威富公司 (VFC) 2022 Q4 法說會逐字稿

Greetings, and welcome to the VF Corporation Fourth Quarter Fiscal 2022 Conference Call. (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎參加 VF Corporation 2022 財年第四季度電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to our host, Allegra Perry, Vice President, Investor Relations. Thank you. You may begin.

我現在將把會議轉交給我們的主持人，投資者關係副總裁 Allegra Perry。謝謝你。你可以開始了。

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

下午好，歡迎參加 VF Corporation 2022 財年第四季度電話會議。今天電話會議的參與者將做出前瞻性陳述。這些陳述基於當前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期提交給 SEC 的文件中有詳細說明。

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

除非另有說明，否則今天電話會議中提及的金額將以調整後的固定美元為基礎，這是我們在今天下午發布的新聞稿中定義的，我們在討論中將其用作領先數字，因為我們相信它們更準確地代表我們業務的真實運營績效和基本結果。

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.

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

Due to the significant impact of the COVID-19 pandemic on prior year figures, today's call will also contain certain comparisons to the same period in fiscal 2020 for additional context. These comparisons are all on a reported dollar basis.

由於 COVID-19 大流行對上一年數據的重大影響，今天的電話會議還將包含與 2020 財年同期的某些比較，以獲取更多背景信息。這些比較都是在報告的美元基礎上進行的。

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

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

Joining me on the call will be VF's Chairman, President and Chief Executive Officer, Steve Rendle; EVP and Chief Financial Officer, Matt Puckett; Global Brand President, Vans, Kevin Bailey; and Global Brand President, The North Face, Steve Murray.

與我一起參加電話會議的還有 VF 的董事長、總裁兼首席執行官 Steve Rendle；執行副總裁兼首席財務官 Matt Puckett； Vans 全球品牌總裁 Kevin Bailey； The North Face 全球品牌總裁 Steve Murray。

This quarter's earnings presentation has been designed as a visual aid to our prepared remarks. You have the option to follow along via the slide window in the webcast portal. The presentation is also available to download on our website. Following our prepared remarks, we'll open the call for questions.

本季度的收益報告旨在為我們準備好的評論提供視覺幫助。您可以選擇通過網絡廣播門戶中的幻燈片窗口跟隨。該演示文稿也可在我們的網站上下載。在我們準備好的評論之後，我們將打開提問的電話。

I'll now hand over to Steve.

我現在將交給史蒂夫。

Good afternoon, everyone, and thank you for joining our fourth quarter earnings call. We are happy to be here and to go through our fiscal '22 performance and our growth plans for fiscal '23. After I take you through the enterprise portfolio strategy update, I will hand off to 2 of our Global Brand Presidents: first, Steve Murray, from The North Face; followed by Kevin Bailey from Vans.

大家下午好，感謝您參加我們的第四季度財報電話會議。我們很高興來到這裡並完成我們的 22 財年業績和 23 財年的增長計劃。在我向您介紹企業組合戰略更新後，我將向我們的 2 位全球品牌總裁轉交：首先，來自 The North Face 的 Steve Murray；緊隨其後的是 Vans 的 Kevin Bailey。

We've extended the duration of the call today to give Steve and Kevin the opportunity to share some additional insights on the brand as well as lay out in more detail plans for the year ahead. This will be followed by the financial update from Matt before we move on to Q&A.

我們延長了今天的電話會議時間，讓史蒂夫和凱文有機會分享有關該品牌的一些額外見解，並製定更詳細的來年計劃。接下來是馬特的財務更新，然後我們繼續進行問答。

We delivered solid results in a challenging and highly dynamic environment by leveraging our extensive scale, relationships, talented people and world-class brands. Our results underscore our competitive advantage as an enterprise portfolio company and our strong execution. I'm incredibly proud of our teams and what they have been able to achieve.

通過利用我們廣泛的規模、關係、人才和世界級品牌，我們在充滿挑戰和高度動態的環境中取得了可觀的成果。我們的業績突顯了我們作為企業投資組合公司的競爭優勢和強大的執行力。我為我們的團隊以及他們所取得的成就感到無比自豪。

VF revenue of $11.8 billion increased 27%, which represents high single-digit organic growth relative to pre-pandemic levels. We achieved this growth despite continued headwinds from COVID impacting Asia Pacific and the emergence of new challenges, including geopolitical tensions and acceleration in inflation and lower consumer sentiment globally.

VF 收入為 118 億美元，增長了 27%，相對於大流行前的水平，這代表了高個位數的有機增長。儘管新冠疫情影響亞太地區以及新挑戰的出現，包括地緣政治緊張局勢和通脹加速以及全球消費者信心下降，我們仍實現了這一增長。

We generated record sales for 5 of our brands, representing over 70% of our revenue and highlighted by incredible growth at The North Face. The group's diversified and broad-based performance reflects the strength of our brands and the outstanding efforts of our teams across all core areas of the organization.

我們為我們的 5 個品牌創造了創紀錄的銷售額，占我們收入的 70% 以上，並以 The North Face 令人難以置信的增長為亮點。集團多元化和廣泛的業績反映了我們品牌的實力以及我們團隊在組織所有核心領域的傑出努力。

The North Face revenue grew 32% for the year, surpassing the key $3 billion milestone for the first time with broad-based double-digit growth across all regions in the year and fourth quarter. Business in EMEA passed the $1 billion mark for the first time. Globally, we continue to see strong growth across channels and categories with momentum in both on-mountain and off-mountain product.

The North Face 全年收入增長 32%，首次超過關鍵的 30 億美元里程碑，今年和第四季度所有地區均實現了廣泛的兩位數增長。歐洲、中東和非洲地區的業務首次突破 10 億美元大關。在全球範圍內，我們繼續看到跨渠道和類別的強勁增長，在山地和非山地產品方面都有增長勢頭。

Consumer engagement remains a key focus with The North Face loyalty program growing to over 13 million members globally and representing nearly half of our D2C revenue. We have a great pipeline of exciting new products and a strong order book with healthy inventory levels in our channels, which positions us well for continued strong growth ahead. You'll hear more details about The North Face performance and its plans from Steve.

消費者參與仍然是一個重點，The North Face 忠誠度計劃在全球範圍內增長到超過 1300 萬會員，占我們 D2C 收入的近一半。我們擁有一系列令人興奮的新產品和強大的訂單，我們的渠道庫存水平健康，這使我們能夠為未來的持續強勁增長做好準備。您將從史蒂夫那裡聽到有關 The North Face 表演及其計劃的更多詳細信息。

Timberland grew revenue by 20% in fiscal '22, representing growth above pre-pandemic levels. Growth during the year was driven by strong sell-out trends, particularly in the U.S. and EMEA, which contributed to a strong significant increase in profitability. The brand is achieving more balanced growth with apparel being the strongest category in Q4 and up to 20% of quarterly sales. In footwear, men's and women's icons performed well, and outdoor and hike product further accelerated. We saw continued strong sell-through on our GreenStride platform, reinforcing our commitment to eco-innovation as well as PRO, driven by the reaction in Radius athletic footwear families.

Timberland 在 22 財年的收入增長了 20%，高於大流行前的水平。這一年的增長是由強勁的售罄趨勢推動的，特別是在美國和歐洲、中東和非洲地區，這導致盈利能力顯著增加。該品牌實現了更加平衡的增長，服裝是第四季度最強勁的類別，佔季度銷售額的 20%。鞋類方面，男女款表現不俗，戶外和徒步產品進一步提速。在 Radius 運動鞋系列的反應推動下，我們看到 GreenStride 平台持續強勁的銷售，加強了我們對生態創新和 PRO 的承諾。

We launched a number of innovation initiatives for the brand, including Timberloop, an end-to-end circular design recommerce platform. We are pleased with the momentum at Timberland and are excited about the brand's plans and outlook for the coming year as it heads into its 50th anniversary in 2023.

我們為該品牌推出了多項創新舉措，包括端到端循環設計再商平台 Timberloop。我們對 Timberland 的發展勢頭感到高興，並對該品牌在 2023 年迎來其 50 週年紀念日之際的來年計劃和展望感到興奮。

We grew Dickies revenue by 19% to $838 million for the year while also driving strong profit growth and margin expansion. Our work business has been seeing strong double-digit growth in men's and women's, driven by our iconic 874 work pant and work shirt. And Work-Inspired has seen growth across bottoms, outerwear and tops.

我們今年的 Dickies 收入增長了 19%，達到 8.38 億美元，同時也推動了強勁的利潤增長和利潤率擴張。在我們標誌性的 874 工作褲和工作襯衫的推動下，我們的工作業務在男裝和女裝方面實現了兩位數的強勁增長。 Work-Inspired 在下裝、外套和上衣方面都有所增長。

During the year, we launched the Made in Dickies campaign to celebrate the brand's 100-year anniversary, which generated a strong uptick in web sales. The rise of our 3 outdoor emerging brands, which play in segments that have enjoyed strong consumer tailwinds, has been a key driver of profitable growth. This further underscores the success of our portfolio strategy, including our international platforms and supply chain to add value through balance and diversification.

在這一年中，我們推出了 Made in Dickies 活動以慶祝品牌成立 100 週年，該活動推動了網絡銷售的強勁增長。我們的 3 個戶外新興品牌的崛起一直是盈利增長的關鍵驅動力，這些品牌在消費強勁的細分市場中發揮作用。這進一步強調了我們的投資組合戰略的成功，包括我們的國際平台和供應鏈，通過平衡和多元化來增加價值。

Altra accelerated strongly in fiscal '22 across channels and geographies, growing by 57% versus fiscal '21, up 84% versus fiscal '20, primarily driven by elevated products, marketing and marketplace management coming together in fiscal '22 for the first time under the new leadership team. We are confident the brand will continue to increase share in the specialty running segment and is well positioned for continued strong growth in fiscal '23.

奧創在 22 財年跨渠道和地域的強勁增長，與 21 財年相比增長 57%，與 20 財年相比增長 84%，這主要是由 22 財年首次結合的高級產品、營銷和市場管理推動新的領導團隊。我們相信該品牌將繼續增加在專業跑步領域的份額，並為 23 財年的持續強勁增長做好準備。

Smartwool also continued to gain momentum in fiscal '22 with revenue up 40%, representing strong double-digit growth across both the Americas and EMEA. This was driven by an expanding apparel business, which has been up nearly 60% and now represents approximately 50% of global sales. The brand is well positioned to continue to accelerate in its key markets, leading with apparel.

Smartwool 在 22 財年也繼續保持增長勢頭，收入增長 40%，代表美洲和歐洲、中東和非洲地區兩位數的強勁增長。這是由不斷擴大的服裝業務推動的，該業務增長了近 60%，現在約佔全球銷售額的 50%。該品牌處於有利地位，可以繼續在其主要市場加速發展，在服裝方面處於領先地位。

Icebreaker generated near-record revenue in fiscal '22 and transitioned its headquarters to our Stabio office, setting the brand up to leverage our significant enterprise capabilities housed there. The brand's move to natural message and consistent product offering is resonating with a growing consumer base. The brand is set to accelerate momentum in fiscal '23.

Icebreaker 在 22 財年創造了近乎創紀錄的收入，並將其總部轉移到我們的 Stabio 辦公室，從而建立品牌以利用我們在那裡的重要企業能力。該品牌轉向自然信息和一致的產品供應正在與不斷增長的消費者群產生共鳴。該品牌將在 '23 財年加速發展勢頭。

Now on to Vans, which despite growing by 19% over the full year did not deliver on our initial expectations. During the year, the brand achieved double-digit growth in EMEA, 30% growth in Progression footwear styles and further growth of Vans Family, which passed 22 million global members. These wins, however, have not been enough to offset the 3 key headwinds: COVID lockdowns in China; lower brand heat; and lower performance in Classics, which has sequentially improved but remains negative as a category.

現在看看 Vans，儘管全年增長了 19%，但並沒有達到我們最初的預期。年內，該品牌在歐洲、中東和非洲地區實現了兩位數的增長，Progression 鞋款款式增長 30%，全球會員人數超過 2200 萬的 Vans Family 進一步增長。然而，這些勝利還不足以抵消 3 個主要不利因素：中國的 COVID 封鎖；降低品牌熱度；經典作品的表現有所下降，雖然該類別有所改善，但作為一個類別仍然是負面的。

While we are confident in the health of the Vans brand, we are not satisfied with current performance. As you know, Kevin Bailey has recently returned as Brand President. And later in the call, he will take you through the actions they are putting in place to improve performance and their plans to refresh and refocus the Vans strategy.

雖然我們對 Vans 品牌的健康充滿信心，但我們對目前的表現並不滿意。如您所知，Kevin Bailey 最近重新擔任品牌總裁。稍後在電話會議中，他將帶您了解他們為提高性能而採取的行動，以及他們更新和重新調整 Vans 戰略的計劃。

Finally, on Supreme. The brand's performance was softer than planned, reflecting a significant impact from supply chain disruption. That said, the brand's full price brick-and-mortar business rose by 35%, partly reflecting the contribution of 2 new stores in Europe. Looking ahead, we're excited about the brand's outlook in fiscal '23, fueled by the initial contribution of the new Creative Director, Tremaine Emory's vision; relocations and updates to key stores in the U.S. and in Japan; and new distribution planned in strategic Asian cities.

最後，關於Supreme。該品牌的表現低於計劃，反映出供應鏈中斷的重大影響。儘管如此，該品牌的全價實體店業務增長了 35%，部分反映了歐洲 2 家新店的貢獻。展望未來，我們對品牌在 23 財年的前景感到興奮，這得益於新任創意總監 Tremaine Emory 的願景的初步貢獻；美國和日本主要商店的搬遷和更新；併計劃在亞洲戰略城市進行新的分銷。

Before turning to an update on key progress on enterprise strategy, I'd like to take the opportunity to commend our organization on the consistent execution we delivered throughout the year. Our family of brands has strengthened, and as a result, we are well positioned to continue to generate strong, broad-based and sustainable growth.

在談到企業戰略關鍵進展的最新情況之前，我想藉此機會讚揚我們的組織在全年提供的一致執行力。我們的品牌家族得到了加強，因此，我們有能力繼續實現強勁、基礎廣泛和可持續的增長。

Our enterprise strategy enabled us to generate another year of strong earnings and margin growth, executing against our long-range plan's target. In addition to growing revenue by 27%, we again drove strong execution throughout the P&L. We expanded gross margins by 150 basis points to 54.8% and operating margins by over 500 basis points to 13.1%, comparable to pre-pandemic levels, and grew EPS by 143%. We returned a total of $244 million to shareholders during the quarter, including dividends of $194 million for a total of over $1.1 billion return to shareholders during the fiscal year.

我們的企業戰略使我們能夠實現又一年強勁的收益和利潤率增長，執行我們的長期計劃目標。除了將收入增長 27% 之外，我們再次推動了整個損益表的強勁執行。我們將毛利率擴大了 150 個基點至 54.8%，將營業利潤率擴大了 500 個基點至 13.1%，與大流行前的水平相當，每股收益增長了 143%。我們在本季度向股東返還了 2.44 億美元，其中包括 1.94 億美元的股息，在本財年向股東返還了超過 11 億美元。

I'm incredibly proud of our teams and what we've achieved during what was a year of disruption. Thanks to our consistent execution, we have strengthened our brands and we are well positioned to continue to deliver strong, broad-based and profitable growth.

我為我們的團隊以及我們在混亂的一年中所取得的成就感到無比自豪。由於我們始終如一的執行，我們加強了我們的品牌，我們有能力繼續實現強勁、基礎廣泛和盈利的增長。

A key area of investment in portfolio infrastructure is our digital ecosystem, which influences everything we do from how we create and develop a product to making sure we get the right product in the right place at the right time, to providing a seamless and elevated experience for our consumers across all regions and channels.

投資組合基礎設施的一個關鍵領域是我們的數字生態系統，它影響著我們所做的一切，從我們如何創建和開發產品到確保我們在正確的時間在正確的地方獲得正確的產品，再到提供無縫和提升的體驗面向所有地區和渠道的消費者。

Consumer data and analytics. We have made significant progress leveraging data and analytics to better understand our consumers and what they want. Through standardized engagement, social sentiment, brand health and consumer base and value metrics, we were able to capture changes in consumers' behavior quickly, enabling us to rapidly adjust as needed to meet their needs.

消費者數據和分析。我們在利用數據和分析來更好地了解我們的消費者和他們想要什麼方面取得了重大進展。通過標準化的參與度、社會情緒、品牌健康以及消費者基礎和價值指標，我們能夠快速捕捉消費者行為的變化，使我們能夠根據需要快速調整以滿足他們的需求。

The North Face's fast-growing loyalty program, XPLR Pass, is a good example of how we're using enhanced data capabilities to drive stronger engagement. Members have a 60% greater purchase frequency relative to non-loyalty members and spend more across every region.

The North Face 快速增長的忠誠度計劃 XPLR Pass 是我們如何使用增強的數據功能來提高參與度的一個很好的例子。與非忠誠會員相比，會員的購買頻率高出 60%，並且在每個地區的消費都更多。

Digital go-to-market. We are transforming how we go to market, increasing the level of digitization across product creation, merchandising and supply, further elevating the output while becoming quicker and more agile with shorter lead times and greater efficiencies. Our enhanced use of 3D design across product creation has led to a significant increase in new apparel and footwear styles developed with these technologies. And in fact, nearly 40% of Vans global footwear line is now designed and developed on an automated 3D configurator. These are clear examples of actions that will result in both speed and cost benefits.

數字化上市。我們正在改變進入市場的方式，提高產品創造、銷售和供應的數字化水平，進一步提高產出，同時以更短的交貨時間和更高的效率變得更快、更敏捷。我們在產品創作中加強了 3D 設計的使用，導致使用這些技術開發的新服裝和鞋類款式顯著增加。事實上，近 40% 的 Vans 全球鞋類產品線現在是在自動 3D 配置器上設計和開發的。這些都是將帶來速度和成本效益的行動的明確示例。

Consumer experience. We continue to invest in enhancing the consumer omnichannel experience by adding intelligence to the way we collect, connect, manage and govern cross-channel consumer profiles that provide dynamic segmentation capabilities that serve all direct-to-consumer channels and marketing solutions at the brands. This has enabled us to provide a true seamless omnichannel experience, allowing brands to build stronger connections and personalize the way we communicate with our consumers, which in turn increases satisfaction, engagement and conversion.

消費者體驗。我們繼續投資於增強消費者全渠道體驗，為我們收集、連接、管理和管理跨渠道消費者檔案的方式增加智能，提供動態細分功能，為品牌的所有直接面向消費者的渠道和營銷解決方案提供服務。這使我們能夠提供真正無縫的全渠道體驗，使品牌能夠建立更牢固的聯繫並個性化我們與消費者溝通的方式，從而提高滿意度、參與度和轉化率。

Our click-to-deliver rate in the U.S. has improved further to just over 2 business days. Investing in our transformation will continue to be a key strategic priority as we look to the future.

我們在美國的點擊交付率進一步提高到 2 個工作日多一點。展望未來，投資轉型將繼續成為關鍵的戰略重點。

Our world-class supply chain enables our portfolio to thrive. This critical competitive advantage has never been more apparent than over the last 2-plus years. Matt will take you through the details. But in the meantime, I'd just like to pay tribute to our teams who have successfully leveraged our leading platform to overcome significant obstacles and challenges to continue to drive the business forward while ensuring we are well positioned for future success.

我們世界一流的供應鏈使我們的產品組合蓬勃發展。這種關鍵的競爭優勢在過去兩年多的時間裡從未如此明顯。馬特將帶您了解詳細信息。但與此同時，我想向我們的團隊致敬，他們成功地利用我們領先的平台克服了重大障礙和挑戰，繼續推動業務向前發展，同時確保我們為未來的成功做好準備。

We are leveraging our insights and capabilities to further develop and grow our international business, which accounts for nearly 50% of our revenue. We continue to sharpen, expand and implement our local-for-local strategy, which enables our teams to apply relevant knowledge and relationships to drive decisions from product design to marketing, to merchandising, to distribution.

我們正在利用我們的洞察力和能力進一步發展和發展我們的國際業務，該業務占我們收入的近 50%。我們繼續加強、擴展和實施我們的本地化戰略，這使我們的團隊能夠應用相關知識和關係來推動從產品設計到營銷、推銷和分銷的決策。

EMEA has continued to be a bright spot for VF with revenue up 30% in fiscal '22 and a significant increase in profitability. Through strong execution, we further elevated our brand's positioning with higher-quality sales, strengthened partnerships and leading go-to-market capabilities supporting a foundation for sustainable and profitable future growth.

EMEA 一直是 VF 的亮點，22 財年收入增長 30%，盈利能力顯著提高。通過強有力的執行，我們通過更高質量的銷售、加強的合作夥伴關係和領先的上市能力進一步提升了我們的品牌定位，為可持續和盈利的未來增長奠定了基礎。

We continue to make progress in digital, where the digital D2C and digital wholesale partner business combined account for nearly 1/3 of regional revenue. We are well positioned to continue to build on yet another very successful year in this region.

我們在數字方面繼續取得進展，其中數字 D2C 和數字批發合作夥伴業務合計占區域收入的近 1/3。我們已做好準備，繼續在該地區又一個非常成功的年份再接再厲。

In Asia Pacific, it's been a challenging year, but we're taking action to manage through the current climate while ensuring we are poised to accelerate when the market conditions improve. As part of our local-for-local approach, we have invested in talent, growing our teams in Shanghai during the year with a focus on strengthening product design and development as well as marketing capabilities. Our teams are focused on increasing local product creation and evolving channel and product segmentation, embracing new emerging channels, elevating store formats and driving further omnichannel integration.

在亞太地區，這是充滿挑戰的一年，但我們正在採取行動應對當前的氣候，同時確保我們準備好在市場狀況改善時加快步伐。作為本地對本地方法的一部分，我們在人才方面進行了投資，年內我們在上海的團隊不斷壯大，重點是加強產品設計和開發以及營銷能力。我們的團隊專注於增加本地產品創造和發展渠道和產品細分，擁抱新興渠道，提升商店格式並推動進一步的全渠道整合。

Longer term, we continued to see significant distribution and brand awareness opportunity in Greater China across all of our brands as well as other markets in the region with a rapidly growing consumer base and outsized interest in our core strategies.

從長遠來看，我們繼續在大中華區的所有品牌以及該地區其他市場看到重要的分銷和品牌知名度機會，這些市場擁有快速增長的消費者基礎和對我們核心戰略的極大興趣。

In conclusion, against the challenging backdrop, we made continued progress against our strategic priorities and delivered on our commitments, including achieving robust earnings growth. Our total addressable markets are big and healthy, and our portfolio of brands is strong, balanced and gaining in momentum. We are continuing to invest to drive the business forward and are well positioned for another year of profitable growth in fiscal '23.

總之，在充滿挑戰的背景下，我們在戰略重點方面取得了持續進展，並兌現了我們的承諾，包括實現強勁的盈利增長。我們的總目標市場龐大而健康，我們的品牌組合強大、平衡且勢頭強勁。我們將繼續投資以推動業務發展，並為在 23 財年實現又一年的盈利增長做好準備。

Before I hand it over to Steve, I'd like to thank him for the past 2 years of intense work at The North Face to clarify brand positioning, strengthen the team, enhance integrated marketplace discipline and elevate product merchandising and product creation capabilities. The brand's incoming President, Nicole Otto, will be joining us next month, has the right skills to build upon the foundation that Steve has established.

在我把它交給史蒂夫之前，我要感謝他過去 2 年在 The North Face 的緊張工作，以明確品牌定位、加強團隊、加強整合市場紀律並提升產品營銷和產品創造能力。該品牌即將上任的總裁 Nicole Otto 將於下個月加入我們，她擁有在史蒂夫建立的基礎上發展的正確技能。

Today, I've asked Steve to talk us through the transformation he's led at The North Face and explain how he leaves the brand in a great position for sustainable growth as he hands over the reins to Nicole. To be followed by Kevin Bailey, who was brought back in to lead Vans about 2 months ago to restore the brand's performance and unlock its future growth potential.

今天，我請史蒂夫向我們介紹了他在 The North Face 領導的轉型，並解釋了他如何在將韁繩移交給 Nicole 時讓品牌處於可持續發展的有利位置。緊隨其後的是 Kevin Bailey，他在大約 2 個月前被帶回領導 Vans，以恢復品牌的業績並釋放其未來的增長潛力。

Steve, over to you.

史蒂夫，交給你了。

Thank you, Steve. I'm pleased that The North Face had a great Q4 and that the strong and broad-based momentum we saw last quarter and all through the previous 9 months continued. As a reminder, Q3 of this fiscal year was the biggest quarter in the brand's history, where our quarterly revenue surpassed $1 billion for the first time.

謝謝你，史蒂夫。我很高興 The North Face 第四季度表現出色，我們在上個季度和過去 9 個月看到的強勁而廣泛的勢頭仍在繼續。提醒一下，本財年第三季度是該品牌歷史上最大的季度，我們的季度收入首次超過 10 億美元。

And on the back of this, The North Face has now delivered the biggest Q4 in the brand's history, with global revenues of nearly $770 million, which is 26% above last year and 59% above the same quarter 2 years ago.

而在此背景下，The North Face 現在已經交付了該品牌歷史上最大的第四季度，全球收入接近 7.7 億美元，比去年同期增長 26%，比兩年前同一季度增長 59%。

What was particularly gratifying is that all geographic regions made meaningful contributions with the Americas particularly strong at 35% above last year, APAC at 22% and EMEA at 18%. Likewise, from a product perspective, the growth was broad-based with our on-mountain and off-mountain categories both performing very strongly.

特別令人欣慰的是，所有地理區域都做出了有意義的貢獻，其中美洲特別強勁，比去年高出 35%，亞太地區為 22%，歐洲、中東和非洲地區為 18%。同樣，從產品的角度來看，增長是廣泛的，我們的山地和山地類別都表現得非常強勁。

Taking our activity-based performance categories first. Outerwear and snow sports made up 48% of sales in the quarter and grew by 38% year-on-year, driven by both emerging and heritage franchises, such as the Nuptse, ThermoBall Eco, our Freedom snow collection and the Antora Rain Jacket.

首先考慮我們基於活動的績效類別。在 Nuptse、ThermoBall Eco、我們的 Freedom 雪地系列和 Antora Rain Jacket 等新興和傳統特許經營權的推動下，外套和雪地運動佔本季度銷售額的 48%，同比增長 38%。

The North Face KAWS collaboration, which we launched in China in mid-January and in our other regions 2 weeks later, was also a huge success, driving significant brand heat with a near 100% sell-through in both our e-commerce and wholesale channels within a matter of days.

我們於 1 月中旬在中國和 2 週後在我們的其他地區推出的 North Face KAWS 合作也取得了巨大的成功，在我們的電子商務和批發中以接近 100% 的銷售率推動了品牌熱度幾天之內的渠道。

Our footwear business also grew significantly at nearly 19%, driven by a combination of VECTIV, insulated boots and more traditional hiking shoes. While our equipment business grew mid-single digit despite some fairly serious COVID-related supply chain disruption in tents and sleeping bags.

在 VECTIV、絕緣靴和更傳統的登山鞋組合的推動下，我們的鞋類業務也顯著增長了近 19%。儘管帳篷和睡袋出現了與 COVID 相關的嚴重供應鏈中斷，但我們的設備業務增長了中個位數。

In our off-mountain outdoor-inspired categories, logowear's momentum continued at low double-digit growth with short-sleeved and lightweight buy now, wear now styles in particular driving solid sell-throughs. Sales in all distribution channels grew in the quarter with brick-and-mortar stores growing the strongest at 51% versus prior year as consumers returned, at least to some extent, to a more normalized post-pandemic shopping behaviors.

在我們的非山地戶外風格類別中，標誌服裝的勢頭繼續保持兩位數的低增長，其中短袖和輕量“立即購買”、“立即穿著”款式尤其推動了穩固的銷售。本季度所有分銷渠道的銷售額均有所增長，其中實體店的銷售額同比增長 51%，增幅最為強勁，因為消費者至少在一定程度上恢復了大流行後更正常的購物行為。

Before I leave Q4, I should just mention that our current brand campaign, Discover Your Trail, has proven to be one of the most impactful campaigns that we've run in recent years and that during the quarter, we signed up an additional 1 million members of our award-winning loyalty program, XPLR Pass, whose membership now stands at more than 13 million global explorers.

在我離開第四季度之前，我應該提一下，我們當前的品牌活動 Discover Your Trail 已被證明是我們近年來開展的最有影響力的活動之一，並且在本季度，我們又簽署了 100 萬我們屢獲殊榮的忠誠度計劃 XPLR Pass 的會員，目前其會員人數已超過 1300 萬全球探索者。

If we now look at the full year, The North Face grew 32% over our fiscal '21, surpassed $3 billion in annual revenues for the first time in the brand's history and is now 21% ahead of full year pre-pandemic annual revenues. It is worth mentioning that gross margin at The North Face has increased above pre-pandemic levels, while segment profit has also increased significantly.

如果我們現在看全年，The North Face 比我們 21 財年增長了 32%，年收入在該品牌歷史上首次超過 30 億美元，現在比大流行前的全年年收入高出 21%。值得一提的是，The North Face 的毛利率已高於疫情前的水平，而分部利潤也有顯著增長。

In terms of business shape, our strategic objectives are disproportionately increasing our international and digital businesses have been achieved with our combined APAC and EMEA regions now accounting for 48% of total worldwide revenues, up from 39% 2 years ago; and our direct-to-consumer e-commerce business now representing 18% of total sales, up from 12% 2 years ago.

在業務形態方面，我們的戰略目標正在成比例地增加我們的國際和數字業務，我們的亞太地區和歐洲、中東和非洲地區的總收入現在佔全球總收入的 48%，高於 2 年前的 39%；我們的直接面向消費者的電子商務業務現在佔總銷售額的 18%，高於 2 年前的 12%。

The third lens we look at our business shape through is product. And here, we've made great progress in both reinforcing our performance credentials through activity-based, on-mountain innovations in snow sports, alpinism, hike, camp and trail, while simultaneously expanding our outdoor-inspired off-mountain categories, such as logowear, sportswear and accessories to appeal to a broader base, less performance-oriented consumer. We do feel that this is an and, not an or, and we're very satisfied right now with the balance between our main product categories and between our on-mountain and off-mountain consumer.

我們看待業務形態的第三個鏡頭是產品。在這裡，我們在通過雪上運動、登山、遠足、露營和越野等基於活動的山地創新來加強我們的績效認證方面取得了長足的進步，同時擴展了我們以戶外為靈感的非山地類別，例如標誌服裝、運動服裝和配飾，以吸引更廣泛的、不太注重性能的消費者。我們確實認為這是一個和，而不是一個或，我們現在對我們的主要產品類別之間以及我們的山地和非山地消費者之間的平衡非常滿意。

Looking at the drivers of The North Face's success over the past few years, we'd point to 3 main strategic pillars: first, an elevated product focus with an emphasis on launching several proprietary technologies, such as FUTURELIGHT, Advanced Mountain Kit and VECTIV, which underpin our leadership position in the outdoors. Second, our integrated marketplace strategy, which has enabled us to develop specific product and marketing programs for specific consumer groups and distribution channels. And third, an enhanced consumer engagement initiative based on knowing our consumer better and targeting specific points of brand engagement to ensure we're showing up in the way our most loyal brand followers expect and want us to.

回顧過去幾年 The North Face 成功的驅動因素，我們將指出 3 個主要戰略支柱：首先，提升產品重點，重點推出多項專有技術，如 FUTURELIGHT、Advanced Mountain Kit 和 VECTIV，這鞏固了我們在戶外的領導地位。其次，我們的綜合市場戰略使我們能夠為特定的消費者群體和分銷渠道開發特定的產品和營銷計劃。第三，增強的消費者參與計劃基於更好地了解我們的消費者並針對品牌參與的特定點，以確保我們以最忠實的品牌追隨者期望和希望我們的方式出現。

We've invested significantly in technology over the past 2 years, and we're excited that this, together with several VF-level platforms aimed at accelerating our ability to utilize consumer data and enhance our omnichannel capabilities, will begin to pay significant dividends as we progress through the year.

在過去的 2 年裡，我們在技術上進行了大量投資，我們很高興這與旨在加速我們利用消費者數據和增強全渠道能力的幾個 VF 級平台一起，將開始支付顯著的紅利，因為我們在這一年中取得進展。

At the brand level, our objectives for the next 12 months are pretty simple. We'll continue to lead in snow and trail by relaunching our iconic Summit series as well as reinforcing our snow credentials by launching a new Freeride collection aimed at the younger more eclectic snowboarding enthusiasts, a Ski Touring collection to capitalize on the on-piste/off-piste trend currently driving the market in Europe and by expanding our Circularity product, specifically in the fleece category.

在品牌層面，我們未來 12 個月的目標非常簡單。我們將通過重新推出標誌性的 Summit 系列來繼續引領雪地和越野賽，並通過推出針對更年輕、更不拘一格的單板滑雪愛好者的新 Freeride 系列來加強我們的雪地資質，這是一個利用滑雪道/滑雪旅遊的滑雪旅遊系列。目前，通過擴大我們的 Circularity 產品，特別是在羊毛類別中，非滑雪趨勢推動了歐洲市場的發展。

We'll also celebrate 30 years of Nuptse while continuing to build on our Base Camp duffel franchise, which has been the go-to choice for elite-level athletes on outdoor expeditions for over 3 decades now. We'll continue to invest in our 365-day product strategy, essentially an initiative to extend our product assortment beyond snow sports and cold weather product to provide apparel, footwear and equipment our consumer uses all year long, including through the hot summer months.

我們還將慶祝 Nuptse 成立 30 週年，同時繼續鞏固我們的 Base Camp 粗呢系列，這已成為 3 多年來精英級運動員戶外探險的首選。我們將繼續投資於我們的 365 天產品戰略，本質上是一項將我們的產品種類擴展到雪上運動和寒冷天氣產品之外的舉措，以提供我們的消費者全年使用的服裝、鞋類和設備，包括在炎熱的夏季月份。

This will be done by capitalizing on the current fusion of outdoor athletic and athleisure trends with an emphasis on designing incredibly versatile product for several different wearing occasions and by driving energy in water and sun product through our growing hike and camp franchisees.

這將通過利用當前戶外運動和運動休閒趨勢的融合來實現，重點是為多種不同的穿著場合設計令人難以置信的多功能產品，並通過我們不斷增長的徒步旅行和露營特許經營商推動水和防曬產品的能量。

Lastly, we'll do this by opening up our brand aperture. We have several initiatives underway aimed at helping to introduce new participants to the outdoors regardless of where they live and where they play and by making the outdoors more accessible to all.

最後，我們將通過打開我們的品牌光圈來做到這一點。我們正在進行多項舉措，旨在幫助將新參與者引入戶外活動，無論他們住在哪裡，在哪裡玩耍，並使所有人更容易進入戶外活動。

As a market leader in this sector, we feel we have a duty at The North Face to help bring all the positives of enjoying an outdoors lifestyle to everyone, whether they live in close proximity to a mountain or not. Long-term commitments such as The North Face Explore Fund, our Athlete Development Program, which is aimed at democratizing the funding of outdoor careers and expeditions, and our annual Walls Are Meant For Climbing day community activations are all examples of making the outdoors more inclusive and helping more people enjoy the lifestyle that we represent and love.

作為該領域的市場領導者，我們認為 The North Face 有責任為每個人帶來享受戶外生活方式的所有積極因素，無論他們是否住在山附近。長期承諾，例如 The North Face Explore Fund、我們的運動員發展計劃，旨在使戶外職業和探險的資金民主化，以及我們的年度 Walls are Meant For Climbing day 社區活動都是使戶外活動更具包容性的例子並幫助更多人享受我們所代表和喜愛的生活方式。

In summary, we have had an incredible journey of transformation over the last couple of years at North Face, which has led the brand to be stronger than ever, and we are well positioned to continue to deliver high-quality, strong momentum going forward.

總而言之，在過去的幾年裡，我們在 North Face 經歷了一段令人難以置信的轉型之旅，這使該品牌比以往任何時候都更強大，我們有能力繼續提供高質量、強勁的前進動力。

With that, I'll hand it over to my good friend and colleague, Kevin Bailey, to talk about Vans.

有了這個，我將把它交給我的好朋友和同事，Kevin Bailey，來談談 Vans。

Thanks, Steve. It's good to be back in my old chair at Vans, a brand I first joined in 2002 as the Head of Retail and from 2009 to 2016 served as Brand President, architecting the growth from $800 million to $2.3 billion. I know this brand, understand the consumer and competition and have a clear point of view on our challenges and of the opportunities that lie ahead for us.

謝謝，史蒂夫。很高興回到 Vans 的舊椅子上，我於 2002 年首次加入該品牌，擔任零售主管，並於 2009 年至 2016 年擔任品牌總裁，將增長從 8 億美元增加到 23 億美元。我了解這個品牌，了解消費者和競爭，並對我們面臨的挑戰和機遇有清晰的認識。

To start, our Vans leadership is not happy with our recent performance. The team does not like to underperform. And I have total confidence in the brand's long-term growth potential as evidenced by fiscal '22 being a record-setting year in terms of top line revenue. Specifically, our largest market, North America, delivered sequential quarterly growth, while gross margin, excluding expedited freight, exceeded pre-pandemic rate in the region. Europe delivered double-digit growth. Progression footwear grew by over 30% year-on-year and nearly 40% growth in apparel.

首先，我們的 Vans 領導層對我們最近的表現並不滿意。球隊不喜歡表現不佳。我對該品牌的長期增長潛力充滿信心，22 財年的收入創下歷史新高就證明了這一點。具體而言，我們最大的市場北美實現了環比季度增長，而毛利率（不包括加急貨運）超過了該地區大流行前的水平。歐洲實現了兩位數的增長。 Progression 鞋類同比增長超過 30%，服裝增長近 40%。

I've been back for nearly 2 months now and have been impressed by the team, their commitment, their passion and especially their competitive spirit.

我已經回來將近兩個月了，團隊、他們的承諾、他們的熱情，尤其是他們的競爭精神給我留下了深刻的印象。

We've dug in quickly together and are in the process of refreshing and refocusing Vans strategy. While incorporating our learnings from the last year into our plans, I have validated 3 primary areas impacting the business: core classic performance, brand heat and the situation in China. I'd like to unpack these and then share what we are doing.

我們很快就一起挖掘，並正在刷新和重新調整 Vans 戰略。在將去年的經驗整合到我們的計劃中時，我驗證了影響業務的 3 個主要領域：核心經典表現、品牌熱度和中國形勢。我想打開這些包裝，然後分享我們正在做的事情。

First, core Classics. We distorted our focus to our Progression footwear and apparel, which led to strong double-digit growth in those areas in fiscal '22. But we underestimated the level of balance needed to maintain appropriate growth in our Classics business, which represents approximately 2/3 of our global footwear business. We have an opportunity with our 5 classic icons to optimize the consumer trends and plan to use style adaptations to extend the trends.

一是核心經典。我們將重點轉向我們的 Progression 鞋類和服裝，這導致在 22 財年這些領域實現了兩位數的強勁增長。但我們低估了保持經典業務適當增長所需的平衡水平，該業務約占我們全球鞋類業務的 2/3。我們有機會使用我們的 5 個經典圖標來優化消費趨勢，併計劃使用風格調整來擴展趨勢。

Next, Vans has enjoyed outsized brand heat in its history but we have not emerged from the pandemic with as much velocity as expected and have lost some momentum. Several factors have contributed to this. Our top-tier limited distribution footwear, which you may know as Vans Vault, has previously met the needs of influential footwear trend accounts in the past. As Vans has grown, our approach to this aspirational product and channel needed to evolve more quickly.

接下來，Vans 在其歷史上享有超大的品牌熱度，但我們並沒有像預期的那樣迅速擺脫大流行，並且失去了一些動力。有幾個因素促成了這一點。我們的頂級限量分銷鞋履，您可能知道 Vans Vault，過去曾滿足有影響力的鞋履趨勢客戶的需求。隨著 Vans 的成長，我們對這一理想產品和渠道的方法需要更快地發展。

We are also competing in what has become a more crowded collaboration space. We have an opportunity to better segment our top-tier product from other products in our line, to drive more energy with influencer consumers and provide geographic relevance across our 3 regions, a critical component to build brand heat locally.

我們也在競爭更加擁擠的協作空間。我們有機會更好地將我們的頂級產品與我們產品線中的其他產品區分開來，為有影響力的消費者帶來更多能量，並在我們的三個地區提供地理相關性，這是在當地建立品牌熱度的關鍵組成部分。

Finally, China and the ongoing challenges of COVID has slowed a major opportunity for the brand. By the end of Q4, we are experiencing the impact of local regulations, travel restrictions and consumer anxiety, resulting in declining online and off-line traffic, affecting most brands we monitor as well as outsized declines in the product categories we compete in. But we are taking immediate and ongoing actions to mitigate our challenges and to refresh our growth opportunities.

最後，中國和 COVID 的持續挑戰減緩了該品牌的重大機遇。到第四季度末，我們正在經歷當地法規、旅行限制和消費者焦慮的影響，導致線上和線下流量下降，影響到我們監控的大多數品牌，以及我們競爭的產品類別的大幅下滑。但是我們正在採取即時和持續的行動來減輕我們的挑戰並更新我們的增長機會。

In late April, we launched our brand-building marketing investment based on Classics, and we are building our storytelling in phases through the important back-to-school selling period. Classic Since Forever is a multi-phased approach to both broaden our reach and attract new consumers through expanded media choices as well as renew the purchase frequency of our known consumer base.

4 月下旬，我們啟動了基於 Classics 的品牌建設營銷投資，我們正在通過重要的返校銷售期分階段構建我們的故事講述。 Classic since Forever 是一種多階段的方法，既可以擴大我們的影響範圍，又可以通過擴大媒體選擇吸引新消費者，並更新我們已知消費者群的購買頻率。

Additionally, in partnership with our VF consumer data and analytics team, we recently established a data-driven dashboard to rapidly read and react to optimize our efforts. It's still early, but we've seen a return to growth in our own D2C for styles like the Vans Old Skool in North America.

此外，與我們的 VF 消費者數據和分析團隊合作，我們最近建立了一個數據驅動的儀表板，以快速讀取和響應以優化我們的工作。現在還為時尚早，但我們已經看到我們自己的 D2C 已經恢復增長，比如北美的 Vans Old Skool 等款式。

To reignite our brand heat, we've stood up a new strategic business unit named Pinnacle to refresh our work at the top tier of the distribution pyramid and hired a well-known industry veteran with experience with some large competitors and prior close ties to the Vans brand to quickly reenergize our work here. Over time, this will have a positive trickle-down effect on consumer affinity. Additionally, we recently completed a significant refresh of our consumer research to deeply understand and reshape our brand strategies for today's evolving shopper.

為了重新點燃我們的品牌熱度，我們成立了一個名為 Pinnacle 的新戰略業務部門，以更新我們在分銷金字塔頂層的工作，並聘請了一位知名的行業資深人士，他在一些大型競爭對手方面擁有豐富的經驗，並且之前與Vans 品牌讓我們在這裡的工作迅速煥發活力。隨著時間的推移，這將對消費者的親和力產生積極的涓滴效應。此外，我們最近完成了對消費者研究的重大更新，以深入了解和重塑我們針對當今不斷變化的購物者的品牌戰略。

We continue to accelerate capabilities in both digital and data-driven decisions. Only weeks ago, we launched a new vans.com platform and are rapidly evolving the consumer experience. We are leveraging VF's consumer and user experience team and consumer data and analytics hubs to ensure we are making database decisions across the business.

我們繼續加快數字和數據驅動決策的能力。就在幾週前，我們推出了一個新的 vans.com 平台，並正在迅速提升消費者體驗。我們正在利用 VF 的消費者和用戶體驗團隊以及消費者數據和分析中心來確保我們在整個企業中做出數據庫決策。

And finally, in China, we have continued to be resilient in the face of the ongoing pandemic. We've been building capabilities as we work through the challenges of moving our brand hub to Shanghai during the pandemic and the local lockdowns affecting how we work and the consumer's ability to shop.

最後，在中國，面對持續的大流行，我們繼續保持韌性。我們一直在建設能力，以應對在大流行期間將品牌中心遷至上海的挑戰以及影響我們工作方式和消費者購物能力的當地封鎖。

We acted quickly and pivoted our local strategies, shifting to reprioritize Q1 activities, evolving marketing to interact with consumers locked down in their homes and working with local government officials to be the first apparel brand to reopen our Shanghai distribution center.

我們迅速採取行動並調整本地戰略，重新調整第一季度活動的優先級，發展營銷以與被困在家中的消費者互動，並與當地政府官員合作，成為第一個重新開放上海配送中心的服裝品牌。

We are leveraging our recently expanded Shanghai digital hub to optimize work with the large digital platforms. And Vans Asia launched social commerce, implemented data-driven consumer engagement and has begun localization of product and marketing. Vans China also launched our Vans Family loyalty program and quickly added over 2 million members this year. We will be ready to accelerate quickly as the market reopens.

我們正在利用我們最近擴建的上海數字中心來優化與大型數字平台的合作。 Vans Asia 推出了社交商務，實施了數據驅動的消費者參與，並開始了產品和營銷的本地化。 Vans 中國還推出了我們的 Vans Family 忠誠度計劃，今年迅速增加了超過 200 萬會員。隨著市場重新開放，我們將準備好迅速加速。

Let me wrap up by speaking about the strategic priorities I have the Vans leadership focused on as we move into this new fiscal year. Reigniting our brand heat is critical to driving traffic to our brand through both new and existing consumers. We will leverage the work I already referenced across Pinnacle product and focused brand stories, while continuing to read and react through consumer data and analytics.

最後，讓我談談 Vans 領導層在進入新財年時關注的戰略重點。重新點燃我們的品牌熱度對於通過新老消費者推動我們品牌的流量至關重要。我們將利用我已經在 Pinnacle 產品和重點品牌故事中引用的工作，同時繼續閱讀消費者數據和分析並做出反應。

We will drive greater product and marketing relevance, building off of our refreshed understanding of the consumer. Classics will continue to drive growth, but with a greater emphasis on style adaptations of our 5 classic icons. Progression will continue to play a role in addressing 365-day relevance and expanded usage occasions. And our apparel will elevate to serve a true toe-to-head story with a heavy focus on our own D2C distribution.

基於我們對消費者的全新理解，我們將推動更大的產品和營銷相關性。經典將繼續推動增長，但更加強調對我們 5 個經典圖標的風格改編。 Progression 將繼續在解決 365 天相關性和擴大使用場合方面發揮作用。我們的服裝將升級為服務於真實的從頭到尾的故事，並重點關注我們自己的 D2C 分銷。

And on direct-to-consumer, we are deep diving in my sweet spot and where I started my career, our D2C business. Direct-to-consumer represents 55% of our global business as well as the best brand experience and most profitable channel for our growth. Serving the full consumer journey will be our priority, and we will leverage significant growth in our Vans Family loyalty program, which is now functional in all 3 regions and over 22 million members strong, a nearly 50% increase over the last 12 months.

在直接面向消費者方面，我們正在深入挖掘我的最佳位置以及我開始職業生涯的地方，即我們的 D2C 業務。直接面向消費者占我們全球業務的 55%，也是我們增長的最佳品牌體驗和最賺錢的渠道。服務於完整的消費者旅程將是我們的首要任務，我們將利用 Vans 家庭忠誠度計劃的顯著增長，該計劃現已在所有 3 個地區運作，擁有超過 2200 萬會員，在過去 12 個月中增長了近 50%。

We are following our new vans.com platform launch with a major site refresh and the addition of mobile commerce on our Vans consumer app in the second quarter. And you'll see a focus on what we believe is the best-in-class customization platform to provide our consumers personalization at the highest levels.

我們將在第二季度推出新的 vans.com 平台，對網站進行重大更新，並在我們的 Vans 消費者應用程序中添加移動商務。您將看到我們認為是一流的定制平台的重點，可以為我們的消費者提供最高水平的個性化服務。

Lastly, digital capabilities are rapidly advancing how we plan and operate our business at Vans. Leveraging our VF capability teams, we are using data from consumers to influence both our go-to-market and our daily business decisions. We will continue to build our muscles here as we further integrate dashboards into all we do.

最後，數字化能力正在迅速推進我們在 Vans 規劃和運營業務的方式。利用我們的 VF 能力團隊，我們正在使用來自消費者的數據來影響我們的上市和日常業務決策。隨著我們將儀表板進一步整合到我們所做的一切中，我們將繼續在這裡鍛煉我們的力量。

And I can't forget the metaverse. Vans partnered with VeeFriends on an NFT gift project, while Vans Roblox World hit 64 million visits and remains the highest-rated Roblox brand experience to date and the only brand experience above a 90% experience rating.

我不能忘記元節。 Vans 與 VeeFriends 合作開展了 NFT 禮物項目，而 Vans Roblox World 的訪問量達到了 6400 萬次，並且仍然是迄今為止評價最高的 Roblox 品牌體驗，也是唯一超過 90% 體驗評級的品牌體驗。

In closing, once again, I'm happy to be back at Vans, a brand and consumer I am passionate about, and I have every confidence we will continue to provide strong and relevant offerings for our growing base of consumers and deliver growth. With 2 months under my belt, I'm looking forward to steady progress and sharing more with you at our September investor meeting.

最後，我很高興再次回到我熱愛的品牌和消費者 Vans，我完全有信心我們將繼續為不斷增長的消費者群提供強大且相關的產品並實現增長。在我的 2 個月裡，我期待著穩步進展，並在我們 9 月的投資者會議上與您分享更多信息。

I'll now pass you to Matt.

我現在把你交給馬特。

Thanks, Kevin. Good afternoon, everyone. We're happy to report on the year in which we delivered on our outlook from the beginning of the year and our strategy despite facing unusual and unprecedented circumstances and challenges.

謝謝，凱文。大家下午好。儘管面臨不尋常和前所未有的情況和挑戰，但我們很高興地報告我們從年初開始實現展望和戰略的那一年。

To echo Steve's comments at the top of the call, I'm incredibly proud of what our teams have achieved and how they continued to adapt. Our brands are continuing to strengthen while pursuing their growth plans, enabling VF to become an even more balanced and resilient business.

為了回應史蒂夫在電話會議頂部的評論，我為我們的團隊所取得的成就以及他們如何繼續適應感到無比自豪。我們的品牌在追求其增長計劃的同時不斷壯大，使 VF 成為一個更加平衡和有彈性的業務。

Let's start with a few key highlights of fiscal 2022 and of Q4. During fiscal '22, we grew revenue by 27% and earnings by 143%, achieving a better outcome on both the top and bottom line than what we had expected at the beginning of the year despite facing new challenges and headwinds we had not anticipated at the outset. This represents high single-digit organic top line growth relative to pre-pandemic levels, in line with VF's long-range plan target despite this disruptive environment.

讓我們從 2022 財年和第四季度的幾個關鍵亮點開始。在 '22 財年，我們的收入增長了 27%，收益增長了 143%，儘管面臨著我們沒有預料到的新挑戰和逆風，但在頂線和底線上都取得了比我們在年初預期的更好的結果一開始。儘管存在這種破壞性的環境，這代表了相對於大流行前水平的高個位數有機頂線增長，符合 VF 的長期計劃目標。

We delivered a strong increase in gross margins, which came in at nearly 55% despite absorbing about $160 million in additional airfreight costs. Excluding that impact, gross margin would have been above pre-pandemic levels. We maintained tight cost discipline over SG&A, while ensuring continued investment toward our brand's highest-growth opportunities and to drive behind our strategies and continue our digital transformation. Together, these allowed us to increase our operating margin by 510 basis points to 13.1%.

儘管吸收了約 1.6 億美元的額外空運成本，我們的毛利率實現了強勁增長，接近 55%。排除這種影響，毛利率將高於大流行前的水平。我們對 SG&A 保持嚴格的成本紀律，同時確保繼續投資於我們品牌的最高增長機會，並推動我們的戰略並繼續我們的數字化轉型。這些加在一起使我們的營業利潤率提高了 510 個基點，達到 13.1%。

We grew revenue by 12% in constant dollars in the fourth quarter to $2.8 billion, reflecting continued double-digit growth in the Americas and in EMEA, while Asia Pacific was down, reflecting the impact of COVID-related lockdowns introduced in China during the period. Adjusted gross margin was down 50 basis points to 52.2%, while operating margin increased 120 basis points, leading to adjusted EPS growth of 67% to $0.45.

我們在第四季度以固定美元計算的收入增長了 12%，達到 28 億美元，這反映了美洲和歐洲、中東和非洲地區持續兩位數的增長，而亞太地區則有所下降，這反映了在此期間中國引入的與 COVID 相關的封鎖的影響.調整後的毛利率下降 50 個基點至 52.2%，而營業利潤率增加 120 個基點，導致調整後的每股收益增長 67% 至 0.45 美元。

Now let me say a few words about the supply chain. I'm proud of what our global supply chain teams have been able to achieve during the year as we continue to use our scale and sophistication to adjust to today's ongoing challenges. Since we last updated you in January, increasing inflationary pressures and ongoing disruption, primarily from COVID lockdowns in China, have led to continued cost and delivery challenges across the supply chain.

現在讓我談談供應鏈。我為我們的全球供應鏈團隊在這一年中所取得的成就感到自豪，因為我們將繼續利用我們的規模和成熟度來適應當今持續存在的挑戰。自從我們上次在 1 月份更新您的信息以來，不斷增加的通脹壓力和持續的中斷（主要來自中國的 COVID 封鎖）導致整個供應鏈的成本和交付挑戰持續存在。

While we continue to see higher-than-normal levels of congestion and disruption from labor shortages and equipment constraints across the logistics network, the overall picture has improved in the last few months. We continue to proactively address these challenges. As outlined back in January, we've taken pricing action across our brands to offset the inflationary pressures.

雖然我們繼續看到整個物流網絡因勞動力短缺和設備限製而導致的擁堵和中斷水平高於正常水平，但過去幾個月整體情況有所改善。我們將繼續積極應對這些挑戰。正如 1 月份所述，我們已針對我們的品牌採取定價行動來抵消通脹壓力。

We're procuring our supplies earlier, anticipating order book collection and overall, continuing to invest in technology to create efficiencies and reduce lead times. We're expanding our local-for-local sourcing strategy, servicing an increasing portion of regional demand with locally manufactured product. We've made strides in logistics, where we secured additional capacity by doubling the number of ports of entry and ocean carriers relative to pre-pandemic levels by using alternate origin routings and other methods to diversify our network.

我們更早地採購我們的供應品，預計訂單簿收集和總體而言，繼續投資於技術以提高效率並縮短交貨時間。我們正在擴大本地對本地採購戰略，用本地製造的產品滿足越來越多的區域需求。我們在物流方面取得了長足的進步，通過使用替代原產地路線和其他方法使我們的網絡多樣化，將入境口岸和海運承運人的數量相對於大流行前水平增加了一倍，從而確保了額外的運力。

We ended the year with inventory at a healthy state and are well positioned to service our order books and support our growth plans. I'm confident that our supply chain is truly best-in-class in this capability, which is central to our enterprise strategy. We'll continue to support consistent and sustainable growth across our family of brands.

我們在年底的庫存處於健康狀態，並且有能力為我們的訂單提供服務並支持我們的增長計劃。我相信我們的供應鏈在這種能力方面確實是一流的，這是我們企業戰略的核心。我們將繼續支持我們品牌系列的持續和可持續增長。

As Steve mentioned at the top of the call, we generated broad-based growth with 5 of our brands achieving record sales results for the year, including the Vans -- including Vans, The North Face and Dickies. The North Face, our second largest brand, had an outstanding year with full year sales up 32% to $3.3 billion and reflecting broad-based strength and double-digit growth in all regions every quarter of the year, including fourth quarter momentum, which saw a strong acceleration to up 35% in the Americas and sustained elevated momentum internationally. Europe was up 18% and Asia Pacific 22% in the quarter. These strong top line results led to meaningful improvement in profitability for the brand.

正如史蒂夫在電話會議頂部提到的那樣，我們實現了基礎廣泛的增長，我們的 5 個品牌在今年實現了創紀錄的銷售業績，包括 Vans，包括 Vans、The North Face 和 Dickies。我們的第二大品牌 The North Face 表現出色，全年銷售額增長 32% 至 33 億美元，反映了所有地區的廣泛實力和每年每個季度的兩位數增長，包括第四季度的增長勢頭，美洲強勁加速增長至 35%，並在國際上保持高增長勢頭。本季度歐洲增長 18%，亞太地區增長 22%。這些強勁的營收結果導致該品牌的盈利能力顯著提高。

At Timberland, Q4 sales were up 12%. The brand achieved 20% sales growth for the full year, which was characterized by strong double-digit growth in both the Americas and in Europe, but was partially offset by a decline of 13% in Asia Pacific. In the Americas in Q4, the brand grew 20% due to continued strength in wholesale, up 33%, driven by a strong sell-in and sell-through performance across key accounts and elevated Timberland PRO demand.

在 Timberland，第四季度的銷售額增長了 12%。該品牌全年實現了 20% 的銷售額增長，其特點是在美洲和歐洲實現了兩位數的強勁增長，但被亞太地區 13% 的下降所部分抵消。在第四季度的美洲，由於批發業務的持續強勁增長，該品牌增長了 20%，增長了 33%，這得益於關鍵客戶強勁的銷售和銷售業績以及 Timberland PRO 需求的增加。

Globally, for the year, the brand significantly expanded profitability, reflecting higher gross margins, achieved primarily through better sell-through and higher-quality sales with operating expense leverage offsetting the impact of airfreight and headwinds in Asia. It's worth noting that Timberland's strong performance has been delivered despite the brand suffering some of the more elevated impacts from supply chain disruption within our portfolio.

在全球範圍內，該品牌今年的盈利能力顯著擴大，反映了更高的毛利率，這主要是通過更好的銷售和更高質量的銷售實現的，運營費用槓桿抵消了亞洲空運和逆風的影響。值得注意的是，Timberland 的強勁表現已經實現，儘管該品牌在我們的產品組合中受到供應鏈中斷的一些更大的影響。

Dickies also achieved record sales, up 19% to $838 million for the year and up 8% in Q4. In the Americas, our largest region, which accounts for over 70% of global business, revenue was up nearly 40% for the year, driven by double-digit growth across both work and lifestyle products and strong wholesale demand, all of which drove record regional profit. Our Q4 performance was up 16% in our home market.

Dickies 還實現了創紀錄的銷售額，全年增長 19% 至 8.38 億美元，第四季度增長 8%。美洲是我們最大的地區，佔全球業務的 70% 以上，在工作和生活方式產品的兩位數增長以及強勁的批發需求的推動下，全年收入增長了近 40%，所有這些都推動了創紀錄的增長區域利潤。我們在國內市場的第四季度業績增長了 16%。

EMEA had its strongest quarter of the year in Q4 with sales up 16% and continues to see robust work-inspired lifestyle growth. Overall for the year, EMEA was down 13%, reflecting the repositioning of our Work business in the region. In Asia Pacific, Q4 sales were down 20%, including a 33% decline in Greater China.

歐洲、中東和非洲地區在第四季度實現了全年最強勁的季度，銷售額增長了 16%，並繼續看到以工作為靈感的生活方式強勁增長。總體而言，歐洲、中東和非洲地區下降了 13%，反映了我們在該地區工作業務的重新定位。在亞太地區，第四季度銷售額下降了 20%，其中大中華區下降了 33%。

Finally, as mentioned at the beginning of the call, Vans' performance in fiscal '22 did not meet our expectations. Revenue grew 19% in the year and was up 2% in the quarter, impacted by the more difficult operating environment in China. Excluding China, Vans grew by 6% in Q4 versus fiscal year '21.

最後，正如電話會議開頭所說，Vans 在 22 財年的表現並沒有達到我們的預期。受中國更艱難的經營環境影響，收入年內增長 19%，本季度增長 2%。不包括中國，Vans 在第四季度與 21 財年相比增長了 6%。

Now turning back to VF as a whole. Gross margins expanded 150 basis points during the year to 54.8%, including a 20 basis point benefit from Supreme, despite absorbing about $160 million of expedited airfreight above last year's levels.

現在回到整體的 VF。儘管吸收了比去年水平高出約 1.6 億美元的加急空運，毛利率在這一年增長了 150 個基點至 54.8%，其中包括來自 Supreme 的 20 個基點的收益。

Relative to pre-pandemic levels, fiscal year '22 gross margins were impacted by about 200 basis points of expedited freight and FX transaction headwinds. Excluding these transitory headwinds, underlying organic gross margins expanded 130 basis points versus fiscal '20, a signal of the health of our brand in the marketplace.

相對於大流行前的水平，22 財年的毛利率受到約 200 個基點的加速貨運和外匯交易逆風的影響。排除這些暫時的不利因素，基本有機毛利率與 20 財年相比擴大了 130 個基點，這是我們品牌在市場上健康的信號。

For the fourth quarter, adjusted gross margin was down 50 basis points to 52.2%. On an underlying basis, excluding a 170 basis point impact from expedited freight costs, margin was up 120 basis points.

第四季度，調整後的毛利率下降 50 個基點至 52.2%。在基本基礎上，不包括加速運費成本帶來的 170 個基點的影響，利潤率上升了 120 個基點。

Our operating margins expanded by 510 basis points to reach 13.1% for the year. I'm proud to see the operating margin in line with pre-pandemic levels despite the significant headwinds from expedited freight.

我們的營業利潤率增長了 510 個基點，全年達到 13.1%。儘管加快貨運帶來了巨大的阻力，但我很自豪地看到營業利潤率與大流行前的水平一致。

We continued to invest in our brands and business strategies with an increase of 22% versus fiscal '21 in organic strategic investments, including some key initiatives, such as digital investments like the new Vans e-commerce platform as well as ongoing demand creation spend across our portfolio.

我們繼續投資於我們的品牌和業務戰略，與 21 財年的有機戰略投資相比增加了 22%，包括一些關鍵舉措，例如新 Vans 電子商務平台等數字投資以及持續的需求創造支出我們的投資組合。

We did this while maintaining cost discipline across other areas and improving D2C profitability, which both contributed to SG&A leverage, which helped offset significant supply chain disruption and cost headwinds across the P&L.

我們這樣做的同時保持了其他領域的成本紀律並提高了 D2C 盈利能力，這兩者都有助於 SG&A 槓桿作用，這有助於抵消整個損益表中的重大供應鏈中斷和成本逆風。

We delivered EPS of $3.18 for the year, representing 143% earnings growth relative to last year or low double-digit organic EPS growth relative to pre-pandemic levels from an improved operating performance, and as planned, a lower tax rate, thanks to some timing benefits.

我們今年的每股收益為 3.18 美元，與去年相比，盈利增長 143%，或者由於經營業績的改善，以及按計劃降低稅率，因此相對於大流行前水平的低兩位數有機每股收益增長，這要歸功於一些時間優勢。

We're pleased to have delivered a higher than planned level of earnings growth than our commitments from the outset of the year with our robust and flexible business model successfully overcoming a challenging environment and significant headwinds.

我們很高興通過我們穩健靈活的業務模式成功克服了充滿挑戰的環境和重大逆風，實現了高於年初承諾的盈利增長水平。

Finally, I'll say a few words on our balance sheet and cash evolution. We ended the year with approximately $1.3 billion in cash. This reflects adjusted free cash flow generation of $606 million and proceeds from the divestiture of occupational work of approximately $620 million.

最後，我將就我們的資產負債表和現金演變說幾句話。我們以大約 13 億美元的現金結束了這一年。這反映了 6.06 億美元的調整後自由現金流產生和約 6.2 億美元的職業工作剝離收益。

We returned over $1.1 billion to shareholders through dividends and share repurchases, including a further $50 million of share repurchases during the fourth quarter after $300 million during Q3. We delivered an average dividend yield of 2.7% for the year with our ongoing commitment to return cash to shareholders. This marks our 50th consecutive year of dividend increases and underscores our confidence in future growth.

我們通過股息和股票回購向股東返還了超過 11 億美元，其中包括在第三季度的 3 億美元之後，第四季度又回購了 5,000 萬美元的股票。我們持續承諾向股東返還現金，全年平均股息收益率為 2.7%。這標誌著我們連續第 50 年增加股息，並強調了我們對未來增長的信心。

Our year-end inventory ended at $1.4 billion, up 34% versus the prior year's depressed levels. However, when compared to fiscal '20, we're up about 10%. Our overall inventory is healthy and well positioned to support our growth plans.

我們的年終庫存為 14 億美元，與去年的低迷水平相比增長了 34%。但是，與 20 財年相比，我們增長了約 10%。我們的整體庫存是健康的，並且可以很好地支持我們的增長計劃。

Our balance sheet is sound with liquidity exceeding $3.2 billion at year-end and our net leverage ratio improving to 2.6x from approximately 4x a year ago. Our return on invested capital reached 15.1%, up from 7.5% last year.

我們的資產負債表穩健，年底流動性超過 32 億美元，淨槓桿率從一年前的約 4 倍提高至 2.6 倍。我們的投資資本回報率達到 15.1%，高於去年的 7.5%。

I wanted to give you a brief update on the ongoing tax case related to the timing of income inclusion from VF's acquisition of Timberland in 2011. On January 31, 2022, the court issued its opinion in favor of the IRS, which argues that all such income should have been immediately included in 2011 rather than recognized periodically as VF has done.

我想向您簡要介紹一下正在進行的與 VF 於 2011 年收購 Timberland 的收入包括時間相關的稅務案件。2022 年 1 月 31 日，法院發表了支持 IRS 的意見，認為所有此類收入應該立即計入 2011 年，而不是像 VF 那樣定期確認。

While we intend to appeal, we anticipate that we will pay the 2011 taxes being disputed, which are estimated at approximately $845 million for gross tax and interest. We're confident in our timing and treatment of income inclusion, and we'll continue to defend our position.

雖然我們打算上訴，但我們預計我們將支付 2011 年有爭議的稅款，估計總稅款和利息約為 8.45 億美元。我們對收入包容的時機和處理方式充滿信心，我們將繼續捍衛我們的立場。

Now moving on to the outlook for fiscal '23 and beyond. First, I'll update you on the new guidance provided today for fiscal '23, which is on a constant dollar basis and which reflect the following. First, we've assumed no additional significant COVID-related lockdowns in any of our key commercial or production regions with current restrictions in China expected to ease from the beginning of June. Second, we've assumed no significant worsening in global inflation rate and consumer sentiment.

現在繼續展望 23 財年及以後的前景。首先，我將向您介紹今天為 23 財年提供的新指南，該指南以固定美元為基礎，反映了以下內容。首先，我們假設在我們的任何主要商業或生產地區都不會出現與新冠病毒相關的重大封鎖，而中國目前的限制預計將從 6 月初開始放寬。其次，我們假設全球通脹率和消費者信心沒有顯著惡化。

We expect to grow revenue at least 7% on a constant dollar basis. This reflects continued broad-based growth across our portfolio in terms of brands, channels and regions, but also incorporates a cautious view on the macroeconomic environment given recent developments affecting some of our markets and consumer sentiment more broadly.

我們預計在固定美元的基礎上收入至少增長 7%。這反映了我們產品組合在品牌、渠道和地區方面的持續廣泛增長，但也考慮到最近的事態發展影響了我們的一些市場和更廣泛的消費者情緒，我們對宏觀經濟環境持謹慎態度。

By brand, we expect The North Face to grow low double digits, continuing to build on a strong base achieved in fiscal '22. The brand's strong momentum in both on-mountain and off-mountain categories has led to healthy inventory levels and robust order books, supporting growth across regions in fiscal '23.

按品牌劃分，我們預計 The North Face 將增長兩位數，繼續建立在 22 財年實現的強大基礎之上。該品牌在山地和非山地類別中的強勁勢頭帶來了健康的庫存水平和強勁的訂單，支持了 23 財年各地區的增長。

We expect Vans to generate mid-single-digit growth with momentum building throughout the year as initiatives to reignite Classics and a recovery in China, in particular, start to have an impact. We're confident in the brand's health and longer-term opportunities and believe our plans to drive growth will start to have an impact from later this year.

我們預計 Vans 將在全年實現中個位數的增長，隨著重燃經典的舉措以及特別是在中國的複蘇開始產生影響。我們對品牌的健康和長期機遇充滿信心，並相信我們推動增長的計劃將從今年晚些時候開始產生影響。

At the group level, we anticipate further gross margin expansion of approximately 50 basis points with pricing actions offsetting product cost increase while benefiting from less reliance on airfreight throughout the year.

在集團層面，我們預計毛利率將進一步擴大約 50 個基點，定價行動抵消了產品成本增加，同時受益於全年對空運的依賴減少。

We remain focused on optimizing our SG&A spend to ensure ongoing investment in our brands and our strategy and overall deliver operating margin expansion to about 13.6%. The SG&A ratio is expected to be about flat as we continue to leverage most spend areas to fuel ongoing investment in demand creation, digital and technology and distribution expenses. This will drive operating income growth of at least 10%.

我們仍然專注於優化我們的 SG&A 支出，以確保對我們的品牌和戰略的持續投資，並將整體營業利潤率擴大至約 13.6%。 SG&A 比率預計將基本持平，因為我們將繼續利用大多數支出領域來推動對需求創造、數字和技術以及分銷費用的持續投資。這將推動營業收入至少增長10%。

We are anticipating reaching an EPS range of $3.30 to $3.40, which includes an estimated $0.23 of unfavorable nonoperating impacts, including: first, an increase to a more normalized tax rate of about 16% after having seen a more favorable rate achieved in fiscal '22; second, FX from translation; third, higher interest expense; and fourth, noncash pension expense. Without these impacts, EPS growth would be in the range of 11% to 14%.

我們預計每股收益將達到 3.30 美元至 3.40 美元，其中包括估計為 0.23 美元的不利非經營性影響，包括：首先，在 22 財年實現更優惠的稅率後，將稅率提高到約 16% 的更正常化稅率;二、FX來自翻譯；第三，較高的利息費用；第四，非現金養老金支出。如果沒有這些影響，每股收益增長將在 11% 至 14% 之間。

Finally, we anticipate adjusted cash flow from operations to reach approximately $1.2 billion and to continue to support our strategic priorities across the business with CapEx expected to be about $250 million.

最後，我們預計調整後的運營現金流將達到約 12 億美元，並繼續支持我們在整個業務中的戰略重點，資本支出預計約為 2.5 億美元。

There are no changes to our capital allocation priorities. We're focused on investing in our organic business, while continuously evaluating opportunities to optimize our brand portfolio. We remain committed to our strong dividend, and we'll opportunistically deploy share repurchases to return excess cash to shareholders.

我們的資本配置優先事項沒有變化。我們專注於投資有機業務，同時不斷評估優化品牌組合的機會。我們仍然致力於我們的強勁股息，我們將機會性地部署股票回購，以將多餘的現金返還給股東。

I want to wrap up our fiscal '23 outlook with a few words on the first quarter, given there are some unique impacts from the current environment. For Q1, we anticipate mid-single-digit revenue growth, reflecting the most challenging prior year compare in China. These headwinds, along with the nonoperating impacts I mentioned earlier, will also affect our operating profit and earnings for the quarter. And we expect EPS to be in the range of $0.10 to $0.15.

鑑於當前環境有一些獨特的影響，我想在第一季度用幾句話來總結我們的 23 財年展望。對於第一季度，我們預計收入將實現中個位數增長，這反映了中國最具挑戰性的上一年比較。這些不利因素，以及我之前提到的非經營性影響，也將影響我們本季度的營業利潤和收益。我們預計每股收益將在 0.10 美元至 0.15 美元之間。

By region, in Q1, we expect to see growth in both the Americas and EMEA, while Asia Pacific will be down. Specific to Asia Pacific, our performance outside of Greater China remains resilient. However, the environment in China continues to be challenging. 12% of our stores were closed at the end of Q4 and about 20% are currently closed, and we're not anticipating that they will reopen before early June and will affect the majority of the quarter. Digital traffic also continues to be impacted.

按地區劃分，在第一季度，我們預計美洲和歐洲、中東和非洲地區都將出現增長，而亞太地區將會下降。具體到亞太地區，我們在大中華區以外的表現仍然具有彈性。然而，中國的環境仍然充滿挑戰。我們 12% 的商店在第四季度末關閉，目前約有 20% 關閉，我們預計它們不會在 6 月初之前重新開業，並將影響本季度的大部分時間。數字流量也繼續受到影響。

As a result, we expect our business in China to be down approximately 35% in the first quarter with continued growth at The North Face not enough to offset declines anticipated across most of our portfolio. Beyond Q1, we expect a gradual recovery in China, reflecting an improving consumer environment as well as easier compares in half 2, with the market expected to generate growth for the year as a whole. We remain confident in the region's longer-term growth opportunity.

因此，我們預計第一季度我們在中國的業務將下降約 35%，而 The North Face 的持續增長不足以抵消我們大部分投資組合的預期下降。第一季度之後，我們預計中國將逐步復甦，反映出消費環境的改善以及下半年的比較容易，預計全年市場將實現增長。我們對該地區的長期增長機會仍然充滿信心。

Looking beyond the first quarter, we are confident an acceleration throughout the remainder of the year is well supported, driven by strong fall holiday order books across brands, improving momentum at Vans and diminished headwind from China.

展望第一季度之後，我們相信今年剩餘時間的加速增長得到了很好的支持，這得益於各品牌秋季假期訂單的強勁增長、Vans 的勢頭改善以及來自中國的逆風減弱。

Having set the stage for the fiscal '23 outlook, I'll now spend a few moments on our long-range plan targets. As we told you in January, we're committed to delivering the long-term algorithm for VF. Our performance in fiscal '22 and guidance for fiscal '23 clearly shows we're largely delivering on our commitment to high single-digit revenue growth and low double-digit operating earnings growth despite underperformance in our Vans business, headwinds through the supply chain, and finally, new and pronounced market challenges in one of our key growth markets, China, as well as macro events leading to a significant increase in inflation globally.

在為 23 財年展望做好準備後，我現在將花一些時間來討論我們的長期計劃目標。正如我們在一月份告訴你的那樣，我們致力於為 VF 提供長期算法。我們在 '22 財年的表現和對 '23 財年的指導清楚地表明，儘管我們的貨車業務表現不佳，供應鏈面臨逆風，但我們在很大程度上兌現了對高個位數收入增長和低兩位數營業利潤增長的承諾，最後，在我們的主要增長市場之一中國，以及導致全球通脹顯著上升的宏觀事件中出現了新的和明顯的市場挑戰。

Our ability to overcome these significant headwinds is truly a testament to the power of the family of brands we have at VF and our action-oriented and execution-focused teams. In summary, we're extremely proud of the work that has been done during fiscal '22 to deliver against our strategy and generate results exceeding our original guidance.

我們克服這些重大阻力的能力確實證明了我們在 VF 擁有的品牌家族以及我們以行動為導向和以執行為重點的團隊的力量。總而言之，我們為在 '22 財年所做的工作感到非常自豪，這些工作違背了我們的戰略並產生了超出我們最初指導的結果。

Despite a macro environment that remains volatile and challenged in the near term, over the longer term, our brands are well positioned to continue to benefit from favorable consumer tailwinds in our TAMs. We're confident in VF's future and are well positioned to continue to drive sustainable, profitable growth.

儘管宏觀環境在短期內仍然不穩定且充滿挑戰，但從長遠來看，我們的品牌處於有利地位，可以繼續受益於我們 TAM 中有利的消費者順風。我們對 VF 的未來充滿信心，並有能力繼續推動可持續的盈利增長。

We'll now open the line and take your questions.

我們現在將打開電話並回答您的問題。

(Operator Instructions) Our first question comes from Laurent Vasilescu with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Matt, I wanted to follow up on the revenue guidance of at least 7% on a constant currency basis, and I appreciate all the color that you provided on this extended call. With regards to 7%, how -- I think you mentioned that you're going to take some pricing. Just curious to know what that is versus the volume gains this year. And then on the flip side, are you anticipating any promotional activity? You're starting to see some retailers report elevated inventory numbers. And I'd just like to get some color on what you're seeing out there with your retail partners from an inventory perspective.

馬特，我想在固定貨幣基礎上跟進至少 7% 的收入指導，我感謝你在這次延長電話會議中提供的所有顏色。關於 7%，我想你提到你將採取一些定價。只是想知道這與今年的銷量增長相比是什麼。另一方面，您是否期待任何促銷活動？您開始看到一些零售商報告庫存數量增加。我只是想從庫存的角度了解您與零售合作夥伴看到的情況。

Yes. You got it, Laurent. As it relates to the growth and the -- kind of the 7% and how price impacts that, I think -- certainly, we've taken price increases across the business and really across brands and across geographies. I'll remind you that about half our business is carryover across the globe, and the other half is sort of made for new in each season.

是的。你明白了，勞倫特。因為它與增長和——7% 的種類以及價格如何影響這一點有關，我認為——當然，我們已經在整個業務、真正跨品牌和跨地區進行了價格上漲。我會提醒你，我們大約一半的業務是在全球範圍內結轉的，另一半是每個季節的新業務。

And if you think about that carryover business kind of like-for-like, we've got kind of mid-single-digit price increases. That looks a little bit different sort of through the year. We began to take some price increase in spring '22. I'll call it, more like low single digits, and that moves sequentially through the year into fall -- mid-single digits, and in some cases, a little bit higher than that as we move towards the back half of the year.

而且，如果您考慮類似的結轉業務，我們會發現價格上漲了中個位數。這一年看起來有點不同。我們在 22 年春季開始採取一些價格上漲。我會稱之為，更像是低個位數，並且從一年到秋季依次移動 - 中個位數，在某些情況下，隨著我們進入今年下半年，它會比這個數字高一點。

So overall, when you net through all of that and look at the overall growth that we're expecting, it's probably half to maybe just a little bit more than half is coming from price, and the rest is coming from volume.

所以總的來說，當你把所有這些都計算在內並查看我們預期的整體增長時，可能有一半到一半多一點來自價格，其餘來自數量。

As it relates to what we're seeing in terms of promotional environment, we haven't seen a significant change or shift at this stage. Our businesses are really healthy. In fact, our inventory levels across most of our key partners, if anything, continue to run a little bit lighter than we would like in the U.S. and in Europe, in particular, in the Outdoor segment, where we've seen sequentially strong performance. Obviously, we highlighted The North Face today a lot, and that's been a real highlight for us.

由於它與我們在促銷環境方面看到的情況有關，我們在這個階段沒有看到重大變化或轉變。我們的業務非常健康。事實上，我們大多數主要合作夥伴的庫存水平（如果有的話）繼續低於我們在美國和歐洲的預期，特別是在戶外領域，我們看到了連續強勁的表現.顯然，我們今天經常強調 The North Face，這對我們來說是一個真正的亮點。

Timberland is the same case. Altra -- our Altra brand, our Smartwool brand, we've got areas where we'd like to have a little bit more inventory. But overall, when we look across our key accounts, we're generally well positioned. And we'll watch that really closely, as you can imagine, as we move out of the spring season and really get geared up for back-to-school.

Timberland 也是如此。奧創——我們的奧創品牌，我們的 Smartwool 品牌，我們有一些我們希望有更多庫存的區域。但總的來說，當我們查看我們的關鍵客戶時，我們通常處於有利位置。正如你可以想像的那樣，當我們離開春季並真正為返校做好準備時，我們將密切關注這一點。

But right now, we feel good about where we are, and the visibility that we have gives us quite a bit of confidence.

但是現在，我們對自己所處的位置感覺良好，而我們所擁有的知名度給了我們很大的信心。

Matt, that's very, very helpful. And then a question for Steve and for Kevin. Kevin, great to have you on the call. With regards to Vans, I appreciate all the color you've provided. If you -- we can think about that mid-single-digit growth, if you can maybe potentially give us some guardrails. I think you gave us some guardrails for 1Q in terms of total company performance. But how do we think about the shape of Vans performance between the first half, second half? And how do we think about DTC versus wholesale dynamics for Vans for the year?

馬特，這非常非常有幫助。然後是史蒂夫和凱文的問題。凱文，很高興你接電話。關於 Vans，我感謝您提供的所有顏色。如果你 - 我們可以考慮中個位數的增長，如果你可能會給我們一些護欄。我認為就公司整體業績而言，您為我們提供了第一季度的一些護欄。但是我們如何看待 Vans 上半場、下半場的表現形式呢？我們如何看待今年 Vans 的 DTC 與批發動態？

Yes. Let me shape the numbers here a little bit, and then I'll turn it over to Kevin to really talk about what he's doing to drive that. We're going to see -- in Q1, because of the significant kind of headwind that we're facing in China in particular, we're going to see Vans kind of be about flat in Q1 and then sequentially improving from there.

是的。讓我在這裡稍微調整一下數字，然後我將把它交給凱文，真正談論他正在做些什麼來推動這一點。我們將看到——在第一季度，由於我們尤其在中國面臨的重大逆風，我們將看到 Vans 在第一季度基本持平，然後從那裡開始逐步改善。

As you think about a couple of things, Laurent, one, just kind of the headwinds easing a little bit as we think things will reopen in China. And we think we're well positioned there. But also, there's -- the compares in the back half of the year in the Asia region get exceedingly different and will benefit us.

洛朗（Laurent），當您考慮幾件事時，我們認為中國將重新開放，因此阻力會有所緩解。我們認為我們在那里處於有利地位。但是，還有 - 亞洲地區下半年的比較變得非常不同，這將使我們受益。

And we're continuing to see sequential improvement in kind of our brick-and-mortar business as you think about traffic there. We're happy with how that is progressing. That will continue to improve as we move through the year. And then, obviously, the work that Kevin and the team have begun, we expect to see some benefit of those things really across the business as we move into the back half of the year.

當您考慮那裡的流量時，我們將繼續看到我們實體業務的連續改善。我們對進展情況感到滿意。隨著我們這一年的發展，這將繼續改善。然後，顯然，凱文和團隊已經開始的工作，隨著我們進入下半年，我們希望在整個業務中看到這些事情真正帶來的好處。

Yes. Laurent, thank you for asking the question. I'd just add that, as Matt said, China definitely has been an impact on us. That's a business that was roughly high teens of our overall global business and is down more towards the mid-teens now this last year due to the challenges in the market.

是的。勞倫特，謝謝你提出這個問題。我只想補充一點，正如馬特所說，中國肯定對我們產生了影響。這項業務在我們的全球業務整體中大約佔了十幾歲，由於市場的挑戰，去年現在已經下降到十幾歲的中期。

As I said in my prepared remarks, D2C is going to be a heavy focus of mine. It's 55% of the business. We stood up our new digital platform. And to your point on promotional activity, we have really good, high-quality sales in our North American stores, in particular, where we're selling 90% of the product at full price. So really not super concerned.

正如我在準備好的發言中所說，D2C 將成為我的重中之重。這是業務的 55%。我們建立了新的數字平台。就促銷活動而言，我們在北美商店的銷售情況非常好，質量很高，特別是我們以全價銷售 90% 的產品。所以真的不是很在意。

What we do need to chase overall is traffic, and that's primarily a brand heat issue. As I mentioned in my remarks that I think our marketing campaigns and some of the things we're doing around Pinnacle will help us regain some traction there. But it's going to take a little bit of time on some of those bigger issues like product.

我們真正需要追逐的是流量，這主要是品牌熱度問題。正如我在講話中提到的那樣，我認為我們的營銷活動以及我們圍繞 Pinnacle 所做的一些事情將幫助我們在那裡重新獲得一些牽引力。但在產品等一些更大的問題上需要一點時間。

Yes. Laurent, I was just going to add, I realized I missed one of your questions. You asked about kind of channel. We will see -- inside that mid-single-digit number, we will see direct-to-consumer growing a little bit faster and wholesale a little bit slower in terms of kind of how to think about that.

是的。 Laurent，我只是想補充一下，我意識到我錯過了你的一個問題。你問的是頻道的種類。我們將看到——在這個中個位數的數字中，我們將看到直接面向消費者的增長速度更快，批發速度更慢。

Our next question comes from Michael Binetti with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

I guess, let's talk about your confidence behind the sustainability of North Face on the back of the strong growth last year and some of the key drivers ahead. It's pretty remarkable that the guidance for low double digits above the long-term algo of 8 to 9, and that's with a very messy situation in China here. Although -- I do think I heard right that you said China would actually grow for North Face despite the negative 35% growth rate for the overall business in China in the first quarter. So I guess maybe just help us with some of the drivers there. And is this a new algorithm for North Face?

我想，讓我們談談您在去年強勁增長的背景下對 North Face 可持續性的信心以及未來的一些關鍵驅動因素。低於 8 到 9 的長期算法的低兩位數的指導非常了不起，而中國的情況非常混亂。雖然——我確實認為我沒聽錯，儘管第一季度中國整體業務的負增長率為 35%，但你說中國實際上會為 North Face 增長。所以我想也許只是幫助我們那裡的一些司機。這是 North Face 的新算法嗎？

Sure. Maybe I'll take that one, Michael. It's Steve. So I think probably best to acknowledge there's an external and an internal component. The external is really that the outdoor space, the market itself, has been fairly buoyant the last couple of years. That's been pretty well documented. But we think, in particular, it's really benefited The North Face because of our business model.

當然。也許我會接受那個，邁克爾。是史蒂夫。所以我認為最好承認有一個外部和一個內部組件。外部實際上是戶外空間，市場本身，在過去幾年里相當活躍。這已經有很好的記錄了。但我們認為，特別是，由於我們的商業模式，它確實使 The North Face 受益。

So we tend to talk internally about our on-mountain and our off-mountain. And now both of those categories, extremely important to us, but the on-mountain is the performance end. The off-mountain is more of the outdoor-inspired.

所以我們傾向於在內部談論我們的山上和山下。現在這兩個類別對我們來說都非常重要，但山上是表演的終點。山外更多的是戶外風格。

And we've put a lot of time into constructing a business model that would really allow us to do justice to the categories within both of those particular banners. And there really aren't that many outdoor companies that can straddle between outdoor-inspired and true top-of-the-mountain performance. So we think that one of the reasons that we're doing so well at the moment is just exactly that. We've always had the legitimacy in terms of athletes and expeditions, but we've also crossed over into streetwear probably more than any other outdoor brand. So that's the external bit, if you like.

我們已經投入了大量時間來構建一個真正讓我們能夠公正對待這兩個特定橫幅中的類別的商業模式。而且真的沒有那麼多戶外公司可以跨越戶外靈感和真正的山頂性能。因此，我們認為我們目前表現如此出色的原因之一就是這一點。我們一直在運動員和探險方面擁有合法性，但我們也可能比任何其他戶外品牌更多地涉足街頭服飾。如果你願意，那就是外部位。

The internal bit is a little bit what we talked about in the presentation in my prepared remarks. It's really the broad-based success that we're seeing right now. If you get into the detail, our 3 geographies, our 3 channels and all of our product categories are actually contributing to the success that we're seeing right now.

內部部分是我們在我準備好的評論中的演示文稿中談到的一點點。這確實是我們現在看到的廣泛的成功。如果您詳細了解，我們的 3 個地區、我們的 3 個渠道和我們所有的產品類別實際上都在為我們現在所看到的成功做出貢獻。

I mean there's a couple of big categories that are really leading the charge. Our outerwear and our snow sports category this year was up by nearly 35%. Logowear, just shy of 50%. But we don't have a single category that grew less than mid-teens. So we're really seeing it across the board.

我的意思是有幾個大類別真正引領潮流。今年我們的外套和雪上運動類別增長了近 35%。 Logowear，僅略低於 50%。但是我們沒有一個類別的增長低於十幾歲。所以我們真的全面看到了它。

And I would point back to something that Steve said actually. If I go back 18 months, maybe 2 years, when we really began to look at our 3-year plan in earnest and we constructed this on-mountain/off-mountain model, we really focused on 4 things: really, the brand, so the positioning of the brand and making sure that everybody was really clear about what the brand stands for, and particularly it's outdoor heritage. Secondly, the product pipeline that we've built. For those of you who know my background, I actually came up through product, so probably not that much of a surprise that we doubled down on that and made sure that the pipeline was turbocharged.

我會指出史蒂夫實際上說過的話。如果我回到 18 個月，也許是 2 年，當我們真正開始認真考慮我們的 3 年計劃並構建這個山上/山下模型時，我們真的專注於 4 件事：真的，品牌，所以品牌的定位，並確保每個人都非常清楚品牌代表什麼，特別是它的戶外遺產。其次，我們已經建立的產品管道。對於那些了解我背景的人來說，我實際上是通過產品提出的，所以我們加倍努力並確保管道是渦輪增壓的，這可能並不令人驚訝。

And then the third place was really the marketplace management. So we haven't gone into a lot of detail about that, but I did mention it that we've developed some segmentation plans that have really allowed us to design the right product for the right consumer and the right channel. And we got pretty disciplined actually about what product goes into what channel. And we've got a very clean marketplace at the moment with all of our consumers reacting well to the product that we've specifically targeted to them.

第三位是真正的市場管理。所以我們沒有對此進行詳細介紹，但我確實提到了我們已經制定了一些細分計劃，這些計劃真正讓我們能夠為正確的消費者和正確的渠道設計正確的產品。實際上，我們對什麼產品進入什麼渠道非常自律。我們目前有一個非常乾淨的市場，我們所有的消費者都對我們專門針對他們的產品反應良好。

The fourth thing is really people. And that's not something that the consumer is going to see, but we have done a lot of work in terms of our internal culture and our talent pipeline. So I'm fairly privileged that I've got a very strong executive team with a lot of veterans who really understand the brand. So I guess, all of those things just combined to give us a lot of confidence, and we're seeing it in our order book.

第四件事是真正的人。這不是消費者會看到的，但我們在內部文化和人才管道方面做了很多工作。因此，我很榮幸擁有一支非常強大的執行團隊，其中有很多真正了解該品牌的退伍軍人。所以我想，所有這些東西加起來給了我們很大的信心，我們在訂單簿中看到了它。

Yes. Michael, on your question on the algorithm, I'll just -- we've delivered on our commitments at the VF level, reflecting kind of this broad-based growth across our family of brands, which, by the way, we think is a competitive advantage. And we're confident that we'll deliver on our targets and leveraging this family of brands. And we're poised to deliver strong, sustainable and profitable growth.

是的。邁克爾，關於你關於算法的問題，我只是 - 我們已經兌現了我們在 VF 級別的承諾，這反映了我們品牌家族的這種廣泛的增長，順便說一下，我們認為是一個競爭優勢。我們有信心實現我們的目標並利用這個品牌系列。我們已準備好實現強勁、可持續和盈利的增長。

And I think the performance we've shown in '22, our guidance in '23, I said in my prepared comments, I think shows our commitment to delivery. It certainly looks a little different than where we were, but we're delivering, and we're committed to doing that. It's really one of the benefits of our enterprise strategy is it enables us to really be agile across the portfolio of brands and allows us to drive consistent and sustainable growth. And we look forward in September to provide you some more details in terms of individual brand's contribution to the long-term outlook.

我認為我們在 22 年的表現，我們在 23 年的指導，我在準備好的評論中說，我認為表明了我們對交付的承諾。它看起來確實與我們之前的情況有些不同，但我們正在交付，並且我們致力於做到這一點。這確實是我們企業戰略的好處之一，它使我們能夠真正靈活地跨品牌組合，並讓我們能夠推動持續和可持續的增長。我們期待在 9 月份為您提供更多關於個別品牌對長期前景的貢獻的詳細信息。

One more thing on the sustainability of this growth. Steve is -- as I said, could not thank him more for the work that he's done. But the foundation that he's really stabilized and strengthened is perfect now for Nicole, who will join us early next month. And the industry experience that she brings in not just understanding brand and product, but all the different go-to-market opportunities and the consumer engagement strategies. It's really -- from a sustainability standpoint, this is like a mile relay. Steve has run the first couple of legs, and now he's handing off the baton to a very strong leader that can continue to build on what he's set in motion and expand the brand in its reach through her market understanding.

關於這種增長的可持續性的另一件事。史蒂夫——正如我所說的，對他所做的工作非常感謝。但他真正穩定和加強的基礎現在對妮可來說是完美的，她將在下個月初加入我們。她帶來的行業經驗不僅了解品牌和產品，還了解所有不同的市場機會和消費者參與策略。真的——從可持續發展的角度來看，這就像一英里接力賽。史蒂夫已經跑了最初的幾條腿，現在他將接力棒交給了一位非常強大的領導者，他可以繼續在他所啟動的基礎上再接再厲，並通過她對市場的了解擴大品牌的影響力。

Our next question comes from Camilo Lyon with BTIG.

我們的下一個問題來自 BTIG 的 Camilo Lyon。

I have a couple of questions. I guess, first, you talked about a strong order book, particularly in North Face, and pretty good confidence in the discussions that you've had with your wholesale partners. I'm curious to know if the discussions with your wholesale partners, whether it's in North America or Europe, has changed from a 90-day-ago period? And if it has, how do we have confidence that it won't change further as this kind of evolving landscape with consumer pressures, inflationary pressures is likely to persist?

我有一些問題。我想，首先，您談到了強大的訂單，尤其是在 North Face，並且對您與批發合作夥伴進行的討論充滿信心。我很想知道與您在北美或歐洲的批發合作夥伴的討論是否與 90 天前的時期有所不同？如果是這樣，我們如何有信心它不會進一步改變，因為這種不斷變化的環境與消費者壓力、通脹壓力可能會持續存在？

Camilo, maybe I'll take that one first, Steve Murray. I can answer that one very simply. It really hasn't changed. I mean I've read the same reports as you with regard to other industries and other sectors of the market. But I can honestly say that the top-to-top meetings that we've been having with all of our key accounts in the last 8 to 12 weeks have been very positive.

卡米洛，也許我會先拿那個，史蒂夫默里。我可以很簡單地回答這個問題。它真的沒有改變。我的意思是我已經閱讀了與您有關其他行業和市場其他部門的相同報告。但老實說，在過去 8 到 12 週內，我們與所有關鍵客戶舉行的高層會議都非常積極。

And as I think we said earlier, we've got a pretty clean inventory position as well. So we don't see any promotional activity that's out of the ordinary. In fact, I would say it's a cleaner marketplace than we've seen in a long, long time, particularly for The North Face brand. So we really don't have that anxiety right now.

正如我認為我們之前所說的那樣，我們也有一個非常乾淨的庫存狀況。所以我們沒有看到任何不尋常的促銷活動。事實上，我想說這是一個比我們長期以來看到的更清潔的市場，特別是對於 The North Face 品牌而言。所以我們現在真的沒有那種焦慮。

And Camilo -- yes, Kevin, you want to go ahead and talk about Vans? And I can talk a little bit more broadly across some of the other brands.

還有卡米洛——是的，凱文，你想繼續談談 Vans 嗎？我可以更廣泛地談論其他一些品牌。

Yes. I was just going to jump in as well, Camilo. So good question. And I think what we see is the fact that we've got different types of distribution channels, right, from SSI accounts to lifestyle accounts to action sports accounts. And I think overall, we don't see a major change there. We continue to work with them to reshape their business as needed, and we work forward on bringing new product to market.

是的。我也想跳進去，卡米洛。這麼好的問題。我認為我們看到的是我們有不同類型的分銷渠道，從 SSI 賬戶到生活方式賬戶再到極限運動賬戶。我認為總的來說，我們沒有看到那裡有重大變化。我們將繼續與他們合作，根據需要重塑他們的業務，並努力將新產品推向市場。

So I haven't seen a big change from 90 days ago, I believe was the date you threw out there at this point. But I've certainly read the same reports as Steve Murray referenced as well. So we feel good overall about our wholesale partners' status today.

所以我沒有看到與 90 天前相比有很大的變化，我相信是你在這一點上拋出的日期。但我當然也讀過史蒂夫·默里所引用的相同報告。因此，我們對今天的批發合作夥伴的整體狀況感覺良好。

Then Camilo, from a Timberland, Dickies and our European business, much is the same. We come into this period with very clean inventories and in the case of Timberland, have undersupplied market demand and very strong opportunity to continue the momentum out of this year into next year. It doesn't mean we're -- our head's in the sand. But the partners that we have for each of these brands, the thought that's gone into the forward order book, the flow of that product, I would even -- I would kind of emphasize the partnerships we have in Europe, especially with the digital titans.

然後來自 Timberland、Dickies 和我們歐洲業務的 Camilo 也大同小異。我們以非常乾淨的庫存進入這一時期，就 Timberland 而言，市場需求供不應求，並且很有機會將今年的勢頭延續到明年。這並不意味著我們 - 我們的頭在沙子裡。但是我們為每個品牌擁有的合作夥伴、預購訂單中的想法、產品的流程，我什至會——我會強調我們在歐洲的合作夥伴關係，尤其是與數字巨頭的合作夥伴關係.

These are really strong key account relationships that are able to model the assortments and the flow based on what we've seen in the last couple of years. And we've not seen a change. But we are obviously sensitive. These are very uncertain times. But the strength of our brands, the broad-based success that we've seen and the clean inventories that we see across our key wholesale partners and our own channels is what gives us confidence to put the guide out that we are at this point.

這些是非常強大的關鍵客戶關係，能夠根據我們在過去幾年中看到的情況對分類和流程進行建模。我們還沒有看到變化。但我們顯然很敏感。這是非常不確定的時期。但是，我們品牌的實力、我們所看到的廣泛成功以及我們在主要批發合作夥伴和我們自己的渠道中看到的清潔庫存，使我們有信心發布我們目前的指南。

That's great to hear. Matt, if I could ask you just on the gross margin outlook. Clearly, China and Vans are 2 of your higher-grossing contributors. So if you could provide some context and shape around how the gross margin should evolve through the year. Clearly, it's going to accelerate. But if you could just maybe articulate the rate of contraction, I would imagine, we would expect in Q1 and how that should progress through the year would be very helpful.

聽到這個消息我很高興。馬特，如果我能問你毛利率前景的話。顯然，China 和 Vans 是您收入最高的兩個貢獻者。因此，如果您可以提供一些背景信息，並圍繞毛利率應如何在一年中發展進行塑造。顯然，它會加速。但是，如果你能說出收縮率，我想，我們會在第一季度預期，以及全年應該如何進展將非常有幫助。

Yes. Thanks for that question, Camilo. You're right. Q1 is going to be a little bit tougher from a gross margin standpoint. I mean the mix is going to be impacted just by the nature of kind of where the business is going to come from. You think about China, you think about Vans being a little bit lower than the overall. So certainly, there's going to be a mix headwind.

是的。謝謝你的問題，卡米洛。你是對的。從毛利率的角度來看，第一季度將變得更加艱難。我的意思是，這種組合只會受到業務來源的性質的影響。你想想中國，你覺得 Vans 比整體低一點。所以當然，會有一個混合逆風。

The other thing that we're going to face in the first quarter is really a compare from a freight standpoint, where last year in Q1, we were starting to see some inflationary impacts in kind of underlying freight rates nowhere near the degree that we saw as we moved through the year.

我們將在第一季度面臨的另一件事實際上是從運費的角度進行比較，去年第一季度，我們開始看到一些潛在運費的通脹影響遠不及我們看到的程度當我們度過這一年。

And by the way, we spent very little in kind of airfreight last Q1 because we hadn't yet encountered some of the challenges that we all faced as Vietnam and other parts of that -- the sourcing footprint in Asia shut down through the summer. So the airfreight spend, which was dramatic last year, really was a nonevent in Q1. And we're going to see some of that in Q1 this year.

順便說一句，上一季度我們在空運方面的花費很少，因為我們還沒有遇到我們在越南和其他地區都面臨的一些挑戰——亞洲的採購足跡在整個夏天都關閉了。因此，去年引人注目的空運支出在第一季度確實是小菜一碟。我們將在今年第一季度看到其中的一些。

So we'd expect gross margins to be down as much as a couple of hundred basis points in Q1. As we look through the year though, we're confident in our kind of 50 basis point increase. I think when you think about tailwinds, we expect the promotional environment is going to generally remain clean for us.

因此，我們預計第一季度毛利率將下降數百個基點。不過，縱觀這一年，我們對 50 個基點的增長充滿信心。我認為當您考慮順風時，我們預計促銷環境對我們來說通常會保持清潔。

And I say this over and over, but our business is clean. We don't drive our business on promotions historically. And so when it got a lot better for some than it had been historically, we didn't see a necessarily big change because we've always run clean, and we expect that to continue.

我一遍又一遍地說，但我們的業務是乾淨的。從歷史上看，我們不會通過促銷來推動我們的業務。因此，當它對某些人來說比歷史上好得多時，我們並沒有看到必然的大變化，因為我們一直都很乾淨，我們希望這種情況會繼續下去。

We're going to see inflationary pressures on product costs through the year. That accelerates a little bit as we go through the year from an FOB standpoint. And obviously, freight is there as well, kind of mid-single digits when you look across the year. Pricing will at least offset that, maybe even slightly favorable. It's our sort of current look at that.

我們將在全年看到產品成本的通脹壓力。從 FOB 的角度來看，隨著我們度過這一年，這種情況會有所加快。顯然，貨運也在那裡，當你縱觀全年時，有點中個位數。定價至少會抵消這一點，甚至可能會略微有利。這是我們目前的看法。

We're going to continue to spend higher levels of expedited freight. I talked about kind of $160 million or so kind of increase there. We're going to spend higher than we have historically, but we expect some moderation in that number, and it won't be as dramatic. And so there's some benefit from that. The other thing I would say is based on the overall mix for the year, we're not assuming any kind of mix benefit for the year. We expect it will be about neutral.

我們將繼續花費更高水平的加急運費。我談到那裡增加了 1.6 億美元左右。我們將花費比歷史更高的費用，但我們預計這個數字會有所放緩，而且不會那麼戲劇化。所以有一些好處。我要說的另一件事是基於今年的整體組合，我們不假設今年會有任何組合收益。我們預計它將是中性的。

So those give you, hopefully, enough there to sort of think about how to sort of model things from a margin standpoint and understand the assumptions we're making. But overall, we feel good about how that looks across the year. But Q1 is going to be certainly tougher optically.

因此，希望這些內容足以讓您思考如何從邊際的角度對事物進行建模並理解我們所做的假設。但總的來說，我們對全年的情況感覺良好。但是 Q1 在光學上肯定會更加艱難。

Our next question comes from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

So Steve, maybe at a regional level, are you seeing any signs of softening in the U.S. consumer backdrop today? Maybe what are you seeing today in Europe, if we think relative to the domestic backdrop? And then just in China, from an underlying perspective, some companies have talked about underlying indications of demand despite the restrictions or kind of looking through the restriction. Just curious what you're seeing in the U.S., Europe and China today.

所以史蒂夫，也許在區域層面，你看到今天美國消費者環境有任何軟化的跡象嗎？如果我們相對於國內背景思考，也許你今天在歐洲看到了什麼？然後就在中國，從潛在的角度來看，一些公司已經談到了潛在的需求跡象，儘管有限製或有點看穿限制。只是好奇你今天在美國、歐洲和中國看到了什麼。

Yes. No, fair question, Matt. So let me start with Europe. Certainly, the war and crisis in Ukraine weighs on consumers' minds in Europe, but we've not seen that impact current demand and sell-through. Inflationary environment, that's really coming from or being exacerbated by the conflict as well, has not yet impacted demand or sell-through, but it's something that we're watching very closely and are concerned, both personally for those impacted but what the impact could be on the business.

是的。不，公平的問題，馬特。那麼讓我從歐洲開始。當然，烏克蘭的戰爭和危機影響了歐洲消費者的心智，但我們還沒有看到這會影響當前的需求和銷售量。通貨膨脹環境，實際上來自衝突或因衝突而加劇，尚未影響需求或銷售，但這是我們非常密切關注和關注的事情，無論是個人對那些受影響的人，但影響可能做生意。

So European business has been one of our strongest-performing regions, growing double digits year after year for the last 5, 6 years. And we expect that same kind of performance through that strong platform that enables our brands to connect with those consumers.

因此，歐洲業務一直是我們表現最強勁的地區之一，在過去的 5、6 年裡年復一年地增長著兩位數。我們希望通過這個強大的平台獲得同樣的表現，使我們的品牌能夠與這些消費者建立聯繫。

Now here in the U.S., you heard Steve say that he's not seen any change to conversations with wholesale partners. And that's true. If there will be an impact near term, it would be on those more lower-income consumers. But as we've reshaped our portfolio, very little bit of our business goes to that particular consumer through those channels.

現在在美國，你聽到史蒂夫說他沒有看到與批發合作夥伴的對話有任何變化。這是真的。如果短期內會產生影響，那將是那些收入較低的消費者。但隨著我們重塑我們的產品組合，我們的業務很少通過這些渠道流向特定的消費者。

The one business that does have a good position there would be Dickies, and the demand of our Dickies products continues to be quite strong. And again, we'll watch it closely, be sensitive to and work with our partners, but we've not seen a dramatic change there.

Dickies 是唯一一家在那兒佔有一席之地的企業，而且對我們 Dickies 產品的需求仍然非常強勁。再說一次，我們會密切關注它，對我們的合作夥伴保持敏感並與之合作，但我們還沒有看到那裡發生巨大變化。

Asia is where we have for all the things that each one of us have read and hear others talk about. COVID impacts, the rolling shutdowns, what's that -- the impact that's had on consumer confidence and sentiment is really the large driver of that kind of reshaping of consumer demand. I think we've shaped well on how we see the year progressing. We expect the openings that are beginning to continue to go on through June. And if there's any kind of similarity to the return that we saw in the first shutdown at the beginning of the pandemic, China specifically, the consumers are very quick back into demand, back into travel. And if that is to be the case, and we've modeled that to be moderately true and accelerating through the year, we expect our business to perform well and think a lot of understanding coming through the success of The North Face and being able to apply that playbook to our other brands specifically as we enter the second half.

亞洲是我們每個人都讀過和聽到別人談論的所有事物的地方。 COVID的影響，滾動關閉，那是什麼——對消費者信心和情緒的影響確實是這種重塑消費者需求的主要驅動力。我認為我們已經很好地了解了我們如何看待這一年的進展。我們預計開始的空缺將持續到 6 月。如果與我們在大流行開始時第一次關閉時看到的回報有任何相似之處，特別是中國，消費者很快就會恢復需求，恢復旅行。如果情況確實如此，並且我們已經將其建模為適度真實並在這一年中加速發展，我們希望我們的業務表現良好，並通過 The North Face 的成功獲得很多理解，並能夠當我們進入下半年時，將該劇本專門應用於我們的其他品牌。

Great. And then, Matt, as a follow-up. On operating margins, multiyear, what do you see as the right level of profitability for the portfolio? Or maybe while the time line might be extended, do you think anything has actually changed versus your mid-teens plus Beaver Creek plan?

偉大的。然後，馬特，作為後續行動。關於營業利潤率，多年，您認為投資組合的正確盈利水平是多少？或者，雖然時間線可能會延長，但您認為與您的青少年加 Beaver Creek 計劃相比，實際上有什麼改變嗎？

Matt, yes -- no, I don't. Short answer, no. I don't think anything has changed. I think you're right in terms of just what's the runway there. And then certainly, we're in a different place coming through COVID and all those kinds of things. But what we're proud of is the continued operating margin expansion that we've seen despite a lot of noise and kind of a different kind of mix profile even here in the near term. We're delivering on expanding operating margin.

馬特，是的——不，我不知道。簡短的回答，不。我不認為有什麼改變。我認為就那裡的跑道而言，你是對的。然後可以肯定的是，通過 COVID 和所有這些事情，我們處於不同的地方。但我們感到自豪的是，儘管有很多噪音和不同類型的混合配置文件，即使在短期內，我們也看到了持續的營業利潤率增長。我們正在擴大營業利潤率。

And I have to take a minute to, really, I think, point you to some of the materials in the release. You look at the segment profitability across our segments and just think about the improvement in profitability we're seeing in the Outdoor and Work segment, that's powerful and really important to us. And that really sets us up well. We've seen a little bit of erosion in our really highly profitable Active segment, given some of the challenges that we faced in Vans, but that's going to come back and modestly move up over time. And we're much better positioned to drive overall collective VF operating margin expansion with a healthier overall portfolio.

我必須花一點時間，真的，我想，向你指出發布中的一些材料。你看看我們各個細分市場的盈利能力，然後想想我們在戶外和工作領域看到的盈利能力的提高，這對我們來說非常強大而且非常重要。這真的讓我們很好。考慮到我們在 Vans 面臨的一些挑戰，我們已經看到我們真正高利潤的 Active 細分市場出現了一些下滑，但隨著時間的推移，這種情況會捲土重來並適度上升。我們更有能力以更健康的整體投資組合推動整體 VF 營業利潤率的擴張。

So that mid-teens plus kind of number, absolutely, that's still what we expect. And we look forward to talking a little bit more about kind of the horizon for that and how we see that playing out in a few months' time in September.

因此，十幾歲加上某種數字，絕對是我們所期望的。我們期待更多地談論這種前景，以及我們如何在 9 月的幾個月內看到這種情況。

Our next question comes from Jim Duffy with Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

I wanted to focus on Timberland for a moment. With some momentum, this is a brand that could make a nice contribution to both growth and margin. Looks like you're seeing balanced strength to the top line. Where did Timberland margin stand right now? And what's the opportunity with the Timberland margin? And then related to that, I suppose, is how you're pricing for inflation specific to the Timberland brand?

我想專注於 Timberland 片刻。有了一些動力，這個品牌可以為增長和利潤做出很好的貢獻。看起來你看到了頂線的平衡強度。 Timberland margin 現在在哪裡？ Timberland 邊際的機會是什麼？然後與此相關，我想，你是如何為 Timberland 品牌特有的通貨膨脹定價的？

So let me start with a couple of data points there, hopefully, get your questions there, Jim, and then I'll pass you to Steve to talk about the great work that's happening there. Profitability-wise, today, kind of low double digits is where we stand and with an expectation that that will continue to move up over time.

所以讓我從那裡的幾個數據點開始，希望能把你的問題在那裡，吉姆，然後我會把你傳給史蒂夫，談談那裡正在發生的偉大工作。盈利能力方面，今天，低兩位數是我們的立場，並期望隨著時間的推移會繼續上升。

And then Jim, I appreciate the question on Timberland. This is an exciting brand in the portfolio. In the last couple of years, the team has taken the opportunity to really double down on some of the core elements of the brand management model we use, first with the consumer and really understanding the historical strength of the brand and the consumer that it speaks to. And they've really taken that to weave a positioning that's anchored in both work and outdoor and really bringing that together and understanding what that consumer need is to drive the product creation strategy, focusing on icons, for sure, both the traditional boot but the outdoor segment, but really using that to inform their innovation platforms around GreenStride, some of the exciting things coming through that particular part of the platform, specifically focusing on women's in the [raised] city. We had a boot in the fall that now is a boat shoe in the spring and really being able to play that eco-innovation story with enhanced styling and comfort, seeing really nice connection and sell-through there.

然後是吉姆，我很欣賞關於 Timberland 的問題。這是產品組合中令人興奮的品牌。在過去的幾年裡，團隊利用這個機會真正加倍關注我們使用的品牌管理模式的一些核心要素，首先是與消費者一起，真正了解品牌的歷史實力和它所代表的消費者至。他們真的用它來編織一個定位於工作和戶外的定位，並將它們真正結合在一起，並理解消費者需要什麼來推動產品創造策略，當然，關注圖標，傳統靴子和戶外部分，但真正利用它來告知他們圍繞 GreenStride 的創新平台，一些令人興奮的事情來自該平台的特定部分，特別關注 [raised] 城市中的女性。我們在秋季推出了一款靴子，現在在春季推出了一款船鞋，並且真正能夠以增強的造型和舒適度來發揮生態創新的故事，在那裡看到非常好的連接和銷售。

We've also seen the Timberloop. You heard me talk about the eco-innovation platform there, and that's really taking that historical commitment of Timberland to sustainability and looking at a circularity model all the way from design to how the product is made and ultimately managed at the end of life and really understanding the value that that has to the consumer.

我們還看到了 Timberloop。你聽到我談論那裡的生態創新平台，這真的是在將 Timberland 對可持續性的歷史承諾和從設計到產品如何製造以及最終在生命末期管理的整個過程中尋找循環模型，真的了解這對消費者的價值。

But I think what's really driving the success and the inflection that you see here with Timberland brand is the integrated marketplace management and choices that the team has made across the globe, but probably most importantly, here in the North America marketplace and really segmenting the product and placing the very thoughtful assortments in each of their key account partners and then managing the flow tied to the sell-through. This is the brand that really has been most impacted by supply. And the demand has absolutely outstripped our ability to put enough product in front of consumers, and that energy is what's carrying into fiscal '23 and the inflection that we're very excited about and have been building for.

但我認為，真正推動 Timberland 品牌取得成功和轉變的因素是團隊在全球範圍內做出的綜合市場管理和選擇，但可能最重要的是，在北美市場並真正細分產品並將非常周到的分類放在他們的每個主要客戶合作夥伴中，然後管理與銷售相關的流程。這是真正受供應影響最大的品牌。需求絕對超出了我們將足夠產品擺在消費者面前的能力，而這種能量是 23 財年所承載的，也是我們非常興奮並一直在努力實現的拐點。

And it's really a testament to the energized new team we have there from our ultimate leader, but also the product and marketing organization is really bringing forward all of those core elements that's made Timberland so powerful over the years. You see that coming together, and fiscal '23 will be a year of, we think, significant inflection.

這確實證明了我們最終領導者那裡充滿活力的新團隊，而且產品和營銷組織也確實提出了所有這些核心要素，這些要素使 Timberland 多年來如此強大。您會看到，我們認為，23 財年將是重大轉折的一年。

And Jim, I realized you asked about pricing and inflation. So just to make sure I don't miss that as well. Yes, it's comparable, I think, what we've said across the portfolio. If anything, this brand seeing a slightly higher than average -- the VF average kind of product cost increase just based on kind of the nature of the product and the sourcing footprint as we put all those pieces together. But we're going to see price increases somewhat meaningful across the line as we move towards fall. But the brand couldn't be better positioned in terms of its ability to drive that given how healthy it is today and everything that Steve just described about kind of the work that's happened across the product and marketing aspect of that business.

吉姆，我意識到你問的是定價和通貨膨脹。所以只是為了確保我也不會錯過。是的，我認為，我們在整個投資組合中所說的話是可比的。如果有的話，這個品牌的價格略高於平均水平——VF 平均產品成本增加只是基於產品的性質和我們將所有這些部分放在一起時的採購足跡。但隨著我們走向秋季，我們將看到價格上漲在整個線上都有一定意義。但考慮到它今天的健康狀況以及史蒂夫剛剛描述的關於該業務產品和營銷方面發生的工作類型的所有內容，該品牌在其驅動能力方面的定位再好不過了。

Our next question comes from Brooke Roach with Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

I'd like to ask about Supreme. You mentioned in your prepared comments that you were seeing some supply chain disruption that was impacting your ability to outperform your plan in the quarter. Can you talk about it in a little more detail and your outlook for the brand for this year?

我想問一下Supreme。您在準備好的評論中提到，您看到一些供應鏈中斷正在影響您在本季度超越計劃的能力。您能否更詳細地談談它以及您對今年品牌的展望？

Brooke, let me start there and if -- Steve, certainly jump in if I miss anything. Yes, the supply chain, I would say, overall, probably most impactful for this brand. And I think one thing to -- not just the quarter, really through the year. I think we've talked about this over the last couple of quarters. We -- it's really important that product -- the availability, sequencing and sort of duration of how long product is out there through the year is really important to this brand. It's a unique business model. It's dependent on ongoing newness, which we, by the way, think is a competitive advantage.

布魯克，讓我從那裡開始，如果——史蒂夫，如果我錯過任何事情，肯定會加入。是的，我想說，總體而言，供應鏈可能對這個品牌影響最大。而且我認為有一件事 - 不僅僅是季度，而是全年。我想我們在過去幾個季度已經討論過這個問題。我們 - 產品非常重要 - 產品的可用性，排序和全年產品的持續時間對這個品牌來說非常重要。這是一種獨特的商業模式。它依賴於持續的新鮮感，順便說一句，我們認為這是一種競爭優勢。

It's really vital that the intended product and assortment are at the right locations at the right time. And that was really difficult to accomplish last year. This brand is fairly heavily penetrated in Vietnam. And as we started to see some of those challenges, the ability to catch up was pretty difficult. You have to realize this is a brand that -- our model is really about working really close to the consumer, making decisions as late as we possibly can as it relates to how we think about flow and assortment in the product itself, really important to kind of the competitive advantage of this brand. And so when things start to fall behind, you don't have as much room to catch up.

在正確的時間將預期的產品和分類放在正確的位置非常重要。去年真的很難做到。這個品牌在越南的滲透率相當高。當我們開始看到其中一些挑戰時，趕上的能力非常困難。你必須意識到這是一個品牌——我們的模式是真正貼近消費者，盡可能晚地做出決定，因為它關係到我們如何看待產品本身的流量和分類，這對我們來說非常重要這種品牌的競爭優勢。因此，當事情開始落後時，您就沒有太多的追趕空間了。

And so we just didn't have enough inventory really all throughout the fall and even into the spring season in terms of how we would -- the amount of inventory, the ability to flow it in an optimized way. And so we're really happy with the overall -- kind of where the brand sits and the integration that's occurred to date and what we see moving forward. But clearly, this business was disrupted in a pretty meaningful way throughout fiscal '22.

所以我們在整個秋季甚至到春季都沒有足夠的庫存，就我們的方式而言——庫存量，以優化方式流動的能力。因此，我們對整體非常滿意——品牌所處的位置、迄今為止發生的整合以及我們看到的未來發展。但很明顯，在整個 22 財年，這項業務以一種非常有意義的方式被打亂了。

And Brooke, maybe I would add. This has been a year of really significant learning for both Supreme and our VF supply chain. And understanding the Supreme model, every week, this brand puts a new assortment in front of its consumer. And if that flow is interrupted and they have to rebalance and reset, they start to get on to their -- on to the heel of their foot versus the toe. And we started the year with 30% less inventory on the fall season than we do historically. So we started from a position of a little bit less strength than they're used to, and they reacted the best they could.

還有布魯克，也許我會補充。對於 Supreme 和我們的 VF 供應鏈來說，今年是非常重要的學習年。並且了解 Supreme 模型，這個品牌每週都會在其消費者面前推出一個新品類。如果這種流動被打斷並且他們必須重新平衡和重置，他們就會開始進入他們的 - 他們的腳跟與腳趾。今年年初，我們在秋季的庫存比以往減少了 30%。所以我們從一個比他們習慣的弱一點的位置開始，他們做出了最好的反應。

I think as you look forward, what's exciting for us is as we've gained a deeper understanding, we know where we can help to support. But I think the Supreme team also is understanding the needs that they have. The hiring of a new creative director to partner with that team and further elevate both the product and the experience of the brand with Tremaine is very exciting. This is a talented individual that has a deep understanding of this consumer and this particular channel.

我認為，當您向前看時，對我們來說令人興奮的是，隨著我們獲得了更深入的了解，我們知道我們可以在哪裡提供支持。但我認為 Supreme 團隊也在理解他們的需求。聘請新的創意總監與該團隊合作，並通過 Tremaine 進一步提升產品和品牌體驗，這非常令人興奮。這是一個對這個消費者和這個特定渠道有深刻理解的人才。

We're able to now impact stores. We're going to be able to remodel, relocate some stores this year. We've got some new Asia store opportunities coming available as we begin to look at that international expansion, which was part of the acquisition thesis.

我們現在能夠影響商店。今年我們將能夠改造，搬遷一些商店。隨著我們開始關注國際擴張，我們已經獲得了一些新的亞洲商店機會，這是收購論文的一部分。

And tourism is coming back. And this brand has a lot of consumers that don't live in those markets where the stores reside, and the tourism impact and opening up of markets where consumers now can come back into the stores, engage with the brand, line up for the product, again, gives us another point of, I think, confidence of what this brand is capable of. And we're seeing that here as we open -- as we move through the spring season.

旅遊業正在回歸。而且這個品牌有很多消費者不住在商店所在的市場，以及旅遊業的影響和市場的開放，消費者現在可以回到商店，與品牌互動，排隊購買產品，我認為，再次讓我們對這個品牌的能力充滿信心。當我們開放時，我們在這裡看到了這一點——當我們度過春季時。

So I know we don't talk a lot about this brand. It's certainly one that we're very proud of. There's elements of the model that they're pretty proprietary that makes them unique. But I think the things that we've talked to you about today are important proof points and parts of the strategy that will help this brand move into fiscal '23 in a stronger position.

所以我知道我們很少談論這個品牌。這當然是我們非常自豪的一個。該模型的某些元素是非常專有的，這使得它們獨一無二。但我認為我們今天與您談論的事情是重要的證明點和戰略的一部分，將幫助該品牌以更強大的地位進入 23 財年。

Great. And then, Matt, if I could just ask one quick follow-up. What is marketing spend as a percent of sales that's embedded in the outlook for the year? And how does that compare to your prior year? How are you thinking about prioritizing those marketing dollars across brands for the year given how many initiatives you have across the portfolio?

偉大的。然後，馬特，如果我能快速跟進一下。營銷支出佔年度展望的銷售額的百分比是多少？這與你上一年相比如何？鑑於您在整個產品組合中有多少舉措，您如何考慮在今年優先考慮跨品牌的營銷資金？

Yes. Thanks, Brooke. So we're spending a little over 7% of sales. And that's -- it's planned to actually, I think, maybe be a tick or so up versus where we've been, but call it in a comparable range. So kind of growing with revenue is the expectation. I'm not going to get into the details in terms of where it's going to go by brand, but you can rest assured we look really closely at things like marketing return on investment. We understand product stories and kind of readiness from a brand standpoint in terms of product, marketing, distribution and ability to lean into those things. And we're -- that's kind of an ongoing evergreen process across our organization to ensure that the marketing dollars are providing the returns that we're looking for.

是的。謝謝，布魯克。因此，我們花費了略高於銷售額的 7%。那就是-我認為實際上計劃與我們所處的位置相比可能會增加一個或更多，但將其稱為可比範圍。因此，隨著收入的增長而增長是預期。我不會詳細說明品牌的發展方向，但您可以放心，我們會密切關注營銷投資回報等問題。我們從品牌的角度了解產品故事和準備情況，包括產品、營銷、分銷和融入這些事物的能力。而且我們 - 這是我們組織中一個持續的常青過程，以確保營銷資金提供我們正在尋找的回報。

Our next question comes from Bob Drbul with Guggenheim.

我們的下一個問題來自古根海姆的 Bob Drbul。

Love to hear a little bit more. You have, I think, $2.5 billion on your share repurchase. Given where the stock is, just love to hear your thoughts on that in FY '23. And then I guess a similar thing is just the M&A opportunities out there that you're seeing. When you think about capital allocation, I don't know if you just maybe give us an update on how you're really thinking about it at this point.

喜歡多聽一點。我認為，你有 25 億美元的股票回購。鑑於股票的位置，很想听聽您在 23 財年對此的看法。然後我想類似的事情就是你所看到的併購機會。當您考慮資本配置時，我不知道您是否可以向我們提供有關您此時的真實想法的最新信息。

Yes. Thanks, Bob. I guess one thing I would mention is, as part of the prepared comments, we've got a tax deposit we're dealing with. So we're going to navigate that. So that's a little bit of something that we've got to manage from a, I'll call it, an overall leverage and liquidity perspective. So we're going to be thoughtful there. Clearly, we've shown that when it makes sense and we've got excess cash, we'll be opportunistic and buy back shares. We did that during the back half of this year. We'll continue to evaluate those opportunities.

是的。謝謝，鮑勃。我想我要提到的一件事是，作為準備好的評論的一部分，我們正在處理一筆稅金。所以我們要導航。所以這是我們必須從整體槓桿和流動性的角度來管理的一點點。所以我們會在那裡深思熟慮。顯然，我們已經證明，當我們有多餘的現金時，我們會投機取巧，回購股票。我們在今年下半年這樣做了。我們將繼續評估這些機會。

As it relates to M&A, it's -- we've obviously shown, I think, and demonstrated our intent to continually optimize our portfolio. It's an evergreen process for us both in terms of looking at the marketplace and areas where we think we have -- where we may be underpenetrated or parts of our -- the TAMs that we're really focused on, outdoor, active, athletic, work, and opportunities to bring assets into the portfolio that we think makes sense and add to and really accelerate our ability to drive long-term growth, both top and bottom line. And at the same time, we're always evaluating the portfolio that we have to ensure that it makes sense. And we've demonstrated the fact that we'll do both acquisitions and divestitures, and that's something that we'll continue to do.

因為它與併購有關，所以我們顯然已經展示了，我認為，並展示了我們不斷優化我們的投資組合的意圖。這對我們來說是一個常青的過程，無論是在觀察市場和我們認為我們擁有的領域——我們可能未被充分滲透的領域或我們的一部分——我們真正關注的 TAM，戶外，活躍，運動，工作，以及將資產納入我們認為有意義的投資組合的機會，並增加並真正加速我們推動長期增長的能力，包括頂線和底線。同時，我們一直在評估我們必須確保它有意義的投資組合。我們已經證明了我們將同時進行收購和資產剝離的事實，這是我們將繼續做的事情。

And Bob, the dividend remains very important as well. It's been an important part of the thesis. And all 3, we look to really move those levers appropriately but not -- important not to forget the dividend as well.

鮑勃，股息也很重要。這是論文的重要組成部分。所有這三個，我們都希望真正適當地移動這些槓桿，但不要 - 重要的是不要忘記股息。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. I had 2 questions. The first is a follow-up on your gross margin guidance for this year. I was wondering by brand if there were any meaningful differences for that plus 50 basis points overall. And then secondly, what's your view on the right fleet size for each of your brands? And how many store openings approximately are you expecting this year?

是特蕾西·科根（Tracy Kogan）代替保羅。我有 2 個問題。第一個是對今年毛利率指導的跟進。我想知道品牌是否有任何有意義的差異，再加上 50 個基點。其次，您對每個品牌的正確車隊規模有何看法？您預計今年大約有多少家門店開業？

Yes. So yes, no significant variances there. I did -- in terms of the gross margin kind of expansion for the year, we're not going to see exactly perfect at the average in terms of product cost increases or even price increases. So there will be some variations. And clearly, kind of the benefit of lower expedited freight, that won't be exactly the same across each brand. We're probably -- there's parts of our business where the demand continues to be really, really strong, where we'll probably see a little bit more airfreight in some cases. But by and large, it's -- you shouldn't expect significant differences by brand.

是的。所以是的，那裡沒有顯著差異。我做到了 - 就今年的毛利率擴張而言，我們不會看到產品成本增加甚至價格上漲的平均水平完全完美。所以會有一些變化。顯然，降低加急運費的好處在每個品牌中並不完全相同。我們可能 - 我們業務的某些部分需求仍然非常非常強勁，在某些情況下我們可能會看到更多的空運。但總的來說，你不應該期望品牌有顯著差異。

As it relates to the fleet, I don't know about exactly whether we've ever really talked about that. What we really talk about is the integrated marketplace management and the role of our own stores, the role of our digital business in terms of the overall ecosystem of our direct-to-consumer, the importance of key strategic accounts that we have across the world in all 3 regions. And as part of that, obviously, is kind of the digital titan partnerships that we have. So we believe that brick-and-mortar is an important aspect of that. We will continue to have brick-and-mortar be an important part of our overall approach.

因為它與艦隊有關，我不知道我們是否真的談論過這個。我們真正談論的是綜合市場管理和我們自己的商店的作用，我們的數字業務在我們直接面向消費者的整體生態系統中的作用，我們在全球擁有的關鍵戰略客戶的重要性在所有 3 個地區。作為其中的一部分，顯然是我們擁有的數字巨頭合作夥伴關係。因此，我們認為實體店是其中的一個重要方面。我們將繼續讓實體店成為我們整體方法的重要組成部分。

We are adding stores. Probably the net adds are less today than they were a few years ago. And we continue to ensure that all of our stores make sense from a -- both from a strategic perspective, right locations, right size, right profit profile and contribution and supporting that overall ecosystem. So we're probably closing a few more stores on the fringe than we have historically. And we're really focused on making sure we got the right stores in the right place. And in some cases, it's sort of fewer, bigger, better is maybe a way to think about it.

我們正在添加商店。今天的淨增加量可能比幾年前要少。我們將繼續確保我們所有的商店都有意義——無論是從戰略角度、正確的位置、正確的規模、正確的利潤狀況和貢獻以及支持整個生態系統。因此，我們可能會關閉比歷史上更多的邊緣商店。我們真正專注於確保我們在正確的地方擁有正確的商店。在某些情況下，它可能是一種更少、更大、更好的思考方式。

Our next question comes from John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen。

It's Krista Zuber on for John. Most of our questions have been answered. Just wanted to touch on your guidance for adjusted cash flow from operations in fiscal '23. I think you're guiding to about $1.2 billion. I mean that implies a fair acceleration over fiscal '22. I wonder if you could provide a little bit of color on the drivers of that and particularly as it relates to what you see opportunity-wise for your inventory turns.

這是約翰的克里斯塔祖伯。我們的大部分問題都已得到解答。只是想談談您對 23 財年運營調整後現金流量的指導。我認為你的指導價約為 12 億美元。我的意思是，這意味著在 22 財年的公平加速。我想知道您是否可以在驅動因素上提供一點顏色，特別是因為它與您看到的庫存周轉機會有關。

Yes. Good question. You're very astute. You're all over it. It does imply a bit of an acceleration, but it doesn't imply, I think, anything that's all that abnormal from our historical. This year actually has been a little bit lower because of really how we managed last year. We actually reduced our working capital balance at the end of last year pretty dramatically as you think about where we position inventory coming out of last year as we were managing very, very cautiously through the pandemic. So we've assumed kind of that benefit in terms of not having to kind of build that inventory that we did this year. And the same kind of thing applies to accounts receivables. So this year's numbers, I would say, is more normalized in fiscal '23, how we've guided. Fiscal '22 was a little bit lower from a working capital standpoint. So hopefully, that gives you the color you're looking for.

是的。好問題。你很精明。你已經結束了。它確實暗示了一點加速，但我認為，這並不意味著我們歷史上的任何異常情況。由於我們去年的管理方式，今年實際上有點低。實際上，我們在去年年底大幅減少了營運資金餘額，因為我們在大流行期間非常非常謹慎地管理去年的庫存。因此，我們假設不必像今年那樣建立庫存。同樣的事情也適用於應收賬款。因此，我想說，今年的數字在 23 財年更加正常化，這是我們的指導方式。從營運資金的角度來看，22 財年略低一些。所以希望，這會給你你正在尋找的顏色。

And ladies and gentlemen, at this time, I'll turn the floor back to Steve Rendle for closing remarks.

女士們，先生們，此時，我將請史蒂夫·倫德爾（Steve Rendle）做閉幕詞。

I woul'd like to thank everybody for taking the time to join us this afternoon. We delivered solid results in what was a very challenging and highly dynamic environment, and we leveraged our extensive scale, relationships, our talented people and our world-class brands to deliver those results. We generated broad-based profitable growth with 5 brands achieving record sales. And our family of brands is strong, it's balanced and it's gaining momentum and is poised to deliver strong, sustainable and profitable growth in fiscal '23 and beyond. I'm very confident that we have the right leaders in place across our business with a deep and broad bench of talent. And we remain committed to investing for growth in order to advance our strategy, and importantly, to deliver superior returns to our shareholders. So thank you for your time today.

我要感謝大家今天下午抽出時間加入我們。我們在極具挑戰性和高度動態的環境中取得了可靠的成果，我們利用我們廣泛的規模、關係、我們的人才和我們的世界級品牌來實現這些成果。我們創造了基礎廣泛的盈利增長，其中 5 個品牌實現了創紀錄的銷售額。我們的品牌家族強大、平衡且勢頭強勁，並準備在 23 財年及以後實現強勁、可持續和盈利的增長。我非常有信心，我們在整個業務中擁有合適的領導者，並擁有深厚而廣泛的人才。我們仍然致力於為增長而投資，以推進我們的戰略，更重要的是，為我們的股東帶來豐厚的回報。所以謝謝你今天的時間。

Thank you. This concludes today's conference. All parties may disconnect. Have a good day.

謝謝你。今天的會議到此結束。各方都可以斷開連接。祝你有美好的一天。