威富公司 (VFC) 2021 Q3 法說會逐字稿

Greetings, and welcome to the VF Corporation Third Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 VF Corporation 2021 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Joe Alkire, Vice President, Investor Relations, Corporate Development and Treasury. Please go ahead, sir.

現在我很高興將電話轉給主持人、投資者關係、企業發展和財務副總裁喬·阿爾凱爾 (Joe Alkire)。先生，請繼續。

Good morning, and welcome to VF Corporation's Third Quarter Fiscal '21 Conference Call.

早上好，歡迎參加 VF 公司 21 財年第三季電話會議。

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.

參加今天電話會議的參與者將發表前瞻性陳述。這些聲明是基於目前預期，並受不確定因素的影響，可能導致實際結果有重大差異。這些不確定性在定期提交給美國證券交易委員會的文件中詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we've 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，今天電話會議上提到的金額將以調整後的固定美元基礎計算，我們已經在今天早上發布的新聞稿中對此進行了定義。我們在討論中使用調整後的不變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. 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.

您也可能會聽到我們提及符合美國公認會計準則的報告金額。新聞稿中的補充財務表可以找到 GAAP 指標與調整後金額的對帳表，其中識別和量化了所有排除的項目，並提供了管理層對這些資訊對投資者有用之處的看法。

During the fourth quarter of 2020, the company determined that the Occupational Workwear business met the held-for-sale and discontinued operations' accounting criteria. 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. Unless otherwise noted, results presented on today's call are based on continuing operations.

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。因此，本公司已將職業工作服業務的相關資產和負債於上述日期報告於終止經營中，並將該業務的經營成果納入所有報告期間的終止經營中。除非另有說明，今天電話會議上呈現的結果均基於持續經營。

Joining me on today's call will be VF's Chairman, President and CEO, Steve Rendle; and CFO, Scott Roe. Following our prepared remarks, we'll open the call for questions. Steve?

參加今天電話會議的還有 VF 董事長、總裁兼執行長 Steve Rendle；和財務長 Scott Roe。在我們準備好發言之後，我們將開始提問。史蒂夫？

Thank you, Joe, and good morning, everyone. Welcome to our third quarter call. As always, I hope our comments today find you and your loved ones healthy and safe.

謝謝你，喬，大家早安。歡迎參加我們的第三季電話會議。像往常一樣，我希望我們今天的評論能讓您和您的親人健康平安。

As we put 2020 behind us, we've unfortunately experienced a tumultuous start to 2021, highlighted by the political and ideological divide in our nation as well as ongoing challenges presented by the pandemic across the U.S., U.K., and other countries around the world.

2020 年已經過去，然而不幸的是，2021 年的開局卻動盪不安，突顯出我們國家的政治和意識形態分歧，以及美國、英國和世界其他國家疫情帶來的持續挑戰。

Even so, I remain optimistic about the year ahead and to improvements in our geopolitical, macroeconomic and pandemic-related situations, and I'm confident in VF's plan to accelerate growth, continue advancing our business model transformation and deliver on our commitments to our shareholders and stakeholders around the world.

即便如此，我仍然對未來一年以及我們的地緣政治、宏觀經濟和疫情相關形勢的改善持樂觀態度，並且我對 VF 加速增長、繼續推進我們的商業模式轉型以及履行對全球股東和利益相關者的承諾的計劃充滿信心。

VF's performance during the third quarter was largely ahead of expectations despite additional COVID-related disruption to our business. Consumer engagement with our brands remained strong, and we have conviction that the secular trends related to casualization, health and wellness and the desire to get outdoors will be enduring. Our business is on track to return to growth in the fourth quarter, and I am confident that the strategy we have in place positions us well to accelerate growth as we head into fiscal 2022.

儘管新冠疫情為我們的業務帶來了額外的干擾，但 VF 第三季的業績仍大大超出預期。消費者對我們品牌的參與度依然強勁，我們堅信與休閒化、健康和保健以及戶外活動願望相關的長期趨勢將會持久。我們的業務預計在第四季度恢復成長，我相信，我們制定的策略將使我們在邁向 2022 財年時加速成長。

I'd like to begin my prepared remarks today with a brief recap of where we left things on our October call. At that time, our business had essentially fully reopened across the globe, and the underlying business trends had continued to stabilize. We saw strong momentum in China and across our digital platform, which we continue to view as leading indicators for our business.

今天，我想先簡單回顧一下我們十月電話會議上討論的內容，以此開始我準備好的發言。當時，我們的業務在全球範圍內基本上已經完全重新開放，並且基礎業務趨勢繼續趨於穩定。我們在中國和整個數位平台上都看到了強勁的發展勢頭，我們繼續將其視為我們業務的領先指標。

Confidence from this momentum, as well as early signs of stability and recovery across our portfolio more broadly, supported our preliminary outlook for fiscal 2021 and the decision to raise our dividend.

這一勢頭帶來的信心，以及我們整個投資組合中穩定和復甦的早期跡象，支持了我們對 2021 財年的初步展望以及提高股息的決定。

Further, in early November, we announced the acquisition of Supreme. Our willingness to execute the transaction during the pandemic was a function of the resiliency of Supreme's business model, our early and decisive actions to ensure liquidity as well as our increased confidence in the trajectory of our organic portfolio.

此外，11月初，我們宣布收購Supreme。我們願意在疫情期間執行交易，這得益於 Supreme 商業模式的彈性、我們為確保流動性而採取的早期果斷行動以及我們對有機投資組合走勢的信心增強。

Fast forward to today, our business has continued to perform ahead of expectations, and our confidence and visibility heading into fiscal 2022 continues to improve. While the environment has proven to be somewhat more difficult than expected, the performance of our business demonstrates the resilience of our portfolio.

時至今日，我們的業務表現依然超乎預期，我們對 2022 財年的信心和前景也持續增強。雖然事實證明環境比預期要困難一些，但我們業務的表現證明了我們產品組合的韌性。

While the full extent of these headwinds was not contemplated in our initial fiscal 2021 outlook, we were able to more than absorb these impacts as a result of the continued strength of our digital and China businesses as well as better-than-expected performance from our North Face and Timberland brands globally.

雖然我們在最初的 2021 財年展望中沒有考慮到這些不利因素的全部程度，但由於我們的數位業務和中國業務持續強勁，以及我們 North Face 和 Timberland 品牌在全球範圍內的表現好於預期，我們能夠更多地吸收這些影響。

As a result of the momentum we see building across our portfolio, fueled by our business model transformation, coupled with the closing of the Supreme transaction, we are raising our fiscal 2021 outlook. Scott will unpack the details in a moment.

由於我們看到整個投資組合的勢頭強勁，受到我們業務模式轉型的推動，再加上 Supreme 交易的完成，我們上調了 2021 財年的預期。斯科特馬上就會揭曉細節。

Before getting into the highlights for the quarter, I'd like to provide an update on our progress against our business model transformation. Understanding and focusing on our consumer connectivity is at the heart of our transformation journey. Our teams continue to activate capabilities to better understand and build more intimate relationships with our consumers, digitize the go-to-market process and enhance and integrate the online and off-line consumer experience.

在介紹本季的亮點之前，我想先介紹一下我們在商業模式轉型方面的進展。理解並關注我們的消費者連結性是我們轉型之旅的核心。我們的團隊不斷激發能力，以便更好地了解消費者、與消費者建立更親密的關係、將上市流程數位化、並增強和整合線上和線下消費者體驗。

The continued impact of the pandemic has forced an ongoing reaffirmation of our priorities, and we remain committed to both the near-term, brand-specific initiatives and long-term, enterprise-wide platform investments.

疫情的持續影響迫使我們不斷重申我們的優先事項，我們仍然致力於短期、針對品牌的舉措以及長期、覆蓋整個企業的平台投資。

Continued investment behind our transformation is critical to our success and long-term growth aspirations. I'm pleased with the significant progress we've made throughout 2020, as evidenced by the resiliency of our performance during this past holiday season and the momentum that is building across our portfolio as we head into fiscal 2022.

持續投資於我們的轉型對於我們的成功和長期成長願望至關重要。我對我們在 2020 年取得的重大進展感到高興，這從我們在過去這個假期表現的彈性以及我們進入 2022 財年時整個投資組合的勢頭可以看出。

A recent proof point of these accelerated initiatives has been enabling our brands to build omnichannel consumer journeys and optimize supply chain efficiency. On our last call, we shared that ship from store functionality was activated across the majority of our Vans and North Face full-price stores ahead of the holiday season.

這些加速舉措的最新證明點是使我們的品牌能夠建立全通路消費者旅程並優化供應鏈效率。在我們上次電話會議中，我們告知我們，在節日季節到來之前，大多數 Vans 和 North Face 全價商店都已啟動了“店內發貨”功能。

Specifically within our EMEA platform, our teams engineered homegrown solutions to deliver buy online, pickup in store, ship from store and reserve online, buy in store right before lockdown measures applied across the region. These businesses were able to utilize retail inventories and leverage ship from store capabilities when the stores were forced to shut down, supporting an 81% increase in digital revenue.

具體來說，在我們的 EMEA 平台內，我們的團隊設計了自主解決方案，以實現在整個地區實施封鎖措施之前實現線上購買、店內取貨、店內發貨和線上預訂、店內購買等服務。當商店被迫關閉時，這些企業能夠利用零售庫存並利用商店發貨能力，從而實現 81% 的數位收入成長。

Phase 2 of this project is currently underway with the plan to go live in the coming months, including save the sale functionality, which will allow our brands to leverage retail inventory when an item is out of stock online.

該專案的第二階段目前正在進行中，計劃在未來幾個月內上線，其中包括保存銷售功能，這將使我們的品牌能夠在網上某件商品缺貨時利用零售庫存。

Turning to our brand highlights from the quarter. Vans' revenue continued to sequentially improve, declining 8% as 48% growth in digital was more than offset by brick-and-mortar store reclosures in the Americas and EMEA markets. The brand accelerated to 9% growth in APAC, led by 58% digital growth and 21% growth in China.

談談本季我們的品牌亮點。Vans 的收入繼續環比改善，下降 8%，因為數位業務 48% 的成長被美洲和歐洲、中東和非洲市場實體店的關閉所抵消。該品牌在亞太地區的成長加速至 9%，其中數字成長 58% 和中國成長 21%。

From a product standpoint, All Weather MTE styles increased at a double-digit rate, and the UltraRange increased high single digits as Vans' consumers turn to more outdoor- and active-oriented franchises. Vans ranked #1 among the largest brands during the Singles' Day on Tmall, gaining 700,000 new consumers.

從產品角度來看，隨著 Vans 的消費者轉向更多戶外和運動型系列，All Weather MTE 款式的銷量以兩位數的速度增長，而 UltraRange 的銷量則以個位數的高速度增長。Vans 在天貓雙十一期間位居最大品牌之首，吸引了 70 萬名新消費者。

Also in November, Vans Customs launched on Tmall, becoming the first global brand offering a full customization engine on this platform. The collaboration with BAPE drove the launch, generating 870,000 unique visitors on the Customs site that day.

同樣在 11 月，Vans Customs 進駐天貓，成為第一個在該平台上提供全面客製化引擎的全球品牌。與 BAPE 的合作推動了該產品的發布，當天 Customs 網站吸引了 87 萬名獨立訪客。

The Vans family member base continued to grow globally, with membership approaching 14 million consumers. Although the headline number for Vans reflects the challenging brick-and-mortar operating environment in the U.S. and Europe, we remain confident in the underlying trajectory of the business and expect at least low double-digit growth in the fourth quarter on a reported basis.

Vans 家族會員基礎在全球持續成長，會員人數已接近 1,400 萬消費者。儘管 Vans 的整體業績數字反映了美國和歐洲嚴峻的實體經營環境，但我們對業務的基本發展趨勢仍然充滿信心，並預計第四季度的業績將至少實現低兩位數的成長。

Continued momentum in China and across the digital platform, normalized inventory levels across all regions and strong consumer growth and engagement support the brand's return to growth beginning in the fourth quarter.

中國市場和數位平台持續的成長動能、各地區庫存水準的正常化以及強勁的消費者成長和參與度支持該品牌從第四季度開始恢復成長。

Moving on to The North Face. Revenue declined 2%, with continued sequential improvement in the Americas and double-digit growth in Europe and Asia. Europe remains a bright spot for the brand with 17% growth, including 112% digital growth, offsetting the impact of significant store closures in the region. Global TNF digital increased 61%, with accelerated growth across all regions, driving a return to positive growth in D2C. In North America, the VIP loyalty program drew 840,000 sign-ups, a more than 90% increase versus last year.

繼續前往 The North Face。營收下降 2%，其中美洲地區繼續環比改善，歐洲和亞洲地區實現兩位數成長。歐洲仍然是該品牌的亮點，成長了 17%，其中數字成長了 112%，抵消了該地區大量門市關閉的影響。全球TNF數字成長61％，各地區成長均加速，推動D2C重回正成長。在北美，VIP忠誠度計劃吸引了 84 萬名註冊會員，比去年增長了 90% 以上。

TNF continued to drive a significant increase in consumer engagement through authentic and purpose-led marketing activations. Core off-mountain icons, such as the Nuptse franchise performed well. And the TNF-Gucci collab generated tremendous brand energy, with over 15 billion media impressions since its December launch. Yes, you heard that right, over 15 billion media impressions since its December launch.

TNF 持續透過真實的、有目的的行銷活動大幅提高消費者參與。努子峰 (Nuptse) 系列等核心山外標誌性產品表現良好。TNF 與 Gucci 的合作產生了巨大的品牌能量，自 12 月推出以來，媒體曝光量已超過 150 億次。是的，你沒聽錯，自 12 月推出以來，媒體曝光量已超過 150 億次。

On-mountain product also performed well, highlighted by FutureLight expansion deeper into the product assortment, leading to triple-digit growth versus the prior year. The new footwear platform, VECTIV, has been well received, exceeding our initial sell-in targets for this spring's launch.

山地產品也表現良好，尤其是 FutureLight 在產品種類方面的深入擴展，與前一年相比實現了三位數的成長。全新鞋類平台 VECTIV 廣受好評，超越了我們今年春季推出的初步銷售目標。

We are pleased with the performance of The North Face and encouraged by the brand's strong momentum heading into next year. On a reported basis, we now expect fiscal 2021 revenue for The North Face to decline less than 10%, including greater than 20% growth during the fourth quarter.

我們對 The North Face 的表現感到滿意，並對品牌明年強勁的發展勢頭感到鼓舞。根據報告，我們現在預計 The North Face 2021 財年營收將下降不到 10%，其中第四季成長超過 20%。

Timberland revenue declined 17%. Relative strength from apparel and positive growth in both outdoor footwear and the PRO business were more than offset by softness in classic footwear, which was significantly impacted by limited inventory availability.

Timberland 收入下降了 17%。服裝的相對強勢以及戶外鞋類和 PRO 業務的正增長被經典鞋類的疲軟所抵消，經典鞋類受到庫存有限的影響很大。

Timberland continues to drive brand energy with key influencers and retailers through high-profile collaborations and the launch of new franchises. The new Work Summit boot was launched this quarter, contributing to record traffic to Timberland PRO's digital site, which saw more than 100% growth. We're encouraged by the opportunity for TrueCloud, a new innovative, eco-friendly franchise made from renewable and recycled materials. And Green Stride, a new franchise anchored in outdoor.

Timberland 繼續透過高調的合作和推出新的特許經營權，與關鍵影響者和零售商一起推動品牌活力。本季推出的新款 Work Summit 靴子為 Timberland PRO 的數位網站帶來了創紀錄的流量成長，增幅超過 100%。TrueCloud 是一家採用再生和可回收材料製成的創新環保特許經營企業，我們對此機會感到非常高興。還有 Green Stride，一家專注於戶外運動的新特許經營店。

While still early, I'm pleased with Timberland's progress in the evolution and diversification of Timberland's new and innovative product portfolio. Continued momentum from Timberland PRO, apparel and nonclassic footwear, coupled with improving demand and inventory levels for core classics, position the Timberland brand for continued progress heading into fiscal 2022.

雖然還處於早期階段，但我對 Timberland 在新產品和創新產品組合的演變和多樣化方面取得的進展感到滿意。Timberland PRO、服裝和非經典鞋類的持續成長勢頭，加上核心經典款的需求和庫存水準不斷提高，使 Timberland 品牌預計在 2022 財年繼續取得進展。

Dickies' revenue increased 7%, with strong demand across all regions and growth across all channels. The work-inspired lifestyle product portfolio continues to develop at a rapid pace, increasing at a double-digit rate across all 3 regions. Work-inspired lifestyle product now represents about 1/3 of global brand revenue. Brand interest accelerated in the quarter, over-indexed towards the key 18- to 24-year old consumer demographic supported by the United by Dickies global campaign and focus on the brand's Icons stories.

Dickies 的收入成長了 7%，所有地區的需求都強勁，所有管道都實現了成長。以工作為靈感的生活方式產品組合繼續快速發展，在三個地區均以兩位數的速度增長。工作激發的生活風格產品目前約佔全球品牌收入的三分之一。本季度，人們對該品牌的興趣加速成長，主要集中在 18 至 24 歲的關鍵消費者群體，這得益於 United by Dickies 全球活動的支持以及對該品牌 Icons 故事的關注。

Finally, we are thrilled to have closed on the acquisition of Supreme. This move is further validation of the actions we've taken over the past 4 years to position our portfolio into those parts of the market where there is strong consumer engagement and demand. We are confident that the Supreme transaction will serve as a spark for another layer of transformative growth and value creation for VF and our stakeholders.

最後，我們很高興完成對 Supreme 的收購。此舉進一步驗證了我們過去四年來採取的行動，將我們的投資組合定位在消費者參與度高、需求強勁的市場領域。我們相信，Supreme 交易將為 VF 及其利害關係人帶來另一層變革性成長和價值創造。

In early January, we announced a transformation plan for APAC operations. This represents the first significant action under Project Enable. Highlights include the following: We will transition our brand center of operations to Shanghai; we will transition the Asia product supply hub to Singapore, while also redeploying some of the product supply talent and resources throughout primary sourcing countries to work more closely with key suppliers and drive greater efficiency; we will establish an additional shared services center in Kuala Lumpur, Malaysia to serve as the home for essential activities within our enterprise functions.

1月初，我們宣布了亞太區營運轉型計畫。這是「啟動專案」下採取的首個重大措施。亮點包括：我們將把品牌營運中心遷至上海；我們將把亞洲產品供應中心轉移到新加坡，同時在主要採購國家重新部署一些產品供應人才和資源，以便與主要供應商更緊密地合作並提高效率；我們將在馬來西亞吉隆坡建立一個額外的共享服務中心，作為我們企業職能內重要活動的所在地。

As you would expect, we will take great care as we move through the transition process during the next 12 to 18 months. And as always, we are committed to supporting the personal needs of all impacted and relocating associates and their families.

正如您所期望的，我們將在未來 12 到 18 個月內非常小心地完成過渡過程。像往常一樣，我們致力於支持所有受影響和搬遷員工及其家人的個人需求。

So to close, I want to thank our people for their incredible efforts throughout 2020 as we balance navigating the dynamic near-term environment, while remaining focused on our long-term priorities and business transformation. I'm encouraged by the recent performance and resilience of our business and optimistic about the growth outlook for our brands as we move into fiscal 2022 and beyond.

最後，我要感謝我們的員工在 2020 年所做的巨大努力，我們在平衡應對動態的短期環境的同時，仍然專注於我們的長期優先事項和業務轉型。我們業務的近期表現和韌性令我備受鼓舞，同時，隨著我們步入 2022 財年及以後，我們品牌的成長前景令我感到樂觀。

As we said from the onset of the pandemic, with great change comes great opportunity. I am confident VF will emerge from this pandemic in an even stronger position, ready to build upon our storied history and established track record of delivering strong returns to all stakeholders.

正如我們從疫情爆發之初就所說的那樣，巨大的變化帶來巨大的機會。我相信 VF 將在這次疫情中走得更加強大，並準備在我們輝煌的歷史和既定的業績記錄的基礎上，為所有利益相關者帶來豐厚的回報。

And now, I'll turn it over to Scott.

現在我將把發言權交給史考特。

Thanks, Steve, and good morning, everyone. What a year. Beginning with the unprecedented enterprise preservation actions at the onset of the pandemic, to the acquisition of Supreme, this has been an unbelievable period for VF, and I'm grateful for the work that's been done by our teams around the globe to position us for growth and success moving forward.

謝謝，史蒂夫，大家早安。多麼美好的一年。從疫情爆發之初前所未有的企業保護行動，到收購 Supreme，這對 VF 來說是一段令人難以置信的時期，我很感謝我們全球團隊所做的工作，為我們未來的成長和成功奠定了基礎。

To recap, our quick and decisive actions to ensure liquidity have allowed us continued investing throughout this disruptive period, highlighted by our ability to acquire Supreme, a perfect complement to our portfolio and accelerant to our long-term strategy and transformation agenda.

總而言之，我們迅速而果斷地採取了行動來確保流動性，這使我們能夠在這段動盪時期繼續進行投資，其中最突出的是，我們收購了 Supreme，這是對我們投資組合的完美補充，也是我們長期戰略和轉型議程的加速器。

Our aggressive control of inventory, while prioritizing newness, has allowed us to maintain brand momentum while positioning us for a return to profitable growth from the beginning of the fourth quarter and into the next fiscal year. And our sharp control on discretionary spending and the launch of Project Enable presents a tailwind toward operating leverage moving forward and the ability to direct more dollars to our highest priority growth investments.

我們積極控制庫存，同時優先考慮新品，這使我們能夠保持品牌發展勢頭，並為從第四季度初到下一個財年恢復盈利增長做好準備。我們對可自由支配支出的嚴格控制和「啟用專案」的啟動，為未來的經營槓桿提供了順風，並使我們能夠將更多資金投入到我們最優先的成長投資中。

So while the near-term environment remains noisy, including lockdowns, store closures and inventory constraints, I could not be more pleased with the overall health of our enterprise and the composition of our portfolio heading into next year.

因此，儘管短期環境仍然嘈雜，包括封鎖、關閉商店和庫存限制，但我對我們企業的整體健康狀況和明年投資組合的組成感到非常滿意。

I'll open with a quick update on Supreme, which I know is of interest to many of you. As announced on December 28, we closed the acquisition for an aggregate purchase price of approximately $2.1 billion, subject to customary adjustments. We expect Supreme to contribute about $125 million of revenue and $0.05 of adjusted earnings to the fourth quarter fiscal 2021.

首先，我將簡要介紹 Supreme，我知道很多人都對此感興趣。正如 12 月 28 日宣布的那樣，我們以總收購價約 21 億美元完成了此次收購，但需進行常規調整。我們預計 Supreme 將為 2021 財年第四季貢獻約 1.25 億美元的營收和 0.05 美元的調整後收益。

As disclosed at announcement, we expect Supreme to contribute at least $500 million of revenue and at least $0.20 of adjusted earnings in fiscal 2022.

如公告所揭露的，我們預計 Supreme 在 2022 財年將貢獻至少 5 億美元的收入和至少 0.20 美元的調整後收益。

We're now moving into the integration phase and carefully onboarding Supreme into the VF family, focused on applying the appropriate amount of governance and oversight where needed, while maintaining a light touch approach in other areas to avoid overburdening the brand.

我們目前正進入整合階段，並謹慎地將 Supreme 納入 VF 大家庭，專注於在需要的地方應用適當的治理和監督，同時在其他領域保持輕鬆的方式，以避免給品牌帶來過重負擔。

We're committed to keeping it business as usual for the brand and its teams, while at the same time understanding how we can begin to enable the brand's growth and strategic vision while activating synergy opportunities where appropriate. While it's early days, there's a lot of excitement about the future among both the VF and Supreme teams, and we're off to a great start.

我們致力於讓品牌及其團隊保持正常的業務往來，同時了解如何在適當的情況下啟動協同機會，從而實現品牌的成長和策略願景。雖然還處於早期階段，但 VF 和 Supreme 團隊都對未來充滿期待，而且我們已經有了很好的開始。

Moving on to an overview of the operating environment across the regions. Starting with the Americas, continued virus-related lockdowns and disruption present near-term challenges. With that said, the Outdoor and Active categories continue to outpace overall apparel performance and demand trends have remained resilient. Retailer inventories appear to be well positioned exiting the holiday season but do remain abnormally low in certain categories and channels.

接下來概述各地區的營運環境。從美洲開始，持續的與病毒相關的封鎖和混亂帶來了短期挑戰。話雖如此，戶外和運動類別的表現仍然優於整體服裝，且需求趨勢仍然保持彈性。在節日季節結束後，零售商的庫存似乎處於良好狀態，但某些類別和管道的庫存仍然異常低。

Despite continued traffic headwinds, our Americas business sequentially improved with nearly 50% digital growth, offset by store closure headwinds.

儘管客流量持續下滑，但我們美洲業務仍較上季改善，數位業務成長近 50%，抵消了門市關閉的影響。

Moving on to the EMEA region, where we've seen a second wave of the virus introduce more severe lockdown measures than previously anticipated. As a result, the broader EU economy has been among the hardest hit by the pandemic this quarter. As the vaccine rollout is starting across Europe, the region is bracing for another wave of COVID-19, and the U.K. recently extended more restrictive lockdowns until February.

轉向歐洲、中東和非洲地區，我們看到第二波病毒爆發，並採取了比先前預期更嚴厲的封鎖措施。因此，本季歐盟整體經濟是受疫情打擊最嚴重的地區之一。隨著歐洲各地開始推廣疫苗，該地區正準備迎接新一波疫情，英國最近將更嚴格的封鎖措施延長至 2 月。

There are reasons for optimism, however, with digital acceleration continuing throughout the region, as we've seen across our own brands and with our digital partners, such as Zalando and Asos.

然而，我們也有一些理由感到樂觀，因為整個地區的數位化進程持續加速，正如我們在自己的品牌以及 Zalando 和 Asos 等數位合作夥伴身上看到的那樣。

VF's EMEA digital business grew more than 80% in the quarter. Despite half of our brick-and-mortar stores being closed for a large portion of the quarter, the EMEA region saw a meaningful sequential improvement and returned to positive growth on a reported basis.

VF 的 EMEA 數位業務本季成長了 80% 以上。儘管本季大部分時間我們的一半實體店都處於關閉狀態，但歐洲、中東和非洲地區的業績仍出現了顯著的環比改善，並在報告基礎上恢復了正增長。

Finally, the APAC region continues to offer greater stability than any other, even as the effects of the pandemic's leaner. China has seen a pickup in consumer spending with positive growth in apparel and footwear categories. We continue to view APAC as the leading indicator of the larger macroeconomic environment. Our Mainland China business grew 15%, led by strength at Vans, which grew 21%.

最後，儘管疫情的影響較小，但亞太地區仍比其他地區更穩定。中國的消費支出有所回暖，服裝和鞋類支出呈現正成長。我們持續將亞太地區視為宏觀經濟環境的領先指標。我們在中國大陸的業務成長了 15%，其中 Vans 的強勁成長功不可沒，成長了 21%。

The D2C business in Mainland China accelerated to 20% growth, led by 24% growth in digital. China retail partner inventory continues to improve, and our partner comp sales returned to growth this quarter. We're excited by the continued momentum in China and have high confidence in our outlook of 20% growth this year.

中國大陸D2C業務加速成長20%，其中數位業務成長24%。中國零售合作夥伴庫存持續改善，本季我們的合作夥伴同店銷售額恢復成長。我們對中國持續的成長勢頭感到興奮，並對今年 20% 的成長前景充滿信心。

Now turning to highlights from the quarter. Total VF revenue declined 8%, in line with our expectations. International declined 4% as a 4% decline in EMEA was offset by 1% growth in APAC, including 11% growth in Greater China. Our D2C business also declined 4%, driven by store closures and continued soft traffic in the Americas and EMEA.

現在來談談本季的亮點。VF 總收入下降 8%，符合我們的預期。國際市場下降 4%，其中歐洲、中東和非洲地區 4% 的降幅被亞太地區 1% 的成長所抵消，其中大中華區成長 11%。由於美洲、歐洲、中東和非洲地區的門市關閉和客流量持續疲軟，我們的 D2C 業務也下降了 4%。

Our digital business grew 49%, with strong performance across virtually every brand in the portfolio. Including our pure-play digital wholesale partners, our total digital business represented about 1/3 of total revenue in the quarter. We now expect D2C digital revenue growth to exceed 50% for fiscal 2021 on a reported basis. And including our digital wholesale business, we expect total digital penetration to approach 30% for the year.

我們的數位業務成長了 49%，幾乎每個品牌都表現強勁。包括我們的純數位批發合作夥伴在內，我們的整個數位業務約佔本季總收入的 1/3。我們現在預計，2021 財年的 D2C 數位營收成長率將超過 50%。如果包括我們的數位批發業務，我們預計今年的數位滲透率將達到 30%。

Gross margin contracted 150 basis points to 55.7%, the third consecutive quarter of sequential improvement aided by moderating promotional activity. The decline versus last year was primarily driven by higher levels of promotion and 90 basis points from FX transaction, partially offset by 90 basis points of favorable mix benefit.

毛利率收縮 150 個基點至 55.7%，由於促銷活動放緩，這是連續第三個季度實現環比改善。與去年同期相比，下降主要由於促銷水準提高和外匯交易帶來的 90 個基點，但被 90 個基點的有利組合收益部分抵消。

While the promotional environment remains a headwind, it has evolved slightly better than our expectations. As we move into the fourth quarter and into fiscal 2022, we expect the impact of promotions and discounting to continue to moderate.

雖然促銷環境仍然不利，但進展略好於我們的預期。隨著進入第四季和 2022 財年，我們預計促銷和折扣的影響將繼續減弱。

Our SG&A spending declined about 4% relative to last year as we returned to more normalized levels of strategic investment spending, including demand creation approaching historical levels of investment. As expected, we did experience cost pressure from higher freight and distribution expenses, although these were more than offset by reductions in discretionary spending and leverage elsewhere throughout the cost base. We expect to continue to invest in our strategic priorities in the fourth quarter as we return to growth.

由於我們恢復了更正常化的策略性投資支出水平，包括需求創造接近歷史投資水平，我們的銷售、一般及行政開支較去年同期下降了約 4%。正如預期的那樣，我們確實面臨著來自運費和配送費用上漲的成本壓力，但這些壓力被成本基礎其他部分的可自由支配支出和槓桿的減少所抵消。隨著我們恢復成長，我們預計將在第四季度繼續對我們的策略重點進行投資。

Inventories were down 14% at the end of the third quarter. Consistent with our prior expectations, we expect to exit our fiscal year in March with inventories at equilibrium in support of our forward growth outlook. We also see relatively clean inventory levels at retail globally, positioning our brands for a return to more profitable growth heading into next year. As expected, service and in-stock levels improved as COVID-related disruptions had less of an impact in the quarter.

第三季末庫存下降了14%。與我們先前的預期一致，我們預計在三月結束財政年度時庫存將達到平衡，以支持我們未來的成長前景。我們也看到全球零售庫存水準相對清潔，這使我們的品牌能夠在明年恢復更有利可圖的成長。正如預期的那樣，由於本季與 COVID 相關的干擾影響較小，服務和庫存水準有所改善。

Our liquidity position remains strong. We ended Q3 with approximately $3.9 billion of cash and short-term investments, in addition to roughly $2 billion remaining undrawn on our revolver. After funding the Supreme acquisition, we expect to exit fiscal 2021 with more than $1.5 billion in cash and nearly $2 billion remaining undrawn on our revolver.

我們的流動性狀況依然強勁。截至第三季末，我們擁有約 39 億美元的現金和短期投資，此外還有約 20 億美元的循環信貸尚未動用。在為 Supreme 收購案提供資金後，我們預計 2021 財年結束時將擁有超過 15 億美元的現金，且循環信貸中還剩餘近 20 億美元未動用。

Our capital allocation priorities remain consistent, supported by our robust liquidity position. We remain fully committed to growing our dividend, which continues to be an integral part of our TSR model. Our share repurchase program remains on hold as we focus on deleveraging the balance sheet following the acquisition of Supreme.

在強勁的流動性狀況的支持下，我們的資本配置重點保持一致。我們依然全力致力於增加股息，這仍然是我們 TSR 模型不可或缺的一部分。我們的股票回購計劃仍處於暫停狀態，因為我們專注於在收購 Supreme 之後降低資產負債表的槓桿率。

So now turning to our updated outlook. We are raising our fiscal 2021 outlook and now expect full year revenue to be between $9.1 billion and $9.2 billion, and full year EPS of approximately $1.30. The increase in our outlook includes the accretion from Supreme in the fourth quarter results, implying a modestly higher outlook for the organic business. We're also raising our free cash flow outlook to approximately $650 million.

現在來談談我們的最新展望。我們上調了 2021 財年預期，目前預計全年營收在 91 億美元至 92 億美元之間，全年每股收益約為 1.30 美元。我們預期的成長包括了 Supreme 在第四季度業績的成長，這意味著有機業務的前景略有改善。我們也將自由現金流預期上調至約 6.5 億美元。

I know many of you are eager to understand our initial expectations for fiscal 2022. While it's too early to provide a preliminary outlook at this time, I will provide a few high-level comments to help you understand how we're thinking about the evolution of our business as we head into next year.

我知道很多人都渴望了解我們對 2022 財年的初步期望。雖然現在提供初步展望還為時過早，但我將提供一些高層評論，以幫助您了解我們對明年業務發展的看法。

Overall, we see an improving consumer backdrop, particularly in our core categories, along with brand momentum across our largest properties globally. The accelerated shift towards digital in China are beneficial to our fundamentals and recent portfolio actions are immediately accretive to our revenue growth and margin profile.

總體而言，我們看到消費者環境正在改善，特別是在我們的核心類別中，同時我們全球最大資產的品牌發展勢頭也良好。中國數位轉型的加速有利於我們的基本面，最近的投資組合行動立即促進了我們的營收成長和利潤率。

We continue to see encouraging signs of stabilization in the retail marketplace and a normalization of inventory flows from a healthier supply chain. We intend to continue to distort investment towards our strategic priorities and business model transformation in support of our powerful brand portfolio.

我們繼續看到零售市場穩定的令人鼓舞的跡象，以及供應鏈更健康的狀況導致庫存流動正常化。我們打算繼續將投資轉向我們的策略重點和商業模式轉型，以支持我們強大的品牌組合。

Taken together, I remain optimistic about the strength of our growth algorithm going forward, and I'm confident in our ability to emerge from this crisis in an advantaged position. The portfolio actions we've taken over the last 5 years have left us well positioned to continue delivering superior returns to our shareholders.

總的來說，我仍然對我們未來成長演算法的力度持樂觀態度，我相信我們有能力以有利地位擺脫這場危機。我們在過去五年中採取的投資組合行動使我們有能力繼續為股東帶來豐厚的回報。

So now, I'll turn the call back to the operator, and we'll take your questions.

現在，我將把電話轉回給接線員，我們將回答您的問題。

(Operator Instructions) Our first question today is coming from Michael Binetti from Credit Suisse.

（操作員指示）我們今天的第一個問題來自瑞士信貸的邁克爾·比內蒂（Michael Binetti）。

I guess I'll just start on a couple of comments that you made, Scott. I guess 2 changes I heard were that Project Enable should add some efficiency on the cost base. And I know before when we initially got your look at Supreme, you assumed no synergies in the guidance you gave us out of the gate. I think today, you said you'd be looking for some areas of synergy where appropriate. Obviously, you continue to mention to us you want to leave that business alone as it's doing a nice job.

我想我只想從你提出的幾個評論開始，斯科特。我聽到的兩個變化是 Project Enable 應該在成本基礎上增加一些效率。我知道，當我們最初了解 Supreme 時，您認為您給我們的指導中不存在協同效應。我想今天您說過您會在適當的地方尋找一些協同領域。顯然，您不斷向我們提到您想不去管這家公司，因為它做得很好。

But I'm trying to think of how best to think about what the size of Project Enable efficiencies could be. Do you envision flowing that through at all as you start to roll that project out? Or is the plan to reinvest that in full? I'll just leave it there. I'd love to hear your thoughts on those.

但我正在試著思考如何最好地思考專案啟用效率的規模。當您開始實施該專案時，您是否設想過將其全部貫通？或計劃全部再投資？我就把它留在那裡了。我很想聽聽你對此的看法。

Sure, Michael. And thanks for the 2 questions. Yes, relative to Enable, we talked about $125 million of benefit over roughly a 3-year period. Today, you saw in the comments, the first major action under Project Enable related to our Asia Pacific business. The 2 components of that are building on our already present Shanghai front-end business focused on China and moving most of the remaining jobs from Hong Kong to Shanghai.

當然，邁克爾。感謝您提出的這兩個問題。是的，相對於 Enable，我們談論的是大約 3 年期間的 1.25 億美元收益。今天，大家在評論中看到了 Project Enable 下與我們亞太業務相關的第一個重大行動。該計劃的兩個組成部分是，在我們現有的專注於中國的上海前端業務的基礎上進行建設，並將大部分剩餘的工作從香港轉移到上海。

And then on the supply chain, really 2 things strategically, moving into country more, closer to the sourcing locations, which has a labor arbitrage benefit in addition to being just better able to manage the business; and then moving to Singapore, which obviously -- in Kuala Lumpur, which also has financial benefits.

然後在供應鏈上，實際上從戰略上講有兩件事，更多地進入國內，更接近採購地點，這除了能夠更好地管理業務之外，還具有勞動力套利的好處；然後轉移到新加坡，顯然——吉隆坡，也有經濟利益。

But I guess, Michael, the way that I think in my prepared remarks I said, Enable is not about cost, it's fundamentally about transformation and realigning our business. But it does have a cost benefit, obviously the $125 million. And so the way I would think about this modeling going forward is while we've got a lot of incremental investments around the transformation, specifically around digital and some capabilities around consumer data, et cetera, rather than those being incremental and being a drain, we're looking at redeploying cost and offsetting many of those so that we can see leverage in the SG&A base over time.

但是邁克爾，我想，我在準備好的演講中說過，Enable 與成本無關，它從根本上關乎轉型和重新調整我們的業務。但它確實具有成本效益，顯然是 1.25 億美元。因此，我對未來這種建模的看法是，雖然我們在轉型方面進行了大量增量投資，特別是在數位化和消費者數據等一些能力方面，但這些投資並不是增量和消耗，我們正在考慮重新部署成本並抵消其中的許多成本，以便我們能夠隨著時間的推移看到銷售、一般和行政管理費用 (SG&A) 基礎中的槓桿作用。

Another question related to this that you might have, this is some big actions that we just announced today, what does that mean from a cash flow standpoint going forward. Well, the -- both the restructuring and some of the outgoing costs will happen over time, as well the benefits. So we don't see a material impact in any particular quarter from a cash-on-cash basis.

您可能還有與此相關的另一個問題，這是我們今天剛剛宣布的一些重大行動，從未來現金流的角度來看，這意味著什麼。嗯，重組和一些支出成本以及收益都會隨著時間的推移而發生。因此，我們並未看到任何特定季度因現金對現金基礎而產生重大影響。

So hopefully, that gives you some color there. We really see this as a way to maintain leverage in the SG&A base and redeploy costs so that we can offset the transformational investments that we see coming and have been investing in, frankly, over time.

希望這能帶給你一些啟發。我們確實將此視為一種保持銷售、一般及行政開支基礎槓桿率並重新部署成本的方法，以便我們能夠抵消我們所看到的並且一直在投資的轉型投資。

As it relates to Supreme, yes, the point that I think you're referring to at the time of acquisition, the modeling that we put out really assumed very, very limited and essentially no synergies. We said that doesn't mean that we don't see the opportunity, but it also is recognizing this is a beautiful, simple machine and we don't want to mess it up, frankly. And we -- this business -- this acquisition was based on strategy and opportunity and a new growth vector. They have beautiful fundamentals already. And we don't need synergies to make the deal work economically. That was really the intent of the earlier comments.

就 Supreme 而言，是的，我認為您提到的這一點是在收購時，我們提出的模型實際上假設的協同效應非常非常有限，而且基本上沒有。我們這樣說並不意味著我們沒有看到機會，而是我們也認識到這是一個美麗而簡單的機器，坦白說，我們不想把它搞砸。我們——這項業務——這次收購是基於策略、機會和新的成長方向。他們已經擁有良好的基礎。我們並不需要協同效應來使交易在經濟上發揮作用。這實際上就是先前評論的意圖。

Having said that, as we engage with the team, and they're going to lead this, where they have opportunities for growth, think new geographies, for example, where they're not present, we absolutely see opportunities to reduce friction and create some leverage with our strong platforms in these new geographies. The point we were making is that wasn't factored into the deal economics. So as we get further down this integration path, and we're just starting, my expectation is we'll find those areas of synergies. And when we do, we'll talk about that and update the -- any guidance that we have relative to the accretion there.

話雖如此，當我們與團隊接觸時，他們會領導這項工作，在他們有成長機會的地方，想想他們還沒有出現的新地區，我們絕對會看到減少摩擦的機會，並在這些新地區利用我們強大的平台創造一些影響力。我們要說的是，這並沒有被計入交易經濟因素。因此，隨著我們進一步沿著這條整合道路前進，而我們才剛起步，我的期望是我們能夠找到那些協同領域。當我們這樣做時，我們會談論這一點，並更新與那裡的增生有關的任何指導。

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

今天的下一個問題來自摩根大通的 Matthew Boss。

Maybe first on Vans. Any way to parse out the impact from store closures or COVID restrictions this quarter? Or said differently, could you speak to maybe the underlying trends that you're seeing by region? And just your confidence in demand trends at Vans exiting the pandemic relative to pre-crisis?

也許是 Vans 的第一款產品。有沒有辦法分析本季商店關閉或 COVID 限制帶來的影響？或者換句話說，您能否談談您所看到的各地區的潛在趨勢？您對 Vans 在疫情後的需求趨勢相對於危機前有何信心？

Yes. Steve, do you want me to do the numbers first, maybe?

是的。史蒂夫，你想讓我先算數字嗎？

Yes, sure. Go ahead, Scott, and then I'll pick it up at the tail.

是的，當然。繼續，斯科特，然後我會從尾部繼續。

Yes. Okay. Yes, Matt. So a couple of things to think about. The footprint of Vans from a brick-and-mortar standpoint, you got 1/3 of brick-and-mortar in California and 1/3 in Europe when you look at the global brand. And you might remember, D2C is about -- is more than 50% of the Vans' brand overall. You put with that these are our most productive doors, right? And so they punch above their weight from -- they're disproportionate in terms of the relative impact on the overall brand.

是的。好的。是的，馬特。有幾件事需要考慮。從實體店的角度來看，Vans 的全球品牌足跡在加州有 1/3 的實體店，在歐洲有 1/3。您可能還記得，D2C 約佔 Vans 品牌整體的 50% 以上。您認為這些就是我們最有生產力的門，對嗎？因此，他們發揮了超乎尋常的作用——就對整個品牌的相對影響而言，這是不成比例的。

So 90 days ago, we didn't -- we were essentially open for business in all geographies and we didn't anticipate that we would have these reclosures, and you're seeing the impact of that. So as it relates just to the guide this year, that's really the primary driver. Remember also, I mean, you have wholesale doors in the same regions as well. But the biggest issue for us was, frankly, around the brick-and-mortar stores.

所以 90 天前，我們基本上在所有地區都營業，我們沒有預料到會發生這些重新關閉的情況，而您正在看到它的影響。因此，就今年的指南而言，這確實是主要驅動因素。還要記住，我的意思是，您在同一地區也有批發門。但坦白說，我們面臨的最大問題是實體店。

Yes. I think I would just follow, we continue to be very encouraged about the Vans business and, most importantly, how the Vans business continues to engage with its existing customers. We talked about the Vans Family members, which has been a big investment over the past few years, drove over 50% of the U.S. D2C business.

是的。我認為我會繼續關注，我們繼續對 Vans 業務感到非常鼓舞，最重要的是，Vans 業務如何繼續與現有客戶互動。我們談到了 Vans 家族的成員，他們在過去幾年裡進行了巨大的投資，帶動了美國 50% 以上的 D2C 業務。

All of our businesses are experiencing episodic impacts due to the COVID pandemic. Vans is certainly impacted based on the heavy concentration of stores with the brick-and-mortar closures. But we've also -- they've had to endure how to recover from our early moves on mitigating inventory and pulling back on marketing. And just getting their rhythm and choreography of new products married with appropriate stories to drive that engagement that ultimately drive the conversion, just getting back into that rhythm. And we're seeing that today. And as we move into spring 2021, you'll really see that optimized level come back to what we have historically been accustomed to.

由於新冠疫情，我們所有的業務都受到了偶發性影響。由於實體店大量關閉，Vans 的店鋪集中度明顯降低，這無疑對其產生了影響。但是我們也 - 他們必須忍受如何從我們早期減少庫存和減少行銷的舉措中恢復過來。只要將他們的新產品的節奏和編排與適當的故事結合起來，就能推動這種參與，最終推動轉化，回到那個節奏。我們今天就看到了這一點。隨著我們進入 2021 年春季，您將真正看到優化水平回到我們過去習慣的水平。

Great. And then just a follow-up on the margin side. So your guidance implies operating margins, I think, around 6% to 7% in the fourth quarter. Scott, could you just break down the expectation for gross margin in the fourth quarter maybe relative to the 150 basis points contraction in the third quarter?

偉大的。然後只是對利潤方面的後續跟進。所以您的指導意味著第四季度的營業利潤率約為 6% 至 7%。史考特，您能否詳細分析一下第四季毛利率的預期，相對於第三季 150 個基點的收縮？

Sure, Matt. Yes, the -- first of all, just to bring you back and remind you of the glide path that we expected on gross margin. And generally -- notwithstanding the Vans brick-and-mortar comment that I just mentioned, generally, we're seeing that develop. In fact, in the third quarter, we said promotional activity was slightly better than we had anticipated. And as we looked to the fourth quarter, we really don't see any material change in the pace of markdowns or the promotional activity.

當然，馬特。是的，首先，只是想讓您回想一下我們預期的毛利率下滑路徑。總的來說——儘管我剛才提到了 Vans 實體店的評論，但總的來說，我們正在看到這種發展。事實上，我們表示第三季的促銷活動略優於我們的預期。展望第四季度，我們確實沒有看到降價速度或促銷活動發生任何實質變化。

What we do see is -- and expect, is a modest decline in gross margin from previous expectations. Think about maybe 100 basis points or so. And that's really driven by mix -- the difference in mix, right? So as you see less direct-to-consumer, you're going to see a little bit lower gross margin in the fourth quarter.

我們確實看到——並且預計——毛利率將較之前的預期略有下降。想想大概100個基點左右。這實際上是由混合驅動的——混合的差異，對嗎？因此，隨著直接面向消費者的銷售減少，第四季的毛利率將會略有下降。

Maybe to give you some confidence. As we look forward, we're not giving guidance in 2022, but I can give you a few data points that maybe will help you think about the go-forward picture. From a margin standpoint, we would expect 2022 margins to be back to historical peak levels, think about the organic business, 55.5%, plus some accretion from Supreme. So a little better -- we would expect margins -- gross margins to be a little better than even where we were pre-pandemic in the 2020 time frame, which I think is really kind of underneath what your question is.

也許是為了給你一些信心。展望未來，我們不會對 2022 年做出指引，但我可以為您提供一些數據點，也許這些數據點可以幫助您思考未來的前景。從利潤率的角度來看，我們預計 2022 年的利潤率將回到歷史最高水平，想想有機業務，55.5%，再加上 Supreme 的一些成長。因此，我們預計利潤率——毛利率會比 2020 年疫情之前的水平略好一些，我認為這實際上就是您問題的核心。

The other thing I would say is, remember, the actions that we took, while we're sure that it had some impact in terms of sales and some of the relative performance this year, constraining inventory, et cetera, the goal there was to emerge in a clean position and in a position to strength going into next year. So just remember, there's 2 sides to those impacts. The short-term disruption, but we believe we're setting ourselves up well for next year.

我想說的另一件事是，請記住，我們所採取的行動雖然對銷售和今年的一些相對業績產生了一定影響，比如限制庫存等，但我們的目標是在一個乾淨的狀態下出現，並在明年保持強勁勢頭。所以請記住，這些影響有兩面性。雖然短期內會出現一些混亂，但我們相信我們已經為明年做好了準備。

The next question today is coming from Alexandra Walvis from Goldman Sachs.

今天的下一個問題來自高盛的亞歷珊卓·沃爾維斯（Alexandra Walvis）。

My first question was a high-level question on the momentum of your direct-to-consumer digital business. It accelerated in the quarter despite the overall acceleration in top line trends for the business. And I was wondering how that was changing or adapting your thinking into next year on the potential for digital growth against the tougher compares for this year. Put another way, where can digital penetration get to in fiscal '22? And how much more runway is there for that channel?

我的第一個問題是關於你們直接面向消費者的數位業務發展勢頭的一個高層問題。儘管公司業務營收趨勢整體加速，但本季的成長仍加速。我想知道，與今年更嚴峻的比較相比，這對您明年關於數位成長潛力的想法有何改變或調整？換句話說，2022財年數位滲透率能達到什麼程度？那麼該通路還有多少發展空間呢？

Sure. Alex, this is Steve. I'll go ahead and start. Scott, fill in if I miss anything here. I think we're very excited about the impact of our decisions the last few years to really invest behind our transformation and build this consumer-first mentality. We committed to get our digital to about 20% of our business when we met with everybody back in Beaver Creek, it seems like eons ago. And as we've gotten through this year, we've exceeded that number, about 23%, and combined with our U.S. wholesale, our digital penetration is about 30%.

當然。亞歷克斯，這是史蒂夫。我先開始了。斯科特，如果我遺漏了什麼的話請補充。我認為我們對過去幾年的決策產生的影響感到非常興奮，這些決策真正投資於我們的轉型並建立這種消費者至上的心態。當我們在 Beaver Creek 與大家會面時，我們承諾將數位化業務占我們業務的 20％ 左右，這彷彿是很久以前的事了。今年我們已經超過了這個數字，大約 23%，加上我們在美國批發的業務，我們的數字滲透率大約是 30%。

So I think what's important for us isn't really the penetration percent, but more about building these seamless connections between the virtual and the physical, and building those optimized consumer journeys that allow us to really meet our consumer where they are. So thinking about through a mobile-first mindset, the UX/CX aspect of our platforms, thinking about the services required within our stores to be able to not only optimize service, but optimize use of inventory.

因此，我認為對我們來說重要的並不是滲透率，而是建立虛擬和物理之間的無縫連接，以及建立優化的消費者旅程，使我們能夠真正在消費者所在的地方與他們見面。因此，透過行動優先的思維方式思考我們平台的 UX/CX 方面，思考我們商店內所需的服務，不僅能夠優化服務，還能優化庫存的使用。

And I would just tell you, I think, the store element of our direct-to-consumer strategy long term is a very critical role on how we connect with consumers, but also how we bring technology. The store we've opened recently in Milan or Fiji is really a test case of blending technology with physical and building a higher level of engagement and experience. So long answer, Alex, but it's really less about penetration and it's more about these optimized consumer journeys through the seamless integration of both environments.

我只想告訴你，我認為，從長遠來看，我們直接面向消費者的策略中的商店元素對於我們如何與消費者建立聯繫以及如何帶來技術起著非常關鍵的作用。我們最近在米蘭和斐濟開設的商店實際上是將技術與實體結合併建立更高水平的參與度和體驗的試驗案例。亞歷克斯，答案很長，但這實際上與滲透率關係不大，而更多地與透過兩種環境的無縫整合來優化消費者旅程有關。

Yes. Only thing I'd add really quick, Steve, is just some numbers. We've hit our 2024 e-comm growth. We've already hit and exceeded that in the low 20s. And when you consider what we call digital wholesale, think about Zalando, Asos, digital partners, we're approaching 30%.

是的。史蒂夫，我唯一想補充的是一些數字。我們已經實現了 2024 年電子商務成長目標。我們已經達到並超過了 20% 的水平。當你考慮我們所謂的數位批發時，想想 Zalando、Asos、數位合作夥伴，我們已經接近 30%。

Where that ends up, it's hard to know. We're kind of agnostic between growth in our own stores and the digital. Frankly, we see us merging and being more seamless, as Steve mentioned. So where exactly that shakes out, we haven't declared yet. But we expect that both will continue to be more and more important to us, and that's why we're making the investments that we're making.

很難知道最終結果會如何。我們對自身商店的成長和數位化的成長並不清楚。坦白說，正如史蒂夫所提到的，我們看到我們正在合併並且變得更加無縫。因此，我們尚未宣布具體結果。但我們預計，這兩者對我們來說都會變得越來越重要，這就是我們進行投資的原因。

Awesome. And then one more on the supply chain. You made some comments that you've only seen isolated delays from suppliers and the flow of product through your supply chain has been improving. Are you seeing any disruption further downstream at the ports? We've heard reports that there are some bottlenecks and delays there, so just wondering if you were seeing that or do you expected it to see it. And any potential [interruptions] on the business?

驚人的。然後再談一下供應鏈。您評論說您只看到供應商出現個別延遲，而供應鏈中的產品流動一直在改善。您是否發現港口下游出現了任何中斷？我們聽說那裡存在一些瓶頸和延誤，所以只是想知道您是否看到了這一點，或者您是否預計會看到這一點。業務上是否存在任何潛在的[中斷]？

Yes, Alex, we've said that, just as a general comment, the supply chain performance, on-time deliveries, et cetera, continue to improve. But they're not normal, right? We are still seeing impacts of COVID really throughout the value chain. And yes, we've seen isolated port issues. We've had instances where we've rerouted sailings, et cetera, in order to account for that. So far, that's not been a major issue for us. But definitely, it is not normal, but it continues to improve. It's the way I would characterize it.

是的，亞歷克斯，我們說過，只是作為一般性評論，供應鏈績效、準時交貨等都在持續改善。但它們不正常，對吧？我們仍然看到 COVID 確實對整個價值鏈產生影響。是的，我們看到了孤立的連接埠問題。為了解決這個問題，我們曾多次改變航行路線等等。到目前為止，這對我們來說不是什麼大問題。但可以肯定的是，這並不正常，但它正在不斷改善。這就是我的描述方式。

We wouldn't say that that's been a material impact in the business per se, but it goes back -- Steve made the choreography comment, and when you have marketing hitting at a certain time in your stores, in a retail store and maybe a few weeks late, that can be a big impact, right, in terms of the choreography of having product hit at the right time at the time you have your marketing lined up and getting all those pieces together.

我們不會說這對業務本身產生了實質性影響，但可以追溯到——史蒂夫對編排做出了評論，當你在商店、零售店的某個時間進行營銷，也許晚了幾個星期，這可能會產生很大的影響，對吧，就產品在正確的時間進入市場、在你安排好營銷並將所有這些部分整合在一起的時候進行編排而言。

So I would say, it continues to improve. We know it's having some impact, but it's hard to exactly identify what those are. The great news is we got the best supply chain in the industry, and they continue to make significant improvements.

所以我想說，它會繼續改善。我們知道它會產生一些影響，但很難確切地確定這些影響是什麼。好消息是我們擁有業界最好的供應鏈，而且他們還在持續取得重大進步。

The next question today is coming from Bob Drbul from Guggenheim.

今天的下一個問題來自古根漢的鮑伯‧德布爾 (Bob Drbul)。

Just a couple of questions. On the wholesale business, as you think about the next few quarters, with a lot of the sort of fits and starts at retail, your own stores, but also your wholesale partners, can you just talk about the plans on inventory buys and just sort of how you guys are investing for the next few quarters around replenishment, et cetera?

僅有幾個問題。關於批發業務，您考慮到接下來的幾個季度，零售業、您自己的商店以及批發合作夥伴都會出現很多起伏，您能否談談庫存購買計劃以及您在接下來的幾個季度在補貨等方面的投資計劃？

And then just similarly on the wholesale side, can you just talk generally if any areas where you're gaining shelf space or losing shelf space, and if there's any like competitive makeup of the store changing dramatically or anything like that you might be able to share with us?

然後同樣在批發方面，您能否大致談談您在哪些領域獲得了貨架空間或失去了貨架空間，以及商店的競爭構成是否發生了巨大變化或類似情況，您可以與我們分享嗎？

Yes. Bob, on the first part of your comment. We see -- I would say, generally, first, the environment, at least is in the parts we play in the wholesale business, remains conservative but constructive. Order books, as we've said now multiple times, have been conservative versus historical levels. We see, I would say, improving sentiment going forward and continued constructive support from the wholesale channels, but still a conservative environment. So that's just general, right?

是的。鮑勃，關於你評論的第一部分。我們看到——我想說，總體來說，首先，至少在我們所從事的批發業務中，環境仍然是保守但有建設性的。正如我們多次所說的，訂單量相對於歷史水準來說一直比較保守。我想說，我們看到未來情緒有所改善，批發管道也將繼續提供建設性支持，但環境仍然保守。所以這只是一般情況，對嗎？

And I would say our position hasn't materially changed either. We talked about -- in the early days of COVID, we were pretty darn aggressive on inventories. We now are getting to the point where we're normalizing. And we expect by the end of the year -- I think we used the word equilibrium in terms of inventory positions versus forward sales, and that's both the retail comment and our own inventories. So our posture, Bob, is kind of as we've said and developing as we expected.

我想說我們的立場也沒有實質的改變。我們討論過——在 COVID 疫情初期，我們在庫存方面非常積極。我們現在正逐漸進入正常化階段。我們預計到今年年底 - 我認為我們在庫存頭寸與遠期銷售方面使用了平衡這個詞，這既是零售評論，也是我們自己的庫存。所以，鮑勃，我們的姿態就像我們所說的那樣，並且正在像我們預期的那樣發展。

We're still not in a normal environment, again, from an overall posture, but it continues to be more constructive. And again, we're super pleased with the way that our key retailers and partners have worked with us. Again, they're not canceling orders. Orders are sticky. They may be conservative, but they're doing what they say.

從整體態勢來看，我們仍然沒有處於正常環境，但環境持續變得更加建設性。再次，我們對主要零售商和合作夥伴的合作方式感到非常滿意。再說一次，他們不會取消訂單。訂單很黏。他們可能比較保守，但是他們確實說到做到。

The second part of your question, Steve, maybe you want to address that in terms of -- yes. Go ahead.

史蒂夫，關於你問題的第二部分，也許你想這樣回答——是的。前進。

Yes, Bob, so wholesale has and will continue to be a very important part of our go-to-market set of choices. And I would tell you the key accounts that our business is focused on, we continue to just build stronger and stronger and more productive relationships. If you think about our EMEA business, the relationships we have with the pure-play digital partners like Zalando, Asos, and even what we see with JD in U.K., in store and online. Our success there in how we balance between our own environments and their environments is really very critical.

是的，鮑勃，批發一直是、並且將繼續是我們進入市場選擇中非常重要的一部分。我會告訴你我們的業務重點關注的關鍵客戶，我們將繼續建立越來越強大、越來越有成效的關係。如果你考慮我們的 EMEA 業務，你就會知道我們與 Zalando、Asos 等純數位合作夥伴的關係，甚至我們與英國京東在實體店和線上的合作關係。我們在如何平衡我們自己的環境和他們的環境方面取得的成功確實非常關鍵。

In Asia, we think of Ali as a wholesale partner. And the comment we made about Vans being the #1 large brand during 11/11 and the first to launch a customs platform on the Ali customs environment, those types of opportunities come based on the strength of the relationships.

在亞洲，我們將阿里視為批發合作夥伴。我們說過 Vans 是雙十一期間排名第一的大品牌，也是第一個在阿里海關環境中推出海關平台的品牌，這些機會都是基於關係的強度而來的。

And then if you think about our Dickies business here in the U.S. and their ability to service essential retail that has been opened throughout the pandemic, bring needed products to their consumers through those strong relationships, I would say this is one of our core go-to-market elements of our strategy, and it's always been a big part of VF's toolkit on how we really partner with and service those wholesale partners in the very best way.

然後，如果您想一想我們在美國 Dickies 的業務，以及他們為在整個疫情期間開業的必需品零售提供服務的能力，通過這些牢固的關係為消費者提供所需的產品，我想說這是我們戰略的核心市場營銷要素之一，它一直是 VF 工具包的重要組成部分，用於指導我們如何真正與這些批發合作夥伴合作並以最佳方式為他們提供服務。

The next question is coming from Camilo Lyon from BTIG.

下一個問題來自 BTIG 的 Camilo Lyon。

Scott, I was hoping you could give a little bit more color on just your commentary around -- I know you just touched on inventory. But I'm curious to see if you can help articulate how much -- what were the limitations on North Face and Timberland that stemmed from your inventory constraints during the quarter and how that might be influencing the fourth quarter?

斯科特，我希望你能更詳細地解釋一下你的評論——我知道你剛剛談到了庫存。但我很好奇，您是否可以幫助闡明本季度由於庫存限製而對 North Face 和 Timberland 造成的限制有多大，以及這可能會對第四季度產生什麼影響？

I know you talked kind of from a high-level perspective around those inventory levels starting to normalize. But I'm just curious to see as to what and when are we thinking that the commentary around normalization by the end of Q4 suggests that you'll be in a very good position to enter fiscal '22 with the appropriate amount of inventory given your expectations?

我知道您從高層次的角度談論了庫存水準開始正常化的問題。但我只是好奇，我們什麼時候、在什麼時候認為第四季度末正常化的評論表明，根據您的預期，您將處於非常有利的位置，以適當數量的庫存進入 22 財年？

Yes, Camilo, we haven't quantified it. I can tell you, in certain areas it's significant, tens of millions of dollars. We haven't given that number publicly. But the areas where we're seeing really an impact on sales particularly are in the Outdoor area; the Timberland brand, in particular, around some of its core styles; The North Face in certain Outdoor categories, certain -- you can see it in your channel checks and online, it's hard to see.

是的，卡米洛，我們還沒有量化它。我可以告訴你，在某些領域，這個金額是相當可觀的，高達數千萬美元。我們尚未公開公佈該數字。但我們發現對銷售產生真正影響的是戶外領域；尤其是 Timberland 品牌，圍繞其一些核心風格； The North Face 在某些戶外類別中，某些——您可以在頻道檢查和網上看到它，但很難看到。

And we know, as Steve mentioned earlier, too, from the Vans business, we've seen that the constraints we've put on, and from an inventory standpoint of also cost of sales. So I think you answered the question in the question. Our expectation is, as we leave this year, that we're in equilibrium and we're balanced and should see that those inventory pressures abate, and we should be in a more normalized posture going into next year.

我們知道，正如史蒂夫之前提到的，從 Vans 業務來看，我們已經看到了我們所施加的限制，並且從庫存的角度來看也看到了銷售成本的限制。所以我認為你回答了問題中的問題。我們的預期是，在今年年底之前，我們將處於平衡狀態，應該會看到庫存壓力減輕，而進入明年時，我們將處於更正常化的狀態。

So taking that one step further. You typically build to order maybe plus a little bit. But given that there's likely an expectation of conservatism around wholesale orders, you see the performance in the demand for the new products and the innovation that are coming to market, would you consider building some back stock into next year so they can meet more of that incremental demand even through your own DTC channels as that would be kind of an elixir to that growth rate and not having to rely on what will likely be very tepid and cautious wholesale positioning?

因此更進一步。您通常根據訂單生產，可能還要多一點。但考慮到批發訂單可能存在保守預期，您看到對新產品和即將上市的創新產品的需求表現，您是否考慮在明年建立一些庫存，以便他們能夠滿足更多的增量需求，即使通過您自己的 DTC 渠道，這也將成為實現增長率的靈丹妙藥，而不必依賴可能非常不溫不溫和謹慎的批發定位？

Yes. I guess, at this point, Camilo, what I would say to that -- Steve, you may want to jump in here. But I don't think -- you shouldn't expect us to go ditch to ditch in terms of risk posturing, but it is a more constructive environment and it's going to be less conservative, and that would be from our standpoint and I think also from the general market as you think about the wholesale business.

是的。我想，卡米洛，此時我要說的是──史蒂夫，你可能想插嘴。但我不認為——你不應該期望我們在風險態勢方面不遺餘力，但這是一個更具建設性的環境，它將不那麼保守，這是從我們的角度來看的，我認為從批發業務的一般市場來看也是如此。

Remember, too, our highest and best presentation of the brand is in our own digital and our D2C. So we're going to build to what we believe our best estimates of what demand is, and we would expect a more constructive environment generally next year and less conservatism.

還要記住，我們對品牌的最高和最佳展示是在我們自己的數字和 D2C 中。因此，我們將根據我們認為的最佳需求估計進行構建，並且我們預計明年的整體環境將更加建設性，保守主義將減少。

The last thing is one of the reasons we took the aggressive postures that we did this year is knowing that it was going to be uncertain, and that's why we keep saying we -- our intent is to emerge in an advantaged position. So has there been some demand buildup, we needed to see some of that in a brand like the Timberland, sorry, in terms of the sell-through and create some unmet demand? That's not a bad thing for these brands as we look forward.

最後一點是，我們今年採取積極姿態的原因之一是知道情況充滿不確定性，這也是為什麼我們一直說——我們的目的是佔據優勢地位。那麼是否存在一些需求積累，我們需要在像 Timberland 這樣的品牌中看到一些需求，對不起，在銷售方面，並創造一些未滿足的需求？展望未來，這對這些品牌來說並不是一件壞事。

So I think you can expect a more constructive environment. Is it going to be ditch to ditch or dramatically different? I would say no. But you should see an improved position next year. That would be our expectation.

因此我認為你可以期待一個更建設性的環境。這會是一條小路還是截然不同？我認為不是。但明年你會看到情況有所改善。這正是我們的期望。

And Camilo, I would also add you will also see -- and we've been talking about this for a while, but just a higher degree of frequency of new stories across all of our brands. But more frequent drops with more compelling stories, not depending so much on that early drop with a reorder sequence behind it. Clearly, that's important on your core styles, but you'll see us continue to advance this idea of more frequent deliveries of new innovations, new color stories, collabs, married with the appropriate amount of marketing to drive that demand. So it'll be an increasing kind of leveling of that old traditional model to the new model as we continue to pivot through our transformation.

卡米洛，我還要補充一點，你也會看到——我們已經談論這個問題有一段時間了，但我們所有品牌推出的新故事的頻率都在提高。但是更頻繁的下降會帶來更引人入勝的故事，而不會過度依賴早期的下降及其背後的重新排序序列。顯然，這對您的核心風格很重要，但您會看到我們繼續推進這一理念，即更頻繁地推出新的創新、新的色彩故事和合作，並結合適當數量的營銷來推動這種需求。因此，隨著我們持續轉型，舊的傳統模式將逐漸向新模式靠攏。

It sounds like the Supreme acquisition is already starting to factor into the thought process in that regard. I guess just one final, if I could squeeze it in, on Supreme. Any updated thoughts on how we should think about the flow-through from the stronger EBIT margin contribution relative -- versus the reinvestment of that margin profile?

聽起來，Supreme 的收購已經開始成為這方面思考因素之一。我想，如果可以擠出時間的話，我只需要在 Supreme 上做最後一次練習。關於我們應該如何看待相對更高的息稅前利潤貢獻所產生的流轉，以及該利潤率狀況的再投資，您有什麼最新的想法嗎？

Are you looking to release some of that accretion down to the bottom line, the gross margin opportunity there? Or reinvest a portion of it? How should we think about just the natural higher-margin structure of that business and your intent on flow-through versus reinvestment?

您是否希望將其中的一些累積釋放到底線，即那裡的毛利率機會？或將其中一部分再投資？我們該如何看待該業務自然的高利潤結構，以及您對流通與再投資的意圖？

Yes, Camilo, I guess I'd just reiterate what we said earlier. At this point, the $500 million and $0.20, clearly this -- we have optionality in this model. And the reason we're holding back a little bit in terms of declaring more than that, this is -- we're in the integration process, right? We're just getting started. And we want to understand the balance between the needed investments and how we enable their growth and the flow-through.

是的，卡米洛，我想我只是重申我們之前說過的話。此時，5 億美元和 0.20 美元顯然是這個——我們在這個模型中具有選擇權。我們之所以沒有宣布更多，是因為我們還處於整合過程中，對嗎？我們才剛開始。我們希望了解所需投資與如何促進其成長和流通之間的平衡。

I guess the really good news here that I would just leave you with is the fundamentals are really strong. The optionality is really good. We just need to understand better how we balance growth and profit and what that looks like going forward. So you can take what we've said to the bank. Could it be better? It could, but we need to understand what the relative investment profile versus the flow-through looks like. And we'll be back next quarter and give you more insight into what that -- what we see that looking like.

我想我要告訴你們的真正好消息是基本面非常強大。可選性確實很好。我們只是需要更好地理解如何平衡成長和利潤，以及未來的發展方向。因此您可以相信我們所說的話。還有更好的嗎？有可能，但我們需要了解相對投資組合與流通情況如何。我們將在下個季度回來，為您提供更深入的了解——我們對此的看法。

The next question today is coming from John Kernan from Cowen and Company.

今天的下一個問題來自 Cowen and Company 的約翰·科南 (John Kernan)。

Wanted to go to North Face. Europe, up 22%; Asia Pac, up 16%. We've seen some of the momentum building, and North Face feels like it's gaining share in the Americas. Just wanted to gauge your pulse in terms of what's embedded for the guidance for North Face, particularly in the Americas and as we go into next year.

想去 North Face。歐洲，成長22%；亞太地區，上漲 16%。我們已經看到了一些發展勢頭，North Face 感覺它在美洲的市場份額正在擴大。只是想了解您對 North Face 未來指導的具體情況，特別是在美洲地區以及明年的情況。

I guess I can start here. Scott, if you want to fill in the numbers. To your point, the North Face business is continuing to show a sequential improvement and we are very encouraged with the progress. It's early. But we're very, very encouraged. The international business has been the point of strength, Europe and, Asia. And we're very pleased with the progress we're seeing here in the Americas. And we're very confident about what that future looks like.

我想我可以從這裡開始。史考特，如果你想填寫數字。正如您所說，North Face 的業務持續呈現連續改善，我們對這一進展感到非常鼓舞。現在還早。但我們感到非常非常鼓舞。國際業務一直是我們的優勢所在，主要集中在歐洲和亞洲。我們對美洲所取得的進展感到非常高興。我們對未來充滿信心。

The -- where The North Face sits in the total addressable market, the Outdoor trend, we're extremely well positioned to continue to drive that lead brand point of view that we have in this TAM and continue to think very positive about the LRP that we laid out in Beaver Creek.

The North Face 在整個潛在市場、戶外趨勢中所處的位置非常有利，我們完全有能力繼續推動我們在這個 TAM 中的領先品牌觀點，並繼續對我們在 Beaver Creek 制定的 LRP 持非常積極的看法。

Got it. Maybe, Scott, you gave us some really helpful commentary on how to think about gross margin and returning to prior peaks next year. Just curious on the SG&A profile, any color you can give there. It looks like, just based on the guidance you gave, SG&A dollars down around mid-single digits for the year this year. Is there anything that you can talk to in terms of the SG&A rate long-term now that digital is obviously going to be distorted a bit more in terms of the mix? Have you identified anything from a cost structure basis this year that might come out of the business?

知道了。也許，斯科特，你給了我們一些關於如何考慮毛利率和明年重返之前的峰值的非常有用的評論。只是對 SG&A 概況感到好奇，您可以提供任何顏色。看起來，僅根據您給予的指導，今年的銷售、一般和行政費用將下降約個位數中段。鑑於數位化在組合方面顯然會受到更多扭曲，您能就長期銷售、一般和行政費用率 (SG&A) 方面談談什麼嗎？您是否從今年的成本結構基礎中發現了可能從業務中產生的任何變化？

Yes. Let me -- I'll make a couple of comments there. First of all, as you look at the implied guidance, take the full year and back into the fourth quarter, I'd just remind you guys, there's a lot of noise here. We had a COVID quarter last year. We got a COVID quarter this year. Just one little sound bite for you to think about. We're trending very positive a year ago and then unwound our incentive comp as COVID dramatically changed the picture in the fourth quarter a year ago, and that's about a $50 million delta year-on-year that you're up against.

是的。讓我——我將在那裡發表幾點評論。首先，當你看到隱含的指引、全年業績以及第四季業績時，我想提醒大家，這裡有很多噪音。去年我們經歷了疫情肆虐的季度。今年我們經歷了一個新冠疫情季度。只要一小段聲音供您思考。一年前，我們的趨勢非常積極，然後由於 COVID 在去年第四季度極大地改變了形勢，我們的激勵補償被取消，這意味著同比去年同期的差異約為 5000 萬美元。

And I just point that out just to remind you all, there's a lot of noise, and you got to be careful about making big assumptions on flow-through going forward without our guide here. And I know you're looking for that guide, John. So maybe this will help. Let me give you a little more shaping on 2022.

我指出這一點只是為了提醒大家，有很多噪音，如果沒有我們的指導，你必須小心，不要對未來的流通做出重大假設。我知道你正在尋找那本指南，約翰。所以也許這會有所幫助。讓我給你多一點關於 2022 年的塑造。

First of all, just starting at the top of the P&L, we expect to get back to pre-COVID quarterly peak revenues at some point during next year, 2022. It could even happen as quickly as midyear, but there's uncertainty on what this glide path looks like exactly, but we do see getting back to those earnings. That's been a question that many of you have been asking us for quite a while and just wanted to give you that picture. I already talked about gross margin, what our expectations are for next year.

首先，從損益表的頂部開始，我們預計明年（2022 年）某個時候的季度收入將恢復到新冠疫情之前的高峰。它甚至可能最早在年中發生，但不確定這個下滑路徑究竟是什麼樣的，但我們確實看到了收益回升的跡象。這是你們許多人已經問我們很久的一個問題，我們只是想給你們這張圖片。我已經談到了毛利率以及我們對明年的期望。

As it relates to operating margin, one thing that we've seen this year that we -- I'll just own this myself, personally, we're not giving guidance. We don't have all the answers yet. But I would expect operating margin to be a little stickier in terms of the recovery. And the reason I say that is primarily in brick-and-mortar. We don't see a light switch here where all of a sudden you're open and everything goes back to the kind of levels and the productivity that we saw previously.

就營業利潤率而言，我們今年看到的一件事是——就我個人而言，我們不會給予指導。我們還沒有得到全部答案。但我預計，就復甦而言，營業利潤率將會更加穩定。我這樣說的原因主要在於實體業務。我們沒有看到一個電燈開關，讓你突然打開，一切都回到我們以前看到的水平和生產力。

Vans is a good example of that, what we're seeing in this year's guide, right, the closures and reopenings, they're encouraging. Our brick-and-mortar is really profitable, but it was even more profitable at its peak. And the productivity that we saw based on traffic patterns pre-COVID versus when we reopen, people are nervous, right, and they're slower to come back.

Vans 就是一個很好的例子，我們在今年的指南中看到，它們的關閉和重新開業都是令人鼓舞的。我們的實體店確實很賺錢，但在巔峰時期利潤更高。根據疫情前的交通模式，與重新開放時的生產力相比，我們看到人們很緊張，而且回來的速度也比較慢。

Every indication is they're going to come back and that we're going to see a longer-term path, that we're as confident as ever in brick-and-mortar and it's an important part of our overall consumer delivery. But I would expect productivity in brick-and-mortar to lag a little bit in its recovery, and that probably puts a little drag. Really, that shows up in SG&A, but that will put a little drag into next year.

種種跡象表明他們會回來，我們將看到一條長期的道路，我們對實體店比以往任何時候都更有信心，它是我們整體消費者交付的重要組成部分。但我預期實體經濟的生產力復甦將會稍微落後一些，這可能會造成一些拖累。事實上，這確實體現在銷售、一般及行政開支中，但這會對明年造成一點拖累。

So no -- from an LRP and long-term earnings, the fact that we're seeing revenue -- line of sight on revenue, the fact that our gross margins are healthy and we see a line of sight to get back to peak levels; we know that structural mix benefit is there and you see that this quarter and you'll see that in the fourth quarter, 90 basis points or so this quarter in mix; our fastest-growing businesses are our highest gross margin, so that structural margin is there, those are the factors. When the top line and margin is there, that gives me the confidence that, coupled with the optionality in the model, that we have a lot of confidence in our long-range plan.

所以從 LRP 和長期收益來看，事實上我們看到了收入——收入的視線，事實上我們的毛利率是健康的，我們看到了回到峰值水平的視線；我們知道結構性組合優勢是存在的，您可以看到，本季度和第四季度，組合優勢將達到 90 個基點左右；我們增長最快的業務是我們毛利率最高的業務，因此存在結構性利潤，這些因素都是結構性利潤。當有頂線和利潤時，這給了我有信心，再加上模型的可選性，我們對我們的長期計劃非常有信心。

What could make that happen quicker or slower? It really is the consumer and how we emerge from this and are people comfortable what happens with the vaccine. There's just a lot of uncertainties. And that's why we can't give you more granularity at this point on 2022. But as time goes on, a quarter from now when we report and give our guidance, our expectation is we'll have even better visibility and be able to give you a little more shaping on what 2022 should look like. So hopefully, that will help you. It's not exactly the full picture, but as you think about modeling, hopefully that gives you some color there.

什麼可以讓這種情況發生得更快或更慢？這確實關乎消費者，以及我們如何擺脫這種困境，以及人們是否對疫苗的效果感到滿意。存在很多不確定性。這就是為什麼我們無法在 2022 年此時為您提供更多詳細資訊。但隨著時間的推移，從現在起一個季度內，當我們報告並提供指導時，我們期望我們將有更好的可見性，並能夠為您提供更多關於 2022 年應該是什麼樣子的指導。希望這能對你有幫助。這不完全是一幅完整的畫面，但當你考慮建模時，希望它可以給你一些線索。

The next question today is coming from Erinn Murphy from Piper Sandler.

今天的下一個問題來自 Piper Sandler 的 Erinn Murphy。

I guess my question is on Europe. If you could share a little bit more about what you're seeing in the Spring/Summer '21 order books? And have the recent lockdowns -- are you seeing any of your kind of wholesale partners need to take receipt of product later just given some of the noise? Just curious if we'll see any kind of shift between Q4 and Q1.

我想我的問題是關於歐洲的。能否再分享一下 21 年春夏訂單的情況？最近，由於封鎖措施的實施，您是否發現您的任何批發合作夥伴由於一些噪音而需要稍後收到產品？只是好奇我們是否會看到 Q4 和 Q1 之間有任何轉變。

And then, Scott, just clarifying what you just said on 2022 from a kind of going back to pre-COVID peak revenue, I'm assuming that's excluding Supreme? Just wanted to clarify that.

然後，斯科特，只是想澄清一下你剛才所說的 2022 年收入回到新冠疫情之前的峰值水平，我假設這不包括 Supreme？只是想澄清這一點。

That's right.

這是正確的。

Yes, yes, that's right. Just to get the second part, yes. So I was talking about organic like-for-like, so that would be continuing ops and so without the occupational work and excluding Supreme.

是啊，是啊。只是為了得到第二部分，是的。所以我談論的是有機同類業務，也就是持續運營，無需職業性工作，也不包括 Supreme。

So yes, in Europe, first of all, the Europe business has been remarkably resilient. And we haven't -- I'm not prepared to talk about exactly what we're seeing in order books. But I would say that we have a really constructive key partner base there. We have some unique partners there with Zalando and Asos, for example, the digital titans, which have really been resilient through this COVID period and been just wonderful partners with the brand. And that didn't happen by accident. Obviously, that's been cultivated over many years by Martino and our leadership in the Europe region. But it's been really resilient.

是的，首先，在歐洲，歐洲業務展現了極強的彈性。我們還沒有——我還沒有準備好談論我們在訂單中看到的具體情況。但我想說，我們在那裡擁有真正建設性的關鍵合作夥伴基礎。我們與 Zalando 和 Asos 等數位巨頭有一些獨特的合作夥伴，他們在這次疫情期間確實表現得很堅韌，是該品牌的絕佳合作夥伴。這並不是偶然發生的。顯然，這是馬蒂諾和我們歐洲地區的領導多年來培育的。但它確實非常有彈性。

And while order books are impacted by the shutdowns and whatnot, as people are bringing their inventories in line, our performance has really been exceptional and our inventories are in good shape. And our expectation is that, notwithstanding COVID-related things that can't be predicted, that we're setting up well as you think about next year.

雖然訂單受到停工等因素的影響，但由於人們正在調整庫存，我們的表現確實非常出色，庫存狀況良好。我們的預期是，儘管與 COVID 相關的事情無法預測，但我們已經為明年做好了充分的準備。

Okay. And then just one follow-up on The North Face If you could speak a little bit more about the footwear launch. It sounds like it's been off to a good start. Just remind us where the distribution is right now and what's your expectation to scale it in fiscal 2022?

好的。然後還有關於 The North Face 的後續問題，可以再多談談鞋類發布的情況嗎？聽起來已經有一個好的開始了。請提醒我們目前的分佈以及您對 2022 財年的規模預期是什麼？

Sure, Erinn. I'll grab that. So yes, you , as usual, keep good track of what's going on with social media. The new VECTIV launch went live yesterday. It's live here in the U.S. in specialty running as well as to the VIP North Face consumer, and it's also live in other parts of the world in a very kind of focused early launch perspective. And it will hit full volume by mid-February. And yes, early reactions have been very positive. The sell-in exceeded expectation. And the early read on just the social media storytelling behind it has been very, very positive.

當然，艾琳。我會抓住它。是的，您可以像往常一樣密切關注社交媒體上發生的事情。新款 VECTIV 於昨日正式上市。它在美國的專業跑步運動和 VIP North Face 消費者中上線，也以非常集中的早期發布視角在世界其他地區上線。到 2 月中旬將達到滿載狀態。是的，早期的反應非常積極。銷量超出預期。僅從社群媒體對此事背後報導的早期解讀來看，其評價是非常非常正面的。

So very optimistic. As we talked about in Beaver Creek, this is a big point in time for the North Face team, a new point of view around footwear tied with where they're directing the brand on that more 365-day per year availability of relevant products for on-mountain, off-mountain usage. So exciting and more to come.

非常樂觀。正如我們在 Beaver Creek 所討論的，對於 North Face 團隊來說，這是一個重要的時刻，他們對鞋類有了新的看法，並指導品牌每年 365 天全天候提供適合山上和山下使用的相關產品。太令人興奮了，接下來還有更多。

The next question is coming from Jonathan Komp from Baird.

下一個問題來自貝爾德的喬納森·康普 (Jonathan Komp)。

Just first, just a quick follow-up, Scott, on your comments for next year, which were really helpful. Could you just maybe directionally talk about -- are you more or less confident in any of the brands particularly since you mentioned kind of the upside scenario on the revenue recovery. Just curious if any standout that you're more or less confident in.

首先，斯科特，我對你對明年的評論做了簡要的跟進，這些評論確實很有幫助。您能否直接談談——您對某個品牌是否更有信心或更沒有信心，特別是因為您提到了收入復甦的上行前景。只是好奇，您是否對某些突出的事物更有信心或更不自信。

Yes. Maybe -- and I don't know if you want to take that, Steve. Just -- I would say just a couple of comments before maybe you come over to top here, Steve. One brand we haven't talked about is Dickies, which is too bad because Dickies is over $100 million of our acquisition plan, really making good progress. The -- in particular the Dickies lifestyle part of the business, and particularly in Asia but now launching in Europe. It's been a really good story. And unfortunately, we haven't talked much about it. So that's what I would point out, and we have optimism.

是的。也許——我不知道你是否願意接受這一點，史蒂夫。只是——史蒂夫，在你發言之前，我只想說幾句評論。我們還沒有談到的一個品牌是 Dickies，這太糟糕了，因為 Dickies 在我們的收購計劃中超過了 1 億美元，而且確實取得了良好的進展。尤其是 Dickies 的生活方式部分業務，尤其是在亞洲，但現在也在歐洲推出。這真是一個精彩的故事。不幸的是，我們還沒有談論太多。這就是我想指出的，我們對此持樂觀態度。

I mentioned the Outdoor brands, the perspective -- my own personal perspective here is we've been on a journey on both Timberland and The North Face and we, I think, have been very transparent in terms of what we see as the opportunities. It's really encouraging to see social media heat and the performance. I think we're leaving a little on the table is not a bad thing as we set up for next year, and that's encouraging.

我提到了戶外品牌，我個人的觀點是，我們已經在 Timberland 和 The North Face 上走過了一段旅程，我認為，我們對所看到的機會非常透明。看到社群媒體的熱度和表現確實令人鼓舞。我認為我們在為明年做打算時留下一些餘地並不是壞事，這是令人鼓舞的。

And as it relates to Vans, it's been a high-single -- high-teen performer since our acquisition. And we have periods we have the noise and we -- quarter-to-quarter, and I get it, you guys are looking at that, it's a big part of the algorithm, but this is a powerful machine with many vectors. So as I look at the long term, I try to separate the short-term noise from what I believe is the long-term opportunity.

就 Vans 而言，自從我們收購以來，它一直表現優異。我們有週期，有噪音，我們 - 每個季度都有噪音，我明白，你們正在看這個，它是演算法的重要組成部分，但這是具有許多向量的強大機器。因此，當我著眼於長遠時，我會嘗試將短期噪音與我認為的長期機會區分開來。

And so that's my window, Jon. Steve, maybe you might add to that?

這就是我的窗口，喬恩。史蒂夫，也許你可以補充一點？

Yes. No, Jonathan, I would support 100% of what Scott just said. I mean we believe in every one of our children. I think the Dickies comment is extremely well put. It's -- this brand has performed all year long. As they begin to get that balance of that core work with work lifestyle and really driving that authentic brand message to a new, younger consumer, really good global opportunity across each region.

是的。不，喬納森，我百分之百支持史考特剛才所說的話。我的意思是我們相信我們的每一個孩子。我認為 Dickies 的評論極其精彩。這個品牌全年都在表演。當他們開始在核心工作與工作生活方式之間取得平衡，並真正將真實的品牌訊息傳遞給新的年輕消費者時，他們就會在每個地區獲得良好的全球機會。

North Face and Timberland sits squarely in the Outdoor TAM. What we learned from this year, the demand signals that we see going into next year give us great confidence. Vans and their connection to their consumers being one of their greatest strengths. We know the issues that have impacted our Vans businesses next -- this year, we're extremely well positioned to gain momentum. Our optimism continues to be strong.

North Face 和 Timberland 在戶外 TAM 中佔據重要地位。我們從今年的經驗得知，我們看到明年的需求訊號給了我們很大的信心。Vans 與消費者之間的聯繫是其最大的優勢之一。我們知道接下來會影響我們 Vans 業務的問題——今年，我們已做好準備以獲得良好的發展勢頭。我們的樂觀情緒依然強烈。

In our emerging brands, our Ultra business, though small, has really had a good year and will continue to build momentum, as will SmartWool and Icebreaker, our Napa business, as we think about opportunities beyond its core markets in Europe. So I think every one of our business is extremely well positioned. The business model transformation that we have in place to really take that consumer understanding and apply that to our go-to-market set of choices and really proactively engage across those -- all those different touch points.

在我們的新興品牌中，我們的 Ultra 業務雖然規模較小，但今年的表現卻十分出色，並且將繼續保持良好勢頭；SmartWool 和 Icebreaker（我們的 Napa 業務）也將如此，因為我們正在考慮其在歐洲核心市場以外的機遇。所以我認為我們的每一項業務都處於極其有利的位置。我們實施的商業模式轉型真正抓住了消費者的理解，並將其應用到我們的市場選擇中，並真正積極地參與所有不同的接觸點。

But we would be remised to say if we wouldn't -- that we're not super excited about our newest add to the portfolio in Supreme. As we learn more about each other, the opportunity ahead for the Supreme business, their ability to tap into the VF regional portfolio capabilities, our supply chain capabilities to optimize what they already do very well, we see great opportunities to continue to grow there.

但如果我們不這樣做的話，我們會感到很遺憾——我們對 Supreme 產品組合中的最新成員並不感到非常興奮。隨著我們對彼此的了解越來越多，我們了解到 Supreme 業務的未來機會、他們利用 VF 區域投資組合能力的能力，以及我們優化他們已經做得很好的供應鏈能力，我們看到了繼續增長的巨大機會。

And then just bigger picture, when you think about margin by brand, do you think there's enough recovery or expansion potential at the Outdoor brands that could offset presumably, if Vans takes longer for margin to recover [or most] levered to stores, obviously. Just how do you think about, by brand, how the margin might play out?

然後從更大的角度來看，當您考慮按品牌劃分的利潤率時，您是否認為戶外品牌是否有足夠的復甦或擴張潛力可以抵消這種影響，如果 Vans 的利潤率需要更長時間才能恢復（或大部分）到商店，顯然是這樣。您如何看待各個品牌的利潤率會如何改變？

Yes, Jonathan. I mean just directionally, obviously, we'll give you more granularity on what we see next quarter, at least for the next year. But yes, the relative upside is in the 3 other organic brands that we have, in terms of margin expansion, there's a lot of room to run. And as we start to see the traction that we just talked about, the leverage and opportunity for that margin expansion is absolutely there. We already have amazing margins at Vans. So yes, that's one of the advantages of a portfolio and diverse offering, right, is we have multiple levers to pull.

是的，喬納森。我的意思是，從方向上看，顯然，我們會為您提供有關下個季度、至少是明年的更多詳細資訊。但確實，相對的優勢在於我們擁有的其他 3 個有機品牌，從利潤率擴張的角度來看，還有很大的發展空間。當我們開始看到我們剛才談到的牽引力時，利潤率擴大的槓桿和機會絕對存在。Vans 的利潤已經非常可觀。是的，這是投資組合和多元化產品的優勢之一，對吧，我們有多個槓桿可以利用。

And again, to the earlier comment on Supreme, beautiful fundamentals, right, and a lot of optionality there. So this will be an important and big profit and top line driver for VF over time. What we don't know yet is exactly what are those investments and how do we balance and what flows through. We owe you that. We'll come back and give you more granularity. But the beauty is it's a pristine brand with wonderful fundamentals, and it will be a very important growth driver for this company over the next foreseeable future.

再次回顧之前對 Supreme 的評論，基本面很好，對吧，而且有很多可選性。因此，從長遠來看，這將成為 VF 的重要利潤和營收驅動力。我們目前尚不清楚這些投資到底是什麼、我們如何平衡以及資金流向如何。這是我們欠你的。我們會回來為您提供更多詳細資訊。但美妙之處在於它是一個擁有良好基本面的純淨品牌，並且在未來可預見的未來它將成為該公司非常重要的成長動力。

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

我們的問答環節已經結束。我想將發言權交還給史蒂夫，請他發表進一步的評論或結論。

Great. Well, thank you, everybody, for joining us. This has been quite a year for each and every one of us. I couldn't be more proud of our people. The work that everyone has put in to be able to navigate what has been a very challenging environment just makes me extremely proud.

偉大的。好吧，謝謝大家加入我們。對我們每個人來說，這都是不平凡的一年。我對我們的人民感到無比自豪。每個人都付出了努力，能夠在如此充滿挑戰的環境中生存，這讓我感到非常自豪。

We have great conviction about the transformation that we've been undergoing for the last 2 years and how it's positioning us to really optimize the connections we have with our consumers and build those seamless, frictionless consumer journeys to service them where they are at. The portfolio that we've -- we're continuing to evolve has positioned us to really, I think, capture an important part of the marketplace as we look at the TAM that we've positioned ourselves into.

我們對過去兩年經歷的轉型充滿信心，它使我們能夠真正優化與消費者之間的聯繫，並建立無縫、無摩擦的消費者旅程，為他們提供隨時隨地的服務。我認為，我們正在不斷發展的投資組合使我們真正能夠佔領市場的一個重要部分，因為我們定位了 TAM。

We remain cautious, but we are extremely optimistic. There are still some waves to navigate as we emerge from the pandemic, but we're so extremely well positioned. To Scott's point, we do see ourselves returning to our peak levels as we move through fiscal '22 and extremely positive about the opportunities ahead.

我們依然保持謹慎，但我們非常樂觀。在我們擺脫疫情的過程中，仍有一些困難需要克服，但我們已經做好了極為有利的準備。正如斯科特所說，隨著我們進入22財年，我們確實看到自己回到了巔峰水平，並且對未來的機會非常樂觀。

So thank you, and we look forward to talking to you in a few months, and closing out fiscal '21 and positioning ourselves to move into a much more positive and dynamic fiscal '22.

所以謝謝大家，我們期待在幾個月後與您交談，並結束 21 財年，為更積極和充滿活力的 22 財年做好準備。

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

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。