Nike Inc (NKE) 2015 Q3 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE's FY15 third-quarter conference call.

歡迎參加 NIKE 2015 財政年度第三季電話會議。

For those who need to reference today's press release you'll find it at investors.

對於需要參考今天新聞稿的人，您可以在投資者那裡找到它。

NIKE.com.

耐吉網站。

Leading today's call is Kelley Hall, Vice President, Corporate Finance and Treasurer.

今天的電話會議由企業財務副總裁兼財務主管 Kelley Hall 主持。

Before I turn the call over to Ms. 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 risks and uncertainties that could cause actual results to differ materially.

在我將電話轉交給霍爾女士之前，請允許我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性聲明，這些聲明受到風險和不確定性的影響，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 SEC 提交的報告中詳細說明，包括表格 8-K、10-K 和 10-Q。

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, changes in the timing of shipments, discounts and returns which may vary significantly from quarter to quarter.

一些前瞻性陳述涉及未來訂單，這些訂單並不一定表明後續期間總收入的變化，這些變化是由於期貨和一次性訂單的混合、匯率波動、訂單取消、發貨時間的變化、折扣和退貨而造成的。

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

此外，重要的是要記住，NIKE, Inc. 的持續經營業務的很大一部分，包括裝備、NIKE Golf、Converse 和 Hurley 並未包含在這些期貨數據中。

Finally, participants may discuss non-GAAP financial measures, including references to wholesale-equivalent sales.

最後，參與者可以討論非公認會計準則財務指標，包括批發等值銷售額的參考。

References to wholesale-equivalent sales are only intended to provide context as to the overall current market footprint of the brands owned by NIKE, Inc.

提及批發當量銷售額僅旨在提供有關 NIKE, Inc. 擁有的品牌當前整體市場足跡的背景資訊。

and should not be relied upon as a financial measure of actual results.

且不應作為實際結果的財務衡量標準。

Participants may also make references to other non-public financial and statistical information and non-GAAP financial measures.

參與者也可以參考其他非公開財務和統計資訊以及非公認會計準則財務指標。

Discussion of non-public financial and statistical information and presentations of comparable GAAP measures and quantitative reconciliations can be found at NIKE's website, investors.

有關非公開財務和統計資訊的討論以及可比較 GAAP 衡量標準和定量調節的介紹，請造訪耐吉的投資者網站。

NIKE.com.

耐吉網站。

Now I would like to turn the call over to Kelley Hall, Vice President Corporate Finance and Treasurer.

現在我想將電話轉給企業財務副總裁兼財務主管凱利霍爾 (Kelley Hall)。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us today to discuss NIKE's FY15 third-quarter results.

大家好，感謝您今天加入我們討論耐吉 2015 財年第三季業績。

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

正如該運營商所表示的，今天電話會議的參與者可能會討論非公認會計準則財務措施。

You will find the appropriate reconciliations in our press release which was issued about an hour ago or at our website, investors.

您可以在我們大約一小時前發布的新聞稿中或在我們的網站上找到適當的調節表，投資者。

NIKE.com.

耐吉網站。

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

參加今天電話會議的有 NIKE, Inc.。

President and CEO, Mark Parker; followed by Trevor Edwards, 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.

總裁兼執行長馬克·帕克；其次是耐吉品牌總裁特雷弗愛德華茲（Trevor Edwards）；最後，您將聽到我們的財務長 Don Blair 的講話，他將對我們的財務業績進行深入的審查。

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

我們希望讓盡可能多的人在我們分配的時間內提出問題，因此我們希望您將最初的問題限制為兩個。

In the event you have additional questions that are not covered by others please feel free to requeue and we will do our best to come back to you.

如果您還有其他問題未涵蓋的其他問題，請隨時重新排隊，我們將盡力回覆您。

Thank you for your cooperation on this.

感謝您對此的配合。

I'll now turn the call over to NIKE, Inc.

我現在會把電話轉給 NIKE, Inc.。

President and CEO, Mark Parker.

總裁兼執行長馬克·帕克。

Thank you, Kelly.

謝謝你，凱利。

And hello, everyone.

大家好。

We delivered another strong quarter in Q3.

我們在第三季再次表現強勁。

Revenues grew 7% to $7.5 billion, gross margin increased by 140 basis points to 45.9%, and diluted earnings per share increased 19% to $0.89.

營收成長 7%，達到 75 億美元，毛利率成長 140 個基點，達到 45.9%，攤薄後每股盈餘成長 19%，達到 0.89 美元。

We were able to deliver results like these for the quarter by leveraging the power of the NIKE portfolio.

透過利用耐吉產品組合的力量，我們能夠在本季取得這樣的業績。

Over the last three months, the macro environment has become increasingly volatile.

過去三個月，宏觀環境變得越來越不穩定。

Foreign currency headwinds have intensified, product input costs continue to fluctuate, and the political landscape is evolving in many countries around the world.

外匯逆風加劇，產品投入成本持續波動，全球許多國家的政治格局正在演變。

This is the environment in which all multi-national companies now operate, and NIKE is not immune to it.

這是現在所有跨國企業的經營環境，耐吉也不能倖免。

The difference for NIKE, however, is that we see this as an opportunity to create further separation in the marketplace.

然而，耐吉的不同之處在於，我們認為這是在市場上進一步分離的機會。

Our globally diverse portfolio of geographies, categories, brands, product types and distribution channels gives us a distinct competitive advantage.

我們在全球多元化的地理位置、品類、品牌、產品類型和分銷管道組合為我們帶來了獨特的競爭優勢。

By going deep into the business, we are able to see opportunities to serve the consumer and drive growth, despite the choppier landscape.

透過深入業務，我們能夠看到服務消費者和推動成長的機會，儘管情況更加動盪。

This surgical approach to finding new dimensions of growth ensures we capture the full potential of our brands around the world.

這種尋找新的成長維度的外科手術方法確保我們充分發揮我們品牌在全球的潛力。

And that includes driving strong growth in areas of our business that are already well established such as Western Europe, China, North America, and footwear, as well as businesses such as women's, young athletes, apparel and eCommerce where we are accelerating development.

這包括推動西歐、中國、北美和鞋類等我們已經成熟的業務領域的強勁成長，以及我們正在加速發展的女裝、年輕運動員、服裝和電子商務等業務。

These are just a few examples of the dimensions of our business where we are continuing to identify further opportunities to expand our reach and drive growth.

這些只是我們業務規模的幾個例子，我們正在繼續尋找進一步的機會來擴大我們的業務範圍並推動成長。

And we do this while maintaining a disciplined approach to investing in those opportunities with the highest potential for return, so we can drive growth and manage risk over the short and the long term.

我們在這樣做的同時，保持嚴格的方法來投資那些具有最高回報潛力的機會，這樣我們就可以在短期和長期內推動成長並管理風險。

This complete offense is how we can continue to deliver sustainable profitable growth.

這種完整的進攻是我們能夠繼續實現可持續獲利成長的方式。

As you have seen from NIKE in the past, we know how to operate in a challenging environment better than anyone.

正如您過去從耐吉看到的那樣，我們比任何人都更了解如何在充滿挑戰的環境中運作。

And you will continue to see us leverage the breadth and depth of our global portfolio to do just that going forward.

您將繼續看到我們利用全球投資組合的廣度和深度來實現這一目標。

At NIKE, everything we do starts with the consumer.

在耐吉，我們所做的一切都是從消費者開始的。

It's our obsession with serving the consumer that sharpens our focus and drives our growth.

正是我們對服務消費者的執著讓我們更加專注並推動我們的成長。

The expectations of our consumers are evolving rapidly and we're able to meet and often exceed those expectations because we know the athlete.

我們消費者的期望正在迅速變化，我們能夠滿足並經常超越這些期望，因為我們了解運動員。

By working with athletes at all levels, from the elite to the every day, we have a level of knowledge and insight that is unmatched in our industry.

透過與從精英到日常的各個級別的運動員合作，我們擁有行業中無與倫比的知識和洞察力。

And we are able to use the insights that we gain to create new products and services that drive a new level of performance innovation across all of our categories.

我們能夠利用所獲得的見解來創造新產品和服務，推動我們所有類別的性能創新達到新水平。

The pace of innovation at NIKE has never been faster and our pipeline has never been more robust.

耐吉的創新步伐從未如此之快，我們的產品線也從未如此強大。

We're leveraging new tools and processes to unlock significant advancements every day.

我們每天都在利用新的工具和流程來實現重大進展。

However, the starting point for innovation remains the same and that's the athlete.

然而，創新的出發點是一樣的，那就是運動員。

Many of our greatest innovations have come from going deep into an individual sport to solve a unique athletic need.

我們許多最偉大的創新都來自於深入研究個人運動來解決獨特的運動需求。

And let me highlight a few examples in our footwear business from Q3.

讓我重點介紹第三季我們鞋類業務的幾個例子。

In running, the LunarTempo, the shoe that merges speed with cushioning for a great ride over the longer runs.

在跑步方面，LunarTempo 是一款將速度與緩震融為一體的鞋，可在長距離跑步中提供出色的騎乘體驗。

And then the newly redesigned Air Max 2015, our most flexible comfortable Air Max to date.

然後是全新設計的 Air Max 2015，這是我們迄今為止最靈活舒適的 Air Max。

We're seeing very strong response from consumers and I'm tremendously excited about the pipeline of products in the running category.

我們看到消費者的反應非常強烈，我對跑步類別的產品線感到非常興奮。

In basketball, with his tenth signature shoe, Kobe Bryant returned to a low top and once again pushed the limits of design.

在籃球領域，科比·布萊恩帶著他的第十款簽名鞋回歸低筒鞋，再次突破了設計的極限。

In addition to great consumer reaction to the Kobe X, players around the NBA are wearing it for its great traction and cushioning.

除了消費者對Kobe X 的強烈反應之外，NBA 各地的球員也因為其出色的抓地力和緩衝性能而穿著它。

And in football, the NIKE Vapor Untouchable Cleat was created to provide the game's fastest players with power and precision on the field.

在足球領域，NIKE Vapor Untouchable Cleat 旨在為最快的球員提供球場上的力量和精準度。

We've had tremendous feedback on the performance and the look of the Untouchable from the athletes at both the NFL and the collegiate level.

我們從 NFL 和大學級別的運動員那裡得到了對 Untouchable 的表現和外觀的大量反饋。

And in men's training, the NIKE Metcon 1, a first-of-its-kind high-intensity training shoe that has been incredibly popular in the marketplace.

在男子訓練領域，NIKE Metcon 1 是首款高強度訓練鞋，在市場上非常受歡迎。

And it's just a hint at what's to come in men's training.

這只是對男子訓練中即將發生的事情的暗示。

These innovations each deliver a new level of performance for the athlete.

這些創新都為運動員帶來了新的表現水準。

However, we only truly realize our potential as a Company when we continue to leverage those breakthroughs across multiple sports and categories.

然而，只有當我們繼續利用這些跨多個運動和類別的突破時，我們才能真正意識到我們作為一家公司的潛力。

It's what you've seen from us time and time again.

這就是您一次又一次從我們身上看到的。

Many of our biggest footwear platforms, such as Lunar and Free, Flyknit, and NIKE Air were initially created to solve a specific athlete need in a specific category.

我們許多最大的鞋類平台，例如 Lunar 和 Free、Flyknit 和 NIKE Air 最初都是為了解決特定類別的特定運動員需求而創建的。

But now they serve as the foundation for our greatest products across multiple categories.

但現在它們成為我們跨多個類別的最優秀產品的基礎。

Similarly, in apparel, platforms such as Aeroloft and Dri-FIT, both originally introduced in running, set the standard for thermal regulation and moisture management in multiple categories and product classifications.

同樣，在服裝領域，Aeroloft 和 Dri-FIT 等最初在跑步領域推出的平台為多個類別和產品分類的熱調節和濕度管理設定了標準。

And our NIKE Pro collection continues to drive energy in all sports, especially our Pro Bra and tight collections for women.

我們的 NIKE Pro 系列繼續為所有運動注入能量，尤其是我們的 Pro Bra 和女士緊身系列。

Individually and collectively our product innovation is breaking new ground across all of our categories.

無論是單獨還是集體，我們的產品創新都在我們所有類別中開闢了新天地。

And as excited as we are about the technical details of these products, what's most important is how well our products are resonating with athletes and consumers, which we clearly saw in the quarter.

儘管我們對這些產品的技術細節感到興奮，但最重要的是我們的產品如何與運動員和消費者產生共鳴，這一點我們在本季度清楚地看到了。

Innovation fuels more than product at NIKE.

耐吉的創新動力不只是產品。

It also drives how we do business and how we connect with the world.

它也推動了我們開展業務的方式以及我們與世界的聯繫。

In the case of our digital ecosystem, NIKE is growing a connected community of athletes all over the world.

就我們的數位生態系統而言，耐吉正在發展一個由世界各地運動員組成的互聯社群。

This community is seamlessly engaged with the brand not only by accessing the world's best product but by fueling activity and improving their athletic lives.

該社群與品牌無縫互動，不僅可以獲得世界上最好的產品，還可以促進活動並改善他們的運動生活。

We know it's not enough to simply interact.

我們知道僅僅互動是不夠的。

True connections require depth and richness.

真正的聯繫需要深度和豐富性。

And in Q3 we strengthened these digital connections and added new dimensions to our digital ecosystem.

在第三季度，我們加強了這些數位連接，並為我們的數位生態系統添加了新的維度。

So, how does NIKE continue to expand our digital innovation?

那麼，NIKE 如何持續拓展我們的數位創新呢？

We link experience to commerce.

我們將經驗與商業聯繫起來。

We released the NIKE sneakers app during the NBA all-star game in New York, letting consumers on mobile devices see, share, and buy our most coveted footwear product.

我們在紐約 NBA 全明星賽期間發布了 NIKE 運動鞋應用程序，讓行動裝置上的消費者可以看到、分享和購買我們最令人垂涎​​的鞋類產品。

And we broadened access.

我們也擴大了准入範圍。

We announced several partnerships with the NIKE+ running app to let runners connect to NIKE+ experiences to even more of their devices and fitness equipment.

我們宣布與 NIKE+ 跑步應用程式建立多項合作夥伴關係，讓跑者將 NIKE+ 體驗連接到更多的裝備和健身器材。

And we grow our global reach.

我們擴大了全球影響力。

We added more sharing capabilities to our NIKE+ training club app.

我們在 NIKE+ 訓練俱樂部應用程式中添加了更多共享功能。

We expanded it to 18 languages.

我們將其擴展到 18 種語言。

It's work like this that will continue to power our digital experiences for years to come.

這樣的工作將在未來幾年繼續為我們的數位體驗提供動力。

At the same time, in Q3 we continued to see tremendous growth in our eCommerce business, as NIKE.com was up 42% in the quarter.

同時，在第三季度，我們的電子商務業務繼續取得巨大成長，NIKE.com 在該季度成長了 42%。

Traffic and conversion both increased.

流量和轉換率均有所增加。

And for the first time in our history, mobile traffic exceeded desktop traffic, helped in part by the introduction of our sneakers app.

我們歷史上第一次，行動流量超過了桌面流量，這在一定程度上得益於我們運動鞋應用程式的推出。

Going forward, we will continue to invest in this area to best serve our consumer.

展望未來，我們將繼續在這一領域進行投資，以更好地服務我們的消費者。

Additionally, we'll continue to drive growth in our eCommerce business by increasing consumer access to product customization.

此外，我們將透過增加消費者獲得產品客製化的機會，繼續推動電子商務業務的成長。

In Q3 for example, we brought exclusive new Flyknit options to NIKEiD, giving consumers the ability to take customization to yet another level.

例如，在第三季度，我們為 NIKEiD 帶來了獨家的全新 Flyknit 選項，讓消費者能夠將客製化提升到另一個水平。

Overall we continue to see tremendous potential for growth in our eCommerce business as we leverage our digital platform to continue to deliver premium products, services and experiences for our consumers.

總體而言，我們繼續看到電子商務業務的巨大成長潛力，因為我們利用數位平台繼續為消費者提供優質產品、服務和體驗。

As we head into the final quarter of FY15 and beyond, I continue to see tremendous opportunity for NIKE around the world.

當我們進入 2015 財年最後一個季度及之後的時間時，我繼續看到耐吉在全球範圍內的巨大機會。

You've heard me say many times that I see more potential for growth going forward than at any time in our history, and I certainly continue to believe that today.

你們已經多次聽我說過，我看到了未來比歷史上任何時候都更大的成長潛力，今天我當然仍然相信這一點。

While the current macro environment is challenging, it is not new to us.

儘管當前的宏觀環境充滿挑戰，但這對我們來說並不新鮮。

We have a highly experienced and aligned Management team that knows how to continue to deliver profitable growth by turning challenges into opportunities.

我們擁有一支經驗豐富、團結一致的管理團隊，他們知道如何透過將挑戰轉化為機會來繼續實現獲利成長。

It's what we've always done in the past and it's what you can expect from us going forward.

這是我們過去一直在做的事情，也是您對我們未來的期望。

Thanks and now here is Trevor.

謝謝，現在是特雷弗。

Thanks, Mark.

謝謝，馬克。

Q3 is a great example of how the strength of the NIKE Brand drives growth around the world, even in a more challenging macro environment.

第三季是耐吉品牌實力如何推動全球成長的一個很好的例子，即使在更具挑戰性的宏觀環境中也是如此。

As Mark mentioned, the impact of foreign exchange has intensified, and Don will talk more about our work to mitigate those impacts.

正如馬克所提到的，外匯的影響已經加劇，唐將更多地談論我們減輕這些影響的工作。

As I normally do, I'll speak to our results on a constant currency basis.

正如我通常所做的那樣，我將在固定貨幣的基礎上談論我們的結果。

While we consider the impact of foreign exchange as part of the overall management of our business, currency-neutral results provide a clearer view of the underlying operational performance.

雖然我們將外匯的影響視為我們業務整體管理的一部分，但貨幣中立的結果可以更清晰地了解基本營運績效。

So, let's take a look at the numbers.

那麼，讓我們來看看數字。

The NIKE Brand revenue grew 11%, with strong growth in Western Europe, Greater China and the emerging markets, as well as in our sportswear and basketball categories.

耐吉品牌營收成長了 11%，西歐、大中華區和新興市場以及我們的運動服和籃球品類成長強勁。

NIKE Brand DTC revenue increased 29%, driven by all concepts in all geographies.

在所有地區的所有概念的推動下，NIKE 品牌 DTC 收入成長了 29%。

And, as Mark mentioned, we also saw continued strong growth in NIKE.com.

而且，正如馬克所提到的，我們也看到 NIKE.com 持續強勁成長。

And global futures are up 11%, reflecting the strong growth despite the comparisons to the prior year which included strong World Cup demand.

全球期貨上漲 11%，反映出儘管與前一年（包括世界盃需求強勁）相比仍保持強勁成長。

Excluding the impact of the World Cup, we estimate future orders would have grown in the mid teens.

排除世界盃的影響，我們估計未來的訂單量將成長到十幾歲左右。

Our Q3 growth is the result of the deep relationships we've built with consumers through the category offense.

我們第三季的成長是我們透過品類進攻與消費者建立深厚關係的結果。

Our laser focus on individual consumers strengthens those connections whether they're online, at retail, or live experiences.

我們對個人消費者的高度關注加強了這些聯繫，無論他們是在網路上、零售還是現場體驗。

NIKE's consistent focus on serving the consumer through the lens of their chosen sports helps enable continued profitable growth.

耐吉始終致力於透過消費者選擇的運動鏡頭為消費者提供服務，這有助於實現持續的獲利成長。

What's more, only NIKE has the global scale to execute this consumer focus strategy in markets around the world.

更重要的是，只有耐吉擁有全球規模，能夠在全球市場執行這項以消費者為中心的策略。

As we further drive the category offense globally, we continue to prove our ability to connect our brands to consumers and build compelling retail destinations that elevate, segment, and differentiate the markets around the globe.

隨著我們在全球範圍內進一步推動品類進攻，我們將繼續證明我們有能力將我們的品牌與消費者聯繫起來，並建立引人注目的零售目的地，以提升、細分和差異化全球市場。

To see the category offense in action let's first take a look at two of our key categories, basketball and running.

要了解具體的進攻類別，我們先來看看我們的兩個關鍵類別：籃球和跑步。

Both NIKE and the Jordan brand continued to deliver the absolute best in basketball with innovative products and groundbreaking experiences.

耐吉和喬丹品牌都繼續透過創新產品和突破性體驗提供籃球領域的絕對最佳產品。

Q3 was the 14th consecutive quarter of double-digit growth for the basketball category.

第三季是籃球類別連續第 14 季實現兩位數成長。

And as the game expands around the globe we continue to see amazing opportunity for growth in this important category.

隨著遊戲在全球範圍內的擴張，我們繼續看到這個重要類別的驚人成長機會。

Q3 was a great example of the combined power of NIKE basketball and brand Jordan to create excitement and energy in the marketplace.

Q3 是耐吉籃球和喬丹品牌聯合力量在市場上創造興奮和活力的一個很好的例子。

I was in New York City for the NBA all-star weekend and it was clearly an electric experience for hundreds and thousands of basketball fans who took part.

我在紐約參加 NBA 全明星週末，對於成千上萬參加比賽的籃球迷來說，這顯然是一次激動人心的體驗。

All over the city, NIKE and brand Jordan executed retail concepts and consumer experiences that showcase basketball's unique culture and passion.

在整個城市，耐吉和喬丹品牌執行零售概念和消費者體驗，展現籃球獨特的文化和熱情。

NIKE basketball invited fans to visit the Zoom City Arena, offering them a chance to play on the first digital LED court in the United States.

耐吉籃球邀請球迷參觀 Zoom City Arena，為他們提供在美國第一個數位 LED 球場上比賽的機會。

Brand Jordan transformed the Penn Pavilion into an interactive consumer experience where fans could relive Michael Jordan's iconic game winning shots.

喬丹品牌將賓州館轉變為互動式消費者體驗，球迷可以重溫邁克爾喬丹標誌性的比賽制胜球。

And both brands created elevated retail executions at NIKE Town, at House of Hoops locations with Foot Locker and at pop-up locations around the city.

這兩個品牌在 NIKE Town、House of Hoops 門市的 Foot Locker 以及城市各地的快閃店都提高了零售業績。

All of this combined to deliver a truly one-of-a-kind experience for our consumers, something only NIKE can do.

所有這些結合在一起，為我們的消費者帶來真正獨一無二的體驗，只有耐吉才能做到。

In addition to delivering highly engaging consumer experiences, we continued to lead with innovative product.

除了提供高度有吸引力的消費者體驗外，我們也持續以創新產品引領潮流。

In the quarter, Kyrie Irving, one of the most exciting young players in the game today, became the newest signature athlete for NIKE with the launch of the Kyrie 1. Offering superior traction with the Hyperfuse construction, the Kyrie 1 is an excellent example of how we never stop improving.

在本季度，凱裡歐文(Kyrie Irving) 是當今籃球界最令人興奮的年輕球員之一，隨著Kyrie 1 的推出，成為NIKE 最新的簽名運動員。 ，是我們如何永不停止改進。

Also seeing huge consumer response was the Kobe X, the most coveted shoe yet for the popular Kobe line.

消費者反應熱烈的還有Kobe X，它是流行的Kobe 系列中迄今為止最令人垂涎​​的鞋款。

Next let's talk about running.

接下來我們來談談跑步。

As you know, running is our heritage and our largest performance category.

如你所知，跑步是我們的傳統，也是我們最大的運動類別。

The NIKE Brand continues to resonate with runners, fueled by the NIKE+ run club and grassroots running events around the world.

在 NIKE+ 跑步俱樂部和世界各地草根跑步活動的推動下，耐吉品牌繼續與跑者產生共鳴。

And the running category continues to deliver strong results in key geographies, including Europe, China, and the emerging markets.

跑步類別持續在歐洲、中國和新興市場等關鍵地區取得強勁業績。

That said, core footwear within in the running category isn't performing as well as we would like, particularly in North America.

也就是說，跑步類別中的核心鞋類的表現並不如我們所希望的那麼好，尤其是在北美。

As a result, we're highly focused on delivering new innovation into our core product offerings to ensure we continue to serve our consumer with the absolute best.

因此，我們高度專注於為我們的核心產品提供新的創新，以確保我們繼續為消費者提供絕對最好的服務。

With our premium performance products we continue to see strong sell-through for footwear styles like the Air Max 2015, the LunarTempo and Air Zoom Pegasus 31.

憑藉我們的高性能產品，我們繼續看到 Air Max 2015、LunarTempo 和 Air Zoom Pegasus 31 等鞋類款式的強勁銷售。

In addition, our premium performance apparel continues to drive growth and we saw strong consumer response to the styles such as the new Epic Lux and the Epic Run tights.

此外，我們的高性能服裝繼續推動成長，我們看到消費者對新款 Epic Lux 和 Epic Run 緊身褲等款式反應強烈。

As part of our amplify strategy, we leverage the heritage of our running into sportswear to deliver great style for consumers who appreciate the aesthetic of running.

作為我們擴大策略的一部分，我們利用跑步運動服裝的傳統，為欣賞跑步美學的消費者提供出色的風格。

This is our complete offense in the running category And running inspired sportswear performed exceedingly well in the quarter, led by strong consumer response to the Roshe platform and the Roshe Flyknit in particular.

這是我們在跑步類別中的全面進攻。

The Air Max 1 collection also had strong performance in the quarter.

Air Max 1 系列在本季也表現強勁。

Looking ahead, we will continue to build on what's working in running as we further strengthen our business to accelerate growth.

展望未來，我們將繼續在跑步領域的基礎上繼續發展，進一步加強我們的業務以加速成長。

We are excited to have a robust continuous pipeline of groundbreaking footwear innovations which we will bring to the market over the next 18 months.

我們很高興擁有一系列強大、持續的突破性鞋類創新產品，我們將在未來 18 個月內將其推向市場。

And we will also leverage the momentum in platforms such as the Lunar, Flyknit and our Air Max to continue to drive growth.

我們還將利用 Lunar、Flyknit 和 Air Max 等平台的勢頭繼續推動成長。

Overall running continues to be a tremendous source of innovation and inspiration for NIKE and one of our key long-term growth drivers.

整體跑步仍然是耐吉創新和靈感的巨大源泉，也是我們長期成長的關鍵驅動力之一。

Let's talk about a few of our key geographies.

讓我們來談談我們的一些關鍵地區。

First, North America which delivered 6% revenue growth in the quarter.

首先是北美地區，本季營收成長 6%。

Consumer demand continues to be very strong in North America as most key categories grew and futures were up 15%.

北美的消費者需求仍然非常強勁，大多數關鍵品類均出現成長，期貨價格上漲 15%。

That said, revenue growth was somewhat lower than expected in the quarter due to challenges related to the port congestion on the West Coast, which escalated late in our fiscal quarter three.

儘管如此，由於西海岸港口擁堵帶來的挑戰，該季度的營收成長略低於預期，而這一問題在第三財季末加劇。

As a result, some shipments originally expected for delivery in Q3 were delayed.

因此，一些原本預計在第三季交付的出貨被推遲。

Looking ahead, we expect revenue growth in quarter four to accelerate as the flow of product through the supply chain begins to normalize.

展望未來，隨著供應鏈中的產品流動開始正常化，我們預期第四季的營收成長將加速。

However, we do expect it will take a few quarters to return to fully normalized product flow as there are a significant number of containers to be cleared from the ports on the West Coast.

然而，我們確實預計產品流需要幾個季度才能恢復完全正常化，因為西海岸港口有大量貨櫃需要清關。

To be very clear, there continues to be tremendous momentum for the NIKE Brand in North America thanks to innovative product that continues to resonate with our consumers.

需要明確的是，由於不斷引起消費者共鳴的創新產品，耐吉品牌在北美持續保持著巨大的發展勢頭。

And the category offense continues to help us deliver segmented and differentiated retail destinations with our wholesale partners in our stores and online.

品類進攻繼續幫助我們與我們的商店和網上的批發合作夥伴一起提供細分和差異化的零售目的地。

Executions such as the Fieldhouse with Dick's Sporting Goods and House of Hoops with Foot Locker, performed very well in the quarter, as did our DTC business which delivered revenue growth of 15% and continued strong growth on NIKE.com.

與 Dick's Sporting Goods 合作的 Fieldhouse 和與 Foot Locker 合作的 House of Hoops 等產品在本季度表現出色，我們的 DTC 業務也表現出色，實現了 15% 的收入增長，並在 NIKE.com 上持續強勁增長。

Overall, we continue to see tremendous potential for growth in North America as demand remains strong and our brand continues to resonate with consumers.

總體而言，我們繼續看到北美市場的巨大成長潛力，因為需求仍然強勁，而且我們的品牌繼續與消費者產生共鳴。

In Western Europe, we're seeing broad-based demand with revenue growth of 21% in the quarter.

在西歐，我們看到了廣泛的需求，本季營收成長了 21%。

We saw growth across all categories and territories with particular strength in AGS, the UK, and Southern Europe.

我們看到了所有類別和地區的成長，尤其是 AGS、英國和南歐。

A critical part of our successful growth strategy in Western Europe is the work we've done to transform the marketplace along the category offense.

我們在西歐成功成長策略的關鍵部分是我們沿著品類進攻方向改變市場所做的工作。

We continue to develop more differentiated retail executions with our wholesale partners in our stores and online, while continuing to bring innovative products into the marketplace.

我們繼續與我們的商店和線上批發合作夥伴一起開發更具差異化的零售執行方式，同時繼續將創新產品帶入市場。

The JV omni-channel store at Trafford and the Pro Direct digital store in London are great examples of powerful avenues we have to differentiate the NIKE Brand.

特拉福德的合資全通路商店和倫敦的 Pro Direct 數位商店是我們使 NIKE 品牌脫穎而出的強大途徑的絕佳例子。

In addition, we continue to see strong performance in our stores, with DTC up 40% and strong growth on NIKE.com.

此外，我們的商店持續表現強勁，DTC 成長了 40%，NIKE.com 也強勁成長。

It remains early days yet but the market growth we're seeing in nearly every territory, coupled with the market share gains, prove the success of our efforts in Western Europe.

目前還處於早期階段，但我們在幾乎每個地區看到的市場成長以及市場份額的成長證明了我們在西歐的努力取得了成功。

Let's turn to the emerging markets where revenue grew 12% in the quarter, with six of the nine territories growing double digits.

讓我們轉向新興市場，該季度營收成長了 12%，其中 9 個地區中有 6 個地區實現了兩位數成長。

We also saw strong growth coming from sportswear, running, and basketball.

我們也看到運動服、跑步和籃球的強勁成長。

While we feel good about the third-quarter results in the emerging markets we do anticipate some choppiness going forward.

雖然我們對新興市場第三季的業績感到滿意，但我們確實預期未來會出現一些波動。

Futures declined 6% for the period, in part the result of tough comparisons to the strong World Cup orders in the prior year.

同期期貨價格下跌 6%，部分原因是與去年強勁的世界盃訂單進行了嚴格比較。

We are also taking proactive steps to reduce the supply to insure a healthy marketplace in Mexico and Brazil, two of our largest territories in the emerging markets.

我們也採取積極措施減少供應，以確保墨西哥和巴西（我們在新興市場中最大的兩個地區）市場的健康發展。

In Mexico, as we have discussed on previous calls, inventory levels in the marketplace were higher than we would like, largely a result of transition issues with our distribution center in early FY14.

在墨西哥，正如我們在先前的電話會議中所討論的那樣，市場庫存水準高於我們的預期，這主要是 2014 財年年初我們的配送中心出現過渡問題的結果。

We've made significant progress in clearing the excess inventory in Mexico and we expect to return to more normalized levels by the end of FY15.

我們在清理墨西哥的過剩庫存方面取得了重大進展，預計到 2015 財年末將恢復到更正常化的水平。

To insure a healthy pull market we've also worked proactively with our wholesale partners to adjust the flow of product into the marketplace, which contributes to the year-over-year decline in future orders for the emerging markets.

為了確保健康的拉動市場，我們也積極與批發合作夥伴合作，調整進入市場的產品流量，這導致新興市場未來訂單年減。

In Brazil, Q3 revenue growth was modest as volatile macro-economics conditions made for a challenging operating environment.

在巴西，由於不穩定的宏觀經濟狀況導致營運環境充滿挑戰，第三季營收成長溫和。

The NIKE Brand continues to be incredibly strong in Brazil and we see great opportunity to reposition this critical market for sustainable profitable growth.

耐吉品牌在巴西仍然非常強大，我們看到了重新定位這個關鍵市場以實現永續獲利成長的絕佳機會。

As we successfully did in North America, China, and Western Europe, we will leverage the category offense to segment and differentiate our points of distribution.

正如我們在北美、中國和西歐所取得的成功一樣，我們將利用品類攻擊來細分和區分我們的分銷點。

In doing so we will increase the productivity and profitability of the marketplace.

透過這樣做，我們將提高市場的生產力和獲利能力。

We will accomplish this by elevating the retail experiences for our consumers and presenting our products in more compelling and premium execution.

我們將透過提升消費者的零售體驗並以更具吸引力和優質的執行力展示我們的產品來實現這一目標。

As we start to reset the market in Brazil, we are working proactively with our wholesale partners to pace the flow of product into the market.

隨著我們開始重新調整巴西市場，我們正在積極與批發合作夥伴合作，以加快產品進入市場的速度。

As with Mexico, this is also contributing to the year-over-year decline in the emerging markets futures orders.

與墨西哥一樣，這也是導致新興市場期貨訂單年減的原因之一。

We are confident that our actions in Mexico and Brazil will help us to reach our goal of operating a healthy pull market in these important territories.

我們相信，我們在墨西哥和巴西的行動將幫助我們實現在這些重要地區運作健康的拉動市場的目標。

And long term we remain confident that the emerging markets geography will drive significant growth for the NIKE Brand.

從長遠來看，我們仍然相信新興市場格局將推動耐吉品牌的顯著成長。

Lastly, in Greater China, we continue to see the benefits of our strategy to reset the marketplace.

最後，在大中華區，我們繼續看到我們重置市場策略的好處。

Q3 revenue growth was 17% and futures are up 23%.

第三季營收成長 17%，期貨成長 23%。

This reflects the continued strength of the NIKE Brand in the market, along with our efforts to execute a more consumer-focused distribution strategy.

這反映了耐吉品牌在市場上的持續實力，以及我們為執行更以消費者為中心的分銷策略所做的努力。

Our wholesale partners have continued to see strong comp store growth and expanded profitability in the doors that have been reprofiled.

我們的批發合作夥伴繼續看到商店的強勁增長和經過重新設計的門的盈利能力的擴大。

This success aligns with the results we've seen in our own retail doors.

這一成功與我們在自己的零售店中看到的結果一致。

Additionally, inventory levels in China continue to be healthy, letting us better served the consumer and maintain a strong pull market.

此外，中國的庫存水準持續保持健康，使我們能夠更好地服務消費者並保持強勁的拉動市場。

Given the success we've seen in the marketplace over the last several quarters, we are now focused on evolving from a reset strategy to a new normal of how we do business in China.

鑑於過去幾季我們在市場上的成功，我們現在的重點是從重置策略發展到我們在中國開展業務的新常態。

As we look ahead we continue to see tremendous opportunity for growth in this key geography.

展望未來，我們繼續看到這個關鍵地區的巨大成長機會。

Ultimately I feel great about the results we delivered in Q3.

最終，我對我們在第三季所取得的成果感到非常滿意。

And while we will continue to face macroeconomic challenges going forward, we know there's tremendous momentum in the marketplace.

雖然我們將繼續面臨未來的宏觀經濟挑戰，但我們知道市場存在巨大的動力。

And we know the NIKE Brand continues to resonate with consumers all around the world.

我們知道耐吉品牌繼續與世界各地的消費者產生共鳴。

And we know our relentless focus on serving the consumer will keep us in the lead.

我們知道，我們對服務消費者的不懈關注將使我們保持領先地位。

We know all of this, and because we do, I personally could not be more excited about what the future holds.

我們知道這一切，正因為我們知道，我個人對未來感到非常興奮。

Thanks.

謝謝。

Now here is Don.

現在是唐。

Thanks, Trevor.

謝謝，特雷弗。

In his opening remarks Mark spoke about the tremendous macroeconomic volatility we've seen in recent months.

馬克在開幕詞中談到了近幾個月來我們看到的巨大的宏觀經濟波動。

In particular over the last 90 days the US dollar has appreciated against virtually every other major currency.

特別是在過去 90 天裡，美元兌幾乎所有其他主要貨幣都升值。

There's no question that this has and will continue to have an impact on multi-national companies, including NIKE.

毫無疑問，這已經並將繼續對包括耐吉在內的跨國公司產生影響。

We see these times as opportunities to distinguish ourselves both in how we deliver for our consumers and how we deliver for our shareholders.

我們將這些時期視為在如何為消費者提供服務以及如何為股東提供服務方面脫穎而出的機會。

The power of our brands and our portfolio, the strength of our balance sheet, and the experience of our Management team all give us the ability to navigate these conditions in a way few companies can.

我們的品牌和產品組合的力量、資產負債表的實力以及管理團隊的經驗都使我們能夠以很少有公司能夠做到的方式應對這些情況。

We've always run our business to deliver appropriate, near-term profitability, invest for long-term growth, and manage risk.

我們經營業務始終以提供適當的近期獲利能力、投資長期成長和管理風險為目標。

That approach hasn't changed.

這種方法沒有改變。

That doesn't mean this is business as usual.

這並不意味著一切如常。

It does mean we will use all of the levers of our business to deliver profitable growth, even in the face of strong macro headwinds.

這確實意味著，即使面對強勁的宏觀阻力，我們也將利用業務的所有槓桿來實現獲利成長。

We'll continue to make focused investments to build strong brand connections, deliver innovative products and services and create compelling retail experiences for consumers.

我們將繼續集中投資，建立強大的品牌聯繫，提供創新的產品和服務，並為消費者創造引人注目的零售體驗。

We'll leverage our strength with consumers to grow revenues and expand gross margins.

我們將利用我們與消費者的優勢來增加收入並擴大毛利率。

We'll apply innovation and operational discipline to increase cost productivity.

我們將運用創新和營運紀律來提高成本生產力。

And we'll continue to deliver increasing profitability and cash returns to shareholders.

我們將繼續為股東提供不斷增長的獲利能力和現金回報。

We've been here before and we're confident we have the business capabilities and momentum to deliver growth and profitability even under difficult economic circumstances.

我們以前也經歷過這樣的情況，我們相信即使在經濟困難的情況下，我們也有能力和動力實現成長和獲利。

With that introduction I'll now recap our Q3 results.

透過上述介紹，我現在將回顧我們第三季的結果。

Third-quarter reported revenue for NIKE, Inc.

耐吉公司第三季營收報告

increased 7%.

增加了7%。

On a currency-neutral basis revenue increased 13%, in line with our expectations as the NIKE Brand grew 11% and Converse increased 33%.

在匯率中立的基礎上，營收成長了 13%，符合我們的預期，耐吉品牌成長了 11%，匡威成長了 33%。

Also on a currency-neutral basis NIKE Brand futures orders grew 11%, driven by a 6% increase in average selling price and a 5% increase in units.

同樣在貨幣中性的基礎上，耐吉品牌期貨訂單增加了 11%，這主要得益於平均售價上漲 6% 和數量增加 5%。

The growth reflects continued strong demand across the NIKE Brand portfolio, led by double-digit growth in North America, China, and Central and Eastern Europe.

這一成長反映出耐吉品牌組合的持續強勁需求，其中北美、中國和中歐和東歐的兩位數成長帶動了這一成長。

From a category perspective, the growth reflected strong demand across multiple categories, including sportswear, basketball and running.

從品類角度來看，此成長反映出多個品類的強勁需求，包括運動服、籃球和跑步服。

This overall growth is especially noteworthy given last year's robust orders in advance of the 2014 World Cup, which particularly affected futures orders in Europe and the emerging markets.

鑑於去年 2014 年世界盃之前的強勁訂單，這一整體成長尤其值得注意，這尤其影響了歐洲和新興市場的期貨訂單。

As Trevor mentioned earlier, excluding the impact of World Cup we estimate futures would have increased at a mid-teens rate.

正如特雷弗之前提到的，排除世界盃的影響，我們估計期貨將以十幾歲左右的速度增長。

On a reported basis futures grew 2% reflecting weaker international currencies, particularly the euro, real, ruble, pound and yen.

據報道，期貨上漲 2%，反映出國際貨幣疲軟，尤其是歐元、雷亞爾、盧布、英鎊和日圓。

Third-quarter diluted EPS increased 19% to $0.89, driven by revenue growth, gross margin expansion, and a lower share count, partially offset by higher SG&A investments and a higher tax rate.

第三季攤薄後每股收益成長 19%，達到 0.89 美元，這主要得益於收入成長、毛利率擴張和股票數量減少，但 SG&A 投資增加和稅率提高部分抵消了這一影響。

In Q3 the impact of FX was insignificant as the impact of the stronger dollar was largely offset by our currency hedging programs.

第三季度，外匯的影響微不足道，因為美元走強的影響在很大程度上被我們的貨幣對沖計劃所抵消。

Gross margin expanded 140 basis points in the quarter.

本季毛利率擴大了 140 個基點。

The increase was driven by a continued shift to higher-margin products partially offset by higher product input and warehousing costs.

這一增長是由於持續轉向利潤率較高的產品而推動的，但部分被較高的產品投入和倉儲成本所抵消。

Third-quarter demand creation was flat to last year as higher investments in digital and sports marketing were largely offset by lower advertising expenses due to changes in the timing of product launches.

第三季的需求創造與去年持平，因為數位和運動行銷的投資增加在很大程度上被產品發佈時間變化導致的廣告費用減少所抵消。

Q3 operating overhead increased 15%, reflecting growth in our higher gross margin, higher cost DTC business, investments in operational infrastructure, and continued investments in digital, including consumer engagement.

第三季營運管理費用成長了 15%，反映出我們更高的毛利率、更高成本的 DTC 業務、營運基礎設施投資以及對數位化（包括消費者參與）的持續投資的成長。

The Q3 effective tax rate was 24.4% a 190 basis point increase versus the prior year quarter, primarily due to the impact of tax expense on inter-Company transactions, partially offset by the retroactive reinstatement of the US R&D tax credit.

第三季有效稅率為 24.4%，比去年同期增加 190 個基點，主要是由於公司間交易的稅收費用的影響，部分被美國研發稅收抵免的追溯恢復所抵消。

At the end of Q3, NIKE, Inc.

第三季末，耐吉公司 (NIKE, Inc.)

inventories were up 12% primarily driven by unit growth in North America and Europe.

庫存成長 12%，主要受到北美和歐洲銷售成長的推動。

As Trevor mentioned earlier, our North America business was affected by congestion at West Coast ports reducing Q3 revenue growth and increasing Q3 inventories.

正如特雷弗之前提到的，我們的北美業務受到西海岸港口擁堵的影響，減少了第三季的收入成長並增加了第三季的庫存。

While we anticipate the flow of product will soon begin to return to normal, we expect we will have somewhat higher inventory levels and lower margins in North America for the next few quarters as we work to rebalance is supply and demand in the market.

雖然我們預計產品流動很快就會開始恢復正常，但我們預計，隨著我們努力重新平衡市場供需，未來幾季北美的庫存水準將有所上升，利潤率將會下降。

Now let's take a look at some of the performance highlights by segment.

現在讓我們來看看按細分市場劃分的一些業績亮點。

In North America, Q3 revenue increased 6% on both a reported and currency-neutral basis, led by basketball and sportswear.

在北美，以報告和匯率中立計算，第三季營收成長了 6%，其中以籃球和運動服裝為主。

Direct-to-consumer revenues grew 15% driven by the rapid expansion of NIKE.com, 7% comp store sales growth, and the addition of new stores.

由於 NIKE.com 的快速擴張、同店銷售成長 7% 以及新店的增加，直接面向消費者的收入成長了 15%。

On a reported basis, Q3 EBIT for North America grew 14%, driven by revenue growth, gross margin expansion, and SG&A leverage.

根據報告，在收入成長、毛利率擴張和 SG&A 槓桿的推動下，北美第三季息稅前利潤成長 14%。

In Western Europe, Q3 revenues increased 21% on a currency neutral basis.

在西歐，在貨幣中性的基礎上，第三季營收成長了 21%。

The growth was broad-based as nearly every territory increased at a double-digit rate and every key category grew, led by double-digit growth in sportswear, women's training and running.

成長基礎廣泛，幾乎每個領域都以兩位數的速度成長，每個關鍵類別都有成長，其中運動服裝、女性訓練和跑步領域的兩位數成長為主導。

Despite the weaker euro, reported Q3 revenue for Western Europe increased 10% and EBIT increased 22%, driven by revenue growth, gross margin expansion and SG&A leverage.

儘管歐元走弱，但在營收成長、毛利率擴張和銷售、一般行政費用槓桿的推動下，西歐第三季營收成長了 10%，息稅前利潤成長了 22%。

In central and Eastern Europe Q3 revenue increased 7% on a currency-neutral basis.

在中歐和東歐，在貨幣中性的基礎上，第三季營收成長了 7%。

Most territories delivered double-digit revenue growth but revenues in Russia, Israel and Turkey declined.

大多數地區的收入都實現了兩位數的成長，但俄羅斯、以色列和土耳其的收入卻出現了下降。

Nearly every key category expanded, led by sportswear, women's training and running.

幾乎每個關鍵品類都在擴大，其中以運動服、女性訓練和跑步為主導。

Reported revenue for CEE declined 10% and EBIT fell 35%, reflecting significantly weaker currencies, most significantly in Russia.

中東歐的報告收入下降了 10%，息稅前利潤下降了 35%，反映出貨幣顯著疲軟，尤其是俄羅斯貨幣。

In Greater China, Q3 revenues increased 17% on a currency-neutral basis, led by double-digit growth in sportswear, basketball, and running.

在大中華區，第三季營收在剔除匯率因素的基礎上成長了 17%，其中運動服飾、籃球和跑步業務實現了兩位數成長。

On a reported basis, Q3 revenue for China increased 15% while EBIT increased 7%, driven by strong revenue growth and gross margin expansion, partially offset by investments in demand creation and DTC.

據報道，在強勁的收入增長和毛利率擴張的推動下，中國第三季度的收入增長了 15%，而息稅前利潤增長了 7%，但部分被需求創造和 DTC 的投資所抵消。

In the emerging markets geography, Q3 revenue grew 12% on a currency-neutral basis, driven by strong growth in all territories except Brazil which grew at a single-digit rate and Mexico which declined mid teens.

在新興市場地區，第三季營收在匯率中立的基礎上成長了12%，這主要得益於除巴西以個位數成長率和墨西哥以十幾歲左右的速度下降之外的所有地區的強勁增長。

From a category perspective the growth was led by sportswear, running, and basketball.

從品類角度來看，成長主要由運動服、跑步服和籃球服引領。

On a reported basis, emerging markets revenue increased 2% and EBIT increased 3%, reflecting significant currency headwinds.

根據報告，新興市場收入成長 2%，息稅前利潤成長 3%，反映了重大的貨幣不利因素。

As Trevor discussed, we're seeing the results of our work to clear excess inventory in Mexico.

正如特雷弗所討論的，我們正在看到清理墨西哥過剩庫存的工作成果。

At the same time we're taking action to realign the Brazil marketplace along the lines of the category offense.

同時，我們正在採取行動，按照品類攻擊的方向重新調整巴西市場。

We're confident these steps will set us up to continue to deliver sustainable profitable growth in these territories and the emerging markets geography as a whole.

我們相信，這些步驟將使我們能夠繼續在這些地區和整個新興市場地區實現可持續的獲利成長。

At Converse, Q3 revenue grew 33% on a currency-neutral basis, boosted by the acceleration of Q4 shipments in advance of a major systems go live.

在主要係統上線之前，第四季出貨量的加速推動了匡威第三季營收在匯率中立的基礎上成長了 33%。

The balance of the growth was driven by continued strength in North America, the conversion of several European markets to direct distribution, and strong growth in DTC.

成長的平衡是由北美的持續強勁、幾個歐洲市場向直接分銷的轉變以及 DTC 的強勁增長推動的。

On a reported basis, Converse revenue increased 28% and EBIT increased 23%, driven by revenue growth, partially offset by higher investments in infrastructure, DTC, and demand creation to enable long-term growth.

根據報告，在營收成長的推動下，Converse 營收成長了 28%，息稅前利潤成長了 23%，但基礎設施、DTC 和需求創造的投資增加部分抵消了這一成長，以實現長期成長。

We've seen strong momentum in our business year-to-date and we expect that momentum to continue into Q4 and beyond.

今年迄今為止，我們的業務呈現出強勁的勢頭，我們預計這種勢頭將持續到第四季度及以後。

That said, FX headwinds have intensified significantly in the last 90 days, especially from the erosion of the value of the euro.

儘管如此，過去 90 天內外匯不利因素顯著加劇，尤其是歐元貶值帶來的不利影響。

While our hedging programs have significantly reduced the impact of FX on profitability, we cannot eliminate all currency risk.

雖然我們的對沖計劃顯著降低了外匯對獲利能力的影響，但我們無法消除所有貨幣風險。

Based on what we know today we expect the following for Q4 and full-year FY15.

根據我們今天所知，我們對 2015 財年第四季和全年的預期如下。

We expect constant dollar revenue growth for Q4 in the low double digits, with reported revenue growth 8 to 9 points lower, reflecting the significantly stronger dollar.

我們預計第四季度的美元收入成長將保持在低點兩位數，報告的收入成長將下降 8 至 9 個百分點，反映出美元顯著走強。

For the full year, we expect constant dollar revenue growth in the low teens, with reported revenue growth 4 to 5 points lower.

就全年而言，我們預計美元收入將持續保持在十幾歲左右，報告的收入成長率將下降 4 至 5 個百分點。

We now expect Q4 gross margin to be flat to up about 25 basis points as the impact of higher close outs, particularly in North America and Europe, largely offset the ongoing benefits of mix shifts to higher margin products and businesses.

我們現在預計第四季度毛利率將持平，上升約25 個基點，因為較高的結清額（尤其是在北美和歐洲）的影響在很大程度上抵消了向更高利潤率產品和業務的組合轉變所帶來的持續好處。

For the full year, we now expect gross margin expansion of about 100 basis points.

我們目前預計全年毛利率將成長約 100 個基點。

We expect demand creation to decrease at a high single digit rate for Q4 as we anniversary investments in World Cup marketing in Q4 of FY14.

我們預計，隨著我們在 2014 財年第四季對世界盃行銷進行週年投資，第四季的需求創造將以高單位數下降。

For the full year, we now expect demand creation to grow at a mid single-digit rate.

就全年而言，我們現在預計需求創造將以中等個位數的速度成長。

We expect operating overhead to grow at a high single- to low double-digit rate for Q4 and at a mid-teens rate for the full year, reflecting higher DTC expenses as well as investments in digital innovation and new operating capabilities.

我們預計第四季度的營運管理費用將以高個位數到低兩位數的速度成長，全年將以中雙位數的速度成長，反映出DTC 費用的增加以及對數位創新和新營運能力的投資。

We continue to expect the effective tax rate for FY15 will be approximately 24.5%.

我們繼續預期 2015 財年的有效稅率約為 24.5%。

Looking ahead to FY16 we haven't yet completed our planning but can provide some initial thoughts.

展望 2016 財年，我們尚未完成規劃，但可以提供一些初步想法。

We expect to see continued strong momentum in our business and anticipate currency-neutral revenue growth for FY16 slightly above our high single-digit target range.

我們預計我們的業務將繼續保持強勁勢頭，並預計 2016 財年（貨幣中性）收入成長略高於我們的高個位數目標範圍。

When combined with the impact of our ongoing work to expand gross margins and ongoing investments in our growth strategies, we would have expected EPS growth at or above our long-term mid-teens target.

結合我們正在進行的擴大毛利率工作和對成長策略的持續投資的影響，我們預計每股盈餘成長將達到或高於我們的長期目標。

That said, the appreciation of the US dollar against nearly every other major currency will reduce next year's reported revenue, gross margin, and profit.

也就是說，美元兌幾乎所有其他主要貨幣的升值將減少明年報告的收入、毛利率和利潤。

Assuming exchange rates remain in about the same range as they are today, we expect FY16 reported revenue growth in the mid single-digits and EPS growth in the high single- to low double-digit range.

假設匯率保持在與今天大致相同的範圍內，我們預計 2016 財年報告的收入增長將達到中個位數，每股收益增長將達到高個位數到低兩位數的範圍。

Currency markets remain volatile so we will provide an update on our FY16 expectations on our Q4 earnings call.

貨幣市場仍然波動，因此我們將在第四季度財報電話會議上提供 2016 財年預期的最新資訊。

On our last conference call I spoke about one of our NIKE maxims, and today I'd like to highlight another.

在我們上次的電話會議上，我談到了耐吉的一條格言，今天我想強調另一條格言。

We are on the offense, always.

我們始終處於進攻狀態。

As Mark said at the outset, we view a challenging operating environment as an opportunity to create further competitive separation.

正如馬克一開始所說，我們將充滿挑戰的營運環境視為進一步形成競爭分離的機會。

By staying focused on consumers and leveraging our strengths, we're confident we can continue to deliver strong financial performance and create value for our shareholders, even in a challenging macroeconomic environment.

透過持續專注於消費者並利用我們的優勢，即使在充滿挑戰的宏觀經濟環境中，我們也有信心能夠繼續提供強勁的財務業績並為股東創造價值。

We're now ready to take your questions.

我們現在準備好回答您的問題。

(Operator Instructions)

（操作員說明）

The first question is from Kate McShane with Citi.

第一個問題來自花旗銀行的 Kate McShane。

Hi, thank you, good afternoon.

你好，謝謝你，下午好。

Don, congratulations to you on your announcement.

唐，恭喜你宣布這項消息。

I have two questions today.

我今天有兩個問題。

One was, there was a very big article this week or late last week from adidas talking about the NBA sponsorship and walking away from that.

其中之一是，本週或上週晚些時候，阿迪達斯發表了一篇非常重要的文章，談論了 NBA 贊助並放棄了這一點。

How would you view that opportunity?

您如何看待這個機會？

And can you just walk us through just sponsorship in general and how you're thinking about it for the future?

您能否向我們介紹贊助的整體情況以及您對未來的看法？

With regards to the NBA, there's really nothing further to share at this time.

關於NBA，目前確實沒有什麼可以分享的。

We are, as you would imagine, always talking to the leagues, clubs and federations.

正如您所想像的那樣，我們總是與聯賽、俱樂部和聯合會進行對話。

But really nothing more to report on any specific conversations with the NBA sponsorship.

但實際上沒有更多的內容可以報導與 NBA 贊助商的任何具體對話。

But, as you know, the relationships that we have with leagues, clubs, federations and, of course, the athletes are key.

但是，如您所知，我們與聯賽、俱樂部、聯合會，當然還有運動員的關係是關鍵。

We gain the insights from the athletes that really ultimately drive the innovation that fuels NIKE's brand strength and our growth as a Company.

我們從運動員那裡獲得了深刻的見解，這些見解最終真正推動了創新，從而推動了耐吉的品牌實力和我們公司的發展。

That's always been the case.

情況一直如此。

I can't imagine that it wouldn't be going forward.

我無法想像它不會繼續前進。

We're selective in the choices that we make in terms of where we think we have the greatest opportunities.

我們會根據我們認為擁有最大機會的領域進行選擇性選擇。

And we look at those opportunities in a very complete certain holistic way.

我們以非常完整的整體方式看待這些機會。

Very happy with where we are in basketball and feel like there's tremendous potential going forward.

對我們在籃球領域的現狀非常滿意，並且感覺未來有巨大的潛力。

Trevor talked about Jordan and NIKE basketball.

特雷弗談到了喬丹和耐吉籃球。

Incredible performance in the quarter and really strong outlook going forward.

本季的表現令人難以置信，未來的前景也非常強勁。

So, we expect that our relationships with athletes and at the collegiate level and the professional level will continue to be really an important part of that.

因此，我們希望我們與運動員以及大學和專業層面的關係將繼續成為其中的重要組成部分。

Okay, great, thank you.

好的，太好了，謝謝。

And then my second question is on the supply chain.

我的第二個問題是關於供應鏈的。

As we see faster speed to market from other apparel companies, can you talk about how you view this opportunity, how quickly the supply chain can be refined to address this?

由於我們看到其他服裝公司的上市速度更快，您能否談談您如何看待這個機會，以及可以多快地完善供應鏈來解決這個問題？

Kate, are you talking about the congestion at the West Coast ports?

凱特，你是在談論西海岸港口的擁擠情況嗎？

I'm sorry, no.

對不起，沒有。

More of a longer-term strategy.

更多的是一個長期戰略。

I think a couple of retailers have indicated that they're looking for more freshness in the market, as you see a lot more speed to market from other manufacturers.

我認為一些零售商已經表示他們正在市場上尋找更多的新鮮感，因為你會看到其他製造商的上市速度要快得多。

I wondered if that was something NIKE talked about and if there was any opportunity within the supply chain to address that?

我想知道這是否是耐吉所談論的內容，以及供應鏈中是否有機會解決這個問題？

Absolutely, Kate.

當然，凱特。

We have made a number of different investments over time and we continue to do that, both in terms of how we operate our supply chain and more closely tie the timing of production and shipping all the way through to the final consumer.

隨著時間的推移，我們已經進行了許多不同的投資，我們將繼續這樣做，無論是在我們如何運營我們的供應鏈方面，還是在更緊密地聯繫生產和運輸直至最終消費者的時間方面。

So, certainly on that front.

所以，當然是在這方面。

We've also, as you know, done a lot of work in the innovation space around how we manufacture product and how we design and develop it.

如您所知，我們還在創新領域圍繞如何製造產品以及如何設計和開發產品做了很多工作。

For example, on the NFL, we've had to do some very different approaches to make sure that we're able to respond very quickly to changes in demand, whether it be for specific teams or specific athletes.

例如，在 NFL 中，我們必須採取一些非常不同的方法，以確保我們能夠快速回應需求變化，無論是針對特定球隊還是特定運動員。

And that goes all the way to the manufacturing revolution type of investments we've made around technologies like Flyknit.

這一直延伸到我們圍繞 Flyknit 等技術的製造革命類型的投資。

So, we are putting a lot of money and a lot of resources against how our supply chain evolves to increase speed and make sure we deliver to consumers as quickly and innovatively as we can.

因此，我們投入了大量資金和資源來改善我們的供應鏈，以提高速度，並確保我們盡可能快速、創新地向消費者交付產品。

Thank you.

謝謝。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Good afternoon, guys.

下午好，夥計們。

And great quarter.

還有很棒的季度。

There's a lot of talk about Flyknit marquee basketball price points, but can you touch on the mid-tier channel, the segmentation strategy you guys have, particularly any product innovation for us to watch?

關於 Flyknit 大牌籃球價格點的討論有很多，但您能否談談中端管道、你們的細分策略，特別是有哪些值得我們關注的產品創新？

And just how you think about pricing power in that channel.

以及您如何看待該管道的定價能力。

Obviously we continue to make sure that we continue to focus our pricing strategy certainly around insuring that we give great value to our consumers.

顯然，我們將繼續確保我們的定價策略繼續集中在確保為消費者提供巨大價值。

It's always a balance of price to value with the consumer.

對消費者來說，始終是價格與價值的平衡。

Our ability to bring new innovation allows us the ability to command, certainly, a premium price, and certainly our brand strength does that, too.

我們帶來新創新的能力使我們有能力獲得溢價，當然我們的品牌實力也能做到這一點。

Obviously, one area that we talked about, which is in the running business, we talked earlier about the core and our ability to make sure we continue to stay focused on bringing more innovation there.

顯然，我們談到的一個領域是運營業務，我們之前談到了核心以及我們確保我們繼續專注於在那裡帶來更多創新的能力。

Our basketball business is very strong at the moment and we feel it will continue to be strong because we have an incredible pipeline of new innovations that we keep bringing to the marketplace.

我們的籃球業務目前非常強勁，我們認為它將繼續強勁，因為我們不斷向市場推出令人難以置信的新創新產品。

Obviously, as you saw when we brought the Kyrie shoe into the marketplace, we're just seeing tremendous response to those products.

顯然，如您所見，當我們將 Kyrie 鞋推向市場時，我們看到了對這些產品的巨大反響。

We continue to feel, again, very confident about our ability to keep the excitement in the basketball category while continuing to serve all the various segments, whether you're coming through the House of Hoops, like at Foot Locker, or you're working more of a mid-tier account.

我們仍然對我們保持籃球類別的興奮感的能力充滿信心，同時繼續為所有不同的細分市場提供服務，無論您是來自 House of Hoops（例如 Foot Locker），還是正在工作更多的是一個中層帳戶。

I just want to quickly add that our innovation agenda is really about bringing a complete offense, which means across the categories, across the product types, and up and down the price point spectrum.

我只想快速補充一點，我們的創新議程實際上是要帶來全面的進攻，這意味著跨類別、跨產品類型以及上下價格點範圍。

That's really important to us.

這對我們來說非常重要。

We have a major focus on elevating the state of innovation in our core product.

我們主要致力於提升核心產品的創新水準。

And I think you'll see that coming through the pipeline here in the quarters ahead.

我認為您會在未來幾個季度看到這一點。

Very excited about that part of NIKE.

對耐吉的這一部分感到非常興奮。

Certainly innovation is not reserved for the upper price point premium product.

當然，創新並不只限於高價位的優質產品。

It runs up and down the price spectrum.

它在價格範圍內上下波動。

And that's a very important part of our growth strategy going forward.

這是我們未來成長策略的一個非常重要的部分。

Great.

偉大的。

We've seen a clear top-line and bottom-line inflection, really, over the last 12 to 18 months.

在過去 12 到 18 個月裡，我們確實看到了收入和利潤的明顯變化。

Mark, I'm curious when you take a step back, what do you think has been the largest enabler in the organization here as we've seen this inflection?

馬克，我很好奇，當您退後一步時，您認為我們看到這種變化時，組織中最大的推動因素是什麼？

And as we think about the category offense, what do you think, what's the best way to think about the potential next leg of opportunity?

當我們考慮類別進攻時，您怎麼看？

In terms of the category offense?

就犯罪類別而言？

Just largely.

只是很大程度上。

I'd be curious as you think about what's really changed in the organization to drive both the top- and bottom-line inflection that we've seen over really the last year to two years here.

當您思考組織中真正發生了什麼變化以推動我們在過去一年到兩年中看到的頂線和底線變化時，我很好奇。

The category offense, just touching on that for a second, is really driving deeper insights into the marketplace, which really, as you know, drives the innovation, which creates the product, which drives growth for us.

品類進攻，只是暫時觸及這一點，確實推動了對市場的更深入的了解，正如你所知，這確實推動了創新，創造了產品，推動了我們的成長。

And it's not just the product innovation.

這不僅僅是產品創新。

It's also the insights into consumer and consumer cultures, making sure the brand is resonating, we're relevant, we're connected.

這也是對消費者和消費者文化的洞察，確保品牌能引起共鳴，我們是相關的，我們是相互連結的。

I think it's not so much a difference from where we've been.

我認為這與我們之前的情況並沒有太大區別。

We're refining our ability to be highly creative and innovative but also really disciplined and operating at a much higher level across the various dimensions of the business.

我們正在提高我們的能力，使其具有高度的創造力和創新性，同時也真正遵守紀律，並在業務的各個方面以更高的水平運作。

We have a management team here that is very much aligned, very experienced.

我們這裡有一個非常團結、經驗豐富的管理團隊。

We never take our success for granted.

我們從不認為我們的成功是理所當然的。

We're always looking for ways that we can improve, which is really important to me and I think NIKE's success to date.

我們一直在尋找改進的方法，這對我來說非常重要，我認為耐吉迄今為止的成功。

We are probably our own biggest critic.

我們可能是自己最大的批評者。

But I think our ability to innovate and our ability to drive operational excellence at the same time, it's never been at the level that it is today.

但我認為我們的創新能力和同時推動卓越營運的能力從未達到今天的水平。

And I'm actually quite proud of that.

事實上我對此感到非常自豪。

Great.

偉大的。

Best of luck.

祝你好運。

The next question is from Omar Saad with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

Thanks, good afternoon.

謝謝，下午好。

I actually wanted to ask my first question about the manufacturing revolution, the context of currency.

我實際上想問關於製造業革命的第一個問題，即貨幣的背景。

You and the industry largely have been producing in Asia in markets where the currencies are tied to dollars, you said.

您說，您和整個行業主要在亞洲市場生產，這些市場的貨幣與美元掛鉤。

It's seeing unprecedented strength against all other major currencies.

它兌其他所有主要貨幣的匯率都呈現前所未有的強勢。

Is now the time to accelerate the process of pulling manufacturing out of some of these markets and taking manufacturing to the end markets, and using some of the automated technologies to allow yourselves to produce in the end markets where the costs will be aligned, at least from a currency perspective where the sales are?

現在是時候加快將製造業從其中一些市場撤出並將製造業轉移到終端市場的過程，並使用一些自動化技術讓自己能夠在終端市場進行生產，至少在這些市場中成本將保持一致從貨幣角度來看，銷售額在哪裡？

Just your thoughts around that, if this changes the equation there.

只是你的想法，如果這改變了那裡的方程式。

One of the things that I made a reference to this in the prepared remarks somewhere is that when we implemented our trading company four or five years ago, one of the things that we did is we started deconstructing our payments to the factories into a basket of currencies as opposed to one currency, which lets us get natural offsets to some of the currency exposure.

我在準備好的演講中提到這一點的一件事是，當我們四、五年前建立我們的貿易公司時，我們所做的一件事就是我們開始將支付給工廠的付款分解為一籃子貨幣而不是一種貨幣，這讓我們能夠自然抵銷部分貨幣風險。

So, we're getting some of the benefit that you're talking about here of matching sourcing currencies and selling currencies even within our existing structure.

因此，即使在我們現有的結構內，我們也獲得了您在這裡談論的匹配採購貨幣和銷售貨幣的一些好處。

The second thing is that we've adjusted, or we do adjust, payments to the factories on the basis of how those currencies move.

第二件事是我們已經根據這些貨幣的走勢調整了向工廠支付的款項。

So, we are getting some offsetting sourcing benefits right now from the fact that currencies in a lot of our sourcing countries are weakening.

因此，由於我們許多採購國家的貨幣正在走弱，我們現在正在獲得一些抵消性的採購利益。

So, that helps us also net down our foreign exchange exposure.

因此，這也有助於我們減少外匯敞口。

With respect to your overall premise of trying to make sure that our manufacturing is closer both in proximity and time to where the product is sold, that is absolutely part of the strategy from a consumer standpoint.

就您的整體前提而言，試圖確保我們的製造地點和時間都更接近產品銷售地點，從消費者的角度來看，這絕對是策略的一部分。

so, I think when you look at the financial side of it, we're getting some of the benefits that you're describing through the way we've set up our trading company.

因此，我認為，當您從財務方面考慮時，我們透過建立貿易公司的方式獲得了您所描述的一些好處。

And that's not stopping us from keeping the pedal down on driving manufacturing revolution because we think there's a huge consumer benefit to doing that, as well.

但這並沒有阻止我們繼續推動製造業革命，因為我們認為這樣做也能為消費者帶來巨大的利益。

We definitely see the opportunity, the innovation agenda is really helping to create some efficiencies and opportunities to automate the manufacturing process, which ultimately will allow us to source more broadly down the road.

我們肯定看到了機會，創新議程確實有助於創造一些效率和機會來實現製造過程的自動化，這最終將使我們能夠在未來更廣泛地進行採購。

As Don said, that's a big part of our agenda.

正如唐所說，這是我們議程的重要組成部分。

That's really helpful, thank you.

這真的很有幫助，謝謝。

And then a follow-up.

然後是後續行動。

Don, as you head into retirement there's a lot of complex things going on in the global markets and currencies and the trading companies you set up.

唐，當您即將退休時，全球市場、貨幣以及您建立的貿易公司會發生很多複雜的事情。

Mark, also, how do you feel about the transition?

馬克，你對這種轉變有何看法？

Can you talk a little bit about the transition?

能談談過渡嗎？

Don has been there a really long time and obviously knows the business extremely well.

唐已經在那裡工作了很長時間，顯然非常了解這項業務。

Can you help us understand why we shouldn't be concerned about the transition going on in the CFO position?

您能否幫助我們理解為什麼我們不應該擔心財務長職位的過渡？

Thanks.

謝謝。

Let me take the first cut at that.

讓我先講一下。

First of all, rumors of my departure are premature here because I will still be in this role through the end of July.

首先，關於我離職的傳言還為時過早，因為到七月底我仍將擔任這個職位。

So you're not quite rid of me yet.

所以你還沒有完全擺脫我。

I am tremendously excited about the next chapter in my life.

我對人生的下一個篇章感到非常興奮。

But I'm also extraordinary excited about the prospects for NIKE and have tremendous confidence in both the management team, as well as my successor, Andy Campion.

但我也對耐吉的前景感到非常興奮，並對管理團隊以及我的繼任者安迪·坎皮恩 (Andy Campion) 充滿信心。

Certainly Mark can speak for himself on that but you're not quite rid of me yet and I feel real excited about it.

當然，馬克可以在這一點上為自己說話，但你還沒有完全擺脫我，我對此感到非常興奮。

Since you brought it up I'll just say that Don's impact here has been absolutely tremendous through the years.

既然你提出了這個問題，我只想說，多年來唐在這裡的影響絕對是巨大的。

I personally have nothing but incredible respect for Don and the impact that he's made at NIKE.

我個人對唐以及他對耐吉的影響懷有無比的敬意。

I wasn't going to go here, it's a little premature, as Don said.

正如唐所說，我不打算去這裡，現在有點為時過早。

But I will say that I'm also incredibly confident in Don's successor early into FY16.

但我要說的是，我對 2016 財年初期唐的繼任者也非常有信心。

Andy Campion is really a seasoned NIKE veteran and he's been under the tutelage of Don and the incredible financial leadership team here at NIKE.

安迪坎皮恩 (Andy Campion) 確實是一位經驗豐富的耐吉資深人士，他一直受到唐和耐吉令人難以置信的財務領導團隊的指導。

And I have tremendous confidence in Andy's ability to take the reins and continue the momentum that Don's helped create for us going forward.

我對安迪有能力掌控並繼續保持唐幫助我們創造的前進勢頭充滿信心。

More on that as we move forward.

當我們繼續前進時，我們會對此進行更多介紹。

Thanks, guys.

多謝你們。

Congratulations.

恭喜。

Great quarter.

很棒的季度。

And, Don, congratulations on your retirements.

唐，恭喜你退休。

The next question is from Robbie Ohmes with Banc of America.

下一個問題來自美國銀行的 Robbie Ohmes。

Thanks.

謝謝。

Afternoon, guys.

下午好，夥計們。

My two questions -- first, Trevor, you mentioned in your comments the core footwear and running in North America not performing quite as well as you guys would like.

我的兩個問題 - 首先，特雷弗，你在評論中提到了核心鞋類和在北美的跑步表現並不像你們希望的那樣好。

I was wondering if you might share with us more what is going on there.

我想知道您是否可以與我們分享更多在那裡發生的事情。

Is it a fashion shift, is it a product presentation, or what are some of the things that we should be looking for that could get that going again?

這是時尚的轉變，是產品的展示，還是我們應該尋找哪些東西可以讓這種情況再次發生？

And then the second question is just, as you look over the next year or so in Europe, the need and inability to offset prices over there to offset all the FX changes and how you are thinking about that.

第二個問題是，當你展望未來一年左右的歐洲時，是否有必要和無力抵消那裡的價格以抵消所有的外匯變化，以及你如何看待這一點。

Thanks.

謝謝。

Certainly, Robbie.

當然，羅比。

I think the first thing I want to just maybe communicate is that brand continues to really resonate with runners in North America.

我想我想傳達的第一件事可能是該品牌繼續與北美跑步者產生真正的共鳴。

And one of the things I want to do is maybe unpack a little bit about how we view the business.

我想做的一件事也許是解釋一下我們如何看待業務。

We always talk about what we say is the amplified offense, which really gives you a greater view of the marketplace.

我們總是談論我們所說的放大進攻，這確實讓您對市場有了更廣闊的視野。

So, when you take a look at it, you have the performance segment, you have the core segment, and you have the running-inspired segment.

所以，當你看它時，你有表現部分，你有核心部分，還有跑步啟發部分。

If you break those down, in the performance segment we're seeing tremendous success of the new products that we've been bringing to the marketplace.

如果你把它們細分一下，在性能領域，我們看到我們推向市場的新產品取得了巨大的成功。

Whether you take the Air Pegasus 31 or the Max 2015 or any of those products, they're doing really well.

無論您選擇 Air Pegasus 31 還是 Max 2015 或任何這些產品，它們都表現得非常好。

So we feel obviously very confident about that.

所以我們對此顯然非常有信心。

As I mentioned, in the core footwear we think there's opportunity for us to do better in that zone.

正如我所提到的，在核心鞋類領域，我們認為我們有機會在該領域做得更好。

And, so, as Mark said, we're going to continue to bring more innovation and strengthen that part of the business.

因此，正如馬克所說，我們將繼續帶來更多創新並加強這部分業務。

The other dimension is the running-inspired business, which I mentioned, which are things like the Roshe which really speak to more the aesthetic side, or certainly people who like the aesthetic for the style component of running.

另一個維度是受跑步啟發的業務，我提到過，像 Roshe 這樣的東西確實更多地體現了美學方面，或者當然是那些喜歡跑步風格部分的美學的人。

And that's doing really well.

這確實做得很好。

So all-in all, the running business core performance is where we see some challenges but the rest of the business continues to do really well.

總而言之，經營業務的核心表現是我們看到一些挑戰的地方，但其餘業務仍然表現良好。

In addition, the apparel is also doing really well in the marketplace.

此外，該服裝在市場上的表現也非常好。

So, we feel we're connected with runners in a great way.

所以，我們覺得我們與跑者有著很好的連結。

Lastly I would say that I'm very confident about the innovations we're going to continue to bring into the marketplace.

最後我想說，我對我們將繼續引入市場的創新非常有信心。

Over the next 18 months we have a robust pipeline.

在接下來的 18 個月裡，我們擁有強大的通路。

I'm really excited about doing that and making sure that we continue.

我很高興能夠這樣做並確保我們繼續下去。

Futures are actually up 15%, so we feel confident about the running business and its impact in the marketplace.

期貨實際上上漲了 15%，因此我們對正在經營的業務及其對市場的影響充滿信心。

Robbie, just to clarify, futures are up 15% for North America.

羅比，我想澄清一下，北美期貨上漲了 15%。

Futures are also strong in most footwear and apparel for the total running category globally.

全球跑步類別的大多數鞋類和服裝的期貨也表現強勁。

Great.

偉大的。

And your second question --.

你的第二個問題——。

Yes, thanks, Europe -- just pricing increases and how much of that is maybe, Don, in some of the guidance, the preliminary guidance you gave us.

是的，謝謝，歐洲——只是價格上漲，唐，在你給我們的一些指導中，可能是價格上漲了多少。

Thanks.

謝謝。

The first piece would be the way we approach these things, which is we think about managing the business on a long term and how we move all of the levers in the business.

第一部分是我們處理這些事情的方式，即我們考慮長期管理業務以及如何移動業務​​中的所有槓桿。

Just because the euro has gone down dramatically doesn't mean we're going to try to get all of that back with pricing in Europe.

歐元大幅貶值並不意味著我們會嘗試透過歐洲定價來恢復所有跌幅。

We're going to pull all the levers to deliver against our goals.

我們將動用一切手段來實現我們的目標。

We do have in our expectations for FY16 that we will continue to migrate consumers to premium.

我們確實對 2016 財年的預期是，我們將繼續將消費者轉向高端市場。

We're continuing to manage mix.

我們正在繼續管理混合。

And if you look at the way our business has performed over the last few years I think we've been very successful in moving average price points higher, and we would expect to do that.

如果你看看我們過去幾年的業務表現，我認為我們在提高平均價格方面非常成功，我們希望能夠做到這一點。

What I wouldn't look for is trying to get all of a very big move in currency back in the near term with huge price increases in any one piece of geography.

我不會尋求的是在任何一個地區的價格大幅上漲的情況下，試圖在短期內恢復所有非常大的貨幣波動。

We play for the long term.

我們是為了長期發展而打球。

Got it.

知道了。

Thanks very much and great work, guys.

非常感謝，夥計們，你們做得很好。

The next question is from Bob Drbul with Nomura.

下一個問題是野村證券 (Nomura) 的鮑勃·德布爾 (Bob Drbul) 提出的。

Hi, good afternoon.

嗨，下午好。

Don, congratulations and best of luck.

唐，恭喜你，祝你好運。

Thanks for everything.

感謝你所做的一切。

The two questions I have, the first one is with the US business with some of the challenges, you called out the running pieces of it, but would you attribute any of the challenges in the US business this quarter to cannibalization or potential cannibalization given the big increase that you generated on the direct-to-consumer piece?

我有兩個問題，第一個問題是美國業務面臨的一些挑戰，您指出了其中的主要部分，但您是否會將本季度美國業務面臨的任何挑戰歸因於蠶食或潛在的蠶食您在直接面向消費者的產品上產生了巨大的成長嗎？

No, I wouldn't.

不，我不會。

We continue to see great momentum in North America.

我們繼續看到北美的強勁勢頭。

And as I mentioned earlier, the 15% futures growth continues to give us confidence about the business in North America.

正如我之前提到的，15% 的期貨成長繼續讓我們對北美業務充滿信心。

Obviously we do have our DTC businesses growing but we're also growing very well and we have great relationship with our wholesale partners.

顯然，我們的 DTC 業務確實在成長，但我們也成長得非常好，並且我們與批發合作夥伴有著良好的關係。

So we feel very confident about the way the business is growing and how the brand continues to resonate with consumer.

因此，我們對業務的成長方式以及品牌如何繼續與消費者產生共鳴非常有信心。

The demand for the brand is really high in North America and actually around the world.

北美乃至全世界對該品牌的需求非常高。

Okay.

好的。

Then a question on the futures, with the recorded period, can you just talk like the first half of the order period versus the second half?

那麼關於期貨的問題，有記錄的周期，你能像訂單週期的前半部分和後半部分一樣談論嗎？

Was it stronger in the second half or in the first half?

下半場強還是上半場強？

How can we think about that?

我們該如何思考這個問題呢？

Futures are a little stronger in the second half of the window.

期貨在窗口後半段稍強。

Okay.

好的。

And then just last question is, which of you guys had [at UAB] in your bracket?

最後一個問題是，你們當中哪些人曾在 UAB 任職？

(laughter) Not going to go there.

（笑聲）不會去那裡。

All right, thanks very much.

好的，非常感謝。

The next question is from Lindsay Drucker Mann with Goldman Sachs.

下一個問題來自高盛的 Lindsay Drucker Mann。

Thanks, good evening, everyone.

謝謝大家，晚上好。

I wanted to ask about your women's apparel or just the women's business in North America.

我想問一下你們的女裝業務或只是北美的女裝業務。

You've had a couple of very high profile initiatives, some shifts in sponsorship and marketing.

你們已經採取了一些非常引人注目的舉措，在贊助和行銷方面也做出了一些轉變。

And then also we've seen a number of the training club shop-in-shops in Macy's.

我們還在梅西百貨看到了許多訓練俱樂部的店中店。

Can you give us an update in your progress in women's apparel and maybe some of the specific things you have in the pipeline for the next few quarters?

您能否向我們介紹一下您在女裝方面的最新進展，以及您在接下來的幾季中正在醞釀的一些具體內容？

Okay, yes.

好吧，是的。

Our women's business -- I'm very excited about the progress in our women's business.

我們的女性業務—我對我們女性業務的進展感到非常興奮。

Our women's business, really across not only North America but really around the world, continues to grow at a really rapid pace.

我們的女裝業務不僅在北美，而且在全世界，都在持續快速成長。

In fact, it's outpacing our men's business.

事實上，它的速度已經超過了我們男士的業務。

Our strategy to really focus on the run, train and live component to the business, every dimension is actually growing, both footwear and apparel, as well as some of the things we've done certainly around the community work with our services that we're providing.

我們的策略是真正專注於跑步、訓練和生活業務的組成部分，每個維度實際上都在成長，包括鞋類和服裝，以及我們圍繞社區所做的一些事情以及我們的服務。

They are also doing really well.

他們也做得很好。

It really is a case of every dimension of this is actually working really well so we're really excited.

這確實是一個例子，它的各個方面都運作得非常好，所以我們真的很興奮。

Some of the things to point to, whether it's the Epic Lux tights, the bras that we've just recently launched, some of the great footwear, all of those things are doing really well, both in our doors, in dot-com, as well as with our wholesale partners.

一些值得指出的事情，無論是 Epic Lux 緊身褲、我們最近推出的胸罩、一些很棒的鞋類，所有這些東西都做得非常好，無論是在我們的門口，還是在網絡公司，以及我們的批發合作夥伴。

So, we feel really pleased about the progress.

因此，我們對所取得的進展感到非常高興。

Great.

偉大的。

And just a quick maybe housekeeping item.

也許只是一個快速的家事用品。

I'm sorry if you answered this already but beyond the port delays were there any other factors that drove the disconnect between your North America sales versus what futures orders suggested they might be in the quarter?

如果您已經回答了這個問題，我很抱歉，但除了港口延誤之外，還有其他因素導致您的北美銷售與本季期貨訂單顯示的銷售量之間出現脫節嗎？

Yes, we also had some weather-related delays in the South.

是的，我們在南方也遇到了一些與天氣有關的延誤。

There was some ice storms down there so we lost shipping and so on.

那裡有一些冰暴，所以我們失去了運輸等等。

So, there's quite a bit of supply chain noise in Q3 which, as we said in the prepared remarks, we do expect that's going to sort out over the next few quarters.

因此，第三季度存在相當多的供應鏈噪音，正如我們在準備好的評論中所說，我們確實預計這種情況將在未來幾季得到解決。

But, as Trevor said, demand extraordinarily strong in North America, futures up 15%, so feeling really good about the underlying strength of the business.

但是，正如 Trevor 所說，北美的需求異常強勁，期貨上漲了 15%，因此對業務的潛在實力感到非常滿意。

Great, thanks so much.

太好了，非常感謝。

Jim Duffy with Stifel Nicolaus.

吉姆·達菲和斯蒂菲爾·尼古拉斯。

Thanks, hi everyone.

謝謝大家好。

Thanks for taking my question.

感謝您提出我的問題。

First, Don, congratulations on the well-deserved pending retirement.

首先，唐，恭喜您當之無愧的即將退休。

A couple other questions.

還有其他幾個問題。

ECommerce growth has been a stand out.

電子商務成長十分突出。

I know its also been a big area for investments.

我知道這也是一個很大的投資領域。

As we look into FY16 is that business at a point where we can lever some of those investments or do you expect the investments there to continue to drag on the profitability?

當我們展望 2016 財年時，該業務是否已經到了我們可以利用其中一些投資的地步，或者您是否預計那裡的投資將繼續拖累盈利能力？

The first thing I would say is the profitability is growing faster than the revenue.

我要說的第一件事是獲利能力的成長速度快於收入的成長速度。

So, we're continuing to drive both top line and bottom line on eCommerce.

因此，我們將繼續推動電子商務的營收和利潤。

So, number one is this has been a winner both from a growth and a profitability standpoint.

因此，第一，從成長和獲利的角度來看，這都是贏家。

The second thing is we are going to continue to invest in digital.

第二件事是我們將繼續投資數位化。

We believe that's where the consumer is and is going.

我們相信這就是消費者現在和未來的發展方向。

And that's where our brand is and is going, so we're going to continue to invest there.

這就是我們品牌的現狀和發展方向，因此我們將繼續在那裡投資。

But from an economic standpoint it has been a very positive driver for business, both top and bottom line.

但從經濟角度來看，無論是收入或利潤，它都對企業產生了非常正面的推動作用。

Great to hear.

很高興聽到。

And then next question on churn, sales turning nicely but the profit growth in the quarter lagged.

然後是關於客戶流失的下一個問題，銷售情況良好，但本季的利潤成長落後。

Is that simply a function of timing of investments or is there some broader influence of the repositioning in the market?

這只是投資時機的函數還是市場重新定位有更廣泛的影響？

No, I think from the China perspective obviously we're very pleased with the continued growth.

不，我認為從中國的角度來看，我們顯然對持續成長感到非常滿意。

No, none of the -- it's probably more just at this point in time.

不，都不是——可能只是在這個時間點。

But it's not something that we would envision over the long term.

但這不是我們長期設想的事情。

Very good.

非常好。

Thanks for that.

感謝那。

Thank you, everyone, for joining us.

謝謝大家加入我們。

And we'll look forward to talking to you on our Q4 call.

我們期待在第四季度的電話會議上與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。