Nike Inc (NKE) 2018 Q2 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎參加 NIKE, Inc. 2018 財年第二季電話會議。

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 concern expectations of future revenue growth or gross margin.

一些前瞻性陳述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 constant dollar revenue.

此外，參與者還可以討論非公認會計原則財務指標，包括參考不變的美元收入。

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

提及恆定的美元收入旨在提供有關消除外匯波動的業務績效的背景資訊。

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 at 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 GAAP 衡量標準和定量調整表的介紹將在耐吉網站 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 second quarter results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2018 財年第二季業績。

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

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

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

您可以在我們大約一小時前發布的新聞稿或我們的網站 Investors.nike.com 上找到適當的調節表。

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.

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)。

And finally, you will hear from our Chief Financial Officer, Andy Campion, who will give you an in-depth review of our financial results.

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 happy holidays, everyone.

謝謝，Nitesh，祝大家節日快樂。

In Q2, we delivered solid results, showing early progress against the long-term strategies we laid out in October.

在第二季度，我們取得了紮實的成果，顯示出我們在 10 月制定的長期策略方面取得了初步進展。

Let's look at the numbers from the quarter.

讓我們來看看本季的數據。

NIKE, Inc.

耐吉公司

second quarter revenues were up 5% growing to $8.6 billion.

第二季營收成長 5%，達到 86 億美元。

On a currency-neutral basis, NIKE, Inc.

在貨幣中性的基礎上，NIKE, Inc.

revenues grew 3%.

收入增長 3%。

Gross margin was 43%, down 120 basis points to prior year.

毛利率為 43%，較上年下降 120 個基點。

Earnings per share was $0.46, down 8% to prior year, and we delivered ROIC of 32%.

每股收益為 0.46 美元，比上年下降 8%，投資回報率為 32%。

While the athletic marketplace continues to shift, we're very confident in the factors of our business that we control.

雖然運動市場不斷變化，但我們對我們控制的業務因素非常有信心。

Though our consumers -- through over Consumer Direct Offense, we're identifying which consumer opportunities have the most upside and we're overindexing in those areas to fuel growth.

儘管我們的消費者 - 透過消費者直接進攻，我們正在確定哪些消費者機會具有最大的優勢，並且我們在這些領域過度索引以推動成長。

As we outlined at Investor Day, we're focused on unleashing a relentless flow of innovation and a scale that our industry has never seen.

正如我們在投資者日所概述的那樣，我們致力於釋放源源不斷的創新和我們行業從未見過的規模。

Bringing NIKE closer to the consumer in key cities and delivering with speed and using the power of digital to go deep and broad by rewarding our most active Nike+ members, while expanding that community to hundreds of millions.

透過獎勵我們最活躍的 Nike+ 會員，讓 NIKE 更貼近主要城市的消費者，快速交付產品，並利用數位化的力量深入廣泛地開展業務，同時將該社區擴大到數億人。

We're entering the second half of the year with a wave of new products and concepts.

我們將帶著一波新產品和新概念進入下半年。

Consumers want fresh, innovative product and they want choice.

消費者想要新鮮、創新的產品，他們想要選擇。

And right now, our innovation cycle is delivering against those demands.

現在，我們的創新週期正在滿足這些需求。

Let's start with the 3 distinct platforms in our Running revolution.

讓我們從跑步革命中的 3 個不同平台開始。

They cover the spectrum of runners, and they're beginning to scale to create a significant commercial impact.

它們涵蓋了跑步者的範圍，並且開始擴大規模以產生重大的商業影響。

Nike React, for example, is just a few weeks away from being available for runners for the first time with the Epic React.

例如，距離首次為跑步者提供 Epic React 的 Nike React 僅有幾週的時間。

The early response to its combination of responsiveness and ride have been very positive.

早期對其響應能力和乘坐體驗的結合的反應非常積極。

In a sport where every ounce matters, it's one of the lightest platforms we've ever created.

在一項每一盎司都很重要的運動中，它是我們創造的最輕的平台之一。

And it's incredibly comfortable for people that want to wear it all day.

對於想要整天穿著它的人來說，它非常舒適。

As we move into summer, Nike React will quickly scale across all major price points on its way to being NIKE's next billion dollar performance platform.

隨著夏季的到來，Nike React 將迅速擴展到所有主要價位，成為 NIKE 下一個價值十億美元的性能平台。

ZoomX has exceeded our expectations.

ZoomX 超出了我們的預期。

I've have been a part of almost every major innovation at NIKE, and I can confidently say the 4% is among the most significant performance advancements in our history.

我參與了 NIKE 幾乎每一項重大創新，我可以自信地說 4% 是我們歷史上最重大的效能進步之一。

And this summer, ZoomX will be even more accessible through our celebrated Pegasus, with the new shoe called the [Peg Turbo] that will join the Zoom Pegasus 35.

今年夏天，ZoomX 將透過我們著名的 Pegasus 變得更加容易接觸，名為 [Peg Turbo] 的新鞋將加入 Zoom Pegasus 35。

We are also introducing the iconic look and feel of ZoomX into lifestyle through Sportswear.

我們也透過運動服將 ZoomX 的標誌性外觀和感覺引入生活方式。

This is NIKE at its best, delivering game-changing innovation for the athlete and bringing it to more people through new dimensions, including street and active wear.

這是耐吉的最佳表現，為運動員提供改變遊戲規則的創新，並透過街頭和運動服裝等新維度將其帶給更多人。

The diversification of VaporMax is also well underway.

VaporMax 的多元化也順利進行。

We've introduced multiple silhouettes and added new material options at different price points.

我們推出了多種款式，並添加了不同價位的新材質選擇。

The energy is having a positive impact on our entire Air Max business.

這種能源對我們整個 Air Max 業務產生正面影響。

We'll carry that into March with one of the biggest brand investments in Air Max Day, where we celebrate with consumers around the world.

我們將透過最大的品牌投資之一「Air Max Day」將這一理念延續到三月份，屆時我們將與世界各地的消費者一起慶祝。

This year, we'll build excitement with new mashups and reissues like the Air Max 93 and the 98, along with the Air Max 270, a new lifestyle cushioning platform that we'll deliver at the key price point of $150.

今年，我們將透過新的混搭和重新發布（例如Air Max 93 和98）以及Air Max 270 來營造興奮感，Air Max 270 是一種新的生活方式緩衝平台，我們將以150 美元的關鍵價格提供。

We know the Running silhouette is connecting with consumers right now.

我們知道跑步款式現在正在與消費者建立聯繫。

And over the next several seasons, we feel very good about our complete Running offense, across both performance and lifestyle.

在接下來的幾個賽季中，我們對我們完整的跑動進攻感到非常滿意，無論是表現還是生活方式。

In Basketball, we created a lot of opportunities for creative storytelling around the game's greatest athletes.

在籃球領域，我們創造了很多機會，圍繞著籃球運動中最偉大的運動員進行創造性的故事講述。

In the next several weeks alone, we'll deliver the next version of the industry's biggest signature shoe with the KYRIE 4. We'll build on the incredible first year of Paul George's shoe with the PG 2. And we'll introduce on -- an all-new Flyknit construction with Kobe's next performance design.

僅在接下來的幾週內，我們將推出業界最大簽名鞋的下一個版本 KYRIE 4。我們將在保羅喬治鞋款 PG 2 令人難以置信的第一年的基礎上推出。我們將介紹 - -採用科比下一代性能設計的全新Flyknit 結構。

And Jordan Brand will launch its first signature shoe with reigning MVP, Russell Westbrook.

Jordan Brand 將推出首款與衛冕 MVP Russell Westbrook 合作的簽名鞋。

We're also thrilled to expand our relationship with Giannis Antetokounmpo, as we bring his unique personality to life through new signature product and storytelling next year.

我們也很高興能夠擴大與揚尼斯·阿德托昆博的關係，明年我們將透過新的標誌性產品和故事講述將他獨特的個性帶入生活。

In apparel, we're leveraging our complete portfolio to realize its massive potential.

在服裝領域，我們正在利用我們完整的產品組合來實現其巨大的潛力。

This spring and summer will push the edges in performance for the biggest sports moments like the NBA All-Star Game, in tennis majors and the World Cup '18.

今年春季和夏季，我們將在 NBA 全明星賽、網球大滿貫和 18 年世界盃等最重要的體育賽事中突破表現優勢。

We are designing more focused commercial collections with woman's core items and sportswear.

我們正在設計更具針對性的商業系列，包括女性核心單品和運動服。

And we're shortening the product creation process to get everything to the consumer faster.

我們正在縮短產品創建流程，以便更快地將所有內容交付給消費者。

We also have platforms that are going to take the industry in a completely new direction.

我們也擁有能夠將產業帶向全新方向的平台。

We're bringing the energy we created through adaptive fit technology to more people through a broader collection across performance categories as well as sportswear.

我們透過更廣泛的性能類別和運動服裝系列，將透過自適應貼合技術創造的能量帶給更多人。

We know amazing innovation is fundamental to commanding full price and creating a healthy pull marketplace.

我們知道驚人的創新是控制全價和創造健康的拉動市場的基礎。

With the most robust lineup we've ever created, I'm confident we have the foundation in place to fuel NIKE's next phase of long-term growth.

憑藉我們有史以來最強大的產品陣容，我相信我們已經為耐吉下一階段的長期成長奠定了基礎。

As part of our Consumer Direct Offense, we continue to transform the way we operate to get closer to the consumer.

作為消費者直接進攻的一部分，我們不斷改變我們的營運方式，以更貼近消費者。

Through 2x Direct and 2X Speed, we're testing and learning then sharing and scaling throughout our key cities.

透過 2 倍直接和 2 倍速度，我們正在測試和學習，然後在我們的主要城市進行共享和擴展。

I was just in Europe and there is incredible excitement for what we're bringing to the consumer.

我剛剛在歐洲，對我們為消費者帶來的東西感到難以置信的興奮。

We're creating differentiation in one of the more complex and competitive marketplaces by taking control of our brand and storytelling across more channels while elevating consumer services.

我們正在透過更多管道控制我們的品牌和故事敘述，同時提升消費者服務，從而在更加複雜和競爭更激烈的市場之一中創造差異化。

For example, across EMEA, we're taking friction out of the delivery and return process.

例如，在歐洲、中東和非洲地區，我們正在消除送貨和退貨流程的摩擦。

In Berlin, we offer same-day delivery, leveraging inventory within the city, with Paris and London following this summer.

在柏林，我們利用市內庫存提供當日送達服務，今年夏天，巴黎和倫敦也將緊跟其後。

In Shanghai, we built a digital studio that will focus on creative selling opportunities, and we are fully leveraging real-time data with platforms like WeChat and Tmall.

在上海，我們建立了一個數位工作室，專注於創意銷售機會，並充分利用微信和天貓等平台的即時數據。

And in North America, we're leveraging the Express Lane to sharpen our position in key markets.

在北美，我們正在利用 Express Lane 來鞏固我們在關鍵市場的地位。

In New York, we've set up market design teams to create hyper-local apparel for Nike Soho.

在紐約，我們成立了市場設計團隊，為 Nike Soho 打造超在地化的服裝。

And early next month, we'll deliver the Nike Shox Gravity that was created in a greatly condensed time line.

下個月初，我們將交付在極短的時間內打造的 Nike Shox Gravity。

Through our focused investments, we're adding new capabilities and tremendous energy to the markets that matter the most.

透過我們的重點投資，我們正在為最重要的市場增添新的能力和巨大的活力。

One of the biggest drivers of that plan is, of course, our strategic shift to digital.

當然，該計劃的最大驅動力之一是我們向數位化的策略轉變。

It's how we get to know and reward members with what they want, and that includes investments in personalization that leverage machine learning to curate assortments to match individual member preferences.

這是我們了解會員並獎勵他們想要的東西的方式，其中包括對個人化的投資，利用機器學習來策劃分類以滿足個人會員的偏好。

For example, the Nike+ app's Reserved For You service is converting sales at a rate that's 40x greater than traditional outreach.

例如，Nike+ 應用程式的「Reserved For You」服務的銷售轉換率比傳統推廣高 40 倍。

That's a tremendous return on investment.

這是巨大的投資回報。

And what's exciting is that our apps have yet to arrive in all of our key markets.

令人興奮的是，我們的應用程式尚未到達所有主要市場。

We launched the SNKRS app in China earlier this month.

本月早些時候，我們在中國推出了 SNKRS 應用程式。

And later this fiscal year, we'll go live in Japan for some of the world's most obsessed sneaker fans.

本財年晚些時候，我們將在日本為世界上一些最痴迷的運動鞋迷提供服務。

Membership is opening up opportunities for new digital service partnerships as well.

會員資格也為新的數位服務合作夥伴關係提供了機會。

Next quarter, our Nike+ personalized benefits will include special offers from services like Apple Music, ClassPass, Headspace and more to come.

下個季度，我們的 Nike+ 個人化福利將包括 Apple Music、ClassPass、Headspace 等服務的特別優惠以及即將推出的更多服務。

And on the commerce side, our digital footprint continues to scale to hundreds of millions through new partnerships.

在商業方面，透過新的合作夥伴關係，我們的數位足跡繼續擴大到數億個。

Our strategy is to partner with platforms that advance our brand as well as our business through presentation, pricing and consumer data to support our membership efforts.

我們的策略是與透過展示、定價和消費者數據來提升我們品牌和業務的平台合作，以支持我們的會員努力。

Zalando and Tmall are great examples of partners who actively engage, and we're scaling those learnings to other platforms.

Zalando 和天貓是積極參與的合作夥伴的典範，我們正在將這些經驗推廣到其他平台。

This spring, in the U.S., we'll run a pilot with Stitch Fix, the online personal styling service to bring personalized women's products to their expansive audience.

今年春天，我們將在美國試行線上個人造型服務 Stitch Fix，為廣大受眾提供個人化的女性產品。

And we're extending our pilot with Amazon.

我們正在擴大與亞馬遜的試點。

It's going well, and we remain focused on learning and elevating the consumer experience.

進展順利，我們仍然專注於學習和提升消費者體驗。

Another key piece of our digital strategy is to continue to advance the role that product plays in unlocking experiences.

我們數位策略的另一個關鍵部分是持續提升產品在解鎖體驗方面所扮演的角色。

You know about our first step with the NBA Connected Jersey, and next year we'll introduce the NikeConnect in the Air Force 1. We see massive potential in the future where more NIKE products are connected, bringing consumers inspirational content and serving as the on-ramp for NIKE membership.

您知道我們在NBA Connected Jersey 上邁出的第一步，明年我們將在Air Force 1 中引入NikeConnect。我們看到了未來的巨大潛力，更多的NIKE 產品相互連接，為消費者帶來鼓舞人心的內容，並成為- 耐吉會員斜坡。

And you can envision where that future goes, where consumers seamlessly engage with us through digitally connected products that continue to inform our design, manufacturing and distribution capabilities, creating new growth opportunities across each of our Triple Double pillars.

您可以想像未來的發展方向，消費者透過數位連接產品與我們無縫互動，這些產品繼續為我們的設計、製造和分銷能力提供信息，從而在我們的每一個「三雙」支柱上創造新的成長機會。

It should be clear that NIKE is actively driving change in our business and throughout our industry.

應該明確的是，耐吉正在積極推動我們的業務和整個產業的變革。

We're partnering, experimenting and we're fast tracking our greatest opportunities.

我們正在合作、進行試驗，並且正在快速追蹤我們最好的機會。

We're off to a good start, and we see a long runway of growth ahead.

我們已經有了一個良好的開端，並且我們看到了未來漫長的成長之路。

Thanks, and now here's Trevor.

謝謝，現在是特雷弗。

Thank you, Mark.

謝謝你，馬克。

Happy holidays, everyone.

大家節日快樂。

Let's get right to the results.

讓我們直接看結果。

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 4%, and revenue for NIKE Direct was up 15%, driven by online growth of 29%, comp store growth of 6% and new stores.

本季度，NIKE 品牌營收成長 4%，NIKE Direct 營收成長 15%，這主要得益於線上成長 29%、比較店成長 6% 以及新店的推動。

Mark mentioned how we are identifying our biggest opportunities through our Consumer Direct Offense.

馬克提到我們如何透過消費者直接進攻來發現最大的機會。

We invest in these opportunities through a focused growth agenda with a focus on 12 key cities, shaping 10 key countries in service of our consumers.

我們透過重點發展議程投資這些機會，重點關注 12 個主要城市，塑造 10 個主要國家，為我們的消費者提供服務。

It is through the execution of the category offense that we drive brand heat and distinction, which in turn leads to growth in the marketplace.

正是透過執行品類進攻，我們提高了品牌熱度和知名度，促進了市場的成長。

Mark spoke about the great progress we have made in innovation, speed and digital and at our investor meeting in October, we discussed how we drive brand heat.

馬克談到了我們在創新、速度和數位化方面取得的巨大進步，並在 10 月的投資者會議上討論瞭如何推動品牌熱度。

In Q2, we created new brand energy and strong demand around the world.

第二季度，我們在全球創造了新的品牌能量和強勁需求。

From red hot product launches like the Air VaporMax to powerful collaborations like The Ten with Virgil Abloh to creating completely new ways to engage such as the new NikePlus Unlocks, our latest membership service.

從 Air VaporMax 等熱門產品發布，到與 Virgil Abloh 的 The Ten 等強大合作，再到創造全新的參與方式，例如我們最新的會員服務 NikePlus Unlocks。

When we create distinction for our brand and shop authentically, the consumer responds.

當我們為我們的品牌創造獨特性並真誠地購物時，消費者就會做出反應。

That brand heat makes us even more confident that we will see continued international strength and underlying improvement in our domestic business.

這種品牌熱度讓我們更有信心，我們將看到持續的國際實力和國內業務的根本改善。

More on that later.

稍後會詳細介紹。

Now to the category offense.

現在進入進攻類別。

We create brand and product concepts that generate heat.

我們創造產生熱量的品牌和產品概念。

Let's review some of the categories where our deeper consumer connections came to life in Q2, starting with Basketball.

讓我們回顧一下第二季度我們加深消費者聯繫的一些類別，從籃球開始。

Nike Basketball grew strong double digits in Q2, as we energized basketball culture globally through performance in style.

耐吉籃球在第二季度實現了兩位數的強勁增長，我們透過時尚表現為全球籃球文化注入了活力。

Our new NBA partnership is already energizing our apparel business, feeding innovation and growth.

我們新的 NBA 合作夥伴關係已經為我們的服裝業務注入了活力，促進創新和成長。

Both the NBA Connected Jersey and the Showtime Hoodie are generating strong demand in the marketplace through our NIKE Direct channels and through partners like DICK'S Sporting Goods.

NBA Connected 球衣和 Showtime 連帽衫都透過我們的 NIKE Direct 管道以及 DICK'S Sporting Goods 等合作夥伴在市場上產生了強勁的需求。

In footwear, consumers continue to respond to our deep roster of styles across the spectrum of performance and lifestyle.

在鞋類領域，消費者繼續對我們在性能和生活方式方面的豐富款式做出反應。

Of note was the consumer's phenomenal response to the LEBRON 15, making it one of the quarter's highlights and the KYRIE 3, which continues to be the #1 selling shoe in the market is being fueled by his incredible season and his growing global popularity.

值得注意的是消費者對LEBRON 15 的驚人反響，使其成為本季度的亮點之一，而KYRIE 3 繼續成為市場上銷量第一的鞋款，這得益於他令人難以置信的賽季和日益成長的全球知名度。

We will soon release a second version of KYRIE signature shoe at the $80 price point, and we continue to see strong sell-through with the PG 1 and the KD 10.

我們很快就會以 80 美元的價格發布 KYRIE 簽名鞋的第二個版本，並且我們繼續看到 PG 1 和 KD 10 的強勁銷售。

Next is the Jordan Brand.

接下來是喬丹品牌。

Our key launches in Q2 proved yet again that the Jordan Brand is a powerful force starting with the great results we saw from the AJ 32 and the AJ 11.

我們在第二季推出的重要產品再次證明了 Jordan Brand 的強大力量，從 AJ 32 和 AJ 11 的出色表現開始。

When we connect the right product with the strength of the Jordan storytelling, the results are incredible.

當我們將正確的產品與喬丹講故事的力量聯繫起來時，結果是令人難以置信的。

For instance, the Air Jordan 1 was the most coveted product in The Ten collection, cementing its position as 2017's Shoe of the Year.

例如，Air Jordan 1 是 The Ten 系列中最令人垂涎​​的產品，鞏固了其 2017 年度鞋款的地位。

We also want to keep Jordan icons coveted and special, which is why we are proactively managing the exclusivity of specific iconic styles and colorways in North America.

我們也希望讓喬丹標誌保持令人垂涎和特別的態度，這就是為什麼我們積極管理北美特定標誌風格和配色的排他性。

At the same time, we are accelerating into new dimensions for the Jordan Brand across performance and lifestyle.

同時，我們正在加速喬丹品牌在性能和生活方式方面的新維度。

In fact, we're already seeing momentum in the areas where we are dimensionalizing the brands from international, to apparel, to women's, where we bring in new styles just for her.

事實上，我們已經看到了我們在國際品牌、服裝、女裝等領域的發展勢頭，我們專門為她帶來了新款式。

For example, this quarter, the Jordan's women's business saw success with the (inaudible) 11, a shoe designed specifically for women, which sold out quickly across the marketplace.

例如，本季度，喬丹的女裝業務憑藉（聽不清楚）11 取得了成功，這是一款專為女性設計的鞋，在市場上很快就銷售一空。

Overall, the strength and breadth of the Jordan Brand continues to expand.

總體而言，Jordan Brand 的實力和廣度不斷擴大。

It's clear in the excitement we see from consumers of all ages when Jordan partners with colleges, as we saw in Q2 with the universities of Florida and Oklahoma coming onboard bringing new consumers into the Jordan brand.

當喬丹與大學合作時，我們看到各個年齡層的消費者都感到興奮，正如我們在第二季度看到的那樣，佛羅裡達州和俄克拉荷馬州的大學加入，為喬丹品牌帶來了新的消費者。

Ultimately, growth in Jordan will be driven by further dimensionalizing Jordan's iconic sneakers and the overall brand to create new growth opportunities, and we are activating against these new dimensions now and into the future.

最終，喬丹的成長將透過喬丹標誌性運動鞋和整體品牌的進一步維度化來推動，以創造新的成長機會，我們現在和未來都在針對這些新維度進行激活。

In Running, we are seeing brand heat through the Running revolution that Mark mentioned.

在《跑步》中，我們透過馬克提到的跑步革命看到了品牌熱度。

The performance story of Q2 was the incredible impact of Zoom Vaporfly 4% and the impact it had in the marketplace, as it dominated the podium at the top 6 marathons this fall.

第二季的表現故事是 Zoom Vaporfly 4% 令人難以置信的影響及其對市場的影響，因為它在今年秋天的前 6 名馬拉鬆比賽中佔據了領獎台。

The energy around the Vaporfly 4% and the ZoomX cushioning has a real impact on the rest of our Running business.

Vaporfly 4% 和 ZoomX 緩震的能量對我們其他跑步業務產生了真正的影響。

It shows how truly break-through performance product drives distinction and creates demand in the market.

它展示了真正突破性的性能產品如何推動差異化並創造市場需求。

Next, our women's business, which offers a huge opportunity as we deliver with more focus both on sport and style in our unified woman's line.

接下來是我們的女裝業務，這提供了巨大的機會，因為我們在統一女裝系列中更加重視運動和風格。

We continue to evolve and invest in our women's business from concept to consumers with increased resources focused on serving her in the right way.

我們不斷發展和投資我們的女性業務，從概念到消費者，增加資源，專注於以正確的方式為她服務。

And as always, it starts with innovation.

一如既往，它始於創新。

We're driving that new innovation in the most important areas of our workout from bras to pants to tights.

我們正在從胸罩到褲子再到褲襪等最重要的鍛鍊領域推動新的創新。

Whilst we're already the #1 brand for performance products globally, we expect to quadruple this business over the next 5 years.

雖然我們已經是全球高性能產品第一品牌，但我們預計在未來 5 年內業務將成長四倍。

We're also #1 globally in pants and tights, and we see more growth ahead as we introduce new styles across statement and core.

我們在褲子和緊身褲方面也位居全球第一，隨著我們在個性和核心領域推出新款式，我們預計未來會有更多成長。

Last month, we launched our new Nike Pants Studio on NIKE.com and at thousands of doors worldwide.

上個月，我們在 NIKE.com 和全球數千家門市推出了新的 Nike Pants Studio。

The studio launched with new and updated workout tights and pants, providing more choice in materials, finishes and lengths driving stronger in-season sell-through.

工作室推出了全新和更新的健身褲和褲子，在材料、飾面和長度方面提供了更多選擇，推動了當季銷售的強勁增長。

And we're also focusing on the massive untapped opportunity in women's footwear.

我們也關注女鞋領域尚未開發的巨大機會。

Consumers are responding to the rich storytelling and the great product offerings at the NIKE's sneaker boutiques led by the Air VaporMax, the Air Max 97 and our Force is Female Air Force 1 collection.

耐吉運動鞋精品店以 Air VaporMax、Air Max 97 和 Force is Female Air Force 1 系列為代表，以豐富的故事講述和優質的產品吸引了消費者。

We've been rolling these out across the marketplace with our partners like Nordstrom's.

我們一直在與 Nordstrom 等合作夥伴一起在市場上推出這些產品。

Ultimately, NIKE is the only brand that can bring all this together, footwear, apparel, and deep storytelling to serve her complete active lifestyle.

最終，耐吉是唯一一個能夠將鞋類、服裝和深刻的故事講述這一切結合在一起的品牌，以服務她完整的積極生活方式。

Lastly, our [Momentum] sportswear continued with another quarter of double-digit growth.

最後，我們的 [Momentum] 運動服繼續保持了另一個季度兩位數的成長。

Our Sportswear apparel continued to lead the market with strong consumer response to our Tech Fleece and our basketball off-court apparel.

我們的運動服裝繼續引領市場，消費者對我們的 Tech Fleece 和籃球場外服裝反應強烈。

At the same time, our high heat collaborations like the celebration of the 35th anniversary of the Air Force 1 fueled momentum in our key cities and across the marketplace.

同時，我們的熱烈合作（例如慶祝 Air Force 1 35 週年）在我們的主要城市和整個市場中推動了勢頭。

In Q2, our power franchises strategy helped Air Max 97, one of the hottest sneakers in 2017.

第二季度，我們的強力特許經營策略為 Air Max 97 帶來了幫助，它是 2017 年最熱門的運動鞋之一。

First, we launched -- we relaunched the icon with limited pairs at the Milan Fashion Week last year before growing it to where it stands today close to 1 million pairs each season.

首先，我們在去年的米蘭時裝週上以限量版的形式重新推出了這一標誌性產品，然後將其發展到如今每季近 100 萬雙的數量。

It is this kind of energy, thanks to the right strategies and the power of the right product that continues to fuel growth in our categories.

正是這種能量，得益於正確的策略和正確產品的力量，繼續推動我們類別的成長。

Now let's discuss our geographies, where the Consumer Direct Offense offers strategic focus on how we drive brand heat and shape differentiated retail in our key cities.

現在讓我們討論一下我們的地理位置，消費者直接進攻提供的策略重點是我們如何推動品牌熱度並在我們的主要城市塑造差異化零售。

In Greater China, we delivered strong double-digit growth as we continued to extend our leadership position.

在大中華區，隨著我們繼續擴大領先地位，我們實現了強勁的兩位數成長。

We're seeing great sell-through across our power franchises from the VaporMax to the LEBRON 15 to the Air Force 1 and the Jordan 1. While our growth in China is being led through digital across both NIKE.com and Tmall, we are also driving very strong comp store results.

從 VaporMax 到 LEBRON 15，再到 Air Force 1 和 Jordan 1，我們看到我們的強力系列產品銷量很高。雖然我們在中國的成長是透過 NIKE.com 和天貓的數位化帶動的，但我們也推動非常強勁的比較商店業績。

In fact, our overall Greater China Direct business was up over 30% in Q2.

事實上，第二季我們大中華區的整體直銷業務成長了 30% 以上。

This quarter, we also had Singles' Day, which offered even more proof of our growth strategy.

本季度，我們也舉辦了雙十一，這為我們的成長策略提供了更多證據。

On the biggest shopping day in the fastest-growing geography, we set records as NIKE emerged as the #1 overall brand for both footwear and apparel.

在這個發展最快的地區最大的購物日，我們創下了紀錄，耐吉成為鞋類和服裝領域排名第一的整體品牌。

Throughout China, we see sports transcending and driving culture.

在整個中國，我們看到體育正在超越並推動文化。

For example, this quarter, when we organized the Shanghai Marathon, which we have for the last 6 years, we had a record of 120,000 people sign up to fill 38,000 available spots.

例如，本季度，我們舉辦了六年的上海馬拉松，創下了12萬人報名的紀錄，填補了38,000個名額。

This growth and the opportunities in front of us keep us very excited about the results we see in Greater China.

這種成長和擺在我們面前的機會讓我們對在大中華區看到的成果感到非常興奮。

Our EMEA geography had a great quarter growing double-digit as we took share across the marketplace, fueled by very strong digital and comp store growth.

在非常強勁的數位和比較商店成長的推動下，我們的歐洲、中東和非洲地區在一個季度實現了兩位數的大幅成長，我們在整個市場上佔據了份額。

Our latest door openings in EMEA with our JV partners are seeing excellent results as we implement new capabilities such as inventory integration and the membership pilot to improve the consumer experience.

我們與合資夥伴在歐洲、中東和非洲地區的最新合作取得了優異的成果，因為我們實施了庫存整合和會員試點等新功能，以改善消費者體驗。

In Q2, we also piloted shoppable Instagram stories and our success there as well as our success with Zalando and ASOS gives us incredible confidence in our digital commerce momentum going forward in EMEA and around the world.

在第二季度，我們也試播了可購物的 Instagram 故事，我們在那裡的成功以及我們在 Zalando 和 ASOS 上的成功讓我們對我們在 EMEA 和世界各地的數位商務發展勢頭充滿信心。

Finally, there's North America, where our strategies are starting to pay off as we reignite the U.S. marketplace.

最後，在北美，隨著我們重新點燃美國市場，我們的策略開始發揮成效。

This quarter, we upgraded the NIKE.com and app experience with better search functionality, improved product presentation and faster checkout.

本季度，我們升級了 NIKE.com 和應用程式體驗，提供了更好的搜尋功能、改進的產品展示和更快的結帳速度。

At the same time, our Nike+ membership program is already showing good results, including a significant uptick in new and buying members.

同時，我們的 Nike+ 會員計劃已經顯示出良好的效果，包括新會員和購買會員的顯著增加。

Members also now have personal access to an expert advice and recommendations through the NIKE app.

會員現在還可以透過 NIKE 應用程式獲得專家建議和建議。

All told, this improved consumer experience have led to increased engagements and overall conversion.

總而言之，消費者體驗的改善提高了參與度和整體轉換率。

To be clear, we are aggressively making great progress building and scaling NIKE consumer experiences throughout our NIKE Direct retail.

需要明確的是，我們在整個 NIKE Direct 零售中積極建構和擴展 NIKE 消費者體驗，並取得了巨大進展。

In addition, we are actively working with our key retail partners to help them transform the consumer experience as we accelerate the shift toward differentiated retail.

此外，我們也積極與主要零售合作夥伴合作，在我們加速向差異化零售轉型的同時，幫助他們轉變消費者體驗。

One example is the new Finish Line flagship door in LA featuring a virtual product role that lets consumers dive deep on innovation and storytelling and our Sneakeasy pop-up in New York with Foot Locker delivered our best products in an environment targeting members with tailored experiences.

一個例子是洛杉磯新的Finish Line 旗艦店，其特色是虛擬產品角色，讓消費者深入了解創新和講故事，而我們在紐約的Sneakeasy 快閃店與Foot Locker 合作，在一個針對會員的定制體驗環境中提供了我們最好的產品。

These consumers' experiences creates strong energy across the marketplace, and the initial consumer response has been very positive.

這些消費者的體驗在整個市場上創造了強大的能量，消費者最初的反應非常正面。

So as we execute against our Consumer Direct Offense in the United States, we're creating a healthier market as we manage supply tightly to demand, as we deliver stronger full-price sell-through with new innovation and drive brand heat and most importantly, make the investments that fuel long-term growth.

因此，當我們在美國執行針對消費者的直接攻擊時，我們正在創建一個更健康的市場，因為我們嚴格管理供應以滿足需求，因為我們透過新的創新提供更強大的全價銷售並推動品牌熱度，最重要的是，進行促進長期成長的投資。

In the end, all over the globe, we're seeing exciting successes in our greatest growth opportunities, but it's the momentum we're continuing to build that gives us tremendous confidence in the year ahead.

最後，在全球範圍內，我們在最大的成長機會中看到了令人興奮的成功，但正是我們繼續建立的勢頭給了我們對未來一年的巨大信心。

Thanks.

謝謝。

Now here's Andy.

現在是安迪。

Thanks, Mark and Trevor, and happy holidays, everyone.

謝謝馬克和特雷弗，祝大家節日快樂。

As we said at our Investor Day in October, we're operating in a dynamic environment on multiple dimensions ranging from geopolitical volatility, to the evolving retail landscape here in the U.S., to rapidly shifting consumer expectations around the world.

正如我們在 10 月的投資者日上所說，我們在多個方面的動態環境中運營，從地緣政治波動到美國不斷變化的零售格局，再到全球消費者期望的快速變化。

In dynamic times such as these, some will try to do everything they possibly can to change their circumstances in the short term.

在這樣的動態時期，有些人會盡其所能在短期內改變自己的處境。

But at NIKE, we know that in times like these, you don't need to do everything, you need to do the right things.

但在耐吉，我們知道在這樣的時期，你不需要做所有事情，你需要做正確的事情。

And the right things are a function of what matters most to our consumers.

正確的事情取決於對我們的消費者來說最重要的事情。

Our new strategy, the Consumer Direct Offense, reflects our focus on what matters most to the consumers that we serve around the world with an emphasis on our top 12 cities and 10 key countries.

我們的新策略「消費者直接進攻」反映了我們對我們所服務的世界各地消費者最關心的問題的關注，重點是我們的 12 個主要城市和 10 個主要國家。

They're telling us and, in fact, showing us with their actions that they want new, innovative products faster and through a more direct connection to NIKE leveraging digital.

他們告訴我們，事實上，他們也用自己的行動向我們展示了他們想要更快地推出新的創新產品，並透過利用數位技術與耐吉建立更直接的聯繫。

In Q2, our financial performance exceeded the expectations that we set 90 days ago from the top line to the bottom line, but more importantly, our results were amplified by our focus on what matters most.

第二季度，我們的財務表現從營收到利潤都超出了 90 天前設定的預期，但更重要的是，我們對最重要的事情的關注放大了我們的業績。

As Mark and Trevor detailed, the launch of new innovative products drove brand heat and strong consumer demand.

正如馬克和特雷弗所詳述的，新的創新產品的推出推動了品牌熱度和強勁的消費者需求。

New versions of the Air VaporMax propelled it to the top-selling running shoe globally over $100 and sparked demand for other icons within the NIKE Air portfolio.

新版的 Air VaporMax 使其成為全球售價超過 100 美元的最暢銷跑鞋，並引發了對 NIKE Air 產品組合中其他標誌性產品的需求。

The Zoom Vaporfly 4% propelled runners to the top of the podium at the biggest marathons.

Zoom Vaporfly 4% 幫助跑者在最大的馬拉鬆比賽中登上頒獎台。

And it continues to sell out immediately as we bring new supply to the market.

當我們向市場提供新的供應時，它繼續立即售空。

And as Trevor mentioned, we saw incredible demand for the Virgil Abloh collaboration with respect to 10 of NIKE's most iconic styles, ranging from the Jordan 1 to the Air Force 1 to the Presto, to the Blazer and beyond.

正如 Trevor 所提到的，我們看到了對 Virgil Abloh 與 NIKE 最具標誌性的 10 種款式的合作的巨大需求，從 Jordan 1 到 Air Force 1 到 Presto 到 Blazer 等等。

All of these launches of new, innovative products in Q2 were met with extraordinary demand, expanding and creating new energy within NIKE's unrivaled portfolio of power franchises.

第二季推出的所有這些新的創新產品都滿足了非凡的需求，在耐吉無與倫比的權力特許經營產品組合中擴展並創造了新的能量。

In Q2, we also saw increasing and enhanced service of our consumers more directly through digital.

在第二季度，我們也看到透過數位方式更直接地為消費者提供更多和增強的服務。

Once again, growth through NIKE.com and our strategic digital partnerships outpaced growth in all other dimensions of the marketplace.

NIKE.com 和我們的策略數位合作夥伴關係的成長再次超過了市場所有其他方面的成長。

NIKE.com growth was catalyzed by our relaunch of the NikePlus membership program in November, with growth in NikePlus members and buying members both accelerating.

NIKE.com 的成長得益於我們 11 月重新推出的 NikePlus 會員計劃，NikePlus 會員和購買會員的成長都在加速。

And it's important to remember that our new offense is not only reigniting momentum in the U.S. marketplace, innovation and digital are also fueling double-digit growth in aggregate across our international geographies.

重要的是要記住，我們的新進攻不僅重新點燃了美國市場的勢頭，創新和數位化也推動了我們整個國際地區的兩位數成長。

Our international businesses now represent over 55% of our revenues.

我們的國際業務目前占我們收入的 55% 以上。

And as we shared at our Investor Day, we project that they will contribute 75% of our incremental growth over the next 5 years.

正如我們在投資者日分享的那樣，我們預計他們將在未來 5 年內貢獻我們增量成長的 75%。

While our focus on innovation, speed and digital helped deliver solid results in Q2, we're even more excited about what we will bring to market in the second half of fiscal year '18.

雖然我們對創新、速度和數位化的關注幫助我們在第二季度取得了堅實的業績，但我們對 18 財年下半年向市場推出的產品感到更加興奮。

Over the next several months, NIKE will launch and scale more innovation than at any other time in our history.

在接下來的幾個月裡，耐吉將推出和擴大比我們歷史上任何時候都多的創​​新。

We will dimensionalize the Air VaporMax platform, expand the ZoomX platform, launch the Nike React and Air Max 270 platforms and reintroduce Nike Shox.

我們將對 Air VaporMax 平台進行維度化，擴展 ZoomX 平台，推出 Nike React 和 Air Max 270 平台，並重新推出 Nike Shox。

The second half of fiscal year '18 will showcase NIKE's unrivaled ability to deliver performance and sports style innovation at scale.

18 財年下半年將展現耐吉在大規模提供性能和運動風格創新方面無與倫比的能力。

And we'll also continue to enhance our digital commerce offerings globally, serving consumers and increasingly engaging in frictionless ways.

我們也將繼續在全球範圍內增強我們的數位商務產品，為消費者提供服務並越來越多地以無摩擦的方式參與其中。

While our new offense is first and foremost a growth strategy, innovation, speed and digital will also drive expanding profitability and returns on invested capital.

雖然我們的新進攻首先是成長策略，但創新、速度和數位化也將推動獲利能力和投資資本回報率的擴大。

As we exit this fiscal year and put FX headwinds behind us, the impact of the Triple Double on margin will become even more evident.

隨著我們結束本財年並將外匯逆風拋在腦後，三雙對利潤率的影響將變得更加明顯。

By scaling innovation, we are enhancing the price-value relationship in an otherwise promotional environment.

透過擴大創新，我們正在促銷環境中增強價格與價值的關係。

By leveraging digital to better sense and serve consumer demand, we are becoming a better retailer and beginning to drive stronger, full-price versus off-price sell-through.

透過利用數位技術來更好地感知和服務消費者需求，我們正在成為一家更好的零售商，並開始推動更強勁的全價銷售與折扣銷售。

Suffice it to say, that we are accelerating execution against a strategy that is fueling stronger growth and a return to expanding profitability.

可以說，我們正在加速執行一項策略，以推動更強勁的成長和恢復不斷擴大的獲利能力。

But before I go deeper into our outlook, let's reflect on our second quarter results in a bit more detail.

但在深入探討我們的前景之前，讓我們更詳細地回顧一下我們第二季的業績。

Q2 reported revenue grew 5%, as international growth in the low teens was partially offset by an expected decline in North America wholesale revenue.

第二季報告營收成長 5%，國際成長幅度為 10%，但北美批發收入的預期下降部分抵銷了這一成長。

Second quarter diluted EPS contracted 8% versus the prior year to $0.46, as revenue growth and a lower effective tax rate were offset by gross margin contraction and higher SG&A.

第二季攤薄後每股盈餘較上年同期收縮 8%，至 0.46 美元，原因是營收成長和有效稅率下降被毛利率收縮和銷售管理費用上升所抵銷。

Gross margin contracted 120 basis points in Q2, as higher average selling prices were offset primarily by foreign exchange and to a lesser extent, higher average product cost.

第二季毛利率收縮了 120 個基點，因為平均銷售價格的上漲主要被外匯匯率以及平均產品成本上漲所抵銷。

Total SG&A was up 10% in Q2, due primarily to a 15% increase in demand creation investments.

第二季銷售、管理及行政費用總額增加了 10%，主要是因為需求創造投資增加了 15%。

And that increase in demand creation was primarily driven by sports marketing, our new partnership with the NBA and the launch of new digital and physical retail experiences in key cities.

需求創造的成長主要是由體育行銷、我們與 NBA 的新合作夥伴關係以及在主要城市推出新的數位和實體零售體驗所推動的。

Operating overhead increased 8%, driven primarily by investments in our NIKE Direct businesses.

營運管理費用增加了 8%，這主要是由於對 NIKE Direct 業務的投資所致。

The effective tax rate was 12.7% in Q2 compared to 24.4% for the same period last year, reflecting a tax benefit of stock-based compensation in the current period under the new accounting standard, as well as an increase in the mix of earnings from operations outside the U.S., which are generally subject to a lower tax rate.

第二季有效稅率為12.7%，而去年同期為24.4%，反映了新會計準則下當期股權激勵的稅收優惠，以及來自盈利組合的增加。美國境外的業務通常適用較低的稅率。

As of November 30, inventories were up 6%, driven by changes in foreign exchange rates and to a lesser extent, an increase in NIKE Brand units.

截至 11 月 30 日，庫存增長了 6%，這主要是受到外匯匯率變化以及耐吉品牌單位數量增加的推動。

So now let's turn to the financial performance for a few of our key operating segments.

現在讓我們來看看我們幾個關鍵營運部門的財務表現。

In the second quarter, North America revenue contracted 5% on both the reported and currency-neutral basis.

第二季度，北美地區的營收在報告收入和匯率中性因素的基礎上均下降了 5%。

While the marketplace continues to evolve and remains promotional in the short term, we see momentum and a pull market building beneath the surface of our aggregated results.

雖然市場在短期內繼續發展並保持促銷狀態，但我們看到在我們的匯總結果的表面之下正在形成動力和拉動市場。

Growth in our NIKE Direct business continues to outpace growth in the consolidating wholesale marketplace.

我們的 NIKE Direct 業務的成長持續超過整合批發市場的成長。

Looking ahead, we see NIKE Direct growth accelerating and the broader marketplace beginning to stabilize, as partners like DICK'S Sporting Goods and Foot Locker transform their consumer experiences.

展望未來，隨著 DICK'S Sporting Goods 和 Foot Locker 等合作夥伴改變其消費者體驗，NIKE Direct 成長加速，更廣泛的市場開始穩定。

As such, we anticipate significantly less contraction in the second half of fiscal year '18 as compared to the first half.

因此，我們預期 18 財年下半年的縮幅將顯著低於上半年。

In line with the timing of new product launches, coming to market late in Q3 and scaling over the course of Q4, we are positioning the North America marketplace for a return to sustainable, profitable growth.

根據新產品發布的時間、第三季末上市並在第四季度擴大規模，我們正在定位北美市場，以恢復可持續的獲利成長。

For the quarter, EBIT was down 14% versus the prior year, driven by investments in SG&A, including the launch of our new partnership with the NBA and our relaunch of the NikePlus membership program.

本季度，由於 SG&A 投資（包括與 NBA 建立新的合作夥伴關係以及重新啟動 NikePlus 會員計畫），息稅前利潤比前一年下降了 14%。

Next let's turn to EMEA, where we continue to have strong momentum.

接下來讓我們轉向歐洲、中東和非洲地區，我們在那裡繼續保持強勁的勢頭。

In Q2, revenue in EMEA was up 14% on a currency-neutral basis, fueled by double-digit growth across footwear and apparel as well as most categories and territories.

第二季度，在鞋類和服裝以及大多數類別和地區兩位數成長的推動下，歐洲、中東和非洲地區的營收在匯率中立的基礎上成長了 14%。

Our growth was led by NIKE Direct, digital momentum as well as double-digit comp store growth.

我們的成長是由 NIKE Direct、數位動能以及兩位數的比較商店成長所帶動的。

On a reported basis, revenue increased 19% and EBIT grew 8%, as strong revenue growth and SG&A leverage were partially offset by lower gross margin, with gross margin contraction primarily driven by transactional FX headwinds.

根據報告，收入增長了 19%，息稅前利潤增長了 8%，強勁的收入增長和 SG&A 槓桿被毛利率下降部分抵消，而毛利率收縮主要是由交易性外匯不利因素推動的。

In Greater China, revenue in Q2 was up 15% on a currency-neutral basis with strong double-digit growth across footwear and apparel in most categories and led by NIKE Direct.

在大中華區，在剔除貨幣因素的基礎上，第二季度收入增長了 15%，其中大多數品類的鞋類和服裝都實現了兩位數的強勁增長，其中以 NIKE Direct 為首。

Digital momentum in the quarter was fueled by NIKE.com and our partnership with Tmall, with both being amplified by a record-shattering Singles' Day for the NIKE Brand.

NIKE.com 以及我們與天貓的合作關係推動了本季的數位勢頭，而耐吉品牌破紀錄的雙十一也進一步放大了這兩者。

We continue to see tremendous growth potential over the long term in China, but we're not taking that for granted.

我們繼續看到中國的長期巨大成長潛力，但我們並不認為這是理所當然的。

We will continue to invest in China to ensure that we can exceed consumer expectations and extend our leadership.

我們將繼續在中國投資，以確保我們能夠超越消費者的期望並擴大我們的領導地位。

On a reported basis, Q2 revenue grew 16%, while EBIT was up 1%, due to lower margins in NIKE Direct, significant transactional FX headwinds and higher SG&A.

根據報告，第二季度收入增長 16%，而息稅前利潤增長 1%，原因是 NIKE Direct 利潤率下降、外匯交易面臨重大阻力以及 SG&A 上升。

Moving to APLA, a dynamic globally diverse geography fueled by key cities, including Tokyo, Seoul and Mexico City.

轉向 APLA，這是一個充滿活力的全球多元化地理區域，由東京、首爾和墨西哥城等主要城市推動。

In Q2, revenue in APLA grew 8% on a currency-neutral basis, driven by strong double-digit growth in NIKE Direct, Sportswear and Basketball and balanced growth across footwear and apparel.

第二季度，在 NIKE Direct、運動服和籃球業務強勁的兩位數增長以及鞋類和服裝業務的平衡增長的推動下，APLA 的收入在匯率中性的基礎上增長了 8%。

We are the leading brand in the key cities and countries across this geography, and we're increasingly capturing the strong demand for our brand through the expansion of our digital ecosystem of apps as well as strategic partnerships with innovative digital retailers.

我們是該地區主要城市和國家的領先品牌，並且透過擴展我們的應用程式數位生態系統以及與創新數位零售商的策略合作夥伴關係，我們越來越多地抓住對我們品牌的強勁需求。

On a reported basis, Q2 revenue in APLA was up 6% and EBIT grew 9%, driven by revenue growth and SG&A leverage.

根據報告，在營收成長和 SG&A 槓桿的推動下，APLA 第二季度營收成長 6%，息稅前利潤成長 9%。

And finally, at Converse, Q2 revenue declined 4% on a currency-neutral basis as international growth was more than offset by a decline in North America.

最後，匡威第二季營收在匯率中立的基礎上下降了 4%，因為國際成長被北美地區的下滑所抵銷。

On a reported basis, Converse revenue declined 2%, and EBIT was down 38% due to gross margin contraction and demand-creation investment to drive brand heat and reignite growth in the North America market.

據報告顯示，由於毛利率收縮以及需求創造投資推動品牌熱度並重新點燃北美市場的成長，匡威收入下降了 2%，息稅前利潤下降了 38%。

I'll now move to our outlook for the balance of the year.

現在我將談談我們對今年剩餘時間的展望。

Our full year guidance for fiscal year '18 remains consistent with the guidance that we provided 90 days ago.

我們對 18 財年的全年指引與我們 90 天前提供的指引保持一致。

We are targeting revenue, gross margin and SG&A all within the range as we previously communicated.

我們的目標是收入、毛利率和銷售管理費用均在我們先前溝通的範圍內。

We are building momentum in the second half both in the U.S. and internationally, as we execute our new offense.

下半年，我們將在美國和國際上積蓄勢頭，執行新的進攻。

However, there are some anomalies by quarter.

不過，按季度來看，也存在一些異常現象。

So with that, the following is more specific guidance.

因此，以下是更具體的指導。

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 Q3, in particular, we expect reported revenue growth at or slightly below the rate of reported revenue growth that we delivered in Q2, with the timing of new product launches coming later in the quarter.

特別是在第三季度，我們預計報告的收入成長率將等於或略低於我們在第二季報告的收入成長率，新產品的發佈時間將在本季稍後。

As for gross margin, for the full year, we continue to expect contraction of 50 to as much as 100 basis points.

至於毛利率，我們繼續預計全年毛利率將收縮 50 至 100 個基點。

We are seeing improvement in the underlying drivers of gross margin expansion.

我們看到毛利率擴張的根本驅動力有所改善。

That said, there are 2 factors that will weigh on our Q3 margin: first, FX remains a material headwind in Q3, but eases in Q4; second, we will remain measured with respect to our targeted margin in Q3 based on the continued promotional environment across the broader U.S. retail landscape.

也就是說，有兩個因素將影響我們第三季的利潤率：首先，外匯在第三季度仍然是一個重大阻力，但在第四季度有所緩解；其次，我們將根據整個美國零售業持續的促銷環境，繼續衡量第三季的目標利潤率。

Thus for Q3, we expect gross margin to contract by 125 to 175 basis points, followed by significant sequential improvement in gross margin in Q4.

因此，我們預計第三季的毛利率將收縮 125 至 175 個基點，隨後第四季的毛利率將出現顯著環比改善。

As for SG&A, we continue to expect full year growth in the mid-single digits.

至於銷售、管理及行政費用（SG&A），我們持續預期全年將達到中個位數成長。

While we remain disciplined in our spending, we are also identifying opportunities to accelerate investment that will fuel growth.

在我們保持嚴格支出的同時，我們也在尋找加速投資的機會，以推動成長。

For example, we see opportunities within demand creation to drive brand distinction and heat and with an operating overhead to elevate our digital capabilities.

例如，我們在需求創造中看到了推動品牌知名度和熱度的機會，並透過營運費用來提升我們的數位能力。

Accordingly, we expect low double-digit SG&A growth in Q3.

因此，我們預期第三季的銷售、管理及行政費用將有兩位數的低成長。

We expect other income and expense net of interest expense to be approximately $30 million to $40 million of expense in Q3 and roughly $120 million of expense for the full year.

我們預計第三季扣除利息支出後的其他收入和支出約為 3,000 萬至 4,000 萬美元，全年支出約為 1.2 億美元。

Finally, we now expect our effective tax rate to be between approximately 14% to 16% for the full year before taking into account U.S. tax reform.

最後，在考慮美國稅制改革之前，我們現在預計全年的有效稅率約為 14% 至 16%。

Note that assuming U.S. tax reform is enacted into law, our tax rate would be significantly higher in Q3, driven primarily by the onetime taxes on deemed repatriation of foreign earnings.

請注意，假設美國稅收改革已成為法律，我們第三季的稅率將顯著提高，這主要是由於對視為匯回外國收入的一次性稅收所推動的。

That said, we expect U.S. tax reform will have a net favorable impact on NIKE taking into account the impact on taxes, access to capital and capacity to invest across our value chain.

也就是說，考慮到對稅收、資本取得和整個價值鏈投資能力的影響，我們預期美國稅收改革將對耐吉產生淨有利影響。

Assuming enactment, we will update you with more specifics next quarter.

如果頒布，我們將在下個季度向您提供更多具體資訊。

As we look ahead to the second half of the fiscal year and into fiscal year '19, we have an unprecedented wave of new innovative products coming to market.

當我們展望本財年下半年和 19 財年時，我們將迎來前所未有的新創新產品浪潮。

We have strong international momentum, and we are building underlying momentum and a pull market in the U.S. Our current momentum is the direct result of our focus on what matters most to consumers.

我們擁有強勁的國際動力，並且正在美國建立潛在動力和拉動市場。我們目前的動力是我們專注於對消費者最重要的事情的直接結果。

Accordingly, we are increasingly confident that our new offense will ignite NIKE's next horizon of strong, sustainable, profitable growth.

因此，我們越來越有信心，我們的新進攻將點燃耐吉的下一個強勁、可持續、獲利成長的前景。

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 Omar Saad from Evercore ISI.

（操作員說明）您的第一個問題來自 Evercore ISI 的 Omar Saad。

Andy, there's a couple of comments you made.

安迪，您發表了一些評論。

I wanted to see if I can get you to elaborate on.

我想看看是否可以讓你詳細說明。

I think one, you said something along the lines of scaling digital to leverage the price value relationship.

我認為，您說了一些關於擴展數位化以利用價格價值關係的內容。

Are you talking about ASP increases over time?

您是在談論 ASP 隨著時間的推移而增加嗎？

Is that -- are you thinking along those lines, avoiding the customer up-pricing curve?

您是否正在沿著這些想法思考，避免顧客抬高定價曲線？

Is that something that you guys are prepared to start thinking about again?

你們準備好重新開始考慮這個問題了嗎？

Yes.

是的。

Happy Holidays, Omar.

節日快樂，奧馬爾。

There are a couple of things we're scaling that are enhancing the price-value relationship, one being innovation.

我們正在擴展一些措施來增強價格與價值的關係，其中之一就是創新。

As I referenced, we all know it's a relatively promotional environment, particularly in the U.S., but even within that environment, as we're launching innovation, at the higher end of the price spectrum, we're seeing sellouts and incredibly strong demand.

正如我所提到的，我們都知道這是一個相對促銷的環境，特別是在美國，但即使在這種環境下，當我們在價格範圍的高端推出創新時，我們也看到了銷售和令人難以置信的強勁需求。

And obviously, we have always seen that as an opportunity to expand the entire spectrum of product offerings across price points, as we cascade innovation across styles, categories and price points.

顯然，我們一直將其視為跨價位擴展整個產品範圍的機會，因為我們在款式、類別和價位上進行了級聯創新。

To your question on digital, we also see digital being opportunity to expand the price value relationship as well as full-price sell-through.

對於你關於數位化的問題，我們也認為數位化是擴大價格價值關係以及全價銷售的機會。

So on the first point, we've spoken about editing to amplify.

關於第一點，我們已經談到了透過編輯來放大。

Digital is where we're probably doing that most significantly.

數位化可能是我們做得最重要的地方。

So editing down our line or our assortment to the products that we know consumers matters -- the products that we know consumers love most.

因此，將我們的產品線或品種編輯為我們知道消費者最重要的產品——我們知道消費者最喜歡的產品。

A great example we've shared in the past would be the Air Force 1 and giving them fewer styles, but better choice and dimension within that.

我們過去分享過的一個很好的例子是 Air Force 1，它提供了更少的款式，但提供了更好的選擇和尺寸。

And we're seeing strong demand when consumers get what they really want, they're willing to pay that full price and they're willing to pay increasing prices as we bring innovative products and new styles.

當消費者得到他們真正想要的東西時，我們看到了強勁的需求，他們願意支付全價，並且隨著我們帶來創新產品和新款式，他們願意支付更高的價格。

And then we're also seeing the opportunity as we move forward as we build new capabilities that leverage demand signals that we get from consumers in terms of how often they buy, what they buy, to improve full-price versus off-price sell-through.

然後，隨著我們不斷發展，我們也看到了機遇，因為我們建立了新的功能，利用我們從消費者那裡獲得的需求訊號，包括他們購買的頻率、購買的商品，以提高全價銷售與折扣銷售的價格——通過。

Your next question is from Bob Drbul from Guggenheim.

您的下一個問題來自古根漢的鮑勃·德布爾（Bob Drbul）。

Mark, you mentioned the Amazon pilot is going well and your partnership will be expanding.

馬克，你提到亞馬遜試點進展順利，你們的合作關係將會擴大。

I was wondering if you can you talk a little about what you're pleased with so far?

我想知道您能否談談到目前為止您對什麼感到滿意？

And what we should be looking for in coming months from Amazon?

未來幾個月我們該從亞馬遜尋找什麼？

Sure.

當然。

First of all, as I said, the pilot has gone well.

首先，正如我所說，試點進展順利。

We've seen good sell-through on the limited selection of products that we have offered.

我們所提供的有限產品選擇的銷售情況良好。

We are extending the small pilot that we've got, as I mentioned.

正如我所提到的，我們正在擴大現有的小型試點計畫。

We know, I think when this operates at the highest level that there's a great opportunity between NIKE and Amazon to serve the consumer in ways that are mutually beneficial to both Amazon and NIKE.

我們知道，我認為當這在最高水平上運作時，耐吉和亞馬遜之間就有很好的機會以對亞馬遜和耐吉雙方都有利的方式為消費者服務。

So we are extending the pilot.

因此，我們正在擴大試點範圍。

We're bullish on where this can go from here.

我們看好事態的發展。

It's -- I think the important part is that we advanced the brand through better presentation and then the sharing of data so we can better serve consumers.

我認為重要的是我們透過更好的展示和數據共享來提升品牌，這樣我們就可以更好地為消費者服務。

I think that's really what we're driving for behind the Amazon relationship and frankly, any digital platform relationship we have.

我認為這確實是我們在亞馬遜關係背後所追求的目標，坦白說，也是我們擁有的任何數位平台關係背後的目標。

Tmall, I think, in China, as we pointed that out, that's a great example.

我認為，正如我們所指出的，在中國，天貓是一個很好的例子。

I met recently with Alibaba's CEO, Daniel Zhang, a few weeks ago.

幾週前，我最近會見了阿里巴巴執行長張勇。

And we're incorporating our brands on their platforms in ways that benefit both companies.

我們正在以對兩家公司都有利的方式將我們的品牌整合到他們的平台上。

And I think that's -- again, that's the real opportunity we see with Amazon as well as we move forward.

我認為這也是我們在亞馬遜上看到的真正機會以及我們前進的機會。

We're learning a lot.

我們學到了很多。

And we're bullish on our ability to extend that relationship and continue to grow.

我們看好我們擴展這種關係並繼續發展的能力。

Got it.

知道了。

I just have a follow-up question for you.

我只是想問你一個後續問題。

On the NFL partnership, you guys have a vote on the Competition Committee with your partnership.

關於 NFL 的合作夥伴關係，你們可以透過你們的合作夥伴關係對競賽委員會進行投票。

And do you have an opinion on (inaudible)

您對（聽不清楚）有什麼意見嗎

Bob, sorry, we cut -- I think you cut out there at the end.

鮑勃，抱歉，我們剪掉了——我想你最後剪掉了。

I caught the NFL part, but that was about it.

我看了 NFL 的部分，但僅此而已。

I was wondering if you have an opinion on the catch rule, if you're on the -- if you have a Competition Committee vote.

我想知道你是否對捕捉規則有意見，如果你有競爭委員會的投票權。

And whether or not Jesse James made that catch last Sunday night.

以及傑西詹姆斯上週日晚上是否接球。

We don't have a vote.

我們沒有投票權。

No vote.

沒有投票。

Your next question is from Kate McShane with Citi.

您的下一個問題來自花旗銀行的 Kate McShane。

Andy, in your prepared comments, I didn't you hear flag closeout or promotions as the reason for the decline in margin this quarter.

安迪，在您準備好的評論中，我沒有聽到標記清倉或促銷是本季度利潤率下降的原因。

So I just wondered if you could quantify that for us.

所以我只是想知道你是否可以為我們量化這一點。

And what is your view of the inventory level in the marketplace right now?

您對目前市場庫存水準有何看法？

And is there any differentiation between footwear versus apparel inventories?

鞋類庫存與服裝庫存有什麼區別嗎？

Yes.

是的。

One of the reasons we didn't speak about closeout as a driver of margin contraction is that it was not very significant.

我們沒有將平倉作為利潤收縮驅動因素的原因之一是，它並不是非常重要。

Almost all of our margin contraction in the quarter was driven by foreign exchange.

本季我們的利潤率幾乎全部收縮都是由外匯造成的。

As you know, we have said time and time again over the last several quarters that what we're most focused on was tightening supply and lining it up with demand to create a pull market, and we feel great about the progress we've made there.

如您所知，我們在過去幾個季度中多次說過，我們最關注的是收緊供應並使其與需求保持一致，以創造一個拉動市場，我們對所取得的進展感到非常高興在那裡。

Overall, across the world, we believe our inventories are relatively healthy -- healthier and improving.

總體而言，在全球範圍內，我們相信我們的庫存相對健康——更健康且有所改善。

We still have room for improvement.

我們還有進步的空間。

And so we are keeping a close eye on it.

所以我們正在密切關注它。

And there are discrete pockets, but there is no dimension of inventory that we would call out as a risk factor or an item of concern at this point.

雖然有離散的口袋，但目前我們還沒有將庫存視為風險因素或值得關注的項目。

Okay.

好的。

So closeouts in terms of your guidance for Q3 -- the guidance that you just gave for Q3, are they expected to pick up, because of what they are comp-ing against?

因此，就您對第三季的指導而言，您剛剛為第三季提供的指導，由於他們所面臨的挑戰，他們是否預計會有所回升？

Or should it be a similar dynamic in Q3 as what we saw in Q2?

或者第三季的動態是否應該與我們在第二季看到的類似？

No.

不。

Actually, there are a couple of factors in Q3.

實際上，第三季有幾個因素。

One, FX remains a bit of a headwind -- more than a bit, a headwind at about the same level, and I spoke to some extent about that.

第一，外匯市場仍然存在一定的逆風——不止一點，處於大致相同水平的逆風，我在某種程度上談到了這一點。

There is another dimension within our margin that I'll call out.

我將指出我們的邊界內還有另一個維度。

As we launch greater volume and scale of new and innovative products, our tooling and other upfront product costs associated with new styles is amortized in the first season of launch.

隨著我們推出更多數量和規模的新產品和創新產品，我們與新款式相關的工具和其他前期產品成本將在推出的第一季攤提。

And that is having a bit of an impact in the second half of the year.

這對今年下半年產生了一些影響。

In essence, it's one of those things you might often refer to as a weakness that's really a strength.

從本質上講，它是你可能經常提到的弱點之一，但實際上卻是一種優勢。

It is a discrete anomaly within the first season of launch, but it's really the benefit of this wave of innovation that we're bringing to market.

這是發布第一季中的一個離散異常現象，但這確實是我們推向市場的這一波創新的好處。

And so as we go forward, those products have a very favorable impact on price value and margin.

因此，隨著我們的前進，這些產品會對價格和利潤產生非常有利的影響。

It's just that this pretty significant shift up in mix of new, innovative products in the second half of fiscal year versus last year is having a little bit of an impact, particularly in Q3.

只是與去年相比，本財年下半年新的創新產品組合的顯著變化產生了一些影響，特別是在第三季度。

The next question is from Paul Trussell with Deutsche Bank.

下一個問題來自德意志銀行的保羅‧特魯塞爾。

Very strong performance out of the international segments, so congratulations on that.

國際部分的表現非常強勁，所以恭喜你。

But I do want to better understand the dynamics of the North American market.

但我確實想更了解北美市場的動態。

In particular, if you can just discuss what you're seeing from a demand standpoint, and how you are changing supply into the marketplace?

特別是，您是否可以從需求的角度討論您所看到的情況，以及您如何改變市場的供應？

And is the commentary regarding anticipating significantly less contraction in second half primarily related to the timing of product launches?

關於預計下半年收縮將大幅減少的評論主要與產品發布的時間有關嗎？

Yes.

是的。

Let me start with North America, your question.

讓我從你的問題的北美開始。

First of all, we continue to see, as we all do, the shift -- consumer shift toward digital.

首先，正如我們所有人一樣，我們繼續看到這種轉變——消費者向數位化的轉變。

And obviously, that's why we're overindexing in that area.

顯然，這就是我們在該領域過度索引的原因。

In the near term, as Andy had mentioned, we expect that there's going to be a promotional backdrop and some continued retail consolidation in the North American market.

正如安迪所提到的，短期內，我們預期北美市場將出現促銷背景和持續的零售整合。

Despite that, and I think Andy touched on this as well, there is a real consumer appetite for innovation and new retail experiences.

儘管如此，我認為安迪也談到了這一點，消費者對創新和新零售體驗有著真正的興趣。

And that has us very excited, particularly as you look at what's coming in the second half of the fiscal year, particularly ramping up in Q4.

這讓我們非常興奮，特別是當你看到本財年下半年的情況時，尤其是第四季的成長。

Many of the new product innovations that we have and the platforms that I think are very leverage -- highly leverageable really ramp up in the Q4 period of the second half.

我們擁有的許多新產品創新和我認為非常具有槓桿作用的平台——高槓桿作用在下半年的第四季度確實有所增加。

So -- and the consumer, there is an appetite for premium product and new innovation, and we see that driving full-price and, again, a real pull market for us, which is really what we're driving for in North America, especially.

因此，消費者對優質產品和新創新有興趣，我們看到全價的推動，對我們來說又是一個真正的拉動市場，這正是我們在北美所追求的目標，尤其。

So we also have membership.

所以我們也有會員資格。

We're connecting through membership.

我們透過會員資格建立聯繫。

We've seen really strong results as we build our membership base and then speed.

隨著我們建立會員基礎並加快速度，我們已經看到了非常強勁的成果。

We talked about our ability to move and our focus on moving closer to market.

我們討論了我們的移動能力以及我們對貼近市場的關注。

We know that, that's also a major factor in driving full-price demand with the consumer.

我們知道，這也是推動消費者全價需求的一個主要因素。

So I guess, I would say that disruption really is what's creating opportunity.

所以我想，我想說的是，顛覆確實創造了機會。

So we're investing in a sustainable platform in North America for long-term growth, and we see that wave of growth coming for NIKE in the U.S. building in Q4 and then moving through fiscal '19.

因此，我們正在北美投資一個可持續的平台，以實現長期成長，我們預計耐吉在美國的成長浪潮將在第四季開始，然後持續到 19 財年。

Andy, you want to...

安迪，你想...

Yes.

是的。

In short, you're right.

簡而言之，你是對的。

I did mention that we see significantly less contraction in the second half of fiscal year '18 than with the first half.

我確實提到過，我們看到 18 財年下半年的縮減率明顯少於上半年。

The -- what's beneath the surface of our results is we're building momentum.

我們結果的表面之下是我們正在積蓄動力。

And we're seeing -- we're going to see that momentum build monthly over the second half, particularly as we start to launch some of these products late in Q3 and then scale them in Q4.

我們看到，下半年我們將看到這種勢頭每月都在增強，特別是當我們在第三季末開始推出其中一些產品，然後在第四季度擴大規模時。

We obviously don't plan the business on a fiscal quarter basis.

顯然我們不會以財政季度為基礎來規劃業務。

We plan it on consumer time lines, and we've got some pretty impactful consumer moments coming up and product launches.

我們根據消費者的時間軸進行規劃，並且我們已經迎來了一些非常有影響力的消費者時刻和產品發布。

And so just to reiterate what Mark said, we see accelerating growth in our NIKE Direct businesses.

因此，重申馬克所說的，我們看到我們的 NIKE Direct 業務正在加速成長。

We see the early stages of stabilization in a consolidating, but more importantly, transforming wholesale marketplace and that's really positioning us well for growth as we exit fiscal year '18 and from fiscal year '19 forward.

我們看到批發市場的整合已進入穩定的早期階段，但更重要的是，批發市場正在轉型，這確實為我們在 18 財年結束和 19 財年以後的成長做好了良好的準備。

The next question is from Jim Duffy with Stifel.

下一個問題是 Jim Duffy 和 Stifel 提出的。

Very encouraged by the comments about the anticipated inflection in North America into fiscal '19.

關於北美地區進入 19 財年的預期拐點的評論讓我深受鼓舞。

With respect to focus wholesale distribution resources in North America, I'm curious where you are in the process of communicating that to channel partners?

關於北美的集中批發分銷資源，我很好奇你們在與通路夥伴溝通的過程中處於什麼階段？

Specifically, what's been the message to those deemed nonstrategic on a go-forward basis?

具體來說，對於那些被認為是非策略性的未來的訊息是什麼？

And how are you navigating those kind of delicate communications?

您如何進行這些微妙的溝通？

I'll start on that, Jim, and Happy Holidays, by the way.

我將從這個開始，吉姆，順便說一句，節日快樂。

As you know and you've followed us for a while, we don't disclose the specifics of our partner investment, our trade terms publicly.

如您所知，並且您已經關注我們一段時間了，我們不會公開披露合作夥伴投資的具體情況以及我們的交易條款。

That being said, one of the reasons is because it depends on the partner.

話雖這麼說，原因之一是因為這取決於合作夥伴。

And what you highlighted is great dimension on what that means, in particular, right now, which is where we're really focused on investing is with those most strategic partners who want to move fast, test and learn with us and prove out the financial benefits of more direct, differentiated retail with higher levels of service and that connect the NIKE Brand more closely to the consumer leveraging digital.

您強調的是這意味著什麼，特別是現在，我們真正關注的是那些最具戰略意義的合作夥伴，他們希望快速行動，與我們一起測試和學習，並證明財務狀況。更直接、差異化的零售和更高水準的服務帶來的好處，以及利用數位技術將耐吉品牌與消費者更緊密地聯繫起來。

And to your point, we are shifting investment.

就你的觀點而言，我們正在轉移投資。

We're funding from more undifferentiated dimensions of wholesale toward those partners that share a vision, and both Mark and Trevor discussed some of the examples that we are currently testing and implementing with partners.

我們從更無差別的批發維度向那些擁有共同願景的合作夥伴提供資金，馬克和特雷弗都討論了我們目前正在與合作夥伴一起測試和實施的一些示例。

And we're seeing great results early on from those experiences that are better serving consumers and giving them more of what they want, leveraging digital and in a more personally oriented service environment.

我們很早就看到了這些體驗的良好成果，這些體驗能夠更好地服務消費者，並利用數位化和更個人化的服務環境為他們提供更多他們想要的東西。

And so it will be a shift.

所以這將是一個轉變。

But we are deep into those discussions.

但我們正在深入討論這些問題。

And in fact, we are investing with our partners already in that regard.

事實上，我們已經在這方面與我們的合作夥伴進行投資。

Yes.

是的。

And what I'll just add is that, and Andy kind of touched on it, the thing that really grounds us in that discussion is really the consumer.

我要補充的是，安迪談到了這一點，真正讓我們參與討論的其實是消費者。

At the end of the day, the shift of the consumer moving to what we describe as differentiated retail, is a call for them saying that they actually want to be better served, and we see that digitally and we also see that physically.

歸根結底，消費者轉向我們所說的差異化零售，是對他們的呼籲，他們實際上希望得到更好的服務，我們在數字上看到了這一點，我們也在實體上看到了這一點。

So that's the conversation that we have.

這就是我們的對話。

And that's why when we see the work that we're doing, what we test, learn and scale with the partners that actually see that, that's where the conversations have been really pretty straightforward, which is the consumer ultimately decides.

這就是為什麼當我們看到我們正在做的工作、我們測試的內容、學習的內容以及與實際看到的合作夥伴進行擴展時，對話就變得非常簡單，這是消費者最終決定的。

Our job is to create even better experiences, and that's what we've been working on.

我們的工作是創造更好的體驗，這也是我們一直在努力的方向。

So lot of things that we touched on in the prepared remarks, whether it was the Sneakeasy concept or it was the work that we've done with Finish Line or JDs in Europe, they are great examples of how we're better serving the consumer.

我們在準備好的演講中談到了很多事情，無論是 Sneakeasy 概念，還是我們與 Finish Line 或歐洲 JD 所做的工作，它們都是我們如何更好地服務消費者的好例子。

And as a result, those dimensions are actually driving us more significant margin and better profitability.

因此，這些規模實際上為我們帶來了更大的利潤和更好的獲利能力。

So that's the reason why we -- the conversations are usually pretty straightforward.

這就是為什麼我們的對話通常非常簡單。

Very good.

非常好。

My next question is on consumer shift.

我的下一個問題是關於消費者的轉變。

The pendulum seems to swinging from casual lifestyle back towards performance.

鐘擺似乎從休閒生活方式轉向了性能。

Mark or Trevor, I'm curious, to what extent you guys think this is serendipitous or cyclical versus simply consumers responding to a more compelling product offering in the market place.

馬克或特雷弗，我很好奇，你們在多大程度上認為這是偶然的或週期性的，而不是消費者對市場上更具吸引力的產品做出的反應。

Well, I think it's more b than a, the consumer -- I don't think these are cycles as much as response to specific products and compelling stories behind those products.

嗯，我認為這更多的是b而不是a，即消費者——我不認為這些是周期，而是對特定產品和這些產品背後引人入勝的故事的反應。

We find that the aesthetic of the product is absolutely essential, no matter if it's performance or sports style.

我們發現，無論是性能還是運動風格，產品的美感絕對重要。

We are, as you know, the largest lifestyle business in the industry with -- I think we're at $8.5 billion in revenue in fiscal '17.

如您所知，我們是業內最大的生活方式企業，我認為我們 17 財年的收入為 85 億美元。

And in Q2, our Sportswear business was the largest in our history as a company, and that was driven by both footwear and apparel.

在第二季度，我們的運動服裝業務是我們公司歷史上最大的業務，這是由鞋類和服裝推動的。

That said, the appetite for a pure performance product is incredibly high.

也就是說，人們對純性能產品的需求非常高。

It also drives opportunity in Sportswear.

它也推動了運動服裝領域的機會。

So there is a symbiotic relationship between performance and Sportswear that we are very focused on creating and leveraging.

因此，性能與運動服裝之間存在共生關係，我們非常注重創造和利用這種關係。

And that's really what sets NIKE apart, think in the end is our ability to take performance insights to drive unique product design that we can then leverage for everyday lifestyle.

這才是耐吉與眾不同的真正原因，歸根結底，我們有能力利用性能洞察力來推動獨特的產品設計，然後我們可以將其用於日常生活。

And I feel really good about where we are right now as far as that's concerned, and then as we look at the new platforms and products that we have coming Q3 and ramping up in Q4, I think we'll even be in a better position.

就這一點而言，我對我們現在的處境感到非常滿意，然後當我們看到第三季推出並在第四季度推出的新平台和產品時，我認為我們甚至會處於更好的位置。

The last question is from Jonathan Komp with Robert W. Baird.

最後一個問題是 Jonathan Komp 和 Robert W. Baird 提出的。

I wanted to actually ask about the strength on the Direct side of the business.

我實際上想詢問一下 Direct 方面的業務實力。

I think Trevor mentioned it accelerated and it was broad-based across NIKE.com and the same-store sales globally.

我認為特雷弗提到它加速了，並且在 NIKE.com 和全球同店銷售中具有廣泛的基礎。

So any more color on where you're seeing the strength globally across geographic segments and any more detail on the color would -- on the drivers would be great.

因此，如果您能在全球範圍內看到跨地理區域的實力，並且在顏色上有更多的細節，那麼在驅動程式上的任何更多細節都會很棒。

Yes.

是的。

Hi, Jonathan.

嗨，喬納森。

Happy Holidays.

節日快樂。

I'll start on that.

我將從那開始。

It's broad based.

它的基礎廣泛。

We're seeing growth in NIKE.com in every geography and outpacing growth in almost every other dimension in every geography.

我們看到 NIKE.com 在每個地區的成長速度都超過了每個地區幾乎所有其他維度的成長速度。

In particular, where we really see the strongest dimensions of growth are in the key cities and key countries where we're really focusing execution of our offense and go a little even more narrow than that is NikePlus membership.

特別是，我們真正看到成長最強勁的地方是在主要城市和主要國家，我們真正專注於執行我們的進攻，並且比 NikePlus 會員資格更窄。

We relaunched that in November.

我們在 11 月重新啟動了該專案。

I would say the strongest rates of growth within digital were in the number of new members we got in the month of November alone, in the number of buying members in November alone.

我想說，數位領域最強勁的成長率是我們僅在 11 月就獲得的新會員數量，以及僅在 11 月就購買的會員數量。

And what's great is we were really closely tracking what types of offerings the member unlocks and other services were resonating with them most.

很棒的是，我們確實密切追蹤了會員解鎖的產品類型以及最能引起他們共鳴的其他服務。

And I'll just add that, one of the things that we did talk about that is we're clearly seeing the consumer shift to digital commerce and buying stronger online as well as buying through the app.

我想補充一點，我們確實討論過的一件事是，我們清楚地看到消費者轉向數位商務，在線購買以及透過應用程式購買變得更加強大。

So one of the things that we have done and which, I think, is helping to fuel that growth is certainly as we rolled out the SNKRS app in Europe as well as in 7 of the 10 key cities or key markets in Europe, we -- obviously, it will go into Japan at the back end of this year.

因此，我們所做的一件事（我認為這有助於推動成長）肯定是我們在歐洲以及歐洲 10 個主要城市或主要市場中的 7 個推出了 SNKRS 應用程序，我們 - - 顯然，它將今年底進入日本。

So we're really excited.

所以我們真的很興奮。

The international business is, again, exceptionally strong and we see just continued growth rate.

國際業務再次異常強勁，我們看到了持續的成長速度。

Also, we are also seeing strong growth with our partners like Tmall and Zalando and ASOS, all of those are really key drivers also in terms of how they are actually working with us.

此外，我們還看到與天貓、Zalando 和 ASOS 等合作夥伴的強勁成長，所有這些都是他們與我們實際合作的真正關鍵驅動力。

So the fact that we're on their platforms, we're working them very closely and we're certainly seeing them be able to grow in particular segments, whether those are premium segments or those are specific category segments.

事實上，我們在他們的平台上，我們正​​在與他們密切合作，我們當然看到他們能夠在特定細分市場中成長，無論是高端細分市場還是特定類別細分市場。

Okay, great.

好的，太好了。

And then I just wanted to follow up with a question on the mix of growth overall international versus North America.

然後我只想跟進一個關於國際與北美整體成長組合的問題。

And I think Andy, you highlighted the Analyst Day guidance for the next 5 years that 75% of the growth will come outside of North America.

我認為安迪，您強調了分析師日對未來 5 年的指導，即 75% 的成長將來自北美以外的地區。

And I'm just wondering how to think about when you're expecting the shift to start to meet that matrix of growth.

我只是想知道如何考慮何時開始轉變以滿足成長矩陣。

So starting in 2019, do you see that mix of growth starting to play out, where it's about 3 quarters international and North America returns to growth?

那麼從 2019 年開始，您是否認為混合成長開始顯現，國際和北美大約有 3 個季度恢復成長？

Or how soon do you think, if that's the right way to think about it?

或者，如果這是正確的思考方式，您認為需要多長時間？

Yes.

是的。

From a growth perspective, one of the things that we are feeling great about and increasingly confident in based on the success we were seeing in Q2 with the execution of our new strategy aligns up with what we communicated at Investor Day.

從成長的角度來看，基於我們在第二季度看到的成功以及新策略的執行，我們感到非常高興並且越來越有信心的事情之一與我們在投資者日所傳達的內容一致。

We said at Investor Day we see North America being a mid-single-digit revenue growth geography.

我們在投資者日表示，我們認為北美地區的收入成長處於中個位數。

We said we see Europe being mid-single digits to high single digits, Greater China in the low- to mid-teens and APLA in the high single digits to low double digits.

我們表示，我們認為歐洲為中個位數到高個位數，大中華區為中低個位數，APLA 為高個位數到低兩位數。

And as you're seeing this year, we have actually greater momentum than that in our international markets.

正如您今年所看到的，我們實際上比國際市場擁有更大的動力。

And while we are not at that current -- at that rate of growth in North America currently, the underlying momentum we're building in the -- and that we see ramping in Q4 and then positioning us for fiscal year '19, we think gets us back close to that targeted range in North America.

雖然我們還沒有達到目前北美的成長速度，但我們正在建立的潛在動力，並且我們看到第四季度的成長，然後為我們的 19 財年做好準備，但我們認為讓我們回到接近北美的目標範圍。

So I'll tell you that's one of the things we're most excited about in North America.

所以我會告訴你這是我們在北美最興奮的事情之一。

While we talked about less contraction in the second half, it's really about the momentum that we see building as we get to fiscal year '19 and being more in line with that long-term growth algorithm that we shared at our Investor Day.

雖然我們談到了下半年收縮幅度較小，但實際上我們看到的是進入 19 財年時所形成的勢頭，並且更符合我們在投資者日分享的長期成長演算法。

And as we look forward to, we'd say that it's never linear, right?

正如我們所期待的，我們會說它從來都不是線性的，對吧？

So a huge part of that comes down to in North America, we will continue to help transform that marketplace with the work that we're doing with the consumer experiences.

因此，這很大程度上取決於北美，我們將繼續透過我們在消費者體驗方面所做的工作來幫助改變該市場。

So we think that, that will clearly have impact, whilst at the same time, we're obviously driving the digital business.

因此，我們認為，這顯然會產生影響，同時我們顯然正在推動數位業務。

So we believe that, to Andy's point, it will over time look in that way, but it won't necessarily go just quarter-by-quarter.

因此，我們相信，就安迪的觀點而言，隨著時間的推移，情況將會如此，但不一定只是按季度進行。

Thank you, John.

謝謝你，約翰。

That's all the time we have for today.

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。

Happy Holidays.

節日快樂。

We'll speak with you next quarter.

我們將在下個季度與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。