Nike Inc (NKE) 2011 Q1 法說會逐字稿

Good afternoon everyone.

大家下午好。

Welcome to NIKE's fiscal 2011 first-quarter conference call.

歡迎參加 NIKE 2011 財年第一季度電話會議。

For those who need to reference today's press release you will find it at www.Nikebiz.com.

對於那些需要參考今天的新聞稿的人，您可以在 www.Nikebiz.com 上找到它。

Leading today's call is Kelley Hall, Senior Director, Investor Relations.

主持今天電話會議的是投資者關係高級總監 Kelley Hall。

Before I turn the call over to Ms.

在我把電話轉給女士之前

Hall, let me remind you that participants on this call will make forward-looking statements based on current expectations and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

霍爾，讓我提醒您，本次電話會議的參與者將根據當前預期做出前瞻性陳述，這些陳述受某些風險和不確定因素的影響，可能導致實際結果出現重大差異。

These risks and uncertainties are detailed in the reports filed with the SEC including Forms 8-K, 10-K and 10-Q.

這些風險和不確定性在向美國證券交易委員會提交的報告中有詳細說明，包括 8-K、10-K 和 10-Q 表格。

Some forward-looking statements concern future orders that are not necessarily indicative of changes in total revenues for subsequent periods due to mix of futures and at-once orders, exchange rate fluctuations, order cancellations and discounts which may vary significantly from quarter to quarter.

一些前瞻性陳述涉及未來訂單，這些訂單不一定表示由於期貨和一次性訂單的組合、匯率波動、訂單取消和折扣而可能在每個季度之間發生顯著變化而導致的後續期間總收入的變化。

In addition, it is important to remember a significant portion of NIKE, Inc.'s business, including equipment, NIKE Golf, Cole Haan, Converse, Hurley and Umbro are not included in these futures numbers.

此外，重要的是要記住 NIKE, Inc. 的很大一部分業務，包括設備、NIKE Golf、Cole Haan、Converse、Hurley 和 Umbro 不包括在這些期貨數據中。

Finally, participants may discuss non-GAAP financial measures.

最後，參與者可以討論非 GAAP 財務措施。

The presentation of comparable GAAP measures and quantitative reconciliations are found at NIKE's website.

在 NIKE 的網站上可以找到可比較的 GAAP 措施和定量調節的介紹。

This call might also include discussion of nonpublic financial and statistical information which is also publicly available on that site www.Nikebiz.com.

此電話會議還可能包括對非公開財務和統計信息的討論，這些信息也可在該網站 www.Nikebiz.com 上公開獲得。

I would now like to turn the call over to Kelley Hall, Senior Director, Investor Relations.

我現在想把電話轉給投資者關係高級總監 Kelley Hall。

Thanks, operator.

謝謝，運營商。

Hello, everyone, and thank you for joining us today to discuss NIKE's fiscal 2011 first-quarter results.

大家好，感謝大家今天加入我們討論 NIKE 2011 財年第一季度的業績。

As the operator indicated, participants on today's call may discuss non-GAAP financial measures.

正如接線員所指出的，今天電話會議的參與者可能會討論非 GAAP 財務指標。

You will find the appropriate reconciliation in our press release which was issued about an hour ago, and at our website: Nikebiz.com.

您可以在大約一個小時前發布的新聞稿和我們的網站 Nikebiz.com 上找到適當的對帳。

Joining us on today's call will be NIKE, Inc.

NIKE, Inc. 將與我們一起參加今天的電話會議。

CEO, Mark Parker followed by Charlie Denson, President of the NIKE Brand, and finally, you will hear from our Chief Financial Officer Don Blair, who will give you an in-depth review of our financial results.

首席執行官 Mark Parker 隨後是 NIKE 品牌總裁 Charlie Denson，最後，您將聽到我們的首席財務官 Don Blair 的講話，他將為您深入回顧我們的財務業績。

Following their prepared remarks we will take your questions.

在他們準備好的發言之後，我們將回答您的問題。

We would like to allow was many of you to ask questions as possible in our allotted time, so we would appreciate you limiting your initial questions to two.

我們希望你們中的許多人在我們規定的時間內盡可能多地提問，因此我們希望您將最初的問題限制在兩個以內。

In the event you have additional questions that are not covered by others, please feel free to re-queue and we would do our best to come back to you.

如果您有其他人未涵蓋的其他問題，請隨時重新排隊，我們會盡力回复您。

Thanks for your cooperation on this.

感謝您在這方面的合作。

I will now turn the call over to NIKE, Inc.'s President and CEO, Mark Parker.

我現在將把電話轉給 NIKE, Inc. 的總裁兼首席執行官馬克帕克。

Thanks Kelly and hello everybody.

謝謝凱利，大家好。

In June I talked about the momentum that we saw back in the back half of fiscal 2010, and Q1 shows how we are expanding on that momentum.

6 月，我談到了我們在 2010 財年下半年看到的勢頭，第一季度顯示了我們如何擴大這種勢頭。

Revenue, gross margin and profit are all up, global futures are up 13%, our biggest increase in over a decade; and our portfolio of affiliate brands Converse, Hurley, Cole Haan, NIKE Golf and Umbro, continues to gain strong momentum.

收入、毛利率和利潤均上漲，全球期貨上漲 13%，是我們十多年來的最大漲幅；我們的附屬品牌 Converse、Hurley、Cole Haan、NIKE Golf 和 Umbro 的組合繼續保持強勁勢頭。

As a result, we delivered exceptional earnings per share of $1.14 to our investors.

因此，我們為投資者帶來了 1.14 美元的超常每股收益。

Our first-quarter results are a great start to the year and demonstrate the tremendous growth potential of the NIKE, Inc.

我們第一季度的業績是今年的一個良好開端，展示了 NIKE, Inc. 的巨大增長潛力。

portfolio.

文件夾。

Equally important is what's behind the numbers, and I point to three reasons for outstanding performance -- flexibility, balance and alignment.

同樣重要的是數字背後的原因，我指出了出色表現的三個原因——靈活性、平衡性和一致性。

Flexibility is about the power of our portfolio, our mix of brands and category offense.

靈活性關乎我們產品組合的力量、我們的品牌組合和品類進攻。

We're able to pull multiple levers across many dimensions of our business.

我們能夠在我們業務的許多方面拉動多個槓桿。

For example, we can dial up the Running category to leverage successful new designs like the LunarGlide and Dynamic Stability.

例如，我們可以調高跑步類別以利用成功的新設計，如 LunarGlide 和 Dynamic Stability。

We can create momentum in Action Sports by combining three great brands across multiple sports and a single consumer experience.

我們可以通過將跨越多項運動的三個偉大品牌和單一的消費者體驗結合起來，為極限運動創造動力。

And in an environment where certain categories or geographies might be slower to recover, our diverse global portfolio allows us to create new growth in other key markets.

在某些類別或地區可能恢復較慢的環境中，我們多樣化的全球產品組合使我們能夠在其他主要市場創造新的增長。

This flexibility is strategic and powerful and unique to NIKE, Inc.

這種靈活性對於 NIKE, Inc. 來說具有戰略意義、強大而獨特。

Balance is all about leveraging innovation to create new opportunities.

平衡就是利用創新創造新機會。

We fixate on superior performance product and then use that innovation to drive the style side of the business, something you can see clearly in the success of our Apparel business.

我們專注於性能卓越的產品，然後利用這種創新來推動業務的風格方面，您可以從我們服裝業務的成功中清楚地看到這一點。

We invest in direct-to-consumer retail and use that innovation to elevate our presence with our own retail partners.

我們投資於直接面向消費者的零售，並利用這種創新來提升我們與自己的零售合作夥伴的關係。

We take everything we know about the physical world of sports and we apply that knowledge to the potential of digital technology to create new experiences.

我們利用我們對體育物理世界的了解，並將這些知識應用於數字技術的潛力，以創造新的體驗。

We do these things to create short- and long-term opportunities that generate top- and bottom-line growth.

我們做這些事情是為了創造短期和長期的機會，從而帶來收入和利潤的增長。

Finally, alignment, which is all about optimizing our resources to maximize return.

最後，對齊，這就是優化我們的資源以最大化回報。

When we're fully aligned across design, production, marketing and distribution, the result is experiences that only NIKE can create, like our Write the Future World Cup campaign, the U.S.

當我們在設計、生產、營銷和分銷方面完全一致時，結果就是只有 NIKE 才能創造的體驗，比如我們的寫未來世界杯活動，美國。

Open of Surfing and the World Basketball Festival.

衝浪和世界籃球節開幕。

All three of those events happened in Q1.

所有這三個事件都發生在第一季度。

We see the same power of alignment throughout the Company in design, our supply chain, in retail, in HR and operations and in marketing and sales.

我們在整個公司的設計、我們的供應鏈、零售、人力資源和運營以及營銷和銷售方面看到了同樣的協調力量。

Alignment amplifies our resources to create unique and compelling successes for our consumers and shareholders.

協調擴大了我們的資源，為我們的消費者和股東創造了獨特而引人注目的成功。

So the balance, flexibility and alignment that contributed to Q1 continue to position us for growth globally and locally.

因此，促成第一季度的平衡、靈活性和一致性繼續使我們在全球和本地實現增長。

But it is not just about NIKE, it's also about driving innovation and potential into the market place.

但這不僅僅與 NIKE 有關，它還與推動創新和潛力進入市場有關。

We work with a diverse set of retailers each with specific strengths and opportunities and we're uniquely able to amplify those strengths in a way that creates a consistently authentic and provocative presence for our brands, categories and products.

我們與各種各樣的零售商合作，每個零售商都有特定的優勢和機會，我們能夠以獨特的方式放大這些優勢，為我們的品牌、類別和產品創造始終如一的真實和挑釁的存在。

When we combine that with our own retail executions in-store and online, we create an integrated yet differentiated market place that enables NIKE, Inc.

當我們將其與我們自己的店內和在線零售執行相結合時，我們創建了一個集成但差異化的市場，使 NIKE, Inc.

to grow on multiple fronts.

在多個方面發展。

Even in a global market that still has some potential for turbulence, we are seeing evidence that our growth is accelerating and our leadership position is helping to lift the entire industry.

即使在仍然存在動盪潛力的全球市場中，我們也看到證據表明我們的增長正在加速，我們的領導地位正在幫助提升整個行業。

That energy in the marketplace also illustrates an appetite for sports, innovative product and a desire for personal connection with our brands that has never been stronger, which is why I'm more optimistic now than I have ever been.

市場上的這種活力也說明了人們對運動、創新產品的興趣以及對與我們品牌的個人聯繫的渴望從未如此強烈，這就是為什麼我現在比以往任何時候都更加樂觀。

It all starts and continues with deep and meaningful connections with athletes and consumers.

這一切都始於並繼續與運動員和消費者建立深刻而有意義的聯繫。

That is where the insights are, that's where the innovation begins and that's where our growth is.

這就是洞察力所在，創新開始的地方，也是我們成長的地方。

And, ultimately that is where we serve athletes, consumers and shareholders.

而且，最終這就是我們為運動員、消費者和股東提供服務的地方。

Being flexible, balanced and aligned will also help us move through the continuing economic uncertainty ahead.

靈活、平衡和協調也將幫助我們度過未來持續的經濟不確定性。

Potential headwinds include all the usual suspects -- raw materials, energy, labor and transportation costs and FX rates, all of which have the potential to create pressure on margins through the back half of this fiscal year.

潛在的不利因素包括所有常見的因素——原材料、能源、勞動力和運輸成本以及匯率，所有這些都有可能在本財年下半年對利潤率造成壓力。

To this point, I think we have proven our unique ability to manage through such circumstances.

到目前為止，我認為我們已經證明了我們在這種情況下進行管理的獨特能力。

We have the scale and leverage to optimize our input costs, we have the ability to dial up discrete parts of the portfolio as opportunity arises, we have the capital to surgically and aggressively invest in new growth, we have the talent throughout the Company to execute with speed and precision.

我們有規模和槓桿來優化我們的投入成本，我們有能力在機會出現時撥出投資組合的離散部分，我們有資本手術和積極地投資於新的增長，我們有整個公司的人才來執行以速度和精度。

And, just as important, we're obsessed.

而且，同樣重要的是，我們很著迷。

We have the hunger to seek and develop the new ideas and inspiration that allow us to innovate and ultimately surprise and delight the athletes and consumers we are here to serve.

我們渴望尋求和發展新的想法和靈感，使我們能夠創新並最終讓我們在這裡服務的運動員和消費者感到驚喜和愉悅。

That's why we are not guided by the vagaries of the macro economy.

這就是為什麼我們沒有被變幻莫測的宏觀經濟所引導。

We're guided by our own potential and that potential has never been greater.

我們以自己的潛力為指導，而且這種潛力從未如此強大。

Now here's Charlie to take you through this more details on the NIKE Brand.

現在，查理將帶您了解有關 NIKE 品牌的更多詳細信息。

Thanks, Mark, good afternoon everyone.

謝謝，馬克，大家下午好。

Q1 was indeed a good quarter for the NIKE Brand.

Q1 確實是 NIKE 品牌的好季度。

We posted some strong numbers and we're in good position to take advantage of the momentum we've worked hard to create.

我們發布了一些強勁的數據，我們處於有利的位置，可以利用我們努力創造的勢頭。

Let's go through some of the first quarter highlights.

讓我們來看看第一季度的一些亮點。

Reported revenue was up 6% to $4.5 billion.

報告收入增長 6% 至 45 億美元。

SG&A was up due to demand creation behind World Cup and the World Basketball Festival and our global futures are up 10% or 13% on a constant dollar basis, our highest in over a decade.

由於世界杯和世界籃球節背後的需求創造，SG&A 上漲，我們的全球期貨按固定美元匯率上漲 10% 或 13%，這是我們十多年來的最高水平。

This may not be the last time you hear that today.

這可能不是你今天最後一次聽到這樣的話。

We feel a great about where we are what we've accomplished, but I'm even more excited about where the NIKE Brand can go.

我們對我們所取得的成就感到非常高興，但我更興奮的是 NIKE 品牌可以走向何方。

For the past year you've heard us talk about amplifying our innovation agenda and the power of sport through a category lens.

在過去的一年裡，您聽到我們談論通過類別鏡頭擴大我們的創新議程和體育的力量。

In fact, nine months ago on our Q2 call, we laid out specific plans to pick up share and expand our leadership position across the industry worldwide -- Fresh Air in the Spring to drive Sportswear, industry-leading Football innovations around World Cup, Running strength driven by LunarGlide and Dynamic Stability and the evolution of Pro Combat Apparel.

事實上，九個月前，在我們的第二季度電話會議上，我們制定了具體計劃，以擴大我們在全球行業的份額並擴大我們的領導地位——春天的新鮮空氣推動運動服、圍繞世界杯的行業領先的足球創新、跑步由 LunarGlide 和動態穩定性以及 Pro Combat 服裝的演變驅動的力量。

All of these category-specific efforts are paying off big time, just like we said they would.

所有這些針對特定類別的努力都取得了巨大的回報，就像我們說的那樣。

If we take a bit deeper dive into some of the examples that Mark opened with, you can see how we use that category lens to drive innovation across product, brand and at retail.

如果我們更深入地研究 Mark 在開篇時提到的一些示例，您就會看到我們如何使用該類別鏡頭來推動跨產品、品牌和零售的創新。

In June we had our best World Cup effort ever.

6 月，我們在世界杯上取得了有史以來最好的成績。

We broke new ground with a revolutionary traction technology and in high-performance Apparel with kits that were also our most sustainable ever.

我們通過革命性的牽引技術和高性能服裝開闢了新天地，其套件也是我們有史以來最具可持續性的。

And whether you were 100 rows up in Soccer City Stadium or 10,000 miles away in your living room, there was no mistaking the iconic orange pop of the NIKE boots on the pitch.

無論您是在足球城體育場 100 排，還是 10,000 英里外的客廳，都不會錯認球場上 NIKE 靴子標誌性的橙色流行色。

Our Write the Future Football content was viewed more than 52 million times online and it was Andres Iniesta in a NIKE boot who kicked the winning goal for Spain in the final.

我們的“書寫未來足球”內容在網上的瀏覽量超過 5200 萬次，而穿著 NIKE 戰靴的安德烈斯·伊涅斯塔在決賽中為西班牙隊踢出了致勝一球。

I'm proud of both our brand and our commercial success at World Cup 2010.

我為我們的品牌和我們在 2010 年世界杯上取得的商業成功感到自豪。

It was a championship performance and we're looking forward to winning again in Brazil in 2014.

這是一場冠軍錶演，我們期待 2014 年在巴西再次獲勝。

After the World Cup, it was onto the U.S.

世界杯結束後，它進入了美國。

Open of Surfing.

打開衝浪。

More than 600,000 people stormed Huntington Beach to watch Fred Sampson and Carissa Moore take the crowns.

超過 600,000 人湧入亨廷頓海灘觀看 Fred Sampson 和 Carissa Moore 奪冠。

It was a massive celebration of surf, skate and BMX created by the leaders in Action Sports -- NIKE 6.0, Hurley and Converse.

這是由極限運動領域的領導者——NIKE 6.0、Hurley 和 Converse 創造的衝浪、滑板和 BMX 的盛大慶祝活動。

Then we put together the first World Basketball Festival.

然後我們組織了第一屆世界籃球節。

It was a four-day city-wide celebration to honor the Global Games and a tremendous showcase for NIKE Basketball, Jordan and Converse.

這是一場為期四天的全市慶祝活動，以表彰全球運動會，也是 NIKE Basketball、Jordan 和 Converse 的一次盛大展示。

I was especially inspired by Kevin Durant whose play and leadership earned him the MVP of the World Championships and established himself as an emerging force in the game going forward.

凱文杜蘭特特別鼓舞了我，他的表現和領導能力為他贏得了世界錦標賽的 MVP，並確立了自己在未來比賽中的新興力量。

As much as we highlight connecting with consumers at big events with millions of people, we're equally focused on the individual athlete.

儘管我們強調在擁有數百萬人的大型賽事中與消費者建立聯繫，但我們同樣關注運動員個人。

Just a couple of weeks ago we launched our new NIKE + GPS app.

就在幾週前，我們推出了新的 NIKE + GPS 應用程序。

It helps train, inspire and connect runners to the rest of the world anytime and anywhere.

它有助於隨時隨地訓練、激勵跑步者並將其與世界其他地方聯繫起來。

It's a very exciting example of how we can combine two high-performance businesses, Digital Sport and Running, to create a new experience for consumers and a new growth market for the NIKE Brand.

這是一個非常令人興奮的例子，說明我們如何將 Digital Sport 和 Running 這兩個高性能業務結合起來，為消費者創造新的體驗，並為 NIKE 品牌創造新的增長市場。

While I'm on Running, real quick on the LunarGlide shoe.

當我在跑步時，穿上 LunarGlide 鞋真的很快。

We sold more LunarGlide shoes in Q1 than we did any other performance shoe in any other quarter in our history.

我們在第一季度售出的 LunarGlide 鞋比我們歷史上任何其他季度售出的任何其他性能鞋都多。

It's also proving to be a powerful crossover shoe between technical performance and style, again, an opportunity we started talking about a few years ago and a perfect example of how performance product can drive both sides of the business.

它也被證明是技術性能和風格之間的強大交叉鞋，這也是我們幾年前開始談論的機會，也是性能產品如何推動業務雙方的完美示例。

So World Cup, U.S.

所以世界杯，美國

Open of Surf, World Basketball Festival, all featuring new products and stories, new communities, compelling experiences with our brands and inside our stores, and all in the last 90 days.

衝浪開幕、世界籃球節，所有這些都以新產品和故事、新社區、我們品牌和商店內部的引人入勝的體驗為特色，所有這些都是在過去 90 天裡發生的。

So what is coming in the next 90 days?

那麼接下來的 90 天會發生什麼？

Well, we will launch the new LeBron 8 shoe in October, a totally fresh expression of one of our most successful franchises and we're putting the finishing touches on the highly anticipated Kobe 6, set to launch on Christmas Day.

那麼，我們將在 10 月推出新款 LeBron 8 鞋，這是我們最成功的系列之一的全新表現，我們正在對備受期待的 Kobe 6 進行最後潤色，定於聖誕節推出。

In College Football here in the states, 10 elite college teams are now playing in new Pro Combat uniforms and we'll be running marathons in Berlin, Chicago, Beijing, New York and San Francisco where you'll see countless athletes running in Lunar cushioning, Dynamic Stability, Flywire technology and the Tempo Running Short, and that is just a glimpse of the product and the brand experiences on the way.

在美國的 College Football 中，10 支精英大學球隊現在穿著新的 Pro Combat 制服參加比賽，我們將在柏林、芝加哥、北京、紐約和舊金山舉行馬拉鬆比賽，在那裡你會看到無數運動員穿著 Lunar 氣墊跑步、動態穩定性、Flywire 技術和 Tempo 跑步短褲，這只是產品和品牌體驗的一瞥。

That leaves the final piece of the category offense, optimizing the expansion of the marketplace.

這就剩下類別進攻的最後一部分，優化市場的擴張。

We lead with the NIKE Retail in-store and online and we drive innovation into the market place to help our retail partners present our brands and our products.

我們以 NIKE Retail 店內和網上零售為先導，將創新推向市場，幫助我們的零售合作夥伴展示我們的品牌和產品。

Two new NIKE Stores in Santa Monica and Roosevelt Field are great examples of where we see the retail evolution headed, a balance of innovative product, strong brand and category passion, from the best performance product you can find anywhere to lifestyle Footwear and Apparel you can wear any time.

位於聖塔莫尼卡和羅斯福球場的兩家新 NIKE 專賣店是我們看到零售業發展方向的絕佳例子，創新產品、強大的品牌和品類熱情的平衡，從隨處可見的最佳性能產品到生活方式鞋類和服裝，應有盡有隨時穿。

Our partner retail concepts have that same balance -- Foot Locker's House of Hoops, Finish Line's Running Lab, the Dick's Field House concept -- have quickly become meaningful and measurable formats that expand the overall market.

我們的合作夥伴零售概念具有相同的平衡——Foot Locker 的籃球屋、Finish Line 的跑步實驗室、Dick 的 Field House 概念——已迅速成為擴大整體市場的有意義且可衡量的形式。

And with partners like JD Sports in the UK, Bell in China and Centauroin Brazil, we continue to deliver robust potential in key markets around the world.

我們與英國的 JD Sports、中國的 Bell 和巴西的 Centauroin 等合作夥伴一起，繼續在全球主要市場發揮強大的潛力。

With one look at our futures, you can see that demand is high.

看看我們的期貨，您會發現需求很高。

This is a great position to be in, but it does come with its own challenges, specifically with select technical Footwear and performance Apparel products.

這是一個很好的位置，但它也有自己的挑戰，特別是在精選的技術鞋類和性能服裝產品方面。

We're working closely with all our manufacturing partners to accelerate production and meet demand on these highly sought after products.

我們正在與所有製造合作夥伴密切合作，以加快生產速度並滿足對這些備受追捧的產品的需求。

But all things being equal, we prefer a full market and we're seeing that enthusiasm play out across categories and geographies.

但在所有條件都相同的情況下，我們更喜歡一個完整的市場，而且我們看到這種熱情在各個類別和地區發揮作用。

In North America the category offense is building strong momentum in product, brand experiences and premium distribution with particular strength in our performance categories and in Apparel.

在北美，品類進攻在產品、品牌體驗和優質分銷方面形成強勁勢頭，尤其是在我們的性能品類和服裝領域。

Futures for Holiday and Spring are up strong double digits in nearly every category, including Women's Training which is steadily gaining share with its Apparel business.

假期和春季的期貨幾乎在每個類別中都以兩位數的速度強勁增長，包括女性培訓，該業務正在穩步增加其服裝業務的份額。

And we expect Women's Training to see additional success and revenue when we introduce a major new technology and performance story around NIKE Free Footwear in the Spring.

當我們在春季推出有關 NIKE Free Footwear 的重大新技術和性能故事時，我們預計女性訓練會取得額外的成功和收入。

In Western Europe, we're pleased to see an accelerating return to growth as the region began to show signs of stabilizing.

在西歐，我們很高興看到隨著該地區開始出現穩定跡象，該地區正在加速恢復增長。

We saw dramatic growth in Running, Football and Action Sports.

我們看到了跑步、足球和極限運動的顯著增長。

In the UK specifically we saw solid futures growth in Basketball, Football and Men's and Women's Training.

特別是在英國，我們看到了籃球、足球和男女訓練的穩健未來增長。

Central and Eastern Europe featured especially impressive comebacks in Russia and Turkey and strong Futures in all categories.

中歐和東歐在俄羅斯和土耳其的捲土重來尤其令人印象深刻，而且所有類別的期貨都表現強勁。

Still a lot of choppiness in that geography, but nice to welcome them back to the positive side of the growth equation.

該地區仍然存在很多動盪，但很高興歡迎他們回到增長方程式的積極方面。

In China, we extended market share gains driven by strong retail partner performance and strong double-digit Futures in nearly every category.

在中國，我們擴大了市場份額的增長，這得益於零售合作夥伴的強勁表現和幾乎每個類別的強勁兩位數期貨。

The big story there continues to be Basketball, which shows no signs of slowing down.

那裡的大故事仍然是籃球，它沒有放緩的跡象。

Kobe is a living legend in China and his signature product continues to absolutely kill at retail.

科比在中國是一個活著的傳奇人物，他的標誌性產品繼續在零售市場上大賣。

China continues to be a market that offers a solid balance of short- and long-term growth potential.

中國仍然是一個提供短期和長期增長潛力穩固平衡的市場。

Japan continues to work through one of the toughest economies in decades.

日本繼續努力度過幾十年來最艱難的經濟體之一。

That said, our technical Running product in Women's Apparel is performing relatively well in that market.

也就是說，我們在女裝領域的技術跑步產品在該市場表現相對較好。

We'll continue to do in Japan what we've done with each of our businesses during the recession -- run lean, invest wisely, optimize, drive profitability and maintain brand strength.

我們將繼續在日本做我們在經濟衰退期間對我們的每項業務所做的事情——精益運營、明智投資、優化、提高盈利能力並保持品牌實力。

And, finally the Emerging Markets, where every category and major territory saw positive growth and continued strong Futures.

最後是新興市場，每個類別和主要地區都實現了正增長，期貨也持續走強。

Revenue in our Brazil business alone is up 70% which speaks to the power of the NIKE Brand and it speaks just as loudly to the potential of our Emerging Markets region which has consistently posted double-digit growth and revenue futures and EBIT.

僅我們巴西業務的收入就增長了 70%，這說明了 NIKE 品牌的力量，也充分說明了我們新興市場地區的潛力，該地區一直保持兩位數的增長和收入期貨以及息稅前利潤。

So it was balance, alignment and flexibility that delivered our strong quarter.

因此，正是平衡、協調和靈活性造就了我們強勁的季度。

Our Footwear business is solid around the world.

我們的鞋類業務在世界各地都很穩固。

Our Apparel business is energized and just beginning to reveal some of its true potential.

我們的服裝業務充滿活力，並剛剛開始展現其真正的潛力。

Overall we've never executed better on both the global and the local level.

總的來說，我們在全球和地方層面的執行情況從未如此出色。

Going forward we have a clear vision and a wealth of opportunity and while we face some uncertainty on the macro side, there's no doubting our performance and our ability to execute our game plan and deliver results.

展望未來，我們有清晰的願景和豐富的機會，雖然我們在宏觀方面面臨一些不確定性，但毫無疑問我們的表現以及我們執行遊戲計劃和交付成果的能力。

Now here's Don to take you through a bit more of the numbers.

現在，唐將帶您了解更多數字。

Thank you Charlie.

謝謝查理。

I agree there's a lot to like about our first-quarter results.

我同意我們第一季度的業績有很多值得關注的地方。

Revenues were up 10% in constant currency, reflecting growth in each of our NIKE Brand sport categories, every geography but Japan and each of our affiliate businesses.

按固定匯率計算，收入增長了 10%，反映了我們每個 NIKE 品牌運動類別、除日本以外的每個地區以及我們每個附屬業務的增長。

And our NIKE Brand Direct-to-Consumer businesses are on fire as our retail stores delivered record revenues for the quarter and Digital sales rose 22%.

我們的耐克品牌直接面向消費者的業務火爆，因為我們的零售店在本季度實現了創紀錄的收入，數字銷售額增長了 22%。

Futures scheduled for delivery over the next five months grew 13% in constant dollars and 10% as reported, reflecting accelerating growth in the second half of the Futures window.

計劃在未來五個月內交割的期貨按不變美元計算增長 13%，據報導增長 10%，反映出期貨窗口下半年的加速增長。

Gross margin was surprisingly strong as higher input costs are hitting us a bit later than we expected and strong consumer demand for our products in wholesale accounts and in our own retail stores kept inventories lean, minimizing discounts and closeouts.

毛利率出人意料地強勁，因為更高的投入成本對我們的打擊比我們預期的要晚一些，而且批發賬戶和我們自己的零售店的消費者對我們產品的強勁需求使庫存保持精簡，最大限度地減少了折扣和清倉。

In Q1 these positive factors more than outweighed FX headwinds as well as higher sourcing and air freight costs as we continued to work with our factories to build capacity and meet consumer demand.

在第一季度，這些積極因素超過了外匯逆風以及更高的採購和空運成本，因為我們繼續與我們的工廠合作以建立產能並滿足消費者需求。

As planned, we made significant first quarter investments in demand creation and retail infrastructure, but our costs remained well-controlled and stock option expenses declined leaving overall SG&A lower than our expectations.

按照計劃，我們在第一季度對需求創造和零售基礎設施進行了大量投資，但我們的成本仍然得到很好的控制，股票期權費用下降，使整體 SG&A 低於我們的預期。

The result was $1.14 in Earnings per share up 10% versus last year.

結果是每股收益 1.14 美元，比去年增長 10%。

As pleased as we are by our first-quarter results, we're even more excited about the long-term outlook for our business.

儘管我們對第一季度的業績感到滿意，但我們對業務的長期前景更加興奮。

The broad-based growth we reported in Q1 and the rapid acceleration of futures are strong indicators that our integrated category offense is gaining powerful traction in the marketplace.

我們在第一季度報告的廣泛增長和期貨的快速加速是我們綜合類別進攻在市場上獲得強大吸引力的有力指標。

In recent quarters we've said that while we are cautious about the macro outlook we have great confidence in NIKE and we do see still see some challenges ahead.

最近幾個季度，我們曾表示，雖然我們對宏觀前景持謹慎態度，但我們對 NIKE 充滿信心，我們確實看到未來仍會面臨一些挑戰。

Input costs are headed higher as labor, oil and cotton become more expensive.

隨著勞動力、石油和棉花變得更加昂貴，投入成本正在上升。

We expect the rapid acceleration of our business will continue to increase sourcing and air freight costs in the near-term as we work to build capacity and meet surging demand.

我們預計，隨著我們努力建設產能和滿足不斷增長的需求，我們業務的快速發展將在短期內繼續增加採購和空運成本。

And we're facing prior tougher prior-year revenue comparisons in the second half of the fiscal year.

我們在本財年下半年面臨著更嚴格的上年收入比較。

Nevertheless, our first-quarter results and Futures give us even greater confidence in the effectiveness of our strategies and the strength of our brands, our business and our team.

儘管如此，我們第一季度的業績和期貨讓我們對戰略的有效性以及我們的品牌、業務和團隊的實力更有信心。

So now let's take a look at the first quarter results by segment.

那麼現在讓我們按部門看一下第一季度的結果。

Revenue for North America increased 8% on both a reported and constant currency basis as direct to consumer sales increased 15% and wholesale revenue increased 7%.

由於直接面向消費者的銷售額增長了 15%，批發收入增長了 7%，因此北美地區的收入在報告貨幣和固定貨幣基礎上均增長了 8%。

Comp store sales at NIKE-owned retail stores increased 13% for the quarter while online sales increased 22%.

本季度耐克旗下零售店的 Comp Store 銷售額增長了 13%，而在線銷售額增長了 22%。

Both were driven by higher traffic conversion and average transaction size.

兩者都是由更高的流量轉換和平均交易規模驅動的。

Constant currency futures for North America are up 14% reflecting double-digit growth in Running, Men's and Women's Training, Football and Action Sports.

北美固定匯率期貨上漲 14%，反映了跑步、男女訓練、足球和極限運動的兩位數增長。

In the first quarter Apparel led the way in North America as currency-neutral revenues increased 16% reflecting 18% growth in full-price sales and a decline in closeouts.

第一季度，服裝在北美地區處於領先地位，貨幣中性收入增長了 16%，反映了全價銷售額增長 18% 和清倉下降。

Futures for Apparel increased over 20% as all seven key categories trended higher.

服裝期貨漲幅超過 20%，因為所有七個主要類別均呈上漲趨勢。

This performance is a result of the hard work that we have done to improve our product as well as the power of the integrated category offense which particularly benefits our Apparel business.

這一業績是我們為改進產品所做的辛勤工作以及綜合品類進攻的力量的結果，這特別有利於我們的服裝業務。

In the first quarter currency-neutral Footwear revenue in North America increased 5% driven by a 7% increase in full-price sales partially offset by a significant drop in off-price revenues.

在第一季度，北美的貨幣中性鞋類收入增長了 5%，這主要是由於全價銷售額增長了 7%，部分被折價收入的大幅下降所抵消。

Our Running business continues to perform extremely well driven by demand for products such as Lunar and NIKE Free.

在 Lunar 和 NIKE Free 等產品的需求推動下，我們的跑步業務繼續表現出色。

Basketball, Football and Men's Training also delivered strong growth for the quarter.

籃球、足球和男子訓練在本季度也實現了強勁增長。

Footwear Futures grew at a double-digit rate reflecting tremendous strength in our performance categories.

鞋類期貨以兩位數的速度增長，反映了我們在性能類別中的巨大實力。

First quarter EBIT North America improved 9% driven by revenue growth and SG&A leverage.

在收入增長和 SG&A 槓桿率的推動下，北美第一季度息稅前利潤增長 9%。

In Western Europe Q1 revenue decreased 4% versus the prior year but grew 6% on a currency neutral basis.

在西歐，第一季度收入較上年下降 4%，但在匯率中性的基礎上增長 6%。

Every territory reported higher revenue for the quarter and Running, Football and Action Sports led the way from a category perspective.

每個地區都報告了本季度的收入增加，跑步、足球和極限運動從類別角度來看處於領先地位。

On a currency neutral basis Footwear grew 10% driven by continued World Cup momentum while Apparel grew 3% reflecting 5% growth in full-price sales and significantly lower off-price revenues.

在匯率中性的基礎上，鞋類在世界杯持續增長的推動下增長了 10%，而服裝增長了 3%，反映出全價銷售額增長了 5%，並且折價收入大幅下降。

Currency neutral futures grew 6% with growth across nearly every category and territory.

貨幣中性期貨增長 6%，幾乎所有類別和地區都有增長。

Q1 EBIT for Western Europe declined 3% as we invested in World Cup marketing and currency headwinds put pressure on gross margins and real dollar profits.

西歐第一季度的息稅前利潤下降了 3%，因為我們投資於世界杯營銷和貨幣逆風對毛利率和實際美元利潤造成壓力。

Central and Eastern Europe returned to growth in Q1 as revenue grew 3% on a reported basis and 9% on a currency-neutral basis.

中歐和東歐在第一季度恢復增長，收入在報告基礎上增長 3%，在貨幣中性基礎上增長 9%。

The constant currency growth was driven primarily by strong recoveries in Russia and Turkey which both grew more than 40% on the strength of the Football, Sportswear and Running categories.

持續的貨幣增長主要是由俄羅斯和土耳其的強勁復甦推動的，這兩個國家在足球、運動服和跑步類別的強勁推動下均增長了 40% 以上。

The business in CEE continues to accelerate as constant currency Futures grew 14%.

隨著固定貨幣期貨增長 14%，中東歐的業務繼續加速發展。

Q1 EBIT for CEE declined 18%, also reflecting the impact of currency headwinds on margins and World Cup marketing initiatives.

中東歐第一季度息稅前利潤下降 18%，也反映了匯率逆風對利潤率和世界杯營銷活動的影響。

In Greater China first-quarter revenue grew 11% including one point of benefit from currency changes.

在大中華區，第一季度收入增長了 11%，其中包括匯率變動帶來的一點收益。

Growth was fueled by expanding points of distribution and renewed brand momentum resulting from strong product offerings and exciting brand events, including grassroots tours by Kobe Bryant and Kevin Durant.

強大的產品供應和激動人心的品牌活動（包括科比·布萊恩特和凱文·杜蘭特的基層巡迴演出）帶來的分銷點擴大和品牌勢頭的恢復推動了增長。

Footwear and Apparel each reported higher revenue for the quarter driven by double-digit increases in Running, Basketball, Sportswear and Action Sports.

由於跑步、籃球、運動裝和極限運動的兩位數增長，鞋類和服裝在本季度的收入均有所增加。

Constant currency Futures grew 23% with double-digit growth in nearly every category.

固定貨幣期貨增長了 23%，幾乎每個類別都實現了兩位數的增長。

Q1 EBIT for Greater China increased 10% as revenue growth and higher gross margins more than offset increased investments and demand creation.

大中華區第一季度的息稅前利潤增長了 10%，這是因為收入增長和更高的毛利率足以抵消增加的投資和需求創造。

In Japan, first-quarter revenue declined 12% on a reported basis and 18% in constant dollars, reflecting off-price sales over 50% below last year's levels.

在日本，第一季度收入按報告基礎下降 12%，按不變美元計算下降 18%，反映出折價銷售額比去年同期下降了 50% 以上。

EBIT declined 23% as lower revenues and higher SG&A were partially offset by stronger gross margins.

由於較低的收入和較高的 SG&A 被較高的毛利率部分抵消，息稅前利潤下降了 23%。

While macro conditions in Japan remain weak, we're very confident we're taking the steps that will generate growth over time.

雖然日本的宏觀環境依然疲弱，但我們非常有信心我們正在採取措施，隨著時間的推移會帶來增長。

We're also focused on closely managing our product flow, cost structure and balance sheet.

我們還專注於密切管理我們的產品流程、成本結構和資產負債表。

As a result, gross margin is up, inventory is down 30% and we continue to deliver healthy profitability and cash flow relative to the market.

因此，毛利率上升，庫存下降 30%，我們繼續提供相對於市場的健康盈利能力和現金流。

In Q1 our Emerging Markets geography continued to deliver impressive results.

在第一季度，我們的新興市場地理區域繼續取得令人矚目的成果。

Revenue increased 30% reflecting 24% growth on a constant dollar basis.

收入增長 30%，按固定美元計算增長 24%。

Excluding currency effects, most territories and category grew double digits with Brazil and Football leading the way.

排除貨幣影響，大多數地區和類別增長兩位數，其中巴西和足球領先。

Across the Emerging Markets geography, Football revenues continued to grow at a healthy double-digit rate as a result of strong product, marketing and retail execution around the World Cup.

在整個新興市場地區，由於世界杯前後強勁的產品、營銷和零售執行，足球收入繼續以兩位數的健康速度增長。

Revenues in Brazil, the largest market in the geography, grew nearly 70% in Q1 driven by Football and Sportswear.

巴西是該地區最大的市場，在足球和運動服的推動下，第一季度的收入增長了近 70%。

This strong performance is the direct result of the investments we're making to strengthen our position in this vital market as we look ahead to the 2014 World Cup and the 2016 Olympics.

這一強勁表現是我們在展望 2014 年世界杯和 2016 年奧運會時為加強我們在這個重要市場的地位而進行投資的直接結果。

EBIT for the Emerging Markets increased 17% as revenue growth was partially offset by increased demand creation.

新興市場的息稅前利潤增長了 17%，因為收入增長部分被需求創造的增加所抵消。

First-quarter revenue for our Other Businesses increased 15% on a reported basis and 16% on a currency-neutral basis, reflecting double-digit growth at Converse, Hurley and Umbro and high-single-digit growth at Cole Haan and NIKE Golf.

我們其他業務的第一季度收入在報告基礎上增長了 15%，在貨幣中性基礎上增長了 16%，反映了 Converse、Hurley 和 Umbro 的兩位數增長以及 Cole Haan 和 NIKE Golf 的高個位數增長。

EBIT for the O Businesses grew 25% reflecting revenue growth and strong gross margin expansion for most of the companies.

O 業務的息稅前利潤增長 25%，反映出大多數公司的收入增長和毛利率強勁增長。

Our Q1 results and five-month Futures clearly indicate our business is rapidly building momentum with consumers and retailers driven by our integrated category offense.

我們的第一季度業績和五個月的期貨清楚地表明，在我們的綜合類別進攻的推動下，我們的業務正在迅速建立與消費者和零售商的勢頭。

While we do see some rough water ahead in the near-term, we believe these strategies will drive sustainable, profitable growth over the long-term.

雖然我們確實看到短期內會出現一些波濤洶湧的情況，但我們相信這些戰略將推動長期可持續的盈利增長。

On a currency-neutral basis we expect FY11 revenue growth at the top end of our high-single-digit target range.

在貨幣中性的基礎上，我們預計 2011 財年的收入增長將處於我們高個位數目標範圍的頂端。

Consistent with the difference in Futures, we expect reported revenue growth to be lower due to weaker foreign currencies versus last year.

與期貨的差異一致，我們預計報告的收入增長將因外幣走弱而低於去年。

For Q2, we expect revenue growth slightly below reported futures growth reflecting the timing of orders within the Futures window.

對於第二季度，我們預計收入增長略低於報告的期貨增長，反映了期貨窗口內訂單的時間安排。

In Q1 gross margin exceeded our expectations as a result of the delayed impact of higher input costs as well as the positive effect of strong demand and tight inventories.

第一季度的毛利率超出我們的預期，這是由於更高的投入成本的延遲影響以及強勁的需求和緊張的庫存的積極影響。

Over the balance of the year we still expect increasing pressure from FX headwinds, rising input costs and higher freight costs.

在今年餘下的時間裡，我們仍然預計外匯逆風、投入成本上升和貨運成本上升將帶來越來越大的壓力。

As a result, we now expect full-year FY11 gross margin about 50 basis points below FY10 with relatively flat margins in Q2 and more challenging comparisons in the second half as macro pressures increase and we begin to anniversary higher margins in the prior year.

因此，我們現在預計 2011 財年全年毛利率比 2010 財年低約 50 個基點，第二季度的利潤率相對持平，下半年的比較更具挑戰性，因為宏觀壓力增加，我們開始在去年實現更高的利潤率。

At this point, we're expecting FY11 demand creation to grow at a mid-single digit rate.

在這一點上，我們預計 2011 財年的需求創造將以中個位數的速度增長。

We're planning Q2 demand creation to grow at a low-single-digit rate with spending below prior year in the second half as we compare against the heavy investments in World Cup marketing in Q4 last year.

與去年第四季度對世界杯營銷的大量投資相比，我們計劃第二季度的需求創造以低個位數的速度增長，下半年的支出低於去年同期。

That said we're very encouraged by the success of our strategies across the brand portfolio and are considering opportunities to invest incrementally to drive profitable growth.

也就是說，我們對整個品牌組合戰略的成功感到非常鼓舞，並正在考慮增加投資以推動盈利增長的機會。

For the year, we expect operating overhead to grow at a mid-single-digit rate, reflecting increased investment in our Direct-to-Consumer businesses balanced by increased efficiency in our core operating functions.

今年，我們預計運營管理費用將以中等個位數的速度增長，反映出對直接面向消費者業務的投資增加與核心運營職能效率提高的平衡。

We expect Q2 operating overhead to grow at a low double-digit rate as a result of the timing of stock option expense this year and comparisons to relatively low expenses in last year's second quarter.

由於今年股票期權費用的時間安排以及與去年第二季度相對較低的費用相比，我們預計第二季度的運營管理費用將以兩位數的低增長率增長。

We anticipate that other income for each of the last three quarters of the fiscal year will be broadly consistent with Q4 of last year as the stronger dollar creates gains on our foreign currency hedges.

我們預計本財年最後三個季度的其他收入將與去年第四季度大致一致，因為美元走強為我們的外匯對沖帶來收益。

And, finally, we now expect our effective tax rate for FY11 to be at about 26% as a greater proportion of our profitability is earned in the US where we face a higher tax rate than abroad.

最後，我們現在預計 2011 財年的有效稅率約為 26%，因為我們的盈利能力中有很大一部分來自美國，而美國的稅率高於國外。

We're very pleased with our first-quarter results, and as we have said, even more excited about what they tell us about our future.

我們對第一季度的業績感到非常滿意，正如我們所說的，我們對他們告訴我們的未來更加興奮。

We're now ready to take your questions.

我們現在準備好回答您的問題了。

(Operator Instructions) Chi Lee, Morgan Stanley.

（操作員說明）Chi Lee，摩根士丹利。

Good afternoon, guys, congratulations.

下午好，伙計們，恭喜。

Don, a question on the input costs -- you mentioned several times that there were delays in those increases.

唐，關於投入成本的問題——你多次提到這些增加有延遲。

Could you just elaborate on exactly what those delays are?

您能否詳細說明這些延遲到底是什麼？

Sure.

當然。

As we've talked about before as we negotiate prices with our factories several seasons out, and so as a result when commodity costs move we usually see that impact flow into our products over a number of different -- over a number of seasons.

正如我們之前談到的那樣，我們在幾個季節之後與我們的工廠談判價格，因此當商品成本變動時，我們通常會看到這種影響在多個不同的季節流入我們的產品。

And we expected those cost increases to hit us more heavily in the first quarter than they actually did.

我們預計這些成本增加在第一季度對我們的打擊比實際更大。

We still expect to see those increases in cost to some extent flow into our cost structure over the rest of the year.

我們仍然希望在今年餘下的時間裡看到這些成本增加在某種程度上流入我們的成本結構。

But we did have actually a less significant impact in the first quarter than we originally expected.

但實際上我們在第一季度的影響確實沒有我們最初預期的那麼大。

And, Don, was that just a function of the commodity cost environment primarily, not just necessarily coming through as much in the contracts that you originally thought?

而且，Don，這是否主要是商品成本環境的一個函數，而不是你最初認為的合同中必然會出現的那麼多？

It really has to do with the timing of product flow and when products are shipped and when they're produced in the factory.

這確實與產品流轉的時間、產品何時發貨以及何時在工廠生產有關。

So it's really not an estimate of what the macro economic environment is going to do, it's really just the pace at which it flows through our numbers.

所以這真的不是對宏觀經濟環境將要做什麼的估計，它實際上只是它在我們的數字中流動的速度。

Great, and then just my second question.

太好了，然後是我的第二個問題。

For the North American futures being up 14%, can you just talk about, are there any differences that you're seeing between some of the channels in your retail landscape, perhaps department stores versus athletic specialty?

對於北美期貨上漲 14%，您能否談談，您在零售領域的某些渠道之間看到的是否有任何差異，也許是百貨商店與運動專賣店？

Are you seeing any differential in growth rates between those channels?

您是否看到這些渠道之間的增長率有任何差異？

I would say, it's all very, very positive.

我會說，這一切都非常非常積極。

As we talked about, the performance product has accelerated at a faster pace than the Sportswear area.

正如我們所說，性能產品的發展速度比運動服領域更快。

So the sports specialty channels and the athletic sporting goods channels are all doing extremely well.

所以體育專業頻道和競技體育用品頻道都做得非常好。

When you look at some of the value chain and department store areas, those [albeit] still up, and if they're more dependent on Sportswear may not be accelerating quite as fast.

當您查看一些價值鍊和百貨商店區域時，那些 [儘管] 仍在上升，並且如果它們更依賴於 Sportswear，則可能不會加速那麼快。

I'll just add, this growth that we're seeing is really reflective of the strength of the categories, the channels that we do business in, in terms of the market place and the overall portfolio.

我只想補充一點，我們看到的這種增長確實反映了類別的實力，我們開展業務的渠道，在市場和整體產品組合方面。

So this is some of the most balanced and complete growth that we have seen in quite a while.

所以這是我們很長一段時間以來看到的最平衡和最完整的增長。

Great.

偉大的。

Thank you very much and good luck.

非常感謝，祝你好運。

Chris Svezia, Susquehanna Finance Group.

薩斯奎哈納金融集團的 Chris Svezia。

Good afternoon, everyone, and nice job on the quarter.

大家下午好，本季度幹得不錯。

I guess, one question, if you could just maybe elaborate on inventories in terms of how we should be looking at that.

我想，有一個問題，你是否可以根據我們應該如何看待庫存來詳細說明庫存。

You guys have done a nice job there.

你們在那裡做得很好。

Any thoughts as we progress forward?

在我們前進的過程中有什麼想法嗎？

Obviously business accelerating, futures accelerating.

顯然業務加速，期貨加速。

Does that start to I guess increase as we kind of move forward here?

我想這會隨著我們在這裡的前進而開始增加嗎？

I think, again, I'm going to go back a little bit of what Mark just said.

我想，再一次，我要回顧一下 Mark 剛才所說的話。

I think with the balance increased across the portfolio and our ability to continue to manage the supply chain top to bottom, whether it's the inventories at retail or the inventories at wholesale, we've continued to keep a pretty tight rein on things as this period of instability or whatever the macros are looking like, and we will continue to do that.

我認為隨著整個產品組合的平衡增加以及我們繼續管理供應鏈自上而下的能力，無論是零售庫存還是批發庫存，我們一直在嚴格控制這一時期的事情不穩定或任何宏的樣子，我們將繼續這樣做。

That being said, obviously, with the futures numbers what they are, we feel very good about the levels that they are at and our ability to manage the inventories over the next short and long-term.

話雖這麼說，顯然，根據期貨數據，我們對它們所處的水平以及我們在下一個短期和長期管理庫存的能力感到非常滿意。

Okay.

好的。

I guess, Don, the second question for you.

我想，唐，你的第二個問題。

I just want go to the back to the gross margin thought process.

我只想回到毛利率思維過程。

Initially when you gave your fiscal year guidance, you talked about possibly a 100-basis-point decline in gross margin and it now seems like down maybe 50 at most here.

最初當你給出財政年度指導時，你談到毛利率可能下降 100 個基點，現在看來最多下降 50 個基點。

Given how inventories are positioned, and I know there's headwinds in the business here on the product cost side, can you maybe just put in buckets where your biggest concerns and maybe where the opportunities could potentially be, whether the outperformance is just on the direct consumer business performing better?

考慮到庫存的定位方式，而且我知道這裡的業務在產品成本方面存在逆風，你能不能把你最關心的問題和可能的機會放在桶裡，是否表現出色只是在直接消費者身上業務表現更好？

Or do you face more difficult comparisons there and that maybe gives you some concern or some reservation?

或者你在那裡面臨更困難的比較，這可能會讓你有些擔憂或有所保留？

I'm just trying to see the puts and takes on that margin.

我只是想看看看跌期權並承擔那個保證金。

Well, we always have goals that we set for ourselves in terms of improving margins.

好吧，我們總是在提高利潤率方面為自己設定目標。

Over the long haul as we've said, we do believe that we can continue to expand our margins.

正如我們所說，從長遠來看，我們確實相信我們可以繼續擴大利潤率。

We have quite a few initiatives in place and our product teams and category groups aimed at reducing product costs, at improving the efficiency of our supply chain.

我們有很多舉措，我們的產品團隊和品類小組旨在降低產品成本，提高我們供應鏈的效率。

We have talked about the way we approach pricing on a very surgical basis, so we're always looking for opportunities in that space.

我們已經討論了我們在非常手術的基礎上進行定價的方式，所以我們一直在那個領域尋找機會。

So on the wholesale side of the business, we continue to work in that direction.

因此，在業務的批發方面，我們繼續朝著這個方向努力。

Direct-to-consumer, as I said, was a very pleasant upside in the first quarter.

正如我所說，直接面向消費者在第一季度是一個非常令人愉快的增長。

The business there is quite strong and that has a very high margin compared to the wholesale business.

那裡的業務相當強勁，與批發業務相比利潤率非常高。

And we also have been improving margins in our Direct-to-Consumer operations through better operations and better merchandising.

我們也一直在通過更好的運營和更好的推銷來提高我們直接面向消費者的業務的利潤率。

So we always set ourselves pretty aggressive goals on trying to expand margins over time.

因此，我們總是為自己設定非常積極的目標，試圖隨著時間的推移擴大利潤率。

As Charlie referenced earlier, the quality of our inventory and the fact that we're so tight in the market place means we're going to sell at top margins and low discounts.

正如查理之前提到的那樣，我們庫存的質量以及我們在市場上如此緊張的事實意味著我們將以最高利潤和低折扣出售。

Having said that, that is really what is embedded in a lot of our results in the first quarter and we're going to continue to drive those.

話雖如此，這確實是我們第一季度許多業績中所包含的內容，我們將繼續推動這些業績。

Over the balance of the year I think the main story that I think is going to lead us to a little bit less favorable on the gross margin front is just that macro inflation that we think will start to flow through in the next three quarters.

在今年餘下的時間裡，我認為導致我們在毛利率方面不太有利的主要故事就是我們認為將在未來三個季度開始流動的宏觀通脹。

Okay.

好的。

Is it fair to say that things like freight, currency and labor in that order are the pressure points because you're flying in goods?

可以說運費、貨幣和勞動力等訂單中的東西是壓力點，因為你是在運送貨物嗎？

And how much does cotton have an impact to your thought process?

棉花對您的思維過程有多大影響？

It's freight, currency, labor.

這是運費，貨幣，勞動力。

There's -- oil over time we think is a factor, although oil has been relatively benign.

隨著時間的推移，我們認為石油是一個因素，儘管石油相對溫和。

And then cotton is a relatively smaller factor than, say, labor or freight, but it is out there.

然後棉花是一個相對較小的因素，比方說，勞動力或貨運，但它是存在的。

We've built those assumptions into our expectations at this point.

在這一點上，我們已經將這些假設納入了我們的預期。

All right, thank you very much, guys, appreciate it.

好的，非常感謝你們，伙計們，感激不盡。

Kate McShane, Citigroup.

凱特麥克沙恩，花旗集團。

Hi, good afternoon.

嗨，下午好。

I was just wondering if you could tell us how the Futures trended throughout the future period, if they got better over time and how much of the new concepts like NIKE Fieldhouse, other NIKE shop-in-shops and the opening of retail is figuring into your futures number for this quarter?

我只是想知道你是否可以告訴我們未來在未來一段時間內的趨勢如何，它們是否會隨著時間的推移變得更好，以及耐克 Fieldhouse、其他耐克店中店和零售店開業等新概念有多少正在發揮作用你這個季度的期貨數量？

Well, with respect to the first question, the Futures are a little stronger in the second half of the window.

好吧，關於第一個問題，期貨在窗口的後半段有點強。

Okay, more towards holiday?

好的，更接近假期？

Right.

正確的。

And your second question was with regard to retail fixturing and shop-in-shop programs?

你的第二個問題是關於零售固定裝置和店中店計劃？

Yes, and how much it's contributing to Futures.

是的，它對 Futures 的貢獻有多大。

I think we continue to work with a lot of our key retailers around the world transitioning.

我認為我們將繼續與世界各地的許多主要零售商合作進行轉型。

I referenced a couple of them in my prepared remarks.

我在準備好的評論中引用了其中的幾個。

Those programs are going on literally around the world with regards to dedicated space, whether it's on a category basis or across an entire brand similar to what you're seeing with Dicks.

這些項目在全球範圍內都在針對專用空間進行，無論是基於類別還是跨整個品牌，就像您在 Dicks 上看到的那樣。

And it's certainly part of the strategy, as we move to more of a dedicated category focused in the marketplace as well as aligned with the way we're organized in the Company here, and it's certainly what's driving it is our connection with the consumer.

這當然是戰略的一部分，因為我們轉向更多專注於市場的專用類別，並與我們在公司的組織方式保持一致，當然，推動它的是我們與消費者的聯繫。

Okay, great.

好，太棒了。

If I could ask one more question about -- you mentioned the NIKE Free product, the new technology, but I think you had said in your prepared comments that it was coming out in the Spring, and I had been under the impression there was new NIKE Free product coming out in the Fall.

如果我能再問一個問題——你提到了 NIKE Free 產品，這項新技術，但我想你在準備好的評論中說過它會在春季推出，我的印像是有新的NIKE Free 產品將於秋季上市。

Has this changed, or is this incremental to what's happening in the Fall?

這是否改變了，或者這是對秋季發生的事情的增量？

I'm sorry.

對不起。

What I mentioned, what I was referring to was the spring will be a major campaign around NIKE Free.

我提到的，我指的是春季將圍繞 NIKE Free 開展一場大型活動。

But, to your point, some of the new Free product, you will see pre-Christmas during the holiday time frame.

但是，就您而言，一些新的免費產品，您會在假期時間範圍內看到聖誕節前的情況。

Okay, thank you.

好的謝謝你。

And that technology, by the way, is continually evolving so you will see refinement to Free technology in the second half of the year, and then certainly as we move beyond.

順便說一句，這項技術在不斷發展，因此您將在今年下半年看到對免費技術的改進，然後肯定會超越。

Michelle Tan, Goldman Sachs.

米歇爾譚，高盛。

I was wondering if you could help us, beyond the macro inflation pressures that you are experiencing, help us think about how much of the freight pressure is coming from the need to airship some of these goods that have been in high demand, and whether we could see that piece of it, or should see that piece of it, shrink throughout the balance of the year?

我想知道你是否可以幫助我們，除了你正在經歷的宏觀通脹壓力之外，幫助我們思考有多少貨運壓力來自需要空運其中一些需求量很大的貨物，以及我們是否可以看到它的那一部分，或者應該看到它的那一部分，在一年的餘下時間裡縮小？

Well, we're actually seeing both factors right now, Michelle.

好吧，我們現在實際上看到了這兩個因素，米歇爾。

The freight rates are up fairly significantly year-on-year for both air and ocean, and we are doing more air freighting than what we have seen in the past.

空運和海運的運費同比大幅上漲，我們的空運量比過去更多。

And I think, given the strength of the futures book that we're seeing right now, I think it's going to be -- most of this year, we're going to see somewhat elevated levels of airfreight.

而且我認為，鑑於我們現在看到的期貨書的實力，我認為這將是 - 今年大部分時間，我們將看到空運水平有所提高。

Okay, great, thanks.

好的，太好了，謝謝。

Just a follow-up on the SG&A side.

只是 SG&A 方面的後續行動。

The benefit of stock-based compensation that you called out to the overhead this quarter, is there lumpiness in that, or is it something we should see continue through the balance of the year?

你在本季度提到的基於股票的薪酬對間接費用的好處，這是否有問題，或者我們應該看到在今年餘下時間繼續這樣做嗎？

There is less lumpiness now than there was before.

現在腫塊比以前少了。

So where it was before was very much loaded in the first quarter.

所以它之前的位置在第一季度非常加載。

It is now much smoother across the quarter.

現在整個季度都順利得多。

So what you will see from a year-on-year standpoint is a benefit in the first quarter, and then higher expense year on year in the second, third, fourth.

因此，從同比的角度來看，你會看到第一季度的收益，然後是第二、第三、第四季度同比增加的費用。

And then as we go into fiscal '12, it will smooth out.

然後當我們進入 12 財年時，它會變得平穩。

Bob Drbul, Barclays Capital.

Bob Drbul，巴克萊資本。

Mark, I guess when you look at the Global Futures numbers, the up 13%, the best in a decade I think you guys might have said once or twice, when you look at the swoosh-based recovery, where do you think we are today versus where you can go now?

馬克，我想當你看全球期貨數據時，上漲 13%，是十年來最好的，我想你們可能已經說過一兩次，當你看基於旋風的複蘇時，你認為我們在哪裡今天與您現在可以去哪裡？

I still maintain that we're on a steady improvement.

我仍然認為我們正在穩步改進。

I'm quick to say, as I mentioned before, that there's still some instability in certain parts of the economy around the world.

正如我之前提到的，我很快就會說，全球經濟的某些部分仍然存在一些不穩定因素。

So we're not declaring a return to a fully healthy economy by any stretch of the imagination.

因此，我們並沒有通過任何想像來宣布恢復完全健康的經濟。

So we're looking at a continued healthy recovery.

因此，我們正在尋找持續健康的複蘇。

I'm still content of a slow, steady state of recovery.

我仍然對緩慢、穩定的恢復狀態感到滿意。

I don't see dramatic shifts in that course at this stage, and we're planning accordingly.

在現階段，我沒有看到該課程發生重大變化，我們正在相應地進行規劃。

We're making sure that we have the flexibility to -- and the cash and the position to really deal with any further disruptions in the economic scene around the world.

我們正在確保我們有足夠的靈活性——以及現金和能力來真正應對全球經濟形勢的任何進一步中斷。

But I feel like we're in a really good position.

但我覺得我們的處境非常好。

But I'm not going to change my position on the rate of recovery.

但我不會改變我對複蘇率的看法。

I guess on another sort of bigger picture question would be, when you look at sort of the success of these numbers and the Men's business, can you maybe elaborate a little bit more on the plans around the Women's business and sort of what has you most excited about the Women's business today?

我想另一個更宏觀的問題是，當你看到這些數字和男性業務的成功時，你能否詳細說明圍繞女性業務的計劃以及你最關心的是什麼對今天的女性業務感到興奮嗎？

This is Charlie.

這是查理。

I think that list is actually starting to expand regularly, I think.

我認為該列表實際上開始定期擴展，我認為。

Right now, I think You've seen some of the new executions in store with Apparel, Women's Apparel, specifically around the bottoms bar and the bra bars that we've put into some of the new retail formats.

現在，我想你已經在服裝、女裝店看到了一些新的執行，特別是在底部欄和我們已經放入一些新零售格式的文胸欄周圍。

That is it performing extremely well and we're very excited and optimistic about the Apparel side of the equation in Women's.

那就是它表現得非常好，我們對女裝等式的服裝方面感到非常興奮和樂觀。

And as I referenced a little bit earlier and I think we talked about it, some of the new Free products are coming into the market in holiday and will be highlighted in a major campaign around the Free technology, which to Mark's earlier point continues to evolve for Spring, and that will bring a lot more attention to the Women's business again.

正如我之前提到的，我想我們討論過，一些新的免費產品將在假期進入市場，並將在圍繞免費技術的大型活動中突出顯示，馬克早些時候指出，這些產品在不斷發展對於春季，這將再次為女性業務帶來更多關注。

So we feel pretty good about the Women's business, both short term regarding the things that I just talked about, and even more excited about it on a longer-term basis.

因此，我們對女性業務感覺非常好，無論是關於我剛才談到的事情的短期，還是從長期來看都更加興奮。

As we stated back in New York in the Spring.

正如我們春天在紐約所說的那樣。

we believe that it's one of the big opportunities for the brand.

我們相信這是該品牌的重大機遇之一。

Michael Binetti, UBS.

邁克爾·比內蒂，瑞銀。

Congrats on a nice quarter.

祝賀一個不錯的季度。

So just one quick question and then I wanted to ask a quick follow-up if you don't mind.

所以只是一個簡單的問題，然後我想問一個快速的後續問題，如果你不介意的話。

Just some quick back of the napkin math suggests almost half the EBIT growth in the quarter was from the Other Businesses line, and I was just wondering if you could maybe give us a little bit more detail on what some the big drivers in that business were, and maybe as you think about it through the year.

快速回顧一下餐巾紙數學表明，本季度幾乎一半的息稅前利潤增長來自其他業務線，我只是想知道您是否可以向我們提供更多有關該業務中一些主要驅動因素的詳細信息，也許就像你一年四季都在想的那樣。

And if I could ask a quick follow-up.

如果我可以要求快速跟進。

Other Businesses, the other brands in the portfolio, very strong performance this quarter pretty much across the board.

其他業務，投資組合中的其他品牌，本季度幾乎全面表現非常強勁。

We see both top-line performance, particularly with Converse, Hurley, Umbro, Cole Haan.

我們看到了頂級表現，尤其是 Converse、Hurley、Umbro、Cole Haan。

We're seeing tremendous top-line growth there as well, great brand strength building, again I think led by Converse.

我們在那裡也看到了巨大的收入增長，強大的品牌實力建設，我認為再次由匡威領導。

So we're very happy with the strength of the portfolio.

因此，我們對投資組合的實力感到非常滿意。

As I said earlier, too, we're really learning how to actually integrate and leverage the brands more than ever before, and that was evidenced this past 90 days with some of the events we talked about where we combined efforts, Umbro and NIKE at the World Cup; Hurley, Converse and NIKE at the Action Sports event in Huntington Beach, and then, of course, the Basketball Brands NIKE, Jordan, Converse at the World Basketball Festival.

正如我之前所說，我們確實在學習如何比以往任何時候都更多地整合和利用品牌，過去 90 天我們談到的一些我們共同努力的活動證明了這一點，Umbro 和 NIKE 在世界杯; Hurley、Converse 和 NIKE 在亨廷頓海灘的極限運動賽事上，當然還有籃球品牌 NIKE、Jordan、Converse 在世界籃球節上。

And then, behind the scenes, we're really leveraging our competencies and functional excellence to really drive operating efficiencies in those businesses as well.

然後，在幕後，我們真正利用我們的能力和卓越的功能來真正推動這些業務的運營效率。

Again, I think it's a combination of brand strength, strong product, in some cases some repositioning of the brand like Cole Haan for example, where we're contemporizing both the product and the brand presentation.

同樣，我認為這是品牌實力、強大產品的結合，在某些情況下，例如 Cole Haan 等品牌的重新定位，我們正在對產品和品牌展示進行同步。

So we feel very good about the individual brand efforts, and then, again, how we're working collectively to really integrate the portfolio and leverage that.

因此，我們對各個品牌的努力感到非常滿意，然後再一次，我們如何共同努力真正整合產品組合併加以利用。

I think too, Michael, just to clarify, one thing you should bear in mind here is that the foreign exchange headwind that we've been talking about really hit the NIKE Brand disproportionately.

邁克爾，我也想澄清一下，你應該記住的一件事是，我們一直在談論的外匯逆風確實對耐克品牌造成了不成比例的打擊。

I think when you look at the math, the North American business, for example, in the NIKE Brand is up very strongly, as are the Emerging Market profitability numbers.

我認為當你看數學時，北美業務，例如耐克品牌的增長非常強勁，新興市場的盈利數據也是如此。

And what you have to bear in mind is, a lot of FX drag in the international NIKE businesses, most of the affiliate businesses are US-based.

你必須記住的是，國際耐克業務中有很多外匯拖累，大多數附屬業務都位於美國。

The other issue is World Cup.

另一個問題是世界杯。

There's a tremendous investment in the first quarter around World Cup that you didn't see as much of that on the affiliate side.

在世界杯前後的第一季度有大量投資，你在聯盟方面看不到那麼多。

So, I think if you look at this over the course of the year, you're going to see a little bit more balanced growth.

所以，我認為，如果你在這一年中審視這一點，你會看到更加平衡的增長。

But, having said that, as Mark indicated, the affiliates are doing phenomenally well.

但是，話雖如此，正如馬克所指出的那樣，附屬公司的表現非常出色。

If I could ask a quick follow-up on China, it looks like there's been an increasing divergence between the Futures number -- if you exclude currencies -- Futures number and the revenues.

如果我可以問一個關於中國的快速跟進，看起來期貨數量——如果你排除貨幣——期貨數量和收入之間的差異越來越大。

So I'm just kind of curious if you could help us get maybe an updated idea of how much of the China business is done through the Futures window.

所以我很好奇你是否可以幫助我們了解有多少中國業務是通過期貨窗口完成的。

Should we be looking at the -- I'm sorry -- the 23% futures there, excluding currency?

我們是否應該看看 - 對不起 - 那裡的 23% 期貨，不包括貨幣？

And should we be thinking, maybe there's -- I guess I'm just trying to think about how we should think about revenues into the next quarter since it came in a little bit below that 16 you guys had last quarter.

我們是否應該思考，也許有——我想我只是想想想我們應該如何考慮下一季度的收入，因為它略低於你們上個季度的 16 個。

Thanks.

謝謝。

I would have to go back and look at the numbers a little bit, but I wouldn't expect to see -- I would expect to see the Futures number continue to be the leading indicator directionally for the China business.

我將不得不回過頭來看看這些數字，但我不希望看到——我希望看到期貨數字繼續成為中國業務的領先指標。

So as far as the divergence that you speak of, I would have to go back and look at it quarter-by-quarter.

因此，就您所說的分歧而言，我將不得不回過頭來逐個季度查看。

But we shouldn't see any dramatic changes in the way that that formula is working.

但我們不應該看到該公式的運作方式有任何顯著變化。

Yes, and I would echo that point, that our retail business in China is still relatively small, and so I do think, as Charlie said, you would expect to see futures to be a reasonable indicator directionally.

是的，我會回應這一點，我們在中國的零售業務仍然相對較小，所以我確實認為，正如查理所說，你會期望看到期貨是一個合理的方向性指標。

Any idea on what percent business that is done through the Futures window?

知道通過 Futures 窗口完成的業務百分比嗎？

You mean, through the program, the Futures program?

你是說，通過這個計劃，未來計劃？

Yes.

是的。

We would have to follow-up on, Mike, I don't have a number handy.

我們必須跟進，邁克，我手邊沒有電話號碼。

Jim Duffy, Stifel Nicolaus.

吉姆·達菲，Stifel Nicolaus。

Thanks, hello, everyone, and great quarter, particularly nice to see the strength on the Apparel side of the business.

謝謝，大家好，很棒的季度，特別高興看到服裝業務方面的實力。

Can you provide any perspective on the profitability progress you're seeing in Apparel, and how long you think the runway is on that?

您能否就您在服裝行業看到的盈利能力進展提供任何觀點，以及您認為跑道會持續多久？

I would say, Jim, that the profitability on the Apparel side is, broadly speaking, not too different from Footwear.

吉姆，我要說的是，從廣義上講，服裝方面的盈利能力與鞋類並沒有太大區別。

The performance product in Apparel is what's really driving the growth.

服裝中的性能產品才是真正推動增長的因素。

We've also really seen the Sportswear business move up the price scale.

我們也確實看到運動服業務的價格上漲。

So we're making great progress there.

所以我們在那裡取得了很大的進展。

Of course, the last few comments I made about Apparel in my prepared remarks, we're seeing great performance on the full-price Apparel and a lot lower closeout.

當然，我在準備好的評論中對服裝的最後幾條評論，我們看到了全價服裝的出色表現和低得多的清倉。

So, a combination of all of those things, we're seeing great progress on the profitability side on Apparel.

因此，綜合所有這些因素，我們看到服裝的盈利能力方面取得了巨大進步。

I would just add one more piece to Don's point, and I think it goes back to what we've talked about over the past year, is really repositioning the Apparel business in a more premium way.

我只想對 Don 的觀點再補充一點，我認為這可以追溯到我們過去一年所討論的內容，即以更優質的方式重新定位服裝業務。

I think that does give us an opportunity, both on the performance side of the business and in a premium brand position, to go after some potential margin expansion and Apparel.

我認為這確實給了我們一個機會，無論是在業務績效方面還是在高端品牌地位上，都可以追求一些潛在的利潤擴張和服裝。

Two other quick factors that you should be aware of is, Apparel is another example of the category offense really starting to click into gear here.

您應該注意的另外兩個快速因素是，服裝是真正開始在這裡發揮作用的犯罪類別的另一個例子。

Really seeing that results in better product, just managing the business better, reducing our style count and really focusing on style productivity.

真正看到這會帶來更好的產品，更好地管理業務，減少我們的風格數量並真正專注於風格生產力。

So really some basic elements that really are running a successful Apparel business, we're really starting to see the category offense really help turbocharge all that effort.

因此，真正成功運行服裝業務的一些基本要素，我們真的開始看到類別進攻確實有助於推動所有這些努力。

Great, and then a second question regarding the balance of the futures across the futures window.

很好，然後是關於跨期貨窗口的期貨餘額的第二個問題。

Do you have capacity challenges?

你有能力挑戰嗎？

Do you think that retailers to any extent are pulling forward orders to ensure availability of key products?

您是否認為零售商在某種程度上正在提前訂單以確保關鍵產品的可用性？

Is that something that's influencing the futures orders?

那會影響期貨訂單嗎？

Well, I think there may be a little bit of that.

好吧，我認為可能有一點。

but it is sustaining itself.

但它正在維持自己。

So we're seeing it pretty consistently all the way through the windows.

所以我們從窗戶一直看到它。

So the fact of the matter is, if it is happening then it's an ongoing practice that has been going on.

所以事實是，如果它正在發生，那麼它就是一種持續不斷的做法。

That being said, I don't think it's a material amount in regard to the key products that we're talking about.

話雖這麼說，我認為對於我們正在談論的關鍵產品來說，這並不是一個實質性的數字。

Because if we are up against any capacity constraints we are allocating the products.

因為如果我們遇到任何產能限制，我們就會分配產品。

The retailers are familiar with the program and it ensures both quality and on-time delivery by doing that.

零售商熟悉該計劃，這樣做可以確保質量和準時交貨。

So, I don't think it's going to be a material effect on the window overall.

所以，我認為這不會對整個窗口產生實質性影響。

Okay, certainly a high-class problem to have, demand exceeding supply.

好的，這當然是一個高級問題，供不應求。

Yes it is, we like that.

是的，我們喜歡這樣。

Congratulations on the quarter.

祝賀這個季度。

Omar Saad, Credit Suisse.

奧馬爾薩阿德，瑞士信貸。

I actually have two questions.

我其實有兩個問題。

I wanted to follow-up on Jim's last question about demand exceeding supply.

我想跟進 Jim 關於供不應求的最後一個問題。

Typically, that price becomes a tool in those situations where the demand is stronger than the supply.

通常，在需求強於供應的情況下，該價格成為一種工具。

How do you think about using price as a tool, given the environment and you have having to airfreight stuff over and chase capacity?

考慮到環境，您如何考慮使用價格作為工具，並且您必須空運貨物並追逐運力？

I think something that we talk about a lot is the price-value relationship in the marketplace and continuing to operate both on a premium brand position, but just as well being very acutely aware of what that price-value relationship with the consumer is.

我認為我們經常談論的是市場中的價格-價值關係，並繼續以優質品牌定位運營，但也非常敏銳地意識到與消費者的價格-價值關係是什麼。

So as we've continued to talk all along, we're always looking at surgical and strategic areas where we may have some elasticity in pricing, and we will continue to do so throughout this time period.

因此，正如我們一直在繼續討論的那樣，我們一直在關注我們可能在定價方面具有一定彈性的手術和戰略領域，我們將在這段時間內繼續這樣做。

But I don't think we want to get too aggressive in this area right now with all of the uncertainty that there is out there in the marketplace.

但我認為我們現在不想在這個領域過於激進，因為市場上存在所有不確定性。

So it's something that we look at every quarter as we take the lines to market and assess the overall price-value relationship and compare it with the demand and try and make those decisions accordingly.

因此，當我們將生產線推向市場並評估整體價格價值關係並將其與需求進行比較並嘗試相應地做出這些決定時，我們每個季度都會關注這一點。

Okay, that's helpful, and then a follow-up on the SG&A side.

好的，這很有幫助，然後是 SG&A 方面的跟進。

The SG&A control in the quarter actually looked quite excellent, especially given that it was a World Cup quarter.

該季度的 SG&A 控制實際上看起來相當出色，特別是考慮到這是世界杯季度。

And then I even heard you talk about, it sounds like SG&A, kind of demand creation and the overhead side growing in the mid-single digits when your sales guidance was above, there's a little bit of leverage happening this year.

然後我什至聽到你談論，這聽起來像 SG&A，一種需求創造，當你的銷售指導高於時，間接費用以中個位數增長，今年有一點槓桿作用。

Is this a function of the fact that there maybe aren't as many major sporting events this year to spur demand creation, or is this an ancillary benefit of kind of the reorganization around categories that maybe allows you to lever SG&A?

這是因為今年可能沒有那麼多重大體育賽事來刺激需求創造，還是圍繞類別進行重組的一種附帶好處，可能允許您利用 SG&A？

Well, I think it is a little bit of both, to your point.

好吧，就您的觀點而言，我認為兩者兼而有之。

Obviously without the big events during the year, it does give us the ability to take a breath, step back and evaluate where we are from a brand standpoint.

顯然，年內沒有大事件，它確實讓我們有能力喘口氣，退後一步，從品牌的角度評估我們所處的位置。

But overall, I think it's going to be a little bit of both.

但總的來說，我認為兩者都會有一點。

Okay, and just as a reminder, the next major, major event is the London Olympics?

好的，提醒一下，下一個重大事件是倫敦奧運會？

2012.

2012.

I think the one thing I would also keep in mind though, Omar, is there is a linkage here between the amounts we invest in the brand and driving the top line, at the risk of stating the obvious.

不過，奧馬爾，我想我還要記住的一件事是，我們對品牌的投資金額與推動收入之間存在聯繫，但有可能說明顯而易見的問題。

And, the thing that I think is most important to focus on here is what were investing in is working.

而且，我認為最重要的是要關注的是我們投資的是什麼。

The category offense requires that we get the product right, that we connect the brand and that we are distributing in a premium way to that category lens.

類別犯罪要求我們正確選擇產品，將品牌聯繫起來，並以優質的方式分銷到該類別的鏡頭。

That really is clicking through.

那真的是點擊通過。

We have made that investment, we're going to continue to make those investments, they are paying off.

我們已經進行了投資，我們將繼續進行這些投資，它們正在取得回報。

They're generating the top-line growth and the profitability.

他們正在產生頂線增長和盈利能力。

It's also a question of how the categories are working with the geographies, which is really the principle behind the restructuring that we did a couple of years ago.

這也是類別如何與地理區域合作的問題，這實際上是我們幾年前進行的重組背後的原則。

So we're seeing a much tighter relationship, I think, between the categories and geographies, and a much more surgical focus on really getting behind the opportunities that are going to give us the best return.

因此，我認為，我們看到類別和地域之間的關係更加緊密，並且更加專注於真正抓住能夠給我們帶來最佳回報的機會。

So I think that's a big part of that picture.

所以我認為這是那張照片的重要組成部分。

Thanks for that, great execution guys.

謝謝你，偉大的執行人員。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Robbie Ohmes, Bank of America.

美國銀行的 Robbie Ohmes。

Thanks, just very quick follow-ups.

謝謝，只是非常快速的跟進。

The first one, just the China backlog up 23% constant currency, any sense you can give us on how much of that is a same-store sales reacceleration of the existing base, or are you re-accelerating your licensed stores over there?

第一個，只是中國積壓了 23% 的不變貨幣，你能告訴我們其中有多少是現有基礎的同店銷售再加速，或者你正在重新加速那裡的特許商店？

The other question was just on your comps, your 13% comp that you guys talked about on the call.

另一個問題只是關於你的補償，你們在電話中談到的 13% 的補償。

A lot of other people out there saw, I think even some your customers, saw same-store sales decelerate in the -- in that time frame, that sort of June, July, August time frame.

很多其他人看到，我想甚至是你的一些客戶，看到同店銷售額在那個時間框架內，即 6 月、7 月、8 月的時間框架內減速。

So can you give us a sense whether your flagships did terrific, or your outlets comped great, or US comps versus Europe, etc., would be really helpful, I think, to all of us.

那麼，您能否告訴我們您的旗艦店是否表現出色，或者您的網點是否表現出色，或者美國與歐洲的對比等等，我認為對我們所有人來說真的很有幫助。

Thanks.

謝謝。

I think the China piece, we had not accelerated or reaccelerated our store expansion.

我認為在中國這塊，我們沒有加速或重新加速我們的商店擴張。

We continue to move into the second-, third-, fourth-, fifth-tier markets at a relatively conservative rate as we talked about in the last couple of calls.

正如我們在最近幾次電話會議中談到的那樣，我們繼續以相對保守的速度進入二、三、四、五線市場。

That being said, I think you're seeing the business acceleration on a store-for-store basis as we see ourselves taking more share, as well as the market starting to pick up a little bit more on the growth side.

話雖這麼說，我認為你正在看到逐家商店的業務加速，因為我們看到自己佔據了更多的份額，並且市場在增長方面開始有所回升。

So, I think that's what you're looking at.

所以，我認為這就是你正在看的。

And I mentioned I think a little in the prepared remarks, the categories that are really driving that are Basketball, Running and NIKE Sportswear in China.

我在準備好的發言中提到，我認為在中國真正推動的類別是籃球、跑步和耐克運動服。

Those three categories continue to see a very strong growth curve.

這三個類別繼續看到非常強勁的增長曲線。

And, with respect to retail, Robbie, both the outlet stores and the in-line stores were -- they comped up strongly, both of them did.

而且，關於零售，羅比，直銷店和直銷店都是——它們表現強勁，它們都做到了。

And the US versus Europe?

美國對歐洲？

US definitely, both comped up.

美國肯定，兩者都彌補了。

And, just quickly looking at Europe, Europe were both -- the in-line stores were about flat and the outlets comped up a bit.

而且，快速看一下歐洲，歐洲兩者兼而有之——在線商店基本持平，而奧特萊斯則略有改善。

So America, both were up double digits in Europe, both about flat with the outlets doing a little better.

因此，美國和歐洲的銷售額均增長了兩位數，兩者基本持平，而奧特萊斯的表現略好一些。

Yes, a big part of the in-line number was affected by London -- we actually had some problems in London with the floor, one of the floors.

是的，很大一部分排隊人數受到了倫敦的影響——我們實際上在倫敦的地板上遇到了一些問題，其中一層。

So that might have affected the in-line stores in Europe a little bit.

所以這可能對歐洲的在線商店有一點影響。

Got it.

知道了。

Thank you very much for that.

非常感謝你。

Thank you, everyone, and we'll talk to you next time.

謝謝大家，下次再聊。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。