Nike Inc (NKE) 2018 Q4 法說會逐字稿

(technical difficulty)

（技術難度）

Public financial and statistical information is discussed presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

公共財務和統計資訊將在耐吉網站 http://investors.nike.com 上進行討論，並提供可比較的 GAAP 衡量標準和定量調節表。

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

現在我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 Fourth Quarter and Full Year Results, and sorry for the brief delay getting started.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2018 財年第四季度和全年業績，對於暫時延遲開始表示歉意。

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'll 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中或在我們的網站 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; and our Chief Financial Officer, Andy Campion.

董事長、總裁兼執行長馬克·帕克；以及我們的財務長安迪坎皮恩 (Andy Campion)。

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 hello and good afternoon, everyone.

謝謝，Nitesh，大家好，下午好。

We had a strong fourth quarter with results that confirm why we're so excited about the potential of the Consumer Direct Offense.

我們第四季的業績表現強勁，結果證實了為什麼我們對消費者直接進攻的潛力如此興奮。

The shifts we've made to our business and our deeper focus on the 3 core areas, Innovation, Direct and Speed, are igniting the next phase of growth and profitability for NIKE.

我們對業務所做的轉變以及對創新、直接和速度這三個核心領域的更深入關注，正在激發耐吉下一階段的成長和獲利能力。

Here are the key areas of where we're driving momentum in our business.

以下是我們推動業務發展的關鍵領域。

First, we're winning with new innovation.

首先，我們以新的創新取勝。

We're leading with platforms, not just products.

我們以平台領先，而不僅僅是產品。

For example, React and Air Max are scaling through multiple styles and across categories.

例如，React 和 Air Max 正在透過多種風格和跨類別進行擴展。

They're driving extraordinary growth and brand heat with consumers.

他們正在推動非凡的成長和消費者的品牌熱度。

Second, our digital offense is transforming NIKE from how we connect with consumers to how we deliver products.

其次，我們的數位進攻正在將耐吉從我們與消費者的聯繫轉變為我們提供產品的方式。

This is a major shift from operating models of the past to a new digitally powered model of the future.

這是從過去的營運模式到未來新的數位驅動模式的重大轉變。

And third, with a more focused strategy, we're running a more complete portfolio with better balanced growth across geographies and categories.

第三，透過更集中的策略，我們正在運行更完整的產品組合，在各個地區和類別之間實現更平衡的成長。

For the quarter, NIKE, Inc.

本季度，耐吉公司

revenues grew 13% on a reported basis.

據報道，收入增長了 13%。

Specific highlights include our international business growing 23% with Greater China up 35%.

具體亮點包括我們的國際業務成長 23%，其中大中華區成長 35%。

We returned to healthy, sustainable growth in North America.

我們在北美恢復了健康、可持續的成長。

Sportswear, a $10 billion business for NIKE, had another quarter of double-digit growth.

耐吉公司價值 100 億美元的運動服飾業務又一個季度實現兩位數成長。

We saw solid momentum in key performance categories, and Digital, NIKE Digital was up 41% for the quarter.

我們在關鍵績效類別和數位領域看到了強勁的勢頭，本季耐吉數位成長了 41%。

The key to accelerating our strength is to continue to sharpen the execution of our Triple Double, and looking at our progress this quarter, I'll start with 2X Innovation.

加速我們實力的關鍵是繼續提高三雙的執行力，看看我們這個季度的進展，我將從2X創新開始。

The lineup of fresh, unexpected products that we shared with you last fall at our Investor Day has entered the marketplace, and as I noted, the consumer has responded.

我們去年秋天在投資者日與您分享的一系列新鮮、意想不到的產品已經進入市場，正如我所指出的，消費者已經做出了回應。

NIKE React, for example, is living up to big expectations.

例如，NIKE React 就沒有辜負人們的厚望。

We extended the launch momentum from last quarter and scaled significantly with excellent sell-through globally.

我們延續了上季度的推出勢頭，並憑藉出色的全球銷售量顯著擴大了規模。

The Epic React is already the #2 performance running shoe in the marketplace above $125, only trailing the Air VaporMax.

Epic React 已成為市場上 125 美元以上性能跑鞋中排名第二的產品，僅次於 Air VaporMax。

And Zoom Air continues to be the training platform of choice for serious runners, led by our best-selling Pegasus line.

以我們最暢銷的 Pegasus 系列為首，Zoom Air 仍然是認真跑步者的首選訓練平台。

Our latest, the Peg 35, has the highest bookings in the first season for any Pegasus in our history.

我們最新的 Peg 35 是我們歷史上所有 Pegasus 中第一季預訂量最高的。

Overall, Running grew 7% for fiscal year '18.

總體而言，Running 在 18 財年成長了 7%。

And with a loaded pipeline in fiscal '19 led by the Peg Turbo with ZoomX cushioning, we see a great runaway ahead for our largest performance category.

憑藉 19 財年以具有 ZoomX 緩震功能的 Peg Turbo 為首的產品線，我們看到我們最大的性能類別將迎來巨大的飛躍。

In Sportswear, the consumer demand for all-day comfort is making Air Max one of the fastest growing platforms in our industry.

在運動服飾領域，消費者對全天舒適的需求使 Air Max 成為我們行業中成長最快的平台之一。

Our icons, the Air Max Plus, 95, 97 and 98, are all performing incredibly well.

我們的標誌性產品 Air Max Plus、95、97 和 98 的性能都非常出色。

Air VaporMax built on that demand, and this quarter, we took it a step further with NIKE's first innovation to build specifically for lifestyle.

Air VaporMax 正是基於這項需求而打造，本季度，我們又進一步推出了 NIKE 的首個專為生活方式打造的創新產品。

The Air Max 270 is launching in March.

Air Max 270 將於 3 月推出。

270 is the most successful Air Max launch in our history.

270 是我們歷史上最成功的 Air Max 發布。

(technical difficulty)

（技術難度）

[This is a] driving force behind Sportswear, a category that delivered more than [$0.6 billion] in revenue in Q4, our best quarter ever.

[這是]運動服裝背後的驅動力，該類別在第四季度創造了超過[6億美元]的收入，這是我們有史以來最好的季度。

Look for more lifestyle Air Max platforms in the season ahead.

在下一季尋找更多生活風格 Air Max 平台。

Can you hear me clearly there?

你能清楚聽見我說話嗎？

Are we clear?

清楚嗎？

Can you...

你可以嗎...

(technical difficulty)

（技術難度）

We'll take a 1-minute break just to make sure we got the sound working on the call.

我們將休息 1 分鐘，以確保通話時聲音正常。

(Break)

（休息）

Okay.

好的。

All right.

好的。

Sorry about that.

對於那個很抱歉。

Let's pick this back up again.

讓我們再次回顧這個問題。

So I said, you should look for more Air Max platforms in the season ahead, pushing the boundaries on lifestyle innovation.

所以我說，你應該在未來的季節尋找更多的 Air Max 平台，突破生活方式創新的界限。

Air is one of NIKE's greatest competitive differentiators, and it continues to fuel extraordinary growth.

Air 是耐吉最大的競爭優勢之一，它繼續推動非凡的成長。

Sportswear has begun to integrate Nike React into new styles with more to come throughout fiscal year '19, including new icons from Jordan.

運動服飾已開始將 Nike React 融入新款式中，並將在 19 財年推出更多款式，其中包括 Jordan 的新標誌。

The success of our new cushioning platforms is driving momentum in our women's business as well.

我們新的緩震平台的成功也推動了我們女裝業務的發展。

In fact, following our launches the past 3 months, the 270, VaporMax and Epic React are already the top 3 selling women's athletic footwear models above $125.

事實上，繼我們過去 3 個月推出後，270、VaporMax 和 Epic React 已經成為 125 美元以上女士運動鞋銷量前三名。

Overall, women's lifestyle product continues to set the pace for the category.

總體而言，女性生活方式產品繼續引領該類別的步伐。

For the quarter, women's saw the Air Force 1 continuing its strong momentum, the Blazer ramping up quickly in China and APLA, and key Air Max icons growing triple digits.

本季度，女鞋 Air Force 1 繼續保持強勁勢頭，Blazer 在中國和 APLA 迅速崛起，而關鍵的 Air Max 標誌性鞋款則以三位數增長。

One of our biggest opportunities for fiscal '19 is to scale our women's sneaker business across both NIKE and Jordan.

我們 19 財年最大的機會之一是擴大 NIKE 和 Jordan 的女款運動鞋業務。

In women's apparel, lifestyle's also leading the way, highlighted by strong growth in tops and fleece.

在女裝領域，生活方式也處於領先地位，上衣和羊毛衫的強勁增長凸顯了這一點。

And looking ahead, we're building on our leadership in bras and bringing more innovation through Flyknit apparel in the second half of the year.

展望未來，我們將鞏固在胸罩領域的領先地位，並在今年下半年透過 Flyknit 服裝帶來更多創新。

And as a part of our more holistic point of view on women's across Running, Training and Sportswear, we'll roll out a new approach with seasonal head-to-toe capsules and collections like we did with the Meshed Up Collection this quarter.

作為我們對女性跑步、訓練和運動服更全面觀點的一部分，我們將推出一種新的方法，推出季節性的從頭到腳的膠囊和系列，就像我們本季度推出的 Meshed Up 系列一樣。

There is great energy across our women's product and marketplace teams right now.

目前，我們的女性產品和市場團隊充滿了活力。

One of our most important performance categories, Nike Basketball, has produced strong momentum this year off the back of the NBA partnership and high demand for key signature styles.

耐吉籃球是我們最重要的性能類別之一，在與 NBA 的合作夥伴關係和對關鍵簽名款式的高需求的支持下，今年產生了強勁的勢頭。

We've had an amazing year 1 with the NBA.

我們在 NBA 度過了令人驚嘆的第一年。

We had a lot of firsts this year, but I'd say our 3 biggest wins were our editions approach to jerseys, driving significantly higher NBA jersey sales than the league has ever had, the Showtime Hoodie, which was a new premium apparel business for fiscal '18 with sell-through approaching 100% across most teams and channels and the steady flow of LeBron player edition footwear that we launched through LeBron Watch on the SNKRS App, which is a new feature that turns the on-court footwear into real-time buying opportunities.

今年我們創造了很多第一，但我想說，我們的3 個最大的勝利是我們對球衣的版本方法，推動NBA 球衣的銷量顯著高於聯盟以往的水平，Showtime 連帽衫，這是一項新的高端服裝業務18 財年，大多數球隊和通路的銷售率接近100%，我們透過SNKRS 應用程式上的LeBron Watch 推出的LeBron 球員版鞋款源源不斷，這是一項新功能，可將場上鞋款變成真正的鞋款－時間買入機會。

Jordan Brand proved, too, that the NBA is the ultimate sneaker runway.

Jordan Brand 也證明了 NBA 是終極運動鞋跑道。

In many ways, Jordan defines the spectrum of performance and style as part of the pregame walk-in, on the court with the game's best players and courtside with fans.

在許多方面，喬丹將表現和風格的範圍定義為賽前的一部分，在球場上與比賽中最好的球員一起，在場邊與球迷在一起。

But we know consumers are demanding more from Jordan, and we know that people want wider access and new dimensions.

但我們知道消費者對約旦的要求更高，我們也知道人們想要更廣泛的接觸和新的維度。

And we're delivering.

我們正在交付。

This quarter, we nearly tripled the size of Jordan's women's sneaker business.

本季度，我們將喬丹女士運動鞋業務的規模擴大了近兩倍。

Jordan apparel was up double digits in all geos, and the Jordan Brand in China was up nearly 50%.

Jordan 服裝在所有地區的銷售額均達到兩位數成長，其中 Jordan Brand 在中國的銷售額成長了近 50%。

These are the areas where we see exponential growth, and we will continue to focus.

這些是我們看到指數成長的領域，我們將繼續關注。

We have a lot of opportunity to expand the Jordan portfolio of products to create a greater range of choice and to match the energy of the Jordan Brand.

我們有很多機會擴展 Jordan 產品組合，創造更多選擇，並與 Jordan 品牌的活力相匹配。

For both NIKE and Jordan, our partnerships with the world's best leagues, teams and athletes are what fuel our growth.

對於耐吉和喬丹來說，我們與世界上最好的聯盟、球隊和運動員的合作關係是我們成長的動力。

Nobody is better positioned to harness the expanding power of sport.

沒有人比他更有能力利用體育不斷增長的力量。

Just look back at the moments and performances from our athletes over the last few weeks.

回顧我們的運動員在過去幾週的時刻和表現。

Kevin Durant won back-to-back NBA titles and Finals MVP award.

凱文杜蘭特連續兩次獲得 NBA 冠軍和總決賽 MVP 獎。

Eliud Kipchoge won the London Marathon in our new 3D printed uppers with FlyPrint and ZoomX, Brooks Koepka winning the U.S. Open for the second year in a row.

Eliud Kipchoge 穿著我們採用 FlyPrint 和 ZoomX 的新 3D 列印鞋面贏得了倫敦馬拉松冠軍，而 Brooks Koepka 則連續第二年贏得了美國公開賽冠軍。

And at the French Open, Simona Halep won her first title and Rafa Nadal won his unrivaled 11th at Roland Garros.

在法網，西蒙娜·哈勒普 (Simona Halep) 贏得了她的第一個冠軍，拉法·納達爾 (Rafa Nadal) 在羅蘭·加洛斯 (Roland Garros) 贏得了無與倫比的第 11 個冠軍。

And of course, we're 2 weeks into 1 of the world's greatest sports moments, the World Cup, where the energy for the NIKE Brand has been tremendous.

當然，世界上最偉大的體育賽事之一——世界盃已經過去兩週了，耐吉品牌在世界盃上展現了巨大的能量。

With over 60% of the players in the opening round wearing NIKE boots, it's (inaudible) by players in NIKE boots than all other brands combined with Harry Kane and Cristiano Ronaldo leading the way.

首輪比賽中超過60% 的球員穿著NIKE 球鞋，（聽不清楚）穿著NIKE 球鞋的球員數量超過所有其他品牌，其中哈利·凱恩(Harry Kane) 和克里斯蒂亞諾·羅納爾多(Cristiano Ronaldo) 領先。

We also debuted the latest generation of NIKE Flyknit, the material Superfly 360 and the Vapor 360.

我們也推出了最新一代的 NIKE Flyknit，材質 Superfly 360 和 Vapor 360。

In apparel, we've seen strong sell-through of our performance kits, and we've designed full collections across performance, training and sportswear for key national teams, including England, France, Portugal, Brazil and Nigeria.

在服裝方面，我們的性能套裝銷量強勁，並為英格蘭、法國、葡萄牙、巴西和尼日利亞等主要國家隊設計了涵蓋性能、訓練和運動服裝的完整系列。

This quarter, we also made an important commitment to our future in football.

本季度，我們也對足球的未來做出了重要承諾。

We entered into a 10-year partnership with the China Super League, 1 of the fastest growing football nations in the world.

我們與世界上發展最快的足球國家之一的中超聯賽建立了為期 10 年的合作夥伴關係。

The stories of our athletes and the innovation they inspire have always been central to our brand, and today, those products and stories are being amplified even further by the power of digital.

我們運動員的故事以及他們所激發的創新一直是我們品牌的核心，而今天，這些產品和故事正在透過數字的力量進一步放大。

We've talked about how critical mobile and social experiences are to our consumer and how that's driving change, but really, the full digital transformation of NIKE that's taking place right now is even bigger than that.

我們已經討論了行動和社交體驗對我們的消費者有多重要，以及它如何推動變革，但實際上，耐吉目前正在進行的全面數位轉型的規模甚至更大。

It's fundamentally shifting our entire company.

它從根本上改變了我們整個公司。

Digital is allowing us to realize our vision for smart retail, to remove friction and personalize experiences through the intersection of digital and physical environments.

數位化使我們能夠實現智慧零售的願景，透過數位和實體環境的交叉消除摩擦並提供個人化體驗。

It's sharpening our ability to sense the market through data and analytics.

它增強了我們透過數據和分析感知市場的能力。

It's unlocking new manufacturing tools that are more precise and drive a new aesthetic.

它正在解鎖更精確並推動新美學的新製造工具。

And it's opening up opportunities for new partnerships and how we develop talent in the organization.

它為新的合作夥伴關係以及我們如何在組織中培養人才提供了機會。

Let's start with how digital is fueling 2X Direct and our mission to lead the industry to a more differentiated marketplace through NIKE Consumer Experiences.

讓我們先了解數位化如何推動 2X Direct 的發展，以及我們透過耐吉消費者體驗引領產業進入更具差異化市場的使命。

In our own ecosystem, NikePlus membership is the key to an elevated consumer experience.

在我們自己的生態系統中，NikePlus 會員資格是提升消費者體驗的關鍵。

Once someone becomes a member and customizes their profile, we know what sports they like, how active they are and the style of products they prefer, and that insight allows for unlocks for exclusive product, style advice from experts and rewards for their activity.

一旦有人成為會員並自訂他們的個人資料，我們就知道他們喜歡什麼運動、他們的活躍程度以及他們喜歡的產品風格，並且這種洞察力可以解鎖獨家產品、專家的風格建議以及他們的活動獎勵。

It personalizes the entire experience and allows us to remove friction points for members as they move seamlessly from mobile to the in-store environment.

它使整個體驗變得個性化，使我們能夠消除會員從行動裝置無縫轉移到店內環境時的摩擦點。

We've relaunched NikePlus membership in November, and for the year, we've exceeded all of our membership targets with strong growth in new, active and buying members and improvement in engagements and in conversion.

我們於 11 月重新推出了 NikePlus 會員資格，今年，我們已經超額完成了所有會員目標，新會員、活躍會員和購買會員數量強勁增長，參與度和轉換率也有所提高。

And we continue to explore the physical and digital intersection through our new NIKE App at Retail, which is beginning to scale to multiple stores.

我們繼續透過新的耐吉零售應用程式探索實體和數位交叉點，該應用程式已開始擴展到多家商店。

Through smart retail, we can aggregate consumer buying patterns to better inform localized preferences and turn those into new growth opportunities.

透過智慧零售，我們可以匯總消費者的購買模式，以更好地了解在地化偏好，並將其轉化為新的成長機會。

For example, next month, we're opening a new retail concept in L.A. called Nike Live.

例如，下個月，我們將在洛杉磯開設一個名為 Nike Live 的新零售概念店。

It's a small format, data-driven store with its assortments influenced by what consumers are buying from surrounding ZIP codes.

這是一家小型、數據驅動的商店，其商品種類受到消費者從周圍郵遞區號購買的商品的影響。

We see great potential in this approach, and you'll see a lot more of it across our key cities.

我們看到了這種方法的巨大潛力，並且您將在我們的主要城市看到更多這種方法。

Digital innovation also allows us to push the edges on new immersive experiences, whether that's in our own channels or through partnered retail or social media platforms.

數位創新也使我們能夠推動新的沉浸式體驗的優勢，無論是在我們自己的管道中還是透過合作的零售或社交媒體平台。

The SNKRS App has delivered some incredibly compelling experiences this quarter.

SNKRS 應用程式本季提供了一些令人難以置信的引人注目的體驗。

For example, at venues during Kendrick Lamar's recent tour, we triggered SNKRS Stash drops to make his Cortez Kenny III shoe available exclusively to his fans who were at the show.

例如，在 Kendrick Lamar 最近的巡演期間，我們觸發了 SNKRS Stash 投放，將他的 Cortez Kenny III 鞋款專門提供給在場的粉絲們。

The SNKRS App is creating incredible demand, and capturing more value from that energy is one of NIKE's largest upside opportunities for fiscal '19 and beyond.

SNKRS 應用程式正在創造令人難以置信的需求，從這種能量中獲取更多價值是耐吉 19 財年及以後最大的上行機會之一。

Our investments in the digital experience are also creating a platform for new brand-friendly e-commerce partnerships.

我們對數位體驗的投資也為新的品牌友善電子商務合作關係創建了一個平台。

Our work with Tmall continues to set the bar for how we cocreate shopping experiences through mobile and social.

我們與天貓的合作繼續為我們如何透過行動和社交共同創造購物體驗設定標準。

This quarter, we leveraged key shopping moments for Air Max on Tmall's Super Brand Day and Young Athletes during its [parent's] channel launch.

本季度，我們在天貓超級品牌日和[母公司]通路推出期間的青少年運動員中利用了 Air Max 的關鍵購物時刻。

We continue to expand our presence in digital marketplaces through partnerships like Zalando in EMEA and ZOZOTOWN in Japan, which became fully operational in March.

我們透過歐洲、中東和非洲地區的 Zalando 和日本的 ZOZOTOWN 等合作夥伴關係，繼續擴大我們在數位市場的影響力，該合作夥伴關係已於 3 月全面投入營運。

And we see huge potential in merging storytelling and shopping through our social platforms.

我們看到了透過社交平台將講故事和購物結合起來的巨大潛力。

This quarter, NIKE became one of the first companies to drive new consumer experiences in Facebook Messenger app, leveraging the AR camera to reveal the KYRIE 4 Red Carpet.

本季度，NIKE 成為首批在 Facebook Messenger 應用程式中推動新消費者體驗的公司之一，利用 AR 攝影機展示了 KYRIE 4 Red Carpet。

You should look for more exciting new shopping experiences with Facebook and other social media platforms in the coming months.

在接下來的幾個月裡，您應該透過 Facebook 和其他社群媒體平台尋找更多令人興奮的新購物體驗。

And as we noted at Investor Day, we're also piloting and scaling NIKE Consumer Experiences with key wholesale partners.

正如我們在投資者日所指出的，我們也正在與主要批發合作夥伴一起試行和擴展耐吉消費者體驗。

For example, the NIKE-certified athletes program turned selected Foot Locker associates into NIKE experts.

例如，耐吉認證的運動員計劃將選定的 Foot Locker 員工轉變為耐吉專家。

And after showing strong early results, Foot Locker will scale the program across North America in Q1.

在顯示出強勁的早期成果後，Foot Locker 將在第一季在整個北美地區推廣該計劃。

And with JD Group in EMEA, we launched both a physical and digital concept to celebrate Air Max storytelling called [Undisputed Air], driving triple-digit growth of NIKE Air products in JD versus last year.

我們與歐洲、中東和非洲地區的京東集團合作，推出了名為「Undisputed Air」的實體和數位概念，以慶祝Air Max 的故事敘述，推動京東的NIKE Air 產品與去年相比實現三位數的增長。

Digital acceleration is also critical to creating an overall faster company from consumer insight to responsive manufacturing to delivering products to the consumer when they want it.

數位化加速對於創建一家整體更快的公司也至關重要，從消費者洞察到響應式製造，再到在消費者需要時向他們提供產品。

In other words, it's integral to our 2X Speed initiative.

換句話說，它是我們 2 倍速度計畫不可或缺的一部分。

In fiscal '18, we've invested significantly in the capabilities that heighten our ability to sense the market and drive efficiency through our supply chain.

在 18 財年，我們在能力方面進行了大量投資，以提高我們感知市場和提高供應鏈效率的能力。

We scaled 7 key distribution centers around the world this year.

今年我們擴大了全球 7 個主要配送中心的規模。

One of the facilities in North America is our new rebound facility, the first to be focused solely on accepting returned product and getting it back into the marketplace significantly faster to maximize full-price in-season selling.

北美的設施之一是我們新的反彈設施，這是第一個專門專注於接受退回產品並以更快的速度將其送回市場，以最大限度地提高全價當季銷售的設施。

We've also integrated the Zodiac team from our recent acquisition, who are giving us new predictive tools and advanced analytics to drive targeted growth.

我們還整合了最近收購的 Zodiac 團隊，他們為我們提供了新的預測工具和高級分析來推動目標成長。

And we continue to develop our sensing capabilities within our key cities and sharpened the Express Lane, our fastest growing product engine that serves as a key focal point of our speed initiatives.

我們繼續在主要城市發展我們的感測能力，並強化 Express Lane，這是我們成長最快的產品引擎，也是我們速度計畫的關鍵焦點。

This quarter, the Express Lane created a substantial impact by extending our in-line stories with new materials and colors as the teams did with the Air Max 270 this quarter, and amplifying the brand concepts we know are connecting best with consumers like the Tuned Air Mercurial to celebrate World Cup, and capturing emerging trends like we did in EMEA with the '90s apparel collection where we identified the trend and quickly delivered product to market.

本季度，Express Lane 透過使用新材料和顏色來擴展我們的內聯故事，就像本季團隊對Air Max 270 所做的那樣，並擴大了我們知道最能與消費者建立聯繫的品牌概念（例如Tuned Air），從而產生了重大影響Mercurial 慶祝世界杯，並捕捉新興趨勢，就像我們在 EMEA 的 90 年代服裝系列中所做的那樣，我們識別了趨勢並迅速將產品推向市場。

Express Lane, as a whole, is leading to significantly stronger full-price sell-through rates.

總體而言，Express Lane 正在導致全價售出率顯著提高。

Through digital, we're also inventing new manufacturing tools that allow us to push the boundaries of product creation like computational design with React or new Flyknit apparel.

透過數位化，我們還發明了新的製造工具，使我們能夠突破產品創造的界限，例如使用 React 或新的 Flyknit 服裝進行計算設計。

And automation throughout our supply chain continues to drive speed and efficiency.

我們整個供應鏈的自動化繼續提高速度和效率。

2X Speed is a multi-year journey, and while we've made progress, we also know there's even greater opportunity ahead in this space.

2X Speed 是一個多年的旅程，雖然我們已經取得了進展，但我們也知道這個領域還有更大的機會。

We've closed out the fiscal year with a strong performance across our business.

我們以強勁的業務表現結束了本財年。

Being closer to the consumer and our new offense has us focused on the biggest growth opportunities, making the right investments with the greatest returns.

更貼近消費者和我們的新進攻使我們專注於最大的成長機會，做出正確的投資以獲得最大的回報。

We fueled increased demand for NIKE in fiscal '18.

我們在 18 財年推動了 NIKE 的需求增加。

In fiscal '19, we'll continue that acceleration with an even faster pace of innovation and by serving consumers more completely across our entire portfolio.

在 19 財年，我們將繼續加速發展，加快創新步伐，並在整個產品組合中為消費者提供更全面的服務。

We have momentum, and we're continuing to transform across multiple dimensions and throughout our entire organization.

我們有動力，我們將繼續在多個層面和整個組織內進行轉型。

And I'm confident we'll use this quarter as a catalyst for growth into fiscal '19 and beyond.

我相信我們將利用本季作為 19 財年及以後成長的催化劑。

Thanks, and now here's Andy.

謝謝，現在安迪來了。

Thank you, Mark, and hello to everyone on the call.

謝謝你，馬克，並向通話中的每個人問好。

Fiscal year '18 was a strategically significant year for NIKE.

18 財年對耐吉來說是具有戰略意義的一年。

As we began the fiscal year last June, we communicated our new strategy, the Consumer Direct Offense, which we believe would ignite NIKE's next horizon of strong, sustainable profitable growth and transform the company in the process.

去年六月開始本財年時，我們傳達了我們的新戰略，即“消費者直接進攻”，我們相信該戰略將點燃耐克下一個強勁、可持續盈利增長的前景，並在此過程中實現公司轉型。

Then, at our Investor Day this past October, we showcased how our new strategy was already beginning to come to life.

然後，在去年十月的投資者日上，我們展示了我們的新策略是如何開始實施的。

We displayed the pipeline of innovative products that we plan to bring to market in the second half of fiscal year '18 on our path to 2X Innovation.

我們展示了我們計劃在 18 財年下半年推向市場的一系列創新產品，以實現 2 倍創新。

We immersed our stakeholders in the relaunch of our NIKE and SNKRS App experiences and the new membership services that would ignite 2X Direct.

我們讓利害關係人沉浸在重新推出的 NIKE 和 SNKRS 應用程式體驗以及將點燃 2X Direct 的新會員服務中。

And we shared several of the manufacturing and supply chain initiatives that will help 2x our speed and ultimately cut our time to market in half.

我們分享了一些製造和供應鏈計劃，這些計劃將幫助我們將速度提高兩倍，並最終將我們的上市時間縮短一半。

Of course, we also established a new long-term financial model.

當然，我們也建立了新的長期財務模式。

But perhaps even more notable than the financial goals we established were some of the key operational measures of success that we shared.

但也許比我們所製定的財務目標更引人注目的是我們分享的一些衡量成功的關鍵營運指標。

Those measures of success better define how we will transform NIKE into a digitally led enterprise that connects more directly with our consumers globally through our key cities and countries.

這些衡量成功的標準更好地定義了我們如何將耐吉轉變為數位主導的企業，透過我們的主要城市和國家與全球消費者更直接地聯繫。

And as we now close Q4, we are thrilled to see our strategic execution translating into strong financial performance as both revenue growth and profitability exceeded even our own expectations.

隨著第四季度的結束，我們很高興看到我們的策略執行轉化為強勁的財務業績，收入成長和獲利能力甚至超出了我們自己的預期。

At the same time, what's even more exciting is that we also delivered across all of our key operational measures of success, and it's worth highlighting a few examples as these are proof points that NIKE's strategic transformation is underway at an accelerated pace.

同時，更令人興奮的是，我們也實現了所有成功的關鍵營運指標，值得強調的幾個例子，因為這些證明了耐吉的策略轉型正在加速進行。

So first, we said that new innovation platforms will drive over 50% of our incremental growth over the next 5 years.

首先，我們表示新的創新平台將在未來 5 年內推動我們 50% 以上的增量成長。

In fiscal year '18, revenue from new innovative platforms actually drove over 80% of our incremental growth, fueled by innovative new platforms such as the Air VaporMax, React, the Air Max 270 and ZoomX.

在 18 財年，在 Air VaporMax、React、Air Max 270 和 ZoomX 等創新平台的推動下，來自新創新平台的收入實際上推動了我們增量成長的 80% 以上。

We also said that we would 2X Direct with digital commerce growth both owned and partnered comprising over 50% of NIKE's total company growth over the next 5 years.

我們也表示，在未來 5 年內，我們將透過自有和合作的數位商務成長實現 2 倍的直接成長，佔耐吉公司總成長的 50% 以上。

In fiscal year '18, NIKE Direct, in fact, drove over 90% of our growth, and 100% of our growth was driven by the combination of NIKE Direct and partnered NIKE Consumer Experiences.

事實上，在 18 財年，NIKE Direct 推動了我們 90% 以上的成長，而我們 100% 的成長是由 NIKE Direct 和合作夥伴 NIKE 消費者體驗相結合所推動的。

NIKE Digital, in particular, grew 34% in Q4 on a constant currency basis and was the single fastest growing channel globally.

尤其是 NIKE Digital，以固定匯率計算，第四季成長了 34%，是全球成長最快的單一管道。

Yet, for many of the hottest styles launched on NIKE Digital platforms within the quarter, our supply was only a fraction of the actual demand we experienced.

然而，對於本季耐吉數位平台上推出的許多最熱門款式來說，我們的供應量只是我們實際需求的一小部分。

This underscores a significant opportunity to better sense and serve digital demand in fiscal year '19.

這凸顯了在 19 財年更好地感知和服務數位需求的重大機會。

We also said in October that we expect our international geographies to drive over 75% of our growth and that North America would return to mid-single-digit growth over the next 5 years.

我們也在 10 月表示，預計國際地區將推動我們 75% 以上的成長，北美地區將在未來 5 年內恢復到中個位數成長。

For the full year, our international geographies accounted for over 100% of our growth with Greater China growing nearly 2x the rate of any other geography on a currency-neutral basis.

全年來看，我們的國際地區對我們成長的貢獻率超過 100%，其中大中華區的成長速度是任何其他地區（在貨幣中性的基礎上）的近 2 倍。

And in Q4, North America returned to growth, sharply reversing its prior trend.

第四季度，北美地區恢復成長，大幅扭轉了先前的趨勢。

As Mark said, as we enter fiscal year '19, we are now running a more complete offense across our global portfolio.

正如馬克所說，隨著我們進入 19 財年，我們現在正在全球投資組合中進行更全面的進攻。

But before I go deeper into our outlook for fiscal year '19, let's first reflect on the drivers of our strong Q4 results.

但在深入探討 19 財年的前景之前，讓我們先反思一下第四季強勁業績的驅動因素。

NIKE, Inc.

耐吉公司

Q4 revenue increased 13%, up 8% on a currency-neutral basis driven by double-digit international growth and a return to growth in North America.

第四季營收成長 13%，在兩位數的國際成長和北美恢復成長的推動下，在貨幣中性的基礎上成長 8%。

NIKE Direct led our growth globally, including 5% comp store growth and 34% digital growth.

NIKE Direct 引領我們的全球成長，包括 5% 的實體店成長和 34% 的數位成長。

For the full year, NIKE, Inc.

全年來看，耐吉公司 (NIKE, Inc.)

revenue increased 6% to $36.4 billion, up 4% on a currency-neutral basis.

營收成長 6%，達到 364 億美元，在匯率中立的基礎上成長 4%。

Gross margin expanded over 60 basis points in Q4, exceeding our own expectations due to accelerating full-price sales and NIKE Digital growth.

由於全價銷售加速和耐吉數位成長，第四季毛利率成長了 60 個基點以上，超出了我們的預期。

For the full year, gross margin contracted just under 80 basis points as strong underlying product profitability was more than offset by a 90 basis point headwind from foreign exchange.

全年毛利率收縮略低於 80 個基點，因為強勁的基礎產品獲利能力被外匯帶來的 90 個基點的逆風所抵消。

Fourth quarter demand creation increased 25%, primarily driven by investments in new sports marketing assets such as Chelsea, Tottenham and the NBA; brand marketing around key global sporting events such as the NBA Finals and the World Cup; and global campaigns supporting the launch of new product innovations.

第四季需求創造成長了 25%，主要是由於對切爾西、托特納姆熱刺和 NBA 等新體育行銷資產的投資推動；圍繞NBA總決賽、世界盃等全球重要運動賽事進行品牌行銷；以及支持新產品創新推出的全球活動。

For the full year, demand creation increased 7%.

全年需求創造成長了 7%。

Operating overhead increased 14% for the quarter and 10% for the full year as we're investing in capabilities that will fuel long-term growth, particularly with respect to digital and innovation.

由於我們投資於能夠推動長期成長的能力，特別是在數位和創新方面，本季營運費用增加了 14%，全年營運費用增加了 10%。

Our effective tax rate was 6.4% for the quarter and 55.3% for the full year.

我們本季的有效稅率為 6.4%，全年的有效稅率為 55.3%。

The full year rate was significantly higher than the prior year, primarily due to the onetime transition tax associated with U.S. tax reform.

全年稅率顯著高於上年，這主要是由於與美國稅制改革相關的一次性過渡稅。

Fourth quarter diluted EPS increased 15% to $0.69.

第四季攤薄後每股收益成長 15%，達到 0.69 美元。

Full year diluted EPS declined 53% to $1.17, taking into account the significant onetime impacts of U.S. tax reform.

考慮到美國稅制改革的重大一次性影響，全年稀釋後每股收益下降 53% 至 1.17 美元。

As of May 31, inventories were up 4%, growing slower than the rate of revenue growth, which is an indication that our supply and demand management efforts over the course of fiscal year '18 have returned NIKE to a strong pull market globally.

截至 5 月 31 日，庫存增長了 4%，增長速度低於收入增長速度，這表明我們在 18 財年的供需管理工作已使 NIKE 重新回到全球強勁的拉動市場。

Finally, today, we're announcing a new 4-year $15 billion share repurchase program.

最後，今天，我們宣布一項為期 4 年、價值 150 億美元的新股票回購計畫。

We anticipate that our current $12 billion share repurchase program will be completed within fiscal year '19.

我們預計目前 120 億美元的股票回購計畫將在 19 財年完成。

This new expanded authorization, coupled with our dividend program, are evidence of NIKE's strong cash flow generation and steadily increasing cash returns to shareholders.

這項新的擴大授權，加上我們的股息計劃，證明了耐吉強勁的現金流產生能力和股東現金回報的穩定成長。

Now let's turn to the financial performance for a few of our reported operating segments.

現在讓我們來看看我們報告的一些營運部門的財務表現。

In North America, Q4 revenue grew 3% on a reported basis and currency-neutral basis, led by new innovation platforms, very strong digital growth, continued momentum in Sportswear and broad growth across apparel.

在北美，第四季度營收在報告基礎和貨幣中性基礎上增長了3%，這主要得益於新的創新平台、非常強勁的數位成長、運動裝的持續成長動能以及整個服裝領域的廣泛成長。

We've returned North America to revenue growth and expanding margins, and this healthy momentum is carrying forward into this new fiscal year.

我們已經使北美地區恢復了收入成長和利潤率擴大，這種健康的勢頭將延續到這個新的財政年度。

As we expected, digital continues to reshape the consumer experience and to some extent, disrupt the more undifferentiated multi-brand wholesale dimensions of the marketplace.

正如我們所預期的那樣，數位化繼續重塑消費者體驗，並在某種程度上擾亂市場中更無差異化的多品牌批發維度。

However, NIKE Consumer Experiences at retail, both owned and partnered, and particularly those that leverage a digital connection to the consumer, drove over 2/3 of our growth in North America.

然而，耐吉在零售領域的消費者體驗（無論是自有的還是合作的），尤其是那些利用與消費者的數位連結的消費者體驗，推動了我們在北美地區超過 2/3 的成長。

Digital connections have been critical to launching new and innovative products, creating brand heat and better serving consumer demand.

數位連結對於推出新的創新產品、創造品牌熱度和更好地滿足消費者需求至關重要。

For example, as part of the Epic React launch, through social media, we invited our consumers to Choose Go.

例如，作為 Epic React 發布的一部分，我們透過社群媒體邀請消費者選擇 Go。

The Choose Go campaign inspired more than 1 million NIKE+ members to participate in a run on the NIKE Running Club (sic) [Run Club] app that day and generated over 500 million social media impressions.

當天，Choose Go 活動激勵了超過 100 萬 NIKE+ 會員在 NIKE Running Club（原文如此）[Run Club] 應用程式上參與跑步，並產生了超過 5 億次社交媒體曝光。

We also launched an exclusive colorway of the Epic React with DICK'S Sporting Goods through a takeover of their digital commerce platform and social media channels.

我們也透過收購 DICK'S Sporting Goods 的數位商務平台和社群媒體管道，推出了 Epic React 的獨家配色。

And as Mark detailed, we're in the process of launching the NIKE App at Retail in key markets, bringing NIKE+ membership into the store and accelerating the convergence of digital and physical retail.

正如 Mark 所詳述的，我們正在主要市場的零售店推出 NIKE 應用程序，將 NIKE+ 會員資格帶入商店，並加速數位零售和實體零售的融合。

As for the Jordan Brand in North America, we are already back to a pull market and we expect a return to global growth in fiscal year '19.

至於北美的 Jordan 品牌，我們已經回到了拉動市場，我們預計 19 財年將恢復全球成長。

Consumers love the Jordan Brand, and their passion for the brand is unwavering.

消費者喜愛 Jordan 品牌，他們對品牌的熱情是堅定不移的。

At the same time, we saw an opportunity to recalibrate the supply of select styles across just distribution channels.

同時，我們看到了一個重新調整分銷管道中精選款式供應的機會。

While that included tightening the supply in some cases, it also included expanding the supply of the hottest, most iconic Jordan styles on the Nike SNKRS App, which has fast become the leading destination for high heat footwear launches globally.

雖然這包括在某些情況下收緊供應，但也包括在Nike SNKRS 應用程式上擴大最熱門、最具標誌性的Jordan 款式的供應，該應用程式已迅速成為全球熱門鞋類發布的主要目的地。

We also leveraged both Jordan and NIKE launches on the SNKRS App to create compelling new consumer experiences that merged digital and physical with our strategic retail partners, for example, through initiatives such as Shock Drop, SNKRS Pass and SNKRS Stash.

我們也利用Jordan 和NIKE 在SNKRS 應用程式上發布的產品，創造引人注目的新消費者體驗，將數位和實體與我們的策略零售合作夥伴融合在一起，例如透過Shock Drop、SNKRS Pass 和SNKRS Stash等舉措。

Looking forward, we see tremendous opportunity to continue diversifying the Jordan Brand for women in performance and through apparel.

展望未來，我們看到了繼續透過性能和服裝實現 Jordan 品牌女性多元化的巨大機會。

For the full year, North America's revenue declined 2% and EBIT was 7% lower.

北美地區全年收入下降 2%，息稅前利潤下降 7%。

However, our Q4 results in North America reflect a reversal of trend and sustainable momentum going into fiscal year '19.

然而，我們在北美的第四季度業績反映了進入 19 財年的趨勢和可持續勢頭的逆轉。

Moving to EMEA, where revenues grew 10% on a currency-neutral basis in Q4, driven by strong global growth -- driven by strong growth in Global Football, Sportswear and Running.

轉向歐洲、中東和非洲地區，在全球強勁成長的推動下，第四季營收在貨幣中性的基礎上成長了 10%——全球足球、運動服裝和跑步領域的強勁成長。

Our apparel business is also particularly strong across Europe with Global Football apparel approaching triple-digit growth in Q4 fueled by high-energy national team collections associated with the World Cup.

我們的服裝業務在整個歐洲也特別強勁，在與世界盃相關的高能量國家隊系列的推動下，全球足球服裝在第四季度接近三位數增長。

In footwear, Air Max continues to be the dominant platform in the region with the Air Max 270 becoming the #1 style across key European markets and Air Max Month in March propelling Sportswear to record full year revenues.

在鞋類領域，Air Max 繼續成為該地區的主導平台，Air Max 270 成為歐洲主要市場的第一款式，3 月的 Air Max 月推動運動服創下全年收入紀錄。

The NIKE Brand is also #1 in all of our key cities across Europe, fueled by campaigns such as Nothing Beats a Londoner that amplified the authentic voice of over 200 London consumers, along with influencers such as Skepta and several of the world's greatest athletes, including Mo Farah, Harry Kane and others.

在「Nothing Beats a Londoner」等活動的推動下，耐吉品牌在歐洲所有主要城市中也排名第一，這些活動放大了200 多名倫敦消費者的真實聲音，以及Skepta 等影響者和幾位世界上最偉大的運動員，包括莫·法拉赫、哈里·凱恩等人。

This is a great example of a hyperlocal city campaign that resonated with our consumers globally.

這是超本地化城市活動的一個很好的例子，引起了全球消費者的共鳴。

While NIKE Direct continues to lead all dimensions of growth in EMEA, JD, for example, has also been a very strategic partner for NIKE.

雖然 NIKE Direct 繼續引領歐洲、中東和非洲地區各方面的成長，但京東也一直是 NIKE 非常重要的戰略合作夥伴。

JD continues to leverage digital connections with consumers and differentiated store concepts, including size, to both create and serve demand, and we look forward to the best practices that they will bring to the North American marketplace.

京東繼續利用與消費者的數位連接和差異化的商店概念（包括規模）來創造和服務需求，我們期待他們為北美市場帶來最佳實踐。

For the full year, currency-neutral revenue growth was 9%, fueled by double-digit growth in Sportswear and across apparel.

全年，在運動服和其他服裝領域兩位數成長的推動下，剔除貨幣因素後的收入成長了 9%。

On a reported basis, fiscal year '18 revenues grew 16% and EBIT increased 5% as strong revenue growth was offset primarily by transactional FX headwinds on gross margin.

根據報告，18 財年收入成長了 16%，息稅前利潤成長了 5%，因為強勁的營收成長主要被交易性外匯不利因素對毛利率的影響所抵銷。

So next, let's turn to Greater China.

那麼接下來，讓我們轉向大中華區。

In Q4, Greater China's growth accelerated to 25% on a currency-neutral basis, including strong double-digit growth across all categories, the Jordan Brand and across our women's business.

第四季度，在匯率中立的基礎上，大中華區的成長加速至 25%，包括所有品類、Jordan 品牌和整個女裝業務均實現強勁的兩位數成長。

NIKE Digital growth continues to outpace all other marketplace dimensions, and we continue to partner with and learn from China's leading digital platforms.

耐吉數位化成長持續超過所有其他市場維度，我們繼續與中國領先的數位平台合作並向其學習。

Through our partnership with Tmall, our first ever Air Max Super Brand Day in March, became our largest day on the platform, second only to Singles' Day for the year.

透過與天貓的合作，我們在 3 月的首個 Air Max 超級品牌日成為我們在平台上最大的一天，僅次於今年的光棍節。

And with Tencent, we launched our Choose Go campaign through digital media, inspiring 2 million runners to participate in a 7-week running journey and creating strong demand for the Epic React.

我們也與騰訊合作，透過數位媒體發起了「Choose Go」活動，激勵了 200 萬跑者參與為期 7 週的跑步之旅，並為 Epic React 創造了強勁需求。

For the full year, revenues in Greater China increased 18% on a currency-neutral basis, driven by Running, Sportswear, the Jordan Brand and Nike Basketball.

在跑步、運動服飾、喬丹品牌和耐吉籃球的推動下，大中華區全年收入在匯率中立的基礎上成長了 18%。

On a reported basis, fiscal year '18 revenues were up 21% and EBIT increased 20%.

根據報告，18 財年收入成長了 21%，息稅前利潤成長了 20%。

There are several drivers of the extraordinary long-term growth potential we see in Greater China from favorable macroeconomics to the rise of sport and fitness, to the scale and impact of digital, to the strength of the NIKE Brand.

我們認為大中華區具有非凡的長期成長潛力，有多個驅動因素，從有利的宏觀經濟到運動和健身的興起，到數位化的規模和影響，再到耐吉品牌的實力。

Accordingly, we will continue to invest to extend our leadership in this strategically important and fast-growing market.

因此，我們將繼續投資，以擴大我們在這個具有重要戰略意義且快速成長的市場中的領導地位。

In APLA, Q4 revenue grew 13% on a currency-neutral basis.

在 APLA，第四季營收在貨幣中性的基礎上成長了 13%。

Growth was strong across all key countries within this diverse geography and is being fueled by our focus on creating brand energy in key cities and through digital.

在這個多元化的地理區域內，所有主要國家/地區的成長都很強勁，我們專注於在主要城市透過數位化創造品牌能量，這推動了成長。

In fact, while NIKE Digital growth was strong in every geography, APLA's digital growth led the pack.

事實上，儘管 NIKE 數位化成長在每個地區都表現強勁，但 APLA 的數位化成長卻遙遙領先。

In addition to strong NIKE Direct digital growth, growth through new entrepreneurial digital partners also accelerated.

除了強勁的 NIKE Direct 數位成長之外，新的創業數位合作夥伴也加速了成長。

Looking forward, we will continue to drive digital momentum by scaling the NIKE and SNKRS Apps across key countries within APLA while also continuing to explore and scale these digital partnerships.

展望未來，我們將透過在 APLA 內的主要國家/地區擴展 NIKE 和 SNKRS 應用程序，繼續推動數位化勢頭，同時繼續探索和擴展這些數位合作夥伴關係。

For the full fiscal year, revenue increased 10% on a currency-neutral basis, fueled by balanced growth across all categories, including the Jordan Brand and our women's business.

在整個財年，在包括 Jordan 品牌和我們的女裝業務在內的所有類別的平衡增長的推動下，收入在貨幣中性的基礎上增長了 10%。

On a reported basis, full year revenues for the fiscal year increased 9%, while EBIT was up 21%, reflecting gross margin expansion and SG&A leverage.

根據報告，本財年全年營收成長 9%，息稅前利潤成長 21%，反映了毛利率擴張和 SG&A 槓桿率。

And finally, at Converse, revenue declined 11% on a currency-neutral basis for fiscal year '18 and declined 14% in the fourth quarter.

最後，Converse 在 18 財年的收入在貨幣中性的基礎上下降了 11%，在第四季度下降了 14%。

Contraction was primarily driven by the decision to rightsize wholesale distribution in North America and EMEA.

收縮主要是由於調整北美和歐洲、中東和非洲批發分銷規模的決定。

At the same time, Converse Direct grew double digits in Q4, including strong double-digit growth in digital for the full year with acceleration in Q4.

同時，Converse Direct 在第四季度實現了兩位數成長，其中數位業務全年強勁兩位數成長，且第四季度加速成長。

On a reported basis, full year revenues were down 8% and EBIT declined 35%.

根據報告，全年收入下降 8%，息稅前利潤下降 35%。

As we move into fiscal year '19, we are reigniting energy in the Converse brand and diversifying Converse's product portfolio both through Converse's authentic positioning in sport and through new sportswear styles and collaborations.

隨著進入 19 財年，我們正在重新點燃匡威品牌的活力，並透過匡威在運動領域的真實定位以及新的運動服款式和合作，使匡威的產品組合多樣化。

In fiscal year '19, Converse will also launch a more direct, branded and immersive digital experience to drive closer connections between the Converse brand and its passionate consumers.

在 19 財年，匡威也將推出更直接、品牌化和身臨其境的數位體驗，以推動匡威品牌與其熱情的消費者之間建立更緊密的聯繫。

Fiscal year '19 will be the first full year of execution against NIKE's Consumer Direct Offense and the long-term financial goals that we detailed at our Investor Day.

19 財年將是耐吉針對消費者直接進攻和我們在投資者日詳細說明的長期財務目標執行的第一個全年。

As we are now deeper into the execution of our new offense, it is becoming increasingly clear that digital is transforming how we operate and will favorably reshape our economic model over the long term.

隨著我們現在更深入地執行我們的新舉措，越來越明顯的是，數位化正在改變我們的營運方式，並將從長遠來看有利地重塑我們的經濟模式。

Digital is inflecting our revenue growth and has a favorable mix impact on our gross margin as we capture more of the value that we are creating for consumers.

數位化正在影響我們的收入成長，並對我們的毛利率產生有利的綜合影響，因為我們為消費者創造了更多的價值。

And as for SG&A, we will continue to accelerate investments in scalable digital experiences and capabilities, building both organically and through acquisitions.

至於SG&A，我們將繼續加快對可擴展的數位體驗和能力的投資，透過有機建設和收購來實現。

At the same time, we're already seeing how upfront investment in experiences, like the NIKE and SNKRS Apps; and in capabilities, such as a data and analytics, can be efficiently leveraged globally to better serve our consumers across our key markets.

同時，我們已經看到了對體驗的前期投資，例如 NIKE 和 SNKRS 應用程式；數據和分析等能力可以在全球範圍內有效利用，以更好地服務我們主要市場的消費者。

Finally, digital also creates the potential for win-win economic models with our wholesale partners over time as they transform their retail experiences to serve the next generation of digitally native consumers.

最後，隨著時間的推移，隨著批發合作夥伴轉變零售體驗以服務下一代數位原生消費者，數位化也為我們的批發合作夥伴創造了雙贏經濟模式的潛力。

Taking all of these dynamics into account, we are updating our guidance for fiscal year '19.

考慮到所有這些動態，我們正在更新 19 財年的指導。

As of our last earnings call, we expected mid- to high single-digit revenue growth in fiscal year '19.

截至我們上次財報電話會議，我們預計 19 財年營收將達到中高個位數成長。

As we now close Q4, our expectations for revenue growth in fiscal year '19 have moved up slightly, entering the high single-digit range.

隨著第四季的結束，我們對 19 財年營收成長的預期略有上升，進入高個位數範圍。

This improved outlook takes into account building consumer demand for NIKE.

這一改善的前景考慮到消費者對耐吉的需求不斷增長。

However, we are also mindful of renewed FX volatility and the strengthening dollar of late.

然而，我們也注意到外匯波動再次出現以及美元近期走強。

As for gross margin, we now expect expansion of roughly 50 basis points or slightly greater, fueled by strong full-price sales, expanding average selling prices and growth in our NIKE Direct businesses, partially offset by higher input costs.

至於毛利率，我們現在預計將成長約 50 個基點或略高，這得益於強勁的全價銷售、平均售價的提高以及 NIKE Direct 業務的成長，但部分被較高的投入成本所抵消。

As for SG&A, we will continue to prioritize investments in new digital consumer experiences and capabilities, in product innovation and in brand marketing.

至於SG&A，我們將繼續優先投資於新的數位消費者體驗和能力、產品創新和品牌行銷。

As such, in fiscal year '19, we expect SG&A to grow roughly in the same range as revenue growth.

因此，在 19 財年，我們預期 SG&A 的成長幅度將與營收成長大致相同。

We're not targeting SG&A leverage in fiscal year '19.

我們的目標不是 19 財年的 SG&A 槓桿。

We are capturing productivity gains within SG&A, but we will use that incremental capacity to invest strategically for the long term.

我們正在 SG&A 中獲取生產力提升，但我們將利用增量能力進行長期策略投資。

As for other expense net of interest expense, we expect roughly $125 million to $150 million of expense for the full year.

至於扣除利息費用後的其他費用，我們預計全年費用約為 1.25 億至 1.5 億美元。

We see our effective tax rate being in the mid-teens range or potentially slightly higher for the full year.

我們認為全年的有效稅率在十幾歲左右或可能略高。

It's important to note that our tax rate will continue to be volatile based upon the full implementation and further guidance with respect to U.S. tax reform.

值得注意的是，根據美國稅制改革的全面實施和進一步指導，我們的稅率將繼續波動。

Variation in our mix of earnings geographically will also have an impact as will the impact of stock-based compensation and other discrete items.

我們的收入組合在地理上的差異也會產生影響，股票薪酬和其他離散項目的影響也會產生影響。

Our focus will remain on driving strategic transformation and delivering strong growth over the long term, more so than on the results in any individual quarter.

我們的重點仍然是推動策略轉型並實現長期強勁成長，而不是任何單一季度的業績。

That said, for some additional context as we enter the fiscal year, we expect the same level of revenue growth in Q1 as we do for the full year.

也就是說，在我們進入本財年時的一些額外背景下，我們預計第一季的營收成長水準與全年相同。

We also expect less gross margin expansion in the first half as compared to the second half of the year.

我們也預計上半年毛利率成長率將低於下半年。

And finally, as for SG&A, our investments will be more front loaded towards the first half of the fiscal year, driven by key consumer and sports moments such as the World Cup.

最後，就SG&A而言，在世界盃等關鍵消費者和體育賽事的推動下，我們的投資將在本財年上半年更加提前。

The Consumer Direct Offense is transforming how we operate at NIKE and how we will create value for shareholders going forward.

消費者直接進攻正在改變我們在耐吉的運作方式以及我們未來為股東創造價值的方式。

More specifically, digital is proving to be as transformative as we expected and potentially even more so.

更具體地說，事實證明，數位化的變革正如我們所預期的那樣，甚至可能更甚。

We still have much work to do ahead of us to realize the full potential of our new office -- offense.

我們還有很多工作要做，才能充分發揮新辦公室的潛力——進攻。

That said, it is clear, as we accelerate in fiscal year '19, that we have now ignited NIKE's next horizon of strong, sustainable, profitable growth.

也就是說，很明顯，隨著我們在 19 財年的加速發展，我們現在點燃了耐吉的下一個強勁、可持續、獲利成長的前景。

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 the line of Bob Drbul from Guggenheim.

（操作員說明）您的第一個問題來自古根漢的鮑勃·德布爾（Bob Drbul）。

I guess, the question that I have is, on the North American market, you talk a lot about the sustainability of the growth in the U.S. Can you just, as you look for the -- throughout the next fiscal year, in terms of -- is it an expectation for like a low single-digit increase?

我想，我的問題是，在北美市場，你們談論了很多關於美國成長的可持續性的問題，當你們尋找——整個下一個財政年度時，你們能否—— - 是否預期會有低個位數的成長？

Is it expected to accelerate based on what you're seeing?

根據您所看到的情況，預計會加速嗎？

I was wondering if you can just comment a little bit more around the outlook in the North American market.

我想知道您是否可以對北美市場的前景進行更多評論。

Sure.

當然。

We do see sustainable momentum in North America.

我們確實看到了北美的永續發展動能。

As you know, our Investor Day guidance for North America was that we believed it was a mid-single-digit growth market over the next 5 years.

如您所知，我們對北美投資者日的指導是，我們相信未來 5 年北美市場將實現中等個位數成長。

And so we don't typically provide geographical specific guidance certainly by quarter or for the full year.

因此，我們通常不會按季度或全年提供特定地區的指導。

But I would say that we have momentum going into the year, and that's really primarily fueled by new innovation platforms that we're scaling; NIKE Direct; certainly NIKE Digital, which accelerated to well over 30% growth driven by strong results on SNKRS and through membership.

但我想說的是，今年我們有動力，這實際上主要是由我們正在擴展的新創新平台推動的；耐吉直銷；當然，NIKE Digital 的成長速度遠超 30%，這得益於 SNKRS 的強勁業績和會員資格。

And then I'd note that, importantly, we've returned North America to a healthy pull market.

然後我要指出的是，重要的是，我們已經使北美恢復了健康的拉動市場。

Inventory is clean, up only 2%.

庫存乾淨，僅上漲 2%。

Full-price sales are accelerating.

全價銷售正在加速。

Off-price sales are declining, and gross margins are expanding.

折扣銷售正在下降，毛利率正在擴大。

So we do see a strong momentum, sustainable momentum going into fiscal year '19, but we aren't providing specific guidance by line item by geography.

因此，我們確實看到了進入 19 財年的強勁勢頭、可持續勢頭，但我們沒有按地區按行項目提供具體指導。

And much of what you saw in terms of Q4 in terms of the momentum that has been building, we'll see that continue throughout the fiscal year.

您在第四季度看到的大部分勢頭正在形成，我們將看到這種勢頭在整個財年持續下去。

And I'll put an exclamation point on the product as being a driving force beyond just executing some of the basics better across the board.

我會在該產品上加上一個感嘆號，因為它是一種驅動力，而不僅僅是全面更好地執行一些基礎知識。

Okay.

好的。

Great.

偉大的。

And I just have a follow-up question, I think, for Mark.

我想，我想問馬克一個後續問題。

The LeBron Watch, can you just give us some insight into where you expect LeBron to land in free agency this year?

勒布朗觀察，你能給我們一些關於你期望勒布朗今年成為自由球員的見解嗎？

I'm not going there.

我不會去那裡。

I think wherever he goes, he's going to help his team more than anybody else, I think, in the league.

我認為無論他去哪裡，他都會比聯盟中的任何人都更能幫助他的球隊。

So he's -- yes.

所以他是——是的。

Everybody wants to know that question, but I can't give you any more insight honestly.

每個人都想知道這個問題，但老實說我無法給你更多的洞見。

Your next question comes from the line of Kate McShane from Citi.

您的下一個問題來自花旗銀行的 Kate McShane。

My question's centered around Jordan.

我的問題集中在喬丹身上。

You made a couple of comments in the prepared comments about the brand.

您在準備好的有關該品牌的評論中發表了一些評論。

But I was curious, could you remind us now that you're back into the pull model, how big that business is in terms of dollars?

但我很好奇，您現在能提醒我們，您又回到了拉動模型嗎？以美元計算，該業務有多大？

And could you also maybe walk us through impact of the retro versus the marquee business and if there's been any significant change in the pricing structure within Jordan?

您能否向我們介紹復古與大篷車業務的影響以及約旦的定價結構是否有任何重大變化？

Yes.

是的。

Kate, if you refer to our earnings release, this is the time of the year where we actually report our revenue by category.

凱特，如果您參考我們的收益發布，這是我們實際按類別報告收入的時間。

And what you would see in the release is the Jordan Brand for the 12 months ended this fiscal year was about $2.85 billion.

你在新聞稿中會看到，Jordan Brand 在本財年結束的 12 個月內的銷售額約為 28.5 億美元。

Sorry, Kate.

對不起，凱特。

Can you repeat the second part of that question to the pricing?

您能重複一下該問題的第二部分的定價嗎？

Just if there was any change in the structure of the pricing now that you're back to the pull model of the brand.

既然你又回到了品牌的拉動模型，那麼定價結構是否有任何變化呢？

From a pricing perspective, I'd say that the leading indicator in terms of the strength of the Jordan Brand is that we're seeing strong full price sell-through.

從定價的角度來看，我想說，喬丹品牌實力的領先指標是我們看到強勁的全價銷售。

In fact, it might be an understatement to say that our inventories are clean in North America, and that was not a result of adjusting prices.

事實上，說我們北美的庫存是乾淨的可能是輕描淡寫的，這並不是調整價格的結果。

That was entirely about rightsizing supply and within distribution channels.

這完全是關於調整供應和分銷管道的規模。

And what we've seen is that certainly with respect to the hottest styles and the most iconic styles, we've had extraordinary demand, again, demand that outpaced the supply that we had planned, particularly with respect to our digital experiences like the SNKRS App.

And what we've seen is that certainly with respect to the hottest styles and the most iconic styles, we've had extraordinary demand, again, demand that outpaced the supply that we had planned, particularly with respect to our digital experiences like the SNKRS應用程式.

So we continue to feel that there's great price value there and certainly as we bring innovation and storytelling to those icons and across the rest of the Jordan line.

因此，我們仍然認為那裡有很高的價格價值，當然，當我們為這些標誌性產品以及喬丹系列的其他產品帶來創新和故事講述時。

Your next question comes from the line of Jamie Merriman from Bernstein.

你的下一個問題來自伯恩斯坦的傑米·梅里曼（Jamie Merriman）。

I had 2 questions related to digital.

我有兩個與數字相關的問題。

Andy, you talked about the investments that you're making in digital and the visibility that you have in terms of the results that, that is delivering.

安迪，您談到了您在數位領域所做的投資以及您在所提供的結果方面的可見性。

But can you talk a little bit about how you think about the ultimate opportunity from a profitability perspective as that business does scale?

但是，您能否從獲利角度談談您如何看待隨著業務規模擴大而帶來的最終機會？

And then the second part would be, you mentioned Tmall is, I think, really setting the bar in terms of your digital partners.

第二部分是，我認為你提到天貓確實為你的數位合作夥伴設定了標準。

You didn't talk about Amazon.

你沒有談論亞馬遜。

And so I'm just wondering if there are learnings from the Tmall relationship that you could work with Amazon to apply or if there's an opportunity there?

所以我想知道您是否可以從天貓關係中學到一些東西，可以與亞馬遜合作申請，或者那裡是否有機會？

Sure.

當然。

I will -- I'll start with your question around the impact of digital.

我將從你關於數字影響的問題開始。

It's a great question and a timely question.

這是一個很好的問題，也是一個及時的問題。

As we -- as both Mark and I detailed, we saw acceleration in digital that, quite frankly, exceeded even our own expectations.

正如馬克和我所詳述的那樣，我們看到了數位化的加速發展，坦白說，甚至超出了我們自己的預期。

It wasn't by accident.

這並非偶然。

We've certainly been investing both organically in digital experiences, such as some of the experiences we've shared with respect to our membership initiatives as well as in capabilities.

我們當然一直在對數位體驗進行有機投資，例如我們在會員計劃和能力方面分享的一些經驗。

You've heard us refer to our acquisitions of Virgin Mega, Invertex and Zodiac over time.

您已經聽我們提到我們長期以來對 Virgin Mega、Invertex 和 Zodiac 的收購。

And so that acceleration is definitely a result of the investment.

因此，這種加速肯定是投資的結果。

In terms of our evolving view of the impact of digital on our economic model or how we create value for shareholders, we do see digital being a platform that helps us better optimize supply and demand.

就我們對數位化對我們經濟模式的影響或我們如何為股東創造價值的不斷變化的看法而言，我們確實認為數位化是一個幫助我們更好地優化供需的平台。

We obviously get a very direct read and signals from consumers in terms of which products they are most interested in, and that ultimately helps us amplify revenue growth through full-price sales.

顯然，我們可以非常直接地了解消費者對哪些產品最感興趣的資訊和訊號，這最終有助於我們透過全價銷售擴大收入成長。

When we're leveraging digital in a more direct way, we obviously capture more of that revenue at the retail price.

當我們以更直接的方式利用數位化時，我們顯然會以零售價獲得更多收入。

When we are leveraging digital with our partners, we do see a benefit from full-price sales and a win-win relationship with our partners.

當我們與合作夥伴一起利用數位化技術時，我們確實看到了全價銷售以及與合作夥伴建立雙贏關係的好處。

Digital commerce also has margins that are favorable from a mix perspective relative to our traditional wholesale bricks-and-mortar business.

從混合角度來看，相對於我們傳統的實體批發業務，數位商務的利潤率也很有利。

From an SG&A perspective, I would suggest there are 2 ways to look at it.

從 SG&A 的角度來看，我建議有兩種方式來看待它。

One is short, medium and long term, and then the other one is specifically more in the shorter term.

一個是短期、中期和長期，然後另一個是具體更短的。

I think short, medium and long term, what we're finding is that the capabilities or experiences we're building in digital are very scalable, and they're scalable in an efficient way.

我認為從短期、中期和長期來看，我們發現我們在數位領域建立的能力或體驗是非常可擴展的，並且可以有效地擴展。

You think about creating experiences around the SNKRS or NIKE Apps, and to the extent we have success in the market where we launch that, we're then able to take that investment we've already made and leverage it in markets around the world.

您考慮圍繞 SNKRS 或 NIKE 應用程式創建體驗，只要我們在推出該應用程式的市場上取得成功，我們就能夠利用我們已經進行的投資並在世界各地的市場中利用它。

And we're certainly seeing that, for example, with the SNKRS App, which is #1 in Japan in terms of free applications.

我們確實看到了這一點，例如 SNKRS 應用程序，該應用程式在日本的免費應用程式方面排名第一。

We've seen millions of downloads of that app since launch in China, leveraging a lot of that upfront initial investment.

自從在中國推出以來，我們已經看到該應用程式的下載量達到了數百萬次，充分利用了大量的前期初始投資。

So we think it's a source of leverage, at the same time, because we're focused on the long term and we do think digital has the ability to really inflect our value creation, we're accelerating the investments that we're making in digital now to accelerate us down that path.

因此，我們認為這是槓桿的來源，同時，因為我們著眼於長期，我們確實認為數位化有能力真正影響我們的價值創造，我們正在加速我們在以下方面的投資現在數位化將加速我們沿著這條道路前進。

And quickly on Amazon, I would just say that our partnership is progressing well.

在亞馬遜上，我只想說我們的合作關係進展順利。

We remain focused on elevating the consumer experience on the platform.

我們仍專注於提昇平台上的消費者體驗。

We're learning a lot and applying.

我們正在學習並應用很多東西。

And you mentioned Tmall.

你提到了天貓。

We did call that partnership out in our prepared remarks.

我們確實在準備好的發言中提到了這種夥伴關係。

Tmall has been an exceptional partner for us.

天貓一直是我們優秀的合作夥伴。

I think the main focus is on elevating the brand profile and experience on the platform, and that'll continue to be the focus as we explore next steps with Amazon.

我認為主要重點是提昇平台上的品牌形象和體驗，這將繼續成為我們與亞馬遜探索下一步行動的重點。

And I'll call out our other digital platform partners, too, Zalando and ASOS and some of the others I mentioned earlier, that this is a critical part of our digital opportunity going forward beyond what we're doing direct.

我還要提到我們的其他數位平台合作夥伴，Zalando 和 ASOS 以及我之前提到的其他一些合作夥伴，這是我們數位機會的關鍵部分，超越了我們直接做的事情。

Your next question comes from the line of Jim Duffy from Stifel.

您的下一個問題來自 Stifel 的 Jim Duffy。

One of the things that jumped at me from the call is the notable success you're having capitalizing on sneaker culture for women.

電話會議中令我震驚的一件事是，你們在利用女性運動鞋文化方面取得了顯著的成功。

How far are you down the runway on this?

你在這方面離跑道還有多遠？

And can you highlight some things to look for in fiscal '19 and beyond?

您能否強調一下 19 財年及以後需要注意的一些事項？

Well, I would say that we're in the early stages here.

嗯，我想說我們正處於早期階段。

To be frank, the demand that we've created from our SNKRS App has greatly exceeded our expectations and done so quickly both for men and for women.

坦白說，我們透過 SNKRS 應用程式創造的需求遠遠超出了我們的預期，而且無論是男性還是女性的需求都如此之快。

This is, and I mentioned this before, but one of the biggest upside opportunities, I think, we have over the course of fiscal '19 and beyond.

我之前也提到過，這是我們在 19 財年及以後所擁有的最大的上行機會之一。

The response has been phenomenal, and it's truly an area that we're excited about catching up, meaning, end to end, being in a position to serve that incredible increase in demand that we got from sneakers and the whole sneaker culture, which is now a global and connected community that is creating, again, incredible buzz around the world and incredible demand.

反響是驚人的，這確實是一個我們很高興能趕上的領域，也就是說，端到端，能夠滿足我們從運動鞋和整個運動鞋文化中獲得的令人難以置信的需求增長，這是現在，一個全球性的互聯社群再次在世界各地引起了令人難以置信的轟動和令人難以置信的需求。

In some ways, it's a great problem to have, but we've got a lot of upside opportunity here.

從某些方面來說，這是一個很大的問題，但我們在這裡有很多上升的機會。

Great.

偉大的。

And then, Mark, leveraging data, clearly a focus.

然後，馬克，利用數據，顯然是一個焦點。

Where are you, do you think, in the process of providing data to some of the upstream operating units like design and demand planning and putting them in a position to use that data to inform business decisions?

您認為，在向設計和需求規劃等一些上游營運單位提供數據並讓他們能夠使用這些數據來為業務決策提供資訊的過程中，您處於什麼位置？

Yes.

是的。

That's a great question.

這是一個很好的問題。

We're -- I'd say we're on the early stages.

我想說我們正處於早期階段。

I mean, this is a constantly moving opportunity for us, design and product creation and the Express Lane, the supply chain.

我的意思是，這對我們、設計和產品創造以及快速通道、供應鏈來說是一個不斷變化的機會。

They're all connecting digitally.

他們都以數位方式連接。

Predictive demand planning and sensing and demand planning is absolutely a critical part of advancing this capability moving forward.

預測性需求規劃以及知覺和需求規劃絕對是推動這種能力的關鍵部分。

I feel like we're making tremendous product -- or progress in that respect.

我覺得我們正在創造巨大的產品——或者說在這方面取得了進展。

I think this next fiscal year will be an acceleration of the use of data to inform product design and capabilities going forward.

我認為下一個財年將加速使用數據來為未來的產品設計和功能提供資訊。

And then it's actually impacting how we do our -- manage our supply chain and our manufacturing flexibility and response time.

然後它實際上影響我們如何管理我們的供應鏈以及我們的製造靈活性和回應時間。

So I think you'll see a lot of scaling of the data and analytics capabilities for NIKE here in the months and quarters ahead.

因此，我認為在未來的幾個月和幾個季度中，您將看到耐吉的數據和分析功能大幅擴展。

Your next question comes from the line of Simeon Siegel from Nomura Instinet.

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

Just looking further out over that multi-year mid-single-digit North America number, is there any color you could share on how you view footwear and apparel?

進一步觀察北美的多年中期個位數數字，可以分享一下您如何看待鞋類和服裝嗎？

And any distinction there in terms of how you see the competitive dynamic?

在您如何看待競爭動態方面有什麼區別嗎？

Yes.

是的。

Actually, we see strength across both product types, footwear and apparel.

事實上，我們看到了鞋類和服裝這兩種產品類型的優勢。

Both are competitive marketplaces for NIKE in North America but around the world.

對耐吉來說，這兩個市場在北美乃至全球都是具有競爭力的市場。

The health of the business both on the footwear and the apparel side is actually quite strong and the demand that we're seeing.

鞋類和服裝方面的業務健康狀況實際上相當強勁，我們也看到了需求。

We're equally focused on innovation, both in performance and lifestyle in footwear and apparel.

我們同樣注重鞋類和服裝性能和生活方式的創新。

But yes, we see the results that we've created, I think, in Q4, and the momentum that's building.

但是，是的，我們看到了我們在第四季度創造的成果，以及正在形成的勢頭。

We'll see that continue throughout the fiscal year.

我們將看到這種情況在整個財年持續下去。

Very bullish on both footwear and apparel both performance and certainly Sportswear.

非常看好鞋類和服裝的性能，當然還有運動服。

And Simeon, I'd just note that in the quarter, in North America, the return to growth was fueled by growth in both footwear and apparel with a slightly faster rate of growth in apparel.

Simeon，我只想指出，在本季度，北美地區的成長恢復是由鞋類和服裝的成長推動的，其中服裝的成長率略快。

And part of that rate of growth was impacted by our new partnership with the NBA.

這一增長率的部分原因是我們與 NBA 的新合作夥伴關係。

And Mark referenced some of the new styles that we brought to the assortment with the NBA and then more broadly across our line in Basketball.

馬克提到了我們為 NBA 帶來的一些新款式，以及更廣泛的籃球產品線。

And I'll mention, too, it's across both men's and women's, too.

我還要提一下，它也適用於男士和女士。

Women's is a major growth area for NIKE in both footwear.

女鞋是耐吉鞋類產品的主要成長領域。

We mentioned SNKRS and the Sportswear success that we're seeing but likewise, in apparel, again, particularly in the Sportswear area.

我們提到了 SNKRS 和我們所看到的運動服的成功，但同樣，在服裝方面也同樣如此，特別是在運動服領域。

And so to the point -- into the point about the digital strength, do you see any distinction between apparel and footwear online as that business grows?

那麼，說到數位化實力，隨著業務的成長，您認為線上服裝和鞋類之間有什麼區別嗎？

Or is it broad based?

或它的基礎廣泛嗎？

It's actually fairly broad based.

它實際上基礎相當廣泛。

We see it both in physical and digital, direct and wholesale.

我們在實體和數字、直接和批發方面都看到了它。

But certainly, on the footwear side, we're seeing incredible spikes in demand, as I mentioned, with our direct business, particularly around the SNKRS mobile app and again expect that to continue.

但當然，在鞋類方面，正如我所提到的，我們的直接業務，特別是圍繞 SNKRS 行動應用程式的需求出現了令人難以置信的激增，並再次預計這種情況將持續下去。

On the apparel side, it's -- I think it's more balanced.

在服裝方面，我認為更加平衡。

Your next question comes from the line of Chris Svezia from Wedbush.

您的下一個問題來自 Wedbush 的 Chris Svezia。

I guess, just first, Western Europe.

我想，首先是西歐。

I'm just curious beyond the World Cup, what's your ability to maintain some of the momentum you're seeing, whether it's in footwear or apparel, or maybe of any color by region, either digital or DTC?

我只是很好奇，在世界盃之後，你有什麼能力保持你所看到的一些勢頭，無論是鞋類還是服裝，或者可能是按地區劃分的任何顏色，無論是數字還是 DTC？

Just sort of what you're seeing in that market that might give you some confidence that, that momentum could continue once you get through the World Cup event?

您在該市場所看到的情況可能會讓您有信心，一旦您度過了世界盃賽事，這種勢頭可能會持續下去？

Yes.

是的。

I think the underlying health of the business for NIKE in Europe is actually quite strong beyond what we're seeing in the World Cup, and again, I think that's both in footwear and apparel.

我認為耐吉在歐洲業務的潛在健康狀況實際上比我們在世界盃上看到的要強，而且我認為這在鞋類和服裝領域都是如此。

Similarly, to the North America, we have a clean marketplace.

同樣，對於北美，我們有一個乾淨的市場。

We're seeing growing full-price sales.

我們看到全價銷售不斷成長。

We're outpacing the marketplace overall.

我們總體上超過了市場。

It's the same dynamics.

這是相同的動態。

New product innovation is resonating, especially in the -- some of the key styles we mentioned like the Air Max franchise, the Air Max 270, the VaporMax.

新產品創新引起了共鳴，尤其是我們提到的一些關鍵款式，例如 Air Max 系列、Air Max 270、VaporMax。

We're editing our product mix.

我們正在編輯我們的產品組合。

We're creating more choice but focusing on key products, and that's really helping to drive our strength in the marketplace.

我們正在創造更多選擇，但專注於關鍵產品，這確實有助於增強我們在市場上的實力。

I think the focus, too, on the key cities with hyperlocal products, and a lot of it's fueled by our Express Lane, is really clicking into gear in Europe.

我認為，對擁有超本地化產品的主要城市的關注，其中許多是由我們的快捷通道推動的，在歐洲確實正在發揮作用。

So we are overindexing in Europe.

因此，我們在歐洲的指數過高。

And again, beyond the World Cup, we expect that to continue.

同樣，在世界盃之後，我們預計這種情況將繼續下去。

And Andy, for you, just you outperformed Q4 on the gross margin.

安迪，對你來說，只是你的毛利率超過了第四季。

You guided to roughly 50 basis points for fiscal year '19, but it seems like some of the drivers are accelerating around product, favorable channel mix, and I believe also FX starts to become an incremental tailwind here.

您為 19 財年設定了大約 50 個基點，但似乎一些驅動因素正在圍繞產品、有利的通路組合加速成長，我相信外匯也開始成為這裡的增量推動力。

Can you maybe just walk through what other pieces we might be missing that go into that gross margin?

您能否簡單介紹一下我們可能遺漏的其他部分，這些部分會影響毛利率？

I think you threw out product cost.

我認為你拋棄了產品成本。

But any color around that would be helpful.

但周圍的任何顏色都會有幫助。

Sure.

當然。

Well, as I said, we see strong gross margin expansion in fiscal year '19.

嗯，正如我所說，我們看到 19 財年的毛利率強勁增長。

You know that our long-term financial model is to deliver as much as 50 basis points of expansion, and we have updated that outlook to be 50 basis points or slightly greater.

您知道，我們的長期財務模型是實現多達 50 個基點的擴張，我們將這一前景更新為 50 個基點或略高。

That's led by stronger full-price selling as well as over indexing growth in our higher-margin NIKE Direct businesses.

這是由更強勁的全價銷售以及我們利潤率較高的 NIKE Direct 業務的超指數增長所帶動的。

While FX headwinds are now behind us, we're not forecasting significant FX tailwinds based on current rates.

雖然外匯逆風現在已成為過去，但根據當前匯率，我們預計不會出現重大的外匯順風。

And based on FX volatility being renewed of late, we're being measured in that regard even as we look out to the second half of the year.

根據最近更新的外匯波動性，即使我們展望今年下半年，我們也在這方面進行衡量。

We are forecasting, as you noted, a bit of pressure on gross margin from select input cost headwinds within labor, oil, freight, materials.

正如您所指出的，我們預測，勞動力、石油、貨運、材料等領域的特定投入成本逆風將給毛利率帶來一些壓力。

And then I should note that our margins -- within our margins, different than many of our peers, we capture a significant portion of our supply chain cost, where some of our peers capture those costs in SG&A.

然後我應該指出，我們的利潤率——在我們的利潤率範圍內，與許多同行不同的是，我們佔據了供應鏈成本的很大一部分，而我們的一些同行則在SG&A中佔據了這些成本。

And so as we're investing to 2X Speed, we do have some investments in revolutionizing manufacturing and other initiatives that are in that line item of our P&L.

因此，當我們以 2 倍的速度進行投資時，我們確實對製造業的革命性投資以及損益表中該行項目中的其他舉措進行了一些投資。

And your last question comes from the line of Matt McClintock from Barclays.

你的最後一個問題來自巴克萊銀行的馬特·麥克林托克。

Andy, I wanted to follow up on something that you said in your remarks.

安迪，我想跟進您在演講中所說的內容。

You said supply was only a fraction of the demand, and that sounds like a pretty good problem to have.

你說供應只是需求的一小部分，這聽起來是一個很好的問題。

But I was wondering, in the context of 2X Speed, as you were just saying, how do we think about optimizing the total value or the total projected value of a new shoe or a new sneaker in a world where you have 2X Speed and consumer demand is changing at a accelerating rate.

但我想知道，在 2X Speed 的背景下，正如您剛才所說，在擁有 2X Speed 和消費者的世界中，我們如何考慮優化新鞋或新運動鞋的總價值或總預期價值需求正在加速變化。

Yes.

是的。

As you put it, I think you said it was a nice problem to have.

正如你所說，我認為你說這是一個很好的問題。

We see it as a great opportunity to really serve the consumers who have extraordinary demand for that product better.

我們認為這是一個很好的機會，可以真正更好地服務對該產品有特殊需求的消費者。

So frankly, along the lines of the notion of 2X Speed, we're attacking that opportunity with a lot of urgency not just because it is a revenue upside potential driver, which it certainly is.

坦白說，以 2 倍速度的概念，我們非常緊迫地抓住這個機會，不僅僅是因為它是收入成長的潛在驅動力，而事實確實如此。

As I said, the supply that we had against some of the demand we saw on some of the hottest styles was, as I said, but a fraction of that demand.

正如我所說，正如我所說，我們所看到的一些最熱門款式的供應量只是該需求的一小部分。

We also see it as a great opportunity to both serve in terms of the product they want but also connect in a deeper way with those passionate consumers, many call them sneakerheads, who have chosen to connect with us as members on the NIKE App and SNKRS.

我們也認為這是一個很好的機會，既可以為他們想要的產品提供服務，又可以與那些熱情的消費者進行更深入的聯繫，許多人稱他們為運動鞋迷，他們選擇以NIKE 應用程序和SNKRS 的會員資格與我們聯繫。

In terms of 2X Speed, I think maybe even elevating, as Mark said, the digital transformation at NIKE is really an end-to-end notion.

就 2X 速度而言，我認為甚至可能會提升，正如馬克所說，耐吉的數位轉型實際上是一個端到端的概念。

And when we think about demand sensing, the greatest opportunity we have is to sense the demand and even in a more nuanced way, the signals and the preferences from the consumers that we're connecting with directly on SNKRS.

當我們考慮需求感知時，我們擁有的最大機會就是感知需求，甚至以更細緻的方式感知我們在 SNKRS 上直接聯繫的消費者的訊號和偏好。

We use things like notify me initiatives, draws, preorders, and we're coming up increasingly with even more creative ways to get a sense for how robust the demand is, either for specific products or for types of products that we may be planning to bring to market.

我們使用通知我計劃、抽獎、預購等方式，並且我們越來越多地提出更具創意的方法來了解需求的強勁程度，無論是針對特定產品還是針對我們可能計劃的產品類型推向市場。

Great.

偉大的。

Thank you, Matt.

謝謝你，馬特。

Again, thank you, everyone, for joining us today.

再次感謝大家今天加入我們。

I'd like to again just apologize for the technical difficulties we had earlier.

我想再次對我們之前遇到的技術困難表示歉意。

We were receiving some noisy feedback.

我們收到了一些吵雜的回饋。

It was a great quarter though, so if you have some business-related feedback or questions related to that, feel free to reach out to the Investor Relations team.

不過，這是一個很棒的季度，因此，如果您有一些與業務相關的回饋或相關問題，請隨時聯繫投資者關係團隊。

We look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Thank you very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。