Nike Inc (NKE) 2018 Q1 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE, Inc.'s Fiscal 2018 First Quarter Conference Call.

歡迎參加 NIKE, Inc. 2018 財年第一季電話會議。

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

對於需要參考今天新聞稿的人，您可以在 Investors.nike.com 上找到它。

Leading today's call is Nitesh Sharan, Vice President, Investor Relations and Treasurer.

今天的電話會議由投資者關係副總裁兼財務主管 Nitesh Sharan 主持。

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.

在我將電話轉交給夏蘭先生之前，請允許我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性聲明，這些聲明受到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 the annual report filed on Form 10-K.

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，包括以 10-K 表格提交的年度報告。

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

一些前瞻性陳述可能包含 - 可能涉及對未來收入成長或毛利率的預期。

In addition, participants may discuss non-GAAP financial measures, including references to wholesale equivalent sales and constant dollar revenue.

此外，參與者還可以討論非公認會計準則財務指標，包括批發等效銷售額和恆定美元收入的參考。

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

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

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

且不應作為實際結果的財務衡量標準。

Similarly, references to constant dollar revenue are intended to provide context as to the performance of the business, eliminating foreign exchange fluctuations.

同樣，提及恆定的美元收入旨在提供有關業務績效的背景，消除外匯波動。

Participants may also make references to other nonpublic 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。

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

在討論非公開財務和統計資訊的範圍內，可比較的 GAAP 衡量標準和定量調整表將在耐吉網站 Investors.nike.com 上提供。

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

現在我想將電話轉給投資者關係副總裁兼財務主管 Nitesh Sharan。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2018 first quarter results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2018 財年第一季業績。

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那樣，今天電話會議的參與者可能會討論非公認會計準則財務措施。

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

您可以在大約一小時前發布的新聞稿或我們的網站 Investors.nike.com 中找到適當的調節資訊。

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

參加今天電話會議的有 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.

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（Trevor Edwards）；最後，您將聽到我們的財務長安迪坎皮恩 (Andy Campion) 的講話，他將對我們的財務業績進行深入的審查。

Following their prepared remarks, we will take your questions.

在他們準備好的發言之後，我們將回答您的問題。

(Operator Instructions) Thanks for your cooperation on this.

（操作員說明）感謝您的配合。

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

我現在會把電話轉給 NIKE, Inc.。

Chairman, President and CEO, Mark Parker.

董事長、總裁兼執行長馬克·帕克。

Thanks, Nitesh, and good afternoon, everyone.

謝謝，Nitesh，大家下午好。

Last quarter, we began our conversation with 3 consumer insights that are driving today's marketplace shifts: the appetite for a constant flow of fresh and innovative product, the expectation of superior service and the demand for real-time delivery.

上個季度，我們開始討論推動當今市場轉變的 3 個消費者洞察：對新鮮和創新產品源源不斷的需求、對優質服務的期望以及對即時交付的需求。

To stay ahead of these needs, we've done what successful companies do, evolve and lead through a time of change.

為了領先這些需求，我們做了成功公司所做的事情，不斷發展並引領變革時代。

We've aligned into a new formation, the Consumer Direct Offense, to focus on reinventing our business and the industry.

我們已經組建了一個新的組織，即“消費者直接進攻”，專注於重塑我們的業務和行業。

And while changing your approach is never easy, NIKE has proven before that when we do, it's always ignited the next phase of growth for our company.

雖然改變你的方法絕非易事，但耐吉之前已經證明，當我們這樣做時，它總是會點燃我們公司下一階段的成長。

We've had to make some tough choices with our teams.

我們必須與我們的團隊做出一些艱難的選擇。

We've tested and learned, and we got better.

我們進行了測試和學習，並且變得更好。

Looking back to the creation of the category offense in 2007, we went from being organized against footwear, apparel and equipment to realigning through the eyes of consumers by sport.

回顧2007年類別進攻的創建，我們從針對鞋類、服裝和裝備的組織，到透過運動消費者的眼光進行重新調整。

With the new Consumer Direct Offense, we're taking that consumer connection one step further.

透過新的消費者直接進攻，我們將消費者聯繫更進一步。

We're going deeper.

我們要更深入了。

We're connecting more personally to help each individual make the right choice for them.

我們正在建立更個人化的聯繫，以幫助每個人做出適合他們的正確選擇。

That's incredibly powerful for a brand that motivates people to do more.

對於一個激勵人們做更多事情的品牌來說，這是非常強大的。

And to make that vision a reality at scale, we're taking some bold steps.

為了使這個願景大規模成為現實，我們正在採取一些大膽的步驟。

We're breaking old models, and we're fully realigning our teams to be more personal by adding resources to our fastest growing cities, editing our lines to create more choice on top selling products, investing in better data and analytics to sense market shifts faster, activating new product creation teams focused only on speed to market, and we're leading with mobile.

我們正在打破舊模式，我們正在全面重新調整我們的團隊，使其更加個性化，向發展最快的城市添加資源，編輯我們的產品線以在最暢銷的產品上創造更多選擇，投資於更好的數據和分析以感知市場變化更快地啟動新產品創建團隊，只專注於上市速度，而我們在行動領域處於領先地位。

In the last 90 days, we have moved through the final stages of this realignment.

在過去 90 天裡，我們已經進入了這次調整的最後階段。

Before reviewing what we've accomplished, let's look at the numbers.

在回顧我們所取得的成就之前，讓我們先來看看數字。

NIKE, Inc.

耐吉公司

first quarter revenues were $9.1 billion, flat to prior year on both a reported and currency-neutral basis.

第一季營收為 91 億美元，按報告和匯率中立計算均與去年同期持平。

Gross margin was 43.7%, down 180 basis points to prior year.

毛利率為 43.7%，較上年下降 180 個基點。

Earnings per share was $0.57, down 22% to prior year, and we delivered ROIC of 32%.

每股收益為 0.57 美元，比上年下降 22%，投資回報率為 32%。

In Q1, we made meaningful progress against our Triple Double strategy: 2X Innovation, 2X Direct and 2X Speed.

在第一季度，我們在三雙策略方面取得了有意義的進展：2X 創新、2X 直接和 2X 速度。

Let's start, of course, with 2X Innovation.

當然，讓我們從 2X 創新開始。

The foundation for NIKE's success will always be inspiring and innovative product.

耐吉成功的基礎始終是鼓舞人心的創新產品。

It's the source of creative storytelling.

這是創意說故事的來源。

It's how we drive distinction in the marketplace, and it's a competitive advantage under any market conditions.

這是我們在市場中脫穎而出的方式，也是任何市場條件下的競爭優勢。

We've talked a lot about accelerating both the cadence and impact of innovation, and in the last few weeks alone, we've introduced the lightest and most breathable high-performance NBA Jersey ever, one of the most anticipated sneaker releases of the year with a collection of reconstructed icons called The Ten.

我們已經就加快創新的節奏和影響進行了很多討論，僅在過去幾週，我們就推出了有史以來最輕、最透氣的高性能 NBA 球衣，這是今年最受期待的運動鞋發布之一包含一系列重建的圖標，稱為“十”。

And basketball innovation that delivers on the right balance of performance and style with the highly-tuned and detail-obsessed Jordan XXXII and the LEBRON 15 with the new high-strength Flyknit Battle construction and articulated Max, Zoom cushioning system.

籃球創新透過高度調校且注重細節的 Jordan XXXII 和 LEBRON 15 實現了性能和風格的適當平衡，並採用了新型高強度 Flyknit Battle 結構和鉸接式 Max、Zoom 緩震系統。

We know that creating innovation with impact requires more than the launch of a single style.

我們知道，創造具有影響力的創新需要的不僅僅是推出單一風格。

Impact really comes from scale.

影響力確實來自規模。

Air Max is a great example of that this quarter, where energy and performance is being led by VaporMax and where we've increased access to high-demand classics like Air Max 97.

Air Max 就是本季的一個很好的例子，VaporMax 在能源和性能方面處於領先地位，並且我們增加了對 Air Max 97 等高需求經典產品的訪問。

Stay tuned.

敬請關注。

We have exciting new Air Max platforms on the way soon.

我們即將推出令人興奮的全新 Air Max 平台。

Our latest cushioning platforms, ZoomX and Nike React, have been getting strong reviews from the most demanding runners and basketball players.

我們最新的緩震平台 ZoomX 和 Nike React 得到了最苛刻的跑步者和籃球運動員的好評。

And this spring, we'll bring the sensation of Nike React to even more sports and to the streets.

今年春天，我們將把 Nike React 的魅力帶入更多運動和街頭。

A few weeks ago, we unveiled a fully sustainable leather called Flyleather, which is a real game-changer.

幾週前，我們推出了一種名為 Flyleather 的完全永續皮革，它是真正的遊戲規則改變者。

It's 40% lighter, 5x more durable and has an 80% lower carbon footprint than traditional leather manufacturing.

與傳統皮革製造相比，它的重量減輕了 40%，耐用性提高了 5 倍，碳足跡降低了 80%。

You can look for Flyleather versions of our most iconic footwear styles soon.

您很快就能找到我們最具代表性鞋款的 Flyleather 版本。

In apparel, we also have some exciting new developments with Flyknit technology.

在服裝領域，我們也利用 Flyknit 技術取得了一些令人興奮的新進展。

To push both performance and style, the new Flyknit bra is a great example and just a start.

為了提升性能和風格，新款 Flyknit 胸罩就是一個很好的例子，而且只是一個開始。

We always rally behind big sports moments.

我們總是在重大體育時刻後團結起來。

In this quarter, nothing was bigger than NIKE and the NBA.

在這個季度，沒有什麼比耐吉和 NBA 更重要的了。

I mentioned the NBA Jersey.

我提到了 NBA 球衣。

We not only unveiled new court -- on-court innovation.

我們不僅推出了新球場——場上創新。

We also introduced NikeConnect, our first step into an era of digitally connected products.

我們也推出了 NikeConnect，這是我們邁入數位互聯產品時代的第一步。

We see great potential ahead to link future product with services and experiences in seamless ways.

我們看到以無縫方式將未來產品與服務和體驗聯繫起來的巨大潛力。

There's also a massive commercial opportunity that comes from working directly with the NBA.

直接與 NBA 合作也帶來巨大的商業機會。

With the 3 most authentic basketball brands, NIKE, Jordan and Converse, we will drive growth for performance product and connect the energy of the NBA to sneakers, style and the culture around the game.

憑藉三個最正宗的籃球品牌 NIKE、Jordan 和 Converse，我們將推動高性能產品的成長，並將 NBA 的能量與運動鞋、風格和比賽文化聯繫起來。

That's the kind of consistency across performance, style and sustainability that we can expect to deliver.

這就是我們期望實現的效能、風格和永續性的一致性。

And all told, the lineup for the rest of fiscal '18 is even more impressive so we can tell better stories, increase demand and accelerate full-price sell-through.

總而言之，18 財年剩餘時間的產品陣容更加令人印象深刻，因此我們可以講述更好的故事、增加需求並加速全價銷售。

One of the topics on everybody's mind is the overall marketplace, which is why 2X Direct is so important to our growth.

每個人都關心的話題之一是整個市場，這就是為什麼 2X Direct 對我們的成長如此重要。

One point I want to make clear is that this approach is about serving all of our consumers globally.

我想澄清的一點是，這種方法是為了服務全球所有消費者。

It's more than transforming a developed market like North America.

這不僅是改變北美這樣的已開發市場。

It's also about accelerating developing markets as well.

這也與加速發展中市場有關。

Our international business is now over 55% of our revenue, and there's much more opportunity ahead in our developing markets.

目前，我們的國際業務佔收入的 55% 以上，而且我們的發展中市場還有更多機會。

That's why we focus on a market like China, for example, where 2X Direct works so well.

這就是為什麼我們專注於像中國這樣的市場，2X Direct 在那裡運作得很好。

With an economy that's being driven by digital natives, they've bypassed old models, naturally blending digital and physical retail and shopping within their social channels.

在數位原住民推動的經濟中，他們繞過了舊模式，在社交管道中自然地將數位和實體零售和購物融合在一起。

In contrast, a developed market like North America must embrace change to its legacy retail infrastructure.

相較之下，像北美這樣的已開發市場必須接受對其傳統零售基礎設施的變革。

As the leader, we are fully committed to energizing and growing the marketplace through both our own NIKE Direct businesses and with strategic wholesale partners.

作為領導者，我們完全致力於透過我們自己的 NIKE Direct 業務以及策略批發合作夥伴來激發和發展市場。

Although it's a shifting landscape in North America, our industry has key advantages over other retail sectors.

儘管北美的格局正在發生變化，但我們的行業比其他零售業具有關鍵優勢。

In sport, storytelling expertise and service matter, people need and seek guidance, and for the sport and sneaker consumer, mobile is the first step in any search for the right product.

在運動中，說故事的專業知識和服務很重要，人們需要並尋求指導，對於運動和運動鞋消費者來說，行動裝置是尋找合適產品的第一步。

The key is for our experiences to feel special, and that could mean a personal one-to-one interaction, reserving products based on a consumer's shopping history or as simple as delivering product within hours.

關鍵是讓我們的體驗感到特別，這可能意味著個人一對一的互動，根據消費者的購物歷史預訂產品，或者像在幾小時內交付產品一樣簡單。

Our vision is for every consumer who engages with the NIKE brand to enjoy an elevated, consistent experience regardless of channel.

我們的願景是讓每位接觸耐吉品牌的消費者無論透過何種管道都能享受到優質、一致的體驗。

That's why we're working so closely with a select group of our strategic partners to define the new consumer experience together.

這就是為什麼我們與精選的策略合作夥伴密切合作，共同定義新的消費者體驗。

Our most progressive partners are already testing elevated and digitally integrated consumer concepts.

我們最先進的合作夥伴已經在測試升級和數位整合的消費者概念。

Others are just beginning their acceleration.

其他人才剛開始加速。

And with the new commerce partners, we're really pushing the boundaries of existing models.

透過新的商業合作夥伴，我們真正突破了現有模式的界限。

Retailers who don't embrace distinction will be left behind.

不重視差異化的零售商將會被拋在後面。

While the transformation may be difficult for some, NIKE will lead the industry to come out much stronger.

雖然轉型對某些人來說可能很困難，但耐吉將引領整個產業變得更強大。

One pilot this quarter, as an example, is that which combines a consumer personalization, 2X Direct and 2X Speed, and that was our live design experience at the Nike By You studio in New York.

例如，本季的一項試點計畫結合了消費者個人化、2X Direct 和 2X Speed，這就是我們在紐約 Nike By You 工作室的現場設計體驗。

It's where we engage the consumer to generate custom graphics and colors, and we build the shoe on site and have it ready to take home in an hour.

在這裡，我們讓消費者生成定製圖形和顏色，並在現場製作鞋子，並在一個小時內準備好帶回家。

There's a lot of great learning here that we're connecting back to our broader membership plans.

這裡有很多很棒的知識，我們正在將它們與更廣泛的會員計劃聯繫起來。

2X Speed is coming to life in other ways across the company.

2X Speed 正在透過整個公司的其他方式實現。

On a larger scale, we're capturing more real-time demand while delivering end-to-end benefits to our entire product creation cycle.

在更大的範圍內，我們正在捕獲更多的即時需求，同時為整個產品創建週期提供端到端的好處。

A few specific examples this quarter from around the world include a quick return T-shirt process with Foot Locker in North America that resulted in higher sell-through and growth in our T-shirt business; in EMEA, an expansion of our replenishment programs with icons like Air Max 90 and Air Force 1 that drove a significant uplift in sales.

本季來自世界各地的一些具體例子包括北美地區 Foot Locker 的 T 卹快速退貨流程，該流程提高了我們 T 卹業務的銷量和成長；在歐洲、中東和非洲地區，我們透過 Air Max 90 和 Air Force 1 等標誌性產品擴大了補貨計劃，推動了銷售額的大幅成長。

And our new Asia Express Lane is already making an impact to our business in China, where it's accelerated our fleece business.

我們新的亞洲快線已經對我們在中國的業務產生了影響，加速了我們的羊毛業務。

We plan to provide much more dimension of all our growth accelerators at our upcoming Investor Day next month.

我們計劃在下個月即將到來的投資者日提供所有成長加速器的更多維度。

And we'll show you in detail how personal and mobile are fueling our transformation into the Consumer Direct Offense and how we're creating sustained growth for our company, the industry and our shareholders for years to come.

我們將詳細向您展示個人和行動如何推動我們向消費者直接進攻的轉型，以及我們如何在未來幾年為我們的公司、行業和股東創造持續成長。

Thanks, and now here's Trevor.

謝謝，現在是特雷弗。

Thank you, Mark.

謝謝你，馬克。

Let's start with the financials.

讓我們從財務開始。

As always, my comments are on a constant currency basis.

像往常一樣，我的評論是基於固定匯率的。

For the quarter, NIKE Brand revenue grew 2%, and revenue in our NIKE Direct business was up 11%, driven by online growth of 19%, new stores and comp store growth of 5%.

本季度，耐吉品牌營收成長了 2%，在線上成長 19%、新店和比較店成長 5% 的推動下，我們的 NIKE Direct 業務營收成長了 11%。

Mark mentioned how NIKE evolves and leads through times of change.

馬克提到了耐吉如何發展並引領變革時代。

By leveraging the power of sport, time and again, we authentically connect with consumers through premium innovative product and elevated services led by digital and mobile.

透過一次又一次地利用體育的力量，我們透過數位和行動主導的優質創新產品和優質服務與消費者建立真正的聯繫。

Our Consumer Direct Offense accelerates that work through a more personal lens.

我們的消費者直接進攻透過更個人化的視角加速了這項工作。

And by infusing digital in how we bring our brand to life for consumers, we invent new ways to connect more closely with them.

透過將數位化融入我們為消費者帶來品牌的生活中，我們發明了與他們建立更緊密聯繫的新方法。

It all comes down to serving the consumer completely.

這一切都歸結為完全為消費者服務。

Our ability to connect break-through technologies to our brand defining energy and emotion has us incredibly excited about the future.

我們能夠將突破性技術與我們品牌定義的能量和情感聯繫起來，這讓我們對未來感到無比興奮。

It's with this focus that we take the sports industry into the next era of digital.

正是以此為重點，我們將運動產業帶入下一個數位時代。

Now let's talk about how that work comes to life through our key categories.

現在讓我們來談談如何透過我們的關鍵類別來實現這項工作。

First, NIKE Basketball.

首先，耐吉籃球。

The NBA partnership is now in full force, and we are confident about what it means for us and our consumers.

NBA 合作夥伴關係現已全面生效，我們對這對我們和我們的消費者意味著什麼充滿信心。

First of all, of course, we are elevating performance through innovation with the lightest and most breathable NBA Jersey ever.

首先，當然，我們透過創新來提升性能，推出有史以來最輕、最透氣的 NBA 球衣。

At the same time, the Nike NBA Connected Jersey is much more than a uniform.

同時，Nike NBA Connected Jersey 球衣不僅僅是一件製服。

It's a digitally enabled Jersey that drives a new level of service for fans to tap into the game they love and get insider access to their favorite teams, players and special products.

這是一款數位化球衣，可為球迷提供新的服務水平，讓他們能夠參與他們喜愛的比賽，並獲得內部人士了解他們最喜歡的球隊、球員和特殊產品的資訊。

Above all, it's a premium and personal membership experience that fuels a direct emotional connection and allows us to serve them better.

最重要的是，這是一種優質的個人會員體驗，可以促進直接的情感聯繫，並使我們能夠更好地為他們服務。

The jersey experience will unlock a new -- a brand-new world of connection for members.

球衣體驗將為會員開啟一個全新的連結世界。

For example, NBA players can now connect directly to fans who own their jersey, sending them personalized exclusive messages instantly to their phones.

例如，NBA 球員現在可以直接與擁有球衣的球迷聯繫，並立即向他們的手機發送個人化的獨家訊息。

That's a future we're really excited about both as a brand and as a business.

作為一個品牌和一個企業，我們對這個未來感到非常興奮。

In basketball footwear, the KYRIE 3 continues to be the #1 selling performance basketball shoe.

在籃球鞋中，KYRIE 3 仍然是銷量第一的高性能籃球鞋。

Also in the quarter, the KD 10 showed incredibly strong sell-through.

同樣在本季度，KD 10 的銷售量非常強勁。

And of course, NIKE continues to lead in elevating the culture of the game thanks to our full basketball offense, stretching across the spectrum of performance and sportswear.

當然，由於我們全面的籃球進攻，耐吉在提升比賽文化方面繼續處於領先地位，涵蓋了性能和運動服裝的各個領域。

Proving the power of that spectrum is the new Therma Flex Showtime Jacket, the first hoodie to be worn on the court during game time.

新款 Therma Flex Showtime 夾克證明了該系列的力量，它是第一款在比賽期間在球場上穿著的連帽衫。

The Showtime jacket celebrates a style of the game by refreshing a beloved apparel icon into a new performance product for athletes on and off the court.

Showtime 外套將備受喜愛的服裝標誌煥然一新，打造出適合場上場外運動員的全新高性能產品，頌揚了比賽風格。

Our NBA partnership is inspiring new exciting footwear as well with 8 new NBA exclusive colorways of the Air Force 1 offering just a taste of what's to come.

我們與 NBA 的合作關係激發了令人興奮的全新鞋類以及 Air Force 1 的 8 種全新 NBA 專屬配色，讓您領略即將到來的潮流。

Ultimately, we are confident that with this complete offense, we will fuel the game of basketball globally.

最終，我們相信，透過這種完整的進攻，我們將推動全球籃球運動的發展。

Of course, the NBA partnership also elevates the Jordan Brand as the Jumpman logo will now be seen on NBA jerseys with a few more surprising spotlights for the Jordan Brand to come.

當然，與 NBA 的合作也提升了 Jordan Brand 的地位，因為 Jumpman 標誌現在將出現在 NBA 球衣上，而 Jordan Brand 也將迎來更多令人驚訝的亮點。

And with the Jordan Brand's expansion into new countries and new dimensions beyond basketball like women's footwear, Jordan is setting the foundation for sustainable long-term growth.

隨著喬丹品牌向新的國家和籃球以外的新領域（如女鞋）的擴張，喬丹正在為可持續的長期成長奠定基礎。

Global appetite for the brand remains extremely strong.

全球對該品牌的需求仍然極為強勁。

For example, in Greater China, new expressions of the Jordan Brand, like the Jordan 1 Retro High Flyknit, have been incredibly successful.

例如，在大中華區，Jordan Brand 的新表現（例如 Jordan 1 Retro High Flyknit）取得了令人難以置信的成功。

That said, in North America, within the retro side of the business, we are managing the cadence of our launches while bringing to market fresher stories and expressions that drive demand.

也就是說，在北美，在復古業務方面，我們正在管理產品發布的節奏，同時為市場帶來更新鮮的故事和表達方式來推動需求。

Over the balance of the year, we're focused on new ways of delivering on the exclusivity and the aspiration that is expected by fans of this iconic brand.

在這一年的剩餘時間裡，我們專注於以新的方式來實現這個標誌性品牌的粉絲所期望的獨特性和願望。

In Running, we are leading the way with key products that translate our deep understanding of runners into groundbreaking performance innovation.

在跑步領域，我們以關鍵產品引領潮流，將我們對跑者的深刻理解轉化為突破性的性能創新。

The Zoom platform saw strong consumer response from the Pegasus 34 to the Zoom Fly to the Vaporfly 4%, which sold out completely in quarter 1.

從 Pegasus 34 到 Zoom Fly 再到 Vaporfly 4%，Zoom 平台受到了消費者的強烈反響，這些產品在第一季就完全售空。

As we revitalized some of our core footwear running franchises, in just the last 3 months, Air VaporMax grabbed the #1 market share in the United States at the $150-and-up price point.

隨著我們重振一些核心跑步鞋系列，僅在過去 3 個月內，Air VaporMax 就以 150 美元及以上的價格佔據了美國第一大市場份額。

The success we're seeing with the VaporMax is lifting our entire Air platform, and it underscores that when we deliver performance innovation and distinction, there's always demand at a premium price.

我們在 VaporMax 上看到的成功正在提升我們的整個 Air 平台，它強調了當我們提供性能創新和卓越性時，總會有溢價的需求。

Meanwhile, our Sportswear category continues to impress.

同時，我們的運動服裝類繼續給人留下深刻印象。

In Q1, NIKE Sportswear's momentum resulted in the largest revenue quarter ever thanks in part to the iconic styles such as the Presto and the Air Force 1.

第一季度，Nike運動服飾的強勁勢頭帶來了有史以來最大的收入季度，部分歸功於 Presto 和 Air Force 1 等標誌性款式。

Our women's sportswear product like the Cortez and the Air Max Jewell also seen strong response in the market, and we continue to fuel growth through digital with Sportswear growing high double digits on NIKE.com.

我們的女士運動服產品，如 Cortez 和 Air Max Jewell 也得到了市場的強烈反響，我們繼續透過數位化推動成長，運動服在 NIKE.com 上的成長達到了兩位數的高位。

The Sportswear category is also a great way to bring to life our key city approach, where we create energy with consumers in the most influential hubs of sport and style.

運動服裝類也是體現我們的主要城市理念的好方法，我們在最具影響力的運動和時尚中心與消費者一起創造能量。

Now as Mark mentioned, this past quarter in New York, we launched Off Campus, a collaboration with Virgil Abloh.

正如 Mark 所提到的，上個季度我們在紐約推出了與 Virgil Abloh 合作的 Off Campus。

There, we introduced new energy for 10 of the most iconic shoes while engaging with those who love the design and function of sneakers.

在那裡，我們為 10 款最具標誌性的鞋子引入了新能量，同時與那些熱愛運動鞋設計和功能的人進行了互動。

Overall, our categories highlight what our new formation under the Consumer Direct Offense can accomplish: creating a vision and a journey for consumer that serves them better and more personally.

總的來說，我們的類別強調了我們在消費者直接進攻下的新組成可以實現的目標：為消費者創造一個願景和一個旅程，為他們提供更好、更個人化的服務。

Most importantly, they provide a road map for the future.

最重要的是，它們提供了未來的路線圖。

This is particularly true as we leverage this approach to reignite strong momentum in North America.

當我們利用這種方法在北美重新點燃強勁勢頭時尤其如此。

And of course, as we surgically apply the blueprint in all markets, we look to accelerate our already strong international growth as well.

當然，當我們在所有市場中手術應用藍圖時，我們也希望加速我們已經強勁的國際成長。

Let's take a look at these geographies now.

現在讓我們來看看這些地理區域。

In Q1, North America was down low single digits as we continued to proactively manage the marketplace supply.

在第一季度，隨著我們繼續積極管理市場供應，北美地區的銷售量下降了個位數。

However, the momentum in Sportswear continued along with new innovations like the VaporMax and the LEBRON 15 driving performance distinction for the brand.

然而，隨著 VaporMax 和 LEBRON 15 等新創新的推出，運動服領域的勢頭仍在繼續，該品牌的駕駛性能卓越。

Women's had a powerful quarter with popular and premium executions from the Chrome Blush, a new collection of stylish workout gear that led to strong performance in the market, to membership accelerators like the Air Society, a network that serves to connect and empower creative-minded women.

女裝季度表現強勁，推出了流行且優質的產品，包括Chrome Blush（一系列新的時尚健身裝備，在市場上取得了強勁表現）以及會員加速器，例如Air Society（一個致力於聯繫和賦予創意思維的網路）女性。

For North America, as we manage the marketplace, we are scaling our new innovations to reignite strong momentum with our strategic partners such as DICK'S and Foot Locker as well as accelerating growth in our own NIKE Direct business.

對於北美市場，在我們管理市場的過程中，我們正在擴大新的創新，以與 DICK'S 和 Foot Locker 等戰略合作夥伴重燃強勁勢頭，並加速我們自己的 NIKE Direct 業務的成長。

At the same time, we still see a dynamic and promotional landscape, one that is having a pronounced impact on physical retail, especially in light of the continued consumer shifts towards digital.

同時，我們仍然看到充滿活力的促銷格局，這對實體零售產生顯著影響，特別是考慮到消費者持續轉向數位化。

This is exactly why we are focused on elevating those differentiated and better service experience that consumers are voting for.

這正是我們專注於提升消費者所投票支持的差異化、更好的服務體驗的原因。

For example, in our own digital business in North America, we have a greater opportunity to accelerate growth by editing our assortments and delivering greater depth of the best product that consumers covet.

例如，在我們自己的北美數位業務中，我們有更大的機會透過編輯我們的品種並提供消費者夢寐以求的更深入的最佳產品來加速成長。

And while we expect to see continued shifts in the broader U.S. marketplace, the solutions are clear.

雖然我們預計更廣泛的美國市場將持續發生變化，但解決方案是明確的。

It's about leveraging the power of our brand, continuing to tell powerful stories that lift up the NIKE Brand and then using that brand strength to drive deeper relationships with consumers as we connect more personally and more directly.

這是關於利用我們品牌的力量，繼續講述提升耐吉品牌的有力故事，然後利用該品牌力量與消費者建立更深入的關係，讓我們建立更個人化、更直接的聯繫。

Fundamentally, we are bullish about the long-term opportunity in North America as consumers continue to accelerate their pursuit for healthy and active lifestyles.

從根本上說，隨著消費者繼續加速追求健康和積極的生活方式，我們看好北美的長期機會。

We are confident in our ability to extend our leadership position over the long term and reinvigorate growth in this region.

我們對長期鞏固我們的領導地位並促進該地區的成長充滿信心。

In our new EMEA geography, we saw results up single digits, driven by Sportswear and Global Football and with strong cross-categorical growth in apparel.

在我們新的歐洲、中東和非洲地區，在運動服裝和全球足球以及服裝跨類別強勁增長的推動下，我們的業績實現了個位數增長。

We also saw strong energy in JD Sports and Zalando, 2 strategic partners who are leading the marketplace transformation.

我們也看到了 JD Sports 和 Zalando 這兩個引領市場轉型的策略合作夥伴的強大活力。

Digital, led by mobile, remains a key driver for us in this region.

以行動為主導的數位化仍然是我們在該地區的關鍵驅動力。

For example, NIKE.com in London grew 60% over the prior year.

例如，倫敦的 NIKE.com 比前一年增長了 60%。

Last quarter, we expanded our SNKRS app to Europe, adding 19 new markets, and their performance is outpacing expectations.

上季度，我們將 SNKRS 應用擴展到歐洲，增加了 19 個新市場，它們的表現超出了預期。

In EMEA, as in North America, we continue to grow the number of buying members in our ecosystem, fueled in part by a steady refresh of premium products like the Air VaporMax colorways.

與北美一樣，在歐洲、中東和非洲地區，我們生態系統中的購買會員數量持續增長，部分原因是 Air VaporMax 配色等優質產品的不斷更新。

And perhaps most important to this region is our Global Football business.

也許對該地區最重要的是我們的全球足球業務。

Along with our new Chelsea and Tottenham partnerships, the continued energy we see with top players like Neymar and Cristiano Ronaldo and the upcoming World Cup in Russia, this region is primed for continued strength.

加上我們與切爾西和托特納姆熱刺的新合作夥伴關係，我們看到內馬爾和克里斯蒂亞諾·羅納爾多等頂級球員的持續活力以及即將舉行的俄羅斯世界杯，該地區已準備好繼續保持實力。

Finally, in Greater China, we continue to see incredible results with revenue growing double digits for the quarter.

最後，在大中華區，我們繼續看到令人難以置信的業績，本季營收成長兩位數。

The breadth and depth of our relationship with the Chinese consumer doesn't just continue our success in this geography.

我們與中國消費者關係的廣度和深度不僅延續了我們在這個地區的成功。

It accelerates it.

它加速了它。

In Q1, we drove incredible sports energy in the market, particularly with our athlete tours.

在第一季度，我們在市場上激發了令人難以置信的體育活力，特別是我們的運動員巡迴賽。

This summer, we brought real heat to the market with visits from Cristiano Ronaldo, LeBron James, Kyrie Irving, Kevin Durant and the NBA MVP, Russell Westbrook.

今年夏天，隨著克里斯蒂亞諾·羅納爾多、勒布朗·詹姆斯、凱裡·歐文、凱文·杜蘭特和 NBA MVP 拉塞爾·威斯布魯克的到來，我們為市場帶來了真正的熱度。

These tours drove deeper relationship between athletes and their fans throughout the country.

這些巡演加深了全國各地運動員與其粉絲之間的關係。

This energy can be felt by the 500 million daily users on Tmall, where NIKE is the #1 sports brand.

天貓上每天有 5 億用戶可以感受到這種能量，耐吉是天貓排名第一的運動品牌。

Just a few months ago, we opened a Jordan door on Tmall, which drove more than 2 million shoppers in the first 10 days, highlighting the tremendous growth we see in this vital retail platform.

就在幾個月前，我們在天貓開設了喬丹門市，前 10 天吸引了超過 200 萬名購物者，突顯了我們在這個重要零售平台上看到的巨大成長。

To capitalize on this growing market, we are investing to serve consumers where they shop.

為了充分利用這個不斷成長的市場，我們正在投資為消費者購物提供服務。

For example, in Beijing, celebrating 2 decades for the Jordan Brand in Greater China, we opened the largest Jordan door in Asia with our partner Pou Sheng.

例如，在北京，慶祝Jordan品牌進入大中華區20週年，我們與合作夥伴寶勝一起打開了亞洲最大的Jordan大門。

Featuring hyper-local customization, trialing and services, this retail experience celebrates the brand's legacy, the culture of the city, and most importantly, it inspires the future.

這種零售體驗以超本地化的客製化、試用和服務為特色，頌揚了品牌的傳統和城市文化，最重要的是，它激發了未來。

Our success in China also offers a reminder that no matter what may be happening in the United States retail, NIKE is positioned for continued sustainable growth.

我們在中國的成功也提醒我們，無論美國零售業發生什麼情況，耐吉都將實現持續的永續成長。

The power and consistency of our global portfolio gives us tremendous confidence for the NIKE Brand going forward.

我們全球產品組合的力量和一致性讓我們對耐吉品牌的未來充滿信心。

In the end, at a time when consumers have elevated their expectations, we feel great about where we are.

最後，當消費者的期望提高時，我們對自己的處境感到非常滿意。

The worldwide strength of our brand, the power of our innovative products and the largest digital presence in our industry gives us the opportunity to serve at a scale and depth that is unmatched.

我們品牌的全球實力、創新產品的力量以及行業內最大的數位影響力使我們有機會以無與倫比的規模和深度提供服務。

Thanks.

謝謝。

Now here's Andy.

現在是安迪。

Thanks, Mark and Trevor, and hello, everyone, on the call.

謝謝馬克和特雷弗，大家好。

In the first quarter of fiscal year '18, we delivered revenue and profitability in line with the expectations that we set for ourselves 90 days ago despite an increasingly dynamic environment in the U.S. However, more important than our financial results in any individual quarter are the actions we are taking to accelerate our Consumer Direct Offense and how those actions are igniting NIKE's next horizon of long-term growth.

儘管美國的環境日益活躍，但在 18 財年第一季度，我們的收入和盈利能力符合我們 90 天前為自己設定的預期。消費者直接進攻而採取的行動，以及這些行動如何點燃耐吉下一個長期的成長視野。

First, the Consumer Direct Offense is fueling strong momentum in our international geographies, which, as Mark noted, now represent over 55% of our total revenue.

首先，消費者直接進攻正在推動我們國際地區的強勁發展勢頭，正如馬克指出的那樣，目前該地區占我們總收入的 55% 以上。

In many of our developing markets, current marketplace structures are well suited to NIKE serving consumers more personally at scale through our new offense.

在我們的許多發展中市場，目前的市場結構非常適合耐吉透過我們的新攻勢為消費者提供更個人化的服務。

China is the best example.

中國就是最好的例子。

Today, over 90% of our business in China is already transacted through NIKE-branded experiences, digital and physical, both owned and operated through partners.

如今，我們在中國超過 90% 的業務已經透過耐吉品牌體驗（數位和實體體驗）進行，這些體驗均由合作夥伴擁有和營運。

We're also leveraging close to market manufacturing to enable our Express Lane in China and in other markets across Asia.

我們也利用貼近市場的製造方式來實現我們在中國和亞洲其他市場的快速通道。

That is a tremendous platform upon which to accelerate both our speed and our NIKE Direct initiatives.

這是一個巨大的平台，可以加快我們的速度和 NIKE Direct 計劃。

In many of our international markets, we are executing this new offense with tailwinds from strong growth in consumer spending, an emerging middle class and increasing participation in sport.

在我們的許多國際市場中，我們正在實施這項新的進攻，得益於消費者支出的強勁成長、新興的中產階級和體育參與度的提高。

While the current platform in a market like China is a great foundation, we nonetheless see tremendous opportunity to accelerate growth by expanding the reach of NIKE-branded experiences across key cities and, increasingly, leveraging digital to better serve consumers across all touch points.

雖然像中國這樣的市場目前的平台已經奠定了良好的基礎，但我們仍然看到了巨大的機會，可以透過擴大耐吉品牌體驗在主要城市的影響力來加速成長，並越來越多地利用數位技術更好地服務所有接觸點的消費者。

As Trevor highlighted, in Q1, we launched new digital platforms across many of our international markets, including a curated Jordan flagship experience on Tmall, which is China's largest digital commerce platform, and the launch of our SNKRS app in 19 new countries across EMEA.

正如Trevor 所強調的那樣，第一季度，我們在許多國際市場推出了新的數位平台，包括在中國最大的數位商務平台天貓上精心策劃的Jordan 旗艦體驗，以及在歐洲、中東和非洲19 個新國家推出了我們的SNKRS 應用程式。

Initiatives such as these powered NIKE.com growth of over 40% across our international geographies in Q1.

諸如此類的措施推動 NIKE.com 在第一季的國際地區成長了 40% 以上。

Second, over the past 90 days, it has become increasingly evident to all that the North America marketplace is undergoing significant transformation.

其次，在過去的90天裡，越來越明顯的是，北美市場正經歷重大轉變。

Several quarters ago, we said that the U.S. retail landscape was not in a steady state but rather, would continue to be disrupted by the accelerating consumer shift to digital and more personal brand experiences.

幾個季度前，我們曾表示，美國零售業格局並未處於穩定狀態，而是將繼續因消費者加速轉向數位化和更個人化的品牌體驗而受到擾亂。

We anticipated those shifts, and that served as the foundation for our 2X Direct strategy.

我們預見了這些轉變，這也是我們 2X Direct 策略的基礎。

That said, those shifts are now profoundly impacting the more undifferentiated dimensions of retail, resulting in store closures, bankruptcies and a promotional environment in the short term.

也就是說，這些轉變現在正在深刻影響零售業更無差異化的維度，導致短期內商店關閉、破產和促銷環境。

Amidst this unprecedented disruption in U.S. retail, we have maintained to slightly increased our market share in the U.S. in aggregate across our NIKE Direct and wholesale businesses.

在美國零售業遭受前所未有的破壞的情況下，我們的耐吉直營和批發業務在美國的市場份額總體保持小幅增長。

Nonetheless, we are currently acting on category-specific opportunities to even better serve consumers.

儘管如此，我們目前正在針對特定類別的機會採取行動，以更好地服務消費者。

For example, as Trevor noted, in Q1, we created strong consumer demand at a premium price point with the new Air VaporMax platform that crosses over from Running to Sportswear.

例如，正如 Trevor 指出的那樣，在第一季度，我們透過涵蓋跑步服和運動服的全新 Air VaporMax 平台，以高價位創造了強勁的消費者需求。

We will continue attacking those opportunities with the launch and scaling of new innovative products over the balance of the year.

我們將在今年剩餘的時間裡繼續抓住這些機會，推出並擴展新的創新產品。

And we're transforming the retail landscape to grow the market and create even further separation long term.

我們正在改變零售格局，以擴大市場並創造進一步的長期分離。

In our NIKE Direct businesses, growth continues to far outpace the broader marketplace as we leverage digital to enhance the consumer experience.

在我們的 NIKE Direct 業務中，隨著我們利用數位技術增強消費者體驗，其成長速度繼續遠遠超過更廣泛的市場。

We look forward to sharing greater insight into our vision for the future of the North America marketplace and how we are executing against that vision at our Investor Day in October.

我們期待在 10 月的投資者日分享我們對北美市場未來願景的更深入見解，以及我們如何執行這一願景。

Third, the Consumer Direct Offense is driving a more sharply focused investment agenda at NIKE.

第三，消費者直接進攻正在推動耐吉的投資議程更加集中。

In Q1, we realigned our organization against this new offense and began accelerating the strategic investments required to deliver on our vision.

在第一季度，我們針對這項新的進攻重新調整了我們的組織，並開始加速實現我們的願景所需的策略投資。

We continue to increase investment in product innovation, and to enhance our speed, we're investing in the Express Lane and new demand and supply management capabilities.

我們持續增加對產品創新的投資，為了提高速度，我們正在投資快速通道和新的需求和供應管理能力。

Finally, as we target doubling our direct connection to consumers, we're ramping up investment in digital capabilities ranging from data science and analytics to machine learning to augmented reality to image recognition and personalization.

最後，當我們的目標是將與消費者的直接聯繫增加一倍時，我們正在增加對數位能力的投資，從數據科學和分析到機器學習，從擴增實境到影像辨識和個人化。

We will continue to use our unrivaled resources to ensure that NIKE is built to win now and for the long term.

我們將繼續利用我們無與倫比的資源，確保耐吉能夠贏得現在和長期的勝利。

Now let's discuss our first quarter results.

現在讓我們討論一下第一季的業績。

NIKE, Inc.

耐吉公司

Q1 revenue was flat on a reported and constant currency basis as strong momentum in our international geographies and in our NIKE Direct businesses globally was offset by a decline in North America wholesale revenue.

按報告和固定匯率計算，第一季營收持平，因為我們的國際地區和全球 NIKE Direct 業務的強勁勢頭被北美批發收入的下降所抵消。

First quarter diluted EPS decreased 22% to $0.57, driven by planned gross margin contraction and a higher effective tax rate, which were partially offset by slight SG&A leverage and a lower average share count.

第一季攤薄後每股收益下降 22%，至 0.57 美元，原因是計劃中的毛利率收縮和有效稅率提高，但 SG&A 槓桿率下降和平均股數減少部分抵消了這一影響。

Gross margin contracted 180 basis points in Q1, primarily driven by 130 basis points of foreign exchange headwinds and to a lesser extent, a higher mix of off-price sales.

第一季毛利率收縮了 180 個基點，主要是受到 130 個基點的外匯不利因素以及較小程度的折扣銷售組合的推動。

Those factors were partially offset by lower product costs.

這些因素被較低的產品成本部分抵消。

Total SG&A was down 1% in Q1 due primarily to an 18% decline in demand creation, driven by prior year investment around key global sporting events as well as phasing of demand creation spend in fiscal year '18.

第一季銷售管理費用總額下降了 1%，主要是由於上一年圍繞全球主要體育賽事的投資以及 18 財年分階段的需求創造支出推動的需求創造下降了 18%。

The decline in demand creation was mostly offset by an increase in operating overhead due to costs associated with realigning our organization against the Consumer Direct Offense and continued strategic investments to fuel growth, including investment in mobile to expand our NIKE and SNKRS apps globally.

需求創造的下降大部分被營運管理費用的增加所抵消，這是由於針對消費者直接進攻而調整我們的組織以及為推動成長而持續進行的策略性投資（包括對行動裝置的投資以在全球範圍內擴展我們的NIKE 和SNKRS 應用程式）相關的成本。

The effective tax rate was 11.4% in Q1 compared to 2.5% for the same period last year, reflecting the tax benefit of stock-based compensation in the current period under the new accounting standard as well as a onetime benefit related to the resolution with the IRS of a foreign tax credit matter in the prior year.

第一季度實際稅率為11.4%，上年同期為2.5%，反映了新會計準則下本期股權激勵的稅收優惠以及與股東大會決議相關的一次性效益。稅收抵免事宜。

As of August 31, inventories were up 6%, driven by a higher average cost per unit primarily due to product mix and to a lesser extent, changes in foreign currency exchange rates and growth in our NIKE Direct businesses.

截至 8 月 31 日，庫存增長了 6%，主要是由於產品組合以及外匯匯率變化和 NIKE Direct 業務增長導致單位平均成本上升。

Now let's discuss the financial performance for a few of our operating segments.

現在讓我們討論一下我們幾個營運部門的財務表現。

In the first quarter, North America revenue declined 3% on both a reported and currency-neutral basis, in line with the expectations we shared last quarter.

第一季度，北美地區的營收在報告和匯率中立的基礎上均下降了 3%，這與我們上季度的預期一致。

The decrease in revenue was a function of short-term promotional headwinds in the broader marketplace, which were partially offset by continued growth in our NIKE Direct businesses.

收入下降是由於更廣泛市場的短期促銷阻力造成的，但我們的 NIKE Direct 業務的持續成長部分抵消了這種阻力。

EBIT was flat to prior year as a short-term contraction in gross margin was offset by lower demand creation expense primarily as a result of prior year comparisons.

息稅前利潤與上年持平，因為毛利率的短期收縮被需求創造費用的降低所抵消，這主要是與去年比較造成的。

And inventories for the quarter were down 2% compared to prior year as we continue to manage supply and demand tightly.

由於我們繼續嚴格管理供需，本季的庫存比去年同期下降了 2%。

In the short to medium term, we will prudently manage risk as we focus on accelerating a shift in the composition of the market to experiences that consumers are increasingly telling us that they love, those being digitally enabled experiences that bring together the best of NIKE's brand, product and services.

從短期到中期來看，我們將謹慎管理風險，因為我們專注於加速市場構成向消費者越來越多地告訴我們他們喜歡的體驗的轉變，這些體驗是數位化的體驗，匯集了耐吉品牌的精華、產品和服務。

For NIKE, that begins with NIKE.com, mobile experiences such as our NIKE and SNKRS apps and NIKE-owned stores.

對於 NIKE 來說，這始於 NIKE.com、行動體驗，例如我們的 NIKE 和 SNKRS 應用程式以及 NIKE 自營商店。

Our 2X Direct strategy will extend into the broader marketplace through new experiences that we're creating with strategic partners such as Foot Locker and DICK'S Sporting Goods that will bring the NIKE Brand closer to our consumer.

我們的 2X Direct 策略將透過我們與 Foot Locker 和 DICK'S Sporting Goods 等策略合作夥伴共同創造的新體驗擴展到更廣闊的市場，從而拉近 NIKE 品牌與消費者的距離。

Turning to EMEA.

轉向歐洲、中東和非洲地區。

Q1 revenue was up 5% on a currency-neutral basis, driven by growth in footwear and apparel and all key categories.

在鞋類和服裝以及所有關鍵類別成長的推動下，第一季營收在匯率中立的基礎上成長了 5%。

We saw high double-digit growth in the U.K. marketplace and our NIKE Direct businesses, including double-digit comp growth.

我們看到英國市場和 NIKE Direct 業務實現了兩位數的高成長，包括兩位數的年成長。

Normalizing for the comparison against prior year events and the impact of a cyber-attack on one of our European logistics providers, currency-neutral revenue growth would have been more in line with recent quarterly trends.

與去年的事件以及網路攻擊對我們的一家歐洲物流提供者的影響進行正常化相比，貨幣中性的收入成長將更符合最近的季度趨勢。

On a reported basis, Q1 revenue increased 4% and EBIT declined 7% primarily driven by the impact of transactional FX headwinds on gross margin.

根據報告，第一季營收成長 4%，息稅前利潤下降 7%，這主要是由於交易外匯不利因素對毛利率的影響。

In Greater China, we delivered 12% currency-neutral revenue growth with double-digit growth across both footwear and apparel and fueled by our NIKE Direct businesses.

在大中華區，在 NIKE Direct 業務的推動下，我們實現了 12%（匯率中性）收入成長，鞋類和服裝業務均實現兩位數成長。

We also continue to see strong growth in our NIKE-branded experiences with partners and in nearly all key categories.

我們也繼續看到我們與合作夥伴以及幾乎所有關鍵類別的耐吉品牌體驗的強勁成長。

Again, we see continued momentum in China over the balance of fiscal year '18 as well as a tremendous opportunity to deliver long-term growth through our new offense.

我們再次看到中國在 18 財年剩餘時間裡的持續成長勢頭，以及透過我們的新業務實現長期成長的巨大機會。

On a reported basis, Q1 revenue grew 9% and EBIT expanded 6% as strong revenue growth was slightly offset by lower gross margin primarily due to significant transactional FX headwinds.

根據報告，第一季營收成長 9%，息稅前利潤成長 6%，強勁的營收成長被主要由於交易外匯不利因素導致的毛利率下降略有抵銷。

Revenue in our APLA geography, which essentially combines our former emerging markets and Japan geographies, grew 6% on a currency-neutral basis.

我們的 APLA 地區（基本上結合了我們以前的新興市場和日本地區）的收入在貨幣中性的基礎上增長了 6%。

We recorded multidimensional growth across footwear and apparel, NIKE Direct and wholesale, all key categories and most territories.

我們在鞋類和服裝、耐吉直營和批發、所有關鍵類別和大多數地區實現了多維增長。

On a reported basis, Q1 revenue increased 5% and EBIT increased 24%, driven by revenue growth and lower demand creation following significant investments in the prior year against the Olympics in Brazil.

根據報告，第一季營收成長 5%，息稅前利潤 (EBIT) 成長 24%，這主要得益於營收成長和去年因巴西奧運而進行的大量投資導致的需求下降。

And finally, Converse revenue declined 16% on both a reported and currency-neutral basis as high double-digit growth in China was more than offset by a purposeful tightening of supply in North America.

最後，Converse 的營收在報告和匯率中立的基礎上均下降了 16%，因為中國兩位數的高成長被北美有目的地收緊供應所抵消。

EBIT decreased 42%, driven by declining revenue, gross margin contraction from higher closeout in North America and SG&A leverage.

息稅前利潤下降 42%，原因是收入下降、北美清倉率上升導致毛利率收縮以及 SG&A 槓桿。

I'll now move on to our outlook.

現在我將談談我們的展望。

Looking ahead, our overall outlook is generally in line with the guidance that we provided 90 days ago.

展望未來，我們的整體前景與我們 90 天前提供的指引基本一致。

We see continued strong momentum in our international geographies, and we now expect slightly lesser headwinds from foreign exchange, net of hedging.

我們看到國際地區的持續強勁勢頭，我們現在預計，扣除對沖後，外匯帶來的阻力將略有減少。

We believe there will be short-term headwinds within the U.S. retail landscape that will dampen growth.

我們認為，美國零售業將面臨短期阻力，進而抑製成長。

NIKE's primary measure of success in North America in the near term will be driving growth in our NIKE Direct businesses and through new NIKE consumer experiences with our strategic partners.

耐吉近期在北美取得成功的主要衡量標準將是推動我們的 NIKE Direct 業務的成長，以及透過與我們的策略合作夥伴合作的全新 NIKE 消費者體驗。

As for specific guidance, for Q2, we expect reported revenue growth in the low single-digit range with contraction in our North America geography and Converse to be more than offset by strong international growth.

至於第二季的具體指引，我們預計報告的營收成長將在較低的個位數範圍內，北美地區和匡威的萎縮將被強勁的國際成長所抵銷。

For the full year, we continue to expect reported revenue growth in the mid-single-digit range.

就全年而言，我們繼續預計報告的收入成長將在中個位數範圍內。

In Q2, we expect gross margin to contract at approximately the same rate we saw in Q1 with FX continuing to be the single largest driver.

在第二季度，我們預計毛利率將以與第一季大致相同的速度收縮，而外匯仍然是最大的推動因素。

For the full year, we now believe the challenging dynamics in the U.S. retail landscape could result in our gross margin contracting between 50 and 100 basis points versus prior year.

就全年而言，我們現在認為美國零售業面臨的挑戰動態可能導致我們的毛利率較上年收縮 50 至 100 個基點。

For total SG&A, we expect Q2 to grow low double digits.

對於銷售管理費用總額，我們預計第二季將實現低兩位數成長。

For the full year, we continue to expect SG&A growth in the mid-single-digit range.

就全年而言，我們繼續預期 SG&A 成長在中個位數範圍內。

We will continue to manage operating overhead prudently while remaining on the offense, investing to: one, drive brand heat and distinction; two, amplify our launch of new innovative products; and three, build the capabilities required to enable speed and direct connections to consumers.

我們將繼續謹慎管理營運費用，同時保持進攻性，投資於：第一，提高品牌熱度和知名度；二是加大創新產品推出力道；第三，建構實現與消費者的快速和直接連接所需的功能。

We expect other income and expense, net of interest expense, to be approximately $30 million to $40 million in expense in Q2 and $80 million in expense for the full year.

我們預計第二季的其他收入和支出（扣除利息支出）約為 3,000 萬至 4,000 萬美元，全年支出約為 8,000 萬美元。

And finally, we now expect our effective tax rate will be between approximately 15% and 17% for the full year.

最後，我們現在預計全年的有效稅率將在約 15% 至 17% 之間。

We have operated in dynamic circumstances before, and in every instance, being on the offense and consumer focused has served us well.

我們以前曾在動態​​環境中運營過，在每一次情況下，主動進攻和以消費者為中心都對我們很有幫助。

Our organization is now realigned against our new Consumer Direct Offense, and we're all energized by the opportunity to ignite yet another horizon of strong, sustainable growth at NIKE.

我們的組織現在針對新的消費者直接進攻進行了重新調整，我們都因有機會點燃耐吉的另一個強勁、可持續增長的前景而充滿活力。

We look forward to sharing deeper perspectives into our vision and long-term growth strategy at our Investor Day next month.

我們期待在下個月的投資者日分享我們對願景和長​​期成長策略的更深入的看法。

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

至此，我們現在開始提問。

(Operator Instructions) Your first question is from Bob Drbul from Guggenheim.

（操作員說明）您的第一個問題來自古根漢的 Bob Drbul。

I guess, the question that I had just to start is, when you look at the -- like just the revenue expectation for the remainder of the year, what's giving you guys the confidence in the acceleration throughout the next few quarters to get to that mid-single-digit full year reported revenue growth projection for this year?

我想，我剛開始的問題是，當你看看今年剩餘時間的收入預期時，是什麼讓你們對未來幾個季度的加速實現這一目標充滿信心今年全年報告收入增長預測為中個位數？

Well, I'm going to jump in first here.

好吧，我要先跳到這裡。

First of all, I think it's the product that we've got in the pipeline, what's coming.

首先，我認為這是我們正在醞釀中的產品，即將推出的產品。

I mean, bottom line is consumer votes through the innovation and the product that we create, and I'm very bullish -- we're very bullish on what's coming down the pipeline.

我的意思是，底線是消費者透過我們創造的創新和產品進行投票，我非常看好——我們非常看好即將推出的產品。

So we think that'll give us opportunity, obviously, for -- to reenergize some of the growth here in the U.S. market, North America, as well as continue to drive some of the success and momentum that we're seeing internationally.

因此，我們認為這顯然會給我們機會，重新激發美國市場和北美的一些成長，並繼續推動我們在國際上看到的一些成功和動力。

I think there's a lot of good brand energy moments also in the works, and when you boil it down, having energy around products and the brand is the foundation.

我認為還有很多良好的品牌能量時刻正在醞釀中，當你把它歸結起來時，圍繞著產品和品牌的能量是基礎。

The obsession we have with the consumer with this new offense that we have in play, I think you'll see that come to light in some new and quite dramatic ways.

我們對消費者對我們正在實施的這種新進攻方式的痴迷，我想你會看到它以一些新的、相當戲劇性的方式顯現出來。

Yes.

是的。

And Bob, I'll just add that, as I mentioned, we continue to expect mid-single-digit reported revenue growth for the full year, and the 3 primary drivers of that are: continued very strong international momentum; two, we see strong growth and some acceleration in our NIKE Direct businesses; and at the same time, we are seeing a bit of a favorable impact on our real dollar growth from the recent dollar weakening.

鮑勃，我只想補充一點，正如我所提到的，我們仍然預計全年報告收入將實現中個位數增長，其 3 個主要驅動因素是：持續非常強勁的國際勢頭；第二，我們看到 NIKE Direct 業務的強勁成長與加速；同時，我們看到近期美元疲軟對我們的實際美元成長產生了一些有利的影響。

Got it.

知道了。

You talked about North American -- your North American inventories down 2%.

您談到了北美——您的北美庫存下降了 2%。

On the Jordan business, can you break that out for us?

關於喬丹的事情，你能為我們解釋一下嗎？

And can you just talk about where you think inventories are at the retail partners that you have product at?

您能否談談您認為擁有產品的零售合作夥伴的庫存情況？

Yes.

是的。

I'll certainly talk about the Jordan Brand and maybe just give some context there.

我當然會談論喬丹品牌，也許只是提供一些背景資訊。

One thing -- I think the Jordan Brand has been incredibly strong over so many years, and it's certainly been the leading edge of performance, street style and culture.

一件事——我認為喬丹品牌多年來一直非常強大，而且它無疑在性能、街頭風格和文化方面處於領先地位。

And it's really inspiring consumers all over the world to really have -- covet those premium products.

這確實激勵了世界各地的消費者真正渴望擁有這些優質產品。

What we're seeing is we're seeing this clear growth in China, which is exceeding 30% as we connect to a new generation of consumers there.

我們看到的是，隨著我們與那裡的新一代消費者建立聯繫，我們在中國看到了明顯的成長，成長超過 30%。

And at the same time, in North America, we're certainly going to continue to manage the cadence of launches while bringing some fresher stories into the marketplace.

同時，在北美，我們肯定會繼續管理發布節奏，同時將一些新鮮的故事帶入市場。

And this is where we're going to really be managing the balance between scarcity and scale at the same time.

這就是我們真正要同時管理稀缺性和規模之間的平衡的地方。

So we're taking all the right steps to make sure that Jordan remains a special and coveted brand, and I'm confident with the areas that we're -- that what we're doing.

因此，我們正在採取一切正確的措施，以確保喬丹仍然是一個特殊且令人垂涎的品牌，我對我們正在做的領域充滿信心。

What I'm most excited about with the Jordan Brand is how strong the brand is with consumers.

我對 Jordan 品牌最興奮的是品牌在消費者中的影響力。

And it continues to be a great driver of energy, and we're seeing some great product lineups coming through.

它仍然是能源的巨大推動力，我們看到一些出色的產品陣容不斷湧現。

And with the Jordan XXXII that's coming through, the Jordan 1 Flyknit and the upcoming footwear, we continue to be really excited.

隨著 Jordan XXXII、Jordan 1 Flyknit 和即將推出的鞋款的面世，我們仍然感到非常興奮。

So a lot more is coming there, and hopefully, that gives you good context of where the Jordan is.

因此，還有更多內容即將推出，希望這能為您提供有關 Jordan 所在位置的良好背景資訊。

And Bob, I'll just add on inventory, globally, we're very pleased with our positioning.

鮑勃，我只是在全球範圍內增加庫存，我們對我們的定位非常滿意。

There are differing dynamics across each region of course.

當然，每個地區都有不同的動態。

In the U.S., we have been vigilant and will remain vigilant managing supply and demand, and as you noted, that led to a decline of 2% in inventories.

在美國，我們一直保持警惕，並將繼續保持警惕管理供需，正如您所指出的，這導致庫存下降了 2%。

Frankly, that is, in part, driven by our anticipation of some of this disruption in the retail marketplace, which, again, we began to note several quarters ago and managed prudently as a result.

坦白說，這在一定程度上是由於我們對零售市場的一些混亂的預期所驅動的，我們在幾個季度前再次開始注意到這一點，並因此進行了謹慎的管理。

But we, again, are very pleased with the inventory position that we have in North America.

但我們再次對北美的庫存狀況感到非常滿意。

Got it.

知道了。

If I could just ask one more quick one.

如果我能再快點問一個就好了。

With all the focus on the NBA, can you talk a little bit about if you're more excited to have Kyrie in Boston or have Carmelo in OKC with Russell and Paul George?

既然大家都把注意力集中在 NBA 上，你能談談你是對凱裡在波士頓更興奮，還是對卡梅隆在雷霆與拉塞爾和保羅喬治一起更興奮嗎？

Bob, you know I'm from Cleveland, so I'm going to miss Kryie.

鮑勃，你知道我來自克利夫蘭，所以我會想念克里。

All right.

好的。

Thanks, Bob.

謝謝，鮑伯。

Your next question is from Lindsay Drucker Mann from Goldman Sachs.

您的下一個問題來自高盛的 Lindsay Drucker Mann。

I was hoping to ask my first question on North America.

我希望問關於北美的第一個問題。

Andy, last quarter, your guidance, you talked about North America being down slight for the first half of the year with an improving cadence to finish off the year up.

安迪，上個季度，您的指導中，您談到北美地區今年上半年略有下降，但今年結束時的節奏有所改善。

Could you talk about how your -- in light of the industry disruptions you talked about and your new perspective on the North American market, how we should be thinking about the cadence for North America in Q2 and exiting the year?

您能否談談您的——鑑於您談到的行業顛覆以及您對北美市場的新視角，我們應該如何考慮北美第二季和今年退出的節奏？

Sure.

當然。

We do anticipate continued marketplace disruption in North America.

我們確實預期北美市場將持續混亂。

And so in the short term, there are implications of that disruption that will likely be beyond our control, for instance, how certain retailers may be responding to some of these challenges, door closures and the precise timing of those potential discontinuities.

因此，在短期內，這種中斷的影響可能超出我們的控制範圍，例如，某些零售商可能如何應對其中一些挑戰、關閉以及這些潛在中斷的確切時間。

That said, over the course of this year, you're going to see us embracing, as we have been, and accelerating the shifts in the marketplace because our focus has been and always will be on responding to what we're seeing from the consumer.

也就是說，在今年的過程中，您將看到我們像過去一樣擁抱並加速市場的轉變，因為我們的重點一直是並將始終是對我們從市場中看到的情況做出回應消費者。

We see the consumer shifting to digital and to deeper brand connections, and we believe that's a tremendous growth opportunity over the medium to longer term and actually will fuel some of our growth in the short term.

我們看到消費者轉向數位化和更深層的品牌聯繫，我們相信，從中長期來看，這是一個巨大的成長機會，實際上將在短期內推動我們的部分成長。

So our measure of success in North America in fiscal year '18 will primarily center around accelerating our Direct to Consumer businesses and also accelerating the work that we're doing with our strategic partners to reshape the broader marketplace.

因此，我們在 18 財年衡量北美地區成功的標準將主要集中在加速我們的直接面向消費者業務，以及加快我們與戰略合作夥伴一起重塑更廣闊市場的工作。

But given all of these dynamics, just 1 quarter into the year, it's unclear, and I wouldn't say precisely where North America will land for the full fiscal year.

但考慮到所有這些動態，今年才剛開始一個季度，目前還不清楚，我也不會準確地說北美在整個財年將處於什麼位置。

Yes.

是的。

And I'll just maybe add that one area that we know that we're very confident about is that it really all starts and ends with great product.

我可能會補充一點，我們知道我們非常有信心的一個領域是，這一切實際上都是以出色的產品開始和結束的。

And we continue to feel great about the product launches that are coming up and the brand energy that we create around that.

我們繼續對即將推出的產品以及我們圍繞這些產品創造的品牌能量感到滿意。

So we're really focused on scaling those innovations that we've currently seeded, whether that's the Air VaporMax or the ZoomX and React, which clearly has other opportunities across other categories.

因此，我們真正專注於擴展我們目前已經播種的創新，無論是 Air VaporMax 還是 ZoomX 和 React，它們顯然在其他類別中還有其他機會。

We're also going to continue to elevate the brand, to bring the brand at a higher level, so the consumers will absolutely feel the impact of our brand for the remainder of the year.

我們也將持續提升品牌，將品牌提升到更高的水平，讓消費者在今年剩下的時間裡絕對能感受到我們品牌的影響力。

So you're going to see that kind of come through pretty strong.

所以你會看到這種情況非常強烈。

The other area, I'd say, is that we are going to continue to sort of attack in-season opportunities using our Express Lane.

我想說的另一個方面是，我們將繼續利用我們的快捷通道來進攻賽季中的機會。

And that's why we've been focused to create that capability so that we can respond with great items like the Air Force 1 or the VaporMax and even on the apparel side.

這就是為什麼我們一直致力於創造這種能力，以便我們能夠以 Air Force 1 或 VaporMax 甚至服裝方面的出色產品做出回應。

So while it might not be as easy for you to see all the momentum that's in the marketplace, I can certainly say, when you dive in deeper, we can see the momentum when you really -- when we really focus on that direct connection that we have with consumers, whether that's in our direct retail or when you're coming to one of our partners.

因此，雖然您可能不太容易看到市場上的所有動力，但我可以肯定地說，當您深入研究時，我們可以看到這種動力，當您真正 - 當我們真正關注與無論是在我們的直接零售中還是當您來到我們的合作夥伴之一時，我們都會與消費者建立聯繫。

So that's how we have, let's say, a better read on the underlying momentum that's actually going on in North America.

可以說，這就是我們如何更好地了解北美實際發生的潛在勢頭的方式。

Got it.

知道了。

But to clarify, is there any -- as you think about sort of 2Q for North America, are you looking for it to be consistent with what we saw in 1Q, better or worse as far as revenue goes?

但需要澄清的是，當您考慮北美第二季度的情況時，您是否希望它與我們在第一季看到的情況一致，就收入而言是好還是壞？

Yes.

是的。

We -- as we said on the last call, Lindsay, we expect -- we expected and we continue to expect a slight contraction in the first part of the year.

正如我們在上次電話會議上所說的，林賽，我們預計——我們預計並將繼續預計今年上半年會出現小幅收縮。

As Trevor noted, we have some things in store from a product innovation and from a marketplace perspective with our Direct to Consumer businesses and with our partners who are increasingly coming to us to help them also reshape the consumer experience, recognizing our deep connection as a brand and leadership position with consumers.

正如特雷弗所指出的那樣，我們從產品創新和市場角度來看，與我們的直接面向消費者業務以及越來越多的合作夥伴一起準備了一些東西，這些合作夥伴越來越多地來找我們幫助他們重塑消費者體驗，並認識到我們與消費者的深刻連結。

So we'll update you on the outlook over the balance of the year.

因此，我們將向您通報今年剩餘時間的最新展望。

But again, as I said, it's a little early in the year to be overly precise about where North America will land based on some of the dynamics.

但正如我所說，今年根據一些動態來過於準確地判斷北美將在哪裡著陸還為時過早。

Okay, got it.

好，知道了。

And then my second question is just on -- you guys have talked about the significance of keeping the in-line channel clean, and I think Amazon marketplace makes that challenging because of a lot of 3P products from unlicensed dealers ends up there -- can end up there on markdown.

然後我的第二個問題是- 你們已經談到了保持在線渠道清潔的重要性，我認為亞馬遜市場使這一點變得具有挑戰性，因為來自未經許可的經銷商的許多3P 產品最終都在那裡- 可以最終以降價方式結束。

Do you expect your new partnership with Amazon will allow you to manage the visibility of unlicensed product on Marketplace?

您是否期望與亞馬遜的新合作夥伴關係能夠讓您管理未經許可的產品在 Marketplace 上的可見性？

Well, I'm not going to go into that level of detail at this stage.

嗯，現階段我不打算討論這個細節。

I will say that a pilot that we've been running with Amazon is still in the early stages, and what we've seen so far, it's progressing actually quite well.

我想說的是，我們與亞馬遜一起進行的試點仍處於早期階段，到目前為止，我們所看到的進展實際上相當順利。

Excited about the possibilities going forward.

對未來的可能性感到興奮。

We've proven, I think, through our ability to create some real great success with other consumer-oriented digital partners like Tmall and Zalando, that there is a real opportunity here, and we're excited about where that can go with Amazon.

我認為，透過我們與天貓和 Zalando 等其他面向消費者的數位合作夥伴創造一些真正巨大成功的能力，我們已經證明這裡存在真正的機會，我們對亞馬遜的發展感到興奮。

It's still early yet.

現在還早。

Not much more I can share with you today, but I look forward to, as Andy said on another topic, to sharing more at the investor meeting and as the pilot progresses.

今天我能與大家分享的內容不多，但正如安迪在另一個主題上所說，我期待在投資者會議上以及隨著試點的進展分享更多內容。

Your next question is from Omar Saad from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Omar Saad。

I wanted to follow up on some of Mark's, I thought, kind of interesting comments about -- around retail and the need to change and embrace change, and you alluded to some new commerce partners doing some innovation -- innovative things there.

我想跟進馬克的一些有趣的評論，我想，圍繞零售業以及改變和擁抱改變的需要，你提到了一些新的商業合作夥伴在那裡做了一些創新——創新的事情。

Maybe you can expand on that and kind of -- to some extent, without pointing fingers, talk about how you expect the landscape to change and what NIKE's role will be in the coming years.

也許你可以對此進行擴展，在某種程度上，不要相互指責，談論你期望情況如何變化以及耐吉在未來幾年將扮演什麼角色。

Well, first of all, I think it's important to distinguish between some of the near-term dynamics as compared to the longer-term shifts in consumer preferences.

首先，我認為區分消費者偏好的一些近期動態和長期變化非常重要。

The good news from a backdrop standpoint is that consumers, I think, are really increasingly passionate about leading an active healthy lifestyle.

從背景的角度來看，好消息是，我認為消費者確實越來越熱衷於積極健康的生活方式。

And that's obviously in North America but around the world.

這顯然是在北美，但在全世界都是如此。

And I think the rise of digital, mobile and social, that's amplifying the influence of sport on culture.

我認為數位、行動和社交的興起正在放大體育對文化的影響。

So that's all good news, and that continues to be the case.

所以這都是好消息，而且情況仍然如此。

There's always that shift that takes place back and forth naturally between sportswear and the performance side of the business, and we're seeing a real symbiotic relationship between those 2 sides and trying to take advantage of that as best we can.

運動服裝和業務表現方面總是自然地發生著這種轉變，我們看到這兩者之間存在著真正的共生關係，並試圖盡最大努力利用這一點。

And then there's the shift with the market landscape, and the digital influence is obviously having a profound effect on what that landscape looks like.

然後是市場格局的轉變，數位化的影響顯然對市場格局產生了深遠的影響。

We are, with the new offense, are trying to accelerate that change, not to catch up but to move ahead of the consumer.

透過新的進攻，我們正在努力加速這項變化，不是為了趕上消費者，而是為了走在消費者前面。

And we realize that a really important ingredient there is the partnerships that we create.

我們意識到，一個非常重要的因素是我們建立的合作關係。

We mentioned Tmall in China and Zalando in Europe.

我們提到了中國的天貓和歐洲的 Zalando。

And Amazon is a possibility here, but there's many others as well.

亞馬遜是一個可能，但還有很多其他的。

The wholesale partners we have had are making the shift as well to the emphasis on digital as part of their retail profile.

我們的批發合作夥伴也正在轉變，將數位化作為其零售形象的一部分。

And NIKE Direct, through our own efforts, is becoming a bigger, more important part of our overall profile.

透過我們自己的努力，NIKE Direct 正在成為我們整體形像中更大、更重要的一部分。

And I think that's going to continue.

我認為這種情況將會持續下去。

We are, with this new offense, experimenting with a lot of new ideas at a small scale and looking at taking those ideas to scale as part of this new offense.

對於這個新的進攻，我們正在小規模地試驗許多新想法，並考慮將這些想法擴大規模，作為這個新進攻的一部分。

And that's creating a lot of energy and excitement within the company.

這在公司內部創造了大量的活力和興奮。

And honestly, I'd say that's newer for NIKE, to be pushing as aggressively as we are with experimenting with those concepts ourselves and then with partners, who are definitely wired in the same way.

老實說，我想說這對耐吉來說是新的，像我們一樣積極地推動自己嘗試這些概念，然後與合作夥伴一起嘗試，他們肯定以同樣的方式連接。

And Omar, I'd -- to add maybe a few examples.

奧馬爾，我想補充一些例子。

Since we announced the strategy, a number of the examples of what Mark just spoke to we're expanding our SNKRS and Nike+ apps globally from North America to Europe and Asia; partnership with Nordstrom, a dedicated NIKE and Nordstrom page for women on their app and in-store experience; the pilot with Amazon that Mark mentioned; new sneaker boutique in London.

自從我們宣布該策略以來，Mark 剛才談到的一些例子中，我們正在將 SNKRS 和 Nike+ 應用程式擴展到全球範圍內，從北美擴展到歐洲和亞洲；與 Nordstrom 合作，這是專門針對女性的 NIKE 和 Nordstrom 頁面，介紹其應用程式和店內體驗；馬克提到的亞馬遜試點計畫；倫敦新開的運動鞋精品店。

And then looking ahead to our Investor Day without going into too much detail on this call, but we'll be sharing some new experiences relative to NIKE.com as well as membership experiences that we believe are very much in line with where the consumer's headed and will accelerate growth in North America but also beyond.

然後展望我們的投資者日，我們不會在這次電話會議上透露太多細節，但我們將分享一些與 NIKE.com 相關的新體驗以及我們認為非常符合消費者發展方向的會員體驗並將加速北美及其他地區的成長。

As well as some physical experiences that we think could create compelling environments at retail, both owned and with our strategic partners.

我們認為，一些實體體驗可以在零售業（無論是自有零售業還是與我們的策略夥伴）創造引人注目的環境。

So stay tuned maybe for a little bit more tangible insight into these themes at Investor Day.

因此，請繼續關注投資者日，以便對這些主題有更具體的了解。

Great.

偉大的。

And then one quick follow-up.

然後是快速跟進。

You made a comment around the lifestyle kind of footwear opportunity going deeper with -- a deeper selection within certain -- within the key styles.

您對生活方式類型的鞋類機會進行了評論，在某些關鍵款式中進行更深入的選擇。

Where are we on that curve?

我們在這條曲線上處於什麼位置？

It feels like that's a big opportunity for the brand given its heritage, and I'm not sure if it's expressing itself in the inventory that's at retail.

鑑於其傳統，這對該品牌來說是一個巨大的機會，而且我不確定它是否會在零售庫存中體現出來。

How should we think about that side of the business?

我們該如何考慮業務的這一方面？

You just -- you also just kind of mentioned that it's really getting more closely tied to the performance side as well.

您剛剛 - 您還提到它確實與性能方面的聯繫越來越緊密。

Yes.

是的。

There is a real, as I said, a kind of a symbiotic relationship between performance and sportswear.

正如我所說，性能和運動服裝之間確實存在著一種共生關係。

We don't look at it quite as black and white as 2 separate categories.

我們並不將其視為黑白分明的兩個獨立類別。

These are dimensions of the product that kind of intersect and overlap.

這些是產品的交叉和重疊尺寸。

One influences the other.

一個影響另一個。

I think it's clear that the consumer voting today is looking for authentic performance styles but in styles that are maybe less overtly athletic and more acceptable from a street standpoint.

我認為很明顯，今天的消費者投票正在尋找真正的性能風格，但從街頭的角度來看，這種風格可能不那麼明顯的運動性和更容易被接受。

And that doesn't mean that performance and innovation is any less important.

這並不意味著性能和創新不那麼重要。

In fact, it creates distinction for us in the Sportswear space.

事實上，它為我們在運動服裝領域創造了獨特之處。

And that's our -- a unique strength of NIKE is that we have that authenticity and performance that we can then translate and express on the Sportswear side of the business.

這就是我們的——耐吉的獨特優勢在於我們擁有真實性和性能，然後我們可以在運動服裝業務方面進行翻譯和表達。

And that's where consumers are focusing, and that's a major shift for us as well in how we -- even how we finish and how we detail our performance product.

這就是消費者關注的焦點，這對我們來說也是一個重大轉變，甚至是我們如何完成以及如何詳細介紹我們的高性能產品。

Yes.

是的。

I'd just add on -- certainly, I think a great example is the Air VaporMax, and I think what we have done with that is we focused more in on that particular style and we have constant variations of that product coming through.

我想補充一點——當然，我認為 Air VaporMax 就是一個很好的例子，我認為我們所做的就是我們更加關注那種特定的風格，並且我們不斷推出該產品的變化。

So that's what -- when we speak about the Edit to Amplify, that's what we mean, which is take a style, focus more, give the consumers more reasons to actually buy that product and certainly come in and give different consumers other dimensions that they can connect.

所以這就是——當我們談論「編輯放大」時，這就是我們的意思，即採取一種風格，更多地關注，給消費者更多的理由來真正購買該產品，並且肯定會進來並為不同的消費者提供他們所認為的其他維度。

So we're seeing that actually work really well.

所以我們看到這實際上效果很好。

So we're seeing that.

所以我們看到了這一點。

We know that on the Sportswear side, and we know it on the performance side.

我們在運動服方面知道這一點，在性能方面也知道這一點。

For us, as Mark said, it really plays on both styles.

對我們來說，正如馬克所說，它確實可以同時發揮兩種風格。

It's really about creating an amazing product and then dimensionalize it so that the consumer has more opportunities to connect with that.

這實際上是為了創造一個令人驚嘆的產品，然後將其維度化，以便消費者有更多機會與之聯繫。

And when we do that and we story tell it, we see it drive incredible demand in the marketplace.

當我們這樣做並講故事時，我們看到它推動了市場上令人難以置信的需求。

The next question is from Jim Duffy from Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

My question around the transition to the more Consumer Direct Offense.

我的問題是關於向消費者直接進攻的過渡。

Even as you push towards implementation of this strategy, we've seen Direct to Consumer and e-commerce growth rate slow some.

即使您推動實施此策略，我們也發現直接面向消費者和電子商務的成長率有所放緩。

Andy, I think you mentioned expectations for accelerating growth in Direct contemplated in the full year expectations.

安迪，我認為您提到了全年預期中預期的直接加速成長的預期。

Are there unique compares to call out in the first quarter?

第一季是否有獨特的比較？

And then can you give us a preview of some of the key drivers to reaccelerate growth as the year unfolds?

那麼您能否向我們介紹今年重新加速成長的一些關鍵驅動因素？

Yes.

是的。

I'll hit that first, and I would say that we continue to see strong growth in our digital business, and it was up 19% for the quarter.

我首先要說的是，我們的數位業務持續強勁成長，本季成長了 19%。

As we pointed out, the international piece of that was actually growing at a faster rate, and so that's what we are seeing.

正如我們所指出的，國際部分實際上正在以更快的速度成長，這就是我們所看到的。

We think there'll be continued expansion within the international business, so we'll continue to see that level of growth because we're expanding things like our SNKR apps to get to more consumers and more countries in the marketplace.

我們認為國際業務將持續擴張，因此我們將繼續看到這種成長水平，因為我們正在擴展 SNKR 應用程式等內容，以吸引更多消費者和市場上更多國家。

Domestically, one of the areas that we are focused on is allocating deeper assortments of our best products on our sites.

在國內，我們關注的領域之一是在我們的網站上分配更多種類的最佳產品。

So whether it's on NIKE.com or it's on the apps, we're going to drive a greater focus like we just spoke about on the key styles that we know that the consumers love.

因此，無論是在 NIKE.com 上還是在應用程式上，我們都將更加關注，就像我們剛才談到的，我們知道消費者喜歡的關鍵風格。

And so that's a clear focus.

所以這是一個明確的焦點。

When we speak about Edit to Amplify, we're going to apply that very directly to our own NIKE.com and on the apps.

當我們談論「編輯以放大」時，我們將直接將其應用到我們自己的 NIKE.com 和應用程式上。

In addition, we are working to make sure that we can have great data where we're leveraging and reading the marketplace at speed, at the consumer speed, so we can bring even some more great items through our Express Lane.

此外，我們正在努力確保我們能夠獲得大量數據，以消費者的速度快速利用和讀取市場，以便我們可以透過我們的 Express Lane 帶來更多優質商品。

And so as we look at it all in all, you're going to see much more about this at the Investor Day.

因此，當我們全面審視這一切時，您將在投資者日看到更多相關內容。

But the point here is that we continue to expect that digital will outpace the -- every other dimension of the marketplace, and we're certainly putting the right focus and energy to ensure that we deliver that to our consumers.

但這裡的要點是，我們仍然期望數位化將超過市場的所有其他維度，並且我們肯定會投入正確的重點和精力來確保我們將其交付給消費者。

And Jim, I'd just add, as I mentioned in my prepared remarks, this very straightforward three-pronged strategy is really driving focus within our investment agenda and not just focus but acceleration.

吉姆，我想補充一點，正如我在準備好的發言中提到的那樣，這種非常簡單的三管齊下的策略確實推動了我們投資議程的重點，不僅僅是重點，而且是加速。

We still have quite a number of untapped opportunities leveraging data science and analytics, personalization.

我們仍有許多利用數據科學和分析、個人化的未開發機會。

You can imagine what we would do with image recognition as the NIKE brand and the icons that we have.

您可以想像我們將如何利用耐吉品牌和我們擁有的圖標的圖像識別功能。

And we have been accelerating our investment in that regard.

我們一直在加快這方面的投資。

We've both built capabilities and acquired, and we'll continue to do so.

我們已經建立並獲得了能力，我們將繼續這樣做。

And then, again, just to reiterate what Trevor said, we will give you some perspective into how some of that comes to life in terms of membership and our overall digital experience at our Investor Day.

然後，再次重申特雷弗所說的話，我們將在投資者日為您提供一些視角，了解其中一些內容如何在會員資格和我們的整體數位體驗方面實現。

Okay, very good.

好的，非常好。

It seems a lot of good opportunity from segmentation as it relates to Direct.

與 Direct 相關的細分似乎有很多好機會。

Specific to the North American marketplace and your transformation there, are you anticipating any proactive reduction in distribution in North America?

針對北美市場以及您在那裡的轉型，您是否預計會主動減少北美的分銷？

I think, as we've really spoken about, we've continued to say that the consumer is clearly moving to the distribution that is differentiated, that is providing them a clear reason for why they have to go, whether that's online or at a physical store.

我認為，正如我們真正談到的那樣，我們繼續說，消費者顯然正在轉向差異化的分銷，這為他們提供了一個明確的理由，說明為什麼他們必須去，無論是在線還是在網上。 。

So the partners that don't shift in that landscape, that don't quite create a clear proposition for consumers to come with, we'll clearly shift away from those as the consumer shifts away from those.

因此，那些在這種情況下沒有改變的合作夥伴，沒有為消費者提供明確的主張的合作夥伴，隨著消費者遠離這些合作夥伴，我們顯然會遠離這些合作夥伴。

And so our intent is to make sure that we are serving the consumers in the best way that they would expect in the marketplace.

因此，我們的目的是確保我們以消費者在市場上期望的最佳方式為他們提供服務。

And so that's going to create some shifts, and we're going to make some decisive decisions to make sure that we're meeting that demand where the consumer would expect it.

因此，這將帶來一些轉變，我們將做出一些決定性的決定，以確保我們滿足消費者期望的需求。

Yes.

是的。

And I'd just add that while one of the primary shifts is the consumer shift to digital, the consumer is also telling us, as Trevor and -- both Trevor and Mark noted, that deeper connections with brands and translating that, that means a higher level of service, expertise, advice that only a brand like NIKE could provide are what are really punching through.

我想補充一點，雖然主要轉變之一是消費者轉向數位化，但正如特雷弗和特雷弗和馬克指出的那樣，消費者也告訴我們，與品牌建立更深入的聯繫，這意味著只有像像耐吉這樣的品牌才能提供的更高水準的服務、專業知識和建議才是真正具有穿透力的。

And we've had a number of partners, both North America and globally, come to us to join forces in thinking about what a vision for those types of experiences that really bring the NIKE Brand closer to the consumer through that distribution might look like.

我們有許多北美和全球的合作夥伴來找我們，共同思考那些透過分銷真正拉近耐吉品牌與消費者距離的體驗類型的願景。

As for your question about dimensions of the market that may contract or decline, we are very proactively thinking about those.

至於你關於市場規模可能會收縮或下降的問題，我們正在非常積極地考慮這些問題。

That translates into everything from how we manage risk from a credit perspective, just also as well as in terms of how we manage growth with some of those more undifferentiated aspects of retail.

這轉化為一切，從我們如何從信貸角度管理風險，以及我們如何透過零售業一些更無差異化的方面來管理成長。

We do anticipate a shift.

我們確實預計會發生轉變。

Again, we'll talk more about this at our Investor Day.

我們將在投資者日再次討論這一點。

But what we're really focused on is what the shift is toward more so than what the shift is away from.

但我們真正關注的是這種轉變將朝著什麼方向發展，而不是遠離什麼方向。

But let me add, as we shift towards, we will definitely shift away.

但我要補充一點，當我們轉向時，我們肯定會轉向。

It's not -- everything is not equal here.

事實並非如此——這裡一切都不平等。

I just want to close on that by saying that the obsession that we have in creating that distinction at retail ourselves and with our partners is making us faster.

最後我想說的是，我們對自己以及與我們的合作夥伴在零售業創造這種差異的痴迷使我們變得更快。

It's making us more personal, and that's what we're obsessed with right now.

它讓我們變得更加個人化，這就是我們現在所著迷的。

That's our focus.

這是我們的重點。

So those are the partners that will definitely move forward with us as a company, as a brand.

因此，這些合作夥伴肯定會與我們作為一個公司和一個品牌一起前進。

The next question is from Kate McShane from Citi.

下一個問題是來自花旗銀行的 Kate McShane。

There seems to be a good degree of discounting in the market, both in apparel and footwear, and I think even one of the major retailers is talking or mentioning the words price war.

市場上似乎有很大程度的折扣，無論是服裝還是鞋類，我認為甚至一家主要零售商都在談論或提到價格戰這個詞。

So I wondered how MAP pricing is being managed during this period of disruption.

因此我想知道在這段混亂時期如何管理 MAP 定價。

And how do you retrain the customer to accept higher ASPs once inventory is worked through and the disruption is stabilized?

一旦庫存處理完畢並且中斷穩定下來，您如何重新培訓客戶接受更高的平均售價？

Yes.

是的。

Obviously, for us, investing in our brand and building relationship with athletes and consumers has always been our top priority.

顯然，對我們來說，投資我們的品牌並與運動員和消費者建立關係一直是我們的首要任務。

And it really goes without saying we're very mindful to make sure that we are protecting our brand and importantly, strengthening the brand over the long term.

不言而喻，我們非常注意確保保護我們的品牌，更重要的是，長期強化品牌。

And one clear lever is MAP and where -- and particularly in the backdrop that you have right now going on in the United States.

一個明顯的槓桿是 MAP 和地點 - 特別是在美國目前正在發生的背景下。

And we -- so we recently spent a lot of time with our partners, and we've tightened up our MAP policy with our retailers, and you'll see that go live very shortly.

我們最近花了很多時間與合作夥伴合作，並且加強了與零售商的 MAP 政策，您很快就會看到它的實施。

And we expect it will have a positive impact on the brand and the business over the balance of the year and beyond.

我們預計它將在今年餘下時間及以後對品牌和業務產生積極影響。

So that's clearly a very important piece for us, but at the same time, we will continue to make sure we're investing energy in driving our brand at the highest levels and making sure that consumers can get access to the best products.

因此，這對我們來說顯然是非常重要的一部分，但同時，我們將繼續確保投入精力，以最高水準推動我們的品牌，並確保消費者能夠獲得最好的產品。

So that's a really important piece because we believe that there is great demand out there for full price.

所以這是一個非常重要的部分，因為我們相信全價的需求很大。

And if I could just follow up with an unrelated question with regards to the supply chain in terms of what progress you made during the quarter and finding more efficiencies and speeding up the supply chain.

如果我能跟進一個與供應鏈無關的問題，即您在本季的進展以及提高效率和加快供應鏈的速度。

And it also sounds like maybe some of those investments now are benefiting the gross margin line.

聽起來也許其中一些投資現在正在使毛利率線受益。

Yes.

是的。

We will actually talk more about this at the Investor Day, but let me just say that the obsession or the fixation we've had on the opportunities around ManRev continue to be a central point for us, but we are seeing the effect on the bottom line as well.

實際上，我們將在投資者日更多地討論這一點，但我只想說，我們對 ManRev 周圍機會的痴迷或固定仍然是我們的中心點，但我們正在看到對底部的影響線也。

Product cost reductions, more efficiencies in manufacturing, we're taking that to scale, and then we're seeing some of those really showing up in our cost reduction or product cost reductions as well.

產品成本降低，製造效率提高，我們正在擴大規模，然後我們看到其中一些真正體現在我們的成本降低或產品成本降低。

And then a lot of this has to do with our speed initiative, our 2X Speed, so the investments we're making in manufacturing revolution are really helping to support our Express Lane efforts.

這在很大程度上與我們的速度計劃、我們的 2 倍速度有關，因此我們在製造革命方面所做的投資確實有助於支持我們的快速通道努力。

So there's a cost benefit, but there's also a speed-to-market benefit.

因此，既有成本優勢，也有上市速度優勢。

And we're looking at optimizing both directly and then obviously through our relationships with partners like Flex.

我們正在考慮直接優化兩者，然後顯然是透過與 Flex 等合作夥伴的關係來優化。

The last question is from Simeon Siegel from Nomura Instinet.

最後一個問題來自 Nomura Instinet 的 Simeon Siegel。

Just given the comments on the retail disruption at the same time that you're referencing the North American inventory control, can you just -- any color on how you'd view that off-price sales penetration heading over the year and maybe the impact on the margins?

剛剛在提及北美庫存控制的同時給出了對零售業中斷的評論，您能否以任何顏色來看待今年的折扣銷售滲透率以及可能的影響在邊緣？

Yes.

是的。

Similar to some of the remarks we made, I think the most important thing to keep in mind is, as we look out over the next several years, we see a bigger and more stable premium marketplace in North America.

與我們發表的一些言論類似，我認為最重要的是，當我們展望未來幾年時，我們會看到北美有一個更大、更穩定的高端市場。

The consumer trends are telling us that on many different dimensions, folks leading a much more active lifestyle, the expansion in media, both social media and traditional media, coverage around sport and the energy around sport.

消費趨勢告訴我們，在許多不同的維度上，人們過著更積極的生活方式，媒體（社交媒體和傳統媒體）的擴張，圍繞著體育的報導和圍繞體育的能量。

And that's translating into full-price healthy business and sell-through in many dimensions of our business.

這轉化為全價健康業務和我們業務的許多方面的銷售。

As Trevor noted, the Air VaporMax is a shoe well above $150, $160, up into the $180, $190 range, and as we continue to release that product in different colorways with different iterations, the sell-through is extraordinary.

正如Trevor 指出的那樣，Air VaporMax 是一款遠高於150 美元、160 美元、最高可達180 美元、190 美元範圍的鞋，隨著我們繼續以不同的配色和不同的版本發布該產品，銷售量非常大。

And so we really look at the promotional environment in the near term as a discontinuity.

因此，我們確實將短期內的促銷環境視為一種不連續性。

And the result of the consumer-led disruption more so than a trend were something systemic relative to athletic footwear and apparel.

對於運動鞋和服裝而言，消費者主導的顛覆的結果與其說是一種趨勢，不如說是一種系統性的東西。

As I mentioned, we can't -- I'm not sure anybody could predict with complete precision what some of those discontinuities will be, but as Trevor noted, what we're really focused on is ensuring that we are not in that dynamic.

正如我所提到的，我們不能——我不確定是否有人能夠完全精確地預測其中一些不連續性將會是什麼，但正如特雷弗指出的，我們真正關注的是確保我們不處於這種動態之中。

The dynamic we're creating is tremendous brand impact and energy around sport.

我們正在創造的動力是圍繞運動的巨大品牌影響力和活力。

And again, as we've all mentioned, you're going to see us bring some new innovation that, again, the Air VaporMax and other styles prove consumers love when you bring it even in an environment like this.

正如我們都提到的，您將看到我們帶來一些新的創新，Air VaporMax 和其他風格再次證明，即使在這樣的環境中，當您攜帶它時，也會受到消費者的喜愛。

So I do believe that, that promotional marketplace will put some pressure on pricing and off-price in the short term, but we definitely believe that, that is a short-term impact and that as we work -- as our retailers and our industry work through that and we help them work through that with new experiences and energy, we'll be back to a full-price-led marketplace in the medium and long term.

因此，我確實相信，促銷市場將在短期內對定價和折扣施加一些壓力，但我們絕對相信，這是短期影響，而且當我們作為我們的零售商和行業開展工作時解決這個問題，我們幫助他們透過新的經驗和能量解決這個問題，我們將在中長期內回到全價主導的市場。

Yes.

是的。

And just to maybe give a couple, again, finer points to there, Andy spoke about, certainly, the VaporMax and the Air platform, how that continues to really hold its price.

Andy 談到了 VaporMax 和 Air 平台，以及它們如何繼續真正保持其價格。

What we've also understand is we're going to continue to focus on our Nike React, which is clearly a new technology that has great opportunity across other categories.

我們還了解到，我們將繼續關注 Nike React，這顯然是一項新技術，在其他類別中擁有巨大的機會。

So you'll see us do that and ZoomX, another example of technology.

所以你會看到我們這樣做，以及 ZoomX，另一個技術範例。

So what we're seeing is that the consumer will pay for when they see sort of great value in the product, and for us, it's actually giving value through great innovation.

因此，我們看到的是，當消費者看到產品的巨大價值時，他們就會付費，而對我們來說，它實際上是透過偉大的創新賦予價值。

And so we believe that is one of the, let's say, counterbalances to a marketplace that seems to head down to a more promotional aspect.

因此，我們認為，這是對市場似乎趨向於促銷方面的平衡之一。

So our task is to continue to give the consumer greater value.

所以我們的任務就是繼續給消費者更大的價值。

And to leverage the demand that we create at the premium price points through innovation by taking that down into broader platform opportunities at the same time and that's a big opportunity for NIKE.

透過創新，同時將其轉化為更廣泛的平台機會，利用我們以溢價創造的需求，這對耐吉來說是一個巨大的機會。

Can I just ask on that point, so given the savings this quarter about the demand creation, any thoughts on how that looks throughout the year?

我可以問一下這一點嗎？

Well, we certainly expect to continue to invest in the brand.

嗯，我們當然希望繼續投資該品牌。

I think one of the greatest advantages we have is our brand.

我認為我們最大的優勢之一就是我們的品牌。

And it's not on our balance sheet.

它不在我們的資產負債表上。

It's not in our P&L.

它不在我們的損益表中。

What you do see in our P&L is the spending associated with creating energy around key sport moments, innovation launches.

您在我們的損益表中看到的是與圍繞關鍵運動時刻和創新發布創造能量相關的支出。

And I think, as Trevor noted, you will likely see a stark contrast from us as compared to some of the dynamics in North America.

我認為，正如特雷弗所指出的那樣，與北美的一些動態相比，您可能會看到我們的鮮明對比。

And then internationally, again, where we have tremendous momentum, we'll continue to invest to fuel that growth and equity in our brand.

然後，在國際上，我們擁有巨大的動力，我們將繼續投資，以推動我們品牌的成長和資產。

Yes.

是的。

And obviously, you've got great sporting events coming up.

顯然，即將舉辦精彩的體育賽事。

You've also got the World Cup coming up in the back end of the year.

今年年底還將舉辦世界盃。

So you can expect that consumers will absolutely feel the impact of our brand as the -- as we go through the balance of the year and beyond.

因此，您可以預期，當我們度過今年餘下的時間及以後的時間時，消費者絕對會感受到我們品牌的影響。

Thank you, Simeon.

謝謝你，西蒙。

I think that's all time we have today.

我想這就是我們今天的全部時間了。

Thank you all for joining us.

感謝大家加入我們。

We look forward to speaking to you again in another month at our Investor Day.

我們期待在下個月的投資者日再次與您交談。

Thank you.

謝謝。

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。