Nike Inc (NKE) 2017 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2017 Fourth Quarter Conference Call. For those who need to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Nitesh Sharan, Vice President, Investor Relations and Treasurer.

大家下午好。歡迎參加耐吉公司2017財年第四季財報電話會議。如需查閱今天的新聞稿，請造訪 investors.nike.com。主持今天電話會議的是投資者關係副總裁兼財務主管尼特什·沙蘭。

Before I turn the call over to Mr. Sharan, let me remind you that participants on this call will make forward-looking statements based on current expectations and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K.

在將電話交給沙蘭先生之前，我想提醒各位，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，而這些陳述受到某些風險和不確定性的影響，可能導致實際結果與預期結果存在重大差異。這些風險和不確定性在提交給美國證券交易委員會的報告中均有詳細說明，包括以 10-K 表格提交的年度報告。

Some forward-looking statements may concern future orders, expectations of revenue -- future revenue growth or gross margin.

一些前瞻性陳述可能涉及未來的訂單、收入預期——未來的收入成長或毛利率。

Following the conference call, a futures order schedule will be posted on the NIKE Investor Relations website.

電話會議結束後，NIKE投資者關係網站上將公佈期貨訂單表。

Finally, participants may discuss non-GAAP financial measures, including references to wholesale equivalent sales and constant dollar revenue. 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. Similarly, references to constant dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. Participants may also make references to other nonpublic financial and statistical information and non-GAAP financial measures.

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和固定美元收入。提及批發等效銷售額僅是為了提供有關耐吉公司旗下品牌當前整體市場規模的背景資訊。因此不應將其作為衡量實際績效的財務指標。同樣，提及以不變美元計算的收入是為了提供消除外匯波動影響後企業績效的背景資訊。參與者也可以提及其他非公開的財務和統計資訊以及非GAAP財務指標。

To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, investors.nike.com.

如果討論到非公開的財務和統計信息，則可在耐吉公司網站 investors.nike.com 上查看可比較的 GAAP 指標和定量調節表。

Now I would like to turn the call over to Nitesh Sharan, Vice President, Investor Relations and Treasurer.

現在，我將把電話交給投資者關係副總裁兼財務主管尼特什·沙蘭。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2017 fourth quarter and full year results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com.

謝謝接線生。大家好，感謝各位今天與我們一起討論耐吉公司2017財年第四季和全年業績。正如接線員所指出的，今天參加電話會議的人員可能會討論非GAAP財務指標。您可以在我們的新聞稿中找到相應的調整訊息，該新聞稿大約一小時前發布，或訪問我們的網站 investors.nike.com。

Joining us on today's call will be NIKE, Inc. Chairman, President and CEO, Mark Parker; followed by Trevor Edwards, President of the NIKE Brand; and finally, you will hear from our Chief Financial Officer, Andy Campion, who will give you an in-depth review of our financial results. Following their prepared remarks, we will take your questions. (Operator Instructions) Thanks for your cooperation on this.

今天參加電話會議的還有耐吉公司。首先是董事長、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；最後，您將聽到首席財務官安迪·坎皮恩的講話，他將為您深入回顧我們的財務業績。在他們發言結束後，我們將回答各位的問題。（操作說明）感謝您的合作。

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

現在我將把電話轉給耐吉公司。董事長、總裁兼首席執行官，馬克·帕克。

Thanks, Nitesh, and hello, and good afternoon, everyone. Serving athletes in today's quickly evolving marketplace demands a new approach. It means rethinking the fundamentals with an action plan that focuses on speed and deeper connections with consumers. In fiscal '17, we managed our business through this dynamic environment, while at the same time, we initiated big changes to set the stage for our future. It was a year for making aggressive moves, all with the goal of igniting the next phase of accelerated growth for NIKE.

謝謝你，尼特什，大家好，下午好。在當今快速變化的市場中，服務運動員需要一種全新的方法。這意味著要重新思考基本原則，制定一個注重速度和與消費者建立更深層連結的行動計畫。在 2017 財年，我們在這個充滿活力的環境中管理我們的業務，同時，我們也啟動了重大變革，為我們的未來奠定了基礎。這一年，耐吉採取了一系列積極的舉措，其目標都是開啟耐吉下一階段的加速成長。

So let's take a look at the numbers for the year. NIKE, Inc. revenues grew 6% to $34.4 billion on a reported basis. On a currency-neutral basis, NIKE, Inc. revenues grew 8%. Gross margin declined 160 basis points to 44.6%. Earnings per share rose 16% to $2.51, and we delivered ROIC of nearly 35%.

那麼讓我們來看看今年的數據。耐吉公司以報告數據計算，營收成長 6% 至 344 億美元。以固定匯率計算，耐吉公司營收成長8%。毛利率下降160個基點至44.6%。每股盈餘成長 16% 至 2.51 美元，投資報酬率接近 35%。

As I reflect on the year and what the consumer is telling us, 3 insights stand out. First, the consumer appetite for newness and choice has never been higher. Their connected world means unlimited access to new products, so when they see something they love, they want more versions of it, from performance innovation to style. For example, this year, the introduction of the Air VaporMax energized the whole Air platform. 5 of our top 10 Sportswear styles featured Air Max cushioning, adding fuel to our NIKE Air business that already represents several billion dollars.

回顧過去一年以及消費者告訴我們的訊息，有 3 個見解特別突出。首先，消費者對新奇事物和多樣化選擇的需求從未如此高漲。他們身處互聯世界，意味著可以無限獲取新產品，所以當他們看到自己喜歡的東西時，就想要更多版本，從性能創新到風格設計。例如，今年推出的 Air VaporMax 為整個 Air 平台注入了新的活力。我們十大運動服飾款式中有 5 款採用了 Air Max 緩震技術，為我們本已價值數十億美元的 NIKE Air 業務注入了新的活力。

Second, consumers are choosing brands who lead with elevated service and new experiences. They want brands that are engaged and make a personal connection. Our opportunity is to create more compelling experiences in NIKE environments and with our best partners.

其次，消費者正在選擇那些以優質服務和全新體驗為主導的品牌。他們想要的是能夠與用戶互動並建立個人聯繫的品牌。我們的機會是在耐吉環境中，與我們最好的合作夥伴一起，創造更具吸引力的體驗。

Third, consumers want the latest products faster. This year, we continued to build more agility and speed into our organization. We're becoming better editors through high-impact initiatives like Edit to Amplify, and we're driving scale and efficiencies. Innovation is how NIKE sets trends, and new capabilities like the Express Lane are how we adapt to them.

第三，消費者希望更快獲得最新產品。今年，我們持續提升組織的敏捷性和速度。我們透過「編輯以擴大影響力」等高影響力舉措，不斷提升編輯水平，並推動規模化和效率提升。創新是耐吉引領潮流的方式，而像快速通道這樣的新功能則是我們適應潮流的方式。

All told, these are the forces helping to shape our Triple Double strategy in our recently announced Consumer Direct Offense. We've aligned products, design, categories and key cities all the way to the consumer. Supported by our strong brand, we're executing with precision and focus.

總而言之，這些因素正在幫助我們塑造最近宣布的消費者直接攻勢中的「三重雙倍」策略。我們已經將產品、設計、類別和重點城市與消費者緊密連結。憑藉著強大的品牌影響力，我們正在精準、專注地執行任務。

Under this new formation, we're in the best position to drive growth against the biggest opportunities. And we're clear about what those opportunities are, to double innovation, speed and direct connections with consumers.

在這種新的組織架構下，我們處於最佳位置，能夠抓住最大的機遇，推動成長。我們很清楚這些機會是什麼，那就是將創新、速度和與消費者的直接聯繫提高一倍。

So let's start with 2X Innovation. It's about taking the consumer somewhere new and expanding our opportunities for growth. For example, we all know how critical cushioning is to an athlete's performance and that different athletes have different preferences.

那麼，讓我們從 2X 創新開始。這關乎帶領消費者體驗新事物，並拓展我們的成長機會。例如，我們都知道緩衝對於運動員的表現至關重要，而且不同的運動員有不同的偏好。

So this summer, we're offering a range of experiences through a cushioning revolution. That's 3 new platforms that push the edges of performance. The first is the Air VaporMax, a product that hits the sweet spot of performance and style. As I've always said, NIKE's competitive advantage is that our innovation creates new expressions of style. Equally, the consumer expects Lifestyle products to look good and feel good with no compromise. VaporMax has been very successful out of the gate with strong sell-through across multiple releases. And looking ahead, we'll add even more breadth to the VaporMax family of products, scaling it to millions of pairs through fiscal '18 to meet the growing demand.

所以今年夏天，我們將透過一場緩衝革命，為大家帶來一系列體驗。這是三個將效能推向極致的新平台。首先是Air VaporMax，這款產品完美地兼顧了性能和時尚。正如我一直所說，耐吉的競爭優勢在於我們的創新創造了新的風格表達方式。同樣，消費者希望生活風格類產品外觀精美、觸感舒適，且不應有任何妥協。VaporMax 自上市以來就非常成功，多次發售都取得了強勁的銷售業績。展望未來，我們將進一步擴大 VaporMax 產品系列的覆蓋範圍，到 2018 財年將產量擴大到數百萬雙，以滿足不斷增長的需求。

Another platform, ZoomX, played a key role in an awe-inspiring moment this past May. I was there at the finish line in Monza, Italy when Eliud Kipchoge finished with an extraordinary 2-hour 25-second marathon time. It was a thrilling moment for sports and an incredible validator for one of the most amazing breakthroughs I've seen in performance footwear.

另一個平台 ZoomX 在今年五月一個令人驚嘆的時刻發揮了關鍵作用。在義大利蒙扎的終點線上，我親眼見證了埃利烏德·基普喬格以驚人的 2 小時 25 秒的成績完成馬拉鬆比賽。這對體育界來說是一個激動人心的時刻，也是對我在高性能鞋類領域所見過的最驚人突破之一的有力驗證。

During the NBA Playoffs, another new platform, Nike React, made its debut in both the Nike Hyperdunk 2017 and the Jordan SuperFly 5. Nike React is the first high-performance foam system that offers a major leap forward in 3 key benefits: lightweight, ultra-responsiveness and durability in one single platform. With all 3 platforms, we're just getting started. NIKE's strength is our ability to get more out of each of our innovations by scaling across brands and across sports.

在 NBA 季後賽期間，另一個新平台 Nike React 在 Nike Hyperdunk 2017 和 Jordan SuperFly 5 中首次亮相。 Nike React 是首個高性能泡棉系統，在一個平台上實現了輕盈、超靈敏和耐用這三大關鍵優勢的重大飛躍。有了這三個平台，我們才剛起步。耐吉的優勢在於，我們能夠透過跨品牌、跨運動項目擴展規模，從每項創新中獲得更多收益。

And what you're seeing right now is just a snapshot. We have a relentless flow of exceptional products and platforms on the way. We're preparing for major launches with the first Flyknit apparel, starting with the Flyknit bra, a radically designed comfort cushioning platform and HyperAdapt 2.0, delivering new forms of adaptive technology at more accessible price points. Plus, we have never-before-seen technology in NBA apparel on the way, new sustainable innovation brought to scale through some of our most iconic footwear styles and new additions to the Air Max family that leverage our new capabilities in aerosol manufacturing.

你現在看到的只是其中的一個片段。我們正在不斷推出一系列卓越的產品和平台。我們正準備推出一系列重磅產品，首先是 Flyknit 服裝，包括 Flyknit 胸罩、全新設計的舒適緩衝平台和 HyperAdapt 2.0，以更親民的價格提供新型自適應技術。此外，我們即將推出前所未有的 NBA 服裝技術，透過我們一些最具代表性的鞋款將新的可持續創新規模化，並利用我們在氣溶膠製造方面的新能力，為 Air Max 系列增添新成員。

Up and down our categories, we think the consumer's going to be excited about what we have in store in fiscal '18, and of course, as always, we'll have a few more surprises along the way.

我們認為，從上到下，各個品類的消費者都會對我們在 2018 財年推出的產品感到興奮，當然，和往常一樣，我們還會在過程中帶來一些驚喜。

Turning to 2X Speed. The Consumer Direct Offense will intensify our focus on 12 key cities in 10 countries. Currently, these markets represent over 80% of NIKE's projected growth through 2020. The cities and countries are now supported by a simplified structure of 4 geographies: North America; Europe, Middle East and Africa; Greater China; and Asia-Pacific and Latin America. The key city strategy will create 2 big changes. It will add greater digital expertise and control in the markets where consumer connections happen, and they will be the source for real-time sensing of the market to influence product creation, primarily through our Express Lane teams.

切換到2倍速。「消費者直接行動」將加強對 10 個國家 12 個重點城市的關注。目前，這些市場佔耐吉到 2020 年預計成長的 80% 以上。目前，城市和國家由簡化的 4 個地理區域結構提供支援：北美；歐洲、中東和非洲；大中華區；以及亞太和拉丁美洲。重點城市策略將帶來兩大變化。它將增強在消費者互動發生的市場中的數位化專業知識和控制力，並將成為即時感知市場、影響產品創造的來源，主要透過我們的快速通道團隊來實現。

The Express Lane serves 3 functions: the first is to fulfill, and that means more quickly restocking what consumers want based on real-time sell-through data; the second is update, and that's editing and refreshing materials, colors or prints on popular existing models based on consumers' insights; and the third is create, and that's creating new products and moving from design to shelf in half the time.

快速通道有 3 個功能：第一個是滿足需求，這意味著根據即時銷售數據更快地補充消費者想要的商品；第二是更新，這意味著根據消費者的洞察，對現有熱門型號的材料、顏色或圖案進行編輯和更新；第三是創造，這意味著創造新產品，並將從設計到上架的時間縮短一半。

The Express Lane is already up and running in North America and Western Europe, and this summer, a new Express Lane will be activated in Asia. As part of our key city approach, we're cutting critical weeks out of the delivery time in the world's most promising markets for sport.

快速通道已經在北美和西歐投入使用，今年夏天，亞洲也將啟用一條新的快速通道。作為我們重點城市策略的一部分，我們正在縮短全球最具發展潛力的體育市場中至關重要的幾週交付時間。

And through manufacturing partners like Flex, we're also moving at a faster pace than ever before. Flex has already produced approximately 1 million pairs of footwear across multiple styles, and together, in fiscal '18, we're piloting more responsive business models to deliver product to market faster. We're ramping up speed at scale.

透過像 Flex 這樣的製造合作夥伴，我們的發展速度也比以往任何時候都更快。Flex 已經生產了約 100 萬雙各種款式的鞋類，在 2018 財年，我們將共同試行更具響應性的商業模式，以更快地將產品推向市場。我們正在大規模地加快速度。

One of the areas where I expect to see the most dramatic change quickly is in 2X Direct. We've now aligned our teams in DTC and digital to bring the consumer closer to the products, services and experiences that only NIKE can provide. And leading with mobile, we're unifying and simplifying access for the consumer. Our digital products just passed an important milestone in fiscal '17. NIKE.com and our apps now total more than $2 billion in revenue, and that's nearly doubled in just the last 2 years. In fiscal '18, both SNKRS and Nike+ are expanding into Europe and Greater China.

我預計變化最劇烈的領域之一是 2X Direct。我們現在已經整合了 DTC 和數位團隊，以便讓消費者更接近只有耐吉才能提供的產品、服務和體驗。我們以行動端為先導，統一並簡化了消費者的存取方式。我們的數位產品在 2017 財年剛剛跨越了一個重要的里程碑。NIKE.com 和我們的應用程式目前的總收入超過 20 億美元，而且在過去 2 年裡幾乎翻了一番。在 2018 財年，SNKRS 和 Nike+ 都將業務拓展到歐洲和大中華區。

With the opening of our new digital studios, we activated a new vision for the future of sneaker culture and commerce, tapping into a uniquely creative outlet within our key cities. There's some very exciting work here, especially in app-based experiences and commerce. Trevor will highlight some of the examples of how these are coming to life.

隨著我們新的數位工作室的開放，我們激活了運動鞋文化和商業未來的新願景，在我們主要的城市中挖掘出獨特的創意出口。這裡有一些非常令人興奮的工作，尤其是在基於應用程式的體驗和商業領域。特雷弗將重點介紹一些這些理念如何變成現實的例子。

In retail, we know the opportunity for innovation isn't ours alone. Innovation in retail is everybody's opportunity. With Nordstrom, a destination for women, we're combining digital and physical experiences with a dedicated NIKE and Nordstrom page on Nordstrom's app. Over the past 5 years with Zalando in Europe, we've had great success growing our business through an elevated presentation and service. And in China, we have a premium experience on the world's largest platform, Tmall, where NIKE is the biggest sports brand, reaching an incredible 500 million users.

在零售業，我們知道創新的機會並非我們獨有。零售業創新是每個人的機會。我們與 Nordstrom（女性購物目的地）合作，將數位體驗和實體體驗相結合，並在 Nordstrom 應用程式上設立了專門的 NIKE 和 Nordstrom 頁面。過去 5 年，我們與 Zalando 在歐洲合作，透過提升產品展示和服務，取得了巨大的業務成長成功。在中國，我們在世界最大的平台天貓上提供優質體驗，耐吉是天貓上最大的運動品牌，擁有驚人的 5 億用戶。

In the U.S., we're executing a new pilot with Amazon with a limited NIKE product assortment. As we do with all of our partners, we're looking for ways to improve the NIKE consumer experience on Amazon by elevating the way the brand is presented and increasing the quality of product storytelling. We're in the early stages, but we really look forward to evaluating the results of the pilot.

在美國，我們正在與亞馬遜合作一項新的試點項目，提供有限的耐吉產品系列。就像我們對待所有合作夥伴一樣，我們正在尋找方法來改善耐吉在亞馬遜上的消費者體驗，提升品牌的展示方式，並提高產品故事敘述的品質。我們目前還處於早期階段，但我們非常期待評估試點結果。

Whether it's through our own channels, creating fresh concepts with longtime partners or exploring new commerce partners, NIKE's defining what's possible at retail to better serve consumers and unlock growth. We're making big shifts in the year ahead to our business and within our teams. We're taking the qualities that differentiate NIKE and making them even stronger. We have a brand that inspires globally a thriving culture of innovation, a deep lineup of amazing products, the world's greatest roster of athletes and a consumer-obsessed model. These moves are about taking action to accelerate growth, and we have a clear plan and a competitive, talented leadership team to get us there.

無論是透過我們自己的管道，還是與長期合作夥伴共同創造新概念，也或是探索新的商業合作夥伴，耐吉都在重新定義零售業的可能性，以更好地服務消費者並釋放成長潛力。未來一年，我們將對業務和團隊進行重大調整。我們將保留耐吉原有的特色，並使其更加強大。我們擁有一個在全球範圍內激發蓬勃發展的創新文化的品牌，一系列令人驚嘆的產品，世界上最偉大的運動員陣容以及以消費者為中心的模式。這些舉措旨在加速成長，我們有明確的計劃和一支具有競爭力和才華的領導團隊來實現這一目標。

Thanks, and now here's Trevor.

謝謝，現在請特雷弗上場。

Thank you Mark. In Q4 and throughout fiscal year '17, the NIKE Brand delivered strong growth, demonstrating again the power of our uniquely diverse global portfolio. As always, my comments are on a constant currency basis.

謝謝你，馬克。在 2017 財年第四季及整個財年，耐吉品牌實現了強勁成長，再次證明了我們獨特多元化的全球產品組合的強大實力。一如既往，我的評論是基於當前匯率。

NIKE Brand revenue grew 7% for the quarter and 8% for the year, with double-digit growth internationally in all quarters this fiscal year. NIKE Brand DTC revenue was up 12% for the quarter. For the year, DTC revenue was up 18%, driven by online growth of 30%, new stores and comp store growth of 7%. The NIKE Brand is strong, with an unmatched ability to inspire consumers across the globe. And while we're seeing healthy growth across many dimensions of our business, we know ample opportunity remains. With our new Consumer Direct Offense, we are more focused than ever on amplifying those areas where we have momentum and accelerating those where we have opportunity. We're doing this by bringing the NIKE Brand closer to consumers, moving faster and serving them more completely.

耐吉品牌營收本季成長 7%，全年成長 8%，本財年所有季度國際業務均實現兩位數成長。耐吉品牌DTC營收本季成長12%。今年，DTC 收入成長了 18%，這主要得益於線上業務成長 30%，以及新店和同店業務成長 7%。耐吉品牌實力雄厚，擁有無與倫比的能力，能激勵全球消費者。雖然我們的業務在許多方面都實現了健康成長，但我們知道仍然有很多發展機會。透過我們全新的消費者直接行銷策略，我們比以往任何時候都更加專注於擴大我們已取得進展的領域，並加速發展我們有機會的領域。我們正在透過拉近耐吉品牌與消費者的距離，加快發展速度，並為他們提供更全面的服務來實現這一目標。

Mark discussed how our new offense is moving decision-making closer to our consumers so that we may move at their pace, if not, a step ahead. Let me briefly share the work we're doing in the marketplace and how we expect it to drive even greater growth.

馬克討論了我們的新策略如何將決策權移近消費者，以便我們能夠跟上他們的步伐，甚至領先一步。讓我簡要介紹一下我們在市場上所做的工作，以及我們期望它如何推動更大的成長。

We have a uniquely powerful connection with our consumers. They want to be a part of our brand, they want a relationship, and that means we think of membership differently. It's providing distinctive access and improving the ways we serve them. With these deep connections, it's no surprise that time and again, our consumers choose us. The results prove this vision with members on our apps spending nearly triple what others spend on NIKE.com. Through Consumer Direct, we are elevating our concept of membership to take full advantage of this commercial opportunity. We connect consumers to the product they want through exclusive offerings and tailored recommendations. For us, membership is an accelerator, a catalyst that drives growth.

我們與消費者之間有著獨特而強大的連結。他們希望成為我們品牌的一部分，他們希望建立關係，這意味著我們對會員制的看法有所不同。它提供了獨特的訪問途徑，並改進了我們服務他們的方式。正是由於這些深厚的聯繫，我們的消費者一次又一次地選擇我們也就不足為奇了。結果證明了這個觀點，我們應用程式上的會員消費額幾乎是其他用戶在 NIKE.com 網站上消費的三倍。透過消費者直銷模式，我們正在提升會員理念，以充分利用這項商業機會。我們透過獨家優惠和個人化推薦，將消費者與他們想要的產品連結起來。對我們而言，會員制是一種加速器，一種推動成長的催化劑。

In Q4, nearly 3/4 of our NIKE.com consumers were members, up 25% and growing, with plans to accelerate through stronger member benefits and international expansion. We know there are member benefits that only NIKE can provide. For example, we leverage the breadth and depth of our most coveted products to bring physical and digital retail together. With our mobile apps, we are disrupting the sneaker shopping experience. This quarter, with SNKRS Stash, we unlocked access to exclusive products using geolocation, and with Shock Drop, we offered unannounced releases that surprised the sneaker community.

第四季度，NIKE.com 的消費者中近四分之三是會員，成長了 25%，並且還在持續成長，我們計劃透過更強大的會員福利和國際擴張來加速這一成長。我們知道，有些會員福利只有耐吉才能提供。例如，我們利用最受歡迎的產品的廣度和深度，將實體零售和數位零售結合起來。我們正在透過行動應用程式顛覆運動鞋購物體驗。本季度，我們透過 SNKRS Stash 利用地理位置解鎖了獨家產品的獲取途徑，並透過 Shock Drop 提供了未事先宣布的發售，給了球鞋愛好者們驚喜。

The SNKR app was only available in North America and is now expanding to Europe, Greater China and Japan. This work is strengthened by our key city strategy as we move our digital teams into cities to offer distinct experiences and connections. One exciting example is a new interactive experience through SNKRS in New York that makes certain styles exclusively available to members who unlock them through the app's new augmented reality pictures.

SNKR 應用最初僅在北美地區可用，現在正在擴展到歐洲、大中華區和日本。我們將數位團隊派往各個城市，提供獨特的體驗和聯繫，從而加強了我們的重點城市策略。一個令人興奮的例子是紐約 SNKRS 推出的全新互動體驗，該體驗將某些款式獨家提供給會員，會員可以透過該應用程式的全新擴增實境圖片解鎖這些款式。

We have also began a new partnership with Instagram that will allow consumers to purchase NIKE product seamlessly in the Instagram app. Clearly, we are boosting our ability to create new ways to serve consumers, making the entire Nike+ ecosystem available to consumers where they already live.

我們還與 Instagram 建立了新的合作夥伴關係，這將使消費者能夠在 Instagram 應用程式中無縫購買耐吉產品。顯然，我們正在提升創造新方式服務消費者的能力，讓消費者無論身在何處都能使用整個 Nike+ 生態系統。

This is why we are so excited about the Consumer Direct Offense. It will take these elements and all these great concepts and scale them to make the most of our connections with consumers everywhere. These kinds of meaningful connections are always elevated during major sports moments, from Breaking2 to the NBA Finals showdown between Lebron and KD, these incredible sports moments fuel momentum across Running, Basketball and other key categories in Q4.

這就是我們對消費者直接犯罪法案感到如此興奮的原因。它將整合這些要素和所有這些偉大的理念，並加以擴展，從而最大限度地利用我們與世界各地消費者的聯繫。從 Breaking2 到勒布朗和杜蘭特之間的 NBA 總決賽對決，這些重大體育時刻總是能提升這種有意義的聯繫，這些令人難以置信的體育時刻推動了第四季度跑步、籃球和其他關鍵類別的發展勢頭。

Starting with NIKE Sportswear, which draws inspiration directly from performance categories like Running and Basketball, we had another strong quarter of strong double-digit growth, with Sportswear -- NIKE Sportswear stands as a nearly $8.6 billion business as we shape the look of sport for our industry. In particular, we are seeing strong momentum in many iconic styles with -- from the Cortez to the Presto, and the success of the Air VaporMax, a high-performance running shoe, is energizing the entire NIKE Air platform. As always, we are very excited about the innovations in the pipeline that will continue to bring performance to sports style.

從 NIKE 運動服開始，該品牌直接從跑步和籃球等運動類別中汲取靈感，我們又迎來了一個強勁的季度，實現了兩位數的強勁增長。運動服裝－NIKE 運動服的業務規模接近 86 億美元，我們正在塑造我們產業的運動形象。尤其值得一提的是，我們看到許多標誌性款式都獲得了強勁的發展勢頭——從 Cortez 到 Presto，而高性能跑鞋 Air VaporMax 的成功也為整個 NIKE Air 平台注入了活力。一如既往，我們對正在研發中的創新產品感到非常興奮，這些產品將繼續為運動時尚帶來卓越性能。

And with the reintroduction of the popular Style Guide on NIKE.com, we continue to elevate the experience for our consumers, driving strong sell-through in products like our Beautiful Power collection in women's. In fact, all told, our women's business, led by Sportswear, is showing tremendous growth, having outpaced men's over the full year.

隨著 NIKE.com 上廣受歡迎的 Style Guide 的重新推出，我們不斷提升消費者的體驗，推動了 Beautiful Power 等女裝系列產品的強勁銷售。事實上，總的來說，以運動服為首的女裝業務呈現出巨大的成長勢頭，全年增速超過了男裝業務。

In Running, fiscal year '17 was headlined by the balanced success in performance and lifestyle that Mark mentioned. For the year, we saw 8% growth with very strong momentum across our international markets. In performance, we were proud to sweep the podium at the Boston Marathon, with 5 of the 6 runners wearing our new ZoomX technology. We know people are drawn to extraordinary performances, and we worked throughout Q4 to use our brand to bring this energy to scale.

正如馬克所提到的，2017 財年跑步計畫在成績和生活方式方面取得了平衡的成功。今年，我們實現了 8% 的成長，國際市場成長勢頭非常強勁。在比賽成績方面，我們很自豪地包辦了波士頓馬拉鬆的頒獎台，6 名參賽者中有 5 名穿著我們最新的 ZoomX 技術產品。我們知道人們會被非凡的表演所吸引，因此我們在整個第四季度都致力於利用我們的品牌將這種能量擴大規模。

This, of course, leads to an amazing success we had with Breaking2, where performance innovation ignited global excitement like only NIKE can. 20 million people watched the live stream on Twitter and Facebook as the world tuned in. Those are viewership numbers that rival the biggest events in sports.

當然，這也促成了我們在 Breaking2 專案中取得的巨大成功，耐吉憑藉其卓越的性能創新，在全球範圍內掀起了一股熱潮。全世界有2000萬人透過Twitter和Facebook觀看了直播。這些收視率足以媲美體育界最盛大的賽事。

That attention created global awareness for the Zoom Vaporfly 4%, driving momentum across the entire Zoom platform, including the new Zoom Fly and the Pegasus 34.

這種關注使 Zoom Vaporfly 4% 獲得了全球關注，推動了整個 Zoom 平台的發展勢頭，包括新款 Zoom Fly 和 Pegasus 34。

In Basketball, the momentum we have been seeing accelerated as we returned to growth in Q4. Our return to growth in NIKE Basketball shows the energy we are driving is real and lasting. What's more, as we look at the industry as a whole, we know that as NIKE Basketball -- as goes NIKE Basketball, so goes the entire basketball market. The signs of NIKE's Basketball progress are clear. Our strength in footwear came in large part due to KYRIE 3 remaining the #1 performance Basketball shoe and the Paul George 1 becoming the hottest shoe in the market with incredible sell-through. Successes like these drove significant market share gains in the all-important $100 to $150 price point.

在籃球領域，我們看到的成長勢頭在第四季度恢復成長後加速發展。耐吉籃球業務的復甦表明，我們所展現的能量是真實且持久的。此外，從整個產業的角度來看，我們知道，Nike籃球的走向，決定著整個籃球市場的走向。耐吉籃球的發展勢頭十分明顯。我們在鞋類方面的優勢很大程度上歸功於 KYRIE 3 保持了排名第一的性能籃球鞋的地位，以及 Paul George 1 成為市場上最熱門的鞋款，銷量驚人。諸如此類的成功推動了產品在至關重要的 100 至 150 美元價格區間內獲得顯著的市場份額成長。

Though the overall category declined for the year, NIKE Basketball saw strong double-digit growth in Greater China and Western Europe.

儘管全年整體品類有所下滑，但耐吉籃球在大中華區和西歐地區實現了強勁的兩位數增長。

The innovations we launched create excitement and continue to drive energy for the culture of sport, which we bring to life through Sportswear. This all adds up to incredible potential as we look to leverage our NBA partnership to drive our 2X Direct strategy. Yet we aren't waiting. The NBA Finals provided an opportunity to deeply engage with our consumers. During Game 1, we gave members first access to buy the KD 10, Still KD colorway, as soon as he stepped on the court. This was the kind of on-demand, interactive, digital commerce experience that you will see more of as our NBA partnership takes off.

我們推出的創新產品激發了人們的熱情，並持續為體育文化注入活力，而我們則透過運動服裝將這種活力展現出來。這一切都蘊含著巨大的潛力，我們將利用與 NBA 的合作關係來推動我們的 2X Direct 策略。但我們並沒有坐以待斃。NBA總決賽為我們提供了一個與消費者深度互動的機會。在第一場比賽中，我們讓會員們在他踏上球場的那一刻起，就能優先購買 KD 10 “Still KD” 配色。隨著我們與 NBA 合作的深入，您將會看到更多這種隨選、互動式的數位商務體驗。

Jordan also continued its run of success with an outstanding year of 13% growth. Today, the Jordan Brand is a $3 billion business. This year, outside of North America, Jordan grew in excess of 25%, showing the incredible international potential for the brand's signature style and soul. Also, the new Air Jordan 31 Lows, along with the several other popular styles, drove energy and demand at premium price points.

約旦也延續了其成功勢頭，實現了13%的優異成長。如今，喬丹品牌已發展成為價值 30 億美元的企業。今年，除北美以外，Jordan 的銷量成長超過 25%，展現了該品牌標誌​​性風格和精神在國際上的巨大潛力。此外，新款 Air Jordan 31 Lows 以及其他幾款熱門款式，以高價位帶動了市場活力和需求。

All told, in Q4, we saw growth across all 3 dimensions of our complete Basketball offense, from NIKE Basketball to Jordan to Sportswear.

總的來說，在第四季度，我們籃球進攻的三個維度都實現了成長，從耐吉籃球到喬丹再到運動服裝。

Now turning to our geographies. The success we're seeing internationally has us excited about what the Consumer Direct Offense will do. These are markets where we're leapfrogging over older models of retail to drive accelerated growth, and we are bringing these successes domestically as we recalibrate the landscape.

現在我們來談談地理方面。我們在國際上的成功讓我們對消費者直接訴訟將取得的成果感到興奮。在這些市場中，我們正在跨越舊的零售模式，以推動加速成長，並且隨著我們重新調整市場格局，我們將這些成功經驗帶到國內。

In North America, momentum is building. In Q4, we saw another quarter of revenue growth, driven by Sportswear and Jordan, gross margin expansion and improving inventory levels. For North America, we've made great progress in the supply chain managing inventory this year, and today, it's clear we are well on the right path. At the same time, we still see a dynamic and promotional landscape. This is why, while we are aggressively executing, our Consumer Direct Offense is so important.

在北美，這種勢頭正在增強。第四季度，在運動服裝和 Jordan 品牌的推動下，我們實現了營收的另一個季度成長，毛利率擴大，庫存水準也得到改善。今年，我們在北美地區的供應鏈庫存管理方面取得了巨大進步，如今，很明顯地我們走在正確的道路上。同時，我們仍然看到一個充滿活力和推廣的市場環境。這就是為什麼在我們積極執行策略的同時，直接面向消費者的行銷攻勢如此重要的原因。

That said, we have tremendous anticipation for the products we will launch this year. Our partners that have seen the products are excited. Consumers are starting to talk. We have loaded the pipeline and we can't wait for everyone to see it. That pipeline and the excitement we know it will bring is why we feel so confident about our North America business.

也就是說，我們對今年即將推出的產品充滿期待。看過產品的合作夥伴都非常興奮。消費者們開始議論紛紛了。我們已經完成了管道的裝載，迫不及待地想讓大家看到。正是這條發展管道以及它將帶來的振奮人心的前景，讓我們對北美業務充滿信心。

In Western Europe, we saw 12% growth for the quarter and 11% for the year as our market position strengthened. Throughout Europe, we're seeing apparel outpace footwear as our work driving the look of sport continues to fuel growth. Here's one example we are really proud of. NIKE Sportswear in May was the biggest month for any category in the history of our Western European business. In Q4, we saw significant strength in DTC and digital. Our largest accounts in Western Europe also showed its strong growth, highlighted by strong momentum with JD and Zalando. At the same time, we activated the Express Lane in Europe, ensuring consumers are served with stronger, quicker response to the products they love.

在西歐，隨著市場地位的增強，我們本季實現了 12% 的成長，全年實現了 11% 的成長。在整個歐洲，我們看到服裝的銷售速度超過了鞋類，因為我們在推動運動時尚方面的工作不斷促進成長。以下是一個我們非常引以為傲的例子。耐吉運動服飾在五月的銷售額創下了西歐業務史上所有品類銷售額的最高紀錄。第四季度，DTC和數位業務表現強勁。我們在西歐最大的客戶也展現出強勁的成長勢頭，其中與京東和Zalando的合作尤為強勁。同時，我們在歐洲啟動了快速通道，確保消費者能夠更快、更有效地獲得他們喜愛的產品。

In the Emerging Markets, we saw strong double-digit growth across channels and in nearly all territories. Overall revenue grew 14% for the full year and 18% in Q4. In March, we saw an amazing execution of Air Max Day throughout the Emerging Markets. A series of city activations with more than 75,000 participants sparked extraordinary sales, with 100% sell-through of the Air Max 1 and the Air VaporMax styles.

在新興市場，我們看到各通路和幾乎所有地區都實現了強勁的兩位數成長。全年總營收成長14%，第四季成長18%。3月份，我們看到新興市場對Air Max Day的執行非常出色。一系列城市推廣活動吸引了超過 75,000 名參與者，引發了非凡的銷售業績，Air Max 1 和 Air VaporMax 款式全部售罄。

This is yet another example of how our city teams localize global stories and bring them to life for their consumers.

這再次體現了我們的城市團隊如何將全球故事在地化，並使其生動地呈現給消費者。

Finally, in Greater China, the brand is stronger than ever. Mark mentioned, we are the #1 sports brand on Tmall, and with our digital commerce [sets] expanding here, we are just beginning to tap into our full potential. For the full year, we saw 17% growth in -- with quarter 4, up 16%, driven by double-digit growth across most dimensions of the business. In Q4, we launched White Hot, a powerful white sneaker collection, fueled by influential athletes, White Hot was an incredible success as NIKE continued to leverage trend-right concepts to go deep with the styles that consumers want.

最後，在大中華區，該品牌比以往任何時候都更強大。Mark提到，我們是天貓排名第一的運動品牌，隨著我們在這裡的數位商務業務不斷擴展，我們才剛開始挖掘我們的全部潛力。全年來看，我們實現了 17% 的成長——其中第四季度成長了 16%，這主要得益於業務大多數方面實現了兩位數的成長。第四季度，我們推出了 White Hot 系列，這是一個強大的白色運動鞋系列，由有影響力的運動員推動。 White Hot 系列取得了巨大的成功，因為Nike繼續利用符合潮流的概念，深入研究消費者想要的款式。

Throughout NIKE.com, Tmall and WeChat, we saw strong product sell-through and significant consumer engagement. Through work like this, we keep our momentum in Greater China moving full speed ahead, and we plan further acceleration as we expand the Express Lane to this geography.

在 NIKE.com、天貓和微信上，我們看到了強勁的產品銷售和顯著的消費者參與度。透過這樣的努力，我們得以在大中華區保持強勁的發展勢頭，並計劃隨著快速通道擴展到該地區而進一步加速發展。

In fiscal year '17, we saw real successes in our greatest growth opportunities. We also know there are areas where we can get better. And with the Consumer Direct Offense, I know we will.

在 2017 財年，我們在最大的成長機會方面取得了真正的成功。我們也知道，在某些方面我們可以做得更好。有了《消費者直接犯罪法》，我知道我們一定能做到。

Thanks. Now here's Andy.

謝謝。現在是安迪。

Thanks, Mark and Trevor, and hello, everyone, on the call. Reflecting on our financial performance in fiscal year '17, I'd like to focus on 3 key themes that serve as important context going forward.

謝謝馬克和特雷弗，大家好，正在通話中的各位。回顧 2017 財年的財務業績，我想專注於以下三個關鍵主題，它們將為我們未來的發展提供重要的背景。

First, the more closely we connect the NIKE Brand to consumers in the marketplace, the stronger our growth. In fiscal year '17, our DTC businesses grew 18% on a currency-neutral basis, led by NIKE.com, and our NIKE branded experiences with partners also grew at a rate that far outpaced last-differentiated multibrand wholesale distribution.

首先，我們越能將耐吉品牌與市場上的消費者連結起來，我們的成長就越強勁。在 2017 財年，我們的 DTC 業務按固定匯率計算增長了 18%，其中 NIKE.com 的增長尤為顯著；此外，我們與合作夥伴共同打造的 NIKE 品牌體驗的增長速度也遠遠超過了最後差異化的多品牌批發分銷。

Second, we continue to deliver strong growth internationally, and we have even greater potential for growth ahead. International markets currently represent roughly 55% of our portfolio and grew at a double-digit rate in aggregate in fiscal year '17.

其次，我們在國際市場上持續保持強勁成長，未來將有更大的成長潛力。國際市場目前約占我們投資組合的 55%，並且在 2017 財年整體實現了兩位數的成長。

While NIKE is the leading brand in fast-growing developing markets around the world, including China, current per capita spend on NIKE in those markets is still less than 1/10 of the per capita spend on NIKE in more developed markets. Over time, macroeconomic drivers and consumers' expanding passion for sport will create even greater capacity for the NIKE Brand to grow in those markets.

雖然耐吉是包括中國在內的全球快速成長的發展中市場的領先品牌，但目前這些市場的人均耐吉消費額仍然不到已開發市場人均耐吉消費額的十分之一。隨著時間的推移，宏觀經濟因素和消費者對運動日益增長的熱情將為耐吉品牌在這些市場的發展創造更大的潛力。

Third, we continue to demonstrate our ability to manage all of the operating levers within our portfolio to deliver sustainable, profitable growth under a wide range of circumstances. In fiscal year '17, we delivered 16% growth in earnings per share despite significant geopolitical and FX headwinds and a rapidly evolving competitive and promotional marketplace.

第三，我們不斷證明我們有能力管理投資組合中的所有營運槓桿，從而在各種情況下實現可持續的獲利成長。在 2017 財年，儘管面臨重大的地緣政治和外匯不利因素以及快速變化的競爭和促銷市場，我們仍實現了每股收益 16% 的成長。

These themes reinforce why we are so aggressively executing on, and we are so excited about, the potential long-term financial impacts of our new Consumer Direct Offense.

這些主題強化了我們為何如此積極地執行新的消費者直接行銷策略，以及我們為何對這項策略可能帶來的長期財務影響感到如此興奮。

First, take 2X Innovation. Innovation fuels growth. We have doubled our investment in innovation over the past 3 years, and we're now beginning to see the outsized returns that can be generated through incremental investment in innovation.

首先，我們來看看 2X Innovation。創新推動成長。過去 3 年，我們對創新投入增加了一倍，現在我們開始看到透過逐步增加創新投入可以產生的巨大回報。

As Mark and Trevor detailed, we broke through the barriers of human potential with the Breaking2 initiative and the ZoomX platform. We also launched the Air VaporMax platform in Q4. If there was a question as to consumer's appetite for performance innovation or willingness to pay premium prices for products that exceed their expectations in terms of performance and style, our launches in Q4 answered those questions. Demand for the products we launched well exceeded our initial supply. And over the course of fiscal year '18, we will be scaling these new innovation platforms across our global portfolio of categories and geographies.

正如馬克和特雷弗詳細闡述的那樣，我們透過 Breaking2 計畫和 ZoomX 平台突破了人類潛能的障礙。我們在第四季也推出了 Air VaporMax 平台。如果說消費者對性能創新產品的需求，或者是否願意為性能和風格超出預期的產品支付溢價，還有待商榷，那麼我們在第四季度推出的產品已經回答了這些問題。我們推出的產品需求遠遠超過了最初的供應量。在 2018 財年期間，我們將把這些新的創新平台推廣到我們全球各個品類和地區的產品組合中。

To be clear, from a financial perspective, incremental investment in innovation drives asymmetrical returns on the top line by favorably impacting both our pricing architecture and overall demand.

明確地說，從財務角度來看，創新的增量投資會對我們的定價體系和整體需求產生有利影響，進而帶來不對稱的收入回報。

Second, the benefits associated with doubling our speed favorably impact: one, revenue growth through greater demand capture; two, gross margin expansion through a higher mix of full price sales; and three, inventory efficiency as our supply is even more closely tied to real-time consumer demand signals.

其次，速度翻倍帶來的好處會對以下方面產生正面影響：一、透過更好地滿足市場需求來實現收入成長；二、透過提高全價銷售比例實現毛利率擴張；三、由於我們的供應與即時消費者需求訊號更加緊密地聯繫在一起，庫存效率得到提高。

While selling out of a style within hours is evidence that we have exceeded consumer expectations, selling out within hours also represents lost opportunity. By reducing our time-to-market, our Express Lanes in North America, Western Europe and soon, Asia, are beginning to help us translate data-driven demand signals into more timely, profitable and capital-efficient revenue growth.

雖然某款產品在幾小時內售罄證明我們超出了消費者的預期，但幾小時內售罄也代表著錯失良機。透過縮短產品上市時間，我們在北美、西歐以及即將進入亞洲的快速通道，正開始幫助我們將數據驅動的需求訊號轉化為更及時、更獲利、更有效率的收入成長。

Third, doubling our direct connection to consumers will drive an amplification of our top line growth. Consumers are showing us through traffic and spending patterns that they want experiences that offer the NIKE products they love in a NIKE-branded environment with the level of service and experience that only NIKE can provide. Today, the dimensions of our business that fall within our broad definition of direct represent roughly 35% of our business on a wholesale equivalent basis but drove 70% of our growth in fiscal year '17.

第三，將我們與消費者的直接聯繫擴大一倍，將推動我們營收成長的幅度增加。消費者透過流量和消費模式向我們表明，他們希望在耐吉品牌的環境中獲得他們喜愛的耐吉產品，以及只有耐吉才能提供的服務和體驗。今天，我們業務中符合我們廣義直接定義的部分，以批發等效基礎計算，約占我們業務的 35%，但在 2017 財年卻推動了我們 70% 的成長。

These dimensions are also more productive and profitable than other less differentiated consumer experiences. For example, fulfilling demand through NIKE.com generates nearly twice the revenue and significantly higher-margin on each transaction. And over time, we see the growth of digital as accretive to NIKE's bottom-line profitability. So we will continue to prioritize and drive a more immediate shift towards more direct service of the consumer.

與其他差異化程度較低的消費者體驗相比，這些維度也更俱生產力和獲利能力。例如，透過 NIKE.com 滿足需求可以產生近兩倍的收入，而且每筆交易的利潤率也高得多。隨著時間的推移，我們看到數位化發展將提升耐吉的獲利能力。因此，我們將繼續優先考慮並推動更直接地服務消費者這一方向更迅速地轉變。

We are confident that the continued execution of the Consumer Direct Offense will drive NIKE's next horizon of accelerated growth. Our confidence is evidenced by the recently announced changes within our leadership and organizational structure. Those changes were not about cost-cutting but rather part of our more deliberate shift in focus and investment towards fueling growth through this new offense.

我們相信，持續推動消費者直接行銷策略將推動耐吉進入下一個加速成長階段。最近宣布的領導階層和組織結構調整，證明了我們的信心。這些改變並非為了削減成本，而是我們更有意識地調整重點和投資方向，以透過這種新的進攻方式來推動成長的一部分。

Now let me to turn to a brief review of our Q4 and fiscal year '17 results.

現在讓我簡要回顧一下我們 2017 年第四季和全年的業績。

In Q4, we delivered growth in line with, and profitability that exceeded, the guidance we provided 90 days ago. Specifically, NIKE, Inc. Q4 revenue increased 5%, up 7% on a currency-neutral basis. For the full year, NIKE, Inc. revenue increased 6%, up 8% on a currency-neutral basis. Fourth quarter diluted EPS increased 22% to $0.60. Full year diluted EPS grew 16% to $2.51, driven by revenue growth, SG&A leverage and a lower effective tax rate.

第四季度，我們的成長符合 90 天前給予的預期，獲利能力也超過了預期。具體來說，耐吉公司第四季營收成長5%，以固定匯率計算成長7%。全年來看，耐吉公司營收成長 6%，以固定匯率計算成長 8%。第四季稀釋後每股收益成長22%至0.60美元。全年稀釋後每股收益成長 16% 至 2.51 美元，主要得益於收入成長、銷售、一般及行政費用槓桿作用以及較低的實際稅率。

Gross margin contracted 180 basis points in Q4 and 160 basis points for the full year. For the quarter, margin contraction was primarily driven by foreign exchange headwinds of approximately 140 basis points as well as higher product input costs offsetting sustained increases in average selling prices.

第四季毛利率下降 180 個基點，全年毛利率下降 160 個基點。本季利潤率收縮主要是由於外匯匯率波動導致利潤率下降約 140 個基點，以及產品投入成本上升抵消了平均售價的持續上漲。

Fourth quarter demand creation decreased 10% as our fiscal year spending was front-loaded into significant investments around the Olympics and European Football Championships. For the full year, demand creation increased 2%.

由於本財年的支出主要集中在奧運和歐洲足球錦標賽相關的重大投資上，第四季度需求成長下降了 10%。全年需求成長2%。

Operating overhead decreased 1% for the quarter and was flat for the full year as we continue Editing to Amplify, fueling our strategic investments through productivity gains within our core operational spending. The effective tax rate was 13.7% in Q4 and 13.2% for the full year. The full year rate was 550 basis points lower than last year's rate, primarily due to a one-time benefit in the first quarter of the fiscal year related to the resolution with the IRS of a foreign tax credit matter and a decrease in foreign earnings taxed in the U.S.

本季營運費用下降了 1%，全年營運費用保持不變，因為我們繼續透過「編輯以擴大規模」的方式，透過提高核心營運支出的生產力來推動我們的策略投資。第四季實際稅率為 13.7%，全年實際稅率為 13.2%。全年稅率比上年稅率低 550 個基點，主要原因是本財年第一季度與美國國稅局就外國稅收抵免事宜達成和解，以及在美國徵稅的外國收入減少，從而獲得了一次性收益。

As of May 31, inventories were up just 4% as growth in our DTC businesses and increases in average product cost per unit were partially offset by a 3% decline in NIKE Brand wholesale inventory units.

截至 5 月 31 日，庫存僅增長了 4%，DTC 業務的成長和單位平均產品成本的增加部分被耐吉品牌批發庫存單位 3% 的下降所抵消。

Now let's turn to the financial performance for a few of our key operating segments. For the full year, North America revenue grew 3% on both a reported and currency-neutral basis, led by strong growth in DTC. EBIT also increased 3%. For the quarter, North America revenue was up 1% on a currency-neutral basis and flat to prior year on a reported basis. EBIT grew 5% in the quarter, primarily fueled by gross margin expansion.

現在讓我們來看看幾個主要營運部門的財務表現。全年來看，北美地區的營收按報告數據和固定匯率計算均成長了 3%，這主要得益於 DTC 業務的強勁成長。息稅前利潤也成長了3%。本季度，北美地區營收以固定匯率計算成長 1%，按報告匯率計算與去年同期持平。本季息稅前利潤成長5%，主要得益於毛利率的提高。

As we've evidenced over the past several quarters, futures are no longer a reliable proxy for revenue growth and our strategic shifts are amplifying this. As such, we continue to see a high single-digit disparity between revenue growth and futures growth in North America.

正如我們在過去幾季所證明的那樣，期貨不再是營收成長的可靠指標，而我們的策略轉變正在加劇這一點。因此，我們繼續看到北美地區的營收成長與期貨成長之間存在著個位數的高差距。

While the North America retail landscape remains promotional, we are executing with greater precision. We continue to tightly manage supply and demand, and in turn, we delivered margin expansion in the second half and closed the year with inventories down 6%.

儘管北美零售業仍以促銷為主，但我們的執行力正在不斷提高。我們繼續嚴格控制供需，因此在下半年實現了利潤率擴張，並以庫存下降 6% 的成績結束了這一年。

In fiscal year '18, we will more deliberately fuel growth in the direct dimensions of our business while also more deliberately transforming or transitioning away from other less differentiated and less productive points of distribution. Accordingly, we're planning overall growth in North America for the full fiscal year, with slight contraction in the first part of the year as we aggressively drive this strategic shift. Our key measures of success in fiscal year '18 will include stronger growth in the more direct dimensions of our business, both owned and partnered; healthy expanding margins for the geography overall; and continued efficiency in the management of supply and demand.

在 2018 財年，我們將更有意識地推動業務直接成長，同時更有意識地轉型或逐步淘汰其他差異化程度較低、生產效率較低的通路。因此，我們計劃在整個財年實現北美地區的整體成長，但在今年上半年會略有收縮，因為我們將積極推動這項策略轉變。2018 財年，我們衡量成功的關鍵指標包括：自有和合作業務的直接成長；整個地區的利潤率健康成長；以及供需管理效率的持續提高。

Now turning to our international geographies. In Western Europe, fiscal year '17 currency-neutral revenue was up 11%, with strong multidimensional growth across DTC and wholesale, footwear and apparel, all territories and nearly every category. In Q4, revenue increased 12% on a currency-neutral basis, led by our Sportswear and Running categories as well as our young athletes business. On a reported basis, fiscal year '17 revenue increased 6% and EBIT declined 16%, reflecting the impact of transactional FX headwinds on gross margin.

現在轉向我們的國際地理。在西歐，2017 財年以固定匯率計算的營收成長了 11%，DTC 和批發、鞋類和服裝、所有地區和幾乎所有類別都實現了強勁的多維成長。第四季度，在運動服裝和跑步用品類別以及年輕運動員業務的帶動下，收入以固定匯率計算增長了 12%。據報道，2017 財年營收成長 6%，息稅前利潤下降 16%，反映出交易外匯不利因素對毛利率的影響。

Our Emerging Markets geography also delivered broad-based revenue growth. On a currency-neutral basis, fiscal year '17 revenue grew 14%, led by our Sportswear and Running categories. We also saw double-digit revenue growth across DTC and wholesale, footwear and several territories. For Q4, currency-neutral revenue was up 18%, with double-digit growth in most categories in nearly all territories. On a reported basis, fiscal year '17 revenue increased 8% and EBIT decreased 9% as strong revenue growth was offset primarily by transactional FX headwinds on gross margin.

我們在新興市場的業務佈局也帶來了廣泛的收入成長。以固定匯率計算，2017 財年營收成長 14%，主要得益於運動服飾和跑步用品類別的成長。我們還看到 DTC 和批發、鞋類以及多個地區的收入實現了兩位數成長。第四季度，以固定匯率計算的收入成長了 18%，幾乎所有地區的大多數類別都實現了兩位數的成長。據報道，2017 財年營收成長 8%，息稅前利潤下降 9%，強勁的營收成長主要被交易外匯波動對毛利率的不利影響所抵銷。

Last, but certainly not least, we continue to see extraordinary momentum in Greater China as we delivered another record-breaking year with over $4 billion in reported revenue and currency-neutral revenue growth of 17%. We saw strong growth across DTC and wholesale, footwear and apparel in nearly all categories.

最後，但同樣重要的是，我們在大中華區繼續保持著強勁的發展勢頭，又創下了歷史新高，報告收入超過 40 億美元，按固定匯率計算的收入增長了 17%。我們看到，DTC 和批發業務、鞋類和服裝等幾乎所有類別都實現了強勁成長。

Greater China is currently the geography where the NIKE Brand is most directly serving the consumer in the marketplace, leveraging NIKE branded digital and bricks-and-mortar experiences, both owned and partnered, to exceed consumer expectations and fuel growth. For the quarter currency-neutral revenue grew 16%, with double-digit growth in both footwear and apparel, DTC and wholesale and most categories. On a reported basis, fiscal year '17 revenue grew 12% and EBIT expanded 10% as strong revenue growth was slightly offset by a lower gross margin, primarily due to transactional FX headwinds.

目前，大中華區是耐吉品牌在市場上最直接服務消費者的地區，耐吉利用其自有和合作的品牌數位和實體體驗，超越消費者的期望，推動成長。本季以固定匯率計算的營收成長了 16%，其中鞋類和服裝、DTC 和批發以及大多數類別均實現了兩位數的成長。據報道，2017 財年營收成長 12%，息稅前利潤成長 10%，強勁的營收成長被較低的毛利率略微抵消，這主要是由於交易匯率波動帶來的不利影響。

Now moving to our outlook for fiscal year '18 and beyond. Given the dynamic operating environment, the strategic shifts we are driving through the Consumer Direct Offense and significant foreign exchange headwinds, we are providing more detail on this call with respect to our financial expectations. I'll begin with our currency-neutral expectations for fiscal year '18, which are an important lens into the underlying health and momentum in our business.

接下來，我們展望一下 2018 財年及以後的發展前景。鑑於動態的經營環境、我們正在透過消費者直接行銷策略轉型以及重大的外匯逆風，我們將在本次電話會議上提供有關我們財務預期的更多細節。首先，我將談談我們對 2018 財年的匯率中性預期，這對於了解我們業務的潛在健康狀況和發展勢頭至關重要。

For the full year, we expect to deliver currency-neutral revenue growth in the mid- to high single-digit range. This includes growth across all geographies, led by continued strong growth internationally. We expect NIKE, Inc. gross margin, excluding the impact of foreign exchange, to expand beyond the high end of our stated long-term goal of 30 to 50 basis points per year.

我們預計全年以固定匯率計算的收入成長將達到中高個位數。這包括所有地區的成長，其中國際市場持續強勁成長是主要驅動力。我們期待耐吉公司不計外匯影響，毛利率將超過我們設定的長期目標（每年 30 至 50 個基點）的上限。

For SG&A, we expect growth in the mid-single-digit range. As a result, we expect to deliver another year of double-digit currency-neutral EBIT expansion in fiscal year '18. On a reported basis, at current rates, we anticipate FX will be an approximately $700 million headwind in fiscal year '18 as the favorable hedges that mitigated and deferred the impacted adverse currency movements in each of fiscal years '16 and '17 mature and roll forward. As such, we expect fiscal year '18 reported revenue to grow in the mid-single digits. As for gross margin, we anticipate modest contraction by as much as 50 basis points, with FX having a more pronounced impact on the first half of the fiscal year.

對於銷售、管理及行政費用，我們預期成長幅度在中等個位數範圍內。因此，我們預計在 2018 財年將再次達到兩位數的固定匯率下息稅前利潤成長。按報告數據，以當前匯率計算，我們預計外匯將在 2018 財年造成約 7 億美元的不利影響，因為在 2016 和 2017 財年減輕和推遲不利匯率波動影響的有利對沖到期並結轉。因此，我們預計 2018 財年報告營收將達到中等個位數成長。至於毛利率，我們預期會小幅下降至多 50 個基點，其中匯率波動對上半年的毛利率影響更為顯著。

We expect SG&A to grow in the mid-single-digit range, inclusive of costs related to our leadership and organizational realignment. We expect to incur the majority of those costs in the first half of the fiscal year, with savings being reinvested to fuel growth through our new offense.

我們預計銷售、一般及行政費用將以中等個位數百分比成長，其中包括與我們的領導階層和組織重組相關的成本。我們預計大部分成本將在本財年的上半年產生，節省下來的資金將重新投資，透過我們的新進攻體系來推動成長。

Other income and expense, net of interest expense, is expected to be an approximately $30 million to $50 million expense in fiscal year '18. And we expect our effective tax rate to be between 16% and 18% for the full year. Note that the impact of stock option exercises under the newly adopted ASU 2016-09 may result in increased volatility in our quarterly effective tax rate.

扣除利息支出後，預計 2018 財年其他收入和支出約為 3,000 萬美元至 5,000 萬美元。我們預計全年實際稅率將在 16% 至 18% 之間。請注意，根據新採用的 ASU 2016-09，股票選擇權行使的影響可能會導致我們季度實際稅率的波動性增加。

Shifting to the first quarter, and it's important to note that year-over-year comparisons will be impacted by various factors, including the Olympics, European Football Championships, foreign exchange and our exit from the golf equipment business in the prior year. As such, we expect reported revenue to be flat, which, on a normalized basis, would be in line with our growth over the past 2 quarters. We expect gross margin to contract between 150 and 180 basis points, driven by FX headwinds. We expect SG&A to grow in the mid-single-digit range. And for other income, net of interest expense, we expect a $10 million to $20 million expense in the first quarter.

進入第一季度，需要注意的是，同比數據將受到多種因素的影響，包括奧運、歐洲足球錦標賽、外匯匯率以及我們去年退出高爾夫球具業務。因此，我們預計報告收入將與上個季度持平，按正常水平計算，這將與我們過去兩個季度的成長保持一致。受外匯不利因素影響，我們預期毛利率將下降 150 至 180 個基點。我們預計銷售、管理及行政費用將以中等個位數百分比成長。至於其他收入（扣除利息支出後），我們預計第一季支出為 1,000 萬至 2,000 萬美元。

Looking out to fiscal year '19 and beyond. At current rates, we expect the negative impacts of foreign exchange to be behind us, positioning us to continue delivering strong growth and expanding profitability on a currency-neutral operating basis as well as on a reported basis.

展望2019財年及以後。以目前的匯率來看，我們預計外匯的負面影響將過去，這將使我們能夠繼續在貨幣中性的經營基礎上以及報告基礎上實現強勁增長並擴大盈利能力。

With that, we'll now open it up for questions.

接下來，我們將開放提問環節。

(Operator Instructions) Your first question is from Kate McShane from Citi.

（操作員說明）您的第一個問題來自花旗銀行的 Kate McShane。

It's Corinna Van der Ghinst on for Kate McShane. Maybe you could just start off with more detail on the pilot that you guys are doing at Amazon. Do you guys have any color in terms of the timing of the launch, the segmentation focus that you guys are kind of aiming for in terms of price points? Are they going to be more comparable to mid-tier or premium? Are you guys going to be planning on doing any exclusives and just in terms of the timing of why now?

替補凱特·麥克沙恩的是科琳娜·范德金斯特。或許你可以先詳細介紹一下你們在亞馬遜進行的試點計畫。你們對產品上市時間、價格定位等有具體計畫嗎？它們會更接近中階產品還是高階產品？你們有計劃推出任何獨家內容嗎？還有，為什麼選擇現在推出？

Okay. Sure. Let me give you some perspective on how we're looking at our Amazon partnership. First of all, I would start by saying that our overall goal is to elevate the consumer experience by better segmenting and differentiating in all of our channels. Just as a backdrop, that's foundational for NIKE. Every partner we have ultimately requires a specific approach, and in other parts of the world, as I mentioned in my remarks, we're executing with e-commerce platforms like Tmall and Zalando and we've been doing that for over the past 5 years. With Amazon in the U.S., we're running a pilot that begins with a small product assortment across footwear, apparel and accessories. And what's most important to us is that we have the opportunity to elevate how the NIKE Brand is presented on the Amazon platform, and that includes the quality of the product information and of course, providing a simple experience for the consumer. So we're really looking forward to see how this pilot combines ultimately the convenience that Amazon is well known for with NIKE's brand and product power.

好的。當然。讓我從另一個角度談談我們是如何看待與亞馬遜的合作關係的。首先，我想說的是，我們的總體目標是透過更好地細分和區分我們所有管道的客戶群來提升消費者體驗。這只是耐吉的基礎背景而已。我們與每個合作夥伴最終都需要特定的方法，正如我在演講中提到的，在世界其他地區，我們正在與天貓和 Zalando 等電子商務平台合作，並且我們已經這樣做了 5 年多。我們正在與美國亞馬遜合作一項試點項目，該項目最初涵蓋鞋類、服裝和配件等少量產品。對我們來說最重要的是，我們有機會提升耐吉品牌在亞馬遜平台上的呈現方式，這包括產品資訊的質量，當然還有為消費者提供簡單的購物體驗。因此，我們非常期待看到這個試點計畫最終如何將亞馬遜聞名遐邇的便利性與耐吉的品牌和產品實力結合起來。

Yes, and I'll just add a couple of things. Around the merchandising strategy, I think one of the things that we have been able to do over many years is really just execute a merchandising strategy that really delivers against a wide range of consumers really across the marketplace. So we've always been very thoughtful around how we segment and differentiate with our partners, ensuring that they have the right assortment that allows them to best serve the consumers with the right products. And we will continue to do that certainly with this Amazon partnership. As Mark talked about, it is really a small pilot and which is just the start, and obviously, as we continue to work with them, we will -- and we see success, then we'll continue to think about how we scale it.

是的，我再補充幾點。在商品銷售策略方面，我認為我們多年來取得的成就之一就是真正執行了一項能夠滿足市場上各種消費者需求的商品銷售策略。因此，我們一直非常認真地考慮如何與合作夥伴進行市場區隔和差異化，確保他們擁有合適的商品組合，從而能夠為消費者提供最好的產品。我們當然會繼續透過與亞馬遜的合作來實現這一點。正如馬克所說，這確實是一個小型試點項目，而且只是個開始。顯然，隨著我們繼續與他們合作，如果我們看到成功，我們將繼續考慮如何擴大規模。

Okay. Great. And then just for my second question. It looks like North America and European footwear both accelerated in the quarter, but apparel decelerated on a sequential basis. Can you kind of walk us through what you're seeing in those categories and kind of your expectations through the next couple of quarters in terms of how those are progressing? And then if you could provide some commentary around the current U.S. wholesale environment by channel as you're seeing it.

好的。偉大的。然後，我還有第二個問題。北美和歐洲的鞋類銷售在本季度似乎都出現了加速成長，但服裝銷售環比卻有所放緩。您能否為我們詳細介紹一下您在這些類別中觀察到的情況，以及您對未來幾季這些類別發展的預期？然後，如果您能就目前所看到的美國批發市場各管道的情況發表一些評論，那就太好了。

Okay, yes, certainly. I'll touch on the apparel piece first. I think one of the things that you're looking at when you look at the apparel, if you compare it against the prior year, you're making comparisons when we certainly had the Copa América. So we are seeing -- it's just a tough comparison in Q4. And in North America, we're certainly seeing that because we were doing -- also, there was some promotional activity in the marketplace. Around apparel, we continue to feel very bullish about our apparel business. Obviously, as we go into the first quarter, we've got the NBA partnership that we're launching, and we're bringing some more innovative products. So we're tremendously excited and positive about our apparel business. But not only in North America, but if you go around the world, we're seeing really it go from strength to strength. So it really is just a great period.

好的，當然可以。我先來說說服裝部分。我認為，當你觀察服裝時，你會看到的一件事是，如果你把它和前一年的服裝進行比較，那麼你所做的比較肯定是在我們參加了美洲杯之後。所以我們看到──第四季的比較確實很艱難。在北美，我們確實看到了這一點，因為我們當時也在進行一些促銷活動。在服裝方面，我們仍然對我們的服裝業務充滿信心。顯然，進入第一季後，我們將推出與 NBA 的合作關係，並帶來一些更具創新性的產品。因此，我們對我們的服裝業務感到無比興奮和樂觀。但不僅在北美，而且放眼全球，我們都能看到它變得越來越強大。所以這真是一個美好的時期。

Yes, if I could just add a little bit of broader context too. It's obviously no mystery that the U.S. marketplace is undergoing quite a transformation. The consumer is leading a lot of that change, and we see that really as a great opportunity. For us, it's -- it always starts with product. That's how the consumer ultimately casts their vote. And the good news, I think, from our perspective, is that the product that we've got in the pipeline, as we mentioned, is as strong as it's ever been across quite a spectrum, men's and women's, young adults, retro, modern, performance and sportswear. So we feel really good about our complete offense on the product side. But the important point is that product isn't enough, it's about better services and experiences, and that's why we believe in this Consumer Direct Offense, I think, enabled by our Express Lane and then creating more disruption through digital and then a lot of the great work we're doing to scale some of the app-based commerce that we're doing. So it's a very dynamic environment, but we feel really good we're doing what we need to, to operate a healthy business.

是的，如果我能再補充一些更廣泛的背景資訊就好了。美國市場正在經歷巨大的變革，這顯然已不是什麼秘密。消費者正在引領許多變革，我們認為這確實是一個絕佳的機會。對我們來說，一切都始於產品。這就是消費者最終表達意見的方式。我認為，從我們的角度來看，好消息是，正如我們所提到的，我們正在研發的產品在各個領域都一如既往地強勁，包括男裝和女裝、青年裝、復古裝、現代裝、功能裝和運動裝。所以我們對產品方面的整體進攻非常滿意。但關鍵在於，產品本身還不夠，更重要的是更好的服務和體驗。我認為，這就是我們相信消費者直接攻勢的原因，它由我們的快捷通道提供支持，並透過數位化帶來更多顛覆性變革，以及我們正在進行的許多旨在擴大基於應用程式的商務規模的出色工作。所以這是一個瞬息萬變的環境，但我們感覺很好，我們正在做我們需要做的事情，以維持健康的業務運作。

The next question is from Omar Saad from Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

I was hoping you could maybe help us understand how you're going to execute some of these really exciting Consumer Direct Offense strategies. The Express Lane, everything you've got going on, on the Nike+ membership side. And given that so much of your business is still in that kind of traditional wholesale channel points of sale and the distribution used there, how do you -- can you integrate some of these new strategies with that wholesale backdrop? Or is it really something that's more refined and left to sit more predominantly in your DTC business?

我希望您能幫助我們了解您將如何執行這些非常令人興奮的消費者直接行銷策略。快速通道，您在 Nike+ 會員方面的所有權益。鑑於貴公司的大部分業務仍然依賴傳統的批發通路銷售點和分銷方式，您如何將這些新策略與批發背景結合呢？或者，它其實是一種更精細的技術，更適合在你的 DTC 業務中應用？

Well, let me just start, Omar, with a little broader backdrop. And these changes that we're making around our Consumer Direct Offense are really about accelerating our growth potential. We've never really been about sustaining the status quo. It's not a winning proposition. This consumer-led offense for us is about getting sharper, it's about getting more focused. And it's about, as we've said, accelerating growth through the direct connections and then the elevated experiences in targeted channels and markets. So -- and as I've mentioned, it's about innovation and storytelling, editing and focusing. And we have a lot of opportunity there. We have to be better editors. I'm really confident that we are. We're targeting some of the better innovation stories and doing a better job, I think, of leveraging and scaling those across multiple categories. And then we've got to move faster, and that's part of what this offense is all about. So we're looking at going half -- taking half of the time out of design to shelf for the consumer. And that's a big step forward, and we're looking at continuing to scale that over time. So there's growth, if you look at it, in all dimensions of our business and that includes channels as well. But as Andy mentioned, our focus is going to be pushing for the shift to direct where we have elevated experiences. And that includes, as you mentioned, some of the app-based commerce that we're working on. Some of the biggest growth that we're seeing is in dot-com. And some of the biggest growth on dot-com is really through mobile, and the biggest growth in mobile is on app-based commerce. So incredibly exciting things happening there. So overall, we're incredibly energized, excited for ourselves, but also bringing our strategic partners and the rest of the industry along.

好吧，奧馬爾，讓我先從更宏觀的背景講起。我們圍繞著消費者直接行銷策略所做的這些改變，實際上是為了加速我們的成長潛力。我們從來沒有真正致力於維持現狀。這並非穩賺不賠的買賣。對我們來說，這種以消費者為主導的攻勢意味著變得更敏銳，更專注。正如我們所說，其目的是透過直接聯繫，然後在目標管道和市場中提供更優質的體驗，從而加速成長。所以——正如我之前提到的，關鍵在於創新和講故事，以及編輯和聚焦。我們在那裡有很多機會。我們必須成為更好的編輯。我對此非常有信心。我們瞄準了一些比較優秀的創新案例，而且我認為，我們在利用和推廣這些案例方面做得更好，並將其擴展到多個類別。然後我們必須加快速度，而這正是這種進攻方式的關鍵。所以我們正在考慮將時間縮短一半——從設計到產品上架供消費者購買，時間縮短一半。這是一個巨大的進步，我們正在考慮隨著時間的推移繼續擴大規模。所以，從各方面來看，我們的業務都在成長，通路方面也是如此。但正如安迪所提到的，我們的重點將是推動轉型，引導我們走向能夠提供更高品質體驗的領域。正如您所提到的，這其中也包括我們正在開發的一些基於應用程式的商務活動。我們看到的一些成長最快的領域是網路產業。網路產業最大的成長實際上來自行動端，而行動端最大的成長則來自基於應用程式的商務。那裡正在發生一些非常令人興奮的事情。總而言之，我們充滿活力，不僅為自己感到興奮，也希望能夠帶動我們的策略夥伴和整個產業一起前進。

Yes, Omar, a couple of things I'd just maybe add to that, which is, one of the things that we certainly see in the landscape is the cities are really the center of the action, where you're seeing really trends drive from the city. You're also seeing the acceleration of expectations in those cities. So one of the things that we did with our Consumer Direct Offense is we have a real complete offense in the key cities. And what we mean by that specifically is before we had brand teams and maybe marketplace teams, now we have complete teams from product to digital, to creative teams to membership teams, all based in the city. And this is a big shift, and this is where they are able to really use the knowledge that they get around the trends in the marketplace to drive the connection with the Express Lane to create specific products, to ensure that we can drive the business, not only in that city, but really across the markets. So for us, it's a very, very important piece. I think the other part that we did with the reorganization is we really put categories, design, product and merchandising all together as a full unit, and their job is to ensure that we create the most innovative products and concepts that have driven all the way through the market. And then also, we combined DTC with our digital organization, so now they're one unit, and so we have really a one way that the consumer wants to come through the journey of a direct connection with the brand; we're able now serve them both physically and digitally. So we're super excited about this, and it really does create an incredible opportunity for us to drive growth.

是的，奧馬爾，我可能還要補充幾點，其中一點是，我們確實在城市景觀中看到了這一點，城市是真正的中心，你會看到真正的趨勢是從城市出發的。你也會看到這些城市中人們的期望值正在加速上升。因此，我們進行消費者直接行銷活動的方式之一是，在重點城市進行真正全面的行銷活動。具體來說，我們以前只有品牌團隊和市場團隊，現在我們有了從產品到數位、從創意到會員的完整團隊，所有團隊都位於這座城市。這是一個巨大的轉變，他們能夠真正利用從市場趨勢中獲得的知識，與快速通道建立聯繫，創造特定的產品，以確保我們能夠推動業務發展，不僅在這個城市，而且真正地在整個市場。所以對我們來說，這是非常非常重要的一環。我認為我們重組的另一部分工作是將品類、設計、產品和商品銷售真正整合為一個整體，他們的工作是確保我們創造出最具創新性的產品和理念，從而推動市場發展。此外，我們將 DTC 與我們的數位組織合併，現在它們是一個整體，因此我們真正實現了消費者希望透過與品牌直接聯繫的方式完成整個旅程；我們現在能夠同時在實體和數位層面為他們提供服務。所以我們對此感到非常興奮，這確實為我們推動成長創造了一個絕佳的機會。

That's helpful. And then a quick follow-up on the Nike+ memberships. It sounds like that's really starting to accelerate. Can you give us some color on what you're learning about, how those Nike+ members behave relative to just an ordinary customer? And you also mentioned, I think you're going to accelerate some of the features and benefits of that program.

那很有幫助。然後快速跟進Nike+會員資格的情況。聽起來這種情況真的開始加速發展了。能否詳細介紹一下你所了解的情況，例如Nike+會員的行為與一般顧客的行為有何不同？而且您還提到，我認為您將加快推進該計劃的一些功能和優勢。

Yes, thanks for that. I mean, we've really seen just great, really great progress with Nike+, both the SNKRS app. What we've certainly seen is they triple -- that they spend 3x as much, the members, on the apps versus those who just come through as sort of an everyday consumer. So membership really has tremendous benefits for us from a business perspective, and we are driving that commercially. We will also be expanding that really across into Western Europe as well as in China and Japan because it's predominantly been within North America. And that's really just the start. I mean, we see a tremendous opportunity here. And like I had mentioned in the opening remarks, consumers expect more from us around membership, and we have a lot more coming. So we couldn't be more excited as the months go ahead. So stay tuned. It's going to be fun.

是的，謝謝。我的意思是，我們已經看到 Nike+ 取得了非常非常大的進步，無論是 SNKRS 應用程式還是其他方面。我們已經看到，會員在應用程式上的花費是普通消費者的三倍。因此，從商業角度來看，會員制確實為我們帶來了巨大的好處，我們正在積極推動會員制的商業發展。我們也將把這項業務擴展到西歐、中國和日本，因為這項業務目前主要集中在北美。而這只是個開始。我的意思是，我們看到了這裡蘊藏著巨大的機會。正如我在開場白中提到的，消費者對我們在會員服務方面有更高的期望，而我們也將推出更多服務。隨著時間推移，我們感到無比興奮。敬請期待。這會很有趣。

The next question is from Bob Drbul from Guggenheim.

下一個問題來自古根漢美術館的鮑伯·德布爾。

I guess the first question that I have is, around the 3 new platforms, when you look at some of the bigger platforms and the more recent platforms prior to these, they ramped pretty quickly, I think, achieving $1 billion faster and faster. Do you have any expectation on how quickly some of these can get to the scale you're talking about in the next few years?

我想問的第一個問題是，關於這三個新平台，當你回顧一些規模更大的平台以及在此之前推出的較新的平台時，你會發現它們的增長速度非常快，我認為它們達到 10 億美元目標的速度越來越快。您預計在未來幾年內，其中一些技術能夠以多快的速度達到您所說的規模？

Yes, that's a great question, Bob. This is Andy. In the past, you've seen platforms ranging from Free to Lunar to Flyknit start with a bit of a seeding-based approach as we assessed consumer demand. And we took the exact same approach with the Air VaporMax and the ZoomX platform, which was part of the Breaking2 initiative, which is start with a healthy amount of supply, but get a read for consumer demand. And as we said, those products sold out within hours in multiple colorways. And so we -- much like some of the most compelling innovations we've launched in the past, you'll see us ramping those up or scaling those pretty significantly. And that's not just the same styles that we launched, but taking the actual innovation, the Air and the ZoomX cushioning system, across price points and frankly, across categories.

是的，鮑勃，你問得好。這是安迪。過去，我們看到從 Free 到 Lunar 再到 Flyknit 等各種平台，在評估消費者需求時，都採取了一些種子使用者推廣的方式。我們對 Air VaporMax 和 ZoomX 平台也採用了完全相同的方法，這是 Breaking2 計劃的一部分，即從充足的供應開始，但要了解消費者的需求。正如我們所說，這些產品在幾個小時內就以多種顏色售罄。因此，就像我們過去推出的一些最引人注目的創新一樣，你會看到我們加強這些創新的投入或大幅擴大這些創新的規模。這不僅僅是指我們推出的相同款式，而是將真正的創新技術——Air 和 ZoomX 緩震系統——應用到各個價位，坦白說，應用到各個類別。

Yes, I have to say, I love how the CFO jumps in on the product questions. Let me just -- let me just quickly add that the focus on scaling and leveraging platforms is a big focus for us and one of the things that's going to drive growth and one of the things that this new organization, I think, is going to enable. Editing and focusing on those biggest opportunities to scale in the innovation arena is absolutely critical. Air VaporMax is an incredible opportunity as we've seen not only in performance, but in style. It's bringing those 2 worlds together, and obviously, the consumers responded very well there. A lot of excitement around ZoomX, as I talked about, and where that can go. We're just seeing the very front end. I did -- I've talked about React. We're just starting to come to market with some React products, and that's got massive potential. And there's, frankly, a couple of others that have huge scale potential that I did not mention and I probably won't go any further right now, but that we're really excited about. And then we have Flyknit, which, getting outside of footwear for a minute and looking at Flyknit's potential to scale in apparel, is tremendous. Some real performance breakthroughs there that also combined innovation and style. I know I say this, but honestly, I've never felt as energized by what we have from an innovation standpoint coming in the pipeline, and that's why we're so confident.

是的，我必須說，我很喜歡財務長積極參與產品問題的討論。我只想快速補充一點，我們非常重視規模化和平台利用，這是推動成長的因素之一，也是我認為這個新組織將要實現的目標之一。編輯並專注於創新領域中最具規模化發展的機會至關重要。Air VaporMax 是一款絕佳的產品，我們不僅在性能上看到了它的出色之處，在時尚外觀上也看到了它的魅力。它將這兩個世界融合在一起，顯然，消費者對此反應非常好。正如我之前提到的，ZoomX 引起了許多人的興奮，也讓人對它的未來充滿期待。我們看到的只是冰山一角。我確實談過 React。我們剛開始將一些 React 產品推向市場，這具有巨大的潛力。坦白說，還有幾個具有巨大規模潛力的項目我沒有提到，現在我可能也不會再多說了，但我們對此感到非常興奮。然後我們還有 Flyknit，暫且拋開鞋類不談，看看 Flyknit 在服裝領域的規模化潛力，它非常巨大。其中一些產品在性能上取得了真正的突破，同時又兼具創新性和時尚感。我知道我這麼說，但說實話，我們目前在創新方面所取得的成就讓我感到前所未有的振奮，這也是我們如此充滿信心的原因。

And then could I just ask like a couple of quick questions on the Amazon announcement? Is -- when you think about opening Amazon direct, does that change your view on the NIKE 2020 targets of your DTC and your NIKE.com, the $16 billion and $7 billion? And is it a global pilot? And will Jordan product be included in there?

然後我可以就亞馬遜的公告問幾個簡單的問題嗎？當你考慮開設亞馬遜直營店時，這是否會改變你對耐吉2020年DTC和NIKE.com目標的看法，即160億美元和70億美元？這是一項全球試點計畫嗎？喬丹產品會包含在內嗎？

It's -- like we said, it's, right now, it's really a small pilot and we have a sort of and very tailored assortment for Amazon so that we can actually learn as we go through this. In terms of looking forward, obviously, we have tremendous plans to continue to grow our NIKE.com business and what we talked about is we're rolling out certainly the apps, not only around the world, but also accelerating the work that we're doing on that. So you can expect that to continue to grow at a very strong pace. So we're not giving any further guidance at this point in time, but we certainly feel confident about the growth that we're seeing and it really is part of our Triple Double strategy. And so the Amazon piece is just one element of how we serve the broader market by making sure that we are serving consumers wherever they choose to shop and making sure that that's through our doors, through our wholesale partners as well as through platforms. So we're really looking to make sure we serve the consumer in the appropriate way.

就像我們說的，目前這只是一個小型試點項目，我們為亞馬遜量身定制了一系列產品，以便我們能夠在實踐中不斷學習。展望未來，顯然，我們制定了宏偉的計劃來繼續發展我們的 NIKE.com 業務。我們談到的是，我們不僅在全球推出應用程序，而且還在加快這方面的工作。因此，預計它將繼續以非常強勁的速度成長。因此，目前我們不提供任何進一步的指導，但我們對目前看到的成長充滿信心，這確實是我們「三倍雙倍」策略的一部分。因此，亞馬遜業務只是我們服務更廣泛市場的一個方面，我們透過確保無論消費者選擇在哪裡購物都能為他們提供服務，包括透過我們的實體店、批發合作夥伴以及各種平台。因此，我們非常希望確保以適當的方式服務消費者。

And we expect the digital commerce platforms to be a bigger part of the picture going forward, not just here in the U.S., but around the world. We've mentioned Zalando and Tmall, but that's going to be a bigger part of the picture for us.

我們預計，未來數位商務平台將扮演更重要的角色，不僅在美國，而且在世界各地。我們提到了Zalando和天貓，但對我們來說，這將是更重要的一部分。

The next question is from Jim Duffy from Stifel.

下一個問題來自 Stifel 公司的 Jim Duffy。

Mark, my question is, for you, around efforts to compress the product time line and speed time-to-market to improve responsiveness. What are the steps in the product development cycle that offer the most opportunity for time savings? Is it more on the design and preproduction side? Or is it more related to manufacturing and logistics?

馬克，我的問題是，對於你而言，如何努力縮短產品開發週期，加快產品上市速度，從而提高回應能力。在產品開發週期中，哪些步驟最有可能節省時間？是設計和前期製作方面比較突出嗎？還是它與製造業和物流關係更密切？

Yes, that's a good question, and it really -- the answer really is there's opportunity at every segment of the product creation process through the supply chain. Part of it is in better planning, part of it is in better editing of the product itself but also of the product line, in general. But everything from rapid prototyping on the very front end, all the way through some of the modernization techniques and automation that we're pioneering with partners like Flex, HP, for example, are going to be critical factors there. But part of this is really staging the innovation. It's tooling-related, making sure that some of the more time-intensive parts of the process are -- that's where we apply the innovation to cut those time lines down tremendously. And we've already talked about the 3 different dimensions of Express Lane. I touched on update, fulfill and then create. And across those 3 dimensions, there's tremendous opportunity. Update and fulfill is more straightforward because that's existing product that we can rally behind quickly. And then create is all about accelerating the whole process from end to end. But again, I'm really excited about some real step change innovation that the Express Lane work is going to enable and also our advanced product creation center here in Beaverton with our key manufacturing innovation partners.

是的，這是一個很好的問題，答案確實是——在供應鏈的產品創造過程的每個環節都存在機會。一部分在於更好的規劃，一部分在於對產品本身以及整個產品線的更好編輯。但從最前端的快速原型製作，到我們與 Flex、HP 等合作夥伴共同開創的一些現代化技術和自動化，所有這些都將是至關重要的因素。但這其中一部分其實是對創新進行精心策劃。這與工具有關，確保流程中一些更耗時的部分能夠改進——這就是我們應用創新來大幅縮短這些時間的地方。我們已經討論過快速通道的三個不同維度。我簡要介紹了更新、履行和創建。在這三個維度上，都蘊藏著巨大的機會。更新和交付更加直接，因為這是我們可以迅速團結起來支持的現有產品。然後，創造的意義就在於加速整個流程，從頭到尾。但話說回來，我真的非常興奮，因為 Express Lane 計畫將帶來一些真正的變革性創新，還有我們在比佛頓的先進產品創造中心，以及我們重要的製造創新合作夥伴。

As a follow-up to that, can you maybe build on that with a comment about opportunities [that used] data to better anticipate consumer demand and how that dovetails with the speed-to-market initiatives?

作為後續，您能否就利用數據更好地預測消費者需求的機會以及這與快速上市舉措如何契合發表一些評論？

Yes, it's a great question. In that zone, one of the things, and which is a huge, let's say, benefit of the Consumer Direct strategy is to have better knowledge of the consumers. It's one of the things that we continue to work on, which is to be able to have a better read on the demand from the consumers and then turn that demand directly into how we come back and give then the products that they actually want. The part about membership is that we also get to know who actually wants what and what they desire. So that's still part of the vision that we're working through, which is why data is fundamentally important to understanding the consumer, who's buying, why they're buying, what they want, what is trending and how we can then put all that information back into our product creation cycle quickly to then bring -- so we can scale against those opportunities. So it's a key piece.

是的，這是一個很好的問題。在這個領域，消費者直銷策略的一大優勢（或者說巨大優勢）在於能夠更了解消費者。這是我們一直在努力的方向之一，那就是更了解消費者的需求，然後將這些需求直接轉化為我們如何回饋他們，並為他們提供他們真正想要的產品。會員制的好處在於，我們也可以了解每個人的真實需求和願望。所以這仍然是我們正在努力實現的願景的一部分，這就是為什麼數據對於了解消費者至關重要，了解誰在購買、為什麼購買、他們想要什麼、什麼正在流行，以及我們如何快速地將所有這些信息應用到我們的產品創建週期中，從而抓住這些機會並擴大規模。所以它是關鍵部件。

That's -- actually, this is a huge part of NIKE's future, and frankly, many, many other companies, is capturing and interpreting that data, turning it into insights, personalizing services experience and of course, products. And that's going to happen at the local level, and then we're going to aggregate that more effectively at the ink level.

實際上，這對耐吉以及許多其他公司而言，都是未來發展的重要組成部分，它們都在收集和解讀這些數據，將其轉化為洞察，從而實現服務體驗的個人化，當然也包括產品。這種情況會在地方層級發生，然後我們會在油墨層面更有效地總結這些資訊。

The last question is from Matthew McClintock from Barclays.

最後一個問題來自巴克萊銀行的馬修·麥克林托克。

On Brand Jordan, I was actually wondering if we could talk about Brand Jordan, continued strong growth there, $3 billion of revenue. As we look into fiscal '18, what makes you most excited about the opportunities for that brand specifically? And then can you talk more about your efforts to transcend the brand beyond its basketball roots and into other product categories such as apparel?

關於 Jordan 品牌，我其實想問我們能不能談談 Jordan 品牌，它持續強勁成長，營收達到 30 億美元。展望 2018 財年，您認為品牌面臨的機會中最令您興奮的是什麼？那麼，您能否進一步談談您為使該品牌超越其籃球根基並拓展到服裝等其他產品類別所做的努力？

Yes, certainly. Obviously, we continue to be truly excited about the opportunity of Brand Jordan and how Brand Jordan continues to perform. So it had a great year, and we envision that it will have a great year next year again. So one of the areas that we continue to work on is expanding the different consumer groups that we connect with. One clear opportunity for us is certainly the women's business, which we see tremendous passion for the brand coming through there, so we will grow the business there. In addition to continuing to drive its connection with Basketball, so the NBA partnership actually allows us to do some things with Brand Jordan, so we're very, very excited there. And we will continue to actually sign more athletes and teams against that business. So we recently did UNC Football. So all of those are really just examples of how we're expanding the actual positioning of that brand to tap into new consumer groups.

當然可以。顯然，我們對 Jordan 品牌的發展機會以及 Jordan 品牌持續的表現感到非常興奮。所以它度過了輝煌的一年，我們預計明年它也會再創佳績。因此，我們持續努力的領域之一是擴大我們所接觸的不同消費群體。對我們來說，一個明顯的機會無疑是女性市場，我們看到女性消費者對該品牌展現了極大的熱情，因此我們將拓展這方面的業務。除了繼續加強與籃球的聯繫之外，NBA 的合作實際上也讓我們能夠與 Jordan 品牌做一些事情，所以我們對此感到非常非常興奮。我們將繼續與更多運動員和球隊簽約，對抗這項業務。我們最近報道了北卡羅來納大學橄欖球隊。所以，以上這些其實只是我們如何擴展品牌的實際定位以吸引新的消費群體的例子。

$3 billion is an impressive milestone for Jordan. But the international potential for growth is, as we mentioned, is really significant going forward. Apparel is still underpenetrated. And then as Trevor mentioned, categories beyond basketball and sportswear are wide open. The Jordan Brand has a huge base, a huge following, not just here in the U.S., but around the world. So we're excited about capitalizing on that and taking the brand to more people around the world. So this is a huge growth opportunity for NIKE going forward.

30億美元對約旦來說是一個令人矚目的里程碑。但正如我們所提到的，國際成長潛力在未來確實非常巨大。服裝業的滲透率仍然很低。正如特雷弗所提到的那樣，籃球和運動服裝以外的領域還有很多發展空間。Jordan品牌擁有龐大的用戶群和許多粉絲，不僅在美國，而且在世界各地。所以我們很高興能夠利用這一點，將品牌推廣到世界各地更多的人。因此，這對耐吉未來的發展來說是一個巨大的成長機會。

Yes, I didn't mention apparel. And apparel also continues to grow at a tremendous rate. So again, just great opportunity around that portfolio. And we're absolutely committed to seeing it grow around the world.

是的，我沒有提到服裝。服裝業也持續以驚人的速度成長。所以，再次強調，該投資組合蘊藏著巨大的投資機會。我們絕對致力於讓它在世界各地發展壯大。

It's also a place where we can leverage NIKE technology and NIKE innovation in a new way. We can interpret that through the Jordan lens, and that creates more opportunity for us as well.

這裡也是我們可以以全新方式利用耐吉技術和耐吉創新成果的地方。我們可以從約旦的角度來看這個問題，這也為我們創造了更多機會。

All right. Well, thank you, Matt. I think that's all the time we have for today. Thank you all for joining us, and we'll speak with you next quarter. Take care.

好的。謝謝你，馬特。我想我們今天的時間就到此為止了。感謝各位的參與，我們下季再見。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。