Nike Inc (NKE) 2019 Q2 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE Inc.'s Fiscal 2019 Second Quarter Conference Call.

歡迎參加耐吉公司 2019 財年第二季電話會議。

For those who want to reference today's press release, you will find it at http://investors.nike.com.

如果您想參考今天的新聞稿，您可以在 http://investors.nike.com 上找到它。

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

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

Before I turn the call over to Mr. Sharan, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

在我將電話轉交給夏蘭先生之前，請允許我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性聲明，這些聲明受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。

These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K.

這些風險和不確定性在向 SEC 提交的報告中進行了詳細說明，包括以 10-K 表格提交的年度報告。

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

一些前瞻性陳述可能涉及對未來收入成長或毛利率的預期。

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

此外，參與者還可以討論非公認會計原則財務指標，包括參考不變的美元收入。

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

提及恆定的美元收入旨在提供有關業務績效的背景信息，消除外匯波動。

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

參與者也可以參考其他非公開財務和統計資訊以及非公認會計準則財務指標。

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

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

Now I'd 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 2019 second quarter results.

大家好，感謝您今天加入我們討論耐吉公司 2019 財年第二季業績。

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

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

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

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

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

參加今天的電話會議的有耐吉公司 (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.

我現在將把電話轉給耐吉公司。

Chairman, President and CEO, Mark Parker.

董事長、總裁兼執行長馬克·帕克。

Thanks, Nitesh.

謝謝，尼特什。

Hello and happy holidays, everyone.

大家好，節日快樂。

We've seen some amazing highlights in sports this past year.

去年，我們在體育界看到了一些令人驚嘆的亮點。

Eliud Kipchoge smashed the Marathon World Record.

埃魯德·基普喬格打破了馬拉松世界紀錄。

Simone Biles dominated the world championships.

西蒙·拜爾斯統治了世界錦標賽。

Kylian Mbappé became a global star at the World Cup and LeBron James continued to inspire on and off the court.

凱莉安·姆巴佩 (Kylian Mbappé) 在世界盃上成為全球巨星，勒布朗·詹姆斯 (LeBron James) 繼續在球場內外激勵人心。

It was a year of incredible achievements for NIKE as well and Q2 was another strong proof point on our journey.

對於 NIKE 來說，這也是取得令人難以置信的成就的一年，第二季是我們旅程中的另一個強有力的證明。

We continue to show progress against our key long-term objectives of driving innovation, direct connections and speed and agility around the world.

我們繼續在推動全球創新、直接聯繫以及速度和敏捷性的關鍵長期目標方面取得進展。

Our teams are doing a fantastic job of delivering sustainable, profitable growth through the Consumer Direct Offense, while aggressively pursuing our highest potential long-term opportunities.

我們的團隊在透過消費者直接進攻實現可持續的獲利成長方面做得非常出色，同時積極追求我們最高潛力的長期機會。

We set high goals and each success makes us hungry for more.

我們設定了崇高的目標，每一次成功都讓我們渴望更多。

The marketplace in which we compete is highly dynamic.

我們競爭的市場是高度動態的。

Consumer expectations are accelerating and the macro-economy is increasingly volatile.

消費者預期不斷加快，宏觀經濟波動加劇。

A key part of our strategy to win in this environment is to double down on digital.

我們在這種環境下獲勝策略的關鍵部分是加倍努力數位化。

Our digital transformation is taking hold through a series of positive disruptions across the business.

我們的數位轉型正在透過整個業務的一系列積極顛覆而紮根。

For example, we're leading the industry through a retail revolution.

例如，我們正在引領業界進行零售革命。

We're creating sports first smart adaptive footwear.

我們正在打造運動第一款智慧自適應鞋。

And we're investing in a global supply chain that delivers personal at scale.

我們正在投資建立大規模提供個人化服務的全球供應鏈。

It's all incredibly energizing and we find that the more disruptive we are, the more we grow.

這一切都令人難以置信地充滿活力，我們發現我們越具有破壞性，我們就越成長。

Our digital disruption is fueled by breaking old models, building new commerce partnerships, emerging new talent with our years of industry experience.

我們的數位顛覆是透過打破舊模式、建立新的商業合作夥伴關係、憑藉我們多年的行業經驗培養新人才來推動的。

Our teams are driving change and it's yielding excellent results.

我們的團隊正在推動變革，並且取得了優異的成果。

For the quarter, NIKE Inc.

本季度，耐吉公司 (NIKE Inc.)

revenues grew 10%.

收入增長了 10%。

On a currency-neutral basis, NIKE Inc.

在貨幣中性的基礎上，耐吉公司 (NIKE Inc.)

revenue increased 14%.

營收成長 14%。

Gross margin was up 80 basis points to prior year and earnings per share was up 13% to prior year.

毛利率比上年增長 80 個基點，每股收益比上年增長 13%。

Specific highlights include 9% growth in North America and nearly 20% constant currency growth in our international geographies.

具體亮點包括北美地區 9% 的成長以及我們國際地區近 20% 的恆定貨幣成長。

Digital growth of 41% on a constant currency basis and continued momentum in both sportswear and performance categories, including a return to growth in the Jordan business.

以固定匯率計算，數字成長 41%，運動服飾和功能性品類持續維持成長勢頭，其中包括 Jordan 業務的恢復成長。

The momentum we're driving is grounded in strong product innovation.

我們推動的動力源自於強大的產品創新。

We're increasing the pace of new concepts and bringing a new discipline to how we manage the life cycle of our innovation.

我們正在加快新概念的步伐，並為我們管理創新生命週期的方式引入新的規則。

We have a clear road map of how we stage our new platforms, giving each one the space to shine through high-energy storytelling and then ramping up scale and choice to serve diverse consumer needs.

對於如何推出新平台，我們有一個清晰的路線圖，為每個平台提供透過高能量的故事敘述來發光的空間，然後擴大規模和選擇，以滿足不同的消費者需求。

Put simply, we're increasing the return on investment in innovation.

簡而言之，我們正在提高創新投資的報酬率。

One of our great differentiators is, of course, NIKE Air.

當然，我們的一大特色就是 NIKE Air。

It's being energized through platforms like VaporMax and Air Max [270], 2 of the world's top-selling athletic footwear models.

它透過 VaporMax 和 Air Max [270]（世界上最暢銷的兩種運動鞋型號）等平台注入活力。

New interpretations of our icons, led by the Air Max 95 and 97.

以 Air Max 95 和 97 為代表，對我們的標誌進行了新的詮釋。

And this spring, we're excited to add a new distinct Air platform to the mix with the Air Max 270.

今年春天，我們很高興在 Air Max 270 的組合中添加一個全新的獨特 Air 平台。

The consumer is already anticipating its arrival and will keep the interest high through multiple iterations early in its product life cycle.

消費者已經在期待它的到來，並將透過產品生命週期早期的多次迭代來保持高興趣。

NIKE React too will enter a new phase as we expand the platform beyond running and basketball into lifestyle product, with the Element 55; and the shoe of the year, the Element 87.

隨著我們透過 Element 55 將平台從跑步和籃球擴展到生活風格產品，NIKE React 也將進入一個新階段；以及年度最佳鞋款 Element 87。

Both styles will scale significantly in 2019.

這兩種風格都將在 2019 年大幅擴展。

Next year, we'll also add NIKE React hybrids that combine multiple cushioning platforms, along with a redesigned Epic React 2.0 coming in spring.

明年，我們還將添加結合了多個緩震平台的 NIKE React 混合鞋款，以及將於春季推出的重新設計的 Epic React 2.0。

As we broaden platforms across categories, we're also broadening them across price points to bring them to more people.

隨著我們跨類別拓寬平台，我們也在跨價位拓寬平台，以將其帶給更多人。

As we mentioned on our call -- last call, we see greater opportunities for moderately priced footwear from NIKE right now.

正如我們在上次電話會議中提到的，我們現在看到耐吉價格適中的鞋類產品有更大的機會。

So we're creating a more complete consumer offense for core footwear by creating performance and lifestyle icons and core-only innovations.

因此，我們透過創造性能和生活方式的標誌以及僅限核心的創新，為核心鞋類打造更完整的消費者攻勢。

At NIKE, it's our mission to make athletes better.

在耐吉，我們的使命是讓運動員變得更好。

But perhaps no innovation delivers on that promise like ZoomX and the VaporFly 4%, which has dominated the world's marathons since 2017.

但也許沒有任何創新能像 ZoomX 和 VaporFly 4% 那樣兌現這項承諾，後者自 2017 年以來一直主導著世界馬拉松。

We've started something special with the 4%, enabling a dramatic improvement for the world's best runners, and you can expect more exciting breakthroughs to come here.

我們已經從 4% 開始了一些特別的事情，讓世界上最好的跑者取得了巨大的進步，你可以期待更多令人興奮的突破即將到來。

That reputation has made its way to everyday athletes, making 4%, the most sought after shoe on race day, and it's created a halo effect for many of our NIKE's fast footwear styles, especially the Peg 35, driving double-digit growth in the running category in Q2.

這種聲譽已經深入到日常運動員中，佔4%，成為比賽當天最受歡迎的鞋子，並且它為我們的許多NIKE 快速鞋款（尤其是Peg 35）創造了光環效應，推動了兩位數的成長第二季的跑步類別。

I'm excited to announce that in the New Year, we'll launch a new adaptive performance platform in Basketball at the $350 price point.

我很高興地宣布，在新的一年裡，我們將以 350 美元的價格推出一款新的籃球自適應性能平台。

We have a smart shoe designed for the perfect fit and it's a major step in advancing and connecting our digital transformation to product.

我們擁有一款專為完美貼合而設計的智慧鞋，這是推進我們的數位轉型並將其與產品聯繫起來的重要一步。

This is just one better fit solution amongst many that we're working on.

這只是我們正在研究的眾多解決方案中更適合的解決方案之一。

And we look forward to rolling them out throughout the year.

我們期待著全年推出它們。

We have a full innovation pipeline ahead including new cushioning platforms which will carry our strong product momentum into fiscal '20, all the way to Tokyo Olympics and beyond.

我們擁有完整的創新管道，包括新的緩衝平台，這將使我們強大的產品動力帶入 20 財年，一直到東京奧運及以後。

I've spent a lot of time with the Olympics team and the Tokyo 2020 collection is the boldest we've ever assembled across performance and lifestyle in footwear and apparel.

我與奧運團隊一起度過了很多時間，2020 年東京奧運系列是我們迄今為止在鞋類和服裝的性能和生活方式方面最大膽的系列。

We're growing our competitive advantages in many ways.

我們正在透過多種方式增強我們的競爭優勢。

Sustainability is one example, where we're reducing waste at a scale that creates change for our entire industry.

永續發展就是一個例子，我們正在大規模減少浪費，從而為整個產業帶來改變。

NIKE Flyleather made a 50% reclaimed leather, will scale to over 1 million pairs starting this summer.

NIKE Flyleather 採用 50% 再生皮革製成，從今年夏天開始產量將超過 100 萬雙。

NIKE Flyknit represents a multibillion dollar business and uses 60% less waste than traditional manufacturing.

NIKE Flyknit 代表著一項價值數十億美元的業務，並且比傳統製造業減少了 60% 的廢物。

And NIKE Air uses 50% recycled manufacturing waste in hundreds of millions of pairs.

NIKE Air 在數億雙鞋中使用了 50% 的回收製造廢料。

As a whole, we're making great progress to lower our environmental impact as a company, driving greater efficiencies and fueling growth in our business.

總體而言，我們在降低公司對環境的影響、提高效率和推動業務成長方面取得了巨大進展。

Another area where our 2X Innovation agenda is making a dramatic impact is in apparel.

我們的 2X 創新議程正在產生巨大影響的另一個領域是服裝領域。

As designers, there is no greater challenge than innovating for the body in motion.

身為設計師，沒有比為運動中的身體進行創新更大的挑戰了。

We think about many things, such as how to account for different environments through moisture management, creating breathability that adapts as needed or keeping a garment comfortable when it's twisting and turning.

我們考慮很多事情，例如如何透過濕度管理來適應不同的環境，創造根據需要適應的透氣性或在扭曲和轉動時保持衣服舒適。

Through new materials and methods of make, our apparel teams are continuing to push the limits in performance silhouettes, and in the process, creating new style.

透過新材料和製作方法，我們的服裝團隊不斷突破性能輪廓的極限，並在過程中創造新的風格。

Our strategy starts with taking sports into new places.

我們的策略始於將體育運動帶入新的領域。

For example, in basketball, our partnership with the NBA is fueling strong growth.

例如，在籃球領域，我們與 NBA 的合作正在推動強勁成長。

Our NBA apparel accelerated in year 2, especially with our city editions jerseys, led by Miami, Minnesota and Brooklyn.

我們的 NBA 服裝在第二年加速成長，尤其是我們的城市版球衣，其中以邁阿密、明尼蘇達和布魯克林為首。

And to no one's surprise, LeBron's moved to the Lakers has also created opportunity.

毫不奇怪，勒布朗轉會湖人隊也創造了機會。

We already booked 3x more NIKE Lakers gear this year.

今年我們已經預訂了 3 倍以上的 NIKE 湖人隊裝備。

And our work with the NBA has also created a lift for NIKE inline basketball apparel.

我們與 NBA 的合作也為 NIKE 直排籃球服裝帶來了提升。

We built on the success of our Showtime hoodie and added Therma Flex pants, which have seen great sell-through.

我們在 Showtime 連帽衫的成功基礎上，又增加了 Therma Flex 褲子，這些褲子的銷量很高。

Overall, the traction we've gained for basketball in NIKE Direct and internationally led to strong global growth for the Basketball category this quarter.

總體而言，我們在 NIKE Direct 和國際上獲得的籃球吸引力導致本季籃球類別的全球強勁成長。

In Sportswear, our biggest category apparel grew over 20% this quarter.

在運動服裝方面，我們最大的服裝類別本季成長了 20% 以上。

Sportswear fleece and women's apparel were up double digits.

羊毛運動服和女裝的銷量成長了兩位數。

In Sportswear, we're anchoring our communications around head-to-toe collections, which makes it easier for consumers to shop the complete look and strengthens our presentation and storytelling.

在運動服裝方面，我們將溝通圍繞著從頭到腳的系列進行，這使消費者更容易購買完整的外觀，並加強我們的展示和故事講述。

Apparel continues to be one of NIKE's greatest growth opportunities.

服裝仍然是耐吉最大的成長機會之一。

And in the back half of the fiscal year, there's a lot to be excited about.

在本財年後半段，有許多令人興奮的事情。

We're launching new high-performance kits for the Woman's World Cup in France.

我們正在為法國女足世界盃推出新的高性能球衣。

A yoga collection, that includes men's yoga apparel for the first time at NIKE.

耐吉首次推出瑜珈系列，其中包括男士瑜珈服裝。

New tights innovation, and expanded NIKE Tech Pack collection.

全新緊身褲創新，並擴展了 NIKE Tech Pack 系列。

2 other areas of our business where we're accelerating, but we know we have much more opportunity ahead, is Women's and Jordan.

我們正在加速發展的另外兩個業務領域是女裝和約旦，但我們知道未來還有更多機會。

There's incredible momentum for women in sport right now as athletes, elite and everyday, lead a movement of health and wellness, while driving a strong appetite for athletic footwear and apparel.

如今，女性在體育界有著令人難以置信的動力，無論是精英運動員還是普通運動員，都在引領一場健康運動，同時推動了對運動鞋和服裝的強烈需求。

This energy is manifesting in a number of ways.

這種能量表現在很多方面。

For example, footwear for women overall was up 20% for the quarter, and Sneakers For Her are really taking off with the Sage Air Force 1 emerging as her favorite franchise, owning the #1 spot on nike.com for 5 weeks running.

例如，本季女鞋整體上漲了 20%，而 Sneakers For Her 則真正起飛，Sage Air Force 1 成為她最喜歡的系列，連續 5 週在 Nike.com 上排名第一。

Our Edit to Amplify strategy to offer more color and material choices and fewer styles is also proving successful.

我們提供更多顏色和材質選擇以及更少款式的「Edit to Amplify」策略也被證明是成功的。

NIKE has the top 3 selling women's athletic footwear models above $125 with the Air Max 270, VaporMax and Epic React.

NIKE 的 125 美元以上女士運動鞋銷量前三名分別是 Air Max 270、VaporMax 和 Epic React。

And in apparel, our broad business remains a strong growth opportunity, up over 20% in Q2.

在服裝領域，我們廣泛的業務仍然是強勁的成長機會，第二季成長超過 20%。

Looking ahead to this summer's World Cup, NIKE will dominate on the pitch.

展望今年夏天的世界杯，NIKE將在球場上佔據主導地位。

A total of 14 of the 24 national teams will compete in NIKE, including the favorite U.S. national team.

24支國家隊中共有14支球隊將在NIKE比賽，其中包括最受歡迎的美國國家隊。

And throughout the year, we'll continue to -- our Just Do It campaign that celebrates elite and everyday female athletes around the world.

在這一年中，我們將繼續進行「Just Do It」活動，慶祝世界各地的精英和日常女性運動員。

We think 2019 is going to be a true tipping point for woman in sport with more participation, more coverage and overall more energy.

我們認為 2019 年對於女性體育運動來說將是一個真正的轉折點，她們的參與度更高，覆蓋範圍更廣，整體上更有活力。

Meanwhile, with the Jordan Brand, we're seeing positive results from the strategic shifts that we're making.

同時，對於 Jordan Brand，我們正在做出的策略轉變看到了正面的成果。

In Q2, Jordan grew double digit and we returned to healthy, sustainable growth in North America.

第二季度，約旦實現了兩位數成長，我們在北美恢復了健康、可持續的成長。

At the same time, we've continued our pace of double-digit growth internationally.

同時，我們在國際上持續保持兩位數的成長速度。

We're making great progress in diversifying Jordan.

我們在約旦的多元化方面取得了巨大進展。

Apparel had a very strong quarter, especially internationally.

服裝季度表現非常強勁，尤其是國際市場。

Sell-through of the Jordan and PSG collaboration exceeded expectations and we'll come back with a refreshed collection in January.

Jordan 和 PSG 合作款的銷售量超出了預期，我們將在一月份帶著全新系列回歸。

Jordan's performance footwear is also contributing to solid growth, led by the new Air Jordan XXXIII game shoe and the Max Aura that's doing well in China at $120 price point.

Jordan 的高性能鞋類也為穩健成長做出了貢獻，其中以新款 Air Jordan XXXIII 遊戲鞋和 Max Aura 為首，後者在中國的售價為 120 美元，表現良好。

And from a Sportswear perspective, we're elevating our storytelling with icons like the Air Jordan 1, which is more coveted than ever.

從運動服裝的角度來看，我們正在透過像 Air Jordan 1 這樣的標誌來提升我們的故事講述能力，它比以往任何時候都更令人垂涎。

At the start of Q3, our team executed an incredible effort with the most successful NIKE sneaker ever launched, with the Air Jordan XI Concord.

第三季初，我們的團隊做出了令人難以置信的努力，推出了耐吉有史以來最成功的運動鞋 Air Jordan XI Concord。

It was a well-orchestrated plan, complete with geo targeting that offered preheat Paris to our members, total integration across our business with partners like House of Hoops and Footaction and locally driven storytelling in our key cities.

這是一個精心策劃的計劃，包括為我們的會員提供預熱巴黎的地理定位、與 House of Hoops 和 Footaction 等合作夥伴的整個業務的全面整合，以及在我們主要城市的本地驅動的故事講述。

The Concord shows that the Jordan Brand yet again has the power to drive launches with incredible volume and create energy for the brand.

Concord 再次表明 Jordan 品牌有能力以令人難以置信的數量推動產品發布，並為品牌創造能量。

We're bringing much greater balance to Jordan with much more opportunity ahead.

我們正在為喬丹帶來更多的平衡，並帶來更多的機會。

In 2X Direct, we're beginning to realize a multiplying effect as we scale our most innovative experiences.

在 2X Direct 中，隨著我們擴展最具創新性的體驗，我們開始實現倍增效應。

This quarter, you could feel the momentum swing in the conversation around retail.

本季度，您可以感受到圍繞零售業的對話的勢頭發生變化。

We saw it over the Thanksgiving shopping week, fueling more than 30% increase in our digital business in North America for the quarter.

我們在感恩節購物週就看到了這一點，推動我們本季北美數位業務成長了 30% 以上。

In China, Singles Day once again broke records.

在中國，光棍節再次打破了紀錄。

NIKE earned the #1 sport brand on Tmall with our overall business for the day, up over 40% from last year's Singles Day.

耐吉當天的整體業務量比去年雙十一成長了 40% 以上，榮獲天貓運動品牌第一名。

It's clear that the consumers' craving experiences and the fastest way to meet that demand is to test, learn and scale new features.

很明顯，消費者渴望體驗，而滿足這種需求的最快方法是測試、學習和擴展新功能。

We know not every one of our new experiences will be successful and not all will be scalable but when we do find features that improve our services, NIKE's advantage is how quickly we deploy them across our global footprint.

我們知道，並非每一項新體驗都會成功，也並非所有體驗都能擴展，但當我們確實找到可以改善我們服務的功能時，耐吉的優勢在於我們能夠在全球足跡中快速部署這些功能。

In November, we opened our House of Innovation concept in both Shanghai and New York.

11 月，我們在上海和紐約開設了創新之家概念。

The energy and performance at both locations has exceeded expectations.

兩個地點的能源和性能都超出了預期。

Both stores create the most personal and responsive retail environment in the industry.

兩家商店都創造了業界最個人化、反應靈敏的零售環境。

It's a digital experience brought to life in a physical space and uses our most exciting features to date, such as the ability to scan barcodes to check availability and by the full look of mannequins, instant check out that requires no waiting at a register, expert studio that gives personal guidance, and special unlocks and notifications when members enter the store.

這是一種在實體空間中栩栩如生的數位體驗，並使用我們迄今為止最令人興奮的功能，例如掃描條碼以檢查可用性的能力以及透過人體模型的完整外觀、無需在收銀台等待的即時結帳、專家工作室提供個人指導，並在會員進入商店時提供特殊解鎖和通知。

The gateway for consumers to get the most value out of these new experiences is membership.

消費者從這些新體驗中獲得最大價值的途徑是會員資格。

We want more doors to feel like a personal home for members, where we can elevate one-to-one service.

我們希望更多的門能為會員帶來賓至如歸的感覺，在這裡我們可以提升一對一的服務。

And we want to leverage mobile apps to make sure NIKE is serving our consumers wherever they are.

我們希望利用行動應用程式來確保耐吉為我們的消費者提供服務，無論他們身在何處。

One way we do that with members is to create ways to be in their path more organically.

我們與會員一起做到這一點的一種方法是創造更有機地參與他們的道路的方法。

For example, the LeBron Watch, which will deliver 25% of the LeBron 16s in the marketplace this year, makes his on-court shoes available in the moment through sneakers and our partner mobile apps.

例如，LeBron Watch 今年將佔據市場上 25% 的 LeBron 16 鞋款，透過運動鞋和我們的合作夥伴行動應用程序，您可以立即購買他的球場鞋款。

In China, this month, we gave early access to the Kyrie 5 through a QR code and a live streamed NBA game on WeChat.

本月在中國，我們透過二維碼和微信直播 NBA 比賽提前體驗了 Kyrie 5。

And users can now buy directly on our NIKE Run Club and NIKE Training Club apps, personalized to the way they train.

用戶現在可以直接在我們的 NIKE Run Club 和 NIKE Training Club 應用程式上購買，並根據他們的訓練方式進行個人化。

Another key to making NIKE commerce a part of people's lives more seamlessly again and again is to develop unique experiences with some of the world's most engaging and brand-friendly platforms.

讓耐吉商務一次又一次更無縫地成為人們生活一部分的另一個關鍵是透過一些世界上最具吸引力和品牌友善的平台來開發獨特的體驗。

And this quarter, we did that with a new feature in Instagram, that allows NIKE product to be shopped directly from stores, on the Apple Watch, where we continue to serve our most active and highly-valued NIKE Run Club members.

本季度，我們透過 Instagram 的一項新功能做到了這一點，允許在 Apple Watch 上直接從商店購買耐吉產品，我們繼續為最活躍和最有價值的耐吉跑步俱樂部會員提供服務。

And with Google, where consumers can now buy directly from NIKE through search and Google Assistant.

借助 Google，消費者現在可以透過搜尋和 Google Assistant 直接從 NIKE 購買商品。

And to further leverage partnerships that amplify our brand, we're making great strides with strategic partners like JD Sports, Foot Locker, Nordstrom and DICK'S Sporting Goods, where elevated experiences are driving outsized growth in the wholesale channel.

為了進一步利用合作夥伴關係來擴大我們的品牌，我們正在與 JD Sports、Foot Locker、Nordstrom 和 DICK'S Sporting Goods 等策略合作夥伴取得重大進展，這些合作夥伴的優質體驗正在推動批發管道的大幅成長。

We know that to fully leverage or fully offer consumers what they want in the moment requires a high level of agility in our business.

我們知道，要充分利用或充分為消費者提供當下想要的東西，需要我們的業務具有高度的敏捷性。

And through 2X Speed, we're elevating the industry, creating an end-to-end value chain that's centered on the consumer.

透過 2X Speed，我們正在提升產業水平，創造以消費者為中心的端到端價值鏈。

The pillars are demand-sensing and insights, so we know our consumer, responsive product creation and manufacturing to provide the best product, delivery at speed for product to arrive when they want it and connected inventory so they're never disappointed.

支柱是需求感知和洞察，因此我們了解我們的消費者，響應式產品創造和製造以提供最好的產品，快速交付以確保產品在他們需要時到達，並連接庫存，以便他們永遠不會失望。

And it starts with better demand sensing and insights.

它始於更好的需求感知和洞察。

In Q2, our Express Lane business grew double digits, supporting key cities with hyperlocal product and faster fulfillment to drive higher full price sell-through.

第二季度，我們的 Express Lane 業務實現了兩位數成長，透過超本地化產品和更快的履行速度為主要城市提供支持，從而推動更高的全價銷售。

Responsive product creation and manufacturing has many components.

響應式產品創建和製造包含許多組成部分。

Digital product creation allows for greater precision and creativity and design, planning and staging materials drastically reduces lead times and automation increases speed and quality in manufacturing.

數位產品創建可以提高精度和創造力，設計、規劃和準備材料可以大大縮短交貨時間，自動化可以提高製造速度和品質。

To date, more than half of our total footwear production has been modernized through initiatives started in the modernization centers of our top 6 manufacturing partners and our Advanced Product Creation Center at our world headquarters.

迄今為止，我們一半以上的鞋類生產已透過我們六大製造合作夥伴的現代化中心和我們全球總部的先進產品創造中心啟動的舉措實現了現代化。

We're also investing in delivery at speed.

我們也投資於快速交付。

Take Singles Day as an example.

以光棍節為例。

To deliver against this massive opportunity, we had coordinated fulfillment strategy across our 12 Greater China distribution centers, and we shipped direct from over 50 retail doors to consumers on the day.

為了抓住這一巨大機遇，我們在大中華區 12 個配送中心協調了履行策略，並在當天從 50 多個零售店直接向消費者發貨。

Overall, we fulfilled over 5 million units in 5 days.

總體而言，我們在 5 天內交付了超過 500 萬件。

And finally, our connected inventory strategy with partners like Zalando and JD will help us realize many of our speed initiatives.

最後，我們與 Zalando 和京東等合作夥伴的互聯庫存策略將幫助我們實現許多速度計劃。

In support of that initiative, we'll introduce RFID into footwear and all nonlicensed apparel in 2019.

為了支持這項舉措，我們將於 2019 年將 RFID 引入鞋類和所有非授權服裝。

This will lead to vastly improved product visibility and accuracy across the supply chain from product creation to point-of-sale.

這將大大提高從產品創建到銷售點的整個供應鏈的產品可見度和準確性。

And it further opens up the possibility to integrate more widely with our wholesale partners, contract factories and distribution centers.

它也進一步開啟了與我們的批發合作夥伴、合約工廠和配送中心更廣泛整合的可能性。

Each of these work streams is a building block for NIKE to become more personal at scale.

這些工作流程中的每一個都是耐吉大規模變得更加個人化的基石。

And as a system, they demand enterprise-wide coordination and innovation.

作為一個系統，它們需要企業範圍內的協調和創新。

NIKE's ambitious digital transformation is driving the strong results you see today.

耐吉雄心勃勃的數位轉型正在推動您今天看到的強勁業績。

We're staying competitive and opportunistic with every shift in the marketplace.

我們在市場的每一次轉變中保持競爭力和機會主義。

As a leader, NIKE has high expectations.

身為領導者，NIKE 抱持著很高的期望。

And as good as this quarter was, we know we have the ability to do much more.

儘管本季表現不錯，但我們知道我們有能力做得更多。

We're going to continue to use our scale, speed and agility to grow sport and our business around the world.

我們將繼續利用我們的規模、速度和敏捷性來發展體育運動和我們在世界各地的業務。

Thanks.

謝謝。

And now here's Andy

現在安迪來了

Thank you, Mark, and happy holidays, everyone.

謝謝你，馬克，祝大家節日快樂。

Our Q2 financial performance was exceptionally strong across nearly all dimensions.

我們第二季的財務表現幾乎在所有方面都異常強勁。

14% currency-neutral revenue growth, 80 basis points of gross margin expansion, 13% EPS growth versus prior year.

與前一年相比，貨幣中性收入成長 14%，毛利率成長 80 個基點，每股盈餘成長 13%。

Our strong growth was also broad-based across all 4 of our geographies as well as across footwear, apparel, men's, women's and most categories.

我們的強勁成長也遍及所有 4 個地區以及鞋類、服裝、男裝、女裝和大多數品類。

This broad-based momentum is not happening by accident, but rather is being fueled by our focus on what matters most to consumers globally.

這種廣泛基礎的勢頭並非偶然發生，而是我們對全球消費者最重要的關注所推動的。

The common theme across our portfolio is the Consumer Direct Offense.

我們產品組合的共同主題是消費者直接進攻。

More specifically, we are bringing the triple-double of 2X Innovation, 2X Direct and 2X Speed to life in our 12 key cities and 10 key countries around the world.

更具體地說，我們正在全球 12 個主要城市和 10 個主要國家實現 2X 創新、2X 直接和 2X 速度的三雙。

Take innovation, for example.

以創新為例。

We've said we expect new innovation platforms to drive over 50% of our incremental growth over the next 5 years.

我們說過，我們預計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 fact, year-to-date, new innovation platforms, including VaporMax, Air Max 270, React and ZoomX have driven over 80% of our incremental growth.

事實上，今年迄今為止，包括 VaporMax、Air Max 270、React 和 ZoomX 在內的新創新平台推動了我們超過 80% 的增量成長。

Another significant contributor to our growth from a product perspective are our Power Franchises.

從產品角度來看，對我們成長的另一個重要貢獻者是我們的 Power Franchise。

By leveraging an approach that Mark calls, editing to amplify, we're bringing new dimension and driving the growth of iconic franchises like the Air Force 1 and the Air Jordan 1. We do that, for example, through fresh new designs and collaborations for both men and women as well as color and material updates through our Express Lane.

透過利用 Mark 所說的「編輯放大」的方法，我們正在帶來新的維度並推動 Air Force 1 和 Air Jordan 1 等標誌性系列的發展。例如，我們透過全新的設計和合作來做到這一點透過我們的Express Lane 更新男女款以及顏色和材質。

Our broad-based growth is also being fueled by new experiences that more directly connect NIKE to our consumers globally.

新體驗也推動了我們廣泛的成長，這些新體驗更直接地將耐吉與全球消費者聯繫起來。

We expect NIKE Direct and partnered NIKE experiences, physical and digital, will contribute over 50% of our incremental growth and outpace undifferentiated retail over the next 5 years, leading the way once again in Q2 with NIKE Digital.

我們預計，NIKE Direct 以及合作夥伴的 NIKE 實體體驗和數位體驗將為我們的增量成長貢獻 50% 以上，並在未來 5 年內超過無差異化零售，並在第二季度憑藉 NIKE Digital 再次領先。

Our NIKE Digital ecosystem continues to grow faster than all other channels, growing 41% on a currency-neutral basis.

我們的耐吉數位生態系統的成長速度持續快於所有其他管道，在貨幣中性的基礎上成長了 41%。

And as we drive deeper, more organic, one-to-one engagement with consumers, mobile now represents well over 50% of our digital commerce revenue.

隨著我們推動與消費者進行更深入、更有機、一對一的互動，行動業務現在占我們數位商務收入的 50% 以上。

Our 2X Speed initiative is also driving our momentum.

我們的 2X Speed 計畫也推動了我們的發展勢頭。

Cutting our time to market in half is not an all or nothing proposition, we're already infusing greater speed and agility into our product creation and supply chain processes, allowing us to amplify what's working with the consumer closer to real time.

將我們的上市時間縮短一半並不是一個全有或全無的主張，我們已經在我們的產品創建和供應鏈流程中註入了更高的速度和敏捷性，使我們能夠以更接近實時的方式放大與消費者的合作。

For example, product updated and fulfilled through our Express Lane is growing double digits and now represents a double-digit percentage of our total business.

例如，透過我們的 Express Lane 更新和履行的產品正在成長兩位數，現在占我們總業務的兩位數百分比。

This is significant as Express Lane product also largely sells through at full price, favorably impacting margins.

這一點意義重大，因為 Express Lane 產品基本上也以全價銷售，從而對利潤率產生了有利影響。

2X Speed also includes initiatives ranging from leveraging automation to a more focused materials pallette and materials staging.

2X Speed 還包括從利用自動化到更加集中的材料托盤和材料分級等措施。

These initiatives also reduce product cost and enhance inventory efficiency, a greater labor productivity and less waste.

這些措施也降低了產品成本，提高了庫存效率，提高了勞動生產力並減少了浪費。

In short, we are very pleased with our strategic execution and the strong performance we have delivered to date.

簡而言之，我們對我們的策略執行和迄今為止所取得的強勁業績感到非常滿意。

That said, more importantly, we are confident in the sustainability of our growth going forward.

也就是說，更重要的是，我們對未來成長的永續性充滿信心。

While FX headwinds have intensified, we now expect stronger currency-neutral revenue growth in fiscal year '19 than previously planned.

儘管外匯不利因素加劇，但我們現在預計 19 財年（貨幣中性）收入成長將強於先前計劃。

And as we're beginning to gain greater insight into fiscal year '20, we're seeing continued strong demand.

隨著我們開始對 20 財年有更深入的了解，我們看到了持續強勁的需求。

Our positive outlook is not merely optimism, but rather is founded on fundamental changes in how we operate at NIKE.

我們的正面前景不僅僅是樂觀，而是建立在耐吉營運方式的根本改變之上。

One fundamental change is in how we bring innovation to market.

一項根本性的改變是我們如何將創新推向市場。

In addition to driving faster innovation cycles, we're also focused on innovation platforms that have greater potential to scale across geographies.

除了推動更快的創新週期外，我們還專注於具有更大跨地域擴展潛力的創新平台。

Accordingly, as Mark detailed, we've an extraordinary pipeline of innovation to come, over the balance of fiscal year '19 and throughout fiscal year '20.

因此，正如 Mark 所詳述的那樣，在 19 財年的剩餘時間和整個 20 財年中，我們將迎來一系列非凡的創新。

That begins in spring with the launch of the Air Max 720 and HyperAdapt in Basketball, and extends to innovation platforms launching in early fiscal year '20 and through and beyond the Tokyo Olympics.

這項措施始於春季推出的 Air Max 720 和 HyperAdapt 籃球鞋，並延伸至 20 財年初期以及東京奧運期間推出的創新平台。

We're also digitally transforming NIKE and driving positive disruption in our industry, unlocking new opportunities for growth long term.

我們也對耐吉進行數位轉型，推動產業的積極變革，釋放長期成長的新機會。

While we already have extraordinary digital momentum, we're still in the early stages of this transformation.

儘管我們已經擁有非凡的數位化勢頭，但我們仍處於這一轉型的早期階段。

We are executing against a 3-year road map of new digital capabilities that will enable us to continually serve consumers better.

我們正在執行新數位能力的三年路線圖，這將使我們能夠持續更好地為消費者服務。

We're aggressively building those capabilities in-house and accelerating our development of those capabilities through acquisition.

我們正在內部積極建構這些能力，並透過收購加速這些能力的發展。

Our 3-year road map also includes the global expansion of our digital ecosystem in the key cities and countries where we see the greatest opportunity for growth.

我們的三年路線圖還包括在我們認為具有最大成長機會的主要城市和國家數位生態系統的全球擴張。

For example, just last month, we launched the NIKE App in Japan, where it immediately became the #1 rated shopping app.

例如，就在上個月，我們在日本推出了 NIKE 應用程序，它立即成為排名第一的購物應用程式。

Over the next 5 years, we see the Consumer Direct Offense delivering on the financial model and measures of success we communicated at our Investor Day back in October 2017.

在接下來的 5 年裡，我們看到消費者直接進攻將實現我們在 2017 年 10 月的投資者日上傳達的財務模型和成功衡量標準。

But we are already setting our sights even higher longer term.

但我們已經把目標設定得更高更長遠。

We see the opportunity to expand the definition of sport, to be even more inclusive, including competition and training as well as movement and play.

我們看到了擴大體育定義的機會，使其更具包容性，包括比賽和訓練以及運動和玩耍。

By using this broader lens to inspire and enable a more active lifestyle, we will grow the market for athletic footwear and apparel.

透過利用這個更廣泛的視角來激發和實現更積極的生活方式，我們將擴大運動鞋和服裝的市場。

There are 4 areas where this purpose-driven approach to growth is creating outsized opportunities for us: international, digital, apparel and women's.

這種以目標為導向的成長方式為我們在四個領域創造了巨大的機會：國際、數位、服裝和女裝。

The overall footwear and apparel industries in our international markets are already significantly larger in aggregate than in the U.S. That said, in international markets, the athletic segment of the overall footwear and apparel market has historically been less penetrated than in the U.S., but that is changing fast.

我們國際市場的鞋類和服裝行業總體規模已經遠大於美國。也就是說，在國際市場上，整個鞋類和服裝市場的運動細分市場的滲透率歷來低於美國，但這是變化很快。

Sport participation and culture continue to accelerate in international markets.

體育參與和文化在國際市場上持續加速發展。

And when sport grows, NIKE grows.

隨著運動的發展，耐吉也隨之發展。

China is perhaps the best current example of this phenomenon.

中國或許是當前這現象最好的例子。

And second, we said at our Investor Day, that digital, owned and partnered, would comprise 30% of our business by 2023 as compared to roughly 15% of our business today.

其次，我們在投資者日表示，到 2023 年，數位化、自有和合作將占我們業務的 30%，而目前這一比例約為 15%。

Frankly, we're already thinking bigger as we look longer term.

坦白說，我們已經在考慮更長遠的問題。

Our industry has lagged many other industries in terms of digital penetration.

我們的行業在數位化滲透方面落後於許多其他行業。

Many consumer products industries are already at 50% digital penetration and projected to be well over 80% digital by 2030.

許多消費品產業的數位化滲透率已經達到 50%，預計到 2030 年將遠超過 80%。

We all know that disruptive new consumer-centric digital experiences have catalyzed the shift to digital in those industries.

我們都知道，以消費者為中心的顛覆性新數位體驗促進了這些產業向數位化的轉變。

So as we increasingly innovate and lead with digital, we are intentionally disrupting our industry.

因此，隨著我們不斷創新並引領數位化，我們正在有意顛覆我們的產業。

We see this as positive disruption that widens the aperture for growth long term.

我們認為這是一個積極的顛覆，可以擴大長期成長的空間。

We now see 30% digital penetration as just a milepost on our path to the majority of our business being digital.

現在，我們認為 30% 的數位滲透率只是我們大部分業務數位化道路上的一個里程碑。

Third, apparel is another extraordinary opportunity for growth at NIKE.

第三，服裝是耐吉的另一個非凡的成長機會。

Apparel is a larger market in footwear globally.

服裝是全球鞋類的一個更大市場。

And at the same time, athletic apparel accounts for a smaller percentage of overall apparel than athletic accounts for within overall footwear.

同時，運動服裝在整體服裝中所佔的比例比運動服裝在整體鞋類中所佔的比例要小。

That dynamic is also changing fast.

這種動態也在快速變化。

Consumers are increasingly choosing performance and sportswear apparel for more occasions as it better serves their more active and expressive lifestyle.

消費者越來越多地選擇適用於更多場合的功能性運動服裝，因為它可以更好地滿足他們更積極和富有表現力的生活方式。

And finally, as we aim to redefine and expand the definition of sport, that is with a sharp focus on women.

最後，當我們的目標是重新定義和擴展體育的定義時，我們將專注於女性。

Similar to the strong returns we are seeing from having doubled our investment in innovation, we see the potential for asymmetrical returns by editing and more aggressively shifting resources towards our women's business.

與我們在創新投資加倍後看到的強勁回報類似，我們看到了透過編輯和更積極地將資源轉向女性業務而獲得不對稱回報的潛力。

The women's footwear and apparel markets are larger than men's.

女鞋和服裝市場比男鞋和服裝市場更大。

Yet today, women's represents less than 1/4 of NIKE's total revenue.

然而如今，女裝僅佔耐吉總收入的不到 1/4。

And we're already on this journey, as our women's business grew double digits in Q2, but we see step-change growth opportunities ahead by serving women more deeply within classifications and across more occasions for her.

我們已經踏上這段旅程，因為我們的女性業務在第二季度實現了兩位數的成長，但我們看到了未來的跨越式成長機會，可以透過在不同類別和更多場合為女性提供更深入的服務。

In short, we have strong current momentum and we have extraordinary growth potential long term.

簡而言之，我們目前擁有強勁的發展勢頭，並且長期擁有非凡的成長潛力。

But before I share more specifics regarding our outlook, let's reflect on the drivers of our current momentum.

但在我分享更多有關我們前景的具體資訊之前，讓我們先思考一下當前勢頭的驅動因素。

NIKE Inc.

耐吉公司

Q2 revenue increased 10%, up 14% on a currency-neutral basis.

第二季營收成長 10%，在匯率中立的基礎上成長 14%。

This exceptional growth reflects double-digit currency-neutral momentum internationally and strong high single-digit growth in North America.

這種非凡的成長反映了國際上兩位數的貨幣中性勢頭以及北美強勁的高個位數成長。

NIKE Digital was the fastest-growing channel in each geography with 41% growth in aggregate on a currency-neutral basis, again, led by mobile.

NIKE Digital 是每個地區成長最快的管道，在貨幣中性的基礎上總共成長了 41%，同樣以行動裝置為主導。

That said, FX headwinds had a slightly larger impact on our reported revenue growth than the roughly 3 points we anticipated 90 days ago.

也就是說，外匯逆風對我們報告的收入成長的影響比我們 90 天前預期的大約 3 個百分點稍大。

We also delivered strong gross margin expansion of 80 basis points across NIKE Inc., fueled by NIKE Direct's growth and a higher mix of full price sales.

在 NIKE Direct 的成長和更高的全價銷售組合的推動下，我們整個 NIKE Inc. 的毛利率也強勁增長了 80 個基點。

Demand creation grew 4% in the quarter with our focus being on increasingly connecting with consumers through digital experiences and platforms.

本季需求創造成長了 4%，我們的重點是透過數位體驗和平台加強與消費者的連結。

Operating overhead increased 18%, reflecting strategic investments that are accelerating NIKE's digital transformation and will fuel long-term growth.

營運管理費用成長了 18%，反映出策略投資正在加速耐吉的數位轉型，並將推動長期成長。

Our effective tax rate for the quarter was 15%.

我們本季的有效稅率為 15%。

Second quarter diluted earnings per share were $0.52, up 13% versus prior year.

第二季稀釋後每股收益為 0.52 美元，比去年同期成長 13%。

And as of November 30, inventories were up just 1%, reflecting a healthy pull market for NIKE and a lower mix of closeout across all geographies.

截至 11 月 30 日，庫存僅成長 1%，反映出 NIKE 的健康拉動市場以及所有地區清倉率較低的情況。

N

氮

ow let's turn to the financial performance for our reported operating segments.

現在讓我們來看看我們報告的營運部門的財務表現。

In North America, Q2 revenue grew 9% on a reported and currency-neutral basis.

在北美，以報告和貨幣中性因素計算，第二季營收成長了 9%。

NIKE Direct grew high single digits with NIKE Digital up well over 30% in North America.

NIKE Direct 在北美實現了高個位數成長，其中 NIKE Digital 成長了 30% 以上。

As Mark mentioned, we are now turning our vision for the next generation of retail into a reality.

正如馬克所提到的，我們現在正在將下一代零售的願景變成現實。

In our NIKE Live concept on Melrose, we're aligning data-driven, bi-weekly flows of the product to the store with digital storytelling and one-to-one connections between the store team and local consumers.

在梅爾羅斯的 NIKE Live 概念中，我們將數據驅動、每兩週一次的產品流向商店與數位故事敘述以及商店團隊和當地消費者之間的一對一聯繫相結合。

As a result, the store is driving strong digital member acquisition, engagement and buying.

因此，該商店正在推動強大的數位會員獲取、參與和購買。

And we're seeing even more impressive early results at our new House of Innovation in New York.

我們在紐約的新創新之家看到了更令人印象深刻的早期成果。

While the overall retail marketplace in North America is still going through consolidation, and we do expect that to continue, our NIKE wholesale business in aggregate has returned to strong growth with improving profitability, led by our strategic retail partners, such as Foot Locker and increasingly JD.

雖然北美的整體零售市場仍在經歷整合，而且我們確實預計這種情況會持續下去，但在我們的戰略零售合作夥伴（例如Foot Locker 和越來越多的零售合作夥伴）的帶領下，我們的耐吉批發業務整體已恢復強勁成長，獲利能力不斷提高。 JD。

In Q2, we also reignited brand heat in North America through the Just Do It campaign that was launched in early September and by amplifying key moments in sport like the launch of the NBA season.

在第二季度，我們還透過 9 月初啟動的 Just Do It 活動以及放大 NBA 賽季開始等運動關鍵時刻，重新點燃了北美的品牌熱度。

We see our brand tee across both NIKE and Jordan, our strong pipeline of innovative product and digitally [like] consumer experiences continuing to fuel strong growth in North America.

我們看到我們的品牌 T 卹遍佈 NIKE 和 Jordan，我們強大的創新產品系列和數位消費者體驗繼續推動北美地區的強勁成長。

In EMEA, Q2 revenue grew 14% on a currency-neutral basis, driven by strong growth across sportswear, running, training and Jordan.

在歐洲、中東和非洲地區，在運動服、跑步服、訓練服和喬丹服的強勁增長的推動下，第二季度收入在匯率中性的基礎上增長了 14%。

NIKE Digital led all dimensions of the marketplace growing over 30% versus prior year.

NIKE Digital 在市場的各個方面均處於領先地位，與去年相比增長了 30% 以上。

We have extraordinary momentum in this geography as we're taking significant share and we're growing the market.

我們在這個地區擁有非凡的發展勢頭，我們正在佔據重要份額並不斷擴大市場。

We are mindful of the geopolitical dynamics in Europe, that said, we have a long track record of delivering growth and profitability amidst a wide range of macroeconomic circumstances.

我們關注歐洲的地緣政治動態，也就是說，我們在各種宏觀經濟環境下實現成長和獲利方面有著長期的記錄。

As we look ahead, we expect our momentum to continue in Europe.

展望未來，我們預計我們的勢頭將在歐洲繼續下去。

In all 5 of our key cities in EMEA, consumers rate us as the #1 cool and #1 favorite brand, and in fact, those ratings strengthened even further in Q2.

在歐洲、中東和非洲地區的所有 5 個主要城市中，消費者將我們評為第一酷和第一喜愛的品牌，事實上，這些評級在第二季度進一步加強。

We're connecting more directly and deeply with consumers locally through our key city focus and we're seeing the impact globally.

透過我們對主要城市的關注，我們正在與當地消費者建立更直接、更深入的聯繫，並且我們正在看到其在全球範圍內的影響。

For example, through the PSG-Jordan partnership, we connected authentically with consumers in Paris, while the product sold out at launch around the world.

例如，透過巴黎聖日耳曼與約旦的合作，我們與巴黎的消費者建立了真正的聯繫，而產品在世界各地推出時就賣空了。

We also recently introduced the NIKE App at Retail and NIKE Town London as well as the sneaker's past experience in Paris, allowing consumers to reserve shoes from high heat launches and pick up in store.

我們最近還在倫敦零售店和 NIKE Town 推出了 NIKE 應用程序，以及該運動鞋過去在巴黎的體驗，讓消費者可以預訂熱銷的鞋子並在商店提貨。

Those services are removing friction and personalizing the shopping experience, driving significant new member acquisition in 2 of our key global cities.

這些服務正在消除摩擦並提供個人化的購物體驗，從而推動我們在全球兩個主要城市吸引大量新會員。

Next, let's turn to Greater China, where yet again, we delivered double-digit revenue growth in Q2.

接下來，讓我們轉向大中華區，我們在第二季度再次實現了兩位數的營收成長。

This marks the 18th consecutive quarter of double-digit revenue growth in China.

這標誌著中國連續第18季實現兩位數營收成長。

In Q2, growth accelerated to 31% on a currency-neutral basis with digital growing over 40%.

第二季度，在貨幣中性的基礎上成長加速至 31%，其中數字成長超過 40%。

As evidence of the scale and digital nature of this important market as well as the strength of the NIKE Brand, our sneakers app community in China -- and recall that the sneakers app was launched just last year, is already the same size as our sneakers' community in North America.

作為這個重要市場的規模和數字化性質以及耐克品牌實力的證據，我們在中國的運動鞋應用程序社區（回想一下去年剛推出的運動鞋應用程序）已經與我們的運動鞋大小相同' 北美社區。

In Q2, with the opening of House of Innovation in Shanghai, we also began to more fully leverage digital in this largely NIKE-branded physical retail environment.

第二季度，隨著上海創新之家的開業，我們也開始在這個以耐吉品牌為主的實體零售環境中更充分地利用數位化。

It's still early days, but the results have been extraordinary.

雖然現在還處於早期階段，但結果卻是非凡的。

While there has been uncertainty of late regarding U.S., China relations, we have not seen any impact on our business.

儘管最近中美關係存在不確定性，但我們的業務並未受到任何影響。

NIKE continues to win with the consumer in China.

耐吉持續贏得中國消費者的青睞。

For over 3 decades, NIKE has been a brand of China, for China.

三十多年來，耐吉一直是中國的品牌，為中國服務。

We've connected deeply with the consumer here through our key city focus on Shanghai and Beijing.

透過以上海和北京為重點城市，我們與這裡的消費者建立了深入的連結。

Through partnerships with sports federations, teams and athletes and by partnering with China's Ministry of Sport to fuel greater sport participation in schools across the country.

透過與體育聯合會、運動隊和運動員的合作，以及與中國體育部的合作，促進全國學校更多的體育參與。

In fact, just last month, leading up to the Shanghai Marathon, we took Eliud Kipchoge on a tour of Shanghai and other key cities.

事實上，就在上個月，在上海馬拉鬆比賽之前，我們帶著埃魯德·基普喬格參觀了上海和其他主要城市。

And then on Marathon Day, we launched a Shanghai-focused Just Do It campaign.

然後在馬拉松日，我們發起了一場以上海為中心的「Just Do It」活動。

In just the first 24 hours, the campaign was watched more than 16 million times.

僅在最初的 24 小時內，該活動的觀看次數就超過 1,600 萬次。

We are bullish about our potential to continue delivering strong, sustainable and very profitable growth in this important geography.

我們看好我們在這個重要地區繼續實現強勁、可持續和高利潤成長的潛力。

In APLA, Q2 revenue grew 15% on a currency-neutral basis with balanced double-digit growth across footwear and apparel as well as double-digit growth in sportswear Jordan and NIKE basketball.

在 APLA，第二季度營收在貨幣中性的基礎上增長了 15%，鞋類和服裝領域實現了兩位數的均衡增長，運動裝 Jordan 和 NIKE 籃球領域也實現了兩位數的增長。

NIKE Digital is also accelerating in APLA with revenue growing over 75%.

NIKE Digital 在 APLA 的發展也正在加速，收入成長超過 75%。

We also continue to expand our digital connectivity to consumers across this region through commerce partnerships, such as ZOZOTOWN, Flipkart and others.

我們也繼續透過 ZOZOTOWN、Flipkart 等商業合作夥伴關係，擴大與該地區消費者的數位連結。

APLA is a market in which we are extremely entrepreneurial, testing new concepts that leverage digital to enhance the consumer experience at retail.

APLA 是我們極具創業精神的市場，我們正在測試利用數位技術來增強消費者零售體驗的新概念。

As we mentioned on our last call, we'll be opening a NIKE Live experience in Tokyo in Q3.

正如我們在上次電話會議中提到的，我們將於第三季在東京開設 NIKE Live 體驗。

And in Seoul, we are testing our connected inventory strategy.

在首爾，我們正在測試我們的互聯庫存策略。

We have connected the inventory across 19 NIKE branded doors, including doors owned by 2 of our strategic partners.

我們已連接 19 個 NIKE 品牌門的庫存，其中包括我們的 2 個策略合作夥伴擁有的門。

This connected inventory pilot has yielded very promising early results, serving thousands of consumers whose demand would otherwise have been unmet due to product being out of stock in a particular store.

這項互聯庫存試點已經取得了非常有希望的早期成果，為成千上萬的消費者提供了服務，否則他們的需求將因特定商店的產品缺貨而無法得到滿足。

And finally at Converse, revenue increased 6% on a currency-neutral basis in Q2.

最後，匡威第二季的營收在匯率中立的基礎上成長了 6%。

Growth was driven by strong double-digit growth in Asia and a sharp acceleration in own digital growth globally, approaching triple digits.

成長的推動因素是亞洲兩位數的強勁成長以及全球數位成長的急劇加速（接近三位數）。

While Converse wholesale in the U.S. and U.K. remain challenged in Q2, Digital also accelerated in those markets.

儘管匡威在美國和英國的批發市場在第二季仍然面臨挑戰，但數位化在這些市場的發展也加速了。

We see significant opportunity to grow Converse by expanding the product portfolio, including within Basketball, as well as launching a new digital platform.

我們看到了透過擴大產品組合（包括籃球產品組合）以及推出新的數位平台來發展匡威的巨大機會。

And with that, let's turn to our outlook.

接下來，讓我們來談談我們的展望。

There is increasing volatility and uncertainty of late on a macro level.

最近宏觀層面的波動性和不確定性不斷增加。

That said, what is certain is that NIKE's execution of the consumer direct offense is driving consistently strong and sustainable broad-based growth across our diverse global portfolio.

儘管如此，可以肯定的是，耐吉對消費者的直接進攻正在推動我們多元化的全球產品組合持續強勁且可持續的廣泛成長。

That is because we are focused on what matters most to consumers and they are responding globally with strong demand for NIKE.

這是因為我們專注於消費者最關心的事情，而他們在全球範圍內對耐吉提出了強烈的需求。

Accordingly, our full year guidance for fiscal year '19 reflects stronger currency-neutral revenue growth, stronger gross margin expansion and accelerated strategic investment.

因此，我們對 19 財年的全年指引反映了更強勁的貨幣中性收入成長、更強勁的毛利率擴張和加速的策略投資。

For the full year, we now expect currency-neutral revenue growth to be in the high single-digit range, potentially approaching low double digits.

就全年而言，我們現在預計，在貨幣中性的情況下，收入成長將在高個位數範圍內，並可能接近低兩位數。

Based on current foreign exchange rates, we expect reported full year revenue growth to be over 3 points lower than our currency-neutral revenue growth.

根據當前匯率，我們預計報告的全年收入成長將比我們的貨幣中性收入成長低 3 個百分點以上。

In other words, at the low end of the high single-digit range.

換句話說，處於高個位數範圍的低端。

For gross margin, our outlook has also improved.

對於毛利率，我們的前景也有所改善。

We expect our full year gross margin expansion to be roughly in line with the gross margin expansion of 70 basis points that we delivered over the first half of fiscal year '19.

我們預計全年毛利率擴張將與我們在 19 財年上半年實現的 70 個基點的毛利率擴張大致一致。

We expect SG&A for the full year to grow in the high single digits as we continue to invest in new digital capabilities that will differentiate NIKE and fuel our long-term growth.

我們預計全年的銷售、管理及管理費用將以高個位數成長，因為我們將繼續投資於新的數位能力，這將使耐吉脫穎而出並推動我們的長期成長。

We project other expense, net of interest expense, to be between $50 million and $75 million for the full year.

我們預計全年其他費用（扣除利息費用）將在 5,000 萬至 7,500 萬美元之間。

And we continue to expect our effective tax rate to be in the mid-teens for fiscal year '19.

我們仍預期 19 財年的有效稅率將在 15 左右。

That said, the finalization of regulations-related U.S. tax reform may result in discrete adjustments that impact our tax rate.

也就是說，與法規相關的美國稅收改革的最終確定可能會導致影響我們稅率的離散調整。

While our focus is on sustaining profitable growth over the course of fiscal year '19 and for the long term, I will provide a bit of context on Q3 considering the current macro environment.

雖然我們的重點是在 19 財年和長期內維持獲利成長，但考慮到當前的宏觀環境，我將提供一些有關第三季的背景資訊。

In Q3, we expect strong currency-neutral revenue growth squarely within the high single-digit range.

在第三季度，我們預計在不考慮貨幣因素的情況下，營收成長將在高個位數範圍內強勁成長。

Based on FX dynamics, our reported real dollar revenue growth will likely be roughly 4 points lower than our currency-neutral revenue growth in Q3.

根據外匯動態，我們報告的第三季實際美元收入成長可能比貨幣中性收入成長低約 4 個百分點。

For gross margin, we expect Q3 expansion to be roughly in line with our full year guidance.

就毛利率而言，我們預計第三季的擴張將大致符合我們的全年指引。

As for SG&A, we expect growth in the low-double digit range in Q3 as we continue to prioritize strategic investment.

至於銷售、管理及行政費用（SG&A），隨著我們繼續優先考慮策略投資，我們預計第三季將實現低兩位數的成長。

And finally, we expect our effective tax rate in Q3 to be between 16% and 18%.

最後，我們預計第三季的有效稅率將在 16% 至 18% 之間。

Our execution of the Consumer Direct Offense is driving consistently strong performance.

我們對消費者直接進攻的執行正在推動持續強勁的業績。

Yet, we are still in the early stages.

然而，我們仍處於早期階段。

As we continue to execute, we're not only building current momentum, we're also gaining greater insight into NIKE's potential to transform the industry, drive sustainable growth and create extraordinary value for shareholders long term.

隨著我們繼續執行，我們不僅建立了當前的勢頭，而且還對耐吉改變產業、推動永續成長和為股東長期創造非凡價值的潛力有了更深入的了解。

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

現在，我們將開始電話詢問您的問題。

(Operator Instructions) Your first question is from Lauren Cassel with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Lauren Cassel。

I just want to ask about gross margin.

我只想問一下毛利率。

So 70 basis points for the full year and in the third quarter.

因此全年和第三季為 70 個基點。

I think previously, you were expecting second half gross margin to be a little bit better than the first half.

我認為之前，您預計下半年的毛利率會比上半年好一點。

Is there anything that's changed or maybe just being a little more conservative given the macro backdrop?

考慮到宏觀背景，是否有什麼改變或可能變得更加保守？

That's my first question.

這是我的第一個問題。

And then, maybe just talk to us a little bit about how much of the 9% growth in North America has been driven by ASP versus units?

然後，也許只是和我們談談北美 9% 的增長有多少是由平均售價與單位數量推動的？

And perhaps given the robust innovation pipeline that you guys have, if there's an opportunity for that region to potentially grow a little bit faster than 3% or 4% over the long term?

也許考慮到你們擁有強大的創新管道，從長遠來看，該地區的成長速度是否有可能略高於 3% 或 4%？

All right.

好的。

Thanks for the question, Lauren.

謝謝你的提問，勞倫。

As for gross margin, I'll touch on that question first.

至於毛利率，我先談談這個問題。

We are expecting our gross margin to be better in the second half of the year.

我們預計下半年的毛利率會更好。

And as you note in our reported results, it was slightly better than we expected in Q2.

正如您在我們報告的結果中所指出的，第二季的情況略好於我們的預期。

We're seeing structural benefits to our margin from our over-indexing growth in Direct, which has had very strong momentum and momentum that's exceeded our expectations, specifically in digital as well as a greater mix of premium innovative product and stronger full price sell-through.

我們看到Direct 的過度指數化成長為我們的利潤帶來了結構性好處，Direct 的成長勢頭非常強勁，勢頭超出了我們的預期，特別是在數位領域，以及更多優質創新產品和更強勁的全價銷售方面。通過。

We're also benefiting from a clean marketplace, particularly for NIKE.

我們也受益於一個乾淨的市場，特別是對於耐吉而言。

So as noted in my remarks, we do have an improved outlook for '19 with our expansion being roughly in line with the year-to-date margin expansion of 70 basis points.

因此，正如我在演講中所指出的，我們對 19 年的前景確實有所改善，我們的擴張與年初至今 70 個基點的利潤率擴張大致一致。

And as we noted when we entered the year, we expect that the second half margin to be stronger than the first half.

正如我們在進入今年時指出的那樣，我們預計下半年的利潤率將強於上半年。

And in the first quarter, our margin expansion was lesser than in the second quarter.

在第一季度，我們的利潤率擴張幅度小於第二季。

I would note that in any given quarter, there can be anomalies that impact margin.

我要指出的是，在任何特定季度，都可能出現影響利潤率的異常情況。

And finally, I'd note that, Q2 is a quarter in which our margin is historically lower.

最後，我要指出的是，第二季我們的利潤率處於歷史較低水準。

Q3 and Q4, we have higher margin.

第三季和第四季，我們的利潤率更高。

And so the expansion we expect in the third and fourth quarters is actually strong expansion on an already relatively higher quarterly margin.

因此，我們預計第三季和第四季的擴張實際上是在季度利潤率已經相對較高的基礎上的強勁擴張。

And then you asked about ASP and units.

然後您詢問了 ASP 和單位。

What I would note is that ASPs were up across our portfolio in both footwear and apparel.

我要指出的是，我們的鞋類和服裝產品組合中的平均售價均有所上升。

Again, new innovation, strong full price sell-through, our shift to Direct, clean marketplace, are impacting ASPs.

同樣，新的創新、強勁的全價銷售、我們向直接、清潔市場的轉變，正在影響平均售價。

We see continued ASP expansion in our order book going forward.

我們預計訂單簿中的平均售價將持續成長。

So very balanced.

所以非常平衡。

Again, single-digit rates of increase in footwear and in apparel, apparel ASP is even expanding a little bit stronger than footwear, but both strong.

同樣，鞋類和服裝以個位數的速度增長，服裝平均售價的增長甚至比鞋類更強一些，但兩者都強勁。

And then, like I said, balanced with strong unit expansion in both footwear and apparel.

然後，就像我說的，與鞋類和服裝領域的強勁單位擴張相平衡。

Operator, we'll take the next question, please.

接線員，我們將回答下一個問題。

Your next question is from Kate McShane with Citigroup.

您的下一個問題來自花旗集團的 Kate McShane。

My question today was on Jordan.

我今天的問題是關於喬丹的。

I know you don't talk or guide the magnitude of growth that you expect for a particular line or brand but I wondered if you could talk generally the direction of what you expect for Jordan for the rest of fiscal year '19?

我知道您不會談論或指導您對特定產品線或品牌的預期成長幅度，但我想知道您是否可以大致談談您對 Jordan 19 財年剩餘時間的預期方向？

And what are the key drivers that's going to be accelerating that growth?

加速成長的關鍵驅動因素是什麼？

Yes.

是的。

As we said, the growth for Q2 was exceptional and we had a great start for Q3, with the largest product launch that we've ever had in our history.

正如我們所說，第二季的成長非常出色，第三季我們有一個良好的開端，推出了我們歷史上最大規模的產品。

So that's a good signal right there.

所以這是一個很好的訊號。

I think that the great story in Jordan is that we're managing the business more holistically between performance, product and retro.

我認為喬丹的偉大故事是我們在性能、產品和復古之間更全面地管理業務。

It's a clean market, a healthy market, particularly in North America.

這是一個乾淨的市場，一個健康的市場，尤其是在北美。

So we're in a good pull market situation now.

所以我們現在處於良好的拉動市場情勢。

We've got great brand heat, I think, and that's really driven by strong product and storytelling.

我認為，我們的品牌熱度很高，這實際上是由強大的產品和故事敘述所推動的。

I mentioned the Concord of late.

我最近提到了協和號。

The PSG collaboration was a great source of energy that was kind of unexpected.

與巴黎聖日耳曼的合作是意想不到的巨大能量來源。

But incredible sell-through in energy, not just in Europe, but around the world.

但能源領域的銷售量令人難以置信，不僅在歐洲，而且在世界各地。

So I think the potential in Jordan is the return to growth in North America and on the energy and the enthusiasm for the brand and the product around the world, including and maybe I'll especially call out China there.

因此，我認為約旦的潛力在於北美的成長恢復，以及世界各地對該品牌和產品的活力和熱情，包括也許我會特別提到中國。

And then we have more potential as we diversify the portfolio of product, particularly around the Woman's offense in both footwear and in apparel.

然後，隨著產品組合的多樣化，特別是在鞋類和服裝方面的女性進攻方面，我們擁有更大的潛力。

So again we're actually quite bullish on the future opportunities and continued growth for Jordan in the second half and beyond as we move into fiscal '20.

因此，隨著我們進入 20 財年，我們實際上非常看好約旦下半年及以後的未來機會和持續成長。

Yes, and just to emphasize the point that Mark made, Kate, Jordan's growth was strong in the quarter and it was based on growth across all geographies.

是的，只是為了強調馬克提出的觀點，凱特，喬丹在本季度的成長強勁，並且基於所有地區的成長。

We had strong growth in North America as well as, as Mark said, very strong double-digit growth internationally.

正如馬克所說，我們在北美實現了強勁成長，在國際上也實現了非常強勁的兩位數成長。

Operator, we'll take the next question, please.

接線員，我們將回答下一個問題。

Your next question is from Bob Drbul with Guggenheim Securities.

您的下一個問題來自古根漢證券公司的鮑勃·德布爾（Bob Drbul）。

I guess, just if we could stay on North America for a minute.

我想，如果我們能在北美停留一分鐘就好了。

I think you highlighted, I think, athletic specialty a little bit.

我認為你強調了一點運動專長。

Is the growth in the other channels having an outsized impact on this -- the high single-digit in this very strong outlook, can you talk maybe to some of the change to yourselves, and how you're doing in that area, please?

其他管道的成長是否對此產生了巨大的影響——在這個非常強勁的前景中，高個位數的成長，您能否談談自己的一些變化，以及您在該領域的表現？

Yes, I think the growth is -- I mean, we feel really great about the growth in Digital, as we've stressed continuously in our prepared remarks.

是的，我認為成長是——我的意思是，我們對數位領域的成長感到非常高興，正如我們在準備好的演講中不斷強調的那樣。

But we also mentioned the increase on the wholesale side beyond expectations there.

但我們也提到批發方面的增幅超乎預期。

And I think that's driven by the elevation of the experience, the doors with, particularly with Foot Locker and DICK'S for example.

我認為這是由體驗的提升所驅動的，尤其是 Foot Locker 和 DICK'S 的門。

We're seeing -- where we have invested in elevating and differentiating the retail experience for the consumer that we're seeing tremendous response.

我們看到，我們在提升和差異化消費者零售體驗方面所進行的投資，並得到了巨大的迴響。

Obviously, the backbone of that demand and that response is great product.

顯然，這種需求和反應的支柱是優秀的產品。

So we feel really good about that in terms of where we've been this first half and then obviously with what's coming.

因此，就我們上半場的表現以及接下來的情況而言，我們對此感覺非常好。

But our -- the strategic relationships with our bigger partners, who are really investing in the consumer experience, is what we're seeing paying off.

但我們與更大的合作夥伴的策略關係確實在消費者體驗上進行了投資，我們看到了回報。

And we're bullish on that as we move forward.

隨著我們的前進，我們對此持樂觀態度。

But, again, the big driver here is the combination of wholesale, including -- in addition to our direct Digital.

但是，同樣，這裡的主要驅動力是批發的組合，除了我們的直接數字之外。

Got it.

知道了。

And I'm just curious if, in the Jordan business, there's some momentum there, has -- did the Michael Jordan and Malik Monk little exchange, did that help the business at all coming out of the quarter?

我只是好奇，在喬丹業務中，是否有一些動力，邁克爾喬丹和馬利克蒙克是否很少交流，這對本季度的業務有幫助嗎？

Or has it had no impact?

還是說沒有影響？

Well, any news is good news in a way.

嗯，從某種程度上來說，任何消息都是好消息。

There is -- a little bit of energy is always good.

有一點——一點點能量總是好的。

So we'll take it.

所以我們會接受它。

We'll take the next question, please.

我們將回答下一個問題。

Your next question is 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。

Could you just give a little bit more detail on your confident outlook outside of North America?

您能否更詳細地介紹一下您對北美以外地區的信心前景？

Certainly, we see it in the results, but certainly, there have also been other companies that have maybe flagged incremental discounting or concerns around a slowdown in sneaker sales, both in Europe and in China.

當然，我們在結果中看到了這一點，但當然，也有其他公司可能表示了增量折扣或對歐洲和中國運動鞋銷售放緩的擔憂。

So if you can just speak in more detail to your success there?

那麼您能否更詳細地談談您在那裡的成功？

And then second, if you can just go back and maybe talk a bit more about the opportunity for more moderately price point products.

其次，您是否可以回去多談談價格較適中的產品的機會。

I think you mentioned it early in your comments.

我想您在評論中很早就提到了這一點。

Just elaborate on where you see that opportunity from a geography or channel or stall opportunity?

請詳細說明您從地理位置或通路或攤位機會中看到的機會？

Yes.

是的。

Sure.

當然。

I'll touch on the first part of your question related to the momentum in China and Europe in contrast of what you referred to as what some others maybe saying in those markets.

我將談談你問題的第一部分，即與中國和歐洲的勢頭有關的問題，與你提到的其他人可能在這些市場所說的內容形成鮮明對比。

We're seeing extraordinary momentum in both markets.

我們看到這兩個市場都呈現出非凡的勢頭。

I'd say the headline in China is our growth continues to accelerate.

我想說，中國的頭條新聞是我們的成長繼續加速。

We are the #1 brand with consumers in China.

我們是中國消費者心目中的第一品牌。

We are a brand of China, deeply connected with teams, federations, athletes.

我們是中國的品牌，與球隊、聯合會、運動員有著深厚的連結。

And, again, even with the government to some extent and the Ministry of Sports in terms of our joint venture to fuel sport participation.

而且，即使在某種程度上，我們也與政府和體育部合作，以推動體育運動的參與。

We're seeing incredibly strong demand for our product, the innovation that we're launching, our Basketball product, our Jordan product.

我們看到對我們的產品、我們正在推出的創新、我們的籃球產品、我們的喬丹產品的需求非常強勁。

And then, as we've noted, our Digital business, both our NIKE Digital ecosystem and through our partnership with Tmall is fueling extremely strong growth.

然後，正如我們所指出的，我們的數位業務、我們的耐吉數位生態系統以及透過我們與天貓的合作夥伴關係正在推動極其強勁的成長。

We have not seen any impact from our business from some of the U.S., China dynamics that we're all reading about.

我們沒有看到我們所讀到的一些美國和中國動態對我們的業務產生任何影響。

We're mindful of those.

我們注意到這些。

But in the context of being mindful of those, we continue to see very strong signs of momentum in China.

但在關注這些的背景下，我們繼續看到中國的強勁勢頭跡象。

As per Europe, very similar.

就歐洲而言，非常相似。

Europe, we have great momentum.

歐洲，我們勢頭強勁。

In both geographies, ASPs are strong, comp store sales are strong, closeout mix is low, inventory is healthy.

在這兩個地區，平均售價都很強勁，比較商店銷售強勁，清倉率較低，庫存狀況良好。

In EMEA, in particular, we're taking significant share.

特別是在歐洲、中東和非洲地區，我們佔了很大的份額。

That's also amplifying our growth.

這也促進了我們的成長。

Yes, the core footwear, let me touch on that briefly.

是的，核心鞋類，讓我簡單談談。

We see basically our approach to complete offense.

我們基本上看到了我們完成進攻的方法。

One of the things we look at is where are the opportunities on the offense to actually grow the business even further than what we see today.

我們關注的事情之一是，進攻端有哪些機會能夠比我們今天看到的進一步發展業務。

And core footwear, more excessively priced product in that core footwear zone, particularly in North America, but really around the world is a big opportunity for us.

核心鞋類產品在核心鞋類領域價格過高，尤其是在北美，但實際上在全球範圍內對我們來說都是一個巨大的機會。

We're doing well with the business, but we think there's more upside opportunity.

我們的業務做得很好，但我們認為還有更多的上昇機會。

We wanted to leverage some of the platforms that we've introduced more completely with more accessible versions of those products for those products within those platforms as well as actually creating unique innovation that is targeted towards that core, more accessible price point.

我們希望更完整地利用我們已經推出的一些平台，為這些平台內的產品提供更易於訪問的版本，並實際創建針對核心、更易於訪問的價格點的獨特創新。

And actually, amp up our storytelling around that product.

實際上，圍繞該產品加強我們的故事講述。

We think that there's tremendous opportunity for us as well there.

我們認為那裡對我們來說也有巨大的機會。

Operator, we'll take the question, please.

接線員，我們將回答這個問題。

Your next question is from Jamie Merriman with Bernstein.

你的下一個問題來自伯恩斯坦的傑米·梅里曼。

The first question is, Andy, you talked about that 30% Digital target that you laid out at the Investor Day last year as maybe more of the mile marker.

第一個問題是，安迪，您談到了去年投資者日制定的 30% 數位化目標，這可能更多是里程標記。

So I guess, can you talk about whether you think you will achieve that faster than what you had laid out?

所以我想，你能談談你是否認為你會比你計劃的更快實現這一目標嗎？

And then, what you think that ultimate opportunity is?

那麼，您認為最終的機會是什麼？

And you used a reference 50% or 80% in other categories, I mean, how you get there?

你在其他類別中使用了 50% 或 80% 的參考，我的意思是，你是如何做到這一點的？

And then the second piece is, Mark, you mentioned that you're introducing RFID into footwear and nonlicensed apparel.

第二個問題是，馬克，您提到您正在將 RFID 引入鞋類和非授權服裝中。

But how will that work with your wholesale partners who may or may not all have RFID capabilities?

但是，這將如何與可能或不具備 RFID 功能的批發合作夥伴合作？

And what do you think that will enable NIKE to do?

您認為這將使耐吉能夠做什麼？

All right.

好的。

Jamie, I'll touch on your question regarding our long-term vision for digital.

傑米，我將談談你關於我們數位化長期願景的問題。

Frankly, we're not taking a year-over-year incremental rate of growth approach to Digital.

坦白說，我們並沒有對數位化採取逐年遞增的成長率。

Looking out longer-term, we do see the potential to have Digital be the majority of our business.

從長遠來看，我們確實看到了數位化成為我們大部分業務的潛力。

And as I noted, when we look to other industries, which you referenced, other industries, consumer products industries, not just Digital or content industries, but other industries ranging from toys to electronics, books, et cetera, we see that in each of those industries, there was positive disruption that catalyzed that shift.

正如我所指出的，當我們專注於您提到的其他行業、其他行業、消費品行業，不僅僅是數位或內容行業，而是從玩具到電子產品、書籍等其他行業時，我們看到在每個產業在這些產業中，積極的顛覆促進了這種轉變。

And as the leader in our industry, we're going to continue to invest in this digital transformation of NIKE, and even more importantly, a consumer-centric digital transformation of the industry.

作為產業的領導者，我們將繼續投資耐吉的數位轉型，更重要的是，以消費者為中心的產業數位轉型。

Some examples of that are the services that we're providing within our NIKE App, the sneaker's app, which really has been a source of explosive growth.

其中的一些例子是我們在耐吉應用程式（運動鞋的應用程式）中提供的服務，這確實是爆炸性增長的來源。

Our membership program, which we believe is a uniquely compelling proposition within this industry in terms of the friction that it removes for consumers and the personalization that it gives our consumers.

我們認為，我們的會員計劃在該行業中是一個獨特且引人注目的主張，因為它為消費者消除了摩擦，並為我們的消費者提供了個人化服務。

And then as Mark touched upon on the call, we think driving digital penetration in our industry also has quite a bit to do with leveraging the power of digital in the physical retail environment.

然後，正如馬克在電話會議中談到的那樣，我們認為推動我們行業的數位滲透也與在實體零售環境中利用數位化的力量有很大關係。

And again, as we always have as NIKE, we tend to catalyze that change by putting innovative new experiences into the market, that then catalyze the change, not only within our owned store base because that's something within our control, but it sets an example for the strategic wholesale partners that we've referenced.

再說一次，正如我們作為耐吉一貫所做的那樣，我們傾向於透過將創新的新體驗投入市場來催化這種變化，然後催化這種變化，不僅在我們擁有的商店基地內，因為這是我們可以控制的事情，而且它樹立了一個榜樣對於我們提到的戰略批發合作夥伴。

In terms of the experience, we would like to see them continue to evolve.

就體驗而言，我們希望看到它們不斷發展。

So we're very ambitious, but we see the goals as very achievable when you look at benchmarks in other industries.

所以我們非常雄心勃勃，但當你看看其他行業的基準時，我們認為這些目標是可以實現的。

So again it's less about when we would get to the 30%.

因此，我們什麼時候能達到 30% 並不重要。

It's more about our extreme confidence that, that we're going to go well beyond that number over the long term.

更多的是我們對長期來看將遠遠超出這個數字的極度信心。

And quickly on RFIDs, connected inventory is a way that will enable us to meet demand -- consumer demand much more effectively, more efficiently.

很快，透過 RFID，連網庫存將成為我們滿足需求的一種方式——更有效、更有效率地滿足消費者的需求。

We're going to be scaling RFID and product, as I mentioned, throughout 2019.

正如我所提到的，我們將在 2019 年擴展 RFID 和產品。

We'll be working closely with our retail partners, obviously, and obviously all of NIKE Direct so that when consumers really are looking for product, we're in a position to provide it if it's not in the store that they're looking for.

顯然，我們將與我們的零售合作夥伴以及所有 NIKE Direct 密切合作，以便當消費者真正尋找產品時，如果他們正在尋找的商店中沒有該產品，我們就能夠提供該產品。

So we think that this, as Andy pointed out with the example in North Korea -- in Korea, that we think that the opportunity here to affect the consumer -- satisfying consumer demand is going to be actually pretty significant throughout the year.

因此，我們認為，正如安迪在北韓的例子中指出的那樣，在韓國，我們認為影響消費者的機會——滿足消費者的需求實際上全年都會非常重要。

And that's just going to grow across 2019.

而這數字在 2019 年還會持續成長。

So we're very bullish on that.

所以我們非常看好這一點。

Operator, I think, we'll take one last question, please.

接線員，我想，我們將回答最後一個問題。

Your last question comes from the line of Jim Duffy with Stifel.

你的最後一個問題來自 Jim Duffy 和 Stifel 的對話。

Great to see the innovation.

很高興看到創新。

It's great to see the innovation being rewarded with building momentum.

很高興看到創新得到回報並形成動力。

I wanted to talk a little bit about the Women's business in the context of the size of the opportunity, that's very encouraging.

我想在機會規模的背景下談談女性業務，這非常令人鼓舞。

What's been the big unlock with the recent success?

最近的成功有什麼重大的突破？

I'm sure there's more to it than just the Edit to Amplify.

我確信它不僅僅是“編輯放大”。

Are you speaking to female consumers in a different way?

您是否以不同的方式與女性消費者對話？

Or is there some sort of structural or cultural tailwind that's strengthened recently?

或者最近是否有某種結構性或文化性的推動力得到加強？

Well, as we mentioned, women's is outpacing men's growth for the quarter, and we see that continuing as we move forward through the fiscal year and beyond.

嗯，正如我們所提到的，本季女性成長速度超過了男性成長，我們看到隨著我們在本財年及以後的發展，這種情況將持續下去。

I think there's a number of factors.

我認為有很多因素。

I think women are embracing sneaker culture.

我認為女性正在擁抱運動鞋文化。

We're seeing that with some of the iconic franchises that we've had like the Air Force 1 that are actually designed specifically for women with deeper insights that, I think, resonate.

我們看到，我們擁有的一些標誌性系列產品（例如 Air Force 1）實際上是專為女性設計的，我認為這些產品具有更深刻的見解，能夠引起共鳴。

And that's one example, but that's true across the product offering.

這只是一個例子，但在整個產品供應中都是如此。

Using the insights that we gain in that connection that we have with the female consumer, we're creating better product and we're seeing that reflected in the demand.

利用我們在與女性消費者的聯繫中獲得的見解，我們正在創造更好的產品，並且我們看到這一點反映在需求中。

The capsule collections that we've introduced in apparel, Metallic Sheen was one, Terra Perma was another capsule collection.

我們在服裝中推出的膠囊系列，Metallic Sheen 是其中之一，Terra Perma 是另一個膠囊系列。

Great response to those.

對這些反應很好。

I think it's relevant product in the end.

我認為這最終是相關的產品。

Compelling relevant product is the foundation of that demand.

引人注目的相關產品是此需求的基礎。

And then, I think, the brand is actually speaking to women more directly and personally.

然後，我認為，該品牌實際上是在更直接、更個性化地與女性對話。

And as I said in my remarks, that's going to be amped up throughout this 2019 as we head towards World Cup.

正如我在發言中所說，隨著我們即將迎來世界杯，這將在 2019 年得到加強。

You're going to see Just Do It with a big emphasis on women's.

你會看到 Just Do It 非常強調女性。

And then sports is affecting lifestyle and fashion in a way that we're seeing dramatic impacts around the world.

然後，體育正在以一種我們在世界各地看到的巨大影響的方式影響著生活方式和時尚。

There's a real appetite for more active lifestyle and that's affecting fashion and what -- the product that we're creating is more sensitive to that and we're seeing the response from that work.

人們對更積極的生活方式有真正的興趣，這正在影響時尚以及我們正在創造的產品對此更加敏感，我們正在看到這項工作的反應。

And you mentioned women's 25% of the business globally, can you speak about how that shakes out across the regions?

您提到女性在全球業務中所佔比例為 25%，您能否談談這一情況在各地區的影響如何？

Sure.

當然。

It's relatively evenly distributed across the regions.

它在各個地區的分佈相對均勻。

And from a categorical perspective, it's largely comprised sportswear, running and training, which is in part why it's relatively well distributed across the regions.

從分類角度來看，它主要由運動服、跑步和訓練組成，這也是它在各個地區分佈相對較好的部分原因。

In terms of the rate of growth, it's outpacing in all geos, outpacing the men's business.

就成長率而言，它在所有地區都超過了男性業務。

Now in terms of where opportunity is, as Mark touched on, we've got tremendous momentum, and that momentum is opening the aperture in terms of our vision in terms of where incremental growth is longer-term.

現在，就機會所在而言，正如馬克談到的那樣，我們擁有巨大的動力，這種動力正在為我們在長期增量成長方面的願景打開大門。

The women's footwear and apparel market is 1.5x the size of the men's footwear and apparel market globally; and as you noted, it's less than 1/4 of our revenue.

全球女鞋和服裝市場規模是男鞋和服裝市場的 1.5 倍；正如您所指出的，這還不到我們收入的 1/4。

So we see extraordinary potential to drive continued strong growth and even step-change growth as we really do 2 things, open the aperture in terms of the definition of sport, again that's with a sharp focus on women and movement and activity.

因此，我們看到了推動持續強勁成長甚至跨越式成長的巨大潛力，因為我們確實做了兩件事，在體育定義方面打開了大門，再次強調女性以及運動和活動。

And then second, editing and more aggressively shifting resources within NIKE towards the women's opportunity.

其次，編輯並更積極地將耐吉內部的資源轉移到女性機會。

So in short, we've got great momentum in the women's business, but we're chasing something much bigger.

簡而言之，我們在女性業務方面取得了巨大的發展勢頭，但我們正在追求更大的目標。

Thank you, Jim.

謝謝你，吉姆。

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

好了，今天的時間就到此為止。

Thank you all for joining us.

感謝大家加入我們。

Happy holidays.

節日快樂。

We'll speak with you next quarter.

我們將在下個季度與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。