Nike Inc (NKE) 2015 Q4 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎參加 NIKE 2015 財年第四季電話會議。

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

對於需要參考今天的新聞稿的人，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.

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陳述。

And those statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

這些陳述受到某些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 提交的報告中進行了詳細說明，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.

一些前瞻性陳述涉及未來訂單，並不一定表示後續期間總收入的變化。

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.

由於期貨訂單和一次性訂單的混合，匯率波動、訂單取消、發貨時間、折扣和退貨的變化——每個季度可能會有很大差異。

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，耐吉公司持續經營業務的很大一部分，包括 Equipment、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, and should not be relied upon as a financial measure of actual results.

提及批發當量銷售額僅旨在提供有關 NIKE, Inc. 擁有的品牌當前總體市場足跡的背景信息，不應將其作為實際結果的財務衡量指標。

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 fourth-quarter results.

大家好，感謝您今天加入我們討論耐吉 2015 財年第四季業績。

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, and at our website, investors.

您可以在我們大約一小時前發布的新聞稿以及我們的投資者網站上找到適當的調節。

NIKE.com.

耐吉網站。

Joining us on today's call will be NIKE Inc President and CEO Mark Parker, followed by Trevor Edwards, President of the NIKE Brand.

耐吉公司總裁兼執行長馬克·帕克（Mark Parker）和耐吉品牌總裁特雷弗·愛德華茲（Trevor Edwards）將加入我們今天的電話會議。

And finally, Don Blair in his final earnings call as our Chief Financial Officer, will give you an overview of our financial results.

最後，唐布萊爾（Don Blair）作為我們的財務官，在他的最後一次財報電話會議上，將向您概述我們的財務業績。

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 as many of you to ask questions as possible in our allotted time.

我們希望讓盡可能多的人在我們規定的時間內提出問題。

So we would appreciate you limiting your initial questions to two.

因此，如果您將最初的問題限制為兩個，我們將不勝感激。

In the event you have an additional question that was not covered by others, please feel free to re-queue, 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.

感謝您對此的合作。

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

現在我將把電話轉給耐吉公司總裁兼執行長馬克·帕克。

Thank you, Kelley and hello, everyone.

謝謝你，凱利，大家好。

FY15 was an outstanding year for NIKE, Inc.

2015 財年對 NIKE, Inc. 來說是優秀的一年。

We've shown once again that NIKE is a growth Company.

我們再次證明耐吉是一家成長型公司。

Here are the FY15 highlights.

以下是 2015 財年的亮點。

NIKE Inc revenues grew 10% to $30.6 billion, despite significant FX headwinds.

儘管匯率不利，耐吉公司的營收仍成長了 10%，達到 306 億美元。

On a currency neutral basis, NIKE Inc revenues grew 14%.

在貨幣中立的基礎上，耐吉公司的營收成長了 14%。

Gross margin increased 120 basis points to 46%.

毛利率成長 120 個基點，達到 46%。

Earnings per share rose 25% to $3.70.

每股收益成長 25% 至 3.70 美元。

And we delivered ROIC of 28%.

我們的投資報酬率為 28%。

These are the quality results that our shareholders have come to expect from us and that we demand from ourselves.

這些都是我們的股東對我們的期望，也是我們對自己的要求。

One of the reasons we're able to deliver results like these are the talented people who work at NIKE around the world.

我們能夠取得這樣的成果的原因之一是在世界各地為耐吉工作的優秀人才。

So before going on into the detail on our results, I'd like to thank one of those talented leaders, and that's Don Blair.

因此，在詳細介紹我們的結果之前，我要感謝其中一位才華橫溢的領導者，那就是唐布萊爾。

As you all know, this will be Don's last earning call with NIKE.

眾所周知，這將是唐最後一次與耐吉進行財報電話會議。

And if you're keeping track, it's 63 calls.

如果你仔細觀察的話，你會發現有 63 通電話。

During my tenure as CEO, and before that as co-President, Don has served as a trusted advisor and a valued business partner.

在我擔任執行長期間以及在此之前擔任聯席總裁期間，唐一直是值得信賴的顧問和有價值的業務合作夥伴。

He has helped lead the Company through great times and challenging times, always with a calm focus and level of discipline that creates confidence and ensures we continue to move forward.

他幫助領導公司度過了美好時光和充滿挑戰的時期，始終保持冷靜的專注和嚴格的紀律，創造了信心並確保我們繼續前進。

Don will always be remembered as the creator of our long-term financial model, which guides our financial planning to this day.

唐將永遠作為我們長期財務模型的創造者而被人們銘記，該模型至今仍指導著我們的財務規劃。

But more than that, Don will be remembered for the talented leaders he has developed over the years, both within finance and across the Company.

但更重要的是，唐將因其多年來在財務內部和整個公司培養的才華橫溢的領導者而被銘記。

I want to thank Don for his leadership and dedication to NIKE over the last 15 years, and wish him the very best in his future endeavors.

我要感謝 Don 在過去 15 年裡對 NIKE 的領導和奉獻，並祝福他在未來的工作中一切順利。

Don's successor, Andy Campion, is a testament to Don's commitment to developing talent.

Don 的繼任者安迪·坎皮恩 (Andy Campion) 證明了 Don 對培養人才的承諾。

Andy has been a great leader during his eight years with NIKE, helping to develop the strategy that will drive NIKE's growth for years to come.

安迪在耐吉工作的八年裡一直是一位偉大的領導者，幫助制定了推動耐吉未來幾年發展的策略。

And I'm confident that Andy will continue to build on the strong foundation Don has set for the Company, as we strive toward our full potential.

我相信安迪將繼續在唐為公司奠定的堅實基礎上繼續發展，同時我們將努力充分發揮我們的潛力。

Andy will assume the CFO role on August 1, and will join us on the next earnings call.

安迪將於 8 月 1 日擔任財務官，並將參加我們的下一次財報電話會議。

So while I'm proud of the results we delivered this last year, what sets NIKE apart is our ability to deliver sustainable, profitable growth year in and year out.

因此，雖然我對我們去年的成果感到自豪，但耐吉的與眾不同之處在於我們年復一年實現可持續、獲利成長的能力。

It is our proven track record of driving growth under a variety of macro economic conditions that gives us the confidence we can deliver growth for years to come.

我們在各種宏觀經濟條件下推動成長的良好記錄使我們有信心在未來幾年內實現成長。

This past fiscal year, we managed through a volatile currency environment and sharpened our focus in key markets.

上一財年，我們成功應對了波動的貨幣環境，並加強了對關鍵市場的關注。

And we will continue to drive that same level of discipline and focus as we look ahead to FY16.

展望 2016 財年，我們將繼續保持同樣水準的紀律和重點。

As we have consistently done in the past, we will leverage the power of the NIKE portfolio to drive growth.

正如我們過去一貫所做的那樣，我們將利用耐吉產品組合的力量來推動成長。

We have demonstrated time and again that our diverse portfolio of brands, categories, geographies and products is a competitive advantage that allows us to serve our consumer, and drive growth better than anyone else.

我們一次又一次地證明，我們多元化的品牌、品類、地理和產品組合是一種競爭優勢，使我們能夠比其他任何人更好地服務消費者並推動成長。

You can expect us to leverage our portfolio to further unlock growth around the world, to expand the market and increase share.

您可以期待我們利用我們的產品組合進一步釋放全球成長、擴大市場並增加份額。

And we'll do this by staying true to our commitment to the athlete, and our commitment to innovation.

為此，我們將恪守對運動員的承諾以及對創新的承諾。

I recently sat with the innovation teams for an in-depth review of our future product concepts, and I can tell you, I am incredibly energized by what's to come.

最近，我與創新團隊一起深入審查了我們未來的產品概念，我可以告訴你，我對即將發生的事情感到無比興奮。

Today we are pushing ourselves to create products and experiences that consumers want, and some they never thought possible.

今天，我們正在努力創造消費者想要的產品和體驗，以及一些他們認為不可能的產品和體驗。

The scale and pace at which we are bringing new innovations to market is unprecedented.

我們將新創新推向市場的規模和速度是前所未有的。

Let me share a few examples.

讓我分享幾個例子。

Flyknit, of course, continues to be one of NIKE's great breakthroughs -- for the athlete and for our Company.

當然，對於運動員和我們公司來說，Flyknit 仍然是耐吉的偉大突破之一。

It's created a whole new model for design and manufacturing.

它創造了一種全新的設計和製造模式。

Instead of engineering down to the piece, we can now engineer down to the pixel, to enhance performance, aesthetics and sustainability.

我們現在可以深入像素，而不是精確到零件，以提高性能、美觀性和可持續性。

And the most exciting part is, we're just discovering new ways to use it every day.

最令人興奮的是，我們每天都在發現使用它的新方法。

We've advanced Flyknit into other sports over the past few years.

在過去的幾年裡，我們已將 Flyknit 推廣到其他運動領域。

But there's no doubt last summer's World Cup was the launching pad for Flyknit in Global Football.

但毫無疑問，去年夏天的世界盃是 Flyknit 在全球足球領域的起點。

More than one-third of the players chose to wear the Magista, our first Flyknit boot -- including Mario Gotze, who scored the winning goal in the World Cup Final.

超過三分之一的球員選擇穿著我們的第一款 Flyknit 戰靴 Magista，其中包括在世界盃決賽中攻入致勝一球的馬裡奧·格策 (Mario Gotze)。

When you look across our business, Flyknit's dynamic strength and lightweight benefits have been applied across our key performance categories -- Running, Basketball, Men's and Women's Training, as well as into Premium Sportswear.

當您縱觀我們的業務時，您會發現 Flyknit 的動態強度和輕量優勢已應用於我們的關鍵表現類別——跑步、籃球、男女訓練以及高級運動服。

With the success of Flyknit, we've been inspired to engineer new types of materials like Flyweave.

隨著 Flyknit 的成功，我們受到啟發，設計了 Flyweave 等新型材料。

This innovative performance weaving process pushes the limits of lightweights with superior strength, and was introduced this year with the Jordan XX9.

這款創新的高性能編織工藝以卓越的強度突破了輕質材料的極限，並於今年在 Jordan XX9 上推出。

And just a few days ago, we revealed the newest signature shoe from Kevin Durant, the KD8, which utilizes this incredible technology.

就在幾天前，我們發布了凱文杜蘭特的最新簽名鞋 KD8，它採用了這項令人難以置信的技術。

I'm very excited about the potential for Flyweave.

我對 Flyweave 的潛力感到非常興奮。

So keep an eye out for further innovation in this area.

因此，請密切注意該領域的進一步創新。

We not only deliver new breakthroughs, but we also push ourselves to re-invent our most iconic products.

我們不僅實現新的突破，而且還推動自己重新發明我們最具代表性的產品。

Products in our running category are a great example.

我們跑步類別的產品就是一個很好的例子。

This year, we matched Zoom Air, in its 20th year, with the Pegasus 31, to create the fastest, most responsive Pegasus to date.

今年，我們將 Zoom Air 與 Pegasus 31 結合在一起，打造出迄今為止最快、反應最靈敏的 Pegasus。

It proves that much better does not always have to be entirely new.

它證明更好的東西並不總是必須是全新的。

We also continued to diversify one of our greatest collections of apparel technologies, Dri-FIT.

我們也繼續使我們最偉大的服裝技術系列之一 Dri-FIT 多樣化。

Dri-FIT is the foundation for everything from shirts to tights to socks, and it adapts to any athlete need.

Dri-FIT 是從襯衫到緊身褲再到襪子等所有產品的基礎，它可滿足任何運動員的需求。

Strong performance this year included NIKE Pro Hyperwarm, Running Dri-FIT Knit, and Running Dri-FIT Hypercool.

今年的強勁表現包括 NIKE Pro Hyperwarm、Running Dri-FIT Knit 和 Running Dri-FIT Hypercool。

One of this year's greatest Dri-FIT innovations was with the NIKE Pro Bra Collection.

今年最偉大的 Dri-FIT 創新之一是 NIKE Pro Bra 系列。

With the broadest assortment of styles and sizes, we're able to provide the athlete with the right fit and support for any type of training or sport.

憑藉最廣泛的款式和尺寸，我們能夠為運動員提供適合任何類型訓練或運動的合適貼合和支撐。

Finally, Dri-FIT also forms the basis for our most advanced NCAA basketball uniforms ever.

最後，Dri-FIT 也構成了我們有史以來最先進的 NCAA 籃球製服的基礎。

Two of our long-standing partners, Duke and UConn, won the respective Men's and Women National Championships wearing the NIKE Hyper Elite uniform.

我們的兩個長期合作夥伴杜克大學和康乃狄克大學分別穿著 NIKE Hyper Elite 制服贏得了男子和女子全國錦標賽冠軍。

Our uniforms weigh only 11.4 ounces, and we have set every detail, from vented waist bands to laser perforations which enhance cooling and increase mobility.

我們的製服僅重 11.4 盎司，我們精心設計了每個細節，從通風腰帶到雷射穿孔，可增強冷卻效果並增加活動能力。

The Hyper Elite truly sets the standard for basketball apparel.

Hyper Elite 真正樹立了籃球服裝的標準。

And it's examples like these that make me so excited to bring the full power of NIKE's innovation and creativity to the NBA.

正是這樣的例子讓我非常興奮能夠將 NIKE 的創新和創造力的全部力量帶到 NBA。

With NIKE Jordan and Converse, we can't wait to help grow the game of basketball even farther across our entire global reach.

透過 NIKE Jordan 和 Converse，我們迫不及待地想幫助籃球在我們的全球影響力中進一步發展。

At NIKE, innovation comes in many forms, and our growing digital ecosystem is a great example.

在耐吉，創新有多種形式，我們不斷發展的數位生態系統就是一個很好的例子。

Consumers are increasingly connected and utilizing premium personal digital services.

消費者越來越多地聯繫並使用優質的個人數位服務。

Digital is an accelerator of growth that is shaping everything we do, from building deep connections to consumers with digital services and communities, to driving rapid expansion of our e-commerce business.

數位化是成長的加速器，它正在塑造我們所做的一切，從透過數位服務和社群與消費者建立深厚的聯繫，到推動我們電子商務業務的快速擴張。

This is all made possible because NIKE is one of the world's most engaged brands online.

這一切之所以成為可能，是因為耐吉是世界上線上參與度最高的品牌之一。

It's where we connect with the consumer one to one, and it's where we connect people to one another.

這是我們與消費者一對一連結的地方，也是我們將人們彼此連結起來的地方。

And we're constantly looking for new ways to seamlessly connect social platforms to commerce.

我們不斷尋找將社交平台與商業無縫連接的新方法。

Earlier this quarter, for example, NIKE Women's launched the Instagram Shop, a new tool that allows users to click a photo and be taken directly to NIKE.com product pages.

例如，本季早些時候，耐吉女裝推出了 Instagram 商店，這是一種新工具，允許用戶點擊照片並直接進入 NIKE.com 產品頁面。

And just last week, we announced that we are one of the first partners to offer curated product collections through Twitter.

就在上週，我們宣布我們是首批透過 Twitter 提供精選產品系列的合作夥伴之一。

There are many more exciting opportunities to come in this space, as the power of the NIKE Brand creates strong demand from consumers anytime, anywhere, on any platform.

這個領域還有更多令人興奮的機會，因為耐吉品牌的力量隨時隨地在任何平台上創造了消費者的強烈需求。

We deepen our relationship with consumers through services like NIKE+ Run Club and NIKE+ Training Club, that inspire and enable them to do more and to get better.

我們透過 NIKE+ 跑步俱樂部和 NIKE+ 訓練俱樂部等服務加深與消費者的關係，激勵並幫助他們做得更多、變得更好。

Our NIKE+ Training Club app continues to build a motivated community of devoted athletes, and now features 135 workouts, and is available in 17 languages.

我們的 NIKE+ Training Club 應用程式繼續打造一個由忠誠的運動員組成的積極進取的社區，現在提供 135 項鍛煉項目，並提供 17 種語言版本。

Access for NIKE.com to NIKE+ Run Club training plans bring together the best NIKE expert running guidance to one place.

透過 NIKE.com 造訪 NIKE+ Run Club 訓練計劃，將最好的 NIKE 專家跑步指導匯集到一處。

There's great potential here to connect more runners to the product they need to meet their goals.

這裡有巨大的潛力將更多的跑步者與他們實現目標所需的產品聯繫起來。

And in April, we unveiled a NIKE Trainers Hub that unites the global network of elite trainers to help every athlete reach their peak potential.

四月份，我們推出了耐吉培訓師中心，該中心聯合了全球精英培訓師網絡，幫助每位運動員發揮最大潛力。

We connect, motivate and inspire our community of members with great products and services.

我們透過優質的產品和服務聯繫、激勵和激勵我們的會員社群。

Because ultimately, what sets NIKE apart is our innovative product.

因為歸根究底，耐吉的與眾不同之處在於我們的創新產品。

And e-commerce is rapidly expanding our ability to serve consumers with products for any sport, all over the world.

電子商務正在迅速擴大我們為世界各地的消費者提供適合任何運動的產品的能力。

FY15 was a great year for NIKE.com.

2015 財政年度對 NIKE.com 來說是偉大的一年。

We delivered 51% revenue growth in Q4, with 55% growth for the full year.

我們第四季的營收成長了 51%，全年成長了 55%。

We saw increases in both traffic and conversion, fueled by our investments in critical infrastructure to improve the consumer experience on both desktop and mobile.

在我們為改善桌面和行動消費者體驗而對關鍵基礎設施進行投資的推動下，我們看到了流量和轉換率的成長。

As I mentioned last quarter, our traffic on mobile has exceeded traffic on desktop, making it a very sharp point for consumer engagement going forward.

正如我上季度提到的，我們在行動裝置上的流量已經超過了桌面裝置上的流量，這使其成為未來消費者參與度的一個非常尖銳的點。

I'm proud to say our e-commerce business surpassed $1 billion in revenue this past year, a fantastic achievement from all of our teams.

我很自豪地說，去年我們的電子商務業務收入超過了 10 億美元，這是我們所有團隊所取得的一項了不起的成就。

But really, we're just scratching the surface of our potential in this area.

但實際上，我們在這領域的潛力才剛觸及表面。

Global consumer spending through e-commerce exceeds $1 trillion, a significant portion of which is done on mobile devices.

全球消費者透過電子商務的支出超過 1 兆美元，其中很大一部分是在行動裝置上完成的。

Tremendous opportunity ahead for us in e-commerce.

電子商務為我們帶來了巨大的機會。

What I just recapped is by no means an exhaustive list.

我剛剛回顧的內容絕對不是詳盡的清單。

But it clearly shows how much ground this Company can cover in just one year.

但這清楚地表明了該公司在短短一年內可以涵蓋多少領域。

While we're pleased with this year's results, at NIKE, we're always moving forward.

雖然我們對今年的業績感到滿意，但在耐吉，我們始終在前進。

We are relentless in our pursuit to get better.

我們不懈地追求變得更好。

And we see opportunities that no one else can.

我們看到了別人看不到的機會。

And most importantly, we have the resources and the talented team to deliver.

最重要的是，我們擁有資源和才華橫溢的團隊來交付。

Fiscal 2016 will be no different.

2016 財年也不例外。

We have great momentum, and we will continue to drive it by growing our largest categories, such as Running, Basketball, Football, in our geographies such as North America, Western Europe, China.

我們擁有巨大的發展勢頭，我們將繼續透過在北美、西歐、中國等地區發展跑步、籃球、足球等最大類別來推動這一勢頭。

And by unlocking the areas with the greatest potential for growth, such as Women's, Young Athletes and Apparel.

並釋放最具成長潛力的領域，例如女裝、青年運動員和服裝。

And also by accelerating new opportunities, such as breakthrough technologies and product in advanced manufacturing and digital.

並透過加速新機遇，例如先進製造和數位領域的突破性技術和產品。

We have one of the strongest brands in the world, with a world of opportunities still ahead.

我們擁有世界上最強大的品牌之一，前方充滿機會。

And that's why FY16 will be our best year yet.

這就是為什麼 2016 財年將是我們迄今為止最好的一年。

Thanks, and now here's Trevor.

謝謝，現在是特雷弗。

Thanks, Mark.

謝謝，馬克。

The NIKE Brand closed the year with a strong finish, demonstrating yet again the power of the category offense to drive growth.

耐吉品牌以強勁的表現結束了這一年，再次展現了品類進攻推動成長的力量。

On a constant currency basis, NIKE Brand revenue grew 13% for the quarter.

以固定匯率計算，耐吉品牌本季營收成長了 13%。

For the year, revenue was up 14%, with double-digit growth in North America, both European geographies, and China.

今年，營收成長了 14%，其中北美、歐洲地區和中國的營收均實現兩位數成長。

NIKE Brand DTC revenue was up 27% for the quarter.

本季 NIKE 品牌 DTC 營收成長了 27%。

For the year, DTC revenue was up 29%, driven by comp store growth of 16%, online growth of 59%, and new stores.

今年，在同店成長 16%、線上成長 59% 以及新店的推動下，DTC 營收成長了 29%。

And finally, global futures accelerated to 13%, reflecting continued strong demand.

最後，全球期貨加速上漲至 13%，反映出持續強勁的需求。

The success in our business is the natural outcome of putting the consumer at the center of everything we do.

我們業務的成功是我們一切工作以消費者為中心的自然結果。

Our connection with consumers strengthens our brand every day, from our own retail to wholesale partners, from in-store to online, from digital experiences to unforgettable live events.

從我們自己的零售到批發合作夥伴，從​​店內到線上，從數位體驗到令人難忘的現場活動，我們與消費者的聯繫每天都在強化我們的品牌。

It's those deep and authentic connections that power the NIKE Brand around the world.

正是這些深厚而真實的聯繫為耐吉品牌在全球的發展提供了動力。

Within our category offense, we often talk about our amplify strategy -- to compete, train and express.

在我們的進攻類別中，我們經常談論我們的放大策略——競爭、訓練和表達。

Sportswear represents the express portion of that equation, where consumers express their love and passion for the game, with premium sports-inspired products.

運動服裝代表了這個等式中的明確部分，消費者透過優質的運動產品來表達他們對運動的熱愛和熱情。

Sportswear is a key complement to the product assortment for our performance categories, offering an opportunity to elevate the design and technical innovation in traditional sportswear styles, while also creating new ones.

運動服是我們性能類別產品種類的重要補充，為提升傳統運動服款式的設計和技術創新提供了機會，同時也創造了新的運動服款式。

This drove tremendous growth in Sportswear in FY15, which was up 20% for the year.

這推動了 2015 財年運動服飾的巨大成長，全年成長了 20%。

Now let's turn to a few of our performance categories.

現在讓我們來看看一些效能類別。

First I'll start with Running.

首先我將從跑步開始。

By serving our consumers through product innovation and consumer engagement, we drove growth in this important category, with revenue up 9% for the year to nearly $5 billion.

透過產品創新和消費者參與來服務消費者，我們推動了這個重要類別的成長，全年營收成長 9%，達到近 50 億美元。

Our premium performance footwear continues to resonate with runners, led by the Air Zoom Pegasus 31 and the Flyknit Lunar 3. And our premium sportswear styles, such as the Air Max 1 and the Roshe, also continued to drive growth.

以 Air Zoom Pegasus 31 和 Flyknit Lunar 3 為代表，我們的高性能鞋類繼續引起跑者的共鳴。

We saw a return to growth in our core running footwear across all markets, including North America.

我們看到我們的核心跑步鞋在包括北美在內的所有市場上都恢復了成長。

Core running footwear consists of our products at mid-tier price zones.

核心跑鞋由我們的中等價格區域的產品組成。

This return to growth was led by core performance styles like the Downshifter and the Wind Flow, which features Zoom Air technology.

這種成長的回歸是由降檔器和採用 Zoom Air 技術的 Wind Flow 等核心效能風格所引領的。

As we continue to drive innovation, running apparel was once again a key growth driver, led by the continued success of our Dri-FIT Knit tops and our Epic Lux Tights.

隨著我們不斷推動創新，跑步服裝再次成為關鍵的成長動力，其中 Dri-FIT 針織上衣和 Epic Lux 緊身褲的持續成功帶動了這一趨勢。

And more than ever, we're expanding our overall running business by inspiring new generations of runners every day.

我們比以往任何時候都更加透過每天激勵新一代跑者來擴展我們的整體跑步業務。

As Mark discussed, giving runners the knowledge and tools they need through digital services has helped to create deeper, meaningful relationships.

正如馬克所討論的，透過數位服務為跑步者提供他們所需的知識和工具有助於建立更深入、更有意義的關係。

The opportunities to build new connections with our NIKE+ community are virtually unlimited, as we add even more exclusive experiences, like special product launches and running events.

與我們的 NIKE+ 社群建立新聯繫的機會幾乎是無限的，因為我們添加了更多獨家體驗，例如特殊產品發布和跑步活動。

NIKE Basketball, which in FY15 grew 21% to nearly $4 billion.

耐吉籃球，2015 財年成長了 21%，達到近 40 億美元。

Our basketball business fueled the strength of our brand, and our product innovations have never been stronger.

我們的籃球業務增強了我們的品牌實力，我們的產品創新也變得前所未有的強大。

This year, as always, we launched incredibly innovative products for our consumers.

今年，我們一如既往地為消費者推出了令人難以置信的創新產品。

NIKE Basketball introduced great footwear, such as the LeBron 12, completely re-designed to deliver precision and explosive performance.

耐吉籃球推出了出色的鞋類，例如 LeBron 12，經過完全重新設計，可提供精準和爆炸性的性能。

And the Kyrie 1, the first signature shoe for this dynamic and exciting young player.

Kyrie 1 是這位充滿活力、令人興奮的年輕球員的第一款簽名鞋。

And in the Jordan brand, we introduced the Air Jordan XX9, the lightest Air Jordan performance shoe ever.

在 Jordan 品牌中，我們推出了 Air Jordan XX9，這是有史以​​來最輕的 Air Jordan 高性能鞋款。

And the Superfly 3, which employed NIKE Zoom technology for lightweight, durable cushioning.

Superfly 3 採用 NIKE Zoom 技術，提供輕盈、耐用的緩震效果。

What's more, every year, NIKE Basketball and the Jordan brand put on great consumer experiences, and FY15 was no exception.

更重要的是，每年，Nike籃球和喬丹品牌都會帶來出色的消費者體驗，2015 財年也不例外。

Standout examples include last quarter's NBA All-Star weekend in New York.

突出的例子包括上季度在紐約舉行的 NBA 全明星週末。

And the NIKE World Basketball Festival in Spain last September was a great example.

去年九月在西班牙舉行的耐吉世界籃球節就是一個很好的例子。

These events showcase the tremendous combined power of the two great basketball brands, something only NIKE can offer.

這些活動展示了兩個偉大籃球品牌的巨大綜合力量，這是只有耐吉才能提供的。

NIKE Basketball and Jordan are driving the kind of energy that excites current friends and brings in new ones, growing the market today and into the future.

耐吉籃球和喬丹正在推動一種能量，讓現有的朋友興奮不已，並帶來新的朋友，推動當今和未來的市場發展。

And as Mark mentioned, our partnership with the NBA gives us tremendous opportunity to grow this sport.

正如馬克所提到的，我們與 NBA 的合作為我們發展這項運動提供了巨大的機會。

It's a platform for true innovation -- not just for our products, but also for the many ways we can serve our consumers.

這是一個真正創新的平台——不僅針對我們的產品，還針對我們為消費者提供服務的多種方式。

This partnership will let us share our passion for basketball in exciting places like Rio to Beijing to Barcelona.

此次合作將使我們能夠在裡約、北京、巴塞隆納等令人興奮的地方分享我們對籃球的熱情。

The energy around basketball is at an all-time high, and we're excited to accelerate its growth around the globe.

籃球運動的活力空前高漲，我們很高興能夠加速籃球運動在全球的發展。

Finally, our Women's business continues to drive strong growth.

最後，我們的女裝業務持續強勁成長。

For the year, revenue grew 20% to nearly $6 billion.

今年營收成長了 20%，達到近 60 億美元。

The strong growth in our Women's business is driven by the innovation and style we bring to the products that matter most to these athletes.

我們的女裝業務的強勁成長得益於我們為這些運動員最重要的產品帶來的創新和風格。

Key apparel styles, such as the NIKE Pro Bra collection and broad assortments of tights, are resonating strongly with consumers and creating excitement in the marketplace.

NIKE Pro Bra 系列和各種緊身褲等主要服裝款式引起了消費者的強烈共鳴，並在市場上引起了轟動。

In Q4, we released our biggest-ever market initiative for women, called Better For It, which in just two months has totaled more than 18 million online views.

在第四季度，我們發布了有史以來最大的女性市場計劃，名為“Better For It”，在短短兩個月內，該計劃的線上瀏覽量總計超過 1800 萬次。

Better For It resonated with consumers because it wasn't just a campaign.

Better For It 引起了消費者的共鳴，因為它不僅僅是一場活動。

It was a call to action for all athletes to push themselves to be their best.

這是對所有運動員的號召，要求他們努力做到最好。

And it was served by the global community of women who interact with NIKE and each other every day for inspiration.

它由全球女性社區提供服務，她們每天與耐吉互動並相互交流以獲取靈感。

Our new women's-only door in London, along with our newly re-opened Santa Monica store, exemplify the focus on providing product and services specifically for women.

我們在倫敦新開設的女性專賣店以及新近重新開業的聖莫尼卡商店，體現了我們專注於專門為女性提供產品和服務。

We've also continued to increase the number of stores with premium services such as bra fitting, gait analysis and pant hemming.

我們也持續增加提供胸罩試穿、步態分析和褲子縫邊等優質服務的商店數量。

That success is mirrored by the strong growth in our Women's business on NIKE.com, which exceeded both men and the total NIKE brand in the quarter.

這一成功體現在 NIKE.com 上女裝業務的強勁增長，該業務在本季度超過了男裝業務和整個 NIKE 品牌。

All told, out work both in-store and online is helping to drive strong growth in our overall women's business.

總而言之，店內和網路上的工作正在幫助推動我們整體女裝業務的強勁成長。

Now let's talk about a few of our geographies.

現在讓我們談談我們的一些地理位置。

North America had a great quarter and another remarkable year.

北美地區度過了一個出色的季度，也是一個非凡的一年。

Revenues were up 14% for the quarter and 12% for the year, despite the headwind from the West Coast port congestion.

儘管受到西海岸港口擁堵的影響，本季營收成長了 14%，全年營收成長了 12%。

Growth in the quarter was driven by nearly every key category.

本季的成長幾乎是由每個關鍵類別推動的。

We saw continued strong performance from DTC, which grew 13% in the quarter, with NIKE.com growing 31%.

我們看到 DTC 的業績持續強勁，本季成長了 13%，NIKE.com 成長了 31%。

This performance was complemented by strong executions with our wholesale partners, such as the Fieldhouse with Dick's Sporting Goods, House of Hoops with Foot Locker, and the Track Club with the Finish Line.

我們的批發合作夥伴的強大執行力補充了這一業績，例如 Fieldhouse 的 Dick's Sporting Goods、House of Hoops 的 Foot Locker 以及 Track Club 的 Finish Line。

In Q4, we also remained focused on working through the impact of the West Coast port congestion by diverting some shipments to alternative ports and shipping select product via air freight.

在第四季度，我們仍然致力於透過將部分貨物轉移到其他港口並透過空運運輸精選產品來應對西海岸港口擁堵的影響。

As expected, product flows began to normalize in Q4, though we expect it will take a couple of quarters before product flow fully returns to normal.

正如預期的那樣，產品流在第四季度開始正常化，儘管我們預計產品流需要幾個季度才能完全恢復正常。

That said, we continue to see great demand for our products in the marketplace, and expect to efficiently move through the inventory and maintain a healthy pull market.

也就是說，我們繼續看到市場對我們產品的巨大需求，並期望有效地清理庫存並維持健康的拉動市場。

We continue to see incredible potential for growth in North America.

我們繼續看到北美地區令人難以置信的成長潛力。

And the reason is simple and familiar.

原因很簡單，也很熟悉。

We remain focused on the consumer, delivering innovative products and services through compelling retail experiences.

我們始終以消費者為中心，透過引人注目的零售體驗提供創新產品和服務。

This allows us to expand the market, while also taking market share.

這使我們能夠擴大市場，同時也佔領市場份額。

Now let's turn to Western Europe, where we've seen broad-based demand, with growth of 17% in the quarter and 21% for the year.

現在讓我們轉向西歐，那裡的需求基礎廣泛，本季成長 17%，全年成長 21%。

Growth in the quarter and throughout the year was fueled by our continued efforts to transform the marketplace in line with the category offense.

我們根據品類進攻不斷努​​力改造市場，推動了本季和全年的成長。

We saw strong growth across most key categories, led by Sportswear, Running, Women's Training, and Basketball.

我們看到大多數關鍵類別的強勁成長，其中以運動服、跑步、女子訓練和籃球為首。

And in the territories, particularly in AGS -- that's Austria, Germany and Switzerland -- as well as in the UK and Ireland.

在這些地區，特別是 AGS（奧地利、德國和瑞士）以及英國和愛爾蘭。

Our execution with our wholesale partners, such as JD Sports, Foot Locker and Intersport, all performed well in the quarter.

我們與 JD Sports、Foot Locker 和 Intersport 等批發合作夥伴的執行在本季度均表現良好。

As did our own DTC, which had revenue growth of 39%.

我們自己的 DTC 也是如此，營收成長了 39%。

The momentum we've seen in FY15 in Western Europe, combined with the strength of the NIKE Brand, reinforces our view that there is tremendous growth potential in this important geography.

我們在 2015 財年在西歐看到的勢頭，加上耐吉品牌的實力，強化了我們的觀點，即這個重要地區存在著巨大的成長潛力。

Our focus on the consumer will continue to build on that momentum as we head into FY16 and beyond.

進入 2016 財年及以後，我們對消費者的關注將繼續保持這一勢頭。

Now let's turn to the emerging markets, where quarter 4 revenue declined 3%, due in part to comparisons to strong World Cup results last year.

現在讓我們轉向新興市場，第四季營收下降了 3%，部分原因是與去年世界盃的強勁成績相比。

As well as actions we're taking in Mexico and Brazil to ensure a healthy marketplace.

以及我們在墨西哥和巴西採取的行動，以確保健康的市場。

For the full year, revenue grew by 8%.

全年營收成長8%。

For the quarter, we saw seven of the nine territories grow, with six growing at a double-digit rate.

在本季度，我們看到九個地區中有七個實現了成長，其中六個實現了兩位數的成長。

The NIKE Brand continues to be very strong in the emerging markets, and our products are resonating with consumers across all territories.

耐吉品牌在新興市場持續保持強勁勢頭，我們的產品在所有地區的消費者中引起共鳴。

Let's take a closer look at two of these territories.

讓我們仔細看看其中兩個地區。

In Mexico, we've been actively working to clear excess inventory which resulted primarily from a distribution center transition in FY14.

在墨西哥，我們一直在積極努力清理過剩庫存，這主要是由於 2014 財年配送中心轉型所造成的。

Our brand remains very strong, and we're seeing accelerated growth in retail sell-through.

我們的品牌仍然非常強大，我們看到零售額的加速成長。

As a result, we're now returning to more normalized inventory levels as of the end of FY15.

因此，截至 2015 財年末，我們現在正恢復到更正常的庫存水準。

We continue to work with our wholesale partners to ensure a healthy pull market in Mexico, and we feel confident that the market is now well-positioned for profitable growth.

我們將繼續與批發合作夥伴合作，確保墨西哥的拉動市場健康發展，我們相信該市場現在已做好盈利成長的準備。

In Brazil, Q4 revenue was down about 20%, reflecting comparisons to strong World Cup sales in the prior year, as well as weak macro economic environment.

在巴西，第四季營收下降了約 20%，反映出與去年強勁的世界盃銷售相比以及疲軟的宏觀經濟環境。

At the same time, we continue to take steps to proactively manage the supply of product in the marketplace.

同時，我們繼續採取措施主動管理市場上的產品供應。

The NIKE Brand remains incredibly strong in Brazil, and we continue to see tremendous opportunity for sustainable, profitable growth.

耐吉品牌在巴西仍然非常強大，我們繼續看到可持續、獲利成長的巨大機會。

To realize this opportunity, we are leveraging the category offense to segment and differentiate our point of distribution.

為了抓住這個機會，我們正在利用品類進攻來細分和區分我們的分銷點。

We are confident that these steps will offer our consumers more premium and compelling retail experiences, while increasing the productivity and profitability of the market for our wholesale partners and our business.

我們相信，這些步驟將為我們的消費者提供更優質、更有吸引力的零售體驗，同時提高我們批發合作夥伴和我們業務的市場生產力和獲利能力。

And finally, in China, where Q4 revenue grew 20%, and we posted a full-year growth of 19%.

最後，在中國，第四季營收成長了 20%，全年成長了 19%。

Our strong growth in the quarter was driven primarily by Running, Basketball and Sportswear.

我們本季的強勁成長主要是由跑步、籃球和運動服裝推動的。

For our wholesale partners, doors that have been re-profiled continued to outperform the rest of the fleet.

對於我們的批發合作夥伴來說，經過重新設計的門繼續優於車隊的其他門。

And in DTC, we saw growth of 52%, with continued strong growth in our stores, as well as online.

在 DTC 領域，我們的門市和線上業務持續強勁成長，成長了 52%。

In China, the NIKE Brand is incredibly strong, which provided the foundation to reset the market in line with the category offense.

在中國，耐吉品牌非常強大，這為根據品類進攻重新調整市場奠定了基礎。

Our strong results throughout FY15 demonstrate that our strategy has paid off.

我們 2015 財年的強勁業績顯示我們的策略已獲得回報。

We've returned to strong revenue growth.

我們已經恢復了強勁的營收成長。

We've improved profitability and productivity for ourselves and our wholesale partners.

我們提高了我們自己和批發合作夥伴的獲利能力和生產力。

And inventory in the marketplace is healthy.

市場庫存狀況良好。

Going forward, we will leverage the momentum from FY15, and continue to execute this consumer-led strategy to drive sustainable, profitable growth in this key geography.

展望未來，我們將利用 2015 財年的勢頭，繼續執行這項以消費者為主導的策略，以推動這一關鍵地區的可持續獲利成長。

At NIKE, viewing sport through the eyes of the consumer isn't just a strategy; it's our obsession.

在耐吉，透過消費者的眼睛觀看體育運動不僅是一種策略，更是一種策略。這是我們的痴迷。

We know what our consumers want, and we deliver it -- innovative products, personalized services, unforgettable experiences, and the inspiration to go after their biggest goals.

我們知道消費者想要什麼，並提供它們——創新的產品、個人化的服務、難忘的體驗以及追求他們最大目標的靈感。

And serving our consumers means we lead every day.

服務我們的消費者意味著我們每天都處於領先地位。

Our consumer focus ensures we'll be out in front in Q4.

我們對消費者的關注確保我們在第四季度處於領先地位。

It ensures we'll be out in front in FY15.

它確保我們在 2015 財年處於領先地位。

And it ensures we'll be out in front in FY16 and beyond.

它確保我們在 2016 財年及以後保持領先地位。

Before I hand over to Don, I also want to take a moment to thank him for his hard work and his partnership over the years.

在交給 Don 之前，我還想花點時間感謝他多年來的辛勤工作和合作關係。

Don is an all-star CFO and a great leader for this Company, whose work created a foundation of excellence for all those around him.

唐是一位全明星財務官，也是公司的一位偉大領導者，他的工作為他周圍的所有人奠定了卓越的基礎。

I don't know where the CFO Hall of Fame is located, but Don, you deserve a plaque in it.

我不知道財務長名人堂位於哪裡，但是唐，你值得在裡面獲得一塊牌匾。

Thanks for everything; thanks for your friendship.

感謝一切；感謝你的友誼。

Over to you.

交給你了。

Thank you, Trevor.

謝謝你，特雷弗。

FY15's results demonstrated our ability to deliver profitable growth, even in a challenging macro environment.

2015 財年的業績證明，即使在充滿挑戰的宏觀環境下，我們也有能力實現獲利成長。

We did it by focusing on the fundamentals, building deep connections with consumers, and delivering innovative products through compelling retail experiences.

我們透過專注於基本面、與消費者建立深厚的聯繫以及透過引人注目的零售體驗提供創新產品來做到這一點。

At the same time, we leveraged our global portfolio to manage risk, while continuing to invest for future growth and profitability.

同時，我們利用全球投資組合來管理風險，同時繼續投資於未來的成長和獲利能力。

Our ability to use all the levers in our business to drive growth and manage risk is one of our greatest advantages.

我們能夠利用業務中的所有槓桿來推動成長和管理風險，這是我們最大的優勢之一。

It's why we're confident in our ability to continue to deliver shareholder value on into the future.

這就是為什麼我們對未來繼續為股東創造價值的能力充滿信心。

So onto the details for Q4 and FY15.

接下來是第四季和 2015 財年的詳細資料。

Q4 revenue for NIKE Inc increased 5%, up 13% on a currency-neutral basis.

耐吉公司第四季營收成長 5%，在匯率中立的基礎上成長 13%。

For the full year, NIKE Inc revenue increased 10% to $30.6 billion.

耐吉公司全年營收成長 10%，達到 306 億美元。

On a currency-neutral basis both NIKE Inc and the NIKE Brand grew 14%, while Converse grew 21%.

在貨幣中性的基礎上，耐吉公司和耐吉品牌均成長了 14%，而匡威則成長了 21%。

Growth in the NIKE Brand was broad-based across categories, and driven by continued strong performance in three of our largest geographies -- North America, Western Europe and China.

耐吉品牌的成長基礎廣泛，涵蓋各個類別，並受到北美、西歐和中國這三個最大地區持續強勁表現的推動。

Also on a currency-neutral basis, NIKE Brand futures orders grew 13%, driven by a 5% increase in average selling price and an 8% 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 13%，這主要得益於平均售價成長 5% 和數量成長 8%。

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

這一成長反映出耐吉品牌組合的持續強勁需求，北美、西歐和中國的兩位數成長帶動了這一成長。

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

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

Fourth-quarter diluted EPS increased 26% to $0.98.

第四季稀釋後每股收益成長 26%，達到 0.98 美元。

And full-year diluted EPS rose 25% to $3.70, driven by revenue growth, gross margin expansion and a lower tax rate -- partially offset by higher SG&A investments.

在收入成長、毛利率擴張和較低稅率的推動下，全年攤薄後每股收益成長 25%，達到 3.70 美元，但 SG&A 投資增加部分抵消了這一影響。

The effects of FX on the quarter and the year were fairly modest, as the negative impact of the stronger dollar was largely offset by our FX risk management.

外匯對本季和全年的影響相當溫和，因為美元走強的負面影響在很大程度上被我們的外匯風險管理所抵消。

Gross margin expanded 60 basis points in Q4 and 120 basis points for the full year.

第四季毛利率成長 60 個基點，全年毛利率成長 120 個基點。

For both the quarter and the full year, margin expansion was primarily driven by higher-average selling prices and continued growth in our higher-margin DTC business, partially offset by higher cost of goods due to labor inflation and higher logistics costs.

無論是本季或全年，利潤率的成長主要是由於平均銷售價格的提高以及利潤率較高的DTC 業務的持續成長所推動的，但部分被勞動力通膨和物流成本上升導致的商品成本上漲所抵消。

Fourth-quarter demand creation was 7% below the prior-year quarter, which included significant World Cup-related expenses.

第四季的需求創造量比去年同期下降了 7%，其中包括與世界盃相關的大量費用。

For the full year, demand creation increased 6%, driven by support for key events and product launches, DTC and investments in sports marketing.

在對重大活動和產品發布的支援、DTC 以及體育行銷投資的推動下，全年需求創造成長了 6%。

Operating overhead increased 13% for the quarter and 16% for the full year.

本季營運費用增加 13%，全年營運費用增加 16%。

This reflected growth in our higher-gross margin, higher-cost DTC business, as well as investments in operational infrastructure and digital, including consumer engagement.

這反映了我們毛利率較高、成本較高的 DTC 業務的成長，以及對營運基礎設施和數位化（包括消費者參與）的投資。

The effective tax rate for FY15 was 22.2%, lower than last year's 24% rate, primarily due to favorable resolution of tax audits across multiple jurisdictions.

2015 財年的有效稅率為 22.2%，低於去年的 24%，主要是由於多個司法管轄區的稅務審計取得了有利的結果。

The rate was significantly lower in Q4, primarily due to adjustments to reduced tax expense recognized in interim quarters of FY15 on inter-Company transactions.

第四季的稅率顯著降低，主要是由於對 2015 財年中期公司間交易確認的稅收費用減少進行了調整。

We continued to deliver strong returns on capital, as FY15 ROIC reached 28.1%, up 360 basis points from the prior year.

我們持續提供強勁的資本回報，2015 財年投資報酬率達到 28.1%，比上年成長 360 個基點。

For the year, we returned $3.4 billion in cash to shareholders in the form of share repurchases and dividends.

今年，我們以股票回購和股利的形式向股東返還了 34 億美元現金。

As of May 31, inventories were up 10%, primarily driven by business growth and the impact of port congestion in North America.

截至 5 月 31 日，庫存成長 10%，主要受到業務成長和北美港口擁塞影響的推動。

As we discussed last quarter, we anticipate the flow of product in North America to return to normal in the first half of FY16.

正如我們上季度所討論的，我們預計北美的產品流動將在 2016 財年上半年恢復正常。

We expect inventory levels to be somewhat elevated for the next several quarters as we work to re-balance supply and demand in the market.

我們預計，隨著我們努力重新平衡市場供需，未來幾季的庫存水準將會上升。

Now let's look at our performance by segment.

現在讓我們按細分市場來看看我們的表現。

North America delivered another remarkable year, as FY15 revenue grew 12% to $13.7 billion, the fifth consecutive year of double-digit revenue growth.

北美地區又迎來了非凡的一年，2015 財年營收成長 12% 至 137 億美元，連續第五年實現兩位數營收成長。

Growth for the year was driven by higher revenues in nearly every key category, led by double-digit growth in Basketball, Sportswear and Women's Training.

幾乎所有關鍵類別的收入成長推動了今年的成長，其中籃球、運動服裝和女子訓練領域的兩位數成長帶動了這一成長。

The growth also reflected strength in both sales to wholesale customers and DTC.

這一成長也反映出批發客戶和 DTC 銷售的強勁勢頭。

Sustained broad-based growth at this level in a market as developed as North America demonstrates both the tremendous strength of the NIKE Brand and the effectiveness of the category offense in expanding both the market and our market share.

在像北美這樣發達的市場中，這種水準的持續廣泛增長既證明了耐吉品牌的巨大實力，也證明了該品類進攻在擴大市場和市場份額方面的有效性。

North America EBIT grew 18% for the full year, driven by strong revenue growth and gross margin expansion.

在強勁的收入成長和毛利率擴張的推動下，北美地區息稅前利潤 (EBIT) 全年成長 18%。

Western Europe also had a great year, as FY15 revenue reached $5.7 billion, up 15%, despite the weakness of the euro.

西歐也度過了輝煌的一年，儘管歐元疲軟，2015 財年營收仍達 57 億美元，成長 15%。

On a currency-neutral basis, revenue grew 21% for FY15, as every territory grew.

在貨幣中性的基礎上，隨著每個地區的擴張，2015 財年的收入成長了 21%。

And we posted double-digit growth in every key category except Golf and Global Football, which grew at a high single-digit rate, despite tough comparisons against the World Cup last year.

我們在每個關鍵類別中都實現了兩位數的成長，但高爾夫和全球足球除外，儘管與去年的世界盃進行了艱難的比較，但它們仍以高個位數的速度增長。

Western Europe EBIT increased 49% in FY15, driven by revenue growth, gross margin expansion and SG&A leverage.

在營收成長、毛利率擴張和 SG&A 槓桿的推動下，西歐 2015 財年息稅前利潤 (EBIT) 成長了 49%。

In central and Eastern Europe, FY15 revenue grew 15% on a currency-neutral basis, driven by growth in every territory except Israel.

在中歐和東歐，2015 財年收入在匯率中立的基礎上成長了 15%，這主要得益於以色列以外的所有地區的成長。

And every key category except Action Sports and Global Football, which declined at a low single-digit rate, reflecting comparisons to last year's World Cup.

除了極限運動和全球足球之外的所有關鍵類別均以較低的個位數下降，這反映了與去年世界盃的比較。

On a reported basis, FY15 revenue for CEE grew 2% and EBIT declined 11%, largely reflecting significantly weaker currencies, especially the ruble.

根據報告，中東歐 2015 財年營收成長 2%，息稅前利潤下降 11%，主要反映了貨幣（尤其是盧布）大幅疲軟。

In FY15, China returned to strong, profitable growth, as revenues topped $3 billion, up 18% for the year.

2015 財年，中國恢復了強勁的獲利成長，營收突破 30 億美元，全年成長 18%。

On a currency-neutral basis, FY15 revenue grew 19%, driven by the ongoing strength of the brand, a more focused category assortment tailored for China, and new retail formats, including NIKE.com.

在匯率中立的基礎上，2015 財年收入成長了 19%，這得益於品牌的持續實力、針對中國量身定制的更加集中的品類分類以及包括 NIKE.com 在內的新零售業態。

In addition to driving revenue growth, we've sharply reduced inventory levels in the market, and significantly increased the productivity and profitability of retail for NIKE and our wholesale partners.

除了推動營收成長外，我們還大幅降低了市場庫存水平，並顯著提高了耐吉及其批發合作夥伴的零售生產力和獲利能力。

FY15 EBIT for China grew 22%, due to strong revenue growth and expanding gross margins.

由於強勁的收入成長和不斷擴大的毛利率，2015 財年中國的息稅前利潤成長了 22%。

In Japan, currency-neutral revenue grew 9% for the year and 19% for the quarter, driven by strong growth in Sportswear, Basketball and Running.

在日本，受運動服、籃球和跑步業務強勁成長的推動，扣除貨幣因素後的營收全年成長 9%，本季成長 19%。

Reported results in Japan were significantly reduced by the weaker yen, as FY15 revenue declined 2% and EBIT fell 24%.

日本公佈的業績因日圓疲軟而大幅下滑，2015 財年營收下降 2%，息稅前利潤下降 24%。

In our emerging markets geography, results were mixed.

在我們的新興市場地區，結果好壞參半。

On a currency-neutral basis, FY15 revenue increased 8%, but Q4 revenue fell 3%.

在貨幣中性的基礎上，2015 財年營收成長 8%，但第四季營收下降 3%。

Nearly every key category grew for the year and the quarter.

幾乎每個關鍵類別在本年度和本季都有成長。

Sportswear, Running and Basketball led the growth for the year, while Global Football declined for both periods, as we lapped strong sales in advance of last year's World Cup.

運動服裝、跑步和籃球引領了今年的成長，而全球足球在這兩個時期都有所下降，因為我們在去年世界盃之前取得了強勁的銷售業績。

For the year and the quarter, we posted strong currency-neutral revenue growth in most territories, led by SOKO, Pacific, Korea and Southeast Asia.

今年和本季度，我們在大多數地區實現了強勁的貨幣中性收入成長，其中 SOKO、太平洋地區、韓國和東南亞地區領先。

While revenues in Mexico and Brazil declined for both periods.

而墨西哥和巴西的收入在這兩個時期都有所下降。

As Trevor discussed, we're clearing the excess inventory in Mexico, and feel confident the market is now positioned for profitable growth.

正如特雷弗所討論的，我們正在清理墨西哥的過剩庫存，並對市場現在已做好盈利增長的準備充滿信心。

In Brazil, a weakening macro economic environment and changes in the retail marketplace have led to a slowdown in our business.

在巴西，宏觀經濟環境疲軟和零售市場的變化導致我們的業務放緩。

In response, we're taking strong steps to tighten the supply of products as we work to re-profile the marketplace along the lines of the category offense.

作為回應，我們正在採取強有力的措施收緊產品供應，並努力按照品類進攻的思路重新定位市場。

We're confident we're taking the right actions now to position this market for renewed growth.

我們相信，我們現在正在採取正確的行動，使這個市場實現新的成長。

FY15 reported growth for our emerging markets geography was affected by both the marketplace actions we've taken in Mexico and Brazil, as well as significant currency headwinds across the region.

2015 財年報告顯示，我們新興市場地區的成長受到我們在墨西哥和巴西採取的市場行動以及該地區重大貨幣不利因素的影響。

On a reported basis, FY15 revenue decreased 1% and EBIT decreased 14%, reflecting lower gross margins and SG&A de-leverage.

根據報告，2015 財年營收下降 1%，稅前利潤下降 14%，反映出毛利率下降和 SG&A 去槓桿化。

Converse continues to deliver strong growth, as FY15 revenues reached nearly $2 billion, up 21% on a constant-currency basis.

Converse 持續保持強勁成長，2015 財年營收達到近 20 億美元，以固定匯率計算成長 21%。

The growth was driven by the conversion of several European markets to direct distribution, and ongoing strength in the United States.

這一增長是由幾個歐洲市場轉向直接分銷以及美國市場的持續強勁所推動的。

On a reported basis, revenue grew 18% for the year but only 6% for the quarter, as we shifted customer shipments to Q3 in advance of a systems implementation.

根據報告，今年的營收成長了 18%，但本季僅成長了 6%，因為我們在系統實施之前將客戶出貨轉移到了第三季。

EBIT increased 4% for the year, but declined 15% for the fourth quarter, as revenue growth was offset by SG&A investments and market transitions and Converse IP enforcement, as well as new systems and infrastructure.

息稅前利潤全年增長 4%，但第四季度下降 15%，因為收入增長被 SG&A 投資、市場轉型、Converse 智慧財產權執法以及新系統和基礎設施所抵消。

In FY15, NIKE Inc delivered strong growth, and we have great momentum across the portfolio.

2015 財年，耐吉公司實現了強勁成長，我們的產品組合勢頭強勁。

Our FY16 guidance reflects that momentum, as well as continued investment in our growth strategies and operational capabilities.

我們的 2016 財年指引反映了這一勢頭，以及對我們成長策略和營運能力的持續投資。

While currency markets remain volatile, our growth rate expectations for FY16 are largely unchanged from what we shared last quarter, even though we delivered stronger performance in FY15 than we expected 90 days ago.

儘管貨幣市場依然波動，但我們對 2016 財年的成長率預期與我們上季分​​享的基本持平，儘管我們 2015 財年的業績好於 90 天前的預期。

Specifically, for FY16, we expect reported revenue growth at a mid single-digit rate, reflecting low double-digit growth on a currency-neutral basis, partially offset by the impact of the stronger dollar.

具體來說，對於 2016 財年，我們預期報告營收成長為中個位數，反映出在貨幣中性的基礎上實現低兩位數成長，但部分被美元走強的影響所抵消。

For Q1, we expect low single-digit reported revenue growth, roughly in line with reported futures growth, as FX comparisons are more challenging in the first half of the fiscal year.

對於第一季度，我們預計報告的收入成長將為低個位數，與報告的期貨成長大致一致，因為本財年上半年的外匯比較更具挑戰性。

We expect gross margin for Q1 and the full year to expand by about 50 basis points, driven by higher average selling prices and rapid growth in our DTC business, including NIKE.com.

我們預計第一季和全年的毛利率將成長約 50 個基點，這主要得益於平均售價的上漲以及我們的 DTC 業務（包括 NIKE.com）的快速成長。

We also expect to see some benefit from lower oil prices.

我們也預期油價下跌會帶來一些好處。

However, these upsides will be partially offset by ongoing labor cost inflation, higher prices for some raw materials, and FX headwinds.

然而，這些好處將被持續的勞動成本通膨、某些原物料價格上漲以及外匯不利因素所部分抵銷。

For SG&A, including both demand creation and operating overhead, we expect full-year growth at a mid single-digit rate.

對於SG&A，包括需求創造和營運費用，我們預計全年成長率為中等個位數。

For Q1, we expect growth slightly lower than the full-year rate, as we anniversary World Cup investments in the first quarter of FY15.

對於第一季度，我們預計成長率將略低於全年成長率，因為我們將在 2015 財年第一季紀念世界盃投資。

We anticipate other income will have a more meaningful impact on our FY16 results than we've seen historically, as a portion of our expected FX hedge gains will be reported in this line item.

我們預計其他收入將對我們 2016 財年業績產生比歷史上更有意義的影響，因為我們預期的外匯對沖收益的一部分將在此行項目中報告。

We currently expect other income will be approximately $50 million for each quarter.

我們目前預計每季的其他收入約為 5,000 萬美元。

For FY16, we expect the effective tax rate will be approximately 24%.

2016 財年，我們預計有效稅率約為 24%。

Before I open the call to questions, I'd like to share a few reflections on my nearly 16 years with NIKE.

在開始提問之前，我想先分享一下我在耐吉工作近 16 年的一些想法。

First, I'd like to thank Mark and Trevor for their kind words today, as well as their support and partnership over the years.

首先，我要感謝馬克和特雷弗今天的客氣話，以及他們多年來的支持和合作。

It's been a privilege to work closely with you both, as well as the rest of the tremendously talented leadership team that has led and will continue to lead NIKE into the future.

能夠與你們以及曾經並將繼續領導耐吉走向未來的才華橫溢的領導團隊的其他成員密切合作是我的榮幸。

I'm incredibly proud of the results we've delivered and the value we've created for our shareholders.

我對我們所取得的成果以及為股東創造的價值感到無比自豪。

The Company today is stronger, more diversified, more profitable, and better-positioned to drive growth than at any time in our history.

今天的公司比歷史上任何時候都更強大、更多元化、盈利能力更強，並且更有能力推動成長。

Our brands are deeply connected with consumers around the world.

我們的品牌與世界各地的消費者有著深厚的連結。

We're delivering unmatched innovation.

我們正在提供無與倫比的創新。

And we've become highly effective at creating compelling retail experiences online and in-store, across wholesale and DTC.

我們在批發和 DTC 領域高效地打造引人注目的線上和店內零售體驗。

We're better operators than we've ever been, and our people are the most talented in the industry.

我們是比以往任何時候都更好的營運商，我們的員工是業內最有才華的。

That's why I know NIKE will continue to drive profitable growth and shareholder value for years to come.

這就是為什麼我知道耐吉將在未來幾年繼續推動利潤成長和股東價值。

Finally, I'd like to congratulate Andy on his promotion to the CFO role.

最後，我要祝賀 Andy 晉升為財務長。

I've worked closely with him over the last eight years, and I have great confidence in his ability to help lead the Company toward its full potential.

在過去的八年裡，我與他密切合作，我對他有能力幫助領導公司充分發揮潛力充滿信心。

Andy is a strategic leader, with a clear passion for our brands, our business, and most importantly, delivering strong results for our shareholders.

安迪是一位策略領導者，對我們的品牌、業務充滿熱情，最重要的是，為我們的股東帶來強勁的業績。

And he'll be supported by the finest team of financial executives I know.

他將得到我所認識的最優秀的財務主管團隊的支持。

While it won't be easy to depart at the end of October, I know I leave the Company and the finance function in good shape and in good hands.

雖然在十月底離開並不容易，但我知道我離開公司和財務部門時會保持良好的狀態並得到良好的管理。

Thank you, and now we'd like to open it up for questions.

謝謝，現在我們想開放提問。

(Operator Instructions)

（操作員說明）

The first question is from Bob Drbul with Nomura.

第一個問題來自野村證券的鮑伯‧德布爾（Bob Drbul）。

Hi, good evening.

嗨，晚上好。

Hi, Bob.

嗨，鮑伯。

Don, congratulations.

唐，恭喜你。

Thanks for everything.

感謝你所做的一切。

Best of luck.

祝你好運。

Thank you.

謝謝。

Thanks, Bob.

謝謝，鮑伯。

The question that I have is on the Running category.

我的問題是關於跑步的類別。

I just wondered if we could just have a little bit more of a discussion around -- the core, I think, has gotten better.

我只是想知道我們是否可以進行更多的討論——我認為核心變得更好了。

But just an update on the competitive set, and how you guys are feeling about that category as we look forward?

但只是關於競爭設定的更新，以及你們對我們期待的該類別的感覺如何？

Yes, Bob.

是的，鮑伯。

Actually I feel really good about the Running category.

事實上，我對跑步類別感覺非常好。

For the year, the Running category actually grew 9%.

今年，跑步類別實際上增加了 9%。

And what we saw certainly in the fourth quarter, we saw actually strong double-digit growth in most of our geographies, from North America to Europe to China.

我們在第四季度看到的情況是，從北美到歐洲再到中國，我們的大多數地區實際上都實現了兩位數的強勁增長。

And what we are doing very well is, we are connecting very well with runners in the marketplace.

我們做得很好的是，我們與市場上的跑步者建立了良好的聯繫。

So we continue to feel very confident about the business.

因此，我們仍然對這項業務充滿信心。

At the same time, what we have seen is a strengthening in the core, as we discussed, which is really about the mid-price tier zone.

同時，正如我們所討論的，我們看到的是核心的加強，這實際上是關於中等價格層區域的。

And what we've done there is, certainly we've gone in and zoned in.

我們在那裡所做的就是，我們當然已經進去並劃定了區域。

We always talk about diving in deeper.

我們總是談論更深入的研究。

That's a great example.

這是一個很好的例子。

We've gone in deeper and focused on that.

我們已經深入研究並專注於此。

At the same time, I feel very confident about the innovation that is coming, and that has been delivered and continues to be in the pipeline for Running.

同時，我對即將到來的創新非常有信心，這些創新已經交付並繼續在跑步中進行。

So overall, I'm very confident about the Running business.

所以總的來說，我對跑步業務非常有信心。

There's always room for opportunity and more growth, and obviously for us to continue to excite our consumers.

總是有機會和更多成長的空間，顯然我們可以繼續讓我們的消費者興奮。

But I certainly feel positive about it.

但我對此確實感到積極。

I'm just going to jump in too.

我也想跳進去。

I want to shout out NIKE Running Apparel as well, which has had an incredible run this past year.

我還想讚揚 NIKE Running Apparel，它在過去的一年裡取得了令人難以置信的業績。

And that momentum continues into FY16.

這種勢頭持續到 2016 財年。

As I said before, I was sitting through the category-based innovation meetings recently, and our innovation pipeline for Running leading up to Rio is incredibly strong.

正如我之前所說，我最近參加了基於類別的創新會議，我們在裡約之前的跑步創新管道非常強大。

So very bullish on that core category for NIKE.

因此非常看好耐吉的核心類別。

Great.

偉大的。

And could you elaborate a little bit on -- my second question would be -- on the NBA, the deal that you struck with the NBA?

你能否詳細說明一下——我的第二個問題是——關於NBA，以及你與NBA達成的協議？

And I was wondering if we could just put Don on the spot, and he could give us his pick for the number one spot there?

我想知道我們是否可以把唐放在那個位置上，然後他可以給我們他的第一名的選擇？

(laughter)

（笑聲）

It's not going to be my hometown 76ers, I don't think.

我不認為這不會是我的家鄉 76 人隊。

Well, first of all, I'm going to jump in on the NBA.

嗯，首先，我要加入NBA。

Very excited about our partnership with the NBA.

我們對與 NBA 的合作感到非常興奮。

As you know, there's great energy in the sport, globally.

如您所知，這項運動在全球範圍內充滿活力。

We have very progressive league leadership under Adam Silver.

在亞當蕭華的帶領下，我們的聯盟領導層非常進步。

Really strong leadership there.

那裡的領導力確實很強。

Adam and his team -- the owners have an appetite to really innovate and advance the game, which is perfect for us.

亞當和他的團隊——老闆們有興趣真正創新和推進遊戲，這對我們來說是完美的。

We're thrilled to be a part of that.

我們很高興能成為其中的一部分。

We have three incredible brands that can play in this space, of course -- NIKE, Jordan and Converse.

當然，我們擁有三個令人難以置信的品牌可以在這個領域發揮作用——耐吉、喬丹和匡威。

We have on-court brand exposure head-to-toe for the first time, and that's across the NBA, the WNBA, the All-Star game, the D League.

我們第一次在球場上進行從頭到腳的品牌曝光，這涉及到 NBA、WNBA、全明星賽和發展聯盟。

It's going to be a great opportunity to showcase our leadership in this critical category for us -- not just here in the US, but globally.

對我們來說，這將是一個很好的機會來展示我們在這一關鍵領域的領導地位——不僅在美國，而且在全球範圍內。

Great.

偉大的。

Thank you very much.

非常感謝。

The next question is from Kate McShane with Citi.

下一個問題來自花旗銀行的 Kate McShane。

Hi, thanks.

你好謝謝。

Good afternoon.

午安.

Hi, Kate.

嗨，凱特。

My first question is on gross margins.

我的第一個問題是關於毛利率。

In FY16, the guidance that you gave today, can you give us an idea on just overall manufacturing costs, and how they're coming into play, into cost of goods sold, just given all the initiatives you have with automation and Flyknit and everything else?

在 2016 財年，您今天給予的指導，能否讓我們了解總體製造成本，以及它們如何影響銷售商品成本，考慮到您在自動化和 Flyknit 等方面採取的所有舉措別的？

Sure.

當然。

Well, we are starting to see some benefits out of that program.

好吧，我們開始看到該計劃的一些好處。

And as you know, we've been on a long journey of working with our factory partners to improve costs in the factory system and maintain the innovation and the quality of our products.

如您所知，我們與工廠合作夥伴進行了漫長的合作，以提高工廠系統的成本並維持產品的創新和品質。

So we've been doing things that are more evolutionary, like lean manufacturing and just factory-efficiency types of initiatives with them, all the way to breakthrough things like Flyknit.

因此，我們一直在做一些更具革命性的事情，例如精益製造和工廠效率類型的舉措，一直到突破性的事情，例如 Flyknit。

We've been getting benefits for quite some time.

我們已經獲得福利有一段時間了。

We are starting to see some of the newer technologies coming onstream now.

我們現在開始看到一些新技術的出現。

So that's a part of the equation for FY16.

這就是 2016 財政年度等式的一部分。

At this stage, there's lots of other factors.

在這個階段，還有很多其他因素。

There are some headwinds out there, of course, with labor inflation and FX.

當然，勞動力通膨和匯率也存在一些不利因素。

But on the flip side, we've done a pretty consistent job of raising average gross selling prices.

但另一方面，我們在提高平均總售價方面做得相當穩定。

Our DTC business, of course, is accretive.

當然，我們的 DTC 業務正在不斷成長。

So overall on margin, we're pretty of confident we can keep moving margin forward.

因此，整體而言，就利潤率而言，我們非常有信心能夠繼續提高利潤率。

That's great, thank you.

太好了，謝謝。

And then my second question is on SG&A.

我的第二個問題是關於SG&A。

Going, again, on your guidance, they have mid single-digit growth for FY16.

再次按照您的指導，他們 2016 財年的成長率為中等個位數。

I note FY15 has at least one quarter of Olympic spend or more, because we're entering into an Olympic year.

我注意到 2015 財年至少有四分之一或更多的奧運支出，因為我們即將進入奧運年。

So can you help us understand better how we should think about demand creation and corporate overhead, and the breakdown of that for FY16?

那麼您能否幫助我們更能理解我們應該如何考慮需求創造和企業管理費用，以及 2016 財年的細分？

Well, I don't want to get into too much granularity here, because we don't normally provide that level of granularity.

好吧，我不想在這裡討論太多的粒度，因為我們通常不提供這種程度的粒度。

As we talked about in the last couple of calls, Kate, there's really been an evolution of how we think about consumer engagement.

正如我們在過去幾次電話中談到的，凱特，我們對消費者參與的看法確實發生了變化。

In today's world, where so much of our marketing is digital, we are investing quite a bit in digital consumer engagement.

在當今世界，我們的大部分行銷都是數位化的，我們在數位消費者參與方面投入了大量資金。

And a lot of those costs fall into our operating overhead lines.

其中許多成本都屬於我們的營運開銷。

So there's been a little bit of a blurring of the nature of those costs.

因此，這些成本的性質有些模糊。

Obviously from an accounting standpoint, there's still clarity of it.

顯然，從會計的角度來看，它仍然是清晰的。

But from a business standpoint, a lot of the things that we use to drive our business and consumer engagements, actually falling into the operating overhead lines.

但從商業角度來看，我們用來推動業務和消費者參與的許多東西其實都屬於營運管理費用。

Okay, thank you.

好的謝謝。

And Don, best of luck.

唐，祝你好運。

Thank you.

謝謝。

The next question is from Omar Saad with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

Thanks.

謝謝。

Great job, guys, this quarter.

夥計們，這個季度幹得好。

Thanks, Omar.

謝謝，奧馬爾。

Wanted to ask a question about -- on the topic of the geographic evolution of the supply chain.

想問一個關於供應鏈地理演進主題的問題。

There was a pretty important vote through the Senate yesterday, and I know you guys have made some comments publicly, mainly about some manufacturing eventually coming back.

昨天參議院進行了一次非常重要的投票，我知道你們已經公開發表了一些評論，主要是關於一些製造業最終回歸的評論。

How do you think about some of these recent legislative developments and your overall supply chain, as you look out in coming years?

當您展望未來幾年時，您如何看待最近的一些立法進展以及您的整體供應鏈？

And the potential to even bring production into the US, in North America?

甚至有可能將生產帶入美國、北美嗎？

Yes, well, first of all, the passing of the TPA was obviously an important step toward what we hope is the final approval of TPP.

是的，首先，TPA的通過顯然是朝著我們希望的TPP最終批准邁出的重要一步。

As we've said before, as you know, this will help us to accelerate the work that we're doing with advanced manufacturing, will help us expand our business overall, I think.

正如我們之前所說，如您所知，這將幫助我們加快先進製造的工作，我認為這將幫助我們擴展我們的整體業務。

Certainly give us an opportunity to build up local manufacturing here in the United States and put us closer to market, advance some of the innovation, particularly in the area of customization.

當然，這給我們一個在美國建立本地製造的機會，讓我們更貼近市場，推進一些創新，特別是在客製化領域。

We are in the middle -- Don had mentioned this briefly, but -- scaling our advanced manufacturing initiatives.

我們正處於中間——唐曾簡短地提到過這一點，但是——擴大我們的先進製造計劃。

Which we've really been working on over the past three or four years.

在過去的三、四年裡，我們一直在努力做到這一點。

So you're going to start to see those scale.

所以你將開始看到這些規模。

But the opportunity to translate some duty relief into investing in our advanced manufacturing supply chain efforts here in the United States is going to be significant, we hope.

但我們希望，將一些關稅減免轉化為對美國先進製造供應鏈工作的投資的機會將是巨大的。

That's our goal.

這就是我們的目標。

So that the idea is that, that will accelerate, and we'll see some real benefits from that.

所以我們的想法是，這將會加速，我們會從中看到一些真正的好處。

I think you're going to see the overall supply chain geographically shift a bit here and there, with the advancements of new manufacturing innovation.

我認為，隨著新製造創新的進步，整個供應鏈在地理上會發生一些變化。

That is a major priority for NIKE.

這是耐吉的首要任務。

It will give us the flexibility to create more localized manufacturing over time.

隨著時間的推移，它將使我們能夠靈活地創建更多本地化製造。

And that will put us closer to market and, again, allow us to advance product, particularly in the customization area, and meet more local demand as well.

這將使我們更貼近市場，並再次使我們能夠改進產品，特別是在客製化領域，並滿足更多本地需求。

The point I would make too, Omar, is, we are really encouraged by the passage of TPA.

奧馬爾，我還要指出的一點是，TPA 的通過確實令我們感到鼓舞。

We still have a little bit of a ways to go from a timing standpoint to see TPP taken up by the Congress.

從時間角度來看，要讓國會通過 TPP，我們還有一段路要走。

And then of course, once it were implemented, it would take some time for those duty changes to be phased in.

當然，一旦實施，這些職責變更需要一段時間才能逐步實施。

Absolutely.

絕對地。

And is the right way to think about it, any potential duty savings being re-invested back into the supply chain or other areas of the business?

將任何潛在的關稅節省重新投資到供應鏈或業務的其他領域，這是正確的思考方式嗎？

Or is it more of a sustainable opportunity on the margin line?

或者說這更像是一個可持續的邊緣機會？

I think it's way too early to say on that.

我認為現在說這個還為時過早。

Okay.

好的。

Don, congratulations.

唐，恭喜你。

Best wishes.

最好的祝愿。

Thanks, guys.

多謝你們。

Thanks, Omar.

謝謝，奧馬爾。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Hi, congrats on a great quarter, guys.

嗨，夥計們，恭喜你們度過了一個美好的季度。

Just to look ahead and put things together, if top-line growth remained at least high single-digits and then you take the combination of Europe and China margin recapture and some increased scale with both e-commerce and Flyknit, is there anything structurally -- my question, is, is there anything structurally preventing a high-teens operating margin longer-term at NIKE?

展望未來，如果總收入成長至少保持在高個位數，那麼歐洲和中國的利潤率重新奪回，以及電子商務和 Flyknit 規模的擴大，在結構上有什麼變化嗎？有任何結構性因素阻礙了耐吉長期維持較高的營業利潤率？

Well, as you know, our model has said that we believe we can grow our top line at a high single-digit rate, that we will expand our profit margins, and over time, we aim to deliver mid-teens EPS growth.

好吧，如您所知，我們的模型表明，我們相信我們的營收能夠以高個位數的速度成長，我們將擴大利潤率，隨著時間的推移，我們的目標是實現中位數的每股收益成長。

So that is our goal.

這就是我們的目標。

And what that would imply is that we are going to be expanding margins over time.

這意味著我們將隨著時間的推移擴大利潤率。

The speed at which that happens is always a function of lots of different variables.

這種情況發生的速度始終是許多不同變數的函數。

We are really excited about the strength of our business at this point, and think we're delivering some fantastic results, as you can see from what we reported today.

我們對目前的業務實力感到非常興奮，並認為我們正在交付一些出色的成果，正如您從我們今天的報告中看到的那樣。

We obviously have a macro economic environment we're dealing with.

我們顯然面臨一個宏觀經濟環境。

So we believe we can expand the profitability of the business over the long haul.

因此，我們相信，從長遠來看，我們可以擴大業務的獲利能力。

How that plays out over given fiscal years and quarters is a subject of a lot of different variables.

在給定的財政年度和季度中，這種情況的表現如何取決於許多不同的變數。

That's great.

那太棒了。

And then could you just speak to the composition of the order book in terms of the front-end versus back-end?

那麼能否從前端與後端的角度來談談訂單簿的構成？

And also the breakdown between pricing and unit growth?

還有定價和單位成長之間的細分？

Well, the front-half, back-half, it's slightly stronger in the second quarter than in the first quarter on the futures.

嗯，前半部分，後半部分，第二季度比第一季期貨稍微強。

And that's both a function of a slight acceleration in the back-half of the window, as well as slightly easier foreign exchange comparisons in the second quarter.

這既是視窗後半部略有加速的結果，也是第二季外匯比較稍微輕鬆的結果。

So on a reported basis, a little faster in the second-half of the window.

因此，根據報道，視窗後半段的速度要快一些。

Matthew, the average selling price is up 5%, and average increase in units is 8%.

馬修，平均售價上漲了5%，單位數量平均上漲了8%。

That gets you to the 13% currency-neutral futures orders.

這樣您就可以獲得 13% 的貨幣中性期貨訂單。

That's great.

那太棒了。

Best of luck, guys.

祝你好運，夥計們。

Thank you.

謝謝。

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.

謝謝。

Good afternoon, everyone.

大家下午好。

Hi.

你好。

I wanted to ask a couple questions on North America.

我想問幾個關於北美的問題。

First, I was hoping you could give a little bit more detail on your Women's business in North America.

首先，我希望您能更詳細地介紹一下您在北美的女性業務。

Maybe an update on some of the moves you made in distribution.

也許是關於您在發行方面所做的一些舉措的更新。

I know you had the NIKE Training Club shop-in-shops in Macy's, and perhaps in some of your other retail partners.

我知道您在梅西百貨以及其他一些零售合作夥伴中都設有耐吉訓練俱樂部店中店。

And then also some of the stores.

然後還有一些商店。

Can you just tell us where you are with that?

您能告訴我們您對此的看法嗎？

And what we should be expecting for the next fiscal year?

我們對下一個財年該期待什麼？

And quantify any metrics around how well those openings are doing?

並量化這些空缺職位表現的任何指標？

Thanks.

謝謝。

Okay.

好的。

I'll just kick it off this way, and let me just start at the top and just continue to reinforce -- what we certainly are seeing in our women's business is just tremendous growth.

我就這樣開始吧，讓我從高層開始，繼續加強——我們在女性業務中確實看到了巨大的成長。

And so we saw obviously 20% growth for the year.

所以我們今年明顯看到了 20% 的成長。

And which brings us to about $6 billion.

這給我們帶來了大約 60 億美元。

So one of the reasons we feel we're able to drive the growth is because we're putting the pieces together.

因此，我們認為能夠推動成長的原因之一是因為我們正在將各個部分整合在一起。

This aspect of being able to communicate very well with her, at the same time making sure that the products that we're bringing to the market are really strong.

能夠與她進行良好的溝通，同時確保我們推向市場的產品非常強大。

And so I think I've talked a few times about this aspect of bringing innovation and style together, which is really working for us.

因此，我想我已經多次談論過將創新和風格結合在一起的問題，這對我們來說確實很有效。

And then certainly as you step down into the distribution, we're certainly working with our partners to continue to roll out shop-in-shops in many of the locations that you mentioned.

當然，當您進入分銷階段時，我們肯定會與我們的合作夥伴合作，繼續在您提到的許多地點推出店中店。

But NIKE.com has certainly been one of the really great hallmarks for us.

但 NIKE.com 無疑是我們最偉大的標誌之一。

Because we've seen our ability to really invite the consumer in through our communications, importantly, engage her certainly with the NTC app and things that we're doing there.

因為我們已經看到了透過我們的溝通真正邀請消費者參與的能力，重要的是，讓她肯定參與 NTC 應用程式以及我們在那裡所做的事情。

And then serve her very specifically online.

然後在網路上專門為她服務。

And that business is growing at a much faster rate, faster than our men's business online, and faster than the total brand online.

而且該業務的成長速度要快得多，比我們網路男裝企業的成長速度快，也比整個品牌的線上業務成長速度快。

So we believe that, that really is providing a great window of opportunity for what we think is just going to continue to be great growth there.

因此，我們相信，這確實為我們認為將繼續實現巨大成長提供了一個絕佳的機會之窗。

Great.

偉大的。

The next thing I wanted to ask was on -- North American margins were really solid in the quarter, even though you were dealing with some inventory backup from the West Coast port congestion.

我想問的下一件事是——儘管您正在處理西海岸港口擁堵帶來的一些庫存備份，但本季度北美的利潤率確實非常穩定。

So I was wondering if we should be expecting deteriorating margin performance across the year as you work through some of that inventory?

因此，我想知道，當您處理部分庫存時，我們是否應該預期全年利潤率表現會惡化？

Or Trevor, you sounded pretty optimistic about how healthy the market was, so maybe it will be a non- issue?

或者特雷弗，你聽起來對市場的健康程度非常樂觀，所以也許這不是問題？

Just some clarification around that.

只是對此進行一些澄清。

Thank you.

謝謝。

Well, as I said in the prepared remarks, and Trevor said this as well, that we feel very confident that we're going to be working through that inventory in a way that's brand-accretive and is not going to be problematic from a profitability standpoint.

嗯，正如我在準備好的發言中所說的那樣，特雷弗也說過這一點，我們非常有信心，我們將以一種品牌增值的方式來處理該庫存，並且不會出現盈利問題立場。

Again, not trying to get to any specific prediction of a percentage on one of the geographies.

再次強調，並不是試圖對某一地區的百分比做任何具體的預測。

North America has done a phenomenal job over the last few years of building profitability.

過去幾年，北美在獲利能力建構方面取得了非凡的成就。

They have a very well-developed network of factory stores.

他們擁有非常發達的工廠店網路。

They manage that marketplace very well.

他們很好地管理了這個市場。

So we're confident that we're going to work our way through that inventory in a constructive way.

因此，我們有信心以建設性的方式清理清單。

Great.

偉大的。

Thanks so much.

非常感謝。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

The last question is from Robbie Ohmes with Bank of America Merrill Lynch.

最後一個問題來自美銀美林的 Robbie Ohmes。

Thanks for taking my question.

感謝您提出我的問題。

And Don, best of luck in your next endeavors.

唐，祝你接下來的努力好運。

Thank you.

謝謝。

Two questions.

兩個問題。

First on Western Europe, and maybe Europe overall.

首先是西歐，也許是整個歐洲。

How much further do you think the category offense has to go?

您認為類別進攻還需要走多遠？

And I think D to C, I think you guys said it was up 39% in Europe.

我認為 D 到 C，我想你們說歐洲上漲了 39%。

How much of that is driven by new store openings versus dot-com?

其中有多少是由新店開業與網路公司推動的？

Just how are you getting that great growth in Europe?

你們是如何在歐洲取得如此巨大的成長的？

As we've talked about before, one of the things that we really feel confident about is that the category offense is really providing us the opportunity to continue to uncover and unlock more growth in the marketplace.

正如我們之前談到的，我們真正感到有信心的一件事是，品類進攻確實為我們提供了繼續發現和釋放市場更多成長的機會。

And certainly what we've seen take place is, the brand is very strong in Western Europe.

當然，我們所看到的情況是，該品牌在西歐非常強大。

We're seeing, really, growth across the different territories.

我們確實看到了不同地區的成長。

Obviously we spoke about AGS, as well as in the UK and Ireland.

顯然我們談到了 AGS，以及英國和愛爾蘭。

And our partnerships that we're doing with our wholesale partners -- whether it's JD Sports, Foot Looker and Intersport -- are continuing to drive that.

我們與批發合作夥伴的合作關係——無論是 JD Sports、Foot Looker 和 Intersport——正在繼續推動這一趨勢。

Our dot-com business in Western Europe is also growing at an accelerated pace.

我們在西歐的網路業務也在加速成長。

So what is driving the numbers in the DTC primarily would be the dot-com growth.

因此，推動 DTC 數據成長的主要因素是網路泡沫的成長。

That's growing at certainly a faster rate than the overall business.

這無疑比整體業務的成長速度更快。

But our ability to drive more conversion in the stores where we currently exist still is taking place.

但我們仍然有能力在現有商店中推動更多轉換。

So we've been able to increase the sell-through within our own doors.

因此，我們已經能夠增加我們自己的銷售量。

As we've always talked about, that learning, we then take that to our wholesale partners.

正如我們一直在談論的那樣，我們將學習的內容帶給我們的批發合作夥伴。

And that's really helping to drive the overall growth in the marketplace.

這確實有助於推動市場的整體成長。

So we continue to feel very confident about the growth.

因此，我們仍然對成長充滿信心。

Again, I won't say that it will go on forever.

再說一遍，我不會說這種情況會永遠持續下去。

But certainly we see a lot of runway for quite some time.

但可以肯定的是，我們在相當長的一段時間內看到了很多跑道。

I just want to add that the growth and the strength at NIKE in Western Europe is a smaller example of what we often refer to as our complete offense.

我只是想補充一點，耐吉在西歐的成長和實力只是我們通常所說的全面進攻的一個較小的例子。

So we're seeing really strong, broad-based growth across the various countries, across Europe, across the categories, across both DTC and wholesale.

因此，我們看到各國、整個歐洲、各個類別、DTC 和批發市場都出現了非常強勁、廣泛的成長。

It's a very healthy, broad-based complete offense, from a brand strength and a growth standpoint.

從品牌實力和成長的角度來看，這是一種非常健康、廣泛基礎的全面進攻。

The brand, by the way, based on recent surveys, seem to be the number one favorite sports brand in 10 of the key Western European cities.

順便說一句，根據最近的調查，該品牌似乎是西歐 10 個主要城市中最受歡迎的運動品牌第一名。

So that's all good news for us.

這對我們來說都是好消息。

That sounds great.

聽起來不錯。

My last question, for Trevor.

我的最後一個問題是問特雷弗的。

Trevor, when you think about the success of shoes like the Downshifter and Wind Flow in the mid-tier, how do you think about how successful those shoes can become without cannibalizing some of the higher price point sneaker styles that you guys are already hugely successful in?

Trevor，當您想到 Downshifter 和 Wind Flow 等中端鞋款的成功時，您如何看待這些鞋款在不蠶食一些你們已經取得巨大成功的高價位運動鞋款式的情況下能夠取得多大的成功？

I would say that obviously, Mark always talks about the complete offense.

我想說，顯然，馬克總是談論完整的進攻。

And that is really what we're ensuring that we're doing.

這確實是我們正在確保要做的事情。

We're making sure that we look at certainly our Running business, or the opportunity certainly from the Premium segment, making sure that we're driving that.

我們確保我們專注於我們的跑步業務，或來自高端細分市場的機會，確保我們正在推動這一目標。

-- the important opportunity, or what we described as core, which is the mid-tier price zones.

——重要的機會，或我們所說的核心，即中線價格區域。

But also our Sportswear business provides another opportunity for us to continue to really come at the market from a holistic perspective.

但我們的運動服裝業務也為我們提供了另一個機會，讓我們繼續從整體角度真正進入市場。

So we believe that there is still more growth in the marketplace, and we're able to continue to take share, but by growing the market all together.

因此，我們相信市場仍有更多成長，我們能夠繼續佔據份額，但要共同發展市場。

We feel very confident about that strategy, and we continue to bring innovation amongst all those dimensions.

我們對該策略非常有信心，我們將繼續在所有這些方面帶來創新。

Great.

偉大的。

Thanks very much, guys.

非常感謝，夥計們。

Thanks, Robbie.

謝謝，羅比。

Thanks, Robbie.

謝謝，羅比。

Before we end the call today, I'd also, on behalf of the finance function, like to thank Don for his leadership over the years, and his mentorship to me personally.

在我們今天結束通話之前，我還要代表財務部門感謝唐多年來的領導以及他對我個人的指導。

And to welcome Andy as the new leader of our function.

歡迎安迪成為我們職能部門的新領導者。

So thank you, Don.

所以謝謝你，唐。

With that, we'll go ahead and end the call.

這樣，我們就可以繼續並結束通話。

Thank you all for joining us, and we'll talk to you in Q1.

感謝大家加入我們，我們將在第一季與您交談。

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。