2020 levels.

我們預計營業利潤率約為 12.8%，這意味著我們的 SG&A 支出相對於 2020 財年水準將實現高單位數有機成長。

Now let me take a moment and unpack our expected SG&A growth relative to those prior peak levels.

現在讓我花點時間來分析我們相對於之前峰值水平的預期 SG&A 增長。

A large piece of the growth relates to continued investment against our growth-focused strategic priorities.

成長的很大一部分與我們以成長為重點的策略重點的持續投資有關。

Relative to fiscal '20, our fiscal '22 plan assumes over $150 million of incremental investments in demand creation and our business model transformation to be more consumer-minded, retail-centric and hyper-digital, which supports the strong growth commitments covered today.

相對於20 財年，我們的22 財年計畫假設在需求創造和業務模式轉型方面進行超過1.5 億美元的增量投資，以更加以消費者為中心、以零售為中心和超數位化，這支持了今天所涵蓋的強勁成長承諾。

Other large drivers within SG&A are episodic to this year.

SG&A 內的其他主要驅動因素今年是間歇性的。

A large piece of the growth is simply from foreign currency.

成長的很大一部分完全來自外匯。

Foreign currency translation represents about 20% of the expected dollar growth in SG&A.

外幣換算約佔 SG&A 預期美元成長的 20%。

Another episodic piece of our SG&A growth relates to elevated distribution and freight.

我們的SG&A成長的另一個偶然因素與分銷和貨運的增加有關。

We are confident in our ability to mitigate these cost pressures over time, in addition to the strong pricing power our brands enjoy globally.

除了我們的品牌在全球享有強大的定價權之外，我們對隨著時間的推移減輕這些成本壓力的能力充滿信心。

However, higher costs will be a near-term headwind to profitability.

然而，成本上升將成為近期獲利能力的阻力。

Moving forward, we see a path to SG&A leverage as we exit fiscal 2022.

展望未來，隨著我們退出 2022 財年，我們看到了 SG&A 槓桿的路徑。

And given the composition of our portfolio today, we see, at minimum, a return to our long-term earnings algorithm from our 2024 plan, with strong gross margin expansion and SG&A leverage supporting investment optionality.

考慮到我們今天投資組合的組成，我們至少看到我們的 2024 年計劃將回歸長期盈利演算法，強勁的毛利率擴張和 SG&A 槓桿支持投資選擇性。

To wrap up our fiscal 2022 P&L outlook, we expect our tax rate to approximate 15%, which brings us to earnings per share of about $3.05, including an expected $0.25 per share contribution from the Supreme brand.

為了總結我們的 2022 財年損益展望，我們預計稅率約為 15%，這將使我們的每股收益約為 3.05 美元，其中包括 Supreme 品牌預計的每股 0.25 美元貢獻。

Finally, we expect to generate over $1 billion in operating cash flow.

最後，我們預計將產生超過 10 億美元的營運現金流。

Capital expenditures are planned to approximate $350 million.

資本支出計畫約為 3.5 億美元。

This includes the impact of growth investments as well as deferred capital spending from fiscal 2021 as a result of COVID.

這包括成長投資的影響以及因新冠疫情而推遲的 2021 財年資本支出。

There are no changes to our capital allocation priorities moving forward.

我們未來的資本配置優先事項沒有改變。

Our strong balance sheet will continue to be a focus, and we expect to end fiscal 2022 with net leverage between 2.5x and 3x.

我們強勁的資產負債表將繼續成為焦點，我們預計到 2022 財年結束時，淨槓桿比率將在 2.5 倍至 3 倍之間。

We remain committed to growing our dividend.

我們仍然致力於增加股利。

And as always, we will remain opportunistic with M&A and other capital allocation alternatives, which we will explore as appropriate.

一如既往，我們將繼續對併購和其他資本配置方案保持機會主義，我們將視情況探索這些方案。

So in summary, we could not be more pleased with how VF has navigated fiscal 2021.

總而言之，我們對 VF 2021 財政年度的表現非常滿意。

We fully executed on our plans in a challenging environment, driving digital growth, managing free cash flow and investing in our organic business, while evolving our portfolio to best position us for long-term value creation.

我們在充滿挑戰的環境中全面執行我們的計劃，推動數位成長，管理自由現金流並投資於我們的有機業務，同時發展我們的投資組合，為我們創造長期價值創造最佳位置。

As a result of the hard work throughout fiscal '21, we're exiting this year with broad-based momentum across the portfolio.

經過 21 財年的辛勤工作，我們今年的投資組合將呈現出廣泛的勢頭。

And I'm very confident in VF's ability to drive accelerated growth into fiscal '22 and beyond.

我對 VF 在 22 財年及以後推動加速成長的能力非常有信心。

We will now turn the call over to the operator and take your questions.

我們現在將把電話轉給接線員並回答您的問題。

(Operator Instructions) Our first question comes from the line of Erinn Murphy with Piper Sandler.

（操作員說明）我們的第一個問題來自 Erinn Murphy 和 Piper Sandler 的線路。

Matt, congrats to your appointment as CFO.

馬特，祝賀您被任命為財務長。

I guess, my question, and I guess, for Steve, on Vans.

我想，我的問題，我想，對史蒂夫來說，是關於 Vans 的。

You talked about, in your prepared remarks, on just some of the context of what gets you back to the long-term algo.

您在準備好的演講中談到了一些讓您回到長期演算法的背景。

Could you share a little bit more about this year, specifically?

能具體分享一下今年的情況嗎？

I mean you guided 7% to 9% versus fiscal 2020.

我的意思是，與 2020 財年相比，您的指導目標是 7% 到 9%。

What are some of the levers that you could see that could drive potential upside towards that long-term algo?

您可以看到哪些槓桿可以推動長期演算法的潛在上漲？

And then my follow-up is just on the Digital growth.

然後我的後續行動只是關於數位成長。

As stores have reopened here in April and then into May, what have you seen in Digital?

隨著商店在四月和五月重新開業，您在 Digital 中看到了什麼？

Good morning, Erinn, and thank you.

早安，艾琳，謝謝你。

So Vans, clearly, I hope through our -- my remarks in my script, you all noted just the confidence that we have and the momentum that we see building coming out of March into this year.

因此，Vans 顯然，我希望透過我們——我在劇本中的言論，你們都注意到了我們所擁有的信心以及我們看到的從 3 月到今年的勢頭。

We talked a lot about last year at the outsized impact that Vans incurred from the store closures, but also the disruption in inventory early and the impact on marketing and the ability to really tell those stories.

去年我們談論了很多 Vans 因門市關閉而造成的巨大影響，以及早期庫存中斷、對行銷的影響以及真正講述這些故事的能力。

As we think about this year, as those stores reopen, the upside could be very significant.

就我們今年而言，隨著這些商店重新開業，其上行空間可能非常顯著。

And we know that these are a very powerful part of their connection to their consumers.

我們知道，這些是他們與消費者聯繫的一個非常強大的部分。

This is where we really have, I think, a distinct competitive advantage.

我認為，這就是我們真正擁有明顯競爭優勢的地方。

We have a higher loyalty member engagement.

我們有更高的忠誠會員參與度。

We see higher purchase frequency and a higher order value when our stores are up and running, and that is paying off as we see the acceleration coming out of March and April.

當我們的商店開業並經營時，我們看到更高的購買頻率和更高的訂單價值，隨著我們看到三月和四月的加速成長，這正在得到回報。

But you can't discount at all this -- kind of this return to some normal usage occasions and the impact that, that will have on consumers' desire to purchase.

但你不能低估這一切——這種回歸到一些正常使用場合以及對消費者購買慾望的影響。

We see that today.

我們今天看到了這一點。

And then this move to a 50-week drop -- 52-week drop cadence that it's -- I think what's significant about that, Erinn, is it could be less about the products that we're putting on in front of you every week because it could be just a story, but it's an engagement moment for us to reach out to our current consumers, attract new consumers and really engage them in the brand's family and drive that long-term consumer loyalty.

然後轉向 50 週下降 - 52 週下降節奏 - 我認為這一點的重要意義在於，Erinn，這可能與我們每週在您面前展示的產品無關因為這可能只是一個故事，但它是我們接觸現有消費者、吸引新消費者、真正讓他們融入品牌大家庭並提高消費者長期忠誠度的參與時刻。

The Digital growth has been very, very important, clearly, in this last year, and it will continue to be.

顯然，去年的數位成長非常非常重要，而且將繼續如此。

For us, as we -- it will moderate, for sure.

對我們來說，正如我們一樣——它肯定會緩和。

We're not sure where that will land.

我們不確定它會降落在哪裡。

But I think the critical part for us is how we seamlessly connect our stores with our e-commerce environments and really create that engagement method that we're able to connect with you, communicate with you, wherever you are and however you choose to engage with us.

但我認為對我們來說最關鍵的部分是如何將我們的商店與電子商務環境無縫連接，並真正創建一種參與方法，使我們能夠與您聯繫、溝通，無論您身在何處，無論您選擇如何參與和我們。

And we have a new store in Milan, the Orefici store is a test environment for us on a VF standpoint, using greater digital connectivity, in-store opportunities to engage, not only with content, but how we're able to service the consumer with a single view of inventory.

我們在米蘭有一家新店，從 VF 的角度來看，Orefici 店是我們的一個測試環境，它利用更強大的數位連接、店內機會來參與，不僅涉及內容，還涉及我們如何為消費者提供服務具有單一庫存視圖。

We think that, going forward, will be a big advantage as well as we're able to prove it and then roll it out across our fleet.

我們認為，展望未來，這將是一個很大的優勢，我們能夠證明這一點，然後將其推廣到我們的機隊中。

And clearly, Vans would be a big user of that new concept.

顯然，Vans 將成為這個新概念的大用戶。

Erinn, this is Matt.

艾琳，這是馬特。

And thank you for the shout out, and happy to be here, obviously.

感謝你們的大聲疾呼，顯然很高興來到這裡。

I'll add one thing to Steve's comment about Vans that I think the group probably understands.

我將在 Steve 對 Vans 的評論中添加一件事，我認為該團隊可能會理解這一點。

But if you think about the opportunity to see the business come back a little more quickly, especially in brick-and-mortar, we continue to remain disciplined as it relates to how we're supporting the business from an inventory standpoint.

但如果你考慮到有機會看到業務更快恢復，特別是在實體領域，我們將繼續保持紀律，因為這關係到我們如何從庫存的角度支持業務。

But the good news, certainly for Vans, is we've got the ability to get back in the inventory pretty quickly there.

但對於 Vans 來說，好消息是我們有能力很快恢復庫存。

So if we see that begin to move a little faster, especially the recovery of the brick-and-mortar side of the business, we'll be able to support that.

因此，如果我們看到這種情況開始加快一點，特別是實體業務的復甦，我們將能夠提供支援。

We'll be able to support some level of upside there given the capabilities that we have relative to lead times and some of the quick-turn things as we continue to remain [in shape].

考慮到我們在交貨時間方面的能力以及隨著我們繼續保持[狀態]而進行的一些快速週轉的事情，我們將能夠支持一定程度的上漲。

So I think we're really confident in the plan we've laid out, but also, if that looks to see a little bit more momentum than maybe what we've initially called, then we'll have the opportunity to get after that as well.

所以我認為我們對我們制定的計劃非常有信心，而且，如果看起來比我們最初所說的更有動力，那麼我們將有機會在那之後實現以及。

Our next question comes from the line of Michael Binetti with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Michael Binetti。

I just wanted to ask you a quick one on the gross margin.

我只是想簡單地問一下毛利率。

I guess, in the quarter, just looking at your slides here, 170 basis points of a headwind from rate, with 70 coming from FX.

我想，在本季度，只要看這裡的幻燈片，利率就有 170 個基點的阻力，其中 70 個基點來自外匯。

So I think the math there is about 100 basis points from some markdowns in the quarter.

因此，我認為本季的一些降價幅度大約有 100 個基點。

I think your inventories are clean, and we've seen pretty good full-price selling in the market.

我認為你們的庫存是乾淨的，而且我們在市場上看到了相當不錯的全價銷售。

So maybe you could just help us orient to where -- if that's right, where you were seeing the markdowns in the quarter?

因此，也許您可以幫助我們確定本季降價的地點（如果這是正確的）？

Which of the brands are -- maybe how to think through that?

哪些品牌是──也許如何思考這個問題？

And then just as we look ahead to get a little bit of sense of the confidence you have in the gross margin that you guided to for '22, maybe you could just give us a couple of thoughts on the components that build to it, geography, channel, which, I think, would be headwinds.

然後，正當我們展望未來，了解您對 22 年毛利率的信心時，也許您可以給我們一些關於構建毛利率的想法，地理因素，渠道，我認為這將是逆風。

And then just a quick one on the SG&A.

然後簡單介紹一下 SG&A。

You said there's opportunity for leverage as you get back on your algorithm.

你說過，當你重新檢視你的演算法時，就有機會發揮槓桿作用。

I think the September '19 plan embedded no SG&A leverage.

我認為 19 年 9 月的計劃沒有包含 SG&A 槓桿。

That did sound like a bit of a change to me.

這對我來說聽起來確實有點改變。

If so, maybe just any thoughts on what changed there?

如果是這樣，也許只是對那裡發生了什麼變化有什麼想法？

Yes, Michael.

是的，邁克爾。

In terms of gross margin, I think, first off, I'll take you back to where we started this year.

就毛利率而言，我想，首先，我將帶您回到今年開始時的情況。

We went into the year, and we said we were going to be really aggressive to end the year in a clean position and end the year in a position of strength.

進入這一年，我們表示我們將非常積極地以乾淨的狀態結束這一年，並以強勢的狀態結束這一年。

And we've done that.

我們已經做到了。

We've executed on our plan really, really well in that regard.

在這方面，我們的計劃執行得非常非常好。

What we saw play out in the fourth quarter from a rate perspective as well, honestly, as we've seen play out through the year, has been right in line with our expectations.

老實說，從利率角度來看，我們在第四季看到的情況也符合我們的預期。

You have to remember, some of the choices that we made even last summer to emerge clean are impacting what you saw play out in the fourth quarter, and we certainly expected that.

你必須記住，我們去年夏天為清理乾淨而做出的一些選擇正在影響你在第四季度看到的結果，我們當然預料到了這一點。

So no one brand, no one channel driving that.

因此，沒有一個品牌、沒有一個管道推動這個趨勢。

But certainly, the aggressive approach that we took to ending the year clean is a big element of that.

但當然，我們為乾淨地結束這一年而採取的積極方法是其中的一個重要因素。

The piece that has been more difficult for us to call through the year, honestly, has been the mix.

老實說，這一年對我們來說更困難的是混音。

We did end the year with our sort of normal kind of 50 basis point impact on a full year basis from mix, but we've seen some puts and takes there across the year.

我們確實在年底對全年的混合產生了 50 個基點的正常影響，但我們在全年中看到了一些看跌期權和看跌期權。

Because this has been, obviously, a really unique year in terms of trying to project and predict the mix of the business, in particular, the brick-and-mortar component of our business, as we've seen that be continually disrupted by store closures throughout the year.

因為顯然，就試圖規劃和預測業務組合而言，今年是非常獨特的一年，特別是我們業務的實體部分，正如我們所見，它不斷受到商店的干擾全年關閉。

So I think what you can take away from that is we executed on our plan, just as we intended to.

所以我認為你可以從中得到的是我們按照我們的意圖執行了我們的計劃。

And certainly, there's been some variability because of the mix side.

當然，由於混合方面的原因，存在一些變化。

But in the end, we ended the year with inventories really clean, both our own inventories, but also with our retail partners, back down about 20% organically inventory for us.

但最終，我們在年底的庫存非常乾淨，包括我們自己的庫存，還有我們零售合作夥伴的庫存，為我們減少了約 20% 的有機庫存。

And that's really the thing that gives us the most confidence about gross margins next year.

這確實讓我們對明年的毛利率最有信心。

When we look at the mix of the business next year, and returning back to a more typical and normal type of mix, a little more consistency in the business in terms of how that will play out sort of quarter-over-quarter through the year.

當我們審視明年的業務組合，並回到更典型和正常的組合類型時，業務在全年各季度的表現方面會更加一致。

We're confident in the mix benefit that we've seen historically will be there.

我們對歷史上看到的混合效益將會存在充滿信心。

It will be there more consistently as we move through the year.

隨著這一年的推移，它將會更加一致地存在。

And then so what you're going to see is a really nice snapback in terms of the right side of the equation as we're really going to be really, really clean and really, really lean in terms of managing the business, really starting right out of the gate here in the first quarter.

然後你將看到的是等式右側的一個非常好的快速恢復，因為我們在管理業務方面真的會非常非常乾淨，非常非常精益，真正開始就在第一季度的大門外。

We do expect actually a gross margin expansion in Q1.

我們確實預計第一季的毛利率實際上會有所擴張。

And as we said in our prepared comments, we expect gross margins on a full year basis, organically, to be slightly above prior peak levels.

正如我們在準備好的評論中所說，我們預計全年毛利率有機地略高於先前的峰值水平。

In terms of SG&A, I think what we wanted to indicate there with the forward look is that, yes, there's been -- we have the ability to see some leverage coming out of fiscal '22.

就SG&A而言，我認為我們想要透過前瞻性的方式表明的是，是的，我們有能力看到22財年產生一些槓桿作用。

You may remember, at Beaver Creek, we talked a lot about optionality, and that's really still the point.

您可能還記得，在 Beaver Creek，我們談論了很多關於選擇性的問題，而這仍然是重點。

We'll have -- that leverage will give us the optionality to continue to invest, to support our biggest growth opportunities, whether it be demand creation or continue driving our transformation.

我們將擁有—這種槓桿作用將使我們可以選擇繼續投資，支持我們最大的成長機會，無論是創造需求還是繼續推動我們的轉型。

So I think that's really the -- I don't think there's really any difference.

所以我認為這確實是——我不認為有什麼區別。

It's just sort of maybe a nuance in terms of how you think about leverage opportunity in parts of the SG&A model and creating optionality to invest if we see opportunity to do so.

這可能只是你如何看待 SG&A 模型部分的槓桿機會以及如何在我們看到機會時創造投資選擇權的細微差別。

Our next question comes from the line of Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Thank you for all the details, as always.

一如既往，感謝您提供所有詳細資訊。

It's nice to see the Vans inflection.

很高興看到 Vans 的變化。

And my congrats to Matt as well.

我也祝賀馬特。

I guess, one of my questions is in terms of wholesale bookings and what you're seeing for the fall holiday shipments.

我想，我的問題之一是批發預訂以及您所看到的秋季假期發貨情況。

Given where the inventory is, how are you -- how does the bookings look, first of all?

考慮到庫存在哪裡，您的情況如何——首先，預訂情況如何？

And are you building in some cushion in weeks of supply?

你們是否會在數週的供應時間內建立一些緩衝？

What's the strategy on chase, given that everything we're sharing seems like the supply chain is likely to remain tight through year-end?

鑑於我們所分享的一切似乎供應鏈可能在年底前保持緊張，大通的策略是什麼？

And then I'll have a follow-up.

然後我會跟進。

Adrienne, thank you.

艾德麗安，謝謝你。

Yes, in terms of our books, I think -- yes, first of all, maybe just stepping back a little bit.

是的，就我們的書而言，我認為——是的，首先，也許只是退後一步。

The environment, I think, is becoming more typical.

我認為，環境正在變得更加典型。

And certainly, the retailers are buying to support a recovery.

當然，零售商正在購買以支持復甦。

In our view, the approach has been prudent.

我們認為，這種做法是審慎的。

We think the assumptions are realistic and logical.

我們認為這些假設是現實且符合邏輯的。

And we're buying right in line with that.

我們的購買也是符合這一點的。

We're buying to support the order book.

我們購買是為了支持訂單簿。

Certainly, there'll be some opportunity to do a little bit more business there if the business is a little bit stronger.

當然，如果業務稍微強大一點的話，就有機會在那裡做更多的生意。

We continue to remain disciplined in our posture.

我們繼續保持自律的姿勢。

As we talked to you last year, we talked about looking at order books and then cutting that a little bit in terms of our buy.

正如我們去年與您交談時，我們討論過查看訂單簿，然後在購買方面稍微削減一點。

That's not what we're doing now.

那不是我們現在正在做的事情。

We're back to a more typical approach, disciplined, as you would expect, that's buying to support the overall business.

我們又回到了更典型的方法，正如您所期望的那樣，有紀律，即透過購買來支持整體業務。

There will be some supply chain disruption.

供應鏈將會出現一些中斷。

Certainly, in the near term, there's some headwinds there.

當然，在短期內，存在一些阻力。

However, we've got comforted by the fact that we've got the best supply chain in the industry, and they're working incredibly hard to mitigate and navigate some of the challenges, as they have been, honestly, for the last 12 months.

然而，令我們感到欣慰的是，我們擁有業內最好的供應鏈，而且他們正在非常努力地努力緩解和應對一些挑戰，老實說，他們在過去 12 年裡一直在這樣做幾個月。

It's been really an interesting time in the supply chain, as we all understand.

正如我們都了解的那樣，這確實是供應鏈中一個有趣的時期。

But we've got a lot of confidence in what we're doing.

但我們對我們正在做的事情充滿信心。

And right now, as we sit here today, not without some challenges, for sure, and some headwinds and even some cost pressures, as I mentioned.

現在，正如我所提到的，當我們今天坐在這裡時，肯定會遇到一些挑戰，以及一些阻力，甚至一些成本壓力。

But our ability to support back-to-school and ultimately the holiday selling season, we're really confident in what we're doing, and we feel that we'll be well positioned there from a marketplace perspective.

但我們有能力支持返校並最終支持假日銷售季，我們對我們正在做的事情非常有信心，我們認為從市場角度來看我們將處於有利位置。

Okay.

好的。

That's great to hear.

聽到這個消息我很高興。

And then, Matt, my follow-up is on the fiscal '22, the 50% DTC target, what will be the retail-to-digital mix on that?

然後，馬特，我的後續行動是 22 財年，50% DTC 目標，零售到數位的組合是什麼？

And how much of the op margin comes from that sort of structural shift from Wholesale to DTC?

營運利潤有多少來自於從批發到 DTC 的結構性轉變？

Adrienne, can you say the first part of that question again?

艾德麗安，你能再說一次這個問題的第一部分嗎？

If I got the numbers correctly, I thought fiscal '22 was going to be penetration of 50% DTC.

如果我的數字正確的話，我認為 22 財年 DTC 的滲透率將達到 50%。

Is that -- and so my question was what would be the mix of brick-and-mortar to the Digital aspect of DTC within that?

是這樣嗎？ 所以我的問題是，其中實體店與 DTC 數字方面的組合是什麼？

Yes.

是的。

Okay.

好的。

Yes, yes.

是的是的。

So we've said -- yes, that's good.

所以我們說過——是的，那很好。

I got you.

我接到你了。

So the total DTC business, roughly half.

所以 DTC 業務總量大約是一半。

And Digital, overall, will be right around -- I think our total owned dot-com will be in the low 20s.

總體而言，數位化將很快到來——我認為我們擁有的網路公司總數將在 20 多歲左右。

And when you look at our total Digital business, including our wholesale partners, our total Digital business would be a little over 30%.

當你看看我們的總數位業務（包括我們的批發合作夥伴）時，我們的總數位業務將略高於 30%。

Our next question comes from the line of Laurent Vasilescu with Exane BNP Paribas.

我們的下一個問題來自法國巴黎銀行 (Exane BNP Paribas) 的 Laurent Vasilescu。

And congrats, Matt, with your new responsibilities.

祝賀馬特承擔了新的職責。

I wanted to ask about Supreme.

我想問一下關於Supreme的事情。

Supreme, up to $600 million, can you maybe parse out how you're expecting that to grow on a year-over-year basis or a 2-year stack basis?

Supreme，高達 6 億美元，您能分析一下您預計該金額將如何逐年增長或以 2 年堆疊為基礎增長嗎？

How do we think about seasonality for that $600 million number?

我們如何看待這 6 億美元數字的季節性？

Because I think the brand goes dark twice a year.

因為我認為這個品牌每年都會關門兩次。

And Steve, any key learnings that you want to share as you have the name under your fold for the last few months?

史蒂夫，在過去幾個月裡，您有什麼重要的經驗想分享嗎？

Laurent, it's Matt.

勞倫特，我是馬特。

I'll start with a couple of things here on the numbers side.

我將從數字方面的一些事情開始。

And thank you, by the way.

順便說一句，謝謝你。

Yes.

是的。

I mean, I would say, first of all, we're really happy with the early performance of Supreme.

我的意思是，我想說，首先，我們對 Supreme 的早期表現非常滿意。

We mentioned the strong number in our fiscal fourth quarter, which was a little bit ahead of expectations.

我們提到了第四財季的強勁數字，有點超乎預期。

And we're not going to disclose the pro forma growth rate of Supreme.

我們不會透露 Supreme 的預期成長率。

Well, I'll tell you, the $600 million is a little bit ahead of our expectations.

好吧，我告訴你，6 億美元有點超出我們的預期。

And again, we're really confident in what we're seeing in the early days, both on the top line, but also really through the P&L as well.

再說一遍，我們對早期所看到的情況非常有信心，無論是在營收方面，還是在損益表上。

And then, Laurent, real quick, this is Steve, and on what we've learned.

然後，勞倫特，快說，這是史蒂夫，講的是我們所學到的。

Yes, clearly, we're just a little over 100 days into the integration, which is going quite well.

是的，顯然，我們的整合才剛 100 多天，進展順利。

I think what we knew going in, and it's just been reaffirmed as we get to know the team better and better, is just the rigor that they apply to managing the Supreme brand, the ability and just the approach they take to connecting with their consumers, the weekly drop model, how they mix the different products.

我認為我們所知道的，以及隨著我們對團隊越來越了解而得到重申的，就是他們管理 Supreme 品牌的嚴謹性、他們與消費者建立聯繫的能力和方法，每週掉落模型，他們如何混合不同的產品。

Just the rigor and deep, deep experience behind the management of the brand and the coordinated effort across the globe, which is what gives us confidence as they begin to understand the VF model and the VF capabilities, that international component that they'll now be able to reach into and leverage against their international growth strategies.

正是品牌管理背後的嚴謹和深厚的經驗以及全球範圍內的協調努力，這給了我們信心，因為他們開始了解 VF 模型和 VF 功能，他們現在將成為國際化的組成部分能夠深入了解並利用其國際成長策略。

Yes, we recently opened the Milan store, and you saw just great, great response from consumers despite limited tourist traffic.

是的，我們最近開設了米蘭店，儘管遊客流量有限，但您還是看到了消費者的熱烈反響。

They're meeting the normal expected volumes on a weekly basis.

他們每週都滿足正常的預期數量。

So it's everything that we thought it would be and what we learned through diligence.

所以這就是我們所想的一切，以及我們透過勤奮學到的一切。

And we can continue to be very confident in the long-term value creation opportunity that Supreme brings to VF and our shareholders.

我們可以繼續對 Supreme 為 VF 和我們的股東帶來的長期價值創造機會充滿信心。

That's great to hear.

聽到這個消息我很高興。

And as a follow-up, Timberland, I know it's guided to be comparable to FY '20.

作為後續產品，Timberland，我知道它的指導將與 20 財年相當。

Understand the brand is on -- undergoing a transition.

了解品牌正在經歷轉型。

But you recently brought in Susie Mulder to lead the brand.

但您最近聘請了 Susie Mulder 來領導該品牌。

Can you talk about her vision and strategy for the brand?

您能談談她對品牌的願景和策略嗎？

Are you seeing a boot trend emerging around the fall season?

您是否看到秋季期間出現的靴子趨勢？

Is that a fair assessment and can Timberland benefit?

這是一個公平的評估嗎？

Yes.

是的。

So Susie is, I think, day 33 or 34 and just hit the ground running.

我認為 Susie 已經是第 33 或 34 天了，剛開始工作。

Despite having to do that through a Zoom environment, it's interesting to watch new leaders join teams and wrap their arms around the business.

儘管必須透過 Zoom 環境來做到這一點，但看到新領導者加入團隊並全力支持業務還是很有趣的。

But she's coming up to speed very, very quickly.

但她的適應速度非常非常快。

And I would tell you, we don't anticipate any meaningful change to the direction.

我想告訴你，我們預期這個方向不會有任何有意義的改變。

The strategic reset in the marketplace actions are largely behind us.

市場行動的策略重置已基本成為過去。

And I think what you'll see is she will put her mark on how she looks to engage the team and drive the strategy.

我認為你會看到她會在如何吸引團隊和推動策略方面留下自己的印記。

But I think we're really positioned with her leadership for the next phase of growth.

但我認為，在她的領導下，我們確實為下一階段的成長做好了準備。

The boot trend, I think there is a boot trend for sure, but I think more importantly, there's an outdoor trend, and we're seeing that represented in our sell-through.

靴子趨勢，我認為肯定有靴子趨勢，但我認為更重要的是，有戶外趨勢，我們在我們的銷售中看到了這一趨勢。

But the nice thing, Laurent, is our growth has been very balanced.

但好的事情是，勞倫特，我們的成長非常平衡。

And we are not planning to see our Classics business have outsized growth.

我們並不打算看到我們的經典業務大幅成長。

And I think, in fact, between fiscal '20 and fiscal '22, we're planning it to be about flat.

我認為，事實上，在 20 財年和 22 財年之間，我們計劃保持持平。

But what we are seeing is nice uptick in our Outdoor business; in Apparel; and even more importantly, in Pro.

但我們看到的是我們的戶外業務的良好成長；在服裝領域；更重要的是，在 Pro 中。

Pro came through this last year posting low single-digit growth and is poised to move to greater growth in fiscal '22.

Pro 去年經歷了低個位數成長，並準備在 22 財年實現更大成長。

But you're also seeing us evolve our more lifestyle offering.

但您也看到我們不斷發展更多生活方式產品。

The Brad Street, TrueCloud, Solar Wave built on the Green Stride platform, these are the things that we've been doing in the background to evolve and balance out our product offer.

Brad Street、TrueCloud、Solar Wave 建立在 Green Stride 平台上，這些是我們在後台一直在做的事情，以發展和平衡我們的產品供應。

And it's coming with a greater capability and consumer engagement with our marketing, as our new marketing leader comes up to speed and is able to partner with the product team on really telling the stories against that monthly flow of product.

隨著我們新的行銷領導者加快步伐，並能夠與產品團隊合作，真正講述每月產品流的故事，我們的行銷能力和消費者參與度也隨之提高。

Our next question comes from the line of Camilo Lyon with BTIG.

我們的下一個問題來自 BTIG 的 Camilo Lyon。

And Matt, I'll add my welcome to the hot seat.

馬特，我要對這個熱門席位表示歡迎。

I wanted to first ask about guidance.

我想先詢問指導。

If you could -- there's still a lot of moving parts to the year.

如果可以的話——今年還有很多變化。

It seems like there's more of a replenishment happening at the wholesale that could be happening faster than on the typical cadence supply chain disruptions continued demand.

批發市場似乎出現了更多的補貨，其補貨速度可能比典型的節奏供應鏈中斷持續需求的補貨速度更快。

European doors are still closed.

歐洲的大門仍然關閉。

Could you give us some shape into how you think the year will unfold, maybe front half versus back half?

您能否告訴我們一些您認為今年將如何展開的信息，也許是前半部分還是後半部分？

I think that would be very helpful.

我認為這會很有幫助。

And then I have a follow-up.

然後我有一個後續行動。

Yes, sure, and thank you, Camilo.

是的，當然，謝謝你，卡米洛。

I think you said it well.

我覺得你說得很好。

It's a really difficult environment to project.

這是一個非常難以投影的環境。

Certainly, I think it's -- we're in a better place than we've been as the business is coming back up and consumers are coming back into stores.

當然，我認為我們現在的處境比以前更好，因為業務正在復蘇，消費者也正在回到商店。

But certainly, all the things you mentioned are top of mind for us.

但當然，您提到的所有事情都是我們最關心的事情。

We expect continued sequential improvement, really, across the business, in particular, in those parts of the business that where consumers are back shopping in a physical environment.

我們預計整個業務將持續持續改善，特別是消費者重新在實體環境中購物的業務部分。

And that's both our own stores as well as our wholesale partners.

這既是我們自己的商店，也是我們的批發合作夥伴。

I think that we're going to see that continue through the year.

我認為我們將看到這種情況在今年持續下去。

I think, every quarter, we expect that number to continue to improve.

我認為，每個季度，我們都預期這個數字會繼續改善。

And at the same time, we expect the strength in our Digital business to continue, given all the progress that we've seen there and the good work that our teams have done.

同時，鑑於我們在數位業務方面所取得的所有進展以及我們團隊所做的出色工作，我們預計數位業務的實力將持續下去。

As it relates to just the numbers themselves, I think we -- I'll tell you, we expect our first half revenue growth to be about 50% and EPS about $1.20.

由於它僅與數字本身相關，我想我們——我會告訴你，我們預計上半年收入成長約為 50%，每股收益約為 1.20 美元。

So obviously, we're lapping COVID lockdowns and have a bit of an inorganic contribution from Supreme as part of that.

顯然，我們正在解除新冠疫情封鎖，Supreme 也為此做出了一些無機貢獻。

I'll remind you that our first quarter is always seasonally our smallest quarter of the year.

我要提醒您的是，我們的第一季始終是一年中季節性最小的季度。

So that -- well, obviously, that continues.

所以——嗯，顯然，這種情況還在繼續。

But we do expect Q1 to be about double what it was last year, and we do expect to return to profitability in Q1.

但我們確實預計第一季的業績將是去年的兩倍左右，我們確實預計第一季將恢復盈利。

That's great color.

那顏色真棒。

And then, Steve, I wanted to ask on China.

然後，史蒂夫，我想問有關中國的問題。

If you could just give us some perspective on where the Vans business is today from a size perspective.

您能否從規模角度為我們介紹 Vans 業務目前的狀況。

I think you talked about it being a billion-dollar brand.

我想你談到它是一個價值十億美元的品牌。

But maybe just from a market penetration perspective and how you see the growth path unfolding there, whether it's on distribution of doors basis or on the tiers of cities basis, anything that could help us understand the runway that you have in front of you?

但也許只是從市場滲透的角度以及您如何看待那裡展開的成長路徑，無論是基於門的分佈還是基於城市的層級，有什麼可以幫助我們了解您面前的跑道嗎？

And then any thoughts you could share on Supreme entry in China and when that could happen?

那麼對於 Supreme 進入中國以及何時會發生，您有什麼想法可以分享嗎？

Great.

偉大的。

So our Vans business, in case -- I think it's true for all of our Vans businesses.

所以我們的 Vans 業務，我認為這對我們所有的 Vans 業務都是如此。

This is -- it's where we have the largest runway.

這是我們擁有最大跑道的地方。

That's why we really peg China as one of our strategic growth pillars.

這就是為什麼我們真正將中國視為我們的戰略成長支柱之一。

Matt, our Vans business there is just around $500 million?

馬特，我們在那裡的 Vans 業務只有 5 億美元左右？

Yes, a little over $500 million.

是的，略高於 5 億美元。

And it's -- what we see is just tremendous opportunity to grow beyond Tier 1 cities into Tier 2, 3 and 4, but also, clearly, the importance of the Digital piece.

我們看到的是從一線城市發展到二線、三線和四線城市的巨大機會，但顯然，數位化也很重要。

I think the exciting opportunities in China for us is, as our new leader, Winnie, is getting more and more engaged, is bringing the consumer engagement skill sets that she has from prior roles in CPG and the partnership she has with the Titans, just strengthening what was already a very important part of our go-to-market strategy.

我認為對我們來說，在中國令人興奮的機會是，隨著我們的新領導者Winnie 越來越積極參與，她正在帶來她在CPG 之前的職位以及與泰坦隊的合作中所擁有的消費者參與技能，只是加強我們進入市場策略中已經非常重要的一部分。

She brings the skill and the rigor to make that an even more important part of our strategy and how we use our stores to engage and tell those in-person stories, supported by the online component.

她帶來了技巧和嚴謹，使之成為我們策略以及我們如何利用我們的商店在線上組件的支持下參與和講述這些親身故事的更重要的一部分。

But I think there's -- this is a very important market, not just for Vans, but for every one of our businesses, and showed very good growth last year and positioned to continue to have strong double-digit growth as we go into fiscal '22.

但我認為，這是一個非常重要的市場，不僅對Vans 而言，而且對我們的每一項業務而言，去年都表現出非常好的成長，並有望在我們進入財政年度時繼續保持強勁的兩位數增長。

And then on Supreme in China?

那麼中國的 Supreme 呢？

On Supreme, yes.

在 Supreme 上，是的。

So Supreme, as we get the team engaged with our Asia platform, quite a bit of work is going on and just understanding the model and how can we leverage our skills in region, but more importantly, in China.

所以Supreme，當我們讓團隊參與我們的亞洲平台時，我們正在進行大量工作，只是了解模型以及我們如何在該地區，但更重要的是在中國利用我們的技能。

You won't see anything this year.

今年你不會看到任何東西。

It will come in probably next year, and the year after is where that work will be done.

它可能會在明年推出，後年就是這項工作將完成的地方。

I think the key here, Camilo, is the Supreme's team ability to travel to the marketplace.

卡米洛，我認為這裡的關鍵是 Supreme 團隊前往市場的能力。

They spend a tremendous amount of time understanding the consumer, finding their specific consumer and then the store location, which is how we enter markets, is such a critical part of how they think about new market penetration.

他們花費大量時間來了解消費者，找到他們的特定消費者，然後商店位置（我們進入市場的方式）是他們如何考慮新市場滲透的關鍵部分。

They need to be able to get in market.

他們需要能夠進入市場。

They need to be able to partner with our teams to begin to understand those key consumer markets and where best to put that first store.

他們需要能夠與我們的團隊合作，開始了解這些關鍵的消費者市場以及第一家商店最好開在哪裡。

And that is one of the big drivers of why it won't be this year, but it will be the years to come.

這就是為什麼今年不會發生這種情況，但未來幾年會發生的主要原因之一。

Our next question comes from the line of Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的馬修·博斯（Matthew Boss）。

So Steve, a key story line that you've talked about pretty consistently during the pandemic was market share acceleration at North Face.

史蒂夫，您在大流行期間一直在談論的關鍵故事情節是 North Face 的市場份額加速。

So maybe could you just help unpack drivers of the 14% to 16% forecast for this year?

那麼，也許您可以幫助解開今年預測為 14% 到 16% 的司機的情況嗎？

And just overall confidence in growth prospects for North Face as you see moving forward.

正如您所看到的那樣，對 North Face 的成長前景整體充滿信心。

Yes.

是的。

So The North Face is really gaining momentum.

因此，The North Face 的發展勢頭確實強勁。

They're certainly benefiting here from the outdoor trend, but they're also benefiting from the work being done over the last few years to strengthen our product pipeline, strengthen our ability to engage consumers with stronger demand creation.

他們當然從戶外趨勢中受益，但他們也受益於過去幾年為加強我們的產品線、增強我們吸引消費者創造更強勁需求的能力所做的工作。

And I think what you see here is really a strong momentum globally, and it's really not just one thing.

我認為你在這裡看到的確實是全球範圍內的強勁勢頭，而且這確實不僅僅是一件事。

On-mountain is really setting the tone and the performance product has seen really good sell-through, and that's driving that off-mountain lifestyle franchise growth that we see building.

山地確實奠定了基調，高性能產品的銷售情況非常好，這推動了我們看到的山外生活方式特許經營的成長。

It has been growing nicely in Europe.

它在歐洲發展得很好。

We've seen that now really move its way into Asia, really significant growth in China, as that consumer becomes more engaged with the outdoors and the Winter Olympics becomes a big part of the China focus.

我們已經看到，隨著消費者越來越多地參與戶外活動，以及冬奧會成為中國關注的重要組成部分，這種趨勢現在已經真正進入亞洲，在中國有了顯著的成長。

And we're right in the middle and being able to benefit from that.

我們正處於中間位置，並且能夠從中受益。

But we're seeing really strong return to growth here in the U.S. market and really witnessed, with the strong holiday sell-through we saw here, not only in our own channels, but in wholesale.

但我們在美國市場看到了真正強勁的成長恢復，並且真正見證了我們在這裡看到的強勁的假期銷售，不僅在我們自己的管道中，而且在批發中。

The disciplined market management, as we clean up distribution, strengthened key wholesale partner relationships and balanced the use of our own stores, our own digital platform to drive that on-mountain, off-mountain story.

透過嚴格的市場管理，我們清理了分銷管道，加強了主要批發合作夥伴關係，並平衡了我們自己的商店和我們自己的數位平台的使用，以推動山上和山下的故事。

But I would tell you, we're set up really well for fiscal '22.

但我想告訴你，我們為 22 財年做好了充分準備。

And we're expecting mid-teen growth in fiscal '22 versus prior peak revenue.

我們預計 22 財年的營收與先前的最高收入相比將出現中位數的成長。

But even more importantly, we're seeing mid-teen profitability opportunity.

但更重要的是，我們看到了中青年的獲利機會。

Yes.

是的。

I'd just add, this is exactly the way we planned it.

我想補充一點，這正是我們計劃的方式。

As we came through this year, we -- our international business has remained incredibly strong, very impressive work that our teams are doing across the globe.

今年以來，我們的國際業務仍然非常強勁，我們的團隊在全球範圍內所做的工作令人印象深刻。

And what we saw in the Americas, as we pulled way back on inventory, and we talked about creating probably some scarcity in some cases and maybe even some missed revenue, and we knew that, that would probably happen.

我們在美洲看到的情況是，當我們大幅削減庫存時，我們談到在某些情況下可能會造成一些稀缺，甚至可能造成一些收入損失，我們知道，這可能會發生。

And in The North Face's case, it absolutely did.

在 The North Face 的案例中，確實如此。

And that positions us really, really well just from a mass standpoint as we think about coming back into fall and winter next year, leaving this year really clean and really low, in some cases, too low in inventories as we build back and continue that strong sell-through that we've been enjoying.

從大眾的角度來看，這讓我們處於非常非常有利的位置，因為我們考慮明年回到秋季和冬季，讓今年非常乾淨，而且庫存非常低，在某些情況下，當我們重建並繼續這種情況時，庫存太低了我們一直在享受強勁的銷售。

So yes, we're -- it's set up nicely.

所以，是的，我們——它設置得很好。

Great.

偉大的。

And then just multiyear, could you just elaborate a little on drivers of the increased confidence to now at a minimum return to the long-term algorithm?

然後就多年而言，您能否詳細說明一下目前信心增加的驅動因素，至少回歸到長期演算法？

So would this be greater revenue growth, higher gross margin mix accretion?

那麼這會帶來更大的收入成長、更高的毛利率組合成長嗎？

Or is this the sustained SG&A leverage?

還是這是持續的 SG&A 槓桿？

And feel free to say all of the above, if it's applicable.

如果適用的話，請隨意說出以上所有內容。

Yes.

是的。

You said it pretty well, maybe.

你說得很好，也許吧。

But I think that probably the thing that we're looking at is the confidence that we've had, but the broad-based strength of all of the brands.

但我認為我們關注的可能是我們所擁有的信心，而是所有品牌的廣泛實力。

We're coming into the year feeling good about all the big brands, and we're seeing some really nice -- albeit smaller basis, really nice numbers in some of the emerging brands as well.

進入這一年，我們對所有大品牌都感覺良好，我們看到一些非常好的品牌——儘管基礎較小，但一些新興品牌的數字也非常好。

So I think we're confident in that regard.

所以我認為我們在這方面充滿信心。

I think just in terms of, again, some of the other pieces, if you think about -- I think we all recognize and acknowledge that bringing Supreme into the equation and taking Occupational Work out of the equation is a benefit.

我認為，就其他一些方面而言，如果你想一想，我想我們都認識到並承認，將 Supreme 納入其中並剔除職業工作是一種好處。

We also know that outsized growth in Digital, outsized growth in China in the back end are going to be a benefit to us.

我們也知道，數位化的超額成長、中國後端的超額成長將對我們有利。

We're in the midst of a COVID recovery.

我們正處於新冠疫情的復甦之中。

Everything is -- not everything is equal in that regard.

在這方面，一切都是平等的——並非一切都是平等的。

We will see a continual improvement in our brick-and-mortar business over time and probably even extending into fiscal '23.

隨著時間的推移，我們將看到我們的實體業務持續改善，甚至可能延續到 23 財年。

So there are puts and takes in there.

所以那裡有賣出和賣出。

But when you stack it all up, we feel really good about -- as we begin to emerge fully over the next several quarters and looking beyond '22 into '23 and '24, we're really confident in the overall algorithm and comfortable saying that we're committed to that at a minimum.

但是，當你把所有這些都疊加起來時，我們感覺非常好- 當我們在接下來的幾個季度開始全面崛起並超越“22”進入“23”和“24”時，我們對整體演算法非常有信心，並且可以輕鬆地說我們至少致力於此。

And I will say, we recognize that there's a need to update our LRP, our long-range plan, and we'll do that in the context of a full Investor Day, at some point, in next calendar year.

我想說的是，我們認識到需要更新我們的 LRP、我們的長期計劃，我們將在下一個日曆年的某個時刻，在完整的投資者日的背景下進行更新。

Our next question comes from the line of Bob Drbul with Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的鮑伯‧德布爾 (Bob Drbul)。

Two questions for you.

有兩個問題問你。

I think the first one is, as you go to the weekly drop on Vans, can you talk a little bit about the marketing plans in terms of how you're going to communicate that?

我認為第一個是，當你參加 Vans 每週發售時，你能談談你將如何傳達這項行銷計劃嗎？

And I guess, if -- I think the second question, just off of the marketing overall, where do you see the levels of your marketing spend?

我想，我認為第二個問題，就整體行銷而言，您在哪裡看到行銷支出的水平？

Where did they end up this year?

今年他們去了哪裡？

And what sort of investments do you foresee in '22?

您預計 22 年會有什麼樣的投資？

Bob, I'll take the first half, and I'll let Matt pay off to back the second half of your question.

鮑勃，我會回答前半部分，然後我會讓馬特來支持你問題的後半部分。

So I think the weekly drop, this is something Vans has been very well prepared for.

所以我認為每週的下降，這是 Vans 已經做好充分準備的。

And what you see here is an opportunity for them to take a very deliberate and coordinated effort to pull those stories together.

你在這裡看到的是，他們有機會採取非常審慎和協調的努力，將這些故事整合在一起。

And I think that's just the learning we've taken from this last year is the need for that more frequent touch to the consumer.

我認為這就是我們從去年學到的教訓，那就是需要更頻繁地接觸消費者。

And how we'll do that, Bob, in some -- often times, it will be a weekly new product story.

鮑勃，我們將如何做到這一點，在某些情況下——通常情況下，這將是每週一次的新產品故事。

It could be a new style.

這可能是一種新風格。

It could be a collab.

這可能是一次合作。

It could be a color of an existing franchise, but they'll be very coordinated global launches of these product stories.

它可能是現有特許經營的顏色，但它們將非常協調地在全球範圍內推出這些產品故事。

But there will also be important moments is to engage the consumer, things like we've done with foot-the-bill type engagements, where revenue is supporting specialty stores and enforcing the local community connections to advance ads with their consumers.

但也有一些重要的時刻是吸引消費者，就像我們透過付費類型的參與所做的那樣，收入用於支持專賣店並加強當地社區的聯繫，以向消費者推廣廣告。

I think how you'll -- how we'll really drive that marketing will certainly be heavily focused towards online, through our own direct engagement, through social channels, through e-mail marketing, the power of the loyalty program, that now is above 15 million people, and really engaging on opportunities that are unique to that particular consumer, that they're able to access due to their loyalty membership will be a very important part.

我認為我們將如何真正推動行銷肯定會專注於線上行銷，透過我們自己的直接參與，透過社交管道，透過電子郵件行銷，忠誠度計劃的力量，現在是超過1500 萬人，並真正參與該特定消費者獨有的機會，他們由於其忠誠會員資格而能夠獲得這些機會，這將是一個非常重要的部分。

But I think the in-store piece as well, both our stores and our key wholesale partners, that coordinated in-store element of the demand creation and the experience linked to that online piece is that, really, a seamless integration that you hear us talk about.

但我認為店內部分，無論是我們的商店還是我們的主要批發合作夥伴，協調了需求創造的店內元素以及與在線部分相關的體驗，這實際上是一種無縫集成，您聽到我們的聲音談論。

And our teams are working diligently on being able to really sequence that appropriately.

我們的團隊正在努力工作，以便能夠真正正確地對其進行排序。

Yes.

是的。

In terms of -- Bob, in terms of the numbers, certainly, in fiscal '21, our marketing levels have come down, both in absolute terms as well as percent of revenue.

就鮑伯而言，就數字而言，當然，在 21 財年，我們的行銷水平有所下降，無論是絕對值還是佔收入的百分比。

And it's in a pretty significant way.

這是一個非常重要的方式。

In the first half of the year, as we pulled way back, and those began to build back in Q3 and then back in Q4, we're back above prior year levels and pretty much in line with historical ratios.

今年上半年，隨著我們大幅回落，這些比率在第三季度開始回升，然後又在第四季度回升，我們又回到了去年同期的水平之上，並且與歷史比率基本一致。

We talked about the SG&A increase from '20 to '22 and the investments that we're making, $150 million cumulatively, a big piece of that is demand creation.

我們談到了 SG&A 從 20 年到 22 年的成長，以及我們正在進行的投資，累計 1.5 億美元，其中很大一部分是需求創造。

And we're actually returning to levels that are in line and actually, probably, modestly slightly higher from a ratio standpoint than what we ran in fiscal '20.

事實上，我們正​​在恢復到與 20 財年的水平相符的水平，而且從比率的角度來看，實際上可能略高於 20 財年的水平。

We remain focused on the highest ROI activities, very disciplined in our management of the marketing.

我們仍然專注於最高投資回報率的活動，在行銷管理方面非常嚴格。

As we've shifted more towards digital, the good news there is you get really quick reads in terms of the effectiveness of that marketing and the returns that it's driving and the ability to be much more dynamic in your ability to move and move those dollars around and against things that are really driving returns.

隨著我們更多地轉向數位化，好消息是您可以快速了解行銷的有效性及其帶來的回報，以及更加動態地轉移和轉移這些資金的能力圍繞和反對那些真正能帶來回報的事情。

And you can see that certainly much quicker than maybe you could previously.

您肯定可以比以前更快地看到這一點。

So we have confidence -- we're confident that the marketing we spend is going to drive returns.

所以我們有信心——我們相信我們花費的行銷將帶來回報。

And -- but certainly, we're leaning back in to support the strong revenue recovery assumptions we have in our outlook.

而且——但可以肯定的是，我們正在重新支持我們在前景中強勁的收入復甦假設。

Got it.

知道了。

And then just like a follow-up question is with the digestion of Supreme and the disposal of the Workwear business, where do you feel like you are on the ability to potentially do another acquisition or get back on that trail?

就像後續問題是消化 Supreme 和出售 Workwear 業務一樣，您認為自己有能力進行另一次收購或重回正軌嗎？

And how would you envision that maybe in terms of the timing in the future?

您如何看待未來的時間安排？

Yes.

是的。

So well, we've got a lot we're doing with Supreme in terms of the integration there.

好吧，我們在 Supreme 的整合方面做了很多工作。

We're well -- we're past the 100-day mark or even well past the 100-day mark.

我們很好——我們已經過了 100 天的大關，甚至遠遠超過了 100 天的大關。

So there's work to be done.

所以還有工作要做。

But I think, if you look at the sort of the balance sheet side of this, yes, we're seeing -- as we've returned to sort of more normal EBITDA level this year, we look at our leverage position and the -- we're focused on leverage, first and foremost, to bring that leverage back in line, and we've got the ability to do that.

但我認為，如果你看一下資產負債表方面的情況，是的，我們看到 - 由於今年我們已經恢復到更正常的 EBITDA 水平，我們會看看我們的槓桿狀況和 - - 我們首先關注槓桿，使槓桿回歸正常，我們有能力做到這一點。

We think we're going to exit this year taking into consideration some debt paydown opportunities that leverage back net leverage at 2.5 to 3x.

我們認為，考慮到一些債務償還機會，我們將在今年退出，這些機會可以使淨槓桿率達到 2.5 至 3 倍。

And so I think, pretty quickly, we'll have the ability to do that, Bob.

所以我認為，很快我們就有能力做到這一點，鮑伯。

And certainly, M&A remains our #1 capital allocation priority.

當然，併購仍然是我們資本配置的第一要務。

We're committed to our dividend, certainly, but nothing's changed in that result from capital allocation.

當然，我們致力於派發股息，但資本配置的結果並沒有改變。

And we'll be in a position as we move through the back half of this year to begin to be able to think more meaningfully about that.

當我們進入今年下半年時，我們將能夠開始更有意義地思考這個問題。

Thank you.

謝謝。

Ladies and gentlemen, our final question this morning comes from the line of Ike Boruchow with Wells Fargo.

女士們先生們，我們今天早上的最後一個問題來自富國銀行的艾克·博魯喬 (Ike Boruchow)。

Welcome, Matt.

歡迎，馬特。

Just 2 quick ones.

就2個快的。

Is there any more details on the Occupational Work sale price?

有關於職業工作銷售價格的更多詳細資訊嗎？

I'm just kind of curious on that.

我只是對此有點好奇。

And then just understanding the markdown component of gross margin this year on the rate side, clearly, you're planning to capture back a lot of lost margin from last year.

然後，只要了解今年毛利率在利率方面的降價部分，顯然，您計劃收回去年損失的大量利潤。

But are you planning to get that rate line back above fiscal '20 levels fully?

但您是否計劃將該利率線完全恢復到 20 財年水準之上？

I'm trying to understand how much you're expecting in that 56% to kind of gain back this year.

我試圖了解您預計今年這 56% 的收入會回升多少。

Yes, sure.

是的，當然。

Sure, Ike.

當然，艾克。

Let me start with the second part of that question.

讓我從這個問題的第二部分開始。

Yes, we expect most of that back.

是的，我們預計大部分都會回來。

I think there's probably -- there's still a little bit of overhang in the way we've modeled the business going forward.

我認為我們對未來業務進行建模的方式可能仍然存在一些懸而未決的問題。

But generally speaking, they're pretty much back to normal levels from a rate perspective, as I said, is our assumption at the moment.

但總的來說，從利率角度來看，它們幾乎回到了正常水平，正如我所說，這是我們目前的假設。

As it relates to the Occupational Work sale, I'm not going to tell you the number.

由於它與職業工作銷售有關，我不會告訴你這個數字。

I'll tell you the proceeds will be pretty significant.

我會告訴你，收益將是相當可觀的。

I think we did give some shaping in the presentation.

我認為我們確實在演示中進行了一些塑造。

And we expect to end fiscal '22 with about $2 billion in cash, inclusive of these proceeds.

我們預計到 22 財年結束時將擁有約 20 億美元的現金，其中包括這些收益。

So -- and other than the dividend, we've not assumed any share repo or debt repayment in our outlook or for the fiscal.

因此，除了股利之外，我們在展望或財政展望中沒有假設任何股票回購或債務償還。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our question-and-answer session.

女士們先生們，我們的問答環節到此結束。

I'll turn the floor back to Mr. Rendle for any final comments.

我將把發言權交還給倫德爾先生，徵求最後的意見。

Great.

偉大的。

Well, thank you, everybody, for joining us.

好的，謝謝大家加入我們。

Enjoy the opportunity to walk you through on how we navigated last year, and I hope you understand where we're headed next year.

很高興有機會向您介紹我們去年的發展情況，希望您了解我們明年的發展方向。

I would just tell you that the efforts we put in place, the now and next framework that we've talked about throughout the year, has really positioned us well.

我只想告訴你們，我們所做的努力，我們全年討論的現在和下一個框架，確實使我們處於有利地位。

And the acceleration we see coming through March into fiscal '22 and the broad-based momentum across our 4 big brands, the addition of Supreme, the strength of our international platform, specifically, the strength of our China business and the investments that we've made around really connecting those -- the stronger consumer loyal relationships with the enhanced digital capabilities is positioning us extremely well to accelerate and return to our pre-COVID growth rates.

我們看到 22 財年 3 月的加速發展以及我們 4 個大品牌的廣泛勢頭、Supreme 的加入、我們國際平台的實力，特別是我們中國業務的實力以及我們的投資。 ——更強大的消費者忠誠關係和增強的數位能力使我們非常有能力加速並恢復到新冠疫情前的成長率。

And I would just leave you with this.

我只想把這個留給你。

As we work to complete the Occupational Work divestiture and the integration of Supreme and the investments across our portfolio, we now have an organic portfolio that's capable of delivering the high single-digit revenue and low turns -- low teens earnings growth on a sustainable basis that we spoke to you about in Beaver Creek.

隨著我們努力完成職業工作剝離以及 Supreme 和我們投資組合中投資的整合，我們現在擁有一個有機投資組合，能夠在可持續的基礎上實現高個位數收入和低週轉率——低青少年收入增長我們在海狸溪與您談過。

And we look forward to being able to pay that off quarter-by-quarter through the next fiscal year.

我們期待能夠在下一財年逐季還清這筆款項。

So thank you, and we look forward to talking to you all in July.

謝謝大家，我們期待在七月與大家交談。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。