Nike Inc (NKE) 2018 Q3 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎參加 NIKE, Inc. 2018 財年第三季電話會議。

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業務績效的背景，消除外匯波動。

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

參與者也可以參考其他非公開財務和統計資訊以及非公認會計準則財務指標。

To the extent non-public 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 Third Quarter Results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2018 財年第三季業績。

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

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

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

We will start with prepared remarks.

我們將從準備好的演講開始。

Then, we'll take your questions.

然後，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 will 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。

I'd first like to acknowledge the changes we made last week to further evolve our culture and restructure our leadership.

我首先要感謝我們上週為進一步發展我們的文化並重組我們的領導層而做出的改變。

We became aware of some behavioral issues that are inconsistent with NIKE's values of inclusivity, respect and empowerment.

我們意識到一些行為問題與耐吉包容、尊重和賦權的價值觀不符。

I'm committed to ensure that we have an environment where every NIKE employee can have a positive experience and reach their full potential.

我致力於確保我們擁有一個讓每位耐吉員工都能獲得正面體驗並充分發揮潛力的環境。

As you know, I've publicly committed to serve as Chairman, President and CEO of NIKE, Inc.

如您所知，我已公開承諾擔任耐吉公司的董事長、總裁兼執行長。

beyond 2020.

2020 年以後。

Trevor Edwards and I both agreed to a change in leadership structure in the NIKE Brand at this time.

崔佛愛德華茲和我都同意此時改變耐吉品牌的領導結構。

As we transition to our next phase of growth and continue to evolve our culture, Trevor will work with me as an adviser through this transition until he retires in August, and I'd like to thank him for his important and significant contributions in growing and strengthening the NIKE Brand around the world.

當我們過渡到下一階段的成長並繼續發展我們的文化時，特雷弗將作為顧問與我一起度過這一過渡，直到他八月份退休，我要感謝他在發展和發展方面做出的重要貢獻。在全球強化耐吉品牌。

We have a deep leadership bench at NIKE, and I'm confident that our restructured leadership team will continue to strengthen our culture and drive the Consumer Direct Offense.

耐吉擁有深厚的領導力，我相信重組後的領導團隊將繼續加強我們的文化並推動消費者直接進攻。

So with that, this call will be led by our CFO, Andy Campion and me.

因此，這次電話會議將由我們的財務長安迪·坎皮恩和我主持。

So let's turn to the results we delivered in Q3 and the strong momentum we're building as we look forward.

因此，讓我們來看看我們在第三季度取得的成果以及我們正在建立的強勁勢頭。

Simply put, the Consumer Direct Offense is working.

簡而言之，消費者直接進攻正在發揮作用。

Through 2X Innovation, we're creating and scaling new product platforms while also becoming sharper editors.

透過 2X Innovation，我們正在創建和擴展新產品平台，同時也成為更敏銳的編輯。

Through 2X Direct, we're moving closer to the consumer through differentiated retail concepts, leading with our mobile apps, .com and digital partners.

透過 2X Direct，我們以行動應用程式、.com 和數位合作夥伴為主導，透過差異化的零售概念拉近與消費者的距離。

And through 2X Speed, we're serving consumers at their pace.

透過 2X Speed，我們按照消費者的節奏為其提供服務。

During our Investor Day, we discussed the significant potential we see in our international markets, and this quarter, we delivered strong and sustainable growth across all of our international geographies.

在投資者日期間，我們討論了我們在國際市場中看到的巨大潛力，本季度，我們在所有國際地區實現了強勁且可持續的成長。

Take Greater China for example, where positive macro trends are accelerating from consumer spending to sport participation.

以大中華區為例，從消費支出到運動參與，正向的宏觀趨勢正在加速發展。

Looking ahead, we have a tremendous opportunity to expand our full digital portfolio, leading with key cities like Shanghai and Beijing.

展望未來，我們有巨大的機會來擴展我們的完整數位產品組合，並以上海和北京等主要城市為主導。

We saw this quarter with our Greater China business growing 24%.

本季我們的大中華區業務成長了 24%。

The end of Q3 also marks a significant turn in North America, where we expect a reversal of trend in Q4.

第三季的結束也標誌著北美地區的重大轉變，我們預期第四季的趨勢將出現逆轉。

We've secured some great early wins here through new NIKE Consumer Experiences and differentiated retail across both our direct and partner channels.

透過新的耐吉消費者體驗以及我們直接和合作夥伴通路的差異化零售，我們已經在這方面取得了一些巨大的早期勝利。

Overall, there's a strong global appetite for athletic footwear and apparel, and we're amplifying and capturing that demand through our Consumer Direct Offense and Triple Double strategy.

總體而言，全球對運動鞋和服裝有著強烈的需求，我們正在透過消費者直接進攻和三雙策略來擴大和捕捉這一需求。

The momentum we're building in all 4 geographies is the result of getting the right product in front of the consumer in the right moment, and it's becoming increasingly clear that the closer we connect our strong brand to consumers in the marketplace, the greater the returns.

我們在所有4 個地區建立的勢頭是在正確的時間向消費者提供正確的產品的結果，而且越來越明顯的是，我們將強大的品牌與市場上的消費者聯繫得越緊密，我們的品牌價值越大。返回。

So I'm excited to share some of the highlights of how we're executing the Triple Double and fueling our growth in our key categories.

因此，我很高興與大家分享我們如何實現三雙並推動關鍵類別成長的一些亮點。

At NIKE, growth always begins with innovation and great product, and this quarter, through 2X Innovation, we intensified the pace and scale at which we're bringing fresh and unexpected products to consumers.

在 NIKE，成長始終始於創新和優質產品，本季度，透過 2X Innovation，我們加快了為消費者帶來新鮮和意想不到的產品的步伐和規模。

And we've done that by focusing our resources to create new platforms, not just new models, by diversifying those platforms across multiple styles and categories through our complete offense and by editing our assortments to offer more compelling choice of our Power Franchises.

為此，我們集中資源創建新平台，而不僅僅是新模型，透過我們的完整進攻使這些平台跨多種風格和類別多樣化，並編輯我們的產品組合，以提供更具吸引力的特許經營選擇。

So let's start with the new platforms.

那麼就讓我們從新平台開始吧。

What's most exciting about our momentum is that it's being driven through a performance lens, delivering clear consumer benefits through platforms like the Air VaporMax and Nike React.

我們的勢頭最令人興奮的是，它是透過性能鏡頭驅動的，透過 Air VaporMax 和 Nike React 等平台為消費者帶來明顯的利益。

The Air VaporMax, for example, is delivering lightweight comfort with a distinct style.

例如，Air VaporMax 以獨特的風格提供輕盈舒適的感覺。

And it quickly became the #1 performance shoe above the $100 price point, and we're now scaling that platform into millions of pairs.

它很快就成為 100 美元價位以上排名第一的高性能鞋，我們現在正在將平台擴展到數百萬雙。

We're doing that with new designs like the VaporMax 2.0, the VaporMax 97 and the VaporMax Utility.

我們正在透過 VaporMax 2.0、VaporMax 97 和 VaporMax Utility 等新設計來實現這一目標。

Turning to Nike React, the consumer response has set new records for performance innovation launch.

談到 Nike React，消費者的反應創下了性能創新發布的新紀錄。

We initially offered the product to NikePlus members exclusively, selling out within hours.

我們最初只向 NikePlus 會員提供該產品，並在數小時內售罄。

And when we broadened the launch, we sold through several weeks of supply in just 4 days.

當我們擴大發售範圍時，我們在短短 4 天內就賣完了幾週的供應量。

As we move into Q4, we'll leverage that demand by scaling the Epic React; launching the Odyssey, a new running shoe at the $120 price point; and leveraging our portfolio to expand React cushioning into Sportswear, Basketball and Jordan icons.

當我們進入第四季度時，我們將透過擴展 Epic React 來利用這一需求；推出 Odyssey，一款售價 120 美元的新款跑鞋；並利用我們的產品組合將 React 緩震擴展到運動服、籃球和 Jordan 標誌中。

With the Air Max 270, we launched NIKE's bold lifestyle-specific Air platform with consumers responding to its comfort and style.

透過 Air Max 270，我們推出了 NIKE 大膽的生活方式專用 Air 平台，消費者對其舒適性和風格做出了回應。

Both the Air VaporMax and the Air Max 270 are fueling energy across our Nike Air family of products.

Air VaporMax 和 Air Max 270 都為我們的 Nike Air 系列產品注入能量。

With more Air innovation in the pipeline, we now expect to grow the Nike Air business by several billion dollars over the next few years.

隨著更多 Air 創新的不斷湧現，我們預計 Nike Air 業務在未來幾年將成長數十億美元。

The greater scale of these platforms will create greater impact on our business into Q4 and beyond.

這些平台規模的擴大將對我們第四季及以後的業務產生更大的影響。

With other innovation platforms, we're just getting started.

對於其他創新平台，我們才剛開始。

For example, we invented a new process for Flyknit, which we unveiled with our Mercurial boots ahead of World Cup '18.

例如，我們發明了一種新的 Flyknit 工藝，並在 18 年世界盃之前與 Mercurial 戰靴一起推出。

Constructed in a 360-degree form that wraps the entire foot, it gives athletes better control over their movement.

它以 360 度形式包裹整個腳部，讓運動員更好地控制自己的運動。

It's also incredibly efficient, creating 60% less waste than traditional cut-and-sew methods.

它的效率也令人難以置信，比傳統的裁剪和縫製方法減少了 60% 的浪費。

The KOBE 360 will be the next shoe to adopt this new process of digital knitting, combined with the Nike React midsole to create an incredible cork feel.

KOBE 360 將是下一款採用這種全新數位編織工藝的鞋款，與 Nike React 中底相結合，打造出令人難以置信的軟木觸感。

And in just a few weeks, we'll unveil a new platform that I'm extremely excited about.

在短短幾週內，我們將推出一個令我非常興奮的新平台。

It takes digital product creation to an entirely new place, and as we did with the ZoomX, 4% for Breaking2, we're working closely with Eliud Kipchoge on this one.

它將數位產品創作帶到了一個全新的高度，就像我們對 ZoomX 所做的那樣，Breaking2 的 4%，我們正在與 Eliud Kipchoge 密切合作開發這個產品。

I can't say much more today, but stay tuned in Q4.

今天我不能說太多，但請繼續關注第四季度。

We have some other truly disruptive platforms ahead, from HyperAdapt at new price points and new categories to non-powered adaptive footwear systems that improve fit, to other lifestyle cushioning systems.

我們還有其他一些真正顛覆性的平台，從新價位和新類別的 HyperAdapt，到改善貼合度的非動力自適應鞋類系統，再到其他生活方式緩衝系統。

We're also innovating in apparel.

我們也正在服裝方面進行創新。

We've begun to unveil our high-performance World Cup Vapor Knit kits with engineered yarns and open textures for breathability.

我們已經開始推出高性能世界盃 Vapor Knit 球衣，採用工程紗線和開放式紋理，實現透氣性。

In addition to designing the National Team kits, we've created full lifestyle collections for fans.

除了設計國家隊球衣之外，我們還為球迷打造了完整的生活方式系列。

World Cup is such a powerful moment in sport, and we look forward to amplifying its energy (inaudible) and sportswear businesses around the world.

世界盃是體育運動中如此強大的時刻，我們期待在世界範圍內擴大其活力（聽不清楚）和運動服裝業務。

As we laid out in October, 2X Direct is delivering a vision for a more differentiated marketplace, connecting the NIKE Brand in deeper ways with consumers.

正如我們在 10 月所闡述的那樣，2X Direct 正在為更差異化的市場提供願景，以更深的方式將 NIKE 品牌與消費者聯繫起來。

And we're leading with our digital business, which was up 18% on a currency-neutral basis in Q3, and we just launched the SNKRS app in China in December, and in the first month alone, we had 2 million downloads.

我們的數位業務處於領先地位，在不考慮貨幣因素的情況下，第三季度增長了18%，我們去年12 月剛剛在中國推出了SNKRS 應用程序，僅第一個月的下載量就達到了200萬次。

And we're also scaling NikePlus membership with plans to launch in all 12 of our key cities within the next fiscal year.

我們也擴大了 NikePlus 會員規模，並計劃在下一財年在所有 12 個大城市推出。

We're still in the early stages of NikePlus membership, but we saw strong consumer response in Q3 with new members rising more than 50% versus the same period last year.

我們仍處於 NikePlus 會員資格的早期階段，但我們在第三季度看到了消費者的強烈反應，新會員數量與去年同期相比增長了 50% 以上。

While we lead with digital, we don't believe digital and physical retail operate in silos.

雖然我們在數位化領域處於領先地位，但我們並不認為數位化和實體零售是孤立運作的。

In fact, more and more, they will intersect and amplify each other.

事實上，它們將越來越多地相互交叉和放大。

For example, in Q4, we're going to debut a new concept that we call Nike App at Retail at both The Grove in Los Angeles and here in Portland.

例如，在第四季度，我們將在洛杉磯的 The Grove 和波特蘭的零售店推出一個新概念，我們稱之為 Nike App。

When you enter the doors, it recognizes you and opens up exclusive products in your app.

當您進門時，它會識別您並在您的應用程式中開啟獨家產品。

You can scan for product availability in all nearby NIKE doors or check out and pay through the app with no waiting line.

您可以掃描附近所有 NIKE 門市的產品庫存情況，或透過應用程式結帳並付款，無需排隊。

And if you're not in the store, you can reserve product through the app, and we'll hold it in a personal locker so you can try it on before buying.

如果您不在商店，您可以透過應用程式預訂產品，我們會將其存放在個人儲物櫃中，以便您可以在購買前試穿。

There are a number of other features that'll be phased in as we test, initiate before scaling to our wider fleet of stores.

還有許多其他功能將在我們測試時分階段推出，然後再擴展到我們更廣泛的商店群。

What really powers all these immersive Consumer Experiences is great data and the ability to maximize it.

真正為所有這些沉浸式消費者體驗提供動力的是大量數據以及最大化數據的能力。

And while we're constantly building these skills in-house, we're also acquiring capabilities to accelerate our strategy.

在我們不斷在內部培養這些技能的同時，我們也正在獲得加速我們策略的能力。

Today, we're announcing that we've acquired an exceptional consumer data and analytics firm named Zodiac.

今天，我們宣布收購了一家出色的消費者數據和分析公司 Zodiac。

Based in New York, this team of world-class data scientists and their proprietary tools will help us deepen relationships with consumers all over the world with a primary focus on our NikePlus members.

這個由世界一流的資料科學家組成的團隊總部位於紐約，他們的專有工具將幫助我們加深與世界各地消費者的關係，特別是我們的 NikePlus 會員。

Better analytics are also a critical factor in our 2X Speed initiative.

更好的分析也是我們 2 倍速度計畫的關鍵因素。

As we sharpen our consumer sensing, we can meet demand faster and deliver more relevant, personalized products.

隨著我們增強消費者感知，我們可以更快地滿足需求並提供更相關、個人化的產品。

We've made good progress with our Express Lane teams, especially in EMEA where Express Lane product is accelerating growth in our Power Franchises.

我們與 Express Lane 團隊取得了良好進展，特別是在歐洲、中東和非洲地區，Express Lane 產品正在加速我們 Power Franchise 的成長。

In North America, we're increasing our speed of delivery, particularly around key cities.

在北美，我們正在提高送貨速度，特別是在主要城市周圍。

Our focus for fiscal '19 is to apply those learnings further and on to our biggest volume drivers around the world.

我們 19 財年的重點是將這些經驗進一步應用在我們在全球最大的銷售驅動因素。

The Triple Double comes to life through our categories.

三雙透過我們的類別得以實現。

It's how we amplify sport's biggest moments, connect our brand emotionally with consumers and drive a complete offense to grow our business.

這就是我們如何放大運動的最重要時刻，在情感上將我們的品牌與消費者聯繫起來，並推動全面進攻以發展我們的業務。

So let's touch on a few of the category highlights from the quarter.

讓我們來談談本季的一些類別亮點。

The NIKE Basketball category had a very strong quarter, growing double digits with growth across footwear and apparel in every geography and key city.

耐吉籃球類別的季度表現非常強勁，隨著鞋類和服裝在各個地區和主要城市的成長，實現了兩位數的成長。

We saw success with the launches of the KYRIE 4 and the PG 2, and through the LeBron Watch, consumers could buy LEBRON 15 player edition shoes as soon as he debuted them on court.

我們看到了 KYRIE 4 和 PG 2 的成功推出，透過 LeBron Watch，消費者可以在 LEBRON 15 球員版球鞋在球場上首次亮相時立即購買。

We've exceeded expectation in our first season as an official NBA partner, growing the NBA business significantly over the last year.

作為 NBA 官方合作夥伴的第一個賽季，我們的表現超出了預期，去年 NBA 業務顯著成長。

A major bright spot has been the iconic Showtime Hoodie.

標誌性的 Showtime 連帽衫是一大亮點。

It's been a huge hit at retail and has driven a whole new silhouette for NIKE apparel.

它在零售業引起了巨大的反響，並為耐吉服裝帶來了全新的款式。

Perhaps the greatest source of brand energy for both NIKE Basketball and the Jordan Brand was the NBA All-Star Weekend in Los Angeles.

也許對於耐吉籃球和喬丹品牌來說，最大的品牌能量來源是洛杉磯的 NBA 全明星週末。

Over the 3 days, we became the first brand to sell directly through Snapchat with the Tinker AJ3 selling out in just 23 minutes.

在這 3 天裡，我們成為第一個透過 Snapchat 直接銷售的品牌，Tinker AJ3 在短短 23 分鐘內就售罄。

We launched SNKRS Pass, our geolocated digital wristband that unlocks access to high-heat product as we did with our Cortez collaboration with Kendrick Lamar.

我們推出了 SNKRS Pass，這是我們的地理定位數位腕帶，可以解鎖對高熱產品的訪問，就像我們與 Kendrick Lamar 與 Cortez 的合作一樣。

And we hosted thousands of consumers in our Makers' customization space.

我們在創客客製化空間中接待了數千名消費者。

In college basketball, we're in the midst of one of the most unpredictable NCA (sic) [NCAA] tournaments in history, and NIKE and Jordan once again showed the strength of our partnerships, sponsoring 85 teams across the men's and women's fields for March Madness.

在大學籃球領域，我們正處於歷史上最難預測的 NCA（原文如此）[NCAA] 錦標賽之一，NIK​​E 和 Jordan 再次展示了我們合作夥伴的力量，贊助了 85 支男女隊的比賽瘋狂三月。

With the Jordan Brand, we're making the right moves to keep this iconic brand special and create sustained growth.

透過 Jordan Brand，我們正在採取正確的舉措來保持這個標誌性品牌的獨特性並創造持續成長。

This quarter, we deliberately tightened distribution in the North America marketplace while also driving extraordinary heat with the consumer.

本季度，我們刻意收緊了北美市場的分銷，同時也引起了消費者的極大關注。

We launched Russell Westbrook's first signature performance shoe with the Why Not Zer0.1.

我們推出了 Russell Westbrook 的首款簽名性能鞋 Why Not Zer0.1。

And we released limited-edition Jordan 3s on the SNKRS app immediately after Justin Timberlake wore them at the Super Bowl halftime show.

在賈斯汀·汀布萊克 (Justin Timberlake) 在超級碗中場表演中穿著限量版 Jordan 3 後，我們立即在 SNKRS 應用程式上發布了限量版 Jordan 3。

We've talked about adding new dimensions to Jordan, and this quarter, we accelerated that strategy.

我們已經討論過為 Jordan 添加新的維度，本季我們加速了這項策略。

Going forward, we will carefully manage the distribution of iconic styles.

展望未來，我們將謹慎管理標誌性風格的分佈。

We'll more completely leverage the company's innovation platforms to supercharge Jordan's performance products.

我們將更全面地利用公司的創新平台來增強喬丹的高性能產品。

We'll expand into new categories beyond Basketball and Sportswear and drive our biggest growth opportunities in international, apparel and women's.

我們將擴展到籃球和運動服裝以外的新類別，並推動我們在國際、服裝和女裝領域的最大成長機會。

Moving on to our largest and most influential performance category, Running, where we're driving more innovation than any other time in our history.

接下來是我們最大、最具影響力的表現類別——跑步，我們在該類別中推動的創新比歷史上任何時候都多。

In addition to all the platforms we discussed, we're focused on growing our core footwear business using our Express Lane to seize opportunities, and we're adding new dimensions to our Power Franchises like the Zoom Pegasus.

除了我們討論的所有平台之外，我們還專注於利用 Express Lane 來發展我們的核心鞋類業務以抓住機遇，並且我們正在為我們的 Power Franchise 添加新的維度，例如 Zoom Pegasus。

For example, this summer, the women's Zoom Pegasus 35 will have cushioning that's better tuned to her, and the new Peg Turbo will include ZoomX foam making our break-through platform accessible to more runners.

例如，今年夏天，女款 Zoom Pegasus 35 將配備更適合她的緩震功能，而新款 Peg Turbo 將採用 ZoomX 泡沫，讓更多跑者可以使用我們突破性的平台。

We also had a very strong quarter in our Sportswear category, which continued to grow double digits with strong growth across both footwear and apparel.

我們的運動服裝類別也有一個非常強勁的季度，該類別繼續以兩位數增長，鞋類和服裝均強勁增長。

Tech Fleece led the way in apparel, while in footwear, we led with the Air Force 1, Cortez, Laser, Tanjun and Air Max.

Tech Fleece 在服裝領域處於領先地位，而在鞋類領域，我們以 Air Force 1、Cortez、Laser、Tanjun 和 Air Max 為主導。

Our women's business overall continues to accelerate.

我們的女性業務總體上繼續加速。

We created our first women's collection with both NIKE and the Jordan Brand.

我們與 NIKE 和 Jordan Brand 共同打造了第一個女裝系列。

The 1 Reimagined featured 14 Nike Women's designers who reinterpreted 2 of our greatest icons in the Air Jordan 1 and the Air Force 1.

1 Reimagined 由 14 位 Nike 女裝設計師打造，他們重新詮釋了 Air Jordan 1 和 Air Force 1 中最偉大的兩款標誌。

One of the best examples of our Edit To Amplify approach came from the women's team this quarter with the new retail concept we call Unlaced.

我們「編輯放大」方法的最佳例子之一來自於本季的女性團隊，他們提出了我們稱之為「Unlaced」的新零售概念。

This new sneaker destination offers collections edited by leading stylists and will give access to a wider range of sizes for the first time with exclusive colors and elevated services.

這個新的運動鞋目的地提供由頂尖造型師編輯的系列，並將首次提供更廣泛的尺寸、獨特的顏色和優質的服務。

Unlaced will be both a physical and digital experience starting with NIKE.com in North America.

Unlaced 將從北美的 NIKE.com 開始提供實體和數位體驗。

It'll debut at NIKE Soho this summer and then roll out to over 200 NIKE Direct and Wholesale partner doors by the end of the calendar year.

該產品將於今年夏天在 NIKE Soho 首次亮相，然後在年底前向 200 多家 NIKE 直營和批發合作夥伴推出。

As you can tell, we were extremely productive this quarter.

如您所知，本季我們的工作效率非常高。

We're looking at every opportunity to improve, and we're investing in the opportunities with the greatest impact.

我們正在尋找每一個改進的機會，並且我們正在投資於具有最大影響力的機會。

We feel very good about the short-term momentum we're driving and the foundation we're setting for long-term accelerated growth.

我們對我們正在推動的短期勢頭以及我們為長期加速成長奠定的基礎感到非常滿意。

With that, now here's Andy to provide more detail on the financial performance of our reported segments and our outlook.

現在，安迪將提供有關我們報告的部門的財務業績和前景的更多詳細資訊。

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

謝謝，馬克，大家好。

Our Q3 operating results make it clear that the Consumer Direct Offense is already igniting NIKE's next horizon of strong profitable growth, and there are several key themes within our performance that speak to the long-term sustainability of our momentum.

我們第三季的經營業績清楚地表明，消費者直接進攻已經點燃了耐吉強勁盈利增長的下一個視野，我們的業績中有幾個關鍵主題說明了我們勢頭的長期可持續性。

First, we exceeded the revenue and gross margin expectations that we set 90 days ago, fueled by an unprecedented flow of new products and innovation platforms that will scale over time.

首先，我們超越了 90 天前設定的收入和毛利率預期，這得益於前所未有的新產品和創新平台的流動，隨著時間的推移，這些新產品和創新平台將不斷擴大。

As Mark detailed, in the third quarter, we launched the Nike React and the Air Max 270 platforms to extraordinary consumer demand.

正如 Mark 詳細介紹的那樣，我們在第三季推出了 Nike React 和 Air Max 270 平台，以滿足非凡的消費者需求。

We also began to scale and diversify the Air VaporMax platform, and the ZoomX platform in Running continues to sell out as we launch new colorways.

我們也開始擴展 Air VaporMax 平台並使其多樣化，隨著我們推出新配色，跑步中的 ZoomX 平台繼續銷售一空。

While we're clearly doubling the cadence and impact of innovation, our product momentum is even broader based.

雖然我們顯然正在加倍創新的節奏和影響，但我們的產品動力基礎更加廣泛。

Our Edit To Amplify approach is bringing focus and accelerating growth within our Power Franchises like the Air Force 1 family of products and other key styles.

我們的「編輯放大」方法正在我們的 Power 系列產品（例如 Air Force 1 系列產品和其他關鍵款式）中引起關注並加速成長。

We're running a much more complete offense, yet we still see tremendous opportunity to improve and edit how we serve our consumers.

我們正在進行更全面的進攻，但我們仍然看到巨大的機會來改進和編輯我們為消費者服務的方式。

Second, our results in Q3 confirm that where the NIKE Brand more directly connects with consumers, we see the greatest growth.

其次，我們第三季的結果證實，在耐吉品牌與消費者聯繫更直接的地方，我們看到了最大的成長。

Our NIKE Digital ecosystem, in particular, is setting the pace for growth in all 4 of our geographies.

特別是，我們的耐吉數位生態系統正在為我們所有 4 個地區的成長奠定基礎。

On a currency-neutral basis, NIKE.com grew 18% globally, driven by the expansion of our digital apps in international markets as well as the launch of NikePlus membership in North America.

在貨幣中性的基礎上，NIKE.com 在全球範圍內增長了 18%，這得益於我們在國際市場上數位應用程式的擴張以及在北美推出 NikePlus 會員資格。

In each of our international geographies, NIKE.com's rate of growth outpaced the overall marketplace rate of growth by 2x or greater.

在我們每個國際地區，NIKE.com 的成長率均超過整體市場成長率 2 倍或更高。

And in North America, NIKE.com not only grew but has been accelerating over the last 2 months.

在北美，NIKE.com 不僅成長，而且在過去兩個月裡一直在加速成長。

NIKE Consumer Experiences at retail are also resonating.

耐吉零售業的消費者體驗也引起了共鳴。

That includes owned and partnered digital and physical experiences.

這包括自有和合作的數位和實體體驗。

In Q3, NIKE Consumer Experiences comprised more than 50% of our total revenue and drove over 100% of our revenue growth.

第三季度，耐吉消費者體驗占我們總收入的 50% 以上，並推動了我們 100% 以上的營收成長。

In other words, we're both growing and reshaping the marketplace toward the vision that we shared with you at our Investor Day.

換句話說，我們正在發展和重塑市場，以實現我們在投資者日與您分享的願景。

Third, as we exit Q3, we will put 2 significant headwinds largely behind us.

第三，當我們退出第三季時，我們基本上將擺脫兩個重大阻力。

At current rates, we expect the impact of foreign exchange on EBIT, net of hedging, to be roughly neutral in Q4 and begin shifting to a slight tailwind in fiscal year '19.

依照目前的匯率，我們預期第四季外匯對扣除避險後的息稅前利潤的影響大致為中性，並在 19 財年開始轉向小幅順風。

At the same time, as Mark said, the close of Q3 marks a reversal of trend for North America.

同時，正如馬克所說，第三季的結束標誌著北美趨勢的逆轉。

We have reset NIKE's supply.

我們已經重置了 NIKE 的供應。

We're fueling demand through the launch of innovative products.

我們透過推出創新產品來刺激需求。

We have reignited brand heat.

我們重新點燃了品牌熱度。

We're connecting more directly with consumers through our digital ecosystem, and orders from our strategic partners are building.

我們透過數位生態系統與消費者建立更直接的聯繫，來自策略合作夥伴的訂單也不斷增加。

In short, NIKE has returned to a pull market in North America.

簡而言之，NIKE又回到了北美的拉動市場。

NIKE North America revenue is now projected to be roughly flat to prior year in Q4 and return to growth in the first half of fiscal year '19.

目前預計耐吉北美第四季的營收將與去年同期基本持平，並在 19 財年上半年恢復成長。

But before I share more on our outlook, let's first touch on our Q3 results.

但在我分享更多我們的前景之前，讓我們先談談我們第三季的業績。

Q3 reported revenue grew 7% as continued strong double-digit international growth and NIKE Direct growth in all geographies was partially offset by an expected contraction in North America wholesale revenue, driven by undifferentiated doors.

第三季報告營收成長了 7%，國際市場持續強勁的兩位數成長和 NIKE Direct 在所有地區的成長被無差異化門類驅動的北美批發收入預期收縮所部分抵消。

Gross margin contracted 70 basis points in Q3, a stronger result than we expected 90 days ago, as our launches and stronger sell-through fueled expanding full-price gross margin.

第三季毛利率收縮了 70 個基點，比我們 90 天前的預期要好，因為我們的產品推出和強勁的銷售推動了全價毛利率的擴大。

However, that expansion was more than offset by approximately 90 basis points of foreign exchange headwinds.

然而，這種擴張被約 90 個基點的外匯不利因素所抵消。

Total SG&A was up 11% in Q3.

第三季的 SG&A 總額成長了 11%。

Operating overhead increased 9%, driven by investments in our NIKE Direct businesses, and demand creation increased 15%, primarily driven by sports marketing and activations related to the NBA All-Star Weekend as well as new product innovation launches.

在 NIKE Direct 業務投資的推動下，營運管理費用增長了 9%，而需求創造增長了 15%，這主要是由與 NBA 全明星週末相關的體育營銷和活動以及新產品創新發布推動的。

The effective tax rate for the third quarter was roughly 180%, including the onetime impacts related to the U.S. Tax Cuts and Jobs Act.

第三季的有效稅率約為180%，其中包括與美國減稅和就業法案相關的一次性影響。

Income tax expense included provisional charges of $2 billion primarily related to the transition tax on our accumulated foreign earnings and the remeasurement of deferred tax assets and liabilities.

所得稅費用包括 20 億美元的臨時費用，主要與我們累積國外收入的過渡稅以及遞延稅資產和負債的重新計量有關。

The onetime charges include some non-cash impacts with the cash impacts to be paid over several years.

一次性費用包括一些非現金影響，而現金影響將在幾年內支付。

The impact of U.S. tax reform is slightly favorable to NIKE in terms of both our normalized, steady-state effective tax rate and more efficient access to capital.

美國稅制改革的影響在正常化、穩定的有效稅率和更有效的資本取得方面對耐吉略有有利。

When I speak to our outlook, I'll provide more dimension on the go-forward implications of tax reform.

當我談到我們的前景時，我將提供更多關於稅收改革的未來影響的維度。

As a result, Q3 diluted EPS was a loss of $0.57.

結果，第三季稀釋後每股盈餘虧損 0.57 美元。

That said, the onetime impact of U.S. tax reform had a $1.25 impact on EPS in the quarter.

也就是說，美國稅制改革的一次性影響對該季度的每股盈餘產生了 1.25 美元的影響。

Excluding that impact, our profitability in Q3 exceeded our expectations.

排除這一影響，我們第三季的獲利能力超出了我們的預期。

As of February 28, inventories were up 9%, leading into Q4 as we scale our new innovations globally and capitalize on strong consumer demand.

截至 2 月 28 日，隨著我們在全球擴大新創新並利用強勁的消費者需求，庫存增加了 9%，進入第四季度。

Q3 inventory growth was primarily driven by aligning in-season product to our stronger forecast demand, while off-price inventory declined year-over-year on a currency-neutral basis.

第三季庫存成長主要是由於當季產品與我們更強勁的預測需求一致所推動的，而在貨幣中性的基礎上，特價庫存同比下降。

This quarter, we saw a return to modest growth in North America inventory as we anniversary our efforts to tighten supply in the prior year and shift to a pull market.

本季度，我們看到北美庫存恢復了溫和成長，因為我們紀念了上一年收緊供應並轉向拉動市場的努力。

Internationally, our inventory levels are also healthy and generally aligned with the strong demand we continue to forecast in those markets.

在國際上，我們的庫存水準也很健康，並且總體上與我們繼續預測的這些市場的強勁需求一致。

Now let's turn to the financial performance through our operating segments.

現在讓我們來看看我們營運部門的財務表現。

In North America, NIKE.com, differentiated NIKE Consumer Experiences at retail, the impact of NIKE innovation and brand heat are driving increasingly stronger demand.

在北美，NIKE.com、差異化的耐吉零售消費者體驗、耐吉創新的影響和品牌熱度正在推動日益強勁的需求。

While North America declined 6% for the quarter, we expect that the momentum will now reverse the trend.

儘管北美地區本季下降了 6%，但我們預計這一勢頭將扭轉這一趨勢。

While undifferentiated wholesale dimensions in the marketplace declined, we are delivering and accelerating growth in NIKE Consumer Experiences, in aggregate, across owned and partnered with NIKE.com, in particular, accelerating to strong double-digit growth as we progress through the quarter.

雖然市場上無差別的批發規模有所下降，但我們正在實現並加速耐吉消費者體驗的整體成長，尤其是在與NIKE.com 合作的所有領域，隨著本季度的進展，加速實現強勁的兩位數增長。

Our partners are also increasingly bringing NIKE Consumer Experiences to life in the marketplace.

我們的合作夥伴也越來越多地將耐吉消費者體驗帶入市場。

As an example, Finish Line's Culver City store in LA was reset with NIKE Epic React as the only product available in the store across all brands for 3 days.

例如，Finish Line 位於洛杉磯的卡爾弗城商店被重置，NIKE Epic React 成為該商店所有品牌的唯一產品，為期 3 天。

The execution brought together new innovative NIKE product with great storytelling through our Choose Go campaign and expert service.

此次執行將耐吉創新產品與我們的 Choose Go 活動和專家服務的精彩故事結合在一起。

The results were amazing and served as a proof point for the potential of NIKE Consumer Experiences operated by a strategic partner in the U.S. marketplace.

結果令人驚嘆，並證明了美國市場戰略合作夥伴所經營的耐吉消費者體驗的潛力。

As Mark noted, year-over-year comparisons in North America were also impacted by our quick and deliberate tightening of the distribution of select styles within the Jordan Brand.

正如馬克所指出的那樣，北美地區的同比比較也受到我們快速而有意識地收緊 Jordan 品牌內精選款式的分佈的影響。

That said, as we enter Q4, we believe Jordan inventories are now clean, and we also began reigniting Jordan Brand heat in the marketplace through the launches and activations over the NBA All-Star Weekend.

也就是說，當我們進入第四季度時，我們相信 Jordan 庫存現已清理乾淨，並且我們也開始透過 NBA 全明星週末期間的發布和激活重新點燃市場上 Jordan 品牌的熱度。

Looking ahead, we are well positioned to continue adding dimension to the Jordan Brand through both performance and lifestyle product.

展望未來，我們處於有利位置，可以透過性能和生活方式產品繼續為 Jordan 品牌增添維度。

For the quarter, EBIT in North America was down 14% versus the prior year, primarily driven by lower revenues and higher selling and administrative expenses.

本季度，北美地區的息稅前利潤較上年同期下降 14%，主要是由於收入減少以及銷售和管理費用增加所致。

Moving on to EMEA, where we continue to see incredibly strong momentum in a region that is at the leading edge of consumer preferences.

接下來是歐洲、中東和非洲地區，我們繼續看到該地區處於消費者偏好前沿的強勁勢頭。

EMEA revenue grew 9% on a currency-neutral basis in Q3.

在匯率中立的基礎上，第三季歐洲、中東和非洲地區的營收成長了 9%。

Two of the hottest styles in the marketplace are the Air VaporMax and Air Max 97, and we're also seeing industry leading growth in apparel, driven by our Tech Fleece business.

市場上最熱門的兩種款式是 Air VaporMax 和 Air Max 97，在我們的 Tech Fleece 業務的推動下，我們也看到服裝領域的行業領先成長。

Our growth in EMEA was also aided by our Express Lane, which is already quickly translating regional consumer preferences into color and material updates with respect to our Power Franchises.

我們在歐洲、中東和非洲地區的成長也得益於我們的 Express Lane，它已經迅速將區域消費者的偏好轉化為我們 Power 特許經營的顏色和材料更新。

Overall, growth in EMEA was led by very strong NIKE.com results as well as strong results with key strategic partners, key strategic partners who are also relentlessly consumer focused and digitally connected such as JD and Zalando.

總體而言，歐洲、中東和非洲地區的成長得益於NIKE.com 的強勁業績以及關鍵戰略合作夥伴的強勁業績，這些戰略合作夥伴同樣堅持以消費者為中心並進行數位化連接，例如京東和Zalando 。

Categorically, we saw double-digit growth in Sportswear, Men's Training and NIKE Basketball.

從類別上看，我們看到運動服裝、男士訓練和耐吉籃球業務實現了兩位數的成長。

We expect continued strong growth in EMEA, and we're excited about the impact of the upcoming World Cup.

我們預計歐洲、中東和非洲地區將繼續強勁成長，我們對即將到來的世界盃的影響感到興奮。

On a reported basis, EMEA revenue increased 19% and EBIT grew 16% as strong revenue growth was partially offset by lower gross margin due to transactional FX headwinds.

根據報告，歐洲、中東和非洲地區的收入成長了 19%，息稅前利潤成長了 16%，因為強勁的營收成長被交易外匯不利因素導致的毛利率下降部分抵銷。

Next, let's turn to Greater China.

接下來，讓我們把目光轉向大中華區。

Having just been in China 2 weeks ago, I can tell you that Greater China not only continues to lead NIKE in terms of the pace of growth but also in terms of executing the Consumer Direct Offense.

兩週前剛來到中國，我可以告訴你，大中華區不僅在成長速度方面繼續領先耐吉，而且在執行消費者直接進攻方面也繼續領先耐吉。

In Q3, Greater China was up 19% on a currency-neutral basis, driven by strong double-digit growth across nearly all dimensions of the business but notably led by digital.

第三季度，大中華區在匯率中性的基礎上成長了 19%，這主要得益於幾乎所有業務領域都實現了強勁的兩位數成長，尤其是數位領域的成長。

Digital momentum in the quarter was fueled by the launch of the SNKRS app in China and the continued success of our partnership with Tmall.

SNKRS 應用程式在中國的推出以及我們與天貓合作夥伴關係的持續成功推動了本季的數位動能。

And while our digital growth has been extraordinary, we have not even yet launched NikePlus membership in China.

儘管我們的數位成長非常出色，但我們尚未在中國推出 NikePlus 會員資格。

That is now slated for Q1 of fiscal year '19.

現在計劃在 19 財年第一季進行。

Also worth calling out, our women's business in Greater China has incredible momentum with double-digit growth driven by our innovation and Power Franchises, including styles designed specifically to connect with consumers around the Chinese New Year.

同樣值得一提的是，我們在大中華區的女裝業務在我們的創新和特許經營（包括專門為在農曆新年期間與消費者建立聯繫而設計的款式）的推動下呈現出令人難以置信的兩位數增長勢頭。

On a reported basis, Q3 revenue grew 24% and EBIT was up 30% due to strong revenue growth and SG&A leverage.

根據報告，由於強勁的收入成長和 SG&A 槓桿作用，第三季營收成長 24%，息稅前利潤成長 30%。

In APLA, revenue grew 11% on a currency-neutral basis led by digital growth that significantly outpaced every other channel.

在 APLA，在數位成長的帶動下，營收在貨幣中性的基礎上成長了 11%，遠遠超過了其他所有管道。

To unlock digital growth even more broadly, we will be more aggressively rolling out our digital platforms into key markets across APLA.

為了更廣泛地釋放數位成長，我們將更積極地將我們的數位平台推廣到 APLA 的關鍵市場。

One real-time example is the SNKRS app, which just launched in Japan yesterday.

一個即時範例是 SNKRS 應用程序，該應用程式昨天剛在日本推出。

It immediately surged to become Japan's #1 free downloaded app in the iOS store.

它立即飆升成為日本 iOS 商店中排名第一的免費下載應用程式。

APLA was also fueled by the brand energy surrounding the Winter Olympics in Korea, which helped drive strong and balanced double-digit growth across nearly every dimension: women's, men's, footwear, apparel and across many categories.

APLA 也受到圍繞韓國冬季奧運會的品牌能量的推動，這有助於推動幾乎所有領域的強勁而平衡的兩位數增長：女裝、男裝、鞋類、服裝以及許多類別。

On a reported basis, Q3 revenue in APLA was up 13% and EBIT grew 31%, driven by strong revenue growth, gross margin expansion and SG&A leverage.

據報告顯示，在強勁的營收成長、毛利率擴張和 SG&A 槓桿的推動下，APLA 第三季營收成長了 13%，息稅前利潤成長了 31%。

And finally at Converse, Q3 revenue declined 8% on a currency-neutral basis as we rebalanced marketplace supply in North America.

最後，隨著我們重新平衡北美市場供應，匡威第三季營收在貨幣中性的基礎上下降了 8%。

On a reported basis, revenue declined 3% and EBIT was down 37%.

根據報告，收入下降 3%，息稅前利潤下降 37%。

Looking forward, we will continue to invest in reigniting strong, sustainable, profitable growth at Converse.

展望未來，我們將繼續投資，以重新點燃匡威強勁、可持續、獲利的成長。

More specifically, we're dimensionalizing Converse's product portfolio through the One Star, Chuck 70 and other sport and sport-inspired styles, investing in more Converse-specific digital platforms and creating heat and energy for the brand through new collaborations.

更具體地說，我們透過 One Star、Chuck 70 和其他運動和運動風格的款式來豐富 Converse 的產品組合，投資更多 Converse 專用數位平台，並透過新的合作為品牌創造熱度和能量。

So with that, I'll now move to our outlook for the balance of the year.

因此，我現在將談談我們對今年餘下時間的展望。

We remain confident we will deliver on the growth and profitability expectations that we have previously communicated for fiscal year '18, excluding the onetime impact of U.S. tax reform.

我們仍然有信心能夠實現我們先前就 18 財年傳達的成長和獲利預期，不包括美國稅改的一次性影響。

We will continue to invest in the key pillars of our strategy and drive accelerated growth in the dimensions of our portfolio that we highlighted at our Investor Day in October.

我們將繼續投資於我們策略的關鍵支柱，並推動我們在 10 月份投資者日強調的投資組合規模的加速成長。

We remain focused on what matters most to consumers and in turn, what will fuel strong, sustainable, profitable growth over the long term.

我們仍專注於對消費者最重要的事情，進而推動長期強勁、可持續、獲利的成長。

As for specific guidance, we expect Q4 reported revenue to grow in the high single-digit range.

至於具體指導，我們預計第四季度報告的收入將在高個位數範圍內成長。

This growth reflects continued strength in our international geographies and the reversal of trend we're building in North America.

這種成長反映了我們在國際地區的持續實力以及我們在北美建立的趨勢的逆轉。

We expect Q4 gross margin to be roughly flat to very slightly up versus the prior year, demonstrating progressively stronger currency-neutral gross margin expansion that will be almost fully offset by transactional FX headwinds, albeit lesser transactional FX headwinds than in prior quarters.

我們預計第四季度的毛利率將與去年同期大致持平或略有上升，這表明貨幣中性的毛利率擴張逐漸強勁，這將幾乎完全被交易性外匯不利因素所抵消，儘管交易性外匯不利因素比前幾季小。

For SG&A, we expect low teens growth in Q4.

對於銷售、管理和行政費用（SG&A），我們預計第四季度的成長率將較低。

We will continue to invest in digital and membership, including completing the acquisitions of some key digital capabilities within the quarter as well as brand more marketing and supportive innovation and impactful consumer moments such as Air Max Day and the World Cup.

我們將繼續投資於數位化和會員資格，包括在本季度完成對一些關鍵數位能力的收購，以及品牌更多的行銷和支持性創新以及有影響力的消費者時刻，例如 Air Max Day 和世界盃。

At current FX rates, we expect other income and expense, net of interest expense, to be approximately $30 million to $40 million of expense in Q4.

以目前的匯率，我們預計第四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。

We expect our effective tax rate for Q4 to be in the 10% to 12% range.

我們預計第四季的有效稅率將在 10% 至 12% 範圍內。

It's important to note that our tax rate may be volatile as we expect to continue receiving more specific legislative and regulatory guidance as to the application of the U.S. Tax Act.

值得注意的是，我們的稅率可能會波動，因為我們預計將繼續收到有關美國稅法應用的更具體的立法和監管指導。

Now looking ahead to fiscal year '19.

現在展望 19 財年。

While our planning is not yet finalized, we currently expect fiscal year '19 reported revenue growth in the mid- to high single-digit range as international momentum continues and we return to growth in North America.

雖然我們的計劃尚未最終確定，但我們目前預計，隨著國際勢頭的持續以及我們在北美恢復成長，19 財年報告的收入成長將在中高個位數範圍內。

We also expect strong gross margin expansion roughly in line with our long-term financial model.

我們也預期強勁的毛利率擴張大致符合我們的長期財務模型。

In fiscal year '19, we will also see the full impact of U.S. tax reform on our access to capital and investments as well as the tax rate.

在 19 財年，我們也將看到美國稅收改革對我們獲得資本和投資以及稅率的全面影響。

U.S. tax reform will certainly afford NIKE more efficient access to capital.

美國的稅制改革無疑將使耐吉能夠更有效地獲得資本。

So as we finalize our investment plans for the next fiscal year, we're prioritizing accelerated investment in the select dimensions of our business that will fuel NIKE's Consumer Direct Offense and drive long-term growth.

因此，當我們最終確定下一財年的投資計畫時，我們將優先考慮加速對特定業務領域的投資，這將推動耐吉的消費者直接進攻並推動長期成長。

At the top of our list is digital, ranging from new NikePlus membership experiences to new capabilities, including data and analytics, to our core enterprise resource planning platform.

我們的首要任務是數位化，從新的 NikePlus 會員體驗到新功能（包括數據和分析），再到我們的核心企業資源規劃平台。

Our acquisition of Zodiac, a leading consumer data and analytics team, was a great example of us seizing an opportunity to accelerate NIKE's capability development.

我們對領先的消費者數據和分析團隊 Zodiac 的收購是我們抓住機會加速 NIKE 能力發展的一個很好的例子。

We'll also continue to prioritize investment in innovation, brand distinction, new NIKE Consumer Experiences in the marketplace and a faster, more responsive supply chain.

我們也將繼續優先投資於創新、品牌特色、市場上的新耐吉消費者體驗以及更快、反應更靈敏的供應鏈。

The incremental and more efficient access to capital will also enable us to amplify our returns to shareholders and complete our existing 4-year $12 billion share repurchase program within fiscal year '19, roughly 1 year earlier than originally planned.

增量和更有效地獲取資本也將使我們能夠擴大股東回報，並在 19 財年完成現有的 4 年期 120 億美元股票回購計劃，比原計劃提前約一年。

We currently expect U.S. tax reform to have a neutral to slightly favorable impact on our steady-state effective tax rate, which we would characterize as being in the teens on a normalized basis.

我們目前預期美國稅制改革將對我們的穩態有效稅率產生中性至輕微有利的影響，我們將其描述為正常化基礎上的十幾歲。

That said, in any given fiscal year, geographical earnings mix, the impact of the new stock-based compensation accounting rules and other discrete items will create volatility in our rate.

也就是說，在任何特定的財政年度，地理收益組合、新的基於股票的薪酬會計規則和其他離散項目的影響都會造成我們的利率波動。

In fiscal year '19 specifically, our rate may also be impacted by adjustments to the provisional charges that we're accruing this quarter.

具體來說，在 19 財年，我們的費率也可能受到本季應計臨時費用調整的影響。

Taking all of these factors into consideration, we will provide our updated outlook for fiscal year '19 on our Q4 earnings call.

考慮到所有這些因素，我們將在第四季度財報電話會議上提供 19 財年的最新展望。

As Mark said, our Consumer Direct Offense is working.

正如馬克所說，我們的消費者直接進攻正在發揮作用。

NIKE Innovation is fueling strong consumer demand.

耐吉創新正在推動強勁的消費者需求。

NIKE Digital is accelerating.

耐吉數位化正在加速。

Our brands have great energy, and our organization is aligned and executing against what matters most to consumers.

我們的品牌擁有強大的活力，我們的組織針對對消費者最重要的事情進行協調和執行。

NIKE's next horizon of strong, sustainable, profitable growth is underway.

耐吉的下一個強勁、可持續、獲利成長正在進行中。

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

至此，我們現在開始提問。

(Operator Instructions) Your first question comes from Omar Saad with Evercore ISI.

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

Wanted to ask you guys -- great job on the quarter by the way.

想問一下你們——順便說一句，本季工作做得很好。

It's great to hear all the progress and a lot of information on the call as well.

很高興在電話會議上聽到所有進展和大量資訊。

It's much appreciated.

非常感謝。

Thank you.

謝謝。

The reshaping of the marketplace, wholesale, especially going from, I think, 30,000 to 40,000 partners, can you talk about the progress along that transformation, where we are, what the impact has been?

批發市場的重塑，尤其是從 30,000 個合作夥伴到 40,000 個合作夥伴，您能談談這項轉型的進展嗎？我們現在處於什麼位置，影響是什麼？

And maybe also layer in, put that in the context of the growth in the Consumer Experiences.

也許還可以將其放在消費者體驗成長的背景下。

You've spent so much time talking about that aspect, where you're engaging with consumers.

您花了很多時間談論與消費者互動的方面。

I thought you said it was over 100% of the growth in the quarter.

我記得你說過這個季度的成長超過 100%。

Are you seeing a lot of that new channel development offset that reshaping on the wholesale side?

您是否看到許多新管道的開發抵消了批發方面的重塑？

Is that the right way to think about it?

這是正確的思考方式嗎？

Thanks, Omar.

謝謝，奧馬爾。

Well, let's go back to the investor meeting in October.

好吧，讓我們回到10月份的投資者會議。

We laid out how we want to shift our -- the look of our overall marketplace.

我們闡述了我們希望如何改變整個市場的面貌。

To be 80% differentiated is our target, and that's over the next 5 years.

我們的目標是實現 80% 的差異化，這是未來 5 年的目標。

And I'd say, as we commented, we're making some great progress on that front.

我想說，正如我們所評論的，我們在這方面正在取得一些巨大進展。

You pointed out, and that's what we said, is NIKE Consumer Experiences drove 100% of the growth in the quarter.

您指出，這就是我們所說的，耐吉消費者體驗推動了本季 100% 的成長。

That's double-digit increases in new NikePlus members, which is a really key part of that strategy.

NikePlus 新會員數量出現了兩位數的成長，這是該策略的一個非常關鍵的部分。

We've had great feedback in terms of the NBA All-Star Weekend and some of the sell-through in Basketball we're seeing, and that involves not only our direct doors but some of our key partners.

我們在 NBA 全明星週末以及我們看到的一些籃球銷售方面收到了很好的回饋，這不僅涉及我們的直接部門，還涉及我們的一些主要合作夥伴。

NBA All-Star Weekend, we had kits and Revolve as 2 examples.

NBA 全明星週末，我們有球衣和 Revolve 作為兩個例子。

Foot Locker was participating in that as well, and then we're bringing some of the new concepts to market here, starting very quickly with NIKE Unlaced with the digital launch and then physical coming up in summer.

Foot Locker 也參與其中，然後我們將一些新概念推向市場，首先是 NIKE Unlaced 的數位發布，然後在夏季推出實體版。

The NIKE App at Retail and Hyperlive are some of the examples there.

Retail 和 Hyperlive 的 NIKE 應用程式就是其中的一些例子。

As far as our -- this is impacting our overall marketplace.

就我們而言，這正在影響我們的整個市場。

We're working with our key partners to help differentiate them in their respective positions.

我們正在與我們的主要合作夥伴合作，幫助他們在各自的職位上脫穎而出。

Those conversations are ongoing with most strategic partners.

這些對話正在與大多數策略合作夥伴進行。

We've aligned on the role that they play in serving our consumers from DICK'S to Foot Locker to Nordstrom, and this is not only physical retail, but it's how physical and digital interact.

從 DICK'S 到 Foot Locker 到 Nordstrom，我們已經就他們在服務消費者方面所扮演的角色達成一致，這不僅是實體零售，而且是實體和數位互動的方式。

And then we have other digital partners, which are obviously key to this transformation, Zalando and Tmall, ASOS and even Instagram for example.

然後我們還有其他數位合作夥伴，它們顯然是這項轉型的關鍵，例如 Zalando 和天貓、ASOS 甚至 Instagram。

So this is a multi-year journey for us, and I'd say we're making great progress in shaping that marketplace.

因此，這對我們來說是一個多年的旅程，我想說我們在塑造這個市場方面正在取得巨大進展。

And I think we'll continue to elevate our own Direct business, but we will also help to differentiate and elevate our key wholesale partners along the way.

我認為我們將繼續提升我們自己的直營業務，但我們也將一路幫助我們的主要批發合作夥伴脫穎而出並提升。

And Mark, one follow-up.

馬克是後續行動之一。

In terms of the new shoe launches, you've talked about SNKRS and some of the other apps.

在新鞋發布方面，您談到了 SNKRS 和其他一些應用程式。

Is this the new model for kind of those premium limited-distribution shoe launches, whether you're doing them internally or with a partner, versus kind of the old world model?

與舊世界模式相比，無論是在內部還是與合作夥伴合作，這是否是高端限量發行鞋款發布的新模式？

Is that the right way to think about it?

這是正確的思考方式嗎？

I think digital and mobile apps, for example, are going to play a big and bigger role in how we launch some of these key innovations and platforms.

例如，我認為數位和行動應用程式將在我們如何推出其中一些關鍵創新和平台方面發揮越來越大的作用。

It's definitely how consumers are shopping, and it's definitely where we're putting a lot of emphasis on how we orchestrate these launches, how we invest to serve the consumers through those apps.

這絕對是消費者購物的方式，也絕對是我們非常重視如何協調這些發布、如何投資透過這些應用程式為消費者提供服務的地方。

I think you'll see more storytelling coming to life in the -- from a digital standpoint, including our mobile app-based launches.

我認為，從數字的角度來看，您會看到更多的故事敘述變得栩栩如生，包括我們基於行動應用程式的發布。

So yes, I think you'll see this become a bigger and bigger part of our strategy and a bigger part of the results that we're seeing.

所以，是的，我想你會看到這成為我們策略中越來越重要的一部分，也是我們所看到的結果的重要組成部分。

And then just to add to that, Omar, as Mark touched on in his remarks, ideally, we're also leveraging these digital applications in the physical retail environment, and we're going to be testing and iterating on the launch of the NIKE App at Retail with our key flagship stores in our key cities, starting with North America.

然後補充一點，奧馬爾，正如馬克在他的演講中提到的那樣，理想情況下，我們也在實體零售環境中利用這些數位應用程序，並且我們將在 NIKE 的推出中進行測試和迭代零售應用程序，包括我們在主要城市的主要旗艦店，從北美開始。

That's a key point, is the integration of physical and digital, which obviously is something that everybody's talking about, but you'll see that happen more and more with how we roll out new experiences in our own physical retail doors, is that connection to digital.

That's a key point, is the integration of physical and digital, which obviously is something that everybody's talking about, but you'll see that happen more and more with how we roll out new experiences in our own physical retail doors, is that connection to數位的.

So this connection's going to start to blur more and more, and I think one will complement the other.

因此，這種聯繫將開始變得越來越模糊，我認為其中一種聯繫將與另一種聯繫相輔相成。

Your next question comes from Kate McShane with Citi Research.

您的下一個問題來自花旗研究部的 Kate McShane。

It's Corinna Van der Ghinst on for Kate.

科琳娜·范德金斯特 (Corinna Van der Ghinst) 代表凱特 (Kate) 發言。

You guys discussed the success of the VaporMax, some of these Air platforms and the React, which I finally just got my hands on, but we were just wondering what gives you confidence in the inflection in North America when the Q3 top line was actually weaker than Q2.

你們討論了 VaporMax、其中一些 Air 平台和 React 的成功，我終於拿到了 React，但我們只是想知道，當第三季度的營收實際上較弱時，是什麼給了你們對北美市場拐點的信心比Q2。

Well, we're -- if you look at Q3, there's a momentum that has been building through the quarter, and that's where the confidence we have in terms of Q4 comes from.

嗯，如果你看看第三季度，你會發現整個季度一直在形成一種勢頭，這就是我們對第四季的信心的來源。

We're on the front end of -- obviously, the very front end of launching React, and the response has been phenomenal.

顯然，我們正處於啟動 React 的最前端，而且反應非常驚人。

I think I said it's been a record-setting performance launch for NIKE.

我想我說過這是耐吉創紀錄的性能發布。

I think that's also a case of performance basis that has also translated well into a product that can be worn on the street.

我認為這也是性能基礎的一個例子，它也很好地轉化為可以在街上穿著的產品。

So there's performance actually driving Sportswear and Lifestyle in one product.

因此，一款產品的性能實際上推動了運動服裝和生活方式的發展。

The other aspect of that is we are very committed to developing our platforms.

另一方面是我們非常致力於開發我們的平台。

So React, it starts with the Epic React running shoe, but you'll see that play out in other categories and also, in more models at different price points within Running.

所以 React，它從 Epic React 跑鞋開始，但你會看到它在其他類別中發揮作用，而且還在 Running 中不同價位的更多型號中發揮作用。

So I think that leverage is only going to build over time, and that's something that isn't unique to React.

所以我認為影響力只會隨著時間的推移而增強，這並不是 React 獨有的。

It's also what we're seeing in VaporMax as well.

這也是我們在 VaporMax 中看到的。

And then NIKE.com, in the quarter, has been a case of month-to-month acceleration, and that's driven also in part by these launches.

然後，NIKE.com 在本季度出現了逐月加速成長的情況，這在一定程度上也是由這些發布所推動的。

And we think that, that is going to continue at a strong pace and accelerate really through Q4 and beyond.

我們認為，這種情況將繼續以強勁的速度持續下去，並在第四季及以後真正加速。

So that's a big part of this as well.

這也是其中很重要的一部分。

Yes.

是的。

And I'd just add, our results in the third quarter in North America were largely in line with what we expected in the quarter.

我想補充一點，我們在北美第三季的業績基本上符合我們對本季的預期。

The contraction was primarily a result of declines in undifferentiated wholesale and a deliberate tightening in the distribution of styles within the Jordan Brand.

收縮的主要原因是無差異化批發量的下降以及喬丹品牌內部款式分佈的故意收緊。

So that did have an impact on year-over-year comparisons.

所以這確實對同比比較產生了影響。

But as we said, we're really excited about the heat we've reignited with that brand and the clean inventory levels that we have there, too.

但正如我們所說，我們對這個品牌重新點燃的熱情以及我們在那裡的乾淨庫存水準感到非常興奮。

And then to your point on innovation platforms, one of the metrics that we look very closely at is the rate of sell-through as we launch products at the initial levels of supply, and the rate of sell-through on the NIKE React, in particular, the Air Max 270 and those other styles, far exceeded our expectations.

然後就您對創新平台的觀點而言，我們非常密切關注的指標之一是我們在初始供應水平上推出產品時的售出率，以及 NIKE React 的售出率，尤其是Air Max 270 等其他款式，遠遠超出了我們的預期。

We talked about supply selling out in hours with members and in days as compared to what we expected would be weeks with more broader distribution.

我們與會員討論了供應在數小時和數天內售完的情況，而我們預計更廣泛的分銷將在數週內售完。

So that's a leading indicator of the magnitude of demand for those new innovation platforms.

因此，這是對這些新創新平台的需求量的領先指標。

I think it's safe to say that these key styles and platforms are accelerating at a more rapid pace than we've seen historically.

我認為可以肯定地說，這些關鍵風格和平台正在以比我們歷史上看到的更快的速度加速發展。

And we're doing everything we can to accelerate the -- and leverage those platforms within the NIKE Brand, but -- across categories but also across the brands in the portfolio.

我們正在盡一切努力加速——並利用耐吉品牌內的這些平台——跨類別，也跨產品組合中的品牌。

Your next question comes from Jim Duffy with Stifel.

您的下一個問題來自 Stifel 的 Jim Duffy。

Andy, I'll start with a question for you.

安迪，我先問你一個問題。

Your initial comments around gross margin for fiscal '19 are encouraging.

您對 19 財年毛利率的初步評論令人鼓舞。

It's been a long time since FX was anything but a headwind there.

外匯已經很久不再成為那裡的逆風了。

With FX now expected to make a positive contribution in fiscal '19, are there other offsets that are holding back gross margin to keep it within your kind of long-term objective range?

現在預計外匯將在 19 財年做出積極貢獻，是否有其他抵銷措施阻礙毛利率維持在您的長期目標範圍內？

Well, there are obviously a number of factors within gross margin.

嗯，毛利率顯然有很多因素。

As I said, we see strong gross margin expansion roughly in line with our long-term financial model.

正如我所說，我們看到強勁的毛利率擴張大致符合我們的長期財務模型。

We're still completing or finalizing our planning, so we're not providing more specific guidance than that at this point.

我們仍在完成或敲定我們的計劃，因此我們目前不會提供比這更具體的指導。

As for product cost, labor and some other input costs are increasing little bit, but we do still see strong gross pricing margin expansion in addition to FX becoming a slight tailwind.

至於產品成本、勞動力和其他一些投入成本略有增加，但除了外匯成為輕微的推動因素外，我們仍然看到毛利率的強勁擴張。

So all of those things are incorporated in our guidance.

因此，所有這些內容都納入了我們的指導中。

I think the headline is we see strong gross margin expansion.

我認為標題是我們看到毛利率強勁成長。

And to your point, we're looking forward to putting those FX headwinds behind us, but we'll update you with more specifics in terms of a range on our Q4 call.

就您的觀點而言，我們期待將這些外匯逆風拋在腦後，但我們將在第四季度電話會議上向您提供有關範圍的更多具體資訊。

Mark, question around Zodiac.

馬克，關於十二生肖的問題。

Do they have a particular strength or competency that you saw as strategic?

他們是否具有您認為具有戰略意義的特定優勢或能力？

I guess, I'm curious, are there particular algorithms or predictive analytics that distinguish them from your in-house capabilities or other outsourced alternatives?

我想，我很好奇，是否有特定的演算法或預測分析可以將它們與您的內部功能或其他外包替代方案區分開來？

And then related to analytics, do you see that as an in-house competency?

然後與分析相關，您認為這是一種內部能力嗎？

Is that your objective to really strengthen that muscle in-house?

您的目標是真正增強內部力量嗎？

Or do you expect to work with partners on an outsourced basis?

或者您希望在外包的基礎上與合作夥伴合作？

Yes.

是的。

Well, first of all, the first part of your question, Zodiac is a small tech company, really comprised of world-class scientists and engineers based out of New York.

好吧，首先，你問題的第一部分，Zodiac 是一家小型科技公司，實際上由來自紐約的世界一流的科學家和工程師組成。

They bring a in-depth understanding of how to optimize consumer value and understand what's behind consumer growth or potential.

他們深入了解如何優化消費者價值並了解消費者成長或潛力背後的原因。

We've been working with Zodiac for the past several months using their proprietary algorithms and models.

過去幾個月我們一直與 Zodiac 合作，使用他們的專有演算法和模型。

And I'd say we're just extremely excited about how we can more fully leverage those capabilities to accelerate some of the key pillars of our strategy.

我想說，我們對如何更充分地利用這些能力來加速我們策略的一些關鍵支柱感到非常興奮。

And one of the areas that I think I'd particularly call out is how they can help us power up our NIKE membership to better leverage the data there, to capture demand signals in our key cities and help to inform our Express Lane.

我想我特別強調的領域之一是他們如何幫助我們增強我們的耐吉會員資格，以更好地利用那裡的數據，捕捉我們主要城市的需求信號並幫助通知我們的快捷通道。

Yes.

是的。

And I'd just add, Jim, you asked, is this acquisition versus in-house, the short answer is we are both building the capabilities in-house to drive our digital offense and selectively acquiring teams or technology to accelerate against that build.

我想補充一點，吉姆，你問的是這次收購還是內部收購，簡短的回答是我們都在內部建立能力來推動我們的數位進攻，並有選擇地收購團隊或技術來加速這項建設。

So we already have made significant investments in building our NIKE membership team and data and analytics capabilities and are fortunate to have some great talent that's joined our company over the past several years, and bringing on teams like that at Zodiac and some other teams that we've been in discussion with are additive.

因此，我們已經在建立耐吉會員團隊以及數據和分析能力方面進行了大量投資，並且很幸運在過去幾年中擁有一些優秀人才加入我們公司，並引進了像Zodiac 這樣的團隊以及我們的其他一些團隊。一直在與添加劑進行討論。

Yes.

是的。

Advancing this capability, I would just say, is absolutely fundamental to fueling the strategy that we have in front of us, which is to be more personal at scale.

我只想說，推進這種能力對於推動我們面前的策略絕對是至關重要的，即大規模地更加個性化。

So this is directly in line with that critical part of our strategy.

因此，這與我們策略的關鍵部分直接一致。

Your next question comes from Simeon Siegel with Nomura Instinet.

您的下一個問題來自 Nomura Instinet 的 Simeon Siegel。

So recognizing the exciting innovation, any help thinking through your expectations for footwear versus apparel embedded within the North American guidance?

因此，認識到這項令人興奮的創新，是否有助於思考您對北美指南中嵌入的鞋類與服裝的期望？

And then just any further color you can share on the Amazon test?

然後您可以在亞馬遜測試中分享更多顏色嗎？

Okay.

好的。

Well, we certainly see strong growth in both footwear and apparel.

嗯，我們當然看到鞋類和服裝的強勁成長。

Looking backwards, we've had incredibly strong growth in apparel.

回顧過去，我們在服裝領域取得了令人難以置信的強勁成長。

I mentioned that apparel was -- our growth in apparel was industry leading in EMEA, driven by our Tech Fleece business and some other innovative products like the Flyknit Bra and other products within our portfolio.

我提到，在我們的 Tech Fleece 業務和其他一些創新產品（如 Flyknit 胸罩和我們產品組合中的其他產品）的推動下，我們的服裝成長在歐洲、中東和非洲地區處於行業領先地位。

We see these launches of innovation as well as our focus on the Power Franchises fueling accelerating growth in footwear so that it's more balanced going into fiscal year '19.

我們看到這些創新的推出以及我們對 Power Franchise 的關注，推動了鞋類的加速成長，使其在進入 19 財年時更加平衡。

Yes.

是的。

I'll just add that apparel sometimes falls in the shadow of footwear, but we are one of the largest apparel companies in the world.

我只想補充一點，服裝有時會受到鞋類的影響，但我們是世界上最大的服裝公司之一。

I think our strength comes from both our performance position and how we leverage that across sportswear.

我認為我們的優勢來自於我們的表現地位以及我們如何在運動服中利用這一地位。

So actually, we're very excited about some of the performance innovation coming in apparel.

事實上，我們對服裝領域的一些性能創新感到非常興奮。

In fact, our 2X Innovation initiative commitment is equally being applied to apparel, and I think that will impact a product that you'll see at the World Cup, you'll see at the NBA Championships, you're seeing with our relationship with the NBA across all sport categories, training.

事實上，我們的 2X 創新計畫承諾同樣適用於服裝，我認為這將影響您將在世界盃、NBA 錦標賽、以及我們與NBA 涵蓋所有運動類別、訓練。

And then it will wind up influencing more and more the sportswear category as well where we are performing incredibly well.

然後它將越來越多地影響運動服裝類別，以及我們表現出色的領域。

I'm really excited about what's coming in innovation in apparel and then our ability to kind of push on both sides of the performance and sportswear side.

我對服裝領域的創新以及我們在性能和運動服裝方面推動兩方面的能力感到非常興奮。

So there's a lot coming in apparel, and frankly, there's a lot coming in footwear -- a lot more coming in footwear than we've talked about.

因此，服裝領域有很多變化，坦白說，鞋類領域也有很多變化——鞋類領域的變化比我們談論的要多得多。

So I think our 2X Innovation investments, which really kicked in the gear about 2 years ago, are really starting to pay off.

因此，我認為我們的 2X 創新投資大約在 2 年前才真正啟動，現在已經開始真正獲得回報。

Anyway, back to your second question, Amazon.

不管怎樣，回到你的第二個問題，亞馬遜。

As you know, we have, I think you know, we have extended our pilot with Amazon, and to date, it's a smaller U.S.-based pilot.

如您所知，我想您知道，我們已經擴展了與亞馬遜的試點，迄今為止，這是一個較小的美國試點。

It's performed quite well.

表現得相當不錯。

We've seen good sell-through on a limited selection of products.

我們看到有限的產品銷售情況良好。

We're expanding that selection of products over this next phase.

我們將在下一階段擴大產品選擇。

Our focus on this relationship really is how we can best work together to elevate the consumer experience, and that's really a key part of all of our digital partnerships.

我們對這種關係的關注實際上是我們如何能夠最好地合作以提升消費者體驗，這確實是我們所有數位合作夥伴關係的關鍵部分。

So we continue to engage with the U.S. digital marketplace to look at how we can serve digital demand from consumers, and Amazon is definitely a part of that.

因此，我們繼續與美國數位市場合作，研究如何滿足消費者的數位需求，而亞馬遜無疑是其中的一部分。

We get, just to back up for a second, get the most out of the partnerships that advance our brand through better presentation, through the sharing of data.

我們可以充分利用合作夥伴關係，透過更好的展示和數據共享來提升我們的品牌。

Tmall in China, Zalando in Europe, these are great examples of those types of relationships.

中國的天貓、歐洲的 Zalando，這些都是這類關係的很好例子。

So we'll continue to work with Amazon to what we think will be a mutually beneficial partnership over the months ahead.

因此，我們將繼續與亞馬遜合作，在未來幾個月我們認為這將是一種互惠互利的合作關係。

Your next question comes from Michael Binetti with Crédit Suisse.

您的下一個問題來自瑞士信貸銀行的邁克爾·比內蒂。

I'd like to ask about the investments for next year.

我想問一下明年的投資情況。

You gave some help on the top line and how to think about some of the shape of the P&L.

您在頂線以及如何思考損益表的某些形狀方面提供了一些幫助。

But the investments obviously seem to be working, and up and down the commentary, you guys sound happy about it.

但這些投資顯然似乎正在發揮作用，而且從評論的上下來看，你們聽起來對此感到很高興。

Is it -- I mean, can we think about whether you'd be interested in front loading some of those investments a little more now?

我的意思是，我們是否可以考慮一下您現在是否有興趣提前加載其中一些投資？

And can you speak to maybe how much you think SG&A growth rate would be next year?

您能否談談您認為明年的 SG&A 成長率會是多少？

Is it faster than this year, slower than this year with some newfound success in the investments?

是比今年快，還是比今年慢，投資取得了一些新的成功？

And just any direction on puts and takes to help us think about how the fiscal year in your early planning looks next to the mid-teens long-term EPS algorithm?

關於看跌期權和看跌期權的任何方向都可以幫助我們思考您早期規劃中的財政年度與十幾歲左右的長期每股收益演算法相比如何？

Yes.

是的。

Well, as you know, Michael, we didn't give specific SG&A guidance for fiscal year '19, and there are really 2 reasons for that.

好吧，邁克爾，如你所知，我們沒有為 19 財年提供具體的銷售、管理和行政費用（SG&A）指導，這實際上有兩個原因。

One, we've never operated because we're not.

第一，我們從來沒有經營過，因為我們沒有經營過。

We've never operated as if we are, and we aren't capital constrained.

我們從來沒有像現在這樣運作，而且我們不受資本限制。

So our top priority, as we look ahead to any given fiscal year, is to ensure that we're prioritizing the investments that are going to fuel growth over the long term as compared to adhering to -- rigidly to a specific metric in a short-term period.

因此，當我們展望任何特定的財政年度時，我們的首要任務是確保我們優先考慮那些將促進長期增長的投資，而不是在短期內嚴格遵守特定指標。- 任期。

The Tax Act does also afford us even more efficient access to the cash flow and the capital that we generate around the world.

《稅法》也使我們能夠更有效地獲取我們在世界各地產生的現金流和資本。

So yes, our planning process is taking both of those into account in the context of us having a new very focused strategy.

所以，是的，我們的規劃過程正在考慮這兩個方面，因為我們制定了一個非常有針對性的新策略。

So we're prioritizing investments specifically in innovation.

因此，我們特別優先考慮創新方面的投資。

I've told you in the past that we doubled the investment in innovation.

我過去曾告訴過你們，我們對創新的投資增加了一倍。

We continue to make incremental investments there, and I want to pause there for a moment.

我們繼續在那裡進行增量投資，我想在此暫停一下。

It's really a competitive advantage for NIKE.

這對耐吉來說確實是個競爭優勢。

The -- we currently invest probably more than any other brand in the marketplace, but we're going to continue to make incremental meaningful investments.

我們目前的投資可能比市場上任何其他品牌都多，但我們將繼續進行增量有意義的投資。

But those investments are still relatively insignificant compared to the kind of growth and returns that they generate when you consider launches like React, VaporMax and the other platforms that Mark and I have shared.

但當你考慮到 React、VaporMax 以及 Mark 和我分享的其他平台時，這些投資與它們產生的成長和回報相比仍然相對微不足道。

So innovation is certainly a priority.

因此，創新當然是當務之急。

We're going to continue to drive brand distinction.

我們將繼續推動品牌差異化。

You probably saw our Choose Go campaign over the last several months and the energy that, that's creating as well as some of the energy we created against the All-Star weekend and other big moments in sport.

您可能看到了過去幾個月我們的「選擇出發」活動以及它所創造的能量，以及我們在全明星週末和體育界其他重要時刻所創造的一些能量。

And I would say, even though I'm mentioning it third, at the top of our list is digital capabilities, both building them and like we said, acquiring capabilities through teams like the team we acquired in Zodiac.

我想說，儘管我在第三次提到，但我們清單中最重要的是數位能力，既要建立數位能力，又要像我們所說的那樣，透過像我們在Zodiac 中收購的團隊這樣的團隊來獲取能力。

And then there are really 2 final areas that are on our short list of priorities: NIKE Consumer Experiences owned and partner, that as Mark noted, integrate or leverage digital in the physical environment.

然後，我們的優先事項清單上確實有兩個最後領域：耐吉擁有的消費者體驗和合作夥伴，正如馬克指出的那樣，在物理環境中整合或利用數位。

We are clearly doing that ourselves, and we're increasingly doing that with our partners all at various stages of development.

顯然，我們自己正在這樣做，而且我們越來越多地與處於不同發展階段的合作夥伴一起這樣做。

But we're going to continue to test and innovate there.

但我們將繼續在那裡進行測試和創新。

And then finally, we are prioritizing investment in speed through 2 key initiatives: our Express Lane and responsive manufacturing.

最後，我們透過兩項關鍵措施優先投資速度：我們的快速通道和響應式製造。

So in short, we believe these are the investments that are going to drive brand distinction for NIKE and fuel our next horizon of long-term sustainable profitable growth, and we're going to over index our investment in those dimensions.

簡而言之，我們相信這些投資將提高耐吉的品牌知名度，並推動我們下一個長期可持續獲利成長的目標，我們將在這些方面對我們的投資進行過度指數化。

And can I ask a quick follow-up?

我可以要求快速跟進嗎？

Is -- obviously, you're squeezing a lot of more fun things for you to talk about there.

顯然，你正在擠出很多更有趣的事情來談論。

That's good to hear.

聽起來還不錯。

But then in your comment about NIKE.com North America accelerating to strong double-digit growth, I know one dimension to that channel has been the closeout sales that you guys have been so focused on in the back end in the past few quarters, and you called it out in the 10-K, the markdowns or what held the margins back there.

但是，在您對 NIKE.com 北美加速實現兩位數強勁增長的評論中，我知道該渠道的一個方面是過去幾個季度你們一直非常關注後端的清倉銷售，並且你在10-K 中指出了這一點，降價或是什麼限制了利潤。

Can you give us a sense of how much excess markdowns contributed to the gross margin in third quarter that we'll see in the 10-Q?

您能否讓我們了解一下，我們將在 10 季中看到，超額降價對第三季毛利率的貢獻有多大？

And do you think that line in the gross margin that you typically give us will be reversing significantly to line up with the comments that you made here today about the pull market?

您認為您通常給我們的毛利率線是否會大幅逆轉，以與您今天在這裡對拉動市場發表的評論一致？

Yes.

是的。

I'll give you a few data points on that.

我將向您提供一些相關數據。

Overall, ASPs for the entire enterprise were up, and ASPs in North America were slightly up all in.

總體而言，整個企業的 ASP 均有所上漲，其中北美地區的 ASP 總體略有上漲。

On NIKE.com, we saw some of the margin upside that we delivered versus the expectations we set 90 days ago was actually based on stronger gross margin in our NIKE Direct businesses and in particular, in North America.

在 NIKE.com 上，我們看到與 90 天前設定的預期相比，我們實現的利潤率上升實際上是基於我們的 NIKE Direct 業務（尤其是北美地區）毛利率的提高。

We're seeing stronger full-price sell-through, and we're seeing better margin on the off-price dimension of that business.

我們看到全價銷售量增強，且該業務的折扣維度利潤率更高。

Now the off-price dimension of digital is bigger today than it might have been a couple of years ago.

如今，數位化的折扣規模比幾年前更大。

So on a relative basis, you've got more off price in digital in general in the marketplace both owned and partner.

因此，相對而言，無論是自有市場還是合作夥伴市場，您都可以在數位產品上獲得更多折扣。

But I would say that is -- has been a source of margin expansion for us.

但我想說的是，這一直是我們利潤率擴張的來源。

And I'd just summarize it by saying we're really confident in the go-forward impact of both what we're doing from a product perspective in innovation and Power Franchises as well as the impact of NIKE Direct and Digital and NIKE Consumer Experiences on our margin.

我只想總結一下，我們對從產品角度所做的創新和特許經營的未來影響以及耐吉直接和數位以及耐吉消費者體驗的影響充滿信心在我們的邊際上。

Okay, that's all we have time for today.

好了，今天的時間就到此為止。

Thank you, everyone, for joining.

謝謝大家的加入。

We look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Take care.

小心。

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。