Nike Inc (NKE) 2019 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2019 First Quarter Conference Call. For those who want to reference today's press release, you'll find it at http://investors.nike.com. Leading today's call is Nitesh Sharan, Vice President, Investor Relations and Treasurer.

大家下午好。歡迎參加 NIKE, Inc. 2019 財年第一季電話會議。對於想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 上找到它。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. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual reports filed on Form 10-K. Some forward-looking statements may concern expectations of future revenue growth or gross margin.

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。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。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. References to constant dollar revenue are intended to provide context as to the performance of the business, eliminating foreign exchange fluctuations. Participants may also make references to other nonpublic financial and statistical information and non-GAAP financial measures. To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

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。提及恆定的美元收入旨在提供有關業務績效的背景信息，消除外匯波動。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。在討論非公開財務和統計資訊的範圍內，可比較的 GAAP 衡量標準和定量調整表將在耐吉網站 http://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. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2019 first quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago, or at our website, investors.nike.com.

謝謝你，接線生。大家好，感謝您今天加入我們討論 NIKE, Inc. 2019 財年第一季業績。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。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. Chairman, President and CEO, Mark Parker; and our Chief Financial Officer, Andy Campion. Following their prepared remarks, we will take your questions. (Operator Instructions) Thanks for your cooperation on this.

參加今天電話會議的有 NIKE, Inc.。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)。在他們準備好的發言之後，我們將回答您的問題。（操作員說明）感謝您的配合。

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

我現在會把電話轉給 NIKE, Inc.。董事長、總裁兼執行長馬克·帕克。

Thanks, Nitesh, and hello, and good afternoon, everyone. Last quarter, we described the growing momentum in our business, and in Q1, that momentum continued at a strong pace. We're capitalizing on the opportunities we see in the near term, and we're diving deeper into the areas that will widen NIKE's advantages over the long term.

謝謝，Nitesh，大家好，下午好。上個季度，我們描述了我們業務的成長勢頭，在第一季度，這種勢頭繼續保持強勁勢頭。我們正在利用近期看到的機遇，並深入研究能夠擴大耐吉長期優勢的領域。

Through the Consumer Direct Offense, we're taking a winning formula and executing it across our complete portfolio and it's leading to the balanced growth that you see today. For the quarter, NIKE, Inc. revenues grew 10% on a reported basis. Specific highlights include double-digit growth in our international geographies and 6% growth in North America. NIKE Digital is leading the way for differentiated retail, up 36% for the quarter. And we saw acceleration in both our Sportswear and performance businesses. While this quarter's success was broad based and we're pleased with our momentum, we know we have even more opportunities ahead. As we've described before, a key focus that will create separation for NIKE over the long term is our digital transformation. Ultimately, it's about becoming more personal at scale. And put simply, it's how digital is accelerating each of our triple-double pillars, and that's how we create through 2X Innovation, how we connect through 2X Direct and how we serve through 2X Speed. So let's look at the quarter through each of these lenses.

透過消費者直接進攻，我們採用了一個制勝公式，並在我們整個產品組合中執行它，這將帶來您今天看到的平衡成長。本季度，耐吉公司據報道，收入增長了 10%。具體亮點包括國際地區的兩位數成長和北美地區的 6% 成長。NIKE Digital 在差異化零售方面處於領先地位，本季成長了 36%。我們看到運動服和高性能業務都在加速發展。雖然本季的成功基礎廣泛，而且我們對我們的勢頭感到滿意，但我們知道未來還有更多機會。正如我們之前所描述的，從長遠來看，將為耐吉帶來分離的一個關鍵焦點是我們的數位轉型。最終，這是為了在規模上變得更加個人化。簡而言之，這就是數位化如何加速我們的每一個三雙支柱，這就是我們如何透過 2X 創新進行創造，我們如何透過 2X Direct 進行連接，以及我們如何透過 2X 速度進行服務。讓我們從各個角度來審視這個季度。

The success we're seeing today starts with great products. It's ultimately where the consumer cast their vote. Our innovation platforms are building a foundation for growth over many years. As the taste of our consumers shift faster, strong platforms allow us to continually bring fresh products to market while extending our storytelling and investments. We're seeing it with Nike Air and React. Consumers are drawn to their comfort and performance, and they're asking for more style options. VaporMax and 270 are both proving there is still vast growth potential in Nike Air as we develop more comfort innovation in new forms.

我們今天看到的成功始於出色的產品。最終這是消費者投票的地方。我們的創新平台正在為多年來的成長奠定基礎。隨著消費者口味的轉變速度加快，強大的平台使我們能夠不斷將新鮮產品推向市場，同時擴大我們的故事敘述和投資。我們在 Nike Air 和 React 上看到了這一點。消費者被其舒適性和性能所吸引，並且要求更多的款式選擇。VaporMax 和 270 都證明，隨著我們以新形式開發更多舒適創新，Nike Air 仍然具有巨大的成長潛力。

This spring, we're taking the exaggerated air you see in the Air Max 270 and going a step further with the introduction of the Air Max 720. This new platform is engineered for maximum comfort, cradling the entire foot. And the Air Max 27 -- or 720 is distinctly NIKE, and we'll deliver it to consumers in early 2019.

今年春天，我們在 Air Max 270 中看到的誇張空氣風格的基礎上更進一步，推出了 Air Max 720。這個新平台的設計旨在提供最大的舒適度，支撐整個腳。Air Max 27（或 720）顯然是 NIKE 的，我們將在 2019 年初交付給消費者。

Nike React is a great example of how we've capitalized on the appeal of performance innovation and immediately scaled it into Sportswear. The React Element 87 is considered one of the industry's top new designs, and we've applied the comfort of React cushioning to more performance and lifestyle shoes at several price points.

Nike React 是我們如何利用性能創新的吸引力並立即將其擴展到運動服裝的一個很好的例子。React Element 87 被認為是業界頂級的新設計之一，我們將 React 緩震的舒適性應用到了多個價位的更具性能和生活方式的鞋子中。

ZoomX continues to power the world's fastest runners, including Eliud Kipchoge during his epic world-record smashing run at the Berlin Marathon this month. This quarter, we took the magic of the Vaporfly 4% and merged it with an iconic running shoe, creating the Peg Turbo. The launch has created incredible energy for the whole Pegasus franchise and helped lead our overall running business to solid growth this quarter.

ZoomX 繼續為世界上最快的跑步者提供動力，其中包括 Eliud Kipchoge，他在本月的柏林馬拉松賽上打破了史詩般的世界紀錄。本季，我們將 Vaporfly 4% 的魔力與標誌性跑鞋結合，打造出 Peg Turbo。此次發佈為整個 Pegasus 特許經營權創造了令人難以置信的活力，並幫助我們的整體營運業務在本季度實現了穩健增長。

One of our most versatile and ever advancing platforms is Flyknit. Through digital knitting, we can now place breathability, stretch and support exactly where we need it. In Basketball, for example, the KD 11 and the LeBron 16 each leverage specific yarns and different knit structures to match individual athlete needs. The LeBron 16 with its Battle Knit 2.0 has had a great early read with consumers, both men and women.

Flyknit 是我們最通用且不斷進步的平台之一。透過數位針織，我們現在可以將透氣性、拉伸性和支撐性精確地放置在我們需要的地方。例如，在籃球領域，KD 11 和 LeBron 16 均利用特定的紗線和不同的針織結構來滿足個人運動員的需求。LeBron 16 及其 Battle Knit 2.0 早期就受到了男性和女性消費者的青睞。

As part of our broader commitment to scale sustainable platforms, we're expanding Nike Flyleather through iconic styles like the Air Force 1, the Cortez and the Air Max 95. Flyleather is a super material that looks and feels like premium leather but is lighter, more durable and more sustainable. It uses at least 50% reclaimed leather and helps eliminate waste.

作為我們對擴展永續平台的更廣泛承諾的一部分，我們正在透過 Air Force 1、Cortez 和 Air Max 95 等標誌性款式來擴展 Nike Flyleather。Flyleather 是一種超級材料，看起來和摸起來都像優質皮革，但更輕、更耐用、更永續。它使用至少 50% 的再生皮革，有助於消除浪費。

And in the coming year, for the first time ever, NIKE will bring digitally powered adjustable footwear to professional sports. Building on the auto-lacing platform from HyperAdapt, this breakthrough creates a custom fit. We had a group of elite athletes on campus this summer for an intense wear test, and their feedback was that they'd never felt more secure or more in control of their movement. This next-generation, adaptable innovation will set the standard for optimal fit, and we'll offer it at more accessible price points and in greater quantities.

在未來一年，Nike將首次將數位驅動的可調節鞋帶入專業運動領域。這項突破建立在 HyperAdapt 自動繫帶平台的基礎上，打造客製化貼合感。今年夏天，我們在校園裡對一群精英運動員進行了激烈的磨損測試，他們的反饋是，他們從未感到如此安全或能夠更好地控制自己的運動。這種下一代、適應性強的創新將為最佳貼合設定標準，我們將以更實惠的價格和更大的數量提供它。

In addition to platforms, we're executing the fundamentals across our categories at a high level right now. We know that it's newness and freshness that wins with the consumer today. So with our Edit to Amplify approach, we're providing deeper assortments and greater options of our top sellers. Our footwear Power Franchises, for example, consistently outperform our overall footwear sell-through.

除了平台之外，我們現在正在高水準地執行我們各個類別的基礎知識。我們知道，今天贏得消費者青睞的是新穎性和新鮮感。因此，透過我們的「編輯以放大」方法，我們為我們的暢銷產品提供了更深入的分類和更多選擇。例如，我們的鞋類特許經營權始終優於我們的鞋類整體銷售。

Apparel, too, continued its momentum with 11% growth driven by fleece, tops and bottoms, jackets and pants. We delivered a number of Sportswear apparel collections over the last 90 days, like the City Ready and the Metallic Sheen collections in women's and NIKE Sport and Tech Packs and ACG. We'll continue on this path and extend into performance because collections give consumers more complete looks and allow for better merchandising and storytelling.

在羊毛、上衣和下裝、夾克和褲子的推動下，服裝也繼續保持成長勢頭，成長了 11%。在過去 90 天裡，我們推出了許多運動服飾系列，例如女裝的 City Ready 和 Metallic Sheen 系列以及 NIKE Sport 和 Tech Packs 以及 ACG。我們將繼續沿著這條道路前進，並擴展到性能領域，因為系列為消費者提供了更完整的外觀，並允許更好的推銷和講故事。

Overall with apparel, in our categories, we saw a consistent sell-through of our Football national teams collections drafting off the energy we created from the World Cup, where we had our first all NIKE men's final. The growth in our women's apparel business was led by Sportswear and sports bras, where our strategy to blend style and comfort is working. And in Nike Basketball apparel, we're capturing the excitement for LeBron's move to the Lakers. As you'll see in just a few weeks, we're bringing more creative designs with the NBA city jerseys this year.

總體而言，就服裝而言，在我們的類別中，我們看到我們的足球國家隊系列的持續銷售，汲取了我們在世界盃上創造的能量，我們在世界盃上首次舉辦了全耐吉男子決賽。我們女裝業務的成長由運動服和運動胸罩引領，我們融合時尚與舒適的策略正在發揮作用。在耐吉籃球服裝中，我們捕捉了勒布朗轉會湖人隊的興奮之情。幾週後您將看到，我們今年將在 NBA 城市球衣中帶來更多創意設計。

When we look across our complete portfolio of products, we still see areas with significant upside. We've talked before about the opportunity in women's, in Young Athletes and Jordan. Delivering innovation and fresh product in these areas brings balance to our portfolio. A strong roster of core footwear at entry price points is equally important to NIKE's overall growth potential. We're not yet where we want to be in [core] footwear particularly in North America but 2 priorities for the business are: to develop innovation specifically for the core consumer and to better leverage Pinnacle performance platforms like Nike Air in this zone.

當我們審視我們完整的產品組合時，我們仍然看到具有顯著優勢的領域。我們之前已經討論過女子、青年運動員和喬丹的機會。在這些領域提供創新和新鮮產品可以平衡我們的產品組合。入門級核心鞋類產品的強大陣容對於耐吉的整體成長潛力同樣重要。我們在[核心]鞋類領域尚未達到我們想要的目標，特別是在北美，但該業務的兩個優先事項是：專門針對核心消費者開發創新，並在該地區更好地利用Nike Air 等Pinnacle 效能平台。

Another product strategy that's driving incredible energy is our ability to create unique intersections between sport and style across our brands. A few examples over this past quarter include: the on and off court collaboration between Serena and Virgil Abloh for the U.S. Open; Converse's limited edition Chuck Taylor's and One Star with creative partners in fashion and music; and our first Jordan Brand Football kit with PSG.

另一個推動令人難以置信的能量的產品策略是我們在品牌的運動和時尚之間創造獨特交叉點的能力。上個季度的一些例子包括：小威和維吉爾·阿布洛在美國公開賽和場外的合作； Converse 的限量版 Chuck Taylor's 和 One Star 與時尚和音樂領域的創意合作夥伴；以及我們與 PSG 合作的第一款 Jordan Brand 足球裝備。

As I've said before, it's not lifestyle versus performance or fashion versus sport, the consumer continues to be inspired by seeing those worlds come together. Overall, 2X Innovation is at the heart of our continued momentum right now. We have versatile platforms. We're mixing sport and style in unexpected ways, and we have a deep lineup across our product portfolio that's creating value across all dimensions of our business.

正如我之前所說，這不是生活方式與性能或時尚與運動的較量，消費者會繼續因看到這些世界的融合而受到啟發。整體而言，2X 創新是我們目前持續發展動能的核心。我們擁有多功能平台。我們以意想不到的方式將運動和時尚融為一體，我們的產品組合擁有豐富的陣容，可以在我們業務的各個方面創造價值。

And while our product innovation is fueling demand, our 2X Direct strategy is driving new ways to connect with our consumers. It's building confidence in our vision for smart retail, where we remove friction and personalize experiences through the intersection of digital and physical environments. 2X Direct is in the early stages, and it's already creating an impact, resulting in strong growth and margin expansion for our NIKE Direct channels.

雖然我們的產品創新正在刺激需求，但我們的 2X Direct 策略正在推動與消費者建立聯繫的新方式。它增強了我們對智慧零售願景的信心，我們透過數位和實體環境的交叉消除摩擦並提供個人化體驗。2X Direct 處於早期階段，它已經產生了影響，為我們的 NIKE Direct 管道帶來了強勁的成長和利潤擴張。

We continue to see unprecedented demand for our highest heat products through our SNKRS App, which has become the world's #1 footwear shopping app. And we'll continue to expand the reach of SNKRS, launching in Mexico, Brazil and Southeast Asia next quarter.

透過我們的 SNKRS 應用程序，我們繼續看到對我們最高熱度產品的前所未有的需求，該應用程式已成為世界排名第一的鞋類購物應用程式。我們將繼續擴大 SNKRS 的覆蓋範圍，下季將在墨西哥、巴西和東南亞推出。

The Nike Live retail concept we unveiled with our Melrose store in L.A. was incredibly successful this quarter. The premise behind the concept is to create a live and ever-changing experience. We're testing a number of new features, including: product assortments that update frequently based on what's trending with the local consumer; a service that allows consumers to reserve an item on our apps and then pick it up curbside or in the store from a personal smart locker; and through [Swoosh text], our store athletes can now provide expert advice for consumers after they've left the store.

我們在洛杉磯梅爾羅斯商店推出的 Nike Live 零售概念本季取得了令人難以置信的成功。這個概念背後的前提是創造一種生動且不斷變化的體驗。我們正在測試許多新功能，包括：根據當地消費者的流行趨勢經常更新的產品種類；允許消費者在我們的應用程式上預訂商品，然後從路邊或商店中的個人智慧儲物櫃取貨的服務；透過 [Swoosh text]，我們的商店運動員現在可以在消費者離開商店後為他們提供專家建議。

And what we're learning in Melrose, we're bringing to 2 new flagship stores in our 2 most important key cities, New York and Shanghai, this next quarter. Both will be the culmination of all we've learned about personalized and experiential shopping over the last several years. There'll be incredible showcases for the NIKE Brand.

我們在梅爾羅斯了解到，下個季度我們將在紐約和上海這兩個最重要的大城市開設 2 家新旗艦店。兩者都將是我們在過去幾年中所了解的個人化和體驗式購物的頂峰。將會有令人難以置信的耐吉品牌展示。

Our obsession with the store experience is also paying off with top strategic partners. While retail consolidation has not finished its course in North America, our growing NIKE Consumer Experiences with Foot Locker, Nordstrom and other key partners are already driving higher growth rates as compared to nondifferentiated doors. We're equally energized by the momentum we're building with new digital commerce partners. We just moved from a pilot stage to a fully operational program with Flipkart in India. And 2 weeks ago, we announced a new partnership with Jet.com to sell selected assortments of both NIKE and Converse in key cities in North America. With Jet, we're partnering to develop consumer insights and create a better-branded experience on their platform.

我們對商店體驗的執著也得到了頂級策略夥伴的回報。雖然北美的零售整合尚未完成，但與非差異化門類相比，我們與 Foot Locker、Nordstrom 和其他主要合作夥伴不斷增長的耐吉消費者體驗已經推動了更高的成長率。我們與新的數位商務合作夥伴建立的勢頭同樣令我們充滿活力。我們剛在印度與 Flipkart 合作，從試點階段轉向全面運作。兩週前，我們宣布與 Jet.com 建立新的合作夥伴關係，在北美主要城市銷售 NIKE 和 Converse 的精選產品。我們與 Jet 合作，開發消費者洞察並在他們的平台上創造更好的品牌體驗。

And we're doing the same with our key partners in China. This quarter, we made it possible to combine NikePlus member accounts to Tmall accounts. We're seeing an impressive increase in new members in China as a result. And last week, we launched a partnership with WeChat, making 1 billion monthly active users just one click away from becoming a NikePlus member.

我們正在與中國的主要合作夥伴做同樣的事情。本季度，我們實現了 NikePlus 會員帳戶與天貓帳戶的合併。因此，我們看到中國的新會員數量大幅增加。上週，我們與微信建立了合作夥伴關係，讓 10 億月活躍用戶只需點擊一下即可成為 NikePlus 會員。

Ultimately, companies will be judged on their ability to be more personal with their consumers at scale. And NIKE's taking the lead on this promise, leveraging more insights from all over the world and reshaping the shopping experience through smart retail.

最終，企業將根據其大規模與消費者進行更個人化的能力來進行評判。耐吉正在帶頭兌現這項承諾，利用來自世界各地的更多見解，透過智慧零售重塑購物體驗。

To make that a reality, we're unlocking opportunities to quickly and seamlessly design, manufacture and deliver our products to consumers through 2X Speed. We're sharpening our sensing capabilities and developing fully responsive product manufacturing. We're actively building a portfolio of innovation and automation that impacts the entire spectrum of our process. Our goals are ambitious, and we have high standards. Our vision is to leverage automation to deliver amazing, innovative products faster and more responsibly while being more sustainable and cost-efficient. And we've had some great success.

為了實現這一目標，我們正在釋放機會，以 2 倍速度快速、無縫地設計、製造並向消費者交付我們的產品。我們正在增強我們的感測能力並開發完全響應的產品製造。我們正在積極建立影響整個流程的創新和自動化組合。我們的目標雄心勃勃，我們有很高的標準。我們的願景是利用自動化更快、更負責任地交付令人驚嘆的創新產品，同時更具永續性和成本效益。我們已經取得了一些巨大的成功。

For example, we invented a flat assembly process for uppers in our Advanced Product Creation Center at our world headquarters using 30% fewer steps and 50% less labor. We tested this process with our partners, including Flex, and in our Asia store space as well. Transforming traditional footwear manufacturing is a significant undertaking. We've learned a lot and are building new high-impact capabilities, yet we continue to face specific challenges together with our partners, including Flex, where the goal has been to deliver responsive, automated, close-to-market manufacturing of high-quality products at scale. This is a dynamic process, and we're continually assessing and refining the best path forward, leveraging our breakthroughs in areas like rapid prototyping, 3D and digital printing and new methods of make, all in service of cutting the overall product creation cycle in half.

例如，我們在全球總部的高級產品創造中心發明了一種鞋面扁平組裝工藝，減少了 30% 的步驟和 50% 的勞動力。我們與 Flex 等合作夥伴以及我們的亞洲門市測試了這個流程。改造傳統鞋類製造是一項重大任務。我們學到了很多東西，並正在建立新的高影響力能力，但我們仍然與包括 Flex 在內的合作夥伴一起面臨特定的挑戰，其目標是提供快速回應、自動化、貼近市場的高端製造。規模化的優質產品。這是一個動態的過程，我們不斷評估和完善最佳的前進道路，利用我們在快速原型製作、3D 和數位列印以及新製造方法等領域的突破，所有這些都是為了將整個產品創建週期縮短一半。

Another key initiative accelerating us towards that goal is the Express Lane, which continues to be the engine that's creating the most agility in our supply chain right now. We're driving double-digit growth in many of our key cities through the Express Lane as we capitalize on the local energy for key icons like the Cortez and sports moments like the World Cup. With this end-to-end view, our entire value chain, we're delivering the right product to the right consumer in the right moment. And across product lines, throughout geos and with our partners around the world, we're relentlessly driving speed at a scale that is creating impact for our business.

加速我們實現這一目標的另一個關鍵舉措是 Express Lane，它仍然是目前在我們的供應鏈中創造最大敏捷性的引擎。我們正在透過快速通道推動許多主要城市實現兩位數的成長，因為我們利用當地的能源來打造科爾特斯等重要標誌和世界盃等體育賽事。憑藉這種端到端的觀點，我們的整個價值鏈，我們在正確的時刻向正確的消費者提供正確的產品。跨產品線、跨地域以及與世界各地的合作夥伴一起，我們不斷提高速度，為我們的業務創造影響力。

We're off to a great start in Q1, managing the dynamic environment. More importantly, we're setting a new foundation for long-term, sustainable growth for years to come. Thanks, and now here is Andy.

我們在第一季取得了良好的開端，管理動態環境。更重要的是，我們正在為未來幾年的長期、永續成長奠定新的基礎。謝謝，現在安迪來了。

Thank you, Mark, and good afternoon to everyone on the call. We are extremely pleased with the quality of the growth that we delivered in the first quarter. On a currency-neutral basis, we are delivering stronger, more broad-based momentum around the world than the expectations we set entering the fiscal year. We have continued strong growth in international markets, led by Greater China growing at 20%, and our international growth is now being amplified by very strong, sustainable growth in North America.

謝謝你，馬克，祝所有參加電話會議的人下午好。我們對第一季的成長品質感到非常滿意。在貨幣中性的基礎上，我們在全球範圍內提供了比我們在進入本財年時設定的預期更強勁、更廣泛的勢頭。我們在國際市場上持續強勁成長，其中以大中華區為主導，成長了 20%，而我們的國際成長現在也因北美地區非常強勁、可持續的成長而放大。

As for the quality of our growth, our momentum continues to be directly tied to execution of the Consumer Direct Offense and more specifically, the Triple Double. First, take for example our 2X Direct initiative. 2X Direct is about connecting the NIKE Brand more directly to our consumers. And today, the most direct connection to the consumer is through the mobile device in the palm of their hand. In Q1, we continued to enhance and expand our NIKE Digital ecosystem, leading with mobile, and the result was 36% NIKE Digital growth. NIKE Digital was once again our fastest-growing channel in each and every geography.

至於我們的成長質量，我們的勢頭繼續與消費者直接進攻，更具體地說，三雙的執行直接相關。首先，以我們的 2X Direct 計畫為例。2X Direct 旨在將 NIKE 品牌更直接地與我們的消費者聯繫起來。如今，與消費者最直接的聯繫是透過他們手掌上的行動裝置。第一季度，我們繼續增強和擴展我們的 NIKE Digital 生態系統，以行動領域為主導，最終 NIKE Digital 成長了 36%。NIKE Digital 再次成為我們在各個地區成長最快的管道。

Now while NIKE Digital is leading the way, we believe physical retail will also play an important role in doubling our direct connection to consumers. We see growth in the physical environment being driven by smarter retail, experiences that leverage digital technology to better serve consumers. In Q1, our vision for physical retail became more tangible. We continued to roll out what we're calling the Nike App at Retail, starting with our own in-line stores, and we also launched the new concept called Nike Live. The Nike Live concept came to life in Q1 through the opening of Nike by Melrose in Los Angeles. Nike Live leverages our NikePlus membership platform and other digitally enabled services to provide a truly differentiated consumer experience at retail. The results to date have been phenomenal. For example, at Nike by Melrose, the conversion of in-store shoppers into digital NikePlus members is 6x higher than in the rest of our fleet as consumers seek to gain the full benefits associated with being more directly connected to NIKE.

現在，雖然 NIKE Digital 處於領先地位，但我們相信實體零售也將在加強我們與消費者的直接聯繫方面發揮重要作用。我們看到，實體環境的成長是由智慧零售和利用數位技術更好地服務消費者的體驗所推動的。在第一季度，我們對實體零售的願景變得更加具體。我們從我們自己的線下商店開始，繼續推出所謂的“零售耐吉應用程式”，並且我們還推出了名為“Nike Live”的新概念。Nike Live 概念在第一季透過洛杉磯 Nike by Melrose 店的開幕而得以實現。Nike Live 利用我們的 NikePlus 會員平台和其他數位化服務，在零售領域提供真正差異化的消費者體驗。迄今為止的結果是驚人的。例如，在 Nike by Melrose，店內購物者向數位 NikePlus 會員的轉換率比我們其他會員高出 6 倍，因為消費者尋求獲得與 Nike 更直接聯繫相關的全部好處。

Our approach has been to test, learn and then scale new concepts such as these. Accordingly, we're now in the process of scaling these new concepts across our fleet of owned stores, and these tangible proof points are also accelerating new concept development with our strategic wholesale partners.

我們的方法是測試、學習然後擴展諸如此類的新概念。因此，我們現在正在我們自有商店中推廣這些新概念，這些實際的證據也正在加速我們與策略批發合作夥伴的新概念發展。

2X Innovation is another key pillar within the Consumer Direct Offense that is fueling our broad-based momentum. Suffice it to say that our recently launched innovation platforms, VaporMax, Air Max 270, React and ZoomX, have already generated in aggregate over $2 billion in revenue at retail. Further, these platforms are driving brand distinction and catalyzing growth across our broader product portfolio in both performance and Sportswear. For example, as Mark noted, the new innovation we are bringing to the Nike Air franchise has ignited double-digit growth across our multibillion-dollar family of Nike Air products.

2X 創新是消費者直接進攻的另一個關鍵支柱，它正在推動我們廣泛的發展勢頭。可以說，我們最近推出的創新平台 VaporMax、Air Max 270、React 和 ZoomX 已經累積創造了超過 20 億美元的零售收入。此外，這些平台正在推動品牌差異化，並促進我們在性能和運動服裝領域更廣泛的產品組合的成長。例如，正如馬克指出的那樣，我們為 Nike Air 特許經營權帶來的新創新已經為我們價值數十億美元的 Nike Air 產品系列帶來了兩位數的成長。

Newness and innovation are also favorably impacting our gross margin as our full price sell-through is significantly outpacing off-price sales. Our current inventory levels are also tight in relation to this strong demand that we're creating.

新穎性和創新也對我們的毛利率產生有利影響，因為我們的全價銷售量大大超過了折扣銷售量。由於我們正在創造的強勁需求，我們目前的庫存水準也很緊張。

Underlying our strategic momentum is the digital transformation of NIKE that Mark mentioned. A year ago, we aligned our teams around the world on our new strategy, the Consumer Direct Offense. Over the past year, we've been ramping up investment in the new digital capabilities that will reshape how we operate at NIKE for the long term. Our investments in new digital capabilities are coming in the form of both organic development and acquisition. As we closed fiscal year '18, we announced the acquisitions of Zodiac and Invertex, both of which are already having a profound impact on how we better serve consumers. Another acquisition that we made back in fiscal year '17 was Virgin Mega. That team has now become known as Studio 23 (sic) [s23NYC], a digital hub in New York that's driving the explosive growth of the SNKRS App.

我們戰略動力的基礎是馬克提到的耐吉的數位轉型。一年前，我們根據新策略「消費者直接進攻」對世界各地的團隊進行了調整。在過去的一年裡，我們一直在增加對新數位能力的投資，這將重塑我們在耐吉的長期營運方式。我們對新數位能力的投資以有機開發和收購的形式進行。在 18 財年結束時，我們宣布收購 Zodiac 和 Invertex，這兩家公司已經對我們如何更好地服務消費者產生了深遠的影響。我們在 17 財年進行的另一項收購是 Virgin Mega。該團隊現已被稱為 Studio 23（原文如此）[s23NYC]，這是紐約的一個數位中心，推動了 SNKRS 應用程式的爆炸性成長。

Within fiscal year '19, we're also investing significantly in the organic development of new capabilities including: digital demand sensing; consumer data and analytics; connected inventory; digital product design and creation; a digital content engine; and a new enterprise resource platform that will help unlock speed and flexibility in our supply chain.

在 19 財年，我們也大力投資新功能的有機開發，包括：數位需求感知；消費者數據和分析；連接庫存；數位產品設計與創作；數位內容引擎；以及一個新的企業資源平台，將有助於釋放我們供應鏈的速度和靈活性。

As our long-term financial model implies, we believe that NIKE's unrivaled scale and resources afford us the ability to over index on investment in these differentiating capabilities while still delivering expanding profitability over the 5-year horizon.

正如我們的長期財務模型所暗示的那樣，我們相信耐吉無與倫比的規模和資源使我們有能力對這些差異化能力的投資進行過度指數化，同時在五年內仍能實現不斷擴大的盈利能力。

Execution of the Consumer Direct Offense is clearly beginning to transform NIKE's business model and how we will create value for shareholders over the long term. So let's recap our Q1 results in a bit more detail with a focus on how strategic execution is the driving force behind our current financial performance.

消費者直接進攻的執行顯然開始改變耐吉的商業模式以及我們將如何長期為股東創造價值。因此，讓我們更詳細地回顧第一季的業績，重點在於策略執行如何成為我們當前財務表現背後的驅動力。

NIKE, Inc. Q1 revenue increased 10%, up 9% on a currency-neutral basis. Our stronger-than-projected currency-neutral growth was driven by acceleration in North America and continued strong momentum in international markets, albeit slightly offset by FX dynamics within the quarter. Our growth across geographies was led by NIKE Direct, with NIKE Direct growing 12% and NIKE Digital growing 34% on a currency-neutral basis.

耐吉公司第一季營收成長 10%，在匯率中立的基礎上成長 9%。我們強於預期的貨幣中性成長是由北美加速和國際市場持續強勁勢頭推動的，儘管本季外匯動態略有抵銷。我們跨地區的成長由 NIKE Direct 引領，在貨幣中性的基礎上，NIKE Direct 成長了 12%，NIKE Digital 成長了 34%。

The impact of innovation, NIKE Digital growth outpacing all other channels and our tighter supply and demand management also fueled roughly 50 basis points of NIKE, Inc. gross margin expansion in Q1.

創新的影響、耐吉數位成長超過所有其他管道以及我們更嚴格的供需管理也推動了耐吉公司股價上漲約 50 個基點。第一季毛利率擴張。

Demand creation grew 13% in the first quarter, primarily driven by sports marketing investments as well as brand campaigns that amplify key moments in sport such as the World Cup. Operating overhead increased 5%, driven by investments in digital capabilities as well as in our supply chain and enterprise technology platforms.

第一季的需求創造成長了 13%，這主要是由體育行銷投資以及放大世界盃等體育關鍵時刻的品牌活動所推動的。由於對數位能力以及供應鏈和企業技術平台的投資，營運費用增加了 5%。

Our effective tax rate for the quarter was 14%, which reflects the implementation of U.S. tax reform. First quarter diluted earnings per share increased 18% to $0.67. Finally, as of August 31, inventories were flat to prior year, primarily driven by a strong pull market across all geographies, coupled with the efforts we have taken over the past year to rightsize supply.

我們本季的有效稅率為 14%，這反映了美國稅制改革的實施。第一季攤薄每股收益成長 18% 至 0.67 美元。最後，截至 8 月 31 日，庫存與上年持平，這主要是由於所有地區的強勁拉動市場以及我們在過去一年中為調整供應規模而採取的努力所推動的。

So now let's turn to the financial performance for our reported operating segments. In North America, we have returned to strong, sustainable growth. Q1 revenue grew 6% on a reported and currency-neutral basis, led by accelerating growth across both footwear and apparel, driven by new innovation platforms as well as strong owned and partnered digital growth. Wholesale has also returned to growth, yet we see even greater opportunity to drive differentiation across the wholesale marketplace going forward, in part by leveraging our learnings from the Nike App at Retail and Nike by Melrose.

現在讓我們來看看我們報告的營運部門的財務表現。在北美，我們已恢復強勁、可持續的成長。在新的創新平台以及強大的自有和合作數位成長的推動下，鞋類和服裝加速成長，第一季營收在報告和貨幣中性的基礎上成長了 6%。批發業也恢復了成長，但我們看到了未來推動整個批發市場差異化的更大機會，部分是透過利用我們從 Nike App at Retail 和 Nike by Melrose 中學到的知識。

Another growth opportunity we see ahead of us in North America relates to the Jordan Brand. In the second half of fiscal year '18, we tightened supply. We also reset our approach to Jordan Retro, creating more current stories and collaborations with respect to Jordan's most iconic styles. We're now bringing those icons to life in more compelling ways for the new generation of Jordan consumers, and as a result, the Jordan Brand is back to a pull market. We're also beginning to add greater dimension to the Jordan Brand. For example for women, we're extending sizes in the icons we know they already love and also creating silhouettes and new collaborations made specifically for her. Apparel and performance basketball also represents significant growth opportunities going forward.

我們在北美看到的另一個成長機會與喬丹品牌有關。在 18 財年下半年，我們收緊了供應。我們也重新調整了 Jordan Retro 的風格，根據 Jordan 最具代表性的風格創造了更多當前的故事和合作。我們現在正在以更引人注目的方式為新一代 Jordan 消費者帶來這些標誌，最終，Jordan 品牌又回到了拉動市場。我們也開始為 Jordan 品牌增添更多維度。例如，對於女性來說，我們擴大了她們喜愛的圖標的尺寸，並專門為她設計了輪廓和新的合作款。服裝和表演籃球也代表著未來巨大的成長機會。

As the football and basketball seasons ramp up, our brand momentum will continue to build in North America. At the same time, we're not taking that momentum for granted. We continue to identify and attack opportunities to elevate our game and drive strong, sustainable growth in this important geography.

隨著足球和籃球賽季的臨近，我們的品牌勢頭將在北美繼續增強。同時，我們也不認為這種勢頭是理所當然的。我們將持續尋找並抓住機遇，提升我們的競爭力，推動這一重要地區的強勁、永續成長。

So now let's turn to EMEA. In EMEA, Q1 revenue grew 9% on a currency-neutral basis, driven by strong growth in Sportswear and healthy growth in Running and Jordan. NIKE Digital led all dimensions of the marketplace, growing at a strong double-digit rate. One of the underlying drivers of our sustained growth in EMEA is the strength of our brand across this diverse geography. EMEA is home to 5 of our 12 key global cities, and in all 5 of those key cities in EMEA, NIKE is rated #1 by consumers, and our growth is over indexing the broader market.

現在讓我們轉向歐洲、中東和非洲地區。在歐洲、中東和非洲地區，在運動服飾的強勁成長以及跑步和喬丹服飾的健康成長的推動下，第一季度營收在匯率中性的基礎上成長了 9%。NIKE Digital 在市場的各個方面都處於領先地位，並以兩位數的速度強勁增長。我們在歐洲、中東和非洲地區持續成長的根本驅動力之一是我們在這個多元化地區的品牌實力。歐洲、中東和非洲(EMEA) 是我們全球12 個主要城市中的5 個城市的所在地，在歐洲、中東和非洲(EMEA) 的所有5 個主要城市中，NIKE 被消費者評為排名第一，而且我們的成長超過了更廣泛的市場指數。

By connecting more deeply with consumers in key influential cities and by amplifying the biggest moments in sport, NIKE is creating increasingly greater distinction as a brand in Europe. One of those sports moments was the incredibly exciting World Cup, in which both of the finalists were NIKE teams. And soon after the World Cup final, we launched our Awaken the Phantom campaign, generating over 50 million views in the first 2 weeks and driving strong sell-through on the launch of our newest Global Football franchise, the Phantom. And finally, after celebrating the French national team's World Cup victory, we continue to bring energy to Global Football with the launch of a Jordan-branded Paris Saint-Germain team kit and collection of apparel. That launch has been phenomenal, with the key styles selling out immediately.

透過與主要有影響力的城市的消費者建立更深入的聯繫，並放大體育運動中最重要的時刻，耐吉正在歐洲創造越來越大的品牌知名度。其中一個體育時刻是令人難以置信的激動人心的世界杯，決賽入圍者都是耐吉球隊。世界盃決賽結束後不久，我們啟動了「喚醒幻影」活動，在前兩週內產生了超過 5000 萬次觀看次數，並在推出我們最新的全球足球系列「幻影」時推動了強勁的銷售。最後，在慶祝法國國家隊奪得世界盃冠軍後，我們推出了喬丹品牌的巴黎聖日耳曼隊服和服裝系列，繼續為全球足球注入活力。這次發布的效果非常驚人，主要款式立即售空。

While NIKE has become the leading brand in EMEA, we are far from having achieved our full potential. We see the opportunity to both grow the market for athletic footwear and apparel across Europe and also create even greater separation from the competition as a brand. That is why we believe we can sustain this strong growth in EMEA over the long term.

雖然耐吉已成為歐洲、中東和非洲地區的領導品牌，但我們遠未充分發揮潛力。我們看到了擴大歐洲運動鞋和服裝市場的機會，同時也讓品牌在競爭中脫穎而出。這就是為什麼我們相信我們能夠長期維持歐洲、中東和非洲地區的強勁成長。

Next, let's turn to Greater China, another geography in which the NIKE Brand continues to lead and sustain strong growth. We've now delivered 17 consecutive quarters of double-digit revenue growth in Greater China. In Q1, Greater China's growth was 20% on a currency-neutral basis, fueled by Sportswear, Jordan, Basketball and across women's and Young Athletes. Growth was also strong in balance across both footwear and apparel. We are winning with the Chinese consumer, first and foremost through the key cities of Shanghai and Beijing. We're also continually innovating in this large, digitally native marketplace. NIKE Digital growth remains strong and actually accelerated in Q1. We're also driving growth through our partnerships with China's leading digital platforms like Tmall and WeChat.

接下來，讓我們轉向大中華區，這是耐吉品牌繼續引領並保持強勁成長的另一個地區。目前，我們在大中華區已連續 17 個季度實現兩位數營收成長。第一季度，在運動服裝、喬丹、籃球以及女子和青少年運動員的推動下，大中華區在剔除貨幣因素的基礎上增加了 20%。鞋類和服裝的平衡成長也強勁。我們正在贏得中國消費者的青睞，首先是透過上海和北京等主要城市。我們也在這個龐大的數位原生市場中不斷創新。耐吉數位成長依然強勁，並且在第一季實際上有所加速。我們也透過與天貓和微信等中國領先數位平台的合作夥伴關係來推動成長。

And finally, we're beginning to leverage digital in the largely NIKE-branded physical retail environment in China. Take for example our partner Belle, which was acquired last year by Hillhouse, a leading firm in technology and consumer services. Belle has already rolled out connected inventory that enables a more direct NIKE consumer experience with a faster and easier way to fulfill consumer demand, fully leveraging their roughly 2,500 touch points.

最後，我們開始在中國以耐吉品牌為主的實體零售環境中利用數位化。以我們的合作夥伴百麗為例，該公司去年被科技和消費者服務領域領先公司高瓴收購。百麗已經推出連網庫存，充分利用其約 2,500 個接觸點，以更快、更輕鬆的方式滿足消費者需求，從而實現更直接的 NIKE 消費者體驗。

Now let's turn from China to another fast-growing and fast-developing geography, APLA. In Q1, APLA revenue grew 14% on a currency-neutral basis, fueled by balanced double-digit growth across footwear and apparel and led by Japan, Mexico and Korea. Two areas of increasing focus for us in APLA have been our women's business and digital. Women's growth continues to accelerate, driven by distinctive brand marketing campaigns such as the Come Out in Force and Rally Cry campaigns, focused on inspiring and empowering women through sport.

現在讓我們把目光從中國轉向另一個快速成長和快速發展的地區——APLA。第一季度，在鞋類和服裝領域均衡兩位數成長的推動下，以日本、墨西哥和韓國為首的 APLA 營收在匯率中立的基礎上成長了 14%。APLA 日益關注的兩個領域是女性業務和數位領域。在「Come Out in Force」和「Rally Cry」等獨特的品牌行銷活動的推動下，女性的成長持續加速，重點是透過運動激勵女性並賦予女性權力。

NIKE Digital is also accelerating in APLA, with revenue growing over 70% in Q1, the highest rate of growth across all of our geographies as we continue expanding our digital ecosystem across this region. We will continue to sustain strong growth as we roll out the Nike SNKRS App in markets such as Mexico and Brazil and bring the Nike Live retail concept to Tokyo later this fiscal year.

NIKE Digital 在 APLA 的發展也在加速，第一季的營收成長超過 70%，隨著我們繼續在該地區擴展我們的數位生態系統，這是我們所有地區中最高的成長率。我們將在墨西哥和巴西等市場推出 Nike SNKRS 應用程序，並在本財年晚些時候將 Nike Live 零售概念帶到東京，從而繼續保持強勁增長。

Beyond NIKE Direct, we're also expanding our digital connectivity to consumers across this region through entrepreneurial commerce partnerships such as those with Flipkart, ZOZOTOWN and several others. We see continued momentum in APLA over the course of fiscal year '19, and we will continue to invest in this fast-growing, diverse geography as we move even closer to the Tokyo Olympics in 2020.

除了 NIKE Direct 之外，我們還透過與 Flipkart、ZOZOTOWN 等企業的商業合作夥伴關係，擴大與該地區消費者的數位連結。我們看到 APLA 在 19 財年持續保持成長勢頭，隨著 2020 年東京奧運會的臨近，我們將繼續在這個快速成長、多元化的地區進行投資。

And finally, at Converse, revenue increased 7% on a currency-neutral basis. Growth was fueled by double-digit revenue growth in Greater China and strong double-digit growth digitally. That said, Converse also experienced declines in undifferentiated wholesale, primarily in the U.S. and the U.K. As we move through fiscal year '19, we will be expanding Converse's product portfolio while also elevating the Converse-branded digital ecosystem.

最後，匡威 (Converse) 的收入在貨幣中性的基礎上成長了 7%。成長得益於大中華區兩位數的營收成長和強勁的兩位數數字成長。儘管如此，Converse 的無差異化批發業務也出現了下降，主要是在美國和英國。隨著 19 財年的到來，我們將擴大 Converse 的產品組合，同時提升 Converse 品牌的數位生態系統。

We are off to an even stronger start to the fiscal year than we initially expected. Our currency-neutral growth and profitability is exceeding our expectations. At the same time, global trade uncertainty and geopolitical dynamics have resulted in the dollar strengthening and foreign exchange shifting to a slight headwind over the past 90 days.

我們的財年開局比我們最初預期的更強勁。我們的貨幣中性成長和獲利能力超出了我們的預期。同時，全球貿易不確定性和地緣政治動態導緻美元走強，外匯在過去 90 天內轉為小幅逆風。

Taking into account all of these dynamics, we are maintaining our full year guidance for fiscal year '19. Specifically, we expect revenue growth in the high single digits, albeit at the lower end of that range as operational upside will likely be somewhat offset by FX headwinds. We expect gross margin to expand 50 basis points or slightly greater, SG&A to grow in the high single digits and our effective tax rate to be in the midteens. Other expense, net of interest expense, is now projected to be an expense of $100 million to $125 million.

考慮到所有這些動態，我們維持 19 財年的全年指引。具體來說，我們預計收入成長將達到高個位數，儘管處於該範圍的下限，因為營運上的成長可能會在一定程度上被外匯逆風所抵消。我們預計毛利率將擴大 50 個基點或略高，SG&A 將以高個位數成長，而我們的有效稅率將在 15 左右。其他費用（扣除利息費用）目前預計為 1 億至 1.25 億美元。

Based on the FX volatility of late, let me briefly explain more specifically how FX impacts NIKE's financials in the short term. First, it is important to note that the revenue line item in our P&L is essentially unhedged. Therefore, our reported real-dollar revenue growth reflects nearly all currency movements real time. We do have a robust hedging program that delays the impact of FX on our profitability for 12 to as much as 24 months, most notably with respect to developed market currencies, for example, the euro. However, it is not economical to hedge FX risks in many emerging markets such as Turkey, Argentina and Brazil. And as for China, we're able to partially but not fully hedge our net exposure.

根據最近的外匯波動，讓我更具體地簡要地解釋一下外匯在短期內如何影響耐吉的財務狀況。首先，值得注意的是，我們損益表中的收入項目基本上是未對沖的。因此，我們報告的實際美元收入成長幾乎反映了所有即時貨幣變動。我們確實有一個強大的對沖計劃，可以將外匯對我們盈利能力的影響延遲 12 至 24 個月，尤其是針對歐元等已開發市場貨幣。然而，在土耳其、阿根廷和巴西等許多新興市場，對沖外匯風險並不經濟。至於中國，我們能夠部分但不能完全對沖我們的淨風險敞口。

Our focus is on sustaining strong, currency-neutral operating momentum over the full year and even more importantly, over the longer term. But I'll provide a bit of context on Q2. For Q2, we expect strong, currency-neutral revenue growth in line with the 9% currency-neutral revenue growth we delivered in Q1.

我們的重點是全年保持強勁、貨幣中性的營運勢頭，更重要的是，從長遠來看。但我將提供一些有關第二季度的背景資訊。對於第二季度，我們預計強勁的、貨幣中性的收入成長與我們在第一季實現的 9% 的貨幣中性收入成長一致。

That said, taking into account real-time FX dynamics, reported real-dollar revenue growth for Q2 is likely to be 2 to 3 points lower than our currency-neutral revenue growth. For gross margin, we expect Q2 expansion approaching the same level of expansion that we delivered in Q1. As a reminder, we expect less gross margin expansion in the first half of the year as compared to the second half of the year.

也就是說，考慮到即時匯率動態，報告的第二季實際美元收入成長可能比我們的貨幣中性收入成長低 2 到 3 個百分點。就毛利率而言，我們預計第二季的擴張將接近第一季的擴張水準。提醒一下，我們預計上半年的毛利率成長率將低於下半年。

In Q2, we expect SG&A growth in the low teens driven by the timing of our investments in sports marketing, including the kickoff of the NBA and NFL seasons and the timing of strategic investment in new digital capabilities. For other expense net of interest expense, we expect expense in Q2 to be in the $30 million to $40 million range.

在第二季度，我們預計 SG&A 的成長將在十幾歲左右，這主要是由於我們對體育行銷的投資時機，包括 NBA 和 NFL 賽季的開始以及對新數位能力的戰略投資時機。對於扣除利息費用的其他費用，我們預計第二季的費用將在 3,000 萬至 4,000 萬美元範圍內。

Our execution of the Consumer Direct Offense is creating brand distinction with consumers around the world and driving strong financial performance. At the same time, we see ourselves as being in the early stages of this transformation. There is no finish line for NIKE, particularly as it relates to digital. So we will continue to invest in the capabilities that will differentiate and create competitive advantage for NIKE long term. Those capabilities include product innovation, brand marketing, digital and speed within our supply chain.

我們對消費者直接進攻的執行正在與世界各地的消費者建立品牌區別，並推動強勁的財務表現。同時，我們認為自己正處於這轉變的早期階段。耐吉沒有終點線，特別是在數位領域。因此，我們將繼續投資於能夠為耐吉帶來差異化並創造長期競爭優勢的能力。這些能力包括產品創新、品牌行銷、供應鏈內的數位化和速度。

We are thrilled with our momentum out of the gate in fiscal year '19. And nonetheless, we remain on the offense, identifying and attacking opportunities to elevate our game, build on our momentum with consumers and ensure that we deliver sustainable, profitable, capital-efficient growth over the long term.

我們對 19 財年的發展勢頭感到非常興奮。儘管如此，我們仍然處於進攻狀態，尋找並抓住機會來提升我們的遊戲水平，增強我們與消費者的合作勢頭，並確保我們實現可持續、盈利、資本高效的長期增長。

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

至此，我們現在開始提問。

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

（操作員說明）您的第一個問題來自花旗銀行的 Kate McShane。

When looking at the 6% North America growth that you saw this quarter, I wondered if you could help us understand how much is being driven by ASP growth versus unit growth and how much of a drag is the undifferentiated retail.

當您看到本季北美地區 6% 的成長時，我想知道您是否可以幫助我們了解 ASP 成長與銷售成長的推動力有多大，以及無差異零售的拖累有多大。

Kate, it's Andy. I'll take that one. In North America, we're actually seeing expansion in average selling prices as well as units. Our growth is relatively well balanced, as you saw in our reporting across footwear and apparel. So it's very strong and balanced growth. And we see that strong and balanced growth continuing over the balance of the year. And I'm sorry, Kate, as for undifferentiated retail, as I mentioned, we're seeing growth across all dimensions of the marketplace. We have had relatively strong growth with our strategic wholesale partners being Foot Locker, Finish Line, DICK'S and others. That's being driven by the elevation of the consumer experience with those partners and also by the extraordinary impact of the new innovation and newness that we're bringing to our product portfolio. We're in the early stages of some of the more truly transformational change. But what we're really encouraged by is that the learnings that we're having, particularly with the Nike App at Retail and Nike by Melrose, in other words the Nike Live concept, those conversations are really picking up steam in terms of new concept development that we see a great opportunity for across that bricks-and-mortar fleet in wholesale.

凱特，這是安迪。我會接受那個。在北美，我們實際上看到平均售價和銷量的成長。正如您在我們的鞋類和服裝報告中看到的那樣，我們的成長相對平衡。所以這是非常強勁和平衡的成長。我們看到，在今年餘下的時間裡，強勁而平衡的成長仍在持續。我很抱歉，凱特，至於無差異化零售，正如我所提到的，我們看到市場各個方面的成長。我們的策略批發合作夥伴包括 Foot Locker、Finish Line、DICK'S 等，取得了相對強勁的成長。這是由這些合作夥伴提升消費者體驗以及我們為產品組合帶來的新創新和新穎性所帶來的非凡影響所推動的。我們正處於一些更真正的轉型變革的早期階段。但真正令我們感到鼓舞的是，我們所學到的知識，特別是零售版的 Nike 應用程式和 Melrose 的 Nike，換句話說，Nike Live 概念，這些對話在新概念方面確實正在加速發展。我們看到了批發實體車隊的巨大機會。

Yes. I'll add that the demand that we're seeing in North America is actually quite balanced across the portfolio. And on top of that, the inventory situation is actually quite clean as that demand's been increasing. So we're in a good position here.

是的。我要補充一點，我們在北美看到的需求實際上在整個投資組合中相當平衡。最重要的是，隨著需求的增加，庫存狀況實際上相當乾淨。所以我們在這裡處於有利的位置。

Next question comes from Bob Drbul with Guggenheim.

下一個問題來自古根漢的鮑伯‧德布爾（Bob Drbul）。

I guess the question that I have is more of a bigger picture question for you. I was wondering if you could address your demand creation advertising marketing approach. There's been a little bit of news the last couple of weeks and some controversy around it. And I was just wondering if you could maybe address how you approach these type of situations, the concerns that you have but the benefits that you see around certain campaigns.

我想我的問題對你來說更多的是一個更大的問題。我想知道您是否可以解決您的需求創造廣告行銷方法。過去幾週出現了一些新聞，也引發了一些爭議。我只是想知道您是否可以解決如何處理此類情況、您擔心的問題以及您在某些活動中看到的好處。

Yes. Well, just generally, we're motivated to inspire our consumer to connect, to engage and inspire. We feel actually very good and very proud of the work that we're doing with Just Do It, just the -- introducing Just Do It to the new generation of consumers on the 30th anniversary of the campaign when it first debuted. We know it's resonated actually quite strongly with consumers, obviously here in North America but also around the world. It's really transcended the North America market to touch, I think, people around the world. We have an incredible lineup of athletes in that spot. When you look at the Just Do It campaign and the list of athletes we have there, it's actually quite impressive, including Serena and Odell, Colin, Shaquem Griffin, Lacey Baker. These are actually very inspiring athletes. And again, we feel like that campaign has delivered on that message in a way that's really connected with people around the world. Like any campaign, it's -- not any campaign but many campaigns, it's driving a real uptake, I think, in traffic and engagement, both socially as well as commercially. We've seen record engagement with the brand as part of the campaign. And our brand strength, as you well know, is a key dimension that contributes to the ongoing momentum that we're building across the Nike portfolio. So I mean that's really how we look at it. It's how do we connect and engage in a way that's relevant and inspiring to the consumers that we're here to serve.

是的。嗯，一般來說，我們的動機是激發消費者聯繫、參與和啟發。事實上，我們對 Just Do It 所做的工作感覺非常好，也非常自豪，只是在活動首次推出 30 週年之際，向新一代消費者介紹 Just Do It。我們知道它實際上引起了消費者的強烈共鳴，尤其是在北美，而且在世界各地。我認為，它確實超越了北美市場，觸及了世界各地的人們。我們在那個地方擁有令人難以置信的運動員陣容。當你看看「Just Do It」活動和我們的運動員名單時，你會發現它實際上非常令人印象深刻，包括小威和奧德爾、科林、沙奎姆·格里芬、萊西·貝克。這些其實是非常鼓舞人心的運動員。再說一遍，我們覺得該活動以一種與世界各地的人們真正聯繫在一起的方式傳達了這一訊息。就像任何活動一樣，它不是任何活動，而是許多活動，我認為，它正在推動社交和商業方面的流量和參與度的真正提升。作為該活動的一部分，我們看到了創紀錄的品牌參與。眾所周知，我們的品牌實力是推動我們在耐吉產品組合中建立持續動力的關鍵因素。所以我的意思是，這就是我們的看法。這就是我們如何以一種與我們所服務的消費者相關並具有啟發性的方式進行聯繫和參與。

Great. And I guess the second question I have is after this weekend's golf results, I was wondering if you had any perspective on how Phil Mickelson feels ahead of the match play in November with Tiger.

偉大的。我想我的第二個問題是在本週末的高爾夫比賽結果之後，我想知道您是否對菲爾米克森在 11 月與老虎隊的比賽之前有何看法。

Yes. I feel -- he's probably feeling a little more pressure, I would imagine. It's great to see Tiger back, and the reaction to his performance on Sunday was pretty inspiring. So yes, I think Phil might be feeling a little bit of that pressure.

是的。我覺得——我想他可能感受到了更大的壓力。很高興看到老虎回來，人們對他週日表現的反應非常鼓舞人心。所以，是的，我認為菲爾可能感受到了一點壓力。

The next question comes from Lauren Cassel with Morgan Stanley.

下一個問題來自摩根士丹利的勞倫·卡塞爾。

First, is there any color you can share on North America DTC growth specifically during the quarter. And then just bigger picture, there's been some caution or nervousness in the market about potential slowdown in the Chinese economy and consumer spending there. Obviously, you guys delivered some really nice growth there this quarter. But are there any signs or signals that you're seeing that would suggest a slowdown there?

首先，您可以分享有關本季北美 DTC 成長的任何資訊嗎？從更大的角度來看，市場對中國經濟和消費者支出可能放緩的情況持謹慎或緊張態度。顯然，你們本季實現了一些非常好的成長。但您是否看到任何跡像或信號表明經濟放緩？

Sure. I will take North America NIKE Direct, or DTC as you put it, growth. I'll hit it on all 3 dimensions. We had extremely strong double-digit growth in digital and acceleration in that regard. We have taken a number of actions to remove friction, enhance the consumer experience, allocate product to that channel where we know consumers are -- demand is robust. And we're actually using data and demand sensing to better line up supply with demand digitally, so incredibly strong growth digitally. In our in-line stores, we're actually seeing strong comps as well. We've seen traffic up and even more notably, conversion. And conversion in the in-line stores we're seeing is a direct result of 2 things: one, the brand distinction that Mark mentioned in response to the last question as well as the product that we're bringing to market. We're seeing incredibly strong full price sell-through on our line right now. Our close-out mix is down in inventory and our off-price sales are down as a percent of total. In our factory stores, our factory stores continue to be a very profitable dimension of the business. And frankly, the only challenge I would really highlight in our factory stores is that its full price sell-through is so strong in in-line and digitally, it leaves some gaps in terms of the assortment that we bring to market in the short term in our factory stores. But we've identified opportunities in that regard and are looking at supply to fill those gaps. So again, it's a nice problem to have.

當然。我將把北美 NIKE Direct（或如你所說的 DTC）視為成長。我會在所有 3 個維度上都擊中它。我們在數位領域取得了極其強勁的兩位數成長和加速。我們採取了一系列行動來消除摩擦，增強消費者體驗，將產品分配到我們知道消費者所在的管道——需求強勁。我們實際上正在使用數據和需求感知來更好地以數位方式調整供應與需求，從而實現令人難以置信的強勁數位成長。在我們的線下商店中，我們實際上也看到了強勁的競爭。我們看到流量上升，更值得注意的是轉換率上升。我們看到的線下商店的轉換是兩件事的直接結果：一是馬克在回答最後一個問題時提到的品牌特色以及我們推向市場的產品。目前，我們的產品線全價銷售量非常強勁。我們的清倉組合庫存下降，特價銷售佔總銷售量的百分比也下降。在我們的工廠店中，我們的工廠店仍然是一個非常有利可圖的業務領域。坦白說，我在我們的工廠店中真正要強調的唯一挑戰是，其全價銷售在在線和數字方面非常強勁，這在我們短期內推向市場的品種方面留下了一些空白在我們的工廠店。但我們已經發現了這方面的機會，並正在尋找供應來填補這些空白。再說一次，這是一個很好的問題。

Yes. Let me touch on China. Yes. I mean as Andy had mentioned in his remarks, we've seen 17 consecutive quarters of double-digit growth, and yes, really strong underlying fundamentals within the market. Things -- factors like the growth of the middle class, the sports participation, obviously a very digitally savvy consumer, and we're well positioned in that regard in the marketplace in terms of the NIKE Brand and its position. We have a very strong connection with the Chinese consumer. We have -- for a long time, we're leading the market in digital, growing 40% in Q1. We've had great relationships with our digital partners there. I mentioned Tmall. WeChat is starting up with tremendous potential there. So there's great momentum in the marketplace and across multiple categories, Sportswear, Running, Basketball. The Jordan Brand is incredibly strong in China. So our fundamentals in China are actually quite sound and strong. We're not seeing any pushback from consumers. On the contrary, our relationship and connection to consumers is as strong as it can possibly be. We feel confident in our ability to continue to grow, and that's reflected in our outlook for China over this next year. We feel like there's great momentum and that we're in a good position for that to continue. Now that said, we're mindful of the dynamics, but we are focused on serving that Chinese consumer, strengthening our position there. And I'll just, I guess, close by saying we are amongst the most popular brands with the Chinese consumer. So.

是的。讓我談談中國。是的。我的意思是，正如安迪在演講中提到的那樣，我們已經連續 17 個季度實現兩位數增長，是的，市場的基本面非常強勁。諸如中產階級的成長、體育參與等因素，顯然是非常精通數位科技的消費者，就耐吉品牌及其地位而言，我們在市場上處於有利地位。我們與中國消費者有著非常緊密的聯繫。長期以來，我們在數位市場上處於領先地位，第一季成長了 40%。我們與那裡的數位合作夥伴建立了良好的關係。我提到了天貓。微信正在那裡起步，潛力巨大。因此，市場上的勢頭強勁，涵蓋運動服、跑步服、籃球等多個類別。喬丹品牌在中國的實力非常強大。所以我們在中國的基本面其實是相當健全和強大的。我們沒有看到消費者有任何抵制。相反，我們與消費者的關係和聯繫非常牢固。我們對持續成長的能力充滿信心，這反映在我們對明年中國的展望中。我們覺得勢頭強勁，而且我們處於有利的位置，可以繼續下去。話雖如此，我們注意到了動態，但我們專注於為中國消費者提供服務，鞏固我們在中國的地位。我想我最後想說的是，我們是最受中國消費者歡迎的品牌之一。所以。

Your next question comes from Jim Duffy with Stifel.

您的下一個問題來自 Stifel 的 Jim Duffy。

Good balance in the quarter. A lot of good indicators. The inventory looks well managed, and you're seeing strong results in D2C and also spoke about improving margin from D2C. I'm wondering, can you speak about some of the elements of cost inflation that are offsetting the mix benefits in the gross margin? And Andy, can you detail the FX impacts considered in the gross margin outlook for the year?

本季平衡良好。很多好的指標。庫存看起來管理得很好，您在 D2C 中看到了強勁的業績，並且還談到了 D2C 利潤率的提高。我想知道，您能談談抵銷毛利率中的混合效益的成本通膨的一些因素嗎？安迪，您能詳細說明今年毛利率前景中考慮的外匯影響嗎？

Sure. I'll hit both dynamics, cost and FX, but let me first give you a little bit of overall context on our margins. We're seeing strong structural improvement in our margins, and that's being driven by the innovation we're bringing to market and in turn, the strong full price versus off-price mix. Second, it's being driven by the over-indexing growth in our NIKE Digital business. And it's also being amplified by the initiatives that we have around product cost management. In the first half of the year, there's one element of material, so to speak, that is a bit of a headwind. And that's in the chemical space, namely rubber. That will ease in the second half of the year. As we look at FX as well, FX is much more of a tailwind in the margin line item of our P&L in the second half of the year as compared to the first half of the year. So if I refer back to the guidance that we gave as we entered the year and we reiterated today, we have strong gross margin expansion forecast for the entire fiscal year. At the same time, we see slightly less margin expansion in the first half and more margin expansion in the second half.

當然。我將討論動態、成本和外匯，但首先讓我向您介紹我們利潤率的整體情況。我們看到我們的利潤率出現了強勁的結構性改善，這是由我們向市場推出的創新以及強勁的全價與折扣組合所推動的。其次，這是由耐吉數位業務的過度指數成長所推動的。我們圍繞產品成本管理的措施也放大了這一點。今年上半年，有一個物質因素，可以說有點逆風。那是在化學領域，即橡膠。下半年這種情況將會有所緩解。當我們也關注外匯時，與上半年相比，下半年外匯在我們損益表的保證金項目中更具推動力。因此，如果我回顧我們在進入今年時給予的指導以及我們今天重申的指導，我們對整個財年的毛利率擴張有強勁的預測。同時，我們認為上半年的利潤率擴張略有減少，而下半年的利潤率擴張則有所增加。

Very good. And then, Mark, one for you. Last 9 months, particularly strong period for new product introductions and bringing new innovations to the marketplace. Can you talk about how to think about the cadence from here? Will there be a gap? Or is there a predictable launch cycle you expect to work with as we look out over the next couple of years?

非常好。然後，馬克，給你一張。過去 9 個月是新產品推出和向市場帶來新創新的特別旺季。您能談談如何從這裡考慮節奏嗎？會有間隙嗎？或者，當我們展望未來幾年時，您希望使用一個可預測的發布週期？

Yes. Our 2X Innovation initiative is really all about a steady flow of innovation. I feel very positive, very confident with what's in the innovation pipeline and what's coming. I mentioned a couple of things earlier. The new iterations of our air cushioning platform with the 720, a very exciting product that's building on the VaporMax and the 270. So that's exciting. I also mentioned the adaptable -- adaptive footwear technology coming in to performance sport, and you'll see that on professional athletes very soon. We have an incredible lineup coming, I think, throughout the fiscal year of product. We're actually focusing on bringing innovation into the core price points as well. So we have a balanced portfolio of innovation across both footwear and apparel. And then we have opportunity to further dimensionalize the incredible platforms that we've got. I mean, I mentioned Air, React, Zoom. There's ZoomX. There's still a tremendous amount of potential to leverage those both in performance across categories and then also across Sportswear. And then I have to tell you, I can't really shed too much light on this at this stage but -- my excitement around what's coming as we, believe it or not, ramp up our portfolio around the Tokyo Olympics. NIKE is -- that's always a time where we showcase our innovation, and the buildup to the Olympics is an incredibly exciting time for NIKE and the innovation that we deliver. So I guarantee you, we won't disappoint with some of the things we have coming up. And you'll start to see some of that ramp up over the next 12 to 18 months.

是的。我們的 2X 創新計劃實際上是關於穩定的創新流。我對創新管道中的內容和即將發生的內容感到非常積極和充滿信心。我之前提到過幾件事。我們的氣墊平台的新版本 720 是一款基於 VaporMax 和 270 構建的非常令人興奮的產品。所以這很令人興奮。我還提到了高性能運動中的適應性鞋技術，你很快就會在職業運動員身上看到這一點。我認為，我們將在整個財年推出令人難以置信的產品陣容。實際上，我們也致力於將創新帶入核心價格點。因此，我們在鞋類和服裝領域擁有均衡的創新組合。然後我們就有機會進一步維度化我們所擁有的令人難以置信的平台。我的意思是，我提到了 Air、React、Zoom。有 ZoomX。無論是在各品類的表現上，或是在運動服上，仍有巨大的潛力可以利用這些潛力。然後我必須告訴你，現階段我無法透露太多信息，但是，無論你相信與否，我對圍繞東京奧運會擴大我們的投資組合所發生的事情感到興奮。耐吉始終是我們展示創新的時刻，奧運的籌備對耐吉和我們提供的創新來說是一個令人難以置信的令人興奮的時刻。所以我向你保證，我們不會對即將推出的一些事情感到失望。在接下來的 12 到 18 個月內，您將開始看到其中的一些增長。

Your next question comes from Paul Trussell with Deutsche Bank.

您的下一個問題來自德意志銀行的保羅·特魯塞爾。

Solid results. Just on North America, given the acceleration that we saw throughout the first quarter, is it fair to assume that the exit rate was more in the high single-digit range? And while I know overall global revenue outlook has not changed, has your thought process on what is achievable in North America maybe been upped a little bit?

紮實的​​成果。就北美而言，考慮到我們在整個第一季看到的加速成長，可以公平地假設退出率更多地處於較高的個位數範圍內嗎？雖然我知道全球整體收入前景沒有改變，但您對北美可實現目標的思考過程是否有所提升？

Sure. Thanks for the compliments, Paul. I'll take that one. We -- our goals for North America are long-term focused. It's a large, important geography. And as you may recall at our Investor Day in October, we said we were targeting mid-single-digit revenue growth over the next 5 years. As we innovate within the marketplace from a digital perspective and transform the broader retail landscape, on that note we said there might be some disruption in the short term as well. So to some extent, we hedged a little bit with respect to fiscal year '19. To be clear, we've returned to strong growth in North America even faster than we had expected. We have demand that is outstripping supply. You saw our inventory in North America was flat. And so what we're focused on, and we're always focused on you can rest assured, is capitalizing on every opportunity that we see to serve demand in the North America marketplace. We're not providing specific guidance from a geo perspective. But I will tell you that the brand is incredibly strong. Our product is resonating. Sell-through is strong. And even beyond what's working and what you can see in our numbers, we see opportunity to go beyond that and potentially, even more importantly, drive that sustainable growth over that 5-year horizon. And those opportunities fall under the overall umbrella of what Mark often refers to as our complete offense. At any given time, even when we have extraordinary momentum, there are areas underneath that umbrella where we see greater opportunity than we're capitalizing on. Specifically in North America, I touched on Jordan. We see acceleration in Jordan over the coming months and certainly out of this fiscal year and into next year. Women's is growing strong. Women's was a very strong dimension of growth for us as a company, but we see even more opportunity. It's not so much about the rate of growth. It's how much more opportunity is out there in the women's business, especially around athletic footwear and apparel. And then finally, another dimension of huge opportunity in North America is our Young Athletes business. It may surprise some people to know that it's one of our largest categories. At the same time, we see the opportunity to bring new materials, colors, prints and even designs directly targeted at Young Athletes. We have a silhouette called the Future Series, which is actually an innovation that's made specifically for kids. So we do see a tremendous amount of opportunity in North America. Suffice it to say, we're really pleased with the momentum we have, and we're bullish on being able to sustain growth in North America in fiscal year '19 and beyond. And then you also asked about global growth. You made a comment that said it's pretty consistent. I just want to be clear. On a currency-neutral basis, our momentum on the top line from a revenue perspective is stronger globally than we expected when we came into the year. While we maintained our high single-digit reported revenue growth guidance, that takes into account that over the last 90 days since we last spoke to you, FX has been pretty volatile. And as I touched on, that line item in our P&L is essentially unhedged. So while we protect the profitability through hedging, we see those impacts real time, and that's also why I gave you a little bit more color on Q2 guidance.

當然。謝謝你的讚美，保羅。我會接受那個。我們對北美的目標是長期的。這是一個幅員遼闊、重要的地理區域。您可能還記得，在 10 月的投資者日上，我們表示我們的目標是在未來 5 年內實現中個位數的收入成長。當我們從數位角度進行市場創新並改變更廣泛的零售格局時，我們表示短期內也可能會出現一些混亂。因此，在某種程度上，我們對 19 財年進行了一些對沖。需要明確的是，我們在北美恢復強勁成長的速度甚至比我們預期的還要快。我們的需求超過了供應。您看到我們在北美的庫存持平。因此，我們所關注的，而且我們始終關注的，您可以放心，是利用我們看到的每一個機會來滿足北美市場的需求。我們不會從地理角度提供具體指導。但我會告訴你，這個品牌非常強大。我們的產品正在引起共鳴。銷售強勁。即使超出了有效的方法和您在我們的數據中看到的內容，我們也看到了超越這一點的機會，更重要的是，有可能在 5 年範圍內推動永續成長。這些機會屬於馬克經常所說的我們的全面進攻的總體範圍。在任何特定時間，即使我們擁有非凡的動力，在這個保護傘下的某些領域，我們也會看到比我們正在利用的更大的機會。特別是在北美，我談到了喬丹。我們看到約旦在未來幾個月內將加速發展，當然從本財年到明年也是如此。女足日益壯大。對於我們公司來說，女性是一個非常強勁的成長領域，但我們看到了更多的機會。這與增長率無關。女性業務中存在著更多的機會，尤其是運動鞋和服裝方面。最後，北美巨大機會的另一個方面是我們的年輕運動員業務。有些人可能會驚訝地發現這是我們最大的類別之一。同時，我們看到了直接針對年輕運動員推出新素材、顏色、印花甚至設計的機會。我們有一個名為「未來系列」的輪廓，這實際上是專為兒童設計的創新。因此，我們確實在北美看到了巨大的機會。可以說，我們對我們所擁有的勢頭感到非常滿意，我們看好北美地區能夠在 19 財年及以後保持成長。然後您也詢問了全球成長的問題。你發表了評論說這是非常一致的。我只想說清楚。在貨幣中性的基礎上，從收入角度來看，我們在全球範圍內的營收動能比我們進入今年時的預期更強。雖然我們維持了高個位數的報告收入成長指引，但考慮到自我們上次與您交談以來的過去 90 天內，外匯波動相當大。正如我所提到的，我們損益表中的該行項目基本上是未對沖的。因此，在我們透過對沖保護獲利能力的同時，我們會即時看到這些影響，這也是為什麼我在第二季的指導上給大家提供了更多的資訊。

And your last question comes from Jamie Merriman with Bernstein.

你的最後一個問題來自伯恩斯坦的傑米·梅里曼。

Andy, you touched on how you're using data a little bit earlier. But I was wondering if you could just talk a little bit more about -- is it inventory allocation by channel, by geography? Is some of that data starting to help drive your product creation efforts? And are there other ways that it's being deployed at this point? And then just to follow up, you talked about the Jet.com partnership. Can you just talk about how that compares to the Amazon partnership?

安迪，您早些時候談到瞭如何使用數據。但我想知道您是否可以多談談 - 是按渠道、按地理位置進行庫存分配嗎？其中一些數據是否開始幫助推動您的產品創建工作？目前還有其他部署方式嗎？接下來，您談到了 Jet.com 的合作夥伴關係。您能談談這與亞馬遜的合作關係相比如何嗎？

Sure. I'll start with data and analytics. It is truly an end-to-end initiative at NIKE. It starts with consumer data and analysis around consumer data. And I'd say that is manifesting itself right now, already, and most importantly, in terms of digital demand sensing, us continuing to leverage the intuition that we have but amplifying that intuition with real data as to what consumers' preferences are. And one of the best examples is Nike by Melrose. That store, that Nike Live store in Los Angeles, the entire assortment is based on data that we're analyzing around what consumers in those ZIP Codes have purchased and are interested in and some of the key themes. You move from digital demand sensing to digital product creation. So taking that insight and designing and creating product, leveraging digital technology that allows us to bring that insight to life in a product faster. And then absolutely, we're using data in our supply chain to tighten our demand and supply management. And you see that already beginning to impact our full price versus off-price sell-through. On the very front end, of course, from a consumer perspective, data and analytics helps us personalize the consumer experience on the Nike app as well as the SNKRS App and even in our physical retail environments as we use things like the things like the Nike App at Retail. And in that regard, one of the most notable successes or pilots early on has been connected inventory. So using RFID and using data and analytics in terms of where inventory is and where our consumers are looking to buy to get them the product they want more seamlessly. And then as for your second question, you asked about Jet.com and how that might compare to some of our other partnerships. And I'll say that Mark will probably want to add something here. We're excited about this partnership with Jet because it is a partnership that is really about creating a compelling consumer experience around the NIKE Brand, leveraging Nike membership to help better serve consumers in that channel, helping ensure that there's a clean assortment of product that's presented to that consumer across the marketplace. So there are several aspects of it that we view as distinctive in terms of the offering that we'll make to consumers. At the same time, it's one of several initiatives across a range of digital commerce platforms.

當然。我將從數據和分析開始。這確實是耐吉的端到端舉措。它從消費者數據和圍繞消費者數據的分析開始。我想說，這一點現在已經顯現出來，最重要的是，在數位需求感知方面，我們繼續利用我們擁有的直覺，但透過關於消費者偏好的真實數據來放大這種直覺。最好的例子之一是 Nike by Melrose。那家商店，即位於洛杉磯的 Nike Live 商店，整個產品系列都是基於我們圍繞這些郵政編碼的消費者購買過的商品和感興趣的商品以及一些關鍵主題進行分析的數據。您從數位需求感知轉向數位產品創建。因此，利用這種洞察力來設計和創造產品，利用數位技術，使我們能夠更快地將這種洞察力融入產品中。當然，我們正在使用供應鏈中的數據來加強我們的需求和供應管理。您會看到，這已經開始影響我們的全價銷售與折扣銷售。當然，在最前端，從消費者的角度來看，數據和分析可以幫助我們個性化Nike 應用程式和SNKRS 應用程式上的消費者體驗，甚至在我們的實體零售環境中，當我們使用Nike 等產品時零售應用程式。在這方面，早期最顯著的成功或試點之一就是互聯庫存。因此，使用 RFID 並使用數據和分析來了解庫存位置以及消費者想要購買的位置，以便更無縫地獲得他們想要的產品。至於你的第二個問題，你詢問了 Jet.com 以及它與我們其他一些合作夥伴的比較。我想說馬克可能想在這裡添加一些內容。我們對與Jet 的這種合作關係感到非常興奮，因為這種合作關係實際上是圍繞NIKE 品牌創造引人注目的消費者體驗，利用Nike 會員資格幫助更好地服務該管道的消費者，幫助確保提供乾淨的產品種類。在整個市場上呈現給該消費者。因此，我們認為在向消費者提供的產品中，有幾個方面是獨特的。同時，它也是一系列數位商務平台的多項措施之一。

Yes. And I'll just add, on Jet, we're starting off with a more focused pilot as we look at offering a select amount of product in key cities across North America. It's an assortment that's tailored to those consumers, what we would call a brand-friendly shopping experience. We're looking at our digital partners to help cocreate elevated consumer experiences in how they partner with NIKE. And so we can work together on advancing our connection to consumers through digital commerce. We are looking at how we partner with these digital platforms to advance the consumer connection in terms of product selection, in terms of personal service, in terms of the -- how the brand is presented online. And we're optimistic and feel very strong that the relationship with Jet.com is going to offer us those opportunities. So we're excited about that. Amazon, our business with Amazon is performing well. Not a huge update here other than we've seen really good sell-through on a limited selection of products that we've offered. We've said before that we want to work together to elevate the consumer experience, and that's important in any digital partnership that we enter into. We get the most out of our relationship when we work together to elevate that brand presentation. And one of the things we're going to continue to focus on is how we share data with our digital partners to advance that consumer experience. But we feel like the partnership with Amazon is working -- or moving towards a mutually beneficial space. So we're actually feeling good about where we are, and it's important that we stay focused and continue to look for those opportunities together.

是的。我只想補充一點，在 Jet 上，我們將從一個更有針對性的試點開始，因為我們考慮在北美的主要城市提供精選數量的產品。這是專為這些消費者量身打造的產品組合，我們稱之為品牌友善購物體驗。我們正在尋找我們的數位合作夥伴，以幫助他們與耐吉合作，共同創造更高的消費者體驗。因此，我們可以共同努力透過數位商務增進我們與消費者的聯繫。我們正在研究如何與這些數位平台合作，以在產品選擇、個人服務、品牌線上展示等方面促進消費者聯繫。我們很樂觀，也堅信與 Jet.com 的關係將為我們提供這些機會。所以我們對此感到興奮。亞馬遜，我們與亞馬遜的業務表現良好。除了我們看到我們提供的有限產品的銷售情況非常好之外，這裡並沒有什麼重大的更新。我們之前說過，我們希望共同努力提升消費者體驗，這對於我們建立的任何數位合作關係都很重要。當我們共同努力提升品牌形象時，我們就能充分利用我們的關係。我們將繼續關注的事情之一是如何與數位合作夥伴共享數據以提升消費者體驗。但我們認為與亞馬遜的合作正在發揮作用，或者正在朝著互惠互利的方向發展。因此，我們實際上對自己所處的位置感覺良好，重要的是我們要保持專注並繼續共同尋找這些機會。

Excellent. Thank you, Jamie. All right. Well, that's all the time we have for today. Thank you, everyone, for joining us. We look forward to speaking with you next quarter. Take care.

出色的。謝謝你，傑米。好的。好了，這就是我們今天的全部時間了。謝謝大家加入我們。我們期待下個季度與您交談。小心。

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

今天的電話會議到此結束。您現在可以斷開連線。